Cullen/Frost Bankers Q2 Earnings Rise, Beat Estimates - Quick Facts

(RTTNews) - Bank holding company Cullen/Frost Bankers, Inc. (CFR) Wednesday reported second-quarter net earnings which increased, due mainly to higher interest income. Earnings also topped analysts' estimates by a penny.

For the three months to June, net earnings increased to $64.45 million, or $1.02 per share, from $56.97 million or $0.94 per share a year earlier

On average, seventeen analysts polled by Thomson-Reuters estimated the company's earnings to be $1.01 for the quarter. Analysts' estimates typically exclude one-time items.

Net interest income, on a taxable-equivalent basis, increased by 14.3 percent $198.9 million, from $174.0 million last year, helped by higher average volume of interest-earning assets. Non-interest income grew by 9.2 percent to $79.2 million.

Total deposits rose to $22.52 billion from $22.57 billion last year, while loans increased to $10.68 billion from $9.23 billion a year earlier.