SAN ANTONIO -- Cullen/Frost Bankers, Inc. (NYSE: CFR) today reported first quarter 2003 earnings per share of $.59 per diluted common share, up 13.5 percent from $.52 per diluted common share a year earlier. Net income for the first quarter was $30.9 million, an increase of 11.4 percent over the $27.7 million reported for the first quarter of 2002.
For the first quarter this year, non-interest income was $52.0 million, up 7.3 percent over the $48.5 million reported the same quarter a year earlier. Service charges on deposits rose from $18.4 million to $21.1 million over the same quarter a year earlier, primarily from commercial customers. Average deposits continued strong for the quarter, increasing 8.8 percent to $7.3 billion from the $6.7 billion in the first quarter of 2002. At $4.5 billion, average loans for the quarter were up slightly over the previous quarter, but flat with the previous year's first quarter.
"I am very pleased to report another quarter of solid results," said Dick Evans, chairman and chief executive officer, "especially considering the ongoing uncertainties in the economy, a continued low interest rate environment and sluggish equity markets. Our performance is a testament to our talented people and their determination to proactively meet our customers' needs and earn a greater share of their business."
Return on average assets and equity for the first quarter 2003 were 1.33 percent and 17.63 percent respectively, compared to 1.39 percent and 18.36 percent for the same quarter the previous year.
Noted financial data for the first quarter follows: |
Cullen/Frost Bankers, Inc. will host a conference call on April 23, 2003 at 10:00 a.m. Central Daylight Time (CDT) to discuss the results for the first quarter. The media and other interested parties are invited to access the call in a "listen only" mode at (domestic) 800-909-5202 or (international) 785-832-0301. Digital playback of the conference call will be available after 11:00 a.m. CDT until midnight Sunday, April 27, 2003 at (domestic) 888-562-3381 or (international) 402-220-1189. The call will also be available by webcast at the URL listed below and available for playback after 2:00 p.m. CDT; www.frostbank.com, go to "About Frost" on the top navigation bar, then click on Investor Relations.
Cullen/Frost Bankers, Inc. is a financial holding company, headquartered in San Antonio, with assets of $9.8 billion at March 31, 2003. Frost Bankoperates 78 financial centers across Texas in Austin, Boerne, Corpus Christi, Dallas, Fort Worth, Galveston, Harlingen, Houston, McAllen, New Braunfels, San Antonio and San Marcos. The Corporation provides a full range of commercial and consumer banking products, investment and brokerage services, insurance products and investment banking services. Founded in 1868, Frost is the largest Texas-based bank, helping Texans with their financial needs during three centuries. Cullen/Frost Bankers' stock is traded on the New York Stock Exchange under the symbol CFR.
Cullen/Frost Cautionary Statement:
Certain statements contained in this release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified. In addition, certain statements may be contained in the Corporation's filings with the SEC, in future press releases, and in oral and written statements made by or with the approval of the Corporation that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans and objectives of Cullen/Frost or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic perform ance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", "intends", "targeted" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: (i) local, regional and international economic conditions and the impact they may have on the Corporation and its customers and the Corporation's assessment of that impact; (ii) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (iii) the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; (iv) inflation, interest rate, market and monetary fluctuations; (v) political instability; (vi) acts of war or terrorism; (vii) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (viii) ch anges in consumer spending, borrowings and savings habits; (ix) technological changes; (x) acquisitions and integration of acquired businesses; (xi) the ability to increase market share and control expenses; (xii) changes in the competitive environment among financial holding companies; (xiii) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Corporation and its subsidiaries must comply; (xiv) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as the Financial Accounting Standards Board and other accounting standard setters; (xv) changes in the Corporation's organization, compensation and benefit plans; (xvi) the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; (xvii) greater than expected costs or difficulties related to the integration of new lines of business; and (xviii) the Corporation's success at managing the risks involved in the foregoing.
Such forward-looking statements speak only as of the date on which such statements are made. Cullen/Frost undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. |
