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Cullen/Frost declares 3rd-quarter dividend

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Cullen/Frost Bankers Inc. (NYSE:CFR) recently reported third-quarter 2019 results. Net income available to common shareholders for the third quarter of 2019 was $109.8 million, compared to $115.8 million in the third quarter of 2018.

On a per-share basis, net income available to common shareholders for the third quarter of 2019 was $1.73 per diluted common share, compared to $1.78 per diluted common share reported a year earlier.

Returns on average assets and average common equity were 1.35 percent and 11.83 percent, respectively, for the third quarter of 2019 compared to 1.49 percent and 14.40 percent, respectively, for the same period a year earlier.

For the third quarter of 2019, net interest income on a taxable-equivalent basis was $276.6 million, up 4.1 percent compared to the same quarter in 2018.

Average loans for the third quarter of 2019 increased $788.1 million, or 5.8 percent, to $14.5 billion, from the $13.7 billion reported for the third quarter a year earlier.

Average deposits for the quarter were $26.4 billion, basically flat compared to the $26.2 billion reported for last year’s third quarter.

For the first nine months of 2019, net income available to common shareholders was $333.9 million, up 1.3 percent compared to $329.6 million for the first nine months of 2018.

Diluted earnings per share available to common shareholders for the first nine months of 2019 was $5.24 compared to $5.08 in the year-earlier period, representing an increase of 3.1 percent.

Returns on average assets and average common equity for the first nine months of 2019 were 1.41 percent and 12.79 percent, respectively, compared to 1.42 percent and 14.02 percent, respectively, for the same period in 2018.