CULLEN/FROST BANKERS, INC. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - 2015 FOURTH QUARTER EARNINGS RELEASE

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8-K - 8-K - FOURTH QUARTER 2015 EARNINGS RELEASE - CULLEN/FROST BANKERS, INC.	a4q15form8k-earningsrelease.htm

Exhibit 99.1

Greg Parker

Investor Relations

210.220.5632

Renee Sabel

Media Relations

210.220.5416

FOR IMMEDIATE RELEASE

January 27, 2016

CULLEN/FROST REPORTS 4^th QUARTER AND 2015 ANNUAL RESULTS


•	Average annual loans reach $11.3 billion, up 9.4 percent


•	Average annual deposits for 2015 rise 9.0 percent

SAN ANTONIO - Cullen/Frost Bankers, Inc. today reported fourth quarter results and annual earnings for 2015, a week after the Texas financial services leader indicated the corporation would raise its provision for loan losses to $34.0 million for the quarter.

Cullen/Frost reported net income available to common shareholders for the fourth quarter of 2015 of $56.2 million, or $0.90 per diluted common share, compared to fourth quarter 2014 earnings of $70.7 million, or $1.11 per diluted common share. For the fourth quarter of 2015, returns on average assets and common equity were 0.78 percent and 8.07 percent respectively, compared to 1.02 percent and 10.36 percent for the same period in 2014.

The company also reported 2015 annual net income available to common shareholders of $271.3 million, an increase of 0.5 percent compared to 2014 earnings of $269.9 million. On a per-share basis, 2015 earnings were $4.28 per diluted common share, compared to $4.29 per diluted common share reported in 2014. For the year 2015, returns on average assets and common equity were 0.97 percent and 9.86 percent respectively, compared to 1.05 percent and 10.51 percent reported in 2014.

During the fourth quarter of 2015, average deposits rose by 3.2 percent to $24.5 billion, up $760 million from the $23.7 billion reported in the fourth quarter of 2014. Average loans increased 4.2 percent to $11.4 billion compared to $10.9 billion in the fourth quarter of 2014.

“In an environment of volatility in the energy sector, we adjusted our reserve level to manage the risk in our portfolio,” said Dick Evans, Cullen/Frost chairman and CEO. "The oil downturn has lasted longer than expected, but we were still able to grow year-over-year net income, even with the higher provision.

“The results are a testament to our company's underlying financial strength. I am proud of the way our team is taking care of customers and helping us manage through the volatility, just as we have done throughout our 148-year history.

“I am confident in the strength of this company. Both capital and liquidity remain at high levels.

“Continued growth in loans in the fourth quarter and for 2015 reflects our determination to leverage the new business relationships we added throughout the downturn,” said Evans. “The primary driver for deposit growth for the fourth quarter and for 2015 was new customers who responded to our value proposition and way of doing business. At year end, our assets were at an all-time high of $28.6 billion,” Evans continued. “With interest rates remaining at low levels, it was encouraging to see good growth from last year in taxable equivalent net interest income for the fourth quarter.

“The Texas economy's broad diversification is helping the state get through the current decline in energy prices, and I remain confident in the state's resilience. Texas jobs grew 1.4 percent in 2015, compared to the U.S. average of 1.9 percent.

"We remain focused on the volatility in energy prices and are in close communication with our energy-related customers. In addition to reserves already allocated, we provided $22 million for possible energy industry exposure primarily based on our sensitivity stress test. In this volatile market, we are comfortable that our energy exposure is manageable.”

During the year, Frost received further validation of its outstanding service culture and performance by well-regarded third parties. In a Consumer Reports survey of its subscribers on their satisfaction with banks, Frost was top-rated among regional and community banks. And for the sixth consecutive year, Frost received the highest ranking in customer satisfaction in Texas in the J.D. Power and Associates 2015 U.S. Retail Banking Satisfaction Study.

“It is outstanding people at every level here at Frost who make our results possible, and I am grateful to them for their dedication to our company and for the way they live our culture and take amazing care of customers.”

Evans said the company opened three new financial centers in 2015 in the Dallas region, in addition to relocating several older locations to new facilities across the state and renovating others. Frost moved its Dallas region headquarters into new offices in the Frost Tower in the Uptown area of Dallas as the named tenant and announced plans to relocate its Tarrant County region headquarters into the Frost Tower now under construction in downtown Fort Worth, where Frost will also be the named tenant. In San Antonio, Frost announced plans to move its corporate headquarters to a new downtown high-rise, to be called the Frost Tower, in 2018 or 2019. Frost will be the named tenant in the tower, which is being developed by Weston Urban.

“We continue to deliver on our commitment to innovate, and in 2015, we launched new technologies that make our customers’ lives better,” continued Evans. “We released our new app for Apple Watch to give customers quick access to their account balances and recent transactions. During the year, we also introduced several new features on our smartphone app for iPhone and Android devices that allow customers to freeze a debit card, enter travel alerts and see all of their investments in one place.

“Cullen/Frost has consistently delivered value to our shareholders, paying and increasing our dividend for 22 consecutive years,” said Evans. “I remain very optimistic about our company’s future.”

For 2015, average total loans were $11.3 billion, an increase of $1.0 billion, or 9.4 percent, from the $10.3 billion reported the previous year. Average total deposits for 2015 rose to $24.0 billion, up 9.0 percent, or $2.0 billion, over the $22.1 billion reported in 2014. Net interest income on a taxable-equivalent basis increased to $888.0 million, up 9.9 percent, over the $807.9 million reported a year earlier, reflecting the impact of the increasing volume of earning assets. Non-interest income for the year rose 2.7 percent to $328.7 million over the $320.1 million reported for 2014. For 2015, total revenue on a taxable equivalent basis increased 7.9 percent to $1.2 billion, while non-interest expense increased 6.0 percent over the previous year to $693.7 million. Cullen/Frost acquired WNB Bancshares, Inc., with loans of $670.6 million and deposits of $1.6 billion, on May 30, 2014. These loans and deposits, and the results of operations, are included in annual comparisons from the date of acquisition.

Noted financial data for the fourth quarter:

•

Tier 1 and Total Risk-Based Capital Ratios for the Corporation at the end of the fourth quarter of 2015 were 12.38 percent and 13.85 percent, respectively and are in excess of well-capitalized levels. The Common Equity Tier 1 ratio was 11.37 percent at December 31, 2015. The tangible common equity ratio was 7.46 percent at the end of the fourth quarter of 2015, compared to 7.39 percent for the same quarter last year. The tangible common equity ratio, which is a non-GAAP financial measure, is equal to end-of-period shareholders’ common equity less goodwill and intangible assets divided by end-of-period total assets less goodwill and intangible assets.

•

Net interest income on a taxable-equivalent basis for the fourth quarter totaled $225.6 million, an increase of 6.1 percent compared to the $212.6 million reported for the fourth quarter of 2014. This increase resulted primarily from an increase in the average volume of earning assets. The net interest margin was 3.43 percent for the fourth quarter, compared to 3.34 percent for the fourth quarter of 2014 and 3.48 percent for the third quarter of 2015.

•

Non-interest income for the fourth quarter of 2015 was $83.2 million, up $513,000 from the $82.6 million reported a year earlier. Insurance commissions and fees increased $1.6 million due mainly to increases in the employee benefits line of business. The increase was partially offset by lower trust and investment management fees at $26.3 million, down $1.0 million compared to $27.3 million a year earlier. This decrease was due to a $758,000 decline in oil and gas fees and an $813,000 decrease in fees for securities lending, a business Frost exited at the end of the first quarter 2015. These were offset in part by a $1.1 million increase in investment fees, which are generally assessed based on the market value of trust assets that are managed and held in custody. Trust assets were $30.7 billion at the end of the fourth quarter of 2015, compared to $30.5 billion at December 31, 2014.

•

Non-interest expense for the fourth quarter of 2015 was $173.4 million, up $4.4 million or 2.6 percent from the $169.0 million reported for the fourth quarter of 2014. Employee benefits increased $2.7 million or 19.9 percent, primarily related to retirement plan expense, which was up $1.3 million, and higher medical and dental expenses, up $762,000. Net occupancy expense increased $1.8 million, mainly from higher depreciation expense and property taxes related to Frost's new operations and support center. Furniture and equipment was up $1.1 million or 6.7 percent due mainly to technology initiatives and our new operations and support center. Other expense was down $1.3

million, resulting from a $2.5 million decrease in advertising, marketing and communications expenses offset by increased professional services costs of $1.2 million.

•

For the fourth quarter of 2015, the provision for loan losses was $34.0 million, compared to net charge-offs of $8.5 million. For the fourth quarter of 2014, the provision for loan losses was $4.4 million, compared to net charge-offs of $3.2 million. The allowance for loan losses as a percentage of total loans was 1.18 percent at December 31, 2015, compared to 0.97 percent last quarter and 0.91 percent at year-end 2014. Non-performing assets were $85.7 million at year end, compared to $58.2 million the previous quarter, and $65.2 million at year-end 2014.

Cullen/Frost Bankers, Inc. will host a conference call on Wednesday, January 27, 2016, at 10 a.m. Central Time (CT) to discuss the results for the quarter and the year. The media and other interested parties are invited to access the call in a “listen only” mode at 800-944-6430. Digital playback of the conference call will be available after 12 p.m. CT until midnight Sunday, January 31, 2016 at 855-859-2056, with the Conference ID# of 28245582. The call will also be available by audio webcast on the company’s website, frostbank.com, and available for playback after 2 p.m. CT. After entering the website www.frostbank.com, scroll down to the bottom of the home page. Under Company Information, click on Investor Relations.

Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $28.6 billion in assets at December 31, 2015. One of the top 50 largest U.S. banks, Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at frostbank.com.

Forward-Looking Statements and Factors that Could Affect Future Results

Certain statements contained in this Earnings 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 as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval 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, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", "intends", "targeted", "continue", "remain", "will", "should", "may" and other 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:


•	Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.


•	Volatility and disruption in national and international financial and commodity markets.


•	Government intervention in the U.S. financial system.


•	Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.


•	Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.


•	The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board.


•	Inflation, interest rate, securities market and monetary fluctuations.


•	The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply.


•	The soundness of other financial institutions.


•	Political instability.


•	Impairment of our goodwill or other intangible assets.


•	Acts of God or of war or terrorism.


•	The timely development and acceptance of new products and services and perceived overall value of these products and services by users.


•	Changes in consumer spending, borrowings and savings habits.


•	Changes in the financial performance and/or condition of our borrowers.


•	Technological changes.


•	Acquisitions and integration of acquired businesses.


•	The ability to increase market share and control expenses.


•	Our ability to attract and retain qualified employees.


•	Changes in the competitive environment in our markets and among banking organizations and other financial service providers.


•	The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.


•	Changes in the reliability of our vendors, internal control systems or information systems.


•	Changes in our liquidity position.


•	Changes in our organization, compensation and benefit plans.


•	The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals.


•	Greater than expected costs or difficulties related to the integration of new products and lines of business.


•	Our success at managing the risks involved in the foregoing items.

Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any 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.



Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)

	2015												2014
	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
CONDENSED INCOME STATEMENTS
Net interest income	$	186,139		$	186,981		$	182,809		$	180,703		$	178,992
Net interest income ⁽¹⁾	225,649			225,553			220,131			216,702			212,627
Provision for loan losses	34,000			6,810			2,873			8,162			4,400
Non-interest income:
Trust and investment management fees	26,289			25,590			26,472			27,161			27,271
Service charges on deposit accounts	20,686			20,854			20,033			19,777			20,691
Insurance commissions and fees	12,398			11,763			10,130			14,635			10,818
Interchange and debit card transaction fees	5,075			5,031			4,917			4,643			4,783
Other charges, commissions and fees	8,981			10,016			10,113			8,441			9,619
Net gain (loss) on securities transactions	(107		)	(52		)	—			228			3
Other	9,833			10,176			7,317			8,330			9,457
Total non-interest income	83,155			83,378			78,982			83,215			82,642

Non-interest expense:
Salaries and wages	78,247			79,552			76,633			76,072			77,903
Employee benefits	15,970			16,210			17,339			20,227			13,318
Net occupancy	16,800			17,380			16,429			15,081			15,010
Furniture and equipment	16,904			16,286			15,649			15,534			15,849
Deposit insurance	3,667			3,676			3,563			3,613			3,549
Intangible amortization	766			816			849			894			996
Other	41,045			41,649			42,777			40,090			42,376
Total non-interest expense	173,399			175,569			173,239			171,511			169,001
Income before income taxes	61,895			87,980			85,679			84,245			88,233
Income taxes	3,657			12,130			12,602			12,082			15,529
Net income	58,238			75,850			73,077			72,163			72,704
Preferred stock dividends	2,016			2,016			2,015			2,016			2,016
Net income available to common shareholders	$	56,222		$	73,834		$	71,062		$	70,147		$	70,688

PER COMMON SHARE DATA
Earnings per common share - basic	$	0.90		$	1.18		$	1.12		$	1.11		$	1.12
Earnings per common share - diluted	0.90			1.17			1.11			1.10			1.11
Cash dividends per common share	0.53			0.53			0.53			0.51			0.51
Book value per common share at end of quarter	44.30			44.32			43.17			43.80			42.87

OUTSTANDING COMMON SHARES
Period-end common shares	61,982			62,282			63,180			63,164			63,149
Weighted-average common shares - basic	62,202			62,629			63,119			63,094			63,061
Dilutive effect of stock compensation	648			690			832			685			866
Weighted-average common shares - diluted	62,850			63,319			63,951			63,779			63,927

SELECTED ANNUALIZED RATIOS
Return on average assets	0.78		%	1.04		%	1.03		%	1.02		%	1.02		%
Return on average common equity	8.07			10.73			10.34			10.34			10.36
Net interest income to average earning assets ⁽¹⁾	3.43			3.48			3.47			3.41			3.34

(1) Taxable-equivalent basis assuming a 35% tax rate.



Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

	2015												2014
	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
BALANCE SHEET SUMMARY ($ in millions)
Average Balance:
Loans	$	11,371		$	11,362		$	11,259		$	11,073		$	10,909
Earning assets	26,409			25,979			25,597			25,827			25,569
Total assets	28,556			28,066			27,677			27,936			27,599
Non-interest-bearing demand deposits	10,539			10,262			9,950			9,961			10,054
Interest-bearing deposits	13,916			13,836			13,741			13,951			13,639
Total deposits	24,455			24,098			23,691			23,912			23,693
Shareholders' equity	2,907			2,875			2,902			2,897			2,851

Period-End Balance:
Loans	$	11,487		$	11,359		$	11,401		$	11,215		$	10,988
Earning assets	26,431			26,224			25,565			25,926			26,052
Goodwill and intangible assets	663			664			665			666			667
Total assets	28,567			28,341			27,782			28,159			28,278
Total deposits	24,344			24,324			23,841			24,150			24,136
Shareholders' equity	2,890			2,905			2,872			2,911			2,851
Adjusted shareholders' equity ⁽¹⁾	2,776			2,771			2,789			2,751			2,710

ASSET QUALITY ($ in thousands)
Allowance for loan losses:	$	135,859		$	110,373		$	106,607		$	105,708		$	99,542
As a percentage of period-end loans	1.18		%	0.97		%	0.94		%	0.94		%	0.91		%

Net charge-offs:	$	8,514		$	3,044		$	1,974		$	1,996		$	3,170
Annualized as a percentage of average loans	0.30		%	0.11		%	0.07		%	0.07		%	0.12		%

Non-performing assets:
Non-accrual loans	$	83,467		$	55,452		$	50,053		$	56,314		$	59,925
Restructured loans	—			—			—			—			—
Foreclosed assets	2,255			2,778			2,381			3,293			5,251
Total	$	85,722		$	58,230		$	52,434		$	59,607		$	65,176
As a percentage of:
Total loans and foreclosed assets	0.75		%	0.51		%	0.46		%	0.53		%	0.59		%
Total assets	0.30		%	0.21		%	0.19		%	0.21		%	0.23

CONSOLIDATED CAPITAL RATIOS ⁽²⁾
Common Equity Tier 1 Risk-Based Capital Ratio ⁽³⁾	11.37		%	11.57		%	11.70		%	11.55		%	N/A
Tier 1 Risk-Based Capital Ratio	12.38			12.61			12.74			12.60			13.67		%
Total Risk-Based Capital Ratio	13.85			13.96			14.06			13.93			14.55
Leverage Ratio	7.79			7.91			8.07			7.89			8.16
Equity to Assets Ratio (period-end)	10.12			10.25			10.34			10.34			10.08
Equity to Assets Ratio (average)	10.18			10.24			10.48			10.37			10.33

(1) Shareholders' equity excluding accumulated other comprehensive income (loss).
(2) Capital ratios in 2015 were calculated in accordance with the Basel III Capital Rules which became effective on January 1, 2015, subject to transition provisions. Capital ratios for prior periods were calculated in accordance with previous capital rules.
(3) The Common Equity Tier 1 Risk-Based Capital Ratio is a newly required ratio under the Basel III Capital Rules and represents common equity, net of any accumulated other comprehensive income (loss), less goodwill and intangible assets, net of any associated deferred tax liabilities, divided by risk-weighted assets, subject to transition provisions.



Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)


	Year Ended December 31,
	2015			2014			2013			2012			2011
CONDENSED INCOME STATEMENTS

Net interest income	$	736,632		$	686,934		$	620,555		$	604,861		$	581,776
Net interest income ⁽¹⁾	888,035			807,937			710,850			668,176			642,066
Provision for loan losses	51,845			16,314			20,582			10,080			27,445
Non-interest income:
Trust and investment management fees	105,512			106,237			91,375			83,317			78,297
Service charges on deposit accounts	81,350			81,946			81,432			83,392			86,125
Insurance commissions and fees	48,926			45,115			43,140			39,948			35,421
Interchange and debit card transaction fees	19,666			18,372			16,979			16,933			29,625
Other charges, commissions and fees	37,551			36,180			34,185			30,180			27,750
Net gain (loss) on securities transactions	69			38			1,176			4,314			6,414
Other	35,656			32,256			34,531			30,703			26,370
Total non-interest income	328,730			320,144			302,818			288,787			290,002

Non-interest expense:
Salaries and wages	310,504			292,349			273,692			258,752			252,028
Employee benefits	69,746			60,151			62,407			57,635			52,939
Net occupancy	65,690			55,745			50,468			48,975			46,968
Furniture and equipment	64,373			62,087			58,443			55,279			51,469
Deposit insurance	14,519			13,232			11,682			11,087			12,714
Intangible amortization	3,325			3,520			3,141			3,896			4,387
Other	165,561			167,656			152,077			139,469			137,593
Total non-interest expense	693,718			654,740			611,910			575,093			558,098
Income before income taxes	319,799			336,024			290,881			308,475			286,235
Income taxes	40,471			58,047			53,015			70,523			68,700
Net income	279,328			277,977			237,866			237,952			217,535
Preferred stock dividends	8,063			8,063			6,719			—			—
Net income available to common shareholders	$	271,265		$	269,914		$	231,147		$	237,952		$	217,535

PER COMMON SHARE DATA
Earnings per common share - basic	$	4.31		$	4.32		$	3.82		$	3.87		$	3.55
Earnings per common share - diluted	4.28			4.29			3.80			3.86			3.54
Cash dividends per common share	2.10			2.03			1.98			1.90			1.83
Book value per common share at end of quarter	44.30			42.87			39.13			39.32			37.27

OUTSTANDING COMMON SHARES
Period-end common shares	61,982			63,149			60,566			61,479			61,264
Weighted-average common shares - basic	62,758			62,072			60,350			61,298			61,101
Dilutive effect of stock compensation	715			902			766			345			177
Weighted-average common shares - diluted	63,473			62,974			61,116			61,643			61,278

SELECTED ANNUALIZED RATIOS
Return on average assets	0.97		%	1.05		%	1.02		%	1.14		%	1.17		%
Return on average common equity	9.86			10.51			9.93			10.03			10.01
Net interest income to average earning assets ⁽¹⁾	3.45			3.41			3.41			3.59			3.88

(1) Taxable-equivalent basis assuming a 35% tax rate



Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)



	Year Ended December 31,
	2015			2014			2013			2012			2011
BALANCE SHEET SUMMARY ($ in millions)
Average Balance:
Loans	$	11,267		$	10,299		$	9,230		$	8,457		$	8,043
Earning assets	25,955			23,877			20,991			19,016			16,769
Total assets	28,062			25,768			22,752			20,827			18,569
Non-interest-bearing demand deposits	10,180			9,125			7,658			7,022			5,739
Interest-bearing deposits	13,861			12,928			11,610			10,270			9,484
Total deposits	24,041			22,053			19,268			17,292			15,223
Shareholders' equity	2,895			2,712			2,455			2,373			2,172

Period-End Balance:
Loans	$	11,487		$	10,988		$	9,516		$	9,224		$	7,995
Earning assets	26,431			26,052			22,238			21,148			18,498
Goodwill and intangible assets	663			666			543			544			539
Total assets	28,567			28,278			24,313			23,124			20,317
Total deposits	24,344			24,136			20,689			19,497			16,757
Shareholders' equity	2,890			2,851			2,514			2,417			2,284
Adjusted shareholders' equity ⁽¹⁾	2,776			2,710			2,374			2,179			2,036

ASSET QUALITY ($ in thousands)
Allowance for loan losses:	$	135,859		$	99,542		$	92,438		$	104,453		$	110,147
As a percentage of period-end loans	1.18		%	0.91		%	0.97		%	1.13		%	1.38		%

Net charge-offs:	$	15,528		$	9,210		$	32,597		$	15,774		$	43,614
Annualized as a percentage of average loans	0.14		%	0.09		%	0.35		%	0.19		%	0.54		%

Non-performing assets:
Non-accrual loans	$	83,467		$	59,925		$	56,720		$	89,744		$	94,338
Restructured loans	—			—			1,137			—			—
Foreclosed assets	2,255			5,251			11,916			15,502			26,608
Total	$	85,722		$	65,176		$	69,773		$	105,246		$	120,946
As a percentage of:
Total loans and foreclosed assets	0.75		%	0.59		%	0.73		%	1.14		%	1.51		%
Total assets	0.30			0.23			0.29			0.46			0.60

CONSOLIDATED CAPITAL RATIOS ⁽²⁾
Common Equity Tier 1 Risk-Based Capital Ratio ⁽³⁾	11.37		%	N/A			N/A			N/A			N/A
Tier 1 Risk-Based Capital Ratio	12.38			13.68		%	14.39		%	13.68		%	14.38		%
Total Risk-Based Capital Ratio	13.85			14.55			15.52			15.11			16.24
Leverage Ratio	7.79			8.16			8.49			8.28			8.66
Equity to Assets Ratio (period-end)	10.12			10.08			10.34			10.45			11.24
Equity to Assets Ratio (average)	10.32			10.53			10.79			11.39			11.70

(1) Shareholders' equity excluding accumulated other comprehensive income (loss).
(2) Capital ratios in 2015 were calculated in accordance with the Basel III Capital Rules which became effective on January 1, 2015, subject to transition provisions. Capital ratios for prior periods were calculated in accordance with previous capital rules.
(3) The Common Equity Tier 1 Risk-Based Capital Ratio is a newly required ratio under the Basel III Capital Rules and represents common equity, net of any accumulated other comprehensive income (loss), less goodwill and intangible assets, net of any associated deferred tax liabilities, divided by risk-weighted assets, subject to transition provisions.

CULLEN/FROST BANKERS, INC. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - 2015 FOURTH QUARTER EARNINGS RELEASE - January 27, 2016

Attached files

CULLEN/FROST BANKERS, INC. Reports