San Antonio-based Frost Bank’s parent company beat Wall Street’s profit estimates as it made more loans in the third quarter. Cullen/Frost Bankers Inc. said Thursday it earned $144.8 million, or $2.28 a share, in the three months ended Sept. 30. The per-share result came in ahead of the $2.16 per share average estimate of seven analysts surveyed by Zacks Investment Research.
San Antonio’s Frost Bank doubling its branches in Austin after expansions in Houston and Dallas Revenue was up to $538.9 million, a 5% percent increase from $513.4 million a year ago. An increase in trust and investment management fees and service charges, including commercial and consumer overdraft charges, drove some of the increase. It averaged $20.1 billion in loans, an 11.8% increase over the $18 billion in the third quarter last year.