Cullen/Frost Bankers Inc (CFR) Q1 2020 Earnings Call Transcript

Cullen/Frost Bankers Inc (CFR) Q1 2020 Earnings Call Transcript

Today, I'll review the first quarter results for Cullen/Frost, and our Chief Financial Officer, Jerry Salinas, will also provide additional comments before we open it up to your questions.. In the first quarter, our return on average assets was 0.57% compared to 1.48% in the first quarter of last year.. Average deposits in the first quarter were $27.4 billion, up from $26.1 billion in the first quarter of last year, and average loans in the first quarter were up to $15 billion from $14.2 billion in the first quarter of last year.. Our credit loss expense was $175.2 million for the first quarter, and that compared to $8.4 million in the fourth quarter of 2019 and $11 million in the first quarter of 2019.. Net charge-offs for the first quarter were $38.6 million compared with $12.7 million in the fourth quarter of 2019 and $6.8 million in the first quarter of last year.. Annualized net charge-offs for the first quarter were 1.04% of average loans.. Overall, delinquencies for accruing loans at the end of the first quarter were $122.3 million or 80 basis points of period end loans.. Energy-related problem loans were $141.7 million at the end of the first