Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. On April 22, 2009, Cullen/Frost Bankers ( CFR) reported that its Q1 FY09 earnings fell 14.8%, hurt by a drop in non-interest and net interest income, along with an increase in provisions for possible loan losses. Net income declined to $44.98 million, or $0.76 per share, from $52.78 million, or $0.89 per share, in Q1 FY08. The latest quarterly earnings missed the consensus estimate of $0.83 per share. Total interest income dropped 12.3% to $154.06 million, primarily due to lower interest income on loans, federal funds sold, and resell agreements. Total average earning assets rose 11.5% to $12.94 billion, while yield on interest earnings assets slipped 115 basis points to 5.10%. On the other hand, total interest expense plunged 46.7% to $24.42 million. Total average interest bearing liabilities spiked 8.5% to $8.86 billion, while the rate paid on interest bearing liabilities declined to 1.11% from 2.25% a year ago. Net interest income, before provision for loan losses, fell marginally to $129.63 million from $129.88 million. Consequently, the net interest margin dipped to 4.33% from 4.67%, and the net interest spread decreased to 3.99% from 4.00% a year ago. Moreover, non-interest income inched down 0.5% to $69.86 million, while non-interest expense increased 7.9% to $129.50 million. For the first quarter, provisions for credit losses more than doubled to $9.60 million from $4.01 million. Net charge-offs swelled 47.6% to $5.68 million, while net charge-offs as a percentage of average loans rose to 0.26% from 0.20% in Q1 FY08. Non-performing assets (NPAs) more than tripled to $127.77 million, while as a percentage of total assets, NPAs advanced to 0.83% from 0.27% in the prior year quarter. The company continued to be well-capitalized, having a total risk-based capital ratio of 12.98% and a Tier-1 risk-based capital ratio of 10.64% as of March 31, 2009.