You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: In second quarter, Cullen/Frost earned $93.1 million or $1.47 per share compared with earnings of $109.6 million, or $1.72 per share in the same quarter of last year and $47.2 million or $0.75 a share in the first quarter of this year.
Beyond the financials, the second quarter was an extraordinary one for Frost.
To add our response to the COVID-19 pandemic, we've been continuing serving customers with appointments in our bank lobbies, to our motor banks, with our online and mobile banking service, to around the clock telephone customer service and at our network of more than 1200 ATMs. I'll talk in more detail about our Houston expansion and our Paycheck Protection Program loans.
But for now, I'd like to point out that we have been completing our organic growth initiatives and still achieving the same award winning level of customer service process known for, despite having more than two thirds of our employees working remotely.
In fact, during the second quarter, we learned that Frost had achieved its highest ever Net Promoter Score with a jump from 82 to 87.
And that's a score that would be the envy of many well known brands, and it's a testament to our core values and our ability to consistently take care of our customer's needs, especially during trying times.
More recently, we learned a process among the banks, that Greenwich and Associates has identified as standouts in their response to the pandemic based on customer surveys.
In fact, Frost was one of only two banks to be named a standout in both the small business banking and middle market banking categories.
I mentioned the Paycheck Protection Program.
As of June 30, when PPP loan applications were initially scheduled to end, we had helped nearly 18,300 of our customers get PPP loans, totaling more than 3.2 billion.
In the state of Texas, Frost was number three in PPP lending with 5% of the loans in San Antonio, Fort Worth and Corpus Christi, Frost was number one in terms of PPP loans approved and in San Antonio we had more PPP loans in Bank of America, Chase and Wells Fargo, combined.
We did well helping businesses of all sizes, but I'm particularly pleased that more than three quarters of our PPP loans were for $150,000 or less, and close to 90% were for 350,000 or less.
PPP applications have been extended into August and we're still taking anywhere from a few to 50 applications per day.
Through July, we've taken an additional 500 applications for over $22 million or an average size of about $45,000.
Meanwhile, we're setting up processes to help borrowers get their loans forgiven.
And the efforts of Frost bankers have helped save hundreds of thousands of jobs.
Those results are more reflective of our culture and our philosophy than even the numbers we're reporting today for the second quarter.
Average deposits in the second quarter were $31.3 billion, up by more than 20% from the $26 billion in the second quarter of last year, and the highest quarterly average deposits in our history.
We're grateful for the confidence our customers has placed in us during these times.
Average loans in the second quarter were $17.5 billion, up by more than 20% from the $14.4 billion in the second quarter of last year.
That includes our strong showing in PPP loans, but our loan total would have been up approximately 5% even without PPP.
In the second quarter our return on average assets was 0.99%, compared to 1.4% in the second quarter of last year.
Our credit loss expense was $32 million in the second quarter, compared to $175.2 million in this first quarter of 2020 and $6.4 million in the second quarter of 2019.
That first quarter provision was significantly influenced by our energy portfolio stress scenario of oil at $9 per barrel for the remainder of 2020.
Oil prices have since stabilized at levels well above that assumption, and the energy borrowing base redeterminations are 95% complete.
Net charge-offs for the second quarter were $41 million, compared to $38.6 million in the first quarter and $7.8 million in the second quarter of last year.
Annualized net charge-offs for the second quarter were 0.94% of average loans.
Second quarter charge-offs were related to energy borrowers that have been discussed for several quarters.
Non-performing assets were $85.2 million at the end of the second quarter compared to $67.5 at the end of the first quarter, and $76.4 at the end of the second quarter last year.
At the current level, non-performing assets represent only 22 basis points of assets which is well within our tolerance level and our level lower than our average non-performing assets over the past nine quarters.
Overall delinquencies for accruing loans at the end of the second quarter were $91 million, or 51 basis points of period end loans.
Those numbers remain within our standards and comparable to what we've experienced in the last -- past several years.
The payment deferrals, we have extended to customers due to the pandemic related slowdown have had some impact on delinquencies.
To the end of the second quarter, we granted 90 day deferrals, totaling $2.2 billion.
Of loans whose deferral period has now ended, which is about $1.1 billion, only $72 million worth have requested a second deferral.
Total problem loans, which we define as risk grade 10 and higher were $674 million at the end of the second quarter, compared to $582 million at the end of the first quarter, which happened to be a multi year low.
A subset of total problem loans, those loans graded 11 and worse, which is synonymous with the regulatory definition of classified totaled $355 million or only 12% of Tier 1 capital.
Energy related problem loans were $176.8 million at the end of the second quarter, compared to $141.7 million for the previous quarter, and $93.6 million in the first quarter of last year.
To put that into perspective, the year in 2016 total problem energy loans totaled nearly $600 million.
Energy loans in general represented 9.6% of our non-PPP portfolio at the end of the second quarter, if you include PPP loans, energy loans were 7.9%.
As a reminder, the peak was 16% back in 2015, and we continued to diversify our loan portfolio and to moderate our company's exposure to the energy segment.
As expected, and as we discussed in the first quarter call, the pandemics economic impacts on our portfolio have been negative, but manageable.
During our last conference call, we discussed portfolio segments that have had increased impact from economic dislocations brought on by the pandemic.
Besides energy, we've narrowed these down to restaurants, hotels, aviation, entertainment and sports, and retail.
The total of these portfolio segments, excluding PPP loans, represented almost $1.6 billion at the end of the second quarter.
Like the energy portfolio, we continually review these specific segments, and we have frequent conversations with those borrowers to assess how they're handling current issues.
Combined with our risk assessments, these conversations influence our loan loss reserve to these segments, which is 2.52% at the end of the second quarter.
Overall, our focus for commercial loans continues to be on consistent balanced growth, including both core loan component, which we define is lending relationships under $10 million in size, as well as larger relationships, while maintaining our quality standards.
We're hearing from customers in all segments that economic impact of the pandemic, as well as the uncertainty ahead and those factors have had an impact on our results.
New relationships are up by about 28%, compared with this time last year, largely because of our strong efforts in helping small businesses get PPP loans.
When we ask these businesses why they came to Frost, 340 of them told us that PPP was a key factor.
The dollar amount of new loan commitments booked through June dropped by about 3%, compared to the prior year.
Regarding new loan commitments booked, the balance between these relationships went from 57% larger and 43% core at the end of the first quarter to 53% larger and 47% core so far in 2020.
And that's about where it was this time last year.
The market remains competitive.
For instance, the percentage of deals lost to structure increased from 61% this time last year to 75% this year.
Our weighted current active loan pipeline in the second quarter was up 24%, compared with the end of the first quarter.
The first quarter numbers were low and reflected the uncertainty about the pandemic's effect.
On the consumer side, we continue to see solid growth in deposits and loans, despite the impact from the pandemic, and the reduction in customer visits to our financial centers.
Overall, net new consumer customer growth rate for the second quarter was 2.2%, compared to the second quarter of 2019.
Same-store sales, however, is measured by account openings were down by 30% through the end of the second quarter, as lobbies were opened only for -- by appointment only and through driving [Indecipherable].
In the second quarter 59% of our account openings came from our online channel, which includes our Frost Bank mobile app.
Online account openings in total were 72% higher, compared to the second quarter of 2019.
The consumer loan portfolio was $1.8 billion at the end of the second quarter, and it increased by 4.3%, compared to last year.
Overall, Frost Bankers' have risen to the unique challenges presented by the pandemic and its results in shutdowns with a mix of keeping our standards and sticking to our strategies, along with a truly remarkable amount of flexibility and adaptability.
Our Houston expansion continues on pace, with four new financial centers opened in the second quarter and two more opened already in the third quarter for a total of 17 of the 25 planned new financial centers.
Those new financial centers include our location in the Third Ward, where customer response has been enthusiastic.
Even though our lobbies are open for appointment only.
Our employees manage those new financial center openings, while most of them are working remotely due to the pandemic, and also while non-stop -- working non-stop to help our business customers stay with PPP loans.
And that commitment and dedication is what Frost workforce philosophy and culture is all about.
As I mentioned earlier, we've gained a lot of new business relationships through our PPP efforts.
And customers that are new to us are learning what a longtime customer has always done, that Frost is a source of strength for customers and our communities and also a source and force for good in people's everyday lives.
I've told our team that their efforts are historic and heroic, and I'm extraordinarily proud of our company and we've been able to help so many small businesses get through these extraordinary times.
It's clear that many pandemic challenges remain, particularly here in Texas, we're seeing the spirit and dedication of Frost employees, who live our philosophy and culture every day, gives me optimism that we will help our customers find a way through this situation and come out stronger.
I want to start out by giving some additional financial information on our PPP loan portfolio.
As Phil mentioned, we generated over $3.2 billion in PPP loans during the quarter.
Our average fee on that portfolio was about 3.2% and translates into about $104 million.
Our direct origination costs associated with these loans totaled about $7.4 million, resulting in net deferred fees of about $97 million, about 20% of the net fees were accreted into interest income during the second quarter.
Looking at our net interest margin, our net interest margin percentage for the second quarter was 3.13%, down 43 basis points from the 3.56% reported last quarter, excluding the impact of our PPP loans, the net interest margin would have been 3.05%.
The 43 basis point decrease in our reported net interest margin percentage, primarily resulted from lower yields on loans and balances at the Fed, as well as an increase in the proportion of balances at the Fed, as a percentage of earning assets, partially offset by lower funding cost.
The taxable equivalent loan yield for the second quarter was 3.95%, down 70 basis points from the previous quarter, impacted by the lower rate environment with the March Fed rate cuts and decreases in LIBOR during the quarter.
The yield on PPP loan portfolio during the quarter was 4.13% and had favorable 3 basis point impact on the overall loan yields for the quarter.
Looking at our investment portfolio, the total investment portfolio averaged $12.5 billion during the second quarter, down about $463 million from the first quarter average of $13 billion.
The taxable equivalent yield on the investment portfolio was 3.53% in the second quarter, up 7 basis points from the first quarter.
Our municipal portfolio averaged about $8.5 billion during the second quarter, flat with the first quarter with the taxable equivalent yield also flat with the first quarter at 4.07%.
At the end of the second quarter over 70% of the municipal portfolio was pre-refunded or PSF insured.
The duration of the investment portfolio at the end of the second quarter was 4.4 years, compared to 4.6 years last quarter.
Looking at our funding sources, the cost of total deposits for the second quarter was 8 basis points, down 16 basis points from the first quarter.
The cost of combined Fed funds purchased and repurchase agreements, which consists primarily customer repos decreased 80 basis points to 0.15% for the second quarter from 0.95% in the previous quarter.
Those balances averaged about $1.3 billion during the second quarter, up about $36 million from the previous quarter.
Looking to non-interest expense, total non-interest expense for the second quarter decreased approximately $3.5 million, or 1.7%, compared to the second quarter last year.
The expense decrease was impacted by the $7.4 million in PPP loan origination costs that were deferred and netted against the PPP processing fee, which were amortized into interest income as a yield adjustment over the life of those PPP loans.
Excluding the favorable impact of deferring those origination fees related to PPP loans, total non-interest expenses would have been up $3.8 million, or 1.9%, compared to the second quarter last year.
In addition to the reduced expense run rate during the second quarter, due to the pandemic effect on the business environment, we continue to focus on managing our discretionary spending and looking for ways to operate more efficiently.
As we look out for the full-year, adding back to $7.4 million in deferred expenses related to the PPP loans I mentioned previously, we currently expect annual expense growth of something around 6%, which is down 2.5 percentage points from the 8.5% growth guidance we gave last quarter.
Regarding income tax expense, we did recognize a $2.6 million one-time discrete tax benefits during the quarter related to an asset contribution to a charitable trust during the second quarter.
Excluding the impact of that item, our effective tax rate on a year-to-date earnings would have been about 3.1%.

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compname posts q2 earnings per share $1.47.
q2 earnings per share $1.47.

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