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Cullen/Frost Bankers Inc. (NYSE: CFR) is a prominent financial holding company headquartered in San Antonio, Texas. Founded in 1868, the company has been serving the financial needs of clients for over 150 years. It operates primarily through its principal subsidiary, Frost Bank, offering a vast range of financial services to both commercial and consumer clients.
Core Services and Products
- Banking: Frost Bank provides comprehensive commercial and consumer banking services including checking and savings accounts, loans, and credit services.
- Investment Management: The company offers trust and investment management services tailored for individual and institutional clients to meet various financial goals.
- Insurance: Cullen/Frost provides a variety of insurance products helping clients manage risk and safeguard their assets.
- Brokerage and Mutual Funds: The company offers brokerage services and mutual fund products that span a wide array of investment strategies.
- Leasing and Treasury Management: Frost Bank offers leasing options and advanced treasury management services for businesses to optimize their financial operations.
- Capital Markets Advisory: The company provides advisory services to help clients navigate the complexities of capital markets, from mergers and acquisitions to other strategic transactions.
- Item Processing Services: Efficient item processing solutions help streamline financial transactions for clients.
Geographical Reach
Cullen/Frost Bankers has a strong presence across Texas, operating in key regions including Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley, and San Antonio. The company has also announced plans to double its presence in the Austin region by 2026.
Recent Financial Performance
For the second quarter of 2023, Cullen/Frost reported a net income of $160.4 million, marking a significant 36.5 percent increase from the previous year. The company's average loans and deposits demonstrated robust growth, with average loans rising by $1.0 billion and deposits, although impacted by higher interest rates, showing strategic stability. Despite a decrease in non-interest bearing deposits, interest-bearing deposits saw a modest increase. The company continues to excel in financial performance with strong returns on average assets and average common equity.
Cullen/Frost's commitment to delivering superior service is reflected in their consistent earnings growth and market expansion initiatives. Recent expansions in Houston and Dallas have further solidified their market position. The company is actively investing in new market expansions and innovative mortgage loan offerings, as well as strategic marketing and technology platforms.
For further details on Cullen/Frost Bankers Inc., visit their investor relations website.
Cullen/Frost Bankers (NYSE: CFR) reported Q3 2024 net income of $144.8 million, down from $154.0 million in Q3 2023. Earnings per share decreased to $2.24 from $2.38 year-over-year. Net interest income rose 4.4% to $425.2 million, with average loans increasing 11.8% to $20.1 billion. Average deposits slightly decreased by 0.2% to $40.7 billion. The company declared a Q4 cash dividend of $0.95 per common share. Non-interest income increased 7.3% to $113.7 million, while non-interest expense rose 10.3% to $323.4 million. The bank maintained strong capital ratios with Common Equity Tier 1 at 13.55%.
Cullen/Frost Bankers, Inc. (NYSE:CFR) has announced its upcoming third quarter 2024 earnings conference call, scheduled for Thursday, October 31, 2024. The earnings release will be available at approximately 8:00 a.m. Central Time on the company's investor relations website. The conference call will begin at 1:00 p.m. CT (2:00 p.m. Eastern) and will be hosted by Phil Green (Chairman and CEO), Jerry Salinas (Group Executive Vice President and CFO), and A.B. Mendez (Senior Vice President and Director of Investor Relations).
Analysts can participate in a Q&A session following the prepared remarks. The call will be accessible via phone (Domestic: 877-709-8150) and through a live webcast on the company's investor relations website. A replay of the webcast will be available after 5:00 p.m. CT on the day of the call.
Frost has partnered with Valor to integrate mineral.tech®, a state-of-the-art mineral management software, to enhance services for its mineral asset management clients. The software provides increased visibility and transparency in managing mineral assets by digitally mapping interests, organizing historical paperwork, tracking revenue, and producing analytics reports.
Brad Ince, a senior VP at Frost, highlighted the software's advanced reporting and analytics capabilities, which offer clients full visibility and real-time access to their mineral asset portfolios. Matt Autry, president of Valor, expressed confidence that mineral.tech® will help provide Frost's clients with increased clarity and accessibility into their mineral rights assets.
Cullen/Frost Bankers (NYSE: CFR) reported Q2 2024 results with net income of $143.8 million, down from $160.4 million in Q2 2023. Earnings per share decreased to $2.21 from $2.47 year-over-year. Net interest income rose 2.2% to $417.6 million, while average loans increased 11.3% to $19.7 billion. Average deposits decreased 1.2% to $40.5 billion. The company's board increased the quarterly dividend by 3.3% to $0.95 per share. Despite lower earnings, Cullen/Frost reported solid loan growth and continued execution of its organic growth strategy. The bank maintains strong capital ratios, with Common Equity Tier 1 at 13.35%, well above regulatory requirements.
Cullen/Frost Bankers, Inc. (NYSE:CFR) will host a conference call on Thursday, July 25, 2024, to discuss its second quarter 2024 earnings. The earnings release will be available online at around 8:00 a.m. Central Time (CT). The conference call, led by key executives Phil Green, Jerry Salinas, and A.B. Mendez, will begin at 1:00 p.m. CT and include a Q&A session for analysts. Interested individuals can join via webcast or domestic phone number. The webcast will be archived for later playback starting at 5:00 p.m. CT the same day. For more information, contact Investor Relations at (210) 220-5234.
Cullen/Frost Bankers (NYSE: CFR) announced that Jerry Salinas, the group's Chief Financial Officer (CFO), will retire at the end of 2024 after nearly four decades with the company. Salinas has been instrumental in major initiatives such as acquisitions and expansion projects. He will be succeeded by Dan Geddes, current San Antonio Region President, who will assume the CFO role on January 1, 2025. Additionally, Clay Jones has been appointed as the new San Antonio Region President, and Matt Henson will become the Chief Accounting Officer, effective January 1, 2025.
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