CULLEN/FROST REPORTS 4th QUARTER AND 2022 ANNUAL RESULTS

Rhea-AI Summary

Cullen/Frost Bankers, Inc. (NYSE:CFR) reported robust fourth quarter and full year 2022 results. Net income for Q4 2022 reached $189.5 million, a significant 90.7% increase from Q4 2021. Earnings per share rose to $2.91, up from $1.54. For the full year, net income was $572.5 million, marking a 31.3% rise from 2021. The bank's net interest income surged 60.5% to $423.9 million in Q4. However, non-interest income decreased slightly by 3.1%. The board declared a quarterly dividend of $0.87 per common share, payable on March 15, 2023. The bank’s solid capital ratios exceed regulatory requirements, reflecting its strong financial position.

Positive

• Net income for Q4 2022 increased by 90.7%, reaching $189.5 million.
• Earnings per share for Q4 2022 rose to $2.91, up from $1.54 in Q4 2021.
• Annual net income for 2022 was $572.5 million, a 31.3% increase from 2021.
• Net interest income for Q4 2022 surged 60.5% to $423.9 million.
• Capital ratios for Q4 2022 were above well-capitalized levels. Common Equity Tier 1 ratio was 12.85%.

Negative

• Non-interest income for Q4 2022 decreased by 3.1% to $105.7 million.
• Non-interest expense for Q4 2022 rose by 17.9% to $281.3 million.

Board declares first quarter dividend on common and preferred stock

SAN ANTONIO, Jan. 26, 2023 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported fourth quarter and full year results for 2022. Net income available to common shareholders for the fourth quarter of 2022 was $189.5 million, an increase of 90.7 percent compared to $99.4 million reported for the fourth quarter of 2021. On a per-share basis, the company reported net income available to common shareholders of $2.91 per diluted common share for the fourth quarter of 2022, compared to $1.54 per diluted common share for the fourth quarter of 2021. For the fourth quarter of 2022, returns on average assets and average common equity were 1.44 percent and 27.16 percent, respectively, compared to 0.81 percent and 9.26 percent for the same period in 2021.

The company also reported 2022 annual net income available to common shareholders of $572.5 million, an increase of 31.3 percent compared to 2021 earnings available to common shareholders of $435.9 million. On a per-share basis, 2022 earnings were $8.81 per diluted common share compared to $6.76 per diluted common share reported in 2021. For the year 2022, returns on average assets and average common equity were 1.11 percent and 16.86 percent respectively, compared to 0.95 percent and 10.35 percent reported in 2021.

"Noted financial data for the fourth quarter:

• The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios for Cullen/Frost at the end of the fourth quarter of 2022 were 12.85 percent, 13.35 percent, and 14.84 percent, respectively. Current capital ratios continue to be in excess of well-capitalized levels and exceed Basel III requirements.
  
  
• Net interest income on a tax-equivalent basis was $423.9 million for the fourth quarter of 2022, an increase of 60.5 percent compared to the $264.0 million reported for the fourth quarter of 2021. The net interest margin was 3.31 percent for the fourth quarter of 2022 compared to 2.31 percent for the fourth quarter of 2021 and 3.01 percent for the third quarter of 2022.
  
  
• Non-interest income for the fourth quarter of 2022 was $105.7 million, down $3.4 million, or 3.1 percent, from the $109.1 million reported a year earlier. Other non-interest income decreased $5.7 million, or 25.8 percent, compared to the fourth quarter of 2021. The comparison is impacted by a $9.7 million gain on the exchange of a branch facility recorded in the fourth quarter of 2021. That decrease was partly offset by a $5.1 million distribution received from an SBIC fund investment in the fourth quarter of 2022. Trust and investment management fees increased by $1.3 million, or 3.3 percent, compared to the fourth quarter of 2021. The increase in trust and investment management fees was primarily the result of a $1.5 million increase in estate fees, a $956,000 increase in real estate fees and a $605,000 increase in oil and gas fees, partly offset by a $1.9 million decrease in investment management fees. Other charges, commissions and fees increased $874,000, or 8.6%, compared to the fourth quarter of 2021. The increase was primarily related to increases in income from the placement of money market accounts (up $1.4 million).
  
  
• Non-interest expense for the fourth quarter of 2022 was $281.3 million, up $42.7 million, or 17.9 percent, compared to the $238.6 million reported for the fourth quarter of 2021. Salaries and wages expense increased by $31.2 million, or 29.5 percent, compared to the fourth quarter of 2021. The increase in salaries and wages was primarily related to increases in salaries due to annual merit and market increases as well as the implementation of a $20 per hour minimum wage in December, 2021. Salaries and wages were also impacted by our investments in organic expansion in the Houston and Dallas markets, as well as preparations for our mortgage loan product offering, and increases in incentive and stock compensation. Employee benefits expense increased by $2.8 million, or 14.5 percent, compared with the fourth quarter of 2021. The increase in employee benefits expense was impacted by increases in headcount and salary expense and was also affected by a $1.5 million increase in discretionary benefit plan expense. Other non-interest expense increased by $4.4 million, or 8.0 percent, compared to the fourth quarter of 2021, impacted by a $4.6 million increase in fraud losses and a $4.0 million accrual related to a license negotiation. Technology, furniture and equipment expense was up $2.7 million or 9.5 percent compared to the fourth quarter of 2021. The increase was primarily related to increases in cloud services expense (up $1.1 million), software maintenance (up $1.0 million), and service contracts (up $581,000).
  
  
• For the fourth quarter of 2022, the company reported a credit loss expense of $3.0 million, and reported net charge-offs of $3.8 million. For the fourth quarter of 2021, the company did not report a credit loss expense and reported net charge-offs of $2.8 million. The allowance for credit losses on loans as a percentage of total loans was 1.33 percent at December 31, 2022, compared to 1.38 percent at September 30, 2022 and 1.52 percent at year-end 2021. Non-accrual loans were $37.8 million at year end, compared to $29.9 million the previous quarter, and $53.7 million at year-end 2021.

The Cullen/Frost board declared a first-quarter cash dividend of $0.87 per common share, payable March 15, 2023 to shareholders of record on February 28 of this year. The board of directors also declared a cash dividend of $11.125 per share of Series B Preferred Stock (or $0.278125 per depositary share). The depositary shares representing the Series B Preferred Stock are traded on the NYSE under the symbol "CFR PrB." The Series B Preferred Stock dividend is payable on March 15, 2023, to shareholders of record on February 28 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, January 26, 2023, at 1:00 p.m. Central Time (CT) to discuss the results for the quarter and the year. The media and other interested parties are invited to access the call in a "listen only" mode at 877-709-8150. Playback of the conference call will be available after
5:00 p.m. CT on the day of the call until midnight Sunday, January 29 at 877-660-6853, with the Conference ID# of 13735488. A replay of the call will also be available by webcast at the URL listed below after 5:00 p.m. CT on the day of the call.

Cullen/Frost investor relations website: https://investor.frostbank.com/

Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $52.9 billion in assets at December 31, 2022. One of the 50 largest U.S. banks, Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at frostbank.com.

Forward-Looking Statements and Factors that Could Affect Future Results

Certain statements contained in this Annual Report on Form 10-K that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", "intends", "targeted", "continue", "remain", "will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

• The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board.
• Inflation, interest rate, securities market and monetary fluctuations.
• Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.
• Changes in the financial performance and/or condition of our borrowers.
• Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.
• Changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.
• Changes in our liquidity position.
• Impairment of our goodwill or other intangible assets.
• The timely development and acceptance of new products and services and perceived overall value of these products and services by users.
• Changes in consumer spending, borrowing and saving habits.
• Greater than expected costs or difficulties related to the integration of new products and lines of business.
• Technological changes.
• The cost and effects of cyber incidents or other failures, interruptions or security breaches of our systems or those of our customers or third-party providers.
• Acquisitions and integration of acquired businesses.
• Changes in the reliability of our vendors, internal control systems or information systems.
• Our ability to increase market share and control expenses.
• Our ability to attract and retain qualified employees.
• Changes in our organization, compensation and benefit plans.
• The soundness of other financial institutions.
• Volatility and disruption in national and international financial and commodity markets.
• Changes in the competitive environment in our markets and among banking organizations and other financial service providers.
• Government intervention in the U.S. financial system.
• Political instability.
• Acts of God or of war or terrorism.
• The potential impact of climate change.
• The impact of pandemics, epidemics or any other health-related crisis.
• The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals.
• The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which we and our subsidiaries must comply.
• The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
• Our success at managing the risks involved in the foregoing items.

In addition, financial markets and global supply chains may continue to be adversely affected by the current or anticipated impact of military conflict, including the current Russian invasion of Ukraine, terrorism or other geopolitical events.

Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.

Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
	2022								2021
	4th Qtr		3rd Qtr		2nd Qtr		1st Qtr		4th Qtr
CONDENSED INCOME STATEMENTS
Net interest income	$ 398,457		$ 355,547		$ 288,208		$ 249,071		$ 240,708
Net interest income (1)	423,892		379,518		311,377		272,194		264,049
Credit loss expense	3,000		—		—		—		—
Non-interest income:
Trust and investment management fees	39,695		38,552		37,776		38,656		38,425
Service charges on deposit accounts	22,321		22,960		23,870		22,740		22,234
Insurance commissions and fees	11,674		13,152		11,776		16,608		11,714
Interchange and card transaction fees	4,480		4,614		4,911		4,226		4,237
Other charges, commissions and fees	10,981		11,095		9,887		9,627		10,107
Net gain (loss) on securities transactions	—		—		—		—		69
Other	16,529		9,448		9,707		9,533		22,270
Total non-interest income	105,680		99,821		97,927		101,390		109,056
Non-interest expense:
Salaries and wages	136,697		127,189		116,881		111,329		105,541
Employee benefits	21,975		21,680		20,733		24,220		19,189
Net occupancy	28,572		28,133		28,379		27,411		27,435
Technology, furniture and equipment	30,912		30,781		29,921		29,157		28,230
Deposit insurance	3,967		4,279		3,724		3,633		3,339
Intangible amortization	100		103		131		146		153
Other	59,074		45,733		46,578		42,836		54,708
Total non-interest expense	281,297		257,898		246,347		238,732		238,595
Income before income taxes	219,840		197,470		139,788		111,729		111,169
Income taxes	28,666		27,710		20,674		12,627		10,148
Net income	191,174		169,760		119,114		99,102		101,021
Preferred stock dividends	1,669		1,668		1,669		1,669		1,669
Net income available to common shareholders	$ 189,505		$ 168,092		$ 117,445		$   97,433		$   99,352
PER COMMON SHARE DATA
Earnings per common share - basic	$        2.92		$        2.60		$        1.82		$        1.51		$        1.54
Earnings per common share - diluted	2.91		2.59		1.81		1.50		1.54
Cash dividends per common share	0.87		0.87		0.75		0.75		0.75
Book value per common share at end of quarter	46.49		41.53		49.93		56.65		67.11
OUTSTANDING COMMON SHARES
Period-end common shares	64,355		64,211		64,123		64,094		63,986
Weighted-average common shares - basic	64,303		64,158		64,113		64,051		63,879
Dilutive effect of stock compensation	344		343		354		410		462
Weighted-average common shares - diluted	64,647		64,501		64,467		64,461		64,341
SELECTED ANNUALIZED RATIOS
Return on average assets	1.44 %		1.27 %		0.92 %		0.79 %		0.81 %
Return on average common equity	27.16		20.13		13.88		9.58		9.26
Net interest income to average earning assets (1)	3.31		3.01		2.56		2.33		2.31
(1) Taxable-equivalent basis assuming a 21% tax rate.

 

Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
	2022								2021
	4th Qtr		3rd Qtr		2nd Qtr		1st Qtr		4th Qtr
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans	$   17,063		$   16,823		$   16,674		$   16,386		15,984
Loans excluding Paycheck Protection Program	17,020		16,752		16,531		16,084		15,391
Earning assets	48,867		49,062		47,880		47,339		46,008
Total assets	52,284		52,383		51,088		50,323		48,897
Non-interest-bearing demand deposits	17,980		18,511		18,355		17,961		17,885
Interest-bearing deposits	26,779		27,292		26,371		25,001		23,142
Total deposits	44,759		45,803		44,726		42,962		41,027
Shareholders' equity	2,913		3,459		3,540		4,270		4,400
Period-End Balance:
Loans	$   17,155		$   16,951		$   16,736		$   16,543		$   16,336
Loans excluding Paycheck Protection Program	17,120		16,900		16,644		16,335		15,908
Earning assets	49,402		49,517		48,404		48,107		48,063
Goodwill and intangible assets	655		655		656		656		656
Total assets	52,892		52,946		51,785		51,296		50,878
Total deposits	43,954		46,560		45,602		44,431		42,696
Shareholders' equity	3,137		2,812		3,347		3,776		4,440
Adjusted shareholders' equity (1)	4,486		4,341		4,221		4,148		4,092
ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:	$ 227,621		$ 234,315		$ 239,632		$ 246,835		$ 248,666
As a percentage of period-end loans	1.33 %		1.38 %		1.43 %		1.49 %		1.52 %
Net charge-offs:	$     3,810		$     2,854		$     2,807		$     6,295		$     2,789
Annualized as a percentage of average loans	0.09 %		0.07 %		0.07 %		0.16 %		0.07 %
Non-accrual loans:	$   37,833		$   29,904		$   35,125		$   48,966		$   53,713
As a percentage of total loans	0.22 %		0.18 %		0.21 %		0.30 %		0.33 %
As a percentage of total assets	0.07		0.06		0.07		0.10		0.11
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio	12.85 %		12.74 %		12.64 %		12.78 %		13.13 %
Tier 1 Risk-Based Capital Ratio	13.35		13.26		13.17		13.32		13.70
Total Risk-Based Capital Ratio	14.84		14.80		14.75		14.97		15.45
Leverage Ratio	7.29		7.09		7.03		7.08		7.34
Equity to Assets Ratio (period-end)	5.93		5.31		6.46		7.36		8.73
Equity to Assets Ratio (average)	5.57		6.60		6.93		8.48		9.00
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

 

Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
	Year Ended December 31,
	2022		2021		2020
CONDENSED INCOME STATEMENTS
Net interest income	$  1,291,283		$      984,867		$      976,001
Net interest income (1)	1,386,981		1,077,315		1,070,937
Credit loss expense	3,000		63		241,230
Non-interest income:
Trust and investment management fees	154,679		148,994		129,272
Service charges on deposit accounts	91,891		83,292		80,873
Insurance commissions and fees	53,210		51,548		50,313
Interchange and card transaction fees	18,231		17,461		13,470
Other charges, commissions and fees	41,590		36,836		34,825
Net gain (loss) on securities transactions	—		69		108,989
Other	45,217		48,528		47,712
Total non-interest income	404,818		386,728		465,454
Non-interest expense:
Salaries and wages	492,096		395,497		387,328
Employee benefits	88,608		82,029		75,676
Net occupancy	112,495		107,344		102,938
Technology, furniture and equipment	120,771		112,738		105,232
Deposit insurance	15,603		12,232		10,502
Intangible amortization	480		697		918
Other	194,221		171,457		166,310
Total non-interest expense	1,024,274		881,994		848,904
Income before income taxes	668,827		489,538		351,321
Income taxes	89,677		46,459		20,170
Net income	579,150		443,079		331,151
Preferred stock dividends	6,675		7,157		2,016
Redemption of preferred stock	—		—		5,514
Net income available to common shareholders	$      572,475		$      435,922		$      323,621
PER COMMON SHARE DATA
Earnings per common share - basic	$            8.84		$            6.79		$            5.11
Earnings per common share - diluted	8.81		6.76		5.10
Cash dividends per common share	3.24		2.94		2.85
Book value per common share at end of quarter	46.49		67.11		65.82
OUTSTANDING COMMON SHARES
Period-end common shares	64,355		63,986		63,011
Weighted-average common shares - basic	64,157		63,613		62,727
Dilutive effect of stock compensation	364		489		277
Weighted-average common shares - diluted	64,521		64,102		63,004
SELECTED ANNUALIZED RATIOS
Return on average assets	1.11 %		0.95 %		0.85 %
Return on average common equity	16.86		10.35		8.11
Net interest income to average earning assets (1)	2.82		2.53		3.09
(1) Taxable-equivalent basis assuming a 21% tax rate.

 

Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
	Year Ended December 31,
	2022		2021		2020
BALANCE SHEET SUMMARY ($ in millions)
Average Balance:
Loans	$        16,739		$        16,770		$   17,164
Loans excluding Paycheck Protection Program	16,600		14,918		15,006
Earning assets	48,293		43,196		35,248
Total assets	51,513		45,983		37,961
Non-interest-bearing demand deposits	18,203		16,671		13,564
Interest-bearing deposits	26,368		21,802		17,875
Total deposits	44,571		38,473		31,438
Shareholders' equity	3,541		4,359		4,039
Period-End Balance:
Loans	$        17,155		$        16,336		$   17,481
Loans excluding Paycheck Protection Program	17,120		15,908		15,047
Earning assets	49,402		48,063		39,648
Goodwill and intangible assets	655		656		657
Total assets	52,892		50,878		42,391
Total deposits	43,954		42,696		35,016
Shareholders' equity	3,137		4,440		4,293
Adjusted shareholders' equity (1)	4,486		4,092		3,780
ASSET QUALITY ($ in thousands)
Allowance for credit losses on loan:	$      227,621		$      248,666		$ 263,177
As a percentage of period-end loans	1.33 %		1.52 %		1.51 %
Net charge-offs:	$        15,766		$          8,414		$ 103,435
Annualized as a percentage of average loans	0.09 %		0.05 %		0.60 %
Non-accrual loans:	$        37,833		$        53,713		$   61,449
As a percentage of total loans	0.22 %		0.33 %		0.35 %
As a percentage of total assets	0.07		0.11		0.14
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio	12.85 %		13.13 %		12.86 %
Tier 1 Risk-Based Capital Ratio	13.35		13.70		13.47
Total Risk-Based Capital Ratio	14.84		15.45		15.44
Leverage Ratio	7.29		7.34		8.07
Equity to Assets Ratio (period-end)	5.93		8.73		10.13
Equity to Assets Ratio (average)	6.87		9.48		10.64
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

 

Cullen/Frost Bankers, Inc.
TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)
	2022								2021
	4th Qtr		3rd Qtr		2nd Qtr		1st Qtr		4th Qtr
TAXABLE-EQUIVALENT YIELD/COST(1)
Earning Assets:
Interest-bearing deposits	3.70 %		2.27 %		0.80 %		0.18 %		0.15 %
Federal funds sold	3.88		2.44		1.26		0.37		0.22
Resell agreements	4.14		2.39		1.32		0.27		0.25
Securities	3.09		2.94		2.87		2.88		3.08
Loans, net of unearned discounts	5.80		4.89		4.04		3.74		3.89
Total earning assets	4.14		3.43		2.71		2.39		2.36
Interest-Bearing Liabilities:
Interest-bearing deposits:
Savings and interest checking	0.27		0.07		0.04		0.01		0.01
Money market deposit accounts	1.94		1.08		0.35		0.12		0.11
Time accounts	1.52		0.99		0.64		0.29		0.21
Total interest-bearing deposits	1.16		0.62		0.22		0.08		0.07
Total deposits	0.69		0.37		0.13		0.05		0.04
Federal funds purchased	3.78		2.33		0.84		0.17		0.12
Repurchase agreements	2.69		1.50		0.41		0.10		0.10
Junior subordinated deferrable interest debentures	5.39		3.77		2.51		1.90		1.81
Subordinated notes payable and other notes	4.69		4.69		4.69		4.69		4.70
Total interest-bearing liabilities	1.37		0.71		0.26		0.11		0.10
Net interest spread	2.77		2.72		2.45		2.28		2.26
Net interest income to total average earning assets	3.31		3.01		2.56		2.33		2.31
AVERAGE BALANCES
($ in millions)
Assets:
Interest-bearing deposits	$ 11,574		$ 12,776		$ 13,041		$ 13,766		$ 15,549
Federal funds sold	52		51		31		14		31
Resell agreements	49		10		3		6		8
Securities	20,129		19,402		18,130		17,166		14,436
Loans, net of unearned discount	17,063		16,823		16,674		16,386		15,984
Total earning assets	$ 48,867		$ 49,062		$ 47,880		$ 47,339		$ 46,008
Liabilities:
Interest-bearing deposits:
Savings and interest checking	$ 12,113		$ 12,235		$ 12,336		$ 11,955		$ 11,205
Money market deposit accounts	12,958		13,466		12,608		11,859		10,823
Time accounts	1,708		1,591		1,427		1,187		1,114
Total interest-bearing deposits	26,779		27,292		26,371		25,001		23,142
Total deposits	44,759		45,803		44,726		42,962		41,027
Federal funds purchased	37		42		36		28		27
Repurchase agreements	3,575		1,960		1,743		2,052		2,368
Junior subordinated deferrable interest debentures	123		123		123		123		126
Subordinated notes payable and other notes	99		99		99		99		99
Total interest-bearing funds	$ 30,613		$ 29,516		$ 28,372		$ 27,302		$ 25,762
(1) Taxable-equivalent basis assuming a 21% tax rate.

 

A.B. Mendez
Investor Relations
210.220.5234

     or

Bill Day
Media Relations
210.220.5427

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SOURCE Cullen/Frost Bankers, Inc.

FAQ

What are the key financial results for Cullen/Frost Bankers (CFR) for Q4 2022?

Cullen/Frost reported Q4 2022 net income of $189.5 million, a 90.7% increase from the previous year, with earnings per share at $2.91.

How did Cullen/Frost Bankers' annual earnings perform in 2022?

The annual net income for Cullen/Frost in 2022 was $572.5 million, reflecting a 31.3% increase compared to 2021.

What dividend has Cullen/Frost Bankers declared for Q1 2023?

Cullen/Frost declared a quarterly dividend of $0.87 per common share, payable on March 15, 2023.

What was the net interest income for Cullen/Frost in Q4 2022?

The net interest income for Q4 2022 was $423.9 million, a 60.5% increase compared to Q4 2021.

How do Cullen/Frost's capital ratios compare to regulatory requirements?

Cullen/Frost's capital ratios exceed well-capitalized levels, with a Common Equity Tier 1 ratio of 12.85%.