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CULLEN/FROST REPORTS FOURTH QUARTER AND 2024 ANNUAL RESULTS

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Cullen/Frost Bankers (NYSE:CFR) reported Q4 2024 net income of $153.2 million ($2.36 per diluted share), up from $100.9 million in Q4 2023. The increase was partly due to the absence of a $51.5 million FDIC special surcharge that affected Q4 2023.

For full-year 2024, net income was $575.9 million ($8.87 per share), down 2.6% from $591.3 million in 2023. Q4 2024 showed positive trends with net interest income increasing 5.8% to $433.7 million, average loans growing 9.3% to $20.3 billion, and average deposits rising 1.7% to $41.9 billion year-over-year.

The board declared a Q1 dividend of $0.95 per common share and authorized a new $150 million stock repurchase program. The bank maintained strong capital ratios with Common Equity Tier 1 at 13.62%, while credit quality metrics showed non-accrual loans at $78.9 million at year-end 2024.

Cullen/Frost Bankers (NYSE:CFR) ha riportato un reddito netto per il quarto trimestre del 2024 di 153,2 milioni di dollari (2,36 dollari per azione diluita), in aumento rispetto ai 100,9 milioni di dollari del quarto trimestre del 2023. L'aumento è stato in parte dovuto all'assenza di un'imposta speciale FDIC di 51,5 milioni di dollari che ha inciso sul quarto trimestre del 2023.

Per l'intero anno 2024, il reddito netto si è attestato a 575,9 milioni di dollari (8,87 dollari per azione), con una diminuzione del 2,6% rispetto ai 591,3 milioni di dollari del 2023. Il quarto trimestre del 2024 ha mostrato tendenze positive, con un aumento del reddito netto da interessi del 5,8%, pari a 433,7 milioni di dollari, prestiti medi in crescita del 9,3%, arrivando a 20,3 miliardi di dollari, e depositi medi in aumento dell'1,7%, a 41,9 miliardi di dollari, rispetto all'anno precedente.

Il consiglio di amministrazione ha dichiarato un dividendo del primo trimestre di 0,95 dollari per azione ordinaria e ha autorizzato un nuovo programma di riacquisto di azioni da 150 milioni di dollari. La banca ha mantenuto solidi rapporti patrimoniali, con il Common Equity Tier 1 al 13,62%, mentre le metriche sulla qualità del credito hanno mostrato prestiti non in ammortamento per 78,9 milioni di dollari alla fine del 2024.

Cullen/Frost Bankers (NYSE:CFR) reportó un ingreso neto del cuarto trimestre de 2024 de 153,2 millones de dólares (2,36 dólares por acción diluida), un aumento con respecto a los 100,9 millones de dólares en el cuarto trimestre de 2023. El incremento se debió en parte a la ausencia de un recargo especial de la FDIC de 51,5 millones de dólares que afectó el cuarto trimestre de 2023.

Para todo el año 2024, el ingreso neto fue de 575,9 millones de dólares (8,87 dólares por acción), una disminución del 2,6% en comparación con los 591,3 millones de dólares de 2023. El cuarto trimestre de 2024 mostró tendencias positivas con un aumento del ingreso neto por intereses del 5,8% a 433,7 millones de dólares, préstamos promedio creciendo un 9,3% a 20,3 mil millones de dólares y depósitos promedio aumentando un 1,7% a 41,9 mil millones de dólares año tras año.

La junta declaró un dividendo del primer trimestre de 0,95 dólares por acción común y autorizó un nuevo programa de recompra de acciones de 150 millones de dólares. El banco mantuvo sólidos ratios de capital, con un Common Equity Tier 1 del 13,62%, mientras que las métricas de calidad crediticia mostraron préstamos no devengados de 78,9 millones de dólares al cierre de 2024.

Cullen/Frost Bankers (NYSE:CFR)는 2024년 4분기 순이익이 1억 5,320만 달러(희석주당 2.36달러)로 2023년 4분기의 1억 9백만 달러에서 증가했다고 보고했습니다. 이 증가는 2023년 4분기에 영향을 미친 5,150만 달러의 FDIC 특별 부담금이 없었던 것과 일부 관련이 있습니다.

2024년 전체 연도 순이익은 5억 7,590만 달러(주당 8.87달러)로 2023년의 5억 9,130만 달러에 비해 2.6% 감소했습니다. 2024년 4분기는 순이자 수익이 5.8% 증가한 4억 3,370만 달러, 평균 대출이 9.3% 증가한 203억 달러, 평균 예금이 1.7% 증가한 419억 달러로 긍정적인 경향을 보였습니다.

이사회는 일반주식 1주당 0.95달러의 1분기 배당금을 선언하고 1억 5천만 달러의 새로운 자사주 매입 프로그램을 승인했습니다. 이 은행은 13.62%의 일반 주식 기본 자본비율(Common Equity Tier 1)을 유지하며, 2024년 연말 비수익 대출은 7,890만 달러로 나타났습니다.

Cullen/Frost Bankers (NYSE:CFR) a annoncé un bénéfice net de 153,2 millions de dollars (2,36 dollars par action diluée) pour le quatrième trimestre 2024, en hausse par rapport aux 100,9 millions de dollars du quatrième trimestre 2023. L'augmentation est en partie due à l'absence d'une surtaxe spéciale de la FDIC de 51,5 millions de dollars qui a affecté le quatrième trimestre 2023.

Pour l'année entière 2024, le bénéfice net s'est élévé à 575,9 millions de dollars (8,87 dollars par action), en baisse de 2,6% par rapport aux 591,3 millions de dollars de 2023. Le quatrième trimestre 2024 a montré des tendances positives avec une augmentation du produit net d'intérêts de 5,8% à 433,7 millions de dollars, des prêts moyens en croissance de 9,3% à 20,3 milliards de dollars, et des dépôts moyens en hausse de 1,7% à 41,9 milliards de dollars d'une année sur l'autre.

Le conseil d'administration a déclaré un dividende du premier trimestre de 0,95 dollar par action ordinaire et a autorisé un nouveau programme de rachat d'actions de 150 millions de dollars. La banque a maintenu de solides ratios de capital avec un ratio de fonds propres de base de 13,62%, tandis que les indicateurs de qualité du crédit ont montré des prêts en souffrance de 78,9 millions de dollars à la fin de l'année 2024.

Cullen/Frost Bankers (NYSE:CFR) berichtete über ein Nettogewinn im vierten Quartal 2024 von 153,2 Millionen Dollar (2,36 Dollar je verwässerte Aktie), ein Anstieg im Vergleich zu 100,9 Millionen Dollar im vierten Quartal 2023. Der Anstieg war teilweise auf das Fehlen einer FDIC-Sonderabgabe von 51,5 Millionen Dollar zurückzuführen, die das vierte Quartal 2023 betroffen hatte.

Für das Gesamtjahr 2024 betrug der Nettogewinn 575,9 Millionen Dollar (8,87 Dollar je Aktie), ein Rückgang um 2,6% gegenüber 591,3 Millionen Dollar im Jahr 2023. Das vierte Quartal 2024 zeigte positive Trends, mit einem Anstieg der Nettozinserträge um 5,8% auf 433,7 Millionen Dollar, einem Anstieg der durchschnittlichen Kredite um 9,3% auf 20,3 Milliarden Dollar und einem Anstieg der durchschnittlichen Einlagen um 1,7% auf 41,9 Milliarden Dollar im Jahresvergleich.

Der Vorstand erklärte eine Dividende für das erste Quartal von 0,95 Dollar pro Stammaktie und genehmigte ein neues Aktienrückkaufprogramm über 150 Millionen Dollar. Die Bank hielt starke Kapitalquoten mit einer Kern-Kapitalquote von 13,62%, während die Kennzahlen zur Kreditqualität zum Jahresende 2024 fällige Kredite in Höhe von 78,9 Millionen Dollar zeigten.

Positive
  • Net income increased 51.8% YoY to $153.2 million in Q4 2024
  • Net interest income rose 5.8% to $433.7 million in Q4 2024
  • Average loans grew 9.3% YoY to $20.3 billion
  • Average deposits increased 1.7% YoY to $41.9 billion
  • Board authorized $150 million stock repurchase program
  • Strong capital ratios with Common Equity Tier 1 at 13.62%
Negative
  • Full-year 2024 net income decreased 2.6% to $575.9 million
  • Non-accrual loans increased to $78.9 million from $60.9 million YoY
  • Net charge-offs rose to $14.0 million in Q4 2024 from $10.9 million in Q4 2023

Insights

The Q4 2024 results demonstrate Cullen/Frost's resilient business model and strong market position in Texas. The 8.2% core earnings growth (excluding FDIC special assessment effects) showcases the bank's fundamental strength. Notable achievements include:

  • Net interest margin expansion to 3.53% from 3.41% year-over-year, bucking the industry trend of margin pressure
  • Robust loan growth of 9.3% YoY while maintaining disciplined credit standards, evidenced by the stable allowance for credit losses ratio of 1.30%
  • Return to deposit growth with 2.8% sequential increase, indicating successful deposit retention strategies

The credit quality metrics warrant attention, with non-accrual loans increasing to $78.9M from $60.9M year-over-year, though still representing a manageable portion of the loan portfolio. The $150M share repurchase authorization signals management's confidence in capital position and earnings outlook.

While full-year earnings declined 7.8% on a core basis, this should be viewed in the context of a challenging banking environment with elevated funding costs. The bank's strong capital ratios, with Common Equity Tier 1 at 13.62%, provide ample buffer for growth and shareholder returns while maintaining regulatory compliance.

The credit risk profile remains well-controlled despite emerging pressures. The sequential increase in net charge-offs from $9.6M to $14.0M quarter-over-quarter deserves monitoring but isn't yet concerning given the bank's conservative underwriting history and strong reserve coverage.

The reduction in non-accrual loans from $104.9M to $78.9M quarter-over-quarter demonstrates effective problem loan management, though the year-over-year increase suggests some credit normalization. The stable allowance coverage ratio indicates appropriate provisioning for potential losses.

The bank's diversified loan portfolio and deep knowledge of Texas markets provide natural risk mitigants. The capital position remains a key strength, with all regulatory ratios significantly exceeding 'well-capitalized' thresholds, providing substantial loss-absorption capacity and flexibility for strategic initiatives.

Board declares first quarter dividend on common and preferred stock, and authorizes $150 million stock repurchase program

SAN ANTONIO, Jan. 30, 2025 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported fourth quarter and full-year results for 2024. Net income available to common shareholders for the fourth quarter of 2024 was $153.2 million, representing a $52.3 million increase compared to $100.9 million reported for the fourth quarter of 2023. Results for the fourth quarter of 2023 were impacted by a $51.5 million ($40.7 million net of tax) special surcharge associated with FDIC insurance. Excluding the FDIC surcharge in the year-ago period, fourth quarter 2024 net income available to common shareholders increased by $11.6 million, or 8.2 percent, compared to $141.6 million for the fourth quarter of 2023. On a per-share basis, the company reported net income available to common shareholders of $2.36 per diluted common share for the fourth quarter of 2024, compared to $1.55 per diluted common share for the fourth quarter of 2023. Excluding the after-tax impact of the FDIC surcharge in the fourth quarter of 2023, fourth quarter 2024 diluted earnings per common share increased 8.3 percent compared to $2.18 per diluted common share for the fourth quarter of 2023. The FDIC special surcharge did not affect the fourth quarter of 2024, however, we recognized a total of $9.0 million in such surcharges in the first and second quarters of 2024. For the fourth quarter of 2024, returns on average assets and average common equity were 1.19 percent and 15.58 percent, respectively, compared to 0.82 percent and 13.51 percent for the same period in 2023. Excluding the special FDIC insurance surcharge, returns on average assets and average common equity for the fourth quarter of 2023 would have been approximately 1.14 percent and 18.96 percent.

The company also reported 2024 annual net income available to common shareholders of $575.9 million, a decrease of 2.6 percent compared to 2023 earnings available to common shareholders of $591.3 million. Excluding the aforementioned special FDIC surcharge amounts, annual net income available to common shareholders for 2024 would have been $583.0 million, representing a decrease of $49.0 million, or 7.8 percent, compared to $632.0 million for 2023. On a per-share basis, 2024 earnings were $8.87 per diluted common share compared to $9.10 per diluted common share reported in 2023. Excluding the after-tax impact of the FDIC surcharge in both periods, 2024 diluted earnings per common share were $8.98 compared to $9.72 per diluted common share reported in 2023. For the year 2024, returns on average assets and average common equity were 1.16 percent and 15.81 percent respectively, compared to 1.19 percent and 18.66 percent reported in 2023.

"Our solid financial results for the fourth quarter were the result of continued focus and execution on the part of Frost bankers throughout the company," said Cullen/Frost Chairman and CEO Phil Green. "Our people show their commitment to excellence in the way that they carry out our mission each day. That results in an unparalleled customer experience, and ultimately in our consistent growth in new customer relationships. In the fourth quarter, we saw average deposits return to growth on both a linked-quarter and a year-over-year basis."

For the fourth quarter of 2024, net interest income on a taxable-equivalent basis was $433.7 million, up $23.8 million or 5.8 percent compared to $409.9 million for fourth quarter of 2023. Average loans for the fourth quarter of 2024 increased $1.7 billion, or 9.3 percent, to $20.3 billion, from the $18.6 billion reported for the fourth quarter a year earlier, and increased 1.3 percent compared to $20.1 billion for the third quarter of 2024. Average deposits for the quarter increased $701.7 million, or 1.7 percent to $41.9 billion compared to $41.2 billion in last year's fourth quarter, and increased 2.8 percent compared to $40.7 billion for the third quarter of 2024. Compared to the third quarter of 2024, fourth quarter average non-interest-bearing deposits increased by 2.9 percent and average interest-bearing deposits increased by 2.8 percent.

For full year 2024, average total loans were $19.8 billion, an increase of approximately $1.9 billion, or 10.7 percent, from the $17.9 billion reported in 2023. Average total deposits for 2024 were $41.0 billion, down $472.8 million, or 1.1 percent, compared to the $41.4 billion reported for full year 2023.

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 2024 were 13.62 percent, 14.07 percent, and 15.53 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 $433.7 million for the fourth quarter of 2024, an increase of 5.8 percent compared to the $409.9 million reported for the fourth quarter of 2023. The net interest margin was 3.53 percent for the fourth quarter of 2024 compared to 3.41 percent for the fourth quarter of 2023 and 3.56 percent for the third quarter of 2024.

  • Non-interest income for the fourth quarter of 2024 was $122.8 million, up $9.1 million, or 8.0 percent, from the $113.8 million reported a year earlier. Trust and investment management fees increased by $3.6 million, or 9.0 percent, compared to the fourth quarter of 2023. The increase was mainly related to an increase in investment management fees, up $4.0 million compared to the fourth quarter of 2023. Investment management fees are generally based on the market value of assets within customer accounts and are thus impacted by price movements in the equity and bond markets. Service charges on deposit accounts increased by $3.4 million, or 13.8 percent, compared to the fourth quarter of 2023. The increase was driven by increases in overdraft fees and commercial service charges. Other charges, commissions and fees increased $3.1 million, or 25.6 percent, compared to the fourth quarter of 2023. The increase was primarily related to increases in income from the placement of annuities (up $1.1 million) and mutual fund fees (up $308,000), among other things. Insurance commissions and fees increased by $1.5 million, or 11.6 percent, compared to the fourth quarter of 2023. The increase was mainly driven by increases in commission revenues. These increases were partly offset by a decrease of $3.5 million, or 18.0 percent, in other non-interest income for the fourth quarter of 2024 compared to the fourth quarter of 2023. The decrease was mainly driven by a $3.6 million benefit from a wire fraud recovery during the fourth quarter of 2023.

  • Non-interest expense for the fourth quarter of 2024 was $336.2 million, down $29.1 million, or 8.0 percent, compared to the $365.2 million reported for the fourth quarter of 2023. Excluding the special surcharge expense associated with FDIC insurance during the fourth quarter of 2023, non-interest expense for the fourth quarter of 2024 increased by $22.5 million, or 7.2 percent, from $313.7 million in the fourth quarter of 2023 to $336.2 million in the fourth quarter of 2024. Salaries and wages expense increased by $18.9 million, or 12.9 percent, compared to the fourth quarter of 2023. The increase in salaries and wages was primarily related to an increase in salaries due to annual merit and market increases and an increase in the number of employees. The increase in the number of employees was partly related to our investment in organic expansion in various markets. Technology, furniture and equipment expense was up $5.3 million, or 15.3 percent, compared to the fourth quarter of 2023. The increase was primarily related to increases in cloud services expense (up $2.8 million), service contracts expense (up $1.1 million), software maintenance (up $498,000), and software amortization (up $483,000), among other things. Net occupancy expense increased by $1.4 million, or 4.4 percent, compared to the fourth quarter or 2023. The increase in net occupancy expense for the quarter was mainly driven by increases in depreciation on buildings and leasehold improvements (up $741,000) and increases in property taxes (up $559,000), among other things.

  • For the fourth quarter of 2024, the company reported a credit loss expense of $16.2 million and reported net charge-offs of $14.0 million, compared to a credit loss expense of $19.4 million and net charge-offs of $9.6 million for the third quarter of 2024. For the fourth quarter of 2023, the company reported a credit loss expense of $16.0 million and net charge-offs of $10.9 million. The allowance for credit losses on loans as a percentage of total loans was 1.30 percent at December 31, 2024, compared to 1.31 percent at September 30, 2024, and 1.31 percent at December 31, 2023. Non-accrual loans were $78.9 million at the end of 2024, compared to $104.9 million the previous quarter and $60.9 million at year-end 2023.

The Cullen/Frost board declared a first-quarter cash dividend of $0.95 per common share, payable March 14, 2025, 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 17, 2025, to shareholders of record on February 28 of this year.

In addition, the company's board of directors approved a new share repurchase program with authorization to purchase up to $150 million of Cullen/Frost common stock over a one-year period expiring on January 28, 2026. Share repurchases under the authorization may be made through a variety of methods, which may include open market purchases, in privately negotiated transactions, block trades, accelerated share repurchase transactions, and/or through other legally permissible means. The timing and amount of any share repurchases under the authorization will be determined by management at its discretion and based on market conditions and other considerations. The share repurchase program may be suspended or discontinued at any time at the company's discretion and does not obligate Cullen/Frost to purchase any amount of common stock.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, January 30, 2025, 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, February 2 at 877-660-6853, with the Conference ID# of

13750974. 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 $52.5 billion in assets at December 31, 2024. 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, Dallas, Fort Worth, Gulf Coast, Houston, Permian Basin, 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 press release 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 or economic 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 global wars/military conflicts, 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)












2024


2023


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr

CONDENSED INCOME STATEMENTS










Net interest income

$ 413,518


$ 404,331


$ 396,712


$ 390,051


$ 388,152

Net interest income (1)

433,726


425,160


417,621


411,367


409,904

Credit loss expense

16,162


19,386


15,787


13,650


15,981

Non-interest income:










Trust and investment management fees

43,765


41,016


41,404


39,085


40,163

Service charges on deposit accounts

27,909


27,412


26,114


24,795


24,535

Insurance commissions and fees

14,215


14,839


13,919


18,296


12,743

Interchange and card transaction fees

5,764


5,428


5,351


4,474


4,608

Other charges, commissions and fees

15,208


13,060


13,020


12,060


12,104

Net gain (loss) on securities transactions

(112)


16


—


—


—

Other

16,075


11,936


11,382


12,667


19,598

Total non-interest income

122,824


113,707


111,190


111,377


113,751











Non-interest expense:










Salaries and wages

165,520


156,637


151,237


148,000


146,616

Employee benefits

28,614


29,060


28,802


35,970


28,065

Net occupancy

32,102


32,497


32,374


31,778


30,752

Technology, furniture and equipment

39,775


37,766


35,951


34,995


34,484

Deposit insurance

6,924


7,238


8,383


14,724


58,109

Other

63,232


60,212


60,217


60,750


67,196

Total non-interest expense

336,167


323,410


316,964


326,217


365,222

Income before income taxes

184,013


175,242


175,151


161,561


120,700

Income taxes

29,161


28,741


29,652


25,871


18,149

Net income

154,852


146,501


145,499


135,690


102,551

Preferred stock dividends

1,669


1,668


1,669


1,669


1,669

Net income available to common shareholders

$ 153,183


$ 144,833


$ 143,830


$ 134,021


$ 100,882











PER COMMON SHARE DATA










Earnings per common share - basic

$        2.37


$        2.24


$        2.21


$        2.06


$        1.55

Earnings per common share - diluted

2.36


2.24


2.21


2.06


1.55

Cash dividends per common share

0.95


0.95


0.92


0.92


0.92

Book value per common share at end of quarter

58.46


62.41


55.02


54.36


55.64











OUTSTANDING COMMON SHARES










Period-end common shares

64,197


63,931


63,989


64,251


64,185

Weighted-average common shares - basic

64,116


63,958


64,193


64,216


64,139

Dilutive effect of stock compensation

121


127


140


156


176

Weighted-average common shares - diluted

64,237


64,085


64,333


64,372


64,315











SELECTED ANNUALIZED RATIOS










Return on average assets

1.19 %


1.16 %


1.18 %


1.09 %


0.82 %

Return on average common equity

15.58


15.48


17.08


15.22


13.51

Net interest income to average earning assets (1)

3.53


3.56


3.54


3.48


3.41











(1) Taxable-equivalent basis assuming a 21% tax rate.

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)



2024


2023


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr

BALANCE SHEET SUMMARY










($ in millions)










Average Balance:










Loans

$   20,346


$   20,084


$   19,652


$   19,112


$   18,609

Earning assets

47,577


46,100


45,527


45,883


45,579

Total assets

51,008


49,467


48,960


49,324


49,087

Non-interest-bearing demand deposits

14,051


13,659


13,679


13,976


14,697

Interest-bearing deposits

27,834


27,074


26,831


26,748


26,487

Total deposits

41,885


40,733


40,510


40,724


41,184

Shareholders' equity

4,057


3,868


3,533


3,687


3,108











Period-End Balance:










Loans

$   20,755


$   20,055


$   19,996


$   19,388


$   18,824

Earning assets

48,878


47,424


45,344


46,164


47,124

Total assets

52,520


51,008


48,843


49,505


50,845

Total deposits

42,723


41,721


40,318


40,806


41,921

Shareholders' equity

3,899


4,135


3,666


3,638


3,716

Adjusted shareholders' equity (1)

5,151


5,051


4,975


4,914


4,836











ASSET QUALITY










($ in thousands)










Allowance for credit losses on loans:

$ 270,151


$ 263,129


$ 256,307


$ 250,297


$ 245,996

As a percentage of period-end loans

1.30 %


1.31 %


1.28 %


1.29 %


1.31 %











Net charge-offs:

$   13,962


$     9,640


$     9,726


$     7,349


$   10,884

Annualized as a percentage of average loans

0.27 %


0.19 %


0.20 %


0.15 %


0.23 %











Non-accrual loans:

$   78,866


$ 104,877


$   74,987


$   71,515


$   60,907

As a percentage of total loans

0.38 %


0.52 %


0.38 %


0.37 %


0.32 %

As a percentage of total assets

0.15


0.21


0.15


0.14


0.12











CONSOLIDATED CAPITAL RATIOS










Common Equity Tier 1 Risk-Based Capital Ratio

13.62 %


13.55 %


13.35 %


13.41 %


13.25 %

Tier 1 Risk-Based Capital Ratio

14.07


14.02


13.82


13.89


13.73

Total Risk-Based Capital Ratio

15.53


15.50


15.27


15.35


15.18

Leverage Ratio

8.63


8.80


8.62


8.44


8.35

Equity to Assets Ratio (period-end)

7.42


8.11


7.51


7.35


7.31

Equity to Assets Ratio (average)

7.95


7.82


7.22


7.47


6.33











(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,


2024


2023


2022

CONDENSED INCOME STATEMENTS






Net interest income

$  1,604,612


$  1,558,664


$  1,291,283

Net interest income (1)

1,687,873


1,651,695


1,386,981

Credit loss expense

64,985


46,171


3,000

Non-interest income:






Trust and investment management fees

165,270


153,315


154,679

Service charges on deposit accounts

106,230


93,504


91,891

Insurance commissions and fees

61,269


58,271


53,210

Interchange and card transaction fees

21,017


19,419


18,231

Other charges, commissions and fees

53,348


49,026


41,590

Net gain (loss) on securities transactions

(96)


66


—

Other

52,060


54,941


45,217

Total non-interest income

459,098


428,542


404,818







Non-interest expense:






Salaries and wages

621,394


547,718


492,096

Employee benefits

122,446


115,306


88,608

Net occupancy

128,751


124,396


112,495

Technology, furniture and equipment

148,487


135,286


120,771

Deposit insurance

37,269


76,589


15,603

Other

244,411


229,367


194,701

Total non-interest expense

1,302,758


1,228,662


1,024,274

Income before income taxes

695,967


712,373


668,827

Income taxes

113,425


114,400


89,677

Net income

582,542


597,973


579,150

Preferred stock dividends

6,675


6,675


6,675

Net income available to common shareholders

$      575,867


$      591,298


$      572,475







PER COMMON SHARE DATA






Earnings per common share - basic

$            8.88


$            9.11


$            8.84

Earnings per common share - diluted

8.87


9.10


8.81

Cash dividends per common share

3.74


3.58


3.24

Book value per common share at end of quarter

58.46


55.64


46.49







OUTSTANDING COMMON SHARES






Period-end common shares

64,197


64,185


64,355

Weighted-average common shares - basic

64,121


64,204


64,157

Dilutive effect of stock compensation

142


201


364

Weighted-average common shares - diluted

64,263


64,405


64,521







SELECTED ANNUALIZED RATIOS






Return on average assets

1.16 %


1.19 %


1.11 %

Return on average common equity

15.81


18.66


16.86

Net interest income to average earning assets (1)

3.53


3.45


2.82







(1) Taxable-equivalent basis assuming a 21% tax rate.

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)








Year Ended December 31,


2024


2023


2022

BALANCE SHEET SUMMARY ($ in millions)






Average Balance:






Loans

$        19,801


$        17,893


$   16,739

Earning assets

46,275


46,186


48,293

Total assets

49,694


49,604


51,513

Non-interest-bearing demand deposits

13,841


15,340


18,203

Interest-bearing deposits

27,124


26,098


26,368

Total deposits

40,965


41,438


44,571

Shareholders' equity

3,787


3,313


3,541







Period-End Balance:






Loans

$        20,755


$        18,824


$   17,155

Earning assets

48,878


47,124


49,402

Total assets

52,520


50,845


52,892

Total deposits

42,723


41,921


43,954

Shareholders' equity

3,899


3,716


3,137

Adjusted shareholders' equity (1)

5,151


4,836


4,486







ASSET QUALITY ($ in thousands)






Allowance for credit losses on loan:

$      270,151


$      245,996


$ 227,621

As a percentage of period-end loans

1.30 %


1.31 %


1.33 %







Net charge-offs:

$        40,677


$        34,486


$   15,766

Annualized as a percentage of average loans

0.21 %


0.19 %


0.09 %







Non-accrual loans:

$        78,866


$        60,907


$   37,833

As a percentage of total loans

0.38 %


0.32 %


0.22 %

As a percentage of total assets

0.15


0.12


0.07







CONSOLIDATED CAPITAL RATIOS






Common Equity Tier 1 Risk-Based Capital Ratio

13.62 %


13.25 %


12.85 %

Tier 1 Risk-Based Capital Ratio

14.07


13.73


13.35

Total Risk-Based Capital Ratio

15.53


15.18


14.84

Leverage Ratio

8.63


8.35


7.29

Equity to Assets Ratio (period-end)

7.42


7.31


5.93

Equity to Assets Ratio (average)

7.62


6.68


6.87







(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

 

Cullen/Frost Bankers, Inc.

TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)



2024


2023


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr

TAXABLE-EQUIVALENT YIELD/COST(1)










Earning Assets:










Interest-bearing deposits

4.71 %


5.32 %


5.40 %


5.40 %


5.39 %

Federal funds sold

5.16


5.65


5.78


5.76


5.73

Resell agreements

4.88


5.48


5.60


5.60


5.60

Securities(2)

3.44


3.40


3.38


3.32


3.24

Loans, net of unearned discounts

6.77


7.12


7.08


7.00


6.92

Total earning assets

5.05


5.26


5.23


5.13


5.00











Interest-Bearing Liabilities:










Interest-bearing deposits:










Savings and interest checking

0.29 %


0.38 %


0.39 %


0.42 %


0.40 %

Money market deposit accounts

2.47


2.80


2.83


2.82


2.83

Time accounts

4.32


4.73


4.77


4.73


4.59

Total interest-bearing deposits

2.14


2.41


2.39


2.34


2.27

Total deposits

1.42


1.60


1.58


1.54


1.46

Federal funds purchased

4.71


5.33


5.39


5.38


5.40

Repurchase agreements

3.34


3.72


3.75


3.76


3.75

Junior subordinated deferrable interest debentures

6.87


7.14


7.47


7.34


7.45

Subordinated notes payable and other notes

4.69


4.69


4.69


4.69


4.69

Total interest-bearing liabilities

2.32


2.60


2.59


2.54


2.48











Net interest spread

2.73


2.66


2.64


2.59


2.52

Net interest income to total average earning assets

3.53


3.56


3.54


3.48


3.41











AVERAGE BALANCES










($ in millions)










Assets:










Interest-bearing deposits

$   8,577


$   7,073


$   7,156


$   7,356


$   7,047

Federal funds sold

3


4


5


5


3

Resell agreements

11


41


85


85


86

Securities - carrying value(2)

18,640


18,898


18,629


19,324


19,834

Securities - amortized cost(2)

19,944


20,324


20,400


20,813


21,969

Loans, net of unearned discount

20,346


20,084


19,652


19,112


18,609

Total earning assets

$ 47,577


$ 46,100


$ 45,527


$ 45,883


$ 45,579











Liabilities:










Interest-bearing deposits:










Savings and interest checking

$   9,693


$   9,470


$   9,716


$   9,918


$   9,986

Money market deposit accounts

11,683


11,122


11,009


11,058


11,219

Time accounts

6,458


6,482


6,106


5,773


5,282

Total interest-bearing deposits

27,834


27,074


26,831


26,748


26,487

Total deposits

41,885


40,733


40,510


40,724


41,184

Federal funds purchased

24


20


40


33


18

Repurchase agreements

3,946


3,777


3,827


3,787


3,761

Junior subordinated deferrable interest debentures

123


123


123


123


123

Subordinated notes payable and other notes

100


100


100


100


99

Total interest-bearing funds

$ 32,027


$ 31,094


$ 30,921


$ 30,791


$ 30,488











(1) Taxable-equivalent basis assuming a 21% tax rate.

(2) Average securities include unrealized gains and losses on securities available for sale while yields are based on average amortized cost.

A.B. Mendez
Investor Relations
210.220.5234
     or
Bill Day
Media Relations
210.220.5427

Cullen/Frost Bankers logo. (PRNewsFoto/Cullen/Frost Bankers)

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SOURCE Cullen/Frost Bankers, Inc.

FAQ

What was Cullen/Frost's (CFR) Q4 2024 earnings per share?

Cullen/Frost reported earnings of $2.36 per diluted share for Q4 2024, compared to $1.55 per diluted share in Q4 2023.

How much is Cullen/Frost's (CFR) new stock repurchase program worth?

The board approved a new $150 million stock repurchase program valid through January 28, 2026.

What is Cullen/Frost's (CFR) Q1 2025 dividend payment?

The board declared a Q1 2025 cash dividend of $0.95 per common share, payable March 14, 2025.

How did Cullen/Frost's (CFR) average deposits perform in Q4 2024?

Average deposits increased by $701.7 million, or 1.7%, to $41.9 billion compared to Q4 2023.

What was Cullen/Frost's (CFR) loan growth in Q4 2024?

Average loans increased $1.7 billion, or 9.3%, to $20.3 billion compared to Q4 2023.

Stock CFR logo
Cullen/Frost Bankers Inc.

NYSE:CFR

CFR Rankings

#929 Ranked by Market Cap
#1158 Ranked by Dividends

CFR Latest News

Jan 9, 2025
Cullen/Frost Bankers, Inc. Hosts Fourth Quarter 2024 Earnings Conference Call
Oct 31, 2024
CULLEN/FROST REPORTS THIRD QUARTER RESULTS
Oct 4, 2024
Cullen/Frost Bankers, Inc. Hosts Third Quarter 2024 Earnings Conference Call
Sep 18, 2024
Frost Partners with Valor's Mineral Asset Management Software, mineral.tech®
Jul 25, 2024
CULLEN/FROST REPORTS SECOND QUARTER RESULTS

CFR Stock Data

9.17B
58.66M
8.46%
88.24%
4.3%
Banks - Regional
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United States of America
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