CULLEN/FROST REPORTS SECOND QUARTER RESULTS

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Cullen/Frost Bankers, Inc. (NYSE: CFR) announced a 16% increase in quarterly common dividends to $0.87. For Q2 2022, net income rose to $117.4 million or $1.81 per share, up from $116.4 million or $1.80 per share a year prior. Despite a 3.3% decrease in average loans to $16.7 billion, net interest income increased by 11.2% to $311.4 million. Average deposits surged by 16.9% to $44.7 billion. Non-interest expenses also rose by 14.4% to $246.3 million. The company maintained strong capital ratios, exceeding Basel III requirements.

Positive

• Net income increased by $1 million year-over-year to $117.4 million.
• Earnings per share rose to $1.81, up from $1.80 in Q2 2021.
• Net interest income grew 11.2% to $311.4 million.
• Average deposits increased 16.9% to $44.7 billion.
• Maintained strong capital ratios: Common Equity Tier 1 at 12.64%.

Negative

• Average loans decreased by $572 million, or 3.3%, year-over-year.
• Non-interest expenses rose by 14.4% to $246.3 million.

Board increases quarterly common dividend by 16 percent to $0.87

SAN ANTONIO, July 28, 2022 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE: CFR) today reported second quarter 2022 results. Net income available to common shareholders for the second quarter of 2022 was $117.4 million compared to $116.4 million in the second quarter of 2021. On a per-share basis, net income available to common shareholders for the second quarter of 2022 was $1.81 per diluted common share, compared to $1.80 per diluted common share reported a year earlier. Returns on average assets and average common equity were 0.92 percent and 13.88 percent, respectively, for the second quarter of 2022 compared to 1.02 percent and 11.18 percent, respectively, for the same period a year earlier.

For the second quarter of 2022, net interest income on a taxable-equivalent basis was $311.4 million, up 11.2 percent, compared to the same quarter in 2021. Average loans for the second quarter of 2022 decreased $572 million, or 3.3 percent, to $16.7 billion, from the $17.2 billion reported for the second quarter a year earlier. Excluding PPP loans, second quarter average loans of $16.5 billion represented a 13.2 percent  increase compared to the second quarter of 2021 and a 2.8 percent increase compared to the first quarter of 2022. Average deposits for the quarter were $44.7 billion, up $6.5 billion, or 16.9 percent, compared to the $38.3 billion reported for last year's second quarter. 

"I'm proud of the success we achieved in the second quarter as we continued to execute our organic growth strategy, and I thank our staff for their performance in generating double digit growth for both loans and deposits," said Phil Green, Cullen/Frost Chairman and CEO.

Noted financial data for the second quarter of 2022 follows:

• The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the second quarter of 2022 were 12.64 percent, 13.17 percent and 14.75 percent, respectively, and continue to be in excess of well-capitalized levels and exceed Basel III minimum requirements.
• Net interest income on a taxable-equivalent basis was $311.4 million, an increase of 11.2 percent, compared to the prior year period. Net interest margin was 2.56 percent for the second quarter of 2022 compared to 2.33 percent for the first quarter of 2022 and 2.65 percent for the second quarter of 2021.
• Non-interest income for the second quarter of 2022 totaled $97.9 million, an increase of $6.7 million, or 7.3 percent, from the $91.2 million reported for the second quarter of 2021. Service charges on deposit accounts increased $4.0 million, or 20.3 percent, compared to the second quarter of 2021. The increase was mainly driven by increases in overdraft charges (up $2.7 million) and commercial service charges (up $1.1 million). Other charges, commissions and fees increased $1.2 million, or 14.4 percent, compared to the second quarter of 2021. The increase was primarily related to increases in income from the placement of money market accounts (up $1.1 million) and merchant services rebates/bonuses (up $472,000), among other things, partly offset by a decrease in income from the sale of mutual funds (down $448,000). Insurance commissions and fees increased $1.0 million, or 9.3 percent, compared to the second quarter of 2021. The increase was the result of increases in commission income (up $774,000) and contingent income (up $229,000).
• Non-interest expense was $246.3 million for the quarter, up $31.1 million, or 14.4 percent, compared to the $215.3 million reported for the second quarter a year earlier. Salaries and wages expense increased $19.8 million, or 20.5 percent, compared to the second 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 was also impacted by increases in the number of employees and increases in incentive compensation. We are experiencing an increasingly competitive labor market which has resulted in and could continue to result in an increase in our staffing costs. Employee benefits expense of $20.7 million represented an increase of $2.0 million, or 10.7 percent, compared to the second quarter of 2021. The increase was primarily related to increases in payroll taxes, 401(k) plan expense, and medical benefits plan expense. Other non-interest expense increased $4.8 million, or 11.5 percent, compared to the second quarter of 2021. The increase included increases in travel, meals and entertainment (up $1.7 million); professional services expense (up $1.2 million); sundry and other miscellaneous expenses (up $1.1 million); and advertising/promotions expense (up $661,000). Technology, furniture and equipment expense increased $1.9 million, or 6.9 percent, compared to the second quarter of 2021. The increase was primarily related to increases in cloud services expense (up $1.1 million) and service contracts expense (up $466,000), among other things, partly offset by a decrease in software maintenance (down $199,000). Net occupancy expense increased $1.7 million, or 6.5 percent, compared to the second quarter of 2021. The increase was primarily related to an increase in repairs and maintenance/service contracts expense (up $1.0 million) and was also impacted by our expansion activities in the Houston and Dallas regions, among other things.
• For the second quarter of 2022, the company did not report a credit loss expense, and reported net charge-offs of $2.8 million. This compares to no credit loss expense and net charge-offs of $6.3 million for the first quarter of 2022 and no credit loss expense and net charge-offs of $1.6 million for the second quarter of 2021. The allowance for credit losses on loans as a percentage of total loans was 1.43 percent at June 30, 2022, compared to 1.49 percent at the end of the first quarter of 2022 and 1.54 percent at the end of the second quarter of 2021. Excluding PPP loans, which carry a guarantee from the SBA, the allowance for credit losses on loans as a percentage of total loans was 1.44 percent at the end of the second quarter of 2022, compared to 1.51 percent at the end of the first quarter of 2022 and 1.74 percent at the end of the second quarter of 2021. Non-accrual loans were $35.1 million at the end of the second quarter of 2022, compared to $49.0 million at the end of the first quarter of 2022 and $57.3 million at the end of the second quarter of 2021.

The Cullen/Frost board declared a third-quarter cash dividend of $0.87 per common share, representing an increase of $0.12, or 16 percent. The dividend on common stock is payable September 15, 2022 to shareholders of record on August 31 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 September 15, 2022, to shareholders of record on August 31 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, July 28, 2022, at 1 p.m. Central Time (CT) to discuss the results for the quarter. The media and other interested parties are invited to access the call in a "listen only" mode at 1-877-709-8150 or via webcast on our investor relations website linked below. Playback of the conference call will be available after 5 p.m. CT on the day of the call until midnight Sunday, July 31, 2022 at 1-877-660-6853 with Conference ID # of 13731744. A replay of the call will also be available by webcast at the URL listed below after 5 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 $51.8 billion in assets at June 30, 2022. 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 www.frostbank.com.

Forward-Looking Statements and Factors that Could Affect Future Results

Certain statements contained in this Earnings 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"), including statements regarding the potential effects of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations, 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:

• Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.
• Volatility and disruption in national and international financial and commodity markets.
• Government intervention in the U.S. financial system.
• 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 reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.
• 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.
• 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 soundness of other financial institutions.
• Political instability.
• Impairment of our goodwill or other intangible assets.
• Acts of God or of war or terrorism.
• The potential impact of climate change.
• 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.
• Changes in the financial performance and/or condition of our borrowers.
• 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.
• Our ability to increase market share and control expenses.
• Our ability to attract and retain qualified employees.
• Changes in the competitive environment in our markets and among banking organizations and other financial service providers.
• 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.
• Changes in the reliability of our vendors, internal control systems or information systems.
• Changes in our liquidity position.
• Changes in our organization, compensation and benefit plans.
• The impact of the ongoing COVID-19 pandemic and any other pandemic, epidemic or 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.
• Greater than expected costs or difficulties related to the integration of new products and lines of business.
• Our success at managing the risks involved in the foregoing items.

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

Further, statements about the potential effects of the ongoing COVID-19 pandemic on our business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, clients, third parties and us.

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.

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

Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
	2022				2021
	2nd Qtr		1st Qtr		4th Qtr		3rd Qtr		2nd Qtr
CONDENSED INCOME STATEMENTS
Net interest income	$ 288,208		$ 249,071		$ 240,708		$ 246,122		$ 257,156
Net interest income (1)	311,377		272,194		264,049		269,321		279,997
Credit loss expense	—		—		—		—		—
Non-interest income:
Trust and investment management fees	37,776		38,656		38,425		37,381		37,874
Service charges on deposit accounts	23,870		22,740		22,234		21,216		19,849
Insurance commissions and fees	11,776		16,608		11,714		11,748		10,773
Interchange and card transaction fees	4,911		4,226		4,237		4,490		4,641
Other charges, commissions and fees	9,887		9,627		10,107		9,785		8,640
Net gain (loss) on securities transactions	—		—		69		—		—
Other	9,707		9,533		22,270		8,569		9,470
Total non-interest income	97,927		101,390		109,056		93,189		91,247
Non-interest expense:
Salaries and wages	116,881		111,329		105,541		99,463		97,035
Employee benefits	20,733		24,220		19,189		21,576		18,728
Net occupancy	28,379		27,411		27,435		27,208		26,650
Technology, furniture and equipment	29,921		29,157		28,230		28,494		27,998
Deposit insurance	3,724		3,633		3,339		3,088		2,877
Intangible amortization	131		146		153		157		185
Other	46,578		42,836		54,708		38,017		41,781
Total non-interest expense	246,347		238,732		238,595		218,003		215,254
Income before income taxes	139,788		111,729		111,169		121,308		133,149
Income taxes	20,674		12,627		10,148		13,333		15,081
Net income	119,114		99,102		101,021		107,975		118,068
Preferred stock dividends	1,669		1,669		1,669		1,668		1,669
Net income available to common shareholders	$ 117,445		$   97,433		$   99,352		$ 106,307		$ 116,399
PER COMMON SHARE DATA
Earnings per common share - basic	$       1.82		$       1.51		$       1.54		$       1.66		$       1.81
Earnings per common share - diluted	1.81		1.50		1.54		1.65		1.80
Cash dividends per common share	0.75		0.75		0.75		0.75		0.72
Book value per common share at end of quarter	49.93		56.65		67.11		66.39		66.44
OUTSTANDING COMMON SHARES
Period-end common shares	64,123		64,094		63,986		63,668		63,646
Weighted-average common shares - basic	64,113		64,051		63,879		63,652		63,606
Dilutive effect of stock compensation	354		410		462		445		496
Weighted-average common shares - diluted	64,467		64,461		64,341		64,097		64,102
SELECTED ANNUALIZED RATIOS
Return on average assets	0.92 %		0.79 %		0.81 %		0.90 %		1.02 %
Return on average common equity	13.88		9.58		9.26		9.87		11.18
Net interest income to average earning assets	2.56		2.33		2.31		2.47		2.65
(1) Taxable-equivalent basis assuming a 21% tax rate.

 

Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
	2022				2021
	2nd Qtr		1st Qtr		4th Qtr		3rd Qtr		2nd Qtr
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans	$   16,674		$   16,386		$   15,984		$   16,189		$   17,246
Loans excluding Paycheck Protection Program	16,531		16,084		15,391		14,824		14,598
Earning assets	47,880		47,339		46,008		43,980		42,916
Total assets	51,088		50,323		48,897		46,774		45,665
Non-interest-bearing demand deposits	18,355		17,961		17,885		16,999		16,456
Interest-bearing deposits	26,371		25,001		23,142		22,117		21,815
Total deposits	44,726		42,962		41,027		39,116		38,271
Shareholders' equity	3,540		4,270		4,400		4,417		4,320
Period-End Balance:
Loans	$   16,736		$   16,543		$   16,336		$   15,833		$   16,596
Loans excluding Paycheck Protection Program	16,644		16,335		15,908		15,005		14,670
Earning assets	48,404		48,107		48,063		44,964		43,943
Goodwill and intangible assets	656		656		656		656		656
Total assets	51,785		51,296		50,878		47,860		46,698
Total deposits	45,602		44,431		42,696		39,613		38,734
Shareholders' equity	3,347		3,776		4,440		4,372		4,374
Adjusted shareholders' equity (1)	4,221		4,148		4,092		4,022		3,961
ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:	$ 239,632		$ 246,835		$ 248,666		$ 250,150		$ 255,288
As a percentage of period-end loans	1.43 %		1.49 %		1.52 %		1.58 %		1.54 %
Net charge-offs:	$     2,807		$     6,295		$     2,789		$     2,115		$     1,591
Annualized as a percentage of average loans	0.07 %		0.16 %		0.07 %		0.05 %		0.04 %
Non-accrual loans:	$   35,125		$   48,966		$   53,713		$   57,055		$   57,250
As a percentage of total loans	0.21 %		0.30 %		0.33 %		0.36 %		0.34 %
As a percentage of total assets	0.07		0.10		0.11		0.12		0.12
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio	12.64 %		12.78 %		13.13 %		13.42 %		13.60 %
Tier 1 Risk-Based Capital Ratio	13.17		13.32		13.70		14.01		14.21
Total Risk-Based Capital Ratio	14.75		14.97		15.45		15.90		16.17
Leverage Ratio	7.03		7.08		7.34		7.52		7.60
Equity to Assets Ratio (period-end)	6.46		7.36		8.73		9.14		9.37
Equity to Assets Ratio (average)	6.93		8.48		9.00		9.44		9.46
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

 

Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
							Six Months Ended
							June 30,
							2022		2021
CONDENSED INCOME STATEMENTS
Net interest income							$ 537,279		$ 498,037
Net interest income (1)							583,572		543,946
Credit loss expense							—		63
Non-interest income:
Trust and investment management fees							76,432		73,188
Service charges on deposit accounts							46,610		39,842
Insurance commissions and fees							28,384		28,086
Interchange and card transaction fees							9,137		8,734
Other charges, commissions and fees							19,514		16,944
Net gain (loss) on securities transactions							—		—
Other							19,240		17,689
Total non-interest income							199,317		184,483
Non-interest expense:
Salaries and wages							228,210		190,493
Employee benefits							44,953		41,264
Net occupancy							55,790		52,701
Technology, furniture and equipment							59,078		56,014
Deposit insurance							7,357		5,805
Intangible amortization							277		387
Other							89,414		78,732
Total non-interest expense							485,079		425,396
Income before income taxes							251,517		257,061
Income taxes							33,301		22,978
Net income							218,216		234,083
Preferred stock dividends							3,338		3,820
Net income available to common shareholders							$ 214,878		$ 230,263
PER COMMON SHARE DATA
Earnings per common share - basic							$       3.32		$       3.59
Earnings per common share - diluted							3.31		3.57
Cash dividends per common share							1.50		1.44
Book value per common share at end of quarter							49.93		66.44
OUTSTANDING COMMON SHARES
Period-end common shares							64,123		63,646
Weighted-average common shares - basic							64,082		63,457
Dilutive effect of stock compensation							383		512
Weighted-average common shares - diluted							64,465		63,969
SELECTED ANNUALIZED RATIOS
Return on average assets							0.85 %		1.05 %
Return on average common equity							11.53		11.16
Net interest income to average earning assets							2.45		2.68
(1) Taxable-equivalent basis assuming a 21% tax rate.

 

Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
							As of or for the
							Six Months Ended
							June 30,
							2022		2021
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans							$   16,531		$   17,464
Loans excluding Paycheck Protection Program							16,308		14,725
Earning assets							47,611		41,369
Total assets							50,711		44,102
Non-interest-bearing demand deposits							18,159		15,888
Interest-bearing deposits							25,690		20,960
Total deposits							43,849		36,848
Shareholders' equity							3,903		4,308
Period-End Balance:
Loans							$   16,736		$   16,596
Loans excluding Paycheck Protection Program							16,644		14,670
Earning assets							48,404		43,943
Goodwill and intangible assets							656		656
Total assets							51,785		46,698
Total deposits							45,602		38,734
Shareholders' equity							3,347		4,374
Adjusted shareholders' equity (1)							4,221		3,961
ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:							$ 239,632		$ 255,288
As a percentage of period-end loans							1.43 %		1.54 %
Net charge-offs:							9,102		3,510
Annualized as a percentage of average loans							0.11 %		0.04 %
Non-accrual loans:							$   35,125		$   57,250
As a percentage of total loans							0.21 %		0.34 %
As a percentage of total assets							0.07		0.12
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio							12.64 %		13.60 %
Tier 1 Risk-Based Capital Ratio							13.17		14.21
Total Risk-Based Capital Ratio							14.75		16.17
Leverage Ratio							7.03		7.60
Equity to Assets Ratio (period-end)							6.46		9.37
Equity to Assets Ratio (average)							7.70		9.77
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

 

Cullen/Frost Bankers, Inc.
TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)
	2022				2021
	2nd Qtr		1st Qtr		4th Qtr		3rd Qtr		2nd Qtr
TAXABLE-EQUIVALENT YIELD/COST(1)
Earning Assets:
Interest-bearing deposits	0.80 %		0.18 %		0.15 %		0.15 %		0.11 %
Federal funds sold	1.26		0.37		0.22		0.48		0.15
Resell agreements	1.32		0.27		0.25		0.29		0.20
Securities	2.87		2.88		3.08		3.35		3.36
Loans, net of unearned discounts	4.04		3.74		3.89		4.16		4.28
Total earning assets	2.71		2.39		2.36		2.53		2.71
Interest-Bearing Liabilities:
Interest-bearing deposits:
Savings and interest checking	0.04		0.01		0.01		0.01		0.01
Money market deposit accounts	0.35		0.12		0.11		0.10		0.09
Time accounts	0.64		0.29		0.21		0.24		0.32
Total interest-bearing deposits	0.22		0.08		0.07		0.07		0.06
Total deposits	0.13		0.05		0.04		0.04		0.04
Federal funds purchased	0.84		0.17		0.12		0.13		0.08
Repurchase agreements	0.41		0.10		0.10		0.11		0.11
Junior subordinated deferrable interest debentures	2.51		1.90		1.81		1.85		1.87
Subordinated notes payable and other notes	4.69		4.69		4.70		4.70		4.70
Total interest-bearing liabilities	0.26		0.11		0.10		0.10		0.10
Net interest spread	2.45		2.28		2.26		2.43		2.61
Net interest income to total average earning assets	2.56		2.33		2.31		2.47		2.65
AVERAGE BALANCES
($ in millions)
Assets:
Interest-bearing deposits	$ 13,041		$ 13,766		$ 15,549		$ 15,278		$ 13,347
Federal funds sold	31		14		31		2		21
Resell agreements	3		6		8		8		8
Securities	18,130		17,166		14,436		12,503		12,294
Loans, net of unearned discount	16,674		16,386		15,984		16,189		17,246
Total earning assets	$ 47,880		$ 47,339		$ 46,008		$ 43,980		$ 42,916
Liabilities:
Interest-bearing deposits:
Savings and interest checking	$ 12,336		$ 11,954		$ 11,205		$ 10,910		$ 10,882
Money market deposit accounts	12,608		11,859		10,823		10,086		9,790
Time accounts	1,427		1,187		1,114		1,121		1,143
Total interest-bearing deposits	26,371		25,001		23,142		22,117		21,815
Total deposits	44,726		42,962		41,027		39,116		38,271
Federal funds purchased	36		28		27		27		34
Repurchase agreements	1,743		2,052		2,368		2,188		2,059
Junior subordinated deferrable interest debentures	123		123		126		137		136
Subordinated notes payable and other notes	99		99		99		99		99
Total interest-bearing funds	$ 28,372		$ 27,302		$ 25,762		$ 24,568		$ 24,143
(1) Taxable-equivalent basis assuming a 21% tax rate.

 

 

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SOURCE Cullen/Frost Bankers, Inc.

FAQ

What is Cullen/Frost Bankers' dividend announcement for Q3 2022?

Cullen/Frost Bankers announced a cash dividend of $0.87 per common share for Q3 2022, a 16% increase.

What were the financial results for Cullen/Frost Bankers in Q2 2022?

In Q2 2022, Cullen/Frost reported a net income of $117.4 million, or $1.81 per share, with net interest income of $311.4 million.

How did Cullen/Frost Bankers' average loans perform in Q2 2022?

Average loans for Q2 2022 decreased by $572 million, or 3.3%, to $16.7 billion.

What percentage increase did Cullen/Frost Bankers see in average deposits for Q2 2022?

Average deposits increased by 16.9% to $44.7 billion in Q2 2022.