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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.

 

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

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cullenfrost-reports-second-quarter-results-301594986.html

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.

Cullen/Frost Bankers Inc.

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