CULLEN/FROST REPORTS THIRD QUARTER RESULTS
Cullen/Frost Bankers (NYSE: CFR) reported Q3 2024 net income of $144.8 million, down from $154.0 million in Q3 2023. Earnings per share decreased to $2.24 from $2.38 year-over-year. Net interest income rose 4.4% to $425.2 million, with average loans increasing 11.8% to $20.1 billion. Average deposits slightly decreased by 0.2% to $40.7 billion. The company declared a Q4 cash dividend of $0.95 per common share. Non-interest income increased 7.3% to $113.7 million, while non-interest expense rose 10.3% to $323.4 million. The bank maintained strong capital ratios with Common Equity Tier 1 at 13.55%.
Cullen/Frost Bankers (NYSE: CFR) ha riportato un utile netto del terzo trimestre 2024 di 144,8 milioni di dollari, in calo rispetto ai 154,0 milioni di dollari registrati nel terzo trimestre 2023. L'utile per azione è diminuito a 2,24 dollari rispetto ai 2,38 dollari dell'anno precedente. Il reddito da interessi netti è aumentato del 4,4% a 425,2 milioni di dollari, con un incremento dei prestiti medi del 11,8% a 20,1 miliardi di dollari. I depositi medi sono leggermente diminuiti dello 0,2% a 40,7 miliardi di dollari. L'azienda ha dichiarato un dividendo in contante per il quarto trimestre di 0,95 dollari per azione ordinaria. Il reddito da operazioni non legate agli interessi è aumentato del 7,3% a 113,7 milioni di dollari, mentre le spese non legate agli interessi sono cresciute del 10,3% a 323,4 milioni di dollari. La banca ha mantenuto solidi indici di capitale, con un Common Equity Tier 1 al 13,55%.
Cullen/Frost Bankers (NYSE: CFR) reportó un ingreso neto del tercer trimestre de 2024 de 144.8 millones de dólares, frente a los 154.0 millones de dólares en el tercer trimestre de 2023. Las ganancias por acción disminuyeron a 2.24 dólares desde 2.38 dólares en el año anterior. El ingreso neto por intereses aumentó un 4.4% a 425.2 millones de dólares, con un incremento del 11.8% en los préstamos promedio a 20.1 mil millones de dólares. Los depósitos promedio disminuyeron ligeramente en un 0.2% a 40.7 mil millones de dólares. La empresa declaró un dividendo en efectivo del cuarto trimestre de 0.95 dólares por acción común. Los ingresos no relacionados con intereses aumentaron un 7.3% a 113.7 millones de dólares, mientras que los gastos no relacionados con intereses crecieron un 10.3% a 323.4 millones de dólares. El banco mantuvo sólidos ratios de capital con un índice de Capital Común de Nivel 1 del 13.55%.
Cullen/Frost Bankers (NYSE: CFR)는 2024년 3분기 순이익이 1억 4480만 달러로, 2023년 3분기 1억 5400만 달러에 비해 감소했다고 보고했습니다. 주당 수익은 전년 대비 2.24달러로 줄어들었고, 이전의 2.38달러에서 감소했습니다. 순이자 수익은 4.4% 증가하여 4억 2520만 달러에 이르렀고, 평균 대출은 11.8% 증가하여 201억 달러에 도달했습니다. 평균 예금은 0.2% 감소하여 407억 달러에 이릅니다. 회사는 보통주당 0.95달러의 현금 배당금을 4분기에 선언했습니다. 비이자 수익은 7.3% 증가하여 1억 1370만 달러에 도달했으며, 비이자 비용은 10.3% 증가하여 3억 2340만 달러에 도달했습니다. 은행은 일반주식자본비율(Common Equity Tier 1)을 13.55%로 유지하며 강력한 자본 비율을 유지했습니다.
Cullen/Frost Bankers (NYSE: CFR) a annoncé un revenu net pour le troisième trimestre 2024 de 144,8 millions de dollars, en baisse par rapport à 154,0 millions de dollars au troisième trimestre 2023. Le bénéfice par action a diminué à 2,24 dollars, contre 2,38 dollars l'année précédente. Le revenu net d'intérêts a augmenté de 4,4% à 425,2 millions de dollars, les prêts moyens ayant augmenté de 11,8% pour atteindre 20,1 milliards de dollars. Les dépôts moyens ont légèrement baissé de 0,2% à 40,7 milliards de dollars. La société a déclaré un dividende en espèces de 0,95 dollar par action ordinaire pour le quatrième trimestre. Le revenu non lié aux intérêts a augmenté de 7,3% pour atteindre 113,7 millions de dollars, tandis que les dépenses non liées aux intérêts ont augmenté de 10,3% à 323,4 millions de dollars. La banque a maintenu des ratios de capital solides, avec un Common Equity Tier 1 à 13,55%.
Cullen/Frost Bankers (NYSE: CFR) berichtete einen Nettoertrag von 144,8 Millionen Dollar im dritten Quartal 2024, was einen Rückgang von 154,0 Millionen Dollar im dritten Quartal 2023 darstellt. Der Gewinn pro Aktie sank auf 2,24 Dollar, verglichen mit 2,38 Dollar im Vorjahr. Das Nettozinsergebnis stieg um 4,4% auf 425,2 Millionen Dollar, während die durchschnittlichen Kredite um 11,8% auf 20,1 Milliarden Dollar zunahmen. Die durchschnittlichen Einlagen gingen leicht um 0,2% auf 40,7 Milliarden Dollar zurück. Das Unternehmen erklärte eine Bar-Dividende von 0,95 Dollar pro Stammaktie für das vierte Quartal. Das Nichtzins-Einkommen stieg um 7,3% auf 113,7 Millionen Dollar, während die Nichtzins-Aufwendungen um 10,3% auf 323,4 Millionen Dollar anstiegen. Die Bank hielt starke Eigenkapitalquote mit einem Common Equity Tier 1 von 13,55% aufrecht.
- Net interest income increased 4.4% year-over-year to $425.2 million
- Average loans grew 11.8% to $20.1 billion compared to Q3 2023
- Non-interest income rose 7.3% to $113.7 million
- Strong capital ratios with Common Equity Tier 1 at 13.55%
- Net income decreased 6% year-over-year to $144.8 million
- EPS declined from $2.38 to $2.24 compared to Q3 2023
- Average deposits decreased 0.2% to $40.7 billion
- Non-interest expense increased 10.3% to $323.4 million
- Non-accrual loans increased to $104.9 million from $67.2 million in Q3 2023
Insights
Cullen/Frost's Q3 2024 results show mixed performance with some concerning trends.
Key metrics raise some red flags: ROE dropped to
Board declares fourth quarter dividend on common and preferred stock
For the third quarter of 2024, net interest income on a taxable-equivalent basis was
"In the third quarter we saw the beginning of an expected seasonal increase in deposits and continued growth in loans and new relationships," said Cullen/Frost Chairman and CEO Phil Green. "Frost bankers continued to provide outstanding experiences to customers across all of our regions and all areas of the business. That includes our Frost Mortgage product, where total loan originations have recently passed
For the first nine months of 2024, net income available to common shareholders was
Noted financial data for the third quarter of 2024 follows:
- The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the third quarter of 2024 were 13.55 percent, 14.02 percent and 15.50 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
$425.2 million $407.4 million - Non-interest income for the third quarter of 2024 totaled
$113.7 million $7.7 million $106.0 million $3.4 million $3.4 million $3.8 million $2.8 million $1.3 million $1.2 million $944,000 $1.4 million $1.4 million
- Non-interest expense was
$323.4 million $30.2 million $293.3 million $19.1 million $2.5 million $1.3 million $1.2 million $3.9 million $1.3 million $959,000 $618,000 $592,000 $2.5 million $1.9 million $854,000 $371,000 $612,000 - For the third quarter of 2024, the company reported a credit loss expense of
$19.4 million $9.6 million $15.8 million $9.7 million $11.2 million $5.0 million $104.9 million $75.0 million $67.2 million
The Cullen/Frost board declared a fourth-quarter cash dividend of
Cullen/Frost Bankers, Inc. will host a conference call on Thursday, October 31, 2024, 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, November 3, 2024 at 1-877-660-6853 with Conference ID # of 13749468. 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
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"), 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 | ||||||||
3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |||||
CONDENSED INCOME STATEMENTS | |||||||||
Net interest income | |||||||||
Net interest income (1) | 425,160 | 417,621 | 411,367 | 409,904 | 407,353 | ||||
Credit loss expense | 19,386 | 15,787 | 13,650 | 15,981 | 11,185 | ||||
Non-interest income: | |||||||||
Trust and investment management fees | 41,016 | 41,404 | 39,085 | 40,163 | 37,616 | ||||
Service charges on deposit accounts | 27,412 | 26,114 | 24,795 | 24,535 | 23,603 | ||||
Insurance commissions and fees | 14,839 | 13,919 | 18,296 | 12,743 | 13,636 | ||||
Interchange and card transaction fees | 5,428 | 5,351 | 4,474 | 4,608 | 4,672 | ||||
Other charges, commissions, and fees | 13,060 | 13,020 | 12,060 | 12,104 | 13,128 | ||||
Net gain (loss) on securities transactions | 16 | — | — | — | 12 | ||||
Other | 11,936 | 11,382 | 12,667 | 19,598 | 13,331 | ||||
Total non-interest income | 113,707 | 111,190 | 111,377 | 113,751 | 105,998 | ||||
Non-interest expense: | |||||||||
Salaries and wages | 156,637 | 151,237 | 148,000 | 146,616 | 137,562 | ||||
Employee benefits | 29,060 | 28,802 | 35,970 | 28,065 | 26,527 | ||||
Net occupancy | 32,497 | 32,374 | 31,778 | 30,752 | 31,581 | ||||
Technology, furniture, and equipment | 37,766 | 35,951 | 34,995 | 34,484 | 35,278 | ||||
Deposit insurance | 7,238 | 8,383 | 14,724 | 58,109 | 6,033 | ||||
Other | 60,212 | 60,217 | 60,750 | 67,196 | 56,275 | ||||
Total non-interest expense | 323,410 | 316,964 | 326,217 | 365,222 | 293,256 | ||||
Income before income taxes | 175,242 | 175,151 | 161,561 | 120,700 | 186,983 | ||||
Income taxes | 28,741 | 29,652 | 25,871 | 18,149 | 31,332 | ||||
Net income | 146,501 | 145,499 | 135,690 | 102,551 | 155,651 | ||||
Preferred stock dividends | 1,668 | 1,669 | 1,669 | 1,669 | 1,668 | ||||
Net income available to common shareholders | |||||||||
PER COMMON SHARE DATA | |||||||||
Earnings per common share - basic | $ 2.24 | $ 2.21 | $ 2.06 | $ 1.55 | $ 2.38 | ||||
Earnings per common share - diluted | 2.24 | 2.21 | 2.06 | 1.55 | 2.38 | ||||
Cash dividends per common share | 0.95 | 0.92 | 0.92 | 0.92 | 0.92 | ||||
Book value per common share at end of quarter | 62.41 | 55.02 | 54.36 | 55.64 | 44.59 | ||||
OUTSTANDING COMMON SHARES | |||||||||
Period-end common shares | 63,931 | 63,989 | 64,251 | 64,185 | 64,017 | ||||
Weighted-average common shares - basic | 63,958 | 64,193 | 64,216 | 64,139 | 64,067 | ||||
Dilutive effect of stock compensation | 127 | 140 | 156 | 176 | 172 | ||||
Weighted-average common shares - diluted | 64,085 | 64,333 | 64,372 | 64,315 | 64,239 | ||||
SELECTED ANNUALIZED RATIOS | |||||||||
Return on average assets | 1.16 % | 1.18 % | 1.09 % | 0.82 % | 1.25 % | ||||
Return on average common equity | 15.48 | 17.08 | 15.22 | 13.51 | 18.93 | ||||
Net interest income to average earning assets | 3.56 | 3.54 | 3.48 | 3.41 | 3.44 | ||||
(1) Taxable-equivalent basis assuming a | |||||||||
Cullen/Frost Bankers, Inc | |||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | |||||||||
2024 | 2023 | ||||||||
3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |||||
BALANCE SHEET SUMMARY | |||||||||
($ in millions) | |||||||||
Average Balance: | |||||||||
Loans | $ 20,084 | $ 19,652 | $ 19,112 | $ 18,609 | $ 17,965 | ||||
Earning assets | 46,100 | 45,527 | 45,883 | 45,579 | 45,366 | ||||
Total assets | 49,467 | 48,960 | 49,324 | 49,087 | 48,804 | ||||
Non-interest-bearing demand deposits | 13,659 | 13,679 | 13,976 | 14,697 | 14,823 | ||||
Interest-bearing deposits | 27,074 | 26,831 | 26,748 | 26,487 | 26,005 | ||||
Total deposits | 40,733 | 40,510 | 40,724 | 41,184 | 40,828 | ||||
Shareholders' equity | 3,868 | 3,533 | 3,687 | 3,108 | 3,372 | ||||
Period-End Balance: | |||||||||
Loans | $ 20,055 | $ 19,996 | $ 19,388 | $ 18,824 | $ 18,399 | ||||
Earning assets | 47,424 | 45,344 | 46,164 | 47,124 | 45,218 | ||||
Total assets | 51,008 | 48,843 | 49,505 | 50,845 | 48,747 | ||||
Total deposits | 41,721 | 40,318 | 40,806 | 41,921 | 40,992 | ||||
Shareholders' equity | 4,135 | 3,666 | 3,638 | 3,716 | 3,000 | ||||
Adjusted shareholders' equity (1) | 5,051 | 4,975 | 4,914 | 4,836 | 4,779 | ||||
ASSET QUALITY | |||||||||
($ in thousands) | |||||||||
Allowance for credit losses on loans: | |||||||||
As a percentage of period-end loans | 1.31 % | 1.28 % | 1.29 % | 1.31 % | 1.32 % | ||||
Net charge-offs: | $ 9,640 | $ 9,726 | $ 7,349 | $ 10,884 | $ 4,992 | ||||
Annualized as a percentage of average loans | 0.19 % | 0.20 % | 0.15 % | 0.23 % | 0.11 % | ||||
Non-accrual loans: | $ 74,987 | $ 71,515 | $ 60,907 | $ 67,175 | |||||
As a percentage of total loans | 0.52 % | 0.38 % | 0.37 % | 0.32 % | 0.37 % | ||||
As a percentage of total assets | 0.21 | 0.15 | 0.14 | 0.12 | 0.14 | ||||
CONSOLIDATED CAPITAL RATIOS | |||||||||
Common Equity Tier 1 Risk-Based Capital Ratio | 13.55 % | 13.35 % | 13.41 % | 13.25 % | 13.32 % | ||||
Tier 1 Risk-Based Capital Ratio | 14.02 | 13.82 | 13.89 | 13.73 | 13.81 | ||||
Total Risk-Based Capital Ratio | 15.50 | 15.27 | 15.35 | 15.18 | 15.28 | ||||
Leverage Ratio | 8.80 | 8.62 | 8.44 | 8.35 | 8.17 | ||||
Equity to Assets Ratio (period-end) | 8.11 | 7.51 | 7.35 | 7.31 | 6.15 | ||||
Equity to Assets Ratio (average) | 7.82 | 7.22 | 7.47 | 6.33 | 6.91 | ||||
(1) Shareholders' equity excluding accumulated other comprehensive income (loss) | |||||||||
Cullen/Frost Bankers, Inc | |||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | |||||||||
(In thousands, except per share amounts) | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2024 | 2023 | ||||||||
CONDENSED INCOME STATEMENTS | |||||||||
Net interest income | 1,191,094 | 1,170,512 | |||||||
Net interest income (1) | 1,254,148 | 1,241,791 | |||||||
Credit loss expense | 48,823 | 30,190 | |||||||
Non-interest income: | |||||||||
Trust and investment management fees | 121,505 | 113,152 | |||||||
Service charges on deposit accounts | 78,321 | 68,969 | |||||||
Insurance commissions and fees | 47,054 | 45,528 | |||||||
Interchange and card transaction fees | 15,253 | 14,811 | |||||||
Other charges, commissions and fees | 38,140 | 36,922 | |||||||
Net gain (loss) on securities transactions | 16 | 66 | |||||||
Other | 35,985 | 35,343 | |||||||
Total non-interest income | 336,274 | 314,791 | |||||||
Non-interest expense: | |||||||||
Salaries and wages | 455,874 | 401,102 | |||||||
Employee benefits | 93,832 | 87,241 | |||||||
Net occupancy | 96,649 | 93,644 | |||||||
Technology, furniture and equipment | 108,712 | 100,802 | |||||||
Deposit insurance | 30,345 | 18,480 | |||||||
Other | 181,179 | 162,171 | |||||||
Total non-interest expense | 966,591 | 863,440 | |||||||
Income before income taxes | 511,954 | 591,673 | |||||||
Income taxes | 84,264 | 96,251 | |||||||
Net income | 427,690 | 495,422 | |||||||
Preferred stock dividends | 5,006 | 5,006 | |||||||
Net income available to common shareholders | |||||||||
PER COMMON SHARE DATA | |||||||||
Earnings per common share - basic | $ 6.52 | $ 7.56 | |||||||
Earnings per common share - diluted | 6.51 | 7.54 | |||||||
Cash dividends per common share | $ 2.79 | $ 2.66 | |||||||
Book value per common share at end of quarter | 62.41 | 44.59 | |||||||
OUTSTANDING COMMON SHARES | |||||||||
Period-end common shares | 63,931 | 64,017 | |||||||
Weighted-average common shares - basic | 64,122 | 64,226 | |||||||
Dilutive effect of stock compensation | 141 | 208 | |||||||
Weighted-average common shares - diluted | 64,263 | 64,434 | |||||||
SELECTED ANNUALIZED RATIOS | |||||||||
Return on average assets | 1.15 % | 1.32 % | |||||||
Return on average common equity | 15.90 | 20.25 | |||||||
Net interest income to average earning assets | 3.52 | 3.45 | |||||||
(1) Taxable-equivalent basis assuming a | |||||||||
Cullen/Frost Bankers, Inc | |||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | |||||||||
As of or for the | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2024 | 2023 | ||||||||
BALANCE SHEET SUMMARY | |||||||||
($ in millions) | |||||||||
Average Balance: | |||||||||
Loans | $ 19,618 | $ 17,652 | |||||||
Earning assets | 45,838 | 46,390 | |||||||
Total assets | 49,240 | 49,849 | |||||||
Non-interest-bearing demand deposits | 13,771 | 15,557 | |||||||
Interest-bearing deposits | 26,885 | 25,967 | |||||||
Total deposits | 40,656 | 41,524 | |||||||
Shareholders' equity | 3,697 | 3,383 | |||||||
Period-End Balance: | |||||||||
Loans | $ 20,055 | $ 18,399 | |||||||
Earning assets | 47,424 | 45,218 | |||||||
Total assets | 51,008 | 48,747 | |||||||
Total deposits | 41,721 | 40,992 | |||||||
Shareholders' equity | 4,135 | 3,000 | |||||||
Adjusted shareholders' equity (1) | 5,051 | 4,779 | |||||||
ASSET QUALITY | |||||||||
($ in thousands) | |||||||||
Allowance for credit losses on loans: | |||||||||
As a percentage of period-end loans | 1.31 % | 1.32 % | |||||||
Net charge-offs: | 26,715 | 23,602 | |||||||
Annualized as a percentage of average loans | 0.18 % | 0.18 % | |||||||
Non-accrual loans: | $ 67,175 | ||||||||
As a percentage of total loans | 0.52 % | 0.37 % | |||||||
As a percentage of total assets | 0.21 | 0.14 | |||||||
CONSOLIDATED CAPITAL RATIOS | |||||||||
Common Equity Tier 1 Risk-Based Capital Ratio | 13.55 % | 13.32 % | |||||||
Tier 1 Risk-Based Capital Ratio | 14.02 | 13.81 | |||||||
Total Risk-Based Capital Ratio | 15.50 | 15.28 | |||||||
Leverage Ratio | 8.80 | 8.17 | |||||||
Equity to Assets Ratio (period-end) | 8.11 | 6.15 | |||||||
Equity to Assets Ratio (average) | 7.51 | 6.79 | |||||||
(1) Shareholders' equity excluding accumulated other comprehensive income (loss) | |||||||||
Cullen/Frost Bankers, Inc | |||||||||
TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED) | |||||||||
2024 | 2023 | ||||||||
3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |||||
TAXABLE-EQUIVALENT YIELD/COST(1) | |||||||||
Earning Assets: | |||||||||
Interest-bearing deposits | 5.32 % | 5.40 % | 5.40 % | 5.39 % | 5.33 % | ||||
Federal funds sold | 5.65 | 5.78 | 5.76 | 5.73 | 5.65 | ||||
Resell agreements | 5.48 | 5.60 | 5.60 | 5.60 | 5.53 | ||||
Securities(2) | 3.40 | 3.38 | 3.32 | 3.24 | 3.24 | ||||
Loans, net of unearned discounts | 7.12 | 7.08 | 7.00 | 6.92 | 6.83 | ||||
Total earning assets | 5.26 | 5.23 | 5.13 | 5.00 | 4.92 | ||||
Interest-Bearing Liabilities: | |||||||||
Interest-bearing deposits: | |||||||||
Savings and interest checking | 0.38 % | 0.39 % | 0.42 % | 0.40 % | 0.38 % | ||||
Money market deposit accounts | 2.80 | 2.83 | 2.82 | 2.83 | 2.78 | ||||
Time accounts | 4.73 | 4.77 | 4.73 | 4.59 | 4.34 | ||||
Total interest-bearing deposits | 2.41 | 2.39 | 2.34 | 2.27 | 2.12 | ||||
Total deposits | 1.60 | 1.58 | 1.54 | 1.46 | 1.35 | ||||
Federal funds purchased | 5.33 | 5.39 | 5.38 | 5.40 | 5.32 | ||||
Repurchase agreements | 3.72 | 3.75 | 3.76 | 3.75 | 3.67 | ||||
Junior subordinated deferrable interest debentures | 7.14 | 7.47 | 7.34 | 7.45 | 7.34 | ||||
Subordinated notes payable and other notes | 4.69 | 4.69 | 4.69 | 4.69 | 4.69 | ||||
Total interest-bearing liabilities | 2.60 | 2.59 | 2.54 | 2.48 | 2.33 | ||||
Net interest spread | 2.66 | 2.64 | 2.59 | 2.52 | 2.59 | ||||
Net interest income to total average earning assets | 3.56 | 3.54 | 3.48 | 3.41 | 3.44 | ||||
AVERAGE BALANCES | |||||||||
($ in millions) | |||||||||
Earning Assets: | |||||||||
Interest-bearing deposits | $ 7,073 | $ 7,156 | $ 7,356 | $ 7,047 | $ 6,747 | ||||
Federal funds sold | 4 | 5 | 5 | 3 | 13 | ||||
Resell agreements | 41 | 85 | 85 | 86 | 85 | ||||
Securities - carrying value(2) | 18,898 | 18,629 | 19,324 | 19,834 | 20,557 | ||||
Securities - amortized cost(2) | 20,324 | 20,400 | 20,813 | 21,969 | 22,250 | ||||
Loans, net of unearned discount | 20,084 | 19,652 | 19,112 | 18,609 | 17,965 | ||||
Total earning assets | 46,100 | 45,527 | 45,883 | 45,579 | 45,366 | ||||
Interest-Bearing Liabilities: | |||||||||
Interest-bearing deposits: | |||||||||
Savings and interest checking | $ 9,470 | $ 9,716 | $ 9,918 | $ 9,986 | |||||
Money market deposit accounts | 11,122 | 11,009 | 11,058 | 11,219 | 11,144 | ||||
Time accounts | 6,482 | 6,106 | 5,773 | 5,282 | 4,659 | ||||
Total interest-bearing deposits | 27,074 | 26,831 | 26,748 | 26,487 | 26,005 | ||||
Total deposits | 40,733 | 40,510 | 40,724 | 41,184 | 40,828 | ||||
Federal funds purchased | 20 | 40 | 33 | 18 | 21 | ||||
Repurchase agreements | 3,777 | 3,827 | 3,787 | 3,761 | 3,536 | ||||
Junior subordinated deferrable interest debentures | 123 | 123 | 123 | 123 | 123 | ||||
Subordinated notes payable and other notes | 100 | 100 | 100 | 99 | 99 | ||||
Total interest-bearing liabilities | 31,094 | 30,921 | 30,791 | 30,488 | 29,785 | ||||
(1) Taxable-equivalent basis assuming a | |||||||||
(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
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SOURCE Cullen/Frost Bankers, Inc.
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