Cullen/Frost Reports Third Quarter Results

Rhea-AI Summary

Cullen/Frost Bankers reported a net income of $106.3 million for Q3 2021, a 12% increase from $95.1 million in Q3 2020. Diluted EPS rose to $1.65 from $1.50. Average loans decreased 10.8% to $16.2 billion, while average deposits surged 19% to $39.1 billion. Non-interest income was $93.2 million, up 11.5% year-over-year. The company maintained strong capital ratios, with a Common Equity Tier 1 ratio of 13.42%. A fourth-quarter dividend of $0.75 was declared, payable on December 15, 2021.

Positive

• Net income increased by 12% year-over-year to $106.3 million.
• Diluted EPS rose to $1.65, a 10% increase from the previous year.
• Average deposits grew by 19% to $39.1 billion.
• Non-interest income increased by 11.5% to $93.2 million.
• Strong capital ratios with Common Equity Tier 1 at 13.42%.

Negative

• Average loans decreased by 10.8%, down to $16.2 billion.
• Net interest margin decreased by 48 basis points compared to Q3 2020.

SAN ANTONIO, Oct. 28, 2021 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE: CFR) today reported third quarter 2021 results. Net income available to common shareholders for the third quarter of 2021 was $106.3 million compared to $95.1 million in the third quarter of 2020. On a per-share basis, net income available to common shareholders for the third quarter of 2021 was $1.65 per diluted common share, compared to $1.50 per diluted common share reported a year earlier. Returns on average assets and average common equity were 0.90 percent and 9.87 percent, respectively, for the third quarter of 2021 compared to 0.96 percent and 9.30 percent, respectively, for the same period a year earlier.

For the third quarter of 2021, net interest income on a taxable-equivalent basis was $269.3 million, up 0.9 percent, compared to the same quarter in 2020. Average loans for the third quarter of 2021 decreased $2.0 billion, or 10.8 percent, to $16.2 billion, from the $18.1 billion reported for the third quarter a year earlier. Excluding PPP loans, third quarter average loans of $14.8 billion represented a 0.8 percent  decrease compared to the third quarter of 2020 and a 1.6 percent increase compared to the second quarter of 2021. Average deposits for the quarter were $39.1 billion, up $6.2 billion, or 19.0 percent, compared to the $32.9 billion reported for last year's third quarter. 

"These results are reflective of a solid quarter, and we're optimistic going forward, both for the company and the economy in general," said Phil Green, Cullen/Frost Chairman and CEO. "Loans are trending upward and headwinds associated with the pandemic's effects are beginning to diminish.

"Our team has made excellent progress helping our PPP borrowers through the forgiveness process, and I'm proud to report that approximately 85 percent of our PPP loans have been forgiven as of mid-October. At the same time, we've made investments to bolster access to our services and locations. We built strong relationships during these extraordinary times, and that puts us in a good position for the future."

For the first nine months of 2021, net income available to common shareholders was $336.6 million, up 43.0 percent compared to $235.4 million for the first nine months of 2020. Diluted EPS available to common shareholders for the first nine months of 2021 was $5.22 compared to $3.71 in the year-earlier period, representing an increase of 40.7 percent. Returns on average assets and average common equity for the first nine months of 2021 were 1.00 percent and 10.72 percent, respectively, compared to 0.85 percent and 7.95 percent, respectively, for the same period in 2020.

Noted financial data for the third quarter of 2021 follows:

• The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the third quarter of 2021 were 13.42 percent, 14.01 percent and 15.90 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 $269.3 million, an increase of 0.9 percent, compared to the prior year period. Net interest margin was 2.47 percent for the third quarter of 2021, down 18 basis points compared to the second quarter of 2021 net interest margin of 2.65 percent. Net interest margin decreased 48 basis points compared to 2.95 percent for the same period in 2020.
• Non-interest income for the third quarter of 2021 totaled $93.2 million, an increase of $9.6 million, or 11.5 percent, from the $83.6 million reported for the third quarter of 2020. Trust and investment management fees increased $5.9 million, or 18.8 percent, compared to the third quarter of 2020. The increase in trust and investment management fees was primarily due to increases in investment management fees (up $3.6 million, or 13.1%), oil and gas fees (up $1.6 million) and custody fees (up $519,000). Service charges on deposit accounts increased $1.4 million or 7.1 percent compared to the third quarter of 2020. The increase was mainly driven by an increase in commercial service charges (up $1.1 million) and overdraft charges on commercial accounts (up $517,000) partly offset by a decrease in overdraft charges on consumer accounts (down $332,000). Other charges, commissions and fees increased $1.4 million, or 16.9 percent, compared to the third quarter of 2020. The increase was primarily related to an increase in income from the sale of mutual fund accounts (up $1.3 million).
• Non-interest expense was $218.0 million for the quarter, up $15.9 million, or 7.8 percent, compared to the $202.2 million reported for the third quarter a year earlier. Salaries and wages expense increased $6.1 million, or 6.6 percent, compared to the third quarter of 2020. The increase in salaries and wages during the comparable periods was primarily related to an increase in incentive compensation. Employee benefits expense of $21.6 million represented an increase of $5.5 million, or 34.2 percent, compared to the third quarter of 2020. The increase was mainly driven by an increase in certain discretionary benefit plan expenses. Technology, furniture and equipment expense increased $2.0 million, or 7.6 percent, compared to the third quarter of 2020. The increase was primarily related to increases in cloud services expense (up $1.4 million) and depreciation of furniture and equipment (up $604,000). Net occupancy expense increased $1.7 million, or 6.8 percent, compared to the third quarter of 2020. The increase was primarily related to increases in repairs and maintenance/service contracts expense (up $920,000) and depreciation on leasehold improvements (up $420,000), and was also impacted by our expansion activity in the Houston market area.
• For the third quarter of 2021, the company did not report a credit loss expense, and reported net charge-offs of $2.1 million. For the third quarter of 2020, the company recorded a $20.3 million credit loss expense and reported net charge-offs of $10.2 million. The allowance for credit losses on loans as a percentage of total loans was 1.58 percent at September 30, 2021, compared to 1.54 percent at the end of the second quarter of 2021 and 1.45 percent at the end of the third quarter of 2020. Excluding PPP loans, which carry a guarantee from the SBA, the allowance for credit losses on loans as a percentage of total loans was 1.67 percent at the end of the third quarter of 2021, compared to 1.74 percent at the end of the second quarter of 2021 and 1.76 percent at the end of the third quarter of 2020. Non-accrual loans were $57.1 million at the end of the third quarter of 2021, compared to $57.3 million at the end of the second quarter of 2021 and $91.6 million at the end of the third quarter of 2020.

The Cullen/Frost board declared a fourth-quarter cash dividend of $0.75 per common share. The dividend on common stock is payable December 15, 2021 to shareholders of record on November 30 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 December 15, 2021, to shareholders of record on November 30 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, October 28, 2021, 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, October 31, 2021 at 1-877-660-6853 with Conference ID # of 13723263. 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 $47.9 billion in assets at September 30, 2021. 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) 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 timely development and acceptance of new products and services and perceived overall value of these products and services by users.
• Changes in consumer spending, borrowings and savings habits.
• Changes in the financial performance and/or condition of our borrowers.
• Technological changes and the speed of digital transformation.
• The cost and effects of failure, interruption, or breach of security of our systems or those of our outside providers and our customers.
• Our customers' vulnerability to internal and external fraud (including fraudulent e-mail and other communications).
• 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 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.

Further, statements about the potential effects of the 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)
	2021												2020
	3rd Qtr				2nd Qtr				1st Qtr				4th Qtr				3rd Qtr
CONDENSED INCOME STATEMENTS
Net interest income	$	246,122			$	257,156			$	240,881			$	242,246			$	243,423
Net interest income (1)	269,321				279,997				263,949				265,721				267,041
Credit loss expense	—				—				63				13,756				20,302
Non-interest income:
Trust and investment management fees	37,381				37,874				35,314				32,270				31,469
Service charges on deposit accounts	21,216				19,849				19,993				20,830				19,812
Insurance commissions and fees	11,748				10,773				17,313				11,704				11,456
Interchange and card transaction fees	4,490				4,641				4,093				3,746				3,503
Other charges, commissions and fees	9,785				8,640				8,304				9,427				8,370
Net gain (loss) on securities transactions	—				—				—				—				—
Other	8,569				9,470				8,219				13,360				8,991
Total non-interest income	93,189				91,247				93,236				91,337				83,601
Non-interest expense:
Salaries and wages	99,463				97,035				93,458				104,843				93,323
Employee benefits	21,576				18,728				22,536				15,852				16,074
Net occupancy	27,208				26,650				26,051				26,822				25,466
Technology, furniture and equipment	28,494				27,998				28,016				27,464				26,482
Deposit insurance	3,088				2,877				2,928				2,706				2,372
Intangible amortization	157				185				202				208				212
Other	38,017				41,781				36,951				45,017				38,221
Total non-interest expense	218,003				215,254				210,142				222,912				202,150
Income before income taxes	121,308				133,149				123,912				96,915				104,572
Income taxes	13,333				15,081				7,897				8,645				9,516
Net income	107,975				118,068				116,015				88,270				95,056
Preferred stock dividends	1,668				1,669				2,151				—				—
Net income available to common shareholders	$	106,307			$	116,399			$	113,864			$	88,270			$	95,056
PER COMMON SHARE DATA
Earnings per common share - basic	$	1.66			$	1.81			$	1.78			$	1.39			$	1.50
Earnings per common share - diluted	1.65				1.80				1.77				1.38				1.50
Cash dividends per common share	0.75				0.72				0.72				0.72				0.71
Book value per common share at end of quarter	66.39				66.44				64.89				65.82				65.07
OUTSTANDING COMMON SHARES
Period-end common shares	63,668				63,646				63,532				63,011				62,782
Weighted-average common shares - basic	63,652				63,606				63,306				62,940				62,727
Dilutive effect of stock compensation	445				496				510				311				193
Weighted-average common shares - diluted	64,097				64,102				63,816				63,251				62,920
SELECTED ANNUALIZED RATIOS
Return on average assets	0.90		%		1.02		%		1.09		%		0.86		%		0.96		%
Return on average common equity	9.87				11.18				11.13				8.55				9.30
Net interest income to average earning assets	2.47				2.65				2.72				2.82				2.95
(1) Taxable-equivalent basis assuming a 21% tax rate.

 

 

Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
	2021																			2020
	3rd Qtr					2nd Qtr							1st Qtr							4th Qtr								3rd Qtr
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans	$	16,189				$			17,246				$		17,684					$		17,945						$		18,149
Earning assets	43,980					42,916							39,804							38,262								36,749
Total assets	46,774					45,665							42,530							40,963								39,435
Non-interest-bearing demand deposits	16,999					16,456							15,309							15,119								14,585
Interest-bearing deposits	22,117					21,815							20,097							19,010								18,289
Total deposits	39,116					38,271							35,406							34,129								32,875
Shareholders' equity	4,417					4,320							4,295							4,175								4,065
Period-End Balance:
Loans	$	15,833				$			16,596				$		17,890					$		17,481						$		18,224
Earning assets	44,964					43,943							41,380							39,648								37,482
Goodwill and intangible assets	656					656							656							657								657
Total assets	47,860					46,698							44,047							42,391								40,101
Total deposits	39,613					38,734							36,925							35,016								33,500
Shareholders' equity	4,372					4,374							4,268							4,293								4,085
Adjusted shareholders' equity (1)	4,022					3,961							3,880							3,780								3,580
ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:	$	250,150				$			255,288				$		261,258					$		263,177						$		263,475
As a percentage of period-end loans	1.58			%		1.54				%			1.46			%				1.51				%				1.45			%
Net charge-offs:	$	2,115				$			1,591				$		1,919					$		13,565						$		10,176
Annualized as a percentage of average loans	0.05			%		0.04				%			0.04			%				0.30				%				0.22			%
Non-accrual loans:	$	57,055				$			57,250				$		50,976					$		61,449						$		91,578
As a percentage of total loans	0.36			%		0.34				%			0.28			%				0.35				%				0.50			%
As a percentage of total assets	0.12					0.12							0.12							0.14								0.23
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio	13.42			%		13.60				%			13.45			%				12.86				%				12.71			%
Tier 1 Risk-Based Capital Ratio	14.01					14.21							14.07							13.47								12.71
Total Risk-Based Capital Ratio	15.90					16.17							16.07							15.44								14.69
Leverage Ratio	7.52					7.60							7.97							8.07								7.85
Equity to Assets Ratio (period-end)	9.14					9.37							9.69							10.13								10.19
Equity to Assets Ratio (average)	9.44					9.46							10.10							10.19								10.31
(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,
																			2021								2020
CONDENSED INCOME STATEMENTS
Net interest income																			$		744,159						$		733,755
Net interest income (1)																			813,266								805,216
Credit loss expense																			63								227,474
Non-interest income:
Trust and investment management fees																			110,569								97,002
Service charges on deposit accounts																			61,058								60,043
Insurance commissions and fees																			39,834								38,609
Interchange and debit card transaction fees																			13,224								9,724
Other charges, commissions and fees																			26,729								25,398
Net gain (loss) on securities transactions																			—								108,989
Other																			26,258								34,352
Total non-interest income																			277,672								374,117
Non-interest expense:
Salaries and wages																			289,956								282,485
Employee benefits																			62,840								59,824
Net occupancy																			79,909								76,116
Technology, furniture and equipment																			84,508								77,768
Deposit insurance																			8,893								7,796
Intangible amortization																			544								710
Other																			116,749								121,293
Total non-interest expense																			643,399								625,992
Income before income taxes																			378,369								254,406
Income taxes																			36,311								11,525
Net income																			342,058								242,881
Preferred stock dividends																			5,488								2,016
Redemption of preferred stock																			—								5,514
Net income available to common shareholders																			$		336,570						$		235,351
PER COMMON SHARE DATA
Earnings per common share - basic																			$		5.25						$		3.72
Earnings per common share - diluted																			5.22								3.71
Cash dividends per common share																			2.19								2.13
Book value per common share at end of quarter																			66.39								65.07
OUTSTANDING COMMON SHARES
Period-end common shares																			63,668								62,782
Weighted-average common shares - basic																			63,523								62,655
Dilutive effect of stock compensation																			489								263
Weighted-average common shares - diluted																			64,012								62,918
SELECTED ANNUALIZED RATIOS
Return on average assets																			1.00				%				0.85				%
Return on average common equity																			10.72								7.95
Net interest income to average earning assets																			2.61								3.20
(1) Taxable-equivalent basis assuming a 21% tax rate.

 

 

Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
							As of or for the
							Nine Months Ended
							September 30,
							2021				2020
BALANCE SHEET SUMMARY ($ in millions)
Average Balance:
Loans							$	17,034			$	16,903
Earning assets							42,249				34,236
Total assets							45,004				36,954
Non-interest-bearing demand deposits							16,262				13,041
Interest-bearing deposits							21,350				17,493
Total deposits							37,612				30,535
Shareholders' equity							4,345				3,991
Period-End Balance:
Loans							15,833				18,224
Earning assets							44,964				37,482
Goodwill and intangible assets							656				657
Total assets							47,860				40,101
Total deposits							39,613				33,500
Shareholders' equity							4,372				4,085
Adjusted shareholders' equity (1)							4,022				3,580
ASSET QUALITY ($ in thousands)
Allowance for credit losses on loans:							$	250,150			$	263,475
As a percentage of period-end loans							1.58		%		1.45		%
Net charge-offs:							$	5,625			$	89,870
Annualized as a percentage of average loans							0.04		%		0.71		%
Non-accrual loans:							$	57,055			$	91,578
As a percentage of total loans							0.36		%		0.50		%
As a percentage of total assets							0.12				0.23
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio							13.42		%		12.71		%
Tier 1 Risk-Based Capital Ratio							14.01				12.71
Total Risk-Based Capital Ratio							15.90				14.69
Leverage Ratio							7.52				7.85
Equity to Assets Ratio (period-end)							9.14				10.19
Equity to Assets Ratio (average)							9.65				10.80
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

 

 

Cullen/Frost Bankers, Inc.
TAXABLE-EQUIVALENT YIELD/COST  (UNAUDITED)
	2021									2020
	3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr
TAXABLE-EQUIVALENT YIELD/COST (1)
Earning Assets:
Interest-bearing deposits	0.15	%		0.11	%		0.10	%		0.10	%		0.10	%
Federal funds sold	0.48			0.15			0.24			0.31			0.18
Resell agreements	0.29			0.20			0.15			0.24			0.27
Securities	3.35			3.36			3.41			3.41			3.44
Loans, net of unearned discounts	4.16			4.28			3.87			3.74			3.73
Total earning assets	2.53			2.71			2.78			2.89			3.04
Interest-Bearing Liabilities:
Interest-bearing deposits:
Savings and interest checking	0.01			0.01			0.01			0.02			0.02
Money market deposit accounts	0.11			0.09			0.07			0.07			0.09
Time accounts	0.25			0.33			0.53			0.82			1.11
Public funds	0.02			0.02			0.02			0.02			0.02
Total interest-bearing deposits	0.07			0.06			0.07			0.09			0.12
Total deposits	0.04			0.04			0.04			0.05			0.07
Federal funds purchased	0.13			0.08			0.08			0.08			0.08
Repurchase agreements	0.11			0.11			0.09			0.11			0.12
Junior subordinated deferrable interest debentures	1.85			1.87			1.89			1.96			2.05
Subordinated notes payable and other notes	4.70			4.70			4.70			4.70			4.70
Total interest-bearing liabilities	0.10			0.10			0.10			0.13			0.15
Net interest spread	2.43			2.61			2.68			2.76			2.89
Net interest income to total average earning assets	2.47			2.65			2.72			2.82			2.95
(1) Taxable-equivalent basis assuming a 21% tax rate.

 

 

Cullen/Frost Bankers, Inc.
AVERAGE BALANCES (UNAUDITED)
	2021												2020
	3rd Qtr				2nd Qtr				1st Qtr				4th Qtr				3rd Qtr
AVERAGE BALANCES
($ in millions)
Assets:
Interest-bearing deposits	$	15,278			$	13,347			$	9,865			$	7,718			$	5,888
Federal funds sold	2				21				5				2				11
Resell agreements	8				8				3				15				20
Securities	12,503				12,294				12,247				12,582				12,681
Loans, net of unearned discount	16,189				17,246				17,684				17,945				18,149
Total earning assets	$	43,980			$	42,916			$	39,804			$	38,262			$	36,749
Liabilities:
Interest-bearing deposits:
Savings and interest checking	$	10,317			$	10,286			$	9,094			$	8,397			$	8,077
Money market deposit accounts	10,024				9,731				9,192				8,884				8,555
Time accounts	1,102				1,133				1,133				1,133				1,120
Public funds	674				665				678				596				537
Total interest-bearing deposits	22,117				21,815				20,097				19,010				18,289
Total deposits	39,116				38,271				35,406				34,129				32,875
Federal funds purchased	27				34				41				38				34
Repurchase agreements	2,188				2,059				1,840				1,705				1,544
Junior subordinated deferrable interest debentures	137				136				136				136				137
Subordinated notes payable and other notes	99				99				99				99				99
Total interest-bearing funds	$	24,568			$	24,143			$	22,213			$	20,988			$	20,103

 

 

 

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SOURCE Cullen/Frost Bankers, Inc.

FAQ

What were Cullen/Frost's Q3 2021 earnings results?

Cullen/Frost reported a net income of $106.3 million for Q3 2021, compared to $95.1 million in Q3 2020.

How much did Cullen/Frost's diluted EPS increase in Q3 2021?

Diluted EPS rose to $1.65 in Q3 2021, up from $1.50 in the same quarter of the previous year.

What was the average loan amount for Cullen/Frost in Q3 2021?

Average loans for Q3 2021 decreased to $16.2 billion, a decline of 10.8% from Q3 2020.

How much did Cullen/Frost declare for its dividend in Q4 2021?

Cullen/Frost declared a fourth-quarter cash dividend of $0.75 per common share.

What was the status of Cullen/Frost's net interest margin in Q3 2021?

Cullen/Frost's net interest margin decreased by 48 basis points to 2.47% compared to Q3 2020.