CULLEN/FROST REPORTS THIRD QUARTER RESULTS

Rhea-AI Summary

Cullen/Frost Bankers (NYSE:CFR) reported a strong third quarter for 2022, with net income of $168.1 million, up 57% from $106.3 million in Q3 2021. Diluted EPS rose to $2.59, a 57% increase year-over-year. Net interest income surged by 40.9% to $379.5 million, driven by rising interest rates. Average loans increased by 3.9%, while average deposits grew by 17.1%. The board declared a fourth-quarter cash dividend of $0.87 per share, payable on December 15, 2022. The company remains well-capitalized, exceeding Basel III requirements.

Positive

• Net income available to common shareholders for Q3 2022 was $168.1 million, a 57% increase year-over-year.
• Diluted EPS for Q3 2022 reached $2.59, up 57% from $1.65 in Q3 2021.
• Net interest income increased 40.9% to $379.5 million compared to the same quarter last year.
• Average loans rose 3.9% to $16.8 billion from Q3 2021, with a 13.0% increase excluding PPP loans.
• Average deposits grew 17.1% to $45.8 billion year-over-year.

Negative

• Non-interest expense increased by 18.3% to $257.9 million compared to Q3 2021.

Board declares fourth quarter dividend on common and preferred stock

SAN ANTONIO, Oct. 27, 2022 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported third quarter 2022 results.

Net income available to common shareholders for the third quarter of 2022 was $168.1 million compared to $106.3 million in the third quarter of 2021. On a per-share basis, net income available to common shareholders for the third quarter of 2022 was $2.59 per diluted common share, compared to $1.65 per diluted common share reported a year earlier, representing a 57.0 percent increase. Returns on average assets and average common equity were 1.27 percent and 20.13 percent, respectively, for the third quarter of 2022 compared to 0.90 percent and 9.87 percent, respectively, for the same period a year earlier.

For the third quarter of 2022, net interest income on a taxable-equivalent basis was $379.5 million, up 40.9 percent, compared to the same quarter in 2021. Average loans for the third quarter of 2022 increased $633.6 million, or 3.9 percent, to $16.8 billion, from the $16.2 billion reported for the third quarter a year earlier. Excluding PPP loans, third quarter average loans of $16.8 billion represented a 13.0 percent increase compared to the third quarter of 2021 and a 1.3 percent increase compared to the second quarter of 2022. Average deposits for the third quarter were $45.8 billion, up $6.7 billion, or 17.1 percent, compared to the $39.1 billion reported for last year's third quarter, and up $1.1 billion, or 2.4 percent, compared to the second quarter of 2022.

"Our third quarter results demonstrate how well-positioned we are for a rising interest rate environment, and they highlight our employees' success in executing our organic growth strategy," said Phil Green, Cullen/Frost Chairman and CEO. "The performance resulted in part from higher interest rates, but we also have shared those increases with our customers in the form of higher rates on deposit accounts. That, in turn, has led to increased deposit growth and bolstered our relationships with customers.

"That investment, along with our investments in regional expansion projects, our new residential mortgage product, and enhancements in customer experiences, will lead to further benefits in the long term."

For the first nine months of 2022, net income available to common shareholders was $383.0 million, up 13.8 percent compared to $336.6 million for the first nine months of 2021. Diluted EPS available to common shareholders for the first nine months of 2021 was $5.90 compared to $5.22 in the year-earlier period, representing an increase of 13.0 percent. Returns on average assets and average common equity for the first nine months of 2022 were 1.00 percent and 14.19 percent, respectively, compared to 1.00 percent and 10.72 percent, respectively, for the same period in 2021.

Noted financial data for the third quarter of 2022 follows:

• The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the third quarter of 2022 were 12.74 percent, 13.26 percent and 14.80 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 $379.5 million, an increase of 40.9 percent, compared to the prior year period. Net interest margin was 3.01 percent for the third quarter of 2022, a 45 basis point increase from 2.56 percent for the second quarter of 2022 and compared to 2.47 percent for the third quarter of 2021.
  
  
• Non-interest income for the third quarter of 2022 totaled $99.8 million, an increase of $6.6 million, or 7.1 percent, from the $93.2 million reported for the third quarter of 2021. Service charges on deposit accounts increased $1.7 million, or 8.2 percent, compared to the third quarter of 2021. The increase during the third quarter of 2022 was primarily related to increases in overdraft charges (up $1.9 million). Insurance commissions and fees increased $1.4 million, or 12.0 percent, compared to the third quarter of 2021. The increase during the third quarter of 2022 was primarily the result of an increase in commission income (up $1.4 million). Other charges, commissions and fees increased $1.3 million, or 13.4 percent, compared to the third quarter of 2021. The increase was primarily related to increases in income from the placement of money market accounts (up $1.6 million) and merchant services rebates/bonuses (up $417,000), among other things, partly offset by a decrease in income from the sale of mutual funds (down $983,000).
  
  
• Non-interest expense was $257.9 million for the quarter, up $39.9 million, or 18.3 percent, compared to the $218.0 million reported for the third quarter a year earlier. Salaries and wages expense increased $27.7 million, or 27.9 percent, compared to the third 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 were also impacted by our investments in organic expansion in the Houston and Dallas markets, as well as preparations for our mortgage loan product offering, and increases in incentive compensation. Other non-interest expense increased $7.7 million, or 20.3 percent, compared to the third quarter of 2021. The increase during the third quarter of 2022 included increases in advertising/promotions expense (up $2.0 million); professional services expense (up $1.3 million); travel, meals and entertainment (up $1.2 million); and sundry and other miscellaneous expenses (up $1.2 million), among other things. Technology, furniture and equipment expense increased $2.3 million, or 8.0 percent, compared to the third quarter of 2021. The increase during the three months ended September 30, 2022 was primarily related to increases in cloud services expense (up $999,000), and software maintenance (up $846,000).
  
  
• For the third quarter of 2022, the company did not report a credit loss expense, and reported net charge-offs of $2.9 million. This compares to no credit loss expense and net loan charge-offs of $2.8 million for the second quarter of 2022 and no credit loss expense and net loan charge-offs of $2.1 million for the third quarter of 2021. The allowance for credit losses on loans as a percentage of total loans was 1.38 percent at September 30, 2022, compared to 1.43 percent at the end of the second quarter of 2022 and 1.58 percent at the end of the third quarter of 2021. Non-accrual loans were $29.9 million at the end of the third quarter of 2022, compared to $35.1 million at the end of the second quarter of 2022 and $57.1 million at the end of the third quarter of 2021.

The Cullen/Frost board declared a fourth-quarter cash dividend of $0.87 per common share. The dividend on common stock is payable December 15, 2022 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, 2022, to shareholders of record on November 30 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, October 27, 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, October 30, 2022 at 1-877-660-6853 with Conference ID # of 13733614. 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 $52.9 billion in assets at September 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"). These may include 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:

• 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 instability.
• Acts of God or of war or terrorism.
• The potential impact of climate change.
• 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.
• 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 military conflict, including the current Russian invasion of Ukraine, terrorism or other geopolitical events.

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.

 

Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
	2022						2021
	3rd Qtr		2nd Qtr		1st Qtr		4th Qtr		3rd Qtr
CONDENSED INCOME STATEMENTS
Net interest income	$ 355,547		$ 288,208		$ 249,071		$ 240,708		$ 246,122
Net interest income (1)	379,518		311,377		272,194		264,049		269,321
Credit loss expense	—		—		—		—		—
Non-interest income:
Trust and investment management fees	38,552		37,776		38,656		38,425		37,381
Service charges on deposit accounts	22,960		23,870		22,740		22,234		21,216
Insurance commissions and fees	13,152		11,776		16,608		11,714		11,748
Interchange and card transaction fees	4,614		4,911		4,226		4,237		4,490
Other charges, commissions and fees	11,095		9,887		9,627		10,107		9,785
Net gain (loss) on securities transactions	—		—		—		69		—
Other	9,448		9,707		9,533		22,270		8,569
Total non-interest income	99,821		97,927		101,390		109,056		93,189
Non-interest expense:
Salaries and wages	127,189		116,881		111,329		105,541		99,463
Employee benefits	21,680		20,733		24,220		19,189		21,576
Net occupancy	28,133		28,379		27,411		27,435		27,208
Technology, furniture and equipment	30,781		29,921		29,157		28,230		28,494
Deposit insurance	4,279		3,724		3,633		3,339		3,088
Intangible amortization	103		131		146		153		157
Other	45,733		46,578		42,836		54,708		38,017
Total non-interest expense	257,898		246,347		238,732		238,595		218,003
Income before income taxes	197,470		139,788		111,729		111,169		121,308
Income taxes	27,710		20,674		12,627		10,148		13,333
Net income	169,760		119,114		99,102		101,021		107,975
Preferred stock dividends	1,668		1,669		1,669		1,669		1,668
Net income available to common shareholders	$ 168,092		$ 117,445		$   97,433		$   99,352		$ 106,307
PER COMMON SHARE DATA
Earnings per common share - basic	$       2.60		$       1.82		$       1.51		$       1.54		$       1.66
Earnings per common share - diluted	2.59		1.81		1.50		1.54		1.65
Cash dividends per common share	0.87		0.75		0.75		0.75		0.75
Book value per common share at end of quarter	41.53		49.93		56.65		67.11		66.39
OUTSTANDING COMMON SHARES
Period-end common shares	64,211		64,123		64,094		63,986		63,668
Weighted-average common shares - basic	64,158		64,113		64,051		63,879		63,652
Dilutive effect of stock compensation	343		354		410		462		445
Weighted-average common shares - diluted	64,501		64,467		64,461		64,341		64,097
SELECTED ANNUALIZED RATIOS
Return on average assets	1.27 %		0.92 %		0.79 %		0.81 %		0.90 %
Return on average common equity	20.13		13.88		9.58		9.26		9.87
Net interest income to average earning assets	3.01		2.56		2.33		2.31		2.47
(1) Taxable-equivalent basis assuming a 21% tax rate.

 

Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
	2022						2021
	3rd Qtr		2nd Qtr		1st Qtr		4th Qtr		3rd Qtr
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans	$   16,823		$   16,674		$   16,386		$   15,984		$   16,189
Loans excluding Paycheck Protection Program	16,752		16,531		16,084		15,391		14,824
Earning assets	49,062		47,880		47,339		46,008		43,980
Total assets	52,383		51,088		50,323		48,897		46,774
Non-interest-bearing demand deposits	18,511		18,355		17,961		17,885		16,999
Interest-bearing deposits	27,292		26,371		25,001		23,142		22,117
Total deposits	45,803		44,726		42,962		41,027		39,116
Shareholders' equity	3,459		3,540		4,270		4,400		4,417
Period-End Balance:
Loans	$   16,951		$   16,736		$   16,543		$   16,336		$   15,833
Loans excluding Paycheck Protection Program	16,900		16,644		16,335		15,908		15,005
Earning assets	49,517		48,404		48,107		48,063		44,964
Goodwill and intangible assets	655		656		656		656		656
Total assets	52,946		51,785		51,296		50,878		47,860
Total deposits	46,560		45,602		44,431		42,696		39,613
Shareholders' equity	2,812		3,347		3,776		4,440		4,372
Adjusted shareholders' equity (1)	4,341		4,221		4,148		4,092		4,022
ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:	$ 234,315		$ 239,632		$ 246,835		$ 248,666		$ 250,150
As a percentage of period-end loans	1.38 %		1.43 %		1.49 %		1.52 %		1.58 %
Net charge-offs:	$     2,854		$     2,807		$     6,295		$     2,789		$     2,115
Annualized as a percentage of average loans	0.07 %		0.07 %		0.16 %		0.07 %		0.05 %
Non-accrual loans:	$   29,904		$   35,125		$   48,966		$   53,713		$   57,055
As a percentage of total loans	0.18 %		0.21 %		0.30 %		0.33 %		0.36 %
As a percentage of total assets	0.06		0.07		0.10		0.11		0.12
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio	12.74 %		12.64 %		12.78 %		13.13 %		13.42 %
Tier 1 Risk-Based Capital Ratio	13.26		13.17		13.32		13.70		14.01
Total Risk-Based Capital Ratio	14.80		14.75		14.97		15.45		15.90
Leverage Ratio	7.09		7.03		7.08		7.34		7.52
Equity to Assets Ratio (period-end)	5.31		6.46		7.36		8.73		9.14
Equity to Assets Ratio (average)	6.60		6.93		8.48		9.00		9.44
(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,
							2022		2021
CONDENSED INCOME STATEMENTS
Net interest income							$ 892,826		$ 744,159
Net interest income (1)							963,089		813,266
Credit loss expense							—		63
Non-interest income:
Trust and investment management fees							114,984		110,569
Service charges on deposit accounts							69,570		61,058
Insurance commissions and fees							41,536		39,834
Interchange and card transaction fees							13,751		13,224
Other charges, commissions and fees							30,609		26,729
Net gain (loss) on securities transactions							—		—
Other							28,688		26,258
Total non-interest income							299,138		277,672
Non-interest expense:
Salaries and wages							355,399		289,956
Employee benefits							66,633		62,840
Net occupancy							83,923		79,909
Technology, furniture and equipment							89,859		84,508
Deposit insurance							11,636		8,893
Intangible amortization							380		544
Other							135,147		116,749
Total non-interest expense							742,977		643,399
Income before income taxes							448,987		378,369
Income taxes							61,011		36,311
Net income							387,976		342,058
Preferred stock dividends							5,006		5,488
Net income available to common shareholders							$ 382,970		$ 336,570
PER COMMON SHARE DATA
Earnings per common share - basic							$       5.92		$       5.25
Earnings per common share - diluted							5.90		5.22
Cash dividends per common share							2.37		2.19
Book value per common share at end of quarter							41.53		66.39
OUTSTANDING COMMON SHARES
Period-end common shares							64,211		63,668
Weighted-average common shares - basic							64,108		63,523
Dilutive effect of stock compensation							369		489
Weighted-average common shares - diluted							64,477		64,012
SELECTED ANNUALIZED RATIOS
Return on average assets							1.00 %		1.00 %
Return on average common equity							14.19		10.72
Net interest income to average earning assets							2.64		2.61
(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,
							2022		2021
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans							$   16,630		$   17,034
Loans excluding Paycheck Protection Program							16,458		14,758
Earning assets							48,100		42,249
Total assets							51,276		45,004
Non-interest-bearing demand deposits							18,277		16,262
Interest-bearing deposits							26,230		21,350
Total deposits							44,507		37,612
Shareholders' equity							3,753		4,345
Period-End Balance:
Loans							$   16,951		$   15,833
Loans excluding Paycheck Protection Program							16,900		15,005
Earning assets							49,517		44,964
Goodwill and intangible assets							655		656
Total assets							52,946		47,860
Total deposits							46,560		39,613
Shareholders' equity							2,812		4,372
Adjusted shareholders' equity (1)							4,341		4,022
ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:							$ 234,315		$ 250,150
As a percentage of period-end loans							1.38 %		1.58 %
Net charge-offs:							11,956		5,625
Annualized as a percentage of average loans							0.10 %		0.04 %
Non-accrual loans:							$   29,904		$   57,055
As a percentage of total loans							0.18 %		0.36 %
As a percentage of total assets							0.06		0.12
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio							12.74 %		13.42 %
Tier 1 Risk-Based Capital Ratio							13.26		14.01
Total Risk-Based Capital Ratio							14.80		15.90
Leverage Ratio							7.09		7.52
Equity to Assets Ratio (period-end)							5.31		9.14
Equity to Assets Ratio (average)							7.32		9.65
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

 

 

Cullen/Frost Bankers, Inc.
TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)
	2022						2021
	3rd Qtr		2nd Qtr		1st Qtr		4th Qtr		3rd Qtr
TAXABLE-EQUIVALENT YIELD/COST(1)
Earning Assets:
Interest-bearing deposits	2.27 %		0.80 %		0.18 %		0.15 %		0.15 %
Federal funds sold	2.44		1.26		0.37		0.22		0.48
Resell agreements	2.39		1.32		0.27		0.25		0.29
Securities	2.94		2.87		2.88		3.08		3.35
Loans, net of unearned discounts	4.89		4.04		3.74		3.89		4.16
Total earning assets	3.43		2.71		2.39		2.36		2.53
Interest-Bearing Liabilities:
Interest-bearing deposits:
Savings and interest checking	0.07		0.04		0.01		0.01		0.01
Money market deposit accounts	1.08		0.35		0.12		0.11		0.10
Time accounts	0.99		0.64		0.29		0.21		0.24
Total interest-bearing deposits	0.62		0.22		0.08		0.07		0.07
Total deposits	0.37		0.13		0.05		0.04		0.04
Federal funds purchased	2.33		0.84		0.17		0.12		0.13
Repurchase agreements	1.50		0.41		0.10		0.10		0.11
Junior subordinated deferrable interest debentures	3.77		2.51		1.90		1.81		1.85
Subordinated notes payable and other notes	4.69		4.69		4.69		4.70		4.70
Total interest-bearing liabilities	0.71		0.26		0.11		0.10		0.10
Net interest spread	2.72		2.45		2.28		2.26		2.43
Net interest income to total average earning assets	3.01		2.56		2.33		2.31		2.47
AVERAGE BALANCES
($ in millions)
Assets:
Interest-bearing deposits	$ 12,776		$ 13,041		$ 13,766		$ 15,549		$ 15,278
Federal funds sold	51		31		14		31		2
Resell agreements	10		3		6		8		8
Securities	19,402		18,130		17,166		14,436		12,503
Loans, net of unearned discount	16,823		16,674		16,386		15,984		16,189
Total earning assets	$ 49,062		$ 47,880		$ 47,339		$ 46,008		$ 43,980
Liabilities:
Interest-bearing deposits:
Savings and interest checking	$ 12,235		$ 12,336		$ 11,954		$ 11,205		$ 10,910
Money market deposit accounts	13,466		12,608		11,859		10,823		10,086
Time accounts	1,591		1,427		1,187		1,114		1,121
Total interest-bearing deposits	27,292		26,371		25,001		23,142		22,117
Total deposits	45,803		44,726		42,962		41,027		39,116
Federal funds purchased	42		36		28		27		27
Repurchase agreements	1,960		1,743		2,052		2,368		2,188
Junior subordinated deferrable interest debentures	123		123		123		126		137
Subordinated notes payable and other notes	99		99		99		99		99
Total interest-bearing funds	$ 29,516		$ 28,372		$ 27,302		$ 25,762		$ 24,568
(1) Taxable-equivalent basis assuming a 21% tax rate.

 

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.

FAQ

What were the earnings results for Cullen/Frost (CFR) in Q3 2022?

Cullen/Frost reported a net income of $168.1 million in Q3 2022, which is a 57% increase compared to $106.3 million in Q3 2021.

What is the diluted EPS for Cullen/Frost (CFR) in Q3 2022?

The diluted EPS for Q3 2022 was $2.59, up from $1.65 in Q3 2021.

What is the dividend declared by Cullen/Frost (CFR) for Q4 2022?

Cullen/Frost declared a fourth-quarter cash dividend of $0.87 per common share, payable on December 15, 2022.

How did average deposits change for Cullen/Frost (CFR) in Q3 2022?

Average deposits increased by 17.1% to $45.8 billion in Q3 2022 compared to $39.1 billion in Q3 2021.

What were the key financial highlights for Cullen/Frost (CFR) in Q3 2022?

Key highlights include a net interest income of $379.5 million, a return on average assets of 1.27%, and a common equity tier 1 ratio of 12.74%.