Cullen/Frost Bankers Inc. - CFR STOCK NEWS

Frost Bank has appointed Howard Kasanoff as its new Chief Credit Officer, effective early 2023. He succeeds Bill Perotti, who is retiring after over 40 years with the bank. Kasanoff, a veteran of the bank since 1992, brings extensive experience, having held various positions including credit analyst and commercial lending officer. Frost Bank, a subsidiary of Cullen/Frost Bankers (NYSE: CFR), currently holds $52.9 billion in assets as of September 30, 2022, serving multiple regions across Texas.

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.

Cullen/Frost Bankers (NYSE: CFR) announced the election of Joseph A. Pierce to its board of directors, effective immediately. Pierce will serve on the Corporate Governance and Nominating, Compensation and Benefits, and Technology committees. He brings extensive experience in legal and financial services, having served as senior vice president and general counsel for AMB Sports and Entertainment, among other roles. His familiarity with the Frost brand stems from his upbringing in San Antonio and family ties to the bank.

Cullen/Frost Bankers, Inc. (NYSE:CFR) will host a conference call on October 27, 2022, to discuss third quarter 2022 earnings. The earnings release will be available at 8:00 a.m. CT on their investor website. The conference call starts at 1:00 p.m. CT, featuring CEO Phil Green and CFO Jerry Salinas. Interested parties can join via phone or a live webcast. The call will include a Q&A session for analysts, and a recording will be available for replay after 5:00 p.m. CT. For participation, it's recommended to join 5 to 10 minutes early.

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.

Cullen/Frost Bankers, Inc. (NYSE: CFR) will host a conference call on July 28, 2022, to discuss its second quarter 2022 earnings. The earnings release will be available at 8:00 a.m. CT on their investor relations website. The conference call, starting at 1:00 p.m. CT, will be led by key executives including Chairman and CEO Phil Green. A live webcast will also be accessible, with an archived version available post-call. Interested parties should dial in 5-10 minutes early for registration efficiency.

Frost Bank has expanded its overdraft grace feature to all personal account holders, allowing customers to overdraw by $100 without incurring fees. This initiative, effective June 13, 2022, is part of Frost's strategy to assist consumers by eliminating nonsufficient funds (NSF) fees across all consumer accounts, including savings and health savings accounts. Since its introduction in April 2021, the overdraft grace program has benefitted over 64,000 families, highlighting Frost's commitment to customer support, particularly during challenging economic times, at an estimated cost of $3.5 million annually.

Cullen/Frost Bankers (NYSE: CFR) reported a first quarter net income of $97.4 million, down from $113.9 million in Q1 2021, translating to $1.50 per diluted share compared to $1.77 a year earlier. Net interest income increased by 3.1% to $272.2 million, while average loans decreased by 7.3% to $16.4 billion. Total deposits rose by 21.3% to $43.0 billion. Non-interest income climbed 8.7% to $101.4 million. The board declared a $0.75 dividend per common share, payable June 15, 2022. The company remains well-capitalized, exceeding Basel III requirements.

Cullen/Frost Bankers, Inc. (NYSE:CFR) is set to host a conference call on April 28, 2022, at 1:00 p.m. CT to discuss their First Quarter 2022 earnings. The earnings release will be available at 8:00 a.m. CT on the company’s investor relations website. The call will include remarks from CEO Phil Green and CFO Jerry Salinas, followed by a Q&A session. Those unable to attend can access a playback of the call until May 1, 2022. For more details, interested parties can reach out via the provided investor relations contact.