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Cullen/Frost Bankers Inc. (NYSE: CFR) is a prominent financial holding company headquartered in San Antonio, Texas. Founded in 1868, the company has been serving the financial needs of clients for over 150 years. It operates primarily through its principal subsidiary, Frost Bank, offering a vast range of financial services to both commercial and consumer clients.
Core Services and Products
- Banking: Frost Bank provides comprehensive commercial and consumer banking services including checking and savings accounts, loans, and credit services.
- Investment Management: The company offers trust and investment management services tailored for individual and institutional clients to meet various financial goals.
- Insurance: Cullen/Frost provides a variety of insurance products helping clients manage risk and safeguard their assets.
- Brokerage and Mutual Funds: The company offers brokerage services and mutual fund products that span a wide array of investment strategies.
- Leasing and Treasury Management: Frost Bank offers leasing options and advanced treasury management services for businesses to optimize their financial operations.
- Capital Markets Advisory: The company provides advisory services to help clients navigate the complexities of capital markets, from mergers and acquisitions to other strategic transactions.
- Item Processing Services: Efficient item processing solutions help streamline financial transactions for clients.
Geographical Reach
Cullen/Frost Bankers has a strong presence across Texas, operating in key regions including Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley, and San Antonio. The company has also announced plans to double its presence in the Austin region by 2026.
Recent Financial Performance
For the second quarter of 2023, Cullen/Frost reported a net income of $160.4 million, marking a significant 36.5 percent increase from the previous year. The company's average loans and deposits demonstrated robust growth, with average loans rising by $1.0 billion and deposits, although impacted by higher interest rates, showing strategic stability. Despite a decrease in non-interest bearing deposits, interest-bearing deposits saw a modest increase. The company continues to excel in financial performance with strong returns on average assets and average common equity.
Cullen/Frost's commitment to delivering superior service is reflected in their consistent earnings growth and market expansion initiatives. Recent expansions in Houston and Dallas have further solidified their market position. The company is actively investing in new market expansions and innovative mortgage loan offerings, as well as strategic marketing and technology platforms.
For further details on Cullen/Frost Bankers Inc., visit their investor relations website.
Cullen/Frost Bankers (NYSE:CFR) announced the full redemption of its Floating Rate Junior Subordinated Debt Securities due 2034. The redemption includes Capital Securities totaling $13,000,000 and Common Securities amounting to $403,000, with payments due on October 23, 2021. Holders must surrender their securities either in-person or by mail to receive payment. As of June 30, 2021, Cullen/Frost reported assets of $46.7 billion, providing various banking services across Texas. This move indicates a strategic financial move aiming to manage debt obligations effectively.
Cullen/Frost Bankers, Inc. (NYSE:CFR) reported strong second quarter 2021 results, with net income available to common shareholders reaching $116.4 million, up from $93.1 million in Q2 2020. Diluted EPS rose to $1.80 from $1.47 year-over-year. Average deposits increased by 22.2% to $38.3 billion, while average loans fell by 1.7% to $17.2 billion. The company's Common Equity Tier 1 ratio stood at 13.60%. A quarterly cash dividend of $0.75 per share was declared, marking a 4% increase. The company is expanding its operations in Dallas following a successful branch expansion in Houston.
Cullen/Frost Bankers, Inc. (NYSE: CFR) will hold a conference call on July 29, 2021, to discuss its second quarter 2021 earnings. The earnings release will be accessible starting at 8:00 a.m. CT. The call, led by CEO Phil Green and CFO Jerry Salinas, begins at 1:00 p.m. CT and will include a Q&A session for analysts. Participants can join via a toll-free number or listen to a live webcast. A playback option will be available from 5:00 p.m. CT on the day of the call until midnight on August 1, 2021.
Cullen/Frost Bankers reported first quarter 2021 results showing a net income of $113.9 million, up from $47.2 million in Q1 2020. Earnings per diluted share increased to $1.77 from $0.75. Average loans rose by 17.9% to $17.7 billion, while average deposits surged 29.3% to $35.4 billion. However, net interest income decreased by 1.7% to $263.9 million and non-interest income fell to $93.2 million, down from $212.9 million in Q1 2020. The bank announced a cash dividend of $0.72 per share, payable June 15, 2021. Total assets were $44.0 billion as of March 31, 2021.
Cullen/Frost Bankers, Inc. (NYSE:CFR) will host a conference call on April 29, 2021, to discuss its first quarter 2021 earnings. The earnings release will be available at 8:00 a.m. CT on the investor relations website. The call will begin at 1:00 p.m. CT and includes remarks from CEO Phil Green and CFO Jerry Salinas, followed by a Q&A session. Interested individuals can listen via telephone at 800-944-6430 or through a live webcast. A playback of the conference call will be available until midnight on May 2, 2021.
Frost Investment Advisors LLC (NYSE: CFR) has appointed Mace McCain as president and managing director, succeeding Tom Stringfellow, who retired after over 40 years. McCain, with 35 years in financial management, has been with Frost since 2000, previously managing significant relationships and leading portfolio management. Frost Investment Advisors manages over $4.1 billion in mutual fund assets and has $4.9 billion in assets under management as of December 31, 2020. The firm has provided institutional and retail shares since 2008.
Cullen/Frost Bankers reported Q4 2020 net income of $88.3 million ($1.38/share), down from $101.7 million ($1.60/share) in Q4 2019. 2020 total net income was $323.6 million, a 25.7% decrease from 2019's $435.5 million. Notable metrics include return on average assets at 0.85% and common equity at 8.11%. Average loans rose by 22% to $17.9 billion, while deposits increased by 25.5% to $34.1 billion. The board declared a cash dividend of $0.72 per common share and authorized a $100 million stock repurchase plan.
Cullen/Frost Bankers, Inc. (NYSE:CFR) will host a conference call on January 28, 2021, at 1:00 p.m. CT to discuss its fourth quarter 2020 earnings. The earnings release will be available at 8:00 a.m. CT on the same day. CEO Phil Green, CFO Jerry Salinas, and Investor Relations Director A.B. Mendez will lead the call. Interested parties can join via telephone (800-944-6430) or listen to a live webcast on the company's investor relations page. A playback of the call will be accessible post-event until January 31, 2021.
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