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WKN: 906913 | ISIN: US2298991090 | Ticker-Symbol: CFZ
Tradegate
23.05.24
16:28 Uhr
95,00 Euro
+0,50
+0,53 %
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CULLEN/FROST BANKERS INC Chart 1 Jahr
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Cullen/Frost Bankers, Inc.: Cullen/Frost Reports Fourth Quarter And 2023 Annual Results

Board declares first quarter dividend on common and preferred stock, and authorizes $150 million stock repurchase program

SAN ANTONIO, Jan. 25, 2024 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE: CFR) today reported fourth quarter and full-year results for 2023. Net income available to common shareholders for the fourth quarter of 2023 was $100.9 million, and was impacted by a $51.5 million ( $40.7 million net of tax) one-time surcharge expense associated with FDIC insurance. Excluding this one-time item, net income available to common shareholders for the fourth quarter would have been approximately $141.6 million, representing a 25.3 percent decrease compared to the fourth quarter of 2022. On a per-share basis, the company reported net income available to common shareholders of $1.55 per diluted common share for the fourth quarter of 2023, compared to $2.91 per diluted common share for the fourth quarter of 2022. Excluding the after-tax impact of the FDIC surcharge in the fourth quarter, EPS would have been $2.18, representing a 25.1 percent decrease from the fourth quarter of 2022. For the fourth quarter of 2023, returns on average assets and average common equity were 0.82 percent and 13.51 percent, respectively, compared to 1.44 percent and 27.16 percent for the same period in 2022. Adjusted for the FDIC insurance surcharge, returns on assets and average common equity for the fourth quarter would have been approximately 1.14 percent and 18.96 percent.

The company also reported 2023 annual net income available to common shareholders of $591.3 million, an increase of 3.3 percent compared to 2022 earnings available to common shareholders of $572.5 million . Excluding the impact of the one-time FDIC surcharge, net income available to common shareholders for 2023 would have been approximately $632.0 million, representing a 10.4 percent increase compared to 2022. On a per-share basis, 2023 earnings were $9.10 per diluted common share compared to $8.81 per diluted common share reported in 2022. For the year 2023, returns on average assets and average common equity were 1.19 percent and 18.66 percent respectively, compared to 1.11 percent and 16.86 percent reported in 2022.

"Our solid fourth quarter and record 2023 earnings are a result of continued strong execution by Frost bankers throughout the state, and were aided by our continued success with our organic expansion strategy in key growth markets in Texas," said Phil Green, Cullen/Frost Chairman and CEO.

For the fourth quarter of 2023, net interest income on a taxable-equivalent basis was $409.9 million, down 3.3 percent compared to the same period in 2022. Average loans for the fourth quarter of 2023 increased $1.5 billion, or 9.1 percent, to $18.6 billion, from the $17.1 billion reported for the fourth quarter a year earlier, and increased 3.6 percent compared to the third quarter of 2023. Average deposits for the quarter decreased $3.6 billion, or 8.0 percent to $41.2 billion compared to $44.8 billion in last year's fourth quarter, and increased 0.9 percent compared to the third quarter of 2023.

For full year 2023, average total loans were $17.9 billion, an increase of approximately $1.2 billion, or 6.9 percent, from the $16.7 billion reported in 2022. Average total deposits for 2023 were $41.4 billion, down $3.1 billion, or 7.0 percent, compared to the $44.6 billion reported for full year 2022.

Noted financial data for the fourth quarter:

  • The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios for Cullen/Frost at the end of the fourth quarter of 2023 were 13.25 percent, 13.73 percent, and 15.18 percent, respectively. Current capital ratios continue to be in excess of well-capitalized levels and exceed Basel III requirements.

  • Net interest income on a tax-equivalent basis was $409.9 million for the fourth quarter of 2023, a decrease of 3.3 percent compared to the $423.9 million reported for the fourth quarter of 2022. The net interest margin was 3.41 percent for the fourth quarter of 2023 compared to 3.31 percent for the fourth quarter of 2022 and 3.44 percent for the third quarter of 2023.

  • Non-interest income for the fourth quarter of 2023 was $113.8 million, up $8.1 million, or 7.6 percent, from the $105.7 million reported a year earlier. Other non-interest income increased $3.1 million, or 18.6 percent, compared to the fourth quarter of 2022. The increase was mainly driven by a $3.0 million increase in income from customer derivative and foreign exchange transactions. Other charges, commissions and fees increased $1.1 million, or 10.2 percent, compared to the fourth quarter of 2022. The increase was primarily related to an increase in income from the placement of money market accounts (up $642,000 ) and an increase in merchant services income (up $296,000 ). Service charges on deposit accounts increased by $2.2 million, or 9.9 percent, compared to the fourth quarter of 2022. The increase was driven by increases in overdraft fees and other service charges. Insurance commissions and fees increased by $1.1 million, or 9.2 percent, compared to the fourth quarter of 2022. The increase was mainly driven by increases in commission revenues.

  • Non-interest expense for the fourth quarter of 2023 was $365.2 million, up $83.9 million, or 29.8 percent, compared to the $281.3 million reported for the fourth quarter of 2022. Excluding the one-time surcharge expense associated with FDIC insurance, non-interest expense for the fourth quarter of 2023 was $313.7 million, up $32.4 million, or 11.5 percent compared to the same quarter a year earlier. Salaries and wages expense increased by $9.9 million, or 7.3 percent, compared to the fourth quarter of 2022. The increase in salaries and wages was primarily related to an increases in employee headcount and an increase in salaries due to annual merit and market increases. The increase in the number of employees was partly related to our investments in organic expansion in the Houston, Dallas and Austin markets, as well as the rollout of our mortgage loan product offering, and was partially offset by a decrease in incentive compensation expenses. Employee benefits expense increased by $6.1 million, or 27.7 percent, compared with the fourth quarter of 2022. The increase in employee benefits expense was impacted by increases in headcount, medical benefits expense (up $2.1 million ) and a decrease in the net periodic benefit related to our defined benefit retirement plan (down $1.6 million ), among other things. Other non-interest expense increased by $8.0 million, or 13.6 percent, compared to the fourth quarter of 2022, impacted by increases in professional services expense (up $4.4 million ), check card expense (up $1.0 million ), and advertising and marketing expenses (up $904,000 ), among other things. Technology, furniture and equipment expense was up $3.6 million or 11.6 percent compared to the fourth quarter of 2022. The increase was primarily related to increases in cloud services expense (up $3.3 million ).

  • For the fourth quarter of 2023, the company reported a credit loss expense of $16.0 million and reported net charge-offs of $10.9 million, compared to a credit loss expense of $11.2 million and net charge-offs of $5.0 million for the third quarter of 2023. For the fourth quarter of 2022, the company reported a credit loss expense of $3.0 million and reported net charge-offs of $3.8 million . The allowance for credit losses on loans as a percentage of total loans was 1.31 percent at December 31, 2023, compared to 1.32 percent at September 30, 2023 and 1.33 percent at December 31, 2022 . Non-accrual loans were $60.9 million at the end of 2023, compared to $67.2 million the previous quarter, and $37.8 million at year-end 2022.

The Cullen/Frost board declared a first-quarter cash dividend of $0.92 per common share, payable March 15, 2024 to shareholders of record on February 29 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 March 15, 2024, to shareholders of record on February 29 of this year.

In addition, the company's board of directors approved a new share repurchase program with authorization to purchase up to $150 million of Cullen/Frost common stock over a one-year period expiring on January 24, 2025 . Share repurchases under the authorization may be made through a variety of methods, which may include open market purchases, in privately negotiated transactions, block trades, accelerated share repurchase transactions, and/or through other legally permissible means. The timing and amount of any share repurchases under the authorization will be determined by management at its discretion and based on market conditions and other considerations. The share repurchase program may be suspended or discontinued at any time at the company's discretion and does not obligate Cullen/Frost to purchase any amount of common stock.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, January 25, 2024, at 1:00 p.m. Central Time (CT) to discuss the results for the quarter and the year. The media and other interested parties are invited to access the call in a "listen only" mode at 877-709-8150. Playback of the conference call will be available after
5:00 p.m. CT on the day of the call until midnight Sunday, January 28 at 877-660-6853, with the Conference ID# of 13743292. A replay of the call will also be available by webcast at the URL listed below after 5:00 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 $50.8 billion in assets at December 31, 2023. One of the 50 largest U.S. banks, 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 frostbank.com.

Forward-Looking Statements and Factors that Could Affect Future Results

Certain statements contained in this press 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)

2023

2022

4th Qtr

3rd Qtr

2nd Qtr

1st Qtr

4th Qtr

CONDENSED INCOME STATEMENTS

Net interest income

$ 388,152

$ 385,426

$ 385,266

$ 399,820

$ 398,457

Net interest income (1)

409,904

407,353

408,594

425,844

423,892

Credit loss expense

15,981

11,185

9,901

9,104

3,000

Non-interest income:

Trust and investment management fees

40,163

37,616

39,392

36,144

39,695

Service charges on deposit accounts

24,535

23,603

23,487

21,879

22,321

Insurance commissions and fees

12,743

13,636

12,940

18,952

11,674

Interchange and card transaction fees

4,608

4,672

5,250

4,889

4,480

Other charges, commissions and fees

12,104

13,128

12,090

11,704

10,981

Net gain (loss) on securities transactions

-

12

33

21

-

Other

19,598

13,331

10,336

11,676

16,529

Total non-interest income

113,751

105,998

103,528

105,265

105,680

Non-interest expense:

Salaries and wages

146,616

137,562

133,195

130,345

136,697

Employee benefits

28,065

26,527

26,792

33,922

21,975

Net occupancy

30,752

31,581

31,714

30,349

28,572

Technology, furniture and equipment

34,484

35,278

33,043

32,481

30,912

Deposit insurance

58,109

6,033

6,202

6,245

3,967

Other

67,196

56,275

54,096

51,800

59,174

Total non-interest expense

365,222

293,256

285,042

285,142

281,297

Income before income taxes

120,700

186,983

193,851

210,839

219,840

Income taxes

18,149

31,332

31,733

33,186

28,666

Net income

102,551

155,651

162,118

177,653

191,174

Preferred stock dividends

1,669

1,668

1,669

1,669

1,669

Net income available to common shareholders

$ 100,882

$ 153,983

$ 160,449

$ 175,984

$ 189,505

PER COMMON SHARE DATA

Earnings per common share - basic

$ 1.55

$ 2.38

$ 2.47

$ 2.71

$ 2.92

Earnings per common share - diluted

1.55

2.38

2.47

2.70

2.91

Cash dividends per common share

0.92

0.92

0.87

0.87

0.87

Book value per common share at end of quarter

55.64

44.59

50.55

51.59

46.49

OUTSTANDING COMMON SHARES

Period-end common shares

64,185

64,017

64,120

64,396

64,355

Weighted-average common shares - basic

64,139

64,067

64,241

64,374

64,303

Dilutive effect of stock compensation

176

172

187

258

344

Weighted-average common shares - diluted

64,315

64,239

64,428

64,632

64,647

SELECTED ANNUALIZED RATIOS

Return on average assets

0.82 %

1.25 %

1.30 %

1.39 %

1.44 %

Return on average common equity

13.51

18.93

19.36

22.59

27.16

Net interest income to average earning assets (1)

3.41

3.44

3.45

3.47

3.31

(1) Taxable-equivalent basis assuming a 21% tax rate.

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

2023

2022

4th Qtr

3rd Qtr

2nd Qtr

1st Qtr

4th Qtr

BALANCE SHEET SUMMARY

($ in millions)

Average Balance:

Loans

$ 18,609

$ 17,965

$ 17,664

$ 17,319

17,063

Earning assets

45,579

45,366

45,929

47,904

48,867

Total assets

49,087

48,804

49,317

51,307

52,284

Non-interest-bearing demand deposits

14,697

14,823

15,231

16,636

17,980

Interest-bearing deposits

26,487

26,005

25,776

26,121

26,779

Total deposits

41,184

40,828

41,007

42,757

44,759

Shareholders' equity

3,108

3,372

3,470

3,305

2,913

Period-End Balance:

Loans

$ 18,824

$ 18,399

$ 17,746

$ 17,486

$ 17,155

Earning assets

47,124

45,218

45,146

47,870

49,402

Total assets

50,845

48,747

48,597

51,246

52,892

Total deposits

41,921

40,992

40,701

42,184

43,954

Shareholders' equity

3,716

3,000

3,387

3,468

3,137

Adjusted shareholders' equity (1)

4,836

4,779

4,692

4,610

4,486

ASSET QUALITY

($ in thousands)

Allowance for credit losses on loans:

$ 245,996

$ 242,235

$ 233,619

$ 231,514

$ 227,621

As a percentage of period-end loans

1.31 %

1.32 %

1.32 %

1.32 %

1.33 %

Net charge-offs:

$ 10,884

$ 4,992

$ 9,828

$ 8,782

$ 3,810

Annualized as a percentage of average loans

0.23 %

0.11 %

0.22 %

0.21 %

0.09 %

Non-accrual loans:

$ 60,907

$ 67,175

$ 67,781

$ 38,410

$ 37,833

As a percentage of total loans

0.32 %

0.37 %

0.38 %

0.22 %

0.22 %

As a percentage of total assets

0.12

0.14

0.14

0.07

0.07

CONSOLIDATED CAPITAL RATIOS

Common Equity Tier 1 Risk-Based Capital Ratio

13.25 %

13.32 %

13.42 %

13.24 %

12.85 %

Tier 1 Risk-Based Capital Ratio

13.73

13.81

13.92

13.74

13.35

Total Risk-Based Capital Ratio

15.18

15.28

15.39

15.22

14.84

Leverage Ratio

8.35

8.17

8.11

7.69

7.29

Equity to Assets Ratio (period-end)

7.31

6.15

6.97

6.77

5.93

Equity to Assets Ratio (average)

6.33

6.91

7.04

6.44

5.57

(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)

Year Ended December 31,

2023

2022

2021

CONDENSED INCOME STATEMENTS

Net interest income

$ 1,558,664

$ 1,291,283

$ 984,867

Net interest income (1)

1,651,695

1,386,981

1,077,315

Credit loss expense

46,171

3,000

63

Non-interest income:

Trust and investment management fees

153,315

154,679

148,994

Service charges on deposit accounts

93,504

91,891

83,292

Insurance commissions and fees

58,271

53,210

51,548

Interchange and card transaction fees

19,419

18,231

17,461

Other charges, commissions and fees

49,026

41,590

36,836

Net gain (loss) on securities transactions

66

-

69

Other

54,941

45,217

48,528

Total non-interest income

428,542

404,818

386,728

Non-interest expense:

Salaries and wages

547,718

492,096

395,497

Employee benefits

115,306

88,608

82,029

Net occupancy

124,396

112,495

107,344

Technology, furniture and equipment

135,286

120,771

112,738

Deposit insurance

76,589

15,603

12,232

Other

229,367

194,701

172,154

Total non-interest expense

1,228,662

1,024,274

881,994

Income before income taxes

712,373

668,827

489,538

Income taxes

114,400

89,677

46,459

Net income

597,973

579,150

443,079

Preferred stock dividends

6,675

6,675

7,157

Net income available to common shareholders

$ 591,298

$ 572,475

$ 435,922

PER COMMON SHARE DATA

Earnings per common share - basic

$ 9.11

$ 8.84

$ 6.79

Earnings per common share - diluted

9.10

8.81

6.76

Cash dividends per common share

3.58

3.24

2.94

Book value per common share at end of quarter

55.64

46.49

67.11

OUTSTANDING COMMON SHARES

Period-end common shares

64,185

64,355

63,986

Weighted-average common shares - basic

64,204

64,157

63,613

Dilutive effect of stock compensation

201

364

489

Weighted-average common shares - diluted

64,405

64,521

64,102

SELECTED ANNUALIZED RATIOS

Return on average assets

1.19 %

1.11 %

0.95 %

Return on average common equity

18.66

16.86

10.35

Net interest income to average earning assets (1)

3.45

2.82

2.53

(1) Taxable-equivalent basis assuming a 21% tax rate.

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

Year Ended December 31,

2023

2022

2021

BALANCE SHEET SUMMARY ($ in millions)

Average Balance:

Loans

$ 17,893

$ 16,739

$ 16,770

Loans excluding Paycheck Protection Program

17,870

16,600

14,918

Earning assets

46,186

48,293

43,196

Total assets

49,604

51,513

45,983

Non-interest-bearing demand deposits

15,340

18,203

16,671

Interest-bearing deposits

26,098

26,368

21,802

Total deposits

41,438

44,571

38,473

Shareholders' equity

3,313

3,541

4,359

Period-End Balance:

Loans

$ 18,824

$ 17,155

$ 16,336

Loans excluding Paycheck Protection Program

18,815

17,120

15,908

Earning assets

47,124

49,402

48,063

Total assets

50,845

52,892

50,878

Total deposits

41,921

43,954

42,696

Shareholders' equity

3,716

3,137

4,440

Adjusted shareholders' equity (1)

4,836

4,486

4,092

ASSET QUALITY ($ in thousands)

Allowance for credit losses on loan:

$ 245,996

$ 227,621

$ 248,666

As a percentage of period-end loans

1.31 %

1.33 %

1.52 %

Net charge-offs:

$ 34,486

$ 15,766

$ 8,414

Annualized as a percentage of average loans

0.19 %

0.09 %

0.05 %

Non-accrual loans:

$ 60,907

$ 37,833

$ 53,713

As a percentage of total loans

0.32 %

0.22 %

0.33 %

As a percentage of total assets

0.12

0.07

0.11

CONSOLIDATED CAPITAL RATIOS

Common Equity Tier 1 Risk-Based Capital Ratio

13.25 %

12.85 %

13.13 %

Tier 1 Risk-Based Capital Ratio

13.73

13.35

13.70

Total Risk-Based Capital Ratio

15.18

14.84

15.45

Leverage Ratio

8.35

7.29

7.34

Equity to Assets Ratio (period-end)

7.31

5.93

8.73

Equity to Assets Ratio (average)

6.68

6.87

9.48

(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

Cullen/Frost Bankers, Inc.

TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)

2023

2022

4th Qtr

3rd Qtr

2nd Qtr

1st Qtr

4th Qtr

TAXABLE-EQUIVALENT YIELD/COST(1)

Earning Assets:

Interest-bearing deposits

5.39 %

5.33 %

5.05 %

4.57 %

3.70 %

Federal funds sold

5.73

5.65

5.35

4.72

3.88

Resell agreements

5.60

5.53

5.26

4.77

4.14

Securities

3.24

3.24

3.24

3.24

3.09

Loans, net of unearned discounts

6.92

6.83

6.64

6.36

5.80

Total earning assets

5.00

4.92

4.77

4.57

4.14

Interest-Bearing Liabilities:

Interest-bearing deposits:

Savings and interest checking

0.40

0.38

0.41

0.36

0.27

Money market deposit accounts

2.83

2.78

2.68

2.47

1.94

Time accounts

4.59

4.34

3.77

2.40

1.52

Total interest-bearing deposits

2.27

2.12

1.87

1.52

1.16

Total deposits

1.46

1.35

1.18

0.93

0.69

Federal funds purchased

5.40

5.32

4.97

4.55

3.78

Repurchase agreements

3.75

3.67

3.52

3.20

2.69

Junior subordinated deferrable interest debentures

7.45

7.34

6.84

6.46

5.39

Subordinated notes payable and other notes

4.69

4.69

4.69

4.69

4.69

Total interest-bearing liabilities

2.48

2.33

2.11

1.79

1.37

Net interest spread

2.52

2.59

2.66

2.78

2.77

Net interest income to total average earning assets

3.41

3.44

3.45

3.47

3.31

AVERAGE BALANCES

($ in millions)

Assets:

Interest-bearing deposits

$ 7,047

$ 6,747

$ 6,880

$ 8,687

$ 11,574

Federal funds sold

3

13

22

64

52

Resell agreements

86

85

85

90

49

Securities

19,834

20,557

21,278

21,744

20,129

Loans, net of unearned discount

18,609

17,965

17,664

17,319

17,063

Total earning assets

$ 45,579

$ 45,366

$ 45,929

$ 47,904

$ 48,867

Liabilities:

Interest-bearing deposits:

Savings and interest checking

$ 9,986

$ 10,202

$ 10,862

$ 11,662

$ 12,113

Money market deposit accounts

11,219

11,144

11,431

12,404

12,958

Time accounts

5,282

4,659

3,483

2,055

1,708

Total interest-bearing deposits

26,487

26,005

25,776

26,121

26,779

Total deposits

41,184

40,828

41,007

42,757

44,759

Federal funds purchased

18

21

33

51

37

Repurchase agreements

3,761

3,536

3,719

4,211

3,575

Junior subordinated deferrable interest debentures

123

123

123

123

123

Subordinated notes payable and other notes

99

99

99

99

99

Total interest-bearing funds

$ 30,488

$ 29,785

$ 29,750

$ 30,606

$ 30,613

(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

SOURCE Cullen/Frost Bankers, Inc.

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