CFR 8-K

Cullen/Frost Bankers, Inc. (CFR)

8-K 2024-07-25 For: 2024-07-25

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Added on April 05, 2026

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Exhibit Number						Description

99.1						Press Release.
104						Cover Page Interactive Data File - The cover page XBRL tags are embedded within the inline XBRL document.


Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)

	2024						2023
	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
CONDENSED INCOME STATEMENTS
Net interest income	$	396,712		$	390,051		$	388,152		$	385,426		$	385,266
Net interest income (1)	417,621			411,367			409,904			407,353			408,594
Credit loss expense	15,787			13,650			15,981			11,185			9,901
Non-interest income:
Trust and investment management fees	41,404			39,085			40,163			37,616			39,392
Service charges on deposit accounts	26,114			24,795			24,535			23,603			23,487
Insurance commissions and fees	13,919			18,296			12,743			13,636			12,940
Interchange and card transaction fees	5,351			4,474			4,608			4,672			5,250
Other charges, commissions, and fees	13,020			12,060			12,104			13,128			12,090
Net gain (loss) on securities transactions	—			—			—			12			33
Other	11,382			12,667			19,598			13,331			10,336
Total non-interest income	111,190			111,377			113,751			105,998			103,528

Non-interest expense:
Salaries and wages	151,237			148,000			146,616			137,562			133,195
Employee benefits	28,802			35,970			28,065			26,527			26,792
Net occupancy	32,374			31,778			30,752			31,581			31,714
Technology, furniture, and equipment	35,951			34,995			34,484			35,278			33,043
Deposit insurance	8,383			14,724			58,109			6,033			6,202
Other	60,217			60,750			67,196			56,275			54,096
Total non-interest expense	316,964			326,217			365,222			293,256			285,042
Income before income taxes	175,151			161,561			120,700			186,983			193,851
Income taxes	29,652			25,871			18,149			31,332			31,733
Net income	145,499			135,690			102,551			155,651			162,118
Preferred stock dividends	1,669			1,669			1,669			1,668			1,669
Net income available to common shareholders	$	143,830		$	134,021		$	100,882		$	153,983		$	160,449

PER COMMON SHARE DATA
Earnings per common share - basic	$	2.21		$	2.06		$	1.55		$	2.38		$	2.47
Earnings per common share - diluted	2.21			2.06			1.55			2.38			2.47
Cash dividends per common share	0.92			0.92			0.92			0.92			0.87
Book value per common share at end of quarter	55.02			54.36			55.64			44.59			50.55

OUTSTANDING COMMON SHARES
Period-end common shares	63,989			64,251			64,185			64,017			64,120
Weighted-average common shares - basic	64,193			64,216			64,139			64,067			64,241
Dilutive effect of stock compensation	140			156			176			172			187
Weighted-average common shares - diluted	64,333			64,372			64,315			64,239			64,428

SELECTED ANNUALIZED RATIOS
Return on average assets	1.18		%	1.09		%	0.82		%	1.25		%	1.30		%
Return on average common equity	17.08			15.22			13.51			18.93			19.36
Net interest income to average earning assets	3.54			3.48			3.41			3.44			3.45

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


Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

	2024						2023
	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans	$	19,652		$	19,112		$	18,609		$	17,965		$	17,664
Earning assets	45,527			45,883			45,579			45,366			45,929
Total assets	48,960			49,324			49,087			48,804			49,317
Non-interest-bearing demand deposits	13,679			13,976			14,697			14,823			15,231
Interest-bearing deposits	26,831			26,748			26,487			26,005			25,776
Total deposits	40,510			40,724			41,184			40,828			41,007
Shareholders' equity	3,533			3,687			3,108			3,372			3,470

Period-End Balance:
Loans	$	19,996		$	19,388		$	18,824		$	18,399		$	17,746
Earning assets	45,344			46,164			47,124			45,218			45,146
Total assets	48,843			49,505			50,845			48,747			48,597
Total deposits	40,318			40,806			41,921			40,992			40,701
Shareholders' equity	3,666			3,638			3,716			3,000			3,387
Adjusted shareholders' equity (1)	4,975			4,914			4,836			4,779			4,692

ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:	$	256,307		$	250,297		$	245,996		$	242,235		$	233,619
As a percentage of period-end loans	1.28		%	1.29		%	1.31		%	1.32		%	1.32		%

Net charge-offs:	$	9,726		$	7,349		$	10,884		$	4,992		$	9,828
Annualized as a percentage of average loans	0.20		%	0.15		%	0.23		%	0.11		%	0.22		%

Non-accrual loans:	$	74,987		$	71,515		$	60,907		$	67,175		$	67,781
As a percentage of total loans	0.38		%	0.37		%	0.32		%	0.37		%	0.38		%
As a percentage of total assets	0.15			0.14			0.12			0.14			0.14

CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio	13.35		%	13.41		%	13.25		%	13.32		%	13.42		%
Tier 1 Risk-Based Capital Ratio	13.82			13.89			13.73			13.81			13.92
Total Risk-Based Capital Ratio	15.27			15.35			15.18			15.28			15.39
Leverage Ratio	8.62			8.44			8.35			8.17			8.11
Equity to Assets Ratio (period-end)	7.51			7.35			7.31			6.15			6.97
Equity to Assets Ratio (average)	7.22			7.47			6.33			6.91			7.04

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


Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
	Six Months Ended
	June 30,
	2024			2023
CONDENSED INCOME STATEMENTS
Net interest income	786,763			785,086
Net interest income (1)	828,988			834,438
Credit loss expense	29,437			19,005
Non-interest income:
Trust and investment management fees	80,489			75,536
Service charges on deposit accounts	50,909			45,366
Insurance commissions and fees	32,215			31,892
Interchange and card transaction fees	9,825			10,139
Other charges, commissions and fees	25,080			23,794
Net gain (loss) on securities transactions	—			54
Other	24,049			22,012
Total non-interest income	222,567			208,793

Non-interest expense:
Salaries and wages	299,237			263,540
Employee benefits	64,772			60,714
Net occupancy	64,152			62,063
Technology, furniture and equipment	70,946			65,524
Deposit insurance	23,107			12,447
Other	120,967			105,896
Total non-interest expense	643,181			570,184
Income before income taxes	336,712			404,690
Income taxes	55,523			64,919
Net income	281,189			339,771
Preferred stock dividends	3,338			3,338
Net income available to common shareholders	$	277,851		$	336,433

PER COMMON SHARE DATA
Earnings per common share - basic	$	4.27		$	5.18
Earnings per common share - diluted	4.27			5.17
Cash dividends per common share	$	1.84		$	1.74
Book value per common share at end of quarter	55.02			50.55

OUTSTANDING COMMON SHARES
Period-end common shares	63,989			64,120
Weighted-average common shares - basic	64,205			64,307
Dilutive effect of stock compensation	147			225
Weighted-average common shares - diluted	64,352			64,532

SELECTED ANNUALIZED RATIOS
Return on average assets	1.14		%	1.35		%
Return on average common equity	16.13			20.92
Net interest income to average earning assets	3.51			3.46

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


Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

	As of or for the
	Six Months Ended
	June 30,
	2024			2023
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans	$	19,382		$	17,493
Earning assets	45,705			46,911
Total assets	49,142			50,320
Non-interest-bearing demand deposits	13,827			15,930
Interest-bearing deposits	26,790			25,947
Total deposits	40,617			41,877
Shareholders' equity	3,610			3,388

Period-End Balance:
Loans	$	19,996		$	17,746
Earning assets	45,344			45,146
Total assets	48,843			48,597
Total deposits	40,318			40,701
Shareholders' equity	3,666			3,387
Adjusted shareholders' equity (1)	4,975			4,692

ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:	$	256,307		$	233,619
As a percentage of period-end loans	1.28		%	1.32		%

Net charge-offs:	17,075			18,610
Annualized as a percentage of average loans	0.18		%	0.21		%

Non-accrual loans:	$	74,987		$	67,781
As a percentage of total loans	0.38		%	0.38		%
As a percentage of total assets	0.15			0.14

CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio	13.35		%	13.42		%
Tier 1 Risk-Based Capital Ratio	13.82			13.92
Total Risk-Based Capital Ratio	15.27			15.39
Leverage Ratio	8.62			8.11
Equity to Assets Ratio (period-end)	7.51			6.97
Equity to Assets Ratio (average)	7.35			6.73

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


	(210)	220-4011
(Registrant's telephone number, including area code)


Cullen/Frost Bankers, Inc.
TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)

	2024						2023
	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
TAXABLE-EQUIVALENT YIELD/COST(1)
Earning Assets:
Interest-bearing deposits	5.40		%	5.40		%	5.39		%	5.33		%	5.05		%
Federal funds sold	5.78			5.76			5.73			5.65			5.35
Resell agreements	5.60			5.60			5.60			5.53			5.26
Securities(2)	3.38			3.32			3.24			3.24			3.24
Loans, net of unearned discounts	7.08			7.00			6.92			6.83			6.64
Total earning assets	5.23			5.13			5.00			4.92			4.77

Interest-Bearing Liabilities:
Interest-bearing deposits:
Savings and interest checking	0.39		%	0.42		%	0.40		%	0.38		%	0.41		%
Money market deposit accounts	2.83			2.82			2.83			2.78			2.68
Time accounts	4.77			4.73			4.59			4.34			3.77
Total interest-bearing deposits	2.39			2.34			2.27			2.12			1.87
Total deposits	1.58			1.54			1.46			1.35			1.18
Federal funds purchased	5.39			5.38			5.40			5.32			4.97
Repurchase agreements	3.75			3.76			3.75			3.67			3.52
Junior subordinated deferrable interest debentures	7.47			7.34			7.45			7.34			6.84
Subordinated notes payable and other notes	4.69			4.69			4.69			4.69			4.69

Total interest-bearing liabilities	2.59			2.54			2.48			2.33			2.11

Net interest spread	2.64			2.59			2.52			2.59			2.66
Net interest income to total average earning assets	3.54			3.48			3.41			3.44			3.45

AVERAGE BALANCES
($ in millions)
Earning Assets:
Interest-bearing deposits	$	7,156		$	7,356		$	7,047		$	6,747		$	6,880
Federal funds sold	5			5			3			13			22
Resell agreements	85			85			86			85			85
Securities - carrying value(2)	18,629			19,324			19,834			20,557			21,278
Securities - amortized cost(2)	20,400			20,813			21,969			22,250			22,737
Loans, net of unearned discount	19,652			19,112			18,609			17,965			17,664
Total earning assets	45,527			45,883			45,579			45,366			45,929

Interest-Bearing Liabilities:
Interest-bearing deposits:
Savings and interest checking	$	9,716		$	9,918		$	9,986		$	10,202		$	10,862
Money market deposit accounts	11,009			11,058			11,219			11,144			11,431
Time accounts	6,106			5,773			5,282			4,659			3,483
Total interest-bearing deposits	26,831			26,748			26,487			26,005			25,776
Total deposits	40,510			40,724			41,184			40,828			41,007
Federal funds purchased	40			33			18			21			33
Repurchase agreements	3,827			3,787			3,761			3,536			3,719
Junior subordinated deferrable interest debentures	123			123			123			123			123
Subordinated notes payable and other notes	100			100			99			99			99

Total interest-bearing liabilities	30,921			30,791			30,488			29,785			29,750

(1) Taxable-equivalent basis assuming a 21% tax rate.
(2) Average securities include unrealized gains and losses on securities available for sale while yields are based on average amortized cost.