We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cullen Frost Bankers Inc | NYSE:CFR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.83 | 0.72% | 115.37 | 116.39 | 113.3991 | 113.86 | 446,712 | 23:56:32 |
Board declares second quarter dividend on common and preferred stock
SAN ANTONIO, April 27, 2023 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported first quarter 2023 results. Net income available to common shareholders for the first quarter of 2023 was $176.0 million compared to $97.4 million in the first quarter of 2022. On a per-share basis, net income available to common shareholders for the first quarter of 2023 was $2.70 per diluted common share, compared to $1.50 per diluted common share reported a year earlier, representing an 80.0 percent increase. Returns on average assets and average common equity were 1.39 percent and 22.59 percent, respectively, for the first quarter of 2023 compared to 0.79 percent and 9.58 percent, respectively, for the same period a year earlier.
For the first quarter of 2023, net interest income on a taxable-equivalent basis was $425.8 million, up 56.4 percent, compared to the same quarter in 2022. Average loans for the first quarter of 2023 increased $932.6 million, or 5.7 percent, to $17.3 billion, from the $16.4 billion reported for the first quarter a year earlier. Excluding PPP loans, first quarter average loans of $17.3 billion represented a 7.5 percent increase compared to the first quarter of 2022 and a 1.6 percent increase compared to the fourth quarter of 2022.
Average deposits for the first quarter were $42.8 billion, down $204.5 million, or 0.5 percent, compared to the $43.0 billion reported for last year's first quarter, and down $2.0 billion, or 4.5 percent, compared to the fourth quarter of 2022. During the first quarter, impacted by the higher interest rate environment, we saw a continuation of the declining trend in non-interest bearing deposit balances that began in the fourth quarter of 2022. Average non-interest bearing deposits were down $1.3 billion or 7.5 percent from the fourth quarter. Average interest-bearing deposits were down $658 million or 2.5 percent from the fourth quarter but the decrease was mostly offset by a $636 million increase in average repurchase account balances due to some customer movement between products.
"These strong results reflect the enduring soundness of our business model and provide further evidence that our organic growth strategy is both durable and scalable," said Phil Green, Cullen/Frost Chairman and CEO. "Frost employees are doing a great job of executing our organic growth strategy, taking advantage of the opportunities we have to continue adding new relationships and growing the business in our markets across the state. Our investments in expansion, in our employees, and in other strategic areas of the business continue to position us well to provide our customers with outstanding experiences over the long term."
Noted financial data for the first quarter of 2023 follows:
The Cullen/Frost board declared a second-quarter cash dividend of $0.87 per common share. The dividend on common stock is payable June 15, 2023 to shareholders of record on May 31 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 June 15, 2023 to shareholders of record on May 31 of this year.
Cullen/Frost Bankers, Inc. will host a conference call on Thursday, April 27, 2023, 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, April 30, 2023 at 1-877-660-6853 with Conference ID # of 13737708. 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 $51.2 billion in assets at March 31, 2023. 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"), 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:
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 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 | ||||||||
1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | |||||
CONDENSED INCOME STATEMENTS | |||||||||
Net interest income | $ 399,820 | $ 398,457 | $ 355,547 | $ 288,208 | $ 249,071 | ||||
Net interest income (1) | 425,844 | 423,892 | 379,518 | 311,377 | 272,194 | ||||
Credit loss expense | 9,104 | 3,000 | — | — | — | ||||
Non-interest income: | |||||||||
Trust and investment management fees | 36,144 | 39,695 | 38,552 | 37,776 | 38,656 | ||||
Service charges on deposit accounts | 21,879 | 22,321 | 22,960 | 23,870 | 22,740 | ||||
Insurance commissions and fees | 18,952 | 11,674 | 13,152 | 11,776 | 16,608 | ||||
Interchange and card transaction fees | 4,889 | 4,480 | 4,614 | 4,911 | 4,226 | ||||
Other charges, commissions and fees | 11,704 | 10,981 | 11,095 | 9,887 | 9,627 | ||||
Net gain (loss) on securities transactions | 21 | — | — | — | — | ||||
Other | 11,676 | 16,529 | 9,448 | 9,707 | 9,533 | ||||
Total non-interest income | 105,265 | 105,680 | 99,821 | 97,927 | 101,390 | ||||
Non-interest expense: | |||||||||
Salaries and wages | 130,345 | 136,697 | 127,189 | 116,881 | 111,329 | ||||
Employee benefits | 33,922 | 21,975 | 21,680 | 20,733 | 24,220 | ||||
Net occupancy | 30,349 | 28,572 | 28,133 | 28,379 | 27,411 | ||||
Technology, furniture and equipment | 32,481 | 30,912 | 30,781 | 29,921 | 29,157 | ||||
Deposit insurance | 6,245 | 3,967 | 4,279 | 3,724 | 3,633 | ||||
Intangible amortization | 96 | 100 | 103 | 131 | 146 | ||||
Other | 51,704 | 59,074 | 45,733 | 46,578 | 42,836 | ||||
Total non-interest expense | 285,142 | 281,297 | 257,898 | 246,347 | 238,732 | ||||
Income before income taxes | 210,839 | 219,840 | 197,470 | 139,788 | 111,729 | ||||
Income taxes | 33,186 | 28,666 | 27,710 | 20,674 | 12,627 | ||||
Net income | 177,653 | 191,174 | 169,760 | 119,114 | 99,102 | ||||
Preferred stock dividends | 1,669 | 1,669 | 1,668 | 1,669 | 1,669 | ||||
Net income available to common shareholders | $ 175,984 | $ 189,505 | $ 168,092 | $ 117,445 | $ 97,433 | ||||
PER COMMON SHARE DATA | |||||||||
Earnings per common share - basic | $ 2.71 | $ 2.92 | $ 2.60 | $ 1.82 | $ 1.51 | ||||
Earnings per common share - diluted | 2.70 | 2.91 | 2.59 | 1.81 | 1.50 | ||||
Cash dividends per common share | 0.87 | 0.87 | 0.87 | 0.75 | 0.75 | ||||
Book value per common share at end of quarter | 51.59 | 46.49 | 41.53 | 49.93 | 56.65 | ||||
OUTSTANDING COMMON SHARES | |||||||||
Period-end common shares | 64,396 | 64,355 | 64,211 | 64,123 | 64,094 | ||||
Weighted-average common shares - basic | 64,374 | 64,303 | 64,158 | 64,113 | 64,051 | ||||
Dilutive effect of stock compensation | 258 | 344 | 343 | 354 | 410 | ||||
Weighted-average common shares - diluted | 64,632 | 64,647 | 64,501 | 64,467 | 64,461 | ||||
SELECTED ANNUALIZED RATIOS | |||||||||
Return on average assets | 1.39 % | 1.44 % | 1.27 % | 0.92 % | 0.79 % | ||||
Return on average common equity | 22.59 | 27.16 | 20.13 | 13.88 | 9.58 | ||||
Net interest income to average earning assets | 3.47 | 3.31 | 3.01 | 2.56 | 2.33 | ||||
(1) Taxable-equivalent basis assuming a 21% tax rate. |
Cullen/Frost Bankers, Inc. | |||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | |||||||||
2023 | 2022 | ||||||||
1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | |||||
BALANCE SHEET SUMMARY | |||||||||
($ in millions) | |||||||||
Average Balance: | |||||||||
Loans | $ 17,319 | $ 17,063 | $ 16,823 | $ 16,674 | $ 16,386 | ||||
Loans excluding Paycheck Protection Program | 17,287 | 17,020 | 16,752 | 16,531 | 16,084 | ||||
Earning assets | 47,904 | 48,867 | 49,062 | 47,880 | 47,339 | ||||
Total assets | 51,307 | 52,284 | 52,383 | 51,088 | 50,323 | ||||
Non-interest-bearing demand deposits | 16,636 | 17,980 | 18,511 | 18,355 | 17,961 | ||||
Interest-bearing deposits | 26,121 | 26,779 | 27,292 | 26,371 | 25,001 | ||||
Total deposits | 42,757 | 44,759 | 45,803 | 44,726 | 42,962 | ||||
Shareholders' equity | 3,305 | 2,913 | 3,459 | 3,540 | 4,270 | ||||
Period-End Balance: | |||||||||
Loans | $ 17,486 | $ 17,155 | $ 16,951 | $ 16,736 | $ 16,543 | ||||
Loans excluding Paycheck Protection Program | 17,458 | 17,120 | 16,900 | 16,644 | 16,335 | ||||
Earning assets | 47,870 | 49,402 | 49,517 | 48,404 | 48,107 | ||||
Goodwill and intangible assets | 655 | 655 | 655 | 656 | 656 | ||||
Total assets | 51,246 | 52,892 | 52,946 | 51,785 | 51,296 | ||||
Total deposits | 42,184 | 43,954 | 46,560 | 45,602 | 44,431 | ||||
Shareholders' equity | 3,468 | 3,137 | 2,812 | 3,347 | 3,776 | ||||
Adjusted shareholders' equity (1) | 4,610 | 4,486 | 4,341 | 4,221 | 4,148 | ||||
ASSET QUALITY | |||||||||
($ in thousands) | |||||||||
Allowance for credit losses on loans: | $ 231,514 | $ 227,621 | $ 234,315 | $ 239,632 | $ 246,835 | ||||
As a percentage of period-end loans | 1.32 % | 1.33 % | 1.38 % | 1.43 % | 1.49 % | ||||
Net charge-offs: | $ 8,782 | $ 3,810 | $ 2,854 | $ 2,807 | $ 6,295 | ||||
Annualized as a percentage of average loans | 0.21 % | 0.09 % | 0.07 % | 0.07 % | 0.16 % | ||||
Non-accrual loans: | $ 38,410 | $ 37,833 | $ 29,904 | $ 35,125 | $ 48,966 | ||||
As a percentage of total loans | 0.22 % | 0.22 % | 0.18 % | 0.21 % | 0.30 % | ||||
As a percentage of total assets | 0.07 | 0.07 | 0.06 | 0.07 | 0.10 | ||||
CONSOLIDATED CAPITAL RATIOS | |||||||||
Common Equity Tier 1 Risk-Based Capital Ratio | 13.24 % | 12.85 % | 12.74 % | 12.64 % | 12.78 % | ||||
Tier 1 Risk-Based Capital Ratio | 13.74 | 13.35 | 13.26 | 13.17 | 13.32 | ||||
Total Risk-Based Capital Ratio | 15.22 | 14.84 | 14.80 | 14.75 | 14.97 | ||||
Leverage Ratio | 7.69 | 7.29 | 7.09 | 7.03 | 7.08 | ||||
Equity to Assets Ratio (period-end) | 6.77 | 5.93 | 5.31 | 6.46 | 7.36 | ||||
Equity to Assets Ratio (average) | 6.44 | 5.57 | 6.60 | 6.93 | 8.48 | ||||
(1) Shareholders' equity excluding accumulated other comprehensive income (loss). |
Cullen/Frost Bankers, Inc. | |||||||||
TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED) | |||||||||
2023 | 2022 | ||||||||
1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | |||||
TAXABLE-EQUIVALENT YIELD/COST(1) | |||||||||
Earning Assets: | |||||||||
Interest-bearing deposits | 4.57 % | 3.70 % | 2.27 % | 0.80 % | 0.18 % | ||||
Federal funds sold | 4.72 | 3.88 | 2.44 | 1.26 | 0.37 | ||||
Resell agreements | 4.77 | 4.14 | 2.39 | 1.32 | 0.27 | ||||
Securities | 3.24 | 3.09 | 2.94 | 2.87 | 2.88 | ||||
Loans, net of unearned discounts | 6.36 | 5.80 | 4.89 | 4.04 | 3.74 | ||||
Total earning assets | 4.57 | 4.14 | 3.43 | 2.71 | 2.39 | ||||
Interest-Bearing Liabilities: | |||||||||
Interest-bearing deposits: | |||||||||
Savings and interest checking | 0.36 | 0.27 | 0.07 | 0.04 | 0.01 | ||||
Money market deposit accounts | 2.47 | 1.94 | 1.08 | 0.35 | 0.12 | ||||
Time accounts | 2.40 | 1.52 | 0.99 | 0.64 | 0.29 | ||||
Total interest-bearing deposits | 1.52 | 1.16 | 0.62 | 0.22 | 0.08 | ||||
Total deposits | 0.93 | 0.69 | 0.37 | 0.13 | 0.05 | ||||
Federal funds purchased | 4.55 | 3.78 | 2.33 | 0.84 | 0.17 | ||||
Repurchase agreements | 3.20 | 2.69 | 1.50 | 0.41 | 0.10 | ||||
Junior subordinated deferrable interest debentures | 6.46 | 5.39 | 3.77 | 2.51 | 1.90 | ||||
Subordinated notes payable and other notes | 4.69 | 4.69 | 4.69 | 4.69 | 4.69 | ||||
Total interest-bearing liabilities | 1.79 | 1.37 | 0.71 | 0.26 | 0.11 | ||||
Net interest spread | 2.78 | 2.77 | 2.72 | 2.45 | 2.28 | ||||
Net interest income to total average earning assets | 3.47 | 3.31 | 3.01 | 2.56 | 2.33 | ||||
AVERAGE BALANCES | |||||||||
($ in millions) | |||||||||
Assets: | |||||||||
Interest-bearing deposits | $ 8,687 | $ 11,574 | $ 12,776 | $ 13,041 | $ 13,766 | ||||
Federal funds sold | 64 | 52 | 51 | 31 | 14 | ||||
Resell agreements | 90 | 49 | 10 | 3 | 6 | ||||
Securities | 21,744 | 20,129 | 19,402 | 18,130 | 17,166 | ||||
Loans, net of unearned discount | 17,319 | 17,063 | 16,823 | 16,674 | 16,386 | ||||
Total earning assets | $ 47,904 | $ 48,867 | $ 49,062 | $ 47,880 | $ 47,339 | ||||
Liabilities: | |||||||||
Interest-bearing deposits: | |||||||||
Savings and interest checking | $ 11,662 | $ 12,113 | $ 12,235 | $ 12,336 | $ 11,955 | ||||
Money market deposit accounts | 12,404 | 12,958 | 13,466 | 12,608 | 11,859 | ||||
Time accounts | 2,055 | 1,708 | 1,591 | 1,427 | 1,187 | ||||
Total interest-bearing deposits | 26,121 | 26,779 | 27,292 | 26,371 | 25,001 | ||||
Total deposits | 42,757 | 44,759 | 45,803 | 44,726 | 42,962 | ||||
Federal funds purchased | 51 | 37 | 42 | 36 | 28 | ||||
Repurchase agreements | 4,211 | 3,575 | 1,960 | 1,743 | 2,052 | ||||
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 | $ 30,606 | $ 30,613 | $ 29,516 | $ 28,372 | $ 27,302 | ||||
(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
View original content to download multimedia:https://www.prnewswire.com/news-releases/cullenfrost-reports-first-quarter-results-301809631.html
SOURCE Cullen/Frost Bankers, Inc.
Copyright 2023 PR Newswire
1 Year Cullen Frost Bankers Chart |
1 Month Cullen Frost Bankers Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions