Cullen/Frost Bankers Inc

CFR

Equity

ISIN US2298991090 / Valor 923209

New York Stock Exchange, Inc (2024-12-26)

USD 136.61+0.48%

Cullen/Frost Bankers Inc
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About company

Cullen/Frost Bankers Inc., operating primarily through its subsidiaries Frost Bank, Frost Brokerage Services, Inc., and Frost Investment Services, LLC, is a financial services company that offers a broad range of products and services. These include traditional banking services, brokerage services, and investment advisory services. Notably, its brokerage services are provided through Frost Brokerage Services, Inc., a member of FINRA/SIPC, while its investment advisory services are offered through Frost Investment Services, LLC, a registered investment adviser. The company has demonstrated a commitment to innovation and customer service, as evidenced by its early adoption of online banking in 2000, its strategic decision to decline TARP bailout funds in 2008, a significant expansion of its ATM network in 2012, and the launch of mobile banking apps for iPhone® and Android™ devices in 2013. Additionally, in 2014, Cullen/Frost introduced industry-leading Debit Card Alerts, further enhancing its banking security features. Despite the wide range of services offered, it is important to note that investment and insurance products provided by the company are not FDIC insured, are not bank guaranteed, and may lose value, indicating the inherent risks associated with these financial products.

Summarized from source with an LLMView SourceSector: Finance

Net Income Decline

Cullen/Frost Bankers Inc. reported a net income available to common shareholders of $144.8 million for the third quarter of 2024, a decrease from $154.0 million in the same quarter of 2023. On a per-share basis, this equates to $2.24 per diluted common share, down from $2.38 per diluted common share a year earlier. The returns on average assets and average common equity were 1.16 percent and 15.48 percent, respectively, compared to 1.25 percent and 18.93 percent in the third quarter of 2023.

Interest Income Growth

For the third quarter of 2024, Cullen/Frost Bankers Inc. reported net interest income on a taxable-equivalent basis of $425.2 million, marking a 4.4 percent increase from the $407.4 million reported in the third quarter of 2023. The net interest margin for the quarter was 3.56 percent, slightly up from 3.54 percent in the second quarter of 2024 and 3.44 percent in the third quarter of 2023.

Loan and Deposit Changes

Average loans for Cullen/Frost Bankers Inc. in the third quarter of 2024 increased by $2.1 billion, or 11.8 percent, to $20.1 billion compared to the same period in 2023. Average deposits decreased by $94.7 million, or 0.2 percent, to $40.7 billion compared to the third quarter of 2023, but increased by $223.3 million, or 0.6 percent, from the second quarter of 2024.

Non-Interest Income and Expenses

Non-interest income for Cullen/Frost Bankers Inc. in the third quarter of 2024 was $113.7 million, a 7.3 percent increase from the $106.0 million reported in the third quarter of 2023. Non-interest expenses rose to $323.4 million, up 10.3 percent from $293.3 million in the same quarter of the previous year, driven by increases in salaries, wages, and other operational costs.

Dividend Announcement

The board of Cullen/Frost Bankers Inc. declared a fourth-quarter cash dividend of $0.95 per common share, payable on December 13, 2024, to shareholders of record on November 29, 2024. Additionally, a cash dividend of $11.125 per share of Series B Preferred Stock was declared, payable on December 16, 2024, to shareholders of record on the same date.

Summarized from source with an LLMView Source

Key figures

26.5%1Y

8.87%3Y

38.9%5Y

Performance

27.9%1Y

32.4%3Y

40.2%5Y

Volatility