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 Common Equity Tier 1, Tier 1 and Total Risk-Based Capital
Ratios at the end of the first quarter of 2023 were 13.24 percent,
13.74 percent and 15.22 percent, respectively, and continue to be
in excess of well-capitalized levels and exceed Basel III minimum
requirements.
- Net interest income on a taxable-equivalent basis was
$425.8 million, an increase of 56.4
percent, compared to the prior year period. Net interest margin was
3.47 percent for the first quarter of 2023 compared to 3.31 percent
for the fourth quarter of 2022 and compared to 2.33 percent for the
first quarter of 2022.
- Non-interest income for the first quarter of 2023 totaled
$105.3 million, an increase of
$3.9 million, or 3.8 percent, from
the $101.4 million reported for the
first quarter of 2022. Insurance commissions and fees increased
$2.3 million, or 14.1 percent,
compared to the first quarter of 2022. The increase during the
first quarter of 2023 was primarily the result of increases in
contingent income (up $1.4 million)
and commission income (up $971,000).
Other non-interest income increased $2.1
million, or 22.5 percent, compared to the first quarter of
2022. The increase was mainly driven by increases in sundry and
other miscellaneous income (up $1.3
million) and income from customer derivative and securities
trading transactions (up $482,000),
among other things. Other charges, commissions and fees increased
$2.1 million, or 21.6 percent,
compared to the first quarter of 2022. The increase was primarily
related to increases in income from the placement of money market
accounts (up $1.5 million) and other
service charges (up $609,000), among
other things, partly offset by a decrease in income from the sale
of mutual funds (down $862,000). The
increases in these items was partly offset by a decrease of
$2.5 million, or 6.5 percent, in
trust and investment management fees, primarily due a decrease in
investment management fees (down $2.1
million).
- Non-interest expense was $285.1
million for the quarter, up $46.4
million, or 19.4 percent, compared to the $238.7 million reported for the first quarter a
year earlier. Salaries and wages expense increased $19.0 million, or 17.1 percent, compared to the
first quarter of 2022. The increase in salaries and wages was
primarily related to an increase in salaries, due to annual merit
and market increases, and an increase in the number of employees.
The increase in the number of employees was partly related to our
investments in organic expansion in the Houston and Dallas markets as well as preparations for our
mortgage loan product offering. Employee benefits expense increased
by $9.7 million, or 40.1 percent,
compared with the first quarter of 2022. The increase in employee
benefits expense was related to increases in 401(k) plan expense,
payroll taxes and medical benefits expense, among other things.
Other non-interest expense increased $8.9
million, or 20.7 percent, compared to the first quarter of
2022. The increase during the first quarter of 2023 included
increases in professional services expense (up $2.3 million), primarily driven by IT-related
services; travel, meals and entertainment (up $1.4 million); sundry and other miscellaneous
expenses (up $1.4 million),
advertising/promotions expense (up $1.2
million); check card expense (up $903,000); and business development expense (up
$719,000).
- For the first quarter of 2023, the company reported a credit
loss expense of $9.1 million, and
reported net charge-offs of $8.8
million. This compares to a credit loss expense of
$3.0 million and net loan charge-offs
of $3.8 million for the fourth
quarter of 2022 and no credit loss expense and net loan charge-offs
of $6.3 million for the first quarter
of 2022. The allowance for credit losses on loans as a percentage
of total loans was 1.32 percent at March 31,
2023, compared to 1.33 percent at the end of the fourth
quarter of 2022 and 1.49 percent at the end of the first quarter of
2022. Non-accrual loans were $38.4
million at the end of the first quarter of 2023, compared to
$37.8 million at the end of the
fourth quarter of 2022 and $49.0
million at the end of the first quarter of 2022.
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:
- 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 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
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SOURCE Cullen/Frost Bankers, Inc.