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PRNewswire 25-Jan-2024 9:00 AM
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 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:
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
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SOURCE Cullen/Frost Bankers, Inc.