There will also be a live webcast of the call. To access the webcast, go to https://investor.frostbank.com/. SAN ANTONIO, July 8, 2024 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE:CFR) will host a conference call on Thursday, July 25, 2024 to discuss second quarter 2024 earnings. Conference Call and Live Webcast: The conference call will begin at 1:00 p.m. CT (2:00 p.m. Eastern) and will be hosted by Phil Green, Chairman and CEO, Jerry Salinas, Group Executive Vice President and CFO and A.B. Mendez, Sen ...

SAN ANTONIO, July 1, 2024 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE: CFR) announced today that Jerry Salinas, group executive vice president & chief financial officer of Cullen/Frost and Frost Bank, has decided to retire at the end of 2024. Salinas has worked at Frost since 1986 in several positions, including being named bank and corporate controller in 1989 and treasurer in 1997. He became senior executive vice president and treasurer in 2001 and was named to his current position in 2015. "If you t ...

Cullen/Frost's remarkable growth in NII indicates that organic growth is a key strength. Over the previous five years (2018–2023), the metric registered a CAGR of 10.2%. High interest rates and steady credit growth provided support for this. Although NII declined in the first quarter of 2024, the current high interest rate environment, the expected decline in deposit costs, decent loan demand and exposure to non-interest-bearing deposits will likely boost NII in the upcoming period. In the first quarter of ...

Calvin Sienatra Banking ETF (KRE): VAL -9 10% Cullen/Frost Bankers Inc (CFR) Price % Change SPDR® S&P Regional Banking ETF (KRE) Price % Change -4.36% 6.00% 0.00% -9.10% -12.00% Apr '24 Jun '24 May 24 Seeking AlphaQ Jun 7, 2024, 4:28 PM EDT Powered by YC HARTS Data by YCharts Compared to an average price to book value of 0.94x for KRE's holdings, CFR trades at a much higher price to book value of 1.85x. Lastly, KRE's index dividend yield stands at 3.7%, compared to CFR's dividend yield of 3.65%, so they're ...

Shares of Cullen/Frost Bankers, Inc. (CFR) declined 5.2% despite better-than-expected first-quarter 2024 earnings. Adjusted earnings per share (excluding the impact of FDIC surcharge) were $2.15, down 20.4% from the prior-year quarter. Nonetheless, the bottom line surpassed the Zacks Consensus Estimate of $2.13.Results were primarily aided by a rise in non-interest income and higher loan balances during the quarter. However, a rise in non-interest expenses and credit loss expenses and reduced net interest i ...

Financial Data and Key Metrics Changes - The company reported earnings of $134 million or $2.06 per share for the first quarter, down from $176 million or $2.70 per share in the same quarter last year, impacted by a $7.7 million FDIC insurance surcharge [66] - Return on average assets and average common equity were 1.09% and 15.22%, respectively, compared to 1.39% and 22.59% for the same period last year [46] - Average deposits decreased by 4.8% to $40.7 billion from $42.8 billion year-over-year, while average loans grew by 10.4% to $19.1 billion [68] Business Line Data and Key Metrics Changes - Insurance commissions and fees increased by $5.6 million or 44%, with property and casualty and benefit company bonuses contributing significantly [61] - Average consumer loans grew by an annualized 13% on a linked-quarter basis, reaching $3 billion in average balances [70] - New loan commitments booked in the first quarter were 24% less than the level booked in the first quarter of 2023 [50] Market Data and Key Metrics Changes - The company experienced a shift in deposit mix, with average non-interest-bearing demand deposits decreasing by 4.9% while interest-bearing deposits increased by 1% [80] - Problem loans totaled $809 million at the end of the first quarter, up from $571 million at the end of the fourth quarter and $347 million a year ago, primarily due to company-specific C&I loans [53] Company Strategy and Development Direction - The company continues to focus on organic growth, achieving significant deposit and loan goals in new market expansions, with Houston locations at 104% of deposit goals and Dallas at 174% [48] - The company plans to maintain a conservative approach to loan growth, with expectations of high single-digit growth for the full year [108] Management's Comments on Operating Environment and Future Outlook - Management noted that while deposit pressure eased in the broader market, the company continues to face competitive pressures on deposit costs [12] - The outlook for net interest income remains stable, with expectations for slight upward trends in net interest margin for the remainder of the year [83] Other Important Information - The company expects non-interest expense growth in the range of 6% to 8% for the full year, unchanged from previous guidance [109] - The effective tax rate for the full year is expected to be comparable to the previous year at 16.1% [109] Q&A Session Summary Question: What is driving the incremental pressure on deposit costs? - Management indicated that competitive pressures and customer behavior are influencing deposit costs, particularly in the non-interest-bearing segment [12] Question: How are problem loans expected to trend in the current environment? - Management does not foresee significant trends related to interest rates impacting problem loans, with most issues being company-specific [15][32] Question: What is the outlook for net interest income given the current market conditions? - Management expects net interest income growth in the range of 2% to 4%, with pressures from higher funding costs being a factor [83][86]

Financial Performance - Net interest income for the first three months of 2024 was $411.4 million, representing 77.8% of total revenue[188]. - Net income available to common shareholders was $134.0 million, or $2.06 per diluted common share, for the three months ended March 31, 2024, compared to $176.0 million, or $2.70 per diluted common share for the same period in 2023[195]. - Net income available to common shareholders decreased by $42.0 million, or 23.8%, for the three months ended March 31, 2024, compared to the same period in 2023[196]. - Non-interest income increased by $6.1 million, contributing to a total of $111.4 million for the three months ended March 31, 2024[196]. - Non-interest income increased by $3.4 million, or 8.1%, for the three months ended March 31, 2024, primarily due to an increase in trust and investment management fees[235]. - Total non-interest expense increased by $41.1 million, or 14.4%, compared to the same period in 2023[245]. Assets and Liabilities - The total assets as of March 31, 2024, were $49.3 billion, a decrease from $51.3 billion as of March 31, 2023[194]. - Total deposits amounted to $40.7 billion as of March 31, 2024, compared to $42.8 billion a year earlier[194]. - Average assets totaled $49.3 billion for the three months ended March 31, 2024, representing a decrease of $2.0 billion, or 3.9%, compared to the same period in 2023[238]. - The overall loan portfolio increased by $564.0 million, or 3.0%, from December 31, 2023, driven by a $338.0 million, or 3.8%, increase in commercial real estate loans and a $141.0 million, or 2.4%, increase in commercial and industrial loans[268]. Interest Rates and Margins - The net interest margin for the first quarter of 2024 was 3.48% compared to 3.47% for the same period in 2023[194]. - The average yield on loans was 7.00% for the first quarter of 2024, up from 6.36% in the same quarter of 2023[194]. - The average taxable-equivalent yield on loans increased by 64 basis points from 6.36% to 7.00% during the same period[205]. - The taxable-equivalent net interest margin increased by 1 basis point from 3.47% to 3.48% during the same period[216]. - Net interest spread decreased to 2.59% for the three months ended March 31, 2024, down from 2.78% in the same period in 2023[221]. Credit Losses and Allowances - The allowance for credit losses on loans and securities was $248.5 million as of March 31, 2024, compared to $227.5 million a year earlier[194]. - Credit loss expense for Q1 2024 totaled $13.7 million, up from $9.1 million in Q1 2023, indicating an increase in credit risk[253]. - The allowance for credit losses on loans was $250.3 million as of March 31, 2024, up from $246.0 million at December 31, 2023[260]. - The allowance allocated to commercial and industrial loans was $75.6 million, or 1.24% of total commercial and industrial loans, reflecting a slight increase from the previous quarter[261]. - The allowance for energy loans decreased to $14.2 million, or 1.52% of total energy loans, down 20.2% from $17.8 million at December 31, 2023[262]. - The allowance for consumer real estate loans increased to $13.9 million, or 0.54% of total consumer real estate loans, primarily due to an increase in modeled expected credit losses[263]. Employment and Expenses - Non-interest expense increased by $41.1 million, including $7.7 million related to a special FDIC deposit insurance assessment[196]. - Salaries and wages increased by $17.7 million, or 13.5%, due to annual merit increases and an increase in the number of employees[229]. - Employee benefits expense for Q1 2024 increased by $2.0 million, or 6.0%, compared to Q1 2023, primarily due to medical/dental benefits and payroll taxes[246]. - Technology, furniture, and equipment expense for Q1 2024 rose by $2.5 million, or 7.7%, compared to Q1 2023, mainly driven by cloud services and service contracts[248]. Market and Economic Outlook - The Federal Reserve projected a decrease in the federal funds rate to 4.6% by the end of 2024, indicating potential easing of monetary policy[192]. - The U.S. Nominal Gross Domestic Product annualized quarterly growth rate is projected to be 2.97% for the remainder of 2024, followed by 3.88% in 2025 and 3.83% through the first quarter of 2026[266]. - The average U.S. unemployment rate is expected to be 4.09% during the remainder of 2024, with projections of 4.15% in 2025 and 3.98% through the end of the forecast period[266]. Dividends and Shareholder Equity - A quarterly dividend of $0.92 per common share was paid during Q1 2024, compared to $0.87 in Q1 2023, resulting in payout ratios of 44.6% and 32.2%, respectively[295]. - Shareholders' equity decreased to $3.6 billion at March 31, 2024, from $3.7 billion at December 31, 2023, with net income of $135.7 million contributing to capital sources[311].

Cullen/Frost Bankers (CFR) reported $522.74 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 1.6%. EPS of $2.15 for the same period compares to $2.70 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $524.89 million, representing a surprise of -0.41%. The company delivered an EPS surprise of +0.94%, with the consensus EPS estimate being $2.13.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

Cullen/Frost Bankers (CFR) came out with quarterly earnings of $2.15 per share, beating the Zacks Consensus Estimate of $2.13 per share. This compares to earnings of $2.70 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 0.94%. A quarter ago, it was expected that this financial holding company would post earnings of $2.01 per share when it actually produced earnings of $2.18, delivering a surprise of 8.46%.Over the last four qu ...

[First Quarter 2024 Earnings Highlights](index=1&type=section&id=First%20Quarter%202024%20Earnings%20Highlights) Overview of Q1 2024 financial performance, including net income, EPS, and CEO commentary on growth [Q1 2024 Financial Performance Overview](index=1&type=section&id=Q1%202024%20Financial%20Performance%20Overview) Net income available to common shareholders decreased 20.4% to $134.0 million, impacted by FDIC assessment | Metric | Q1 2024 (Reported) | Q1 2024 (Adjusted for FDIC) | Q1 2023 | | :------------------------------------------ | :----------------- | :-------------------------- | :----------------- | | Net Income Available to Common Shareholders | $134.0 million | ~$140.1 million | N/A (implied by % change) | | Diluted EPS | $2.06 | $2.15 | $2.70 | | Return on Average Assets | 1.09% | 1.14% | 1.39% | | Return on Average Common Equity | 15.22% | 15.92% | 22.59% | - The Q1 2024 results were impacted by a **$7.7 million** (**$6.1 million** after tax) addition to the estimated FDIC special assessment[2](index=2&type=chunk) - Excluding this, net income available to common shareholders would have been approximately **$140.1 million**, and EPS **$2.15**[2](index=2&type=chunk) [CEO Commentary](index=2&type=section&id=CEO%20Commentary) CEO Phil Green highlighted solid Q1 earnings from organic growth, steady loans, and expanding customer relationships - Solid earnings for Q1 2024 are attributed to the company's organic growth strategy and the hard work of its bankers[9](index=9&type=chunk) - Frost experienced a steady increase in loans and consistent growth in both commercial and consumer relationships, reflecting enduring strength and stability[9](index=9&type=chunk) - The company continues to invest in future growth, including opening a second new location in its Austin expansion on April 1[9](index=9&type=chunk) [Detailed Financial Review](index=2&type=section&id=Detailed%20Financial%20Review) Comprehensive review of net interest income, non-interest income and expense, and credit quality for Q1 2024 [Net Interest Income and Margin](index=2&type=section&id=Net%20Interest%20Income%20and%20Margin) Net interest income decreased 3.4% to $411.4 million, with margin at 3.48%; average loans grew 10.4% | Metric | Q1 2024 | Q4 2023 | Q1 2023 | YoY Change (Q1 24 vs Q1 23) | QoQ Change (Q1 24 vs Q4 23) | | :-------------------------------------- | :--------------- | :--------------- | :--------------- | :-------------------------- | :-------------------------- | | Net Interest Income (Taxable-Equivalent) | $411.4 million | $409.9 million | $425.844 million | -3.4% | +0.37% | | Net Interest Margin | 3.48% | 3.41% | 3.47% | +0.01 pp | +0.07 pp | | Average Loans | $19.1 billion | $18.6 billion | $17.3 billion | +10.4% | +2.7% | | Average Deposits | $40.7 billion | $41.184 billion | $42.8 billion | -4.8% | -1.1% | - Average non-interest-bearing deposits were down **$720.2 million** (4.9%) from Q4 2023, while average interest-bearing deposits were up **$261.0 million** (1.0%) from Q4 2023[25](index=25&type=chunk) [Non-Interest Income](index=2&type=section&id=Non-Interest%20Income) Total non-interest income increased 5.8% to $111.4 million, driven by trust fees and service charges | Non-Interest Income Category | Q1 2024 ($M) | Q1 2023 ($M) | YoY Change ($M) | YoY Change (%) | | :------------------------------------ | :----------- | :----------- | :-------------- | :------------- | | Total Non-Interest Income | 111.4 | 105.3 | +6.1 | +5.8% |\ | Trust and Investment Management Fees | N/A | N/A | +2.9 | +8.1% |\ | Service Charges on Deposit Accounts | N/A | N/A | +2.9 | +13.3% |\ | Other Non-Interest Income | N/A | N/A | +0.991 | +8.5% | - The increase in trust and investment management fees was primarily related to an increase in investment management fees, driven by an increase in the value of customer assets under management[27](index=27&type=chunk) - Service charges on deposit accounts increased due to increases in commercial service charges (**$1.4 million**) and commercial and consumer overdraft charges (**$1.3 million**)[27](index=27&type=chunk) [Non-Interest Expense](index=3&type=section&id=Non-Interest%20Expense) Non-interest expense rose 14.4% to $326.2 million, primarily due to salaries, benefits, and FDIC assessment | Non-Interest Expense Category | Q1 2024 ($M) | Q1 2023 ($M) | YoY Change ($M) | YoY Change (%) | | :---------------------------------------- | :----------- | :----------- | :-------------- | :------------- | | Total Non-Interest Expense | 326.2 | 285.1 | +41.1 | +14.4% |\ | Total Non-Interest Expense (Excl. FDIC) | N/A | N/A | +33.4 | +11.7% |\ | Salaries and Wages | N/A | N/A | +17.7 | +13.5% |\ | Employee Benefits | N/A | N/A | +2.0 | +6.0% |\ | Other Non-Interest Expense | N/A | N/A | +9.0 | +17.3% |\ | Technology, Furniture, and Equipment | N/A | N/A | +2.5 | +7.7% | - The increase in salaries and wages was primarily related to annual merit and market increases and an increase in the number of employees, partly due to investment in organic expansion in Houston, Dallas, and Austin markets[11](index=11&type=chunk) - Technology, furniture, and equipment expense increased by **7.7%** primarily due to increases in cloud services expense[28](index=28&type=chunk) [Credit Quality](index=4&type=section&id=Credit%20Quality) Credit loss expense increased to $13.7 million, with non-accrual loans rising significantly to $71.5 million | Metric | Q1 2024 ($M) | Q4 2023 ($M) | Q1 2023 ($M) | YoY Change (Q1 24 vs Q1 23) | | :---------------------------------------- | :----------- | :----------- | :----------- | :-------------------------- | | Credit Loss Expense | 13.7 | 16.0 | 9.1 | +49.9% |\ | Net Charge-offs | 7.3 | 10.9 | 8.8 | -16.3% |\ | Allowance for Credit Losses on Loans (% of total loans) | 1.29% | 1.31% | 1.32% | -0.03 pp |\ | Non-accrual Loans | 71.5 | 60.9 | 38.4 | +86.2% | - Non-accrual loans as a percentage of total loans increased to **0.37%** in Q1 2024 from **0.22%** in Q1 2023[12](index=12&type=chunk) [Corporate Information and Outlook](index=4&type=section&id=Corporate%20Information%20and%20Outlook) Key corporate details, dividend declarations, forward-looking statements, and investor relations information [Dividend Declaration](index=4&type=section&id=Dividend%20Declaration) The board declared Q2 cash dividends of $0.92 per common share and $11.125 per Series B Preferred share | Dividend Type | Amount per Share | Record Date | Payment Date | | :------------------------ | :--------------- | :---------- | :----------- | | Common Stock | $0.92 | May 31, 2024| June 14, 2024|\ | Series B Preferred Stock | $11.125 | May 31, 2024| June 17, 2024|\ | Series B Depositary Share | $0.278125 | May 31, 2024| June 17, 2024| [Company Profile](index=5&type=section&id=Company%20Profile) Cullen/Frost Bankers, Inc., a San Antonio-based financial holding company, manages $49.5 billion in assets - Cullen/Frost Bankers, Inc. is a financial holding company headquartered in San Antonio, with **$49.5 billion** in assets at March 31, 2024[6](index=6&type=chunk) - Frost provides a wide range of banking, investments, and insurance services to businesses and individuals across Texas in key regions like Austin, Dallas, Houston, and San Antonio[6](index=6&type=chunk) - Founded in 1868, Frost has a history spanning three centuries, assisting clients with their financial needs[6](index=6&type=chunk) [Forward-Looking Statements and Risk Factors](index=6&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) Forward-looking statements are subject to risks from economic conditions, interest rates, regulations, and geopolitical events - Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected[15](index=15&type=chunk)[32](index=32&type=chunk) - Factors that could affect future results include changes in monetary and fiscal policies, inflation, interest rates, economic conditions, credit performance, technological changes, cyber incidents, and regulatory developments[32](index=32&type=chunk) - Financial markets and global supply chains may also be adversely affected by current or anticipated impacts of global wars/military conflicts, terrorism, or other geopolitical events[16](index=16&type=chunk) [Conference Call and Investor Relations](index=1&type=section&id=Conference%20Call%20and%20Investor%20Relations) A conference call for Q1 results was held on April 25, 2024, with playback and investor info online - A conference call to discuss Q1 2024 results was held on Thursday, April 25, 2024, at 1 p.m. Central Time (CT)[29](index=29&type=chunk) - Playback of the conference call was available until midnight Sunday, April 28, 2024[29](index=29&type=chunk) - Additional investor information and webcast replays are available on the Cullen/Frost investor relations website: https://investor.frostbank.com/[13](index=13&type=chunk)[29](index=29&type=chunk) [Consolidated Financial Summary (Unaudited)](index=7&type=section&id=Consolidated%20Financial%20Summary%20(Unaudited)) Unaudited consolidated financial statements, including income statements, balance sheets, and capital ratios [Condensed Income Statements](index=7&type=section&id=Condensed%20Income%20Statements) Unaudited condensed income statements detail quarterly financial performance, including net income and EPS, for Q1 2024 and 2023 | Metric | 2024 1st Qtr ($K) | 2023 4th Qtr ($K) | 2023 3rd Qtr ($K) | 2023 2nd Qtr ($K) | 2023 1st Qtr ($K) | | :-------------------------------------- | :---------------- | :---------------- | :---------------- | :---------------- | :---------------- | | Net interest income | $390,051 | $388,152 | $385,426 | $385,266 | $399,820 |\ | (1) Net interest income (Taxable-equiv) | 411,367 | 409,904 | 407,353 | 408,594 | 425,844 |\ | Credit loss expense | 13,650 | 15,981 | 11,185 | 9,901 | 9,104 |\ | Total non-interest income | 111,377 | 113,751 | 105,998 | 103,528 | 105,265 |\ | Total non-interest expense | 326,217 | 365,222 | 293,256 | 285,042 | 285,142 |\ | Income before income taxes | 161,561 | 120,700 | 186,983 | 193,851 | 210,839 |\ | Net income | 135,690 | 102,551 | 155,651 | 162,118 | 177,653 |\ | Net income available to common shareholders | $134,021 | $100,882 | $153,983 | $160,449 | $175,984 |\ | Earnings per common share - diluted | $2.06 | $1.55 | $2.38 | $2.47 | $2.70 |\ | Return on average assets | 1.09% | 0.82% | 1.25% | 1.30% | 1.39% |\ | Return on average common equity | 15.22% | 13.51% | 18.93% | 19.36% | 22.59% | [Balance Sheet Summary and Asset Quality](index=8&type=section&id=Balance%20Sheet%20Summary%20and%20Asset%20Quality) Summary of average and period-end balance sheet items, asset quality metrics, and consolidated capital ratios | Balance Sheet Metric | 2024 1st Qtr ($M) | 2023 4th Qtr ($M) | 2023 3rd Qtr ($M) | 2023 2nd Qtr ($M) | 2023 1st Qtr ($M) | | :---------------------------------------- | :---------------- | :---------------- | :---------------- | :---------------- | :---------------- | | **Average Balance:** | | | | | |\ | Loans | $19,112 | $18,609 | $17,965 | $17,664 | $17,319 |\ | Total assets | 49,324 | 49,087 | 48,804 | 49,317 | 51,307 |\ | Total deposits | 40,724 | 41,184 | 40,828 | 41,007 | 42,757 |\ | Shareholders' equity | 3,687 | 3,108 | 3,372 | 3,470 | 3,305 |\ | **Period-End Balance:** | | | | | |\ | Loans | $19,388 | $18,824 | $18,399 | $17,746 | $17,486 |\ | Total assets | 49,505 | 50,845 | 48,747 | 48,597 | 51,246 |\ | Total deposits | 40,806 | 41,921 | 40,992 | 40,701 | 42,184 |\ | Shareholders' equity | 3,638 | 3,716 | 3,000 | 3,387 | 3,468 | | Asset Quality Metric | 2024 1st Qtr ($K) | 2023 4th Qtr ($K) | 2023 3rd Qtr ($K) | 2023 2nd Qtr ($K) | 2023 1st Qtr ($K) | | :---------------------------------------- | :---------------- | :---------------- | :---------------- | :---------------- | :---------------- | | Allowance for credit losses on loans | $250,297 | $245,996 | $242,235 | $233,619 | $231,514 |\ | As a percentage of period-end loans | 1.29% | 1.31% | 1.32% | 1.32% | 1.32% |\ | Net charge-offs | $7,349 | $10,884 | $4,992 | $9,828 | $8,782 |\ | Non-accrual loans | $71,515 | $60,907 | $67,175 | $67,781 | $38,410 |\ | As a percentage of total loans | 0.37% | 0.32% | 0.37% | 0.38% | 0.22% | | Capital Ratio | 2024 1st Qtr | 2023 4th Qtr | 2023 3rd Qtr | 2023 2nd Qtr | 2023 1st Qtr | | :---------------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Common Equity Tier 1 Risk-Based Capital Ratio | 13.41% | 13.25% | 13.32% | 13.42% | 13.24% |\ | Tier 1 Risk-Based Capital Ratio | 13.89% | 13.73% | 13.81% | 13.92% | 13.74% |\ | Total Risk-Based Capital Ratio | 15.35% | 15.18% | 15.28% | 15.39% | 15.22% |\ | Leverage Ratio | 8.44% | 8.35% | 8.17% | 8.11% | 7.69% |\ | Equity to Assets Ratio (period-end) | 7.35% | 7.31% | 6.15% | 6.97% | 6.77% | [Taxable-Equivalent Yield/Cost and Average Balances](index=9&type=section&id=Taxable-Equivalent%20Yield%2FCost%20and%20Average%20Balances) Details taxable-equivalent yields on earning assets, costs on interest-bearing liabilities, and corresponding average balances | Metric | 2024 1st Qtr | 2023 4th Qtr | 2023 3rd Qtr | 2023 2nd Qtr | 2023 1st Qtr | | :---------------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | **Earning Assets Yields:** | | | | | |\ | Interest-bearing deposits | 5.40% | 5.39% | 5.33% | 5.05% | 4.57% |\ | Loans, net of unearned discounts | 7.00% | 6.92% | 6.83% | 6.64% | 6.36% |\ | Total earning assets | 5.13% | 5.00% | 4.92% | 4.77% | 4.57% |\ | **Interest-Bearing Liabilities Costs:** | | | | | |\ | Total interest-bearing deposits | 2.34% | 2.27% | 2.12% | 1.87% | 1.52% |\ | Total interest-bearing liabilities | 2.54% | 2.48% | 2.33% | 2.11% | 1.79% |\ | Net interest spread | 2.59% | 2.52% | 2.59% | 2.66% | 2.78% |\ | Net interest income to total average earning assets | 3.48% | 3.41% | 3.44% | 3.45% | 3.47% | | Average Balances ($M) | 2024 1st Qtr | 2023 4th Qtr | 2023 3rd Qtr | 2023 2nd Qtr | 2023 1st Qtr | | :---------------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | **Earning Assets:** | | | | | |\ | Interest-bearing deposits | $7,356 | $7,047 | $6,747 | $6,880 | $8,687 |\ | Loans, net of unearned discount | 19,112 | 18,609 | 17,965 | 17,664 | 17,319 |\ | Total earning assets | 45,883 | 45,579 | 45,366 | 45,929 | 47,904 |\ | **Interest-Bearing Liabilities:** | | | | | |\ | Total interest-bearing deposits | 26,748 | 26,487 | 26,005 | 25,776 | 26,121 |\ | Total interest-bearing liabilities | 30,791 | 30,488 | 29,785 | 29,750 | 30,606 |