Cullen/Frost Bankers, Inc. (CFR) reported fourth-quarter 2023 adjusted earnings per share (excluding the impact of FDIC surcharge) of $2.18, down from $2.91 in the prior-year quarter. Nonetheless, the bottom line surpassed the Zacks Consensus Estimate of $2.01.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 were significant drags.The company reported net income available to common sha ...

Cullen/Frost Bankers, Inc. (CFR) Q4 2023 Earnings Conference Call January 25, 2024 2:00 PM ET Company Participants A.B. Mendez – Senior Vice President and Director of Investor Relations Phil Green – Chairman and Chief Executive Officer Jerry Salinas – Group Executive Vice President and Chief Financial Officer Conference Call Participants Ebrahim Poonawala – Bank of America Steven Alexopoulos – JPMorgan Dave Rochester – Compass Point Manan Gosalia – Morgan Stanley Peter Winter – D.A. Davidson Brady Gailey – ...

Cullen/Frost Bankers (CFR) reported $523.66 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 1.1%. EPS of $2.18 for the same period compares to $2.91 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $498.09 million, representing a surprise of +5.13%. The company delivered an EPS surprise of +8.46%, with the consensus EPS estimate being $2.01.While investors closely watch year-over-year changes in headline numbers -- revenue and earni ...

In its upcoming report, Cullen/Frost Bankers (CFR) is predicted by Wall Street analysts to post quarterly earnings of $2.01 per share, reflecting a decline of 30.9% compared to the same period last year. Revenues are forecasted to be $498.09 million, representing a year-over-year decrease of 5.9%.Over the last 30 days, there has been a downward revision of 0.7% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of the ...

Cullen/Frost Bankers, Inc. (CFR) Q3 2023 Earnings Conference Call October 26, 2023 2:00 PM ET Company Participants A.B. Mendez - Director of Investor Relations Phillip Green - Chief Executive Officer Jerry Salinas - Chief Financial Officer Conference Call Participants Steven Alexopoulos - JPMorgan Chase & Co. David Rochester - Compass Point Research & Trading, LLC Ebrahim Poonawala - BofA Securities Manan Gosalia - Morgan Stanley Brady Gailey - Keefe, Bruyette & Woods, Inc. Michael Rose - Raymond James Fina ...

United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: September 30, 2023 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________________ to ________________ N/A (Former name, former address and former fiscal year, if changed since last report Securities registered pursuant to Section ...

Financial Data and Key Metrics Changes - In the second quarter, the company earned $160.4 million, or $2.47 per share, representing a 36.6% increase from $117.4 million, or $1.81 per share, in the same quarter last year [29] - Return on average assets and average common equity were 1.30% and 19.36% respectively, compared to 0.92% and 13.88% for the same period last year [41] - Non-performing loans totaled $68.5 million at the end of the second quarter, up from $39.1 million at the end of the first quarter [47] Business Line Data and Key Metrics Changes - The commercial and private banking business saw a 33% increase in new customer relationships year-over-year, with 1,145 new relationships added [31] - Consumer loans ended the quarter at $2.6 billion, a 27% increase from the second quarter of last year [34] - Houston 1.0 expansion contributed $0.05 to quarterly earnings per share, with a 31% linked quarter annualized growth in average balances for deposits [52] Market Data and Key Metrics Changes - Houston led all regions with 333 net new relationships, up 63% from the previous quarter [32] - The company plans to double its locations in the Austin area from 17 to 34, capitalizing on its position in Texas's third-largest deposit market [35] - The Gulf Coast and Victoria regions produced 68 net new relationships, up by 48% [32] Company Strategy and Development Direction - The company is focused on growing its business and winning competitively, particularly in the Austin market [21] - Expansion efforts in Houston and Dallas are showing strong performance, with Dallas expansion currently at 226% of new household goals [46] - The company aims to maintain high ethical standards and safe sound assets while building long-term relationships [30] Management's Comments on Operating Environment and Future Outlook - Management expects non-performing loans to increase but remains optimistic about credit quality, stating that problem loans are still low by historical standards [10][22] - The company is cautious about the economic environment but believes in the strength of its underwriting and customer relationships [20] - Management anticipates that the pace of deposit outflows will slow down, but uncertainty remains due to attractive risk-reward options for customers [56] Other Important Information - The net unrealized loss on the available-for-sale portfolio increased to $1.61 billion, while the net unrealized loss on the held-to-maturity portfolio was $148 million [53] - The company did not take on any federal home loan bank advances or utilize any brokered deposits during the quarter [43] - The effective tax rate for the first six months of the year was approximately 16% [59] Q&A Session Summary Question: What should we expect on nonperformers? - Management expects non-performing loans to increase but emphasizes that they are currently at low levels and manageable [9][10] Question: How long does it take Houston 1.0 to reach corporate-wide profitability? - It is projected to take about 27 months for Houston 1.0 to break even [24] Question: What is the financial impact of the Austin expansion? - Significant impacts are not expected in 2023, with more substantial effects anticipated in the following year [95] Question: Why are non-interest-bearing deposits continuing to decline? - Management noted that customers are taking longer to stabilize their operating cash needs, leading to continued outflows [91] Question: What is the outlook for deposit beta next year? - Management does not expect much change in deposit beta, aiming to remain competitive with peers [130]

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------|-------|----------------------|------------|-------------------------------------------------------|--------------|----------------------|--------------|---------------------------------------------------|-------------| | | | Average Balance | To 30, | Quarter Date June 2023 \nInterest Expense Income/ | Yield/ Cost | Average Balance | Quarter June | To Date 30, 2022 \nInterest Expense Income/ ...

Cullen/Frost Bankers, Inc. (CFR) Q1 2023 Results Conference Call April 27, 2022 2:00 PM ET Company Participants A.B. Mendez - Senior Vice President and Director of Investor Relations Phillip Green - Chairman and Chief Executive Officer Jerry Salinas - Executive Vice President and Chief Financial Officer Conference Call Participants Steven Alexopoulos - JPMorgan Chase & Co Peter Winter - D.A. Davidson Brady Gailey - Keefe Bruyette & Woods Ebrahim Poonawala - BofA Securities Manan Gosalia - Morgan Stanley Bro ...

| --- | --- | --- | --- | |-----------------------------------------|-----------------------------------------|----------------------------|--------------------------------------------| | | | | | | | | | | | | file number: | Commission | 001-13221 | | (Exact | name of registrant as specified | Cullen/Frost Bankers, Inc. | in its charter) | | Texas | | | 74-1751768 | | (State or other jurisdiction of | or organization) | incorporation | (I.R.S. Employer Identification No.) | | 111 W. Houston Street, | San An ...