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 ...

Table of Contents If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ ITEM 1. BUSINESS ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | --- | --- | |---------------------|-------| | | | | | | | | | | | | | | | | | | | (I.R.S. Employer | | | | | | Identification No.) | | ...