Cullen/Frost Bankers(CFR) - 2024 Q4 - Annual Results

Financial Performance - Net income available to common shareholders for Q4 2024 was $153.2 million, an increase of$ 52.3 million or 51.8% compared to $100.9 million in Q4 2023[2] - Fourth quarter diluted earnings per common share for 2024 was$ 2.36, up 52.3% from $1.55 in Q4 2023[2] - For the full year 2024, net income available to common shareholders was$ 575.9 million, a decrease of 2.6% from $591.3 million in 2023[4] - Net income available to common shareholders decreased to$ 575.9 million in 2024 from $591.3 million in 2023, a decline of 2.9%[23] - Earnings per common share (basic) for 2024 was$ 8.88, down from $9.11 in 2023, reflecting a decrease of 2.5%[23] Income and Expenses - Non-interest income for Q4 2024 was$ 122.8 million, an increase of $9.1 million or 8.0% from$ 113.8 million in Q4 2023[8] - Non-interest expense for Q4 2024 was $336.2 million, down$ 29.1 million or 8.0% compared to $365.2 million in Q4 2023[10] - Net interest income for Q4 2024 was$ 413,518,000, an increase from $404,331,000 in Q3 2024, reflecting a growth of 0.3%[19] - Net interest income for 2024 increased to$ 1,604.6 million, up from $1,558.7 million in 2023, representing a growth of 2.5%[23] - Total non-interest income rose to$ 459.1 million in 2024, compared to $428.5 million in 2023, marking an increase of 7.1%[23] Loans and Deposits - Average loans for Q4 2024 increased by$ 1.7 billion, or 9.3%, to $20.3 billion compared to$ 18.6 billion in Q4 2023[5] - Average deposits for Q4 2024 increased by $701.7 million, or 1.7%, to$ 41.9 billion compared to $41.2 billion in Q4 2023[5] - Total deposits reached$ 42,723,000,000 in Q4 2024, an increase from $41,721,000,000 in Q3 2024, reflecting a growth of 2.4%[21] - Total deposits as of December 31, 2024, were$ 42.7 billion, an increase from $41.9 billion in 2023, showing a growth of 1.9%[25] Credit Quality - The company reported a credit loss expense of$ 16.2 million for Q4 2024, compared to $19.4 million in Q3 2024[10] - The allowance for credit losses on loans increased to$ 270,151,000 in Q4 2024, up from $263,129,000 in Q3 2024, indicating a rise of 3.9%[21] - Non-accrual loans decreased to$ 78,866,000 in Q4 2024, down from $104,877,000 in Q3 2024, a reduction of 25%[21] - The allowance for credit losses on loans increased to$ 270.2 million, up from $246.0 million in 2023, indicating a rise of 9.3%[25] - Non-accrual loans increased to$ 78.9 million, compared to $60.9 million in 2023, representing a growth of 29.6%[25] Capital Ratios - The Tier 1 Risk-Based Capital Ratio was 14.07% in Q4 2024, compared to 14.02% in Q3 2024, indicating a slight improvement[21] - Common Equity Tier 1 Risk-Based Capital Ratio improved to 13.62% in 2024 from 13.25% in 2023, an increase of 2.8%[25] - The leverage ratio increased to 8.63% in 2024, up from 8.35% in 2023, indicating a strengthening of capital position[25] Shareholder Returns - The board declared a first-quarter cash dividend of$ 0.95 per common share, payable on March 14, 2025[11] - The company authorized a $150 million stock repurchase program, expiring on January 28, 2026[12] Book Value - The book value per common share at the end of Q4 2024 was$ 58.46, down from $62.41 in Q3 2024, a decrease of 6.3%[19] - Book value per common share at the end of the quarter rose to$ 58.46, compared to $55.64 in 2023, reflecting an increase of 3.3%[23]