Cullen/Frost Bankers(CFR) Prnewswire·2025-01-30 14:00Core Insights - Cullen/Frost Bankers, Inc. reported a net income of $153.2 million for Q4 2024, an increase of $52.3 million from $100.9 million in Q4 2023, with adjusted earnings per diluted share rising to $2.36 from $1.55 [1][2][15] - The company declared a first-quarter cash dividend of $0.95 per common share and authorized a $150 million stock repurchase program [6][7] Financial Performance - For Q4 2024, net interest income was $433.7 million, up 5.8% from $409.9 million in Q4 2023, with average loans increasing by $1.7 billion, or 9.3%, to $20.3 billion [3][5] - Annual net income available to common shareholders for 2024 was $575.9 million, a decrease of 2.6% from $591.3 million in 2023 [2][17] - The company’s return on average assets and average common equity for Q4 2024 were 1.19% and 15.58%, respectively, compared to 0.82% and 13.51% in Q4 2023 [1][15] Capital and Asset Quality - As of December 31, 2024, the Common Equity Tier 1, Tier 1, and Total Risk-Based Capital Ratios were 13.62%, 14.07%, and 15.53%, respectively, exceeding Basel III requirements [5][16] - The allowance for credit losses on loans was 1.30% of total loans at year-end 2024, with non-accrual loans totaling $78.9 million [6][19] Dividends and Share Repurchase - The board declared a cash dividend of $11.125 per share of Series B Preferred Stock, payable on March 17, 2025 [6][7] - The new share repurchase program allows for the purchase of up to $150 million of common stock over one year, expiring January 28, 2026 [7][8] Operational Highlights - Average total deposits for 2024 were $41.0 billion, down 1.1% from $41.4 billion in 2023, while average total loans increased by 10.7% [4][18] - Non-interest income for Q4 2024 was $122.8 million, an increase of 8.0% from $113.8 million in Q4 2023, driven by higher trust and investment management fees [5][13]