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CULLEN/FROST REPORTS FOURTH QUARTER AND 2024 ANNUAL RESULTS
CFRCullen/Frost Bankers(CFR) Prnewswire·2025-01-30 14:00

Core Insights - Cullen/Frost Bankers, Inc. reported a net income of 153.2millionforQ42024,anincreaseof153.2 million for Q4 2024, an increase of 52.3 million from 100.9millioninQ42023,withadjustedearningsperdilutedsharerisingto100.9 million in Q4 2023, with adjusted earnings per diluted share rising to 2.36 from 1.55[1][2][15]−Thecompanydeclaredafirst−quartercashdividendof1.55 [1][2][15] - The company declared a first-quarter cash dividend of 0.95 per common share and authorized a 150millionstockrepurchaseprogram[6][7]FinancialPerformance−ForQ42024,netinterestincomewas150 million stock repurchase program [6][7] Financial Performance - For Q4 2024, net interest income was 433.7 million, up 5.8% from 409.9millioninQ42023,withaverageloansincreasingby409.9 million in Q4 2023, with average loans increasing by 1.7 billion, or 9.3%, to 20.3billion[3][5]−Annualnetincomeavailabletocommonshareholdersfor2024was20.3 billion [3][5] - Annual net income available to common shareholders for 2024 was 575.9 million, a decrease of 2.6% from 591.3millionin2023[2][17]−Thecompany’sreturnonaverageassetsandaveragecommonequityforQ42024were1.19591.3 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 11.125pershareofSeriesBPreferredStock,payableonMarch17,2025[6][7]−Thenewsharerepurchaseprogramallowsforthepurchaseofupto11.125 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 41.0billion,down1.141.0 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 122.8million,anincreaseof8.0122.8 million, an increase of 8.0% from 113.8 million in Q4 2023, driven by higher trust and investment management fees [5][13]