Cullen/Frost (CFR) Q4 Earnings & Revenues Beat, Costs Up Y/Y

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 ...