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Mar 31, 2023
Cullen/Frost Bankers Q1 2023 Earnings Report
Cullen/Frost Bankers reported strong first quarter results driven by net interest income growth and effective execution of organic growth strategy.
Key Takeaways
Cullen/Frost Bankers reported a net income available to common shareholders of $176.0 million for the first quarter of 2023, an increase compared to $97.4 million in the first quarter of 2022. The company's earnings per diluted common share rose to $2.70, representing an 80.0 percent increase year-over-year. Key drivers included a 56.4 percent increase in net interest income and a focus on organic growth strategies.
Net income available to common shareholders was $176.0 million, up from $97.4 million in Q1 2022.
Earnings per diluted common share increased 80.0 percent to $2.70.
Net interest income on a taxable-equivalent basis rose 56.4 percent to $425.8 million.
Average loans increased by $932.6 million, or 5.7 percent, to $17.3 billion.
Forward Guidance
The document does not contain forward guidance. Therefore, this section is left empty.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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