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Mar 31, 2024
Cullen/Frost Bankers Q1 2024 Earnings Report
Cullen/Frost reported solid earnings for Q1 2024, driven by their organic growth strategy and the hard work of their bankers.
Key Takeaways
Cullen/Frost Bankers, Inc. reported a net income available to common shareholders of $134.0 million for the first quarter of 2024. The results were impacted by a $7.7 million addition to the estimated FDIC special assessment. Excluding this item, net income would have been approximately $140.1 million. Average loans increased by $1.8 billion, while average deposits decreased by $2.0 billion compared to the first quarter of 2023.
Net income available to common shareholders was $134.0 million, or $2.06 per diluted common share.
Excluding the impact of the FDIC special assessment, EPS would have been $2.15.
Average loans increased by $1.8 billion, or 10.4 percent, to $19.1 billion.
Net interest income on a taxable-equivalent basis was $411.4 million, a decrease of 3.4 percent compared to the prior year period.
Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the earnings report.
Revenue & Expenses
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Avg. Return Before/After Earnings
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