Cullen/Frost Bankers Q4 2023 Earnings Report
Key Takeaways
Cullen/Frost Bankers reported a decrease in net income available to common shareholders for the fourth quarter of 2023 compared to the fourth quarter of 2022, impacted by a one-time FDIC insurance surcharge. However, the company's earnings were aided by their organic expansion strategy in key growth markets in Texas.
Net income available to common shareholders for Q4 2023 was $100.9 million, impacted by a $51.5 million one-time FDIC surcharge expense.
Excluding the FDIC surcharge, net income available to common shareholders for Q4 2023 would have been approximately $141.6 million, a 25.3 percent decrease compared to Q4 2022.
EPS for Q4 2023 was $1.55 per diluted common share, or $2.18 excluding the after-tax impact of the FDIC surcharge, representing a 25.1 percent decrease from Q4 2022.
The board of directors approved a new share repurchase program with authorization to purchase up to $150 million of Cullen/Frost common stock over a one-year period.
Cullen/Frost Bankers
Cullen/Frost Bankers
Forward Guidance
Cullen/Frost Bankers, Inc. will host a conference call on Thursday, January 25, 2024, at 1:00 p.m. Central Time (CT) to discuss the results for the quarter and the year.