10/28/2021 | Press release | Distributed by Public on 10/28/2021 07:23
SAN ANTONIO, Oct. 28, 2021 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE: CFR) today reported third quarter 2021 results. Net income available to common shareholders for the third quarter of 2021 was $106.3 million compared to $95.1 million in the third quarter of 2020. On a per-share basis, net income available to common shareholders for the third quarter of 2021 was $1.65 per diluted common share, compared to $1.50 per diluted common share reported a year earlier. Returns on average assets and average common equity were 0.90 percent and 9.87 percent, respectively, for the third quarter of 2021 compared to 0.96 percent and 9.30 percent, respectively, for the same period a year earlier.
For the third quarter of 2021, net interest income on a taxable-equivalent basis was $269.3 million, up 0.9 percent, compared to the same quarter in 2020. Average loans for the third quarter of 2021 decreased $2.0 billion, or 10.8 percent, to $16.2 billion, from the $18.1 billion reported for the third quarter a year earlier. Excluding PPP loans, third quarter average loans of $14.8 billion represented a 0.8 percent decrease compared to the third quarter of 2020 and a 1.6 percent increase compared to the second quarter of 2021. Average deposits for the quarter were $39.1 billion, up $6.2 billion, or 19.0 percent, compared to the $32.9 billion reported for last year's third quarter.
"These results are reflective of a solid quarter, and we're optimistic going forward, both for the company and the economy in general," said Phil Green, Cullen/Frost Chairman and CEO. "Loans are trending upward and headwinds associated with the pandemic's effects are beginning to diminish.
"Our team has made excellent progress helping our PPP borrowers through the forgiveness process, and I'm proud to report that approximately 85 percent of our PPP loans have been forgiven as of mid-October. At the same time, we've made investments to bolster access to our services and locations. We built strong relationships during these extraordinary times, and that puts us in a good position for the future."
For the first nine months of 2021, net income available to common shareholders was $336.6 million, up 43.0 percent compared to $235.4 million for the first nine months of 2020. Diluted EPS available to common shareholders for the first nine months of 2021 was $5.22 compared to $3.71 in the year-earlier period, representing an increase of 40.7 percent. Returns on average assets and average common equity for the first nine months of 2021 were 1.00 percent and 10.72 percent, respectively, compared to 0.85 percent and 7.95 percent, respectively, for the same period in 2020.
Noted financial data for the third quarter of 2021 follows:
The Cullen/Frost board declared a fourth-quarter cash dividend of $0.75 per common share. The dividend on common stock is payable December 15, 2021 to shareholders of record on November 30 of this year. The board of directors also declared a cash dividend of $11.125 per share of Series B Preferred Stock (or $0.278125 per depositary share). The depositary shares representing the Series B Preferred Stock are traded on the NYSE under the symbol "CFR PrB." The Series B Preferred Stock dividend is payable on December 15, 2021, to shareholders of record on November 30 of this year.
Cullen/Frost Bankers, Inc. will host a conference call on Thursday, October 28, 2021, at 1 p.m. Central Time (CT) to discuss the results for the quarter. The media and other interested parties are invited to access the call in a "listen only" mode at 1-877-709-8150 or via webcast on our investor relations website linked below.
Playback of the conference call will be available after 5 p.m. CT on the day of the call until midnight Sunday, October 31, 2021 at 1-877-660-6853 with Conference ID # of 13723263. A replay of the call will also be available by webcast at the URL listed below after 5 p.m. CT on the day of the call.
Cullen/Frost investor relations website: https://investor.frostbank.com/
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $47.9 billion in assets at September 30, 2021. Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at www.frostbank.com.
Forward-Looking Statements and Factors that Could Affect Future Results
Certain statements contained in this Earnings Release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), including statements regarding the potential effects of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", "intends", "targeted", "continue", "remain", "will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
Further, statements about the potential effects of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, clients, third parties and us.
Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.
A.B. Mendez
Investor Relations
210.220.5234
or
Bill Day
Media Relations
210.220.5427
Cullen/Frost Bankers, Inc. |
|||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||||||||||||
(In thousands, except per share amounts) |
|||||||||||||||||||
2021 |
2020 |
||||||||||||||||||
3rd Qtr |
2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr |
|||||||||||||||
CONDENSED INCOME STATEMENTS |
|||||||||||||||||||
Net interest income |
$ |
246,122 |
$ |
257,156 |
$ |
240,881 |
$ |
242,246 |
$ |
243,423 |
|||||||||
Net interest income (1) |
269,321 |
279,997 |
263,949 |
265,721 |
267,041 |
||||||||||||||
Credit loss expense |
- |
- |
63 |
13,756 |
20,302 |
||||||||||||||
Non-interest income: |
|||||||||||||||||||
Trust and investment management fees |
37,381 |
37,874 |
35,314 |
32,270 |
31,469 |
||||||||||||||
Service charges on deposit accounts |
21,216 |
19,849 |
19,993 |
20,830 |
19,812 |
||||||||||||||
Insurance commissions and fees |
11,748 |
10,773 |
17,313 |
11,704 |
11,456 |
||||||||||||||
Interchange and card transaction fees |
4,490 |
4,641 |
4,093 |
3,746 |
3,503 |
||||||||||||||
Other charges, commissions and fees |
9,785 |
8,640 |
8,304 |
9,427 |
8,370 |
||||||||||||||
Net gain (loss) on securities transactions |
- |
- |
- |
- |
- |
||||||||||||||
Other |
8,569 |
9,470 |
8,219 |
13,360 |
8,991 |
||||||||||||||
Total non-interest income |
93,189 |
91,247 |
93,236 |
91,337 |
83,601 |
||||||||||||||
Non-interest expense: |
|||||||||||||||||||
Salaries and wages |
99,463 |
97,035 |
93,458 |
104,843 |
93,323 |
||||||||||||||
Employee benefits |
21,576 |
18,728 |
22,536 |
15,852 |
16,074 |
||||||||||||||
Net occupancy |
27,208 |
26,650 |
26,051 |
26,822 |
25,466 |
||||||||||||||
Technology, furniture and equipment |
28,494 |
27,998 |
28,016 |
27,464 |
26,482 |
||||||||||||||
Deposit insurance |
3,088 |
2,877 |
2,928 |
2,706 |
2,372 |
||||||||||||||
Intangible amortization |
157 |
185 |
202 |
208 |
212 |
||||||||||||||
Other |
38,017 |
41,781 |
36,951 |
45,017 |
38,221 |
||||||||||||||
Total non-interest expense |
218,003 |
215,254 |
210,142 |
222,912 |
202,150 |
||||||||||||||
Income before income taxes |
121,308 |
133,149 |
123,912 |
96,915 |
104,572 |
||||||||||||||
Income taxes |
13,333 |
15,081 |
7,897 |
8,645 |
9,516 |
||||||||||||||
Net income |
107,975 |
118,068 |
116,015 |
88,270 |
95,056 |
||||||||||||||
Preferred stock dividends |
1,668 |
1,669 |
2,151 |
- |
- |
||||||||||||||
Net income available to common shareholders |
$ |
106,307 |
$ |
116,399 |
$ |
113,864 |
$ |
88,270 |
$ |
95,056 |
|||||||||
PER COMMON SHARE DATA |
|||||||||||||||||||
Earnings per common share - basic |
$ |
1.66 |
$ |
1.81 |
$ |
1.78 |
$ |
1.39 |
$ |
1.50 |
|||||||||
Earnings per common share - diluted |
1.65 |
1.80 |
1.77 |
1.38 |
1.50 |
||||||||||||||
Cash dividends per common share |
0.75 |
0.72 |
0.72 |
0.72 |
0.71 |
||||||||||||||
Book value per common share at end of quarter |
66.39 |
66.44 |
64.89 |
65.82 |
65.07 |
||||||||||||||
OUTSTANDING COMMON SHARES |
|||||||||||||||||||
Period-end common shares |
63,668 |
63,646 |
63,532 |
63,011 |
62,782 |
||||||||||||||
Weighted-average common shares - basic |
63,652 |
63,606 |
63,306 |
62,940 |
62,727 |
||||||||||||||
Dilutive effect of stock compensation |
445 |
496 |
510 |
311 |
193 |
||||||||||||||
Weighted-average common shares - diluted |
64,097 |
64,102 |
63,816 |
63,251 |
62,920 |
||||||||||||||
SELECTED ANNUALIZED RATIOS |
|||||||||||||||||||
Return on average assets |
0.90 |
% |
1.02 |
% |
1.09 |
% |
0.86 |
% |
0.96 |
% |
|||||||||
Return on average common equity |
9.87 |
11.18 |
11.13 |
8.55 |
9.30 |
||||||||||||||
Net interest income to average earning assets |
2.47 |
2.65 |
2.72 |
2.82 |
2.95 |
||||||||||||||
(1) Taxable-equivalent basis assuming a 21% tax rate. |
Cullen/Frost Bankers, Inc. |
|||||||||||||||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||||||||||||||||||||||||
2021 |
2020 |
||||||||||||||||||||||||||||||
3rd Qtr |
2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr |
|||||||||||||||||||||||||||
BALANCE SHEET SUMMARY |
|||||||||||||||||||||||||||||||
($ in millions) |
|||||||||||||||||||||||||||||||
Average Balance: |
|||||||||||||||||||||||||||||||
Loans |
$ |
16,189 |
$ |
17,246 |
$ |
17,684 |
$ |
17,945 |
$ |
18,149 |
|||||||||||||||||||||
Earning assets |
43,980 |
42,916 |
39,804 |
38,262 |
36,749 |
||||||||||||||||||||||||||
Total assets |
46,774 |
45,665 |
42,530 |
40,963 |
39,435 |
||||||||||||||||||||||||||
Non-interest-bearing demand deposits |
16,999 |
16,456 |
15,309 |
15,119 |
14,585 |
||||||||||||||||||||||||||
Interest-bearing deposits |
22,117 |
21,815 |
20,097 |
19,010 |
18,289 |
||||||||||||||||||||||||||
Total deposits |
39,116 |
38,271 |
35,406 |
34,129 |
32,875 |
||||||||||||||||||||||||||
Shareholders' equity |
4,417 |
4,320 |
4,295 |
4,175 |
4,065 |
||||||||||||||||||||||||||
Period-End Balance: |
|||||||||||||||||||||||||||||||
Loans |
$ |
15,833 |
$ |
16,596 |
$ |
17,890 |
$ |
17,481 |
$ |
18,224 |
|||||||||||||||||||||
Earning assets |
44,964 |
43,943 |
41,380 |
39,648 |
37,482 |
||||||||||||||||||||||||||
Goodwill and intangible assets |
656 |
656 |
656 |
657 |
657 |
||||||||||||||||||||||||||
Total assets |
47,860 |
46,698 |
44,047 |
42,391 |
40,101 |
||||||||||||||||||||||||||
Total deposits |
39,613 |
38,734 |
36,925 |
35,016 |
33,500 |
||||||||||||||||||||||||||
Shareholders' equity |
4,372 |
4,374 |
4,268 |
4,293 |
4,085 |
||||||||||||||||||||||||||
Adjusted shareholders' equity (1) |
4,022 |
3,961 |
3,880 |
3,780 |
3,580 |
||||||||||||||||||||||||||
ASSET QUALITY |
|||||||||||||||||||||||||||||||
($ in thousands) |
|||||||||||||||||||||||||||||||
Allowance for credit losses on loans: |
$ |
250,150 |
$ |
255,288 |
$ |
261,258 |
$ |
263,177 |
$ |
263,475 |
|||||||||||||||||||||
As a percentage of period-end loans |
1.58 |
% |
1.54 |
% |
1.46 |
% |
1.51 |
% |
1.45 |
% |
|||||||||||||||||||||
Net charge-offs: |
$ |
2,115 |
$ |
1,591 |
$ |
1,919 |
$ |
13,565 |
$ |
10,176 |
|||||||||||||||||||||
Annualized as a percentage of average loans |
0.05 |
% |
0.04 |
% |
0.04 |
% |
0.30 |
% |
0.22 |
% |
|||||||||||||||||||||
Non-accrual loans: |
$ |
57,055 |
$ |
57,250 |
$ |
50,976 |
$ |
61,449 |
$ |
91,578 |
|||||||||||||||||||||
As a percentage of total loans |
0.36 |
% |
0.34 |
% |
0.28 |
% |
0.35 |
% |
0.50 |
% |
|||||||||||||||||||||
As a percentage of total assets |
0.12 |
0.12 |
0.12 |
0.14 |
0.23 |
||||||||||||||||||||||||||
CONSOLIDATED CAPITAL RATIOS |
|||||||||||||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital Ratio |
13.42 |
% |
13.60 |
% |
13.45 |
% |
12.86 |
% |
12.71 |
% |
|||||||||||||||||||||
Tier 1 Risk-Based Capital Ratio |
14.01 |
14.21 |
14.07 |
13.47 |
12.71 |
||||||||||||||||||||||||||
Total Risk-Based Capital Ratio |
15.90 |
16.17 |
16.07 |
15.44 |
14.69 |
||||||||||||||||||||||||||
Leverage Ratio |
7.52 |
7.60 |
7.97 |
8.07 |
7.85 |
||||||||||||||||||||||||||
Equity to Assets Ratio (period-end) |
9.14 |
9.37 |
9.69 |
10.13 |
10.19 |
||||||||||||||||||||||||||
Equity to Assets Ratio (average) |
9.44 |
9.46 |
10.10 |
10.19 |
10.31 |
||||||||||||||||||||||||||
(1) Shareholders' equity excluding accumulated other comprehensive income (loss). |
|||||||||||||||||||||||||||||||
Cullen/Frost Bankers, Inc. |
|||||||||||||||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||||||||||||||||||||||||
(In thousands, except per share amounts) |
|||||||||||||||||||||||||||||||
Nine Months Ended |
|||||||||||||||||||||||||||||||
September 30, |
|||||||||||||||||||||||||||||||
2021 |
2020 |
||||||||||||||||||||||||||||||
CONDENSED INCOME STATEMENTS |
|||||||||||||||||||||||||||||||
Net interest income |
$ |
744,159 |
$ |
733,755 |
|||||||||||||||||||||||||||
Net interest income (1) |
813,266 |
805,216 |
|||||||||||||||||||||||||||||
Credit loss expense |
63 |
227,474 |
|||||||||||||||||||||||||||||
Non-interest income: |
|||||||||||||||||||||||||||||||
Trust and investment management fees |
110,569 |
97,002 |
|||||||||||||||||||||||||||||
Service charges on deposit accounts |
61,058 |
60,043 |
|||||||||||||||||||||||||||||
Insurance commissions and fees |
39,834 |
38,609 |
|||||||||||||||||||||||||||||
Interchange and debit card transaction fees |
13,224 |
9,724 |
|||||||||||||||||||||||||||||
Other charges, commissions and fees |
26,729 |
25,398 |
|||||||||||||||||||||||||||||
Net gain (loss) on securities transactions |
- |
108,989 |
|||||||||||||||||||||||||||||
Other |
26,258 |
34,352 |
|||||||||||||||||||||||||||||
Total non-interest income |
277,672 |
374,117 |
|||||||||||||||||||||||||||||
Non-interest expense: |
|||||||||||||||||||||||||||||||
Salaries and wages |
289,956 |
282,485 |
|||||||||||||||||||||||||||||
Employee benefits |
62,840 |
59,824 |
|||||||||||||||||||||||||||||
Net occupancy |
79,909 |
76,116 |
|||||||||||||||||||||||||||||
Technology, furniture and equipment |
84,508 |
77,768 |
|||||||||||||||||||||||||||||
Deposit insurance |
8,893 |
7,796 |
|||||||||||||||||||||||||||||
Intangible amortization |
544 |
710 |
|||||||||||||||||||||||||||||
Other |
116,749 |
121,293 |
|||||||||||||||||||||||||||||
Total non-interest expense |
643,399 |
625,992 |
|||||||||||||||||||||||||||||
Income before income taxes |
378,369 |
254,406 |
|||||||||||||||||||||||||||||
Income taxes |
36,311 |
11,525 |
|||||||||||||||||||||||||||||
Net income |
342,058 |
242,881 |
|||||||||||||||||||||||||||||
Preferred stock dividends |
5,488 |
2,016 |
|||||||||||||||||||||||||||||
Redemption of preferred stock |
- |
5,514 |
|||||||||||||||||||||||||||||
Net income available to common shareholders |
$ |
336,570 |
$ |
235,351 |
|||||||||||||||||||||||||||
PER COMMON SHARE DATA |
|||||||||||||||||||||||||||||||
Earnings per common share - basic |
$ |
5.25 |
$ |
3.72 |
|||||||||||||||||||||||||||
Earnings per common share - diluted |
5.22 |
3.71 |
|||||||||||||||||||||||||||||
Cash dividends per common share |
2.19 |
2.13 |
|||||||||||||||||||||||||||||
Book value per common share at end of quarter |
66.39 |
65.07 |
|||||||||||||||||||||||||||||
OUTSTANDING COMMON SHARES |
|||||||||||||||||||||||||||||||
Period-end common shares |
63,668 |
62,782 |
|||||||||||||||||||||||||||||
Weighted-average common shares - basic |
63,523 |
62,655 |
|||||||||||||||||||||||||||||
Dilutive effect of stock compensation |
489 |
263 |
|||||||||||||||||||||||||||||
Weighted-average common shares - diluted |
64,012 |
62,918 |
|||||||||||||||||||||||||||||
SELECTED ANNUALIZED RATIOS |
|||||||||||||||||||||||||||||||
Return on average assets |
1.00 |
% |
0.85 |
% |
|||||||||||||||||||||||||||
Return on average common equity |
10.72 |
7.95 |
|||||||||||||||||||||||||||||
Net interest income to average earning assets |
2.61 |
3.20 |
|||||||||||||||||||||||||||||
(1) Taxable-equivalent basis assuming a 21% tax rate. |
Cullen/Frost Bankers, Inc. |
|||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||||||
As of or for the |
|||||||||||||
Nine Months Ended |
|||||||||||||
September 30, |
|||||||||||||
2021 |
2020 |
||||||||||||
BALANCE SHEET SUMMARY ($ in millions) |
|||||||||||||
Average Balance: |
|||||||||||||
Loans |
$ |
17,034 |
$ |
16,903 |
|||||||||
Earning assets |
42,249 |
34,236 |
|||||||||||
Total assets |
45,004 |
36,954 |
|||||||||||
Non-interest-bearing demand deposits |
16,262 |
13,041 |
|||||||||||
Interest-bearing deposits |
21,350 |
17,493 |
|||||||||||
Total deposits |
37,612 |
30,535 |
|||||||||||
Shareholders' equity |
4,345 |
3,991 |
|||||||||||
Period-End Balance: |
|||||||||||||
Loans |
15,833 |
18,224 |
|||||||||||
Earning assets |
44,964 |
37,482 |
|||||||||||
Goodwill and intangible assets |
656 |
657 |
|||||||||||
Total assets |
47,860 |
40,101 |
|||||||||||
Total deposits |
39,613 |
33,500 |
|||||||||||
Shareholders' equity |
4,372 |
4,085 |
|||||||||||
Adjusted shareholders' equity (1) |
4,022 |
3,580 |
|||||||||||
ASSET QUALITY ($ in thousands) |
|||||||||||||
Allowance for credit losses on loans: |
$ |
250,150 |
$ |
263,475 |
|||||||||
As a percentage of period-end loans |
1.58 |
% |
1.45 |
% |
|||||||||
Net charge-offs: |
$ |
5,625 |
$ |
89,870 |
|||||||||
Annualized as a percentage of average loans |
0.04 |
% |
0.71 |
% |
|||||||||
Non-accrual loans: |
$ |
57,055 |
$ |
91,578 |
|||||||||
As a percentage of total loans |
0.36 |
% |
0.50 |
% |
|||||||||
As a percentage of total assets |
0.12 |
0.23 |
|||||||||||
CONSOLIDATED CAPITAL RATIOS |
|||||||||||||
Common Equity Tier 1 Risk-Based Capital Ratio |
13.42 |
% |
12.71 |
% |
|||||||||
Tier 1 Risk-Based Capital Ratio |
14.01 |
12.71 |
|||||||||||
Total Risk-Based Capital Ratio |
15.90 |
14.69 |
|||||||||||
Leverage Ratio |
7.52 |
7.85 |
|||||||||||
Equity to Assets Ratio (period-end) |
9.14 |
10.19 |
|||||||||||
Equity to Assets Ratio (average) |
9.65 |
10.80 |
|||||||||||
(1) Shareholders' equity excluding accumulated other comprehensive income (loss). |
|||||||||||||
Cullen/Frost Bankers, Inc. |
||||||||||||||
TAXABLE-EQUIVALENT YIELD/COST (UNAUDITED) |
||||||||||||||
2021 |
2020 |
|||||||||||||
3rd Qtr |
2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr |
||||||||||
TAXABLE-EQUIVALENT YIELD/COST (1) |
||||||||||||||
Earning Assets: |
||||||||||||||
Interest-bearing deposits |
0.15 |
% |
0.11 |
% |
0.10 |
% |
0.10 |
% |
0.10 |
% |
||||
Federal funds sold |
0.48 |
0.15 |
0.24 |
0.31 |
0.18 |
|||||||||
Resell agreements |
0.29 |
0.20 |
0.15 |
0.24 |
0.27 |
|||||||||
Securities |
3.35 |
3.36 |
3.41 |
3.41 |
3.44 |
|||||||||
Loans, net of unearned discounts |
4.16 |
4.28 |
3.87 |
3.74 |
3.73 |
|||||||||
Total earning assets |
2.53 |
2.71 |
2.78 |
2.89 |
3.04 |
|||||||||
Interest-Bearing Liabilities: |
||||||||||||||
Interest-bearing deposits: |
||||||||||||||
Savings and interest checking |
0.01 |
0.01 |
0.01 |
0.02 |
0.02 |
|||||||||
Money market deposit accounts |
0.11 |
0.09 |
0.07 |
0.07 |
0.09 |
|||||||||
Time accounts |
0.25 |
0.33 |
0.53 |
0.82 |
1.11 |
|||||||||
Public funds |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
|||||||||
Total interest-bearing deposits |
0.07 |
0.06 |
0.07 |
0.09 |
0.12 |
|||||||||
Total deposits |
0.04 |
0.04 |
0.04 |
0.05 |
0.07 |
|||||||||
Federal funds purchased |
0.13 |
0.08 |
0.08 |
0.08 |
0.08 |
|||||||||
Repurchase agreements |
0.11 |
0.11 |
0.09 |
0.11 |
0.12 |
|||||||||
Junior subordinated deferrable interest debentures |
1.85 |
1.87 |
1.89 |
1.96 |
2.05 |
|||||||||
Subordinated notes payable and other notes |
4.70 |
4.70 |
4.70 |
4.70 |
4.70 |
|||||||||
Total interest-bearing liabilities |
0.10 |
0.10 |
0.10 |
0.13 |
0.15 |
|||||||||
Net interest spread |
2.43 |
2.61 |
2.68 |
2.76 |
2.89 |
|||||||||
Net interest income to total average earning assets |
2.47 |
2.65 |
2.72 |
2.82 |
2.95 |
|||||||||
(1) Taxable-equivalent basis assuming a 21% tax rate. |
Cullen/Frost Bankers, Inc. |
|||||||||||||||||||
AVERAGE BALANCES (UNAUDITED) |
|||||||||||||||||||
2021 |
2020 |
||||||||||||||||||
3rd Qtr |
2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr |
|||||||||||||||
AVERAGE BALANCES |
|||||||||||||||||||
($ in millions) |
|||||||||||||||||||
Assets: |
|||||||||||||||||||
Interest-bearing deposits |
$ |
15,278 |
$ |
13,347 |
$ |
9,865 |
$ |
7,718 |
$ |
5,888 |
|||||||||
Federal funds sold |
2 |
21 |
5 |
2 |
11 |
||||||||||||||
Resell agreements |
8 |
8 |
3 |
15 |
20 |
||||||||||||||
Securities |
12,503 |
12,294 |
12,247 |
12,582 |
12,681 |
||||||||||||||
Loans, net of unearned discount |
16,189 |
17,246 |
17,684 |
17,945 |
18,149 |
||||||||||||||
Total earning assets |
$ |
43,980 |
$ |
42,916 |
$ |
39,804 |
$ |
38,262 |
$ |
36,749 |
|||||||||
Liabilities: |
|||||||||||||||||||
Interest-bearing deposits: |
|||||||||||||||||||
Savings and interest checking |
$ |
10,317 |
$ |
10,286 |
$ |
9,094 |
$ |
8,397 |
$ |
8,077 |
|||||||||
Money market deposit accounts |
10,024 |
9,731 |
9,192 |
8,884 |
8,555 |
||||||||||||||
Time accounts |
1,102 |
1,133 |
1,133 |
1,133 |
1,120 |
||||||||||||||
Public funds |
674 |
665 |
678 |
596 |
537 |
||||||||||||||
Total interest-bearing deposits |
22,117 |
21,815 |
20,097 |
19,010 |
18,289 |
||||||||||||||
Total deposits |
39,116 |
38,271 |
35,406 |
34,129 |
32,875 |
||||||||||||||
Federal funds purchased |
27 |
34 |
41 |
38 |
34 |
||||||||||||||
Repurchase agreements |
2,188 |
2,059 |
1,840 |
1,705 |
1,544 |
||||||||||||||
Junior subordinated deferrable interest debentures |
137 |
136 |
136 |
136 |
137 |
||||||||||||||
Subordinated notes payable and other notes |
99 |
99 |
99 |
99 |
99 |
||||||||||||||
Total interest-bearing funds |
$ |
24,568 |
$ |
24,143 |
$ |
22,213 |
$ |
20,988 |
$ |
20,103 |
|||||||||
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SOURCE Cullen/Frost Bankers, Inc.