Board declares first quarter dividend on common and preferred stock, and authorizes $300 million stock repurchase program
SAN ANTONIO, Jan. 29, 2026 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE: CFR) today reported fourth quarter and full-year results for 2025. Net income available to common shareholders for the fourth quarter of 2025 was $164.6 million, representing an increase of $11.4 million, or 7.4 percent, compared to $153.2 million reported for the fourth quarter of 2024. On a per-share basis, the company reported net income available to common shareholders of $2.56 per diluted common share for the fourth quarter of 2025, compared to $2.36 per diluted common share for the fourth quarter of 2024. For the fourth quarter of 2025, returns on average assets and average common equity were 1.22 percent and 14.80 percent, respectively, compared to 1.19 percent and 15.58 percent for the same period in 2024.
The company also reported 2025 annual net income available to common shareholders of $641.9 million, an increase of $66.0 million, or 11.5 percent, compared to 2024 earnings available to common shareholders of $575.9 million. On a per-share basis, 2025 earnings were $9.92 per diluted common share compared to $8.87 per diluted common share reported in 2024. For the year 2025, returns on average assets and average common equity were 1.24 percent and 15.66 percent respectively, compared to 1.16 percent and 15.81 percent reported in 2024.
"We carry great momentum with us as we enter 2026 and continue executing on a number of strategic growth initiatives," said Cullen/Frost Chairman and CEO, Phil Green. "Frost bankers throughout the state remain squarely focused on making our customers' lives better and supporting their growth in an increasing range of ways over time.
"We continue to execute on our organic growth strategy, and continue to believe that it is a durable and scalable strategy that will fuel Frost's growth for years to come. During the fourth quarter, we opened new financial centers in the Austin, Dallas, and San Antonio markets, bringing us to a total of 10 new locations opened during 2025."
For the fourth quarter of 2025, net interest income on a taxable-equivalent basis was $471.2 million, up $37.5 million, or 8.6 percent compared to $433.7 million for fourth quarter of 2024. Average loans for the fourth quarter of 2025 increased $1.3 billion, or 6.5 percent, to $21.7 billion, from the $20.3 billion reported for the fourth quarter a year earlier, and increased 1.0 percent compared to $21.5 billion for the third quarter of 2025. Average deposits for the quarter increased $1.5 billion, or 3.5 percent, to $43.3 billion compared to $41.9 billion in last year's fourth quarter, and increased $1.3 billion, or 3.0 percent, compared to $42.1 billion for the third quarter of 2025. Compared to the third quarter of 2025, fourth quarter average non-interest-bearing deposits increased by 3.1 percent and average interest-bearing deposits increased by 3.0 percent.
For full year 2025, average total loans were $21.2 billion, an increase of approximately $1.4 billion, or 7.3 percent, from the $19.8 billion reported in 2024. Average total deposits for 2025 were $42.2 billion, up $1.2 billion, or 3.0 percent, compared to the $41.0 billion reported for full year 2024.
Noted financial data for the fourth quarter:
- The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios for Cullen/Frost at the end of the fourth quarter of 2025 were 14.06 percent, 14.50 percent, and 15.95 percent, respectively. Current capital ratios continue to be in excess of well-capitalized levels and exceed Basel III requirements.
- Net interest income on a tax-equivalent basis was $471.2 million for the fourth quarter of 2025, an increase of 8.6 percent compared to the $433.7 million reported for the fourth quarter of 2024. The net interest margin was 3.66 percent for the fourth quarter of 2025 compared to 3.53 percent for the fourth quarter of 2024 and 3.69 percent for the third quarter of 2025.
- Non-interest income for the fourth quarter of 2025 was $132.2 million, up $9.3 million, or 7.6 percent, from the $122.8 million reported a year earlier. Other non-interest income increased by $2.2 million, or 13.8% percent, compared to the fourth quarter of 2024. The increase was primarily related to an increase in income from customers' derivatives trading activity (up $1.4 million). Trust and investment management fees increased by $1.9 million, or 4.3 percent, compared to the fourth quarter of 2024. The increase was mainly related to an increase in investment management fees, up $2.3 million compared to the fourth quarter of 2024. Investment management fees are generally based on the market value of assets within customer accounts and are thus impacted by price movements in the equity and bond markets. Service charges on deposit accounts increased by $4.5 million, or 15.9 percent, compared to the fourth quarter of 2024.
- During the fourth quarter, we recognized several one-time expense items which in aggregate totaled $16.2 million. These one-time expense items included a payroll transition bonus associated with our change to a bi-weekly payroll cycle, a donation to the Frost Charitable Foundation, an additional accrual to increase our medical insurance reserve, and various sundry losses. These items were partly offset by an $8.5 million reversal of our accrual related to a special FDIC insurance assessment.
- Non-interest expense for the fourth quarter of 2025 was $371.7 million, up $35.5 million, or 10.6 percent, compared to the $336.2 million reported for the fourth quarter of 2024. Salaries and wages expense increased by $17.0 million, or 10.3 percent, compared to the fourth quarter of 2024. The increase in salaries and wages was primarily related to an increase in salaries due to annual merit and market increases and an increase in the number of employees. The increase in the number of employees was partly related to our investment in organic expansion in various markets. Salary and wage expense for the fourth quarter was also impacted by $4.2 million related to the aforementioned payroll transition bonus. Employee benefits expense increased by $8.0 million, or 28.1 percent, compared to the fourth quarter of 2024. The increase in employee benefits expense was primarily related to the aforementioned increase in medical/dental expense (up $5.3 million), 401(k) plan expense (up $1.7 million), and payroll taxes (up $682,000). Other non-interest expense increased $14.7 million, or 23.3%, compared to the fourth quarter of 2024. The increase was primarily related to the aforementioned increases in sundry and other miscellaneous expense (up $3.7 million) and donations expense (up $3.3 million); as well as professional services expense (up $2.6 million), among other things. The increase in sundry expenses was driven by a $4.0 million accrual related to a software platform that is no longer aligned with our long-term technology strategy. Net occupancy expense increased by $2.2 million, or 7.0 percent, compared to the fourth quarter of 2024. The increase in net occupancy expense for the quarter was mainly driven by increases in depreciation on buildings and leasehold improvements (up $732,000) and increases in property taxes (up $654,000). These increases were mainly driven by expenses associated with expansion branch locations.
- For the fourth quarter of 2025, the company reported a credit loss expense of $11.2 million and reported net charge-offs of $5.8 million, compared to a credit loss expense of $6.8 million and net charge-offs of $6.6 million for the third quarter of 2025. For the fourth quarter of 2024, the company reported a credit loss expense of $16.2 million and net charge-offs of $14.0 million. The allowance for credit losses on loans as a percentage of total loans was 1.29 percent at December 31, 2025, compared to 1.31 percent at September 30, 2025, and 1.30 percent at December 31, 2024. Non-accrual loans were $70.5 million at the end of 2025, compared to $44.8 million the previous quarter and $78.9 million at year-end 2024.
- During the fourth quarter, the company repurchased 653,913 shares at a total cost of $80.7 million, bringing us to a total of 1.20 million shares repurchased under the 2025 Repurchase Plan for the full year at an average price of $124.67, completing our $150 million authorization.
The Cullen/Frost board declared a first-quarter cash dividend of $1.00 per common share, payable March 13, 2026, to shareholders of record on February 27 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 March 16, 2026, to shareholders of record on February 27 of this year.
In addition, the company's board of directors approved a new share repurchase program with authorization to purchase up to $300 million of Cullen/Frost common stock over a one-year period expiring on January 27, 2027. Share repurchases under the authorization may be made through a variety of methods, which may include open market purchases, in privately negotiated transactions, block trades, accelerated share repurchase transactions, and/or through other legally permissible means. The timing and amount of any share repurchases under the authorization will be determined by management at its discretion and based on market conditions and other considerations. The share repurchase program may be suspended or discontinued at any time at the company's discretion and does not obligate Cullen/Frost to purchase any amount of common stock.
Cullen/Frost Bankers, Inc. will host a conference call on Thursday, January 29, 2026, at 1:00 p.m. Central Time (CT) to discuss the results for the quarter and the year. The media and other interested parties are invited to access the call in a "listen only" mode at 877-709-8150. Playback of the conference call will be available after 5:00 p.m. CT on the day of the call until midnight Sunday, February 1 at 877-660-6853, with the Conference ID# of 13757958. A replay of the call will also be available by webcast at the URL listed below after 5:00 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 $53.0 billion in assets at December 31, 2025. One of the 50 largest U.S. banks, Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Dallas, Fort Worth, Gulf Coast, Houston, Permian Basin, and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at frostbank.com.
Forward-Looking Statements and Factors that Could Affect Future Results
Certain statements contained in this press 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"), 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:
- The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board and the implementation of tariffs and other protectionist trade policies.
- Inflation, interest rate, securities market, and monetary fluctuations.
- Local, regional, national, and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.
- Changes in the financial performance and/or condition of our borrowers.
- Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.
- Changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.
- Changes in our liquidity position.
- Impairment of our goodwill or other intangible assets.
- The timely development and acceptance of new products and services and perceived overall value of these products and services by users.
- Changes in consumer spending, borrowing, and saving habits.
- Greater than expected costs or difficulties related to the integration of new products and lines of business.
- Technological changes.
- The cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers.
- Acquisitions and integration of acquired businesses.
- Changes in the reliability of our vendors, internal control systems or information systems.
- Our ability to increase market share and control expenses.
- Our ability to attract and retain qualified employees.
- Changes in our organization, compensation, and benefit plans.
- The soundness of other financial institutions.
- Volatility and disruption in national and international financial and commodity markets.
- Changes in the competitive environment in our markets and among banking organizations and other financial service providers.
- Government intervention in the U.S. financial system.
- Political or economic instability.
- Acts of God or of war or terrorism.
- The potential impact of climate change.
- The impact of pandemics, epidemics, or any other health-related crisis.
- The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals.
- The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply.
- The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
- Our success at managing the risks involved in the foregoing items.
In addition, financial markets, international relations, and global supply chains have been significantly impacted by recent U.S. trade policies and practices. Due to the rapidly evolving and changing state of U.S. trade policies, the amount and duration of any tariffs and their ultimate impact on us, our customers, financial markets, and the overall U.S. and global economies is currently uncertain. Nonetheless, prolonged uncertainty, elevated tariff levels or their wide-spread use in U.S. trade policy could weaken economic conditions and adversely impact the ability of borrowers to repay outstanding loans or the value of collateral securing these loans or adversely affect financial markets or the values of securities. To the extent that these risks may have a negative impact on the financial condition of borrowers or financial markets, it could also have a material adverse effect on our business, financial condition and results of operations.
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.
Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
2025 2024
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr
CONDENSED INCOME STATEMENTS
---
Net interest income $448,707 $441,618 $429,604 $416,220 $413,518
Net interest income (1) 471,218 463,667 450,558 436,404 433,726
Credit loss expense 11,224 6,779 13,129 13,070 16,162
Non-interest income:
Trust and investment management fees 45,651 44,846 43,669 42,931 43,765
Service charges on deposit accounts 32,360 31,440 29,151 28,621 27,909
Insurance commissions and fees 15,180 15,424 13,879 21,019 14,215
Interchange and card transaction fees 6,290 5,547 5,619 5,402 5,764
Other charges, commissions and fees 15,228 14,730 13,967 13,586 15,208
Net gain (loss) on securities transactions (836) (14) (112)
Other 18,291 13,660 10,988 12,466 16,075
Total non-interest income 132,164 125,647 117,273 124,011 122,824
Non-interest expense:
Salaries and wages 182,486 169,155 162,149 160,857 165,520
Employee benefits 36,653 34,465 32,826 42,157 28,614
Net occupancy 34,341 34,682 34,640 33,277 32,102
Technology, furniture and equipment 41,575 43,479 40,572 40,118 39,775
Deposit insurance (1,350) 6,328 6,590 7,184 6,924
Other 77,963 64,369 70,351 64,473 63,232
Total non-interest expense 371,668 352,478 347,128 348,066 336,167
Income before income taxes 197,979 208,008 186,620 179,095 184,013
Income taxes 31,727 33,628 29,617 28,173 29,161
Net income 166,252 174,380 157,003 150,922 154,852
Preferred stock dividends 1,669 1,668 1,669 1,669 1,669
Net income available to common shareholders $164,583 $172,712 $155,334 $149,253 $153,183
PER COMMON SHARE DATA
---
Earnings per common share - basic $2.56 $2.67 $2.39 $2.30 $2.37
Earnings per common share - diluted 2.56 2.67 2.39 2.30 2.36
Cash dividends per common share 1.00 1.00 1.00 0.95 0.95
Book value per common share at end of quarter 69.96 67.64 63.04 61.74 58.46
OUTSTANDING COMMON SHARES
---
Period-end common shares 63,287 63,801 64,319 64,283 64,197
Weighted-average common shares - basic 63,588 64,080 64,300 64,255 64,116
Dilutive effect of stock compensation 16 41 52 74 121
Weighted-average common shares - diluted 63,604 64,121 64,352 64,329 64,237
SELECTED ANNUALIZED RATIOS
---
Return on average assets 1.22 % 1.32 % 1.22 % 1.19 % 1.19 %
Return on average common equity 14.80 16.72 15.64 15.54 15.58
Net interest income to average earning assets (1) 3.66 3.69 3.67 3.60 3.53
(1) Taxable-equivalent basis assuming a 21% tax rate.
Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
2025 2024
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr
BALANCE SHEET SUMMARY
---
($ in millions)
Average Balance:
Loans $21,661 $21,452 $21,063 $20,788 $20,346
Earning assets 50,033 48,492 47,664 47,424 47,577
Total assets 53,507 51,911 51,191 50,925 51,008
Non-interest-bearing demand deposits 14,268 13,839 13,788 13,798 14,051
Interest-bearing deposits 29,072 28,232 27,972 27,860 27,834
Total deposits 43,340 42,071 41,760 41,658 41,885
Shareholders' equity 4,558 4,243 4,129 4,041 4,057
Period-End Balance:
Loans $21,892 $21,446 $21,254 $20,904 $20,755
Earning assets 49,524 49,147 47,756 48,409 48,878
Total assets 53,041 52,533 51,409 52,005 52,520
Total deposits 42,918 42,517 41,684 42,391 42,723
Shareholders' equity 4,573 4,461 4,200 4,114 3,899
Adjusted shareholders' equity (1) 5,416 5,385 5,341 5,243 5,151
ASSET QUALITY
---
($ in thousands)
Allowance for credit losses on loans: $281,495 $280,221 $277,803 $275,488 $270,151
As a percentage of period-end loans 1.29 % 1.31 % 1.31 % 1.32 % 1.30 %
Net charge-offs: $5,843 $6,589 $11,151 $9,691 $13,962
Annualized as a percentage of average loans 0.11 % 0.12 % 0.21 % 0.19 % 0.27 %
Non-accrual loans: $70,482 $44,778 $62,393 $83,534 $78,866
As a percentage of total loans 0.32 % 0.21 % 0.29 % 0.40 % 0.38 %
As a percentage of total assets 0.13 0.09 0.12 0.16 0.15
CONSOLIDATED CAPITAL RATIOS
---
Common Equity Tier 1 Risk-Based Capital Ratio 14.06 % 14.14 % 13.98 % 13.84 % 13.62 %
Tier 1 Risk-Based Capital Ratio 14.50 14.59 14.43 14.30 14.07
Total Risk-Based Capital Ratio 15.95 16.04 15.88 15.76 15.53
Leverage Ratio 8.80 9.00 8.98 8.84 8.63
Equity to Assets Ratio (period-end) 8.62 8.49 8.17 7.91 7.42
Equity to Assets Ratio (average) 8.52 8.17 8.07 7.94 7.95
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).
Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
Year Ended December 31,
2025 2024 2023
CONDENSED INCOME STATEMENTS
---
Net interest income $1,736,149 $1,604,612 $1,558,664
Net interest income (1) 1,821,848 1,687,873 1,651,695
Credit loss expense 44,202 64,985 46,171
Non-interest income:
Trust and investment management fees 177,097 165,270 153,315
Service charges on deposit accounts 121,572 106,230 93,504
Insurance commissions and fees 65,502 61,269 58,271
Interchange and card transaction fees 22,858 21,017 19,419
Other charges, commissions and fees 57,511 53,348 49,026
Net gain (loss) on securities transactions (850) (96) 66
Other 55,405 52,060 54,941
Total non-interest income 499,095 459,098 428,542
Non-interest expense:
Salaries and wages 674,647 621,394 547,718
Employee benefits 146,101 122,446 115,306
Net occupancy 136,940 128,751 124,396
Technology, furniture and equipment 165,744 148,487 135,286
Deposit insurance 18,752 37,269 76,589
Other 277,156 244,411 229,367
Total non-interest expense 1,419,340 1,302,758 1,228,662
Income before income taxes 771,702 695,967 712,373
Income taxes 123,145 113,425 114,400
Net income 648,557 582,542 597,973
Preferred stock dividends 6,675 6,675 6,675
Net income available to common shareholders $641,882 $575,867 $591,298
PER COMMON SHARE DATA
---
Earnings per common share - basic $9.92 $8.88 $9.11
Earnings per common share - diluted 9.92 8.87 9.10
Cash dividends per common share 3.95 3.74 3.58
Book value per common share at end of quarter 69.96 58.46 55.64
OUTSTANDING COMMON SHARES
---
Period-end common shares 63,287 64,197 64,185
Weighted-average common shares - basic 64,054 64,121 64,204
Dilutive effect of stock compensation 45 142 201
Weighted-average common shares - diluted 64,099 64,263 64,405
SELECTED ANNUALIZED RATIOS
---
Return on average assets 1.24 % 1.16 % 1.19 %
Return on average common equity 15.66 15.81 18.66
Net interest income to average earning assets (1) 3.66 3.53 3.45
(1) Taxable-equivalent basis assuming a 21% tax rate.
Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
Year Ended December 31,
2025 2024 2023
BALANCE SHEET SUMMARY ($ in millions)
---
Average Balance:
Loans $21,244 $19,801 $17,893
Earning assets 48,411 46,275 46,186
Total assets 51,889 49,694 49,604
Non-interest-bearing demand deposits 13,924 13,841 15,340
Interest-bearing deposits 28,287 27,124 26,098
Total deposits 42,212 40,965 41,438
Shareholders' equity 4,244 3,787 3,313
Period-End Balance:
Loans $21,892 $20,755 $18,824
Earning assets 49,524 48,878 47,124
Total assets 53,041 52,520 50,845
Total deposits 42,918 42,723 41,921
Shareholders' equity 4,573 3,899 3,716
Adjusted shareholders' equity (1) 5,416 5,151 4,836
ASSET QUALITY ($ in thousands)
---
Allowance for credit losses on loan: $281,495 $270,151 $245,996
As a percentage of period-end loans 1.29 % 1.30 % 1.31 %
Net charge-offs: $33,274 $40,677 $34,486
Annualized as a percentage of average loans 0.16 % 0.21 % 0.19 %
Non-accrual loans: $70,482 $78,866 $60,907
As a percentage of total loans 0.32 % 0.38 % 0.32 %
As a percentage of total assets 0.13 0.15 0.12
CONSOLIDATED CAPITAL RATIOS
---
Common Equity Tier 1 Risk-Based Capital Ratio 14.06 % 13.62 % 13.25 %
Tier 1 Risk-Based Capital Ratio 14.50 14.07 13.73
Total Risk-Based Capital Ratio 15.95 15.53 15.18
Leverage Ratio 8.80 8.63 8.35
Equity to Assets Ratio (period-end) 8.62 7.42 7.31
Equity to Assets Ratio (average) 8.18 7.62 6.68
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).
Cullen/Frost Bankers, Inc.
TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)
2025 2024
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr
TAXABLE-EQUIVALENT YIELD/COST
(1)
---
Earning Assets:
Interest-bearing deposits 3.93 % 4.36 % 4.41 % 4.39 % 4.71 %
Federal funds sold 4.28 4.74 4.71 4.79 5.16
Resell agreements 4.13 4.58 4.59 4.60 4.88
Securities(2) 3.82 3.85 3.79 3.63 3.44
Loans, net of unearned discounts 6.43 6.61 6.60 6.57 6.77
Total earning assets 4.94 5.11 5.07 4.99 5.05
Interest-Bearing Liabilities:
Interest-bearing deposits:
Savings and interest checking 0.19 % 0.24 % 0.24 % 0.24 % 0.29 %
Money market deposit accounts 2.08 2.28 2.28 2.27 2.47
Time accounts 3.45 3.79 3.86 3.97 4.32
Total interest-bearing deposits 1.75 1.94 1.93 1.94 2.14
Total deposits 1.17 1.30 1.29 1.30 1.42
Federal funds purchased 3.94 4.34 4.37 4.40 4.71
Repurchase agreements 2.87 3.17 3.23 3.13 3.34
Junior subordinated deferrable interest debentures 6.05 6.30 6.30 6.32 6.87
Subordinated notes payable and other notes 4.69 4.69 4.69 4.69 4.69
Total interest-bearing liabilities 1.92 2.13 2.12 2.12 2.32
Net interest spread 3.02 2.98 2.95 2.87 2.73
Net interest income to total average earning assets 3.66 3.69 3.67 3.60 3.53
AVERAGE BALANCES
---
($ in millions)
Assets:
Interest-bearing deposits $8,431 $6,816 $6,169 $7,238 $8,577
Federal funds sold 2 3 8 3 3
Resell agreements 10 10 23 10 11
Securities - carrying value(2) 19,929 20,213 20,401 19,384 18,640
Securities - amortized cost(2) 20,995 21,622 21,864 20,839 19,944
Loans, net of unearned discount 21,661 21,452 21,063 20,788 20,346
Total earning assets $50,033 $48,492 $47,664 $47,424 $47,577
Liabilities:
Interest-bearing deposits:
Savings and interest checking $9,899 $9,689 $9,920 $9,969 $9,693
Money market deposit accounts 12,619 11,817 11,518 11,432 11,683
Time accounts 6,554 6,726 6,534 6,458 6,458
Total interest-bearing deposits 29,072 28,232 27,972 27,860 27,834
Total deposits 43,340 42,071 41,760 41,658 41,885
Federal funds purchased 27 29 25 18 24
Repurchase agreements 4,586 4,593 4,250 4,147 3,946
Junior subordinated deferrable interest debentures 123 123 123 123 123
Subordinated notes payable and other notes 100 100 100 100 100
Total interest-bearing funds $33,909 $33,077 $32,471 $32,248 $32,027
(1) Taxable-equivalent basis assuming a 21% tax rate.
(2) Average securities include unrealized gains and losses on securities available for sale while yields are based on average amortized cost.
A.B. Mendez
Investor Relations
210.220.5234
or
Bill Day
Media Relations
210.220.5427
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SOURCE Cullen/Frost Bankers, Inc.
