Cullen/Frost Q2 net income $116.4M, EPS $1.80; dividend raised 4% to $0.75

CULLEN/FROST BANKERS, INC.

2021-Q2 EPS reported $3.57 revenue$682,520,000

Net income available to common shareholders $116.4M vs $93.1M YoY; diluted EPS $1.80 vs $1.47.
Net interest income (tax-equivalent) $280M, up 3.8% YoY; average deposits rose 22.2% to $38.3B.
No credit loss expense in Q2 2021 vs $27.2M expense in Q2 2020; allowance for credit losses 1.54% of loans.
Board declared Q3 common dividend of $0.75/share, a 4% increase from prior $0.72.
Non-interest income up 17.6% to $91.2M, driven by trust fees, service charges, and card transaction fees.

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