Cullen/Frost Q3 net income rises to $106.3M, EPS $1.65, up from $95.1M; deposits grow 19%

CULLEN/FROST BANKERS, INC.

2021-Q3 EPS reported $5.22 revenue$1,021,831,000

Net income available to common shareholders $106.3M ($1.65 diluted EPS), up from $95.1M ($1.50) a year ago.
Net interest income $269.3M, up 0.9% YoY; net interest margin 2.47% vs 2.95% in Q3 2020.
Average deposits $39.1B, up 19% YoY; average loans $16.2B, down 10.8% (ex-PPP down 0.8%).
No credit loss expense in Q3 vs $20.3M expense a year ago; non-accrual loans fell to $57.1M from $91.6M.
Board declared $0.75 common dividend, payable Dec 15; also preferred dividend declared.

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