Cullen/Frost Q2 EPS $1.81, dividend raised 16% to $0.87

CULLEN/FROST BANKERS, INC.

2022-Q2 EPS reported $3.31 revenue$736,596,000

Net income available to common $117.4M ($1.81 diluted EPS) vs $116.4M ($1.80) a year ago.
Board raises quarterly common dividend 16% to $0.87, payable Sept 15, record Aug 31.
Net interest income (tax-equivalent) $311.4M, up 11.2% YoY; net interest margin 2.56%.
Average deposits $44.7B (+16.9% YoY); avg loans ex-PPP $16.5B (+13.2% YoY).
No credit loss expense; net charge-offs $2.8M; allowance for credit losses 1.43% of loans.

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