Cullen/Frost Q4 net income $189.5M, EPS $2.91 up 91% YoY; NIM expands to 3.31%

CULLEN/FROST BANKERS, INC.

2022-FY EPS reported $8.81 revenue$1,696,101,000

Diluted EPS $2.91 vs $1.54 a year ago; full-year EPS $8.81 vs $6.76 (up 30%).
Net interest income (tax-equivalent) $423.9M, up 60.5%; net interest margin 3.31% vs 2.31%.
Average loans $17.1B (+6.8% YoY); average deposits $44.8B (+9.1% YoY).
Non-interest expense $281.3M (+17.9%) driven by salaries, expansion costs, and a $4M license negotiation accrual.
Board declared $0.87 per common share dividend, unchanged, payable March 15, 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CULLEN/FROST BANKERS, INC. reported financial results for the quarter and year ended December 31, 2022.

Period: the quarter and year ended December 31, 2022
Result: reported results

Exact text from the filing

Attached as Exhibit 99.1 and incorporated into this item by reference is a press release issued by the Registrant on January 26, 2023 regarding its financial results for the quarter and year ended December 31, 2022.

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Source: SEC EDGAR

accession 0000039263-23-000005

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