Cullen/Frost Q2 EPS $2.47 beats year ago; dividend raised 5.7% to $0.92

CULLEN/FROST BANKERS, INC.

2023-Q2 EPS reported $5.17 revenue$993,879,000

Net income available to common shareholders $160.4M, up 36.5% YoY; diluted EPS $2.47 vs $1.81.
Net interest income (tax-equiv) $408.6M, up 31.2% YoY; net interest margin 3.45% (2.56% Q2 2022).
Board increases quarterly common dividend 5.7% to $0.92 per share; payable Sep 15, record Aug 31.
Average loans $17.7B (+5.9% YoY); average deposits $41.0B (-8.3% YoY) on rate-driven non-interest bearing deposit declines.
Credit loss expense $9.9M; net charge-offs $9.8M; allowance as % of loans 1.32%.

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 0.9

CULLEN/FROST BANKERS, INC. reported the quarter ended June 30, 2023 results: net income $160.4 million, EPS $2.47 per diluted common share.

Period: the quarter ended June 30, 2023
Net income: $160.4 million
EPS: $2.47 per diluted common share
Result: reported results

Exact text from the filing

Net income available to common shareholders for the second quarter of 2023 was $160.4 million compared to $117.4 million in the second quarter of 2022. On a per-share basis, net income available to common shareholders for the second quarter of 2023 was $2.47 per diluted common share, compared to $1.81 per diluted common share reported a year earlier, representing a 36.5 percent increase.

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Source: SEC EDGAR

accession 0000039263-23-000063

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