Cullen/Frost Q4 net income $100.9M (adj $141.6M), EPS $1.55; declares $0.92 dividend, $150M buyback

CULLEN/FROST BANKERS, INC.

2023-FY EPS reported $9.10 revenue$1,987,206,000

Net income available to common shareholders for Q4 2023 was $100.9M, impacted by $51.5M FDIC surcharge; adjusted net income would be $141.6M.
EPS for Q4 2023 was $1.55 per diluted common share; adjusted EPS would be $2.18, down 25.1% from Q4 2022.
Annual 2023 net income available to common shareholders was $591.3M, up 3.3% from 2022; adjusted $632.0M, up 10.4%.
Board declared $0.92 per common share dividend and approved $150M share repurchase program expiring Jan 24, 2025.
Average loans for Q4 2023 were $18.6B, up 9.1% YoY; average deposits $41.2B, down 8.0% YoY.

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 financial results for the quarter and year ended December 31, 2023.

Period: the quarter and year ended December 31, 2023
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 25, 2024 regarding its financial results for the quarter and year ended December 31, 2023.

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Source: SEC EDGAR

accession 0000039263-24-000002

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