Cullen/Frost Q1 2024 EPS $2.06, down 24% YoY; FDIC assessment hit

CULLEN/FROST BANKERS, INC.

2024-Q1 EPS reported $2.06 revenue$501,428,000

Net income available to common $134.0M ($2.06 diluted EPS) vs $175.2M ($2.70) in Q1 2023; adjusted EPS $2.15 excluding $6.1M FDIC assessment.
Net interest income (tax-equiv) $411.4M, down 3.4% YoY; net interest margin 3.48% vs 3.47% a year ago.
Average loans $19.1B, up 10.4% YoY; average deposits $40.7B, down 4.8% YoY.
Non-interest expense $326.2M, up 14.4% YoY; excluding FDIC assessment, up 11.7%.
Q2 common dividend declared $0.92/share payable June 14; capital ratios well above well-capitalized minimums.

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