secwatch.observer — SEC 8-K summary
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Issuer:     CULLEN/FROST BANKERS, INC. (CFR)
CIK:        0000039263
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0000039263-24-000036
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39263/000003926324000036/0000039263-24-000036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39263/000003926324000036/cfr-20240425.htm
  HTML page:      https://secwatch.observer/filing/0000039263-24-000036

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