Cullen/Frost Q4 net income $153.2M, EPS $2.36; declares $0.95 dividend and $150M buyback

CULLEN/FROST BANKERS, INC.

2024-FY EPS reported $8.87 revenue$2,063,710,000

Q4 net income available to common shareholders $153.2M, up from $100.9M a year ago (includes $51.5M FDIC surcharge in Q4 2023); diluted EPS $2.36 vs $1.55.
Excluding FDIC surcharge, Q4 EPS increased 8.3% to $2.36 vs $2.18 year ago; full-year 2024 EPS $8.87 vs $9.10 in 2023.
Net interest income (tax-equivalent) $433.7M, up 5.8% YoY; net interest margin 3.53% vs 3.41% a year ago.
Average loans $20.3B, up 9.3% YoY; average deposits $41.9B, up 1.7% YoY; non-accrual loans $78.9M vs $60.9M year-end 2023.
Board declared $0.95/share cash dividend (payable March 14, 2025) and approved $150M share repurchase program through Jan 28, 2026.

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