CULLENFROST BANKERS INC

For the period ended Jun 30, 2024. Filed Jul 25, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Jul 25, 2024

CFR$158.16+0.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Income

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Interest income:
Loans, including fees	$343,776	$290,552	$674,316	$560,267
Securities:
Taxable	99,012	101,960	197,074	199,735
Tax-exempt	54,579	60,637	109,838	127,271
Interest-bearing deposits	97,639	87,748	198,000	186,993
Federal funds sold	80	305	160	1,063
Resell agreements	1,199	1,126	2,397	2,194
Total interest income	596,285	542,328	1,181,785	1,077,523
Interest expense:
Deposits	159,260	120,266	314,894	218,255
Federal funds purchased	547	412	991	995
Repurchase agreements	36,302	33,114	72,250	66,765
Junior subordinated deferrable interest debentures	2,300	2,106	4,559	4,094
Subordinated notes	1,164	1,164	2,328	2,328
Total interest expense	199,573	157,062	395,022	292,437
Net interest income	396,712	385,266	786,763	785,086
Credit loss expense	15,787	9,901	29,437	19,005
Net interest income after credit loss expense	380,925	375,365	757,326	766,081
Non-interest income:
Trust and investment management fees	41,404	39,392	80,489	75,536
Service charges on deposit accounts	26,114	23,487	50,909	45,366
Insurance commissions and fees	13,919	12,940	32,215	31,892
Interchange and card transaction fees	5,351	5,250	9,825	10,139
Other charges, commissions, and fees	13,020	12,090	25,080	23,794
Net gain (loss) on securities transactions	—	33	—	54
Other	11,382	10,336	24,049	22,012
Total non-interest income	111,190	103,528	222,567	208,793
Non-interest expense:
Salaries and wages	151,237	133,195	299,237	263,540
Employee benefits	28,802	26,792	64,772	60,714
Net occupancy	32,374	31,714	64,152	62,063
Technology, furniture, and equipment	35,951	33,043	70,946	65,524
Deposit insurance	8,383	6,202	23,107	12,447
Other	60,217	54,096	120,967	105,896
Total non-interest expense	316,964	285,042	643,181	570,184
Income before income taxes	175,151	193,851	336,712	404,690
Income taxes	29,652	31,733	55,523	64,919
Net income	145,499	162,118	281,189	339,771
Preferred stock dividends	1,669	1,669	3,338	3,338
Net income available to common shareholders	$143,830	$160,449	$277,851	$336,433
Earnings per common share:
Basic	$2.21	$2.47	$4.27	$5.18
Diluted	2.21	2.47	4.27	5.17

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.