Cullen/Frost Reports Third Quarter Results

SAN ANTONIO, Texas, Oct. 29, 2020 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported third quarter 2020 results. Net income available to common shareholders for the third quarter of 2020 was $95.1 million, compared to $109.8 million for the third quarter of 2019. On a per-share basis, net income available to common shareholders for the third quarter of 2020 was $1.50 per diluted common share, compared to $1.73 per diluted common share reported a year earlier. Returns on average assets and average common equity were 0.96 percent and 9.30 percent, respectively, for the third quarter of 2020 compared to 1.35 percent and 11.83 percent, respectively, for the same period a year earlier.

For the third quarter of 2020, net interest income on a taxable-equivalent basis was $267.0 million, down 3.5 percent compared to the same quarter in 2019. Average loans for the third quarter of 2020 increased $3.7 billion, or 25.4 percent, to $18.1 billion, from the $14.5 billion reported for the third quarter a year earlier. Excluding PPP loans, third quarter average loans of $14.9 billion represented a 3.3 percent increase compared to the third quarter of 2019. Average deposits for the third quarter were $32.9 billion, up $6.5 billion, or 24.8 percent, compared to the $26.4 billion reported for last year's third quarter. 

"Our third quarter results demonstrate our strength and stability despite the challenging environment," said Phil Green, Cullen/Frost Chairman and CEO. "Our dedication to our customers and our commitment to sustainable, organic growth has delivered positive results, and I want to acknowledge the dedication to the Frost philosophy and culture that our people have maintained during what has been a very unusual year."

For the first nine months of 2020, net income available to common shareholders was $235.4 million, down 29.5 percent compared to $333.9 million for the first nine months of 2019. Diluted EPS available to common shareholders for the first nine months of 2020 was $3.71 compared to $5.24 in the year-earlier period. Returns

on average assets and average common equity for the first nine months of 2020 were 0.85 percent and 7.95 percent, respectively, compared to 1.41 percent and 12.79 percent, respectively, for the same period in 2019.

Noted financial data for the third quarter of 2020 follows:

  • The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the third quarter of 2020 were 12.71 percent, 12.71 percent and 14.69 percent, respectively, and continue to be in excess of well-capitalized levels and exceed Basel III minimum requirements.
  • Net interest income on a taxable-equivalent basis was $267.0 million for the third quarter of 2020, a decrease of 3.5 percent compared to the prior year period. The net interest margin was 2.95 percent for the third quarter of 2020, down 18 basis points compared to the second quarter of 2020 net interest margin of 3.13 percent. Net interest margin decreased 81 basis points compared to 3.76 percent in the year-ago period.
  • Non-interest income for the third quarter of 2020 totaled $83.6 million, a decrease of $5.6 million, or 6.3 percent, from the $89.2 million reported for the third quarter of 2019. Service charges on deposits for the third quarter decreased $3.1 million, or 13.6 percent, compared to the same period in 2019. This decrease was primarily driven by decreases in overdraft/insufficient funds charges on consumer and commercial accounts. The decrease in overdraft/insufficient funds charges during the third quarter of 2020 was primarily related to a decrease in the volume of overdrafts relative to the same period in 2019. Other charges, commissions and fees for the third quarter decreased $1.7 million, or 17.2 percent, compared to the third quarter of 2019. The decrease was driven by a decrease in income associated with customer balances placed in third party money market accounts, among other things. Interchange and debit card transaction fees decreased by $614,000, or 14.9 percent, compared to the third quarter a year earlier. Revenue from interchange and debit card transactions was impacted by reduced transaction volumes resulting from the COVID-19 pandemic. Other non-interest income for the third quarter increased $361,000, or 4.2 percent, compared to the same period in 2019. The increase was primarily related to an increase in sundry and other miscellaneous income (up $1.3 million) and public finance underwriting fees (up $833,000) partly offset by a decrease in gains on the sale of foreclosed and other assets (down $1.3 million), among other things.
  • Non-interest expense was $202.2 million for the third quarter, down $6.7 million, or 3.2 percent, compared to the $208.9 million reported for the third quarter a year earlier. Other non-interest expense of $38.2 million represented a $6.4 million, or 14.4 percent, decrease compared to the third quarter of 2019. The decrease was driven by decreases in travel, meals and entertainment expense (down $3.1 million); professional services expense (down $1.6 million); and advertising/promotions expense (down $1.2 million), among other things. Employee benefits expense for the third quarter of 2020 decreased $4.9 million, or 23.5 percent, compared to the same period in 2019. The decrease in employee benefits expense was primarily related to a decrease in certain discretionary benefit plan expenses and expenses related to our defined benefit retirement and restoration plans partly offset by increases in medical benefits expense and payroll taxes. Salaries and wages expense was $93.3 million in the third quarter of 2020, down $489,000 or 0.5% compared to the third quarter of 2019. Increases in salaries due to an increase in the number of employees and normal, annual merit and market increases were offset by decreases in incentive compensation, commissions and stock-based compensation. Technology, furniture and equipment expense for the third quarter increased by $4.1 million or 18.1 percent from the third quarter of 2019. The increases were primarily related to increases in cloud services expense (up $2.6 million), depreciation of furniture and equipment (up $1.2 million), software amortization (up $481,000) and software maintenance (up $299,000), partly offset by a $537,000 decrease in service contracts. Third quarter net occupancy expense increased by $1.3 million, or 5.2 percent, compared to the same period in 2019, primarily driven by increases in depreciation on leasehold improvements (up $842,000), property taxes (up $805,000) and building depreciation (up $300,000), among other things, partly offset by a decrease in repairs and maintenance/service contracts expense (down $602,000).
  • For the third quarter of 2020, credit loss expense related to loans was $23.6 million, compared to net charge-offs of $10.2 million. This compares with $27.2 million in credit loss expense related to loans and $41.0 million in net charge-offs for the second quarter of 2020, and $8.0 million in credit loss expense related to loans and $6.4 million in net charge-offs in the third quarter of 2019. The allowance for credit losses on loans as a percentage of total loans was 1.45 percent at September 30, 2020, compared to 1.39 percent at the end of the second quarter of 2020 and 0.93 percent at the end of the third quarter of 2019. Excluding PPP loans which carry a guarantee from the SBA, the allowance for credit losses on loans as a percentage of total loans was 1.76 percent at the end of the third quarter of 2020. Non-performing assets were $96.4 million at the end of the third quarter of 2020, compared to $85.2 million at the end of the second quarter of 2020 and $105.0 million at the end of the third quarter of 2019. Credit loss expense related to off-balance-sheet exposures was a credit of $3.3 million in the third quarter of 2020.

The Cullen/Frost board declared a fourth-quarter cash dividend of $0.72 per common share, payable December 15, 2020 to shareholders of record on November 30 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, October 29, 2020, at 4 p.m. Central Time (CT) to discuss the results for the quarter. The media and other interested parties are invited to access the call in a "listen only" mode at 1-800-944-6430 or via webcast on our investor relations website linked below. Playback of the conference call will be available after 8 p.m. CT on the day of the call until midnight Sunday, November 1, 2020 at 855-859-2056 with Conference ID # of 4553807. A replay of the call will also be available by webcast at the URL listed below after 8 p.m. CT on the day of the call. Cullen/Frost investor relations website: www.frostbank.com/investor-relations/

Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $40.1 billion in assets at September 30, 2020. One of the 50 largest U.S. banks, Frost provides a wide range of banking, investment and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at www.frostbank.com.

Forward-Looking Statements and Factors that Could Affect Future Results

Certain statements contained in this Earnings Release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), including statements regarding the potential effects of the ongoing COVID-19 pandemic on our business, financial condition, liquidity and results of operations, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", "intends", "targeted", "continue", "remain", "will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

  • Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.
  • Volatility and disruption in national and international financial and commodity markets.
  • Government intervention in the U.S. financial system.
  • Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.
  • Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.
  • The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board.
  • Inflation, interest rate, securities market and monetary fluctuations.
  • The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply.
  • The soundness of other financial institutions.
  • Political instability.
  • Impairment of our goodwill or other intangible assets.
  • Acts of God or of war or terrorism.
  • The timely development and acceptance of new products and services and perceived overall value of these products and services by users.
  • Changes in consumer spending, borrowings and savings habits.
  • Changes in the financial performance and/or condition of our borrowers.
  • Technological changes.
  • The cost and effects of cyber incidents or other failures, interruptions or security breaches of our systems or those of third-party providers.
  • Acquisitions and integration of acquired businesses.
  • Our ability to increase market share and control expenses.
  • Our ability to attract and retain qualified employees.
  • Changes in the competitive environment in our markets and among banking organizations and other financial service providers.
  • The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
  • Changes in the reliability of our vendors, internal control systems or information systems.
  • Changes in our liquidity position.
  • Changes in our organization, compensation and benefit plans.
  • The impact of the ongoing COVID-19 pandemic and any other pandemic, epidemic or health-related crisis.
  • The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals.
  • Greater than expected costs or difficulties related to the integration of new products and lines of business.
  • Our success at managing the risks involved in the foregoing items.

Further, statements about the potential effects of the ongoing COVID-19 pandemic on our business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, clients, third parties and us.

Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)












2020


2019


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr


3rd Qtr

CONDENSED INCOME STATEMENTS










Net interest income

$

243,423



$

245,811



$

244,521



$

251,098



$

253,007


Net interest income (1)

267,041



269,722



268,453



275,038



276,618


Credit loss expense (2)

20,302



31,975



175,197



8,355



8,001


Non-interest income:










Trust and investment management fees

31,469



31,060



34,473



32,928



31,649


Service charges on deposit accounts

19,812



17,580



22,651



23,454



22,941


Insurance commissions and fees

11,456



10,668



16,485



12,138



11,683


Interchange and debit card transaction fees

3,503



2,966



3,255



3,608



4,117


Other charges, commissions and fees

8,370



7,663



9,365



9,020



10,108


Net gain (loss) on securities transactions





108,989



28



96


Other

8,991



7,664



17,697



14,079



8,630


Total non-interest income

83,601



77,601



212,915



95,255



89,224












Non-interest expense:










Salaries and wages

93,323



90,350



98,812



97,951



93,812


Employee benefits

16,074



18,861



24,889



21,651



21,002


Net occupancy

25,466



25,266



25,384



24,864



24,202


Technology, furniture and equipment

26,482



26,046



25,240



25,759



22,415


Deposit insurance

2,372



2,800



2,624



2,374



2,491


Intangible amortization

212



241



257



264



274


Other

38,221



36,115



46,957



47,943



44,668


Total non-interest expense

202,150



199,679



224,163



220,806



208,864


Income before income taxes

104,572



91,758



58,076



117,192



125,366


Income taxes

9,516



(1,314)



3,323



13,511



13,530


Net income

95,056



93,072



54,753



103,681



111,836


Preferred stock dividends





2,016



2,016



2,016


Redemption of preferred stock





5,514






Net income available to common shareholders

$

95,056



$

93,072



$

47,223



$

101,665



109,820












PER COMMON SHARE DATA










Earnings per common share - basic

$

1.50



$

1.47



$

0.75



$

1.61



$

1.74


Earnings per common share - diluted

1.50



1.47



0.75



1.60



1.73


Cash dividends per common share

0.71



0.71



0.71



0.71



0.71


Book value per common share at end of quarter

65.07



63.97



61.17



60.11



59.76












OUTSTANDING COMMON SHARES










Period-end common shares

62,782



62,670



62,553



62,669



62,537


Weighted-average common shares - basic

62,727



62,596



62,643



62,609



62,566


Dilutive effect of stock compensation

193



205



407



625



593


Weighted-average common shares - diluted

62,920



62,801



63,050



63,234



63,159












SELECTED ANNUALIZED RATIOS










Return on average assets

0.96

%


0.99

%


0.57

%


1.21

%


1.35

%

Return on average common equity

9.30



9.60



4.88



10.74



11.83


Net interest income to average earning assets

2.95



3.13



3.56



3.62



3.76












(1) Taxable-equivalent basis assuming a 21% tax rate.

(2) Provision for loan losses for periods prior to the first quarter of 2020.

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)



2020


2019


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr


3rd Qtr

BALANCE SHEET SUMMARY










($ in millions)










Average Balance:










Loans

18,149



17,550



$

14,995



$

14,705



$

14,471


Earning assets

36,749



35,128



30,804



30,621



29,693


Total assets

39,435



37,838



33,534



33,314



32,248


Non-interest-bearing demand deposits

14,585



13,785



10,737



10,772



10,316


Interest-bearing deposits

18,289



17,528



16,654



16,414



16,036


Total deposits

32,875



31,313



27,391



27,186



26,352


Shareholders' equity

4,065



3,899



4,009



3,900



3,828












Period-End Balance:










Loans

$

18,224



$

17,972



$

15,338



$

14,750



$

14,635


Earning assets

37,482



36,613



31,440



31,281



30,358


Goodwill and intangible assets

657



657



657



657



658


Total assets

40,101



39,378



34,147



34,027



33,098


Total deposits

33,500



32,679



28,141



27,640



27,084


Shareholders' equity

4,085



4,009



3,827



3,912



3,881


Adjusted shareholders' equity (1)

3,580



3,521



3,463



3,644



3,576












ASSET QUALITY










($ in thousands)










Allowance for credit losses on loans:

$

263,475



$

250,061



$

263,881



$

132,167



$

136,559


As a percentage of period-end loans

1.45

%


1.39

%


1.72

%


0.90

%


0.93

%











Net charge-offs:

$

10,176



$

41,048



$

38,646



$

12,747



$

6,371


Annualized as a percentage of average loans

0.22

%


0.94

%


1.04

%


0.34

%


0.17

%











Non-performing assets:










Non-accrual loans

$

91,578



$

79,461



$

66,727



$

102,303



$

97,446


Restructured loans

3,932



4,932





6,098



6,160


Foreclosed assets

850



806



806



1,084



1,427


Total

$

96,360



$

85,199



$

67,533



$

109,485



$

105,033


As a percentage of:










Total loans and foreclosed assets

0.53

%


0.47

%


0.44

%


0.74

%


0.72

%

Total assets

0.24



0.22



0.20



0.32



0.32












CONSOLIDATED CAPITAL RATIOS










Common Equity Tier 1 Risk-Based Capital Ratio

12.71

%


12.48

%


12.02

%


12.36

%


12.35

%

Tier 1 Risk-Based Capital Ratio

12.71



12.48



12.02



12.99



12.99


Total Risk-Based Capital Ratio

14.69



14.43



13.97



14.57



14.63


Leverage Ratio

7.85



8.01



8.84



9.28



9.36


Equity to Assets Ratio (period-end)

10.19



10.18



11.21



11.50



11.73


Equity to Assets Ratio (average)

10.31



10.30



11.95



11.71



11.87












(1) Shareholders' equity excluding accumulated other comprehensive income (loss).



 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)








Nine Months Ended








September 30,








2020


2019

CONDENSED INCOME STATEMENTS










Net interest income







$

733,755



$

752,907


Net interest income (1)







805,216



825,547


Credit loss expense (2)







227,474



25,404


Non-interest income:










Trust and investment management fees







97,002



93,794


Service charges on deposit accounts







60,043



65,529


Insurance commissions and fees







38,609



40,207


Interchange and debit card transaction fees







9,724



11,265


Other charges, commissions and fees







25,398



28,103


Net gain (loss) on securities transactions







108,989



265


Other







34,352



29,484


Total non-interest income







374,117



268,647












Non-interest expense:










Salaries and wages







282,485



277,078


Employee benefits







59,824



64,579


Net occupancy







76,116



64,602


Technology, furniture and equipment







77,768



66,236


Deposit insurance







7,796



7,752


Intangible amortization







710



904


Other







121,293



132,722


Total non-interest expense







625,992



613,873


Income before income taxes







254,406



382,277


Income taxes







11,525



42,359


Net income







242,881



339,918


Preferred stock dividends







2,016



6,047


Redemption of preferred stock







5,514




Net income available to common shareholders







$

235,351



$

333,871












PER COMMON SHARE DATA










Earnings per common share - basic







$

3.72



$

5.28


Earnings per common share - diluted







3.71



5.24


Cash dividends per common share







2.13



2.09


Book value per common share at end of quarter







65.07



59.76












OUTSTANDING COMMON SHARES










Period-end common shares







62,782



62,537


Weighted-average common shares - basic







62,655



62,787


Dilutive effect of stock compensation







263



725


Weighted-average common shares - diluted







62,918



63,512












SELECTED ANNUALIZED RATIOS










Return on average assets







0.85

%


1.41

%

Return on average common equity







7.95



12.79


Net interest income to average earning assets







3.20



3.80












(1) Taxable-equivalent basis assuming a 21% tax rate.

(2) Provision for loan losses for periods prior to the first quarter of 2020.

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)









As of or for the








Nine Months Ended








September 30,








2020


2019

BALANCE SHEET SUMMARY ($ in millions)










Average Balance:










Loans







$

16,903



$

14,352


Earning assets







34,236



29,257


Total assets







36,954



31,678


Non-interest-bearing demand deposits







13,041



10,219


Interest-bearing deposits







17,493



15,934


Total deposits







30,535



26,153


Shareholders' equity







3,991



3,635












Period-End Balance:










Loans







18,224



14,635


Earning assets







37,482



30,358


Goodwill and intangible assets







657



658


Total assets







40,101



33,098


Total deposits







33,500



27,084


Shareholders' equity







4,085



3,881


Adjusted shareholders' equity (1)







3,580



3,576












ASSET QUALITY ($ in thousands)










Allowance for credit losses on loans:







$

263,475



$

136,559


As a percentage of period-end loans







1.45

%


0.93

%











Net charge-offs:







$

89,870



$

20,977


Annualized as a percentage of average loans







0.71

%


0.20

%











Non-performing assets:










Non-accrual loans







$

91,578



$

97,446


Restructured loans







3,932



6,160


Foreclosed assets







850



1,427


Total







$

96,360



$

105,033


As a percentage of:










Total loans and foreclosed assets







0.53

%


0.72

%

Total assets







0.24



0.32












CONSOLIDATED CAPITAL RATIOS










Common Equity Tier 1 Risk-Based Capital Ratio







12.71

%


12.35

%

Tier 1 Risk-Based Capital Ratio







12.71



12.99


Total Risk-Based Capital Ratio







14.69



14.63


Leverage Ratio







7.85



9.36


Equity to Assets Ratio (period-end)







10.19



11.73


Equity to Assets Ratio (average)







10.80



11.48












(1) Shareholders' equity excluding accumulated other comprehensive income (loss).



 

Cullen/Frost Bankers, Inc.

TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)



2020


2019


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr


3rd Qtr

TAXABLE-EQUIVALENT YIELD/COST (1)










Earning Assets:










Interest-bearing deposits

0.10

%


0.10

%


1.24

%


1.64

%


2.19

%

Federal funds sold and resell agreements

0.24



0.27



1.22



1.71



2.21


Securities

3.44



3.53



3.46



3.37



3.43


Loans, net of unearned discounts

3.73



3.95



4.65



4.88



5.16


Total earning assets

3.04



3.24



3.84



3.98



4.21












Interest-Bearing Liabilities:










Interest-bearing deposits:










Savings and interest checking

0.02



0.02



0.02



0.04



0.07


Money market deposit accounts

0.09



0.09



0.50



0.66



0.93


Time accounts

1.11



1.40



1.67



1.72



1.74


Public funds

0.02



0.09



0.85



1.05



1.34


Total interest-bearing deposits

0.12



0.14



0.39



0.49



0.63












Total deposits

0.07



0.08



0.24



0.29



0.39












Federal funds purchased and repurchase agreements

0.12



0.15



0.95



1.21



1.53


Junior subordinated deferrable interest debentures

2.05



2.90



3.54



3.83



4.18


Subordinated notes

4.70



4.71



4.71



4.71



4.71


Federal Home Loan Bank advances



0.29








Total interest-bearing liabilities

0.15



0.19



0.47



0.59



0.75












Net interest spread

2.89



3.05



3.37



3.39



3.46


Net interest income to total average earning assets

2.95



3.13



3.56



3.62



3.76












AVERAGE BALANCES










($ in millions)










Assets:










Interest-bearing deposits

$

5,888



$

4,986



$

2,586



$

2,000



$

1,566


Federal funds sold and resell agreements

31



92



260



275



212


Securities

12,680



12,501



12,963



13,641



13,444


Loans, net of unearned discount

18,149



17,550



14,995



14,705



14,471


Total earning assets

$

36,749



$

35,128



$

30,804



$

30,621



$

29,693












Liabilities:










Interest-bearing deposits:










Savings and interest checking

$

8,077



$

7,615



$

7,030



$

6,850



$

6,712


Money market deposit accounts

8,555



8,230



7,874



7,905



7,763


Time accounts

1,120



1,118



1,109



1,069



1,023


Public funds

537



565



640



590



538


Total interest-bearing deposits

18,289



17,528



16,654



16,414



16,036












Total deposits

32,875



31,313



27,391



27,186



26,352












Federal funds purchased and repurchase agreements

1,578



1,295



1,259



1,418



1,291


Junior subordinated deferrable interest debentures

136



136



136



136



136


Subordinated notes

99



99



99



99



99


Federal Home Loan Bank advances



440








Total interest-bearing funds

$

20,103



$

19,498



$

18,149



$

18,067



$

17,562












(1) Taxable-equivalent basis assuming a 21% tax rate.

A.B. Mendez
Investor Relations
210.220.5234

Bill Day
Media Relations
210.220.5427

Cullen/Frost Bankers logo. (PRNewsFoto/Cullen/Frost Bankers)

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/cullenfrost-reports-third-quarter-results-301162511.html

SOURCE Cullen/Frost Bankers, Inc.

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