Cullen Frost Bankers Inc Stock Price, News & Analysis

Frost Bank recently released findings from a nationwide survey highlighting the role of financial belonging in enhancing consumer banking relationships. The study reveals that individuals who feel a sense of belonging are 160% more likely to report better financial health. However, only 11% of respondents currently feel such belonging with their bank. The survey identified four key indicators for fostering this sense: trust, knowledge, access, and a hybrid experience. The results underscore a significant gap between the importance of financial belonging and its current state, suggesting opportunities for banks to improve customer relationships and satisfaction.

Cullen/Frost Bankers, Inc. (NYSE:CFR) reported robust fourth quarter and full year 2022 results. Net income for Q4 2022 reached $189.5 million, a significant 90.7% increase from Q4 2021. Earnings per share rose to $2.91, up from $1.54. For the full year, net income was $572.5 million, marking a 31.3% rise from 2021. The bank's net interest income surged 60.5% to $423.9 million in Q4. However, non-interest income decreased slightly by 3.1%. The board declared a quarterly dividend of $0.87 per common share, payable on March 15, 2023. The bank’s solid capital ratios exceed regulatory requirements, reflecting its strong financial position.

The board of directors of Cullen/Frost Bankers (NYSE: CFR) has elected Jack Willome to join its ranks. Willome, a former president of Ellison Industries, brings extensive experience from his consultancy roles and prior leadership positions. He has been instrumental in formulating Frost's guiding principles, known as the Frost Philosophy blue book. Joining several board committees, including Corporate Governance and Risk, Willome aims to contribute significantly to the company's strategic direction. Frost, with $52.9 billion in assets as of September 2022, continues to expand its banking and investment services across Texas.

Cullen/Frost Bankers, Inc. (NYSE: CFR) will hold a conference call on January 26, 2023 at 1:00 p.m. CT to discuss its fourth quarter 2022 earnings. The earnings release will be available around 8:00 a.m. CT on the same day. Key executives, including Chairman and CEO Phil Green and CFO Jerry Salinas, will present financial updates followed by a Q&A session. Interested parties can listen via telephone or access a live webcast online.

The Federal Home Loan Bank of Dallas and Frost Bank awarded a $700,000 Affordable Housing Program (AHP) subsidy to Adult & Teen Challenge of Texas. This funding completed a new dormitory at the Houston campus, providing housing for 40 women and doubling the prior capacity. The initiative is part of a broader mission to support affordable housing for individuals recovering from addictions. In 2022, FHLB Dallas provided nearly $17.2 million in AHP subsidies across multiple states.

Frost Bank has appointed Howard Kasanoff as its new Chief Credit Officer, effective early 2023. He succeeds Bill Perotti, who is retiring after over 40 years with the bank. Kasanoff, a veteran of the bank since 1992, brings extensive experience, having held various positions including credit analyst and commercial lending officer. Frost Bank, a subsidiary of Cullen/Frost Bankers (NYSE: CFR), currently holds $52.9 billion in assets as of September 30, 2022, serving multiple regions across Texas.

Cullen/Frost Bankers (NYSE:CFR) reported a strong third quarter for 2022, with net income of $168.1 million, up 57% from $106.3 million in Q3 2021. Diluted EPS rose to $2.59, a 57% increase year-over-year. Net interest income surged by 40.9% to $379.5 million, driven by rising interest rates. Average loans increased by 3.9%, while average deposits grew by 17.1%. The board declared a fourth-quarter cash dividend of $0.87 per share, payable on December 15, 2022. The company remains well-capitalized, exceeding Basel III requirements.

Cullen/Frost Bankers (NYSE: CFR) announced the election of Joseph A. Pierce to its board of directors, effective immediately. Pierce will serve on the Corporate Governance and Nominating, Compensation and Benefits, and Technology committees. He brings extensive experience in legal and financial services, having served as senior vice president and general counsel for AMB Sports and Entertainment, among other roles. His familiarity with the Frost brand stems from his upbringing in San Antonio and family ties to the bank.

Cullen/Frost Bankers, Inc. (NYSE:CFR) will host a conference call on October 27, 2022, to discuss third quarter 2022 earnings. The earnings release will be available at 8:00 a.m. CT on their investor website. The conference call starts at 1:00 p.m. CT, featuring CEO Phil Green and CFO Jerry Salinas. Interested parties can join via phone or a live webcast. The call will include a Q&A session for analysts, and a recording will be available for replay after 5:00 p.m. CT. For participation, it's recommended to join 5 to 10 minutes early.