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Cullen/Frost Bankers, Inc. reports developments tied to its role as a Texas-focused financial holding company and the parent of Frost. Frost provides banking, investment and insurance services to businesses and individuals across Texas regions including Austin, Dallas, Fort Worth, Houston, the Permian Basin, Rio Grande Valley and San Antonio.
Recurring news includes quarterly and annual earnings, loan and deposit trends, dividends, stock repurchase authorizations, earnings conference calls, board composition updates and community or sponsorship initiatives. Company updates also reference Frost’s long operating history, its Texas market focus and its relationships with business, individual and community customers.
Cullen/Frost Bankers (NYSE: CFR) reported a first quarter net income of $97.4 million, down from $113.9 million in Q1 2021, translating to $1.50 per diluted share compared to $1.77 a year earlier. Net interest income increased by 3.1% to $272.2 million, while average loans decreased by 7.3% to $16.4 billion. Total deposits rose by 21.3% to $43.0 billion. Non-interest income climbed 8.7% to $101.4 million. The board declared a $0.75 dividend per common share, payable June 15, 2022. The company remains well-capitalized, exceeding Basel III requirements.
Cullen/Frost Bankers, Inc. (NYSE:CFR) is set to host a conference call on April 28, 2022, at 1:00 p.m. CT to discuss their First Quarter 2022 earnings. The earnings release will be available at 8:00 a.m. CT on the company’s investor relations website. The call will include remarks from CEO Phil Green and CFO Jerry Salinas, followed by a Q&A session. Those unable to attend can access a playback of the call until May 1, 2022. For more details, interested parties can reach out via the provided investor relations contact.
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Black Knight (NYSE:BKI) has partnered with Frost, a top U.S. bank, to implement its advanced mortgage origination and servicing solutions, including the Empower loan origination system and MSP loan servicing system. This collaboration aims to enhance Frost's operational efficiency by streamlining mortgage processes and improving customer experience. Frost will benefit from Black Knight's comprehensive offerings, including the Loss Mitigation application and the Servicing Digital platform, which provide essential tools for managing loans effectively throughout the loan lifecycle.
Frost Bank, a major Texas bank, has partnered with Plaid to enhance digital financial access for nearly 400,000 customers. This collaboration allows users to securely integrate their Frost accounts with over 6,000 financial apps via Plaid's open finance API, Plaid Exchange. The initiative aims to improve account management and connectivity in response to customer demand for a unified platform. Frost Bank continues to invest in digital solutions after introducing features like early payday and expanded ATM access.
The board of directors of Cullen/Frost Bankers announced the retirement of directors Karen E. Jennings and Ida Clement Steen, effective at the annual meeting in April. Jennings has served on the board since 2001, while Steen has been a member since 1996. The board expressed gratitude for their leadership. To fill their positions, the board nominated Laurie Baker and Linda Burke Rutherford, both seasoned executives with strong backgrounds in operations and communications, respectively. This transition is seen as a move to enhance the company's leadership and maintain its cultural values.
Cullen/Frost Bankers, Inc. (NYSE: CFR) reported strong fourth quarter and full year 2021 results. Net income for Q4 2021 was $99.4 million ($1.54/share), up from $88.3 million ($1.38/share) in Q4 2020. Full year net income reached $435.9 million, a 34.7% increase year-over-year. Average loans for Q4 2021 decreased to $16.0 billion, while average deposits rose to $41.0 billion, a 20.2% increase. The bank declared a $0.75 dividend per common share and announced a $100 million stock repurchase plan, signaling confidence in its financial health.
Cullen/Frost Bankers, Inc. (NYSE:CFR) has announced its upcoming conference call on January 27, 2022, to discuss fourth quarter 2021 earnings. The earnings release will be available at approximately 8:00 a.m. CT on their investor relations website. CEO Phil Green, CFO Jerry Salinas, and Investor Relations Director A.B. Mendez will lead the call starting at 1:00 p.m. CT, which will include a Q&A session for analysts. Playback of the call will be available until January 30, 2022.
Frost Bank, a prominent Texas bank, has announced an increase in its minimum starting pay to $20 per hour, affecting approximately 1,800 employees across Texas. This decision reflects the bank's commitment to competitive workplace practices and employee welfare, representing an annual investment of around $15 million. The increase is part of a broader strategy that includes enhanced benefits, technology investments, and a focus on diversity, inclusion, and equity.
Cullen/Frost Bankers reported a net income of $106.3 million for Q3 2021, a 12% increase from $95.1 million in Q3 2020. Diluted EPS rose to $1.65 from $1.50. Average loans decreased 10.8% to $16.2 billion, while average deposits surged 19% to $39.1 billion. Non-interest income was $93.2 million, up 11.5% year-over-year. The company maintained strong capital ratios, with a Common Equity Tier 1 ratio of 13.42%. A fourth-quarter dividend of $0.75 was declared, payable on December 15, 2021.