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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, Inc. (NYSE: CFR) announced a public offering of 6,000,000 depositary shares, representing a 1/40th interest in its 4.450% non-cumulative perpetual preferred stock, Series B, aiming for gross proceeds of $150 million. The offering, closing on November 19, 2020, will generate approximately $145.5 million in net proceeds for general corporate purposes. Morgan Stanley, BofA Securities, and Goldman Sachs are the offering's joint-book running managers.
Cullen/Frost Bankers (NYSE:CFR) reported a third quarter 2020 net income of $95.1 million, down from $109.8 million in 2019. The diluted EPS was $1.50, compared to $1.73 a year earlier. Net interest income decreased by 3.5% to $267.0 million, while average loans rose 25.4% to $18.1 billion. Non-interest income fell 6.3% to $83.6 million, reflecting a decrease in service charges and transaction fees due to the pandemic. The company declared a $0.72 cash dividend per share, payable December 15, 2020.
Cullen/Frost Bankers, Inc. (NYSE: CFR) will hold a conference call on October 29, 2020, at 4:00 p.m. CT to discuss its third-quarter earnings. The earnings release will be available at approximately 8:00 a.m. CT on the same day. The event will feature remarks from key executives including Phil Green, Jerry Salinas, and A.B. Mendez, followed by a Q&A session. Interested individuals can join via telephone or listen to a live webcast at frostbank.com/investor-relations. A playback will be available after the call until November 1, 2020.
Cullen/Frost Bankers, Inc. (NYSE:CFR) will hold a conference call on October 29, 2020, at 10:00 a.m. CT to discuss its third quarter earnings.
The earnings release will be available at approximately 8:00 a.m. CT on their investor relations website. During the call, executives including Chairman and CEO Phil Green and CFO Jerry Salinas will present followed by a Q&A session. Stakeholders can access the call through a toll-free number or a live webcast, with playback available post-call.
Cullen/Frost Bankers reported second-quarter 2020 net income of $93.1 million, down from $109.6 million a year earlier. Earnings per share decreased to $1.47 from $1.72. Average loans rose 22.1% to $17.5 billion, while average deposits increased by 20.5% to $31.3 billion. The bank's net interest income declined by 2.9% to $269.7 million. Credit loss expenses related to loans were $27.2 million, contrasting with higher first-quarter figures. The board declared a third-quarter cash dividend of $0.71 per share, payable September 15, 2020.
Cullen/Frost Bankers, Inc. (NYSE:CFR) will hold a conference call on July 30, 2020, to discuss its second quarter 2020 earnings. The earnings release will be available at 8:00 a.m. CT on the company’s investor relations website. The call starts at 10:00 a.m. CT and will be hosted by top executives including Phil Green and Jerry Salinas. A playback of the call will be accessible from 2:00 p.m. CT on the day of the call until midnight on August 2, 2020.