Cullen/Frost Bankers Q3 2024 Results Filed

TL;DR

**Cullen/Frost Bankers (CFR) filed its Q3 2024 10-Q, showing financial details for the period ending Sept 30.**

AI Summary

Cullen/Frost Bankers, Inc. reported its third quarter 2024 results, ending September 30, 2024. The company's filing covers the period from January 1, 2024, to September 30, 2024, and includes financial data for the third quarter of 2023 as a comparison. The filing details common stock and preferred stock information, as well as additional paid-in capital and retained earnings as of June 30, 2024.

Why It Matters

This 10-Q filing provides investors with a detailed look at Cullen/Frost Bankers' financial performance and position for the third quarter of 2024, crucial for understanding the bank's health and future prospects.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not indicate any immediate or unusual risks.

Key Numbers

• 2024-09-30 — Period End Date (The report covers financial data up to this date.)
• 2024-01-01 — Period Start Date (The report covers financial data from this date.)
• 2023-09-30 — Prior Year Q3 End Date (Used for comparative financial analysis.)

Key Players & Entities

• CULLEN/FROST BANKERS, INC. (company) — Filer
• 20240930 (date) — Period of Report
• 20241031 (date) — Filed as of Date
• SAN ANTONIO (location) — Business Address City
• TX (location) — Business Address State

FAQ

Filing Documents

• cfr-20240930.htm (10-Q) — 3822KB
• exhibit3113q24.htm (EX-31.1) — 9KB
• exhibit3123q24.htm (EX-31.2) — 9KB
• exhibit3213q24.htm (EX-32.1) — 5KB
• exhibit3223q24.htm (EX-32.2) — 5KB
• 0000039263-24-000069.txt ( ) — 20757KB
• cfr-20240930.xsd (EX-101.SCH) — 104KB
• cfr-20240930_cal.xml (EX-101.CAL) — 141KB
• cfr-20240930_def.xml (EX-101.DEF) — 711KB
• cfr-20240930_lab.xml (EX-101.LAB) — 1103KB
• cfr-20240930_pre.xml (EX-101.PRE) — 958KB
• cfr-20240930_htm.xml (XML) — 4785KB

- Financial Information

Part I - Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income (Loss) 5 Consolidated Statements of Changes in Shareholders' Equity 6 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 63

Controls and Procedures

Item 4. Controls and Procedures 63

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 64

Risk Factors

Item 1A. Risk Factors 64

Unregistered Sales of Equity Securities , Use of Proceeds , and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities , Use of Proceeds , and Issuer Purchases of Equity Securities 64

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 64

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 64

Other Information

Item 5. Other Information 64

Exhibits

Item 6. Exhibits 65

Signatures

Signatures 66 2 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Cullen/Frost Bankers, Inc. Consolidated Balance Sheets (Dollars in thousands, except per share amounts) September 30, 2024 December 31, 2023 Assets: Cash and due from banks $ 751,174 $ 617,569 Interest-bearing deposits 8,436,550 7,985,057 Federal funds sold 1,000 — Resell agreements 9,650 84,650 Total cash and cash equivalents 9,198,374 8,687,276 Securities held to maturity, net of allowance for credit losses of $ 310 at both September 30, 2024 and December 31, 2023 3,569,718 3,619,428 Securities available for sale, at estimated fair value 15,320,043 16,578,371 Trading account securities 32,353 31,717 Loans, net of unearned discounts 20,054,863 18,824,251 Less: Allowance for credit losses on loans ( 263,129 ) ( 245,996 ) Net loans 19,791,734 18,578,255 Premises and equipment, net 1,229,221 1,190,033 Accrued interest receivable and other assets 1,866,650 2,159,958 Total assets $ 51,008,093 $ 50,845,038 Liabilities: Deposits: Non-interest-bearing demand deposits $ 13,953,070 $ 14,926,094 Interest-bearing deposits 27,767,551 26,994,474 Total deposits 41,720,621 41,920,568 Federal funds purchased 22,375 14,200 Repurchase agreements 4,014,037 4,127,188 Junior subordinated deferrable interest debentures, net of unamortized issuance costs 123,170 123,127 Subordinated notes, net of unamortized issuance costs 99,609 99,491 Accrued interest payable and other liabilities 893,075 844,017 Total liabilities 46,872,887 47,128,591 Shareholders' Equity: Preferred stock, par value $ 0.01 per share; 10,000,000 shares authorized; 150,000 Series B shares ($ 1,000 liquidation preference) issued at September 30, 2024 and December 31, 2023 145,452 145,452 Common stock, par value $ 0.01 per share; 210,000,000 shares authorized; 64,404,582 shares issued at both September 30, 2024 and December 31, 2023 644 644 Additional paid-in capital 1,065,829 1,055,809 Retained earnings 3,889,387 3,657,688 Accumulated othe

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Table amounts in thousands, except for share and per share amounts) Note 1 - Significant Accounting Policies Nature of Operations. Cullen/Frost Bankers, Inc. ("Cullen/Frost") is a financial holding company and a bank holding company headquartered in San Antonio, Texas that provides, through its subsidiaries, a broad array of products and services throughout numerous Texas markets. The terms "Cullen/Frost," "the Corporation," "we," "us" and "our" mean Cullen/Frost Bankers, Inc., and its subsidiaries, when appropriate. In addition to general commercial and consumer banking, other products and services offered include trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing. Basis of Presentation. The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of Cullen/Frost and all other entities in which Cullen/Frost has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies we follow conform, in all material respects, to accounting principles generally accepted in the United States and to general practices within the financial services industry. The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management, reflect all adjustments necessary for a fair presentation of our financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission ("SEC"). Accordingly, the fin

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