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CULLEN/FROST REPORTS THIRD QUARTER RESULTS
Press Releases

CULLEN/FROST REPORTS THIRD QUARTER RESULTS

Board declares fourth quarter dividend on common and preferred stock

SAN ANTONIO, Oct. 27, 2022 /PRNewswire/ — Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported third quarter 2022 results.

Net income available to common shareholders for the third quarter of 2022 was $168.1 million compared to $106.3 million in the third quarter of 2021. On a per-share basis, net income available to common shareholders for the third quarter of 2022 was $2.59 per diluted common share, compared to $1.65 per diluted common share reported a year earlier, representing a 57.0 percent increase. Returns on average assets and average common equity were 1.27 percent and 20.13 percent, respectively, for the third quarter of 2022 compared to 0.90 percent and 9.87 percent, respectively, for the same period a year earlier.

For the third quarter of 2022, net interest income on a taxable-equivalent basis was $379.5 million, up 40.9 percent, compared to the same quarter in 2021. Average loans for the third quarter of 2022 increased $633.6 million, or 3.9 percent, to $16.8 billion, from the $16.2 billion reported for the third quarter a year earlier. Excluding PPP loans, third quarter average loans of $16.8 billion represented a 13.0 percent increase compared to the third quarter of 2021 and a 1.3 percent increase compared to the second quarter of 2022. Average deposits for the third quarter were $45.8 billion, up $6.7 billion, or 17.1 percent, compared to the $39.1 billion reported for last year’s third quarter, and up $1.1 billion, or 2.4 percent, compared to the second quarter of 2022.

“Our third quarter results demonstrate how well-positioned we are for a rising interest rate environment, and they highlight our employees’ success in executing our organic growth strategy,” said Phil Green, Cullen/Frost Chairman and CEO. “The performance resulted in part from higher interest rates, but we also have shared those increases with our customers in the form of higher rates on deposit accounts. That, in turn, has led to increased deposit growth and bolstered our relationships with customers.

“That investment, along with our investments in regional expansion projects, our new residential mortgage product, and enhancements in customer experiences, will lead to further benefits in the long term.”

For the first nine months of 2022, net income available to common shareholders was $383.0 million, up 13.8 percent compared to $336.6 million for the first nine months of 2021. Diluted EPS available to common shareholders for the first nine months of 2021 was $5.90 compared to $5.22 in the year-earlier period, representing an increase of 13.0 percent. Returns on average assets and average common equity for the first nine months of 2022 were 1.00 percent and 14.19 percent, respectively, compared to 1.00 percent and 10.72 percent, respectively, for the same period in 2021.

Noted financial data for the third quarter of 2022 follows:

  • The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the third quarter of 2022 were 12.74 percent, 13.26 percent and 14.80 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 $379.5 million, an increase of 40.9 percent, compared to the prior year period. Net interest margin was 3.01 percent for the third quarter of 2022, a 45 basis point increase from 2.56 percent for the second quarter of 2022 and compared to 2.47 percent for the third quarter of 2021.



  • Non-interest income for the third quarter of 2022 totaled $99.8 million, an increase of $6.6 million, or 7.1 percent, from the $93.2 million reported for the third quarter of 2021. Service charges on deposit accounts increased $1.7 million, or 8.2 percent, compared to the third quarter of 2021. The increase during the third quarter of 2022 was primarily related to increases in overdraft charges (up $1.9 million). Insurance commissions and fees increased $1.4 million, or 12.0 percent, compared to the third quarter of 2021. The increase during the third quarter of 2022 was primarily the result of an increase in commission income (up $1.4 million). Other charges, commissions and fees increased $1.3 million, or 13.4 percent, compared to the third quarter of 2021. The increase was primarily related to increases in income from the placement of money market accounts (up $1.6 million) and merchant services rebates/bonuses (up $417,000), among other things, partly offset by a decrease in income from the sale of mutual funds (down $983,000).



  • Non-interest expense was $257.9 million for the quarter, up $39.9 million, or 18.3 percent, compared to the $218.0 million reported for the third quarter a year earlier. Salaries and wages expense increased $27.7 million, or 27.9 percent, compared to the third quarter of 2021. The increase in salaries and wages was primarily related to increases in salaries due to annual merit and market increases as well as the implementation of a $20 per hour minimum wage in December, 2021. Salaries and wages were also impacted by our investments in organic expansion in the Houston and Dallas markets, as well as preparations for our mortgage loan product offering, and increases in incentive compensation. Other non-interest expense increased $7.7 million, or 20.3 percent, compared to the third quarter of 2021. The increase during the third quarter of 2022 included increases in advertising/promotions expense (up $2.0 million); professional services expense (up $1.3 million); travel, meals and entertainment (up $1.2 million); and sundry and other miscellaneous expenses (up $1.2 million), among other things. Technology, furniture and equipment expense increased $2.3 million, or 8.0 percent, compared to the third quarter of 2021. The increase during the three months ended September 30, 2022 was primarily related to increases in cloud services expense (up $999,000), and software maintenance (up $846,000).



  • For the third quarter of 2022, the company did not report a credit loss expense, and reported net charge-offs of $2.9 million. This compares to no credit loss expense and net loan charge-offs of $2.8 million for the second quarter of 2022 and no credit loss expense and net loan charge-offs of $2.1 million for the third quarter of 2021. The allowance for credit losses on loans as a percentage of total loans was 1.38 percent at September 30, 2022, compared to 1.43 percent at the end of the second quarter of 2022 and 1.58 percent at the end of the third quarter of 2021. Non-accrual loans were $29.9 million at the end of the third quarter of 2022, compared to $35.1 million at the end of the second quarter of 2022 and $57.1 million at the end of the third quarter of 2021.

The Cullen/Frost board declared a fourth-quarter cash dividend of $0.87 per common share. The dividend on common stock is payable December 15, 2022 to shareholders of record on November 30 of this year. The board of directors also declared a cash dividend of $11.125 per share of Series B Preferred Stock (or $0.278125 per depositary share). The depositary shares representing the Series B Preferred Stock are traded on the NYSE under the symbol “CFR PrB.” The Series B Preferred Stock dividend is payable on December 15, 2022, to shareholders of record on November 30 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, October 27, 2022, at 1 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 1-877-709-8150 or via webcast on our investor relations website linked below. Playback of the conference call will be available after 5 p.m. CT on the day of the call until midnight Sunday, October 30, 2022 at 1-877-660-6853 with Conference ID # of 13733614. A replay of the call will also be available by webcast at the URL listed below after 5 p.m. CT on the day of the call.

Cullen/Frost investor relations website: https://investor.frostbank.com/

Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $52.9 billion in assets at September 30, 2022. Frost provides a wide range of banking, investments 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”). These may include statements regarding the potential effects of the 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:

  • 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.
  • Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.
  • Changes in the financial performance and/or condition of our borrowers.
  • 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 credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.
  • Changes in our liquidity position.
  • Impairment of our goodwill or other intangible assets.
  • 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, borrowing and saving habits.
  • Greater than expected costs or difficulties related to the integration of new products and lines of business.
  • Technological changes.
  • The cost and effects of cyber incidents or other failures, interruptions or security breaches of our systems or those of our customers or third-party providers.
  • Acquisitions and integration of acquired businesses.
  • Changes in the reliability of our vendors, internal control systems or information systems.
  • Our ability to increase market share and control expenses.
  • Our ability to attract and retain qualified employees.
  • Changes in our organization, compensation and benefit plans.
  • The soundness of other financial institutions.
  • Volatility and disruption in national and international financial and commodity markets.
  • Changes in the competitive environment in our markets and among banking organizations and other financial service providers.
  • Government intervention in the U.S. financial system.
  • Political instability.
  • Acts of God or of war or terrorism.
  • The potential impact of climate change.
  • The impact of the 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.
  • The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which we and our subsidiaries must comply.
  • 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.
  • Our success at managing the risks involved in the foregoing items.

In addition, financial markets and global supply chains may continue to be adversely affected by the current or anticipated impact of military conflict, including the current Russian invasion of Ukraine, terrorism or other geopolitical events.

Further, statements about the potential effects of the 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)












2022


2021


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr


3rd Qtr

CONDENSED INCOME STATEMENTS










Net interest income

$ 355,547


$ 288,208


$ 249,071


$ 240,708


$ 246,122

Net interest income (1)

379,518


311,377


272,194


264,049


269,321

Credit loss expense





Non-interest income:










Trust and investment management fees

38,552


37,776


38,656


38,425


37,381

Service charges on deposit accounts

22,960


23,870


22,740


22,234


21,216

Insurance commissions and fees

13,152


11,776


16,608


11,714


11,748

Interchange and card transaction fees

4,614


4,911


4,226


4,237


4,490

Other charges, commissions and fees

11,095


9,887


9,627


10,107


9,785

Net gain (loss) on securities transactions




69


Other

9,448


9,707


9,533


22,270


8,569

Total non-interest income

99,821


97,927


101,390


109,056


93,189











Non-interest expense:










Salaries and wages

127,189


116,881


111,329


105,541


99,463

Employee benefits

21,680


20,733


24,220


19,189


21,576

Net occupancy

28,133


28,379


27,411


27,435


27,208

Technology, furniture and equipment

30,781


29,921


29,157


28,230


28,494

Deposit insurance

4,279


3,724


3,633


3,339


3,088

Intangible amortization

103


131


146


153


157

Other

45,733


46,578


42,836


54,708


38,017

Total non-interest expense

257,898


246,347


238,732


238,595


218,003

Income before income taxes

197,470


139,788


111,729


111,169


121,308

Income taxes

27,710


20,674


12,627


10,148


13,333

Net income

169,760


119,114


99,102


101,021


107,975

Preferred stock dividends

1,668


1,669


1,669


1,669


1,668

Net income available to common shareholders

$ 168,092


$ 117,445


$   97,433


$   99,352


$ 106,307











PER COMMON SHARE DATA










Earnings per common share – basic

$       2.60


$       1.82


$       1.51


$       1.54


$       1.66

Earnings per common share – diluted

2.59


1.81


1.50


1.54


1.65

Cash dividends per common share

0.87


0.75


0.75


0.75


0.75

Book value per common share at end of quarter

41.53


49.93


56.65


67.11


66.39











OUTSTANDING COMMON SHARES










Period-end common shares

64,211


64,123


64,094


63,986


63,668

Weighted-average common shares – basic

64,158


64,113


64,051


63,879


63,652

Dilutive effect of stock compensation

343


354


410


462


445

Weighted-average common shares – diluted

64,501


64,467


64,461


64,341


64,097











SELECTED ANNUALIZED RATIOS










Return on average assets

1.27 %


0.92 %


0.79 %


0.81 %


0.90 %

Return on average common equity

20.13


13.88


9.58


9.26


9.87

Net interest income to average earning assets

3.01


2.56


2.33


2.31


2.47











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

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)



2022




2021


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr


3rd Qtr

BALANCE SHEET SUMMARY










($ in millions)










Average Balance:










Loans

$   16,823


$   16,674


$   16,386


$   15,984


$   16,189

Loans excluding Paycheck Protection Program

16,752


16,531


16,084


15,391


14,824

Earning assets

49,062


47,880


47,339


46,008


43,980

Total assets

52,383


51,088


50,323


48,897


46,774

Non-interest-bearing demand deposits

18,511


18,355


17,961


17,885


16,999

Interest-bearing deposits

27,292


26,371


25,001


23,142


22,117

Total deposits

45,803


44,726


42,962


41,027


39,116

Shareholders’ equity

3,459


3,540


4,270


4,400


4,417











Period-End Balance:










Loans

$   16,951


$   16,736


$   16,543


$   16,336


$   15,833

Loans excluding Paycheck Protection Program

16,900


16,644


16,335


15,908


15,005

Earning assets

49,517


48,404


48,107


48,063


44,964

Goodwill and intangible assets

655


656


656


656


656

Total assets

52,946


51,785


51,296


50,878


47,860

Total deposits

46,560


45,602


44,431


42,696


39,613

Shareholders’ equity

2,812


3,347


3,776


4,440


4,372

Adjusted shareholders’ equity (1)

4,341


4,221


4,148


4,092


4,022











ASSET QUALITY










($ in thousands)










Allowance for credit losses on loans:

$ 234,315


$ 239,632


$ 246,835


$ 248,666


$ 250,150

As a percentage of period-end loans

1.38 %


1.43 %


1.49 %


1.52 %


1.58 %











Net charge-offs:

$     2,854


$     2,807


$     6,295


$     2,789


$     2,115

Annualized as a percentage of average loans

0.07 %


0.07 %


0.16 %


0.07 %


0.05 %











Non-accrual loans:

$   29,904


$   35,125


$   48,966


$   53,713


$   57,055

As a percentage of total loans

0.18 %


0.21 %


0.30 %


0.33 %


0.36 %

As a percentage of total assets

0.06


0.07


0.10


0.11


0.12











CONSOLIDATED CAPITAL RATIOS










Common Equity Tier 1 Risk-Based Capital Ratio

12.74 %


12.64 %


12.78 %


13.13 %


13.42 %

Tier 1 Risk-Based Capital Ratio

13.26


13.17


13.32


13.70


14.01

Total Risk-Based Capital Ratio

14.80


14.75


14.97


15.45


15.90

Leverage Ratio

7.09


7.03


7.08


7.34


7.52

Equity to Assets Ratio (period-end)

5.31


6.46


7.36


8.73


9.14

Equity to Assets Ratio (average)

6.60


6.93


8.48


9.00


9.44











(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,








2022


2021

CONDENSED INCOME STATEMENTS










Net interest income







$ 892,826


$ 744,159

Net interest income (1)







963,089


813,266

Credit loss expense








63

Non-interest income:










Trust and investment management fees







114,984


110,569

Service charges on deposit accounts







69,570


61,058

Insurance commissions and fees







41,536


39,834

Interchange and card transaction fees







13,751


13,224

Other charges, commissions and fees







30,609


26,729

Net gain (loss) on securities transactions








Other







28,688


26,258

Total non-interest income







299,138


277,672











Non-interest expense:










Salaries and wages







355,399


289,956

Employee benefits







66,633


62,840

Net occupancy







83,923


79,909

Technology, furniture and equipment







89,859


84,508

Deposit insurance







11,636


8,893

Intangible amortization







380


544

Other







135,147


116,749

Total non-interest expense







742,977


643,399

Income before income taxes







448,987


378,369

Income taxes







61,011


36,311

Net income







387,976


342,058

Preferred stock dividends







5,006


5,488

Net income available to common shareholders







$ 382,970


$ 336,570











PER COMMON SHARE DATA










Earnings per common share – basic







$       5.92


$       5.25

Earnings per common share – diluted







5.90


5.22

Cash dividends per common share







2.37


2.19

Book value per common share at end of quarter







41.53


66.39











OUTSTANDING COMMON SHARES










Period-end common shares







64,211


63,668

Weighted-average common shares – basic







64,108


63,523

Dilutive effect of stock compensation







369


489

Weighted-average common shares – diluted







64,477


64,012











SELECTED ANNUALIZED RATIOS










Return on average assets







1.00 %


1.00 %

Return on average common equity







14.19


10.72

Net interest income to average earning assets







2.64


2.61











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

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)









As of or for the








Nine Months Ended








September 30,








2022


2021

BALANCE SHEET SUMMARY










($ in millions)










Average Balance:










Loans







$   16,630


$   17,034

Loans excluding Paycheck Protection Program







16,458


14,758

Earning assets







48,100


42,249

Total assets







51,276


45,004

Non-interest-bearing demand deposits







18,277


16,262

Interest-bearing deposits







26,230


21,350

Total deposits







44,507


37,612

Shareholders’ equity







3,753


4,345











Period-End Balance:










Loans







$   16,951


$   15,833

Loans excluding Paycheck Protection Program







16,900


15,005

Earning assets







49,517


44,964

Goodwill and intangible assets







655


656

Total assets







52,946


47,860

Total deposits







46,560


39,613

Shareholders’ equity







2,812


4,372

Adjusted shareholders’ equity (1)







4,341


4,022











ASSET QUALITY










($ in thousands)










Allowance for credit losses on loans:







$ 234,315


$ 250,150

As a percentage of period-end loans







1.38 %


1.58 %











Net charge-offs:







11,956


5,625

Annualized as a percentage of average loans







0.10 %


0.04 %











Non-accrual loans:







$   29,904


$   57,055

As a percentage of total loans







0.18 %


0.36 %

As a percentage of total assets







0.06


0.12











CONSOLIDATED CAPITAL RATIOS










Common Equity Tier 1 Risk-Based Capital Ratio







12.74 %


13.42 %

Tier 1 Risk-Based Capital Ratio







13.26


14.01

Total Risk-Based Capital Ratio







14.80


15.90

Leverage Ratio







7.09


7.52

Equity to Assets Ratio (period-end)







5.31


9.14

Equity to Assets Ratio (average)







7.32


9.65











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

 

 

Cullen/Frost Bankers, Inc.

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



2022


2021


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr


3rd Qtr

TAXABLE-EQUIVALENT YIELD/COST(1)










Earning Assets:










Interest-bearing deposits

2.27 %


0.80 %


0.18 %


0.15 %


0.15 %

Federal funds sold

2.44


1.26


0.37


0.22


0.48

Resell agreements

2.39


1.32


0.27


0.25


0.29

Securities

2.94


2.87


2.88


3.08


3.35

Loans, net of unearned discounts

4.89


4.04


3.74


3.89


4.16

Total earning assets

3.43


2.71


2.39


2.36


2.53











Interest-Bearing Liabilities:










Interest-bearing deposits:










Savings and interest checking

0.07


0.04


0.01


0.01


0.01

Money market deposit accounts

1.08


0.35


0.12


0.11


0.10

Time accounts

0.99


0.64


0.29


0.21


0.24

Total interest-bearing deposits

0.62


0.22


0.08


0.07


0.07











Total deposits

0.37


0.13


0.05


0.04


0.04











Federal funds purchased

2.33


0.84


0.17


0.12


0.13

Repurchase agreements

1.50


0.41


0.10


0.10


0.11

Junior subordinated deferrable interest debentures

3.77


2.51


1.90


1.81


1.85

Subordinated notes payable and other notes

4.69


4.69


4.69


4.70


4.70

Total interest-bearing liabilities

0.71


0.26


0.11


0.10


0.10











Net interest spread

2.72


2.45


2.28


2.26


2.43

Net interest income to total average earning assets

3.01


2.56


2.33


2.31


2.47











AVERAGE BALANCES










($ in millions)










Assets:










Interest-bearing deposits

$ 12,776


$ 13,041


$ 13,766


$ 15,549


$ 15,278

Federal funds sold

51


31


14


31


2

Resell agreements

10


3


6


8


8

Securities

19,402


18,130


17,166


14,436


12,503

Loans, net of unearned discount

16,823


16,674


16,386


15,984


16,189

Total earning assets

$ 49,062


$ 47,880


$ 47,339


$ 46,008


$ 43,980











Liabilities:










Interest-bearing deposits:










Savings and interest checking

$ 12,235


$ 12,336


$ 11,954


$ 11,205


$ 10,910

Money market deposit accounts

13,466


12,608


11,859


10,823


10,086

Time accounts

1,591


1,427


1,187


1,114


1,121

Total interest-bearing deposits

27,292


26,371


25,001


23,142


22,117











Total deposits

45,803


44,726


42,962


41,027


39,116











Federal funds purchased

42


36


28


27


27

Repurchase agreements

1,960


1,743


2,052


2,368


2,188

Junior subordinated deferrable interest debentures

123


123


123


126


137

Subordinated notes payable and other notes

99


99


99


99


99

Total interest-bearing funds

$ 29,516


$ 28,372


$ 27,302


$ 25,762


$ 24,568











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

 

A.B. Mendez

Investor Relations

210.220.5234

          or

Bill Day

Media Relations

210.220.5427

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

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cullenfrost-reports-third-quarter-results-301660576.html

SOURCE Cullen/Frost Bankers, Inc.

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