Cullen/Frost reports Q4 EPS $1.55 with items, consensus $2.02

Excluding the after-tax impact of the FDIC surcharge in Q4, EPS would have been $2.18. Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios for Cullen/Frost at the end of 4Q23 were 13.25%, 13.73%, and 15.18%, respectively. Q4 NII on a tax-equivalent basis was $409.9M, down 3.3% vs. $423.9M for 4Q22. Net Interest Margin was 3.41% for Q4 vs. 3.31% for 4Q22 and 3.44% for 3Q23. Q4 credit loss expense was $16.0M and net charge-offs were $10.9M vs. a credit loss expense of $11.2M and net charge-offs of $5.0M for 3Q23 while for 4Q22, reported a credit loss expense of $3.0M and net charge-offs of $3.8M. “Our solid Q4 and record 2023 earnings are a result of continued strong execution by Frost bankers throughout the state, and were aided by our continued success with our organic expansion strategy in key growth markets in Texas,” said Phil Green, CEO.