Yahoo Finance

• Fourth Quarter Earnings: $153.2 million or $2.36 per share, compared to $100.9 million or $1.55 per share in the same quarter last year.

• Full Year 2024 Net Income: $575.9 million, compared to $591.3 million in 2023.

• Full Year 2024 Earnings Per Share: $8.87, compared to $9.10 in 2023.

• Return on Average Assets (Q4): 1.19%, compared to 0.82% last year.

• Return on Average Common Equity (Q4): 15.58%, compared to 13.51% last year.

• Average Deposits (Q4): $41.9 billion, up from $41.2 billion last year.

• Average Loans (Q4): $20.3 billion, a 9% increase from $18.6 billion last year.

• Consumer Loan Growth: $610 million increase in average outstanding balances, a 21% annual growth rate.

• Consumer Deposits Growth: 3.2% for the year, 51% higher than 2019 pre-COVID balances.

• Commercial Loan Growth: $1.3 billion or 8.3% year-over-year.

• Net Interest Margin (Q4): 3.53%, down 3 basis points from the previous quarter.

• Nonperforming Assets (Q4): $93 million, compared to $106 million last quarter and $62 million last year.

• Net Charge-offs (Q4): $14 million, compared to $9.6 million last quarter and $10.9 million a year ago.

• Investment Portfolio Average (Q4): $18.6 billion, down $257 million from the prior quarter.

• Average Total Deposits (Q4): $41.9 billion, up $1.2 billion from the previous quarter.

• Cost of Interest-bearing Deposits (Q4): 2.14%, down 27 basis points from the third quarter.

• Warning! GuruFocus has detected 6 Warning Sign with BOOT.

Release Date: January 30, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Cullen/Frost Bankers Inc (NYSE:CFR) reported a significant increase in fourth-quarter earnings, with $153.2 million or $2.36 per share, compared to $100.9 million or $1.55 per share in the same quarter last year.

• The company achieved a 9% growth in average loans, reaching $20.3 billion in the fourth quarter compared to $18.6 billion in the previous year.

• Cullen/Frost Bankers Inc (NYSE:CFR) continues to expand its footprint, with plans to open its 200th location by mid-2025, contributing to $2.4 billion in deposits and $1.8 billion in loans.

• The bank's consumer business saw record growth, with a $610 million increase in average outstanding balances for consumer loans, representing a 21% annual growth rate.

• The company's return on average assets and average common equity improved to 1.19% and 15.58%, respectively, compared to 0.82% and 13.51% in the same period last year.

Negative Points

• Full-year 2024 earnings per share decreased to $8.87 from $9.10 in 2023, indicating a slight decline in profitability.

• The net interest margin percentage decreased by 3 basis points to 3.53% from the previous quarter, impacted by lower rates on balances held at the Fed.

• Nonperforming assets increased to $93 million at the end of the fourth quarter, up from $62 million in the fourth quarter of 2023.

• Total problem loans rose to $943 million at the end of the fourth quarter, compared to $839 million at the end of the third quarter.

• The company anticipates high single-digit growth in noninterest expenses for 2025, driven by continued investments in technology and expansion, which may pressure profitability.