Cullen/Frost Reports 4th Quarter And 2020 Annual Results

SAN ANTONIO, Jan. 28, 2021 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE: CFR) today reported fourth quarter and full year results for 2020. Net income available to common shareholders for the fourth quarter of 2020 was $88.3 million, or $1.38 per diluted common share, compared to $101.7 million, or $1.60 per diluted common share, for the fourth quarter of 2019. For the fourth quarter of 2020, returns on average assets and average common equity were 0.86 percent and 8.55 percent, respectively, compared to 1.21 percent and 10.74 percent for the same period in 2019.

The company also reported 2020 annual net income available to common shareholders of $323.6 million, a decrease of 25.7 percent compared to 2019 earnings available to common shareholders of $435.5 million. On a per-share basis, 2020 earnings were $5.10 per diluted common share compared to $6.84 per diluted common share reported in 2019. For the year 2020, returns on average assets and average common equity were 0.85 percent and 8.11 percent respectively, compared to 1.36 percent and 12.24 percent reported in 2019.

"In 2020, Frost Bankers made the best of a challenging environment, as we neared completion of our 25-branch Houston expansion and made $3.3 billion of PPP loans, providing timely assistance to over 19,000 customers. And last week we began accepting new PPP loan applications as the second phase of the PPP program gets under way," said Phil Green, Cullen/Frost chairman and CEO. "Our commitment to our organic growth strategy puts us in a strong position as we move ahead into the coming year." 

For the fourth quarter of 2020, net interest income on a taxable-equivalent basis was $265.7 million, down  3.4 percent compared to the same period in 2019. Average loans for the fourth quarter of 2020 increased $3.2 billion, or 22.0 percent, to $17.9 billion, from the $14.7 billion reported for the fourth quarter a year earlier. Excluding PPP loans, fourth quarter average loans of $15.0 billion represented a 2.3 percent increase compared to the fourth quarter of 2019. Average deposits for the quarter were $34.1 billion, an increase of 25.5 percent, or $6.9 billion, compared to $27.2 billion in last year's fourth quarter. 

For 2020, average total loans were $17.2 billion, an increase of approximately $2.7 billion, or 18.9 percent, from the $14.4 billion reported the previous year. Excluding PPP loans, 2020 average loans of $15.0 billion represented a 3.9 percent increase compared to 2019. Average total deposits for 2020 were $31.4 billion, up 19.0 percent, or $5.0 billion, compared to the $26.4 billion reported in 2019.

Noted financial data for the fourth quarter:

  • The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios for Cullen/Frost at the end of the fourth quarter of 2020 were 12.86 percent, 13.47 percent, and 15.44 percent, respectively. Current capital ratios continue to be in excess of well-capitalized levels and exceed Basel III requirements.
  • Net interest income on a tax-equivalent basis was $265.7 million, a decrease of 3.4 percent compared to the $275.0 million reported for the fourth quarter of 2019. The net interest margin was 2.82 percent for the fourth quarter compared to 3.62 percent for the fourth quarter of 2019 and 2.95 percent for the third quarter of 2020.
  • Non-interest income for the fourth quarter of 2020 was $91.3 million, down $3.9 million, or 4.1 percent, from the $95.3 million reported a year earlier. Service charges on deposits decreased $2.6 million, or 11.2 percent, compared to the fourth quarter of 2019, mainly driven by a decrease in overdraft and NSF fees, down $2.7 million compared to the fourth quarter of 2019. Other income decreased $719,000 or 5.1 percent compared to the fourth quarter of 2019, primarily driven by a $454,000 decrease in derivative revenue. Trust and investment management fees decreased by $658,000, or 2.0 percent, compared to the fourth quarter of 2019. The decrease in trust and investment management fees was primarily the result of a $1.7 million decrease in oil & gas fees and a $1.1 million decrease in estate fees when compared with the fourth quarter of 2019, partly offset by a $1.0 million increase in investment fees.
  • Non-interest expense for the fourth quarter of 2020 was $222.9 million, up $2.1 million, or 1.0 percent, compared to the $220.8 million reported for the fourth quarter of 2019. Salaries and wages expense increased $6.9 million compared to the fourth quarter of 2019. The increase was impacted by severance expense of $5.2 million related to organizational restructurings. Employee benefits expense decreased by $5.8 million compared with the fourth quarter of 2019. The decrease in employee benefits expense was primarily related to a decrease in certain discretionary benefit plan expenses. Fourth quarter net occupancy expense increased $2.0 million compared to the fourth quarter of 2019, impacted by our Houston expansion. The total increase was primarily driven by increases in depreciation on leasehold improvements (up $857,000), property taxes (up $797,000) and building depreciation (up $176,000), among other things. Technology, furniture and equipment expense was up $1.7 million or 6.6 percent compared to the fourth quarter of 2019. The increase was primarily driven by a $1.6 million increase in software expenses. Other non-interest expense decreased by $2.9 million or 6.1 percent compared to the fourth quarter of 2019, primarily driven by a $3.2 million decrease in travel and entertainment expense.
  • For the fourth quarter of 2020, credit loss expense related to loans was $13.3 million, compared to net charge-offs of $13.6 million. For the fourth quarter of 2019, the credit loss expense related to loans was $8.4 million, compared to net charge-offs of $12.7 million. The allowance for credit losses on loans as a percentage of total loans was 1.51 percent at December 31, 2020, compared to 1.45 percent last quarter and 0.90 percent at year-end 2019. Excluding PPP loans, which carry a guarantee from the SBA, the allowance for credit losses on loans as a percentage of total loans was 1.75 percent at the end of the fourth quarter of 2020. Non-performing assets were $62.3 million at year end, compared to $96.4 million the previous quarter, and $109.5 million at year-end 2019. Credit loss expense related to off-balance-sheet exposures was $489,000 in the fourth quarter of 2020.
  • As described further below, we have declared the first dividend payment on our 4.450% Non-Cumulative Perpetual Preferred Stock, Series B, issued on November 19, 2020, which will take place during the first quarter and will total $2.151 million. This preferred stock is represented by depositary shares, each representing a 1/40th interest in a share of preferred stock. Each subsequent quarterly dividend payment to holders of our Preferred Stock will total $1.669 million.

The Cullen/Frost board declared a first-quarter cash dividend of $0.72 per common share, payable March 15, 2021 to shareholders of record on February 26 of this year. The board of directors also declared a cash dividend of $14.3388889 per share of Series B Preferred Stock (or $0.3584722 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 March 15, 2021, to shareholders of record on February 26 of this year.

In addition, the Corporation's board of directors authorized a new $100.0 million stock repurchase plan. Under the plan, shares may be repurchased over a one-year period from time to time at various prices in the open market or through private transactions.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, January 28, 2021, at 1:00 p.m. Central Time (CT) to discuss the results for the quarter and the year. The media and other interested parties are invited to access the call in a "listen only" mode at 800-944-6430. Digital playback of the conference call will be available after 5:00 p.m. CT on the day of the call until midnight Sunday, January 31, 2021 at 855-859-2056, with the Conference ID# of 6337817. A replay of the call will also be available by webcast at the URL listed below after 5:00 p.m. CT on the day of the call.

Cullen/Frost investor relations website: www.frostbank.com/investor-relations/

Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $42.4 billion in assets at December 31, 2020. One of the 50 largest U.S. banks, 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 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"), including statements regarding the potential effects of the ongoing 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:

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

Further, statements about the potential effects of the ongoing 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.

A.B. Mendez
Investor Relations
210.220.5234

Bill Day
Media Relations
210.220.5427


Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)












2020


2019


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr

CONDENSED INCOME STATEMENTS










Net interest income

$

242,246



$

243,423



$

245,811



$

244,521



$

251,098


Net interest income (1)

265,721



267,041



269,722



268,453



275,038


Credit loss expense

13,756



20,302



31,975



175,197



8,355


Non-interest income:










Trust and investment management fees

32,270



31,469



31,060



34,473



32,928


Service charges on deposit accounts

20,830



19,812



17,580



22,651



23,454


Insurance commissions and fees

11,704



11,456



10,668



16,485



12,138


Interchange and debit card transaction fees

3,746



3,503



2,966



3,255



3,608


Other charges, commissions and fees

9,427



8,370



7,663



9,365



9,020


Net gain (loss) on securities transactions







108,989



28


Other

13,360



8,991



7,664



17,697



14,079


Total non-interest income

91,337



83,601



77,601



212,915



95,255












Non-interest expense:










Salaries and wages

104,843



93,323



90,350



98,812



97,951


Employee benefits

15,852



16,074



18,861



24,889



21,651


Net occupancy

26,822



25,466



25,266



25,384



24,864


Technology, furniture and equipment

27,464



26,482



26,046



25,240



25,759


Deposit insurance

2,706



2,372



2,800



2,624



2,374


Intangible amortization

208



212



241



257



264


Other

45,017



38,221



36,115



46,957



47,943


Total non-interest expense

222,912



202,150



199,679



224,163



220,806


Income before income taxes

96,915



104,572



91,758



58,076



117,192


Income taxes

8,645



9,516



(1,314)



3,323



13,511


Net income

88,270



95,056



93,072



54,753



103,681


Preferred stock dividends







2,016



2,016


Redemption of preferred stock







5,514




Net income available to common shareholders

$

88,270



$

95,056



$

93,072



$

47,223



$

101,665












PER COMMON SHARE DATA










Earnings per common share - basic

$

1.39



$

1.50



$

1.47



$

0.75



$

1.61


Earnings per common share - diluted

1.38



1.50



1.47



0.75



1.60


Cash dividends per common share

0.72



0.71



0.71



0.71



0.71


Book value per common share at end of quarter

65.82



65.07



63.97



61.17



60.11












OUTSTANDING COMMON SHARES










Period-end common shares

63,011



62,782



62,670



62,553



62,669


Weighted-average common shares - basic

62,940



62,727



62,596



62,643



62,609


Dilutive effect of stock compensation

311



193



205



407



625


Weighted-average common shares - diluted

63,251



62,920



62,801



63,050



63,234












SELECTED ANNUALIZED RATIOS










Return on average assets

0.86

%


0.96

%


0.99

%


0.57

%


1.21

%

Return on average common equity

8.55



9.30



9.60



4.88



10.74


Net interest income to average earning assets (1)

2.82



2.95



3.13



3.56



3.62












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


 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)



2020


2019


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr

BALANCE SHEET SUMMARY










($ in millions)










Average Balance:










Loans

$

17,945



$

18,149



$

17,550



$

14,995



$

14,705


Earning assets

38,262



36,749



35,128



30,804



30,621


Total assets

40,963



39,435



37,838



33,534



33,314


Non-interest-bearing demand deposits

15,119



14,585



13,785



10,737



10,772


Interest-bearing deposits

19,010



18,289



17,528



16,654



16,414


Total deposits

34,129



32,875



31,313



27,391



27,186


Shareholders' equity

4,175



4,065



3,899



4,009



3,900












Period-End Balance:










Loans

$

17,481



$

18,224



$

17,972



$

15,338



$

14,750


Earning assets

39,648



37,482



36,613



31,440



31,281


Goodwill and intangible assets

657



657



657



657



657


Total assets

42,391



40,101



39,378



34,147



34,027


Total deposits

35,016



33,500



32,679



28,141



27,640


Shareholders' equity

4,293



4,085



4,009



3,827



3,912


Adjusted shareholders' equity (1)

3,780



3,580



3,521



3,463



3,644












ASSET QUALITY










($ in thousands)










Allowance for credit losses on loans:

$

263,177



$

263,475



$

250,061



$

263,881



$

132,167


As a percentage of period-end loans

1.51

%


1.45

%


1.39

%


1.72

%


0.90

%











Net charge-offs:

$

13,565



$

10,176



$

41,048



$

38,646



$

12,747


Annualized as a percentage of average loans

0.30

%


0.22

%


0.94

%


1.04

%


0.34

%











Non-performing assets:










Non-accrual loans

$

61,449



$

91,578



$

79,461



$

66,727



$

102,303


Restructured loans



3,932



4,932





6,098


Foreclosed assets

850



850



806



806



1,084


Total

$

62,299



$

96,360



$

85,199



$

67,533



$

109,485


As a percentage of:










Total loans and foreclosed assets

0.36

%


0.53

%


0.47

%


0.44

%


0.74

%

Total assets

0.15



0.24



0.22



0.20



0.32












CONSOLIDATED CAPITAL RATIOS










Common Equity Tier 1 Risk-Based Capital Ratio

12.86

%


12.71

%


12.48

%


12.02

%


12.36

%

Tier 1 Risk-Based Capital Ratio

13.47



12.71



12.48



12.02



12.99


Total Risk-Based Capital Ratio

15.44



14.69



14.43



13.97



14.57


Leverage Ratio

8.07



7.85



8.01



8.84



9.28


Equity to Assets Ratio (period-end)

10.13



10.19



10.18



11.21



11.50


Equity to Assets Ratio (average)

10.19



10.31



10.30



11.95



11.71












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



 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)










Year Ended December 31,


2020


2019


2018


2017


2016

CONDENSED INCOME STATEMENTS










Net interest income

$

976,001



$

1,004,005



$

957,892



$

866,422



$

776,336


Net interest income (1)

1,070,937



1,100,586



1,052,564



1,043,431



939,958


Credit loss expense (2)

241,230



33,759



21,685



35,888



51,673


Non-interest income:










Trust and investment management fees

129,272



126,722



119,391



110,675



104,240


Service charges on deposit accounts

80,873



88,983



85,186



84,182



81,203


Insurance commissions and fees

50,313



52,345



48,967



46,169



47,154


Interchange and debit card transaction fees (3)

13,470



14,873



13,877



23,232



21,369


Other charges, commissions and fees

34,825



37,123



37,231



39,931



39,623


Net gain (loss) on securities transactions

108,989



293



(156)



(4,941)



14,975


Other

47,712



43,563



46,790



37,222



41,144


Total non-interest income (3)

465,454



363,902



351,286



336,470



349,708












Non-interest expense:










Salaries and wages

387,328



375,029



350,312



337,068



318,665


Employee benefits

75,676



86,230



77,323



74,575



72,615


Net occupancy

102,938



89,466



76,788



75,971



71,627


Technology, furniture and equipment

105,232



91,995



83,102



74,335



71,208


Deposit insurance

10,502



10,126



16,397



20,128



17,428


Intangible amortization

918



1,168



1,424



1,703



2,429


Other (2)(3)

166,310



180,665



173,466



174,861



178,988


Total non-interest expense (2)(3)

848,904



834,679



778,812



758,641



732,960


Income before income taxes

351,321



499,469



508,681



408,363



341,411


Income taxes

20,170



55,870



53,763



44,214



37,150


Net income

331,151



443,599



454,918



364,149



304,261


Preferred stock dividends

2,016



8,063



8,063



8,063



8,063


Redemption of preferred stock

5,514










Net income available to common shareholders

$

323,621



$

435,536



$

446,855



$

356,086



$

296,198












PER COMMON SHARE DATA










Earnings per common share - basic

$

5.11



$

6.89



$

6.97



$

5.56



$

4.73


Earnings per common share - diluted

5.10



6.84



6.90



5.51



4.70


Cash dividends per common share

2.85



2.80



2.58



2.25



2.15


Book value per common share at end of quarter

65.82



60.11



51.19



49.68



45.03












OUTSTANDING COMMON SHARES










Period-end common shares

63,011



62,669



62,986



63,476



63,474


Weighted-average common shares - basic

62,727



62,742



63,705



63,694



62,376


Dilutive effect of stock compensation

277



700



982



968



593


Weighted-average common shares - diluted

63,004



63,442



64,687



64,662



62,969












SELECTED ANNUALIZED RATIOS










Return on average assets

0.85

%


1.36

%


1.44

%


1.17

%


1.03

%

Return on average common equity

8.11



12.24



14.23



11.76



10.16


Net interest income to average earning assets (1)

3.09



3.75



3.64



3.69



3.56












(1) Taxable-equivalent basis assuming a 21% tax rate for 2020, 2019 and 2018 and 35% tax rate for 2016-2017.

(2) Prior to 2020, credit loss expense  related to off-balance-sheet credit exposures was previously reported as a component of other non-
     interest expense. In connection with the adoption of a new accounting standard in 2020, such amounts have been reclassified to credit loss 
     expense to make prior periods comparable to the current presentation.

(3) Beginning in 2018, in connection with the adoption of a new accounting standard, interchange and debit card transaction fees are reported 
     net of related network costs. Prior to 2018, such network costs were reported separately as a component of other non-interest expense. For 
     comparative purposes, interchange and debit card transaction fees reported net of related network costs would have totaled $11,289 in 2017 
     and $8,473 in 2016.

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)










Year Ended December 31,


2020


2019


2018


2017


2016

BALANCE SHEET SUMMARY ($ in millions)










Average Balance:










Loans

$

17,164



$

14,441



$

13,618



$

12,460



$

11,555


Earning assets

35,248



29,600



28,900



28,359



26,717


Total assets

37,961



32,086



31,030



30,450



28,832


Non-interest-bearing demand deposits

13,564



10,358



10,757



10,819



10,034


Interest-bearing deposits

17,875



16,055



15,532



15,085



14,478


Total deposits

31,438



26,413



26,289



25,905



24,512


Shareholders' equity

4,039



3,702



3,284



3,173



3,059












Period-End Balance:










Loans

$

17,481



$

14,750



$

14,100



$

13,146



$

11,975


Earning assets

39,648



31,281



29,894



29,595



28,025


Goodwill and intangible assets

657



657



659



660



662


Total assets

42,391



34,027



32,293



31,748



30,196


Total deposits

35,016



27,640



27,149



26,872



25,812


Shareholders' equity

4,293



3,912



3,369



3,298



3,003


Adjusted shareholders' equity (1)

3,780



3,644



3,433



3,218



3,027












ASSET QUALITY ($ in thousands)










Allowance for credit losses on loan:

$

263,177



$

132,167



$

132,132



$

155,364



$

153,045


As a percentage of period-end loans

1.51

%


0.90

%


0.94

%


1.18

%


1.28

%











Net charge-offs:

$

103,435



$

33,724



$

44,845



$

33,141



$

34,487


Annualized as a percentage of average loans

0.60

%


0.23

%


0.33

%


0.27

%


0.30

%











Non-performing assets:










Non-accrual loans

$

61,449



$

102,303



$

73,739



$

150,314



$

100,151


Restructured loans



6,098





4,862




Foreclosed assets

850



1,084



1,175



2,116



2,440


Total

$

62,299



$

109,485



$

74,914



$

157,292



$

102,591


As a percentage of:










Total loans and foreclosed assets

0.36

%


0.74

%


0.53

%


1.20

%


0.86

%

Total assets

0.15



0.32



0.23



0.50



0.34












CONSOLIDATED CAPITAL RATIOS










Common Equity Tier 1 Risk-Based Capital Ratio

12.86

%


12.36

%


12.27

%


12.42

%


12.52

%

Tier 1 Risk-Based Capital Ratio

13.47



12.99



12.94



13.16



13.33


Total Risk-Based Capital Ratio

15.44



14.57



14.64



15.15



14.93


Leverage Ratio

8.07



9.28



9.06



8.46



8.14


Equity to Assets Ratio (period-end)

10.13



11.50



10.43



10.39



9.94


Equity to Assets Ratio (average)

10.64



11.54



10.58



10.42



10.61












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


 

Cullen/Frost Bankers, Inc.

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



2020


2019


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr

TAXABLE-EQUIVALENT YIELD/COST(1)










Earning Assets:










Interest-bearing deposits

0.10

%


0.10

%


0.10

%


1.24

%


1.64

%

Federal funds sold and resell agreements

0.25



0.24



0.27



1.22



1.71


Securities

3.41



3.44



3.53



3.46



3.37


Loans, net of unearned discounts

3.74



3.73



3.95



4.65



4.88


Total earning assets

2.89



3.04



3.24



3.84



3.98












Interest-Bearing Liabilities:










Interest-bearing deposits:










Savings and interest checking

0.02



0.02



0.02



0.02



0.04


Money market deposit accounts

0.07



0.09



0.09



0.50



0.66


Time accounts

0.82



1.11



1.40



1.67



1.72


Public funds

0.02



0.02



0.09



0.85



1.05


Total interest-bearing deposits

0.09



0.12



0.14



0.39



0.49












Total deposits

0.05



0.07



0.08



0.24



0.29












Federal funds purchased and repurchase agreements

0.11



0.12



0.15



0.95



1.21


Junior subordinated deferrable interest debentures

1.96



2.05



2.90



3.54



3.83


Subordinated notes payable and other notes

4.70



4.70



4.71



4.71



4.71


Federal Home Loan Bank advances





0.29






Total interest-bearing liabilities

0.13



0.15



0.19



0.47



0.59












Net interest spread

2.76



2.89



3.05



3.37



3.39


Net interest income to total average earning assets

2.82



2.95



3.13



3.56



3.62












AVERAGE BALANCES










($ in millions)










Assets:










Interest-bearing deposits

$

7,718



$

5,888



$

4,986



$

2,586



$

2,000


Federal funds sold and resell agreements

17



31



92



260



275


Securities

12,582



12,680



12,501



12,963



13,641


Loans, net of unearned discount

17,945



18,149



17,550



14,995



14,705


Total earning assets

$

38,262



$

36,749



$

35,128



$

30,804



$

30,621












Liabilities:










Interest-bearing deposits:










Savings and interest checking

$

8,397



$

8,077



$

7,615



$

7,030



$

6,850


Money market deposit accounts

8,884



8,555



8,230



7,874



7,905


Time accounts

1,133



1,120



1,118



1,109



1,069


Public funds

596



537



565



640



590


Total interest-bearing deposits

19,010



18,289



17,528



16,654



16,414












Total deposits

34,129



32,875



31,313



27,391



27,186












Federal funds purchased and repurchase agreements

1,743



1,578



1,295



1,259



1,418


Junior subordinated deferrable interest debentures

136



136



136



136



136


Subordinated notes payable and other notes

99



99



99



99



99


Federal Home Loan Bank advances





440






Total interest-bearing funds

$

20,988



$

20,103



$

19,498



$

18,149



$

18,067












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

 

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SOURCE Cullen/Frost Bankers, Inc.

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