Cullen/Frost Bankers Q1 Net Income Declines

(RTTNews) - Cullen/Frost Bankers, Inc. (CFR) reported first quarter net income available to common shareholders of $134.0 million, compared to $175.98 million, prior year. Excluding item, net income available to common shareholders would have been approximately $140.1 million, a 20.4 percent decrease compared to the first quarter of 2023. On a per-share basis, net income available to common shareholders was $2.06, compared to $2.70. Excluding the after-tax impact of the FDIC special assessment accrual in the first quarter, EPS would have been $2.15, a 20.4 percent decrease compared to the first quarter of 2023. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $2.12, for the quarter. Analysts' estimates typically exclude special items.

For the first quarter of 2024, net interest income on a taxable-equivalent basis was $411.4 million, down 3.4 percent compared to the same quarter in 2023. Total non-interest income increased to $111.38 million from $105.27 million. Analysts on average had estimated $515.99 million in revenue.

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