CULLEN/FROST REPORTS THIRD QUARTER RESULTS
Board declares fourth quarter dividend on common and preferred stock
For the third quarter of 2024, net interest income on a taxable-equivalent basis was
"In the third quarter we saw the beginning of an expected seasonal increase in deposits and continued growth in loans and new relationships," said Cullen/
For the first nine months of 2024, net income available to common shareholders was
Noted financial data for the third quarter of 2024 follows:
- The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the third quarter of 2024 were 13.55 percent, 14.02 percent and 15.50 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
$425.2 million for the third quarter of 2024, an increase of 4.4 percent, compared to$407.4 million for the third quarter of 2023. Net interest margin was 3.56 percent for the third quarter compared to 3.54 percent for the second quarter of 2024 and 3.44 percent for the third quarter of 2023. - Non-interest income for the third quarter of 2024 totaled
$113.7 million , an increase of$7.7 million , or 7.3 percent, from the$106.0 million reported for the third quarter of 2023. Trust and investment management fees increased$3.4 million , or 9.0 percent, compared to the third quarter of 2023. The increase in trust and investment management fees during the third quarter was primarily related to an increase in investment management fees (up$3.4 million ). Service charges on deposit accounts increased$3.8 million , or 16.1 percent, compared to the third quarter of 2023. The increase in the third quarter was primarily related to increases in commercial and consumer overdraft charges (up$2.8 million ) and commercial service charges (up$1.3 million ). Insurance commissions and fees increased$1.2 million , or 8.8 percent, compared to the third quarter of 2023. The increase was mainly driven by an increase in commercial lines property & casualty commissions (up$944,000 ). Other non-interest income decreased by$1.4 million , or 10.5 percent, compared to the third quarter of 2023. The decrease was primarily related to a decrease in sundry and other miscellaneous income (down$1.4 million ).
- Non-interest expense was
$323.4 million for the third quarter of 2024, up$30.2 million , or 10.3 percent, compared to the$293.3 million reported for the third quarter a year earlier. Salaries and wages expense increased$19.1 million , or 13.9 percent, compared to the third quarter of 2023. The increase in salaries and wages was primarily related to increases in salaries due to annual merit and market increases and to an increase in the number of employees. The increase in the number of employees was partly related to our investment in organic expansion in various markets. Employee benefits expense increased by$2.5 million , or 9.5 percent, compared to the third quarter of 2023. The increase in employee benefits expense was primarily related to increases in medical/dental benefits expense (up$1.3 million ) and payroll taxes (up$1.2 million ). Other non-interest expense increased$3.9 million , or 7.0 percent, compared to the third quarter of 2023. The increase in other non-interest expense during the third quarter of 2024 included increases in professional services expense (up$1.3 million ), which was primarily related to information technology services; sundry and other miscellaneous expense (up$959,000 ); travel, meals and entertainment (up$618,000 ); and business development expense (up$592,000 ). Technology, furniture, and equipment expense increased$2.5 million , or 7.1 percent, compared to the third quarter of 2023. The increase was primarily related to increased cloud services expense (up$1.9 million ), service contracts expense (up$854,000 ), and software amortization (up$371,000 ). The increases from these items were partly offset by a decrease in depreciation on furniture and equipment (down$612,000 ). - For the third quarter of 2024, the company reported a credit loss expense of
$19.4 million , and reported net loan charge-offs of$9.6 million . This compares to a credit loss expense of$15.8 million and net loan charge-offs of$9.7 million for the second quarter of 2024 and a credit loss expense of$11.2 million and net loan charge-offs of$5.0 million for the third quarter of 2023. The allowance for credit losses on loans as a percentage of total loans was 1.31 percent atSeptember 30, 2024 , compared to 1.28 percent at the end of the second quarter of 2024 and 1.32 percent at the end of the third quarter of 2023. Non-accrual loans were$104.9 million at the end of the third quarter of 2024, compared to$75.0 million at the end of the second quarter of 2024 and$67.2 million at the end of the third quarter of 2023.
The Cullen/Frost board declared a fourth-quarter cash dividend of
Cullen/Frost investor relations website: https://investor.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"), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the
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 or economic instability.
- Acts of God or of war or terrorism.
- The potential impact of climate change.
- The impact of pandemics, epidemics, or any other 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 , theFinancial 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 global wars/military conflicts, terrorism, or other geopolitical events.
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.
|
|||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||
(In thousands, except per share amounts) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
||||||
|
3rd Qtr |
|
2nd Qtr |
|
1st Qtr |
|
4th Qtr |
|
3rd Qtr |
CONDENSED INCOME STATEMENTS |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
|
|
|
|
|
Net interest income (1) |
425,160 |
|
417,621 |
|
411,367 |
|
409,904 |
|
407,353 |
Credit loss expense |
19,386 |
|
15,787 |
|
13,650 |
|
15,981 |
|
11,185 |
Non-interest income: |
|
|
|
|
|
|
|
|
|
Trust and investment management fees |
41,016 |
|
41,404 |
|
39,085 |
|
40,163 |
|
37,616 |
Service charges on deposit accounts |
27,412 |
|
26,114 |
|
24,795 |
|
24,535 |
|
23,603 |
Insurance commissions and fees |
14,839 |
|
13,919 |
|
18,296 |
|
12,743 |
|
13,636 |
Interchange and card transaction fees |
5,428 |
|
5,351 |
|
4,474 |
|
4,608 |
|
4,672 |
Other charges, commissions, and fees |
13,060 |
|
13,020 |
|
12,060 |
|
12,104 |
|
13,128 |
Net gain (loss) on securities transactions |
16 |
|
— |
|
— |
|
— |
|
12 |
Other |
11,936 |
|
11,382 |
|
12,667 |
|
19,598 |
|
13,331 |
Total non-interest income |
113,707 |
|
111,190 |
|
111,377 |
|
113,751 |
|
105,998 |
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
Salaries and wages |
156,637 |
|
151,237 |
|
148,000 |
|
146,616 |
|
137,562 |
Employee benefits |
29,060 |
|
28,802 |
|
35,970 |
|
28,065 |
|
26,527 |
Net occupancy |
32,497 |
|
32,374 |
|
31,778 |
|
30,752 |
|
31,581 |
Technology, furniture, and equipment |
37,766 |
|
35,951 |
|
34,995 |
|
34,484 |
|
35,278 |
Deposit insurance |
7,238 |
|
8,383 |
|
14,724 |
|
58,109 |
|
6,033 |
Other |
60,212 |
|
60,217 |
|
60,750 |
|
67,196 |
|
56,275 |
Total non-interest expense |
323,410 |
|
316,964 |
|
326,217 |
|
365,222 |
|
293,256 |
Income before income taxes |
175,242 |
|
175,151 |
|
161,561 |
|
120,700 |
|
186,983 |
Income taxes |
28,741 |
|
29,652 |
|
25,871 |
|
18,149 |
|
31,332 |
Net income |
146,501 |
|
145,499 |
|
135,690 |
|
102,551 |
|
155,651 |
Preferred stock dividends |
1,668 |
|
1,669 |
|
1,669 |
|
1,669 |
|
1,668 |
Net income available to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA |
|
|
|
|
|
|
|
|
|
Earnings per common share - basic |
$ 2.24 |
|
$ 2.21 |
|
$ 2.06 |
|
$ 1.55 |
|
$ 2.38 |
Earnings per common share - diluted |
2.24 |
|
2.21 |
|
2.06 |
|
1.55 |
|
2.38 |
Cash dividends per common share |
0.95 |
|
0.92 |
|
0.92 |
|
0.92 |
|
0.92 |
Book value per common share at end of quarter |
62.41 |
|
55.02 |
|
54.36 |
|
55.64 |
|
44.59 |
|
|
|
|
|
|
|
|
|
|
OUTSTANDING COMMON SHARES |
|
|
|
|
|
|
|
|
|
Period-end common shares |
63,931 |
|
63,989 |
|
64,251 |
|
64,185 |
|
64,017 |
Weighted-average common shares - basic |
63,958 |
|
64,193 |
|
64,216 |
|
64,139 |
|
64,067 |
Dilutive effect of stock compensation |
127 |
|
140 |
|
156 |
|
176 |
|
172 |
Weighted-average common shares - diluted |
64,085 |
|
64,333 |
|
64,372 |
|
64,315 |
|
64,239 |
|
|
|
|
|
|
|
|
|
|
SELECTED ANNUALIZED RATIOS |
|
|
|
|
|
|
|
|
|
Return on average assets |
1.16 % |
|
1.18 % |
|
1.09 % |
|
0.82 % |
|
1.25 % |
Return on average common equity |
15.48 |
|
17.08 |
|
15.22 |
|
13.51 |
|
18.93 |
Net interest income to average earning assets |
3.56 |
|
3.54 |
|
3.48 |
|
3.41 |
|
3.44 |
|
|
|
|
|
|
|
|
|
|
(1) Taxable-equivalent basis assuming a 21% tax rate |
|
|||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||
|
|||||||||
|
2024 |
|
2023 |
||||||
|
3rd Qtr |
|
2nd Qtr |
|
1st Qtr |
|
4th Qtr |
|
3rd Qtr |
BALANCE SHEET SUMMARY |
|
|
|
|
|
|
|
|
|
($ in millions) |
|
|
|
|
|
|
|
|
|
Average Balance: |
|
|
|
|
|
|
|
|
|
Loans |
$ 20,084 |
|
$ 19,652 |
|
$ 19,112 |
|
$ 18,609 |
|
$ 17,965 |
Earning assets |
46,100 |
|
45,527 |
|
45,883 |
|
45,579 |
|
45,366 |
Total assets |
49,467 |
|
48,960 |
|
49,324 |
|
49,087 |
|
48,804 |
Non-interest-bearing demand deposits |
13,659 |
|
13,679 |
|
13,976 |
|
14,697 |
|
14,823 |
Interest-bearing deposits |
27,074 |
|
26,831 |
|
26,748 |
|
26,487 |
|
26,005 |
Total deposits |
40,733 |
|
40,510 |
|
40,724 |
|
41,184 |
|
40,828 |
Shareholders' equity |
3,868 |
|
3,533 |
|
3,687 |
|
3,108 |
|
3,372 |
|
|
|
|
|
|
|
|
|
|
Period-End Balance: |
|
|
|
|
|
|
|
|
|
Loans |
$ 20,055 |
|
$ 19,996 |
|
$ 19,388 |
|
$ 18,824 |
|
$ 18,399 |
Earning assets |
47,424 |
|
45,344 |
|
46,164 |
|
47,124 |
|
45,218 |
Total assets |
51,008 |
|
48,843 |
|
49,505 |
|
50,845 |
|
48,747 |
Total deposits |
41,721 |
|
40,318 |
|
40,806 |
|
41,921 |
|
40,992 |
Shareholders' equity |
4,135 |
|
3,666 |
|
3,638 |
|
3,716 |
|
3,000 |
Adjusted shareholders' equity (1) |
5,051 |
|
4,975 |
|
4,914 |
|
4,836 |
|
4,779 |
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans: |
|
|
|
|
|
|
|
|
|
As a percentage of period-end loans |
1.31 % |
|
1.28 % |
|
1.29 % |
|
1.31 % |
|
1.32 % |
|
|
|
|
|
|
|
|
|
|
Net charge-offs: |
$ 9,640 |
|
$ 9,726 |
|
$ 7,349 |
|
$ 10,884 |
|
$ 4,992 |
Annualized as a percentage of average loans |
0.19 % |
|
0.20 % |
|
0.15 % |
|
0.23 % |
|
0.11 % |
|
|
|
|
|
|
|
|
|
|
Non-accrual loans: |
|
|
$ 74,987 |
|
$ 71,515 |
|
$ 60,907 |
|
$ 67,175 |
As a percentage of total loans |
0.52 % |
|
0.38 % |
|
0.37 % |
|
0.32 % |
|
0.37 % |
As a percentage of total assets |
0.21 |
|
0.15 |
|
0.14 |
|
0.12 |
|
0.14 |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Risk-Based Capital Ratio |
13.55 % |
|
13.35 % |
|
13.41 % |
|
13.25 % |
|
13.32 % |
Tier 1 Risk-Based Capital Ratio |
14.02 |
|
13.82 |
|
13.89 |
|
13.73 |
|
13.81 |
Total Risk-Based Capital Ratio |
15.50 |
|
15.27 |
|
15.35 |
|
15.18 |
|
15.28 |
Leverage Ratio |
8.80 |
|
8.62 |
|
8.44 |
|
8.35 |
|
8.17 |
Equity to Assets Ratio (period-end) |
8.11 |
|
7.51 |
|
7.35 |
|
7.31 |
|
6.15 |
Equity to Assets Ratio (average) |
7.82 |
|
7.22 |
|
7.47 |
|
6.33 |
|
6.91 |
|
|
|
|
|
|
|
|
|
|
(1) Shareholders' equity excluding accumulated other comprehensive income (loss) |
|||||||||
|
|||||||||
|
|
|||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||
(In thousands, except per share amounts) |
|||||||||
|
|
|
|
|
|
|
Nine Months Ended |
||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
2024 |
|
2023 |
CONDENSED INCOME STATEMENTS |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
|
|
1,191,094 |
|
1,170,512 |
Net interest income (1) |
|
|
|
|
|
|
1,254,148 |
|
1,241,791 |
Credit loss expense |
|
|
|
|
|
|
48,823 |
|
30,190 |
Non-interest income: |
|
|
|
|
|
|
|
|
|
Trust and investment management fees |
|
|
|
|
|
|
121,505 |
|
113,152 |
Service charges on deposit accounts |
|
|
|
|
|
|
78,321 |
|
68,969 |
Insurance commissions and fees |
|
|
|
|
|
|
47,054 |
|
45,528 |
Interchange and card transaction fees |
|
|
|
|
|
|
15,253 |
|
14,811 |
Other charges, commissions and fees |
|
|
|
|
|
|
38,140 |
|
36,922 |
Net gain (loss) on securities transactions |
|
|
|
|
|
|
16 |
|
66 |
Other |
|
|
|
|
|
|
35,985 |
|
35,343 |
Total non-interest income |
|
|
|
|
|
|
336,274 |
|
314,791 |
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
|
|
|
|
|
455,874 |
|
401,102 |
Employee benefits |
|
|
|
|
|
|
93,832 |
|
87,241 |
Net occupancy |
|
|
|
|
|
|
96,649 |
|
93,644 |
Technology, furniture and equipment |
|
|
|
|
|
|
108,712 |
|
100,802 |
Deposit insurance |
|
|
|
|
|
|
30,345 |
|
18,480 |
Other |
|
|
|
|
|
|
181,179 |
|
162,171 |
Total non-interest expense |
|
|
|
|
|
|
966,591 |
|
863,440 |
Income before income taxes |
|
|
|
|
|
|
511,954 |
|
591,673 |
Income taxes |
|
|
|
|
|
|
84,264 |
|
96,251 |
Net income |
|
|
|
|
|
|
427,690 |
|
495,422 |
Preferred stock dividends |
|
|
|
|
|
|
5,006 |
|
5,006 |
Net income available to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA |
|
|
|
|
|
|
|
|
|
Earnings per common share - basic |
|
|
|
|
|
|
$ 6.52 |
|
$ 7.56 |
Earnings per common share - diluted |
|
|
|
|
|
|
6.51 |
|
7.54 |
Cash dividends per common share |
|
|
|
|
|
|
$ 2.79 |
|
$ 2.66 |
Book value per common share at end of quarter |
|
|
|
|
|
|
62.41 |
|
44.59 |
|
|
|
|
|
|
|
|
|
|
OUTSTANDING COMMON SHARES |
|
|
|
|
|
|
|
|
|
Period-end common shares |
|
|
|
|
|
|
63,931 |
|
64,017 |
Weighted-average common shares - basic |
|
|
|
|
|
|
64,122 |
|
64,226 |
Dilutive effect of stock compensation |
|
|
|
|
|
|
141 |
|
208 |
Weighted-average common shares - diluted |
|
|
|
|
|
|
64,263 |
|
64,434 |
|
|
|
|
|
|
|
|
|
|
SELECTED ANNUALIZED RATIOS |
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
|
|
|
|
1.15 % |
|
1.32 % |
Return on average common equity |
|
|
|
|
|
|
15.90 |
|
20.25 |
Net interest income to average earning assets |
|
|
|
|
|
|
3.52 |
|
3.45 |
|
|
|
|
|
|
|
|
|
|
(1) Taxable-equivalent basis assuming a 21% tax rate |
|
|||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||
|
|||||||||
|
|
|
|
|
|
|
As of or for the |
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Nine Months Ended |
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2024 |
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2023 |
BALANCE SHEET SUMMARY |
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($ in millions) |
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Average Balance: |
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Loans |
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|
|
|
|
|
$ 19,618 |
|
$ 17,652 |
Earning assets |
|
|
|
|
|
|
45,838 |
|
46,390 |
Total assets |
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|
|
|
|
|
49,240 |
|
49,849 |
Non-interest-bearing demand deposits |
|
|
|
|
|
|
13,771 |
|
15,557 |
Interest-bearing deposits |
|
|
|
|
|
|
26,885 |
|
25,967 |
Total deposits |
|
|
|
|
|
|
40,656 |
|
41,524 |
Shareholders' equity |
|
|
|
|
|
|
3,697 |
|
3,383 |
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Period-End Balance: |
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Loans |
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|
|
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$ 20,055 |
|
$ 18,399 |
Earning assets |
|
|
|
|
|
|
47,424 |
|
45,218 |
Total assets |
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|
|
|
|
|
51,008 |
|
48,747 |
Total deposits |
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|
|
|
|
|
41,721 |
|
40,992 |
Shareholders' equity |
|
|
|
|
|
|
4,135 |
|
3,000 |
Adjusted shareholders' equity (1) |
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|
|
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|
5,051 |
|
4,779 |
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ASSET QUALITY |
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($ in thousands) |
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Allowance for credit losses on loans: |
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As a percentage of period-end loans |
|
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|
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1.31 % |
|
1.32 % |
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Net charge-offs: |
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|
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|
26,715 |
|
23,602 |
Annualized as a percentage of average loans |
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|
0.18 % |
|
0.18 % |
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|
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Non-accrual loans: |
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|
|
|
|
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$ 67,175 |
As a percentage of total loans |
|
|
|
|
|
|
0.52 % |
|
0.37 % |
As a percentage of total assets |
|
|
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|
0.21 |
|
0.14 |
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CONSOLIDATED CAPITAL RATIOS |
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Common Equity Tier 1 Risk-Based Capital Ratio |
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|
13.55 % |
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13.32 % |
Tier 1 Risk-Based Capital Ratio |
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|
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|
14.02 |
|
13.81 |
Total Risk-Based Capital Ratio |
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|
15.50 |
|
15.28 |
Leverage Ratio |
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|
8.80 |
|
8.17 |
Equity to Assets Ratio (period-end) |
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|
|
|
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|
8.11 |
|
6.15 |
Equity to Assets Ratio (average) |
|
|
|
|
|
|
7.51 |
|
6.79 |
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|
|
|
|
|
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|
(1) Shareholders' equity excluding accumulated other comprehensive income (loss) |
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|||||||||
TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED) |
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|
2024 |
|
2023 |
||||||
|
3rd Qtr |
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2nd Qtr |
|
1st Qtr |
|
4th Qtr |
|
3rd Qtr |
TAXABLE-EQUIVALENT YIELD/COST (1) |
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Earning Assets: |
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|
|
|
|
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|
Interest-bearing deposits |
5.32 % |
|
5.40 % |
|
5.40 % |
|
5.39 % |
|
5.33 % |
Federal funds sold |
5.65 |
|
5.78 |
|
5.76 |
|
5.73 |
|
5.65 |
Resell agreements |
5.48 |
|
5.60 |
|
5.60 |
|
5.60 |
|
5.53 |
Securities(2) |
3.40 |
|
3.38 |
|
3.32 |
|
3.24 |
|
3.24 |
Loans, net of unearned discounts |
7.12 |
|
7.08 |
|
7.00 |
|
6.92 |
|
6.83 |
Total earning assets |
5.26 |
|
5.23 |
|
5.13 |
|
5.00 |
|
4.92 |
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|
|
|
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|
|
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Interest-Bearing Liabilities: |
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|
|
|
|
|
|
|
|
Interest-bearing deposits: |
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|
|
|
|
|
|
|
|
Savings and interest checking |
0.38 % |
|
0.39 % |
|
0.42 % |
|
0.40 % |
|
0.38 % |
Money market deposit accounts |
2.80 |
|
2.83 |
|
2.82 |
|
2.83 |
|
2.78 |
Time accounts |
4.73 |
|
4.77 |
|
4.73 |
|
4.59 |
|
4.34 |
Total interest-bearing deposits |
2.41 |
|
2.39 |
|
2.34 |
|
2.27 |
|
2.12 |
Total deposits |
1.60 |
|
1.58 |
|
1.54 |
|
1.46 |
|
1.35 |
Federal funds purchased |
5.33 |
|
5.39 |
|
5.38 |
|
5.40 |
|
5.32 |
Repurchase agreements |
3.72 |
|
3.75 |
|
3.76 |
|
3.75 |
|
3.67 |
Junior subordinated deferrable interest debentures |
7.14 |
|
7.47 |
|
7.34 |
|
7.45 |
|
7.34 |
Subordinated notes payable and other notes |
4.69 |
|
4.69 |
|
4.69 |
|
4.69 |
|
4.69 |
Total interest-bearing liabilities |
2.60 |
|
2.59 |
|
2.54 |
|
2.48 |
|
2.33 |
|
|
|
|
|
|
|
|
|
|
Net interest spread |
2.66 |
|
2.64 |
|
2.59 |
|
2.52 |
|
2.59 |
Net interest income to total average earning assets |
3.56 |
|
3.54 |
|
3.48 |
|
3.41 |
|
3.44 |
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|
|
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|
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|
AVERAGE BALANCES |
|
|
|
|
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|
($ in millions) |
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|
|
|
|
|
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Earning Assets: |
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ 7,073 |
|
$ 7,156 |
|
$ 7,356 |
|
$ 7,047 |
|
$ 6,747 |
Federal funds sold |
4 |
|
5 |
|
5 |
|
3 |
|
13 |
Resell agreements |
41 |
|
85 |
|
85 |
|
86 |
|
85 |
Securities - carrying value(2) |
18,898 |
|
18,629 |
|
19,324 |
|
19,834 |
|
20,557 |
Securities - amortized cost(2) |
20,324 |
|
20,400 |
|
20,813 |
|
21,969 |
|
22,250 |
Loans, net of unearned discount |
20,084 |
|
19,652 |
|
19,112 |
|
18,609 |
|
17,965 |
Total earning assets |
46,100 |
|
45,527 |
|
45,883 |
|
45,579 |
|
45,366 |
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
Savings and interest checking |
$ 9,470 |
|
$ 9,716 |
|
$ 9,918 |
|
$ 9,986 |
|
|
Money market deposit accounts |
11,122 |
|
11,009 |
|
11,058 |
|
11,219 |
|
11,144 |
Time accounts |
6,482 |
|
6,106 |
|
5,773 |
|
5,282 |
|
4,659 |
Total interest-bearing deposits |
27,074 |
|
26,831 |
|
26,748 |
|
26,487 |
|
26,005 |
Total deposits |
40,733 |
|
40,510 |
|
40,724 |
|
41,184 |
|
40,828 |
Federal funds purchased |
20 |
|
40 |
|
33 |
|
18 |
|
21 |
Repurchase agreements |
3,777 |
|
3,827 |
|
3,787 |
|
3,761 |
|
3,536 |
Junior subordinated deferrable interest debentures |
123 |
|
123 |
|
123 |
|
123 |
|
123 |
Subordinated notes payable and other notes |
100 |
|
100 |
|
100 |
|
99 |
|
99 |
Total interest-bearing liabilities |
31,094 |
|
30,921 |
|
30,791 |
|
30,488 |
|
29,785 |
|
|
|
|
|
|
|
|
|
|
(1) Taxable-equivalent basis assuming a 21% tax rate |
|||||||||
(2) Average securities include unrealized gains and losses on securities available for sale while yields are based on average amortized cost |
Investor Relations
210.220.5234
or
Media Relations
210.220.5427
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