Press Release

Cullen/Frost Reports 4th Quarter And Full Year 2019 Annual Results

Board declares first quarter dividend on common and preferred stock

Company Release - 1/30/2020 9:00 AM ET

SAN ANTONIO, Jan. 30, 2020 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported fourth quarter and annual results for 2019. Cullen/Frost reported net income available to common shareholders for the fourth quarter of 2019 of $101.7 million, or $1.60 per diluted common share, compared to $117.2 million, or $1.82 per common diluted share, for the fourth quarter 2018. For the fourth quarter of 2019, returns on average assets and common equity were 1.21 percent and 10.74 percent, respectively, compared to 1.48 percent and 14.85 percent for the same period in 2018.

The company also reported 2019 annual net income available to common shareholders of $435.5 million, a decrease of 2.5 percent compared to 2018 earnings of $446.9 million. On a per-share basis, 2019 earnings were $6.84 per diluted common share compared to $6.90 per diluted common share reported in 2018. For the year 2019, returns on average assets and common equity were 1.36 percent and 12.24 percent respectively, compared to 1.44 percent and 14.23 percent reported in 2018.

"These earnings show the result of consistent execution of our sustainable organic growth strategy," said Phil Green, Cullen/Frost chairman and CEO. "As illustrated by our Houston expansion, where we have opened 10 of the 25 planned new financial centers, we are investing for steady, long-term growth while maintaining our quality standards.

"We saw deposit growth rebound in the second half of 2019 after a more challenging environment earlier in the year," Green said.

For the fourth quarter of 2019, net interest income on a taxable-equivalent basis was $275.0 million, up 0.4 percent compared to the same quarter in 2018. Average loans for the fourth quarter of 2019 increased $755.3 million, or 5.4 percent, to $14.7 billion, from the $13.9 billion reported for the fourth quarter a year earlier. Average deposits for the quarter were $27.2 billion, an increase of 2.6 percent or $678.4 million compared to $26.5 billion in last year's fourth quarter.

For 2019, average total loans were $14.4 billion, an increase of approximately $822.6 million, or 6.0 percent, from the $13.6 billion reported the previous year. Average total deposits for 2019 increased to $26.4 billion, up 0.5 percent, or $124.2 million, over the $26.3 billion reported in 2018.

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 2019 were 12.36 percent, 12.99 percent, and 14.57 percent, respectively. Current capital ratios continue to be in excess of well-capitalized levels and exceed Basel III requirements.
  • Net interest income for the fourth quarter totaled $251.1 million, an increase of 0.8 percent compared to the $249.2 million reported for the fourth quarter of 2018. The net interest margin was 3.62 percent for the fourth quarter compared to 3.72 percent for the fourth quarter of 2018 and 3.76 percent for the third quarter of 2019.
  • Non-interest income for the fourth quarter of 2019 was $95.3 million, up $8.1 million or 9.3 percent from the $87.1 million reported a year earlier. Trust and investment management fees increased by $3.0 million, or 10.2 percent, compared to the fourth quarter of 2018. The increase in trust and investment management fees was primarily the result of higher average equity valuations and an increase in the number of accounts. Other income increased $3.0 million, primarily driven by a $1.6 million increase in public finance underwriting fees.
  • Non-interest expense for the fourth quarter of 2019 was $220.8 million, up $21.1 million, or 10.6 percent, compared to the $199.7 million reported for the fourth quarter of 2018. Net occupancy expense increased $7.2 million, primarily driven by a $5.6 million increase in lease expenses associated with our downtown San Antonio headquarters move and our Houston expansion. Salaries and wages expense increased $7.1 million due to an increase in the number of employees and normal annual merit and market increases and, to a lesser extent, an increase in stock compensation. Employee benefits expense increased $2.6 million, or 13.6 percent, impacted by higher expenses related to our profit sharing/401(k) plan (up $1.1 million), defined benefit retirement plan (up $585,000), and payroll tax (up $554,000). Technology, furniture and equipment expense was up $3.8 million, or 17.3 percent, compared to the fourth quarter of 2018. The increase was primarily driven by a $3.8 million increase in software maintenance and cloud services expense.
  • For the fourth quarter of 2019, the provision for loan losses was $8.4 million, compared to net charge-offs of $12.7 million. For the fourth quarter of 2018, the provision for loan losses was $3.8 million, compared to net charge-offs of $9.2 million. The allowance for loan losses as a percentage of total loans was 0.90 percent at December 31, 2019, compared to 0.93 percent last quarter and 0.94 percent at year-end 2018. Non-performing assets were $109.5 million at year end, compared to $105.0 million the previous quarter, and $74.9 million at year-end 2018.

The Cullen/Frost board declared a first-quarter cash dividend of $0.71 per common share, payable March 13, 2020 to shareholders of record on February 28 of this year. The board of directors also declared a cash dividend of $0.3359375 per share of the Noncumulative Perpetual Preferred Stock, Series A, which is traded on the NYSE under the symbol "CFR PrA." The Series A Preferred Stock dividend is payable on March 16, 2020, to shareholders of record on February 28 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, January 30, 2020, at 10 a.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 12 p.m. CT on the day of the call until midnight Sunday, February 2, 2020 at 855-859-2056, with the Conference ID# of 1379608. A replay of the call will also be available by webcast at the URL listed below after 2 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 $34.0 billion in assets at December 31, 2019. One of the 60 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"), 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 of failure, interruption, or breach of security of our systems.
  • 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 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.

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
     or
Bill Day
Media Relations
210.220.5427

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)












2019


2018


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr

CONDENSED INCOME STATEMENTS










Net interest income

$

251,098



$

253,007



$

253,431



$

246,469



$

249,209


Net interest income (1)

275,038



276,618



277,751



271,179



273,810


Provision for loan losses

8,355



8,001



6,400



11,003



3,767


Non-interest income:










Trust and investment management fees

32,928



31,649



30,448



31,697



29,882


Service charges on deposit accounts

23,454



22,941



21,798



20,790



21,632


Insurance commissions and fees

12,138



11,683



10,118



18,406



11,394


Interchange and debit card transaction fees

3,608



4,117



3,868



3,280



3,774


Other charges, commissions and fees

9,020



10,108



8,933



9,062



9,371


Net gain (loss) on securities transactions

28



96



169





(43)


Other

14,079



8,630



7,304



13,550



11,108


Total non-interest income

95,255



89,224



82,638



96,785



87,118












Non-interest expense:










Salaries and wages

97,951



93,812



90,790



92,476



90,878


Employee benefits

21,651



21,002



20,051



23,526



19,066


Net occupancy

24,864



24,202



21,133



19,267



17,699


Technology, furniture and equipment

25,759



22,415



22,157



21,664



21,960


Deposit insurance

2,374



2,491



2,453



2,808



2,219


Intangible amortization

264



274



305



325



331


Other

47,943



44,668



46,320



41,734



47,544


Total non-interest expense

220,806



208,864



203,209



201,800



199,697


Income before income taxes

117,192



125,366



126,460



130,451



132,863


Income taxes

13,511



13,530



14,874



13,955



13,610


Net income

103,681



111,836



111,586



116,496



119,253


Preferred stock dividends

2,016



2,016



2,015



2,016



2,016


Net income available to common shareholders

$

101,665



$

109,820



$

109,571



$

114,480



$

117,237












PER COMMON SHARE DATA










Earnings per common share - basic

$

1.61



$

1.74



$

1.73



$

1.80



$

1.84


Earnings per common share - diluted

1.60



1.73



1.72



1.79



1.82


Cash dividends per common share

0.71



0.71



0.71



0.67



0.67


Book value per common share at end of quarter

60.11



59.76



57.39



54.64



51.19












OUTSTANDING COMMON SHARES










Period-end common shares

62,669



62,537



62,638



63,081



62,986


Weighted-average common shares - basic

62,609



62,566



62,789



63,009



63,441


Dilutive effect of stock compensation

625



593



765



819



811


Weighted-average common shares - diluted

63,234



63,159



63,554



63,828



64,252












SELECTED ANNUALIZED RATIOS










Return on average assets

1.21

%


1.35

%


1.40

%


1.48

%


1.48

%

Return on average common equity

10.74



11.83



12.60



14.08



14.85


Net interest income to average earning assets (1)

3.62



3.76



3.85



3.79



3.72












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


 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)



2019


2018


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr

BALANCE SHEET SUMMARY










($ in millions)










Average Balance:










Loans

$

14,705



$

14,471



$

14,375



$

14,205



$

13,949


Earning assets

30,621



29,693



29,114



28,954



29,153


Total assets

33,314



32,248



31,491



31,356



31,330


Non-interest-bearing demand deposits

10,772



10,316



10,148



10,193



10,740


Interest-bearing deposits

16,414



16,036



15,845



15,919



15,767


Total deposits

27,186



26,352



25,993



26,112



26,507


Shareholders' equity

3,900



3,828



3,632



3,441



3,277












Period-End Balance:










Loans

$

14,750



$

14,635



$

14,459



$

14,406



$

14,100


Earning assets

31,281



30,358



29,216



29,281



29,894


Goodwill and intangible assets

657



658



658



658



659


Total assets

34,027



33,098



31,817



31,663



32,293


Total deposits

27,640



27,084



25,985



26,295



27,149


Shareholders' equity

3,912



3,881



3,739



3,592



3,369


Adjusted shareholders' equity (1)

3,644



3,576



3,520



3,498



3,433












ASSET QUALITY










($ in thousands)










Allowance for loan losses:

$

132,167



$

136,559



$

134,929



$

136,350



$

132,132


As a percentage of period-end loans

0.90

%


0.93

%


0.93

%


0.95

%


0.94

%











Net charge-offs:

$

12,747



$

6,371



$

7,821



$

6,785



$

9,213


Annualized as a percentage of average loans

0.34

%


0.17

%


0.22

%


0.19

%


0.26

%











Non-performing assets:










Non-accrual loans

$

102,303



$

97,446



$

71,521



$

92,162



$

73,739


Restructured loans

6,098



6,160



3,973



4,028




Foreclosed assets

1,084



1,427



907



1,175



1,175


Total

$

109,485



$

105,033



$

76,401



$

97,365



$

74,914


As a percentage of:










Total loans and foreclosed assets

0.74

%


0.72

%


0.53

%


0.68

%


0.53

%

Total assets

0.32



0.32



0.24



0.31



0.23












CONSOLIDATED CAPITAL RATIOS










Common Equity Tier 1 Risk-Based Capital Ratio(2)

12.36

%


12.35

%


12.29

%


12.34

%


12.27

%

Tier 1 Risk-Based Capital Ratio(2)

12.99



12.99



12.94



13.00



12.94


Total Risk-Based Capital Ratio(2)

14.57



14.63



14.60



14.68



14.64


Leverage Ratio

9.28



9.36



9.40



9.35



9.06


Equity to Assets Ratio (period-end)

11.50



11.73



11.75



11.34



10.43


Equity to Assets Ratio (average)

11.71



11.87



11.53



10.97



10.46












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

(2) After a review of risk-weight classifications during the first quarter of 2019, risk-weightings for certain loans were reclassified. Amounts reported prior to March 31, 2019 have been revised to reflect these reclassifications.

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)










Year Ended December 31,


2019


2018


2017


2016


2015

CONDENSED INCOME STATEMENTS










Net interest income

$

1,004,005



$

957,892



$

866,422



$

776,336



$

736,632


Net interest income (1)

1,100,586



1,052,564



1,043,431



939,958



888,035


Provision for loan losses

33,759



21,613



35,460



51,673



51,845


Non-interest income:










Trust and investment management fees

126,722



119,391



110,675



104,240



105,512


Service charges on deposit accounts

88,983



85,186



84,182



81,203



81,350


Insurance commissions and fees

52,345



48,967



46,169



47,154



48,926


Interchange and debit card transaction fees (2)

14,873



13,877



23,232



21,369



19,666


Other charges, commissions and fees

37,123



37,231



39,931



39,623



37,551


Net gain (loss) on securities transactions

293



(156)



(4,941)



14,975



69


Other

43,563



46,790



37,222



41,144



35,656


Total non-interest income (2)

363,902



351,286



336,470



349,708



328,730












Non-interest expense:










Salaries and wages

375,029



350,312



337,068



318,665



310,504


Employee benefits

86,230



77,323



74,575



72,615



69,746


Net occupancy

89,466



76,788



75,971



71,627



65,690


Technology, furniture and equipment

91,995



83,102



74,335



71,208



64,373


Deposit insurance

10,126



16,397



20,128



17,428



14,519


Intangible amortization

1,168



1,424



1,703



2,429



3,325


Other (2)

180,665



173,538



175,289



178,988



165,561


Total non-interest expense (2)

834,679



778,884



759,069



732,960



693,718


Income before income taxes

499,469



508,681



408,363



341,411



319,799


Income taxes

55,870



53,763



44,214



37,150



40,471


Net income

443,599



454,918



364,149



304,261



279,328


Preferred stock dividends

8,063



8,063



8,063



8,063



8,063


Net income available to common shareholders

$

435,536



$

446,855



$

356,086



$

296,198



$

271,265












PER COMMON SHARE DATA










Earnings per common share - basic

$

6.89



$

6.97



$

5.56



$

4.73



$

4.31


Earnings per common share - diluted

6.84



6.90



5.51



4.70



4.28


Cash dividends per common share

2.80



2.58



2.25



2.15



2.10


Book value per common share at end of quarter

60.11



51.19



49.68



45.03



44.30












OUTSTANDING COMMON SHARES










Period-end common shares

62,669



62,986



63,476



63,474



61,982


Weighted-average common shares - basic

62,742



63,705



63,694



62,376



62,758


Dilutive effect of stock compensation

700



982



968



593



715


Weighted-average common shares - diluted

63,442



64,687



64,662



62,969



63,473












SELECTED ANNUALIZED RATIOS










Return on average assets

1.36

%


1.44

%


1.17

%


1.03

%


0.97

%

Return on average common equity

12.24



14.23



11.76



10.16



9.86


Net interest income to average earning assets (1)

3.75



3.64



3.69



3.56



3.45












(1) Taxable-equivalent basis assuming a 21% tax rate for 2019 and 2018 and 35% tax rate for 2015-2017.

(2) 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,


2019


2018


2017


2016


2015(1)

BALANCE SHEET SUMMARY ($ in millions)










Average Balance:










Loans

$

14,441



$

13,618



$

12,460



$

11,555



$

11,267


Earning assets

29,600



28,900



28,359



26,717



25,955


Total assets(1)

32,086



31,030



30,450



28,832



28,061


Non-interest-bearing demand deposits

10,358



10,757



10,819



10,034



10,180


Interest-bearing deposits

16,055



15,532



15,085



14,478



13,861


Total deposits

26,413



26,289



25,905



24,512



24,041


Shareholders' equity

3,702



3,284



3,173



3,059



2,895












Period-End Balance:










Loans

$

14,750



$

14,100



$

13,146



$

11,975



$

11,487


Earning assets

31,281



29,894



29,595



28,025



26,431


Goodwill and intangible assets

657



659



660



662



663


Total assets(1)

34,027



32,293



31,748



30,196



28,566


Total deposits

27,640



27,149



26,872



25,812



24,344


Shareholders' equity

3,912



3,369



3,298



3,003



2,890


Adjusted shareholders' equity (2)

3,644



3,433



3,218



3,027



2,776












ASSET QUALITY ($ in thousands)










Allowance for loan losses:

$

132,167



$

132,132



$

155,364



$

153,045



$

135,859


As a percentage of period-end loans

0.90

%


0.94

%


1.18

%


1.28

%


1.18

%











Net charge-offs:

$

33,724



$

44,845



$

33,141



$

34,487



$

15,528


Annualized as a percentage of average loans

0.23

%


0.33

%


0.27

%


0.30

%


0.14

%











Non-performing assets:










Non-accrual loans

$

102,303



$

73,739



$

150,314



$

100,151



$

83,467


Restructured loans

6,098





4,862






Foreclosed assets

1,084



1,175



2,116



2,440



2,255


Total

$

109,485



$

74,914



$

157,292



$

102,591



$

85,722


As a percentage of:










Total loans and foreclosed assets

0.74

%


0.53

%


1.20

%


0.86

%


0.75

%

Total assets

0.32



0.23



0.50



0.34



0.30












CONSOLIDATED CAPITAL RATIOS










Common Equity Tier 1 Risk-Based Capital Ratio(3)

12.36

%


12.27

%


12.42

%


12.52

%


11.37

%

Tier 1 Risk-Based Capital Ratio(3)

12.99



12.94



13.16



13.33



12.38


Total Risk-Based Capital Ratio(3)

14.57



14.64



15.15



14.93



13.85


Leverage Ratio

9.28



9.06



8.46



8.14



7.79


Equity to Assets Ratio (period-end)

11.50



10.43



10.39



9.94



10.12


Equity to Assets Ratio (average)

11.54



10.58



10.42



10.61



10.32












(1) Certain items in the 2015 financial statements have been reclassified to conform to the current presentation in connection with the adoption of an accounting standard in 2016 that requires unamortized debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability.

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

(3) After a review of risk-weight classifications during the first quarter of 2019, risk-weightings for certain loans were reclassified. Amounts reported at December 31, 2018 have been revised to reflect these reclassifications.

 

Cullen/Frost Bankers, Inc.

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



2019


2018


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr

TAXABLE-EQUIVALENT YIELD/COST










Earning Assets:










Interest-bearing deposits

1.64

%


2.19

%


2.64

%


2.50

%


2.35

%

Federal funds sold and resell agreements

1.71



2.21



2.48



2.58



2.41


Securities

3.37



3.43



3.42



3.37



3.39


Loans, net of unearned discounts

4.88



5.16



5.34



5.33



5.20


Total earning assets

3.98



4.21



4.33



4.27



4.15












Interest-Bearing Liabilities:










Interest-bearing deposits:










Savings and interest checking

0.04



0.07



0.08



0.09



0.08


Money market deposit accounts

0.66



0.93



1.03



1.09



1.00


Time accounts

1.72



1.74



1.66



1.43



1.14


Public funds

1.05



1.34



1.51



1.39



1.31


Total interest-bearing deposits

0.49



0.63



0.68



0.69



0.63












Total deposits

0.29



0.39



0.41



0.42



0.37












Federal funds purchased and repurchase agreements

1.21



1.53



1.69



1.72



1.56


Junior subordinated deferrable interest debentures

3.83



4.18



4.34



4.40



4.24


Subordinated notes payable and other notes

4.71



4.71



4.71



4.72



4.72


Total interest-bearing liabilities

0.59



0.75



0.80



0.81



0.74












Net interest spread

3.39



3.46



3.53



3.46



3.41


Net interest income to total average earning assets

3.62



3.76



3.85



3.79



3.72












AVERAGE BALANCES










($ in millions)










Assets:










Interest-bearing deposits

$

2,000



$

1,566



$

1,171



$

1,729



$

2,452


Federal funds sold and resell agreements

275



212



246



250



317


Securities

13,641



13,444



13,322



12,770



12,435


Loans, net of unearned discount

14,705



14,471



14,375



14,205



13,949


Total earning assets

$

30,621



$

29,693



$

29,114



$

28,954



$

29,153












Liabilities:










Interest-bearing deposits:










Savings and interest checking

$

6,850



$

6,712



$

6,774



$

6,774



$

6,673


Money market deposit accounts

7,905



7,763



7,588



7,696



7,792


Time accounts

1,069



1,023



970



895



836


Public funds

590



538



513



554



467


Total interest-bearing deposits

16,414



16,036



15,845



15,919



15,767












Total deposits

27,186



26,352



25,993



26,112



26,507












Federal funds purchased and repurchase agreements

1,418



1,291



1,242



1,180



1,138


Junior subordinated deferrable interest debentures

136



136



136



136



136


Subordinated notes payable and other notes

99



99



99



99



99


Total interest-bearing funds

$

18,067



$

17,562



$

17,322



$

17,334



$

17,140













 

Cullen/Frost Bankers logo. (PRNewsFoto/Cullen/Frost Bankers)

 

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SOURCE Cullen/Frost Bankers, Inc.

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