Cullen/Frost Bankers Q3 Profit Down

(RTTNews) - Cullen/Frost Bankers, Inc. (CFR) Thursday reported third-quarter profit of $144.8 million or $2.24 per share, compared to $154.0 million or $2.38 per share last year.

For the third quarter, net interest income was $425.2 million, up 4.4 percent compared to the same quarter in 2023. Average loans for the third quarter of 2024 increased $2.1 billion, or 11.8 percent, to $20.1 billion, from the $18.0 billion reported for the third quarter a year earlier, and increased $431.6 million, or 2.2 percent, compared to the second quarter of 2024.

Analysts polled by Thomson Reuters estimated earnings of $2.17 per share and revenues of $523.64 million.

"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/Frost Chairman and CEO Phil Green. "Frost bankers continued to provide outstanding experiences to customers across all of our regions and all areas of the business. That includes our Frost Mortgage product, where total loan originations have recently passed $200 million, allowing more customers to get a Frost experience as they go through one of the most important financial events of their lives."