Cullen/Frost Bankers, Inc. reported net income available to common shareholders of $153.2 million for the fourth quarter of 2024, a significant increase from $100.9 million in the fourth quarter of 2023. This increase was primarily due to a $51.5 million FDIC special surcharge impacting the prior year's quarter. Excluding this surcharge, net income increased by 8.2% to $11.6 million compared to an adjusted $141.6 million in Q4 2023, with diluted EPS rising 8.3% to $2.36 compared to an adjusted $2.18.
Net interest income on a taxable-equivalent basis for the fourth quarter of 2024 was $433.7 million, up 5.8% from $409.9 million in Q4 2023. Average loans increased by $1.7 billion, or 9.3%, to $20.3 billion year-over-year, and average deposits grew by $701.7 million, or 1.7%, to $41.9 billion compared to the prior year's fourth quarter. Average deposits also increased 2.8% from the third quarter of 2024.
For the full year 2024, net income available to common shareholders was $575.9 million, a 2.6% decrease from $591.3 million in 2023. Excluding FDIC surcharges, annual net income was $583.0 million, a 7.8% decrease from an adjusted $632.0 million in 2023. Full-year average total loans increased by 10.7% to $19.8 billion, while average total deposits decreased by 1.1% to $41.0 billion.
The company's board of directors approved a new share repurchase program, authorizing the purchase of up to $150 million of Cullen/Frost common stock. This program is valid for one year, expiring on January 28, 2026, and allows for repurchases through various methods including open market purchases and privately negotiated transactions.
Cullen/Frost Chairman and CEO Phil Green attributed the solid financial results to the execution of Frost bankers, leading to consistent growth in new customer relationships and a return to deposit growth in the fourth quarter. The board also declared a first-quarter cash dividend of $0.95 per common share, payable March 14, 2025.
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