Cullen/Frost Bankers, Inc. announced net income available to common shareholders of $149.3 million for the first quarter of 2025, an increase from $134.0 million in the first quarter of 2024. Diluted earnings per common share rose to $2.30, up from $2.06 reported a year earlier.
Net interest income on a taxable-equivalent basis for the first quarter of 2025 was $436.4 million, representing a 6.1% increase compared to the same quarter in 2024. Average loans grew by $1.7 billion, or 8.8%, to $20.8 billion year-over-year, and average deposits increased by $933.4 million, or 2.3%, to $41.7 billion compared to the first quarter of 2024.
The Cullen/Frost board declared a second-quarter cash dividend of $1.00 per common share, marking a 5.3% increase from the previous quarterly dividend of $0.95 per share. This dividend is payable on June 13, 2025, to shareholders of record on May 30, 2025.
Cullen/Frost Chairman and CEO Phil Green highlighted solid loan growth and a return to normal first-quarter seasonality in deposit trends, indicating the effectiveness of the company's organic growth strategy. The company also announced plans to open its 199th location in the Fort Worth region and its 200th Frost location in Pflugerville, signifying a more than 50% increase in its total location count since the organic expansion program began in December 2018.
As of March 31, 2025, the company's assets totaled $52.0 billion. The allowance for credit losses on loans stood at $275.5 million, representing 1.32% of total loans, while non-accrual loans were $83.5 million, or 0.40% of total loans.
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