Cullen/Frost Bankers, Inc. reported net income available to common shareholders of $144.8 million for the third quarter of 2024, a decrease from $154.0 million in the third quarter of 2023. On a per-share basis, diluted earnings were $2.24, down from $2.38 reported in the prior year period.
Net interest income on a taxable-equivalent basis increased by 4.4% to $425.2 million compared to the same quarter in 2023. Average loans grew by $2.1 billion, or 11.8%, to $20.1 billion year-over-year, and increased by 2.2% from the second quarter of 2024. Average deposits for the third quarter decreased slightly by 0.2% year-over-year to $40.7 billion, but increased by 0.6% compared to the second quarter of 2024.
Cullen/Frost Chairman and CEO Phil Green noted the beginning of an expected seasonal increase in deposits and continued growth in loans and new relationships. The company's Frost Mortgage product recently surpassed $200 million in total loan originations. The board also declared a fourth-quarter cash dividend of $0.95 per common share, payable December 13, 2024.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.