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Cullen/Frost Bankers Inc. (CFR-1.17%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net income available to common shareholders of $575.9 million, or $8.87 per diluted share, compared to $591.3 million, or $9.10 per diluted share, in 2023.
Total assets increased to $52.5 billion from $50.8 billion at the end of 2023, with total deposits rising to $42.7 billion from $41.9 billion.
Net interest income rose to $1.6 billion, driven by increases in loan volumes and yields, while credit loss expense increased to $65.0 million.
Non-interest income grew by 7.1% to $459.1 million, primarily due to higher trust and investment management fees and service charges on deposit accounts.
Non-interest expense increased by 6.0% to $1.3 billion, with significant rises in salaries and wages and technology expenses.
The allowance for credit losses on loans was $270.2 million, reflecting an increase in expected credit losses across several loan categories.
The company reported a decline in non-accrual loans to $78.9 million from $60.9 million at the end of 2023.
Cullen/Frost's capital position remains strong, with a total shareholders' equity of $3.9 billion.
The filing also discusses the company's risk management strategies, including its focus on maintaining liquidity and capital adequacy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cullen/Frost Bankers Inc. annual 10-K report dated February 6, 2025. To report an error, please email earnings@qz.com.