Cullen/Frost Bankers Q4 Profit Rises

(RTTNews) - Cullen/Frost Bankers Inc. (CFR) reported that its net income available to common shareholders for the fourth quarter of 2021 rose to $99.4 million or $1.54 per share, from $88.3 million or $1.38 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.34 per share for the quarter. Analysts' estimates typically exclude special items.

For the fourth quarter of 2021, net interest income on a taxable-equivalent basis was $264.0 million, down 0.6 percent compared to the same period in 2020.

Non-interest income for the fourth quarter of 2021 was $109.1 million, up $17.7 million, or 19.4 percent, from the $91.3 million reported a year earlier.

The Cullen/Frost board declared a first-quarter cash dividend of $0.75 per share, payable March 15, 2022 to shareholders of record on February 28 of this year.

In addition, the Corporation's board authorized a new $100.0 million stock repurchase plan. Under the plan, shares may be repurchased over a one-year period from time to time at various prices in the open market or through private transactions.