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AI brief of an SEC Form 8-K · Frost Bank (CFR)

Cullen/Frost Q4 profit falls to $100.9 million on $51.5 million FDIC surcharge

Mixed Impact 4 of 5 earnings Written later

Cullen/Frost reported fourth-quarter 2023 net income available to common shareholders of $100.9 million, or $1.55 per diluted share, down from $2.91 a year earlier, after a one-time $51.5 million FDIC insurance surcharge. For the full year, earnings rose 3.3% to $591.3 million, or $9.10 per diluted share, and the board declared a $0.92 first-quarter dividend and approved a $150 million share repurchase program.

Key points

  • Q4 2023 net income available to common shareholders was $100.9 million, versus $189.5 million in Q4 2022; excluding the FDIC surcharge, the company says it would have been about $141.6 million, down 25.3%.
  • Full-year 2023 net income available to common shareholders was $591.3 million, up 3.3% from $572.5 million; diluted EPS was $9.10 versus $8.81.
  • The board declared a first-quarter 2024 common dividend of $0.92 per share, payable March 15, 2024.
  • The new repurchase authorization covers up to $150 million of common stock through January 24, 2025, and may be suspended at any time.

The filing

CompanyFrost Bank (CFR)
Form8-K, current report
Filed with the SECJan 25, 2024, 9:21 AM ET
Accession number0000039263-24-000002

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:56 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 25, 2024.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.