Cullen/Frost Q1 net income falls to $134.0 million, hit by FDIC special assessment
Cullen/Frost reported first-quarter 2024 net income available to common shareholders of $134.0 million, or $2.06 per diluted share, compared with $2.70 a year earlier. The result includes a $7.7 million addition to the estimated FDIC special assessment; excluding that item, EPS would have been $2.15, a 20.4 percent decrease, and the board declared a second-quarter common dividend of $0.92 per share.
Key points
- Diluted EPS of $2.06 versus $2.70 in Q1 2023; excluding the FDIC item, EPS would have been $2.15, down 20.4 percent
- FDIC special assessment addition of $7.7 million ($6.1 million after tax) in the first quarter
- Net interest income on a taxable-equivalent basis was $411.4 million, down 3.4 percent year over year; non-interest income rose 5.8 percent to $111.4 million
- Board declared a $0.92 per common share dividend payable June 14, 2024, to holders of record on May 31
The filing
Written by AI on Nov 8, 2026, 12:56 AM ET, from this filing 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 April 25, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.