Every material Form 8-K Frost Bank filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Cullen/Frost Bankers reported third quarter 2024 net income available to common shareholders of $144.8 million, down from $154.0 million a year earlier, with diluted EPS of $2.24 versus $2.38. Nine-month net income fell 13.8 percent, and non-interest expense rose 10.3 percent, while loans grew and the board declared a $0.95 quarterly common dividend.
Q3 2024 net income available to common shareholders was $144.8 million, versus $154.0 million in Q3 2023; diluted EPS was $2.24 versus $2.38.
Nine-month 2024 net income available to common shareholders was $422.7 million, down 13.8 percent; diluted EPS was $6.51 versus $7.54.
Average loans rose 11.8 percent year over year to $20.1 billion; average deposits fell 0.2 percent to $40.7 billion.
Non-interest expense was $323.4 million, up 10.3 percent; the board declared a $0.95 common dividend payable December 13, 2024.
Cullen/Frost reported second-quarter 2024 net income available to common shareholders of $143.8 million, down from $160.4 million a year earlier, and diluted EPS of $2.21 versus $2.47. The board also raised the quarterly common dividend 3.3 percent to $0.95 per share, payable September 13, 2024.
Net income available to common shareholders: $143.8 million in Q2 2024 vs. $160.4 million in Q2 2023
Diluted EPS: $2.21 vs. $2.47 a year earlier; net interest margin 3.54 percent vs. 3.45 percent
Average loans rose 11.3 percent year over year to $19.7 billion; average deposits fell 1.2 percent to $40.5 billion
Quarterly common dividend increased to $0.95 from $0.92, payable September 13, 2024 to holders of record on August 30
Cullen/Frost said CFO Jerry Salinas will retire effective December 31, 2024. Dan Geddes, currently San Antonio Region President, will become Group Executive Vice President and Chief Financial Officer on January 1, 2025, and Matt Henson will become Chief Accounting Officer on the same date. The changes affect the top finance roles, but the filing contains no financial results or guidance.
Jerry Salinas, who has worked at Frost since 1986, will retire effective December 31, 2024.
Dan Geddes, age 50, joined the company in 1997 and will become CFO effective January 1, 2025.
Matt Henson, age 53, joined in 2003 and will become Chief Accounting Officer effective January 1, 2025.
Clay Jones was named San Antonio region president, effective immediately.
At its April 24, 2024 annual meeting, Cullen/Frost shareholders approved the 2024 Equity Incentive Plan, which replaces the 2015 Omnibus Incentive Plan, and elected all twelve director nominees to one-year terms. Shareholders also gave nonbinding approval to executive compensation and ratified Ernst & Young LLP as independent auditor. The filing reports the vote counts but no change in financial results.
2024 Equity Incentive Plan approved April 24, 2024 with 53,268,092 votes for and 1,004,357 against; the 2015 Plan is replaced and no further grants will be made under it
All 12 director nominees elected to one-year terms expiring at the 2025 Annual Meeting
Nonbinding say-on-pay approved with 53,091,784 votes for and 1,153,675 against
Ernst & Young LLP ratified as auditor for the fiscal year that began January 1, 2024, with 58,738,583 votes for
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.
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
Cullen/Frost Bankers' board elected Hope Andrade as a director effective January 24, 2024, and expanded the board from 13 to 14 members. Andrade will serve on the Audit and Risk Committees, and the board determined she is independent; the filing discloses that her affiliated company had banking transactions with the bank in 2023 in the ordinary course of business.
Hope Andrade elected to the board on January 24, 2024; board size increased from 13 to 14 members
Andrade will serve on the Audit and Risk Committees and is compensated consistently with other non-employee directors
Go Rio San Antonio LLC, which Andrade beneficially owns, had banking transactions with Cullen/Frost in 2023; more are expected in 2024
Press release dated January 26, 2024 reports $50.8 billion in assets at December 31, 2023
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.
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.
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.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Frost Bank filing is on SEC EDGAR ↗. 8-K briefs of other companies →