CFR - Cullen/Frost Bankers Inc. (CFR) Q4 2023 Earnings Call Transcript
2024-01-25 21:01:04 ET
Cullen/Frost Bankers, Inc. (CFR)
Q4 2023 Earnings Conference Call
January 25, 2024 2:00 PM ET
Company Participants
A.B. Mendez – Senior Vice President and Director of Investor Relations
Phil Green – Chairman and Chief Executive Officer
Jerry Salinas – Group Executive Vice President and Chief Financial Officer
Conference Call Participants
Ebrahim Poonawala – Bank of America
Steven Alexopoulos – JPMorgan
Dave Rochester – Compass Point
Manan Gosalia – Morgan Stanley
Peter Winter – D.A. Davidson
Brady Gailey – KBW
Brandon King – Truist Securities
Brody Preston – UBS
Jon Arfstrom – RBC Capital Markets
Presentation
Operator
Greetings. Welcome to Cullen/Frost Bankers, Inc. Fourth Quarter and Full Year 2023 Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.
I will now turn the conference over to A.B. Mendez, Senior Vice President and Director of Investor Relations. Thank you. You may begin.
A.B. Mendez
Thanks, Sherry. This afternoon’s conference call will be led by Phil Green, Chairman and CEO; and Jerry Salinas, Group Executive Vice President and CFO. Before I turn the call over to Phil and Jerry, I need to take a moment to address the Safe Harbor provisions.
Some of the remarks made today will constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. We intend such statements to be covered by the Safe Harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended.
Please see the last page of text in this morning’s earnings release for additional information about the risk factors associated with these forward-looking statements. If needed, a copy of the release is available on our website or by calling the Investor Relations department at 210-220-5234.
At this time, I’ll turn the call over to Phil.
Phil Green
Thank you, A.B. Good afternoon, everybody, and thanks for joining us. Today, I’ll review fourth quarter results for Cullen/Frost and our Chief Financial Officer, Jerry Salinas will provide additional comments before we open it up for your questions.
In the fourth quarter, Cullen/Frost earned $100.9 million or $1.55 per share compared with earnings of $189.5 million or $2.91 a share reported in the same quarter last year. Now these results were affected by a $51.5 million one-time FDIC insurance surcharge associated with the bank failures that happened early in 2023....
Cullen/Frost Bankers, Inc. (CFR) Q4 2023 Earnings Call Transcript