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EX - 99.1 2 a1q21formxex991xpressrelea.htm EX - 99.1 2021 FIRST QUARTER EARNINGS RELEASE FOR IMMEDIATE RELEASE April 29 , 2021 A.B. Mendez Investor Relations 210.220.5234 or Bill Day Media Relations 210.220.5427 CULLEN / FROST REPORTS FIRST QUARTER RESULTS Board declares second quarter dividend on common and preferred stock Exhibit 99.1 SAN ANTONIO -- Cullen / Frost Bankers , Inc. ( NYSE : CFR ) today reported first quarter 2021 results . Net income available to common shareholders for the first quarter of 2021 was $ 113.9 million , compared to $ 47.2 million in the first quarter of 2020. On a per - share basis , net income available to common shareholders for the first quarter of 2021 was $ 1.77 per diluted common share , compared to $ 0.75 per diluted common share reported a year earlier . Returns on average assets and average common equity were 1.09 percent and 11.13 percent , respectively , for the first quarter of 2021 compared to 0.57 percent and 4.88 percent , respectively , for the same period a year earlier . For the first quarter of 2021 , net interest income on a taxable - equivalent basis was $ 263.9 million , down 1.7 percent compared to the same quarter in 2020. Average loans for the first quarter of 2021 increased $ 2.7 billion , or 17.9 percent , to $ 17.7 billion , from the $ 15.0 billion reported for the first quarter a year earlier . Excluding PPP loans , first quarter average loans of $ 14.9 billion represented a 0.9 percent decrease compared to the first quarter of 2020. Average deposits for the quarter were $ 35.4 billion , up $ 8.0 billion , or 29.3 percent , compared to the $ 27.4 billion reported for last year's first quarter .