Page 1

EX - 99.1 2 a3q21 formxex991xpressrelea.htm EX - 99.1 2021 THIRD QUARTER EARNINGS RELEASE FOR IMMEDIATE RELEASE October 28 , 2021 A.B. Mendez Investor Relations 210.220.5234 or Bill Day Media Relations 210.220.5427 CULLEN / FROST REPORTS THIRD QUARTER RESULTS Board declares fourth quarter dividend on common and preferred stock Exhibit 99.1 SAN ANTONIO -- Cullen / Frost Bankers , Inc. ( NYSE : CFR ) today reported third quarter 2021 results . Net income available to common shareholders for the third quarter of 2021 was $ 106.3 million compared to $ 95.1 million in the third quarter of 2020. On a per - share basis , net income available to common shareholders for the third quarter of 2021 was $ 1.65 per diluted common share , compared to $ 1.50 per diluted common share reported a year earlier . Returns on average assets and average common equity were 0.90 percent and 9.87 percent , respectively , for the third quarter of 2021 compared to 0.96 percent and 9.30 percent , respectively , for the same period a year earlier . For the third quarter of 2021 , net interest income on a taxable - equivalent basis was $ 269.3 million , up 0.9 percent , compared to the same quarter in 2020. Average loans for the third quarter of 2021 decreased $ 2.0 billion , or 10.8 percent , to $ 16.2 billion , from the $ 18.1 billion reported for the third quarter a year earlier . Excluding PPP loans , third quarter average loans of $ 14.8 billion represented a 0.8 percent decrease compared to the third quarter of 2020 and a 1.6 percent increase compared to the second quarter of 2021. Average deposits for the quarter were $ 39.1 billion , up $ 6.2 billion , or 19.0 percent , compared to the $ 32.9 billion reported for last year's third quarter .