Cullen/Frost Bankers, Inc. (CFR) Q1 2023 Results Conference Call April 27, 2022 2:00 PM ET

Company Participants

A.B. Mendez - Senior Vice President and Director of Investor Relations

Phillip Green - Chairman and Chief Executive Officer

Jerry Salinas - Executive Vice President and Chief Financial Officer

Conference Call Participants

Steven Alexopoulos - JPMorgan Chase & Co

Peter Winter - D.A. Davidson

Brady Gailey - Keefe Bruyette & Woods

Ebrahim Poonawala - BofA Securities

Manan Gosalia - Morgan Stanley

Broderick Preston - UBS Investment Bank

Jon Arfstrom - RBC Capital

Operator

Greetings, and welcome to the Cullen/Frost Bankers Inc., First Quarter Earnings Conference Call. At this time, all participants are on a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host A.B. Mendez, Senior Vice President and Director of Investor Relations. Thank you. Please go ahead.

A.B. Mendez

Thanks, Donna. This morning’s conference call - or 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 will turn the call over to Phil.

Phillip Green

Thanks, A.B., and good afternoon, everyone. Thanks for joining us. Today, I will review first quarter results for Cullen/Frost. And our Chief Financial Officer, Jerry Salinas, will provide additional comments, and then we are going to open it up for your questions.

In the first quarter, Cullen/Frost earned $176 million or $2.70 per share compared with earnings of $97.4 million or $1.50 per share reported in the same quarter last year. That represents an increase of 80% that is eight zero percent, over last year’s level.