Overview

• U.S. regional bank's Q1 net income and EPS rose yr/yr

• Net interest income and non-interest income increased from a year ago

• Company raised quarterly dividend by 3% and repurchased $70 mln in shares

Outlook

• Company did not provide specific guidance for the current or future periods in press release

Result Drivers

• LOAN AND DEPOSIT GROWTH - Average loans increased 5.9% and average deposits rose 1.4% yr/yr, driven by expansion in Houston, Dallas and Austin

• HIGHER NET INTEREST INCOME - Net interest income rose 5.6% yr/yr, reflecting higher average loan balances and a wider net interest margin

• NON-INTEREST INCOME GROWTH - Non-interest income increased 9.9% yr/yr, led by higher trust and investment management fees, service charges, and miscellaneous income

Company press release: ID:nPn6th14ja

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		$2.65
Q1 Net Income		$170.99 mln
Q1 Net Interest Income		$438.52 mln
Q1 Basic EPS		$2.65

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 6 "hold" and 3 "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Cullen/Frost Bankers Inc is $151.00, about 5.7% above its April 29 closing price of $142.80

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 13 three months ago

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