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Cullen/Frost Reports Second Quarter Results

07/29/2021
Board increases quarterly common dividend by 4 percent to $0.75

SAN ANTONIO, July 29, 2021 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported second quarter 2021 results. Net income available to common shareholders for the second quarter of 2021 was $116.4 million, compared to $93.1 million in the second quarter of 2020. On a per-share basis, net income available to common shareholders for the second quarter of 2021 was $1.80 per diluted common share, compared to $1.47 per diluted common share reported a year earlier. Returns on average assets and average common equity were 1.02 percent and 11.18 percent, respectively, for the second quarter of 2021 compared to 0.99 percent and 9.60 percent, respectively, for the same period a year earlier.

For the second quarter of 2021, net interest income on a taxable-equivalent basis was $280.0 million, up 3.8 percent, compared to the same quarter in 2020. Average loans for the second quarter of 2021 decreased $303.2 million, or 1.7 percent, to $17.2 billion, from the $17.5 billion reported for the second quarter a year earlier. Excluding PPP loans, second quarter average loans of $14.6 billion represented a 3.0 percent  decrease compared to the second quarter of 2020. Average deposits for the quarter were $38.3 billion, up $7.0 billion, or 22.2 percent, compared to the $31.3 billion reported for last year's second quarter. 

"Since the end of the quarter, we've begun to see stabilization in non-PPP loans," said Phil Green, Cullen/Frost Chairman and CEO. "As we emerge from the pandemic lockdown and the economy reopens, our company is in a strong position to benefit from the rebound in economic activity. During the second quarter, we completed our 25-branch expansion program in the Houston market area. Based on the success of our new Houston area locations to date, we've announced a similar organic expansion effort in Dallas, as well as some follow-on new location openings in the Houston area. At the same time, we continue to take steps to enhance the Frost experience for our customers and our employees."

For the first six months of 2021, net income available to common shareholders was $230.3 million, up 64.1 percent compared to $140.3 million for the first six months of 2020. Diluted EPS available to common shareholders for the first six months of 2021 was $3.57 compared to $2.21 in the year-earlier period, representing an increase of 61.5 percent. Returns on average assets and average common equity for the first six months of 2021 were 1.05 percent and 11.16 percent, respectively, compared to 0.79 percent and 7.24 percent, respectively, for the same period in 2020.

Noted financial data for the second quarter of 2021 follows:

  • The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the second quarter of 2021 were 13.60 percent, 14.21 percent and 16.17 percent, respectively, and continue to be in excess of well-capitalized levels and exceed Basel III minimum requirements.
  • Net interest income on a taxable-equivalent basis was $280.0 million, an increase of 3.8 percent, compared to the prior year period. Net interest margin was 2.65 percent for the second quarter of 2021, down 7 basis points compared to the first quarter of 2021 net interest margin of 2.72 percent. Net interest margin decreased 48 basis points compared to 3.13 percent for the same period in 2020.
  • Non-interest income for the second quarter of 2021 totaled $91.2 million, an increase of $13.6 million, or 17.6 percent, from the $77.6 million reported for the second quarter of 2020. Trust and investment management fees increased $6.8 million, or 21.9 percent, compared to the second quarter of 2020. The increase in trust and investment management fees was primarily the result of increases in equity valuations and the number of customer accounts as well as an increase in estate fees. Service charges on deposit accounts increased $2.3 million or 12.9 percent compared to the second quarter of 2020. The increase was mainly driven by increases in overdraft charges on consumer and commercial accounts (up $887,000 and $314,000, respectively) and an increase in commercial service charges (up $974,000). Other income for the second quarter increased by $1.8 million, or 23.6 percent compared to the year-earlier period. This increase was largely driven by gains on sales of assets, up $1.1 million in the second quarter of 2021, due to a $1.8 million gain on sale of real estate. Net interchange and card transaction fees increased by $1.7 million, or 56.5 percent, compared to the second quarter of 2020, driven by increased transaction volumes as well as new card products and partly offset by increases in network costs. Other charges, commissions and fees increased $1.0 million, or 12.7 percent, compared to the second quarter of 2020. The increase was primarily related to an increase in income from the sale of mutual fund accounts (up $1.1 million).
  • Non-interest expense was $215.3 million for the quarter, up $15.6 million, or 7.8 percent, compared to the $199.7 million reported for the second quarter a year earlier. Salaries and wages expense increased $6.7 million, or 7.4 percent, compared to the second quarter of 2020, impacted by decreased PPP-related expense deferrals in the second quarter of 2021. Salaries and wages during the second quarter of 2020 were impacted by $5.5 million of salary costs deferred as loan origination costs in connection with the high volume of PPP loan originations during that quarter, which reduced salaries expense. The comparable PPP-related salaries expense deferral for the second quarter of 2021 was $399,000. Other non-interest expense increased $5.7 million, or 15.7 percent, compared to the second quarter of 2020. The overall increase included increases in donations expense (up $2.0 million); advertising/promotions expense (up $1.8 million); and fraud losses (up $873,000); among other things. Donations expense during the second quarter of 2021 was impacted by a $1.8 million contribution to the Frost Charitable Foundation. The increase in other non-interest expense was also partly due to a decrease in costs deferred as loan origination costs, down $1.6 million compared to the prior-year period, primarily in connection with the high volume of PPP loan originations during the second quarter of 2020. Technology, furniture and equipment expense increased $2.0 million, or 7.5 percent, compared to the second quarter of 2020. The increase was primarily related to increases in cloud services expense (up $1.1 million), depreciation of furniture and equipment (up $689,000) and software maintenance (up $407,000). Net occupancy expense increased $1.4 million, or 5.5 percent, compared to the second quarter of 2020. The increase was primarily related to increases in repairs and maintenance/service contracts expense (up $1.4 million) and depreciation on leasehold improvements (up $532,000), among other things, partly offset by a decrease in lease expense (down $754,000).
  • For the second quarter of 2021, the company did not report a credit loss expense. For the second quarter of 2020, the company recorded a $27.2 million credit loss expense related to loans and $41.0 million in net charge-offs. The allowance for credit losses on loans as a percentage of total loans was 1.54 percent at June 30, 2021, compared to 1.46 percent at the end of the first quarter of 2021 and 1.39 percent at the end of the second quarter of 2020. Excluding PPP loans, which carry a guarantee from the SBA, the allowance for credit losses on loans as a percentage of total loans was 1.74 percent at the end of the second quarter of 2021, compared to 1.77 percent at the end of the first quarter of 2021 and 1.69 percent at the end of the second quarter of 2020. Non-accrual loans were $57.3 million at the end of the second quarter of 2021, compared to $51.0 million at the end of the first quarter of 2021 and $79.5 million at the end of the second quarter of 2020.

The Cullen/Frost board declared a third-quarter cash dividend of $0.75 per common share, representing an increase of 4 percent from the previous quarterly dividend of $0.72. The dividend on common stock is payable September 15, 2021 to shareholders of record on August 31 of this year. The board of directors also declared a cash dividend of $11.125 per share of Series B Preferred Stock (or $0.278125 per depositary share). The depositary shares representing the Series B Preferred Stock are traded on the NYSE under the symbol "CFR PrB." The Series B Preferred Stock dividend is payable on September 15, 2021, to shareholders of record on August 31 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, July 29, 2021, at 1 p.m. Central Time (CT) to discuss the results for the quarter. The media and other interested parties are invited to access the call in a "listen only" mode at 1-800-944-6430 or via webcast on our investor relations website linked below.

Playback of the conference call will be available after 5 p.m. CT on the day of the call until midnight Sunday, August 1, 2021 at 855-859-2056 with Conference ID # of 5893015. The call will also be available by webcast at the URL listed below after 5 p.m. CT on the day of the call.

Cullen/Frost investor relations website: https://investor.frostbank.com/

Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $46.7 billion in assets at June 30, 2021. Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at www.frostbank.com.

Forward-Looking Statements and Factors that Could Affect Future Results

Certain statements contained in this Earnings Release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), including statements regarding the potential effects of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", "intends", "targeted", "continue", "remain", "will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

  • Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.
  • Volatility and disruption in national and international financial and commodity markets.
  • Government intervention in the U.S. financial system.
  • Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.
  • Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.
  • The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board.
  • Inflation, interest rate, securities market and monetary fluctuations.
  • The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply.
  • The soundness of other financial institutions.
  • Political instability.
  • Impairment of our goodwill or other intangible assets.
  • Acts of God or of war or terrorism.
  • The timely development and acceptance of new products and services and perceived overall value of these products and services by users.
  • Changes in consumer spending, borrowings and savings habits.
  • Changes in the financial performance and/or condition of our borrowers.
  • Technological changes and the speed of digital transformation.
  • The cost and effects of failure, interruption, or breach of security of our systems or those of our outside providers and our customers.
  • Our customers' vulnerability to internal and external fraud (including fraudulent e-mail and other communications).
  • Acquisitions and integration of acquired businesses.
  • Our ability to increase market share and control expenses.
  • Our ability to attract and retain qualified employees.
  • Changes in the competitive environment in our markets and among banking organizations and other financial service providers.
  • The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
  • Changes in the reliability of our vendors, internal control systems or information systems.
  • Changes in our liquidity position.
  • Changes in our organization, compensation and benefit plans.
  • The impact of the COVID-19 pandemic and any other pandemic, epidemic or health-related crisis.
  • The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals.
  • Greater than expected costs or difficulties related to the integration of new products and lines of business.
  • Our success at managing the risks involved in the foregoing items.

Further, statements about the potential effects of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, clients, third parties and us.

Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.

A.B. Mendez
Investor Relations
210.220.5234

or

Bill Day
Media Relations
210.220.5427

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)












2021


2020


2nd Qtr


1st Qtr


4th Qtr


3rd Qtr


2nd Qtr

CONDENSED INCOME STATEMENTS










Net interest income

$

257,156



$

240,881



$

242,246



$

243,423



$

245,811


Net interest income (1)

279,997



263,949



265,721



267,041



269,722


Credit loss expense



63



13,756



20,302



31,975


Non-interest income:










Trust and investment management fees

37,874



35,314



32,270



31,469



31,060


Service charges on deposit accounts

19,849



19,993



20,830



19,812



17,580


Insurance commissions and fees

10,773



17,313



11,704



11,456



10,668


Interchange and card transaction fees

4,641



4,093



3,746



3,503



2,966


Other charges, commissions and fees

8,640



8,304



9,427



8,370



7,663


Net gain (loss) on securities transactions










Other

9,470



8,219



13,360



8,991



7,664


Total non-interest income

91,247



93,236



91,337



83,601



77,601












Non-interest expense:










Salaries and wages

97,035



93,458



104,843



93,323



90,350


Employee benefits

18,728



22,536



15,852



16,074



18,861


Net occupancy

26,650



26,051



26,822



25,466



25,266


Technology, furniture and equipment

27,998



28,016



27,464



26,482



26,046


Deposit insurance

2,877



2,928



2,706



2,372



2,800


Intangible amortization

185



202



208



212



241


Other

41,781



36,951



45,017



38,221



36,115


Total non-interest expense

215,254



210,142



222,912



202,150



199,679


Income before income taxes

133,149



123,912



96,915



104,572



91,758


Income taxes

15,081



7,897



8,645



9,516



(1,314)


Net income

118,068



116,015



88,270



95,056



93,072


Preferred stock dividends

1,669



2,151








Net income available to common shareholders

$

116,399



$

113,864



$

88,270



$

95,056



$

93,072












PER COMMON SHARE DATA










Earnings per common share - basic

$

1.81



$

1.78



$

1.39



$

1.50



$

1.47


Earnings per common share - diluted

1.80



1.77



1.38



1.50



1.47


Cash dividends per common share

0.72



0.72



0.72



0.71



0.71


Book value per common share at end of quarter

66.44



64.89



65.82



65.07



63.97












OUTSTANDING COMMON SHARES










Period-end common shares

63,646



63,532



63,011



62,782



62,670


Weighted-average common shares - basic

63,606



63,306



62,940



62,727



62,596


Dilutive effect of stock compensation

496



510



311



193



205


Weighted-average common shares - diluted

64,102



63,816



63,251



62,920



62,801












SELECTED ANNUALIZED RATIOS










Return on average assets

1.02

%


1.09

%


0.86

%


0.96

%


0.99

%

Return on average common equity

11.18



11.13



8.55



9.30



9.60


Net interest income to average earning assets

2.65



2.72



2.82



2.95



3.13












(1) Taxable-equivalent basis assuming a 21% tax rate.




Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)



2021


2020


2nd Qtr


1st Qtr


4th Qtr


3rd Qtr


2nd Qtr

BALANCE SHEET SUMMARY










($ in millions)










Average Balance:










Loans

$

17,246



$

17,684



$

17,945



$

18,149



$

17,550


Earning assets

42,916



39,804



38,262



36,749



35,128


Total assets

45,665



42,530



40,963



39,435



37,838


Non-interest-bearing demand deposits

16,456



15,309



15,119



14,585



13,785


Interest-bearing deposits

21,815



20,097



19,010



18,289



17,528


Total deposits

38,271



35,406



34,129



32,875



31,313


Shareholders' equity

4,320



4,295



4,175



4,065



3,899












Period-End Balance:










Loans

$

16,596



$

17,890



$

17,481



$

18,224



$

17,972


Earning assets

43,943



41,380



39,648



37,482



36,613


Goodwill and intangible assets

656



656



657



657



657


Total assets

46,698



44,047



42,391



40,101



39,378


Total deposits

38,734



36,925



35,016



33,500



32,679


Shareholders' equity

4,374



4,268



4,293



4,085



4,009


Adjusted shareholders' equity (1)

3,961



3,880



3,780



3,580



3,521












ASSET QUALITY










($ in thousands)










Allowance for credit losses on loans:

$

255,288



$

261,258



$

263,177



$

263,475



$

250,061


As a percentage of period-end loans

1.54

%


1.46

%


1.51

%


1.45

%


1.39

%











Net charge-offs:

$

1,591



$

1,919



$

13,565



$

10,176



$

41,048


Annualized as a percentage of average loans

0.04

%


0.04

%


0.30

%


0.22

%


0.94

%











Non-accrual loans:

$

57,250



$

50,976



$

61,449



$

91,578



$

79,461


As a percentage of total loans

0.34

%


0.28

%


0.35

%


0.50

%


0.44

%

As a percentage of total assets

0.12



0.12



0.14



0.23



0.20












CONSOLIDATED CAPITAL RATIOS










Common Equity Tier 1 Risk-Based Capital Ratio

13.60

%


13.45

%


12.86

%


12.71

%


12.48

%

Tier 1 Risk-Based Capital Ratio

14.21



14.07



13.47



12.71



12.48


Total Risk-Based Capital Ratio

16.17



16.07



15.44



14.69



14.43


Leverage Ratio

7.60



7.97



8.07



7.85



8.01


Equity to Assets Ratio (period-end)

9.37



9.69



10.13



10.19



10.18


Equity to Assets Ratio (average)

9.46



10.10



10.19



10.31



10.30












(1) Shareholders' equity excluding accumulated other comprehensive income (loss).




Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)



Six Months Ended



June 30,



2021


2020

CONDENSED INCOME STATEMENTS





Net interest income


$

498,037



$

490,332


Net interest income (1)


543,946



538,174


Credit loss expense


63



207,172


Non-interest income:





Trust and investment management fees


73,188



65,533


Service charges on deposit accounts


39,842



40,231


Insurance commissions and fees


28,086



27,153


Interchange and debit card transaction fees


8,734



6,221


Other charges, commissions and fees


16,944



17,028


Net gain (loss) on securities transactions




108,989


Other


17,689



25,361


Total non-interest income


184,483



290,516







Non-interest expense:





Salaries and wages


190,493



189,162


Employee benefits


41,264



43,750


Net occupancy


52,701



50,650


Technology, furniture and equipment


56,014



51,286


Deposit insurance


5,805



5,424


Intangible amortization


387



498


Other


78,732



83,072


Total non-interest expense


425,396



423,842


Income before income taxes


257,061



149,834


Income taxes


22,978



2,009


Net income


234,083



147,825


Preferred stock dividends


3,820



2,016


Redemption of preferred stock




5,514


Net income available to common shareholders


$

230,263



$

140,295







PER COMMON SHARE DATA





Earnings per common share - basic


$

3.59



$

2.22


Earnings per common share - diluted


3.57



2.21


Cash dividends per common share


1.44



1.42


Book value per common share at end of quarter


66.44



63.97







OUTSTANDING COMMON SHARES





Period-end common shares


63,646



62,670


Weighted-average common shares - basic


63,457



62,619


Dilutive effect of stock compensation


512



301


Weighted-average common shares - diluted


63,969



62,920







SELECTED ANNUALIZED RATIOS





Return on average assets


1.05

%


0.79

%

Return on average common equity


11.16



7.24


Net interest income to average earning assets


2.68



3.33







(1) Taxable-equivalent basis assuming a 21% tax rate.




Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)




As of or for the



Six Months Ended



June 30,



2021


2020

BALANCE SHEET SUMMARY ($ in millions)





Average Balance:





Loans


$

17,464



$

16,272


Earning assets


41,369



32,966


Total assets


44,102



35,693


Non-interest-bearing demand deposits


15,888



12,261


Interest-bearing deposits


20,960



17,091


Total deposits


36,848



29,352


Shareholders' equity


4,308



3,954







Period-End Balance:





Loans


16,596



17,972


Earning assets


43,943



36,613


Goodwill and intangible assets


656



657


Total assets


46,698



39,378


Total deposits


38,734



32,679


Shareholders' equity


4,374



4,009


Adjusted shareholders' equity (1)


3,961



3,521







ASSET QUALITY ($ in thousands)





Allowance for credit losses on loans:


$

255,288



$

250,061


As a percentage of period-end loans


1.54

%


1.39

%






Net charge-offs:


3,510



79,694


Annualized as a percentage of average loans


0.04

%


0.98

%






Non-accrual loans:


$

57,250



$

79,461


As a percentage of total loans


0.34

%


0.44

%

As a percentage of total assets


0.12



0.20







CONSOLIDATED CAPITAL RATIOS





Common Equity Tier 1 Risk-Based Capital Ratio


13.60

%


12.48

%

Tier 1 Risk-Based Capital Ratio


14.21



12.48


Total Risk-Based Capital Ratio


16.17



14.43


Leverage Ratio


7.60



8.01


Equity to Assets Ratio (period-end)


9.37



10.18


Equity to Assets Ratio (average)


9.77



11.08







(1) Shareholders' equity excluding accumulated other comprehensive income (loss).




Cullen/Frost Bankers, Inc.

TAXABLE-EQUIVALENT YIELD/COST  (UNAUDITED)













2021


2020


2nd Qtr


1st Qtr


4th Qtr


3rd Qtr


2nd Qtr











TAXABLE-EQUIVALENT YIELD/COST (1)










Earning Assets:










Interest-bearing deposits

0.11

%


0.10

%


0.10

%


0.10

%


0.10

%

Federal funds sold

0.15



0.24



0.31



0.18



0.18


Resell agreements

0.20



0.15



0.24



0.27



0.59


Securities

3.36



3.41



3.41



3.44



3.53


Loans, net of unearned discounts

4.28



3.87



3.74



3.73



3.95


Total earning assets

2.71



2.78



2.89



3.04



3.24












Interest-Bearing Liabilities:










Interest-bearing deposits:










Savings and interest checking

0.01



0.01



0.02



0.02



0.02


Money market deposit accounts

0.09



0.07



0.07



0.09



0.09


Time accounts

0.33



0.53



0.82



1.11



1.40


Public funds

0.02



0.02



0.02



0.02



0.09


Total interest-bearing deposits

0.06



0.07



0.09



0.12



0.14












Total deposits

0.04



0.04



0.05



0.07



0.08












Federal funds purchased

0.08



0.08



0.08



0.08



0.07


Repurchase agreements

0.11



0.09



0.11



0.12



0.15


Junior subordinated deferrable interest debentures

1.87



1.89



1.96



2.05



2.90


Subordinated notes payable and other notes

4.70



4.70



4.70



4.70



4.71


Federal Home Loan Bank advances









0.29


Total interest-bearing liabilities

0.10



0.10



0.13



0.15



0.19












Net interest spread

2.61



2.68



2.76



2.89



3.05


Net interest income to total average earning assets

2.65



2.72



2.82



2.95



3.13












(1) Taxable-equivalent basis assuming a 21% tax rate.




Cullen/Frost Bankers, Inc.

AVERAGE BALANCES (UNAUDITED)













2021


2020


2nd Qtr


1st Qtr


4th Qtr


3rd Qtr


2nd Qtr











AVERAGE BALANCES










($ in millions)










Assets:










Interest-bearing deposits

$

13,347



$

9,865



$

7,718



$

5,888



$

4,986


Federal funds sold

21



5



2



11



72


Resell agreements

8



3



15



20



20


Securities

12,294



12,247



12,852



12,680



12,501


Loans, net of unearned discount

17,246



17,684



17,945



18,149



17,550


Total earning assets

$

42,916



$

39,804



$

38,262



$

36,749



$

35,128












Liabilities:










Interest-bearing deposits:










Savings and interest checking

$

10,286



$

9,094



$

8,397



$

8,077



$

7,615


Money market deposit accounts

9,731



9,192



8,884



8,555



8,230


Time accounts

1,132



1,133



1,133



1,120



1,118


Public funds

665



678



596



537



565


Total interest-bearing deposits

21,815



20,097



19,010



18,289



17,528












Total deposits

38,271



35,406



34,129



32,875



31,313












Federal funds purchased

34



41



38



34



33


Repurchase agreements

2,059



1,840



1,705



1,544



1,262


Junior subordinated deferrable interest debentures

136



136



136



136



136


Subordinated notes payable and other notes

99



99



99



99



99


Federal Home Loan Bank advances









440


Total interest-bearing funds

$

24,143



$

22,213



$

20,988



$

20,103



$

19,498













 

 

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