10/31/2024 | Press release | Distributed by Public on 10/31/2024 07:10
Board declares fourth quarter dividend on common and preferred stock
SAN ANTONIO, Oct. 31, 2024/PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE: CFR) today reported third quarter 2024 results. Net income available to common shareholders for the third quarter of 2024 was $144.8 million compared to $154.0 million for the third quarter of 2023. On a per-share basis, net income available to common shareholders for the third quarter of 2024 was $2.24 per diluted common share, compared to $2.38 per diluted common share reported a year earlier. Returns on average assets and average common equity were 1.16 percent and 15.48 percent, respectively, for the third quarter of 2024 compared to 1.25 percent and 18.93 percent, respectively, for the same period a year earlier.
For the third quarter of 2024, net interest income on a taxable-equivalent basis was $425.2 million, up 4.4 percent compared to the same quarter in 2023. Average loans for the third quarter of 2024 increased $2.1 billion, or 11.8 percent, to $20.1 billion, from the $18.0 billion reported for the third quarter a year earlier, and increased $431.6 million, or 2.2 percent, compared to the second quarter of 2024. Average deposits for the third quarter decreased $94.7 million, or 0.2 percent, to $40.7 billion, compared to the $40.8 billion reported for last year's third quarter, and increased $223.3 million, or 0.6 percent, compared to the second quarter of 2024. Average non-interest-bearing deposits were down $20.2 million, or 0.1 percent, from the second quarter. Average interest-bearing deposits were up $243.4 million, or 0.9 percent, from the second quarter.
"In the third quarter we saw the beginning of an expected seasonal increase in deposits and continued growth in loans and new relationships," said Cullen/Frost Chairman and CEO Phil Green. "Frost bankers continued to provide outstanding experiences to customers across all of our regions and all areas of the business. That includes our Frost Mortgage product, where total loan originations have recently passed $200 million, allowing more customers to get a Frost experience as they go through one of the most important financial events of their lives."
For the first nine months of 2024, net income available to common shareholders was $422.7 million, down 13.8 percent compared to $490.4 million for the first nine months of 2023. Diluted EPS available to common shareholders for the first nine months of 2024 was $6.51 compared to $7.54 in the year-earlier period. Returns on average assets and average common equity for the first nine months of 2024 were 1.15 percent and 15.90 percent, respectively, compared to 1.32 percent and 20.25 percent, respectively, for the same period in 2023.
Noted financial data for the third quarter of 2024 follows:
The Cullen/Frost board declared a fourth-quarter cash dividend of $0.95 per common share. The dividend on common stock is payable December 13, 2024 to shareholders of record on November 29 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 December 16, 2024 to shareholders of record on November 29 of this year.
Cullen/Frost Bankers, Inc. will host a conference call on Thursday, October 31, 2024, 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 1-877-709-8150 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, November 3, 2024 at 1-877-660-6853 with Conference ID # of 13749468. A replay of 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 $51.0 billion in assets at September 30, 2024. One of the 50 largest commercial banks in the U.S., 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 atwww.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"), 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:
In addition, financial markets and global supply chains may continue to be adversely affected by the current or anticipated impact of global wars/military conflicts, terrorism, or other geopolitical events.
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.
Cullen/Frost Bankers, Inc
|
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
|
(In thousands, except per share amounts)
|
2024
|
2023
|
3rd Qtr
|
2nd Qtr
|
1st Qtr
|
4th Qtr
|
3rd Qtr
|
|||||
CONDENSED INCOME STATEMENTS
|
|||||||||
Net interest income
|
$ 404,331
|
$ 396,712
|
$ 390,051
|
$ 388,152
|
$ 385,426
|
||||
Net interest income(1)
|
425,160
|
417,621
|
411,367
|
409,904
|
407,353
|
||||
Credit loss expense
|
19,386
|
15,787
|
13,650
|
15,981
|
11,185
|
||||
Non-interest income:
|
|||||||||
Trust and investment management fees
|
41,016
|
41,404
|
39,085
|
40,163
|
37,616
|
||||
Service charges on deposit accounts
|
27,412
|
26,114
|
24,795
|
24,535
|
23,603
|
||||
Insurance commissions and fees
|
14,839
|
13,919
|
18,296
|
12,743
|
13,636
|
||||
Interchange and card transaction fees
|
5,428
|
5,351
|
4,474
|
4,608
|
4,672
|
||||
Other charges, commissions, and fees
|
13,060
|
13,020
|
12,060
|
12,104
|
13,128
|
||||
Net gain (loss) on securities transactions
|
16
|
-
|
-
|
-
|
12
|
||||
Other
|
11,936
|
11,382
|
12,667
|
19,598
|
13,331
|
||||
Total non-interest income
|
113,707
|
111,190
|
111,377
|
113,751
|
105,998
|
||||
Non-interest expense:
|
|||||||||
Salaries and wages
|
156,637
|
151,237
|
148,000
|
146,616
|
137,562
|
||||
Employee benefits
|
29,060
|
28,802
|
35,970
|
28,065
|
26,527
|
||||
Net occupancy
|
32,497
|
32,374
|
31,778
|
30,752
|
31,581
|
||||
Technology, furniture, and equipment
|
37,766
|
35,951
|
34,995
|
34,484
|
35,278
|
||||
Deposit insurance
|
7,238
|
8,383
|
14,724
|
58,109
|
6,033
|
||||
Other
|
60,212
|
60,217
|
60,750
|
67,196
|
56,275
|
||||
Total non-interest expense
|
323,410
|
316,964
|
326,217
|
365,222
|
293,256
|
||||
Income before income taxes
|
175,242
|
175,151
|
161,561
|
120,700
|
186,983
|
||||
Income taxes
|
28,741
|
29,652
|
25,871
|
18,149
|
31,332
|
||||
Net income
|
146,501
|
145,499
|
135,690
|
102,551
|
155,651
|
||||
Preferred stock dividends
|
1,668
|
1,669
|
1,669
|
1,669
|
1,668
|
||||
Net income available to common shareholders
|
$ 144,833
|
$ 143,830
|
$ 134,021
|
$ 100,882
|
$ 153,983
|
||||
PER COMMON SHARE DATA
|
|||||||||
Earnings per common share - basic
|
$ 2.24
|
$ 2.21
|
$ 2.06
|
$ 1.55
|
$ 2.38
|
||||
Earnings per common share - diluted
|
2.24
|
2.21
|
2.06
|
1.55
|
2.38
|
||||
Cash dividends per common share
|
0.95
|
0.92
|
0.92
|
0.92
|
0.92
|
||||
Book value per common share at end of quarter
|
62.41
|
55.02
|
54.36
|
55.64
|
44.59
|
||||
OUTSTANDING COMMON SHARES
|
|||||||||
Period-end common shares
|
63,931
|
63,989
|
64,251
|
64,185
|
64,017
|
||||
Weighted-average common shares - basic
|
63,958
|
64,193
|
64,216
|
64,139
|
64,067
|
||||
Dilutive effect of stock compensation
|
127
|
140
|
156
|
176
|
172
|
||||
Weighted-average common shares - diluted
|
64,085
|
64,333
|
64,372
|
64,315
|
64,239
|
||||
SELECTED ANNUALIZED RATIOS
|
|||||||||
Return on average assets
|
1.16 %
|
1.18 %
|
1.09 %
|
0.82 %
|
1.25 %
|
||||
Return on average common equity
|
15.48
|
17.08
|
15.22
|
13.51
|
18.93
|
||||
Net interest income to average earning assets
|
3.56
|
3.54
|
3.48
|
3.41
|
3.44
|
||||
(1) Taxable-equivalent basis assuming a 21% tax rate
|
Cullen/Frost Bankers, Inc
|
|||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
|
|||||||||
2024
|
2023
|
||||||||
3rd Qtr
|
2nd Qtr
|
1st Qtr
|
4th Qtr
|
3rd Qtr
|
|||||
BALANCE SHEET SUMMARY
|
|||||||||
($ in millions)
|
|||||||||
Average Balance:
|
|||||||||
Loans
|
$ 20,084
|
$ 19,652
|
$ 19,112
|
$ 18,609
|
$ 17,965
|
||||
Earning assets
|
46,100
|
45,527
|
45,883
|
45,579
|
45,366
|
||||
Total assets
|
49,467
|
48,960
|
49,324
|
49,087
|
48,804
|
||||
Non-interest-bearing demand deposits
|
13,659
|
13,679
|
13,976
|
14,697
|
14,823
|
||||
Interest-bearing deposits
|
27,074
|
26,831
|
26,748
|
26,487
|
26,005
|
||||
Total deposits
|
40,733
|
40,510
|
40,724
|
41,184
|
40,828
|
||||
Shareholders' equity
|
3,868
|
3,533
|
3,687
|
3,108
|
3,372
|
||||
Period-End Balance:
|
|||||||||
Loans
|
$ 20,055
|
$ 19,996
|
$ 19,388
|
$ 18,824
|
$ 18,399
|
||||
Earning assets
|
47,424
|
45,344
|
46,164
|
47,124
|
45,218
|
||||
Total assets
|
51,008
|
48,843
|
49,505
|
50,845
|
48,747
|
||||
Total deposits
|
41,721
|
40,318
|
40,806
|
41,921
|
40,992
|
||||
Shareholders' equity
|
4,135
|
3,666
|
3,638
|
3,716
|
3,000
|
||||
Adjusted shareholders' equity(1)
|
5,051
|
4,975
|
4,914
|
4,836
|
4,779
|
||||
ASSET QUALITY
|
|||||||||
($ in thousands)
|
|||||||||
Allowance for credit losses on loans:
|
$ 263,129
|
$ 256,307
|
$ 250,297
|
$ 245,996
|
$ 242,235
|
||||
As a percentage of period-end loans
|
1.31 %
|
1.28 %
|
1.29 %
|
1.31 %
|
1.32 %
|
||||
Net charge-offs:
|
$ 9,640
|
$ 9,726
|
$ 7,349
|
$ 10,884
|
$ 4,992
|
||||
Annualized as a percentage of average loans
|
0.19 %
|
0.20 %
|
0.15 %
|
0.23 %
|
0.11 %
|
||||
Non-accrual loans:
|
$ 104,877
|
$ 74,987
|
$ 71,515
|
$ 60,907
|
$ 67,175
|
||||
As a percentage of total loans
|
0.52 %
|
0.38 %
|
0.37 %
|
0.32 %
|
0.37 %
|
||||
As a percentage of total assets
|
0.21
|
0.15
|
0.14
|
0.12
|
0.14
|
||||
CONSOLIDATED CAPITAL RATIOS
|
|||||||||
Common Equity Tier 1 Risk-Based Capital Ratio
|
13.55 %
|
13.35 %
|
13.41 %
|
13.25 %
|
13.32 %
|
||||
Tier 1 Risk-Based Capital Ratio
|
14.02
|
13.82
|
13.89
|
13.73
|
13.81
|
||||
Total Risk-Based Capital Ratio
|
15.50
|
15.27
|
15.35
|
15.18
|
15.28
|
||||
Leverage Ratio
|
8.80
|
8.62
|
8.44
|
8.35
|
8.17
|
||||
Equity to Assets Ratio (period-end)
|
8.11
|
7.51
|
7.35
|
7.31
|
6.15
|
||||
Equity to Assets Ratio (average)
|
7.82
|
7.22
|
7.47
|
6.33
|
6.91
|
||||
(1) Shareholders' equity excluding accumulated other comprehensive income (loss)
|
|||||||||
Cullen/Frost Bankers, Inc
|
|||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
|
|||||||||
(In thousands, except per share amounts)
|
|||||||||
Nine Months Ended
|
|||||||||
September 30,
|
|||||||||
2024
|
2023
|
||||||||
CONDENSED INCOME STATEMENTS
|
|||||||||
Net interest income
|
1,191,094
|
1,170,512
|
|||||||
Net interest income(1)
|
1,254,148
|
1,241,791
|
|||||||
Credit loss expense
|
48,823
|
30,190
|
|||||||
Non-interest income:
|
|||||||||
Trust and investment management fees
|
121,505
|
113,152
|
|||||||
Service charges on deposit accounts
|
78,321
|
68,969
|
|||||||
Insurance commissions and fees
|
47,054
|
45,528
|
|||||||
Interchange and card transaction fees
|
15,253
|
14,811
|
|||||||
Other charges, commissions and fees
|
38,140
|
36,922
|
|||||||
Net gain (loss) on securities transactions
|
16
|
66
|
|||||||
Other
|
35,985
|
35,343
|
|||||||
Total non-interest income
|
336,274
|
314,791
|
|||||||
Non-interest expense:
|
|||||||||
Salaries and wages
|
455,874
|
401,102
|
|||||||
Employee benefits
|
93,832
|
87,241
|
|||||||
Net occupancy
|
96,649
|
93,644
|
|||||||
Technology, furniture and equipment
|
108,712
|
100,802
|
|||||||
Deposit insurance
|
30,345
|
18,480
|
|||||||
Other
|
181,179
|
162,171
|
|||||||
Total non-interest expense
|
966,591
|
863,440
|
|||||||
Income before income taxes
|
511,954
|
591,673
|
|||||||
Income taxes
|
84,264
|
96,251
|
|||||||
Net income
|
427,690
|
495,422
|
|||||||
Preferred stock dividends
|
5,006
|
5,006
|
|||||||
Net income available to common shareholders
|
$ 422,684
|
$ 490,416
|
|||||||
PER COMMON SHARE DATA
|
|||||||||
Earnings per common share - basic
|
$ 6.52
|
$ 7.56
|
|||||||
Earnings per common share - diluted
|
6.51
|
7.54
|
|||||||
Cash dividends per common share
|
$ 2.79
|
$ 2.66
|
|||||||
Book value per common share at end of quarter
|
62.41
|
44.59
|
|||||||
OUTSTANDING COMMON SHARES
|
|||||||||
Period-end common shares
|
63,931
|
64,017
|
|||||||
Weighted-average common shares - basic
|
64,122
|
64,226
|
|||||||
Dilutive effect of stock compensation
|
141
|
208
|
|||||||
Weighted-average common shares - diluted
|
64,263
|
64,434
|
|||||||
SELECTED ANNUALIZED RATIOS
|
|||||||||
Return on average assets
|
1.15 %
|
1.32 %
|
|||||||
Return on average common equity
|
15.90
|
20.25
|
|||||||
Net interest income to average earning assets
|
3.52
|
3.45
|
|||||||
(1) Taxable-equivalent basis assuming a 21% tax rate
|
Cullen/Frost Bankers, Inc
|
|||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
|
|||||||||
As of or for the
|
|||||||||
Nine Months Ended
|
|||||||||
September 30,
|
|||||||||
2024
|
2023
|
||||||||
BALANCE SHEET SUMMARY
|
|||||||||
($ in millions)
|
|||||||||
Average Balance:
|
|||||||||
Loans
|
$ 19,618
|
$ 17,652
|
|||||||
Earning assets
|
45,838
|
46,390
|
|||||||
Total assets
|
49,240
|
49,849
|
|||||||
Non-interest-bearing demand deposits
|
13,771
|
15,557
|
|||||||
Interest-bearing deposits
|
26,885
|
25,967
|
|||||||
Total deposits
|
40,656
|
41,524
|
|||||||
Shareholders' equity
|
3,697
|
3,383
|
|||||||
Period-End Balance:
|
|||||||||
Loans
|
$ 20,055
|
$ 18,399
|
|||||||
Earning assets
|
47,424
|
45,218
|
|||||||
Total assets
|
51,008
|
48,747
|
|||||||
Total deposits
|
41,721
|
40,992
|
|||||||
Shareholders' equity
|
4,135
|
3,000
|
|||||||
Adjusted shareholders' equity(1)
|
5,051
|
4,779
|
|||||||
ASSET QUALITY
|
|||||||||
($ in thousands)
|
|||||||||
Allowance for credit losses on loans:
|
$ 263,129
|
$ 242,235
|
|||||||
As a percentage of period-end loans
|
1.31 %
|
1.32 %
|
|||||||
Net charge-offs:
|
26,715
|
23,602
|
|||||||
Annualized as a percentage of average loans
|
0.18 %
|
0.18 %
|
|||||||
Non-accrual loans:
|
$ 104,877
|
$ 67,175
|
|||||||
As a percentage of total loans
|
0.52 %
|
0.37 %
|
|||||||
As a percentage of total assets
|
0.21
|
0.14
|
|||||||
CONSOLIDATED CAPITAL RATIOS
|
|||||||||
Common Equity Tier 1 Risk-Based Capital Ratio
|
13.55 %
|
13.32 %
|
|||||||
Tier 1 Risk-Based Capital Ratio
|
14.02
|
13.81
|
|||||||
Total Risk-Based Capital Ratio
|
15.50
|
15.28
|
|||||||
Leverage Ratio
|
8.80
|
8.17
|
|||||||
Equity to Assets Ratio (period-end)
|
8.11
|
6.15
|
|||||||
Equity to Assets Ratio (average)
|
7.51
|
6.79
|
|||||||
(1) Shareholders' equity excluding accumulated other comprehensive income (loss)
|
Cullen/Frost Bankers, Inc
|
|||||||||
TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)
|
|||||||||
2024
|
2023
|
||||||||
3rd Qtr
|
2nd Qtr
|
1st Qtr
|
4th Qtr
|
3rd Qtr
|
|||||
TAXABLE-EQUIVALENT YIELD/COST(1)
|
|||||||||
Earning Assets:
|
|||||||||
Interest-bearing deposits
|
5.32 %
|
5.40 %
|
5.40 %
|
5.39 %
|
5.33 %
|
||||
Federal funds sold
|
5.65
|
5.78
|
5.76
|
5.73
|
5.65
|
||||
Resell agreements
|
5.48
|
5.60
|
5.60
|
5.60
|
5.53
|
||||
Securities(2)
|
3.40
|
3.38
|
3.32
|
3.24
|
3.24
|
||||
Loans, net of unearned discounts
|
7.12
|
7.08
|
7.00
|
6.92
|
6.83
|
||||
Total earning assets
|
5.26
|
5.23
|
5.13
|
5.00
|
4.92
|
||||
Interest-Bearing Liabilities:
|
|||||||||
Interest-bearing deposits:
|
|||||||||
Savings and interest checking
|
0.38 %
|
0.39 %
|
0.42 %
|
0.40 %
|
0.38 %
|
||||
Money market deposit accounts
|
2.80
|
2.83
|
2.82
|
2.83
|
2.78
|
||||
Time accounts
|
4.73
|
4.77
|
4.73
|
4.59
|
4.34
|
||||
Total interest-bearing deposits
|
2.41
|
2.39
|
2.34
|
2.27
|
2.12
|
||||
Total deposits
|
1.60
|
1.58
|
1.54
|
1.46
|
1.35
|
||||
Federal funds purchased
|
5.33
|
5.39
|
5.38
|
5.40
|
5.32
|
||||
Repurchase agreements
|
3.72
|
3.75
|
3.76
|
3.75
|
3.67
|
||||
Junior subordinated deferrable interest debentures
|
7.14
|
7.47
|
7.34
|
7.45
|
7.34
|
||||
Subordinated notes payable and other notes
|
4.69
|
4.69
|
4.69
|
4.69
|
4.69
|
||||
Total interest-bearing liabilities
|
2.60
|
2.59
|
2.54
|
2.48
|
2.33
|
||||
Net interest spread
|
2.66
|
2.64
|
2.59
|
2.52
|
2.59
|
||||
Net interest income to total average earning assets
|
3.56
|
3.54
|
3.48
|
3.41
|
3.44
|
||||
AVERAGE BALANCES
|
|||||||||
($ in millions)
|
|||||||||
Earning Assets:
|
|||||||||
Interest-bearing deposits
|
$ 7,073
|
$ 7,156
|
$ 7,356
|
$ 7,047
|
$ 6,747
|
||||
Federal funds sold
|
4
|
5
|
5
|
3
|
13
|
||||
Resell agreements
|
41
|
85
|
85
|
86
|
85
|
||||
Securities - carrying value(2)
|
18,898
|
18,629
|
19,324
|
19,834
|
20,557
|
||||
Securities - amortized cost(2)
|
20,324
|
20,400
|
20,813
|
21,969
|
22,250
|
||||
Loans, net of unearned discount
|
20,084
|
19,652
|
19,112
|
18,609
|
17,965
|
||||
Total earning assets
|
46,100
|
45,527
|
45,883
|
45,579
|
45,366
|
||||
Interest-Bearing Liabilities:
|
|||||||||
Interest-bearing deposits:
|
|||||||||
Savings and interest checking
|
$ 9,470
|
$ 9,716
|
$ 9,918
|
$ 9,986
|
$ 10,202
|
||||
Money market deposit accounts
|
11,122
|
11,009
|
11,058
|
11,219
|
11,144
|
||||
Time accounts
|
6,482
|
6,106
|
5,773
|
5,282
|
4,659
|
||||
Total interest-bearing deposits
|
27,074
|
26,831
|
26,748
|
26,487
|
26,005
|
||||
Total deposits
|
40,733
|
40,510
|
40,724
|
41,184
|
40,828
|
||||
Federal funds purchased
|
20
|
40
|
33
|
18
|
21
|
||||
Repurchase agreements
|
3,777
|
3,827
|
3,787
|
3,761
|
3,536
|
||||
Junior subordinated deferrable interest debentures
|
123
|
123
|
123
|
123
|
123
|
||||
Subordinated notes payable and other notes
|
100
|
100
|
100
|
99
|
99
|
||||
Total interest-bearing liabilities
|
31,094
|
30,921
|
30,791
|
30,488
|
29,785
|
||||
(1) Taxable-equivalent basis assuming a 21% tax rate
|
|||||||||
(2) Average securities include unrealized gains and losses on securities available for sale while yields are based on average amortized cost
|
A.B. Mendez
Investor Relations
210.220.5234
or
Bill Day
Media Relations
210.220.5427
View original content to download multimedia:https://www.prnewswire.com/news-releases/cullenfrost-reports-third-quarter-results-302292296.html
SOURCE Cullen/Frost Bankers, Inc.