Cullen/Frost Bankers, Inc. (NYSE:CFR) Q4 2022 Earnings Call Transcript

Phil Green: Yes, Jon, it’s growth rate. It’s a growth rate coming down. I mean once we make this into our base expense load. I mean it’s staying in there. And there’ll be some growth on it because inflation and all those kind of things, but we won’t be having to do the same thing. Again, our growth rate for 4 out of the last 5 years, where 3 out of the last 4 years before this year has been 11%. And IT is a cost that is — it used to be health care with the out-of-control cost. I think it’s clearly IT these days. But we’ll need to get it back down to those more historical levels.

Jon Arfstrom: Okay. All right. Thanks guys.

Operator: Thank you. We’re showing no additional questions in queue at this time. I would like to turn the floor back over to Mr. Green for closing comments.

Phil Green: All right. Well, we want to thank everyone for participating today. And thank you for your questions and for your interest. We’ll be adjourned.

Operator: Ladies and gentlemen, thank you for your participation and interest in Cullen/Frost Bankers. This concludes today’s teleconference. You may disconnect your lines and log off the webcast at this time and enjoy the rest of your day.