CULLEN/FROST BANKERS, INC.

Listed Company

CFRCIK 0000039263NYSELarge AcceleratedNational Commercial BanksTexasCHFY ends Dec 31

Period

FY 2025

Revenue

$121.57M

Net Income

$648.56M

Total Assets

$53.04B

Equity

$4.57B

Shares Out

62.80M

Op. Cash Flow

$273.98M

+ 13F Filer

Business

Cullen/Frost Bankers, Inc. is a financial holding company and bank holding company that provides a broad array of banking and financial services through its subsidiaries across numerous Texas markets. It offers commercial and consumer banking, trust and investment management, insurance brokerage, brokerage services, mutual funds, leasing, treasury management, capital markets and fixed‑income services, wealth management, and item processing. Operations are managed in two reportable segments—Banking and Frost Wealth Advisors—with Frost Bank as the principal operating subsidiary and several non‑bank subsidiaries supporting specialized services. The company primarily distributes its products through branch financial centers, ATMs, correspondent relationships and digital channels across Texas and provides select international banking services related to Mexico.

Summary from filing dated 2025-02-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	1,384	1,375	1,189	770	675
Taxable	488	396	406	250	90
Tax-exempt	239	218	240	238	227
Interest-bearing deposits	309	397	376	216	18
Federal funds sold	196,000	270,000	1	948,000	31,000
Resell agreements	590,000	3	5	592,000	16,000
Total interest income	2,421	2,391	2,218	1,476	1,009
Deposits	533	629	508	140	15
Federal funds purchased	1	2	2	690,000	32,000
Repurchase agreements	138	142	136	34	2
Junior subordinated deferrable interest debentures	8	9	9	4	2
Subordinated notes	5	5	5	5	5
Total interest expense	685	786	659	184	—
Net interest income	1,736	1,605	1,559	1,291	985
Credit loss expense	44	65	46	3	63,000
Net interest income after credit loss expense	1,692	1,540	1,512	1,288	985
Trust and investment management fees	177	165	153	155	149
Service charges on deposit accounts	122	106	94	92	83
Insurance commissions and fees	66	61	58	53	52
Interchange and card transaction fees	23	21	19	18	17
Other charges, commissions and fees	58	53	49	42	37
Net gain (loss) on securities transactions	−850,000	−96,000	66,000	0	69,000
Other	55	52	55	45	49
Total non-interest income	499	459	429	405	387
Salaries and wages	675	621	548	492	395
Employee benefits	146	122	115	89	82
Net occupancy	137	129	124	112	107
Technology, furniture and equipment	166	148	135	121	113
Deposit insurance	19	37	77	16	12
Other	277	244	229	195	172
Total non-interest expense	1,419	1,303	1,229	1,024	882
Income before income taxes	772	696	712	669	490
Income taxes	123	113	114	90	46
Net income	649	583	598	579	443
Preferred stock dividends	7	7	7	7	7
Net income available to common shareholders	642	576	591	572	436
Basic (in dollars per share)	9.92	8.88	9.11	8.84	6.79
Diluted (in dollars per share)	9.92	8.87	9.1	8.81	6.76

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	681	723	618	692	556
Interest-bearing deposits	8,183	9,496	7,985	11,129	15,985
Federal funds sold	0	6	0	121	34
Resell agreements	10	10	85	87	8
Total cash and cash equivalents	8,874	10,234	8,687	12,028	16,583
Securities held to maturity, net of allowance for credit losses of $500 at 2025 and $310 at 2024	3,431	3,534	3,619	2,639	1,749
Securities available for sale, at estimated fair value	15,971	15,044	16,578	18,244	13,925
Trading account securities	38	34	32	28	25
Loans, net of unearned discounts	21,892	20,755	18,824	—	—
Less: Allowance for credit losses on loans	−281	−270	−246	—	—
Net loans	21,610	20,485	18,578	—	—
Premises and equipment, net	1,313	1,245	1,190	1,103	1,050
Accrued interest receivable and other assets	1,804	1,945	2,160	1,923	613
Total assets	53,041	52,520	50,845	52,892	50,878
Non-interest-bearing demand deposits	14,144	14,442	14,926	17,598	18,423
Interest-bearing deposit	28,774	28,281	26,994	26,356	24,273
Total deposits	42,918	42,723	41,921	43,954	42,696
Federal funds purchased	19	22	14	52	26
Repurchase agreements	4,500	4,300	4,100	4,700	2,700
Junior subordinated deferrable interest debentures, net of unamortized issuance costs	123	123	123	123	123
Subordinated notes, net of unamortized issuance costs	100	100	99	99	99
Accrued interest payable and other liabilities	783	1,311	844	866	754
Total liabilities	48,468	48,622	47,129	49,755	46,439
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 150,000 Series B shares ($1,000 liquidation preference) issued in 2025 and 2024	145	145	145	145	145
Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,404,582 shares issued in both 2025 and 2024	644,000	644,000	644,000	643,000	642,000
Additional paid-in capital	1,100	1,076	1,056	1,030	1,010
Retained earnings	4,309	3,951	3,658	3,310	2,957
Accumulated other comprehensive income (loss), net of tax	−843	−1,252	−1,119	−1,348	347
Treasury stock, at cost; 1,117,394 shares in 2025 and 207,150 in 2024	−140	−23	−24	0	−21
Total shareholders equity	4,573	3,899	3,716	3,137	4,440
Total liabilities and shareholders equity	53,041	52,520	50,845	52,892	50,878

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred tax expense (benefit)	5	−12	−15	−5	8
Accretion of loan discounts	−27	−24	−18	−13	−13
Securities premium amortization (discount accretion), net	40	45	64	97	119
Depreciation and amortization	88	83	76	71	69
Net (gain) loss on sale/exchange/write-down of assets/foreclosed assets	−3	−141,000	750,000	109,000	−12
Stock-based compensation	25	20	25	18	13
Net tax benefit from stock-based compensation	2	4	894,000	5	8
Earnings on life insurance policies	−4	−4	−3	−2	−2
Trading account securities	−4	−4	−2	−716,000	−560,000
Lease right-of-use assets	25	25	24	24	24
Accrued interest receivable and other assets	−8	259	−233	−116	−47
Accrued interest payable and other liabilities	−559	−51	−85	61	39
Net cash provided by (used in) operating activities	274	990	479	723	648
Securities held to maturity: Purchases	−2	0	−1,148	−1,424	0
Securities held to maturity: Maturities, calls and principal repayments	100	82	162	561	178
Purchases	−21,495	−17,900	−19,124	−22,178	−24,218
Sales	45	123	1,904	0	2,000
Maturities, calls and principal repayments	21,022	19,601	19,104	15,683	18,425
Proceeds from sale of loans	14	3	16	2	0
Net change in loans	−1,158	−1,966	−1,702	−824	1,146
Net cash paid in insurance agency asset acquisitions	0	−703,000	0	0	—
Benefits received on life insurance policies	2	2	2	2	2
Proceeds from sales of premises and equipment	960,000	25,000	1	63,000	7
Purchases of premises and equipment	−147	−128	−159	−103	−66
Proceeds from sales of repossessed properties	16	3	583,000	3	809,000
Net cash provided by (used in) investing activities	−1,601	−181	−943	−8,277	−2,525
Net change in deposits	195	802	−2,034	1,259	7,680
Net change in short-term borrowings	180	224	−571	1,946	650
Proceeds from stock option exercises	12	23	9	17	54
Purchase of treasury stock	−158	−61	−43	−4	−4
Cash dividends paid on preferred stock	−7	−7	−7	−7	−7
Cash dividends paid on common stock	−255	−242	−232	−210	−189
Net cash provided by (used in) financing activities	−33	738	−2,877	3,000	8,171
Net change in cash and cash equivalents	−1,360	1,547	−3,341	−4,555	6,294

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 1,208 positions

Reported AUM

$5.14B

Holdings

1.2K

Top sector

$5.14B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$5.14B	100.0%

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