Form 8-K

8-K — CULLEN/FROST BANKERS, INC.

Accession: 0000039263-26-000053

Filed: 2026-10-29

Period: 2026-10-29

CIK: 0000039263

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cfr-20261029.htm (Primary)

EX-99.1 — EX-99.1 - 3Q26 EARNINGS RELEASE (a3q26formxex991xpressrelea.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — 8-K - 3Q26 PRESS RELEASE

8-K (Primary)

Filename: cfr-20261029.htm · Sequence: 1

cfr-20261029

false000003926300000392632026-10-292026-10-290000039263us-gaap:CommonStockMemberexch:XNYS2026-10-292026-10-290000039263us-gaap:SeriesBPreferredStockMemberexch:XNYS2026-10-292026-10-29

United States

Securities and Exchange Commission

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2026

Cullen/Frost Bankers, Inc.

(Exact name of registrant as specified in its charter)

Texas 001-13221 74-1751768

(State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.)

111 W. Houston Street, San Antonio, Texas 78205

(Address of principal executive offices) (Zip code)

(210) 220-4011

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on

which registered

Common Stock, $.01 Par Value CFR New York Stock Exchange

Depositary Shares, each representing a 1/40th interest in a share of 4.450% Non-Cumulative Perpetual Preferred Stock, Series B CFR.PrB New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

Attached as Exhibit 99.1 and incorporated into this item by reference is a press release issued by the Registrant on October 29, 2026 regarding its financial results for the quarter ended September 30, 2026. The information furnished by the Registrant pursuant to this item shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits:

99.1 Press Release.

104 Cover Page Interactive Data File - The cover page XBRL tags are embedded within the inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CULLEN/FROST BANKERS, INC.

By: /s/ Daniel J. Geddes

Daniel J. Geddes

Group Executive Vice President

and Chief Financial Officer

Dated: October 29, 2026

EXHIBIT INDEX

Exhibit Number Description

99.1

Press Release.

104 Cover Page Interactive Data File - The cover page XBRL tags are embedded within the inline XBRL document.

EX-99.1 — EX-99.1 - 3Q26 EARNINGS RELEASE

EX-99.1

Filename: a3q26formxex991xpressrelea.htm · Sequence: 2

Document

Exhibit 99.1

A.B. Mendez

Investor Relations

210.220.5234

Bill Day

Media Relations

210.220.5427

FOR IMMEDIATE RELEASE

October 29, 2026

CULLEN/FROST REPORTS THIRD QUARTER RESULTS

Board declares fourth quarter dividend on common and preferred stock

SAN ANTONIO -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported third quarter 2026 results.

Net income available to common shareholders for the third quarter of 2026 was $178.5 million, compared to $172.7 million for the third quarter of 2025. On a per-share basis, net income available to common shareholders for the third quarter of 2026 was $2.84 per diluted common share, compared to $2.67 per diluted common share reported a year earlier. Returns on average assets and average common equity were 1.31 percent and 16.16 percent, respectively, for the third quarter of 2026, compared to 1.32 percent and 16.72 percent, respectively, for the same period a year earlier.

For the third quarter of 2026, net interest income on a taxable-equivalent basis was $490.8 million, up 5.8 percent compared to the same quarter in 2025. Average loans for the third quarter of 2026 increased $1.9 billion, or 9.0 percent, to $23.4 billion, from the $21.5 billion reported for the third quarter a year earlier, and increased $756.4 million, or 3.3 percent, compared to the second quarter of 2026. Average deposits for the third quarter increased $1.5 billion, or 3.6 percent, to $43.6 billion, compared to the $42.1 billion reported for last year's third quarter, and increased $959.2 million, or 2.3 percent, compared to the second quarter of 2026.

"During the third quarter, Frost Bankers continued their outstanding execution of our organic growth strategy, and as a result, we saw another quarter of accelerating growth in average loan and deposit volumes," said Cullen/Frost Chairman and CEO, Phil Green.

"As more and more people and businesses continue to move into Texas from other parts of the country, we see great opportunity to continue extending the Frost experience to more new Texans. That includes retail customers and businesses new to the state alike. During the third quarter we kept up a strong pace of new customer additions, growing the overall banking customer base at a five percent yearly rate. In our Wealth Management business, we grew managed customer accounts by more than five percent compared to a year ago. And our Frost Insurance Agency increased commercial customers by over ten percent compared to the third quarter of 2025.

"I want to recognize the outstanding focus and execution of our employees throughout the state as they meet the challenge of competing and winning against competitors old and new."

For the first nine months of 2026, net income available to common shareholders was $518.2 million, up 8.6 percent compared to $477.3 million for the first nine months of 2025. On a per-share basis, net income available to common shareholders for the first nine months of 2026 was $8.19, up 11.3 percent compared to $7.36 in the year-earlier period. Returns on average assets and average common equity for the first nine months of 2026 were 1.31 percent and 15.57 percent, respectively, compared to 1.24 percent and 15.98 percent, respectively, for the same period in 2025.

Noted financial data for the third quarter of 2026 follows:

•The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the third quarter of 2026 were 13.76 percent, 14.18 percent and 15.50 percent, respectively, and continue to be in excess of well-capitalized levels and exceed Basel III minimum requirements.

•During the third quarter, our base of customer households continued to grow. Total households, including consumer and commercial customers, grew by 5.4 percent from September, 2025 to September, 2026.

•Net interest income on a taxable-equivalent basis was $490.8 million for the third quarter of 2026, an increase of 5.8 percent, compared to $463.7 million for the third quarter of 2025. Net interest margin was 3.78 percent for the third quarter of 2026 compared to 3.69 percent for the third quarter of 2025 and 3.75 percent for the second quarter of 2026.

•Non-interest income for the third quarter of 2026 totaled $136.0 million, an increase of $10.3 million, or 8.2 percent, from the $125.6 million reported for the third quarter of 2025. Trust and investment management fees increased $4.6 million, or 10.3 percent, compared to the third quarter of 2025. The increase in trust and investment management fees during the third quarter was primarily related to increases in investment management fees (up $3.6 million) and oil and gas fees (up $1.6 million). Other non-interest income increased $7.4 million, or 54.5 percent, compared to the third quarter of 2025. The increase during the third quarter was primarily related to $7.6 million of gains on the sale of excess bank properties.

•Non-interest expense was $377.2 million for the third quarter of 2026, up $24.7 million, or 7.0 percent, compared to the $352.5 million reported for the third quarter a year earlier. Salaries and wages expense increased $13.0 million, or 7.7 percent, compared to the third quarter of 2025. The increase in salaries and wages was primarily related to increases in salaries due to annual merit and market increases and growth in the number of employees, driven in part by investments in organic expansion across various markets. Other non-interest expense increased $8.1 million, or 12.5 percent, compared to the third quarter of 2025. The increase included increases in advertising/promotions expense (up $6.4 million). Technology, furniture, and equipment expense increased $2.7 million, or 6.1 percent, compared to the third quarter of 2025. The increase was primarily related to increased cloud services expense (up $1.4 million) and software maintenance expense (up $828,000).

•For the third quarter of 2026, the company reported a credit loss expense of $12.1 million and reported net charge-offs of $8.4 million. This compares to a credit loss expense of $9.8 million and net charge-offs of $9.5 million for the second quarter of 2026 and a credit loss expense of $6.8 million and net charge-offs of $6.6 million for the third quarter of 2025. The allowance for credit losses on loans as a percentage of total loans was 1.23 percent at September 30, 2026, compared to 1.23 percent at the end of the second quarter of 2026 and 1.31 percent at the end of the third quarter of 2025. Non-accrual loans were $63.7 million at the end of the third quarter of 2026, compared to $112.7 million at the end of the second quarter of 2026 and $44.8 million at the end of the third quarter of 2025.

•During the third quarter, in addition to the above-mentioned $7.6 million in gains on the sale of excess bank properties, we also recognized $7.5 million in losses on sales of securities.

•During the third quarter of 2026, we repurchased 92,700 of our common shares at a total cost of $15.0 million under our board-authorized stock repurchase plan. As of the end of the third quarter, we had $125.0 million remaining under our current $300 million repurchase authorization, which expires in January 2027.

The Cullen/Frost board declared a fourth-quarter cash dividend of $1.03 per common share. The dividend on common stock is payable December 15, 2026 to shareholders of record on November 30 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 15, 2026 to shareholders of record on November 30 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, October 29, 2026, 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 1, 2026 at 1-877-660-6853 with Conference ID # of 13763286. 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 $54.5 billion in assets at September 30, 2026. One of the 50 largest U.S. banks, Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Dallas, Fort Worth, Gulf Coast (which includes Corpus Christi, Victoria and the Rio Grande Valley), Houston, Permian Basin, 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”), 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:

•The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board and the implementation of tariffs and other protectionist trade policies.

•Inflation, interest rate, securities market, and monetary fluctuations.

•Local, regional, national, and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.

•Changes in the financial performance and/or condition of our borrowers.

•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 credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.

•Changes in our liquidity position.

•Impairment of our goodwill or other intangible assets.

•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, borrowing, and saving habits.

•Greater than expected costs or difficulties related to the integration of new products and lines of business.

•Technological changes, including advances in artificial intelligence and quantum computing.

•The cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers.

•Acquisitions and integration of acquired businesses.

•Changes in the reliability of our vendors, internal control systems or information systems.

•Our ability to increase market share and control expenses.

•Our ability to attract and retain qualified employees.

•Changes in our organization, compensation, and benefit plans.

•The soundness of other financial institutions.

•Volatility and disruption in national and international financial and commodity markets.

•Changes in the competitive environment in our markets and among banking organizations and other financial service providers.

•Government intervention in the U.S. financial system.

•Political or economic instability.

•Acts of God or of war or terrorism.

•The potential impact of climate change.

•The impact of pandemics, epidemics, or any other 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.

•The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply.

•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.

•Our success at managing the risks involved in the foregoing items.

In addition, ongoing geopolitical tensions, armed conflicts, regional instability, sanctions, cyber-related threats, and attacks affecting commercial shipping and critical infrastructure have increased geopolitical uncertainty and contributed to volatility in financial, energy, and commodity markets. Military conflict in the Middle East has disrupted energy markets and shipping routes, including through the Strait of Hormuz, while the ongoing Russia-Ukraine war and other geopolitical tensions continue to present risks to global economic and market conditions. Further escalation, including disruptions to shipping routes, energy supplies, critical infrastructure, or global supply chains, or expanded sanctions, trade restrictions, or cyber-related incidents, could adversely affect economic activity, inflation, market conditions, and borrower credit quality. These developments could also adversely affect our funding profile, liquidity, customer and counterparty credit quality, and the value of certain financial instruments and could have a material adverse effect on our business, financial condition, results of operations, and prospects. The timing, magnitude, duration, and geographic scope of these developments remain highly uncertain.

Furthermore, financial markets, international relations, and global supply chains continue to be affected by evolving trade policies and related legal, regulatory, and administrative developments. In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act does not authorize the President to impose tariffs, invalidating tariffs previously imposed under that authority. The U.S. government subsequently implemented additional tariff measures under other statutory authorities, certain of which remain subject to legal challenges. Uncertainty regarding U.S. trade policy and the economic effects of tariffs and other trade restrictions could affect business confidence, capital investment, customer cash flows, supply chains, commodity prices, inflation, and market volatility. These developments could adversely affect the financial condition and operating performance of customers, particularly those in trade-sensitive industries, and increase our exposure to credit, market, liquidity, operational, compliance, and reputational risks. If these developments adversely affect borrower credit quality, market stability, or broader economic conditions, they could have a material adverse effect on our business, financial condition, results of operations, and prospects.

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)

2026 2025

3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr

CONDENSED INCOME STATEMENTS

Net interest income $ 467,867 $ 447,728 $ 438,522 $ 448,707 $ 441,618

Net interest income (1)

490,767 470,066 460,792 471,218 463,667

Credit loss expense 12,090 9,767 6,745 11,224 6,779

Non-interest income:

Trust and investment management fees 49,472 47,643 47,957 45,651 44,846

Service charges on deposit accounts 36,304 34,177 32,157 32,360 31,440

Insurance commissions and fees 15,838 14,166 22,075 15,180 15,424

Interchange and card transaction fees 6,843 6,546 6,532 6,290 5,547

Other charges, commissions, and fees 13,911 13,787 13,268 15,228 14,730

Net gain (loss) on securities transactions (7,512) — — (836) —

Other 21,106 11,962 14,326 18,291 13,660

Total non-interest income 135,962 128,281 136,315 132,164 125,647

Non-interest expense:

Salaries and wages 182,183 172,955 166,190 182,486 169,155

Employee benefits 33,649 35,156 44,656 36,653 34,465

Net occupancy 35,848 35,223 34,753 34,341 34,682

Technology, furniture, and equipment 46,145 42,564 41,674 41,575 43,479

Deposit insurance 6,941 6,305 7,203 (1,350) 6,328

Other 72,434 69,497 71,210 77,963 64,369

Total non-interest expense 377,200 361,700 365,686 371,668 352,478

Income before income taxes 214,539 204,542 202,406 197,979 208,008

Income taxes 34,330 32,483 31,419 31,727 33,628

Net income 180,209 172,059 170,987 166,252 174,380

Preferred stock dividends 1,668 1,669 1,669 1,669 1,668

Net income available to common shareholders $ 178,541 $ 170,390 $ 169,318 $ 164,583 $ 172,712

PER COMMON SHARE DATA

Earnings per common share - basic $ 2.84 $ 2.70 $ 2.65 $ 2.56 $ 2.67

Earnings per common share - diluted 2.84 2.70 2.65 2.56 2.67

Cash dividends per common share 1.03 1.03 1.00 1.00 1.00

Book value per common share at end of quarter 61.70 72.04 69.83 69.96 67.64

OUTSTANDING COMMON SHARES

Period-end common shares 62,056 62,149 62,797 63,287 63,801

Weighted-average common shares - basic 62,117 62,455 63,101 63,588 64,080

Dilutive effect of stock compensation — — — 16 41

Weighted-average common shares - diluted 62,117 62,455 63,101 63,604 64,121

SELECTED ANNUALIZED RATIOS

Return on average assets 1.31 % 1.30 % 1.32 % 1.22 % 1.32 %

Return on average common equity 16.16 15.41 15.15 14.80 16.72

Net interest income to average earning assets 3.78 3.75 3.74 3.66 3.69

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

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

2026 2025

3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr

BALANCE SHEET SUMMARY

($ in millions)

Average Balance:

Loans $ 23,378 $ 22,622 $ 22,011 $ 21,661 $ 21,452

Earning assets 50,450 49,082 48,628 50,033 48,492

Total assets 54,115 52,626 52,122 53,507 51,911

Non-interest-bearing demand deposits 14,360 14,027 13,944 14,268 13,839

Interest-bearing deposits 29,219 28,592 28,282 29,072 28,232

Total deposits 43,579 42,620 42,226 43,340 42,071

Shareholders' equity 4,529 4,581 4,677 4,558 4,243

Period-End Balance:

Loans $ 23,657 $ 22,976 $ 22,432 $ 21,892 $ 21,446

Earning assets 50,515 50,260 49,172 49,524 49,147

Total assets 54,516 53,881 52,725 53,041 52,533

Total deposits 44,222 43,334 42,836 42,918 42,517

Shareholders' equity 3,974 4,623 4,531 4,573 4,461

Adjusted shareholders' equity (1)

5,578 5,474 5,454 5,416 5,385

ASSET QUALITY

($ in thousands)

Allowance for credit losses on loans: $ 290,258 $ 283,712 $ 286,215 $ 281,495 $ 280,221

As a percentage of period-end loans 1.23 % 1.23 % 1.28 % 1.29 % 1.31 %

Net charge-offs: $ 8,364 $ 9,527 $ 5,741 $ 5,843 $ 6,589

Annualized as a percentage of average loans 0.14 % 0.17 % 0.11 % 0.11 % 0.12 %

Non-accrual loans/loans held for sale: $ 63,704 $ 112,717 $ 72,350 $ 70,482 $ 44,778

As a percentage of total loans and loans held for sale 0.27 % 0.49 % 0.32 % 0.32 % 0.21 %

As a percentage of total assets 0.12 0.21 0.14 0.13 0.09

CONSOLIDATED CAPITAL RATIOS

Common Equity Tier 1 Risk-Based Capital Ratio 13.76 % 13.95 % 14.07 % 14.06 % 14.14 %

Tier 1 Risk-Based Capital Ratio 14.18 14.38 14.51 14.50 14.59

Total Risk-Based Capital Ratio 15.50 15.74 15.89 15.95 16.04

Leverage Ratio 8.98 9.06 9.13 8.80 9.00

Equity to Assets Ratio (period-end) 7.29 8.58 8.59 8.62 8.49

Equity to Assets Ratio (average) 8.37 8.71 8.97 8.52 8.17

(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,

2026 2025

CONDENSED INCOME STATEMENTS

Net interest income $ 1,354,117 $ 1,287,442

Net interest income (1)

1,421,626 1,350,630

Credit loss expense 28,602 32,978

Non-interest income:

Trust and investment management fees 145,072 131,446

Service charges on deposit accounts 102,638 89,212

Insurance commissions and fees 52,079 50,322

Interchange and card transaction fees 19,921 16,568

Other charges, commissions and fees 40,966 42,283

Net gain (loss) on securities transactions (7,512) (14)

Other 47,394 37,114

Total non-interest income 400,558 366,931

Non-interest expense:

Salaries and wages 521,328 492,161

Employee benefits 113,461 109,448

Net occupancy 105,824 102,599

Technology, furniture and equipment 130,383 124,169

Deposit insurance 20,449 20,102

Other 213,141 199,193

Total non-interest expense 1,104,586 1,047,672

Income before income taxes 621,487 573,723

Income taxes 98,232 91,418

Net income 523,255 482,305

Preferred stock dividends 5,006 5,006

Net income available to common shareholders $ 518,249 $ 477,299

PER COMMON SHARE DATA

Earnings per common share - basic $ 8.19 $ 7.36

Earnings per common share - diluted 8.19 7.36

Cash dividends per common share $ 3.06 $ 2.95

Book value per common share at end of quarter 61.70 67.64

OUTSTANDING COMMON SHARES

Period-end common shares 62,056 63,801

Weighted-average common shares - basic 62,554 64,211

Dilutive effect of stock compensation — 55

Weighted-average common shares - diluted 62,554 64,266

SELECTED ANNUALIZED RATIOS

Return on average assets 1.31 % 1.24 %

Return on average common equity 15.57 15.98

Net interest income to average earning assets 3.76 3.65

(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,

2026 2025

BALANCE SHEET SUMMARY

($ in millions)

Average Balance:

Loans $ 22,675 $ 21,103

Earning assets 49,394 47,864

Total assets 52,974 51,344

Non-interest-bearing demand deposits 14,112 13,809

Interest-bearing deposits 28,701 28,023

Total deposits 42,813 41,831

Shareholders' equity 4,595 4,139

Period-End Balance:

Loans $ 23,657 $ 21,446

Earning assets 50,515 49,147

Total assets 54,516 52,533

Total deposits 44,222 42,517

Shareholders' equity 3,974 4,461

Adjusted shareholders' equity (1)

5,578 5,385

ASSET QUALITY

($ in thousands)

Allowance for credit losses on loans: $ 290,258 $ 280,221

As a percentage of period-end loans 1.23 % 1.31 %

Net charge-offs: 23,632 27,431

Annualized as a percentage of average loans 0.14 % 0.17 %

Non-accrual loans/loans held for sale: $ 63,704 $ 44,778

As a percentage of total loans and loans held for sale 0.27 % 0.21 %

As a percentage of total assets 0.12 % 0.09

CONSOLIDATED CAPITAL RATIOS

Common Equity Tier 1 Risk-Based Capital Ratio 13.76 % 14.14 %

Tier 1 Risk-Based Capital Ratio 14.18 14.59

Total Risk-Based Capital Ratio 15.50 16.04

Leverage Ratio 8.98 9.00

Equity to Assets Ratio (period-end) 7.29 8.49

Equity to Assets Ratio (average) 8.67 8.06

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

Cullen/Frost Bankers, Inc.

TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)

2026 2025

3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr

TAXABLE-EQUIVALENT YIELD/COST(1)

Earning Assets:

Interest-bearing deposits 3.68 % 3.65 % 3.64 % 3.93 % 4.36 %

Federal funds sold 4.24 3.97 3.97 4.28 4.74

Resell agreements — — 4.06 4.13 4.58

Securities(2)

4.09 3.96 3.85 3.82 3.85

Loans, net of unearned discounts 6.27 6.17 6.23 6.43 6.61

Total earning assets 5.03 4.92 4.88 4.94 5.11

Interest-Bearing Liabilities:

Interest-bearing deposits:

Savings and interest checking 0.15 % 0.15 % 0.16 % 0.19 % 0.24 %

Money market deposit accounts 2.12 1.92 1.88 2.08 2.28

Time accounts 3.30 3.24 3.14 3.45 3.79

Total interest-bearing deposits 1.73 1.61 1.55 1.75 1.94

Total deposits 1.16 1.08 1.04 1.17 1.30

Federal funds purchased 3.68 3.66 3.62 3.94 4.34

Repurchase agreements 2.67 2.65 2.70 2.87 3.17

Junior subordinated deferrable interest debentures 5.71 5.60 5.63 6.05 6.30

Subordinated notes payable and other notes 4.69 4.69 4.69 4.69 4.69

Total interest-bearing liabilities 1.89 1.77 1.72 1.92 2.13

Net interest spread 3.14 3.15 3.16 3.02 2.98

Net interest income to total average earning assets 3.78 3.75 3.74 3.66 3.69

AVERAGE BALANCES

($ in millions)

Assets:

Interest-bearing deposits $ 5,830 $ 5,808 $ 6,752 $ 8,431 $ 6,816

Federal funds sold 1 4 4 2 3

Resell agreements — — 8 10 10

Securities - carrying value(2)

21,241 20,648 19,853 19,929 20,213

Securities - amortized cost(2)

22,517 21,766 20,825 20,995 21,622

Loans, net of unearned discount 23,378 22,622 22,011 21,661 21,452

Total earning assets $ 50,450 $ 49,082 $ 48,628 $ 50,033 $ 48,492

Liabilities:

Interest-bearing deposits:

Savings and interest checking $ 9,827 $ 9,938 $ 10,036 $ 9,899 $ 9,689

Money market deposit accounts 12,746 12,145 11,900 12,619 11,817

Time accounts 6,645 6,509 6,346 6,554 6,726

Total interest-bearing deposits 29,219 28,592 28,282 29,072 28,232

Total deposits 43,579 42,620 42,226 43,340 42,071

Federal funds purchased 58 24 24 27 29

Repurchase agreements 4,850 4,379 4,160 4,586 4,593

Junior subordinated deferrable interest debentures 123 123 123 123 123

Subordinated notes payable and other notes 100 100 100 100 100

Total interest-bearing funds $ 34,350 $ 33,219 $ 32,689 $ 33,909 $ 33,077

(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.

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.3

Cover Document

Oct. 29, 2026

Document Information [Line Items]

Document Type

8-K

Document Period End Date

Oct. 29, 2026

Entity Registrant Name

Cullen/Frost Bankers, Inc.

Entity Incorporation, State or Country Code

Entity File Number

001-13221

Entity Tax Identification Number

74-1751768

Entity Address, Address Line One

111 W. Houston Street,

Entity Address, City or Town

San Antonio,

Entity Address, State or Province

Entity Address, Postal Zip Code

78205

City Area Code

(210)

Local Phone Number

220-4011

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Amendment Flag

false

Entity Central Index Key

0000039263

Common Stock | NEW YORK STOCK EXCHANGE, INC.

Document Information [Line Items]

Title of 12(b) Security

Common Stock, $.01 Par Value

Trading Symbol

CFR

Security Exchange Name

NYSE

Series B Preferred Stock | NEW YORK STOCK EXCHANGE, INC.

Document Information [Line Items]

Title of 12(b) Security

Depositary Shares, each representing a 1/40th interest in a share of 4.450% Non-Cumulative Perpetual Preferred Stock, Series B

Trading Symbol

CFR.PrB

Security Exchange Name

NYSE

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_DocumentInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

dei_EntityListingsExchangeAxis=exch_XNYS

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type: