Form 8-K

8-K — CULLEN/FROST BANKERS, INC.

Accession: 0000039263-26-000033

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0000039263

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cfr-20260430.htm (Primary)

EX-99.1 — EX-99.1 - 1Q26 EARNINGS RELEASE (a1q26formxex991xpressrelea.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — 8-K - 1Q26 PRESS RELEASE

8-K (Primary)

Filename: cfr-20260430.htm · Sequence: 1

cfr-20260430

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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): April 30, 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 April 30, 2026 regarding its financial results for the quarter ended March 31, 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.

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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: April 30, 2026

EXHIBIT INDEX

Exhibit Number Description

99.1

Press Release.

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EX-99.1 — EX-99.1 - 1Q26 EARNINGS RELEASE

EX-99.1

Filename: a1q26formxex991xpressrelea.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

April 30, 2026

CULLEN/FROST REPORTS FIRST QUARTER RESULTS

Board increases quarterly common dividend by 3.0 percent to $1.03

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

Net income available to common shareholders for the first quarter of 2026 was $169.3 million, compared to $149.3 million for the first quarter of 2025. On a per-share basis, net income available to common shareholders for the first quarter of 2026 was $2.65 per diluted common share, compared to $2.30 per diluted common share reported a year earlier. Returns on average assets and average common equity were 1.32 percent and 15.15 percent, respectively, for the first quarter of 2026, compared to 1.19 percent and 15.54 percent, respectively, for the same period a year earlier.

For the first quarter of 2026, net interest income on a taxable-equivalent basis was $460.8 million, up 5.6 percent compared to the same quarter in 2025. Average loans for the first quarter of 2026 increased $1.2 billion, or 5.9 percent, to $22.0 billion, from the $20.8 billion reported for the first quarter a year earlier, and increased $349.3 million, or 1.6 percent, compared to the fourth quarter of 2025. Average deposits for the first quarter increased $567.9 million, or 1.4 percent, to $42.2 billion, compared to the $41.7 billion reported for last year's first quarter, and decreased $1.1 billion, or 2.6 percent, compared to the fourth quarter of 2025.

"We had a solid start to the year, with average loan growth of just under six percent and continued steady growth in deposits compared to the year-ago period," said Cullen/Frost Chairman and CEO Phil Green.

"With the opening of our Arboretum location in the Austin area, our 205th location, we have increased our total branch count by more than 50 percent since we started our Houston region expansion in December of 2018, and are very pleased with our results. Thanks to the hard work of Frost Bankers throughout the state, through the first quarter we have accumulated $2.6 billion in loans and $3.2 billion in deposits at our expansion locations in Houston, Dallas and Austin."

Noted financial data for the first quarter of 2026 follows:

•The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the first quarter of 2026 were 14.07 percent, 14.51 percent and 15.89 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 $460.8 million for the first quarter of 2026, an increase of 5.6 percent, compared to $436.4 million for the first quarter of 2025. Net interest margin was 3.74 percent for the first quarter of 2026 compared to 3.60 percent for the first quarter of 2025 and 3.66 percent for the fourth quarter of 2025.

•Non-interest income for the first quarter of 2026 totaled $136.3 million, an increase of $12.3 million, or 9.9 percent, from the $124.0 million reported for the first quarter of 2025. Trust and investment management fees increased $5.0 million, or 11.7 percent, compared to the first quarter of 2025. The increase in trust and investment management fees during the first quarter was primarily related to increases in investment management fees (up $4.3 million) and miscellaneous fees (up $1.3 million). Investment management fees are generally based on the market value of assets within customer accounts and are thus impacted by price movements in the equity and bond markets. Service charges on deposit accounts increased $3.5 million, or 12.4 percent, compared to the first quarter of 2025. The increase was primarily related to an increase in commercial service charges (up $2.2 million), reflecting growth in billable treasury management services, lower earnings credit rates on analyzed accounts, and higher fees

on non-analyzed accounts, as well as an increase in consumer overdraft charges (up $1.3 million) due to higher volumes associated with account growth. Other non-interest income increased $1.9 million, or 14.9 percent, compared to the first quarter of 2025. The increase during the first quarter was primarily related to increases in sundry and other miscellaneous income (up $2.2 million), life insurance proceeds (up $632,000), and income from customer derivatives and securities trading (up $456,000), partly offset by decreases in gains on the sale of foreclosed and other assets (down $2.1 million).

•Non-interest expense was $365.7 million for the first quarter of 2026, up $17.6 million, or 5.1 percent, compared to the $348.1 million reported for the first quarter a year earlier. Salaries and wages expense increased $5.3 million, or 3.3 percent, compared to the first quarter of 2025. The increase in salaries and wages was primarily related to increases in salaries due to annual merit and market increases and to an increase in stock compensation. Employee benefits expense increased by $2.5 million, or 5.9 percent, compared to the first quarter of 2025. The increase in employee benefits expense was primarily related to increases in medical/dental benefits expense (up $1.7 million) and payroll taxes (up $792,000). Technology, furniture, and equipment expense increased $1.6 million, or 3.9 percent, compared to the first quarter of 2025. The increase was primarily related to increased cloud services expense (up $1.8 million). Other non-interest expense increased $6.7 million, or 10.4 percent, compared to the first quarter of 2025. The increase included increases in deposit fraud losses related to various payment systems (up $2.4 million), advertising/promotions expense (up $1.9 million), and professional services expense (up $532,000).

•For the first quarter of 2026, the company reported a credit loss expense of $6.7 million, and reported net charge-offs of $5.7 million. This compares to a credit loss expense of $11.2 million and net charge-offs of $5.8 million for the fourth quarter of 2025 and a credit loss expense of $13.1 million and net charge-offs of $9.7 million for the first quarter of 2025. The allowance for credit losses on loans as a percentage of total loans was 1.28 percent at March 31, 2026, compared to 1.29 percent at December 31, 2025 and 1.32 percent at March 31, 2025. Non-accrual loans were $72.4 million at the end of the first quarter of 2026, compared to $70.5 million at the end of the fourth quarter of 2025 and $83.5 million at the end of the first quarter of 2025.

•During the first quarter of 2026, we repurchased 507,753 shares at a total cost of $70.0 million. As of the end of the first quarter, we had $230 million remaining under our current $300 million repurchase authorization, which expires in January of 2027.

The Cullen/Frost board declared a second-quarter cash dividend of $1.03 per common share, representing a 3.0 percent increase compared to the previous quarterly dividend of $1.00 per share. The dividend on common stock is payable June 15, 2026 to shareholders of record on May 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 June 15, 2026 to shareholders of record on May 29 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, April 30, 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, May 3, 2026 at 1-877-660-6853 with Conference ID # of 13759870. 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 $52.7 billion in assets at March 31, 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, 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.

•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, military conflict between the U.S. and Iran has contributed to heightened uncertainty and volatility in global markets. Such conditions can result in price volatility in energy and commodity markets, changes in inflation expectations, increased financial market volatility, and potential disruptions to global supply chains and trade flows. The timing, magnitude, and duration of these impacts are uncertain and may evolve rapidly based on geopolitical developments, policy responses, and market conditions. Heightened geopolitical uncertainty may influence Federal Reserve policy decisions and broader financial conditions, including interest‑rate volatility, funding costs, and liquidity conditions. These factors could adversely affect our funding profile; customer credit quality, particularly in sectors sensitive to energy prices, global trade, or economic cycles; and the market value of certain financial instruments. Prolonged volatility could also negatively impact economic growth, increase borrower stress, and contribute to higher credit losses, any of which could have a material adverse effect on our business, financial condition, and results of operations. We will continue to monitor these developments and adjust our risk management and capital planning strategies as appropriate.

Furthermore, financial markets, international relations, and global supply chains continue to be significantly impacted by evolving U.S. trade policies and practices. The scope, duration, and ultimate impact of tariffs on us, our customers, financial markets, and the U.S. and global economies remain uncertain, particularly following the U.S. Supreme Court’s February 20, 2026 ruling that the International Emergency Economic Powers Act (“IEEPA”) does not authorize presidential tariff authority, which invalidated prior IEEPA‑based tariffs. This ruling has introduced uncertainty regarding the timing and extent of potential tariff refunds, as well as the likelihood of new or replacement tariffs imposed under alternative statutory authorities under U.S. trade law. These developments may affect customer cash flows, credit conditions, supply chain decisions, and overall market activity and volatility, thereby increasing our exposure to operational, credit, and market risks. If such uncertainty negatively affects borrower financial condition or market stability, it could have a material adverse effect on our business, financial condition, and results of operations.

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

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

CONDENSED INCOME STATEMENTS

Net interest income $ 438,522 $ 448,707 $ 441,618 $ 429,604 $ 416,220

Net interest income (1)

460,792 471,218 463,667 450,558 436,404

Credit loss expense 6,745 11,224 6,779 13,129 13,070

Non-interest income:

Trust and investment management fees 47,957 45,651 44,846 43,669 42,931

Service charges on deposit accounts 32,157 32,360 31,440 29,151 28,621

Insurance commissions and fees 22,075 15,180 15,424 13,879 21,019

Interchange and card transaction fees 6,532 6,290 5,547 5,619 5,402

Other charges, commissions, and fees 13,268 15,228 14,730 13,967 13,586

Net gain (loss) on securities transactions — (836) — — (14)

Other 14,326 18,291 13,660 10,988 12,466

Total non-interest income 136,315 132,164 125,647 117,273 124,011

Non-interest expense:

Salaries and wages 166,190 182,486 169,155 162,149 160,857

Employee benefits 44,656 36,653 34,465 32,826 42,157

Net occupancy 34,753 34,341 34,682 34,640 33,277

Technology, furniture, and equipment 41,674 41,575 43,479 40,572 40,118

Deposit insurance 7,203 (1,350) 6,328 6,590 7,184

Other 71,210 77,963 64,369 70,351 64,473

Total non-interest expense 365,686 371,668 352,478 347,128 348,066

Income before income taxes 202,406 197,979 208,008 186,620 179,095

Income taxes 31,419 31,727 33,628 29,617 28,173

Net income 170,987 166,252 174,380 157,003 150,922

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

Net income available to common shareholders $ 169,318 $ 164,583 $ 172,712 $ 155,334 $ 149,253

PER COMMON SHARE DATA

Earnings per common share - basic $ 2.65 $ 2.56 $ 2.67 $ 2.39 $ 2.30

Earnings per common share - diluted 2.65 2.56 2.67 2.39 2.30

Cash dividends per common share 1.00 1.00 1.00 1.00 0.95

Book value per common share at end of quarter 69.83 69.96 67.64 63.04 61.74

OUTSTANDING COMMON SHARES

Period-end common shares 62,797 63,287 63,801 64,319 64,283

Weighted-average common shares - basic 63,101 63,588 64,080 64,300 64,255

Dilutive effect of stock compensation — 16 41 52 74

Weighted-average common shares - diluted 63,101 63,604 64,121 64,352 64,329

SELECTED ANNUALIZED RATIOS

Return on average assets 1.32 % 1.22 % 1.32 % 1.22 % 1.19 %

Return on average common equity 15.15 14.80 16.72 15.64 15.54

Net interest income to average earning assets 3.74 3.66 3.69 3.67 3.60

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

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

2026 2025

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

BALANCE SHEET SUMMARY

($ in millions)

Average Balance:

Loans $ 22,011 $ 21,661 $ 21,452 $ 21,063 $ 20,788

Earning assets 48,628 50,033 48,492 47,664 47,424

Total assets 52,122 53,507 51,911 51,191 50,925

Non-interest-bearing demand deposits 13,944 14,268 13,839 13,788 13,798

Interest-bearing deposits 28,282 29,072 28,232 27,972 27,860

Total deposits 42,226 43,340 42,071 41,760 41,658

Shareholders' equity 4,677 4,558 4,243 4,129 4,041

Period-End Balance:

Loans $ 22,432 $ 21,892 $ 21,446 $ 21,254 $ 20,904

Earning assets 49,172 49,524 49,147 47,756 48,409

Total assets 52,725 53,041 52,533 51,409 52,005

Total deposits 42,836 42,918 42,517 41,684 42,391

Shareholders' equity 4,531 4,573 4,461 4,200 4,114

Adjusted shareholders' equity (1)

5,454 5,416 5,385 5,341 5,243

ASSET QUALITY

($ in thousands)

Allowance for credit losses on loans: $ 286,215 $ 281,495 $ 280,221 $ 277,803 $ 275,488

As a percentage of period-end loans 1.28 % 1.29 % 1.31 % 1.31 % 1.32 %

Net charge-offs: $ 5,741 $ 5,843 $ 6,589 $ 11,151 $ 9,691

Annualized as a percentage of average loans 0.11 % 0.11 % 0.12 % 0.21 % 0.19 %

Non-accrual loans: $ 72,350 $ 70,482 $ 44,778 $ 62,393 $ 83,534

As a percentage of total loans 0.32 % 0.32 % 0.21 % 0.29 % 0.40 %

As a percentage of total assets 0.14 0.13 0.09 0.12 0.16

CONSOLIDATED CAPITAL RATIOS

Common Equity Tier 1 Risk-Based Capital Ratio 14.07 % 14.06 % 14.14 % 13.98 % 13.84 %

Tier 1 Risk-Based Capital Ratio 14.51 14.50 14.59 14.43 14.30

Total Risk-Based Capital Ratio 15.89 15.95 16.04 15.88 15.76

Leverage Ratio 9.13 8.80 9.00 8.98 8.84

Equity to Assets Ratio (period-end) 8.59 8.62 8.49 8.17 7.91

Equity to Assets Ratio (average) 8.97 8.52 8.17 8.07 7.94

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

Cullen/Frost Bankers, Inc.

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

2026 2025

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

TAXABLE-EQUIVALENT YIELD/COST(1)

Earning Assets:

Interest-bearing deposits 3.64 % 3.93 % 4.36 % 4.41 % 4.39 %

Federal funds sold 3.97 4.28 4.74 4.71 4.79

Resell agreements 4.06 4.13 4.58 4.59 4.60

Securities(2)

3.85 3.82 3.85 3.79 3.63

Loans, net of unearned discounts 6.23 6.43 6.61 6.60 6.57

Total earning assets 4.88 4.94 5.11 5.07 4.99

Interest-Bearing Liabilities:

Interest-bearing deposits:

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

Money market deposit accounts 1.88 2.08 2.28 2.28 2.27

Time accounts 3.14 3.45 3.79 3.86 3.97

Total interest-bearing deposits 1.55 1.75 1.94 1.93 1.94

Total deposits 1.04 1.17 1.30 1.29 1.30

Federal funds purchased 3.62 3.94 4.34 4.37 4.40

Repurchase agreements 2.70 2.87 3.17 3.23 3.13

Junior subordinated deferrable interest debentures 5.63 6.05 6.30 6.30 6.32

Subordinated notes payable and other notes 4.69 4.69 4.69 4.69 4.69

Total interest-bearing liabilities 1.72 1.92 2.13 2.12 2.12

Net interest spread 3.16 3.02 2.98 2.95 2.87

Net interest income to total average earning assets 3.74 3.66 3.69 3.67 3.60

AVERAGE BALANCES

($ in millions)

Assets:

Interest-bearing deposits $ 6,752 $ 8,431 $ 6,816 $ 6,169 $ 7,238

Federal funds sold 4 2 3 8 3

Resell agreements 8 10 10 23 10

Securities - carrying value(2)

19,853 19,929 20,213 20,401 19,384

Securities - amortized cost(2)

20,825 20,995 21,622 21,864 20,839

Loans, net of unearned discount 22,011 21,661 21,452 21,063 20,788

Total earning assets $ 48,628 $ 50,033 $ 48,492 $ 47,664 $ 47,424

Liabilities:

Interest-bearing deposits:

Savings and interest checking $ 10,036 $ 9,899 $ 9,689 $ 9,920 $ 9,969

Money market deposit accounts 11,900 12,619 11,817 11,518 11,432

Time accounts 6,346 6,554 6,726 6,534 6,458

Total interest-bearing deposits 28,282 29,072 28,232 27,972 27,860

Total deposits 42,226 43,340 42,071 41,760 41,658

Federal funds purchased 24 27 29 25 18

Repurchase agreements 4,160 4,586 4,593 4,250 4,147

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 $ 32,689 $ 33,909 $ 33,077 $ 32,471 $ 32,248

(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.

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Apr. 30, 2026

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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,

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Common Stock | NEW YORK STOCK EXCHANGE, INC.

Document Information [Line Items]

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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]

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

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CFR.PrB

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NYSE

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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.

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- 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'.

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No definition available.

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dei_DocumentType

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- Definition

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

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Name of the City or Town

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- Definition

Code for the postal or zip code

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- Definition

Name of the state or province.

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- 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

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- Definition

Indicate if registrant meets the emerging growth company criteria.

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- 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.

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No definition available.

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

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No definition available.

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- Definition

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

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

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No definition available.

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- 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

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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

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- Definition

Title of a 12(b) registered security.

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- 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

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Name:

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- 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

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- Definition

Trading symbol of an instrument as listed on an exchange.

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- 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

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Name:

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