Form 8-K

8-K — CULLEN/FROST BANKERS, INC.

Accession: 0000039263-26-000045

Filed: 2026-07-30

Period: 2026-07-30

CIK: 0000039263

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cfr-20260730.htm (Primary)

EX-99.1 — EX-99.1 - 2Q26 EARNINGS RELEASE (a2q26formxex991xpressrelea.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — 8-K - 2Q26 PRESS RELEASE

8-K (Primary)

Filename: cfr-20260730.htm · Sequence: 1

cfr-20260730

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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): July 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 July 30, 2026 regarding its financial results for the quarter ended June 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.

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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: July 30, 2026

EXHIBIT INDEX

Exhibit Number Description

99.1

Press Release.

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EX-99.1 — EX-99.1 - 2Q26 EARNINGS RELEASE

EX-99.1

Filename: a2q26formxex991xpressrelea.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

July 30, 2026

CULLEN/FROST REPORTS SECOND QUARTER RESULTS

Board declares third quarter dividend on common and preferred stock

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

Net income available to common shareholders for the second quarter of 2026 was $170.4 million, compared to $155.3 million for the second quarter of 2025. On a per-share basis, net income available to common shareholders for the second quarter of 2026 was $2.70 per diluted common share, compared to $2.39 per diluted common share reported a year earlier. Returns on average assets and average common equity were 1.30 percent and 15.41 percent, respectively, for the second quarter of 2026, compared to 1.22 percent and 15.64 percent, respectively, for the same period a year earlier.

For the second quarter of 2026, net interest income on a taxable-equivalent basis was $470.1 million, up 4.3 percent compared to the same quarter in 2025. Average loans for the second quarter of 2026 increased $1.6 billion, or 7.4 percent, to $22.6 billion, from the $21.1 billion reported for the second quarter a year earlier, and increased $610.8 million, or 2.8 percent, compared to the first quarter of 2026. Average deposits for the second quarter increased $859.6 million, or 2.1 percent, to $42.6 billion, compared to the $41.8 billion reported for last year's second quarter, and increased $394.1 million, or 0.9 percent, compared to the first quarter of 2026.

"The second quarter was a period of sustained, solid and balanced growth for our company," said Cullen/Frost Chairman and CEO Phil Green. "During the quarter, we saw acceleration in the growth of non-interest-bearing deposits, interest-bearing deposits, and loans. Our second quarter earnings per share increased by 13% compared to the same period last year. We opened four new financial centers across the Dallas, Fort Worth, Austin and San Antonio regions. Just last week, we opened a new location in Richardson in north Dallas County, bringing us to a total of seven new locations opened so far this year.

"Our strategy is consistent and our results speak for themselves," Green said. "Frost bankers continue to compete and win in an intensely competitive environment, and growth trends in our markets continue to be strong."

For the first six months of 2026, net income available to common shareholders was $339.7 million, up 11.5 percent compared to $304.6 million for the first six months of 2025. On a per-share basis, net income available to common shareholders for the first six months of 2026 was $5.35, up 14.1 percent compared to $4.69 in the year-earlier period. Returns on average assets and average common equity for the first six months of 2026 were 1.31 percent and 15.28 percent, respectively, compared to 1.20 percent and 15.59 percent, respectively, for the same period in 2025.

Noted financial data for the second quarter of 2026 follows:

•The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the second quarter of 2026 were 13.95 percent, 14.38 percent and 15.74 percent, respectively, and continue to be in excess of well-capitalized levels and exceed Basel III minimum requirements.

•During the second quarter, our base of customer households continued to grow. Total households, including consumer and commercial customers, grew by 5.9 percent from June, 2025 to June, 2026.

•Net interest income on a taxable-equivalent basis was $470.1 million for the second quarter of 2026, an increase of 4.3 percent, compared to $450.6 million for the second quarter of 2025. Net interest margin was 3.75 percent for the second quarter of 2026 compared to 3.67 percent for the second quarter of 2025 and 3.74 percent for the first quarter of 2026.

•Non-interest income for the second quarter of 2026 totaled $128.3 million, an increase of $11.0 million, or 9.4 percent, from the $117.3 million reported for the second quarter of 2025. Trust and investment management fees increased $4.0 million, or 9.1 percent, compared to the second quarter of 2025. The

increase in trust and investment management fees during the second quarter was primarily related to increases in investment management fees (up $4.2 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 $5.0 million, or 17.2 percent, compared to the second quarter of 2025, driven in part by growth in our base of customers and growth in customer transaction volumes. Other non-interest income increased $974,000, or 8.9 percent, compared to the second quarter of 2025. The increase during the second quarter was primarily related to increases in sundry and other miscellaneous income (up $1.5 million), partly offset by a decrease in public finance underwriting fees (down $425,000). The primary driver of the $1.5 million increase in sundry and other miscellaneous income was $2.2 million of one-time COVID payroll tax refunds that were received during the second quarter.

•Non-interest expense was $361.7 million for the second quarter of 2026, up $14.6 million, or 4.2 percent, compared to the $347.1 million reported for the second quarter a year earlier. Salaries and wages expense increased $10.8 million, or 6.7 percent, compared to the second quarter of 2025. The increase in salaries and wages was primarily related to increases in salaries due to annual merit and market increases, as well as growth in the number of employees. Employee benefits expense increased by $2.3 million, or 7.1 percent, compared to the second quarter of 2025. The increase in employee benefits expense was primarily related to increases in medical/dental benefits expense (up $1.6 million) and payroll taxes (up $530,000). Technology, furniture, and equipment expense increased $2.0 million, or 4.9 percent, compared to the second quarter of 2025. The increase was primarily related to increased cloud services expense (up $1.0 million) and service contracts expense (up $583,000). Other non-interest expense decreased $854,000, or 1.2 percent, compared to the second quarter of 2025. The decrease included decreases in sundry and other miscellaneous expense (down $1.6 million), advertising/promotions expense (down $853,000), and business development expense (down $638,000); among other things.

•For the second quarter of 2026, the company reported a credit loss expense of $9.8 million, and reported net charge-offs of $9.5 million. This compares to a credit loss expense of $6.7 million and net charge-offs of $5.7 million for the first quarter of 2026 and a credit loss expense of $13.1 million and net charge-offs of $11.2 million for the second quarter of 2025. The allowance for credit losses on loans as a percentage

of total loans was 1.23 percent at June 30, 2026, compared to 1.28 percent at the end of the first quarter of 2026 and 1.31 percent at the end of the second quarter of 2025. Non-accrual loans were $112.7 million at the end of the second quarter of 2026, compared to $72.4 million at the end of the first quarter of 2026 and $62.4 million at the end of the second quarter of 2025.

•During the second quarter of 2026, we repurchased 654,955 shares at a total cost of $90.0 million under our board-authorized stock repurchase plan. As of the end of the second quarter, we had $140.0 million remaining under our current $300 million repurchase authorization, which expires in January of 2027.

The Cullen/Frost board declared a third-quarter cash dividend of $1.03 per common share. The dividend on common stock is payable September 15, 2026 to shareholders of record on August 31 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 September 15, 2026 to shareholders of record on August 31 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, July 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, August 2, 2026 at 1-877-660-6853 with Conference ID # of 13761733. 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 $53.9 billion in assets at June 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, 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 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, recent military conflict involving the U.S. and Iran, including direct military actions, attacks affecting commercial shipping in and around the Strait of Hormuz, and subsequent retaliatory military strikes, has contributed to heightened geopolitical uncertainty, increased volatility in global financial markets, and significant fluctuations in energy and commodity prices. While diplomatic communications and negotiations may continue, recent statements by U.S. and Iranian officials, including indications that the previously announced ceasefire framework is no longer in effect, have increased the risk of further military escalation and broader regional instability. Ongoing developments in the Middle East, including potential disruptions to maritime trade routes and energy infrastructure, could adversely affect global supply chains, inflation expectations, economic activity, and market conditions. The timing, magnitude, duration, and geographic scope of any further conflict remain highly uncertain and may evolve rapidly in response to military actions, diplomatic developments, government policy decisions, sanctions, and market reactions. Heightened geopolitical uncertainty and volatility in energy markets may influence monetary policy decisions, interest-rate expectations, funding markets, liquidity conditions, foreign-exchange markets, and investor risk sentiment. These factors could adversely affect our funding profile; customer and counterparty credit quality, particularly in sectors sensitive to energy prices, global trade, transportation, manufacturing, and broader economic cycles; and the market value of certain financial instruments. Prolonged market volatility, additional military escalation involving the United States, Iran, or other regional actors, disruptions to global energy supplies or shipping lanes, expanded sanctions, or a deterioration in global economic conditions could negatively impact economic growth, increase borrower stress, reduce business activity, and contribute to higher credit losses and operational risks, including cyber-related incidents, any of which could have a material adverse effect on our business, financial condition, results of operations, and prospects. We will continue to monitor geopolitical developments and assess their potential impact on our customers, operations, liquidity position, capital levels, market exposures, and overall risk profile, and we may adjust our risk management, liquidity management, capital planning, and business continuity strategies as appropriate.

Furthermore, financial markets, international relations, and global supply chains continue to be affected by evolving U.S. trade policies and practices. While the U.S. Supreme Court's February 20, 2026 ruling that the International Emergency Economic Powers Act ("IEEPA") does not authorize presidential tariff authority invalidated certain tariffs previously imposed under IEEPA, uncertainty remains regarding tariff refunds, related legal and administrative proceedings, and the scope, duration, and economic impact of replacement or additional trade measures adopted under other U.S. trade laws. Ongoing changes in U.S. trade policy, including the imposition, modification, suspension, or expansion of tariffs and other trade restrictions, may affect customer cash flows, business confidence, capital investment decisions, supply chain strategies, commodity prices, inflation expectations, and market volatility. These developments may increase our exposure to operational, credit, market, liquidity, and compliance risks. Customers with significant exposure to international trade, manufacturing, transportation, agriculture, retail, or other sectors sensitive to global trade and supply chain conditions may experience financial stress, reduced profitability, or weakened operating performance. Trade policy developments may also contribute to volatility in interest rates, foreign exchange markets, and asset valuations. If these developments adversely affect borrower financial condition, market stability, economic growth, or broader business activity, they could have a material adverse effect on our business, financial condition, results of operations, and prospects. We will continue to monitor trade policy developments and adjust our risk management, liquidity management, and capital planning strategies as appropriate.

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

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

CONDENSED INCOME STATEMENTS

Net interest income $ 447,728 $ 438,522 $ 448,707 $ 441,618 $ 429,604

Net interest income (1)

470,066 460,792 471,218 463,667 450,558

Credit loss expense 9,767 6,745 11,224 6,779 13,129

Non-interest income:

Trust and investment management fees 47,643 47,957 45,651 44,846 43,669

Service charges on deposit accounts 34,177 32,157 32,360 31,440 29,151

Insurance commissions and fees 14,166 22,075 15,180 15,424 13,879

Interchange and card transaction fees 6,546 6,532 6,290 5,547 5,619

Other charges, commissions, and fees 13,787 13,268 15,228 14,730 13,967

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

Other 11,962 14,326 18,291 13,660 10,988

Total non-interest income 128,281 136,315 132,164 125,647 117,273

Non-interest expense:

Salaries and wages 172,955 166,190 182,486 169,155 162,149

Employee benefits 35,156 44,656 36,653 34,465 32,826

Net occupancy 35,223 34,753 34,341 34,682 34,640

Technology, furniture, and equipment 42,564 41,674 41,575 43,479 40,572

Deposit insurance 6,305 7,203 (1,350) 6,328 6,590

Other 69,497 71,210 77,963 64,369 70,351

Total non-interest expense 361,700 365,686 371,668 352,478 347,128

Income before income taxes 204,542 202,406 197,979 208,008 186,620

Income taxes 32,483 31,419 31,727 33,628 29,617

Net income 172,059 170,987 166,252 174,380 157,003

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

Net income available to common shareholders $ 170,390 $ 169,318 $ 164,583 $ 172,712 $ 155,334

PER COMMON SHARE DATA

Earnings per common share - basic $ 2.70 $ 2.65 $ 2.56 $ 2.67 $ 2.39

Earnings per common share - diluted 2.70 2.65 2.56 2.67 2.39

Cash dividends per common share 1.03 1.00 1.00 1.00 1.00

Book value per common share at end of quarter 72.04 69.83 69.96 67.64 63.04

OUTSTANDING COMMON SHARES

Period-end common shares 62,149 62,797 63,287 63,801 64,319

Weighted-average common shares - basic 62,455 63,101 63,588 64,080 64,300

Dilutive effect of stock compensation — — 16 41 52

Weighted-average common shares - diluted 62,455 63,101 63,604 64,121 64,352

SELECTED ANNUALIZED RATIOS

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

Return on average common equity 15.41 15.15 14.80 16.72 15.64

Net interest income to average earning assets 3.75 3.74 3.66 3.69 3.67

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

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

2026 2025

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

BALANCE SHEET SUMMARY

($ in millions)

Average Balance:

Loans $ 22,622 $ 22,011 $ 21,661 $ 21,452 $ 21,063

Earning assets 49,082 48,628 50,033 48,492 47,664

Total assets 52,626 52,122 53,507 51,911 51,191

Non-interest-bearing demand deposits 14,027 13,944 14,268 13,839 13,788

Interest-bearing deposits 28,592 28,282 29,072 28,232 27,972

Total deposits 42,620 42,226 43,340 42,071 41,760

Shareholders' equity 4,581 4,677 4,558 4,243 4,129

Period-End Balance:

Loans $ 22,976 $ 22,432 $ 21,892 $ 21,446 $ 21,254

Earning assets 50,260 49,172 49,524 49,147 47,756

Total assets 53,881 52,725 53,041 52,533 51,409

Total deposits 43,334 42,836 42,918 42,517 41,684

Shareholders' equity 4,623 4,531 4,573 4,461 4,200

Adjusted shareholders' equity (1)

5,474 5,454 5,416 5,385 5,341

ASSET QUALITY

($ in thousands)

Allowance for credit losses on loans: $ 283,712 $ 286,215 $ 281,495 $ 280,221 $ 277,803

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

Net charge-offs: $ 9,527 $ 5,741 $ 5,843 $ 6,589 $ 11,151

Annualized as a percentage of average loans 0.17 % 0.11 % 0.11 % 0.12 % 0.21 %

Non-accrual loans/loans held for sale: $ 112,717 $ 72,350 $ 70,482 $ 44,778 $ 62,393

As a percentage of total loans and loans held for sale 0.49 % 0.32 % 0.32 % 0.21 % 0.29 %

As a percentage of total assets 0.21 0.14 0.13 0.09 0.12

CONSOLIDATED CAPITAL RATIOS

Common Equity Tier 1 Risk-Based Capital Ratio 13.95 % 14.07 % 14.06 % 14.14 % 13.98 %

Tier 1 Risk-Based Capital Ratio 14.38 14.51 14.50 14.59 14.43

Total Risk-Based Capital Ratio 15.74 15.89 15.95 16.04 15.88

Leverage Ratio 9.06 9.13 8.80 9.00 8.98

Equity to Assets Ratio (period-end) 8.58 8.59 8.62 8.49 8.17

Equity to Assets Ratio (average) 8.71 8.97 8.52 8.17 8.07

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

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)

Six Months Ended

June 30,

2026 2025

CONDENSED INCOME STATEMENTS

Net interest income 886,250 845,824

Net interest income (1)

930,858 886,963

Credit loss expense 16,512 26,199

Non-interest income:

Trust and investment management fees 95,600 86,600

Service charges on deposit accounts 66,334 57,772

Insurance commissions and fees 36,241 34,898

Interchange and card transaction fees 13,078 11,021

Other charges, commissions and fees 27,055 27,553

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

Other 26,288 23,454

Total non-interest income 264,596 241,284

Non-interest expense:

Salaries and wages 339,145 323,006

Employee benefits 79,812 74,983

Net occupancy 69,976 67,917

Technology, furniture and equipment 84,238 80,690

Deposit insurance 13,508 13,774

Other 140,707 134,824

Total non-interest expense 727,386 695,194

Income before income taxes 406,948 365,715

Income taxes 63,902 57,790

Net income 343,046 307,925

Preferred stock dividends 3,338 3,338

Net income available to common shareholders $ 339,708 $ 304,587

PER COMMON SHARE DATA

Earnings per common share - basic $ 5.35 $ 4.69

Earnings per common share - diluted 5.35 4.69

Cash dividends per common share $ 2.03 $ 1.95

Book value per common share at end of quarter 72.04 63.04

OUTSTANDING COMMON SHARES

Period-end common shares 62,149 64,319

Weighted-average common shares - basic 62,776 64,278

Dilutive effect of stock compensation — 62

Weighted-average common shares - diluted 62,776 64,340

SELECTED ANNUALIZED RATIOS

Return on average assets 1.31 % 1.20 %

Return on average common equity 15.28 15.59

Net interest income to average earning assets 3.75 3.63

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

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

As of or for the

Six Months Ended

June 30,

2026 2025

BALANCE SHEET SUMMARY

($ in millions)

Average Balance:

Loans $ 22,318 $ 20,926

Earning assets 48,856 47,544

Total assets 52,373 51,064

Non-interest-bearing demand deposits 13,986 13,793

Interest-bearing deposits 28,438 27,916

Total deposits 42,424 41,709

Shareholders' equity 4,629 4,085

Period-End Balance:

Loans $ 22,976 $ 21,254

Earning assets 50,260 47,756

Total assets 53,881 51,409

Total deposits 43,334 41,684

Shareholders' equity 4,623 4,200

Adjusted shareholders' equity (1)

5,474 5,341

ASSET QUALITY

($ in thousands)

Allowance for credit losses on loans: $ 283,712 $ 277,803

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

Net charge-offs: 15,268 20,842

Annualized as a percentage of average loans 0.14 % 0.20 %

Non-accrual loans/loans held for sale: $ 112,717 $ 62,393

As a percentage of total loans and loans held for sale 0.49 % 0.29 %

As a percentage of total assets 0.21 % 0.12

CONSOLIDATED CAPITAL RATIOS

Common Equity Tier 1 Risk-Based Capital Ratio 13.95 % 13.98 %

Tier 1 Risk-Based Capital Ratio 14.38 14.43

Total Risk-Based Capital Ratio 15.74 15.88

Leverage Ratio 9.06 8.98

Equity to Assets Ratio (period-end) 8.58 8.17

Equity to Assets Ratio (average) 8.84 8.00

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

Cullen/Frost Bankers, Inc.

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

2026 2025

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

TAXABLE-EQUIVALENT YIELD/COST(1)

Earning Assets:

Interest-bearing deposits 3.65 % 3.64 % 3.93 % 4.36 % 4.41 %

Federal funds sold 3.97 3.97 4.28 4.74 4.71

Resell agreements — 4.06 4.13 4.58 4.59

Securities(2)

3.96 3.85 3.82 3.85 3.79

Loans, net of unearned discounts 6.17 6.23 6.43 6.61 6.60

Total earning assets 4.92 4.88 4.94 5.11 5.07

Interest-Bearing Liabilities:

Interest-bearing deposits:

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

Money market deposit accounts 1.92 1.88 2.08 2.28 2.28

Time accounts 3.24 3.14 3.45 3.79 3.86

Total interest-bearing deposits 1.61 1.55 1.75 1.94 1.93

Total deposits 1.08 1.04 1.17 1.30 1.29

Federal funds purchased 3.66 3.62 3.94 4.34 4.37

Repurchase agreements 2.65 2.70 2.87 3.17 3.23

Junior subordinated deferrable interest debentures 5.60 5.63 6.05 6.30 6.30

Subordinated notes payable and other notes 4.69 4.69 4.69 4.69 4.69

Total interest-bearing liabilities 1.77 1.72 1.92 2.13 2.12

Net interest spread 3.15 3.16 3.02 2.98 2.95

Net interest income to total average earning assets 3.75 3.74 3.66 3.69 3.67

AVERAGE BALANCES

($ in millions)

Assets:

Interest-bearing deposits $ 5,808 $ 6,752 $ 8,431 $ 6,816 $ 6,169

Federal funds sold 4 4 2 3 8

Resell agreements — 8 10 10 23

Securities - carrying value(2)

20,648 19,853 19,929 20,213 20,401

Securities - amortized cost(2)

21,766 20,825 20,995 21,622 21,864

Loans, net of unearned discount 22,622 22,011 21,661 21,452 21,063

Total earning assets $ 49,082 $ 48,628 $ 50,033 $ 48,492 $ 47,664

Liabilities:

Interest-bearing deposits:

Savings and interest checking $ 9,938 $ 10,036 $ 9,899 $ 9,689 $ 9,920

Money market deposit accounts 12,145 11,900 12,619 11,817 11,518

Time accounts 6,509 6,346 6,554 6,726 6,534

Total interest-bearing deposits 28,592 28,282 29,072 28,232 27,972

Total deposits 42,620 42,226 43,340 42,071 41,760

Federal funds purchased 24 24 27 29 25

Repurchase agreements 4,379 4,160 4,586 4,593 4,250

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 $ 33,219 $ 32,689 $ 33,909 $ 33,077 $ 32,471

(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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