CULLEN/FROST BANKERS, INC. (CFR) financial statements: income statement, balance sheet and cash flow

CULLEN/FROST BANKERS, INC.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), CULLEN/FROST BANKERS, INC. reported net income of $648.6M (+11.3% year on year).

Income statement

CULLEN/FROST BANKERS, INC. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Loans, including fees	$1.4B	$1.4B	$1.2B	$770.4M
Taxable	$488.3M	$396.2M	$406.3M	$249.8M
Tax-exempt	$239.3M	$218.2M	$240.1M	$237.6M
Interest-bearing deposits	$308.8M	$397.4M	$376.0M	$216.4M
Federal funds sold	$196.0K	$270.0K	$1.3M	$948.0K
Resell agreements	$590.0K	$3.1M	$4.6M	$592.0K
Total interest income	$2.4B	$2.4B	$2.2B	$1.5B
Deposits	$533.3M	$629.1M	$508.3M	$140.5M
Federal funds purchased	$1.1M	$1.6M	$1.5M	$690.0K
Repurchase agreements	$137.9M	$141.8M	$136.0M	$34.4M
Junior subordinated deferrable interest debentures	$7.7M	$8.9M	$8.6M	$4.2M
Subordinated notes	$4.7M	$4.7M	$4.7M	$4.7M
Total interest expense	$684.6M	$786.0M	$659.1M	$184.4M
Net interest income	$1.7B	$1.6B	$1.6B	$1.3B
Credit loss expense	$44.2M	$65.0M	$46.2M	$3.0M
Net interest income after credit loss expense	$1.7B	$1.5B	$1.5B	$1.3B
Trust and investment management fees	$177.1M	$165.3M	$153.3M	$154.7M
Service charges on deposit accounts	$121.6M	$106.2M	$93.5M	$91.9M
Insurance commissions and fees	$65.5M	$61.3M	$58.3M	$53.2M
Interchange and card transaction fees	$22.9M	$21.0M	$19.4M	$18.2M
Other charges, commissions and fees	$57.5M	$53.3M	$49.0M	$41.6M
Net gain (loss) on securities transactions	($850.0K)	($96.0K)	$66.0K	$0
Other	$55.4M	$52.1M	$54.9M	$45.2M
Total non-interest income	$499.1M	$459.1M	$428.5M	$404.8M
Salaries and wages	$674.6M	$621.4M	$547.7M	$492.1M
Employee benefits	$146.1M	$122.4M	$115.3M	$88.6M
Net occupancy	$136.9M	$128.8M	$124.4M	$112.5M
Technology, furniture and equipment	$165.7M	$148.5M	$135.3M	$120.8M
Deposit insurance	$18.8M	$37.3M	$76.6M	$15.6M
Other	$277.2M	$244.4M	$229.4M	$194.2M
Total non-interest expense	$1.4B	$1.3B	$1.2B	$1.0B
Income before income taxes	$771.7M	$696.0M	$712.4M	$668.8M
Income taxes	$123.1M	$113.4M	$114.4M	$89.7M
Net income	$648.6M	$582.5M	$598.0M	$579.1M
Preferred stock dividends	$6.7M	$6.7M	$6.7M	$6.7M
Net income available to common shareholders	$641.9M	$575.9M	$591.3M	$572.5M
Basic (in dollars per share)	$9.92	$8.88	$9.11	$8.84
Diluted (in dollars per share)	$9.92	$8.87	$9.10	$8.81

CULLEN/FROST BANKERS, INC. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Loans, including fees	$346.2M	$336.3M	$355.6M	$344.7M
Taxable	$127.8M	$115.2M	$126.0M	$130.1M
Tax-exempt	$67.0M	$64.9M	$62.5M	$58.0M
Interest-bearing deposits	$53.6M	$61.5M	$75.9M	$68.7M
Federal funds sold	$36.0K	$44.0K	$33.0K	$97.0K
Resell agreements	$0	$85.0K	$113.0K	$264.0K
Total interest income	$594.8M	$578.0M	$620.1M	$602.0M
Deposits	$114.6M	$108.2M	$137.9M	$134.3M
Federal funds purchased	$225.0K	$219.0K	$324.0K	$281.0K
Repurchase agreements	$29.4M	$28.1M	$37.2M	$34.7M
Junior subordinated deferrable interest debentures	$1.7M	$1.7M	$1.9M	$1.9M
Subordinated notes	$1.2M	$1.2M	$1.2M	$1.2M
Total interest expense	$147.0M	$139.4M	$178.5M	$172.4M
Net interest income	$447.7M	$438.5M	$441.6M	$429.6M
Credit loss expense	$9.8M	$6.7M	$6.8M	$13.1M
Net interest income after credit loss expense	$438.0M	$431.8M	$434.8M	$416.5M
Trust and investment management fees	$47.6M	$48.0M	$44.8M	$43.7M
Service charges on deposit accounts	$34.2M	$32.2M	$31.4M	$29.2M
Insurance commissions and fees	$14.2M	$22.1M	$15.4M	$13.9M
Interchange and card transaction fees	$6.5M	$6.5M	$5.5M	$5.6M
Other charges, commissions, and fees	$13.8M	$13.3M	$14.7M	$14.0M
Net gain (loss) on securities transactions	$0	$0	$0	$0
Other	$12.0M	$14.3M	$13.7M	$11.0M
Total non-interest income	$128.3M	$136.3M	$125.6M	$117.3M
Salaries and wages	$173.0M	$166.2M	$169.2M	$162.1M
Employee benefits	$35.2M	$44.7M	$34.5M	$32.8M
Net occupancy	$35.2M	$34.8M	$34.7M	$34.6M
Technology, furniture, and equipment	$42.6M	$41.7M	$43.5M	$40.6M
Deposit insurance	$6.3M	$7.2M	$6.3M	$6.6M
Other	$69.5M	$71.2M	$64.4M	$70.4M
Total non-interest expense	$361.7M	$365.7M	$352.5M	$347.1M
Income before income taxes	$204.5M	$202.4M	$208.0M	$186.6M
Income taxes	$32.5M	$31.4M	$33.6M	$29.6M
Net income	$172.1M	$171.0M	$174.4M	$157.0M
Preferred stock dividends	$1.7M	$1.7M	$1.7M	$1.7M
Net income available to common shareholders	$170.4M	$169.3M	$172.7M	$155.3M
Basic	$2.70	$2.65	$2.67	$2.39
Diluted	$2.70	$2.65	$2.67	$2.39

Balance sheet

CULLEN/FROST BANKERS, INC. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and due from banks	$681.3M	$722.9M	$617.6M	$691.6M
Interest-bearing deposits	$8.2B	$9.5B	$8.0B	$11.1B
Federal funds sold	$0	$5.9M	$0	$120.5M
Resell agreements	$9.7M	$9.7M	$84.7M	$87.2M
Total cash and cash equivalents	$8.9B	$10.2B	$8.7B	$12.0B
Securities held to maturity, net of allowance for credit losses of $500 at 2025 and $310 at 2024	$3.4B	$3.5B	$3.6B	$2.6B
Securities available for sale, at estimated fair value	$16.0B	$15.0B	$16.6B	$18.2B
Trading account securities	$37.6M	$33.9M	$31.7M	$28.0M
Loans, net of unearned discounts	$21.9B	$20.8B	$18.8B	$17.2B
Less: Allowance for credit losses on loans	($281.5M)	($270.2M)	($246.0M)	($227.6M)
Net loans	$21.6B	$20.5B	$18.6B	$16.9B
Premises and equipment, net	$1.3B	$1.2B	$1.2B	$1.1B
Accrued interest receivable and other assets	$1.8B	$1.9B	$2.2B	$1.1B
Total assets	$53.0B	$52.5B	$50.8B	$52.9B
Non-interest-bearing demand deposits	$14.1B	$14.4B	$14.9B	$17.6B
Interest-bearing deposit	$28.8B	$28.3B	$27.0B	$26.4B
Total deposits	$42.9B	$42.7B	$41.9B	$44.0B
Federal funds purchased	$18.8M	$22.0M	$14.2M	$51.6M
Repurchase agreements	$4.5B	$4.3B	$4.1B	$4.7B
Junior subordinated deferrable interest debentures, net of unamortized issuance costs	$123.2M	$123.2M	$123.1M	$123.1M
Subordinated notes, net of unamortized issuance costs	$99.8M	$99.6M	$99.5M	$99.3M
Accrued interest payable and other liabilities	$782.8M	$1.3B	$844.0M	$866.3M
Total liabilities	$48.5B	$48.6B	$47.1B	$49.8B
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 150,000 Series B shares ($1,000 liquidation preference) issued in 2025 and 2024	$145452000.00	$145452000.00	$145452000.00	$145452000.00
Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,404,582 shares issued in both 2025 and 2024	$644000.00	$644000.00	$644000.00	$643000.00
Additional paid-in capital	$1.1B	$1.1B	$1.1B	$1.0B
Retained earnings	$4.3B	$4.0B	$3.7B	$3.3B
Accumulated other comprehensive income (loss), net of tax	($843.0M)	($1.3B)	($1.1B)	($1.3B)
Treasury stock, at cost; 1,117,394 shares in 2025 and 207,150 in 2024	-139.6M	-22.6M	-23.9M	0
Total shareholders’ equity	$4.6B	$3.9B	$3.7B	$3.1B
Total liabilities and shareholders’ equity	$53.0B	$52.5B	$50.8B	$52.9B

CULLEN/FROST BANKERS, INC. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and due from banks	$697.7M	$638.8M	$615.5M	$759.3M
Interest-bearing deposits	$5.8B	$6.5B	$7.3B	$6.3B
Federal funds sold	$125.0K	$2.7M	$0	$1.9M
Resell agreements	$0	$0	$9.7M	$9.7M
Total cash and cash equivalents	$6.5B	$7.1B	$7.9B	$7.1B
Securities held to maturity, net of allowance for credit losses of $500 at both June 30, 2026 and December 31, 2025	$3.4B	$3.4B	$3.5B	$3.5B
Securities available for sale, at estimated fair value	$18.1B	$16.8B	$16.9B	$16.6B
Trading account securities	$39.2M	$37.6M	$36.8M	$45.3M
Loans, net of unearned discounts	$23.0B	$22.4B	$21.4B	$21.3B
Less: Allowance for credit losses on loans	($283.7M)	($286.2M)	($280.2M)	($277.8M)
Net loans	$22.7B	$22.1B	$21.2B	$21.0B
Premises and equipment, net	$1.4B	$1.3B	$1.3B	$1.3B
Accrued interest receivable and other assets	$1.8B	$1.9B	$1.8B	$1.9B
Total assets	$53.9B	$52.7B	$52.5B	$51.4B
Non-interest-bearing demand deposits	$14.6B	$14.2B	$14.1B	$13.7B
Interest-bearing deposits	$28.8B	$28.7B	$28.4B	$27.9B
Total deposits	$43.3B	$42.8B	$42.5B	$41.7B
Federal funds purchased	$25.5M	$25.4M	$31.8M	$25.7M
Repurchase agreements	$4.9B	$4.1B	$4.6B	$4.4B
Junior subordinated deferrable interest debentures, net of unamortized issuance costs	$123.3M	$123.3M	$123.2M	$123.2M
Subordinated notes, net of unamortized issuance costs	$99.9M	$99.8M	$99.8M	$99.7M
Accrued interest payable and other liabilities	$789.2M	$1.0B	$736.9M	$858.4M
Total liabilities	$49.3B	$48.2B	$48.1B	$47.2B
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 150,000 Series B shares ($1,000 liquidation preference) issued at both June 30, 2026 and December 31, 2025	$145452000.00	$145452000.00	$145452000.00	$145452000.00
Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,404,582 shares issued at both June 30, 2026 and December 31, 2025	$644000.00	$644000.00	$644000.00	$644000.00
Additional paid-in capital	$1.1B	$1.1B	$1.1B	$1.1B
Retained earnings	$4.5B	$4.4B	$4.2B	$4.1B
Accumulated other comprehensive income (loss), net of tax	($851.7M)	($923.5M)	($924.4M)	($1.1B)
Treasury stock, at cost; 2,255,936 shares at June 30, 2026 and 1,117,394 at December 31, 2025	-298.3M	-208.3M	-75.7M	-9.7M
Total shareholders’ equity	$4.6B	$4.5B	$4.5B	$4.2B
Total liabilities and shareholders’ equity	$53.9B	$52.7B	$52.5B	$51.4B

Cash flow statement

CULLEN/FROST BANKERS, INC. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income (loss)	$648.6M	$582.5M	$598.0M	$579.1M
Credit loss expense	$44.2M	$65.0M	$46.2M	$3.0M
Deferred tax expense (benefit)	$5.4M	($11.6M)	($14.8M)	($4.9M)
Accretion of loan discounts	($26.6M)	($24.0M)	($17.7M)	($12.9M)
Securities premium amortization (discount accretion), net	$39.6M	$45.2M	$63.9M	$97.4M
Net (gain) loss on securities transactions	$850.0K	$96.0K	($66.0K)	$0
Depreciation and amortization	$87.8M	$82.8M	$76.4M	$71.3M
Net (gain) loss on sale/exchange/write-down of assets/foreclosed assets	($3.0M)	($141.0K)	$750.0K	$109.0K
Stock-based compensation	$24.8M	$19.8M	$24.6M	$18.3M
Net tax benefit from stock-based compensation	$2.3M	$3.8M	$894.0K	$4.6M
Earnings on life insurance policies	($3.9M)	($3.7M)	($2.9M)	($2.1M)
Trading account securities	($3.7M)	($3.6M)	($2.2M)	($716.0K)
Lease right-of-use assets	$24.8M	$25.3M	$23.6M	$24.4M
Accrued interest receivable and other assets	($7.7M)	$259.1M	($232.7M)	($116.2M)
Accrued interest payable and other liabilities	($559.3M)	($51.0M)	($85.0M)	$61.1M
Net cash provided by (used in) operating activities	$274.0M	$989.5M	$478.8M	$722.6M
Securities held to maturity: Purchases	($1.5M)	$0	($1.1B)	($1.4B)
Securities held to maturity: Maturities, calls and principal repayments	$100.3M	$81.8M	$162.1M	$561.4M
Purchases	($21.5B)	($17.9B)	($19.1B)	($22.2B)
Sales	$45.4M	$123.3M	$1.9B	$0
Maturities, calls and principal repayments	$21.0B	$19.6B	$19.1B	$15.7B
Proceeds from sale of loans	$14.1M	$3.3M	$15.9M	$2.4M
Net change in loans	($1.2B)	($2.0B)	($1.7B)	($824.0M)
Net cash paid in insurance agency asset acquisitions	$0	($703.0K)	—	—
Benefits received on life insurance policies	$2.5M	$1.8M	$1.9M	$2.0M
Proceeds from sales of premises and equipment	$960.0K	$25.0K	$1.3M	$63.0K
Purchases of premises and equipment	($146.7M)	($127.8M)	($158.6M)	($102.5M)
Proceeds from sales of repossessed properties	$15.8M	$2.6M	$583.0K	$2.6M
Net cash provided by (used in) investing activities	($1.6B)	($180.9M)	($942.8M)	($8.3B)
Net change in deposits	$195.1M	$802.2M	($2.0B)	$1.3B
Net change in short-term borrowings	$179.7M	$223.5M	($570.9M)	$1.9B
Proceeds from stock option exercises	$11.9M	$22.6M	$9.3M	$16.7M
Purchase of treasury stock	($157.8M)	($60.9M)	($42.7M)	($4.4M)
Cash dividends paid on preferred stock	($6.7M)	($6.7M)	($6.7M)	($6.7M)
Cash dividends paid on common stock	($255.4M)	($242.4M)	($232.3M)	($209.8M)
Net cash provided by (used in) financing activities	($33.1M)	$738.3M	($2.9B)	$3.0B
Net change in cash and cash equivalents	($1.4B)	$1.5B	($3.3B)	($4.6B)
Cash and cash equivalents at beginning of year	$10.2B	$8.7B	$12.0B	$16.6B
Cash and cash equivalents at end of year	$8.9B	$10.2B	$8.7B	$12.0B

CULLEN/FROST BANKERS, INC. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$343.0M	$171.0M	$482.3M	$307.9M
Credit loss expense	$16.5M	$6.7M	$33.0M	$26.2M
Deferred tax expense (benefit)	($5.1M)	($2.2M)	$3.0M	($4.0M)
Accretion of loan discounts	($18.0M)	($9.7M)	($20.6M)	($13.7M)
Securities premium amortization (discount accretion), net	$3.2M	$3.8M	$28.9M	$20.1M
Net (gain) loss on securities transactions	$0	$0	$14.0K	$14.0K
Depreciation and amortization	$44.7M	$22.2M	$66.0M	$43.7M
Net (gain) loss on sale/write-down of assets/foreclosed assets	($201.0K)	($191.0K)	($2.3M)	($2.4M)
Stock-based compensation	$10.6M	$5.2M	$13.2M	$8.9M
Net tax benefit from stock-based compensation	$296.0K	$136.0K	$1.8M	$1.4M
Earnings on life insurance policies	($1.9M)	($984.0K)	($2.9M)	($1.9M)
Trading account securities	($1.5M)	($22.0K)	($2.3M)	($4.3M)
Lease right-of-use assets	$13.4M	$5.5M	$18.2M	$12.9M
Accrued interest receivable and other assets	($19.3M)	($42.8M)	$69.3M	$1.5M
Accrued interest payable and other liabilities	($95.2M)	$78.7M	($594.3M)	($551.7M)
Net cash from operating activities	$290.3M	$237.3M	$93.2M	($155.3M)
Securities held-to-maturity - Purchases	$0	$0	($1.5M)	($1.5M)
Securities held to maturity: Maturities, calls and principal repayments	$44.1M	$24.9M	$77.5M	$46.9M
Purchases	($11.4B)	($5.6B)	($15.4B)	($8.3B)
Sales	$0	$0	$41.2M	$38.6M
Maturities, calls and principal repayments	$9.3B	$4.8B	$13.9B	$6.9B
Proceeds from sale of loans	$0	$0	$14.1M	$7.3M
Net change in loans	($1.1B)	($536.7M)	($712.4M)	($514.1M)
Benefits received on life insurance policies	$1.6M	$1.4M	$1.8M	$1.8M
Proceeds from sales of premises and equipment	$469.0K	$469.0K	$44.0K	$38.0K
Purchases of premises and equipment	($98.7M)	($38.6M)	($104.1M)	($67.2M)
Proceeds from sales of foreclosed assets	$535.0K	$453.0K	$15.1M	$15.1M
Net cash from investing activities	($3.2B)	($1.3B)	($2.2B)	($1.9B)
Net change in deposits	$416.2M	($81.7M)	($205.6M)	($1.0B)
Net change in short-term borrowings	$367.5M	($417.6M)	$230.6M	$79.2M
Proceeds from stock option exercises	$0	$0	$7.9M	$6.0M
Purchase of treasury stock	($163.2M)	($72.3M)	($72.5M)	($2.7M)
Cash dividends paid on preferred stock	($3.3M)	($1.7M)	($5.0M)	($3.3M)
Cash dividends paid on common stock	($128.8M)	($64.0M)	($191.3M)	($126.6M)
Net cash from financing activities	$488.3M	($637.2M)	($235.9M)	($1.1B)
Net change in cash and cash equivalents	($2.4B)	($1.7B)	($2.3B)	($3.1B)
Cash and cash equivalents at beginning of period	$8.9B	$8.9B	$10.2B	$10.2B
Cash and cash equivalents at end of period	$6.5B	$7.1B	$7.9B	$7.1B

CULLEN/FROST BANKERS, INC. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.