NYSE : CFR
Cullen/Frost Bankers, Inc. — Financial statements
Financials · Banks - Regional · United States
Last price 157.85 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 9.80B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 1.40B | 1.38B | 1.38B | 1.19B | 770.98M | 674.63M |
| Interest Income on Investments | 1.02B | 1.04B | 1.01B | 1.02B | 704.74M | 334.14M |
| Total Interest Income | 2.42B | 2.42B | 2.39B | 2.22B | 1.48B | 1.01B |
| Interest Paid on Deposits | 478.07M | 533.26M | 629.11M | 508.25M | 140.48M | 14.52M |
| Interest Paid on Borrowings | 137.18M | 151.33M | 156.92M | 150.80M | 43.96M | 9.38M |
| Total Interest Expense | 615.25M | 684.60M | 786.02M | 659.05M | 184.44M | 23.90M |
| Net Interest Income | 1.80B | 1.74B | 1.60B | 1.56B | 1.29B | 984.87M |
| Trust Income | 190.72M | 177.10M | 165.27M | 153.31M | 154.68M | 148.99M |
| Gain (Loss) on Sale of Investments | -8.35M | -850.00K | -96.00K | 66.00K | 69.00K | |
| Other Non-Interest Income | 215.35M | 201.28M | 187.69M | 181.66M | 158.25M | 154.37M |
| Total Non-Interest Income | 532.72M | 499.10M | 459.10M | 428.54M | 404.82M | 386.73M |
| Revenues Before Loan Losses | 2.34B | 2.24B | 2.06B | 1.99B | 1.70B | 1.37B |
| Provision for Loan Losses | 39.83M | 44.20M | 64.98M | 46.17M | 3.00M | 63.00K |
| Revenue | 2.30B | 2.19B | 2.00B | 1.94B | 1.69B | 1.37B |
| Salaries and Employee Benefits | 788.05M | 757.89M | 693.68M | 606.13M | 534.38M | 440.97M |
| Occupancy Expenses | 139.79M | 136.56M | 128.40M | 124.06M | 112.17M | 107.02M |
| Federal Deposit Insurance | 19.10M | 18.75M | 37.27M | 76.59M | 15.60M | 12.23M |
| Selling, General & Administrative | 295.08M | 285.84M | 250.40M | 241.12M | 207.41M | 184.15M |
| Other Non-Interest Expense | 234.24M | 220.29M | 193.01M | 180.76M | 154.71M | 137.62M |
| Total Non-Interest Expense | 1.48B | 1.42B | 1.30B | 1.23B | 1.02B | 881.99M |
| EBT Excluding Unusual Items | 819.47M | 771.70M | 695.97M | 712.37M | 668.83M | 489.54M |
| Pretax Income | 819.47M | 771.70M | 695.97M | 712.37M | 668.83M | 489.54M |
| Income Tax Expense | 129.96M | 123.14M | 113.42M | 114.40M | 89.68M | 46.46M |
| Net Income | 689.51M | 648.56M | 582.54M | 597.97M | 579.15M | 443.08M |
| Preferred Dividends & Other Adjustments | 14.90M | 13.08M | 12.91M | 12.96M | 11.88M | 11.04M |
| Net Income to Common | 674.61M | 635.47M | 569.63M | 585.01M | 567.26M | 432.04M |
| Basic Shares Outstanding | 62.81M | 64.05M | 64.12M | 64.20M | 64.16M | 63.61M |
| Diluted Shares Outstanding | 62.82M | 64.10M | 64.26M | 64.40M | 64.52M | 64.10M |
| EPS (Basic) | 10.74 | 9.92 | 8.88 | 9.11 | 8.84 | 6.79 |
| EPS (Diluted) | 10.74 | 9.92 | 8.87 | 9.10 | 8.81 | 6.76 |
| Dividend Per Share | 4.06 | 3.95 | 3.74 | 3.58 | 3.24 | 2.94 |
| Effective Tax Rate | 15.86% | 15.96% | 16.30% | 16.06% | 13.41% | 9.49% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.01B | 8.85B | 10.22B | 8.59B | 11.94B | 16.46B |
| Investment Securities | 9.86B | 10.18B | 10.40B | 12.44B | 14.07B | 11.09B |
| Trading Asset Securities | 297.62M | 148.63M | 161.53M | 193.16M | 221.53M | 184.23M |
| Mortgage-Backed Securities | 10.60B | 9.24B | 8.19B | 7.85B | 6.90B | 4.59B |
| Total Investments | 20.76B | 19.56B | 18.75B | 20.48B | 21.19B | 15.87B |
| Gross Loans | 23.66B | 21.89B | 20.75B | 18.82B | 17.15B | 16.34B |
| Allowance for Loan Losses | -290.26M | -281.50M | -270.15M | -246.00M | -227.62M | -248.67M |
| Net Loans | 23.37B | 21.61B | 20.48B | 18.58B | 16.93B | 16.09B |
| Property, Plant & Equipment | 1.39B | 1.31B | 1.25B | 1.19B | 1.10B | 1.05B |
| Goodwill | 654.95M | |||||
| Other Intangible Assets | 866.00K | |||||
| Accrued Interest Receivable | 206.80M | 256.09M | 236.59M | 251.38M | 243.68M | 179.11M |
| Restricted Cash | 91.00M | 11.20M | 350.00K | 8.60M | 3.20M | 110.30M |
| Other Real Estate Owned & Foreclosed | 1.30M | 14.10M | 725.00K | 1.00M | 3.40M | |
| Other Long-Term Assets | 1.69B | 1.44B | 1.57B | 1.75B | 1.49B | 461.06M |
| Total Assets | 54.52B | 53.04B | 52.52B | 50.85B | 52.89B | 50.88B |
| Interest Bearing Deposits | 29.68B | 28.77B | 28.28B | 26.99B | 26.36B | 24.27B |
| Non-Interest Bearing Deposits | 14.55B | 14.14B | 14.44B | 14.93B | 17.60B | 18.42B |
| Total Deposits | 44.22B | 42.92B | 42.72B | 41.92B | 43.95B | 42.70B |
| Short-Term Borrowings | 5.38B | 4.65B | 4.49B | 4.30B | 4.91B | 2.91B |
| Current Portion of Leases | 37.82M | |||||
| Accrued Interest Payable | 42.92M | 45.74M | 58.87M | 61.22M | 18.44M | 3.03M |
| Long-Term Debt | 99.92M | 99.80M | 99.65M | 99.49M | 99.33M | 99.18M |
| Long-Term Leases | 286.10M | 258.56M | 308.10M | 316.40M | 321.90M | 313.40M |
| Trust Preferred Securities | 123.28M | 123.24M | 123.18M | 123.13M | 123.07M | 123.01M |
| Other Long-Term Liabilities | 383.99M | 331.47M | 817.78M | 306.40M | 324.98M | 299.38M |
| Total Liabilities | 50.54B | 48.47B | 48.62B | 47.13B | 49.76B | 46.44B |
| Preferred Stock, Non-Redeemable | 145.45M | 145.45M | 145.45M | 145.45M | 145.45M | 145.45M |
| Total Preferred Equity | 145.45M | 145.45M | 145.45M | 145.45M | 145.45M | 145.45M |
| Common Stock | 644.00K | 644.00K | 644.00K | 644.00K | 643.00K | 642.00K |
| Additional Paid-In Capital | 1.12B | 1.10B | 1.08B | 1.06B | 1.03B | 1.01B |
| Retained Earnings | 4.63B | 4.31B | 3.95B | 3.66B | 3.31B | 2.96B |
| Treasury Stock | -313.47M | -139.61M | -22.56M | -23.93M | -20.74M | |
| Comprehensive Income & Other | -1.60B | -842.95M | -1.25B | -1.12B | -1.35B | 347.32M |
| Total Common Equity | 3.83B | 4.43B | 3.75B | 3.57B | 2.99B | 4.29B |
| Shareholders' Equity | 3.97B | 4.57B | 3.90B | 3.72B | 3.14B | 4.44B |
| Total Liabilities & Equity | 54.52B | 53.04B | 52.52B | 50.85B | 52.89B | 50.88B |
| Total Debt | 5.89B | 5.17B | 5.02B | 4.84B | 5.46B | 3.44B |
| Net Cash (Debt) | 1.42B | 3.84B | 5.37B | 4.03B | 6.79B | 13.22B |
| Net Cash Per Share | 22.56 | 59.88 | 83.61 | 62.60 | 105.22 | 206.17 |
| Filing Date Shares Outstanding | 62.18M | 63.20M | 64.24M | 64.20M | 64.36M | 64.02M |
| Total Common Shares Outstanding | 62.06M | 63.29M | 64.20M | 64.19M | 64.35M | 63.99M |
| Book Value Per Share | 61.70 | 69.96 | 58.46 | 55.64 | 46.49 | 67.11 |
| Tangible Book Value | 3.83B | 4.43B | 3.75B | 3.57B | 2.99B | 3.64B |
| Tangible Book Value Per Share | 61.70 | 69.96 | 58.46 | 55.64 | 46.49 | 56.86 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 689.51M | 648.56M | 582.54M | 597.97M | 579.15M | 443.08M |
| Depreciation & Amortization | 89.30M | 87.78M | 82.82M | 76.44M | 71.34M | 69.29M |
| Gain (Loss) on Sale of Assets | -9.01M | -3.03M | -141.00K | 750.00K | 109.00K | -11.58M |
| Gain (Loss) on Sale of Investments | 25.37M | 40.45M | 45.31M | 63.83M | 97.40M | 119.17M |
| Provision for Credit Losses | 39.83M | 44.20M | 64.98M | 46.17M | 3.00M | 63.00K |
| Change in Trading Asset Securities | -9.68M | -3.69M | -3.64M | -2.22M | -716.00K | -560.00K |
| Accrued Interest Receivable | -188.12M | -7.67M | 259.14M | -232.66M | -116.24M | -46.56M |
| Change in Other Net Operating Assets | 26.76M | 24.83M | 25.26M | 23.57M | 24.41M | 23.50M |
| Other Operating Activities | -8.80M | 1.43M | -15.35M | -17.77M | -7.01M | 5.32M |
| Operating Cash Flow | 763.65M | 273.98M | 989.53M | 478.85M | 722.58M | 648.29M |
| Capital Expenditures | -185.19M | -146.65M | -127.78M | -158.63M | -102.50M | -65.85M |
| Sale of Property, Plant and Equipment | 9.77M | 960.00K | 25.00K | 1.28M | 63.00K | 7.04M |
| Cash Acquisitions | -703.00K | |||||
| Investment in Securities | -938.27M | -329.41M | 1.91B | 898.12M | -7.36B | -3.62B |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -2.21B | -1.14B | -1.96B | -1.69B | -821.66M | 1.15B |
| Other Investing Activities | 4.27M | 18.32M | 4.43M | 2.52M | 4.63M | 3.12M |
| Investing Cash Flow | -3.32B | -1.60B | -180.88M | -942.75M | -8.28B | -2.53B |
| Short-Term Debt Issued | 179.71M | 223.53M | 1.95B | 649.73M | ||
| Total Debt Issued | 541.36M | 179.71M | 223.53M | 1.95B | 649.73M | |
| Short-Term Debt Repaid | -570.90M | |||||
| Long-Term Debt Repaid | -13.40M | |||||
| Total Debt Repaid | -570.90M | -13.40M | ||||
| Net Debt Issued (Repaid) | 541.36M | 179.71M | 223.53M | -570.90M | 1.95B | 636.32M |
| Issuance of Common Stock | 4.07M | 11.95M | 22.64M | 9.30M | 16.66M | 54.42M |
| Repurchase of Common Stock | -263.72M | -157.83M | -60.90M | -42.72M | -4.39M | -3.86M |
| Common Dividends Paid | -257.80M | -255.36M | -242.45M | -232.32M | -209.78M | -188.79M |
| Preferred Dividends Paid | -6.67M | -6.67M | -6.67M | -6.67M | -6.67M | -7.16M |
| Total Dividends Paid | -264.48M | -262.03M | -249.12M | -239.00M | -216.46M | -195.94M |
| Net Increase (Decrease) in Deposit Accounts | 1.71B | 195.12M | 802.18M | -2.03B | 1.26B | 7.68B |
| Financing Cash Flow | 1.72B | -33.09M | 738.33M | -2.88B | 3.00B | 8.17B |
| Net Cash Flow | -837.85M | -1.36B | 1.55B | -3.34B | -4.55B | 6.29B |
| Free Cash Flow | 578.46M | 127.33M | 861.76M | 320.21M | 620.08M | 582.44M |
| Free Cash Flow Margin | 25.20% | 5.81% | 43.11% | 16.50% | 36.62% | 42.47% |
| Free Cash Flow Per Share | 9.21 | 1.99 | 13.41 | 4.97 | 9.61 | 9.09 |
| Cash Interest Paid | 622.54M | 697.73M | 788.38M | 616.27M | 169.02M | 29.00M |
| Cash Income Tax Paid | 122.81M | 112.31M | 123.90M | 118.70M | 100.00M | 39.85M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.96B | 8.10B | 8.61B | 6.95B | 8.60B | 8.03B |
| Last Close Price | 157.60 | 124.01 | 127.52 | 99.73 | 118.81 | 109.34 |
| PE Ratio | 14.92 | 12.74 | 15.12 | 11.88 | 15.15 | 18.59 |
| PS Ratio | 4.33 | 3.69 | 4.31 | 3.58 | 5.08 | 5.86 |
| PB Ratio | 2.55 | 1.77 | 2.21 | 1.87 | 2.74 | 1.81 |
| P/FCF Ratio | 17.17 | 63.59 | 9.99 | 21.70 | 13.86 | 13.79 |
| P/OCF Ratio | 13.01 | 29.55 | 8.70 | 14.51 | 11.90 | 12.39 |
| Debt / Equity Ratio | 1.48 | 1.13 | 1.29 | 1.30 | 1.74 | 0.78 |
| Debt / FCF Ratio | 10.19 | 40.63 | 5.83 | 15.12 | 8.80 | 5.91 |
| Net Debt / Equity Ratio | -0.36 | -0.84 | -1.38 | -1.08 | -2.16 | -2.98 |
| Net Debt / FCF Ratio | -2.45 | -30.14 | -6.24 | -12.59 | -10.95 | -22.69 |
| Return on Equity (ROE) | 16.35% | 15.31% | 15.30% | 17.45% | 15.29% | 10.15% |
| Return on Assets (ROA) | 1.29% | 1.23% | 1.13% | 1.15% | 1.12% | 0.95% |
| Earnings Yield | 6.70% | 8.01% | 6.77% | 8.61% | 6.74% | 5.52% |
| FCF Yield | 5.82% | 1.57% | 10.01% | 4.61% | 7.21% | 7.25% |
| Dividend Yield | 2.57% | 3.09% | 2.79% | 3.31% | 2.43% | 2.34% |
| Payout Ratio | 38.36% | 40.40% | 42.76% | 39.97% | 37.38% | 44.22% |
| Buyback Yield / Dilution | 2.26% | 0.25% | 0.22% | 0.18% | -0.65% | -1.74% |
| Total Shareholder Return | 4.86% | 3.34% | 3.01% | 3.49% | 1.77% | 0.60% |