# EDGAR Filing Document

**Accession Number:** 0000039263
**File Stem:** 0000039263-26-000004
**Filing Date:** 2026-1
**Character Count:** 46688
**Document Hash:** 106045b02f4247ec3fb45995700d80f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000039263-26-000004.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000039263-26-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260129

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CULLEN/FROST BANKERS, INC.
- **CENTRAL INDEX KEY:** 0000039263
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 741751768
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13221
- **FILM NUMBER:** 26575272

**BUSINESS ADDRESS:**
- **STREET 1:** 111 W HOUSTON ST
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78205
- **BUSINESS PHONE:** 210-220-4011

**MAIL ADDRESS:**
- **STREET 1:** POST OFFICE BOX 1600
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78296-1600

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CULLEN FROST BANKERS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FROST BANK CORP
- **DATE OF NAME CHANGE:** 19770823

?xml version='1.0' encoding='ASCII'? cfr-20260129

**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): **January 29, 2026**

**Cullen/Frost Bankers, Inc.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Texas** | **001-13221** | **74-1751768** |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

---

| | | | |
|:---|:---|:---|:---|
| **111 W. Houston Street,** | **San Antonio,** | **Texas** | **78205** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip code) |

---

---

| | |
|:---|:---|
| **(210)** | **220-4011** |
| (Registrant's telephone number, including area code) | (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 <br>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&nbsp;&nbsp;&nbsp;&nbsp;☐

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.&nbsp;&nbsp;&nbsp;&nbsp;☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;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 January 29, 2026 regarding its financial results for the quarter and year ended December 31, 2025. 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&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press Release.](a4q25formxex991xpressrelea.htm)</u>

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

------

**SIGNATURES**

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

**&nbsp;&nbsp;&nbsp;&nbsp;CULLEN/FROST BANKERS, INC.**

**&nbsp;&nbsp;&nbsp;&nbsp;**By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Daniel J. Geddes&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daniel J. Geddes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group Executive Vice President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;Dated:&nbsp;&nbsp;&nbsp;&nbsp;January 29, 2026

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;99.1 | <u>[Press Release.](a4q25formxex991xpressrelea.htm)</u> |
| 104 | Cover Page Interactive Data File - The cover page XBRL tags are embedded within the inline XBRL document. |

---

## Exhibit 99.1

**Exhibit 99.1**

A.B. Mendez

Investor Relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210.220.5234 &nbsp;&nbsp;&nbsp;&nbsp;or

Bill Day

Media Relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210.220.5427 <br>

FOR IMMEDIATE RELEASE&nbsp;&nbsp;&nbsp;&nbsp;

January 29, 2026

**CULLEN/FROST REPORTS FOURTH QUARTER AND 2025 ANNUAL RESULTS**

***Board declares first quarter dividend on common and preferred stock,***

***and authorizes $300 million stock repurchase program***

SAN ANTONIO -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported fourth quarter and full-year results for 2025. Net income available to common shareholders for the fourth quarter of 2025 was $164.6 million, representing an increase of $11.4 million, or 7.4 percent, compared to $153.2 million reported for the fourth quarter of 2024. On a per-share basis, the company reported net income available to common shareholders of $2.56 per diluted common share for the fourth quarter of 2025, compared to $2.36 per diluted common share for the fourth quarter of 2024. For the fourth quarter of 2025, returns on average assets and average common equity were 1.22 percent and 14.80 percent, respectively, compared to 1.19 percent and 15.58 percent for the same period in 2024.

The company also reported 2025 annual net income available to common shareholders of $641.9 million, an increase of $66.0 million, or 11.5 percent, compared to 2024 earnings available to common shareholders of $575.9 million. On a per-share basis, 2025 earnings were $9.92 per diluted common share compared to $8.87 per diluted common share reported in 2024. For the year 2025, returns on average assets and average common equity were 1.24 percent and 15.66 percent respectively, compared to 1.16 percent and 15.81 percent reported in 2024.

------

"We carry great momentum with us as we enter 2026 and continue executing on a number of strategic growth initiatives," said Cullen/Frost Chairman and CEO, Phil Green. "Frost bankers throughout the state remain squarely focused on making our customers' lives better and supporting their growth in an increasing range of ways over time.

"We continue to execute on our organic growth strategy, and continue to believe that it is a durable and scalable strategy that will fuel Frost's growth for years to come. During the fourth quarter, we opened new financial centers in the Austin, Dallas, and San Antonio markets, bringing us to a total of 10 new locations opened during 2025."

For the fourth quarter of 2025, net interest income on a taxable-equivalent basis was $471.2 million, up $37.5 million, or 8.6 percent compared to $433.7 million for fourth quarter of 2024. Average loans for the fourth quarter of 2025 increased $1.3 billion, or 6.5 percent, to $21.7 billion, from the $20.3 billion reported for the fourth quarter a year earlier, and increased 1.0 percent compared to $21.5 billion for the third quarter of 2025. Average deposits for the quarter increased $1.5 billion, or 3.5 percent, to $43.3 billion compared to $41.9 billion in last year's fourth quarter, and increased $1.3 billion, or 3.0 percent, compared to $42.1 billion for the third quarter of 2025. Compared to the third quarter of 2025, fourth quarter average non-interest-bearing deposits increased by 3.1 percent and average interest-bearing deposits increased by 3.0 percent.

For full year 2025, average total loans were $21.2 billion, an increase of approximately $1.4 billion, or 7.3 percent, from the $19.8 billion reported in 2024. Average total deposits for 2025 were $42.2 billion, up $1.2 billion, or 3.0 percent, compared to the $41.0 billion reported for full year 2024.

------

**Noted financial data for the fourth quarter**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios for Cullen/Frost at the end of the fourth quarter of 2025 were 14.06 percent, 14.50 percent, and 15.95 percent, respectively. Current capital ratios continue to be in excess of well-capitalized levels and exceed Basel III requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Net interest income on a tax-equivalent basis was $471.2 million for the fourth quarter of 2025, an increase of 8.6 percent compared to the $433.7 million reported for the fourth quarter of 2024. The net interest margin was 3.66 percent for the fourth quarter of 2025 compared to 3.53 percent for the fourth quarter of 2024 and 3.69 percent for the third quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Non-interest income for the fourth quarter of 2025 was $132.2 million, up $9.3 million, or 7.6 percent, from the $122.8 million reported a year earlier. Other non-interest income increased by $2.2 million, or 13.8% percent, compared to the fourth quarter of 2024. The increase was primarily related to an increase in income from customers' derivatives trading activity (up $1.4 million). Trust and investment management fees increased by $1.9 million, or 4.3 percent, compared to the fourth quarter of 2024. The increase was mainly related to an increase in investment management fees, up $2.3 million compared to the fourth quarter of 2024. 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 by $4.5 million, or 15.9 percent, compared to the fourth quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* During the fourth quarter, we recognized several one-time expense items which in aggregate totaled $16.2 million. These one-time expense items included a payroll transition bonus associated with our change to a bi-weekly payroll cycle, a donation to the Frost Charitable Foundation, an additional accrual to increase our medical insurance reserve, and various sundry losses. These items were partly offset by an $8.5 million reversal of our accrual related to a special FDIC insurance assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-interest expense for the fourth quarter of 2025 was $371.7 million, up $35.5 million, or 10.6 percent, compared to the $336.2 million reported for the fourth quarter of 2024. Salaries and wages expense increased by $17.0 million, or 10.3 percent, compared to the fourth quarter of 2024. The increase in salaries

------

and wages was primarily related to an increase in salaries due to annual merit and market increases and an increase in the number of employees. The increase in the number of employees was partly related to our investment in organic expansion in various markets. Salary and wage expense for the fourth quarter was also impacted by $4.2 million related to the aforementioned payroll transition bonus. Employee benefits expense increased by $8.0 million, or 28.1 percent, compared to the fourth quarter of 2024. The increase in employee benefits expense was primarily related to the aforementioned increase in medical/dental expense (up $5.3 million), 401(k) plan expense (up $1.7 million), and payroll taxes (up $682,000). Other non-interest expense increased $14.7 million, or 23.3%, compared to the fourth quarter of 2024. The increase was primarily related to the aforementioned increases in sundry and other miscellaneous expense (up $3.7 million) and donations expense (up $3.3 million); as well as professional services expense (up $2.6 million), among other things. The increase in sundry expenses was driven by a $4.0 million accrual related to a software platform that is no longer aligned with our long-term technology strategy. Net occupancy expense increased by $2.2 million, or 7.0 percent, compared to the fourth quarter of 2024. The increase in net occupancy expense for the quarter was mainly driven by increases in depreciation on buildings and leasehold improvements (up $732,000) and increases in property taxes (up $654,000). These increases were mainly driven by expenses associated with expansion branch locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the fourth quarter of 2025, the company reported a credit loss expense of $11.2 million and reported net charge-offs of $5.8 million, compared to a credit loss expense of $6.8 million and net charge-offs of $6.6 million for the third quarter of 2025. For the fourth quarter of 2024, the company reported a credit loss expense of $16.2 million and net charge-offs of $14.0 million. The allowance for credit losses on loans as a percentage of total loans was 1.29 percent at December 31, 2025, compared to 1.31 percent at September 30, 2025, and 1.30 percent at December 31, 2024. Non-accrual loans were $70.5 million at the end of 2025, compared to $44.8 million the previous quarter and $78.9 million at year-end 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the fourth quarter, the company repurchased 653,913 shares at a total cost of $80.7 million, bringing us to a total of 1.20 million shares repurchased under the 2025 Repurchase Plan for the full year at an average price of $124.67, completing our $150 million authorization.

------

The Cullen/Frost board declared a first-quarter cash dividend of $1.00 per common share, payable March 13, 2026, to shareholders of record on February 27 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 on March 16, 2026, to shareholders of record on February 27 of this year.

In addition, the company's board of directors approved a new share repurchase program with authorization to purchase up to $300 million of Cullen/Frost common stock over a one-year period expiring on January 27, 2027. Share repurchases under the authorization may be made through a variety of methods, which may include open market purchases, in privately negotiated transactions, block trades, accelerated share repurchase transactions, and/or through other legally permissible means. The timing and amount of any share repurchases under the authorization will be determined by management at its discretion and based on market conditions and other considerations. The share repurchase program may be suspended or discontinued at any time at the company's discretion and does not obligate Cullen/Frost to purchase any amount of common stock.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, January 29, 2026, at 1:00 p.m. Central Time (CT) to discuss the results for the quarter and the year. The media and other interested parties are invited to access the call in a "listen only" mode at 877-709-8150. Playback of the conference call will be available after <br>5:00 p.m. CT on the day of the call until midnight Sunday, February 1 at 877-660-6853, with the Conference ID# of

13757958. A replay of the call will also be available by webcast at the URL listed below after 5:00 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 $53.0 billion in assets at December 31, 2025. 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 frostbank.com.

------

**Forward-Looking Statements and Factors that Could Affect Future Results**

Certain statements contained in this press 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inflation, interest rate, securities market, and monetary fluctuations.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in our liquidity position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impairment of our goodwill or other intangible assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The timely development and acceptance of new products and services and perceived overall value of these products and services by users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in consumer spending, borrowing, and saving habits.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technological changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisitions and integration of acquired businesses.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to increase market share and control expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to attract and retain qualified employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in our organization, compensation, and benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The soundness of other financial institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility and disruption in national and international financial and commodity markets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Government intervention in the U.S. financial system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political or economic instability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acts of God or of war or terrorism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The potential impact of climate change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The impact of pandemics, epidemics, or any other health-related crisis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

In addition, financial markets, international relations, and global supply chains have been significantly impacted by recent U.S. trade policies and practices. Due to the rapidly evolving and changing state of U.S. trade policies, the amount and duration of any tariffs and their ultimate impact on us, our customers, financial markets, and the overall U.S. and global economies is currently uncertain. Nonetheless, prolonged uncertainty, elevated tariff levels or their wide-spread use in U.S. trade policy could weaken economic conditions and adversely impact the ability of borrowers to repay outstanding loans or the value of collateral securing these loans or adversely affect financial markets or the values of securities. To the extent that these risks may have a negative impact on the financial condition of borrowers or financial markets, it could also 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.** | **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** |
| **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** |
| (In thousands, except per share amounts) | (In thousands, except per share amounts) | (In thousands, except per share amounts) | (In thousands, except per share amounts) | (In thousands, except per share amounts) | (In thousands, except per share amounts) |
|  | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **4th Qtr** | **3rd Qtr** | **2nd Qtr** | **1st Qtr** | **4th Qtr** |
| <u>CONDENSED INCOME STATEMENTS</u> |  |  |  |  |  |
| Net interest income | 448707 | 441618 | 429604 | 416220 | 413518 |
| Net interest income <sup>(1)</sup> | 471218 | 463667 | 450558 | 436404 | 433726 |
| Credit loss expense | 11224 | 6779 | 13129 | 13070 | 16162 |
| Non-interest income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trust and investment management fees | 45651 | 44846 | 43669 | 42931 | 43765 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 32360 | 31440 | 29151 | 28621 | 27909 |
| &nbsp;&nbsp;&nbsp;Insurance commissions and fees | 15180 | 15424 | 13879 | 21019 | 14215 |
| &nbsp;&nbsp;&nbsp;Interchange and card transaction fees | 6290 | 5547 | 5619 | 5402 | 5764 |
| &nbsp;&nbsp;&nbsp;Other charges, commissions and fees | 15228 | 14730 | 13967 | 13586 | 15208 |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on securities transactions | (836) |  |  | (14) | (112) |
| &nbsp;&nbsp;&nbsp;Other | 18291 | 13660 | 10988 | 12466 | 16075 |
| &nbsp;&nbsp;&nbsp;Total non-interest income | 132164 | 125647 | 117273 | 124011 | 122824 |
| Non-interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and wages | 182486 | 169155 | 162149 | 160857 | 165520 |
| &nbsp;&nbsp;&nbsp;Employee benefits | 36653 | 34465 | 32826 | 42157 | 28614 |
| &nbsp;&nbsp;&nbsp;Net occupancy | 34341 | 34682 | 34640 | 33277 | 32102 |
| &nbsp;&nbsp;&nbsp;Technology, furniture and equipment | 41575 | 43479 | 40572 | 40118 | 39775 |
| &nbsp;&nbsp;&nbsp;Deposit insurance | (1350) | 6328 | 6590 | 7184 | 6924 |
| &nbsp;&nbsp;&nbsp;Other | 77963 | 64369 | 70351 | 64473 | 63232 |
| &nbsp;&nbsp;&nbsp;Total non-interest expense | 371668 | 352478 | 347128 | 348066 | 336167 |
| Income before income taxes | 197979 | 208008 | 186620 | 179095 | 184013 |
| Income taxes | 31727 | 33628 | 29617 | 28173 | 29161 |
| Net income | 166252 | 174380 | 157003 | 150922 | 154852 |
| Preferred stock dividends | 1669 | 1668 | 1669 | 1669 | 1669 |
| Net income available to common shareholders | 164583 | 172712 | 155334 | 149253 | 153183 |
| <u>PER COMMON SHARE DATA</u> |  |  |  |  |  |
| Earnings per common share - basic | 2.56 | 2.67 | 2.39 | 2.30 | 2.37 |
| Earnings per common share - diluted | 2.56 | 2.67 | 2.39 | 2.30 | 2.36 |
| Cash dividends per common share | 1.00 | 1.00 | 1.00 | 0.95 | 0.95 |
| Book value per common share at end of quarter | 69.96 | 67.64 | 63.04 | 61.74 | 58.46 |
| <u>OUTSTANDING COMMON SHARES</u> |  |  |  |  |  |
| Period-end common shares | 63287 | 63801 | 64319 | 64283 | 64197 |
| Weighted-average common shares - basic | 63588 | 64080 | 64300 | 64255 | 64116 |
| Dilutive effect of stock compensation | 16 | 41 | 52 | 74 | 121 |
| Weighted-average common shares - diluted | 63604 | 64121 | 64352 | 64329 | 64237 |
| <u>SELECTED ANNUALIZED RATIOS</u> |  |  |  |  |  |
| Return on average assets | 1.22% | 1.32% | 1.22% | 1.19% | 1.19% |
| Return on average common equity | 14.80 | 16.72 | 15.64 | 15.54 | 15.58 |
| Net interest income to average earning assets <sup>(1)</sup> | 3.66 | 3.69 | 3.67 | 3.60 | 3.53 |
| (1) Taxable-equivalent basis assuming a 21% tax rate. | (1) Taxable-equivalent basis assuming a 21% tax rate. | (1) Taxable-equivalent basis assuming a 21% tax rate. | (1) Taxable-equivalent basis assuming a 21% tax rate. | (1) Taxable-equivalent basis assuming a 21% tax rate. | (1) Taxable-equivalent basis assuming a 21% tax rate. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** |
| **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **4th Qtr** | **3rd Qtr** | **2nd Qtr** | **1st Qtr** | **4th Qtr** |
| <u>BALANCE SHEET SUMMARY</u> |  |  |  |  |  |
| ($ in millions) |  |  |  |  |  |
| Average Balance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | $21661 | $21452 | $21063 | $20788 | $20346 |
| &nbsp;&nbsp;&nbsp;Earning assets | 50033 | 48492 | 47664 | 47424 | 47577 |
| &nbsp;&nbsp;&nbsp;Total assets | 53507 | 51911 | 51191 | 50925 | 51008 |
| &nbsp;&nbsp;&nbsp;Non-interest-bearing demand deposits | 14268 | 13839 | 13788 | 13798 | 14051 |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | 29072 | 28232 | 27972 | 27860 | 27834 |
| &nbsp;&nbsp;&nbsp;Total deposits | 43340 | 42071 | 41760 | 41658 | 41885 |
| &nbsp;&nbsp;&nbsp;Shareholders' equity | 4558 | 4243 | 4129 | 4041 | 4057 |
| Period-End Balance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | $21892 | $21446 | $21254 | $20904 | $20755 |
| &nbsp;&nbsp;&nbsp;Earning assets | 49524 | 49147 | 47756 | 48409 | 48878 |
| &nbsp;&nbsp;&nbsp;Total assets | 53041 | 52533 | 51409 | 52005 | 52520 |
| &nbsp;&nbsp;&nbsp;Total deposits | 42918 | 42517 | 41684 | 42391 | 42723 |
| &nbsp;&nbsp;&nbsp;Shareholders' equity | 4573 | 4461 | 4200 | 4114 | 3899 |
| &nbsp;&nbsp;Adjusted shareholders' equity <sup>(1)</sup> | 5416 | 5385 | 5341 | 5243 | 5151 |
| <u>ASSET QUALITY</u> |  |  |  |  |  |
| ($ in thousands) |  |  |  |  |  |
| Allowance for credit losses on loans: | $281495 | $280221 | $277803 | $275488 | $270151 |
| &nbsp;&nbsp;&nbsp;As a percentage of period-end loans | 1.29% | 1.31% | 1.31% | 1.32% | 1.30% |
| Net charge-offs: | $5843 | $6589 | $11151 | $9691 | $13962 |
| &nbsp;&nbsp;&nbsp;Annualized as a percentage of average loans | 0.11% | 0.12% | 0.21% | 0.19% | 0.27% |
| Non-accrual loans: | $70482 | $44778 | $62393 | $83534 | $78866 |
| &nbsp;&nbsp;&nbsp;As a percentage of total loans | 0.32% | 0.21% | 0.29% | 0.40% | 0.38% |
| &nbsp;&nbsp;&nbsp;As a percentage of total assets | 0.13 | 0.09 | 0.12 | 0.16 | 0.15 |
| <u>CONSOLIDATED CAPITAL RATIOS</u> |  |  |  |  |  |
| Common Equity Tier 1 Risk-Based Capital Ratio | 14.06% | 14.14% | 13.98% | 13.84% | 13.62% |
| Tier 1 Risk-Based Capital Ratio | 14.50 | 14.59 | 14.43 | 14.30 | 14.07 |
| Total Risk-Based Capital Ratio | 15.95 | 16.04 | 15.88 | 15.76 | 15.53 |
| Leverage Ratio | 8.80 | 9.00 | 8.98 | 8.84 | 8.63 |
| Equity to Assets Ratio (period-end) | 8.62 | 8.49 | 8.17 | 7.91 | 7.42 |
| Equity to Assets Ratio (average) | 8.52 | 8.17 | 8.07 | 7.94 | 7.95 |
| (1) Shareholders' equity excluding accumulated other comprehensive income (loss). | (1) Shareholders' equity excluding accumulated other comprehensive income (loss). | (1) Shareholders' equity excluding accumulated other comprehensive income (loss). | (1) Shareholders' equity excluding accumulated other comprehensive income (loss). | (1) Shareholders' equity excluding accumulated other comprehensive income (loss). | (1) Shareholders' equity excluding accumulated other comprehensive income (loss). |

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| | | | |
|:---|:---|:---|:---|
| **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** |
| **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** |
| (In thousands, except per share amounts) | (In thousands, except per share amounts) | (In thousands, except per share amounts) | (In thousands, except per share amounts) |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| <u>CONDENSED INCOME STATEMENTS</u> |  |  |  |
| Net interest income | 1736149 | 1604612 | 1558664 |
| Net interest income <sup>(1)</sup> | 1821848 | 1687873 | 1651695 |
| Credit loss expense | 44202 | 64985 | 46171 |
| Non-interest income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Trust and investment management fees | 177097 | 165270 | 153315 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 121572 | 106230 | 93504 |
| &nbsp;&nbsp;&nbsp;Insurance commissions and fees | 65502 | 61269 | 58271 |
| &nbsp;&nbsp;&nbsp;Interchange and card transaction fees | 22858 | 21017 | 19419 |
| &nbsp;&nbsp;&nbsp;Other charges, commissions and fees | 57511 | 53348 | 49026 |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on securities transactions | (850) | (96) | 66 |
| &nbsp;&nbsp;&nbsp;Other | 55405 | 52060 | 54941 |
| &nbsp;&nbsp;&nbsp;Total non-interest income | 499095 | 459098 | 428542 |
| Non-interest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and wages | 674647 | 621394 | 547718 |
| &nbsp;&nbsp;&nbsp;Employee benefits | 146101 | 122446 | 115306 |
| &nbsp;&nbsp;&nbsp;Net occupancy | 136940 | 128751 | 124396 |
| &nbsp;&nbsp;&nbsp;Technology, furniture and equipment | 165744 | 148487 | 135286 |
| &nbsp;&nbsp;&nbsp;Deposit insurance | 18752 | 37269 | 76589 |
| &nbsp;&nbsp;&nbsp;Other | 277156 | 244411 | 229367 |
| &nbsp;&nbsp;&nbsp;Total non-interest expense | 1419340 | 1302758 | 1228662 |
| Income before income taxes | 771702 | 695967 | 712373 |
| Income taxes | 123145 | 113425 | 114400 |
| Net income | 648557 | 582542 | 597973 |
| Preferred stock dividends | 6675 | 6675 | 6675 |
| Net income available to common shareholders | 641882 | 575867 | 591298 |
| <u>PER COMMON SHARE DATA</u> |  |  |  |
| Earnings per common share - basic | 9.92 | 8.88 | 9.11 |
| Earnings per common share - diluted | 9.92 | 8.87 | 9.10 |
| Cash dividends per common share | 3.95 | 3.74 | 3.58 |
| Book value per common share at end of quarter | 69.96 | 58.46 | 55.64 |
| <u>OUTSTANDING COMMON SHARES</u> |  |  |  |
| Period-end common shares | 63287 | 64197 | 64185 |
| Weighted-average common shares - basic | 64054 | 64121 | 64204 |
| Dilutive effect of stock compensation | 45 | 142 | 201 |
| Weighted-average common shares - diluted | 64099 | 64263 | 64405 |
| <u>SELECTED ANNUALIZED RATIOS</u> |  |  |  |
| Return on average assets | 1.24% | 1.16% | 1.19% |
| Return on average common equity | 15.66 | 15.81 | 18.66 |
| Net interest income to average earning assets <sup>(1)</sup> | 3.66 | 3.53 | 3.45 |
| (1) Taxable-equivalent basis assuming a 21% tax rate. | (1) Taxable-equivalent basis assuming a 21% tax rate. | (1) Taxable-equivalent basis assuming a 21% tax rate. | (1) Taxable-equivalent basis assuming a 21% tax rate. |

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| | | | |
|:---|:---|:---|:---|
| **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** | **Cullen/Frost Bankers, Inc.** |
| **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** | **CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| <u>BALANCE SHEET SUMMARY ($ in millions)</u> |  |  |  |
| Average Balance: |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | $21244 | $19801 | $17893 |
| &nbsp;&nbsp;&nbsp;Earning assets | 48411 | 46275 | 46186 |
| &nbsp;&nbsp;&nbsp;Total assets | 51889 | 49694 | 49604 |
| &nbsp;&nbsp;&nbsp;Non-interest-bearing demand deposits | 13924 | 13841 | 15340 |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | 28287 | 27124 | 26098 |
| &nbsp;&nbsp;&nbsp;Total deposits | 42212 | 40965 | 41438 |
| &nbsp;&nbsp;&nbsp;Shareholders' equity | 4244 | 3787 | 3313 |
| Period-End Balance: |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | $21892 | $20755 | $18824 |
| &nbsp;&nbsp;&nbsp;Earning assets | 49524 | 48878 | 47124 |
| &nbsp;&nbsp;&nbsp;Total assets | 53041 | 52520 | 50845 |
| &nbsp;&nbsp;&nbsp;Total deposits | 42918 | 42723 | 41921 |
| &nbsp;&nbsp;&nbsp;Shareholders' equity | 4573 | 3899 | 3716 |
| &nbsp;&nbsp;Adjusted shareholders' equity <sup>(1)</sup> | 5416 | 5151 | 4836 |
| <u>ASSET QUALITY ($ in thousands)</u> |  |  |  |
| Allowance for credit losses on loan: | $281495 | $270151 | $245996 |
| &nbsp;&nbsp;&nbsp;As a percentage of period-end loans | 1.29% | 1.30% | 1.31% |
| Net charge-offs: | $33274 | $40677 | $34486 |
| &nbsp;&nbsp;&nbsp;Annualized as a percentage of average loans | 0.16% | 0.21% | 0.19% |
| Non-accrual loans: | $70482 | $78866 | $60907 |
| &nbsp;&nbsp;&nbsp;&nbsp;As a percentage of total loans | 0.32% | 0.38% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;As a percentage of total assets | 0.13 | 0.15 | 0.12 |
| <u>CONSOLIDATED CAPITAL RATIOS</u> |  |  |  |
| Common Equity Tier 1 Risk-Based Capital Ratio | 14.06% | 13.62% | 13.25% |
| Tier 1 Risk-Based Capital Ratio | 14.50 | 14.07 | 13.73 |
| Total Risk-Based Capital Ratio | 15.95 | 15.53 | 15.18 |
| Leverage Ratio | 8.80 | 8.63 | 8.35 |
| Equity to Assets Ratio (period-end) | 8.62 | 7.42 | 7.31 |
| Equity to Assets Ratio (average) | 8.18 | 7.62 | 6.68 |
| (1) Shareholders' equity excluding accumulated other comprehensive income (loss). | (1) Shareholders' equity excluding accumulated other comprehensive income (loss). | (1) Shareholders' equity excluding accumulated other comprehensive income (loss). | (1) Shareholders' equity excluding accumulated other comprehensive income (loss). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Cullen/Frost Bankers, Inc.** | &nbsp;&nbsp;&nbsp;**Cullen/Frost Bankers, Inc.** | &nbsp;&nbsp;&nbsp;**Cullen/Frost Bankers, Inc.** | &nbsp;&nbsp;&nbsp;**Cullen/Frost Bankers, Inc.** | &nbsp;&nbsp;&nbsp;**Cullen/Frost Bankers, Inc.** | &nbsp;&nbsp;&nbsp;**Cullen/Frost Bankers, Inc.** |
| **TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)** | **TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)** | **TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)** | **TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)** | **TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)** | **TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **4th Qtr** | **3rd Qtr** | **2nd Qtr** | **1st Qtr** | **4th Qtr** |
| <u>TAXABLE-EQUIVALENT YIELD/COST</u><sup>(1)</sup> |  |  |  |  |  |
| Earning Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | 3.93% | 4.36% | 4.41% | 4.39% | 4.71% |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 4.28 | 4.74 | 4.71 | 4.79 | 5.16 |
| &nbsp;&nbsp;&nbsp;Resell agreements | 4.13 | 4.58 | 4.59 | 4.60 | 4.88 |
| &nbsp;&nbsp;Securities<sup>(2)</sup> | 3.82 | 3.85 | 3.79 | 3.63 | 3.44 |
| &nbsp;&nbsp;&nbsp;Loans, net of unearned discounts | 6.43 | 6.61 | 6.60 | 6.57 | 6.77 |
| &nbsp;&nbsp;&nbsp;Total earning assets | 4.94 | 5.11 | 5.07 | 4.99 | 5.05 |
| Interest-Bearing Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings and interest checking | 0.19% | 0.24% | 0.24% | 0.24% | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market deposit accounts | 2.08 | 2.28 | 2.28 | 2.27 | 2.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time accounts | 3.45 | 3.79 | 3.86 | 3.97 | 4.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 1.75 | 1.94 | 1.93 | 1.94 | 2.14 |
| &nbsp;&nbsp;&nbsp;Total deposits | 1.17 | 1.30 | 1.29 | 1.30 | 1.42 |
| &nbsp;&nbsp;&nbsp;Federal funds purchased | 3.94 | 4.34 | 4.37 | 4.40 | 4.71 |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 2.87 | 3.17 | 3.23 | 3.13 | 3.34 |
| &nbsp;&nbsp;&nbsp;Junior subordinated deferrable interest debentures | 6.05 | 6.30 | 6.30 | 6.32 | 6.87 |
| &nbsp;&nbsp;&nbsp;Subordinated notes payable and other notes | 4.69 | 4.69 | 4.69 | 4.69 | 4.69 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 1.92 | 2.13 | 2.12 | 2.12 | 2.32 |
| &nbsp;&nbsp;&nbsp;Net interest spread | 3.02 | 2.98 | 2.95 | 2.87 | 2.73 |
| &nbsp;&nbsp;&nbsp;Net interest income to total average earning assets | 3.66 | 3.69 | 3.67 | 3.60 | 3.53 |
| <u>AVERAGE BALANCES</u> |  |  |  |  |  |
| ($ in millions) |  |  |  |  |  |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | 8431 | 6816 | 6169 | 7238 | 8577 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 2 | 3 | 8 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Resell agreements | 10 | 10 | 23 | 10 | 11 |
| &nbsp;&nbsp;Securities - carrying value<sup>(2)</sup> | 19929 | 20213 | 20401 | 19384 | 18640 |
| &nbsp;&nbsp;Securities - amortized cost<sup>(2)</sup> | 20995 | 21622 | 21864 | 20839 | 19944 |
| &nbsp;&nbsp;&nbsp;Loans, net of unearned discount | 21661 | 21452 | 21063 | 20788 | 20346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | 50033 | 48492 | 47664 | 47424 | 47577 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings and interest checking | 9899 | 9689 | 9920 | 9969 | 9693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market deposit accounts | 12619 | 11817 | 11518 | 11432 | 11683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time accounts | 6554 | 6726 | 6534 | 6458 | 6458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 29072 | 28232 | 27972 | 27860 | 27834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 43340 | 42071 | 41760 | 41658 | 41885 |
| &nbsp;&nbsp;&nbsp;Federal funds purchased | 27 | 29 | 25 | 18 | 24 |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 4586 | 4593 | 4250 | 4147 | 3946 |
| &nbsp;&nbsp;&nbsp;Junior subordinated deferrable interest debentures | 123 | 123 | 123 | 123 | 123 |
| &nbsp;&nbsp;&nbsp;Subordinated notes payable and other notes | 100 | 100 | 100 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing funds | 33909 | 33077 | 32471 | 32248 | 32027 |
| (1) Taxable-equivalent basis assuming a 21% tax rate. | (1) Taxable-equivalent basis assuming a 21% tax rate. | (1) Taxable-equivalent basis assuming a 21% tax rate. | (1) Taxable-equivalent basis assuming a 21% tax rate. | (1) Taxable-equivalent basis assuming a 21% tax rate. | (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. | (2) Average securities include unrealized gains and losses on securities available for sale while yields are based on average amortized cost. | (2) Average securities include unrealized gains and losses on securities available for sale while yields are based on average amortized cost. | (2) Average securities include unrealized gains and losses on securities available for sale while yields are based on average amortized cost. | (2) Average securities include unrealized gains and losses on securities available for sale while yields are based on average amortized cost. | (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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