cfr-20230727

0000039263-23-000063.txt : 20230727 0000039263-23-000063.hdr.sgml : 20230727 20230727091914 ACCESSION NUMBER: 0000039263-23-000063 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230727 DATE AS OF CHANGE: 20230727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CULLEN/FROST BANKERS, INC. CENTRAL INDEX KEY: 0000039263 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 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: 231115488 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 8-K 1 cfr-20230727.htm 8-K - 2Q23 PRESS RELEASE cfr-20230727

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 27, 2023

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 27, 2023 regarding its financial results for the quarter ended June 30, 2023. 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.

104 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.

CULLEN/FROST BANKERS, INC.

By: /s/ Jerry Salinas

Jerry Salinas

Group Executive Vice President

and Chief Financial Officer

Dated: July 27, 2023

EXHIBIT INDEX


Exhibit Number						Description

99.1						Press Release.
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EX-99.1 2 a2q23formxex991xpressrelea.htm EX-99.1 - 2Q23 EARNINGS RELEASE Document

Exhibit 99.1

A.B. Mendez

Investor Relations

210.220.5234

Bill Day

Media Relations

210.220.5427

FOR IMMEDIATE RELEASE

July 27, 2023

CULLEN/FROST REPORTS SECOND QUARTER RESULTS

Board increases quarterly common dividend by 5.7 percent to $0.92

SAN ANTONIO -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported second quarter 2023 results.

Net income available to common shareholders for the second quarter of 2023 was $160.4 million compared to $117.4 million in the second quarter of 2022. On a per-share basis, net income available to common shareholders for the second quarter of 2023 was $2.47 per diluted common share, compared to $1.81 per diluted common share reported a year earlier, representing a 36.5 percent increase. Returns on average assets and average common equity were 1.30 percent and 19.36 percent, respectively, for the second quarter of 2023 compared to 0.92 percent and 13.88 percent, respectively, for the same period a year earlier.

For the second quarter of 2023, net interest income on a taxable-equivalent basis was $408.6 million, up 31.2 percent compared to the same quarter in 2022. Average loans for the second quarter of 2023 increased $1.0 billion, or 5.9 percent, to $17.7 billion, from the $16.7 billion reported for the second quarter a year earlier. Excluding PPP loans, second quarter average loans of $17.6 billion represented a 6.7 percent increase compared to the second quarter of 2022 and a 2.0 percent increase compared to the first quarter of 2023. Average deposits for the second quarter were $41.0 billion, down $3.7 billion, or 8.3 percent, compared to the $44.7 billion reported for last year's second quarter, and down $1.8 billion, or 4.1 percent, compared to the first quarter of 2023.

Average deposits during the second quarter continued to be impacted by the higher interest rate environment, as we saw a continuation of the declining trend in non-interest bearing deposit balances that began in the fourth quarter of 2022. Average non-interest bearing deposits were down $1.4 billion, or 8.4 percent, from the first quarter. Average interest-bearing deposits were down $345 million, or 1.3 percent, from the first quarter.

“We were pleased with the earnings growth we experienced during the quarter, and I’m proud of our great staff living our culture of going above and beyond for our customers," said Cullen/Frost Chairman and CEO Phil Green. "We also were excited to announce our decision to double our presence in the Austin region, the third largest deposit market in Texas. We expect to complete this move by 2026. This effort aligns with our successful expansions in the dynamic Houston and Dallas markets and complements our organic growth strategy which has resulted in record levels of customer acquisition.”

Noted financial data for the second quarter of 2023 follows:

•The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the second quarter of 2023 were 13.42 percent, 13.92 percent and 15.39 percent, respectively, and continue to be in excess of well-capitalized levels and exceed Basel III minimum requirements.

•Net interest income on a taxable-equivalent basis was $408.6 million for the second quarter of 2023, an increase of 31.2 percent, compared to the prior year period. Net interest margin was 3.45 percent for the second quarter compared to 3.47 percent for the first quarter of 2023 and compared to 2.56 percent for the second quarter of 2022.

•Non-interest income for the second quarter of 2023 totaled $103.5 million, an increase of $5.6 million, or 5.7 percent, from the $97.9 million reported for the second quarter of 2022. Other charges, commissions and fees increased $2.2 million, or 22.3 percent, compared to the second quarter of 2022. The increase was mainly driven by an increase in capital markets advisory fees (up $648,000), other service charges (up $641,000), and income from the placement of money market accounts (up $472,000), among other things. Trust and investment management fees increased $1.6 million, or 4.3 percent, compared to the second quarter of 2022. The increase was primarily due to increases in real estate fees (up $1.0 million),

estate fees (up $821,000) and investment management fees (up $580,000) partly offset by a decrease in oil and gas fees (down $1.0 million). Insurance commissions and fees increased $1.2 million, or 9.9 percent, compared to the second quarter of 2022. The increase during the second quarter of 2023 was mainly driven by an increase in commission income (up $1.3 million) partly offset by a decrease in contingent income (down $133,000).

•Non-interest expense was $285.0 million for the second quarter of 2023, up $38.7 million, or 15.7 percent, compared to the $246.3 million reported for the second quarter a year earlier. Salaries and wages expense increased $16.3 million, or 14.0 percent, compared to the second quarter of 2022. 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 investments in organic expansion in the Houston and Dallas markets, and also to the gradual rollout of our mortgage loan product offering. Employee benefits expense increased by $6.1 million, or 29.2 percent, compared to the second quarter of 2022. The increase in employee benefits expense was related to increases in 401(k) plan expense, payroll taxes and medical benefits expense, among other things. Other non-interest expense increased $7.4 million, or 16.0 percent, compared to the second quarter of 2022. The increase during the second quarter of 2023 included increases in advertising/promotions expense (up $2.9 million); professional services expense (up $2.8 million), which was primarily related to information technology services; and travel, meals and entertainment expense (up $956,000), among other things.

•For the second quarter of 2023, the company reported a credit loss expense of $9.9 million, and reported net charge-offs of $9.8 million. This compares to a credit loss expense of $9.1 million and net charge-offs of $8.8 million for the first quarter of 2023 and no credit loss expense and net charge-offs of $2.8 million for the second quarter of 2022. The allowance for credit losses on loans as a percentage of total loans was 1.32 percent at June 30, 2023, compared to 1.32 percent at the end of the first quarter of 2023 and 1.43 percent at the end of the second quarter of 2022. Non-accrual loans were $67.8 million at the end of the second quarter of 2023, compared to $38.4 million at the end of the first quarter of 2023 and $35.1 million at the end of the second quarter of 2022.

The Cullen/Frost board declared a third-quarter cash dividend of $0.92 per common share. The dividend on common stock is payable September 15, 2023 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, 2023 to shareholders of record on August 31 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, July 27, 2023, 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, July 30, 2023 at 1-877-660-6853 with Conference ID # of 13739639. 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 $48.6 billion in assets at June 30, 2023. Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, 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.

•Inflation, interest rate, securities market and monetary fluctuations.

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

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

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

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

•Changes in our liquidity position.

•Impairment of our goodwill or other intangible assets.

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

•Changes in consumer spending, borrowing and saving habits.

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

•Technological changes.

•The cost and effects of cyber incidents or other failures, interruptions or security breaches of our systems or those of our customers or third-party providers.

•Acquisitions and integration of acquired businesses.

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

•Our ability to increase market share and control expenses.

•Our ability to attract and retain qualified employees.

•Changes in our organization, compensation and benefit plans.

•The soundness of other financial institutions.

•Volatility and disruption in national and international financial and commodity markets.

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

•Government intervention in the U.S. financial system.

•Political or economic instability.

•Acts of God or of war or terrorism.

•The potential impact of climate change.

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

•The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals.

•The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which we and our subsidiaries must comply.

•The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.

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

In addition, financial markets and global supply chains may continue to be adversely affected by the current or anticipated impact of military conflict, including the current Russian invasion of Ukraine or other geopolitical events.

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)

	2023						2022
	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
CONDENSED INCOME STATEMENTS
Net interest income	$	385,266		$	399,820		$	398,457		$	355,547		$	288,208
Net interest income (1)	408,594			425,844			423,892			379,518			311,377
Credit loss expense	9,901			9,104			3,000			—			—
Non-interest income:
Trust and investment management fees	39,392			36,144			39,695			38,552			37,776
Service charges on deposit accounts	23,487			21,879			22,321			22,960			23,870
Insurance commissions and fees	12,940			18,952			11,674			13,152			11,776
Interchange and card transaction fees	5,250			4,889			4,480			4,614			4,911
Other charges, commissions and fees	12,090			11,704			10,981			11,095			9,887
Net gain (loss) on securities transactions	33			21			—			—			—
Other	10,336			11,676			16,529			9,448			9,707
Total non-interest income	103,528			105,265			105,680			99,821			97,927

Non-interest expense:
Salaries and wages	133,195			130,345			136,697			127,189			116,881
Employee benefits	26,792			33,922			21,975			21,680			20,733
Net occupancy	31,714			30,349			28,572			28,133			28,379
Technology, furniture and equipment	33,043			32,481			30,912			30,781			29,921
Deposit insurance	6,202			6,245			3,967			4,279			3,724
Intangible amortization	82			96			100			103			131
Other	54,014			51,704			59,074			45,733			46,578
Total non-interest expense	285,042			285,142			281,297			257,898			246,347
Income before income taxes	193,851			210,839			219,840			197,470			139,788
Income taxes	31,733			33,186			28,666			27,710			20,674
Net income	162,118			177,653			191,174			169,760			119,114
Preferred stock dividends	1,669			1,669			1,669			1,668			1,669
Net income available to common shareholders	$	160,449		$	175,984		$	189,505		$	168,092		$	117,445

PER COMMON SHARE DATA
Earnings per common share - basic	$	2.47		$	2.71		$	2.92		$	2.60		$	1.82
Earnings per common share - diluted	2.47			2.70			2.91			2.59			1.81
Cash dividends per common share	0.87			0.87			0.87			0.87			0.75
Book value per common share at end of quarter	50.55			51.59			46.49			41.53			49.93

OUTSTANDING COMMON SHARES
Period-end common shares	64,120			64,396			64,355			64,211			64,123
Weighted-average common shares - basic	64,241			64,374			64,303			64,158			64,113
Dilutive effect of stock compensation	187			258			344			343			354
Weighted-average common shares - diluted	64,428			64,632			64,647			64,501			64,467

SELECTED ANNUALIZED RATIOS
Return on average assets	1.30		%	1.39		%	1.44		%	1.27		%	0.92		%
Return on average common equity	19.36			22.59			27.16			20.13			13.88
Net interest income to average earning assets	3.45			3.47			3.31			3.01			2.56

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


Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

	2023						2022
	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans	$	17,664		$	17,319		$	17,063		$	16,823		$	16,674
Loans excluding Paycheck Protection Program	17,638			17,287			17,020			16,752			16,531
Earning assets	45,929			47,904			48,867			49,062			47,880
Total assets	49,317			51,307			52,284			52,383			51,088
Non-interest-bearing demand deposits	15,231			16,636			17,980			18,511			18,355
Interest-bearing deposits	25,776			26,121			26,779			27,292			26,371
Total deposits	41,007			42,757			44,759			45,803			44,726
Shareholders' equity	3,470			3,305			2,913			3,459			3,540

Period-End Balance:
Loans	$	17,746		$	17,486		$	17,155		$	16,951		$	16,736
Loans excluding Paycheck Protection Program	17,724			17,458			17,120			16,900			16,644
Earning assets	45,146			47,870			49,402			49,517			48,404
Goodwill and intangible assets	655			655			655			655			656
Total assets	48,597			51,246			52,892			52,946			51,785
Total deposits	40,701			42,184			43,954			46,560			45,602
Shareholders' equity	3,387			3,468			3,137			2,812			3,347
Adjusted shareholders' equity (1)	4,692			4,610			4,486			4,341			4,221

ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:	$	233,619		$	231,514		$	227,621		$	234,315		$	239,632
As a percentage of period-end loans	1.32		%	1.32		%	1.33		%	1.38		%	1.43		%

Net charge-offs:	$	9,828		$	8,782		$	3,810		$	2,854		$	2,807
Annualized as a percentage of average loans	0.22		%	0.21		%	0.09		%	0.07		%	0.07		%

Non-accrual loans:	$	67,781		$	38,410		$	37,833		$	29,904		$	35,125
As a percentage of total loans	0.38		%	0.22		%	0.22		%	0.18		%	0.21		%
As a percentage of total assets	0.14			0.07			0.07			0.06			0.07

CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio	13.42		%	13.24		%	12.85		%	12.74		%	12.64		%
Tier 1 Risk-Based Capital Ratio	13.92			13.74			13.35			13.26			13.17
Total Risk-Based Capital Ratio	15.39			15.22			14.84			14.80			14.75
Leverage Ratio	8.11			7.69			7.29			7.09			7.03
Equity to Assets Ratio (period-end)	6.97			6.77			5.93			5.31			6.46
Equity to Assets Ratio (average)	7.04			6.44			5.57			6.60			6.93

(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,
	2023			2022
CONDENSED INCOME STATEMENTS
Net interest income	$	785,086		$	537,279
Net interest income (1)	834,438			583,572
Credit loss expense	19,005			—
Non-interest income:
Trust and investment management fees	75,536			76,432
Service charges on deposit accounts	45,366			46,610
Insurance commissions and fees	31,892			28,384
Interchange and card transaction fees	10,139			9,137
Other charges, commissions and fees	23,794			19,514
Net gain (loss) on securities transactions	54			—
Other	22,012			19,240
Total non-interest income	208,793			199,317

Non-interest expense:
Salaries and wages	263,540			228,210
Employee benefits	60,714			44,953
Net occupancy	62,063			55,790
Technology, furniture and equipment	65,524			59,078
Deposit insurance	12,447			7,357
Intangible amortization	178			277
Other	105,718			89,414
Total non-interest expense	570,184			485,079
Income before income taxes	404,690			251,517
Income taxes	64,919			33,301
Net income	339,771			218,216
Preferred stock dividends	3,338			3,338
Net income available to common shareholders	$	336,433		$	214,878

PER COMMON SHARE DATA
Earnings per common share - basic	$	5.18		$	3.32
Earnings per common share - diluted	5.17			3.31
Cash dividends per common share	1.74			1.50
Book value per common share at end of quarter	50.55			49.93

OUTSTANDING COMMON SHARES
Period-end common shares	64,120			64,123
Weighted-average common shares - basic	64,307			64,082
Dilutive effect of stock compensation	225			383
Weighted-average common shares - diluted	64,532			64,465

SELECTED ANNUALIZED RATIOS
Return on average assets	1.35		%	0.85		%
Return on average common equity	20.92			11.53
Net interest income to average earning assets	3.46			2.45

(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,
	2023			2022
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans	$	17,493		$	16,531
Loans excluding Paycheck Protection Program	17,463			16,308
Earning assets	46,911			47,611
Total assets	50,320			50,711
Non-interest-bearing demand deposits	15,930			18,159
Interest-bearing deposits	25,947			25,690
Total deposits	41,877			43,849
Shareholders' equity	3,388			3,903

Period-End Balance:
Loans	$	17,746		$	16,736
Loans excluding Paycheck Protection Program	17,724			16,644
Earning assets	45,146			48,404
Goodwill and intangible assets	655			656
Total assets	48,597			51,785
Total deposits	40,701			45,602
Shareholders' equity	3,387			3,347
Adjusted shareholders' equity (1)	4,692			4,221

ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:	$	233,619		$	239,632
As a percentage of period-end loans	1.32		%	1.43		%

Net charge-offs:	18,610			9,102
Annualized as a percentage of average loans	0.21		%	0.11		%

Non-accrual loans:	$	67,781		$	35,125
As a percentage of total loans	0.38		%	0.21		%
As a percentage of total assets	0.14			0.07

CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio	13.42		%	12.64		%
Tier 1 Risk-Based Capital Ratio	13.92			13.17
Total Risk-Based Capital Ratio	15.39			14.75
Leverage Ratio	8.11			7.03
Equity to Assets Ratio (period-end)	6.97			6.46
Equity to Assets Ratio (average)	6.73			7.70

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


Cullen/Frost Bankers, Inc.
TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)

	2023						2022
	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
TAXABLE-EQUIVALENT YIELD/COST(1)
Earning Assets:
Interest-bearing deposits	5.05		%	4.57		%	3.70		%	2.27		%	0.80		%
Federal funds sold	5.35			4.72			3.88			2.44			1.26
Resell agreements	5.26			4.77			4.14			2.39			1.32
Securities	3.24			3.24			3.09			2.94			2.87
Loans, net of unearned discounts	6.64			6.36			5.80			4.89			4.04
Total earning assets	4.77			4.57			4.14			3.43			2.71

Interest-Bearing Liabilities:
Interest-bearing deposits:
Savings and interest checking	0.41			0.36			0.27			0.07			0.04
Money market deposit accounts	2.68			2.47			1.94			1.08			0.35
Time accounts	3.77			2.40			1.52			0.99			0.64
Total interest-bearing deposits	1.87			1.52			1.16			0.62			0.22

Total deposits	1.18			0.93			0.69			0.37			0.13

Federal funds purchased	4.97			4.55			3.78			2.33			0.84
Repurchase agreements	3.52			3.20			2.69			1.50			0.41
Junior subordinated deferrable interest debentures	6.84			6.46			5.39			3.77			2.51
Subordinated notes payable and other notes	4.69			4.69			4.69			4.69			4.69

Total interest-bearing liabilities	2.11			1.79			1.37			0.71			0.26

Net interest spread	2.66			2.78			2.77			2.72			2.45
Net interest income to total average earning assets	3.45			3.47			3.31			3.01			2.56

AVERAGE BALANCES
($ in millions)
Assets:
Interest-bearing deposits	$	6,880		$	8,687		$	11,574		$	12,776		$	13,041
Federal funds sold	22			64			52			51			31
Resell agreements	85			90			49			10			3
Securities	21,278			21,744			20,129			19,402			18,130
Loans, net of unearned discount	17,664			17,319			17,063			16,823			16,674
Total earning assets	$	45,929		$	47,904		$	48,867		$	49,062		$	47,880

Liabilities:
Interest-bearing deposits:
Savings and interest checking	$	10,862		$	11,662		$	12,113		$	12,235		$	12,336
Money market deposit accounts	11,431			12,404			12,958			13,466			12,608
Time accounts	3,483			2,055			1,708			1,591			1,427
Total interest-bearing deposits	25,776			26,121			26,779			27,292			26,371

Total deposits	41,007			42,757			44,759			45,803			44,726

Federal funds purchased	33			51			37			42			36
Repurchase agreements	3,719			4,211			3,575			1,960			1,743
Junior subordinated deferrable interest debentures	123			123			123			123			123
Subordinated notes payable and other notes	99			99			99			99			99

Total interest-bearing funds	$	29,750		$	30,606		$	30,613		$	29,516		$	28,372

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

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Document and Entity Information Statement	Jul. 27, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 27, 2023
Entity Registrant Name	Cullen/Frost Bankers, Inc.
Entity Incorporation, State or Country Code	TX
Entity File Number	001-13221
Entity Tax Identification Number	74-1751768
Entity Address, Address Line One	111 W. Houston Street,
Entity Address, City or Town	San Antonio,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78205
City Area Code	(210)
Local Phone Number	220-4011
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000039263
Common Stock \| NEW YORK STOCK EXCHANGE, INC.
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	CFR
Security Exchange Name	NYSE
Series B Preferred Stock \| NEW YORK STOCK EXCHANGE, INC.
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/40th interest in a share of 4.450% Non-Cumulative Perpetual Preferred Stock, Series B
Trading Symbol	CFR.PrB
Security Exchange Name	NYSE

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