8-K

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): October 26, 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 October 26, 2023 regarding its financial results for the quarter ended September 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:    October 26, 2023

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release.
104	Cover Page Interactive Data File - The cover page XBRL tags are embedded within the inline XBRL document.

EX-99.1

Exhibit 99.1

A.B. Mendez

Investor Relations

210.220.5234

or

Bill Day

Media Relations

210.220.5427

FOR IMMEDIATE RELEASE

October 26, 2023

CULLEN/FROST REPORTS THIRD QUARTER RESULTS

Board declares fourth quarter dividend on common and preferred stock

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

Net income available to common shareholders for the third quarter of 2023 was $154.0 million compared to $168.1 million in the third quarter of 2022. On a per-share basis, net income available to common shareholders for the third quarter of 2023 was $2.38 per diluted common share, compared to $2.59 per diluted common share reported a year earlier, representing a 8.1 percent decrease. Returns on average assets and average common equity were 1.25 percent and 18.93 percent, respectively, for the third quarter of 2023 compared to 1.27 percent and 20.13 percent, respectively, for the same period a year earlier.

For the first nine months of 2023, net income available to common shareholders was $490.4 million, up 28.1 percent compared to $383.0 million for the first nine months of 2022. Diluted EPS available to common shareholders for the first nine months of 2023 was $7.54 compared to $5.90 in the year-earlier period, representing an increase of 27.8 percent. Returns on average assets and average common equity for the first nine months of 2023 were 1.32 percent and 20.25 percent, respectively, compared to 1.00 percent and 14.19 percent, respectively, for the same period in 2022.

For the third quarter of 2023, net interest income on a taxable-equivalent basis was $407.4 million, up 7.3 percent compared to the same quarter in 2022. Average loans for the third quarter of 2023 increased $1.1 billion, or 6.8 percent, to $18.0 billion, from the $16.8 billion reported for the third quarter a year earlier. Average deposits for the third quarter were $40.8 billion, down $5.0 billion, or 10.9 percent, compared to the $45.8 billion reported for last year's third quarter, and down $179 million, or 0.4 percent, compared to the second quarter of 2023. Average non-interest bearing deposits were down $408 million, or 2.7 percent, from the second quarter. Average interest-bearing deposits were up $229 million, or 0.9 percent, from the second quarter.

“Our third quarter results demonstrate that Frost bankers continue to provide our customers with top-quality service and that our long-term investments in sustained organic growth are paying dividends,” said Cullen/Frost Chairman and CEO Phil Green. “Loans continued to increase and our deposit volumes stabilized as expected. We continued our investments in market expansions and rolling out our new mortgage loan offering, as well as in strategic marketing initiatives and core technology platforms. We were excited to announce our Frost Bank Center naming rights agreement with the San Antonio Spurs during the third quarter, which will greatly enhance awareness of the Frost brand.

“We continue to be focused on making sound institutional decisions about near-term investments that will support our sustained growth and success over the longer term.”

Noted financial data for the third quarter of 2023 follows:

•The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the third quarter of 2023 were 13.32 percent, 13.81 percent and 15.28 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 $407.4 million for the third quarter of 2023, an increase of 7.3 percent, compared to the prior year period. Net interest margin was 3.44 percent for the third quarter compared to 3.45 percent for the second quarter of 2023 and compared to 3.01 percent for the third quarter of 2022.

•Non-interest income for the third quarter of 2023 totaled $106.0 million, an increase of $6.2 million, or 6.2 percent, from the $99.8 million reported for the third quarter of 2022. Other non-interest income increased $3.9 million, or 41.1 percent, compared to the third quarter of 2022. The increase was primarily related to increases in income from customer derivative and foreign exchange transactions (up $2.6 million) and public finance underwriting fees (up $751,000), among other things. Other charges, commissions, and fees increased $2.0 million, or 18.3 percent, compared to the third quarter of 2022. The increase was primarily related to increases in other service charges (up $711,000), capital markets advisory fees (up $428,000), and letter of credit fees (up $393,000), among other things. Insurance commissions and fees increased $484,000, or 3.7 percent, compared to the third quarter of 2022. The increase during the third quarter of 2023 was mainly driven by an increase in commission income.

•Non-interest expense was $293.3 million for the third quarter of 2023, up $35.4 million, or 13.7 percent, compared to the $257.9 million reported for the third quarter a year earlier. Other non-interest expense increased $10.4 million, or 22.8 percent, compared to the third quarter of 2022. The increase during the third quarter of 2023 included increases in advertising/promotions expense (up $3.6 million); professional services expense (up $3.5 million), which was primarily related to information technology services; and fraud losses (up $1.2 million), among other things. Salaries and wages expense increased $10.4 million, or 8.2 percent, compared to the third 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, Dallas and Austin markets, and also to the gradual rollout of our mortgage loan product offering. Employee benefits expense increased by $4.8 million, or 22.4 percent, compared to the third quarter of 2022. The increase in employee benefits expense was related to an increase in medical benefits expense (up $2.0 million), a decrease in the net periodic benefit related to our defined benefit retirement plan (down $1.6 million), and an increase in payroll taxes (up $850,000), among other things. Technology, furniture, and equipment expense increased $4.5 million, or 14.6 percent, compared to the third quarter of 2022. The increase was primarily related to increases in cloud services expense (up $3.3 million) and service contracts expense (up $1.3 million). Net occupancy expense increased $3.4 million, or 12.3 percent, compared to the third quarter of 2022. The increase was mainly driven by increases in

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depreciation on buildings and leasehold improvements (up $1.3 million) and repairs/maintenance/service contracts (up $867,000), among other things, driven partly by our expansion activity.

•For the third quarter of 2023, the company reported a credit loss expense of $11.2 million, and reported net charge-offs of $5.0 million. This compares to a credit loss expense of $9.9 million and net charge-offs of $9.8 million for the second quarter of 2023 and no credit loss expense and net charge-offs of $2.9 million for the third quarter of 2022. The allowance for credit losses on loans as a percentage of total loans was 1.32 percent at September 30, 2023, compared to 1.32 percent at the end of the second quarter of 2023 and 1.38 percent at the end of the third quarter of 2022. Non-accrual loans were $67.2 million at the end of the third quarter of 2023, compared to $67.8 million at the end of the second quarter of 2023 and $29.9 million at the end of the third quarter of 2022.

The Cullen/Frost board declared a fourth-quarter cash dividend of $0.92 per common share. The dividend on common stock is payable December 15, 2023 to shareholders of record on November 30 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 December 15, 2023 to shareholders of record on November 30 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, October 26, 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, October 29, 2023 at 1-877-660-6853 with Conference ID # of 13741829. 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/

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Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $48.7 billion in assets at September 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.

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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 global wars/military conflicts, terrorism, 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.

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Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
	2023									2022
	3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr
CONDENSED INCOME STATEMENTS
Net interest income	$	385,426		$	385,266		$	399,820		$	398,457		$	355,547
Net interest income (1)	407,353			408,594			425,844			423,892			379,518
Credit loss expense	11,185			9,901			9,104			3,000			—
Non-interest income:
Trust and investment management fees	37,616			39,392			36,144			39,695			38,552
Service charges on deposit accounts	23,603			23,487			21,879			22,321			22,960
Insurance commissions and fees	13,636			12,940			18,952			11,674			13,152
Interchange and card transaction fees	4,672			5,250			4,889			4,480			4,614
Other charges, commissions, and fees	13,128			12,090			11,704			10,981			11,095
Net gain (loss) on securities transactions	12			33			21			—			—
Other	13,331			10,336			11,676			16,529			9,448
Total non-interest income	105,998			103,528			105,265			105,680			99,821
Non-interest expense:
Salaries and wages	137,562			133,195			130,345			136,697			127,189
Employee benefits	26,527			26,792			33,922			21,975			21,680
Net occupancy	31,581			31,714			30,349			28,572			28,133
Technology, furniture, and equipment	35,278			33,043			32,481			30,912			30,781
Deposit insurance	6,033			6,202			6,245			3,967			4,279
Other	56,275			54,096			51,800			59,174			45,836
Total non-interest expense	293,256			285,042			285,142			281,297			257,898
Income before income taxes	186,983			193,851			210,839			219,840			197,470
Income taxes	31,332			31,733			33,186			28,666			27,710
Net income	155,651			162,118			177,653			191,174			169,760
Preferred stock dividends	1,668			1,669			1,669			1,669			1,668
Net income available to common shareholders	$	153,983		$	160,449		$	175,984		$	189,505		$	168,092
PER COMMON SHARE DATA
Earnings per common share - basic	$	2.38		$	2.47		$	2.71		$	2.92		$	2.60
Earnings per common share - diluted	2.38			2.47			2.70			2.91			2.59
Cash dividends per common share	0.92			0.87			0.87			0.87			0.87
Book value per common share at end of quarter	44.59			50.55			51.59			46.49			41.53
OUTSTANDING COMMON SHARES
Period-end common shares	64,017			64,120			64,396			64,355			64,211
Weighted-average common shares - basic	64,067			64,241			64,374			64,303			64,158
Dilutive effect of stock compensation	172			187			258			344			343
Weighted-average common shares - diluted	64,239			64,428			64,632			64,647			64,501
SELECTED ANNUALIZED RATIOS
Return on average assets	1.25		%	1.30		%	1.39		%	1.44		%	1.27		%
Return on average common equity	18.93			19.36			22.59			27.16			20.13
Net interest income to average earning assets	3.44			3.45			3.47			3.31			3.01
(1) Taxable-equivalent basis assuming a 21% tax rate.

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Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
	2023									2022
	3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans	$	17,965		$	17,664		$	17,319		$	17,063		$	16,823
Loans excluding Paycheck Protection Program	17,945			17,638			17,287			17,020			16,752
Earning assets	45,366			45,929			47,904			48,867			49,062
Total assets	48,804			49,317			51,307			52,284			52,383
Non-interest-bearing demand deposits	14,823			15,231			16,636			17,980			18,511
Interest-bearing deposits	26,005			25,776			26,121			26,779			27,292
Total deposits	40,828			41,007			42,757			44,759			45,803
Shareholders' equity	3,372			3,470			3,305			2,913			3,459
Period-End Balance:
Loans	$	18,399		$	17,746		$	17,486		$	17,155		$	16,951
Loans excluding Paycheck Protection Program	18,381			17,724			17,458			17,120			16,900
Earning assets	45,218			45,146			47,870			49,402			49,517
Total assets	48,747			48,597			51,246			52,892			52,946
Total deposits	40,992			40,701			42,184			43,954			46,560
Shareholders' equity	3,000			3,387			3,468			3,137			2,812
Adjusted shareholders' equity (1)	4,779			4,692			4,610			4,486			4,341
ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:	$	242,235		$	233,619		$	231,514		$	227,621		$	234,315
As a percentage of period-end loans	1.32		%	1.32		%	1.32		%	1.33		%	1.38		%
Net charge-offs:	$	4,992		$	9,828		$	8,782		$	3,810		$	2,854
Annualized as a percentage of average loans	0.11		%	0.22		%	0.21		%	0.09		%	0.07		%
Non-accrual loans:	$	67,175		$	67,781		$	38,410		$	37,833		$	29,904
As a percentage of total loans	0.37		%	0.38		%	0.22		%	0.22		%	0.18		%
As a percentage of total assets	0.14			0.14			0.07			0.07			0.06
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio	13.32		%	13.42		%	13.24		%	12.85		%	12.74		%
Tier 1 Risk-Based Capital Ratio	13.81			13.92			13.74			13.35			13.26
Total Risk-Based Capital Ratio	15.28			15.39			15.22			14.84			14.80
Leverage Ratio	8.17			8.11			7.69			7.29			7.09
Equity to Assets Ratio (period-end)	6.15			6.97			6.77			5.93			5.31
Equity to Assets Ratio (average)	6.91			7.04			6.44			5.57			6.60
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

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Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
	Nine Months Ended
	September 30,
	2023			2022
CONDENSED INCOME STATEMENTS
Net interest income	$	1,170,512		$	892,826
Net interest income (1)	1,241,791			963,089
Credit loss expense	30,190			—
Non-interest income:
Trust and investment management fees	113,152			114,984
Service charges on deposit accounts	68,969			69,570
Insurance commissions and fees	45,528			41,536
Interchange and card transaction fees	14,811			13,751
Other charges, commissions, and fees	36,922			30,609
Net gain (loss) on securities transactions	66			—
Other	35,343			28,688
Total non-interest income	314,791			299,138
Non-interest expense:
Salaries and wages	401,102			355,399
Employee benefits	87,241			66,633
Net occupancy	93,644			83,923
Technology, furniture, and equipment	100,802			89,859
Deposit insurance	18,480			11,636
Other	162,171			135,527
Total non-interest expense	863,440			742,977
Income before income taxes	591,673			448,987
Income taxes	96,251			61,011
Net income	495,422			387,976
Preferred stock dividends	5,006			5,006
Net income available to common shareholders	$	490,416		$	382,970
PER COMMON SHARE DATA
Earnings per common share - basic	$	7.56		$	5.92
Earnings per common share - diluted	7.54			5.90
Cash dividends per common share	2.66			2.37
Book value per common share at end of quarter	44.59			41.53
OUTSTANDING COMMON SHARES
Period-end common shares	64,017			64,211
Weighted-average common shares - basic	64,226			64,108
Dilutive effect of stock compensation	208			369
Weighted-average common shares - diluted	64,434			64,477
SELECTED ANNUALIZED RATIOS
Return on average assets	1.32		%	1.00		%
Return on average common equity	20.25			14.19
Net interest income to average earning assets	3.45			2.64
(1) Taxable-equivalent basis assuming a 21% tax rate.

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Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
	As of or for the
	Nine Months Ended
	September 30,
	2023			2022
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans	$	17,652		$	16,630
Loans excluding Paycheck Protection Program	17,626			16,458
Earning assets	46,390			48,100
Total assets	49,849			51,276
Non-interest-bearing demand deposits	15,557			18,277
Interest-bearing deposits	25,967			26,230
Total deposits	41,524			44,507
Shareholders' equity	3,383			3,753
Period-End Balance:
Loans	$	18,399		$	16,951
Loans excluding Paycheck Protection Program	18,381			16,900
Earning assets	45,218			49,517
Total assets	48,747			52,946
Total deposits	40,992			46,560
Shareholders' equity	3,000			2,812
Adjusted shareholders' equity (1)	4,779			4,341
ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:	$	242,235		$	234,315
As a percentage of period-end loans	1.32		%	1.38		%
Net charge-offs:	23,602			11,956
Annualized as a percentage of average loans	0.18		%	0.10		%
Non-accrual loans:	$	67,175		$	29,904
As a percentage of total loans	0.37		%	0.18		%
As a percentage of total assets	0.14			0.06
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio	13.32		%	12.74		%
Tier 1 Risk-Based Capital Ratio	13.81			13.26
Total Risk-Based Capital Ratio	15.28			14.80
Leverage Ratio	8.17			7.09
Equity to Assets Ratio (period-end)	6.15			5.31
Equity to Assets Ratio (average)	6.79			7.32
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

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Cullen/Frost Bankers, Inc.
TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)
	2023									2022
	3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr
TAXABLE-EQUIVALENT YIELD/COST(1)
Earning Assets:
Interest-bearing deposits	5.33		%	5.05		%	4.57		%	3.70		%	2.27		%
Federal funds sold	5.65			5.35			4.72			3.88			2.44
Resell agreements	5.53			5.26			4.77			4.14			2.39
Securities	3.24			3.24			3.24			3.09			2.94
Loans, net of unearned discounts	6.83			6.64			6.36			5.80			4.89
Total earning assets	4.92			4.77			4.57			4.14			3.43
Interest-Bearing Liabilities:
Interest-bearing deposits:
Savings and interest checking	0.38			0.41			0.36			0.27			0.07
Money market deposit accounts	2.78			2.68			2.47			1.94			1.08
Time accounts	4.34			3.77			2.40			1.52			0.99
Total interest-bearing deposits	2.12			1.87			1.52			1.16			0.62
Total deposits	1.35			1.18			0.93			0.69			0.37
Federal funds purchased	5.32			4.97			4.55			3.78			2.33
Repurchase agreements	3.67			3.52			3.20			2.69			1.50
Junior subordinated deferrable interest debentures	7.34			6.84			6.46			5.39			3.77
Subordinated notes payable and other notes	4.69			4.69			4.69			4.69			4.69
Total interest-bearing liabilities	2.33			2.11			1.79			1.37			0.71
Net interest spread	2.59			2.66			2.78			2.77			2.72
Net interest income to total average earning assets	3.44			3.45			3.47			3.31			3.01
AVERAGE BALANCES
($ in millions)
Assets:
Interest-bearing deposits	$	6,747		$	6,880		$	8,687		$	11,574		$	12,776
Federal funds sold	13			22			64			52			51
Resell agreements	85			85			90			49			10
Securities	20,557			21,278			21,744			20,129			19,402
Loans, net of unearned discount	17,965			17,664			17,319			17,063			16,823
Total earning assets	$	45,366		$	45,929		$	47,904		$	48,867		$	49,062
Liabilities:
Interest-bearing deposits:
Savings and interest checking	$	10,202		$	10,862		$	11,662		$	12,113		$	12,235
Money market deposit accounts	11,144			11,431			12,404			12,958			13,466
Time accounts	4,659			3,483			2,055			1,708			1,591
Total interest-bearing deposits	26,005			25,776			26,121			26,779			27,292
Total deposits	40,828			41,007			42,757			44,759			45,803
Federal funds purchased	21			33			51			37			42
Repurchase agreements	3,536			3,719			4,211			3,575			1,960
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	$	29,785		$	29,750		$	30,606		$	30,613		$	29,516
(1) Taxable-equivalent basis assuming a 21% tax rate.

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Document and Entity Information Statement	Oct. 26, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 26, 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