Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Statements of Parent Company

Condensed Financial Statements of Parent Company

Condensed financial statements pertaining only to Cullen/Frost Bankers, Inc. are presented below. Investments in subsidiaries are stated using the equity method of accounting.

Condensed Balance Sheets

	December 31,
	2025		2024
Assets:
Cash	$	301,154	$	334,512
Total cash and cash equivalents	301,154		334,512
Investment in subsidiaries	4,548,266		3,828,890
Accrued interest receivable and other assets	1,446		1,231
Total assets	$	4,850,866	$	4,164,633
Liabilities:
Junior subordinated deferrable interest debentures, net of unamortized issuance costs	$	123,242	$	123,184
Subordinated notes, net of unamortized issuance costs	99,804		99,648
Accrued interest payable and other liabilities	54,784		43,213
Total liabilities	277,830		266,045
Shareholders’ Equity	4,573,036		3,898,588
Total liabilities and shareholders’ equity	$	4,850,866	$	4,164,633

Condensed Statements of Income

	Year Ended December 31,
	2025		2024		2023
Income:
Dividend income paid by Frost Bank	$	352,292	$	262,214	$	279,679
Dividend income paid by non-banks	231		268		255
Interest and other income	—		—		1,929
Total income	352,523		262,482		281,863
Expenses:
Interest expense	12,346		13,529		13,304
Salaries and employee benefits	1,682		1,727		1,668
Other	6,042		7,304		6,653
Total expenses	20,070		22,560		21,625
Income before income taxes and equity in undistributed earnings of subsidiaries	332,453		239,922		260,238
Income tax benefit	6,281		6,896		5,974
Equity in undistributed earnings of subsidiaries	309,823		335,724		331,761
Net income	648,557		582,542		597,973
Preferred stock dividends	6,675		6,675		6,675
Net income available to common shareholders	$	641,882	$	575,867	$	591,298

Condensed Statements of Cash Flows

	Year Ended December 31,
	2025		2024		2023
Operating Activities:
Net income	$	648,557	$	582,542	$	597,973
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(309,823)		(335,724)		(331,761)
Stock-based compensation	1,020		934		880
Net tax benefit from stock-based compensation	393		463		331
Net change in other assets and other liabilities	11,177		4,322		19,867
Net cash from operating activities	351,324		252,537		287,290
Investing Activities:
Capital contribution to subsidiary	(500)		—		—
Net cash from investing activities	(500)		—		—
Financing Activities:
Proceeds from stock option exercises	11,946		22,643		9,299
Proceeds from stock-based compensation activities of subsidiaries	23,735		18,829		23,710
Purchase of treasury stock	(157,832)		(60,901)		(42,720)
Cash dividends paid on preferred stock	(6,675)		(6,675)		(6,675)
Cash dividends paid on common stock	(255,356)		(242,446)		(232,323)
Net cash from financing activities	(384,182)		(268,550)		(248,709)
Net change in cash and cash equivalents	(33,358)		(16,013)		38,581
Cash and cash equivalents at beginning of year	334,512		350,525		311,944
Cash and cash equivalents at end of year	$	301,154	$	334,512	$	350,525