CULLEN/FROST BANKERS, INC.

For the period ended Jun 30, 2025. Filed Jul 31, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Jul 31, 2025

CFR$158.16+0.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Income

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Interest income:
Loans, including fees	$344,689	$343,776	$679,297	$674,316
Securities:
Taxable	130,127	99,012	246,383	197,074
Tax-exempt	58,041	54,579	112,648	109,838
Interest-bearing deposits	68,740	97,639	148,235	198,000
Federal funds sold	97	80	137	160
Resell agreements	264	1,199	375	2,397
Total interest income	601,958	596,285	1,187,075	1,181,785
Interest expense:
Deposits	134,293	159,260	267,461	314,894
Federal funds purchased	281	547	482	991
Repurchase agreements	34,677	36,302	67,096	72,250
Junior subordinated deferrable interest debentures	1,939	2,300	3,884	4,559
Subordinated notes	1,164	1,164	2,328	2,328
Total interest expense	172,354	199,573	341,251	395,022
Net interest income	429,604	396,712	845,824	786,763
Credit loss expense	13,129	15,787	26,199	29,437
Net interest income after credit loss expense	416,475	380,925	819,625	757,326
Non-interest income:
Trust and investment management fees	43,669	41,404	86,600	80,489
Service charges on deposit accounts	29,151	26,114	57,772	50,909
Insurance commissions and fees	13,879	13,919	34,898	32,215
Interchange and card transaction fees	5,619	5,351	11,021	9,825
Other charges, commissions, and fees	13,967	13,020	27,553	25,080
Net gain (loss) on securities transactions	—	—	(14)	—
Other	10,988	11,382	23,454	24,049
Total non-interest income	117,273	111,190	241,284	222,567
Non-interest expense:
Salaries and wages	162,149	151,237	323,006	299,237
Employee benefits	32,826	28,802	74,983	64,772
Net occupancy	34,640	32,374	67,917	64,152
Technology, furniture, and equipment	40,572	35,951	80,690	70,946
Deposit insurance	6,590	8,383	13,774	23,107
Other	70,351	60,217	134,824	120,967
Total non-interest expense	347,128	316,964	695,194	643,181
Income before income taxes	186,620	175,151	365,715	336,712
Income taxes	29,617	29,652	57,790	55,523
Net income	157,003	145,499	307,925	281,189
Preferred stock dividends	1,669	1,669	3,338	3,338
Net income available to common shareholders	$155,334	$143,830	$304,587	$277,851
Earnings per common share:
Basic	$2.39	$2.21	$4.69	$4.27
Diluted	2.39	2.21	4.69	4.27

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.