United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: March 31, 2022 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________________ to ________________ Commission file number: 001-13221 Cullen/Frost Bankers, Inc. (Exact name of registrant as specified in its charter) (210) 220-4011 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended: December 31, 2021 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number: 001-13221 CULLEN/FROST BANKERS, INC. (Exact name of registrant as specified in its charter) Texas 74-1751768 111 W. Houston Texa ...

Cullen/Frost Bankers, Inc. (CFR) Q4 2021 Earnings Conference Call January 27, 2022 2:00 PM ET Company Participants A. B. Mendez - SVP & Director, IR Phillip Green - Chairman & CEO Jerry Salinas - Group EVP & CFO Conference Call Participants Brady Gailey - KBW Jennifer Demba - Truist Securities David Rochester - Compass Point Peter Winter - Wedbush Securities Steven Alexopoulos - JP Morgan Jon Arfstrom - RBC Capital Markets Operator Greetings and welcome to Cullen/Frost Bankers’ Fourth Quarter 2021 Earnings ...

Cullen/Frost Bankers, Inc. (CFR) Q3 2021 Earnings Conference Call October 28, 2021 2:00 PM ET Company Participants A. B. Mendez - Director, IR Phillip Green - Chairman & CEO Jerry Salinas - Group EVP & CFO Conference Call Participants Brady Gailey - KBW Ebrahim Poonawala - Bank of America Merrill Lynch Jennifer Demba - Truist Securities Anthony Elian - JPMorgan Chase & Co. Jon Arfstrom - RBC Capital Markets Kenneth Zerbe - Morgan Stanley Operator Greetings and welcome to Cullen/Frost Bankers, Inc. Third Qua ...

United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: September 30, 2021 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________________ to ________________ | --- | --- | --- | --- | |-----------------------------------------|------------------------|----------------|---------------- ...

Cullen/Frost Bankers, Inc. (CFR) Q2 2021 Earnings Conference Call July 29, 2021 2:00 PM ET Company Participants A. B. Mendez - Director, Investor Relations Phil Green - Chairman and Chief Executive Officer Jerry Salinas - Group Executive Vice President and Chief Financial Officer Conference Call Participants Jennifer Demba - Truist Securities Brady Gailey - KBW Steven Alexopoulos - JPMorgan Ebrahim Poonawala - Bank of America Ken Zerbe - Morgan Stanley Dave Rochester - Compass Point Operator Ladies and gent ...

Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: June 30, 2021 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________________ to ________________ | --- | --- | --- | --- | |-----------------------------------------|------------------------|----------------|--- ...

Cullen/Frost Bankers, Inc. (CFR) Q1 2021 Results Conference Call April 29, 2021 2:00 PM ET Company Participants A. B. Mendez - Director of Investor Relations Phil Green - Chairman, Chief Executive Officer Jerry Salinas - Group Executive Vice President, Chief Financial Officer Conference Call Participants Ken Zerbe - Morgan Stanley Jennifer Demba - Truist Securities Steven Alexopoulos - JPMorgan Brad Gailey - KWB Ebrahim Poonawala - Bank of America Dave Rochester - Compass Point Jon Arfstrom - RBC Capital Ma ...

Part I - Financial Information [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents unaudited consolidated financial statements for Cullen/Frost Bankers, Inc. as of March 31, 2021, with detailed notes on policies [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to **$44.05 billion** from **$42.39 billion**, driven by cash and loans; deposits increased Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$44,046,787** | **$42,391,317** | | Total Cash and Cash Equivalents | $11,802,269 | $10,288,853 | | Net Loans | $17,628,393 | $17,218,132 | | **Total Liabilities** | **$39,778,869** | **$38,098,301** | | Total Deposits | $36,925,180 | $35,015,761 | | **Total Shareholders' Equity** | **$4,267,918** | **$4,293,016** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income available to common shareholders significantly increased to **$113.9 million** in Q1 2021, primarily due to reduced credit loss expense Q1 2021 vs. Q1 2020 Income Statement (in thousands, except per share data) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net Interest Income | $240,881 | $244,521 | | Credit Loss Expense | $63 | $175,197 | | Total Non-interest Income | $93,236 | $212,915 | | Net Income | $116,015 | $54,753 | | **Net Income Available to Common Shareholders** | **$113,864** | **$47,223** | | **Diluted EPS** | **$1.77** | **$0.75** | - The significant year-over-year increase in net income was driven by a near-elimination of credit loss expense, which was exceptionally high in Q1 2020[15](index=15&type=chunk) - Non-interest income was lower in Q1 2021 due to a large net gain on securities transactions (**$109.0 million**) in the prior-year period[15](index=15&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed disclosures cover accounting policies, financial instruments, credit quality, and capital adequacy, noting the adoption of CECL - On January 1, 2020, the company adopted ASU 2016-13 (CECL), resulting in an after-tax cumulative effect reduction to retained earnings of **$29.3 million**[34](index=34&type=chunk) Loan Portfolio Composition (in thousands) | Loan Category | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Commercial and industrial | $4,770,228 | $4,955,341 | | Energy | $1,102,209 | $1,235,198 | | Paycheck Protection Program | $3,129,244 | $2,433,849 | | Commercial real estate | $7,104,030 | $7,020,467 | | Consumer real estate | $1,322,154 | $1,330,774 | | Consumer and other | $461,786 | $505,680 | | **Total Loans** | **$17,889,651** | **$17,481,309** | Regulatory Capital Ratios | Ratio | March 31, 2021 (Actual) | Minimum Required | To Be Well Capitalized | | :--- | :--- | :--- | :--- | | **Cullen/Frost** | | | | | Common Equity Tier 1 | 13.45% | 7.00% | 6.50% | | Tier 1 Capital | 14.07% | 8.50% | 8.00% | | Total Capital | 16.07% | 10.50% | 10.00% | | Leverage Ratio | 7.97% | 4.00% | 5.00% | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2021 financial results, highlighting increased net income driven by reduced credit loss expense [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Net income available to common shareholders increased by **141.1%** to **$113.9 million** in Q1 2021, primarily due to a **$175.1 million** decrease in credit loss expense - The primary driver for the significant increase in net income was a **$175.1 million** year-over-year decrease in credit loss expense[167](index=167&type=chunk) - Non-interest income decreased significantly, mainly because Q1 2020 results included a **$109.0 million** net gain on securities transactions[167](index=167&type=chunk)[193](index=193&type=chunk) - Non-interest expense decreased by **$14.0 million** (**6.3%**) year-over-year, driven by lower salaries, wages, travel, and professional services expenses[208](index=208&type=chunk)[209](index=209&type=chunk)[215](index=215&type=chunk) [Financial Condition](index=49&type=section&id=Financial%20Condition) The company maintained a strong financial condition with average assets increasing to **$42.5 billion** and robust capital and liquidity positions - Total loans increased to **$17.9 billion** at March 31, 2021, driven by Paycheck Protection Program (PPP) loans; excluding PPP loans, the portfolio decreased by **$287.1 million**[236](index=236&type=chunk) - Energy loans, the largest industry concentration, decreased by **10.8%** during the quarter to **$1.1 billion**, representing **7.5%** of total loans (excluding PPP)[239](index=239&type=chunk) - The allowance for credit losses on loans was **$261.3 million**, or **1.77%** of total loans excluding PPP loans, deemed appropriate by management[256](index=256&type=chunk)[276](index=276&type=chunk) - The company maintains a strong liquidity position with approximately **$11.1 billion** held at the Federal Reserve and **$7.4 billion** in unencumbered securities[287](index=287&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's balance sheet became more asset-sensitive, with a projected **3.4%** increase in net interest income from a **100 basis point** rate hike Interest Rate Sensitivity Analysis (Projected 12-Month NII Change) | Rate Shock | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | +200 bps | +8.6% | +6.2% | | +100 bps | +3.4% | +2.3% | | -25 bps | -1.8% | -1.8% | - The balance sheet became more asset-sensitive as of March 31, 2021, primarily due to a higher proportion of quickly repricing interest-bearing deposits at the Federal Reserve and federal funds sold[297](index=297&type=chunk) [Item 4. Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[300](index=300&type=chunk) Part II - Other Information [Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) Management does not anticipate that the resolution of various claims and legal actions will materially impact the financial statements - Management does not expect the ultimate disposition of various claims and legal actions to have a material adverse impact on the financial statements[302](index=302&type=chunk) [Risk Factors](index=59&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported in the risk factors from those disclosed in the company's 2020 Form 10-K - No material changes were reported in the risk factors from those disclosed in the 2020 Form 10-K[303](index=303&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) A new **$100.0 million** stock repurchase program was authorized, but no shares were repurchased under this plan in Q1 2021 - A new **$100.0 million** stock repurchase program was authorized on January 27, 2021, with no shares repurchased under this plan in Q1 2021[286](index=286&type=chunk)[305](index=305&type=chunk) [Other Information](index=59&type=section&id=Item%205.%20Other%20Information) The company replaced existing change-in-control agreements with a new executive change-in-control severance plan effective April 28, 2021 - The company replaced its change-in-control agreements with a new executive change-in-control severance plan for certain executive officers, effective April 28, 2021[307](index=307&type=chunk) [Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the new Executive Change-in-Control Severance Plan and certifications

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended: December 31, 2020 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number: 001-13221 CULLEN/FROST BANKERS, INC. (Exact name of registrant as specified in its charter) Texas 111 W. Houston (Address of pri ...