[Part I - Financial Information](index=3&type=section&id=Part%20I%20-%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited financial statements reflect the company's financial position, operations, and cash flows, highlighting the impacts of the new CECL standard and the COVID-19 pandemic - On January 1, 2020, the company adopted the new **Current Expected Credit Loss (CECL) accounting standard** (ASC 326), which replaces the incurred loss model with an expected loss model for measuring credit losses[32](index=32&type=chunk) Impact of ASC 326 Adoption on Allowance for Credit Losses (January 1, 2020) | Category | Pre-Adoption Allowance | Impact of Adoption | Post-Adoption Allowance | Cumulative Effect on Retained Earnings | | :--- | :--- | :--- | :--- | :--- | | Securities held to maturity | $0 | $215 | $215 | ($170) | | Loans | $132,167 | ($2,565) | $129,602 | $2,026 | | Off-balance-sheet credit exposures | $500 | $39,377 | $39,877 | ($31,108) | | **Total After-Tax Impact** | | | | **($29,252)** | [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to **$39.4 billion** due to a **$3.2 billion** increase in net loans from PPP originations and a **$5.0 billion** rise in deposits Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2020 | December 31, 2019 | Change | | :--- | :--- | :--- | :--- | | Total Assets | $39,377,553 | $34,027,428 | +15.7% | | Net Loans | $17,721,876 | $14,618,165 | +21.2% | | Allowance for credit losses on loans | ($250,061) | ($132,167) | +89.2% | | Total Deposits | $32,679,096 | $27,639,564 | +18.2% | | Total Shareholders' Equity | $4,008,801 | $3,911,668 | +2.5% | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Net income declined in Q2 and YTD 2020, driven by a significant surge in credit loss expense despite a substantial gain on securities transactions - The six-month results for 2020 include a significant **$109.0 million net gain on securities transactions**, compared to a negligible gain in the prior year period[14](index=14&type=chunk) Key Income Statement Data (in thousands, except EPS) | Metric | Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $245,811 | $253,431 | $490,332 | $499,900 | | Credit Loss Expense | $31,975 | $6,400 | $207,172 | $17,403 | | Non-interest Income | $77,601 | $82,638 | $290,516 | $179,423 | | Net Income Available to Common Shareholders | $93,072 | $109,571 | $140,295 | $224,051 | | Diluted EPS | $1.47 | $1.72 | $2.21 | $3.51 | [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by **$2.8 billion** in the first half of 2020, driven by strong deposit inflows that far exceeded cash used for loan growth Six Months Ended June 30 Cash Flow Summary (in thousands) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash from operating activities | $206,960 | $291,915 | | Net cash from investing activities | ($2,078,199) | ($955,925) | | Net cash from financing activities | $4,682,626 | ($1,346,359) | | **Net change in cash and cash equivalents** | **$2,811,387** | **($2,010,369)** | [Notes to Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies and financial instrument compositions, highlighting the impact of COVID-19 through loan deferments, PPP participation, and increased credit loss allowances [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=41&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant financial impacts of the COVID-19 pandemic and CECL adoption, including decreased net income, balance sheet expansion, and increased credit loss provisions - The decrease in net income for Q2 2020 was primarily driven by a **$25.6 million increase in credit loss expense** and a **$7.6 million decrease in net interest income**[209](index=209&type=chunk) - The company's business has been materially impacted by the COVID-19 pandemic, leading to operational changes, increased credit risk, and participation in government relief programs like the PPP[186](index=186&type=chunk)[190](index=190&type=chunk) - Through June 30, 2020, the company funded approximately **$3.2 billion of SBA-approved PPP loans**, which are fully guaranteed by the SBA[291](index=291&type=chunk)[292](index=292&type=chunk) [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Net income decreased significantly in Q2 and the first half of 2020 due to substantially higher credit loss expense, partially offset by gains on securities sales Performance Summary | Metric | Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Income Available to Common Shareholders | $93,072K | $109,571K | $140,295K | $224,051K | | Diluted EPS | $1.47 | $1.72 | $2.21 | $3.51 | | Return on Average Assets | 0.99% | 1.40% | 0.79% | 1.44% | | Return on Average Common Equity | 9.60% | 12.60% | 7.24% | 13.32% | [Financial Condition](index=58&type=section&id=Financial%20Condition) Loan growth of **$3.2 billion** was driven entirely by PPP originations, while the allowance for credit losses nearly doubled to reflect the worsened economic outlook - Total loans increased by **$3.2 billion** since year-end 2019, driven by the origination of **$3.16 billion in PPP loans**[283](index=283&type=chunk) - The allowance for credit losses on loans increased to **$250.1 million** at June 30, 2020, from **$132.2 million** at December 31, 2019, reflecting the adoption of CECL and the deteriorating economic environment[305](index=305&type=chunk) Non-Performing Assets (in thousands) | Category | June 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Non-accrual loans | $79,461 | $102,303 | | Restructured loans | $4,932 | $6,098 | | Foreclosed assets | $806 | $1,084 | | **Total Non-Performing Assets** | **$85,199** | **$109,485** | | **NPA / Total Loans & Foreclosed Assets** | **0.47%** | **0.74%** | [Capital and Liquidity](index=68&type=section&id=Capital%20and%20Liquidity) The company maintained a strong capital position well above regulatory minimums and robust liquidity, while executing a preferred stock redemption and common stock repurchases - On March 16, 2020, the company redeemed all 6,000,000 shares of its 5.375% Non-Cumulative Perpetual Preferred Stock, Series A, for an aggregate redemption of **$150.0 million**[124](index=124&type=chunk)[337](index=337&type=chunk) - Under its stock repurchase program, the company repurchased 177,834 shares for **$13.7 million** during the first quarter of 2020, with no repurchases made in the second quarter[127](index=127&type=chunk)[338](index=338&type=chunk) Regulatory Capital Ratios (Cullen/Frost Bankers, Inc.) | Ratio | June 30, 2020 | Minimum to be Well Capitalized | | :--- | :--- | :--- | | Common Equity Tier 1 | 12.48% | 6.50% | | Tier 1 Capital | 12.48% | 8.00% | | Total Capital | 14.43% | 10.00% | | Leverage Ratio | 8.01% | 5.00% | [Quantitative and Qualitative Disclosures About Market Risk](index=72&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with its balance sheet showing a more asset-sensitive position as of June 30, 2020 - The company's interest rate risk simulation model as of June 30, 2020, indicates a **more asset-sensitive position** compared to June 30, 2019[352](index=352&type=chunk) Interest Rate Sensitivity Analysis (Projected 12-Month NII Change) | Rate Shock | June 30, 2020 | June 30, 2019 | | :--- | :--- | :--- | | +200 bps | +4.0% | +1.7% | | +100 bps | +1.4% | +0.4% | | -25 bps | -1.8% | N/A | | -100 bps | N/A | -3.0% | [Controls and Procedures](index=73&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period, with no material changes to internal controls - Based on an evaluation as of June 30, 2020, the Chief Executive Officer and Chief Financial Officer concluded that the company's **disclosure controls and procedures were effective**[356](index=356&type=chunk) [Part II - Other Information](index=74&type=section&id=Part%20II%20-%20Other%20Information) [Legal Proceedings](index=74&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal claims, with class action lawsuits related to its PPP participation having been favorably resolved - Purported class action lawsuits filed against Frost Bank in Federal and Texas State courts regarding its participation in the PPP have been **favorably resolved**[114](index=114&type=chunk) - A separate purported class action lawsuit filed in May 2020, alleging refusal to pay agent fees to agents of PPP borrowers, is ongoing, and Frost Bank believes these claims are **without merit**[114](index=114&type=chunk) [Risk Factors](index=74&type=section&id=Item%201A.%20Risk%20Factors) Key risks are heightened by the COVID-19 pandemic and crude oil price volatility, impacting credit, market, and operational areas - The COVID-19 pandemic has created significant economic and financial disruptions that have **adversely affected**, and are expected to continue to adversely affect, the company's business, financial condition, and results of operations[360](index=360&type=chunk) - The company is subject to risk from volatility in crude oil prices, which impacts its **$1.4 billion energy loan portfolio** (7.9% of total loans) and the Texas economy[366](index=366&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares of common stock were repurchased during the second quarter of 2020, leaving **$69.2 million** available under the existing buyback plan - **No shares of common stock were repurchased** by the company during the three months ended June 30, 2020[367](index=367&type=chunk)[368](index=368&type=chunk) [Exhibits](index=76&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including management compensation agreements and required CEO/CFO certifications - Exhibits filed include **CEO and CFO certifications** under Rules 13a-14(a) and Section 1350, as well as Inline XBRL data files[371](index=371&type=chunk)

Cullen/Frost Bankers, Inc. (CFR) Q1 2020 Earnings Conference Call April 30, 2020 11:00 AM ET Company Participants Avi Mendes – Investor Relations Phil Green – Chairman and Chief Executive Officer Jerry Salinas – Group Executive Vice President and Chief Financial Officer Conference Call Participants Brady Gailey – KBW Ken Zerbe – Morgan Stanley Dave Rochester – Compass Point Jennifer Demba – SunTrust Jon Arfstrom – RBC Capital Markets Steven Alexopoulos – JPMorgan Matt Olney – Stephens Ebrahim Poonawala – Ba ...

[Part I - Financial Information](index=3&type=section&id=Part%20I%20-%20Financial%20Information) [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Q1 2020, including balance sheets, income, comprehensive income, equity, and cash flows, with notes on the CECL accounting standard adoption [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly increased to **$34.15 billion** by March 31, 2020, driven by growth in net loans and deposits, while shareholders' equity slightly decreased to **$3.83 billion** Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$34,147,305** | **$34,027,428** | | Total cash and cash equivalents | $4,195,585 | $3,788,181 | | Net loans | $15,074,379 | $14,618,165 | | **Total Liabilities** | **$30,320,639** | **$30,115,760** | | Total deposits | $28,140,867 | $27,639,564 | | **Total Shareholders' Equity** | **$3,826,666** | **$3,911,668** | - The allowance for credit losses on loans significantly increased to **$263.9 million** from **$132.2 million** at year-end 2019, primarily due to the adoption of the CECL accounting standard and deteriorating economic conditions[14](index=14&type=chunk) [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Net income available to common shareholders for Q1 2020 sharply declined to **$47.2 million** from **$114.5 million** year-over-year, primarily due to a massive increase in credit loss expense, despite a **$109.0 million** net gain on securities transactions Q1 2020 vs Q1 2019 Income Statement (in thousands, except per share) | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Net Interest Income | $244,521 | $246,469 | | Credit Loss Expense | $175,197 | $11,003 | | Non-interest Income | $212,915 | $96,785 | | Net Income | $54,753 | $116,496 | | Net Income Available to Common Shareholders | $47,223 | $114,480 | | Diluted EPS | $0.75 | $1.79 | - A significant net gain on securities transactions of **$109.0 million** was recorded in Q1 2020, compared to none in Q1 2019[16](index=16&type=chunk) [Consolidated Statements of Comprehensive Income (Loss)](index=8&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Comprehensive income for Q1 2020 was **$151.2 million**, down from **$273.9 million** in Q1 2019, primarily driven by unrealized gains on available-for-sale securities Comprehensive Income (in thousands) | Component | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Net Income | $54,753 | $116,496 | | Other Comprehensive Income (Loss), net of tax | $96,445 | $157,374 | | **Comprehensive Income (Loss)** | **$151,198** | **$273,870** | [Consolidated Statements of Changes in Shareholders' Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity was impacted by a **$29.3 million** reduction from CECL adoption, the **$150.0 million** redemption of Series A preferred stock, and **$44.9 million** in common shareholder dividends - The company adopted a new accounting standard (CECL), resulting in a **$29.3 million** reduction to retained earnings at the beginning of the period[23](index=23&type=chunk) - All **6,000,000** shares of Series A preferred stock were redeemed for an aggregate of **$150.0 million**[23](index=23&type=chunk) - Cash dividends of **$0.71** per common share were paid, totaling **$44.9 million**[23](index=23&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was **$248.9 million** in Q1 2020, with investing activities providing **$391.0 million** and financing activities using **$232.5 million**, resulting in a **$407.4 million** net increase in cash Net Cash Flow Summary (in thousands) | Activity | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Net cash from operating activities | $248,928 | $146,132 | | Net cash from investing activities | $390,997 | ($785,465) | | Net cash from financing activities | ($232,521) | ($1,034,992) | | **Net change in cash and cash equivalents** | **$407,404** | **($1,674,325)** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including the CECL standard adoption which significantly impacted credit losses, provide breakdowns of securities and loan portfolios, and cover capital adequacy and derivative instruments - The company adopted ASC 326 (CECL) on January 1, 2020, replacing the 'incurred loss' model with an 'expected loss' model for credit losses, resulting in a **$29.3 million** after-tax reduction to retained earnings[30](index=30&type=chunk)[32](index=32&type=chunk) - Total loans were **$15.34 billion**, with energy loans comprising **10.2%** of the portfolio, and non-accrual loans decreased to **$66.7 million** from **$102.3 million** at year-end 2019[62](index=62&type=chunk)[63](index=63&type=chunk)[69](index=69&type=chunk) - All regulatory capital ratios for Cullen/Frost and Frost Bank exceeded 'well capitalized' minimums, and the company redeemed all its Series A Preferred Stock for **$150 million** in March 2020[122](index=122&type=chunk)[123](index=123&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant impact of the COVID-19 pandemic and sharp oil price decline on financial results, with net income falling to **$47.2 million** due to increased credit loss expense, while capital and liquidity remain strong - Net income available to common shareholders decreased by **58.8%** YoY to **$47.2 million**, primarily due to a **$164.2 million** increase in credit loss expense[211](index=211&type=chunk) - The COVID-19 pandemic and oil price volatility led to significant qualitative adjustments to the allowance for credit losses, including an **$85.0 million** adjustment for the energy portfolio[320](index=320&type=chunk) - The company began originating PPP loans in April 2020, funding approximately **$3.0 billion** to over **10,500** customers by April 27, 2020[294](index=294&type=chunk) [Recent Developments Related to COVID-19](index=58&type=section&id=Recent%20Developments%20Related%20to%20COVID-19) This section details the company's response to the COVID-19 pandemic, including implementing its Business Continuity Plan, enabling remote work, offering payment deferrals, and highlighting significant uncertainty and negative impacts on exposed sectors - The company implemented its Business Continuity and Health Emergency Response plans, closing financial center lobbies and enabling remote work for nearly **90%** of its workforce[193](index=193&type=chunk) - The company is offering loan customers deferrals of payments for up to **90 days** to mitigate the adverse effects of COVID-19[197](index=197&type=chunk) - The company has significant loan exposure to industries heavily impacted by COVID-19, including energy, restaurants, hotels/lodging, aviation, entertainment, and retail[197](index=197&type=chunk) [Results of Operations](index=62&type=section&id=Results%20of%20Operations) Operations analysis shows a **1.0%** decrease in taxable-equivalent net interest income to **$268.5 million**, with net interest margin contracting by **23 basis points**, while non-interest income surged **120%** to **$212.9 million** due to a **$109.0 million** gain on securities sales Q1 2020 vs Q1 2019 Key Metrics | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Taxable-equivalent net interest income | $268,453 | $271,179 | | Net Interest Margin | 3.56% | 3.79% | | Non-interest income | $212,915 | $96,785 | | Non-interest expense | $224,163 | $201,800 | - Non-interest income was boosted by a **$109.0 million** net gain on securities transactions from the sale of U.S. Treasury and residential mortgage-backed securities[253](index=253&type=chunk) [Allowance for Credit Losses](index=78&type=section&id=Allowance%20for%20Credit%20Losses) The allowance for credit losses on loans dramatically increased to **$263.9 million** (1.72% of total loans) due to a **$172.9 million** provision, driven by CECL adoption and a significantly worsened economic forecast from COVID-19 and oil price volatility Allowance for Credit Losses on Loans (in thousands) | Metric | March 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Allowance for Credit Losses on Loans | $263,881 | $132,167 | | Ratio of Allowance to Total Loans | 1.72% | 0.90% | - The economic forecast used for CECL modeling was the Moody's Analytics March 2020 S8 Low Oil Price Scenario, which assumed WTI crude oil at **$35/barrel** for two years[314](index=314&type=chunk) - Management made significant qualitative adjustments (Q-Factors) to the modeled results, including an **$85.0 million** adjustment for the energy portfolio and additional amounts for other industries heavily impacted by COVID-19[320](index=320&type=chunk)[322](index=322&type=chunk) [Capital and Liquidity](index=82&type=section&id=Capital%20and%20Liquidity) The company's capital and liquidity positions remain strong, with shareholders' equity stable at **$3.8 billion**, despite the **$150 million** preferred stock redemption and suspension of common stock repurchases due to COVID-19 uncertainty - On March 16, 2020, the company redeemed all **6,000,000** shares of its **5.375%** Series A Preferred Stock for **$150.0 million**[334](index=334&type=chunk) - The company repurchased **177,834** shares for **$13.7 million** during the quarter but has suspended further repurchases under the program due to COVID-19 uncertainty[335](index=335&type=chunk) - Liquidity remains robust, with approximately **$4.3 billion** held at the Federal Reserve as of April 27, 2020, and **$9.1 billion** in unencumbered securities available to support additional borrowings as of March 31, 2020[338](index=338&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=86&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The primary market risk is interest rate risk, with the balance sheet showing increased asset sensitivity; a hypothetical **100 basis point** rate increase was projected to increase net interest income by **1.6%**, while a **25 basis point** decrease would lower it by **4.5%** Interest Rate Sensitivity Analysis (as of March 31, 2020) | Rate Scenario | Impact on Net Interest Income (next 12 months) | | :--- | :--- | | +200 bps | +3.9% | | +100 bps | +1.6% | | -25 bps | -4.5% | - The company's balance sheet shifted to a more asset-sensitive position as of March 31, 2020, compared to the prior year[350](index=350&type=chunk) [Controls and Procedures](index=87&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2020, with no material changes to internal control over financial reporting during the first quarter - Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[354](index=354&type=chunk) - No change in internal control over financial reporting occurred during the last fiscal quarter that materially affected, or is reasonably likely to materially affect, internal controls[354](index=354&type=chunk) [Part II - Other Information](index=66&type=section&id=Part%20II%20-%20Other%20Information) [Legal Proceedings](index=66&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various claims and legal actions arising in the normal course of business, but management does not anticipate a material adverse impact on its financial statements - The company is subject to various claims and legal actions that have arisen in the course of conducting business, but management does not expect the ultimate disposition to have a material adverse impact on financial statements[356](index=356&type=chunk) [Risk Factors](index=66&type=section&id=Item%201A.%20Risk%20Factors) This section highlights key risks, focusing on the adverse impacts of the COVID-19 pandemic and crude oil price volatility, which increase credit risk, reduce fee income, and create operational challenges, especially given the company's **$1.6 billion** energy loan exposure - The COVID-19 pandemic has created economic and financial disruptions that have adversely affected, and are likely to continue to adversely affect, the company's business, financial condition, liquidity, and results of operations[357](index=357&type=chunk)[358](index=358&type=chunk) - The company is subject to volatility risk in crude oil prices, with **$1.6 billion** in energy loans (**10.2%** of the total loan portfolio) as of March 31, 2020[365](index=365&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2020, the company repurchased a total of **181,825** shares of its common stock, with **177,834** shares purchased as part of a publicly announced repurchase plan Common Stock Repurchases (Q1 2020) | Period | Total Shares Purchased | Avg. Price Paid | Shares Purchased Under Plan | | :--- | :--- | :--- | :--- | | Jan 2020 | — | — | — | | Feb 2020 | — | — | — | | Mar 2020 | 181,825 | $76.85 | 177,834 | | **Total** | **181,825** | | **177,834** | [Defaults Upon Senior Securities](index=67&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - No defaults upon senior securities were reported[368](index=368&type=chunk) [Mine Safety Disclosures](index=67&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) No mine safety disclosures were reported - No mine safety disclosures were reported[368](index=368&type=chunk) [Other Information](index=67&type=section&id=Item%205.%20Other%20Information) No other information was reported under this item - No other information was reported under this item[368](index=368&type=chunk) [Exhibits](index=68&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906, and Inline XBRL interactive data files - The exhibits filed with the report include Rule 13a-14(a) and Section 1350 certifications from the CEO and CFO, as well as Inline XBRL documents[370](index=370&type=chunk)

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, 2019 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) (Zip code) Texas 74-1751768 (State o ...

Cullen/Frost Bankers, Inc. (CFR) Q4 2019 Results Earnings Conference Call January 30, 2020 11:00 AM ET Company Participants A.B. Mendez - SVP and Director of IR Phil Green - Chairman and CEO Jerry Salinas - Group EVP and CFO Conference Call Participants Brady Gailey - KBW Rahul Patil - Evercore ISI Jennifer Demba - SunTrust Robinson Humphrey Peter Winter - Wedbush Securities Ken Zerbe - Morgan Stanley Steven Alexopoulos - JP Morgan Jon Arfstrom - RBC Capital Markets Matt Olney - Stephens Operator Ladies and ...

Cullen/Frost Bankers, Inc. (CFR) Q3 2019 Earnings Conference Call October 31, 2019 11:00 AM ET Company Participants A.B. Mendez - SVP and Director of IR Phil Green - Chairman and CEO Jerry Salinas - Group EVP and CFO Conference Call Participants Brady Gailey - KBW Rahul Patil - Evercore ISI Jennifer Demba - SunTrust Robinson Humphrey Brett Rabatin - Piper Jaffray Peter Winter - Wedbush Securities Ken Zerbe - Morgan Stanley Jon Arfstrom - RBC Capital Markets Steven Alexopoulos - JP Morgan Ebrahim Poonawala - ...

Table of Contents (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 111 W. Houston Street, San Antonio, Texas 78205 (Address of principal executive offices) (Zip code) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $.01 Par Value CFR New York Stock Exchange 5.375% Non-Cumulative Perpetual Preferred Stock, Series A CFR.PRA New York Stock Exchange Emerging growth company ☐ United States Securities and Exchange Com ...

Cullen/Frost Bankers, Inc. (CFR) Q2 2019 Earnings Conference Call July 25, 2019 11:00 AM ET Company Participants A.B. Mendez - Senior Vice President & Director of Investor Relations Phil Green - Chairman & Chief Executive Officer Jerry Salinas - Group Executive Vice President & Chief Financial Officer Conference Call Participants Rahul Patil - Evercore ISI Jennifer Demba – SunTrust Brady Gailey – KBW Ebrahim Poonawala - Bank of America Brett Rabatin - Piper Jaffray Steven Alexopoulos - JP Morgan Michael Ros ...

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, 2019 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 ...

Cullen/Frost Bankers, Inc. (CFR) Q1 2019 Earnings Conference Call April 25, 2019 11:00 AM 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 Ken Zerbe – Morgan Stanley Dave Rochester – Deutsche Bank Jennifer Demba – SunTrust Rahul Patil – Evercore Brady Gailey – KBW Ebrahim Poonawala – Bank of America Brett Rabatin – Piper Jaffray Anthony El ...