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 ...

Financial Data and Key Metrics Changes - In Q3 2019, Cullen/Frost earned $109.8 million or $1.73 per diluted common share, compared to $115.8 million or $1.78 per share in the same quarter last year [7] - Return on average assets was 1.35% for the quarter, down from 1.49% in Q3 2018 [7] - Average deposits increased to $26.4 billion from $26.2 billion year-over-year [7] - Average loans rose to $14.5 billion, a 5.8% increase from the previous year [7] - Provision for loan losses was $8 million, up from $6.4 million in Q2 2019 and $2.7 million in Q3 2018 [7] Business Line Data and Key Metrics Changes - Commercial loans focused on consistent growth, with new relationships increasing by 5% year-over-year [10] - Consumer banking saw a 48% increase in net new customer growth compared to the previous year [12] - Consumer loan portfolio averaged $1.7 billion, a 1.9% increase year-over-year [13] - The booking ratio for commercial real estate (CRE) decreased to 24% from 32% year-over-year [11] Market Data and Key Metrics Changes - Texas unemployment remained low at 3.4% for five consecutive months [17] - Job growth in Texas decelerated to 0.9% in September, down from 3% in July [17] - Houston's unemployment rate fell to 3.6% in September, with employment growth at 2.2% for Q3 [19] - Austin's unemployment rate stood at 2.7%, with the information sector showing 23% job growth year-to-date [20] Company Strategy and Development Direction - The company plans to open 25 new financial centers in Houston over the next two years, with several already opened [12] - Focus on maintaining quality standards while pursuing balanced growth in commercial loans [10] - The company aims to enhance its technology and service offerings to attract more customers [66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for loan growth in Q4, particularly in commercial and industrial (C&I) segments [27] - The interest rate environment poses challenges, but the company remains focused on fundamentals [13] - Management anticipates continued pressure on net interest margin (NIM) due to competitive pressures [31] Other Important Information - Total non-interest expenses increased by approximately 7.8% year-over-year, with specific costs related to Houston expansion and headquarters relocation [24] - The company expects a full-year earnings estimate of $6.81, which is considered reasonable [24] Q&A Session All Questions and Answers Question: Loan growth and competition - The company noted that losing deals to structure is due to competition from small banks, large banks, and private equity [26] Question: Optimism for loan growth in Q4 - Management indicated that a stronger pipeline in C&I is driving optimism for loan growth in Q4 [27] Question: Net interest margin guidance - The company maintains a full-year NIM guidance of 375 basis points, factoring in recent rate cuts [28] Question: Deposit growth and seasonality - The company reported strong deposit growth, with no unusual seasonal factors affecting this quarter [32] Question: Distressed energy loan exposure - The company has approximately $87 million in energy loans classified as problems, primarily from two non-performing loans [33] Question: Expense growth expectations for 2020 - Management anticipates higher expense growth in 2020 due to full-year impacts from new headquarters and branch openings [39]

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 ...

Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: March 31, 2019 Or ¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | --- | --- | |----------------------------------------------------------------------------------------|------------------------------------------| | For the transition period from ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ý Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended: December 31, 2018 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. (CFR) Q4 2018 Earnings Conference Call January 31, 2019 11:00 AM ET Company Participants A.B. Mendez - SVP and Director of Investor Relations Phil Green - Chairman and CEO Jerry Salinas - Group EVP and CFO Conference Call Participants Brady Gailey - KBW Jennifer Demba - SunTrust Peter Winter - Wedbush Securities Ebrahim Poonawala - Bank of America Merrill Lynch Brett Rabatin - Piper Jaffray Jon Arfstrom - RBC Capital Markets Good day, ladies and gentlemen and welcome to the Cullen ...