Cullen/Frost Bankers, Inc. (CFR) 10-Year Financial Performance & Capital Metrics

CFR • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingSoutheast Community Banks

AboutCullen/Frost Bankers, Inc. operates as the bank holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; commercial leasing; and treasury management services. It also provides consumer banking services, such as checking accounts, savings programs, automated-teller machines (ATMs), overdraft facilities, installment and real estate loans, home equity loans and lines of credit, drive-in and night deposit services, safe deposit facilities, and brokerage services. In addition, the company offers international banking services comprising deposits, loans, letters of credit, foreign collections, funds, and foreign exchange services. Further, it acts as a correspondent for approximately 171 financial institutions; offers trust, investment, agency, and custodial services for individual and corporate clients; provides capital market services that include sales and trading, new issue underwriting, money market trading, advisory, and securities safekeeping and clearance; and supports international business activities. Additionally, the company offers insurance and securities brokerage services; and holds securities for investment purposes, as well as investment management services to Frost-managed mutual funds, institutions, and individuals. It operates approximately 157 financial centers and 1,650 ATMs. The company serves energy, manufacturing, services, construction, retail, telecommunications, healthcare, military, and transportation industries. Cullen/Frost Bankers, Inc. was founded in 1868 and is headquartered in San Antonio, Texas.Show more

Net Interest Income $1.6B +2.9%
Total Revenue $2.85B +7.7%
Net Income $583M -2.6%
Return on Equity 15.3% -12.3%
Net Interest Margin 3.06% -0.3%
Efficiency Ratio 45.72% -1.5%
ROA 1.13% -2.2%
Equity / Assets 7.42% +1.6%
Book Value per Share 60.65 +5.1%
Tangible BV/Share 60.65 +5.1%
Debt/Equity 1.18 +0.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 32 years of consecutive increases
✓Efficient operations: 45.7% efficiency ratio
✓Good 3Y average ROE of 16.0%
✓Healthy dividend yield of 2.7%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.8%

5Y13.73%

3Y26.87%

TTM-

Profit (Net Income) CAGR

10Y7.68%

5Y5.6%

3Y9.55%

TTM20.16%

EPS CAGR

10Y7.53%

5Y5.43%

3Y9.59%

TTM20.6%

ROCE

10Y Avg12.68%

5Y Avg13.31%

3Y Avg15.93%

Latest13.63%

Peer Comparison

Southeast Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FFINFirst Financial Bankshares, Inc.	4.68B	32.65	20.93	18.79%	30.24%	14.14%	6.26%	0.12
FHNFirst Horizon Corporation	11.85B	24.44	17.97	4.71%	15.7%	9.58%	10.33%	0.50
AUBAtlantic Union Bankshares Corporation	5.47B	38.36	17.13	28.8%	15.53%	4.22%	5.51%	0.17
UCBUnited Community Banks, Inc.	4.09B	33.91	16.62	14.65%	17.05%	8.83%	7.4%	0.13
SNVSynovus Financial Corp.	6.95B	50.05	16.52	1.16%	14.09%	13.7%	11.01%	0.35
PNFPPinnacle Financial Partners, Inc.	14.67B	97.65	16.38	15.32%	16.65%	9.1%	5.5%	0.39
CADECadence Bank	8.27B	44.40	16.03	32.37%	18.03%	9.08%	9.39%	0.01
ABCBAmeris Bancorp	5.56B	81.41	15.69	9.75%	21.97%	9.91%	2.53%	0.11

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	736.63M	776.34M	866.42M	957.89M	1B	976M	984.87M	1.29B	1.56B	1.6B
NII Growth %	0.07%	0.05%	0.12%	0.11%	0.05%	-0.03%	0.01%	0.31%	0.21%	0.03%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	749.5M	788.41M	892.95M	1.05B	1.13B	1.02B	1.01B	1.48B	2.22B	2.39B
Interest Expense	12.86M	12.08M	26.52M	93.31M	129.78M	45.03M	23.9M	184.44M	659.05M	786.02M
Loan Loss Provision	51.84M	51.67M	35.46M	21.68M	33.76M	241.23M	63K	3M	46.17M	64.98M
Non-Interest Income+	328.73M	349.71M	336.47M	351.29M	363.9M	465.45M	386.73M	404.82M	428.54M	459.1M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	1.08B	1.14B	1.23B	1.4B	1.5B	1.49B	1.4B	1.88B	2.65B	2.85B
Revenue Growth %	0.06%	0.06%	0.08%	0.14%	0.07%	-0.01%	-0.06%	0.35%	0.41%	0.08%
Non-Interest Expense	693.72M	732.96M	759.07M	778.81M	834.68M	848.9M	881.99M	1.02B	1.23B	1.3B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	319.8M	341.41M	408.36M	508.68M	499.47M	351.32M	489.54M	668.83M	712.37M	695.97M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.05%	0.07%	0.2%	0.25%	-0.02%	-0.3%	0.39%	0.37%	0.07%	-0.02%
Pretax Income+	319.8M	341.41M	408.36M	508.68M	499.47M	351.32M	489.54M	668.83M	712.37M	695.97M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	40.47M	37.15M	44.21M	53.76M	55.87M	20.17M	46.46M	89.68M	114.4M	113.42M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	279.33M	304.26M	364.15M	454.92M	443.6M	331.15M	443.08M	579.15M	597.97M	582.54M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0%	0.09%	0.2%	0.25%	-0.02%	-0.25%	0.34%	0.31%	0.03%	-0.03%
Net Income (Continuing)	279.33M	304.26M	364.15M	454.92M	443.6M	331.15M	443.08M	579.15M	597.97M	582.54M
EPS (Diluted)+	4.28	4.70	5.51	6.90	6.81	5.09	6.74	8.79	9.08	8.87
EPS Growth %	-0%	0.1%	0.17%	0.25%	-0.01%	-0.25%	0.32%	0.3%	0.03%	-0.02%
EPS (Basic)	4.31	4.73	5.56	6.97	6.88	5.11	6.79	8.84	9.11	8.88
Diluted Shares Outstanding	63.47M	62.97M	64.66M	64.69M	63.44M	63M	64.1M	64.52M	64.41M	64.28M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	3.52B	4.12B	4.89B	3.32B	3.43B	10.29B	16.54B	11.82B	8.6B	10.22B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	23.22B	24.28B	24.91B	26.46B	27.92B	29.6B	31.76B	37.81B	38.78B	39.06B
Investments Growth %	0.04%	0.05%	0.03%	0.06%	0.06%	0.06%	0.07%	0.19%	0.03%	0.01%
Long-Term Investments	14.01B	14.07B	14.42B	15.07B	16.65B	19.16B	17.84B	19.57B	22.2B	24.02B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	654.67M	654.95M	654.95M	654.95M	654.95M	654.95M	654.95M	654.95M	0	0
Intangible Assets	8.8M	6.78M	5.07M	3.65M	2.48M	1.56M	866K	386K	0	0
PP&E (Net)	559.12M	525.82M	520.96M	552.33M	1.01B	1.05B	1.05B	1.1B	1.19B	1.25B
Other Assets	258.69M	213.33M	361.54M	842.58M	567.83M	215.22M	257.28M	425.91M	2.28B	1.99B
Total Current Assets	13.07B	14.72B	15.78B	15.17B	15.14B	21.31B	31.08B	31.14B	25.18B	25.26B
Total Non-Current Assets	15.49B	15.47B	15.96B	17.13B	18.89B	21.08B	19.8B	21.75B	25.66B	27.26B
Total Assets+	28.57B	30.2B	31.75B	32.29B	34.03B	42.39B	50.88B	52.89B	50.85B	52.52B
Asset Growth %	0.01%	0.06%	0.05%	0.02%	0.05%	0.25%	0.2%	0.04%	-0.04%	0.03%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	202.54M	169.11M	195.07M	172.35M	545.69M	730.16M	754.33M	866.26M	0	0
Total Debt+	1.13B	1.21B	1.38B	1.6B	1.93B	2.35B	2.99B	4.93B	4.36B	4.59B
Net Debt	-2.4B	-2.91B	-3.51B	-1.72B	-1.5B	-7.94B	-13.55B	-6.89B	-4.24B	-5.63B
Long-Term Debt	235.94M	236.12M	234.74M	234.95M	235.16M	235.38M	222.19M	222.4M	222.62M	222.83M
Short-Term Debt	893.52M	976.99M	1.15B	1.37B	1.7B	2.12B	2.77B	4.71B	4.14B	4.36B
Other Liabilities	0	0	0	0	0	0	0	0	844.02M	1.31B
Total Current Liabilities	25.44B	26.96B	28.22B	28.69B	29.88B	37.86B	46.22B	49.53B	46.06B	47.09B
Total Non-Current Liabilities	235.94M	236.12M	234.74M	234.95M	235.16M	235.38M	222.19M	222.4M	1.07B	1.53B
Total Liabilities	25.68B	27.19B	28.45B	28.92B	30.12B	38.1B	46.44B	49.76B	47.13B	48.62B
Total Equity+	2.89B	3B	3.3B	3.37B	3.91B	4.29B	4.44B	3.14B	3.72B	3.9B
Equity Growth %	0.01%	0.04%	0.1%	0.02%	0.16%	0.1%	0.03%	-0.29%	0.18%	0.05%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.1%	0.1%	0.12%	0.14%	0.12%	0.08%	0.1%	0.15%	0.17%	0.15%
Book Value per Share	45.54	47.68	51.00	52.08	61.66	68.14	69.26	48.62	57.70	60.65
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	637K	637K	642K	642K	642K	642K	642K	643K	644K	644K
Additional Paid-in Capital	897.35M	906.73M	953.36M	967.3M	983.25M	997.17M	1.01B	1.03B	1.06B	1.08B
Retained Earnings	1.85B	1.99B	2.19B	2.44B	2.67B	2.75B	2.96B	3.31B	3.66B	3.95B
Accumulated OCI	113.86M	-24.62M	79.51M	-63.6M	267.37M	512.97M	347.32M	-1.35B	-1.12B	-1.25B
Treasury Stock	-111.18M	-10.27M	-67.21M	-119.92M	-151.61M	-113.94M	-20.74M	0	-23.93M	-22.56M
Preferred Stock	144.49M	144.49M	144.49M	144.49M	144.49M	145.45M	145.45M	145.45M	145.45M	145.45M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	394.86M	437.84M	538.08M	562.39M	634.09M	524.24M	648.29M	722.58M	478.85M	989.53M
Operating CF Growth %	0.36%	0.11%	0.23%	0.05%	0.13%	-0.17%	0.24%	0.11%	-0.34%	1.07%
Net Income	279.33M	304.26M	364.15M	454.92M	443.6M	331.15M	443.08M	579.15M	597.97M	582.54M
Depreciation & Amortization	42.14M	48.18M	47.81M	50.17M	54.09M	64.37M	69.29M	71.34M	76.44M	82.82M
Deferred Taxes	-19.06M	-11.6M	-14.49M	52.92M	7.61M	-15.83M	7.78M	-4.92M	-14.83M	-11.6M
Other Non-Cash Items	107.2M	98.67M	115.45M	103.24M	126.88M	237.98M	100.18M	90.09M	90.97M	86.25M
Working Capital Changes	-27.48M	-13.46M	12.15M	-112.81M	-14.04M	-107.34M	15.21M	-31.41M	-296.31M	229.76M
Cash from Investing+	-1.24B	-1.37B	-670.6M	-1.91B	-1.39B	-1.63B	-2.53B	-8.28B	-942.75M	-180.88M
Purchase of Investments	-14.15B	-16.42B	-13.53B	-18.19B	-23.96B	-20.84B	-24.22B	-23.6B	-20.27B	-17.9B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	-492K	0	0	0	0	0	0	0	0
Other Investing	-493.33M	-448.5M	-1.18B	-970.09M	-660.85M	-2.81B	1.16B	-816.96M	-1.68B	-1.96B
Cash from Financing+	71.46M	1.49B	1.04B	253.66M	585.06M	7.61B	8.17B	3B	-2.88B	738.33M
Dividends Paid	-140.22M	-142.97M	-152.24M	-173.51M	-185.07M	-182.6M	-195.94M	-216.46M	-239M	-249.12M
Share Repurchases	-101.24M	-1.29M	-101.47M	-101.01M	-68.79M	-165.78M	-3.86M	-4.39M	-42.72M	-60.9M
Stock Issued	0	0	0	0	0	158.01M	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K
Other Financing	222.52M	1.55B	1.13B	308.46M	511.13M	7.38B	7.73B	1.28B	-2.02B	824.82M
Net Change in Cash+	-772.6M	549.92M	911.6M	-1.1B	-167.6M	6.5B	6.29B	-4.55B	-3.34B	1.55B
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	4.36B	3.59B	4.14B	5.05B	3.96B	3.79B	10.29B	16.58B	12.03B	8.69B
Cash at End	3.59B	4.14B	5.05B	3.96B	3.79B	10.29B	16.58B	12.03B	8.69B	10.23B
Interest Paid	0	0	0	0	0	0	0	0	616.27M	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	247.73M	384.19M	503.99M	483.12M	427.37M	428.82M	582.44M	620.08M	320.21M	861.76M
FCF Growth %	0.57%	0.55%	0.31%	-0.04%	-0.12%	0%	0.36%	0.06%	-0.48%	1.69%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.73%	10.33%	11.56%	13.65%	12.19%	8.07%	10.15%	15.29%	17.45%	15.3%
Return on Assets (ROA)	0.98%	1.04%	1.18%	1.42%	1.34%	0.87%	0.95%	1.12%	1.15%	1.13%
Net Interest Margin	2.58%	2.57%	2.73%	2.97%	2.95%	2.3%	1.94%	2.44%	3.07%	3.06%
Efficiency Ratio	64.34%	64.4%	61.74%	55.53%	55.73%	57.11%	63.2%	54.47%	46.43%	45.72%
Equity / Assets	10.12%	9.94%	10.39%	10.43%	11.5%	10.13%	8.73%	5.93%	7.31%	7.42%
Book Value / Share	45.54	47.68	51	52.08	61.66	68.14	69.26	48.62	57.7	60.65
NII Growth	7.23%	5.39%	11.6%	10.56%	4.81%	-2.79%	0.91%	31.11%	20.71%	2.95%
Dividend Payout	47.31%	44.34%	39.59%	36.37%	39.9%	54.53%	42.61%	36.22%	38.85%	41.62%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Bank	-	-	-	-	-	1.3B	1.21B	1.53B	1.81B	1.88B
Bank Growth	-	-	-	-	-	-	-7.07%	26.09%	18.83%	3.40%
Frost Wealth Advisors	129.12M	131.44M	146.46M	142.13M	149.91M	148.04M	169.58M	180.52M	186.53M	203.73M
Frost Wealth Advisors Growth	-	1.79%	11.43%	-2.96%	5.47%	-1.24%	14.55%	6.45%	3.33%	9.22%
Non Banks	-2.04M	-4.81M	-7.97M	-10.47M	-10.81M	-9.17M	-8.52M	-10.76M	-13.08M	-15.44M
Non Banks Growth	-	-135.97%	-65.81%	-31.30%	-3.29%	15.24%	7.08%	-26.35%	-21.55%	-18.07%
Banking	938.28M	999.42M	1.06B	1.18B	1.23B	-	-	-	-	-
Banking Growth	-	6.52%	6.50%	10.63%	4.36%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Cullen/Frost Bankers, Inc. (CFR) has a price-to-earnings (P/E) ratio of 15.7x. This is roughly in line with market averages.

Growth & Financials

Cullen/Frost Bankers, Inc. (CFR) grew revenue by 7.7% over the past year. This is steady growth.

Yes, Cullen/Frost Bankers, Inc. (CFR) is profitable, generating $637.2M in net income for fiscal year 2024 (20.4% net margin).

Dividend & Returns

Yes, Cullen/Frost Bankers, Inc. (CFR) pays a dividend with a yield of 2.71%. This makes it attractive for income-focused investors.

Cullen/Frost Bankers, Inc. (CFR) has a return on equity (ROE) of 15.3%. This is reasonable for most industries.

Industry Metrics

Cullen/Frost Bankers, Inc. (CFR) has a net interest margin (NIM) of 3.1%. This indicates healthy earnings from lending activities.

Cullen/Frost Bankers, Inc. (CFR) has an efficiency ratio of 45.7%. This is excellent, indicating strong cost control.

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