The bank maintains a conservative capital structure with an equity-to-assets ratio consistently between 0.07 and 0.09, providing a necessary buffer against the volatility observed in its $16.8 billion investment securities portfolio as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 63.64B | 9.98B | 25.26B | 25.18B | 30.06B | 30.47B | 20.73B | 14.7B | 14.71B | 15.38B | 14.33B | 12.73B | 12.79B | 10.43B | 9.64B | 10.68B | 2.76B | 1.72B | 1.15B | 842.44M | 709.36M | 879.45M | 549.11M | 1.07B | 1.34B | 1B | 824.03M | 767.16M | 787.8M | 827.6M | 924.9M |
| Cash & Due from Banks | 638.78M | 8.86B | 10.22B | 8.6B | 11.82B | 16.54B | 10.29B | 3.43B | 3.32B | 4.89B | 4.12B | 3.52B | 4.33B | 4.53B | 3.44B | 2.89B | 2.76B | 1.72B | 1.15B | 842.44M | 709.36M | 879.45M | 549.11M | 1.07B | 1.34B | 1B | 824.03M | 767.16M | 787.8M | 827.6M | 924.9M |
| Short Term Investments | 16.79B | 1.12B | 15.04B | 16.58B | 18.24B | 13.92B | 10.44B | 11.27B | 11.39B | 10.49B | 10.2B | 9.21B | 8.46B | 5.9B | 6.2B | 7.79B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 16.79B | 41.05B | 39.06B | 38.78B | 37.81B | 31.76B | 29.6B | 27.92B | 26.46B | 24.91B | 24.28B | 23.22B | 22.28B | 18.46B | 18.28B | 16.04B | 13.43B | 13.13B | 12.3B | 11.09B | 10.62B | 9.08B | 8.06B | 7.47B | 6.89B | 6.6B | 6.14B | 5.74B | 5.68B | 4.84B | 3.69B |
| Investments Growth % | -77.3% | 5.09% | 0.74% | 2.55% | 19.04% | 7.3% | 6.03% | 5.51% | 6.22% | 2.62% | 4.55% | 4.24% | 20.68% | 0.98% | 13.95% | 19.42% | 2.28% | 6.81% | 10.85% | 4.46% | 16.99% | 12.57% | 7.9% | 8.47% | 4.35% | 7.57% | 6.96% | 0.94% | 17.45% | 31.09% | 11.15% |
| Long-Term Investments | 86.41B | 39.93B | 24.02B | 22.2B | 19.57B | 17.84B | 19.16B | 16.65B | 15.07B | 14.42B | 14.07B | 14.01B | 13.81B | 12.56B | 12.08B | 8.25B | 13.43B | 13.13B | 12.3B | 11.09B | 10.62B | 9.08B | 8.06B | 7.47B | 6.89B | 6.6B | 6.14B | 5.74B | 5.68B | 4.84B | 3.69B |
| Accounts Receivables | 0 | 0 | 0 | 0 | 1.08B | 612.5M | 584.56M | 440.65M | 457.72M | 400.87M | 396.65M | 340.02M | 341.48M | 284.54M | 292.35M | 363.68M | 360.36M | 420.94M | 547.89M | 290.21M | 257.98M | 276.4M | 199.37M | 165.78M | 182.44M | 487.69M | 331.53M | 313.29M | 259.8M | 249M | 169.6M |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 655.34M | 655.82M | 656.51M | 657.43M | 658.6M | 660.02M | 661.73M | 663.47M | 666.79M | 542.99M | 543.66M | 538.68M | 542.02M | 547.14M | 550.83M | 290.21M | 257.98M | 276.4M | 199.37M | 165.78M | 182.44M | 487.69M | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 654.95M | 654.95M | 654.95M | 654.95M | 654.95M | 654.95M | 654.95M | 654.67M | 654.67M | 536.65M | 535.51M | 528.07M | 527.68M | 527.68M | 526.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 386K | 866K | 1.56M | 2.48M | 3.65M | 5.07M | 6.78M | 8.8M | 12.13M | 6.34M | 8.15M | 10.6M | 14.34M | 19.46M | 24.27M | 290.21M | 257.98M | 276.4M | 199.37M | 165.78M | 182.44M | 487.69M | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 1.33B | 1.31B | 1.25B | 1.19B | 1.1B | 1.05B | 1.05B | 1.01B | 552.33M | 520.96M | 525.82M | 559.12M | 442.17M | 313.33M | 315.93M | 319.04M | 316.91M | 324.1M | 267.02M | 219.62M | 219.53M | 182.36M | 170.03M | 168.61M | 171.26M | 148.87M | 149.89M | 142.98M | 137.3M | 128.7M | 101.6M |
| Other Assets | 0 | 1.81B | 1.99B | 2.28B | 425.91M | 257.28M | 215.22M | 567.83M | 842.58M | 361.54M | 213.33M | 258.69M | 218.27M | 181.75M | 252.53M | 166.88M | 206.32M | 146.82M | 220.87M | 482.22M | 856.37M | 1.14B | 854.57M | 679.09M | 833.79M | 5.52M | 217.52M | 34.95M | 0 | 100K | 100K |
| Total Current Assets | 17.43B | 9.98B | 25.26B | 25.18B | 31.14B | 31.08B | 21.31B | 15.14B | 15.17B | 15.78B | 14.72B | 13.07B | 13.14B | 10.71B | 9.94B | 11.04B | 3.12B | 2.14B | 1.7B | 1.13B | 967.34M | 1.16B | 748.49M | 1.24B | 1.52B | 1.49B | 1.16B | 1.08B | 1.05B | 1.08B | 1.09B |
| Total Non-Current Assets | 1.33B | 43.06B | 27.26B | 25.66B | 21.75B | 19.8B | 21.08B | 18.89B | 17.13B | 15.96B | 15.47B | 15.49B | 15.14B | 13.6B | 13.19B | 9.28B | 14.5B | 14.15B | 13.33B | 12.35B | 12.26B | 10.59B | 9.2B | 8.44B | 8.01B | 6.88B | 6.5B | 5.92B | 5.82B | 4.97B | 3.79B |
| Total Assets | 52.72B | 53.04B | 52.52B | 50.85B | 52.89B | 50.88B | 42.39B | 34.03B | 32.29B | 31.75B | 30.2B | 28.57B | 28.28B | 24.31B | 23.12B | 20.32B | 17.62B | 16.29B | 15.03B | 13.49B | 13.22B | 11.74B | 9.95B | 9.67B | 9.54B | 8.37B | 7.66B | 7B | 6.87B | 6.05B | 4.89B |
| Asset Growth % | 10.62% | 0.99% | 3.29% | -3.87% | 3.96% | 20.02% | 24.58% | 5.37% | 1.72% | 5.14% | 5.71% | 1.02% | 16.31% | 5.14% | 13.81% | 15.33% | 8.16% | 8.34% | 11.49% | 1.97% | 12.63% | 17.97% | 2.9% | 1.43% | 13.94% | 9.26% | 9.49% | 1.85% | 13.63% | 23.67% | 16.38% |
| Return on Assets (ROA) | 1.28% | 1.23% | 1.13% | 1.15% | 1.12% | 0.95% | 0.87% | 1.34% | 1.42% | 1.18% | 1.04% | 0.98% | 1.06% | 1% | 1.1% | 1.15% | 1.23% | 1.14% | 1.45% | 1.59% | 1.55% | 1.52% | 1.44% | 1.36% | 1.31% | 1.01% | 1.48% | 1.41% | 1.17% | 1.34% | 1.38% |
| Accounts Payable | 0 | 0 | 0 | 0 | 866.26M | 754.33M | 730.16M | 545.69M | 172.35M | 195.07M | 169.11M | 202.54M | 250.21M | 218.03M | 424.44M | 331.02M | 226.64M | 205.61M | 295.74M | 144.86M | 166.57M | 456.86M | 140.69M | 155.61M | 121.64M | 120.5M | 125.98M | 101.56M | 107.2M | 114.4M | 92.7M |
| Total Debt | 0 | 4.77B | 4.59B | 4.36B | 4.93B | 2.99B | 2.35B | 1.93B | 1.6B | 1.38B | 1.21B | 1.13B | 1.04B | 891.97M | 784.78M | 945.94M | 849.43M | 1.13B | 1.47B | 1.33B | 1.29B | 1.16B | 884.02M | 677.65M | 1.08B | 556.16M | 461.68M | 431.97M | 404.1M | 299.2M | 174.1M |
| Net Debt | -638.78M | -4.1B | -5.63B | -4.24B | -6.89B | -13.55B | -7.94B | -1.5B | -1.72B | -3.51B | -2.91B | -2.4B | -3.29B | -3.64B | -2.66B | -1.94B | -1.91B | -584.93M | 313.73M | 490.96M | 583.47M | 276.5M | 334.9M | -393.04M | -257.32M | -444.99M | -362.35M | -335.19M | -383.7M | -528.4M | -750.8M |
| Long-Term Debt | 0 | 223.05M | 222.83M | 222.62M | 222.4M | 222.19M | 235.38M | 235.16M | 234.95M | 234.74M | 236.12M | 235.94M | 237.12M | 223.71M | 223.72M | 223.74M | 373.76M | 392.65M | 136.08M | 400.32M | 428.64M | 415.42M | 377.68M | 255.84M | 271.26M | 250.78M | 98.57M | 98.51M | 98.5M | 98.4M | 0 |
| Short-Term Debt | 0 | 4.54B | 4.36B | 4.14B | 4.71B | 2.77B | 2.12B | 1.7B | 1.37B | 1.15B | 976.99M | 893.52M | 803.12M | 668.25M | 561.06M | 722.2M | 475.67M | 738.61M | 1.33B | 933.07M | 864.19M | 740.53M | 506.34M | 421.8M | 811.22M | 305.38M | 363.11M | 333.46M | 305.6M | 200.8M | 174.1M |
| Other Liabilities | 48.19B | 782.85M | 1.31B | 844.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -256.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 100K |
| Total Current Liabilities | 0 | 47.46B | 47.09B | 46.06B | 49.53B | 46.22B | 37.86B | 29.88B | 28.69B | 28.22B | 26.96B | 25.44B | 25.19B | 21.58B | 20.48B | 17.81B | 15.18B | 14.26B | 13.13B | 11.61B | 11.42B | 10.34B | 8.75B | 8.65B | 8.56B | 7.52B | 6.99B | 6.39B | 6.26B | 5.48B | 4.51B |
| Total Non-Current Liabilities | 48.19B | 1.01B | 1.53B | 1.07B | 222.4M | 222.19M | 235.38M | 235.16M | 234.95M | 234.74M | 236.12M | 235.94M | 237.12M | 223.71M | 223.72M | 223.74M | 373.76M | 136.08M | 136.08M | 400.32M | 428.64M | 415.42M | 377.68M | 255.84M | 271.26M | 250.78M | 98.57M | 98.51M | 98.4M | 98.4M | 100K |
| Total Liabilities | 48.19B | 48.47B | 48.62B | 47.13B | 49.76B | 46.44B | 38.1B | 30.12B | 28.92B | 28.45B | 27.19B | 25.68B | 25.43B | 21.8B | 20.71B | 18.03B | 15.56B | 14.39B | 13.27B | 12.01B | 11.85B | 10.76B | 9.13B | 8.9B | 8.83B | 7.77B | 7.09B | 6.49B | 6.36B | 5.58B | 4.51B |
| Total Equity | 4.53B | 4.57B | 3.9B | 3.72B | 3.14B | 4.44B | 4.29B | 3.91B | 3.37B | 3.3B | 3B | 2.89B | 2.85B | 2.51B | 2.42B | 2.28B | 2.06B | 1.89B | 1.76B | 1.48B | 1.38B | 982.24M | 822.39M | 770M | 703.79M | 594.92M | 573.03M | 509.31M | 512.9M | 561.3M | 378.9M |
| Equity Growth % | 49.88% | 17.3% | 4.9% | 18.46% | -29.33% | 3.41% | 9.75% | 16.11% | 2.15% | 9.84% | 3.88% | 1.37% | 13.41% | 4% | 5.87% | 10.76% | 8.83% | 7.42% | 19.39% | 7.28% | 40.18% | 19.44% | 6.8% | 9.41% | 18.3% | 3.82% | 12.51% | -0.7% | -8.62% | 48.14% | 10.95% |
| Equity / Assets (Capital Ratio) | 8.59% | 8.62% | 7.42% | 7.31% | 5.93% | 8.73% | 10.13% | 11.5% | 10.43% | 10.39% | 9.94% | 10.12% | 10.08% | 10.34% | 10.45% | 11.24% | 11.7% | 11.63% | 11.73% | 10.95% | 10.41% | 8.37% | 8.26% | 7.96% | 7.38% | 7.11% | 7.48% | 7.28% | 7.47% | 9.28% | 7.75% |
| Return on Equity (ROE) | 15.05% | 15.31% | 15.3% | 17.45% | 15.29% | 10.15% | 8.07% | 12.19% | 13.65% | 11.56% | 10.33% | 9.73% | 10.36% | 9.65% | 10.12% | 10.01% | 10.55% | 9.79% | 12.79% | 14.86% | 16.41% | 18.33% | 17.75% | 17.71% | 18.02% | 13.86% | 20.11% | 19.1% | 14.08% | 15.53% | 17.46% |
| Book Value per Share | 71.23 | 71.34 | 60.65 | 57.70 | 48.62 | 69.26 | 68.14 | 61.66 | 52.08 | 51.00 | 47.68 | 45.54 | 45.28 | 41.14 | 39.22 | 37.27 | 34.03 | 31.83 | 29.80 | 24.73 | 24.32 | 18.23 | 15.48 | 14.63 | 13.37 | 11.14 | 10.69 | 9.29 | 9.36 | 10.30 | 6.99 |
| Tangible BV per Share | 71.23 | 71.34 | 60.65 | 57.70 | 38.47 | 59.03 | 57.72 | 51.29 | 41.90 | 40.79 | 37.17 | 35.08 | 34.69 | 32.25 | 30.40 | 28.47 | 25.08 | 22.64 | 20.50 | 19.87 | 19.77 | 13.10 | 11.73 | 11.48 | 9.91 | 2.01 | 10.69 | 9.29 | 9.36 | 10.30 | 6.99 |
| Common Stock | 644K | 644K | 644K | 644K | 643K | 642K | 642K | 642K | 642K | 642K | 637K | 637K | 637K | 617K | 615K | 613K | 611K | 602K | 602K | 602K | 598K | 550K | 536K | 536K | 536K | 536K | 536K | 536K | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 1.1B | 1.08B | 1.06B | 1.03B | 1.01B | 997.17M | 983.25M | 967.3M | 953.36M | 906.73M | 897.35M | 886.48M | 724.2M | 702.97M | 680.8M | 657.34M | 600.36M | 589.07M | 573.8M | 548.12M | 285.8M | 212.91M | 200.84M | 196.83M | 191.86M | 187.67M | 185.44M | 0 | 0 | 0 |
| Retained Earnings | 4.41B | 4.31B | 3.95B | 3.66B | 3.31B | 2.96B | 2.75B | 2.67B | 2.44B | 2.19B | 1.99B | 1.85B | 1.71B | 1.58B | 1.48B | 1.35B | 1.25B | 1.15B | 1.08B | 992.14M | 883.06M | 776.19M | 697.87M | 625.4M | 549.42M | 478.43M | 448.01M | 382.17M | 321.8M | 279M | 195.5M |
| Accumulated OCI | -923.51M | -842.95M | -1.25B | -1.12B | -1.35B | 347.32M | 512.97M | 267.37M | -63.6M | 79.51M | -24.62M | 113.86M | 141.81M | 140.43M | 238.05M | 247.73M | 154.25M | 154.21M | 137.29M | -7.38M | -54.89M | -56.62M | -16.35M | 4.29M | 30.59M | -14.01M | -4.02M | -39.11M | 7.7M | 8.9M | 7.6M |
| Treasury Stock | 0 | -139.61M | -22.56M | -23.93M | 0 | -20.74M | -113.94M | -151.61M | -119.92M | -67.21M | -10.27M | -111.18M | -32.33M | -70.86M | 0 | -372K | 0 | -10.84M | -43.59M | -82.07M | 0 | -23.69M | -72.57M | -61.07M | -73.59M | -61.9M | -59.17M | -19.72M | 0 | 0 | 0 |
| Preferred Stock | 145.45M | 145.45M | 145.45M | 145.45M | 145.45M | 145.45M | 145.45M | 144.49M | 144.49M | 144.49M | 144.49M | 144.49M | 144.49M | 144.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Texas CRE concentration exposure
As reported in financial statements, CFR's total assets grew from $50.8 billion in 2023Q4 to $52.7 billion by 2026Q1, a trend largely driven by a significant increase in the investment securities portfolio, which surged from $38.8 billion to $16.8 billion before recent rebalancing efforts.
The bank's asset growth appears to be heavily influenced by its securities portfolio management rather than purely organic loan growth. This strategy suggests a cautious approach to deploying capital in the current economic environment, potentially prioritizing liquidity and yield stability over aggressive credit expansion.
Based on recent quarterly filings, the bank maintains an equity-to-assets ratio consistently between 0.07 and 0.09, which indicates a highly conservative capital position that provides a substantial buffer against potential credit losses within its concentrated Texas-based commercial loan and real estate portfolios.
This capital structure reflects a risk-averse management philosophy that prioritizes solvency over maximizing return on equity. Investors should monitor whether this high capital adequacy persists as the bank continues its physical expansion into competitive metropolitan markets, which may eventually necessitate more efficient capital deployment.
According to recent SEC filings, the bank's cash and cash equivalents fluctuated significantly, reaching a peak of $10.2 billion in 2024Q4, which highlights a reliance on liquid securities to manage funding needs rather than depending solely on core deposit growth for immediate liquidity requirements.
The volatility in cash balances suggests that the bank actively manages its liquidity profile to navigate interest rate cycles. This approach may provide the necessary flexibility to support operations, though it also exposes the balance sheet to potential market value fluctuations within the investment portfolio.
As disclosed in the company's performance data, the significant shift in investment securities from $38.8 billion in 2023Q4 to $16.8 billion in 2026Q1 warrants further investigation into potential unrealized losses that may be embedded within the bank's available-for-sale securities portfolio during this transition period.
While these assets are not always marked to market on the income statement, the rapid turnover of the portfolio may indicate a strategic effort to mitigate duration risk. Analysts should remain cautious regarding how these portfolio adjustments impact the bank's tangible book value and overall interest rate sensitivity.
Quick answers to the most common questions about buying CFR stock.
As of 2025, Cullen/Frost Bankers, Inc. (CFR) had total assets of $53.04B including $9.98B in current assets.
Cullen/Frost Bankers, Inc. (CFR) carries total debt of $4.77B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cullen/Frost Bankers, Inc. (CFR) has total shareholders' equity (book value) of $4.57B ($71.34 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cullen/Frost Bankers, Inc. (CFR) reported a current ratio of 0.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.