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Cullen/Frost Bankers is a bank holding company whose main operating subsidiary, Frost Bank, serves businesses and individuals across Texas. Customers use the bank to hold deposits, handle payments and borrow money. Deposits supply most of its funding, which it puts into loans, securities and interest-bearing accounts. Interest earned on these assets, after interest paid on deposits and borrowings, supplies most of the group’s revenue.
Business lending dominates the loan portfolio, with commercial property a major part. The bank also lends to individuals, including against their homes. Frost Wealth Advisors adds fee income by managing investments and providing trust, retirement and brokerage services; investment-management fees generally depend on the value of client assets.
The business depends heavily on Texas economic conditions, borrowers’ ability to repay and the cost of retaining deposits, rather than on any single customer or industry. The parent company itself receives substantially all its revenue as dividends from subsidiaries. Federal and state banking rules limit how much those subsidiaries can pass up to the parent.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
BOK Financial competes with Cullen/Frost for Texas business banking customers, and both lend to energy-related businesses. Watch the health of BOK’s energy borrowers for clues to the credit pressures Frost may also face.
Zions competes with Cullen/Frost for Texas business customers through Amegy Bank. Its competition for business loans, deposits and banking services is the part most relevant to Frost.
SouthState competes with Cullen/Frost for Texas deposits and business and real estate borrowers, using customer deposits to help fund loans that earn interest and fees. Watch its deposit rates and loan pricing, two ways it competes for those customers.
Regions competes with Cullen/Frost in Texas for business borrowers, household deposits and wealth-management customers. Its commercial lending, retail banking and investment services overlap with the customer relationships Frost seeks to retain.
Hancock Whitney competes with Cullen/Frost in Texas business banking, and both serve businesses exposed to the Gulf Coast economy. The health of its commercial borrowers offers a comparison for Frost’s Gulf Coast lending.
Commerce Bancshares and Cullen/Frost both serve businesses and households through relationship banking and manage clients’ investments, so interest spreads and investment-account values matter to both. Commerce’s wealth business contributed 24% of total segment pre-tax income in 2025, making it a useful comparison for Frost’s investment-management fees.
UMB Financial and Cullen/Frost both provide relationship-based business banking and wealth services, with earnings tied to deposit funding and returns on loans and other interest-earning assets. UMB’s deposit costs and asset yields are the useful comparison for Frost, rather than its overall earnings alone.
Wintrust and Cullen/Frost both build banking relationships with businesses and households, so loan growth and the rates they pay depositors matter to earnings. Watch Wintrust’s business lending and deposit pricing as comparisons for Frost, not as measures of Texas demand.
Wells Fargo competes with Cullen/Frost across Texas for business loans, services that manage companies’ cash and payments, household deposits and wealth customers. Its breadth puts it up against Frost for both everyday banking and clients’ investment relationships.
Home BancShares competes with Cullen/Frost through Centennial Bank for Texas business and real estate borrowers. Its lending to businesses, property developers and investors is the relevant overlap with Frost, rather than its marine lending.
FirstSun competes with Cullen/Frost through Sunflower Bank for Texas business deposits and commercial and real estate loans. Its lending to small and midsized businesses for operations and expansion is the business to watch for competition with Frost.
Fulton and Cullen/Frost both use customer deposits to fund business and real estate loans and add income from managing clients’ wealth. Fulton’s commercial and construction lending offers a comparison for Frost’s exposure to borrowers’ business and property cash flows.
Commerce Bancshares Inc earningsCBSH
Commerce Bancshares' report will show how changes in investment-account values move alongside wealth-management fees, offering a comparison for Cullen/Frost's wealth business.
Read Commerce Bancshares' wealth-management fees alongside the value of its investment-account assets. If both rise, markets and client assets are supporting fee income, a favorable backdrop for Cullen/Frost's fees tied to account values; if asset values or fees weaken, that support is thinner, though it does not establish Cullen/Frost's own results.
Hancock Whitney Corporation earningsHWC
Hancock Whitney's report will show how its commercial borrowers are faring in the Gulf Coast economy, offering a read on conditions relevant to Cullen/Frost's Gulf Coast lending.
Watch Hancock Whitney's commercial-loan delinquencies and credit losses. If both remain contained, Gulf Coast borrowers are not showing clear signs of mounting repayment stress, a steadier signal for Cullen/Frost's local loan book; if both worsen, borrower risk is rising, although the banks do not have identical customers or loan portfolios.
SouthState Bank Corporation earningsSSB
SouthState Bank's report will show how deposit costs and loan pricing change as it competes for Texas deposits and business and real-estate borrowers, a direct comparison for Cullen/Frost.
Read SouthState Bank's deposit costs alongside its loan pricing. Contained deposit costs and steady loan pricing would suggest that competition for customers is not clearly squeezing its spread, a less pressured backdrop for Cullen/Frost; rising deposit costs or softer loan pricing would indicate that competition for deposits and borrowers may be compressing spreads.
Fed Interest Rate Decision
For Cullen/Frost, the Fed’s policy rate—the benchmark that guides borrowing costs across the economy—can change what Frost Bank earns on loans and securities and pays on deposits and borrowings, shifting net interest income, its largest revenue source.
Expected4.0%Last release4.0%
If it comes in above expectations
If the higher-than-expected rate lifts returns on Frost Bank’s loans and securities faster than it raises what the bank pays depositors and lenders, the bank earns more net interest income; if its funding costs rise faster, that income is squeezed.
If it comes in below expectations
If the lower-than-expected rate reduces what Frost Bank earns on loans and securities faster than it lowers deposit and borrowing costs, the bank earns less net interest income; if funding costs fall faster, the pressure eases.
Cullen/Frost Bankers Inc. earningsThis company
Cullen/Frost earns interest on loans and securities and uses customer deposits for funding, so this report will show whether the gap between those returns and funding costs can sustain income growth.
Read net interest margin alongside deposit costs and loan and securities yields, then compare loan growth with credit-loss expense. A steady margin, growing loans and contained credit losses would show that new lending is adding income without funding costs or bad debts eroding it; a narrowing margin or rising credit losses would show that income growth is becoming harder to turn into sound earnings.
