Cullen/Frost Bankers, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cullen/Frost Bankers, Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

CULLEN/FROST BANKERS, INC. (CFR-PB) filed a Annual Report (10-K) with the SEC on February 6, 2024. Cullen/Frost Bankers, Inc. filed its 2023 Form 10-K on February 6, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 111 W Houston St, San Antonio, TX. Cullen/Frost Bankers, Inc. is classified under SIC code 6021 (National Commercial Banks). The filing was made under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking CULLEN/FROST BANKERS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cullen/Frost Bankers, Inc.'s financial health, strategic initiatives, and risk factors for the fiscal year 2023, crucial for investors and analysts assessing the company's performance and future outlook. As a national commercial bank, the details within this filing are important for understanding regulatory compliance, market positioning, and operational strategies within the banking sector.

Risk Assessment

Risk Level: medium — CULLEN/FROST BANKERS, INC. shows moderate risk based on this filing. The filing is a standard annual report (10-K), which inherently contains detailed financial and operational information. While not indicating immediate distress, the complexity and scope of such filings mean potential risks are always present and require thorough analysis.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to assess Cullen/Frost Bankers, Inc.'s performance and outlook for the upcoming fiscal year.

Financial Highlights

revenue

64202891

total Assets

64202891

Key Numbers

• 64,202,891 — Total Assets (As of 2023-12-31)
• 001-13221 — SEC File Number (Cullen/Frost Bankers, Inc.)
• 741751768 — IRS Number (Cullen/Frost Bankers, Inc.)
• 6021 — SIC Code (National Commercial Banks)

Key Players & Entities

• CULLEN/FROST BANKERS, INC. (company) — Filer name
• 0000039263 (company) — Central Index Key
• 2024-02-06 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 111 W HOUSTON ST (address) — Business street address
• SAN ANTONIO (location) — Business city
• TX (location) — Business state
• 78205 (postal_code) — Business zip code

Forward-Looking Statements

• CULLEN/FROST BANKERS, INC. will continue to maintain its current capital structure, including Common Stock and Series B Preferred Stock, through the next fiscal year. (CULLEN/FROST BANKERS, INC.) — medium confidence, target: 2024-12-31

FAQ

Industry Context

Cullen/Frost Bankers, Inc. operates within the national commercial banking industry, a sector characterized by stringent regulation and sensitivity to economic conditions.

Regulatory Implications

As a national commercial bank, Cullen/Frost Bankers, Inc. is subject to oversight from federal and state regulatory bodies, including the Federal Reserve and Texas Department of Banking, ensuring compliance with banking laws and capital requirements.

What Investors Should Do

1. Analyze the detailed financial statements for revenue, net income, and asset growth.
2. Review the risk factors section for potential challenges and mitigation strategies.
3. Compare key financial metrics against industry benchmarks and prior year performance.

Key Dates

• 2024-02-06: 10-K Filing — Submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 10-K.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $50.8 billion — /Frost had consolidated total assets of $50.8 billion and was one of the largest independent
• $51.0 billion — t Bank had consolidated total assets of $51.0 billion and total deposits of $42.4 billion and
• $42.4 billion — of $51.0 billion and total deposits of $42.4 billion and was one of the largest commercial b
• $47.2 b — stimated fair value of trust assets was $47.2 billion, including managed assets of $23.
• $23.8 billion — .2 billion, including managed assets of $23.8 billion and custody assets of $23.5 billion. C
• $23.5 billion — of $23.8 billion and custody assets of $23.5 billion. Capital Markets - Fixed-Income Servic
• $120.0 million — rmed in 2004 for the purpose of issuing $120.0 million in trust preferred securities and lendi
• $1.4 million — ceived from the Federal Reserve totaled $1.4 million in 2023, $1.2 million in 2022 and $532
• $1.2 million — l Reserve totaled $1.4 million in 2023, $1.2 million in 2022 and $532 thousand in 2021. Mos
• $532 thousand — llion in 2023, $1.2 million in 2022 and $532 thousand in 2021. Most of our non-bank subsidia
• $1.1 billion — ay aggregate dividends of approximately $1.1 billion to Cullen/Frost, without obtaining affi

Filing Documents

• cfr-20231231.htm (10-K) — 5306KB
• exhibit1017-formofperforma.htm (EX-10.17) — 29KB
• exhibit191-cullenfrostbank.htm (EX-19.1) — 45KB
• exhibit211-subsidiariesx10.htm (EX-21.1) — 10KB
• exhibit231-consentofindepe.htm (EX-23.1) — 5KB
• exhibit241-powerofattorney.htm (EX-24) — 21KB
• exhibit311-10xkx2023.htm (EX-31.1) — 10KB
• exhibit312-10xkx2023.htm (EX-31.2) — 10KB
• exhibit321-10kx2023.htm (EX-32.1) — 5KB
• exhibit322-10kx2023.htm (EX-32.2) — 5KB
• exhibit971-cullenfrostbank.htm (EX-97.1) — 25KB
• cfr-20231231_g1.jpg (GRAPHIC) — 104KB
• cfr-20231231_g2.jpg (GRAPHIC) — 8KB
• 0000039263-24-000013.txt (&nbsp;) — 27749KB
• cfr-20231231.xsd (EX-101.SCH) — 131KB
• cfr-20231231_cal.xml (EX-101.CAL) — 185KB
• cfr-20231231_def.xml (EX-101.DEF) — 865KB
• cfr-20231231_lab.xml (EX-101.LAB) — 1440KB
• cfr-20231231_pre.xml (EX-101.PRE) — 1156KB
• cfr-20231231_htm.xml (XML) — 6347KB

Risk Factors

Item 1A. Risk Factors 21

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 34

Cybersecurity

Item 1C. Cybersecurity 35

Properties

Item 2. Properties 36

Legal Proceedings

Item 3. Legal Proceedings 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37

[ Reserved ]

Item 6. [ Reserved ] 39

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 71

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 73

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 136

Controls and Procedures

Item 9A. Controls and Procedures 136

Other Information

Item 9B. Other Information 137

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 137 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 138

Executive Compensation

Item 11. Executive Compensation 138

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 138

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 138

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 138 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 139

Form 10-K Summary

Item 16. Form 10-K Summary 140 SIGNATURES 141 3 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS The disclosures set forth in this item are qualified by Item 1A. Risk Factors and the section captioned "Forward-Looking Statements and Factors that Could Affect Future Results" in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of this report and other cautionary statements set forth elsewhere in this report. The Corporation Cullen/Frost Bankers, Inc., a Texas business corporation incorporated in 1977, is a financial holding company and a bank holding company headquartered in San Antonio, Texas that provides, through its subsidiaries, a broad array of products and services throughout numerous Texas markets. The terms "Cullen/Frost," "the Corporation," "we," "us" and "our" mean Cullen/Frost Bankers, Inc. and its subsidiaries, when appropriate. We offer commercial and consumer banking services, as well as trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing services. At December 31, 2023, Cullen/Frost had consolidated total assets of $50.8 billion and was one of the largest independent bank holding companies headquartered in the State of Texas. Our philosophy is to grow and prosper, building long-term relationships based on top quality service, high ethical standards, and safe, sound assets. We operate as a locally-oriented, community-based financial services organization, augmented by experienced, centralized support in select critical areas. Our local market orientation is reflected in our regional management and regional advisory boards, which are comprised of local business persons, professionals and other community representatives that assist our regional management in responding to local banking needs. Despite this local market, community-based focus, we offer many of the products available at much larger money-center financial institutions. We serve a wide variety of industries including, among others,

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