Cullen/Frost Bankers Files 2024 10-K

TL;DR

CFR dropped its 2024 10-K. All the deets on their financials for last year.

AI Summary

Cullen/Frost Bankers, Inc. filed its 2024 10-K on February 6, 2025, reporting its financial performance for the fiscal year ending December 31, 2024. The company, a national commercial bank based in San Antonio, Texas, operates under the ticker CFR on the NYSE. Key financial data and operational details for the period are disclosed in this comprehensive filing.

Why It Matters

This filing provides investors and analysts with a detailed overview of Cullen/Frost's financial health, strategic initiatives, and risk factors for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, Cullen/Frost is subject to various market, credit, and regulatory risks inherent in the banking sector.

Key Numbers

• 64,235,032 — Total Assets (Reported for the fiscal year ending 2024-12-31)

Key Players & Entities

• CULLEN/FROST BANKERS, INC. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-06 (date) — Filing date
• San Antonio, Texas (location) — Company headquarters
• CFR (company) — Ticker symbol

FAQ

Key Financial Figures

• $52.5 billion — /Frost had consolidated total assets of $52.5 billion and was one of the largest independent
• $52.6 billion — t Bank had consolidated total assets of $52.6 billion and total deposits of $43.1 billion and
• $43.1 billion — of $52.6 billion and total deposits of $43.1 billion and was one of the largest commercial b
• $51.4 b — stimated fair value of trust assets was $51.4 billion, including managed assets of $26.
• $26.2 billion — .4 billion, including managed assets of $26.2 billion and custody assets of $25.2 billion. C
• $25.2 billion — of $26.2 billion and custody assets of $25.2 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
• $1.5 million — ceived from the Federal Reserve totaled $1.5 million in 2024, $1.4 million in 2023 and $1.2
• $1.4 million — l Reserve totaled $1.5 million in 2024, $1.4 million in 2023 and $1.2 million in 2022. Most
• $1.2 million — llion in 2024, $1.4 million in 2023 and $1.2 million in 2022. Most of our non-bank subsidia
• $1.2 billion — ay aggregate dividends of approximately $1.2 billion to Cullen/Frost, without obtaining affi

Filing Documents

• cfr-20241231.htm (10-K) — 5426KB
• exhibit1016-formofperforma.htm (EX-10.16) — 43KB
• exhibit211-subsidiariesx10.htm (EX-21.1) — 10KB
• exhibit231-consentofindepe.htm (EX-23.1) — 5KB
• exhibit241-powerofattorney.htm (EX-24.1) — 20KB
• exhibit311-10xkx2024.htm (EX-31.1) — 10KB
• exhibit312-10xkx2024.htm (EX-31.2) — 10KB
• exhibit321-10kx2024.htm (EX-32.1) — 5KB
• exhibit322-10kx2024.htm (EX-32.2) — 5KB
• cfr-20241231_g1.jpg (GRAPHIC) — 102KB
• cfr-20241231_g2.jpg (GRAPHIC) — 8KB
• 0000039263-25-000017.txt ( ) — 28173KB
• cfr-20241231.xsd (EX-101.SCH) — 133KB
• cfr-20241231_cal.xml (EX-101.CAL) — 185KB
• cfr-20241231_def.xml (EX-101.DEF) — 864KB
• cfr-20241231_lab.xml (EX-101.LAB) — 1408KB
• cfr-20241231_pre.xml (EX-101.PRE) — 1207KB
• cfr-20241231_htm.xml (XML) — 6482KB

Risk Factors

Item 1A. Risk Factors 21

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 35

Cybersecurity

Item 1C. Cybersecurity 36

Properties

Item 2. Properties 37

Legal Proceedings

Item 3. Legal Proceedings 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 37 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 38

[ Reserved ]

Item 6. [ Reserved ] 40

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 41

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 74

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 76

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 141

Controls and Procedures

Item 9A. Controls and Procedures 141

Other Information

Item 9B. Other Information 142

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 142 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 143

Executive Compensation

Item 11. Executive Compensation 143

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 143

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 143

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 143 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 144

Form 10-K Summary

Item 16. Form 10-K Summary 145 SIGNATURES 146 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, 2024, Cullen/Frost had consolidated total assets of $52.5 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,

View Full Filing

View this 10-K filing on SEC EDGAR