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Cullen/Frost Bankers (CFR) investor relations material

Cullen/Frost Bankers Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Q3 2025 net income available to common shareholders was $172.7 million ($2.67 per share), up 19.2% year-over-year, with return on average assets at 1.32% and return on average common equity at 16.72%.

  • Year-to-date net income available to common shareholders reached $477.3 million, a 12.9% increase from the prior year period, with EPS of $7.36 for the nine months.

  • Growth was driven by higher net interest income, lower credit loss expense, and increased non-interest income, partially offset by higher non-interest and income tax expenses.

  • Organic expansion strategy contributed to growth, with nearly 74,000 new households added and significant loan and deposit increases.

Financial highlights

  • Net interest income for Q3 2025 was $463.7 million, up 9.1% year-over-year; non-interest income rose 10.5% to $125.6 million.

  • Average loans for Q3 2025 increased 6.8% year-over-year to $21.5 billion; average deposits rose 3.3% to $42.1 billion.

  • Non-interest expense rose 9.0% to $352.5 million in Q3 2025, mainly due to higher salaries, technology, and operating costs.

  • Credit loss expense decreased by $12.6 million in Q3, reflecting improved credit quality and lower net charge-offs.

  • Consumer real estate loans grew 18.7% year-over-year to $3.5 billion; commercial loans up 5.1%.

Outlook and guidance

  • Full-year 2025 net interest income growth expected at 7–8%, with net interest margin projected to improve by 12–15 bps over 2024’s 3.53%.

  • Average loan growth forecast at 6.5–7.5%; deposit growth at 2.5–3.5%, both in line or above prior guidance.

  • Non-interest income growth outlook raised to 6.5–7.5% for the year; non-interest expense growth expected at 8–9%.

  • Management expects continued above-market organic growth, supported by expansion and digital banking.

  • Economic forecasts project moderate GDP growth, stable unemployment, and steady interest rates through 2027.

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Frequently asked questions

Cullen/Frost Bankers Inc. is a financial holding company that provides a range of banking and financial services. Its offerings include commercial and consumer banking, trust and investment management, insurance, and treasury services. The company is headquartered in San Antonio, Texas, and its shares are listed on the NYSE.

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