# CULLEN/FROST BANKERS, INC. (CFR) Informational only - not investment advice. CIK: 0000039263 SIC: 6021 National Commercial Banks SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6021 National Commercial Banks](/industry/6021/) Latest 10-K filed: 2026-02-05 SEC page: https://www.sec.gov/edgar/browse/?CIK=39263 Filing source: https://www.sec.gov/Archives/edgar/data/39263/000003926326000011/cfr-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-05 · accession 0000039263-26-000011 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000039263.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 2,235,244,000 USD | 2025 | verified | | Net income | 648,557,000 USD | 2025 | verified | | Assets | 53,041,424,000 USD | 2025 | verified | | Free cash flow | 127,327,000 USD | 2025 | computed | | Net margin | 29.02% | 2025 | computed | | Revenue YoY | +8.31% | 2025 | computed | | ROE | 14.18% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | CFR | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 29.0% | 22.9% | 83 | 76 | | Revenue growth | 8.3% | 5.2% | 71 | 76 | | FCF margin | 5.7% | 22.0% | 6 | 65 | | ROE | 14.2% | 9.9% | 92 | 76 | | ROA | 1.2% | 1.1% | 77 | 76 | | Liabilities / equity | 10.60 | 8.12 | 91 | 76 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6021 National Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2235244000 | USD | 2025 | 2026-02-05 | | Net income | 648557000 | USD | 2025 | 2026-02-05 | | Assets | 53041424000 | USD | 2025 | 2026-02-05 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000039263.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2011 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 1,126,044,000 | 1,202,892,000 | 1,309,178,000 | 1,367,907,000 | 1,441,455,000 | 1,371,595,000 | 1,696,101,000 | 1,987,206,000 | 2,063,710,000 | 2,235,244,000 | | Net income | | 304,261,000 | 364,149,000 | 454,918,000 | 443,599,000 | 331,151,000 | 443,079,000 | 579,150,000 | 597,973,000 | 582,542,000 | 648,557,000 | | Diluted EPS | | 4.70 | 5.51 | 6.90 | 6.84 | 5.10 | 6.76 | 8.81 | 9.10 | 8.87 | 9.92 | | Operating cash flow | 274,369,000 | | 538,079,000 | 562,388,000 | 634,090,000 | 524,243,000 | 648,293,000 | 722,582,000 | 478,845,000 | 989,532,000 | 273,979,000 | | Capital expenditures | | 53,648,000 | 34,089,000 | 79,270,000 | 206,716,000 | 95,422,000 | 65,850,000 | 102,501,000 | 158,630,000 | 127,776,000 | 146,652,000 | | Dividends paid | | 134,902,000 | 144,172,000 | 165,449,000 | 177,006,000 | 180,584,000 | 188,786,000 | 209,780,000 | 232,323,000 | 242,446,000 | 255,356,000 | | Share buybacks | | 1,290,000 | 101,473,000 | 101,010,000 | 68,793,000 | 15,785,000 | 3,864,000 | 4,391,000 | 42,720,000 | 60,901,000 | 157,832,000 | | Assets | | 30,196,319,000 | 31,747,880,000 | 32,292,966,000 | 34,027,428,000 | 42,391,317,000 | 50,878,490,000 | 52,892,376,000 | 50,845,038,000 | 52,520,259,000 | 53,041,424,000 | | Liabilities | | 27,193,791,000 | 28,450,017,000 | 28,924,049,000 | 30,115,760,000 | 38,098,301,000 | 46,438,935,000 | 49,755,148,000 | 47,128,591,000 | 48,621,671,000 | 48,468,388,000 | | Stockholders' equity | | 3,002,528,000 | 3,297,863,000 | 3,368,917,000 | 3,911,668,000 | 4,293,016,000 | 4,439,555,000 | 3,137,228,000 | 3,716,447,000 | 3,898,588,000 | 4,573,036,000 | | Free cash flow | | | 503,990,000 | 483,118,000 | 427,374,000 | 428,821,000 | 582,443,000 | 620,081,000 | 320,215,000 | 861,756,000 | 127,327,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2011 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 27.02% | 30.27% | 34.75% | 32.43% | 22.97% | 32.30% | 34.15% | 30.09% | 28.23% | 29.02% | | Return on equity | | 10.13% | 11.04% | 13.50% | 11.34% | 7.71% | 9.98% | 18.46% | 16.09% | 14.94% | 14.18% | | Return on assets | | 1.01% | 1.15% | 1.41% | 1.30% | 0.78% | 0.87% | 1.09% | 1.18% | 1.11% | 1.22% | | Liabilities / equity | | 9.06 | 8.63 | 8.59 | 7.70 | 8.87 | 10.46 | 15.86 | 12.68 | 12.47 | 10.60 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000039263.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 2.59 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 2.70 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 2.47 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 491,424,000 | 155,651,000 | 2.38 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 501,903,000 | 102,551,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 501,428,000 | 135,690,000 | 2.06 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 507,902,000 | 145,499,000 | 2.21 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 518,038,000 | 146,501,000 | 2.24 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 536,342,000 | 154,852,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 540,231,000 | 150,922,000 | 2.30 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 546,877,000 | 157,003,000 | 2.39 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 567,265,000 | 174,380,000 | 2.67 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 580,871,000 | 166,252,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 574,837,000 | 170,987,000 | 2.65 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 576,009,000 | 172,059,000 | 2.70 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CFR's latest 10-K: [/company/CFR/business/](/company/CFR/business/). ## Risk Factors Verbatim Item 1A Risk Factors from CFR's latest 10-K: [/company/CFR/risk-factors/](/company/CFR/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/39263/000003926326000046/cfr-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-30 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Review Cullen/Frost Bankers, Inc. The following discussion should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2025, and the other information included in the 2025 Form 10-K. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results for the year ending December 31, 2026 or any future period. Dollar amounts in tables are stated in thousands, except for per share amounts. Forward-Looking Statements and Factors that Could Affect Future Results Certain statements contained in this Quarterly Report on Form 10-Q that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may,” and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: •The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board and the implementation of tariffs and other protectionist trade policies. •Inflation, interest rate, securities market, and monetary fluctuations. •Local, regional, national, and international economic conditions and the impact they may have on us and our customers and our assessment of that impact. •Changes in the financial performance and/or condition of our borrowers. •Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs. •Changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements. •Changes in our liquidity position. •Impairment of our goodwill or other intangible assets. •The timely development and acceptance of new products and services and perceived overall value of these products and services by users. •Changes in consumer spending, borrowing, and saving habits. •Greater than expected costs or difficulties related to the integration of new products and lines of business. •Technological changes, including advances in artificial intelligence and quantum computing. •The cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers. •Acquisitions and integration of acquired businesses. •Changes in the reliability of our vendors, internal control systems or information systems. •Our ability to increase market share and control expenses. •Our ability to attract and retain qualified employees. •Changes in our organization, compensation, and benefit plans. •The soundness of other financial institutions. •Volatility and disruption in national and international financial and commodity markets. •Changes in the competitive environment in our markets and among banking organizations and other financial service providers. •Government intervention in the U.S. financial system. •Political or economic instability. •Acts of God or of war or terrorism. 42 Table of Contents •The potential impact of climate change. •The impact of pandemics, epidemics, or any other health-related crisis. •The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals. •The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply. •The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters. •Our success at managing the risks involved in the foregoing items. In addition, recent military conflict involving the U.S. and Iran, including direct military actions, attacks affecting commercial shipping in and around the Strait of Hormuz, and subsequent retaliatory military strikes, has contributed to heightened geopolitical uncertainty, increased volatility in global financial markets, and significant fluctuations in energy and commodity prices. While diplomatic communications and negotiations may continue, recent statements by U.S. and Iranian officials, including indications that the previously announced ceasefire framework is no longer in effect, have increased the risk of further military escalation and broader regional instability. Ongoing developments in the Middle East, including potential disruptions to maritime trade routes and energy infrastructure, could adversely affect global supply chains, inflation expectations, economic activity, and market conditions. The timing, magnitude, duration, and geographic scope of any further conflict remain highly uncertain and may evolve rapidly in response to military actions, diplomatic developments, government policy decisions, sanctions, and market reactions. Heightened geopolitical uncertainty and volatility in energy markets may influence monetary policy decisions, interest-rate expectations, funding markets, liquidity conditions, foreign-exchange markets, and investor risk sentiment. These factors could adversely affect our funding profile; customer and counterparty credit quality, particularly in sectors sensitive to energy prices, global trade, transportation, manufacturing, and broader economic cycles; and the market value of certain financial instruments. Prolonged market volatility, additional military escalation involving the United States, Iran, or other regional actors, disruptions to global energy supplies or shipping lanes, expanded sanctions, or a deterioration in global economic conditions could negatively impact economic growth, increase borrower stress, reduce business activity, and contribute to higher credit losses and operational risks, including cyber-related incidents, any of which could have a material adverse effect on our business, financial condition, results of operations, and prospects. We will continue to monitor geopolitical developments and assess their potential impact on our customers, operations, liquidity position, capital levels, market exposures, and overall risk profile, and we may adjust our risk management, liquidity management, capital planning, and business continuity strategies as appropriate. Furthermore, financial markets, international relations, and global supply chains continue to be affected by evolving U.S. trade policies and practices. While the U.S. Supreme Court's February 20, 2026 ruling that the International Emergency Economic Powers Act ("IEEPA") does not authorize presidential tariff authority invalidated certain tariffs previously imposed under IEEPA, uncertainty remains regarding tariff refunds, related legal and administrative proceedings, and the scope, duration, and economic impact of replacement or additional trade measures adopted under other U.S. trade laws. Ongoing changes in U.S. trade policy, including the imposition, modification, suspension, or expansion of tariffs and other trade restrictions, may affect customer cash flows, business confidence, capital investment decisions, supply chain strategies, commodity prices, inflation expectations, and market volatility. These developments may increase our exposure to operational, credit, market, liquidity, and compliance risks. Customers with significant exposure to international trade, manufacturing, transportation, agriculture, retail, or other sectors sensitive to global trade and supply chain conditions may experience financial stress, reduced profitability, or weakened operating performance. Trade policy developments may also contribute to volatility in interest rates, foreign exchange markets, and asset valuations. If these developments adversely affect borrower financial condition, market stability, economic growth, or broader business activity, they could have a material adverse effect on our business, financial condition, results of operations, and prospects. We will continue to monitor trade policy developments and adjust our risk management, liquidity management, and capital planning strategies as appropriate. Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. 43 Table of Contents Application of Critical Accounting Policies and Accounting Estimates We follow accounting and reporting policies that conform, in all material respects, to accounting principles generally accepted in the United States (“U.S. GAAP”) and general practices within the financial services industry. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. While we base estimates on historical experience, current information and other factors deemed to be relevant, actual results could differ from those estimates. We consider accounting estimates to be critical to reported financial results if (i) the accounting estimate requires management to make assumptions about matters that are highly uncertain and (ii) different estimates that management reasonably could have used for the accounting estimate in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, could have a material impact on our financial statements. Accounting policies related to the allowance for credit losses on financial instruments including loans and off-balance-sheet credit exposures are considered to be critical as these policies involve considerable subjective judgment and estimation by management. In the case of loans, the allowance for credit losses is a contra-asset valuation account, calculated in accordance with Accounting Standards Codification (“ASC”) Topic 326 (“ASC 326”) Financial Instruments - Credit Losses, that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. In the case of off-balance-sheet credit exposures, the allowance for credit losses [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/39263/000003926326000011/cfr-20251231.htm Complete FY 2025 MD&A: /company/CFR/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-05 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements and Factors that Could Affect Future Results Certain statements contained in this Annual Report on Form 10-K that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may,” and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: •The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board and the implementation of tariffs and other protectionist trade policies. •Inflation, interest rate, securities market, and monetary fluctuations. •Local, regional, national, and international economic conditions and the impact they may have on us and our customers and our assessment of that impact. •Changes in the financial performance and/or condition of our borrowers. •Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs. •Changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements. •Changes in our liquidity position. •Impairment of our goodwill or other intangible assets. •The timely development and acceptance of new products and services and perceived overall value of these products and services by users. •Changes in consumer spending, borrowing, and saving habits. •Greater than expected costs or difficulties related to the integration of new products and lines of business. •Technological changes. •The cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers. •Acquisitions and integration of acquired businesses. •Changes in the reliability of our vendors, internal control systems or information systems. •Our ability to increase market share and control expenses. •Our ability to attract and retain qualified employees. •Changes in our organization, compensation, and benefit plans. •The soundness of other financial institutions. •Volatility and disruption in national and international financial and commodity markets. •Changes in the competitive environment in our markets and among banking organizations and other financial service providers. •Government intervention in the U.S. financial system. •Political or economic instability. •Acts of God or of war or terrorism. •The potential impact of climate change. •The impact of pandemics, epidemics, or any other health-related crisis. 41 Table of Contents •The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals. •The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply. •The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters. •Our success at managing the risks involved in the foregoing items. In addition, financial markets, international relations, and global supply chains have been significantly impacted by recent U.S. trade policies and practices. Due to the rapidly evolving and changing state of U.S. trade policies, the amount and duration of any tariffs and their ultimate impact on us, our customers, financial markets, and the overall U.S. and global economies is currently uncertain. Nonetheless, prolonged uncertainty, elevated tariff levels or their wide-spread use in U.S. trade policy could weaken economic conditions and adversely impact the ability of borrowers to repay outstanding loans or the value of collateral securing these loans or adversely affect financial markets or the values of securities. To the extent that these risks may have a negative impact on the financial condition of borrowers or financial markets, it could also have a material adverse effect on our business, financial condition and results of operations. Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Application of Critical Accounting Policies and Accounting Estimates We follow accounting and reporting policies that conform, in all material respects, to accounting principles generally accepted in the United States and to general practices within the financial services industry. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. While we base estimates on historical experience, current information and other factors deemed to be relevant, actual results could differ from those estimates. We consider accounting estimates to be critical to reported financial results if (i) the accounting estimate requires management to make assumptions about matters that are highly uncertain and (ii) different estimates that management reasonably could have used for the accounting estimate in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, could have a material impact on our financial statements. Accounting policies related to the allowance for credit losses on financial instruments including loans and off-balance-sheet credit exposures are considered to be critical as these policies involve considerable subjective judgment and estimation by management. These policies are in accordance with Accounting Standards Codification (“ASC”) Topic 326 (“ASC 326”) Financial Instruments - Credit Losses. In the case of loans, the allowance for credit losses is a contra-asset valuation account, calculated in accordance with ASC 326, that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. In the case of off-balance-sheet credit exposures, the allowance for credit losses is a liability account, calculated in accordance with ASC 326, reported as a component of accrued interest payable and other liabilities in our consolidated balance sheets. The amount of each allowance account represents management's best estimate of current expected credit losses on these financial instruments considering available information, from internal and external sources, relevant to assessing exposure to credit loss over the contractual term of the instrument. Relevant available information includes historical credit loss experience, current conditions and reasonable and supportable forecasts. While historical credit loss experience provides the basis for the estimation of expected credit losses, adjustments to historical loss information may be made for differences in current portfolio-specific risk characteristics, environmental conditions or other relevant factors. While management utilizes its best judgment and information available, the ultimate adequacy of our allowance accounts is dependent upon a variety of factors beyond our control, including the performance of our portfolios, the economy, changes in interest rates and the view of the regulatory authorities toward classification of assets. See the section captioned “Allowance for Credit Losses” elsewhere in this discussion as well as Note 1 - Summary of Significant Accounting Policies and Note 3 - Loans in the notes to consolidated financial statements 42 Table of Contents included in Item 8. Financial Statements and Supplementary Data elsewhere in this report for further details of the risk factors considered by management in estimating the necessary level of the allowance for credit losses. Overview The following discussion and analysis presents the more significant factors that affected our financial condition as of December 31, 2025 and 2024 and results of operations for each of the years then ended. Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K filed with the SEC on February 6, 2025 (the “2024 Form 10-K”) for a discussion and analysis of the more significant factors that affected periods prior to 2024. Certain reclassifications have been made to make prior periods comparable. This discussion and analysis should be read in conjunction with our consolidated financial statements, notes thereto and other financial information appearing elsewhere in this report. Taxable-equivalent adjustments are the result of increasing income from tax-free loans and investments by an amount equal to the taxes that would be paid if the income were fully taxable, thus making tax-exempt yields comparable to taxable asset yields. Taxable equivalent adjustments were based upon a 21% income tax rate. Dollar amounts in tables are stated in thousands, except for per share amounts. Results of Operations Net income available to common shareholders totaled $641.9 million, or $9.92 diluted per common share, in 2025 compared to $575.9 million, or $8.87 diluted per common share, in 2024 and $591.3 million, or $9.10 diluted per common share, in 2023. Selected income statement data, returns on average assets and average equity and dividends per share for the comparable periods were as follows: [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/CFR/mda/fy2025/ All MD&A years: /company/CFR/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/CFR/mda/fy2024/): filed 2025-02-06; accession 0000039263-25-000017 (https://www.sec.gov/Archives/edgar/data/39263/000003926325000017/cfr-20241231.htm) - [FY 2023 MD&A](/company/CFR/mda/fy2023/): filed 2024-02-06; accession 0000039263-24-000013 (https://www.sec.gov/Archives/edgar/data/39263/000003926324000013/cfr-20231231.htm) - [FY 2022 MD&A](/company/CFR/mda/fy2022/): filed 2023-02-03; accession 0000039263-23-000008 (https://www.sec.gov/Archives/edgar/data/39263/000003926323000008/cfr-20221231.htm) - [FY 2021 MD&A](/company/CFR/mda/fy2021/): filed 2022-02-04; accession 0000039263-22-000008 (https://www.sec.gov/Archives/edgar/data/39263/000003926322000008/cfr-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6021 National Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CFR.md · JSON record: /company/CFR.json · verified financials: /company/CFR/financials.json / /company/CFR/financials.csv · machine TOC for the whole site: /llms.txt