v3.22.4
Condensed Financial Statements of Parent Company
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Statements of Parent Company Condensed Financial Statements of Parent Company
Condensed financial statements pertaining only to Cullen/Frost Bankers, Inc. are presented below. Investments in subsidiaries are stated using the equity method of accounting.
Condensed Balance Sheets
December 31,
20222021
Assets:
Cash$311,944 $471,875 
Total cash and cash equivalents311,944 471,875 
Investment in subsidiaries3,065,114 4,222,288 
Accrued interest receivable and other assets1,142 2,228 
Total assets$3,378,200 $4,696,391 
Liabilities:
Junior subordinated deferrable interest debentures, net of unamortized issuance costs$123,069 $123,011 
Subordinated notes, net of unamortized issuance costs99,335 99,178 
Accrued interest payable and other liabilities18,568 34,647 
Total liabilities240,972 256,836 
Shareholders’ Equity3,137,228 4,439,555 
Total liabilities and shareholders’ equity$3,378,200 $4,696,391 
Condensed Statements of Income
Year Ended December 31,
202220212020
Income:
Dividend income paid by Frost Bank$51,711 $219,386 $298,884 
Dividend income paid by non-banks109 473 736 
Interest and other income— 101 446 
Total income51,820 219,960 300,066 
Expenses:
Interest expense8,829 7,141 8,216 
Salaries and employee benefits1,605 1,499 1,581 
Other6,316 5,867 6,833 
Total expenses16,750 14,507 16,630 
Income before income taxes and equity in undistributed earnings of subsidiaries
35,070 205,453 283,436 
Income tax benefit5,641 4,899 5,406 
Equity in undistributed earnings of subsidiaries538,439 232,727 42,309 
Net income579,150 443,079 331,151 
Preferred stock dividends6,675 7,157 2,016 
Redemption of preferred stock— — 5,514 
Net income available to common shareholders$572,475 $435,922 $323,621 
Condensed Statements of Cash Flows
Year Ended December 31,
202220212020
Operating Activities:
Net income$579,150 $443,079 $331,151 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries(538,439)(232,727)(42,309)
Stock-based compensation720 700 770 
Net tax benefit from stock-based compensation472 278 370 
Net change in other assets and other liabilities(15,249)23,890 (8,937)
Net cash from operating activities26,654 235,220 281,045 
Investing Activities:
Redemption of investment in non-bank subsidiary— 406 — 
Net cash from investing activities— 406 — 
Financing Activities:
Principal payments on long-term borrowings— (13,403)— 
Redemption of Series A preferred stock— — (150,000)
Proceeds from issuance of Series B preferred stock— — 145,452 
Proceeds from stock option exercises16,659 54,417 12,557 
Proceeds from stock-based compensation activities of subsidiaries
17,602 12,053 13,148 
Purchase of treasury stock(4,391)(3,864)(15,785)
Treasury stock issued to 401(k) stock purchase plan— 1,749 10,307 
Cash dividends paid on preferred stock (6,675)(7,157)(2,016)
Cash dividends paid on common stock(209,780)(188,786)(180,584)
Net cash from financing activities(186,585)(144,991)(166,921)
Net change in cash and cash equivalents(159,931)90,635 114,124 
Cash and cash equivalents at beginning of year471,875 381,240 267,116 
Cash and cash equivalents at end of year$311,944 $471,875 $381,240