Exhibit 99


A.B. Mendez
Investor Relations
210.220.5234
or
Bill Day
Media Relations
210.220.5427


FOR IMMEDIATE RELEASE    
October 30, 2025



CULLEN/FROST REPORTS THIRD QUARTER RESULTS
Board declares fourth quarter dividend on common and preferred stock



SAN ANTONIO -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported third quarter 2025 results.
Net income available to common shareholders for the third quarter of 2025 was $172.7 million compared to $144.8 million for the third quarter of 2024. On a per-share basis, net income available to common shareholders for the third quarter of 2025 was $2.67 per diluted common share, compared to $2.24 per diluted common share reported a year earlier. Returns on average assets and average common equity were 1.32 percent and 16.72 percent, respectively, for the third quarter of 2025 compared to 1.16 percent and 15.48 percent, respectively, for the same period a year earlier.
For the third quarter of 2025, net interest income on a taxable-equivalent basis was $463.7 million, up 9.1 percent compared to the same quarter in 2024. Average loans for the third quarter of 2025 increased $1.4 billion, or 6.8 percent, to $21.5 billion, from the $20.1 billion reported for the third quarter a year earlier, and increased $389.2 million, or 1.8 percent, compared to the second quarter of 2025. Average deposits for the third quarter increased $1.3 billion, or 3.3 percent, to $42.1 billion, compared to the $40.7 billion reported for last year's third quarter, and increased $310.9 million, or 0.7 percent, compared to the second quarter of 2025.


“In the third quarter, our business saw continued steady loan growth as well as the beginning of our usual seasonal strength in deposit flows in the back half of the year. We remained as laser-focused as ever on pursuing our strategy of opening new locations, extending the Frost experience to more families and businesses, and continuing to deliver top-quality digital banking tools along with an empathetic customer experience," said Cullen/Frost Chairman and CEO Phil Green.
"Year-to-date, we have had strong financial performance across the board, with net interest income up eight percent and fee income up nine percent, average loans up eight percent and average deposits up three percent. We continue to build momentum in our newer markets, and we are well-positioned to continue to deliver above-market organic growth in any interest rate environment."

For the first nine months of 2025, net income available to common shareholders was $477.3 million, up 12.9 percent, compared to $422.7 million for the first nine months of 2024. Diluted EPS available to common shareholders for the first nine months of 2025 was $7.36 compared to $6.51 in the year-earlier period. Returns on average assets and average common equity for the first nine months of 2025 were 1.24 percent and 15.98 percent, respectively, compared to 1.15 percent and 15.90 percent, respectively, for the same period in 2024.



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Noted financial data for the third quarter of 2025 follows:
•The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the third quarter of 2025 were 14.14 percent, 14.59 percent and 16.04 percent, respectively, and continue to be in excess of well-capitalized levels and exceed Basel III minimum requirements.
•Net interest income on a taxable-equivalent basis was $463.7 million for the third quarter of 2025, an increase of 9.1 percent, compared to $425.2 million for the third quarter of 2024. Net interest margin was 3.69 percent for the third quarter of 2025 compared to 3.56 percent for the third quarter of 2024 and 3.67 percent for the second quarter of 2025.
•Non-interest income for the third quarter of 2025 totaled $125.6 million, an increase of $11.9 million, or 10.5 percent, from the $113.7 million reported for the third quarter of 2024. Trust and investment management fees increased $3.8 million, or 9.3 percent, compared to the third quarter of 2024. The increase in trust and investment management fees during the third quarter was primarily related to increases in investment management fees (up $2.9 million) and estate fees (up $634,000). Investment management fees are generally based on the market value of assets within customer accounts and are thus impacted by price movements in the equity and bond markets. Service charges on deposit accounts increased $4.0 million, or 14.7 percent, compared to the third quarter of 2024. Other non-interest income increased $1.7 million, or 14.4 percent, compared to the third quarter of 2024. The increase during the third quarter was primarily related to increases in sundry and other miscellaneous income (up $1.6 million) and public finance underwriting fees (up $1.0 million), partly offset by decreases in gains on the sale of foreclosed and other assets (down $473,000), among other things. Other charges, commissions, and fees increased $1.7 million, or 12.8 percent, compared to the third quarter of 2024. Items that contributed to the increase included increases in income from the placement of annuities (up $470,000), letter of credit fees (up $441,000), and income from the placement of mutual funds (up $301,000), among other things.
•Non-interest expense was $352.5 million for the third quarter of 2025, up $29.1 million, or 9.0 percent, compared to the $323.4 million reported for the third quarter a year earlier. Salaries and wages expense

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increased $12.5 million, or 8.0 percent, compared to the third quarter of 2024. The increase in salaries and wages was primarily related to increases in salaries due to annual merit and market increases and to an increase in the number of employees. The increase in the number of employees was partly related to our investment in organic expansion in various markets. Employee benefits expense increased by $5.4 million, or 18.6 percent, compared to the third quarter of 2024. The increase in employee benefits expense was primarily related to increases in medical/dental benefits expense (up $3.7 million), 401(k) plan expense (up $1.4 million), and payroll taxes (up $350,000). Technology, furniture, and equipment expense increased $5.7 million, or 15.1 percent, compared to the third quarter of 2024. The increase was primarily related to increased cloud services expense (up $3.5 million), software maintenance (up $1.9 million), and depreciation on furniture and equipment (up $840,000). Other non-interest expense increased $4.2 million, or 6.9 percent, compared to the third quarter of 2024. The increase included increases in fraud losses (up $2.8 million), advertising/promotions expense (up $516,000), research and platform fees (up $511,000), outside computer services expense (up $381,000), and donations expense (up $362,000), among other things.
•For the third quarter of 2025, the company reported a credit loss expense of $6.8 million, and reported net loan charge-offs of $6.6 million. This compares to a credit loss expense of $13.1 million and net charge-offs of $11.2 million for the second quarter of 2025 and a credit loss expense of $19.4 million and net charge-offs of $9.6 million for the third quarter of 2024. The allowance for credit losses on loans as a percentage of total loans was 1.31 percent at September 30, 2025, compared to 1.31 percent at June 30, 2025 and 1.31 percent at September 30, 2024. Non-accrual loans were $44.8 million at the end of the third quarter of 2025, compared to $62.4 million at the end of the second quarter of 2025 and $104.9 million at the end of the third quarter of 2024.



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The Cullen/Frost board declared a fourth-quarter cash dividend of $1.00 per common share. The dividend on common stock is payable December 15, 2025 to shareholders of record on November 28 of this year. The board of directors also declared a cash dividend of $11.125 per share of Series B Preferred Stock (or $0.278125 per depositary share). The depositary shares representing the Series B Preferred Stock are traded on the NYSE under the symbol "CFR PrB." The Series B Preferred Stock dividend is payable December 15, 2025 to shareholders of record on November 28 of this year.
Cullen/Frost Bankers, Inc. will host a conference call on Thursday, October 30, 2025, at 1 p.m. Central Time (CT) to discuss the results for the quarter. The media and other interested parties are invited to access the call in a “listen only” mode at 1-877-709-8150 or via webcast on our investor relations website linked below. Playback of the conference call will be available after 5 p.m. CT on the day of the call until midnight Sunday, November 2, 2025 at 1-877-660-6853 with Conference ID # of 13756629. A replay of the call will also be available by webcast at the URL listed below after 5 p.m. CT on the day of the call.
Cullen/Frost investor relations website: https://investor.frostbank.com/
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $52.5 billion in assets at September 30, 2025. One of the 50 largest U.S. banks, Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Dallas, Fort Worth, Gulf Coast, Houston, Permian Basin, and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at www.frostbank.com.

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Forward-Looking Statements and Factors that Could Affect Future Results
Certain statements contained in this Earnings Release 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.
•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. 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.

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Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
20252024
3rd Qtr2nd Qtr1st Qtr4th Qtr3rd Qtr
CONDENSED INCOME STATEMENTS
Net interest income$441,618 $429,604 $416,220 $413,518 $404,331 
Net interest income (1)
463,667 450,558 436,404 433,726 425,160 
Credit loss expense6,779 13,129 13,070 16,162 19,386 
Non-interest income:
Trust and investment management fees44,846 43,669 42,931 43,765 41,016 
Service charges on deposit accounts31,440 29,151 28,621 27,909 27,412 
Insurance commissions and fees15,424 13,879 21,019 14,215 14,839 
Interchange and card transaction fees 5,547 5,619 5,402 5,764 5,428 
Other charges, commissions, and fees14,730 13,967 13,586 15,208 13,060 
Net gain (loss) on securities transactions— — (14)(112)16 
Other13,660 10,988 12,466 16,075 11,936 
Total non-interest income 125,647 117,273 124,011 122,824 113,707 
Non-interest expense:
Salaries and wages169,155 162,149 160,857 165,520 156,637 
Employee benefits34,465 32,826 42,157 28,614 29,060 
Net occupancy34,682 34,640 33,277 32,102 32,497 
Technology, furniture, and equipment43,479 40,572 40,118 39,775 37,766 
Deposit insurance6,328 6,590 7,184 6,924 7,238 
Other 64,369 70,351 64,473 63,232 60,212 
Total non-interest expense 352,478 347,128 348,066 336,167 323,410 
Income before income taxes208,008 186,620 179,095 184,013 175,242 
Income taxes33,628 29,617 28,173 29,161 28,741 
Net income174,380 157,003 150,922 154,852 146,501 
Preferred stock dividends1,668 1,669 1,669 1,669 1,668 
Net income available to common shareholders$172,712 $155,334 $149,253 $153,183 $144,833 
PER COMMON SHARE DATA
Earnings per common share - basic$2.67 $2.39 $2.30 $2.37 $2.24 
Earnings per common share - diluted2.67 2.39 2.30 2.36 2.24 
Cash dividends per common share1.00 1.00 0.95 0.95 0.95 
Book value per common share at end of quarter67.64 63.04 61.74 58.46 62.41 
OUTSTANDING COMMON SHARES
Period-end common shares63,801 64,319 64,283 64,197 63,931 
Weighted-average common shares - basic64,080 64,300 64,255 64,116 63,958 
Dilutive effect of stock compensation41 52 74 121 127 
Weighted-average common shares - diluted64,121 64,352 64,329 64,237 64,085 
SELECTED ANNUALIZED RATIOS
Return on average assets1.32 %1.22 %1.19 %1.19 %1.16 %
Return on average common equity16.72 15.64 15.54 15.58 15.48 
Net interest income to average earning assets 3.69 3.67 3.60 3.53 3.56 
(1) Taxable-equivalent basis assuming a 21% tax rate.

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Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
20252024
3rd Qtr2nd Qtr1st Qtr4th Qtr3rd Qtr
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans$21,452 $21,063 $20,788 $20,346 $20,084 
Earning assets48,492 47,664 47,424 47,577 46,100 
Total assets51,911 51,191 50,925 51,008 49,467 
Non-interest-bearing demand deposits13,839 13,788 13,798 14,051 13,659 
Interest-bearing deposits28,232 27,972 27,860 27,834 27,074 
Total deposits42,071 41,760 41,658 41,885 40,733 
Shareholders' equity4,243 4,129 4,041 4,057 3,868 
Period-End Balance:
Loans$21,446 $21,254 $20,904 $20,755 $20,055 
Earning assets49,147 47,756 48,409 48,878 47,424 
Total assets52,533 51,409 52,005 52,520 51,008 
Total deposits42,517 41,684 42,391 42,723 41,721 
Shareholders' equity4,461 4,200 4,114 3,899 4,135 
Adjusted shareholders' equity (1)
5,385 5,341 5,243 5,151 5,051 
ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:$280,221 $277,803 $275,488 $270,151 $263,129 
As a percentage of period-end loans1.31 %1.31 %1.32 %1.30 %1.31 %
Net charge-offs:$6,589 $11,151 $9,691 $13,962 $9,640 
Annualized as a percentage of average loans0.12 %0.21 %0.19 %0.27 %0.19 %
Non-accrual loans:$44,778 $62,393 $83,534 $78,866 $104,877 
As a percentage of total loans0.21 %0.29 %0.40 %0.38 %0.52 %
As a percentage of total assets0.09 0.12 0.16 0.15 0.21 
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio14.14 %13.98 %13.84 %13.62 %13.55 %
Tier 1 Risk-Based Capital Ratio14.59 14.43 14.30 14.07 14.02 
Total Risk-Based Capital Ratio16.04 15.88 15.76 15.53 15.50 
Leverage Ratio9.00 8.98 8.84 8.63 8.80 
Equity to Assets Ratio (period-end)8.49 8.17 7.91 7.42 8.11 
Equity to Assets Ratio (average)8.17 8.07 7.94 7.95 7.82 
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).


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Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
Nine Months Ended
September 30,
20252024
CONDENSED INCOME STATEMENTS
Net interest income$1,287,442 $1,191,094 
Net interest income (1)
1,350,630 1,254,148 
Credit loss expense32,978 48,823 
Non-interest income:
Trust and investment management fees131,446 121,505 
Service charges on deposit accounts89,212 78,321 
Insurance commissions and fees50,322 47,054 
Interchange and card transaction fees 16,568 15,253 
Other charges, commissions and fees42,283 38,140 
Net gain (loss) on securities transactions(14)16 
Other37,114 35,985 
Total non-interest income 366,931 336,274 
Non-interest expense:
Salaries and wages492,161 455,874 
Employee benefits109,448 93,832 
Net occupancy102,599 96,649 
Technology, furniture and equipment124,169 108,712 
Deposit insurance20,102 30,345 
Other 199,193 181,179 
Total non-interest expense 1,047,672 966,591 
Income before income taxes573,723 511,954 
Income taxes91,418 84,264 
Net income482,305 427,690 
Preferred stock dividends5,006 5,006 
Net income available to common shareholders$477,299 $422,684 
PER COMMON SHARE DATA
Earnings per common share - basic$7.36 $6.52 
Earnings per common share - diluted7.36 6.51 
Cash dividends per common share$2.95 $2.79 
Book value per common share at end of quarter67.64 62.41 
OUTSTANDING COMMON SHARES
Period-end common shares63,801 63,931 
Weighted-average common shares - basic64,211 64,122 
Dilutive effect of stock compensation55 141 
Weighted-average common shares - diluted64,266 64,263 
SELECTED ANNUALIZED RATIOS
Return on average assets1.24 %1.15 %
Return on average common equity15.98 15.90 
Net interest income to average earning assets 3.65 3.52 
(1) Taxable-equivalent basis assuming a 21% tax rate.


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Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
As of or for the
Nine Months Ended
September 30,
20252024
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans$21,103 $19,618 
Earning assets47,864 45,838 
Total assets51,344 49,240 
Non-interest-bearing demand deposits13,809 13,771 
Interest-bearing deposits28,023 26,885 
Total deposits41,831 40,656 
Shareholders' equity4,139 3,697 
Period-End Balance:
Loans$21,446 $20,055 
Earning assets49,147 47,424 
Total assets52,533 51,008 
Total deposits42,517 41,721 
Shareholders' equity4,461 4,135 
Adjusted shareholders' equity (1)
5,385 5,051 
ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:$280,221 $263,129 
As a percentage of period-end loans1.31 %1.31 %
Net charge-offs:27,431 26,715 
Annualized as a percentage of average loans0.17 %0.18 %
Non-accrual loans:$44,778 $104,877 
As a percentage of total loans0.21 %0.52 %
As a percentage of total assets0.09 0.21 
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio14.14 %13.55 %
Tier 1 Risk-Based Capital Ratio14.59 14.02 
Total Risk-Based Capital Ratio16.04 15.50 
Leverage Ratio9.00 8.80 
Equity to Assets Ratio (period-end)8.49 8.11 
Equity to Assets Ratio (average)8.06 7.51 
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

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Cullen/Frost Bankers, Inc.
TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)
20252024
3rd Qtr2nd Qtr1st Qtr4th Qtr3rd Qtr
TAXABLE-EQUIVALENT YIELD/COST(1)
Earning Assets:     
Interest-bearing deposits4.36 %4.41 %4.39 %4.71 %5.32 %
Federal funds sold4.74 4.71 4.79 5.16 5.65 
Resell agreements4.58 4.59 4.60 4.88 5.48 
Securities(2)
3.85 3.79 3.63 3.44 3.40 
Loans, net of unearned discounts6.61 6.60 6.57 6.77 7.12 
Total earning assets5.11 5.07 4.99 5.05 5.26 
Interest-Bearing Liabilities:
Interest-bearing deposits:
Savings and interest checking0.24 %0.24 %0.24 %0.29 %0.38 %
Money market deposit accounts2.28 2.28 2.27 2.47 2.80 
Time accounts3.79 3.86 3.97 4.32 4.73 
Total interest-bearing deposits1.94 1.93 1.94 2.14 2.41 
Total deposits1.30 1.29 1.30 1.42 1.60 
Federal funds purchased4.34 4.37 4.40 4.71 5.33 
Repurchase agreements3.17 3.23 3.13 3.34 3.72 
Junior subordinated deferrable interest debentures6.30 6.30 6.32 6.87 7.14 
Subordinated notes payable and other notes4.69 4.69 4.69 4.69 4.69 
Total interest-bearing liabilities2.13 2.12 2.12 2.32 2.60 
Net interest spread2.98 2.95 2.87 2.73 2.66 
Net interest income to total average earning assets3.69 3.67 3.60 3.53 3.56 
AVERAGE BALANCES
($ in millions)
Assets: 
Interest-bearing deposits$6,816 $6,169 $7,238 $8,577 $7,073 
Federal funds sold3 8 3 3 4 
Resell agreements10 23 10 11 41 
Securities - carrying value(2)
20,213 20,401 19,384 18,640 18,898 
Securities - amortized cost(2)
21,622 21,864 20,839 19,944 20,324 
Loans, net of unearned discount21,452 21,063 20,788 20,346 20,084 
Total earning assets$48,492 $47,664 $47,424 $47,577 $46,100 
Liabilities:
Interest-bearing deposits:
Savings and interest checking$9,689 $9,920 $9,969 $9,693 $9,470 
Money market deposit accounts11,817 11,518 11,432 11,683 11,122 
Time accounts6,726 6,534 6,458 6,458 6,482 
Total interest-bearing deposits28,232 27,972 27,860 27,834 27,074 
Total deposits42,071 41,760 41,658 41,885 40,733 
Federal funds purchased29 25 18 24 20 
Repurchase agreements4,593 4,250 4,147 3,946 3,777 
Junior subordinated deferrable interest debentures123 123 123 123 123 
Subordinated notes payable and other notes100 100 100 100 100 
Total interest-bearing funds$33,077 $32,471 $32,248 $32,027 $31,094 
(1) Taxable-equivalent basis assuming a 21% tax rate.
(2) Average securities include unrealized gains and losses on securities available for sale while yields are based on average amortized cost.

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