Cullen/Frost Bankers, Inc. (CFR) SEC Filings & Earnings Calls

Geopolitical and trade policy risks highlighted in forward-looking statements.

“Recent military conflict involving U.S. and Iran, trade policy uncertainty, potential supply chain disruptions.”

Commercial real estate exposure

“Office building overlays are additional qualitative adjustments to our commercial real estate models designed to address longer-term concerns regarding the utilization of commercial office space” · word for word

Interest rate sensitivity

“A portion of our debt remains unhedged and subject to interest rate fluctuations”

Geopolitical risk

“Recent military conflict involving the U.S. and Iran... has contributed to heightened geopolitical uncertainty” · word for word

Credit loss expense increased sequentially from Q1 2026

“Credit loss expense $9.8M vs $6.7M in Q1 2026”

Net charge-offs increased sequentially from Q1 2026

“Net charge-offs $9.5M vs $5.7M in Q1 2026”

Deposit fraud losses increased $2.4M; non-interest expense up 5.1%.

“deposit fraud losses related to various payment systems (up $2.4 million)” · word for word

CRE credit risk from higher-for-longer rates

“Management believes access to capital may remain impaired for an extended period, which could require borrowers to rely on secondary sources of liquidity and capital to support completed projects that could take longer to stabilize than originally underwritten.” · word for word

Tariff and trade policy uncertainty

“The scope, duration, and ultimate impact of tariffs on us, our customers, financial markets, and the U.S. and global economies remain uncertain... These developments may affect customer cash flows, credit conditions, supply chain decisions, and overall market activity and volatility, thereby increasing our exposure to operational, credit, and market risks.” · word for word

Interest rate risk from AOCI volatility

“The accumulated other comprehensive income/loss component of shareholders' equity totaled a net, after-tax, unrealized loss of $923.5 million at March 31, 2026, compared to a net, after-tax, unrealized loss of $843.0 million at December 31, 2025.” · word for word

Commercial real estate concentration risk

“As of December 31, 2025, commercial real estate mortgage loans comprised approximately 47.1% of our loan portfolio.” · word for word

Oil price volatility risk

“The price per barrel of crude oil was $57.95 at December 31, 2025 and $71.72 at December 31, 2024.” · word for word

Uninsured deposit concentration

“As of December 31, 2025, approximately 52% of our deposits were uninsured and we rely on these deposits for liquidity.” · word for word

Unrealized losses in securities portfolio

“We have experienced significant unrealized losses on our available-for sale-securities portfolio as a result of elevated market interest rates.” · word for word

No material risk signals; routine board succession.

One-time expenses of $16.2M in Q4, partially offset by FDIC assessment reversal.

“Recognized several one-time expense items totaling $16.2 million, partly offset by $8.5 million reversal of FDIC assessment accrual.”

Rising non-interest expenses, particularly salaries and technology costs.

“Non-interest expense was $352.5 million, up 9.0%” · word for word

CRE credit risk from refinancing access and interest rate sensitivity

“We believe access to capital may be impaired for a significant amount of time. Accordingly, this would require secondary sources of liquidity and capital to support completed projects that may take considerably longer to stabilize than originally underwritten.” · word for word

Recession risk from tariffs and geopolitical events

“The down-side scenario overlay is a qualitative adjustment for our commercial and industrial loan portfolio to address the significant risk of economic recession as a result of inflation; tariffs and other protectionist trade policies; rising interest rates; labor shortages; disruption in financial markets and global supply chains; further oil price volatili” · word for word