CULLEN/FROST REPORTS THIRD QUARTER RESULTS

Board declares fourth quarter dividend on common and preferred stock

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.

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 exceedBasel 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 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 $2.8million), 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.

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, October30, 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 September30, 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.

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.

Cullen/Frost Bankers, Inc.CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)(In thousands, except per share amounts) 2025 2024 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd QtrCONDENSED INCOME STATEMENTSNet interest income $ 441,618 $ 429,604 $ 416,220 $ 413,518 $ 404,331Net interest income (1) 463,667 450,558 436,404 433,726 425,160Credit loss expense 6,779 13,129 13,070 16,162 19,386Non-interest income:Trust and investment management fees 44,846 43,669 42,931 43,765 41,016Service charges on deposit accounts 31,440 29,151 28,621 27,909 27,412Insurance commissions and fees 15,424 13,879 21,019 14,215 14,839Interchange and card transaction fees 5,547 5,619 5,402 5,764 5,428Other charges, commissions, and fees 14,730 13,967 13,586 15,208 13,060Net gain (loss) on securities transactions – – (14) (112) 16Other 13,660 10,988 12,466 16,075 11,936Total non-interest income 125,647 117,273 124,011 122,824 113,707Non-interest expense:Salaries and wages 169,155 162,149 160,857 165,520 156,637Employee benefits 34,465 32,826 42,157 28,614 29,060Net occupancy 34,682 34,640 33,277 32,102 32,497Technology, furniture, and equipment 43,479 40,572 40,118 39,775 37,766Deposit insurance 6,328 6,590 7,184 6,924 7,238Other 64,369 70,351 64,473 63,232 60,212Total non-interest expense 352,478 347,128 348,066 336,167 323,410Income before income taxes 208,008 186,620 179,095 184,013 175,242Income taxes 33,628 29,617 28,173 29,161 28,741Net income 174,380 157,003 150,922 154,852 146,501Preferred stock dividends 1,668 1,669 1,669 1,669 1,668Net income available to common shareholders $ 172,712 $ 155,334 $ 149,253 $ 153,183 $ 144,833PER COMMON SHARE DATAEarnings per common share – basic $ 2.67 $ 2.39 $ 2.30 $ 2.37 $ 2.24Earnings per common share – diluted 2.67 2.39 2.30 2.36 2.24Cash dividends per common share 1.00 1.00 0.95 0.95 0.95Book value per common share at end of quarter 67.64 63.04 61.74 58.46 62.41OUTSTANDING COMMON SHARESPeriod-end common shares 63,801 64,319 64,283 64,197 63,931Weighted-average common shares – basic 64,080 64,300 64,255 64,116 63,958Dilutive effect of stock compensation 41 52 74 121 127Weighted-average common shares – diluted 64,121 64,352 64,329 64,237 64,085SELECTED ANNUALIZED RATIOSReturn on average assets 1.32% 1.22% 1.19% 1.19% 1.16%Return on average common equity 16.72 15.64 15.54 15.58 15.48Net 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.Cullen/Frost Bankers, Inc.CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) 2025 2024 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd QtrBALANCE SHEET SUMMARY($ in millions)Average Balance:Loans $ 21,452 $ 21,063 $ 20,788 $ 20,346 $ 20,084Earning assets 48,492 47,664 47,424 47,577 46,100Total assets 51,911 51,191 50,925 51,008 49,467Non-interest-bearing demand deposits 13,839 13,788 13,798 14,051 13,659Interest-bearing deposits 28,232 27,972 27,860 27,834 27,074Total deposits 42,071 41,760 41,658 41,885 40,733Shareholders' equity 4,243 4,129 4,041 4,057 3,868Period-End Balance:Loans $ 21,446 $ 21,254 $ 20,904 $ 20,755 $ 20,055Earning assets 49,147 47,756 48,409 48,878 47,424Total assets 52,533 51,409 52,005 52,520 51,008Total deposits 42,517 41,684 42,391 42,723 41,721Shareholders' equity 4,461 4,200 4,114 3,899 4,135Adjusted shareholders' equity (1) 5,385 5,341 5,243 5,151 5,051ASSET QUALITY($ in thousands)Allowance for credit losses on loans: $ 280,221 $ 277,803 $ 275,488 $ 270,151 $ 263,129As a percentage of period-end loans 1.31% 1.31% 1.32% 1.30% 1.31%Net charge-offs: $ 6,589 $ 11,151 $ 9,691 $ 13,962 $ 9,640Annualized as a percentage of average loans 0.12% 0.21% 0.19% 0.27% 0.19%Non-accrual loans: $ 44,778 $ 62,393 $ 83,534 $ 78,866 $ 104,877As a percentage of total loans 0.21% 0.29% 0.40% 0.38% 0.52%As a percentage of total assets 0.09 0.12 0.16 0.15 0.21CONSOLIDATED CAPITAL RATIOSCommon Equity Tier 1 Risk-Based Capital Ratio 14.14% 13.98% 13.84% 13.62% 13.55%Tier 1 Risk-Based Capital Ratio 14.59 14.43 14.30 14.07 14.02Total Risk-Based Capital Ratio 16.04 15.88 15.76 15.53 15.50Leverage Ratio 9.00 8.98 8.84 8.63 8.80Equity to Assets Ratio (period-end) 8.49 8.17 7.91 7.42 8.11Equity to Assets Ratio (average) 8.17 8.07 7.94 7.95 7.82(1) Shareholders' equity excluding accumulated other comprehensive income (loss).Cullen/Frost Bankers, Inc.CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)(In thousands, except per share amounts) Nine Months Ended September 30, 2025 2024CONDENSED INCOME STATEMENTSNet interest income $ 1,287,442 $ 1,191,094Net interest income (1) 1,350,630 1,254,148Credit loss expense 32,978 48,823Non-interest income:Trust and investment management fees 131,446 121,505Service charges on deposit accounts 89,212 78,321Insurance commissions and fees 50,322 47,054Interchange and card transaction fees 16,568 15,253Other charges, commissions and fees 42,283 38,140Net gain (loss) on securities transactions (14) 16Other 37,114 35,985Total non-interest income 366,931 336,274Non-interest expense:Salaries and wages 492,161 455,874Employee benefits 109,448 93,832Net occupancy 102,599 96,649Technology, furniture and equipment 124,169 108,712Deposit insurance 20,102 30,345Other 199,193 181,179Total non-interest expense 1,047,672 966,591Income before income taxes 573,723 511,954Income taxes 91,418 84,264Net income 482,305 427,690Preferred stock dividends 5,006 5,006Net income available to common shareholders $ 477,299 $ 422,684PER COMMON SHARE DATAEarnings per common share – basic $ 7.36 $ 6.52Earnings per common share – diluted 7.36 6.51Cash dividends per common share $ 2.95 $ 2.79Book value per common share at end of quarter 67.64 62.41OUTSTANDING COMMON SHARESPeriod-end common shares 63,801 63,931Weighted-average common shares – basic 64,211 64,122Dilutive effect of stock compensation 55 141Weighted-average common shares – diluted 64,266 64,263SELECTED ANNUALIZED RATIOSReturn on average assets 1.24% 1.15%Return on average common equity 15.98 15.90Net interest income to average earning assets 3.65 3.52(1) Taxable-equivalent basis assuming a 21% tax rate.Cullen/Frost Bankers, Inc.CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) As of or for the Nine Months Ended September 30, 2025 2024BALANCE SHEET SUMMARY($ in millions)Average Balance:Loans $ 21,103 $ 19,618Earning assets 47,864 45,838Total assets 51,344 49,240Non-interest-bearing demand deposits 13,809 13,771Interest-bearing deposits 28,023 26,885Total deposits 41,831 40,656Shareholders' equity 4,139 3,697Period-End Balance:Loans $ 21,446 $ 20,055Earning assets 49,147 47,424Total assets 52,533 51,008Total deposits 42,517 41,721Shareholders' equity 4,461 4,135Adjusted shareholders' equity (1) 5,385 5,051ASSET QUALITY($ in thousands)Allowance for credit losses on loans: $ 280,221 $ 263,129As a percentage of period-end loans 1.31% 1.31%Net charge-offs: 27,431 26,715Annualized as a percentage of average loans 0.17% 0.18%Non-accrual loans: $ 44,778 $ 104,877As a percentage of total loans 0.21% 0.52%As a percentage of total assets 0.09 0.21CONSOLIDATED CAPITAL RATIOSCommon Equity Tier 1 Risk-Based Capital Ratio 14.14% 13.55%Tier 1 Risk-Based Capital Ratio 14.59 14.02Total Risk-Based Capital Ratio 16.04 15.50Leverage Ratio 9.00 8.80Equity to Assets Ratio (period-end) 8.49 8.11Equity to Assets Ratio (average) 8.06 7.51(1) Shareholders' equity excluding accumulated other comprehensive income (loss).Cullen/Frost Bankers, Inc.TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED) 2025 2024 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd QtrTAXABLE-EQUIVALENT YIELD/COST(1)Earning Assets:Interest-bearing deposits 4.36% 4.41% 4.39% 4.71% 5.32%Federal funds sold 4.74 4.71 4.79 5.16 5.65Resell agreements 4.58 4.59 4.60 4.88 5.48Securities(2) 3.85 3.79 3.63 3.44 3.40Loans, net of unearned discounts 6.61 6.60 6.57 6.77 7.12Total earning assets 5.11 5.07 4.99 5.05 5.26Interest-Bearing Liabilities:Interest-bearing deposits:Savings and interest checking 0.24% 0.24% 0.24% 0.29% 0.38%Money market deposit accounts 2.28 2.28 2.27 2.47 2.80Time accounts 3.79 3.86 3.97 4.32 4.73Total interest-bearing deposits 1.94 1.93 1.94 2.14 2.41Total deposits 1.30 1.29 1.30 1.42 1.60Federal funds purchased 4.34 4.37 4.40 4.71 5.33Repurchase agreements 3.17 3.23 3.13 3.34 3.72Junior subordinated deferrable interest debentures 6.30 6.30 6.32 6.87 7.14Subordinated notes payable and other notes 4.69 4.69 4.69 4.69 4.69Total interest-bearing liabilities 2.13 2.12 2.12 2.32 2.60Net interest spread 2.98 2.95 2.87 2.73 2.66Net interest income to total average earning assets 3.69 3.67 3.60 3.53 3.56AVERAGE BALANCES($ in millions)Assets:Interest-bearing deposits $ 6,816 $ 6,169 $ 7,238 $ 8,577 $ 7,073Federal funds sold 3 8 3 3 4Resell agreements 10 23 10 11 41Securities – carrying value(2) 20,213 20,401 19,384 18,640 18,898Securities – amortized cost(2) 21,622 21,864 20,839 19,944 20,324Loans, net of unearned discount 21,452 21,063 20,788 20,346 20,084Total earning assets $ 48,492 $ 47,664 $ 47,424 $ 47,577 $ 46,100Liabilities:Interest-bearing deposits:Savings and interest checking $ 9,689 $ 9,920 $ 9,969 $ 9,693 $ 9,470Money market deposit accounts 11,817 11,518 11,432 11,683 11,122Time accounts 6,726 6,534 6,458 6,458 6,482Total interest-bearing deposits 28,232 27,972 27,860 27,834 27,074Total deposits 42,071 41,760 41,658 41,885 40,733Federal funds purchased 29 25 18 24 20Repurchase agreements 4,593 4,250 4,147 3,946 3,777Junior subordinated deferrable interest debentures 123 123 123 123 123Subordinated notes payable and other notes 100 100 100 100 100Total 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.

A.B. MendezInvestor Relations210.220.5234

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Bill DayMedia Relations210.220.5427

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