---
schema_version: "secwatch.filing_event.v1"
accession: "0000039263-23-000005"
form_type: "8-K"
ticker: "CFR"
cik: "0000039263"
company_name: "CULLEN/FROST BANKERS, INC."
filed_at: "2023-01-26T23:59:59+00:00"
generated_at: "2026-06-20T08:36:21.622466+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Cullen/Frost Q4 net income $189.5M, EPS $2.91 up 91% YoY; NIM expands to 3.31%

## Summary
- Diluted EPS $2.91 vs $1.54 a year ago; full-year EPS $8.81 vs $6.76 (up 30%).
- Net interest income (tax-equivalent) $423.9M, up 60.5%; net interest margin 3.31% vs 2.31%.
- Average loans $17.1B (+6.8% YoY); average deposits $44.8B (+9.1% YoY).
- Non-interest expense $281.3M (+17.9%) driven by salaries, expansion costs, and a $4M license negotiation accrual.
- Board declared $0.87 per common share dividend, unchanged, payable March 15, 2023.

## SEC filing metadata
- accession: 0000039263-23-000005
- form_type: 8-K
- ticker: CFR
- cik: 0000039263
- company_name: CULLEN/FROST BANKERS, INC.
- filed_at: 2023-01-26T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/39263/000003926323000005/0000039263-23-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/39263/000003926323000005/cfr-20230126.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000039263-23-000005
- JSON: https://secwatch.observer/filing/0000039263-23-000005.json
- Plain text: https://secwatch.observer/filing/0000039263-23-000005.txt

## Key facts
- Earnings Releases
  CULLEN/FROST BANKERS, INC. reported financial results for the quarter and year ended December 31, 2022.
  - Period: the quarter and year ended December 31, 2022
  - Result: reported results
  source text: Attached as Exhibit 99.1 and incorporated into this item by reference is a press release issued by the Registrant on January 26, 2023 regarding its financial results for the quarter and year ended December 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/39263/000003926323000005/0000039263-23-000005-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.