---
schema_version: "secwatch.filing_event.v1"
accession: "0000039263-23-000041"
form_type: "8-K"
ticker: "CFR"
cik: "0000039263"
company_name: "CULLEN/FROST BANKERS, INC."
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T09:43:08.048201+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Cullen/Frost Q1 net income $176M, EPS $2.70, up 80% YoY; dividend $0.87

## Summary
- Net income available to common shareholders $176M vs $97.4M YoY; diluted EPS $2.70 (up 80%).
- Net interest income (tax-equiv) $425.8M, up 56.4% YoY; net interest margin 3.47% vs 2.33%.
- Average loans $17.3B, up 5.7% YoY; average deposits $42.8B, down 0.5% YoY.
- Non-interest income $105.3M (+3.8%); non-interest expense $285.1M (+19.4%).
- Board declares Q2 dividend $0.87/common share, payable June 15 to holders of record May 31.

## SEC filing metadata
- accession: 0000039263-23-000041
- form_type: 8-K
- ticker: CFR
- cik: 0000039263
- company_name: CULLEN/FROST BANKERS, INC.
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/39263/000003926323000041/0000039263-23-000041-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/39263/000003926323000041/cfr-20230427.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000039263-23-000041
- JSON: https://secwatch.observer/filing/0000039263-23-000041.json
- Plain text: https://secwatch.observer/filing/0000039263-23-000041.txt

## Key facts
- Earnings Releases
  CULLEN/FROST BANKERS, INC. reported the first quarter of 2023 results: net income $176.0 million, EPS $2.70 per diluted common share.
  - Period: the first quarter of 2023
  - Net income: $176.0 million
  - EPS: $2.70 per diluted common share
  - Result: reported results
  source text: Net income available to common shareholders for the first quarter of 2023 was $176.0 million compared to $97.4 million in the first quarter of 2022. On a per-share basis, net income available to common shareholders for the first quarter of 2023 was $2.70 per diluted common share, compared to $1.50 per diluted common share reported a year earlier, representing an 80.0 percent increase.
  evidence_url: https://www.sec.gov/Archives/edgar/data/39263/000003926323000041/0000039263-23-000041-index.htm

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