---
schema_version: "secwatch.filing_event.v1"
accession: "0000039263-23-000070"
form_type: "8-K"
ticker: "CFR"
cik: "0000039263"
company_name: "CULLEN/FROST BANKERS, INC."
filed_at: "2023-10-26T23:59:59+00:00"
generated_at: "2026-06-09T09:04:27.644699+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Cullen/Frost Q3 EPS $2.38 vs $2.59 YoY; loans up 6.8%, deposits stabilize

## Summary
- Net income to common $154M vs $168.1M in Q3 2022; diluted EPS $2.38 (down 8.1% YoY).
- Net interest income (taxable-equiv) $407.4M, up 7.3% YoY; NIM 3.44% vs 3.01% a year ago.
- Average loans $18.0B (+6.8% YoY); average deposits $40.8B (-10.9% YoY but -0.4% QoQ).
- Non-interest expense rose 13.7% to $293.3M, driven by salary, tech, and marketing investments.
- Board declared Q4 cash dividend $0.92 per common share, payable Dec 15 to holders of record Nov 30.

## SEC filing metadata
- accession: 0000039263-23-000070
- form_type: 8-K
- ticker: CFR
- cik: 0000039263
- company_name: CULLEN/FROST BANKERS, INC.
- filed_at: 2023-10-26T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/39263/000003926323000070/0000039263-23-000070-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/39263/000003926323000070/cfr-20231026.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000039263-23-000070
- JSON: https://secwatch.observer/filing/0000039263-23-000070.json
- Plain text: https://secwatch.observer/filing/0000039263-23-000070.txt

## Key facts
- Earnings Releases
  CULLEN/FROST BANKERS, INC. reported the third quarter of 2023 results: net income $154.0 million, EPS $2.38 per diluted common share.
  - Period: the third quarter of 2023
  - Net income: $154.0 million
  - EPS: $2.38 per diluted common share
  - Result: reported results
  source text: Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported third quarter 2023 results. Net income available to common shareholders for the third quarter of 2023 was $154.0 million compared to $168.1 million in the third quarter of 2022. On a per-share basis, net income available to common shareholders for the third quarter of 2023 was $2.38 per diluted common share, compared to $2.59 per diluted common share reported a year earlier
  evidence_url: https://www.sec.gov/Archives/edgar/data/39263/000003926323000070/0000039263-23-000070-index.htm

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