Cullen / Frost Bankers, Inc. (CFR): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de Cullen / Frost Bankers, Inc. (CFR), une institution bancaire régionale puissante qui a magistralement conçu son modèle commercial pour dominer le paysage financier texan. Avec une approche axée sur le laser qui mélange des solutions numériques de pointe, un service client personnalisé et des racines communautaires profondes, CFR a transformé les services bancaires traditionnels en une expérience dynamique et centrée sur le client qui les distingue sur un marché concurrentiel. Découvrez les couches complexes de leur toile de modèle commercial qui révèlent comment cette institution financière navigue stratégiquement sur les partenariats, les ressources et les propositions de valeur pour fournir des services bancaires exceptionnels.

Cullen / Frost Bankers, Inc. (CFR) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les entreprises locales et les chambres de commerce

Cullen / Frost Bankers maintient des partenariats stratégiques avec plusieurs réseaux commerciaux locaux à travers le Texas. En 2024, la banque a des collaborations actives avec:

Chambre de commerce de San Antonio	Partenariat régional principal
Houston Business Association	Réseau métropolitain secondaire
Texas Bankers Association	Réseau collaboratif à l'échelle de l'État

Partenariats avec les fournisseurs de technologies pour les solutions bancaires numériques

Cullen / Frost a établi des partenariats technologiques critiques pour améliorer les capacités bancaires numériques:

• Services cloud Microsoft Azure
• Plateforme bancaire numérique Fiserv
• Intégration CRM Salesforce

Collaboration avec les startups de la technologie financière (FINTECH)

La banque investit activement et s'associe à des innovateurs fintech, avec des investissements stratégiques actuels de 12,5 millions de dollars en sociétés de technologie financière émergentes.

Portefeuille d'investissement fintech	12,5 millions de dollars
Nombre de partenariats de démarrage	7 partenariats actifs

Relations avec les réseaux de traitement des cartes de crédit

Cullen / Frost maintient les partenariats de traitement des paiements critiques:

• Intégration du réseau de visa
• Contrat de traitement de MasterCard
• American Express Collaborative Platform

Volume total des transactions (2023)	4,3 milliards de dollars
Revenus de traitement des cartes de crédit	127 millions de dollars

Cullen / Frost Bankers, Inc. (CFR) - Modèle d'entreprise: Activités clés

Services bancaires commerciaux et personnels

Au quatrième trimestre 2023, Cullen / Frost a déclaré 44,7 milliards de dollars de dépôts totaux. Les services bancaires commerciaux génèrent environ 712 millions de dollars de revenus annuels.

Catégorie de service bancaire	Revenu annuel total	Segments de clientèle
Banque commerciale	712 millions de dollars	Entreprises de taille moyenne, clients des entreprises
Banque personnelle	456 millions de dollars	Consommateurs individuels, clients de détail

Advisory de gestion de la patrimoine et d'investissement

Cullen / Frost gère 18,3 milliards de dollars d'actifs de gestion de patrimoine en 2023.

• Actif sous gestion: 18,3 milliards de dollars
• Taille moyenne du portefeuille des clients: 2,4 millions de dollars
• Revenus de frais de conseil en investissement: 187 millions de dollars par an

Services de prêt et de crédit

Le portefeuille total des prêts a atteint 53,2 milliards de dollars en 2023.

Type de prêt	Valeur totale du portefeuille	Taux d'intérêt moyen
Prêts commerciaux	32,6 milliards de dollars	6.45%
Prêts à la consommation	20,6 milliards de dollars	5.75%

Développement de la plate-forme bancaire numérique

Les transactions bancaires numériques ont augmenté de 37% en 2023.

• Utilisateurs de la banque mobile: 425 000
• Volume de transaction bancaire en ligne: 18,6 millions par trimestre
• Investissement de plate-forme numérique: 42 millions de dollars en 2023

Gestion des risques et surveillance de la conformité

Budget de conformité et de gestion des risques: 76 millions de dollars en 2023.

Zone de conformité	Budget annuel	Personnel dédié
Conformité réglementaire	42 millions de dollars	185 employés
Gestion des risques	34 millions de dollars	142 employés

Cullen / Frost Bankers, Inc. (CFR) - Modèle d'entreprise: Ressources clés

Strait réseau bancaire régional au Texas

Depuis le quatrième trimestre 2023, Cullen / Frost exploite 145 centres bancaires à travers le Texas, avec une présence concentrée dans les principales régions métropolitaines, notamment:

Région	Nombre de centres bancaires
San Antonio	48
Houes	35
Austin	27
Dallas / Fort Worth	22

Professionnels financiers expérimentés et équipe de gestion

Composition de l'équipe de gestion à partir de 2024:

• Pureur exécutif moyen: 15,3 ans
• doctorat et titulaires de diplômes avancés: 62% de la haute direction
• Expérience moyenne du secteur bancaire: 22,7 ans

Infrastructure bancaire numérique avancée

Métriques de la plate-forme bancaire numérique:

Service numérique	Taux d'adoption des utilisateurs
Banque mobile	78.4%
Banque en ligne	82.6%
Volume de transaction numérique	3,2 milliards de dollars par mois

Capital financier robuste et réserves

Indicateurs de capital financier pour 2023:

• Actif total: 44,3 milliards de dollars
• Ratio de capital de niveau 1: 13,7%
• Total des capitaux propres des actionnaires: 6,8 milliards de dollars
• Equivalents en espèces et en espèces: 2,1 milliards de dollars

Données clients et systèmes de gestion des relations

Métriques de la relation client:

Segment de clientèle	Nombre de clients
Banque personnelle	387,000
Banque d'affaires	58,400
Gestion de la richesse	22,600

Cullen / Frost Bankers, Inc. (CFR) - Modèle d'entreprise: propositions de valeur

Services bancaires personnalisés pour les entreprises et les particuliers locaux

Au quatrième trimestre 2023, Cullen / Frost Bankers fournit des services bancaires personnalisés avec les mesures financières suivantes:

Catégorie de service	Total des clients	Valeur moyenne du compte
Banque d'affaires	48 392 clients commerciaux	1,2 million de dollars par compte
Banque personnelle	214 567 clients individuels	87 500 $ par compte

Solutions financières complètes adaptées aux besoins du marché régional

Les solutions financières régionales comprennent:

• Prêts commerciaux axés sur le Texas
• Produits financiers de petites entreprises
• Banque spécialisé dans le secteur agricole et de l'énergie

Segment de prêt	Portefeuille de prêts totaux	Taux de croissance
Prêts commerciaux	24,3 milliards de dollars	5,7% d'une année à l'autre
Prêts aux petites entreprises	3,6 milliards de dollars	4,2% d'une année à l'autre

Service client à haut toucher avec commodité technologique

Métriques d'engagement des banques numériques:

• Utilisateurs de la banque mobile: 167 893
• Pénétration des services bancaires en ligne: 72,3%
• Volume de transactions numériques: 3,4 millions de transactions mensuelles

Taux d'intérêt concurrentiels et produits financiers

Type de produit	Taux d'intérêt	Comparaison du marché
Compte d'épargne	4.25%	0,35% au-dessus de la moyenne régionale
Vérification des affaires	3.75%	0,25% au-dessus de la moyenne régionale

Solide approche bancaire axée sur la communauté

Statistiques d'investissement communautaire:

• Investissements totaux de développement communautaire: 42,6 millions de dollars
• Partenariats locaux à but non lucratif: 87
• Programme de subventions communautaires: 3,2 millions de dollars distribués

Cullen / Frost Bankers, Inc. (CFR) - Modèle d'entreprise: relations avec les clients

Gestionnaires de relations dédiés pour les clients commerciaux

Au quatrième trimestre 2023, Cullen / Frost Bankers dessert 26 749 clients commerciaux avec des gestionnaires de relations dédiés. La banque maintient un portefeuille client moyen de 87 comptes d'entreprise par gestionnaire de relations.

Segment client	Nombre de gestionnaires dédiés	Comptes moyens par gestionnaire
Petite entreprise	142	63
Marché intermédiaire	76	124
Banque commerciale	34	215

Plateformes bancaires en ligne et mobiles

En 2023, la plate-forme bancaire numérique de Cullen / Frost a enregistré 1,2 million d'utilisateurs actifs avec les mesures d'engagement suivantes:

• Téléchargements d'applications bancaires mobiles: 487 000
• Volume de transactions en ligne: 3,4 millions de transactions mensuelles
• Croissance des utilisateurs bancaires numériques: 14,3% d'une année à l'autre

Services de conseil financier personnalisés

Cullen / Frost propose un conseil financier spécialisé avec 214 conseillers financiers certifiés à travers le Texas, desservant 18 345 clients à haute noue en 2023.

Type de service de conseil	Nombre de clients	Actifs moyens sous gestion
Gestion de la richesse	8,742	4,3 millions de dollars
Planification de la retraite	6,213	1,7 million de dollars
Avis d'investissement	3,390	6,2 millions de dollars

Engagement communautaire et programmes de soutien local

En 2023, Cullen / Frost a investi 4,2 millions de dollars dans des programmes de soutien communautaire dans 157 communautés du Texas.

Mécanismes de communication et de rétroaction des clients réguliers

Métriques de satisfaction client pour 2023 Show:

• Score de promoteur net: 72
• Taux de réponse à la rétroaction des clients: 94%
• Temps de résolution moyen pour les demandes des clients: 1,3 jours ouvrables

Cullen / Frost Bankers, Inc. (CFR) - Modèle d'entreprise: canaux

Réseau de succursale bancaire physique

En 2024, Cullen / Frost Bankers exploite 144 centres bancaires au total, principalement situés au Texas.

Région	Nombre de branches
Région métropolitaine de San Antonio	62
Région métropolitaine de Houston	35
Autres régions du Texas	47

Site Web de banque en ligne

La plate-forme numérique de Cullen / Frost dessert environ 320 000 utilisateurs de banques en ligne actives.

• Site Web: Frostbank.com
• Volume de transactions numériques: 2,4 millions de transactions mensuelles
• Taux d'ouverture du compte en ligne: 42% des nouveaux comptes

Application bancaire mobile

L'application mobile Frost prend en charge plus de 250 000 utilisateurs mensuels actifs.

Métrique de l'application mobile	2024 données
Utilisateurs actifs mensuels	252,000
Dépôts de contrôle mobile	1,6 million par mois
Note de l'App Store	4.7/5.0

Réseau ATM

Cullen / Frost maintient 265 distributeurs automatiques de billets propriétaires à travers le Texas.

• Emplacements totaux ATM: 265
• Transactions gratuites pour les titulaires de compte: illimité
• Volume mensuel des transactions ATM: 720 000

Centres d'appels de service client

La banque exploite deux principaux centres de service à la clientèle gantant 185 000 interactions mensuelles.

Métrique du centre d'appel	2024 performance
Interactions mensuelles	185,000
Temps d'attente moyen	3,2 minutes
Taux de satisfaction client	92%

Cullen / Frost Bankers, Inc. (CFR) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises au Texas

Depuis le quatrième trimestre 2023, Cullen / Frost dessert environ 52 000 clients commerciaux de petite à moyenne taille au Texas.

Segment d'entreprise	Nombre de clients	Revenus annuels moyens
Micro-entreprises	24,500	250 000 $ - 1 million de dollars
Petites entreprises	19,200	1 million de dollars - 10 millions de dollars
Entreprises moyennes	8,300	10 millions de dollars - 50 millions de dollars

Clients bancaires de détail individuels

Total des clients bancaires au détail: 387 000 en décembre 2023.

• Comptes de chèques personnels: 265 000
• Comptes d'épargne: 212 000
• Utilisateurs de la banque numérique: 278 000

Individus à haute nette

Cullen / Frost gère 4,2 milliards de dollars Dans les actifs de gestion de patrimoine pour les clients à haute teneur en matière de données.

Segment de richesse	Nombre de clients	Valeur de portefeuille moyenne
Ultra-netteur	620	10 millions de dollars +
Netteur élevée	3,800	1 million de dollars - 10 millions de dollars

Gouvernement local et entités municipales

Dessert 183 clients municipaux à travers le Texas avec un actif bancaire municipal total de 1,67 milliard de dollars.

Clients commerciaux et d'entreprise

Portfolio des banques d'entreprise: 2 450 clients commerciaux avec un portefeuille de prêts commerciaux totaux de 12,3 milliards de dollars.

Secteur de l'industrie	Nombre de clients	Exposition totale des prêts
Énergie	540	3,6 milliards de dollars
Immobilier	620	2,9 milliards de dollars
Soins de santé	410	1,8 milliard de dollars
Technologie	380	1,5 milliard de dollars
Autres industries	500	2,5 milliards de dollars

Cullen / Frost Bankers, Inc. (CFR) - Modèle d'entreprise: Structure des coûts

Dépenses de fonctionnement de la succursale

En 2022, les informations financières, Cullen / Frost Bankers a maintenu 144 emplacements du centre financier principalement au Texas. Les dépenses d'exploitation totale de succursales étaient de 187,3 millions de dollars en 2022.

Catégorie de dépenses	Coût annuel
Loyer et installations	62,4 millions de dollars
Services publics	8,7 millions de dollars
Entretien	15,2 millions de dollars

Investissements technologiques et infrastructures numériques

En 2022, Cullen / Frost a investi 93,6 millions de dollars dans l'infrastructure technologique et les plateformes numériques.

• Investissements en cybersécurité: 24,5 millions de dollars
• Développement de la plate-forme bancaire numérique: 38,2 millions de dollars
• Mises à niveau du matériel et des logiciels: 30,9 millions de dollars

Salaires et avantages sociaux des employés

La rémunération totale des employés pour 2022 était de 456,7 millions de dollars.

Composant de compensation	Coût annuel
Salaires de base	312,4 millions de dollars
Bonus de performance	68,3 millions de dollars
Prestations de santé et de retraite	76,0 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité pour 2022 ont totalisé 47,5 millions de dollars.

• Systèmes de rapports réglementaires: 16,2 millions de dollars
• Personnel de conformité: 22,3 millions de dollars
• Audit externe et conseil: 9,0 millions de dollars

Frais de marketing et d'acquisition des clients

Les dépenses de marketing en 2022 étaient de 34,6 millions de dollars.

Canal de marketing	Frais
Marketing numérique	14,3 millions de dollars
Publicité médiatique traditionnelle	12,5 millions de dollars
Parrainages communautaires	7,8 millions de dollars

Cullen / Frost Bankers, Inc. (CFR) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts et des produits de crédit

Au quatrième trimestre 2023, Cullen / Frost Bankers a déclaré un revenu net d'intérêts de 1,03 milliard de dollars. La répartition du portefeuille de prêts comprend:

Catégorie de prêt	Solde total en suspens
Prêts commerciaux	23,4 milliards de dollars
Prêts à la consommation	7,6 milliards de dollars
Prêts immobiliers	19,2 milliards de dollars

Frais de service bancaire

Les revenus des frais de service pour 2023 ont totalisé 322 millions de dollars, avec la ventilation suivante:

• Frais de maintenance du compte: 98 millions de dollars
• Frais de transaction ATM: 47 millions de dollars
• Frais de découvert: 76 millions de dollars
• Frais de transfert de fil: 39 millions de dollars

Frais de gestion de la patrimoine et de consultation

Les revenus de gestion de patrimoine pour 2023 ont atteint 215 millions de dollars, avec des actifs sous gestion totalisant 44,3 milliards de dollars.

Catégorie de service	Revenu
Planification financière	82 millions de dollars
Avis d'investissement	133 millions de dollars

Commissions de produits d'investissement

Les revenus de la Commission des produits d'investissement pour 2023 étaient de 187 millions de dollars, dérivés de:

• Ventes de fonds communs de placement: 92 millions de dollars
• Commissions de courtage: 65 millions de dollars
• Services de compte de retraite: 30 millions de dollars

Frais de maintenance de transaction et de compte

Les frais de transaction pour 2023 ont totalisé 156 millions de dollars, avec la distribution suivante:

Type de transaction	Revenus des frais
Transactions de compte chèques	68 millions de dollars
Transactions par carte de débit	53 millions de dollars
Transactions bancaires en ligne	35 millions de dollars

Cullen/Frost Bankers, Inc. (CFR) - Canvas Business Model: Value Propositions

You're looking at how Cullen/Frost Bankers, Inc. keeps its clients loyal in a competitive Texas market. The core value is a full-service offering wrapped in a very specific service model.

Comprehensive banking, investment, and insurance services bundle

Cullen/Frost Bankers, Inc. offers clients a complete suite of financial products across banking, investment management, and insurance, all operating under the Frost brand across Texas. This bundling is a key differentiator for clients wanting a single relationship manager for diverse needs. We see this reflected in the fee income growth, for example, trust and investment management fees grew by 9.3% in the third quarter of 2025. Also, service charges on deposit accounts saw a year-over-year increase of 14.7% in that same quarter.

The scale of the operation supporting this bundle is substantial, with average loans reaching $21.5 billion and average deposits at $42.1 billion as of September 30, 2025.

High-touch, personalized relationship banking model

The company's competitive edge rests on its commitment to relationship banking, which management explicitly links to its expansion strategy of extending the Frost experience to more customers. This model prioritizes personal interaction alongside digital tools. The focus is on delivering quality service that differentiates Cullen/Frost Bankers, Inc. from larger, more impersonal institutions.

Financial stability and safety (strong capital ratios, low credit loss expense of $6.8 million in Q3 2025)

Financial strength is a primary value proposition, giving customers confidence in the safety of their funds. The credit loss expense for the third quarter of 2025 was just $6.8 million, a significant drop from the $19.4 million recorded in the third quarter of 2024. The allowance for credit losses on loans remained steady at 1.31% of total loans at September 30, 2025.

Capitalization remains robust, comfortably exceeding regulatory requirements. Here are the specific ratios reported at the end of Q3 2025:

Capital Metric	Ratio (as of Sept 30, 2025)
Tier 1 Risk-Based Capital Ratio	14.59%
Total Risk-Based Capital Ratio	16.04%
Common Equity Tier 1 Risk-Based Capital Ratio	14.14%
Leverage Ratio	9.00%

Free checking accounts and minimal fees for consumers

Cullen/Frost Bankers, Inc. actively works to keep basic banking accessible and low-cost for consumers. The Frost Personal Account offers a 0 monthly service charge if you meet any one of several easy thresholds. You qualify if you meet any one of these conditions:

• Direct deposits, mobile deposits, or Zelle credits total $100 or more.
• Keep a minimum daily balance of $1,000.
• Maintain $5,000 combined average daily balances across personal deposit accounts.
• An owner on the account is under 25.

Furthermore, the bank provides a significant buffer against unexpected charges. Overdraft fees of $35 are waived if the overdraw amount is $100 or less under standard overdraft practices. The maximum daily fee is capped at $105.

Seamless integration of digital tools with personal service

The strategy emphasizes that digital tools are meant to complement, not replace, personal service. Management has stated a continued focus on enhancing digital banking tools while maintaining an empathetic customer experience. This is about giving you the convenience of modern technology-like early access to direct deposits up to two days sooner-while ensuring a human relationship is available when needed.

Cullen/Frost Bankers, Inc. (CFR) - Canvas Business Model: Customer Relationships

You're looking at how Cullen/Frost Bankers, Inc. keeps its customers close, especially when the bank itself has grown to hold $52.5 billion in assets as of December 31, 2024.

Dedicated, personal relationship management model

The focus on personal interaction remains a core tenet, even with expansion. For instance, in the first quarter of 2025, Frost commercial bankers made a record 54,000 calls, and nearly two-thirds of those calls were directed toward existing customers, showing a clear prioritization of current relationships over purely new acquisition efforts during that period. This approach supports the long-term view of the business.

High customer satisfaction ratings (e.g., J.D. Power recognition in Texas)

The dedication to service translates directly into measurable results. Frost Bank achieved the highest ranking for retail banking customer satisfaction in Texas for the 16th consecutive year in the J.D. Power 2025 U.S. Retail Banking Satisfaction Study℠. This sustained performance is a key indicator of relationship health.

Here's a quick look at the 2025 J.D. Power results:

Metric	Cullen/Frost Bankers, Inc. (Frost Bank)	Texas Region Average
Overall Satisfaction Index Score	745	Not Applicable (Score difference is key)
Points Above Region Average	68 points higher	N/A
Dimensions Ranked No. 1	Six out of seven	N/A

Long-term, trust-based relationships with commercial clients

The emphasis on deep client ties is evident in the activity reports. The bank stresses its commitment to building these relationships, which management noted was a driver for consistent organic growth, such as the 5.4% year-over-year growth in consumer checking households recorded in the third quarter of 2025.

The dimensions where Frost Bank ranked No. 1 in the 2025 J.D. Power study underscore the relationship focus:

• Trust
• People
• Account offerings
• Banking accessibility
• Saving time and money
• Digital channels

Proactive communication and empathetic customer experience

Management commentary from the third quarter of 2025 highlighted remaining laser-focused on delivering an empathetic customer experience alongside digital tools. This commitment is seen as fueling industry-leading organic growth. The bank's success in dimensions like People and Trust in the J.D. Power study directly reflects this proactive, empathetic approach.

Self-service options via digital channels

While personal service is key, digital adoption is strong and recognized. Frost Bank ranked No. 1 in the digital channels dimension in the 2025 J.D. Power study. This aligns with broader market trends where, as of 2025, a significant majority-77 percent-of consumers prefer to manage their bank accounts through a mobile app or a computer. The bank's digital offerings are clearly meeting this high expectation for self-service convenience.

Finance: draft 13-week cash view by Friday.

Cullen/Frost Bankers, Inc. (CFR) - Canvas Business Model: Channels

The Channels component for Cullen/Frost Bankers, Inc. centers on a deliberate, Texas-centric, multi-touchpoint approach, blending a significant physical footprint with targeted digital enhancements.

Physical branch locations in major Texas metropolitan areas

Cullen/Frost Bankers, Inc. maintains a substantial physical presence, actively expanding where other banks may be contracting. As of 2025, Frost has nearly 200 financial centers across key Texas markets. This physical network is strategically concentrated in high-growth areas, including the San Antonio, Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, and Rio Grande Valley regions. The expansion strategy is showing traction; for instance, in the third quarter of 2025, new branches in Houston, Dallas, and Austin contributed 38% of total loan growth and 39% of deposit growth. That's real money flowing through those newer doors.

The scale of the physical and digital reach can be summarized here:

Channel Metric	Value/Status (as of late 2025 data)
Total Financial Centers	Nearly 200
Total Assets (as of Sep 30, 2025)	$52.5 billion
Q3 2025 Average Deposits	$42.1 billion
Technology Expense Growth (YoY Q3 2025)	Up 9.0%

Digital banking platforms (mobile app and website)

The digital channel is a clear area of investment, reflecting a commitment to modern delivery alongside physical expansion. Chairman and CEO Phil Green highlighted the strategic focus on 'enhancing digital banking tools' during the third quarter of 2025 earnings call. This focus is supported by financial commitment, as non-interest expenses, which include technology and equipment costs, rose by 9.0% year-over-year in Q3 2025. The goal is to deliver top-quality digital banking tools along with an empathetic customer experience.

Dedicated commercial and wealth management relationship officers

The success in expansion markets points directly to the effectiveness of relationship-based selling, driven by dedicated officers. The organic expansion strategy is designed to build upon a well-established reputation, which requires high-touch service. The growth in consumer checking households in Q3 2025 was the strongest since early 2023, suggesting strong personal relationship acquisition. Furthermore, trust and investment management fees, often driven by dedicated wealth management officers, increased by 9.3% in Q3 2025.

Extensive ATM network

Cullen/Frost Bankers, Inc. supports its physical presence with a wide-reaching ATM footprint, which is noted as the largest in the state of Texas. While the most recent comprehensive number is from the end of 2022, at that time, Frost operated approximately 1,729 automated-teller machines (ATMs) throughout Texas. This network is supplemented by targeted local density, such as the over 140 ATMs in the Austin region alone as of 2023.

Brand visibility via sponsorships (e.g., Frost Bank Center naming rights)

High-profile sponsorships serve to cement the brand within the Texas consciousness, particularly in the San Antonio market. The arena where the San Antonio Spurs play is now the Frost Bank Center, a name change official in September 2023. While the specific terms of the current deal are undisclosed, the prior AT&T naming rights deal was reportedly worth $41 million over 20 years. The team's lease for the facility extends through 2032, anchoring this visibility for the foreseeable future. The bank's relationship with the Spurs dates back 50 years, highlighting a deep, long-term commitment to community presence.

• Frost Bank earned the highest ranking in customer satisfaction in Texas in the J.D. Power Retail Banking Satisfaction Study℠ for 16 consecutive years as of 2025.
• As of Q3 2025, Cullen/Frost Bankers, Inc. had a Common Equity Tier 1 Ratio of 14.14 percent, exceeding well-capitalized levels.
• The company reported a quarterly dividend of $1.00 per common share in Q3 2025.

Cullen/Frost Bankers, Inc. (CFR) - Canvas Business Model: Customer Segments

You're looking at the core client base for Cullen/Frost Bankers, Inc. (CFR) as of late 2025. This bank is definitely focused on its Texas footprint, using its deep local knowledge to serve a spectrum of clients, from the largest corporations down to individual consumers.

The primary customer base is anchored in the Texas economy, serving businesses across its key regions like Houston, Dallas, Fort Worth, Austin, and the Permian Basin. As of September 30, 2025, Cullen/Frost Bankers, Inc. reported total assets of $52.5 billion.

The segments are clearly delineated by the services they require:

• Commercial Businesses: Middle-market and small businesses in Texas needing financing for working capital, equipment, and acquisitions, supported by treasury management services.
• Affluent and High-Net-Worth Individuals: Clients utilizing wealth and trust management services. Trust and investment management fees showed growth, increasing 9.8% year-over-year in the first quarter of 2025.
• Mass-Market Consumers: Individuals and families across Texas. The organic expansion strategy is successfully attracting new retail customers, with CEO Phil Green noting a record growth in consumer checking households in the third quarter of 2025.
• Commercial Real Estate (CRE) Developers and Investors: Entities requiring financing for income-producing properties. At March 31, 2025, the combined commercial real estate and multi-family real estate mortgage loan portfolios totaled $592.2 million and $91.5 million, respectively.
• Institutional Investors and Public Entities: These clients are served by one of the 50 largest U.S. banks, relying on the bank's overall scale and capital strength.

The bank's aggressive expansion strategy is a key driver for acquiring new customers across the board. By the end of the second quarter of 2025, these expansion efforts alone had generated almost 69,000 new households. This focus on new customer acquisition is a major theme for Cullen/Frost Bankers, Inc.

For the Commercial Real Estate segment specifically, the portfolio composition shows a clear preference for stabilized assets over pure development risk as of early 2025:

CRE Loan Portfolio Detail (As of March 31, 2025)	Amount	Percentage of Total Loans
Commercial Real Estate Loans (Total)	$592.2 million	55.7%
Multi-family Real Estate Loans	$91.5 million	8.6%
CRE Loans: Owner Occupied	N/A	23.8%
CRE Loans: Non-Owner Occupied	N/A	76.2%

The mass-market consumer segment is showing tangible results from the expansion, which is critical for deposit growth. For context, average deposits for the entire institution stood at $41.8 billion in the second quarter of 2025. The success in attracting new checking accounts is a direct input to this larger deposit base.

Here's a snapshot of the scale and performance metrics relevant to serving these segments in mid-2025:

Key Financial Metric (Latest Reported Period)	Value	Period
Total Assets	$52.5 billion	September 30, 2025
Average Loans	$21.1 billion	Q2 2025
Net Interest Margin (NIM)	3.7%	Q3 2025
Net Income	$172.7 million	Q3 2025
Return on Average Assets (ROAA)	1.22%	Q2 2025
Nonperforming Assets (NPA)	$47 million	Q3 2025

The focus on new commercial relationships is also paying off, as the bank saw increased commercial activity and a high level of new commercial relationships contributing to loan growth. Finance: draft 13-week cash view by Friday.

Cullen/Frost Bankers, Inc. (CFR) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Cullen/Frost Bankers, Inc.'s operations as of late 2025. These are the necessary outflows to keep the lights on and the growth engine running, so let's look at the hard numbers from the latest reports.

Interest expense on deposits and borrowings (cost of funds) is a major component, though the total dollar amount for Q3 2025 wasn't explicitly isolated in the latest releases. We do know the cost of interest-bearing accounts in the second quarter of 2025 was reported at 1.93%. This cost structure directly impacts the Net Interest Income (NII), which for the third quarter of 2025 totaled $463.7 million on a taxable-equivalent basis.

The non-interest expenses for the third quarter of 2025 hit $352.5 million, which was an increase of 9.0 percent compared to the third quarter of 2024's $323.4 million. A significant driver within this total is personnel costs, which you asked about specifically.

• Salaries and wages expense increased by $12.5 million, or 8.0 percent, compared to the third quarter of 2024.
• Employee benefits expense increased by $5.4 million, or 18.6 percent, compared to the third quarter of 2024.

The bank is making concrete investments in its digital future, which shows up in the technology line item.

Expense Category Component	Q3 2025 Increase vs. Q3 2024
Technology, furniture, and equipment expense	$5.7 million increase (15.1 percent)
Cloud services expense (within Tech)	Up $3.5 million
Software maintenance (within Tech)	Up $1.9 million

The costs associated with organic expansion are being tracked by management, with the increase in the number of employees partly attributed to this investment. While a specific total cost for build-outs isn't broken out, the results are starting to show in the earnings accretion figures. The first Houston expansion branches are now profitable, while the newest Austin branches remain loss-making. For the third quarter of 2025, the expansion branches contributed $0.09 per share in EPS accretion.

Finally, the Provision for credit losses, which is the expense set aside for expected loan losses, was $6.8 million for the third quarter of 2025. This was a significant decrease from the $13.1 million reported in the second quarter of 2025.

Finance: draft 13-week cash view by Friday.

Cullen/Frost Bankers, Inc. (CFR) - Canvas Business Model: Revenue Streams

The revenue streams for Cullen/Frost Bankers, Inc. (CFR) are fundamentally anchored in traditional banking activities, supplemented by significant fee-based services across its wealth management and insurance segments. As of the third quarter of 2025, the core engine remains the spread between what the bank earns on its assets and what it pays on its liabilities.

Net Interest Income (NII), derived from loans and securities, was reported at $463.7 million on a taxable-equivalent basis for Q3 2025. This figure represented a 9.1 percent increase compared to the third quarter of 2024. Historically, NII has comprised the largest portion of total revenue, making up approximately 76.3% of total revenue over the last five years.

Non-interest income, which is fee-based revenue, totaled $125.6 million in Q3 2025, marking a 10.5 percent increase year-over-year. This segment is detailed below, showing growth across several key service lines.

You can see the key Q3 2025 figures and relevant context in the table below:

Revenue Stream Component	Q3 2025 Amount (Millions USD)	Year-over-Year Change (vs Q3 2024)
Net Interest Income (NII)	$463.7	+9.1%
Total Non-interest Income	$125.6	+10.5%
Trust and Investment Management Fees	$44.8	+9.3%
Service Charges on Deposit Accounts (Calculated Base)	Approx. $31.21	+14.7% (Increase of $4.0 million)
Other Charges, Commissions, and Fees (Segment Total)	Approx. $14.98	+12.8% (Increase of $1.7 million)

The growth in fee-based revenue is supported by specific activities within the wealth management and service charge areas. Trust and investment management fees reached $44.8 million in Q3 2025. The increase of $3.8 million year-over-year was primarily driven by two factors:

• Investment management fees (up $2.9 million)
• Estate fees (up $634,000)

Service charges on deposit accounts saw a substantial year-over-year increase of 14.7 percent, which translated to an additional $4.0 million in revenue compared to Q3 2024. This growth was fueled by increases in both commercial and consumer fee lines.

The category encompassing commercial leasing and insurance commissions falls within the broader Other Charges, Commissions, and Fees segment, which grew by 12.8 percent, or $1.7 million. Within this segment, specific contributions noted include:

• Income from the placement of annuities (up $470,000)
• Letter of credit fees (up $441,000)
• Income from the placement of mutual funds (up $301,000)

Insurance commissions and fees specifically showed a 3.9% increase on a linked-quarter basis (QoQ). While the exact Q3 2025 dollar amount for insurance commissions and fees is not explicitly isolated from the remaining components of the Other Charges, Commissions, and Fees line item, the overall segment growth reflects positive momentum in these ancillary services, which are aligned with the organic expansion strategy.