Cullen/Frost Bankers, Inc. reported a net income of $170.99 million for the first quarter of 2026, translating to earnings of $2.65 per diluted share, a 13.4% increase from $150.92 million, or $2.30 per diluted share, in the same period last year. The bank's total revenue for the quarter was bolstered by a $22.3 million rise in net interest income, which reached $438.52 million, and a $12.3 million increase in non-interest income, totaling $136.32 million. The bank's credit loss expense also decreased significantly to $6.75 million from $13.07 million in the prior year, contributing to the overall growth in profitability.
In terms of operational metrics, Cullen/Frost's total assets decreased slightly to $52.72 billion as of March 31, 2026, down from $53.04 billion at the end of 2025. The bank's loan portfolio increased by $540.6 million, or 2.5%, to $22.43 billion, with notable growth in commercial real estate and consumer real estate loans. The bank's total deposits also saw a minor decline, totaling $42.84 billion, compared to $42.92 billion at the end of the previous year. The bank's non-interest-bearing demand deposits remained stable at approximately $14.17 billion.
Strategically, Cullen/Frost has been active in managing its capital structure, having repurchased 519,098 shares of its common stock for $70 million during the first quarter under a $300 million stock repurchase program authorized in January 2026. The bank's shareholders' equity stood at $4.53 billion, reflecting a slight decrease from $4.57 billion at the end of 2025, primarily due to other comprehensive losses related to the fair value of securities available for sale.
Looking ahead, Cullen/Frost's management expressed optimism about the bank's performance, citing a favorable economic outlook supported by projected growth in U.S. GDP and stable unemployment rates. However, they acknowledged potential risks, including fluctuations in interest rates and economic conditions that could impact credit quality. The bank's capital ratios remain strong, with a Common Equity Tier 1 capital ratio of 14.07%, well above regulatory requirements, indicating a solid foundation for future growth and resilience against market volatility.
About CULLEN/FROST BANKERS, INC.
Cullen/Frost Bankers, Inc. is a Texas-based financial holding company operating Frost Bank, which provides commercial and consumer banking, trust, investment management, insurance, brokerage, and treasury services. Serving diverse Texas markets, it emphasizes personalized, community-focused banking with competitive products. The company’s business model centers on relationship banking, fee-based income, and strategic growth through organic expansion and potential acquisitions, supported by a robust regulatory framework.
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