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- **Record Q3 Earnings**: $172.7M net income (+19.2% YoY), driven by 6.8% loan growth and 3.3% deposit growth.
- **Expansion Payoff**: Expansion regions contributed $0.09 EPS accretion, with Houston 1.0 maturing and Austin near breakeven.
- **Strong Fee Growth**: Noninterest income guidance raised to 6.5-7.5% YoY, led by trust/insurance fees (+9.3% YoY).
- **Credit Strength**: NPA 22 bps (lowest in 5 years), energy portfolio hedged at 40s oil stress level.
- **Buyback Signal**: $69.3M share buyback reflects capital strength, with 2026 expense growth expected to moderate to mid-single digits.

**【CEO Opening Remarks】**
- Q3 2025 net income: $172.7 million ($2.67 per share), up 19.2% YoY. ROAA 1.32%, ROAE 16.72%.
- Average deposits: $42.1 billion (+3.3% YoY); loans: $21.5 billion (+6.8% YoY).
- Expansion success: 74,000 new households, $2.9B expansion deposits, $2.1B expansion loans.
- Consumer growth: 5.4% YoY checking households; mortgage funding up 18.7% YoY.
- Commercial momentum: 5.1% YoY loan growth; $5.6B new opportunities in Q3.
- Credit quality: NPA 22 bps of loans, net charge-offs 12 bps of loans.

**【CFO Financial Commentary】**
- Expansion EPS accretion: $0.09 (Houston 1.0: $0.14, Austin: -$0.04 breakeven).
- Net interest margin: 3.69% (+2 bps QoQ), driven by Fed securities repricing.
- Investment portfolio yield: 3.85% (+6 bps QoQ); duration 5.4 years.
- Deposit cost: 1.94% (+1 bps QoQ); customer repos cost 3.17% (-6 bps QoQ).
- Full year guidance:
  - Net interest income: 7-8% growth
  - Loans: 6.5-7.5% growth
  - Deposits: 2.5-3.5% growth
  - Noninterest income: 6.5-7.5% growth
  - Expense: 8-9% growth
  - NCOs: 15-20 bps of loans
- Share buyback: $69.3M (549,000 shares) in Q3.

**【Q&A Highlights】**
- **NIM Outlook**: Q4 NIM stable despite 25 bps Fed cut, driven by back book repricing.
- **Expense Moderation**: 2026 expense growth to mid-single digits from 9%.
- **Competition**: Increased pricing competition but strong pipeline growth (20% QoQ).
- **Expansion Profitability**: Austin breakeven, Dallas/Houston 2.0 near breakeven, Houston 1.0 mature.
- **Credit Quality**: NPA 22 bps (lowest in 5 years), energy portfolio hedged at 40s oil stress level.
- **Capital Allocation**: Buybacks reflect capital strength, not growth concern.
- **Fee Growth**: Trust/insurance fees up 9.3% YoY, expansion driving service charge growth.
- **Operating Leverage**: Noninterest income growth offsetting rate headwinds.

Cullen/Frost Bankers, Inc. (CFR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CFR

CFR fundamentals

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