CULLEN/FROST BANKERS Business Summary

Cullen/Frost Bankers, Inc. (CFR) operates as a dominant Texas-based financial holding company, primarily generating revenue through net interest income (77.7% of 2025 total revenue) derived from its commercial and consumer lending portfolios and deposit operations. The company’s business model is structured into three primary segments: Banking, which provides traditional credit and deposit services; Insurance, offering brokerage for property, casualty, and employee benefits; and Investment (Wealth Management), which manages trust, brokerage, and advisory services. As of March 2026, the firm maintains a high-density regional strategy focused on organic expansion in the Houston, Dallas, and Austin markets, eschewing M&A in favor of relationship-driven growth. Its primary direct competitors include Commerce Bancshares (CBSH), East West Bancorp (EWBC), Hancock Whitney (HWC), and Wintrust Financial (WTFC), with Cullen/Frost distinguishing itself as a premium, service-oriented leader with a low-cost deposit base and a 33-year track record of consecutive dividend increases. Leadership is spearheaded by Chairman and CEO Phillip D. "Phil" Green, a 45-year veteran of the firm who previously served as CFO and President before assuming the top role in 2016. Green, a University of Texas at Austin alumnus with a background at Ernst & Ernst, is supported by Group EVP and CFO Daniel J. Geddes, who rose through the ranks after joining in 1997, and President Paul H. Bracher. The technology and consumer strategy is led by Jimmy Stead, Group EVP and Chief Consumer Banking and Technology Officer. The company’s governance was recently bolstered in early 2026 by the election of Marsha M. Shields, CEO of McCombs Enterprises, and Jeff Rummel, a former Ernst & Young managing partner, to the board of directors. This seasoned executive team oversees approximately $53 billion in assets, maintaining a conservative risk profile rooted in the 1868 heritage of founder T.C. Frost.