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Cullen/Frost Bankers (NYSE:CFR) reported second-quarter 2026 net income available to common shareholders of $170.4 million, up from $155.3 million a year earlier, with diluted EPS of $2.70 versus $2.39. Return on average assets was 1.30% and return on average common equity was 15.41%.
Taxable-equivalent net interest income rose 4.3% year over year to $470.1 million, as average loans increased 7.4% to $22.6 billion and average deposits grew 2.1% to $42.6 billion. Non-interest income grew 9.4% to $128.3 million, led by higher investment management fees and service charges.
Non-interest expense increased 4.2% to $361.7 million, driven mainly by higher salaries, benefits and technology costs. Credit loss expense was $9.8 million with net charge-offs of $9.5 million, while non-accrual loans rose to $112.7 million. Capital ratios remained above regulatory minimums, with a CET1 ratio of 13.95%. The company repurchased 654,955 shares for $90.0 million and declared a third-quarter common dividend of $1.03 per share and a Series B preferred dividend of $11.125 per share (or $0.278125 per depositary share, NYSE:CFRPRB), both payable September 15, 2026.