Cullen/Frost reports $180.21M net income for Q3 2026
- Form
- 10-Q
- Filed
- Importance
- Notable
- Accession
- 0000039263-26-000056
- Revenue: $603.83M for Q3 2026
- Net income: $180.21M for Q3 2026
- Diluted EPS: $2.84 for Q3 2026
- Cash and equivalents: $7.1B as of Sep 30, 2026
Written from the 10-Q on EDGAR. Check the filing before you rely on it.
What changed
16 changes since the June 2026 10-Q
Compared with the 10-Q 0000039263-26-000046, filed Jul 30, 2026.
New legal mention
We are subject to various claims and legal proceedings arising in the ordinary course of business.
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We are subject to various claims and legal proceedings arising in the ordinary course of business.New legal mention
Management does not expect the ultimate resolution of these matters to have a material adverse effect on our business, financial condition or results of operations.
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Management does not expect the ultimate resolution of these matters to have a material adverse effect on our business, financial condition or results of operations.New legal mention
In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act does not authorize the President to impose tariffs, invalidating tariffs previously imposed under that authority.
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In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act does not authorize the President to impose tariffs, invalidating tariffs previously imposed under that authority.New legal mention
The Federal Reserve appealed the decision, and the U.S. Court of Appeals for the Eighth Circuit heard oral arguments in May 2026.
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The Federal Reserve appealed the decision, and the U.S. Court of Appeals for the Eighth Circuit heard oral arguments in May 2026.Cash up 9.8% from Jun 30
$7.1B, was $6.5B.
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Before
$6.5BNow
$7.1BEPS up 5.2% from Jun 30
$2.84, was $2.70.
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$2.70Now
$2.84Revenue up 4.8% from Jun 30
$604M, was $576M.
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$576MNow
$604MNet income up 4.7% from Jun 30
$180M, was $172M.
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$172MNow
$180MIn addition, ongoing geopolitical tensions, armed conflicts, regional instability, sanctions, cyber-related…
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In addition, ongoing geopolitical tensions, armed conflicts, regional instability, sanctions, cyber-related threats, and attacks affecting commercial shipping and critical infrastructure have increased geopolitical uncertainty and contributed to volatility in financial, energy, and commodity markets. Military conflict in the Middle East has disrupted energy markets and shipping routes, including through the Strait of Hormuz, while the ongoing Russia-Ukraine war and other geopolitical tensions continue to present risks to global economic and market conditions. Further escalation, including disruptions to shipping routes, energy supplies, critical infrastructure, or global supply chains, or expanded sanctions, trade restrictions, or cyber-related incidents, could adversely affect economic activity, inflation, market conditions, and borrower credit quality. These developments could also adversely affect our funding profile, liquidity, customer and counterparty credit quality, and the value of certain financial instruments and could have a material adverse effect on our business, financial condition, results of operations, and prospects. The timing, magnitude, duration, and geographic scope of these developments remain highly uncertain.Furthermore, financial markets, international relations, and global supply chains continue to be affected by…
Adds "related legal, regulatory, and administrative developments. In February 2026,"; drops "U.S.".
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Furthermore, financial markets, international relations, and global supply chains continue to be affected by evolving U.S. trade policies and practices. While the U.S. Supreme Court's February 20, 2026 ruling that the International Emergency Economic Powers Act ("IEEPA") does not authorize presidential tariff authority invalidated certain tariffs previously imposed under IEEPA, uncertainty remains regarding tariff refunds, related legal and administrative proceedings, and the scope, duration, and economic impact of replacement or additional trade measures adopted under other U.S. trade laws. Ongoing changes in U.S. trade policy, including the imposition, modification, suspension, or expansion of tariffs and other trade restrictions, may affect customer cash flows, business confidence, capital investment decisions, supply chain strategies, commodity prices, inflation expectations, and market volatility. These developments may increase our exposure to operational, credit, market, liquidity, and compliance risks. Customers with significant exposure to international trade, manufacturing, transportation, agriculture, retail, or other sectors sensitive to global trade and supply chain conditions may experience financial stress, reduced profitability, or weakened operating performance. Trade policy developments may also contribute to volatility in interest rates, foreign exchange markets, and asset valuations. If these developments adversely affect borrower financial condition, market stability, economic growth, or broader business activity, they could have a material adverse effect on our business, financial condition, results of operations, and prospects. We will continue to monitor trade policy developments and adjust our risk management, liquidity management, and capital planning strategies as appropriate.Now
Furthermore, financial markets, international relations, and global supply chains continue to be affected by evolving trade policies and related legal, regulatory, and administrative developments. In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act does not authorize the President to impose tariffs, invalidating tariffs previously imposed under that authority. The U.S. government subsequently implemented additional tariff measures under other statutory authorities, certain of which remain subject to legal challenges. Uncertainty regarding U.S. trade policy and the economic effects of tariffs and other trade restrictions could affect business confidence, capital investment, customer cash flows, supply chains, commodity prices, inflation, and market volatility. These developments could adversely affect the financial condition and operating performance of customers, particularly those in trade-sensitive industries, and increase our exposure to credit, market, liquidity, operational, compliance, and reputational risks. If these developments adversely affect borrower credit quality, market stability, or broader economic conditions, they could have a material adverse effect on our business, financial condition, results of operations, and prospects.Refer to our 2025 Form 10-K for additional information regarding critical accounting policies.
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Refer to our 2025 Form 10-K for additional information regarding critical accounting policies.Taxable-equivalent net interest income $ 490,767 $ 463,667 $ 1,421,626 $ 1,350,630
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Taxable-equivalent net interest income $ 490,767 $ 463,667 $ 1,421,626 $ 1,350,630Net interest income after credit loss expense 455,777 434,839 1,325,515 1,254,464
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Net interest income after credit loss expense 455,777 434,839 1,325,515 1,254,464Overdraft charges totaled $18.2 million ($14.1 million consumer and $4.1 million commercial) and $50.5…
Adds "Overdraft charges"; drops "Deposit Insurance . Deposit insurance expense".
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Deposit Insurance . Deposit insurance expense totaled $6.3 million and $13.5 million for the three and six months ended June 30, 2026, respectively, and did not significantly fluctuate compared to the same periods in 2025.Now
Overdraft charges totaled $18.2 million ($14.1 million consumer and $4.1 million commercial) and $50.5 million ($39.2 million consumer and $11.3 million commercial) for the three and nine months ended September 30, 2026, respectively, compared to $15.7 million ($12.3 million consumer and $3.4 million commercial) and $44.6 million ($34.4 million consumer and $10.2 million commercial) for the same periods in 2025, respectively. The increases were primarily attributable to higher volumes of fee-assessed overdrafts, partly due to growth in the number of accounts.In March 2026, the federal bank regulatory agencies proposed revisions to the standardized approach for…
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In March 2026, the federal bank regulatory agencies proposed revisions to the standardized approach for calculating risk-weighted assets that would apply to Cullen/Frost and Frost Bank. The proposal would, among other things, revise the risk-based capital treatment of certain corporate, retail and residential mortgage exposures and mortgage servicing assets and make other changes to the calculation of risk-weighted assets. The comment period for the proposal ended in June 2026. Based on our preliminary assessment, the proposed changes would be expected to modestly reduce our total risk-weighted assets. Because the proposal has not been finalized and remains subject to change, its ultimate impact on our regulatory capital requirements cannot yet be determined.Liquidity . As more fully discussed in our 2025 Form 10-K, we continuously monitor our liquidity position…
Adds "we continuously monitor"; drops "is continuously monitored,".
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Liquidity . As more fully discussed in our 2025 Form 10-K, our liquidity position is continuously monitored, and adjustments are made to the balance between sources and uses of funds as deemed appropriate. Liquidity risk management is an important element in our asset/liability management process. We regularly model liquidity stress scenarios to assess potential liquidity outflows or funding pressures resulting from economic disruptions, volatility in the financial markets, unexpected credit events or other significant occurrences deemed problematic by management. These scenarios are incorporated into our contingency funding plan, which provides the basis for the identification of our liquidity requirements. Our principal source of funding has been customer deposits, supplemented by short-term and long-term borrowings as well as maturities of securities and loan amortization. As of June 30, 2026, we had approximately $5.7 billion held in an interest-bearing account at the Federal Reserve. We also have the ability to borrow funds as a member of the FHLB. As of June 30, 2026, based upon available, pledgeable collateral, our total borrowing capacity with the FHLB was approximately $7.3 billion. Furthermore, at June 30, 2026, we had approximately $12.2 billion in securities that were available to pledge and could be used to support additional borrowings, as needed, through repurchase agreements or the Federal Reserve discount window. As of June 30, 2026, management is not aware of any events that have occurred that are reasonably likely to have a material adverse effect on our liquidity, capital resources or operations. In addition, management is not aware of any regulatory recommendations regarding liquidity that would have a material adverse effect on us on a consolidated basis.Now
Liquidity . As more fully discussed in our 2025 Form 10-K, we continuously monitor our liquidity position and adjust the balance between sources and uses of funds as appropriate. Liquidity risk management is an important component of our asset/liability management process. We regularly model liquidity stress scenarios to assess potential liquidity outflows and funding needs that could result from economic disruptions, financial market volatility, unexpected credit events or other significant occurrences. These scenarios are incorporated into our contingency funding plan and assist us in identifying and planning for potential liquidity needs. Our principal source of funding has been customer deposits, supplemented by short-term and long-term borrowings, maturities of securities and cash flows from our loan and securities portfolios.
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Cover page 2 changes
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For the quarterly period ended: June September 30, 2026
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As of July 30, October 27, 2026, there were 62,148,785 62,180,525 shares of the registrant s Common Stock, $ .01 par value, outstanding.
3 unchanged paragraphs
Financial Statements (Unaudited) 216 changes
3 unchanged paragraphs
Federal funds sold 125
Cash and due from banks $ 697,703 755,782 $ 681,325
Interest-bearing deposits 5,769,366 6,346,601 8,183,080
1 unchanged paragraph
Net loans 22,691,946 21,610,317
Total assets $ 53,881,091 $ 53,041,424
Total deposits 43,334,015 42,917,864
Repurchase agreements 4,886,598 4,525,855
Total liabilities 49,258,448 48,468,388
Total cash and cash equivalents 6,467,194 7,102,383 8,874,055
Securities held to maturity, net of allowance for credit losses of $ 500 at both June September 30, 2026 and December 31, 2025
Securities available for sale, at estimated fair value 18,089,973 17,098,628 15,970,596
Trading account securities 39,153 49,647 37,604
Loans, net of unearned discounts 22,975,658 23,656,967 21,891,812
Less: Allowance for credit losses on loans ( 283,712 290,258 ) ( 281,495 )
Net loans 23,366,709 21,610,317
Premises and equipment, net 1,370,184 1,392,061 1,313,225
Accrued interest receivable and other assets 1,837,134 2,143,297 1,804,448
Total assets $ 54,515,513 $ 53,041,424
Non-interest-bearing demand deposits $ 14,583,936 14,546,225 $ 14,143,815
Interest-bearing deposits 28,750,079 29,676,146 28,774,049
Total deposits 44,222,371 42,917,864
Federal funds purchased 25,500 20,000 18,775
Repurchase agreements 5,116,888 4,525,855
Junior subordinated deferrable interest debentures, net of unamortized issuance costs 123,271 123,285 123,242
Subordinated notes, net of unamortized issuance costs 99,883 99,922 99,804
Accrued interest payable and other liabilities 789,181 958,886 782,848
Total liabilities 50,541,352 48,468,388
1 unchanged paragraph
Preferred stock, par value $ 0.01 per share; 10,000,000 shares authorized; 150,000 Series B shares ($ 1,000 liquidation preference) issued at both June September 30, 2026 and December 31, 2025
Common stock, par value $ 0.01 per share; 210,000,000 shares authorized; 64,404,582 shares issued at both June September 30, 2026 and December 31, 2025
Additional paid-in capital 1,110,911 1,116,533 1,100,327
Retained earnings 4,515,631 4,629,192 4,309,171
Accumulated other comprehensive income (loss), net of tax ( 851,660 1,604,193 ) ( 842,951 )
Treasury stock, at cost; 2,255,936 2,348,497 shares at June September 30, 2026 and 1,117,394 at December 31, 2025 ( 298,335 313,467 ) ( 139,607 )
Total shareholders equity 4,622,643 3,974,161 4,573,036
Total liabilities and shareholders equity $ 53,881,091 54,515,513 $ 53,041,424
4 unchanged paragraphs
June 30, Six Months Ended
Loans, including fees $ 346,216 $ 344,689 $ 682,501 $ 679,297
Taxable 127,845 130,127 243,044 246,383
Tax-exempt 67,026 58,041 131,924 112,648
Interest-bearing deposits 53,640 68,740 115,096 148,235
Federal funds sold 36 97 80 137
Resell agreements 264 85 375
Total interest income 594,763 601,958 1,172,730 1,187,075
Deposits 114,558 134,293 222,801 267,461
Federal funds purchased 225 281 444 482
Repurchase agreements 29,361 34,677 57,445 67,096
Junior subordinated deferrable interest debentures 1,727 1,939 3,462 3,884
Total interest expense 147,035 172,354 286,480 341,251
Net interest income 447,728 429,604 886,250 845,824
Credit loss expense 9,767 13,129 16,512 26,199
Net interest income after credit loss expense 437,961 416,475 869,738 819,625
September 30, Nine Months Ended
Loans, including fees $ 367,671 $ 355,602 $ 1,050,172 $ 1,034,899
Taxable 139,961 125,977 383,005 372,360
Tax-exempt 69,267 62,466 201,191 175,114
Interest-bearing deposits 54,866 75,914 169,962 224,149
Federal funds sold 13 33 93 170
Resell agreements 113 85 488
Total interest income 631,778 620,105 1,804,508 1,807,180
Deposits 127,334 137,868 350,135 405,329
Federal funds purchased 550 324 994 806
Repurchase agreements 33,104 37,191 90,549 104,287
Junior subordinated deferrable interest debentures 1,759 1,940 5,221 5,824
Subordinated notes 1,164 1,164 2,328 2,328 3,492 3,492
Total interest expense 163,911 178,487 450,391 519,738
Net interest income 467,867 441,618 1,354,117 1,287,442
Credit loss expense 12,090 6,779 28,602 32,978
Net interest income after credit loss expense 455,777 434,839 1,325,515 1,254,464
1 unchanged paragraph
Trust and investment management fees 47,643 43,669 95,600 86,600
Service charges on deposit accounts 34,177 29,151 66,334 57,772
Insurance commissions and fees 14,166 13,879 36,241 34,898
Interchange and card transaction fees 6,546 5,619 13,078 11,021
Other charges, commissions, and fees 13,787 13,967 27,055 27,553
Other 11,962 10,988 26,288 23,454
Total non-interest income 128,281 117,273 264,596 241,284
Trust and investment management fees 49,472 44,846 145,072 131,446
Service charges on deposit accounts 36,304 31,440 102,638 89,212
Insurance commissions and fees 15,838 15,424 52,079 50,322
Interchange and card transaction fees 6,843 5,547 19,921 16,568
Other charges, commissions, and fees 13,911 14,730 40,966 42,283
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and 136 more changes in the filing
Note 1: Significant Accounting Policies 7 changes
5 unchanged paragraphs
Interest $ 288,523 $ 347,183
Interest $ 453,208 $ 528,395
U.S. federal income taxes, net of refunds received 66,500 63,500 103,500 93,000
2 unchanged paragraphs
Unsettled securities transactions 95,471 89,045
Unsettled securities transactions 89,056 12,011
Loans foreclosed and transferred to other real estate owned and foreclosed assets 218 2,685 659
1 unchanged paragraph
Right-of-use lease assets obtained in exchange for lessee operating lease liabilities 6,894 10,623 10,526 12,751
1 unchanged paragraph
Note 2: Securities 76 changes
Securities - Held to Maturity. A summary of the amortized cost, fair value and allowance for credit losses related to securities held to maturity as of June September 30, 2026 and December 31, 2025, is presented below.
3 unchanged paragraphs
Other 1,500 1,500 1,500
Total $ 3,386,007 $ 10,341 $ 145,532 $ 3,250,816 $ ( 500 ) $ 3,385,507
Other 1,500 2 1,498 1,500
Total $ 3,363,288 $ 153 $ 410,663 $ 2,952,778 $ ( 500 ) $ 3,362,788
4 unchanged paragraphs
All mortgage-backed securities included in the above table were issued by U.S. government agencies and corporations. The carrying value of held-to-maturity securities pledged to secure public funds, trust deposits, repurchase agreements and for other purposes, as required or permitted by law totaled $ 1.3 1.4 billion at June September 30, 2026 and $ 1.4 billion at December 31, 2025. Accrued interest receivable on held-to-maturity securities totaled $ 36.9 19.3 million at June September 30, 2026 and $ 37.2 million at December 31, 2025, and is included in accrued interest receivable and other assets in the accompanying consolidated balance sheets.
The following table summarizes Moody's and/or Standard & Poor's bond ratings for our portfolio of held-to-maturity securities issued by States and political subdivisions and other securities as of June September 30, 2026 and December 31, 2025:
2 unchanged paragraphs
Aaa/AAA $ 300,287 $ 1,457,848 $ 6,131 $ 34,809 $ 1,799,075 $
Aa/AA 488,492 13,580 502,072
Total $ 793,617 $ 1,457,848 $ 19,711 $ 34,809 $ 2,305,985 $ 1,500
Aaa/AAA $ 303,459 $ 1,448,555 $ 6,126 $ 43,085 $ 1,801,225 $
Aa/AA 484,086 13,580 497,666
Total $ 792,367 $ 1,448,555 $ 19,706 $ 43,085 $ 2,303,713 $ 1,500
3 unchanged paragraphs
June 30, Six Months Ended
The following table details activity in the allowance for credit losses on held-to-maturity securities during the three and six nine months ended June September 30, 2026 and 2025.
September 30, Nine Months Ended
1 unchanged paragraph
U.S. Treasury $ 3,080,180 $ $ 154,229 $ $ 2,925,951
Credit loss expense (benefit) 190 190
Ending balance $ 500 $ 310 500 $ 500 $ 310 500
Securities - Available for Sale. A summary of the amortized cost, fair value and allowance for credit losses related to securities available for sale as of June September 30, 2026 and December 31, 2025, is presented below.
U.S. Treasury $ 2,564,377 $ $ 180,863 $ $ 2,383,514
2 unchanged paragraphs
Total $ 19,144,541 $ 83,923 $ 1,138,491 $ $ 18,089,973
Total $ 19,105,977 $ 684 $ 2,008,033 $ $ 17,098,628
4 unchanged paragraphs
All mortgage-backed securities included in the above table were issued by U.S. government agencies and corporations. At June September 30, 2026, all of the securities in our available for sale municipal bond portfolio were issued by the State of Texas or political subdivisions or agencies within the State of Texas, of which approximately 68.9 % are either guaranteed by the Texas Permanent School Fund ( PSF ) or have been pre-refunded. Securities with limited marketability, such as stock in the Federal Reserve Bank and the Federal Home Loan Bank, are carried at cost and are reported as other available for sale securities in the table above. The carrying value of available-for-sale securities pledged to secure public funds, trust deposits, repurchase agreements and for other purposes, as required or permitted by law totaled $ 7.8 7.5 billion at June September 30, 2026 and $ 6.6 billion at December 31, 2025. Accrued interest receivable on available-for-sale securities totaled $ 125.6 88.6 million at June September 30, 2026 and $ 122.5 million at December 31, 2025, respectively, and is included in accrued interest receivable and other assets in the accompanying consolidated balance sheets.
The table below summarizes, as of June September 30, 2026, securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by type of security and length of time in a continuous unrealized loss position.
4 unchanged paragraphs
U.S. Treasury $ 795,502 $ 168 $ 2,130,449 $ 154,061 $ 2,925,951 $ 154,229
Residential mortgage-backed securities 2,922,925 15,554 4,019,978 765,946 6,942,903 781,500
States and political subdivisions 439,689 1,643 2,355,931 201,119 2,795,620 202,762
Total $ 4,158,116 $ 17,365 $ 8,506,358 $ 1,121,126 $ 12,664,474 $ 1,138,491
U.S. Treasury $ 538,419 $ 6,137 $ 1,845,095 $ 174,726 $ 2,383,514 $ 180,863
Residential mortgage-backed securities 5,856,558 267,168 3,676,684 1,028,308 9,533,242 1,295,476
States and political subdivisions 3,085,479 203,857 1,833,440 327,837 4,918,919 531,694
Total $ 9,480,456 $ 477,162 $ 7,355,219 $ 1,530,871 $ 16,835,675 $ 2,008,033
As of June September 30, 2026, no allowance for credit losses has been recognized on available for sale securities in an unrealized loss position as management does not believe any of the securities are impaired due to reasons of credit quality. This is based upon our analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors related to our available for sale securities and in consideration of our historical credit loss experience and internal forecasts. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. Furthermore, management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline.
Contractual Maturities. The following table summarizes the maturity distribution schedule of securities held to maturity and securities available for sale as of June September 30, 2026. Mortgage-backed securities are included in maturity categories based on their stated maturity date. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Other securities classified as available for sale include stock in the Federal Reserve Bank and the Federal Home Loan Bank, which have no maturity date. These securities have been included in the total column only.
1 unchanged paragraph
Residential mortgage-backed securities $ $ 493,666 $ 11,209 $ 573,647 $ 1,078,522
States and political subdivisions 23,902 6,448 117,368 2,158,267 2,305,985
Total $ 25,402 $ 500,114 $ 128,577 $ 2,731,914 $ 3,386,007
Residential mortgage-backed securities $ $ 493,164 $ 11,203 $ 553,708 $ 1,058,075
States and political subdivisions 32,912 6,453 129,413 2,134,935 2,303,713
Total $ 34,412 $ 499,617 $ 140,616 $ 2,688,643 $ 3,363,288
1 unchanged paragraph
Residential mortgage-backed securities $ $ 462,353 $ 9,647 $ 572,003 $ 1,044,003
States and political subdivisions 24,002 6,559 115,957 2,058,795 2,205,313
Total $ 25,502 $ 468,912 $ 125,604 $ 2,630,798 $ 3,250,816
Residential mortgage-backed securities $ $ 453,672 $ 9,101 $ 520,348 $ 983,121
States and political subdivisions 32,884 6,389 116,964 1,811,922 1,968,159
Total $ 34,382 $ 460,061 $ 126,065 $ 2,332,270 $ 2,952,778
U.S. Treasury $ 449,045 $ 1,938,321 $ $ 177,011 $ 2,564,377
Residential mortgage-backed securities 15 10,029 1,766 10,824,689 10,836,499
States and political subdivisions 90,600 304,792 399,285 4,868,171 5,662,848
Total $ 539,660 $ 2,253,142 $ 401,051 $ 15,869,871 $ 19,105,977
Estimated Fair Value
U.S. Treasury $ 447,555 $ 1,818,975 $ $ 116,984 $ 2,383,514
Residential mortgage-backed securities 15 10,012 1,744 9,529,295 9,541,066
States and political subdivisions 90,509 293,508 352,005 4,395,773 5,131,795
Total $ 538,079 $ 2,122,495 $ 353,749 $ 14,042,052 $ 17,098,628
Sales of Securities. Sales of available for sale securities were as follows:
September 30, Nine Months Ended
Proceeds from sales $ 27,916 $ 2,651 $ 27,916 $ 41,207
Gross realized gains 43
Gross realized losses ( 7,512 ) ( 7,512 ) ( 57 )
Tax (expense) benefit of securities gains/losses 1,578 1,578 3
Premiums and Discounts . Premium amortization and discount accretion included in interest income on securities were as follows:
September 30, Nine Months Ended
Premium amortization $ ( 11,212 ) $ ( 14,220 ) $ ( 36,563 ) $ ( 44,311 )
Discount accretion 8,070 5,441 30,233 15,404
Net (premium amortization) discount accretion $ ( 3,142 ) $ ( 8,779 ) $ ( 6,330 ) $ ( 28,907 )
Trading Account Securities. Trading account securities, at estimated fair value, were as follows:
U.S. Treasury $ 37,986 $ 36,650
States and political subdivisions 11,661 954
Total $ 49,647 $ 37,604
Net gains and losses on trading account securities included in other non-interest income were as follows:
September 30, Nine Months Ended
Net gain on sales transactions $ 1,266 $ 1,323 $ 3,872 $ 4,111
Net mark-to-market gains (losses) ( 766 ) 28 ( 778 )
Net gain (loss) on trading account securities $ 500 $ 1,351 $ 3,094 $ 4,111
Note 3: Loans 309 changes
1 unchanged paragraph
Production 705,381 767,724
Service 338,407 252,295
Commercial and industrial $ 6,325,658 6,467,069 $ 6,306,980
Production 719,688 767,724
Service 343,258 252,295
Total energy 1,133,640 1,150,093 1,094,669
1 unchanged paragraph
Owner occupied 4,297,680 4,402,147 3,987,913
Non-owner occupied 3,970,141 4,218,556 3,773,028
Construction and land 2,720,755 2,757,013 2,549,869
Total commercial real estate 10,988,576 11,377,716 10,310,810
1 unchanged paragraph
Home equity loans 1,045,511 1,035,971
Home improvement loans 862,240 874,148
Other 135,129 145,331
Total loans $ 22,975,658 $ 21,891,812
Loans Held for Sale. In June 2026, we transferred certain loans with an aggregate amortized cost of approximately $ 11.5 million from held-for-investment to held-for-sale in connection with a planned sale of the loans during the third quarter of 2026. Upon transfer, we recognized loan charge-offs to the allowance for credit losses on loans totaling $ 2.1 million. The resulting loans held for sale totaled $ 9.4 million and were reported as a component of other assets in the consolidated balance sheet as of June 30, 2026.
Home equity lines of credit 1,140,127 1,182,123 1,068,393
Home equity 1,063,114 1,035,971
1-4 family mortgage loans 886,975 965,676 594,825
Home improvement 850,700 874,148
Other 131,766 145,331
Total consumer real estate 4,069,982 4,193,379 3,718,668
Total real estate 15,058,558 15,571,095 14,029,478
Consumer and other 457,802 468,710 460,685
Total loans $ 23,656,967 $ 21,891,812
Concentrations of Credit. Most of our lending activity occurs within the State of Texas, including the four largest metropolitan areas of Austin, Dallas/Ft. Worth, Houston, and San Antonio, as well as other markets. The majority of our loan portfolio consists of commercial and industrial and commercial real estate loans. As of June September 30, 2026, there were no concentrations of loans related to any single industry in excess of 10 % of total loans. At that date, the largest industry concentrations were concentration was related to the energy industry, which totaled 5.0 % of total loans, and the automobile dealerships industry, which totaled 4.7 4.9 % of total loans. As of June September 30, 2026, unfunded commitments to extend credit and standby letters of credit issued to customers in the energy industry totaled $ 1.2 1.3 billion and $ 93.7 million, respectively, while unfunded commitments to extend credit and standby letters of credit issued to customers in the automobile dealership industry totaled $ 560.8 million and $ 19.8 81.4 million, respectively.
Foreign Loans. We have U.S. dollar denominated loans and commitments to borrowers in Mexico. The outstanding balance of these loans and the unfunded amounts available under these commitments were not material at June September 30, 2026 or December 31, 2025.
Overdrafts . Deposit account overdrafts reported as loans totaled $ 17.4 31.4 million at June September 30, 2026, including a $ 15.4 million overnight overdraft related to a correspondent bank that cleared the following day, and $ 13.8 million at December 31, 2025.
Related Party Loans . In the ordinary course of business, we have granted loans to certain directors, executive officers, and their affiliates (collectively referred to as related parties ). Such loans totaled $ 315.4 303.4 million at June September 30, 2026 and $ 316.1 million at December 31, 2025.
Accrued Interest Receivable. Accrued interest receivable on loans totaled $ 89.3 90.0 million at June September 30, 2026 and $ 90.6 million at December 31, 2025, and is included in accrued interest receivable and other assets in the accompanying consolidated balance sheets.
Federal Home Loan Bank Blanket Pledge. We have executed a blanket pledge and security agreement with the Federal Home Loan Bank ( FHLB ) under which certain qualifying loans are pledged as collateral for any outstanding borrowings under the agreement. Loans pledged under the blanket agreement totaled $ 20.8 21.4 billion at June September 30, 2026 and $ 19.6 billion at December 31, 2025, though no FHLB borrowings were outstanding as of these dates.
2 unchanged paragraphs
June September 30, 2026 December 31, 2025
1 unchanged paragraph
Loans held for investment:
Commercial real estate:
Owner occupied 14,183 11,384 7,581 4,782
Non-owner occupied 4,566 4,566 465 465
Construction and land 56,054 563 1,874 202
Consumer real estate 8,876 4,817 6,615 4,486
Consumer and other 257 176 265 184
Total $ 110,150 $ 34,018 $ 70,482 $ 38,116
Loans held for sale:
Commercial and industrial $ 23,691 20,688 $ 11,209 11,131 $ 50,659 $ 26,693
Energy 2,523 1,303 2,218 2,218 3,023 1,304
1 unchanged paragraph
Owner occupied $ 2,428 $ 2,428 $ $
Construction and land 139 139
Total $ 2,567 $ 2,567 $ $
Owner occupied 11,838 9,039 7,581 4,782
Non-owner occupied 4,453 4,453 465 465
Construction and land 19,356 5,372 1,874 202
Consumer real estate 4,959 4,673 6,615 4,486
Consumer and other 192 171 265 184
Total $ 63,704 $ 37,057 $ 70,482 $ 38,116
The following table presents non-accrual loans as of June September 30, 2026, by class and year of origination.
1 unchanged paragraph
Loans held for investment:
Commercial and industrial $ 421 $ 644 $ 2,638 $ 8,320 $ 1,550 $ 2,236 $ 5,581 $ 2,301 $ 23,691
Energy 1,304 1,219 2,523
Commercial real estate:
Owner occupied 2,834 1,891 4,636 4,328 494 14,183
Non-owner occupied 3,651 99 376 440 4,566
Construction and land 563 53,929 934 628 56,054
Consumer real estate 144 1,747 2,113 1,209 3,663 8,876
Consumer and other 176 81 257
Total $ 421 $ 3,478 $ 3,521 $ 15,609 $ 60,214 $ 11,291 $ 8,584 $ 7,032 $ 110,150
Loans held for sale:
Commercial real estate:
Owner occupied $ $ $ $ $ 349 $ 2,079 $ $ $ 2,428
Construction and land 80 59 139
Total $ $ $ $ $ 349 $ 2,159 $ $ 59 $ 2,567
In the table above, loans reported as 2026 originations as of June 30, 2026 were, for the most part, first originated in years prior to 2026 but were renewed in the current year. Had non-accrual loans performed in accordance with their original contract terms, we would have recognized additional interest income, net of tax, of approximately $ 1.2 million and $ 2.3 million for the three and six months ended June 30, 2026, and approximately $ 1.3 million and $ 2.7 million for the three and six months ended June 30, 2025.
An age analysis of past due loans (including both accruing and non-accruing loans), segregated by class of loans, as of June 30, 2026, was as follows:
Loans held for investment:
Commercial and industrial $ 20,844 $ 19,160 $ 40,004 $ 6,285,654 $ 6,325,658 $ 4,462
Energy 20,586 2,523 23,109 1,110,531 1,133,640
Commercial and industrial $ 156 $ 344 $ 2,327 $ 8,381 $ 1,071 $ 2,125 $ 3,154 $ 3,130 $ 20,688
Energy 55 1,304 859 2,218
1 unchanged paragraph
Owner occupied 17,965 10,897 28,862 4,268,818 4,297,680 1,034
Non-owner occupied 61,894 4,336 66,230 3,903,911 3,970,141
Construction and land 3,220 57,196 60,416 2,660,339 2,720,755 1,142
Consumer real estate 25,205 15,705 40,910 4,029,072 4,069,982 6,932
Consumer and other 5,572 620 6,192 451,610 457,802 363
Total $ 155,286 $ 110,437 $ 265,723 $ 22,709,935 $ 22,975,658 $ 13,933
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and 229 more changes in the filing
Note 4: Deposits 12 changes
1 unchanged paragraph
Non-interest-bearing demand deposits $ 14,583,936 14,546,225 $ 14,143,815
1 unchanged paragraph
Total deposits $ 43,334,015 $ 42,917,864
Savings and interest checking 9,899,712 9,888,997 10,457,328
Money market accounts 12,256,893 13,077,188 11,889,171
Time accounts 6,593,474 6,709,961 6,427,550
Total interest-bearing deposits 28,750,079 29,676,146 28,774,049
Total deposits $ 44,222,371 $ 42,917,864
1 unchanged paragraph
Deposits from foreign sources (primarily Mexico) $ 1,268,902 1,310,776 $ 1,265,896
Non-interest-bearing public funds deposits 429,016 427,857 662,354
Interest-bearing public funds deposits 586,913 544,547 768,726
Total deposits that are not covered by deposit insurance 22,779,195 23,485,329 22,286,545
Time deposits that are not covered by deposit insurance 3,108,330 3,215,443 2,877,253
Note 5: Off-Balance-Sheet Arrangements, Commitments, Guarantees and Contingencies 22 changes
Financial Instruments with Off-Balance-Sheet Risk . In the normal course of business, we enter into various transactions to meet the financing needs of our customers that, in accordance with U.S. GAAP, generally accepted accounting principles in the United States, are not included recognized in our consolidated balance sheets. We enter into these transactions to meet the financing needs of our customers. As more fully discussed in our 2025 Form 10-K, these transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk that may exceed the and interest rate risk in excess of amounts recognized in the consolidated balance sheets. We minimize our exposure to loss under manage the credit risk associated with these commitments by subjecting them to through credit approval risk evaluation, and monitoring procedures.
1 unchanged paragraph
Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures.
Commitments to extend credit $ 12,588,863 12,773,085 $ 12,473,653
Standby letters of credit 407,107 435,506 394,714
Deferred standby letter of credit fees 2,642 3,368 2,740
Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures. The allowance for credit losses on off balance sheet off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, representing management s best estimate of lifetime current expected credit losses over the contractual periods for which we are exposed to credit risk resulting from a contractual obligation obligations to extend credit. No allowance is recognized if we have the unconditional right to cancel the obligation. Off balance sheet Off-balance-sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit, as presented in the table above. The amount of the allowance represents management s best estimate of expected credit losses is determined based on off balance sheet credit exposures, considering available information from internal and external sources, including historical credit loss experience, current conditions, and reasonable and supportable forecasts, as well as and the probability that commitments will be funded over the their contractual terms. of the commitments. Our allowance methodology is more fully described in our 2025 Form 10 K. 10-K.
1 unchanged paragraph
June 30, Six Months Ended
Beginning balance $ 47,582 $ 49,946 $ 51,298 $ 51,904
Credit loss expense (benefit) 2,743 ( 337 ) ( 973 ) ( 2,295 )
September 30, Nine Months Ended
Ending Beginning balance $ 50,325 $ 49,609 $ 50,325 51,298 $ 49,609 51,904
Credit loss expense (benefit) ( 2,820 ) ( 2,418 ) ( 3,793 ) ( 4,713 )
Ending balance $ 47,505 $ 47,191 $ 47,505 $ 47,191
1 unchanged paragraph
June 30, Six Months Ended
Short-term lease expense 588 239 1,111 573
Total $ 13,610 $ 13,206 $ 27,228 $ 26,335
September 30, Nine Months Ended
Amortization of lease right-of-use assets $ 9,216 9,256 $ 9,085 9,120 $ 18,398 27,654 $ 18,126 27,246
Short-term lease expense 624 154 1,735 727
Non-lease components (including taxes, insurance, common maintenance, etc.) 3,806 3,882 7,719 7,636 3,534 3,415 11,253 11,051
Total $ 13,414 $ 12,689 $ 40,642 $ 39,024
Right-of-use lease assets totaled $ 252.7 249.5 million at June September 30, 2026 and $ 259.2 million at December 31, 2025, and are reported as a component of premises and equipment on our accompanying consolidated balance sheets. The related lease liabilities totaled $ 289.5 286.1 million at June September 30, 2026 and $ 296.4 million at December 31, 2025, and are reported as a component of accrued interest payable and other liabilities on our accompanying consolidated balance sheets. Lease payments under operating leases that were applied to our operating lease liability totaled $ 9.4 9.6 million and $ 18.8 28.4 million during the three and six nine months ended June September 30, 2026, respectively, and $ 9.4 million and $ 18.5 27.8 million during the three and six nine months ended June September 30, 2025, respectively. There has been no material change in our expected future minimum lease payments since December 31, 2025. See the 2025 Form 10-K for information regarding these commitments.
1 unchanged paragraph
Note 6: Capital and Regulatory Matters 23 changes
2 unchanged paragraphs
Tier 1 capital includes CET1 and additional Tier 1 capital. For Cullen/Frost, additional Tier 1 capital included $ 145.5 million of 4.450 % non-cumulative perpetual preferred stock at June September 30, 2026 and December 31, 2025, the details of which are further discussed below. Frost Bank did no t have any additional Tier 1 capital beyond CET1 at June September 30, 2026 or December 31, 2025. Total capital includes Tier 1 capital and Tier 2 capital. Tier 2 capital for both Cullen/Frost and Frost Bank includes a permissible portion of the allowances for credit losses on securities, loans, and off-balance-sheet credit exposures. Tier 2 capital for Cullen/Frost also includes the permissible portion of qualified subordinated debt (which decreases 20.0 % per year during the final five years of the term of the notes), which totaled $ 20.0 million at December 31, 2025, and trust preferred securities, which totaled $ 120.0 million at both June September 30, 2026 and December 31, 2025. No portion of Cullen/Frost's subordinated notes were permitted as Tier 2 capital at June September 30, 2026 as the notes were within one year of maturity.
The following table presents actual and required capital ratios as of June September 30, 2026 and December 31, 2025, for Cullen/Frost and Frost Bank under the Basel III Capital Rules. Capital levels required to be considered well-capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. See the 2025 Form 10-K for a more detailed discussion of the Basel III Capital Rules.
4 unchanged paragraphs
Cullen/Frost $ 4,663,850 13.95 % $ 2,340,319 7.00 % N/A N/A
Frost Bank 4,820,325 14.42 2,339,820 7.00 $ 2,172,690 6.50 %
Cullen/Frost $ 4,769,878 13.76 % $ 2,426,092 7.00 % N/A N/A
Frost Bank 4,889,632 14.12 2,424,671 7.00 $ 2,251,480 6.50 %
1 unchanged paragraph
Cullen/Frost 4,809,302 14.38 2,841,816 8.50 2,005,988 6.00
Frost Bank 4,820,325 14.42 2,841,210 8.50 2,674,080 8.00
Cullen/Frost 4,915,330 14.18 2,945,969 8.50 2,079,508 6.00
Frost Bank 4,889,632 14.12 2,944,243 8.50 2,771,053 8.00
1 unchanged paragraph
Cullen/Frost 5,263,839 15.74 3,510,479 10.50 3,343,313 10.00
Frost Bank 5,154,862 15.42 3,509,730 10.50 3,342,600 10.00
Cullen/Frost 4,809,302 9.06 2,124,182 4.00 N/A N/A
Frost Bank 4,820,325 9.08 2,124,252 4.00 2,655,315 5.00
Cullen/Frost 5,373,593 15.50 3,639,139 10.50 3,465,846 10.00
Frost Bank 5,227,895 15.09 3,637,007 10.50 3,463,816 10.00
Cullen/Frost 4,915,330 8.98 2,189,509 4.00 N/A N/A
Frost Bank 4,889,632 8.93 2,190,142 4.00 2,737,678 5.00
12 unchanged paragraphs
As of June September 30, 2026, capital levels at Cullen/Frost and Frost Bank exceed all capital adequacy requirements under the Basel III Capital Rules. Based on the ratios presented above, capital levels as of June September 30, 2026, at Cullen/Frost and Frost Bank exceed the minimum levels necessary to be considered well-capitalized.
Cullen/Frost and Frost Bank are subject to the regulatory capital requirements administered by the Federal Reserve Board and, for Frost Bank, the Federal Deposit Insurance Corporation ( FDIC ). Regulatory authorities can initiate certain mandatory actions if Cullen/Frost or Frost Bank fail to meet the minimum capital requirements, which could have a direct material effect on our financial statements. Management believes, as of June September 30, 2026, that Cullen/Frost and Frost Bank meet all capital adequacy requirements to which they are subject.
1 unchanged paragraph
Purchases of Equity Securities. From time to time, our board of directors has authorized stock repurchase plans. The purpose of such plans and the manner in which shares are repurchased is are discussed in more detail in our 2025 Form 10-K. Most recently, on January 28, 2026, our board of directors authorized a $ 300.0 million stock repurchase program (the 2026 Repurchase Plan ), allowing us to repurchase shares of our common stock over a one -year period expiring on January 27, 2027. The 2026 Repurchase Plan was publicly announced in a current report on Form 8-K filed with the SEC on January 29, 2026.
Under the 2026 Repurchase Plan, we repurchased 1,162,708 1,255,408 shares at a total cost of $ 160.0 175.0 million (excluding applicable excise taxes) during the six nine months ended June September 30, 2026. We also repurchased 11,345 11,390 shares at a total cost of $ 1.6 million in connection with the vesting of certain share awards during the six nine months ended June September 30, 2026. Repurchases made in connection with the vesting of share awards are not associated with any publicly announced stock repurchase plan. No shares were repurchased Under a prior repurchase plan, we repurchased 549,228 shares at a total cost of $ 69.3 million (excluding applicable excise taxes) during the six nine months ended June September 30, 2025. though We also repurchased 19,033 19,331 shares at a total cost of $ 2.7 million in connection with the vesting of certain share awards during the six nine months ended June September 30, 2025. Under the Basel III Capital Rules, Cullen/Frost may not repurchase or redeem any of its preferred stock or subordinated notes and, in some cases, its common stock without the prior approval of the Federal Reserve Board.
Dividend Restrictions . In the ordinary course of business, Cullen/Frost is dependent upon dividends from Frost Bank to provide funds for the payment of dividends to shareholders and to provide for other cash requirements, including to repurchase its common stock. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of Frost Bank to fall below specified minimum levels. Approval is also required if dividends declared exceed the net profits for that year combined with the retained net profits for the preceding two years. Under the foregoing dividend restrictions and while maintaining its well-capitalized status, at June September 30, 2026, Frost Bank could pay aggregate dividends of up to $ 772.5 841.2 million to Cullen/Frost without prior regulatory approval.
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Note 7: Derivative Financial Instruments 40 changes
2 unchanged paragraphs
During the first quarter of 2026, we entered into and designated a forward starting, pay-fixed, receive-variable interest rate swap as a fair value hedge under the portfolio layer method of ASC 815 to mitigate changes in the fair value of a designated hedged layer of a closed portfolio of $ 500.0 million of fixed-rate, available-for-sale municipal securities attributable solely to changes in the Secured Overnight Financing Rate ( SOFR ), the benchmark interest rate being hedged. Under this designation, changes in the fair value of the swap and the corresponding SOFR-related changes in the fair value of the hedged layer are recognized in interest income on tax-exempt securities, with basis adjustments recorded to the carrying amount of the hedged layer. The cumulative basis adjustments included in the hedged layer totaled $ 5.3 22.4 million at June September 30, 2026. The hedge is intended to assist in managing the duration of our securities portfolio as its mix and maturity profile evolve over time. The swap has a notional amount of $ 500.0 million and a forward start date of January 1, 2028, at which time we will pay a fixed rate of approximately 3.53 % and receive a floating rate indexed to SOFR. Changes in the fair value of the hedged layer not attributable to SOFR will continue to be recognized in other comprehensive income, net of tax, or in accordance with other applicable accounting guidance in the case of credit impairment.
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June September 30, 2026 December 31, 2025
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Securities interest rate swap - assets $ liabilities 500,000 $ 410 $ ( 204 ) $
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Loan/lease interest rate swaps assets 1,565,474 43,439 2,045,121 80,083 783,022 34,835
Loan/lease interest rate swaps liabilities 741,949 215,572 ( 7,539 578 ) 1,341,227 ( 20,598 )
Loan/lease interest rate caps assets 315,142 3,869 286,977 5,127 251,075 3,230
1 unchanged paragraph
Loan/lease interest rate swaps assets 741,949 7,539 215,572 578 1,341,227 20,598
Loan/lease interest rate swaps liabilities 1,565,474 2,045,121 ( 43,435 80,083 ) 783,022 ( 34,835 )
Loan/lease interest rate caps liabilities 315,142 286,977 ( 3,872 5,130 ) 251,075 ( 3,232 )
The weighted-average rates paid and received for active interest rate swaps outstanding at June September 30, 2026, were as follows:
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Non-hedging interest rate swaps financial institution counterparties 5.20 5.30 % 5.38 5.54 %
Non-hedging interest rate swaps customer counterparties 5.38 5.20 5.54 5.30
The weighted-average strike rate for outstanding interest rate caps was 4.04 4.10 % at June September 30, 2026.
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June September 30, 2026 December 31, 2025
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Oil liabilities Barrels 9,388 ( 42,809 ) 1,913 ( 968 )
Oil assets Barrels 2,255 $ 7,871 363 $ 1,026 7,842 $ 42,594
Oil liabilities Barrels 12,228 ( 147,660 ) 1,913 ( 968 )
Natural gas assets MMBTUs 31,743 10,006 31,918 11,194 29,288 7,678
Natural gas liabilities MMBTUs 3,699 5,030 ( 150 443 ) 8,000 ( 938 )
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Oil assets Barrels 9,430 44,126 12,240 149,492 1,928 1,091
Oil liabilities Barrels 2,214 351 ( 7,475 975 ) 7,828 ( 41,265 )
Natural gas assets MMBTUs 5,821 310 5,030 472 8,000 1,001
Natural gas liabilities MMBTUs 29,621 31,918 ( 9,743 10,801 ) 29,288 ( 7,427 )
Foreign Currency Derivatives . We enter into foreign currency derivative contracts that are not designated as hedging instruments to accommodate the business needs of our customers and to mitigate our exposure to foreign currency risk. Upon the origination of a foreign currency derivative contract with a customer, we simultaneously enter into an offsetting contract with a third-party financial institution to mitigate our exposure to fluctuations in foreign currency exchange rates. Because we act as an intermediary for our customers, changes in the fair value of the underlying derivative contracts largely offset each other and do not materially impact our results of operations. We also utilize foreign currency derivative contracts that are not designated as hedging instruments to mitigate the economic effect of fluctuations in foreign currency exchange rates on foreign currency holdings and certain short-term, non-U.S. dollar-denominated loans. The fair values of these contracts are estimated utilizing internal valuation methods with observable market data inputs. There were no The notional amounts and fair values of non-hedging foreign currency derivative contracts outstanding as of June 30, 2026 or December 31, 2025. are presented in the following table.
September 30, 2026 December 31, 2025
Financial institution counterparties:
Forward and option contracts assets CNY 12,508 1
Forward and option contracts liabilities CNY 13,804
Customer counterparties:
Forward and option contracts assets CNY 26,312 38
1 unchanged paragraph
June 30, Six Months Ended
September 30, Nine Months Ended
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Interest income on tax-exempt securities (net ineffective portion of hedge) $ ( 18 17 ) $ $ 10 ( 7 ) $
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Other non-interest income 1,312 733 2,844 1,122
Other non-interest income 997 784 3,841 1,906
Other non-interest expense ( 1 ) ( 2 )
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Other non-interest income 478 937 1,610 2,703
Other non-interest income 864 351 2,474 3,054
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Other non-interest income 4 38 42 55
Counterparty Credit Risk. At June September 30, 2026, our credit exposure relating to outstanding derivative contracts with bank customers was approximately $ 39.6 142.5 million. This credit exposure is partly mitigated, as transactions with customers are generally secured by the collateral, if any, securing the underlying transaction being hedged. At June September 30, 2026, after consideration of collateral pledged, we had $ 12.6 million 616 thousand in credit exposure relating to outstanding derivative contracts with upstream financial institution counterparties subject to master netting arrangements. Collateral positions are generally cleared on the next business day, and collateral levels for upstream financial institution counterparties are monitored and adjusted, as necessary. See Note 8 Balance Sheet Offsetting and Repurchase Agreements for additional information regarding these master netting arrangements and related offsetting considerations. The aggregate fair value of securities we posted as collateral related to upstream financial institution counterparties derivative contracts was $ 6.7 million at June September 30, 2026. At such date, we also had $ 20.4 84.3 million in cash collateral related to derivative contracts on deposit with other financial institution counterparties.
Note 8: Balance Sheet Offsetting and Repurchase Agreements 55 changes
1 unchanged paragraph
Information about financial instruments that are eligible for offset in the consolidated balance sheet as of June September 30, 2026, is presented in the following tables.
1 unchanged paragraph
Interest rate contracts $ 47,718 $ $ 47,718
Commodity contracts 17,877 17,877
Total derivatives 65,595 65,595
Total $ 65,595 $ $ 65,595
Interest rate contracts $ 85,210 $ $ 85,210
Commodity contracts 12,220 12,220
Foreign currency contracts 1 1
Total derivatives 97,431 97,431
Total $ 97,431 $ $ 97,431
1 unchanged paragraph
Interest rate contracts $ 7,539 $ $ 7,539
Commodity contracts 42,959 42,959
Total derivatives 50,498 50,498
Repurchase agreements 4,886,598 4,886,598
Total $ 4,937,096 $ $ 4,937,096
Interest rate contracts $ 782 $ $ 782
Commodity contracts 148,103 148,103
Total derivatives 148,885 148,885
Repurchase agreements 5,116,888 5,116,888
Total $ 5,265,773 $ $ 5,265,773
3 unchanged paragraphs
Counterparty H $ 21,057 $ ( 15,708 ) $ ( 2,660 ) $ 2,689
Counterparty F 14,833 ( 7,052 ) ( 7,781 )
Counterparty E 10,999 ( 2,107 ) ( 8,260 ) 632
Other counterparties 10,569 ( 5,198 ) ( 4,323 ) 1,048
Total derivatives 65,595 ( 38,202 ) ( 23,024 ) 4,369
Total $ 65,595 $ ( 38,202 ) $ ( 23,024 ) $ 4,369
Counterparty H $ 22,822 $ ( 22,822 ) $ $
Counterparty F 10,042 ( 10,042 )
Counterparty B 8,137 8,773 ( 8,137 8,773 )
Counterparty E 26,958 ( 754 ) ( 25,990 ) 214
Other counterparties 28,836 ( 8,059 ) ( 20,375 ) 402
Total derivatives 97,431 ( 50,450 ) ( 46,365 ) 616
Total $ 97,431 $ ( 50,450 ) $ ( 46,365 ) $ 616
1 unchanged paragraph
Counterparty H $ 15,708 $ ( 15,708 ) $ $
Counterparty F 7,052 ( 7,052 )
Counterparty B 11,030 ( 8,137 ) ( 2,893 )
Counterparty E 2,107 ( 2,107 )
Other counterparties 14,601 ( 5,198 ) ( 9,310 ) 93
Total derivatives 50,498 ( 38,202 ) ( 12,203 ) 93
Repurchase agreements 4,886,598 ( 4,886,598 )
Total $ 4,937,096 $ ( 38,202 ) $ ( 4,898,801 ) $ 93
Counterparty H $ 64,763 $ ( 22,822 ) $ ( 39,120 ) $ 2,821
Counterparty F 17,907 ( 10,042 ) ( 6,704 ) 1,161
Counterparty B 29,708 ( 8,773 ) ( 19,820 ) 1,115
Counterparty E 754 ( 754 )
Other counterparties 35,753 ( 8,059 ) ( 25,330 ) 2,364
Total derivatives 148,885 ( 50,450 ) ( 90,974 ) 7,461
Repurchase agreements 5,116,888 ( 5,116,888 )
Total $ 5,265,773 $ ( 50,450 ) $ ( 5,207,862 ) $ 7,461
34 unchanged paragraphs
The remaining contractual maturity of repurchase agreements in the consolidated balance sheets as of June September 30, 2026 and December 31, 2025, is presented in the following tables.
3 unchanged paragraphs
Total borrowings $ 4,886,598 $ $ $ $ 4,886,598
U.S. Treasury $ 1,645,403 1,657,387 $ $ $ $ 1,645,403 1,657,387
Residential mortgage-backed securities 3,241,195 3,241,195 3,459,501 3,459,501
Total borrowings $ 5,116,888 $ $ $ $ 5,116,888
Gross amount of recognized liabilities for repurchase agreements $ 4,886,598 5,116,888
7 unchanged paragraphs
Note 9: Stock-Based Compensation 31 changes
Outstanding Non-Vested
Restricted Stock Units
A combined summary of activity in our active stock plans is presented in the following table. below. Performance stock units outstanding are presented assuming attainment of based on the maximum payout rate as set forth specified by the applicable performance criteria. As of June September 30, 2026, there were 2,113,772 2,114,785 shares remaining remained available for grant for future stock-based compensation awards.
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and 28 more changes in the filing
Note 10: Earnings Per Common Share 21 changes
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and 21 more changes in the filing
Note 11: Defined Benefit Plans 9 changes
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and 9 more changes in the filing
Note 12: Income Taxes 11 changes
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and 11 more changes in the filing
Note 13: Other Comprehensive Income (Loss) 31 changes
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and 31 more changes in the filing
Note 14: Operating Segments 200 changes
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Note 15: Fair Value Measurements 36 changes
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and 36 more changes in the filing
MD&A 526 changes
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and 526 more changes in the filing
Market risk 6 changes
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and 6 more changes in the filing
Controls and procedures 2 changes
and 2 more changes in the filing
Legal proceedings 1 change
and 1 more change in the filing
Unregistered sales of stock 9 changes
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and 9 more changes in the filing
Other information 1 change
1 unchanged paragraph
and 1 more change in the filing
Exhibits 2 changes
16 unchanged paragraphs
3 unchanged paragraphs
3 unchanged paragraphs
and 2 more changes in the filing
Unchanged: Notes to the financial statements, Note 16: Accounting Standards Updates, Risk factors, Defaults on senior securities, Mine Safety Disclosures
Only in the earlier filing: Note U: S. Treasury $ 1,443,787 $ 1,443,038 $ $ 193,355 $ 3,080,180, Note U: S. Treasury $ 1,440,481 $ 1,346,189 $ $ 139,281 $ 2,925,951
Compared by code from the two filings' text and XBRL. Not advice.
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