Cullen/Frost Bankers, Inc. (CFR) furnished an updated investor presentation as of December 31, 2025, replacing a previous version. The update provides additional information on the company's technology strategy, revised peer data, and corrections to certain items. The company, headquartered in San Antonio, Texas, was founded in 1868 and operates exclusively in Texas with over 200 financial centers and 1,750+ ATMs. As of December 31, 2025, Cullen/Frost reported a market capitalization of $8.1 billion, total assets of $53.0 billion, total loans of $21.9 billion, and total deposits of $42.9 billion. The company maintains strong credit ratings: Moody's L-T Rating A3/Stable and S&P L-T Rating A-/Stable. Cullen/Frost has a 32-year record of consecutive dividend increases, with an annual dividend of $3.95 in 2025. The company's organic expansion strategy has resulted in $2.4 billion in expansion loans and $3.0 billion in expansion deposits as of December 31, 2025, contributing significantly to overall growth. Technology modernization efforts are ongoing, with 66% of Tier 1 capabilities modernized (40% in the cloud) as of December 31, 2025, targeting 100% by 2028+. Non-interest income comprised 22.4% of total revenue in 2025, with trust and investment management fees being the largest component at 35.5% of non-interest income.