Cullen/Frost Bankers, Inc.
Climate Impact & Sustainability Data (2021)
Reporting Period: 2021
Environmental Metrics
Social Achievements
- Raised minimum wage to $20 per hour.
- Nearly 9,000 hours of community service performed by employees in 2021.
- Won the J.D. Power award for highest retail banking customer satisfaction in Texas for the 12th year in a row.
Climate Goals & Targets
Short-term Goals:
- Complete effort to offer single-family mortgages later this year.
Environmental Challenges
- Tight labor market.
- COVID-19 pandemic's impact on operations, financial position, and results.
- Increased competition from fintechs/wealthtechs.
- Climate change related risks (physical, credit, and reputational).
Mitigation Strategies
- Implemented Business Continuity and Health Emergency Response plans.
- Increased staffing costs to address labor shortage.
- Monitoring customers in industries significantly impacted by COVID-19.
- Exploring credit and reputational risks associated with climate change and developing a formalized approach to considering climate change related risks in underwriting processes.
- Maintaining an appropriate level of liquid funds through asset/liability management.
Supply Chain Management
Climate-Related Risks & Opportunities
Physical Risks
- Extreme weather events (droughts, flooding, tornados, hurricanes, wildfires).
Transition Risks
- Changes in policies, laws, regulations, technologies, and market preferences to address climate change.
Awards & Recognition
- J.D. Power award for highest retail banking customer satisfaction in Texas (12th consecutive year)