Operating Segments (Tables)

12 Months Ended

Dec. 31, 2021

Financial results by operating segment are detailed below. Certain prior period amounts have been reclassified to conform to the current presentation. Frost Wealth Advisors excludes off-balance-sheet managed and custody assets with a total fair value of $43.3 billion, $38.6 billion and $37.8 billion at December 31, 2021, 2020 and 2019.


	Banking		Frost Wealth Advisors		Non-Banks		Consolidated
2021
Net interest income (expense)	$	989,870	$	2,138	$	(7,141)	$	984,867
Credit loss expense	54		9		—		63
Non-interest income	220,662		167,442		(1,376)		386,728
Non-interest expense	753,719		122,972		5,303		881,994
Income (loss) before income taxes	456,759		46,599		(13,820)		489,538
Income tax expense (benefit)	41,483		9,786		(4,810)		46,459
Net income (loss)	415,276		36,813		(9,010)		443,079
Preferred stock dividends	—		—		7,157		7,157
Net income (loss) available to common shareholders	$	415,276	$	36,813	$	(16,167)	$	435,922
Revenues from (expenses to) external customers	$	1,210,532	$	169,580	$	(8,517)	$	1,371,595
Average assets (in millions)	$	45,903	$	70	$	10	$	45,983


	Banking		Frost Wealth Advisors		Non-Banks		Consolidated
2020
Net interest income (expense)	$	981,441	$	2,776	$	(8,216)	$	976,001
Credit loss expense	241,230		—		—		241,230
Non-interest income	321,136		145,268		(950)		465,454
Non-interest expense	718,519		123,630		6,755		848,904
Income (loss) before income taxes	342,828		24,414		(15,921)		351,321
Income tax expense (benefit)	20,347		5,127		(5,304)		20,170
Net income (loss)	322,481		19,287		(10,617)		331,151
Preferred stock dividends	—		—		2,016		2,016
Redemption of preferred stock	—		—		5,514		5,514
Net income (loss) available to common shareholders	$	322,481	$	19,287	$	(18,147)	$	323,621
Revenues from (expenses to) external customers	$	1,302,577	$	148,044	$	(9,166)	$	1,441,455
Average assets (in millions)	$	37,892	$	59	$	10	$	37,961
2019
Net interest income (expense)	$	1,010,368	$	4,001	$	(10,364)	$	1,004,005
Credit loss expense	33,758		1		—		33,759
Non-interest income	218,447		145,905		(450)		363,902
Non-interest expense	703,121		124,622		6,936		834,679
Income (loss) before income taxes	491,936		25,283		(17,750)		499,469
Income tax expense (benefit)	55,520		5,308		(4,958)		55,870
Net income (loss)	436,416		19,975		(12,792)		443,599
Preferred stock dividends	—		—		8,063		8,063
Net income (loss) available to common shareholders	$	436,416	$	19,975	$	(20,855)	$	435,536
Revenues from (expenses to) external customers	$	1,228,815	$	149,906	$	(10,814)	$	1,367,907
Average assets (in millions)	$	32,019	$	56	$	11	$	32,086