Operating Segments

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Operating Segments

Operating Segments

We are managed under a matrix organizational structure whereby our two primary operating segments, Banking and Frost Wealth Advisors, overlap a regional reporting structure. See our 2021 Form 10-K for additional information regarding our operating segments. Summarized operating results by segment were as follows:

	Banking		Frost  Wealth Advisors		Non-Banks		Consolidated
Three months ended:
September 30, 2022
Net interest income (expense)	$	356,513	$	1,357	$	(2,323)	$	355,547
Credit loss expense	(1)		1		—		—
Non-interest income	55,994		44,263		(436)		99,821
Non-interest expense	223,193		33,530		1,175		257,898
Income (loss) before income taxes	189,315		12,089		(3,934)		197,470
Income tax expense (benefit)	26,520		2,539		(1,349)		27,710
Net income (loss)	162,795		9,550		(2,585)		169,760
Preferred stock dividends	—		—		1,668		1,668
Net income (loss) available to common shareholders	$	162,795	$	9,550	$	(4,253)	$	168,092
Revenues from (expenses to) external customers	$	412,507	$	45,620	$	(2,759)	$	455,368
September 30, 2021
Net interest income (expense)	$	247,381	$	536	$	(1,795)	$	246,122
Credit loss expense (benefit)	(6)		6		—		—
Non-interest income	51,279		42,369		(459)		93,189
Non-interest expense	185,891		31,086		1,026		218,003
Income (loss) before income taxes	112,775		11,813		(3,280)		121,308
Income tax expense (benefit)	12,029		2,481		(1,177)		13,333
Net income (loss)	100,746		9,332		(2,103)		107,975
Preferred stock dividends	—		—		1,668		1,668
Net income (loss) available to common shareholders	$	100,746	$	9,332	$	(3,771)	$	106,307
Revenues from (expenses to) external customers	$	298,660	$	42,905	$	(2,254)	$	339,311
Nine months ended:
September 30, 2022
Net interest income (expense)	$	895,818	$	3,015	$	(6,007)	$	892,826
Credit loss expense (benefit)	(1)		1		—		—
Non-interest income	170,097		130,546		(1,505)		299,138
Non-interest expense	640,775		97,598		4,604		742,977
Income (loss) before income taxes	425,141		35,962		(12,116)		448,987
Income tax expense (benefit)	57,355		7,552		(3,896)		61,011
Net income (loss)	367,786		28,410		(8,220)		387,976
Preferred stock dividends	—		—		5,006		5,006
Net income (loss) available to common shareholders	$	367,786	$	28,410	$	(13,226)	$	382,970
Revenues from (expenses to) external customers	$	1,065,915	$	133,561	$	(7,512)	$	1,191,964
September 30, 2021
Net interest income (expense)	$	748,036	$	1,530	$	(5,407)	$	744,159
Credit loss expense	57		6		—		63
Non-interest income	154,003		124,512		(843)		277,672
Non-interest expense	548,151		91,037		4,211		643,399
Income (loss) before income taxes	353,831		34,999		(10,461)		378,369
Income tax expense (benefit)	32,811		7,350		(3,850)		36,311
Net income (loss)	321,020		27,649		(6,611)		342,058
Preferred stock dividends	—		—		5,488		5,488
Net income (loss) available to common shareholders	$	321,020	$	27,649	$	(12,099)	$	336,570
Revenues from (expenses to) external customers	$	902,039	$	126,042	$	(6,250)	$	1,021,831