Operating Segments (Tables)

12 Months Ended

Dec. 31, 2023

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 $47.2 billion, $42.9 billion and $43.3 billion at December 31, 2023, 2022 and 2021.


	Banking		Frost Wealth Advisors		Non-Banks		Consolidated
2023
Net interest income (expense)	$	1,562,441	$	7,620	$	(11,397)	$	1,558,664
Credit loss expense	46,171		—		—		46,171
Non-interest income	251,319		178,906		(1,683)		428,542
Non-interest expense	1,077,824		144,478		6,360		1,228,662
Income (loss) before income taxes	689,765		42,048		(19,440)		712,373
Income tax expense (benefit)	111,145		8,830		(5,575)		114,400
Net income (loss)	578,620		33,218		(13,865)		597,973
Preferred stock dividends	—		—		6,675		6,675
Net income (loss) available to common shareholders	$	578,620	$	33,218	$	(20,540)	$	591,298
Revenues from (expenses to) external customers	$	1,813,760	$	186,526	$	(13,080)	$	1,987,206
Average assets (in millions)	$	49,536	$	59	$	9	$	49,604


	Banking		Frost Wealth Advisors		Non-Banks		Consolidated
2022
Net interest income (expense)	$	1,295,467	$	4,645	$	(8,829)	$	1,291,283
Credit loss expense	3,000		—		—		3,000
Non-interest income	230,876		175,874		(1,932)		404,818
Non-interest expense	886,421		132,009		5,844		1,024,274
Income (loss) before income taxes	636,922		48,510		(16,605)		668,827
Income tax expense (benefit)	85,127		10,187		(5,637)		89,677
Net income (loss)	551,795		38,323		(10,968)		579,150
Preferred stock dividends	—		—		6,675		6,675

Net income (loss) available to common shareholders	$	551,795	$	38,323	$	(17,643)	$	572,475
Revenues from (expenses to) external customers	$	1,526,343	$	180,519	$	(10,761)	$	1,696,101
Average assets (in millions)	$	51,448	$	57	$	8	$	51,513
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