Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Balance Sheets


	December 31,
	2023		2022
Assets:
Cash	$	350,525	$	311,944

Total cash and cash equivalents	350,525		311,944
Investment in subsidiaries	3,625,951		3,065,114
Accrued interest receivable and other assets	1,233		1,142
Total assets	$	3,977,709	$	3,378,200
Liabilities:
Junior subordinated deferrable interest debentures, net of unamortized issuance costs	$	123,127	$	123,069
Subordinated notes, net of unamortized issuance costs	99,491		99,335
Accrued interest payable and other liabilities	38,644		18,568
Total liabilities	261,262		240,972
Shareholders’ Equity	3,716,447		3,137,228
Total liabilities and shareholders’ equity	$	3,977,709	$	3,378,200

Condensed Statements of Income


	Year Ended December 31,
	2023		2022		2021
Income:
Dividend income paid by Frost Bank	$	279,679	$	51,711	$	219,386
Dividend income paid by non-banks	255		109		473
Interest and other income	1,929		—		101
Total income	281,863		51,820		219,960
Expenses:
Interest expense	13,304		8,829		7,141
Salaries and employee benefits	1,668		1,605		1,499
Other	6,653		6,316		5,867
Total expenses	21,625		16,750		14,507
Income before income taxes and equity in undistributed earnings of subsidiaries	260,238		35,070		205,453
Income tax benefit	5,974		5,641		4,899
Equity in undistributed earnings of subsidiaries	331,761		538,439		232,727
Net income	597,973		579,150		443,079
Preferred stock dividends	6,675		6,675		7,157
Net income available to common shareholders	$	591,298	$	572,475	$	435,922

Condensed Statements of Cash Flows


	Year Ended December 31,
	2023		2022		2021
Operating Activities:
Net income	$	597,973	$	579,150	$	443,079
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(331,761)		(538,439)		(232,727)
Stock-based compensation	880		720		700
Net tax benefit from stock-based compensation	331		472		278
Net change in other assets and other liabilities	19,867		(15,249)		23,890
Net cash from operating activities	287,290		26,654		235,220
Investing Activities:
Redemption of investment in non-bank subsidiary	—		—		406


Net cash from investing activities	—		—		406
Financing Activities:
Principal payments on long-term borrowings	—		—		(13,403)


Proceeds from stock option exercises	9,299		16,659		54,417
Proceeds from stock-based compensation activities of subsidiaries	23,710		17,602		12,053
Purchase of treasury stock	(42,720)		(4,391)		(3,864)
Treasury stock issued to 401(k) stock purchase plan	—		—		1,749
Cash dividends paid on preferred stock	(6,675)		(6,675)		(7,157)
Cash dividends paid on common stock	(232,323)		(209,780)		(188,786)
Net cash from financing activities	(248,709)		(186,585)		(144,991)
Net change in cash and cash equivalents	38,581		(159,931)		90,635
Cash and cash equivalents at beginning of year	311,944		471,875		381,240
Cash and cash equivalents at end of year	$	350,525	$	311,944	$	471,875