Operating Segments (Tables)

12 Months Ended

Dec. 31, 2024

Financial results by operating segment, including significant expense categories provided to the chief operating decision maker, 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 $51.4 billion, $47.2 billion and $42.9 billion at December 31, 2024, 2023 and 2022.


	Banking		Frost Wealth Advisors		Non-Banks		Consolidated
2024
Interest income	$	2,382,675	$	7,962	$	—	$	2,390,637
Interest expense	772,075		421		13,529		786,025
Net interest income (expense)	1,610,600		7,541		(13,529)		1,604,612
Credit loss expense	64,985		—		—		64,985
Net interest income after credit loss expense	1,545,615		7,541		(13,529)		1,539,627
Non-interest income:
Trust and investment management fees	—		167,448		(2,178)		165,270
Service charges on deposit accounts	106,217		13		—		106,230
Insurance commissions and fees	61,269		—		—		61,269
Interchange and card transaction fees	21,017		—		—		21,017
Other charges, commissions and fees	30,626		22,717		5		53,348
Net gain (loss) on securities transactions	(96)		—		—		(96)
Other	45,790		6,011		259		52,060
Total non-interest income	264,823		196,189		(1,914)		459,098
Non-interest expense:
Salaries and wages	544,843		74,928		1,623		621,394
Employee benefits	109,431		12,911		104		122,446
Net occupancy	115,136		13,615		—		128,751
Technology, furniture and equipment	142,517		5,764		206		148,487
Deposit insurance	37,203		66		—		37,269
Other	189,700		49,790		4,921		244,411
Total non-interest expense	1,138,830		157,074		6,854		1,302,758
Income (loss) before income taxes	671,608		46,656		(22,297)		695,967
Income tax expense (benefit)	110,524		9,798		(6,897)		113,425
Net income (loss)	561,084		36,858		(15,400)		582,542
Preferred stock dividends	—		—		6,675		6,675
Net income (loss) available to common shareholders	$	561,084	$	36,858	$	(22,075)	$	575,867
Revenues from (expenses to) external customers	$	1,875,423	$	203,730	$	(15,443)	$	2,063,710
Average assets (in millions)	$	49,621	$	64	$	9	$	49,694


	Banking		Frost Wealth Advisors		Non-Banks		Consolidated
2023
Interest income	$	2,209,659	$	8,057	$	—	$	2,217,716
Interest expense	647,218		437		11,397		659,052
Net interest income (expense)	1,562,441		7,620		(11,397)		1,558,664
Credit loss expense	46,171		—		—		46,171
Net interest income after credit loss expense	1,516,270		7,620		(11,397)		1,512,493
Non-interest income:
Trust and investment management fees	—		155,278		(1,963)		153,315
Service charges on deposit accounts	93,478		26		—		93,504
Insurance commissions and fees	58,271		—		—		58,271
Interchange and card transaction fees	19,419		—		—		19,419
Other charges, commissions and fees	30,217		18,809		—		49,026
Net gain (loss) on securities transactions	66		—		—		66
Other	49,868		4,793		280		54,941
Total non-interest income	251,319		178,906		(1,683)		428,542
Non-interest expense:
Salaries and wages	480,083		66,070		1,565		547,718
Employee benefits	103,427		11,776		103		115,306
Net occupancy	109,953		14,443		—		124,396
Technology, furniture and equipment	129,042		6,054		190		135,286
Deposit insurance	76,535		54		—		76,589
Other	178,784		46,081		4,502		229,367
Total 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
Interest income	$	1,470,947	$	4,774	$	—	$	1,475,721
Interest expense	175,480		129		8,829		184,438
Net interest income (expense)	1,295,467		4,645		(8,829)		1,291,283
Credit loss expense	3,000		—		—		3,000
Net interest income after credit loss expense	1,292,467		4,645		(8,829)		1,288,283
Non-interest income:
Trust and investment management fees	—		156,751		(2,072)		154,679
Service charges on deposit accounts	91,851		40		—		91,891
Insurance commissions and fees	53,210		—		—		53,210
Interchange and card transaction fees	18,231		—		—		18,231
Other charges, commissions and fees	24,520		17,070		—		41,590
Net gain (loss) on securities transactions	—		—		—		—
Other	43,064		2,013		140		45,217
Total non-interest income	230,876		175,874		(1,932)		404,818
Non-interest expense:
Salaries and wages	430,660		59,988		1,448		492,096
Employee benefits	78,178		10,273		157		88,608
Net occupancy	98,916		13,579		—		112,495
Technology, furniture and equipment	115,257		5,341		173		120,771
Deposit insurance	15,569		34		—		15,603
Other	147,841		42,794		4,066		194,701
Total 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