Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Balance Sheets


	December 31,
	2024		2023
Assets:
Cash	$	334,512	$	350,525

Total cash and cash equivalents	334,512		350,525
Investment in subsidiaries	3,828,890		3,625,951
Accrued interest receivable and other assets	1,231		1,233
Total assets	$	4,164,633	$	3,977,709
Liabilities:
Junior subordinated deferrable interest debentures, net of unamortized issuance costs	$	123,184	$	123,127
Subordinated notes, net of unamortized issuance costs	99,648		99,491
Accrued interest payable and other liabilities	43,213		38,644
Total liabilities	266,045		261,262
Shareholders’ Equity	3,898,588		3,716,447
Total liabilities and shareholders’ equity	$	4,164,633	$	3,977,709

Condensed Statements of Income


	Year Ended December 31,
	2024		2023		2022
Income:
Dividend income paid by Frost Bank	$	262,214	$	279,679	$	51,711
Dividend income paid by non-banks	268		255		109
Interest and other income	—		1,929		—
Total income	262,482		281,863		51,820
Expenses:
Interest expense	13,529		13,304		8,829
Salaries and employee benefits	1,727		1,668		1,605
Other	7,304		6,653		6,316
Total expenses	22,560		21,625		16,750
Income before income taxes and equity in undistributed earnings of subsidiaries	239,922		260,238		35,070
Income tax benefit	6,896		5,974		5,641
Equity in undistributed earnings of subsidiaries	335,724		331,761		538,439
Net income	582,542		597,973		579,150
Preferred stock dividends	6,675		6,675		6,675
Net income available to common shareholders	$	575,867	$	591,298	$	572,475

Condensed Statements of Cash Flows


	Year Ended December 31,
	2024		2023		2022
Operating Activities:
Net income	$	582,542	$	597,973	$	579,150
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(335,724)		(331,761)		(538,439)
Stock-based compensation	934		880		720
Net tax benefit from stock-based compensation	463		331		472
Net change in other assets and other liabilities	4,322		19,867		(15,249)
Net cash from operating activities	252,537		287,290		26,654
Investing Activities:



Net cash from investing activities	—		—		—
Financing Activities:



Proceeds from stock option exercises	22,643		9,299		16,659
Proceeds from stock-based compensation activities of subsidiaries	18,829		23,710		17,602
Purchase of treasury stock	(60,901)		(42,720)		(4,391)

Cash dividends paid on preferred stock	(6,675)		(6,675)		(6,675)
Cash dividends paid on common stock	(242,446)		(232,323)		(209,780)
Net cash from financing activities	(268,550)		(248,709)		(186,585)
Net change in cash and cash equivalents	(16,013)		38,581		(159,931)
Cash and cash equivalents at beginning of year	350,525		311,944		471,875
Cash and cash equivalents at end of year	$	334,512	$	350,525	$	311,944