Operating Segments (Tables)

12 Months Ended

Dec. 31, 2022

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 $43.6 billion, $43.3 billion and $38.6 billion at December 31, 2022, 2021 and 2020.


	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


	Banking		Frost Wealth Advisors		Non-Banks		Consolidated
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
2020
Net interest income (expense)	$	981,441	$	2,776	$	(8,216)	$	976,001
Credit loss expense	241,230		—		—		241,230
Non-interest income	321,136		145,268		(950)		465,454
Non-interest expense	718,519		123,630		6,755		848,904
Income (loss) before income taxes	342,828		24,414		(15,921)		351,321
Income tax expense (benefit)	20,347		5,127		(5,304)		20,170
Net income (loss)	322,481		19,287		(10,617)		331,151
Preferred stock dividends	—		—		2,016		2,016
Redemption of preferred stock	—		—		5,514		5,514
Net income (loss) available to common shareholders	$	322,481	$	19,287	$	(18,147)	$	323,621
Revenues from (expenses to) external customers	$	1,302,577	$	148,044	$	(9,166)	$	1,441,455
Average assets (in millions)	$	37,892	$	59	$	10	$	37,961