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In the news release, Cullen/Frost Reports Second Quarter Results and Timing of Earnings Conference Call, issued earlier today by Cullen/Frost Bankers, Inc. (NYSE: CFR) over PR Newswire, in the first table, CONSOLIDATED FINANCIAL SUMMARY, in the SELECTED ANNUALIZED RATIOS section, the first number in the first column of the Return on average equity line, should read "15.40" rather than "5.40" as incorrectly transmitted by PR Newswire. The complete, corrected table follows: Cullen/Frost Bankers, Inc. CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) (In thousands, except per share amounts) 2007 2006 ------- ------- ------- ------- ------- 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr ------- ------- ------- ------- ------- CONDENSED INCOME STATEMENTS --------------------------- Net interest income $129,520 $127,833 $121,229 $118,526 $116,968 Net interest income(1) 133,095 131,127 124,017 121,093 119,309 Provision for possible loan losses 2,650 2,650 3,400 1,711 5,105 Non-interest income: Trust fees 17,694 16,907 16,009 15,962 15,744 Service charges on deposit accounts 20,147 18,831 19,142 19,301 19,566 Insurance commissions and fees 6,545 10,628 5,907 7,204 6,144 Other charges, commissions and fees 6,979 6,858 6,009 7,228 8,681 Net gain (loss) on securities transactions -- -- -- -- -- Other 12,655 13,848 11,333 10,871 10,615 ------ ------ ------ ------ ------ Total non-interest income 64,020 67,072 58,400 60,566 60,750 Non-interest expense: Salaries and wages 51,203 51,714 48,472 48,743 47,463 Employee benefits 11,997 14,426 10,739 10,882 11,434 Net occupancy 9,483 9,634 8,786 8,964 8,512 Furniture and equipment 8,230 6,928 7,081 6,553 6,357 Intangible amortization 2,188 2,326 1,671 1,293 1,358 Other 29,541 37,059 28,846 27,175 25,555 ------ ------ ------ ------ ------ Total non-interest expense 112,642 122,087 105,595 103,610 100,679 ------ ------ ------ ------ ------ Income before income taxes 78,248 70,168 70,634 73,771 71,934 Income taxes 24,619 22,889 22,272 23,769 23,384 ------ ------ ------ ------ ------ Net income $53,629 $47,279 $48,362 $50,002 $48,550 ======= ======= ======= ======= ======= PER SHARE DATA -------------- Net income - basic $0.90 $0.79 $0.85 $0.90 $0.88 Net income - diluted 0.89 0.78 0.84 0.88 0.86 Cash dividends 0.40 0.34 0.34 0.34 0.34 Book value at end of quarter 22.99 23.64 23.01 20.08 18.51 OUTSTANDING SHARES ------------------ Period-end shares 59,074 59,972 59,839 55,821 55,542 Weighted-average shares - basic 59,324 59,676 56,726 55,440 55,105 Dilutive effect of stock compensation 810 919 1,007 1,147 1,198 Weighted-average shares - diluted 60,134 60,595 57,733 56,587 56,303 SELECTED ANNUALIZED RATIOS -------------------------- Return on average assets 1.66% 1.47% 1.59% 1.72% 1.70% Return on average equity 15.40 13.78 16.04 18.56 19.02 Net interest income to average earning assets(1) 4.72 4.65 4.62 4.69 4.70 (1) Taxable-equivalent basis assuming a 35% tax rate. ------ Cullen/Frost Reports Second Quarter Results and Timing of Earnings Conference Call

    SAN ANTONIO, July 25 /PRNewswire-FirstCall/ -- Cullen/Frost Bankers, Inc. (NYSE:   CFR) today reported second quarter 2007 net income of $53.6 million, a 10.5 percent increase from the $48.6 million reported for the second quarter of 2006. On a per-share basis, earnings for the second quarter were $.89 per diluted common share, up 3.5 percent over the $.86 per diluted common share reported a year earlier. Returns on average assets and equity for the second quarter of 2007 were 1.66 percent and 15.40 percent, respectively, compared to 1.70 percent and 19.02 percent for the same quarter of 2006.     For the second quarter of 2007, net interest income on a taxable-equivalent basis increased 11.6 percent to $133.1 million, compared to the $119.3 million reported for the same quarter a year earlier. Average loans were $7.5 billion, up 14.0 percent from the $6.5 billion reported for the second quarter of 2006. Average deposits for the quarter rose 11.3 percent to $10.1 billion over the $9.1 billion reported a year earlier. Both loans and deposit volumes were impacted by the December 2006 acquisition of Summit Bancshares, Inc.     "As we report another record quarter for our company, I was pleased to see our net interest margin reach 4.72 percent, the highest level we have achieved in five years," said Cullen/Frost Chairman and CEO Dick Evans. "Trust income was also up by a solid 12.4 percent. Loans and deposits each increased by double digits over last year's second quarter and were impacted by our Summit Bancshares acquisition in Fort Worth. We continue to operate in an environment of strong competition in loan structure and pricing, impacting organic loan growth, as evidenced by recent flat loan volumes."     "This year, we are pleased to be opening new financial centers in San Antonio, Austin and the Rio Grande Valley, including our first location in Brownsville. Texas continues to outperform the U.S. in job growth and other measures, and I continue to be positive about the state's economy and the Texas markets we serve."     "As always, our outstanding employees provide the commitment that make our results possible," Evans continued. "They take care of our customers every day, and they step up when we ask them to meet new goals and challenges. I am very proud of them and grateful for their loyalty."     For the first six months of 2007, net income was $100.9 million, or $1.67 per diluted common share, compared to $95.2 million, or $1.70 per diluted common share, for the first six months of 2006. Returns on average assets and average equity for the first six months of 2007 were 1.57 percent and 14.60 percent, respectively, compared to 1.69 percent and 18.94 percent for the same period in 2006.     Other noted financial data for the second quarter follows:     All of the following comparisons to the second quarter a year ago were impacted, in part, by the acquisition of Summit Bancshares, Inc. in Fort Worth in the fourth quarter of 2006.     -- Net interest income on a taxable-equivalent basis increased 11.6        percent to $133.1 million, from the $119.3 million reported a year        earlier. Partly impacting this increase was an 11.3 percent increase in        average deposits from the second quarter of 2006 to $10.1 billion,        which, in turn, contributed to a rise of $1.2 billion in average        earning assets compared to the same period a year earlier.  The earning        asset mix continued to improve, with average loans for the quarter        rising to $7.5 billion, up 14.0 percent from the $6.5 billion reported        for the second quarter of 2006. The net interest margin was 4.72        percent for the second quarter, a rise of seven basis points from the        first quarter this year and up two basis points over the second quarter        of 2006.      -- Non-interest income for the second quarter of 2007 increased 5.4        percent to $64.0 million, compared to the $60.8 million reported a year        earlier.             Trust fees rose 12.4 percent to $17.7 million, compared to $15.7        million in the second quarter of 2006. Contributing to the increase        were higher levels of investment fees, as well as an increase in the        number of trust accounts. Investment fees are assessed based on the        market value of trust assets, which now exceeds $24 billion. This        market value includes both assets that are managed and held in custody.            Service charges on deposits were $20.1, up 3.0 percent, or $581        thousand, compared to the same quarter the previous year.            Insurance commissions and fees were $6.5 million, up 6.5 percent        over the $6.1 million reported the same quarter a year earlier.            Other service charges and fees were $7.0 million, compared to $8.7        million reported the same quarter a year earlier. During the second        quarter of 2006, the company recognized $2.4 million in investment        banking fees related to corporate advisory services, which impacted        other service charges and fees that quarter.            Other income increased 19.2 percent from the second quarter of last        year to $12.7 million, with approximately 40 percent of this increase        in other income due to an $802 thousand increase in income from        checkcard usage.      -- Non-interest expense for the quarter was $112.6 million, an increase of        11.9 percent over the $100.7 million reported for the second quarter of        last year. Total salaries and related employee benefits rose to $63.2        million, or 7.3 percent, and were impacted by the an increase in the        number of employees related to the acquisition during the fourth        quarter of 2006, as well as normal annual merit increases and incentive        accruals. The Summit acquisition also impacted lease expense, utilities        and depreciation expense related to buildings, resulting in an increase        in net occupancy of $971 thousand, compared to the second quarter of        2006. Furniture and fixtures, which were up $1.9 million from the same        quarter last year, were also impacted in various furniture and fixture        accounts by the acquisition. However, most of the increase occurred in        software maintenance, which included upgrades to retail banking        technology and teller systems, up $1.0 million over the comparable        period a year ago.  Other non-interest expense increased $4.0 million        from a year earlier, impacted, in part, by the recent Summit        acquisition. The largest single component of the rise in other non-        interest expense was advertising/promotion expense, up $923 thousand.      -- For the second quarter of 2007, the provision for possible loan losses        was $2.65 million, compared to net charge-offs of $2.72 million.  The        loan loss provision for the second quarter of 2006 was $5.1 million,        compared to net charge-offs of $3.7 million. Non-performing assets for        the second quarter of 2007 were $49.7 million, compared to $37.3        million a year earlier. The allowance for possible loan losses as a        percentage of loans at June 30, 2007 was 1.30 percent, the same        percentage as at the end of the second quarter of 2006.     Cullen/Frost Bankers, Inc. will host a conference call on Wednesday, July 25, 2007, at 10:00 a.m. Central Time (CT) to discuss the results for the quarter. The media and other interested parties are invited to access the call in a "listen only" mode at 1-800-944-6430. Digital playback of the conference call will be available after 2:00 p.m. CT until midnight Sunday, July 29, 2007 at 800-642-1687 with Conference ID # of 7272329. The call will also be available by webcast at the URL listed below and available for playback after 2:00 p.m. CT. After entering the Web site, http://www.frostbank.com, go to "About Frost" on the top navigation bar, then click on Investor Relations.     Cullen/Frost Bankers, Inc. (NYSE:   CFR) is a financial holding company, headquartered in San Antonio, with assets of $12.9 billion at June 30, 2007. The corporation provides a full range of commercial and consumer banking products, investment and brokerage services, insurance products and investment banking services. Frost operates more than 100 financial centers across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost is one of the largest banking organizations headquartered in Texas, with a legacy of helping Texans with their financial needs during three centuries.     Forward-Looking Statements and Factors that Could Affect Future Results     Certain statements contained in this Earnings Release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in the Corporation's future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Corporation that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", "intends", "targeted", "continue", "remain", "will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.     Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:     -- Local, regional, national and international economic conditions and the        impact they may have on the Corporation and its customers and the        Corporation's assessment of that impact.      -- Changes in the level of non-performing assets and charge-offs.      -- Changes in estimates of future reserve requirements based upon the        periodic review thereof under relevant regulatory and accounting        requirements.      -- The effects of and changes in trade and monetary and fiscal policies        and laws, including the interest rate policies of the Federal Reserve        Board.      -- Inflation, interest rate, securities market and monetary fluctuations.      -- Political instability.      -- Acts of war or terrorism.      -- The timely development and acceptance of new products and services and        perceived overall value of these products and services by users.      -- Changes in consumer spending, borrowings and savings habits.      -- Changes in the financial performance and/or condition of the        Corporation's borrowers.      -- Technological changes.      -- Acquisitions and integration of acquired businesses.      -- The ability to increase market share and control expenses.      -- Changes in the competitive environment among financial holding        companies and other financial service providers.      -- The effect of changes in laws and regulations (including laws and        regulations concerning taxes, banking, securities and insurance) with        which the Corporation and its subsidiaries must comply.      -- The effect of changes in accounting policies and practices, as may be        adopted by the regulatory agencies, as well as the Public Company        Accounting Oversight Board, the Financial Accounting Standards Board        and other accounting standard setters.      -- Changes in the Corporation's organization, compensation and benefit        plans.      -- The costs and effects of legal and regulatory developments including        the resolution of legal proceedings or regulatory or other governmental        inquiries and the results of regulatory examinations or reviews.      -- Greater than expected costs or difficulties related to the integration        of new products and lines of business.      -- The Corporation's success at managing the risks involved in the        foregoing items.       Forward-looking statements speak only as of the date on which such statements are made. The Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.                              Cullen/Frost Bankers, Inc.                   CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)                    (In thousands, except per share amounts)                                      2007                    2006                              -------   -------   -------   -------   -------                              2nd Qtr   1st Qtr   4th Qtr   3rd Qtr   2nd Qtr                              -------   -------   -------   -------   -------      CONDENSED INCOME STATEMENTS     ---------------------------     Net interest income      $129,520  $127,833  $121,229  $118,526  $116,968     Net interest income(1)    133,095   131,127   124,017   121,093   119,309     Provision for possible      loan losses                2,650     2,650     3,400     1,711     5,105     Non-interest income:       Trust fees               17,694    16,907    16,009    15,962    15,744       Service charges on        deposit accounts        20,147    18,831    19,142    19,301    19,566       Insurance commissions        and fees                 6,545    10,628     5,907     7,204     6,144       Other charges,        commissions and fees     6,979     6,858     6,009     7,228     8,681       Net gain (loss) on        securities transactions     --        --        --        --        --       Other                    12,655    13,848    11,333    10,871    10,615                                ------    ------    ------    ------    ------      Total non-interest       income                   64,020    67,072    58,400    60,566    60,750      Non-interest expense:       Salaries and wages       51,203    51,714    48,472    48,743    47,463       Employee benefits        11,997    14,426    10,739    10,882    11,434       Net occupancy             9,483     9,634     8,786     8,964     8,512       Furniture and equipment   8,230     6,928     7,081     6,553     6,357       Intangible amortization   2,188     2,326     1,671     1,293     1,358       Other                    29,541    37,059    28,846    27,175    25,555                                ------    ------    ------    ------    ------     Total non-interest      expense                  112,642   122,087   105,595   103,610   100,679                                ------    ------    ------    ------    ------     Income before income      taxes                     78,248    70,168    70,634    73,771    71,934     Income taxes               24,619    22,889    22,272    23,769    23,384                                ------    ------    ------    ------    ------     Net income                $53,629   $47,279   $48,362   $50,002   $48,550                               =======   =======   =======   =======   =======      PER SHARE DATA     --------------     Net income - basic          $0.90     $0.79     $0.85     $0.90     $0.88     Net income - diluted         0.89      0.78      0.84      0.88      0.86     Cash dividends               0.40      0.34      0.34      0.34      0.34     Book value at end of      quarter                    22.99     23.64     23.01     20.08     18.51      OUTSTANDING SHARES     ------------------     Period-end shares          59,074    59,972    59,839    55,821    55,542     Weighted-average      shares - basic            59,324    59,676    56,726    55,440    55,105     Dilutive effect of stock      compensation                 810       919     1,007     1,147     1,198     Weighted-average      shares - diluted          60,134    60,595    57,733    56,587    56,303      SELECTED ANNUALIZED RATIOS     --------------------------     Return on average assets     1.66%     1.47%     1.59%     1.72%     1.70%     Return on average equity    15.40     13.78     16.04     18.56     19.02     Net interest income to     average earning assets(1)    4.72      4.65      4.62      4.69      4.70      (1) Taxable-equivalent basis assuming a 35% tax rate.                              Cullen/Frost Bankers, Inc.                   CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)                                       2007                    2006                               -------   -------   -------   -------   -------                               2nd Qtr   1st Qtr   4th Qtr   3rd Qtr   2nd Qtr                               -------   -------   -------   -------   -------     BALANCE SHEET SUMMARY     ---------------------      ($ in millions)     Average Balance:       Loans                  $ 7,455   $ 7,404   $ 6,681   $ 6,565    $ 6,539       Earning assets          11,248    11,349    10,629    10,181     10,090       Total assets            12,923    13,058    12,071    11,522     11,450       Non-interest-bearing        demand deposits         3,505     3,541     3,423     3,309      3,300       Interest-bearing        deposits                6,593     6,711     6,107     5,829      5,769       Total deposits          10,098    10,252     9,530     9,138      9,069       Shareholders' equity     1,396     1,392     1,196     1,069      1,024      Period-End Balance:       Loans                  $ 7,412   $ 7,459   $ 7,373   $ 6,516    $ 6,577       Earning assets          11,257    11,405    11,461    10,324     10,076       Goodwill and        intangible assets         562       564       563       268        268       Total assets            12,949    13,176    13,224    11,647     11,403       Total deposits          10,177    10,280    10,388     9,270      9,078       Shareholders' equity     1,358     1,418     1,377     1,121      1,028       Adjusted shareholders'        equity(1)               1,445     1,466     1,432     1,179      1,135      ASSET QUALITY     -------------      ($ in thousands)     Allowance for possible      loan losses             $96,071   $96,144   $96,085   $85,667    $85,552       As a percentage of        period-end loans         1.30%     1.29%     1.30%     1.31%      1.30%      Net charge-offs           $2,723    $2,591    $3,329    $1,596     $3,695       Annualized as a        percentage of        average loans            0.15%     0.14%     0.20%     0.10%      0.23%      Non-performing assets:       Non-accrual loans      $45,503   $46,769   $52,204   $30,045    $30,824       Foreclosed assets        4,222     3,715     5,545     4,971      6,461                               ------    ------    ------    ------     ------         Total                $49,725   $50,484   $57,749   $35,016    $37,285       As a percentage of:        Total loans and         foreclosed assets       0.67%     0.68%     0.78%     0.54%      0.57%        Total assets             0.38      0.38      0.44      0.30       0.33      CONSOLIDATED CAPITAL RATIOS     ---------------------------     Tier 1 Risk-Based      Capital Ratio             10.14%    10.41%    11.25%    12.39%     12.00%     Total Risk-Based      Capital Ratio             13.25     13.54     13.43     14.68      14.65     Leverage Ratio              8.10      8.31      9.56      9.76       9.36     Equity to Assets Ratio      (period-end)              10.49     10.76     10.41      9.63       9.01     Equity to Assets Ratio      (average)                 10.80     10.66      9.91      9.28       8.94      (1) Shareholders' equity excluding accumulated other comprehensive income         (loss).                              Cullen/Frost Bankers, Inc.                   CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)                    (In thousands, except per share amounts)                                                                 Six Months                                                                  Ended                                                                 June 30,                                                            ----------------                                                            2007        2006                                                            ----------------     CONDENSED INCOME STATEMENTS     ---------------------------     Net interest income                                   $257,353  $229,408     Net interest income(1)                                 264,222   234,027     Provision for possible loan losses                       5,300     9,039     Non-interest income       Trust fees                                            34,601    31,498       Service charges on deposit accounts                   38,978    38,673       Insurance commissions and fees                        17,173    15,119       Other charges, commissions and fees                   13,837    14,868       Net gain (loss) securities transactions                   --        (1)       Other                                                 26,503    21,624                                                            -------   -------       Total non-interest income                            131,092   121,781      Non-interest expense       Salaries and wages                                   102,917    93,569       Employee benefits                                     26,423    24,610       Net occupancy                                         19,117    16,945       Furniture and equipment                               15,158    12,659       Intangible amortization                                4,514     2,664       Other                                                 66,600    50,701                                                            -------   -------       Total non-interest expense                           234,729   201,148      Income before income taxes                             148,416   141,002      Income taxes                                            47,508    45,775                                                            -------   -------     Net income                                            $100,908   $95,227                                                            -------   -------     PER SHARE DATA     --------------     Net income - basic                                      $ 1.70    $ 1.74     Net income - diluted                                      1.67      1.70     Cash dividends                                            0.74      0.64     Book value at end of period                              22.99     18.51      OUTSTANDING SHARES     ------------------     Period-end shares                                       59,074    55,542     Weighted-average shares - basic                         59,499    54,841     Dilutive effect of stock compensation                      864     1,275     Weighted-average shares - diluted                       60,363    56,116      SELECTED ANNUALIZED RATIOS     --------------------------     Return on average assets                                  1.57%     1.69%     Return on average equity                                 14.60     18.94     Net interest income to average earning assets(1)          4.69      4.68      (1) Taxable-equivalent basis assuming a 35% tax rate.                              Cullen/Frost Bankers, Inc.                   CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)                                                               As of or for the                                                              Six Months Ended                                                                  June 30,                                                              ----------------                                                              2007        2006                                                              ----------------     BALANCE SHEET SUMMARY     ---------------------       ($ in millions)     Average Balance:       Loans                                                 $7,430     $6,424       Earning assets                                        11,298      9,998       Total assets                                          12,992     11,369       Non-interest-bearing demand deposits                   3,523      3,302       Interest-bearing deposits                              6,652      5,730       Total deposits                                        10,175      9,032       Shareholders' equity                                   1,394      1,014      Period-End Balance:       Loans                                                 $7,412     $6,577       Earning assets                                        11,257     10,076       Goodwill and intangible assets                           562        268       Total assets                                          12,949     11,403       Total deposits                                        10,177      9,078       Shareholders' equity                                   1,358      1,028       Adjusted shareholders' equity(1)                       1,445      1,135      ASSET QUALITY     -------------      ($ in thousands)     Allowance for possible loan losses                     $96,071    $85,552       As a percentage of period-end loans                     1.30%      1.30%      Net charge-offs:                                        $5,314     $6,185       Annualized as a percentage of average loans             0.14%      0.19%      Non-performing assets:       Non-accrual loans                                    $45,503    $30,824       Foreclosed assets                                      4,222      6,461                                                             ------     ------         Total                                              $49,725    $37,285       As a percentage of:         Total loans and foreclosed assets                     0.67%      0.57%         Total assets                                          0.38       0.33       CONSOLIDATED CAPITAL RATIOS      ---------------------------      Tier 1 Risk-Based Capital Ratio                        10.14%      12.00%      Total Risk-Based Capital Ratio                         13.25       14.65      Leverage Ratio                                          8.10        9.39      Equity to Assets Ratio (period-end)                    10.49        9.01      Equity to Assets Ratio (average)                       10.73        8.92      (1) Shareholders' equity excluding accumulated other comprehensive income         (loss).      Greg Parker     Investor Relations     210/220-5632     or     Renee Sabel     Media Relations     210/220-5416  

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