Earnings Highlights

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Cullen/Frost Bankers Inc.

San Antonio, Tex.

Dollar amounts in millions (except per share)

Third Quarter 3Q97 3Q96

Net income $16.1 $14.0

Per share 0.70 0.61

Year to Date 1997 1996

Net income $46.8 $40.6

Per share 2.03 1.77

Balance Sheet 9/30/97 9/30/96

Assets $5,157.0 $4,457.0

Deposits 4,478.0 3,884.0

Loans 2,549.0 2,184.0

Colonial BancGroup

Montgomery, Ala.

Dollar amounts in millions (except per share)

Third Quarter 3Q97 3Q96

Net income $20.0 $14.0

Per share 0.47 0.34

Year to Date 1997 1996

Net income $56.0 $44.0

Per share 1.31 1.10

Balance Sheet 9/30/97 9/30/96

Assets $6,606.0 $5,494.0

Deposits 5,137.0 4,238.0

Loans 4,971.0 4,089.0

Mercantile Bancorp.

St. Louis, Mo.

Dollar amounts in millions (except per share)

Third Quarter 3Q97 3Q96

Net income $2.7 $69.1

Per share 0.02 0.61

ROA 1.24% 1.47%

ROE 15.26% 16.81%

Net interest margin 3.71% 4.32%

Net interest income 252.1 206.6

Noninterest income 103.2 84.6

Noninterest expense 316.3 175.4

Year to Date 1997 1996

Net income $109.8 $164.3

Per share 0.92 1.41

ROA 1.31% 1.35%

ROE 15.69% 14.97%

Balance Sheet 9/30/97 9/30/96

Assets $29,980.4 $21,264.3

Deposits 22,112.2 16,975.6

Loans 19,120.8 14,271.8

HSBC Americas Inc.

Buffalo, N.Y.

Dollar amounts in millions (except per share)

Third Quarter 3Q97 3Q96

Net income $120.0 $101.0

Per share NA NA

ROA 1.58% 1.88%

ROE 22.21% 22.09%

Net interest margin 3.93% 4.67%

Net interest income 298.6 249.5

Noninterest income 93.1 77.7

Noninterest expense 200.9 173.8

Year to Date 1997 1996

Net income $350.6 $276.0

Per share NA NA

ROA 1.65% 1.78%

ROE 22.92% 21.20%

Balance Sheet 9/30/97 9/30/96

Assets $31,406.2 $22,158.1

Deposits 22,190.8 17,234.7

Loans 21,142.1 13,984.9

Westamerica Bancorp.

Fairfield, Calif.

Dollar amounts in millions (except per share)

Third Quarter 3Q97 3Q96

Net income $17.7 $11.9

Per share 1.23 0.85

Year to Date 1997 1996

Net income $29.8 $34.4

Per share 2.08 2.41

Balance Sheet 9/30/97 9/30/96

Assets $3,816.9 $3,856.8

Deposits 3,105.2 3,220.1

Loans 2,256.4 2,301.5

Zions Bancorp.

Salt Lake City, Utah

Dollar amounts in millions (except per share)

Third Quarter 3Q97 3Q96

Net income $29.4 $25.8

Per share 0.47 0.43

ROA 1.33% 1.58%

ROE 20.03% 21.21%

Net interest margin 4.16% 4.50%

Net interest income 81.8 65.8

Noninterest income 36.4 29.0

Noninterest expense 72.1 54.4

Year to Date 1997 1996

Net income $84.1 $74.5

Per share 1.41 1.26

ROA 1.36% 1.58%

ROE 20.69% 21.85%

Balance Sheet 9/30/97 9/30/96

Assets $9,059.7 $6,783.3

Deposits 5,666.3 4,572.6

Loans 4,190.7 3,313.9 ===

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