Cullen/Frost Bankers, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company's net income was $55.4 million, or $0.90 per diluted common share, compared to fourth quarter 2010 earnings of $53.1 million, or $0.87 per diluted common share. Returns on average assets and equity were 1.12% and 9.74% respectively, compared to 1.18% and 9.96% for the same period of 2010. Net interest income was $150.3 million compared to $141.6 million a year ago. Income before income taxes was $74.1 million compared to $66.8 million a year ago. For the year, the company's annual earnings was $217.5 million, a rise of 4.2% over 2010 earnings of $208.8 million. On a per-share basis, 2011 earnings were $3.54 per diluted common share, an increase of 2.9% compared to the $3.44 per diluted common share reported in 2010. Returns on average assets and equity were 1.17% and 10.01% respectively, compared to the 1.21% and 10.30% reported in 2010. Net interest income was $581.8 million compared to $563.4 million a year ago. Income before income taxes was $286.2 million compared to $266.3 million a year ago. Book value as at December 31, 2011 was $37.27 compared to $33.74 a year ago.