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Regions profit up 42 percent in fourth quarter Saturday, Jan 20, 2007 Arkansas News Bureau LITTLE ROCK - Regions Financial Corp. fourth quarter profits increased 42 percent to $361.6 million compared to $254 million in the same quarter a year earlier, the Birmingham, Ala.-based corporation announced Friday. Earnings per share increased only from 55 cents a share to 56 cents a share, however, because of the greater number of shares after a merger. The results included $59.3 million, or 9 cents a share, in after-tax merger-related expenses and an after-tax mortgage servicing rights impairment charge of $16.8 million, or 3 cents a share. "Regions reported solid fourth quarter earnings that matched our expectations and we're pleased with the underlying performance of our newly combined company," Regions president Dowd Ritter said. On the year, net income was up 40 percent to $1.4 billion, or $2.67 a share, from year-earlier levels of $1 billion, or $2.15 a share. Regions acquisition-related costs for all of 2006 totaled $60.3 million, or 12 cents a share, while the previous year included $110 million or 23 cents a share in such costs. Excluding those costs, 2006 earnings were up 17 percent to $2.79 a share. Regions shares (NYSE: RF) closed Friday at $36.47, down 76 cents. |
