Benefiting from a strong regional economy and a multistate expansion
Total loans at the Birmingham, Ala., banking company grew 10%, to $25.5
Earnings per share of 61 cents matched the Wall Street consensus.
Carl E. Jones Jr., Regions' president and chief executive officer,
Record mortgage production and double-digit increases in account service
Mortgages originated by the bank during the quarter doubled from the
The bank attributed the gains to robust growth in the Southeast.
Analyst Harold R. Schroeder of Keefe, Bruyette & Woods Inc. said
The $38.6 billion-asset company completed four acquisitions during the
Regions bought Meigs County Bancshares in Decatur, Tenn.; VB&T
The first-quarter results show "the positive impact of those
Regions Financial Corp.
Birmingham, Ala.
Dollar amounts in millions (except per share)
First Quarter 1Q99 1Q98
Net income $136.5 $117.1
Per share 0.61 0.52
ROA 1.48% 1.44%
ROE 18.13% 16.79%
Net interest margin 4.23% 4.43%
Net interest income 354.0 326.3
Noninterest income 143.1 108.4
Noninterest expense 262.6 242.0
Loss provision 20.7 14.4
Net chargeoffs 11.5 11.8
Balance Sheet 3/31/99 3/31/98
Assets $38,613.1 $33,925.0
Deposits 29,131.1 27,425.1
Loans 25,540.2 23,235.9
Reserve/nonp. loans 209.34% 209.17%
Nonperf. loans/loans 0.62% 0.67%
Nonperf. assets/assets 0.45% 0.53%
Nonperf. assets/loans + OREO 0.68% 0.78%
Leverage cap. ratio NA NA
Tier 1 cap. ratio NA NA
Tier 1+2 cap. ratio NA NA