AmSouth Reports Earnings for Fourth Quarter and 2005; Net Income for 2005 Reaches Record $725.7 Million.BIRMINGHAM Birmingham, cities, United States Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. . -- AmSouth Bancorporation AmSouth Bancorporation was a bank holding company headquartered in Birmingham, Alabama, operated as a subsidiary of Regions Financial Corporation. AmSouth was previously known as First National Bank of Birmingham first organized in 1872. (NYSE NYSE See: New York Stock Exchange : ASO ASO arteriosclerosis obliterans. ASO 1 Administrative services organization, see there 2 Allele-specific–oligonucleotide hybridization 3 Anti-streptolysin O, see there ) today reported earnings for the fourth quarter ended Dec. 31, 2005, of $.52 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $.49 per diluted share reported for the fourth quarter of 2004. Net income for the fourth quarter of 2005 was $182.1 million versus $176.9 million for the same period in 2004. AmSouth's fourth quarter performance resulted in a return on average equity of 20.4 percent, a return on average assets of 1.40 percent, and an efficiency ratio of 51.7 percent. "AmSouth finished 2005 with record earnings for the year, highlighted by strong loan growth, solid deposit growth, and an expanding net interest margin in the fourth quarter," said Dowd Dowd is a derivation of an ancient surname which was once common in Ireland but is now quite rare. The name Dowd is an Anglicisation of the original Ui Dubhda, through its more common form O'Dowd. Ritter rit·ter n. pl. ritter A knight. [German, from Middle High German riter, from Middle Dutch ridder, from r , AmSouth's chairman, president and chief executive officer. "We intend to carry that strong momentum into this new year as we accelerate our expansion efforts in our fast-growing adj. 1. tending to spread quickly; - used mostly of plants. Adj. 1. fast-growing - tending to spread quickly; "an aggressive tumor" strong-growing, aggressive Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and markets." For the year, reported earnings were a record $725.7 million or $2.04 per diluted share, compared with $623.5 million or $1.74 per diluted share in 2004. Results for 2004 included charges related to a previously announced regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. settlement. Excluding those expenses, earnings would have been $675.9 million or $1.89 per diluted share in 2004, resulting in earnings per share growth of 7.9 percent in 2005 (see Reconciliation of GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Amounts to Adjusted Amounts in the attached financial tables). Return on equity for 2005 was 20.4 percent, return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). was 1.43 percent, and the efficiency ratio was 52.0 percent. Net interest income in the fourth quarter grew to $392.2 million, or an annual rate of 18.6 percent compared with the prior quarter, and the net interest margin expanded 6 basis points during the quarter to 3.37 percent. Strong loan growth continued, particularly in Commercial Real Estate, which grew 19.9 percent, and Residential Mortgage lending, which grew 20.4 percent, compared with the fourth quarter of 2004. Low-cost deposits grew $2.5 billion or 11.4 percent during the same period. Noninterest revenue, which includes earnings from service charges, trust, investment services, interchange An interchange is a location where two things meet, usually perform some kind of exchange, and possibly go on their ways again. It is most commonly used in four contexts:
Credit quality remained strong despite the effects of a single commercial credit, which was previously provided for, that was charged off in the quarter. Net charge-offs were 0.44 percent of average net loans in the fourth quarter, increasing 25 basis points compared with the third quarter of 2005. Without the effect of the single commercial credit, net charge-offs would have been 0.24 percent, a 5 basis point increase. The ratio of loan loss reserves to total loans was 1.02 percent at December December: see month. 31, 2005. Total nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. at December 31, 2005, were $122.9 million, or 0.34 percent of loans net of unearned income Unearned Income Any income that comes from investments and other sources unrelated to employment services. Notes: Examples of unearned income include interest from a savings account, bond interest, tips, alimony, and dividends from stock. , foreclosed properties and repossessions, compared to $98.1 million, or 0.29 percent, in the previous quarter. The increase is due to leases to commercial airlines suffering well-publicized financial difficulties. Loans past due over 90 days were $86.1 million at the end of the quarter, reflecting an increase related to the effects of Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. .For 2006, AmSouth management expects earnings per share for the full year to be in the range of $2.11 to $2.17, including the impact of the adoption of Statement of Financial Accounting Standard No. 123R. This statement includes, among other things, stock option expensing and is estimated to reduce earnings between $0.02 and $0.03 per share, which is reflected in the guidance above. This forecast generally assumes a stable economy, moderately rising interest rates and flat equity markets, as well as these factors: --Higher net interest income reflecting a relatively stable net interest margin; solid loan growth with disciplined pricing, coupled with continued strong low-cost deposit growth; --A continuation continuation - continuation passing style of strong core credit quality; --Steady growth in total noninterest revenues from current levels; and --Modest noninterest expense growth in the low to mid-single digits. For supplemental financial information about the fourth quarter results, please refer to the Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed by AmSouth with the Securities and Exchange Commission on January January: see month. 17, 2006, or visit the Investor Relations Investor relations The process by which the corporation communicates with its investors. Resource Center on AmSouth's web site at www.amsouth.com. About AmSouth AmSouth is a regional bank holding company with over $52 billion in assets, more than 680 branch banking offices and more than 1,200 ATMs. AmSouth operates in Florida, Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. , Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). , Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by , Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and Georgia Georgia, country, AsiaGeorgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. . AmSouth is a leader among regional banks in the Southeast Southeast or south east is the ordinal direction halfway between south and east. It the opposite of northwest. Southeast or South East can refer to:
Forward Looking Statements Statements in this document that are not purely historical are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. (as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995), including any statements regarding descriptions of management's plans, objectives or goals for future operations, products or services, and forecasts of its revenues, earnings or other measures of performance. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond AmSouth's control - could cause actual conditions, events or results to differ materially from those described in the forward-looking statements. Factors which could cause results to differ materially from current management expectations include, but are not limited to: specific factors described in the text of this document; the execution of AmSouth's strategic initiatives; legislation and regulation; general economic conditions, especially in the Southeast; the performance of the stock and bond markets; changes in interest rates, yield curves and interest rate spread relationships; prepayment speeds Prepayment speed Also called speed, the estimated rate at which mortgagors pay off their loans ahead of schedule, critical in assessing the value of mortgage pass-through securities. within the loan and investment security portfolios; deposit flows; the cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. ; cost of federal deposit insurance premiums; demand for loan products; demand for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. ; competition, including a continued consolidation in the financial services industry; changes in the quality or composition of AmSouth's loan and investment portfolios including capital market inefficiencies that may affect the marketability Marketability A negotiable security is said to have good marketability if there is an active secondary market in which it can easily be resold. marketability The ease with which an investment may be bought and sold in the secondary market. and valuation of available-for-sale securities; changes in consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. and saving habits; technological changes; adverse changes in the financial performance and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. condition of AmSouth's borrowers which could impact the repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of such borrowers' loans; changes in accounting and tax principles, policies or guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. and in tax laws; other economic, competitive, governmental and regulatory factors affecting AmSouth's operations, products, services and prices; the effects of weather and natural disasters, such as hurricanes; unexpected judicial actions and developments; results of investigations, examinations, and reviews of regulatory and law enforcement authorities; the outcome of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , which is inherently uncertain and depends on the findings of judges and juries; the impact on AmSouth's businesses, as well as on the risks set forth above, of various domestic or international military or terrorist activities or conflicts; and AmSouth's success at managing the risks involved in the foregoing. Forward-looking statements speak only as of the date they are made. AmSouth does not undertake a duty to update forward-looking statements to reflect circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or events that occur after the date the forward-looking statements are made.
Unaudited
AmSouth Bancorporation
SUMMARY FINANCIAL INFORMATION
($ in thousands, except per share data)
EARNINGS SUMMARY Three Months Ended
----------------------------------
2005
----------------------------------
December 31 September 30 June 30
----------- ------------ ---------
Net interest income $392,150 $374,733 $378,643
Provision for loan losses 20,850 34,800 17,700
----------- ------------ ---------
Net interest income after
provision 371,300 339,933 360,943
Noninterest revenues 216,944 259,649 223,151
Noninterest expenses 320,559 336,905 314,942
----------- ------------ ---------
Income before income taxes 267,685 262,677 269,152
Income taxes 85,552 82,349 84,553
----------- ------------ ---------
Net income $182,133 $180,328 $184,599
=========== ============ =========
Earnings per common share
- basic (a) $0.52 $0.52 $0.52
Earnings per common share
- diluted (a) 0.52 0.51 0.52
Cash dividends declared per
common share 0.26 0.25 0.25
Average common shares outstanding
- basic 347,201 349,346 352,054
Average common shares outstanding
- diluted 351,811 354,654 357,026
End of period common shares
outstanding 348,072 348,562 352,349
EARNINGS SUMMARY Three Months Ended Percent
------------------------ Change
2005 2004 Versus
----------- ------------ Prior
March 31 December 31 Year
----------- ------------ ---------
Net interest income $379,748 $379,212 3.4%
Provision for loan losses 20,600 44,250 (52.9%)
----------- ------------
Net interest income after
provision 359,148 334,962 10.8%
Noninterest revenues 215,436 380,289 (43.0%)
Noninterest expenses 319,517 460,416 (30.4%)
----------- ------------
Income before income taxes 255,067 254,835 5.0%
Income taxes 76,422 77,978 9.7%
----------- ------------
Net income $178,645 $176,857 3.0%
=========== ============
Earnings per common share
- basic (a) $0.50 $0.50 4.0%
Earnings per common share
- diluted (a) 0.50 0.49 6.1%
Cash dividends declared per
common share 0.25 0.25 4.0%
Average common shares outstanding
- basic 354,299 355,072
Average common shares outstanding
- diluted 358,812 360,286
End of period common shares
outstanding 353,051 356,310
EARNINGS SUMMARY YTD Percent
------------------------ Change
2005 2004 Versus
----------- ------------ Prior
December 31 December 31 Year
----------- ------------ --------
Net interest income $1,525,274 $1,476,025 3.3%
Provision for loan losses 93,950 127,750 (26.5%)
----------- ------------
Net interest income after
provision 1,431,324 1,348,275 6.2%
Noninterest revenues 915,180 1,032,142 (11.3%)
Noninterest expenses 1,291,923 1,456,938 (11.3%)
----------- ------------
Income before income taxes 1,054,581 923,479 14.2%
Income taxes 328,876 299,981 9.6%
----------- ------------
Net income $725,705 $623,498 16.4%
=========== ============
Earnings per common share
- basic (a) $2.07 $1.77 16.9%
Earnings per common share
- diluted (a) 2.04 1.74 17.2%
Cash dividends declared per
common share 1.01 0.97 4.1%
Average common shares outstanding
- basic 350,702 352,684
Average common shares outstanding
- diluted 355,554 357,952
End of period common shares
outstanding 348,072 356,310
KEY PERFORMANCE RATIOS Three Months Ended
----------------------------------
2005
----------------------------------
December 31 September 30 June 30
----------- ------------ ---------
Average shareholders' equity to
average total assets 6.87% 7.06% 7.03%
End of period shareholders' equity
to end of period total assets 6.91 7.00 7.20
Return on average assets
(annualized) (a) 1.40 1.41 1.47
Return on average shareholders'
equity (annualized) (a) 20.36 20.02 20.92
Net interest margin
- taxable equivalent 3.37 3.31 3.40
Efficiency ratio (a) 51.71 52.22 51.41
Loans net of unearned income to
total deposits 98.76 96.23 94.96
Book value per common share $10.44 $10.26 $10.33
Tangible book value per common
share 9.59 9.41 9.48
KEY PERFORMANCE RATIOS Three Months Ended
------------------------
2005 2004
----------- ------------
March 31 December 31
----------- ------------
Average shareholders' equity to
average total assets 7.04% 7.05%
End of period shareholders' equity
to end of period total assets 6.98 7.20
Return on average assets
(annualized) (a) 1.44 1.42
Return on average shareholders'
equity (annualized) (a) 20.48 20.15
Net interest margin
- taxable equivalent 3.45 3.43
Efficiency ratio (a) 52.72 59.77
Loans net of unearned income to
total deposits 94.82 95.82
Book value per common share $9.89 $10.02
Tangible book value per common
share 9.04 9.17
KEY PERFORMANCE RATIOS YTD
------------------------
2005 2004
----------- ------------
December 31 December 31
----------- ------------
Average shareholders' equity to
average total assets 7.00% 6.98%
End of period shareholders' equity
to end of period total assets 6.91 7.20
Return on average assets
(annualized) (a) 1.43 1.30
Return on average shareholders'
equity (annualized) (a) 20.44 18.60
Net interest margin
- taxable equivalent 3.38 3.47
Efficiency ratio (a) 52.01 57.12
Loans net of unearned income to
total deposits 98.76 95.82
Book value per common share $10.44 $10.02
Tangible book value per common
share 9.59 9.17
(a) Ratios and earnings per share as adjusted for the third
quarter 2004 settlement agreement and related professional fees
are provided in the following table. These expenses represent
matters which management believes are not indicative of AmSouth's
legal and regulatory affairs arising in the normal course of
business.
2004
-----------
YTD
December 31
-----------
Earnings per common share - basic, GAAP basis $1.77
Adjustment for settlement agreement and related
professional fees 0.15
-----------
Earnings per common share - basic, as adjusted $1.92
Earnings per common share - diluted, GAAP basis $1.74
Adjustment for settlement agreement and related
professional fees 0.15
-----------
Earnings per common share - diluted, as adjusted $1.89
Return on average assets (annualized), GAAP basis 1.30%
Adjustment for settlement agreement and related
professional fees 0.11%
-----------
Return on average assets (annualized), as adjusted 1.41%
Return on average shareholders' equity (annualized),
GAAP basis 18.60%
Adjustment for settlement agreement and related
professional fees 1.57%
-----------
Return on average shareholders' equity (annualized),
as adjusted 20.17%
Efficiency ratio, GAAP basis 57.12%
Adjustment for settlement agreement and related
professional fees (2.12)%
-----------
Efficiency ratio, as adjusted 55.00%
Unaudited
AmSouth Bancorporation
SUMMARY FINANCIAL INFORMATION
($ in thousands)
BALANCE SHEET INFORMATION Three Months Ended
AVERAGE BALANCES --------------------------------------
2005
--------------------------------------
December 31 September 30 June 30
------------ ------------ ------------
Loans net of unearned income $34,993,552 $33,765,529 $33,361,522
Total investment securities (a) 11,792,136 11,969,618 12,374,769
Interest-earning assets (a) 47,373,341 46,276,262 46,007,898
Total assets 51,673,254 50,635,581 50,341,297
Noninterest-bearing deposits 7,949,605 7,565,672 7,454,032
Interest-bearing deposits (b) 28,166,662 27,848,894 27,403,908
Total deposits (b) 36,116,267 35,414,566 34,857,940
Shareholders' equity 3,548,566 3,572,805 3,540,078
BALANCE SHEET INFORMATION
AVERAGE BALANCES Three Months Ended Percent
------------------------- Change
2005 2004 Versus
------------ ------------ Prior
March 31 December 31 Year
------------ ------------ -----------
Loans net of unearned income $33,208,549 $32,525,563 7.6%
Total investment securities (a) 12,530,581 12,413,850 (5.0%)
Interest-earning assets (a) 45,928,699 45,224,572 4.8%
Total assets 50,296,110 49,535,521 4.3%
Noninterest-bearing deposits 7,225,621 6,978,442 13.9%
Interest-bearing deposits (b) 27,486,980 26,344,499 6.9%
Total deposits (b) 34,712,601 33,322,941 8.4%
Shareholders' equity 3,538,378 3,491,181 1.6%
BALANCE SHEET INFORMATION
AVERAGE BALANCES YTD Percent
------------------------- Change
2005 2004 Versus
------------ ------------ Prior
December 31 December 31 Year
------------ ------------ -----------
Loans net of unearned income $33,836,996 $31,241,987 8.3%
Total investment securities (a) 12,164,213 12,264,785 (0.8%)
Interest-earning assets (a) 46,400,178 43,801,691 5.9%
Total assets 50,740,057 48,010,625 5.7%
Noninterest-bearing deposits 7,550,762 6,561,938 15.1%
Interest-bearing deposits (b) 27,728,809 25,453,038 8.9%
Total deposits (b) 35,279,571 32,014,976 10.2%
Shareholders' equity 3,550,047 3,351,754 5.9%
(a) Excludes adjustment for market valuation on available-for-
sale securities and certain noninterest-earning marketable equity
securities.
(b) Statement 133 valuation adjustments related to time deposits
and other interest-bearing liabilities are included in other
liabilities.
BALANCE SHEET INFORMATION
ENDING BALANCES 2005
--------------------------------------
December 31 September 30 June 30
------------ ------------ ------------
Loans net of unearned income $35,897,939 $34,335,169 $33,533,382
Total investment securities 11,669,483 11,855,712 12,245,731
Interest-earning assets 48,072,394 46,779,359 46,191,133
Total assets 52,607,110 51,105,385 50,546,831
Noninterest-bearing deposits 8,233,137 8,022,022 7,687,525
Interest-bearing deposits 28,115,245 27,658,103 27,626,183
Total deposits 36,348,382 35,680,125 35,313,708
Shareholders' equity 3,634,577 3,577,455 3,638,225
BALANCE SHEET INFORMATION Percent
ENDING BALANCES Change
2005 2004 Versus
------------ ------------ Prior
March 31 December 31 Year
------------ ------------ -----------
Loans net of unearned income $33,025,437 $32,801,337 9.4%
Total investment securities 12,571,502 12,510,675 (6.7%)
Interest-earning assets 45,815,651 45,453,317 5.8%
Total assets 50,011,458 49,548,371 6.2%
Noninterest-bearing deposits 7,500,430 7,182,806 14.6%
Interest-bearing deposits 27,328,090 27,049,973 3.9%
Total deposits 34,828,520 34,232,779 6.2%
Shareholders' equity 3,491,722 3,568,841 1.8%
Unaudited
AmSouth Bancorporation
SUMMARY FINANCIAL INFORMATION
($ in thousands)
NONPERFORMING ASSETS 2005 2004
--------------------------------------- ---------
December September June March December
31 30 30 31 31
--------- --------- --------- --------- ---------
Nonaccrual loans (c) $102,981 $80,421 $70,421 $87,255 $88,488
Foreclosed
properties 17,667 15,853 17,791 23,258 19,609
Repossessions 2,274 1,869 1,755 2,208 2,498
--------- --------- --------- --------- ---------
Total nonperforming
assets (c) $122,922 $98,143 $89,967 $112,721 $110,595
========= ========= ========= ========= =========
Nonperforming assets
to loans net of
unearned income,
foreclosed
properties and
repossessions 0.34% 0.29% 0.27% 0.34% 0.34%
Accruing loans 90
days past due $86,109 $52,404 $49,185 $50,718 $51,117
========= ========= ========= ========= =========
(c) Exclusive of accruing loans 90 days past due
ALLOWANCE FOR LOAN
LOSSES 2005 2004
--------------------------------------- ---------
4th 3rd 2nd 1st 4th
Quarter Quarter Quarter Quarter Quarter
--------- --------- --------- --------- ---------
Balance at beginning
of period $384,647 $365,626 $366,836 $366,774 $381,255
Loans charged off (47,314) (23,926) (27,170) (29,679) (44,277)
Recoveries of loans
previously charged
off 8,512 8,147 9,528 10,598 11,146
--------- --------- --------- --------- ---------
Net Charge-offs (38,802) (15,779) (17,642) (19,081) (33,131)
Addition to
allowance charged
to expense 20,850 34,800 17,700 20,600 44,250
Reduction of
allowance related
to sold loans 0 0 (1,268) (1,457) (25,600)
--------- --------- --------- --------- ---------
Balance at end of
period $366,695 $384,647 $365,626 $366,836 $366,774
========= ========= ========= ========= =========
Allowance for loan
losses to loans net
of unearned income 1.02% 1.12% 1.09% 1.11% 1.12%
Net charge-offs to
average loans net
of unearned
income (d) 0.44% 0.19% 0.21% 0.23% 0.41%
Allowance for loan
losses to
nonperforming
loans (e) 356.08% 478.29% 519.20% 420.42% 414.49%
Allowance for loan
losses to
nonperforming
assets (e) 298.32% 391.93% 406.40% 325.44% 331.64%
(d) Annualized
(e) Exclusive of accruing loans 90 days past due
Unaudited
AmSouth Bancorporation
RECONCILIATION OF GAAP AMOUNTS TO ADJUSTED AMOUNTS
($ in thousands, except per share data)
Year-to-Date
December 31, 2004
-------------------------------------
Earnings
Income Earnings per
Before per common
Income Net common share -
Taxes Income share diluted
--------- --------- -------- --------
Results as reported on a GAAP
basis $923,479 $623,498 $1.77 $1.74
Costs incurred under settlement
agreement and related
professional fees (f) 53,972 52,443 0.15 0.15
--------- --------- -------- --------
Results as adjusted $977,451 $675,941 $1.92 $1.89
(f) These expenses represent matters which management believes are
not indicative of AmSouth's legal and regulatory affairs arising
in the normal course of business.
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