AmSouth Reports Fourth Quarter and 2004 Earnings.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 record earnings for the fourth quarter ended December December: see month. 31, 2004, of $.49 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 $.45 per diluted share reported for the fourth quarter of 2003. Net income for the fourth quarter of 2004 was $176.9 million versus $158.6 million for the same period in 2003, an increase of 11.5 percent. This fourth quarter performance resulted in a return on average equity of 20.2 percent, and a return on average assets of 1.42 percent. For the year, reported earnings were $623.5 million compared with $626.1 million in 2003. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $1.74 for the year, compared to $1.77 per share in 2003. Return on equity for 2004 was 18.6 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 1.30 percent and the efficiency ratio was 57.1 percent. Results for 2004 include charges related to a previously announced settlement with regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities in the third quarter. Excluding those expenses, earnings would have been $675.9 million or $1.89 per diluted share, resulting in a return on equity of 20.2 percent, a return on assets of 1.41 percent and an efficiency ratio of 55.0 percent (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). "AmSouth delivered solid performance across all of our lines of business in 2004, and we are carrying that momentum into 2005," 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 are well-positioned to continue growing loans and deposits as the economy improves." As previously announced, AmSouth sold its $550 million credit card portfolio and prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. $1.25 billion of Federal Home Loan Bank borrowings
in the fourth quarter. The sale of the credit card portfolio resulted in
a pre-tax pre-tax adj → anterior al impuestopre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta net gain of $166.1 million being recorded while $129.6 million of costs were incurred from the prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of the FHLB FHLB Federal Home Loan Bank debt in the quarter. There were also increases versus the third quarter in other costs including a higher loan loss provision, increases in professional fees, personnel costs and other noninterest expenses. Net interest income was $379.2 million in the fourth quarter, a 5.7 percent increase compared with the same quarter in 2003. The net interest margin in the fourth quarter was 3.43 percent. Although the net interest margin declined compared with the same period in 2003 it has now been stable for three consecutive quarters. The increase in net interest income reflects strong growth in average loans of $3.2 billion, an 11.0 percent increase over the same quarter in 2003. Supporting that loan growth, average deposits were higher by $3.5 billion, or 11.8 percent during the same period. The deposit growth was led by the low cost category, which grew by $2.7 billion during the quarter, a 13.8 percent increase. Noninterest revenue, which includes earnings from service charges, trust, investment management services, securities gains and other sources of fee income, was $380.3 million for the quarter and includes the gain of $166.1 million from the sale of the credit card portfolio. Trust income increased 17.1 percent compared with the fourth quarter of 2003, and 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:
There were $1.25 billion in FHLB borrowings repaid in the quarter and replaced with a variety of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. three year maturity, lower cost funding instruments. The annual savings from this transaction will have a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact on borrowing costs going forward. Net charge-offs were .41 percent of average net loans in the fourth quarter, up five basis points compared with the third quarter. The ratio of loan loss reserves to total loans was 1.12 percent at December 31, 2004. The loan loss provision exceeded net charge-offs by $11.1 million in the quarter. 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. improved again during the fourth quarter. Total nonperforming assets at December 31, 2004, were $110.6 million, or .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 $119.2 million, or .37 percent, in the previous quarter. Looking ahead to 2005, AmSouth management expects earnings per share for the full year to be in the range of $2.00 to $2.06. This forecast generally assumes an improving economy, moderately rising interest rate environment and flat equity markets, as well as these factors: --Higher net interest income reflecting a relatively stable net interest margin, improved balance sheet growth with commercial loan growth continuing at current levels and improving loan demand in consumer categories, and continued strong low-cost deposit growth. --Stable credit quality metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. . --Noninterest revenues such as service charges, trust, and investment services income should experience steady growth. Overall, management expects noninterest revenues to grow in the high single digit A single character in a numbering system. In decimal, digits are 0 through 9. In binary, digits are 0 and 1. digit - An employee of Digital Equipment Corporation. See also VAX, VMS, PDP-10, TOPS-10, DEChead, double DECkers, field circus. range. --Management expects modest noninterest expense growth in the mid-single digits. For supplemental financial information about the fourth quarter and full year results, you may 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. 18, 2005, 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 $50 billion in assets, more than 680 branch banking offices and over 1,200 ATMs. AmSouth operates in 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 , 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:
annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. and mutual fund sales, and trust and investment management services. AmSouth also offers a complete line of banking products and services at its web site, www.amsouth.com. Forward Looking Statements Statements in this report and the exhibits to the report 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: customers' and other third parties' reaction to the settlements referred to in this press release and the effects of such settlements on AmSouth's branch expansion plan; 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; the growth and profitability of AmSouth's mortgage banking business, including mortgage-related income and fees, being less than expected; 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 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. 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; the specific factors mentioned above in the text of this press release; 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
------------------------------------
December 31 September 30 June 30
----------- ------------ -----------
Net interest income $379,212 $375,906 $361,410
Provision for loan losses 44,250 28,800 26,600
----------- ------------ -----------
Net interest income after
provision 334,962 347,106 334,810
Noninterest revenues 380,289 213,171 218,252
Noninterest expenses 460,416 362,478 311,770
----------- ------------ -----------
Income before income taxes 254,835 197,799 241,292
Income taxes 77,978 78,220 74,329
----------- ------------ -----------
Net income $176,857 $119,579 $166,963
=========== ============ ===========
Earnings per common share (a) $0.50 $0.34 $0.47
Earnings per common share
- diluted (a) 0.49 0.33 0.47
Average common shares outstanding 355,072 352,838 351,602
Average common shares outstanding
- diluted 360,286 358,272 356,314
End of period common shares
outstanding 356,310 354,635 353,414
EARNINGS SUMMARY Three Months Ended Percent
------------------------ Change
Versus
2004 2003 Prior
March 31 December 31 Year
----------- ------------ -----------
Net interest income $359,497 $358,784 5.7%
Provision for loan losses 28,100 44,500 (0.6%)
----------- ------------
Net interest income after
provision 331,397 314,284 6.6%
Noninterest revenues 220,430 223,390 70.2%
Noninterest expenses 322,274 310,793 48.1%
----------- ------------
Income before income taxes 229,553 226,881 12.3%
Income taxes 69,454 68,329 14.1%
----------- ------------
Net income $160,099 $158,552 11.5%
=========== ============
Earnings per common share (a) $0.46 $0.45 11.1%
Earnings per common share
- diluted (a) 0.45 0.45 8.9%
Average common shares outstanding 351,196 350,067
Average common shares outstanding
- diluted 356,908 355,306
End of period common shares
outstanding 352,904 351,891
EARNINGS SUMMARY YTD Percent
------------------------ Change
Versus
2004 2003 Prior
December 31 December 31 Year
----------- ------------ -----------
Net interest income $1,476,025 $1,414,635 4.3%
Provision for loan losses 127,750 173,700 (26.5%)
----------- ------------
Net interest income after
provision 1,348,275 1,240,935 8.6%
Noninterest revenues 1,032,142 855,778 20.6%
Noninterest expenses 1,456,938 1,205,577 20.8%
----------- ------------
Income before income taxes 923,479 891,136 3.6%
Income taxes 299,981 265,015 13.2%
----------- ------------
Net income $623,498 $626,121 (0.4%)
=========== ============
Earnings per common share (a) $1.77 $1.79 (1.1%)
Earnings per common share
- diluted (a) 1.74 1.77 (1.7%)
Average common shares outstanding 352,684 350,237
Average common shares outstanding
- diluted 357,952 354,308
End of period common shares
outstanding 356,310 351,891
KEY PERFORMANCE RATIOS Three Months Ended
------------------------------------
December 31 September 30 June 30
----------- ------------ -----------
Average shareholders' equity to
average total assets 7.05% 6.87% 6.92%
End of period shareholders'
equity to end of period total
assets 7.20 6.94 6.82
Loans net of unearned income to
total deposits 95.64 101.83 97.55
Return on average assets
(annualized) (a) 1.42 0.98 1.41
Return on average shareholders'
equity (annualized) (a) 20.15 14.20 20.31
Book value per common share $10.02 $9.73 $9.32
Tangible book value per common
share $9.17 $8.88 $8.46
Net interest margin - taxable
equivalent 3.43% 3.44% 3.44%
Efficiency ratio (a) 59.77 60.44 52.83
KEY PERFORMANCE RATIOS Three Months Ended
------------------------
2004 2003
March 31 December 31
------------ -----------
Average shareholders' equity to
average total assets 7.09% 7.05%
End of period shareholders' equity
to end of period total assets 7.11 7.08
Loans net of unearned income to
total deposits 94.77 96.38
Return on average assets
(annualized) (a) 1.40 1.41
Return on average shareholders'
equity (annualized) (a) 19.76 19.96
Book value per common share $9.56 $9.18
Tangible book value per common
share $8.71 $8.32
Net interest margin - taxable
equivalent 3.56% 3.61%
Efficiency ratio (a) 54.57 52.43
KEY PERFORMANCE RATIOS YTD
------------------------
2004 2003
December 31 December 31
------------ -----------
Average shareholders' equity to
average total assets 6.98% 7.30%
End of period shareholders' equity
to end of period total assets 7.20 7.08
Loans net of unearned income to
total deposits 95.64 96.38
Return on average assets
(annualized) (a) 1.30 1.47
Return on average shareholders'
equity (annualized) (a) 18.60 20.08
Book value per common share $10.02 $9.18
Tangible book value per common
share $9.17 $8.32
Net interest margin - taxable
equivalent 3.47% 3.78%
Efficiency ratio (a) 57.12 52.08
(a) Ratios and earnings per share as adjusted for the third quarter
2004 settlement agreement and related professional fees are
provided in the following table. These expenses represent matters
which management believes are not indicative of AmSouth's legal
and regulatory affairs arising in the normal course of business.
2004
------------------------
Three Months
Ended YTD
September 30 December 31
------------ -----------
Earnings per common share, GAAP
basis 0.34 1.77
Adjustment for settlement
agreement and related
professional fees 0.15 0.15
------------ -----------
Earnings per common share, as
adjusted 0.49 1.92
Earnings per common share -
diluted, GAAP basis 0.33 1.74
Adjustment for settlement
agreement and related
professional fees 0.15 0.15
------------ -----------
Earnings per common share -
diluted, as adjusted 0.48 1.89
Return on average assets
(annualized), GAAP basis 0.98% 1.30%
Adjustment for settlement
agreement and related
professional fees 0.42% 0.11%
------------ -----------
Return on average assets
(annualized), as adjusted 1.40% 1.41%
Return on average shareholders'
equity (annualized), GAAP basis 14.20% 18.60%
Adjustment for settlement
agreement and related
professional fees 6.23% 1.57%
------------ -----------
Return on average shareholders'
equity (annualized), as adjusted 20.43% 20.17%
Efficiency ratio, GAAP basis 60.44% 57.12%
Adjustment for settlement
agreement and related
professional fees (9.00)% (2.12)%
------------ -----------
Efficiency ratio, as adjusted 51.44% 55.00%
Unaudited
AmSouth Bancorporation
SUMMARY FINANCIAL INFORMATION
($ in thousands)
BALANCE SHEET INFORMATION Three Months Ended
AVERAGE BALANCES ---------------------------------------
December 31 September 30 June 30
------------ ------------ -------------
Loans net of unearned income $32,476,715 $32,079,701 $30,633,629
Total investment securities
(b) 12,413,850 12,374,084 12,488,887
Interest-earning assets (b) 45,224,572 44,684,992 43,500,751
Total assets 49,535,521 48,786,314 47,742,291
Noninterest-bearing deposits 6,978,442 6,643,642 6,516,977
Interest-bearing deposits (c) 26,344,499 25,735,595 25,337,923
Total deposits (c) 33,322,941 32,379,237 31,854,900
Shareholders' equity 3,491,181 3,350,323 3,305,636
BALANCE SHEET INFORMATION Three Months Ended Percent
AVERAGE BALANCES ------------------------- Change
Versus
2004 2003 Prior
March 31 December 31 Year
------------ ------------ -------------
Loans net of unearned income $29,705,743 $29,263,749 11.0%
Total investment securities
(b) 11,779,479 11,158,897 11.2%
Interest-earning assets (b) 41,771,105 40,609,843 11.4%
Total assets 45,953,093 44,697,830 10.8%
Noninterest-bearing deposits 6,103,216 5,855,497 19.2%
Interest-bearing deposits (c) 24,381,234 23,952,276 10.0%
Total deposits (c) 30,484,450 29,807,773 11.8%
Shareholders' equity 3,258,359 3,151,106 10.8%
BALANCE SHEET INFORMATION YTD Percent
AVERAGE BALANCES ------------------------- Change
Versus
2004 2003 Prior
December 31 December 31 Year
------------ ------------ -------------
Loans net of unearned income $31,229,708 $28,511,159 9.5%
Total investment securities
(b) 12,264,785 9,812,306 25.0%
Interest-earning assets (b) 43,801,691 38,598,165 13.5%
Total assets 48,010,625 42,730,516 12.4%
Noninterest-bearing deposits 6,561,938 5,486,016 19.6%
Interest-bearing deposits (c) 25,453,038 23,096,600 10.2%
Total deposits (c) 32,014,976 28,582,616 12.0%
Shareholders' equity 3,351,754 3,117,362 7.5%
(b) Excludes adjustment for market valuation on available-for-sale
securities and certain noninterest-earning marketable equity
securities.
(c) Statement 133 valuation adjustments related to time deposits,
certificates of deposit of $100,000 or more and other interest-
bearing liabilities are included in other liabilities.
BALANCE SHEET INFORMATION
ENDING BALANCES
Loans net of unearned income $32,738,662 $32,502,221 $31,351,497
Total investment securities
(b) 12,510,959 12,572,341 12,716,413
Interest-earning assets (b) 45,453,601 45,379,714 44,439,782
Total assets 49,548,371 49,687,862 48,295,813
Noninterest-bearing deposits 7,182,806 6,798,077 6,636,325
Interest-bearing deposits 27,049,973 25,121,339 25,502,919
Total deposits 34,232,779 31,919,416 32,139,244
Shareholders' equity 3,568,841 3,450,558 3,295,478
BALANCE SHEET INFORMATION Percent
ENDING BALANCES Change
Versus
Prior
Year
-------------
Loans net of unearned income $29,893,723 $29,339,364 11.6%
Total investment securities
(b) 12,426,033 12,036,854 3.9%
Interest-earning assets (b) 43,253,884 41,521,449 9.5%
Total assets 47,414,968 45,615,516 8.6%
Noninterest-bearing deposits 6,544,028 6,273,835 14.5%
Interest-bearing deposits 25,000,664 24,166,518 11.9%
Total deposits 31,544,692 30,440,353 12.5%
Shareholders' equity 3,372,349 3,229,669 10.5%
(b) Excludes adjustment for market valuation on available-for-sale
securities and certain noninterest-earning marketable equity
securities.
Unaudited
AmSouth Bancorporation
SUMMARY FINANCIAL INFORMATION
($ in thousands)
NONPERFORMING ASSETS 2004 2003
December September June March December
31 30 30 31 31
--------- --------- --------- --------- ---------
Nonaccrual loans (d) $88,488 $92,958 $102,670 $102,904 $110,153
Foreclosed
properties 19,609 23,043 29,586 29,291 32,616
Repossessions 2,498 3,231 3,295 3,733 4,986
--------- --------- --------- --------- ---------
Total nonperforming
assets (d) $110,595 $119,232 $135,551 $135,928 $147,755
========= ========= ========= ========= =========
Nonperforming assets
to loans net of
unearned income,
foreclosed
properties and
repossessions 0.34% 0.37% 0.43% 0.45% 0.50%
Accruing loans 90
days past due $51,117 $63,727 $52,972 $58,195 $67,460
========= ========= ========= ========= =========
(d) Exclusive of accruing loans 90 days past due
2004 2003
ALLOWANCE FOR LOAN 4th 3rd 2nd 1st 4th
LOSSES Quarter Quarter Quarter Quarter Quarter
--------- --------- --------- --------- ---------
Balance at beginning
of period $381,255 $382,482 $382,450 $384,124 $384,059
Loans charged off (44,277) (39,799) (38,202) (44,412) (56,403)
Recoveries of loans
previously charged
off 11,146 11,062 11,634 16,406 11,968
--------- --------- --------- --------- ---------
Net Charge-offs (33,131) (28,737) (26,568) (28,006) (44,435)
Addition to
allowance charged
to expense 44,250 28,800 26,600 28,100 44,500
Reduction of
allowance related
to sold loans (25,600) (1,290) - (1,768) -
--------- --------- --------- --------- ---------
Balance at end of
period $366,774 $381,255 $382,482 $382,450 $384,124
========= ========= ========= ========= =========
Allowance for loan
losses to loans net
of unearned income 1.12% 1.17% 1.22% 1.28% 1.31%
Net charge-offs to
average loans net
of unearned income
(e) 0.41% 0.36% 0.35% 0.38% 0.60%
Allowance for loan
losses to
nonperforming loans
(f) 414.49% 410.14% 372.54% 371.66% 348.72%
Allowance for loan
losses to
nonperforming
assets (f) 331.64% 319.76% 282.17% 281.36% 259.97%
(e) Annualized
(f) Exclusive of accruing loans 90 days past due
Unaudited
AmSouth Bancorporation
RECONCILIATION OF GAAP AMOUNTS TO ADJUSTED AMOUNTS
($ in thousands, except per share data)
Three Months Ended
September 30, 2004
-------------------------------------
Earnings
Income Earnings per
Before per common
Income Net common share -
Taxes Income share diluted
--------- --------- -------- --------
Results as reported on a GAAP
basis $197,799 $119,579 $0.34 $0.33
Costs incurred under settlement
agreement and related
professional fees (g) 53,972 52,443 0.15 0.15
--------- --------- -------- --------
Results as adjusted $251,771 $172,022 $0.49 $0.48
Year Ended
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 (g) 53,972 52,443 0.15 0.15
--------- --------- -------- --------
Results as adjusted $977,451 $675,941 $1.92 $1.89
(g) 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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