Merger costs flatten Regions' 4Q earnings

The quarter's earnings were up 1 cent from 61 cents in the third quarter, also excluding merger charges. Overall earnings per share were 55 cents after merger costs, showing no change over the previous quarter.

Earnings were up 2 percent from the same quarter in 2004 and 11 percent annually.

Net income for the quarter was $254 million, including after-tax, merger-related and other costs of $34 million. Income was down from $256.6 million in the third quarter.

The third and final round of bank branch conversions took place in the fourth quarter. More than 700 Union Planters bank branches were converted to Regions' customer systems in 2005.

As a result of the merger, new checking accounts opened exceeded accounts closed in 2005 by about 30 percent, and the company opened 27 percent more checking accounts in 2005 than in 2004.

Shares (NYSE: RF) closed Jan. 25 at $33.55, compared to a 52-week range of $29.16 to $35.54.