Regions’ 3Q shows flat gains, less income

Net income was $256.6 million for the quarter, down from $256.7 million reported the same quarter last year. Year-to-date income was $746 million, a 27 percent jump from 2004’s nine-month earnings of $587 million due to Regions’ June merger with Union Planters Bank. Excluding merger charges, earnings per share were 61 cents.

Assets changed little compared to the third-quarter 2004, with an increase of 1 percent to $84.59 billion.

Average community banking loans and deposits increased by 1 percent over the second quarter, as home equity and construction lending rose and commercial loans declined. Loan losses and fee-related revenue declines were attributed to effects of Hurricane Katrina.

About 200 out of 320 Union Planters branches were converted to Regions by mid-August, setting the completion date for the Regions-Union Planters merger in early November.

Regions Bank is a subsidiary of Regions Financial, which has headquarters in Birmingham, Ala., and operates more than 1,300 offices in 16 states.

Shares of the company’s stock (NYSE: RF) closed Oct. 18 at $31.14, above its 52-week low of $29.16.