Regions earnings rise 17 percent in 2006

Quarterly earnings were up 7 percent to $361.1 million, or 56 cents per share, excluding 9 cents per share of charges related to Regions’ Nov. 4 merger with Birmingham-based AmSouth. Net income for the year was up 17 percent to $1.4 billion, or $2.79 per share, excluding 23 cents per share of merger-related charges.

Merger integration plans are complete and implementation will begin in the first quarter, company officials say.

Also during the quarter, Regions repurchased 5 million common shares at an average cost of $37, bringing 2006’s repurchase total to 13.7 million shares. The company’s board of directors on Thursday approved a 2007 repurchase plan for 50 million shares, in addition to 13.9 million shares still available for repurchase under Regions’ previous plan.

Shares of Regions (NYSE: RF) opened Friday at $36.95 and closed that day at $36.47. The 52-week range is $32.37 to $39.15.