Regions reports 64-cent 1Q earnings

Net income for the period was $295 million, compared to $254 million, or 55 cents per share, in fourth-quarter 2005, which included costs related to the bank’s final phase of a merger with Union Planters Bank.

Per-share earnings year-over-year were up 12 percent, excluding merger and other charges in early 2005.

The completion of the merger – as well as record profits in the bank’s investment and securities division, Morgan Keegan – contributed to the year-to-date figures.

“Regions’ banking operations made good progress in the first quarter,” said Jackson W. Moore, Regions president and CEO, in a news release. “With the merger integration successfully completed, our associates were fully able to refocus on profitable business development and the implementation of our matrix business model.”

Morgan Keegan earnings climbed to $41 million, including $9 million after tax gain on the swap of NYSE seats for stock. Profits were more than 50 percent higher than fourth-quarter 2005’s $27 million.

Morgan Keegan’s profit increase was attributed to favorable equity and fixed-income markets, according to the release.

Shares (NYSE: RF) closed April 18 at $35.85, compared to a 52-week range of $29.16 to $36.32.