AmSouth reported third-quarter net earnings Tuesday of $180.3 million, up 51% from $119.6 million in the third quarter of 2004. Per diluted share, earnings were 51 cents, up from 33 cents in the period a year ago.
However, last year's third quarter included charges of $54 million in connection with regulatory settlements. Not including those charges, AmSouth's earnings in the third quarter of 2004 would have been $172.0 million.
The company said its loan business was strong in the third quarter of this year but that it was somewhat hurt by the flattening yield curve, Hurricane Katrina and increased competition for loans and deposits. Thus, although commercial real estate loans were up 18.4% and first residential mortgage loans were up 24.5%, net interest revenue was down a slight 0.32% to $374.7 million from $375.9 million a year earlier.
Non-interest revenue rose 22% to $259.6 million, including a $44 million net pre-tax gain on the sale of its mutual fund management business. This business includes earnings from service charges and other fees, trust, investment management and securities gains.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.