AmSouth Reports First Quarter Earnings of $126.2 Million or $.34 Per Share

Apr 17, 2001, 01:00 ET from AmSouth Bancorporation

    BIRMINGHAM, Ala., April 17 /PRNewswire/ -- AmSouth Bancorporation
 (NYSE:   ASO) today reported earnings in the first quarter ended March 31, 2001,
 of $126.2 million, or $.34 per diluted share.  In the same period in 2000,
 AmSouth reported earnings of $138.9 million or $.35 per share.
     AmSouth's first quarter performance resulted in a return on average equity
 of 18.1 percent, a return on average assets of 1.33 percent and an efficiency
 ratio of 55.1 percent.
     "These results reflect solid earnings by all of our core businesses," said
 Dowd Ritter, AmSouth's chairman, president and chief executive officer.
 "Today, AmSouth is well-positioned to compete successfully, meet more of our
 customers' needs, generate strong internal growth across the expanded
 franchise and continue to improve our financial performance."
     Continuing to reflect the effects of the financial restructuring
 undertaken in the third quarter of 2000, the net interest margin in the first
 quarter of 2001 improved to 3.93 percent from the 3.77 percent recorded in the
 first quarter of 2000 while average earning assets declined by $4.9 billion to
 $35.1 billion between periods. At the same time, first quarter net interest
 income was $329.8 million compared to $368.6 million in the same quarter in
 2000.
     Core deposits were up from the previous quarter, led by low cost deposit
 growth of $228.7 million or 6.0 percent on an annual basis from the previous
 quarter.
     First quarter noninterest income, which includes earnings from trust,
 investment management services and other sources of fee income, was
 $182.3 million, an increase of 4.9 percent from the same quarter in 2000,
 adjusted for the impact of the IFC Holdings divestiture.  First quarter 2001
 noninterest expenses were $288.1 million, down $5.5 million, or 1.9 percent,
 from the same quarter of 2000, excluding the impact of costs related to the
 merger and the IFC Holdings divestiture.
     Net charge-offs were .63 percent of average net loans in the first quarter
 of 2001 compared with .66 percent in the previous quarter.  The ratio of loan
 loss reserves to total loans was 1.55 percent, unchanged from the previous
 quarter.
     Total nonperforming assets at March 31, 2001, were $227.9 million, or
 .93 percent of loans net of unearned income, foreclosed properties and
 repossessions, compared to .80 percent or $196.3 million in the previous
 quarter.
     During the quarter, AmSouth's focus on its six key strategic initiatives
 contributed to the company's solid results.  For example, AmSouth's "free
 Internet Banking with Bill Payment for life" campaign began in late February,
 already resulting in over 70,000 new Internet Banking customers.
     In the Wealth Management area, the AmSouth Funds have experienced strong
 growth in terms of assets and available portfolios, as well as in national
 recognition.  Barron's magazine ranked the AmSouth family of funds best among
 bank-run funds in the survey and tenth overall for 2000 performance.
     AmSouth's fund family currently provides investors with eight funds which
 have either a four-star or five-star rating by Morningstar as of March 31,
 2001.  The AmSouth Funds had a higher percentage of total assets under
 management in funds with a four- or five-star designation from Morningstar
 than any other bank-run fund family in the nation.
     AmSouth Bank's family of proprietary mutual funds has nearly $7.3 billion
 in assets and 28 funds representing all major asset classes.
 
     About AmSouth
     AmSouth is a regional bank holding company headquartered in Birmingham
 with $38.8 billion in assets, 600 branch banking offices and 1,250 ATMs.
 AmSouth operates in Tennessee, Alabama, Florida, Mississippi, Louisiana and
 Georgia.  AmSouth is a leader among regional banks in the Southeast in several
 key business segments, including consumer and commercial banking, small
 business banking, mortgage lending, equipment leasing, annuity and mutual fund
 sales, and trust and investment management services.  AmSouth also offers a
 complete line of banking products and services at its web site,
 www.amsouth.com .
 
     Safe Harbor statement
     Statements made in this document which are not purely historical are
 forward-looking statements, including any statements regarding descriptions of
 management's plans, objectives or goals for future operations, products or
 services, and forecasts of its revenues, earnings or other measures of
 performance.
     Forward-looking statements are based on current management expectations
 and, by their nature, are subject to risks and uncertainties.  A number of
 factors -- many of which are beyond the Company's control -- could cause
 actual conditions, events or results to differ significantly from those
 described in the forward-looking statements.  The Company's most recent annual
 and quarterly reports filed with the Securities and Exchange Commission,
 including the Company's Form 10-K for the year ended December 31, 2000,
 describe some of these factors which could cause results to differ materially
 from management's current expectations including: the integration of the
 former First American franchise; the execution of AmSouth's strategic
 initiatives; legislation; general economic conditions, especially in the
 Southeast; changes in interest rates; deposit flows; the cost of funds; cost
 of federal deposit insurance premiums; demand for loan products; demand for
 financial services; competition; changes in the quality or composition of
 AmSouth's loan and investment portfolios; changes in accounting principles,
 policies or guidelines; other economic, competitive, governmental, regulatory,
 and technical factors affecting AmSouth's operations, products, services and
 prices; and the outcome of litigation, which is inherently uncertain and
 depends on the findings of judges and juries.
     Forward-looking statements speak only as of the date they are made.  The
 Company does not undertake a duty to update forward-looking statements to
 reflect circumstances or events that occur after the date the forward-looking
 statements are made.
     This is a press release to the media and is not intended for any other
 use.
 
     To hear a webcast of the conference call with analysts at 2 p.m. CDT,
 April 17, go to www.amsouth.com , click on "Investor Relations" and follow the
 links.
 
                             AMSOUTH BANCORPORATION
                                  (Unaudited)
                      (In thousands except per share data)
 
                                         Three Months
                                         Ended March 31
     EARNINGS SUMMARY                       2001         2000        Pct. chg.
     Net interest income               $    329,843 $    368,573      (10.5)
     Provision for loan losses               38,200       25,400       50.4
     Net interest inc. after prov.          291,643      343,173      (15.0)
     Noninterest revenues                   182,301      220,037      (17.1)
     Noninterest expenses excluding
       merger-related costs                 288,067      333,403      (13.6)
     Merger-related costs                       ---       21,954     (100.0)
     Income before income taxes             185,877      207,853      (10.6)
     Income taxes                            59,666       68,916      (13.4)
     Net income                        $    126,211 $    138,937       (9.2)
 
     Earnings per common share         $       0.34 $       0.35       (2.9)
     Earnings per common share-diluted         0.34         0.35       (2.9)
     Avg. common shares outstanding         372,246      391,596
     Avg. common shares outstanding-
      diluted                               374,940      394,502
     End of period common shares
      outstanding                           371,131      392,281
 
 
 
 
                                         Average for
                                         Three Months
                                         Ended  March 31
     BALANCE SHEET SUMMARY               2001         2000         Pct. chg.
     Loans net of unearned income      $ 24,645,798 $ 26,681,345       (7.6)
     Total investment securities*         8,600,054   13,080,369      (34.3)
     Interest-earning assets*            35,129,256   40,032,499      (12.2)
     Total assets                        38,498,447   43,594,571      (11.7)
     Noninterest-bearing deposits         4,482,747    4,697,394       (4.6)
     Interest-bearing deposits           21,594,538   23,133,456       (6.7)
     Total deposits                      26,077,285   27,830,850       (6.3)
     Shareholders' equity                 2,831,229    2,947,234       (3.9)
     * Excludes adjustment for market valuation on available-for-sale
        securities and certain noninterest-earning marketable equity
        securities.
 
 
                                         Ending
                                         Balance
                                         March 31
     BALANCE SHEET SUMMARY               2001         2000         Pct. chg.
     Loans net of unearned income      $ 24,527,944 $ 26,617,471       (7.9)
     Total investment securities*         8,918,974   13,096,718      (31.9)
     Interest-earning assets*            35,348,594   39,947,942      (11.5)
     Total assets                        38,825,811   43,690,173      (11.1)
     Noninterest-bearing deposits         4,649,832    5,030,443       (7.6)
     Interest-bearing deposits           21,574,519   23,313,872       (7.5)
     Total deposits                      26,224,351   28,344,315       (7.5)
     Shareholders' equity                 2,883,821    3,009,144       (4.2)
     * Excludes adjustment for market valuation on available-for-sale
        securities and certain noninterest-earning marketable equity
        securities.
 
 
 
 
                                         2001                      2000
     SELECTED RATIOS                     1st Qtr                   4th Qtr
     Avg. shareholders' equity
      to avg. total assets                     7.35%                   7.14%
     End of period shareholders' equity
      to end of period total assets            7.43                    7.23
     Loans net of unearned income
      to total deposits                       93.53                   92.46
     Return on avg. assets (annualized)        1.33                    1.30
     Return on avg. shareholders'
      equity (annualized)                     18.08                   18.26
     Book value per common share       $       7.77              $     7.53
     Tangible book value per
      common share                     $       6.87              $     6.61
     Efficiency ratio                         55.12%                  52.25%
 
 
 
     SELECTED RATIOS                     3rd Qtr      2nd Qtr      1st Qtr
     Avg. shareholders' equity
      to avg. total assets                     6.63%        6.69%      6.76%
     End of period shareholders' equity
      to end of period total assets            7.01         6.62       6.89
     Loans net of unearned income
      to total deposits                       91.38        91.72      93.91
     Return on avg. assets (annualized)       (0.34)        0.93       1.28
     Return on avg. shareholders'
      equity (annualized)                     (5.20)       13.84      18.96
     Book value per common share       $       7.36   $     7.45 $     7.67
     Tangible book value per
      common share                     $       6.41   $     6.43 $     6.62
     Efficiency ratio                         83.85%       68.99%     59.71%
 
 
 
 
 
                             AMSOUTH BANCORPORATION
                                  (Unaudited)
                             (Dollars in thousands)
 
                                         03/31/01     03/31/00     Pct. chg.
     LOANS NET OF UNEARNED INCOME
     Commercial:
      Commercial & industrial          $  7,189,519 $  8,203,477      (12.4)
      Comm loans secured by real estate   1,568,868    1,976,573      (20.6)
       Total commercial                   8,758,387   10,180,050      (14.0)
     Commercial real estate               4,824,466    4,671,295        3.3
     Consumer:
      Residential first mortgages         1,495,249    1,638,740       (8.8)
      Other residential mortgages         4,712,525    4,179,034       12.8
      Dealer indirect                     3,068,844    4,153,408      (26.1)
      Revolving credit                      490,391      467,470        4.9
      Other consumer                      1,178,082    1,327,474      (11.3)
       Total consumer                    10,945,091   11,766,126       (7.0)
        Total loans net of
           unearned income             $ 24,527,944 $ 26,617,471       (7.9)
 
                                         2001                      2000
                                         Mar 31                    Dec 31
     NONPERFORMING ASSETS
     Nonaccrual loans                  $    209,333              $  179,659
     Foreclosed properties                   13,688                  12,360
     Repossessions                            4,888                   4,259
 
       Total nonperforming assets*     $    227,909              $  196,278
     Nonperforming assets to loans
      net of unearned income,
      foreclosed properties & repos            0.93%                   0.80%
     Accruing loans 90 days
      past due                         $     89,237              $   85,410
 
     * Excludes $35.6 million and $29.2 million of nonperforming assets
 classified as held for accelerated disposition at June 30, 2000 and March 31,
 2000, respectively.
 
 
 
                                         Sept 30      Jun 30       Mar 31
     NONPERFORMING ASSETS
     Nonaccrual loans                  $    146,069 $    119,082 $  122,365
     Foreclosed properties                   12,714       13,780     19,839
     Repossessions                            3,906        1,810      3,274
 
       Total nonperforming assets*     $    162,689 $    134,672 $  145,478
     Nonperforming assets to loans
      net of unearned income,
      foreclosed properties & repos            0.66%        0.53%      0.55%
     Accruing loans 90 days
      past due                         $     78,314 $     70,800 $   66,375
 
     * Excludes $35.6 million and $29.2 million of nonperforming assets
 classified as held for accelerated disposition at June 30, 2000 and March 31,
 2000, respectively.
 
                                         2001                      2000
     ALLOWANCE FOR LOAN LOSSES           Mar 31                    Dec 31
     Balance at beg. of period         $    380,434              $  365,164
     Loans charged off                      (50,506)                (55,221)
     Recoveries of loans previously
      charged off                            12,518                  14,411
      Net charge-offs                       (37,988)                (40,810)
     Addition to allowance charged
      to expense                             38,200                  55,600
     Allowance sold/transferred, net            ---                     ---
     Allowance transferred to
       other liabilities                        ---                     480
     Balance at end of period          $    380,646              $  380,434
     Allowance for loan losses to
      loans net of unearned income             1.55%                   1.55%
     Net charge-offs to average loans
      net of unearned income**                 0.63%                   0.66%
     Allowance for loan losses to
      nonperforming loans                    181.84%                 211.75%
     Allowance for loan losses to
      nonperforming assets                   167.02%                 193.82%
       ** Annualized
 
 
     ALLOWANCE FOR LOAN LOSSES           Sept 30      Jun 30       Mar 31
     Balance at beg. of period         $    346,030 $    353,784 $  354,679
     Loans charged off                      (48,319)     (34,471)   (40,377)
     Recoveries of loans previously
      charged off                            12,890       11,743     14,993
     Net charge-offs                        (35,429)     (22,728)   (25,384)
     Addition to allowance charged
      to expense                            123,800       22,800     25,400
     Allowance sold/transferred, net        (69,091)      (5,500)       ---
     Allowance transferred to
       other liabilities                       (146)      (2,326)      (911)
     Balance at end of period          $    365,164 $    346,030 $  353,784
     Allowance for loan losses to
      loans net of unearned income             1.49%        1.35%      1.33%
     Net charge-offs to average loans
      net of unearned income**                 0.55%        0.34%      0.38%
     Allowance for loan losses to
      nonperforming loans                    249.99%      290.58%    289.12%
     Allowance for loan losses to
      nonperforming assets                   224.46%      256.94%    243.19%
       ** Annualized
 
 
                             AMSOUTH BANCORPORATION
                 QUARTERLY CONSOLIDATED AVERAGE DAILY BALANCES,
                 REVENUE AND EXPENSE SUMMARY, YIELDS AND RATES
                                  (Unaudited)
 
                                         Quarter Ended March 31
     (Taxable Equivalent Basis -         2001
     Dollars in Thousands)               Average      Revenue/     Yield/
                                         Balance      Expense      Rate Pct.
     ASSETS
     Interest-earning assets:
      Loans net of unearned
       income                          $ 24,645,798 $    530,572       8.73
      Available-for-sale securities:
       Taxable                            3,900,993       71,850       7.47
       Tax-free                              95,192        1,830       7.80
        Total AFS securities              3,996,185       73,680       7.48
      Held-to-maturity securities:
       Taxable                            4,256,209       72,571       6.91
       Tax-free                             347,660        6,316       7.37
        Total HTM securities              4,603,869       78,887       6.95
      Total investment securities         8,600,054      152,567       7.19
      Other interest-earning assets       1,883,404       27,115       5.84
        Total interest-earning assets    35,129,256      710,254       8.20
     Cash and other assets                3,710,493
     Allowance for loan losses             (381,223)
     Market valuation on AFS
      securities                             39,921
     Total                             $ 38,498,447
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Interest-bearing liabilities:
      Interest-bearing demand
       deposits                        $  9,707,570       83,607       3.49
      Savings deposits                    1,211,685        4,909       1.64
      Time deposits                       7,824,754      116,585       6.04
      Foreign time deposits                 332,426        3,797       4.63
      Certificates of deposit
       of $100,000 or more                2,518,103       38,467       6.20
      Federal funds purchased
       and securities sold under
       agreements to repurchase           2,341,302       27,617       4.78
      Other interest-bearing
       liabilities                        6,383,876       94,992       6.03
        Total interest-bearing
         liabilities                     30,319,716      369,974       4.95
          Net interest spread                                          3.25
     Noninterest-bearing demand
      deposits                            4,482,747
     Other liabilities                      864,755
     Shareholders' equity                 2,831,229
     Total                             $ 38,498,447
          Net int. income/margin
          on a taxable equiv. basis                      340,280       3.93
     Taxable equiv. adjustment:
       Loans                                               5,118
       AFS securities                                      1,257
       HTM securities                                      4,062
       Trading securities                                    ---
        Total taxable equiv. adjustment                   10,437
          Net interest income                       $    329,843
     Note:  The taxable equivalent adjustment has been computed based on the
 statutory federal income tax rate, adjusted for applicable state income taxes
 net of the related federal tax benefit.  Loans net of unearned income includes
 nonaccrual loans.  Certain noninterest-earning marketable equity securities
 are not included in AFS securities.
 
                                         Quarter Ended March 31
     (Taxable Equivalent Basis -         2000
     Dollars in Thousands)               Average      Revenue/     Yield/
                                         Balance      Expense      Rate Pct.
     ASSETS
     Interest-earning assets:
      Loans net of unearned
       income                          $ 26,681,345 $    563,191       8.49
      Available-for-sale securities:
       Taxable                            6,014,598      100,290       6.71
       Tax-free                              65,763        1,183       7.24
        Total AFS securities              6,080,361      101,473       6.71
      Held-to-maturity securities:
       Taxable                            6,612,916      112,836       6.86
       Tax-free                             387,092        6,962       7.23
        Total HTM securities              7,000,008      119,798       6.88
      Total investment securities        13,080,369      221,271       6.80
      Other interest-earning assets         270,785        4,721       7.01
        Total interest-earning assets    40,032,499      789,183       7.93
     Cash and other assets                4,138,693
     Allowance for loan losses             (355,515)
     Market valuation on AFS
      securities                           (221,106)
     Total                             $ 43,594,571
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Interest-bearing liabilities:
      Interest-bearing demand
       deposits                        $  9,086,434       71,725       3.17
      Savings deposits                    2,352,997       16,589       2.84
      Time deposits                       7,619,385      101,244       5.34
      Foreign time deposits               1,296,318       17,757       5.51
      Certificates of deposit
       of $100,000 or more                2,778,322       38,260       5.54
      Federal funds purchased
       and securities sold under
       agreements to repurchase           4,044,026       51,454       5.12
      Other interest-bearing
       liabilities                        8,166,443      117,096       5.77
        Total interest-bearing
         liabilities                     35,343,925      414,125       4.71
          Net interest spread                                          3.22
     Noninterest-bearing demand
      deposits                            4,697,394
     Other liabilities                      606,018
     Shareholders' equity                 2,947,234
     Total                             $ 43,594,571
          Net int. income/margin
           on a taxable equiv. basis                     375,058       3.77
     Taxable equiv. adjustment:
       Loans                                                 884
       AFS securities                                        858
       HTM securities                                      4,743
       Trading securities                                    ---
        Total taxable equiv. adjustment                    6,485
          Net interest income                       $    368,573
     Note:  The taxable equivalent adjustment has been computed based on the
 statutory federal income tax rate, adjusted for applicable state income taxes
 net of the related federal tax benefit.  Loans net of unearned income includes
 nonaccrual loans.  Certain noninterest-earning marketable equity securities
 are not included in AFS securities.
 
 
                             AMSOUTH BANCORPORATION
                                  (Unaudited)
                             (Dollars in thousands)
 
                                         Three Months
                                         Ended March 31
                                         2001         2000         Pct. chg.
     NONINTEREST REVENUES
     Service charges on deposit accounts $   59,871 $     56,853        5.3
     Trust income                            28,879       27,485        5.1
     Consumer investment serv. income        23,672       64,627      (63.4)
     Credit card income                       4,755        4,230       12.4
     Mortgage income                          4,899       10,067      (51.3)
     Interchange income                      13,046       12,015        8.6
     Portfolio income                         2,943        4,129      (28.7)
     Other noninterest revenues              44,236       40,631        8.9
         Noninterest revenues            $  182,301 $    220,037      (17.1)
 
 
 
     NONINTEREST EXPENSES
     Salaries and employee
      benefits                         $    141,732 $    150,583       (5.9)
     Net occupancy expense                   27,813       29,949       (7.1)
     Equipment expense                       30,296       32,180       (5.9)
     Marketing expense                        8,507       11,993      (29.1)
     Postage and supplies expense            12,909       12,311        4.9
     Communications expense                  10,278        9,560        7.5
     Professional fees                        5,348        4,498       18.9
     Amortization of intangibles              8,517        9,957      (14.5)
     Subscribers' commissions                   ---       30,594     (100.0)
     Merger-related costs                       ---       21,954     (100.0)
     Other noninterest expenses              42,667       41,778        2.1
       Noninterest expenses            $    288,067 $    355,357      (18.9)
 
 
     INTANGIBLE ASSETS                   03/31/01     03/31/00
     Goodwill                          $  312,642 $    382,751
     Core deposit and
      other intangibles                    19,941       30,765
 
 

SOURCE AmSouth Bancorporation
    BIRMINGHAM, Ala., April 17 /PRNewswire/ -- AmSouth Bancorporation
 (NYSE:   ASO) today reported earnings in the first quarter ended March 31, 2001,
 of $126.2 million, or $.34 per diluted share.  In the same period in 2000,
 AmSouth reported earnings of $138.9 million or $.35 per share.
     AmSouth's first quarter performance resulted in a return on average equity
 of 18.1 percent, a return on average assets of 1.33 percent and an efficiency
 ratio of 55.1 percent.
     "These results reflect solid earnings by all of our core businesses," said
 Dowd Ritter, AmSouth's chairman, president and chief executive officer.
 "Today, AmSouth is well-positioned to compete successfully, meet more of our
 customers' needs, generate strong internal growth across the expanded
 franchise and continue to improve our financial performance."
     Continuing to reflect the effects of the financial restructuring
 undertaken in the third quarter of 2000, the net interest margin in the first
 quarter of 2001 improved to 3.93 percent from the 3.77 percent recorded in the
 first quarter of 2000 while average earning assets declined by $4.9 billion to
 $35.1 billion between periods. At the same time, first quarter net interest
 income was $329.8 million compared to $368.6 million in the same quarter in
 2000.
     Core deposits were up from the previous quarter, led by low cost deposit
 growth of $228.7 million or 6.0 percent on an annual basis from the previous
 quarter.
     First quarter noninterest income, which includes earnings from trust,
 investment management services and other sources of fee income, was
 $182.3 million, an increase of 4.9 percent from the same quarter in 2000,
 adjusted for the impact of the IFC Holdings divestiture.  First quarter 2001
 noninterest expenses were $288.1 million, down $5.5 million, or 1.9 percent,
 from the same quarter of 2000, excluding the impact of costs related to the
 merger and the IFC Holdings divestiture.
     Net charge-offs were .63 percent of average net loans in the first quarter
 of 2001 compared with .66 percent in the previous quarter.  The ratio of loan
 loss reserves to total loans was 1.55 percent, unchanged from the previous
 quarter.
     Total nonperforming assets at March 31, 2001, were $227.9 million, or
 .93 percent of loans net of unearned income, foreclosed properties and
 repossessions, compared to .80 percent or $196.3 million in the previous
 quarter.
     During the quarter, AmSouth's focus on its six key strategic initiatives
 contributed to the company's solid results.  For example, AmSouth's "free
 Internet Banking with Bill Payment for life" campaign began in late February,
 already resulting in over 70,000 new Internet Banking customers.
     In the Wealth Management area, the AmSouth Funds have experienced strong
 growth in terms of assets and available portfolios, as well as in national
 recognition.  Barron's magazine ranked the AmSouth family of funds best among
 bank-run funds in the survey and tenth overall for 2000 performance.
     AmSouth's fund family currently provides investors with eight funds which
 have either a four-star or five-star rating by Morningstar as of March 31,
 2001.  The AmSouth Funds had a higher percentage of total assets under
 management in funds with a four- or five-star designation from Morningstar
 than any other bank-run fund family in the nation.
     AmSouth Bank's family of proprietary mutual funds has nearly $7.3 billion
 in assets and 28 funds representing all major asset classes.
 
     About AmSouth
     AmSouth is a regional bank holding company headquartered in Birmingham
 with $38.8 billion in assets, 600 branch banking offices and 1,250 ATMs.
 AmSouth operates in Tennessee, Alabama, Florida, Mississippi, Louisiana and
 Georgia.  AmSouth is a leader among regional banks in the Southeast in several
 key business segments, including consumer and commercial banking, small
 business banking, mortgage lending, equipment leasing, annuity and mutual fund
 sales, and trust and investment management services.  AmSouth also offers a
 complete line of banking products and services at its web site,
 www.amsouth.com .
 
     Safe Harbor statement
     Statements made in this document which are not purely historical are
 forward-looking statements, including any statements regarding descriptions of
 management's plans, objectives or goals for future operations, products or
 services, and forecasts of its revenues, earnings or other measures of
 performance.
     Forward-looking statements are based on current management expectations
 and, by their nature, are subject to risks and uncertainties.  A number of
 factors -- many of which are beyond the Company's control -- could cause
 actual conditions, events or results to differ significantly from those
 described in the forward-looking statements.  The Company's most recent annual
 and quarterly reports filed with the Securities and Exchange Commission,
 including the Company's Form 10-K for the year ended December 31, 2000,
 describe some of these factors which could cause results to differ materially
 from management's current expectations including: the integration of the
 former First American franchise; the execution of AmSouth's strategic
 initiatives; legislation; general economic conditions, especially in the
 Southeast; changes in interest rates; deposit flows; the cost of funds; cost
 of federal deposit insurance premiums; demand for loan products; demand for
 financial services; competition; changes in the quality or composition of
 AmSouth's loan and investment portfolios; changes in accounting principles,
 policies or guidelines; other economic, competitive, governmental, regulatory,
 and technical factors affecting AmSouth's operations, products, services and
 prices; and the outcome of litigation, which is inherently uncertain and
 depends on the findings of judges and juries.
     Forward-looking statements speak only as of the date they are made.  The
 Company does not undertake a duty to update forward-looking statements to
 reflect circumstances or events that occur after the date the forward-looking
 statements are made.
     This is a press release to the media and is not intended for any other
 use.
 
     To hear a webcast of the conference call with analysts at 2 p.m. CDT,
 April 17, go to www.amsouth.com , click on "Investor Relations" and follow the
 links.
 
                             AMSOUTH BANCORPORATION
                                  (Unaudited)
                      (In thousands except per share data)
 
                                         Three Months
                                         Ended March 31
     EARNINGS SUMMARY                       2001         2000        Pct. chg.
     Net interest income               $    329,843 $    368,573      (10.5)
     Provision for loan losses               38,200       25,400       50.4
     Net interest inc. after prov.          291,643      343,173      (15.0)
     Noninterest revenues                   182,301      220,037      (17.1)
     Noninterest expenses excluding
       merger-related costs                 288,067      333,403      (13.6)
     Merger-related costs                       ---       21,954     (100.0)
     Income before income taxes             185,877      207,853      (10.6)
     Income taxes                            59,666       68,916      (13.4)
     Net income                        $    126,211 $    138,937       (9.2)
 
     Earnings per common share         $       0.34 $       0.35       (2.9)
     Earnings per common share-diluted         0.34         0.35       (2.9)
     Avg. common shares outstanding         372,246      391,596
     Avg. common shares outstanding-
      diluted                               374,940      394,502
     End of period common shares
      outstanding                           371,131      392,281
 
 
 
 
                                         Average for
                                         Three Months
                                         Ended  March 31
     BALANCE SHEET SUMMARY               2001         2000         Pct. chg.
     Loans net of unearned income      $ 24,645,798 $ 26,681,345       (7.6)
     Total investment securities*         8,600,054   13,080,369      (34.3)
     Interest-earning assets*            35,129,256   40,032,499      (12.2)
     Total assets                        38,498,447   43,594,571      (11.7)
     Noninterest-bearing deposits         4,482,747    4,697,394       (4.6)
     Interest-bearing deposits           21,594,538   23,133,456       (6.7)
     Total deposits                      26,077,285   27,830,850       (6.3)
     Shareholders' equity                 2,831,229    2,947,234       (3.9)
     * Excludes adjustment for market valuation on available-for-sale
        securities and certain noninterest-earning marketable equity
        securities.
 
 
                                         Ending
                                         Balance
                                         March 31
     BALANCE SHEET SUMMARY               2001         2000         Pct. chg.
     Loans net of unearned income      $ 24,527,944 $ 26,617,471       (7.9)
     Total investment securities*         8,918,974   13,096,718      (31.9)
     Interest-earning assets*            35,348,594   39,947,942      (11.5)
     Total assets                        38,825,811   43,690,173      (11.1)
     Noninterest-bearing deposits         4,649,832    5,030,443       (7.6)
     Interest-bearing deposits           21,574,519   23,313,872       (7.5)
     Total deposits                      26,224,351   28,344,315       (7.5)
     Shareholders' equity                 2,883,821    3,009,144       (4.2)
     * Excludes adjustment for market valuation on available-for-sale
        securities and certain noninterest-earning marketable equity
        securities.
 
 
 
 
                                         2001                      2000
     SELECTED RATIOS                     1st Qtr                   4th Qtr
     Avg. shareholders' equity
      to avg. total assets                     7.35%                   7.14%
     End of period shareholders' equity
      to end of period total assets            7.43                    7.23
     Loans net of unearned income
      to total deposits                       93.53                   92.46
     Return on avg. assets (annualized)        1.33                    1.30
     Return on avg. shareholders'
      equity (annualized)                     18.08                   18.26
     Book value per common share       $       7.77              $     7.53
     Tangible book value per
      common share                     $       6.87              $     6.61
     Efficiency ratio                         55.12%                  52.25%
 
 
 
     SELECTED RATIOS                     3rd Qtr      2nd Qtr      1st Qtr
     Avg. shareholders' equity
      to avg. total assets                     6.63%        6.69%      6.76%
     End of period shareholders' equity
      to end of period total assets            7.01         6.62       6.89
     Loans net of unearned income
      to total deposits                       91.38        91.72      93.91
     Return on avg. assets (annualized)       (0.34)        0.93       1.28
     Return on avg. shareholders'
      equity (annualized)                     (5.20)       13.84      18.96
     Book value per common share       $       7.36   $     7.45 $     7.67
     Tangible book value per
      common share                     $       6.41   $     6.43 $     6.62
     Efficiency ratio                         83.85%       68.99%     59.71%
 
 
 
 
 
                             AMSOUTH BANCORPORATION
                                  (Unaudited)
                             (Dollars in thousands)
 
                                         03/31/01     03/31/00     Pct. chg.
     LOANS NET OF UNEARNED INCOME
     Commercial:
      Commercial & industrial          $  7,189,519 $  8,203,477      (12.4)
      Comm loans secured by real estate   1,568,868    1,976,573      (20.6)
       Total commercial                   8,758,387   10,180,050      (14.0)
     Commercial real estate               4,824,466    4,671,295        3.3
     Consumer:
      Residential first mortgages         1,495,249    1,638,740       (8.8)
      Other residential mortgages         4,712,525    4,179,034       12.8
      Dealer indirect                     3,068,844    4,153,408      (26.1)
      Revolving credit                      490,391      467,470        4.9
      Other consumer                      1,178,082    1,327,474      (11.3)
       Total consumer                    10,945,091   11,766,126       (7.0)
        Total loans net of
           unearned income             $ 24,527,944 $ 26,617,471       (7.9)
 
                                         2001                      2000
                                         Mar 31                    Dec 31
     NONPERFORMING ASSETS
     Nonaccrual loans                  $    209,333              $  179,659
     Foreclosed properties                   13,688                  12,360
     Repossessions                            4,888                   4,259
 
       Total nonperforming assets*     $    227,909              $  196,278
     Nonperforming assets to loans
      net of unearned income,
      foreclosed properties & repos            0.93%                   0.80%
     Accruing loans 90 days
      past due                         $     89,237              $   85,410
 
     * Excludes $35.6 million and $29.2 million of nonperforming assets
 classified as held for accelerated disposition at June 30, 2000 and March 31,
 2000, respectively.
 
 
 
                                         Sept 30      Jun 30       Mar 31
     NONPERFORMING ASSETS
     Nonaccrual loans                  $    146,069 $    119,082 $  122,365
     Foreclosed properties                   12,714       13,780     19,839
     Repossessions                            3,906        1,810      3,274
 
       Total nonperforming assets*     $    162,689 $    134,672 $  145,478
     Nonperforming assets to loans
      net of unearned income,
      foreclosed properties & repos            0.66%        0.53%      0.55%
     Accruing loans 90 days
      past due                         $     78,314 $     70,800 $   66,375
 
     * Excludes $35.6 million and $29.2 million of nonperforming assets
 classified as held for accelerated disposition at June 30, 2000 and March 31,
 2000, respectively.
 
                                         2001                      2000
     ALLOWANCE FOR LOAN LOSSES           Mar 31                    Dec 31
     Balance at beg. of period         $    380,434              $  365,164
     Loans charged off                      (50,506)                (55,221)
     Recoveries of loans previously
      charged off                            12,518                  14,411
      Net charge-offs                       (37,988)                (40,810)
     Addition to allowance charged
      to expense                             38,200                  55,600
     Allowance sold/transferred, net            ---                     ---
     Allowance transferred to
       other liabilities                        ---                     480
     Balance at end of period          $    380,646              $  380,434
     Allowance for loan losses to
      loans net of unearned income             1.55%                   1.55%
     Net charge-offs to average loans
      net of unearned income**                 0.63%                   0.66%
     Allowance for loan losses to
      nonperforming loans                    181.84%                 211.75%
     Allowance for loan losses to
      nonperforming assets                   167.02%                 193.82%
       ** Annualized
 
 
     ALLOWANCE FOR LOAN LOSSES           Sept 30      Jun 30       Mar 31
     Balance at beg. of period         $    346,030 $    353,784 $  354,679
     Loans charged off                      (48,319)     (34,471)   (40,377)
     Recoveries of loans previously
      charged off                            12,890       11,743     14,993
     Net charge-offs                        (35,429)     (22,728)   (25,384)
     Addition to allowance charged
      to expense                            123,800       22,800     25,400
     Allowance sold/transferred, net        (69,091)      (5,500)       ---
     Allowance transferred to
       other liabilities                       (146)      (2,326)      (911)
     Balance at end of period          $    365,164 $    346,030 $  353,784
     Allowance for loan losses to
      loans net of unearned income             1.49%        1.35%      1.33%
     Net charge-offs to average loans
      net of unearned income**                 0.55%        0.34%      0.38%
     Allowance for loan losses to
      nonperforming loans                    249.99%      290.58%    289.12%
     Allowance for loan losses to
      nonperforming assets                   224.46%      256.94%    243.19%
       ** Annualized
 
 
                             AMSOUTH BANCORPORATION
                 QUARTERLY CONSOLIDATED AVERAGE DAILY BALANCES,
                 REVENUE AND EXPENSE SUMMARY, YIELDS AND RATES
                                  (Unaudited)
 
                                         Quarter Ended March 31
     (Taxable Equivalent Basis -         2001
     Dollars in Thousands)               Average      Revenue/     Yield/
                                         Balance      Expense      Rate Pct.
     ASSETS
     Interest-earning assets:
      Loans net of unearned
       income                          $ 24,645,798 $    530,572       8.73
      Available-for-sale securities:
       Taxable                            3,900,993       71,850       7.47
       Tax-free                              95,192        1,830       7.80
        Total AFS securities              3,996,185       73,680       7.48
      Held-to-maturity securities:
       Taxable                            4,256,209       72,571       6.91
       Tax-free                             347,660        6,316       7.37
        Total HTM securities              4,603,869       78,887       6.95
      Total investment securities         8,600,054      152,567       7.19
      Other interest-earning assets       1,883,404       27,115       5.84
        Total interest-earning assets    35,129,256      710,254       8.20
     Cash and other assets                3,710,493
     Allowance for loan losses             (381,223)
     Market valuation on AFS
      securities                             39,921
     Total                             $ 38,498,447
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Interest-bearing liabilities:
      Interest-bearing demand
       deposits                        $  9,707,570       83,607       3.49
      Savings deposits                    1,211,685        4,909       1.64
      Time deposits                       7,824,754      116,585       6.04
      Foreign time deposits                 332,426        3,797       4.63
      Certificates of deposit
       of $100,000 or more                2,518,103       38,467       6.20
      Federal funds purchased
       and securities sold under
       agreements to repurchase           2,341,302       27,617       4.78
      Other interest-bearing
       liabilities                        6,383,876       94,992       6.03
        Total interest-bearing
         liabilities                     30,319,716      369,974       4.95
          Net interest spread                                          3.25
     Noninterest-bearing demand
      deposits                            4,482,747
     Other liabilities                      864,755
     Shareholders' equity                 2,831,229
     Total                             $ 38,498,447
          Net int. income/margin
          on a taxable equiv. basis                      340,280       3.93
     Taxable equiv. adjustment:
       Loans                                               5,118
       AFS securities                                      1,257
       HTM securities                                      4,062
       Trading securities                                    ---
        Total taxable equiv. adjustment                   10,437
          Net interest income                       $    329,843
     Note:  The taxable equivalent adjustment has been computed based on the
 statutory federal income tax rate, adjusted for applicable state income taxes
 net of the related federal tax benefit.  Loans net of unearned income includes
 nonaccrual loans.  Certain noninterest-earning marketable equity securities
 are not included in AFS securities.
 
                                         Quarter Ended March 31
     (Taxable Equivalent Basis -         2000
     Dollars in Thousands)               Average      Revenue/     Yield/
                                         Balance      Expense      Rate Pct.
     ASSETS
     Interest-earning assets:
      Loans net of unearned
       income                          $ 26,681,345 $    563,191       8.49
      Available-for-sale securities:
       Taxable                            6,014,598      100,290       6.71
       Tax-free                              65,763        1,183       7.24
        Total AFS securities              6,080,361      101,473       6.71
      Held-to-maturity securities:
       Taxable                            6,612,916      112,836       6.86
       Tax-free                             387,092        6,962       7.23
        Total HTM securities              7,000,008      119,798       6.88
      Total investment securities        13,080,369      221,271       6.80
      Other interest-earning assets         270,785        4,721       7.01
        Total interest-earning assets    40,032,499      789,183       7.93
     Cash and other assets                4,138,693
     Allowance for loan losses             (355,515)
     Market valuation on AFS
      securities                           (221,106)
     Total                             $ 43,594,571
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Interest-bearing liabilities:
      Interest-bearing demand
       deposits                        $  9,086,434       71,725       3.17
      Savings deposits                    2,352,997       16,589       2.84
      Time deposits                       7,619,385      101,244       5.34
      Foreign time deposits               1,296,318       17,757       5.51
      Certificates of deposit
       of $100,000 or more                2,778,322       38,260       5.54
      Federal funds purchased
       and securities sold under
       agreements to repurchase           4,044,026       51,454       5.12
      Other interest-bearing
       liabilities                        8,166,443      117,096       5.77
        Total interest-bearing
         liabilities                     35,343,925      414,125       4.71
          Net interest spread                                          3.22
     Noninterest-bearing demand
      deposits                            4,697,394
     Other liabilities                      606,018
     Shareholders' equity                 2,947,234
     Total                             $ 43,594,571
          Net int. income/margin
           on a taxable equiv. basis                     375,058       3.77
     Taxable equiv. adjustment:
       Loans                                                 884
       AFS securities                                        858
       HTM securities                                      4,743
       Trading securities                                    ---
        Total taxable equiv. adjustment                    6,485
          Net interest income                       $    368,573
     Note:  The taxable equivalent adjustment has been computed based on the
 statutory federal income tax rate, adjusted for applicable state income taxes
 net of the related federal tax benefit.  Loans net of unearned income includes
 nonaccrual loans.  Certain noninterest-earning marketable equity securities
 are not included in AFS securities.
 
 
                             AMSOUTH BANCORPORATION
                                  (Unaudited)
                             (Dollars in thousands)
 
                                         Three Months
                                         Ended March 31
                                         2001         2000         Pct. chg.
     NONINTEREST REVENUES
     Service charges on deposit accounts $   59,871 $     56,853        5.3
     Trust income                            28,879       27,485        5.1
     Consumer investment serv. income        23,672       64,627      (63.4)
     Credit card income                       4,755        4,230       12.4
     Mortgage income                          4,899       10,067      (51.3)
     Interchange income                      13,046       12,015        8.6
     Portfolio income                         2,943        4,129      (28.7)
     Other noninterest revenues              44,236       40,631        8.9
         Noninterest revenues            $  182,301 $    220,037      (17.1)
 
 
 
     NONINTEREST EXPENSES
     Salaries and employee
      benefits                         $    141,732 $    150,583       (5.9)
     Net occupancy expense                   27,813       29,949       (7.1)
     Equipment expense                       30,296       32,180       (5.9)
     Marketing expense                        8,507       11,993      (29.1)
     Postage and supplies expense            12,909       12,311        4.9
     Communications expense                  10,278        9,560        7.5
     Professional fees                        5,348        4,498       18.9
     Amortization of intangibles              8,517        9,957      (14.5)
     Subscribers' commissions                   ---       30,594     (100.0)
     Merger-related costs                       ---       21,954     (100.0)
     Other noninterest expenses              42,667       41,778        2.1
       Noninterest expenses            $    288,067 $    355,357      (18.9)
 
 
     INTANGIBLE ASSETS                   03/31/01     03/31/00
     Goodwill                          $  312,642 $    382,751
     Core deposit and
      other intangibles                    19,941       30,765
 
 SOURCE  AmSouth Bancorporation