Regions Financial (RF) 8-K Regions Reports First Quarter 2007 Earnings

EXHIBIT 99.2

FINANCIAL SUPPLEMENT TO FIRST QUARTER 2007 EARNINGS RELEASE

Summary

Quarterly earnings of $0.45 per diluted share (GAAP), or $0.69 per diluted share excluding merger charges and discontinued operations (non-GAAP - see page 15 for additional details)

• Primary drivers of earnings include net interest income, strong quarter for Morgan Keegan, continued low credit costs and sound non-interest expense control

• Quarterly results include full quarter impact of legacy AmSouth operations (partial quarter impact in 4Q06)

EquiFirst sale completed; future earnings to be positively impacted

• Improves overall risk profile

• Earnings from continuing operations to benefit from elimination of related costs, including reduced headcount, etc.

• Remaining exposure to subprime lending minimal

Strong 1Q07 revenue

• Total FTE revenue of $1.9 billion

• Total FTE net interest income of $1.2 billion

• Net interest margin of 3.99%

• Morgan Keegan revenues of $302 million resulting in earnings of $46 million

Steady performance in banking franchise

• Low-cost deposits, excluding divestitures, grew 6 percent linked-quarter, annualized

• Success in free interest-bearing checking campaign

• Period-end loans down 1.6 percent linked-quarter, annualized

• Growth in real estate construction loans was more than offset by the contraction in commercial real estate mortgage loans

Efficiency improves through cost control

• Recognized merger-related cost saves of $51 million in 1Q07

• Primarily personnel-related expenses

• Regions continues to expect realization of $150 million in net pre-tax cost saves during 2007

• Pre-tax merger-related charges of $49 million in 1Q07

Continued low credit losses

• Net charge-offs of $46 million, or an annualized 0.20% of average loans, an improvement of 7 bps linked-quarter

• Non-performing assets of $422.5 million, or 0.45% of loans and foreclosed properties at March 31, 2007 vs. 0.40% at December 31, 2006

• Allowance for credit losses as a percentage of loans up one basis point to 1.18% at March 31, 2007

Merger integration on track

• Meeting or exceeding all merger related goals

• Divestiture of 52 branches completed in mid-March

• Mortgage conversion completed

• Brokerage conversion completed

• Substantial progress in testing and preparation for the first branch conversion event, which will occur in July

FINANCIAL SUPPLEMENT TO

FIRST QUARTER 2007 EARNINGS RELEASE

PAGE  2

Regions Financial Corporation and Subsidiaries

Consolidated Balance Sheets (1) (2)

(Unaudited)

($ amounts in thousands)	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Assets:
Cash and due from banks	$	2,991,232		$	3,550,742		$	2,055,137		$	2,304,934		$	2,059,251
Interest-bearing deposits in other banks		37,365			270,601			38,981			31,565			37,049
Federal funds sold and securities purchased under agreements to resell		1,154,994			896,075			913,076			733,476			869,117
Trading account assets		1,490,374			1,442,994			1,438,427			1,056,434			1,119,854
Securities available for sale		18,361,050			18,514,332			12,425,555			11,758,035			11,823,198
Securities held to maturity		46,008			47,728			30,033			29,983			30,591
Loans held for sale		1,175,650			3,308,064			1,824,687			2,281,372			1,547,840
Loans held for sale - divestitures		—			1,612,237			—			—			—
Margin receivables		555,580			570,063			581,558			576,616			563,202
Loans, net of unearned income		94,168,260			94,550,602			59,477,905			59,130,632			58,460,211
Allowance for loan losses		(1,056,260	)		(1,055,953	)		(778,465	)		(777,783	)		(782,368	)
Net loans		93,112,000			93,494,649			58,699,440			58,352,849			57,677,843
Premises and equipment, net		2,372,800			2,398,494			1,097,616			1,109,732			1,109,587
Interest receivable		627,918			666,410			456,978			407,811			402,072
Excess purchase price		11,191,675			11,175,647			4,967,799			4,996,028			4,987,770
Mortgage servicing rights (MSRs)		367,222			374,871			407,740			420,322			413,672
Other identifiable intangible assets		914,410			957,834			287,437			295,588			304,008
Other assets		3,669,790			4,088,280			1,755,627			1,708,041			1,649,464
Total Assets	$	138,068,068		$	143,369,021		$	86,980,091		$	86,062,786		$	84,594,518
Liabilities and Stockholders’ Equity:
Deposits:
Non-interest-bearing	$	19,942,928		$	20,175,482		$	12,570,051		$	13,158,707		$	13,328,143
Non-interest-bearing - divestitures		—			533,295			—			—			—
Interest-bearing		75,393,720			78,281,120			49,599,494			48,246,119			47,191,336
Interest-bearing - divestitures		—			2,238,072			—			—			—
Total deposits		95,336,648			101,227,969			62,169,545			61,404,826			60,519,479
Borrowed funds:
Short-term borrowings:
Federal funds purchased and securities sold under agreements to repurchase		8,159,929			7,676,254			4,943,568			4,770,538			3,900,737
Other short-term borrowings		2,356,205			1,990,817			1,368,480			958,048			995,312
Total short-term borrowings		10,516,134			9,667,071			6,312,048			5,728,586			4,896,049
Long-term borrowings		8,593,117			8,642,649			5,490,404			6,293,372			6,621,710
Total borrowed funds		19,109,251			18,309,720			11,802,452			12,021,958			11,517,759
Other liabilities		3,308,003			3,129,878			1,965,191			1,937,643			1,900,495
Total Liabilities		117,753,902			122,667,567			75,937,188			75,364,427			73,937,733
Stockholders’ equity:
Common stock		7,320			7,303			4,813			4,787			4,778
Additional paid in capital		16,447,358			16,339,726			7,466,180			7,393,185			7,360,704
Undivided profits		4,289,354			4,493,245			4,547,845			4,355,306			4,169,678
Treasury stock		(368,837	)		(7,548	)		(888,282	)		(833,633	)		(708,593	)
Accumulated other comprehensive loss		(61,029	)		(131,272	)		(87,653	)		(221,286	)		(169,782	)
Total Stockholders’ Equity		20,314,166			20,701,454			11,042,903			10,698,359			10,656,785
Total Liabilities & SE	$	138,068,068		$	143,369,021		$	86,980,091		$	86,062,786		$	84,594,518

(1) Regions Financial Corporation and AmSouth Bancorporation merged effective November 4, 2006. The merger was accounted for as a purchase of AmSouth by Regions. As a result, periods ending prior to November 4, 2006, reflect legacy Regions data on a stand-alone basis.

(2) Certain amounts in prior periods have been reclassified to reflect current period presentation.

FINANCIAL SUPPLEMENT TO

FIRST QUARTER 2007 EARNINGS RELEASE

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Regions Financial Corporation and Subsidiaries

Consolidated Statements of Income (1) (6)

(Unaudited)

	Quarter Ended
($ amounts in thousands, except per share data)	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Interest income on:
Loans, including fees	$	1,773,404		$	1,587,494		$	1,129,013		$	1,070,609		$	1,005,790
Securities:
Taxable		224,319			200,917			143,118			130,979			131,651
Tax-exempt		11,048			9,807			7,852			7,904			8,116
Total securities		235,367			210,724			150,970			138,883			139,767
Loans held for sale		48,342			35,935			11,890			10,802			10,816
Federal funds sold and securities purchased under agreements to resell		16,373			15,877			13,505			11,573			10,490
Trading account assets		15,620			22,608			12,519			9,558			9,853
Margin receivables		9,610			9,576			9,767			9,525			8,673
Time deposits in other banks		1,179			1,376			637			343			544
Total interest income		2,099,895			1,883,590			1,328,301			1,251,293			1,185,933
Interest expense on:
Deposits		687,459			597,255			411,178			357,026			314,708
Short-term borrowings		120,661			102,984			66,315			56,065			50,133
Long-term borrowings		122,737			123,199			84,429			89,360			88,164
Total interest expense		930,857			823,438			561,922			502,451			453,005
Net interest income		1,169,038			1,060,152			766,379			748,842			732,928
Provision for loan losses		47,000			59,825			24,914			30,014			27,620
Net interest income after provision for loan losses		1,122,038			1,000,327			741,465			718,828			705,308
Non-interest income:
Brokerage and investment banking		199,748			207,676			144,093			158,865			166,793
Service charges on deposit accounts		284,097			247,591			166,555			164,212			143,640
Trust department income		49,929			43,531			36,366			35,730			34,555
Mortgage income		37,021			44,134			43,637			47,631			43,286
Securities gains (losses), net		304			(20	)		8,104			28			11
Other		125,813			94,657			62,628			63,911			72,106
Total non-interest income		696,912			637,569			461,383			470,377			460,391
Non-interest expense:
Salaries and employee benefits		608,939			606,165			398,848			424,889			429,949
Net occupancy expense		93,531			90,968			52,675			52,354			58,630
Furniture and equipment expense		72,809			59,306			32,922			32,762			32,908
Impairment (recapture) of MSR’s		1,000			27,000			8,000			(10,000	)		(9,000	)
Other		332,687			307,761			195,906			195,458			216,525
Total non-interest expense (2)		1,108,966			1,091,200			688,351			695,463			729,012
Income before income taxes from continuing operations		709,984			546,696			514,497			493,742			436,687
Income taxes		235,908			174,701			156,575			150,280			137,545
Income from continuing operations		474,076			371,995			357,922			343,462			299,142
(Loss) income from discontinued operations before income taxes		(215,818	)		(17,718	)		(10,442	)		2,991			(7,437	)
Income tax (benefit) expense from discontinued operations		(74,723	)		(7,274	)		(4,177	)		1,196			(2,975	)
(Loss) income from discontinued operations, net of tax		(141,095	)		(10,444	)		(6,265	)		1,795			(4,462	)
Net income	$	332,981		$	361,551		$	351,657		$	345,257		$	294,680
Weighted-average shares outstanding - during quarter:
Basic (3)		726,921			638,830			454,441			455,528			456,442
Diluted (3)		734,534			646,372			458,903			460,131			461,043
Actual shares outstanding end of quarter (3)		721,825			730,076			455,067			454,034			456,701
Earnings per share from continuing operations (4):
Basic	$	0.65		$	0.58		$	0.79		$	0.75		$	0.66
Diluted	$	0.65		$	0.58		$	0.78		$	0.75		$	0.65
Earnings per share from discontinued operations (4):
Basic	$	(0.19	)	$	(0.02	)	$	(0.01	)	$	0.00		$	(0.01	)
Diluted	$	(0.19	)	$	(0.02	)	$	(0.01	)	$	0.00		$	(0.01	)
Earnings per share (4):
Basic	$	0.46		$	0.57		$	0.77		$	0.76		$	0.65
Diluted	$	0.45		$	0.56		$	0.77		$	0.75		$	0.64
Cash dividends declared per share (5)	$	0.36		$	0.35		$	0.35		$	0.35		$	0.35
Taxable equivalent net interest income from continuing operations	$	1,175,546		$	1,094,092		$	794,940		$	777,575		$	756,883

See notes to the Consolidated Statements of Income on page 4

FINANCIAL SUPPLEMENT TO

FIRST QUARTER 2007 EARNINGS RELEASE

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(1) Regions Financial Corporation and AmSouth Bancorporation merged effective November 4, 2006. The merger was accounted for as a purchase of AmSouth by Regions. As a result, periods ending prior to November 4, 2006, reflect legacy Regions data on a stand-alone basis.

(2) Merger-related charges totaling $49.0 million in 1Q07 and $87.6 million in 4Q06 are included in non-interest expense. See pages 10 and 15 for additional detail.

(3) On November 4, 2006, 277 million shares were issued in the AmSouth transaction; as a result, the weighted-average shares outstanding calculation for the 4Q06 includes approximately one month of pre-AmSouth merger share count and two months of post-AmSouth merger share count.

(4) Certain per share amounts may not appear to reconcile due to rounding.

(5) In 4Q06, in addition to the dividend paid, the Board of Directors declared a $0.36 per share dividend payable January 2, 2007, representing an acceleration of Regions’ previously existing dividend schedule beginning with the 2007 dividends paid.

(6) Certain amounts in prior periods have been reclassified to reflect current period presentation.

FINANCIAL SUPPLEMENT TO

FIRST QUARTER 2007 EARNINGS RELEASE

PAGE  5

Regions Financial Corporation and Subsidiaries

Consolidated Average Daily Balances and Yield/Rate Analysis Including Discontinued Operations (1) (2)

($ amounts in thousands; yields on taxable- equivalent basis)	Quarter Ended
	3/31/07							12/31/06							9/30/06							6/30/06							3/31/06
	Average Balance			Income/ Expense		Yield/ Rate		Average Balance			Income/ Expense		Yield/ Rate		Average Balance			Income/ Expense		Yield/ Rate		Average Balance			Income/ Expense		Yield/ Rate		Average Balance			Income/ Expense		Yield/ Rate
Assets
Interest-earning assets:
Interest-bearing deposits in other banks	$	80,520		$	1,179	5.94	%	$	125,467		$	1,376	4.35	%	$	41,821		$	637	6.04	%	$	38,825		$	343	3.54	%	$	52,400		$	544	4.21	%
Federal funds sold and securities purchased under agreement to resell		1,061,976			16,373	6.25	%		1,098,535			15,878	5.73	%		937,005			13,504	5.72	%		871,206			11,573	5.33	%		936,243			10,490	4.54	%
Trading account assets		1,475,097			15,911	4.37	%		1,419,868			23,168	6.47	%		1,130,260			12,667	4.45	%		969,137			9,583	3.97	%		924,044			10,324	4.53	%
Securities:
Taxable		17,748,027			224,319	5.13	%		16,263,163			201,354	4.91	%		11,612,748			143,483	4.90	%		11,175,675			131,364	4.71	%		11,462,264			131,969	4.67	%
Tax-exempt		763,297			16,786	8.92	%		648,747			14,540	8.89	%		397,160			12,003	11.99	%		406,340			12,074	11.92	%		426,119			12,344	11.75	%
Loans held for sale		3,427,285			67,196	7.95	%		2,689,490			50,113	7.39	%		2,263,608			45,416	7.96	%		2,355,875			47,261	8.05	%		1,828,232			33,882	7.52	%
Loans held for sale-divestitures		1,150,548			21,520	7.59	%		1,042,964			20,087	7.64	%		—			—	—			—			—	—			—			—	—
Margin receivables		554,896			9,610	7.02	%		540,805			9,576	7.03	%		553,946			9,767	7.00	%		557,148			9,525	6.86	%		534,978			8,673	6.57	%
Loans, net of unearned income		94,338,760			1,745,475	7.50	%		83,058,620			1,591,768	7.60	%		59,111,355			1,130,704	7.59	%		58,489,995			1,071,997	7.35	%		58,191,512			1,011,461	7.05	%
Total interest-earning assets		120,600,406		$	2,118,369	7.12	%		106,887,659		$	1,927,860	7.16	%		76,047,903		$	1,368,181	7.14	%		74,864,201		$	1,293,720	6.93	%		74,355,792		$	1,219,687	6.65	%
Allowance for loan losses		(1,061,769	)						(985,310	)						(780,715	)						(781,282	)						(785,847	)
Cash and due from banks		3,010,446							2,605,261							1,959,441							2,016,715							2,029,747
Other assets		19,414,608							16,070,226							9,749,193							9,776,953							9,838,032
	$	141,963,691						$	124,577,836						$	86,975,822						$	85,876,587						$	85,437,724
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Savings accounts	$	3,905,299		$	2,964	0.31	%	$	3,572,985		$	3,097	0.34	%	$	2,988,548		$	3,053	0.41	%	$	3,155,230		$	3,357	0.43	%	$	3,100,922		$	2,849	0.37	%
Interest-bearing transaction accounts		16,113,504			83,343	2.10	%		13,338,852			62,898	1.87	%		9,187,008			35,127	1.52	%		9,880,021			36,219	1.47	%		10,236,247			34,076	1.35	%
Money market accounts		21,570,731			183,517	3.45	%		18,696,939			159,265	3.38	%		12,875,034			105,756	3.26	%		12,037,280			87,988	2.93	%		11,909,267			76,986	2.62	%
Certificates of deposit of $100,000 or more		13,271,108			155,935	4.77	%		12,045,318			142,757	4.70	%		8,297,133			97,633	4.67	%		7,650,843			82,214	4.31	%		7,383,192			72,240	3.97	%
Other interest-bearing deposit accounts		23,343,676			249,609	4.34	%		20,610,566			217,264	4.18	%		15,875,539			169,610	4.24	%		15,067,677			147,248	3.92	%		14,442,354			128,557	3.61	%
Interest-bearing deposits - divestitures		1,517,504			12,091	3.23	%		1,450,645			11,974	3.27	%		—			—				—			—				—			—
Total interest-bearing deposits		79,721,822			687,459	3.50	%		69,715,305			597,255	3.40	%		49,223,262			411,179	3.31	%		47,791,051			357,026	3.00	%		47,071,982			314,708	2.71	%
Federal funds purchased and securities sold under agreement to repurchase		8,174,934			96,303	4.78	%		7,333,018			87,816	4.75	%		4,806,594			56,898	4.70	%		4,301,848			47,213	4.40	%		4,176,546			41,281	4.01	%
Other short-term borrowings		2,213,107			24,358	4.46	%		1,539,329			15,169	3.91	%		927,313			9,416	4.03	%		886,953			8,852	4.00	%		999,141			8,852	3.59	%
Long-term borrowings		8,606,381			122,737	5.78	%		8,159,959			123,199	5.99	%		5,810,710			84,428	5.76	%		6,589,755			89,361	5.44	%		6,859,167			88,164	5.21	%
Total interest-bearing liabilities		98,716,244		$	930,857	3.82	%		86,747,611		$	823,439	3.77	%		60,767,879		$	561,921	3.67	%		59,569,607		$	502,452	3.38	%		59,106,836		$	453,005	3.11	%
Non-interest-bearing deposits		19,694,403							17,535,467							12,482,899							12,882,910							12,926,748
Other liabilities		3,100,313							3,108,830							2,847,404							2,754,398							2,717,892
Stockholders’ equity		20,452,731							17,185,928							10,877,640							10,669,672							10,686,248
	$	141,963,691						$	124,577,836						$	86,975,822						$	85,876,587						$	85,437,724
Net interest income/margin FTE basis				$	1,187,512	3.99	%				$	1,104,421	4.10	%				$	806,260	4.21	%				$	791,268	4.24	%				$	766,682	4.18	%

(1) Regions Financial Corporation and AmSouth Bancorporation merged effective November 4, 2006. The merger was accounted for as a purchase of AmSouth by Regions. As a result, periods ending prior to November 4, 2006, reflect legacy Regions data on a stand-alone basis.

(2) Certain amounts in prior periods have been reclassified to reflect current period presentation.

FINANCIAL SUPPLEMENT TO

FIRST QUARTER 2007 EARNINGS RELEASE

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Regions Financial Corporation and Subsidiaries

Selected Ratios (1)

	As of and for Quarter Ended
	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Return on average assets*		0.95	%		1.15	%		1.60	%		1.61	%		1.40	%
Return on average assets ex. merger charges and discontd. ops.* (2)		1.46	%		1.39	%		1.66	%		1.64	%		1.44	%
Return on average equity*		6.60	%		8.35	%		12.83	%		12.98	%		11.18	%
Return on average equity ex. merger charges and discontd. ops.* (2)		10.05	%		10.04	%		13.24	%		13.10	%		11.52	%
Return on average tangible equity*		16.29	%		19.59	%		24.93	%		25.73	%		22.32	%
Return on average tangible eq. ex. merger charges and discontd. ops.* (2)		24.96	%		23.84	%		26.10	%		26.35	%		23.34	%
Stockholders’ equity per share	$	28.14		$	28.36		$	24.27		$	23.56		$	23.33
Stockholders’ equity to total assets		14.71	%		14.44	%		12.70	%		12.43	%		12.60	%
Tangible stockholders’ equity to tangible assets		6.52	%		6.53	%		7.08	%		6.69	%		6.77	%
Allowance for credit losses as a percentage of loans, net of unearned income (3)		1.18	%		1.17	%		1.31	%		1.32	%		1.34	%
Allowance for loan losses as a percentage of loans, net of unearned income		1.12	%		1.12	%		1.31	%		1.32	%		1.34	%
Net interest margin (FTE)		3.99	%		4.10	%		4.21	%		4.24	%		4.18	%
Loans, net of unearned income, to total deposits		98.77	%		93.40	%		95.67	%		96.30	%		96.60	%
Net charge-offs as a percentage of average loans*		0.20	%		0.27	%		0.16	%		0.21	%		0.20	%
Total non-performing assets (excluding loans 90 days past due) as a percentage of loans and other real estate		0.45	%		0.40	%		0.52	%		0.54	%		0.70	%
Total non-performing assets (including loans 90 days past due) as a percentage of loans and other real estate		0.67	%		0.55	%		0.66	%		0.67	%		0.86	%

* Annualized

(1) Regions Financial Corporation and AmSouth Bancorporation merged effective November 4, 2006. The merger was accounted for as a purchase of AmSouth by Regions. As a result, periods ending prior to November 4, 2006, reflect legacy Regions data on a stand-alone basis.

(2) Non-GAAP measurements in 1Q07 and 4Q06 due to exclusion of merger charges; See page 15 for reconciliation to GAAP Financial Measures.

(3) The allowance for credit losses reflects the allowance related to both loans on the balance sheet and exposure related to unfunded commitments and standby letters of credit.

Regions Financial Corporation and Subsidiaries

Allowance for Credit Losses (1)

	Three Months Ended March 31
($ amounts in thousands)	2007			2006
Balance at beginning of year	$	1,107,788		$	783,536
Net loans charged-off:
Commercial		19,877			13,360
Real estate - mortgage		1,729			4,118
Real estate - construction		118			(40	)
Home equity lending		8,686			6,079
Indirect lending		4,416			3,444
Other consumer		11,196			1,707
Total		46,022			28,668
Allowance allocated to sold loans		(853	)		—
Provision for loan losses, from continuing operations		47,000			27,620
Provision for loan losses, from discontinued operations		182			(120	)
Provision for unfunded credit commitments		2,229			—
Balance at end of period	$	1,110,324		$	782,368
Components:
Allowance for loan losses	$	1,056,260		$	782,368
Reserve for unfunded credit commitments		54,064			—
Allowance for credit losses	$	1,110,324		$	782,368

(1) Regions Financial Corporation and AmSouth Bancorporation merged effective November 4, 2006. The merger was accounted for as a purchase of AmSouth by Regions. As a result, periods ending prior to November 4, 2006, reflect legacy Regions data on stand-alone basis.

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PAGE  7

Loans (1)(2)

Loan Portfolio - Period End Data

($ amounts in thousands)	3/31/07		12/31/06		9/30/06		6/30/06		3/31/06		3/31/07 vs. 12/31/2006*
Commercial	$	24,188,205	$	24,145,411	$	16,155,841	$	15,840,510	$	14,883,254	$	42,794		0.7	%
Real estate- mortgage		34,505,573		35,230,343		23,534,691		24,019,544		24,688,763		(724,770	)	-8.2	%
Real estate- construction		14,357,801		14,121,030		8,730,822		8,162,479		7,700,465		236,771		6.7	%
Home equity lending		14,845,348		14,888,599		7,529,539		7,583,826		7,655,214		(43,251	)	-1.2	%
Indirect lending		4,050,317		4,037,539		1,324,017		1,344,853		1,319,819		12,778		1.3	%
Other consumer		2,221,016		2,127,680		2,202,995		2,179,420		2,212,696		93,336		17.5	%
	$	94,168,260	$	94,550,602	$	59,477,905	$	59,130,632	$	58,460,211	$	(382,342	)	-1.6	%
Loan Portfolio - Average Balances
($ amounts in thousands)	1Q07		4Q06		3Q06		2Q06		1Q06
Commercial	$	24,094,090	$	21,242,803	$	15,932,108	$	15,189,741	$	14,758,024
Real estate- mortgage		34,922,144		31,361,533		23,685,891		24,263,886		24,595,385
Real estate- construction		14,221,432		12,289,921		8,435,465		7,904,240		7,536,236
Home equity lending		14,858,209		12,402,944		7,550,011		7,622,349		7,734,989
Indirect lending		4,007,349		3,141,590		1,336,290		1,329,697		1,334,345
Other consumer		2,235,536		2,619,829		2,171,590		2,180,082		2,232,533
	$	94,338,760	$	83,058,620	$	59,111,355	$	58,489,995	$	58,191,512

(1) Regions Financial Corporation and AmSouth Bancorporation merged effective November 4, 2006. The merger was accounted for as a purchase of AmSouth by Regions. As a result, periods ending prior to November 4, 2006, reflect legacy Regions data on a stand-alone basis.

(2) Certain amounts in prior periods have been reclassified to reflect current period presentation.

* Linked quarter percentage changes are presented on an annualized basis

• $1.6 billion of loans were reclassified to held-for-sale in 4Q06 in connection with the 52 branches that were divested in 1Q07.

• The AmSouth transaction added $36.5 billion of loans in 4Q06.

• The largest linked-quarter change in 1Q07 was the decline in the real estate-mortgage category. This decline is primarily due to a nearly $700 million decline in commercial real estate mortgages.

• Linked-quarter growth in other consumer was primarily due to an increase in student loans during the quarter.

• Linked-quarter average comparisons are impacted by full-quarter inclusion of AmSouth results in 1Q07 compared to only 2 months in 4Q06.

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PAGE  8

Deposits (1)(2)

Deposit Portfolio - Period End Data

($ amounts in thousands)	3/31/07		12/31/06			9/30/06		6/30/06		3/31/06		3/31/07 vs. 12/31/2006*
Interest-Free Deposits	$	19,942,928	$	20,175,482		$	12,570,051	$	13,158,707	$	13,328,143	$	(232,554	)	-4.6	%
Interest-Bearing Checking		16,426,436		15,899,813			8,513,908		9,095,050		9,538,595		526,623		13.2	%
Savings		3,937,346		3,882,533			2,908,930		3,081,192		3,182,650		54,813		5.6	%
Money Market		22,109,072		21,521,258			13,882,716		12,874,239		12,848,984		587,814		10.9	%
Divestitures - Interest-Free		—		533,295			—		—		—		(533,295	)	NM
Divestitures - Other Low-Cost		—		1,177,671			—		—		—		(1,177,671	)	NM
Total Low-Cost Deposits		62,415,782		63,190,052			37,875,605		38,209,188		38,898,372		(774,270	)	-4.9	%
CD’s < $100K		14,985,322		15,104,520			11,055,918		11,063,668		10,874,303		(119,198	)	-3.2	%
CD’s > $100K		12,979,072		12,776,086			9,124,935		7,918,736		7,480,764		202,986		6.4	%
Other Time Deposits		4,956,472		9,096,910			4,113,087		4,213,234		3,266,040		(4,140,438	)	-182.1	%
Divestitures - Time		—		1,060,401			—		—		—		(1,060,401	)	NM
	$	95,336,648	$	101,227,969		$	62,169,545	$	61,404,826	$	60,519,479	$	(5,891,321	)	-23.3	%
Deposit Portfolio - Average Balances
($ amounts in thousands)	1Q07		4Q06			3Q06		2Q06		1Q06
Interest-Free Deposits	$	19,324,381	$	17,175,508		$	12,482,899	$	12,882,910	$	12,926,748
Interest-Bearing Checking		16,113,504		13,338,852			9,187,008		9,880,021		10,236,247
Savings		3,905,299		3,572,985			2,988,548		3,155,230		3,100,922
Money Market		21,570,731		18,696,939			12,875,034		12,037,280		11,909,267
Divestitures - Interest-Free		370,022		359,957			—		—		—
Divestitures - Other Low-Cost		796,266		763,757			—		—		—
Total Low-Cost Deposits		62,080,203		53,907,998	��		37,533,489		37,955,441		38,173,184
CD’s < $100K		15,124,475		13,758,120			11,068,375		11,022,675		10,714,595
CD’s > $100K		13,271,108		12,045,318			8,297,133		7,650,843		7,383,192
Other Time Deposits		8,219,201		6,852,448			4,807,164		4,045,002		3,727,759
Divestitures - Time		721,238		686,891			—		—		—
	$	99,416,225	$	87,250,775		$	61,706,161	$	60,673,961	$	59,998,730

(1) Regions Financial Corporation and AmSouth Bancorporation merged effective November 4, 2006. The merger was accounted

for as a purchase of AmSouth by Regions. As a result, periods ending prior to November 4, 2006, reflect legacy Regions data on a stand-alone basis.

(2) Certain amounts in prior periods have been reclassified to reflect current period presentation.

* Linked quarter percentage changes are presented on an annualized basis

• $2.8 billion of deposits were reclassified to held-for-sale in 4Q06 in connection with the 52 branches that were divested in 1Q07.

• The AmSouth transaction added $37.6 billion of deposits in 4Q06.

• Period end low-cost deposits excluding divestitures increased 6% linked-quarter, annualized, due primarily to a successful interest-bearing checking campaign and an 11% linked-quarter, annualized, increase in money market deposits resulting from various money market specials and consumer preferences.

• Other time deposits declined linked-quarter due to a $4.1 billion reduction in Euro short-term deposits used for wholesale funding purposes.

• Linked-quarter average comparisons are impacted by full-quarter inclusion of AmSouth results in 1Q07 compared to only 2 months in 4Q06.

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PAGE  9

Operating Performance from Continuing Operations (1)(2)

Revenue

($ amounts in thousands)	1Q07		4Q06		3Q06		2Q06		1Q06
Net Interest Income (TE basis)	$	1,175,546	$	1,094,092	$	794,940	$	777,575	$	756,883
Non-Interest Income (excl. sec. gains losses)		696,608		637,589		453,279		470,349		460,380
Total Revenue (excl. sec. gains/losses, TE basis)	$	1,872,154	$	1,731,681	$	1,248,219	$	1,247,924	$	1,217,263

(1) Regions Financial Corporation and AmSouth Bancorporation merged effective November 4, 2006. The merger was accounted for as a purchase of AmSouth by Regions. As a result, periods ending prior to November 4, 2006, reflect legacy Regions data on a stand-alone basis.

(2) Certain amounts in prior periods have been reclassified to reflect current period presentation.

• Net interest margin of 3.99% in 1Q07 compared to 4.10% in 4Q06.

• Regions’ balance sheet is neutrally positioned as of March 31, 2007.

• Linked-quarter comparisons are impacted by full-quarter inclusion of AmSouth results in 1Q07 compared to only 2 months in 4Q06.

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Non-Interest Income and Expense from Continuing Operations (1)(2)

Non-interest Income and Expense

Non-interest Income

($ amounts in thousands)	1Q07		4Q06			3Q06		2Q06			1Q06
Brokerage and investment banking	$	199,748	$	207,676		$	144,093	$	158,865		$	166,793
Service charges on deposit accounts		284,097		247,591			166,555		164,212			143,640
Trust department income		49,929		43,531			36,366		35,730			34,555
Mortgage income		37,021		44,134			43,637		47,631			43,286
Securities gains (losses), net		304		(20	)		8,104		28			11
Insurance premiums & commissions		27,229		21,556			21,330		21,267			21,394
Commercial credit fee income		20,574		24,477			18,563		17,455			14,405
Other		78,010		48,624			22,735		25,189			36,307
Total non-interest income	$	696,912		637,569			461,383		470,377			460,391
Non-interest Expense*
($ amounts in thousands)	1Q07		4Q06			3Q06		2Q06			1Q06
Salaries and employee benefits	$	585,408	$	540,510		$	398,810	$	424,889		$	429,949
Net occupancy expense		89,701		87,495			52,675		52,354			58,630
Furniture and equipment expense		72,564		58,879			32,922		32,762			32,908
Impairment (recapture) of MSR’s		1,000		27,000			8,000		(10,000	)		(9,000	)
Amortization of core deposit intangible		43,112		32,890			10,073		10,370			10,724
Amortization of MSR’s		20,042		19,406			16,592		16,263			18,303
Other		248,146		237,382			168,258		168,825			187,498
Total non-interest expense, excluding merger charges		1,059,973		1,003,562			687,330		695,463			729,012
Merger-related charges		48,993		87,638			1,021		—			—
Total non-interest expense	$	1,108,966	$	1,091,200		$	688,351	$	695,463		$	729,012

(1) Regions Financial Corporation and AmSouth Bancorporation merged effective November 4, 2006. The merger was accounted for as a purchase of AmSouth by Regions. As a result, periods ending prior to November 4, 2006, reflect legacy Regions data on a stand-alone basis.

(2) Certain amounts in prior periods have been reclassified to reflect current period presentation.

* Individual expense categories are presented excluding merger-related charges, which are presented in a separate line item in the above table.

• Linked-quarter comparisons are impacted by full-quarter inclusion of AmSouth results in 1Q07 compared to only 2 months in 4Q06.

• Mortgage income declined linked-quarter due primarily to less gain on sales in the secondary market.

• Insurance premiums and commissions increased $5.7 million as a result of the acquisition of a small insurance agency in January.

• Commercial credit fee income declined $3.9 million linked-quarter as a result of less customer derivative activity in 1Q07 as compared to 4Q06.

• Other non-interest income increased linked-quarter due to a $22.3 million gain on sale of student loans.

• Salaries and employee benefits increased linked-quarter due to full quarter inclusion of AmSouth results as well as seasonal payroll tax and merit increases, offset partially by headcount reductions.

• Furniture and equipment expense increased linked-quarter due to full quarter inclusion of AmSouth results and higher depreciation of certain former AmSouth items revalued in purchase accounting.

• Included in 1Q07 other non-interest expense is an $11.4 million annual first quarter subsidiary dividend payment and $17.4 million related to the adoption of FIN 48.

• Cost saves of $51 million are reflected in 1Q07 non-interest expense.

• Primary drivers of “merger-related charges” are salaries and employee benefits expense ($23.5MM) and other non-interest expense ($21.4MM). See page 3 for individual expense categories including merger-related charges.

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PAGE  11

Morgan Keegan (1)

Morgan Keegan

Summary Income Statement

($ amounts in thousands)	1Q07			4Q06			3Q06			2Q06			1Q06
Revenues:
Commissions	$	72,405		$	72,645		$	56,194		$	56,960		$	57,073
Principal transactions		37,597			42,691			38,381			32,996			41,951
Investment banking		36,750			42,441			25,767			41,623			43,027
Interest		40,031			40,186			36,721			32,511			30,327
Trust fees and services		56,121			44,189			29,966			29,014			28,046
Investment advisory		41,792			48,713			35,425			36,151			28,885
Other		17,303			16,614			8,062			9,473			22,639
Total revenues		301,999			307,479			230,516			238,728			251,948
Expenses:
Interest expense		23,983			24,996			21,966			21,999			18,085
Non-interest expense		206,108			207,314			160,679			165,568			169,352
Total expenses		230,091			232,310			182,645			187,567			187,437
Income before income taxes		71,908			75,169			47,872			51,161			64,511
Income taxes		26,367			28,230			17,251			18,442			23,703
Net income	$	45,541		$	46,939		$	30,621		$	32,719		$	40,808
Breakout of Revenue by Division
($ amounts in thousands)	Private Client			Fixed- income Capital Markets			Equity Capital Markets			Regions MK Trust			Asset Management			Interest & Other
Three months ended March 31, 2007:
$ amount of revenue	$	96,072		$	47,556		$	17,891		$	56,122		$	44,474		$	39,884
% of gross revenue		31.8	%		15.8	%		5.9	%		18.6	%		14.7	%		13.2	%
Three months ended December 31, 2006:
$ amount of revenue	$	89,769		$	50,916		$	32,822		$	44,189		$	44,131		$	45,652
% of gross revenue		29.2	%		16.6	%		10.7	%		14.4	%		14.3	%		14.8	%
Three months ended March 31, 2006
$ amount of revenue	$	78,085		$	42,687		$	28,003		$	28,047		$	32,301		$	42,825
% of gross revenue		31.0	%		17.0	%		11.1	%		11.1	%		12.8	%		17.0	%

(1) Regions Financial Corporation and AmSouth Bancorporation merged effective November 4, 2006. The merger was accounted for as a purchase of AmSouth by Regions. As a result, periods ending prior to November 4, 2006, reflect legacy Regions data on a stand-alone basis.

• Principal transactions revenue declined 12% linked-quarter, primarily as a result of lower levels of equity capital markets activity during 1Q07 (see below for further discussion).

• Investment banking revenue declined 13% linked-quarter, directly related to the lower levels of equity capital markets activity mentioned above as well as a smaller decline in fixed income capital markets activity.

• Trust fees and services increased 27% linked-quarter due to strong first quarter seasonal factors as well as the full quarter impact of AmSouth trust revenues.

• Investment advisory revenues declined 14% linked-quarter, primarily due to 4Q06 strength in oil and gas advisory revenues and fourth quarter fee billings.

• Private client revenues rose $6.3 million linked-quarter as higher trading volumes in the capital markets during 1Q07 translated into increased retail trading activity at Morgan Keegan. Sales of “special products” (mutual funds, annuities, insurance, etc.) were particularly strong.

• Fixed Income Capital Markets and Equity Capital Markets lines of business both experienced linked-quarter declines in revenues primarily as a result of seasonally higher levels of deal activity in 4Q06. Deal flow declined more severely in the equity markets than in the fixed income markets, but picked up momentum later in the quarter. In addition, the oil and gas advisory revenues noted above are included in the Equity Capital Markets line of business.

• Interest and Other business line revenues declined $5.8 million linked-quarter primarily due to strength in fourth quarter fee billings (see investment advisory revenue discussion above).

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PAGE  12

Morgan Keegan (cont.)

• 25,000 new accounts were opened in 1Q07 compared to 17,300 in 4Q06 and 22,900 in 1Q06.

• Total customer assets were $77.9 billion at March 31, 2007, compared to $76.2 billion at December 31, 2006 and $60.5 billion at March 31, 2006

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PAGE  13

Credit Quality (1)(2)

Credit Quality

	As of and for Quarter Ended															YTD 3/31/07			YTD 3/31/06
($ in thousands)	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Allowance for credit losses	$	1,110,324		$	1,107,788		$	778,465		$	777,783		$	782,368
Provision for credit losses from continuing operations	$	47,000		$	59,825		$	24,914		$	30,014		$	27,620		$	47,000		$	27,620
Provision for unfunded credit losses	$	2,229		$	—		$	—		$	—		$	—		$	2,229		$	—��
Net loans charged-off:
Commercial	$	19,877		$	23,489		$	16,666		$	21,940		$	13,360		$	19,877		$	13,360
Real estate - mortgage		1,729			3,151			1,672			1,132			4,118			1,729			4,118
Real estate - construction		118			(223	)		381			115			(40	)		118			(40	)
Home equity lending		8,686			14,078			4,640			4,923			6,079			8,686			6,079
Indirect lending		4,416			5,154			1,006			937			3,444			4,416			3,444
Other consumer		11,196			10,500			(47	)		1,759			1,707			11,196			1,707
Total	$	46,022		$	56,149		$	24,318		$	30,806		$	28,668		$	46,022		$	28,668
Net loan charge-offs as a % of average loans, annualized
Commercial		0.33	%		0.44	%		0.42	%		0.58	%		0.37	%		0.33	%		0.37	%
Real estate - mortgage		0.02	%		0.04	%		0.03	%		0.02	%		0.07	%		0.02	%		0.07	%
Real estate - construction		0.00	%		-0.01	%		0.02	%		0.01	%		0.00	%		0.00	%		0.00	%
Home equity lending		0.24	%		0.45	%		0.24	%		0.26	%		0.32	%		0.24	%		0.32	%
Indirect lending		0.45	%		0.65	%		0.30	%		0.28	%		1.05	%		0.45	%		1.05	%
Other consumer		2.03	%		1.59	%		-0.01	%		0.32	%		0.31	%		2.03	%		0.31	%
Total		0.20	%		0.27	%		0.16	%		0.21	%		0.20	%		0.20	%		0.20	%
Non-performing assets (NPAs):
Non-accrual loans	$	349,833		$	306,471		$	246,728		$	264,284		$	343,880
Renegotiated loans		—			—			103			107			190
Foreclosed properties		72,658			72,663			65,190			55,495			64,999
Total	$	422,491		$	379,134		$	312,021		$	319,886		$	409,069
Loans past due > 90 days	$	204,296		$	143,868		$	78,785		$	78,096		$	92,766
Allowance for credit losses as a percentage of loans, net of unearned income		1.18	%		1.17	%		NA			NA			NA
Allowance for loan losses as a percentage of loans, net of unearned income		1.12	%		1.12	%		1.31	%		1.32	%		1.34	%
Total NPAs (excluding loans 90 days past due) as a percentage of loans and foreclosed properties		0.45	%		0.40	%		0.52	%		0.54	%		0.70	%
Total NPAs (including loans 90 days past due) as a percentage of loans and foreclosed properties		0.67	%		0.55	%		0.66	%		0.67	%		0.86	%
Katrina update as of March 31, 2007:
Loan exposure	$	949,637
Loans on non-accrual	$	8,749
Past due loans > 90 days	$	2,381
Net loans charged-off in the quarter	$	337
Remaining Katrina-specific allowance	$	57,133

(1) Regions Financial Corporation and AmSouth Bancorporation merged effective November 4, 2006. The merger was accounted for as a purchase of AmSouth by Regions. As a result, periods ending prior to November 4, 2006, reflect legacy Regions data on a stand-alone basis.

(2) Certain amounts in prior periods have been reclassified to reflect current period presentation.

• Net charge-offs totaled $46 million, or an annualized 0.20 percent of average loans.

• Regions’ March 31, 2007, allowance for credit losses includes approximately $57.1 million of reserves identified for the Katrina portfolio.

• Regions’ March 31, 2007 allowance for credit losses includes approximately $54.1 million of reserves related to unfunded credit commitments

• 1Q07 linked-quarter increase in non-performing assets was primarily related to real estate loans that were moved to non-accrual status during the quarter.

• 1Q07 linked-quarter increase in past dues greater than 90 days was primarily related to conforming Regions’ and AmSouth’s policies with respect to residential first mortgage and home equity portfolios.

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• Regions’ non-performing loan portfolio is composed primarily of small to medium-sized loans that are diversified geographically throughout its franchise.

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Additional Financial and Operational Data (1)

	3/31/07	12/31/06	9/30/06	6/30/06	3/31/06
Associate headcount	34,138	36,517	24,903	25,244	25,464
Authorized shares remaining under buyback program (see note below)	53.9 MM	13.9 MM	18.9 MM	20.3 MM	23.9 MM
Full service offices (2)	1,913	1,956	1,299	1,304	1,312
ATM’s	2,590	2,664	1,549	1,564	1,586
Morgan Keegan offices	453	319	328	321	301

(1) Regions Financial Corporation and AmSouth Bancorporation merged effective November 4, 2006. The merger was accounted for as a purchase of AmSouth by Regions. As a result, periods ending prior to November 4, 2006, reflect legacy Regions data on a stand-alone basis.

(2) Regions was required by the Department of Justice to divest 52 branches in connection with the AmSouth merger, which occurred during 1Q07

• Reduction in headcount is impacted by sale of EquiFirst (1,377 associates) on March 30 and divested branches (505 associates) throughout the quarter.

• During the first quarter, 10.0 million shares were repurchased at an average cost of $36.09 per share.

• On January 18, 2007, the Regions Board of Directors approved a new 50 million share repurchase authorization.

Merger-Related Items

(Pre-tax dollars in thousands)

	Total		Income Statement Effect		Excess Purchase Price
Year ended December 31, 2006	$	274,036	$	88,658	$	185,378
Year to date 2007		52,530		48,993		3,537
Total	$	326,566	$	137,651	$	188,915

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Reconciliation to GAAP Financial Measures

The table below presents computations of earnings and certain other financial measures excluding discontinued operations and merger charges (non-GAAP). Merger charges and discontinued operations are included in financial results presented in accordance with generally accepted accounting principles (GAAP). Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Regions believes the exclusion of merger charges in expressing earnings and certain other financial measures provides a meaningful base for period-to-period comparisons. See table below for computations of earnings and certain other financial measures excluding merger charges and discontinued operations and the corresponding reconciliation to GAAP financial measures for the periods presented.

		As of and for Quarter Ended
($ amounts in thousands, except per share data)		3/31/07			12/31/06
INCOME
Income from continuing operations (GAAP)		$	474,076		$	371,995
(Loss) income from discontinued operations, net of tax			(141,095	)		(10,444	)
Net income (GAAP)	A	$	332,981		$	361,551
Income from continuing operations (GAAP)		$	474,076		$	371,995
Merger-related charges, pre-tax
Salaries and employee benefits			23,531			65,655
Net occupancy expense			3,830			3,473
Furniture and equipment expense			245			427
Other			21,387			18,083
Total merger-related charges, pre-tax			48,993			87,638
Merger-related charges, net of tax			30,376			59,299
Income excluding discontinued operations and merger charges (non-GAAP)	B	$	504,452		$	431,294
Weighted-average shares outstanding - diluted	C		734,534			646,372
Earnings per share, excluding discontinued operations and merger charges - diluted	B/C	$	0.69		$	0.67
RETURN ON AVERAGE ASSETS
Average assets (GAAP)	D	$	141,963,691		$	124,577,836
Average assets, excluding discontinued operations	E	$	140,017,429		$	122,848,424
Return on average assets (GAAP)*	A/D		0.95	%		1.15	%
Return on average assets, ex. discontinued operations and merger charges (non-GAAP)*	B/E		1.46	%		1.39	%
RETURN ON AVERAGE EQUITY
Average equity (GAAP)	F	$	20,452,731		$	17,185,928
Average intangible assets (GAAP)			12,165,061			9,862,793
Average tangible equity	G	$	8,287,670		$	7,323,135
Average equity, excluding discontinued operations	H	$	20,360,732		$	17,039,768
Average intangible assets, excluding discontinued operations			12,165,061			9,862,793
Average tangible equity, excluding discontinued operations	I	$	8,195,671		$	7,176,975
Return on average equity (GAAP)*	A/F		6.60	%		8.35	%
Return on average tangible equity*	A/G		16.29	%		19.59	%
Return on average equity, ex. discontinued operations and merger charges* (non-GAAP)	B/H		10.05	%		10.04	%
Return on average tangible equity, ex. discontinued operations and merger charges (non-GAAP)*	B/I		24.96	%		23.84	%

* Income statement amounts have been annualized in calculation

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Discontinued Operations - EquiFirst

Q. What caused the decline in estimated purchase price from $225 million to $76 million?

A. The final purchase price of $76 million was based on the closing book value of assets and liabilities. The value of these assets and liabilities declined due to operating losses during the quarter.

Q. Where is this decline in purchase price reflected in the financial statements?

A. The decline in purchase price is reflected in the loss on discontinued operations and in a corresponding reduction of stockholders’ equity. See page 3 of this document for the income statement impact.

Q. Was there a gain or loss on the transaction?

A. There was a slight gain of approximately $1 million after tax recognized on the transaction. It is included in discontinued operations.

Q. Will there be any additional adjustments to the purchase price after close?

A. There will be a final settlement of the net book value which will be completed during the second quarter. Any adjustments are not expected to have a material impact on the financial statements.

Q. Does Regions have any exposure to EquiFirst loans on its balance sheet?

A. Regions has a small amount of EquiFirst paper in its loan portfolio (less than $100 million).

Q. Does Regions have any additional exposure (i.e., recourse on early payment default, etc.) to this business?

A. Regions does not anticipate any material impact on its financial statements from ongoing exposure.

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Forward-Looking Statements

This financial supplement to Regions’ 1st quarter 2007 earnings includes forward-looking statements about Regions Financial Corporation within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “project,” and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. Regions cautions that actual results and events could differ materially from expectations expressed in forward-looking statements as a result of factors such as possible changes in economic and business conditions and interest rates; Regions’ ability to integrate the recent combination with AmSouth Bancorporation and to retain and attract customers; the effects of geopolitical instability and risks such as terrorist attacks; the effects of weather and natural disasters such as hurricanes; possible changes in laws and regulations and governmental monetary and fiscal policies; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the credit worthiness of customers and the possible impairment of collectibility of loans, increased competition from both banks and non-banks, and effects of critical accounting policies and judgments. For discussion of these and other risks that may cause actual results to differ from expectations, please look under the caption “Forward Looking Statements” in Regions’ Annual Report on Form 10-K for the year ended December 31, 2006 as on file with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Regions assumes no obligation to update or revise any forward-looking statements that are made from time to time.

Regions’ Investor Relations contact is List Underwood at (205) 801-0265; Regions’ Media contact is Rick Swagler at (205) 801-0105.