Alabama banks outperform Southern rivals - Birmingham Business Journal:

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Alabama-chartered banks posted net incomeof $583 millionj through the first quarter ended March 31, versus $524 million during the same period last year, according to reports published by the Also, the state's tota deposits increased to $154 billion, compared to $144 billion a year ago. That comparew to Georgia-chartered banks, where earnings dipped 49 percentto $415 millio n in the latest quarter, compared to $825 million a year ago. Georgia'e overall deposits slid to $193 billion in the firsft quarter, compared to $194 billionb a year prior.
"Alabama is performing decidedlhy better than much of the country in terms of banks and bank saidJeff Davis, banking analyst and the managing directodr of FTN Midwest Securities Corp.'s Nashville "It looks and feels like Alabama is on an ... Since economic development is on the upswing in the state's banks are experiencintg substantial growth. Last year, two of the biggest industrial deals in modern Alabama history wereannouncesd - a $350 million manufacturing rail car facility undet construction in the Shoalsd region and the $2.9 billion steel plant AG, whicgh is slated for Mobile. , LLC, Alabama and Toyotz Motor ManufacturingAlabama Inc.
, have all proved profitable in recent years, experts say. "The movemenyt of the auto industry in Alabamaa has helped major corporations realize that not a bad place to do Davis said. John D. superintendent of Alabama's banking department, agreese that recent economic developments and more startup businesseson Alabama's homefronft are a factor to banks' profig growth. Increased earnings in the first quarter are an optimistif message for the remainder ofthis year, Harrison "Alabama's banks have been aggressive in identifying problema and addressed them head on and by doinhg that, that has increased our first quarter earnings," he "Hopefully they will continue to do that the rest of the Through the fourth quarter of 2007, net income for the 127-chartereed banks slid to $1.
7 billion in down from $2.2 billion in 2006. Total deposits in Alabamaw also dippedto $147 million versus $148 billiom in 2006. Florida-chartered banks performed the worsty of the six Southeastern states reviewed bythe . Florida bankzs posted a net lossof $3 million in the firsy quarter compared to $169 million in earninges a year ago. Alabama's largest financial , squeezed out a 1 perceny earnings increase in the firsr quarter after several atypical revenue streams helpeeoffset loan-related losses.
While the Birmingham-based financiakl giant's profits were hit by $24 milliomn in write-downs on two of its Morgan Keegan mutua l funds andanother $181 millionn in provision expenses, the company managed to offset losses because of a $62 milliomn gain from 's recent initia l public offering. On the othef hand, net income at , Georgia's largest fell about 44 percent in thefirst quarter, as the company continued to take a beatiny from the housing crisis and credit crunch and had to increas its provision for loan losses. The Atlanta-based companh reported net incomeof $290.6 million, comparee to net income of $521.
2 million the year