Drip Portfolio Report
Tuesday, May 5, 1998
by Dale Wettlaufer (DaleW@fool.com)


ALEXANDRIA, VA (May 5, 1998) -- We'll take a day off from doing spreadsheet definitions to add some more data to the mix. Last week when I introduced Regions Financial (Nasdaq: RGBK), I didn't include the entire spreadsheet on the company. I did include some demographics from the regions in which the company operates, but I didn't include the same comprehensive spreadsheet data that I provided for U.S. Bancorp and that I will provide for all the companies that we will review. So, without further ado, here's the Regions information (remember, the Spreadsheet Guide is here to help and there's also the Glossary to help you along the way.

(Financials are in millions except for per share amounts)

Price/Valuation

Share Price.....$43 1/4
Market Cap.....$6,029.96
Price/Book.....3.26
Price/Tangible Book.....3.51
BVPS.....$13.28
Price/Assets.....27.11%
Price/Net Loans.....37.15%
Price/Deposits.....33.97%
Price/Tangible Assets.....27.27%
Price/Revenues.....5.55
P/E.....20.1
Amortization-Adjusted P/E.....19.5
EPS.....$2.15
Cash EPS.....$2.22
Diluted Sharecount.....139.42
1998 EPS Estimate.....$2.34
1999 EPS Estimate.....$2.64
Multiple on 1998 Est......18.5
Multiple on 1999 Est......16.4
Amort-Adjusted Multiple on 1999.....16.0

Capital Productivity/Efficiency

Asset Turnover2.....5.33%
Asset Turnover.....5.31%
ROE2.....18.16%
ROE.....17.60%
Amortization Adjusted ROE.....19.11%
ROA.....1.51%
ROA2.....1.516%
Net margin2.....28.44%
Net Margin.....27.56%
Efficiency Ratio.....54.32%
Interest Income/AEA.....8.10%
Interest Expense/AEA.....4.04%
NIM/Tangible Assets.....4.28%
Net Share Buybacks (Including preferred).....$42.2
Dividends on Common.....$109.0
Retention Rate.....64.76%
Payout Ratio on AAEarnings.....35.24%
Owners' Yield.....2.51%

Balance Sheet

Cash & Nonearning Assets.....$1,038.6
Cash & Nonearning Last Year.....$1,051.7
Long-Term Debt.....$402.6
Preferred Stock
Shareholder's Equity.....$1,851.5
Last Year Equity.....$1,554.7
Total Assets.....$22,241.9
Last Year Assets.....$18,731.4
Total Liabilities.....$20,390.4
Goodwill.....$132.5
Last Year's Goodwill.....$36.6
Gross Loans.....$16,427.6
Loan Loss Reserves.....$194.31
Loan Loss Reserves %.....1.18%

Leverage

Average Equity/Average Assets.....8.31%
Average Equity/Average Assets (Tangible).....7.93%
Avg. Assets/Avg. Equity.....12.03
Avg. Assets/Avg. Equity (Tangible).....12.60
Loans to Deposits.....92.55%
LT Debt/Equity.....21.75%
Leveraged Capital Ratio.....7.52%
Tier 1 Capital Ratio.....10.48%
Total Risk Based Capital Ratio.....12.93%

Income Statement

Revenues.....$1,087.43
Interest Income (TTM).....$1,653.1
Interest Expense (TTM).....$824.2
Net Interest Income.....$828.9
Provision for Loan Losses.....$41.77
Noninterest Income (TTM).....$258.6
Noninterest Expense (TTM).....$600.34
Net Income for Common (TTM).....$299.69
Amortization Adjusted Earnings.....$309.29
Noninterest income/interest income.....15.6%
Noninterest income/revenues.....23.78%
Noninterest income/NII.....31.19%
Amort. Adjusted Net/Revs......28.44%
Amortization of Goodwill.....$9.60

Credit Quality

Charge Offs.....$63.62
Net Charge Offs.....$37.34
Credit Loss Provision/Charge Offs.....65.66%
Credit Loss Provision/Net Charge Offs.....111.87%
Nonperforming Loans.....$127.9
Nonperforming Assets.....$139.5
Nonperforming Assets Ratio.....0.78%
Reserves/Nonperforming Loans.....151.96%
Months Charge-Offs in Reserves.....36.7

Deposits

Deposits.....$17,750.9
Noninterest bearing deposits.....$2,367.5
Noninterest deposits/deposits.....13.34%
Deposits/Liabilities.....87.06%

Risk-Based Capital Productivity

ROE2*Tier1.....19.03
Leverage*Turns*Net Margin2.....1.33

FoolWatch -- It's what's going on at the Fool today.


TODAY'S NUMBERS

Stock Close Change CPB $52 1/2 UNCH INTC $81 7/8 - 3/16 JNJ $70 3/8 - 3/8
Day Month Year History Drip (0.22%) 0.30% 8.78% (7.37%) S&P 500 (0.57%) 0.35% 14.96% 17.27% Nasdaq (0.65%) (0.19%) 18.76% 17.01% Last Rec'd Total # Security In At Current 04/13/98 1.000 CPB $53.690 $52.500 04/01/98 9.015 INTC $80.417 $81.875 04/07/98 4.099 JNJ $68.952 $70.375 Last Rec'd Total# Security In At Value Change 04/13/98 1.000 CPB $53.69 $52.50 ($1.19) 04/01/98 9.015 INTC $724.94 $738.08 $13.14 04/07/98 4.099 JNJ $282.64 $288.47 $5.83 Base: $1500.00 Cash: $386.10** Total: $1465.15

The Drip Portfolio has been divided into 63.266 shares with an average purchase price of $23.710 per share.

The portfolio began with $500 on July 28, 1997, adds $100 on the 1st of every month, and the goal is to have $150,000 in stock by August of the year 2017.

**Transactions in progress:

04/22/98: Sent $30 to buy more INTC.
04/22/98: Sent $70 to buy more JNJ.