Regions Bank 2008 Annual Report Download - page 163
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Statements of Operations
Year Ended December 31
2008 2007 2006
(In thousands)
Income:
Dividends received from subsidiaries ....................... $ 725,426 $2,250,386 $ 900,276
Service fees from subsidiaries ............................. 183,093 237,624 201,354
Interest from subsidiaries ................................. 40,035 46,995 42,839
Other ................................................ 10,724 23,915 13,253
959,278 2,558,920 1,157,722
Expenses:
Salaries and employee benefits ............................ 226,574 224,516 167,531
Interest ............................................... 239,724 257,165 192,300
Net occupancy expense .................................. 2,304 2,824 13,232
Furniture and equipment expense .......................... 6,035 8,361 2,371
Legal and other professional fees .......................... 6,062 3,112 17,852
Other ................................................ 72,882 81,194 32,689
553,581 577,172 425,975
Income before income taxes and equity in undistributed earnings
(loss) of subsidiaries .................................. 405,697 1,981,748 731,747
Income tax benefit ...................................... (127,178) (131,050) (57,060)
Income before equity in undistributed earnings (loss) of
subsidiaries and preferred dividends ...................... 532,875 2,112,798 788,807
Equity in undistributed earnings (loss) of subsidiaries:
Banks ............................................ (6,239,753) (986,128) 429,009
Non-banks ........................................ 111,104 124,425 135,329
(6,128,649) (861,703) 564,338
Net income (loss) ........................................... (5,595,774) 1,251,095 1,353,145
Preferred dividends ......................................... 26,236 — —
Net income (loss) available to common shareholders ............... $(5,622,010) $1,251,095 $1,353,145
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