Regions Bank 2009 Annual Report Download - page 128

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended December 31
2009 2008 2007
(In millions, except per share data)
Interest income on:
Loans, including fees ............................................................. $4,199 $ 5,550 $6,925
Securities:
Taxable .................................................................... 966 828 856
Tax-exempt ................................................................ 19 40 41
Total securities .......................................................... 985 868 897
Loans held for sale ............................................................... 55 35 92
Federal funds sold and securities purchased under agreements to resell ...................... 3 18 51
Trading account assets ............................................................ 62 63 71
Other interest-earning assets ....................................................... 28 29 38
Total interest income ......................................................... 5,332 6,563 8,074
Interest expense on:
Deposits ....................................................................... 1,277 1,724 2,664
Short-term borrowings ............................................................ 54 369 459
Long-term borrowings ............................................................ 666 627 553
Total interest expense ......................................................... 1,997 2,720 3,676
Net interest income .......................................................... 3,335 3,843 4,398
Provision for loan losses .............................................................. 3,541 2,057 555
Net interest income (loss) after provision for loan losses ................................. (206) 1,786 3,843
Non-interest income:
Service charges on deposit accounts ................................................. 1,156 1,148 1,163
Brokerage, investment banking and capital markets ..................................... 989 1,027 895
Mortgage income ................................................................ 259 138 136
Trust department income .......................................................... 191 234 251
Securities gains (losses), net ....................................................... 69 92 (9)
Other ......................................................................... 1,091 434 420
Total non-interest income ..................................................... 3,755 3,073 2,856
Non-interest expense:
Salaries and employee benefits ..................................................... 2,269 2,356 2,472
Net occupancy expense ........................................................... 454 442 414
Furniture and equipment expense ................................................... 311 335 301
Other-than-temporary impairments(1) ................................................ 75 23 7
Goodwill impairment ............................................................. — 6,000 —
Other ......................................................................... 1,642 1,636 1,466
Total non-interest expense ..................................................... 4,751 10,792 4,660
Income (loss) from continuing operations before income taxes ................................ (1,202) (5,933) 2,039
Income tax (benefit) expense ........................................................... (171) (348) 646
Income (loss) from continuing operations ................................................. (1,031) (5,585) 1,393
Discontinued operations (Note 3):
Loss from discontinued operations before income taxes .................................. — (18) (217)
Income tax benefit ............................................................... — (7) (75)
Loss from discontinued operations, net of tax .......................................... — (11) (142)
Net income (loss) .................................................................... $(1,031) $ (5,596) $1,251
Net income (loss) from continuing operations available to common shareholders .................. $(1,261) $ (5,611) $1,393
Net income (loss) available to common shareholders ........................................ $(1,261) $ (5,622) $1,251
Weighted-average number of common shares outstanding:
Basic .......................................................................... 989 695 708
Diluted ........................................................................ 989 695 713
Earnings (loss) per common share from continuing operations:
Basic .......................................................................... $ (1.27) $ (8.07) $ 1.97
Diluted ........................................................................ (1.27) (8.07) 1.95
Earnings (loss) per common share:
Basic .......................................................................... (1.27) (8.09) 1.77
Diluted ........................................................................ (1.27) (8.09) 1.76
Cash dividends declared per common share 0.13 0.96 1.46
(1) Includes $266 million for the year ended December 31, 2009 of gross charges, net of $191 million of non-credit portion reported in other
comprehensive income (loss). For 2008 and 2007, there was no non-credit component. See Note 4 to the consolidated financial
statements.
See notes to consolidated financial statements.
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