Regions Bank 2008 Annual Report Download - page 104

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended December 31
2008 2007 2006
(In thousands, except per share data)
Interest income on:
Loans, including fees ......................................................... $ 5,549,871 $6,924,544 $4,792,906
Securities:
Taxable ................................................................ 827,622 856,043 606,665
Tax-exempt ............................................................ 40,096 41,260 33,679
Total securities ...................................................... 867,718 897,303 640,344
Loans held for sale ........................................................... 35,733 92,097 69,444
Federal funds sold and securities purchased under agreements to resell .................. 18,623 50,801 45,650
Trading account assets ........................................................ 62,403 71,418 60,333
Other interest-earning assets ................................................... 29,042 38,500 40,441
Total interest income ..................................................... 6,563,390 8,074,663 5,649,118
Interest expense on:
Deposits ................................................................... 1,724,070 2,663,883 1,680,167
Short-term borrowings ........................................................ 369,388 459,467 275,497
Long-term borrowings ........................................................ 626,976 552,947 385,152
Total interest expense .................................................... 2,720,434 3,676,297 2,340,816
Net interest income ...................................................... 3,842,956 4,398,366 3,308,302
Provision for loan losses .......................................................... 2,057,000 555,000 142,373
Net interest income after provision for loan losses .................................. 1,785,956 3,843,366 3,165,929
Non-interest income:
Service charges on deposit accounts ............................................. 1,147,959 1,162,740 721,998
Brokerage, investment banking and capital markets ................................. 1,027,468 894,621 716,983
Trust department income ...................................................... 233,522 251,319 158,161
Mortgage income ............................................................ 137,676 135,704 178,688
Securities gains (losses), net ................................................... 92,495 (8,553) 8,123
Other ..................................................................... 434,111 420,004 245,767
Total non-interest income ................................................. 3,073,231 2,855,835 2,029,720
Non-interest expense:
Salaries and employee benefits ................................................. 2,355,939 2,471,869 1,859,851
Net occupancy expense ....................................................... 442,145 413,711 254,628
Furniture and equipment expense ............................................... 334,541 301,330 157,897
Goodwill impairment ......................................................... 6,000,000 — —
Other ..................................................................... 1,658,989 1,473,441 931,652
Total non-interest expense ................................................. 10,791,614 4,660,351 3,204,028
Income (loss) before income taxes from continuing operations ............................ (5,932,427) 2,038,850 1,991,621
Income tax expense (benefit) ....................................................... (348,114) 645,687 619,100
Income (loss) from continuing operations ......................................... (5,584,313) 1,393,163 1,372,521
Discontinued operations (Note 4):
Loss from discontinued operations before income taxes .............................. (18,405) (217,387) (32,606)
Income tax benefit ........................................................... (6,944) (75,319) (13,230)
Loss from discontinued operations .................................................. (11,461) (142,068) (19,376)
Net income (loss) ............................................................ $(5,595,774) $1,251,095 $1,353,145
Income (loss) from continuing operations available to common shareholders ............. $(5,610,549) $1,393,163 $1,372,521
Net income (loss) available to common shareholders ................................ $(5,622,010) $1,251,095 $1,353,145
Weighted-average number of common shares outstanding:
Basic ...................................................................... 695,003 707,981 501,681
Diluted .................................................................... 695,003 712,743 506,989
Earnings (loss) per common share from continuing operations:
Basic ...................................................................... $ (8.07) $ 1.97 $ 2.74
Diluted .................................................................... (8.07) 1.95 2.71
Earnings (loss) per common share:
Basic ...................................................................... (8.09) 1.77 2.70
Diluted .................................................................... (8.09) 1.76 2.67
Cash dividends declared per common share ........................................... 0.96 1.46 1.40
See notes to consolidated financial statements.
94