Regions Bank 2008 Annual Report Download - page 129
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During 2008, 2007 and 2006, Regions recognized $86.3 million, $102.2 million and $130.6 million,
respectively, in contractually specified servicing fees, late fees and other ancillary income resulting from the
servicing of mortgage loans.
NOTE 9. PREMISES AND EQUIPMENT
A summary of premises and equipment at December 31 is as follows:
2008 2007
(In thousands)
Land and land improvements .......................... $ 518,747 $ 483,598
Premises .......................................... 1,619,124 1,371,822
Furniture and equipment .............................. 1,145,818 985,277
Software .......................................... 151,314 111,214
Leasehold improvements ............................. 317,067 239,690
Construction in progress .............................. 327,409 480,401
4,079,479 3,672,002
Accumulated depreciation and amortization .............. (1,293,436) (1,061,151)
$ 2,786,043 $ 2,610,851
NOTE 10. INTANGIBLE ASSETS
GOODWILL
Goodwill allocated to each reportable segment as of December 31 is presented as follows:
2008 2007
(In thousands)
General Banking/Treasury ............................ $4,690,731 $10,668,531
Investment Banking/Brokerage/Trust .................... 740,264 727,611
Insurance .......................................... 117,300 95,531
Balance at end of year ................................ $5,548,295 $11,491,673
A summary of goodwill activity at December 31 is presented as follows:
2008 2007
(In thousands)
Balance at beginning of year .......................... $11,491,673 $11,175,647
Acquisition of AmSouth ............................. — 336,824
Acquisitions of other businesses ....................... 37,556 34,020
Impairment ....................................... (6,000,000) —
Disposition of EquiFirst ............................. — (34,506)
Tax adjustments .................................... 19,066 (20,312)
Balance at end of year ............................... $ 5,548,295 $11,491,673
As stated in Note 1, Regions evaluates each reporting unit’s goodwill for impairment on an annual basis in
the fourth quarter, or more often if events or circumstances indicate that there may be impairment. Due to the
economic environment, Regions performed interim impairments tests during the second and third quarters of
2008. Step One of the interim impairment tests indicated that the fair value of the respective reporting units was
greater than the carrying value (including goodwill) during those quarters.
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