Regions Bank 2009 Annual Report Download - page 197

Statements of Operations
Year Ended December 31
2009 2008 2007
(In millions)
Income:
Dividends received from subsidiaries ................................. $ — $ 725 $2,250
Service fees from subsidiaries ....................................... 123 183 238
Interest from subsidiaries .......................................... 16 40 47
Gain on extinguishment of debt ..................................... 61 — —
Other .......................................................... 8 11 24
208 959 2,559
Expenses:
Salaries and employee benefits ...................................... 133 226 225
Interest ......................................................... 162 240 257
Net occupancy expense ............................................ 4 2 3
Furniture and equipment expense .................................... 7 6 8
Legal and other professional fees .................................... 14 6 3
Other .......................................................... 36 73 81
356 553 577
Income (loss) before income taxes and equity in undistributed earnings (loss)
of subsidiaries ................................................. (148) 406 1,982
Income tax benefit ................................................ (31) (127) (131)
Income (loss) before equity in undistributed earnings (loss) of subsidiaries and
preferred dividends ............................................. (117) 533 2,113
Equity in undistributed earnings (loss) of subsidiaries:
Banks ...................................................... (978) (6,240) (986)
Non-banks .................................................. 64 111 124
(914) (6,129) (862)
Net income (loss) ..................................................... (1,031) (5,596) 1,251
Preferred dividends ................................................... (230) (26) —
Net income (loss) available to common shareholders ......................... $(1,261) $(5,622) $1,251
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