Regions Bank 2010 Annual Report Download - page 132

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31
2010 2009 2008
(In millions, except per share data)
Interest income on:
Loans, including fees ............................................................. $ 3,705 $ 4,199 $ 5,550
Securities:
Taxable .................................................................... 873 966 828
Tax-exempt ................................................................ 1 19 40
Total securities .......................................................... 874 985 868
Loans held for sale ............................................................... 39 55 35
Federal funds sold and securities purchased under agreements to resell ...................... 3 3 18
Trading account assets ............................................................ 41 62 63
Other interest-earning assets ....................................................... 27 28 29
Total interest income ......................................................... 4,689 5,332 6,563
Interest expense on:
Deposits ....................................................................... 755 1,277 1,724
Short-term borrowings ............................................................ 10 54 369
Long-term borrowings ............................................................ 492 666 627
Total interest expense ......................................................... 1,257 1,997 2,720
Net interest income ........................................................... 3,432 3,335 3,843
Provision for loan losses .............................................................. 2,863 3,541 2,057
Net interest income (loss) after provision for loan losses ..................................... 569 (206) 1,786
Non-interest income:
Service charges on deposit accounts ................................................. 1,174 1,156 1,148
Brokerage, investment banking and capital markets ..................................... 1,059 989 1,027
Mortgage income ................................................................ 247 259 138
Trust department income .......................................................... 196 191 234
Securities gains, net .............................................................. 394 69 92
Leveraged lease termination gains ................................................... 78 587 —
Other .......................................................................... 383 504 434
Total non-interest income ...................................................... 3,531 3,755 3,073
Non-interest expense:
Salaries and employee benefits ..................................................... 2,318 2,269 2,356
Net occupancy expense ........................................................... 448 454 442
Furniture and equipment expense ................................................... 304 311 335
Other-than-temporary impairments(1) ................................................ 2 75 23
Goodwill impairment ............................................................. — — 6,000
Regulatory charge ............................................................... 200 — —
Other .......................................................................... 1,713 1,642 1,636
Total non-interest expense ..................................................... 4,985 4,751 10,792
Income (loss) from continuing operations before income taxes ................................ (885) (1,202) (5,933)
Income tax benefit ................................................................... (346) (171) (348)
Income (loss) from continuing operations ................................................. (539) (1,031) (5,585)
Discontinued operations:
Loss from discontinued operations before income taxes .................................. — — (18)
Income tax benefit ............................................................... — — (7)
Loss from discontinued operations, net of tax .......................................... — — (11)
Net income (loss) .................................................................... $ (539) $(1,031) $ (5,596)
Net income (loss) from continuing operations available to common shareholders .................. $ (763) $(1,261) $ (5,611)
Net income (loss) available to common shareholders ........................................ $ (763) $(1,261) $ (5,622)
Weighted-average number of shares outstanding:
Basic .......................................................................... 1,227 989 695
Diluted ........................................................................ 1,227 989 695
Earnings (loss) per common share from continuing operations
Basic .......................................................................... $ (0.62) $ (1.27) $ (8.07)
Diluted ........................................................................ (0.62) (1.27) (8.07)
Earnings (loss) per common share:
Basic .......................................................................... (0.62) (1.27) (8.09)
Diluted ........................................................................ (0.62) (1.27) (8.09)
Cash dividends declared per common share 0.04 0.13 0.96
(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, there was no non-credit component. The corresponding 2010 amounts are immaterial.
See notes to consolidated financial statements.
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