Regions Bank 2010 Annual Report Download - page 208

Statements of Operations
Year Ended December 31
2010 2009 2008
(In millions)
Income:
Dividends received from subsidiaries .................................. $— $ — $ 725
Service fees from subsidiaries ........................................ 128 123 183
Interest from subsidiaries ........................................... 24 16 40
Gain on extinguishment of debt ...................................... — 61 —
Other ........................................................... 7 8 11
159 208 959
Expenses:
Salaries and employee benefits ....................................... 117 133 226
Interest .......................................................... 183 162 240
Net occupancy expense ............................................. 9 4 2
Furniture and equipment expense ..................................... 8 7 6
Legal and other professional fees ..................................... 21 14 6
Other ........................................................... 50 36 73
388 356 553
Income (loss) before income taxes and equity in undistributed earnings (loss) of
subsidiaries .................................................... (229) (148) 406
Income tax benefit ................................................. (93) (31) (127)
Income (loss) before equity in undistributed earnings (loss) of subsidiaries and
preferred dividends .............................................. (136) (117) 533
Equity in undistributed earnings (loss) of subsidiaries:
Banks ....................................................... (252) (978) (6,240)
Non-banks ................................................... (151) 64 111
(403) (914) (6,129)
Net income (loss) ..................................................... (539) (1,031) (5,596)
Preferred stock dividends and accretion .................................... (224) (230) (26)
Net income (loss) available to common shareholders .......................... $(763) $(1,261) $(5,622)
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