Regions Bank 2011 Annual Report Download - page 150

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31
2011 2010 2009
(In millions, except per share data)
Interest income on:
Loans, including fees .............................................................. $3,444 $3,705 $ 4,199
Securities:
Taxable ..................................................................... 758 873 966
Tax-exempt .................................................................. — 1 19
Total securities ........................................................... 758 874 985
Loans held for sale ................................................................ 36 39 55
Trading account assets ............................................................. 1 4 22
Other interest-earning assets ......................................................... 13 15 16
Total interest income ........................................................... 4,252 4,637 5,277
Interest expense on:
Deposits......................................................................... 472 755 1,277
Short-term borrowings ............................................................. (1) 4 44
Long-term borrowings ............................................................. 371 489 663
Total interest expense .......................................................... 842 1,248 1,984
Net interest income ............................................................ 3,410 3,389 3,293
Provision for loan losses ................................................................ 1,530 2,863 3,541
Net interest income (loss) after provision for loan losses ................................... 1,880 526 (248)
Non-interest income:
Service charges on deposit accounts ................................................... 1,168 1,174 1,156
Capital markets and investment income ................................................ 64 69 39
Mortgage income ................................................................. 220 247 259
Trust department income ........................................................... 199 196 191
Securities gains, net ............................................................... 112 394 69
Leveraged lease termination gains .................................................... 8 78 587
Other ........................................................................... 372 331 464
Total non-interest income ....................................................... 2,143 2,489 2,765
Non-interest expense:
Salaries and employee benefits ....................................................... 1,604 1,640 1,635
Net occupancy expense ............................................................. 388 411 422
Furniture and equipment expense ..................................................... 275 277 281
Other-than-temporary impairments(1) ................................................. 2 2 75
Goodwill impairment .............................................................. 253 — —
Regulatory charge ................................................................. — 75 —
Other ........................................................................... 1,340 1,454 1,372
Total non-interest expense ...................................................... 3,862 3,859 3,785
Income (loss) from continuing operations before income taxes .................................. 161 (844) (1,268)
Income tax benefit ..................................................................... (28) (376) (194)
Income (loss) from continuing operations .................................................. $ 189 $ (468) $(1,074)
Discontinued operations:
Income (loss) from discontinued operations before income taxes ............................ (408) (41) 66
Income tax expense (benefit) ........................................................ (4) 30 23
Income (loss) from discontinued operations, net of tax .................................... (404) (71) 43
Net income (loss) ..................................................................... $ (215) $ (539) $(1,031)
Net income (loss) from continuing operations available to common shareholders ................... $ (25) $ (692) $(1,304)
Net income (loss) available to common shareholders ......................................... $ (429) $ (763) $(1,261)
Weighted-average number of shares outstanding:
Basic ........................................................................... 1,258 1,227 989
Diluted.......................................................................... 1,258 1,227 989
Earnings (loss) per common share from continuing operations:
Basic ........................................................................... $(0.02) $ (0.56) $ (1.32)
Diluted.......................................................................... (0.02) (0.56) (1.32)
Earnings (loss) per common share:
Basic ........................................................................... $(0.34) $ (0.62) $ (1.27)
Diluted.......................................................................... (0.34) (0.62) (1.27)
Cash dividends declared per common share ................................................. 0.04 0.04 0.13
(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). The corresponding 2010 and 2011 amounts are immaterial.
See notes to consolidated financial statements.
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