REGIONS FINANCIAL CORP | 2013 | FY | 3

DISCONTINUED OPERATIONS

On January 11, 2012, Regions entered into a stock purchase agreement to sell Morgan Keegan and related affiliates to Raymond James Financial, Inc. (“Raymond James”). The transaction closed on April 2, 2012. Regions Investment Management, Inc. (formerly known as Morgan Asset Management, Inc.) and Regions Trust were not included in the sale. In connection with the closing of the sale, Regions agreed to indemnify Raymond James for all litigation matters related to pre-closing activities. See Note 23 for related disclosure.
The following table represents the condensed results of operations for discontinued operations:
 
Year Ended December 31
 
2013
 
2012
 
2011
 
(In millions, except per share data)
Interest income
$
—

 
$
8

 
$
37

Interest expense
—

 
1

 
6

Net interest income
—

 
7

 
31

Non-interest income:
 
 
 
 
 
Brokerage, investment banking and capital markets
—

 
233

 
938

Gain on sale
—

 
19

 
—

Other
—

 
12

 
57

Total non-interest income
—

 
264

 
995

Non-interest expense:
 
 
 
 
 
Salaries and employee benefits
—

 
171

 
644

Net occupancy expense
—

 
9

 
36

Furniture and equipment expense
—

 
8

 
30

Goodwill impairment
—

 
—

 
492

Professional and legal expenses
23

 
152

 
93

Other
1

 
30

 
139

Total non-interest expense
24

 
370

 
1,434

Income (loss) from discontinued operations before income taxes
(24
)
 
(99
)
 
(408
)
Income tax expense (benefit)
(11
)
 
(40
)
 
(4
)
Income (loss) from discontinued operations, net of tax
$
(13
)
 
$
(59
)
 
$
(404
)
Earnings (loss) per common share from discontinued operations:
 
 
 
 
 
Basic
$
(0.01
)
 
$
(0.04
)
 
$
(0.32
)
Diluted
$
(0.01
)
 
$
(0.04
)
 
$
(0.32
)

us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock