On April 4, 2018, Regions entered into a stock purchase agreement to sell Regions Insurance Group, Inc. and related affiliates to BB&T Insurance Holdings, Inc. (now Truist Insurance Holdings, Inc). The transaction closed on July 2, 2018. The gain associated with the transaction amounted to $281 million ($196 million after-tax).

In connection with the agreement, the results of the entities sold are reported in the Company's consolidated statements of income separately as discontinued operations for all periods presented.

On January 11, 2012, Regions entered into a stock purchase agreement to sell Morgan Keegan and related affiliates to 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 24 for related disclosure.

Results of operations for the Morgan Keegan entities sold are presented separately as discontinued operations for all periods presented on the consolidated statements of income.

The following table represents the condensed results of operations for the Regions Insurance Group, Inc. entities sold as discontinued operations in 2018:



	Year Ended December 31
	2018			2017
	(In millions)
Interest income	$	1		$	1
Interest expense	—			—
Net interest income	1			1
Non-interest income:
Securities gains (losses), net	(1		)	3
Insurance commissions and fees	69			140
Gain on sale of business	281			—
Other	—			3
Total non-interest income	349			146
Non-interest expense:
Salaries and employee benefits	49			96
Net occupancy expense	3			6
Furniture and equipment expense	2			4
Other	16			30
Total non-interest expense	70			136
Income from discontinued operations before income taxes	280			11
Income tax expense (benefit)	84			(5		)
Income from discontinued operations, net of tax	$	196		$	16

The following table represents the condensed results of operations for both the Regions Insurance Group, Inc. entities and Morgan Keegan and Company, Inc. and related affiliates as discontinued operations:



	Year Ended December 31
	2019		2018		2017
	(In millions, except per share data)
Income from discontinued operations before income taxes	$	—	$	271	$	19
Income tax expense (benefit)	—		80		(3		)
Income from discontinued operations, net of tax	$	—	$	191	$	22
Earnings per common share from discontinued operations:
Basic	$	0.00	$	0.18	$	0.02
Diluted	$	0.00	$	0.17	$	0.02