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Regions reports 2020 earnings of $991 million and earnings per share of $1.03

Regions Financial Corporation (NYSE:RF) reported substantial growth in its Q4 and full-year 2020 earnings.

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Regions Financial Corporation (NYSE:RF) today announced earnings for the fourth quarter and full year ended December 31, 2020. The company reported fourth quarter net income available to common shareholders of $588 million, an increase of 61 percent compared to the fourth quarter of 2019. Earnings per diluted share were $0.61, also a 61 percent increase. For the full year of 2020, the company reported net income available to common shareholders of $991 million and earnings per diluted share from continuing operations of $1.03. Full-year 2020 revenue grew 7 percent while pre-tax pre-provision income(1) increased 11 percent over the prior year. Adjusted revenue(1) grew 6 percent while adjusted pre-tax pre-provision income(1) increased 9 percent. The company also generated positive operating leverage of 2.7 percent on a reported basis and 2.6 percent on an adjusted basis(1) versus the prior year.

“At Regions, 2020 was a year of really good execution and outstanding teamwork built around a shared vision of serving customers and communities in helpful and innovative ways. As a result of our team's focus and dedication, we made a meaningful difference for those we serve, while delivering solid financial results, controlling expenses, and proactively managing risks throughout the year,” said John Turner, president and CEO.

“The COVID-19 pandemic is accelerating changes in customer behavior," continued Turner. "Moving forward, we will continue innovating and prudently investing in the people and technology that help Regions deliver competitive solutions and superior service. By executing our strategic plan, we will remain a source of economic strength for our customers and communities, and we will deliver sustainable, long-term performance for our shareholders.”

SUMMARY OF FULL YEAR AND FOURTH QUARTER 2020 RESULTS:

 

 

Quarter Ended

 

Year Ended

(amounts in millions, except per share data)

 

12/31/2020

 

9/30/2020

 

12/31/2019

 

2020

 

2019

Net income

 

$

616

 

 

$

530

 

 

$

389

 

 

1,094

 

 

1,582

 

Preferred dividends

 

28

 

 

29

 

 

23

 

 

103

 

 

79

 

Net income available to common shareholders

 

$

588

 

 

$

501

 

 

$

366

 

 

$

991

 

 

$

1,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average diluted shares outstanding

 

965

 

 

962

 

 

968

 

 

962

 

 

999

 

Actual shares outstanding—end of period

 

960

 

 

960

 

 

957

 

 

960

 

 

957

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.61

 

 

$

0.52

 

 

$

0.38

 

 

$

1.03

 

 

$

1.50

 

 

 

 

 

 

 

 

 

 

 

 

Selected items impacting earnings:

 

 

 

 

 

 

 

 

 

 

Pre-tax adjusted items(1):

 

 

 

 

 

 

 

 

 

 

Adjustments to non-interest expense(1)

 

$

(57)

 

 

$

(7)

 

 

$

(28)

 

 

$

(102)

 

 

$

(46)

 

Adjustments to non-interest income(1)

 

31

 

 

47

 

 

(2)

 

 

81

 

 

(19)

 

Total pre-tax adjusted items(1)

 

$

(26)

 

 

$

40

 

 

$

(30)

 

 

$

(21)

 

 

$

(65)