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. Q4 net income rose to $588 million, up 61% year-over-year, resulting in diluted EPS of $0.61. For the full year, net income available to common shareholders was $991 million, with revenue increasing by 7%. Adjusted pre-tax pre-provision income climbed 9%. The company showcased strong operating leverage of 2.7% on reported and 2.6% on adjusted basis. CEO John Turner highlighted successful execution and innovation during the challenging COVID-19 environment.
- Q4 net income increased by 61% to $588 million.
- Full-year 2020 revenue grew by 7%.
- Diluted EPS for Q4 rose by 61% to $0.61.
- Adjusted pre-tax pre-provision income increased by 9%.
- Full-year net income declined from $1,503 million in 2019 to $991 million in 2020.
- Diluted EPS for the full year decreased from $1.50 in 2019 to $1.03 in 2020.
Regions Financial Corporation (NYSE:RF) today announced earnings for the fourth quarter and full year ended December 31, 2020. The company reported fourth quarter net income available to common shareholders of
“At Regions, 2020 was a year of really good execution and outstanding teamwork built around a shared vision of serving customers and communities in helpful and innovative ways. As a result of our team's focus and dedication, we made a meaningful difference for those we serve, while delivering solid financial results, controlling expenses, and proactively managing risks throughout the year,” said John Turner, president and CEO.
“The COVID-19 pandemic is accelerating changes in customer behavior," continued Turner. "Moving forward, we will continue innovating and prudently investing in the people and technology that help Regions deliver competitive solutions and superior service. By executing our strategic plan, we will remain a source of economic strength for our customers and communities, and we will deliver sustainable, long-term performance for our shareholders.”
SUMMARY OF FULL YEAR AND FOURTH QUARTER 2020 RESULTS:
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Quarter Ended |
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Year Ended |
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(amounts in millions, except per share data) |
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12/31/2020 |
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9/30/2020 |
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12/31/2019 |
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2020 |
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2019 |
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Net income |
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$ |
616 |
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$ |
530 |
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$ |
389 |
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|
1,094 |
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|
1,582 |
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Preferred dividends |
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28 |
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29 |
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23 |
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|
103 |
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|
79 |
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Net income available to common shareholders |
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$ |
588 |
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$ |
501 |
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$ |
366 |
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$ |
991 |
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$ |
1,503 |
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Weighted-average diluted shares outstanding |
|
965 |
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|
962 |
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|
968 |
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|
962 |
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|
999 |
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Actual shares outstanding—end of period |
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960 |
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|
960 |
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|
957 |
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|
960 |
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|
957 |
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Diluted earnings per common share |
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$ |
0.61 |
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$ |
0.52 |
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$ |
0.38 |
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$ |
1.03 |
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$ |
1.50 |
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Selected items impacting earnings: |
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Pre-tax adjusted items(1): |
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Adjustments to non-interest expense(1) |
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$ |
(57) |
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$ |
(7) |
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$ |
(28) |
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$ |
(102) |
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$ |
(46) |
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Adjustments to non-interest income(1) |
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31 |
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|
47 |
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(2) |
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81 |
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(19) |
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Total pre-tax adjusted items(1) |
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$ |
(26) |
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$ |
40 |
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$ |
(30) |
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$ |
(21) |
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$ |
(65) |
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FAQ
What were Regions Financial's earnings for Q4 2020?
Regions Financial reported a Q4 net income of $588 million, with diluted EPS of $0.61.
How did Regions Financial perform in 2020 compared to 2019?
In 2020, Regions Financial's net income available to common shareholders decreased to $991 million from $1,503 million in 2019.
What is the revenue growth for Regions Financial in 2020?
Regions Financial reported a revenue growth of 7% for the full year of 2020.
What was the adjusted pre-tax pre-provision income for Regions Financial in 2020?
The adjusted pre-tax pre-provision income for Regions Financial increased by 9% in 2020.
Regions Financial Corp.
NYSE:RFRF RankingsRF Latest NewsRF Stock Data
21.12B
906.07M
0.27%
80.86%
4.46%
Banks - Regional
National Commercial Banks
United States of America
BIRMINGHAM
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