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REGIONS Producing Results : Regions reports first quarter 2021 earnings of $ 614 million , earnings per share of $ 0.63 Apr 23 , 2021 Delivers strong revenue and pre - tax pre - provision income ( 1 ) growth over the prior year BIRMINGHAM , Ala .-- ( BUSINESS WIRE ) -- Regions Financial Corporation ( NYSE : RF ) today announced earnings for the first quarter ended March 31 , 2021 . The company reported net income available to common shareholders of $ 614 million , and earnings per diluted share of $ 0.63 . Compared to the first quarter of 2020 , strong revenue growth contributed to an 18 percent increase in pre - tax pre - provision income on a reported basis and a 17 percent increase on an adjusted basis ( 1 ) . The company also generated positive operating leverage of 2.6 percent on a reported basis and 2.1 percent on an adjusted basis ( 1 ) versus the comparable prior - year period . This press release features multimedia . View the full release here : https://www.businesswire.com/news/home/20210423005081/en/ " Our ability to continue to deliver value in the first quarter is a testament to both the investments we've made as well as our associates ' unwavering commitment to our customers and communities . With a 14 percent increase in total revenue compared to the first quarter of 2020 , it is clear that our investments are producing solid results , " said John Turner , president and CEO . " We have remained committed to prudent credit risk management across all our portfolios . The resiliency of our credit metrics reflects our clear and deliberate strategy which includes a focus on client selectivity as we are committed to generating appropriate risk - adjusted returns , " Turner added . " We're pleased with the strength of our pipelines and the increase in business activity across industries . We're also encouraged by vaccination rates and rebounding employment across our footprint . While we are all still dealing with the lingering effects of the pandemic , our ongoing conversations with customers reflect optimism about further economic recovery and growth . We'll continue to deepen our relationships with customers by providing personalized solutions and financial guidance combined with technology solutions that make banking easier . " SUMMARY OF FIRST QUARTER 2021 RESULTS : Quarter Ended ( amounts in millions , except per share data ) 3/31/2021 12/31/2020 3/31/2020 Net income $ 642 $ 616 $ 162 Preferred dividends 28 28 23 Net income available to common shareholders $ 614 $ 588 $ 139 Weighted - average diluted shares outstanding Actual shares outstanding - end of period 968 965 961 961 960 957 Diluted earnings per common share $ 0.63 $ 0.61 $ 0.14 Selected items impacting earnings : Pre - tax adjusted items ( 1 ) . Adjustments to non - interest expense ( 1 ) $ ( 10 ) $ ( 57 ) $ ( 12 ) Adjustments to non - interest income ( 1 ) 4 31 2 Total pre - tax adjusted items ( 1 ) $ ( 6 ) $ ( 26 ) $ ( 10 ) Diluted EPS impact * $ $ ( 0.01 ) $ ( 0.01 ) Pre - tax additional selected items ** : CECL provision less than ( in excess of ) net charge - offs $ 225 $ 132 $ ( 250 ) Capital markets income - CVA / DVA 11 8 ( 34 ) MSR net hedge performance 7 14 PPP loans interest income *** COVID - 19 related expenses Reduction in unrecognized tax benefits 40 40 54 | | ( 3 ) 24