Regions Financial Corporation Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017; Announces Earnings Guidance for the Full Year of 2018
For the full year of 2017, the company reported net income available to common shareholders from continuing operations of $1.2 billion, an increase of 9% over the prior year, and earnings per diluted share from continuing operations of $1.00, an increase of 15% compared to $1,094 million or $0.87 per diluted share a year ago. Income from continuing operations was $1,257 million against $1,158 million a year ago. Net income available to common shareholders was $1,199 million or $1.00 per diluted share against $1,099 million or $0.87 per diluted share a year ago.
Net charge-offs totaled $63 million or 0.31% of average loans compared to $76 million or 0.38% of average loans in the previous quarter.
For the full year of 2018, the company expects adjusted net interest income growth in the 3% to 5% range. For 2018, the company expects net charge-offs to be in the range of 35 to 50 basis points. For 2018, the company expects adjusted operating leverage of 3% to 5%. The company expects total adjusted noninterest income growth in the 3% to 6% range. 2018 adjusted return on average tangible common equity ratio is now expected to be in the 14% to 16% range. The company's 2018 guidance for the effective tax rate is now in the 20% to 22% range.