Operator
Good morning, and welcome to the Santander Consumer USA Holdings First Quarter 2021 Earnings Call. [Operator instructions]
It is now my pleasure to introduce your host, Evan Black, Head of Investor Relations. Evan, the floor is yours.
Evan Black
Head of Investor Relations
Thank you, Lisa. Good morning, everyone, and thanks for joining our call today. We have on the call our CEO, Mahesh Aditya; and our CFO, Fahmi Karam.
Certain statements made on today s call will be forward-looking. Please refer to our public SEC filings and Risk Factors with respect to these statements. We ll also reference some non-GAAP financial measures that we believe will be useful to our investors and a reconciliation of those measures to GAAP was included in the 8-K that we issued earlier this morning.
Santander Consumer USA Holdings Inc Reports First Quarter 2021 Results
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Santander Consumer USA Holdings Inc Reports First Quarter 2021 Results
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The surprisingly good times for auto lenders will end But when?
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DALLAS, Feb. 3, 2021 /PRNewswire/ Santander Consumer USA Holdings Inc. (NYSE: SC) ( SC or the Company ) today announced net income for the fourth quarter ended December 31, 2020 ( Q4 2020 ) of $521 million, or $1.70 per diluted common share. Net income for the full year 2020 ( 2020 ) was $911 million, or $2.87 per diluted common share.
As a result of the Federal Reserve Board s extended interim policy (the Interim Policy ), SC is prohibited from paying a dividend in the first quarter of 2021. Although SC s standalone income is sufficient, SC consolidates into SHUSA s capital plan and, therefore, the calculation of the restrictions uses SHUSA s average trailing four quarters of income, which is insufficient to permit dividends under the Interim Policy. SHUSA has requested certain exceptions to the Interim Policy, however, the timing and outcome of the request is uncertain.