SALT LAKE CITY, Jan. 22,
2018 /PRNewswire/ -- Zions Bancorporation (NASDAQ: ZION)
("Zions" or "the Company") today reported net earnings applicable
to common shareholders for the fourth quarter of 2017 of
$114 million, or $0.54 per diluted common share, compared with net
earnings applicable to common shareholders of $152 million, or $0.72 per diluted common share, for the third
quarter of 2017 and net earnings applicable to common shareholders
of $125 million, or $0.60 per diluted common share, for the fourth
quarter of 2016.
Harris H. Simmons, Chairman and
CEO, commented, "We are pleased with the results of both the
quarter and the year. Fourth quarter earnings per share increased
to $0.80, a 33% increase over the
prior-year period, when adjusted for both the deferred tax asset
revaluation and the larger charitable contribution expense, which
were directly related to the passage of tax reform legislation.
When adjusted for these items, the efficiency ratio improved
materially to 59.8%, and the return on tangible common equity rose
to 10.9%, up from 8.4% in the year-ago period." Mr. Simmons
continued, "We were pleased with loan growth over the year-ago
period, which increased at a rate roughly double that of large
domestic commercial banks. We've also seen strong improvement in
credit quality, with classified loans and other measures of quality
at their best levels in a number of years."
Mr. Simmons concluded, "We are pleased to have achieved each of
the financial goals we established in mid-2015, and we remain
focused on building a culture of continuous improvement and
operational excellence that will allow us to continue to produce
profitable growth in the years ahead."
For the full version of the Company's 2017 fourth quarter
earnings release, including financial tables, please visit
zionsbancorporation.com.
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website,
which will be used to discuss these fourth quarter results at
5:30 p.m. ET this afternoon
(January 22, 2018). Media representatives, analysts,
investors, and the public are invited to join this discussion by
calling 253-237-1247 (domestic and international) and entering the
passcode 5750193, or via on-demand webcast. A link to the webcast
will be available on the Zions Bancorporation website at
zionsbancorporation.com. The webcast of the conference call will
also be archived and available for 30 days.
2018 Investor Day
On March 1, 2018, Zions expects to
host an investor day, including presentations from various members
of Zions Bancorporation and affiliate managers. The event is
expected to begin at 8:00 a.m. MST.
Please contact Zions' investor relations for further details by
emailing investor@zionsbancorp.com or calling 801-844-7637,
extension 2.
About Zions Bancorporation
Zions Bancorporation is one of the nation's premier financial
services companies with total assets exceeding $65 billion.
Zions operates under local management teams and distinct brands in
11 western states: Arizona,
California, Colorado, Idaho, Nevada, New
Mexico, Oregon,
Texas, Utah, Washington and Wyoming. The company is a national leader in
Small Business Administration lending and public finance advisory
services. In addition, Zions is included in the S&P 500 and
NASDAQ Financial 100 indices. Investor information and links to
local banking brands can be accessed
at zionsbancorporation.com.
Forward-Looking Information
This earnings release includes forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, or the Exchange Act. Statements in the earnings release
that are based on other than historical information or that express
Zions Bancorporation's expectations regarding future events or
determinations are forward-looking within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements reflect, among other things, our current expectations,
all of which are subject to known and unknown risks, uncertainties
and other factors that may cause our actual results, performance or
achievements, market trends, industry results or regulatory
outcomes to differ materially from those expressed or implied by
such forward-looking statements.
Without limiting the foregoing, the words "anticipates,"
"believes," "can," "continue," "could," "estimates," "expects,"
"intends," "may," "might," "plans," "projects," "should," "would,"
"targets," "will" and the negative thereof and similar words and
expressions are intended to identify forward-looking statements.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain, such as statements about
future financial and operating results, the potential timing or
consummation of the proposed transaction described in the
presentation and receipt of regulatory approvals or determinations,
or the anticipated benefits thereof, including, without limitation,
future financial and operating results. Actual results and outcomes
may differ materially from those presented, either expressed or
implied, in the presentation. Important risk factors that may cause
such material differences include, but are not limited to, the
actual amount and duration of declines in the price of oil and gas;
Zions' ability to meet efficiency and noninterest expense goals;
the rate of change of interest sensitive assets and liabilities
relative to changes in benchmark interest rates; risks and
uncertainties related to the ability to obtain shareholder and
regulatory approvals or determinations, or the possibility that
such approvals or determinations may be delayed; the imposition by
regulators of conditions or requirements that are not favorable to
Zions; the ability of Zions Bancorporation to achieve anticipated
benefits from the consolidation and regulatory determinations; and
legislative, regulatory and economic developments that may diminish
or eliminate the anticipated benefits of the consolidation. These
risks, as well as other factors, are discussed in Zions
Bancorporation's most recent Annual Report on Form 10-K and
Quarterly Report on Form 10-Q, filed with the Securities and
Exchange Commission (SEC) and available at the SEC's Internet site
(https://www.sec.gov/), and other risks associated with the
proposed transaction will be more fully discussed in the proxy
statement that will be filed with the Securities and Exchange
Commission in connection with the proposed transaction.
(http://www.sec.gov).
Except as required by law, Zions Bancorporation specifically
disclaims any obligation to update any factors or to publicly
announce the result of revisions to any of the forward-looking
statements included herein to reflect future events or
developments.
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SOURCE Zions Bancorporation