SALT
LAKE CITY, Oct. 21, 2024 /PRNewswire/ -- Zions
Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today
reported net earnings applicable to common shareholders for the
third quarter of 2024 of $204
million, or $1.37 per diluted
common share, compared with net earnings applicable to common
shareholders of $168 million, or
$1.13 per diluted common share, for
the third quarter of 2023, and net earnings applicable to common
shareholders of $190 million, or
$1.28 per diluted common share, for
the second quarter of 2024.
Harris H. Simmons, Chairman and
CEO of Zions Bancorporation, commented, "We're pleased with the
continued improvement in our financial performance, reflected in
the 21% increase in earnings per share over the same period last
year. The net interest margin strengthened to 3.03% from 2.93% a
year ago, and operating costs increased a modest 1%. Average
noninterest-bearing demand deposits decreased 1.7% relative to the
prior quarter of this year, but were flat to last quarter's ending
balance, suggesting continued stabilization of this important
source of low-cost funding. Tangible common equity has grown 28%
over the past year, and 8% over the past quarter."
Mr. Simmons continued, "While classified loans increased 66%
quarter over quarter, reflecting somewhat weaker fundamental
performance in multi-family residential loans, we expect credit
losses to remain well controlled as a result of strong equity and
sponsorship in these deals. Realized total credit losses remained
very low during the quarter at an annualized rate of 0.02% of
loans."
Mr. Simmons concluded, "Finally, we were pleased to announce
during the quarter an agreement with FirstBank, headquartered in
Lakewood, Colorado, to purchase
four of their branches in California's Coachella Valley with
approximately $730 million in
deposits and $420 million in loans.
Upon receiving regulatory approval, these offices will become part
of California Bank & Trust, and will strengthen our competitive
position in that market."
For the full version of the Bank's 2024 third quarter earnings
release, including financial schedules, please visit
www.zionsbancorporation.com.
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website,
which will be used to discuss the third quarter results at
5:30 p.m. ET on October 21,
2024. Media representatives, analysts, investors, and the public
are invited to join this discussion by calling (877) 709-8150
(domestic and international) and using the meeting number 13749356,
or via on-demand webcast. A link to the webcast will be available
on the Zions Bancorporation website at www.zionsbancorporation.com.
The webcast of the conference call will also be archived and
available for 30 days.
About Zions Bancorporation, N.A.
Zions Bancorporation, N.A. is one of the nation's premier
financial services companies with approximately $87 billion of total assets at December 31, 2023, and annual net revenue of
$3.1 billion in 2023. 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 Bank is a consistent recipient of
national and state-wide customer survey awards in small- and
middle-market banking, as well as a leader in public finance
advisory services and Small Business Administration lending. In
addition, Zions is included in the S&P MidCap 400 and NASDAQ
Financial 100 indices. Investor information and links to local
banking brands can be accessed at www.zionsbancorporation.com.
Forward-Looking Information
This earnings release includes "forward-looking statements" as
that term is defined in the Private Securities Litigation Reform
Act of 1995. These statements are based on management's current
expectations and assumptions regarding future events or
determinations, all of which are subject to known and unknown
risks, uncertainties, and other factors that may cause our actual
results, performance or achievements, industry trends, and results
or regulatory outcomes to differ materially from those expressed or
implied. Forward-looking statements include, among others:
- Statements with respect to the beliefs, plans, objectives,
goals, targets, commitments, designs, guidelines, expectations,
anticipations, and future financial condition, results of
operations and performance of Zions Bancorporation, National
Association and its subsidiaries (collectively "Zions
Bancorporation, N.A.," "the Bank," "we," "our," "us"); and
- Statements preceded or followed by, or that include the words
"may," "might," "can," "continue," "could," "should," "would,"
"believe," "anticipate," "estimate," "forecasts," "expect,"
"intend," "target," "commit," "design," "plan," "projects," "will,"
and the negative thereof and similar words and expressions.
Forward-looking statements are not guarantees, nor should they
be relied upon as representing management's views as of any
subsequent date. Actual results and outcomes may differ materially
from those presented. Although the following list is not
comprehensive, important factors that may cause material
differences include:
- The quality and composition of our loan and securities
portfolios and the quality and composition of our deposits;
- Changes in general industry, political, and economic
conditions, including elevated inflation, economic slowdown or
recession, or other economic challenges; changes in interest and
reference rates, which could adversely affect our revenue and
expenses, the value of assets and liabilities, and the availability
and cost of capital and liquidity; deterioration in economic
conditions that may result in increased loan and leases
losses;
- The effects of newly enacted and proposed regulations affecting
us and the banking industry, as well as changes and uncertainties
in applicable laws, and fiscal, monetary, regulatory, trade, and
tax policies, and actions taken by governments, agencies, central
banks, and similar organizations, including those that result in
decreases in revenue; increases in bank fees, insurance assessments
and capital standards; and other regulatory requirements;
- Competitive pressures and other factors that may affect aspects
of our business, such as pricing and demand for our products and
services, and our ability to recruit and retain talent;
- The impact of technological advancements, digital commerce,
artificial intelligence, and other innovations affecting the
banking industry;
- Our ability to complete projects and initiatives and execute on
our strategic plans, manage our risks, control compensation and
other expenses, and achieve our business objectives;
- Our ability to develop and maintain technology, information
security systems, and controls designed to guard against
fraud, cybersecurity, and privacy risks;
- Our ability to provide adequate oversight of our suppliers or
prevent inadequate performance by third parties upon whom we rely
for the delivery of various products and services;
- Natural disasters, pandemics, catastrophic events and other
emergencies and incidents and their impact on our and our
customers' operations and business and communities, including the
increasing difficulty in, and the expense of, obtaining property,
auto, business, and other insurance products;
- Governmental and social responses to environmental, social, and
governance issues, including those with respect to climate
change;
- Securities and capital markets behavior, including volatility
and changes in market liquidity and our ability to raise
capital;
- The possibility that our recorded goodwill could become
impaired, which may have an adverse impact on our earnings and
shareholders' equity;
- The impact of bank closures or adverse developments at other
banks on general investor sentiment regarding the stability and
liquidity of banks;
- Adverse news and other expressions of negative public opinion
whether directed at us, other banks, the banking industry, or
otherwise that may adversely affect our reputation and that of the
banking industry generally;
- Protracted congressional negotiations and political stalemates
regarding government funding and other issues, including those that
increase the possibility of government shutdowns, downgrades in
United States ("U.S.") credit
ratings, or other economic disruptions; and
- The effects of wars and geopolitical conflicts, such as the
ongoing war between Russia and
Ukraine, the war in the
Middle East, and other local,
national, or international disasters, crises, or conflicts that may
occur in the future.
Factors that could cause our actual results, performance or
achievements, industry trends, and results or regulatory outcomes
to differ materially from those expressed or implied in the
forward-looking statements are discussed in our 2023 Form 10-K and
subsequent filings with the Securities and Exchange Commission
(SEC), and are available on our website
(www.zionsbancorporation.com) and from the SEC (www.sec.gov).
We caution against the undue reliance on forward-looking
statements, which reflect our views only as of the date they are
made. Except to the extent required by law, we specifically
disclaim any obligation to update any factors or to publicly
announce the revisions to any forward-looking statements to reflect
future events or developments.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/zions-bancorporation-national-association-reports-third-quarter-financial-results-302282032.html
SOURCE Zions Bancorporation
