Zions Bancorporation, N.A. (NASDAQ: ZION) (“Zions” or “the
Bank”) today reported net earnings applicable to common
shareholders for the second quarter of 2023 of $166 million, or
$1.11 per diluted common share, compared with net earnings
applicable to common shareholders of $195 million, or $1.29 per
diluted common share, for the second quarter of 2022, and net
earnings applicable to common shareholders of $198 million, or
$1.33 per diluted common share, for the first quarter of 2023.
Harris H. Simmons, Chairman and CEO of Zions Bancorporation,
commented, “Second quarter operating results reflect a solid ($2
billion, or 3.2%) rebound in customer deposits over the past three
months, but also a higher cost of funds, which reduced net interest
income to levels comparable with those of a year ago. While
noninterest-bearing deposits decreased $2.3 billion during the
quarter and were displaced by interest-bearing deposits, the
interest savings generated from our demand deposits increased by
approximately 28% over the past three months.”
Mr. Simmons continued, “Customer-related noninterest income
increased 5% over the prior year quarter, while operating expenses
increased 9%—approximately half of which was due to severance and
higher FDIC insurance costs. Credit quality remained strong, with
continued reductions in nonperforming and classified loans, and
annualized net charge-offs of a modest 0.09% of total loans. We’re
pleased to see the operating environment stabilizing, and we expect
to see continued improvement in the months ahead.”
For the full version of the Bank's 2023 second 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 second quarter results at 5:30
p.m. ET on July 19, 2023. Media representatives, analysts,
investors, and the public are invited to join this discussion by
calling (877) 709-8150 (domestic and international) and entering
the passcode 13740068, 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 $90 billion of
total assets at December 31, 2022, and annual net revenue of $3.2
billion in 2022. 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 500 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, often accompanied by words such as
“may,” “might,” “could,” “anticipate,” “expect,” and similar terms,
are based on management’s current expectations and assumptions
regarding future events or determinations, all of which are subject
to known and unknown risks and uncertainties.
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 this 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 continued
high inflation, economic slowdown or recession, or other economic
disruptions; changes in interest and reference rates which could
adversely affect our revenue and expenses, the value of assets and
obligations, and the availability and cost of capital and
liquidity; deterioration in economic conditions that may result in
increased loan and leases losses; securities and capital markets
behavior, including volatility and changes in market liquidity and
our ability to raise capital; the impact of bank failures or
adverse developments at other banks on general investor sentiment
regarding the stability and liquidity of banks; the possibility
that our recorded goodwill could become impaired, which may have an
adverse impact on our earnings and capital; our ability to recruit
and retain talent, including increased competition for qualified
candidates as a result of expanded remote-work opportunities and
increased compensation expenses; competitive pressures and other
factors that may affect aspects of our business, such as pricing
and demand for our products and services; our ability to complete
projects and initiatives and execute on our strategic plans, manage
our risks, and achieve our business objectives; 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; our ability to develop and maintain
technology, information security systems and controls designed to
guard against fraud, cybersecurity, and privacy risks; 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
increases in bank fees, capital standards, and other regulatory
requirements; adverse media and other expressions of negative
public opinion whether directed at us, other banks, the banking
industry generally or otherwise that may adversely affect our
reputation and that of the banking industry generally; the effects
of pandemics and other health emergencies that may affect our
business, employees, customers, and communities, such as ongoing
effects on availability and cost of labor; the effects of wars and
geopolitical conflicts, and other local, national, or international
disasters, crises, or conflicts that may occur in the future;
natural disasters that may impact our and our customer's operations
and business; and governmental and social responses to
environmental, social, and governance issues, including those with
respect to climate change.
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 2022 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230719383989/en/
Shannon Drage, Tel: (801) 844-8208
Zions Bancorporation NA (NASDAQ:ZION)
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