SALT LAKE CITY, April 24, 2017 /PRNewswire/ -- Zions
Bancorporation (NASDAQ: ZION) ("Zions" or "the Company") today
reported net earnings applicable to common shareholders for the
first quarter of 2017 of $129
million, or $0.61 per diluted
common share, compared with net earnings applicable to common
shareholders of $125 million, or
$0.60 per diluted common share, for
the fourth quarter of 2016 and net earnings applicable to common
shareholders of $79 million, or
$0.38 per diluted common share, for
the first quarter of 2016.
Harris H. Simmons, Chairman and
CEO, commented, "While we are pleased with the strong 61%
improvement in earnings per share over the same period a year ago,
results relative to the fourth quarter of 2016 were muted due to
lackluster loan growth, a condition which has recently been
prevalent throughout the industry. Although we experienced a single
loan loss that comprised nearly two-thirds of total net charge-offs
during the quarter, credit quality was generally strong and
improving, with classified loan totals improving by 7% relative to
fourth quarter results." Mr. Simmons concluded, "While operating
costs were seasonally higher, we remain committed to a continued
focus on expense control and improvement in our profitability
through the remainder of 2017 and beyond."
For the full version of the Company's 2017 first 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 first quarter results at
5:30 p.m. ET this afternoon
(April 24, 2017). 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
91430582, 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.
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, and is a consistent top recipient of Greenwich Excellence
awards in banking. 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
Statements in this press release that are based on other than
historical data or that express the Company's expectations
regarding future events or determinations are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements based on historical data are not intended and
should not be understood to indicate the Company's expectations
regarding future events. Forward-looking statements provide current
expectations or forecasts or intentions regarding future events or
determinations. These forward-looking statements are not guarantees
of future performance or determinations, nor should they be relied
upon as representing management's views as of any subsequent date.
Forward-looking statements involve significant risks and
uncertainties, and actual results may differ materially from those
presented, either expressed or implied, in this press release.
Factors that could cause actual results to differ materially from
those expressed in the forward-looking statements include the
actual amount and duration of declines in the price of oil and gas,
our ability to meet our efficiency and noninterest expense goals,
as well as other factors discussed in the Company'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 (http://www.sec.gov).
Except as required by law, the Company 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/zions-bancorporation-reports-first-quarter-financial-results-300444440.html
SOURCE Zions Bancorporation