SALT LAKE CITY, Oct. 21,
2019 /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ: ZION)
("Zions" or "the Bank") today reported net earnings applicable to
common shareholders for the third quarter of 2019 of $214 million, or $1.17 per diluted common share, compared with net
earnings applicable to common shareholders of $215 million, or $1.04 per diluted common share, for the third
quarter of 2018 and net earnings applicable to common shareholders
of $189 million, or $0.99 per diluted common share, for the second
quarter of 2019.
Harris H. Simmons, Chairman and
CEO, commented, "Given the challenging interest rate environment in
which banks currently operate, we're pleased with the quarter's
overall results. We achieved solid growth of both demand and
interest-bearing deposits, moderate loan growth, strong
customer-related fee income growth, and flat operating expenses.
Credit quality also remained well-controlled, with annualized net
charge-offs of only 0.01% of average loans, and nonperforming
assets which declined to less than 0.5% of average loans. A 12%
reduction in average outstanding diluted shares relative to last
year's third quarter helped produce a 13% increase in earnings per
share."
Mr. Simmons continued, "As we adjust to a lower interest rate
environment and anticipate the resulting continued pressure on
interest margins, we will continue to take steps to carefully
manage operating expenses in the year ahead. We are optimistic that
we will be able to manage 2020 operating expenses to a level that
is no more than, and likely modestly reduced from, expected 2019
results." For the full version of the Bank's 2019 third 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 third quarter results at 5:30 p.m. ET this afternoon (October 21,
2019). 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 1358841, 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.
Additionally, Zions expects to host its biennial investor day on
Thursday, February 6, 2020.
Institutional investors and professional equity and fixed income
analysts are encouraged to attend in person; retail investors and
investment advisers are encouraged to join by webcast. The link to
the webcast will be posted to zionsbancorporation.com in advance of
the event.
About Zions Bancorporation, N.A.
Zions
Bancorporation, N.A. is one of the nation's premier financial
services companies with total assets of $70 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 Bank is a national leader in
Small Business Administration lending and public finance advisory
services. The Bank has been the recipient of many local and
national awards, primarily reflecting its strong customer service
and products. The Bank has a strong commitment to the communities
in which it operates. 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" as
that term is defined in the Private Securities Litigation Reform
Act of 1995. These statements are based on management's current
expectations 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, 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. Actual results and outcomes
may differ materially from those presented, either expressed or
implied, in the release. Important risk factors that may cause such
material differences include, but are not limited to, the Bank's
ability to meet operating leverage goals; the rate of change of
interest-sensitive assets and liabilities relative to changes in
benchmark interest rates; the ability of the Bank to upgrade its
core deposit system and implement new digital products in order to
remain competitive; risks associated with information security,
such as systems breaches and failures; and legislative, regulatory
and economic developments. These risks, as well as other factors,
are discussed in the Bank'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). In addition, you may obtain
documents filed with the SEC by the Bank free of charge by
contacting: Investor Relations, Zions Bancorporation, N.A.,
One South Main Street, 11th Floor,
Salt Lake City, Utah 84133, (801)
844-7637.
Except as required by law, Zions Bancorporation, N.A.
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