Zions Bancorporation, National Association Reports Second-Quarter Financial Results
July 19 2021 - 4:10PM
Business Wire
Zions Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the
Bank") today reported net earnings applicable to common
shareholders for the second quarter of 2021 of $345 million, or
$2.08 per diluted common share, compared with net earnings
applicable to common shareholders of $57 million, or $0.34 per
diluted common share, for the second quarter of 2020, and net
earnings applicable to common shareholders of $314 million, or
$1.90 per diluted common share, for the first quarter of 2021.
Harris H. Simmons, Chairman and CEO of Zions Bancorporation,
commented, “We are pleased with the financial results of the second
quarter of 2021. Perhaps most notably, credit performance continues
to be very strong as evidenced by modest net recoveries on loans.
We also now believe that future losses will be significantly less
than previously expected, with the result that we released more
than $120 million of our allowance for credit losses.”
Mr. Simmons continued, “Excluding PPP loans, we were also
pleased with the relative stability of period-end loan balances, as
well as a continued strong performance in the growth of deposits,
with noninterest bearing deposits equaling nearly one half of total
deposits at quarter end. Finally, our capital position is
particularly strong relative to our risk profile, with our CET1
ratio reaching 11.3%, up from 10.2% at the beginning of the
pandemic.”
For the full version of the Bank's 2021 second 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 second quarter results at 5:30
p.m. ET this afternoon (July 19, 2021). 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 2092815, 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, N.A.
Zions Bancorporation, N.A. is one of the nation's premier
financial services companies with annual net revenue of $2.8
billion in 2020 and more than $85 billion of total assets. 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, recently ranking as the tenth largest provider in the U.S.
of the SBA’s Paycheck Protection Program loans (including both
rounds). 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 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, market trends, industry
results or regulatory outcomes to differ materially from those
expressed or implied by such forward-looking statements.
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 by, 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.
These forward-looking statements are not guarantees of future
performance, 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. Important risk
factors that may cause such material differences include changes in
general economic, regulatory, and industry conditions; changes and
uncertainties in fiscal, monetary, regulatory, trade and tax
policies and legislative and regulatory changes; changes in
interest rates and uncertainty regarding the transition away from
the London Interbank Offered Rate ("LIBOR") toward other
alternative reference rates; the quality and composition of our
loan and securities portfolios; 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 execute
our strategic plans, manage our risks, and achieve our business
objectives; our ability to develop and maintain information
security systems, technologies and controls designed to guard
against fraud, cyber and privacy risks; and the effects of the
COVID-19 pandemic or other national or international crises or
conflicts that may occur in the future and governmental responses
to such matters. These factors, among others, 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
(https://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.
We caution you against undue reliance on forward-looking
statements, which reflect our views only as of the date they are
made. Except as may be 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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version on businesswire.com: https://www.businesswire.com/news/home/20210719005126/en/
James Abbott, Tel: (801) 844-7637
Zions Bancorporation NA (NASDAQ:ZION)
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