Zions Bancorporation, N.A. (NASDAQ: ZION) (“Zions” or “the
Bank”) today reported net earnings applicable to common
shareholders for the first quarter of 2023 of $198 million, or
$1.33 per diluted common share, compared with net earnings
applicable to common shareholders of $195 million, or $1.27 per
diluted common share, for the first quarter of 2022, and net
earnings applicable to common shareholders of $277 million, or
$1.84 per diluted common share, for the fourth quarter of 2022.
Harris H. Simmons, Chairman and CEO of Zions Bancorporation,
commented, “The fundamentally solid results that we and many other
banks produced in the first quarter were overshadowed by concerns
about liquidity and capital strength in the wake of two prominent
bank failures in mid-March. Deposits across the industry had been
declining in recent quarters after growing rapidly during the
pandemic, and although we and other banks experienced negative
impacts from these bank failures, our own deposits (excluding any
brokered deposits) at quarter end were 18% greater than
pre-pandemic (12/31/19) levels, with noninterest-bearing demand
deposits up 31% during that period, and loans up 16%.
“We continued to evidence very good credit quality during the
quarter, with no net charge-offs and continued strong credit
metrics. Both regulatory and economic capital also remained durable
during the quarter, reflecting in part the increased value of a
solid base of smaller core operating deposit accounts whose value
has increased even as the value of fixed-rate earning assets has
diminished in a period of higher interest rates. With growing
attention on commercial real estate, or CRE, portfolios, we would
note that we’ve carefully managed the growth in this portfolio for
a number of years. Over the past decade, our CRE portfolio has
grown at a compounded annual rate of only 2.5%, and a mere 0.1% of
the portfolio is currently in nonperforming status.”
Mr. Simmons continued, “Finally, while events during the quarter
accelerated a change in funding mix and costs that we expect will
reduce the near-term quarterly 'run rate' of revenue by
approximately 4%, we expect an increased focus on operating costs
will offset a portion of this impact.”
For the full version of the Bank's 2023 first 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 first quarter results at 5:30
p.m. ET on April 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 13737440, 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; 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, including the lingering effects of the COVID-19
pandemic 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230419005460/en/
James Abbott, Tel: (801) 844-7637
Zions Bancorporation NA (NASDAQ:ZION)
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