CORPORATE FINANCIAL REPORTS - 7-31-17

The following are recent financial reports as posted by selected Utah corporations:

Zions

Zions Bancorporation, based in Salt Lake City, reported net earnings applicable to common shareholders of $154 million, or 73 cents per share, for the second quarter. That compares with $91 million, or 44 cents per share, for the same quarter a year earlier.

Net interest income increased to $528 million, up from $489 million in the prior quarter. Net loans and losses totaled $43.7 billion, up $941 million during the quarter and up from $42.5 billion a year earlier. Deposits totaled $52.4 billion at the end of the second quarter, down $1.1 billion during the quarter but up $2.1 billion from the prior-year quarter. Average noninterest bearing deposits totaled $23.8 billion at the end of the second quarter, compared with $23.5 billion at the end of the first quarter.

Zions operates in 11 western states.

{mprestriction ids="1,3"}“We are encouraged with the solid results of the second quarter,” Harris H. Simmons, chairman and chief executive officer, said in announcing the results. “Loan growth exceeded expectations and was diversified across commercial and consumer categories and also by geography. We experienced continued strong revenue growth, and expenses — both interest expense from deposits and operating expense — were well-controlled, resulting in a solid increase in pre-provision net revenue.

“Credit costs improved substantially over prior periods, and we expect such costs to remain low for the foreseeable future. We are particularly enthusiastic about our ability to return substantial capital to shareholders over the next several quarters, which should contribute to further improvement in return on equity.”

HealthEquity

HealthEquity Inc., based in Draper, reported net income of $14 million, or 23 cents per share, for the fiscal first quarter ended April 30. That compares with $8.1 million, or 14 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $55.4 million, up from $44 million in the year-earlier period.

The company is a health savings account (HSA) non-bank custodian.

“During the first quarter, our team began the fiscal year the way that we ended last year, outpacing the market’s 20 percent growth rate as we grew HSAs by 26 percent year-over-year, adding nearly 77,000 new HSAs and $189 million in custodial assets in the first quarter,” Jon Kessler, president and chief executive officer, said in announcing the results.

“Even more importantly, custodial investments grew by 58 percent year-over-year, as we continue to succeed in enabling our HSA members to build health savings.”

USANA

USANA Health Sciences Inc., based in Salt Lake City, reported net income of $23.3 million, or 93 cents per share, for the second quarter ended July 1. That compares with $25.8 million, or $1.03 per share, for the same quarter a year earlier.

Net sales in the most recent quarter totaled $257.1 million, down from $258.5 million in the year-earlier quarter.

USANA develops and manufactures nutritional supplements, foods and personal care products that are sold directly to associates and preferred customers.

“Our second-quarter revenue was essentially flat with the year-ago period, which represented the highest quarterly sales in the company’s history,” Kevin Guest, chief executive officer, said in announcing the results. “In addition to the tough comparable, sales were softer than expected this quarter in several of our regions due to slower momentum and customer growth in the business. Supplier challenges with our MySmart foods line also negatively impacted our top-line results for the quarter.

“To counter these issues, we offered a successful short-term promotion in China during the quarter and plan to offer additional promotions in several of our markets during the second half of the year.”

Guest said the Americas and Europe region “continue to present a challenge” for the company.

Utah Medical Products

Utah Medical Products Inc., based in Salt Lake City, reported net income of $3.9 million, or $1.03 per share, for the second quarter ended June 30. That compares with $3.3 million, or 86 cents per share, in the year-earlier quarter.

Net sales totaled $10.8 million in the most recent quarter, up from $10.5 million in the year-earlier quarter.

Utah Medical Products develops, manufactures and markets disposable and reusable specialty medical devices.

Town & Country Bank

Town & Country Bank, based in St. George, reported pre-tax income of more than $1 million during the second fiscal quarter. It was the company’s best-ever pre-tax income, was up $348,000 during the quarter and represented a 95.8 percent increase over the same period a year earlier. Earnings per share rose by 40 cents from the previous quarter on after-tax income of $777,000.

The company said profits in the second quarter represent the 15th consecutive quarter of positive earnings, and the 24th out of the past 25.

The bank’s total assets were $150.54 million at the end of the second quarter, up 36.4 percent from a year earlier. Year-over-year net loans grew by 39.2 percent to $111.55 million, while deposits climbed by 30.8 percent to nearly $126.2 million.

“Strong second-quarter earnings were, like the first quarter, propelled by the bank’s strategic emphasis on generating and selling portions of government-guaranteed loans,” Bruce Jensen, chief executive officer, said in announcing the results. “And despite the sale of loans, our overall net growth in loans and assets was extremely robust — well ahead of projections and at the upper limits of regulatory-tolerated increase.”{/mprestriction}