Corporate Financial Reports - 2-5-18

CORPORATE FINANCIAL REPORTS

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 $114 million, or 54 cents per share, for the fourth quarter of 2017. That compares with $125 million, or 60 cents per share, for the same quarter a year earlier.

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For the full year 2017, the company reported earnings of $550 million, or $2.60 per share. That compares with $411 million, or $1.99 per share, for 2016.

Zions operates in 11 western states.

Net interest income was up $525 million, up 10 percent over $480 million a year earlier. The increase was due to a $39 million increase in interest and fees on loans resulting from loan growth in commercial and consumer loans and increases in short-term interest rates, plus a $21 million increase in interest on securities.

Noninterest income for the most recent quarter grew by $11 million to $139 million year over year.

Asset quality improved for the entire loan portfolio when compared with the prior quarter and the same prior year period, primarily due to improvements in the oil and gas-related portfolio, highlighted by decreases in classified and nonperforming assets, the company said.

Loans and leases, net of unearned income and fees, increased $2.1 billion to $44.8 billion, predominantly in commercial and industrial loans and one-to-four-family residential loans. Commercial real estate loans declined slightly from the prior year.

Total deposits fell by 1 percent from $53.2 billion at the end of 2016.

“We are pleased with the results of both the quarter and the year,” Harris H. Simmons, chairman and chief executive officer, said in announcing the results. Fourth-quarter earnings per share increased to 80 cents when adjusted for both the deferred tax asset revaluation and the larger charitable contribution expense, which were directly related to the passage of tax reform legislation, he said.

“We were pleased with loan growth over the year-ago period, which increased at a rate roughly double that of large domestic commercial banks. We’ve also seen strong improvement in credit quality, with classified loans and other measures of quality at their best levels in a number of years.”

Simmons said the company has “achieved each of the financial goals we established in mid-2015, and we remain focused on building a culture of continuous improvement and operational excellence that will allow us to continue to produce profitable growth in the years ahead.”

People’s Utah Bancorp

People’s Utah Bancorp, based in American Fork, reported net income of $600,000, or 3 cents per share, for the 2017 fourth quarter. That compares with $6.5 million, or 36 cents per share, for the same quarter a year earlier.

For the full year 2017, the company reported net income of $19.8 million, or $1.08 per share. That compares with $23.6 million, or $1.30 per share, for 2016.

Net income from core operations was $8.1 million, or 43 cents per share, for the most recent quarter, compared with $6.5 million, or 36 cents per share, for the fourth quarter of 2016. For all of 2017, net income from core operations was $28.1 million, or $1.53 per diluted common share, compared with $23.6 million, or $1.30 per diluted common share, for 2016.

Net interest income grew 30.6 percent to $23.9 million in the fourth quarter, compared to the same quarter a year earlier. It grew 15.4 percent to $80.6 million during the full year, compared with $69.9 million for all of 2016.

Noninterest income was $4.5 million during the fourth quarter, compared with $4.2 million for the same period a year earlier. It was $16.6 million for the full year 2017, compared with $16.8 million in 2016.

Total deposits grew $390 million to $1.81 billion at the end of 2017, compared with $1.43 billion at the end of 2016.

People’s Utah Bancorp is the holding company for People’s Intermountain Bank, which has 25 locations in three banking divisions, Bank of American Fork, Lewiston State Bank and People’s Town & Country Bank; a leasing division, GrowthFunding Equipment Finance; and a mortgage division, People’s Intermountain Bank Mortgage.

“We’re pleased to have successfully completed the acquisition, conversion and integration of both the Utah branch locations from Banner Bank and Town & Country Bank,” Len Williams, president and chief executive officer, said in announcing the results. The two transactions expanded the company by 25 branches.

“These transactions have allowed us to further deploy our solid capital base and to strategically grow our company along the I-15 corridor of the Intermountain region. As a result of strong organic growth and these two transactions, our total assets have grown to $2.1 billion at the end of 2017, and we expect both transactions will be immediately accretive to earnings, after acquisition-related costs.”{/mprestriction}