CORPORATE FINANCIAL REPORTS 1-28-19

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

Zions 

Zions Bancorporation NA, based in Salt Lake City, reported net earnings applicable to common shareholders of $217 million, or $1.08 per share, for the 2018 fourth quarter. That compares with $114 million, or 54 cents per share, for the same quarter a year earlier.{mprestriction ids="1,3"}

For the full year, the company reported net earnings of $850 million, or $4.08 per share, compared with $550 million, or $2.60 per share, for the prior year.

Zions operates banks in 11 western states.

The company saw total deposits grew by $1.5 billion, or 3 percent, from the year-earlier quarter. Net interest income was $576 million, up 10 percent from a year earlier, and net loans and leases were $46.7 billion, up 4 percent.

“We’re pleased with the bank’s performance in the fourth quarter and for the full year 2018,” Harris H. Simmons, chairman and CEO, said in announcing the results.

“Quarterly earnings per share doubled to $1.08, compared to 54 cents a year ago, while annual earnings per share increased 57 percent to $4.08 from $2.60. Although a reduction in the effective tax rate contributed significantly to the improved earnings, pre-tax pre-provision net revenues increased a strong 13 percent for the quarter, even after excluding a $12 million one-time charitable expense a year ago, and the efficiency ratio improved to 57.8 percent from 61.6 percent in the year-ago quarter.

“Credit quality was exceptional, with net credit recoveries of $8 million and a 39 percent reduction in nonperforming assets from last year’s fourth quarter. We are especially pleased with both the solid loan growth and the continued strong performance of our deposit base. Despite four federal funds rate increases over the past year, average noninterest-bearing demand deposits increased slightly, and averaged 45 percent of total deposits for the quarter, similar to the year-ago period, contributing to a 22-basis-point increase in our net interest margin.”{/mprestriction}