CORPORATE FINANCIAL REPORTS 4-29-19

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 $205 million, or $1.04 per share, for the first quarter of 2019. That compares with $231 million, or $1.09 per share, for the same quarter a year earlier.

Zions noted that the year-earlier quarter included a benefit of 4 cents per share from $11 million in interest income recoveries and 17 cents per share from $47 million for a negative provision for credit losses due to strong credit quality performance.

Net interest income was up 6 percent over the year-earlier quarter. Average loans were up 5 percent and average deposits were up 4 percent. Average loans held for investment were up 5 percent. Loan balances at the end of the quarter were up nearly 6 percent from the prior-year quarter. Average deposits grew about 4 percent year over year.

Zions operates banks in 11 western states.

“First-quarter results were fundamentally strong, with earnings per share of $1.04 as compared to $1.09 a year ago,” Harris H. Simmons, chairman and CEO, said in announcing the results. “However, the prior year’s first quarter included interest recoveries on several large loans equal to 4 cents per share and a negative provision for credit losses equal to 17 cents per share.

“Adjusted pre-provision net revenue per share increased 16 percent; at the same time, credit quality remained strong, with net charged-off loans, as a percentage of average loans and leases, of zero, compared to 0.05 percent a year ago. Average deposits increased 4 percent — with noninterest-bearing deposits declining less than 1 percent — and average loans and leases increased 5 percent over the prior year period. Economic conditions remain strong throughout the bank’s market area and we are encouraged by the opportunities we’re seeing for continued healthy growth.”

Merit Medical

Merit Medical Systems Inc., based in South Jordan, reported net income of $6.2 million, or 11 cents per share, for the quarter ended March 31. That compares with $5.3 million, or 10 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $238.3 million, up from $203 million in the prior-year quarter.

Merit Medical manufactures and markets disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.

“Our first-quarter results fulfilled our goal of 8 to 10 percent core growth by landing on the top side of our projection,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results. “This is particularly pleasing when we consider the training, sales meeting and new-year startup expenses included in this quarter.”

Lampropoulos said Merit has prepared for potential outcomes related to Brexit with its newly operational distribution and training center in Reading, United Kingdom. “There are several new products scheduled for introduction in the second quarter that we believe will add to our growth and margins,” he said.