CORPORATE FINANCIAL REPORTS 7-26-21

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 $345 million, or $2.08 per share, for the second quarter ended June 30. That compares with $57 million, or 34 cents per share, for the same quarter a year earlier.

Zions is a bank that operates in 11 western states.

Net interest income decreased $8 million to $555 million in the second quarter, compared with $563 million in the second quarter of 2020. Total interest income decreased $25 million. Noninterest income grew $88 million during the year, totaling $205 million at the end of the 2021 second quarter, compared with $117 million a year earlier.

Loans and leases fell year-over-year from $55.1 billion a year earlier to $51.4 billion at the end of the 2021 second quarter. Excluding PPP, loans and leases finished the quarter at $46.9 billion, down $1.5 billion.

Deposits were at $76.1 billion at the end of the most recent quarter, up $10.4 billion from a year earlier. Deposit growth has been impacted by government stimulus programs, the bank said.

“We are pleased with the financial results of the second quarter of 2021,” Harris H. Simmons, chairman and CEO, said in announcing the results. “Perhaps most notably, credit performance continues to be very strong as evidenced by modest net recoveries on loans. We also now believe that future losses will be significantly less than previously expected, with the result that we released more than $120 million of our allowance for credit losses.”

Simmons added that excluding PPP loans, the bank saw relative stability of period-end loan balances, “as well as a continued strong performance in the growth of deposits, with noninterest bearing deposits equaling nearly one half of total deposits at quarter-end,” and the bank’s capital position is “particularly strong relative to our risk profile.”

HealthEquity

HealthEquity Inc., based in Draper, reported a net loss of $2.6 million, or 3 cents per share, first quarter ended April 30. That compares with net income of $1.8 million, or 3 cents per share, for the same quarter a year earlier.

Revenue in the first quarter totaled $184.2 million, down from $190 million in the year-earlier quarter.

The company is the nation’s largest health savings account (HSA) non-bank custodian.

“Our fiscal year 2022 is off to a fast start with early sales wins, two material acquisition agreements in our core HSA business, and the new Luum mobility benefits platform helping clients return to work,” Jon Kessler, president and CEO, said in announcing the results. “We believe our total solution is well-positioned to deliver substantial growth through the economy’s reopening and recovery.”