CORPORATE FINANCIAL REPORTS 2-7-22

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 $207 million, or $1.34 per share, for the fourth quarter ended Dec. 31. That compares with $275 million, or $1.66 per share, for the same quarter a year earlier.

Zions operates in 11 western states.

“We were pleased with our fourth-quarter results, which included $1.4 billion of non-PPP loan growth relative to the third quarter — an 11.7 percent annualized growth rate after a period of attrition in loan volumes in earlier months of the pandemic,” Harris H. Simmons, chairman and CEO, said in announcing the results.

“Credit quality remained very strong, as demonstrated by a 0.01 percent annualized net charge-off rate, both for the fourth quarter and the full year. Customer-related noninterest income increased 9.4 percent over the prior year’s fourth quarter.

“Finally, continued strong growth in average deposits, which increased 19.3 percent over the prior year quarter — with average noninterest-bearing demand deposits comprising 51 percent of total deposits versus 47 percent a year ago — allowed us to increase our securities portfolio by 43 percent from the year-ago period, while leaving considerable upside for margin expansion as interest rates rise.”

Medallion Bank

Medallion Bank, based in Salt Lake City, reported net income of $19 million for the fourth quarter ended Dec. 31. That compares with $14.3 million for the same quarter a year earlier.

For the full year 2021, the company reported record net income of $70 million, up from $2.5 million in 2020.

Medallion Bank provides consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech partners.

Fourth-quarter figures include net interest income of $37.3 million, compared to $31.3 million in the prior-year period; provision for loan losses of $1.6 million, compared to a quarterly benefit of $4 million; annualized net charge-offs of 0.3 percent of average loans outstanding, compared to 9.7 percent; recreation and home improvement loan portfolios growing 20.8 percent and 30.7 percent, respectively, from Dec. 31, 2020; and total assets of $1.5 billion, total capital of $262.4 million, and the Tier 1 leverage ratio of 17.5 percent on Dec. 31.

Full-year figures include net interest income of $136.8 million, compared to $118.3 million in 2020; return on assets of 5 percent, compared to 0.2 percent in 2020; provision for loan losses of $3.7 million, compared to $63 million in 2020; and net charge-offs of 1.2 percent of average loans outstanding, compared to 5 percent in 2020.

“We finished our best year since we began operating in 2003 with strong quarterly net income driven by the continued growth of our consumer lending businesses,” Donald Poulton, president and CEO, said in announcing the results.

“Both our recreation lending and home improvement lending segments had exceptional years. The industries served by these segments experienced elevated demand throughout 2021, which led to sustained portfolio growth, plus we continued to benefit from historically low loan loss provisions. We ended the year with a return on assets of 5 percent and a return on equity of 29.1 percent, both consistent with supportive economic conditions and growth in the recreation and home improvement industries. We are focused on building on this momentum in 2022.”

Qualtrics

Qualtrics, based in Provo, reported a net loss of $309.8 million, or 56 cents per share, for the fourth quarter ended Dec. 31. That compares with a loss of $14.5 million, or 3 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $316 million, up from $213.6 million in the year-earlier quarter.

For the full year 2021, the company reported a net loss of $1 billion, or $2.05 per share. That compares with a loss of $272.5 million, or 64 cents per share, for 2020.

Revenue in 2021 totaled $1 billion, up from $763.5 million in 2020.

Qualtrics is focused on experience management.

“Q4 was an outstanding quarter, capping off a record year of growth for Qualtrics,” Zig Serafin, CEO, said in announcing the results. “Not only did we cross the $1 billion revenue milestone, but we’re accelerating past it, as experience management becomes even more critical to business success.”