CORPORATE FINANCIAL REPORTS 5-2-22

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

Zions

Zions Bancorporation NA, based in Salt Lake City, reported net earnings of $195 million, or $1.27 per share, for the first quarter ended March 31. That compares with $314 million, or $1.90 per share, for the same quarter a year earlier.

Zions operates banks in 11 western states.{mprestriction ids="1,3"}

In the most recent quarter, net interest income totaled $544 million, compared with $545 million a year earlier. Noninterest income was $142 million, down from $169 million a year earlier. Loans and leases, net of unearned income and fees, decreased $2.2 billion to $51.2 billion on March 31, primarily due to the forgiveness of Paycheck Protection Program loans. Excluding PPP loans, total loans and leases increased $3.2 billion to $50.2 billion.

Total deposits increased $8.5 billion to $82.4 billion, primarily due to a $6.1 billion increase in noninterest-bearing deposits.

“The first-quarter results included $1.2 billion of growth in average non-PPP loans relative to the prior quarter, or an annualized growth rate of over 10 percent, and annualized growth rate of net interest income excluding PPP income of over 17 percent,” Harris H. Simmons, chairman and CEO, said in announcing the results.

“Credit quality continued to show strength, with net charge-offs equaling an annualized 0.05 percent of average loans and a sequential quarter decline in nonaccrual loans of 7 percent, which were contributing factors in the reduction of the allowance for credit losses.

“Higher operating costs were primarily the product of both a higher level of compensation increases resulting from a tight labor market and related inflationary pressures, together with increased incentive compensation accruals as a result of higher interest rates and stronger loan growth that are expected to produce improved performance through the remainder of the year. Our balance sheet is well-positioned to generate stronger earnings in the higher interest rate environment we expect in coming quarters.”

Qualtrics

Qualtrics, based in Provo, reported a net loss of $292.3 million, or 51 cents per share, for the quarter ended March 31. That compares with a loss of $199.9 million, or 41 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $335.6 million, up from $238.6 million in the year-earlier quarter.

Qualtrics offers an experience management platform.

“Q1 was an outstanding quarter for Qualtrics — in fact, it was the biggest Q1 in our history,” Zig Serafin, CEO, said in announcing the results. “These results highlight the demand for experience management as companies of every size and in every industry navigate an uncertain environment. I’m particularly pleased to deliver another quarter of positive non-GAAP operating margin while continuing to invest in long-term, durable growth.”

Reflect Scientific

Reflect Scientific Inc., based in Orem, reported that first quarter year-over-year sales of its Cryometrix solvent chillers rose from $6,000 in 2021 due to shutdowns related to the COVID-19 pandemic, to $244,000 in 2022.

The company provides products and services for the biotechnology, pharmaceutical and transportation industries.

“We took the downtime in 2021 to make some significant product improvements based on customer feedback,” Kim Boyce, CEO, said in making the announcement. “That has paid off as the market recovers and the Cryometrix solvent chillers are now the overwhelming choice for a chiller. Solvent chillers are used in pharmaceutical, biotech and cannabis industries to improve the selectivity and efficiency of extractions to produce a cleaner product.”{/mprestriction}