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 $166 million, or $1.11 per share, for the second quarter. That compares with $195 million, or $1.29 per diluted common share, for the same quarter a year earlier.
Zions had approximately $90 billion of total assets on Dec. 31. It operates under{mprestriction ids="1,3"} local management teams and distinct brands in 11 western states.
“Second-quarter operating results reflect a solid ($2 billion, or 3.2 percent) rebound in customer deposits over the past three months, but also a higher cost of funds, which reduced net interest income to levels comparable with those of a year ago,” Harris H. Simmons, chairman and CEO, said in announcing the results.
“While noninterest-bearing deposits decreased $2.3 billion during the quarter and were displaced by interest-bearing deposits, the interest savings generated from our demand deposits increased by approximately 28 percent over the past three months.”
Simmons said customer-related noninterest income increased 5 percent over the prior-year quarter, while operating expenses increased 9 percent, approximately half of which was due to severance and higher FDIC insurance costs.
“Credit quality remained strong, with continued reductions in nonperforming and classified loans, and annualized net charge-offs of a modest 0.09 percent of total loans,” he said. “ We’re pleased to see the operating environment stabilizing, and we expect to see continued improvement in the months ahead.”
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported net income of $20.2 million, or 35 cents per share, for the second quarter ended June 30. That compares with $15.3 million, or 27 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $320.1 million, up from $295 million in the year-earlier quarter.
Merit Medical Systems manufactures and markets healthcare technology. It employs approximately 7,100 people worldwide.
“We delivered 9.1 percent constant currency, organic revenue growth in the second quarter of 2023, exceeding the high end of our expectations,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.
SkyWest
SkyWest Inc., based in St. George, reported net income of $15.4 million, or 35 cents per share, for the second quarter ended June 30. That compares with $54 million, or $10.7 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $725.6 million, down from $799 million in the year-earlier quarter.
SkyWest said it deferred recognizing $60 million of revenue during the most recent second quarter, compared to recognizing previously deferred revenue of $16 million during the 2022 second quarter.
The company repurchased 3.3 million shares of common stock for $94 million during the most recent quarter.
SkyWest is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. It has a fleet of approximately 500 aircraft connecting passengers to over 240 destinations throughout North America.
“We are making steady headway towards reaching our strategic business objectives and remain optimistic as we continue experiencing strong demand for our products,” Chip Childs, CEO, said in announcing the results.
FinWise
FinWise Bancorp., based in Murray, reported net income of $4.6 million, or 35 cents per share, for the second quarter ended June 30. That compares with $5.5 million, or 41 cents per share, for the same quarter a year earlier.
Loan originations were $1.2 billion, compared with $2.1 billion for the second quarter of the prior year. Net interest income was $13.7 million, compared to $12.8 million in the prior-year quarter.
At the end of the quarter, assets totaled $495.6 million, up from $366 million a year earlier. Deposits totaled $332.5 million, up from $219.4 million a year earlier.
FinWise Bancorp is a bank holding company that operates through its wholly owned subsidiary, FinWise Bank. It operates one full-service banking location in Sandy. FinWise is a nationwide lender to and takes deposits from consumers and small businesses.
“Our team delivered solid originations, maintained strong credit quality, and effectively managed costs in the second quarter, notwithstanding the challenging macro backdrop,” Kent Landvatter, chairman, CEO and president, said in announcing the results. “In addition, in line with our long-term strategic plans, we invested in our future as we increased our ownership in BFG by seizing upon the market dislocation to add an additional 10 percent membership interest at favorable relative pricing.
“As we look forward, we remain highly vigilant regarding the uncertainties that lie ahead and believe that the industrywide slowdown in loan originations may persist as we move through 2023. We continue to effectively manage the areas of our business that we can control as we maintain a prudent underwriting, capital management and cost control stance, while continuing to invest in our business. We remain well-positioned to capitalize on future growth opportunities as the environment stabilizes. We believe these thoughtful actions will result in improved efficiency, profitability and long-term shareholder value creation.”
Utah Medical Products
Utah Medical Products Inc., based in Salt Lake City, reported net income of $4.2 million, or $1.15 per share, for the second quarter. That compares with $4.1 million, or $1.12 per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $12.9 million, down from $13.4 million in the year-earlier quarter.
Utah Medical Products develops, manufactures and markets disposable and reusable specialty medical devices.
Overstock.com
Overstock.com Inc., based in Salt Lake City, reported a net loss of $73 million, or $1.63 per share, for the quarter ended June 30. That compares with net income of $7.1 million, or 12 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $422 million, down from $528.1 million in the year-earlier quarter.
Overstock.com is an online furniture and home furnishings retailer and technology-focused innovator that owns the Bed Bath & Beyond brand and other intellectual property related to the brand.
“The acquisition of the Bed Bath & Beyond brand is the beginning of a new phase of growth for us,” Jonathan Johnson, CEO, said in announcing the results. “The successful launch and early performance of our Bed Bath & Beyond business in Canada has been encouraging.”
Johnson said the company is optimistic about the future with the new brand in the U.S.
“The combination of a highly recognized and much-loved consumer home brand and our asset-light operating model should meaningfully grow and scale our business in the U.S. and Canada. We know there is work to be done to win Bed Bath & Beyond customers and retain our existing loyal customers through this transition. We have the right strategies, the right action plan, and the right people in key positions to execute this transformation,” he said.{/mprestriction}
