Zions Bancorporation Reports Third Quarter Financial Results
Zions Bancorporation (ZION) ("Zions" or "the Company") today reported net earnings applicable to common shareholders for the third quarter of 2016 of $116.9 million, or $0.57 per diluted common share, compared to net earnings applicable to common shareholders of $90.6 million, or $0.44 per diluted common share, for the second quarter of 2016 and net earnings applicable to common shareholders of $84.2 million, or $0.41 per diluted common share, for the third quarter of 2015.
Harris H. Simmons, Chairman and CEO, commented, "We are pleased with several elements of the third quarter, including the growth in consumer loans and fee income, two of our major growth initiatives. However, we experienced soft loan demand, similar to others in the industry, on the commercial side of the business." Mr. Simmons continued "We are pleased with the continued credit quality performance of the non-oil and gas loan portfolios, which experienced net recoveries in the quarter and year-to-date; the oil and gas loan portfolio remains under stress, though the credit performance has been largely consistent with our expectations." Mr. Simmons concluded, "We remain committed to achieving our operational and financial targets as outlined to investors in June 2015."
For the full version of the Companys 2016 third quarter earnings release, including financial tables, please visit zionsbancorporation.com.
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website, which will be used to discuss these third quarter results at 5:30 p.m. ET this afternoon (October 24, 2016). Media representatives, analysts, investors, and the public are invited to join this discussion by calling 253-237-1247 (domestic and international) and entering the passcode 87814485, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.
About Zions Bancorporation
Zions Bancorporation is one of the nations premier financial services companies with total assets of approximately $60 billion. Zions operates under local management teams and unique brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company is a national leader in Small Business Administration lending and public finance advisory services, and is a consistent top recipient of numerous Greenwich Excellence awards in banking. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at zionsbancorporation.com.
Statements in this press release that are based on other than historical data or that express the Companys expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Companys expectations regarding future events. Forward-looking statements provide current expectations or forecasts or intentions regarding future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing managements views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include the actual amount and duration of declines in the price of oil and gas, our ability to meet our efficiency and noninterest expense goals, as well as other factors discussed in the Companys most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission ("SEC") and available at the SECs Internet site (http://www.sec.gov).
Except as required by law, the Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.
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SOURCE Zions Bancorporation