Zions Bancorporation, N.A. (NASDAQ: ZION) (“Zions” or “the
Bank”) today reported net earnings applicable to common
shareholders for the third quarter of 2023 of $168 million, or
$1.13 per diluted common share, compared with net earnings
applicable to common shareholders of $211 million, or $1.40 per
diluted common share, for the third quarter of 2022, and net
earnings applicable to common shareholders of $166 million, or
$1.11 per diluted common share, for the second quarter of 2023.
Harris H. Simmons, Chairman and CEO of Zions Bancorporation,
commented, “Our third quarter results reflect a stabilization of
the net interest margin in the wake of the industry-wide turbulence
earlier in the year. While loan demand weakened in the third
quarter, we were pleased with the growth in customer deposits,
which increased 5% over the past three months, while higher-cost
brokered deposits and short-term borrowed funds decreased 23% and
21%, respectively.”
Mr. Simmons continued, “Credit quality remains well controlled,
and capital continues to strengthen, with the estimated Common
Equity Tier 1 capital ratio increasing to 10.2% from 9.6% a year
ago.”
Mr. Simmons concluded, “This month we’re celebrating the 150th
anniversary of the founding of Zion’s Savings Bank & Trust
Company, the predecessor of Zions Bancorporation, making us one of
the oldest continually operating financial institutions in the
West. We’re proud of our history of responsible growth, and we look
forward to helping to build strong communities throughout the
western United States for many years to come.”
For the full version of the Bank's 2023 third quarter earnings
release, including financial schedules, please visit
www.zionsbancorporation.com.
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website,
which will be used to discuss the third quarter results at 5:30
p.m. ET on October 18, 2023. Media representatives, analysts,
investors, and the public are invited to join this discussion by
calling (877) 709-8150 (domestic and international) and entering
the passcode 13741387, or via on-demand webcast. A link to the
webcast will be available on the Zions Bancorporation website at
www.zionsbancorporation.com. The webcast of the conference call
will also be archived and available for 30 days.
About Zions Bancorporation, N.A.
Zions Bancorporation, N.A. is one of the nation's premier
financial services companies with approximately $90 billion of
total assets at December 31, 2022, and annual net revenue of $3.2
billion in 2022. Zions operates under local management teams and
distinct brands in 11 western states: Arizona, California,
Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah,
Washington, and Wyoming. The Bank is a consistent recipient of
national and state-wide customer survey awards in small- and
middle-market banking, as well as a leader in public finance
advisory services and Small Business Administration lending. 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 www.zionsbancorporation.com.
Forward-Looking Information
This earnings release includes “forward-looking statements” as
that term is defined in the Private Securities Litigation Reform
Act of 1995. These statements, often accompanied by words such as
“may,” “might,” “could,” “anticipate,” “expect,” and similar terms,
are based on management’s current expectations and assumptions
regarding future events or determinations, all of which are subject
to known and unknown risks and uncertainties.
Forward-looking statements are not guarantees, nor should they
be relied upon as representing management’s views as of any
subsequent date. Actual results and outcomes may differ materially
from those presented. Although this list is not comprehensive,
important factors that may cause material differences include the
quality and composition of our loan and securities portfolios and
the quality and composition of our deposits; changes and
uncertainties in applicable laws, and fiscal, monetary, regulatory,
trade, and tax policies, and actions taken by governments,
agencies, central banks and similar organizations, including
increases in bank fees, insurance assessments, capital standards,
and other regulatory requirements; protracted congressional
negotiations and political stalemates regarding government funding
and other issues that increase the possibility of government
shutdowns; changes in general industry, political and economic
conditions, including continued elevated inflation, economic
slowdown or recession, or other economic disruptions; changes in
interest and reference rates which could adversely affect our
revenue and expenses, the value of assets and obligations, and the
availability and cost of capital and liquidity; deterioration in
economic conditions that may result in increased loan and leases
losses; securities and capital markets behavior, including
volatility and changes in market liquidity and our ability to raise
capital; the impact of bank failures or adverse developments at
other banks on general investor sentiment regarding the stability
and liquidity of banks; the possibility that our recorded goodwill
could become impaired, which may have an adverse impact on our
earnings and capital; competitive pressures and other factors that
may affect aspects of our business, such as pricing and demand for
our products and services, our ability to recruit and retain
talent, and the impact of digital commerce, artificial
intelligence, and other innovations affecting the banking industry;
our ability to complete projects and initiatives and execute on our
strategic plans, manage our risks, control compensation and other
expenses, and achieve our business objectives; our ability to
provide adequate oversight of our suppliers or prevent inadequate
performance by third parties upon whom we rely for the delivery of
various products and services; our ability to develop and maintain
technology, information security systems and controls designed to
guard against fraud, cybersecurity, and privacy risks; adverse
media and other expressions of negative public opinion whether
directed at us, other banks, the banking industry or otherwise that
may adversely affect our reputation and that of the banking
industry generally; the effects of pandemics and other health
emergencies that may affect our business, employees, customers, and
communities; the effects of wars and geopolitical conflicts, such
as the ongoing conflict between Russia and Ukraine and the
escalating events in the Middle East, and other local, national, or
international disasters, crises, or conflicts that may occur in the
future; natural disasters that may impact our and our customer's
operations and business; and governmental and social responses to
environmental, social, and governance issues, including those with
respect to climate change.
Factors that could cause our actual results, performance or
achievements, industry trends, and results or regulatory outcomes
to differ materially from those expressed or implied in the
forward-looking statements are discussed in our 2022 Form 10-K and
subsequent filings with the Securities and Exchange Commission
(SEC), and are available on our website
(www.zionsbancorporation.com) and from the SEC (www.sec.gov).
We caution against the undue reliance on forward-looking
statements, which reflect our views only as of the date they are
made. Except to the extent required by law, we specifically
disclaim any obligation to update any factors or to publicly
announce the revisions to any forward-looking statements to reflect
future events or developments.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231018308308/en/
Shannon Drage, Tel: (801) 844-8208
Zions Bancorporation NA (NASDAQ:ZION)
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