First Quarter 2018 Earnings

Zions Bancorporation Reports Earnings of $231 Million for First Quarter 2018

Apr 23, 2018

April 23, 2018

  • Zions Bancorporation, the holding company for Zions Bank, reported first quarter net earnings applicable to common shareholders of $231 million, or $1.09 per diluted common share, compared to $114 million, or $0.54 per diluted share for the fourth quarter of 2017.
  • Pre-provision net revenue was $273 million for the first quarter, up 5% from the fourth quarter of 2017 and up 27% from the first quarter of 2017.
  • Noninterest expense for the first quarter of 2018 was $412 million, compared to $415 million for the fourth quarter of 2017.
  • The efficiency ratio was 61.3% for the first quarter of 2018, an improvement of approximately 460 basis points from the first quarter of 2017 (65.9%).
  • Net loans and leases increased $2.3 billion (5%) to $45.1 billion at March 31, 2018 from $42.7 billion at March 31, 2017.
  • Loan growth was predominantly in commercial and industrial loans, which increased 6%, and 1-4 family residential loans, which increased 9%.
  • Compared to the year-ago period, tangible book value per share improved by approximately 4% to $29.61.
  • Asset quality continued to improve for the entire loan portfolio when compared with the prior quarter and the same prior-year period, primarily due to improvements in the oil and gas-related portfolio and decreases in overall classified and nonperforming assets.
  • Total net charge-offs were $5 million, or an annualized 0.05% of average loans, in the first quarter of 2018.
  • The company recorded a $(47) million provision for credit losses during the first quarter, compared with $(12) million during the fourth quarter of 2017. The allowance reduction resulted from the sustained trend in improving credit quality, particularly in the oil and gas-related portfolio, and minimal incurred losses-to-date from Hurricane Harvey.
  • The ratio of nonperforming lending-related assets to net loans and leases and other real estate owned (OREO) decreased to 0.87% at March 31, 2018, compared to 0.93% at Dec. 31, 2017.
  • The allowance for credit losses was $473 million at March 31, 2018.
  • As a percentage of net loans and leases, the allowance was 1.05% at March 31, 2018.
  • Zions’ allowance to net charge-offs ratio remains among the strongest of the company’s peer U.S. regional banks.
  • Zions Bancorporation remains exceptionally well-capitalized, with all capital ratios in excess of “well-capitalized” levels.
  • The estimated Basel III common equity Tier 1 capital ratio was 12.2% at March 31, 2018, compared to 12.1% at Dec. 31, 2017.

About Zions Bank

Zions Bank, a division of ZB, N.A., operates 123 full-service financial centers throughout Utah and Idaho. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending and has consistently ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 24 years and Idaho’s Boise District for the past 16 years. Founded in 1873, Zions Bank has been serving the communities of the Intermountain West for more than 140 years. Additional information is available at

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