Business

First Quarter 2019 Earnings

Zions Bancorporation, N.A. Reports First Quarter 2019 Net Earnings of $205 Million

Zions Bank Apr 22, 2019

Harris H. Simmons, Chairman and CEO, commented, “First quarter results were fundamentally strong, with earnings per share of $1.04 as compared to $1.09 a year ago. However, the prior year’s first quarter included interest recoveries on several large loans equal to $0.04 per share and a negative provision for credit losses equal to $0.17 per share. Adjusted pre-provision net revenue per share increased 16%; at the same time, credit quality remained strong, with net charged-off loans, as a percentage of average loans and leases, of zero, compared to 0.05% a year ago. Average deposits increased 4% - with noninterest-bearing deposits declining less than 1% - and average loans and leases increased 5% over the prior year period. Economic conditions remain strong throughout the Bank’s market area and we are encouraged by the opportunities we’re seeing for continued healthy growth.”

Mr. Simmons continued, “During the quarter we celebrated the successful completion of the second stage of our three-stage multi-year project to replace the Bank’s core loan and deposit systems. With this milestone reached, Zions now has all its retail, commercial and commercial real estate loans on a new modern core platform.”

First Quarter 2019 Results

  • Earnings per Diluted Common Share: $1.04
  • Net Earnings: $205 million 
  • Net Interest Margin: 3.68% 
  • Common Equity Tier 1: 11.3%

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