Business

Third Quarter Earnings 2019

Zions Bancorporation, N.A. Reports 3Q19 Net Earnings of $214 million

Zions Bank Oct 21, 2019

Harris H. Simmons, Chairman and CEO, commented, “Given the challenging interest rate environment in which banks currently operate, we’re pleased with the quarter’s overall results. We achieved solid growth of both demand and interest-bearing deposits, moderate loan growth, strong customer-related fee income growth, and flat operating expenses. Credit quality also remained well-controlled, with annualized net charge-offs of only 0.01% of average loans, and nonperforming assets which declined to less than 0.5% of average loans. A 12% reduction in average outstanding diluted shares relative to last year’s third quarter helped produce a 13% increase in earnings per share.”

Mr. Simmons continued, “As we adjust to a lower interest rate environment and anticipate the resulting continued pressure on interest margins, we will continue to take steps to carefully manage operating expenses in the year ahead. We are optimistic that we will be able to manage 2020 operating expenses to a level that is no more than, and likely modestly reduced from, expected 2019 results.”

Third Quarter 2019 Results

  • Earnings per Diluted Common Share: $1.17
  • Net Earnings: $214 million
  • Net Interest Margin: 3.48%
  • Common Equity Tier 1: 10.4%

Share This Article With Your Community