Business

First Quarter Earnings 2020

Zions Bancorporation, N.A. Reports Net Earnings of $6 Million for the First Quarter of 2020

Zions Bank Apr 20, 2020

Harris H. Simmons, chairman and CEO of Zions Bancorporation, commented, “In what has become a challenging environment, we are nevertheless pleased with many elements of the first quarter’s financial performance, including well-controlled operating expenses, which decreased 5% from last year; a net interest margin that remained relatively resilient when compared to the prior quarter; and very modest realized loan losses. As economic conditions deteriorated in mid-March as a result of the COVID-19 pandemic, we adapted rapidly. We materially strengthened our allowance for credit losses, established payment deferral arrangements for adversely affected clients and rapidly developed an automated capability to deliver government guaranteed Paycheck Protection Program loans to thousands of small businesses and nonprofit organizations.”

Mr. Simmons continued, “Looking forward, we confront the uncertain current economic environment with a strong capital and reserve position, a robust liquidity profile and a loan portfolio that has been substantially ‘de-risked’ in recent years, and that largely tends to have collateral as a secondary source of repayment — a characteristic that has historically resulted in lower loss rates per dollar of troubled loans.”

First Quarter 2020 Results

  • Earnings per Diluted Common Share: $0.04
  • Net Earnings: $6 million
  • Net Interest Margin: 3.41%
  • Common Equity Tier 1: 10%

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