Zions Bancorporation Chairman and CEO Harris Simmons commented, “We’re pleased with the continued improvement in the financial performance demonstrated by our fourth quarter results. Adjusted taxable-equivalent revenue increased 9% relative to year-ago levels, while adjusted noninterest expense increased 4%, resulting in a 19% increase in adjusted pre-provision net revenue.”
Mr. Simmons continued, “Net loan losses were higher in the quarter, at an annualized rate of 0.24%, with two-thirds of the net loss amount attributable to a single commercial & industrial credit. At the same time, nonperforming loans decreased 18% relative to the third quarter, to 0.50% of total loans. While classified loans have continued to increase, primarily in the commercial real estate portfolio, strong collateral and guarantor support mitigate the risk of significant defaults and losses in this portfolio.”
Mr. Simmons concluded, “We’re optimistic that the coming year will produce sustained growth, continued improvement in our net interest margin, and increased profitability.”