SALT
LAKE CITY, Jan. 22, 2024 /PRNewswire/ -- Zions
Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today
reported net earnings applicable to common shareholders for the
fourth quarter of 2023 of $116
million, or $0.78 per diluted
common share, compared with net earnings applicable to common
shareholders of $277 million, or
$1.84 per diluted common share, for
the fourth quarter of 2022, and net earnings applicable to common
shareholders of $168 million, or
$1.13 per diluted common share, for
the third quarter of 2023.
Harris H. Simmons, Chairman and
CEO of Zions Bancorporation, commented, "Fourth quarter operating
results reflect the Bank's resiliency, with strong
quarter-over-quarter customer deposit growth of $1.7 billion, loan growth of $0.9 billion, a stable net interest margin and
continued strengthening of the Bank's capital position. Operating
expenses, excluding a one-time $90
million FDIC special assessment related to the bank failures
in early 2023, continued to be well managed."
Mr. Simmons continued, "We were particularly pleased with the
strong credit quality of our loan portfolio, reflected in an
annualized net charge-off ratio of 0.06%. While classified loans
moderately increased during the quarter, the portfolio is
characterized by strong collateral coverage that has mitigated loss
exposure. We are poised for growth in the year ahead, as we expect
that our business investments and focus on improved client
profitability, combined with stable or lower short-term interest
rates and continued moderate economic expansion in the western
United States, should result in
client acquisition and improvement in our financial results."
For the full version of the Bank's 2023 fourth quarter earnings
release, including financial schedules, please visit
www.zionsbancorporation.com.
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website,
which will be used to discuss the fourth quarter results at
5:30 p.m. ET on January 22,
2024. Media representatives, analysts, investors, and the public
are invited to join this discussion by calling (877) 709-8150
(domestic and international) and entering the passcode 13743994, or
via on-demand webcast. A link to the webcast will be available on
the Zions Bancorporation website at www.zionsbancorporation.com.
The webcast of the conference call will also be archived and
available for 30 days.
About Zions Bancorporation, N.A.
Zions Bancorporation, N.A. is one of the nation's premier
financial services companies with approximately $87 billion of total assets at December 31, 2023, and annual net revenue of
$3.1 billion in 2023. Zions operates
under local management teams and distinct brands in 11 western
states: Arizona, California, Colorado, Idaho, Nevada, New
Mexico, Oregon,
Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of
national and state-wide customer survey awards in small- and
middle-market banking, as well as a leader in public finance
advisory services and Small Business Administration lending. In
addition, Zions is included in the S&P 500 and NASDAQ Financial
100 indices. Investor information and links to local banking brands
can be accessed at www.zionsbancorporation.com.
Forward-Looking Information
This earnings release includes "forward-looking statements" as
that term is defined in the Private Securities Litigation Reform
Act of 1995. These statements, often accompanied by words such as
"may," "might," "could," "anticipate," "expect," and similar terms,
are based on management's current expectations and assumptions
regarding future events or determinations, all of which are subject
to known and unknown risks and uncertainties.
Forward-looking statements are not guarantees, nor should they
be relied upon as representing management's views as of any
subsequent date. Actual results and outcomes may differ materially
from those presented. Although the following list is not
comprehensive, important factors that may cause material
differences include:
- The quality and composition of our loan and securities
portfolios and the quality and composition of our deposits;
- The effects of newly enacted regulations affecting us and the
banking industry, as well as changes and uncertainties in
applicable laws, and fiscal, monetary, regulatory, trade, and tax
policies, and actions taken by governments, agencies, central
banks, and similar organizations, including those that result in
decreases in revenue; increases in bank fees, insurance assessments
and capital standards; and other regulatory requirements;
- Protracted congressional negotiations and political stalemates
regarding government funding and other issues, including those that
increase the possibility of government shutdowns, downgrades in
U.S. credit ratings, or other economic disruptions;
- Changes in general industry, political and economic conditions,
including continued elevated inflation, economic slowdown or
recession, or other economic challenges; changes in interest and
reference rates which could adversely affect our revenue and
expenses, the value of assets and obligations, and the availability
and cost of capital and liquidity; deterioration in economic
conditions that may result in increased loan and leases
losses;
- Securities and capital markets behavior, including volatility
and changes in market liquidity and our ability to raise
capital;
- The impact of bank closures or adverse developments at other
banks on general investor sentiment regarding the stability and
liquidity of banks;
- The possibility that our recorded goodwill could become
impaired, which may have an adverse impact on our earnings and
shareholders' equity, but not on our regulatory capital.
- Competitive pressures and other factors that may affect aspects
of our business, such as pricing and demand for our products and
services, our ability to recruit and retain talent, and the impact
of technological advancements, digital commerce, artificial
intelligence, and other innovations affecting the banking
industry;
- Our ability to complete projects and initiatives and execute on
our strategic plans, manage our risks, control compensation and
other expenses, and achieve our business objectives;
- Our ability to provide adequate oversight of our suppliers or
prevent inadequate performance by third parties upon whom we rely
for the delivery of various products and services;
- Our ability to develop and maintain technology, information
security systems and controls designed to guard against
fraud, cybersecurity, and privacy risks;
- Adverse media and other expressions of negative public opinion
whether directed at us, other banks, the banking industry, or
otherwise that may adversely affect our reputation and that of the
banking industry generally;
- The effects of wars and geopolitical conflicts, such as the
ongoing war between Russia and
Ukraine and the escalating war in
the Middle East, and other local,
national, or international disasters, crises, or conflicts that may
occur in the future;
- Natural disasters, pandemics, catastrophic events and other
emergencies and incidents that may impact our and our customer's
operations and business and communities; and
- Governmental and social responses to environmental, social, and
governance issues, including those with respect to climate
change.
Factors that could cause our actual results, performance or
achievements, industry trends, and results or regulatory outcomes
to differ materially from those expressed or implied in the
forward-looking statements are discussed in our 2022 Form 10-K and
subsequent filings with the Securities and Exchange Commission
(SEC), and are available on our website
(www.zionsbancorporation.com) and from the SEC (www.sec.gov).
We caution against the undue reliance on forward-looking
statements, which reflect our views only as of the date they are
made. Except to the extent required by law, we specifically
disclaim any obligation to update any factors or to publicly
announce the revisions to any forward-looking statements to reflect
future events or developments.
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SOURCE Zions Bancorporation