SALT LAKE CITY, Oct. 24, 2016 /PRNewswire/ -- Zions
Bancorporation (NASDAQ: ZION) ("Zions" or "the Company") today
reported net earnings applicable to common shareholders for the
third quarter of 2016 of $116.9
million, or $0.57 per diluted
common share, compared to net earnings applicable to common
shareholders of $90.6 million, or
$0.44 per diluted common share, for
the second quarter of 2016 and net earnings applicable to common
shareholders of $84.2 million, or
$0.41 per diluted common share, for
the third quarter of 2015.
Harris H. Simmons, Chairman and
CEO, commented, "We are pleased with several elements of the third
quarter, including the growth in consumer loans and fee income, two
of our major growth initiatives. However, we experienced soft loan
demand, similar to others in the industry, on the commercial side
of the business." Mr. Simmons continued "We are pleased with the
continued credit quality performance of the non-oil and gas loan
portfolios, which experienced net recoveries in the quarter and
year-to-date; the oil and gas loan portfolio remains under stress,
though the credit performance has been largely consistent with our
expectations." Mr. Simmons concluded, "We remain committed to
achieving our operational and financial targets as outlined to
investors in June 2015."
For the full version of the Company's 2016 third quarter
earnings release, including financial tables, please visit
zionsbancorporation.com.
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website,
which will be used to discuss these third quarter results at
5:30 p.m. ET this afternoon
(October 24, 2016). Media
representatives, analysts, investors, and the public are invited to
join this discussion by calling 253-237-1247 (domestic and
international) and entering the passcode 87814485, or via on-demand
webcast. A link to the webcast will be available on the Zions
Bancorporation website at zionsbancorporation.com. The webcast of
the conference call will also be archived and available for 30
days.
About Zions Bancorporation
Zions Bancorporation is one of the nation's premier financial
services companies with total assets of approximately $60 billion. Zions operates under local
management teams and unique brands in 11 western states:
Arizona, California, Colorado, Idaho, Nevada, New
Mexico, Oregon,
Texas, Utah, Washington, and Wyoming. The company is a national leader in
Small Business Administration lending and public finance advisory
services, and is a consistent top recipient of numerous Greenwich
Excellence awards in banking. 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
zionsbancorporation.com.
Forward-Looking Information
Statements in this press release that are based on other than
historical data or that express the Company's expectations
regarding future events or determinations are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements based on historical data are not intended and
should not be understood to indicate the Company's expectations
regarding future events. Forward-looking statements provide current
expectations or forecasts or intentions regarding future events or
determinations. These forward-looking statements are not guarantees
of future performance or determinations, nor should they be relied
upon as representing management's views as of any subsequent date.
Forward-looking statements involve significant risks and
uncertainties, and actual results may differ materially from those
presented, either expressed or implied, in this press release.
Factors that could cause actual results to differ materially from
those expressed in the forward-looking statements include the
actual amount and duration of declines in the price of oil and gas,
our ability to meet our efficiency and noninterest expense goals,
as well as other factors discussed in the Company's most recent
Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed
with the Securities and Exchange Commission ("SEC") and available
at the SEC's Internet site (http://www.sec.gov).
Except as required by law, the Company specifically disclaims
any obligation to update any factors or to publicly announce the
result of revisions to any of the forward-looking statements
included herein to reflect future events or developments.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/zions-bancorporation-reports-third-quarter-financial-results-300349903.html
SOURCE Zions Bancorporation