SALT
LAKE CITY, July 22, 2024 /PRNewswire/ -- Zions
Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today
reported net earnings applicable to common shareholders for the
second quarter of 2024 of $190
million, or $1.28 per diluted
common share, compared with net earnings applicable to common
shareholders of $166 million, or
$1.11 per diluted common share, for
the second quarter of 2023, and net earnings applicable to common
shareholders of $143 million, or
$0.96 per diluted common share, for
the first quarter of 2024.
Harris H. Simmons, Chairman and
CEO of Zions Bancorporation, commented, "Second quarter results
demonstrated continued improvement in our net interest margin,
effective expense management, strong credit quality as reflected in
continued low loan losses, and strengthened capital. Notably,
tangible book value per share has increased by 20% over the
year-ago period."
Mr. Simmons continued, "Subsequent to quarter end, we
successfully converted our deposit accounts at Zions Bank,
California Bank & Trust, and Vectra Bank Colorado to our new
core processing system, TCS's BaNCS™ platform, marking the
substantive completion of our multi-year FutureCore project. The
conclusion of this large-scale modernization project positions
Zions Bancorporation at the forefront of the industry in our
ability to post transactions in real time and to deliver
exceptional experiences to our customers."
For the full version of the Bank's 2024 second 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 second quarter results at
5:30 p.m. ET on July 22, 2024.
Media representatives, analysts, investors, and the public are
invited to join this discussion by calling (877) 709-8150 (domestic
and international) and using the meeting number 13747611, 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 MidCap 400 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 are based on management's current
expectations and assumptions regarding future events or
determinations, all of which are subject to known and unknown
risks, uncertainties, and other factors that may cause our actual
results, performance or achievements, industry trends, and results
or regulatory outcomes to differ materially from those expressed or
implied. Forward-looking statements include, among others:
- Statements with respect to the beliefs, plans, objectives,
goals, targets, commitments, designs, guidelines, expectations,
anticipations, and future financial condition, results of
operations and performance of Zions Bancorporation, National
Association and its subsidiaries (collectively "Zions
Bancorporation, N.A.," "the Bank," "we," "our," "us"); and
- Statements preceded or followed by, or that include the words
"may," "might," "can," "continue," "could," "should," "would,"
"believe," "anticipate," "estimate," "forecasts," "expect,"
"intend," "target," "commit," "design," "plan," "projects," "will,"
and the negative thereof and similar words and expressions.
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;
- Changes in general industry, political, and economic
conditions, including 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 liabilities, and the availability
and cost of capital and liquidity; deterioration in economic
conditions that may result in increased loan and leases
losses;
- The effects of newly enacted and proposed 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;
- Competitive pressures and other factors that may affect aspects
of our business, such as pricing and demand for our products and
services, and our ability to recruit and retain talent;
- 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 develop and maintain technology, information
security systems, and controls designed to guard
against fraud, cybersecurity, and privacy
risks;
- 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;
- Natural disasters, pandemics, catastrophic events and other
emergencies and incidents and their impact on our and our
customers' operations and business and communities, including the
increasing difficulty in, and the expense of, obtaining property,
auto, business, and other insurance products;
- Governmental and social responses to environmental, social, and
governance issues, including those with respect to climate
change;
- Securities and capital markets behavior, including volatility
and changes in market liquidity and our ability to raise
capital;
- The possibility that our recorded goodwill could become
impaired, which may have an adverse impact on our earnings and
shareholders' equity;
- The impact of bank closures or adverse developments at other
banks on general investor sentiment regarding the stability and
liquidity of banks;
- Adverse news 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;
- Protracted congressional negotiations and political stalemates
regarding government funding and other issues, including those that
increase the possibility of government shutdowns, downgrades in
United States ("U.S.") credit
ratings, or other economic disruptions; and
- The effects of wars and geopolitical conflicts, such as the
ongoing war between Russia and
Ukraine, the war in the
Middle East, and other local,
national, or international disasters, crises, or conflicts that may
occur in the future.
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 2023 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