Zions Bancorporation Reports Second Quarter Financial Results
SALT LAKE CITY, July 23, 2018 /PRNewswire/ -- Zions Bancorporation (NASDAQ: ZION) ("Zions" or "the Company") today reported net earnings applicable to common shareholders for the second quarter of 2018 of $187 million, or $0.89 per diluted common share, compared with net earnings applicable to common shareholders of $154 million, or $0.73 per diluted common share, for the second quarter of 2017 and net earnings applicable to common shareholders of $231 million, or $1.09 per diluted common share, for the first quarter of 2018.
Harris H. Simmons, Chairman and CEO, commented, "Second quarter results reflect continued strong credit quality, tempered by modest linked-quarter loan growth. We experienced net recoveries this quarter and only three basis points of net loan losses as a percentage of total loans over the past twelve months. At the same time, competitive pressures in the market for commercial real estate loans led to additional runoff in that portfolio as we've exercised discipline with respect to pricing and terms, muting overall loan growth." Mr. Simmons continued, "We're encouraged by recent legislative and regulatory developments that should provide us with greater flexibility with respect to capital management, and we expect that we will be able to increase the pace of capital distribution in coming quarters. We're also optimistic that, pending shareholder approval, we'll be able to complete the planned merger of Zions Bancorporation into its subsidiary, ZB, N.A., by the end of the third quarter, leading to a more efficient regulatory structure for the company."
For the full version of the Company's 2018 second 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 second quarter results at 5:30 p.m. ET this afternoon (July 23, 2018). 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 8594735, 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 exceeding $65 billion. 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 company is a national leader in Small Business Administration lending and public finance advisory services. 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
This earnings release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Statements in the earnings release that are based on other than historical information or that express Zions Bancorporation's expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect, among other things, our current expectations, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, industry results or regulatory outcomes to differ materially from those expressed or implied by such forward-looking statements.
Without limiting the foregoing, the words "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "might," "plans," "projects," "should," "would," "targets," "will" and the negative thereof and similar words and expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about future financial and operating results, the potential timing or consummation of the merger described in the presentation and final report of FSOC, actions to be taken by Zions or receipt of any required approvals or determinations, or the anticipated benefits thereof, including, without limitation, future financial and operating results. Actual results and outcomes may differ materially from those presented, either expressed or implied, in the presentation. Important risk factors that may cause such material differences include, but are not limited to, the actual amount and duration of declines in the price of oil and gas; Zions' ability to meet operating leverage goals; the rate of change of interest sensitive assets and liabilities relative to changes in benchmark interest rates; risks and uncertainties related to the ability to obtain shareholder and regulatory determinations, or the possibility that such determinations may be delayed; the ability of Zions Bancorporation to achieve anticipated benefits from the consolidation and regulatory determinations; and legislative, regulatory and economic developments that may diminish or eliminate the anticipated benefits of the consolidation. These risks, as well as other factors, are discussed in Zions Bancorporation'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), and other risks associated with the merger will be more fully discussed in the proxy statement that will be filed with the SEC in connection with the merger, a preliminary version of which was filed with the SEC on July 13, 2018.
Except as required by law, Zions Bancorporation 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.
Important Additional Information and Where to Find It
Zions will file a proxy statement, a preliminary version of which was filed with the SEC on July 13, 2018, and other relevant documents concerning the merger with the SEC. INVESTORS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain the documents free of charge at the website maintained by the SEC at www.sec.gov. In addition, you may obtain documents filed with the SEC by Zions free of charge by contacting: Investor Relations, Zions Bancorporation, One South Main Street, 11th Floor, Salt Lake City, Utah 84133, (801) 844-7637.
Participants in Proxy Solicitation
Zions and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Zions's shareholders in connection with the merger. Information about the directors and executive officers of Zions and their ownership of Zions stock is set forth in Zions's Annual Report on Form 10-K for the year ended December 31, 2017 and the proxy statement for Zions' 2017 Annual Meeting of Shareholders. Investors may obtain additional information regarding the interests of such participants by reading the proxy statement for the proposed merger, a preliminary version of which was filed with the SEC on July 13, 2018.
SOURCE Zions Bancorporation
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