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Zions Bancorp Swings To 2Q Profit As Loan Demand Begins To Gain

DOW JONES NEWSWIRES Zions Bancorp (ZION), for the second straight quarter, unexpectedly swung to a profit on more credit quality and loan-loss provision improvement, while the Utah-based regional bank's loan demand finally began to increase. Like many regional banks, Zions's bottom lines have improved as credit quality revives and it sets aside fewer funds for potential loan losses. Its transition to the black came later than the company had anticipated, but it has twice in a row posted profits when analysts were expecting losses. In the latest period, loan-loss provision -- money set aside to cover potential losses -- was $1.3 million, compared with $228.7 million a year earlier and $60 million in the first quarter. As for credit quality, net charge-offs -- loans the bank doesn't expect to collect -- fell to 1.23% of annualized average loans from 2.64% last year and 1.54% last quarter. Nonperforming assets -- loans in danger of going bad -- fell to 4.06% from 6.6% and 4.54%, respectively. Loan demand, which had been on a streak of sequential declines, increased in the latest period compared with the first part of the year. In the most recent period, net loans and leases rose 0.8% sequentially. Average total deposits climbed 0.7% from the prior quarter. Overall, Zions reported a profit of $72.9 million, or 16 cents a share, compared with a year-earlier loss of $113 million, or 84 cents a share. The number of shares outstanding increased 13%. Analysts surveyed by Thomson Reuters predicted an 2-cent loss. The most recent results included discount amortization on convertible subordinated debt and additional accretion on acquired loans, without which earnings would have been 45 cents a share. Total interest income declined 4.3% to $558.7 million. During the downturn, regional banks' performance often was closely linked to local real-estate markets. With operations in Western and Southwestern states, Zions was exposed to some of the hardest-hit housing markets. It turned to the government's Troubled Asset Relief Program to get through the worst of the downturn and has yet to repay the $1.4 billion it received from the federal government. Zions shares were up 0.5% at $22.90 after hours. Through the close, the stock had fallen 5.9% in the last year. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

Stock News for Zions Bancorporation (ZION)
DateTimeHeadline
04/22/201512:22:00Zions Bancorporation Announces Annual Meeting Of Shareholders
04/22/201503:07:27Zions Bancorporation Raised to Outperform at FBR & Co. (ZION)
04/21/201512:14:22Statement of Changes in Beneficial Ownership (4)
04/21/201509:34:27Zions Bancorporation Stock Rating Reaffirmed by Deutsche Bank...
04/21/201506:43:17Barclays Lowers Zions Bancorporation Price Target to $30.00 (ZION)
04/21/201506:34:37Zions Bancorporation PT Raised to $32.00 (ZION)
04/20/201522:58:20Zions Bancorp's Profit Edges Lower -- Update
04/20/201519:35:49Zions Bancorp's Profit Edges Lower
04/20/201516:12:18Current Report Filing (8-k)
04/20/201516:10:00Zions Bancorporation Reports Earnings Of $0.37 Per Diluted Common...
04/17/201516:10:00Zions Bancorporation Board Declares Dividends For Common And...
04/09/201511:37:03Additional Proxy Soliciting Materials (definitive) (defa14a)
04/09/201511:35:40Proxy Statement (definitive) (def 14a)
04/02/201513:30:05Statement of Changes in Beneficial Ownership (4)
04/02/201513:29:36Statement of Changes in Beneficial Ownership (4)
04/02/201513:29:36Statement of Changes in Beneficial Ownership (4)
04/02/201513:29:07Statement of Changes in Beneficial Ownership (4)
04/02/201513:29:07Statement of Changes in Beneficial Ownership (4)
04/02/201513:29:07Statement of Changes in Beneficial Ownership (4)
03/27/201515:49:20Initial Statement of Beneficial Ownership (3)

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