SALT LAKE CITY, April 25,
2016 /PRNewswire/ -- Zions Bancorporation (NASDAQ: ZION)
("Zions" or "the Company") today reported net earnings applicable
to common shareholders for the first quarter of 2016 of
$78.8 million, or $0.38 per diluted common share, compared to net
earnings applicable to common shareholders of $88.2 million, or $0.43 per diluted common share, for the fourth
quarter of 2015 and $75.3 million, or
$0.37 per diluted common share, for
the first quarter of 2015.
Harris H. Simmons, Chairman and
CEO, commented, "We continue to generate strong growth in
pre-provision net revenue, reflecting operating leverage
improvement resulting from solid loan growth, a more profitable
earning assets mix and controlled core operating expenses. We are
on track to achieve the goals we established in mid-2015, leading
to an efficiency ratio of 66% or better in 2016 and in the low 60%
range in 2017 while accelerating revenue growth. Although
energy-related credit losses and related provisions largely offset
these gains, recent improvements in energy prices are encouraging,
and credit performance in the rest of the portfolio has been
stellar. We're pleased with the progress made during the quarter in
building a stronger foundation for future growth and capital
distributions."
For the full version of the Company's 2016 first 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 first quarter results at
5:30 p.m. ET this afternoon
(April 25, 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
72743364, 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 and southwestern
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-first-quarter-financial-results-300256879.html
SOURCE Zions Bancorporation