SALT LAKE CITY, Jan. 23, 2017 /PRNewswire/ -- Zions
Bancorporation (NASDAQ: ZION) ("Zions" or "the Company") today
reported net earnings applicable to common shareholders for the
fourth quarter of 2016 of $125.0
million, or $0.60 per diluted
common share, compared to net earnings applicable to common
shareholders of $116.9 million, or
$0.57 per diluted common share, for
the third quarter of 2016 and net earnings applicable to common
shareholders of $88.2 million, or
$0.43 per diluted common share, for
the fourth quarter of 2015. Annual net earnings applicable to
common shareholders for 2016 was $411.3
million, or $1.99 per diluted
common share, compared to $246.6
million, or $1.20 per diluted
common share, for 2015.
Harris H. Simmons, Chairman and
CEO, commented, "We are pleased that our full-year 2016 results
reflect solid performance in revenue growth, tight expense control,
and strong growth in both pre-provision net revenue and earnings
per share. We are encouraged to report that we achieved all of the
stated financial goals that we outlined in the spring of 2015 for
this year, including holding adjusted noninterest expense to less
than $1.58 billion and achieving an
efficiency ratio less than 66%. We have done this while
simultaneously making a very substantial investment in technology
that we expect will allow Zions to be both more efficient and more
competitive for years to come." Mr. Simmons concluded, "We look
forward to 2017 as a year that seems likely to experience reduced
credit costs as the energy industry continues to heal and the
credit metrics for non-energy loans, which constitute about 95% of
our portfolio, are strong and generally stable."
For the full version of the Company's 2016 fourth 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 fourth quarter results at
5:30 p.m. ET this afternoon
(January 23, 2017). 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 44706729, 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 more than $60
billion of total assets. 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.
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visit:http://www.prnewswire.com/news-releases/zions-bancorporation-reports-fourth-quarter-financial-results-300394789.html
SOURCE Zions Bancorporation