Press release
Zions Bancorporation, National Association Reports Third Quarter Financial Results
SALT LAKE CITY, Oct. 21, 2019 /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today reported net earnings applicable to
About this update from Zions Bancorporation N.a.
[{"type":"text","content":"SALT LAKE CITY, Oct. 21, 2019 /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ: ZION) (\"Zions\" or \"the Bank\") today reported net earnings applicable to common shareholders for the third quarter of 2019 of $214 million, or $1.17 per diluted common share, compared with net earnings applicable to common shareholders of $215 million, or $1.04 per diluted common share, for the third quarter of 2018 and net earnings applicable to common shareholders of $189 million, or $0.99 per diluted common share, for the second quarter of 2019. \nHarris H. Simmons, Chairman and CEO, commented, \"Given the challenging interest rate environment in which banks currently operate, we're pleased with the quarter's overall results. We achieved solid growth of both demand and interest-bearing deposits, moderate loan growth, strong customer-related fee income growth, and flat operating expenses. Credit quality also remained well-controlled, with annualized net charge-offs of only 0.01% of average loans, and nonperforming assets which declined to less than 0.5% of average loans. A 12% reduction in average outstanding diluted shares relative to last year's third quarter helped produce a 13% increase in earnings per share.\"\nMr. Simmons continued, \"As we adjust to a lower interest rate environment and anticipate the resulting continued pressure on interest margins, we will continue to take steps to carefully manage operating expenses in the year ahead. We are optimistic that we will be able to manage 2020 operating expenses to a level that is no more than, and likely modestly reduced from, expected 2019 results.\" For the full version of the Bank's 2019 third quarter earnings release, including financial tables, please visit zionsbancorporation.com.\nSupplemental Presentation and Conference Call Zions has posted a supplemental presentation to its website, which will be used to discuss these third quarter results at 5:30 p.m. ET this afternoon (October 21, 2019). 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 1358841, 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 day...