Zions Bancorp reports Q4 EPS $1.34, consensus $1.26

Harris H. Simmons, Chairman and CEO, commented, “We’re pleased with the continued improvement in the financial performance demonstrated by our Q4 results. Adjusted taxable-equivalent revenue increased 9% relative to year-ago levels, while adjusted noninterest expense increased 4%, resulting in a 19% increase in adjusted pre-provision net revenue.” Simmons continued, “Net loan losses were higher in the quarter, at an annualized rate of 0.24%, with two-thirds of the net loss amount attributable to a single commercial & industrial credit. At the same time, nonperforming loans decreased 18% relative to the third quarter, to 0.50% of total loans. While classified loans have continued to increase, primarily in the commercial real estate portfolio, strong collateral and guarantor support mitigate the risk of significant defaults and losses in this portfolio.”