Zions Bancorp reports Q4 EPS 78c, consensus 99c

Harris H. Simmons, Chairman and CEO, commented, “Q4 operating results reflect the Bank’s resiliency, with strong quarter-over-quarter customer deposit growth of $1.7B, loan growth of $900M, a stable net interest margin and continued strengthening of the Bank’s capital position. Operating expenses, excluding a one-time $90M FDIC special assessment related to the bank failures in early 2023, continued to be well managed.” Simmons continued, “We were particularly pleased with the strong credit quality of our loan portfolio, reflected in an annualized net charge-off ratio of 0.06%. While classified loans moderately increased during the quarter, the portfolio is characterized by strong collateral coverage that has mitigated loss exposure. We are poised for growth in the year ahead, as we expect that our business investments and focus on improved client profitability, combined with stable or lower short-term interest rates and continued moderate economic expansion in the western U.S., should result in client acquisition and improvement in our financial results.”