#United States #Salt Lake City #Zions Bancorporation #NASDAQ ZION #Harris Simmons

Zions Bancorporation Financial Results for 2024

Zions Bancorporation, N.A., traded on NASDAQ under the ticker symbol ZION, has released its financial results for the fourth quarter of 2024. The report reveals a substantial net income of $200 million, translating to $1.34 per diluted common share. This marks a notable increase from the same quarter in the previous year, where the net income stood at $116 million, or $0.78 per diluted common share. Furthermore, the figure shows a slight decrease from the $204 million earned in the third quarter of 2024 where the earnings were $1.37 per share.

Harris H. Simmons, the Chairman and CEO of Zions Bancorporation, expressed satisfaction with the bank's financial performance which shows persistent improvement. He highlighted that the adjusted taxable-equivalent revenue surged by 9% compared to last year. In contrast, adjusted noninterest expenses rose by 4%, leading to a remarkable 19% increase in adjusted pre-provision net revenue. These metrics underscore a solid framework for the bank's operations in a challenging economic landscape.

However, the quarter did see an uptick in net loan losses, reported at an annualized rate of 0.24%. Notably, two-thirds of the reported net loss was attributed to a single commercial industrial credit, which illustrates the concentrated risk in certain sectors. On a more positive note, nonperforming loans decreased by 18% from the prior quarter, settling at just 0.50% of total loans. This decline provides a reassuring signal about the bank's loan portfolio quality.

Despite the increase in classified loans, primarily within the commercial real estate sector, Mr. Simmons reassured stakeholders that strong collateral and support from guarantors significantly lessens the risk of defaults. This analysis reflects a balanced approach, focusing on vigilance while remaining optimistic about the financial health of the institution.

Looking forward, Simmons expressed hope for 2025, indicating expectations for sustained growth, improvement in net interest margins, and increasing profitability. The bank is positioning itself well to navigate the potential challenges that lie ahead, with a commitment to prudent management and customer service excellence.

For those interested in a deeper dive into these results, Zions Bancorporation has made a supplemental presentation available on their website. Stakeholders, analysts, and the public are invited to participate in a conference call scheduled for 5:30 PM ET on January 21, 2025. This session will provide additional insights into the bank's operational strategies and financial health, encouraging an open dialogue among market participants. Interested parties can join by dialing (877) 709-8150 and using the meeting number 13750908, or they may participate via a live webcast that will also be archived for later accessibility.

As of December 31, 2024, Zions Bancorporation rationally manages approximately $89 billion in total assets along with annual net revenues reported at $3.1 billion. The bank operates across 11 western states including Arizona, California, and Utah, providing tailored financial services that cater to local communities.

Zions Bancorporation consistently scores highly in customer satisfaction surveys for small- and middle-market banking and excels in public finance and Small Business Administration lending. Moreover, it is featured in key stock market indices, including the SP MidCap 400 and NASDAQ Financial 100, reinforcing its reputation as a robust player in the financial services industry.

For further details on earnings, financial schedules, or to view the supplemental material, visit Zions Bancorporation's official website. While the current outlook remains promising, potential risks exist, including shifts in economic conditions, regulatory changes, and market volatility, all of which may influence future performance. The bank remains committed to transparency as it continues to navigate the complexities of the financial landscape.