SALT LAKE CITY–(BUSINESS WIRE)–Zions Bancorporation, N.A. (NASDAQ: ZION) (“Zions” or “the Bank”) today reported net earnings applicable to common shareholders for the fourth quarter of 2022 of $277 million, or $1.84 per diluted common share, compared with net earnings applicable to common shareholders of $207 million, or $1.34 per diluted common share, for the fourth quarter of 2021, and net earnings applicable to common shareholders of $211 million, or $1.40 per diluted common share, for the third quarter of 2022.
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We’re pleased with the quarterly and annual financial results, which were characterized by solid loan growth, exceptional credit quality, and a stronger net interest margin, reflecting a normalization of interest rate levels. Although total deposits continued to decline from recent ‘surge’ levels that resulted from considerable fiscal and monetary stimulus, adjusted pre-provision net revenue for the quarter increased 46% to $420 million, despite a $42 million reduction in net interest income from PPP loans, which now constitute a de minimis portion of our loan portfolio.”
Mr. Simmons continued, “Though our quarterly operating results were strong, we continued to build our loss reserves due to both continued loan growth and the prospect of a slowing or recessionary economic environment in coming months. Nevertheless, we remain optimistic that we’re well prepared for a more challenging economy, and we expect the coming year to reflect strong results.”
For the full version of the Bank’s 2022 fourth quarter earnings release, including financial schedules, please visit www.zionsbancorporation.com.
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website, which will be used to discuss the fourth quarter results at 5:30 p.m. ET on January 23, 2023. Media representatives, analysts, investors, and the public are invited to join