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Zions Bancorporation, N.A. (NASDAQ: ZION) stands as one of the nation's premier financial services companies, with a distinct presence in the Western and Southwestern United States. Headquartered in Salt Lake City, Utah, Zions operates through local management teams and distinct community identities across 11 states, including Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It boasts over 500 full-service banking offices, providing comprehensive financial services to a diverse clientele.
Primarily focusing on small and midsize businesses, Zions excels in commercial and commercial real estate lending. The company is a national leader in Small Business Administration (SBA) lending, public finance advisory services, and agricultural finance. Recognized as a consistent recipient of national and state-wide customer survey awards in small and middle-market banking, Zions ensures a high standard of customer service and community engagement.
In terms of financial performance, Zions reported net earnings applicable to common shareholders for the fourth quarter of 2023 at $116 million, or $0.78 per diluted common share. This marks a decrease from $277 million, or $1.84 per diluted common share, in the fourth quarter of 2022. Despite this, the bank showcased resiliency with a $1.7 billion growth in customer deposits and a $0.9 billion increase in loans over the quarter. The net interest margin remained stable, and the bank continued to strengthen its capital position.
Harris H. Simmons, Chairman and CEO, emphasized the strong credit quality of the loan portfolio, with a low annualized net charge-off ratio of 0.06%. The bank is well-positioned for growth, anticipating client acquisition and improved financial results driven by business investments, stable or lower short-term interest rates, and moderate economic expansion in the Western United States.
For the full year 2023, Zions reported approximately $87 billion in total assets and $3.1 billion in net revenue. The bank is included in the S&P 500 and NASDAQ Financial 100 indices, underlining its significant market presence and financial stability. Investors and stakeholders can access comprehensive financial reports and updates on the company's official website.
Zions Bancorporation (NASDAQ: ZION) reported net earnings of $190 million, or $1.28 per diluted common share, for Q2 2024. This marks an increase from $166 million ($1.11 per share) in Q2 2023 and $143 million ($0.96 per share) in Q1 2024. The bank highlighted improvements in net interest margin, expense management, and credit quality. Notably, tangible book value per share increased by 20% year-over-year.
Post-quarter, Zions completed a significant core processing system upgrade, implementing TCS's BaNCS™ platform across several of its banks. This marks the completion of their FutureCore project, positioning Zions at the forefront of real-time transaction processing and customer experience in the banking industry.
Zions Bancorporation, N.A. (NASDAQ: ZION) declared a regular quarterly dividend of $0.41 per common share, payable on May 23, 2024, to shareholders of record as of May 16, 2024. The board also announced regular quarterly cash dividends on various perpetual preferred shares, with dividends payable on June 15, 2024, to shareholders of record on June 1, 2024. Zions Bancorporation, N.A. is a leading financial services company with $3.1 billion in net revenue in 2023 and approximately $87 billion in total assets. Founded in 1873, Zions operates in 11 western states and is known for its customer service, public finance advisory services, and S&P 400 and NASDAQ Financial 100 index inclusion.
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