Welcome to our dedicated page for Zions Bancorporation N.A. news (Ticker: ZION), a resource for investors and traders seeking the latest updates and insights on Zions Bancorporation N.A. stock.
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 impressive financial results for Q2 2021, with net earnings of $345 million, or $2.08 per diluted share, significantly up from $57 million ($0.34 per share) in Q2 2020. Compared to Q1 2021's $314 million ($1.90 per share), earnings growth reflects strong credit performance and modest net recoveries on loans. The bank also released over $120 million from its allowance for credit losses, indicating lower expected future losses. Noninterest-bearing deposits rose sharply, and the CET1 ratio improved to 11.3%, showcasing a strong capital position.
Zions Bancorporation has expanded its Practice Pathways program to all 50 states, providing financial support for medical specialists looking to start or acquire practices. The program offers a variety of lending solutions, including practice acquisition loans and working capital loans, with a streamlined application process that ensures responses within 24 business hours. With a strong reputation, evidenced by 18 awards from Greenwich Associates in 2020, Zions aims to assist healthcare professionals in transitioning to business ownership.
Scott McLean, President & COO of Zions Bancorporation (NASDAQ: ZION), will present at the Barclays Americas Select Franchise Conference on May 18 at 9:00 a.m. ET. Interested parties can access a live webcast on the Zions Bancorporation website, with the session archived for 30 days post-event. Zions Bancorporation reported an annual net revenue of $2.8 billion in 2020 and holds over $85 billion in total assets. It ranks as a national leader in small business lending and is included in the S&P 500 and NASDAQ Financial 100 indices.
Zions Bancorporation (Nasdaq: ZION) has elected Maria Contreras-Sweet to its board of directors during its annual shareholder meeting. With a rich background as the 24th Administrator of the U.S. Small Business Administration and as an entrepreneur, Contreras-Sweet adds significant experience in supporting small and mid-sized businesses. Her history includes founding a community bank in Los Angeles, aiming to enhance capital access for diverse business groups. Chairman and CEO Harris H. Simmons emphasized her potential to strengthen Zions’ focus on these market segments.
Zions Bancorporation (NASDAQ: ZION) has announced a $100 million common share repurchase program for Q2 2021, demonstrating confidence in its financial health. The board declared a quarterly dividend of $0.34 per share, payable on May 20, 2021. Additionally, the company plans to redeem Series H perpetual preferred shares worth $126 million, expected during the second quarter of 2021. This move allows Zions to manage its capital effectively while maintaining attractive returns for shareholders.
Zions Bancorporation (ZION) reported Q1 2021 net earnings of $314 million ($1.90 per diluted share), up from $275 million ($1.66) in Q4 2020 and $6 million ($0.04) in Q1 2020. The improved results reflect a more favorable credit environment and minimal net charge-offs. The bank facilitated $2.6 billion in PPP loans for over 24,000 customers, totaling nearly $10 billion in the past year. Deposits grew significantly as liquidity in the economy remained strong.
Zions Bancorporation (NASDAQ: ZION) plans to adopt AMERIBOR® as a replacement for LIBOR in its non-syndicated commercial loans. This change comes as LIBOR is being phased out globally, with U.S. regulators mandating banks to transition to alternative reference rates by December 31, 2021. AMERIBOR® reflects the actual borrowing costs of banks in the U.S. and has shown less volatility than LIBOR. Zions aims to initiate this transition in many credit contracts starting this summer, enhancing its lending operations.
Zions Bancorporation (Nasdaq: ZION) will conduct its Annual Meeting of Shareholders on April 30, 2021, at 1:00 p.m. MT. Shareholders can participate online via this link, using their 16-digit control number from proxy materials. Zions reported $2.8 billion in net revenue for 2020, with total assets exceeding $80 billion. The company is a leader in small and middle-market banking across 11 western states and ranked 9th in providing SBA Paycheck Protection loans in 2020.
Paul Burdiss, CFO of Zions Bancorporation (NASDAQ: ZION), will speak at the RBC Capital Markets Global Financials Conference on March 9 at 9:20 a.m. EST. A live webcast is available on the Zions website and will be archived for 30 days. In 2020, Zions reported annual net revenue of $2.8 billion and managed over $80 billion in assets, ranking as the 9th largest provider of SBA’s Paycheck Protection Program loans.
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