Monday, April 18, 2011

Earnings Roundup Zions Bancorp. (NASDAQ: ZION)

Zions Bancorp. (NASDAQ: ZION) said late Monday that it swung to a first quarter profit of $14.8 million, or 8 cents per share, from a loss of $86.5 million, or 57 cents a share, in the year-earlier period. 

Excluding the noncash effects of the discount amortization on convertible subordinated debt and additional accretion on acquired loans, net earnings were $52.6 million or $0.29 per diluted share for the first quarter of 2011 compared to a net loss of $44.1 million or 25 cents per share.

The company said that net charge-offs declined 44% to $141 million compared to $251 million in the fourth quarter. The provision for loan losses declined 65% to $60 million from $173 million in the fourth quarter.

"During the first quarter we were especially pleased to see a substantial moderation of loan losses and continued improvement in credit quality, which allowed for a material reduction in our provision for loan losses," said Harris H. Simmons, chairman and chief executive officer. Mr. Simmons continued, "We believe these improved credit measures and trends are sustainable, and will lead to continued operating profitability through the remainder of the year." Mr. Simmons concluded, "We look forward to further credit improvement, increased loan volumes, and the eventual rationalization of our capital structure through the refinancing of higher cost preferred stock and subordinated debt, all of which should lead to material improvement in our earnings levels in future periods."

Full Disclosure: None.
Related Posts with Thumbnails

Wikinvest Wire