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- Zions Bancorporation (NASDAQ:ZION) Q4 results come in better-than-expected due to credit quality strength and growth in noninterest income and loans, says Chairman and CEO Harris H. Simmons.
- Q4 diluted EPS of $1.34 tops the $1.31 consensus and compares with $1.45 in Q3 and $1.66 in Q4 2020.
- Net interest income of $553M in Q4vs. $550M in the year-ago quarter. Net interest margin of 2.58% also slides from 2.95% in Q4 2020, primarily due to significant deposit growth and a change in the composition of interest-earning assets.
- Noninterest expense of $449M gains 6% from the same period a year ago.
- Q4 efficiency ratio of 60.8%, compared with 60.2% in Q4 2020.
- Q4 loans and leases were $50.9B, down 5% from Q4 2020; excluding PPP, loans and leases were $49.0B, up 2%.
- Q4 deposits of $82.8B jumps 19% from the year-ago figure, resulting in a loan-to-deposit ratio of 61%.
- Q4 return on average tangible common equity of 13.4% declines from 14.2% in the third quarter.
- Previously, (Nov. 17, 2021) Zions Bancorporation got upgraded.
- Conference call starts at 5:30 p.m. ET.