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$ZION reported an earnings retreat of 8.7% for 4Q17, impacted by higher provisions. Income applicable to common shareholders was $114MM or $0.54 per share, down from the year ago earnings of $125MM or $0.60 per share. However, pre-provision net revenue surged 21% to $257MM. On an adjusted basis, $ZION posted earnings of $0.80 per share, up 33% YoY.
$ZION plans to contribute $12MM to ions Bancorporation Foundation, which is expected to benefit local communities in which Zions does business. $ZION expects to incur rise in non-interest expense in 4Q17 of about $12MM as a result of contribution to the Foundation, while compensation adjustments are expected to be incorporated into 2018 expense.
$ZION will streamline its corporate structure by merging the parent company into its banking subsidiary or one of its subsidiaries. The resulting entity will bear the name Zions Bancorporation and will continue to operate with its existing local brand names and management teams.
$ZION reported a jump in 3Q17 earnings, driven by higher net interest income and revenue. Net income rose 30% to $152MM or $0.72 per share from $117MM or $0.57 per share a year earlier. Net interest income jumped 11% to $522MM. The company said the year-to-date efficiency ratio at 62.6% is on track to meet the cost objective established for 2017.
$GPI's board elected Stephen Quinn to serve as non-executive Chairman. Quinn has served as a director since May 2002, and currently serves on the BoD, the Audit Committee, and the Risk Oversight Committee of $ZION. He has replaced John Adams, who will continue as a Director and now serve as Chairman of Finance/Risk Management (FRM) Committee.
$ZION has managed asset sensitivity and believes over time, it will decline although the pace is undefined. $ZION will be opportunistic based on the relative value. $ZION does not expect the securities portfolio to grow and so the incremental management of the interest rate risk positioning will be managed through the swaps portfolio.
$ZION said the increase in the size of the bond portfolio has been based upon the company’s need to change the liquidity rules and some other matters to maintain a permanent store of liquidity on the balance sheet. The second factor is the management of interest rate risk and the conversion of possible income into certain income.
$ZION's net interest margin for 1Q17 rose slightly to 3.38% from 3.37% in 4Q16. This was driven by increased yields on loans and securities portfolios, but was tempered somewhat due to continued shift to a greater concentration of securities as a percentage of earning assets and lower marginal net yields on balance sheet growth.
$ZION reported a rise in 1Q17 earnings driven by higher net interest income and an increase in non-interest income. Net income rose to $129MM or $0.61 per share from $79MM or $0.38 per share last year. Net interest income grew to $489MM from $453MM and non-interest income increased to $132MM from $117MM.