Zions Bancorporation (NASDAQ:ZION) Q1 2018 Earnings Conference Call - Final Transcript

Apr 23, 2018 • 05:30 pm ET


Zions Bancorporation (NASDAQ:ZION) Q1 2018 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and thank you for your patience. You joined Zions Bancorporation's First Quarter 2018 Earnings Results Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. (Operator Instructions) As a reminder, this conference may be recorded.

I would now like to turn the call over to your host, Director of Investor Relations, Mr. James Abbott. Sir, you may begin.

James Abbott

Thanks, Latif, and good evening everyone. We welcome you to this conference call to discuss our 2018 first quarter earnings. For our agenda today, Harris Simmons, Chairman and Chief Executive Officer, will provide a brief overview of key strategic and financial objectives, after which Paul Burdiss, our Chief Financial Officer, will provide an update on Zions' financial condition, wrapping up with our financial outlook for the next four quarters. Additional executives with us in the room today include Scott McLean, President and Chief Operating Officer; Ed Schreiber, Chief Risk Officer; and Michael Morris, Chief Credit Officer.

Referencing Slide 2, I would like to remind you that during this call, we will be making forward-looking statements, although actual results may differ materially. We encourage you to review the disclaimer in the press release or the slide deck dealing with forward-looking information, which applies equally to statements made in this call. A copy of the full earnings release as well as a supplemental slide deck are available at zionsbancorporation.com. We will be referring to the slides during this call.

The earnings release, the related slide presentation and the earnings call contains several references to non-GAAP measures, including pre-provision net revenue and the efficiency ratio, which are common industry terms used by investors and financial services analysts. The use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A full reconciliation of the differences between such measures and GAAP financials is provided within the published documents, and participants are encouraged to carefully review this reconciliation. We intend to limit the length of this call to one hour. During the question-and-answer session of this call, we ask you to limit your questions to one primary and one related follow-up question to enable other participants to ask questions.

With that, I will now turn the time over to Harris.

Harris Simmons

Thanks very much, James, and welcome to all of you to our call today to discuss the first quarter results. The results for the quarter were strong relative to year-ago results. On Slide 3, we summarize a few of the key financial accomplishments that we've made over the past year. Many of the results of our simple, easy, fast initiative have helped to produce the strong earnings per share growth and profitability improvement shown on this slide. And the efforts of the past several years to bolster risk management, together with improved conditions in the energy sector, have resulted