Zions Bancorporation NA

ZION

Equity

ISIN US9897011071 / Valor 987840

NASDAQ (2024-12-26)

USD 55.35+0.69%

Zions Bancorporation NA
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About company

Zions Bancorporation, N.A., with its origins tracing back to 1955 as Keystone Insurance and Investment Co., has evolved significantly over the decades to become a prominent national bank in the United States. After acquiring a majority interest in Zions First National Bank in 1960 and undergoing several transformations, including a name change and a public offering of shares, the company solidified its position in the financial sector. In 2018, it completed a strategic merger into its bank subsidiary, which was subsequently renamed Zions Bancorporation, N.A., marking a shift from operating as a holding company to functioning directly as a national banking entity. Today, Zions Bancorporation serves its customers under eight local brand names, reflecting its commitment to combining national reach with local expertise. The company's common stock is publicly traded on the NASDAQ under the symbol ZION, and it is recognized as a member of both the S&P 500 Index and the NASDAQ Financial 100 Index, underscoring its significance in the financial industry.

Summarized from source with an LLMView SourceSector: Finance

Net Earnings and EPS

Zions Bancorporation, N.A. reported net earnings of $204 million for the third quarter of 2024, with a diluted earnings per share (EPS) of $1.37. This represents an increase from the third quarter of 2023, where net earnings were $168 million and diluted EPS was $1.13. Compared to the second quarter of 2024, net earnings increased from $190 million, and diluted EPS rose from $1.28.

Net Interest Income and Margin

For the third quarter of 2024, Zions Bancorporation, N.A. achieved a net interest income of $620 million, marking a 6% increase from the same period in the previous year. The net interest margin (NIM) improved to 3.03%, up from 2.93% in the third quarter of 2023. This growth was driven by higher earning asset yields, despite increased funding costs.

Noninterest Income

Zions Bancorporation, N.A. reported customer-related noninterest income of $161 million for the third quarter of 2024, a 3% increase compared to the prior year. Capital markets fees saw a significant rise, contributing to this growth, although there was a decrease in loan-related fees and income due to higher gains on loan sales in the previous year.

Noninterest Expense

The total noninterest expense for Zions Bancorporation, N.A. in the third quarter of 2024 was $502 million, reflecting a 1% increase from the same quarter in 2023. Salaries and employee benefits expenses rose by 2%, influenced by reduced capitalized salaries and higher benefits accruals. Technology and information processing expenses also saw a 6% increase.

Loans and Credit Quality

During the third quarter of 2024, Zions Bancorporation, N.A. reported loans and leases totaling $58.9 billion, a 3% increase from the previous year. The provision for credit losses decreased significantly to $13 million, compared to $41 million in the third quarter of 2023. The allowance for credit losses was 1.25% of loans and leases, slightly down from 1.30% in the prior year.

Summarized from source with an LLMView Source

Key figures

23.3%1Y

-11.2%3Y

7.14%5Y

Performance

37.9%1Y

48.2%3Y

48.3%5Y

Volatility