Zions Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 26, 2015 at 05:53 pm
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Zions Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the bank posted revenue of $559.8 million in the period. Net interest income was $430.43 million compared to $432.04 million a year ago. Income before income taxes was $136.05 million compared to loss before income taxes of $63.33 million a year ago. Net earnings applicable to common shareholders was $73.21 million or $0.36 per diluted share compared to net loss applicable to common shareholders of $59.44 million or $0.32 per diluted share a year ago. Non-GAAP tangible return on average tangible common equity was 4.42% compared to 5.45% a year ago. Return on average assets was 0.61% compared to 0.30% a year ago. Return on average common equity was 4.45% compared to 4.51% a year ago.
For the year, revenue was $2.19 billion. Net interest income was $1,679.995 million compared to $1,696.33 million a year ago. Income before income taxes was $631.90 million compared to income before income taxes of $406.43 million a year ago. Net earnings applicable to common shareholders was $333.01 million or $1.71 per diluted share compared to net loss applicable to common shareholders of $293.98 million or $1.58 per diluted share a year ago. Tangible book value per common share was $26.27 compared to $23.88 a year ago.
The company reported total net charge-offs of $17 million compared to $19 million a year ago.
Zions Bancorporation, N.A. is a premier financial services company. It provides a range of banking products and related services, primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It conducts its operations primarily through seven managed and geographically defined bank divisions, each with its own local branding and management. Its products and services include commercial and small business banking, capital markets and investment banking, commercial real estate lending, retail banking, and wealth management. Its commercial business banking products and services include commercial and industrial and owner-occupied lending and leasing, municipal and public finance services, and corporate trust services. Its capital markets and investment banking products and services include loan syndications, fixed income securities underwriting, and advisory and capital raising, and Power and project financing.
Zions Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2014