Zions Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016; Provides Tax Rate Guidance for the Fiscal Year 2017
January 23, 2017 at 04:10 pm
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Zions Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income of $501,766,000 compared to $473,559,000 a year ago. Income before income taxes income was $206,886,000 compared to $147,420,000 a year ago. Net earnings applicable to common shareholders were $124,990,000 or $0.60 diluted per share compared to $88,197,000 or $0.44 basic and diluted per share a year ago. Book value per common share was $34.10 at December 31, 2016 compared to $32.67 a year ago. Tangible book value per common share decreased to $29.06 at December 31, 2016, compared to $27.63 at September 30, 2016. Return on average assets was 0.89% against 0.68% a year ago. Return on average common equity was 7.10% against 5.17% a year ago. Tangible return on average tangible common equity was 8.40% compared to 6.20% a year ago.
For the year, the company reported total interest income was $1,954,314,000 compared to $1,833,471,000 a year ago. Income before income taxes income was $704,908,000 compared to $451,859,000 a year ago. Net earnings applicable to common shareholders were $411,309,000 or $1.99 diluted per share compared to $246,614,000 or $1.20 basic and diluted per share a year ago.
For the fourth quarter, the company's total net charge-offs were $27 million.
For the fiscal year 2017, the company's effective tax rate to be in the 34% to 35% range barring any meaningful changes in the tax code.
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 Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016; Provides Tax Rate Guidance for the Fiscal Year 2017