Zions Bancorporation Chairman and CEO Harris Simmons commented, “In the second quarter, we built on recent loan growth momentum, with average non-PPP loans increasing $1.5 billion, or an annualized 12%. Customer-related noninterest income was also strong with year-over-year improvement of 11%. Adjusted revenue increased nearly 8% over the prior year, despite a significant reduction in PPP revenue as that portfolio runs off. Excluding the impact of PPP, adjusted revenue increased nearly 17% over the prior year.
“We are particularly pleased with the credit performance of the loan portfolio. Our net charge-off ratio was an annualized 0.07% of average loans, and our nonperforming asset ratio fell to a very clean 0.4% of loans. Also, for the first time in several decades, our real estate-owned figure was zero. We are well-prepared for the possibility of a recession with solid credit quality and capital, and strong pre-provision net revenue growth.”
Second Quarter 2022 Results
- Earnings per Diluted Common Share: $1.29
- Net Earnings: $195 million
- Net Interest Margin: 2.87%
- Common Equity Tier 1: 9.9%