Zions Bancorporation Chairman and CEO Harris Simmons commented, “The first quarter results included $1.2 billion of growth in average non-PPP loans relative to the prior quarter, or an annualized growth rate of over 10%, and annualized growth rate of net interest income excluding PPP income of over 17%. Credit quality continued to show strength, with net charge-offs equaling an annualized 0.05% of average loans and a sequential quarter decline in nonaccrual loans of 7%, which were contributing factors in the reduction of the allowance for credit losses.
“Higher operating costs were primarily the product of both a higher level of compensation increases resulting from a tight labor market and related inflationary pressures, together with increased incentive compensation accruals as a result of higher interest rates and stronger loan growth that are expected to produce improved performance through the remainder of the year. Our balance sheet is well positioned to generate stronger earnings in the higher interest rate environment we expect in coming quarters.”
First Quarter 2022 Results
- Earnings per Diluted Common Share: $1.27
- Net Earnings: $195 million
- Net Interest Margin: 2.60%
- Common Equity Tier 1: 10.0%