Zions Bancorporation Chairman and CEO Harris Simmons commented, “We were pleased with our fourth quarter results, which included $1.4 billion of non-PPP loan growth relative to the third quarter — an 11.7% annualized growth rate after a period of attrition in loan volumes in earlier months of the pandemic. Credit quality remained very strong, as demonstrated by a 0.01% annualized net charge-off rate, both for the fourth quarter and the full year. Customer-related noninterest income increased 9.4% over the prior year’s fourth quarter.
“Finally, continued strong growth in average deposits, which increased 19.3% over the prior year quarter — with average noninterest-bearing demand deposits comprising 51% of total deposits versus 47% a year ago — allowed us to increase our securities portfolio by 43% from the year-ago period, while leaving considerable upside for margin expansion as interest rates rise.”
Fourth Quarter 2021 Results
- Earnings per Diluted Common Share: $1.34
- Net Earnings: $207 million
- Net Interest Margin: 2.58%
- Common Equity Tier 1: 10.2%