Zions Bancorporation Chairman and CEO Harris Simmons commented, “Our third quarter results reflect a stabilization of the net interest margin in the wake of the industry-wide turbulence earlier in the year. While loan demand weakened in the third quarter, we were pleased with the growth in customer deposits, which increased 5% over the past three months, while higher-cost brokered deposits and short-term borrowed funds decreased 23% and 21%, respectively.
“Credit quality remains well controlled, and capital continues to strengthen, with the estimated Common Equity Tier 1 capital ratio increasing to 10.2% from 9.6% a year ago.
“This month we’re celebrating the 150th anniversary of the founding of Zion’s Savings Bank & Trust Company, the predecessor of Zions Bancorporation, making us one of the oldest continually operating financial institutions in the West. We’re proud of our history of responsible growth, and we look forward to helping to build strong communities throughout the western United States for many years to come.”