Zions Bancorp reports Q4 adjusted EPS 80c, consensus 73c
Harris H. Simmons, Chairman and CEO, commented, "We are pleased with the results of both the quarter and the year. Fourth quarter earnings per share increased to $0.80, a 33% increase over the prior-year period, when adjusted for both the deferred tax asset revaluation and the larger charitable contribution expense, which were directly related to the passage of tax reform legislation. When adjusted for these items, the efficiency ratio improved materially to 59.8%, and the return on tangible common equity rose to 10.9%, up from 8.4% in the year-ago period." Mr. Simmons continued, "We were pleased with loan growth over the year-ago period, which increased at a rate roughly double that of large domestic commercial banks. We've also seen strong improvement in credit quality, with classified loans and other measures of quality at their best levels in a number of years."