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Zions' QOQ provision for credit losses falls significantly

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Zions' QOQ provision for credit losses falls significantly

Zions Bancorp. on Jan. 23 reported fourth-quarter 2016 net income available to common shareholders of $125.0 million, or 60 cents per share, compared to $88.2 million, or 43 cents per share, in the fourth quarter of 2015.

Full-year 2016 net income available to common shareholders, meanwhile, was $411.3 million, or $1.99 per share, compared with 2015's $246.6 million, or $1.20 per share.

The S&P Capital IQ consensus normalized EPS estimate was 52 cents for the recent quarter and $1.94 for the full year.

Total nonperforming assets stood at $572.9 million at the end of fourth quarter of 2016, compared to $587.2 million from the third quarter, and $357.0 million in the fourth quarter of 2015. Net charge-offs amounted to $27 million, down from $30 million sequentially but up from $13 million in the year-ago period.

Zions recorded a fourth-quarter provision for credit losses of $609,000. It had been $15.7 million in the third quarter and $16.2 million in the fourth quarter of 2015. The company attributed the decrease to lower oil and gas-related exposures and higher residential real estate and commercial real estate term exposures. The company recorded a $156 million decrease in its oil and gas-related portfolio from the prior quarter because of payoffs, charge-offs and active portfolio management. The decline was offset by a $227 million increase in consumer loans, mainly one- to four-family residential loans.

Net interest margin was 3.37%, slightly up from the linked quarter's 3.36% and the year-ago period's 3.23%.