Zions Bancorp (ZION) Misses Q3 EPS by 4c
Get Alerts ZION Hot Sheet
Price: $43.40 +0.58%
EPS Growth %: -26.3%
Financial Fact:
Other: 1.92M
Today's EPS Names:
SHIM, KOD, HEWA, More
EPS Growth %: -26.3%
Financial Fact:
Other: 1.92M
Today's EPS Names:
SHIM, KOD, HEWA, More
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Zions Bancorp (NASDAQ: ZION) reported Q3 EPS of $0.40, $0.04 worse than the analyst estimate of $0.44.
During the third quarter of 2014, the Company undertook considerable actions to reduce risk and enhance capital levels, both on an as-reported basis and under hypothetical stress test scenarios. Actions included:
- Issuance of $525 million of common stock
- Reduction of $835 million par amount of long-term debt through tender offers, early calls, and maturities
- Reduction of $447 million in construction and land development loans through conversions to term, syndications, and increased participations
- Sales of $174 million and paydowns of $32 million of collateralized debt obligations ("CDOs")
Third Quarter 2014 Highlights
- Credit quality continued to improve as nonperforming lending-related assets declined 12% linked quarter and classified loans declined 7% linked quarter. These and other improvements in credit quality metrics contributed to negative provisions of $55 million for loans and $16 million for unfunded lending commitments.
- Net interest income of $417 million this quarter was essentially unchanged from the prior quarter.
- The estimated Tier 1 common equity ratio increased to 11.88% at September 30, 2014 from 10.45% at June 30, 2014, resulting primarily from the capital and risk management actions previously discussed.
For earnings history and earnings-related data on Zions Bancorp (ZION) click here.
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