Zions Bancorp (NASDAQ: ZION) reported Q4 EPS of $0.97, $0.10 worse than the analyst estimate of $1.07.

Harris H. Simmons, Chairman and CEO, of Zions Bancorporation, commented, “Fourth quarter earnings of $174 million or $0.97 per share were dampened by comparatively flat loan volumes and $37 million in severance and restructuring charges to facilitate a cost reduction initiative that will largely take effect during the first quarter of 2020. We were nevertheless pleased with the strong 10.5% annualized growth in average deposit balances we experienced during the quarter, including 7.5% annualized growth in noninterest-bearing demand deposits; and by the relative stability of our net interest margin in a challenging interest rate and competitive environment.” Mr. Simmons continued, “Economic conditions throughout the markets we serve remain vibrant, and we are optimistic that credit quality will continue to be relatively strong in 2020.”

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