Zions Bancorp (NASDAQ: ZION) reported Q2 EPS of $2.08, which may not compare to the analyst estimate of $1.29.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We are pleased with the financial results of the second quarter of 2021. Perhaps most notably, credit performance continues to be very strong as evidenced by modest net recoveries on loans. We also now believe that future losses will be significantly less than previously expected, with the result that we released more than $120 million of our allowance for credit losses.”

Mr. Simmons continued, “Excluding PPP loans, we were also pleased with the relative stability of period-end loan balances, as well as a continued strong performance in the growth of deposits, with noninterest bearing deposits equaling nearly one half of total deposits at quarter end. Finally, our capital position is particularly strong relative to our risk profile, with our CET1 ratio reaching 11.3%, up from 10.2% at the beginning of the pandemic.”

For earnings history and earnings-related data on Zions Bancorp (ZION) click here.