Zions' 2Q profit steady as loan volume increases
Zions Bancorp on Monday reported earnings of $55.4 million, or 30 cents per share, for the second quarter of its 2013 fiscal year.
The earnings essentially were unchanged from the second quarter of fiscal 2012 when the parent company of Utah-based Zions First National Bank posted net income of $55.2 million, or 30 cents per share.
"We are pleased with the continued growth in loans this quarter, and with the progress that we made toward replacing expensive capital and financing issued during the recent crisis with significantly lower cost instruments," Harris Simmons, Zions CEO said in reporting the company's second quarter results.
Zions reported that its loans and leases held for investment increased $471 million during the quarter and stood at $37.8 billion as of June 30, 2013. The bank holding company finished the first quarter of 2013 with loans and leases of $37.3 billion.
Simmons reported that the increase in loans predominantly were for commercial and industrial, construction and one-to-four family residential properties. He said those loans were widespread geographically.
Net interest income the bank's biggest source of profits increased $431 million during the second quarter compared to $418 million for the first quarter of fiscal 2013.
Zions released its financial results after the close of the stock market. Its shares closed at $30.84, up 29 cents for the day, but fell 6 cents per share to $30.78 in after-hours trading.