Financial services company Zions Bancorp. reported record net income Wednesday of $53.03 million or $4.15 per share for 1993, up 22.2 percent and 17.9 percent, respectively over 1992.
Net income for the fourth quarter ended Dec. 31 was $14.44 million, up 0.6 percent from a year earlier. Fourth-quarter earnings per share were $1.13, down 2.6 percent from the same period in 1992.Harris H. Simmons, president and CEO of the bank holding company, cited strong revenue growth and a continuing improvement in credit quality for the record earnings.
He said taxable-equivalent revenues increased 14.0 percent in 1993, led by 26.3 percent growth in non-interest income and 8.9 percent growth in taxable-equivalent net interest income.
The results include net income of $1.65 million or 13 cents per share from accounting changes made in the first quarter of last year, as well as a net loss of $3.71 million or 29 cents per share from the early termination of an interest- rate exchange agreement during the first quarter.
Zions said that earnings of Wasatch Bank, acquired by Zions First National Bank in the fourth quarter, are included in the 1993 earnings but have not been included in prior years' results. The results of National Bancorp of Arizona, acquired earlier this month, are not included.
Return on average shareholders' equity was 19.9 percent in 1993, up from 19.3 percent in 1992. For the fourth quarter, equity return was 20.8 percent, down from 23.5 percent in the prior year period.
Simmons said Zions' credit quality has continued to improve, citing record recoveries of previously charged-off loans.
Non-performing assets totaled 1.32 percent, down from 1.49 percent a year ago.
Simmons noted that Zions acquired Wasatch Bank in Utah County last year, as well as Discount Corp. of New York. Pending acquisition of National Bancorp of Arizona in Tucson and Rio Salado Bancorp in Tempe, Ariz., was announced last year, and the National Bancorp merger was completed earlier this month.
Zions also acquired a 25-percent interest in Bennington Capital Management, a Seattle-based mutual funds management company, during the third quarter of 1993.
Zions Bancorp. and its subsidiaries operate 113 banking offices in Utah, Nevada and Arizona.