Zions Bancorp, currently in the process of merging with First Security Corp., Thursday reported second quarter net income of $52.8 million, up 60.1 percent over the same period last year after merger-related charges of $700,000.
Earnings per share for the quarter of 66 cents were up 50.0 percent.Second quarter return on equity totaled 19.5 percent and return on assets was 1.16 percent.
Operating cash earnings for the quarter totaled $56.7 million, up 28.6 percent over the same period last year. Earnings per share of 71 cents were 22.4 percent higher than a year ago.
Second quarter performance was restated from the 1998 second quarter to reflect Zions' acquisition of The Commerce Bancorp, completed last year.
Zions' president and chief executive Harris Simmons said he was pleased with the quarterly results.
"Our exceptional top-line revenue growth per share of 31 percent over the second quarter of last year fueled our 22 percent increase in operating cash diluted earnings per share," said Simmons.
He said non-performing loans acquired with Zions' acquisition of Sumitomo Bank in California were halved in the second quarter.
Commenting on the merger with First Security announced June 6, Simmons said the deal looks even better now.
"We believe the new enterprise will have the best geographic footprint of any significant banking company in the country," he said. "The combined platform will enhance our ability to continue to provide our shareholders the superior earnings and growth performance they expect and deserve."