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Zions earnings up in 2nd quarter

SHARE Zions earnings up in 2nd quarter

Zions Bancorp on Wednesday reported second-quarter net income of $60.3 million, or 70 cents per share, up 17.1 percent and 16.7 percent, respectively, over the same period last year before merger charges of $700,00.

For the first half of the year, Zions' net income of $31.1 million, or 36 cents per share, was down 68 percent from the first six months of 1999 after an $86.1 million, or $1 per share, charge related to its failed merger with First Security Corp.

That deal was voted down by Zions shareholders in March. First Security is now being acquired by Wells Fargo.

Zions president and CEO Harris Simmons said in a release that he was pleased with the second-quarter performance, including revenue growth and

expansion in the company's net interest margin.

And while conceding it has been a drag on the corporation's earnings, " I am delighted for the progress we have made in facilitating e-commerce and participating in the federal government's program to enable the public to electronically access its information and services.

"Our subsidiary, Digital Signature Trust Co. is poised to play a key role in the burgeoning market for confidential, legally binding contracts and services conducted over the Internet."

Simmons said that Digital recently became the first certificate authority approved by the U.S. General Services Administration to issue digital certificates on behalf of the federal government, noting that President Clinton used the first certificate issued under the Access Certificates for Electronic Services contract, which is administered by the GSA, to sign the Electronic Signatures in Global and National Commerce Act.