Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, "We're pleased with fourth quarter results, with earnings per share rising 31% to $1.76 from the prior year's quarterly earnings of $1.34. Adjusted taxable-equivalent revenue increased 7.1% to $879 million, while adjusted noninterest expense rose 7.7% to $548 million. The adjusted quarterly operating expense includes a $15 million donation to the Zions Bancorporation Foundation, which will be used over the coming three years to make charitable donations that we expect would otherwise have been nondeductible as a result of recent tax law changes that became effective on January 1. Excluding this donation, adjusted operating expenses would have increased 4.7%, resulting in positive operating leverage during the quarter of 2.4%, and an efficiency ratio of 60.6%."
Mr. Simmons continued, "Credit quality was strong during the quarter, with annualized net charge-offs totaling 0.05% of loans. Capital continued to strengthen, with tangible book value per share rising 21% over the past twelve months, and the Common Equity Tier 1 capital ratio strengthening to 11.5% from 10.9% a year ago. Both loans and deposits grew at a 4.1% annualized rate during the quarter, and the net interest margin continued to improve, reaching 3.31%, up from 3.28% last quarter and 3.05% a year ago."
Mr. Simmons concluded, "Results for the full year 2025 continued to demonstrably strengthen relative to 2024. Earnings per share increased 21%, while adjusted taxable equivalent revenue rose 7.4% and adjusted operating expenses grew 4.8%, or 4.0% when excluding the $15 million donation. We're looking forward to continued prudent growth in the coming year."
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