Zions Bancorp reports Q4 EPS $1.76, consensus $1.57

Harris Simmons, Chairman and CEO of Zions Bancorp (ZION)oration, 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%.”