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Zions Bank earnings are down but its outlook is stable, leaders say

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Zions Bancorporation earned less in the second quarter of 2023 than the first, but its leaders said they remained optimistic about the institution’s financial future.

The number of overdue loans continues to shrink, executives said as second-quarter earnings were released.

“The environment seems to have stabilized,” Zions Bancorp Chairman and CEO Harris Simmons said in an earnings update Wednesday. “We’re pleased to see the operating environment stabilizing, and we expect to see continued improvement in the months ahead.” But Zions Bank president and CEO Scott Anderson said the company is in a stable and predictable place, due to its ability to pull multiple “levers” — from attracting high-interest brokered deposits, which increase liquidity; to handling reciprocal deposits, which help banks take in large deposits by then spreading them across institutions to keep customers under the limit covered by federal insurance; to collecting earnings from its banking services.

The size of its lending portfolio has decreased, but officials said the current portfolio is still earning more, proportionally, than it did pre-pandemic.

 

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