Zions Bancorporation, National Association reported its financial results for the third quarter of 2024, highlighting significant growth in net income and net interest income compared to the same period in 2023. The company achieved net income of $214 million, an increase from $175 million in Q3 2023. Diluted earnings per share rose to $1.37, up from $1.13 a year earlier.
Net interest income for the third quarter was $620 million, reflecting a year-over-year increase of $35 million or 6%, driven by higher yields on earning assets and growth in average interest-earning assets. The net interest margin improved to 3.03%, compared to 2.93% in Q3 2023. Total loans and leases grew by $2.0 billion (3%) to $58.9 billion, with notable increases in the consumer 1-4 family residential mortgage and commercial and industrial loan portfolios.
Total deposits increased by $319 million, with customer deposits (excluding brokered deposits) rising by $1.7 billion (2%) to $70.5 billion. The provision for credit losses decreased significantly to $13 million from $41 million in the prior year, indicating improved credit quality. However, nonperforming assets rose to $368 million (0.62% of total loans and leases), up from $228 million (0.39%) at the end of 2023.
Noninterest income for Q3 2024 was $172 million, a decrease of $8 million (4%) from the previous year, primarily due to a decline in noncustomer-related income. Noninterest expenses increased by $6 million (1%) to $502 million, mainly due to higher salaries and technology-related costs. The efficiency ratio improved to 62.5% from 64.4% in the prior year.
Strategically, Zions Bancorporation announced an agreement to acquire four FirstBank Coachella Valley branches in California, which includes approximately $700 million in deposits and $400 million in loans. This transaction is expected to close in the first quarter of 2025, pending regulatory approval.
As of September 30, 2024, total shareholders' equity increased to $6.4 billion, up 12% from the end of 2023. The common equity tier 1 capital ratio improved to 10.7%, compared to 10.2% a year earlier. The company continues to focus on maintaining sufficient capital to support growth and fulfill obligations to depositors and bondholders.
About ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/
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