Zions Bancorp., parent company of Zions First National Bank and other subsidiaries, reported net income of $6.82 million ($1.14 per share) for the third quarter, which ended Sept. 30, up from $5.38 (91 cents per share) for the same period last year.
Nine month income was $18.92 million ($3.17 per share), up from $11.40 million ($1.93 per share) for the first three quarters of 1989.The bank holding company said net income has increased in each quarter this year and the nine-month earnings represent a 66 percent increase in net income and a 115 percent increase in pretax income over the same period last year.
The company's annualized return on average equity was 15.37 percent for the third quarter and 14.79 percent for the nine months.
Zions Chairman Roy W. Simmons said non-performing assets continued to decline in the third quarter. At $58.71 million or 3.20 percent of net loans, leases and other real estate owned, they were at the lowest percentage in five years.