The following are recent financial reports as posted by selected Utah corporations:
Zions
Zions Bancorporation NA, based in Salt Lake City, reported net earnings applicable to common shareholders of $116 million, or 78 cents per share, for the 2023 fourth quarter. That compares with $277 million, or $1.84 per diluted common share, for the fourth quarter of 2022.
Net interest income in the most recent quarter was $583 million, down 19 percent. Customer-related noninterest income remained relatively stable at $150 million, compared with $153 million. Loans and leases were $57.8 billion, up 4 percent. Total deposits were $75 billion, up 5 percent.
“Fourth-quarter operating results reflect the bank’s resiliency, with strong quarter-over-quarter customer deposit growth of $1.7 billion, loan growth of $0.9 billion, a stable net interest margin and continued strengthening of the bank’s capital position,” Harris H. Simmons, chairman and CEO, said in announcing the results.
“Operating expenses, excluding a one-time $90 million FDIC special assessment related to the bank failures in early 2023, continued to be well-managed.”
Simmons said the company was particularly pleased with the strong credit quality of its loan portfolio, reflected in an annualized net charge-off ratio of 0.06 percent.
“While classified loans moderately increased during the quarter, the portfolio is characterized by strong collateral coverage that has mitigated loss exposure. We are poised for growth in the year ahead, as we expect that our business investments and focus on improved client profitability, combined with stable or lower short-term interest rates and continued moderate economic expansion in the western United States, should result in client acquisition and improvement in our financial results.”
Medallion Bank
Medallion Bank, based in Salt Lake City, reported net income of $21.9 million for the fourth quarter ended Dec. 31. That compares with $19.7 million for the same quarter a year earlier.
In the most recent quarter, the company reported net interest income of $48.9 million, compared to $44.4 million in the prior-year quarter. Total provision for credit losses was $9.7 million, compared to $8.4 million in the prior-year period.
For the full fiscal year, the company reported net income of $79.9 million, up from $74.6 million in the prior year. At year-end, the company’s total assets were $2.3 billion.
Medallion Bank provides consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech strategic partners. It is a wholly owned subsidiary of Medallion Financial Corp.
“We had an excellent end to another great year, producing both record quarterly and annual earnings,” Donald Poulton, president and CEO, said in announcing the results. “Contributing to our fourth-quarter results were $12 million of medallion loan recoveries that reduced our provision for credit losses. Those recoveries came as recreation and home improvement loan losses trended higher, as anticipated, to a level more comparable with pre-pandemic historic norms.
“We maintained tighter credit standards and slowed our asset growth rates, which finished 2023 at 13 percent for recreation loans and 21 percent for home improvement loans. Under the Current Expected Credit Loss (CECL) model, which we adopted in 2023, our allowance for credit losses is calculated based on lifetime expected losses and our reserve percentage increased by 39 basis points for the year.”
Utah Medical Products
Utah Medical Products Inc., based in Salt Lake City, reported net income of $4.3 million, or $1.18 per share, for the 2023 fourth quarter. That compares with $4.6 million, or $1.25 per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $12.3 million, down from $13.6 million in the year-earlier quarter.
For the full year, the company reported net income of $16.6 million, or $4.57 per share. That compares with $16.5 million, or $4.52 per share, for the prior year. Sales in 2023 totaled $50.2 million, down from $52.3 million in the prior year.
Utah Medical Products develops, manufactures and markets disposable and reusable specialty medical devices.
FinWise
FinWise Bancorp, based in Murray, reported net income of $4.2 million, or 32 cents per share, for the fourth quarter ended Dec. 31. That compares with $6.5 million, or 49 cents per share, for the same quarter a year earlier.
Loan originations totaled $1.2 billion, flat with a year earlier. Net interest income was $14.4 million, up from $12.6 million for the fourth quarter of the prior year.
For the most recent full year, the company reported net income of $17.5 million, or $1.33 per share. That compares with $25.1 million, or $1.87 per share, for the prior year.
FinWise Bancorp is the parent company of FinWise Bank, which has one full-service banking location in Sandy.
“2023 marked another year of achievements and progress for our team, highlighting the resilience of our differentiated business model, despite a challenging macroeconomic backdrop,” Kent Landvatter, CEO and president, said in announcing the results. “Our ongoing strategy to drive profitable growth through the strength of our existing businesses continued to progress as envisioned and as we communicated since our IPO.
“Looking ahead, we plan to continue building our strategic initiatives, including our Payments Hub and BIN Sponsorship businesses expected to become operational later this year, which we expect will provide us with an integrated banking-as-a-service capability. We believe that this offering will complement our already robust platform, further diversify our business model and position the company for longer-term growth.”
LifeVantage
LifeVantage Corp., based in Lehi, reported a net loss of $656,000, or 5 cents per share, for the second quarter ended Dec. 31. That compares with a net loss of $1.1 million, or 8 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $51.6 million, down from $53.7 million in the prior-year quarter.
LifeVantage formulates and sells nutrigenomic activators, dietary supplements, nootropics, pre- and pro-biotics, weight management, skin and hair care, bath and body, and targeted relief products.
“We delivered significant year-over-year improvement in profitability during the second quarter as our LV360 initiatives continued to gain traction,” Steve Fife, president and CEO, said in announcing the results. “Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 289 percent to $3.1 million and our adjusted EBITDA margin improved by 450 basis points to 6 percent, reflecting ongoing efforts to strengthen our core business and drive consultant productivity.”