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 $190 million, or $1.28 per share, for the second quarter. That compares with $166 million, or $1.11 per share, for the same quarter a year earlier.
Zions operates banks in 11 states.
The company reported that net interest income rose $11 million from the first quarter. It was up slightly year-over year. Customer-related noninterest income was $154 million, down from $162 million in the year-earlier quarter. Average total deposits during the most recent quarter was $74.2 billion, up from $69.6 billion a year earlier.
“Second-quarter results demonstrated continued improvement in our net interest margin, effective expense management, strong credit quality as reflected in continued low loan losses, and strengthened capital,” Harris H. Simmons, chairman and CEO, said in announcing the results.
“Notably, tangible book value per share has increased by 20 percent over the year-ago period. Subsequent to quarter-end, we successfully converted our deposit accounts at Zions Bank, California Bank & Trust and Vectra Bank Colorado to our new core processing system, TCS’s BaNCS platform, marking the substantive completion of our multi-year FutureCore project. The conclusion of this large-scale modernization project positions Zions Bancorporation at the forefront of the industry in our ability to post transactions in real time and to deliver exceptional experiences to our customers.”
SkyWest
SkyWest Inc., based in St. George, reported net income of $75.6 million, or $1.82 per share, for the second quarter. That compares with $15.4 million, or 35 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $867.1 million, up from $725.6 million in the year-earlier quarter.
SkyWest Inc. is the holding company for SkyWest Airlines, SkyWest Charter and SkyWest Leasing, an aircraft leasing company. It has a fleet of approximately 500 aircraft connecting passengers to over 240 destinations throughout North America.
“We are pleased with our continuing progress towards organically rebuilding our levels of captain availability,” Chip Childs, CEO, said in announcing the results. “This opens the door to pursue and monetize the multiple pathways available to us to recapture and regrow small and underserved markets over the coming years. I want to thank our people for their solid operational execution.”
FinWise Bancorp
FinWise Bancorp, based in Murray, reported net income of $3.2 million, or 24 cents per share, for the second quarter ended June 30. That compares with $4.6 million, or 35 cents per share, for the same quarter a year earlier.
The company said the decrease from the prior quarter was primarily due to increased compensation cost driven by increased spending on business infrastructure to support the payments and bank identification number initiatives and enhance governance and lower non-interest income primarily resulting from acceleration of servicing fee amortization due to increased early payoffs of SBA loans.
FinWise Bancorp is a bank holding company that wholly owns FinWise Bank, a Utah chartered state bank, and FinWise Investment LLC.
The company said loan originations in the most recent quarter were $1.2 billion, about the same as in the prior-year quarter. Net interest income was $14.6 million, compared to $13.7 million for the second quarter of the prior year.
At the end of the most recent quarter, total deposits were $429.2 million, up from $332.5 million in the year-earlier quarter.
“FinWise delivered another strong quarter, driven by continued growth in loan originations, solid revenue and stable credit quality,” Kent Landvatter, CEO, said in announcing the results.
“These results highlight the strength and resiliency of our existing business, as they do not include any benefit from recently announced strategic partnerships and expansion strategies. Our team has also delivered, ahead of schedule, on multiple initiatives, including the launch of our first Payments partner, the start of our Credit-Enhanced Balance Sheet program and the launch of our first card product. Additionally, we remain on schedule to be operational with our Payment Hub platform later this year. Looking ahead, we remain excited about future growth opportunities and are steadfastly committed to executing on our strategic goals to further enhance value for our shareholders.”
Beyond
Beyond Inc., based in Murray, reported a net loss of 42.6 million, or 93 cents per share, for the second quarter ended June 30. That compares with a loss of $73.5 million, or $1.63 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $398.1 million, down from $422.2 million in the year-earlier quarter.
Beyond is the owner of Overstock, Bed Bath & Beyond, Zulily and other online retail brands.
“During the second quarter, we delivered on our commitments as we increased our active customer base while improving average order value,” Dave Nielsen, president, said in announcing the results. “We believe that further calibration of our operating systems, technology, and data analytics, specifically customized to each of our three brands, will yield efficiencies and ultimately the growth and results I expect.”
“We have made significant progress in the past 150 days and will continue to execute on our plan to achieve growth and profitability,” said Marcus Lemonis, executive chairman. “We are building each of our brands to leverage their legacy strengths while leaning into vast white space, which will allow us to incrementally monetize these assets. We intend to utilize our intellectual property, vendor relationships and technology platforms to generate significant capital returns through strategic and financially accretive partnerships and joint ventures.”
Adrianne Lee, chief financial and administrative officer, said the company improved its gross margin profile and continued to reduce its fixed cost base.
“We are now more than two-thirds of the way through our plan of reducing fixed expenses by $45 million on an annualized basis,” Lee said. “We made meaningful progress during the second quarter and expect our financial performance to improve across the balance of the year.”