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 $221 million, or $1.48 per share, for the third quarter ended Sept. 30. That compares with $204 million, or $1.37 per share, for the same quarter a year earlier.
Zions Bancorporation had total assets of approximately $89 billion on Dec. 31. It operates banks in 11 western states, including Utah.
In the most recent quarter, net interest income was $672 million, up 8 percent. Customer-related noninterest income was $163 million, up 3 percent. Loans and leases were $60.3 billion, up 2 percent. Total deposits were $74.9 billion, down 1 percent, and customer deposits (excluding brokered deposits) were $71.1 billion, up 1 percent.
“We’re pleased with the company’s core earnings, which included 14 percent growth in pre-provision net revenue over the prior year period, and 18 percent on an adjusted basis,” Harris H. Simmons, chairman and CEO, said in announcing the results.
“The net interest margin increased 25 basis points over the prior-year period, while customer-related noninterest income, adjusted for the net credit valuation adjustment, grew 8 percent. Although loans contracted at a 3 percent annualized linked-quarter rate in the quarter, deposits, excluding brokered deposits, grew at an annualized rate of 7 percent. Over the past year, tangible book value per share grew 17 percent.”
Extra Space Storage
Extra Space Storage Inc., based in Salt Lake City, reported funds from operations (FFO) attributable to common stockholders and unit holders of $445.1 million, or $2.01 per share, for the quarter ended Sept. 30. That compares with $388.8 million, or $1.75 per share, for the same quarter a year earlier.
The company reported net income attributable to common stockholders of $166 million, or 78 cents per share. That compares with $193.2 million, or 91 cents per share, for the year-earlier quarter.
Same store-revenues in the most recent quarter totaled $674 million, which compares with $675.4 million in the year-earlier quarter.
Extra Space Storage Inc. is a self-administered and self-managed real estate investment trust that owns and/or operates 4,238 self-storage stores in 43 states and Washington, D.C. It is the largest operator of self-storage properties in the United States.
“We delivered solid third-quarter results, while navigating a challenging operational landscape, allowing us to increase our annual core FFO guidance,” Joe Margolis, CEO, said in announcing the results.
“Although same-store revenue remained relatively flat, we are encouraged by the gradual improvement in market fundamentals. This improvement has resulted in accelerating new customer rate growth. Our external growth initiatives remained active during the quarter, highlighted by significant additions to our third-party management platform, substantial bridge loan originations, and strategic property acquisitions.”
Medallion Bank
Medallion Bank, based in Salt Lake City, reported net income of $19.8 million for the third quarter ended Sept. 30. That compares with $15.5 million for the same quarter a year earlier.
Net income attributable to common shareholders totaled $14 million in the most recent quarter, essentially flat with a year earlier.
In the most recent quarter, net interest income was $55.9 million, compared to $53.2 million in the prior-year quarter. Total non-interest income was $2.3 million, compared to $600,000 in the prior-year quarter. Assets totaled $2.6 billion at the end of the quarter.
Medallion is a wholly owned subsidiary of Medallion Financial Corp. and specializes in providing consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech strategic partners.
“Earnings grew to $19.8 million in the third quarter, reflecting the resumption of recreation loan growth and stable home improvement and recreation loan performance,” Donald Poulton, president and CEO, said in announcing the results.
“Recreation loan volumes were up over the prior year quarter, and strategic partnership loan originations reached a record $208 million in the quarter. Home improvement origination volume continued to be down compared to the prior year quarter, but increased home improvement project activity has been encouraging and should materialize in higher origination volume as those projects are completed and funded. Charge-offs fell from the prior year quarter, driven by a sharp decrease in home improvement losses. The quarterly increase in delinquency was expected and seasonal, but was more muted than the typical increase due to improved home improvement loan performance.
“Over the last 21 years, we have built a dynamic consumer lending platform that generates geographically diverse, high-yielding and high-performing assets. We have evolved into a specialty lender with the technical capabilities and risk management practices to thrive, even in uncertain times. Our third-quarter results reflect this, and we believe we are positioned well for the future.”