Zions Bancorporation (NASDAQ:ZION) reported its results for the third quarter. Reported a profit of $109.1 million (35 cents per diluted share) in the quarter. The bank had a net loss of $47.3 million or a loss of 47 cents per share in the year earlier quarter. Revenue noninterest income was $121 million last quarter. ZION reported adjusted net income of 40 cents per share. By that measure, the company beat the mean estimate of 32 cents per share.
“We are pleased with the continued steady improvement in credit quality and the stability of our net interest income,” said Harris H. Simmons, chairman and chief executive officer. Mr. Simmons continued, “While loan demand softened somewhat for us compared to the prior quarter, we continued to experience growth in several categories as payoffs and paydowns in the construction portfolio resulted in a modest decline in the overall portfolio.” Mr. Simmons concluded, “We expect continued improvement in credit quality in the near term despite the uncertain economic environment. We have observed continued competitive pricing pressures particularly with respect to larger commercial credits. While the recent flattening of the yield curve may have a modest adverse impact on our net interest income, we are considerably more sensitive to changes in short-term rates than to long-term rates.”
Competitors to Watch: Glacier Bancorp, Inc. (NASDAQ:GBCI), CoBiz Financial Inc (NASDAQ:COBZ), Wells Fargo & Company (NYSE:WFC), Community Bancorp (CBONQ), Bank of America Corp. (NYSE:BAC), First State Bancorp., NM (FSNM), U.S. Bancorp (NYSE:USB), TCF Financial Corporation (NYSE:TCB), Western Alliance Bancorporation (NYSE:WAL), and JPMorgan Chase & Co. (NYSE:JPM).
BancorpSouth Inc (NYSE:BXS) reported its results for the third quarter. Net income for the bank rose to $11.9 million (14 cents per share) vs. $11.3 million (13 cents per share) in the same quarter a year earlier. This marks a rise of 6% from the year earlier quarter. BXS fell short of the mean analyst estimate of 16 cents per share.
Competitors to Watch: Cadence Financial Corp. (NASDAQ:CADE), Wells Fargo & Company (NYSE:WFC), Regions Financial Corp. (NYSE:RF), Trustmark Corporation (NASDAQ:TRMK), First Horizon National Corp. (NYSE:FHN), Renasant Corp. (NASDAQ:RNST), Pinnacle Financial Partners (NASDAQ:PNFP), SunTrust Banks, Inc. (NYSE:STI), Hancock Holding Company (NASDAQ:HBHC), and PNC Financial Services (NYSE:PNC).