Zions Bancorp. in Salt lake City posted higher quarterly earnings after cutting expenses and making more loans.
The $59.5 billion-asset Zions said in a press release Tuesday that it earned $90.6 million in the second quarter. The company lost $1.1 million a year earlier when it recorded a large loss tied to
Net interest income rose 10%, to $465 million, partly because of higher interest and fees on loans. Loans held for investment increased 6%, to $41.9 billion. Zions said the increase was widespread across products and geographies, with particular strength in commercial real estate, one- to four-family residential and commercial-and-industrial loans. Total oil and gas credit exposure fell 17%, to $4.4 billion.
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Amegy Bank of Texas in Houston has promoted Laif Afseth from executive director of commercial and industrial lending to president of the company.
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For the first time, the Fed this year is requiring banks subject to stress tests to show how they would cope with the possibility of rates dipping into negative territory. Analysts say they will be keeping close watch on custody banks, asset-sensitive regionals and banks with little overseas exposure.
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About a fifth of regional banks look at their efficiency ratios as they set executive compensation. Ongoing revenue challenges and investor pressure could push more boards to consider efficiency or simple cost-cutting to determine pay for high-level officers.
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Noninterest income totaled $126 million, compared with a loss of $5 million a year earlier. Customer-related fees rose 5%, to $118 million.
Noninterest expenses fell 4%, to $382 million, as the company reduced costs tied to salaries and employee benefits, advertising and professional and legal services. Management unveiled an efficiency plan in June 2015 to cut costs. More than a dozen top executives could
