NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) released a comment on Zions Bancorporation’s third quarter earnings results.
- Zions Bancorporation (NASDAQ: ZION, or “the Company”) released its third quarter 2015 earnings results, which demonstrated performance consistent with objectives related to its multi initiative corporate restructuring announced earlier this year.
- In terms of credit quality, total nonperforming assets (NPAs) fell slightly during the third quarter of 2015, to 0.98%, from 1.00% at June 30, 2015.
- Energy loans have performed in keeping with expectations. Classified energy loans rose $118 million, to $444 million.
- Current outstanding exposure to oil and gas energy-related loans amounts to $3.0 billion, or around 7.6% of the total loan portfolio.
- Further energy related loan downgrades are likely; however, the Company has established a substantial reserve for the portfolio, and presently, credit metrics generally appear at comfortable levels.
- In March of 2015, KBRA affirmed Zions Bancorporation’s senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and a short-term rating of K2. The outlook on all ratings remains stable.
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