Zions Bancorporation reported net earnings applicable to common shareholders of $200 million for the fourth quarter of 2024. This translates to $1.34 per diluted common share, a significant increase from $116 million, or $0.78 per diluted common share, in the fourth quarter of 2023. Adjusted taxable-equivalent revenue grew 9% year-over-year, while adjusted noninterest expense increased 4%.
This performance resulted in a 19% increase in adjusted pre-provision net revenue, highlighting improved operational efficiency. The net interest margin expanded to 3.05% from 2.91% in the prior year period, marking its fourth consecutive quarter of improvement. Management expressed optimism for sustained growth and increased profitability in the coming year.
Net loan losses were higher in the quarter at an annualized rate of 0.24%, with two-thirds attributed to a single commercial & industrial credit. However, nonperforming loans decreased 18% relative to the third quarter, reaching 0.50% of total loans. While classified loans continued to increase, primarily in commercial real estate, management cited strong collateral and guarantor support to mitigate default and loss risks.
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