On Tuesday, Shares of Zions Bancorporation (NASDAQ:ZION), gained 3.01% to $31.49.
Zions Bancorporation, stated second quarter net income of $14.0 million and a net loss applicable to common shareholders of $(1.1) million, or $(0.01) per diluted common share. During the second quarter, the Company sold the remaining portfolio of its collateralized debt obligation (“CDO”) securities and recognized a one-time pretax loss of about $137 million, or $0.42 after-tax per diluted common share. Shareholders’ equity was not adversely affected as the loss had been formerly recognized in accumulated other comprehensive income (“AOCI”). Not taking into account the loss, net earnings applicable to common shareholders was $83.4 million, or $0.41 per diluted common share, for the second quarter of 2015, contrast to $75.3 million, or $0.37 per diluted common share, for the first quarter of 2015.
Second Quarter 2015 Highlights
- Credit quality metrics were generally stable with a decrease in nonaccruing loans and a slight enhance in classified loans from the preceding quarter. Annualized net charge-offs were 0.11% of average loans. The overall effect contributed to a $0.6 million provision for loan losses.
- Total noninterest expense was $404 million during the second quarter and $802 million year-to date. Certain one-time and seasonal expenses during the second quarter of 2015 were partially offset by other expense credits, counting insurance recoveries of $9.2 million. The Company is maintaining its commitment to hold noninterest expenses below $1.6 billion in 2015 and 2016.
- Loan balances, not taking into account energy-related loans, raised $128 million during the second quarter contrast to a $25 million enhance during the first quarter calculated on the same basis. Energy-related loans declined $284 million linked quarter. Overall, net loans and leases declined $156 million during the second quarter.
- Net interest income raised slightly from the preceding quarter; however, the net interest margin declined 4 basis points to 3.18%, primarily driven by an raised concentration of cash and securities. Loan yields were generally stable with the preceding quarter.
- Noninterest income, not taking into account securities gains and losses, raised due to continued success in sales of treasury administration products and credit card fee growth.
- Total deposits raised at an annualized rate of 6.8% during the second quarter, led by strength in noninterest-bearing deposits.
Zions Bancorporation, a financial holding company, provides a range of banking and related services in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.
Shares of Omnicom Group Inc. (NYSE:OMC), declined -1.22% to $73.16, during its last trading session.
Omnicom Group, declared that its diluted net income per common share for the second quarter raised three cents, or 2.4%, to $1.26 per share as compared to $1.23 per share for the second quarter of 2014.
Omnicom’s worldwide revenue in the second quarter of 2015 reduced 1.7% to $3,805.3 million from $3,870.9 million in the second quarter of 2014. The components of the change in revenue comprised of an enhance in revenue from organic growth of 5.3%, an enhance in revenue from acquisitions, net of dispositions of 0.1% and a decrease in revenue from the negative impact of foreign exchange rates of 7.1% when contrast to the second quarter of 2014.
Omnicom Group Inc., together with its auxiliaries, operates as an advertising, marketing, and corporate communications services company in the Americas, Europe, the Middle East, Africa, and the Asia pacific. It offers services in advertising, customer relationship administration, public relations, and specialty communications areas.
Finally, ITT Corp (NYSE:ITT), ended its last trade with -2.99% loss, and closed at $37.34.
ITT Corporation, will release its second-quarter 2015 financial results at 7 a.m. ET, on Friday, July 31, 2015. At 9 a.m. ET, senior administration will review financial and operating results, comment on current conditions and answer questions during an investor briefing.
ITT Corporation manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in four segments: Industrial Process, Motion Technologies, Interconnect Solutions, and Control Technologies.
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