Jim Cramer Says Zions Bancorporation's "Overall Results Were Fairly Solid"

Zions Bancorporation, National Association (NASDAQ:ZION) is one of the stocks Jim Cramer recently highlighted. Cramer discussed the company’s earnings during the episode, as he said:

“Last Wednesday night, Zions Bancorp, which is a Utah-based regional bank, disclosed that it was taking a $50 million charge related to two commercial industrial loans… When that regulatory filing was published, it wasn’t exactly clear who the borrowers were, but a $50 million hit to a smaller regional bank like Zions is a much bigger deal than $170 million hit to a colossus like JPMorgan…

Bank earnings were generally pretty strong. Last night, Zions Bancorp reported its full third-quarter earnings report, and the overall results were fairly solid with the top line beat, a better-than-expected efficiency ratio, and a 2-cent earnings beat. After noting the previously disclosed $50 million credit charge, Zions CEO Harris Simmons said… ‘We view this as an isolated situation resulting from a particular couple of borrowers. We have no further exposure related to these borrowers or guarantors. I would note that, excluding the impact of this matter, net charge-offs were minimal at 4 basis points annualized on average loans, and credit quality generally improved for the quarter as well.’… That went a long way towards easing the concerns about Zions, and the stock rallied over 1% today in response. At this point, it’s rebounded so hard that it’s down just 2.5% from where it was trading before management disclosed that credit loss last week.”

Zions Bancorporation, National Association (NASDAQ:ZION) provides commercial, real estate, and consumer banking services. The company offers lending, deposit, and cash management solutions in addition to capital markets, investment banking, and wealth management.

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Disclosure: None. This article is originally published at Insider Monkey.