Zions Revises Earnings Downward on Litigation Reserve

Zions Bancorp will revise its fourth-quarter earnings downward to reflect recent settlement discussions tied to a "private litigation matter."

The $57 billion-asset company disclosed in a regulatory filing Tuesday that an increase in its legal reserves lowered its fourth-quarter earnings by 3 cents a share. Zions last month reported earnings of $73.2 million, or 36 cents a share.

The filing did not provide any details on the litigation, or when a settlement could be reached.

Zions' original earnings missed the average estimate of analysts polled by Bloomberg by 6 cents. The company recorded a $12 million loan-loss provision that largely reflected an increase in "the inherent credit risk" in its energy portfolio.