Press release
Zions Bancorporation, National Association Reports First Quarter Financial Results
SALT LAKE CITY, April 21, 2025 /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today reported net earnings applicable to
About this update from Zions Bancorporation N.a.
[{"type":"text","content":"SALT LAKE CITY, April 21, 2025 /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ: ZION) (\"Zions\" or \"the Bank\") today reported net earnings applicable to common shareholders for the first quarter of 2025 of $169 million, or $1.13 per diluted common share, compared with net earnings applicable to common shareholders of $143 million, or $0.96 per diluted common share, for the first quarter of 2024, and net earnings applicable to common shareholders of $200 million, or $1.34 per diluted common share, for the fourth quarter of 2024.\n\n \n \n \n \n \n \n\n \nHarris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, \"First quarter net income and earnings per share increased 18% from last year's period, to $169 million and $1.13, respectively. This reflects a 16 basis point increase in the net interest margin and a 10% increase in adjusted pre-provision net revenue. The results also reflect an $0.11 per share charge to income tax expense resulting from a beneficial Utah tax law change on securities portfolio income, requiring a revaluation of our deferred tax assets, primarily those associated with accumulated other comprehensive income. Most of this charge is expected to accrete back into income over the life of the securities that gave rise to these deferred tax assets. The tax law change will additionally reduce the tax on securities income in future periods.\"\nMr. Simmons continued, \"In late March we completed the acquisition of four branches in California's Coachella Valley from FirstBank of Denver, Colorado, adding approximately $630 million in deposits and $420 million in loans. We look forward to serving these new customers of our affiliate, California Bank & Trust.\"\nMr. Simmons concluded, \"Credit quality remained in very good shape during the quarter, with nonperforming assets stable compared with last quarter at 0.51% of loans and leases and annualized net charge-offs of 0.11% of loans and leases. At the same time, the outlook for the economy is perhaps more uncertain than it's been in a number of years, clouded by the very real potential for negative impacts from tariffs and trade policy, both here and abroad. We are nevertheless confident that our credit culture and practices and our strong reserves position us to manage through possible turbulence that might materialize in coming quarters.\"\nFor ...