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Investing.com -- Zions Bancorporation, N.A. (NASDAQ:ZION) reported first quarter 2025 earnings that fell short of analyst expectations, sending shares down 5.7% in after-hours trading.
The bank posted net earnings applicable to common shareholders of $169 million, or $1.13 per diluted share, missing the analyst estimate of $1.19 per share. However, this represents an 18% increase from $143 million, or $0.96 per share, in the same quarter last year.
Zions’ first quarter results were impacted by an $0.11 per share charge to income tax expense due to a Utah tax law change affecting securities portfolio income. The company noted that most of this charge is expected to accrete back into income over time.
"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," said Harris H. Simmons, Chairman and CEO of Zions Bancorporation.
The bank completed the acquisition of four branches in California’s Coachella Valley from FirstBank of Denver in late March, adding approximately $630 million in deposits and $420 million in loans.
Credit quality remained stable, with nonperforming assets at 0.51% of loans and leases, unchanged from the previous quarter. Annualized net charge-offs were 0.11% of loans and leases.
Simmons noted uncertainty in the economic outlook, citing potential impacts from tariffs and trade policy, but expressed confidence in the bank’s credit culture and strong reserves to manage through possible turbulence.
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