Zions Bancorp reports Q1 EPS $1.13, consensus $1.18

Reports Q revenue $, consensus $794.82M. CEO Harris Simmons commented, “Q1 net income and EPS increased 18% from last year’s period, to $169M 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…In late March we completed the acquisition of four branches in California’s Coachella Valley from FirstBank of Denver, Colorado, adding approximately $630M in deposits and $420M in loans. We look forward to serving these new customers of our affiliate, California Bank & Trust. 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.”