Zions Bancorporation reported net earnings applicable to common shareholders of $169 million, or $1.13 per diluted common share, for the first quarter of 2025. This represents an 18% increase from $143 million, or $0.96 per diluted common share, in the first quarter of 2024. The net interest margin expanded by 16 basis points year-over-year.
The results included an $0.11 per share charge to income tax expense, stemming from a Utah tax law change on securities portfolio income that required a revaluation of deferred tax assets. Management expects most of this charge to accrete back into income over the life of the securities. The company also completed the acquisition of four Coachella Valley branches, adding approximately $630 million in deposits and $420 million in loans.
Credit quality remained strong, with nonperforming assets stable at 0.51% of loans and leases and annualized net charge-offs of 0.11%. However, Harris H. Simmons, Chairman and CEO, noted that the economic outlook is more uncertain than in recent years, clouded by the potential for negative impacts from tariffs and trade policy. Zions expressed confidence in its credit culture and strong reserves to manage potential turbulence.
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