Financial services company Zions Bancorporation NA (NASDAQ: ZION) announced results for the first quarter of 2024.
- First-quarter net interest income was $586 million, down 14% from the comparable period of 2023
- Q1 net income decreased to $143 million or $0.96 per share from $198 million or $1.33 per share last year
- Net interest margin was 2.94% during the three months, compared to 3.33% in the prior-year period
- Pre-provision net revenue decreased to $226 million in the March quarter from $336 million in Q1 2023
- In Q1, customer-related noninterest income remained unchanged from last year at $151 million
- Noninterest expense was $526 million, up 3%; adjusted noninterest expense remained relatively stable at $511 million
- At the end of the quarter, Zions had total loans and leases of $58.1 billion, up 3% from a year earlier
- The provision for credit losses was $13 million in the first quarter, compared with $45 million last year
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