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Mar 31, 2024
Zions Q1 2024 Earnings Report
Zions Bancorporation reported net earnings of $143 million and diluted EPS of $0.96 for Q1 2024.
Key Takeaways
Zions Bancorporation reported a decrease in net earnings and net interest income compared to the previous year, reflecting the adverse impact of bank failures. However, there was incremental improvement in net interest margin and earning asset growth. The conversion of deposit accounts at Amegy Bank and Nevada State Bank to the new TCS BaNCS™ platform was completed.
Net earnings were $143 million, with diluted EPS of $0.96.
Net interest income decreased by 14% to $586 million.
Net interest margin was 2.94%, up from 2.91% in the fourth quarter of 2023.
Total deposits increased by 7% to $74.2 billion.
Forward Guidance
Zions Bancorporation completed a successful conversion of deposit accounts and anticipates completing the conversion of substantially all remaining accounts later this summer, providing the ability to post transactions to core systems in real time and improve internal processes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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