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ZIONS BANCORPORA(ZIONP) - 2025 Q1 - Quarterly Results

Financial Performance - Net earnings for Q1 2025 were $169 million, with diluted EPS of $1.13, an increase of 18% compared to Q1 2024's net earnings of $143 million and diluted EPS of $0.96[2]. - Net income for Q1 2025 was $170 million, down from $216 million in Q4 2024, indicating a decrease of 21.3%[39]. - Adjusted net earnings applicable to common shareholders for Q1 2025 were $170 million, compared to $201 million in Q4 2024[49]. - Basic earnings per share for Q1 2025 was $1.13, down from $1.34 in Q4 2024, reflecting a decrease of 15.7%[39]. - Total shareholders' equity increased to $6.327 billion in Q1 2025, up 3% from $6.124 billion in Q4 2024 and up 9% from $5.829 billion in Q1 2024[27]. - Total shareholders' equity (GAAP) rose to $6,327 million in Q1 2025, up from $6,124 million in Q4 2024[52]. Revenue and Income Sources - Net interest income rose to $624 million, up 6% year-over-year, with a net interest margin (NIM) of 3.10%, compared to 2.94% in Q1 2024[4]. - Total interest income for Q1 2025 was $1,028 million, a decrease of 3.2% from $1,062 million in Q4 2024[39]. - Customer-related noninterest income grew by $6 million, or 4%, driven by higher loan-related fees and improved capital markets fees[14]. - Total noninterest income for Q1 2025 was $171 million, a decrease from $193 million in Q4 2024, representing a decline of 11.4%[39]. Loan and Deposit Metrics - Total loans and leases increased to $59.9 billion, a 3% rise from the previous year[4]. - Total deposits reached $75.7 billion, up 2%, with customer deposits (excluding brokered deposits) at $70.9 billion, a 1% increase[4]. - The loan-to-deposit ratio was 79%, compared to 78% in the prior year quarter[25]. - Total loans and leases increased to $59,941 million in Q1 2025, compared to $59,410 million in Q4 2024, representing a growth of 0.9%[40]. Asset Quality and Credit Losses - Nonperforming assets were stable at $307 million, or 0.51% of loans and leases, compared to 0.44% in the prior year[4]. - The provision for credit losses was $18 million, a decrease of $23 million, or 56%, compared to the prior year quarter[21]. - The provision for loan losses was $17 million for the three months ended March 31, 2025, compared to $38 million in Q4 2024, reflecting a significant decrease of 55.26%[42]. - Nonaccrual loans totaled $305 million as of March 31, 2025, an increase from $297 million at the end of 2024, representing a 2.69% increase[43]. Capital and Equity - The estimated common equity tier 1 (CET1) capital ratio improved to 10.8%, compared to 10.4% in the previous year[4]. - Estimated common equity tier 1 (CET1) capital increased by 7% to $7.4 billion, with a CET1 capital ratio of 10.8%, up from 10.4% in the prior year[30]. - Retained earnings rose by $512 million, reaching $6.805 billion in Q1 2025, compared to $6.293 billion in Q1 2024, reflecting an 8% increase[27]. - Tangible book value per common share increased to $34.95, compared to $29.34 in the previous year, driven by higher retained earnings and reduced unrealized losses[30]. Efficiency and Expenses - The efficiency ratio improved to 66.6%, compared to 67.9%, as adjusted taxable-equivalent revenue growth outpaced adjusted noninterest expense growth[17]. - Noninterest expense increased by $12 million, or 2%, year-over-year, with salaries and employee benefits rising by $11 million due to higher incentive compensation and severance expenses[16]. - The efficiency ratio increased to 66.6% from 62.0% in the previous quarter, indicating higher noninterest expenses relative to income[37]. Shareholder Returns - Common dividends paid were $65 million in Q1 2025, up from $61 million in Q1 2024, reflecting a 7% increase[27]. - The company repurchased 0.8 million common shares for $41 million in Q1 2025, compared to 0.9 million shares for $35 million in the same period last year[28].