Zions Bancorp reports Q1 EPS $1.56, consensus $1.43

Reports Q1 revenue $860M, consensus $855.45M. CEO Harris Simmons commented, “Our Q1 results were solid, with diluted EPS rising 38% to $1.56 from $1.13 in the same quarter last year. Adjusted pre-tax pre-provision net revenue increased 13%, as adjusted taxable-equivalent revenue rose 7.4% and adjusted operating expenses increased 4.7%, resulting in positive operating leverage of 2.7%. We were particularly pleased to achieve broad-based strong growth in customer-related noninterest income, which increased 9% over the same quarter last year. Credit quality was strong, with net loan losses to average loans of a mere 0.03% annualized, and a 19% decrease in classified loans over the past year. Our funding profile has continued to strengthen, with total customer deposits growing $2.2B over the past year and long-term debt increasing $1.0B, while brokered deposits and short-term borrowings decreased $3.8B. Tangible common equity also continues to improve, having increased 19% over the past year…”