Zions Bancorporation N A
- Zions Bancorporation NA fell 4.3% to $31.32 after the regional bank reported a decline in deposits and earnings below expectations.
Net interest income in the first quarter increased 25% to $679 million and net income attributable to common stockholders increased to $198 million from $195 million and diluted earnings per share rose to $1.33 from $1.27 a year ago.
Net interest margin increased to 3.33% from 2.60% a year ago.
Stock fell after the bank reported a decline in deposits in the aftermath of the demise of Silicon Valley Bank on March 10.
Total deposits fell 16% or $13.1 billion to $69.2 billion at the end of the quarter.
More than two-thirds of the decrease related to accounts with balances greater than $10 million and loan-to-deposit ratio was 81%, compared with 62% in the prior year quarter.
Accounts with deposits larger than $250,000 are not insured by the Federal Deposit Insurance Corporation or FDIC, and balances larger than the insured amount may be lost in the event if the bank collapses.
Apr 20, 2023
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