Zions Bancorporation (NASDAQ:ZION) reported its quarterly earnings results after hours today, amassing a profit that was weaker than the company’s net income during the same period in the year-ago quarter, playing a role in ZION stock taking a hit late Monday.
The Salt Lake City, Utah-based banking business said that for its first quarter of fiscal 2019, its net income came in at $205 million, or $1.04 per share, which was about 11.3% less than the company’s net income from the year-ago quarter, which came in at $231 million, or $1.09 per share.
The figure was also a decline from Zions’ profit during its fourth quarter of its fiscal 2018, which amounted to $217 million, or $1.08 per share. “First quarter results were fundamentally strong, with earnings per share of $1.04 as compared to $1.09 a year ago,” said Harris H. Simmons, Chairman and CEO.
“However, the prior year’s first quarter included interest recoveries on several large loans equal to $0.04 per share and a negative provision for credit losses equal to $0.17 per share,” he added. “Adjusted pre-provision net revenue per share increased 16%; at the same time, credit quality remained strong, with net charged-off loans, as a percentage of average loans and leases, of zero, compared to 0.05% a year ago.”
Zions added that average deposits were up by 4%, while average loans and leases gained 5% over the year-ago quarter.
ZION stock is down roughly 2.9% on Monday following the company’s results. Shares had been declining about 1.3% during regular trading hours ahead of the company’s results.