Zions Bancorp., the Salt Lake-based holding company for Zions First National Bank and other banking subsidiaries in Utah, Nevada and Arizona, reported net income of $7.64 million for the first quarter ended March 31, up 13 percent over the $6.79 million earned during the same period last year.
Earnings per share increased 10 percent to $1.24, up from $1.13 in the first three months of 1990. Zions said the return on average shareholders' equity was 14.7 percent for the quarter and return on average assets was .90 percent.Non-performing assets were reduced to 2.01 percent of net loans, leases and other real estate owned, down from 2.30 percent on Dec. 31 and 3.50 percent a year ago, said Harris H. Simmons, president. He noted that the company's reserve for loan losses is a "very strong" 195 percent of total nonperforming loans on March 31.
Simmons said the earnings increase was a result of higher fee income and a lower provision for loan losses.
During the quarter, Zions First National Bank acquired the deposits of Home Savings and Loan of Salt Lake City from the Resolution Trust Corp. Zions said the acquisition did not affect the company's quarterly results.