SALT LAKE CITY, April 22, 2024 /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ:ZION) ("Zions" or "the Bank") today reported net earnings applicable to common shareholders for the first quarter of 2024 of $143 million, or $0.96 per diluted common share, compared with net earnings applicable to common shareholders of $198 million, or $1.33 per diluted common share, for the first quarter of 2023, and net earnings applicable to common shareholders of $116 million, or $0.78 per diluted common share, for the fourth quarter of 2023. Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, "First quarter results continued to reflect the adverse impact on net interest income of the bank failures a year ago, with taxable-equivalent revenue down 11.3% from the prior year. We nevertheless saw incremental improvement in our net interest margin and earning asset growth, and adjusted operating expenses (which exclude an additional FDIC special assessment related to last year's bank failures) increased a modest 0.4% from last year's quarter." Mr. Simmons continued, "Although we experienced an increase in classified loans during the quarter, our commercial real estate portfolio continues to perform relatively well; classified loans in that portfolio increased only 7%, and we had a slight net recovery in previously charged-off CRE loans during the quarter. We continue to expect that ultimate realized loan losses will be very manageable over the remainder of the year, as indicated by annualized net charge-offs for the quarter which were a very low 0.04% of loans and leases." Mr. Simmons concluded, "Immediately following quarter end, we completed a very successful conversion of all the deposit accounts at Amegy Bank and Nevada State Bank to our new TCS BaNCS™ platform. We anticipate completing the conversion of substantially all remaining accounts later this summer, providing us the ability to post transactions to our core systems in real time, significantly improve internal processes, and better serve customers." For the full version of the Bank's 2024 first quarter earnings release, including financial schedules, please visit www.zionsbancorporation.com. Supplemental ...