Zions Bancorporation, N.A ( ZION ). reported a first-quarter FY24 revenue decline of 11.6% year-on-year to $742 million, missing the analyst consensus estimate of $743.481 million.

Pre-provision net revenue (PPNR) was $226 million, a 33% decline. Loans and leases increased 3% to $58.1 billion.

Nonperforming assets were $254 million, or 0.44% of loans and leases, and the total deposits increased 7% to $74.2 billion.

NIM (Net Interest Margin) was 2.94%, compared with 3.33% last year. The estimated CET1 capital ratio was 10.4% versus 9.9% last year.

Adjusted EPS of $1.03 beat the analyst consensus estimate of $0.98.

"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," said Chairman and CEO Harris H. Simmons.

Efficiency ratio of 67.9% expanded 800 basis points to 67.9%. Zions held $709 million in cash and due from banks as of March 31, 2024.

Price Action: ZION shares are trading higher by 2.7% at $41.01 on the last check Monday.