Net interest income of $416M is roughly flat from a year ago, with net interest margin falling 13 bps to 3.31% Noninterest income of $138M up from $121M. Noninterest expense of $233M up from $230M.
Sales and paydowns of nearly $1B or 45% of the par amount of the CDO securities, resulting in net pretax gain of $31M, or $0.10 per share.
Tangible book value per share improved to $24.53 from $23.88 at year-end 2013, partly the result of the CDO sales and improvement in their fair values. Tier 1 common equity ratio of 10.53% rises from 10.18%.
var isMC=true; var adSize=’320×50′; var ord = Math.floor(Math.random()*10e12); var seekingalpha_ad_src=’http://ad.doubleclick.net/N6001/adj/sek.mobile/app;sz=320×50,320×250;x=x;tile=1;d=mobile;t=app;mcid=true;mcid=1683503;s=ZION;’+dart_my_vocation_and_profiles()+’ord=’+ord+’;dev=ip?’; document.write(”);
April 22nd, 2014 at 6:56 am
Zions exits 45% of CDOs in Q1
Yesterday, 04:46 PM ET · ZION