Zions Bancorp Profit Tops Estimates

(RTTNews) - Zions Bancorp (ZION) on Monday reported second-quarter net loss of $1.1 million or $0.01 per share, compared to a profit of $104.5 million or $0.56 per share for the year-ago quarter.

During the latest quarter, the company sold the remaining portfolio of its collateralized debt obligation securities and recognized a one-time of $0.42 per share.

Excluding the aforesaid item, earnings for the quarter were $0.41 per share.

Analysts polled by Thomson Reuters expected earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net interest income for the quarter grew to $423.7 million from $416.3 million a year ago, while non-interest income slid to $421 thousand from $124.85 million last year.

Analysts polled by Thomson Reuters expected revenues of $532.7 million for the quarter.

Provision for loan losses totaled $566 thousand compared with a benefit of $54.4 million last year.