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Zions Bancorp.

Zions Reports Net Earnings Fell, Loan Growth Up

Zions Bancorporation said on Monday its first-quarter earnings was $101.21 million, or 41 cents a share, compared to $110.39 million, or 48 cents a shares, in the same period a year earlier. Total loans and leases held for investment increased to $39.2 billion on a net basis, compared to $37.76 billion the year before. Sales and paydowns of nearly $1 billion, or 45% of the par amount of CDO securities were made in the first quarter and resulted in net pretax gains of approximately $31 million, or $0.10 per diluted share after-tax, the firm reported. The sales were made as a result of the Volcker Rule, as modified, and the company's efforts to reduce risk in its CDO portfolio." After a strong fourth quarter, our first quarter loan growth was somewhat slower; however, our capital levels continue to improve and we are optimistic as we look at the underlying economic strength within our footprint," said Harris H. Simmons, the company's chairman and chief executive officer.Copyright © 2014 ...

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