Parent company of Nevada State Bank reports first-quarter profit

Zions Bancorporation, the parent of Nevada State Bank, on Monday reported a first-quarter profit, reversing a year-earlier loss.

In a statement, The Salt Lake City-based Zion Bancorporation said it earned $14.8 million, or 8 cents a share, reversing a loss of $110.3 million, or 62 cents a share, a year ago.

Analysts, on average, expected a loss of 18 cents per share, FactSet data show.

Net loan and lease charge-offs plunged 44 percent to $141 million from $251 million in the last quarter of 2010. The ratio of nonperforming lending-related assets to net loans and leases and repossessed real estate was 4.5 percent, down from 4.9 percent at year-end 2010.

"We believe these improved credit measures and trends are sustainable and will lead to continued operating profitability through the remainder of the year," Chairman and Chief Executive Harris Simmons said in a statement.