Nevada State Bank parent reports net income jumps

Zions Bancorp, parent of Nevada State Bank, on Monday reported that net income in the first quarter rose 72 percent to $25.5 million, or 14 cents a share, up from $14.8 million, or 8 cents a share, in the same period last year.

Excluding repayment of $700 million of Troubled Asset Relief Program preferred stock, Zions said it earned 33 cents a share, above the 27 cents analysts polled by SNL Financial had expected.

Harris Simmons, chairman and CEO of Zions, attributed the improvement to a "lower level of loan losses and other credit-related costs than in recent quarters.

"A trend," Simmons said, "we see continuing."

Net interest income, a key revenue source, was $442 million, up from $424 million in the first quarter of 2011.

Net interest margin, which measures bank profitability, was 3.73 percent in the first quarter of this year, a slight decline from the 3.76 percent a year ago.

Shares of Salt Lake City-based Zions gained 26 cents, or 1.29 percent, to close at $20.81 on the Nasdaq.