Zions Bancorporation Q3 earnings beat estimates, net interest income up 2% YoY

Zions Bancorporation reported Q3 EPS of $1.78, beating the $1.67 estimate. Net earnings were $262 million versus $241 million expected. Net interest income rose 2% YoY to $684 million, but net interest margin compressed 5 bps to 3.23%. Provision for credit losses was negative $8 million. Tangible book value per share increased 13% YoY to $43.50, though book value per share of $52.56 missed estimates. The company repurchased $75 million in shares and completed the acquisition of Basis Multifamily Finance. Management expects stronger net interest income in a higher rate environment.