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Zions Misses Estimates Despite Strong Interest Income

Zions Bancorporation (ZION - Get Report) the Salt Lake City-based bank holding company, reported earnings of 38 cents per share for the first quarter of 2016 on Monday afternoon, a penny short of estimates from a consensus of analysts who cover the company.

The miss represents a drop of around 11% from 43 cents in the fourth quarter of 2015 but an increase of around 3% from from the first quarter of 2015 or 37 cents per share. The bank is currently trading at $27.29, around .89 times tangible book, according to a note by Sandler O'Neill analyst Brad Milsaps. Milsaps said in the note that he expected Zions to report 38 cents per share.

The bank also reported net interest income of $453 million for the first quarter, up 1% for fourth quarter 2015, and up 21% from the first quarter last years...