Results Generally as Expected for Zions in Q4, Although Rate Boost Seems to Be Over

No-moat-rated Zions Bancorp reported fourth-quarter earnings of $1.84 per share, beating the FactSet consensus estimate of $1.66 and coming in fairly close to our own estimate of $1.79. Revenue was $873 million, in line with our own estimate of $876 million. From our perspective, there weren’t any real surprises in this quarter’s results, with net interest income, fees, and expenses all roughly on the paths they need to be in order to meet our previous expectations. Zions was set to see some nice preprovision net revenue growth as its net interest income continued its upward trajectory while expenses were expected to remain well controlled, and the bank is delivering on these expectations.