The earnings of regional banks, Western Alliance and Zions, have been released, providing insight into the damage caused by March’s economic conditions. Western Alliance reported a 107% increase in first-quarter earnings, amounting to $2.09 per share. This beat analysts’ estimates of $1.98 per share. However, Zions reported a decrease in first-quarter earnings, with a net income of $189 million compared to $232 million the previous year.
This was due to a rise in credit loss provisions and lower net interest income. The bank did, however, see an increase in loans and deposits. Despite the differences in earnings, both banks emphasized their strong balance sheets and the ability to provide support to customers during difficult times.