You can't beat earning, and count it as a huge win when $54 million of the earnings were from recapture of loan loss reserves. When in general times the bank would take an approx $15 million charge, they recaptured. That means, if you wanted to measure the core business, it's over stated today by just under $70 million.
I understand, but i don't recall that same adjustment logic being applied when the loan loss reserves were taken, thus adding to losses at the time. That is one of the reasons i bought Zions when it was over sold at $15. This is a great institution that will comeback strong when the interest rate spread environment improves, which may still take a little while, IMHO.