Capital & Profitability Ratios Deteriorate Tier 1 leverage ratio was 9.9% as of Mar 31, 2019, compared with 10.5% at the end of the prior-year quarter. Tier 1 risk-based capital ratio was 12.3%, down from 13.3% in the year-ago quarter. At the end of the first quarter, return on average assets was 1.26%, down from 1.45% as of Mar 31, 2018. Also, as of Mar 31, 2019, return on average tangible common equity was 13.9%, down from 15.5% witnessed a year earlier. Share Repurchases During the quarter, Zions repurchased $275 million worth of shares. Our Viewpoint Zions remains well positioned for growth in profitability, supported by the consistent growth in loans and deposits, its efforts to improve operating efficiency, and higher interest rates. Moreover, its efficient capital deployment plans reflect strong balance sheet position. However, elevated expense levels will likely hamper bottom-line growth.