SALT LAKE CITY - First Security Corp. took a $36 million charge related to its failed merger with Zions Bancorp, dragging down first-quarter profits by 46%, to $54 million.Anticipating that the merger would take place, First Security repositioned its investment portfolio late in the fourth quarter, the company said. Those and other changes to the balance sheet resulted in a decline in net income of 8.5% in the fourth quarter, to $200.5 million.

First Security ended a merger agreement with hometown competitor Zions on April 1 after Zions shareholders voted against the deal. Wells Fargo & Co. said a week later that it would buy First Security.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.