📈 Price History

Ratio Health

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— Good

— Average

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By Category

📊 Sector Averages

About

Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments. It offers commercial and small business banking services to small- and medium-sized businesses, such as commercial, industrial, and owner-occupied lending and leasing; municipal and public finance services; depository account and cash management services; commercial and small business cards; merchant processing services; corporate trust services; and correspondent banking and international lending services. The company also provides capital markets and investment banking services, including loan syndications, foreign exchange services, interest rate derivatives, fixed income securities underwriting, mergers and acquisitions advisory services, advisory and capital raising, commercial mortgage-backed security conduit lending, and power and project financing; and commercial real estate lending services consisting of term and construction/land development financing for commercial and residential purposes. In addition, it offers retail banking services comprising residential mortgages lending, home equity lines of credit, personal lines of credit, installment consumer loans, depository account services, consumer cards, and personal trust services; and wealth management services consisting of investment management, fiduciary and estate, and advanced business succession and estate planning services. The company was formerly known as ZB, National Association and changed its name to Zions Bancorporation, National Association in September 2018. Zions Bancorporation, National Association was founded in 1873 and is headquartered in Salt Lake City, Utah.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding ZION

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	508.1K	$29.3M	0.04%	Mar 2026
Jim Simons Renaissance Technologies LLC	230.5K	$13.3M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management uses phrases like 'pleased with the momentum', 'incrementally more sanguine', 'enthusiastic response', and 'excited about prospects'. They provide specific metrics (e.g., 3.17% NIM, $891M loan growth, 78% increase in gold account sales) and detailed forward guidance, indicating a confident and data-supported tone.

Q3 2025

Confident Vague

Management led with strong core earnings momentum and isolated credit issue, using phrases like 'continued momentum', 'positive operating leverage', and 'we view this as an isolated situation'. However, they gave only qualitative 'moderately increasing' guidance for most metrics and deflected on exact operating leverage magnitude or NIM timeline, indicating confidence in trajectory but vagueness on precise numbers.

Q4 2025

Confident Specific

Management used precise numbers and repeated phrases like 'eighth consecutive quarter of NIM expansion', 'earnings up 19% sequentially', 'strong credit quality with net charge-offs of only 5 basis points', and 'tangible book value per share increased 21%'. They gave specific guidance ranges (e.g., 100-150 bps positive operating leverage) and described growth initiatives in detail, indicating confidence in their strategy.

Q1 2026 latest

Confident Specific

Management opened with 'reasonably pleased' but delivered specific numeric guidance (7-8% NII growth, 100-150 bps positive operating leverage) and repeatedly highlighted measurable progress in capital markets and deposit initiatives.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management provided specific, achievable guidance for NII growth and positive operating leverage, while highlighting real momentum in fee income from capital markets. The strong credit quality and conservative loan growth (excluding one-off items) reinforce the bank's risk posture. The pending agency lending acquisition and potential Basel III capital relief add upside optionality. Key next-quarter watchpoints: actual deposit cost trajectory given sticky competition, loan growth excluding mortgage sales and accounting noise, and the pace of new account generation from the Gold Account and Business Beyond products.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Zions Q1 2026 net income $232M, EPS $1.56, NIM 3.27%

Revenue & Profitability

Net earnings for Q1 2026 were $232 million, or $1.56 per diluted share, up 37% year-over-year. Tax-equivalent net interest income was $662 million, down 3% linked quarter but up 6% year-over-year. Adjusted pre-provision net revenue was $301 million, down 9% linked quarter but up 13% year-over-year. Net interest margin was 3.27%, down 4 basis points from the prior quarter and up 17 basis points from a year ago. Adjusted customer-related non-interest income was $174 million, up $16 million or 10% year-over-year.

Outlook

Management sees moderate loan growth with healthy pipelines in C&I and some CRE activity returning, but notes pricing pressure in CRE. Credit quality remains strong with no significant impact from tariffs or Middle East events, though restaurant and consumer-focused businesses are watched. Net interest income is expected to grow 7-8% over the next 12 months assuming no rate changes, supportive of positive operating leverage.

Growth Drivers

Key growth levers include capital markets (syndications, interest rate/commodity hedging, M&A advisory), small business banking (Business Beyond product, SBA lending expansion), consumer deposit growth (Gold Account), and commercial lending with a focus on C&I and energy (reserve-based lending, commodity hedging services). The multifamily agency lending acquisition will also drive growth.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Net interest margin was 3.27%, down 4bp linked quarter from lower asset yields and demand deposit balances, partly offset by improved funding costs. Adjusted non-interest expense was $558 million, up due to seasonal compensation. For Q1 2027, adjusted expenses expected moderately increasing. Full year 2026 positive operating leverage expected in the range of 100-150 basis points, driven by NII and fee income growth.

Key Risks

Risks flagged include potential impact on restaurant and consumer-focused businesses from elevated expenses, and uncertainty around oil price duration affecting energy clients. Regulatory risk from Basel III endgame proposals (AOCI inclusion, RWA relief) and interest rate risk given asset sensitivity if cuts occur. Tariff and Middle East events have not impacted credit quality to date.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-20

Second quarter results showed strong year-over-year improvement in adjusted EPS, fee income, and loan growth, with stable credit quality and a robust capital position. Outlook calls for moderate NII and fee income growth, supported by disciplined lending, targeted deposit campaigns, and continued investment in technology and capital markets.

Q1 2026 Q1 2026 2026-04-20

First quarter results showed strong year-over-year improvement in earnings, loan growth, and fee income, with capital markets and new product launches driving momentum. Outlook calls for moderate growth in net interest income and fee income, with positive operating leverage expected for 2026.

Q4 2025 Q4 2025 2026-01-20

Fourth quarter and full-year results showed strong earnings growth, margin expansion, and robust deposit growth, with positive outlooks for net interest income, fee income, and capital returns in 2026. Strategic investments in technology and small business lending are expected to drive further growth.

Q3 2025 Q3 2025 2025-10-20

Core earnings momentum continued with NIM expansion, positive operating leverage, and broad-based fee growth. Credit quality remains strong outside an isolated CNI loan event, with stable capital and deposit metrics. Outlook calls for moderate growth in loans, fees, and expenses.

Q2 2025 Q2 2025 2025-07-21

Second quarter net earnings rose 28% year-over-year, driven by NIM expansion, loan growth, and disciplined expenses. Outlook calls for continued revenue growth, positive operating leverage, and further product innovation, with a strong capital position maintained.

📊 Analysis Methodology

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