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For the quarter ended June 2025, Zions (ZION) reported revenue of $851 million, up 8.1% over the same period last year. EPS came in at $1.58, compared to $1.21 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $815.47 million, representing a surprise of +4.36%. The company delivered an EPS surprise of +20.61%, with the consensus EPS estimate being $1.31.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they comp ...

Financial Data and Key Metrics Changes - The company reported net earnings of $243 million for the second quarter, reflecting a 28% improvement year-over-year and a 44% increase compared to the first quarter [6][9] - The efficiency ratio improved to 62.2%, and the net interest margin increased for the sixth consecutive quarter to 3.17% [10][12] - Average customer deposits increased by 0.5% year-over-year but decreased by 1.4% on a linked quarter basis [10][18] - Average loans grew by 5.6% on an annualized linked quarter basis and 3.7% year-over-year [10][17] Business Line Data and Key Metrics Changes - The company experienced a 91% increase in the number of loans booked through the SBA program in the first nine months of the fiscal year compared to the previous year [8] - Customer-related non-interest income was $164 million, a 4% increase on a linked quarter basis and a 7% increase year-over-year [14] - Adjusted non-interest expenses decreased by $12 million compared to the prior year, reflecting lower technology costs [15] Market Data and Key Metrics Changes - The company noted a decline in average broker deposits by 8% and a decrease in total average deposits by 0.9% due to seasonal customer deposit outflows [18] - Non-performing assets remained low at 0.51% of loans and other real estate owned [21][23] Company Strategy and Development Direction - The company is focusing on growing customer relationships, particularly in small business banking, and has launched a consumer gold account offering aimed at the mass affluent market [7][8] - The management is optimistic about the potential for growth, citing reduced tariff-related risks and a more favorable economic outlook [6][29] - The company is exploring opportunities in capital markets, including M&A advisory work and launching an oil and gas derivatives business [108] Management's Comments on Operating Environment and Future Outlook - Management expressed a more positive outlook compared to the previous quarter, attributing it to reduced uncertainty in the macro environment and a more flexible administration regarding tariffs [29][31] - The company expects continued growth in net interest income and customer-related fee income, supported by increased customer activity and new client acquisition [13][15] Other Important Information - The company recorded a negative provision for credit losses of $1 million, reducing the allowance for credit losses by $11 million relative to the prior quarter [22] - The common equity Tier one ratio was reported at 11%, indicating strong capital levels [25] Q&A Session Summary Question: What are you hearing from clients in the small business and middle market side? - Management noted that while some businesses are being hurt by tariffs, others see opportunities, leading to a more optimistic outlook compared to the previous quarter [29][31] Question: Are you seeing any elevated competition on the deposit side? - Management acknowledged a competitive market for deposits but emphasized a focus on maintaining margin while growing the deposit base [32][34] Question: Can you provide color on the increase in loan growth? - Loan growth was solid, primarily driven by commercial and industrial loans, with increased utilization and new originations contributing significantly [40][41] Question: Can you discuss the potential benefits of deregulation for the company? - Management highlighted the potential benefits of tiering in regulatory requirements, which could positively impact the company's operations and M&A strategy [45][47] Question: What is the outlook for your capital markets business? - The capital markets business is growing nicely, with expectations to double in size over the next few years, driven by loan syndications and new service offerings [106][108]

Financial Data and Key Metrics Changes - The company reported second quarter net earnings of $243 million, reflecting a 28% improvement over the prior year period and a 44% increase compared to the first quarter [5][7] - The efficiency ratio improved to 62.2%, and the net interest margin increased for the sixth consecutive quarter to 3.17% due to lower funding costs and an improved earning asset mix [8][12] - Average customer deposits increased by 0.5% year-over-year but decreased by 1.4% on a linked quarter basis [9] - Average loans grew by 5.6% on an annualized linked quarter basis and 3.7% year-over-year [10][17] Business Line Data and Key Metrics Changes - The company experienced a 91% increase in the number of deals booked through the SBA seven program in the first nine months of the fiscal year compared to the same period last year [6] - Customer-related non-interest income was $164 million for the quarter, a 4% increase on a linked quarter basis and a 7% increase year-over-year [13] - Adjusted non-interest expenses decreased by $12 million compared to the prior year, reflecting lower technology costs [14][15] Market Data and Key Metrics Changes - The company noted stability in non-interest bearing deposits at 34% of total deposits [9] - Average non-interest bearing deposits grew approximately $480 million or 2% compared to the prior quarter [18] Company Strategy and Development Direction - The company is focusing on growing customer relationships, particularly in small business banking, and has launched a consumer gold account offering in the Nevada market [6][7] - The management is optimistic about the potential for growth in the outlook, citing reduced tariff-related risks and a more favorable economic environment [5][31] Management's Comments on Operating Environment and Future Outlook - Management expressed a more positive outlook compared to the previous quarter, noting that the economy is weathering challenges better than anticipated [32] - The company expects continued growth in net interest income and customer-related fee income for 2026, supported by increased customer activity and new client acquisition [12][14] Other Important Information - The allowance for credit losses as a percentage of loans and leases declined to 1.2%, with non-performing assets remaining low at 0.51% [21][24] - The common equity Tier one ratio was reported at 11%, indicating strong capital levels [24] Q&A Session Summary Question: What are you hearing from clients in the small business and middle market side? - Management noted a more positive sentiment among clients due to reduced uncertainty in the macro environment and some businesses seeing opportunities despite challenges [30][31] Question: Are you seeing any elevated competition on the deposit side? - Management acknowledged a competitive market for deposits but emphasized a focus on maintaining margin while growing the deposit base [33][34] Question: Can you provide color on the increase in loan growth? - Loan growth was solid, primarily driven by commercial and industrial loans, with increased utilization and new originations contributing significantly [41][42] Question: Can you discuss the potential benefits of deregulation for the company? - Management highlighted the potential benefits of tiering in regulatory requirements and expressed a strategic approach to M&A, focusing on organic growth [46][49] Question: What is the outlook for capital markets business? - The capital markets business is growing nicely, with expectations to double in size over a four to five-year period, driven by various segments including loan syndications and M&A advisory work [110][111]

Zions Bancorporation, N.A. One South Main Salt Lake City, UT 84133 July 21, 2025 www.zionsbancorporation.com Second Quarter 2025 Financial Results: FOR IMMEDIATE RELEASE Investor Contact: Shannon Drage (801) 844-8208 Media Contact: Jennifer Johnston (801) 844-7112 Zions Bancorporation, N.A. reports: 2Q25 Net Earnings of $243 million, diluted EPS of $1.63 compared with 2Q24 Net Earnings of $190 million, diluted EPS of $1.28, and 1Q25 Net Earnings of $169 million, diluted EPS of $1.13 SECOND QUARTER RESULTS | ...

Company Overview - Zions Bancorporation, National Association is a diversified financial service provider headquartered in Salt Lake City, UT, with over 400 branches across 11 western states [11] - The company was founded in 1873 and operates in states including Utah, Idaho, California, Nevada, Arizona, Colorado, Texas, New Mexico, Washington, Oregon, and Wyoming [11] Investment Ratings - ZION is currently rated as 3 (Hold) on the Zacks Rank, indicating a neutral outlook [11] - The company has a VGM Score of B, suggesting a favorable combination of value, growth, and momentum [11][12] Momentum and Earnings Estimates - ZION has a Momentum Style Score of A, with shares increasing by 5% over the past four weeks [12] - For fiscal 2025, two analysts have revised their earnings estimates upwards in the last 60 days, with the Zacks Consensus Estimate rising by $0.02 to $5.29 per share [12] - The company boasts an average earnings surprise of 9.5%, indicating a history of exceeding earnings expectations [12]

Financial Performance - Zions' net earnings to common shareholders increased from $143 million in 1Q24 to $190 million in 2Q24[16, 89] - The net interest margin improved by 4 basis points from 294% in 1Q24 to 298% in 2Q24[16, 39, 89] - The efficiency ratio improved from 679% in 1Q24 to 645% in 2Q24[16, 53, 90] - The annualized net charge-offs to loans ratio increased from 004% in 1Q24 to 010% in 2Q24[16, 18, 64, 89] Loan and Deposit Trends - Total loans increased by 05% from the end of 1Q24 to the end of 2Q24[16, 32, 33] - Customer deposits (excluding brokered deposits) decreased by 07% from the end of 1Q24 to the end of 2Q24[16, 22] - Period-end noninterest-bearing demand deposits declined by approximately $400 million, a 16% linked-quarter decrease[25] Capital and Credit Quality - The Common Equity Tier 1 (CET1) capital ratio increased from 104% in 1Q24 to 106% in 2Q24[16, 18, 89] - The allowance for credit losses was 124% of total loans and leases, a decrease of 3 basis points from 1Q24[62] Securities and Investments - The total securities portfolio and money market investments amounted to $196 billion and $32 billion, respectively, at the end of 2Q24[29] - Principal and prepayment-related cash flows from securities were $840 million for the quarter[30] Net Interest Income and Margin Outlook - Net interest income is expected to increase as asset repricing outpaces changes in funding costs[44] - Parallel interest rate shocks of -100 and +100 basis points suggest moderate rate sensitivity between +46% and +77%[45]

分组1 - Zions Bancorporation is a diversified financial service provider with over 400 branches across 11 western states in the U.S. [12] - The company holds a Zacks Rank of 3 (Hold) and has a VGM Score of B, indicating a solid position in the market [12]. - Zions has a Value Style Score of A, supported by a forward P/E ratio of 9.36, making it attractive for value investors [13]. 分组2 - In the last 60 days, two analysts have revised their earnings estimates higher for fiscal 2025, with the Zacks Consensus Estimate increasing by $0.02 to $5.29 per share [13]. - The company has an average earnings surprise of 9.5%, suggesting a positive trend in earnings performance [13]. - With a strong Zacks Rank and top-tier Value and VGM Style Scores, Zions is recommended for investors' consideration [13].

Summary of the Conference Call Company and Industry Overview - The conference call involved Zion, a bank focused on serving small and medium-sized businesses across various states in the U.S. [4][10] - The discussion highlighted the impact of tariffs and economic uncertainty on customer sentiment, particularly among small and medium-sized enterprises (SMEs) [4][5]. Key Points and Arguments Customer Sentiment and Economic Environment - Customer sentiment remains uncertain due to ongoing tariff threats, affecting approximately 65% to 70% of Zion's revenue from SMEs [4][5]. - SMEs are likely to increase inventory and shift supply chains back to the U.S. as a precaution against tariffs, which could positively influence loan growth [6][8]. - Large companies are hesitant to commit to long-term capital investments due to economic volatility and uncertainty [7][8]. Loan Growth and Business Strategy - Zion's loan growth is currently moderate, with a focus on commercial lending, which constitutes about 50% of the loan portfolio [16][17]. - The bank aims to increase its Small Business Administration (SBA) lending, targeting 1,500 loans this year, up from 700, with a goal of reaching 3,000 loans in the next 12 to 18 months [18][19][20]. - The bank's strategy includes deepening relationships with existing customers, as 70% of small businesses do not currently borrow from banks [23][25]. Competition and Market Position - Zion faces competition from both regional and large banks, as well as private credit providers. However, the bank is confident in its ability to compete based on strong customer relationships and service [33][36][40]. - The bank's competitive advantage lies in its relationship management, which is supported by high customer satisfaction scores from Greenwich Research [46][47]. Deposit and Interest Income Management - Zion has experienced five consecutive quarters of net interest margin (NIM) expansion, attributed to a strong deposit franchise and effective management of deposit costs [50][51]. - The bank's cost of deposits is among the lowest in the industry, with a significant portion being non-interest-bearing deposits [51][52]. - The bank anticipates further reductions in deposit costs as time deposits roll over and stabilize [55][56]. Fee Income and Growth Opportunities - Zion's fee income is diversified, with treasury management services contributing about 30% of total fees. The bank expects moderate growth in this area [61][62]. - The capital markets business has shown significant growth, with revenues increasing from $70 million to $107 million, indicating strong potential for future revenue generation [64][66]. Credit Quality and Risk Management - Zion has maintained a low net charge-off ratio of about 10 basis points, significantly better than many peers, due to strong underwriting practices [68][69]. - The bank's commercial real estate (CRE) portfolio has shown resilience, with negligible losses despite rising classified loans [71][73]. Capital Management - Zion is focused on maintaining a strong Common Equity Tier 1 (CET1) ratio, with transparency regarding the impact of accumulated other comprehensive income (AOCI) on capital [75][76]. - The bank is well-positioned to meet regulatory requirements and maintain capital buffers [77][79]. Additional Important Insights - The bank's modernization efforts, including a core transformation project, have allowed bankers to focus more on client relationships rather than internal systems [28][30]. - Zion's proactive marketing strategy aims to enhance its small business initiatives and overall fee income growth [32][66]. This summary encapsulates the key insights and strategic directions discussed during the conference call, providing a comprehensive overview of Zion's current position and future outlook in the banking industry.

Core Viewpoint - Zions Bancorporation's shares have experienced volatility similar to the broader banking industry but have largely recovered from significant losses incurred earlier in the year [1]. Group 1: Company Performance - The company has shown resilience in its stock performance, recovering from heavy losses following market fluctuations [1]. Group 2: Investment Strategy - A long-term, buy-and-hold investment approach is favored, particularly for stocks that can consistently deliver high-quality earnings, often found in the dividend and income sectors [1].