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Zions Bancorp said its profit topped analyst estimates despite a $50 million loss from an alleged fraud tied to a commercial real estate investor group in Southern California. https://t.co/h03TNHta1J ...

来源：天风研究 3、10月16日，美国两家区域性银行，锡安银行（ZionsBancorp）和西部联合银行（WesternAlliance？ Bancorp），曝出重大信贷欺诈和坏账事件。 10月16日，标普地区型银行精选行业指数下跌6.3%，但标普500跌幅较小，反映风险集中于地区型银 行，大型银行和其他行业股受影响有限。 2023年硅谷银行危机vs2025年信贷风暴 本次的美国私人信贷风险，和硅谷银行（SVB）风险有本质不同。SVB倒闭的传导链：美联储大幅加息 →银行资产端的长债价值大跌，资产负债错配，利率风险暴露→客户企业集中提款挤兑，银行流动性枯 竭。 虽然本次金融风险事件，也是以机构接连"爆雷"为特征，但成因存在明显区别，本次传导链条为：经济 放缓导致信贷质量恶化→贷款坏账→金融欺诈、高杠杆融资、信贷风控失守等问题暴露→结构化工具， 令亏损扩散。 怎么看待"信贷爆雷"的后续风险 我们认为，系统性危机的风险仍可控，再现一次"次贷危机"的概率低。大型银行和核心金融系统尚稳 定。当前美联储政策利率上限4.25%，后续有很大宽松空间，一旦风险升级，只要美联储救市，问题或 可在短期内解决。 2025年9月-10 ...

Core Insights - Zions (ZION) reported revenue of $872 million for the quarter ended September 2025, reflecting an 8.5% increase year-over-year, with EPS at $1.54 compared to $1.37 in the previous year [1] - The revenue exceeded the Zacks Consensus Estimate of $845.49 million by 3.14%, and the EPS surpassed the consensus estimate of $1.19 by 29.41% [1] Financial Performance Metrics - Net interest margin was reported at 3.3%, slightly above the estimated 3.2% [4] - Net charge-offs to average loans and leases were 0.4%, higher than the average estimate of 0.2% [4] - Efficiency Ratio stood at 59.6%, better than the estimated 62.6% [4] - Average balance of total interest-earning assets was $82.78 billion, below the estimated $83.67 billion [4] - Total nonperforming assets were $324 million, slightly above the average estimate of $319.28 million [4] - Tier 1 leverage ratio was 8.8%, exceeding the average estimate of 8.5% [4] - Total nonaccrual loans were $319 million, compared to the average estimate of $314.4 million [4] - Total risk-based capital ratio was 13.7%, above the estimated 13.4% [4] - Tier 1 risk-based capital ratio was 11.4%, higher than the average estimate of 11.1% [4] - Total noninterest income reached $189 million, surpassing the average estimate of $174.09 million [4] - Commercial account fees were $47 million, slightly above the average estimate of $46.36 million [4] - Other customer-related fees totaled $15 million, exceeding the average estimate of $13.81 million [4] Stock Performance - Zions shares have returned -15.4% over the past month, contrasting with the Zacks S&P 500 composite's +1.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

首席执行官哈里斯·西蒙斯在声明中表示，"剔除这笔损失，其余净核销额仅为600万美元，按年化计算 占平均贷款额的4个基点，情况非常温和。" 智通财经APP获悉，尽管因两笔贷款遭受重大损失，但得益于利息收入增长，美股地区银行齐昂银行 (ZION.US)周一公布第三季度利润实现增长。财报显示，齐昂银行三季度营收 8.72 亿美元，同比增长 8.5%，超出市场预期；每股收益为1.48美元，高于市场预期的1.39美元。 齐昂银行上周披露，其加州分行的两笔商业和工业贷款将在第三季度造成5000万美元损失。该行声明， 加之西联银行和杰富瑞分别披露的涉及Cantor Group V欺诈诉讼及对破产汽车零部件制造商First Brands 的风险敞口，导致银行股上周四下跌，因投资者对信贷的担忧加剧。 Stephens分析师特里·麦克沃伊表示，"多家美国地区银行第三季度财报未显示异常或意外的信贷损失， 管理层对第四季度的展望令人安心。这些趋势支持了少数公司面临的压力更多是孤立事件而非新兴趋势 的看法。" 更广泛的贷款增长帮助银行从利息收入中获利更多。 该行净利息收入(银行从贷款中获得的收入与支付存款利息之间的差额)从去年同期的6 ...

Market Performance - All major indexes finished up more than +1%, with the Dow gaining +515 points (+1.12%), S&P 500 up +71 points (+1.07%), Nasdaq increasing by +310 points (+1.37%), and Russell 2000 rising +47 points (+1.93%) [1] Apple Inc. - Apple experienced strong adoption of its iPhone 17, driven by Chinese subsidies for the base-model iPhone, marking the healthiest up-cycle for new iPhones since the Covid pandemic. The stock rose +3.94% to $262 per share, achieving its highest close ever and a market cap of $3.85 trillion, making it the second-richest company behind NVIDIA [2] Boeing Co. - Boeing's shares rose +1.8% following the FAA's approval to increase the production of 737-MAX planes to 42 per month, with expected output increases and certifications for MAX-7 and MAX-10 models next year. Boeing is set to report Q3 earnings next week [3] Zions Bancorp - Zions Bancorp reported Q3 earnings of $1.48 per share, exceeding estimates by 8 cents and showing an increase from the previous year. Revenues reached $861 million, surpassing analyst expectations of $845.5 million. Despite a previous drop of -13% in shares due to $49 million in charge-offs, shares rose +3% in late trading following the earnings report [4][5] Upcoming Earnings Reports - Key earnings reports are expected from GE Aerospace, Lockheed Martin, General Motors, Coca-Cola, and 3M, with Netflix and Texas Instruments reporting in the afternoon. No economic reports are scheduled for release [6]

Core Viewpoint - Zions (ZION) reported quarterly earnings of $1.54 per share, exceeding the Zacks Consensus Estimate of $1.19 per share, and showing an increase from $1.37 per share a year ago, indicating a strong earnings surprise of +29.41% [1][2] Financial Performance - The company achieved revenues of $872 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 3.14% and up from $804 million year-over-year [2] - Over the last four quarters, Zions has consistently surpassed consensus EPS estimates and topped revenue estimates three times [2] Stock Performance and Outlook - Zions shares have declined approximately 8.4% year-to-date, contrasting with the S&P 500's gain of 13.3% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $1.47, with projected revenues of $858.26 million, and for the current fiscal year, the estimate is $5.68 on $3.35 billion in revenues [7] - The estimate revisions trend for Zions was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Zacks Industry Rank for Banks - West is currently in the bottom 35% of over 250 Zacks industries, suggesting that the industry outlook may significantly impact Zions' stock performance [8]

Financial Data and Key Metrics Changes - The net interest margin expanded by 11 basis points to 3.28% [5][10] - Customer fees, excluding net credit valuation adjustment, grew by $10 million [5] - Adjusted expenses declined by $1 million, leading to an improved efficiency ratio of 59.6% [5] - Diluted earnings per share was $1.48, down from $1.63 in the prior period [7] - The provision for credit loss was recorded at $49 million, with net charge-offs of $56 million, or 37 basis points of loans on an annualized basis [6][17] Business Line Data and Key Metrics Changes - Net interest income increased by $52 million, or 8%, compared to the third quarter of 2024 [9] - Customer-related non-interest income was $163 million, slightly down from $164 million in the prior period [11] - Adjusted customer-related non-interest income, excluding net CVA, was $174 million, representing a 6% increase versus the second quarter [11] - Average loans increased by 2.1% annualized over the previous quarter [13] - Average deposit balances were relatively flat, with a notable 11.5% reduction in average brokered deposits [13][14] Market Data and Key Metrics Changes - Average non-interest-bearing deposits grew by approximately $192 million, or 0.8% compared to the prior quarter [14] - Total borrowings declined by $1.8 billion during the quarter [15] - Non-performing assets remained low at 0.54% of loans and other real estate owned [16] Company Strategy and Development Direction - The company aims to continue producing positive operating leverage as revenue growth outpaces non-interest expense growth [19] - There is a focus on enhancing capital markets offerings, including real estate capital markets and investment banking advisory fees [11] - The company is open to M&A opportunities but prioritizes smaller deals that enhance market density [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the credit issues faced are isolated incidents and emphasized a strong credit history [24][96] - The outlook for net interest income is moderately increasing, supported by continued growth in loans and deposits [9][10] - Management expects to maintain a stable risk appetite despite recent credit challenges [96] Other Important Information - The common equity tier one ratio was reported at 11.3%, indicating a strong capital position [18] - The company has seen a 17% growth in tangible book value per share compared to the prior year [18] Q&A Session Summary Question: Can you talk about the isolated incident related to the charge-offs? - Management confirmed that the incident is isolated and has conducted a thorough review of the portfolio, finding no similar issues [22][23] Question: What is the outlook for net interest income? - The guidance includes expectations for fixed-rate asset repricing and loan growth, with a potential yield pickup of 2-3 basis points [31][32] Question: How has loan demand changed recently? - Loan spreads have improved slightly, and while there was some runoff in CNI, production has been up in most months this year [78][81] Question: What is the company's approach to M&A? - The company is open to smaller deals that enhance market presence but is not under pressure to pursue acquisitions [58][59] Question: How does the company view the NDFI portfolio? - Management believes that concerns regarding the NDFI portfolio are somewhat overblown, highlighting the safety of certain categories like capital call lines [106]

Financial Data and Key Metrics Changes - The third quarter reflected continued momentum in core earnings with net interest margin expanding by 11 basis points to 3.28% [5] - Customer fees, excluding net credit valuation adjustment, grew by $10 million, and adjusted expenses declined by $1 million, improving the efficiency ratio to 59.6% [5] - Diluted earnings per share was $1.48 compared to $1.63 in the prior period and $1.37 in the year-ago period [7] - Net interest income increased by $52 million, or 8%, relative to the third quarter of 2024 [9] - Adjusted non-interest income was $174 million for the quarter, representing a 6% increase versus the second quarter and an 8% increase versus the year-ago quarter [11] Business Line Data and Key Metrics Changes - Average loans increased by 2.1% annualized over the previous quarter and 3.6% over the year-ago period [13] - Customer-related non-interest income was $163 million for the quarter, with capital market fees, excluding net CVA, increasing by 25% compared to the prior year period [11] - Adjusted expenses of $520 million decreased by $1 million versus the prior quarter and increased by 4% versus the year-ago period [12] Market Data and Key Metrics Changes - Average non-interest-bearing deposits grew approximately $192 million, or 0.8% compared to the prior quarter [14] - Total borrowings declined by $1.8 billion during the quarter, with short-term FHLB advances decreasing by $2.3 billion [15] - Non-performing assets remained relatively low at 0.54% of loans and other real estate owned compared to 0.51% in the prior quarter [16] Company Strategy and Development Direction - The company expects to continue producing positive operating leverage as revenue growth outpaces non-interest expense growth [19] - The outlook for customer-related fee income in the third quarter of 2026 is moderately increasing relative to the third quarter of 2025, driven by increased customer activity and new client acquisitions [12] - The company is open to M&A opportunities but is not feeling compelled to pursue any deals at this time [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the recent credit issues are isolated incidents and emphasized a strong credit history [24][25] - The company anticipates continued growth in loans and deposits, supported by fixed asset repricing and favorable shifts in the composition of average interest-earning assets [9] - Management noted that the current economic environment requires a thoughtful approach to lending, particularly in commercial real estate [66] Other Important Information - The company recorded a $49 million provision for credit loss, with net charge-offs in the quarter being $56 million, or 37 basis points of loans on an annualized basis [6][16] - The common equity tier one ratio this quarter was 11.3%, indicating a strong capital position [18] Q&A Session Summary Question: Can you talk about the isolated incident related to the charge this quarter? - Management confirmed that the incident is isolated and that a thorough internal review has not revealed similar issues [23][24] Question: How much fixed-rate asset repricing is factored into the NII guide outlook? - The CFO indicated that there is potential for two to three basis points on earning asset yields to play through, which is embedded in the guidance [32] Question: What is the current risk appetite and how might it evolve? - Management stated that underwriting practices will remain consistent and that the recent credit issues will not impact loan growth [95] Question: How has loan demand changed over the last 90 days? - Loan spreads have improved slightly, and while there has been some muted growth, the company is prepared for increased loan growth in the future [77] Question: What does deregulation mean for the company? - Management welcomed a return to solid regulation and emphasized that it would not materially change how the company operates [87]

Financial Data and Key Metrics Changes - The third quarter reflected continued momentum in core earnings with net interest margin expanding by 11 basis points to 3.28% [4] - Customer fees, excluding net credit valuation adjustment, grew by $10 million, while adjusted expenses declined by $1 million, leading to an improved efficiency ratio of 59.6% [4] - Average loans and customer deposits increased by annualized rates of 2.1% and 3.1% respectively compared to the prior quarter [4] - Diluted earnings per share was $1.48 compared to $1.63 in the prior period and $1.37 in the year-ago period [5][6] - Adjusted non-interest income was $174 million for the quarter, representing a 6% increase versus the second quarter and an 8% increase versus the year-ago quarter [10] Business Line Data and Key Metrics Changes - Net interest income increased by $52 million, or 8%, relative to the third quarter of 2024, benefiting from fixed asset repricing and favorable shifts in the composition of average interest-earning assets [7][8] - Customer-related non-interest income was $163 million for the quarter, slightly down from $164 million in the prior period but up from $158 million one year ago [10] - Capital market fees, excluding net CVA, increased by 25% compared to the prior year period, driven by higher loan syndications and customer swap fee revenue [10] Market Data and Key Metrics Changes - Average loans increased by 2.1% annualized over the previous quarter and 3.6% over the year-ago period [12] - Average non-interest-bearing deposits grew approximately $192 million, or 0.8% compared to the prior quarter [13] - Total borrowings declined by $1.8 billion during the quarter, with short-term FHLB advances decreasing by $2.3 billion [14] Company Strategy and Development Direction - The company expects to continue producing positive operating leverage as revenue growth outpaces non-interest expense growth [19] - The outlook for customer-related fee income in the third quarter of 2026 is moderately increasing relative to the third quarter of 2025, driven by increased customer activity and new client acquisitions [11] - The company is focused on maintaining a strong capital position and is open to M&A opportunities, particularly smaller deals that enhance market density [50][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the recent credit issues are isolated incidents and emphasized the strength of their credit history [22][24] - The company anticipates continued loan growth driven by commercial loans, despite some recent paydowns and payoffs [56][59] - Management noted that the current regulatory environment is shifting towards a focus on solid regulation, which they view positively [72][74] Other Important Information - The company recorded a $49 million provision for credit loss, with net charge-offs in the quarter at $56 million, or 37 basis points of loans on an annualized basis [4][16] - The allowance for credit losses as a percentage of loans remains stable at 1.2% [17] - The common equity tier one ratio this quarter was 11.3%, indicating a strong capital position [18] Q&A Session Summary Question: Can you talk about the isolated incident regarding the charge this quarter? - Management reviewed the portfolio and believes it is an isolated incident, with no similar loans found [22][23] Question: How much fixed-rate asset repricing is factored into the NII guide outlook? - The guidance includes expectations for fixed-rate loans and securities, with potential yield increases embedded [27][28] Question: What is the outlook for operating leverage? - Management expects positive operating leverage but did not provide a specific range at this time [34][35] Question: How has loan demand changed over the last 90 days? - Loan spreads have improved slightly, and production has been up in most months this year compared to 2024 [65][66] Question: What is the company's current risk appetite? - The company will continue its historical underwriting practices, and the recent credit issues will not impact loan growth [80][81]