Financial Performance - Net earnings to common were $169 million in 1Q25, a decrease of $31 million compared to 4Q24 and an increase of $26 million compared to 1Q24[8, 10] - Net interest margin increased to 310% in 1Q25, up 5 basis points from 4Q24 and 16 basis points from 1Q24[8] - Adjusted pre-provision net revenue was $267 million in 1Q25, a 14% decrease compared to 4Q24 and a 10% increase compared to 1Q24[8, 10] - Net charge-offs were 011% of loans annualized in 1Q25[8, 10] Balance Sheet and Loan Portfolio - Average loans grew 05% versus prior quarter, while average customer deposits experienced a seasonal decline of 12%[10] - Total investment securities and money market investments were $187 billion and $29 billion respectively at the end of 1Q25, representing 26% of earning assets[57] - Commercial real estate portfolio is $136 billion, representing 23% of total loans[69] Credit Quality - Allowance for credit losses was 124% of total loans and leases, down one basis point from the previous quarter[65] - Nonperforming assets were 051% of loans plus OREO[68] - Classified loans were 48% of total loans[68] Outlook - Loan balances are expected to be stable to slightly increasing[90] - Net interest income is expected to increase slightly to moderately[90] - Customer-related noninterest income is expected to increase slightly to moderately[90]

Financial Performance - Zions reported $806 million in revenue for Q1 2025, a year-over-year increase of 7.2% [1] - EPS for the same period was $1.24, up from $1.03 a year ago, exceeding the consensus estimate of $1.20 by 3.33% [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $808.26 million, resulting in a surprise of -0.28% [1] Key Metrics - Net interest margin was 3.1%, matching the five-analyst average estimate [4] - Average balance of total interest-earning assets was $83 billion, slightly below the estimated $83.09 billion [4] - Efficiency ratio stood at 66.6%, higher than the average estimate of 65.5% [4] - Net charge-offs to average loans and leases were 0.1%, better than the estimated 0.2% [4] - Total nonperforming assets amounted to $307 million, exceeding the average estimate of $292.62 million [4] - Tier 1 leverage ratio was 8.4%, below the average estimate of 8.6% [4] - Tier 1 risk-based capital ratio was 10.9%, lower than the average estimate of 11.4% [4] - Total risk-based capital ratio was 13.3%, slightly below the average estimate of 13.4% [4] - Total nonaccrual loans were $305 million, higher than the average estimate of $287.48 million [4] - Total noninterest income was $171 million, exceeding the estimated $169.93 million [4] - Commercial account fees were $45 million, slightly below the average estimate of $46.06 million [4] - Other customer-related fees were $14 million, in line with the average estimate of $14.51 million [4] Stock Performance - Zions shares have returned -10.6% over the past month, compared to the S&P 500 composite's -5.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Zions (ZION) came out with quarterly earnings of $1.24 per share, beating the Zacks Consensus Estimate of $1.20 per share. This compares to earnings of $1.03 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.33%. A quarter ago, it was expected that this financial holding company would post earnings of $1.26 per share when it actually produced earnings of $1.34, delivering a surprise of 6.35%.Over the last four quarters, the co ...

Core Viewpoint - Zions Bancorporation reported a strong financial performance in Q1 2025, with net earnings of $169 million, reflecting an 18% increase from the previous year, driven by improved net interest margins and adjusted pre-provision net revenue [1][2]. Financial Performance - Net earnings applicable to common shareholders for Q1 2025 were $169 million, or $1.13 per diluted common share, compared to $143 million, or $0.96 per diluted common share in Q1 2024, and $200 million, or $1.34 per diluted common share in Q4 2024 [1]. - The net interest margin increased by 16 basis points, and adjusted pre-provision net revenue rose by 10% [2]. - A tax law change in Utah resulted in a charge of $0.11 per share to income tax expense, but is expected to accrete back into income over time [2]. Strategic Developments - The acquisition of four branches in California's Coachella Valley added approximately $630 million in deposits and $420 million in loans [2]. - The company aims to enhance service to new customers through its affiliate, California Bank & Trust [2]. Credit Quality - Credit quality remained stable, with nonperforming assets at 0.51% of loans and leases and annualized net charge-offs at 0.11% [2]. - The company expressed confidence in its credit culture and reserves to manage potential economic turbulence [2]. Company Overview - Zions Bancorporation reported annual net revenue of $3.1 billion in 2024 and total assets of approximately $89 billion as of December 31, 2024 [4]. - The company operates under local management teams in 11 western states and is recognized for its customer service in small- and middle-market banking [4].

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [First Quarter 2025 Performance Summary](index=1&type=section&id=First%20Quarter%202025%20Performance%20Summary) Zions Bancorporation achieved an 18% increase in Q1 2025 net earnings to **$169 million**, with diluted EPS of **$1.13**, driven by margin expansion and PPNR growth, despite a one-time **$16 million** tax expense Q1 2025 vs. Q1 2024 Earnings Comparison | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Earnings | $169 million | $143 million | | Diluted EPS | $1.13 | $0.96 | Q1 2025 Key Financial Metrics | Metric | Value | YoY Change | | :--- | :--- | :--- | | Net Interest Income | $624 million | +6% | | Net Interest Margin (NIM) | 3.10% | +16 bps | | Adjusted PPNR | $267 million | +10% | | Loans and Leases | $59.9 billion | +3% | | Total Deposits | $75.7 billion | +2% | | CET1 Capital Ratio (Est.) | 10.8% | +40 bps | - A notable item for the quarter was an additional income tax expense of **$16 million**, or **$0.11 per share**, due to the revaluation of Deferred Tax Assets (DTAs) resulting from new state tax legislation[4](index=4&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Harris H. Simmons emphasized an 18% net income increase, margin expansion, and successful branch acquisition, while noting a one-time tax charge and expressing caution on the economic outlook - The CEO noted that the **$0.11 per share** tax charge is due to a beneficial Utah tax law change, and most of this charge is expected to accrete back into income over the life of the associated securities[4](index=4&type=chunk) - In late March, the company completed the acquisition of four branches from FirstBank of Denver, adding approximately **$630 million** in deposits and **$420 million** in loans[4](index=4&type=chunk) - Credit quality was described as being in "very good shape," with nonperforming assets stable at **0.51%** of loans and annualized net charge-offs at **0.11%**, however, the economic outlook is viewed as more uncertain[4](index=4&type=chunk) [Results of Operations](index=3&type=section&id=Results%20of%20Operations) [Net Interest Income and Margin](index=3&type=section&id=Net%20Interest%20Income%20and%20Margin) Net interest income increased **6%** to **$624 million** in Q1 2025, with net interest margin expanding by **16 basis points** to **3.10%**, driven by lower funding costs and a favorable asset mix Net Interest Income and Margin (Q1 2025 vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $624M | $586M | +$38M (+6%) | | Net Interest Margin | 3.10% | 2.94% | +16 bps | | Yield on Earning Assets | 5.08% | 5.25% | -17 bps | | Cost of Deposits | 1.76% | 2.06% | -30 bps | - The increase in NII was primarily driven by lower funding costs, as the rate paid on total deposits and interest-bearing liabilities decreased **33 basis points** YoY to **2.01%**[9](index=9&type=chunk)[11](index=11&type=chunk) - Average interest-earning assets grew by **$1.4 billion** YoY, led by a **$1.7 billion** increase in average loans and a **$1.3 billion** increase in money market investments, which was partially offset by a **$1.7 billion** decline in average securities[12](index=12&type=chunk) [Noninterest Income](index=4&type=section&id=Noninterest%20Income) Total noninterest income rose **10%** year-over-year to **$171 million**, primarily due to a **$9 million** increase in noncustomer-related income from securities gains and a **4%** rise in customer-related fees Noninterest Income Breakdown (Q1 2025 vs. Q1 2024) | Category | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Customer-related | $158M | $152M | +$6M (+4%) | | Noncustomer-related | $13M | $4M | +$9M (NM) | | **Total Noninterest Income** | **$171M** | **$156M** | **+$15M (+10%)** | - The increase in noncustomer-related income was mainly due to an **$8 million** rise in net securities gains, largely from valuation adjustments in the Small Business Investment Company (SBIC) portfolio[15](index=15&type=chunk) [Noninterest Expense](index=4&type=section&id=Noninterest%20Expense) Noninterest expense increased **2%** to **$538 million**, driven by higher salaries and technology costs, but offset by a **$12 million** decrease in deposit insurance, improving the efficiency ratio to **66.6%** Noninterest Expense Breakdown (Q1 2025 vs. Q1 2024) | Category | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Salaries and employee benefits | $342M | $331M | +$11M (+3%) | | Technology, telecom, etc. | $70M | $62M | +$8M (+13%) | | Deposit insurance & regulatory | $22M | $34M | -$12M (-35%) | | **Total Noninterest Expense** | **$538M** | **$526M** | **+$12M (+2%)** | - The decrease in deposit insurance expense was mainly due to a **$13 million** accrual in the prior-year quarter related to an updated FDIC special assessment estimate[17](index=17&type=chunk) - The efficiency ratio improved to **66.6%** from **67.9%** in Q1 2024, as revenue growth outpaced the increase in adjusted noninterest expense[17](index=17&type=chunk) [Balance Sheet Analysis](index=5&type=section&id=Balance%20Sheet%20Analysis) [Investment Securities](index=5&type=section&id=Investment%20Securities) Total investment securities declined **7%** year-over-year to **$18.7 billion** due to principal reductions, with the portfolio structured to provide liquidity through secured borrowing agreements Investment Securities Portfolio (As of March 31) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Available-for-sale (fair value) | $9,223M | $9,931M | -$708M (-7%) | | Held-to-maturity (amortized cost) | $9,481M | $10,209M | -$728M (-7%) | | **Total Investment Securities** | **$18,704M** | **$20,140M** | **-$1,436M (-7%)** | [Loans and Leases](index=5&type=section&id=Loans%20and%20Leases) Total loans and leases increased **3%** year-over-year to **$59.9 billion**, driven by growth in consumer and commercial loans, including **$420 million** from a branch acquisition Loans and Leases by Category (As of March 31) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Commercial | $31,010M | $30,479M | +$531M (+2%) | | Commercial Real Estate | $13,593M | $13,578M | +$15M (Flat) | | Consumer | $15,338M | $14,052M | +$1,286M (+9%) | | **Total Loans and Leases** | **$59,941M** | **$58,109M** | **+$1,832M (+3%)** | - The loan portfolio at March 31, 2025 includes about **$420 million** in consumer and commercial loans from the acquisition of four FirstBank branches in California[20](index=20&type=chunk) [Credit Quality](index=6&type=section&id=Credit%20Quality) Credit quality deteriorated year-over-year with provision for credit losses at **$18 million** and nonperforming assets at **0.51%**, while classified loans significantly increased to **$2.9 billion** due to stricter risk grading in the CRE portfolio Key Credit Quality Metrics (Q1 2025 vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Provision for credit losses | $18M | $13M | | Net loan & lease charge-offs | $16M | $6M | | Nonperforming assets | $307M | $254M | | Classified loans | $2,891M | $966M | | Ratio of ACL to loans | 1.24% | 1.27% | | Ratio of NPA to loans | 0.51% | 0.44% | - The increase in classified loans was primarily in multifamily and industrial CRE portfolios, largely due to an increased emphasis in risk grading on current cash flows over collateral values and guarantor strength[23](index=23&type=chunk) - Weaker performance in the 2021-2023 construction loan vintages also contributed to the rise in classified loans, as borrowers faced challenges from longer lease-up periods, higher costs, and elevated interest rates[23](index=23&type=chunk) [Deposits and Borrowed Funds](index=7&type=section&id=Deposits%20and%20Borrowed%20Funds) Total deposits grew **2%** to **$75.7 billion**, including **$630 million** from an acquisition, while total borrowed funds decreased **18%** to **$4.4 billion** due to reduced short-term borrowings Deposits and Borrowed Funds (As of March 31) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Noninterest-bearing demand | $24,792M | $25,137M | -$345M (-1%) | | Total interest-bearing | $50,900M | $49,100M | +$1,800M (+4%) | | **Total Deposits** | **$75,692M** | **$74,237M** | **+$1,455M (+2%)** | | Short-term borrowings | $3,476M | $4,895M | -$1,419M (-29%) | | Long-term debt | $964M | $544M | +$420M (+77%) | | **Total Borrowed Funds** | **$4,440M** | **$5,439M** | **-$999M (-18%)** | - Customer deposits (excluding brokered) totaled **$70.9 billion**, up from **$69.9 billion** a year ago, with the loan-to-deposit ratio at **79%**, compared to **78%** in the prior year quarter[25](index=25&type=chunk) [Shareholders' Equity and Capital](index=8&type=section&id=Shareholders%27%20Equity%20and%20Capital) Total shareholders' equity increased **9%** to **$6.3 billion**, with the estimated CET1 capital ratio improving to **10.8%**, supported by retained earnings and a **$359 million** AOCI loss reduction, alongside share repurchases and dividend increase Shareholders' Equity Components (As of March 31) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Retained Earnings | $6,805M | $6,293M | +$512M (+8%) | | AOCI (loss) | ($2,250M) | ($2,609M) | +$359M (+14%) | | **Total Shareholders' Equity** | **$6,327M** | **$5,829M** | **+$498M (+9%)** | - The estimated CET1 capital ratio was **10.8%**, up from **10.4%** in the prior year period, and tangible book value per common share increased significantly to **$34.95** from **$29.34**[30](index=30&type=chunk) - During Q1 2025, the company repurchased **0.8 million** common shares for **$41 million** and paid a common dividend of **$0.43 per share**, an increase from **$0.41** in Q1 2024[27](index=27&type=chunk)[28](index=28&type=chunk) [Financial Statements and Supplemental Data](index=12&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) [Consolidated Financial Highlights](index=12&type=section&id=Consolidated%20Financial%20Highlights) This section presents a five-quarter summary of key financial data, highlighting a recovery in net interest margin and return on equity, alongside a strengthening CET1 capital ratio Five-Quarter Trend Highlights | Metric | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Diluted EPS | $1.13 | $1.34 | $1.37 | $1.28 | $0.96 | | Net Interest Margin | 3.10% | 3.05% | 3.03% | 2.98% | 2.94% | | CET1 Capital Ratio | 10.8% | 10.9% | 10.7% | 10.6% | 10.4% | | Return on Avg. Common Equity | 11.1% | 13.2% | 14.1% | 14.0% | 10.9% | [Loan Portfolio Analysis](index=17&type=section&id=Loan%20Portfolio%20Analysis) The loan portfolio is primarily commercial (**52%**), with nonperforming assets totaling **$307 million** (**0.51%** of loans), and net charge-offs of **$16 million** driven by the commercial and industrial segment Loan Portfolio Composition (March 31, 2025) | Loan Category | Balance (in millions) | % of Total | | :--- | :--- | :--- | | Commercial | $31,010 | 51.7% | | Commercial Real Estate | $13,593 | 22.7% | | Consumer | $15,338 | 25.6% | | **Total Loans & Leases** | **$59,941** | **100.0%** | Nonaccrual Loans by Type (March 31, 2025) | Loan Category | Nonaccrual Balance (in millions) | | :--- | :--- | | Commercial | $158 | | Commercial Real Estate | $58 | | Consumer | $89 | | **Total Nonaccrual Loans** | **$305** | [Non-GAAP Financial Measures](index=21&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of Non-GAAP Measures](index=21&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) Reconciliations of non-GAAP measures are provided to clarify operational performance, with Q1 2025 adjusted PPNR at **$267 million**, an efficiency ratio of **66.6%**, and tangible book value per common share at **$34.95** - The company uses non-GAAP measures like tangible common equity, adjusted PPNR, and the efficiency ratio to assess performance on a basis consistent with management and industry practices[46](index=46&type=chunk)[48](index=48&type=chunk)[53](index=53&type=chunk) Q1 2025 Adjusted PPNR and Efficiency Ratio Reconciliation | Metric | Amount (in millions) | | :--- | :--- | | **Adjusted Taxable-Equivalent Revenue (non-GAAP)** | **$800** | | Less: Adjusted Noninterest Expense (non-GAAP) | $533 | | **Adjusted PPNR (non-GAAP)** | **$267** | | **Efficiency Ratio (non-GAAP)** | **66.6%** | Tangible Book Value Per Common Share (non-GAAP) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Tangible common equity | $5,157M | $4,332M | | Tangible book value per common share | $34.95 | $29.34 |

The upcoming report from Zions (ZION) is expected to reveal quarterly earnings of $1.20 per share, indicating an increase of 16.5% compared to the year-ago period. Analysts forecast revenues of $808.26 million, representing an increase of 7.5% year over year.The consensus EPS estimate for the quarter has been revised 0.8% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a com ...

Zions (ZION) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 21. On the ...

Core Insights - Vectra Bank Colorado has appointed Jamie Burt as the Community Banking team leader for Colorado Springs and Pueblo, focusing on community and business growth [1][2] Group 1: Leadership and Experience - Jamie Burt brings over 40 years of banking experience, with a recent role in a Commercial Real Estate team at a major national bank, emphasizing his expertise in deal structuring and middle market knowledge [2] - Burt values teamwork, patience, and listening, aiming to enhance Vectra's existing team and engage more with the local community [2] Group 2: Personal Background - Since relocating to Colorado in 2016, Burt has embraced local activities such as boating and cycling, and he has a family with two grown children and a recently welcomed grandchild [2][3] Group 3: Educational Background - Burt holds a BA in Economics from Wheaton College and graduated from the Graduate School of Banking at the University of Wisconsin, Madison in 2008 [3] Group 4: Company Overview - Vectra Bank Colorado has assets totaling $4 billion and operates 34 locations in Colorado and one in New Mexico, focusing on small, middle-market, and corporate clients [4] - The bank is part of Zions Bancorporation, which is included in the S&P 400 Mid-Cap and NASDAQ Financial 100 indices [4]

Core Insights - California Bank & Trust (CB&T) is expanding its presence in the Coachella Valley through the acquisition of FirstBank's California banking operations, integrating four newly converted branches to enhance its service offerings [1][4] - The Grand Opening Celebration is scheduled for March 24, 2025, at the Palm Desert branch, inviting community members to participate in networking and festivities [3][6] - CB&T emphasizes a seamless transition for clients and employees, maintaining high customer service standards and retaining familiar staff in the newly converted branches [4][6] Company Commitment - CB&T is deepening its investment in the Coachella Valley by engaging in community partnerships and supporting local events such as the Coachella Valley Firebirds and Fashion Week El Paseo [5][6] - The bank aims to build meaningful relationships within the community, recognizing that the strength of a community lies in its people and businesses [6] Company Background - CB&T has been serving California families and businesses for over 70 years, providing personalized banking solutions with local decision-making [8] - The bank has received multiple accolades, including being voted "Best Bank" by San Diego Union-Tribune readers for 14 consecutive years and recognized for excellence in Middle-Market and Small Business banking [9]

Core Viewpoint - Zions Bancorporation has shown relatively sound operational performance but has not been immune to the recent turbulence affecting bank stocks [1] Group 1: Company Performance - Despite the recent market turbulence, Zions Bancorporation had been a strong performer in the months following the turbulence [1] - The company is favored for a long-term, buy-and-hold investment strategy, particularly for stocks that can sustainably post high-quality earnings [1] Group 2: Investment Strategy - The investment approach focuses on dividend and income stocks, indicating a preference for stable and reliable earnings [1]