What were the key takeaways from Zions Bancorporation's earnings call?

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What is the revenue and EPS growth rate for Zions Bancorporation year over year?

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Did Zions Bancorporation beat or miss consensus estimates last quarter?

What were the key takeaways from Zions Bancorporation’s earnings call?

- **Revenue Growth**: Q4 net income $262M (+31% YoY), NIM 3.31% (8th straight quarter expansion).
- **Deposit Strategy**: Customer deposits +9% annualized, NIBD +6% QoQ, cost of deposits down 11 bps.
- **Credit Quality**: Net charge-offs 5 bps annualized; CRE classified loans down $132M YoY.
- **Expense Control**: 2026 operating leverage 100-150 bps, excluding one-time $15M charitable contribution.
- **Capital Return**: CET1 11.5%, buybacks likely in 2H 2026 as capital builds organically.

**【CEO Summary Section】**
- Q4 2025 net income: $262 million (19% QoQ, 31% YoY), driven by stronger revenues and lower credit provisions.
- Net interest margin (NIM) expanded to 3.31% (8th consecutive quarter), benefiting from improved funding mix and deposit growth.
- Customer deposits grew 9% annualized; average loans flat QoQ, period-end balance up $615 million.
- Credit quality strong: net charge-offs 5 bps annualized; CRE classified loans down $132 million YoY.
- Tangible book value per share +21% YoY, third straight year of >20% growth.

**【CFO Financial Commentary】**
- Full year 2025 adjusted PPNR: $331 million (12% YoY growth), excluding $15M charitable contribution.
- NIM guidance for 2026: moderate increase, assuming 225 bps Fed rate cuts (June/Sept 2026).
- Noninterest income: customer-related fees hit record $177M, capital markets fees +25% YoY.
- Expenses: $548M (5% QoQ, 8% YoY), including $15M charitable donation; operating leverage expected 100-150 bps in 2026.
- Deposit cost decline: 11 bps QoQ to 1.56%, driven by repricing and product migration.
- Loan growth outlook: 2026 period-end balance increase, led by C&I and owner-occupied CRE.

**【Q&A Highlights】**
- **Expense Guidance**: 2026 noninterest expense to moderately increase, excluding one-time charitable contribution. Base: $2.122B (2025 adjusted total).
- **Loan Growth Drivers**: Small business lending focus (+53% SBA 7(a) loans YoY), CRE classified balance decline, and municipal/energy sector opportunities.
- **Deposit Strategy**: Target noninterest-bearing deposits (NIBD) growth via new product launches; Q4 NIBD +$1.7B QoQ, 6% annualized.
- **Capital Return**: CET1 ratio 11.5%, nearing point to initiate share buybacks in 2H 2026.
- **Credit Quality**: CRE portfolio stable (22% of loans), nonaccruals low; C&I classified loans up $92M QoQ due to macro stress.
- **NIM Trajectory**: 2026 NIM expansion driven by securities runoff, loan growth, and deposit cost savings; 2026 rate cuts assumed 225 bps.

Zions Bancorporation, National Association (ZION) Q4 2025 Earnings Call Transcript

- **Core Earnings Strength**: 11 bps NIM expansion to 3.28% and 7% EPS growth despite one-off credit loss.
- **Credit Resilience**: Minimal charge-offs (4 bps annualized) outside isolated $50M event, with 213% coverage ratio.
- **Growth Drivers**: 2.1% loan growth QoQ and 8% noninterest income expansion.
- **Strategic Focus**: Commercial lending and capital markets leading 2026 growth, with SBA lending ranked top 15.
- **Capital Discipline**: CET1 ratio of 11.3% and buyback activity tied to AOCI recovery.

**【CEO Summary Section】**
- **Revenue Growth**: Core earnings showed momentum with customer fees (excluding NCVAs) up $10 million and adjusted expenses down $1 million. Net interest margin expanded 11 bps to 3.28%.
- **Credit Quality**: Recorded a $49M provision for credit losses due to isolated $50M charge-off from two borrowers. Excluding this, net charge-offs were minimal at 4 bps annualized.
- **Earnings**: Diluted EPS was $1.48, down 9% YoY but up 7% QoQ, driven by higher revenue and lower expenses.

**【CFO Financial Commentary】**
- **Net Interest Income**: Increased $52M (8%) QoQ, benefiting from asset repricing and deposit growth. NIM outlook for 2026Q3 is moderately higher.
- **Noninterest Income**: Customer-related fees grew 6% QoQ to $174M, with capital markets contributing 2% YoY growth.
- **Expense Management**: Adjusted expenses rose 4% YoY to $520M, driven by tech and salary costs, but efficiency ratio improved to 59.6%.
- **Balance Sheet**: Loans grew 2.1% annualized QoQ, while deposits expanded 3.1% annualized.

**【Q&A Highlights】**
- **Credit Review**: Executives confirmed the $50M charge-off was isolated, with no systemic risks in NDFI portfolio (3% of loans, well-diversified).
- **Loan Growth**: Commercial loans expected to lead 2026 growth, with SBA lending ranked 14th in the U.S.
- **Capital Strategy**: Buyback activity tied to AOCI recovery and capital ratios (~11.3% CET1).
- **Interest Rate Outlook**: 225 bps Fed cuts expected in 2025Q4-2026Q1, supporting NIM expansion.


Zions Bancorporation, National Association (ZION) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: 28% YoY net earnings growth, fueled by 3.17% net interest margin and fee income expansion.
- **Product Success**: Consumer gold account sales up 78%, SBA loans +91% YoY, targeting mass affluent and small businesses.
- **Financial Strength**: 62.2% efficiency ratio, $243M net earnings, and 5.6% annualized loan growth.
- **Strategic Moves**: AI-driven expense reduction, digital asset readiness, and cautious M&amp;A approach.
- **Future Outlook**: Positive operating leverage, 2026Q2 guidance for moderate loan and expense growth, and tariff risk mitigation.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 net earnings of $243M, up 28% YoY, driven by net interest margin expansion (3.17%), fee growth, and expense control.
- **Customer Focus**: Small business banking initiatives, including a 91% increase in SBA 7(a) program deals YoY, and a new consumer gold account with 78% sales growth vs predecessor.
- **Economic Outlook**: Cautious optimism on tariff risks, with CRE classified loans down $194M QoQ due to improved leasing and cash flows.

**【CFO Financial Commentary】**
- **Net Interest Income**: Increased $51M (9%) YoY, supported by lower funding costs and loan growth.
- **Noninterest Income**: Customer-related fee income up 7% YoY, driven by capital markets and fee-based services.
- **Expense Management**: Adjusted noninterest expense down $12M YoY, with 3% growth expected in 2026Q2 vs 2025Q2.
- **Balance Sheet**: Average loans +5.6% annualized QoQ, deposits stable at 34% noninterest-bearing, and total funding cost down 4bps to 1.97%.

**【Q&A Highlights】**
- **Loan Growth**: C&amp;I and CRE origination strength, with $891M Q2 growth, 5.6% annualized linked quarter.
- **Deposit Competition**: Competitive market, but total funding cost decline (40bps YoY) offset by asset repricing.
- **Regulatory Changes**: Basel III tiering beneficial, but no immediate M&amp;A plans beyond tuck-in deals.
- **Digital Assets**: Preparing for tokenized deposits and stablecoins with TCS BaNCS core system capabilities.
- **Expense Leverage**: 100-200bps positive operating leverage expected, driven by revenue growth outpacing expenses.


Zions Bancorporation, National Association (ZION) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 net earnings up 18% YoY to $169M, driven by 5bps NIM expansion.
- **CRE Portfolio Strength**: 5-year annualized charge-offs of 1bps, no CRE charge-offs in Q1.
- **Cost Control**: Deposit cost down 26bps QoQ; 2026Q1 NII outlook +4.6% vs. 2025Q1.
- **Acquisition Impact**: Coachella Valley deal adds $630M deposits, enhancing Southern California market share.
- **Risk Management**: Allowance at 1.24%, well-positioned for economic uncertainty.

**【CEO Opening Remarks】**
- Q1 2025 net earnings: $169 million ($1.13 per share), up 18% YoY. Net interest margin (NIM) expanded to 3.10%, driven by lower deposit costs.
- Acquired 4 branches in Coachella Valley, adding $630M deposits and $420M loans, enhancing market share in Southern California.
- CRE portfolio remains strong with annualized net charge-offs of 1 basis point over 5 years.
- Outlook: Economic uncertainty persists, but confident in risk management and customer focus.

**【CFO Financial Details】**
- Pre-provision net revenue (PPNR): $267M, +10% YoY. Efficiency ratio improved vs. prior year.
- Deposit cost trends: Average cost of interest-bearing deposits down 26bps QoQ to 1.76%. NIM up 5bps QoQ.
- Customer-related fee income: $158M (down 10% QoQ due to lower capital markets fees).
- Expense management: Adjusted non-interest expense up $24M QoQ due to seasonal items, but outlook for 2026Q1 is stable to slightly higher.

**【Credit Quality Highlights】**
- Net loan charge-offs: $16M (11bps annualized). No CRE charge-offs; non-accrual CRE loans at 43bps.
- Allowance for credit losses: 1.24% of loans, well-aligned with economic outlook.
- CRE portfolio: $13.6B (23% of total loans), granular with low LTVs (60%+ classified loans have LTV <60%).

**【Q&A Key Takeaways】**
- **Loan Growth**: Expect stable to modest growth (0.5% QoQ), led by C&amp;I offset by managed CRE declines.
- **Deposit Pricing**: NIM sensitivity to rates suggests 4.6% increase in 2026Q1 NII vs. 2025Q1, assuming Fed path.
- **Expense Control**: 3% headcount reduction YTD; focus on organic efficiency gains.
- **Share Repurchases**: 2025 buyback plan remains at $40M; CET1 ratio (10.8%) provides flexibility.
- **Tariff Impact**: Monitoring borrowers in manufacturing, trucking, and retail sectors ($<500M exposure in trucking).

Zions Bancorporation, National Association (ZION)-21 Apr 25-2025 Q1 Earnings call transcript

- **Q4 Growth Highlights**: 19% YoY PPNR growth, 3.05% NIM (14bps YoY expansion), and $737M full-year net earnings.
- **2025 Outlook**: Moderate loan growth, continued NIM improvement, and capital markets fee momentum.
- **Key Risks**: Elevated CRE classified balances (offset by low LTVs), and lagged deposit repricing benefits.
- **Strategic Moves**: $500M subordinated notes issuance to reduce funding costs, and capital markets pipeline expansion.

**【CEO Opening Remarks】**
- Q4 2024 adjusted pre-provision net revenue (PPNR) increased 19% YoY, driven by net interest margin expansion and cost control. Full year net earnings were $737M ($4.95 EPS), with Q4 EPS of $1.34.
- Net interest margin (NIM) expanded to 3.05%, up 14bps YoY, due to faster liability repricing. Efficiency ratio improved to 62%.
- Loan growth modest at 1.1% QoQ (3.2% YoY), with stable noninterest-bearing deposits. Net loan charge-offs were $36M (24bps annualized), driven by a single C&I credit.
- Guidance for 2025: Continued NIM expansion, positive operating leverage, and moderate loan growth led by C&I.

**【CFO Financial Details】**
- Q4 GAAP net income: $200M ($1.34 EPS). Adjusted PPNR: $312M (4% QoQ growth).
- NIM trends: 3.05% in Q4 vs. 2.91% YoY, with 2bps QoQ expansion from deposit cost savings.
- Noninterest income: $173M (7.5% QoQ growth), driven by capital markets (36% YoY increase) and commercial fees.
- Expenses: Adjusted noninterest expense $509M (+$10M QoQ), with 2025 outlook for slight to moderate increase.
- Deposit trends: Average balances up 1.1% QoQ, interest-bearing deposit cost down 32bps to 2.87%.
- Loan pipeline: C&I and consumer mortgages driving growth, with 2025 outlook for modest period-end growth.

**【Q&A Key Takeaways】**
1. **Deposit Beta & Funding**: Deposit beta near 60%, with lagged repricing benefits expected. Wholesale funding reduced by $1.4B in Q4.
2. **Capital Management**: CET1 ratio 10.9%, with AOCI improvement from securities runoff. $500M subordinated notes issued in Q4 to replace high-cost debt.
3. **Loan Growth**: 2025 outlook for slight increase, led by C&I (offset by managed CRE and mortgage declines). Energy sector showing momentum.
4. **CRE Risk**: Classified CRE up $609M (multifamily/industrial), but LTV <60% for 75% of portfolio. Expected losses manageable.
5. **Regulatory Environment**: Optimism around regulatory relief, with focus on small business lending and capital markets expansion.

Actual																0.04	0.34	1.01	1.66	1.9	2.08	1.45	1.34	1.27	1.29	1.4	1.84	1.33	1.11	1.13	0.78	0.96	1.28	1.37	1.34	1.13	1.63	1.48	1.76
Forecast																0.5614	0.3465	0.8788	1.0214	1.1803	1.2944	1.3488	1.3109	1.154	1.3463	1.5619	1.6461	1.5269	1.0789	1.1129	0.8803	0.9465	1.0939	1.1762	1.2641	1.1858	1.3073	1.4614	1.57	1.4182
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-92.87%	-1.88%	+14.93%	+62.52%	+60.98%	+60.69%	+7.50%	+2.22%	+10.05%	-4.18%	-10.37%	+11.78%	-12.90%	+2.88%	+1.54%	-11.39%	+1.43%	+17.01%	+16.48%	+6.00%	-4.71%	+24.68%	+1.27%	+12.10%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	689.00M	686.00M	712.00M	716.00M	714.00M	760.00M	706.00M	743.00M	686.00M	765.00M	828.00M	873.00M	839.00M	780.00M	765.00M	731.00M	742.00M	776.00M	792.00M	821.00M	795.00M	838.00M	861.00M	891.00M	--
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	681.39M	691.69M	704.34M	698.88M	697.04M	706.03M	705.72M	712.16M	700.97M	740.91M	819.37M	865.83M	845.20M	750.34M	764.26M	754.09M	742.73M	761.61M	778.30M	788.02M	796.43M	810.87M	843.08M	864.73M	853.79M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+1.12%	-0.82%	+1.09%	+2.45%	+2.43%	+7.64%	+0.04%	+4.33%	-2.13%	+3.25%	+1.05%	+0.83%	-0.73%	+3.95%	+0.10%	-3.06%	-0.10%	+1.89%	+1.76%	+4.18%	-0.18%	+3.35%	+2.13%	+3.04%	0.00%

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ZION

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ZION Q1 2026 Earnings Preview

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You can ask Aime