Zions Bancorporation, National Association Earnings Summary — Q1 FY2026

• Zions continues to operate a mature regional banking model with a strong focus on the Western U.S. markets.
• The balance sheet has stabilized around $89 billion, reflecting a shift from aggressive expansion to consolidation.
• Shareholders' equity is in a recovery phase following a major 34% drawdown in 2022 caused by duration risk in the securities portfolio.
• The institutional ownership base remains robust at over 80%, indicating sustained long-term investor confidence.
• Revenue growth has been moderate, with a 5-year CAGR of approximately 3.8%, typical of a stable banking utility.
• Management maintains a decentralized 'local authority' decision-making process to manage credit discipline.

Management remains focused on rebuilding stockholders' equity and navigating net interest margin sensitivity in a volatile rate environment. Digital modernization efforts are ongoing to improve future operating efficiency.

Stable

The bank has recovered from the sharp 2023 profit contraction and extreme 2022 equity volatility, settling into a stable but slow-growth operational phase.

The outlook remains focused on credit discipline and managing the cost of funding. Growth is expected to be cyclical and tied to the regional economic performance of the Western United States.