Zions Bancorporation, National Association Earnings Summary — Q2 FY2026

• Net earnings rose significantly to $452 million, driven by a $215 million pre-tax gain from the sale of Visa Class B-1 shares.
• Excluding notable items, diluted EPS was $1.74, a 10% increase compared to the $1.58 adjusted EPS in the year-ago quarter.
• Loans and leases grew 3% YoY to $62.5 billion, with commercial and industrial lending showing the strongest momentum.
• Net Interest Margin (NIM) improved to 3.27% from 3.17% YoY, remaining flat sequentially as funding costs began to stabilize.
• Credit quality remains a strength, with net charge-offs at a very low 0.06% of average loans and a decrease in nonperforming assets.
• Tangible book value per common share grew 22% YoY to $44.74, supported by improved retained earnings and a recovery in AOCI.
• The bank resumed meaningful capital returns, repurchasing 1.2 million shares for $75 million during the quarter.

Management expressed optimism regarding organic growth in customer-related noninterest income, particularly from capital markets and investment banking advisory fees. They highlighted a focus on maintaining credit discipline and local-market authority while navigating a higher-for-longer interest rate environment.

Improving

Earnings performance was significantly bolstered by non-core gains, but underlying organic trends like stabilized NIM and strong commercial loan growth show improving fundamental health.

The outlook remains stable as the bank focuses on risk-weighted asset optimization and capital building. The strengthening of the CET1 ratio to 11.8% provides a robust buffer against macroeconomic volatility.