$ZIONP

ZIONS BANCORPORATION /UT/

CIK:0000109380|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Interest and fees on loans	$ 859	$ 875	$ 1,700	$ 1,725
Interest on money market investments	43	50	82	103
Interest on securities	117	126	233	251
Total interest income	1,019	1,051	2,015	2,079
Interest expense:
Interest on deposits	281	312	556	638
Interest on short- and long-term borrowings	61	91	120	169
Total interest expense	342	403	676	807
Net interest income	677	648	1,339	1,272
Provision for credit losses:
Provision for loan and lease losses	4	3	(3)	20
Provision for unfunded lending commitments	(1)	(4)	(1)	(3)
Total provision for credit losses	3	(1)	(4)	17
Net interest income after provision for credit losses	674	649	1,343	1,255
Noninterest income:
Commercial account fees	49	46	97	91
Card fees	24	24	46	47
Retail and business banking fees	20	19	40	36
Loan-related fees and income	22	19	45	36
Capital markets fees and income	36	28	64	55
Wealth management fees	15	14	31	29
Other customer-related fees	16	14	31	28
Customer-related noninterest income	182	164	354	322
Dividends and other income	9	12	21	19
Securities gains (losses), net	269	14	272	20
Total noninterest income	460	190	647	361
Noninterest expense:
Salaries and employee benefits	344	336	705	678
Technology, telecom, and information processing	72	65	146	135
Occupancy and equipment, net	44	40	85	81
Professional and legal services	22	13	42	26
Marketing and business development	14	12	27	23
Deposit insurance and regulatory expense	7	20	22	42
Credit-related expense	10	6	15	12
Other real estate expense, net	1	0	1	0
Other	37	35	70	68
Total noninterest expense	551	527	1,113	1,065
Income before income taxes	583	312	877	551
Income taxes	130	68	191	137
Net income	453	244	686	414
Preferred stock dividends	(1)	(1)	(2)	(2)
Net earnings applicable to common shareholders	$ 452	$ 243	$ 684	$ 412
Weighted average common shares outstanding during the period:
Basic shares (in shares)	146,117	147,044	146,529	147,182
Diluted shares (in shares)	146,210	147,053	146,621	147,210
Net earnings per common share:
Basic (in dollars per share)	$ 3.05	$ 1.63	$ 4.61	$ 2.77
Diluted (in dollars per share)	$ 3.05	$ 1.63	$ 4.61	$ 2.77

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 686	$ 414
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	(4)	17
Depreciation and amortization	57	57
Share-based compensation	24	23
Deferred income tax expense	18	31
Net increase in trading securities	(255)	(145)
Net decrease (increase) in loans held for sale	569	(55)
Change in other liabilities	29	(183)
Change in other assets	18	(9)
Net gains on equity securities	(264)	(15)
Other, net	(33)	(18)
Net cash provided by operating activities	845	117
CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease in money market investments	1,081	1,382
Proceeds from maturities and paydowns of investment securities held-to-maturity	498	540
Purchases of investment securities held-to-maturity	0	(27)
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale	509	956
Purchases of investment securities available-for-sale	(597)	(777)
Net change in loans and leases	(1,982)	(1,033)
Purchases and sales of other noninterest-bearing investments	68	(132)
Purchases of premises and equipment	(58)	(58)
Acquisition of California branches, net of cash acquired	0	191
Other, net	221	(12)
Net cash provided by (used in) investing activities	(260)	1,030
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits	964	(3,080)
Net change in short-term borrowed funds	(1,653)	2,240
Proceeds from the issuance of long-term debt	498	0
Proceeds from the issuance of common stock	17	4
Dividends paid on common and preferred stock	(136)	(131)
Bank common stock repurchased	(152)	(41)
Other, net	(13)	(10)
Net cash used in financing activities	(475)	(1,018)
Net increase in cash and due from banks	110	129
Cash and due from banks at beginning of period	683	651
Cash and due from banks at end of period	793	780
Cash paid for interest	668	829
Net cash paid for income taxes	123	114
Noncash activities:
Loans held for investment reclassified to loans held for sale, net	508	63
Deposits acquired in purchase of California branches (at time of purchase)	0	657
Loans acquired in purchase of California branches, net (at time of purchase)	$ 0	$ 423

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Jun. 30, 2026

Dec. 31, 2025

ASSETS

Cash and due from banks

$ 793

$ 683

Money market investments:

Interest-bearing deposits

1,418

2,202

Federal funds sold and securities purchased under agreements to resell

1,123

1,420

Trading securities, at fair value

319

Investment securities:

Available-for-sale, at fair value

9,239

9,207

Held-to-maturity, at amortized cost (fair value: $8,440 and $8,940)

8,477

8,867

Total investment securities

17,716

18,074

Loans held for sale (includes $51 and $71 of loans carried at fair value)

201

Loans and leases, net of unearned income and fees 1

^[1]

62,481

60,900

Allowance for loan and lease losses

662

678

Loans held for investment, net of allowance

61,819

60,222

Other noninterest-bearing investments

1,061

1,076

Premises, equipment and software, net

1,356

1,363

Goodwill and intangibles

1,086

1,091

Other real estate owned

Other assets 1

^[1]

2,267

2,289

Total assets

89,041

88,690

Deposits:

Noninterest-bearing demand

26,233

25,823

Interest-bearing:

Savings and money market

40,657

39,914

Time

9,718

9,907

Total deposits

76,608

75,644

Federal funds and other short-term borrowings 1

^[1]

1,219

2,872

Long-term debt

1,956

1,472

Reserve for unfunded lending commitments

Other liabilities 1

^[1]

1,532

1,476

Total liabilities

81,360

81,510

Shareholders’ equity:

Preferred stock, without par value; authorized 4,400 shares

Common stock ($0.001 par value; authorized 350,000 shares; issued and outstanding 145,939 and 147,653 shares) and additional paid-in capital

1,602

1,726

Retained earnings

7,880

7,329

Accumulated other comprehensive income (loss)

(1,867)

(1,941)

Total shareholders’ equity

7,681

7,180

Total liabilities and shareholders’ equity

$ 89,041

$ 88,690

[1]

Effective in the first quarter of 2026, we changed our accounting policy to present qualifying derivative assets and liabilities, along with the associated rights to reclaim or obligations to return cash collateral, on a net basis for all eligible arrangements rather than on a gross basis. Prior period results have been recast to conform to this presentation.