Zions Bancorporation, National Association (ZION) SEC Filings & Earnings Calls

Net interest margin compression continues due to lower asset yields, though partially offset by lower funding costs.

“NIM declined to 3.23% from 3.28% a year ago”

Loan growth flat sequentially, indicating potential competitive pressure or demand slowdown.

“flat loan growth compared to the second quarter” · word for word

Office CRE exposure

“Office CRE loan portfolio totaled $1.6 billion, with 33% maturing in 12 months; nonaccrual ratio 1.3%.” · word for word

Multifamily CRE maturity concentration

“Approximately 45% of the multifamily CRE loan portfolio is scheduled to mature within the next 12 months.” · word for word

Notable items include $215M gain on Visa B-1 shares, which is non-recurring and inflates reported EPS.

“Gain on sale of Visa Class B-1 shares was $215 million, or $1.12 per share” · word for word

Long-term debt increased 102% due to senior note issuances, increasing leverage.

“Long-term debt was $2.0 billion, up 102%, due to senior note issuances over the past year” · word for word

Office CRE exposure

“Office CRE loan portfolio $1.6B, nonaccrual ratio 2.3% (improved from 4.0% but still elevated).”

Multifamily CRE maturity concentration

“Approximately 46% of the multifamily CRE loan portfolio is scheduled to mature within the next 12 months.” · word for word

Uninsured deposit concentration

“Estimated uninsured deposits $35.0B, or 46% of total deposits.”

Net interest margin declined sequentially from 3.31% to 3.27% due to lower earning asset yields and decrease in average demand deposits.

“NIM declined from 3.31% in prior quarter, mainly due to lower earning asset yields and a decrease in average demand deposits.”

Credit quality deterioration

“Net loan and lease charge-offs totaled $89 million, or 0.15% of average loans in 2025, compared with $60 million, or 0.10% in 2024.” · word for word

Deposit outflow pressure

“Total deposits decreased $579 million, or 1%, as a decline in brokered deposits was partially offset by an increase in noninterest-bearing demand deposits.” · word for word

Increased net charge-offs

“Net loan and lease charge-offs totaled $89 million, or 0.15% of average loans and leases, compared with $60 million, or 0.10%, in 2024.” · word for word

Regulatory risk - interchange fee cap

“If enacted as proposed, the revised regulation could reduce our annual fee income by approximately $10 million or more.” · word for word

Regulatory risk - Basel III Endgame

“The Federal Reserve has indicated its intention to collaborate with other federal banking regulators on a revised proposal in 2026. The timing, substance, and potential impact of any re-proposal remain uncertain.” · word for word

Deposit decline of 1% YoY may indicate competitive pressure or customer attrition

“Total deposits $75.6B, down 1% from prior year”

Key division leadership departure may cause short-term operational uncertainty

“Retirement of President and CEO of Zions Bank division; consulting agreement ensures transition support”

Credit loss spike from commercial loan fraud

“During the quarter, we recorded a $60 million provision for credit losses in connection with revolving lines of credit extended to two related commercial borrowers to finance the origination and purchase of commercial and residential mortgages. Of the total exposure, we charged off $50 million of the combined loan balances and established a full reserve for ” · word for word

Deposit outflow pressure

“Total deposits decreased $840 million, or 1%.” · word for word

NDFI loan credit quality deterioration

“Total NDFI net charge-offs for the third quarter of 2025 included only the previously discussed $50 million charge-off associated with the revolving lines of credit extended to two related commercial borrowers to finance the origination and purchase of commercial and residential mortgages.” · word for word