# ZIONP earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/ZIONP) · [Earnings tab](https://www.lopjlb.com/stock/ZIONP?tab=earnings) Updated: 2026-07-20T01:13:39 Quarters analyzed: 8 ## Cross-quarter narrative Across the series of earnings CallCards, Zions moved from completing core technology upgrades and modest loan‑growth in mid‑2024 to a pattern of steady net‑interest‑margin expansion and incremental loan and deposit growth through 2025. Early calls highlighted fee‑income lag, higher deposit costs and a pending long‑term‑debt proposal; later quarters introduced multiple branch acquisitions, new consumer‑deposit products and AI‑driven initiatives while maintaining focus on cost control. Credit‑quality concerns, especially rising classified CRE balances, persisted and intensified, prompting risk‑management actions. Economic‑slowdown and tariff‑related headwinds remained recurring themes, as did deposit‑cost volatility and technology‑vendor cost pressures. By Q1 2026 the company reported strong earnings, modest NIM compression, and a pending Basis Investment acquisition, while still flagging interest‑rate risk, regulatory approvals and AI implementation challenges. Overall the narrative reflects a transition from foundational system delivery to growth‑oriented acquisitions and product launches, set against a backdrop of macro‑uncertainty and evolving credit‑risk dynamics. ## Latest CallCard · Q1 Zions Bancorp posted a 37% YoY earnings jump in Q1 2026, with modest NIM compression, loan and deposit growth, a pending Basis Investment acquisition, rollout of new deposit products and AI initiatives, and maintained full‑year guidance amid rate‑path uncertainty. **Guidance:** maintained — Management said they have firmed up the full‑year guide and expect results toward the top end of the range. **Tone:** mgmt 0.6 · Q&A pressure 0.3 · divergence 0.2 Prepared remarks highlighted meaningful YoY improvement, strategic progress and new product launches, indicating optimism. ### Demand visibility Customer deposits rose 1.8% YoY while loan growth was 2.4% annualized. Period‑end deposits increased $1.3 billion; average loans grew 2.4% driven by commercial lending, offset by seasonal deposit runoff. ### Margins / costs Net interest margin slipped 4 basis points quarter‑over‑quarter. NIM fell to 3.27% as loan yields compressed 14 bps from rate cuts and deposit repricing lowered funding costs, partially offset by improved deposit costs. ### Capital allocation Acquisition of Basis Investment programs, new deposit product rollout, AI data‑quality project, share repurchases and dividends. Basis deal pending regulatory approval; "beyond the business" pilot in CO and AZ; AI used for appraisal, contract and credit review; $77 million share repurchase and dividend paid. ### Milestones - **Basis Investment Group acquisition** [at_risk]: Pending regulatory and customary closing approvals. - **"Beyond the Business" small‑business deposit product** [on_track]: Piloted in Colorado and Arizona; broader rollout expected later this quarter. - **Gold Account consumer deposit product** [delivered]: Launched in H2 2025 as planned. - **AI data‑quality and productivity overhaul** [on_track]: Core replacement project improving data organization and automation. - **Positive operating leverage target 100‑150 bps FY2026** [new]: Management expects leverage similar to Q1 performance. - **Deposit cost reduction** [delivered]: Total funding costs fell 8 bps to 1.68%. - **Investment securities liquidity management** [delivered]: Price sensitivity 3.7 years; cash flow reinvested. - **SBA lending rank 11th nationally** [on_track]: Continued momentum in SBA 7(a) approvals. ### Fears / risks - **Interest rate risk**: Potential further rate cuts could compress loan yields and pressure NIM. - **Regulatory risk**: Acquisition of Basis programs requires regulatory approvals. - **AI implementation risk**: Management noted concerns about agentic AI affecting margins. - **Energy lending exposure**: Although oilfield service exposure reduced, reserve‑based loan performance remains a focus. - **Deposit cost volatility**: Deposit repricing dynamics could affect funding costs. - **Operating leverage assumptions**: Guidance assumes no rate cuts; unexpected cuts could alter leverage expectations. ### Key quotes > “We are reasonably pleased with our performance and financial results for the first quarter, which reflect meaningful year-over-year improvement and continued progress against our long-term strategic priorities.” — Harris Simmons > “We recently introduced its companion offering for small business customers, branded as "beyond the business." We began piloting the product in Colorado and Arizona late in the quarter, and it's expected to roll out more broadly across our” > “we're seeing a 72 basis point spread on the front book vis-a-vis the back book.” ## Quarter one-liners - **2026 Q1:** Zions Bancorp posted a 37% YoY earnings jump in Q1 2026, with modest NIM compression, loan and deposit growth, a pending Basis Investment acquisition, rollout of new deposit products and AI initiatives, and maintained full‑year guidance amid rate‑path uncertainty. - **2025 Q4:** Zions Bancorp reports strong Q4 2025 with earnings up 31% YoY, NIM expanding for 8th straight quarter to 3.31%, deposit growth 9% annualized, credit quality pristine at 5bps net charge-offs; 2026 guidance calls for moderately higher NII, fees, expenses with 100-150bps positive operating leverage, ne - **2025 Q3:** Zions Bancorp Q3 2025 earnings show modest loan and deposit growth, expanded net interest margin, isolated credit loss event, and a cautiously optimistic outlook for 2026 despite credit‑quality questions. - **2025 Q2:** Zions Bancorp Q2 2025 earnings show 28% earnings rise, expanding NIM, 5.6% loan growth, new gold account rollout and SBA loan surge, while noting modest economic slowdown and tariff risk. - **2025 Q1:** Zions Bancorp posted 18% earnings growth, modest loan growth, and improved net interest margin while flagging heightened economic uncertainty and modest guidance for Q1 2026. - **2024 Q4:** Zions Bancorporation posted Q4 2024 earnings with higher net interest margin, modest loan growth, rising deposits, and manageable credit losses despite a rise in CRE classified loans and limited wildfire exposure. - **2024 Q3:** Zions Bancorporation reports modest earnings growth, expanding net interest margin, low charge‑offs, a pending FirstBank branch acquisition and continued optimism on loan and fee income despite rate and credit‑quality headwinds. - **2024 Q2:** Zions completed its core system conversion, saw modest loan growth, NIM expansion, fee income lagging, and retained earnings while monitoring rate impacts and a pending long‑term debt proposal. ## Theme arcs - **Net interest margin expansion** (improving): NIM grew each quarter through 2025, with slight compression in Q1 2026 - **Loan growth** (stable): Modest growth early, 5.6% YoY in Q2 2025, 2.4% annualized in Q1 2026 - **Deposit growth** (stable): Stable to modest increases, occasional outflows in Q2 2025 ## Guidance path 2024 Q2:vague → 2024 Q3:maintained → 2024 Q4:maintained → 2025 Q1:maintained → 2025 Q2:maintained → 2025 Q3:maintained → 2025 Q4:vague → 2026 Q1:maintained --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/ZIONP`