Results at a glance
- Period
- FY2026Q3
- Revenue
- $881M (881 MUSD)
- Net income
- $262M (262 MUSD)
- Net margin
- 29.7%
From the Zions Open LedgerView the live ledgerIssuer filing (FY2026Q3)
Zions Bancorporation (NASDAQ: ZION), the Salt Lake City regional bank, reported third-quarter 2026 net earnings to common shareholders of $262 million, or $1.78 per share — up 20% from $1.48 a year ago. Net interest income rose 2% to $684 million even as the margin eased 5 basis points to 3.23%, with loan growth and a lower deposit cost (1.59% versus 1.67%) doing the work. The quarter's real swing is credit: an $8 million provision benefit replaced last year's $49 million charge, as annualized net charge-offs collapsed to 0.02% from 0.37% and nonperforming assets ticked down to 0.50% of loans. Customer-related fee income jumped 18% to $192 million — 5% excluding a $10 million credit-valuation gain on client swaps — led by capital markets fees nearly doubling to $46 million.
Expenses grew 5% to $553 million, holding the efficiency ratio at 61.9%, while pre-provision net revenue of $340 million slipped 1% on the comparison. (The linked quarter looks odd only because Q2 carried a $269 million securities gain.) The balance sheet keeps derisking: deposits up 4% to $77.9 billion with brokered down 9%, short-term borrowings down 76% to $843 million as senior-note issuance lifted long-term debt 64% to $2.4 billion, and the CET1 ratio up to 11.8% from 11.3%. Tangible book value per share rose 13% to $43.50, the dividend stepped to $0.48, and July brought the Basis Multifamily Finance agency platform into the fold — goodwill up $222 million in the quarter.
The Headline Numbers
| Metric | Q3 2026 | Q2 2026 | Q3 2025 |
|---|---|---|---|
| Net earnings to common | $262M | $452M* | $221M |
| Diluted EPS | $1.78 (+20%) | $3.05* | $1.48 |
| Net interest income | $684M (+2%) | $677M | $672M |
| Net interest margin | 3.23% | 3.27% | 3.28% |
| Provision for credit losses | ($8M) benefit | $3M | $49M |
| Net charge-offs / avg loans | 0.02% | 0.06% | 0.37% |
| Customer-related fee income | $192M (+18%) | $182M | $163M |
| Noninterest expense | $553M (+5%) | $551M | $527M |
| Pre-provision net revenue | $340M | $597M* | $345M |
| Loans and leases | $62,472M (+4%) | $62,481M | $60,278M |
| Total deposits | $77,948M (+4%) | $76,608M | $74,878M |
| CET1 ratio | 11.8% | 11.8% | 11.3% |
| Tangible book value / share | $43.50 (+13%) | $44.74 | $38.64 |
* Q2 2026 includes a $269 million securities gain; pretax income was $583 million that quarter versus $336 million in Q3.
Asset quality improved across the board: classified loans fell to $2.1 billion (3.40% of loans) from $2.4 billion (4.00%), and the total allowance coverage eased to 1.11% from 1.20% as the reserve released. Average earning-asset yields of 4.91% against a 1.75% rate on deposits and borrowings kept the spread at 2.34%, and return on tangible common equity printed 16.2%.
Five years in the ledger: the rate shock, absorbed
The ledger runs FY2021–FY2025 plus this quarter. Total revenue climbed from $2,911 million to $3,385 million while net interest income troughed at $2,430 million in 2024 and recovered to $2,627 million in 2025. Two artifacts reward a look: FY2021's $1,129 million net income rides a $276 million provision benefit from CECL reserve releases, and accumulated other comprehensive income cratered from +$325 million to −$3,112 million in 2022 as the bond portfolio bled unrealized losses — still −$1,941 million at end-2025. Deposits peaked at $82,789 million in 2021 and settled at $75,644 million, short-term borrowings spiked to $10,417 million in the 2022 scramble and are back to $3,104 million, and the Series I preferred went out the door in 2024. Every annual income statement and balance sheet, plus this quarter's 8-K statements, is modeled as examinable Beancount below.
