# Zions Bancorporation N.A. (ZION) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ZION/thesis · /stocks/ZION/memo

## Financial Snapshot

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source: coverage-next-full | ticker: ZION | step: "04" | created: 2026-05-29
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### Step 04 — Financial Snapshot (FY2021–2024)

#### Income Statement Summary

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Net Interest Income ($M) | ~$2,100 | ~$2,600 | ~$2,400 | ~$2,350 |
| Noninterest Income ($M) | ~$490 | ~$490 | ~$480 | ~$490 |
| **Total Revenue ($M)** | **~$2,590** | **~$3,090** | **~$2,880** | **~$2,840** |
| Provision for Credit Losses ($M) | ~$45 | ~$175 | ~$280 | ~$230 |
| Noninterest Expense ($M) | ~$1,630 | ~$1,760 | ~$1,780 | ~$1,780 |
| Pre-tax Income ($M) | ~$915 | ~$1,155 | ~$820 | ~$830 |
| Net Income ($M) | ~$745 | ~$875 | ~$625 | ~$635 |
| **Diluted EPS** | **~$4.80** | **~$6.11** | **~$4.11** | **~$4.15–4.30** |

*Note: FY2024E are analyst consensus estimates; actual reported results may vary.*

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#### Key Per-Share Metrics

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Diluted EPS | ~$4.80 | ~$6.11 | ~$4.11 | ~$4.20 |
| Book Value Per Share | ~$39.50 | ~$28.00 | ~$29.50 | ~$33.00 |
| **Tangible Book Value/Share (TBV/S)** | **~$36.00** | **~$24.00** | **~$25.00** | **~$28.50** |
| Dividends Per Share | ~$1.52 | ~$1.52 | ~$1.64 | ~$1.64 |
| Shares Outstanding (M) | ~155 | ~150 | ~151 | ~151 |

**Critical note on TBV:** The collapse in tangible book value from ~$36/share (2021) to ~$24/share (2022) was driven almost entirely by AOCI deterioration — unrealized losses on the bond portfolio flowing through Other Comprehensive Income. This was a non-cash accounting charge, not actual credit losses. However, it raised questions about capital adequacy and created a perception overhang.

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#### Balance Sheet Summary

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Total Assets ($B) | ~$89 | ~$90 | ~$87 | ~$87 |
| Loans Held for Investment ($B) | ~$52 | ~$56 | ~$55 | ~$54 |
| Investment Securities ($B) | ~$23 | ~$20 | ~$19 | ~$18 |
| Total Deposits ($B) | ~$77 | ~$76 | ~$73 | ~$71 |
| Total Equity ($B) | ~$6.1 | ~$4.2 | ~$4.5 | ~$5.0 |
| AOCI Component of Equity ($B) | ~$(0.1) | ~$(3.3) | ~$(2.8) | ~$(2.2) |

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#### Profitability Ratios

| Ratio | FY2021 | FY2022 | FY2023 | FY2024E |
|-------|--------|--------|--------|---------|
| Return on Assets (ROA) | ~0.85% | ~0.97% | ~0.71% | ~0.73% |
| Return on Equity (ROE) | ~12.4% | ~18.0% | ~14.0% | ~13.0% |
| Return on Tangible Common Equity (ROTCE) | ~13.5% | ~23.0%* | ~16.5% | ~15.0% |
| Net Interest Margin (NIM) | ~2.77% | ~3.16% | ~3.05% | ~2.98% |
| Efficiency Ratio | ~63% | ~57% | ~62% | ~63% |

*FY2022 ROTCE inflated due to low tangible equity base from AOCI; less meaningful as performance indicator.

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#### Credit Quality Metrics

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Nonperforming Loans (NPL) / Total Loans | ~0.35% | ~0.30% | ~0.55% | ~0.70% |
| Net Charge-offs / Average Loans | ~0.04% | ~0.08% | ~0.18% | ~0.25% |
| Allowance for Loan Losses / Total Loans | ~1.12% | ~1.15% | ~1.25% | ~1.30% |
| Provision for Credit Losses ($M) | ~$45 | ~$175 | ~$280 | ~$230 |

Credit quality deteriorated modestly in 2023–2024 as the CRE cycle pressured some loan categories. Still well within manageable range relative to regional bank peers.

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#### Capital Ratios

| Ratio | FY2021 | FY2022 | FY2023 | FY2024E |
|-------|--------|--------|--------|---------|
| CET1 Ratio | ~10.2% | ~10.0% | ~10.2% | ~10.5% |
| Tier 1 Capital Ratio | ~10.5% | ~10.3% | ~10.5% | ~10.8% |
| Total Capital Ratio | ~12.0% | ~11.8% | ~12.0% | ~12.3% |
| Tangible Common Equity / Tangible Assets | ~6.2% | ~4.1% | ~4.3% | ~4.9% |

**Note on capital ratios:** AOCI exclusion from CET1 calculation (for banks under AOCI opt-out) means CET1 looked better than the underlying capital quality during 2022–2023. Regulatory capital ratios did not capture the economic deterioration in book value.

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#### Dividend & Capital Return

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Dividends Per Share | $1.52 | $1.52 | $1.64 | $1.64 |
| Dividend Payout Ratio | ~32% | ~25% | ~40% | ~39% |
| Share Repurchases ($M) | ~$200 | ~$300 | ~$0 | ~$50–100 |
| Total Capital Return ($M) | ~$435 | ~$525 | ~$250 | ~$300 |

Buyback activity essentially ceased in 2023 as management prioritized AOCI recovery and capital preservation post-SVB regional bank stress.

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#### AOCI Trajectory — Key Valuation Driver

The AOCI deficit is a defining characteristic of ZION's investment case:

| Period | AOCI ($B) | TBV/S Impact |
|--------|-----------|-------------|
| Dec 2021 | ~$(0.1) | Minimal |
| Dec 2022 | ~$(3.3) | ~$(21/share) |
| Dec 2023 | ~$(2.8) | ~$(18/share) |
| Dec 2024E | ~$(2.2) | ~$(14/share) |
| Dec 2025E | ~$(1.5) | ~$(10/share) |
| Dec 2026E | ~$(0.8) | ~$(5/share) |

*Estimates based on expected securities maturities and amortization; actual outcome depends on reinvestment decisions and rate path.*

As the AOCI deficit naturally shrinks (securities mature or are sold), **GAAP tangible book value will recover toward economic/intrinsic value** — this is the core bull thesis.

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ZION/fundamental

## Navigation

- Overview: /stocks/ZION
- Financials (this page): /stocks/ZION/financials
- Thesis: /stocks/ZION/thesis
- Investment Memo: /stocks/ZION/memo
- Coverage universe: /stocks