ZIONPHIGH SIGNALFINANCIAL10-K

Zions Bancorporation experienced massive financial growth with net interest income surging 293% to $4.2B and net income jumping 305% to $899M, though interest expenses also exploded 716% to $1.5B.

The dramatic increases across all major financial metrics suggest either a significant business expansion, acquisition, or major operational transformation that has fundamentally changed the bank's scale and profitability profile. However, the massive 716% spike in interest expenses indicates substantially higher funding costs that investors should monitor closely for sustainability and margin compression risks.

Comparing 2026-02-24 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

Zions delivered exceptional growth across nearly all financial metrics, with net interest income nearly quadrupling to $4.2B and net income more than tripling to $899M, while total debt increased 75% to $946M and stockholders' equity grew a more modest 17% to $7.2B. The provision for credit losses swung from a $39M benefit to a $37M expense, indicating a normalization of credit conditions. This dramatic scaling suggests a transformational period for the bank, though the massive interest expense increase raises questions about the sustainability of net interest margins and overall profitability in this new operating environment.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+715.7%
$185.0M→$1.5B

Interest expense surged 715.7% — significant debt increase or rising rates materially impacting earnings.

Net Income
P&L
+305%
$222.0M→$899.0M

Net income grew 305% — bottom-line growth signals improving overall business health.

Net Interest Income
P&L
+293.2%
$1.1B→$4.2B

Net interest income grew 293.2% — benefiting from rate environment or loan book expansion.

Provision for Credit Losses
P&L
+194.9%
-$39.0M→$37.0M

Credit loss provisions surged 194.9% — management flagging significant deterioration in loan quality ahead.

Total Debt
Balance Sheet
+74.5%
$542.0M→$946.0M

Debt increased 74.5% — substantial leverage increase; assess whether deployed for growth or covering losses.

Capital Expenditure
Cash Flow
+24.7%
$97.0M→$121.0M

Capex increased 24.7% — ongoing investment in capacity or infrastructure for future growth.

Stockholders Equity
Balance Sheet
+17.2%
$6.1B→$7.2B

Equity base grew 17.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Share Buybacks
Cash Flow
+13.9%
$36.0M→$41.0M

Share repurchases increased 13.9% — management returning capital, signals confidence in intrinsic value.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-25
ADDED
Small Business Administration ERMC Enterprise Risk Management Committee SBIC Small Business Investment Company ETO Enterprise and Technology Operations SEC Securities and Exchange Commission EVE Economic Value of Equity SOFR Secured Overnight Financing Rate FAMC Federal Agricultural Mortgage Corporation, or Farmer Mac TCBW The Commerce Bank of Washington, a division of Zions Bancorporation, National Association FDIC Federal Deposit Insurance Corporation U.S.
These statements reflect management s current expectations and assumptions regarding future events and outcomes.
Forward-looking statements are not guarantees and should not be relied upon as representing management s views as of any subsequent date.
Risk Factors, and other Securities and Exchange Commission ( SEC ) filings.
We caution against placing undue reliance on forward-looking statements, as they reflect our views only as of the date they are issued.
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REMOVED
Small Business Administration EVE Economic Value of Equity at Risk SBIC Small Business Investment Company FAMC Federal Agricultural Mortgage Corporation, or Farmer Mac SEC Securities and Exchange Commission FASB Financial Accounting Standards Board SOFR Secured Overnight Financing Rate FDIC Federal Deposit Insurance Corporation TCBW The Commerce Bank of Washington, a division of Zions Bancorporation, National Association FDICIA Federal Deposit Insurance Corporation Improvement Act U.S.
Forward-looking statements are not guarantees, nor should they be relied upon as representing management s views as of any subsequent date.
) credit ratings, or other economic disruptions; and Other assumptions, risks, or uncertainties described in this annual report, including in Part I, Item 1A.
We caution against undue reliance on forward-looking statements, which reflect our views only as of their date of issuance.
BUSINESS DESCRIPTION OF BUSINESS Zions Bancorporation, National Association ( Zions Bancorporation, N.A., the Bank, we, our, us ) is a bank headquartered in Salt Lake City, Utah with annual net revenue (net interest income and noninterest income) of $3.1 billion in 2024, and total assets of approximately $89 billion at December 31, 2024.
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