Zions Bancorporation, National Association Q3 2026 Earnings Recap

Zions’ third-quarter results were mixed, and the stock rose 1.9% after earnings. Earnings per share increased year over year, but net interest margin declined from both the prior quarter and year-ago period, while adjusted pre-provision net revenue fell 4% year over year.

Key Takeaways

• Net earnings available to common shareholders were $262 million, or $1.78 per share, up 20% from $1.48 a year earlier and 2% from $1.74 in the prior quarter, adjusted for that quarter’s large equity securities gains.
• Net interest margin was 3.23%, down 4 basis points sequentially and 5 basis points year over year. Loans grew 3.7% and customer deposits 8.8% on an annualized basis from the prior quarter.
• Adjusted pre-provision net revenue was $338 million, up 2% sequentially but down $14 million, or 4%, year over year. The quarter included $4 million of expense tied to the acquired multifamily agency platform.
• Credit losses remained modest at 2 basis points annualized of average loans.
• For the multifamily agency business, Zions expects $17 million–$20 million in revenue and $12 million–$13 million in expense in 2027; medium-term annual revenue is projected at $30 million–$40 million, with growth dependent in part on market conditions.