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Zions Bancorporation N.A (ZION)

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $2.8 billion in 2020 and more than $80 billion of total assets. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending, recently ranking as the 9th largest provider in the U.S. of the SBA's Paycheck Protection Program loans. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices.

Company profile

Ticker
ZION, ZIONL, ZIONO, ZIONP
Exchange
CEO
Harris Simmons
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
ZIONS BANCORPORATION /UT/
SEC CIK
Subsidiaries
Terra Amica, LLC • Zions Capital Partners, Inc. • Zions Center of Excellence, LLC • Zions Opportunity Fund, Inc. • PPS Data, LLC • Amegy Holding Texas, Inc. • Exchange Services L.L.C. • Zions Capital Advisors, Inc. • Zions Credit Corp. • Zions Direct, Inc. ...
IRS number
870227400

ZION stock data

Calendar

6 May 22
20 May 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 700M 700M 700M 700M 700M 700M
Cash burn (monthly) (no burn) (no burn) 154.67M (no burn) (no burn) (no burn)
Cash used (since last report) n/a n/a 256.14M n/a n/a n/a
Cash remaining n/a n/a 443.86M n/a n/a n/a
Runway (months of cash) n/a n/a 2.9 n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 May 22 Scott A. Law Common Stock Sell Dispose S No No 54.16 713 38.62K 19,423.636
17 May 22 Scott A. Law Common Stock Option exercise Acquire M No No 29.02 1,327 38.51K 20,136.636
17 May 22 Scott A. Law Stock Option Common Stock Option exercise Dispose M No No 29.02 1,327 38.51K 0
6 May 22 Simmons Harris H Common Stock Option exercise Acquire M No No 40.91 13,000 531.83K 1,242,034
6 May 22 Simmons Harris H Stock Option Common Stock Option exercise Dispose M No No 40.91 13,000 531.83K 6,238
3 May 22 Robert Ryan Richards Common Stock Payment of exercise Dispose F No No 57.47 689 39.6K 4,427
3 May 22 Robert Ryan Richards Common Stock Option exercise Acquire M No No 0 2,350 0 5,116
3 May 22 Robert Ryan Richards RSU Common Stock Option exercise Dispose M No No 0 2,350 0 7,052
3 May 22 Robert Ryan Richards Common Stock Payment of exercise Dispose F No No 57.47 689 39.6K 4,427
3 May 22 Robert Ryan Richards Common Stock Option exercise Acquire M No No 0 2,350 0 5,116
79.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 488 470 +3.8%
Opened positions 82 83 -1.2%
Closed positions 64 51 +25.5%
Increased positions 156 133 +17.3%
Reduced positions 174 181 -3.9%
13F shares Current Prev Q Change
Total value 7.92B 7.89B +0.3%
Total shares 120.87M 124.87M -3.2%
Total puts 677.5K 746.7K -9.3%
Total calls 482K 588.8K -18.1%
Total put/call ratio 1.4 1.3 +10.8%
Largest owners Shares Value Change
Vanguard 18.08M $1.19B -1.7%
BLK Blackrock 10.25M $671.78M -2.9%
STT State Street 7.75M $508.37M -7.0%
Victory Capital Management 7.46M $486.11M +4.5%
IVZ Invesco 5.45M $357.15M -23.4%
Dimensional Fund Advisors 4.28M $280.32M +1.0%
Wellington Management 4.1M $269.12M -28.1%
LSV Asset Management 3.87M $253.92M -1.7%
Massachusetts Financial Services 3.65M $239.55M -1.8%
Charles Schwab Investment Management 3.04M $199.38M +3.5%
Largest transactions Shares Bought/sold Change
IVZ Invesco 5.45M -1.67M -23.4%
Wellington Management 4.1M -1.6M -28.1%
Norges Bank 0 -1.53M EXIT
Manufacturers Life Insurance Company, The 0 -1.48M EXIT
Teachers Retirement System Of The State Of Kentucky 0 -647K EXIT
Clark Capital Management 620.25K +620.25K NEW
STT State Street 7.75M -582.79K -7.0%
Marshall Wace 812.54K +577.12K +245.1%
Millennium Management 1.22M +559.35K +84.8%
Ardevora Asset Management 1.48M +476.46K +47.3%

Financial report summary

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Risks
  • Credit quality has adversely affected us in the past and may adversely affect us in the future.
  • We have concentrations of risk in our loan portfolio, including loans secured by real estate, oil and gas-related lending, and leveraged and enterprise value lending, which may have unique risk characteristics that may adversely affect our results.
  • Our business is highly correlated to local economic conditions in a specific geographic region of the U.S.
  • We could be negatively affected by adverse economic conditions.
  • Failure to effectively manage our interest rate risk could adversely affect our results.
  • Interest rates on our financial instruments are subject to change based on developments related to LIBOR, which could adversely impact our revenue, expenses, and value of those financial instruments.
  • We and the holders of our securities could be adversely affected by unfavorable rating actions from rating agencies.
  • Changes in sources of liquidity and capital and liquidity requirements may limit our operations and potential growth.
  • Problems encountered by other financial institutions could adversely affect financial markets generally and have indirect adverse effects on us.
  • We may not be able to hire or retain qualified personnel or effectively promote our corporate culture, and recruiting and compensation costs may increase as a result of changes in the workplace, marketplace, economy, and regulatory environment.
  • We have made, and are continuing to make, significant changes that include, among other things, organizational restructurings, efficiency initiatives, and replacement or upgrades of technology systems to improve our control environment and operating efficiency. The ultimate success and completion of these changes, and their effects on us, may vary significantly from initial planning, which could materially adversely affect us.
  • Catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires, floods, prolonged drought, and pandemics may adversely affect us and the general economy, financial and capital markets, and specific industries.
  • Our operations could be disrupted by the effects of our new and ongoing projects and initiatives.
  • We could be adversely affected by failure in our internal controls.
  • We could be adversely affected by internal and external fraud schemes.
  • We use models in the management of the Bank. There is risk that these models are inaccurate in various ways, which can cause us to make suboptimal decisions.
  • We outsource various operations to third-party vendors which could adversely impact our business and operational performance.
  • We could be adversely affected by our ability to develop, adopt, and implement technology advancements.
  • We could be adversely impacted by system vulnerabilities, failures, or outages impacting operations and customer services such as online and mobile banking.
  • We are subject to a variety of system failure and cyber security risks that could adversely affect our business and financial performance.
  • Internal stress testing and capital management, as well as provisions of the National Bank Act and OCC regulations, may limit our ability to increase dividends, repurchase shares of our stock, and access the capital markets.
  • Economic and other circumstances may require us to raise capital at times or in amounts that are unfavorable to us.
  • We could be adversely affected by accounting, financial reporting, and regulatory compliance risk.
  • The value of our goodwill may decline in the future.
  • Laws and regulations applicable to us and the financial services industry impose significant limitations on our business activities and subject us to increased regulation and additional costs.
  • We could be adversely affected by legal and governmental proceedings.
  • The corporate and securities laws applicable to us are not as well-developed as those applicable to a state-chartered corporation, which may impact our ability to effect corporate transactions in an efficient and optimal manner.
  • Differences between the National Bank Act and state law requirements regarding mergers could hinder our ability to execute acquisitions as efficiently and advantageously as bank holding companies or other financial institutions.
  • We are subject to restrictions on permissible activities that would limit the types of business we may conduct and that may make acquisitions of other financial companies more challenging.
  • We are presented with various reputational risk issues that could stem from operational, regulatory, compliance, and legal risks.
  • Our business, financial condition, liquidity and results of operations have been, and will likely continue to be, adversely affected by the COVID-19 pandemic.
  • ESG-related developments could lead or require us to restrict or modify some of our business activities.
Management Discussion
  • Our financial results in the first quarter of 2022 reflected strong non-PPP loan growth, solid credit performance, and improving customer-related noninterest income. Diluted earnings per share (“EPS”) decreased to $1.27, compared with $1.90 in the first quarter of 2021.
  • Net interest income remained relatively stable at $544 million, as significant growth of $7.8 billion in average interest-earning assets was partially offset by net interest margin (“NIM”) compression arising from an increased concentration in cash and securities and the low interest rate environment. The NIM was 2.60% in the first quarter of 2022, compared with 2.86%.
  • Our results benefited from a negative $33 million provision for credit losses, reflecting improvements in economic forecasts and strong credit quality. This compares with a negative $132 million provision for credit losses in the first quarter of 2021. Net loan and lease charge-offs were $6 million, or 0.05% of average loans (ex-PPP), compared with net charge-offs of $8 million, or 0.07% of average loans (ex-PPP), in the prior year quarter.

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