The bank maintains a stable capital base with an equity-to-assets ratio of 0.08, though the $79.6 billion investment securities portfolio remains a significant concentration risk.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 57.64B | 12.18B | 12.63B | 12.5B | 13.91B | 34.93B | 17.35B | 15.17B | 15.97B | 16.49B | 15.52B | 14.55B | 11.86B | 13.05B | 10.91B | 11.48B | 9.71B | 5.68B | 6.48B | 7.72B | 7.03B | 7.03B | 852.25M | 1.12B | 1.09B | 981.39M | 1.07B | 915.7M | 953.2M | 772.2M | 501.7M |
| Cash & Due from Banks | 2.4B | 2.88B | 3.5B | 2.2B | 2B | 10.88B | 1.62B | 1.45B | 1.23B | 1.33B | 2.15B | 6.91B | 8.02B | 9.35B | 7.82B | 8.25B | 5.5B | 2.02B | 3.81B | 2.58B | 1.98B | 1.73B | 852.25M | 1.12B | 1.09B | 981.39M | 1.07B | 915.7M | 953.2M | 772.2M | 501.7M |
| Short Term Investments | 18.98B | 9.29B | 9.13B | 10.3B | 11.91B | 24.05B | 15.73B | 13.72B | 14.74B | 15.16B | 13.37B | 7.64B | 3.84B | 3.7B | 3.09B | 3.23B | 4.21B | 3.66B | 2.68B | 5.13B | 5.05B | 5.31B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 79.63B | 78.61B | 77.51B | 77.77B | 78.03B | 74.89B | 69.1B | 62.65B | 61.84B | 60.24B | 56.43B | 48.79B | 44.54B | 43.23B | 41.3B | 41.8B | 41.87B | 45.12B | 47.3B | 45.5B | 40.59B | 36.68B | 27.19B | 24.09B | 22.06B | 20.41B | 18.09B | 16.7B | 14.81B | 8.58B | 6.02B |
| Investments Growth % | 5.93% | 1.43% | -0.33% | -0.34% | 4.2% | 8.37% | 10.3% | 1.31% | 2.65% | 6.76% | 15.66% | 9.54% | 3.04% | 4.66% | -1.18% | -0.17% | -7.22% | -4.59% | 3.94% | 12.11% | 10.64% | 34.93% | 12.86% | 9.18% | 8.09% | 12.84% | 8.35% | 12.72% | 72.55% | 42.7% | 42.68% |
| Long-Term Investments | 268.41B | 69.32B | 68.38B | 67.47B | 66.12B | 50.84B | 53.37B | 48.92B | 47.1B | 45.08B | 43.06B | 41.15B | 40.7B | 39.53B | 38.21B | 38.57B | 37.66B | 41.47B | 44.62B | 40.37B | 35.54B | 31.38B | 27.19B | 24.09B | 22.06B | 20.41B | 18.09B | 16.7B | 14.81B | 8.58B | 6.02B |
| Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 1.09B | 1.09B | 1.05B | 1.06B | 1.06B | 1.01B | 1.02B | 1.01B | 1.01B | 1.02B | 1.02B | 1.03B | 1.04B | 1.05B | 1.06B | 1.08B | 1.1B | 1.13B | 1.78B | 2.16B | 2.06B | 2.09B | 55.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 1.09B | 1.06B | 1.03B | 1.03B | 1.03B | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 1.02B | 1.02B | 1.02B | 1.65B | 2.01B | 1.9B | 1.89B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 31M | 25M | 32M | 38M | 1M | 2M | 0 | 1M | 2M | 8.42M | 16.27M | 25.52M | 36.44M | 50.82M | 67.83M | 87.9M | 113.42M | 125.94M | 149.49M | 162.13M | 199.17M | 55.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 1.36B | 1.36B | 1.37B | 1.4B | 1.41B | 1.32B | 1.21B | 1.14B | 1.12B | 1.09B | 1.02B | 905.46M | 829.81M | 726.37M | 708.88M | 719.28M | 720.99M | 710.53M | 687.1M | 655.71M | 609.47M | 564.75M | 409.21M | 407.82M | 393.63M | 368.08M | 324.51M | 287.4M | 249.9M | 161.4M | 102.7M |
| Other Assets | 3.34B | 5.04B | 4.97B | 4.39B | 6.66B | 4.78B | 8.22B | 2.58B | 3.21B | 2.24B | 2.2B | 1.59B | 2.37B | 1.29B | 4.19B | 924.75M | 1.43B | 1.67B | 1.09B | 1.55B | 1.29B | 1.72B | 2.32B | 2.22B | 2.21B | 1.66B | 1.81B | 1.72B | 1.37B | 1.18B | 496.5M |
| Total Current Assets | 21.52B | 12.18B | 13.01B | 12.89B | 14.3B | 35.25B | 17.67B | 15.51B | 16.3B | 16.86B | 15.94B | 14.99B | 12.27B | 13.44B | 11.33B | 11.86B | 10.12B | 6.15B | 6.92B | 8.22B | 7.48B | 7.03B | 852.25M | 1.12B | 1.09B | 981.39M | 1.07B | 915.7M | 953.2M | 772.2M | 501.7M |
| Total Non-Current Assets | 66.43B | 76.81B | 75.77B | 74.32B | 75.25B | 57.95B | 63.81B | 53.66B | 52.45B | 49.43B | 47.3B | 44.67B | 44.94B | 42.59B | 44.18B | 41.29B | 40.92B | 44.98B | 48.18B | 44.73B | 39.49B | 35.75B | 30.62B | 27.44B | 25.48B | 23.32B | 20.87B | 19.37B | 17.1B | 10.1B | 6.61B |
| Total Assets | 87.96B | 88.99B | 88.78B | 87.2B | 89.55B | 93.2B | 81.48B | 69.17B | 68.75B | 66.29B | 63.24B | 59.66B | 57.21B | 56.03B | 55.51B | 53.15B | 51.03B | 51.12B | 55.09B | 52.95B | 46.97B | 42.78B | 31.47B | 28.56B | 26.57B | 24.3B | 21.94B | 20.28B | 18.05B | 10.87B | 7.12B |
| Asset Growth % | 3.4% | 0.24% | 1.8% | -2.62% | -3.92% | 14.39% | 17.79% | 0.62% | 3.71% | 4.82% | 5.99% | 4.29% | 2.1% | 0.94% | 4.45% | 4.14% | -0.17% | -7.21% | 4.05% | 12.73% | 9.8% | 35.94% | 10.2% | 7.5% | 9.31% | 10.78% | 8.18% | 12.36% | 66.06% | 52.73% | 26.61% |
| Return on Assets (ROA) | 1.09% | 1.01% | 0.89% | 0.77% | 0.99% | 1.29% | 0.72% | 1.18% | 1.31% | 0.91% | 0.76% | 0.53% | 0.7% | 0.47% | 0.64% | 0.62% | -0.57% | -2.29% | -0.49% | 0.99% | 1.3% | 1.29% | 1.35% | 1.23% | 1.01% | 1.22% | 0.77% | 1.01% | 0.99% | 1.46% | 1.89% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 2.35B | 4.34B | 4.37B | 4.54B | 11.07B | 1.92B | 2.91B | 3.78B | 6.38B | 5.36B | 1.36B | 1.16B | 1.34B | 2.61B | 2.69B | 2.68B | 2.87B | 2.98B | 6.58B | 10.06B | 6.34B | 5.28B | 4.94B | 4.66B | 3.5B | 3.74B | 4.74B | 4.27B | 2.02B | 1.95B | 1.35B |
| Net Debt | -57M | 1.46B | 866M | 2.34B | 9.07B | -8.96B | 1.29B | 2.33B | 5.14B | 4.03B | -786M | -5.75B | -6.68B | -6.74B | -5.13B | -5.57B | -2.63B | 960.48M | 2.77B | 7.48B | 4.35B | 3.55B | 4.08B | 3.54B | 2.41B | 2.76B | 3.67B | 3.36B | 1.07B | 1.18B | 849.7M |
| Long-Term Debt | 1.96B | 1.47B | 946M | 538M | 647M | 1.01B | 1.33B | 1.72B | 724M | 382M | 534M | 811.45M | 1.09B | 2.27B | 2.34B | 1.95B | 1.94B | 2.03B | 2.49B | 2.46B | 2.35B | 2.51B | 1.92B | 1.97B | 1.6B | 1.33B | 761.57M | 804.8M | 559.7M | 491.3M | 333.5M |
| Short-Term Debt | 382M | 2.87B | 3.42B | 4B | 10.42B | 903M | 1.57B | 2.05B | 5.65B | 4.98B | 827M | 346.99M | 244.22M | 340.35M | 352.62M | 722.86M | 931.2M | 950.69M | 4.08B | 7.59B | 3.98B | 2.77B | 3.02B | 2.69B | 1.9B | 2.41B | 3.98B | 3.47B | 1.46B | 1.46B | 1.02B |
| Other Liabilities | 1.41B | 1.82B | 2.06B | 2.01B | 1.93B | 1.03B | 1.03B | 958M | 690M | 629M | 1.01B | 623.58M | 654.76M | 590.76M | 640.47M | 612.95M | 578.85M | 588.53M | 669.11M | 641.54M | 621.92M | 592.6M | 429.13M | 442.02M | 535.04M | 428.23M | 310.29M | 247.5M | 321.2M | 218.3M | 90.7M |
| Total Current Liabilities | 77.29B | 78.52B | 79.64B | 78.96B | 82.07B | 83.69B | 71.22B | 59.14B | 59.75B | 57.6B | 54.06B | 50.72B | 48.09B | 46.7B | 46.49B | 43.6B | 41.87B | 42.79B | 45.4B | 44.52B | 38.96B | 35.41B | 26.31B | 23.59B | 22.03B | 20.25B | 19.05B | 17.53B | 15.68B | 9.42B | 6.14B |
| Total Non-Current Liabilities | 3.37B | 3.29B | 3.01B | 2.55B | 2.58B | 2.04B | 2.37B | 2.68B | 1.41B | 1.01B | 1.54B | 1.44B | 1.75B | 2.86B | 2.98B | 2.57B | 2.52B | 2.62B | 3.16B | 3.11B | 2.98B | 3.1B | 2.35B | 2.41B | 2.14B | 1.76B | 1.07B | 1.05B | 880.9M | 709.6M | 424.2M |
| Total Liabilities | 80.66B | 81.81B | 82.65B | 81.51B | 84.65B | 85.74B | 73.59B | 61.82B | 61.17B | 58.61B | 55.6B | 52.16B | 49.84B | 49.57B | 49.46B | 46.17B | 44.39B | 45.41B | 48.56B | 47.62B | 41.94B | 38.51B | 28.66B | 26B | 24.17B | 22.01B | 20.12B | 18.58B | 16.56B | 10.13B | 6.56B |
| Total Equity | 7.3B | 7.18B | 6.12B | 5.69B | 4.89B | 7.46B | 7.89B | 7.35B | 7.58B | 7.68B | 7.63B | 7.51B | 7.37B | 6.46B | 6.05B | 6.98B | 6.65B | 5.71B | 6.53B | 5.32B | 5.03B | 4.26B | 2.81B | 2.56B | 2.4B | 2.3B | 1.82B | 1.7B | 1.49B | 742.1M | 554.6M |
| Equity Growth % | 49.55% | 17.24% | 7.61% | 16.31% | -34.44% | -5.36% | 7.25% | -2.97% | -1.32% | 0.59% | 1.68% | 1.87% | 14% | 6.88% | -13.38% | 5.05% | 16.41% | -12.54% | 22.64% | 5.84% | 17.94% | 51.59% | 9.9% | 6.81% | 4.32% | 26.31% | 7.05% | 14.23% | 100.42% | 33.81% | 29.43% |
| Equity / Assets (Capital Ratio) | 8.29% | 8.07% | 6.9% | 6.53% | 5.46% | 8.01% | 9.68% | 10.63% | 11.02% | 11.58% | 12.07% | 12.58% | 12.88% | 11.54% | 10.9% | 13.14% | 13.02% | 11.17% | 11.85% | 10.05% | 10.71% | 9.97% | 8.94% | 8.96% | 9.02% | 9.45% | 8.29% | 8.38% | 8.24% | 6.83% | 7.79% |
| Return on Equity (ROE) | 13.77% | 13.51% | 13.27% | 12.85% | 14.68% | 14.71% | 7.07% | 10.93% | 11.59% | 7.73% | 6.19% | 4.15% | 5.76% | 4.22% | 5.36% | 4.75% | -4.74% | -19.87% | -4.49% | 9.54% | 12.55% | 13.57% | 15.11% | 13.63% | 10.92% | 13.75% | 9.19% | 12.18% | 12.86% | 20.27% | 24.49% |
| Book Value per Share | 49.62 | 48.79 | 41.60 | 38.52 | 32.56 | 46.58 | 47.62 | 39.43 | 36.70 | 36.63 | 37.37 | 36.86 | 38.23 | 35.08 | 33.01 | 38.24 | 40.05 | 45.89 | 59.82 | 49.06 | 46.56 | 45.86 | 30.96 | 28.21 | 26.03 | 24.92 | 20.88 | 19.78 | 18.15 | 10.19 | 7.74 |
| Tangible BV per Share | 42.21 | 41.38 | 34.45 | 31.35 | 25.47 | 40.24 | 41.48 | 33.99 | 31.78 | 31.78 | 32.37 | 31.80 | 32.83 | 29.38 | 27.20 | 32.31 | 33.41 | 36.82 | 43.54 | 29.16 | 27.47 | 23.42 | 30.35 | 28.21 | 26.03 | 24.92 | 20.88 | 19.78 | 18.15 | 10.19 | 7.74 |
| Common Stock | 1.67B | 1.73B | 1.74B | 1.73B | 1.75B | 1.93B | 2.69B | 2.73B | 3.81B | 4.45B | 4.72B | 4.77B | 4.72B | 4.18B | 4.17B | 4.16B | 4.16B | 3.32B | 2.6B | 2.21B | 2.23B | 2.16B | 972.07M | 985.9M | 1.03B | 1.11B | 907.6M | 888.2M | 796.5M | 0 | 0 |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.81B | 0 | 0 | 0 | 0 | 0 | 0 | 4.16B | 4.16B | 3.32B | 2.6B | 2.21B | 2.23B | 2.16B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 7.5B | 7.33B | 6.7B | 6.21B | 5.81B | 5.17B | 4.31B | 4.01B | 3.46B | 2.81B | 2.32B | 1.97B | 1.77B | 1.47B | 1.2B | 1.04B | 889.28M | 1.31B | 2.43B | 2.91B | 2.6B | 2.18B | 1.83B | 1.54B | 1.29B | 1.11B | 874.88M | 775.8M | 659.5M | 550.1M | 436.6M |
| Accumulated OCI | -1.94B | -1.94B | -2.38B | -2.69B | -3.11B | -80M | 325M | 43M | -4.06B | -139M | -122M | -54.61M | -128.04M | -192.1M | -446.16M | -4.76B | -4.62B | -436.9M | -2.7B | -2.27B | -2.31B | -2.24B | -12.15M | 15.44M | 46.21M | 59.95M | -3.64M | -4.2M | -3.4M | 2.7M | -1.8M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16.16M | -14.46M | -11.29M | -9.62M | -16.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 66M | 66M | 66M | 440M | 440M | 440M | 566M | 566M | 566M | 566M | 710M | 828.49M | 1B | 1B | 1.13B | 2.38B | 2.06B | 1.5B | 1.58B | 240M | 240M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
CRE office portfolio exposure
As reported in financial statements, Zions Bancorporation's total assets have remained remarkably flat, moving from $87.2 billion in 2023Q4 to $88.0 billion in 2026Q1, suggesting a strategic pivot toward balance sheet preservation rather than aggressive expansion in the current high-rate environment.
The lack of meaningful asset growth indicates that management is prioritizing the quality of the existing loan book over volume-driven expansion. This conservative posture appears to be a deliberate response to the heightened credit risks inherent in the bank's regional commercial real estate concentrations.
Based on the provided quarterly data, the provision for credit losses swung from a $49.0 million expense in 2025Q3 to a $7.0 million benefit in 2026Q1, highlighting significant volatility in credit cost modeling that may obscure the underlying health of the bank's commercial real estate loan portfolio.
This oscillation in provisioning suggests that the bank's CECL models are highly sensitive to shifting macroeconomic assumptions regarding the Intermountain West and California markets. Investors should monitor whether this benefit in 2026Q1 reflects a genuine improvement in credit quality or merely a temporary adjustment in management's forward-looking loss expectations.
According to recent SEC filings, Zions Bancorporation maintained an equity-to-assets ratio of 0.08 in 2026Q1, a slight improvement from the 0.07 level observed throughout 2024, which suggests a gradual strengthening of the capital base despite the ongoing pressures of a challenging interest rate cycle.
The bank's capital position appears adequate to absorb potential shocks, though the modest equity growth limits the capacity for aggressive capital deployment. This capital management strategy seems designed to maintain regulatory buffers while navigating the uncertainty surrounding the valuation of the bank's large securities portfolio.
Based on reported figures, Zions Bancorporation holds a substantial investment securities portfolio of $79.6 billion as of 2026Q1, which represents a significant portion of total assets and warrants further investigation into the potential for unrealized losses to impact tangible book value under sustained rate volatility.
The concentration of assets in the investment portfolio suggests that the bank's earnings power is heavily tied to the duration of these holdings. If interest rates remain elevated, the bank may face continued pressure on its net interest margin as the cost of funding these assets remains high relative to the yields on the legacy securities.
Quick answers to the most common questions about buying ZION stock.
As of 2025, Zions Bancorporation, National Association (ZION) had total assets of $88.99B including $12.18B in current assets.
Zions Bancorporation, National Association (ZION) carries total debt of $4.34B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Zions Bancorporation, National Association (ZION) has total shareholders' equity (book value) of $7.18B ($48.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Zions Bancorporation, National Association (ZION) reported a current ratio of 0.16x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.