ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/

Solid Western-U.S. regional bank with top-quartile ROE and improving operating leverage.

Strengths

• ROE 12.5% (83rd pct) with 21% diluted EPS growth and NIM expansion to 3.21%
• Improved efficiency ratio (62.6%) and strong tangible book base (81st pct)

Risks

• Geographic and CRE/oil-and-gas concentration; recent $50M loss on two related commercial loans
• Revenue down ~3% and deposits slightly lower; ROA only mid-pack (47th pct)

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Customer concentration~57% of revenue from one customer/distributor — • Noncustomer-related noninterest income increased $35 million, or 57%, mainly due to an increase in net securities gains, largely resulting from valuation adjustments within our Small Business Invest
• Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$265,635, last 6mo) Form 4 ↗
• Buying back stockNet buyback — share count -6%/yr over 4y
• China exposureAdditionally, external factors such as tariffs, export controls, sanctions, restrictive immigration policies, elevated unemployment, civil unrest, and other political or trade-related developments aff
• Insider sellingInsider selling — 13 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$4M, last 6mo) Form 4 ↗