Zions Bancorporation’s Board Approves $325 Million Share Repurchase and Declares Dividends on Common and Preferred Stock

Rhea-AI Summary

Zions Bancorporation has authorized a share repurchase program for Q4 2021, allowing for up to $325 million, representing 3.2% of its market value. Additionally, a quarterly dividend of $0.38 per common share was declared, payable on November 18, 2021. Cash dividends for perpetual preferred shares will be distributed on various dates through December 2021 and March 2022. Zions boasts annual net revenue of $2.8 billion and total assets exceeding $85 billion, affirming its standing as a key player in the financial services industry.

Positive

• Authorization of a $325 million share repurchase demonstrates confidence in the company's value and aims to enhance shareholder returns.
• Declaration of a quarterly dividend of $0.38 per common share reinforces ongoing commitment to returning value to shareholders.
• Strong financial metrics with annual revenue of $2.8 billion and total assets over $85 billion highlight robust operational capacity.

Negative

• None.

SALT LAKE CITY--(BUSINESS WIRE)-- Zions Bancorporation, N.A. (NASDAQ: ZION) announced today that its board of directors (“board”) authorized a share repurchase for the fourth quarter of 2021 of up to $325 million, equaling 3.2% of the market value of the company.

The board declared a regular quarterly dividend of $0.38 per common share, payable November 18, 2021 to shareholders of record on November 10, 2021.

Additionally, the board declared regular quarterly cash dividends on the company's various perpetual preferred shares, as detailed below.

The cash dividend on the following series are payable December 15, 2021 to shareholders of record on December 1, 2021:

• Series A (NASDAQ: ZIONP; CUSIP: 98973A104);
• Series G (NASDAQ: ZIONO; CUSIP: 989701859); and
• Series I (CUSIP: 989701BD8)

The cash dividend on the Series J (CUSIP: 989701BF3) shares is payable on March 15, 2022 to shareholders of record on March 1, 2022.

Zions has obtained the requisite regulatory approval to allow Zions to timely execute on this authorization.

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 $85 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 tenth 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. Investor information and links to local banking brands can be accessed at zionsbancorporation.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211022005462/en/

James Abbott

Director of Investor Relations

Tel: (801) 844‐7637

Source: Zions Bancorporation, N.A.

FAQ

What is Zions Bancorporation's share repurchase plan for Q4 2021?

Zions Bancorporation has authorized a share repurchase of up to $325 million for Q4 2021.

When will the dividend be paid to common shareholders?

The dividend of $0.38 per common share will be payable on November 18, 2021.

What is the dividend schedule for Zions Bancorporation's preferred shares?

Dividends for preferred shares are payable on December 15, 2021, and March 15, 2022, for different series.

What are the total assets of Zions Bancorporation?

Zions Bancorporation has total assets exceeding $85 billion.

What was Zions Bancorporation's annual net revenue in 2020?

Zions Bancorporation reported an annual net revenue of $2.8 billion in 2020.