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

Rhea-AI Summary

Zions Bancorporation has authorized a share repurchase of up to $50 million for Q2 2022, aiming to enhance shareholder value. Additionally, the board declared a $0.38 quarterly dividend per common share, payable on May 26, 2022, to shareholders on record by May 19, 2022. The company also announced cash dividends for its preferred shares, with Series A, G, and I dividends payable on June 15, 2022, and Series J on September 15, 2022. Zions reported annual net revenue of $2.9 billion in 2021, with total assets exceeding $90 billion.

Positive

• Share repurchase authorization of $50 million to enhance shareholder value.
• Quarterly dividend of $0.38 per common share, reflecting financial stability.
• Regulatory approval obtained to execute the share repurchase plan.

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 second quarter of 2022 of up to $50 million.

The board also declared a regular quarterly dividend of $0.38 per common share, payable May 26, 2022 to shareholders of record at the close of business on May 19, 2022.

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 June 15, 2022 to shareholders of record on June 1, 2022:

• 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 September 15, 2022 to shareholders of record on September 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 $2.9 billion in 2021 and more than $90 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, 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/20220429005608/en/

James Abbott

Director of Investor Relations

Tel: (801) 844‐7637

Source: Zions Bancorporation, N.A.

FAQ

What is the purpose of Zions Bancorporation's $50 million share repurchase?

The $50 million share repurchase aims to enhance shareholder value by reducing the number of outstanding shares.

When is the next dividend payment for Zions Bancorporation's common shares?

The next dividend payment of $0.38 per common share will be made on May 26, 2022, to shareholders on record by May 19, 2022.

What are the details of the preferred shares dividends declared by Zions Bancorporation?

Dividends for Series A, G, and I preferred shares are payable on June 15, 2022, while Series J shares will pay dividends on September 15, 2022.

What was Zions Bancorporation's net revenue for 2021?

Zions Bancorporation reported an annual net revenue of $2.9 billion in 2021.