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

Rhea-AI Summary

Zions Bancorporation has authorized a $50 million share repurchase for Q4 2022, signaling confidence in its financial stability. The board declared a quarterly dividend of $0.41 per common share, payable on November 17, 2022, to shareholders on record by November 10, 2022. Additionally, cash dividends for perpetual preferred shares will be paid on various dates in December 2022 and March 2023. As of September 30, 2022, Zions reported an annualized net revenue of $3.0 billion and total assets exceeding $85 billion.

Positive

• Authorization of a $50 million share repurchase may enhance shareholder value.
• Quarterly dividend of $0.41 reflects strong financial health.
• Annualized net revenue of $3.0 billion indicates stable performance.

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 2022 of up to $50 million.

The board also declared a regular quarterly dividend of $0.41 per common share, payable November 17, 2022 to shareholders of record at the close of business on November 10, 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 December 15, 2022 to shareholders of record on December 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 March 15, 2023 to shareholders of record on March 1, 2023.

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 2022 annualized (through September 30, 2022) net revenue of $3.0 billion and more than $85 billion in 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. 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/20221028005424/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 buyback?

The $50 million share buyback aims to enhance shareholder value and demonstrate confidence in the company's financial position.

When is the next dividend payment for Zions Bancorporation shareholders?

The next dividend payment of $0.41 per common share is scheduled for November 17, 2022, for shareholders of record by November 10, 2022.

What are the upcoming cash dividends for Zions preferred shares?

Cash dividends for Series A (ZIONP), Series G (ZIONO), and Series I preferred shares are payable on December 15, 2022, to shareholders of record on December 1, 2022.

What was Zions Bancorporation's net revenue in 2022?

Zions Bancorporation reported an annualized net revenue of $3.0 billion through September 30, 2022.