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

Rhea-AI Summary

Zions Bancorporation, N.A. (NASDAQ: ZION) announced a $50 million share repurchase program for Q1 2023, alongside a quarterly dividend of $0.41 per common share, payable on February 23, 2023. Additionally, dividends for various perpetual preferred shares were declared, with payments scheduled for March 15, 2023 and June 15, 2023. The bank secured necessary regulatory approval for these actions. With a net revenue of $3.2 billion in 2022 and total assets of approximately $90 billion, Zions operates in 11 western states and is included in the S&P 500 and NASDAQ Financial 100 indices.

Positive

• Authorized a $50 million share repurchase, potentially enhancing shareholder value.
• Declared quarterly dividend of $0.41, reflecting strong financial 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 first quarter of 2023 of up to $50 million.

The board also declared a regular quarterly dividend of $0.41 per common share, payable February 23, 2023, to shareholders of record at the close of business on February 16, 2023.

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 March 15, 2023, to shareholders of record on March 1, 2023:

• Series A (NASDAQ: ZIONP; CUSIP: 98973A104);
• Series G (NASDAQ: ZIONO; CUSIP: 989701859); and
• Series J (CUSIP: 989701BF3)

The cash dividend on the Series I (CUSIP: 989701BD8) shares is payable on June 15, 2023, to shareholders of record on June 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 net revenue of $3.2 billion and approximately $90 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/20230127005390/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 is aimed at enhancing shareholder value and returning capital to investors.

When will Zions pay its next common share dividend?

Zions will pay its next common share dividend of $0.41 on February 23, 2023, to shareholders of record as of February 16, 2023.

What are the scheduled payment dates for Zions' preferred share dividends?

Dividends for preferred shares are scheduled for March 15, 2023, for Series A and G, and June 15, 2023, for Series I.

What financial metrics did Zions Bancorporation report for 2022?

Zions reported a net revenue of $3.2 billion and total assets of approximately $90 billion for 2022.