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 share repurchase authorization of up to $50 million for Q3 2022. Additionally, a regular quarterly dividend of $0.41 per common share was declared, payable on August 25, 2022, to shareholders of record on August 18, 2022. The company also detailed cash dividends for its perpetual preferred shares, with payments scheduled for September 15 and December 15, 2022. Regulatory approval has been obtained for the share buyback, which reinforces confidence in capital management and shareholder returns.

Positive

• Authorization of a $50 million share repurchase could enhance shareholder value.
• Quarterly dividend of $0.41 reflects commitment to returning capital to shareholders.
• Regulatory approval secured for the share buyback enhances execution confidence.

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 third quarter of 2022 of up to $50 million.

The board also declared a regular quarterly dividend of $0.41 per common share, payable August 25, 2022, to shareholders of record at the close of business on August 18, 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 September 15, 2022, to shareholders of record on September 1, 2022:

• 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 December 15, 2022, to shareholders of record on December 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 more than $90 billion of total assets at December 31, 2021, and annual net revenue of $2.9 billion in 2021. 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 statewide 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/20220729005411/en/

James Abbott

Director of Investor Relations

Tel: (801) 844-7637

Source: Zions Bancorporation, N.A.

FAQ

What is the amount authorized for Zions Bancorporation's share repurchase in Q3 2022?

Zions Bancorporation authorized a share repurchase of up to $50 million for Q3 2022.

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

The dividend payment date for Zions Bancorporation's common shares is August 25, 2022.

What is the dividend amount declared for Zions Bancorporation's common shares?

The declared dividend amount for Zions Bancorporation's common shares is $0.41 per share.

What are the payment dates for the perpetual preferred shares of Zions Bancorporation?

Dividends on the perpetual preferred shares are payable on September 15, 2022, and December 15, 2022.

What regulatory approval did Zions Bancorporation obtain?

Zions Bancorporation obtained regulatory approval to execute on the share repurchase authorization.