Zions: Model Updates/2Q26 Preview

研报英文原文证据摘录

Zions: Model Updates/2Q26 Preview

Deutsche Bank

Research

Rating Company Date

Hold Zions 22 June 2026

North America Reuters Bloomberg Rating Hold

United States ZION.OQ ZION US Price target (USD) 68.00 Price at 18 Jun 26 66.17

52-week range 67.25 – 46.93

Financial

Banks Valuation & Risks

Model Updates/2Q26 Preview

Bernard Von-Gizycki

What's in this note? Research Analyst

+1-212-250-5881 In early-June, management discussed recent trends. Post these comments and a

follow-up call with management, we update our earnings model.

• Our 2Q26 EPS estimate ticks up by one penny to $1.54 and compares

with consensus of $1.76. Our higher EPS estimate is primarily due to

slightly higher net interest income on slightly higher loan growth than

previously modeled.

• Mgmt. noted receiving $460k of Class B-1 shares of Visa which it sold for

a pre-tax gain of ~$215m during the qtr. We do not model this in our core

estimate. Consensus is likely to be mixed with some including it in their

estimates and some not.

Updating our 2Q26 estimate

Our 2Q26 EPS estimate of $1.54 ($1.53 previously) compares with consensus of

$1.76. Vs. consensus, net interest income is lower, fee income is lower, expenses

are in line, and provision expense is lower.

• Net interest income. We model $691m of net II, vs. $673m in 1Q.

• NIM. We assume a NIM of 3.30%, up 3bps q/q.

o Recall that 1Q loan growth was modest given the selling of a mortgage

pool of $500m+ and accounting changes which led to about $100m less

of loan growth. We assume $734m of total loan growth vs. $395m in 1Q.

o Fee income. We assume total fee income of $177m vs. $187m in 1Q and

$190m in the year-ago period. As noted previously, we do not model the

$215m expected Visa gains.

GMTGMT o We$164mmodelin the$177myear-agoof customer-relatedperiod.