Zions Bancorporation: 2Q26 EPS PREVIEW: Tenth straight quarter of NIM expansion expected, V gain

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Zions Bancorporation: 2Q26 EPS PREVIEW: Tenth straight quarter of NIM expansion expected, V gain

Equity Research

U.S. Large-Cap Banks

25 June 2026

Zions Bancorporation

2Q26 EPS PREVIEW: Tenth straight

quarter of NIM expansion

ZION UNDERWEIGHTexpected, V gain

Unchanged

We expect NII to increase as loans rise (AEA flat) and NIM U.S. Large-Cap Banks POSITIVE

expands for the 10th straight quarter. Fees should rise while Unchanged

core expenses decrease as seasonal comp rolls off. Credit Price Target USDUnchanged72.00

should remain benign while share repurchase continues (first Price (23-Jun-26) USD 68.49

2Q buyback in 4 years). We see a $215mn ($1.15) Visa gain. Potential Upside/Downside +5.1% Source: Bloomberg, Barclays Research

Market Cap (USD mn) 10074

Expected Results Shares Outstanding (mn) 147.09

Free Float (%) 98.59

Expected results: Our 2Q26 operating EPS estimate is $1.59 compared to consensus of $1.61. 52 Wk Avg Daily Volume (mn) 1.7

On a reported basis, we expect ZION to book a $215mn ($1.15) gain tied to sale of Visa shares Dividend Yield (%) 2.63

during the quarter. We expect ZION's NIM to expand for the 10th straight quarter as it benefits Return on Equity TTM (%) 14.20

from asset repricing and anticipate higher loan balances (earnings assets remain flat). Deposits Current BVPS (USD) 49.16

should continue their remixing and could see growth as well. We also expect higher customer Source: Bloomberg

fee income from broad-based growth and expenses to decrease as seasonal comp rolls off.

Credit quality should remain relatively benign (continues to decline after an elevated 3Q25) Price Performance Exchange-Nasdaq

though results could include a modest reserve build. ZION repurchased $75mn of shares in 52 Week range USD 68.56-46.19