ZION

Zions Bancorporation, an $89.0B-asset regional bank operating through seven affiliate banks, delivered a clean, improving FY2025. Diluted EPS rose 21.4% to $6.01 and net income grew 14.7% to $899M, driven by the two levers that matter most for a bank: net interest income increased 8% ($197M) as net interest margin expanded to 3.21% from 3.00% on lower funding costs and a better earning-asset mix, while the efficiency ratio improved to 62.6% from 64.2% — positive operating leverage as revenue outpaced expense growth. Customer noninterest income also rose, helped by capital-markets swap fees and investment-banking advisory income.

Credit quality looks contained: the provision for credit losses was flat at $72M year over year, and the 10-K describes a disciplined, independent three-lines-of-defense credit framework with concentration limits by industry, collateral and geography. Capital strengthened materially — stockholders' equity grew 17.2% to $7.18B (partly reflecting recovering AOCI/securities marks), supporting the dividend and a modest buyback. The 11.39x liabilities/equity is ordinary balance-sheet leverage for a bank, not a red flag.