Zions Bancorporation reported net earnings applicable to common shareholders of $262 million for the fourth quarter of 2025, a 31% increase from $200 million in the same period last year. Diluted earnings per common share rose to $1.76 from $1.34 a year earlier. Adjusted taxable-equivalent revenue expanded by 7.1% year-over-year to $879 million, driven by both higher net interest income and increased fee-based revenue. Noninterest expense, including a one-time $15 million charitable donation, grew 7.7% to $548 million; excluding that donation, expense growth was a more moderate 4.7%, resulting in positive operating leverage of 2.4% and an efficiency ratio of 60.6%.

The bank’s loan portfolio increased 2.5% year-over-year, supported by rising demand in commercial lending and a favorable credit environment. Both loans and deposits grew at an annualized rate of 4.1% during the quarter. Net interest margin improved to 3.31%, up from 3.05% a year ago and 3.28% in the third quarter of 2025, as asset yields continued to outpace funding costs. Growth in noninterest income was bolstered by higher service charges and advisory fees, contributing meaningfully to overall revenue expansion.

Zions further fortified its capital position, with tangible book value per share climbing 21% over the past twelve months and the Common Equity Tier 1 capital ratio rising to 11.5% from 10.9% at year-end 2024. Asset quality metrics remained strong, with an annualized net charge-off ratio of just 0.05% of loans in the quarter. The bank’s low credit losses reflect conservative underwriting standards and active portfolio management, positioning Zions to pursue selective, prudent growth in 2026.