ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ZION
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ Segments Disclosure
OPERATING SEGMENT INFORMATION
We provide a wide range of banking products and related services, primarily in 11 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. Our operations are organized principally through seven separately managed affiliate banks, each operating under its own local brand and management team: Zions Bank, CB&T, Amegy, NBAZ, NSB, Vectra, and TCBW. These affiliate banks constitute our primary operating segments.
Our affiliate model emphasizes local authority and accountability, including locally informed pricing and product customization, to maximize customer satisfaction, strengthen community relationships, and improve profitability and shareholder returns.
At December 31, 2025, Zions Bank operated 92 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. CB&T operated 77 branches in California. Amegy operated 76 branches in Texas. NBAZ operated 56 branches in Arizona. NSB operated 43 branches in Nevada. Vectra operated 33 branches in Colorado and one branch in New Mexico. TCBW operated two branches in Washington and one branch in Oregon. In 2025, all of the Bank’s assets and revenues were located in or derived from operations within the United States.
In late March 2025, we purchased four FirstBank Coachella Valley, California branches and their associated deposit and loan accounts. In addition to the four branches, the purchase included approximately $630 million in deposits and $420 million in consumer and commercial loans.
We focus on serving customers in the communities in which we operate. Each operating segment offers a wide range of banking products and related services, delivered digitally or through other traditional channels. These include commercial and small business banking, capital markets and investment banking, commercial real estate lending, retail banking, and wealth management.
The affiliate banks are supported by an enterprise-level segment—referred to as the “Other” segment— which provides governance and risk oversight, capital allocation, and strategic objectives, and includes centralized technology infrastructure, back-office operations, and certain business lines that are not managed through the affiliate structure.
Centrally provided services are allocated to the operating segments based on estimated or actual usage of those services. Capital is allocated according to the risk-weighted assets held by each segment. We utilize an internal funds transfer pricing process to measure segment performance. This methodology is subject to ongoing refinement. Transactions between segments are generally conducted at fair value, with intercompany profits eliminated in consolidation. Total average loans and deposits for the segments include minor intercompany amounts and certain deposits with the “Other” segment.
We evaluate segment performance and allocate resources primarily based on income or loss from operations before income taxes. The accounting policies applied to the operating segments are consistent with those described in the Notes to Consolidated Financial Statements.
The chief operating decision maker (“CODM”) is our Chairman and Chief Executive Officer. The CODM regularly receives certain segment-level information, including net interest income, noninterest income, significant noninterest expenses, and income or loss from operations before income taxes. This information is used to evaluate performance and inform resource allocation decisions for each segment.
The following schedule presents selected operating segment information that is regularly provided to the CODM to evaluate performance and allocate resources:
| (In millions) | Zions Bank | CB&T | Amegy | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||
| SELECTED INCOME STATEMENT DATA | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income 1 | $ | 738 | $ | 692 | $ | 698 | $ | 647 | $ | 584 | $ | 602 | $ | 565 | $ | 496 | $ | 457 | |||||||||||||||||||||||||||||||||||
| Provision for credit losses | 14 | (8) | 20 | 53 | 42 | 44 | 8 | 22 | 15 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | 724 | 700 | 678 | 594 | 542 | 558 | 557 | 474 | 442 | ||||||||||||||||||||||||||||||||||||||||||||
| Noninterest income | 190 | 187 | 192 | 126 | 121 | 116 | 189 | 175 | 184 | ||||||||||||||||||||||||||||||||||||||||||||
| Noninterest expense: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Salaries and employee benefits | 140 | 141 | 142 | 130 | 126 | 126 | 112 | 112 | 107 | ||||||||||||||||||||||||||||||||||||||||||||
| Technology, telecom, and information processing | 16 | 14 | 16 | 5 | 5 | 5 | 8 | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||||
| Occupancy and equipment, net | 28 | 27 | 27 | 35 | 33 | 34 | 33 | 33 | 28 | ||||||||||||||||||||||||||||||||||||||||||||
Other direct expenses 2 | 58 | 71 | 96 | 44 | 42 | 58 | 50 | 56 | 70 | ||||||||||||||||||||||||||||||||||||||||||||
| Indirect/allocated expenses | 328 | 318 | 301 | 219 | 197 | 188 | 262 | 247 | 240 | ||||||||||||||||||||||||||||||||||||||||||||
| Total noninterest expense | 570 | 571 | 582 | 433 | 403 | 411 | 465 | 456 | 453 | ||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before taxes | $ | 344 | $ | 316 | $ | 288 | $ | 287 | $ | 260 | $ | 263 | $ | 281 | $ | 193 | $ | 173 | |||||||||||||||||||||||||||||||||||
| SELECTED AVERAGE BALANCE SHEET DATA | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total average loans | $ | 15,035 | $ | 14,799 | $ | 14,296 | $ | 15,098 | $ | 14,286 | $ | 14,128 | $ | 14,220 | $ | 13,398 | $ | 12,851 | |||||||||||||||||||||||||||||||||||
| Total average deposits | 21,151 | 21,151 | 20,233 | 15,334 | 14,582 | 14,253 | 14,777 | 14,792 | 13,569 | ||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | NBAZ | NSB | Vectra | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||
| SELECTED INCOME STATEMENT DATA | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income 1 | $ | 262 | $ | 245 | $ | 249 | $ | 213 | $ | 197 | $ | 192 | $ | 143 | $ | 148 | $ | 151 | |||||||||||||||||||||||||||||||||||
| Provision for credit losses | (14) | 17 | 4 | (2) | (11) | 42 | 9 | 3 | 7 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | 276 | 228 | 245 | 215 | 208 | 150 | 134 | 145 | 144 | ||||||||||||||||||||||||||||||||||||||||||||
| Noninterest income | 44 | 43 | 40 | 52 | 52 | 45 | 36 | 29 | 28 | ||||||||||||||||||||||||||||||||||||||||||||
| Noninterest expense: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Salaries and employee benefits | 53 | 54 | 55 | 44 | 46 | 45 | 40 | 41 | 41 | ||||||||||||||||||||||||||||||||||||||||||||
| Technology, telecom, and information processing | 4 | 4 | 4 | 6 | 6 | 5 | 3 | 2 | 3 | ||||||||||||||||||||||||||||||||||||||||||||
| Occupancy and equipment, net | 10 | 11 | 10 | 11 | 11 | 12 | 12 | 11 | 12 | ||||||||||||||||||||||||||||||||||||||||||||
Other direct expenses 2 | 24 | 26 | 29 | 18 | 21 | 27 | 13 | 14 | 18 | ||||||||||||||||||||||||||||||||||||||||||||
| Indirect/allocated expenses | 104 | 101 | 96 | 95 | 93 | 85 | 69 | 69 | 67 | ||||||||||||||||||||||||||||||||||||||||||||
| Total noninterest expense | 195 | 196 | 194 | 174 | 177 | 174 | 137 | 137 | 141 | ||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before taxes | $ | 125 | $ | 75 | $ | 91 | $ | 93 | $ | 83 | $ | 21 | $ | 33 | $ | 37 | $ | 31 | |||||||||||||||||||||||||||||||||||
| SELECTED AVERAGE BALANCE SHEET DATA | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total average loans | $ | 5,596 | $ | 5,683 | $ | 5,318 | $ | 3,718 | $ | 3,555 | $ | 3,392 | $ | 3,846 | $ | 4,063 | $ | 4,004 | |||||||||||||||||||||||||||||||||||
| Total average deposits | 6,915 | 6,933 | 7,008 | 7,141 | 7,169 | 6,964 | 3,417 | 3,505 | 3,482 | ||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | TCBW | Other | Consolidated Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||
| SELECTED INCOME STATEMENT DATA | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income 1 | $ | 71 | $ | 63 | $ | 61 | $ | (12) | $ | 5 | $ | 28 | $ | 2,627 | $ | 2,430 | $ | 2,438 | |||||||||||||||||||||||||||||||||||
| Provision for credit losses | 3 | 9 | 2 | 1 | (2) | (2) | 72 | 72 | 132 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | 68 | 54 | 59 | (13) | 7 | 30 | 2,555 | 2,358 | 2,306 | ||||||||||||||||||||||||||||||||||||||||||||
| Noninterest income | 8 | 8 | 7 | 113 | 85 | 65 | 758 | 700 | 677 | ||||||||||||||||||||||||||||||||||||||||||||
| Noninterest expense: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Salaries and employee benefits | 13 | 12 | 13 | 818 | 755 | 746 | 1,350 | 1,287 | 1,275 | ||||||||||||||||||||||||||||||||||||||||||||
| Technology, telecom, and information processing | 2 | 2 | 2 | 232 | 219 | 197 | 276 | 260 | 240 | ||||||||||||||||||||||||||||||||||||||||||||
| Occupancy and equipment, net | 3 | 3 | 2 | 34 | 32 | 35 | 166 | 161 | 160 | ||||||||||||||||||||||||||||||||||||||||||||
Other direct expenses 2 | 4 | 5 | 7 | 135 | 103 | 117 | 346 | 338 | 422 | ||||||||||||||||||||||||||||||||||||||||||||
| Indirect/allocated expenses | 14 | 11 | 11 | (1,091) | (1,036) | (988) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total noninterest expense | 36 | 33 | 35 | 128 | 73 | 107 | 2,138 | 2,046 | 2,097 | ||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before taxes | $ | 40 | $ | 29 | $ | 31 | $ | (28) | $ | 19 | $ | (12) | $ | 1,175 | $ | 1,012 | $ | 886 | |||||||||||||||||||||||||||||||||||
| SELECTED AVERAGE BALANCE SHEET DATA | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total average loans | $ | 2,005 | $ | 1,805 | $ | 1,705 | $ | 903 | $ | 958 | $ | 1,046 | $ | 60,421 | $ | 58,547 | $ | 56,740 | |||||||||||||||||||||||||||||||||||
| Total average deposits | 1,155 | 1,144 | 1,196 | 4,983 | 5,484 | 6,161 | 74,873 | 74,760 | 72,866 | ||||||||||||||||||||||||||||||||||||||||||||
1 Interest income is shown net of interest expense consistent with the information regularly provided to the CODM and used to evaluate segment performance.
2 Other direct expenses include professional and legal services, marketing and business development, deposit insurance and regulatory expense, credit-related expense, other real estate expense, and other noninterest expenses.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.