Zions Bancorporation’s board declared a regular quarterly dividend of 48 cents per common share on Oct. 30, payable Nov. 19 to shareholders of record on Nov. 12, the bank said in a company release. The same announcement authorizes buybacks of up to $72 million of common stock for the fourth quarter of 2026. Zions operates in 11 western states and reported about $89 billion in total assets at the end of 2025.
For anyone who owns Zions shares, Nov. 12 is the date that counts, because holders of record that day collect on Nov. 19. A holder of 100 shares would receive $48, and $1.92 a year per share if the 48-cent rate holds for four quarters. The release declares this payment only and does not commit the bank to future ones.
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How does $72 million fit into Zions’ $300 million buyback target?
The release describes the $72 million as part of the company’s “previously authorized share repurchase target for 2026 of $300 million.” Buybacks shrink the number of shares outstanding. Zions says the timing and amounts depend on market conditions, regulatory requirements and other factors, and that its board may update them.
The bank’s third-quarter results, released Oct. 19, show the recent pace. Zions repurchased 1.1 million common shares for $75 million in that quarter and paid $71 million in common dividends at 48 cents a share. Together that is $146 million returned to shareholders, a little more than half of the $262 million in net earnings applicable to common shareholders.
A $72 million authorization for the fourth quarter is therefore close to the $75 million the bank repurchased in the third. It is also a ceiling rather than a purchase order, since the release says “up to” $72 million. In the third quarter of 2025, the same earnings release shows, Zions did not repurchase any shares.
Is 48 cents a change from last quarter?
The 48 cents matches the rate in the third-quarter release, which lists a dividend of $0.48 per common share against $0.45 the quarter before. The second-quarter release from July 20 shows the 45 cents, so the step up came between those two reports. The new announcement calls the 48 cents a regular quarterly dividend and does not present it as a raise.
Harris H. Simmons, Zions’ chairman and chief executive, said in the third-quarter release that “third quarter earnings per share increased 20% to $1.78, up from $1.48 a year ago.” Measured against that $1.78, the 48 cents is about 27% of the quarter’s per-share earnings.
The second quarter looked different on paper. Zions reported net earnings of $452 million and diluted earnings of $3.05 a share, or $1.74 excluding notable items. The third-quarter release says the drop in noninterest income from $460 million to $197 million reflected notable second-quarter gains, including the sale of Visa Class B-1 shares.
What is the bank earning behind the 48 cents?
Net interest income, the gap between what a bank earns on loans and pays on deposits, was $684 million in the third quarter, up 2% from $672 million a year earlier. The net interest margin was 3.23%, down from 3.28% a year ago. Zions booked an $8 million benefit for credit losses, compared with a $49 million expense in the third quarter of 2025, and net charge-offs were $3 million, or 0.02% annualized.
Total deposits reached $77.95 billion, up 4% from a year earlier, and customer deposits rose to $74.46 billion. Simmons said in the release that “customer deposits grew nearly 10% annualized from second quarter levels.” Loans and leases held flat at $62.47 billion, up 4% from a year ago.
On capital, the bank’s estimated common equity tier 1 ratio, a key regulatory gauge of loss-absorbing capital, was 11.8%, up from 11.3% a year earlier. Tangible book value per common share was $43.50, up 13% from $38.64 a year ago. Average diluted shares fell to 145.1 million from 147.1 million a year earlier.
Efficiency, the share of revenue spent on running the bank, was 61.9%, against 59.6% a year earlier and 62.2% in the second quarter. Return on average tangible common equity was 16.2%, compared with 16.0% a year ago. Net interest income was up 1% from $677 million in the second quarter.
Does the preferred stock pay on a different schedule?
It does. The same release declares the regular quarterly cash dividend on Zions’ Series A perpetual preferred stock, traded as ZIONP on Nasdaq, to holders of record Dec. 1, payable Dec. 15. The release gives no dollar amount for the preferred dividend.
That makes two groups with two calendars. Common shareholders are paid Nov. 19 on a Nov. 12 record date, and preferred holders are paid Dec. 15 on a Dec. 1 record date. Anyone with only common shares has nothing coming on the preferred date.
The company’s own profile puts 2025 net revenue at $3.4 billion and lists Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming as its markets. Its stock is part of the S&P MidCap 400 and the Nasdaq Financial 100.
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A dividend lands as cash, often in the same bank as savings and certificates, and balances above $250,000 at one bank are where coverage questions begin. A Nov. 19 deposit is a fair prompt to look at where that cash sits and what it earns.
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This article was produced with AI assistance and edited for accuracy against the sources linked above.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
