v3.25.2
OPERATING SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
OPERATING SEGMENT INFORMATION OPERATING SEGMENT INFORMATION
We manage our operations with a focus on geographic area, primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. We conduct our operations primarily through seven separately managed affiliate banks, each with its own local branding and management team: Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington. These affiliate banks comprise our primary operating segments. We emphasize local authority, responsibility, pricing, and customization of certain products to maximize customer satisfaction, strengthen community relations, and improve profitability and shareholder returns.
At June 30, 2025, Zions Bank operated 93 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. CB&T operated 78 branches in California, including the four FirstBank Coachella Valley, California branches we acquired in late March 2025. 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. During the first six months of 2025, all of the Bank's assets, revenues, and expenses were located in or derived from operations within the United States.
We focus on serving customers in the communities where we operate. Each of our operating segments offers a wide range of banking products and related services, delivered digitally or through other channels. These include primarily commercial and small business banking, capital markets and investment banking, commercial real estate lending, retail banking, and wealth management.
Our affiliate banks are supported by an enterprise operating segment, referred to as the “Other” segment, which provides governance and risk management, allocates capital, establishes strategic objectives, and includes centralized technology, back-office functions, and certain lines of business not operated through our affiliate banks. The costs of 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 use an internal funds transfer pricing (“FTP”) allocation process to report the results of operations for each segment. This process is subject to ongoing changes and refinements. The total average loans and deposits for the operating segments include minor intercompany amounts and may also include deposits with the “Other” segment. Transactions between segments are primarily conducted at fair value, with profits eliminated for consolidated reporting purposes.
We evaluate performance and allocate resources primarily based on income or loss from operations before income taxes. The accounting policies of the operating segments align with those 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 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 allocate resources for each segment.
The following schedule presents selected operating segment information that is regularly provided to the CODM to evaluate performance and allocate resources for the three months ended June 30, 2025 and 2024:
Zions BankCB&TAmegy
(In millions)202520242025202420252024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$182 $170 $161 $148 $137 $116 
Provision for credit losses6 (7)(18)(5)10 14 
Net interest income after provision for credit losses176 177 179 153 127 102 
Noninterest income49 47 32 30 43 42 
Noninterest expense:
Salaries and employee benefits34 34 33 31 29 26 
Technology, telecom, and information processing4 4 1 1 2 2 
Occupancy and equipment, net7 7 8 8 8 8 
Other direct expenses 2
16 20 11 9 11 14 
Indirect/allocated expenses81 86 56 54 64 66 
Total noninterest expense142 151 109 103 114 116 
Income (loss) before taxes$83 $73 $102 $80 $56 $28 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$15,008 $14,893 $15,176 $14,127 $14,158 $13,345 
Total average deposits20,827 20,906 15,210 14,539 14,573 14,612 
NBAZNSBVectra
(In millions)202520242025202420252024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$64 $61 $53 $50 $36 $35 
Provision for credit losses(5)(1)4 7 — — 
Net interest income after provision for credit losses69 62 49 43 36 35 
Noninterest income10 10 13 16 11 7 
Noninterest expense:
Salaries and employee benefits13 13 11 11 10 10 
Technology, telecom, and information processing1 1 1 1 1 1 
Occupancy and equipment, net2 2 3 3 3 3 
Other direct expenses 2
6 7 4 5 3 3 
Indirect/allocated expenses26 28 24 25 17 19 
Total noninterest expense48 51 43 45 34 36 
Income (loss) before taxes$31 $21 $19 $14 $13 $6 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$5,575 $5,595 $3,737 $3,547 $3,871 $4,088 
Total average deposits6,863 6,929 7,132 7,207 3,366 3,475 
TCBWOtherConsolidated Bank
(In millions)202520242025202420252024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$18 $14 $(3)$3 $648 $597 
Provision for credit losses2 (1)— (2)(1)5 
Net interest income after provision for credit losses16 15 (3)5 649 592 
Noninterest income2 2 30 25 190 179 
Noninterest expense:
Salaries and employee benefits3 3 203 190 336 318 
Technology, telecom, and information processing— — 55 56 65 66 
Occupancy and equipment, net1 1 8 8 40 40 
Other direct expenses 2
1 1 34 26 86 85 
Indirect/allocated expenses4 3 (272)(281)— — 
Total noninterest expense9 8 28 (1)527 509 
Income (loss) before taxes$9 $9 $(1)$31 $312 $262 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$2,019 $1,755 $916 $941 $60,460 $58,291 
Total average deposits1,146 1,108 5,149 5,452 74,266 74,228 
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 Includes expenses such as professional and legal services, marketing and business development, deposit insurance and regulatory expense, credit-related expense, other real estate expense, and other noninterest expense.
The following schedule presents selected operating segment information that is regularly provided to the CODM to evaluate performance and allocate resources for the six months ended June 30, 2025 and 2024:
Zions BankCB&TAmegy
(In millions)202520242025202420252024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$358 $332 $312 $293 $269 $227 
Provision for credit losses12 (18)(8)17 13 18 
Net interest income after provision for credit losses
346 350 320 276 256 209 
Noninterest income91 90 60 56 92 83 
Noninterest expense:
Salaries and employee benefits70 70 67 64 59 56 
Technology, telecom, and information processing8 7 2 2 4 4 
Occupancy and equipment, net14 13 17 16 16 16 
Other direct expenses 2
33 40 21 23 25 29 
Indirect/allocated expenses160 161 106 99 128 124 
Total noninterest expense285 291 213 204 232 229 
Income (loss) before taxes
$152 $149 $167 $128 $116 $63 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$14,922 $14,808 $14,927 $14,146 $14,056 $13,230 
Total average deposits21,018 20,820 14,917 14,473 14,692 14,742 
NBAZNSBVectra
(In millions)202520242025202420252024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$128 $122 $106 $98 $71 $71 
Provision for credit losses(13)5 4 2 9 (6)
Net interest income after provision for credit losses
141 117 102 96 62 77 
Noninterest income19 20 25 28 19 13 
Noninterest expense:
Salaries and employee benefits27 27 23 23 21 20 
Technology, telecom, and information processing2 2 3 3 1 1 
Occupancy and equipment, net5 5 5 5 6 6 
Other direct expenses 2
14 14 9 11 6 8 
Indirect/allocated expenses51 51 47 47 34 35 
Total noninterest expense99 99 87 89 68 70 
Income (loss) before taxes
$61 $38 $40 $35 $13 $20 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$5,638 $5,623 $3,698 $3,527 $3,896 $4,063 
Total average deposits6,905 6,894 7,149 7,203 3,403 3,463 
TCBWOtherConsolidated Bank
(In millions)202520242025202420252024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$34 $28 $(6)$12 $1,272 $1,183 
Provision for credit losses(1)3 1 (3)17 18 
Net interest income after provision for credit losses
35 25 (7)15 1,255 1,165 
Noninterest income4 3 51 42 361 335 
Noninterest expense:
Salaries and employee benefits7 6 404 383 678 649 
Technology, telecom, and information processing1 1 114 108 135 128 
Occupancy and equipment, net1 1 17 17 81 79 
Other direct expenses 2
2 3 61 51 171 179 
Indirect/allocated expenses7 6 (533)(523)— — 
Total noninterest expense18 17 63 36 1,065 1,035 
Income (loss) before taxes
$21 $11 $(19)$21 $551 $465 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$1,992 $1,741 $921 $962 $60,050 $58,100 
Total average deposits1,140 1,115 5,366 5,083 74,590 73,793 
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 Includes expenses such as professional and legal services, marketing and business development, deposit insurance and regulatory expense, credit-related expense, other real estate expense, and other noninterest expense.