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SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS’ EQUITY
Preferred Stock
Our preferred stock is listed on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market under the ticker symbol “ZIONP.” We have 4.4 million authorized shares of preferred stock, without par value, each carrying a liquidation preference of $1,000 per share, or $25 per depositary share. All preferred shares have been issued in the form of depositary shares, with each depositary share representing a 1/40th interest in a share of preferred stock. All outstanding preferred shares are registered with the Securities and Exchange Commission (“SEC”).
Preferred shareholders generally have priority over common shareholders with respect to asset distributions; however, their voting rights are limited. Preferred dividends, which reduce earnings applicable to common
shareholders, are payable on the 15th day of the months indicated in the accompanying schedule, subject to approval by our Board of Directors.
The preferred shares are redeemable at our option after the expiration of any applicable redemption restrictions. The redemption price equals the per-share liquidation preference plus any declared but unpaid dividends. Any redemption is subject to applicable regulatory requirements, including the requirement to remain well capitalized.
The following schedule presents the components of our preferred stock:
(Dollar amounts in millions)Carrying value at
December 31,		Shares at
December 31, 2025		Dividends payableEarliest
redemption date
20252024AuthorizedOutstandingRate
Series A$66 $66 140,000 66,139 
> of 4.0% or
3M Term SOFR + 0.78%
Qtrly Mar, Jun, Sep, Dec Dec 15, 2011
At December 31, 2025, 66,139 shares of Series A preferred stock were outstanding. In December 2024, we completed the full redemption of all outstanding shares of Series G, I, and J preferred stock. The redemption resulted in a one-time reduction to net earnings applicable to common shareholders of approximately $6 million, reflecting the recognition of previously capitalized preferred stock issuance costs.
Common Stock
Our common stock is listed on the NASDAQ Global Select Market under the ticker symbol “ZION.” At December 31, 2025, we had 147.7 million shares of common stock outstanding, each with a par value of $0.001. The combined balance of common stock and additional paid-in-capital totaled $1.7 billion at December 31, 2025, representing a decrease of $11 million, or 1%, from the prior year.
We publicly announced share repurchase plans in February of both 2025 and 2024, authorizing up to $40 million and $35 million, respectively. In each year, all repurchases were completed in the first quarter, and any additional repurchases were limited to shares acquired solely under our stock compensation plan.
The following schedule summarizes our share repurchases for the periods presented:
PeriodShares purchased as part of publicly announced plansShares purchased as part of stock compensation planTotal number of shares purchasedAverage price paid per shareAmount paid
(in millions)
2025747,268 25,976 773,244 $53.63 $41 
2024890,167 10,558 900,725 $39.53 $36 
In January 2026, we publicly announced a plan to repurchase up to $75 million of common shares outstanding during the first quarter of 2026.
Accumulated Other Comprehensive Income
At December 31, 2025, the AOCI balance reflected a net loss of $1.9 billion, primarily attributable to a decline in the fair value of fixed-rate AFS securities driven by changes in interest rates. This amount includes $1.6 billion ($1.2 billion after tax) of unrealized losses associated with securities previously transferred from AFS to HTM. Compared with December 31, 2024, AOCI improved $439 million.
The following schedule presents the changes in AOCI:
(In millions)
Net unrealized gains (losses) on investment securitiesNet unrealized gains (losses) on derivatives and otherPension and post-retirementTotal
2025
Balance at December 31, 2024$(2,301)$(78)$(1)$(2,380)
Other comprehensive income before reclassifications, net of tax
203 6 — 209 
Amounts reclassified from AOCI, net of tax181 49 — 230 
Other comprehensive income384 55 — 439 
Balance at December 31, 2025$(1,917)$(23)$(1)$(1,941)
Income tax expense included in other comprehensive income
$125 $18 $— $143 
2024
Balance at December 31, 2023$(2,526)$(165)$(1)$(2,692)
Other comprehensive income (loss) before reclassifications, net of tax
31 (2)— 29 
Amounts reclassified from AOCI, net of tax194 89 — 283 
Other comprehensive income 225 87 — 312 
Balance at December 31, 2024$(2,301)$(78)$(1)$(2,380)
Income tax expense included in other comprehensive income
$74 $28 $— $102 
(In millions)
Amounts reclassified from AOCI
Affected line item
 on statement of income
AOCI components202520242023
Net unrealized losses on investment securities$(240)$(257)$(276)Securities gains (losses), net
Less: Income tax benefit(59)(63)(68)
$(181)$(194)$(208)
Net unrealized losses on derivative instruments
$(65)$(118)$(165)Interest and fees on loans; Interest on short- and long-term borrowings
Less: Income tax benefit(16)(29)(41)
$(49)$(89)$(124)
Deferred Compensation
Deferred compensation consists of invested assets—including shares of our common stock—held in rabbi trusts for certain employees and directors. The fair value of our common stock held in the trusts was approximately $24 million and $19 million at December 31, 2025 and 2024, respectively. We consolidate the assets and liabilities of the rabbi trusts and include them in “Other assets” and “Other liabilities” on the consolidated balance sheet. At December 31, 2025 and 2024, trust assets totaled approximately $154 million and $149 million, and trust liabilities totaled approximately $178 million and $168 million, respectively.