Zions Bancorporation Board Declares Dividends And Announces Share Repurchase Plan For The Third Quarter Of 2018

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Jul 26, 2018, 18:37 ET

SALT LAKE CITY, July 26, 2018 /PRNewswire/ -- Zions Bancorporation (NASDAQ: ZION) announced today that its board of directors declared a regular quarterly dividend of $0.30 per common share, payable August 23, 2018 to shareholders of record on August 16, 2018. This represents an increase of 150% from the dividend paid in the year ago period, and a 25% increase over the dividend paid in the second quarter of 2018.

Additionally, the Board approved a plan to repurchase $185 million of common shares during the third quarter of 2018. Consistent with its previous public statements on the matter, and subject to results of ongoing internal stress testing, Zions intends to reduce its capital ratios to levels similar to or slightly stronger than the median levels of its peer group. Assuming economic conditions remain generally stable, Zions intends to accomplish the reduction of its capital ratios in an orderly fashion over the next six to eight quarters.

Zions expects to continue to utilize stress testing as the primary mechanism to inform its decisions on the appropriate level of capital, based upon actual and reasonably probable economic conditions. Therefore, the timing and amount of additional common share repurchases will be subject to various factors, including the company's financial performance and prevailing economic conditions. Shares may be purchased occasionally in the open market, through privately negotiated transactions, utilizing Rule 10b5-1 plans or otherwise. The repurchased shares may be held as treasury stock or retired.

The board of directors also declared regular quarterly cash dividends on the company's various perpetual preferred shares. The cash dividend on the Series A, G, H, and J shares are payable September 17, 2018 to shareholders of record on September 1, 2018, while the cash dividend on the Series I shares is payable on December 17, 2018 to shareholders of record on December 1, 2018.

Zions Bancorporation is one of the nation's premier financial services companies with total assets exceeding $65 billion. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming. The company is a national leader in Small Business Administration lending and public finance advisory services, and is a consistent top recipient of Greenwich Excellence awards in banking. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at zionsbancorporation.com.

Forward Looking Information

This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Statements in this press release that are based on other than historical information or that express Zions Bancorporation's expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect, among other things, our current expectations, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, industry results or regulatory outcomes to differ materially from those expressed or implied by such forward-looking statements.

Without limiting the foregoing, the words "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "might," "plans," "projects," "should," "would," "targets," "will" and the negative thereof and similar words and expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about future financial and operating results. Actual results and outcomes may differ materially from those presented, either expressed or implied, in this press release. Important risk factors that may cause such material differences include, but are not limited to, the actual amount and duration of declines in the price of various commodities (e.g. oil, natural gas, wood, copper, wheat, corn, and other farming- and ranching-related commodities) which may affect our customers' ability to maintain profitability; Zions' ability to meet operating leverage goals and the rate of change of interest sensitive assets and liabilities relative to changes in benchmark interest rates. These risks, as well as other factors, are discussed in Zions Bancorporation's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (SEC) and available at the SEC's Internet site (https://www.sec.gov/). Except as required by law, Zions Bancorporation specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

SOURCE Zions Bancorporation