Zions Bancorporation: Hold Rating Amid Strong Performance and Credit ConcernsAfter ZION's pre-EPS charge-off disclosure sent credit ripples across the industry, otherwise sound credit quality and solid PPNR trends somewhat eased concerns. Management’s view that the credit loss was an isolated incident, combined with context on ZION’s limited NDFI lending growth relative to the industry, were both positive updates. Plus, margin expansion, fee income momentum, and deposit trends were all better than expected, and positive operating leverage exceeded 5%. Looking ahead, we'll look to get more color as ZION works through its 3rd party review on the credit front, any indications on the extent of operating leverage for FY26, and ongoing deposit trends, which are key to the long term NIM trajectory. For now, we remain Neutral.