Valuation range the line at three costs of equity r 11% · 1.87× r 9% · 2.49× now 1.42×
0.0× 1.0× 2.0× 3.0× 4.0×
At r = 10% the line gives 2.13× for a 17.9% ROTCE; the market pays 1.42×, a 33% discount to the line . Below the range even at r = 11%.
Where it has traded quarter-end P/TBV · 20 quarters · Sep 30, 2021 → Jun 30, 2026 0.50× 1.13× 1.75× 2.38× 3.00× 2021 2022 2023 2024 2025 2026 2021-09-30 · 1.57× (close 61.89 · TBVPS 39.38) 2021-12-31 · 1.62× (close 63.16 · TBVPS 39.11) 2022-03-31 · 2.06× (close 65.56 · TBVPS 31.90) 2022-06-30 · 1.84× (close 50.90 · TBVPS 27.69) 2022-09-30 · 2.36× (close 50.86 · TBVPS 21.51) 2022-12-31 · 2.16× (close 49.16 · TBVPS 22.76) 2023-03-31 · 1.20× (close 29.93 · TBVPS 24.87) 2023-06-30 · 1.05× (close 26.86 · TBVPS 25.60) 2023-09-30 · 1.35× (close 34.89 · TBVPS 25.84) 2023-12-31 · 1.55× (close 43.87 · TBVPS 28.39) 2024-03-31 · 1.48× (close 43.40 · TBVPS 29.40) 2024-06-30 · 1.41× (close 43.37 · TBVPS 30.79) 2024-09-30 · 1.42× (close 47.22 · TBVPS 33.24) 2024-12-31 · 1.60× (close 54.25 · TBVPS 33.98) 2025-03-31 · 1.42× (close 49.86 · TBVPS 34.99) 2025-06-30 · 1.41× (close 51.94 · TBVPS 36.95) 2025-09-30 · 1.46× (close 56.58 · TBVPS 38.78) 2025-12-31 · 1.43× (close 58.54 · TBVPS 40.94) 2026-03-31 · 1.38× (close 57.62 · TBVPS 41.76) 2026-06-30 · 1.55× (close 69.19 · TBVPS 44.65) p75 1.60× med 1.47× p25 1.41× now 1.42× Five-year median 1.47×, middle half 1.41–1.60×, range 1.05–2.36×. Now 1.42×: −3% below its own median, higher than 30% of those quarters. Each quarter priced at its own TBVPS · the band is the 25th–75th percentile
Where the money goes TTM through Jun 30, 2026 · $B 0 1 2 3 4 Interest income: 4.1 $B 4.1 Interest income Interest expense: −1.4 $B −1.4 Interest expense NII: 2.7 $B 2.7 NII Non-interest income: 1.0 $B 1.0 Non-interest income Net revenue: 3.7 $B 3.7 Net revenue Operating expenses: −2.2 $B −2.2 Operating expenses Provision: −0.1 $B −0.1 Provision Pre-tax: 1.5 $B 1.5 Pre-tax Tax: −0.3 $B −0.3 Tax Net income: 1.2 $B 1.2 Net income
assets $89.0B ÷ TCE $6.5B = 13.6× leverage · ROA 1.32% × 13.6 = ROTCE 17.9%
Revenue mix NII vs. non-interest income · Regional peers (10) ZION 72 / 28
Tier average 76 / 24
Efficiency 58.5% vs. tier 62.4% · ROTCE 17.9% vs. 13.3% · credit cost 1.4% vs. 4.8% · AOCI/TCE −28.6% vs. −8.8%.
Quarter by quarter 8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter