AcquisitionsMay 7, 2026, 04:03 PM
Zions Bancorp to Acquire Basis Multifamily Finance I Agency Lending Business
AI Summary
Zions Bancorporation announced an agreement to acquire the agency lending business of Basis Multifamily Finance I, LLC, aiming to expand its multifamily housing financing solutions and strengthen its capital markets franchise. For the first quarter of 2026, the company reported a significant increase in net earnings applicable to common shareholders and diluted EPS, which rose to $1.56 from $1.13 in Q1 2025. Net interest income grew by 6% to $662 million, and the efficiency ratio improved to 65.0%. Total loans and leases increased by 2%, and total deposits grew by 2%.
Key Highlights
- Zions Bancorp to acquire agency lending business of Basis Multifamily Finance I, LLC.
- Diluted EPS increased to $1.56 in Q1 2026 from $1.13 in Q1 2025.
- Net earnings applicable to common shareholders showed strong year-over-year growth.
- Net interest income increased $38 million, or 6%, to $662 million.
- Efficiency ratio improved to 65.0% from 66.6% in the prior year quarter.
- Total loans and leases increased $1.4 billion, or 2%.
- Total deposits increased $1.2 billion, or 2%.
- Provision for credit losses was negative $7 million, compared to positive $18 million.