Zions Bancorporation, National Association (NASDAQ:ZION) Q1 2023 Earnings Conference Call April 19, 2023 5:30 PM ET Company Participants James Abbott - Director, Investor Relations Harris Simmons - Chairman and Chief Executive Officer Paul Burdiss - Chief Financial Officer Michael Morris - Chief Credit Officer Scott McLean - President and Chief Operating Officer Conference Call Participants Manank Gosalia - Morgan Stanley Dave Rochester - Compass Point John Pancari - Evercore ISI Brad Milsaps - Piper Sandle ...

Financial Performance - Zions Bancorporation reported annual net revenue of $3.2 billion in 2022 and total assets of approximately $90 billion as of December 31, 2022[15]. - Net interest income increased by $312 million, or 14%, driven by a higher interest rate environment, despite a $188 million decrease from SBA PPP loans[136]. - The net interest margin (NIM) improved to 3.06% from 2.72%, reflecting higher yields on interest-earning assets[136]. - Total loans and leases grew by $4.8 billion, or 9%, primarily in commercial and industrial, consumer residential mortgage, and commercial real estate portfolios[139]. - Net earnings applicable to common shareholders decreased by 20% to $878 million, impacted by a rise in the provision for credit losses[140]. - Total noninterest income decreased by $71 million, or 10%, in 2022, accounting for 20% of net revenue compared to 24% in 2021[168]. - The efficiency ratio improved to 58.8% from 60.8%, as adjusted revenue growth outpaced noninterest expense growth[140]. Capital Adequacy - Zions Bancorporation exceeded all capital adequacy requirements under the Basel III capital rules, with a Common Equity Tier 1 (CET1) ratio of 9.8% compared to the minimum requirement of 4.5%[29]. - The bank's Tier 1 capital ratio was 10.5%, exceeding the minimum requirement of 6.0%[29]. - Total capital ratio stood at 12.2%, well above the minimum requirement of 8.0%[29]. - The bank maintained a Tier 1 leverage ratio of 7.7%, surpassing the minimum requirement of 4.0%[29]. - The company’s ability to pay dividends is subject to regulatory restrictions, impacting shareholder returns[9]. Risk Management - The company has established a comprehensive risk management framework to address credit risk, interest rate risk, and other operational risks[54]. - The provision for credit losses was $122 million in 2022, compared to $(276) million in 2021, reflecting loan growth and economic scenario deterioration[140]. - The allowance for credit losses (ACL) reached $636 million at the end of 2022, up from $553 million in 2021, primarily due to loan growth and economic scenario deterioration[161]. - The company is closely monitoring evolving ESG standards and regulations, which may increase operational costs or limit business activities in certain jurisdictions[38]. Employee and Workforce - The company had 9,989 full-time equivalent employees as of December 31, 2022, with a diverse workforce comprising 59% women and 37% people of color[42]. - The company hosted over 1,000 training experiences in 2022 to support employee skill development and career advancement[48]. - The company experienced challenges in filling job openings due to competitive labor market conditions but began to see improvements in 2022[49]. - Salaries and employee benefits increased by $108 million, or 10%, primarily due to inflationary pressures and increased headcount[175]. Regulatory Compliance - The company is subject to various regulatory requirements, including limitations on dividends and restrictions on acquisitions, which may impact its operational flexibility[9]. - The company faced increased costs related to compliance with banking regulations, impacting its financial performance[93]. - The company is subject to legal and governmental proceedings that could adversely affect its financial condition and operations[98]. - The company has incurred substantial costs due to regulatory changes and may face further impacts from proposed regulations affecting financial services firms[95]. Market and Economic Conditions - The company’s operations and financial results have been adversely affected by the COVID-19 pandemic, impacting loan demand and deposit levels[108]. - Liquidity is primarily sourced from customer deposits, which may be affected by increased competition and Federal Reserve's monetary policy tightening[64]. - Rating downgrades from agencies could increase costs and negatively impact liquidity and market prices of securities[65]. Shareholder Returns - The company repurchased 3.6 million common shares for $200 million in 2022, at an average price of $56.13 per share, and has approved an additional $50 million share repurchase plan for Q1 2023[120][121]. - The company declared a dividend of $0.41 per common share in January 2023, payable on February 23, 2023[119]. Technology and Operations - Total technology spend increased to $451 million in 2022 from $435 million in 2021, reflecting ongoing investments in technology initiatives[182]. - Significant changes are being made, including organizational restructurings and technology upgrades, which may not yield the intended results[70]. - Operational disruptions may arise from ongoing projects, leading to potential regulatory scrutiny and financial liability[71]. Asset and Liability Management - The company’s net interest income is significantly influenced by interest rate risk, which is managed by its Asset Liability Management Committee[61]. - The transition away from LIBOR could adversely affect the interest rates on floating-rate obligations, loans, and deposits, potentially impacting revenue and expenses[62]. - The average cost of deposits was 0.09% in 2022, compared to 0.04% in 2021, reflecting a higher interest rate environment[148].

Zions Bancorporation, National Association (NASDAQ:ZION) Q4 2022 Earnings Conference Call January 23, 2023 5:30 PM ET Company Participants James Abbott - Director, IR Harris Simmons - Chairman and CEO Paul Burdiss - CFO Scott McLean - President and COO Michael Morris - Chief Credit Officer Conference Call Participants Manan Gosalia - Morgan Stanley Ebrahim Poonawala - Bank of America John Pancari - Evercore ISI Chris McGratty - KBW Peter Winter - D.A. Davidson Ken Usdin - Jefferies Operator Greetings, and w ...

2022 Fourth Quarter Investor Update ZIONS BANCORPORATION November 2022 Forward-Looking Statements; Use of Non-GAAP Financial Measures 2 Forward Looking Information This earnings presentation includes "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as "may," "might," "could," "anticipate," "expect," and similar terms, are based on management's current expectations and assumptions regarding future e ...

2022 Fourth Quarter Investor Update ZIONS BANCORPORATION November 2022 Forward-Looking Statements; Use of Non-GAAP Financial Measures 2 Forward Looking Information This earnings presentation includes "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as "may," "might," "could," "anticipate," "expect," and similar terms, are based on management's current expectations and assumptions regarding future e ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ COMMISSION FILE NUMBER 001-12307 ZIONS BANCORPORATION, NATIONAL ASSOCIATION (Exact name of registrant as specified in its charter) United St ...

Zions Bancorporation, National Association (NASDAQ:ZION) Q3 2022 Earnings Conference Call October 24, 2022 5:30 PM ET Company Participants Ryan Richards - Corporate Controller Harris Simmons - Chairman and CEO Paul Burdiss - CFO Scott McLean - President and COO Keith Maio - Chief Risk Officer Michael Morris - Chief Credit Officer Conference Call Participants John Pancari - Evercore ISI Ebrahim Poonawala - Bank of America Dave Rochester - Compass Point Ken Usdin - Jefferies Brad Milsaps - Piper Sandler Jenni ...

[FORM 10-Q](index=1&type=section&id=FORM%2010-Q) [Table of Contents](index=2&type=section&id=Table%20of%20Contents) [GLOSSARY OF ACRONYMS AND ABBREVIATIONS](index=3&type=section&id=GLOSSARY%20OF%20ACRONYMS%20AND%20ABBREVIATIONS) [PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [ITEM 1. FINANCIAL STATEMENTS (Unaudited)](index=36&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(Unaudited)) This section presents unaudited consolidated financial statements, including balance sheets, income, comprehensive income, equity, and cash flow statements, with detailed notes [Consolidated Balance Sheets](index=36&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets show a decrease in total assets and total shareholders' equity from December 31, 2021, to June 30, 2022, primarily driven by a significant decrease in money market investments and accumulated other comprehensive income (loss) | Metric | June 30, 2022 (Millions) | Dec 31, 2021 (Millions) | Change (Millions) | | :--------------------------------- | :----------------------- | :---------------------- | :---------------- | | Total Assets | $87,784 | $93,200 | $(5,416) | | Money Market Investments (Interest-bearing deposits) | $1,249 | $10,283 | $(9,034) | | Total Deposits | $79,061 | $82,789 | $(3,728) | | Total Shareholders' Equity | $5,632 | $7,463 | $(1,831) | | Accumulated Other Comprehensive Income (Loss) | $(2,100) | $(80) | $(2,020) | [Consolidated Statements of Income](index=37&type=section&id=Consolidated%20Statements%20of%20Income) The consolidated statements of income show a decrease in net earnings applicable to common shareholders for both the three and six months ended June 30, 2022, compared to the prior year periods, largely due to a significant increase in the provision for credit losses and a decrease in noninterest income | Metric | Three Months Ended June 30, 2022 (Millions) | Three Months Ended June 30, 2021 (Millions) | Six Months Ended June 30, 2022 (Millions) | Six Months Ended June 30, 2021 (Millions) | | :--------------------------------- | :---------------------------------------- | :---------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Net Earnings Applicable to Common Shareholders | $195 | $345 | $390 | $659 | | Total Provision for Credit Losses | $41 | $(123) | $8 | $(255) | | Total Noninterest Income | $172 | $205 | $314 | $374 | [Consolidated Statements of Comprehensive Income (Loss)](index=38&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The consolidated statements of comprehensive income (loss) reflect a significant shift from comprehensive income in the prior year to a comprehensive loss in 2022, primarily driven by large net unrealized holding losses on investment securities and derivative instruments | Metric | Three Months Ended June 30, 2022 (Millions) | Three Months Ended June 30, 2021 (Millions) | Six Months Ended June 30, 2022 (Millions) | Six Months Ended June 30, 2021 (Millions) | | :--------------------------------- | :---------------------------------------- | :---------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Comprehensive Income (Loss) | $(551) | $381 | $(1,614) | $526 | | Net Unrealized Holding Gains (Losses) on Investment Securities | $(698) | $34 | $(1,820) | $(130) | | Net Unrealized Holding Gains (Losses) on Derivative Instruments | $(50) | $3 | $(184) | $0 | [Consolidated Statements of Changes in Shareholders' Equity](index=38&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Total shareholders' equity significantly decreased during the first six months of 2022, primarily due to a substantial accumulated other comprehensive loss, partially offset by net income, with common stock repurchases also contributing to the decrease | Metric | June 30, 2022 (Millions) | Dec 31, 2021 (Millions) | | :--------------------------------- | :----------------------- | :---------------------- | | Total Shareholders' Equity | $5,632 | $7,463 | | Accumulated Other Comprehensive Income (Loss) | $(2,100) | $(80) | | Bank Common Stock Repurchased (Six Months Ended June 30, 2022) | $101 | N/A | [Consolidated Statements of Cash Flows](index=40&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2022, net cash provided by operating activities increased significantly, while investing activities shifted from a net use to a net provide, and financing activities shifted to a net use, primarily due to a decrease in deposits and redemption of long-term debt | Metric | Six Months Ended June 30, 2022 (Millions) | Six Months Ended June 30, 2021 (Millions) | | :--------------------------------- | :---------------------------------------- | :---------------------------------------- | | Net Cash Provided by Operating Activities | $804 | $283 | | Net Cash Provided by (Used in) Investing Activities | $3,297 | $(5,523) | | Net Cash (Used in) Provided by Financing Activities | $(4,137) | $5,222 | | Net (Decrease) Increase in Deposits | $(3,728) | $6,452 | | Redemption of Long-Term Debt | $290 | $0 | [Notes to Consolidated Financial Statements](index=41&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail accounting policies and significant financial activities, covering presentation, pronouncements, fair value, investments, loans, derivatives, leases, debt, equity, commitments, revenue, income taxes, and operating segments [1. BASIS OF PRESENTATION](index=41&type=section&id=1.%20BASIS%20OF%20PRESENTATION) The unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information, with certain reclassifications made retrospectively to improve presentation of noninterest expense, and the company operates through seven separately managed bank divisions across 11 Western and Southwestern states - Financial reporting changes to noninterest expense were adopted retrospectively to January 1, 2020, without impacting net income, net interest income, or noninterest income[181](index=181&type=chunk) - Zions Bancorporation operates through seven separately managed bank divisions in 11 Western and Southwestern states[183](index=183&type=chunk) - In July 2022, three Northern Nevada branches were purchased, including approximately **$430 million in deposits** and **$95 million in commercial and consumer loans**[182](index=182&type=chunk)[288](index=288&type=chunk) [2. RECENT ACCOUNTING PRONOUNCEMENTS](index=42&type=section&id=2.%20RECENT%20ACCOUNTING%20PRONOUNCEMENTS) The company is evaluating new accounting standards, ASU 2022-02 and ASU 2022-03, effective for calendar year-end public companies beginning January 1, 2023, and January 1, 2024, respectively, with neither expected to have a material impact on financial statements - ASU 2022-02 eliminates TDR recognition/measurement guidance for CECL adopters and requires enhanced disclosures about loan modifications for borrowers experiencing financial difficulty[185](index=185&type=chunk) - ASU 2022-03 clarifies that contractual sale restrictions are not considered in fair value measurement of equity securities and requires additional disclosures[185](index=185&type=chunk) - Neither ASU is expected to have a material impact on the company's financial statements[185](index=185&type=chunk) [3. FAIR VALUE](index=43&type=section&id=3.%20FAIR%20VALUE) This section details fair value measurements, including quantitative disclosures by hierarchy levels, Level 3 rollforward, and nonrecurring measurements, with most fair-valued assets classified as Level 2 [Fair Value Measurements](index=43&type=section&id=Fair%20Value%20Measurements) Fair value is defined as the exit price in an orderly transaction between market participants, and the company's valuation methodologies and fair value hierarchy are consistent with prior disclosures - Fair value is the exchange price received for an asset or paid to transfer a liability in an orderly transaction[186](index=186&type=chunk) [Quantitative Disclosure by Fair Value Hierarchy](index=43&type=section&id=Quantitative%20Disclosure%20by%20Fair%20Value%20Hierarchy) The company's assets and liabilities measured at fair value on a recurring basis are primarily classified as Level 2, with a smaller portion in Level 1 and Level 3, and available-for-sale securities constitute the largest portion of fair-valued assets - Available-for-sale securities (AFS) are primarily **Level 2 ($24,855 million** at June 30, 2022)[187](index=187&type=chunk) Total Assets Measured at Fair Value (June 30, 2022) | Level | Amount (Millions) | Percentage | | :---- | :---------------- | :--------- | | Level 1 | $582 | 2.2% | | Level 2 | $25,838 | 97.5% | | Level 3 | $89 | 0.3% | | Total | $26,509 | 100% | - Private equity investments (PEIs) are split between **Level 1 ($9 million)** and **Level 3 ($77 million)** at June 30

Second Quarter 2022 Financial Review ZIONS BANCORPORATION July 26, 2022 Forward-Looking Statements; Use of Non-GAAP Financial Measures 2 Forward Looking Information This earnings presentation includes "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as "may," "might," "could," "anticipate," "expect," and similar terms, are based on management's current expectations and assumptions regarding future ...

Zions Bancorporation, National Association (NASDAQ:ZION) Q2 2022 Results Conference Call July 26, 2022 5:30 PM ET Company Participants James Abbott - Director of Investor Relations Harris Simmons - Chairman and Chief Executive Officer Paul Burdiss - Chief Financial Officer Scott McLean - President and Chief Operating Officer Keith Maio - Chief Risk Officer Michael Morris - Chief Credit Officer Conference Call Participants Ken Usdin - Jefferies Dave Rochester - Compass Point John Pancari - Evercore ISI Peter ...