Financial Performance - Zions Bancorporation's net income to common for Q4 2023 was $116 million, or $0.78 diluted earnings per share, compared to $648 million, or $4.35 diluted earnings per share for the full year 2023[12] - The net charge-offs to loans ratio was 0.06% for both Q4 2023 and the full year 2023[10, 12] - The common equity tier 1 ratio was 10.3%[9, 12] Balance Sheet and Lending - Loan growth ended at 1.6% in Q4 2023[9, 12] - Deposit growth, excluding brokered deposits, ended at 2.4%[9, 12] - The loan-to-deposit ratio ended at 77%[12] Net Interest Income and Margin - Adjusted Pre-Provision Net Revenue (PPNR) declined 4% linked quarter and 38% year-over-year[17] - Net interest income was stable linked quarter, but declined 19% year-over-year[21] - Net interest margin was stable at 2.91% in Q4 2023[20] Noninterest Expense - Total noninterest expense increased to $581 million in Q4 2023, including a $90 million FDIC special assessment[27] - The efficiency ratio increased to 65.1% due to lower revenue in the quarter[27] Commercial Real Estate - Term CRE constitutes $107 billion of the portfolio with conservative weighted-average LTVs of less than 60%[45] - Construction and Land Development totals $27 billion[45] - Office loans represent $20 billion, with $18 billion in term loans and $02 billion in construction loans[45]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=4&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Zions Bancorporation's Q3 2023 saw diluted EPS and net interest income decline due to higher costs, despite deposit growth and improved liquidity | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Diluted EPS | $1.13 | $1.40 | | Net Interest Income | $585 million | $663 million | | Provision for Credit Losses | $41 million | $71 million | | Noninterest Expense | $496 million | $479 million | | Net Interest Margin (NIM) | 2.93% | 3.24% | - Key strategic actions during the first nine months of 2023 included **growing customer deposits**, **actively managing the balance sheet by shifting asset mix**, **increasing liquidity sources**, **managing interest rate risk through hedging**, **controlling expenses**, and **strengthening the regulatory capital position**[17](index=17&type=chunk) - Total customer deposits (excluding brokered deposits) **increased by $3.0 billion, or 5%**, from June 30, 2023, driven by a shift to interest-bearing products and expanded use of reciprocal placement products[23](index=23&type=chunk) - **Nonperforming assets increased to $219 million (0.38% of loans)** from **$151 million (0.28% of loans)** in the prior year quarter, primarily due to two suburban office commercial real estate loans in Southern California totaling **$46 million**[22](index=22&type=chunk) [Results of Operations](index=5&type=section&id=Results%20of%20Operations) Q3 2023 net interest income decreased 12% to $585 million due to higher funding costs, impacting the efficiency ratio Q3 2023 vs Q3 2022 Income Statement Highlights | Metric | Q3 2023 (Millions) | Q3 2022 (Millions) | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | $585 | $663 | (12)% | | Provision for Credit Losses | $41 | $71 | (42)% | | Noninterest Income | $180 | $165 | 9% | | Noninterest Expense | $496 | $479 | 4% | | Net Earnings Applicable to Common | $168 | $211 | (20)% | - The efficiency ratio **increased to 64.4% from 57.6%** in the prior year quarter, primarily due to a decline in adjusted taxable-equivalent revenue[20](index=20&type=chunk)[63](index=63&type=chunk) [Balance Sheet Analysis](index=19&type=section&id=BALANCE%20SHEET%20ANALYSIS) Total assets were $87.3 billion, with loans growing to $56.9 billion and deposits increasing to $75.4 billion, shifting to interest-bearing Balance Sheet Highlights (Sept 30, 2023 vs Dec 31, 2022) | Metric | Sept 30, 2023 (Billions) | Dec 31, 2022 (Billions) | | :--- | :--- | :--- | | Total Assets | $87.3 | $89.5 | | Total Loans and Leases | $56.9 | $55.7 | | Total Deposits | $75.4 | $71.7 | | Shareholders' Equity | $5.3 | $4.9 | - Total deposits **increased by $3.7 billion (5%)** from December 31, 2022, marked by a shift from noninterest-bearing demand deposits (**down to 35.5% of total**) to interest-bearing deposits[95](index=95&type=chunk) - Estimated uninsured deposits were **$31.2 billion**, representing **41% of total deposits**, a **decrease from 53%** at the end of 2022[97](index=97&type=chunk) [Risk Management](index=23&type=section&id=RISK%20MANAGEMENT) The bank manages credit, market, and liquidity risks, reducing CRE concentration, increasing ACL, and maintaining robust liquidity coverage - The bank actively manages credit risk by diversifying its loan portfolio and has reduced its Commercial Real Estate (CRE) loan concentration to **23% of total loans**, **down from 33%** in late 2008[100](index=100&type=chunk) - Total available liquidity was **$43.6 billion** at September 30, 2023, which is **140%** of the **$31.2 billion** in estimated uninsured deposits, a significant **increase from 56% coverage** at year-end 2022[169](index=169&type=chunk)[97](index=97&type=chunk) - The Allowance for Credit Losses (ACL) to total loans ratio **increased to 1.30%** at September 30, 2023, **up from 1.14%** at year-end 2022, primarily due to deterioration in economic forecasts[130](index=130&type=chunk) [Capital Management](index=40&type=section&id=Capital%20Management) The bank maintained strong capital, with CET1 at 10.2%, increased shareholders' equity, paused share repurchases, and is evaluating Basel III Regulatory Capital Ratios | Ratio | Sept 30, 2023 (%) | Dec 31, 2022 (%) | Well-Capitalized Minimum (%) | | :--- | :--- | :--- | :--- | | Common Equity Tier 1 (CET1) | 10.2% | 9.8% | 6.5% | | Tier 1 Risk-Based | 10.9% | 10.5% | 8.0% | | Total Risk-Based | 12.8% | 12.2% | 10.0% | | Tier 1 Leverage | 8.3% | 7.7% | 5.0% | - **Share repurchases were paused** during the second and third quarters of 2023, and are not expected in the fourth quarter, due to the uncertain macroeconomic environment[174](index=174&type=chunk) - The bank is evaluating the potential impact of the proposed **Basel III \"Endgame\" rules**, as it expects to become subject to them in the next few years if total assets grow to **$100 billion or more**[183](index=183&type=chunk) [Financial Statements (Unaudited)](index=45&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(Unaudited)) Unaudited consolidated financial statements for Q3 2023 detail the company's financial position, operational results, and cash flows [Consolidated Balance Sheets](index=45&type=section&id=Consolidated%20Balance%20Sheets) As of Sept 30, 2023, total assets were $87.3 billion, with loans at $56.2 billion, deposits at $75.4 billion, and equity at $5.3 billion Consolidated Balance Sheet Data (in millions) | Account | Sept 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$87,269** | **$89,545** | | Total Investment Securities | $20,738 | $23,506 | | Loans Held for Investment, Net | $56,212 | $55,078 | | **Total Liabilities** | **$81,954** | **$84,652** | | Total Deposits | $75,399 | $71,652 | | Federal Funds & Short-Term Borrowings | $4,346 | $10,417 | | **Total Shareholders' Equity** | **$5,315** | **$4,893** | [Consolidated Statements of Income](index=46&type=section&id=Consolidated%20Statements%20of%20Income) Q3 2023 net interest income was $585 million, resulting in net income of $175 million and diluted EPS of $1.13 Income Statement Summary (in millions, except EPS) | Metric | Three Months Ended Sept 30, 2023 | Three Months Ended Sept 30, 2022 | | :--- | :--- | :--- | | Net Interest Income | $585 | $663 | | Provision for Credit Losses | $41 | $71 | | Noninterest Income | $180 | $165 | | Noninterest Expense | $496 | $479 | | **Net Income** | **$175** | **$217** | | **Diluted EPS** | **$1.13** | **$1.40** | [Notes to Consolidated Financial Statements](index=51&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes provide detailed disclosures on accounting policies, fair value, loans, derivatives, and commitments, including ASU 2022-02 - The bank adopted **ASU 2022-02** on January 1, 2023, which eliminated the recognition and measurement of Troubled Debt Restructurings (TDRs) and required enhanced disclosures for loan modifications to borrowers experiencing financial difficulty[258](index=258&type=chunk)[259](index=259&type=chunk) - At September 30, 2023, the bank had **$22.7 billion** in total derivative notional amounts, primarily used to manage interest rate risk. This includes **$7.6 billion** designated as hedging instruments[285](index=285&type=chunk) - The bank has unfunded lending commitments of **$29.7 billion** and total unfunded commitments of **$30.5 billion** as of September 30, 2023[305](index=305&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=93&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company identifies interest rate and market risk as its most significant risks, actively monitored by management - The company identifies **interest rate and market risk** as its most significant risks, which are closely monitored by management[330](index=330&type=chunk) [Controls and Procedures](index=94&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal controls - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of September 30, 2023[331](index=331&type=chunk) - There were **no changes in internal control over financial reporting** during Q3 2023 that materially affected, or are likely to materially affect, internal controls[331](index=331&type=chunk) [PART II. OTHER INFORMATION](index=94&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=94&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in material legal proceedings, with estimated possible losses up to $5 million in excess of accruals - The company is subject to **material litigation**, including two cases related to a bankrupt borrower and one case regarding foreign transaction fees[307](index=307&type=chunk)[310](index=310&type=chunk) - The aggregate range of reasonably possible losses for significant matters where a loss is not probable but reasonably possible is estimated to be from zero to approximately **$5 million** in excess of current accruals[308](index=308&type=chunk) [Risk Factors](index=94&type=section&id=ITEM%201A.%20RISK%20FACTORS) Amended risk factors highlight liquidity and capital changes from banking events, systemic risk, geopolitical conflicts, and government shutdowns - Recent banking industry events have led to **deposit fluctuations and increased funding costs**, which may limit operations and growth[333](index=333&type=chunk) - **Systemic risk** is highlighted, where concerns about or failures of other financial institutions could lead to market-wide liquidity problems and adversely affect the company[335](index=335&type=chunk) - **Geopolitical conflicts** (Russia/Ukraine, Middle East) and potential **U.S. government shutdowns** are cited as risks that could disrupt economies, markets, and introduce volatility[337](index=337&type=chunk)[339](index=339&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=95&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No unregistered sales of equity securities occurred during the reporting period - The company reported **no unregistered sales of equity securities** or use of proceeds from such sales[340](index=340&type=chunk) [Other Information](index=95&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No directors or officers adopted, modified, or terminated a Rule 10b5-1(c) trading arrangement during Q3 2023 - **No directors or officers adopted, modified, or terminated a Rule 10b5-1(c) trading arrangement** during Q3 2023[341](index=341&type=chunk) [Exhibits](index=96&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with Form 10-Q, including CEO/CFO certifications and financial data in Inline XBRL format - Exhibits filed include **CEO and CFO certifications (31.1, 31.2, 32)** and **financial statements in Inline XBRL format (101)**[343](index=343&type=chunk)

Financial Data and Key Metrics Changes - Customer deposits grew by $3 billion during the quarter, resulting in a 5% increase in period-end customer deposits and a 1% total deposit growth quarter-over-quarter [9][11] - Diluted earnings per share increased by $0.02 to $1.13, with net income reported at $168 million [12] - Adjusted pre-provision net revenue decreased to $272 million, down from $296 million, reflecting a 23% decline year-over-year [13][21] - Total deposit costs rose to 192 basis points from 127 basis points in the previous quarter [11][23] Business Line Data and Key Metrics Changes - Period-end loans remained flat compared to the prior quarter, indicating softening loan demand [11][22] - Non-interest income from customer-related activities was $157 million, a decrease of 3% from the previous quarter [19] - Adjusted non-interest expenses were flat at $493 million, with reported expenses decreasing to $496 million [21] Market Data and Key Metrics Changes - Average deposit balances increased by 9% in the third quarter, while ending balances grew by 1% compared to the second quarter [23] - The cost of deposits increased to 192 basis points, reflecting a repricing beta of 36% for total deposits [23] Company Strategy and Development Direction - The company aims to maintain a strong loan-to-deposit ratio while continuing to grow customer deposits [62] - Management emphasized a commitment to managing balance sheet risks and optimizing funding sources [10][24] - The outlook for net interest income is stable, with expectations for loan growth to remain flat [18][29] Management's Comments on Operating Environment and Future Outlook - Management noted that credit quality remains strong, with non-performing assets increasing primarily due to specific office loans in Southern California [30][33] - The company expects to maintain strong levels of regulatory capital while managing a below-average risk profile [34] - Management acknowledged inflationary pressures impacting expense management efforts [52][53] Other Important Information - The Chief Credit Officer position was transitioned to Derek Steward following the retirement of Michael Morris [8] - The company celebrated its 150th anniversary, highlighting its long-standing commitment to community and customer service [6][7] Q&A Session Summary Question: Inquiry about NII decline in September - Management explained that monthly NII figures can fluctuate and emphasized the expectation of stable NII moving forward [37][39] Question: Expectations for deposit flows and beta - Management indicated a continued increase in deposit rates and migration from non-interest bearing to interest-bearing deposits [44][46] Question: Potential for loan growth - Management expressed caution regarding loan growth forecasts, noting recent weak demand but acknowledging potential for slight increases [48][50] Question: Expense rationalization efforts - Management discussed inflationary pressures affecting expense management and the impact of core system upgrades on expenses [51][55] Question: Clarification on deposit beta and costs - Management clarified that the increase in deposit costs is due to the lagging effect of deposit rates and migration trends [57][59]

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 June 30, 2023 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 States ...

Financial Data and Key Metrics Changes - Customer deposits increased by $2 billion for the quarter, reflecting customer loyalty and confidence [8] - Total deposit costs rose to 127 basis points from 47 basis points in the previous quarter, with period-end customer deposits up 3.2% [11][26] - Diluted earnings per share was reported at $1.11, impacted by increased deposit and funding costs on net interest income [12] - Adjusted pre-provision net revenue was $296 million, showing a slight decline compared to the previous quarter and year-ago quarter [14] Business Line Data and Key Metrics Changes - Noninterest income from customer-related activities was $162 million, a 7% increase from the prior quarter and 5% from the prior year [20] - Adjusted noninterest expense decreased by 3% from the prior quarter to $494 million, reflecting seasonal expense variations [23] Market Data and Key Metrics Changes - Loan growth has moderated, with expectations for slight increases in the second quarter of 2024 compared to the second quarter of 2023 [24] - The cost of deposits increased significantly, with interest-bearing deposit yield at 2.8% and total cost of deposits at 1.7% [26] Company Strategy and Development Direction - The company is focused on managing expenses in a challenging revenue environment, with a goal to flatten expenses over the next year [9] - There is a commitment to optimizing the funding mix and interest rate hedging strategies in response to interest rate risks [8] Management's Comments on Operating Environment and Future Outlook - Management noted that the banking industry's environment has stabilized compared to the disruptions seen in the first quarter [6] - The outlook for net interest income in the second quarter of 2024 is stable to slightly decreasing relative to the second quarter of 2023, influenced by loan growth and competition for deposits [19][36] Other Important Information - The CET1 ratio increased to 10.0%, indicating a strong capital position relative to the bank's risk profile [37] - Credit quality remains strong, with non-performing assets and classified loan levels stable and low [38] Q&A Session Summary Question: Trends in deposit balances and rates - Management indicated that the net interest margin improved to 2.92%, attributed to a flattening of trends in deposit rates [43][44] Question: Ongoing benefits from severance costs - Management discussed that severance costs are part of a larger program aimed at maintaining noninterest expense levels consistent with the current quarter [45] Question: Noninterest-bearing deposit mix - Management noted that the noninterest-bearing deposit mix is influenced by macroeconomic conditions and the growth of interest-bearing deposits [47][49] Question: Capital return and stock buybacks - Management stated that due to regulatory uncertainties, there are no immediate plans for stock buybacks, focusing instead on organic capital growth [53][54] Question: Growth of broker deposits and customer funds - Management highlighted the ability to utilize broker deposits while also seeing good progress in building customer deposits, with expectations to replace brokered CDs with lower-cost customer funds [57][58]

Second Quarter 2023 Financial Review ZIONS BANCORPORATION July 19, 2023 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 ...

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 March 31, 2023 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 States ...

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 ...