[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 ...

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, 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 States ...

First Quarter 2022 Financial Review ZIONS BANCORPORATION April 25, 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) Q1 2022 Earnings Conference Call April 25, 2022 5:30 PM ET Company Participants James Abbott - SVP, IR and Exterior Communications Harris Simmons - Chairman and CEO Scott McLean - President and COO Paul Burdiss - CFO Keith Maio - Chief Risk Officer Michael Morris - Chief Credit Officer Conference Call Participants Christ McGratty - KBW Ebrahim Poonawala - Bank of America Ken Usdin - Jefferies Jennifer Denba - Truist Securities John Pancari - Evercore ...

Financial Performance - Zions Bancorporation reported annual net revenue of $2.9 billion in 2021 and total assets of $93 billion as of December 31, 2021[16]. - Net earnings applicable to common shareholders increased by 118% to $1,100 million in 2021 from $505 million in 2020, driven by a significant decrease in credit loss reserves and improved noninterest income[134]. - Total net revenue rose by 4% to $2.911 billion in 2021, compared to $2.790 billion in 2020[150]. - Net income surged by 109% to $1.129 billion in 2021, up from $539 million in 2020[150]. - The efficiency ratio increased to 60.8% in 2021 from 59.4% in 2020, as adjusted noninterest expense growth outpaced adjusted taxable-equivalent revenue growth[137]. - Noninterest income increased by 22% to $703 million in 2021, up from $574 million in 2020[150]. - The provision for credit losses was a negative $276 million in 2021, compared to a positive $414 million in 2020, reflecting improved economic forecasts and strong credit quality[148]. - The company experienced a significant increase in legal and compliance costs due to regulatory requirements, impacting overall financial performance[101]. Capital and Liquidity - The Common Equity Tier 1 (CET1) capital to total risk-weighted assets ratio was 10.2%, indicating a well-capitalized status[16]. - The bank met all capital adequacy requirements under the Basel III capital rules as of December 31, 2021[27]. - The minimum capital ratio requirements under Basel III include 4.5% CET1 to risk-weighted assets and 8.0% total capital to risk-weighted assets[28]. - The bank's liquidity profile remained strong during 2021, adhering to Basel III liquidity requirements[31]. - The company relies heavily on customer deposits as its primary source of liquidity, which may be affected by market forces and other events[73]. Employee and Workforce Development - The bank serves over one million customers through 418 branches and employs 9,685 full-time equivalent employees[16]. - The company successfully transitioned approximately 70% of its employees to remote work since the beginning of the COVID-19 pandemic in 2020[46]. - The company achieved a diverse workforce, with 51% of management roles held by women and 27% by people of color[48]. - In the 2021 Banker Development Program, 53% of participants were women and 38% were people of color, highlighting the company's commitment to diversity[50]. - The company offers over 2,000 learning options and hosted more than 900 training experiences in 2021 to support employee development[54]. Regulatory Compliance and Risks - The company is subject to various regulations, including the Dodd-Frank Act, which imposes limits on interchange fees and requires compliance with consumer protection laws[43]. - Regulatory compliance includes limitations on dividends and requirements for approval of acquisitions, impacting operational flexibility[39]. - The company is subject to stress testing requirements due to having assets exceeding $10 billion, which may limit its ability to increase dividends or repurchase shares[94]. - Regulatory compliance and changes in accounting standards pose ongoing risks that could materially affect financial reporting and conditions[98]. - System vulnerabilities and cyber security risks are significant concerns, with potential impacts on operations and customer services[89]. Loan Portfolio and Asset Management - The company has significant concentrations of risk in its loan portfolio, particularly in real estate and oil and gas-related lending[62]. - As of December 31, 2021, loan balances in Utah/Idaho, Texas, and California comprised 77% of the commercial lending portfolio[64]. - Total loans and leases decreased by $2.6 billion, or 5%, due to PPP loan forgiveness, but excluding PPP loans, total loans increased by $1.1 billion, or 2%[148]. - The allowance for credit losses (ACL) decreased by $282 million to $553 million at December 31, 2021, with the ratio of ACL to net loans and leases (ex-PPP) at 1.13% compared to 1.74% in 2020[172]. - Nonperforming lending-related assets amounted to $89 million in 2021, with a ratio of nonperforming assets to net loans and leases at 0.69%[201]. Strategic Initiatives and Changes - The company has completed significant organizational changes, including the merger of its bank holding company and the consolidation of 15 loan operations sites into two[77]. - Ongoing investments are being made in strategic projects, including the development of customer-facing digital capabilities and enhancements to online banking services[78]. - The company is actively managing the transition from LIBOR to alternative reference rates, which could impact its financial condition and operations[68]. - The transition from LIBOR to alternative pricing benchmarks requires the development of new systems and analytics, impacting risk management processes[71]. Shareholder Returns and Stock Performance - In 2021, the company repurchased 13.5 million common shares for $800 million at an average price of $59.27 per share, representing 8.2% of common stock outstanding as of the prior year-end[125]. - A dividend of $0.38 per common share was declared in January 2022, payable on February 24, 2022[123]. - The company’s common stock performance over five years showed a cumulative total return of 165.4% as of 2021, compared to 129.8% for the KRX Regional Bank Index and 233.3% for the S&P 500[128].

Fourth Quarter 2021 Financial Review ZIONS BANCORPORATION January 24, 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 futu ...

Financial Data and Key Metrics Changes - Loans, excluding PPP loans, increased by $1.4 billion during the quarter, roughly double the growth in the third quarter [9] - Diluted earnings per share was $1.34, with a provision for credit loss impacting earnings per share by $0.12 [13][14] - Average total deposits increased by $4 billion or 5.2% unannualized, with period-end deposits increasing by $4.9 billion or 6.3% [19] Business Line Data and Key Metrics Changes - Average non-PPP loans increased by $1.2 billion or an annualized 2.5% compared to the third quarter, with period-end growth of $1.4 billion or 2.9% [18] - Loans to businesses increased over $1.2 billion, with significant growth in C&I, owner-occupied, and municipal finance [22] - Customer-related fees were $152 million, a 10% increase over the year-ago quarter [25] Market Data and Key Metrics Changes - Zions achieved a deposit growth of 19% compared to the 12% growth reported by domestic commercial banks [10] - The yield on average total loans decreased slightly, with average PPP loans declining by $1.4 billion [18] - The credit quality of the loan portfolio improved, with problem loans dropping significantly [20] Company Strategy and Development Direction - The company is focused on increasing new-to-bank customers and has seen success with promotional campaigns [9] - Significant investment in technology is ongoing to remain competitive against larger banks and fintechs [12] - The company aims to operate with lower-than-average risk while maintaining a stronger-than-median common equity Tier 1 capital ratio [50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for loan demand in 2022, citing businesses needing to rebuild inventories [58] - Concerns about inflation's impact on business activity were acknowledged, but overall sentiment remained positive [58] - The company expects net interest income to increase over the next year, excluding PPP loan revenue [48] Other Important Information - The allowance for credit losses increased slightly due to concerns over the Omicron variant's impact on the economy [42] - The company repurchased $325 million of common stock in the fourth quarter [43] - A new technology campus in Salt Lake City is set to open, reducing occupancy costs by about 13% [32] Q&A Session Summary Question: NII guidance and cash deployment assumptions - Management indicated that loan growth is the primary focus for cash deployment, with confidence in the quality of depositors [53][54] Question: Loan growth outlook and inflation risks - Management believes 2022 will be a good year for loan demand, despite uncertainties related to inflation [58] Question: Deposit liquidity expectations - Management expressed confidence in the operational nature of deposits and expects continued deployment of liquidity [62][64] Question: Areas of lending sensitivity - Management noted sensitivity in commercial real estate, particularly in office space and retail [66] Question: Expense trajectory with potential rate hikes - Management expects much of the net interest income from rate hikes to fall to the bottom line, but wage pressures may impact expenses [70][71] Question: Loan growth outlook and active campaigns - Ongoing campaigns for owner-occupied and HELOC loans are expected to continue driving growth [78] Question: Energy sector loan growth expectations - Management anticipates some growth in the energy sector, with improved credit quality and increased commitments [95]

ZIONS BANCORPORATION, NATIONAL ASSOCIATION (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 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 001-1230 ...