Part I [Business](index=5&type=section&id=Item%201.%20Business) Zions Bancorporation is a major regional bank with $87 billion in assets, offering comprehensive financial services across 11 Western and Southwestern states under extensive regulatory supervision [Description of Business](index=5&type=section&id=DESCRIPTION%20OF%20BUSINESS) Zions Bancorporation, a Salt Lake City-based bank with $87 billion in assets, operates through seven distinct brands across 11 states, serving over one million customers - As of December 31, 2023, Zions Bancorporation, N.A. had total assets of approximately **$87 billion** and annual net revenue of **$3.1 billion**[18](index=18&type=chunk) - The bank operates through **seven separately managed, geographically defined bank divisions**, emphasizing local authority and branding[19](index=19&type=chunk) - At year-end 2023, the bank served over one million customers through **407 branches** and employed **9,679 full-time equivalent staff**[18](index=18&type=chunk) [Products and Services](index=5&type=section&id=PRODUCTS%20AND%20SERVICES) The bank provides a full suite of commercial, retail, and wealth management services, including lending, capital markets, and fiduciary solutions - Serves small- and medium-sized businesses with commercial and industrial lending, municipal finance, and cash management services[21](index=21&type=chunk) - Provides capital markets solutions including loan syndications, foreign exchange, interest rate derivatives, and advisory services[25](index=25&type=chunk) - Offers retail banking products such as residential mortgages, home equity lines of credit, and consumer cards[25](index=25&type=chunk) - Delivers wealth management services, including investment management, fiduciary and estate services, and business succession planning[25](index=25&type=chunk) [Competition](index=6&type=section&id=COMPETITION) The bank faces intense competition from traditional banks, credit unions, and fintech companies, differentiating itself through service quality and local expertise - The most direct competition comes from commercial banks, credit unions, fintechs, and private credit funds, some of which operate without a physical presence in Zions' market[23](index=23&type=chunk) - Key competitive differentiators include service quality, local knowledge, branch convenience, and broad product offerings[24](index=24&type=chunk) [Supervision and Regulation](index=7&type=section&id=SUPERVISION%20AND%20REGULATION) The bank operates under extensive federal regulation, maintains capital ratios well above required minimums, and is monitoring proposed changes like "Basel III Endgame" Capital Ratios vs. Requirements (Dec 31, 2023) | Capital Ratio | Minimum Requirement with Buffer | Current Capital Ratio | Minimum to be "Well-Capitalized" | | :--- | :--- | :--- | :--- | | CET1 to risk-weighted assets | 7.0% | 10.3% | 6.5% | | Tier 1 capital to risk-weighted assets | 8.5% | 10.9% | 8.0% | | Total capital to risk-weighted assets | 10.5% | 12.8% | 10.0% | | Tier 1 leverage ratio | 4.0% | 8.3% | 5.0% | - The bank is monitoring the **"Basel III Endgame" proposal**, which would significantly revise capital requirements for banks with over $100 billion in assets[36](index=36&type=chunk) - A proposed rule would require banks with over $100 billion in assets to hold a minimum amount of long-term debt, potentially requiring Zions to issue **$3.5 billion** in incremental debt[38](index=38&type=chunk) - The bank recorded an estimated **$90 million expense** in Q4 2023 for the FDIC special assessment related to the 2023 bank failures[40](index=40&type=chunk) [Human Capital Management](index=12&type=section&id=HUMAN%20CAPITAL%20MANAGEMENT) The company focuses on diversity and inclusion, with women comprising 58% of its workforce, and ensures pay equity through regular independent reviews Workforce Demographics (Dec 31, 2023) | Employee Roles | Women | People of Color | Disabled | Veterans | | :--- | :--- | :--- | :--- | :--- | | Management | 52% | 29% | 9% | 2% | | Non-management | 60% | 40% | 10% | 2% | | All employees | 58% | 38% | 10% | 2% | - The company is committed to creating a **diverse and inclusive workplace**, supported by an Everyone Counts Council and various employee business forums[54](index=54&type=chunk)[57](index=57&type=chunk) - In 2023, Zions enhanced employee benefits, including more flexible paid time off, additional health care plan options, and greater access to mental health benefits[53](index=53&type=chunk) - A recent independent review found **no meaningful pay differences** among men, women, and people of color after adjusting for relevant variables[63](index=63&type=chunk) [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) The company faces material risks in credit, interest rates, liquidity, and cybersecurity, particularly related to its commercial real estate portfolio and deposit fluctuations - **Credit Risk:** Deterioration in credit quality could adversely affect results, with concentrations in **commercial real estate (CRE)** and specific geographic regions posing key vulnerabilities[67](index=67&type=chunk)[69](index=69&type=chunk)[72](index=72&type=chunk) - **Interest Rate & Market Risk:** Net interest income is vulnerable to interest rate changes, which can also lead to lower loan demand and higher credit losses[74](index=74&type=chunk)[75](index=75&type=chunk) - **Liquidity Risk:** Customer deposit fluctuations and recent bank closures have led to **increased funding costs**, and a credit rating downgrade could exacerbate this pressure[77](index=77&type=chunk)[78](index=78&type=chunk)[80](index=80&type=chunk) - **Strategic & Business Risk:** Systemic risk from other financial institutions, competition for talent, and adaptation to new technologies like AI present ongoing challenges[82](index=82&type=chunk)[83](index=83&type=chunk)[87](index=87&type=chunk) - **Legal/Compliance Risk:** Operating under the National Bank Act presents a less-developed corporate law framework, potentially hindering transactions like mergers[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - **Cybersecurity Risk:** The bank faces continuous, sophisticated cyber threats and relies on third-party suppliers, which introduces additional security risks[98](index=98&type=chunk)[99](index=99&type=chunk) [Unresolved Staff Comments](index=24&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved written comments from SEC or OCC staff regarding its periodic or current reports as of year-end 2023 - There are **no unresolved written comments** from SEC or OCC staff[129](index=129&type=chunk) [Cybersecurity](index=24&type=section&id=Item%201C.%20Cybersecurity) Cybersecurity risk is managed through a multi-layered framework overseen by the Board, with no material incidents identified as of December 31, 2023 - Cybersecurity risk is overseen by the Board and the Risk Oversight Committee (ROC), with direct management by the CISO and CTOO[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - The bank uses an established Enterprise Risk Management (ERM) framework and engages independent third parties for assessments like penetration testing[131](index=131&type=chunk)[134](index=134&type=chunk) - A supply chain risk management program is in place to monitor suppliers' cybersecurity posture using real-time security scoring and threat intelligence[135](index=135&type=chunk) - As of December 31, 2023, management determined there have been **no material cybersecurity incidents** that have affected the company[137](index=137&type=chunk) [Properties](index=25&type=section&id=Item%202.%20Properties) The company operates 407 branches, of which 278 are owned and 129 are leased, with its headquarters being a leased property - At year-end 2023, the bank operated **407 branches**, with 278 owned and 129 leased[139](index=139&type=chunk) [Legal Proceedings](index=25&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding legal proceedings is available in Note 16 of the Notes to Consolidated Financial Statements - Details on legal proceedings are provided in **Note 16** of the Notes to Consolidated Financial Statements[140](index=140&type=chunk) [Mine Safety Disclosures](index=25&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no mine safety disclosures are applicable - None[141](index=141&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=26&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on NASDAQ, with share repurchases of $50 million in 2023 and a five-year total return underperforming key banking and market indices - The company's common stock (ZION) and various preferred stock series are traded on the **NASDAQ Global Select Market**[3](index=3&type=chunk)[144](index=144&type=chunk) - In Q1 2023, **0.9 million common shares were repurchased for $50 million**, with a new plan for up to $35 million approved for 2024[146](index=146&type=chunk)[147](index=147&type=chunk) - A quarterly dividend of **$0.41 per common share** was declared in February 2024[145](index=145&type=chunk) 5-Year Cumulative Total Return Comparison | Index | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zions Bancorporation, N.A. | $100.0 | $131.1 | $113.8 | $169.7 | $127.2 | $119.0 | | KRX Regional Bank Index | $100.0 | $123.9 | $113.1 | $154.6 | $143.9 | $143.3 | | S&P 500 | $100.0 | $131.5 | $155.7 | $200.3 | $164.0 | $207.0 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, net earnings fell 26% to $648 million due to rising funding costs and a $90 million FDIC assessment, though the bank grew deposits and maintained strong capital [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Net income fell 25% to $680 million in 2023, driven by a 3% decline in net interest income and a 12% rise in noninterest expense 2023 Financial Performance Highlights | Metric | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $2,438 M | $2,520 M | (3)% | | Provision for Credit Losses | $132 M | $122 M | 8% | | Noninterest Expense | $2,097 M | $1,878 M | 12% | | Net Income | $680 M | $907 M | (25)% | | Diluted EPS | $4.35 | $5.79 | (25)% | - Strategic actions in 2023 included growing customer deposits, **increasing available liquidity to exceed uninsured deposits**, and strengthening regulatory capital[158](index=158&type=chunk)[162](index=162&type=chunk) - Noninterest expense was significantly impacted by a **$90 million accrual** for the FDIC special assessment in Q4 2023[166](index=166&type=chunk)[201](index=201&type=chunk) - Credit quality remained strong, with net charge-offs at **0.06% of average loans**, though nonperforming assets increased by 53%[166](index=166&type=chunk) [Business Segment Results](index=42&type=section&id=Business%20Segment%20Results) Performance varied across the bank's seven segments, with most experiencing pre-tax income declines due to lower net interest income and higher expenses Selected Segment Information - Income Before Income Taxes (in millions) | Segment | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Zions Bank | $311 | $387 | (20)% | | California Bank & Trust (CB&T) | $282 | $314 | (10)% | | Amegy Bank | $218 | $311 | (30)% | | National Bank of Arizona (NBAZ) | $107 | $111 | (4)% | | Nevada State Bank (NSB) | $23 | $76 | (70)% | | Vectra Bank Colorado | $34 | $55 | (38)% | | The Commerce Bank of Washington (TCBW) | $38 | $45 | (16)% | - Zions Bank's loan portfolio grew by **$852 million**, driven by consumer and commercial loans, while deposits decreased by 3%[219](index=219&type=chunk) - CB&T's nonperforming assets increased by **$57 million**, largely due to two suburban office CRE loans totaling $46 million[220](index=220&type=chunk) - NSB's significant drop in income was primarily due to a **$38 million increase** in the provision for credit losses[225](index=225&type=chunk) [Balance Sheet Analysis](index=46&type=section&id=BALANCE%20SHEET%20ANALYSIS) Total assets decreased 3% to $87.2 billion, while deposits grew 5% to $75.0 billion, with a significant shift from noninterest-bearing to interest-bearing accounts Key Balance Sheet Items (in billions) | Item | Dec 31, 2023 | Dec 31, 2022 | % Change | | :--- | :--- | :--- | :--- | | Total Assets | $87.2 | $89.5 | (3)% | | Loans and Leases, net | $57.8 | $55.7 | 4% | | Total Deposits | $75.0 | $71.7 | 5% | | Noninterest-bearing Deposits | $26.2 | $35.8 | (27)% | | Interest-bearing Deposits | $48.7 | $35.9 | 36% | - The loan portfolio increase of **$2.1 billion** was primarily driven by growth in 1-4 family residential mortgages and commercial real estate term loans[245](index=245&type=chunk) - The investment securities portfolio (amortized cost) decreased by **$2.5 billion**, mainly from principal reductions[234](index=234&type=chunk)[236](index=236&type=chunk) - Estimated uninsured deposits decreased to **$33.2 billion (44% of total deposits)** from $38.1 billion (53%) at year-end 2022[259](index=259&type=chunk) [Risk Management](index=54&type=section&id=RISK%20MANAGEMENT) The bank strengthened its risk posture by increasing its Allowance for Credit Losses, actively managing interest rate risk, and boosting available liquidity to 122% of uninsured deposits - **Credit Risk:** The Allowance for Credit Losses (ACL) increased to **$729 million (1.26% of loans)** at year-end 2023, reflecting incremental reserves for CRE and deteriorating economic forecasts[189](index=189&type=chunk)[304](index=304&type=chunk) - **Interest Rate Risk:** Deposit models were redeveloped to reflect higher deposit betas and migration from noninterest-bearing accounts[308](index=308&type=chunk)[311](index=311&type=chunk) - **Liquidity Risk:** Total available liquidity more than doubled to **$40.6 billion** at year-end 2023, with the ratio of available liquidity to uninsured deposits at **122%**[342](index=342&type=chunk) - **Capital Risk:** The Common Equity Tier 1 (CET1) capital ratio improved to **10.3%** from 9.8% in 2022, comfortably above the 7.0% requirement[368](index=368&type=chunk) [Critical Accounting Policies and Significant Estimates](index=76&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES%20AND%20SIGNIFICANT%20ESTIMATES) Key estimates include the Allowance for Credit Losses, fair value measurements, and goodwill, with the annual test confirming no goodwill impairment - **Allowance for Credit Losses (ACL):** The ACL calculation is highly sensitive to economic scenarios; using only the baseline scenario would have decreased the ACL by **$138 million**[375](index=375&type=chunk) - **Fair Value Estimates:** For assets and liabilities without active market prices, fair value is estimated using modeling techniques like discounted cash flow analysis[377](index=377&type=chunk)[378](index=378&type=chunk) - **Goodwill:** The annual goodwill impairment test as of October 1, 2023, showed **no impairment**, with fair values of all reporting units significantly exceeding their carrying values[386](index=386&type=chunk) [Financial Statements and Supplementary Data](index=81&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section includes audited financial statements and unqualified opinions from Ernst & Young LLP on both the financials and internal controls, identifying the ALLL as a Critical Audit Matter - Management concluded that the company's **internal control over financial reporting was effective** as of December 31, 2023[402](index=402&type=chunk) - Ernst & Young LLP issued an **unqualified opinion** on the consolidated financial statements and on the effectiveness of internal control over financial reporting[405](index=405&type=chunk)[412](index=412&type=chunk) - The auditor identified the **Allowance for Loan and Lease Losses (ALLL) as a Critical Audit Matter**, citing significant judgment in determining economic scenario weightings[418](index=418&type=chunk)[419](index=419&type=chunk)[420](index=420&type=chunk) [Consolidated Financial Statements](index=86&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show total assets of $87.2 billion and net income of $680 million for 2023, with shareholders' equity increasing to $5.7 billion Consolidated Balance Sheet Highlights (in millions) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Assets | $87,203 | $89,545 | | Loans, net of allowance | $57,095 | $55,078 | | Total Deposits | $74,961 | $71,652 | | Total Liabilities | $81,512 | $84,652 | | Total Shareholders' Equity | $5,691 | $4,893 | Consolidated Income Statement Highlights (in millions) | Account | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net Interest Income | $2,438 | $2,520 | $2,208 | | Provision for Credit Losses | $132 | $122 | $(276) | | Total Noninterest Income | $677 | $632 | $703 | | Total Noninterest Expense | $2,097 | $1,878 | $1,741 | | Net Income | $680 | $907 | $1,129 | - Comprehensive income was **$1.1 billion in 2023**, a significant recovery from a comprehensive loss of $2.1 billion in 2022[428](index=428&type=chunk) [Controls and Procedures](index=153&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of year-end 2023, with no material changes to internal controls in Q4 - The CEO and CFO concluded that **disclosure controls and procedures were effective** as of December 31, 2023[681](index=681&type=chunk) - **No material changes** in internal control over financial reporting were identified during the fourth quarter of 2023[681](index=681&type=chunk) [Other Information](index=154&type=section&id=Item%209B.%20Other%20Information) No directors or officers adopted, modified, or terminated a Rule 10b5-1(c) trading arrangement during the 2023 fiscal year - **No directors or officers** have adopted, modified, or terminated a Rule 10b5-1(c) trading arrangement during the fiscal year 2023[683](index=683&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=154&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Required information regarding directors, officers, and governance is incorporated by reference from the company's forthcoming Proxy Statement - Incorporated by reference from the Proxy Statement[686](index=686&type=chunk) [Executive Compensation](index=154&type=section&id=Item%2011.%20Executive%20Compensation) Required information regarding executive compensation is incorporated by reference from the company's forthcoming Proxy Statement - Incorporated by reference from the Proxy Statement[687](index=687&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=154&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) The company details its equity compensation plan, with over 2.7 million securities available for future issuance as of year-end 2023 Equity Compensation Plan Information (as of Dec 31, 2023) | Plan Category | Securities to be Issued Upon Exercise (a) | Weighted-Average Exercise Price (b) | Securities Remaining Available for Future Issuance (c) | | :--- | :--- | :--- | :--- | | Equity compensation plan approved by security holders | 1,415,155 | $53.00 | 2,747,546 | [Certain Relationships and Related Transactions, and Director Independence](index=154&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Required information regarding related transactions and director independence is incorporated by reference from the company's forthcoming Proxy Statement - Incorporated by reference from the Proxy Statement[689](index=689&type=chunk) [Principal Accountant Fees and Services](index=155&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Required information regarding accountant fees and services is incorporated by reference from the company's forthcoming Proxy Statement - Incorporated by reference from the Proxy Statement[690](index=690&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=155&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements and exhibits filed with the Form 10-K, including governance documents and required certifications - The consolidated financial statements for the years ended December 31, 2023, 2022, and 2021 are filed under Item 8[692](index=692&type=chunk) - A detailed list of exhibits is provided, including governance documents, compensation plans, and required CEO/CFO certifications[693](index=693&type=chunk)[694](index=694&type=chunk)[695](index=695&type=chunk) - Financial data is provided in **inline XBRL format** as required by SEC rules[698](index=698&type=chunk) [Form 10-K Summary](index=160&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable to the filing - Not applicable[699](index=699&type=chunk)

PART I. FINANCIAL INFORMATION [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=4&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company's Q3 2023 results reflect a challenging interest rate environment, with decreased net interest income driving lower EPS while the company actively managed its balance sheet and capital position [Results of Operations](index=5&type=section&id=Results%20of%20Operations) Q3 2023 net earnings decreased year-over-year, driven by a 12% decline in net interest income from higher funding costs, though the provision for credit losses was lower Q3 2023 Key Financial Performance | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | Diluted EPS | $1.13 | $1.40 | -19.3% | | Net Interest Income | $585 million | $663 million | -12% | | Provision for Credit Losses | $41 million | $71 million | -42% | | Noninterest Income | $180 million | $165 million | +9% | | Noninterest Expense | $496 million | $479 million | +4% | | Efficiency Ratio | 64.4% | 57.6% | +680 bps | - Strategic actions during the first nine months of 2023 included **growing customer deposits**, actively managing the balance sheet, **increasing liquidity sources**, and **strengthening the regulatory capital position**[17](index=17&type=chunk) [Balance Sheet Analysis](index=19&type=section&id=Balance%20Sheet%20Analysis) Total loans and deposits grew since year-end 2022, with a significant shift from noninterest-bearing to interest-bearing accounts, while uninsured deposits declined Balance Sheet Highlights (vs. Dec 31, 2022) | Metric | Sep 30, 2023 | Dec 31, 2022 | Change | | :--- | :--- | :--- | :--- | | Total Loans and Leases | $56.9 billion | $55.7 billion | +2% | | Total Deposits | $75.4 billion | $71.7 billion | +5% | | Noninterest-bearing Deposits | $26.7 billion | $35.8 billion | -25% | | Interest-bearing Deposits | $48.7 billion | $35.9 billion | +36% | | Uninsured Deposits % | 41% | 53% | -12 p.p. | - The bank is in the final phase of a core system replacement project with capitalized costs totaling **$295 million** as of September 30, 2023, expected to be substantially complete in 2024[94](index=94&type=chunk)[96](index=96&type=chunk) [Risk Management](index=23&type=section&id=Risk%20Management) The bank manages credit, market, and liquidity risks by diversifying loans, increasing available liquidity to 140% of uninsured deposits, and maintaining strong capital ratios - Nonperforming assets increased to **$219 million (0.38% of loans)** from $149 million at year-end 2022, primarily due to two suburban office CRE loans in Southern California totaling $46 million[125](index=125&type=chunk) - Total available liquidity significantly increased to **$43.6 billion**, covering **140% of uninsured deposits**, up from $21.1 billion and 56% coverage at the end of 2022[172](index=172&type=chunk) - The bank is evaluating the potential future impact of the **Basel III "Endgame" proposal**, which would apply if total assets exceed $100 billion[186](index=186&type=chunk)[187](index=187&type=chunk) [Non-GAAP Financial Measures](index=43&type=section&id=Non-GAAP%20Financial%20Measures) This section provides reconciliations for non-GAAP measures used to assess performance, including tangible common equity and adjusted pre-provision net revenue (PPNR) Key Non-GAAP Metrics (Q3 2023) | Metric | Q3 2023 | | :--- | :--- | | Return on Average Tangible Common Equity | 17.3% | | Tangible Common Equity Ratio | 4.4% | | Tangible Book Value per Common Share | $25.75 | | Adjusted PPNR | $272 million | | Efficiency Ratio (Non-GAAP) | 64.4% | [Financial Statements (Unaudited)](index=45&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited statements show total assets of $87.3 billion and net income of $554 million for the nine months ended September 30, 2023, with detailed financial positions and results [Consolidated Balance Sheets](index=45&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2023, total assets were $87.3 billion, with deposits growing to $75.4 billion and shareholders' equity increasing to $5.3 billion Consolidated Balance Sheet Summary (in millions) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Total Assets | $87,269 | $89,545 | | Loans held for investment, net | $56,212 | $55,078 | | Total investment securities | $20,738 | $23,506 | | **Liabilities & Equity** | | | | Total Deposits | $75,399 | $71,652 | | Noninterest-bearing demand | $26,733 | $35,777 | | Interest-bearing | $48,666 | $35,875 | | Total Liabilities | $81,954 | $84,652 | | Total Shareholders' Equity | $5,315 | $4,893 | [Consolidated Statements of Income](index=46&type=section&id=Consolidated%20Statements%20of%20Income) For Q3 2023, net income was $175 million, a decrease from $217 million year-over-year, driven by lower net interest income Income Statement Highlights (in millions, except EPS) | Metric | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $585 | $663 | $1,855 | $1,800 | | Provision for Credit Losses | $41 | $71 | $132 | $79 | | Noninterest Income | $180 | $165 | $529 | $479 | | Noninterest Expense | $496 | $479 | $1,516 | $1,407 | | **Net Income** | **$175** | **$217** | **$554** | **$623** | | **Diluted EPS** | **$1.13** | **$1.40** | **$3.57** | **$3.96** | [Notes to Consolidated Financial Statements](index=51&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, fair value measurements, loan portfolio analysis, and a significant 2022 transfer of available-for-sale securities to the held-to-maturity category - The company adopted ASU 2022-02, which eliminated the recognition of Troubled Debt Restructurings (TDRs) and required enhanced disclosures for certain loan modifications[208](index=208&type=chunk)[261](index=261&type=chunk) - In Q4 2022, the company transferred approximately **$10.7 billion** of AFS securities to the HTM category; the unamortized discount on these securities was **$2.2 billion** at September 30, 2023[223](index=223&type=chunk) - The total allowance for credit losses was **$738 million**, or **1.30% of total loans**, at September 30, 2023, up from $590 million (1.09%) a year prior[243](index=243&type=chunk)[244](index=244&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's most significant market risk is interest rate risk, which is actively monitored by management - The company identifies **interest rate and market risk** as its most significant risks, which are closely monitored by management[334](index=334&type=chunk) [Controls and Procedures](index=94&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2023[335](index=335&type=chunk) - There were **no changes** in internal control over financial reporting during Q3 2023 that have materially affected, or are reasonably likely to materially affect, internal controls[335](index=335&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=94&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with an aggregate estimated range of reasonably possible loss from zero to approximately $5 million above accrued amounts - The company is subject to material litigation, including cases related to a bankrupt borrower's alleged fraud and a case regarding foreign transaction fees[313](index=313&type=chunk) - The aggregate range of reasonably possible losses for significant matters, beyond amounts already accrued, is estimated to be from **zero to approximately $5 million**[311](index=311&type=chunk) [Risk Factors](index=94&type=section&id=Item%201A.%20Risk%20Factors) Key risks include deposit volatility, increased funding costs, systemic risk from other institutions, geopolitical conflicts, and potential U.S. economic volatility - Recent events in the banking industry have led to **deposit fluctuations and increased funding costs**, which may limit operations and growth[337](index=337&type=chunk) - **Systemic risk** is a concern, as problems at other financial institutions could lead to market-wide liquidity issues and adversely affect the company[339](index=339&type=chunk) - **Geopolitical conflicts**, including the Russia/Ukraine war and escalating events in the Middle East, are identified as creating significant disruptions to economies and markets[341](index=341&type=chunk) - Potential **U.S. government shutdowns** due to political stalemates are cited as a risk that could introduce additional volatility in the U.S. economy and financial markets[343](index=343&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) There were no unregistered sales of equity securities during the reporting period - None[344](index=344&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 the third quarter of 2023 - No directors or officers have adopted, modified, or terminated a Rule 10b5-1(c) trading arrangement during the quarter ended September 30, 2023[345](index=345&type=chunk) [Exhibits](index=96&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and financial data formatted in Inline XBRL - Lists filed exhibits, including CEO/CFO certifications and Inline XBRL data[346](index=346&type=chunk)

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 ...

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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 of A ...