Financial Performance - Net earnings applicable to common shareholders increased, with diluted EPS rising to $1.63 from $1.28 year-over-year, reflecting solid growth in net interest income and noninterest income [19]. - Net income for the six months ended June 30, 2025, reached $414 million, a 16.9% increase from $354 million in the same period of 2024 [189]. - Basic earnings per common share for the three months ended June 30, 2025, was $1.63, compared to $1.28 for the same period in 2024, representing a growth of 27.5% [188]. - Comprehensive income for the three months ended June 30, 2025, was $330 million, up from $261 million in the same period of 2024 [189]. Revenue Growth - Net interest income rose by $51 million, or 9%, primarily due to lower funding costs and an increase in average interest-earning assets, leading to an improved net interest margin of 3.17% compared to 2.98% [19]. - Customer-related noninterest income increased by $11 million, or 7%, primarily due to higher capital markets fees and improved retail and business banking fees [19]. - Noninterest income for the three months ended June 30, 2025, was $190 million, an increase of 6.1% compared to $179 million in the same period of 2024 [188]. Loan and Deposit Activity - Total loans and leases increased by $2.4 billion, or 4%, driven by growth in the consumer 1-4 family residential mortgage and commercial and industrial loan portfolios [19]. - Customer deposits totaled $69.9 billion, a slight increase from $69.5 billion, with noninterest-bearing demand deposits rising while interest-bearing deposits declined [19]. - Total loans and leases increased to $60,050 million, with interest income of $1,743 million and a yield of 5.85% for the six months ended June 30, 2025 [44]. Credit Quality - The provision for credit losses was negative $1 million, compared to a positive $5 million in the prior year period, indicating improved credit quality [19]. - Net loan and lease charge-offs totaled $10 million, or 0.07% of average loans and leases annualized, down from $15 million, or 0.10%, in the prior year quarter [22]. - Nonperforming assets rose to $313 million, or 0.51% of total loans and leases, compared to $265 million, or 0.45% in the prior year quarter [22]. Expenses and Efficiency - Noninterest expense increased by $18 million, or 4%, primarily due to higher incentive compensation accruals and other noninterest expenses [22]. - The efficiency ratio improved, reflecting better management of noninterest expenses despite increased costs in some areas [19]. - Adjusted noninterest expense increased by $15 million, or 3%, with an efficiency ratio improving to 62.2% from 64.5% [62]. Capital and Equity - Total shareholders' equity increased by $472 million, or 8%, to $6.6 billion compared to $6.1 billion at December 31, 2024 [171]. - As of June 30, 2025, common equity tier 1 (CET1) capital totaled $7.57 billion, a 7% increase from $7.07 billion in the prior year [178]. - The CET1 capital ratio improved to 11.0%, up from 10.6% in the previous year [178]. Interest Rate Risk Management - The company actively manages interest rate risk by positioning the balance sheet to reduce volatility in net interest income and economic value of equity [139]. - The Earnings at Risk (EaR) for a +200 bps shift in interest rates is estimated to be an increase of 8.3% in projected 12-month net interest income as of June 30, 2025 [147]. - The company executed $750 million in cash flow hedges to manage interest rate exposure associated with $28.9 billion of commercial and CRE loans scheduled to reprice within the next six months [153]. Asset Management - Total assets increased to $89,716 million as of June 30, 2025, from $88,271 million at the same date in 2024 [44]. - Total interest-earning assets rose to $83,286 million, generating interest income of $2,103 million with a yield of 5.09% for the six months ended June 30, 2025 [44]. - The total amount of capitalized costs associated with the core system replacement project was $241 million as of June 30, 2025 [87].

Zions Bancorporation, N.A. One South Main Salt Lake City, UT 84133 July 21, 2025 www.zionsbancorporation.com Second Quarter 2025 Financial Results: FOR IMMEDIATE RELEASE Investor Contact: Shannon Drage (801) 844-8208 Media Contact: Jennifer Johnston (801) 844-7112 Zions Bancorporation, N.A. reports: 2Q25 Net Earnings of $243 million, diluted EPS of $1.63 compared with 2Q24 Net Earnings of $190 million, diluted EPS of $1.28, and 1Q25 Net Earnings of $169 million, diluted EPS of $1.13 SECOND QUARTER RESULTS | ...

Financial Performance - Net earnings applicable to common shareholders increased, with diluted EPS rising to $1.13 from $0.96 year-over-year, reflecting a growth of approximately 18%[19]. - Net income for the period rose to $170 million in Q1 2025, up from $153 million in Q1 2024, marking an increase of 11.1%[186]. - Comprehensive income for the period was $300 million in Q1 2025, compared to $236 million in Q1 2024, reflecting a growth of 27.1%[186]. - Noninterest income increased to $171 million for the three months ended March 31, 2025, compared to $156 million in the same period of 2024, an increase of 9.6%[185]. - Net interest income increased to $624 million for the three months ended March 31, 2025, compared to $586 million for the same period in 2024, reflecting a growth of 6.5%[185]. Loan and Deposit Growth - Total loans and leases increased by $1.8 billion, or 3%, primarily due to growth in the consumer 1-4 family residential mortgage and commercial and industrial loan portfolios[20]. - Total deposits rose by $1.5 billion, or 2%, with customer deposits (excluding brokered deposits) totaling $70.9 billion, up from $69.9 billion[20]. - Average loans and leases increased by $1.7 billion, or 3%, to $59.6 billion, driven by growth in consumer and commercial loans[35]. - Average deposits increased by $1.5 billion, or 2%, to $74.9 billion, with interest-bearing deposits up by $2.9 billion, or 6%[39]. - Total deposits decreased to $75,692 million as of March 31, 2025, down from $76,223 million at December 31, 2024, a reduction of 0.7%[184]. Credit Quality and Loss Provisions - The provision for credit losses was $18 million, up from $13 million in the prior year period[20]. - Nonperforming assets totaled $307 million, or 0.51% of total loans and leases, up from $254 million, or 0.44%[23]. - The allowance for credit losses (ACL) was $743 million, with a ratio of ACL to total loans and leases at 1.24%[47]. - Classified loans totaled $2.9 billion, or 4.82% of total loans and leases, up from $966 million, or 1.66% in the prior year[23]. - The provision for loan losses for the first three months of 2025 was $17 million, a decrease from $72 million in the previous quarter[134]. Interest Income and Margin - Net interest income grew by $38 million, or 6%, compared to the prior year, driven by lower funding costs and a favorable mix in average interest-earning assets[20]. - The net interest margin improved to 3.10%, an increase of 16 basis points from 2.94%[22]. - Net interest income rose by $38 million, or 6%, with net interest margin improving to 3.10% from 2.94%[24]. Expenses and Efficiency - Noninterest expense increased by $12 million, or 2%, mainly due to higher salaries and technology expenses[23]. - Total noninterest expense increased by $12 million, or 2%, with salaries and employee benefits rising by $11 million due to higher incentive compensation[60]. - Adjusted noninterest expense increased by $22 million, or 4%, leading to an efficiency ratio of 66.6%, down from 67.9%[61]. - The efficiency ratio for the three months ended March 31, 2025, was 66.6%, compared to 62.0% in the previous quarter[183]. Capital and Shareholder Equity - Total shareholders' equity increased by $203 million, or 3%, to $6.3 billion at March 31, 2025, compared to $6.1 billion at December 31, 2024[166]. - The common equity tier 1 (CET1) capital was $7.4 billion, a 7% increase from $6.9 billion in the prior year[175]. - The CET1 capital ratio improved to 10.8%, compared to 10.4% in the previous year[175]. - The tangible common equity ratio was 5.9% as of March 31, 2025, compared to 5.0% a year prior[181]. Investment Securities - The amortized cost of total investment securities decreased by $216 million, or 1%, from December 31, 2024, primarily due to principal reductions[70]. - At March 31, 2025, the total investment securities amounted to $21.6 billion, an increase from $20.1 billion at the end of 2024[70]. - The fair value of held-to-maturity investment securities decreased to $9,400 million as of March 31, 2025, from $9,669 million at December 31, 2024[204]. Risk Management - The company is actively managing interest rate risk through strategies such as interest rate swaps and investments in fixed-rate securities to mitigate the impact of changing interest rates on net interest income[139]. - The average outstanding notional amount for cash flow hedges of assets is projected to be $750 million in Q2 2025, with a weighted average fixed rate received of 3.17%[142]. - Under current deposit assumptions, interest rate risk remains within policy limits despite a decrease in asset sensitivity during Q1 2025[145]. Acquisitions and Branches - Approximately $420 million of consumer and commercial loan balances and $630 million of deposit balances were acquired from the purchase of four FirstBank Coachella Valley branches[20]. - The acquisition of four FirstBank branches included approximately $630 million in deposits and $420 million in loans[194].

Financial Performance - Net earnings for Q1 2025 were $169 million, with diluted EPS of $1.13, an increase of 18% compared to Q1 2024's net earnings of $143 million and diluted EPS of $0.96[2]. - Net income for Q1 2025 was $170 million, down from $216 million in Q4 2024, indicating a decrease of 21.3%[39]. - Adjusted net earnings applicable to common shareholders for Q1 2025 were $170 million, compared to $201 million in Q4 2024[49]. - Basic earnings per share for Q1 2025 was $1.13, down from $1.34 in Q4 2024, reflecting a decrease of 15.7%[39]. - Total shareholders' equity increased to $6.327 billion in Q1 2025, up 3% from $6.124 billion in Q4 2024 and up 9% from $5.829 billion in Q1 2024[27]. - Total shareholders' equity (GAAP) rose to $6,327 million in Q1 2025, up from $6,124 million in Q4 2024[52]. Revenue and Income Sources - Net interest income rose to $624 million, up 6% year-over-year, with a net interest margin (NIM) of 3.10%, compared to 2.94% in Q1 2024[4]. - Total interest income for Q1 2025 was $1,028 million, a decrease of 3.2% from $1,062 million in Q4 2024[39]. - Customer-related noninterest income grew by $6 million, or 4%, driven by higher loan-related fees and improved capital markets fees[14]. - Total noninterest income for Q1 2025 was $171 million, a decrease from $193 million in Q4 2024, representing a decline of 11.4%[39]. Loan and Deposit Metrics - Total loans and leases increased to $59.9 billion, a 3% rise from the previous year[4]. - Total deposits reached $75.7 billion, up 2%, with customer deposits (excluding brokered deposits) at $70.9 billion, a 1% increase[4]. - The loan-to-deposit ratio was 79%, compared to 78% in the prior year quarter[25]. - Total loans and leases increased to $59,941 million in Q1 2025, compared to $59,410 million in Q4 2024, representing a growth of 0.9%[40]. Asset Quality and Credit Losses - Nonperforming assets were stable at $307 million, or 0.51% of loans and leases, compared to 0.44% in the prior year[4]. - The provision for credit losses was $18 million, a decrease of $23 million, or 56%, compared to the prior year quarter[21]. - The provision for loan losses was $17 million for the three months ended March 31, 2025, compared to $38 million in Q4 2024, reflecting a significant decrease of 55.26%[42]. - Nonaccrual loans totaled $305 million as of March 31, 2025, an increase from $297 million at the end of 2024, representing a 2.69% increase[43]. Capital and Equity - The estimated common equity tier 1 (CET1) capital ratio improved to 10.8%, compared to 10.4% in the previous year[4]. - Estimated common equity tier 1 (CET1) capital increased by 7% to $7.4 billion, with a CET1 capital ratio of 10.8%, up from 10.4% in the prior year[30]. - Retained earnings rose by $512 million, reaching $6.805 billion in Q1 2025, compared to $6.293 billion in Q1 2024, reflecting an 8% increase[27]. - Tangible book value per common share increased to $34.95, compared to $29.34 in the previous year, driven by higher retained earnings and reduced unrealized losses[30]. Efficiency and Expenses - The efficiency ratio improved to 66.6%, compared to 67.9%, as adjusted taxable-equivalent revenue growth outpaced adjusted noninterest expense growth[17]. - Noninterest expense increased by $12 million, or 2%, year-over-year, with salaries and employee benefits rising by $11 million due to higher incentive compensation and severance expenses[16]. - The efficiency ratio increased to 66.6% from 62.0% in the previous quarter, indicating higher noninterest expenses relative to income[37]. Shareholder Returns - Common dividends paid were $65 million in Q1 2025, up from $61 million in Q1 2024, reflecting a 7% increase[27]. - The company repurchased 0.8 million common shares for $41 million in Q1 2025, compared to 0.9 million shares for $35 million in the same period last year[28].

Financial Performance - Zions Bancorporation reported annual net revenue of $3.1 billion for 2024 and total assets of approximately $89 billion as of December 31, 2024[18]. - Diluted EPS increased to $4.95 in 2024, up 14% from $4.35 in 2023, driven by lower provision for credit losses and higher noninterest income[172]. - Net interest income remained relatively flat at $2.43 billion, a slight decrease of 0.3% from $2.44 billion in 2023, with a net interest margin of 3.00%[178][179]. - Total loans and leases increased by $1.6 billion, or 3%, primarily due to growth in consumer and commercial loans[174]. - Total deposits rose by $1.3 billion, or 2%, with interest-bearing deposits increasing by $6.5 billion, or 15%[174][193]. - Provision for credit losses decreased by 45% to $72 million in 2024, compared to $132 million in 2023[178]. - Noninterest income increased by $19 million, or 3%, driven by higher capital markets and commercial account fees[174]. - Noninterest expenses decreased by $51 million, or 2%, primarily due to a reduction in deposit insurance and regulatory expenses[174]. - Common equity increased by 15% to $6.06 billion, reflecting strong capital growth[178]. - Total shareholders' equity increased to $6,053 million in 2024 from $5,279 million in 2023[196]. Capital Adequacy - At December 31, 2024, the Common Equity Tier 1 (CET1) ratio was 10.9%, exceeding the minimum requirement of 7.0%[37]. - The bank's Tier 1 risk-based capital ratio was 11.0%, above the minimum requirement of 8.5%[37]. - Total risk-based capital ratio stood at 13.3%, surpassing the minimum requirement of 10.5%[37]. - The Tier 1 leverage ratio was 8.3%, exceeding the minimum requirement of 4.0%[37]. - The company is subject to Basel III capital rules and has exceeded all capital adequacy requirements as of December 31, 2024[30]. - Internal stress tests indicate that capital ratios will exceed regulatory minimums and capital conservation buffer requirements throughout a nine-quarter horizon[46]. Employee and Workforce - Zions Bancorporation had 9,406 full-time equivalent employees at the end of 2024[18]. - At December 31, 2024, the company had 9,406 full-time equivalent employees, with approximately 58% being women and 38% identifying as part of a minority demographic[63]. - The company hosted over 1,000 training experiences in 2024 to support employee skill development and career advancement[70]. - The most recent pay equity review found no meaningful differences in pay levels across the workforce, ensuring fair compensation for all employees[73]. - The company had 9,406 full-time equivalent employees at the end of 2024, a decrease of 273 from the previous year[217]. Regulatory and Compliance - The CFPB's final rule under Section 1033 of the Dodd-Frank Act requires banks to provide consumer financial product information upon request, with compliance due by April 1, 2027[52][53]. - Proposed revisions to Regulation II could reduce fee income by approximately $10 million or more per year due to a nearly 30% decrease in the maximum permitted debit interchange fee[54]. - The company is subject to increased regulatory scrutiny and costs due to compliance with banking regulations, which may limit its business activities and growth potential[122]. Risk Management - Credit risk is a significant concern, with rising interest rates and market volatility potentially leading to increased charge-offs and higher allowances for credit losses[77]. - The Federal Reserve's tightened monetary policy has resulted in a decline in the value of fixed-rate loans and investment securities, impacting liquidity and risk management efforts[90]. - The company experienced heightened volatility in deposit levels and funding costs following notable bank closures in 2023, affecting liquidity and operating margins[89]. - The company is exposed to systemic risks that may arise from the interconnectedness of financial institutions, potentially leading to market-wide liquidity issues[93]. - Climate-related events and natural disasters pose risks to operations and financial results, particularly in regions vulnerable to such occurrences[104]. - The company faces significant cybersecurity risks, including threats from organized cybercrime and state-sponsored actors, which could adversely affect its business and financial performance[110]. - The company allocates resources to enhance cybersecurity defenses, but future incidents could still occur and impact operations[113]. - The complexity of accounting and regulatory compliance poses ongoing risks that could materially affect the company's financial reporting[118]. Business Operations - The bank served over one million customers through 404 branches and various digital offerings by year-end 2024[18]. - The bank operates through seven affiliate banks, emphasizing local authority and customization of products[19]. - The company operates 404 branches, with 275 owned and 129 leased, and its headquarters in Salt Lake City, Utah, is also leased[153]. - The company completed a multi-year project to replace core loan and deposit banking systems in July 2024, aimed at improving operational efficiency[98]. - The reliance on third-party suppliers for operational activities presents risks that could adversely affect business performance and customer service[106]. Strategic Focus - The company focuses on five strategic growth areas: commercial, small business, capital markets, wealth management, and consumer[169]. - The company invests in six key areas to achieve growth: people and empowerment, technology, marketing, operational excellence, risk management, and data and analytics[170]. Shareholder Actions - The company fully redeemed outstanding shares of Series G, I, and J preferred stock for approximately $374 million, resulting in a one-time reduction to net earnings of about $6 million[158]. - The company repurchased 0.9 million common shares for $35 million at an average price of $39.32 per share during the first quarter of 2024[161]. - The company declared a dividend of $0.43 per common share in January 2025, payable on February 20, 2025[160].

Zions Bancorporation, N.A. One South Main Salt Lake City, UT 84133 January 21, 2025 www.zionsbancorporation.com Fourth Quarter 2024 Financial Results: FOR IMMEDIATE RELEASE Investor Contact: Shannon Drage (801) 844-8208 Media Contact: Rob Brough (801) 844-7979 Zions Bancorporation, N.A. reports: 4Q24 Net Earnings of $200 million, diluted EPS of $1.34 compared with 4Q23 Net Earnings of $116 million, diluted EPS of $0.78, and 3Q24 Net Earnings of $204 million, diluted EPS of $1.37 | | | FOURTH QUARTER | | RES ...

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, 2024 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, N.A. One South Main Salt Lake City, UT 84133 October 21, 2024 www.zionsbancorporation.com Third Quarter 2024 Financial Results: FOR IMMEDIATE RELEASE Investor Contact: Shannon Drage (801) 844-8208 Media Contact: Rob Brough (801) 844-7979 Zions Bancorporation, N.A. reports: 3Q24 Net Earnings of $204 million, diluted EPS of $1.37 compared with 3Q23 Net Earnings of $168 million, diluted EPS of $1.13, and 2Q24 Net Earnings of $190 million, diluted EPS of $1.28 THIRD QUARTER RESULTS | $1.37 ...

Financial Performance - Diluted earnings per share (EPS) increased to $1.28, up from $1.11 in Q2 2023[19] - Net income for the six months ended June 30, 2024, was $354 million, a decrease of 6.58% compared to $379 million for the same period in 2023[172] - Comprehensive income for the three months ended June 30, 2024, was $261 million, compared to $165 million for the same period in 2023, an increase of 58.79%[172] - The company reported a basic net earnings per common share of $1.28 for the three months ended June 30, 2024, compared to $1.11 for the same period in 2023, an increase of 15.32%[171] Interest Income and Margin - Net interest income rose by $6 million, or 1%, with a net interest margin of 2.98%, compared to 2.92%[19] - Net interest income for Q2 2024 was $597 million, a 1% increase from $591 million in Q2 2023[20] - The yield on average interest-earning assets rose to 5.31% in Q2 2024, an increase of 50 basis points from 4.81% in Q2 2023, driven by higher interest rates and a favorable asset mix[21] - The net interest margin (NIM) improved to 2.98% in Q2 2024, compared to 2.92% in Q2 2023, reflecting higher earning asset yields[20] Loans and Leases - Total loans and leases grew by $1.5 billion, or 3%, driven by increases in residential mortgage and commercial real estate portfolios[19] - Average loans and leases increased by $1.6 billion, or 3%, to $58.3 billion, primarily due to growth in consumer and commercial real estate loans[27] - Total loans and leases increased to $58,415 million as of June 30, 2024, compared to $57,779 million at December 31, 2023, reflecting a growth of 1.1%[203] - The total commercial real estate loans reached $13,549 million as of June 30, 2024, compared to $13,371 million at December 31, 2023, reflecting a growth of 1.3%[203] Deposits - Customer deposits (excluding brokered deposits) increased by $3.6 billion, or 5%, reaching $69.5 billion[19] - Average deposits increased by $4.5 billion, or 7%, to $74.2 billion, with the average cost of deposits rising to 2.11% from 1.27% in the prior year[31] - Total deposits decreased to $73,770 million as of June 30, 2024, down from $74,961 million at December 31, 2023, a decline of 1.59%[170] Credit Quality - The provision for credit losses decreased to $5 million from $46 million in the prior year period[19] - The allowance for credit losses (ACL) was $726 million as of June 30, 2024, compared to $711 million at the same date in 2023, reflecting a year-over-year increase primarily due to portfolio-specific risks and average loan growth of $1.6 billion[40] - The ratio of allowance for credit losses to net loans and leases at period end was 1.24% for June 30, 2024, compared to 1.26% for December 31, 2023[113] - Net loan and lease charge-offs totaled $15 million, or 0.10% of average loans, compared to $13 million, or 0.09%, in the prior year[19] Noninterest Income and Expense - Noninterest income related to customers fell by $8 million, or 5%, primarily due to declines in capital markets fees[19] - Total noninterest income decreased by $10 million, or 5%, year-over-year, accounting for approximately 23% of net revenue in Q2 2024 compared to 24% in Q2 2023[49] - Noninterest expense remained stable at $509 million, with increases in technology expenses offset by lower salaries and benefits[19] Capital Management - At June 30, 2024, total shareholders' equity increased by $334 million, or 6%, to $6.0 billion compared to $5.7 billion at December 31, 2023[155] - The company exceeded all capital adequacy requirements under the Basel III capital rules as of June 30, 2024[160] - Common equity tier 1 capital increased to $7,057 million as of June 30, 2024, up from $6,863 million in December 2023, reflecting a growth of 2.8%[161] Asset and Liability Management - Total assets increased to $87,606 million as of June 30, 2024, compared to $87,060 million in March 2024, reflecting growth in the asset base[167] - The ratio of available liquidity to uninsured deposits was 125% as of June 30, 2024, compared to 122% at December 31, 2023[148] - Total liabilities as of June 30, 2024, were $6,033 million, with a net amount of $6,020 million after adjustments[190] Securities and Investments - Total held-to-maturity and available-for-sale investment securities decreased by $1.0 billion, or 5%, from December 31, 2023, totaling $22.8 billion at June 30, 2024[62] - The fair value of held-to-maturity investment securities was $9,891 million as of June 30, 2024, compared to $10,466 million as of December 31, 2023[189] - The total unrealized losses for AFS securities amounted to $1,734 million as of June 30, 2024[194] Cash Flow and Financing Activities - Net cash provided by operating activities for the six months ended June 30, 2024, was $512 million, down from $819 million in 2023[176] - Net cash used in investing activities for the six months ended June 30, 2024, was $(407) million, compared to a net cash provided of $1,780 million in 2023[176] - The bank repurchased $35 million of common stock during the six months ended June 30, 2024, down from $50 million in 2023[176]

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) In the first quarter of 2024, Zions Bancorporation reported diluted EPS of $0.96, a decrease from $1.33 in the prior year, driven by a 14% decline in net interest income due to higher funding costs, partially offset by a lower provision for credit losses, with loan growth and a 7% increase in total deposits year-over-year, stable credit quality, and strong capital ratios Q1 2024 Financial Highlights vs. Q1 2023 | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Diluted EPS | $0.96 | $1.33 | (27.8)% | | Net Interest Income | $586 million | $679 million | (14)% | | Provision for Credit Losses | $13 million | $45 million | (71)% | | Noninterest Expense | $526 million | $512 million | +3% | | Net Loan Charge-offs | $6 million (0.04% of avg. loans) | $0 million | N/A | - Total loans and leases increased by **$1.8 billion (3%)** year-over-year, driven by growth in consumer 1-4 family residential mortgages and commercial real estate (CRE) loans[19](index=19&type=chunk) - Total deposits grew by **$5.0 billion (7%)** year-over-year, with a notable shift from noninterest-bearing to interest-bearing accounts, reaching **$69.9 billion** in customer deposits (excluding brokered)[19](index=19&type=chunk) - Total borrowed funds decreased significantly by **$7.3 billion (57%)** from the prior year, largely due to the increase in interest-bearing deposits[19](index=19&type=chunk) [Results of Operations](index=5&type=section&id=Results%20of%20Operations) The company's results of operations in Q1 2024 were characterized by a significant 14% decrease in net interest income to $586 million, as rising funding costs outpaced higher earning asset yields, a substantially lower provision for credit losses at $13 million, flat noninterest income, and a 3% rise in noninterest expense due to a $13 million FDIC special assessment accrual [Balance Sheet Analysis](index=16&type=section&id=Balance%20Sheet%20Analysis) As of March 31, 2024, the balance sheet showed a 1% quarterly increase in the loan and lease portfolio to $58.1 billion, a 2% decrease in the investment securities portfolio to $21.7 billion in amortized cost, a slight 1% quarterly decrease in total deposits to $74.2 billion with 43% uninsured, and a loan-to-deposit ratio of 78% [Risk Management](index=21&type=section&id=Risk%20Management) The bank actively manages credit, interest rate, liquidity, and capital risks, demonstrating stable credit performance with low charge-offs, an asset-sensitive interest rate position, strong liquidity with $41.6 billion available sources covering 130% of uninsured deposits, and robust capital ratios, including a 10.4% CET1 ratio, exceeding all regulatory requirements [Financial Statements (Unaudited)](index=41&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for the period ended March 31, 2024, including the Consolidated Balance Sheets, Statements of Income, Statements of Comprehensive Income, Statements of Changes in Shareholders' Equity, and Statements of Cash Flows, along with detailed Notes Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | $87,060 | $87,203 | | Loans held for investment, net | $57,410 | $57,095 | | Total Deposits | $74,237 | $74,961 | | Total Liabilities | $81,231 | $81,512 | | Total Shareholders' Equity | $5,829 | $5,691 | Consolidated Statement of Income Highlights (in millions) | Account | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net Interest Income | $586 | $679 | | Provision for Credit Losses | $13 | $45 | | Noninterest Income | $156 | $160 | | Noninterest Expense | $526 | $512 | | Net Income | $153 | $204 | | Net Earnings Applicable to Common Shareholders | $143 | $198 | [Notes to Consolidated Financial Statements](index=45&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures supporting the consolidated financial statements, covering basis of presentation, fair value measurements, investment securities, loan portfolio and allowance for credit losses, derivatives, leases, debt, equity, commitments, and operating segment information - Note 6 provides a detailed breakdown of the loan portfolio, with Commercial loans totaling **$30.5 billion**, Commercial Real Estate loans at **$13.6 billion**, and Consumer loans at **$14.1 billion** as of March 31, 2024[189](index=189&type=chunk) - Note 10 discloses material legal proceedings, including two cases related to a bankrupt borrower and a case concerning foreign transaction fees, with an aggregate range of reasonably possible losses estimated from zero to approximately **$10 million** in excess of accrued amounts[248](index=248&type=chunk)[249](index=249&type=chunk) - Note 14 details operating segment performance for Q1 2024, showing Zions Bank as the largest segment by income before taxes (**$76 million**), followed by California Bank & Trust (**$43 million**) and Amegy Bank (**$38 million**)[266](index=266&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=83&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section identifies interest rate risk as the company's most significant market risk and refers to the "Interest Rate and Market Risk Management" section of the MD&A for further detailed discussion - The company identifies interest rate and market risk as its most significant risks, which are closely monitored by management[267](index=267&type=chunk) [Controls and Procedures](index=83&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting occurring during the first quarter of 2024 - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2024[268](index=268&type=chunk) - There were **no material changes** in internal control over financial reporting during the first quarter of 2024[268](index=268&type=chunk) Part II. Other Information [Legal Proceedings](index=83&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the information on legal proceedings detailed in Note 10 of the Notes to Consolidated Financial Statements, including ongoing cases related to a bankrupt borrower and a class action regarding foreign transaction fees - The company is involved in several legal proceedings, with details provided in Note 10 of the financial statements[269](index=269&type=chunk) [Risk Factors](index=83&type=section&id=Item%201A.%20Risk%20Factors) The company reports that there have been no material changes to the risk factors previously disclosed in its 2023 Form 10-K - **No material changes** to risk factors were reported since the 2023 Form 10-K filing[270](index=270&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=83&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase activities for the first quarter of 2024, with a total of 890,167 shares repurchased in February as part of a publicly announced plan Share Repurchases in Q1 2024 | Period | Total Shares Repurchased | Average Price Paid per Share | | :--- | :--- | :--- | | January | — | — | | February | 890,167 | $39.32 | | March | — | — | | **First Quarter 2024** | **890,167** | **$39.32** | [Other Information](index=83&type=section&id=Item%205.%20Other%20Information) The company states that none of its directors or officers adopted, modified, or terminated a Rule 10b5-1(c) trading arrangement during the first quarter of 2024 - **No directors or officers adopted, modified, or terminated** a Rule 10b5-1(c) trading arrangement in Q1 2024[272](index=272&type=chunk) [Exhibits](index=84&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, the Zions Bancorporation 2024-2026 Value Sharing Plan, CEO/CFO certifications, and financial data formatted in Inline XBRL - Key exhibits filed include the **2024-2026 Value Sharing Plan (10.1)**, **CEO/CFO certifications (31.1, 31.2, 32)**, and **Inline XBRL financial data (101)**[273](index=273&type=chunk)