EX-99.1 2 exh991earningsrelease20240.htm EX-99.1 Document

Zions Bancorporation, N.A.
One South Main
Salt Lake City, UT 84133
October 21, 2024
zions2020630-er.jpg
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$204 million3.03%10.7%
Net earnings per diluted common share
Net earningsNet interest margin (“NIM”)Estimated Common Equity
Tier 1 ratio
THIRD QUARTER HIGHLIGHTS¹
Net Interest Income and NIM
Net interest income was $620 million, up 6%
NIM was 3.03%, compared with 2.93%
Operating Performance
Pre-provision net revenue² ("PPNR") was $302 million, up 8%; adjusted PPNR² was $299 million, up 10%
Customer-related noninterest income was $161 million, up 3%
Noninterest expense was $502 million, up 1%; adjusted noninterest expense² was $499 million, up 1%
Loans and Credit Quality
Loans and leases were $58.9 billion, up 3%
The provision for credit losses was $13 million, compared with $41 million
The allowance for credit losses was 1.25%, compared with 1.30%, of loans and leases
The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.02%, compared with 0.10%
Nonperforming assets3 were $368 million, or 0.62%, compared with $219 million, or 0.38%, of loans and leases and other real estate owned
Classified loans were $2.1 billion, or 3.55%, compared with $769 million, or 1.35%, of loans and leases
Deposits and Borrowed Funds
Total deposits were $75.7 billion, up 0.4%; customer deposits (excluding brokered deposits) were $70.5 billion, up 2%
Short-term borrowings, consisting primarily of secured borrowings, were $2.9 billion, down 33%
Capital
The estimated CET1 capital ratio was 10.7%, compared with 10.2%
CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We’re pleased with the continued improvement in our financial performance, reflected in the 21% increase in earnings per share over the same period last year. The net interest margin strengthened to 3.03% from 2.93% a year ago, and operating costs increased a modest 1%. Average noninterest-bearing demand deposits decreased 1.7% relative to the prior quarter of this year, but were flat to last quarter’s ending balance, suggesting continued stabilization of this important source of low-cost funding. Tangible common equity has grown 28% over the past year, and 8% over the past quarter.”
Mr. Simmons continued, “While classified loans increased 66% quarter over quarter, reflecting somewhat weaker fundamental performance in multi-family residential loans, we expect credit losses to remain well controlled as a result of strong equity and sponsorship in these deals. Realized total credit losses remained very low during the quarter at an annualized rate of 0.02% of loans.”
Mr. Simmons concluded, “Finally, we were pleased to announce during the quarter an agreement with FirstBank, headquartered in Lakewood, Colorado, to purchase four of their branches in California’s Coachella Valley with approximately $730 million in deposits and $420 million in loans. Upon receiving regulatory approval, these offices will become part of California Bank & Trust, and will strengthen our competitive position in that market.”
OPERATING PERFORMANCE2
(In millions)Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Adjusted PPNR$299$272$819$909
Net charge-offs (recoveries)$3$14$24$27
Efficiency ratio62.5 %64.4 %64.9 %62.2 %
Weighted average diluted shares147.2 147.7 147.2 147.8 
1 Comparisons noted in the bullet points are calculated for the current quarter compared with the same prior year period unless otherwise specified.
2 For information on non-GAAP financial measures, see pages 16-17.
3 Does not include banking premises held for sale.



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Comparisons noted in the sections below are calculated for the current quarter versus the same prior year period unless otherwise specified. Growth rates of 100% or more are considered not meaningful (“NM”) as they generally reflect a low starting point.
RESULTS OF OPERATIONS
Net Interest Income and Margin
3Q24 - 2Q243Q24 - 3Q23
(In millions)3Q242Q243Q23$%$%
Interest and fees on loans$899$877$831$22 %$68 %
Interest on money market investments67563511 20 32 91 
Interest on securities138140144(2)(1)(6)(4)
Total interest income
1,1041,0731,01031 94 
Interest on deposits40339036613 37 10 
Interest on short- and long-term borrowings818659(5)(6)22 37 
Total interest expense
48447642559 14 
Net interest income
$620$597$585$23 $35 
bpsbps
Yield on interest-earning assets1
5.35 %5.31 %5.02 %33 
Rate paid on total deposits and interest-bearing liabilities1
2.36 %2.36 %2.10 %— 26 
Cost of total deposits1
2.14 %2.11 %1.92 %22 
Net interest margin1
3.03 %2.98 %2.93 %10 
1 Taxable-equivalent rates used where applicable.
Net interest income increased $35 million, or 6%, in the third quarter of 2024, relative to the prior year period, as higher earning asset yields were partially offset by higher funding costs. Net interest income was also impacted by growth in average interest-earning assets. The net interest margin was 3.03%, compared with 2.93%.
The yield on average interest-earning assets was 5.35% in the third quarter of 2024, an increase of 33 basis points, reflecting higher interest rates and a favorable mix change to higher yielding assets. The yield on average loans and leases increased 31 basis points to 6.15%, and the yield on average securities increased 13 basis points to 2.86% in the third quarter of 2024.
The rate paid on total deposits and interest-bearing liabilities was 2.36%, compared with 2.10% in the prior year quarter, and the cost of total deposits was 2.14%, compared with 1.92%, reflecting the higher interest rate environment and reduced noninterest-bearing deposits.
Average interest-earning assets increased $2.2 billion, or 3% from the prior year quarter, as growth of $2.3 billion in average money market investments and $1.7 billion in average loans and leases, was partially offset by a decline of $1.8 billion in average securities. The decrease in average securities was primarily due to principal reductions.
Average interest-bearing liabilities increased $4.3 billion, or 8%, from the prior year quarter, driven by increases of $2.5 billion and $1.8 billion in average interest-bearing deposits and average borrowed funds, respectively.



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Noninterest Income
3Q24 - 2Q243Q24 - 3Q23
(In millions)3Q242Q243Q23$%$%
Commercial account fees$46 $45 $43 $%$%
Card fees24 25 26 (1)(4)(2)(8)
Retail and business banking fees18 16 17 13 
Loan-related fees and income17 18 23 (1)(6)(6)(26)
Capital markets fees28 21 18 33 10 56 
Wealth management fees14 15 15 (1)(7)(1)(7)
Other customer-related fees14 14 15 — — (1)(7)
Customer-related noninterest income161 154 157 
Fair value and nonhedge derivative income (loss)(3)(1)(2)NM(10)NM
Dividends and other income22 12 (17)(77)(7)(58)
Securities gains (losses), netNMNM
Total noninterest income
$172 $179 $180 $(7)(4)$(8)(4)
Customer-related noninterest income increased $4 million, or 3%, compared with the prior year period. Capital markets fees increased $10 million, largely due to increased swap fees, loan syndication fees, and expanded real estate capital markets activity, and commercial account fees increased $3 million. These increases were partially offset by a $6 million decrease in loan-related fees and income, primarily due to higher gains on loan sales in the prior year period and a decline in loan servicing income resulting from the sale of associated mortgage servicing rights in the third quarter of 2023.
Fair value and nonhedge derivative income decreased $10 million, primarily due to credit valuation adjustments on client-related interest rate swaps, and dividends and other income decreased $7 million, primarily due to a decline in dividends on FHLB stock. These decreases were partially offset by an increase of $5 million in net securities gains, largely due to valuation adjustments in our SBIC investment portfolio.
Noninterest Expense
3Q24 - 2Q243Q24 - 3Q23
(In millions)3Q242Q243Q23$%$%
Salaries and employee benefits$317 $318 $311 $(1)— %$%
Technology, telecom, and information processing66 66 62 — — 
Occupancy and equipment, net40 40 42 — — (2)(5)
Professional and legal services14 17 16 (3)(18)(2)(13)
Marketing and business development12 13 10 (1)(8)20 
Deposit insurance and regulatory expense19 21 20 (2)(10)(1)(5)
Credit-related expense— — — — 
Other real estate expense, net— (1)— NM— NM
Other28 29 29 (1)(3)(1)(3)
Total noninterest expense
$502 $509 $496 $(7)(1)$
Adjusted noninterest expense 1
$499 $506 $493 $(7)(1)$
1 For information on non-GAAP financial measures, see pages 16-17.
Total noninterest expense increased $6 million, or 1%, relative to the prior year quarter. Salaries and employee benefits expense increased $6 million, or 2%, primarily due to a decline in capitalized salaries related to reduced software development activities, as well as higher benefits accruals, and an additional business day during the current quarter. Technology, telecom, and information processing expense increased $4 million, or 6%, primarily due to increases in application software, license, and maintenance expenses. These increases were partially offset by



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decreases in other expenses including professional and legal services associated with reduced technology-related consulting services and occupancy and equipment expenses.
Adjusted noninterest expense increased $6 million, or 1%. The efficiency ratio was 62.5%, compared with 64.4%, due to an increase in adjusted taxable-equivalent revenue. For information on non-GAAP financial measures, see pages 16-17.
BALANCE SHEET ANALYSIS
Investment Securities
3Q24 - 2Q243Q24 - 3Q23
(In millions)3Q242Q243Q23$%$%
Investment securities:
Available-for-sale, at fair value$9,495 $9,483 $10,148 $12 — %$(653)(6)%
Held-to-maturity, at amortized cost9,857 10,065 10,559 (208)(2)(702)(7)
Total investment securities, net of allowance$19,352 $19,548 $20,707 $(196)(1)$(1,355)(7)
Total investment securities decreased $1.4 billion, or 7%, to $19.4 billion at September 30, 2024, largely due to principal reductions. We invest in securities to actively manage liquidity and interest rate risk and to generate interest income. We primarily own securities that can readily provide us cash and liquidity through secured borrowing agreements without the need to sell the securities. Our fixed-rate securities portfolio helps balance the inherent interest rate mismatch between loans and deposits and protects the economic value of shareholders' equity. At September 30, 2024, the estimated duration of our investment securities portfolio, which measures price sensitivity to interest rate changes, was 3.6 percent, compared with 3.5 percent at September 30, 2023.
Loans and Leases
3Q24 - 2Q243Q24 - 3Q23
(In millions)3Q242Q243Q23$%$%
Loans held for sale$97 $112 $41 $(15)(13)%$56 NM
Loans and leases:
Commercial
$30,785 $30,511 $30,208 $274 $577 %
Commercial real estate
13,483 13,549 13,140 (66)— 343 
Consumer
14,616 14,355 13,545 261 1,071 
Loans and leases, net of unearned income and fees58,884 58,415 56,893 469 1,991 
Less allowance for loan losses
694 696 681 (2)— 13 
Loans and leases held for investment, net of allowance
$58,190 $57,719 $56,212 $471 $1,978 
Unfunded lending commitments$29,121 $29,122 $30,442 $(1)— $(1,321)(4)
Loans and leases, net of unearned income and fees, increased $2.0 billion, or 3%, to $58.9 billion, relative to the prior year quarter. Consumer loans increased $1.1 billion from the prior year quarter, primarily in the 1-4 family residential loan portfolio, and commercial loans increased $0.6 billion, primarily in the commercial and industrial loan portfolio. Unfunded lending commitments decreased $1.3 billion, or 4%, to $29.1 billion, primarily due to draws on existing commercial and consumer construction lending commitments.



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Credit Quality
3Q24 - 2Q243Q24 - 3Q23
(In millions)3Q242Q243Q23$%$%
Provision for credit losses$13$5$41$NM$(28)(68)%
Allowance for credit losses73672673810 %(2)— 
Net loan and lease charge-offs (recoveries)31514(12)(80)(11)(79)
Nonperforming assets368265219103 39 149 68 
Classified loans2,0931,264769829 66 1,324 NM
3Q242Q243Q23bpsbps
Ratio of ACL to loans and leases outstanding, at period end1.25 %1.24 %1.30 %(5)
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans0.02 %0.10 %0.10 %(8)(8)
Ratio of nonperforming assets to loans and leases and other real estate owned0.62 %0.45 %0.38 %17 24 
Ratio of classified loans to total loans and leases3.55 %2.16 %1.35 %139 220 
During the third quarter of 2024, we recorded a $13 million provision for credit losses, compared with a $41 million provision during the prior year period. The allowance for credit losses (“ACL”) was $736 million at September 30, 2024, and was relatively flat compared with $738 million at September 30, 2023. The slight decrease in the ACL primarily reflects improvements in economic forecasts and declines in unfunded lending commitments related to construction lending, partially offset by increases associated with declines in credit quality, incremental reserves associated with portfolio-specific risks including commercial real estate (“CRE”), average loan growth of $1.7 billion, and changes in our loan portfolio composition. The ratio of ACL to total loans and leases was 1.25% at September 30, 2024, compared with 1.30% at September 30, 2023.
Net loan and lease charge-offs totaled $3 million, compared with $14 million in the prior year quarter. Nonperforming assets totaled $368 million, or 0.62%, compared with $219 million, or 0.38%, of total loans and leases. Classified loans totaled $2.1 billion, or 3.55%, compared with $769 million, or 1.35%, of total loans and leases.
The increases in nonperforming assets and classified loans were primarily in the commercial and industrial and term CRE portfolios. Classified loans increased primarily in the multifamily CRE loan portfolio as borrowers missed projections due to lower-than-anticipated leasing, rent concessions, elevated costs, and higher interest rates. Our multifamily CRE loan portfolio continues to benefit from strong underwriting, supported by high borrower equity and guarantor support.



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Deposits and Borrowed Funds
3Q24 - 2Q243Q24 - 3Q23
(In millions)3Q242Q243Q23$%$%
Deposits:
Noninterest-bearing demand$24,973 $24,731 $26,733 $242 %$(1,760)(7)%
Interest-bearing:
Savings and money market39,215 38,560 37,026 655 2,189 
Time6,333 6,189 5,089 144 1,244 24 
Brokered5,197 4,290 6,551 907 21 (1,354)(21)
Total interest-bearing50,745 49,039 48,666 1,706 2,079 
Total deposits$75,718 $73,770 $75,399 $1,948 $319 — 
Borrowed funds:
Federal funds purchased and other short-term borrowings$2,919 $5,651 $4,346 $(2,732)(48)$(1,427)(33)
Long-term debt548 546 540 — 
Total borrowed funds$3,467 $6,197 $4,886 $(2,730)(44)$(1,419)(29)
Total deposits increased $319 million from the prior year quarter, as a $2.1 billion increase in interest-bearing deposits was partially offset by a $1.8 billion decrease in noninterest-bearing demand deposits. At September 30, 2024, customer deposits (excluding brokered deposits) totaled $70.5 billion, compared with $68.8 billion at September 30, 2023, and included approximately $7.3 billion and $6.4 billion of reciprocal deposits, respectively. Our loan-to-deposit ratio was 78%, compared with 75% in the prior year quarter.
Total borrowed funds, consisting primarily of secured borrowings, decreased $1.4 billion, or 29%, from the prior year quarter, primarily due to a decrease in security repurchase agreements.
Shareholders’ Equity
3Q24 - 2Q243Q24 - 3Q23
(In millions, except share data)3Q242Q243Q23$%$%
Shareholders’ equity:
Preferred stock
$440$440$440$— — %$— — %
Common stock and additional paid-in capital
1,7171,7131,726— (9)(1)
Retained earnings
6,5646,4216,157143 407 
Accumulated other comprehensive income (loss)(2,336)(2,549)(3,008)213 672 22 
Total shareholders’ equity$6,385$6,025$5,315$360 $1,070 20 
Capital distributions:
Common dividends paid$61$61$61$— — $— — 
Bank common stock repurchased— — — — 
Total capital distributed to common shareholders$61$61$61$— — $— — 
shares%shares%
Weighted average diluted common shares outstanding (in thousands)
147,150 147,120 147,653 30 — %(503)— %
Common shares outstanding, at period end (in thousands)147,699 147,684 148,146 15 — (447)— 
The common stock dividend was $0.41 per share, unchanged from the third quarter of 2023. Common shares outstanding decreased 0.4 million from the third quarter of 2023, primarily due to common stock repurchases in the first quarter of 2024.



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Accumulated other comprehensive income (loss) (“AOCI”) was a loss of $2.3 billion at September 30, 2024, and largely reflects a decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are currently excluded from regulatory capital, and therefore do not impact our regulatory capital ratios.
Estimated common equity tier 1 (“CET1”) capital was $7.2 billion, an increase of 6%, compared with $6.8 billion in the prior year period. The estimated CET1 capital ratio was 10.7%, compared with 10.2%. Tangible book value per common share increased to $33.12, compared with $25.75, primarily due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see pages 16-17.
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website, which will be used to discuss the third quarter results at 5:30 p.m. ET on October 21, 2024. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and using the meeting number 13749356, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.
About Zions Bancorporation, N.A.
Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $87 billion of total assets at December 31, 2023, and annual net revenue of $3.1 billion in 2023. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.
Forward-Looking Information
This earnings release includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements include, among others:
Statements with respect to the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, results of operations and performance of Zions Bancorporation, National Association and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and
Statements preceded or followed by, or that include the words “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” “will,” and the negative thereof and similar words and expressions.
Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, important factors that may cause material differences include:



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The quality and composition of our loan and securities portfolios and the quality and composition of our deposits;
Changes in general industry, political, and economic conditions, including elevated inflation, economic slowdown or recession, or other economic challenges; changes in interest and reference rates, which could adversely affect our revenue and expenses, the value of assets and liabilities, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses;
The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in applicable laws, and fiscal, monetary, regulatory, trade, and tax policies, and actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue; increases in bank fees, insurance assessments and capital standards; and other regulatory requirements;
Competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services, and our ability to recruit and retain talent;
The impact of technological advancements, digital commerce, artificial intelligence, and other innovations affecting the banking industry;
Our ability to complete projects and initiatives and execute on our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives;
Our ability to develop and maintain technology, information security systems, and controls designed to guard against fraud, cybersecurity, and privacy risks;
Our ability to provide adequate oversight of our suppliers or prevent inadequate performance by third parties upon whom we rely for the delivery of various products and services;
Natural disasters, pandemics, catastrophic events, and other emergencies and incidents and their impact on our and our customers’ operations and business and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products;
Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change;
Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital;
The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity;
The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks;
Adverse news and other expressions of negative public opinion whether directed at us, other banks, the banking industry, or otherwise that may adversely affect our reputation and that of the banking industry generally;
Protracted congressional negotiations and political stalemates regarding government funding and other issues, including those that increase the possibility of government shutdowns, downgrades in United States (“U.S.”) credit ratings, or other economic disruptions; and
The effects of wars and geopolitical conflicts, such as the ongoing war between Russia and Ukraine, the war in the Middle East, and other local, national, or international disasters, crises, or conflicts that may occur in the future.
Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2023 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC), and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov).
We caution against the undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any forward-looking statements to reflect future events or developments.



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FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
(In millions, except share, per share, and ratio data)September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
BALANCE SHEET 1
Loans held for investment, net of allowance$58,190$57,719$57,410$57,095$56,212
Total assets87,03287,60687,06087,20387,269
Deposits75,71873,77074,23774,96175,399
Total shareholders’ equity6,3856,0255,8295,6915,315
STATEMENT OF INCOME
Net earnings applicable to common shareholders
$204$190$143$116$168
Net interest income620597586583585
Taxable-equivalent net interest income 2
632608596593596
Total noninterest income172179156148180
Total noninterest expense502509526581496
Pre-provision net revenue 2
302278226160280
Adjusted pre-provision net revenue 2
299278242262272
Provision for credit losses1351341
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share$1.37$1.28$0.96$0.78$1.13
Dividends0.410.410.410.410.41
Book value per common share 1
40.2537.8236.5035.4432.91
Tangible book value per common share 1, 2
33.1230.6729.3428.3025.75
Weighted average share price47.1342.0141.0335.9534.67
Weighted average diluted common shares outstanding (in thousands)
147,150147,120147,343147,645147,653
Common shares outstanding (in thousands) 1
147,699147,684147,653148,153148,146
SELECTED RATIOS AND OTHER DATA
Return on average assets0.95 %0.91 %0.70 %0.57 %0.80 %
Return on average common equity14.1 %14.0 %10.9 %9.2 %13.5 %
Return on average tangible common equity 2
17.4 %17.5 %13.7 %11.8 %17.3 %
Net interest margin3.03 %2.98 %2.94 %2.91 %2.93 %
Cost of total deposits2.14 %2.11 %2.06 %2.06 %1.92 %
Efficiency ratio 2
62.5 %64.5 %67.9 %65.1 %64.4 %
Effective tax rate 3
22.7 %23.3 %24.6 %16.0 %23.2 %
Ratio of nonperforming assets to loans and leases and other real estate owned
0.62 %0.45 %0.44 %0.39 %0.38 %
Annualized ratio of net loan and lease charge-offs to average loans0.02 %0.10 %0.04 %0.06 %0.10 %
Ratio of total allowance for credit losses to loans and leases outstanding 1
1.25 %1.24 %1.27 %1.26 %1.30 %
Full-time equivalent employees
9,5039,6969,7089,6799,984
CAPITAL RATIOS AND DATA 1
Tangible common equity ratio 2
5.7 %5.2 %5.0 %4.9 %4.4 %
Common equity tier 1 capital 4
$7,206$7,057$6,920$6,863$6,803
Risk-weighted assets 4
$67,199$66,885$66,824$66,934$66,615
Common equity tier 1 capital ratio 4
10.7 %10.6 %10.4 %10.3 %10.2 %
Tier 1 risk-based capital ratio 4
11.4 %11.2 %11.0 %10.9 %10.9 %
Total risk-based capital ratio 4
13.2 %13.1 %12.9 %12.8 %12.8 %
Tier 1 leverage ratio 4
8.6 %8.5 %8.4 %8.3 %8.3 %
1 At period end.
2 For information on non-GAAP financial measures, see pages 16-17.
3 The decrease in the effective tax rate at December 31, 2023 was the result of changes in the reserve for uncertain tax positions.
4 Current period ratios and amounts represent estimates.



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CONSOLIDATED BALANCE SHEETS
(In millions, shares in thousands)September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
ASSETS
Cash and due from banks$1,114 $717 $709 $716 $700 
Money market investments:
Interest-bearing deposits1,253 2,276 1,688 1,488 1,704 
Federal funds sold and securities purchased under agreements to resell986 936 894 937 1,427 
Trading securities, at fair value68 24 59 48 31 
Investment securities:
Available-for-sale, at fair value9,495 9,483 9,931 10,300 10,148 
Held-to-maturity1, at amortized cost
9,857 10,065 10,209 10,382 10,559 
Total investment securities, net of allowance19,352 19,548 20,140 20,682 20,707 
Loans held for sale2
97 112 12 53 41 
Loans and leases, net of unearned income and fees58,884 58,415 58,109 57,779 56,893 
Less allowance for loan losses694 696 699 684 681 
Loans held for investment, net of allowance58,190 57,719 57,410 57,095 56,212 
Other noninterest-bearing investments946 987 922 950 929 
Premises, equipment, and software, net1,372 1,383 1,396 1,400 1,410 
Goodwill and intangibles1,053 1,055 1,057 1,059 1,060 
Other real estate owned
Other assets2,596 2,845 2,767 2,769 3,041 
Total assets$87,032 $87,606 $87,060 $87,203 $87,269 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$24,973 $24,731 $25,137 $26,244 $26,733 
Interest-bearing:
Savings and money market39,242 38,596 38,879 38,721 37,090 
Time11,503 10,443 10,221 9,996 11,576 
Total deposits75,718 73,770 74,237 74,961 75,399 
Federal funds and other short-term borrowings2,919 5,651 4,895 4,379 4,346 
Long-term debt548 546 544 542 540 
Reserve for unfunded lending commitments42 30 37 45 57 
Other liabilities1,420 1,584 1,518 1,585 1,612 
Total liabilities80,647 81,581 81,231 81,512 81,954 
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares440 440 440 440 440 
Common stock3 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital
1,717 1,713 1,705 1,731 1,726 
Retained earnings6,564 6,421 6,293 6,212 6,157 
Accumulated other comprehensive income (loss)(2,336)(2,549)(2,609)(2,692)(3,008)
Total shareholders’ equity6,385 6,025 5,829 5,691 5,315 
Total liabilities and shareholders’ equity$87,032 $87,606 $87,060 $87,203 $87,269 
1 Held-to-maturity (fair value)
$10,024 $9,891 $10,105 $10,466 $10,049 
2 Loans held for sale (carried at fair value)
58 58 — 43 — 
3 Common shares (issued and outstanding)
147,699 147,684 147,653 148,153 148,146 



ZIONS BANCORPORATION, N.A.
Press Release – Page 11


CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)Three Months Ended
(In millions, except share and per share amounts)September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Interest income:
Interest and fees on loans$899 $877 $865 $848 $831 
Interest on money market investments67 56 47 48 35 
Interest on securities138 140 142 144 144 
Total interest income1,104 1,073 1,054 1,040 1,010 
Interest expense:
Interest on deposits403 390 376 395 366 
Interest on short- and long-term borrowings81 86 92 62 59 
Total interest expense484 476 468 457 425 
Net interest income620 597 586 583 585 
Provision for credit losses:
Provision for loan losses12 21 12 44 
Provision for unfunded lending commitments12 (7)(8)(12)(3)
Total provision for credit losses13 13 — 41 
Net interest income after provision for credit losses607 592 573 583 544 
Noninterest income:
Commercial account fees46 45 44 43 43 
Card fees24 25 23 26 26 
Retail and business banking fees18 16 16 17 17 
Loan-related fees and income17 18 15 16 23 
Capital markets fees28 21 24 19 18 
Wealth management fees14 15 15 14 15 
Other customer-related fees14 14 14 15 15 
Customer-related noninterest income161 154 151 150 157 
Fair value and nonhedge derivative income (loss)(3)(1)(9)
Dividends and other income22 12 
Securities gains (losses), net(2)(1)
Total noninterest income172 179 156 148 180 
Noninterest expense:
Salaries and employee benefits317 318 331 301 311 
Technology, telecom, and information processing66 66 62 65 62 
Occupancy and equipment, net40 40 39 38 42 
Professional and legal services14 17 16 17 16 
Marketing and business development12 13 10 11 10 
Deposit insurance and regulatory expense19 21 34 109 20 
Credit-related expense
Other real estate expense, net— (1)— — — 
Other28 29 27 33 29 
Total noninterest expense502 509 526 581 496 
Income before income taxes277 262 203 150 228 
Income taxes63 61 50 24 53 
Net income214 201 153 126 175 
Preferred stock dividends(10)(11)(10)(10)(7)
Net earnings applicable to common shareholders$204 $190 $143 $116 $168 
Weighted average common shares outstanding during the period:
Basic shares (in thousands)147,138 147,115 147,338 147,640 147,648 
Diluted shares (in thousands)147,150 147,120 147,343 147,645 147,653 
Net earnings per common share:
Basic$1.37 $1.28 $0.96 $0.78 $1.13 
Diluted1.37 1.28 0.96 0.78 1.13 



ZIONS BANCORPORATION, N.A.
Press Release – Page 12


Loan Balances Held for Investment by Portfolio Type
(Unaudited)
(In millions)September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Commercial:
Commercial and industrial$16,757 $16,622 $16,519 $16,684 $16,341 
Leasing377 390 388 383 373 
Owner occupied9,381 9,236 9,295 9,219 9,273 
Municipal4,270 4,263 4,277 4,302 4,221 
Total commercial30,785 30,511 30,479 30,588 30,208 
Commercial real estate:
Construction and land development2,833 2,725 2,686 2,669 2,575 
Term10,650 10,824 10,892 10,702 10,565 
Total commercial real estate13,483 13,549 13,578 13,371 13,140 
Consumer:
Home equity credit line3,543 3,468 3,382 3,356 3,313 
1-4 family residential9,489 9,153 8,778 8,415 8,116 
Construction and other consumer real estate997 1,139 1,321 1,442 1,510 
Bankcard and other revolving plans461 466 439 474 475 
Other126 129 132 133 131 
Total consumer14,616 14,355 14,052 13,820 13,545 
Total loans and leases$58,884 $58,415 $58,109 $57,779 $56,893 

Nonperforming Assets
(Unaudited)
(In millions)September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Nonaccrual loans 1
$363 $261 $248 $222 $216 
Other real estate owned 2
Total nonperforming assets$368 $265 $254 $228 $219 
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2
0.62 %0.45 %0.44 %0.39 %0.38 %
Accruing loans past due 90 days or more$$$$$16 
Ratio of accruing loans past due 90 days or more to loans1 and leases
0.01 %0.01 %0.01 %0.01 %0.03 %
Nonaccrual loans and accruing loans past due 90 days or more
$370 $267 $251 $225 $232 
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned
0.64 %0.46 %0.44 %0.40 %0.41 %
Accruing loans past due 30-89 days$89 $114 $77 $86 $86 
Classified loans2,093 1,264 966 825 769 
Ratio of classified loans to total loans and leases3.55 %2.16 %1.66 %1.43 %1.35 %
1 Includes loans held for sale.
2 Does not include banking premises held for sale.



ZIONS BANCORPORATION, N.A.
Press Release – Page 13


Allowance for Credit Losses
(Unaudited)
Three Months Ended
(In millions)September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Allowance for Loan and Lease Losses
Balance at beginning of period$696 $699 $684 $681 $651 
Provision for loan losses12 21 12 44 
Loan and lease charge-offs15 21 14 13 20 
Less: Recoveries12 
Net loan and lease charge-offs (recoveries)15 14 
Balance at end of period$694 $696 $699 $684 $681 
Ratio of allowance for loan losses to loans1 and leases, at period end
1.18 %1.19 %1.20 %1.18 %1.20 %
Ratio of allowance for loan losses to nonaccrual loans1 at period end
191 %267 %282 %308 %342 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans0.02 %0.10 %0.04 %0.06 %0.10 %
Reserve for Unfunded Lending Commitments
Balance at beginning of period$30 $37 $45 $57 $60 
Provision for unfunded lending commitments12 (7)(8)(12)(3)
Balance at end of period$42 $30 $37 $45 $57 
Allowance for Credit Losses
Allowance for loan losses$694 $696 $699 $684 $681 
Reserve for unfunded lending commitments42 30 37 45 57 
Total allowance for credit losses$736 $726 $736 $729 $738 
Ratio of ACL to loans1 and leases outstanding, at period end
1.25 %1.24 %1.27 %1.26 %1.30 %
1 Does not include loans held for sale.



ZIONS BANCORPORATION, N.A.
Press Release – Page 14


Nonaccrual Loans by Portfolio Type
(Unaudited)
(In millions)September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Loans held for sale$— $— $— $— $17 
Commercial:
Commercial and industrial$173 $111 $110 $82 $59 
Leasing— 
Owner occupied29 28 20 20 27 
Municipal11 — — — 
Total commercial215 147 132 104 86 
Commercial real estate:
Construction and land development22 22 
Term67 35 42 39 40 
Total commercial real estate69 37 43 61 62 
Consumer:
Home equity credit line30 29 27 17 16 
1-4 family residential47 46 44 40 35 
Bankcard and other revolving plans— — 
Other— — 
Total consumer79 77 73 57 51 
Total nonaccrual loans$363 $261 $248 $222 $216 

Net Charge-Offs by Portfolio Type
(Unaudited)
(In millions)September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Commercial:
Commercial and industrial$$$$$
Owner occupied— — — — (1)
Total commercial
Commercial real estate:
Construction and land development— — (1)— 
Term(2)11 — — 
Total commercial real estate(2)11 (1)— 
Consumer:
Home equity credit line— — — — 
1-4 family residential— (1)— — 
Bankcard and other revolving plans
Other— — — — 
Total consumer loans— 
Total net charge-offs (recoveries)$$15 $$$14 



ZIONS BANCORPORATION, N.A.
Press Release – Page 15


CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)Three Months Ended
September 30, 2024June 30, 2024September 30, 2023
(In millions)Average balance
Average
yield/rate
1
Average balance
Average
yield/rate
1
Average balance
Average
yield/rate
1
ASSETS
Money market investments:
Interest-bearing deposits$2,457 5.53 %$1,909 5.57 %$1,539 5.52 %
Federal funds sold and securities purchased under agreements to resell2,258 5.82 %2,026 5.87 %874 6.13 %
Total money market investments4,715 5.67 %3,935 5.72 %2,413 5.74 %
Trading securities32 4.18 %39 4.74 %20 4.65 %
Investment securities:
Available-for-sale9,442 3.53 %9,670 3.57 %10,606 3.24 %
Held-to-maturity9,936 2.22 %10,120 2.25 %10,625 2.21 %
Total investment securities19,378 2.86 %19,790 2.90 %21,231 2.73 %
Loans held for sale104 NM43 NM46 NM
Loans and leases:2
Commercial30,671 6.14 %30,505 6.05 %30,535 5.69 %
Commercial real estate13,523 7.23 %13,587 7.22 %13,016 7.14 %
Consumer14,471 5.18 %14,199 5.17 %13,417 4.92 %
Total loans and leases58,665 6.15 %58,291 6.11 %56,968 5.84 %
Total interest-earning assets82,894 5.35 %82,098 5.31 %80,678 5.02 %
Cash and due from banks703 691 712 
Allowance for credit losses on loans and debt securities(699)(697)(651)
Goodwill and intangibles1,054 1,056 1,061 
Other assets5,218 5,424 5,523 
Total assets$89,170 $88,572 $87,323 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market$39,031 2.72 %$38,331 2.73 %$35,346 2.42 %
Time11,275 4.81 %10,744 4.87 %12,424 4.81 %
Total interest-bearing deposits50,306 3.19 %49,075 3.20 %47,770 3.04 %
Borrowed funds:
Federal funds purchased and security repurchase agreements
1,072 5.33 %1,166 5.38 %1,770 5.31 %
Other short-term borrowings4,704 4.89 %5,097 4.95 %2,233 4.95 %
Long-term debt546 5.91 %544 5.98 %539 5.37 %
Total borrowed funds6,322 5.06 %6,807 5.10 %4,542 5.14 %
Total interest-bearing liabilities56,628 3.40 %55,882 3.43 %52,312 3.22 %
Noninterest-bearing demand deposits24,723 25,153 27,873 
Other liabilities1,641 1,647 1,760 
Total liabilities82,992 82,682 81,945 
Shareholders’ equity:
Preferred equity440 440 440 
Common equity5,738 5,450 4,938 
Total shareholders’ equity6,178 5,890 5,378 
Total liabilities and shareholders’ equity$89,170 $88,572 $87,323 
Spread on average interest-bearing funds1.95 %1.88 %1.80 %
Impact of net noninterest-bearing sources of funds1.08 %1.10 %1.13 %
Net interest margin3.03 %2.98 %2.93 %
Memo: total cost of deposits2.14 %2.11 %1.92 %
Memo: total deposits and interest-bearing liabilities$81,351 2.36 %$81,035 2.36 %$80,185 2.10 %
1 Taxable-equivalent rates used where applicable.
2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.



ZIONS BANCORPORATION, N.A.
Press Release – Page 16


NON-GAAP FINANCIAL MEASURES
(Unaudited)
This press release presents non-GAAP financial measures in addition to GAAP financial measures. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. We consider these adjustments to be relevant to ongoing operating results and provide a meaningful basis for period-to-period comparisons. We use these non-GAAP financial measures to assess our performance and financial position. We believe that presenting these non-GAAP financial measures allows investors to assess our performance on the same basis as that applied by our management and the financial services industry.
Non-GAAP financial measures have inherent limitations and are not necessarily comparable to similar financial measures that may be presented by other financial services companies. Although non-GAAP financial measures are frequently used by stakeholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.
Tangible Common Equity and Related Measures
Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization. We believe these non-GAAP measures provide useful information about our use of shareholders’ equity and provide a basis for evaluating the performance of a business more consistently, whether acquired or developed internally.
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)
Three Months Ended
(Dollar amounts in millions)September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Net earnings applicable to common shareholders (GAAP)$204 $190 $143 $116 $168 
Adjustments, net of tax:
Amortization of core deposit and other intangibles
Adjusted net earnings applicable to common shareholders, net of tax(a)$205 $191 $144 $117 $169 
Average common equity (GAAP)$5,738 $5,450 $5,289 $4,980 $4,938 
Average goodwill and intangibles(1,054)(1,056)(1,058)(1,060)(1,061)
Average tangible common equity (non-GAAP)(b)$4,684 $4,394 $4,231 $3,920 $3,877 
Number of days in quarter(c)92 91 91 92 92 
Number of days in year(d)366 366 366 365 365 
Return on average tangible common equity (non-GAAP) 1
(a/b/c)*d17.4 %17.5 %13.7 %11.8 %17.3 %
1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 11.4%, 10.9%, 8.4%, 6.7%, and 9.9% for the periods presented, respectively.



ZIONS BANCORPORATION, N.A.
Press Release – Page 17


TANGIBLE EQUITY RATIO, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE BOOK VALUE PER COMMON SHARE (ALL NON-GAAP MEASURES)
(Dollar amounts in millions, except per share amounts)September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Total shareholders’ equity (GAAP)$6,385 $6,025 $5,829 $5,691 $5,315 
Goodwill and intangibles(1,053)(1,055)(1,057)(1,059)(1,060)
Tangible equity (non-GAAP)(a)5,332 4,970 4,772 4,632 4,255 
Preferred stock(440)(440)(440)(440)(440)
Tangible common equity (non-GAAP)(b)$4,892 $4,530 $4,332 $4,192 $3,815 
Total assets (GAAP)$87,032 $87,606 $87,060 $87,203 $87,269 
Goodwill and intangibles(1,053)(1,055)(1,057)(1,059)(1,060)
Tangible assets (non-GAAP)(c)$85,979 $86,551 $86,003 $86,144 $86,209 
Common shares outstanding (in thousands)(d)147,699 147,684 147,653 148,153 148,146 
Tangible equity ratio (non-GAAP) 1
(a/c)6.2 %5.7 %5.5 %5.4 %4.9 %
Tangible common equity ratio (non-GAAP)(b/c)5.7 %5.2 %5.0 %4.9 %4.4 %
Tangible book value per common share (non-GAAP)(b/d)$33.12 $30.67 $29.34 $28.30 $25.75 
Efficiency Ratio and Adjusted Pre-Provision Net Revenue
The efficiency ratio is a measure of operating expense relative to revenue. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. We make adjustments to exclude certain items that are not generally expected to recur frequently, as identified in the subsequent schedule, which we believe allows for more consistent comparability across periods. Adjusted noninterest expense provides a measure as to how we are managing our expenses. Adjusted pre-provision net revenue enables management and others to assess our ability to generate capital. Taxable-equivalent net interest income allows us to assess the comparability of revenue arising from both taxable and tax-exempt sources.
EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)
Three Months Ended
(Dollar amounts in millions)September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Noninterest expense (GAAP) (a)$502 $509 $526 $581 $496 
Adjustments:
Severance costs— — — 
Other real estate expense, net— (1)— — — 
Amortization of core deposit and other intangibles
Restructuring costs— — — — 
SBIC investment success fee accrual— — — — 
FDIC special assessment— 13 90 — 
Total adjustments(b)15 92 
Adjusted noninterest expense (non-GAAP)(c)=(a-b)$499 $506 $511 $489 $493 
Net interest income (GAAP)(d)$620 $597 $586 $583 $585 
Fully taxable-equivalent adjustments(e)12 11 10 10 11 
Taxable-equivalent net interest income (non-GAAP)(f)=(d+e)632 608 596 593 596 
Noninterest income (GAAP)(g)172 179 156 148 180 
Combined income (non-GAAP)(h)=(f+g)804 787 752 741 776 
Adjustments:
Fair value and nonhedge derivative income (loss)(3)(1)(9)
Securities gains (losses), net(2)(1)
Total adjustments(i)(1)(10)11 
Adjusted taxable-equivalent revenue (non-GAAP)(j)=(h-i)$798 $784 $753 $751 $765 
Pre-provision net revenue (PPNR) (non-GAAP)(h)-(a)$302 $278 $226 $160 $280 
Adjusted PPNR (non-GAAP)(j)-(c)299 278 242 262 272 
Efficiency ratio (non-GAAP) 1
(c/j)62.5 %64.5 %67.9 %65.1 %64.4 %
1 Excluding both the $9 million gain on sale of our Enterprise Retirement Solutions business and the $4 million gain on sale of a bank-owned property (recorded in dividends and other income), the efficiency ratio for the three months ended June 30, 2024 would have been 65.6%.