Zions Bancorporation, National Association Reports First Quarter Financial Results

Zions Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today reported net earnings applicable to common shareholders for the first quarter of 2020 of $6 million, or $0.04 per diluted common share, compared with net earnings applicable to common shareholders of $205 million, or $1.04 per diluted common share, for the first quarter of 2019 and net earnings applicable to common shareholders of $174 million, or $0.97 per diluted common share, for the fourth quarter of 2019.

Harris H. Simmons, Chairman and CEO, of Zions Bancorporation, commented, “In what has become a challenging environment, we are nevertheless pleased with many elements of the first quarter’s financial performance, including well-controlled operating expenses, which decreased 5% from last year; a net interest margin that remained relatively resilient when compared to the prior quarter; and very modest realized loan losses. As economic conditions deteriorated in mid-March as a result of the COVID-19 pandemic, we adapted rapidly. We materially strengthened our allowance for credit losses, established payment deferral arrangements for adversely affected clients and rapidly developed an automated capability to deliver government guaranteed Paycheck Protection Program loans to thousands of small businesses and non-profit organizations. Looking forward, we confront the uncertain current economic environment with a strong capital and reserve position, a robust liquidity profile and a loan portfolio that has been substantially “de-risked” in recent years, and that largely tends to have collateral as a secondary source of repayment - a characteristic that has historically resulted in lower loss rates per dollar of troubled loans.” For the full version of the Bank's 2020 first quarter earnings release, including financial tables, please visit zionsbancorporation.com.

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss these first quarter results at 5:30 p.m. ET this afternoon (April 20, 2020). Media representatives, analysts, investors and the public are invited to join this discussion by calling [phone] (domestic and international) and entering the passcode 5985588, 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.