Zions Bancorporation, National Association Reports Second Quarter Financial Results

Zions Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today reported net earnings applicable to common shareholders for the second quarter of 2020 of $57 million, or $0.34 per diluted common share, compared with net earnings applicable to common shareholders of $189 million, or $0.99 per diluted common share, for the second quarter of 2019 and net earnings applicable to common shareholders of $6 million, or $0.04 per diluted common share, for the first quarter of 2020.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “By most any measure, the past three months have been one of the most extraordinary periods in the Bank’s history. Despite having sent thousands of our employees to work from home through the pandemic, we swiftly responded to the urgent needs of over 46,000 small businesses - many of them new to the Bank - by providing them with Paycheck Protection Program loans totaling nearly $7 billion, making Zions one of the ten largest providers of PPP loans in the nation. At the same time, we’ve been conducting exhaustive credit reviews of our exposures in industries particularly hard hit by the economic impact of the pandemic and find ourselves generally quite encouraged by the resilience of our borrowers, the great majority of whom entered this time of stress with strong balance sheets and liquidity. We believe our tendency to engage in collateralized lending will further strengthen our ability to work with borrowers through this challenging time while moderating our credit losses. During the quarter we also maintained a strong focus on controlling operating expenses, which, when adjusted for the effects of the previously announced termination of our pension plan, decreased 5% from the second quarter a year ago.” For the full version of the Bank's 2020 second 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 second quarter results at 5:30 p.m. ET this afternoon (July 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 5441419, 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.