Zions Bancorporation, National Association Reports Third Quarter Financial Results

Zions Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today reported net earnings applicable to common shareholders for the third quarter of 2020 of $167 million, or $1.01 per diluted common share, compared with net earnings applicable to common shareholders of $214 million, or $1.17 per diluted common share, for the third quarter of 2019 and net earnings applicable to common shareholders of $57 million, or $0.34 per diluted common share, for the second quarter of 2020.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Despite the headwinds of a challenging interest rate and credit environment, we are pleased with many aspects of the Bank’s third quarter performance. We’re particularly pleased by the resilience demonstrated by our customers in the face of the coronavirus pandemic. Approximately 9% of our borrowers availed themselves of loan modifications or short-term deferrals earlier this year, with 88% of deferred loans having completed the deferral period before August 1. At quarter-end, a mere 1.0% of those loans were delinquent 30 days or more, with an additional 0.2% having been charged off. Additionally, annualized net charge-offs for the entire loan portfolio were a very manageable 0.38%.”

Mr. Simmons continued, “The pandemic-induced recession has resulted in weak loan demand at Zions and across the industry, with the exception of residential mortgages, where we’ve experienced record production and income. At the same time, economic stimulus programs have produced substantial deposit growth, resulting in higher cash holdings and margin compression. We’ve worked at offsetting margin pressure through disciplined expense control, with the result that adjusted pre-provision net revenue has remained healthy.” For the full version of the Bank's 2020 third 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 third quarter results at 5:30 p.m. ET this afternoon (October 19, 2020). Media representatives, analysts, investors and the public are invited to join this discussion by calling [phone] (domestic and international) and entering the passcode 9257335, 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.