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 2023 of $166 million, or $1.11 per diluted common share, compared with net earnings applicable to common shareholders of $195 million, or $1.29 per diluted common share, for the second quarter of 2022, and net earnings applicable to common shareholders of $198 million, or $1.33 per diluted common share, for the first quarter of 2023.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Second quarter operating results reflect a solid ($2 billion, or 3.2%) rebound in customer deposits over the past three months, but also a higher cost of funds, which reduced net interest income to levels comparable with those of a year ago. While noninterest-bearing deposits decreased $2.3 billion during the quarter and were displaced by interest-bearing deposits, the interest savings generated from our demand deposits increased by approximately 28% over the past three months.”

Mr. Simmons continued, “Customer-related noninterest income increased 5% over the prior year quarter, while operating expenses increased 9%—approximately half of which was due to severance and higher FDIC insurance costs. Credit quality remained strong, with continued reductions in nonperforming and classified loans, and annualized net charge-offs of a modest 0.09% of total loans. We’re pleased to see the operating environment stabilizing, and we expect to see continued improvement in the months ahead.”

For the full version of the Bank's 2023 second quarter earnings release, including financial schedules, please visit www.zionsbancorporation.com.

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the second quarter results at 5:30 p.m. ET on July 19, 2023. Media representatives, analysts, investors, and the public are invited to join this discussion by calling [phone] (domestic and international) and entering the passcode 13740068, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at www.zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.