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 2023 of $168 million, or $1.13 per diluted common share, compared with net earnings applicable to common shareholders of $211 million, or $1.40 per diluted common share, for the third quarter of 2022, and net earnings applicable to common shareholders of $166 million, or $1.11 per diluted common share, for the second quarter of 2023.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Our third quarter results reflect a stabilization of the net interest margin in the wake of the industry-wide turbulence earlier in the year. While loan demand weakened in the third quarter, we were pleased with the growth in customer deposits, which increased 5% over the past three months, while higher-cost brokered deposits and short-term borrowed funds decreased 23% and 21%, respectively.”

Mr. Simmons continued, “Credit quality remains well controlled, and capital continues to strengthen, with the estimated Common Equity Tier 1 capital ratio increasing to 10.2% from 9.6% a year ago.”

Mr. Simmons concluded, “This month we’re celebrating the 150th anniversary of the founding of Zion’s Savings Bank & Trust Company, the predecessor of Zions Bancorporation, making us one of the oldest continually operating financial institutions in the West. We’re proud of our history of responsible growth, and we look forward to helping to build strong communities throughout the western United States for many years to come.”

For the full version of the Bank's 2023 third 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 third quarter results at 5:30 p.m. ET on October 18, 2023. Media representatives, analysts, investors, and the public are invited to join this discussion by calling [phone] (domestic and international) and entering the passcode 13741387, 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.