Zions Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today reported net earnings applicable to common shareholders for the second quarter of 2022 of $195 million, or $1.29 per diluted common share, compared with net earnings applicable to common shareholders of $345 million, or $2.08 per diluted common share, for the second quarter of 2021, and net earnings applicable to common shareholders of $195 million, or $1.27 per diluted common share, for the first quarter of 2022.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “In the second quarter, we built on recent loan growth momentum, with average non-PPP loans increasing $1.5 billion, or an annualized 12%. Customer-related noninterest income was also strong with year-over-year improvement of 11%. Adjusted revenue increased nearly 8% over the prior year, despite a significant reduction in PPP revenue as that portfolio runs off. Excluding the impact of PPP, adjusted revenue increased nearly 17% over the prior year.”

Mr. Simmons continued, “We are particularly pleased with the credit performance of the loan portfolio. Our net charge-off ratio was an annualized 0.07% of average loans, and our nonperforming asset ratio fell to a very clean 0.4% of loans. Also, for the first time in several decades, our real estate owned figure was zero. We are well prepared for the possibility of a recession with solid credit quality and capital, and strong pre-provision net revenue growth.”

For the full version of the Bank's 2022 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 26, 2022. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and entering the passcode 13730757, 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.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with more than $90 billion of total assets at December 31, 2021, and annual net revenue of $2.9 billion in 2021. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at zionsbancorporation.com.

Forward-Looking Information

This earnings release includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as “may,” “might,” “could,” “anticipate,” “expect,” and similar terms, are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks and uncertainties.

Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2021 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC), and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov).

Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any forward-looking statements to reflect future events or developments.

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