Zions Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today reported net earnings applicable to common shareholders for the fourth quarter of 2022 of $277 million, or $1.84 per diluted common share, compared with net earnings applicable to common shareholders of $207 million, or $1.34 per diluted common share, for the fourth quarter of 2021, and net earnings applicable to common shareholders of $211 million, or $1.40 per diluted common share, for the third quarter of 2022.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, "We’re pleased with the quarterly and annual financial results, which were characterized by solid loan growth, exceptional credit quality, and a stronger net interest margin, reflecting a normalization of interest rate levels. Although total deposits continued to decline from recent 'surge' levels that resulted from considerable fiscal and monetary stimulus, adjusted pre-provision net revenue for the quarter increased 46% to $420 million, despite a $42 million reduction in net interest income from PPP loans, which now constitute a de minimis portion of our loan portfolio.”

Mr. Simmons continued, “Though our quarterly operating results were strong, we continued to build our loss reserves due to both continued loan growth and the prospect of a slowing or recessionary economic environment in coming months. Nevertheless, we remain optimistic that we’re well prepared for a more challenging economy, and we expect the coming year to reflect strong results.”

For the full version of the Bank's 2022 fourth 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 fourth quarter results at 5:30 p.m. ET on January 23, 2023. 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 13735171, 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 approximately $90 billion of total assets at December 31, 2022, and annual net revenue of $3.2 billion in 2022. 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 www.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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