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Zions Bancorporation, National Association Reports Third Quarter Financial Results

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Zions Bancorporation reported third-quarter 2022 net earnings of $211 million ($1.40 per share), a decrease from $234 million ($1.45) in Q3 2021. The net interest margin improved to 3.24%, up from 2.68% a year earlier, driven by strong loan growth and rising interest rates. Despite better credit quality metrics, Zions increased its loan loss reserves due to growing economic recession concerns.

Positive
  • Net interest margin increased to 3.24%, up from 2.68% year-over-year.
  • Strong adjusted pre-provision net revenue growth.
Negative
  • Net earnings decreased from $234 million in Q3 2021.
  • Higher provision for credit losses reflecting economic recession concerns.

SALT LAKE CITY--(BUSINESS WIRE)-- Zions Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today reported net earnings applicable to common shareholders for the third quarter of 2022 of $211 million, or $1.40 per diluted common share, compared with net earnings applicable to common shareholders of $234 million, or $1.45 per diluted common share, for the third quarter of 2021, and net earnings applicable to common shareholders of $195 million, or $1.29 per diluted common share, for the second quarter of 2022.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Our third quarter results continued to demonstrate the positive impact of solid loan growth and moderately higher interest rates, as our net interest margin strengthened to 3.24%, up from 2.68% a year ago, producing strong adjusted pre-provision net revenue (PPNR) growth and positive operating leverage.”

Mr. Simmons continued, “Strong PPNR growth was offset by a higher provision for credit losses. Despite material improvements in most of our credit quality metrics relative to both last quarter and last year, we boosted our loan loss reserve to reflect both loan growth and a heightened probability of economic recession in the coming year.”

For the full version of the Bank's 2022 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 24, 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 13733310, 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 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.

James Abbott, Tel: (801) 844-7637

Source: Zions Bancorporation, N.A.

FAQ

What were Zions Bancorporation's earnings for Q3 2022?

Zions Bancorporation reported net earnings of $211 million, or $1.40 per diluted share, for Q3 2022.

How did Zions Bancorporation's net interest margin change in Q3 2022?

The net interest margin increased to 3.24% in Q3 2022, up from 2.68% a year ago.

What is the current outlook for Zions Bancorporation regarding credit loss provisions?

Zions increased its loan loss reserves due to heightened concerns of an economic recession.

Zions Bancorporation N.A.

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United States of America
SALT LAKE CITY