Zions Bancorporation Files 2023 Annual Report on Form 10-K

TL;DR

<b>Zions Bancorporation filed its 2023 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP) filed a Annual Report (10-K) with the SEC on February 23, 2024. Zions Bancorporation, National Association filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is One South Main Street, 11th Floor, Salt Lake City, UT 84133. Zions Bancorporation is classified under SIC code 6021 for National Commercial Banks. The filing includes data for fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Zions Bancorporation's financial health, operational performance, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial statements and disclosures within the 10-K allow for year-over-year comparisons, offering insights into trends in revenue, net income, and other key financial metrics, which are essential for evaluating the bank's growth and stability.

Risk Assessment

Risk Level: medium — ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not present immediate, significant positive or negative catalysts, making its risk profile moderate.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Zions Bancorporation's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period for the 10-K.)
• 2024-02-23 — Filing Date (The date the 10-K report was filed with the SEC.)
• 2023 — Reporting Year (The primary year covered by the 10-K filing.)
• 2022 — Prior Year (Comparative financial data year.)
• 2021 — Prior Year (Comparative financial data year.)

Key Players & Entities

• ZIONS BANCORPORATION, NATIONAL ASSOCIATION (company) — Filer of the 10-K report.
• SALT LAKE CITY (location) — City where the company's business and mail address are located.
• UT (location) — State where the company is incorporated and located.
• 8018447637 (phone_number) — Business phone number for Zions Bancorporation.
• 0000109380 (company_id) — Central Index Key for Zions Bancorporation.
• 6021 (sic_code) — Standard Industrial Classification for National Commercial Banks.

FAQ

Key Dates

• 2024-02-23: 10-K Filing — Official filing of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — Marks the end of the period covered by the 10-K report.

Key Financial Figures

• $0.001 — ich Registered Common Stock, par value $0.001 ZION The NASDAQ Stock Market LLC Depo
• $3.1 billion — erest income and noninterest income) of $3.1 billion in 2023, and total assets of approximat
• $87 billion — 2023, and total assets of approximately $87 billion at December 31, 2023. We provide a wide
• $100 billion — , defined as those with total assets of $100 billion or more. The proposal is subject to a t
• $87.2 billion — y 1, 2025. At December 31, 2023, we had $87.2 billion in total assets and do not currently qu

Filing Documents

• zions-20231231.htm (10-K) — 6669KB
• exh41descriptionofsecuriti.htm (EX-4.1) — 93KB
• exh21listofsubs20231231.htm (EX-21) — 10KB
• exh23eyconsent20231231.htm (EX-23) — 5KB
• exh311certofceo10-k20231231.htm (EX-31.1) — 10KB
• exh312certofcfo10-k20231231.htm (EX-31.2) — 10KB
• exh32certofceocfo20231231.htm (EX-32) — 6KB
• exh97zionsrecoupmentpolicy.htm (EX-97) — 28KB
• zions-20231231_g1.jpg (GRAPHIC) — 78KB
• zions-20231231_g10.jpg (GRAPHIC) — 51KB
• zions-20231231_g11.jpg (GRAPHIC) — 66KB
• zions-20231231_g12.jpg (GRAPHIC) — 61KB
• zions-20231231_g13.jpg (GRAPHIC) — 89KB
• zions-20231231_g2.jpg (GRAPHIC) — 20KB
• zions-20231231_g3.jpg (GRAPHIC) — 20KB
• zions-20231231_g4.jpg (GRAPHIC) — 21KB
• zions-20231231_g5.jpg (GRAPHIC) — 22KB
• zions-20231231_g6.jpg (GRAPHIC) — 57KB
• zions-20231231_g7.jpg (GRAPHIC) — 48KB
• zions-20231231_g8.jpg (GRAPHIC) — 57KB
• zions-20231231_g9.jpg (GRAPHIC) — 58KB
• 0000109380-24-000061.txt (&nbsp;) — 33112KB
• zions-20231231.xsd (EX-101.SCH) — 120KB
• zions-20231231_cal.xml (EX-101.CAL) — 235KB
• zions-20231231_def.xml (EX-101.DEF) — 711KB
• zions-20231231_lab.xml (EX-101.LAB) — 1585KB
• zions-20231231_pre.xml (EX-101.PRE) — 1167KB
• zions-20231231_htm.xml (XML) — 7666KB

: Items 10-14 — Proxy Statement for the 2024 Annual Meeting of Shareholders to be held April 26, 2024

Part III: Items 10-14 — Proxy Statement for the 2024 Annual Meeting of Shareholders to be held April 26, 2024. 1 ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES TABLE OF CONTENTS PART I Item 1.

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 24

Cybersecurity 24

Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. Reserved 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 79 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 79 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 151 Item 9A.

Controls and Procedures

Controls and Procedures 151 Item 9B. Other Information 152 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 152 PART III Item 10. Directors, Executive Officers , and Corporate Governance 152 Item 11.

Executive Compensation

Executive Compensation 152 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 152 Item 13. Certain Relationships and Related Transactions, and Director Independence 152 Item 14. Principal Account ant Fees and Services 153 PART IV Item 15. Exhibits and Financial Statement Schedules 153 Item 16. Form 10-K Summary 158

Signatures

Signatures 159 2 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES GLOSSARY OF ACRONYMS AND ABBREVIATIONS ACL Allowance for Credit Losses FRB Federal Reserve Board AFS Available-for-Sale FTP Funds Transfer Pricing AI Artificial Intelligence GAAP Generally Accepted Accounting Principles ALCO Asset/Liability Committee GCF General Collateral Funding ALLL Allowance for Loan and Lease Losses GDP Gross Domestic Product Amegy Amegy Bank, a division of Zions Bancorporation, National Association HECL Home Equity Credit Line AOCI Accumulated Other Comprehensive Income HTM Held-to-Maturity ASC Accounting Standards Codification IPO Initial Public Offering ASU Accounting Standards Update IRS Internal Revenue Service ATM Automated Teller Machine ISDA International Swaps and Derivative Association BOLI Bank-Owned Life Insurance KBW Keefe, Bruyette & Woods, Inc. bps Basis Points KRX KBW Regional Bank Index BTFP Bank Term Funding Program LIBOR London Interbank Offered Rate CB&T California Bank & Trust, a division of Zions Bancorporation, National Association LIHTC Low-Income Housing Tax Credit CECL Current Expected Credit Loss MD&A Management's Discussion and Analysis CET1 Common Equity Tier 1 (Basel III) Municipalities State and Local Governments CFPB Consumer Financial Protection Bureau NAICS North American Industry Classification System CISO Chief Information Security Officer NASDAQ National Association of Securities Dealers Automated Quotations CLTV Combined Loan-to-Value Ratio NAV Net Asset Value CMBS Commercial Mortgage-Backed Security NBAZ National Bank of Arizona, a division of Zions Bancorporation, National Association CMC Capital Management Committee NIM Net Interest Margin CODM Chief Operating Decision Maker NM Not Meaningful COSO Committee of Sponsoring Organizations of the Treadway Commission NSB Nevada State Bank, a division of Zions Bancorporation, National Association CRA Community Reinvestment Act OCC Offi

BUSINESS

ITEM 1. BUSINESS DESCRIPTION OF BUSINESS Zions Bancorporation, National Association ("Zions Bancorporation, N.A.," "the Bank," "we," "our," "us") is a bank headquartered in Salt Lake City, Utah with annual net revenue (net interest income and noninterest income) of $3.1 billion in 2023, and total assets of approximately $87 billion at December 31, 2023. We provide a wide range of banking products and related services, primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. We had more than one million customers at year-end 2023, served by 407 branches and various online, mobile, and digital offerings. We had 9,679 full-time equivalent employees at December 31, 2023. We conduct our operations primarily through seven separately managed and geographically defined bank divisions, which we refer to as "affiliates," or "affiliate banks," each with its own local branding and management team. These affiliate banks comprise our primary business segments as referred to throughout this document. We emphasize local authority, responsibility, pricing, and customization of certain products that are designed to maximize customer satisfaction and strengthen community relations. Our affiliate banks are supported by an enterprise operating segment (referred to as the "Other" segment) that provides governance and risk management, allocates capital, establishes strategic objectives, and includes centralized technology, back-office functions, and certain lines of business not operated through our affiliate banks. For more information about our segments, see "Business Segment Results" in Management's Discussion and Analysis ("MD&A") on page 42 and Note 22 of the Notes to Consolidated Financial Statements. PRODUCTS AND SERVICES We focus on serving customers in the communities in which we operate. Our experienced bankers strive to develop long-lasting relationships with our customers by providing competitive p

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