Zions Bancorporation Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Zions Bancorporation filed its Q1 2024 10-Q report on May 8, 2024, detailing financial data for the period ending March 31, 2024.</b>

AI Summary

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Zions Bancorporation, National Association filed a 10-Q report on May 8, 2024. The report covers the fiscal period ending March 31, 2024. The company's principal business address is One South Main Street, 11th Floor, Salt Lake City, UT 84133. The filing includes data related to common stock, preferred stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income. The SIC code for Zions Bancorporation is 6021 (National Commercial Banks).

Why It Matters

For investors and stakeholders tracking ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest quarterly financial performance and position of Zions Bancorporation, crucial for assessing its stability and growth prospects. Understanding the details within this report, such as changes in equity and debt, is essential for making informed investment decisions regarding ZIONP.

Risk Assessment

Risk Level: low — ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor future filings for trends in retained earnings and accumulated other comprehensive income to gauge profitability and market impact.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Reporting period)
• 2023-12-31 — Previous Year End Date (Balance sheet date)

Key Players & Entities

• ZIONS BANCORPORATION, NATIONAL ASSOCIATION (company) — Filer name
• SALT LAKE CITY (location) — City in business address
• UT (location) — State in business address
• 84133 (postal_code) — ZIP code in business address
• 6021 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Zions Bancorporation operates within the national commercial banking sector, providing a range of financial services.

Regulatory Implications

As a national commercial bank, Zions Bancorporation is subject to regulations from various federal and state authorities, including the SEC.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for specific revenue and expense figures.
2. Analyze changes in equity accounts (common stock, retained earnings) for insights into capital management and profitability.
3. Compare the current quarter's data with previous periods to identify financial trends and performance shifts.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing is a standard quarterly report (10-Q) and does not provide direct comparative data to a previous filing within this JSON structure.

Key Financial Figures

• $0.001 — ich Registered Common Stock, par value $0.001 ZION The NASDAQ Stock Market LLC Depo
• $0 — Diluted earnings per share ("EPS") was $0.96, compared with $1.33 in the first qu
• $1.33 — share ("EPS") was $0.96, compared with $1.33 in the first quarter of 2023, as lower
• $93 m — losses. Net interest income decreased $93 million, or 14%, relative to the prior ye
• $2.2 b — erage interest-earning assets decreased $2.2 billion, or 3%, driven by declines in ave
• $1.8 b — ases. Total loans and leases increased $1.8 billion, or 3%, primarily due to growth i
• $6.0 b — interest-bearing liabilities increased $6.0 billion, or 12%, driven by an increase in
• $5.0 b — rrowed funds. Total deposits increased $5.0 billion, or 7%, as an increase in interes
• $69.9 b — s (excluding brokered deposits) totaled $69.9 billion, compared with $63.8 billion at M
• $63.8 billion — s) totaled $69.9 billion, compared with $63.8 billion at March 31, 2023, and included approxi
• $7.5 billion — ch 31, 2023, and included approximately $7.5 billion of reciprocal deposits at March 31, 202
• $13 m — 4. The provision for credit losses was $13 million, compared with $45 million in the
• $45 million — t losses was $13 million, compared with $45 million in the prior year period. Customer-rel
• $151 m — ted noninterest income remained flat at $151 million, as an increase in capital market
• $14 m — period. Noninterest expense increased $14 million, or 3%, driven largely by an incr

Filing Documents

• zions-20240331.htm (10-Q) — 4968KB
• exh101-2024x26vspplandocxb.htm (EX-10.1) — 33KB
• exh311certofceo10-q20240331.htm (EX-31.1) — 10KB
• exh312certofcfo10-q20240331.htm (EX-31.2) — 10KB
• exh32certofceocfo20240331.htm (EX-32) — 6KB
• image_0.jpg (GRAPHIC) — 63KB
• zions-20240331_g1.jpg (GRAPHIC) — 17KB
• zions-20240331_g10.jpg (GRAPHIC) — 73KB
• zions-20240331_g11.jpg (GRAPHIC) — 62KB
• zions-20240331_g2.jpg (GRAPHIC) — 18KB
• zions-20240331_g3.jpg (GRAPHIC) — 18KB
• zions-20240331_g4.jpg (GRAPHIC) — 19KB
• zions-20240331_g5.jpg (GRAPHIC) — 70KB
• zions-20240331_g6.jpg (GRAPHIC) — 59KB
• zions-20240331_g7.jpg (GRAPHIC) — 65KB
• zions-20240331_g8.jpg (GRAPHIC) — 57KB
• zions-20240331_g9.jpg (GRAPHIC) — 66KB
• 0000109380-24-000108.txt (&nbsp;) — 25167KB
• zions-20240331.xsd (EX-101.SCH) — 81KB
• zions-20240331_cal.xml (EX-101.CAL) — 196KB
• zions-20240331_def.xml (EX-101.DEF) — 522KB
• zions-20240331_lab.xml (EX-101.LAB) — 978KB
• zions-20240331_pre.xml (EX-101.PRE) — 809KB
• zions-20240331_htm.xml (XML) — 6363KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 38 Consolidated Balance Sheets 38 Consolidated Statements of Income 39 Consolidated Statements of Comprehensive Income (Loss) 40 Consolidated Statements of Changes in Shareholders' Equity 40 Consolidated Statements of Cash Flows 41

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 42

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 4

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 79

Controls and Procedures

Item 4. Controls and Procedures 79

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 79

Risk Factors

Item 1A. Risk Factors 79

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 79

Other Information

Item 5. Other Information 79

Exhibits

Item 6. Exhibits 80

Signatures

Signatures 81 2 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES GLOSSARY OF ACRONYMS AND ABBREVIATIONS ACL Allowance for Credit Losses HECL Home Equity Credit Line AFS Available-for-Sale HTM Held-to-Maturity ALLL Allowance for Loan and Lease Losses IPO Initial Public Offering Amegy Amegy Bank, a division of Zions Bancorporation, National Association LIHTC Low-income Housing Tax Credit AOCI Accumulated Other Comprehensive Income or Loss Municipalities State and Local Governments ASC Accounting Standards Codification NAICS North American Industry Classification System ASU Accounting Standards Update NASDAQ National Association of Securities Dealers Automated Quotations BOLI Bank-Owned Life Insurance NBAZ National Bank of Arizona, a division of Zions Bancorporation, National Association bps Basis Points NIM Net Interest Margin BTFP Bank Term Funding Program NM Not Meaningful CB&T California Bank & Trust, a division of Zions Bancorporation, National Association NSB Nevada State Bank, a division of Zions Bancorporation, National Association CLTV Combined Loan-to-Value Ratio OCC Office of the Comptroller of the Currency CODM Chief Operating Decision Maker OCI Other Comprehensive Income or Loss CRE Commercial Real Estate OREO Other Real Estate Owned DTA Deferred Tax Asset PAM Proportional Amortization Method DTL Deferred Tax Liability PEI Private Equity Investment EaR Earnings at Risk PPNR Pre-provision Net Revenue EPS Earnings per Share ROU Right-of-Use EVE Economic Value of Equity RULC Reserve for Unfunded Lending Commitments FASB Financial Accounting Standards Board S&P Standard & Poor's FDIC Federal Deposit Insurance Corporation SBA U.S. Small Business Administration FHLB Federal Home Loan Bank SBIC Small Business Investment Company FICO Fair Isaac Corporation TCBW The Commerce Bank of Washington, a division of Zions Bancorporation, National Association FRB Federal Reserve Board U.S. United States FTP Fun

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING INFORMATION This quarterly report includes "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements include, among others: Forward-looking statements are not guarantees, nor should they be relied upon as representing management's views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, important factors that may cause material differences include: The quality and composition of our loan and securities portfolios and the quality and composition of our deposits; Changes in general industry, political and economic conditions, including elevated inflation, economic slowdown or recession, or other economic challenges; changes in interest and reference ra

View Full Filing

View this 10-Q filing on SEC EDGAR