Zions Bancorporation Files 10-Q for Q2 2024

TL;DR

Zions Bancorporation filed its Q2 2024 10-Q on Aug 7. Key financial details inside.

AI Summary

Zions Bancorporation, National Association reported its financial results for the period ending June 30, 2024. The company filed its 10-Q with the SEC on August 7, 2024, detailing its financial performance and position. Key financial data and disclosures for the second quarter of 2024 are presented in this filing.

Why It Matters

This filing provides investors and analysts with crucial financial information about Zions Bancorporation's performance and health during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, Zions Bancorporation is subject to various market, credit, and regulatory risks inherent in the banking sector.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the financial quarter covered by the report.)
• 12/31 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

• ZIONS BANCORPORATION, NATIONAL ASSOCIATION (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240807 (date) — Date the 10-Q was filed

FAQ

Key Financial Figures

• $0.001 — ich Registered Common Stock, par value $0.001 ZION The NASDAQ Stock Market LLC Depo
• $1 — Diluted earnings per share ("EPS") was $1.28, compared with $1.11 in the second q
• $1.11 — share ("EPS") was $1.28, compared with $1.11 in the second quarter of 2023, as highe
• $6 m — income. Net interest income increased $6 million, or 1%, relative to the prior yea
• $0.4 b — st-earning assets decreased slightly by $0.4 billion, as the decline in average securi
• $1.5 b — ents. Total loans and leases increased $1.5 billion, or 3%, primarily due to growth i
• $3.4 b — interest-bearing liabilities increased $3.4 billion, or 7%, driven by an increase in
• $0.6 b — rrowed funds. Total deposits decreased $0.6 billion, or 1%, as a decrease in noninter
• $3.6 b — (excluding brokered deposits) increased $3.6 billion, or 5%, to $69.5 billion, compare
• $69.5 b — sits) increased $3.6 billion, or 5%, to $69.5 billion, compared with $65.9 billion. Th
• $65.9 billion — or 5%, to $69.5 billion, compared with $65.9 billion. The provision for credit losses was $
• $5 m — n. The provision for credit losses was $5 million, compared with $46 million in the
• $46 million — it losses was $5 million, compared with $46 million in the prior year period. Customer-rel
• $8 m — er-related noninterest income decreased $8 million, or 5%, driven largely by decline
• $9 million — dends and other income benefited from a $9 million gain on the sale of our Enterprise Reti

Filing Documents

• zions-20240630.htm (10-Q) — 6198KB
• exh311certofceo10-q20240630.htm (EX-31.1) — 10KB
• exh312certofcfo10-q20240630.htm (EX-31.2) — 10KB
• exh32certofceocfo20240630.htm (EX-32) — 6KB
• zions-20240630_g1.jpg (GRAPHIC) — 18KB
• zions-20240630_g10.jpg (GRAPHIC) — 65KB
• zions-20240630_g11.jpg (GRAPHIC) — 60KB
• zions-20240630_g2.jpg (GRAPHIC) — 19KB
• zions-20240630_g3.jpg (GRAPHIC) — 17KB
• zions-20240630_g4.jpg (GRAPHIC) — 20KB
• zions-20240630_g5.jpg (GRAPHIC) — 71KB
• zions-20240630_g6.jpg (GRAPHIC) — 63KB
• zions-20240630_g7.jpg (GRAPHIC) — 65KB
• zions-20240630_g8.jpg (GRAPHIC) — 58KB
• zions-20240630_g9.jpg (GRAPHIC) — 72KB
• 0000109380-24-000124.txt ( ) — 29501KB
• zions-20240630.xsd (EX-101.SCH) — 80KB
• zions-20240630_cal.xml (EX-101.CAL) — 199KB
• zions-20240630_def.xml (EX-101.DEF) — 521KB
• zions-20240630_lab.xml (EX-101.LAB) — 997KB
• zions-20240630_pre.xml (EX-101.PRE) — 817KB
• zions-20240630_htm.xml (XML) — 7976KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 40 Consolidated Balance Sheets 40 Consolidated Statements of Income 41 Consolidated Statements of Comprehensive Income (Loss) 42 Consolidated Statements of Changes in Shareholders' Equity 42 Consolidated Statements of Cash Flows 44

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 45

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 85

Controls and Procedures

Item 4. Controls and Procedures 86

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 86

Risk Factors

Item 1A. Risk Factors 86

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 86

Other Information

Item 5. Other Information 86

Exhibits

Item 6. Exhibits 87

Signatures

Signatures 88 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 NASDAQ National Association of Securities Dealers Automated Quotations ASC Accounting Standards Codification NBAZ National Bank of Arizona, a division of Zions Bancorporation, National Association ASU Accounting Standards Update NIM Net Interest Margin BOLI Bank-Owned Life Insurance NM Not Meaningful bps Basis Points NSB Nevada State Bank, a division of Zions Bancorporation, National Association BTFP Bank Term Funding Program OCC Office of the Comptroller of the Currency CB&T California Bank & Trust, a division of Zions Bancorporation, National Association OCI Other Comprehensive Income or Loss CLTV Combined Loan-to-Value Ratio OREO Other Real Estate Owned CODM Chief Operating Decision Maker PAM Proportional Amortization Method CRE Commercial Real Estate PEI Private Equity Investment DTA Deferred Tax Asset PPNR Pre-provision Net Revenue DTL Deferred Tax Liability ROU Right-of-Use EaR Earnings at Risk RULC Reserve for Unfunded Lending Commitments EPS Earnings per Share S&P Standard & Poor's EVE Economic Value of Equity SBA U.S. Small Business Administration FASB Financial Accounting Standards Board SBIC Small Business Investment Company FDIC Federal Deposit Insurance Corporation SEC Securities and Exchange Commission FHLB Federal Home Loan Bank TCBW The Commerce Bank of Washington, a division of Zions Bancorporation, National Association FICO Fair Isaac Corporation U.S. United States FRB Federal Reserve Board Vectra Vectra Bank Colorado, a division of Zions Bancorporation,

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 r

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View this 10-Q filing on SEC EDGAR