Zions Bancorporation Files Q3 2024 10-Q

Ticker: ZIONP · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 109380

Zions Bancorporation, National Association /Ut/ 10-Q Filing Summary
FieldDetail
CompanyZions Bancorporation, National Association /Ut/ (ZIONP)
Form Type10-Q
Filed DateNov 7, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.001, $1, $1.13, $35 m, $2.2 b
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, banking, quarterly-report

TL;DR

Zions Bancorporation's Q3 2024 10-Q is in, detailing assets and liabilities. #Banking #Finance

AI Summary

Zions Bancorporation, National Association reported its financial results for the period ending September 30, 2024. The company's filing includes details on its assets, liabilities, and equity, with specific references to accounting standards updates and various asset and liability categories. The report covers the third quarter of 2024.

Why It Matters

This filing provides investors and analysts with the latest financial performance and position of Zions Bancorporation, crucial for understanding its stability and future prospects.

Risk Assessment

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

Key Numbers

  • 2024 Q3 — Reporting Period (Indicates the specific quarter for which financial data is presented.)
  • 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
  • 20240930 (date) — End of the reporting period
  • 20241107 (date) — Date the filing was made
  • SALT LAKE CITY (location) — City where Zions Bancorporation is headquartered

FAQ

What is the primary business of Zions Bancorporation?

Zions Bancorporation, National Association is primarily engaged in national commercial banking, as indicated by its Standard Industrial Classification code [6021].

When was this 10-Q filing submitted?

This 10-Q filing was submitted on November 7, 2024.

What period does this 10-Q report cover?

This 10-Q report covers the period ending September 30, 2024, which is the third quarter of 2024.

Where is Zions Bancorporation headquartered?

Zions Bancorporation is headquartered in Salt Lake City, UT, with its business address listed as One South Main Street, 11th Floor.

What are some of the accounting standards mentioned in the filing?

The filing references accounting standards such as those related to Other Assets, Property, Plant and Equipment, Other Liabilities, and Long-Term Debt and Capital Lease Obligations, referencing FASB standards from 2024.

Filing Stats: 4,447 words · 18 min read · ~15 pages · Grade level 11.7 · Accepted 2024-11-07 14:10:23

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 $1.37, compared with $1.13 in the third qu
  • $1.13 — share ("EPS") was $1.37, compared with $1.13 in the third quarter of 2023, as higher
  • $35 m — income. Net interest income increased $35 million, or 6%, relative to the prior yea
  • $2.2 b — erage interest-earning assets increased $2.2 billion, or 3%, as growth in average mone
  • $4.3 b — interest-bearing liabilities increased $4.3 billion, or 8%, driven by increases in av
  • $2.0 b — unds. Total loans and leases increased $2.0 billion, or 3%, primarily due to growth i
  • $319 m — n portfolios. Total deposits increased $319 million, as an increase in interest-beari
  • $1.7 b — (excluding brokered deposits) increased $1.7 billion, or 2%, to $70.5 billion, compare
  • $70.5 b — sits) increased $1.7 billion, or 2%, to $70.5 billion, compared with $68.8 billion. Th
  • $68.8 billion — or 2%, to $70.5 billion, compared with $68.8 billion. The provision for credit losses was $
  • $13 m — n. The provision for credit losses was $13 million, compared with $41 million in the
  • $41 million — t losses was $13 million, compared with $41 million in the prior year period. Customer-rel
  • $4 m — er-related noninterest income increased $4 million, or 3%, driven largely by increas
  • $6 m — ) stock. Noninterest expense increased $6 million, or 1%. Salaries and employee ben

Filing Documents

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 86

Controls and Procedures

Item 4. Controls and Procedures 87

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 87

Risk Factors

Item 1A. Risk Factors 87

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 87

Other Information

Item 5. Other Information 87

Exhibits

Item 6. Exhibits 88

Signatures

Signatures 89 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 LTV Loan-to-Value 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 SEC Securities and Exchange Commission FRB Federal Reserve Board TCBW The Commerce Bank of Washington, a division of Zions Bancorporation, National Association FTP Funds Transfer Pricing U.S. United States GAAP Generally Accepted Accounting Principles Vectra Vec

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

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