Zions Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today reported net earnings applicable to common shareholders for the fourth quarter of 2021 of $207 million, or $1.34 per diluted common share, compared with net earnings applicable to common shareholders of $275 million, or $1.66 per diluted common share, for the fourth quarter of 2020, and net earnings applicable to common shareholders of $234 million, or $1.45 per diluted common share, for the third quarter of 2021.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We were pleased with our fourth quarter results, which included $1.4 billion of non-PPP loan growth relative to the third quarter – an 11.7% annualized growth rate after a period of attrition in loan volumes in earlier months of the pandemic. Credit quality remained very strong, as demonstrated by a 0.01% annualized net charge-off rate, both for the fourth quarter and the full year. Customer-related noninterest income increased 9.4% over the prior year’s fourth quarter.

“Finally, continued strong growth in average deposits, which increased 19.3% over the prior year quarter – with average noninterest-bearing demand deposits comprising 51% of total deposits versus 47% a year ago – allowed us to increase our securities portfolio by 43% from the year-ago period, while leaving considerable upside for margin expansion as interest rates rise.”

For the full version of the Bank's 2021 fourth quarter earnings release, including financial tables, please visit zionsbancorporation.com.

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss these fourth quarter results at 5:30 p.m. ET on January 24, 2022. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (253) 237-1247 (domestic and international) and entering the passcode 9682126, 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 annual net revenue of $2.9 billion in 2021 and more than $90 billion of total assets. 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 2020 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.

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