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Zions Bancorporation, National Association Reports First Quarter Financial Results

SALT LAKE CITY, April 22, 2019 /PRNewswire/ -- Zions Bancorporation, N.A. (ZION) ("Zions" or "the Bank") today reported net earnings applicable to common shareholders for the first quarter of 2019 of $205 million, or $1.04 per diluted common share, compared with net earnings applicable to common shareholders of $231 million, or $1.09 per diluted common share, for the first quarter of 2018 and net earnings applicable to common shareholders of $217 million, or $1.08 per diluted common share, for the fourth quarter of 2018.

Harris H. Simmons, Chairman and CEO, commented, "First quarter results were fundamentally strong, with earnings per share of $1.04 as compared to $1.09 a year ago. However, the prior year's first quarter included interest recoveries on several large loans equal to $0.04 per share and a negative provision for credit losses equal to $0.17 per share. Adjusted pre-provision net revenue per share increased 16%; at the same time, credit quality remained strong, with net charged-off loans, as a percentage of average loans and leases, of zero, compared to 0.05% a year ago. Average deposits increased 4% - with noninterest-bearing deposits declining less than 1% - and average loans and leases increased 5% over the prior year period. Economic conditions remain strong throughout the Bank's market area and we are encouraged by the opportunities we're seeing for continued healthy growth." 

Mr. Simmons continued, "During the quarter we celebrated the successful completion of the second stage of our three-stage multi-year project to replace the Bank's core loan and deposit systems. With this milestone reached, Zions now has all its retail, commercial and commercial real estate loans on a new modern core platform."

For the full version of the Bank's 2019 first quarter earnings release, including financial schedules, 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 first quarter results at 5:30 p.m. ET this afternoon (April 22, 2019). 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 7691657, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation
Zions Bancorporation, N.A. is one of the nation's premier financial services companies with total assets of approximately $70 billion. 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 national leader in Small Business Administration lending and public finance advisory services. The Bank has been the recipient of many local and national awards, primarily reflecting its strong customer service and products. The Bank has a strong commitment to the communities in which it operates. 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 zionsbancorporation.com.

Forward-Looking Information
This earnings release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Statements in the earnings release that are based on other than historical information, or that express the Bank's expectations regarding future events or determinations, are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect, among other things, our current expectations, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, industry results or regulatory outcomes to differ materially from those expressed or implied by such forward-looking statements.

Without limiting the foregoing, the words "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "might," "plans," "projects," "should," "would," "targets," "will" and the negative thereof and similar words and expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about future financial and operating results. Actual results and outcomes may differ materially from those presented, either expressed or implied, in the release. Important risk factors that may cause such material differences include, but are not limited to, Zions' ability to meet operating leverage goals; the rate of change of interest-sensitive assets and liabilities relative to changes in benchmark interest rates; the ability of the Bank to achieve anticipated benefits from its recently completed merger; the ability of the Bank to upgrade its core deposit system and implement new digital products in order to remain competitive with large national banks; and legislative, regulatory and economic developments. These risks, as well as other factors, are discussed in the Bank's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (SEC) and available at the SEC's Internet site (http://www.sec.gov). In addition, you may obtain documents filed with the SEC by the Bank free of charge by contacting: Investor Relations, Zions Bancorporation, N.A., One South Main Street, 11th Floor, Salt Lake City, Utah 84133, (801) 844-7637.

Except as required by law, Zions Bancorporation, N.A. specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.



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