ANNUAL REPORT 2020&
RESPONSE
RESPONSIBILITY
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A Collection
of Great Banks
On the cover:
Top left: NSB client Rolando Velasquez
is the owner of Velasquez Immigration
Law Group of Las Vegas. Top right:
Zions Bank branch manager Alex Rosen-
han meets with Miss Essie's BBQ owners
Deonn Henderson and Marcus Jones in
Salt Lake City. Bottom left: CB&T client
service associate Gabriela Gonzales cleans
an ATM in Oakland. Bottom middle:
Zions Bancorporation Chairman and CEO
Harris H. Simmons honors Pastor France
A. Davis. Bottom right: CB&T client
service associate Hilda Casado prepares to
help clients in Fresno.
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CHAIRMAN’S MESSAGE
TO OUR SHAREHOLDERS
Over the past year, I’ve thought frequently of the story I
heard a while back about an inscription found outside a
small church in Leicestershire, England:
“In the year 1653, when all things
sacred were either demolished or
profaned, Sir Robert Shirley built
this church, whose singular praise it
is to have done the best of things
in the worst of times, and hoped
them in the most calamitous.”
By any measure, 2020 was a calamitous time for many.
Most of us approached 2020 with great optimism: In
recent years, it may have been the exceptional strategic
plan or aspirational forecast that had not embraced the
double meaning suggested by “2020” to convey a sense
of vision and focus. But as if with the flip of a switch,
in mid-March the global COVID-19 pandemic upended
those plans, and with unprecedented immediacy broad
swaths of the U.S. economy were locked down or shut in.
In addition to the pandemic, we saw record-breaking
wildfires in California, a major earthquake in our
headquarters state of Utah, and so many hurricanes
along the Gulf Coast that, after exhausting the English
alphabet, a third of the Greek alphabet was consumed in
naming them. And as a nation, and in our local communities,
we found ourselves reflecting deeply on the need for a
much greater commitment to racial equity and to
ensuring that all Americans have access to the tools
needed to succeed in our economy after the series of
racially charged events that culminated with the tragic
killing of George Floyd in Minneapolis last summer.
As bankers, we’ve never experienced a time when so
many of our clients were in such great need of immediate
help as was the case in 2020. I was incredibly proud of
our team, who rose to the challenge of doing “the best
of things in the worst of times,” and of providing hope
during such a tumultuous period. This past year tested
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our ability to respond to challenges in our communities,
and to demonstrate our responsibility to provide leadership
in delivering solutions.
To its credit, the U.S. Congress recognized the urgency
of providing economic aid to businesses and individuals
impacted by the pandemic, and almost immediately
at its onset provided important tools for banks to use
in assisting clients. The Coronavirus Aid, Relief, and
Economic Security (CARES) Act was signed into law on
March 27, 2020. At a total cost of $2.2 trillion, it was by
far the largest economic stimulus initiative in our nation’s
history, amounting to about 10% of U.S. GDP. Included
in the bill was $300 billion in one-time payments to
individuals, $260 billion in increased unemployment
benefits, and $840 billion in loans and grants to
corporations and local governments.
RESPONDING TO THE PANDEMIC
Top left: As essential workers, CB&T Irvine Branch employees
mask up and make preparations to safely serve bank clients.
Top right: Zions Bancorporation supplier diversity program
manager James Jackson adjusts to working remotely.
Bottom left: Nevada State Bank branch relationship manager
Carina Marino wears a mask to work safely in her branch
office. Bottom right: Vectra Bank employees organize
an essential items donation drive.
The CARES Act also included $350 billion (later increased
to $669 billion) in forgivable, fully government-guaranteed
Paycheck Protection Program (PPP) loans for small
businesses. The PPP program was designed to help small
businesses pay their employees and meet other pressing
financial needs while their businesses were adversely
affected by the pandemic, by providing for loan forgiveness
if the proceeds were used to meet specific needs.
Three days after the CARES Act was signed into law,
and even before the program’s final rules were in place,
we’d begun training nearly 2,000 of our front-line bankers,
encouraging them to reach out to their clients and to
prospective clients in need of help. Within a week, we
began taking loan applications, quickly introducing a
digital application available via our websites and on
mobile devices.
remotely. One visiting our nearly vacant headquarters
offices during those early weeks of the pandemic would
never have guessed that a giant home-based invisible
army of bankers was working through tens of thousands
of applications, delivering help to their clients.
Small businesses have always been one of our most
important target market segments, and we understood
the importance of going the extra mile to reach out to
them during an incredibly stressful time. It was fascinating
to witness how various competitors responded to the
opportunity to deliver PPP aid to small businesses. At
least two of the nation’s largest banks at one time or
another posted notices on their websites suggesting
that clients in need of a PPP loan might want to talk to
another bank. Another initially indicated that it would
accept applications only from clients who were existing
borrowers.
This was all being done a mere two weeks after moving
thousands of our office-based bankers to working from
home, and it was a great test of our ability to work
Our own approach was to unite great technology with
great bankers, and in so doing to provide an experience
to clients that combined the simplicity and elegance of
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PAYCHECK PROTECTION PROGRAM
Top left: The Commerce Bank of Oregon clients Jonathan,
Abraham, Rhonda, and Hans Wrobel operate the family-owned
business Higher Taste in Cornelius. Top right: Zions Bank
employees Robert Rendon and Michael Brussock meet with
Red Iguana restaurant owners Lucy Cardenes and Bill Coker in
Salt Lake City. Bottom left: New clients through the Paycheck
Protection Program, Mike Buich and his daughter Melissa
Buich, are the owner and CFO of Tadich Grill in San Francisco.
Bottom right: Vectra Bank client Dr. Jeff Patrician is the
owner of Boulder Dental Arts in Boulder.
a digital application with the assurance and coaching of a
helpful banker focused on seeing that client expectations
were exceeded.
employees, and the median size of the loans we made
was $33,200.
It was a huge success: By the time the “2020 round” of
the PPP program concluded, Zions Bancorporation was
the ninth largest PPP lender in the nation, providing more
than $7 billion of loans to over 47,000 businesses, over
30% of which were new clients. In total, our aggregate
PPP lending in 2020 equaled 24% of the volume
produced by the nation’s largest bank — a company
41 times our asset size.
We were particularly proud of the fact that approximately
one-third of the dollars loaned were to businesses
in low-to-moderate income census tracts, or where
minority groups constitute over 50% of the population.
This was the result, in part, of outreach to numerous
Black, Hispanic, and Asian/Pacific Islander chambers of
commerce throughout our market area. Seventy percent
of our loans were to businesses with fewer than ten
Our success with the PPP program generated approximately
$220 million in fee-based revenue (all of which, under
accounting rules, is being deferred and recognized as
Top PPP Lenders
Rank
Lender Name
Loan Count
Net Dollars
Average Loan
Size
1 JP Morgan Chase Bank
280,185
$29,352,233,698
$104,760
2 Bank of America
343,626
$25,557,615,698
$74,376
3 PNC Financial Services
73,925
$13,003,814,963
$175,906
4 Truist Financial Corporation
82,047
$12,631,618,727
$153,956
5 Wells Fargo & Company
194,451
$10,597,856,807
6 TD Bank
7 KeyCorp
85,970
43,172
$8,557,036,274
$8,211,676,707
$190,208
$54,501
$99,535
8 U.S. Bancorp
108,365
$7,608,550,070
$70,212
9 Zions Bancorporation
10 M&T Bank Corporation
47,828
34,651
$7,003,731,087
$146,436
$6,762,506,609
$195,161
Source: U.S. Small Business Administration Paycheck Protection Program Report, August 8, 2020.
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interest income in our financial statements). We donated
a portion of those fees, $30 million, to our charitable
foundation, the earnings from which will be used in
future years to benefit charities we help support
throughout the Western United States.
was thrilled! When I asked her for her 2019 taxes, she
started to cry and said she could not do them as she has
no money to pay her accountant. I knew then that
I needed to do everything in my power to get this
application through and done quickly.
The PPP experience served to validate our belief that
the future of banking businesses and their owners — a
focal point of our long-term strategy — will continue
to be grounded in the intersection of technology and
strong banker-to-client relationships.
I want to share a sampling of a few of the stories,
letters and emails I received during the course of the PPP
campaign. I include them because they communicate,
more eloquently and convincingly than I can, why we
believe building strong relationships is critical to our
success. Clients’ names have been changed, where
appropriate:
FROM MIKE BUICH, OWNER OF TADICH GRILL IN
SAN FRANCISCO, CA: “Since [we’ve had a] long relationship
with [a major national bank], I was confident ’my bank’
would take care of me … My hope for assistance quickly
turned to frustration when I realized [they] were not
processing applications nor providing any direction
or answers to my inquiries. On April 13, 2020 I called
Zions Bank … and was immediately transferred to Mel
Hugentobler, Vice President and Branch Manager, who
took personal interest in my plight, and personally
handled the application process for the PPP loan … My
experience with Zions Bank and the PPP application was
seamless. I know your employees have been working
long hours, often dealing with clients that are scared,
frustrated, and angry, however I wanted to take this
time to give you some positive feedback and assure you
that their hard work did pay off. I always felt like we
were a team working together towards a common goal.”
FROM NANCY PEARCE, A ZIONS BANK BRANCH
MANAGER IN BOUNTIFUL, UT: “Jane Anders is a single
divorced woman who has her own photography
business. Her business came to a screaming halt with
the pandemic. She originally sent in an incomplete PPP
application. I called Jane, and she was surprised to hear
from me as she had heard the [PPP money was exhausted].
I assured her there was money available and I would be
happy to help her if she still wanted to pursue it. She
“After spending all day Friday with numerous obstacles
of expired registration, unfiled 2019 taxes, and account
issues I was able to help Jane and finally get her application
submitted. With the assistance of Shelly Johnson, we
were able to quickly get it moved through the queue.
When I informed Jane Friday night she replied, ’Oh my
goodness! Best news EVER! I cannot thank you enough.
Just know that all your hard work and reopening my
application is actually putting groceries in my fridge today.’”
FROM THE OWNER OF A HOSPICE CARE BUSINESS IN
BURBANK, CA: “It is with great gratitude that I write
this letter of appreciation to Ms. Nhienle Mac [a relationship
banker in Pasadena] for the exemplary service I received
from her last week.
“I am a Small Business owner and … I was so frustrated
with the process of trying to get a PPP loan from [a
major national] bank. When I submitted my request
for the loan, because of the numerous applications and
[the] huge scale of the whole system, I didn't hear anything
from the bank. Waiting and waiting and it's like it went
into a dark hole. I almost gave up, until a friend of mine
referred me to California Bank & Trust and I spoke directly
to Ms. Nhienle Mac. It was a surprise that I finally was
able to speak to a live person in the bank.
“Ms. Nhienle Mac's enthusiastic, natural, and attentive
tone of voice while on the phone helped me feel
comfortable during our conversation. She answered my
questions with sincerity and honesty that made me feel
satisfied in moving forward with the application ... She
worked on my loan tirelessly and got it done so swiftly.
I got my PPP loan approval in less than 72 hours. Ms.
Mac’s performance surpassed my expectations. [It’s]
hard to find words to describe the positive experience
I had with her. I am a Registered Nurse, and as part of
the health care workers during this COVID-19 global
pandemic crisis, we are being hailed as ‘heroes.‘ For me
and for sure to many other small business applicants she
is helping now, Ms. Nheinle Mac is a true ‘superhero.‘”
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One of my favorite stories to come out of the PPP
experience was the client in Idaho’s Wood River Valley
who took out a newspaper ad [see below], at his/her
own expense, to laud Zions Bank for its performance
in delivering PPP aid.
FROM DR. JEFF PATRICIAN, A DENTIST IN BOULDER, CO:
“I want to say how lucky I am to have a banking
relationship with Vectra and the entire team, specifically
Drew Britton [a business banker in Boulder]. Over close
to a decade I have depended on Vectra for my business
and personal banking needs … That relationship has
now saved my office during this disaster. I read horror
stories online of dentists who bank with the evil faceless
Big Boys finding themselves thrown to the curb and
scrambling completely on their own.
“I want to thank Drew and everyone involved for their
tireless efforts in the last few weeks. This was a heck
of a test you were given, but your tremendous skill with
what you do, combined with an inner sense of care for
the people you serve … has saved my business, and surely
many more. I know how long and hard you've been
working, and I wish there was a way I could show my
appreciation. This letter will have to do for now. Please feel
free to pass it along to people who will want to know.”
AND A TWEET FROM ONE OF OUR NEW UTAH CLIENTS,
in response to Shark Tank’s Mark Cuban, who asked for
both positive and negative PPP experiences:
After being with @[large credit union] for 17 years,
they wouldn't even process our #PPPLoans app. I called
@ZionsBank and they were AWESOME! I can't recommend
them more highly! Very hands-on. We will definitely be
sending all our deposit business to #zionsbank. What a
phenomenal experience!
We helped our clients in other ways, as well. We provided
payment deferrals or modifications on loans totaling
$4.3 billion to clients impacted by COVID-19. At the end
of the year, only 1% had payments that were past due
90 days or more. We also participated in the Main Street
Lending Program, a facility provided by the Federal
Reserve System to assist certain middle market borrowers
access the credit markets, originating $148 million in
such deals during the year.
As you can imagine, I’m proud beyond words of the
work of so many of our bankers — some of whom
worked virtually around the clock, at home, for days
on end — in helping many thousands of businesses. Of
the many heroes we’ve read about in recent months,
they certainly rank among them for their role in helping
to rescue these businesses. They truly did the best of
things in the worst of times, and provided hope in the
most calamitous.
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FINANCIAL RESULTS
The bank’s financial results in 2020 were materially
impacted by the pandemic, which led the Federal
Reserve to more vigorously promote a “zero interest rate
policy” that adversely affected our primary revenue
source — net interest income. The pandemic also
resulted in a substantial addition to the bank’s loan loss
reserves due to concerns about our borrowers’ ability
to withstand the pandemic’s impact on their businesses
and their personal financial situations.
Net income available to common shareholders totaled
$505 million, or $3.02 per share, a reduction from the
prior year’s results of $782 million, or $4.16 per share.
The most notable factor adversely impacting our
performance in 2020 was a provision for credit losses
of $414 million, as compared with $39 million in 2019.
Aside from the pandemic, the increased provision was
also precipitated in part by a new accounting standard
that became effective at the beginning of 2020, known
as Current Expected Credit Loss, or CECL. This standard,
in many cases, requires larger reserves than previously, as
reserves must be established for losses expected during
the life of a loan, as opposed to only reserving for losses
currently inherent in our loans under the prior standard.
Actual net loan and lease charge-offs during the year
were $105 million or 0.22% of average (non-PPP) loans,
up from $37 million or 0.08% of average loans in 2019.
PPNR-NCOs. This measure employs adjusted PPNR
(which we reconcile to Generally Accepted Accounting
Principles, or GAAP, in our financial statements), which
adjusts tax-exempt revenue to its taxable equivalent
value and further adjusts for non-recurring expenses.
In 2020, the most significant adjustment was a one-time
expense of $28 million to fully terminate our dormant
defined-benefit pension plan.
PPNR-NCOs also substitutes actual net charge-offs
for the provision for credit losses. Net charge-offs is a
measure of actual losses during the period, while the
provision for credit losses results from a forecast of
future losses that is subject to the increased imprecision
(certainly a feature of any forecast) inherent with the
implementation of the CECL accounting standard.
When measured by our PPNR-NCOs results, 2020 was a
respectable year, considering the impact of the pandemic.
PPNR-NCOs was $1.038 billion, a 7.7% reduction from
$1.125 billion in 2019 — a year in which realized credit
losses were exceptionally low.
The pandemic had a sizable impact on loans and deposits.
Average non-PPP loans increased only 0.5%, to $48.5
billion, and non-PPP loans at year end were down $805
million or 1.7%, and would have been down further but
for $550 million, or 4.8%, growth in commercial real
estate loans, and strong growth of $558 million or
23.3% in municipal loans.
Internally, and for many of our management incentive
programs, we focus on a measure we refer to as adjusted
Pre-provision Net Revenue, less Net Charge-offs, or
Deposits, on the other hand, experienced massive
growth as a result of the government stimulus programs
and Fed monetary policy. Average deposits increased
EARNINGS PER SHARE (DILUTED)
STOCK PRICE PERFORMANCE HISTORY
$4.08
$4.16
102.2%
79.3%
$3.02
59.1%
36.8%
$2.60
$1.99
Zions
Zions' Peers
2016
2017
2018
2019
2020
10-year
5-year
3-year
1-year
(14.5%)
(10.6%)
(9.1%)
(16.3%)
Source for peer financial data throughout this report: S&P Global Market Intelligence;
peer group corresponds with the peer group defined in the Bank’s proxy statement and
found on page 16 of this report.
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NET CHARGE-OFFS / AVG LOANS (2020)
PRE-PROVISION NET REVENUE LESS NET
CHARGE-OFFS / RISK-WEIGHTED ASSETS (2020)
0.70%
0.60%
0.50%
0.40%
0.30%
0.20%
0.10%
0.00%
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4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
Excluding PPP loans, Zions’ NCO/Avg Loan ratio was 0.22% for 2020
15.6% to $63.7 billion, while average noninterest-bearing
demand deposits increased 23.6% to $28.9 billion. At
year end, noninterest-bearing demand deposits had
increased a phenomenal 37.8% to $32.5 billion,
constituting 47% of total deposits.
This enormous increase in money supply was accomplished
through the open market purchase of securities, which
injected immense amounts of cash into the economy.
All that cash must end up somewhere, and much of it
appears to be in deposit accounts on banks’ balance sheets.
The extraordinary economic stimulus consisted of
both federal government fiscal policy, which produced
a $3.1 trillion deficit equal to about 15% of GDP, and
an equal dose of central bank money creation. The
Federal Reserve System’s balance sheet, which had
already swollen from $0.9 trillion prior to the 2008
financial crisis to a pre-pandemic level of $4.3 trillion,
was further inflated to $7.4 trillion by the end of 2020.
To put this $3.1 trillion increase in money supply in
context, a $3.1 trillion stack of dollar bills would reach
to the moon; 3.1 trillion gallons of water would fill
Lake Powell — a massive 185-mile-long reservoir that
straddles the Utah-Arizona border and averages 132
feet in depth.
DEPOSIT GROWTH
Average balances
15.6%
4.0%
3.2%
3.6%
1.9%
2016
2017
2018
2019
2020
The purchase of securities by the Fed boosts the market
value of those securities and, inversely, creates downward
pressure on interest rates: the average 30-year Treasury
rate in 2020, at a mere 1.56%, was a full percentage
point lower than in 2019; the average 3-month Treasury
rate dropped one and three quarters percentage points
to 0.36% in 2020, from 2.11% in 2019.
All of this was wonderful for our residential mortgage
business — total mortgage production increased 29%
from 2019 to $3.5 billion, with another $1.5 billion in
the pipeline at the end of December. The profit margins
on mortgages we sold increased as well, resulting in
an increase in loan sales income of more than 220%
when compared with 2019. But the lower interest rates
were decidedly less helpful to our net interest margin,
which decreased to 3.15% in 2020, from 3.54% in 2019.
Average earning asset yields fell 80 basis points
(hundredths of a percentage point) as maturing loans
were refinanced at current lower rates, while the total
cost of deposits and interest-bearing liabilities dropped
45 basis points. With such a large volume of noninterest-
bearing demand deposits, and with other deposit rates
nearing zero, margin compression is a great
challenge in such a low rate environment.
Our taxable-equivalent net interest income, which was
negatively impacted by this margin pressure, was greatly
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aided by the amortization of deferred PPP revenue,
which contributed $148 million to 2020 pretax results.
Noninterest income rose 2.1% to $574 million, with
customer-related fee income — which excludes dividend
income, securities gains and fair value adjustments on
derivatives — increasing 4.6% to $549 million. Weakness
in retail banking fees and card income was offset by the
aforementioned strength in mortgage banking income,
which more than tripled during the year, the result of
the low interest rate environment and the introduction
in 2019 of a very appealing digital mortgage application.
Noninterest expense was well controlled. Total
noninterest expense was $1.7 billion, down 2.2% from
2019. When adjusted for certain non-operating expenses,
such as the termination of our defined-benefit pension
plan, severance, and restructuring costs in both years,
noninterest expense decreased $31 million, or $61 million
when further adjusted for the one-time $30 million
donation made to the Bank's charitable foundation in
conjunction with our success in the PPP program.
In late 2019, we had anticipated earnings pressure
from a low interest rate environment during 2020, and
implemented a staff reduction program that, when
combined with other net workforce reductions
accomplished through attrition and associated with
lower branch transactional activity, reduced our full-time
equivalent employee count by 510, and contributed to
a $54 million, or 4.7%, reduction in salary and benefits
expense. Travel, business development, and public
relations expenses were also down $21 million, or
75.9%, because of the pandemic.
Our ability to reduce staffing levels has benefited from
a focus on applying robotic automation to a wide range
of tasks. In late 2018, we established a Business Process
Automation Center of Excellence, with a dedicated team
that has implemented over 240 automation solutions,
reducing human error, improving consistency, and
enhancing competitiveness by reducing costs. In 2020,
281,000 manual hours were eliminated, and the team
has established an ambitious goal to eliminate an
additional 1 million hours by 2022.
I’ve told Ken Collins, an exceptional executive who oversees
much of this process automation effort, that the bank of
the future will have a person, a dog, and a computer. The
person’s job will be to feed the dog, and the dog’s job will
be to keep the person from touching the computer. When
it comes to back-office processes, at least, I’m pretty sure
that’s the future to which Ken is leading us!
Our Supply Chain Management group also produced
strong results in 2020, with realized savings of $27.5
million, arising from 81 different projects.
We continued to rationalize our branch network in
2020, closing 14 branches and consolidating their
accounts and people into other branches, while
rightsizing five other branches. At the same time, we
opened two new branches during the year in growing
markets. While we will continue to constantly evaluate
and optimize our branch network, these physical locations
remain a vitally important component of our strategy
to locate empowered, well-trained, and long-tenured
relationship bankers close to our clients.
CREDIT QUALITY
The strength and resiliency of our borrowing clients,
combined with the impact of a great deal of government
stimulus and high-quality asset selection, resulted in
relatively healthy credit results in 2020, given the
backdrop of the pandemic.
We identified approximately $4 billion of non-PPP
loans extended to borrowers in ten industries we
deemed to have elevated risk due to the pandemic.
We conducted extensive reviews of the significant
loans in these portfolios and continue to carefully
STRONG CAPITAL POSITION
COMMON EQUITY TIER 1 RATIO (CET1)
14%
12%
10%
8%
6%
4%
2%
0%
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monitor developments in our clients’ businesses.
While a higher proportion of these businesses availed
themselves of temporary relief through payment
deferral programs, there was almost always a strong
secondary source of repayment, and 98% of the loans
were secured by collateral, generally with real estate
and with a median loan-to-value ratio of 53%.
Non-performing asset levels increased during the year,
from 0.51% of loans, leases and other real estate owned
at the end of 2019 to 0.69% at the end of 2020, but
remained at very acceptable levels. Classified loans,
those with weaknesses that, if not mitigated, could lead
to loss, doubled in 2020, primarily among borrowers in
the high-risk COVID-19 industries.
CAPITAL AND LIQUIDITY MANAGEMENT
We finished the year with a strong capital position,
with a regulatory Common Equity Tier 1 ratio of 10.8%,
up from 10.2% a year ago. Our Tier 1 Leverage ratio
declined to 8.3%, from 9.2%, as a result of the strong
deposit growth we experienced, and the coinciding
increase in high-quality liquid assets.
As pandemic-related concerns produced a sharp decline
in equity prices — including our own common share
price — throughout the spring, 29.2 million of our
ZIONW warrants, issued ten years ago in the aftermath
of the financial crisis, expired “out of the money.” While
this produced a loss for holders of the warrants (myself
included!), it was a boon for the company and its common
shareholders, as it eliminated over eight million shares
from our fully diluted share count. While we purchased
1.7 million shares of our common stock in the open
market during the first quarter, we suspended any
share buybacks for the remainder of the year after the
onset of the pandemic, while maintaining our common
dividend at its existing level.
Our balance sheet liquidity increased sharply during the
year. At the end of 2019, interest-earning money market
investments and securities totaling $15.7 billion comprised
23% of our total assets. By the end of 2020, these liquid
assets had increased to $23.5 billion, constituting 29%
of total assets. We’ve maintained a reasonably short
duration in our securities portfolio. We believe that a
persistent negative interest rate environment is unlikely,
and that our downside risk in such a scenario is very
limited, while our models indicate that a 100 basis point
increase in rates would result in a 9% increase in net
interest income, and a 200 basis point increase would
result in an 18% rise in such revenue. We continue to
believe that the government’s posture toward fiscal
policy, when combined with the immense amount of
liquidity created through very accommodating monetary
policy in recent years, creates an environment in which
we would expect to see higher levels of inflation — and
thus interest rates — in the years ahead.
OUR TECHNOLOGY JOURNEY
We continue to make substantial investments in
technology, to ensure that we’ll be capable of competing
in a world that’s become increasingly digital. As noted,
we’re strong believers in the symbiotic combination of
great bankers and great technology. The investments
we’re making and the projects we’ve undertaken will
allow us to create exceptional experiences for our
clients and provide bankers with the products and
tools they need to succeed.
Two of our primary projects, the replacement of our
core loan and deposit systems (FutureCore), and the
replacement of our online and mobile client-facing
applications, experienced moderate setbacks due to
the pandemic this past year. Work being performed
offshore, in particular, was slowed or brought back to
the U.S. primarily due to security concerns as contractors
moved from working in cleanrooms to working in
living rooms.
We’re nevertheless proceeding at full speed to complete
these two major projects, with the final release of
FutureCore — a new and modern deposit system —
slated for installation in early 2023; and with the new
mobile and online platform beginning its rollout in the
first quarter of 2021 with an initial implementation at
National Bank of Arizona.
The risk of cyberattacks and data theft or compromise
continues to escalate each year, as does our response.
Over the past three years we have nearly tripled the size
of our cybersecurity team, with a major increase in our
associated investment in tools to prevent and detect
data and network intrusions. Over that same period,
we have increased the number of daily cybersecurity
| 9 |
“signals” or data sources we process and monitor by
more than tenfold to secure our systems against this
increasing threat.
to help bankers identify solutions for clients.
Launched in August with 630 users, it will be rolled
out to 3,200 bankers over the next few months.
In addition to the rapid deployment of a digital solution
for PPP loans, a sampling of some of our achievements in
2020 included:
› The launch of a New Accounts Opening Platform
for our Treasury Management Select product,
streamlining the process of opening new accounts for
smaller treasury management clients. It was used to
open over 400 new treasury management accounts
subsequent to its launch in the fall.
› The redesign and launch of a digital small business
loan application, using the platform we built for the
PPP program, and designed to speed the underwriting
and processing of unsecured small business loans of
under $50,000, and secured loans of up to $175,000.
› The implementation of our Intelligent Real-time
Information System (IRIS), which uses machine learning
› The launch of our Mobile Banker project, equipping
hundreds of bankers with iPads that allow them to
connect to client data while on calls, and to
provide real-time solutions while meeting with clients.
› The introduction of an online scheduler, allowing
clients to schedule appointments with their
branch-based bankers, either in the office or via
videoconference — on their mobile phones.
› The launch of a new Application Programming
Interface, or API, platform, allowing for faster
integration between our core systems and other
applications.
› The completion of a branch teller “capture” project,
modernizing the manner in which deposited item
information is captured at the point of deposit,
eliminating the need for a deposit slip and dramatically
reducing balancing and reconciliation issues.
PEOPLE & TECHNOLOGY
Top: Zions Bank’s marketing team was recognized for their campaign
to support local restaurants during the pandemic. Bottom left: Zions
Bancorporation director of banking transformation Kristiane Koontz
received the “Technology Transformation Excellence” award from the
Women Tech Council in 2020. Bottom right: Zions Bancorporation’s
enterprise digital strategy team meets virtually.
| 10 |
› The upgrade of our telecommunications network and
Wi-Fi availability in our branches
workforce, in the workplace, and in the marketplace,
in an effort we’re calling, “Everyone Counts.”
› The launch of new workforce management software,
allowing the bank to schedule branch employees at
the best possible times and allowing employees to
view their schedules via an online tool.
We expect that the investments we’re making in
foundational technology and digital tools will keep us
at the forefront of the banking industry in providing
both our bankers and our clients with the capabilities
and products they need, and with elegant experiences
interacting with us in the years ahead.
EVERYONE COUNTS
Beyond the pandemic, 2020 was marked by an increased
awareness throughout our nation of the need to raise
our commitment, both institutionally and individually, to
inclusiveness. At Zions Bancorporation, we’re committed
to ensuring this takes place in three areas: in the
Following the tragic murder of George Floyd, we spent
a great deal of time throughout the bank listening to
colleagues from minority communities, with the objective
of better understanding their hopes and challenges. I
expressed my belief that tolerance should never be our
objective; none of us aspires to be tolerated. We need
to move beyond tolerance and form real friendships
with those outside our usual circles and do all we can
to help them succeed.
In this spirit, we expanded our company-wide Diversity,
Equity and Inclusion (DEI) Council to advise the bank’s
management on steps we can take to ensure that we’re
a truly great place for all of our employees to work.
Among the objectives we’ve established are expanding
diversity training and ensuring that every new employee
participates in it; including DEI questions in our periodic
employee surveys; and seeking out more diverse
candidates in our recruiting efforts. We’ve developed a
DIVERSITY, EQUITY & INCLUSION
Top: Employees take part in diversity, equity and inclusion training. Bottom left: Chairman
and CEO Harris H. Simmons presents a $100,000 donation to the Pastor France A. Davis
Scholarship Foundation. Bottom right: Zions Bank President and CEO Scott Anderson
speaks at the presentation of the “Utah Compact on Racial Equity, Diversity and Inclusion”
at the Utah State Capitol in Salt Lake City.
| 11 |
supplier diversity program, with the goal of expanding
the list of diverse suppliers with whom we currently do
business.
We also conducted, as we’ve done for a number of
years, a study with the help of an independent third
party to review equity in employee compensation. We
found that, after adjusting for relevant variables including
education, experience and geography, women are paid,
on average, above 99% of what men are paid, and
minorities are paid above 98% of what non-minorities
earn. In a relatively few cases we identified outlier
situations that have subsequently been addressed.
We’re committed to continue this focus on ensuring
that Zions Bancorporation has a workplace where all are
treated fairly in accordance with their qualifications and
abilities, and that it’s a place where “everyone counts.”
I’m especially determined that we will do all in our power
to make a difference for women and minority-owned
businesses in the marketplace. Our most potent tool
in creating positive change is to put our balance sheet
and our bankers to work in funding the capital needs
of deserving, underrepresented entrepreneurs. We’re
working with our regulators at the Office of the
Comptroller of the Currency in an effort they’re calling
Project REACh to develop innovative and prudent
methods for providing greater volumes of credit to
these small business owners using both conventional
and U.S. Small Business Administration (SBA) guaranteed
loans. We have a great opportunity to put our small
business banking capabilities to work in better serving
these communities.
We’ve also announced a partnership with Unity National
Bank, a Black-owned community bank headquartered
in Houston, Texas, to provide equity capital. More
importantly, we’ll be providing Unity National with
consulting in compliance and risk; and training, by
reserving space in our Banker Development Program
for one of their bankers.
The events of this past summer brought tragedy to one
of our great bankers, Angela Underwood, a most
talented regional manager for California Bank & Trust
in California’s Antelope Valley, and a woman who has
very capably served her community in a number of
capacities, including as deputy mayor of the city of
Lancaster. During the nation-wide unrest that followed
the killing of George Floyd, Angela’s brother, Patrick,
was shot and killed while protecting a Department
of Homeland Security building in Oakland. As we’ve
worked on creating a more equal and inclusive
society this year, I’ve thought often of my friend Angela
and her late brother, Patrick, two extraordinary Black
citizens who are frequent reminders to me of why this
work is so important.
WHAT THE PRESENT MAY TEACH US
ABOUT THE FUTURE
One of the pandemic’s not-so-minor miracles was the
fact that the videoconferencing technology we and so
many other businesses used to quickly pivot to working
from home was so recently developed and deployed. In
our case, we’d made Microsoft Teams® software available
to employees in late 2019, only months before it became
critical to our ability to function. By the end of the year, we
were supporting 3.7 million monthly Teams® interactions.
It’s an open question as to how the capabilities we’ve
developed will change the way we work and interact
with others. I expect it will allow greater flexibility
for occasional work from home for many of us. Long
before the pandemic, we’d had a number of employees
working remotely, including many of our customer care
center employees and some of our technologists.
I also expect that we’ll see a reduction in business travel;
there are many meetings that simply don’t warrant the
cost and the travel time required to show up in person
now that “virtual” participation has become a good
substitute for being physically present.
At the same time, we’ve seen that it’s a real challenge,
especially for newly hired employees, to develop the
networks and relationships that are critical in our own,
and most other businesses if we’re not interacting
with the people we work with in informal settings —
in hallways, break rooms and elevators.
During 2020, we broke ground on two new significant
building projects — a new headquarters facility for our
Vectra Bank Colorado affiliate bank in Denver and a
new technology and innovation campus in the Salt Lake
Valley. In both cases, we’re consolidating employees
| 12 |
located in multiple locations into more efficient space in
a single building. Our technology campus, for instance,
will reduce by 20% the space we currently occupy in a
dozen different buildings, and will do so in a building
that’s substantially more energy-efficient and inviting.
Certainly, the digitalization of banking will continue. It
will allow all of us to reduce costs and provide greater
convenience and access to our clients. We currently
average over 85 million mobile and online banking
logins annually — creating substantial savings relative
to the alternative of providing service in a branch or by
telephone. At the same time, when a client is frustrated,
or needs coaching with respect to a solution, there’s
no good substitute for a well-trained, highly qualified
banker. Relationships still count. I believe that’s not
likely to change anytime soon.
As I write this letter, we’re delivering the second round
of PPP loans to eligible businesses, with $284.5 billion
in funding included in a coronavirus relief bill passed by
Congress in late December. The SBA opened its
web portal to accept applications submitted through
participating banks in mid-January, and in its interim
report on results through February 15, 2021, Zions
Bancorporation was listed as the nation’s sixth largest
PPP lender. Our bankers are at it again!
Our support of small and middle-market businesses led
Greenwich Associates, a leading global financial services
research organization, to name Zions Bancorporation
as one of only a small number of “Standout Commercial
Banks” amid the crisis for the way our people went the
extra mile in serving these clients. After conducting
more than 23,000 interviews with small and middle
market businesses, resulting in enough data to evaluate
more than 600 banks, Greenwich Associates also awarded
Zions Bancorporation 15 “Excellence” awards in a variety
of categories — the sixth most of any bank in the
nation in 2020.
Finally, I want to express my appreciation to a long-time
member of our Board of Directors who retired from his
service with us this past year. During Jerry C. Atkin’s 27
years as a board member he consistently challenged our
thinking and added an abundance of common sense
to our discourse. He also added the perspective of the
kind of individual we seek out as a client — someone
who worked hard over several decades to build a very
small family-owned business — SkyWest Airlines — into
a national leader in its field. We’ll greatly miss Jerry’s
wisdom and good humor. At the same time, we were
extremely pleased to welcome Claire A. Huang to our
board. Claire brings us deep experience in financial
services marketing with several of the nation’s leading
banks and brokerage firms. We’re delighted to have her
with us!
My thanks to each of you as shareholders in Zions
Bancorporation. You have every reason to be proud to
be associated with one of the most extraordinary teams
of bankers in the industry. We look forward with you to
a new year that will, I hope, see a recovering economy
and a brighter outlook — especially for businesses and
individuals who’ve been particularly hard-hit by the
pandemic. The future is very bright, and we appreciate
your support in helping us to capitalize on the
opportunities that lie ahead of us.
GREENWICH EXCELLENCE AWARDS:
2009-2020 (YEARLY AVERAGE)
Zions has outranked several of the nation's largest banking companies
Sincerely,
14
5
Zions
JP Morgan
Chase
3
US
Bank
2
Wells
Fargo
2
Bank of
America
Source: Greenwich Associates (February 2021) with multi-year averages calculated by
Zions. Awards include recognition of excellence in a variety of banking product and
service categories in both small and middle market business banking. Nationally, more
than 600 banks were evaluated through the process of surveying more than 23,000
commercial banking clients.
Harris H. Simmons,
Chairman and CEO
February 15, 2021
| 13 |
Financial Highlights
(Dollar amounts in millions, except per share amounts)
For the Year
Net interest income
Noninterest income
Total revenue
Provision for credit losses
Noninterest expense
Income before income taxes
Income taxes
Net income
Net earnings applicable to common shareholders
Per Common Share
Net earnings – diluted
Net earnings – basic
Dividends declared
Book value at year-end
Market price – end
Market price – high
Market price – low
At Year-End
Assets
Net loans and leases
Deposits
Long-term debt
Federal funds and other short-term borrowings
Preferred equity
Common equity
Performance Ratios
Return on average assets
Return on average common equity
Tangible return on average tangible common equity
Net interest margin
Equity to assets
Common equity tier 1
Tier 1 leverage
Tier 1 risk-based capital
Total risk-based capital
Tangible common equity
Tangible equity
Selected Information
2020/2019
Change (%)
2020
2019
2018
2017
2016
(2)
2
2
NM
(2)
(36)
(2)
(34 )
(35 )
(27 )
(31 )
+6
+8
(16 )
+1
(40 )
18
10
22
(22 )
(23 )
NM
8
$2,216
574
2,790
414
1,704
672
133
539
505
$3.02
3.06
1.36
44.61
43.44
52.48
23.58
$2,272
562
2,834
39
1,742
1,053
237
816
782
$4.16
4.41
1.28
41.12
51.92
52.08
39.11
$2,230
552
2,782
(40)
1,679
1,143
259
884
850
$4.08
4.36
1.04
37.39
40.74
59.19
38.08
$2,065
544
2,609
17
1,656
936
344
592
550
$2.60
2.71
0.44
36.01
50.83
52.20
38.43
$1,867
516
2,383
83
1,585
705
236
469
411
$1.99
2.00
0.28
34.10
43.04
44.15
19.65
$81,479
$69,172
$68,746
$66,288
$63,239
53,476
69,653
1,336
1,572
566
7,320
48,709
57,085
1,723
2,053
566
6,787
46,714
54,101
724
5,653
566
7,012
44,780
52,621
383
4,976
566
7,113
42,649
53,236
535
827
710
6,924
%
0.71
7.2
8.4
3.15
9.7
10.8
8.3
11.8
14.1
7.8
8.5
%
1.17
11.2
13.1
3.54
10.6
10.2
9.2
11.2
13.2
8.5
9.3
%
1.33
12.1
14.2
3.61
11.0
11.7
10.3
12.7
13.9
8.9
9.7
%
0.91
7.7
9.0
3.45
11.6
12.1
10.5
13.2
14.8
9.3
10.2
%
0.78
6.0
7.1
3.37
12.1
12.1
11.1
13.5
15.2
9.5
10.6
Weighted average diluted shares outstanding (in thousands)
Common shares repurchased (in thousands)
Common dividend payout ratio1
Capital distributed as a percentage of net earnings applicable to common shareholders2
Full-time equivalent employees
Branches
-11%
-93%
-5%
-3%
165,613
1,666
45 %
59 %
9,678
422
186,504
23,505
29 %
170 %
10,188
434
206,501
12,943
24 %
103 %
10,201
433
209,653
7,009
16 %
74 %
10,083
433
204,269
2,889
14 %
36 %
10,057
436
1The common dividend payout ratio is equal to common dividends paid divided by net earnings applicable to common shareholders.
2 Common dividends paid plus dollar amount used for share repurchases for the year, divided by net earnings applicable to common shareholders.
| 14 |
GAAP to Non-GAAP Reconciliation
(Dollar amounts in millions, except per share amounts)
2020
2019
2018
2017
2016
Pre-Provision Net Revenue (PPNR)
(a)
Total noninterest expense
LESS adjustments:
Severance costs
Other real estate expense
Debt extinguishment cost
Amortization of core deposit and other intangibles
Restructuring costs
Pension termination-related expense
(b)
Total adjustments
$1,704
$1,742
$1,679
$1,656
$1,595
1
1
-
-
1
28
31
25
(3)
-
1
15
-
38
3
1
-
1
2
-
7
7
(1)
-
6
4
-
16
5
(2)
-
8
5
-
16
(a-b)=(c) Adjusted noninterest expense
1,673
1,704
1,672
1,640
1,579
(d)
(e)
Net interest income
Fully taxable-equivalent adjustments
(d+e)=(f)
Taxable-equivalent net interest income (TENII)
(g)
Noninterest Income
(f+g)=(h)
Combined Income
LESS adjustments:
Fair value and nonhedge derivative income (loss)
Securities gains, net
(i)
Total adjustments
2,215
28
2,243
574
2,272
26
2,298
562
2,230
22
2,252
552
2,065
35
2,100
544
1,867
25
1,892
516
2,817
2,860
2,804
2,644
2,408
(6)
7
1
(9)
3
(6)
(1)
1
-
(2)
14
12
2
7
9
(h-i)=(j)
Adjusted revenue
2,816
2,866
2,804
2,632
2,399
(j-c)
Adjusted pre-provision net revenue (PPNR)
1,143
1,162
1,132
992
820
Net Earnings Applicable to Common Shareholders (NEAC)
(k)
(l)
Net earnings applicable to common
Diluted Shares
Diluted EPS
PLUS Adjustments:
Adjustments to noninterest expense
Adjustments to revenue
Tax effect for adjustments
Preferred stock redemption
(m)
Total adjustments
(k+m)=(n) Adjusted net earnings applicable to common (NEAC)
(n)/(l)
Adjusted EPS
(o)
(p)
Average assets
Average tangible common equity
Profitability
(n)/(o)
(n)/(p)
(c)/(j)
Adjusted Return on Assets
Adjusted Return on Tangible Common Equity
Efficiency Ratio
505
165,613
3.02
782
186,504
4.16
850
206,501
4.08
550
209,653
2.60
411
204,269
1.99
31
(1)
(7)
-
23
528
3.19
76,057
6,035
0.69%
8.7%
59.4%
38
6
(11)
-
33
815
4.37
69,571
5,951
1.17%
13.7%
59.5%
7
-
(2)
-
5
855
4.14
66,569
6,009
1.28%
14.2%
59.6%
16
(12)
(2)
2
4
554
2.64
65,116
6,129
0.85%
9.0%
62.3%
16
(9)
(3)
10
14
425
2.08
60,050
5,888
0.71%
7.2%
65.8%
| 15 |
ZIONS’ PEER GROUP
Ticker Symbol / Company Name
ASB Associated Banc-Corp
BOKF BOK Financial Corporation
CFG Citizens Financial Group, Inc.
CMA Comerica Incorporated
EWBC East West Bancorp, Inc.
FHN First Horizon National Corporation
FITB Fifth Third Bancorp
FNB F.N.B. Corporation
FRC First Republic Bank
HBAN Huntington Bancshares Inc.
KEY KeyCorp
MTB M&T Bank Corp.
PBCT People’s United Financial, Inc.
RF Regions Financial Corp.
SNV Synovus Financial Corp.
WAL Western Alliance Bancorporation
WTFC Wintrust Financial Corp.
Zions Bancorporation, N.A.
BOARD OF DIRECTORS
CORPORATE OFFICERS
Harris H. Simmons
Chairman and Chief Executive Officer
Zions Bancorporation
Gary L. Crittenden
Private Investor
Suren K. Gupta
Executive Vice President of
Technology and Strategic Ventures
Allstate Insurance Company
J. David Heaney
Chairman
Heaney Rosenthal, Inc.
Claire A. Huang
Former Chief Marketing Officer
J.P. Morgan Chase and Company
Vivian S. Lee
President, Health Platforms
Verily Life Sciences
Scott J. McLean
President and Chief Operating Officer
Zions Bancorporation
Edward F. Murphy
Former Chief Financial Officer
Federal Reserve Bank of New York
Stephen D. Quinn
Lead Director
Former Managing Director and
General Partner
Goldman, Sachs & Co.
Aaron B. Skonnard
Chairman and Chief Executive Officer
Pluralsight, Inc.
Barbara A. Yastine
Former Chair, President and
Chief Executive Officer
Ally Bank
Harris H. Simmons
Chairman and Chief Executive Officer
Scott J. McLean
President and Chief Operating Officer
EXECUTIVE VICE PRESIDENTS
Bruce K. Alexander
CEO, Vectra Bank Colorado
A. Scott Anderson
CEO, Zions Bank
Paul E. Burdiss
Chief Financial Officer
Kenneth J. Collins
Enterprise Program Management
Eric Ellingsen
Chief Executive Officer
California Bank & Trust
Travis E. Finstad
Chief Audit Executive
Alan M. Forney
CEO, The Commerce Bank
of Washington
Olga T. Hoff
Retail Banking
Thomas E. Laursen
General Counsel
Scott A. Law
Chief Human Resources Officer
Keith D. Maio
Chief Risk Officer
Michael Morris
Chief Credit Officer
Rebecca K. Robinson
Wealth Management
Terry A. Shirey
CEO, Nevada State Bank
Jennifer A. Smith
Chief Information Officer
Steven D. Stephens
CEO, Amegy Bank
Randy R. Stewart
Enterprise Mortgage Lending
Mark Young
CEO, National Bank of Arizona
| 16 |
Corporate Information
EXECUTIVE OFFICES
One South Main Street
Salt Lake City, Utah 84133-1109
801-844-7637
ANNUAL SHAREHOLDERS’ MEETING
April 30, 2021, 1 p.m. MDT
Webcast details will be provided on the
zionsbancorporation.com website
TRANSFER AGENT
Zions Bank
Corporate Trust Department
One South Main Street, 12th Floor
Salt Lake City, Utah 84133-1109
801-844-7545 or 888-416-5176
REGISTRAR
Zions Bank
One South Main Street, 12th Floor
Salt Lake City, Utah 84133-1109
AUDITORS
Ernst & Young LLP
15 W. South Temple
Suite 1800
Salt Lake City, Utah 84101
NASDAQ GLOBAL SELECT
MARKET SYMBOL
ZION
OTHER LISTED SECURITIES
Series A Preferred Stock – NASDAQ: ZIONP
Series G Preferred Stock – NASDAQ: ZIONO
Series H Preferred Stock – NASDAQ: ZIONN
Series I Preferred Stock – CUSIP: 989701BD8
Series J Preferred Stock – CUSIP: 989701BF3
DIVIDEND REINVESTMENT PLAN
Shareholders can reinvest their cash dividends
in additional shares of our common stock at
the market price on the dividend payment
date. Shareholders, as well as brokers and
custodians who hold our common stock for
clients, can obtain a prospectus of the plan
on the Zions Bancorporation website at
zionsbancorporation.com or by writing to:
Zions Bancorporation
Dividend Reinvestment Plan
P.O. Box 30880
Salt Lake City, Utah 84130-0880
CREDIT RATINGS
Credit ratings are updated regularly and may be
found on the Zions Bancorporation website at
zionsbancorporation.com.
OPTION MARKET MAKERS
Chicago Board Options Exchange
Philadelphia Stock Exchange
SELECTED INDEX MEMBERSHIPS
S&P 500
S&P Global 1200
KBW Bank
NASDAQ Financial 100
INVESTOR RELATIONS
For financial information about the corporation,
analysts, investors and news media
representatives should contact:
James R. Abbott
801-844-7637
james.abbott@zionsbancorp.com
ZIONS BANCORPORATION
NEWS RELEASES
Our news releases are available on our
website at zionsbancorporation.com.
To be added to the email distribution list,
please visit zionsbancorporation.com
and click on “Email Notifications.”
INTERNET SITES
Zions Bancorporation
zionsbancorporation.com
Zions Bank
zionsbank.com
Amegy Bank
amegybank.com
California Bank & Trust
calbanktrust.com
National Bank of Arizona
nbarizona.com
Nevada State Bank
nsbank.com
Vectra Bank Colorado
vectrabank.com
The Commerce Bank of Washington
tcbwa.com
The Commerce Bank of Oregon
tcboregon.com
Zions Direct Inc.
zionsdirect.com
This document may contain statements that could be considered “forward looking.” Readers should review the forward-looking statement disclaimer
of Zions’ Annual Report on Form 10-K, which can be found on the website at zionsbancorporation.com and applies equally to this document.
Certain financial measures containing descriptive words such as “core” or “adjusted” are subject to GAAP to Non-GAAP reconciliation tables, which
can be found on page 15.
Printed on paper that contains 10% post-consumer recycled content and is elemental chlorine free.
| 17 |
One South Main Street
Salt Lake City, Utah 84133
ZIONSBANCORPORATION.COM
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