Company Quick10K Filing
Zions Bancorporation
Price44.36 EPS5
Shares189 P/E10
MCap8,379 P/FCF24
Net Debt1,242 EBIT1,368
TEV9,621 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-10
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-07-20 Earnings, Exhibits
8-K 2020-06-23
8-K 2020-06-16
8-K 2020-05-18
8-K 2020-05-01
8-K 2020-04-20
8-K 2020-02-05
8-K 2020-01-21
8-K 2019-10-21
8-K 2019-10-01
8-K 2019-09-10
8-K 2019-07-22
8-K 2019-05-31
8-K 2019-04-22
8-K 2019-04-04
8-K 2019-01-22
8-K 2018-11-07
8-K 2018-10-22
8-K 2018-09-30
8-K 2018-09-14
8-K 2018-09-12
8-K 2018-07-23
8-K 2018-07-23
8-K 2018-07-18
8-K 2018-06-21
8-K 2018-06-06
8-K 2018-05-14
8-K 2018-04-23
8-K 2018-04-10
8-K 2018-03-01
8-K 2018-01-22

ZION 10Q Quarterly Report

Part I. Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 1. Financial Statements (Unaudited)
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1.A Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 exh311certofceo10-q202.htm
EX-31.2 exh312certofcfo10-q202.htm
EX-32 exh32certofceocfo10-q2.htm

Zions Bancorporation Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
756045301502012201420172020
Assets, Equity
0.90.70.50.40.20.02016201720182020
Rev, G Profit, Net Income
2.41.30.3-0.8-1.8-2.92012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________
COMMISSION FILE NUMBER 001-12307
ZIONS BANCORPORATION, NATIONAL ASSOCIATION
(Exact name of registrant as specified in its charter)

United States of America
87-0189025
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
One South Main
Salt Lake City, Utah
84133-1109
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (801) 844-7637
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
Common Stock, par value $0.001
ZIONThe NASDAQ Stock Market LLC
Warrants to Purchase Common Stock (expiring May 22, 2020)
ZIONW
The NASDAQ Stock Market LLC
Depositary Shares each representing a 1/40th ownership interest in a share of:
Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock
ZIONP
The NASDAQ Stock Market LLC
Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock
ZIONO
The NASDAQ Stock Market LLC
Series H 5.75% Non-Cumulative Perpetual Preferred Stock
ZIONN
The NASDAQ Stock Market LLC
6.95% Fixed-to-Floating Rate Subordinated Notes due September 15, 2028
ZIONL
The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Number of common shares outstanding at April 23, 2020      163,861,950 shares
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING INFORMATION
This quarterly report on Form 10-Q 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 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, market trends, industry results or regulatory outcomes to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements include, among others:
statements with respect to the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, results of operations and performance of Zions Bancorporation, National Association and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”), and statements concerning the potential effects of the COVID-19 pandemic on the Bank's businesses and financial results and condition; and
statements preceded by, followed by, or that include the words “may,” "might," "can," “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” "will," and the negative thereof and similar words and expressions.
These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. 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, including, but not limited to, those presented in Management’s Discussion and Analysis. Important risk factors that may cause such material differences include, but are not limited to:
the effect of the COVID-19 pandemic, and other infectious illness outbreaks that may arise in the future, on the Bank’s customers, businesses, liquidity, financial results and overall condition and which has created significant uncertainties in U.S. and global markets;
changes in governmental policy and regulation, including measures taken in response to economic, business, political and social conditions, such as the Small Business Administration’s Paycheck Protection Program (“PPP”), the Federal Reserve Board's efforts to provide liquidity to the financial system and provide credit to private commercial and municipal borrowers, and other programs designed to address the effects of the COVID-19 pandemic;
the Bank's participation as a lender in the PPP and similar programs and its effect on the Bank's liquidity, financial results, businesses and customers, including the availability of program funds and the ability of customers to comply with requirements and otherwise perform with respect to loans obtained under such programs;
the Bank’s ability to successfully execute its business plans, manage its risks, and achieve its objectives, including its operating leverage;
the impact of acquisitions, dispositions, and corporate restructurings;
increases in the levels of losses, customer bankruptcies, bank failures, claims, and assessments;
the ability of the Bank to retain and recruit executives and other personnel necessary for their businesses and competitiveness;
changes in local, national and international political and economic conditions, including without limitation the political and economic effects of the fiscal imbalance in the United States (“U.S.”) and other countries, potential or actual downgrades in ratings of sovereign debt issued by the U. S. and other countries, and other major developments, including wars, military actions, and terrorist attacks;
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
changes in business, financial and commodity market prices and conditions, either internationally, nationally or locally in areas in which the Bank conducts its operations, including without limitation rates of business formation and growth, commercial and residential real estate development, real estate prices, agricultural-related commodity prices, and oil and gas-related commodity prices, particularly with respect to the effects on the economy and the Bank’s customers, businesses, and financial results of segments subject to high volatility and stress that may be exacerbated by the COVID-19 pandemic, such as the recent sudden decreases in oil and gas prices;
changes in markets for equity, fixed-income, and other securities, commodities, including availability, market liquidity levels, and pricing;
changes in interest rates, the quality and composition of the loan and securities portfolios, demand for loan products, deposit flows and competition;
uncertainty regarding the future of the London Interbank Offered Rate ("LIBOR"), and the potential transition away from LIBOR toward new benchmark interest rates;
the rate of change of the Bank’s interest-sensitive assets and liabilities relative to changes in benchmark interest rates;
changes in fiscal, monetary, regulatory, trade and tax policies and laws, and regulatory assessments and fees, including policies of the U.S. Department of Treasury, the Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”), the Securities and Exchange Commission (“SEC”), and the Consumer Financial Protection Bureau (“CFPB”);
changes in consumer spending and savings habits;
inflation and deflation;
increased competitive challenges and expanding product and pricing pressures among financial institutions;
legislation or regulatory changes which adversely affect the Bank’s operations or business;
the Bank’s ability to comply with applicable laws and regulations;
costs of deposit insurance and changes with respect to FDIC insurance coverage levels;
any impairment of our goodwill or other intangibles, or any adjustment of valuation allowances on our deferred tax assets (“DTAs”) due to adverse changes in the economic environment, declining operations of the reporting unit, or a change to the corporate statutory tax rate or other similar changes if and as implemented by local and national governments, or other factors;
the impact of rules and regulations on our required regulatory capital and liquidity levels, governmental assessments on us, the scope of business activities in which we may engage, the manner in which we engage in such activities, and the fees we may charge for certain products and services;
uncertainties related to the application of the National Bank Act of 1863, 12 U.S.C. 38 (the “National Bank Act”) and OCC regulations to the Bank’s corporate affairs as more fully described under “Risk Factors” in our 2019 Annual Report on Form 10-K;
changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board (“FASB”) or regulatory agencies;
risks and uncertainties related to the ability to obtain shareholder and regulatory approvals when required, or the possibility that such approvals may be delayed;
new legal claims against the Bank, including litigation, arbitration and proceedings brought by governmental or self-regulatory agencies, or changes in existing legal matters;
economies of scale attendant to the development of digital and other technologies by much larger bank and non-bank competitors, and the possible entry of technology “platform” companies into the financial services business;
the Bank’s ability to develop and maintain secure and reliable information technology systems, including as necessary to guard against fraud, cybersecurity and privacy risks; and
the Bank’s implementation of new technologies, including its core deposit system, to remain competitive.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Further, statements about the potential effects of the COVID-19 pandemic on the Bank’s businesses and financial results and condition may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond the Bank’s control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on the Bank, its customers and third parties.
Except to the extent required by law, the Bank 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.
GLOSSARY OF ACRONYMS
ACLAllowance for Credit LossesHTMHeld-to-Maturity
AFSAvailable-for-SaleIMGInternational Manufacturing Group
ALCOAsset/Liability CommitteeLIBORLondon Interbank Offered Rate
ALLLAllowance for Loan and Lease LossesMD&AManagement’s Discussion and Analysis
ALMAsset Liability ManagementMunicipalitiesState and Local Governments
AmegyAmegy Bank, a division of Zions Bancorporation, National AssociationNASDAQNational Association of Securities Dealers Automated Quotations
AOCIAccumulated Other Comprehensive IncomeNBAZNational Bank of Arizona, a division of Zions Bancorporation, National Association
ASCAccounting Standards CodificationNIMNet Interest Margin
ASUAccounting Standards UpdateNMNot Meaningful
ATMAutomated Teller MachineNSBNevada State Bank, a division of Zions Bancorporation, National Association
bpsbasis pointsOCCOffice of the Comptroller of the Currency
CB&TCalifornia Bank & Trust, a division of Zions Bancorporation, National AssociationOCIOther Comprehensive Income
CECLCurrent Expected Credit LossOREOOther Real Estate Owned
CET1Common Equity Tier 1 (Basel III)OTTIOther-Than-Temporary Impairment
CFPBConsumer Financial Protection BureauPEIPrivate Equity Investment
CLTVCombined Loan-to-Value RatioPPNRPre-provision Net Revenue
COSOCommittee of Sponsoring Organizations of the Treadway CommissionROCRisk Oversight Committee
CRECommercial Real EstateROURight-of-Use
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection ActRULCReserve for Unfunded Lending Commitments
DTADeferred Tax AssetS&PStandard and Poor's
EaREarnings at RiskSBASmall Business Administration
ERMEnterprise Risk ManagementSBICSmall Business Investment Company
EVEEconomic Value of Equity at RiskSECSecurities and Exchange Commission
FASBFinancial Accounting Standards BoardTCBWThe Commerce Bank of Washington, a division of Zions Bancorporation, National Association
FDICFederal Deposit Insurance CorporationTDRTroubled Debt Restructuring
FDICIAFederal Deposit Insurance Corporation Improvement ActTier 1Common Equity Tier 1 (Basel III) and Additional Tier 1 Capital
FHLBFederal Home Loan BankU.S.United States
FTPFunds Transfer PricingVectraVectra Bank Colorado, a division of Zions Bancorporation, National Association
GAAPGenerally Accepted Accounting PrinciplesZions Bancorporation, N.A.Zions Bancorporation, National Association
HECLHome Equity Credit LineZions BankZions Bank, a division of Zions Bancorporation, National Association
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

GAAP to NON-GAAP RECONCILIATIONS
This Form 10-Q presents non-GAAP financial measures, in addition to GAAP financial measures, to provide investors with additional information. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. The Bank considers these adjustments to be relevant to ongoing operating results and provide a meaningful base for period-to-period and company-to-company comparisons. These non-GAAP financial measures are used by management to assess the performance and financial position of the Bank and for presentations of Bank performance to investors. The Bank further believes that presenting these non-GAAP financial measures will permit investors to assess the performance of the Bank on the same basis as that applied by management.
Non-GAAP financial measures have inherent limitations, and are not required to be uniformly applied by individual entities. Although non-GAAP financial measures are frequently used by stakeholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.
The following are non-GAAP financial measures presented in this Form 10-Q and a discussion of the reasons for which management uses these non-GAAP measures:
Return on Average Tangible Common Equity – this schedule also includes “net earnings applicable to common shareholders, excluding the effects of the adjustment, net of tax” and “average tangible common equity.” Return on average tangible common equity is a non-GAAP financial measure that management believes provides useful information to management and others about the Bank’s use of shareholders’ equity. Management believes the use of ratios that utilize tangible equity provides additional useful information about performance because they present measures of those assets that can generate income.
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)
Three Months Ended
(Dollar amounts in millions)March 31,
2020
December 31,
2019
September 30,
2019
March 31,
2019
Net earnings applicable to common shareholders (GAAP)
$ $174  $214  $205  
Adjustment, net of tax:
Amortization of core deposit and other intangibles—  —  —  —  
Net earnings applicable to common shareholders, excluding the effects of the adjustment, net of tax (non-GAAP)
(a)$ $174  $214  $205  
Average common equity (GAAP)$6,924  $6,866  $7,002  $7,005  
Average goodwill and intangibles(1,014) (1,014) (1,014) (1,014) 
Average tangible common equity (non-GAAP)(b)$5,910  $5,852  $5,988  $5,991  
Number of days in quarter(c)91  92  92  90  
Number of days in year(d)366  365  365  365  
Return on average tangible common equity (non-GAAP)
(a/b/c)*d0.4 %11.8 %14.2 %13.9 %
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Tangible Equity Ratio, Tangible Common Equity Ratio, and Tangible Book Value per Common Share – this schedule also includes “tangible equity,” “tangible common equity,” and “tangible assets.” Tangible equity ratio, tangible common equity ratio and tangible book value per common share are non-GAAP financial measures that management believes provides additional useful information about the levels of tangible assets and tangible equity in relation to outstanding shares of common stock. Management believes the use of ratios that utilize tangible equity provides additional useful information to management and others about capital adequacy because they present measures of those assets that can generate income.
TANGIBLE EQUITY RATIO, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE BOOK VALUE PER COMMON SHARE (ALL NON-GAAP MEASURES)
(Dollar amounts in millions, except per share amounts)March 31,
2020
December 31,
2019
September 30,
2019
March 31,
2019
Total shareholders’ equity (GAAP)$7,472  $7,353  $7,509  $7,588  
Goodwill and intangibles(1,014) (1,014) (1,014) (1,014) 
Tangible equity (non-GAAP)(a)6,458  6,339  6,495  6,574  
Preferred stock(566) (566) (566) (566) 
Tangible common equity (non-GAAP)(b)$5,892  $5,773  $5,929  $6,008  
Total assets (GAAP)$71,467  $69,172  $70,361  $69,195  
Goodwill and intangibles(1,014) (1,014) (1,014) (1,014) 
Tangible assets (non-GAAP)(c)$70,453  $68,158  $69,347  $68,181  
Common shares outstanding (thousands)(d)163,852  165,057  170,373  182,513  
Tangible equity ratio (non-GAAP)(a/c)9.2 %9.3 %9.4 %9.6 %
Tangible common equity ratio (non-GAAP)(b/c)8.4 %8.5 %8.5 %8.8 %
Tangible book value per common share (non-GAAP)(b/d)$35.96  $34.98  $34.80  $32.92  
Efficiency Ratio and Adjusted Pre-Provision Net Revenue – this schedule also includes “adjusted noninterest expense,” “taxable-equivalent net interest income,” “adjusted taxable-equivalent revenue,” “pre-provision net revenue" (“PPNR”) and “adjusted PPNR.” The methodology of determining the efficiency ratio may differ among companies. Management makes adjustments to exclude certain items as identified in the subsequent schedule which it believes allows for more consistent comparability among periods. Management believes the efficiency ratio provides useful information regarding the cost of generating revenue. Adjusted noninterest expense provides a measure as to how well the Bank is managing its expenses, and adjusted PPNR enables management and others to assess the Bank’s ability to generate capital to cover credit losses through a credit cycle. Taxable-equivalent net interest income allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)
Three Months EndedYear Ended
(Dollar amounts in millions)March 31,
2020
December 31,
2019
March 31,
2019
December 31,
2019
Noninterest expense (GAAP)(a)$408  $472  $430  $1,742  
Adjustments:
Severance costs
—  22  —  25  
Other real estate expense, net
—  —  (1) (3) 
Amortization of core deposit and other intangibles
—  —  —   
Restructuring costs
 15  —  15  
Pension termination-related expense
—  —  —  —  
Total adjustments
(b) 37  (1) 38  
Adjusted noninterest expense (non-GAAP)
(a-b)=(c)$407  $435  $431  $1,704  
Net interest income (GAAP)(d)$548  $559  $576  $2,272  
Fully taxable-equivalent adjustments
(e)   26  
Taxable-equivalent net interest income (non-GAAP)
(d+e)=f555  566  582  2,298  
Noninterest income (GAAP)g134  152  132  562  
Combined income (non-GAAP)
(f+g)=(h)689  718  714  2,860  
Adjustments:
Fair value and nonhedge derivative income (loss)
(11)  (3) (9) 
Securities gains (losses), net
(6)    
Total adjustments
(i)(17)  (2) (6) 
Adjusted taxable-equivalent revenue (non-GAAP)
(h-i)=(j)$706  $710  $716  $2,866  
Pre-provision net revenue (PPNR) (non-GAAP)
(h)-(a)$281  $246  $284  $1,118  
Adjusted PPNR (non-GAAP)(j-c)=(k)299  275  285  1,162  
Efficiency ratio (non-GAAP)(c/j)57.7 %61.3 %60.2 %59.5 %

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
RESULTS OF OPERATIONS
Executive Summary
The financial performance in the first quarter of 2020 reflects moderate loan growth, demand and interest-bearing deposit growth, customer-related fee improvement, and expense control. The positive impact of these items was partially offset by the effects of the COVID-19 pandemic, a 150 basis point reduction to the Federal Funds target rate in March 2020, and a decline in oil and gas-related prices. During the first quarter, the provision for credit losses increased as a result of the uncertain economic impact related to the effects of the COVID-19 pandemic. Net interest margin compression remained a challenge as loan yields declined, but was partially offset by a decline in the cost of deposits and borrowed funds. For more information on the Bank's first quarter of 2020 performance, see "First Quarter 2020 Financial Performance" on page 11 in Management's Discussion and Analysis.
COVID-19 Pandemic
In the latter part of the first quarter of 2020, the COVID-19 pandemic manifested its impact on individuals, companies, and governmental entities around the world. It has significantly curtailed the global economy and created a challenging operating environment. As economic conditions deteriorated in mid-March as a result of the COVID-19 pandemic, we responded rapidly. Some of the key adjustments and developments include the following:
For our employees:
Enhancing the ability of our employees to work remotely, adjusting branch operating hours and restricting lobby access in many cases.
Providing significant support to employees by granting an increase in flexibility with paid leave, temporarily adjusting vacation policies, and increasing the cleaning of facilities to enable a safer environment for those employees that are not able to work from home.
For our customers and communities:
Offering short-term loan payment and fee forbearance programs. Thousands of borrowers have requested and received temporary forbearance from obligations to assist them with the expected shortage in their near-term cash flow.
Moving certain offshore operations domestically to ensure that information security standards are met and that our customers are provided with the service and support they need.
Facilitating government programs. See "SBA Paycheck Protection Program" in this section for more information.
Investing in our communities. We plan to use a portion of the proceeds received from the SBA PPP loans and invest in the communities we serve.
For our shareholders and regulators:
Maintaining our capital ratios at strong levels and materially augmenting our allowance for credit losses ("ACL"), increasing the ACL by $221 million, or 40%.
Reducing costs where possible, including reducing incentive compensation for certain executives that is linked to profitability and credit quality performance.
Select Industries Significantly Affected by COVID-19
We believe select industries have elevated risk due to the COVID-19 pandemic, and as a result, loans to these industries are being closely managed. The following chart shows the Bank's loan balances in some of these industries. The total loan balance in these selected industries was $5.6 billion, or 11.2% of total loans, as of March 31, 2020. As of mid-April, more than 95% of loans in these industries were not deferring payments, and many loans in various industries have strong collateral coverage. The oil and gas-related industry has been affected by the COVID-19 pandemic and broader international production matters, but is not identified in the subsequent table. For more information see "Oil and Gas-Related Exposure" on page 23 of Management's Discussion and Analysis.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
zions-20200331_g1.jpg
Utilization of available credit for the total loan portfolio increased approximately two percentage points in the first quarter of 2020, compared with the fourth quarter of 2019. Industries where utilization increased include retail-related (excluding supermarkets, gas stations and automotive dealerships), dentists, hotels, restaurants (full-service and bars), construction, financials (non-banks), and manufacturing. The utilization rate remained relatively stable within restaurants (limited/quick service), travel, tourism and theme parks, and day care facilities. For information on loan modifications related to COVID-19 see "COVID-19 modifications" on page 28 of Management's Discussion and Analysis.
SBA Paycheck Protection Program
Subsequent to March 31, 2020, we provided assistance to many small businesses through the SBA's Paycheck Protection Program. This program provides small businesses with funds to pay up to eight weeks of payroll costs including benefits. A portion of the funds can also be used to pay interest on mortgages, rent, and utilities.
We processed approximately $4.4 billion of PPP loans for more than 14,000 customers in the first round of SBA PPP loan fundings. We ranked ninth by dollar volume of all the participating financial institutions as cited by the SBA. Payments by borrowers on the loans begin six months after the note date, and interest, at 1%, will continue to accrue during the six-month deferment. Loans can be forgiven in whole or part (up to full principal and any accrued interest).
Loan processing fees paid to the Bank from the SBA are accounted for as loan origination fees. Net deferred fees are recognized over the life of the loan, or two years, as a yield adjustment on the loans. If a loan is paid off or forgiven by the SBA prior to its maturity date, the remaining unamortized deferred fees will be recognized in interest income at that time. At such time that any of these loans are forgiven or repaid before the scheduled maturity, we expect an increase in interest income and the net interest margin during that period.
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