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Zions Bancorporation , N.A. One South Main Salt Lake City , UT 84133 April 19 , 2021 www.zionsbancorporation.com First Quarter 2021 Financial Results : FOR IMMEDIATE RELEASE $ 1.90 Net earnings¹ per diluted common share FIRST QUARTER HIGHLIGHTS² Net Interest Income and NIM Operating Performance Loans and Credit Quality Capital Notable items Zions Bancorporation , N.A. Reports : 1Q21 Net Earnings¹ of $ 314 million , diluted EPS of $ 1.90 compared with 1020 Net Earnings¹ of $ 6 million , diluted EPS of $ 0.04 , and 4Q20 Net Earnings¹ of $ 275 million , diluted EPS of $ 1.66 ZIONS BANCORPORATION Net interest income was $ 545 million , compared with $ 548 million $ 314 million Net Earnings ¹ FIRST QUARTER RESULTS NIM was 2.86 % , compared with 3.41 % , and was significantly impacted by lower interest rates and higher average cash balances of $ 7.8 billion , compared with $ 2.0 billion Pre - provision net revenue ( " PPNR " ) was $ 287 million , up 2 % , and adjusted PPNR³ was $ 253 million , down 15 % The efficiency ratio³ was 63.5 % , compared with 57.7 % Noninterest expense was $ 435 million , up 7 % , and adjusted noninterest expense³ was $ 440 million , up 8 % , due to increases in salaries and employee benefits ( largely long - term compensation ) and PPP - related professional and legal services Net loans and leases were $ 53.5 billion , up $ 3.5 billion , or 7 % , and included PPP loans of $ 6.5 billion About 24,000 PPP Round 2021 loans were originated , totaling $ 2.6 billion Nonperforming assets were $ 327 million , or 0.7 % , of loans ( ex - PPP ) , compared with $ 280 million , or 0.6 % , of loans The provision for credit losses was a negative $ 132 million , compared with a positive $ 258 million The allowance for credit losses was 1.5 % of loans ( ex - PPP ) , compared with 1.6 % of loans The CET1 capital ratio was 11.2 % , compared with 10.0 % About 15,000 PPP loans were forgiven by the SBA , totaling $ 1.6 billion , which contributed $ 31 million of interest income through accelerated recognition of net unamortized deferred fees Deposits were $ 73.9 billion , up $ 16.3 billion , or 28 % , resulting in a loan - to - deposit ratio of 72 % . Deposit growth has been impacted by government stimulus programs Gain on sale of remaining Farmer Mac Class C stock of $ 11 million , or $ 0.05 per share Positive credit valuation adjustment of $ 18 million , or $ 0.08 per share , 4 on client related interest rate swaps 2.86 % Net interest margin ( " NIM " ) CEO COMMENTARY Harris H. Simmons , Chairman and CEO of Zions Bancorporation , commented , " Our first quarter results were strong , reflecting an improving credit environment and outlook , which resulted in minimal net charge - offs and a substantial reversal of loan loss provisions made in prior quarters as the pandemic took hold . " OPERATING PERFORMANCE³ Mr. Simmons continued , “ During the quarter , we assisted more than 24,000 customers in obtaining access to $ 2.6 billion of governmental relief funds in the form of PPP loans , bringing the total amount of PPP loans made to small businesses over the past year to nearly $ 10 billion . Non - PPP loan volumes continued to experience attrition while total deposits saw robust growth , both being in large measure a result of unusually strong levels of liquidity in the economy . " ¹ Net Earnings is net earnings applicable to common shareholders . Comparisons noted in the bullet points are calculated for the current quarter versus the same prior - year period , unless otherwise specified . 3 For information on non - GAAP financial measures and the reasons for which the Bank presents these numbers , see pages 15-17 . 4 EPS calculations assume a 24.5 % statutory tax rate . Year - to - date Efficiency Ratio Investor and Media Contact : James Abbott ( 801 ) 844-7637 ill 63.5 % $ 299 57.7 % 2021 2020 Year - to - date Adjusted PPNR 2020 11.2 % Common Equity Tier 1 $ 253 2021