Zions Bancorporation, National Association (ZION) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 19, 2023 5:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings, and welcome to Zions Bancorp Q2 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Shannon Drage, Director of Investor Relations. Thank you, Shannon. You may begin.

Shannon Drage

Thank you, Alicia, and good evening. We welcome you to this conference call to discuss our 2023 second quarter earnings.

As many of you know, our long-term Director of Investor Relations, James Abbott, has decided to pursue a self-employment opportunity and we wish him well. My name is Shannon Drage, and I am the Interim Director until a permanent replacement for James is selected.

I would like to remind you that during this call, we will be making forward-looking statements, although actual results may differ materially. We encourage you to review the disclaimer in our press release or the slide deck on Slide 2 dealing with forward-looking information and the presentation of non-GAAP measures, which applies equally to statements made during this call. A copy of the earnings release, as well as the slide deck are available on zionsbancorporation.com.

For our agenda today, Chairman and Chief Executive Officer, Harris Simmons, will provide opening remarks. Following Harris' comments, Paul Burdiss, our Chief Financial Officer, will review our financial results. Also with us today are Scott McLean, President and Chief Operating Officer, and Keith Maio, Chief Risk Officer. After our prepared remarks, we will hold a question-and-answer session. This call is scheduled for one hour.

I will now turn the time over to Harris Simmons.

Harris Simmons

Thanks very much, Shannon, and we welcome all of you to our call this evening.

We're pleased that the environment around the banking industry seems to have stabilized relative to the disruption we saw during the first quarter. One notable outcome across the industry has been the acceleration of deposit pricing. While deposit attrition appears to have been largely transitory, the higher cost of deposits remains.

Beginning on Slide 3, we've shown some themes that are particularly applicable to Zions this quarter as well as those that are likely to be prominent over the near-term horizon.

Customer deposits were up $2 billion for the quarter. We are grateful, but not surprised that our customers have demonstrated their loyalty and confidence in us.