Zions Bancorporation, National Association (ZION) Q4 2022 Earnings Call Transcript

Zions Bancorporation, National Association (NASDAQ:ZION) Q4 2022 Earnings Conference Call January 23, 2023 5:30 PM ET

Company Participants

James Abbott - Director, IR

Harris Simmons - Chairman and CEO

Paul Burdiss - CFO

Scott McLean - President and COO

Michael Morris - Chief Credit Officer

Conference Call Participants

Manan Gosalia - Morgan Stanley

Ebrahim Poonawala - Bank of America

John Pancari - Evercore ISI

Chris McGratty - KBW

Peter Winter - D.A. Davidson

Ken Usdin - Jefferies

Operator

Greetings, and welcome to the Zions Bancorp Q4 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, James Abbott, Director of Investor Relations.

James Abbott

Hey. Thank you, Joe, and good evening. We welcome you to this conference call to discuss our 2022 fourth quarter and full year earnings.

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 the 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 at zionsbancorporation.com.

For our agenda today, Chairman and Chief Executive Officer, Harris Simmons, will provide opening remarks, followed by a brief review of our financial results by Paul Burdiss, our Chief Financial Officer. With us also today are Scott McLean, President and Chief Operating Officer; Keith Maio, Chief Risk Officer; and Michael Morris, Chief Credit Officer. After our prepared remarks, we will hold a question-and-answer session. During the Q&A session, we anticipate holding that to about 45 minutes in time. And we expect -- we’d ask you to limit your questions to one primary and one follow-up related question.

With that I will now turn the time over to Harris Simmons.

Harris Simmons

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

Beginning on slide 3, you’ll see some themes that are particularly applicable to Zions in recent quarters as well as some that are likely to be prominent over the near-term horizon. First, our balance sheet, which is supported by what we think is a very high quality deposit base, has benefited from rising rates, resulting in growth of net interest income, exclusive of the contribution from PPP loans of more than 40% over the year-ago quarter, and 30%, when including PPP income that had a substantial positive impact a year ago, but very little effect in the current quarter.