Companies: 10,652     total market cap: $140.840 T
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Zions Bancorporation
ZION
#2098
Rank
$9.64 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$65.29
Share price
1.82%
Change (1 day)
19.47%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Zions Bancorporation
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2021 Q1

Zions Bancorporation - 10-Q quarterly report FY2021 Q1


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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, 2021 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
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 22, 2021                        163,815,613 shares
1

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Table of Contents


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Item 1A.
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2

Table of Contents
ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
GLOSSARY OF ACRONYMS
ACLAllowance for Credit LossesHTMHeld-to-Maturity
AFSAvailable-for-SaleIMGInternational Manufacturing Group
ALCOAsset/Liability CommitteeIOSCO International Organization of Securities Commissions
ALLLAllowance for Loan and Lease LossesIPOInitial Public Offering
ALMAsset Liability ManagementLIBORLondon Interbank Offered Rate
AmegyAmegy Bank, a division of Zions Bancorporation, National AssociationMD&AManagement’s Discussion and Analysis
AOCIAccumulated Other Comprehensive IncomeMunicipalitiesState and Local Governments
ASCAccounting Standards CodificationNASDAQNational Association of Securities Dealers Automated Quotations
ASUAccounting Standards UpdateNBAZNational Bank of Arizona, a division of Zions Bancorporation, National Association
bpsbasis pointsNIMNet Interest Margin
CB&TCalifornia Bank & Trust, a division of Zions Bancorporation, National AssociationNSBNevada State Bank, a division of Zions Bancorporation, National Association
CECLCurrent Expected Credit LossOCIOther Comprehensive Income
CET1Common Equity Tier 1 (Basel III)OREOOther Real Estate Owned
CFPBConsumer Financial Protection BureauPEIPrivate Equity Investment
CLTVCombined Loan-to-Value RatioPPNRPre-provision Net Revenue
COSOCommittee of Sponsoring Organizations of the Treadway CommissionPPPPaycheck Protection Program
CRECommercial Real EstatePPPLFPayroll Protection Program Liquidity Facility
CVACredit Valuation AdjustmentROCRisk Oversight Committee
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection ActROURight-of-Use
DTADeferred Tax AssetRULCReserve for Unfunded Lending Commitments
DTLDeferred Tax LiabilityS&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
FCAFinancial Conduct AuthorityTDRTroubled Debt Restructuring
FDICFederal Deposit Insurance CorporationTier 1Common Equity Tier 1 (Basel III) and Additional Tier 1 Capital
FDICIAFederal Deposit Insurance Corporation Improvement ActU.S.United States
FHLBFederal Home Loan BankVectraVectra Bank Colorado, a division of Zions Bancorporation, National Association
FTPFunds Transfer PricingZions Bancorporation, N.A.Zions Bancorporation, National Association
GAAPGenerally Accepted Accounting PrinciplesZions BankZions Bank, a division of Zions Bancorporation, National Association
HECLHome Equity Credit Line

3

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 and assumptions 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 preceded by, followed by, or that include the words “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “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. Actual results and outcomes may differ materially from those presented, either expressed or implied, due to various factors including, but not limited to, those presented in Management’s Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors in our 2020 Form 10-K.
Although there can be no assurance that any list of risks and uncertainties is complete, important factors that may cause such material differences include changes in general economic, regulatory, and industry conditions; changes and uncertainties in fiscal, monetary, regulatory, trade and tax policies and legislative and regulatory changes, including the broad changes that often occur as a result of a new presidential administration; changes in interest rates and uncertainty regarding the transition away from the London Interbank Offered Rate (“LIBOR”) toward other alternative reference rates; the quality and composition of our loan and securities portfolios; competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services; our ability to execute our strategic plans, manage our risks, and achieve our business objectives; our ability to develop and maintain information security systems and controls designed to guard against fraud, cyber and privacy risks; and the effects of the COVID-19 pandemic or other national or international catastrophes or conflicts that may occur in the future and governmental responses to such matters.
We caution against the undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any of the forward-looking statements included herein to reflect future events or developments.
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. We consider these adjustments to be relevant to ongoing operating results and provide a meaningful base for period-to-period and company-to-company comparisons. We use these non-GAAP financial measures to assess our performance, financial position, and for presentations of our performance to investors. We further believe that presenting these non-GAAP financial measures will permit investors to assess our performance on the same basis as that applied by us and the banking industry.
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Non-GAAP financial measures have inherent limitations and are not required to be uniformly applied across the financial services industry. 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, together with a discussion of the reasons why we use these non-GAAP measures:
Return on Average Tangible Common Equity – this schedule also includes net earnings applicable to common shareholders, excluding the effects of any adjustments, net of tax, and average tangible common equity. Return on average tangible common equity is a non-GAAP financial measure that we believe provides useful information to us and others about our use of shareholders’ equity. We believe 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,
2021		December 31,
2020		March 31,
2020
Net earnings applicable to common shareholders, excluding the effects of the adjustment, net of tax (non-GAAP) 1
(a)$314 $275 $6 
Average common equity (GAAP)$7,333 $7,166 $6,924 
Average goodwill and intangibles(1,016)(1,016)(1,014)
Average tangible common equity (non-GAAP)(b)$6,317 $6,150 $5,910 
Number of days in quarter(c)90 92 91 
Number of days in year(d)365 366 366 
Return on average tangible common equity (non-GAAP)
(a/b/c)*d20.2 %17.8 %0.4 %
1 For all periods presented, no adjustments were made related to the amortization of core deposits and other intangibles.
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 we believe provide additional useful information about the levels of tangible assets and tangible equity. We believe the use of ratios that utilize tangible equity provides additional useful information about capital adequacy because the ratios 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,
2021		December 31,
2020		March 31,
2020
Total shareholders’ equity (GAAP)$7,933 $7,886 $7,472 
Goodwill and intangibles(1,016)(1,016)(1,014)
Tangible equity (non-GAAP)(a)6,917 6,870 6,458 
Preferred stock(566)(566)(566)
Tangible common equity (non-GAAP)(b)$6,351 $6,304 $5,892 
Total assets (GAAP)$85,121 $81,479 $71,467 
Goodwill and intangibles(1,016)(1,016)(1,014)
Tangible assets (non-GAAP)(c)$84,105 $80,463 $70,453 
Common shares outstanding (thousands)(d)163,800 164,090 163,852 
Tangible equity ratio (non-GAAP)(a/c)8.2 %8.5 %9.2 %
Tangible common equity ratio (non-GAAP)(b/c)7.6 %7.8 %8.4 %
Tangible book value per common share (non-GAAP)(b/d)$38.77 $38.42 $35.96 
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Efficiency Ratio and Adjusted Pre-Provision Net Revenue – this schedule also includes “adjusted noninterest expense,” “taxable-equivalent net interest income,” “adjusted taxable-equivalent revenue,” and “pre-provision net revenue” (“PPNR”). The methodology of determining the efficiency ratio may differ among companies. We make adjustments to exclude certain items, as identified in the subsequent schedule, which we believe allow for more consistent comparability among periods. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. Adjusted noninterest expense provides a measure as to how well we are managing our expenses, and adjusted PPNR enables us and others to assess our ability to generate capital to cover credit losses through a credit cycle. Taxable-equivalent net interest income allows us to assess the comparability of revenue arising from both taxable and tax-exempt sources.
EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)
Three Months EndedYear Ended
(Dollar amounts in millions)March 31,
2021		December 31,
2020		March 31,
2020		December 31,
2020
Noninterest expense (GAAP)(a)$435 $424 $408 $1,704 
Adjustments:
Severance costs
— 1 — 1 
Other real estate expense, net
— 1 — 1 
Amortization of core deposit and other intangibles
— — — — 
Restructuring costs
— (1)1 1 
Pension termination-related (income) expense
(5)— — 28 
Total adjustments
(b)(5)1 1 31 
Adjusted noninterest expense (non-GAAP)
(a-b)=(c)$440 $423 $407 $1,673 
Net interest income (GAAP)(d)$545 $550 $548 $2,216 
Fully taxable-equivalent adjustments
(e)8 7 7 27 
Taxable-equivalent net interest income (non-GAAP)
(d+e)=f553 557 555 2,243 
Noninterest income (GAAP)g169 166 134 574 
Combined income (non-GAAP)
(f+g)=(h)722 723 689 2,817 
Adjustments:
Fair value and nonhedge derivative gain (loss)
18 8 (11)(6)
Securities gains (losses), net
11 12 (6)7 
Total adjustments
(i)29 20 (17)1 
Adjusted taxable-equivalent revenue (non-GAAP)
(h-i)=(j)$693 $703 $706 $2,816 
Pre-provision net revenue (PPNR) (non-GAAP)
(h)-(a)$287 $299 $281 $1,113 
Adjusted PPNR (non-GAAP)(j)-(c)253 280 299 1,143 
Efficiency ratio (non-GAAP)(c/j)63.5 %60.2 %57.7 %59.4 %

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RESULTS OF OPERATIONS
Executive Summary
The financial performance in the first quarter of 2021 reflected 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 due to the COVID-19 pandemic. Diluted earnings per share in first quarter of 2021 increased to $1.90, compared with $0.04 in the first quarter of 2020.
Compared with the first quarter of 2020, net interest income decreased $3 million, or 1%, to $545 million, as the adverse impact of lower interest rates was offset by average interest-earning asset growth of $12.9 billion, which included $6.1 billion of U.S. Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans. Net loan and lease charge-offs were $8 million, or 0.06% of average loans in the first quarter of 2021, and excluding PPP loans, they were 0.07%. Customer-related fee income decreased by $10 million, or 7%, primarily due to lower customer interest rate swap fees. Total noninterest expense increased by $27 million, or 7%, primarily due to increases in long-term incentive compensation and PPP-related professional and legal services.
Total deposits increased $16.3 billion, or 28%, primarily due to government stimulus programs. Total loans and leases increased $3.6 billion, or 7%, due to PPP loan originations. Excluding PPP loans, total loans and leases decreased $2.9 billion, or 6%, as the economic environment and an abundance of liquidity in the marketplace continued to reduce overall loan demand. The deposit-driven excess liquidity on our balance sheet has been challenging to deploy profitably in the low interest rate environment and our customers have had minimal need for traditional bank credit. We continue to look for suitable investments to act as an interest-earning asset bridge until loan demand returns.
SBA Paycheck Protection Program
During first quarter of 2021, we continued to provide assistance to many small businesses through the PPP, which was extended until May 31, 2021. Designed to address the effects of the COVID-19 pandemic, this program provides small businesses with funds to be used for specific expenses, such as payroll, as defined by the SBA. Since the inception of the program in the first quarter of 2020, we have processed nearly $10 billion of PPP loans for approximately 73,000 customers, which included more than 18,000 new customers. We continue to work diligently to solidify those new relationships. As of March 31, 2021, we ranked as the tenth largest originator of PPP loans by dollar volume, as disclosed by the SBA.
The following schedule presents additional information related to our PPP loans.
PPP LOANS
Three Months EndedYear Ended
March 31, 2021December 31, 2020Total
(in billions)
Balance of loan originations during the period$2.6 $7.3 $9.9 
Balance of loans forgiven by the SBA1 during the period
1.6 1.3 2.9 
(in millions)
Interest and amortization of fees29 120 149 
Accelerated recognition of unamortized net origination fees 2
31 26 57 
Total interest income related to PPP loans$60 $146 $206 
Total unamortized net origination fees, at period end$168 $102 
Loan yield3.98 %3.22 %
1 As of March 31, 2021, no PPP loans from Round 2021 had been forgiven.
2 When a loan is paid off or forgiven by the SBA prior to its maturity date, the remaining net unamortized deferred fees are accelerated and recognized into interest income at that time, impacting the PPP loan portfolio yield in that period.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
First Quarter 2021 Financial Performance
Net Earnings Applicable to Common Shareholders
(in millions)		Diluted EPSAdjusted PPNR
(in millions)		Efficiency ratio
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Net earnings applicable to common shareholders increased from the first quarter of 2020, primarily due to a negative $132 million provision for credit losses. The negative provision for credit losses was driven by a decrease in the ACL due to an improvement in the economic outlook, compared with the more stressed economic outlook at the outset of the COVID-19 pandemic.
Diluted earnings per share increased from the first quarter of 2020 as a result of increased earnings and a 5% decrease in average diluted shares, primarily due to the out-of-the-money expiration of 29.2 million ZIONW warrants in 2020.
Adjusted PPNR declined $46 million from the first quarter of 2020. Customer-related fees decreased by $10 million, primarily due to lower customer interest rate swap fees. Noninterest expense increased $27 million primarily due to increases in long-term incentive compensation and PPP-related professional and legal services.
The increase in our efficiency ratio is primarily a result of increased noninterest expense, mainly related to long-term incentive compensation, and lower interest income due to the low interest rate environment.

Net Interest Income and Net Interest Margin
Net interest income is the difference between interest earned on interest-earning assets and interest paid on interest-bearing liabilities, and is approximately 76% of our net revenue. Net interest income is derived from both the volume of interest-earning assets and interest-bearing liabilities and their respective yields and rates.














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NET INTEREST INCOME AND NET INTEREST MARGIN
Three Months Ended
March 31,		Amount changePercent change
(In millions)20212020
Interest and fees on loans$488$532$(44)(8)%
Interest on money market investments38(5)(63)
Interest on securities7182(11)(13)
Total interest income
562622(60)(10)
Interest on deposits951(42)(82)
Interest on short- and long-term borrowings823(15)(65)
Total interest expense
1774(57)(77)
Net interest income
$545$548$(3)(1)%
Average interest-earning assets$78,294$65,363$12,931 20 %
Average interest-bearing liabilities$40,157$37,979$2,178 6 %
bps
Yield on interest-earning assets1
2.95 %3.87 %(92)
Rate paid on total deposits and interest-bearing liabilities1
0.09 %0.48 %(39)
Cost of total deposits1
0.05 %0.36 %(31)
Net interest margin1
2.86 %3.41 %(55)
1Rates are calculated using amounts in thousands and taxable-equivalent rates are used where applicable.
Net interest income decreased $3 million, or 1%, primarily due to the lower interest rate environment, which contributed to a $44 million decrease in interest and fees on loans and an $11 million decrease in interest on securities. Interest expense decreased $57 million, or 77%, due to a $42 million decline in interest paid on deposits and a $15 million decline in interest paid on short- and long-term borrowings, both of which were impacted by lower interest rates, reduced competitive pricing pressure for deposits, and reduced balances of borrowed funds, given strong deposit growth.
The net interest margin compressed to 2.86% in the first quarter of 2021, compared with 3.41% in the first quarter of 2020. The yield on average interest-earning assets was 2.95% in the first quarter of 2021, a decrease of 92 bps, compared with the first quarter of 2020. Approximately 22 bps of the decrease was due to growth in low-yielding money market investments. Yields on loans and securities decreased by 69 bps and 57 bps, respectively, while rates paid on deposits and borrowed funds decreased by 52 bps and 67 bps, respectively. The impact of lower interest rates was partially offset by loan growth from PPP loans, and a shift in liability balances from borrowed funds to lower-cost deposits. Excluding the effect of the PPP loans, the NIM may continue to compress over the next several quarters, primarily due to continued repricing of loans, deposit growth potentially exceeding loan demand, and further shifts in interest-earning asset composition towards lower-yielding securities and money market investments.
Average interest-earning assets increased $12.9 billion, or 20%, from the first quarter of 2020, and included $6.1 billion of PPP loans. Average money market investments, including short-term deposits held at the Federal Reserve, increased $5.8 billion to equal 10% of average interest-earning assets in the first quarter of 2021, compared with 3% in the same prior year period. The increase in average money market investments is primarily attributable to deposit growth outpacing loan growth due to government stimulus programs and the resulting abundance of liquidity in the marketplace.
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Average loans and leases increased $4.9 billion, or 10%, to $53.7 billion in the first quarter of 2021, from $48.8 billion in the first quarter of 2020, primarily due to the origination of PPP loans. The yield on loans and leases decreased 69 bps from the first quarter of 2020, or 73 bps when excluding PPP loans. These decreases were primarily due to lower benchmark interest rates, but also reflected continued pricing pressure, in view of surplus market liquidity. The yield on non-PPP loans originated during the first quarter of 2021 was moderately less than the yield on loans maturing or otherwise paying down.
Average available-for-sale (“AFS”) securities balances increased $2.2 billion, or 16%, to $15.9 billion in the first quarter of 2021, from $13.7 billion in the first quarter of 2020. The yield on securities decreased 57 bps from the same prior year period. The yield on securities purchased during the first quarter of 2021 was significantly lower than the yield on securities that paid off or paid down. We purchased $2.7 billion of AFS securities during the first quarter of 2021 with an average yield of 1.3%. Principal repayment volume on AFS securities during the first quarter of 2021 was $1.4 billion, or 9% of the December 31, 2020 balance. Given our current excess liquidity, we anticipate security purchases to exceed runoff by similar amounts over the next few quarters.
Average interest-bearing liabilities increased $2.2 billion, or 6%, and the average rate paid on interest-bearing liabilities decreased 61 bps to 0.17% during the first quarter of 2021. The rate paid on total deposits and interest-bearing liabilities was 0.09% during the first quarter of 2021, a decrease from 0.48% during the first quarter of 2020, which was primarily due to lower benchmark interest rates and strong deposit growth.
Average total deposits were $71.4 billion at an average cost of 0.05% for the first quarter of 2021, compared with $56.9 billion at an average cost of 0.36% for the first quarter of 2020. The 31 bps decline in the cost of total deposits was primarily due to lower benchmark interest rates, growth in noninterest-bearing deposits, and reduced competitive pricing pressure.
Average interest-bearing deposits grew 13% to $37.7 billion at an average cost of 10 bps for the first quarter of 2021, compared with $33.3 billion at an average cost of 62 bps for the same prior year period. Although we consider a wide variety of sources when determining our funding needs, we benefit from access to deposits from a significant number of small- to mid-sized business customers, which provides us with a low cost of funds that has a positive impact on our NIM. Because many of our deposit accounts are of an operating nature for businesses and households, we expect our noninterest-bearing deposits to remain a competitive advantage. Average noninterest-bearing demand deposits increased $10.1 billion, or 43%, from the first quarter of 2020. Average noninterest-
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bearing deposits comprised 47% and 41% of average total deposits for the first quarter of 2021 and 2020, respectively. The net positive impact of noninterest-bearing sources of funds on the NIM was 0.08% during the first quarter of 2021, compared with 0.32% during the first quarter of 2020, reflecting the decline in benchmark interest rates.
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Average borrowed funds decreased $2.2 billion from the first quarter of 2020, with average short-term borrowings decreasing $1.8 billion, and average long-term borrowings decreasing $0.4 billion from the same prior year period, reflecting less reliance on borrowed funds due to strong deposit growth. The average rate paid on short-term borrowings and long-term debt decreased 112 bps and 91 bps, respectively, from the first quarter of 2020.
The spread on average interest-bearing funds was 2.78% and 3.09% for the first quarter of 2021 and 2020, respectively, and was affected by the same factors that impacted the NIM. Interest rate spreads and margins are impacted by the composition of our loan and securities portfolios as well as the type of funding used. For information regarding how we manage interest rate risk, see “Interest Rate and Market Risk Management” on page 26.
The following schedule summarizes the average balances, the amount of interest earned or incurred, and the applicable yields for interest-earning assets and the costs of interest-bearing liabilities that generate taxable-equivalent net interest income.
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CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)Three Months Ended
March 31, 2021		Three Months Ended
March 31, 2020
(Dollar amounts in millions)Average
balance
Amount of
interest 1
Average
yield/rate		Average
balance
Amount of
interest 1
Average
yield/rate
ASSETS
Money market investments$7,791 $3 0.16 %$2,013 $8 1.52 %
Securities:
Held-to-maturity663 5 2.98 593 5 3.72 
Available-for-sale15,876 66 1.69 13,687 77 2.26 
Trading account231 2 3.96 164 2 4.27 
Total securities 2
16,770 73 1.77 14,444 84 2.34 
Loans held for sale68 — 2.81 109 1 3.14 
Loans and leases 3
Commercial - excluding PPP loans24,732 234 3.83 25,514 287 4.53 
Commercial - PPP loans6,135 60 3.98 — — — 
Commercial real estate12,133 105 3.50 11,546 133 4.62 
Consumer10,665 95 3.59 11,737 116 3.99 
Total loans and leases53,665 494 3.73 48,797 536 4.42 
Total interest-earning assets78,294 570 2.95 65,363 629 3.87 
Cash and due from banks614 676 
Allowance for credit losses on loans and debt securities(774)(499)
Goodwill and intangibles1,016 1,014 
Other assets3,930 3,651 
Total assets$83,080 $70,205 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market$35,232 $6 0.07 %$28,856 $33 0.47 %
Time2,491 3 0.55 4,454 18 1.61 
Total interest-bearing deposits37,723 9 0.10 33,310 51 0.62 
Borrowed funds:
Federal funds purchased and other short-term borrowings
1,110 — 0.07 2,922 9 1.19 
Long-term debt1,324 8 2.30 1,747 14 3.21 
Total borrowed funds2,434 8 1.28 4,669 23 1.95 
Total interest-bearing liabilities40,157 17 0.17 37,979 74 0.78 
Noninterest-bearing demand deposits33,723 23,599 
Other liabilities1,301 1,137 
Total liabilities75,181 62,715 
Shareholders’ equity:
Preferred equity566 566 
Common equity7,333 6,924 
Total shareholders’ equity7,899 7,490 
Total liabilities and shareholders’ equity$83,080 $70,205 
Spread on average interest-bearing funds2.78 %3.09 %
Net impact of noninterest-bearing sources of funds0.08 %0.32 %
Net interest margin
$553 2.86 %$555 3.41 %
Memo: total loans and leases, excluding PPP loans$47,530 4343.69 %$48,797 5364.42 %
Memo: total cost of deposits
0.05 %0.36 %
Memo: total deposits and interest-bearing liabilities73,880 17 0.09 %61,578 74 0.48 %
1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented. The taxable-equivalent rates used are the rates that were applicable at the time of each respective reporting period.
2 Interest on total securities includes $30 million and $28 million of taxable-equivalent premium amortization for the first quarter of 2021 and 2020, respectively.
3 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.
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Provision for Credit Losses
The allowance for credit losses (“ACL”) is the combination of both the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”). The ALLL represents the estimated current expected credit losses over the contractual term of the loan and lease portfolio as of the balance sheet date. The RULC represents the estimated reserve for current expected credit losses associated with off-balance sheet commitments. Changes in the ALLL and RULC, including changes in net charge-offs, are recorded as the provision for loan and lease losses and the provision for unfunded lending commitments in the income statement. The ACL for debt securities is estimated separately from loans.
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The provision for credit losses, which is the combination of both the provision for loan losses and the provision for unfunded lending commitments, was a negative $132 million in the first quarter of 2021, compared with negative $67 million in the fourth quarter of 2020, and a positive $258 million in the first quarter of 2020. The ACL was $695 million at March 31, 2021, compared with $835 million at December 31, 2020, and $777 million at March 31, 2020. The year-over-year decrease in the ACL was primarily due to an improvement in the economic outlook, compared with the more stressed economic outlook at the outset of the COVID-19 pandemic. The ratio of allowance for credit losses to net loans and leases (excluding PPP loans) was 1.48%, 1.74%, and 1.56% at March 31, 2021, December 31, 2020, and March 31, 2020, respectively. The annualized ratio of net charge-offs to average loans (excluding PPP) was 0.07%, 0.13%, and 0.06% for the same periods.
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The total ACL was $695 million at March 31, 2021, compared with $835 million at December 31, 2020. The bar chart above illustrates the broad categories of change. The second bar represents the change in economic forecasts. The $110 million decrease from the prior quarter is our estimate of the change in expected credit losses due to improvements in both realized economic results and economic forecasts. The third bar represents credit quality factors and includes risk-grade migration and specific reserves against loans, which, when combined, decreased the ACL by $15 million, indicating moderately improved credit quality. The fourth bar represents loan portfolio changes, driven by declining non-PPP loan balances, the aging of the portfolio, decreased utilization, and other similar factors. These factors resulted in a $15 million reduction in the ACL.
For more information on how we determine the appropriate level of the ALLL and the RULC, see “Credit Risk Management” on page 20 and Note 6 of our 2020 Form 10-K.
Noninterest Income
Noninterest income represents revenue we earn from products and services that generally have no associated interest rate or yield and is classified as either customer-related or noncustomer-related income. Customer-related fees exclude items such as mark-to-market adjustments on certain derivatives; dividends; insurance-related income; and securities gains and losses.
Total noninterest income increased by $35 million, or 26%, to $169 million in the first quarter of 2021, compared with $134 million in the first quarter of 2020. Noninterest income accounted for 24% and 20% of net revenue during the first quarter of 2021 and 2020, respectively.
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The following schedule presents the major components of noninterest income.
NONINTEREST INCOME
Three Months Ended
March 31,		Amount
change		Percent
change
(Dollar amounts in millions)20212020
Commercial account fees
$32 $31 $1 3 %
Card fees
21 21 — — 
Retail and business banking fees17 19 (2)(11)
Loan-related fees and income25 26 (1)(4)
Capital markets and foreign exchange fees15 24 (9)(38)
Wealth management fees12 11 1 9 
Other customer-related fees11 11 — — 
Customer-related fees
133 143 (10)(7)
Fair value and nonhedge derivative income (loss)18 (11)29 NM
Dividends and other income7 8 (1)(13)
Securities gains (losses), net11 (6)17 NM
Total noninterest income
$169 $134 $35 26 %
Customer-related fees
Total customer-related fees decreased to $133 million for the first quarter of 2021, from $143 million for the first quarter of 2020. Although most categories were generally stable when compared with the same prior year period, capital markets and foreign exchange fees decreased $9 million, primarily due to lower customer interest rate swap fees.
Noncustomer-related fees
In the first quarter of 2021, we recognized a positive $18 million credit valuation adjustment (“CVA”) on client-related interest rate swaps, compared with a negative $11 million CVA in the first quarter of 2020. This change reflects a significant decline in the total exposure of client swaps, primarily due to an increase in benchmark interest rates during the quarter and improvements in the credit quality of the customer counterparties associated with the swaps.
Securities gains increased by $17 million, primarily as a result of an $11 million gain on the sale of remaining Farmer Mac Class C stock in the first quarter of 2021. The first quarter of 2020 was negatively impacted by $6 million of unrealized losses related to Small Business Investment Company (“SBIC”) investments.
Noninterest Expense
Noninterest expense increased by $27 million, or 7%, from the first quarter of 2020. Adjusted noninterest expense increased $33 million, or 8%, from the same prior year period. The following schedule presents the major components of noninterest expense.
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NONINTEREST EXPENSE
Three Months Ended
March 31,		Amount
change		Percent
change
(Dollar amounts in millions)20212020
Salaries and employee benefits$288 $274 $14 5 %
Occupancy, net33 33 — — 
Furniture, equipment and software, net32 32 — — 
Credit-related expense6 4 2 50 
Professional and legal services20 12 8 67 
Advertising5 3 2 67 
FDIC premiums7 5 2 40 
Other44 45 (1)(2)
Total noninterest expense
$435 $408 $27 7 %
Adjusted noninterest expense 1
$440 $407 $33 8 %
1 For information on non-GAAP financial measures, see “GAAP to Non-GAAP Reconciliations” on page 4.
Total noninterest expense for the first quarter of 2021 increased by $27 million, or 7%, to $435 million, from $408 million for the first quarter of 2020. Salaries and benefits expense increased $14 million, or 5%, and professional and legal services expense increased $8 million, or 67%, from the same prior year period.
The $14 million increase in salaries and employee benefits reflected increases in long-term incentive compensation, including $7 million related to our Value Sharing Plan and share-based compensation, and $6 million of contributions to our employee 401(k) plan. The increases in these expense categories were relative to the depressed levels reported in the prior year period, when uncertainties resulting from the pandemic led to reduced expenses. The increase in salaries and employee benefits expense was partially offset by a $5 million decrease in base salaries due to reduced headcount. Full-time equivalent employees decreased to 9,682 in the first quarter of 2021, from 9,879 in the first quarter of 2020. The $8 million increase in professional and legal services was primarily related to third-party assistance associated with PPP loan forgiveness.
Adjusted noninterest expense for the first quarter of 2021 increased $33 million, or 8%, to $440 million, compared with $407 million for the same prior year period, primarily due to the reasons previously discussed for noninterest expense.
Income Taxes
Income tax expense for the first quarter of 2021 was $89 million, compared with $2 million for the same prior year period. The effective income tax rates were 21.7% and 12.5% for the first quarter of 2021 and 2020, respectively. Note 12 of the Notes to Consolidated Financial Statements contains additional information about the factors that influenced the income tax rates and information about deferred income tax assets and liabilities.
Preferred Stock Dividends
Preferred stock dividends were $8 million for both the first quarter of 2021 and 2020.
BALANCE SHEET ANALYSIS
Interest-Earning Assets
Interest-earning assets are those assets that have interest rates or yields associated with them, and generally consist of money market investments, securities, loans, and leases. We strive to maintain a high level of interest-earning assets relative to total assets.
For more information regarding the average balances of our interest-earning assets, the amount of revenue generated by them, and their respective yields, see the Consolidated Average Balance Sheet on page 12.
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Investment Securities Portfolio
We invest in securities to manage liquidity and interest rate risk, in addition to generating revenue. Refer to the “Liquidity Risk Management” section on page 30 for additional information on management of liquidity and funding. The following schedule presents the components of our investment securities portfolio. The amortized cost amounts represent the original cost of the investments, adjusted for related accumulated amortization or accretion of any yield adjustments, and for any impairment losses, including credit-related impairment. The estimated fair value measurement levels and methodology are discussed in Note 3 of our 2020 Form 10-K.
INVESTMENT SECURITIES PORTFOLIO
March 31, 2021December 31, 2020
(In millions)Par valueAmortized
cost		Estimated
fair
value		Par valueAmortized
cost		Estimated
fair
value
Held-to-maturity
Municipal securities$583 $583 $584 $636 $636 $640 
Available-for-sale
U.S. Treasury securities205 205 168 205 205 192 
U.S. Government agencies and corporations:
Agency securities1,044 1,044 1,077 1,051 1,051 1,091 
Agency guaranteed mortgage-backed securities
12,431 12,618 12,653 11,259 11,439 11,693 
Small Business Administration loan-backed securities
1,047 1,134 1,101 1,103 1,195 1,160 
Municipal securities1,375 1,520 1,570 1,237 1,352 1,420 
Other debt securities75 75 75 175 175 175 
Total available-for-sale16,177 16,596 16,644 15,030 15,417 15,731 
Total investment securities$16,760 $17,179 $17,228 $15,666 $16,053 $16,371 
The amortized cost of investment securities at March 31, 2021 increased by 7% from December 31, 2020. Approximately 20% of the investment securities are floating rate as of March 31, 2021.
The investment securities portfolio includes $419 million of net premium that is distributed across various security classes. Tax-equivalent premium amortization for the first quarter of 2021 was $30 million, compared with $28 million for the same prior year period in 2020.
As of March 31, 2021, in accordance with the GAAP fair value hierarchy, 1.0% of the $16.6 billion fair value of the AFS securities portfolio was valued at Level 1, and 99.0% was valued at Level 2. This compares with 1.2% and 98.8%, respectively, at December 31, 2020. There were no Level 3 AFS securities for either period. See Note 3 of our 2020 Form 10-K for further discussion of fair value accounting.
Exposure to Municipalities
We provide multiple products and services to state and local governments (referred to collectively as “municipalities”), including deposit services, loans, and investment banking services. We also invest in securities issued by municipalities. The following schedule summarizes our exposure to state and local municipalities:
MUNICIPALITIES
(In millions)March 31,
2021		December 31,
2020
Loans and leases$3,234 $2,951 
Held-to-maturity – municipal securities583 636 
Available-for-sale – municipal securities1,570 1,420 
Trading account – municipal securities172 149 
Unfunded lending commitments403 359 
Total direct exposure to municipalities
$5,962 $5,515 
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The municipal loan and lease portfolio is generally secured by real estate, equipment, or is a general obligation of a municipal entity. Our municipal loans and securities primarily relate to municipalities located within our geographic footprint. At March 31, 2021, no municipal loans were on nonaccrual. Municipal securities are internally graded, similar to loans, using risk-grading systems which vary based on the size and type of credit risk exposure. The internal risk grades assigned to our municipal securities follow our definitions of Pass, Special Mention, and Substandard, which are consistent with published definitions of regulatory risk classifications. As of March 31, 2021, all municipal securities were classified as Pass. See Notes 5 and 6 of the Notes to Consolidated Financial Statements for additional information about the credit quality of these municipal loans and securities.
Loan and Lease Portfolio
For the first quarter of 2021 and 2020, average loans accounted for 65% and 70%, respectively, of total average assets. As presented in the following schedule, the largest category was commercial and industrial loans, which constituted 24% of our loan portfolio at March 31, 2021.
LOAN AND LEASE PORTFOLIO
March 31, 2021December 31, 2020
(Dollar amounts in millions)Amount% of
total loans		Amount% of
total loans
Commercial:
Commercial and industrial$12,843 24.0 %$13,444 25.1 %
PPP6,465 12.1 5,572 10.5 
Leasing310 0.6 320 0.6 
Owner-occupied8,112 15.2 8,185 15.3 
Municipal3,234 6.0 2,951 5.5 
Total commercial30,964 57.9 30,472 57.0 
Commercial real estate:
Construction and land development2,443 4.6 2,345 4.4 
Term9,617 18.0 9,759 18.2 
Total commercial real estate12,060 22.6 12,104 22.6 
Consumer:
Home equity credit line2,695 5.0 2,745 5.2 
1-4 family residential6,630 12.4 6,969 13.0 
Construction and other consumer real estate589 1.1 630 1.2 
Bankcard and other revolving plans409 0.8 432 0.8 
Other125 0.2 124 0.2 
Total consumer10,448 19.5 10,900 20.4 
Total net loans and leases$53,472 100.0 %$53,476 100.0 %
The loan and lease portfolio remained relatively stable during the first quarter of 2021, primarily due to an increase in PPP loan originations across our geographic footprint. Excluding PPP loans, commercial loans decreased $401 million, as the stressed economic environment adversely impacted demand for these loans. Within commercial loans, a $601 million decrease in commercial and industrial loans was partially offset by a $283 million increase in municipal loans. Term commercial real estate loans decreased $142 million, while commercial real estate construction and land development loans increased $98 million. Consumer loans decreased $452 million, which was spread across all consumer loan subcategories.
Other Noninterest-Bearing Investments
During the first quarter of 2021, the value of our SBIC investments increased by $10 million as a result of increased investments. During this same period, the value of our Farmer Mac stock decreased by $12 million, primarily from the sale of our remaining Farmer Mac Class C stock. Aside from these fluctuations, other noninterest-bearing investments remained relatively stable as illustrated in the following schedule.
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OTHER NONINTEREST-BEARING INVESTMENTS
(In millions)March 31,
2021		December 31,
2020
Bank-owned life insurance$534 $532 
Federal Home Loan Bank stock11 11 
Federal Reserve stock97 98 
Farmer Mac stock1
16 28 
SBIC investments145 135 
Non-SBIC investment funds10 10 
Other2 3 
Total other noninterest-bearing investments$815 $817 
1 As a result of the merger of our former bank holding company into the Bank, we agreed to dispose of our Farmer Mac Class C stock to resolve questions about the permissibility of national bank investments in such shares, and we completed this disposition as of March 31, 2021.
Premises, Equipment, and Software
Net premises, equipment, and software increased $27 million, or 2%, during the first quarter of 2021. We are in the final phase of a three-phase project to replace our core loan and deposit banking systems, and are well underway to convert our deposit servicing system by 2023. The total core replacement project spend amount is comprised of both capitalized amounts and amounts that are expensed as incurred. The useful life for most of the capitalized costs is 10 years. The following schedule shows the total amount of costs capitalized, less accumulated depreciation, by phase for the core replacement project.
March 31, 2021
(In millions)Phase 1Phase 2Phase 3Total
Capitalized costs for the core replacement project
Total amount capitalized, less accumulated depreciation$44 $71 $112 $227 
Deposits
Deposits are a primary source of our funding. Average total deposits for the first quarter of 2021 increased by 26%, compared with the first quarter of 2020, with average interest-bearing deposits increasing by 13% and average noninterest-bearing deposits increasing by 43%. The average interest rate paid for interest-bearing deposits was 52 bps lower during the first quarter of 2021, compared with the first quarter of 2020.
Demand, savings, and money market deposits combined represented 97% and 96% of total deposits at March 31, 2021 and December 31, 2020, respectively, and total deposits included $435 million and $813 million of brokered deposits for the same periods. See “Liquidity Risk Management” on page 30 for additional information on funding and borrowed funds.
RISK MANAGEMENT
Risk management is an integral part of our operations and is a key determinant of our overall performance. We apply various strategies to mitigate the risks to which our operations are exposed, including credit risk, interest rate and market risk, liquidity risk, strategic risk, business and corporate governance risk, operational/technology risk, cyber risk, capital/financial reporting risk, legal/compliance risk (including regulatory risk), and reputational risk. These risks are overseen by the various management committees of which the Enterprise Risk Management Committee is the focal point for the monitoring and review of enterprise risk. For a more comprehensive discussion of these risks, see “Risk Factors” in our 2020 Form 10-K.
In support of management's efforts, the Board of Directors has appointed a Risk Oversight Committee (“ROC”) that consists of appointed Board members who oversee our risk management processes. The ROC meets on a regular basis to monitor and review Enterprise Risk Management (“ERM”) activities. As required by its charter, the ROC performs oversight for various ERM activities and approves ERM policies and activities as detailed in the ROC charter.
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Credit Risk Management
Credit risk is the possibility of loss from the failure of a borrower, guarantor, or another obligor to fully perform under the terms of a credit-related contract. Credit risk arises primarily from our lending activities, as well as from off-balance sheet credit instruments. For a more comprehensive discussion of our credit risk management, see “Credit Risk Management” in our 2020 Form 10-K.
Government Agency Guaranteed Loans
We participate in various guaranteed lending programs sponsored by U.S. government agencies, such as the SBA, Federal Housing Authority, Veterans’ Administration, Export-Import Bank of the U.S., and the U.S. Department of Agriculture. As of March 31, 2021, the principal balance of these loans was $7.0 billion, of which $6.9 billion was guaranteed (mostly by the SBA). The following schedule presents the composition of government agency guaranteed loans and includes $6.5 billion of the previously mentioned PPP loans.
GOVERNMENT GUARANTEES
(Dollar amounts in millions)March 31,
2021		Percent
guaranteed		December 31,
2020		Percent
guaranteed
Commercial$7,015 98 %$6,116 98 %
Commercial real estate17 76 18 72 
Consumer6 100 5 100 
Total loans$7,038 98 %$6,139 98 %
Commercial Lending
The following schedule provides selected information regarding lending concentrations to certain industries in our commercial lending portfolio.
COMMERCIAL LENDING BY INDUSTRY GROUP
March 31, 2021December 31, 2020
(Dollar amounts in millions)AmountPercentAmountPercent
Retail trade$2,749 8.9 %$2,736 9.0 %
Healthcare and social assistance2,733 8.8 2,686 8.8 
Manufacturing2,553 8.2 2,480 8.1 
Real estate, rental and leasing2,486 8.0 2,408 7.9 
Construction2,028 6.5 2,001 6.6 
Finance and insurance1,901 6.2 2,115 6.9 
Hospitality and food services1,791 5.8 1,545 5.1 
Professional, scientific, and technical services1,713 5.5 1,598 5.2 
Wholesale trade1,707 5.5 1,735 5.7 
Public administration1,680 5.4 1,512 5.0 
Transportation and warehousing1,505 4.9 1,526 5.0 
Utilities1
1,467 4.8 1,507 4.9 
Other services (except public administration)1,269 4.1 1,207 4.0 
Mining, quarrying, and oil and gas extraction1,180 3.8 1,236 4.1 
Other2
4,202 13.6 4,180 13.7 
Total$30,964 100.0 %$30,472 100.0 %
1 Includes primarily utilities, power, and renewable energy.
2 No other industry group exceeds 3.8%.

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Commercial Real Estate Loans
Select information regarding our CRE loan portfolio is presented in the following schedule.
COMMERCIAL REAL ESTATE PORTFOLIO BY LOAN TYPE AND COLLATERAL LOCATION
(Dollar amounts in millions)Collateral Location
Loan typeAs of
date		ArizonaCaliforniaColoradoNevadaTexasUtah/
Idaho		Wash-ington
Other 1
Total% of 
total
CRE
Commercial term
Balance outstanding
3/31/2021$1,173 $3,179 $602 $656 $1,584 $1,437 $516 $470 $9,617 79.8 %
% of loan type12.2 %33.1 %6.2 %6.8 %16.5 %14.9 %5.4 %4.9 %100.0 %
Delinquency rates 2:
30-89 days
3/31/20212.1 %0.3 %— %— %— %— %— %0.2 %0.4 %
12/31/20200.7 %1.1 %— %— %0.7 %— %— %0.2 %0.6 %
≥ 90 days
3/31/2021— %0.1 %— %— %0.1 %0.2 %— %— %0.1 %
12/31/20200.1 %0.2 %— %— %— %0.2 %— %0.2 %0.1 %
Accruing loans past due 90 days or more
3/31/2021$— $— $— $— $— $— $— $— $— 
12/31/2020— 4 — — — — — — 4 
Nonaccrual loans
3/31/2021$— $5 $— $— $18 $5 $— $3 $31 
12/31/20201 5 — — 18 6 — 1 31 
Residential construction and land development
Balance outstanding
3/31/2021$41 $136 $33 $— $166 $124 $9 $24 $533 4.4 %
% of loan type7.7 %25.5 %6.2 %— %31.1 %23.3 %1.7 %4.5 %100.0 %
Delinquency rates 2:
30-89 days
3/31/2021— %— %— %— %— %— %— %— %— %
12/31/2020— %— %— %— %— %— %— %— %— %
≥ 90 days
3/31/2021— %— %— %— %— %— %— %— %— %
12/31/2020— %— %— %— %— %— %— %— %— %
Accruing loans past due 90 days or more
3/31/2021$— $— $— $— $— $— $— $— $— 
12/31/2020— — — — — — — — — 
Nonaccrual loans
3/31/2021$— $— $— $— $— $— $— $— $— 
12/31/2020— — — — — — — — — 
Commercial construction and land development
Balance outstanding
3/31/2021$137 $340 $66 $80 $559 $540 $147 $41 $1,910 15.8 %
% of loan type7.2 %17.8 %3.5 %4.2 %29.3 %28.2 %7.7 %2.1 %100.0 %
Delinquency rates 2:
30-89 days
3/31/2021— %— %— %— %— %— %— %— %— %
12/31/2020— %— %— %— %— %— %— %— %— %
≥ 90 days
3/31/2021— %— %— %— %— %— %— %— %— %
12/31/2020— %— %— %— %— %— %3.9 %— %0.2 %
Accruing loans past due 90 days or more
3/31/2021$— $— $— $— $— $— $— $— $— 
12/31/2020— — — — — — 4 — 4 
Nonaccrual loans
3/31/2021$— $— $— $— $— $— $— $— $— 
12/31/2020— — — — — — — — — 
Total construction and land development
3/31/2021$178 $476 $99 $80 $725 $664 $156 $65 $2,443 
Total commercial real estate
3/31/2021$1,351 $3,655 $701 $736 $2,309 $2,101 $672 $535 $12,060 100.0 %
1 No other geography exceeds $67 million for all three loan types.
2 Delinquency rates include nonaccrual loans.
At March 31, 2021, our CRE construction and land development and term loan portfolios represent approximately 23% of the total loan portfolio. The majority of our CRE loans are secured by real estate located within our geographic footprint. Approximately 22% of the CRE loan portfolio matures in the next 12 months. Construction and land development loans generally mature in 18 to 36 months and contain full or partial recourse guarantee
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structures with one- to five-year extension options or roll-to-perm options that often result in term debt. Term CRE loans generally mature within a three- to seven-year period and consist of full, partial, and non-recourse guarantee structures. Typical term CRE loan structures include annually tested operating covenants that require loan rebalancing based on minimum debt service coverage, debt yield, or loan-to-value tests.
Approximately $161 million, or 7%, of the construction and land development portfolio at March 31, 2021 consists of land acquisition and development loans. Most of these land acquisition and development loans are secured by specific retail, apartment, office, or other projects. For a more comprehensive discussion of CRE loans, see the “Commercial Real Estate Loans” section in our 2020 Form 10-K.
Consumer Loans
We originate first and second-lien residential home mortgages, generally considered to be of prime quality. We generally hold variable-rate loans in our portfolio and sell “conforming” fixed-rate loans to third parties, including Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, for which we make representations and warranties that the loans meet certain underwriting and collateral documentation standards.
We also originate home equity credit lines (“HECL”). At March 31, 2021 and December 31, 2020, our HECL portfolio totaled $2.7 billion. The following schedule presents our HECL portfolio by lien status.
HECL PORTFOLIO BY LIEN STATUS
(In millions)March 31,
2021		December 31, 2020
Secured by first liens$1,353 $1,354 
Secured by second (or junior) liens1,342 1,391 
Total$2,695 $2,745 
At March 31, 2021, loans representing less than 1% of the outstanding balance in the HECL portfolio were estimated to have combined loan-to-value ratios (“CLTV”) above 100%. An estimated CLTV ratio is the ratio of our loan plus any prior lien amounts divided by the estimated current collateral value. At origination, underwriting standards for the HECL portfolio generally include a maximum 80% CLTV with high credit scores.
Approximately 92% of our HECL portfolio is still in the draw period, and approximately 17% of those loans are scheduled to begin amortizing within the next five years. We regularly analyze the risk of borrower default in the event of a loan becoming fully amortizing and the risk of higher interest rates. The analysis indicates that the risk of loss from this factor is minimal in the current economic environment. The annualized ratio of net charge-offs to average balances for the first quarter of 2021 and 2020 for the HECL portfolio was (0.03)% and 0.00%, respectively. See Note 6 of the Notes to Consolidated Financial Statements for additional information on the credit quality of this portfolio.
Nonperforming Assets
Nonperforming assets as a percentage of loans and leases and other real estate owned (“OREO”) decreased to 0.61% at March 31, 2021, compared with 0.69% at December 31, 2020.
Total nonaccrual loans at March 31, 2021 decreased to $324 million from $367 million at December 31, 2020, primarily in the commercial and industrial and 1-4 family residential loan portfolios.
The balance of nonaccrual loans can decrease due to paydowns, charge-offs, and the return of loans to accrual status under certain conditions. If a nonaccrual loan is refinanced or restructured, the new note is immediately placed on nonaccrual. If a restructured loan performs under the new terms for at least a period of six months, the loan can be considered for return to accrual status. See “Restructured Loans” following for more information. See also Note 6 of the Notes to Consolidated Financial Statements for more information on nonaccrual loans.
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The following schedule presents our nonperforming assets:
NONPERFORMING ASSETS
(Dollar amounts in millions)March 31,
2021		December 31,
2020
Nonaccrual loans 1
$324 $367 
Other real estate owned3 4 
Total nonperforming assets$327 $371 
Ratio of nonperforming assets to net loans and leases1 and other real estate owned
0.61 %0.69 %
Accruing loans past due 90 days or more$9 $12 
Ratio of accruing loans past due 90 days or more to loans and leases1
0.02 %0.02 %
Nonaccrual loans and accruing loans past due 90 days or more$333 $379 
Ratio of nonaccrual loans and accruing loans past due 90 days or more to loans and leases1
0.62 %0.71 %
Accruing loans past due 30-89 days$100 $112 
Nonaccrual loans1 current as to principal and interest payments
63.0 %58.3 %
1 Includes loans held for sale.
Restructured Loans
Troubled debt restructurings (“TDRs”) are loans that have been modified to accommodate a borrower who is experiencing financial difficulties, and for whom we have granted a concession that we would not otherwise consider. TDRs increased $103 million, or 33%, to $414 million at March 31, 2021, compared with $311 million at December 31, 2020, primarily in the commercial and industrial and term commercial real estate loan portfolios. Commercial loans may be modified to provide the borrower more time to complete the project, to achieve a higher lease-up percentage, to sell the property, or for other reasons. Consumer loan TDRs represent loan modifications in which a concession has been granted to the borrower who is unable to refinance the loan with another lender, or who is experiencing economic hardship. Such consumer loan TDRs may include first-lien residential mortgage loans and home equity loans.
If the restructured loan performs for at least six months according to the modified terms, and an analysis of the customer’s financial condition indicates that we are reasonably assured of repayment of the modified principal and interest, the loan may be returned to accrual status. The borrower’s payment performance prior to and following the restructuring is taken into account to determine whether a loan should be returned to accrual status.
ACCRUING AND NONACCRUING TROUBLED DEBT RESTRUCTURED LOANS
(In millions)March 31,
2021		December 31,
2020
Restructured loans – accruing$280 $198 
Restructured loans – nonaccruing134 113 
Total$414 $311 
In the periods following the calendar year in which a loan was restructured, a loan may no longer be reported as a TDR if it is on accrual, is in compliance with its modified terms, and yields a market rate (as determined and documented at the time of the modification or restructure). See Note 6 of the Notes to Consolidated Financial Statements for additional information regarding TDRs.
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TROUBLED DEBT RESTRUCTURED LOANS ROLLFORWARD
Three Months Ended
March 31,
(In millions)20212020
Balance at beginning of period$311 $153 
New identified TDRs and principal increases120 27 
Payments and payoffs(14)(10)
Charge-offs(2)— 
No longer reported as TDRs— (2)
Sales and other(1)(1)
Balance at end of period$414 $167 
COVID-19 Modifications and Deferrals
In early 2020, we began providing payment deferrals or other payment modifications for our borrowers who had been adversely impacted by the COVID-19 pandemic. These modifications generally consisted of principal and interest loan payment deferrals of 90 days or less. As of March 31, 2021, the amount of total non-PPP loan balances that were actively in deferral was not significant.
Allowance for Credit Losses
The ACL includes the ALLL and the RULC. The ACL represents our estimate of current expected credit losses over the contractual term of the loan and lease portfolio and unfunded lending commitments as of the balance sheet date. We determine our ACL as the best estimate within a range of estimated current expected losses over the contractual remaining life of each loan. To determine the adequacy of the allowance, we segment our loan and lease portfolio based on loan type.
The following schedule shows the changes in the allowance for credit losses and a summary of credit loss experience:
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SUMMARY OF CREDIT LOSS EXPERIENCE
(Dollar amounts in millions)Three Months Ended March 31, 2021Twelve Months Ended
December 31, 2020		Three Months Ended March 31, 2020
Loans and leases outstanding (net of unearned income)$53,472$53,476$49,927
Average loans and leases outstanding (net of unearned income)$53,665$53,016$48,797
Allowance for loan losses:
Balance at beginning of period$777 $497 $497 
Provision for loan losses(123)385 240 
Charge-offs:
Commercial18 113 10 
Commercial real estate— 1 — 
Consumer3 14 3 
Total21 128 13 
Recoveries:
Commercial10 14 4 
Commercial real estate— — — 
Consumer3 9 2 
Total13 23 6 
Net loan and lease charge-offs8 105 7 
Balance at end of period$646 $777 $730 
Reserve for unfunded lending commitments:
Balance at beginning of period$58 $29 $29 
Provision for unfunded lending commitments(9)29 18 
Balance at end of period$49 $58 $47 
Total allowance for credit losses:
Allowance for loan losses$646 $777 $730 
Reserve for unfunded lending commitments49 58 47 
Total allowance for credit losses$695 $835 $777 
Annualized ratio of net charge-offs to average loans and leases 1
0.06 %0.11 %0.06 %
Ratio of allowance for credit losses to net loans and leases, at period end 2
1.30 %1.56 %1.56 %
Ratio of allowance for credit losses to nonaccrual loans, at period end215 %228 %284 %
Ratio of allowance for credit losses to nonaccrual loans and accruing loans past due 90 days or more, at period end209 %220 %276 %
1 The annualized ratio of net charge-offs to average loans and leases (excluding PPP loans) was 0.07% and 0.13% at March 31, 2021 and December 31, 2020, respectively.
2 The ratio of allowance for credit losses to net loans and leases (excluding PPP loans) was 1.48% and 1.74% at March 31, 2021 and December 31, 2020, respectively.
The total ACL decreased during the first quarter of 2021 by $140 million, primarily due to an improvement in the economic outlook, compared with the more stressed economic outlook at the outset of the COVID-19 pandemic.
The RULC represents a reserve for potential losses associated with off-balance sheet commitments and standby letters of credit. The reserve is separately shown in the balance sheet and any related increases or decreases in the reserve are shown separately in the statement of income. At March 31, 2021, the reserve was $49 million, compared with $58 million and $47 million at December 31, 2020 and March 31, 2020, respectively.
See Note 6 of the Notes to Consolidated Financial Statements for additional information related to the ACL and credit quality of each loan portfolio segment.
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Interest Rate and Market Risk Management
Interest rate and market risk are managed centrally. Interest rate risk is the potential for reduced net interest income and other rate-sensitive income resulting from adverse changes in the level of interest rates. Market risk is the potential for loss arising from adverse changes in the fair value of fixed-income securities, equity securities, other earning assets, and derivative financial instruments as a result of changes in interest rates or other factors. As a financial institution that engages in transactions involving various financial products, we are exposed to both interest rate risk and market risk. For a more comprehensive discussion of our interest rate and market risk management, see “Interest Rate and Market Risk Management” in our 2020 Form 10-K.
Interest Rate Risk
Average total deposits increased 26% from March 31, 2020, and a significant portion of the deposits were invested in money market investments, resulting in increased asset sensitivity to rising rates. The higher asset sensitivity to rising rates is dependent upon the assumptions we used for deposit runoff and repricing behavior, which is more uncertain given the higher level of new deposits. We are less asset-sensitive to declining rates than rising rates due to the limited amount that the spread between the cost of deposits and the yield on money market investments could compress. Due to our concentration in noninterest-bearing deposits and the low interest rates paid on our interest-bearing deposits, there is reduced opportunity to lower the cost of deposits.
The following schedule presents derivatives utilized in our asset-liability management (“ALM”) activities that are designated in qualifying hedging relationships as defined by GAAP as of March 31, 2021 and December 31, 2020. The schedule includes the notional amount, fair value, and the weighted-average receive-fixed or pay-fixed rate for each category of interest rate derivatives. The following schedules present cash flow and fair value hedges by their contractual maturities.
ASSET LIABILITY MANAGEMENT DERIVATIVE POSITIONS
March 31, 2021
Contractual Maturity
(Dollar amounts in millions)Total20212022202320242025ThereafterMatured in 2021
Cash flow hedges
Receive-fixed interest rate swaps
Net fair value 1
$77 $— $44 $12 $23 $— $(2)$— 
Total notional amount3,450 50 2,400 300 400 — 300 — 
Weighted-average fixed-rate2.03 %1.81 %2.06 %2.35 %2.35 %— %1.06 %— %
Fair value hedges20252030203520402050Thereafter
Fair value debt hedges 2
Net fair value1
$2 $— $2 $— $— $— $— $— 
Total notional amount500 — 500 — — — — — 
Weighted-average fixed-rate1.70 %— %1.70 %— %— %— %— %— %
Fair value asset hedges 2,3
Net fair value1
$69 $— $— $29 $— $40 $— $— 
Total notional amount383 — — 228 — 155 — — 
Weighted-average fixed-rate1.05 %— %— %1.05 %— %1.04 %— %— %
Total ALM fair value hedges
Net fair value 1
$71 $— $2 $29 $— $40 $— $— 
Total notional amount883 — 500 228 — 155 — — 

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December 31, 2020
Contractual Maturity
(Dollar amounts in millions)Total20212022202320242025ThereafterMatured in 2020
Cash flow hedges
Receive-fixed interest rate swaps
Net fair value 1
$98 $— $56 $14 $28 $— $— $— 
Total notional amount3,150 50 2,400 300 400 — — 438 
Weighted-average fixed-rate2.12 %1.81 %2.06 %2.35 %2.35 %— %— %1.41 %
Fair value hedges20252030203520402050Thereafter
Fair value debt hedges 2
Net fair value 1
$37 $— $37 $— $— $— $— $— 
Total notional amount500 — 500 — — — — — 
Weighted-average fixed-rate1.70 %— %1.70 %— %— %— %— %— %
Fair value asset hedges 2,3
Net fair value 1
$21 $— $— $7 $— $14 $— $— 
Total notional amount383 — — 228 — 155 — — 
Weighted-average fixed-rate1.05 %— %— %1.05 %— %1.04 %— %— %
Total ALM fair value hedges
Net fair value 1
$58 $— $37 $7 $— $14 $— $— 
Total notional amount883 — 500 228 — 155 — — 
1 Fair values shown in the schedule above are presented net and exclude the effects of collateral settlements for centrally cleared derivatives.
2 Fair value hedges of both our fixed-rate debt and AFS securities are longer dated than traditional cash flow hedges. Consequently, the maturity schedule above aggregates trades maturing in each column to include all trades maturing after the end of year of the previous column and prior to or during the year of the column the amounts are contained within.
3 Fair value asset hedges consist of pay-fixed swaps hedging AFS fixed-rate securities.
Under most rising interest rate environments, we expect some customers to move balances from demand deposits to interest-bearing accounts such as money market, savings, or certificates of deposit. The models are particularly sensitive to the assumption about the rate of such migration.
In addition, we assume certain correlation rates, often referred to as a “deposit beta,” of interest-bearing deposits, wherein the rates paid to customers change at a different pace when compared with changes in average benchmark interest rates. Generally, certificates of deposit are assumed to have a high correlation rate, while interest-on-checking accounts are assumed to have a lower correlation rate. Actual results may differ materially due to factors including the shape of the yield curve, competitive pricing, money supply, our credit worthiness, and so forth; however, we use our historical experience as well as industry data to inform our assumptions.
We used the following deposit behavioral assumptions in our interest risk assessment for the period presented.
DEPOSIT ASSUMPTIONS
March 31, 2021
ProductEffective duration (unchanged)Effective duration
(+200 bps)
Demand deposits3.2 %2.9 %
Money market2.3 %1.6 %
Savings and interest-on-checking2.8 %2.3 %
As of the dates indicated and incorporating the assumptions previously described, the following schedule shows EaR, or percentage change in net interest income, based on a static balance sheet size, in the first year after the interest rate change if interest rates were to sustain immediate parallel changes ranging from -100 bps to +300 bps.
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INCOME SIMULATION – CHANGE IN NET INTEREST INCOME
March 31, 2021
Parallel shift in rates (in bps)1
Repricing scenario-1000+100+200+300
Earnings at Risk(4.5)%— %9.8 %19.8 %29.5 %
1 Assumes rates cannot go below zero in the negative rate shift.
For non-maturity interest-bearing deposits, the weighted average modeled beta is 28%. If the weighted average deposit beta were to increase 7%, the EaR in the +100 bps rate shock would change from 9.8% to 8.6%.
For comparative purposes, the December 31, 2020 measures are presented in the following schedule.
December 31, 2020
Parallel shift in rates (in bps)1
Repricing scenario-1000+100+200+300
Earnings at Risk(2.9)%— %9.2 %18.0 %26.4 %
1 Assumes rates cannot go below zero in the negative rate shift.
The asset sensitivity as measured by EaR increased quarter over quarter primarily due to changes in the deposit beta for money market accounts. The lower beta is consistent with our prior experience with the federal funds target rate in the range of 0%-0.25%.
The EaR analysis focuses on parallel rate ramps across the term structure of rates. The yield curve typically does not move in a parallel manner. If we consider a steepener rate ramp where the short-term rate declines to zero but the ten-year rate moves to +200 bps, the increase in EaR is 71% less over 24 months compared with the parallel +200 bps rate ramp.
CHANGES IN ECONOMIC VALUE OF EQUITY
As of the dates indicated, the following schedule shows our estimated percentage change in EVE under parallel interest rate changes ranging from -100 bps to +300 bps. For non-maturity interest-bearing deposits, the weighted average modeled beta is 28%. If the weighted average deposit beta were to increase 7%, it would change the EVE in the +100 bps rate shock from 1.9% to 1.2%. In the -100 bps rate shock, the EVE would increase because we cap the value of our indeterminate deposits at their par value, or equivalently, we assume no premium would be required to dispose of these liabilities given that depositors could be repaid at par. Since our assets increase in value as rates fall and the majority of our liabilities are comprised of indeterminate-maturity deposits, EVE increases disproportionately.
March 31, 2021
Parallel shift in rates (in bps)1
Repricing scenario-1000+100+200+300
Economic Value of Equity13.9 %— %1.9 %2.6 %3.0 %
1 Assumes rates cannot go below zero in the negative rate shift.
For comparative purposes, the December 31, 2020 measures are presented in the following schedule. The changes in EVE measures from December 31, 2020 are primarily driven by the behavior of the deposit models. For non-maturity deposits, the deposit premium (or discount below par value) is floored at zero in a low-rate environment.
December 31, 2020
Parallel shift in rates (in bps)1
Repricing scenario-1000+100+200+300
Economic Value of Equity13.0 %— %12.0 %14.4 %16.1 %
1 Assumes rates cannot go below zero in the negative rate shift.
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Our focus on business banking also plays a significant role in determining the nature of our asset-liability management posture. At March 31, 2021, $21 billion of our commercial lending and CRE loan balances were scheduled to reprice in the next six months. Of these variable-rate loans, approximately 98% are tied to either the prime rate or LIBOR. For these variable-rate loans, we have executed $3.5 billion of cash flow hedges by receiving fixed rates on interest rate swaps. Additionally, asset sensitivity is reduced due to $5 billion of variable-rate loans being priced at floored rates at March 31, 2021, which were above the “index plus spread” rate by an average of 66 bps. At March 31, 2021, we also had $3 billion of variable-rate consumer loans scheduled to reprice in the next three months. Of these variable-rate consumer loans, approximately $1 billion were priced at floored rates, which were above the “index plus spread” rate by an average of 34 bps.
See Notes 3 and 7 of the Notes to Consolidated Financial Statements for additional information regarding derivative instruments.
LIBOR Exposure
In July 2017, the Financial Conduct Authority (“FCA”), the authority regulating LIBOR, along with various other regulatory bodies, announced that LIBOR would likely be discontinued at the end of 2021. Subsequent to that announcement, in November 2020, the FCA announced that many tenors of LIBOR would continue to be published through June 2023. Bank regulators, including the OCC, have instructed banks to discontinue new originations referencing LIBOR as soon as possible, but no later than December 2021. To facilitate the transition process, we have instituted an enterprise-wide program to identify, assess, and monitor risks associated with the expected discontinuance or unavailability of LIBOR, which includes active engagement with industry working groups and regulators. This program includes active involvement of senior management with regular engagement from the Enterprise Risk Management Committee and seeks to minimize client and internal business operational impacts, while providing reporting transparency, consistency, and a central governance model that aligns with FASB, IRS, and other regulatory guidance.
We focus on operational readiness, as well as instituting processes and systems to validate that contract risk is clearly identified and understood. New originations and any modifications or renewals of LIBOR-based contracts contain fallback language to assist in an orderly transition to an alternative reference rate. For our contracts that have a duration beyond December 31, 2021, and that reference LIBOR, all fallback provisions and variations are currently being identified and sorted into classifications based upon those provisions. Upon classification, the contracts will be remediated and monitored through defined workflow paths. We strive to clearly understand fallback provisions by loan and to have the entire portfolio in a state that simplifies ultimate conversion to a replacement index.
We have a significant number of assets and liabilities that reference LIBOR. As of March 31, 2021, we had approximately $38 billion of loans (mainly commercial loans), unfunded lending commitments, and securities referencing LIBOR. The amount of borrowed funds referencing LIBOR as of March 31, 2021 was less than $1 billion. These amounts exclude derivative assets and liabilities on our consolidated balance sheet. As of March 31, 2021, the notional amount of our LIBOR-referenced interest rate derivative contracts was more than $16 billion, of which more than $11 billion related to contracts with central counterparty clearinghouses.
In April 2021, we announced our intent to adopt AMERIBOR as our preferred replacement index for LIBOR. AMERIBOR is an index created by the American Financial Exchange. It represents the volume-weighted actual borrowing costs of thousands of banks across the United States and is compliant with International Organization of Securities Commissions (“IOSCO”) standards. We plan to adopt AMERIBOR in many of our new lending contracts beginning the summer of 2021. Amending certain outstanding contracts indexed to LIBOR may require consent from the counterparties, which could be difficult and costly to obtain. Each of the LIBOR-referenced amounts discussed above will vary in future periods as current contracts expire with potential replacement contracts using AMERIBOR or an alternative reference rate. While AMERIBOR will be our preferred index for lending agreements, we are positioned to accommodate several alternative reference rates and anticipate that a variety of indices may be used by other lenders. For more information on the transition from LIBOR, see Risk Factors in our 2020 Form 10-K.
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Market Risk – Fixed Income
We engage in the underwriting and trading of municipal securities. This trading activity exposes us to a risk of loss arising from adverse changes in the prices of these fixed-income securities.
At March 31, 2021, we had $189 million of trading assets and $142 million of securities sold, not yet purchased, compared with $266 million and $61 million, respectively, at December 31, 2020.
We are exposed to market risk through changes in fair value. We are also exposed to market risk for interest rate swaps used to hedge interest rate risk. Changes in the fair value of AFS securities and in interest rate swaps that qualify as cash flow hedges are included in accumulated other comprehensive income (“AOCI”) for each financial reporting period. During the first quarter of 2021, the after-tax change in AOCI attributable to AFS securities decreased by $164 million, due largely to changes in the interest rate environment, compared with a $147 million increase in the same prior year period.
Market Risk – Equity Investments
We hold both direct and indirect investments in predominantly pre-public companies, primarily through various SBIC venture capital funds. Our equity exposure to these investments was $145 million and $135 million at March 31, 2021 and December 31, 2020, respectively. On occasion, some of the companies within our SBIC investments may issue an initial public offering (“IPO”). In this case, the fund is generally subject to a lockout period before liquidating the investment, which can introduce additional market risk. Subsequent to March 31, 2021, one of our SBIC investments, Recursion Pharmaceuticals, Inc., completed an IPO. See Note 3 of the Notes to Consolidated Financial Statements for additional information regarding this subsequent event and the impact to the financial statements.
Liquidity Risk Management
Overview
Liquidity refers to our capacity to meet our cash and collateral obligations and to manage both expected and unexpected cash flows without adversely impacting our operations or financial strength. Sources of liquidity include deposits, borrowings, and equity, as well as unencumbered assets, such as marketable loans and securities. For a more comprehensive discussion of our liquidity risk management, see “Liquidity Risk Management” in our 2020 Form 10-K.
Strong deposit growth over the past several quarters has increased our overall liquidity position. At March 31, 2021, our investment securities portfolio of $17.4 billion and cash and money market investments of $10.3 billion collectively comprised 33% of total assets.
Liquidity Management Actions
Our consolidated cash, interest-bearing deposits held as investments, and security resell agreements increased significantly and were $10.2 billion at March 31, 2021, compared with $7.3 billion at December 31, 2020, and $2.5 billion at March 31, 2020. During the first quarter of 2021, the primary sources of cash were from an increase in deposits and net cash provided by operating activities. Uses of cash during the same period were primarily from (1) an increase in investment securities, (2) a decrease in short-term borrowings, (3) dividends on common and preferred stock, and (4) repurchases of our common stock.
Total deposits were $73.9 billion at March 31, 2021, compared with $69.7 billion at December 31, 2020 and $57.5 billion at March 31, 2020. The increase for the first quarter of 2021 was a result of a $3.4 billion and $1.2 billion increase in noninterest-bearing demand deposits and savings and money market deposits, respectively, partially offset by a $0.4 billion decrease in time deposits. The funding of PPP loan proceeds into customer deposit accounts contributed meaningfully to overall deposit growth. Our core deposits, consisting of noninterest-bearing demand deposits, savings and money market deposits, and time deposits under $250,000, were $73.0 billion at March 31, 2021, compared with $68.2 billion at December 31, 2020, and $54.8 billion at March 31, 2020.
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At March 31, 2021, maturities of our long-term senior and subordinated debt ranged from August 2021 to October 2029.
Our cash payments for interest, reflected in operating expenses, decreased to $22 million during the first quarter of 2021, from $88 million during the first quarter of 2020. This decrease was primarily due to lower interest rates paid on deposits and borrowed funds, as well as a reduced amount of borrowed funds. Additionally, we paid $66 million of dividends on preferred stock and common stock for both the first quarters of 2021 and 2020. Dividends paid per common share were $0.34 in the first quarter of 2021, which has been unchanged since the third quarter of 2019. In April 2021, the Board approved a quarterly common dividend of $0.34 per share.
Our credit ratings did not change during the first quarter of 2021 and are presented in the following schedule.
CREDIT RATINGS
as of April 30, 2021:
Rating agencyOutlook Long-term issuer/senior
debt rating		Subordinated debt ratingShort-term debt rating
KrollStableA-BBB+K2
S&PNegativeBBB+BBBNR
FitchNegativeBBB+BBBF1
Moody'sStableBaa2NRNR
The Federal Home Loan Bank (“FHLB”) system and Federal Reserve Banks have been, and continue to be, a significant source of back-up liquidity and funding. Zions Bancorporation, N.A., is a member of the FHLB of Des Moines. The FHLB allows member banks to borrow against their eligible loans and securities to satisfy liquidity and funding requirements. We are required to invest in FHLB and Federal Reserve stock to maintain our borrowing capacity. At March 31, 2021, our total investment in FHLB and Federal Reserve stock was $11 million and $97 million, respectively, compared with $11 million and $98 million at December 31, 2020.
The amount available for additional FHLB and Federal Reserve borrowings decreased to approximately $14.7 billion at March 31, 2021, compared with $17.1 billion at December 31, 2020, primarily due to the decline in non-PPP loan balances. Loans with a carrying value of approximately $22.8 billion at March 31, 2021 have been pledged at the FHLB and the Federal Reserve as collateral for current and potential borrowings, compared with $24.7 billion at December 31, 2020. At both March 31, 2021 and December 31, 2020, we had no FHLB or Federal Reserve borrowings outstanding.
During 2020, the Federal Reserve established the Paycheck Protection Program Liquidity Facility (“PPPLF”). Under the PPPLF, we can obtain term financing for PPP loans by pledging them to the Federal Reserve before June 30, 2021. At March 31, 2021, we had less than $1 million of funding through the PPPLF. We also have the ability to increase our borrowing capacity at the FHLB by pledging the PPP loans. The ability to pledge PPP loans to the FHLB does not have a defined expiry, and funding terms may vary.
We regularly manage our short-term funding needs through secured borrowing with the securities pledged as collateral. Our AFS investment securities are primarily held as a source of contingent liquidity. During the first quarter of 2021, our AFS securities balances increased by $913 million. We target securities that can be easily monetized and whose value remains relatively stable during market disruptions.
Our loan to total deposit ratio was 72% at March 31, 2021, compared with 77% at December 31, 2020, reflecting higher deposit growth in the first quarter of 2021 relative to loan growth.
We may, at times, rely on more expensive wholesale funding sources to support loan growth when other lower cost sources of funding are not sufficient or readily available. Our use of borrowed funds (both short- and long-term) decreased by $577 million during the first quarter of 2021, as our loan balances were stable and we had a $4.2 billion increase in deposits. We used surplus deposit funding to increase short-term investments and investment securities, which increased $2.9 billion and $783 million, respectively, from December 31, 2020.
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We may also, from time to time, issue additional preferred stock, senior or subordinated notes or other forms of capital or debt instruments, depending on our capital, funding, asset-liability management or other needs as market conditions warrant and subject to any required regulatory approvals. We believe that the sources of available liquidity are adequate to meet all reasonably foreseeable short-term and intermediate-term demands.
Capital Risk Management
Overview
We believe that a strong capital position is vital to continued profitability and to promoting depositor and investor confidence. We strive to consistently improve risk-adjusted returns on our shareholders’ capital. We entered the economic downturn in 2020 with a strong capital position and have improved our position during the last several quarters with our common equity tier 1 capital increasing to 11.2% at March 31, 2021, compared with 10.0% at March 31, 2020.
Certain capital transactions may be subject to the approval of the OCC, who is our primary regulator. We also continue to be subject to examinations by the CFPB with respect to consumer financial regulations.
We continue to utilize stress testing as the primary mechanism to inform our decisions on the appropriate level of capital and capital actions, based upon actual and hypothetically stressed economic conditions. The results of our internal stress tests are publicly available on our website. The timing and amount of capital actions are subject to various factors, including our financial performance, business needs, prevailing and anticipated economic conditions, stress testing, and OCC approval. For a more comprehensive discussion of our capital risk management, see “Capital Management” in our 2020 Form 10-K.
Capital Management Actions
Weighted average diluted shares outstanding decreased by 9.1 million from the first quarter of 2020, which was primarily due to the expiration of 29.2 million out-of-the-money common stock warrants (NASDAQ: ZIONW) in the second quarter of 2020.
Total shareholders’ equity was $7.9 billion at both March 31, 2021 and December 31, 2020, compared with $7.5 billion at March 31, 2020. Total shareholders’ equity remained stable during the first quarter of 2021, as net income of $322 million was partially offset by a $164 million after-tax increase in unrealized losses on AFS securities, which was due largely to changes in the interest rate environment, $66 million of common and preferred stock dividends paid, and the $50 million repurchase of common shares outstanding. Common stock and additional paid-in capital decreased $33 million, or 1%, during the first quarter of 2021, primarily due to the common stock repurchases.
During the first quarter of 2021, we repurchased 1.0 million common shares outstanding for $50 million at an average price of $49.78 per share. In April 2021, the Board approved a plan to repurchase up to $100 million of common shares outstanding during the second quarter of 2021. The timing and amount of any additional common stock repurchases will be subject to various factors, including our financial performance, business needs, prevailing economic conditions, stress testing, and OCC approval. The magnitude, timing, and form of capital return will be determined by our Board. Shares may be repurchased occasionally in the open market, through privately negotiated transactions, utilizing Rule 10b5-1 plans or otherwise.
Under the OCC’s “Earnings Limitation Rule,” our dividend payments are restricted to an amount equal to the sum of the total of (1) our net income for that year, and (2) retained earnings for the preceding two years, unless the OCC approves the declaration and payment of dividends in excess of such amount. As of March 31, 2021, we had $1.0 billion of retained net profits available for distribution.
We paid common dividends of $56 million during both the first quarter of 2021 and 2020. In April 2021, the Board of Directors declared a quarterly dividend of $0.34 per common share, payable on May 20, 2021 to shareholders of record on May 13, 2021. We also paid dividends on preferred stock of $10 million for both the first quarter of 2021 and 2020. In April 2021, the Board approved the redemption of our Series H perpetual preferred shares, subject to
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the completion of notification requirements. At March 31, 2021, the total amount of Series H shares outstanding was $126 million, and had an annual dividend of $7 million. See Note 9 for additional detail about capital management transactions during the first quarter of 2021.
CECL
We elected to phase-in the regulatory capital effects of the adoption of CECL, as allowed by federal bank agencies, and as described in Note 15 of the Notes to Consolidated Financial Statements of our 2020 Form 10-K. At March 31, 2021, the application of these provisions improved our CET1, Tier 1 risk-based and Total risk-based capital ratios by 4 bps each, and our Tier 1 leverage capital ratio by 2 bps.
Basel III
We are subject to Basel III capital requirements to maintain adequate levels of capital as measured by several regulatory capital ratios. We met all capital adequacy requirements under the Basel III Capital Rules as of March 31, 2021. At March 31, 2021, Basel III regulatory tier 1 risk-based capital and total risk-based capital was $6.8 billion and $8.0 billion, compared with $6.6 billion and $7.9 billion, respectively, at December 31, 2020. The following schedule presents our capital and performance ratios as of March 31, 2021, December 31, 2020, and March 31, 2020. The "Supervision and Regulation" section of our 2020 Form 10-K and Note 15 of the Notes to Consolidated Financial Statements contains more detail information about Basel III capital requirements and our compliance.
CAPITAL RATIOS
March 31,
2021		December 31,
2020		March 31,
2020
Tangible common equity ratio1
7.6 %7.8 %8.4 %
Tangible equity ratio1
8.2 8.5 9.2 
Average equity to average assets (three months ended)9.5 9.7 10.7 
Basel III risk-based capital ratios2:
Common equity tier 1 capital 11.2 10.8 10.0 
Tier 1 leverage8.3 8.3 9.0 
Tier 1 risk-based12.2 11.8 11.0 
Total risk-based14.5 14.1 13.2 
Return on average common equity (three months ended)17.4 15.3 0.3 
Return on average tangible common equity (three months ended)1
20.2 17.8 0.4 
1 See “GAAP to Non-GAAP Reconciliations” on page 4 for more information regarding these ratios.
2Based on the applicable phase-in periods.
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ITEM 1.    FINANCIAL STATEMENTS (Unaudited)
CONSOLIDATED BALANCE SHEETS
(In millions, shares in thousands)March 31,
2021		December 31,
2020
(Unaudited)
ASSETS
Cash and due from banks$576 $543 
Money market investments:
Interest-bearing deposits8,427 1,074 
Federal funds sold and security resell agreements1,315 5,765 
Investment securities:
Held-to-maturity, at amortized cost (approximate fair value $584 and $640)
583 636 
Available-for-sale, at fair value16,644 15,731 
Trading account, at fair value189 266 
Total securities17,416 16,633 
Loans held for sale77 81 
Loans and leases, net of unearned income and fees53,472 53,476 
Less allowance for loan losses646 777 
Loans held for investment, net of allowance52,826 52,699 
Other noninterest-bearing investments815 817 
Premises, equipment and software, net1,236 1,209 
Goodwill and intangibles1,016 1,016 
Other real estate owned3 4 
Other assets1,414 1,638 
Total Assets$85,121 $81,479 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$35,882 $32,494 
Interest-bearing:
Savings and money market35,762 34,571 
Time2,209 2,588 
Total deposits73,853 69,653 
Federal funds purchased and other short-term borrowings1,032 1,572 
Long-term debt1,299 1,336 
Reserve for unfunded lending commitments49 58 
Other liabilities955 974 
Total liabilities77,188 73,593 
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares
566 566 
Common stock ($0.001 par value; authorized 350,000 shares; issued and outstanding 163,800 and 164,090 shares) and additional paid-in capital
2,653 2,686 
Retained earnings4,566 4,309 
Accumulated other comprehensive income (loss)148 325 
Total shareholders’ equity7,933 7,886 
Total liabilities and shareholders’ equity$85,121 $81,479 
See accompanying notes to consolidated financial statements.
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CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)Three Months Ended
March 31,
(In millions, except shares and per share amounts)20212020
Interest income:
Interest and fees on loans$488 $532 
Interest on money market investments3 8 
Interest on securities71 82 
Total interest income562 622 
Interest expense:
Interest on deposits9 51 
Interest on short- and long-term borrowings8 23 
Total interest expense17 74 
Net interest income545 548 
Provision for credit losses:
Provision for loan losses(123)240 
Provision for unfunded lending commitments(9)18 
Total provision for credit losses(132)258 
Net interest income after provision for credit losses677 290 
Noninterest income:
Commercial account fees32 31 
Card fees21 21 
Retail and business banking fees17 19 
Loan-related fees and income25 26 
Capital markets and foreign exchange fees15 24 
Wealth management fees12 11 
Other customer-related fees11 11 
Customer-related fees133 143 
Fair value and nonhedge derivative gain (loss)18 (11)
Dividends and other investment income7 8 
Securities gains (losses), net11 (6)
Total noninterest income169 134 
Noninterest expense:
Salaries and employee benefits288 274 
Occupancy, net33 33 
Furniture, equipment and software, net32 32 
Other real estate expense, net— — 
Credit-related expense6 4 
Professional and legal services20 12 
Advertising5 3 
FDIC premiums7 5 
Other44 45 
Total noninterest expense435 408 
Income before income taxes411 16 
Income taxes89 2 
Net income322 14 
Preferred stock dividends(8)(8)
Net earnings applicable to common shareholders$314 $6 
Weighted average common shares outstanding during the period:
Basic shares (in thousands)163,551 164,143 
Diluted shares (in thousands)163,887 172,998 
Net earnings per common share:
Basic$1.90 $0.04 
Diluted1.90 0.04 
See accompanying notes to consolidated financial statements.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
March 31,
(In millions)20212020
Net income for the period$322 $14 
Other comprehensive income (loss), net of tax:
Net unrealized holding gains (losses) on investment securities(164)147 
Net unrealized gains on other noninterest-bearing investments
2 2 
Net unrealized holding gains (losses) on derivative instruments(4)69 
Reclassification adjustment for increase in interest income recognized in earnings on derivative instruments
(11)(2)
Other comprehensive income (loss)(177)216 
Comprehensive income$145 $230 
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(In millions, except shares
and per share amounts)		Preferred
stock		Common stockAccumulated paid-in capitalRetained earningsAccumulated other
comprehensive income (loss)		Total
shareholders’ equity
Shares
(in thousands)
Amount
Balance at December 31, 2020$566 164,090 $— $2,686 $4,309 $325 $7,886 
Net income for the period322 322 
Other comprehensive loss, net of tax
(177)(177)
Bank common stock repurchased
(1,012)(50)(50)
Net activity under employee plans and related tax benefits
722 17 17 
Dividends on preferred stock(8)(8)
Dividends on common stock, $0.34
  per share
(57)(57)
Balance at March 31, 2021$566 163,800 $— $2,653 $4,566 $148 $7,933 
Balance at December 31, 2019$566 165,057 $— $2,735 $4,009 $43 $7,353 
Net income for the period14 14 
Other comprehensive income, net of tax
216 216 
Cumulative effect adjustment, adoption of ASU 2016-13, Credit Losses: Measurement of Credit Losses on Financial Instruments20 20 
Bank common stock repurchased
(1,669)(75)(75)
Net shares issued from stock warrant exercises
1 
Net activity under employee plans and related tax benefits
463 8 8 
Dividends on preferred stock(8)(8)
Dividends on common stock, $0.34
  per share
(56)(56)
Balance at March 31, 2020$566 163,852 $— $2,668 $3,979 $259 $7,472 
See accompanying notes to consolidated financial statements.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)Three Months Ended
March 31,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the period$322 $14 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses
(132)258 
Depreciation and amortization
(3)45 
Share-based compensation
14 13 
Deferred income tax expense (benefit)
70 (46)
Net decrease in trading securities
76 22 
Net increase in loans held for sale
(3)(18)
Change in other liabilities
(54)(13)
Change in other assets
212 (120)
Other, net
(18)(2)
Net cash provided by operating activities484 153 
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in money market investments(2,903)(547)
Proceeds from maturities and paydowns of investment securities held-to-maturity167 24 
Purchases of investment securities held-to-maturity(114)(17)
Proceeds from sales, maturities and paydowns of investment securities available-for-sale1,370 828 
Purchases of investment securities available-for-sale(2,546)(1,164)
Net change in loans and leases56 (1,211)
Purchases and sales of other noninterest-bearing investments12 (29)
Purchases of premises and equipment(53)(28)
Other, net
13 19 
Net cash used in investing activities(3,998)(2,125)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits4,200 433 
Net change in short-term funds borrowed(540)1,712 
Proceeds from the issuance of common stock11 2 
Dividends paid on common and preferred stock(66)(66)
Bank common stock repurchased(50)(75)
Other, net(8)(9)
Net cash provided by financing activities3,547 1,997 
Net increase in cash and due from banks33 25 
Cash and due from banks at beginning of period543 705 
Cash and due from banks at end of period$576 $730 
Cash paid for interest$22 $88 
Net cash paid for income taxes— 1 
Noncash activities are summarized as follows:
Loans held for investment transferred to other real estate owned1 — 
Loans held for investment reclassified to loans held for sale, net(7)7 
See accompanying notes to consolidated financial statements.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
March 31, 2021
1. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements of Zions Bancorporation, National Association and its majority-owned subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. References to GAAP, including standards promulgated by the Financial Accounting Standards Board (“FASB”), are made according to sections of the Accounting Standards Codification (“ASC”). Changes to the ASC are made with Accounting Standards Updates (“ASU”) that include consensus issues of the Emerging Issues Task Force.
Operating results for the three months ended March 31, 2021 and 2020 are not necessarily indicative of the results that may be expected in future periods. In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The consolidated balance sheet at December 31, 2020 is from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in our 2020 Form 10-K. Certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications did not affect net income or shareholders’ equity.
Zions Bancorporation, N.A. is a commercial bank headquartered in Salt Lake City, Utah. We provide a wide range of banking products and related services in 11 Western and Southwestern states through seven separately managed “affiliates,” or “affiliate banks,” each with its own local branding and management team, including Zions Bank, in Utah, Idaho and Wyoming; Amegy Bank (“Amegy”), in Texas; California Bank & Trust (“CB&T”); National Bank of Arizona (“NBAZ”); Nevada State Bank (“NSB”); Vectra Bank Colorado (“Vectra”), in Colorado and New Mexico; and The Commerce Bank of Washington (“TCBW”) which operates under that name in Washington and under the name The Commerce Bank of Oregon in Oregon.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
2. RECENT ACCOUNTING PRONOUNCEMENTS AND DEVELOPMENTS
Accounting Standard UpdatesDescriptionDate of adoptionEffect on the financial statements or other significant matters
Updates adopted by the Bank during 2020
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference
Rate Reform on Financial Reporting
As part of reference rate reform, the London Interbank Offered Rate (“LIBOR”) is expected to be discontinued and replaced by observable or transaction-based alternative reference rates. This ASU addresses certain operational accounting concerns of modifying contracts such as debt, lease, and derivative agreements that reference LIBOR, or another rate, that is expected to be discontinued due to reference rate reform.

The ASU provides temporary optional expedients and exceptions to the accounting requirements for contract modifications for contracts that reference LIBOR. This ASU also provides for a one-time election to sell or transfer to available-for-sale or trading certain qualifying held-to-maturity (“HTM”) debt securities. Additionally, this guidance provides various optional expedients for hedging relationships affected by reference rate reform.
April 1, 2020We adopted ASU 2020-04 on April 1, 2020; the impact upon adoption was not significant as no practical expedients were applied in 2020 or in the current period, but will be applied in future periods.

To date, we have identified a significant number of contracts referencing LIBOR across various business units and contracts. Additionally, our designated hedging relationships utilize LIBOR-indexed derivatives and hedge the LIBOR exposure of floating-rate commercial loans and our fixed-rate debt. Remediation of these LIBOR exposures will constitute a significant operational effort. While the full impact of reference rate reform is still being determined, the application of the ASU and its practical expedients will significantly reduce the operational and financial statement impact of our remediation efforts.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
3. FAIR VALUE
Fair Value Measurement
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. For a discussion of our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 3 of our 2020 Form 10-K.
Quantitative Disclosure by Fair Value Hierarchy
Assets and liabilities measured at fair value by class on a recurring basis are summarized as follows:
(In millions)March 31, 2021
Level 1Level 2Level 3Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies and corporations$168 $14,831 $— $14,999 
Municipal securities1,570 1,570 
Other debt securities75 75 
Total Available-for-sale168 16,476 — 16,644 
Trading account14 175 189 
Other noninterest-bearing investments:
Bank-owned life insurance534 534 
Private equity investments83 83 
Other assets:
Agriculture loan servicing and interest-only strips15 15 
Deferred compensation plan assets133 133 
Derivatives:
Derivatives designated as hedges15 15 
Derivatives not designated as hedges:
Interest rate247 247 
Foreign exchange3 3 
Total Assets$318 $17,447 $98 $17,863 
LIABILITIES
Securities sold, not yet purchased$142 $— $— $142 
Other liabilities:
Derivatives:
Derivatives not designated as hedges:
Interest rate66 66 
Foreign exchange3 3 
Total Liabilities$145 $66 $— $211 

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
(In millions)December 31, 2020
Level 1Level 2Level 3Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies and corporations$192 $13,944 $— $14,136 
Municipal securities1,420 1,420 
Other debt securities175 175 
Total Available-for-sale192 15,539 — 15,731 
Trading account111 155 266 
Other noninterest-bearing investments:
Bank-owned life insurance532 532 
Private equity investments80 80 
Other assets:
Agriculture loan servicing and interest-only strips16 16 
Deferred compensation plan assets120 120 
Derivatives:
Derivatives designated as hedges3 3 
Derivatives not designated as hedges:
Interest rate411 411 
Foreign exchange4 4 
Total Assets$427 $16,640 $96 $17,163 
LIABILITIES
Securities sold, not yet purchased$61 $— $— $61 
Other liabilities:
Derivatives:
Derivatives not designated as hedges:
Interest rate34 34 
Foreign exchange4 4 
Total Liabilities$65 $34 $— $99 

Level 3 Valuations
Our Level 3 holdings include private equity investments (“PEIs”), agriculture loan servicing, and interest-only strips. For additional information regarding the financial instruments measured under Level 3, and the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2020 Form 10-K.
Subsequent to March 31, 2021, one of our SBIC investments measured under Level 3, Recursion Pharmaceuticals, Inc., completed an initial public offering (“IPO”) at $18 per share. This resulted in our holding 2,097,647 shares of common stock in our SBIC. As of March 31, 2021, this investment had a carrying value of $14 million, or $6.71 per share. As of April 30, 2021, the unrealized gain for this investment was approximately $56 million. This unrealized gain may significantly change, depending on the fair value of the underlying shares at the end of the second quarter of 2021. Additionally, our shares are subject to a 180 day lock-up period, and therefore, we will continue to record unrealized gains/losses related to this investment at each quarter end through the lock-up period, and potentially longer, depending on when we ultimately sell our shares.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Rollforward of Level 3 Fair Value Measurements
The following schedule presents the changes to the assets and liabilities measured at fair value by class on a recurring basis using Level 3 inputs:
Level 3 Instruments
Three Months Ended
March 31, 2021March 31, 2020
(In millions)Private
equity
investments		Ag loan servicing and int-only stripsPrivate
equity
investments		Ag loan servicing and int-only strips
Balance at beginning of period
$80 $16 $107 $18 
Unrealized securities gains (losses), net1 — (20)— 
Other noninterest income (expense)— (1)— (1)
Purchases4 — 1 — 
Cost of investments sold(2)— (9)— 
Balance at end of period
$83 $15 $79 $17 
The schedule of Level 3 instruments includes $1 million in realized losses in the income statement during the three months ended March 31, 2021, and $15 million in realized gains during the same prior year period.
Nonrecurring Fair Value Measurements
The following schedule presents the balances of assets at period end that had fair value changes measured on a nonrecurring basis. During the three months ended March 31, 2021 and 2020, we had less than $1 million of gains or losses from fair value changes.
(In millions)Fair value at March 31, 2021Fair value at December 31, 2020
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS
Private equity investments$— $— $— $— $— $— $1 $1 
Collateral-dependent loans— 4 — 4 — 14 — 14 
Other real estate owned— — — — — 1 — 1 
Total$— $4 $— $4 $— $15 $1 $16 
The previous schedule of fair values may not be current as of the dates indicated, but rather as of the date the fair value change occurred, such as a charge for impairment. Accordingly, carrying values may not equal current fair value.
During the three months ended March 31, we recognized less than $1 million of net gains in 2021 and 2020 from the sale of other real estate owned (“OREO”) properties that had a carrying value, at the time of sale, of $1 million and $2 million during these same periods. Prior to their sale, we recognized no impairment on these properties during the three months ended March 31, 2021 and 2020.
Private equity investments (“PEIs”) carried at cost were measured at fair value for impairment purposes according to the methodology previously discussed for these investments. Amounts of PEIs carried at cost were $6 million at March 31, 2021 and $8 million at December 31, 2020. Amounts of other noninterest-bearing investments carried at cost were $109 million at March 31, 2021 and December 31, 2020, which were comprised of Federal Reserve and FHLB stock. Private equity investments accounted for using the equity method were $68 million at March 31, 2021 and $61 million at December 31, 2020.
Loans that are collateral-dependent were measured at the lower of amortized cost or the fair value of the collateral. OREO was measured initially at fair value based on collateral appraisals at the time of transfer and subsequently at the lower of cost or fair value. For additional information regarding the measurement of fair value for impaired loans, collateral-dependent loans, and OREO, see Note 3 of our 2020 Form 10-K.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Fair Value of Certain Financial Instruments
Following is a summary of the carrying values and estimated fair values of certain financial instruments:
 March 31, 2021December 31, 2020
(In millions)Carrying
value		Estimated
fair value		LevelCarrying
value		Estimated
fair value		Level
Financial assets:
HTM investment securities$583 $584 2$636 $640 2
Loans and leases (including loans held for sale), net of allowance
52,903 53,391 352,780 53,221 3
Financial liabilities:
Time deposits2,209 2,219 22,588 2,603 2
Other short-term borrowings1 1 2— — 2
Long-term debt1,299 1,333 21,336 1,346 2
This summary excludes financial assets and liabilities for which carrying value approximates fair value and financial instruments that are recorded at fair value on a recurring basis. For additional information regarding the financial instruments within the scope of this disclosure, and the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2020 Form 10-K.
4. OFFSETTING ASSETS AND LIABILITIES
Gross and net information for selected financial instruments in the balance sheet is as follows:
March 31, 2021
(In millions)Gross amounts not offset in the balance sheet
DescriptionGross amounts recognizedGross amounts offset in the balance sheetNet amounts presented in the balance sheetFinancial instrumentsCash collateral received/pledgedNet amount
Assets:
Federal funds sold and security resell agreements
$1,315 $— $1,315 $— $— $1,315 
Derivatives (included in other assets)265 — 265 (17)1 249 
Total assets$1,580 $— $1,580 $(17)$1 $1,564 
Liabilities:
Federal funds purchased and other short-term borrowings
$1,032 $— $1,032 $— $— $1,032 
Derivatives (included in other liabilities)
71 — 71 (17)(5)49 
Total liabilities$1,103 $— $1,103 $(17)$(5)$1,081 
December 31, 2020
(In millions)Gross amounts not offset in the balance sheet
DescriptionGross amounts recognizedGross amounts offset in the balance sheetNet amounts presented in the balance sheetFinancial instrumentsCash collateral received/pledgedNet amount
Assets:
Federal funds sold and security resell agreements
$6,457 $(692)$5,765 $— $— $5,765 
Derivatives (included in other assets)418 — 418 (3)(3)412 
Total assets$6,875 $(692)$6,183 $(3)$(3)$6,177 
Liabilities:
Federal funds purchased and other short-term borrowings
$2,264 $(692)$1,572 $— $— $1,572 
Derivatives (included in other liabilities)
38 — 38 (3)(26)9 
Total liabilities$2,302 $(692)$1,610 $(3)$(26)$1,581 
Security repurchase and reverse repurchase (“resell”) agreements are offset, when applicable, in the balance sheet according to master netting agreements. Security repurchase agreements are included with “Federal funds purchased
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
and other short-term borrowings.” Derivative instruments may be offset under their master netting agreements; however, for accounting purposes, we present these items on a gross basis in our balance sheet. See Note 7 for further information regarding derivative instruments.
5. INVESTMENTS
Investment Securities
Investment securities are classified as HTM, AFS, or trading. HTM securities, which management has the intent and ability to hold until maturity, are carried at amortized cost. AFS securities are carried at fair value and unrealized gains and losses are reported as net increases or decreases to accumulated other comprehensive income (“AOCI”). Trading securities are carried at fair value with gains and losses recognized in current period earnings. The carrying values of our securities do not include accrued interest receivables of $51 million and $54 million at March 31, 2021 and December 31, 2020, respectively. These receivables are presented in the Consolidated Balance Sheet within the “Other Assets” line item. See Note 5 of our 2020 Form 10-K for more information related to our accounting for investment securities. See also Note 3 of our 2020 Form 10-K for discussion on our process to estimate fair value for investment securities.
March 31, 2021
(In millions)Amortized
cost		Gross unrealized gainsGross unrealized lossesEstimated
fair value
Held-to-maturity
Municipal securities$583 $4 $3 $584 
Available-for-sale
U.S. Treasury securities205 — 37 168 
U.S. Government agencies and corporations:
Agency securities1,044 33 — 1,077 
Agency guaranteed mortgage-backed securities12,618 188 153 12,653 
Small Business Administration loan-backed securities1,134 — 33 1,101 
Municipal securities1,520 55 5 1,570 
Other debt securities75 — — 75 
Total available-for-sale16,596 276 228 16,644 
Total investment securities$17,179 $280 $231 $17,228 

December 31, 2020
(In millions)Amortized
cost		Gross unrealized gainsGross unrealized lossesEstimated
fair value
Held-to-maturity
Municipal securities$636 $5 $1 $640 
Available-for-sale
U.S. Treasury securities205 — 13 192 
U.S. Government agencies and corporations:
Agency securities1,051 40 — 1,091 
Agency guaranteed mortgage-backed securities11,439 262 8 11,693 
Small Business Administration loan-backed securities1,195 — 35 1,160 
Municipal securities1,352 68 — 1,420 
Other debt securities175 — — 175 
Total available-for-sale15,417 370 56 15,731 
Total investment securities$16,053 $375 $57 $16,371 
Maturities
The following schedule shows the amortized cost and weighted average yields of investment debt securities by contractual maturity of principal payments as of March 31, 2021. Actual principal payments may differ from
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
contractual or expected principal payments because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2021
Total debt investment securitiesDue in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten years
(Dollar amounts in millions)Amortized costAvg yieldAmortized costAvg yieldAmortized costAvg yieldAmortized costAvg yieldAmortized costAvg yield
Held-to-maturity
Municipal securities 1
$583 2.98 %$117 2.06 %$180 3.36 %$169 2.89 %$117 3.45 %
Available-for-sale
U.S. Treasury securities205 0.99 50 0.07 — — — — 155 1.28 
U.S. Government agencies and corporations:
Agency securities1,044 2.14 — — 385 1.38 264 2.59 395 2.57 
Agency guaranteed mortgage-backed securities12,618 1.72 — — 373 1.46 734 1.71 11,511 1.73 
Small Business Administration loan-backed securities1,134 1.43 — — 57 1.42 128 1.56 949 1.41 
Municipal securities 1
1,520 2.33 101 1.98 638 2.41 509 2.26 272 2.40 
Other debt securities75 2.17 — — — — 60 1.97 15 2.94 
Total available-for-sale securities16,596 1.77 151 1.35 1,453 1.85 1,695 2.01 13,297 1.74 
Total investment securities$17,179 1.82 %$268 1.66 %$1,633 2.02 %$1,864 2.09 %$13,414 1.76 %
1 The yields on tax-exempt securities are calculated on a tax-equivalent basis.
The following schedule summarizes the amount of gross unrealized losses for debt securities and the estimated fair value by length of time the securities have been in an unrealized loss position:
March 31, 2021
Less than 12 months12 months or moreTotal
(In millions)Gross
unrealized
losses		Estimated
fair
value		Gross
unrealized
losses		Estimated
fair
value		Gross
unrealized
losses		Estimated
fair
value
Held-to-maturity
Municipal securities$3 $141 $— $13 $3 $154 
Available-for-sale
U.S. Treasury securities37 118 — — 37 118 
U.S. Government agencies and corporations:
Agency securities— 114 — 2 — 116 
Agency guaranteed mortgage-backed securities152 5,852 1 135 153 5,987 
Small Business Administration loan-backed securities— 14 33 1,011 33 1,025 
Municipal securities5 326 — — 5 326 
Other— — — — — — 
Total available-for-sale194 6,424 34 1,148 228 7,572 
Total investment securities$197 $6,565 $34 $1,161 $231 $7,726 

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
December 31, 2020
Less than 12 months12 months or moreTotal
(In millions)Gross
unrealized
losses		Estimated
 fair
 value		Gross
unrealized
losses		Estimated
 fair
 value		Gross
unrealized
losses		Estimated
 fair
 value
Held-to-maturity
Municipal securities$1 $96 $— $12 $1 $108 
Available-for-sale
U.S. Treasury securities13 142 — — 13 142 
U.S. Government agencies and corporations:
Agency securities— 6 — 2 — 8 
Agency guaranteed mortgage-backed securities7 1,197 1 179 8 1,376 
Small Business Administration loan-backed securities— 15 35 1,068 35 1,083 
Municipal securities— 19 — — — 19 
Other— 150 — — — 150 
Total available-for-sale20 1,529 36 1,249 56 2,778 
Total investment securities$21 $1,625 $36 $1,261 $57 $2,886 
Approximately 162 and 119 HTM and 1,062 and 549 AFS investment securities were in an unrealized loss position at March 31, 2021, and December 31, 2020, respectively.
Impairment
We review investment securities quarterly on an individual security basis for the presence of impairment. For additional information on our policy and impairment evaluation process for investment securities, see Note 5 of our 2020 Form 10-K.
AFS Impairment Conclusions
We did not recognize any impairment on our AFS investment securities portfolio during the first quarter of 2021. Unrealized losses relate to changes in interest rates subsequent to purchase and are not attributable to credit. At March 31, 2021, we had not initiated any sales of AFS securities, nor did we have an intent to sell any identified securities with unrealized losses. We do not believe it is more likely than not we would be required to sell such securities before recovery of their amortized cost basis.
HTM Impairment Conclusions
For HTM securities, the ACL is assessed consistent with the approach described in Note 6 for loans carried at amortized cost. The ACL on HTM securities was less than $1 million at March 31, 2021. All HTM securities were risk-graded as “pass” in terms of credit quality and none were past due as of March 31, 2021. The amortized cost basis of HTM securities categorized by year of issuance is summarized as follows:
March 31, 2021
Amortized cost basis by year of issuance
(In millions)20212020201920182017PriorTotal Securities
Held-to-maturity$114 $138 $18 $— $10 $303 $583 
Securities Gains and Losses Recognized in Income
The following summarizes gains and losses that were recognized in the statement of income:
Three Months Ended March 31,
20212020
(In millions)Gross gainsGross lossesGross gainsGross losses
Other noninterest-bearing investments$14 $3 $5 $11 
Net gains (losses) 1
$11 $(6)
1 Net gains (losses) were recognized in securities gains (losses), net in the statement of income.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Interest income by security type is as follows:
Three Months Ended March 31,
20212020
(In millions)TaxableNontaxableTotalTaxableNontaxableTotal
Investment securities:
Held-to-maturity$3 $2 $5 $2 $3 $5 
Available-for-sale57 7 64 69 6 75 
Trading— 2 2 — 2 2 
Total securities$60 $11 $71 $71 $11 $82 

Investment securities with a carrying value of approximately $2.1 billion and $2.3 billion at March 31, 2021 and December 31, 2020, respectively, were pledged to secure public and trust deposits, advances, and for other purposes as required by law. Securities are also pledged as collateral for security repurchase agreements.
6. LOANS, LEASES, AND ALLOWANCE FOR CREDIT LOSSES
Loans, Leases, and Loans Held for Sale
Loans and leases are summarized as follows according to major portfolio segment and specific loan class:
(In millions)March 31,
2021		December 31,
2020
Loans held for sale$77 $81 
Commercial:
Commercial and industrial$12,843 $13,444 
PPP6,465 5,572 
Leasing310 320 
Owner-occupied8,112 8,185 
Municipal3,234 2,951 
Total commercial30,964 30,472 
Commercial real estate:
Construction and land development2,443 2,345 
Term9,617 9,759 
Total commercial real estate12,060 12,104 
Consumer:
Home equity credit line2,695 2,745 
1-4 family residential6,630 6,969 
Construction and other consumer real estate589 630 
Bankcard and other revolving plans409 432 
Other125 124 
Total consumer10,448 10,900 
Total loans and leases
$53,472 $53,476 
Loans and leases are presented at their amortized cost basis, which includes net unamortized purchase premiums, discounts, and deferred loan fees and costs totaling $215 million and $149 million at March 31, 2021 and December 31, 2020, respectively. Amortized cost basis does not include accrued interest receivables of $199 million and $200 million at March 31, 2021 and December 31, 2020, respectively. These receivables are presented in the Consolidated Balance Sheet within the “Other Assets” line item.
Municipal loans generally include loans to state and local governments (“municipalities”) with the debt service being repaid from general funds or pledged revenues of the municipal entity, or to private commercial entities or 501(c)(3) not-for-profit entities utilizing a pass-through municipal entity to achieve favorable tax treatment.
Land acquisition and development loans included in the construction and land development loan portfolio were $161 million at March 31, 2021 and $156 million at December 31, 2020.
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Loans with a carrying value of $22.8 billion at March 31, 2021 and $24.7 billion at December 31, 2020 have been pledged at the Federal Reserve and the FHLB of Des Moines as collateral for current and potential borrowings.
We sold loans totaling $423 million and $299 million for the three months ended March 31, 2021 and 2020, respectively, that were classified as loans held for sale. The sold loans were derecognized from the balance sheet. Loans classified as loans held for sale primarily consist of conforming residential mortgages and the guaranteed portion of SBA loans, and does not consist of loans from the SBA's Paycheck Protection Program. The loans are sold primarily to U.S. government agencies or participated to third parties. At times, we have continuing involvement in the sold loans in the form of servicing rights or a guarantee from the respective issuer. Amounts added to loans held for sale during these same periods were $426 million and $315 million, respectively. See Note 5 for further information regarding guaranteed securities.
The principal balance of sold loans for which we retain servicing was approximately $2.8 billion at March 31, 2021, and $2.7 billion at December 31, 2020. Income from loans sold, excluding servicing, was $11 million and $13 million for the three months ended March 31, 2021, and 2020, respectively.
Allowance for Credit Losses
The allowance for credit losses (“ACL”), which consists of the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”), represents our estimate of current expected credit losses over the contractual term of the loan and lease portfolio and unfunded lending commitments as of the balance sheet date. For additional information regarding our policies and methodologies used to estimate the ACL, see Note 6 of our 2020 Form 10-K.
The ACL for AFS and HTM debt securities is estimated separately from loans. For HTM securities, the ACL is estimated consistent with the approach for loans carried at amortized cost. See Note 5 for further discussion on our estimate of expected credit losses on AFS securities and disclosures related to AFS and HTM securities.
Changes in the ACL are summarized as follows:
Three Months Ended March 31, 2021
(In millions)CommercialCommercial
real estate		ConsumerTotal
Allowance for loan losses
Balance at beginning of period$464 $171 $142 $777 
Provision for loan losses(94)(19)(10)(123)
Gross loan and lease charge-offs18 — 3 21 
Recoveries10 — 3 13 
Net loan and lease charge-offs (recoveries)8 — — 8 
Balance at end of period$362 $152 $132 $646 
Reserve for unfunded lending commitments
Balance at beginning of period$30 $20 $8 $58 
Provision for unfunded lending commitments(6)(3)— (9)
Balance at end of period$24 $17 $8 $49 
Total allowance for credit losses at end of period
Allowance for loan losses$362 $152 $132 $646 
Reserve for unfunded lending commitments24 17 8 49 
Total allowance for credit losses$386 $169 $140 $695 

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Three Months Ended March 31, 2020
(In millions)CommercialCommercial real estateConsumerTotal
Allowance for loan losses
Balance at beginning of period$282 $69 $146 $497 
Provision for loan losses137 59 44 240 
Gross loan and lease charge-offs10 — 3 13 
Recoveries4 — 2 6 
Net loan and lease charge-offs (recoveries)6 — 1 7 
Balance at end of period$413 $128 $189 $730 
Reserve for unfunded lending commitments
Balance at beginning of period$11 $12 $6 $29 
Provision for unfunded lending commitments5 11 2 18 
Balance at end of period$16 $23 $8 $47 
Total allowance for credit losses at end of period
Allowance for loan losses$413 $128 $189 $730 
Reserve for unfunded lending commitments16 23 8 47 
Total allowance for credit losses$429 $151 $197 $777 
Nonaccrual Loans
Loans are generally placed on nonaccrual status when payment in full of principal and interest is not expected, or the loan is 90 days or more past due as to principal or interest, unless the loan is both well-secured and in the process of collection. Factors we consider in determining whether a loan is placed on nonaccrual include delinquency status, collateral-value, borrower or guarantor financial statement information, bankruptcy status, and other information which would indicate that the full and timely collection of interest and principal is uncertain.
A nonaccrual loan may be returned to accrual status when (1) all delinquent interest and principal become current in accordance with the terms of the loan agreement, (2) the loan, if secured, is well-secured, (3) the borrower has paid according to the contractual terms for a minimum of six months, and (4) an analysis of the borrower indicates a reasonable assurance of his or her ability and willingness to maintain payments.
The amortized cost basis of loans on nonaccrual status is summarized as follows:
March 31, 2021
Amortized cost basisTotal amortized cost basis
(In millions)with no allowancewith allowanceRelated allowance
Commercial:
Commercial and industrial$27 $92 $119 $20 
Owner-occupied35 39 74 3 
Total commercial62 131 193 23 
Commercial real estate:
Term12 19 31 4 
Total commercial real estate12 19 31 4 
Consumer:
Home equity credit line5 14 19 4 
1-4 family residential15 65 80 8 
Bankcard and other revolving plans— 1 1 1 
Total consumer loans20 80 100 13 
Total$94 $230 $324 $40 
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
December 31, 2020
Amortized cost basisTotal amortized cost basis
(In millions)with no allowancewith allowanceRelated allowance
Commercial:
Commercial and industrial$73 $67 $140 $22 
Owner-occupied38 38 76 4 
Total commercial111 105 216 26 
Commercial real estate:
Term12 19 31 3 
Total commercial real estate12 19 31 3 
Consumer:
Home equity credit line2 14 16 3 
1-4 family residential14 89 103 9 
Bankcard and other revolving plans— 1 1 1 
Total consumer loans16 104 120 13 
Total$139 $228 $367 $42 
For accruing loans, interest is accrued, and interest payments are recognized into interest income according to the contractual loan agreement. For nonaccruing loans, the accrual of interest is discontinued, any uncollected or accrued interest is reversed or written-off from interest income in a timely manner (generally within one month), and any payments received on these loans are not recognized into interest income, but are applied as a reduction to the principal outstanding. For the three months ended March 31, 2021 and 2020, there was no interest income recognized on a cash basis during the period the loans were on nonaccrual.
The amount of accrued interest receivables written-off by reversing interest income during the period is summarized by loan portfolio segment as follows:
(In millions)Three Months Ended
March 31,
20212020
Commercial$3 $4 
Commercial real estate1 — 
Consumer— — 
Total$4 $4 
Past Due Loans
Closed-end loans with payments scheduled monthly are reported as past due when the borrower is in arrears for two or more monthly payments. Similarly, open-end credits, such as bankcard and other revolving credit plans, are reported as past due when the minimum payment has not been made for two or more billing cycles. Other multi-payment obligations (i.e., quarterly, semi-annual, etc.), single payment, and demand notes, are reported as past due when either principal or interest is due and unpaid for a period of 30 days or more.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Past due loans (accruing and nonaccruing) are summarized as follows:
March 31, 2021
(In millions)Current30-89 days
past due		90+ days
past due		Total
past due		Total
loans		Accruing
loans
90+ days
past due
Nonaccrual
loans
that are
current 1
Commercial:
Commercial and industrial$12,770 $32 $41 $73 $12,843 $6 $81 
PPP6,465 — — — 6,465 — — 
Leasing310 — — — 310 — — 
Owner-occupied8,057 38 17 55 8,112 2 45 
Municipal3,234 — — — 3,234 — — 
Total commercial30,836 70 58 128 30,964 8 126 
Commercial real estate:
Construction and land development
2,443 — — — 2,443 — — 
Term9,575 36 6 42 9,617 — 25 
Total commercial real estate12,018 36 6 42 12,060 — 25 
Consumer:
Home equity credit line2,686 4 5 9 2,695 — 11 
1-4 family residential6,582 17 31 48 6,630 — 40 
Construction and other consumer real estate
589 — — — 589 — 
Bankcard and other revolving plans
407 1 1 2 409 1 — 
Other125 — — — 125 — — 
Total consumer loans10,389 22 37 59 10,448 1 51 
Total$53,243 $128 $101 $229 $53,472 $9 $202 
December 31, 2020
(In millions)Current30-89 days
past due		90+ days
past due		Total
past due		Total
loans		Accruing
loans
90+ days
past due
Nonaccrual
loans
that are
current 1
Commercial:
Commercial and industrial$13,388 $26 $30 $56 $13,444 $2 $109 
PPP5,572 — — — 5,572 — — 
Leasing320 — — — 320 — 1 
Owner-occupied8,129 34 22 56 8,185 — 48 
Municipal2,951 — — — 2,951 — — 
Total commercial30,360 60 52 112 30,472 2 158 
Commercial real estate:
Construction and land development
2,341 — 4 4 2,345 4 — 
Term9,692 57 10 67 9,759 4 13 
Total commercial real estate12,033 57 14 71 12,104 8 13 
Consumer:
Home equity credit line2,733 8 4 12 2,745 — 9 
1-4 family residential6,891 12 66 78 6,969 — 33 
Construction and other consumer real estate
630 — — — 630 — 
Bankcard and other revolving plans
428 2 2 4 432 2 1 
Other123 1 — 1 124 — — 
Total consumer loans10,805 23 72 95 10,900 2 43 
Total$53,198 $140 $138 $278 $53,476 $12 $214 
1 Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Credit Quality Indicators
In addition to the nonaccrual and past due criteria, we also analyze loans using loan risk-grading systems, which vary based on the size and type of credit risk exposure. The internal risk grades we assign to loans are classified using the following definitions of Pass, Special Mention, Substandard, and Doubtful, which are consistent with published definitions of regulatory risk classifications.
•Pass – A Pass asset is higher-quality and does not fit any of the other categories described below. The likelihood of loss is considered low.
•Special Mention – A Special Mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in our credit position at some future date.
•Substandard – A Substandard asset is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have well-defined weaknesses and are characterized by the distinct possibility that we may sustain some loss if deficiencies are not corrected.
•Doubtful – A Doubtful asset has all the weaknesses inherent in a Substandard asset with the added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable.
The balance of loans classified as Doubtful was less than $1 million as of March 31, 2021 and was $4 million as of December 31, 2020.
We generally assign internal risk grades to commercial and CRE loans with commitments greater than $1 million based on financial and statistical models, individual credit analysis, and loan officer experience and judgment. For these larger loans, we assign one of multiple risk grades within the Pass classification or one of the risk classifications described previously. We confirm our internal risk grades quarterly, or as soon as we identify information that affects the credit risk of the loan.
For consumer loans and certain small commercial and CRE loans with commitments less than or equal to $1 million, we generally assign internal risk grades similar to those described previously based on automated rules that depend on refreshed credit scores, payment performance, and other risk indicators. These are generally assigned either a Pass or Substandard grade and are reviewed as we identify information that might warrant a grade change.
The following schedule presents the amortized cost basis of loans and leases categorized by year of origination and risk classification as monitored by management. The year of origination is generally represented by the year the loan was either originated or the year in which the loan was renewed or restructured.
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March 31, 2021
Term loansRevolving loans amortized cost basisRevolving loans converted to term loans amortized cost basis
Amortized cost basis by year of origination
(In millions)20212020201920182017PriorTotal
loans
Commercial:
Commercial and industrial
Pass$507 $1,637 $1,665 $1,013 $516 $430 $5,631 $66 $11,465 
Special Mention— 56 98 63 33 30 259 1 540 
Accruing Substandard9 60 178 109 36 23 303 1 719 
Nonaccrual15 16 2 4 8 27 38 9 119 
Total commercial and industrial531 1,769 1,943 1,189 593 510 6,231 77 12,843 
PPP
Pass2,460 4,005 — — — — — — 6,465 
Total PPP2,460 4,005 — — — — — — 6,465 
Leasing
Pass2 45 88 80 52 29 — — 296 
Special Mention— 1 1 2 1 6 — — 11 
Accruing Substandard— 1 1 — — 1 — — 3 
Nonaccrual— — — — — — — — — 
Total leasing2 47 90 82 53 36 — — 310 
Owner-occupied
Pass331 1,563 1,129 1,130 878 2,181 154 35 7,401 
Special Mention4 66 62 52 29 87 7 4 311 
Accruing Substandard— 12 64 66 42 130 11 1 326 
Nonaccrual— 6 12 19 9 27 1 — 74 
Total owner-occupied335 1,647 1,267 1,267 958 2,425 173 40 8,112 
Municipal
Pass336 1,033 802 328 406 279 1 — 3,185 
Special Mention— — — — — 34 — — 34 
Accruing Substandard— 9 — — — 6 — — 15 
Nonaccrual— — — — — — — — — 
Total municipal336 1,042 802 328 406 319 1 — 3,234 
Total commercial3,664 8,510 4,102 2,866 2,010 3,290 6,405 117 30,964 
Commercial real estate:
Construction and land development
Pass114 656 935 204 42 4 445 4 2,404 
Special Mention1 2 2 — — — 5 — 10 
Accruing Substandard3 — 26 — — — — — 29 
Nonaccrual— — — — — — — — — 
Total construction and land development118 658 963 204 42 4 450 4 2,443 
Term
Pass537 2,383 1,729 1,396 648 1,884 254 16 8,847 
Special Mention49 102 54 140 38 103 — 3 489 
Accruing Substandard— 36 34 95 29 54 — 2 250 
Nonaccrual— — 5 — 2 24 — — 31 
Total term586 2,521 1,822 1,631 717 2,065 254 21 9,617 
Total commercial real estate704 3,179 2,785 1,835 759 2,069 704 25 12,060 

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March 31, 2021
Term loansRevolving loans amortized cost basisRevolving loans converted to term loans amortized cost basis
Amortized cost basis by year of origination
(In millions)20212020201920182017PriorTotal
loans
Consumer:
Home equity credit line
Pass— — — — — — 2,564 109 2,673 
Special Mention— — — — — — 1 — 1 
Accruing Substandard— — — — — — 2 — 2 
Nonaccrual— — — — — — 10 9 19 
Total home equity credit line— — — — — — 2,577 118 2,695 
1-4 family residential
Pass260 1,160 921 745 971 2,490 — — 6,547 
Special Mention— — — — — 1 — — 1 
Accruing Substandard— — — — — 2 — — 2 
Nonaccrual— 3 11 5 12 49 — — 80 
Total 1-4 family residential260 1,163 932 750 983 2,542 — — 6,630 
Construction and other consumer real estate
Pass13 251 241 64 11 9 — — 589 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total construction and other consumer real estate13 251 241 64 11 9 — — 589 
Bankcard and other revolving plans
Pass— — — — — — 404 2 406 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — — 2 — 2 
Nonaccrual— — — — — — — 1 1 
Total bankcard and other revolving plans— — — — — — 406 3 409 
Other consumer
Pass28 36 30 18 8 5 — — 125 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total other consumer28 36 30 18 8 5 — — 125 
Total consumer301 1,450 1,203 832 1,002 2,556 2,983 121 10,448 
Total loans$4,669 $13,139 $8,090 $5,533 $3,771 $7,915 $10,092 $263 $53,472 

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December 31, 2020
Term loansRevolving loans amortized cost basisRevolving loans converted to term loans amortized cost basis
Amortized cost basis by year of origination
(In millions)20202019201820172016PriorTotal
loans
Commercial:
Commercial and industrial
Pass$2,585 $2,743 $1,903 $829 $296 $228 $3,298 $109 $11,991 
Special Mention79 152 183 98 4 43 110 1 670 
Accruing Substandard123 157 129 44 26 17 141 6 643 
Nonaccrual57 2 10 8 2 15 36 10 140 
Total commercial and industrial2,844 3,054 2,225 979 328 303 3,585 126 13,444 
PPP
Pass5,572 — — — — — — — 5,572 
Total PPP5,572 — — — — — — — 5,572 
Leasing
Pass87 121 44 34 14 5 — — 305 
Special Mention1 — 2 1 — 6 — — 10 
Accruing Substandard2 1 1 1 — — — — 5 
Nonaccrual— — — — — — — — — 
Total leasing90 122 47 36 14 11 — — 320 
Owner-occupied
Pass1,588 1,205 1,167 895 585 1,806 161 11 7,418 
Special Mention72 65 60 60 51 41 9 3 361 
Accruing Substandard28 64 61 37 35 98 6 1 330 
Nonaccrual8 11 15 11 6 23 2 — 76 
Total owner-occupied1,696 1,345 1,303 1,003 677 1,968 178 15 8,185 
Municipal
Pass1,031 827 359 419 68 227 3 — 2,934 
Special Mention— — — — — 8 — — 8 
Accruing Substandard— — — — — 9 — — 9 
Nonaccrual— — — — — — — — — 
Total municipal1,031 827 359 419 68 244 3 — 2,951 
Total commercial11,233 5,348 3,934 2,437 1,087 2,526 3,766 141 30,472 
Commercial real estate:
Construction and land development
Pass558 933 267 41 1 6 423 3 2,232 
Special Mention24 43 11 — — — 5 — 83 
Accruing Substandard— 30 — — — — — — 30 
Nonaccrual— — — — — — — — — 
Total construction and land development582 1,006 278 41 1 6 428 3 2,345 
Term
Pass2,524 1,858 1,639 761 778 1,291 73 20 8,944 
Special Mention110 89 177 42 23 85 — 5 531 
Accruing Substandard41 34 96 30 18 34 — — 253 
Nonaccrual3 5 — 2 1 20 — — 31 
Total term2,678 1,986 1,912 835 820 1,430 73 25 9,759 
Total commercial real estate3,260 2,992 2,190 876 821 1,436 501 28 12,104 

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December 31, 2020
Term loansRevolving loans amortized cost basisRevolving loans converted to term loans amortized cost basis
Amortized cost basis by year of origination
(In millions)20202019201820172016PriorTotal
loans
Consumer:
Home equity credit line
Pass— — — — — — 2,606 115 2,721 
Special Mention— — — — — — 2 — 2 
Accruing Substandard— — — — — — 6 — 6 
Nonaccrual— — — — — — 11 5 16 
Total home equity credit line— — — — — — 2,625 120 2,745 
1-4 family residential
Pass1,185 1,017 833 1,081 1,174 1,570 — — 6,860 
Special Mention— — — — — 2 — — 2 
Accruing Substandard— — 1 — 2 1 — — 4 
Nonaccrual2 12 7 19 15 48 — — 103 
Total 1-4 family residential1,187 1,029 841 1,100 1,191 1,621 — — 6,969 
Construction and other consumer real estate
Pass200 296 106 16 1 11 — — 630 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total construction and other consumer real estate200 296 106 16 1 11 — — 630 
Bankcard and other revolving plans
Pass— — — — — — 426 2 428 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — — 3 — 3 
Nonaccrual— — — — — — — 1 1 
Total bankcard and other revolving plans— — — — — — 429 3 432 
Other consumer
Pass51 35 22 10 4 2 — — 124 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total other consumer51 35 22 10 4 2 — — 124 
Total consumer1,438 1,360 969 1,126 1,196 1,634 3,054 123 10,900 
Total loans$15,931 $9,700 $7,093 $4,439 $3,104 $5,596 $7,321 $292 $53,476 

Modified and Restructured Loans
Loans may be modified in the normal course of business for competitive reasons or to strengthen our collateral position. Loan modifications and restructurings may also occur when the borrower experiences financial difficulty and needs temporary or permanent relief from the original contractual terms of the loan. Loans that have been modified to accommodate a borrower who is experiencing financial difficulties, and for which we have granted a concession that we would not otherwise consider, are considered troubled debt restructurings (“TDRs”).
Consistent with recent accounting and regulatory guidance, loan modifications provided to borrowers experiencing financial difficulties exclusively related to the COVID-19 pandemic, in which we provide certain short-term modifications or payment deferrals, are not classified as TDRs. The TDRs disclosed subsequently do not include
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these loan modifications. Other loan modifications above and beyond these short-term modifications or payment deferrals were assessed for TDR classification.
For further discussion of our policies and processes regarding TDRs, see Note 6 of our 2020 Form 10-K.
Selected information on TDRs, including the recorded investment on an accruing and nonaccruing basis by loan class and modification type is summarized in the following schedules:
March 31, 2021
Recorded investment resulting from the following modification types:
(In millions)Interest
rate below
market		Maturity
or term
extension		Principal
forgiveness		Payment
deferral
Other1
Multiple
modification
types2
Total
Accruing
Commercial:
Commercial and industrial$— $— $— $— $21 $19 $40 
Owner-occupied5 3 — 1 9 14 32 
Total commercial5 3 — 1 30 33 72 
Commercial real estate:
Term1 18 — 35 94 22 170 
Total commercial real estate1 18 — 35 94 22 170 
Consumer:
Home equity credit line— 1 6 — — 2 9 
1-4 family residential7 1 3 — 1 17 29 
Total consumer loans7 2 9 — 1 19 38 
Total accruing13 23 9 36 125 74 280 
Nonaccruing
Commercial:
Commercial and industrial17 1 — 2 9 51 80 
Owner-occupied5 — — 3 — 15 23 
Total commercial22 1 — 5 9 66 103 
Commercial real estate:
Term2 — — 13 3 5 23 
Total commercial real estate2 — — 13 3 5 23 
Consumer:
Home equity credit line— — 2 — — — 2 
1-4 family residential1 1 — — — 4 6 
Total consumer loans1 1 2 — — 4 8 
Total nonaccruing25 2 2 18 12 75 134 
Total$38 $25 $11 $54 $137 $149 $414 
1 Includes TDRs that resulted from other modification types including, but not limited to, a legal judgment awarded on different terms, a bankruptcy plan confirmed on different terms, a settlement that includes the delivery of collateral in exchange for debt reduction, etc.
2 Includes TDRs that resulted from a combination of any of the previous modification types.
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December 31, 2020
Recorded investment resulting from the following modification types:
(In millions)Interest
rate below
market		Maturity
or term
extension		Principal
forgiveness		Payment
deferral
Other1
Multiple
modification
types2
Total
Accruing
Commercial:
Commercial and industrial$— $— $— $— $3 $4 $7 
Owner-occupied5 1 — 4 4 8 22 
Total commercial5 1 — 4 7 12 29 
Commercial real estate:
Term1 — — 16 94 23 134 
Total commercial real estate1 — — 16 94 23 134 
Consumer:
Home equity credit line— 1 7 — — 2 10 
1-4 family residential4 1 3 — 2 15 25 
Total consumer loans4 2 10 — 2 17 35 
Total accruing10 3 10 20 103 52 198 
Nonaccruing
Commercial:
Commercial and industrial— — — 3 10 52 65 
Owner-occupied5 — — 3 — 10 18 
Total commercial5 — — 6 10 62 83 
Commercial real estate:
Term2 — — 13 3 2 20 
Total commercial real estate2 — — 13 3 2 20 
Consumer:
Home equity credit line— — 2 — — — 2 
1-4 family residential1 1 — — — 6 8 
Total consumer loans1 1 2 — — 6 10 
Total nonaccruing8 1 2 19 13 70 113 
Total$18 $4 $12 $39 $116 $122 $311 
1 Includes TDRs that resulted from other modification types including, but not limited to, a legal judgment awarded on different terms, a bankruptcy plan confirmed on different terms, a settlement that includes the delivery of collateral in exchange for debt reduction, etc.
2 Includes TDRs that resulted from a combination of any of the previous modification types.
Unfunded lending commitments on TDRs totaled $12 million and $3 million at March 31, 2021 and December 31, 2020, respectively.
The total recorded investment of all TDRs in which interest rates were modified below market was $110 million at March 31, 2021 and $76 million at December 31, 2020. These loans are included in the previous schedule in the columns for interest rate below market and multiple modification types.
The net financial impact on interest income due to interest rate modifications below market for accruing TDRs for the three months ended March 31, 2021 and 2020 was not significant.
On an ongoing basis, we monitor the performance of all TDRs according to their restructured terms. Subsequent payment default is defined in terms of delinquency, when principal or interest payments are past due 90 days or more for commercial loans, or 60 days or more for consumer loans.
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The recorded investment of accruing and nonaccruing TDRs that had a payment default during the three months ended March 31, 2021 and 2020, which are still in default at period end, and are within 12 months or less of being modified as TDRs was approximately $1 million for both periods, primarily in the commercial and industrial loan portfolio. Total loans modified as TDRs during the 12 months previous to March 31, 2021 and 2020 were $331 million and $59 million, respectively.
Collateral-Dependent Loans
As discussed previously, when a loan is individually evaluated for expected credit losses, we estimate a specific reserve for the loan based on the projected present value of the loan’s future cash flows discounted at the loan’s effective interest rate, the observable market price of the loan, or the fair value of the loan’s underlying collateral.
Select information on loans for which the repayment is expected to be provided substantially through the operation or sale of the underlying collateral and the borrower is experiencing financial difficulties, including the type of collateral and the extent to which the collateral secures the loans, is summarized as follows:
March 31, 2021
(In millions)Amortized costMajor types of collateral
Weighted average LTV1
Commercial:
Commercial and industrial$21 Single family residential, Agriculture48%
Owner-occupied9 Office building39%
Commercial real estate:
Term11 Multi-family, Hotel/Motel, Retail47%
Consumer:
Home equity credit line6 Single family residential46%
1-4 family residential3 Single family residential62%
Total$50 
1 The fair value is based on the most recent appraisal or other collateral evaluation.
December 31, 2020
(In millions)Amortized costMajor types of collateral
Weighted average LTV1
Commercial:
Commercial and industrial$20 Single family residential, Agriculture55%
Owner-occupied10 Office Building47%
Commercial real estate:
Term12 Multi-family, Hotel/Motel, Retail58%
Consumer:
Home equity credit line3 Single family residential34%
1-4 family residential2 Single family residential60%
Total$47 
1 The fair value is based on the most recent appraisal or other collateral evaluation.
Foreclosed Residential Real Estate
At March 31, 2021 and December 31, 2020, we did not have any foreclosed residential real estate property. The amortized cost basis of consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure was $8 million and $10 million for the same periods, respectively.
7. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Objectives and Accounting
Our primary objective for using derivatives is to manage risks, primarily interest rate risk. We use derivatives to manage volatility in interest income, interest expense, earnings, and capital by adjusting our interest rate sensitivity
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to minimize the impact of fluctuations in interest rates. Derivatives are used to stabilize forecasted interest income from variable-rate assets and to modify the coupon or the duration of fixed-rate financial assets or liabilities as we consider advisable. We also use derivatives as a product for our customers to manage their risks. For a more detailed discussion of the use of and accounting policies regarding derivative instruments, see Note 7 of our 2020 Form 10-K.
Fair Value Hedges of Liabilities – As of March 31, 2021, we had one receive-fixed interest rate swap with a notional amount of $500 million designated in a qualifying fair value hedge relationship of fixed-rate debt. The receive-fixed interest rate swap effectively converts the interest on our fixed-rate debt to floating. During the first quarter of 2021, derivatives designated as fair value hedges of debt decreased in value by $35 million which was offset by changes in the fair value of the hedged debt instruments as shown in the schedules below. During the first quarter of 2021, we amortized $3 million of cumulative unamortized debt basis adjustments related to previously terminated fair value hedges of debt. We had $9 million of unamortized debt basis adjustments from previously designated fair value hedges remaining.
Fair Value Hedges of Assets – As of March 31, 2021, we had pay-fixed, receive-floating interest rate swaps with an aggregate notional amount of $383 million designated as fair value hedges of certain AFS securities. These swaps effectively convert the fixed interest income to a floating rate on the hedged portion of the securities. During the first quarter of 2021, derivatives designated as fair value hedges of fixed-rate AFS securities increased in value by $48 million, which was offset by changes in value of the hedged securities, as shown in the schedules below. We had $7 million of unamortized basis adjustments to AFS securities from previously designated fair value hedges.
Cash Flow Hedges – As of March 31, 2021, we had $3.5 billion notional amount of receive-fixed interest rate swaps designated as cash flow hedges of pools of floating-rate commercial loans. During the first quarter of 2021, our cash flow hedge portfolio decreased in value by $20 million, which was recorded in AOCI. The amounts deferred in AOCI are reclassified into earnings in the periods in which the interest payments occur (i.e., when the hedged forecasted transactions affect earnings).
Collateral and Credit Risk
Exposure to credit risk arises from the possibility of nonperformance by counterparties. No significant losses on derivative instruments have occurred as a result of counterparty nonperformance. For a more detailed discussion of collateral and credit risk related to our derivative contracts, see Note 7 of our 2020 Form 10-K.
Our derivative contracts require us to pledge collateral for derivatives that are in a net liability position at a given balance sheet date. Certain of these derivative contracts contain credit-risk-related contingent features that include the requirement to maintain a minimum debt credit rating. We may be required to pledge additional collateral if a credit-risk-related feature were triggered, such as a downgrade of our credit rating. However, in past situations, not all counterparties have demanded that additional collateral be pledged when provided for by the contractual terms. At March 31, 2021, the fair value of our derivative liabilities was $284 million, for which we were required to pledge cash collateral of $76 million in the normal course of business. If our credit rating were downgraded one notch by either Standard & Poor’s (“S&P”) or Moody’s at March 31, 2021, there would likely be $2 million of additional collateral required to be pledged. As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), all newly eligible derivatives entered into are cleared through a central clearinghouse. Derivatives that are centrally cleared do not have credit-risk-related features that require additional collateral if our credit rating were downgraded.
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Derivative Amounts
Selected information with respect to notional amounts and recorded gross fair values at March 31, 2021 and December 31, 2020, is summarized as follows:
March 31, 2021December 31, 2020
Notional
amount		Fair valueNotional
amount		Fair value
(In millions)Other
assets		Other
liabilities		Other
assets		Other
liabilities
Derivatives designated as hedging instruments:
Cash flow hedges of floating-rate assets:
Purchased interest rate floors$— $— $— $— $— $— 
Receive-fixed interest rate swaps
3,450 — — 3,150 — — 
Fair value hedges:
Debt hedges: Receive-fixed interest rate swaps500 — — 500 — — 
Asset hedges: Pay-fixed interest rate swaps383 15 — 383 3 — 
Total derivatives designated as hedging instruments4,333 15 — 4,033 3 — 
Derivatives not designated as hedging instruments:
Customer-facing interest rate derivatives 1, 2
6,229 228 47 5,986 390 2 
Offsetting interest rate derivatives 2
6,229 52 233 5,986 3 409 
Other interest rate derivatives1,542 14 1 1,649 20 3 
Foreign exchange derivatives268 3 3 223 4 4 
Total derivatives not designated as hedging instruments
14,268 297 284 13,844 417 418 
Total derivatives$18,601 $312 $284 $17,877 $420 $418 
1 Customer-facing interest rate derivatives include a net CVA that was less than $1 million as of March 31, 2021, and an $18 million net credit valuation adjustment reducing the fair value amount as of December 31, 2020. These adjustments are required to reflect both our nonperformance risk and that of the respective counterparty.
2 The fair value amounts for these derivatives do not include the settlement amounts for those trades that are centrally cleared. Once the settlement amounts with the clearing houses are included the derivative fair values would be the following:
March 31, 2021December 31, 2020
(In millions)Other assetsOther liabilitiesOther assetsOther liabilities
Customer-facing interest rate derivatives$228 $47 $390 $2 
Offsetting interest rate derivatives5 20 1 29 

The amount of derivative gains (losses) from cash flow and fair value hedges that was deferred in OCI or recognized in earnings for the three months ended March 31, 2021 and 2020 is shown in the schedules below.
Amount of derivative gain (loss) recognized/reclassified
Three Months Ended March 31, 2021
(In millions)Effective Portion of Derivatives Gain/(Loss) Deferred in OCIExcluded Components Deferred in OCI (Amortization Approach)Amount of Gain/(Loss) Reclassified from OCI into IncomeInterest on Fair Value HedgesHedge Ineffectiveness / OCI Reclass due to Missed Forecast
Cash flow hedges of floating-rate assets:1
Purchased interest rate floors$— $— $3 $— $— 
Interest rate swaps(5)— 12 — — 
Fair value hedges of liabilities:
Receive-fixed interest rate swaps— — — 2 — 
Basis amortization on terminated hedges 2, 3
— — — 3 — 
Fair value hedges of assets:
Pay-fixed interest rate swaps— — — (1)— 
Basis amortization on terminated hedges 2, 3
— — — — — 
Total derivatives designated as hedging instruments
$(5)$— $15 $4 $— 

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Amount of derivative gain (loss) recognized/reclassified
Three Months Ended March 31, 2020
(In millions)Effective Portion of Derivatives Gain/(Loss) Deferred in OCIExcluded Components Deferred in OCI (Amortization Approach)Amount of Gain/(Loss) Reclassified from OCI into IncomeInterest on Fair Value HedgesHedge Ineffectiveness / OCI Reclass due to Missed Forecast
Cash flow hedges of floating-rate assets:1
Purchased interest rate floors$— $— $3 $— $— 
Interest rate swaps92 — 1 — — 
Fair value hedges of liabilities:
Receive-fixed interest rate swaps— — — 2 — 
Basis amortization on terminated hedges 2,3
— — — — — 
Fair value hedges of assets:
Pay-fixed interest rate swaps— — — — — 
Basis amortization on terminated hedges 2, 3
— — — — — 
Total derivatives designated as hedging instruments
$92 $— $4 $2 $— 

Note: These schedules are not intended to present, at any given time, our long/short position with respect to our derivative contracts.
1 Amounts recognized in OCI and reclassified from AOCI represent the effective portion of the derivative gain (loss). For the 12 months following March 31, 2021, we estimate that $57 million will be reclassified from AOCI into interest income.
2 Adjustment to interest expense resulting from the amortization of the debt basis adjustment on fixed-rate debt previously hedged by terminated receive-fixed interest rate.
3The cumulative unamortized basis adjustment from previously terminated or redesignated fair value hedges as of March 31, 2021 is $9 million and $7 million of terminated fair value debt and asset hedges, respectively. The amortization of the cumulative unamortized basis adjustment from asset hedges is not shown in the schedules because it is not significant.
The amount of gains (losses) recognized from derivatives not designated as accounting hedges is as follows:
Other Noninterest Income/(Expense)
(In millions)Three Months Ended March 31, 2021Three Months Ended March 31, 2020
Derivatives not designated as hedging instruments:
Customer-facing interest rate derivatives
$(182)$312 
Offsetting interest rate derivatives206 (313)
Other interest rate derivatives(4)9 
Foreign exchange derivatives5 7 
Total derivatives not designated as hedging instruments
$25 $15 
The following schedule presents derivatives used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the periods presented.
Gain/(loss) recorded in income
Three Months Ended March 31, 2021Three Months Ended March 31, 2020
(In millions)
Derivatives2
Hedged itemsTotal income statement impact
Derivatives2
Hedged itemsTotal income statement impact
Debt: Receive-fixed interest rate swaps1, 2
$(35)$35 $— $71 $(71)$— 
Assets: Pay-fixed interest rate swaps 1, 2
48 (48)— — — — 

1 Consists of hedges of benchmark interest rate risk of fixed-rate long-term debt and fixed-rate AFS securities. Gains and losses were recorded in net interest expense or income consistent with the hedged items.
2 The income/expense for derivatives does not reflect interest income/expense from periodic accruals and payments to be consistent with the presentation of the gains/(losses) on the hedged items.
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The following schedule provides selected information regarding basis adjustments for hedged items.
Par value of hedged assets/(liabilities)
Carrying amount of the hedged assets/(liabilities)1
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item
(In millions)March 31, 2021December 31, 2020March 31, 2021December 31, 2020March 31, 2021December 31, 2020
Long-term fixed-rate debt$(500)$(500)$(502)$(537)$(2)$(37)
Fixed-rate AFS securities383 383 314 362 (69)(21)
1 Carrying amounts displayed above exclude issuance and purchase discounts or premiums and unamortized issuance/acquisition costs and also exclude amounts related to terminated fair value hedges.
8. LEASES
We determine if a contract is a lease or contains a lease at inception. The right to use leased assets for the lease term are considered ROU assets. Operating lease assets are included in “Other assets,” and finance lease assets are included in “Premises, equipment and software, net.” Lease liabilities for operating leases are included in “Other liabilities,” and finance leases are included in “Long-term debt” on our consolidated balance sheet. For a more detailed discussion of our lease policies, see Note 8 of our 2020 Form 10-K.
We have operating and finance leases for branches, corporate offices, and data centers. Our equipment leases are not material. At March 31, 2021, we had 420 branches, of which 272 are owned and 148 are leased. We lease our headquarters in Salt Lake City, Utah, and other office or data centers are either owned or leased.
We may enter into certain lease arrangements with a term of 12 months or less, and we have elected to exclude these from capitalization. The length of our commitments for leases ranges from 2021 to 2062, some of which include options to extend or terminate the leases.
Assets recorded under operating leases were $204 million at March 31, 2021, and $213 million at December 31, 2020, while assets recorded under finance leases were $4 million for the same periods. We utilized a secured incremental borrowing rate based on the remaining term of the lease as of the effective date for the discount rate to determine our lease right-of-use (“ROU”) assets and liabilities. The following schedule presents lease-related assets and liabilities, their weighted average remaining life, and the weighted average discount rate.
(Dollar amounts in millions)March 31,
2021		December 31, 2020
Operating assets and liabilities
  Operating right-of-use assets, net of amortization$204$213
  Operating lease liabilities231240
Weighted average remaining lease term (years)
  Operating leases8.88.9
  Finance leases19.019.2
Weighted average discount rate
  Operating leases2.9 %2.9 %
  Finance leases3.1 %3.1 %
The components of lease expense are as follows:
Three Months Ended March 31,
(In millions)20212020
Operating lease costs$12 $12 
Variable lease costs12 12 
Total lease cost$24 $24 
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Supplemental cash flow information related to leases is as follows:
Three Months Ended March 31,
(In millions)20212020
Cash paid for amounts in the measurement of lease liabilities:
Operating cash disbursements from operating leases$12 $13 
ROU assets obtained in exchange for lease liabilities:
Three Months Ended March 31,
(In millions)20212020
New operating lease liabilities$— $3 
Maturities analysis for operating lease liabilities as of March 31, 2021 is as follows (contractual undiscounted lease payments):
(In millions)
2021 1
$37 
202246 
202340 
202430 
202521 
Thereafter95 
Total$269 
1 Contractual maturities for the nine months remaining in 2021.
We enter into certain lease agreements where we are the lessor of real estate. Real estate leases are made from bank-owned and subleased property to generate cash flow from the property, including from leasing vacant suites in which we occupy portions of the building. Operating lease income was $3 million for both the first quarter of 2021 and 2020.
We make equipment leases, considered to be sales-type leases or direct financing leases, totaling $310 million and $320 million as of March 31, 2021 and December 31, 2020, respectively. We recorded income of $3 million on these leases for both the first quarter of 2021 and 2020.
9. LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY
Long-Term Debt
Long-term debt is summarized as follows:
(In millions)March 31,
2021		December 31, 2020
Subordinated notes$584 $619 
Senior notes711 713 
Finance lease obligations4 4 
Total$1,299 $1,336 
The preceding carrying values represent the par value of the debt adjusted for any unamortized premium or discount, unamortized debt issuance costs, and basis adjustments for interest rate swaps designated as fair value hedges.
Common Stock
Our common stock is traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. As of March 31, 2021, there were 164.0 million shares of $0.001 par value common stock outstanding. The balance of common stock and additional paid-in capital was $2.7 billion at March 31, 2021, and decreased $33 million, or 1%, from December 31, 2020, primarily due to common stock repurchases. During the
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first quarter of 2021, we repurchased 1.0 million common shares outstanding for $50 million at an average price of $49.78 per share.
Accumulated Other Comprehensive Income
Accumulated other comprehensive income decreased to $148 million at March 31, 2021, from $325 million at December 31, 2020, primarily as a result of decreases in the fair value of AFS securities due to changes in interest rates. Changes in AOCI by component are as follows:

(In millions)Net unrealized gains (losses) on investment securitiesNet unrealized gains (losses) on derivatives and otherPension and post-retirementTotal
Three Months Ended March 31, 2021
Balance at December 31, 2020$258 $69 $(2)$325 
OCI (loss) before reclassifications, net of tax
(165)(1)— (166)
Amounts reclassified from AOCI, net of tax— (11)— (11)
Other comprehensive income (loss)(165)(12)— (177)
Balance at March 31, 2021$93 $57 $(2)$148 
Income tax benefit included in other comprehensive income (loss)
$(53)$(4)$— $(57)
Three Months Ended March 31, 2020
Balance at December 31, 2019$29 $28 $(14)$43 
OCI before reclassifications, net of tax
147 71 — 218 
Amounts reclassified from AOCI, net of tax— (2)— (2)
Other comprehensive income147 69 — 216 
Balance at March 31, 2020$176 $97 $(14)$259 
Income tax expense included in OCI
$48 $23 $— $71 
Amounts reclassified
from AOCI 1
Statement of income (SI)
(In millions)Three Months Ended
March 31,
Details about AOCI components20212020Affected line item
Net unrealized gains on derivative instruments
$15 $3 SIInterest and fees on loans
Income tax expense 4 1 
Amounts Reclassified from AOCI
11 2 
1 Positive reclassification amounts indicate increases to earnings in the statement of income.
10. COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES
Commitments and Guarantees
Contractual amounts of off-balance sheet financial instruments used to meet the financing needs of our customers are as follows:
(In millions)March 31,
2021		December 31,
2020
Net unfunded commitments to extend credit 1
$24,654 $24,217 
Standby letters of credit:
Financial571 531 
Performance237 167 
Commercial letters of credit25 34 
Total unfunded lending commitments$25,487 $24,949 
1 Net of participations
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Our 2020 Form 10-K contains further information about these commitments and guarantees including their terms and collateral requirements. At March 31, 2021, we had recorded $5 million as a liability for the guarantees associated with the standby letters of credit, which consisted of $2 million attributable to the RULC and $3 million of deferred commitment fees.
Legal Matters
We are subject to litigation in court and arbitral proceedings, as well as proceedings, investigations, examinations and other actions brought or considered by governmental and self-regulatory agencies. Litigation may relate to lending, deposit and other customer relationships, vendor and contractual issues, employee matters, intellectual property matters, personal injuries and torts, regulatory and legal compliance, and other matters. While most matters relate to individual claims, we are also subject to putative class action claims and similar broader claims. Proceedings, investigations, examinations and other actions brought or considered by governmental and self-regulatory agencies may relate to our banking, investment advisory, trust, securities, and other products and services; our customers’ involvement in money laundering, fraud, securities violations and other illicit activities or our policies and practices relating to such customer activities; and our compliance with the broad range of banking, securities and other laws and regulations applicable to us. At any given time, we may be in the process of responding to subpoenas, requests for documents, data and testimony relating to such matters and engaging in discussions to resolve the matters.
As of March 31, 2021, we were subject to the following material litigation or governmental inquiries:
•a civil suit, JTS Communities, Inc. et. al v. CB&T, Jun Enkoji and Dawn Satow, brought against us in the Superior Court for Sacramento County, California in June 2017. In this case four investors in our former customer, International Manufacturing Group (“IMG”) seek to hold us liable for losses arising from their investments in that company, alleging that we conspired with and knowingly assisted IMG and its principal in furtherance of an alleged Ponzi scheme. This case is in the discovery phase with dispositive motion practice having been completed. Currently, trial is scheduled for June 2021; however, the Court and parties intend to reschedule the trial to occur during the October through December 2021 time frame.
•a civil class action lawsuit, Evans v. CB&T, brought against us in the United States District Court for the Eastern District of California in May 2017. This case was filed on behalf of a class of up to 50 investors in IMG and seeks to hold us liable for losses of class members arising from their investments in IMG, alleging that we conspired with and knowingly assisted IMG and its principal in furtherance of an alleged Ponzi scheme. In December 2017, the District Court dismissed all claims against the Bank. In January 2018, the plaintiff filed an appeal with the Court of Appeals for the Ninth Circuit. The appeal was heard in early April 2019 with the Court of Appeals reversing the trial court’s dismissal. This case is in the post-pleading phase and trial will not occur for a substantial period of time.
•two civil cases, Lifescan Inc. and Johnson & Johnson Health Care Services v. Jeffrey Smith, et. al., brought against us in the United States District Court for the District of New Jersey in December 2017, and Roche Diagnostics and Roche Diabetes Care Inc. v. Jeffrey C. Smith, et. al., brought against us in the United States District Court for the District of New Jersey in March 2019. In these cases, certain manufacturers and distributors of medical products seek to hold us liable for allegedly fraudulent practices of a borrower of the Bank who filed for bankruptcy protection in 2017. The cases are in early phases, with initial motion practice and discovery underway in the Lifescan case. Trial has not been scheduled in either case.
•a civil class action lawsuit, Gregory, et. al. v. Zions Bancorporation, brought against us in the United States District Court for Utah in January 2019. This case was filed on behalf of investors in Rust Rare Coin, Inc., alleging that we aided and abetted a Ponzi scheme fraud perpetrated by Rust Rare Coin, a Zions Bank customer. The case follows civil actions and the establishment of a receivership for Rust Rare Coin by The Commodities Futures Trading Commission and the Utah Division of Securities in November 2018, as well as a separate suit brought by the SEC against Rust Rare Coin and its principal, Gaylen Rust. During the third quarter of 2020, the Court granted our motion to dismiss the plaintiffs' claims in part, dismissing claims relating to fraud and fiduciary duty, but allowing a claim for aiding and abetting conversion to proceed. The case is in the early discovery phase. Trial has not been scheduled.
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At least quarterly, we review outstanding and new legal matters, utilizing then available information. In accordance with applicable accounting guidance, if we determine that a loss from a matter is probable and the amount of the loss can be reasonably estimated, we establish an accrual for the loss. In the absence of such a determination, no accrual is made. Once established, accruals are adjusted to reflect developments relating to the matters.
In our review, we also assess whether we can determine the range of reasonably possible losses for significant matters in which we are unable to determine that the likelihood of a loss is remote. Because of the difficulty of predicting the outcome of legal matters, discussed subsequently, we are able to meaningfully estimate such a range only for a limited number of matters. Based on information available as of March 31, 2021, we estimated that the aggregate range of reasonably possible losses for those matters to be from $0 million to roughly $40 million in excess of amounts accrued. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate. Those matters for which a meaningful estimate is not possible are not included within this estimated range and, therefore, this estimated range does not represent our maximum loss exposure.
Based on our current knowledge, we believe that our current estimated liability for litigation and other legal actions and claims, reflected in our accruals and determined in accordance with applicable accounting guidance, is adequate and that liabilities in excess of the amounts currently accrued, if any, arising from litigation and other legal actions and claims for which an estimate as previously described is possible, will not have a material impact on our financial condition, results of operations, or cash flows. However, in light of the significant uncertainties involved in these matters, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to our financial condition, results of operations, or cash flows for any given reporting period.
Any estimate or determination relating to the future resolution of litigation, arbitration, governmental or self-regulatory examinations, investigations or actions or similar matters is inherently uncertain and involves significant judgment. This is particularly true in the early stages of a legal matter, when legal issues and facts have not been well articulated, reviewed, analyzed, and vetted through discovery, preparation for trial or hearings, substantive and productive mediation or settlement discussions, or other actions. It is also particularly true with respect to class action and similar claims involving multiple defendants, matters with complex procedural requirements or substantive issues or novel legal theories, and examinations, investigations and other actions conducted or brought by governmental and self-regulatory agencies, in which the normal adjudicative process is not applicable. Accordingly, we usually are unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the course of a legal matter, sometimes not until a number of years have elapsed. Accordingly, our judgments and estimates relating to claims will change from time to time in light of developments and actual outcomes will differ from our estimates. These differences may be material.
11. REVENUE RECOGNITION
We derive our revenue primarily from interest income on loans and securities, which was approximately 76% of our total income in the first quarter of 2021. Only noninterest income is considered to be revenue from contracts with customers in scope of ASC 606. For a discussion of our revenue recognition from contracts, and the implementation of ASC 606, see Note 17 of our 2020 Form 10-K.
Disaggregation of Revenue
The schedule below presents noninterest income and net revenue by operating business segments for the three months ended March 31, 2021 and 2020. Certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications did not affect net income or shareholders’ equity.
Zions BankAmegyCB&T
(In millions)202120202021202020212020
Commercial account fees
$11 $11 $9 $9 $6 $6 
Card fees
13 12 6 6 4 4 
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Retail and business banking fees
5 5 4 4 3 3 
Capital markets and foreign exchange fees
— — 1 2 — — 
Wealth management fees5 4 3 3 1 1 
Other customer-related fees1 2 1 2 1 2 
Total noninterest income from contracts with customers (ASC 606)
35 34 24 26 15 16 
Other noninterest income (Non-ASC 606 customer related)
5 5 8 9 8 8 
Total customer-related fees
40 39 32 35 23 24 
Other noninterest income (noncustomer-related)
(1)(1)— 1 1 1 
Total noninterest income
39 38 32 36 24 25 
Other real estate owned gain from sale— — — — — — 
Net interest income
157 163 116 120 131 124 
Total income less interest expense
$196 $201 $148 $156 $155 $149 
NBAZNSBVectra
(In millions)202120202021202020212020
Commercial account fees
$2 $2 $2 $2 $2 $2 
Card fees
2 3 3 3 1 1 
Retail and business banking fees
2 2 3 3 1 1 
Capital markets and foreign exchange fees
— — — — — — 
Wealth management fees1 1 1 1 — — 
Other customer-related fees— — — — 1 1 
Total noninterest income from contracts with customers (ASC 606)
7 8 9 9 5 5 
Other noninterest income (Non-ASC 606 customer related)
4 3 4 2 3 3 
Total customer-related fees
11 11 13 11 8 8 
Other noninterest income (noncustomer-related)
— — — — — — 
Total noninterest income
11 11 13 11 8 8 
Other real estate owned gain from sale— — — — — — 
Net interest income
52 54 37 35 34 33 
Total income less interest expense
$63 $65 $50 $46 $42 $41 
TCBWOtherConsolidated Bank
(In millions)202120202021202020212020
Commercial account fees
$1 $1 $(1)$(2)$32 $31 
Card fees
— — — 1 29 30 
Retail and business banking fees
— — (1)1 17 19 
Capital markets and foreign exchange fees
— — 1 1 2 3 
Wealth management fees— — — — 11 10 
Other customer-related fees— — 7 4 11 11 
Total noninterest income from contracts with customers (ASC 606)
1 1 6 5 102 104 
Other noninterest income (Non-ASC 606 customer related)
— — (1)9 31 39 
Total customer-related fees
1 1 5 14 133 143 
Other noninterest income (noncustomer-related)
— — 36 (10)36 (9)
Total noninterest income
1 1 41 4 169 134 
Other real estate owned gain from sale— — — — — — 
Net interest income
13 12 5 7 545 548 
Total income less interest expense
$14 $13 $46 $11 $714 $682 
d
Revenue from contracts with customers did not generate significant contract assets and liabilities. Contract receivables are included in Other Assets. Payment terms vary by services offered, and the timing between completion of performance obligations and payment is typically not significant.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
12. INCOME TAXES
The effective income tax rate of 21.7% for the first quarter of 2021 was higher than the 2020 first quarter rate of 12.5%. The income tax rates for 2021 and 2020 were reduced by nontaxable municipal interest income and nontaxable income from certain bank-owned life insurance, and were increased by the non-deductibility of Federal Deposit Insurance Corporation (“FDIC”) premiums, certain executive compensation, and other fringe benefits. Further, the 2020 tax rate was reduced as a result of the proportional increase in nontaxable items and tax credits relative to pretax book income when compared with 2021.
We had a net deferred tax liability (“DTL”) balance of $16 million at March 31, 2021, compared with $3 million at December 31, 2020. The increase in net DTL resulted primarily from net charge-offs exceeding the provision for loan losses and a decrease in accrued compensation. A decrease in unrealized gains in OCI, related to securities, offset some of the overall increase in DTL.
We had no valuation allowance at March 31, 2021 or December 31, 2020. We evaluate the DTAs on a regular basis to determine whether a valuation allowance is required. In conducting this evaluation, we have considered all available evidence, both positive and negative, based on the more likely than not criteria that such assets will be realized. This evaluation includes, but is not limited to: (1) available carryback potential to prior tax years; (2) potential future reversals of existing deferred tax liabilities, which historically have a reversal pattern generally consistent with DTAs; (3) potential tax planning strategies; and (4) future projected taxable income. Based on this evaluation, and considering the weight of the positive evidence compared with the negative evidence, we have concluded that a valuation allowance was not required as of March 31, 2021.
13. NET EARNINGS PER COMMON SHARE
Basic and diluted net earnings per common share based on the weighted average outstanding shares are summarized as follows:
Three Months Ended
March 31,
(In millions, except shares and per share amounts)20212020
Basic:
Net income$322 $14 
Less common and preferred dividends64 64 
Undistributed earnings258 (50)
Less undistributed earnings applicable to nonvested shares2 — 
Undistributed earnings applicable to common shares256 (50)
Distributed earnings applicable to common shares56 57 
Total earnings applicable to common shares$312 $7 
Weighted average common shares outstanding (in thousands)163,551 164,143 
Net earnings per common share$1.90 $0.04 
Diluted:
Total earnings applicable to common shares$312 $7 
Weighted average common shares outstanding (in thousands)163,551 164,143 
Dilutive effect of common stock warrants (in thousands)— 7,810 
Dilutive effect of restricted stock awards and units (in thousands)— 665 
Dilutive effect of stock options (in thousands)336 380 
Weighted average diluted common shares outstanding (in thousands)
163,887 172,998 
Net earnings per common share$1.90 $0.04 
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
The following schedule presents the weighted average stock awards that were anti-dilutive and not included in the calculation of diluted earnings per share.
Three Months Ended
March 31,
(In thousands)20212020
Restricted stock and restricted stock units1,414 627 
Stock options377 766 

14. OPERATING SEGMENT INFORMATION
We manage our operations and prepare management reports and other information with a primary focus on geographic area. We conduct our operations primarily through seven separately managed affiliate banks, each with its own local branding and management team, including Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington. These affiliate banks comprise our primary business segments. Performance assessment and resource allocation are based upon this geographic structure. The operating segment identified as “Other” includes certain non-bank financial service subsidiaries, centralized back-office functions, and eliminations of transactions between segments.
We allocate the cost of centrally provided services to the business segments based upon estimated or actual usage of those services. We also allocate capital based on the risk-weighted assets held at each business segment. We use an internal funds transfer pricing (“FTP”) allocation system and process to report results of operations for business segments, which is continually refined. In the third quarter of 2020, we allocated the net interest income associated with our Treasury department to the business segments. Historically, this amount was presented in the “Other” segment. Prior period amounts have been revised to reflect the impact of this change had it been instituted in the periods presented. Total average loans and deposits presented for the business segments include insignificant intercompany amounts between business segments and may also include deposits with the “Other” segment.
As of March 31, 2021, Zions Bank operated 95 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. Amegy operated 76 branches in Texas. CB&T operated 84 branches in California. NBAZ operated 56 branches in Arizona. NSB operated 45 branches in Nevada. Vectra operated 34 branches in Colorado and one branch in New Mexico. TCBW operated two branches in Washington and one branch in Oregon.
The accounting policies of the individual business segments are the same as those of the Bank. Transactions between business segments are primarily conducted at fair value, resulting in profits that are eliminated for reporting consolidated results of operations.
The following schedules do not present total assets or income tax expense for each operating segment, but instead present average loans, average deposits, and income before income taxes because we use these metrics when evaluating performance and making decisions pertaining to the business segments. The condensed statement of income identifies the components of income and expense which affect the operating amounts presented in the “Other” segment.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
The following schedule presents selected operating segment information for the three months ended March 31, 2021 and 2020:
Zions BankAmegyCB&T
(In millions)202120202021202020212020
SELECTED INCOME STATEMENT DATA
Net interest income$157 $163 $116 $120 $131 $124 
Provision for credit losses(11)53 (53)103 (37)38 
Net interest income after provision for credit losses
168 110 169 17 168 86 
Noninterest income39 38 32 36 24 25 
Noninterest expense117 110 85 82 80 77 
Income (loss) before income taxes
$90 $38 $116 $(29)$112 $34 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$13,730 $13,001 $12,704 $12,399 $13,051 $11,022 
Total average deposits21,711 15,930 14,243 11,664 15,183 12,129 
NBAZNSBVectra
(In millions)202120202021202020212020
SELECTED INCOME STATEMENT DATA
Net interest income$52 $54 $37 $35 $34 $33 
Provision for credit losses(10)20 (18)12 — 25 
Net interest income after provision for credit losses
62 34 55 23 34 8 
Noninterest income11 11 13 11 8 8 
Noninterest expense38 36 36 35 28 27 
Income (loss) before income taxes
$35 $9 $32 $(1)$14 $(11)
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$5,108 $4,736 $3,247 $2,716 $3,451 $3,102 
Total average deposits6,544 5,103 6,069 4,828 4,279 2,988 
TCBWOtherConsolidated Bank
(In millions)202120202021202020212020
SELECTED INCOME STATEMENT DATA
Net interest income$13 $12 $5 $7 $545 $548 
Provision for credit losses(3)5 — 2 (132)258 
Net interest income after provision for credit losses
16 7 5 5 677 290 
Noninterest income1 1 41 4 169 134 
Noninterest expense6 6 45 35 435 408 
Income (loss) before income taxes
$11 $2 $1 $(26)$411 $16 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$1,573 $1,258 $801 $563 $53,665 $48,797 
Total average deposits1,398 1,047 2,019 3,220 71,446 56,909 


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest rate and market risks are among the most significant risks regularly undertaken by us, and they are closely monitored as previously discussed. A discussion regarding our management of interest rate and market risk is included in the section entitled “Interest Rate and Market Risk Management” in this Form 10-Q.
ITEM 4. CONTROLS AND PROCEDURES
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2021. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2021. There were no changes in our internal control over financial reporting during the first quarter of 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The information contained in Note 10 of the Notes to Consolidated Financial Statements is incorporated by reference herein.
ITEM 1.A RISK FACTORS
We believe there have been no material changes in the risk factors included in Zions Bancorporation, National Association's 2020 Form 10-K.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following schedule summarizes our share repurchases for the first quarter of 2021:
SHARE REPURCHASES
Period
Total number
of shares
repurchased 1
Average
price paid
per share		Total number of shares purchased as part of publicly announced plans or programs
January822 $50.02 — 
February1,009,396 49.79 1,004,005 
March1,925 56.44 — 
First quarter1,012,143 49.81 1,004,005 
1 Represents common shares acquired in connection with our stock compensation plan. Shares were acquired from employees to pay for their payroll taxes and stock option exercise cost upon the exercise of stock options under provisions of an employee share-based compensation plan.
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Table of Contents
ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
ITEM 6. EXHIBITS
a.Exhibits
Exhibit
Number		Description
Second Amended and Restated Articles of Association of Zions Bancorporation, National Association, incorporated by reference to Exhibit 3.1 of Form 8-K filed on October 2, 2018.*
Second Amended and Restated Bylaws of Zions Bancorporation, National Association, incorporated by reference to Exhibit 3.2 of Form 8-K filed on April 4, 2019.*
Certification by Chief Executive Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith).
Certification by Chief Financial Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith).
Certification by Chief Executive Officer and Chief Financial Officer required by Sections 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m) and 18 U.S.C. Section 1350 (furnished herewith).
101Pursuant to Rules 405 and 406 of Regulation S-T, the following information is formatted in Inline XBRL (i) the Consolidated Balance Sheets as of March 31,2021 and December 31, 2020, (ii) the Consolidated Statements of Income for the three months ended March 31, 2021 and March 31, 2020, (iii) the Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and March 31, 2020, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2021 and March 31, 2020, (v) the Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and March 31, 2020 and (vi) the Notes to Consolidated Financial Statement (filed herewith).
104The cover page from this Quarterly Report on Form 10-Q, formatted as Inline XBRL.
* Incorporated by reference
Pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, copies of certain instruments defining the rights of holders of long-term debt are not filed. We agree to furnish a copy thereof to the Securities and Exchange Commission and the Office of the Comptroller of the Currency upon request.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION
/s/ Harris H. Simmons
Harris H. Simmons, Chairman and
Chief Executive Officer
/s/ Paul E. Burdiss
Paul E. Burdiss, Executive Vice President and Chief Financial Officer
Date: May 6, 2021
74

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