Companies: 10,660     total market cap: $140.341 T
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Zions Bancorporation
ZION
#2096
Rank
$9.64 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$65.29
Share price
1.82%
Change (1 day)
14.87%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Zions Bancorporation
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2022 Q3

Zions Bancorporation - 10-Q quarterly report FY2022 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 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
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 October 31, 2022                        149,617,754 shares

1

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Table of Contents

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Table of Contents
ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
GLOSSARY OF ACRONYMS AND ABBREVIATIONS
ACLAllowance for Credit LossesIPOInitial Public Offering
AFSAvailable-for-SaleIRSInternal Revenue Service
ALLLAllowance for Loan and Lease LossesLIBORLondon Interbank Offered Rate
AmegyAmegy Bank, a division of Zions Bancorporation, National AssociationMunicipalitiesState and Local Governments
AMERIBORAmerican Interbank Offered RateNAICSNorth American Industry Classification System
AOCIAccumulated Other Comprehensive IncomeNASDAQNational Association of Securities Dealers Automated Quotations
ASCAccounting Standards CodificationNBAZNational Bank of Arizona, a division of Zions Bancorporation, National Association
ASUAccounting Standards UpdateNIMNet Interest Margin
BOLIBank-Owned Life InsuranceNMNot Meaningful
bpsBasis PointsNSBNevada State Bank, a division of Zions Bancorporation, National Association
BSBYBloomberg Short-Term Bank YieldOCCOffice of the Comptroller of the Currency
CB&TCalifornia Bank & Trust, a division of Zions Bancorporation, National AssociationOCIOther Comprehensive Income
CECLCurrent Expected Credit LossOREOOther Real Estate Owned
CLTVCombined Loan-to-Value RatioPEIPrivate Equity Investment
CMT
Constant Maturity Treasury
PPNRPre-provision Net Revenue
CRECommercial Real EstatePPPPaycheck Protection Program
CVACredit Valuation AdjustmentROURight-of-Use
DTADeferred Tax AssetRULCReserve for Unfunded Lending Commitments
EaREarnings at RiskS&PStandard & Poor's
EPSEarnings per ShareSBAU.S. Small Business Administration
EVEEconomic Value of EquitySBICSmall Business Investment Company
FASBFinancial Accounting Standards BoardSECSecurities and Exchange Commission
FDICFederal Deposit Insurance CorporationSOFRSecured Overnight Financing Rate
FHLBFederal Home Loan BankTCBWThe Commerce Bank of Washington, a division of Zions Bancorporation, National Association
FRBFederal Reserve BoardTDRTroubled Debt Restructuring
FTPFunds Transfer PricingU.K.United Kingdom
GAAPGenerally Accepted Accounting PrinciplesU.S.United States
HECLHome Equity Credit LineVectraVectra Bank Colorado, a division of Zions Bancorporation, National Association
HTMHeld-to-MaturityZions BankZions Bank, a division of Zions Bancorporation, National Association

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 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, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. 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 or 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, 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. Although this list is not comprehensive, important factors that may cause material differences include changes in general industry and economic conditions, including inflation, economic slowdown or other economic disruption; securities and capital markets behavior, including volatility and changes in market liquidity; changes and uncertainties in legislation and fiscal, monetary, regulatory, trade, and tax policies; changes in interest and reference rates; the quality and composition of our loan and securities portfolios; our ability to recruit and retain talent, including increased competition for qualified candidates as a result of expanded remote-work opportunities and increased compensation expenses; 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; the effects of the COVID-19 pandemic (including variants) and associated actions that may affect our business, employees, and communities; the effects of the ongoing conflict in Eastern Europe and other local, national, or international disasters, crises, or conflicts that may occur in the future; and governmental and social responses to environmental issues and climate change. These factors, risks, and uncertainties, among others, are discussed in our 2021 Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”).
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.

4

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Comparisons noted below are calculated for the current quarter compared with the same prior-year period unless otherwise specified. Growth rates of 100% or more are considered not meaningful (“NM”) as they generally reflect a low starting point.
RESULTS OF OPERATIONS
Executive Summary
Our financial results in the third quarter of 2022 reflected strong revenue growth, which was offset by increases in the provision for credit losses and noninterest expense. Diluted earnings per share (“EPS”) decreased to $1.40, compared with $1.45 in the third quarter of 2021.
Notwithstanding a $57 million decrease in interest income from Paycheck Protection Program (“PPP”) loans, net interest income increased $108 million, or 19%, to $663 million, primarily due to a higher interest rate environment and a favorable change in the composition of interest-earning assets. The net interest margin (“NIM”) was 3.24%, compared with 2.68%.
Nonperforming assets decreased $173 million, and classified loans decreased $432 million. Net loan and lease charge-offs were $27 million, or 0.21% of average loans (ex-PPP), compared with net recoveries of $1 million, or 0.01% of average loans (ex-PPP), in the prior year quarter. Despite improvements in most of our credit quality metrics, the provision for credit losses was $71 million, compared with a $(46) million provision in the prior year period, reflecting loan growth and changes in economic scenarios.
Total customer-related noninterest income increased $5 million, or 3%, driven by increases in capital markets and foreign exchange fees, commercial account fees, card fees, and wealth management fees, partially offset by decreases in loan-related fees and retail and business banking fees. Total noninterest income increased $26 million, or 19%, primarily due to unrealized losses recorded during the prior year period related to our Small Business Investment Company (“SBIC”) investment in Recursion Pharmaceuticals, Inc.
Total noninterest expense increased $50 million, or 12%. The increase was driven largely by a $27 million increase in salaries and benefits expense, which was impacted by inflationary and competitive labor market pressures on wages and benefits, increased headcount, and increased incentive compensation accruals arising from improvements in anticipated full-year profitability. Our efficiency ratio was 57.6%, compared with 59.8%, as growth in net revenue outpaced growth in noninterest expense.
Average interest-earning assets decreased $0.7 billion, or 1%, from the prior year quarter, driven by declines in average money market investments and PPP loans, the effects of which were largely offset by growth in average available-for-sale (“AFS”) investment securities and average loans and leases (ex-PPP).
Excluding PPP loans, total loans and leases increased $6.0 billion, or 13%. The increases were primarily in the commercial and industrial, owner-occupied, municipal, consumer 1-4 family residential mortgage, and home equity credit line (“HECL”) portfolios.
Total deposits decreased $1.9 billion, or 2%, primarily due to a $1.7 billion, or 4%, decrease mainly related to more rate-sensitive larger-balance deposits. Total deposits at September 30, 2022 included approximately $400 million of deposit balances acquired from the purchase of three Northern Nevada branches during the third quarter of 2022. Our loan-to-deposit ratio was 71%, compared with 65% in the prior year quarter, which continues to afford us flexibility in managing our funding costs.

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Third Quarter 2022 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 decreased from the third quarter of 2021, primarily due to a $117 million unfavorable change in the provision for credit losses.
Diluted earnings per share declined from the third quarter of 2021 as a result of decreased net earnings, the effect of which was partially offset by a 10.7 million decrease in weighted average diluted shares, primarily due to share repurchases.
Adjusted pre-provision net revenue (“PPNR”) increased $61 million from the third quarter of 2021, primarily due to growth in adjusted net revenue, driven largely by an increase in net interest income. This increase was partially offset by higher adjusted noninterest expense.
The efficiency ratio improved from the prior year quarter, as growth in adjusted revenue outpaced growth in adjusted noninterest expense, resulting in positive operating leverage.
Net Interest Income and Net Interest Margin
NET INTEREST INCOME AND NET INTEREST MARGIN
Three Months Ended
September 30,		Amount changePercent change
(Dollar amounts in millions)20222021
Interest and fees on loans 1
$551$484$67 14 %
Interest on money market investments24717 NM
Interest on securities1327854 69 
Total interest income
707569138 24 
Interest on deposits19712 NM
Interest on short- and long-term borrowings25718 NM
Total interest expense
441430 NM
Net interest income
$663$555$108 19 %
Average interest-earning assets$82,474$83,189$(715)(1)%
Average interest-bearing liabilities$41,398$40,925$473 1 %
bps
Yield on interest-earning assets 2
3.45 %2.75 %70 
Rate paid on total deposits and interest-bearing liabilities 2
0.22 %0.07 %15 
Cost of total deposits 2
0.10 %0.03 %7 
Net interest margin 2
3.24 %2.68 %56 
1 Includes interest income recoveries of $2 million and $1 million for the three months ended September 30, 2022, and 2021, respectively.
2 Rates are calculated using amounts in thousands; taxable-equivalent rates are used where applicable.

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Net interest income accounted for approximately 80% of our net revenue (net interest income plus noninterest income) for the quarter. Notwithstanding a $57 million decrease in interest income from PPP loans, net interest income increased $108 million, or 19%, primarily due to a higher interest rate environment and a favorable change in the composition of interest-earning assets.
Average interest-earning assets decreased $0.7 billion, or 1%, from the prior year quarter, driven by declines of $9.0 billion and $3.4 billion in average money market investments and average PPP loans, respectively. These decreases were largely offset by increases of $6.2 billion and $5.5 billion in average securities and average loans and leases (ex-PPP), respectively.
The NIM was 3.24%, compared with 2.68%. The yield on average interest-earning assets was 3.45% in the third quarter of 2022, an increase of 70 basis points (“bps”), reflecting a change in the mix of interest-earning assets from money market investments to securities and loans. The yield also benefited from a decrease in the market value of AFS securities due to rising interest rates. The average rate paid on interest-bearing liabilities increased to 0.43%, compared with 0.13%, reflecting the higher interest rate environment and increased short-term borrowings.
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Total average loans and leases increased $2.1 billion, or 4%, to $53.0 billion, and were partially offset by decreases in PPP loans, primarily due to forgiveness of these loans by the Small Business Administration (“SBA”). The yield on total loans increased 35 basis points to 4.17%, reflecting the higher interest rate environment. Excluding PPP loans, average loans and leases increased $5.5 billion, or 12%, primarily in the commercial and industrial, owner-occupied, municipal, 1-4 family residential mortgage, and home equity credit line portfolios. The yield on non-PPP loans increased 57 basis points to 4.16%.
During the third quarter of 2022 and 2021, PPP loans totaling $0.2 billion and $1.5 billion, respectively, were forgiven by the SBA. PPP loans contributed $6 million and $63 million in interest income during the same time periods. The yield on PPP loans was 6.28% and 6.66% for the respective periods, and was positively impacted by accelerated amortization of deferred fees on paid off or forgiven PPP loans. At September 30, 2022 and 2021, the remaining unamortized net deferred fees on PPP loans totaled $5 million and $83 million, respectively.
Average total deposits increased $0.1 billion to $77.5 billion at an average cost of 0.10%, from $77.4 billion at an average cost of 0.03% in the third quarter of 2021. The rate paid on total deposits and interest-bearing liabilities was 0.22%, compared with 0.07%. Average noninterest-bearing deposits as a percentage of total deposits were 51%, up

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slightly from the same prior year period. Our funding costs were well controlled, reflecting the granularity of our deposit base and the extent of our noninterest-bearing deposits.
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Average AFS securities balances increased $6.1 billion, or 32%, to $24.9 billion, primarily due to an increase in our agency guaranteed mortgage-backed securities portfolio.
Average borrowed funds increased $1.8 billion, driven by increases in short-term borrowings as a result of loan growth and declines in interest-bearing deposits. These increases were partially offset by a decrease in long-term debt, primarily due to the redemption and maturity of senior notes during the past year.
For further discussion of the effects of market rates on net interest income and how we manage interest rate risk, refer to the “Interest Rate and Market Risk Management” section on page 28. For more information on how we manage liquidity risk, refer to the “Liquidity Risk Management” section on page 32.
The following schedule summarizes the average balances, the amount of interest earned or paid, and the applicable yields for interest-earning assets and the costs of interest-bearing liabilities.

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CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)Three Months Ended
September 30, 2022		Three Months Ended
September 30, 2021
(Dollar amounts in millions)Average
balance
Amount of
interest
Average
yield/rate 1
Average
balance
Amount of
interest 1
Average
yield/rate 1
ASSETS
Money market investments:
Interest-bearing deposits$1,233 $7 2.19 %$10,977 $5 0.15 %
Federal funds sold and security resell agreements2,511 17 2.66 1,739 2 0.50 
Total money market investments3,744 24 2.51 12,716 7 0.20 
Securities:
Held-to-maturity560 4 2.88 557 4 2.87 
Available-for-sale 2
24,892 129 2.05 18,814 74 1.56 
Trading account288 3 4.57 199 2 4.41 
Total securities 3
25,740 136 2.10 19,570 80 1.63 
Loans held for sale37 1 5.33 52 — 3.03 
Loans and leases 4
Commercial – excluding PPP loans28,972 302 4.13 24,854 235 3.76 
Commercial – PPP loans408 6 6.28 3,795 63 6.66 
Commercial real estate12,182 145 4.73 12,144 105 3.42 
Consumer11,391 103 3.61 10,058 86 3.38 
Total loans and leases52,953 556 4.17 50,851 489 3.82 
Total interest-earning assets82,474 717 3.45 83,189 576 2.75 
Cash and due from banks604 597 
Allowance for credit losses on loans and debt securities(515)(536)
Goodwill and intangibles1,021 1,015 
Other assets4,923 4,291 
Total assets$88,507 $88,556 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market$36,399 $18 0.20 %$37,262 $5 0.05 %
Time1,441 1 0.32 1,829 2 0.32 
Total interest-bearing deposits37,840 19 0.20 39,091 7 0.07 
Borrowed funds:
Federal funds purchased and other short-term borrowings
2,885 17 2.33 630 — 0.08 
Long-term debt673 8 4.83 1,204 7 2.34 
Total borrowed funds3,558 25 2.80 1,834 7 1.56 
Total interest-bearing liabilities41,398 44 0.43 40,925 14 0.13 
Noninterest-bearing demand deposits39,623 38,320 
Other liabilities1,743 1,302 
Total liabilities82,764 80,547 
Shareholders’ equity:
Preferred equity440 440 
Common equity5,303 7,569 
Total shareholders’ equity5,743 8,009 
Total liabilities and shareholders’ equity$88,507 $88,556 
Spread on average interest-bearing funds3.02 %2.62 %
Net impact of noninterest-bearing sources of funds0.22 %0.06 %
Net interest margin
$673 3.24 %$562 2.68 %
Memo: total loans and leases, excluding PPP loans$52,545 550 4.16 %$47,056 426 3.59 %
Memo: total cost of deposits
0.10 %0.03 %
Memo: total deposits and interest-bearing liabilities81,021 44 0.22 %79,245 14 0.07 %
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 The fair value of AFS securities at September 30, 2022, and September 30, 2021, was $23.2 billion and $20.5 billion, respectively. In addition to other factors, the yield on AFS securities was positively impacted by the decline in fair value.
3 Interest on total securities includes $27 million and $29 million of taxable-equivalent premium amortization for the third quarter of 2022 and 2021, respectively.
4 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.

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Nine Months Ended
September 30, 2022		Nine Months Ended
September 30, 2021
(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:
Interest-bearing deposits$3,674 $15 0.55 %$8,162 $8 0.13 %
Federal funds sold and security resell agreements2,451 27 1.47 2,109 6 0.37 
Total money market investments6,125 42 0.92 10,271 14 0.18 
Securities:
Held-to-maturity495 11 2.98 599 13 2.92 
Available-for-sale 2
25,285 358 1.89 17,255 209 1.62 
Trading account343 12 4.81 213 7 4.25 
Total securities 3
26,123 381 1.95 18,067 229 1.70 
Loans held for sale44 1 2.55 61 1 2.77 
Loans and leases 4
Commercial – excluding PPP loans28,060 798 3.80 24,716 705 3.81 
Commercial – PPP loans885 45 6.83 5,283 191 4.84 
Commercial real estate12,151 358 3.93 12,104 313 3.46 
Consumer10,801 272 3.37 10,315 270 3.50 
Total loans and leases51,897 1,473 3.79 52,418 1,479 3.77 
Total interest-earning assets84,189 1,897 3.01 80,817 1,723 2.85 
Cash and due from banks615 597 
Allowance for loan losses(503)(651)
Goodwill and intangibles1,017 1,015 
Other assets4,618 4,106 
Total assets$89,936 $85,884 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market$37,942 $29 0.10 %$36,168 $16 0.06 %
Time1,505 3 0.27 2,140 7 0.44 
Total interest-bearing deposits39,447 32 0.11 38,308 23 0.08 
Borrowed funds:
Federal funds purchased and other short-term borrowings
1,415 18 1.73 856 1 0.07 
Long-term debt724 20 3.69 1,277 22 2.32 
Total borrowed funds2,139 38 2.39 2,133 23 1.41 
Total interest-bearing liabilities41,586 70 0.23 40,441 46 0.15 
Noninterest-bearing demand deposits40,523 36,213 
Other liabilities1,530 1,267 
Total liabilities83,639 77,921 
Shareholders’ equity:
Preferred equity440 516 
Common equity5,857 7,447 
Total shareholders’ equity6,297 7,963 
Total liabilities and shareholders’ equity$89,936 $85,884 
Spread on average interest-bearing funds2.78 %2.70 %
Net impact of noninterest-bearing sources of funds0.12 %0.08 %
Net interest margin
$1,827 2.90 %$1,677 2.78 %
Memo: total loans and leases, excluding PPP loans$51,012 1,428 3.74 %$47,135 1,288 3.65 %
Memo: total cost of deposits
0.05 %0.04 %
Memo: total deposits and interest-bearing liabilities82,109 70 0.12 %76,654 46 0.15 %
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 The fair value of AFS securities at September 30, 2022, and September 30, 2021, was $23.2 billion and $20.5 billion, respectively. In addition to other factors, the yield on AFS securities was positively impacted by the decline in fair value.
3 Interest on total securities includes $82 million and $87 million of taxable-equivalent premium amortization for the first nine months of 2022 and 2021, respectively.
4 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 related to 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, net of charge-offs and recoveries, are recorded as the provision for loan and lease losses and the provision for unfunded lending commitments, respectively, 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 and lease losses and the provision for unfunded lending commitments, was $71 million, compared with $(46) million in the third quarter of 2021. The ACL was $590 million at September 30, 2022, compared with $529 million at September 30, 2021. The increase in the ACL was primarily due to growth in the loan portfolio, as well as changes in economic scenarios, which were driven by the increased probability of a recession, the effects of which were partially offset by improvements in credit quality. The ratio of ACL to net loans and leases (ex-PPP) was 1.10% and 1.11% at September 30, 2022 and 2021, respectively. The provision for securities losses was less than $1 million during the third quarter of 2022 and 2021.

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zions-20220930_g11.jpg
The bar chart above illustrates the broad categories of change in the ACL from the prior year period. The second bar represents changes in economic scenarios and current economic conditions, which increased the ACL by $11 million from the prior year quarter.
The third bar represents changes in credit quality factors and includes risk-grade migration and specific reserves against loans, which, when combined, decreased the ACL by $9 million, indicating improvements in overall credit quality. Nonperforming assets decreased $173 million, or 53%, and classified loans decreased $432 million, or 31%. Net loan and lease charge-offs were $27 million, or 0.21% annualized of average loans (ex-PPP), in the third quarter of 2022, compared with net recoveries of $1 million, or 0.01% annualized of average loans (ex-PPP), in the prior year quarter.
The fourth bar represents loan portfolio changes, driven primarily by loan growth, as well as changes in portfolio mix, the aging of the portfolio, and other risk factors; all of which resulted in a $59 million increase in the ACL.
See “Credit Risk Management” on page 21 and Note 6 in our 2021 Form 10-K for more information on how we determine the appropriate level of the ALLL and the RULC.
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. Customer-related noninterest income excludes items such as securities gains and losses, dividends, insurance-related income, and mark-to-market adjustments on certain derivatives.
Total noninterest income increased $26 million, or 19%. Noninterest income accounted for approximately 20% of our net revenue during both the third quarter of 2022 and 2021. The following schedule presents a comparison of the major components of noninterest income.

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NONINTEREST INCOME
Three Months Ended
September 30,		Amount
change		Percent
change		Nine Months Ended
September 30,		Amount
change		Percent
change
(Dollar amounts in millions)2022202120222021
Commercial account fees
$40 $34 $6 18 %$118 $100 $18 18 %
Card fees
27 25 2 8 77 70 7 10 
Retail and business banking fees17 20 (3)(15)57 55 2 4 
Loan-related fees and income18 27 (9)(33)61 73 (12)(16)
Capital markets and foreign exchange fees25 17 8 47 61 49 12 24 
Wealth management fees14 13 1 8 41 37 4 11 
Other customer-related fees15 15 — — 46 39 7 18 
Customer-related noninterest income
156 151 5 3 461 423 38 9 
Fair value and nonhedge derivative income4 2 2 NM20 15 5 33 
Dividends and other income (loss)(1)9 (10)NM8 24 (16)(67)
Securities gains (losses), net6 (23)29 NM(10)51 (61)NM
Noncustomer-related noninterest income9 (12)21 NM18 90 (72)(80)
Total noninterest income
$165 $139 $26 19 %$479 $513 $(34)(7)%
Customer-related
Total customer-related noninterest income increased $5 million, or 3%, from the prior year quarter, driven by increases in capital markets and foreign exchange fees, commercial account fees, card fees, and wealth management fees. Capital markets and foreign exchange fees benefited from improved customer swap, foreign exchange, and syndication activity. These increases were partially offset by a decrease in loan-related fees, primarily due to an increased proportion of our 1-4 family residential mortgage production being retained versus sold, and a decrease in retail and business banking fees. The latter decrease was due largely to previously disclosed changes in our overdraft and non-sufficient funds practices, including the rate and frequency with which we assess related fees. These changes were effected early in the third quarter of 2022.
Noncustomer-related
Total noncustomer-related noninterest income increased $21 million, relative to the prior year quarter. Net securities gains increased $29 million, due largely to unrealized losses recorded during the prior year period related to our SBIC investment in Recursion Pharmaceuticals, Inc. Dividends and other income (loss) decreased $10 million from the prior year period, primarily due to a $6 million valuation loss recognized on one of our equity investments in the current period.

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Noninterest Expense
The following schedule presents a comparison of the major components of noninterest expense.
NONINTEREST EXPENSE
Three Months Ended
September 30,		Amount
change		Percent
change		Nine Months Ended
September 30,		Amount
change		Percent
change
(Dollar amounts in millions)2022202120222021
Salaries and employee benefits$312 $285 $27 9 %$931 $845 $86 10 %
Technology, telecom, and information processing53 50 3 6 158 148 10 7 
Occupancy and equipment, net38 37 1 3 112 115 (3)(3)
Professional and legal services14 17 (3)(18)42 56 (14)(25)
Marketing and business development11 9 2 22 28 22 6 27 
Deposit insurance and regulatory expense13 8 5 63 36 25 11 44 
Credit-related expense8 7 1 14 22 19 3 16 
Other real estate expense, net— — — NM1 — 1 NM
Other30 16 14 88 77 62 15 24 
Total noninterest expense
$479 $429 $50 12 %$1,407 $1,292 $115 9 %
Adjusted noninterest expense 1
$477 $432 $45 10 %$1,404 $1,291 $113 9 %
1 For information on non-GAAP financial measures, see “Non-GAAP Financial Measures” on page 33.
Total noninterest expense increased $50 million, or 12%, relative to the prior year quarter. Salaries and benefits expense increased $27 million, or 9%, due to the impact of inflationary and competitive labor market pressures on wages and benefits, increased headcount, and increased incentive compensation accruals arising from improvements in anticipated full-year profitability.
Other noninterest expense increased $14 million, primarily due to the reversal of a success fee accrual in the prior year period related to our SBIC investment in Recursion Pharmaceuticals, Inc., as well as increased travel and certain other expenses incurred during the current period. Deposit insurance and regulatory expense increased $5 million, driven largely by a higher Federal Deposit Insurance Corporation (“FDIC”) insurance assessment resulting from changes in the balance sheet composition.
Professional and legal services expense decreased $3 million, or 18%, due to third-party assistance associated with PPP loan forgiveness and other technology-related and outsourced services utilized in the prior year period.
The efficiency ratio was 57.6%, compared with 59.8%, as growth in net revenue outpaced growth in noninterest expense. For information on non-GAAP financial measures, including differences between noninterest expense and adjusted noninterest expense, see page 33.
Income Taxes
The following schedule summarizes the income tax expense and effective tax rates for the periods presented:
INCOME TAXES
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Dollar amounts in millions)2022202120222021
Income before income taxes$278 $311 $793 $1,177 
Income tax expense61 71 170 261 
Effective tax rate21.9 %22.8 %21.4 %22.2 %
See Note 12 of the Notes to Consolidated Financial Statements for more information about the factors that influenced the income tax rates as well as information about deferred income tax assets and liabilities.

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Preferred Stock Dividends
Preferred stock dividends totaled $6 million for both the third quarter of 2022 and 2021.
Technology Spend
As the banking industry continues to move toward information technology-based products and services, we recognize there are disparate ways of discussing expenditures associated with technology-related investments and operations. We generally describe these expenditures as total technology spend, which includes current period expenses reported on our consolidated statement of income, and capitalized investments, net of related amortization and depreciation, reported on our consolidated balance sheet. We believe these disclosures provide more relevant presentation and discussion regarding our technology-related investments and operations.
Total technology spend represents expenditures for technology systems and infrastructure and is reported as a combination of the following:
•Technology, telecom, and information processing expense — includes expenses related to application software licensing and maintenance, related amortization, telecommunications, and data processing;
•Other technology-related expenses — includes related noncapitalized salaries and employee benefits, occupancy and equipment, and professional and legal services; and
•Technology investments — includes capitalized technology infrastructure equipment, hardware, and purchased or internally developed software, less related amortization or depreciation.
The following schedule provides information related to our technology spend:
TECHNOLOGY SPEND
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2022202120222021
Technology, telecom, and information processing expense$53 $50 $158 $148 
Other technology-related expense52 48 152 140 
Technology investments21 28 65 80 
Less: related amortization and depreciation(14)(13)(41)(40)
Total technology spend
$112 $113 $334 $328 
Total technology spend remained relatively flat compared with the prior year period, as increases in related expenses were offset by reduced technology investments.
BALANCE SHEET ANALYSIS
Interest-Earning Assets
Interest-earning assets are assets that have associated interest rates or yields, 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, associated revenue generated, and the respective yields of our interest-earning assets, see the Consolidated Average Balance Sheet on page 11.
Investment Securities Portfolio
We invest in securities to generate interest income and to actively manage liquidity, interest rate, and credit risk. Refer to the “Liquidity Risk Management” section on page 32 for additional information about how we manage our liquidity risk. See Note 3 and Note 5 of the Notes to Consolidated Financial Statements for more information on fair value measurements and the accounting for our investment securities portfolio.

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The following schedule presents the components of our investment securities portfolio.
INVESTMENT SECURITIES PORTFOLIO
September 30, 2022December 31, 2021
(In millions)Par valueAmortized
cost		Estimated
fair
value		Par valueAmortized
cost		Estimated
fair
value
Held-to-maturity
Municipal securities$423 $423 $379 $441 $441 $443 
Available-for-sale
U.S. Treasury securities555 557 394 155 155 134 
U.S. Government agencies and corporations:
Agency securities859 851 807 833 833 845 
Agency guaranteed mortgage-backed securities
23,002 23,162 19,566 20,340 20,549 20,387 
Small Business Administration loan-backed securities
740 793 766 867 938 912 
Municipal securities1,611 1,780 1,626 1,489 1,652 1,694 
Other debt securities75 75 74 75 75 76 
Total available-for-sale26,842 27,218 23,233 23,759 24,202 24,048 
Total HTM and AFS investment securities$27,265 $27,641 $23,612 $24,200 $24,643 $24,491 
The amortized cost of total held-to-maturity (“HTM”) and AFS investment securities increased $3.0 billion, or 12%, from December 31, 2021. Approximately 8% and 11% of the total HTM and AFS investment securities portfolio were floating rate at September 30, 2022 and December 31, 2021, respectively.
At September 30, 2022, the investment securities portfolio includes $376 million of net premium that is distributed across the various asset classes. Total taxable-equivalent premium amortization for our investment securities was $27 million for the third quarter of 2022, compared with $29 million for the same prior year period.
In addition to HTM and AFS securities, we also have a Trading securities portfolio of $526 million and $372 million, at September 30, 2022 and December 31, 2021, respectively, which is comprised primarily of municipal securities and money market sweep transactions for customers. Refer to the “Capital Management” section on page 33 and Note 5 of the Notes to Consolidated Financial Statements for more discussion regarding our investment securities portfolio and related unrealized gains and losses.
In October 2022, we transferred approximately $9.0 billion amortized cost ($7.2 billion fair value) of pass-through mortgage-backed AFS securities to the HTM category to reflect our new intent for these securities.
Municipalities
We provide 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:
EXPOSURE TO MUNICIPALITIES
(In millions)September 30,
2022		December 31,
2021
Loans and leases$4,224 $3,658 
Held-to-maturity securities423 441 
Available-for-sale securities1,626 1,694 
Trading account securities302 355 
Unfunded lending commitments337 280 
Total direct exposure to municipalities
$6,912 $6,428 
The municipal loan and lease portfolio is primarily secured by general obligations of municipal entities. Other types of collateral also include real estate, revenue pledges, or equipment. Our municipal loans and securities primarily relate to municipalities located within our geographic footprint.

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At September 30, 2022, 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. At September 30, 2022, all municipal securities were graded 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
At September 30, 2022 and December 31, 2021, the ratio of loans and leases to total assets was 61% and 55%, respectively. The largest loan category was commercial and industrial loans, which constituted 29% and 27% of our total loan portfolio for the same periods. The following schedule presents our loans and leases according to major portfolio segment, specific loan class, and percentage of total loans:
LOAN AND LEASE PORTFOLIO
September 30, 2022December 31, 2021
(Dollar amounts in millions)Amount% of
total loans		Amount% of
total loans
Commercial:
Commercial and industrial$15,656 29.0 %$13,867 27.3 %
PPP306 0.6 1,855 3.6 
Leasing347 0.7 327 0.6 
Owner-occupied9,279 17.2 8,733 17.2 
Municipal4,224 7.8 3,658 7.2 
Total commercial29,812 55.3 28,440 55.9 
Commercial real estate:
Construction and land development2,800 5.2 2,757 5.4 
Term9,556 17.7 9,441 18.6 
Total commercial real estate12,356 22.9 12,198 24.0 
Consumer:
Home equity credit line3,331 6.2 3,016 5.9 
1-4 family residential6,852 12.7 6,050 11.9 
Construction and other consumer real estate973 1.8 638 1.3 
Bankcard and other revolving plans471 0.9 396 0.8 
Other123 0.2 113 0.2 
Total consumer11,750 21.8 10,213 20.1 
Total net loans and leases$53,918 100.0 %$50,851 100.0 %
The loan and lease portfolio increased $3.1 billion from December 31, 2021. Excluding PPP loans, commercial loans increased $2.9 billion, or 11%, driven largely by increases in commercial and industrial loans, municipal loans, and owner-occupied loans of $1.8 billion, $566 million, and $546 million, respectively. Consumer loans increased $1.5 billion, primarily due to increases in 1-4 family residential loans, construction and other consumer real estate loans, and home equity credit lines of $802 million, $335 million, and $315 million, respectively.

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Other Noninterest-Bearing Investments
Other noninterest-bearing investments are equity investments that are held primarily for capital appreciation, dividends, or for certain regulatory requirements. The following schedule summarizes our related investments:
OTHER NONINTEREST-BEARING INVESTMENTS
(Dollar amounts in millions)September 30,
2022		December 31,
2021		Amount changePercent change
Bank-owned life insurance$543 $537 $6 1 %
Federal Home Loan Bank stock151 11 140 NM
Federal Reserve stock69 81 (12)(15)
Farmer Mac stock19 19 — — 
SBIC investments169 179 (10)(6)
Other32 24 8 33 
Total other noninterest-bearing investments$983 $851 $132 16 %
Total other noninterest-bearing investments increased $132 million, or 16%, during the first nine months of 2022, primarily due to a $140 million increase in Federal Home Loan Bank (“FHLB”) stock. This increase was driven largely by increases in FHLB short-term borrowings during the third quarter of 2022 as a result of loan growth and declines in interest-bearing deposits.
Premises, Equipment, and Software
Net premises, equipment, and software increased $69 million, or 5%, from December 31, 2021, primarily due to capitalized costs related to the construction of a new corporate technology center in Midvale, Utah, which was completed in July 2022, and a new corporate center for Vectra Bank Colorado (“Vectra”) in Denver, Colorado, which is expected to be completed in the fourth quarter of 2022.
We are also in the final phase of a three-phase project to replace our core loan and deposit banking systems, and are on track to convert our deposit servicing system in 2023. Capitalized costs associated with the core system replacement project generally carry a useful life of ten years, and are summarized in the following schedule.
CAPITALIZED COSTS ASSOCIATED WITH THE CORE SYSTEM REPLACEMENT PROJECT
September 30, 2022
(In millions)Phase 1Phase 2Phase 3Total
Total amount of capitalized costs, less accumulated depreciation$32 $57 $190 $279 
Deposits
Deposits are a primary funding source. The following schedule presents our deposits by category and percentage of total deposits:
DEPOSITS
September 30, 2022December 31, 2021
(Dollar amounts in millions)Amount% of
total deposits		Amount% of
total deposits
Noninterest-bearing demand$39,133 51.5 %$41,053 49.6 %
Interest-bearing:
Savings and money market35,389 46.6 40,114 48.4 
Time1,473 1.9 1,622 2.0 
Total deposits$75,995 100.0 %$82,789 100.0 %
Total deposits decreased $6.8 billion, or 8%, from December 31, 2021, primarily due to a $4.9 billion decrease in interest-bearing deposits, and a $1.9 billion decrease in noninterest-bearing deposits. Total deposits included $166

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million and $381 million of brokered deposits at September 30, 2022 and December 31, 2021, respectively. Additionally, total deposits at September 30, 2022 included approximately $400 million of deposit balances acquired from the purchase of three Northern Nevada branches during the third quarter of 2022. See “Liquidity Risk Management” on page 32 for additional information on funding and borrowed funds.
Total time deposits that exceed the current FDIC insurance limit of $250,000 were $420 million and $563 million at September 30, 2022 and December 31, 2021, respectively. The estimated total amount of uninsured deposits, including related interest accrued and unpaid, was $44 billion and $49 billion at September 30, 2022 and December 31, 2021, respectively.
RISK MANAGEMENT
Risk management is an integral part of our operations and is a key determinant of our overall performance. We employ various strategies to reduce the risks to which our operations are exposed, including credit risk, market and interest rate risk, liquidity risk, strategic and business risk, operational risk, 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 a more comprehensive discussion of these risks, see “Risk Factors” in our 2021 Form 10-K.
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 2021 Form 10-K.
U.S. Government Agency Guaranteed Loans
We participate in various guaranteed lending programs sponsored by United States (“U.S.”) government agencies, such as the SBA, Federal Housing Authority, U.S. Department of Veterans Affairs, Export-Import Bank of the U.S., and the U.S. Department of Agriculture. At September 30, 2022, $740 million of related loans were guaranteed, primarily by the SBA, and included $306 million of PPP loans. The following schedule presents the composition of U.S. government agency guaranteed loans.
U.S. GOVERNMENT AGENCY GUARANTEED LOANS
(Dollar amounts in millions)September 30,
2022		Percent
guaranteed		December 31,
2021		Percent
guaranteed
Commercial$844 86 %$2,410 95 %
Commercial real estate18 72 22 73 
Consumer4 100 5 100 
Total loans$866 85 %$2,437 94 %

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Commercial Lending
The following schedule provides information regarding lending exposures to certain industries in our commercial lending portfolio.
COMMERCIAL LENDING BY INDUSTRY GROUP 1
September 30, 2022December 31, 2021
(Dollar amounts in millions)AmountPercentAmountPercent
Finance and insurance$2,853 9.6 %$2,303 8.1 %
Real estate, rental and leasing2,703 9.1 2,536 8.9 
Retail trade2,663 8.9 2,412 8.5 
Manufacturing2,414 8.1 2,374 8.3 
Healthcare and social assistance2,374 8.0 2,349 8.2 
Public Administration2,254 7.5 1,959 6.9 
Wholesale trade1,908 6.4 1,701 6.0 
Transportation and warehousing1,387 4.6 1,273 4.5 
Construction1,339 4.5 1,456 5.1 
Utilities 2
1,331 4.5 1,446 5.1 
Educational services1,310 4.4 1,163 4.1 
Hospitality and food services1,243 4.2 1,353 4.8 
Mining, quarrying, and oil and gas extraction1,237 4.1 1,185 4.2 
Other Services (except Public Administration)1,075 3.6 1,213 4.2 
Professional, scientific, and technical services972 3.3 1,084 3.8 
Other 3
2,749 9.2 2,633 9.3 
Total$29,812 100.0 %$28,440 100.0 %
1 Industry groups are determined by North American Industry Classification System (“NAICS”) codes.
2 Includes primarily utilities, power, and renewable energy.
3 No other industry group exceeds 2.9%.
Commercial Real Estate Loans
The following schedules present credit quality information for our commercial real estate (“CRE”) loan portfolio segmented by real estate category and collateral location.

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COMMERCIAL REAL ESTATE PORTFOLIO BY LOAN TYPE AND COLLATERAL LOCATION
(Dollar amounts in millions)September 30, 2022
Collateral Location
Loan typeArizonaCaliforniaColoradoNevadaTexasUtah/
Idaho		Wash-ington
Other 1
Total% of total CRE
Commercial term
Balance outstanding
$1,092$3,147$490$685$1,561$1,600$627$354$9,55677.3 %
% of loan type11.4 %32.9 %5.1 %7.2 %16.3 %16.8 %6.6 %3.7 %100.0 %
Delinquency rates 2:
30-89 days
— %0.1 %0.4 %— %0.1 %— %— %— %0.1 %
≥ 90 days
— %— %— %— %1.0 %— %— %— %0.2 %
Nonaccrual loans
$— $3 $— $— $15 $— $— $1 $19 
Commercial construction and land development
Balance outstanding
$226$460$62$79$373$584$252$55$2,09116.9 %
% of loan type10.8 %22.0 %3.0 %3.8 %17.9 %27.9 %12.0 %2.6 %100.0 %
Delinquency rates 2:
30-89 days
— %— %— %— %— %— %— %— %— %
≥ 90 days
— %— %— %— %— %— %— %— %— %
Residential construction and land development 3
Balance outstanding
$64$136$46$1$206$204$9$43$7095.8 %
% of loan type9.0 %19.1 %6.5 %0.2 %29.0 %28.8 %1.3 %6.1 %100.0 %
Total construction and land development
$290$596$108$80$579$788$261$98$2,800
Total CRE
$1,382$3,743$598$765$2,140$2,388$888$452$12,356100.0 %
(Dollar amounts in millions)December 31, 2021
Collateral Location
Loan typeArizonaCaliforniaColoradoNevadaTexasUtah/
Idaho		Wash-ington
Other 1
Total% of total CRE
Commercial term
Balance outstanding
$1,038$3,331$508$653$1,606$1,408$444$453$9,44177.4 %
% of loan type11.0 %35.3 %5.4 %6.9 %17.0 %14.9 %4.7 %4.8 %100.0 %
Delinquency rates 2:
30-89 days
— %0.2 %0.2 %— %— %0.1 %— %— %0.1 %
≥ 90 days
— %0.1 %— %— %0.2 %— %— %— %0.1 %
Nonaccrual loans
$— $3 $— $— $17 $— $— $— $20 
Commercial construction and land development
Balance outstanding
$242$405$94$107$475$543$181$40$2,08717.1 %
% of loan type11.6 %19.4 %4.5 %5.1 %22.8 %26.0 %8.7 %1.9 %100.0 %
Delinquency rates 2:
30-89 days
— %— %— %— %— %— %13.2 %— %0.9 %
≥ 90 days
— %— %— %— %— %— %— %— %— %
Residential construction and land development 3
Balance outstanding
$82$167$44$2$162$167$9$37$6705.5 %
% of loan type12.3 %25.0 %6.6 %0.2 %24.2 %24.9 %1.3 %5.5 %100.0 %
Total construction and land development
$324$572$138$109$637$710$190$77$2,757
Total CRE
$1,362$3,903$646$762$2,243$2,118$634$530$12,198100.0 %
1 No other geography exceeds $66 million and $65 million for all three loan types at September 30, 2022 and December 31, 2021, respectively.
2 Delinquency rates include nonaccrual loans.
3At September 30, 2022 and December 31, 2021, there was no meaningful delinquency or nonaccrual activity for residential construction and land development loans.

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At September 30, 2022 and December 31, 2021, our CRE construction and land development and term loan portfolios represented approximately 23% and 24% of the total loan portfolio, respectively. The majority of our CRE loans are secured by real estate, which is primarily located within our geographic footprint. At September 30, 2022, approximately 21% 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 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.
At September 30, 2022 and December 31, 2021, approximately $257 million, or 9%, and $160 million, or 6%, of the commercial construction and land development portfolio consisted of land acquisition and development loans, respectively. Most of these 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 2021 Form 10-K.
Consumer Loans
We originate first-lien residential home mortgages 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. At September 30, 2022 and December 31, 2021, our HECL portfolio totaled $3.3 billion and $3.0 billion, respectively. The following schedule presents the composition of our HECL portfolio by lien status.
HECL PORTFOLIO BY LIEN STATUS
(In millions)September 30,
2022		December 31, 2021
Secured by first liens$1,517 $1,503 
Secured by second (or junior) liens1,814 1,513 
Total$3,331 $3,016 
At September 30, 2022, loans representing less than 1% of the outstanding balance in the HECL portfolio were estimated to have combined loan-to-value (“CLTV”) ratios 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 91% of our HECL portfolio is still in the draw period, and about 19% of those loans are scheduled to begin amortizing within the next five years. We believe the risk of loss and borrower default in the event of a loan becoming fully amortizing and the effect of significant interest rate changes is minimal. The ratio of HECL net charge-offs (recoveries) for the trailing twelve months to average balances at September 30, 2022 and December 31, 2021 was (0.03)% and (0.01)%, respectively. See Note 6 of the Notes to Consolidated Financial Statements for additional information on the credit quality of the HECL portfolio.
Nonperforming Assets
Nonperforming assets as a percentage of loans and leases and other real estate owned (“OREO”) decreased to 0.28% at September 30, 2022, compared with 0.53% at December 31, 2021.
Total nonaccrual loans at September 30, 2022 decreased to $151 million from $271 million at December 31, 2021, reflecting credit quality improvements across most of our loan portfolios.

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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 a period of at least six months, the loan can be considered for return to accrual status. See “Restructured Loans” and Note 6 of the Notes to Consolidated Financial Statements for more information on nonaccrual loans.
The following schedule presents our nonperforming assets:
NONPERFORMING ASSETS
(Dollar amounts in millions)September 30,
2022		December 31,
2021
Nonaccrual loans 1
$151 $271 
Other real estate owned 2
— 1 
Total nonperforming assets$151 $272 
Ratio of nonperforming assets to net loans and leases1 and other real estate owned 2
0.28 %0.53 %
Accruing loans past due 90 days or more$20 $8 
Ratio of accruing loans past due 90 days or more to loans and leases 1
0.04 %0.02 %
Nonaccrual loans1 and accruing loans past due 90 days or more
$171 $279 
Ratio of nonperforming assets1 and accruing loans past due 90 days or more to loans and leases1 and other real estate owned 2
0.32 %0.55 %
Accruing loans past due 30-89 days 3
$84 $70 
Nonaccrual loans1 current as to principal and interest payments
57.6 %67.2 %
1 Includes loans held for sale.
2 Does not include banking premises held for sale.
3 Includes $31 million and $35 million of PPP loans at September 30, 2022 and December 31, 2021, respectively, which we expect will be paid in full by either the borrower or the SBA.
Troubled Debt 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 classified as troubled debt restructurings (“TDRs”). At September 30, 2022 and December 31, 2021, TDRs totaled $245 million and $326 million, respectively. Modifications that qualified for applicable accounting and regulatory exemption for borrowers experiencing financial difficulties exclusively related to the COVID-19 pandemic were not classified and reported as TDRs.
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)September 30,
2022		December 31,
2021
Restructured loans – accruing$206 $221 
Restructured loans – nonaccruing39 105 
Total$245 $326 

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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 accruing, 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.
TROUBLED DEBT RESTRUCTURED LOANS ROLLFORWARD
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2022202120222021
Balance at beginning of period$275 $458 $326 $311 
New identified TDRs and principal increases15 17 42 200 
Payments and payoffs(41)(33)(103)(64)
Charge-offs(3)— (5)(3)
No longer reported as TDRs— (86)(3)(86)
Sales and other(1)(4)(12)(6)
Balance at end of period$245 $352 $245 $352 
Allowance for Credit Losses
The ACL includes the ALLL and the RULC. The ACL represents our estimate of current expected credit losses related to the loan and lease portfolio and unfunded lending commitments as of the balance sheet date. To determine the adequacy of the allowance, our loan and lease portfolio is segmented based on loan type.

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The following schedule shows the changes in the ACL and a summary of credit loss experience:
SUMMARY OF CREDIT LOSS EXPERIENCE
(Dollar amounts in millions)Nine Months Ended
September 30, 2022		Twelve Months Ended
December 31, 2021		Nine Months Ended
September 30, 2021
Loans and leases outstanding$53,918 $50,851 $50,678 
Average loans and leases outstanding:
Commercial – excluding PPP loans28,060 25,014 24,716 
Commercial – PPP loans885 4,566 5,283 
Commercial real estate12,151 12,136 12,104 
Consumer10,801 10,267 10,315 
Total average loans and leases outstanding$51,897 $51,983 $52,418 
Allowance for loan and lease losses:
Balance at beginning of period$513 $777 $777 
Provision for loan losses70 (258)(281)
Charge-offs:
Commercial65 35 27 
Commercial real estate— — — 
Consumer8 13 10 
Total73 48 37 
Recoveries:
Commercial21 29 24 
Commercial real estate— 3 — 
Consumer10 10 8 
Total31 42 32 
Net loan and lease charge-offs42 6 5 
Balance at end of period$541 $513 $491 
Reserve for unfunded lending commitments:
Balance at beginning of period$40 $58 $58 
Provision for unfunded lending commitments9 (18)(20)
Balance at end of period$49 $40 $38 
Total allowance for credit losses:
Allowance for loan and lease losses$541 $513 $491 
Reserve for unfunded lending commitments49 40 38 
Total allowance for credit losses$590 $553 $529 
Ratio of allowance for credit losses to net loans and leases, at period end 1
1.09 %1.09 %1.04 %
Ratio of allowance for credit losses to nonaccrual loans, at period end391 %204 %164 %
Ratio of allowance for credit losses to nonaccrual loans and accruing loans past due 90 days or more, at period end345 %198 %162 %
Ratio of total net charge-offs to average loans and leases 2, 3
0.11 %0.01 %0.01 %
Ratio of commercial net charge-offs to average commercial loans 3
0.20 %0.02 %0.01 %
Ratio of commercial real estate net charge-offs to average commercial real estate loans 3
— %(0.02)%— %
Ratio of consumer net charge-offs to average consumer loans 3
(0.02)%0.03 %0.03 %
1 The ratio of allowance for credit losses to net loans and leases (excluding PPP loans) was 1.10% at September 30, 2022, 1.13% at December 31, 2021, and 1.11% at September 30, 2021.
2 The annualized ratio of net charge-offs to average loans and leases (excluding PPP loans) was 0.11% at September 30, 2022, 0.01% at December 31, 2021, and 0.01% at September 30, 2021.
3 Ratios are annualized for the periods presented except for the period representing the full twelve months.

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The total ACL increased to $590 million, from $553 million, during the first nine months of 2022, primarily due to growth in the loan portfolio, as well as changes in economic scenarios, which were driven by the increased probability of a recession, the effects of which were partially offset by improvements in credit quality.
The RULC represents a reserve for potential losses associated with off-balance sheet commitments and increased $9 million during the first nine months of 2022. The reserve is separately recorded on the consolidated balance sheet in “Other liabilities,” and any related increases or decreases in the reserve are recorded on the consolidated income statement in “Provision for unfunded lending commitments.”
See Note 6 of the Notes to Consolidated Financial Statements for additional information related to the ACL and credit trends experienced in each portfolio segment.
Interest Rate and Market Risk Management
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. Because we engage 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 the “Interest Rate and Market Risk Management” section in our 2021 Form 10-K.
Interest Rate Risk
Average total deposits remained relatively flat at $77.5 billion, compared with the prior year period. During 2021, deposits increased and were primarily invested in fixed-rate, medium-duration AFS securities. The investment in these securities relative to short-duration money market funds resulted in higher earning-asset yields, increased net interest income, and decreased asset sensitivity to rising rates.
Asset sensitivity measures depend upon the assumptions we use for deposit runoff and repricing behavior. As interest rates rise, we expect some customers to move balances from demand deposits to interest-bearing accounts such as money market, savings, or certificates of deposit. Our models are particularly sensitive to the assumption about the rate of such migration.
We also assume a correlation, referred to as a “deposit beta,” with respect to 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, while interest-bearing checking accounts are assumed to have a lower correlation. We anticipate that changes in deposit rates will lag changes in reference rates. Our modeled cost of total deposits for September 2023 is approximately 0.63% without the effect of additional Federal Reserve rate hikes. Additional rate hikes would be expected to result in further increases to the cost of total deposits.
Actual results may differ materially due to various factors, including the shape of the yield curve, competitive pricing, money supply, our credit worthiness, etc. We use our historical experience as well as industry data to inform our assumptions. The migration and correlation assumptions previously discussed result in deposit durations presented in the following schedule:
DEPOSIT ASSUMPTIONS
September 30, 2022
ProductEffective duration (unchanged)Effective duration
(+200 bps)
Demand deposits3.2 %3.0 %
Money market1.8 %1.6 %
Savings and interest-bearing checking2.6 %2.4 %

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As the more rate sensitive deposits have runoff, the effective duration of deposits has lengthened due to remaining deposits assumed to be stickier and less rate sensitive.
Additionally, we utilize derivatives to manage interest rate risk. The following schedule presents derivatives that are designated in qualifying hedging relationships at September 30, 2022. Included are the average outstanding derivative notional amounts for each period presented and the weighted average fixed-rate paid or received for each category of cash flow and fair value hedge. See Note 7 of the Notes to Consolidated Financial Statements for additional information regarding the impact of these hedging relationships on interest income and expense.
DERIVATIVES DESIGNATED IN QUALIFYING HEDGING RELATIONSHIPS
2022202320244Q24 - 3Q253Q25 - 2Q26
(Dollar amounts in millions)Fourth QuarterFirst QuarterSecond QuarterThird QuarterFourth QuarterFirst QuarterSecond QuarterThird Quarter
Cash flow hedges
Cash flow asset hedges 1
Average outstanding notional$7,336$7,300$6,833$6,533$6,233$5,800$5,466$5,033$3,737$2,221
Weighted-average fixed-rate received1.77 %1.84 %1.83 %1.79 %1.71 %1.61 %1.57 %1.50 %1.57 %1.68 %
2022 4
202320242025202620272028202920302031
Fair value hedges
Fair value debt hedges 2
Average outstanding notional$500 $500 $500 $500 $500 $500 $500 $500 $— $— 
Weighted-average fixed-rate received1.70 %1.70 %1.70 %1.70 %1.70 %1.70 %1.70 %1.70 %— %— %
Fair value asset hedges 3
Average outstanding notional$828 $827 $1,099 $1,212 $1,217 $1,213 $1,208 $1,203 $1,198 $1,192 
Weighted-average fixed-rate paid1.65 %1.65 %1.71 %1.74 %1.74 %1.74 %1.73 %1.73 %1.73 %1.73 %
1 Cash flow hedges consist of receive-fixed swaps hedging pools of floating rates loans.
2 Fair value debt hedges consist of receive-fixed swaps hedging fixed-rate debt. The $500 million fair value debt hedge matures at the end of July 2029. Amounts for 2029 have not been prorated to reflect this hedge maturing during the year.
3 Fair value assets hedges consist of pay-fixed swaps hedging AFS fixed-rate securities. Increases in average outstanding notional are
due to forward-starting interest rate swaps.
4 Represents the fourth quarter of 2022.
Incorporating the deposit assumptions and the impact of derivatives in qualifying hedging relationships previously discussed, the following schedule presents earnings at risk (“EaR”), or the percentage change in 12-month forward looking net interest income, and our estimated percentage change in economic value of equity (“EVE”). Both EaR and EVE are based on a static balance sheet size under parallel interest rate changes ranging from -100 bps to +300 bps.
INCOME SIMULATION – CHANGE IN NET INTEREST INCOME AND CHANGE IN ECONOMIC VALUE OF EQUITY
September 30, 2022December 31, 2021
Parallel shift in rates (in bps)1
Parallel shift in rates (in bps)1
Repricing scenario-1000+100+200+300-1000+100+200+300
Earnings at Risk
(EaR)
(4.2)%— %4.1 %8.2 %12.2 %(5.2)%— %11.2 %22.7 %33.6 %
Economic Value of Equity
(EVE)
4.0 %— %(2.0)%(4.1)%(6.1)%20.9 %— %0.8 %(0.5)%(1.2)%
1 Assumes rates cannot go below zero in the negative rate shift.

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The asset sensitivity, as measured by EaR, decreased during the third quarter of 2022, primarily due to (1) deposit runoff, (2) an increase in receive-fixed-rate swap notional, and (3) a higher level of “base-case” net interest income, which reduced the percentage change for the same modeled dollar change in net interest income.
For interest-bearing deposits with indeterminate maturity, the weighted average modeled beta is 26%. If the weighted average deposit beta were to increase to 36%, the EaR in the +100 bps rate shock would change from 4.1% to 3.0%.
The EaR analysis focuses on parallel rate shocks across the term structure of benchmark interest rates. In a non-parallel rate scenario where the overnight rate increases 200 bps, but the ten-year rate increases only 30 bps, the increase in EaR is modeled to be approximately two-thirds of the change associated with the parallel +200 bps rate change.
We recognize that EaR has inherent limitations in describing expected changes in net interest income in rapidly changing interest rate environments due to a lag in asset and liability repricing behavior. As such, we expect net interest income to change due to “latent” and “emergent” interest rate sensitivity. Unlike EaR, which measures net interest income over 12 months, latent and emergent interest rate sensitivity explains changes in current quarter net interest income (ex-PPP), compared with expected net interest income in the same quarter one year forward.
Latent interest rate sensitivity refers to future changes in net interest income based upon past rate movements that have yet to be fully recognized in revenue, but will be recognized over the near term. We expect latent sensitivity to add approximately 10% to net interest income in the third quarter of 2023, compared with the third quarter of 2022 (ex-PPP).
Emergent interest rate sensitivity refers to future changes in net interest income based upon future interest rate movements and is measured from the latent level of net interest income. If interest rates rise consistent with the forward curve at September 30, 2022, we expect emergent sensitivity to add approximately 4% to the latent sensitivity level of net interest income.
Our focus on business banking also plays a significant role in determining the nature of our asset-liability management posture. At September 30, 2022, $24.3 billion of our commercial lending and CRE loan balances were scheduled to reprice in the next six months. Of these variable-rate loans, approximately 97% are tied to either the prime rate, London Interbank Offered Rate (“LIBOR”), Secured Overnight Financing Rate (“SOFR”), American Interbank Offered Rate (“AMERIBOR”), or Bloomberg Short-term Bank Yield (“BSBY”). For these variable-rate loans, we have executed $7.1 billion of cash flow hedges by receiving fixed rates on interest rate swaps. At September 30, 2022, we also had $3.5 billion of variable-rate consumer loans scheduled to reprice in the next six months. The impact on asset sensitivity from commercial or consumer loans with floors has become insignificant as rates have risen. See Notes 3 and 7 of the Notes to Consolidated Financial Statements for additional information regarding derivative instruments.
LIBOR Exposure
LIBOR is being phased out globally, and U.S. banking regulators instructed banks to cease entering into new lending arrangements using LIBOR no later than December 31, 2021, and migrate to alternative reference rates no later than June 2023. To facilitate the transition process, we 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 also 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 accounting and regulatory guidance.

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We have implemented processes, procedures, and systems to ensure contract risk is sufficiently mitigated. New originations, and any modifications or renewals of LIBOR-based contracts, contain fallback language to facilitate transition to an alternative reference rate. For our contracts that referenced LIBOR and had a duration beyond June 2023, all fallback provisions and variations were identified and classified based upon those provisions. By the end of 2021, we had discontinued substantially all new originations and any renewals or modifications referencing LIBOR.
We have a significant number of assets and liabilities that reference LIBOR. At September 30, 2022, we had $20.3 billion in loans (mainly commercial loans), unfunded lending commitments, and securities referencing LIBOR. The amount of borrowed funds referencing LIBOR at September 30, 2022 was less than $1 billion. These amounts exclude derivative assets and liabilities on the consolidated balance sheet. At September 30, 2022, the notional amount of our LIBOR-referenced interest rate derivative contracts was $10.0 billion, of which nearly all related to contracts with central counterparty clearinghouses.
The adoption of alternative reference rates continues to evolve in the marketplace. We are positioned to support our customers’ needs by accommodating multiple alternative reference rates, including the Constant Maturity Treasury (“CMT”) rate, the FHLB rate, AMERIBOR, SOFR, and BSBY. During the first quarter of 2022, we began to prompt our customers to voluntarily modify their contracts and migrate to a reference rate other than LIBOR. Voluntary modifications are expected to qualify for the available Tax Safe-Harbor provisions as allowed by Internal Revenue Service (“IRS”) guidance.
We expect that customers who voluntarily migrate to an alternative reference rate will do so by the end of this year, and we expect the remaining customers to move to an alternative rate index in accordance with the relevant fallback provisions in their contracts prior to June 2023. For more information on the transition from LIBOR, see Risk Factors in our 2021 Form 10-K.
Market Risk – Fixed Income
We underwrite municipal and corporate securities. We also trade municipal, agency, and treasury securities. This underwriting and trading activity exposes us to a risk of loss arising from adverse changes in the prices of these fixed-income securities.
At September 30, 2022, we had $526 million of trading assets and $34 million of securities sold, not yet purchased, compared with $372 million and $254 million at December 31, 2021, respectively.
We are exposed to market risk through changes in fair value. This includes 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. The after-tax change in AOCI attributable to AFS securities decreased $909 million and $2.7 billion for the three and nine months ended September 30, 2022, respectively, due largely to increased interest rates. Refer to Note 5 of the Notes to Consolidated Financial Statements for more discussion regarding our investment securities portfolio and related unrealized gains and losses.
As discussed in the Net Interest Income and NIM section above, our deposit costs are well controlled, reflecting the granularity of our deposit base and the extent of our noninterest-bearing deposits. This funding advantage is more pronounced in a rising interest rate environment, creating meaningful economic value that is not fully reflected on our balance sheet since deposits and related intangible assets are not recorded at fair value for accounting purposes.
Market Risk – Equity Investments
We hold both direct and indirect investments in predominantly pre-public companies, primarily through various SBIC venture capital funds as a strategy to provide beneficial financing, growth, and expansion opportunities to diverse businesses generally in communities within our geographic footprint. Our equity exposure to these investments was $169 million and $179 million at September 30, 2022 and December 31, 2021, respectively. On occasion, some of the companies within our SBIC investment 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

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additional market risk. See Note 3 of our 2021 Form 10-K for additional information regarding the valuation of our SBIC investments.
Liquidity Risk Management
Overview
Liquidity refers to our ability to meet our cash, contractual, 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, equity, and unencumbered assets, such as marketable loans and investment securities. For a more comprehensive discussion of our liquidity risk management, see “Liquidity Risk Management” in our 2021 Form 10-K.
Our AFS investment securities are primarily held as a source of contingent liquidity. We target securities that can be readily turned into cash through repurchase agreements or sales. We manage our short-term funding needs through secured borrowing with securities pledged as collateral. At September 30, 2022, our investment securities portfolio of $24.2 billion and cash and money market investments of $4.6 billion, collectively comprised 33% of total assets, compared with $24.9 billion of investment securities, and $13.0 billion of cash and money market investments, collectively comprising 41% of total assets at December 31, 2021.
Liquidity Management Actions
For the first nine months of 2022, the primary sources of cash came from a decrease in money market investments, an increase in short-term funds borrowed, and net cash provided by operating activities. Uses of cash during the same period included primarily an increase in investment securities, an increase in loans and leases, and redemption of long-term debt. Cash payments for interest were $63 million and $61 million for the first nine months of 2022 and 2021, respectively.
Total deposits were $76.0 billion at September 30, 2022, compared with $82.8 billion at December 31, 2021. The decrease in deposits was primarily due to a $4.7 billion decrease in savings and money market deposits, and a $1.9 billion decrease in noninterest-bearing demand deposits. Our core deposits, consisting of noninterest-bearing demand deposits, savings and money market deposits, and time deposits under $250,000, were $75.5 billion at September 30, 2022, compared with $81.9 billion at December 31, 2021. At September 30, 2022, our loan-to-deposit ratio was 71%, compared with 61% at December 31, 2021.
General financial market and economic conditions impact our access to, and cost of, external financing. Access to funding markets is also directly affected by the credit ratings received from various rating agencies. Our credit ratings are presented in the following schedule:
CREDIT RATINGS
as of October 31, 2022:
Rating agencyOutlook Long-term issuer/senior
debt rating		Subordinated debt ratingShort-term debt rating
KrollPositiveA-BBB+K2
S&PStableBBB+BBBNR
FitchStableBBB+BBBF1
Moody'sStableBaa1NRNR
The FHLB system and Federal Reserve Banks have been, and continue to be, a significant source of back-up liquidity and funding. We are a member of the FHLB of Des Moines, which 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 September 30, 2022, our total investment in FHLB and Federal Reserve stock was $151 million and $69 million, respectively, compared with $11 million and $81 million at December 31, 2021.

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The amount available for additional FHLB and Federal Reserve borrowings was $15.9 billion at September 30, 2022, compared with $18.3 billion at December 31, 2021. Loans with a carrying value of $27.6 billion and $26.8 billion at September 30, 2022 and December 31, 2021, respectively, were pledged at the FHLB and the Federal Reserve as collateral for current and potential borrowings. At September 30, 2022 we had $3.5 billion of short-term FHLB borrowings outstanding and no Federal Reserve borrowings outstanding. At December 31, 2021, we had no FHLB or Federal Reserve borrowings outstanding.
Total borrowed funds increased $4.1 billion during the first nine months of 2022, driven by increases in short-term borrowings as a result of loan growth and declines in interest-bearing deposits. These increases were partially offset by a decrease in long-term debt primarily due to the redemption of senior notes during the first quarter of 2022.
We may, 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. These additional issuances may be subject to required regulatory approvals. We believe that our sources of available liquidity are adequate to meet all reasonably foreseeable short- and intermediate-term demands.
Capital Management
Overview
A strong capital position is vital to the achievement of our key corporate objectives, our continued profitability, and to promoting depositor and investor confidence. Our capital management objectives include: (1) consistently improving risk-adjusted returns on our shareholders' capital and appropriately managing capital distributions, (2) maintaining sufficient capital to support the current needs and growth of our businesses, and (3) fulfilling responsibilities to depositors and bondholders.
We utilize stress testing as an important mechanism to inform our decisions on the appropriate level of capital, based upon actual and hypothetically stressed economic conditions, which are comparable in severity to the scenarios published by the Federal Reserve Board (“FRB”). The timing and amount of capital actions are subject to various factors, including our financial performance, business needs, prevailing and anticipated economic conditions, and the results of our internal stress testing, as well as our Board of Directors (“Board”) and Office of the Comptroller of the Currency (“OCC”) approval. Shares may be repurchased occasionally in the open market or through privately negotiated transactions. For a more comprehensive discussion of our capital risk management, see “Capital Management” in our 2021 Form 10-K.
SHAREHOLDERS' EQUITY
(Dollar amounts in millions)September 30,
2022		December 31,
2021		Amount changePercent change
Shareholders’ equity:
Preferred stock
$440$440$— — %
Common stock and additional paid-in capital
1,7991,928(129)(7)
Retained earnings
5,5975,175422 8 
Accumulated other comprehensive income (loss)(3,140)(80)(3,060)NM
Total shareholders' equity$4,696$7,463$(2,767)(37)%
Total shareholders’ equity decreased $2.8 billion, or 37%, to $4.7 billion at September 30, 2022, compared with $7.5 billion at December 31, 2021. Common stock and additional paid-in capital decreased $129 million, primarily due to common stock repurchases.
AOCI decreased $3.1 billion, primarily due to decreases in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Additionally, changes in AOCI do not impact our regulatory capital ratios. Refer to Note 5 of the Notes to Consolidated Financial Statements for more discussion on our investment securities portfolio and related unrealized gains and losses.

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Common shares outstanding decreased 2.0 million during the first nine months of 2022, primarily due to common stock repurchases. During the third quarter of 2022, we repurchased 0.9 million common shares outstanding for $50 million. In October 2022, the Board approved a plan to repurchase up to $50 million of common shares outstanding during the fourth quarter of 2022.
CAPITAL DISTRIBUTIONS
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions, except share data)2022202120222021
Capital distributions:
Preferred dividends paid$6$6$22$23
Bank preferred stock redeemed———126
Total capital distributed to preferred shareholders6622149
Common dividends paid6262178174
Bank common stock repurchased 1
50325151475
Total capital distributed to common shareholders112387329649
Total capital distributed to preferred and common shareholders$118$393$351$798
Weighted average diluted common shares outstanding (in thousands)
149,792 160,480 150,766 162,460 
Common shares outstanding, at period end
(in thousands)
149,611 156,530 149,611 156,530 
1 Includes amounts related to the common shares acquired from our publicly announced plans and those 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 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. At September 30, 2022, we had $1.6 billion of retained net profits available for distribution.
During the third quarter of 2022, we paid dividends on preferred stock of $6 million and dividends on common stock of $62 million, or $0.41 per share. In October 2022, the Board declared a regular quarterly dividend of $0.41 per common share, payable on November 17, 2022, to shareholders of record on November 10, 2022. See Note 9 of the Notes to Consolidated Financial Statements for additional information about our capital management actions.
Basel III
We are subject to Basel III capital requirements to maintain adequate levels of capital as measured by several regulatory capital ratios. At September 30, 2022, we exceeded all capital adequacy requirements under the Basel III capital rules. Based on our internal stress testing and other assessments of capital adequacy, we believe we hold capital sufficiently in excess of internal and regulatory requirements for well-capitalized banks. The following schedule presents our capital and other performance ratios.

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CAPITAL RATIOS
September 30,
2022		December 31,
2021		September 30,
2021
Tangible common equity ratio 1
3.7 %6.5 %7.2 %
Tangible equity ratio 1
4.2 7.0 7.7 
Average equity to average assets (three months ended)6.5 8.3 9.0 
Basel III risk-based capital ratios:
Common equity tier 1 capital 9.6 10.2 10.9 
Tier 1 leverage7.5 7.2 7.6 
Tier 1 risk-based10.3 10.9 11.6 
Total risk-based12.0 12.8 13.6 
Return on average common equity (three months ended)15.8 11.5 12.3 
Return on average tangible common equity (three months ended) 1
19.5 13.4 14.2 
1 See “Non-GAAP Financial Measures” on page 33 for more information regarding these ratios.
Our regulatory tier 1 risk-based capital and total risk-based capital was $6.8 billion and $7.9 billion at September 30, 2022, compared with $6.5 billion and $7.7 billion, respectively, at December 31, 2021. See the “Supervision and Regulation” section and Note 15 of our 2021 Form 10-K for more information about our compliance with the Basel III capital requirements.
NON-GAAP FINANCIAL MEASURES
This Form 10-Q presents non-GAAP financial measures, in addition to generally accepted accounting principles (“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 basis for period-to-period comparisons. We use these non-GAAP financial measures to assess our performance, financial position, and for presentations of our performance to investors. We believe that presenting these non-GAAP financial measures permits investors to assess our performance on the same basis as that applied by our management and the financial services industry.
Non-GAAP financial measures have inherent limitations and are not necessarily comparable to similar financial measures that may be presented by other financial services companies. 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.
Tangible Common Equity and Related Measures
Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization. We believe these non-GAAP measures provide useful information about our use of shareholders’ equity and provide a basis for evaluating the performance of a business more consistently, whether acquired or developed internally.

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RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)
Three Months Ended
(Dollar amounts in millions)September 30,
2022		June 30,
2022		September 30,
2021
Net earnings applicable to common shareholders, net of tax
(a)$211 $195 $234 
Average common equity (GAAP)$5,303 $5,582 $7,569 
Average goodwill and intangibles(1,021)(1,015)(1,015)
Average tangible common equity (non-GAAP)(b)$4,282 $4,567 $6,554 
Number of days in quarter(c)92 91 92 
Number of days in year(d)365 365 365 
Return on average tangible common equity (non-GAAP)
(a/b/c)*d19.5 %17.1 %14.2 %
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)September 30,
2022		June 30,
2022		September 30,
2021
Total shareholders’ equity (GAAP)$4,696 $5,632 $7,774 
Goodwill and intangibles(1,034)(1,015)(1,015)
Tangible equity (non-GAAP)(a)3,662 4,617 6,759 
Preferred stock(440)(440)(440)
Tangible common equity (non-GAAP)(b)$3,222 $4,177 $6,319 
Total assets (GAAP)$88,474 $87,784 $88,306 
Goodwill and intangibles(1,034)(1,015)(1,015)
Tangible assets (non-GAAP)(c)$87,440 $86,769 $87,291 
Common shares outstanding (thousands)(d)149,611 150,471 156,530 
Tangible equity ratio (non-GAAP)(a/c)4.2 %5.3 %7.7 %
Tangible common equity ratio (non-GAAP)(b/c)3.7 %4.8 %7.2 %
Tangible book value per common share (non-GAAP)(b/d)$21.54 $27.76 $40.37 

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Efficiency Ratio and Adjusted Pre-Provision Net Revenue
The efficiency ratio is a measure of operating expense relative to revenue. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. We make adjustments to exclude certain items that are not generally expected to recur frequently, as identified in the subsequent schedule, which we believe allow for more consistent comparability across periods. Adjusted noninterest expense provides a measure as to how we are managing our expenses; adjusted pre-provision net revenue enables management and others to assess our ability to generate capital. 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 EndedNine Months EndedYear Ended
(Dollar amounts in millions)September 30,
2022		June 30,
2022		September 30,
2021		September 30,
2022		September 30,
2021		December 31,
2021
Noninterest expense (GAAP)(a)$479 $464 $429 $1,407 $1,292 $1,741 
Adjustments:
Severance costs
— 1 1 1 1 1 
Other real estate expense, net
— — — 1 — — 
Amortization of core deposit and other intangibles
1 — — 1 — 1 
Pension termination-related (income) expense 1
— — — — (5)(5)
SBIC investment success fee accrual 2
1 — (4)— 5 7 
Total adjustments
(b)2 1 (3)3 1 4 
Adjusted noninterest expense (non-GAAP)
(a-b)=(c)$477 $463 $432 $1,404 $1,291 $1,737 
Net interest income (GAAP)(d)$663 $593 $555 $1,800 $1,655 $2,208 
Fully taxable-equivalent adjustments
(e)10 9 7 27 22 32 
Taxable-equivalent net interest income (non-GAAP)
(d+e)=f673 602 562 1,827 1,677 2,240 
Noninterest income (GAAP)g165 172 139 479 513 703 
Combined income (non-GAAP)
(f+g)=(h)838 774 701 2,306 2,190 2,943 
Adjustments:
Fair value and nonhedge derivative gains
4 10 2 20 15 14 
Securities gains (losses), net 2
6 1 (23)(10)51 71 
Total adjustments 3
(i)10 11 (21)10 66 85 
Adjusted taxable-equivalent revenue (non-GAAP)
(h-i)=(j)$828 $763 $722 $2,296 $2,124 $2,858 
Pre-provision net revenue (non-GAAP)
(h)-(a)$359 $310 $272 $899 $898 $1,202 
Adjusted PPNR (non-GAAP)(j)-(c)351 300 290 892 833 1,121 
Efficiency ratio (non-GAAP)(c/j)57.6 %60.7 %59.8 %61.1 %60.8 %60.8 %
1 Represents a valuation adjustment related to the termination of our defined benefit pension plan.
2 The success fee accrual is associated with the gains/(losses) from our SBIC investments, which are excluded from the efficiency ratio through securities gains (losses), net.
3 Excluding the $6 million equity investment valuation loss recorded in dividends and other income, the efficiency ratio for the three and nine months ended September 30, 2022 would have been 57.2% and 61.0%, respectively.

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ITEM 1.    FINANCIAL STATEMENTS (Unaudited)
CONSOLIDATED BALANCE SHEETS
(In millions, shares in thousands)September 30,
2022		December 31,
2021
(Unaudited)
ASSETS
Cash and due from banks$549 $595 
Money market investments:
Interest-bearing deposits1,291 10,283 
Federal funds sold and security resell agreements2,797 2,133 
Investment securities:
Held-to-maturity, at amortized cost (included $379 and $443 at fair value )
423 441 
Available-for-sale, at fair value23,233 24,048 
Trading account, at fair value526 372 
Total securities24,182 24,861 
Loans held for sale25 83 
Loans and leases, net of unearned income and fees53,918 50,851 
Less allowance for loan and lease losses541 513 
Loans held for investment, net of allowance53,377 50,338 
Other noninterest-bearing investments983 851 
Premises, equipment and software, net1,388 1,319 
Goodwill and intangibles1,034 1,015 
Other real estate owned3 8 
Other assets2,845 1,714 
Total assets$88,474 $93,200 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$39,133 $41,053 
Interest-bearing:
Savings and money market35,389 40,114 
Time1,473 1,622 
Total deposits75,995 82,789 
Federal funds purchased and other short-term borrowings5,363 903 
Long-term debt647 1,012 
Reserve for unfunded lending commitments49 40 
Other liabilities1,724 993 
Total liabilities83,778 85,737 
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares
440 440 
Common stock ($0.001 par value; authorized 350,000 shares; issued and outstanding 149,611 and 151,625 shares) and additional paid-in capital
1,799 1,928 
Retained earnings5,597 5,175 
Accumulated other comprehensive income (loss)(3,140)(80)
Total shareholders’ equity4,696 7,463 
Total liabilities and shareholders’ equity$88,474 $93,200 
See accompanying notes to consolidated financial statements.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions, except shares and per share amounts)2022202120222021
Interest income:
Interest and fees on loans$551 $484 $1,456 $1,464 
Interest on money market investments24 7 42 14 
Interest on securities132 78 372 223 
Total interest income707 569 1,870 1,701 
Interest expense:
Interest on deposits19 7 32 23 
Interest on short- and long-term borrowings25 7 38 23 
Total interest expense44 14 70 46 
Net interest income663 555 1,800 1,655 
Provision for credit losses:
Provision for loan and lease losses60 (45)70 (281)
Provision for unfunded lending commitments11 (1)9 (20)
Total provision for credit losses71 (46)79 (301)
Net interest income after provision for credit losses592 601 1,721 1,956 
Noninterest income:
Commercial account fees40 34 118 100 
Card fees27 25 77 70 
Retail and business banking fees17 20 57 55 
Loan-related fees and income18 27 61 73 
Capital markets and foreign exchange fees25 17 61 49 
Wealth management fees14 13 41 37 
Other customer-related fees15 15 46 39 
Customer-related noninterest income156 151 461 423 
Fair value and nonhedge derivative income4 2 20 15 
Dividends and other income (loss)(1)9 8 24 
Securities gains (losses), net6 (23)(10)51 
Total noninterest income165 139 479 513 
Noninterest expense:
Salaries and employee benefits312 285 931 845 
Technology, telecom, and information processing53 50 158 148 
Occupancy and equipment, net38 37 112 115 
Professional and legal services14 17 42 56 
Marketing and business development11 9 28 22 
Deposit insurance and regulatory expense13 8 36 25 
Credit-related expense8 7 22 19 
Other real estate expense, net— — 1 — 
Other30 16 77 62 
Total noninterest expense479 429 1,407 1,292 
Income before income taxes278 311 793 1,177 
Income taxes61 71 170 261 
Net income217 240 623 916 
Preferred stock dividends(6)(6)(22)(23)
Net earnings applicable to common shareholders$211 $234 $601 $893 
Weighted average common shares outstanding during the period:
Basic shares (in thousands)149,628 160,221 150,510 162,159 
Diluted shares (in thousands)149,792 160,480 150,766 162,460 
Net earnings per common share:
Basic$1.40 $1.45 $3.96 $5.44 
Diluted1.40 1.45 3.96 5.43 
See accompanying notes to consolidated financial statements.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2022202120222021
Net income for the period$217 $240 $623 $916 
Other comprehensive income (loss), net of tax:
Net unrealized holding losses on investment securities(909)(95)(2,729)(225)
Net unrealized gains (losses) on other noninterest-bearing investments
(1)— (2)3 
Net unrealized holding losses on derivative instruments(138)(4)(322)(4)
Reclassification adjustment for decrease (increase) in interest income recognized in earnings on derivative instruments
8 (12)(7)(35)
Other comprehensive income (loss)(1,040)(111)(3,060)(261)
Comprehensive income (loss)$(823)$129 $(2,437)$655 
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 June 30, 2022$440 150,471 $— $1,845 $5,447 $(2,100)$5,632 
Net income for the period217 217 
Other comprehensive loss, net of tax
(1,040)(1,040)
Bank common stock repurchased
(888)(50)(50)
Net activity under employee plans and related tax benefits
28 4 4 
Dividends on preferred stock(6)(6)
Dividends on common stock, $0.41 per share
(61)(61)
Balance at September 30, 2022$440 149,611 $— $1,799 $5,597 $(3,140)$4,696 
Balance at June 30, 2021$440 162,248 $— $2,565 $4,853 $175 $8,033 
Net income for the period240 240 
Other comprehensive loss, net of tax
(111)(111)
Bank common stock repurchased
(5,772)(325)(325)
Net activity under employee plans and related tax benefits
54 5 5 
Dividends on preferred stock(6)(6)
Dividends on common stock, $0.38 per share
(62)(62)
Balance at September 30, 2021$440 156,530 $— $2,245 $5,025 $64 $7,774 

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
(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, 2021$440 151,625 $— $1,928 $5,175 $(80)$7,463 
Net income for the period623 623 
Other comprehensive loss, net of tax
(3,060)(3,060)
Bank common stock repurchased
(2,602)(151)(151)
Net activity under employee plans and related tax benefits
588 22 22 
Dividends on preferred stock(22)(22)
Dividends on common stock, $1.17 per share
(178)(178)
Change in deferred compensation(1)(1)
Balance at September 30, 2022$440 149,611 $— $1,799 $5,597 $(3,140)$4,696 
Balance at December 31, 2020$566 164,090 $— $2,686 $4,309 $325 $7,886 
Net income for the period916 916 
Other comprehensive loss, net of tax
(261)(261)
Preferred stock redemption(126)3(3)(126)
Bank common stock repurchased
(8,519)(475)(475)
Net activity under employee plans and related tax benefits
959 31 31 
Dividends on preferred stock(23)(23)
Dividends on common stock, $1.06 per share
(174)(174)
Balance at September 30, 2021$440 156,530 $— $2,245 $5,025 $64 $7,774 
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)Nine Months Ended
September 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the period$623 $916 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses
79 (301)
Depreciation and amortization
79 (22)
Share-based compensation
25 23 
Deferred income tax expense
15 108 
Net increase in trading securities
(154)(39)
Net decrease in loans held for sale
51 13 
Change in other liabilities
745 14 
Change in other assets
(467)(177)
Other, net
(20)(72)
Net cash provided by operating activities976 463 
CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease (increase) in money market investments8,328 (4,461)
Proceeds from maturities and paydowns of investment securities held-to-maturity250 433 
Purchases of investment securities held-to-maturity(232)(256)
Proceeds from sales, maturities and paydowns of investment securities available-for-sale2,743 3,611 
Purchases of investment securities available-for-sale(5,829)(8,730)
Net change in loans and leases(3,026)2,957 
Purchases and sales of other noninterest-bearing investments(147)18 
Purchases of premises and equipment(154)(153)
Other, net
21 8 
Net cash provided by (used in) investing activities1,954 (6,573)
CASH FLOWS FROM FINANCING ACTIVITIES
Net (decrease) increase in deposits(6,794)8,230 
Net change in short-term funds borrowed4,461 (993)
Cash paid for preferred stock redemption— (126)
Redemption of long-term debt(290)(281)
Proceeds from the issuance of common stock8 17 
Dividends paid on common and preferred stock(200)(199)
Bank common stock repurchased(151)(475)
Other, net(10)(9)
Net cash (used in) provided by financing activities(2,976)6,164 
Net decrease in cash and due from banks(46)54 
Cash and due from banks at beginning of period595 543 
Cash and due from banks at end of period$549 $597 
Cash paid for interest$63 $61 
Net cash paid for income taxes5 442 
Noncash activities are summarized as follows:
Loans held for investment transferred to other real estate owned— 22 
Loans held for investment reclassified to loans held for sale, net100 55 
See accompanying notes to consolidated financial statements.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
September 30, 2022
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”).
The results of operations for the nine months ended September 30, 2022 and 2021 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. For further information, refer to the consolidated financial statements and accompanying footnotes included in our 2021 Form 10-K. Certain prior period amounts have been reclassified to conform with the current period presentation, where applicable. These reclassifications did not affect net income or shareholders’ equity.
Effective for the first quarter of 2022, we made certain financial reporting changes and reclassifications to noninterest expense in our Consolidated Statements of Income. These financial reporting changes were made primarily to improve the presentation and disclosure of certain expenses related to our ongoing technology initiatives. Other noninterest expense line items were impacted by these changes and reclassifications. These changes and reclassifications (1) were adopted retrospectively to January 1, 2020, (2) reflect changes only to noninterest expense in the Consolidated Statements of Income, and (3) do not impact net income, net interest income, or noninterest income.
We evaluated events that occurred between September 30, 2022 and the date the accompanying financial statements were issued, and determined that there were no material events that would require adjustments to our consolidated financial statements or significant disclosure in the accompanying Notes. As referenced in Note 5 of the Notes to Consolidated Financial Statements, we transferred pass-through mortgage-backed available-for-sale (“AFS”) securities to the held-to-maturity (“HTM”) category to reflect our new intent for these securities in October 2022.
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 bank divisions, which we refer to as “affiliates,” or “affiliate banks,” each with its own local branding and management team. These include Zions Bank, in Utah, Idaho, and Wyoming; California Bank & Trust (“CB&T”); Amegy Bank (“Amegy”), in Texas; 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
Standard
Description
Date of adoption
Effect on the financial statements or other significant matters
Standards not yet adopted by the Bank
ASU 2022-02,
Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures
This accounting standards update (“ASU”) eliminates the recognition and measurement guidance on troubled debt restructurings (“TDRs”) for creditors that have adopted ASC 326 (“CECL”), and eliminates certain existing TDR disclosures while requiring enhanced disclosures about loan modifications for borrowers experiencing financial difficulty.
The new standard also requires public companies to present current-period gross write-offs (on a current year-to-date basis for interim-period disclosures) by year of origination in their vintage disclosures.
The new standard is effective for calendar year-end public companies beginning January 1, 2023, with early adoption permitted.
Periods beginning after December 15, 2022
We have established an implementation team to ensure that the necessary data is captured in order to comply with the new disclosure requirements. The overall effect of this standard is not expected to have a material impact on our financial statements.
We do not plan to early adopt this new standard.
ASU 2022-03,
Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

This ASU clarifies that contractual restrictions prohibiting the sale of an equity security are not considered part of the unit of account of the equity security, and therefore, are not considered in measuring fair value. The amendments clarify that an entity cannot recognize and measure a contractual sale restriction as a separate unit of account. The amendments in this ASU also require additional qualitative and quantitative disclosures for equity securities subject to contractual sale restrictions.

The new standard is effective for calendar year-end public companies beginning January 1, 2024, with early adoption permitted.
Periods beginning after December 15, 2023
The requirements of this ASU are consistent with our current treatment of equity securities subject to contractual sale restrictions and are not expected to impact the fair value measurements of these securities.

We are evaluating supplementary disclosure requirements and additional data needed to meet these requirements. The overall effect of this standard is not expected to have a material impact on our financial statements.

We do not plan to early adopt this new standard.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
3. FAIR VALUE
Fair Value Measurements
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 more information about our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 3 of our 2021 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)September 30, 2022
Level 1Level 2Level 3Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies and corporations$394 $21,139 $— $21,533 
Municipal securities1,626 1,626 
Other debt securities74 74 
Total available-for-sale394 22,839 — 23,233 
Trading account221 305 526 
Other noninterest-bearing investments:
Bank-owned life insurance543 543 
Private equity investments 1
5 81 86 
Other assets:
Agriculture loan servicing and interest-only strips12 12 
Deferred compensation plan assets118 118 
Derivatives:
Derivatives designated as hedges83 83 
Derivatives not designated as hedges212 212 
Total assets$738 $23,982 $93 $24,813 
LIABILITIES
Securities sold, not yet purchased$34 $— $— $34 
Other liabilities:
Derivatives:
Derivatives designated as hedges2 2 
Derivatives not designated as hedges489 489 
Total liabilities$34 $491 $— $525 
1 The Level 1 private equity investments (“PEIs”) relate to the portion of our Small Business Investment Company (“SBIC”) investments that are now publicly traded.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
(In millions)December 31, 2021
Level 1Level 2Level 3Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies and corporations$134 $22,144 $— $22,278 
Municipal securities1,694 1,694 
Other debt securities76 76 
Total available-for-sale134 23,914 — 24,048 
Trading account14 358 372 
Other noninterest-bearing investments:
Bank-owned life insurance537 537 
Private equity investments 1
35 66 101 
Other assets:
Agriculture loan servicing and interest-only strips12 12 
Deferred compensation plan assets138 138 
Derivatives:
Derivatives designated as hedges10 10 
Derivatives not designated as hedges209 209 
Total assets$321 $25,028 $78 $25,427 
LIABILITIES
Securities sold, not yet purchased$254 $— $— $254 
Other liabilities:
Derivatives:
Derivatives not designated as hedges51 51 
Total liabilities$254 $51 $— $305 
1 The Level 1 PEIs relate to the portion of our SBIC investments that are now publicly traded.
Level 3 Valuations
Our Level 3 holdings include PEIs, agriculture loan servicing, and interest-only strips. For additional information regarding our Level 3 financial instruments, including the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2021 Form 10-K.
Rollforward of Level 3 Fair Value Measurements
The following schedule presents a rollforward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs:
Level 3 Instruments
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
(In millions)Private equity investmentsAg loan servicing & interest only stripsPrivate equity investmentsAg loan servicing & interest only stripsPrivate equity investmentsAg loan servicing & interest only stripsPrivate equity investmentsAg loan servicing & interest only strips
Balance at beginning of period
$77 $12 $72 $15 $66 $12 $80 $16 
Unrealized securities gains (losses), net2 — 10 — 7 — 79 — 
Other noninterest income (expense)— — — (1)— — — (2)
Purchases2 — 4 — 11 — 10 — 
Cost of investments sold— — (13)— (3)— (19)— 
Transfers out 1
— — (1)— — — (78)— 
Balance at end of period
$81 $12 $72 $14 $81 $12 $72 $14 
1 Represents the transfer of SBIC investments out of Level 3 and into Level 1 because they are now publicly traded.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
The rollforward of Level 3 instruments includes the following realized gains and losses recognized in securities gains (losses) on the consolidated statement of income for the periods presented:
(In millions)Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Securities gains (losses), net$— $(6)$(2)$(11)
Nonrecurring Fair Value Measurements
Certain assets and liabilities may be recorded at fair value on a nonrecurring basis, including impaired loans that have been measured based on the fair value of the underlying collateral, other real estate owned (“OREO”), and nonmarketable equity securities. Nonrecurring fair value adjustments typically involve write-downs of individual assets or the application of lower of cost or fair value accounting. At September 30, 2022, we had no assets or liabilities that had fair value changes measured on a nonrecurring basis. At December 31, 2021, we had $2 million of collateral-dependent loans valued as Level 2 measurements, and we recognized $3 million of losses from fair value changes related to these loans. The previous fair values may not be current as of the dates indicated, but rather as of the most recent date the fair value change occurred. For additional information regarding the measurement of fair value for impaired loans, collateral-dependent loans, and OREO, see Note 3 of our 2021 Form 10-K.
Fair Value of Certain Financial Instruments
The following schedule summarizes the carrying values and estimated fair values of certain financial instruments:
 September 30, 2022December 31, 2021
(In millions)Carrying
value
Fair value		LevelCarrying
value		Fair valueLevel
Financial assets:
Held-to-maturity investment securities$423 $379 2$441 $443 2
Loans and leases (including loans held for sale), net of allowance
53,402 51,735 350,421 50,619 3
Financial liabilities:
Time deposits1,473 1,433 21,622 1,624 2
Other short-term borrowings3,500 3,500 2— — 2
Long-term debt647 628 21,012 1,034 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 2021 Form 10-K.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
4. OFFSETTING ASSETS AND LIABILITIES
Gross and net information for selected financial instruments in the balance sheet is as follows:
September 30, 2022
Gross amounts not offset in the balance sheet
(In millions)Gross 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
$2,797 $— $2,797 $— $— $2,797 
Derivatives (included in other assets)295 — 295 (10)(159)126 
Total assets$3,092 $— $3,092 $(10)$(159)$2,923 
Liabilities:
Federal funds purchased and other short-term borrowings
$5,363 $— $5,363 $— $— $5,363 
Derivatives (included in other liabilities)
491 — 491 (10)— 481 
Total liabilities$5,854 $— $5,854 $(10)$— $5,844 
December 31, 2021
Gross amounts not offset in the balance sheet
(In millions)Gross 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
$2,133 $— $2,133 $— $— $2,133 
Derivatives (included in other assets)219 — 219 (16)(7)196 
Total assets$2,352 $— $2,352 $(16)$(7)$2,329 
Liabilities:
Federal funds purchased and other short-term borrowings
$903 $— $903 $— $— $903 
Derivatives (included in other liabilities)
51 — 51 (16)(1)34 
Total liabilities$954 $— $954 $(16)$(1)$937 
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 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. The amortized cost amounts represent the original cost of the investments, adjusted for related amortization or accretion of any purchase premiums or discounts, and for any impairment losses, including credit-related impairment. AFS securities are carried at fair value, and changes in fair value (unrealized gains and losses) are reported as net increases or decreases to accumulated other comprehensive income (“AOCI”), net of related taxes. 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 $76 million and $65 million at September 30, 2022 and December 31, 2021, respectively. These receivables are presented on the consolidated balance sheet in “Other assets.”

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
In October 2022, we transferred approximately $9.0 billion amortized cost ($7.2 billion fair value) of pass-through mortgage-backed AFS securities to the HTM category to reflect our new intent for these securities.
See Note 5 of our 2021 Form 10-K for more information regarding our accounting for investment securities, and see Note 3 of our 2021 Form 10-K for description of our process to estimate fair value for investment securities.
The following schedule summarizes the amortized cost and estimated fair values of our HTM and AFS securities:
September 30, 2022
(In millions)Amortized
cost		Gross unrealized gainsGross unrealized lossesEstimated
fair value
Held-to-maturity
Municipal securities 1
$423 $— $44 $379 
Available-for-sale
U.S. Treasury securities557 — 163 394 
U.S. Government agencies and corporations:
Agency securities851 — 44 807 
Agency guaranteed mortgage-backed securities 1
23,162 — 3,596 19,566 
Small Business Administration loan-backed securities793 1 28 766 
Municipal securities 1
1,780 — 154 1,626 
Other debt securities 1
75 — 1 74 
Total available-for-sale27,218 1 3,986 23,233 
Total HTM and AFS investment securities$27,641 $1 $4,030 $23,612 
1 Gross unrealized gains for these security categories were less than $1 million.
December 31, 2021
(In millions)Amortized
cost		Gross unrealized gainsGross unrealized lossesEstimated
fair value
Held-to-maturity
Municipal securities$441 $4 $2 $443 
Available-for-sale
U.S. Treasury securities155 — 21 134 
U.S. Government agencies and corporations:
Agency securities833 13 1 845 
Agency guaranteed mortgage-backed securities20,549 108 270 20,387 
Small Business Administration loan-backed securities938 2 28 912 
Municipal securities1,652 46 4 1,694 
Other debt securities75 1 — 76 
Total available-for-sale24,202 170 324 24,048 
Total HTM and AFS investment securities$24,643 $174 $326 $24,491 
Maturities
The following schedule shows the amortized cost and weighted average yields of debt securities by contractual maturity of principal payments at September 30, 2022. Actual principal payments may differ from contractual or expected principal payments because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
September 30, 2022
Total
debt securities		Due 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 costAverage yieldAmortized costAverage yieldAmortized costAverage yieldAmortized costAverage yieldAmortized costAverage yield
Held-to-maturity
Municipal securities 1
$423 3.11 %$46 3.65 %$132 3.20 %$185 3.08 %$60 2.59 %
Available-for-sale
U.S. Treasury securities557 2.05 — — — — — — 557 2.05 
U.S. Government agencies and corporations:
Agency securities851 2.40 31 0.84 371 2.08 239 2.48 210 3.09 
Agency guaranteed mortgage-backed securities23,162 1.82 — — 370 1.70 1,725 1.97 21,067 1.81 
Small Business Administration loan-backed securities793 2.58 — — 52 2.73 160 3.02 581 2.44 
Municipal securities 1
1,780 2.42 112 2.18 650 2.67 710 2.17 308 2.56 
Other debt securities75 3.46 — — 50 1.79 10 9.52 15 4.98 
Total available-for-sale securities
27,218 1.91 143 1.89 1,493 2.25 2,844 2.15 22,738 1.86 
Total HTM and AFS investment securities$27,641 1.93 %$189 2.32 %$1,625 2.33 %$3,029 2.21 %$22,798 1.86 %
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:
September 30, 2022
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$18 $260 $26 $96 $44 $356 
Available-for-sale
U.S. Treasury securities95 306 68 88 163 394 
U.S. Government agencies and corporations:
Agency securities37 712 7 95 44 807 
Agency guaranteed mortgage-backed securities1,865 12,129 1,731 7,429 3,596 19,558 
Small Business Administration loan-backed securities7 77 21 571 28 648 
Municipal securities106 1,375 48 230 154 1,605 
Other1 13 — — 1 13 
Total available-for-sale2,111 14,612 1,875 8,413 3,986 23,025 
Total HTM and AFS investment securities$2,129 $14,872 $1,901 $8,509 $4,030 $23,381 

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December 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$1 $88 $1 $68 $2 $156 
Available-for-sale
U.S. Treasury securities— — 21 134 21 134 
U.S. Government agencies and corporations:
Agency securities1 121 — 1 1 122 
Agency guaranteed mortgage-backed securities231 13,574 39 942 270 14,516 
Small Business Administration loan-backed securities— 27 28 749 28 776 
Municipal securities4 327 — 8 4 335 
Other— — — — — — 
Total available-for-sale236 14,049 88 1,834 324 15,883 
Total HTM and AFS investment securities$237 $14,137 $89 $1,902 $326 $16,039 
Approximately 550 and 137 HTM and 4,236 and 1,302 AFS investment securities were in an unrealized loss position at September 30, 2022, and December 31, 2021, 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 2021 Form 10-K.
AFS Impairment
We did not recognize any impairment on our AFS investment securities portfolio during the first nine months of 2022. Unrealized losses primarily relate to changes in interest rates subsequent to purchase and are not attributable to credit. At September 30, 2022, 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 that we would be required to sell such securities before recovery of their amortized cost basis.
HTM Impairment
For HTM securities, the allowance for credit losses (“ACL”) is assessed consistent with the approach described in Note 6 for loans and leases carried at amortized cost. The ACL on HTM securities was less than $1 million at September 30, 2022. All HTM securities were risk-graded as “Pass” in terms of credit quality and none were past due at September 30, 2022. The amortized cost basis of HTM securities categorized by year acquired is summarized in the following schedule:
September 30, 2022
Amortized cost basis by year acquired
(In millions)
2022
2021
2020
2019
2018
PriorTotal Securities
Held-to-maturity investment securities$38 $87 $117 $8 $— $173 $423 

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Securities Gains and Losses Recognized in Income
The following schedule summarizes securities gains and losses recognized in the income statement:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(In millions)Gross gainsGross lossesGross gainsGross lossesGross gainsGross lossesGross gainsGross losses
Other noninterest-bearing investments$6 $— $6 $29 $10 $20 $86 $35 
Net gains (losses) 1
$6 $(23)$(10)$51 
1 Net gains (losses) were recognized in securities gains (losses) in the income statement.
The following schedule presents interest income by security type:
Three Months Ended September 30,
20222021
(In millions)TaxableNontaxableTotalTaxableNontaxableTotal
Investment securities:
Held-to-maturity$2 $1 $3 $3 $1 $4 
Available-for-sale115 11 126 64 8 72 
Trading— 3 3 — 2 2 
Total securities$117 $15 $132 $67 $11 $78 
Nine Months Ended September 30,
20222021
(In millions)TaxableNontaxableTotalTaxableNontaxableTotal
Investment securities:
Held-to-maturity$7 $3 $10 $8 $4 $12 
Available-for-sale320 30 350 182 22 204 
Trading— 12 12 — 7 7 
Total securities$327 $45 $372 $190 $33 $223 
At September 30, 2022 and December 31, 2021, investment securities with a carrying value of $4.6 billion and $3.1 billion, 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.

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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)September 30,
2022		December 31,
2021
Loans held for sale$25 $83 
Commercial:
Commercial and industrial$15,656 $13,867 
PPP306 1,855 
Leasing347 327 
Owner-occupied9,279 8,733 
Municipal4,224 3,658 
Total commercial29,812 28,440 
Commercial real estate:
Construction and land development2,800 2,757 
Term9,556 9,441 
Total commercial real estate12,356 12,198 
Consumer:
Home equity credit line3,331 3,016 
1-4 family residential6,852 6,050 
Construction and other consumer real estate973 638 
Bankcard and other revolving plans471 396 
Other123 113 
Total consumer11,750 10,213 
Total loans and leases
$53,918 $50,851 
Loans and leases are presented at their amortized cost basis, which includes net unamortized purchase premiums, discounts, and deferred loan fees and costs totaling $44 million and $83 million at September 30, 2022 and December 31, 2021, respectively. Amortized cost basis does not include accrued interest receivables of $196 million and $161 million at September 30, 2022 and December 31, 2021, 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 $257 million at September 30, 2022 and $160 million at December 31, 2021.
Loans with a carrying value of $27.6 billion at September 30, 2022 and $26.8 billion at December 31, 2021 have been pledged at the Federal Reserve and the Federal Home Loan Bank (“FHLB”) of Des Moines as collateral for potential borrowings.
We sold loans totaling $112 million and $635 million for the three and nine months ended September 30, 2022, and $0.4 billion and $1.2 billion for the three and nine months ended September 30, 2021, 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 Small Business Administration (“SBA”) loans that are primarily sold to U.S. government agencies or participated to third parties. They do not include loans from the SBA's Paycheck Protection Program (“PPP”). At times, we have continuing involvement in the sold loans in the form of servicing rights or guarantees. Amounts added to loans held for sale during these same periods were $96 million and $583 million for the three and nine months ended September 30, 2022, and $0.4

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
billion and $1.2 billion for the three and nine months ended September 30, 2021, respectively. See Note 5 of the Notes to Consolidated Financial Statements for further information regarding guaranteed securities.
The principal balance of sold loans for which we retain servicing was $3.5 billion at September 30, 2022, and $3.3 billion at December 31, 2021. Income from loans sold, excluding servicing, was $2 million and $12 million for the three and nine months ended September 30, 2022, and $12 million and $30 million for the three and nine months ended September 30, 2021, 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 related to 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 2021 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 of our 2021 Form 10-K for further discussion of our methodology used to estimate the ACL on AFS and HTM debt securities.
Changes in the ACL are summarized as follows:
Three Months Ended September 30, 2022
(In millions)CommercialCommercial
real estate		ConsumerTotal
Allowance for loan losses
Balance at beginning of period$286 $114 $108 $508 
Provision for loan losses41 17 2 60 
Gross loan and lease charge-offs37 — 1 38 
Recoveries6 — 5 11 
Net loan and lease charge-offs (recoveries)31 — (4)27 
Balance at end of period$296 $131 $114 $541 
Reserve for unfunded lending commitments
Balance at beginning of period$13 $15 $10 $38 
Provision for unfunded lending commitments3 7 1 11 
Balance at end of period$16 $22 $11 $49 
Total allowance for credit losses at end of period
Allowance for loan losses$296 $131 $114 $541 
Reserve for unfunded lending commitments16 22 11 49 
Total allowance for credit losses$312 $153 $125 $590 

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Nine Months Ended September 30, 2022
(In millions)CommercialCommercial
real estate		ConsumerTotal
Allowance for loan losses
Balance at beginning of period$311 $107 $95 $513 
Provision for loan losses29 24 17 70 
Gross loan and lease charge-offs65 — 8 73 
Recoveries21 — 10 31 
Net loan and lease charge-offs (recoveries)44 — (2)42 
Balance at end of period$296 $131 $114 $541 
Reserve for unfunded lending commitments
Balance at beginning of period$19 $11 $10 $40 
Provision for unfunded lending commitments(3)11 1 9 
Balance at end of period$16 $22 $11 $49 
Total allowance for credit losses at end of period
Allowance for loan losses$296 $131 $114 $541 
Reserve for unfunded lending commitments16 22 11 49 
Total allowance for credit losses$312 $153 $125 $590 
Three Months Ended September 30, 2021
(In millions)CommercialCommercial real estateConsumerTotal
Allowance for loan losses
Balance at beginning of period$321 $111 $103 $535 
Provision for loan losses(25)(10)(10)(45)
Gross loan and lease charge-offs4 — 4 8 
Recoveries7 — 2 9 
Net loan and lease charge-offs (recoveries)(3)— 2 (1)
Balance at end of period$299 $101 $91 $491 
Reserve for unfunded lending commitments
Balance at beginning of period$21 $10 $8 $39 
Provision for unfunded lending commitments(2)— 1 (1)
Balance at end of period$19 $10 $9 $38 
Total allowance for credit losses at end of period
Allowance for loan losses$299 $101 $91 $491 
Reserve for unfunded lending commitments19 10 9 38 
Total allowance for credit losses$318 $111 $100 $529 

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Nine Months Ended September 30, 2021
(In millions)CommercialCommercial
real estate		ConsumerTotal
Allowance for loan losses
Balance at beginning of period$464 $171 $142 $777 
Provision for loan losses(162)(70)(49)(281)
Gross loan and lease charge-offs27 — 10 37 
Recoveries24 — 8 32 
Net loan and lease charge-offs (recoveries)3 — 2 5 
Balance at end of period$299 $101 $91 $491 
Reserve for unfunded lending commitments
Balance at beginning of period$30 $20 $8 $58 
Provision for unfunded lending commitments(11)(10)1 (20)
Balance at end of period$19 $10 $9 $38 
Total allowance for credit losses at end of period
Allowance for loan losses$299 $101 $91 $491 
Reserve for unfunded lending commitments19 10 9 38 
Total allowance for credit losses$318 $111 $100 $529 
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 the borrower's ability and willingness to maintain payments.
The amortized cost basis of nonaccrual loans is summarized as follows:
September 30, 2022
Amortized cost basisTotal amortized cost basis
(In millions)with no allowancewith allowanceRelated allowance
Commercial:
Commercial and industrial$10 $42 $52 $19 
PPP5 — 5 — 
Owner-occupied19 9 28 1 
Total commercial34 51 85 20 
Commercial real estate:
Term— 20 20 8 
Total commercial real estate— 20 20 8 
Consumer:
Home equity credit line1 9 10 1 
1-4 family residential7 29 36 4 
Bankcard and other revolving plans— — — — 
Total consumer loans8 38 46 5 
Total$42 $109 $151 $33 

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
December 31, 2021
Amortized cost basisTotal amortized cost basis
(In millions)with no allowancewith allowanceRelated allowance
Commercial:
Commercial and industrial$30 $94 $124 $34 
PPP2 1 3 — 
Owner-occupied37 20 57 3 
Total commercial69 115 184 37 
Commercial real estate:
Term6 14 20 3 
Total commercial real estate6 14 20 3 
Consumer:
Home equity credit line4 10 14 2 
1-4 family residential9 43 52 5 
Bankcard and other revolving plans— 1 1 1 
Total consumer loans13 54 67 8 
Total$88 $183 $271 $48 
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 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 and nine months ended September 30, 2022 and 2021, there was no interest income recognized on a cash basis during the period the loans were on nonaccrual.
The amount of accrued interest receivables reversed from interest income during the periods presented is summarized by loan portfolio segment as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2022202120222021
Commercial$3 $3 $11 $11 
Commercial real estate1 1 1 1 
Consumer— — — — 
Total$4 $4 $12 $12 
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:
September 30, 2022
(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$15,597 $26 $33 $59 $15,656 $17 $36 
PPP268 31 7 38 306 2 — 
Leasing347 — — — 347 — — 
Owner-occupied9,264 10 5 15 9,279 — 21 
Municipal4,223 1 — 1 4,224 — — 
Total commercial29,699 68 45 113 29,812 19 57 
Commercial real estate:
Construction and land development
2,800 — — — 2,800 — — 
Term9,536 5 15 20 9,556 — 5 
Total commercial real estate12,336 5 15 20 12,356 — 5 
Consumer:
Home equity credit line3,323 7 1 8 3,331 — 6 
1-4 family residential6,829 7 16 23 6,852 — 19 
Construction and other consumer real estate
973 — — — 973 — — 
Bankcard and other revolving plans
468 3 — 3 471 1 — 
Other122 1 — 1 123 — — 
Total consumer loans11,715 18 17 35 11,750 1 25 
Total$53,750 $91 $77 $168 $53,918 $20 $87 
December 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$13,822 $17 $28 $45 $13,867 $2 $91 
PPP1,813 35 7 42 1,855 5 — 
Leasing327 — — — 327 — — 
Owner-occupied8,712 7 14 21 8,733 — 42 
Municipal3,658 — — — 3,658 — — 
Total commercial28,332 59 49 108 28,440 7 133 
Commercial real estate:
Construction and land development
2,757 — — — 2,757 — — 
Term9,426 10 5 15 9,441 — 15 
Total commercial real estate12,183 10 5 15 12,198 — 15 
Consumer:
Home equity credit line3,008 4 4 8 3,016 — 10 
1-4 family residential6,018 6 26 32 6,050 — 24 
Construction and other consumer real estate
638 — — — 638 — — 
Bankcard and other revolving plans
393 2 1 3 396 1 — 
Other112 1 — 1 113 — — 
Total consumer loans10,169 13 31 44 10,213 1 34 
Total$50,684 $82 $85 $167 $50,851 $8 $182 
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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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 assigned to loans follow our definition 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.
There were $1 million of loans classified as Doubtful at September 30, 2022, compared with none at December 31, 2021.
We generally assign internal risk grades to commercial and commercial real estate (“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 for 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, Special Mention, or Substandard grade, and are reviewed as we identify information that might warrant a grade change.
The amortized cost basis of loans and leases categorized by year of origination and by credit quality classifications as monitored by management are summarized as follows.

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September 30, 2022
Term loansRevolving loans amortized cost basisRevolving loans converted to term loans amortized cost basis
Amortized cost basis by year of origination
(In millions)
2022
2021
2020
2019
2018
PriorTotal
loans
Commercial:
Commercial and industrial
Pass$2,640 $2,004 $941 $788 $535 $364 $7,626 $182 $15,080 
Special Mention19 2 11 11 1 42 88 — 174 
Accruing Substandard13 14 17 101 40 71 92 2 350 
Nonaccrual1 1 2 1 1 3 39 4 52 
Total commercial and industrial2,673 2,021 971 901 577 480 7,845 188 15,656 
PPP
Pass— 154 147 — — — — — 301 
Nonaccrual— — 5 — — — — — 5 
Total PPP— 154 152 — — — — — 306 
Leasing
Pass97 76 50 74 22 23 — — 342 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — 5 — — 5 
Nonaccrual— — — — — — — — — 
Total leasing97 76 50 74 22 28 — — 347 
Owner-occupied
Pass1,778 2,346 1,173 909 675 1,827 162 85 8,955 
Special Mention3 8 8 11 7 18 1 — 56 
Accruing Substandard15 17 45 32 56 67 8 — 240 
Nonaccrual— 1 2 4 5 15 1 — 28 
Total owner-occupied1,796 2,372 1,228 956 743 1,927 172 85 9,279 
Municipal
Pass1,027 1,224 848 472 167 469 6 — 4,213 
Special Mention— — — 8 — — — — 8 
Accruing Substandard— — — — — 3 — — 3 
Nonaccrual— — — — — — — — — 
Total municipal1,027 1,224 848 480 167 472 6 — 4,224 
Total commercial5,593 5,847 3,249 2,411 1,509 2,907 8,023 273 29,812 
Commercial real estate:
Construction and land development
Pass375 814 621 128 2 2 706 85 2,733 
Special Mention1 1 — — — 25 — — 27 
Accruing Substandard17 1 — 22 — — — — 40 
Nonaccrual— — — — — — — — — 
Total construction and land development393 816 621 150 2 27 706 85 2,800 
Term
Pass2,170 1,987 1,661 1,022 810 1,316 239 120 9,325 
Special Mention— 21 — — 3 3 — — 27 
Accruing Substandard51 4 35 23 37 34 — — 184 
Nonaccrual— — 2 4 1 13 — — 20 
Total term2,221 2,012 1,698 1,049 851 1,366 239 120 9,556 
Total commercial real estate2,614 2,828 2,319 1,199 853 1,393 945 205 12,356 

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
September 30, 2022
Term loansRevolving loans amortized cost basisRevolving loans converted to term loans amortized cost basis
Amortized cost basis by year of origination
(In millions)
2022
2021
2020
2019
2018
PriorTotal
loans
Consumer:
Home equity credit line
Pass— — — — — — 3,222 97 3,319 
Special Mention— — — — — — 1 — 1 
Accruing Substandard— — — — — — 1 — 1 
Nonaccrual— — — — — — 8 2 10 
Total home equity credit line— — — — — — 3,232 99 3,331 
1-4 family residential
Pass1,461 1,451 1,010 648 393 1,851 — — 6,814 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — 2 — — 2 
Nonaccrual— 1 3 3 1 28 — — 36 
Total 1-4 family residential1,461 1,452 1,013 651 394 1,881 — — 6,852 
Construction and other consumer real estate
Pass357 483 95 22 9 7 — — 973 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total construction and other consumer real estate357 483 95 22 9 7 — — 973 
Bankcard and other revolving plans
Pass— — — — — — 468 2 470 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — — 1 — 1 
Nonaccrual— — — — — — — — — 
Total bankcard and other revolving plans— — — — — — 469 2 471 
Other consumer
Pass58 34 13 10 5 3 — — 123 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total other consumer58 34 13 10 5 3 — — 123 
Total consumer1,876 1,969 1,121 683 408 1,891 3,701 101 11,750 
Total loans$10,083 $10,644 $6,689 $4,293 $2,770 $6,191 $12,669 $579 $53,918 

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December 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)
2021
2020
2019
2018
2016PriorTotal
loans
Commercial:
Commercial and industrial
Pass$2,561 $1,309 $1,179 $748 $354 $239 $6,594 $121 $13,105 
Special Mention4 17 9 12 1 3 128 1 175 
Accruing Substandard28 22 99 53 31 65 162 3 463 
Nonaccrual14 10 6 3 1 21 51 18 124 
Total commercial and industrial2,607 1,358 1,293 816 387 328 6,935 143 13,867 
PPP
Pass1,317 535 — — — — — — 1,852 
Nonaccrual— 3 — — — — — — 3 
Total PPP1,317 538 — — — — — — 1,855 
Leasing
Pass46 74 70 64 42 19 — — 315 
Special Mention— 1 4 1 1 — — — 7 
Accruing Substandard— — — — — 5 — — 5 
Nonaccrual— — — — — — — — — 
Total leasing46 75 74 65 43 24 — — 327 
Owner-occupied
Pass2,420 1,366 1,028 868 695 1,663 177 69 8,286 
Special Mention10 13 19 32 18 50 3 3 148 
Accruing Substandard14 24 41 47 24 79 13 — 242 
Nonaccrual— 4 14 9 9 20 1 — 57 
Total owner-occupied2,444 1,407 1,102 956 746 1,812 194 72 8,733 
Municipal
Pass1,303 963 553 250 327 220 3 — 3,619 
Special Mention— — — — — 25 — — 25 
Accruing Substandard— 9 — — — 5 — — 14 
Nonaccrual— — — — — — — — — 
Total municipal1,303 972 553 250 327 250 3 — 3,658 
Total commercial7,717 4,350 3,022 2,087 1,503 2,414 7,132 215 28,440 
Commercial real estate:
Construction and land development
Pass640 736 515 94 24 2 650 64 2,725 
Special Mention— — 1 — — — — — 1 
Accruing Substandard— 3 28 — — — — — 31 
Nonaccrual— — — — — — — — — 
Total construction and land development640 739 544 94 24 2 650 64 2,757 
Term
Pass2,407 1,765 1,491 1,066 529 1,401 239 179 9,077 
Special Mention22 39 10 17 8 25 — 4 125 
Accruing Substandard9 9 44 77 14 64 — 2 219 
Nonaccrual— 1 5 1 — 13 — — 20 
Total term2,438 1,814 1,550 1,161 551 1,503 239 185 9,441 
Total commercial real estate3,078 2,553 2,094 1,255 575 1,505 889 249 12,198 

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December 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)
2021
2020
2019
2018
2016PriorTotal
loans
Consumer:
Home equity credit line
Pass— — — — — — 2,903 96 2,999 
Special Mention— — — — — — 1 — 1 
Accruing Substandard— — — — — — 2 — 2 
Nonaccrual— — — — — — 7 7 14 
Total home equity credit line— — — — — — 2,913 103 3,016 
1-4 family residential
Pass1,391 1,021 728 484 681 1,691 — — 5,996 
Special Mention— — — — — — — — — 
Accruing Substandard— — 1 — — 1 — — 2 
Nonaccrual— 3 3 3 9 34 — — 52 
Total 1-4 family residential1,391 1,024 732 487 690 1,726 — — 6,050 
Construction and other consumer real estate
Pass295 232 73 27 4 7 — — 638 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total construction and other consumer real estate295 232 73 27 4 7 — — 638 
Bankcard and other revolving plans
Pass— — — — — — 391 3 394 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — — 1 — 1 
Nonaccrual— — — — — — 1 — 1 
Total bankcard and other revolving plans— — — — — — 393 3 396 
Other consumer
Pass58 23 17 9 4 2 — — 113 
Special Mention— — — — — — — — — 
Accruing Substandard— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total other consumer58 23 17 9 4 2 — — 113 
Total consumer1,744 1,279 822 523 698 1,735 3,306 106 10,213 
Total loans$12,539 $8,182 $5,938 $3,865 $2,776 $5,654 $11,327 $570 $50,851 
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 TDRs. For further discussion of our policies and processes regarding TDRs, see Note 6 of our 2021 Form 10-K.

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Information on TDRs, including the amortized cost on an accruing and nonaccruing basis by loan class and modification type is summarized in the following schedules:
September 30, 2022
Amortized cost resulting from the following modification types:
(In millions)Interest
rate below
market		Maturity
or term
extension		Principal
forgiveness		Payment
deferral
Other 1
Multiple
modification
types 2
Total
Accruing
Commercial:
Commercial and industrial$1 $9 $— $— $9 $30 $49 
Owner-occupied1 6 — 8 13 12 40 
Municipal— 8 — — — — 8 
Total commercial2 23 — 8 22 42 97 
Commercial real estate:
Term1 27 — 27 28 1 84 
Total commercial real estate1 27 — 27 28 1 84 
Consumer:
Home equity credit line— 1 5 — — 1 7 
1-4 family residential2 1 2 — — 13 18 
Total consumer loans2 2 7 — — 14 25 
Total accruing5 52 7 35 50 57 206 
Nonaccruing
Commercial:
Commercial and industrial1 — — — 6 2 9 
Owner-occupied4 — — — — 4 8 
Total commercial5 — — — 6 6 17 
Commercial real estate:
Term— — — 11 — 4 15 
Total commercial real estate— — — 11 — 4 15 
Consumer:
Home equity credit line— — 1 — — — 1 
1-4 family residential— 1 — — 1 4 6 
Total consumer loans— 1 1 — 1 4 7 
Total nonaccruing5 1 1 11 7 14 39 
Total$10 $53 $8 $46 $57 $71 $245 
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 the previous modification types reflected in the schedule.

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December 31, 2021
Amortized cost resulting from the following modification types:
(In millions)Interest
rate below
market		Maturity
or term
extension		Principal
forgiveness		Payment
deferral
Other 1
Multiple
modification
types 2
Total
Accruing
Commercial:
Commercial and industrial$19 $1 $— $— $4 $7 $31 
Owner-occupied5 4 — 8 14 12 43 
Municipal— 10 — — — — 10 
Total commercial24 15 — 8 18 19 84 
Commercial real estate:
Term1 29 — 27 41 8 106 
Total commercial real estate1 29 — 27 41 8 106 
Consumer:
Home equity credit line— 1 5 — — 2 8 
1-4 family residential5 1 2 — 1 14 23 
Total consumer loans5 2 7 — 1 16 31 
Total accruing30 46 7 35 60 43 221 
Nonaccruing
Commercial:
Commercial and industrial1 4 — 2 8 49 64 
Owner-occupied5 — — 2 — 13 20 
Total commercial6 4 — 4 8 62 84 
Commercial real estate:
Term— — — 11 2 3 16 
Total commercial real estate— — — 11 2 3 16 
Consumer:
Home equity credit line— — 1 — — — 1 
1-4 family residential— 1 — — 3 — 4 
Total consumer loans— 1 1 — 3 — 5 
Total nonaccruing6 5 1 15 13 65 105 
Total$36 $51 $8 $50 $73 $108 $326 
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 the previous modification types reflected in the schedule.
Unfunded lending commitments on TDRs totaled $6 million and $10 million at September 30, 2022 and December 31, 2021, respectively.
The total amortized cost of all TDRs in which interest rates were modified below market was $60 million at September 30, 2022 and $100 million at December 31, 2021. 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 and nine months ended September 30, 2022 and 2021 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 amortized cost of TDRs that had a payment default during the three and nine months ended September 30, 2022, which were still in default at period end, and were within 12 months or less of being modified as TDRs was approximately $13 million for both periods, and $2 million and $5 million for the three and nine months ended September 30, 2021, respectively.
Collateral-Dependent Loans
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 borrower is experiencing financial difficulties and repayment is expected to be provided substantially through the operation or sale of the underlying collateral, including the type of collateral and the extent to which the collateral secures the loans, is summarized as follows:
September 30, 2022
(Dollar amounts in millions)Amortized costMajor types of collateral
Weighted average LTV 1
Commercial:
Commercial and industrial$1 Corporate assets8%
Owner-occupied2 Land, Warehouse39%
Commercial real estate:
Term3 Multi-family80%
Consumer:
Home equity credit line1 Single family residential14%
1-4 family residential2 Single family residential37%
Total$9 
December 31, 2021
(Dollar amounts in millions)Amortized costMajor types of collateral
Weighted average LTV 1
Commercial:
Commercial and industrial$27 Corporate assets, Single family residential55%
Owner-occupied11 Office building40%
Commercial real estate:
Term2 Multi-family, Retail28%
Consumer:
Home equity credit line5 Single family residential45%
1-4 family residential2 Single family residential35%
Total$47 
1 The fair value is based on the most recent appraisal or other collateral evaluation.
Foreclosed Residential Real Estate
At September 30, 2022 and December 31, 2021, 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 $11 million and $10 million for the same periods, respectively.

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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 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 assist clients with their risk management needs through the use of derivatives. For a more detailed discussion of the use of and accounting policies regarding derivative instruments, see Note 7 of our 2021 Form 10-K.
Fair Value Hedges of Liabilities – At September 30, 2022, 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 third quarter of 2022, derivatives designated as fair value hedges of debt decreased in value by $25 million, which was offset by changes in the fair value of the hedged debt instruments as shown in the schedules below. We had no cumulative unamortized debt basis adjustments related to previously terminated fair value hedges of debt at September 30, 2022.
Fair Value Hedges of Assets – At September 30, 2022, we had pay-fixed, receive-floating interest rate swaps with an aggregate notional amount of $1.2 billion 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 third quarter of 2022, derivatives designated as fair value hedges of fixed-rate AFS securities increased in value by $67 million, which was offset by changes in value of the hedged securities, as shown in the schedules below. At September 30, 2022, we had $10 million of unamortized basis adjustments to AFS securities from previously designated fair value hedges.
Cash Flow Hedges – At September 30, 2022, we had $7.4 billion notional amount of receive-fixed interest rate swaps designated as cash flow hedges of pools of floating-rate commercial loans. During the quarter, our cash flow hedge portfolio decreased in value by $172 million, which was recorded in AOCI. The amounts deferred in AOCI are reclassified into earnings in the periods in which the hedged interest receipts 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 2021 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 September 30, 2022, the fair value of our derivative liabilities was $491 million, for which we were required to pledge cash collateral of $143 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 September 30, 2022, there would likely be less than $1 million of additional collateral required to be pledged.

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Derivative Amounts
Certain information with respect to notional amounts and recorded gross fair values at September 30, 2022 and December 31, 2021, and the related gain (loss) of derivative instruments is summarized as follows:
September 30, 2022December 31, 2021
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:
Receive-fixed interest rate swaps
$7,433 $— $2 $6,883 $— $— 
Fair value hedges:
Debt hedges: Receive-fixed interest rate swaps500 — — 500 — — 
Asset hedges: Pay-fixed interest rate swaps1,228 83 — 479 10 — 
Total derivatives designated as hedging instruments9,161 83 2 7,862 10 — 
Derivatives not designated as hedging instruments:
Customer-facing interest rate derivatives 1
6,931 1 483 6,587 192 36 
Offsetting interest rate derivatives 2
6,931 501 1 6,587 38 197 
Other interest rate derivatives905 1 — 1,286 6 1 
Foreign exchange derivatives432 6 5 288 3 2 
Total derivatives not designated as hedging instruments
15,199 509 489 14,748 239 236 
Total derivatives$24,360 $592 $491 $22,610 $249 $236 
1 Customer-facing interest rate derivatives include a net credit valuation adjustment (“CVA”) of $17 million, reducing the fair value of the liability at September 30, 2022, and $3 million, reducing the fair value of the asset at December 31, 2021. These adjustments are required to reflect both our nonperformance risk and that of the respective counterparties.
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 total derivative fair values would be the following:
September 30, 2022December 31, 2021
(In millions)Other assetsOther liabilitiesOther assetsOther liabilities
Offsetting interest rate derivatives$204 $1 $8 $12 
The amount of derivative gains (losses) from cash flow and fair value hedges that was deferred in other comprehensive income (“OCI”) or recognized in earnings for the nine months ended September 30, 2022 and 2021 is shown in the schedules below.
Three Months Ended September 30, 2022
(In millions)Effective portion of derivative gain/(loss) deferred in AOCIAmount of gain/(loss) reclassified from AOCI into incomeInterest on fair value hedges
Cash flow hedges of floating-rate assets:1
Purchased interest rate floors$— $— $— 
Interest rate swaps(183)(11)— 
Fair value hedges of liabilities:
Receive-fixed interest rate swaps— — (1)
Basis amortization on terminated hedges 2, 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
$(183)$(11)$— 

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Nine Months Ended September 30, 2022
(In millions)Effective portion of derivative gain/(loss) deferred in AOCIAmount of gain/(loss) reclassified from AOCI into incomeInterest on fair value hedges
Cash flow hedges of floating-rate assets: 1
Purchased interest rate floors$— $2 $— 
Interest rate swaps(427)7 — 
Fair value hedges of liabilities:
Receive-fixed interest rate swaps— — 2 
Basis amortization on terminated hedges 2, 3
— — 1 
Fair value hedges of assets:
Pay-fixed interest rate swaps— — (1)
Basis amortization on terminated hedges 2, 3
— — — 
Total derivatives designated as hedging instruments
$(427)$9 $2 
Three Months Ended September 30, 2021
(In millions)Effective portion of derivative gain/(loss) deferred in AOCIAmount of gain/(loss) reclassified from AOCI into incomeInterest on fair value hedges
Cash flow hedges of floating-rate assets: 1
Purchased interest rate floors$— $3 $— 
Interest rate swaps4 13 — 
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
$4 $16 $4 

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Nine Months Ended September 30, 2021
(In millions)Effective portion of derivative gain/(loss) deferred in AOCIAmount of gain/(loss) reclassified from AOCI into incomeInterest on fair value hedges
Cash flow hedges of floating-rate assets: 1
Purchased interest rate floors$— $8 $— 
Interest rate swaps(5)38 — 
Fair value hedges of liabilities:
Receive-fixed interest rate swaps— — 6 
Basis amortization on terminated hedges 2, 3
— — 9 
Fair value hedges of assets:
Pay-fixed interest rate swaps— — (2)
Basis amortization on terminated hedges 2, 3
— — — 
Total derivatives designated as hedging instruments
$(5)$46 $13 
1 For the 12 months following September 30, 2022, we estimate that $173 million of losses will be reclassified from AOCI into interest income, compared with an estimate of $42 million of gains as of September 30, 2021.
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.
3 There was no cumulative unamortized basis adjustment from previously terminated or redesignated fair value debt hedges and $10 million of terminated fair value asset hedges at September 30, 2022, compared with $2 million and $7 million as of September 30, 2021, respectively.
The amount of gains (losses) recognized from derivatives not designated as accounting hedges is summarized as follows:
Other Noninterest Income/(Expense)
(In millions)Three Months Ended September 30, 2022Nine Months Ended September 30, 2022Three Months Ended September 30, 2021Nine Months Ended September 30, 2021
Derivatives not designated as hedging instruments:
Customer-facing interest rate derivatives
$(227)$(638)$(5)$(100)
Offsetting interest rate derivatives238 680 12 129 
Other interest rate derivatives— — 3 (7)
Foreign exchange derivatives8 21 6 17 
Total derivatives not designated as hedging instruments
$19 $63 $16 $39 
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 September 30, 2022Three Months Ended September 30, 2021
(In millions)
Derivatives 2
Hedged itemsTotal income statement impact
Derivatives 2
Hedged itemsTotal income statement impact
Debt: Receive-fixed interest rate swaps 1, 2
$(25)$25 $— $(4)$4 $— 
Assets: Pay-fixed interest rate swaps 1, 2
67 (67)— 4 (4)— 

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Gain/(loss) recorded in income
Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
(In millions)
Derivatives 2
Hedged itemsTotal income statement impact
Derivatives 2
Hedged itemsTotal income statement impact
Debt: Receive-fixed interest rate swaps 1, 2
$(75)$75 $— $(27)$27 $— 
Assets: Pay-fixed interest rate swaps 1, 2
217 (217)— 27 (27)— 
1 Consists of hedges of benchmark interest rate risk of fixed-rate long-term debt and fixed-rate AFS securities. Gains and losses were recorded in net interest expense or income consistent with the hedged items.
2 The income/expense for derivatives does not reflect interest income/expense from periodic accruals and payments to be consistent with the presentation of the gains/(losses) on the hedged items.
The following schedule provides information regarding basis adjustments for hedged items.
Par value of hedged assets/(liabilities)
Carrying amount of the hedged assets/(liabilities)1
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item
(In millions)September 30, 2022December 31, 2021September 30, 2022December 31, 2021September 30, 2022December 31, 2021
Long-term fixed-rate debt$(500)$(500)$(432)$(507)$68 $(7)
Fixed-rate AFS securities1,228 479 969 435 (260)(44)
1 Carrying amounts displayed above exclude (1) issuance and purchase discounts or premiums, (2) unamortized issuance and acquisition costs, and (3) amounts related to terminated fair value hedges.
8. LEASES
We have operating and finance leases for branches, corporate offices, and data centers. At September 30, 2022, we had 416 branches, of which 275 are owned and 141 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2022 to 2062, and some lease arrangements include options to extend or terminate the leases.
All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We present ROU assets for operating leases and finance leases on the consolidated balance sheet in “Other assets,” and “Premises, equipment and software, net,” respectively. The corresponding liabilities for those leases are presented in “Other liabilities,” and “Long-term debt.” For more information about our lease policies, see Note 8 of our 2021 Form 10-K.
The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate:
(Dollar amounts in millions)September 30,
2022		December 31, 2021
Operating leases
ROU assets, net of amortization$183$195
Lease liabilities209222
Financing leases
ROU assets, net of amortization44
Lease liabilities44
Weighted average remaining lease term (years)
Operating leases8.58.5
Finance leases17.618.3
Weighted average discount rate
Operating leases2.8 %2.8 %
Finance leases3.1 %3.1 %

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Additional information related to lease expense is presented below:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2022202120222021
Lease expense:
Operating lease expense$11 $12 $35 $35 
Other expenses associated with operating leases 1
13 12 38 37 
Total lease expense$24 $24 $73 $72 
Related cash disbursements from operating leases$12 $13 $37 $38 
1 Other expenses primarily relate to property taxes and building and property maintenance.
ROU assets related to new leases totaled $5 million at September 30, 2022 and $1 million at December 31, 2021.
Total contractual undiscounted lease payments for operating lease liabilities are summarized in the following schedule by expected due date:
(In millions)Total undiscounted lease payments
2022 1
$13 
202347 
202438 
202528 
202624 
Thereafter92 
Total$242 
1 Contractual maturities for the three months remaining in 2022.
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 third quarter of 2022 and 2021, and $10 million for both the first nine months of 2022 and 2021.
We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $347 million and $327 million at September 30, 2022 and December 31, 2021, respectively. We recorded income of $3 million on these leases for both the third quarter of 2022 and 2021, and $9 million for both the first nine months of 2022 and 2021.
9. LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY
Long-Term Debt
The long-term debt carrying values in the following schedule 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.
LONG-TERM DEBT
(In millions)September 30,
2022		December 31, 2021Amount changePercent change
Subordinated notes$515 $590 $(75)(13)%
Senior notes128 418 (290)(69)
Finance lease obligations4 4 — — 
Total$647 $1,012 $(365)(36)%
The decrease in long-term debt was primarily due to the redemption of $290 million of the 4-year, 3.35% senior notes during the first quarter of 2022.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Shareholders' Equity
Our common stock is traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. At September 30, 2022, there were 149.6 million shares of $0.001 par value common stock outstanding. Common stock and additional paid-in capital totaled $1.8 billion at September 30, 2022, which decreased $129 million, or 7%, from December 31, 2021, primarily due to common stock repurchases. During the first nine months of 2022, we repurchased 2.6 million common shares outstanding for $150 million at an average price of $58.04 per share.
Accumulated other comprehensive income decreased to a loss of $3.1 billion at September 30, 2022, primarily due to decreases in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Changes in AOCI by component are as follows:
(In millions)Net unrealized gains/(losses) on investment securitiesNet unrealized gains/(losses) on derivatives and otherPension and post-retirementTotal
Nine Months Ended September 30, 2022
Balance at December 31, 2021$(78)$— $(2)$(80)
OCI (loss) before reclassifications, net of tax
(2,729)(324)— (3,053)
Amounts reclassified from AOCI, net of tax— (7)— (7)
Other comprehensive income (loss)(2,729)(331)— (3,060)
Balance at September 30, 2022$(2,807)$(331)$(2)$(3,140)
Income tax benefit included in OCI (loss)
$(884)$(107)$— $(991)
Nine Months Ended September 30, 2021
Balance at December 31, 2020$258 $69 $(2)$325 
OCI (loss) before reclassifications, net of tax
(225)(1)— (226)
Amounts reclassified from AOCI, net of tax— (35)— (35)
Other comprehensive income (loss)(225)(36)— (261)
Balance at September 30, 2021$33 $33 $(2)$64 
Income tax benefit included in OCI (loss)
$(73)$(12)$— $(85)
Amounts reclassified from AOCI 1
Statement of income (SI)
(In millions)Three Months Ended
September 30,		Nine Months Ended
September 30,
Details about AOCI components2022202120222021Affected line item
Net unrealized gains (losses) on derivative instruments
$(11)$16 $9 $46 SIInterest and fees on loans
Income tax expense (benefit)(3)4 2 11 
Amounts reclassified from AOCI
$(8)$12 $7 $35 
1 Positive reclassification amounts indicate increases to earnings in the income statement.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
10. COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES
Commitments and Guarantees
Off-balance sheet financial obligations used to meet the financing needs of our customers include the following:
(In millions)September 30,
2022		December 31,
2021
Unfunded lending commitments 1
$28,959 $25,797 
Standby letters of credit:
Financial586 597 
Performance186 245 
Commercial letters of credit12 22 
Total unfunded commitments$29,743 $26,661 
1 Net of participations.
Our 2021 Form 10-K contains further information about these commitments and guarantees including their terms and collateral requirements.
Legal Matters
We are subject to litigation in court and arbitral proceedings, as well as 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.
In the third quarter of 2022, we were subject to the following material litigation or governmental inquiries:
•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.
•Five civil class action cases have been filed against us by the same plaintiffs’ attorney, seeking to hold the Bank liable for practices relating to, and disclosures in, its deposit agreement pertaining to fees. Three of the five cases have been dismissed, and the following two cases remain pending and are in early phases of litigation: Sipple v. Zions Bancorporation, N.A. was brought against us in the District Court of Clark County, Nevada in February 2021 with respect to foreign transaction fees. Christensen v. Zions Bancorporation, N.A. was brought against us in California state court in November 2021 and removed to federal court in the Southern District of California in January 2022.
•In addition, two class action lawsuits, Evans v. CB&T, and Gregory, et. al. v. Zions Bancorporation, were settled in principle earlier in 2022. The parties to those cases are undertaking the procedural and administrative actions, including court approvals of the settlements, necessary to complete the settlements. There can be no assurance that the proposed settlements will receive court approvals or that the conditions to settlements will be met. If completed, these settlements are not expected to have a significant financial impact on the Bank.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
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 at September 30, 2022, we estimated that the aggregate range of reasonably possible losses for those matters to be from $0 million to roughly $10 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 78% of our total revenue in the third quarter of 2022. Only noninterest income is considered to be revenue from contracts with customers in scope of ASC 606. For more information about our revenue recognition from contracts, see Note 17 of our 2021 Form 10-K.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Disaggregation of Revenue
The schedule below presents net revenue by our operating business segments for the three months ended September 30, 2022 and 2021. Certain prior period amounts have been reclassified to conform with the current period presentation, where applicable. These reclassifications did not affect net income or shareholders’ equity.
Zions BankCB&TAmegy
(In millions)202220212022202120222021
Commercial account fees
$13 $12 $7 $7 $12 $10 
Card fees
14 15 5 4 8 8 
Retail and business banking fees
5 6 3 3 4 4 
Capital markets and foreign exchange fees
— — — — — — 
Wealth management fees5 5 1 2 4 3 
Other customer-related fees2 2 2 1 2 2 
Total noninterest income from contracts with customers (ASC 606)
39 40 18 17 30 27 
Other noninterest income (non-ASC 606 customer-related)
4 4 9 6 11 10 
Total customer-related noninterest income
43 44 27 23 41 37 
Other noncustomer-related noninterest income
1 (1)1 2 — — 
Total noninterest income
44 43 28 25 41 37 
Net interest income
197 161 154 135 137 117 
Total net revenue
$241 $204 $182 $160 $178 $154 
NBAZNSBVectra
(In millions)202220212022202120222021
Commercial account fees
$2 $2 $3 $3 $2 $2 
Card fees
4 3 4 3 2 2 
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)
9 8 11 10 6 6 
Other noninterest income (non-ASC 606 customer-related)
2 4 1 3 2 2 
Total customer-related noninterest income
11 12 12 13 8 8 
Other noncustomer-related noninterest income
1 1 — — — — 
Total noninterest income
12 13 12 13 8 8 
Net interest income
64 50 50 38 41 34 
Total net revenue
$76 $63 $62 $51 $49 $42 
TCBWOtherConsolidated Bank
(In millions)202220212022202120222021
Commercial account fees
$1 $1 $— $(3)$40 $34 
Card fees
— — 1 — 38 35 
Retail and business banking fees
— — (1)1 17 20 
Capital markets and foreign exchange fees
— — 1 1 1 1 
Wealth management fees— — — — 12 12 
Other customer-related fees— — 8 8 15 14 
Total noninterest income from contracts with customers (ASC 606)
1 1 9 7 123 116 
Other noninterest income (non-ASC 606 customer-related)
1 — 3 6 33 35 
Total customer-related noninterest income
2 1 12 13 156 151 
Other noncustomer-related noninterest income
— — 6 (14)9 (12)
Total noninterest income
2 1 18 (1)165 139 
Net interest income
17 12 3 8 663 555 
Total net revenue
$19 $13 $21 $7 $828 $694 
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
The following schedule presents the noninterest income and net revenue by operating segments for the nine months ended September 30, 2022 and 2021:
Zions BankCB&TAmegy
(In millions)202220212022202120222021
Commercial account fees
$40 $34 $21 $19 $33 $30 
Card fees
41 42 15 12 24 21 
Retail and business banking fees
17 17 10 9 12 11 
Capital markets and foreign exchange fees
— — — — — — 
Wealth management fees17 15 3 3 12 9 
Other customer-related fees6 5 4 3 5 5 
Total noninterest income from contracts with customers (ASC 606)
121 113 53 46 86 76 
Other noninterest income (non-ASC 606 customer-related)
15 16 23 24 33 27 
Total customer-related noninterest income
136 129 76 70 119 103 
Other noncustomer-related noninterest income
3 (1)3 4 — 1 
Total noninterest income
139 128 79 74 119 104 
Net interest income
523 476 425 398 369 348 
Total net revenue
$662 $604 $504 $472 $488 $452 
NBAZNSBVectra
(In millions)202220212022202120222021
Commercial account fees
$7 $5 $8 $7 $6 $5 
Card fees
11 8 11 9 7 5 
Retail and business banking fees
7 7 8 8 3 3 
Capital markets and foreign exchange fees
— — — — — — 
Wealth management fees2 2 4 3 1 1 
Other customer-related fees1 1 1 — 2 2 
Total noninterest income from contracts with customers (ASC 606)
28 23 32 27 19 16 
Other noninterest income (non-ASC 606 customer-related)
4 10 5 11 5 8 
Total customer-related noninterest income
32 33 37 38 24 24 
Other noncustomer-related noninterest income
2 2 — — — — 
Total noninterest income
34 35 37 38 24 24 
Net interest income
170 154 126 111 109 102 
Total net revenue
$204 $189 $163 $149 $133 $126 
TCBWOtherConsolidated Bank
(In millions)202220212022202120222021
Commercial account fees
$1 $1 $2 $(1)$118 $100 
Card fees
1 1 — — 110 98 
Retail and business banking fees
— — (1)— 56 55 
Capital markets and foreign exchange fees
— — 3 4 3 4 
Wealth management fees— — — 1 39 34 
Other customer-related fees1 1 25 21 45 38 
Total noninterest income from contracts with customers (ASC 606)
3 3 29 25 371 329 
Other noninterest income (non-ASC 606 customer-related)
2 1 3 (3)90 94 
Total customer-related noninterest income
5 4 32 22 461 423 
Other noncustomer-related noninterest income
— — 10 84 18 90 
Total noninterest income
5 4 42 106 479 513 
Net interest income
46 40 32 26 1,800 1,655 
Total net revenue
$51 $44 $74 $132 $2,279 $2,168 
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
Revenue from contracts with customers did not generate significant contract assets and liabilities. Contract receivables are included in “Other assets” on the consolidated balance sheet. Payment terms vary by services offered, and the timing between completion of performance obligations and payment is typically not significant.
12. INCOME TAXES
The effective income tax rate was 21.9% for the third quarter of 2022, compared with 22.8% for the same prior year period. The effective tax rates for the first nine months of 2022 and 2021 were 21.4% and 22.2%, respectively. These rates were reduced by nontaxable municipal interest income and nontaxable income from certain bank-owned life insurance (“BOLI”), and were increased by the non-deductibility of Federal Deposit Insurance Corporation (“FDIC”) premiums, certain executive compensation plans, and other fringe benefits. The tax rate for 2022 was lower than the tax rate for the same prior year period, primarily as a result of the proportional increase in nontaxable items and tax credits relative to pre-tax book income.
At September 30, 2022, we had a net deferred tax asset (“DTA”) totaling $1.1 billion, compared with $96 million at December 31, 2021. On the consolidated balance sheet, the net DTA is included in “Other assets.” The increase in the net DTA was driven largely by the increase in unrealized losses in AOCI associated with investment securities and derivative instruments.
There was no valuation allowance at September 30, 2022 or December 31, 2021. We evaluate DTAs on a regular basis to determine whether a valuation allowance is required. In conducting this evaluation, we consider 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, we concluded that a valuation allowance was not required at September 30, 2022.
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
September 30,		Nine Months Ended
September 30,
(In millions, except shares and per share amounts)
2022
2021
2022
2021
Basic:
Net income$217 $240 $623 $916 
Less common and preferred dividends68 68 199 197 
Less impact from redemption of preferred stock— — — 3 
Undistributed earnings149 172 424 716 
Less undistributed earnings applicable to nonvested shares1 1 4 6 
Undistributed earnings applicable to common shares148 171 420 710 
Distributed earnings applicable to common shares61 61 176 172 
Total earnings applicable to common shares$209 $232 $596 $882 
Weighted average common shares outstanding (in thousands)149,628 160,221 150,510 162,159 
Net earnings per common share$1.40 $1.45 $3.96 $5.44 
Diluted:
Total earnings applicable to common shares$209 $232 $596 $882 
Weighted average common shares outstanding (in thousands)149,628 160,221 150,510 162,159 
Dilutive effect of stock options (in thousands)164 259 256 301 
Weighted average diluted common shares outstanding (in thousands)
149,792 160,480 150,766 162,460 
Net earnings per common share$1.40 $1.45 $3.96 $5.43 
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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
September 30,		Nine Months Ended
September 30,
(In thousands)
2022
2021
2022
2021
Restricted stock and restricted stock units1,245 1,358 1,274 1,382 
Stock options305 294 170 227 
14. OPERATING SEGMENT INFORMATION
We manage our operations 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, California Bank & Trust, Amegy Bank, 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. 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.
At September 30, 2022, Zions Bank operated 95 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. CB&T operated 80 branches in California. Amegy operated 75 branches in Texas. NBAZ operated 56 branches in Arizona. NSB operated 46 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.
In July 2022, NSB completed the purchase of three Northern Nevada branches and their associated deposit, credit card, and loan accounts. We acquired approximately $430 million in deposits and $95 million in commercial and consumer loans at the time of the purchase.
Transactions between business segments are primarily conducted at fair value, resulting in profits that are eliminated for reporting consolidated results of operations. The following schedule presents 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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The following schedule presents selected operating segment information for the three months ended September 30, 2022 and 2021:
Zions BankCB&TAmegy
(In millions)202220212022202120222021
SELECTED INCOME STATEMENT DATA
Net interest income$197 $161 $154 $135 $137 $117 
Provision for credit losses35 (10)19 (12)15 (10)
Net interest income after provision for credit losses
162 171 135 147 122 127 
Noninterest income44 43 28 25 41 37 
Noninterest expense125 115 86 77 90 83 
Income (loss) before income taxes
$81 $99 $77 $95 $73 $81 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$13,448 $12,985 $13,100 $12,672 $12,176 $11,865 
Total average deposits23,634 24,399 16,096 15,900 15,531 15,925 
NBAZNSBVectra
(In millions)202220212022202120222021
SELECTED INCOME STATEMENT DATA
Net interest income$64 $50 $50 $38 $41 $34 
Provision for credit losses— (5)1 (5)2 (4)
Net interest income after provision for credit losses
64 55 49 43 39 38 
Noninterest income12 13 12 13 8 8 
Noninterest expense44 38 39 34 31 28 
Income (loss) before income taxes
$32 $30 $22 $22 $16 $18 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$4,913 $4,689 $3,052 $2,892 $3,722 $3,339 
Total average deposits8,090 7,259 7,479 6,870 4,100 4,362 
TCBWOtherConsolidated Bank
(In millions)202220212022202120222021
SELECTED INCOME STATEMENT DATA
Net interest income$17 $12 $3 $8 $663 $555 
Provision for credit losses— 1 (1)(1)71 (46)
Net interest income after provision for credit losses
17 11 4 9 592 601 
Noninterest income2 1 18 (1)165 139 
Noninterest expense6 5 58 49 479 429 
Income (loss) before income taxes
$13 $7 $(36)$(41)$278 $311 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$1,633 $1,542 $909 $867 $52,953 $50,851 
Total average deposits1,585 1,552 948 1,144 77,463 77,411 
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The following schedule presents selected operating segment information for the nine months ended September 30, 2022 and 2021:
Zions BankCB&TAmegy
(In millions)202220212022202120222021
SELECTED INCOME STATEMENT DATA
Net interest income$523 $476 $425 $398 $369 $348 
Provision for credit losses35 (29)40 (81)(7)(108)
Net interest income after provision for credit losses
488 505 385 479 376 456 
Noninterest income139 128 79 74 119 104 
Noninterest expense373 346 254 233 264 251 
Income (loss) before income taxes
$254 $287 $210 $320 $231 $309 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$13,130 $13,318 $12,948 $12,924 $11,970 $12,337 
Total average deposits24,920 23,001 16,407 15,564 16,062 15,179 
NBAZNSBVectra
(In millions)202220212022202120222021
SELECTED INCOME STATEMENT DATA
Net interest income$170 $154 $126 $111 $109 $102 
Provision for credit losses2 (29)1 (35)8 (15)
Net interest income after provision for credit losses
168 183 125 146 101 117 
Noninterest income34 35 37 38 24 24 
Noninterest expense125 112 113 106 90 85 
Income (loss) before income taxes
$77 $106 $49 $78 $35 $56 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$4,859 $4,914 $2,929 $3,085 $3,550 $3,422 
Total average deposits8,164 6,949 7,487 6,500 4,195 4,344 
TCBWOtherConsolidated Bank
(In millions)202220212022202120222021
SELECTED INCOME STATEMENT DATA
Net interest income$46 $40 $32 $26 $1,800 $1,655 
Provision for credit losses— (3)— (1)79 (301)
Net interest income after provision for credit losses
46 43 32 27 1,721 1,956 
Noninterest income5 4 42 106 479 513 
Noninterest expense18 16 170 143 1,407 1,292 
Income (loss) before income taxes
$33 $31 $(96)$(10)$793 $1,177 
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans$1,601 $1,573 $910 $845 $51,897 $52,418 
Total average deposits1,571 1,484 1,164 1,500 79,970 74,521 

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.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
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 at September 30, 2022. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at September 30, 2022. There were no changes in our internal control over financial reporting during the third quarter of 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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 1A. RISK FACTORS
The following risk factors supplement the risk factors disclosed in our 2021 Form 10-K.
We could be negatively affected by adverse economic conditions
Adverse economic conditions pose significant risks to our business, including our loan and investment portfolios, capital levels, results of operations, and financial condition. Increasing indicators of a slowing economy including negative GDP growth, rising interest rates, increased volatility in the financial markets, and uncertainty related to inflationary pressures, including related changes in monetary policies and actions, can increase these risks and lead to lower demand for loans, higher credit losses, decreased values for our investment securities, and lower fee income, among other negative effects.
The Russian invasion of Ukraine and the retaliatory measures imposed by the U.S., U.K., European Union, and other countries, and the responses of Russia to such measures, have caused significant disruptions to domestic and foreign economies.
The Russia and Ukraine conflict has created new risks for global markets, trade, economic conditions, cybersecurity, and similar concerns. For example, the conflict could affect the availability and price of commodities and products, adversely affecting supply chains and increasing inflationary pressures; the value of currencies, interest rates, and other components of financial markets; and lead to increased risks of events such as cyberattacks that could result in severe costs and disruptions to governmental entities and companies and their operations. The impact of the conflict and retaliatory measures is continually evolving and cannot be predicted with certainty. It is likely that the conflict will continue to affect the global political order and global and domestic markets for a substantial period of time, regardless of when the conflict itself ends.
While these events have not materially interrupted our operations, these or future developments resulting from the Russia and Ukraine conflict, such as cyberattacks on the U.S., us, our customers, or our suppliers, could make it difficult to conduct business activities for us, our customers, or our vendors.
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following schedule summarizes our share repurchases for the third quarter of 2022:
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
July— $— — 
August888,092 56.30 888,092 
September— — — 
Third quarter
888,092 56.30 888,092 
1 Includes 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.
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.*
Ninth Amendment to the Trust Agreement between Fidelity Management Trust Company and Zions Bancorporation for the Deferred Compensation Plans, effective April 1, 2022 (filed herewith).
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 September 30, 2022 and December 31, 2021, (ii) the Consolidated Statements of Income for the three months ended September 30, 2022 and September 30, 2021 and the nine months ended September 30, 2022 and September 30, 2021, (iii) the Consolidated Statements of Comprehensive Income for the three months ended September 30, 2022 and September 30, 2021 and the nine months ended September 30, 2022 and September 30, 2021, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the three months ended September 30, 2022 and September 30, 2021 and the nine months ended September 30, 2022 and September 30, 2021, (v) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and September 30, 2021, and (vi) the Notes to Consolidated Financial Statements (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: November 3, 2022
82

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