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 such
material differences include changes in general economic and industry
conditions; changes and uncertainties in legislation and fiscal, monetary,
regulatory, trade and tax policies; changes in interest rates and uncertainty
regarding the transition away from the London Interbank Offered Rate ("LIBOR")
toward other reference rates; the quality and composition of our loan and
securities portfolios; competitive pressures and other factors that may affect
aspects of our business, such as pricing and demand for our products and
services; our ability to execute our strategic plans, manage our risks, and
achieve our business objectives; our ability to develop and maintain information
security systems and controls designed to guard against fraud, cyber, and
privacy risks; and the effects of the COVID-19 pandemic or other national or
international crises or conflicts that may occur in the future and governmental
responses to such matters. These factors, risks, and uncertainties, among
others, are discussed in our 2020 Form 10-K and subsequent filings with the
Securities and Exchange Commission.
We caution against the undue reliance on forward-looking statements, which
reflect our views only as of the date they are made. Except to the extent
required by law, we specifically disclaim any obligation to update any factors
or to publicly announce the revisions to any of the forward-looking statements
included herein to reflect future events or developments.
GAAP to NON-GAAP RECONCILIATIONS
This Form 10-Q presents non-GAAP financial measures, in addition to GAAP
financial measures, to provide investors with additional information. The
adjustments to reconcile from the applicable GAAP financial measures to the
non-GAAP financial measures are presented in the following schedules. We
consider these adjustments to be relevant to ongoing operating results and to
provide a meaningful base for period-to-period and company-to-company
comparisons. We use these non-GAAP financial measures to assess our performance,
financial position, and for presentations of our performance to investors. We
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 capital 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.
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  Table of Contents
ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES
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.
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)
                                                                         Three Months Ended
                                                                  June 30,          March 31,                June 30,
(Dollar amounts in millions)                                        2021               2021                    2020

Net earnings applicable to common shareholders, (a) $ 345

        $     314                $     57
net of tax
Average common equity (GAAP)                                    $   7,436          $   7,333                $  7,030
Average goodwill and intangibles                                   (1,015)            (1,016)                 (1,014)
Average tangible common equity (non-GAAP)             (b)       $   6,421          $   6,317                $  6,016
Number of days in quarter                             (c)              91                 90                      91
Number of days in year                                (d)             365                365                     366
Return on average tangible common equity           (a/b/c)*d         21.6  %            20.2  %                  3.8  %

(non-GAAP)

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