United States of America | 87-0189025 | ||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) | ||||
One South Main | |||||
Salt Lake City, Utah | 84133-1109 | ||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbols | Name of Each Exchange on Which Registered | ||||||
Common Stock, par value $0.001 | ZION | The 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 |
ACL | Allowance for Credit Losses | FINRA | Financial Industry Regulatory Authority | ||||||||
AFS | Available-for-Sale | Fintech | Financial Technology Company | ||||||||
ALCO | Asset/Liability Committee | FRB | Federal Reserve Board | ||||||||
ALLL | Allowance for Loan and Lease Losses | FTP | Funds Transfer Pricing | ||||||||
Amegy | Amegy Bank, a division of Zions Bancorporation, National Association | GAAP | Generally Accepted Accounting Principles | ||||||||
AMERIBOR | American Interbank Offered Rate | HECL | Home Equity Credit Line | ||||||||
AOCI | Accumulated Other Comprehensive Income | HTM | Held-to-Maturity | ||||||||
ASC | Accounting Standards Codification | IPO | Initial Public Offering | ||||||||
ASU | Accounting Standards Update | IRS | Internal Revenue Service | ||||||||
ATM | Automated Teller Machine | ISDA | International Swaps and Derivative Association | ||||||||
BOLI | Bank-Owned Life Insurance | KBW | Keefe, Bruyette & Woods, Inc. | ||||||||
bps | Basis Points | KRX | KBW Regional Bank Index | ||||||||
BSBY | Bloomberg Short-Term Bank Yield | LIBOR | London Interbank Offered Rate | ||||||||
CB&T | California Bank & Trust, a division of Zions Bancorporation, National Association | MD&A | Management’s Discussion and Analysis | ||||||||
CCAR | Comprehensive Capital Analysis and Review | Municipalities | State and Local Governments | ||||||||
CECL | Current Expected Credit Loss | NASDAQ | National Association of Securities Dealers Automated Quotations | ||||||||
CET1 | Common Equity Tier 1 (Basel III) | NAV | Net Asset Value | ||||||||
CFPB | Consumer Financial Protection Bureau | NBAZ | National Bank of Arizona, a division of Zions Bancorporation, National Association | ||||||||
CLTV | Combined Loan-to-Value Ratio | NIM | Net Interest Margin | ||||||||
CMC | Capital Management Committee | NM | Not Meaningful | ||||||||
CMT | Constant Maturity Treasury | NSB | Nevada State Bank, a division of Zions Bancorporation, National Association | ||||||||
COSO | Committee of Sponsoring Organizations of the Treadway Commission | OCC | Office of the Comptroller of the Currency | ||||||||
CRA | Community Reinvestment Act | OCI | Other Comprehensive Income | ||||||||
CRE | Commercial Real Estate | OREO | Other Real Estate Owned | ||||||||
CSA | Credit Support Annex | PCAOB | Public Company Accounting Oversight Board | ||||||||
CSV | Cash Surrender Value | PEI | Private Equity Investment | ||||||||
CVA | Credit Valuation Adjustment | PPNR | Pre-provision Net Revenue | ||||||||
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | PPP | Paycheck Protection Program | ||||||||
DTA | Deferred Tax Asset | ROC | Risk Oversight Committee | ||||||||
DTL | Deferred Tax Liability | ROU | Right-of-Use | ||||||||
EaR | Earnings at Risk | RULC | Reserve for Unfunded Lending Commitments | ||||||||
EPS | Earnings per Share | S&P | Standard and Poor's | ||||||||
ERM | Enterprise Risk Management | SBA | U.S. Small Business Administration | ||||||||
ERMC | Enterprise Risk Management Committee | SBIC | Small Business Investment Company | ||||||||
ESG | Environmental, Social, and Governance | SEC | Securities and Exchange Commission | ||||||||
ETO | Enterprise and Technology Operations | SOFR | Secured Overnight Financing Rate | ||||||||
EVE | Economic Value of Equity at Risk | TCBW | The Commerce Bank of Washington, a division of Zions Bancorporation, National Association | ||||||||
FAMC | Federal Agricultural Mortgage Corporation, or “Farmer Mac” | TDR | Troubled Debt Restructuring | ||||||||
FASB | Financial Accounting Standards Board | U.S. | United States | ||||||||
FCA | Financial Conduct Authority | USD | United States Dollar | ||||||||
FDIC | Federal Deposit Insurance Corporation | Vectra | Vectra Bank Colorado, a division of Zions Bancorporation, National Association | ||||||||
FDICIA | Federal Deposit Insurance Corporation Improvement Act | VIE | Variable Interest Entity | ||||||||
FHLB | Federal Home Loan Bank | Zions Bank | Zions Bank, a division of Zions Bancorporation, National Association |
December 31, 2022 | ||||||||||||||
Minimum capital requirement | Capital conservation buffer | Minimum capital ratio requirement with capital conservation buffer | Current capital ratio | |||||||||||
CET1 to risk-weighted assets | 4.5 | % | 2.5 | % | 7.0 | % | 9.8 | % | ||||||
Tier 1 capital (i.e., CET1 plus additional Tier 1 capital) to risk-weighted assets | 6.0 | 2.5 | 8.5 | 10.5 | ||||||||||
Total capital (i.e., Tier 1 capital plus Tier 2 capital) to risk-weighted assets | 8.0 | 2.5 | 10.5 | 12.2 | ||||||||||
Tier 1 capital to average consolidated assets (known as the “Tier 1 leverage ratio”) | 4.0 | N/A | 4.0 | 7.7 |
December 31, 2022 | |||||||||||||||||||||||
Women | People of Color | Disabled | Veterans | ||||||||||||||||||||
Employee Roles | |||||||||||||||||||||||
Management | 52% | 28% | 12% | 2% | |||||||||||||||||||
Non-management | 61% | 39% | 12% | 2% | |||||||||||||||||||
Overall | 59% | 37% | 12% | 2% |
Period | Total number of shares purchased 1 | Average price paid per share | Shares purchased as part of publicly announced plans | |||||||||||||||||||||||
First quarter | 778,248 | $ | 65.42 | 765,581 | ||||||||||||||||||||||
Second quarter | 936,256 | 53.73 | 930,905 | |||||||||||||||||||||||
Third quarter | 888,092 | 56.30 | 888,092 | |||||||||||||||||||||||
October | — | — | ||||||||||||||||||||||||
November | 978,491 | 51.11 | 978,281 | |||||||||||||||||||||||
December | — | — | ||||||||||||||||||||||||
Fourth quarter total | 978,491 | 51.11 | 978,281 | |||||||||||||||||||||||
Total 2022 | 3,581,087 | $ | 56.19 | 3,562,859 |
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||||||||||||||
Zions Bancorporation, N.A. | 100.0 | 81.7 | 107.1 | 93.0 | 138.7 | 104.0 | |||||||||||||||||||||||||||||
KRX Regional Bank Index | 100.0 | 82.5 | 102.2 | 93.3 | 127.5 | 118.7 | |||||||||||||||||||||||||||||
S&P 500 | 100.0 | 95.6 | 125.7 | 148.8 | 191.5 | 156.8 |
Net Earnings Applicable to Common Shareholders (in millions) | Diluted EPS | Adjusted PPNR (in millions) | Efficiency ratio |
Net earnings applicable to common shareholders decreased from 2021, primarily due to an increase in the provision for credit losses. | Diluted earnings per share decreased from 2021 as a result of decreased net earnings, the effect of which was partially offset by a 10.0 million decrease in weighted average diluted shares, primarily due to share repurchases. | Adjusted PPNR increased from 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, as growth in adjusted revenue outpaced growth in adjusted noninterest expense, resulting in positive operating leverage. |
(Dollar amounts in millions, except per share amounts) | 2022/2021 Change | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
For the Year | |||||||||||||||||||||||||||||||||||
Net interest income | +14 | % | $ | 2,520 | $ | 2,208 | $ | 2,216 | $ | 2,272 | $ | 2,230 | |||||||||||||||||||||||
Noninterest income | -10 | % | 632 | 703 | 574 | 562 | 552 | ||||||||||||||||||||||||||||
Total net revenue | +8 | % | 3,152 | 2,911 | 2,790 | 2,834 | 2,782 | ||||||||||||||||||||||||||||
Provision for credit losses | NM | 122 | (276) | 414 | 39 | (40) | |||||||||||||||||||||||||||||
Noninterest expense | +8 | % | 1,878 | 1,741 | 1,704 | 1,742 | 1,679 | ||||||||||||||||||||||||||||
Pre-provision net revenue 1 | +9 | % | 1,311 | 1,202 | 1,114 | 1,118 | 1,125 | ||||||||||||||||||||||||||||
Net income | -20 | % | 907 | 1,129 | 539 | 816 | 884 | ||||||||||||||||||||||||||||
Net earnings applicable to common shareholders | -20 | % | 878 | 1,100 | 505 | 782 | 850 | ||||||||||||||||||||||||||||
Per Common Share | |||||||||||||||||||||||||||||||||||
Net earnings – diluted | -15 | % | 5.79 | 6.79 | 3.02 | 4.16 | 4.08 | ||||||||||||||||||||||||||||
Tangible book value at year-end 1 | +9 | % | 43.72 | 40.15 | 36.44 | 34.72 | 33.31 | ||||||||||||||||||||||||||||
Market price – end | -22 | % | 49.16 | 63.16 | 43.44 | 51.92 | 40.74 | ||||||||||||||||||||||||||||
Market price – high | +11 | % | 75.44 | 68.25 | 52.48 | 52.08 | 59.19 | ||||||||||||||||||||||||||||
Market price – low | +7 | % | 45.21 | 42.12 | 23.58 | 39.11 | 38.08 | ||||||||||||||||||||||||||||
At Year-End | |||||||||||||||||||||||||||||||||||
Assets | -4 | % | 89,545 | 93,200 | 81,479 | 69,172 | 68,746 | ||||||||||||||||||||||||||||
Loans and leases, net of unearned income and fees | +9 | % | 55,653 | 50,851 | 53,476 | 48,709 | 46,714 | ||||||||||||||||||||||||||||
Deposits | -13 | % | 71,652 | 82,789 | 69,653 | 57,085 | 54,101 | ||||||||||||||||||||||||||||
Common equity | -37 | % | 4,453 | 7,023 | 7,320 | 6,787 | 7,012 | ||||||||||||||||||||||||||||
Performance Ratios | |||||||||||||||||||||||||||||||||||
Return on average assets | 1.01% | 1.29% | 0.71% | 1.17% | 1.33% | ||||||||||||||||||||||||||||||
Return on average common equity | 16.0% | 14.9% | 7.2% | 11.2% | 12.1% | ||||||||||||||||||||||||||||||
Return on average tangible common equity 1 | 13.9% | 17.8% | 8.8% | 13.3% | 14.9% | ||||||||||||||||||||||||||||||
Net interest margin | 3.06% | 2.72% | 3.15% | 3.54% | 3.61% | ||||||||||||||||||||||||||||||
Net charge-offs to average loans and leases (ex-PPP) | 0.08% | 0.01% | 0.22% | 0.08% | (0.04)% | ||||||||||||||||||||||||||||||
Total allowance for credit losses to loans and leases outstanding (ex-PPP) | 1.15% | 1.13% | 1.74% | 1.14% | 1.18% | ||||||||||||||||||||||||||||||
Capital Ratios at Year-End | |||||||||||||||||||||||||||||||||||
Common equity tier 1 capital | 9.8% | 10.2% | 10.8% | 10.2% | 11.7% | ||||||||||||||||||||||||||||||
Tier 1 leverage | 7.7% | 7.2% | 8.3% | 9.2% | 10.3% | ||||||||||||||||||||||||||||||
Tangible common equity 1 | 7.1% | 6.6% | 7.5% | 8.4% | 9.2% | ||||||||||||||||||||||||||||||
Other Selected Information | |||||||||||||||||||||||||||||||||||
Weighted average diluted common shares outstanding (in thousands) | -6 | % | 150,271 | 160,234 | 165,613 | 186,504 | 206,501 | ||||||||||||||||||||||||||||
Bank common shares repurchased (in thousands) | -74 | % | 3,563 | 13,497 | 1,666 | 23,505 | 12,943 | ||||||||||||||||||||||||||||
Dividends declared | +10 | % | $ | 1.58 | $ | 1.44 | $ | 1.36 | $ | 1.28 | $ | 1.04 | |||||||||||||||||||||||
Common dividend payout ratio 2 | 27.3% | 21.1% | 44.6% | 29.0% | 23.8% | ||||||||||||||||||||||||||||||
Capital distributed as a percentage of net earnings applicable to common shareholders 3 | 50% | 94% | 59% | 170% | 103% | ||||||||||||||||||||||||||||||
Efficiency ratio | 58.8% | 60.8% | 59.4% | 59.5% | 59.6% | ||||||||||||||||||||||||||||||
Amount change | Percent change | Amount change | Percent change | ||||||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | $ | 2,112 | $ | 177 | 9 | % | $ | 1,935 | $ | (115) | (6) | % | $ | 2,050 | |||||||||||||||||||||||||||
Interest on money market investments | 81 | 60 | NM | 21 | 7 | 50 | 14 | ||||||||||||||||||||||||||||||||||
Interest on securities | 512 | 201 | 65 | 311 | 7 | 2 | 304 | ||||||||||||||||||||||||||||||||||
Total interest income | 2,705 | 438 | 19 | 2,267 | (101) | (4) | 2,368 | ||||||||||||||||||||||||||||||||||
Interest on deposits | 70 | 40 | NM | 30 | (75) | (71) | 105 | ||||||||||||||||||||||||||||||||||
Interest on short- and long-term borrowings | 115 | 86 | NM | 29 | (18) | (38) | 47 | ||||||||||||||||||||||||||||||||||
Total interest expense | 185 | 126 | NM | 59 | (93) | (61) | 152 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 2,520 | $ | 312 | 14 | % | $ | 2,208 | $ | (8) | — | % | $ | 2,216 | |||||||||||||||||||||||||||
Average interest-earning assets | $ | 83,638 | $ | 1,371 | 2 | % | $ | 82,267 | $ | 11,108 | 16 | % | $ | 71,159 | |||||||||||||||||||||||||||
Average interest-bearing liabilities | 42,138 | 1,388 | 3 | % | 40,750 | 2,512 | 7 | % | 38,238 | ||||||||||||||||||||||||||||||||
bps | bps | ||||||||||||||||||||||||||||||||||||||||
Yield on interest-earning assets 1 | 3.28 | % | 49 | 2.79 | % | (58) | 3.37 | % | |||||||||||||||||||||||||||||||||
Rate paid on total deposits and interest-bearing liabilities 1 | 0.23 | % | 16 | 0.07 | % | (15) | 0.22 | % | |||||||||||||||||||||||||||||||||
Cost of total deposits 1 | 0.09 | % | 5 | 0.04 | % | (13) | 0.17 | % | |||||||||||||||||||||||||||||||||
Net interest margin 1 | 3.06 | % | 34 | 2.72 | % | (43) | 3.15 | % |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
(In millions) | Average balance | Interest | Yield/ Rate 1 | Average balance | Interest | Yield/ Rate 1 | Average balance | Interest | Yield/ Rate 1 | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Money market investments: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 3,066 | $ | 27 | 0.87 | % | $ | 8,917 | $ | 12 | 0.14 | % | $ | 965 | $ | 5 | 0.49 | % | |||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | 2,482 | 54 | 2.16 | 2,129 | 9 | 0.40 | 2,089 | 9 | 0.44 | ||||||||||||||||||||||||||
Total money market investments | 5,548 | 81 | 1.45 | 11,046 | 21 | 0.19 | 3,054 | 14 | 0.46 | ||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Held-to-maturity | 1,999 | 47 | 2.36 | 562 | 17 | 2.97 | 618 | 22 | 3.54 | ||||||||||||||||||||||||||
Available-for-sale | 23,132 | 461 | 1.99 | 18,365 | 292 | 1.59 | 14,208 | 284 | 2.00 | ||||||||||||||||||||||||||
Trading account | 322 | 16 | 4.79 | 246 | 11 | 4.43 | 167 | 7 | 4.36 | ||||||||||||||||||||||||||
Total securities | 25,453 | 524 | 2.06 | 19,173 | 320 | 1.67 | 14,993 | 313 | 2.09 | ||||||||||||||||||||||||||
Loans held for sale | 39 | 1 | 2.57 | 65 | 1 | 2.35 | 96 | 4 | 3.89 | ||||||||||||||||||||||||||
Loans and leases: 2 | |||||||||||||||||||||||||||||||||||
Commercial - excluding PPP loans | 28,500 | 1,147 | 4.02 | 25,014 | 950 | 3.80 | 25,193 | 1,036 | 4.11 | ||||||||||||||||||||||||||
Commercial - PPP loans | 725 | 47 | 6.53 | 4,566 | 235 | 5.16 | 4,534 | 146 | 3.22 | ||||||||||||||||||||||||||
Commercial real estate | 12,251 | 544 | 4.44 | 12,136 | 418 | 3.44 | 11,854 | 458 | 3.87 | ||||||||||||||||||||||||||
Consumer | 11,122 | 398 | 3.58 | 10,267 | 354 | 3.44 | 11,435 | 425 | 3.71 | ||||||||||||||||||||||||||
Total loans and leases | 52,598 | 2,136 | 4.06 | 51,983 | 1,957 | 3.76 | 53,016 | 2,065 | 3.89 | ||||||||||||||||||||||||||
Total interest-earning assets | 83,638 | 2,742 | 3.28 | 82,267 | 2,299 | 2.79 | 71,159 | 2,396 | 3.37 | ||||||||||||||||||||||||||
Cash and due from banks | 621 | 605 | 619 | ||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and debt securities | (514) | (612) | (733) | ||||||||||||||||||||||||||||||||
Goodwill and intangibles | 1,022 | 1,015 | 1,015 | ||||||||||||||||||||||||||||||||
Other assets | 4,908 | 4,122 | 3,997 | ||||||||||||||||||||||||||||||||
Total assets | $ | 89,675 | $ | 87,397 | $ | 76,057 | |||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
Savings and money market | $ | 37,045 | $ | 61 | 0.16 | $ | 36,717 | $ | 21 | 0.06 | $ | 31,100 | $ | 60 | 0.19 | ||||||||||||||||||||
Time | 1,594 | 9 | 0.58 | 2,020 | 9 | 0.41 | 3,706 | 45 | 1.22 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 38,639 | 70 | 0.18 | 38,737 | 30 | 0.08 | 34,806 | 105 | 0.30 | ||||||||||||||||||||||||||
Borrowed funds: | |||||||||||||||||||||||||||||||||||
Federal funds purchased and security repurchase agreements | 1,531 | 38 | 2.49 | 797 | 1 | 0.07 | 1,680 | 8 | 0.45 | ||||||||||||||||||||||||||
Other short-term borrowings | 1,263 | 46 | 3.65 | 5 | — | 0.04 | 208 | 2 | 1.09 | ||||||||||||||||||||||||||
Long-term debt | 705 | 31 | 4.28 | 1,211 | 28 | 2.36 | 1,544 | 37 | 2.45 | ||||||||||||||||||||||||||
Total borrowed funds | 3,499 | 115 | 3.27 | 2,013 | 29 | 1.45 | 3,432 | 47 | 1.39 | ||||||||||||||||||||||||||
Total interest-bearing funds | 42,138 | 185 | 0.44 | 40,750 | 59 | 0.14 | 38,238 | 152 | 0.40 | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 39,890 | 37,520 | 28,883 | ||||||||||||||||||||||||||||||||
Other liabilities | 1,735 | 1,259 | 1,320 | ||||||||||||||||||||||||||||||||
Total liabilities | 83,763 | 79,529 | 68,441 | ||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||
Preferred equity | 440 | 497 | 566 | ||||||||||||||||||||||||||||||||
Common equity | 5,472 | 7,371 | 7,050 | ||||||||||||||||||||||||||||||||
Total shareholders’ equity | 5,912 | 7,868 | 7,616 | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 89,675 | $ | 87,397 | $ | 76,057 | |||||||||||||||||||||||||||||
Spread on average interest-bearing funds | 2.84 | % | 2.65 | % | 2.97 | % | |||||||||||||||||||||||||||||
Impact of net noninterest-bearing sources of funds | 0.22 | % | 0.07 | % | 0.18 | % | |||||||||||||||||||||||||||||
Net interest margin | $ | 2,557 | 3.06 | % | $ | 2,240 | 2.72 | % | $ | 2,244 | 3.15 | % | |||||||||||||||||||||||
Memo: total loans and leases, excluding PPP loans | 51,873 | 2,089 | 4.03 | % | 47,417 | 1,722 | 3.63 | % | 48,482 | 1,919 | 3.89 | % | |||||||||||||||||||||||
Memo: total cost of deposits | 0.09 | % | 0.04 | % | 0.17 | % | |||||||||||||||||||||||||||||
Memo: total deposits and interest-bearing liabilities | 82,028 | 185 | 0.23 | % | 78,270 | 59 | 0.07 | % | 67,121 | 152 | 0.22 | % |
2022 over 2021 | 2021 over 2020 | ||||||||||||||||||||||||||||||||||
Changes due to | Total changes | Changes due to | Total changes | ||||||||||||||||||||||||||||||||
(In millions) | Volume | Rate1 | Volume | Rate1 | |||||||||||||||||||||||||||||||
INTEREST-EARNING ASSETS | |||||||||||||||||||||||||||||||||||
Money market investments: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | (8) | $ | 23 | $ | 15 | $ | 11 | $ | (4) | $ | 7 | |||||||||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | 1 | 44 | 45 | 1 | (1) | — | |||||||||||||||||||||||||||||
Total money market investments | (7) | 67 | 60 | 12 | (5) | 7 | |||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Held-to-maturity | 34 | (4) | 30 | (1) | (4) | (5) | |||||||||||||||||||||||||||||
Available-for-sale | 86 | 83 | 169 | 66 | (58) | 8 | |||||||||||||||||||||||||||||
Trading account | 4 | 1 | 5 | 4 | — | 4 | |||||||||||||||||||||||||||||
Total securities | 124 | 80 | 204 | 69 | (62) | 7 | |||||||||||||||||||||||||||||
Loans held for sale | — | — | — | (1) | (2) | (3) | |||||||||||||||||||||||||||||
Loans and leases2 | |||||||||||||||||||||||||||||||||||
Commercial - excluding SBA PPP loans | 139 | 58 | 197 | (7) | (79) | (86) | |||||||||||||||||||||||||||||
Commercial - SBA PPP loans | (198) | 10 | (188) | 1 | 88 | 89 | |||||||||||||||||||||||||||||
Commercial real estate | 3 | 123 | 126 | 10 | (50) | (40) | |||||||||||||||||||||||||||||
Consumer | 30 | 14 | 44 | (39) | (32) | (71) | |||||||||||||||||||||||||||||
Total loans and leases | (26) | 205 | 179 | (35) | (73) | (108) | |||||||||||||||||||||||||||||
Total interest-earning assets | 91 | 352 | 443 | 45 | (142) | (97) | |||||||||||||||||||||||||||||
INTEREST-BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
Saving and money market | 1 | 39 | 40 | 2 | (41) | (39) | |||||||||||||||||||||||||||||
Time | (2) | 2 | — | (6) | (30) | (36) | |||||||||||||||||||||||||||||
Total interest-bearing deposits | (1) | 41 | 40 | (4) | (71) | (75) | |||||||||||||||||||||||||||||
Borrowed funds: | |||||||||||||||||||||||||||||||||||
Federal funds purchased and security repurchase agreements | — | 37 | 37 | — | (7) | (7) | |||||||||||||||||||||||||||||
Other short-term borrowings | 34 | 12 | 46 | — | (2) | (2) | |||||||||||||||||||||||||||||
Long-term debt | (11) | 14 | 3 | (8) | (1) | (9) | |||||||||||||||||||||||||||||
Total borrowed funds | 23 | 63 | 86 | (8) | (10) | (18) | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 22 | 104 | 126 | (12) | (81) | (93) | |||||||||||||||||||||||||||||
Change in taxable-equivalent net interest income | $ | 69 | $ | 248 | $ | 317 | $ | 57 | $ | (61) | $ | (4) |
(Dollar amounts in millions) | 2022 | Amount change | Percent change | 2021 | Amount change | Percent change | 2020 | ||||||||||||||||||||||||||||||||||
Commercial account fees | $ | 159 | $ | 22 | 16 | % | $ | 137 | $ | 5 | 4 | % | $ | 132 | |||||||||||||||||||||||||||
Card fees | 104 | 9 | 9 | 95 | 13 | 16 | 82 | ||||||||||||||||||||||||||||||||||
Retail and business banking fees | 73 | (1) | (1) | 74 | 6 | 9 | 68 | ||||||||||||||||||||||||||||||||||
Loan-related fees and income | 80 | (15) | (16) | 95 | (14) | (13) | 109 | ||||||||||||||||||||||||||||||||||
Capital markets and foreign exchange fees | 83 | 13 | 19 | 70 | — | — | 70 | ||||||||||||||||||||||||||||||||||
Wealth management fees 1 | 55 | 5 | 10 | 50 | 6 | 14 | 44 | ||||||||||||||||||||||||||||||||||
Other customer-related fees | 60 | 6 | 11 | 54 | 10 | 23 | 44 | ||||||||||||||||||||||||||||||||||
Customer-related noninterest income | 614 | 39 | 7 | % | 575 | 26 | 5 | % | 549 | ||||||||||||||||||||||||||||||||
Fair value and nonhedge derivative income (loss) | 16 | 2 | 14 | 14 | 20 | NM | (6) | ||||||||||||||||||||||||||||||||||
Dividends and other income | 17 | (26) | (60) | 43 | 19 | 79 | 24 | ||||||||||||||||||||||||||||||||||
Securities gains (losses), net | (15) | (86) | NM | 71 | 64 | NM | 7 | ||||||||||||||||||||||||||||||||||
Noncustomer-related noninterest income | 18 | (110) | NM | 128 | 103 | NM | 25 | ||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 632 | $ | (71) | (10) | % | $ | 703 | $ | 129 | 22 | % | $ | 574 |
(Dollar amounts in millions) | 2022 | Amount change | Percent change | 2021 | Amount change | Percent change | 2020 | ||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 1,235 | $ | 108 | 10 | % | $ | 1,127 | $ | 40 | 4 | % | $ | 1,087 | |||||||||||||||||||||||||||
Technology, telecom, and information processing | 209 | 10 | 5 | 199 | 7 | 4 | 192 | ||||||||||||||||||||||||||||||||||
Occupancy and equipment, net | 152 | (1) | (1) | 153 | 2 | 1 | 151 | ||||||||||||||||||||||||||||||||||
Professional and legal services | 57 | (15) | (21) | 72 | 15 | 26 | 57 | ||||||||||||||||||||||||||||||||||
Marketing and business development | 39 | (4) | (9) | 43 | (18) | (30) | 61 | ||||||||||||||||||||||||||||||||||
Deposit insurance and regulatory expense | 50 | 16 | 47 | 34 | 1 | 3 | 33 | ||||||||||||||||||||||||||||||||||
Credit-related expense | 30 | 4 | 15 | 26 | 4 | 18 | 22 | ||||||||||||||||||||||||||||||||||
Other real estate expense, net | 1 | 1 | NM | — | (1) | NM | 1 | ||||||||||||||||||||||||||||||||||
Other | 105 | 18 | 21 | 87 | (13) | (13) | 100 | ||||||||||||||||||||||||||||||||||
Total noninterest expense | $ | 1,878 | $ | 137 | 8 | % | $ | 1,741 | $ | 37 | 2 | % | $ | 1,704 | |||||||||||||||||||||||||||
Adjusted noninterest expense | $ | 1,876 | $ | 139 | 8 | % | $ | 1,737 | $ | 64 | 4 | % | $ | 1,673 |
(Dollar amounts in millions) | 2022 | Amount/quantity change | Percent change | 2021 | Amount/quantity change | Percent change | 2020 | ||||||||||||||||||||||||||||||||||
Salaries and bonuses | $ | 1,028 | $ | 93 | 10 | % | $ | 935 | $ | 17 | 2 | % | $ | 918 | |||||||||||||||||||||||||||
Employee benefits: | |||||||||||||||||||||||||||||||||||||||||
Employee health and insurance | 93 | 10 | 12 | 83 | (3) | (3) | 86 | ||||||||||||||||||||||||||||||||||
Retirement and profit sharing | 52 | (5) | (9) | 57 | 18 | 46 | 39 | ||||||||||||||||||||||||||||||||||
Payroll taxes and other fringe benefits | 62 | 10 | 19 | 52 | 8 | 18 | 44 | ||||||||||||||||||||||||||||||||||
Total benefits | 207 | 15 | 8 | 192 | 23 | 14 | 169 | ||||||||||||||||||||||||||||||||||
Total salaries and employee benefits | $ | 1,235 | $ | 108 | 10 | % | $ | 1,127 | $ | 40 | 4 | % | $ | 1,087 | |||||||||||||||||||||||||||
Full-time equivalent employees at December 31, | 9,989 | 304 | 3 | % | 9,685 | 7 | — | % | 9,678 |
December 31 | |||||||||||
(In millions) | 2022 | 2021 | |||||||||
Technology, telecom, and information processing expense | $ | 209 | $ | 199 | |||||||
Other technology-related expense | 206 | 190 | |||||||||
Technology investments | 90 | 100 | |||||||||
Less: related amortization and depreciation | (54) | (54) | |||||||||
Total technology spend | $ | 451 | $ | 435 |
(Dollar amounts in millions) | 2022 | 2021 | 2020 | ||||||||||||||
Income before income taxes | $ | 1,152 | $ | 1,446 | $ | 672 | |||||||||||
Income tax expense | 245 | 317 | 133 | ||||||||||||||
Effective tax rate | 21.3 | % | 21.9 | % | 19.8 | % |
(Dollar amounts in millions) | Zions Bank | CB&T | Amegy | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||
KEY FINANCIAL INFORMATION | |||||||||||||||||||||||||||||||||||
Total average loans | $ | 13,277 | $ | 13,198 | $ | 13,845 | $ | 13,129 | $ | 12,892 | $ | 12,366 | $ | 12,110 | $ | 12,189 | $ | 13,114 | |||||||||||||||||
Total average deposits | 24,317 | 23,588 | 18,370 | 16,160 | 15,796 | 13,763 | 15,735 | 15,496 | 12,970 | ||||||||||||||||||||||||||
Income before income taxes | 387 | 380 | 295 | 314 | 405 | 182 | 311 | 362 | 178 | ||||||||||||||||||||||||||
CREDIT QUALITY | |||||||||||||||||||||||||||||||||||
Provision for credit losses | $ | 43 | $ | (26) | $ | 67 | $ | 49 | $ | (78) | $ | 120 | $ | 5 | $ | (96) | $ | 111 | |||||||||||||||||
Net loan and lease charge-offs (recoveries) | 29 | — | 27 | 3 | — | 15 | 3 | 2 | 49 | ||||||||||||||||||||||||||
Ratio of net charge-offs to average loans and leases | 0.22 | % | — | % | 0.20 | % | 0.02 | % | — | % | 0.12 | % | 0.02 | % | 0.02 | % | 0.37 | % | |||||||||||||||||
Allowance for credit losses | $ | 155 | $ | 142 | $ | 167 | $ | 122 | $ | 90 | $ | 158 | $ | 122 | $ | 128 | $ | 210 | |||||||||||||||||
Ratio of allowance for credit losses to net loans and leases, at year-end | 1.17 | % | 1.08 | % | 1.21 | % | 0.93 | % | 0.70 | % | 1.28 | % | 1.01 | % | 1.05 | % | 1.60 | % | |||||||||||||||||
Nonperforming assets | $ | 36 | $ | 84 | $ | 97 | $ | 25 | $ | 41 | $ | 56 | $ | 59 | $ | 90 | $ | 131 | |||||||||||||||||
Ratio of nonperforming assets to net loans and leases and other real estate owned | 0.26 | % | 0.65 | % | 0.70 | % | 0.18 | % | 0.32 | % | 0.43 | % | 0.46 | % | 0.77 | % | 1.03 | % | |||||||||||||||||
(Dollar amounts in millions) | NBAZ | NSB | Vectra | TCBW | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
KEY FINANCIAL INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||
Total average loans | $ | 4,911 | $ | 4,849 | $ | 5,099 | $ | 2,987 | $ | 3,015 | $ | 3,102 | $ | 3,632 | $ | 3,414 | $ | 3,401 | $ | 1,630 | $ | 1,569 | $ | 1,460 | |||||||||||||||||||||||
Total average deposits | 8,035 | 7,288 | 5,771 | 7,436 | 6,691 | 5,427 | 4,109 | 4,386 | 3,637 | 1,571 | 1,537 | 1,256 | |||||||||||||||||||||||||||||||||||
Income before income taxes | 111 | 126 | 75 | 76 | 89 | 11 | 55 | 67 | 24 | 45 | 41 | 28 | |||||||||||||||||||||||||||||||||||
CREDIT QUALITY | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | $ | 11 | $ | (27) | $ | 35 | $ | 4 | $ | (35) | $ | 37 | $ | 9 | $ | (12) | $ | 34 | $ | 1 | $ | (3) | $ | 7 | |||||||||||||||||||||||
Net loan and lease charge-offs (recoveries) | (1) | (1) | 1 | (2) | 1 | (1) | 9 | — | 14 | — | 1 | — | |||||||||||||||||||||||||||||||||||
Ratio of net charge-offs to average loans and leases | (0.02) | % | (0.02) | % | 0.02 | % | (0.07) | % | 0.03 | % | (0.03) | % | 0.25 | % | — | % | 0.41 | % | — | % | 0.06 | % | — | % | |||||||||||||||||||||||
Allowance for credit losses | $ | 40 | $ | 38 | $ | 60 | $ | 27 | $ | 26 | $ | 59 | $ | 36 | $ | 37 | $ | 47 | $ | 9 | $ | 8 | $ | 11 | |||||||||||||||||||||||
Ratio of allowance for credit losses to net loans and leases, at year-end | 0.81% | 0.79% | 1.18% | 0.90% | 0.86% | 1.90% | 0.99% | 1.08% | 1.38% | 0.55% | 0.51% | 0.75% | |||||||||||||||||||||||||||||||||||
Nonperforming assets | $ | 6 | $ | 11 | $ | 17 | $ | 9 | $ | 24 | $ | 40 | $ | 14 | $ | 18 | $ | 19 | $ | — | $ | 1 | $ | 8 | |||||||||||||||||||||||
Ratio of nonperforming assets to net loans and leases and other real estate owned | 0.12% | 0.24% | 0.34% | 0.27% | 0.85% | 1.24% | 0.36% | 0.53% | 0.56% | —% | 0.06% | 0.52% | |||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(In millions) | Par Value | Amortized cost | Fair value | Par Value | Amortized cost | Fair value | |||||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||||||||||||||
Agency securities | $ | 100 | $ | 100 | $ | 93 | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Agency guaranteed mortgage-backed securities 1 | 12,921 | 10,621 | 10,772 | — | — | — | |||||||||||||||||||||||||||||
Municipal securities | 404 | 405 | 374 | 441 | 441 | 443 | |||||||||||||||||||||||||||||
Total held-to-maturity | 13,425 | 11,126 | 11,239 | 441 | 441 | 443 | |||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | 555 | 557 | 393 | 155 | 155 | 134 | |||||||||||||||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||||||||||||||
Agency securities | 790 | 782 | 736 | 833 | 833 | 845 | |||||||||||||||||||||||||||||
Agency guaranteed mortgage-backed securities | 9,566 | 9,652 | 8,367 | 20,340 | 20,549 | 20,387 | |||||||||||||||||||||||||||||
Small Business Administration loan-backed securities | 691 | 740 | 712 | 867 | 938 | 912 | |||||||||||||||||||||||||||||
Municipal securities | 1,571 | 1,732 | 1,634 | 1,489 | 1,652 | 1,694 | |||||||||||||||||||||||||||||
Other debt securities | 75 | 75 | 73 | 75 | 75 | 76 | |||||||||||||||||||||||||||||
Total available-for-sale | 13,248 | 13,538 | 11,915 | 23,759 | 24,202 | 24,048 | |||||||||||||||||||||||||||||
Total HTM and AFS investment securities | $ | 26,673 | $ | 24,664 | $ | 23,154 | $ | 24,200 | $ | 24,643 | $ | 24,491 |
December 31, | |||||||||||
(In millions) | 2022 | 2021 | |||||||||
Loans and leases | $ | 4,361 | $ | 3,658 | |||||||
Held-to-maturity – municipal securities | 405 | 441 | |||||||||
Available-for-sale – municipal securities | 1,634 | 1,694 | |||||||||
Trading account – municipal securities | 71 | 355 | |||||||||
Unfunded lending commitments | 406 | 280 | |||||||||
Total | $ | 6,877 | $ | 6,428 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
(Dollar amounts in millions) | Amount | % of total loans | Amount | % of total loans | |||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 16,180 | 29.1 | % | $ | 13,867 | 27.3 | % | |||||||||||||||
PPP | 197 | 0.4 | 1,855 | 3.6 | |||||||||||||||||||
Leasing | 386 | 0.7 | 327 | 0.6 | |||||||||||||||||||
Owner-occupied | 9,371 | 16.8 | 8,733 | 17.2 | |||||||||||||||||||
Municipal | 4,361 | 7.8 | 3,658 | 7.2 | |||||||||||||||||||
Total commercial | 30,495 | 54.8 | 28,440 | 55.9 | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction and land development | 2,513 | 4.5 | 2,757 | 5.4 | |||||||||||||||||||
Term | 10,226 | 18.4 | 9,441 | 18.6 | |||||||||||||||||||
Total commercial real estate | 12,739 | 22.9 | 12,198 | 24.0 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity credit line | 3,377 | 6.1 | 3,016 | 5.9 | |||||||||||||||||||
1-4 family residential | 7,286 | 13.1 | 6,050 | 11.9 | |||||||||||||||||||
Construction and other consumer real estate | 1,161 | 2.1 | 638 | 1.3 | |||||||||||||||||||
Bankcard and other revolving plans | 471 | 0.8 | 396 | 0.8 | |||||||||||||||||||
Other | 124 | 0.2 | 113 | 0.2 | |||||||||||||||||||
Total consumer | 12,419 | 22.3 | 10,213 | 20.1 | |||||||||||||||||||
Total loans and leases | $ | 55,653 | 100.0 | % | $ | 50,851 | 100.0 | % |
December 31, 2022 | |||||||||||||||||||||||||||||
(In millions) | One year or less | One year through five years | Five years through fifteen years | Over fifteen years | Total | ||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 9,019 | $ | 5,232 | $ | 1,897 | $ | 32 | $ | 16,180 | |||||||||||||||||||
PPP | — | 197 | — | — | 197 | ||||||||||||||||||||||||
Leasing | 20 | 258 | 108 | — | 386 | ||||||||||||||||||||||||
Owner-occupied | 476 | 1,426 | 5,851 | 1,618 | 9,371 | ||||||||||||||||||||||||
Municipal | 407 | 524 | 2,521 | 909 | 4,361 | ||||||||||||||||||||||||
Total commercial | 9,922 | 7,637 | 10,377 | 2,559 | 30,495 | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||
Construction and land development | 1,202 | 1,232 | 28 | 51 | 2,513 | ||||||||||||||||||||||||
Term | 2,148 | 5,259 | 2,673 | 146 | 10,226 | ||||||||||||||||||||||||
Total commercial real estate | 3,350 | 6,491 | 2,701 | 197 | 12,739 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity credit line | 101 | 16 | 242 | 3,018 | 3,377 | ||||||||||||||||||||||||
1-4 family residential | 50 | 36 | 183 | 7,017 | 7,286 | ||||||||||||||||||||||||
Construction and other consumer real estate | 1 | 1 | 19 | 1,140 | 1,161 | ||||||||||||||||||||||||
Bankcard and other revolving plans | 337 | 134 | — | — | 471 | ||||||||||||||||||||||||
Other | 11 | 73 | 40 | — | 124 | ||||||||||||||||||||||||
Total consumer | 500 | 260 | 484 | 11,175 | 12,419 | ||||||||||||||||||||||||
Total loans and leases | $ | 13,772 | $ | 14,388 | $ | 13,562 | $ | 13,931 | $ | 55,653 |
December 31, 2022 | |||||||||||||||||
Loans with contractual maturities over one year | |||||||||||||||||
(In millions) | Predetermined (fixed) interest rates | Variable interest rates | Total | ||||||||||||||
Commercial: | |||||||||||||||||
Commercial and industrial | $ | 2,419 | $ | 4,742 | $ | 7,161 | |||||||||||
PPP | 197 | — | 197 | ||||||||||||||
Leasing | 366 | — | 366 | ||||||||||||||
Owner-occupied | 3,345 | 5,550 | 8,895 | ||||||||||||||
Municipal | 3,293 | 661 | 3,954 | ||||||||||||||
Total commercial | 9,620 | 10,953 | 20,573 | ||||||||||||||
Commercial real estate: | |||||||||||||||||
Construction and land development | 67 | 1,244 | 1,311 | ||||||||||||||
Term | 1,662 | 6,416 | 8,078 | ||||||||||||||
Total commercial real estate | 1,729 | 7,660 | 9,389 | ||||||||||||||
Consumer: | |||||||||||||||||
Home equity credit line | 190 | 3,086 | 3,276 | ||||||||||||||
1-4 family residential | 538 | 6,698 | 7,236 | ||||||||||||||
Construction and other consumer real estate | — | 1,160 | 1,160 | ||||||||||||||
Bankcard and other revolving plans | 3 | 131 | 134 | ||||||||||||||
Other | 111 | 2 | 113 | ||||||||||||||
Total consumer | 842 | 11,077 | 11,919 | ||||||||||||||
Total loans and leases | $ | 12,191 | $ | 29,690 | $ | 41,881 |
December 31, | Amount change | Percent change | |||||||||||||||||||||
(Dollar amounts in millions) | 2022 | 2021 | |||||||||||||||||||||
Bank-owned life insurance | $ | 546 | $ | 537 | $ | 9 | 2 | % | |||||||||||||||
Federal Home Loan Bank stock | 294 | 11 | 283 | NM | |||||||||||||||||||
Federal Reserve stock | 68 | 81 | (13) | (16) | |||||||||||||||||||
Farmer Mac stock | 19 | 19 | — | — | |||||||||||||||||||
SBIC investments | 172 | 179 | (7) | (4) | |||||||||||||||||||
Other | 31 | 24 | 7 | 29 | |||||||||||||||||||
Total other noninterest-bearing investments | $ | 1,130 | $ | 851 | $ | 279 | 33 | % |
December 31, 2022 | |||||||||||||||||||||||
(In millions) | Phase 1 | Phase 2 | Phase 3 | Total | |||||||||||||||||||
Total amount of capitalized costs, less accumulated amortization | $ | 30 | $ | 55 | $ | 201 | $ | 286 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
(Dollar amounts in millions) | Amount | % of total deposits | Amount | % of total deposits | |||||||||||||||||||
Noninterest-bearing demand | $ | 35,777 | 49.9 | % | $ | 41,053 | 49.6 | % | |||||||||||||||
Interest-bearing: | |||||||||||||||||||||||
Savings and money market | 33,566 | 46.9 | 40,114 | 48.4 | |||||||||||||||||||
Time | 2,309 | 3.2 | 1,622 | 2.0 | |||||||||||||||||||
Total deposits | $ | 71,652 | 100.0 | % | $ | 82,789 | 100.0 | % |
(Dollar amounts in millions) | December 31, 2022 | Percent guaranteed | December 31, 2021 | Percent guaranteed | |||||||||||||||||||
Commercial | $ | 753 | 83 | % | $ | 2,410 | 95 | % | |||||||||||||||
Commercial real estate | 21 | 76 | 22 | 73 | |||||||||||||||||||
Consumer | 5 | 100 | 5 | 100 | |||||||||||||||||||
Total loans | $ | 779 | 83 | % | $ | 2,437 | 94 | % |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
(Dollar amounts in millions) | Amount | Percent | Amount | Percent | |||||||||||||||||||
Finance and insurance | $ | 2,992 | 9.8 | % | $ | 2,303 | 8.1 | % | |||||||||||||||
Real estate, rental and leasing | 2,802 | 9.2 | 2,536 | 8.9 | |||||||||||||||||||
Retail trade | 2,751 | 9.0 | 2,412 | 8.5 | |||||||||||||||||||
Manufacturing | 2,387 | 7.8 | 2,374 | 8.3 | |||||||||||||||||||
Healthcare and social assistance | 2,373 | 7.8 | 2,349 | 8.2 | |||||||||||||||||||
Public Administration | 2,366 | 7.8 | 1,959 | 6.9 | |||||||||||||||||||
Wholesale trade | 1,880 | 6.2 | 1,701 | 6.0 | |||||||||||||||||||
Transportation and warehousing | 1,464 | 4.8 | 1,273 | 4.5 | |||||||||||||||||||
Utilities 2 | 1,418 | 4.6 | 1,446 | 5.1 | |||||||||||||||||||
Construction | 1,355 | 4.4 | 1,456 | 5.1 | |||||||||||||||||||
Mining, quarrying, and oil and gas extraction | 1,349 | 4.4 | 1,185 | 4.2 | |||||||||||||||||||
Educational services | 1,302 | 4.3 | 1,163 | 4.1 | |||||||||||||||||||
Hospitality and food services | 1,238 | 4.1 | 1,353 | 4.8 | |||||||||||||||||||
Other Services (except Public Administration) | 1,041 | 3.4 | 1,213 | 4.2 | |||||||||||||||||||
Professional, scientific, and technical services | 995 | 3.3 | 1,084 | 3.8 | |||||||||||||||||||
Other 3 | 2,782 | 9.1 | 2,633 | 9.3 | |||||||||||||||||||
Total | $ | 30,495 | 100.0 | % | $ | 28,440 | 100.0 | % |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
(Dollar amounts in millions) | Amount | Percent | Amount | Percent | |||||||||||||||||||
Commercial property | |||||||||||||||||||||||
Multi-family | $ | 3,068 | 24.1 | % | $ | 2,835 | 23.2 | % | |||||||||||||||
Industrial | 2,509 | 19.7 | 1,997 | 16.4 | |||||||||||||||||||
Office | 2,281 | 17.9 | 2,372 | 19.5 | |||||||||||||||||||
Retail | 1,529 | 12.0 | 1,594 | 13.1 | |||||||||||||||||||
Hospitality | 695 | 5.4 | 689 | 5.6 | |||||||||||||||||||
Land | 276 | 2.2 | 249 | 2.0 | |||||||||||||||||||
Other 1 | 1,728 | 13.5 | 1,792 | 14.7 | |||||||||||||||||||
Residential property | |||||||||||||||||||||||
Single family | 340 | 2.7 | 380 | 3.1 | |||||||||||||||||||
Land | 75 | 0.6 | 33 | 0.3 | |||||||||||||||||||
Condo/Townhome | 13 | 0.1 | 10 | 0.1 | |||||||||||||||||||
Other 1 | 225 | 1.8 | 247 | 2.0 | |||||||||||||||||||
Total | $ | 12,739 | 100.0 | % | $ | 12,198 | 100.0 | % |
December 31 | |||||||||||
(In millions) | 2022 | 2021 | |||||||||
Secured by first liens | $ | 1,474 | $ | 1,503 | |||||||
Secured by second (or junior) liens | 1,903 | 1,513 | |||||||||
Total | $ | 3,377 | $ | 3,016 |
(Dollar amounts in millions) | December 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | 6 | |||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial and industrial | 56 | 124 | 140 | 110 | 82 | ||||||||||||||||||||||||
PPP | 7 | 3 | — | — | — | ||||||||||||||||||||||||
Leasing | — | — | — | — | 2 | ||||||||||||||||||||||||
Owner-occupied | 24 | 57 | 76 | 65 | 67 | ||||||||||||||||||||||||
Municipal | — | — | — | — | 1 | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||
Term | 14 | 20 | 31 | 16 | 38 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Real estate | 48 | 66 | 119 | 52 | 55 | ||||||||||||||||||||||||
Other | — | 1 | 1 | — | 1 | ||||||||||||||||||||||||
Nonaccrual loans | 149 | 271 | 367 | 243 | 252 | ||||||||||||||||||||||||
Other real estate owned1: | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial properties | — | 1 | 4 | 5 | 2 | ||||||||||||||||||||||||
Developed land | — | — | — | 1 | — | ||||||||||||||||||||||||
Land | — | — | — | 1 | — | ||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
1-4 family | — | — | — | 1 | 2 | ||||||||||||||||||||||||
Other real estate owned | — | 1 | 4 | 8 | 4 | ||||||||||||||||||||||||
Total nonperforming assets | $ | 149 | $ | 272 | $ | 371 | $ | 251 | $ | 256 | |||||||||||||||||||
Accruing loans past due 90 days or more: | |||||||||||||||||||||||||||||
Commercial: | $ | 5 | $ | 7 | $ | 2 | $ | 9 | $ | 7 | |||||||||||||||||||
Commercial real estate | — | — | 8 | — | 1 | ||||||||||||||||||||||||
Consumer | 1 | 1 | 2 | 1 | 2 | ||||||||||||||||||||||||
Total | $ | 6 | $ | 8 | $ | 12 | $ | 10 | $ | 10 | |||||||||||||||||||
Ratio of nonaccrual loans to net loans and leases2 | 0.27 | % | 0.53 | % | 0.69 | % | 0.50 | % | 0.54 | % | |||||||||||||||||||
Ratio of nonperforming assets to net loans and leases2 and other real estate owned | 0.27 | % | 0.53 | % | 0.69 | % | 0.51 | % | 0.55 | % | |||||||||||||||||||
Ratio of accruing loans past due 90 days or more to net loans and leases2 | 0.01 | % | 0.02 | % | 0.02 | % | 0.02 | % | 0.02 | % |
December 31, | |||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||
Restructured loans – accruing | $ | 197 | $ | 221 | $ | 198 | $ | 78 | $ | 112 | |||||||||||||||||||
Restructured loans – nonaccruing | 38 | 105 | 113 | 75 | 90 | ||||||||||||||||||||||||
Total | $ | 235 | $ | 326 | $ | 311 | $ | 153 | $ | 202 |
(In millions) | 2022 | 2021 | |||||||||
Balance at beginning of year | $ | 326 | $ | 311 | |||||||
New identified troubled debt restructuring and principal increases | 68 | 235 | |||||||||
Payments and payoffs | (131) | (117) | |||||||||
Charge-offs | (9) | (3) | |||||||||
No longer reported as troubled debt restructuring | (3) | (86) | |||||||||
Sales and other | (16) | (14) | |||||||||
Balance at end of year | $ | 235 | $ | 326 |
(Dollar amounts in millions) | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||
Loans and leases outstanding, on December 31, | $ | 55,653 | $ | 50,851 | $ | 53,476 | $ | 48,709 | $ | 46,714 | |||||||||||||||||||
Average loans and leases outstanding: | |||||||||||||||||||||||||||||
Commercial - excluding PPP loans | 28,500 | 25,014 | 25,193 | 24,990 | 23,333 | ||||||||||||||||||||||||
Commercial - PPP loans | 725 | 4,566 | 4,534 | — | — | ||||||||||||||||||||||||
Commercial real estate | 12,251 | 12,136 | 11,854 | 11,675 | 11,079 | ||||||||||||||||||||||||
Consumer | 11,122 | 10,267 | 11,435 | 11,600 | 11,013 | ||||||||||||||||||||||||
Total average loans and leases outstanding | $ | 52,598 | $ | 51,983 | $ | 53,016 | $ | 48,265 | $ | 45,425 | |||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||
Balance at beginning of year 1 | $ | 513 | $ | 777 | $ | 497 | $ | 495 | $ | 518 | |||||||||||||||||||
Provision for loan losses | 101 | (258) | 385 | 37 | (39) | ||||||||||||||||||||||||
Charge-offs: | |||||||||||||||||||||||||||||
Commercial | 72 | 35 | 113 | 57 | 46 | ||||||||||||||||||||||||
Commercial real estate | — | — | 1 | 4 | 5 | ||||||||||||||||||||||||
Consumer | 10 | 13 | 14 | 17 | 18 | ||||||||||||||||||||||||
Total | 82 | 48 | 128 | 78 | 69 | ||||||||||||||||||||||||
Recoveries: | |||||||||||||||||||||||||||||
Commercial | 32 | 29 | 14 | 25 | 68 | ||||||||||||||||||||||||
Commercial real estate | — | 3 | — | 6 | 9 | ||||||||||||||||||||||||
Consumer | 11 | 10 | 9 | 10 | 8 | ||||||||||||||||||||||||
Total | 43 | 42 | 23 | 41 | 85 | ||||||||||||||||||||||||
Net loan and lease charge-offs | 39 | 6 | 105 | 37 | (16) | ||||||||||||||||||||||||
Balance at end of year | $ | 575 | $ | 513 | $ | 777 | $ | 495 | $ | 495 | |||||||||||||||||||
Reserve for unfunded lending commitments: | |||||||||||||||||||||||||||||
Balance at beginning of year 1 | $ | 40 | $ | 58 | $ | 29 | $ | 57 | $ | 58 | |||||||||||||||||||
Provision for unfunded lending commitments | 21 | (18) | 29 | 2 | (1) | ||||||||||||||||||||||||
Balance at end of year | $ | 61 | $ | 40 | $ | 58 | $ | 59 | $ | 57 | |||||||||||||||||||
Total allowance for credit losses: | |||||||||||||||||||||||||||||
Allowance for loan and lease losses | $ | 575 | $ | 513 | $ | 777 | $ | 495 | $ | 495 | |||||||||||||||||||
Reserve for unfunded lending commitments | 61 | 40 | 58 | 59 | 57 | ||||||||||||||||||||||||
Total allowance for credit losses | $ | 636 | $ | 553 | $ | 835 | $ | 554 | $ | 552 | |||||||||||||||||||
Ratio of allowance for credit losses to net loans and leases, on December 31, 2 | 1.14 | % | 1.09 | % | 1.56 | % | 1.14 | % | 1.18 | % | |||||||||||||||||||
Ratio of allowance for credit losses to nonaccrual loans, on December 31, | 427 | % | 204 | % | 228 | % | 228 | % | 224 | % | |||||||||||||||||||
Ratio of allowance for credit losses to nonaccrual loans and accruing loans past due 90 days or more, on December 31, | 410 | % | 198 | % | 220 | % | 220 | % | 216 | % | |||||||||||||||||||
Ratio of total net charge-offs to average total loans and leases 3 | 0.07 | % | 0.01 | % | 0.20 | % | 0.08 | % | (0.04) | % | |||||||||||||||||||
Ratio of commercial net charge-offs to average commercial loans | 0.14 | % | 0.02 | % | 0.33 | % | 0.13 | % | (0.09) | % | |||||||||||||||||||
Ratio of commercial real estate net charge-offs to average commercial real estate loans | 0.00 | % | (0.02) | % | 0.01 | % | (0.02) | % | (0.04) | % | |||||||||||||||||||
Ratio of consumer net charge-offs to average consumer loans | (0.01) | % | 0.03 | % | 0.04 | % | 0.06 | % | 0.09 | % |
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | % of total loans | Allocation of ACL | % of total loans | Allocation of ACL | % of total loans | Allocation of ACL | % of total loans | Allocation of ACL | % of total loans | Allocation of ACL | |||||||||||||||||||||||||||||||||||||||||||||||||
Loan segment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 54.8 | % | $ | 316 | 55.9 | % | $ | 330 | 57.0 | % | $ | 494 | 52.1 | % | $ | 380 | 51.7 | % | $ | 371 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate | 22.9 | 189 | 24.0 | 118 | 22.6 | 191 | 23.7 | 121 | 23.8 | 127 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 22.3 | 131 | 20.1 | 105 | 20.4 | 150 | 24.2 | 53 | 24.5 | 54 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | 100.0 | % | $ | 636 | 100.0 | % | $ | 553 | 100.0 | % | $ | 835 | 100.0 | % | $ | 554 | 100.0 | % | $ | 552 |
December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Product | Effective duration (unchanged) | Effective duration (+200 bps) | Effective duration (unchanged) | Effective duration (+200 bps) | ||||||||||||||||||||||
Demand deposits | 3.6 | % | 3.5 | % | 3.6 | % | 2.8 | % | ||||||||||||||||||
Money market | 2.3 | % | 2.0 | % | 1.7 | % | 1.7 | % | ||||||||||||||||||
Savings and interest-bearing | 3.1 | % | 2.8 | % | 2.4 | % | 2.2 | % |
2023 | 2024 | 2025 | 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow asset hedges 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average outstanding notional | $ | 7,500 | $ | 7,033 | $ | 6,733 | $ | 6,433 | $ | 6,000 | $ | 5,666 | $ | 5,233 | $ | 4,733 | $ | 3,488 | $ | 2,033 | |||||||||||||||||||||||||||||||||||||||
Weighted-average fixed-rate received | 1.76 | % | 1.75 | % | 1.71 | % | 1.63 | % | 1.53 | % | 1.48 | % | 1.41 | % | 1.37 | % | 1.48 | % | 1.40 | % | |||||||||||||||||||||||||||||||||||||||
2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value debt hedges 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average outstanding notional | $ | 500 | $ | 500 | $ | 500 | $ | 500 | $ | 500 | $ | 500 | $ | 500 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Weighted-average fixed-rate received | 1.70 | % | 1.70 | % | 1.70 | % | 1.70 | % | 1.70 | % | 1.70 | % | 1.70 | % | — | % | — | % | — | % | |||||||||||||||||||||||||||||||||||||||
Fair value asset hedges 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average outstanding notional | $ | 827 | $ | 1,099 | $ | 1,212 | $ | 1,217 | $ | 1,213 | $ | 1,208 | $ | 1,203 | $ | 1,198 | $ | 1,192 | $ | 1,156 | |||||||||||||||||||||||||||||||||||||||
Weighted-average fixed-rate paid | 1.65 | % | 1.71 | % | 1.74 | % | 1.74 | % | 1.74 | % | 1.73 | % | 1.73 | % | 1.73 | % | 1.73 | % | 1.73 | % | 1.72 | % | |||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parallel shift in rates (in bps)1 | Parallel shift in rates (in bps)1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repricing scenario | -100 | 0 | +100 | +200 | +300 | -100 | 0 | +100 | +200 | +300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings at Risk (EaR) | (2.4) | % | — | % | 2.4 | % | 4.8 | % | 7.1 | % | (5.2) | % | — | % | 11.2 | % | 22.7 | % | 33.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Economic Value of Equity (EVE) | 2.0 | % | — | % | (1.1) | % | (2.3) | % | (3.7) | % | 20.9 | % | — | % | 0.8 | % | (0.5) | % | (1.2) | % |
as of January 31, 2023: | ||||||||||||||||||||||||||
Rating agency | Outlook | Long-term issuer/senior debt rating | Subordinated debt rating | Short-term debt rating | ||||||||||||||||||||||
Kroll | Positive | A- | BBB+ | K2 | ||||||||||||||||||||||
S&P | Stable | BBB+ | BBB | NR | ||||||||||||||||||||||
Fitch | Stable | BBB+ | BBB | F1 | ||||||||||||||||||||||
Moody's | Stable | Baa1 | NR | NR |
(In millions) | One year or less | Over one year through three years | Over three years through five years | Over five years | Indeterminable maturity 1 | Total | |||||||||||||||||||||||||||||
Deposits | $ | 2,038 | $ | 209 | $ | 61 | $ | 1 | $ | 69,343 | $ | 71,652 | |||||||||||||||||||||||
Unfunded lending commitments | 7,654 | 9,217 | 2,949 | 9,808 | — | 29,628 | |||||||||||||||||||||||||||||
Standby letters of credit: | |||||||||||||||||||||||||||||||||||
Financial | 667 | — | — | — | — | 667 | |||||||||||||||||||||||||||||
Performance | 184 | — | — | — | — | 184 | |||||||||||||||||||||||||||||
Commercial letters of credit | 11 | — | — | — | — | 11 | |||||||||||||||||||||||||||||
Mortgage-backed security purchase agreements 2 | 23 | — | — | — | — | 23 | |||||||||||||||||||||||||||||
Commitments to make venture and other noninterest-bearing investments 3 | — | — | — | — | 77 | 77 | |||||||||||||||||||||||||||||
Federal funds and other short-term borrowings | 10,417 | — | — | — | — | 10,417 | |||||||||||||||||||||||||||||
Long-term debt 4 | 128 | — | — | 587 | — | 715 | |||||||||||||||||||||||||||||
Operating leases | 47 | 67 | 39 | 73 | — | 226 | |||||||||||||||||||||||||||||
Total contractual obligations | $ | 21,169 | $ | 9,493 | $ | 3,049 | $ | 10,469 | $ | 69,420 | $ | 113,600 |
(Dollar amounts in millions) | December 31, 2022 | December 31, 2021 | Amount change | Percent change | |||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||
Preferred stock | $ | 440 | $ | 440 | $ | — | — | % | |||||||||||||||
Common stock and additional paid-in capital | 1,754 | 1,928 | (174) | (9) | |||||||||||||||||||
Retained earnings | 5,811 | 5,175 | 636 | 12 | |||||||||||||||||||
Accumulated other comprehensive income | (3,112) | (80) | (3,032) | NM | |||||||||||||||||||
Total shareholders' equity | $ | 4,893 | $ | 7,463 | $ | (2,570) | (34) | % |
(In millions, except share data) | 2022 | 2021 | |||||||||
Capital distributions: | |||||||||||
Preferred dividends paid | $ | 29 | $ | 29 | |||||||
Bank preferred stock redeemed | — | 126 | |||||||||
Total capital distributed to preferred shareholders | 29 | 155 | |||||||||
Common dividends paid | 240 | 232 | |||||||||
Bank common stock repurchased 1 | 202 | 800 | |||||||||
Total capital distributed to common shareholders | 442 | 1,032 | |||||||||
Total capital distributed to preferred and common shareholders | $ | 471 | $ | 1,187 | |||||||
Weighted average diluted common shares outstanding (in thousands) | 150,271 | 160,234 | |||||||||
Common shares outstanding, at year-end (in thousands) | 148,664 | 151,625 |
December 31, 2022 | December 31, 2021 | December 31, 2020 | |||||||||||||||
Average equity to average assets | 6.6 | % | 9.0 | % | 10.0 | % | |||||||||||
Return on average common equity | 16.0 | % | 14.9 | % | 7.2 | % | |||||||||||
Return on average tangible common equity1 | 13.9 | % | 17.8 | % | 8.8 | % | |||||||||||
Tangible equity ratio1 | 7.6 | % | 7.1 | % | 8.2 | % | |||||||||||
Tangible common equity ratio1 | 7.1 | % | 6.6 | % | 7.5 | % | |||||||||||
Basel III risk-based capital ratios: | |||||||||||||||||
Common equity tier 1 capital | 9.8 | % | 10.2 | % | 10.8 | % | |||||||||||
Tier 1 risk-based | 10.5 | % | 10.9 | % | 11.8 | % | |||||||||||
Total risk-based | 12.2 | % | 12.8 | % | 14.1 | % | |||||||||||
Tier 1 leverage | 7.7 | % | 7.2 | % | 8.3 | % |
Year Ended December 31, | ||||||||||||||||||||
(Dollar amounts in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
Net earnings applicable to common shareholders (GAAP) | $ | 878 | $ | 1,100 | $ | 505 | ||||||||||||||
Adjustments, net of tax: | ||||||||||||||||||||
Amortization of core deposit and other intangibles | 1 | 1 | — | |||||||||||||||||
Net earnings applicable to common shareholders, net of tax | (a) | $ | 879 | $ | 1,101 | $ | 505 | |||||||||||||
Average common equity (GAAP) | $ | 5,472 | $ | 7,371 | $ | 7,050 | ||||||||||||||
Average goodwill and intangibles | (1,022) | (1,015) | (1,015) | |||||||||||||||||
Average accumulated other comprehensive loss (income), net of tax | 1,863 | (164) | (270) | |||||||||||||||||
Average tangible common equity (non-GAAP) | (b) | $ | 6,313 | $ | 6,192 | $ | 5,765 | |||||||||||||
Return on average tangible common equity (non-GAAP) | (a/b) | 13.9 | % | 17.8 | % | 8.8 | % |
(Dollar amounts in millions, except per share amounts) | December 31, | |||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Total shareholders’ equity (GAAP) | $ | 4,893 | $ | 7,463 | $ | 7,886 | ||||||||||||||
Goodwill and intangibles | (1,065) | (1,015) | (1,016) | |||||||||||||||||
Accumulated other comprehensive loss (income), net of tax | 3,112 | 80 | (325) | |||||||||||||||||
Tangible equity (non-GAAP) | (a) | 6,940 | 6,528 | 6,545 | ||||||||||||||||
Preferred stock | (440) | (440) | (566) | |||||||||||||||||
Tangible common equity (non-GAAP) | (b) | $ | 6,500 | $ | 6,088 | $ | 5,979 | |||||||||||||
Total assets (GAAP) | $ | 89,545 | $ | 93,200 | $ | 81,479 | ||||||||||||||
Goodwill and intangibles | (1,065) | (1,015) | (1,016) | |||||||||||||||||
Accumulated other comprehensive loss (income), net of tax | $ | 3,112 | $ | 80 | $ | (325) | ||||||||||||||
Tangible assets (non-GAAP) | (c) | $ | 91,592 | $ | 92,265 | $ | 80,138 | |||||||||||||
Common shares outstanding (in thousands) | (d) | 148,664 | 151,625 | 164,090 | ||||||||||||||||
Tangible equity ratio (non-GAAP) | (a/c) | 7.6 | % | 7.1 | % | 8.2 | % | |||||||||||||
Tangible common equity ratio (non-GAAP) | (b/c) | 7.1 | % | 6.6 | % | 7.5 | % | |||||||||||||
Tangible book value per common share (non-GAAP) | (b/d) | $43.72 | $40.15 | $36.44 |
(Dollar amounts in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
Noninterest expense (GAAP) | (a) | $ | 1,878 | $ | 1,741 | $ | 1,704 | |||||||||||||
Adjustments: | ||||||||||||||||||||
Severance costs | 1 | 1 | 1 | |||||||||||||||||
Other real estate expense, net | 1 | — | 1 | |||||||||||||||||
Amortization of core deposit and other intangibles | 1 | 1 | — | |||||||||||||||||
Restructuring costs | — | — | 1 | |||||||||||||||||
Pension termination-related expense (income) 1 | — | (5) | 28 | |||||||||||||||||
SBIC investment success fee accrual 2 | (1) | 7 | — | |||||||||||||||||
Total adjustments | (b) | 2 | 4 | 31 | ||||||||||||||||
Adjusted noninterest expense (non-GAAP) | (a-b)=(c) | $ | 1,876 | $ | 1,737 | $ | 1,673 | |||||||||||||
Net interest income (GAAP) | (d) | $ | 2,520 | $ | 2,208 | $ | 2,216 | |||||||||||||
Fully taxable-equivalent adjustments | (e) | 37 | 32 | 28 | ||||||||||||||||
Taxable-equivalent net interest income (non-GAAP) | (d+e)=(f) | 2,557 | 2,240 | 2,244 | ||||||||||||||||
Noninterest income (GAAP) | (g) | 632 | 703 | 574 | ||||||||||||||||
Combined income (non-GAAP) | (f+g)=(h) | 3,189 | 2,943 | 2,818 | ||||||||||||||||
Adjustments: | ||||||||||||||||||||
Fair value and nonhedge derivative gain (loss) | 16 | 14 | (6) | |||||||||||||||||
Securities gains, net | (15) | 71 | 7 | |||||||||||||||||
Total adjustments | (i) | 1 | 85 | 1 | ||||||||||||||||
Adjusted taxable-equivalent revenue (non-GAAP) | (h-i)=(j) | $ | 3,188 | $ | 2,858 | $ | 2,817 | |||||||||||||
Pre-provision net revenue (non-GAAP) | (h)-(a) | $ | 1,311 | $ | 1,202 | $ | 1,114 | |||||||||||||
Adjusted pre-provision net revenue (non-GAAP) | (j-c) | 1,312 | 1,121 | 1,144 | ||||||||||||||||
Efficiency ratio (non-GAAP) | (c/j) | 58.8 | % | 60.8 | % | 59.4 | % |
Description of the Matter | The Bank’s loan and lease portfolio and the associated allowance for loan and lease losses (ALLL), were $55.7 billion and $575 million as of December 31, 2022, respectively. The provision for loan and lease losses was $101 million for the year ended December 31, 2022. As discussed in Note 1 and 6 to the consolidated financial statements, the ALLL represented the Bank’s estimate of current expected credit losses over the contractual remaining life of the loan and lease portfolio as of the consolidated balance sheet date. Management’s ALLL estimate includes quantitative calculations based on the statistical analysis of historical loss experience dependent on weighted economic scenarios and other loan-level characteristics forecasted over a reasonable period, losses estimated using historical loss experience for periods outside the reasonable economic forecast period (collectively the quantitative portion), supplemented with qualitative adjustments that bring the ALLL to the level management deemed appropriate based on factors that are not fully considered in the quantitative analysis. The statistical analysis of historical loss experience was derived from credit loss models used to determine the quantitative portion of the ALLL. Judgment was required by management to determine the weightings of the economic scenarios and the magnitude of the impact of the qualitative adjustments to the ALLL. Auditing management’s estimate of the ALLL is complex due to the judgment used to weigh the economic scenarios and the judgment involved in determining the magnitude of the impact of the various risk factors used to derive the qualitative adjustments to the ALLL. | ||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls that address the risk of material misstatement in determining the weightings of the economic scenarios and in determining the impact of the qualitative adjustments to the ALLL. We tested controls over the Bank’s ALLL governance process, model development and model risk management as it relates to the credit loss models used in the ALLL process. Such testing included testing controls over model governance, controls over data input into the models, and controls over model calculation accuracy and observing key management meetings where weightings of the economic scenarios and the magnitude of qualitative adjustments are reviewed and approved. | ||||
To test the reasonableness of the weightings of the economic scenarios, our procedures consisted of obtaining an understanding of the forecasted economic scenarios used, including agreeing the economic scenarios to third party published data and economic scenarios developed from market information as well as evaluating management’s methodology, including the economic scenario weighting process. We also performed analytical procedures and sensitivity analyses on the weightings of the economic scenarios and searched for and evaluated information that corroborated or contradicted these weightings. | |||||
Regarding the completeness of qualitative adjustments identified and incorporated into measuring the ALLL, we evaluated the potential impact of imprecision in the credit loss models and emerging risks related to changes in the economic environment impacting the Bank's loan and lease portfolio. We also evaluated and tested internal and external data used in the qualitative adjustments by agreeing significant inputs and underlying data to internal and external sources. | |||||
Further, we assessed whether the total amount of the ALLL estimate was consistent with the Bank’s historical loss information, peer bank information, credit quality statistics, subsequent events and transactions, and publicly observable indicators of macroeconomic financial conditions and whether the total ALLL amount was reflective of current expected losses in the loan and lease portfolio as of the consolidated balance sheet date. |
(In millions, shares in thousands) | December 31, | ||||||||||
2022 | 2021 | ||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 657 | $ | 595 | |||||||
Money market investments: | |||||||||||
Interest-bearing deposits | 1,340 | 10,283 | |||||||||
Federal funds sold and securities purchased under agreements to resell | 2,426 | 2,133 | |||||||||
Investment securities: | |||||||||||
Held-to-maturity, at amortized cost (fair value $11,239 and $443) | 11,126 | 441 | |||||||||
Available-for-sale, at fair value | 11,915 | 24,048 | |||||||||
Trading account, at fair value | 465 | 372 | |||||||||
Total investment securities | 23,506 | 24,861 | |||||||||
Loans held for sale | 8 | 83 | |||||||||
Loans and leases, net of unearned income and fees | 55,653 | 50,851 | |||||||||
Less allowance for loan and lease losses | 575 | 513 | |||||||||
Loans, net of allowance | 55,078 | 50,338 | |||||||||
Other noninterest-bearing investments | 1,130 | 851 | |||||||||
Premises, equipment and software, net | 1,408 | 1,319 | |||||||||
Goodwill and intangibles | 1,065 | 1,015 | |||||||||
Other real estate owned | 3 | 8 | |||||||||
Other assets | 2,924 | 1,714 | |||||||||
Total assets | $ | 89,545 | $ | 93,200 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing demand | $ | 35,777 | $ | 41,053 | |||||||
Interest-bearing: | |||||||||||
Savings and money market | 33,566 | 40,114 | |||||||||
Time | 2,309 | 1,622 | |||||||||
Total deposits | 71,652 | 82,789 | |||||||||
Federal funds and other short-term borrowings | 10,417 | 903 | |||||||||
Long-term debt | 651 | 1,012 | |||||||||
Reserve for unfunded lending commitments | 61 | 40 | |||||||||
Other liabilities | 1,871 | 993 | |||||||||
Total liabilities | 84,652 | 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 148,664 and 151,625 shares and additional paid-in capital) | 1,754 | 1,928 | |||||||||
Retained earnings | 5,811 | 5,175 | |||||||||
Accumulated other comprehensive income | (3,112) | (80) | |||||||||
Total shareholders’ equity | 4,893 | 7,463 | |||||||||
Total liabilities and shareholders’ equity | $ | 89,545 | $ | 93,200 |
(In millions, except shares and per share amounts) | Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Interest income: | |||||||||||||||||
Interest and fees on loans | $ | 2,112 | $ | 1,935 | $ | 2,050 | |||||||||||
Interest on money market investments | 81 | 21 | 14 | ||||||||||||||
Interest on securities | 512 | 311 | 304 | ||||||||||||||
Total interest income | 2,705 | 2,267 | 2,368 | ||||||||||||||
Interest expense: | |||||||||||||||||
Interest on deposits | 70 | 30 | 105 | ||||||||||||||
Interest on short- and long-term borrowings | 115 | 29 | 47 | ||||||||||||||
Total interest expense | 185 | 59 | 152 | ||||||||||||||
Net interest income | 2,520 | 2,208 | 2,216 | ||||||||||||||
Provision for credit losses: | |||||||||||||||||
Provision for loan losses | 101 | (258) | 385 | ||||||||||||||
Provision for unfunded lending commitments | 21 | (18) | 29 | ||||||||||||||
Total provision for credit losses | 122 | (276) | 414 | ||||||||||||||
Net interest income after provision for credit losses | 2,398 | 2,484 | 1,802 | ||||||||||||||
Noninterest income: | |||||||||||||||||
Commercial account fees | 159 | 137 | 132 | ||||||||||||||
Card fees | 104 | 95 | 82 | ||||||||||||||
Retail and business banking fees | 73 | 74 | 68 | ||||||||||||||
Loan-related fees and income | 80 | 95 | 109 | ||||||||||||||
Capital markets and foreign exchange fees | 83 | 70 | 70 | ||||||||||||||
Wealth management fees | 55 | 50 | 44 | ||||||||||||||
Other customer-related fees | 60 | 54 | 44 | ||||||||||||||
Customer-related noninterest income | 614 | 575 | 549 | ||||||||||||||
Fair value and nonhedge derivative income (loss) | 16 | 14 | (6) | ||||||||||||||
Dividends and other income | 17 | 43 | 24 | ||||||||||||||
Securities gains (losses), net | (15) | 71 | 7 | ||||||||||||||
Total noninterest income | 632 | 703 | 574 | ||||||||||||||
Noninterest expense: | |||||||||||||||||
Salaries and employee benefits | 1,235 | 1,127 | 1,087 | ||||||||||||||
Technology, telecom, and information processing | 209 | 199 | 192 | ||||||||||||||
Occupancy and equipment, net | 152 | 153 | 151 | ||||||||||||||
Professional and legal services | 57 | 72 | 57 | ||||||||||||||
Marketing and business development | 39 | 43 | 61 | ||||||||||||||
Deposit insurance and regulatory expense | 50 | 34 | 33 | ||||||||||||||
Credit-related expense | 30 | 26 | 22 | ||||||||||||||
Other real estate expense, net | 1 | — | 1 | ||||||||||||||
Other | 105 | 87 | 100 | ||||||||||||||
Total noninterest expense | 1,878 | 1,741 | 1,704 | ||||||||||||||
Income before income taxes | 1,152 | 1,446 | 672 | ||||||||||||||
Income taxes | 245 | 317 | 133 | ||||||||||||||
Net income | 907 | 1,129 | 539 | ||||||||||||||
Preferred stock dividends | (29) | (29) | (34) | ||||||||||||||
Net earnings applicable to common shareholders | $ | 878 | $ | 1,100 | $ | 505 | |||||||||||
Weighted average common shares outstanding during the year: | |||||||||||||||||
Basic shares (in thousands) | 150,064 | 159,913 | 163,737 | ||||||||||||||
Diluted shares (in thousands) | 150,271 | 160,234 | 165,613 | ||||||||||||||
Net earnings per common share: | |||||||||||||||||
Basic | $ | 5.80 | $ | 6.80 | $ | 3.06 | |||||||||||
Diluted | 5.79 | 6.79 | 3.02 |
(In millions) | Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net income | $ | 907 | $ | 1,129 | $ | 539 | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Net unrealized holding gains (losses) on investment securities | (2,722) | (336) | 229 | ||||||||||||||
Net unrealized gains (losses) on other noninterest-bearing investments | (2) | 3 | 1 | ||||||||||||||
Net unrealized holding gains (losses) on derivative instruments | (330) | (26) | 76 | ||||||||||||||
Reclassification adjustment for decrease (increase) in interest income recognized in earnings on derivative instruments | 21 | (46) | (36) | ||||||||||||||
Pension and post-retirement | 1 | — | 12 | ||||||||||||||
Other comprehensive income (loss), net of tax | (3,032) | (405) | 282 | ||||||||||||||
Comprehensive income (loss) | $ | (2,125) | $ | 724 | $ | 821 |
(In millions, except shares and per share amounts) | Preferred stock | Common stock | Accumulated paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||
Shares (in thousands) | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 566 | 165,057 | $ | — | $ | 2,735 | $ | 4,009 | $ | 43 | $ | 7,353 | ||||||||||||||||||||||||||||
Net income | 539 | 539 | |||||||||||||||||||||||||||||||||||||||
20 | 20 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 282 | 282 | |||||||||||||||||||||||||||||||||||||||
Bank common stock repurchased | (1,686) | (76) | (76) | ||||||||||||||||||||||||||||||||||||||
Net shares issued from stock warrant exercises | 1 | ||||||||||||||||||||||||||||||||||||||||
Net activity under employee plans and related tax benefits | 718 | 27 | 27 | ||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | (34) | (34) | |||||||||||||||||||||||||||||||||||||||
Dividends on common stock, $1.36 per share | (225) | (225) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 566 | 164,090 | — | 2,686 | 4,309 | 325 | 7,886 | ||||||||||||||||||||||||||||||||||
Net income | 1,129 | 1,129 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (405) | (405) | |||||||||||||||||||||||||||||||||||||||
Bank common stock repurchased | (13,521) | (800) | (800) | ||||||||||||||||||||||||||||||||||||||
Preferred stock redemption | (126) | 3 | (3) | (126) | |||||||||||||||||||||||||||||||||||||
Net activity under employee plans and related tax benefits | 1,056 | 39 | 39 | ||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | (29) | (29) | |||||||||||||||||||||||||||||||||||||||
Dividends on common stock, $1.44 per share | (232) | (232) | |||||||||||||||||||||||||||||||||||||||
Change in deferred compensation | 1 | 1 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 440 | 151,625 | — | 1,928 | 5,175 | (80) | 7,463 | ||||||||||||||||||||||||||||||||||
Net income | 907 | 907 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (3,032) | (3,032) | |||||||||||||||||||||||||||||||||||||||
Bank common stock repurchased | (3,581) | (202) | (202) | ||||||||||||||||||||||||||||||||||||||
Net activity under employee plans and related tax benefits | 620 | 28 | 28 | ||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | (29) | (29) | |||||||||||||||||||||||||||||||||||||||
Dividends on common stock, $1.58 per share | (240) | (240) | |||||||||||||||||||||||||||||||||||||||
Change in deferred compensation | (2) | (2) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 440 | 148,664 | $ | — | $ | 1,754 | $ | 5,811 | $ | (3,112) | $ | 4,893 |
(In millions) | Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 907 | $ | 1,129 | $ | 539 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Provision for credit losses | 122 | (276) | 414 | ||||||||||||||
Depreciation and amortization | 110 | (14) | 86 | ||||||||||||||
Share-based compensation | 30 | 28 | 26 | ||||||||||||||
Deferred income tax expense (benefit) | (43) | 32 | (58) | ||||||||||||||
Net increase in trading securities | (93) | (107) | (83) | ||||||||||||||
Net decrease (increase) in loans held for sale | 48 | 14 | (10) | ||||||||||||||
Change in other liabilities | 892 | 13 | 57 | ||||||||||||||
Change in other assets | (457) | (78) | (223) | ||||||||||||||
Other, net | (46) | (112) | (29) | ||||||||||||||
Net cash provided by operating activities | 1,470 | 629 | 719 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||
Net decrease (increase) in money market investments | 8,650 | (5,577) | (5,611) | ||||||||||||||
Proceeds from maturities and paydowns of investment securities held-to-maturity | 445 | 457 | 386 | ||||||||||||||
Purchases of investment securities held-to-maturity | (399) | (262) | (430) | ||||||||||||||
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale | 3,309 | 4,748 | 4,339 | ||||||||||||||
Purchases of investment securities available-for-sale | (5,829) | (13,647) | (6,151) | ||||||||||||||
Net change in loans and leases | (4,628) | 2,814 | (4,687) | ||||||||||||||
Purchases and sales of other noninterest-bearing investments | (298) | 63 | 79 | ||||||||||||||
Purchases of premises and equipment | (190) | (206) | (171) | ||||||||||||||
Acquisition of Nevada branches, net of cash acquired | 318 | — | — | ||||||||||||||
Other, net | 27 | 31 | 42 | ||||||||||||||
Net cash provided by (used in) investing activities | 1,405 | (11,579) | (12,204) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||
Net (decrease) increase in deposits | (11,567) | 13,136 | 12,568 | ||||||||||||||
Net change in short-term funds borrowed | 9,514 | (669) | (481) | ||||||||||||||
Cash paid for preferred stock redemption | — | (126) | — | ||||||||||||||
Redemption of long-term debt | (290) | (286) | (429) | ||||||||||||||
Bank common stock repurchased | (202) | (800) | (76) | ||||||||||||||
Proceeds from the issuance of common stock | 9 | 21 | 8 | ||||||||||||||
Dividends paid on common and preferred stock | (269) | (261) | (259) | ||||||||||||||
Other, net | (8) | (13) | (8) | ||||||||||||||
Net cash provided by (used in) financing activities | (2,813) | 11,002 | 11,323 | ||||||||||||||
Net increase (decrease) in cash and due from banks | 62 | 52 | (162) | ||||||||||||||
Cash and due from banks at beginning of year | 595 | 543 | 705 | ||||||||||||||
Cash and due from banks at end of year | $ | 657 | $ | 595 | $ | 543 | |||||||||||
Cash paid for interest | $ | 160 | $ | 81 | $ | 195 | |||||||||||
Net cash paid for income taxes | 21 | 442 | 169 | ||||||||||||||
Noncash activities: | |||||||||||||||||
Loans held for investment transferred to other real estate owned | — | 25 | 4 | ||||||||||||||
Loans held for investment reclassified to loans held for sale, net | 114 | 120 | (11) | ||||||||||||||
Investment securities available-for-sale transferred to held-to-maturity, at amortized cost (fair value $10,691) | 13,097 | — | — | ||||||||||||||
Deposits acquired in purchase of Nevada branches | 430 | — | — | ||||||||||||||
Loans acquired in purchase of Nevada branches, net | 95 | — | — |
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||||||||||||||||
Standards adopted by the Bank in 2022 | ||||||||||||||||||||
ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of The Sunset Date of Topic 848 | As part of reference rate reform, the London Interbank Offered Rate (“LIBOR”) is expected to be discontinued and be replaced by observable or transaction-based alternative reference rates. ASC 848, Reference Rate Reform, provided temporary optional expedients and exceptions that: (1) modify the accounting requirements for contract modifications for contracts that reference LIBOR, (2) provide for a one-time election to sell or transfer to AFS or trading certain qualifying HTM debt securities, and (3) provide various optional expedients for hedging relationships affected by reference rate reform. These practical expedients were originally set to expire on December 31, 2022. In March 2021, the Financial Conduct Authority (“FCA”) extended the cessation date of most common tenors of United States Dollar (“USD”) LIBOR to June 30, 2023, beyond the original sunset date of ASC 848. ASU 2022-06 extends the original sunset date of the practical expedients detailed in ASC 848 to December 31, 2024. | December 31, 2022 | We adopted ASC 848 on April 1, 2020. As of December 31, 2022, we had transitioned a significant portion of our legacy LIBOR-based contracts to alternative reference rates. The extension of the sunset date in ASC 848 will facilitate the transition of the remaining contracts away from LIBOR, but is not expected to have a material impact on the Bank. The amendments in ASU 2022-06 became effective upon issuance of the Update. |
(In millions) | December 31, 2022 | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
U.S. Treasury, agencies and corporations | $ | 393 | $ | 9,815 | $ | — | $ | 10,208 | |||||||||||||||
Municipal securities | 1,634 | 1,634 | |||||||||||||||||||||
Other debt securities | 73 | 73 | |||||||||||||||||||||
Total Available-for-sale | 393 | 11,522 | — | 11,915 | |||||||||||||||||||
Trading account | 395 | 70 | 465 | ||||||||||||||||||||
Other noninterest-bearing investments: | |||||||||||||||||||||||
Bank-owned life insurance | 546 | 546 | |||||||||||||||||||||
Private equity investments 1 | 4 | 81 | 85 | ||||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Agriculture loan servicing and interest-only strips | 14 | 14 | |||||||||||||||||||||
Deferred compensation plan assets | 114 | 114 | |||||||||||||||||||||
Derivatives | 386 | 386 | |||||||||||||||||||||
Total Assets | $ | 906 | $ | 12,524 | $ | 95 | $ | 13,525 | |||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Securities sold, not yet purchased | $ | 187 | $ | — | $ | — | $ | 187 | |||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Derivatives | 451 | 451 | |||||||||||||||||||||
Total Liabilities | $ | 187 | $ | 451 | $ | — | $ | 638 |
(In millions) | December 31, 2021 | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
U.S. Treasury, agencies and corporations | $ | 134 | $ | 22,144 | $ | — | $ | 22,278 | |||||||||||||||
Municipal securities | 1,694 | 1,694 | |||||||||||||||||||||
Other debt securities | 76 | 76 | |||||||||||||||||||||
Total Available-for-sale | 134 | 23,914 | — | 24,048 | |||||||||||||||||||
Trading account | 14 | 358 | 372 | ||||||||||||||||||||
Other noninterest-bearing investments: | |||||||||||||||||||||||
Bank-owned life insurance | 537 | 537 | |||||||||||||||||||||
Private equity investments | 35 | 66 | 101 | ||||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Agriculture loan servicing and interest-only strips | 12 | 12 | |||||||||||||||||||||
Deferred compensation plan assets | 138 | 138 | |||||||||||||||||||||
Derivatives | 219 | 219 | |||||||||||||||||||||
Total Assets | $ | 321 | $ | 25,028 | $ | 78 | $ | 25,427 | |||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Securities sold, not yet purchased | $ | 254 | $ | — | $ | — | $ | 254 | |||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Derivatives | 51 | 51 | |||||||||||||||||||||
Total Liabilities | $ | 254 | $ | 51 | $ | — | $ | 305 |
Level 3 Instruments | |||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
(In millions) | Private equity investments | Ag loan servicing & interest-only strips | Private equity investments | Ag loan servicing & interest-only strips | |||||||||||||||||||
Balance at beginning of year | $ | 66 | $ | 12 | $ | 80 | $ | 16 | |||||||||||||||
3 | — | 71 | — | ||||||||||||||||||||
— | 2 | — | (3) | ||||||||||||||||||||
Purchases | 16 | — | 17 | — | |||||||||||||||||||
Cost of investments sold | (3) | — | (24) | — | |||||||||||||||||||
Redemptions and paydowns | — | — | — | (1) | |||||||||||||||||||
Transfers out 1 | (1) | — | (78) | — | |||||||||||||||||||
Balance at end of year | $ | 81 | $ | 14 | $ | 66 | $ | 12 |
(In millions) | Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
Securities gains (losses), net | $ | (2) | $ | 31 | |||||||
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(In millions) | Carrying value | Fair value | Level | Carrying value | Fair value | Level | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||
Held-to-maturity investment securities | $ | 11,126 | $ | 11,239 | 2 | $ | 441 | $ | 443 | 2 | |||||||||||||||||||||||||
Loans and leases (including loans held for sale), net of allowance | 55,086 | 53,093 | 3 | 50,421 | 50,619 | 3 | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||
Time deposits | 2,309 | 2,269 | 2 | 1,622 | 1,624 | 2 | |||||||||||||||||||||||||||||
Long-term debt | 651 | 635 | 2 | 1,012 | 1,034 | 2 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
(In millions) | Gross amounts not offset in the balance sheet | |||||||||||||||||||||||||||||||||||||
Description | Gross amounts recognized | Gross amounts offset in the balance sheet | Net amounts presented in the balance sheet | Financial instruments | Cash collateral received/pledged | Net amount | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | $ | 2,451 | $ | (25) | $ | 2,426 | $ | — | $ | — | $ | 2,426 | ||||||||||||||||||||||||||
Derivatives (included in ) | 386 | — | 386 | (10) | (367) | 9 | ||||||||||||||||||||||||||||||||
Total assets | $ | 2,837 | $ | (25) | $ | 2,812 | $ | (10) | $ | (367) | $ | 2,435 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Federal funds and other short-term borrowings | $ | 10,442 | $ | (25) | $ | 10,417 | $ | — | $ | — | $ | 10,417 | ||||||||||||||||||||||||||
Derivatives (included in ) | 451 | — | 451 | (10) | — | 441 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 10,893 | $ | (25) | $ | 10,868 | $ | (10) | $ | — | $ | 10,858 |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
(In millions) | Gross amounts not offset in the balance sheet | |||||||||||||||||||||||||||||||||||||
Description | Gross amounts recognized | Gross amounts offset in the balance sheet | Net amounts presented in the balance sheet | Financial instruments | Cash collateral received/pledged | Net amount | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | $ | 2,133 | $ | — | $ | 2,133 | $ | — | $ | — | $ | 2,133 | ||||||||||||||||||||||||||
Derivatives (included in ) | 219 | — | 219 | (16) | (7) | 196 | ||||||||||||||||||||||||||||||||
Total assets | $ | 2,352 | $ | — | $ | 2,352 | $ | (16) | $ | (7) | $ | 2,329 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Federal funds and other short-term borrowings | $ | 903 | $ | — | $ | 903 | $ | — | $ | — | $ | 903 | ||||||||||||||||||||||||||
Derivatives (included in ) | 51 | — | 51 | (16) | (1) | 34 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 954 | $ | — | $ | 954 | $ | (16) | $ | (1) | $ | 937 |
December 31, 2022 | |||||||||||||||||||||||
(In millions) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||
Agency securities | $ | 100 | $ | — | $ | 7 | $ | 93 | |||||||||||||||
Agency guaranteed mortgage-backed securities 1 | 10,621 | 165 | 14 | 10,772 | |||||||||||||||||||
Municipal securities | 405 | — | 31 | 374 | |||||||||||||||||||
Total held-to-maturity | 11,126 | 165 | 52 | 11,239 | |||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||
U.S. Treasury securities | 557 | — | 164 | 393 | |||||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||
Agency securities | 782 | — | 46 | 736 | |||||||||||||||||||
Agency guaranteed mortgage-backed securities | 9,652 | — | 1,285 | 8,367 | |||||||||||||||||||
Small Business Administration loan-backed securities | 740 | 1 | 29 | 712 | |||||||||||||||||||
Municipal securities | 1,732 | 1 | 99 | 1,634 | |||||||||||||||||||
Other debt securities | 75 | — | 2 | 73 | |||||||||||||||||||
Total available-for-sale | 13,538 | 2 | 1,625 | 11,915 | |||||||||||||||||||
Total HTM and AFS investment securities | $ | 24,664 | $ | 167 | $ | 1,677 | $ | 23,154 |
December 31, 2021 | |||||||||||||||||||||||
(In millions) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
Municipal securities | $ | 441 | $ | 4 | $ | 2 | $ | 443 | |||||||||||||||
Available-for-sale | |||||||||||||||||||||||
U.S. Treasury securities | 155 | — | 21 | 134 | |||||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||
Agency securities | 833 | 13 | 1 | 845 | |||||||||||||||||||
Agency guaranteed mortgage-backed securities | 20,549 | 108 | 270 | 20,387 | |||||||||||||||||||
Small Business Administration loan-backed securities | 938 | 2 | 28 | 912 | |||||||||||||||||||
Municipal securities | 1,652 | 46 | 4 | 1,694 | |||||||||||||||||||
Other debt securities | 75 | 1 | — | 76 | |||||||||||||||||||
Total available-for-sale | 24,202 | 170 | 324 | 24,048 | |||||||||||||||||||
Total HTM and AFS investment securities | $ | 24,643 | $ | 174 | $ | 326 | $ | 24,491 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities | Due in one year or less | Due after one year through five years | Due after five years through 10 years | Due after 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Amortized cost | Average yield | Amortized cost | Average yield | Amortized cost | Average yield | Amortized cost | Average yield | Amortized cost | Average yield | |||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency securities | $ | 100 | 3.50 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 100 | 3.50 | % | |||||||||||||||||||||||||||||||||||||||
Agency guaranteed mortgage-backed securities | 10,621 | 1.84 | — | — | — | — | 49 | 2.02 | 10,572 | 1.84 | |||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities 1 | 405 | 3.05 | 33 | 3.32 | 130 | 3.13 | 183 | 3.09 | 59 | 2.61 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | 11,126 | 1.90 | 33 | 3.32 | 130 | 3.13 | 232 | 2.86 | 10,731 | 1.86 | |||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | 557 | 2.05 | — | — | — | — | — | — | 557 | 2.05 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency securities | 782 | 2.61 | — | — | 345 | 2.40 | 230 | 2.49 | 207 | 3.10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Agency guaranteed mortgage-backed securities | 9,652 | 1.92 | 25 | 4.27 | 305 | 1.53 | 1,625 | 2.03 | 7,697 | 1.91 | |||||||||||||||||||||||||||||||||||||||||||||||||
Small Business Administration loan-backed securities | 740 | 3.83 | — | — | 43 | 4.22 | 154 | 3.66 | 543 | 3.84 | |||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities 1 | 1,732 | 2.24 | 112 | 2.29 | 643 | 2.73 | 706 | 1.90 | 271 | 1.94 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 75 | 5.39 | — | — | 50 | 4.25 | 10 | 9.52 | 15 | 6.44 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | 13,538 | 2.13 | 137 | 2.65 | 1,386 | 2.48 | 2,725 | 2.15 | 9,290 | 2.06 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total HTM and AFS investment securities | $ | 24,664 | 2.16 | % | $ | 170 | 2.78 | % | $ | 1,516 | 2.54 | % | $ | 2,957 | 2.21 | % | $ | 20,021 | 2.06 | % |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(In millions) | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | |||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 94 | $ | 308 | $ | 70 | $ | 85 | $ | 164 | $ | 393 | |||||||||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||||||||||||||
Agency securities | 39 | 634 | 7 | 102 | 46 | 736 | |||||||||||||||||||||||||||||
Agency guaranteed mortgage-backed securities | 447 | 4,322 | 838 | 4,042 | 1,285 | 8,364 | |||||||||||||||||||||||||||||
Small Business Administration loan-backed securities | 8 | 101 | 21 | 524 | 29 | 625 | |||||||||||||||||||||||||||||
Municipal securities | 63 | 1,295 | 36 | 256 | 99 | 1,551 | |||||||||||||||||||||||||||||
Other | 2 | 13 | — | — | 2 | 13 | |||||||||||||||||||||||||||||
Total available-for-sale investment securities | $ | 653 | $ | 6,673 | $ | 972 | $ | 5,009 | $ | 1,625 | $ | 11,682 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(In millions) | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | |||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | $ | — | $ | 21 | $ | 134 | $ | 21 | $ | 134 | |||||||||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||||||||||||||
Agency securities | 1 | 121 | — | 1 | 1 | 122 | |||||||||||||||||||||||||||||
Agency guaranteed mortgage-backed securities | 231 | 13,574 | 39 | 942 | 270 | 14,516 | |||||||||||||||||||||||||||||
Small Business Administration loan-backed securities | — | 27 | 28 | 749 | 28 | 776 | |||||||||||||||||||||||||||||
Municipal securities | 4 | 327 | — | 8 | 4 | 335 | |||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total available-for-sale investment securities | $ | 236 | $ | 14,049 | $ | 88 | $ | 1,834 | $ | 324 | $ | 15,883 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Amortized cost basis by year acquired | |||||||||||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total Securities | ||||||||||||||||||||||||||||||||||
Held-to-maturity | $ | 2,386 | $ | 7,222 | $ | 1,121 | $ | 81 | $ | 72 | $ | 244 | $ | 11,126 | |||||||||||||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
(In millions) | Gross gains | Gross losses | Gross gains | Gross losses | Gross gains | Gross losses | |||||||||||||||||||||||||||||
Other noninterest-bearing investments | $ | 11 | $ | 26 | $ | 119 | $ | 48 | $ | 27 | $ | 20 | |||||||||||||||||||||||
Net gains (losses) 1 | $ | (15) | $ | 71 | $ | 7 | |||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Nontaxable | Total | Taxable | Nontaxable | Total | Taxable | Nontaxable | Total | |||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity | $ | 42 | $ | 4 | $ | 46 | $ | 10 | $ | 5 | $ | 15 | $ | 10 | $ | 10 | $ | 20 | |||||||||||||||||||||||||||||||||||
Available-for-sale | 411 | 40 | 451 | 256 | 29 | 285 | 252 | 25 | 277 | ||||||||||||||||||||||||||||||||||||||||||||
Trading | — | 15 | 15 | — | 11 | 11 | — | 7 | 7 | ||||||||||||||||||||||||||||||||||||||||||||
Total securities | $ | 453 | $ | 59 | $ | 512 | $ | 266 | $ | 45 | $ | 311 | $ | 262 | $ | 42 | $ | 304 |
December 31, | |||||||||||
(In millions) | 2022 | 2021 | |||||||||
Loans held for sale | $ | 8 | $ | 83 | |||||||
Commercial: | |||||||||||
Commercial and industrial | $ | 16,180 | $ | 13,867 | |||||||
PPP | 197 | 1,855 | |||||||||
Leasing | 386 | 327 | |||||||||
Owner-occupied | 9,371 | 8,733 | |||||||||
Municipal | 4,361 | 3,658 | |||||||||
Total commercial | 30,495 | 28,440 | |||||||||
Commercial real estate: | |||||||||||
Construction and land development | 2,513 | 2,757 | |||||||||
Term | 10,226 | 9,441 | |||||||||
Total commercial real estate | 12,739 | 12,198 | |||||||||
Consumer: | |||||||||||
Home equity credit line | 3,377 | 3,016 | |||||||||
1-4 family residential | 7,286 | 6,050 | |||||||||
Construction and other consumer real estate | 1,161 | 638 | |||||||||
Bankcard and other revolving plans | 471 | 396 | |||||||||
Other | 124 | 113 | |||||||||
Total consumer | 12,419 | 10,213 | |||||||||
Total loans and leases | $ | 55,653 | $ | 50,851 |
December 31, 2022 | |||||||||||||||||||||||
(In millions) | Commercial | Commercial real estate | Consumer | Total | |||||||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||||||
Balance at beginning of year | $ | 311 | $ | 107 | $ | 95 | $ | 513 | |||||||||||||||
Provision for loan losses | 29 | 49 | 23 | 101 | |||||||||||||||||||
Gross loan and lease charge-offs | 72 | — | 10 | 82 | |||||||||||||||||||
Recoveries | 32 | — | 11 | 43 | |||||||||||||||||||
Net loan and lease charge-offs (recoveries) | 40 | — | (1) | 39 | |||||||||||||||||||
Balance at end of year | $ | 300 | $ | 156 | $ | 119 | $ | 575 | |||||||||||||||
Reserve for unfunded lending commitments | |||||||||||||||||||||||
Balance at beginning of year | $ | 19 | $ | 11 | $ | 10 | $ | 40 | |||||||||||||||
Provision for unfunded lending commitments | (3) | 22 | 2 | 21 | |||||||||||||||||||
Balance at end of year | $ | 16 | $ | 33 | $ | 12 | $ | 61 | |||||||||||||||
Total allowance for credit losses | |||||||||||||||||||||||
Allowance for loan and lease losses | $ | 300 | $ | 156 | $ | 119 | $ | 575 | |||||||||||||||
Reserve for unfunded lending commitments | 16 | 33 | 12 | 61 | |||||||||||||||||||
Total allowance for credit losses | $ | 316 | $ | 189 | $ | 131 | $ | 636 |
December 31, 2021 | |||||||||||||||||||||||
(In millions) | Commercial | Commercial real estate | Consumer | Total | |||||||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||||||
Balance at beginning of year | $ | 464 | $ | 171 | $ | 142 | $ | 777 | |||||||||||||||
Provision for loan losses | (147) | (67) | (44) | (258) | |||||||||||||||||||
Gross loan and lease charge-offs | 35 | — | 13 | 48 | |||||||||||||||||||
Recoveries | 29 | 3 | 10 | 42 | |||||||||||||||||||
Net loan and lease charge-offs (recoveries) | 6 | (3) | 3 | 6 | |||||||||||||||||||
Balance at end of year | $ | 311 | $ | 107 | $ | 95 | $ | 513 | |||||||||||||||
Reserve for unfunded lending commitments | |||||||||||||||||||||||
Balance at beginning of year | $ | 30 | $ | 20 | $ | 8 | $ | 58 | |||||||||||||||
Provision for unfunded lending commitments | (11) | (9) | 2 | (18) | |||||||||||||||||||
Balance at end of year | $ | 19 | $ | 11 | $ | 10 | $ | 40 | |||||||||||||||
Total allowance for credit losses | |||||||||||||||||||||||
Allowance for loan and lease losses | $ | 311 | $ | 107 | $ | 95 | $ | 513 | |||||||||||||||
Reserve for unfunded lending commitments | 19 | 11 | 10 | 40 | |||||||||||||||||||
Total allowance for credit losses | $ | 330 | $ | 118 | $ | 105 | $ | 553 |
December 31, 2022 | |||||||||||||||||||||||
Amortized cost basis | Total amortized cost basis | ||||||||||||||||||||||
(In millions) | with no allowance | with allowance | Related allowance | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 4 | $ | 52 | $ | 56 | $ | 26 | |||||||||||||||
PPP | 4 | 3 | 7 | 1 | |||||||||||||||||||
Owner-occupied | 13 | 11 | 24 | 1 | |||||||||||||||||||
Total commercial | 21 | 66 | 87 | 28 | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Term | — | 14 | 14 | 2 | |||||||||||||||||||
Total commercial real estate | — | 14 | 14 | 2 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity credit line | 1 | 10 | 11 | 2 | |||||||||||||||||||
1-4 family residential | 9 | 28 | 37 | 3 | |||||||||||||||||||
Total consumer loans | 10 | 38 | 48 | 5 | |||||||||||||||||||
Total | $ | 31 | $ | 118 | $ | 149 | $ | 35 |
December 31, 2021 | |||||||||||||||||||||||
Amortized cost basis | Total amortized cost basis | ||||||||||||||||||||||
(In millions) | with no allowance | with allowance | Related allowance | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 30 | $ | 94 | $ | 124 | $ | 34 | |||||||||||||||
SBA PPP | 2 | 1 | 3 | — | |||||||||||||||||||
Owner-occupied | 37 | 20 | 57 | 3 | |||||||||||||||||||
Total commercial | 69 | 115 | 184 | 37 | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Term | 6 | 14 | 20 | 3 | |||||||||||||||||||
Total commercial real estate | 6 | 14 | 20 | 3 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity credit line | 4 | 10 | 14 | 2 | |||||||||||||||||||
1-4 family residential | 9 | 43 | 52 | 5 | |||||||||||||||||||
Bankcard and other revolving plans | — | 1 | 1 | 1 | |||||||||||||||||||
Total consumer loans | 13 | 54 | 67 | 8 | |||||||||||||||||||
Total | $ | 88 | $ | 183 | $ | 271 | $ | 48 |
Twelve Months Ended December 31, | |||||||||||||||||
(In millions) | 2022 | 2021 | 2020 | ||||||||||||||
Commercial | $ | 12 | $ | 15 | $ | 16 | |||||||||||
Commercial real estate | 1 | 2 | 2 | ||||||||||||||
Consumer | — | — | 1 | ||||||||||||||
Total | $ | 13 | $ | 17 | $ | 19 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
(In millions) | Current | 30-89 days past due | 90+ days past due | Total past due | Total loans | Accruing loans 90+ days past due | Nonaccrual loans that are current1 | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 16,148 | $ | 18 | $ | 14 | $ | 32 | $ | 16,180 | $ | 2 | $ | 44 | |||||||||||||||||||||||||||
PPP | 183 | 6 | 8 | 14 | 197 | 2 | 1 | ||||||||||||||||||||||||||||||||||
Leasing | 386 | — | — | — | 386 | — | — | ||||||||||||||||||||||||||||||||||
Owner-occupied | 9,344 | 20 | 7 | 27 | 9,371 | 1 | 15 | ||||||||||||||||||||||||||||||||||
Municipal | 4,361 | — | — | — | 4,361 | — | — | ||||||||||||||||||||||||||||||||||
Total commercial | 30,422 | 44 | 29 | 73 | 30,495 | 5 | 60 | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Construction and land development | 2,511 | 2 | — | 2 | 2,513 | — | — | ||||||||||||||||||||||||||||||||||
Term | 10,179 | 37 | 10 | 47 | 10,226 | — | 4 | ||||||||||||||||||||||||||||||||||
Total commercial real estate | 12,690 | 39 | 10 | 49 | 12,739 | — | 4 | ||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Home equity credit line | 3,369 | 5 | 3 | 8 | 3,377 | — | 6 | ||||||||||||||||||||||||||||||||||
1-4 family residential | 7,258 | 9 | 19 | 28 | 7,286 | — | 16 | ||||||||||||||||||||||||||||||||||
Construction and other consumer real estate | 1,161 | — | — | — | 1,161 | — | |||||||||||||||||||||||||||||||||||
Bankcard and other revolving plans | 467 | 3 | 1 | 4 | 471 | 1 | — | ||||||||||||||||||||||||||||||||||
Other | 124 | — | — | — | 124 | — | — | ||||||||||||||||||||||||||||||||||
Total consumer loans | 12,379 | 17 | 23 | 40 | 12,419 | 1 | 22 | ||||||||||||||||||||||||||||||||||
Total | $ | 55,491 | $ | 100 | $ | 62 | $ | 162 | $ | 55,653 | $ | 6 | $ | 86 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
(In millions) | Current | 30-89 days past due | 90+ days past due | Total past due | Total loans | Accruing loans 90+ days past due | Nonaccrual loans that are current1 | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 13,822 | $ | 17 | $ | 28 | $ | 45 | $ | 13,867 | $ | 2 | $ | 91 | |||||||||||||||||||||||||||
PPP | 1,813 | 35 | 7 | 42 | 1,855 | 5 | — | ||||||||||||||||||||||||||||||||||
Leasing | 327 | — | — | — | 327 | — | — | ||||||||||||||||||||||||||||||||||
Owner-occupied | 8,712 | 7 | 14 | 21 | 8,733 | — | 42 | ||||||||||||||||||||||||||||||||||
Municipal | 3,658 | — | — | — | 3,658 | — | — | ||||||||||||||||||||||||||||||||||
Total commercial | 28,332 | 59 | 49 | 108 | 28,440 | 7 | 133 | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Construction and land development | 2,757 | — | — | — | 2,757 | — | — | ||||||||||||||||||||||||||||||||||
Term | 9,426 | 10 | 5 | 15 | 9,441 | — | 15 | ||||||||||||||||||||||||||||||||||
Total commercial real estate | 12,183 | 10 | 5 | 15 | 12,198 | — | 15 | ||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Home equity credit line | 3,008 | 4 | 4 | 8 | 3,016 | — | 10 | ||||||||||||||||||||||||||||||||||
1-4 family residential | 6,018 | 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 | — | ||||||||||||||||||||||||||||||||||
Other | 112 | 1 | — | 1 | 113 | — | — | ||||||||||||||||||||||||||||||||||
Total consumer loans | 10,169 | 13 | 31 | 44 | 10,213 | 1 | 34 | ||||||||||||||||||||||||||||||||||
Total | $ | 50,684 | $ | 82 | $ | 85 | $ | 167 | $ | 50,851 | $ | 8 | $ | 182 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Term Loans | Revolving loans amortized cost basis | Revolving loans converted to term loans amortized cost basis | ||||||||||||||||||||||||||||||
Amortized cost basis by year of origination | ||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total loans | |||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Pass | $ | 3,363 | $ | 1,799 | $ | 864 | $ | 876 | $ | 293 | $ | 264 | $ | 8,054 | $ | 182 | $ | 15,695 | ||||||||||||||
Special Mention | 1 | 2 | 10 | 52 | 1 | 2 | 50 | — | 118 | |||||||||||||||||||||||
Accruing Substandard | 26 | 7 | 17 | 78 | 30 | 67 | 84 | 2 | 311 | |||||||||||||||||||||||
Nonaccrual | — | 6 | — | 11 | 1 | 2 | 32 | 4 | 56 | |||||||||||||||||||||||
Total commercial and industrial | 3,390 | 1,814 | 891 | 1,017 | 325 | 335 | 8,220 | 188 | 16,180 | |||||||||||||||||||||||
PPP | ||||||||||||||||||||||||||||||||
Pass | — | 75 | 115 | — | — | — | — | — | 190 | |||||||||||||||||||||||
Nonaccrual | — | 2 | 5 | — | — | — | — | — | 7 | |||||||||||||||||||||||
Total PPP | — | 77 | 120 | — | — | — | — | — | 197 | |||||||||||||||||||||||
Leasing | ||||||||||||||||||||||||||||||||
Pass | 160 | 71 | 47 | 66 | 18 | 19 | — | — | 381 | |||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Accruing Substandard | — | — | — | — | — | 5 | — | — | 5 | |||||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total leasing | 160 | 71 | 47 | 66 | 18 | 24 | — | — | 386 | |||||||||||||||||||||||
Owner-occupied | ||||||||||||||||||||||||||||||||
Pass | 2,157 | 2,285 | 1,143 | 874 | 654 | 1,679 | 187 | 74 | 9,053 | |||||||||||||||||||||||
Special Mention | 1 | 15 | 5 | 8 | 3 | 16 | 1 | — | 49 | |||||||||||||||||||||||
Accruing Substandard | 16 | 33 | 48 | 20 | 55 | 64 | 9 | — | 245 | |||||||||||||||||||||||
Nonaccrual | 1 | 1 | 2 | 4 | 5 | 10 | 1 | — | 24 | |||||||||||||||||||||||
Total owner-occupied | 2,175 | 2,334 | 1,198 | 906 | 717 | 1,769 | 198 | 74 | 9,371 | |||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||
Pass | 1,230 | 1,220 | 816 | 441 | 168 | 437 | 8 | — | 4,320 | |||||||||||||||||||||||
Special Mention | 32 | 6 | — | — | — | — | — | — | 38 | |||||||||||||||||||||||
Accruing Substandard | — | — | — | — | — | 3 | — | — | 3 | |||||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total municipal | 1,262 | 1,226 | 816 | 441 | 168 | 440 | 8 | — | 4,361 | |||||||||||||||||||||||
Total commercial | 6,987 | 5,522 | 3,072 | 2,430 | 1,228 | 2,568 | 8,426 | 262 | 30,495 | |||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | ||||||||||||||||||||||||||||||||
Pass | 548 | 671 | 455 | 81 | 2 | 2 | 617 | 96 | 2,472 | |||||||||||||||||||||||
Special Mention | 1 | 1 | — | — | — | — | — | — | 2 | |||||||||||||||||||||||
Accruing Substandard | 17 | — | — | 22 | — | — | — | — | 39 | |||||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total construction and land development | 566 | 672 | 455 | 103 | 2 | 2 | 617 | 96 | 2,513 | |||||||||||||||||||||||
Term | ||||||||||||||||||||||||||||||||
Pass | 2,861 | 2,107 | 1,686 | 1,012 | 666 | 1,229 | 276 | 112 | 9,949 | |||||||||||||||||||||||
Special Mention | 39 | 21 | 11 | — | 4 | 1 | — | — | 76 | |||||||||||||||||||||||
Accruing Substandard | 42 | 2 | 34 | 21 | 53 | 35 | — | — | 187 | |||||||||||||||||||||||
Nonaccrual | — | — | — | 4 | 1 | 9 | — | — | 14 | |||||||||||||||||||||||
Total term | 2,942 | 2,130 | 1,731 | 1,037 | 724 | 1,274 | 276 | 112 | 10,226 | |||||||||||||||||||||||
Total commercial real estate | 3,508 | 2,802 | 2,186 | 1,140 | 726 | 1,276 | 893 | 208 | 12,739 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Term Loans | Revolving loans amortized cost basis | Revolving loans converted to term loans amortized cost basis | ||||||||||||||||||||||||||||||
Amortized cost basis by year of origination | ||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total loans | |||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Home equity credit line | ||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 3,265 | 98 | 3,363 | |||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Accruing Substandard | — | — | — | — | — | — | 3 | — | 3 | |||||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | 8 | 3 | 11 | |||||||||||||||||||||||
Total home equity credit line | — | — | — | — | — | — | 3,276 | 101 | 3,377 | |||||||||||||||||||||||
1-4 family residential | ||||||||||||||||||||||||||||||||
Pass | 1,913 | 1,503 | 1,024 | 638 | 381 | 1,788 | — | — | 7,247 | |||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Accruing Substandard | — | — | — | — | — | 2 | — | — | 2 | |||||||||||||||||||||||
Nonaccrual | — | 2 | 2 | 4 | 3 | 26 | — | — | 37 | |||||||||||||||||||||||
Total 1-4 family residential | 1,913 | 1,505 | 1,026 | 642 | 384 | 1,816 | — | — | 7,286 | |||||||||||||||||||||||
Construction and other consumer real estate | ||||||||||||||||||||||||||||||||
Pass | 583 | 485 | 64 | 19 | 5 | 5 | — | — | 1,161 | |||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Accruing Substandard | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total construction and other consumer real estate | 583 | 485 | 64 | 19 | 5 | 5 | — | — | 1,161 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Pass | 68 | 30 | 12 | 8 | 4 | 2 | — | — | 124 | |||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Accruing Substandard | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total other consumer | 68 | 30 | 12 | 8 | 4 | 2 | — | — | 124 | |||||||||||||||||||||||
Total consumer | 2,564 | 2,020 | 1,102 | 669 | 393 | 1,823 | 3,745 | 103 | 12,419 | |||||||||||||||||||||||
Total loans | $ | 13,059 | $ | 10,344 | $ | 6,360 | $ | 4,239 | $ | 2,347 | $ | 5,667 | $ | 13,064 | $ | 573 | $ | 55,653 |
December 31, 2021 | ||||||||||||||||||||||||||||||||
Term Loans | Revolving loans amortized cost basis | Revolving loans converted to term loans amortized cost basis | ||||||||||||||||||||||||||||||
Amortized cost basis by year of origination | ||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total loans | |||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Pass | $ | 2,561 | $ | 1,309 | $ | 1,179 | $ | 748 | $ | 354 | $ | 239 | $ | 6,594 | $ | 121 | $ | 13,105 | ||||||||||||||
Special Mention | 4 | 17 | 9 | 12 | 1 | 3 | 128 | 1 | 175 | |||||||||||||||||||||||
Accruing Substandard | 28 | 22 | 99 | 53 | 31 | 65 | 162 | 3 | 463 | |||||||||||||||||||||||
Nonaccrual | 14 | 10 | 6 | 3 | 1 | 21 | 51 | 18 | 124 | |||||||||||||||||||||||
Total commercial and industrial | 2,607 | 1,358 | 1,293 | 816 | 387 | 328 | 6,935 | 143 | 13,867 | |||||||||||||||||||||||
PPP | ||||||||||||||||||||||||||||||||
Pass | 1,317 | 535 | — | — | — | — | — | — | 1,852 | |||||||||||||||||||||||
Nonaccrual | — | 3 | — | — | — | — | — | — | 3 | |||||||||||||||||||||||
Total PPP | 1,317 | 538 | — | — | — | — | — | — | 1,855 | |||||||||||||||||||||||
Leasing | ||||||||||||||||||||||||||||||||
Pass | 46 | 74 | 70 | 64 | 42 | 19 | — | — | 315 | |||||||||||||||||||||||
Special Mention | — | 1 | 4 | 1 | 1 | — | — | — | 7 | |||||||||||||||||||||||
Accruing Substandard | — | — | — | — | — | 5 | — | — | 5 | |||||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total leasing | 46 | 75 | 74 | 65 | 43 | 24 | — | — | 327 | |||||||||||||||||||||||
Owner-occupied | ||||||||||||||||||||||||||||||||
Pass | 2,420 | 1,366 | 1,028 | 868 | 695 | 1,663 | 177 | 69 | 8,286 | |||||||||||||||||||||||
Special Mention | 10 | 13 | 19 | 32 | 18 | 50 | 3 | 3 | 148 | |||||||||||||||||||||||
Accruing Substandard | 14 | 24 | 41 | 47 | 24 | 79 | 13 | — | 242 | |||||||||||||||||||||||
Nonaccrual | — | 4 | 14 | 9 | 9 | 20 | 1 | — | 57 | |||||||||||||||||||||||
Total owner-occupied | 2,444 | 1,407 | 1,102 | 956 | 746 | 1,812 | 194 | 72 | 8,733 | |||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||
Pass | 1,303 | 963 | 553 | 250 | 327 | 220 | 3 | — | 3,619 | |||||||||||||||||||||||
Special Mention | — | — | — | — | — | 25 | — | — | 25 | |||||||||||||||||||||||
Accruing Substandard | — | 9 | — | — | — | 5 | — | — | 14 | |||||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total municipal | 1,303 | 972 | 553 | 250 | 327 | 250 | 3 | — | 3,658 | |||||||||||||||||||||||
Total commercial | 7,717 | 4,350 | 3,022 | 2,087 | 1,503 | 2,414 | 7,132 | 215 | 28,440 | |||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and land development | ||||||||||||||||||||||||||||||||
Pass | 640 | 736 | 515 | 94 | 24 | 2 | 650 | 64 | 2,725 | |||||||||||||||||||||||
Special Mention | — | — | 1 | — | — | — | — | — | 1 | |||||||||||||||||||||||
Accruing Substandard | — | 3 | 28 | — | — | — | — | — | 31 | |||||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total construction and land development | 640 | 739 | 544 | 94 | 24 | 2 | 650 | 64 | 2,757 | |||||||||||||||||||||||
Term | ||||||||||||||||||||||||||||||||
Pass | 2,407 | 1,765 | 1,491 | 1,066 | 529 | 1,401 | 239 | 179 | 9,077 | |||||||||||||||||||||||
Special Mention | 22 | 39 | 10 | 17 | 8 | 25 | — | 4 | 125 | |||||||||||||||||||||||
Accruing Substandard | 9 | 9 | 44 | 77 | 14 | 64 | — | 2 | 219 | |||||||||||||||||||||||
Nonaccrual | — | 1 | 5 | 1 | — | 13 | — | — | 20 | |||||||||||||||||||||||
Total term | 2,438 | 1,814 | 1,550 | 1,161 | 551 | 1,503 | 239 | 185 | 9,441 | |||||||||||||||||||||||
Total commercial real estate | 3,078 | 2,553 | 2,094 | 1,255 | 575 | 1,505 | 889 | 249 | 12,198 |
December 31, 2021 | ||||||||||||||||||||||||||||||||
Term Loans | Revolving loans amortized cost basis | Revolving loans converted to term loans amortized cost basis | ||||||||||||||||||||||||||||||
Amortized cost basis by year of origination | ||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total 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 | ||||||||||||||||||||||||||||||||
Pass | 1,391 | 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 residential | 1,391 | 1,024 | 732 | 487 | 690 | 1,726 | — | — | 6,050 | |||||||||||||||||||||||
Construction and other consumer real estate | ||||||||||||||||||||||||||||||||
Pass | 295 | 232 | 73 | 27 | 4 | 7 | — | — | 638 | |||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Accruing Substandard | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total construction and other consumer real estate | 295 | 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 | ||||||||||||||||||||||||||||||||
Pass | 58 | 23 | 17 | 9 | 4 | 2 | — | — | 113 | |||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Accruing Substandard | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total other consumer | 58 | 23 | 17 | 9 | 4 | 2 | — | — | 113 | |||||||||||||||||||||||
Total consumer | 1,744 | 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 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Amortized cost basis resulting from the following modification types: | |||||||||||||||||||||||||||||||||||||||||
(In millions) | Interest rate below market | Maturity or term extension | Principal forgiveness | Payment deferral | Other1 | Multiple modification types2 | Total | ||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1 | $ | 12 | $ | — | $ | — | $ | 9 | $ | 28 | $ | 50 | |||||||||||||||||||||||||||
Owner-occupied | — | 1 | — | 2 | 13 | 12 | 28 | ||||||||||||||||||||||||||||||||||
Municipal | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total commercial | 1 | 13 | — | 2 | 22 | 40 | 78 | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Construction and land development | — | — | — | — | — | 8 | 8 | ||||||||||||||||||||||||||||||||||
Term | 1 | 27 | — | 27 | 28 | 1 | 84 | ||||||||||||||||||||||||||||||||||
Total commercial real estate | 1 | 27 | — | 27 | 28 | 9 | 92 | ||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Home equity credit line | — | 1 | 4 | — | — | 1 | 6 | ||||||||||||||||||||||||||||||||||
1-4 family residential | 2 | 1 | 2 | — | 1 | 15 | 21 | ||||||||||||||||||||||||||||||||||
Total consumer loans | 2 | 2 | 6 | — | 1 | 16 | 27 | ||||||||||||||||||||||||||||||||||
Total accruing | $ | 4 | $ | 42 | $ | 6 | $ | 29 | $ | 51 | $ | 65 | $ | 197 | |||||||||||||||||||||||||||
Nonaccruing | |||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | — | $ | 3 | $ | 9 | $ | 3 | $ | 15 | |||||||||||||||||||||||||||
Owner-occupied | 4 | — | — | — | — | 4 | 8 | ||||||||||||||||||||||||||||||||||
Total commercial | 4 | — | — | 3 | 9 | 7 | 23 | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Term | — | 10 | — | — | — | — | 10 | ||||||||||||||||||||||||||||||||||
Total commercial real estate | — | 10 | — | — | — | — | 10 | ||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Home equity credit line | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||
1-4 family residential | — | 1 | — | — | 1 | 2 | 4 | ||||||||||||||||||||||||||||||||||
Total consumer loans | — | 1 | 1 | — | 1 | 2 | 5 | ||||||||||||||||||||||||||||||||||
Total nonaccruing | 4 | 11 | 1 | 3 | 10 | 9 | 38 | ||||||||||||||||||||||||||||||||||
Total | $ | 8 | $ | 53 | $ | 7 | $ | 32 | $ | 61 | $ | 74 | $ | 235 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Amortized cost basis resulting from the following modification types: | |||||||||||||||||||||||||||||||||||||||||
(In millions) | Interest rate below market | Maturity or term extension | Principal forgiveness | Payment deferral | Other1 | Multiple modification types2 | Total | ||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 19 | $ | 1 | $ | — | $ | — | $ | 4 | $ | 7 | $ | 31 | |||||||||||||||||||||||||||
Owner-occupied | 5 | 4 | — | 8 | 14 | 12 | 43 | ||||||||||||||||||||||||||||||||||
Municipal | — | 10 | — | — | — | — | 10 | ||||||||||||||||||||||||||||||||||
Total commercial | 24 | 15 | — | 8 | 18 | 19 | 84 | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Term | 1 | 29 | — | 27 | 41 | 8 | 106 | ||||||||||||||||||||||||||||||||||
Total commercial real estate | 1 | 29 | — | 27 | 41 | 8 | 106 | ||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Home equity credit line | — | 1 | 5 | — | — | 2 | 8 | ||||||||||||||||||||||||||||||||||
1-4 family residential | 5 | 1 | 2 | — | 1 | 14 | 23 | ||||||||||||||||||||||||||||||||||
Total consumer loans | 5 | 2 | 7 | — | 1 | 16 | 31 | ||||||||||||||||||||||||||||||||||
Total accruing | $ | 30 | $ | 46 | $ | 7 | $ | 35 | $ | 60 | $ | 43 | $ | 221 | |||||||||||||||||||||||||||
Nonaccruing | |||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1 | $ | 4 | $ | — | $ | 2 | $ | 8 | $ | 49 | $ | 64 | |||||||||||||||||||||||||||
Owner-occupied | 5 | — | — | 2 | — | 13 | 20 | ||||||||||||||||||||||||||||||||||
Total commercial | 6 | 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 nonaccruing | 6 | 5 | 1 | 15 | 13 | 65 | 105 | ||||||||||||||||||||||||||||||||||
Total | $ | 36 | $ | 51 | $ | 8 | $ | 50 | $ | 73 | $ | 108 | $ | 326 |
December 31, 2022 | |||||||||||||||||
(In millions) | Amortized Cost | Major Types of Collateral | Weighted Average LTV1 | ||||||||||||||
Commercial: | |||||||||||||||||
Owner-occupied | $ | 2 | Land, Warehouse | 29% | |||||||||||||
Commercial real estate: | |||||||||||||||||
Term | 1 | Multi-family | 55% | ||||||||||||||
Consumer: | |||||||||||||||||
Home equity credit line | 1 | Single family residential | 13% | ||||||||||||||
1-4 family residential | 3 | Single family residential | 41% | ||||||||||||||
Total | $ | 7 |
December 31, 2021 | |||||||||||||||||
(In millions) | Amortized Cost | Major Types of Collateral | Weighted Average LTV1 | ||||||||||||||
Commercial: | |||||||||||||||||
Commercial and industrial | $ | 27 | Corporate assets, Single family residential | 55% | |||||||||||||
Owner-occupied | 11 | Office building | 40% | ||||||||||||||
Commercial real estate: | |||||||||||||||||
Term | 2 | Multi-family, Retail | 28% | ||||||||||||||
Consumer: | |||||||||||||||||
Home equity credit line | 5 | Single family residential | 45% | ||||||||||||||
1-4 family residential | 2 | Single family residential | 35% | ||||||||||||||
Total | $ | 47 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Notional amount | Fair value | Notional amount | Fair value | ||||||||||||||||||||||||||||||||
(In millions) | Other assets | Other liabilities | Other assets | Other liabilities | |||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Cash flow hedges of floating-rate assets: | |||||||||||||||||||||||||||||||||||
Purchased interest rate floors | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Receive-fixed interest rate swaps | 7,633 | — | 1 | 6,883 | — | — | |||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||||||||
Debt hedges: Receive-fixed interest rate swaps | 500 | — | — | 500 | — | — | |||||||||||||||||||||||||||||
Asset hedges: Pay-fixed interest rate swaps 1 | 1,228 | 84 | — | 479 | 10 | — | |||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | 9,361 | 84 | 1 | 7,862 | 10 | — | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Customer interest rate derivatives 2 | 13,670 | 296 | 443 | 13,174 | 200 | 48 | |||||||||||||||||||||||||||||
Other interest rate derivatives | 862 | — | — | 1,286 | 6 | 1 | |||||||||||||||||||||||||||||
Foreign exchange derivatives | 605 | 6 | 7 | 288 | 3 | 2 | |||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 15,137 | 302 | 450 | 14,748 | 209 | 51 | |||||||||||||||||||||||||||||
Total derivatives | $ | 24,498 | $ | 386 | $ | 451 | $ | 22,610 | $ | 219 | $ | 51 |
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||
(In millions) | Effective portion of derivative gain/(loss) deferred in AOCI | Excluded components deferred in AOCI (amortization approach) | Amount of gain/(loss) reclassified from AOCI into income | Interest on fair value hedges | Hedge ineffectiveness / AOCI reclass due to missed forecast | ||||||||||||||||||||||||
Cash flow hedges of floating-rate assets: 1 | |||||||||||||||||||||||||||||
Purchased interest rate floors | $ | — | $ | — | $ | 2 | $ | — | $ | — | |||||||||||||||||||
Interest rate swaps | (437) | — | (29) | — | — | ||||||||||||||||||||||||
Fair value hedges of liabilities: | |||||||||||||||||||||||||||||
Receive-fixed interest rate swaps | — | — | — | (1) | — | ||||||||||||||||||||||||
Basis amortization on terminated hedges 2, 3 | — | — | — | 1 | — | ||||||||||||||||||||||||
Fair value hedges of assets: | |||||||||||||||||||||||||||||
Pay-fixed interest rate swaps | — | — | — | 4 | (1) | ||||||||||||||||||||||||
Basis amortization on terminated hedges 2, 3 | — | — | — | — | — | ||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | (437) | $ | — | $ | (27) | $ | 4 | $ | (1) |
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||
(In millions) | Effective portion of derivative gain/(loss) deferred in AOCI | Excluded components deferred in AOCI (amortization approach) | Amount of gain/(loss) reclassified from AOCI into income | Interest on fair value hedges | Hedge ineffectiveness / AOCI reclass due to missed forecast | ||||||||||||||||||||||||
Cash flow hedges of floating-rate assets: 1 | |||||||||||||||||||||||||||||
Purchased interest rate floors | $ | — | $ | — | $ | 11 | $ | — | $ | — | |||||||||||||||||||
Interest rate swaps | (34) | — | 51 | — | — | ||||||||||||||||||||||||
Fair value hedges of liabilities: | |||||||||||||||||||||||||||||
Receive-fixed interest rate swaps | — | — | — | 8 | — | ||||||||||||||||||||||||
Basis amortization on terminated hedges 2, 3 | — | — | — | 10 | — | ||||||||||||||||||||||||
Fair value hedges of assets: | |||||||||||||||||||||||||||||
Pay-fixed interest rate swaps | — | — | — | (3) | — | ||||||||||||||||||||||||
Basis amortization on terminated hedges 2, 3 | — | — | — | — | — | ||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | (34) | $ | — | $ | 62 | $ | 15 | $ | — |
Other Noninterest Income/(Expense) | |||||||||||
(In millions) | 2022 | 2021 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Customer interest rate derivatives | $ | 43 | $ | 34 | |||||||
Other interest rate derivatives | — | (12) | |||||||||
Foreign exchange derivatives | 29 | 27 | |||||||||
Total derivatives not designated as hedging instruments | $ | 72 | $ | 49 |
Gain/(loss) recorded in income | |||||||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2022 | Twelve Months Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
(In millions) | Derivatives 2 | Hedged items | Total income statement impact | Derivatives 2 | Hedged items | Total income statement impact | |||||||||||||||||||||||||||||
Debt: Receive-fixed interest rate swaps 1,2 | $ | (79) | $ | 79 | $ | — | $ | (30) | $ | 30 | $ | — | |||||||||||||||||||||||
Assets: Pay-fixed interest rate swaps 1,2 | 224 | (225) | (1) | 23 | (23) | — |
Par value of hedged assets/(liabilities) | Carrying amount of the hedged assets/(liabilities) | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) | |||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Long-term fixed-rate debt 1,2 | $ | (500) | $ | (500) | $ | (435) | $ | (507) | $ | 65 | $ | (7) | |||||||||||||||||||||||
Fixed-rate AFS securities 1,2 | 1,228 | 479 | 962 | 435 | (266) | (44) |
December 31, | |||||||||||
(Dollar amounts in millions) | 2022 | 2021 | |||||||||
Operating leases | |||||||||||
ROU assets, net of amortization | $ | 173 | $ | 195 | |||||||
Lease liabilities | 198 | 222 | |||||||||
Finance leases | |||||||||||
ROU assets, net of amortization | 4 | 4 | |||||||||
Lease liabilities | 4 | 4 | |||||||||
Weighted average remaining lease term (years) | |||||||||||
Operating leases | 8.4 | 8.5 | |||||||||
Finance leases | 17.4 | 18.3 | |||||||||
Weighted average discount rate | |||||||||||
Operating leases | 2.9 | % | 2.8 | % | |||||||
Finance leases | 3.1 | % | 3.1 | % |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2022 | 2021 | 2020 | ||||||||||||||
Lease expense: | |||||||||||||||||
Operating lease expense | $ | 46 | $ | 47 | $ | 49 | |||||||||||
Other expenses associated with operating leases 1 | 51 | 50 | 49 | ||||||||||||||
Total lease expense | $ | 97 | $ | 97 | 98 | ||||||||||||
Related cash disbursements for operating leases | $ | 50 | $ | 50 | $ | 51 |
(In millions) | Total undiscounted lease payments | ||||
2023 | $ | 47 | |||
2024 | 39 | ||||
2025 | 29 | ||||
2026 | 24 | ||||
2027 | 15 | ||||
Thereafter | 75 | ||||
Total | $ | 229 |
(In millions) | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Land | $ | 264 | $ | 265 | |||||||
Buildings | 943 | 868 | |||||||||
Furniture and equipment | 346 | 378 | |||||||||
Leasehold improvements | 151 | 168 | |||||||||
Software | 730 | 664 | |||||||||
Total premises, equipment, and software 1 | 2,434 | 2,343 | |||||||||
Less accumulated depreciation and amortization | 1,026 | 1,024 | |||||||||
Net book value | $ | 1,408 | $ | 1,319 |
December 31, | |||||||||||
(In millions) | 2022 | 2021 | |||||||||
Goodwill: | |||||||||||
Amegy | $ | 615 | $ | 615 | |||||||
CB&T | 379 | 379 | |||||||||
Zions Bank | 20 | 20 | |||||||||
Nevada State Bank | 13 | — | |||||||||
Total goodwill | $ | 1,027 | $ | 1,014 | |||||||
Core deposits and other intangibles, net of accumulated amortization | 38 | 1 | |||||||||
Total goodwill and intangibles | $ | 1,065 | $ | 1,015 |
December 31, | |||||||||||
(Dollar amounts in millions) | 2022 | 2021 | |||||||||
Noninterest-bearing demand | $ | 35,777 | $ | 41,053 | |||||||
Interest-bearing: | |||||||||||
Savings and money market | 33,566 | 40,114 | |||||||||
Time | 2,309 | 1,622 | |||||||||
Total deposits | $ | 71,652 | $ | 82,789 |
(In millions) | Amount | ||||
2023 | $ | 2,038 | |||
2024 | 145 | ||||
2025 | 64 | ||||
2026 | 36 | ||||
2027 | 25 | ||||
Thereafter | 1 | ||||
Total | $ | 2,309 |
(In millions) | December 31, 2022 | ||||
Three months or less | $ | 106 | |||
After three months through six months | 87 | ||||
After six months through twelve months | 263 | ||||
After twelve months | 71 | ||||
Total | $ | 527 |
(Dollar amounts in millions) | 2022 | 2021 | |||||||||
Federal Home Loan Bank advances | |||||||||||
Average amount outstanding | $ | 1,257 | $ | — | |||||||
Average rate | 3.67 | % | — | % | |||||||
Highest month-end balance | $ | 7,100 | $ | — | |||||||
Year-end balance | 7,100 | — | |||||||||
Average rate on outstanding advances at year-end | 4.43 | % | — | % | |||||||
Other short-term borrowings, year-end balances | |||||||||||
Federal funds purchased | $ | 232 | $ | 421 | |||||||
Security repurchase agreements | 2,898 | 228 | |||||||||
Securities sold, not yet purchased | 187 | 254 | |||||||||
Total federal funds and other short-term borrowings | $ | 10,417 | $ | 903 |
December 31, | |||||||||||
(In millions) | 2022 | 2021 | |||||||||
Subordinated notes | $ | 519 | $ | 590 | |||||||
Senior notes | 128 | 418 | |||||||||
Finance lease obligations | 4 | 4 | |||||||||
Total | $ | 651 | $ | 1,012 |
(Dollar amounts in millions) | Subordinated notes | |||||||||||||||||||
Coupon rate | Balance | Par amount | Maturity | |||||||||||||||||
6.95% | $ | 88 | $ | 88 | September 2028 | |||||||||||||||
3.25% | 431 | 500 | October 2029 | |||||||||||||||||
Total | $ | 519 | $ | 588 |
(Dollar amounts in millions) | Senior notes | |||||||||||||||||||
Coupon rate | Balance | Par amount | Maturity | |||||||||||||||||
4.50% | $ | 128 | $ | 128 | June 2023 | |||||||||||||||
(In millions) | Amount 1 | ||||
2023 | $ | 128 | |||
2024 | — | ||||
2025 | — | ||||
2026 | — | ||||
2027 | — | ||||
Thereafter | 587 | ||||
Total | $ | 715 |
(Dollar amounts in millions) | Carrying value at December 31, | Shares at December 31, 2022 | Dividends payable | Earliest redemption date | Rate following earliest redemption date | Dividends payable after rate change | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Authorized | Outstanding | Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
(when applicable) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | $ | 67 | $ | 67 | 140,000 | 66,139 | > of 4.0% or 3mL+0.52% | Qtrly Mar, Jun, Sep, Dec | Dec 15, 2011 | ||||||||||||||||||||||||||||||||||||||||||||
Series G | 138 | 138 | 200,000 | 138,390 | 6.3% | Qtrly Mar, Jun, Sep, Dec | Mar 15, 2023 | annual float-ing rate = 3mL+4.24% | |||||||||||||||||||||||||||||||||||||||||||||
Series I | 99 | 99 | 300,893 | 98,555 | 5.8% | Semi-annually Jun, Dec | Jun 15, 2023 | annual float-ing rate = 3mL+3.8% | Qtrly Mar, Jun, Sep, Dec | ||||||||||||||||||||||||||||||||||||||||||||
Series J | 136 | 136 | 195,152 | 136,368 | 7.2% | Semi-annually Mar, Sep | Sep 15, 2023 | annual float-ing rate = 3mL+4.44% | Qtrly Mar, Jun, Sep, Dec | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 440 | $ | 440 |
(In millions) | Net unrealized gains (losses) on investment securities | Net unrealized gains (losses) on derivatives and other | Pension and post-retirement | Total | |||||||||||||||||||
2022 | |||||||||||||||||||||||
Balance at December 31, 2021 | $ | (78) | $ | — | $ | (2) | $ | (80) | |||||||||||||||
Other comprehensive loss before reclassifications, net of tax | (2,722) | (332) | 1 | (3,053) | |||||||||||||||||||
Amounts reclassified from AOCI, net of tax | — | 21 | — | 21 | |||||||||||||||||||
Other comprehensive loss | (2,722) | (311) | 1 | (3,032) | |||||||||||||||||||
Balance at December 31, 2022 | $ | (2,800) | $ | (311) | $ | (1) | $ | (3,112) | |||||||||||||||
Income tax benefit included in other comprehensive loss | $ | (888) | $ | (101) | $ | — | $ | (989) | |||||||||||||||
2021 | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | 258 | $ | 69 | $ | (2) | $ | 325 | |||||||||||||||
Other comprehensive loss before reclassifications, net of tax | (336) | (23) | — | (359) | |||||||||||||||||||
Amounts reclassified from AOCI, net of tax | — | (46) | — | (46) | |||||||||||||||||||
Other comprehensive loss | (336) | (69) | — | (405) | |||||||||||||||||||
Balance at December 31, 2021 | $ | (78) | $ | — | $ | (2) | $ | (80) | |||||||||||||||
Income tax benefit included in other comprehensive loss | $ | (109) | $ | (22) | $ | — | $ | (131) |
Statement of Income (SI) | ||||||||||||||||||||||||||||||||
(In millions) | Amounts reclassified from AOCI 1 | |||||||||||||||||||||||||||||||
Details about AOCI components | 2022 | 2021 | 2020 | Affected line item | ||||||||||||||||||||||||||||
Net unrealized gains (losses) on derivative instruments | $ | (27) | $ | 61 | $ | 47 | SI | Interest and fees on loans | ||||||||||||||||||||||||
Income tax expense (benefit) | (6) | 15 | 11 | |||||||||||||||||||||||||||||
$ | (21) | $ | 46 | $ | 36 | |||||||||||||||||||||||||||
Amortization of net actuarial loss 2 | $ | — | $ | — | $ | (28) | SI | Other noninterest expense | ||||||||||||||||||||||||
Income tax expense (benefit) | — | — | (7) | |||||||||||||||||||||||||||||
$ | — | $ | — | $ | (21) |
(Dollar amounts in millions) | December 31, 2022 | To be well-capitalized | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Basel III Regulatory Capital Amounts and Ratios | |||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | $ | 6,481 | 9.8 | % | $ | 4,297 | 6.5 | % | |||||||||||||||
Tier 1 capital (to risk-weighted assets) | 6,921 | 10.5 | 5,289 | 8.0 | |||||||||||||||||||
Total capital (to risk-weighted assets) | 8,077 | 12.2 | 6,611 | 10.0 | |||||||||||||||||||
Tier 1 leverage ratio | 6,921 | 7.7 | 4,472 | 5.0 |
December 31, 2021 | To be well-capitalized | ||||||||||||||||||||||
(Dollar amounts in millions) | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Basel III Regulatory Capital Amounts and Ratios | |||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | $ | 6,068 | 10.2 | % | $ | 3,874 | 6.5 | % | |||||||||||||||
Tier 1 capital (to risk-weighted assets) | 6,508 | 10.9 | 4,768 | 8.0 | |||||||||||||||||||
Total capital (to risk-weighted assets) | 7,652 | 12.8 | 5,960 | 10.0 | |||||||||||||||||||
Tier 1 leverage ratio | 6,508 | 7.2 | 4,546 | 5.0 |
December 31, 2022 | ||||||||||||||
Minimum capital requirement | Capital conservation buffer | Minimum capital ratio requirement with capital conservation buffer | Current capital ratio | |||||||||||
CET1 to risk-weighted assets | 4.5 | % | 2.5 | % | 7.0 | % | 9.8 | % | ||||||
Tier 1 capital (i.e., CET1 plus additional Tier 1 capital) to risk-weighted assets | 6.0 | 2.5 | 8.5 | 10.5 | ||||||||||
Total capital (i.e., Tier 1 capital plus Tier 2 capital) to risk-weighted assets | 8.0 | 2.5 | 10.5 | 12.2 | ||||||||||
December 31, | |||||||||||
(In millions) | 2022 | 2021 | |||||||||
Unfunded lending commitments 1 | $ | 29,628 | $ | 25,797 | |||||||
Standby letters of credit: | |||||||||||
Financial | 667 | 597 | |||||||||
Performance | 184 | 245 | |||||||||
Commercial letters of credit | 11 | 22 | |||||||||
Mortgage-backed security purchase agreements 2 | 23 | 1 | |||||||||
Total unfunded commitments | $ | 30,513 | $ | 26,662 |
Zions Bank | CB&T | Amegy | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial account fees | $ | 53 | $ | 46 | $ | 43 | $ | 28 | $ | 25 | $ | 23 | $ | 46 | $ | 40 | $ | 42 | |||||||||||||||||||||||||||||||||||
Card fees | 55 | 58 | 50 | 20 | 17 | 13 | 33 | 29 | 24 | ||||||||||||||||||||||||||||||||||||||||||||
Retail and business banking fees | 22 | 22 | 21 | 12 | 12 | 11 | 16 | 15 | 15 | ||||||||||||||||||||||||||||||||||||||||||||
Capital markets and foreign exchange fees | — | — | (2) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Wealth management fees | 22 | 21 | 17 | 4 | 5 | 4 | 15 | 13 | 10 | ||||||||||||||||||||||||||||||||||||||||||||
Other customer-related fees | 8 | 7 | 7 | 6 | 4 | 5 | 7 | 6 | 7 | ||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income from contracts with customers (ASC 606) | 160 | 154 | 136 | 70 | 63 | 56 | 117 | 103 | 98 | ||||||||||||||||||||||||||||||||||||||||||||
Other noninterest income (non-ASC 606 customer-related) | 19 | 21 | 23 | 34 | 34 | 36 | 40 | 36 | 34 | ||||||||||||||||||||||||||||||||||||||||||||
Total customer-related noninterest income | 179 | 175 | 159 | 104 | 97 | 92 | 157 | 139 | 132 | ||||||||||||||||||||||||||||||||||||||||||||
Other noncustomer-related noninterest income | 5 | 10 | (1) | 4 | 5 | 3 | 1 | 2 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | 184 | 185 | 158 | 108 | 102 | 95 | 158 | 141 | 133 | ||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned gain from sale | — | — | — | — | — | 1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 741 | 633 | 650 | 595 | 536 | 512 | 513 | 462 | 485 | ||||||||||||||||||||||||||||||||||||||||||||
Total net revenue | $ | 925 | $ | 818 | $ | 808 | $ | 703 | $ | 638 | $ | 608 | $ | 671 | $ | 603 | $ | 618 |
NBAZ | NSB | Vectra | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial account fees | $ | 9 | $ | 7 | $ | 7 | $ | 11 | $ | 9 | $ | 8 | $ | 8 | $ | 7 | $ | 6 | |||||||||||||||||||||||||||||||||||
Card fees | 15 | 11 | 10 | 15 | 12 | 10 | 9 | 6 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Retail and business banking fees | 9 | 9 | 8 | 10 | 10 | 9 | 4 | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Capital markets and foreign exchange fees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Wealth management fees | 3 | 3 | 2 | 5 | 4 | 3 | 1 | 2 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Other customer-related fees | 2 | 1 | 1 | 1 | 1 | 1 | 3 | 2 | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income from contracts with customers (ASC 606) | 38 | 31 | 28 | 42 | 36 | 31 | 25 | 21 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Other noninterest income (non-ASC 606 customer-related) | 8 | 13 | 12 | 6 | 14 | 12 | 6 | 12 | 13 | ||||||||||||||||||||||||||||||||||||||||||||
Total customer-related noninterest income | 46 | 44 | 40 | 48 | 50 | 43 | 31 | 33 | 32 | ||||||||||||||||||||||||||||||||||||||||||||
Other noncustomer-related noninterest income | 2 | 2 | 1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | 48 | 46 | 41 | 48 | 50 | 43 | 31 | 33 | 32 | ||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned gain from sale | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 241 | 204 | 216 | 183 | 146 | 146 | 153 | 136 | 135 | ||||||||||||||||||||||||||||||||||||||||||||
Total net revenue | $ | 289 | $ | 250 | $ | 257 | $ | 231 | $ | 196 | $ | 189 | $ | 184 | $ | 169 | $ | 167 |
TCBW | Other | Consolidated Bank | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial account fees | $ | 2 | $ | 2 | $ | 1 | $ | 2 | $ | 1 | $ | 2 | $ | 159 | $ | 137 | $ | 132 | |||||||||||||||||||||||||||||||||||
Card fees | 2 | 1 | 1 | — | 1 | — | 149 | 135 | 113 | ||||||||||||||||||||||||||||||||||||||||||||
Retail and business banking fees | — | — | — | — | 1 | — | 73 | 73 | 68 | ||||||||||||||||||||||||||||||||||||||||||||
Capital markets and foreign exchange fees | — | — | — | 4 | 6 | 7 | 4 | 6 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Wealth management fees | — | — | — | 1 | (2) | 1 | 51 | 46 | 38 | ||||||||||||||||||||||||||||||||||||||||||||
Other customer-related fees | 1 | 1 | 1 | 31 | 30 | 21 | 59 | 52 | 46 | ||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income from contracts with customers (ASC 606) | 5 | 4 | 3 | 38 | 37 | 31 | 495 | 449 | 402 | ||||||||||||||||||||||||||||||||||||||||||||
Other noninterest income (non-ASC 606 customer-related) | 2 | 2 | 2 | 4 | (6) | 15 | 119 | 126 | 147 | ||||||||||||||||||||||||||||||||||||||||||||
Total customer-related noninterest income | 7 | 6 | 5 | 42 | 31 | 46 | 614 | 575 | 549 | ||||||||||||||||||||||||||||||||||||||||||||
Other noncustomer-related noninterest income | — | — | — | 6 | 109 | 21 | 18 | 128 | 25 | ||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | 7 | 6 | 5 | 48 | 140 | 67 | 632 | 703 | 574 | ||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned gain from sale | — | — | — | — | — | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 63 | 53 | 52 | 31 | 38 | 20 | 2,520 | 2,208 | 2,216 | ||||||||||||||||||||||||||||||||||||||||||||
Total net revenue | $ | 70 | $ | 59 | $ | 57 | $ | 79 | $ | 178 | $ | 87 | $ | 3,152 | $ | 2,911 | $ | 2,791 |
(In millions) | 2022 | 2021 | 2020 | ||||||||||||||
Compensation expense | $ | 30 | $ | 28 | $ | 26 | |||||||||||
Reduction of income tax expense | 11 | 11 | 8 |
2022 | 2021 | 2020 | |||||||||||||||
Weighted average value for options granted | $ | 15.16 | $ | 7.86 | $ | 8.18 | |||||||||||
Weighted average assumptions used: | |||||||||||||||||
Expected dividend yield | 2.3 | % | 2.5 | % | 3.0 | % | |||||||||||
Expected volatility | 27.0 | % | 25.0 | % | 27.0 | % | |||||||||||
Risk-free interest rate | 1.98 | % | 0.47 | % | 1.38 | % | |||||||||||
Expected life (in years) | 5.0 | 5.0 | 5.0 |
Number of shares | Weighted average exercise price | ||||||||||
Balance at December 31, 2019 | 1,676,778 | $ | 34.77 | ||||||||
Granted | 320,913 | 45.61 | |||||||||
Exercised | (285,954) | 26.48 | |||||||||
Expired | (22,685) | 30.17 | |||||||||
Forfeited | (5,395) | 51.34 | |||||||||
Balance at December 31, 2020 | 1,683,657 | 38.26 | |||||||||
Granted | 345,636 | 48.65 | |||||||||
Exercised | (686,894) | 31.08 | |||||||||
Expired | (7,910) | 42.16 | |||||||||
Forfeited | (6,345) | 48.04 | |||||||||
Balance at December 31, 2021 | 1,328,144 | 44.60 | |||||||||
Granted | 201,932 | 73.02 | |||||||||
Exercised | (256,004) | 36.79 | |||||||||
Expired | (8,912) | 37.58 | |||||||||
Forfeited | (2,794) | 57.75 | |||||||||
Balance at December 31, 2022 | 1,262,366 | 50.75 | |||||||||
Outstanding stock options exercisable as of: | |||||||||||
December 31, 2022 | 729,411 | $ | 46.02 | ||||||||
December 31, 2021 | 693,883 | 41.54 | |||||||||
December 31, 2020 | 1,137,596 | 33.42 |
Outstanding stock options | Exercisable stock options | |||||||||||||||||||||||||||||||||||||
Exercise price range | Number of shares | Weighted average exercise price | Weighted average remaining contractual life (years) | Number of shares | Weighted average exercise price | |||||||||||||||||||||||||||||||||
$4.15 to $19.99 | 5,223 | $ | 6.41 | 1 | 0 | 5,223 | $ | 6.41 | ||||||||||||||||||||||||||||||
$20.00 to $24.99 | 75,598 | 20.99 | 0.1 | 75,598 | 20.99 | |||||||||||||||||||||||||||||||||
$25.00 to $29.99 | 452 | 29.12 | 4.8 | 226 | 29.12 | |||||||||||||||||||||||||||||||||
$40.00 to $44.99 | 84,913 | 44.23 | 1.2 | 84,664 | 44.24 | |||||||||||||||||||||||||||||||||
$45.00 to $49.99 | 585,877 | 47.30 | 4.6 | 254,209 | 46.77 | |||||||||||||||||||||||||||||||||
$50.00 to $59.99 | 311,062 | 52.67 | 2.6 | 309,491 | 52.67 | |||||||||||||||||||||||||||||||||
$60.00 to $73.22 | 199,241 | 73.19 | 6.1 | — | — | |||||||||||||||||||||||||||||||||
1,262,366 | 50.75 | 1 | 3.8 | 729,411 | 46.02 |
Number of shares | Weighted average fair value | ||||||||||
Nonvested restricted shares at December 31, 2019 | 50,457 | $ | 39.50 | ||||||||
Issued | 27,798 | 45.65 | |||||||||
Vested | (20,859) | 34.77 | |||||||||
Nonvested restricted shares at December 31, 2020 | 57,396 | 44.20 | |||||||||
Issued | 26,083 | 39.16 | |||||||||
Vested | (18,663) | 43.89 | |||||||||
Nonvested restricted shares at December 31, 2021 | 64,816 | 42.26 | |||||||||
Issued | 21,038 | 60.21 | |||||||||
Vested | (25,105) | 42.66 | |||||||||
Nonvested restricted shares at December 31, 2022 | 60,749 | 48.31 |
Number of restricted stock units | Weighted average fair value | ||||||||||
Restricted stock units at December 31, 2019 | 1,294,070 | $ | 43.59 | ||||||||
Granted | 586,302 | 42.75 | |||||||||
Vested | (593,375) | 37.56 | |||||||||
Forfeited | (44,676) | 47.78 | |||||||||
Restricted stock units at December 31, 2020 | 1,242,321 | 46.31 | |||||||||
Granted | 578,056 | 47.02 | |||||||||
Vested | (505,690) | 46.51 | |||||||||
Forfeited | (40,604) | 47.97 | |||||||||
Restricted stock units at December 31, 2021 | 1,274,083 | 46.49 | |||||||||
Granted | 433,674 | 68.07 | |||||||||
Vested | (504,358) | 47.83 | |||||||||
Forfeited | (34,306) | 56.58 | |||||||||
Restricted stock units at December 31, 2022 | 1,169,093 | 53.62 |
(In millions) | 2022 | 2021 | 2020 | ||||||||||||||
Federal: | |||||||||||||||||
Current | $ | 236 | $ | 230 | $ | 153 | |||||||||||
Deferred | (38) | 27 | (47) | ||||||||||||||
Total Federal | 198 | 257 | 106 | ||||||||||||||
State: | |||||||||||||||||
Current | 52 | 55 | 38 | ||||||||||||||
Deferred | (5) | 5 | (11) | ||||||||||||||
Total State | 47 | 60 | 27 | ||||||||||||||
Total income tax expense | $ | 245 | $ | 317 | $ | 133 |
(In millions) | 2022 | 2021 | 2020 | ||||||||||||||
Income tax expense at statutory federal rate | $ | 242 | $ | 304 | $ | 141 | |||||||||||
State income taxes including credits, net | 38 | 48 | 21 | ||||||||||||||
Other nondeductible expenses | 13 | 8 | 8 | ||||||||||||||
Nontaxable income | (40) | (36) | (32) | ||||||||||||||
Share-based compensation | (4) | (3) | (1) | ||||||||||||||
Tax credits and other taxes | (4) | (4) | (4) | ||||||||||||||
Total income tax expense | $ | 245 | $ | 317 | $ | 133 |
(In millions) | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Gross deferred tax assets: | |||||||||||
Book loan loss deduction in excess of tax | $ | 157 | $ | 136 | |||||||
Pension and postretirement | — | 1 | |||||||||
Deferred compensation | 83 | 77 | |||||||||
Security investments and derivative fair value adjustments | 1,011 | 26 | |||||||||
Lease liabilities | 49 | 55 | |||||||||
Capitalized costs | 82 | 54 | |||||||||
Other | 29 | 30 | |||||||||
Total deferred tax assets before valuation allowance | 1,411 | 379 | |||||||||
Valuation allowance | — | — | |||||||||
Total deferred tax assets | 1,411 | 379 | |||||||||
Gross deferred tax liabilities: | |||||||||||
Premises and equipment, due to differences in depreciation | (99) | (88) | |||||||||
Federal Home Loan Bank stock dividends | (2) | (2) | |||||||||
Leasing operations | (49) | (44) | |||||||||
Prepaid expenses | (5) | (8) | |||||||||
Prepaid pension reserves | (3) | (6) | |||||||||
Mortgage servicing | (12) | (10) | |||||||||
Deferred loan costs | (34) | (30) | |||||||||
ROU assets | (44) | (49) | |||||||||
Qualified opportunity fund deferred gains | (26) | (26) | |||||||||
Equity investments | (9) | (20) | |||||||||
Total deferred tax liabilities | (283) | (283) | |||||||||
Net deferred tax assets (liabilities) | $ | 1,128 | $ | 96 |
(In millions) | 2022 | 2021 | 2020 | ||||||||||||||
Balance at beginning of year | $ | 14 | $ | 11 | $ | 14 | |||||||||||
Tax positions related to current year: | |||||||||||||||||
Additions | 2 | 2 | 2 | ||||||||||||||
Tax positions related to prior years: | |||||||||||||||||
Additions | — | 1 | — | ||||||||||||||
Reductions | (1) | — | (5) | ||||||||||||||
Lapses in statutes of limitations | (2) | — | — | ||||||||||||||
Balance at end of year | $ | 13 | $ | 14 | $ | 11 |
(In millions, except shares and per share amounts) | 2022 | 2021 | 2020 | ||||||||||||||
Basic: | |||||||||||||||||
Net income | $ | 907 | $ | 1,129 | $ | 539 | |||||||||||
Less common and preferred dividends | 269 | 261 | 259 | ||||||||||||||
Less impact from redemption of preferred stock | — | 3 | — | ||||||||||||||
Undistributed earnings | 638 | 865 | 280 | ||||||||||||||
Less undistributed earnings applicable to nonvested shares | 5 | 7 | 2 | ||||||||||||||
Undistributed earnings applicable to common shares | 633 | 858 | 278 | ||||||||||||||
Distributed earnings applicable to common shares | 237 | 230 | 223 | ||||||||||||||
Total earnings applicable to common shares | $ | 870 | $ | 1,088 | $ | 501 | |||||||||||
Weighted average common shares outstanding (in thousands) | 150,064 | 159,913 | 163,737 | ||||||||||||||
Net earnings per common share | $ | 5.80 | $ | 6.80 | $ | 3.06 | |||||||||||
Diluted: | |||||||||||||||||
Total earnings applicable to common shares | $ | 870 | $ | 1,088 | $ | 501 | |||||||||||
Weighted average common shares outstanding (in thousands) | 150,064 | 159,913 | 163,737 | ||||||||||||||
Dilutive effect of common stock warrants (in thousands) | — | — | 1,641 | ||||||||||||||
Dilutive effect of stock options (in thousands) | 207 | 321 | 235 | ||||||||||||||
Weighted average diluted common shares outstanding (in thousands) | 150,271 | 160,234 | 165,613 | ||||||||||||||
Net earnings per common share | $ | 5.79 | $ | 6.79 | $ | 3.02 |
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Restricted stock and restricted stock units | $ | 1,265 | $ | 1,374 | $ | 1,338 | |||||||||||
Stock options | 178 | 74 | 889 |
(In millions, except per share amounts) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||
2022 | |||||||||||||||||||||||
Total interest income | $ | 835 | $ | 707 | $ | 608 | $ | 555 | |||||||||||||||
Net interest income | 720 | 663 | 593 | 544 | |||||||||||||||||||
Provision for credit losses | 43 | 71 | 41 | (33) | |||||||||||||||||||
Noninterest income | 153 | 165 | 172 | 142 | |||||||||||||||||||
Noninterest expense | 471 | 479 | 464 | 464 | |||||||||||||||||||
Income before income taxes | 359 | 278 | 260 | 255 | |||||||||||||||||||
Net income | 284 | 217 | 203 | 203 | |||||||||||||||||||
Preferred stock dividends | 7 | 6 | 8 | 8 | |||||||||||||||||||
Net earnings applicable to common shareholders | 277 | 211 | 195 | 195 | |||||||||||||||||||
Net earnings per common share: | |||||||||||||||||||||||
Basic | 1.84 | 1.40 | 1.29 | 1.27 | |||||||||||||||||||
Diluted | 1.84 | 1.40 | 1.29 | 1.27 | |||||||||||||||||||
2021 | |||||||||||||||||||||||
Total interest income | $ | 566 | $ | 569 | $ | 570 | $ | 562 | |||||||||||||||
Net interest income | 553 | 555 | 555 | 545 | |||||||||||||||||||
Provision for credit losses | 25 | (46) | (123) | (132) | |||||||||||||||||||
Noninterest income | 190 | 139 | 205 | 169 | |||||||||||||||||||
Noninterest expense | 449 | 429 | 428 | 435 | |||||||||||||||||||
Income before income taxes | 269 | 311 | 455 | 411 | |||||||||||||||||||
Net income | 213 | 240 | 354 | 322 | |||||||||||||||||||
Preferred stock dividends | 6 | 6 | 9 | 8 | |||||||||||||||||||
Net earnings applicable to common shareholders | 207 | 234 | 345 | 314 | |||||||||||||||||||
Net earnings per common share: | |||||||||||||||||||||||
Basic | 1.34 | 1.45 | 2.08 | 1.90 | |||||||||||||||||||
Diluted | 1.34 | 1.45 | 2.08 | 1.90 |
(a) | (b) | (c) | ||||||||||||||||||||||||||||||||||||
Plan category 1 | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||||||||||||||||||||||||||
Equity compensation plan approved by security holders: | ||||||||||||||||||||||||||||||||||||||
Zions Bancorporation, N.A. 2022 Omnibus Incentive Plan | 1,257,143 | $ | 50.93 | 3,683,780 | ||||||||||||||||||||||||||||||||||
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. | * | ||||||||||
Description of Securities of Zions Bancorporation, National Association, as of December 31, 2022 (filed herewith). | |||||||||||
Zions Bancorporation 2020-2022 Value Sharing Plan, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended June 30, 2022. | * | ||||||||||
Zions Bancorporation 2021-2023 Value Sharing Plan, incorporated by reference to Exhibit 10.2 of Form 10-Q for the quarter ended June 30, 2022. | * | ||||||||||
Zions Bancorporation 2021-2023 Value Sharing Plan with conditional incentives, incorporated by reference to Exhibit 10.3 of Form 10-Q for the quarter ended June 30, 2022. | * | ||||||||||
Zions Bancorporation 2022-2024 Value Sharing Plan, incorporated by reference to Exhibit 10.4 of Form 10-Q for the quarter ended June 30, 2022. | * | ||||||||||
Zions Bancorporation 2017 Management Incentive Compensation Plan, incorporated by reference to Appendix I of our Proxy Statement dated April 14, 2016. | * | ||||||||||
Zions Bancorporation Third Restated and Revised Deferred Compensation Plan, incorporated by reference to Exhibit 10.5 of Form 10-K for the year ended December 31, 2018. | * | ||||||||||
Zions Bancorporation Fourth Restated Deferred Compensation Plan for Directors, incorporated by reference to Exhibit 10.6 of Form 10-K for the year ended December 31, 2018. | * | ||||||||||
Amendment to the Zions Bancorporation Fourth Restated Deferred Compensation Plan for Directors, incorporated by reference to Exhibit 10.8 of Form 10-K for the year ended December 31, 2015. | * | ||||||||||
Amegy Bancorporation, Inc. Fifth Amended and Restated Non-Employee Directors Deferred Fee Plan (Frozen upon merger with Zions Bancorporation in 2005), incorporated by reference to Exhibit 10.8 of Form 10-K for the year ended December 31, 2018. | * | ||||||||||
Zions Bancorporation Executive Management Pension Plan, incorporated by reference to Exhibit 10.8 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Exhibit Number | Description | ||||||||||
Zions Bancorporation First Restated Excess Benefit Plan, incorporated by reference to Exhibit 10.9 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Amegy Bancorporation 2004 (formerly Southwest Bancorporation of Texas, Inc.) Omnibus Incentive Plan, incorporated by reference to Exhibit 10.38 of Form 10-K for the year ended December 31, 2015. | * | ||||||||||
Trust Agreement establishing the Zions Bancorporation Deferred Compensation Plan Trust by and between Zions Bancorporation and Cigna Bank & Trust Company, FSB effective October 1, 2002, incorporated by reference to Exhibit 10.12 of Form 10-K for the year ended December 31, 2018. | * | ||||||||||
Amendment to the Trust Agreement Establishing the Zions Bancorporation Deferred Compensation Plans Trust, effective September 1, 2006, incorporated by reference to Exhibit 10.13 of Form 10-K for the year ended December 31, 2018. | * | ||||||||||
Amendment to the Trust Agreement establishing the Zions Bancorporation Deferred Compensation Plan Trust by and between Zions Bancorporation and Cigna Bank & Trust Company, FSB substituting Prudential Bank & Trust, FSB as the trustee, incorporated by reference to Exhibit 10.12 of Form 10-K for the year ended December 31, 2016. | * | ||||||||||
Zions Bancorporation Deferred Compensation Plans Master Trust between Zions Bancorporation and Fidelity Management Trust Company, effective September 1, 2006, incorporated by reference to Exhibit 10.15 of Form 10-K for the year ended December 31, 2018. | * | ||||||||||
Revised schedule C to Zions Bancorporation Deferred Compensation Plans Master Trust between Zions Bancorporation and Fidelity Management Trust Company, effective September 13, 2006, incorporated by reference to Exhibit 10.16 of Form 10-K for the year ended December 31, 2018. | * | ||||||||||
Third Amendment to the Trust Agreement between Fidelity Management Trust Company and Zions Bancorporation for the Deferred Compensation Plans, dated June 13, 2012, incorporated by reference to Exhibit 10.17 of Form 10-K for the year ended December 31, 2017. | * | ||||||||||
Fifth Amendment to the Trust Agreement between Fidelity Management Trust Company and Zions Bancorporation for the Deferred Compensation Plans, incorporated by reference to Exhibit 10.18 of Form 10-K for the year ended December 31, 2018. | * | ||||||||||
Sixth Amendment to the Trust Agreement between Fidelity Management Trust Company and Zions Bancorporation for the Deferred Compensation Plans, dated August 17, 2015, incorporated by reference to Exhibit 10.18 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Seventh Amendment to the Trust Agreement between Fidelity Management Trust Company and Zions Bancorporation for the Deferred Compensation Plans, effective September 30, 2018, incorporated by reference to Exhibit 10.2 of Form 10-Q for the quarter ended September 30, 2018. | * | ||||||||||
Ninth Amendment to the Trust Agreement between Fidelity Management Trust Company and Zions Bancorporation for the Deferred Compensation Plans, effective April 1, 2022, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended September 30, 2022. | * | ||||||||||
Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, Restated and Amended effective January 1, 2007, incorporated by reference to Exhibit 10.3 of Form 10-Q for the quarter ended June 30, 2018. | * | ||||||||||
Exhibit Number | Description | ||||||||||
Second Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, dated December 31, 2018, effective January 1, 2019, incorporated by reference to Exhibit 10.27 of Form 10-K for the year ended December 31, 2018. | * | ||||||||||
Third Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, dated June 27, 2019, effective September 30, 2018, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended June 30, 2019. | * | ||||||||||
Fourth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, dated September 11, 2020, effective January 1, 2020, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended September 30, 2020. | * | ||||||||||
Fifth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, dated September 11, 2020, effective January 1, 2020, incorporated by reference to Exhibit 10.2 of Form 10-Q for the quarter ended September 30, 2020. | * | ||||||||||
Sixth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, dated September 11, 2020, effective October 1, 2020, incorporated by reference to Exhibit 10.3 of Form 10-Q for the quarter ended September 30, 2020. | * | ||||||||||
Seventh Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, dated December 23, 2020, effective January 1, 2021, incorporated by reference to Exhibit 10.32 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Eighth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, dated December 20, 2022, effective January 1, 2023 (filed herewith). | |||||||||||
Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated July 3, 2006, incorporated by reference to Exhibit 10.28 of Form 10-K for the year ended December 31, 2018. | * | ||||||||||
First Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated April 5, 2010, incorporated by reference to Exhibit 10.25 of Form 10-K for the year ended December 31, 2015. | * | ||||||||||
Second Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated April 5, 2010, incorporated by reference to Exhibit 10.26 of Form 10-K for the year ended December 31, 2015. | * | ||||||||||
Third Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated April 30, 2010, incorporated by reference to Exhibit 10.27 of Form 10-K for the year ended December 31, 2015. | * | ||||||||||
Fourth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated October 1, 2014, incorporated by reference to Exhibit 10.37 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Fifth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated October 1, 2014, incorporated by reference to Exhibit 10.38 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Exhibit Number | Description | ||||||||||
Sixth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated August 17, 2015, incorporated by reference to Exhibit 10.39 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Seventh Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated April 27, 2016, incorporated by reference to Exhibit 10.31 of Form 10-K for the year ended December 31, 2016. | * | ||||||||||
Eighth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, effective September 30, 2018, incorporated by reference to Exhibit 10.3 of Form 10-Q for the quarter ended September 30, 2018. | * | ||||||||||
Ninth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, effective October 27, 2020, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended June 30, 2021. | * | ||||||||||
Tenth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, effective October 1, 2019, incorporated by reference to Exhibit 10.5 of Form 10-Q for the quarter ended June 30, 2022. | * | ||||||||||
Eleventh Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, effective November 1, 2020, incorporated by reference to Exhibit 10.6 of Form 10-Q for the quarter ended June 30, 2022. | * | ||||||||||
Twelfth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, effective April 1, 2022, incorporated by reference to Exhibit 10.7 of Form 10-Q for the quarter ended June 30, 2022. | * | ||||||||||
Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.42 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Form of Restricted Stock Award Agreement subject to holding requirement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.43 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Form of Standard Restricted Stock Award Agreement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.44 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Form of Standard Restricted Stock Unit Award Agreement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.45 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Form of Restricted Stock Unit Agreement subject to holding requirement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.46 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Form of Standard Stock Option Award Agreement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.47 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Exhibit Number | Description | ||||||||||
Form of Standard Directors Stock Award Agreement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.48 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Zions Bancorporation 2022 Omnibus Incentive Plan, incorporated by reference to Appendix I of Schedule 14A, dated March 17, 2022. | * | ||||||||||
Form of Standard Restricted Stock Award Agreement, Zions Bancorporation 2022 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.8 of Form 10-Q for the quarter ended June 30, 2022. | * | ||||||||||
Form of Restricted Stock Award Agreement subject to holding requirement, Zions Bancorporation 2022 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.9 of Form 10-Q for the quarter ended June 30, 2022. | * | ||||||||||
Form of Standard Restricted Stock Unit Award Agreement, Zions Bancorporation 2022 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.10 of Form 10-Q for the quarter ended June 30, 2022. | * | ||||||||||
Form of Restricted Stock Unit Award Agreement subject to holding requirement, Zions Bancorporation 2022 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.11 of Form 10-Q for the quarter ended June 30, 2022. | * | ||||||||||
Form of Standard Stock Option Award Agreement, Zions Bancorporation 2022 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.12 of Form 10-Q for the quarter ended June 30, 2022). | * | ||||||||||
Form of Standard Directors Stock Award Agreement, Zions Bancorporation 2022 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.13 of Form 10-Q for the quarter ended June 30, 2022. | * | ||||||||||
Form of Change in Control Agreement between the Bank and Certain Executive Officers, incorporated by reference to Exhibit 10.49 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
Form of Change in Control Agreement between the Bank and Dallas E. Haun, dated May 23, 2008, incorporated by reference to Exhibit 10.50 of Form 10-K for the year ended December 31, 2020. | * | ||||||||||
List of Subsidiaries of Zions Bancorporation, National Association (filed herewith). | |||||||||||
Consent of Independent Registered Public Accounting Firm (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). | |||||||||||
Exhibit Number | Description | ||||||||||
101 | Pursuant to Rules 405 and 406 of Regulation S-T, the following information is formatted in inline XBRL: (i) the Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021, (ii) the Consolidated Statements of Income for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, and (vi) the Notes to Consolidated Financial Statements (filed herewith). | ||||||||||
104 | The cover page from this Form 10-K, formatted as Inline XBRL. |
By | /s/ Harris H. Simmons | |||||||
HARRIS H. SIMMONS, Chairman and Chief Executive Officer |
/s/ Harris H. Simmons | /s/ Paul E. Burdiss | |||||||
HARRIS H. SIMMONS, Director, Chairman and Chief Executive Officer (Principal Executive Officer) | PAUL E. BURDISS, Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
/s/ R. Ryan Richards | /s/ Maria Contreras-Sweet | |||||||
R. RYAN RICHARDS, Controller (Principal Accounting Officer) | MARIA CONTRERAS-SWEET, Director |
/s/ Gary L. Crittenden | /s/ Suren K. Gupta | |||||||
GARY L. CRITTENDEN, Director | SUREN K. GUPTA, Director |
/s/ Claire A. Huang | /s/ Vivian S. Lee | |||||||
CLAIRE A. HUANG, Director | VIVIAN S. LEE, Director |
/s/ Scott J. McLean | /s/ Edward F. Murphy | |||||||
SCOTT J. MCLEAN, Director | EDWARD F. MURPHY, Director |
/s/ Stephen D. Quinn | /s/ Aaron B. Skonnard | |||||||
STEPHEN D. QUINN, Director | AARON B. SKONNARD, Director |
/s/ Barbara A. Yastine | ||||||||
BARBARA A. YASTINE, Director |
SUBSIDIARY | STATE OR JURISDICTION OF INCORPORATION/ORGANIZATION | ||||
Terra Amica, LLC | Delaware | ||||
Zions Capital Partners, Inc. | Delaware | ||||
Zions Center of Excellence, LLC | Delaware | ||||
Zions Opportunity Fund, Inc. | Delaware | ||||
PPS Data, LLC | Nevada | ||||
Amegy Holding Texas, Inc. | Texas | ||||
Exchange Services L.L.C. | Utah | ||||
Zions Capital Advisors, Inc. | Utah | ||||
Zions Credit Corp. | Utah | ||||
Zions Direct, Inc. | Utah | ||||
Zions Insurance Agency, Inc. | Utah | ||||
Zions Public Finance, Inc. | Utah | ||||
Zions SBIC, LLC | Utah | ||||
ZMFU II, Inc. | Utah | ||||
/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 |
/s/ Harris H. Simmons | ||||||||
Name: | Harris H. Simmons | |||||||
Title: | Chairman and Chief Executive Officer | |||||||
/s/ Paul E. Burdiss | ||||||||
Name: | Paul E. Burdiss | |||||||
Title: | Executive Vice President and Chief Financial Officer |