Zions Bancorporation N.A.

Greetings. Welcome to Zion's Bancorp fourth quarter earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. I will now turn the conference over to Shannon Drage, Senior Director of Investor Relations. Thank you, and you may begin.

Thank you, Vaughn, and good evening, everyone. Welcome to our conference call to discuss the fourth quarter and full year earnings for 2025. My name is Shannon Drage, Senior Director of Investor Relations. I would like to remind you that during this call, we will be making forward-looking statements. Please note that actual results may differ materially, and we encourage you to review the disclaimer in the press release or slide two of the presentation dealing with forward-looking information and the presentation of non-GAAP measures, which applies equally to statements made during this call. A copy of the earnings release as well as the presentation are available at zionsbankcorporation.com. For our agenda today, Chairman and Chief Executive Officer Harris Simmons will provide opening remarks. Following Harris's comments, Ryan Richards, our Chief Financial Officer, will review our financial results. Also with us today are Scott McClain, President and Chief Operating Officer, Derek Steward, Chief Federal Officer, and Chris Kiriakakis, Chief Risk Officer. After our prepared remarks, we will hold a question and answer session, and the call is scheduled for one hour. We'll now turn the time over to Harris Simmons.

Thanks very much, Shannon, and good evening to all of you. As you've seen on slide three, our fourth quarter results reflected continued progress and steady improvement across variety of key financial metrics. Earnings of $262 million were up meaningfully, 19% from the prior quarter and 31% from a year ago, driven by stronger revenues and notably lower provision for credit losses. Our net interest margin expanded from the eighth consecutive quarter to 3.31%, benefiting from an improved funding mix as customer deposit initiatives reduced our reliance on short-term borrowings. Customer deposits grew at a healthy pace, up 9% annualized. Average loans were essentially flat compared with last quarter, reflecting the payoffs we saw at the end of last quarter. Though period-end balances increased by $615 million on solar production. Credit quality was strong, with net charge-offs of just that five basis points annualized of total loans. This quarter's results also included a $15 million donation to our charitable foundation to be spent down over the next three years to make charitable donations that we expect would otherwise have been non-deductible for tax purposes as a result of the recent tax law changes. Turning to slide four, full-year results were similarly improved relative to the prior year. Earnings grew 21%, and net interest margin expanded by 21 basis points. Adjusted PPNR increased 12%, and when excluding the charitable contribution, we achieved over 300 basis points of positive operating leverage. After several years of industry-wide disruption, from the 2020 pandemic to the 2023 regional bank crisis, and stress in the commercial real estate sector, we're pleased with the resilience of our performance, particularly the stability in credit outcomes throughout that period. Tangible book value per share increased 21% this year, the third straight year of growth greater than 20%, and we believe that we're nearing the point where we'll be able to increase capital distributions while continuing to further strengthen capital. On slide five, diluted earnings per share was $1.76, up from $1.48 last quarter and $1.34 a year ago. This quarter's figure includes an $0.08 per share headwind from the charitable contribution, offset by a positive $0.11 per share combined impact from the reversal of the FDIC special assessment and net gains in our SBIC portfolio. As shown on slide 6, adjusted PPNR of $331 million was down 6% sequentially and up 6% year-over-year. When further adjusted for the aforementioned charitable contribution, it was down 2% versus last quarter and up 11% versus the year-ago quarter. With that high-level overview, I'm going to turn the time over to our Chief Financial Officer, Ryan Richards, for additional details related to our performance. Ryan?