Zions Bancorporation N.A.

Greetings and welcome to the Zions Bancorp second quarter earnings conference call. At this time, all participants are in a listen-only mode. The 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. And please note that this conference is being recorded. I'll now turn the call over to Dave Riches. Thank you, Dave. You may begin.

Thank you, Julian, and good evening, everyone. Welcome to our conference call to discuss Zions Bancorporation's second quarter 2026 results. My name is Dave Riches, interim director of investor relations. Before we begin, I would like to remind you that during this call, we will be making forward-looking statements. Actual results may differ materially. We encourage you to review the forward-looking statements and non-GAAP disclosures in our press release and on slide two of today's presentation. which apply equally to statements made during this call. A copy of the earnings release and the presentation are available at zionsbancorporation.com. For our agenda today, Chairman and Chief Executive Officer Harris Simmons will provide opening remarks. Following Harris' comments, Chief Financial Officer Ryan Richards will review our financial results and outlook. Also with us today are Scott McLean, President and Chief Operating Officer, and Derek Stewart, Chief Credit Officer. After our prepared remarks, we will hold a question and answer session. This call is scheduled for one hour. I will now turn the time over to Harris Simmons.

Thanks very much, Dave, and good evening, everyone. We were recently pleased with our financial results for the first quarter, which reflect meaningful year-over-year improvement and continued progress on a variety of strategic priorities. Net earnings available to common was $452 million, or $3.05 per share, including a couple of exceptional items, the first being a $215 million pre-tax gain on the liquidation of Visa Class B1 shares, and the other being an unrealized pre-tax gain on an SBIC investment, which net of a success fee accrual totaled $37 million. Excluding such items, earnings per share totaled $1.74 compared to $1.58 in last year's first quarter. Our capital markets division continues to be an important driver of fee income growth. Since launching the business in 2020, we've invested steadily in talent, technology, and product capabilities, expanding our presence across investment banking, sales and trading, and real estate capital markets. Last quarter, we announced an agreement with Basis Investment Group to acquire its Fannie Mae and Freddie Mac multifamily lending business line, related mortgage servicing rights, and an experienced team supporting those businesses. We expect the transaction to close here in the third quarter. On closing, we believe the acquisition will enhance our ability to serve commercial real estate clients across the Western United States and beyond, while further strengthening our capital markets franchise. As this transaction is not closed yet, any revenue or other financial contribution from the business is not included in our current outlook or forecast. Additionally, we expect the financial benefits of the acquisition to build gradually over time as the platform is integrated and production volumes ramp up. We also continue to invest in our consumer and small business franchises. In the second quarter, we introduced an upgraded feature-rich deposit and payments account for small businesses which Marketing is the Business Beyond account. It's a companion offering to the Gold account we launched for consumers last year. The Business Beyond account is designed to support clients as they grow, from basic banking needs to more complex cash flow management and money movement capabilities. We're pleased with the early results of the campaign, and between Gold and Business Beyond, we've opened over 10,000 accounts so far this year. Going to the slides, slide three summarizes second quarter results versus the prior quarter and last year's second quarter. As noted earlier, earnings per share was $3.05. When excluding net equity investment gains of $1.31 this year and 5 cents in last year's quarter, adjusted quarterly earnings per share grew 10% to $1.74 from $1.58 a year ago due to growth in customer-related non-interest income, modest loan growth, and margin improvement. Expense Discipline and Solid Credit Performance. The net interest margin was stable to the prior quarter at 3.27% and up 10 basis points from a year ago. When compared to the prior quarter, average loans grew 4.7% on an annualized basis led by commercial lending. Average customer deposits grew 4.0%. Credit losses were modest at six basis points annualized of average loans. Slide four presents the recent history of our earnings performance together with the impact of the provision for loan losses on quarterly results. Notable items in each of the recent quarters are also included on this slide. As shown on slide five, adjusted pre-provision net revenue was $332 million. It increased 10% from the prior quarter, reflecting improvement in both adjusted taxable equivalent revenue and adjusted non-interest expense, which last quarter included seasonal compensation expense. For that overview, I'll turn the call over to our Chief Financial Officer, Ryan Richards, to walk through the quarter in more detail and walk through our outlook. Ryan?