Zions Bancorporation N.A.

Please note this conference is being recorded. I will now turn the conference over to Jason Arbuckle. Thank you. You may begin.

Thank you, Cleo, and good evening, everyone. Welcome to our conference call to discuss Zion Bancorporation's third quarter 2026 results. My name is Jason Arbuckle, Senior Director of Investor Relations. And before we begin, I would like to remind you that during the call, we will make 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 on slide two of today's presentation, which apply equally to statements made during this call. A copy of the earnings released in the presentation are available at our website, zionsbancorporation.com. For our agenda today, Chairman and Chief Executive Officer Harris Simmons will provide opening remarks. Following Harris's comments, Chief Financial Officer Ryan Richards will review our financial results and outlook. and 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 and I will now turn the time over to Harris Simmons. Thanks very much, Jason, and good evening, everyone.

We're reasonably pleased with our financial results for the third quarter, which reflect meaningful year-over-year earnings improvement and continued progress on our strategic priorities. Going to the slides, Slide 3 summarizes second quarter results versus the prior quarter and last year's third quarter. Net earnings available to common was $262 million or $1.78 per share, an increase of 20% compared to $1.48 in last year's third quarter and an increase of 2% compared with $1.74 last quarter after adjusting for that quarter's large equity securities gains. The increase from a year ago was due to growth in net interest income and customer-related non-interest income, modest loan growth, and exceptional credit performance. The net interest margin was 3.23%, down four basis points from the prior quarter and down five basis points from a year ago. When compared to the prior quarter, average loans grew 3.7% on an annualized basis, led by commercial lending. Average customer deposits grew 8.8% on an annualized basis. Credit losses were modest at two basis points, annualized of average loans. Slide four presents the recent history of 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 $338 million. It increased 2% from the prior quarter, reflecting improvement in adjusted taxable equivalent revenue, which more than offset a modest increase in adjusted non-interest expense. Adjusted pre-provision revenue declined $14 million, or 4% from the prior year period, which represented a particularly strong comparison quarter. In addition, results for the current quarter included $4 million of expense associated with a recently acquired multi-family agency platform that was not included in our original forecast. Turning to slide six, our capital markets division continues to be an important driver of fee income growth. Since launching the business in 2020, we've nearly doubled the annual fee income contribution by investing steadily in talent, technology, and product capabilities. including investment banking, commodities hedging, real estate capital markets, and multifamily agency capabilities, which I'll discuss in more detail on the next slide. Before moving on, I'll note that the $136 million fee income number shown for 2026 is annualized based on our performance through September 30th. Given the momentum we are seeing across the business, our expectations for the fourth quarter we anticipate before you review the results to come in somewhat above that level. Turning now to slide seven, I'd like to highlight the acquisition of Basis Investment Group's multifamily agency lending business, which closed during the third quarter. This acquisition represents an important step in building what we believe can be a highly differentiated multifamily franchise. Our goal is straightforward. to provide clients with a single source of financing solutions across market rate, affordable, construction, bridge, agency, and CMBS products. With this acquisition, we are now one of only four banks in the country that combines direct access to both Fannie Mae Designated Underwriter Servicer and Freddie Mac's Optigo programs, together with originations to third-party CMBS conduit platforms. When combined with the broader capabilities of the bank, this creates a differentiated one-stop multifamily platform capable of serving clients throughout the life cycle of an asset. In addition to the talented team that joined us from basis, we've added seasoned lenders with deep experience in multifamily agency lending and servicing to help scale the platform. We're excited about the opportunities this creates and the talent that we have assembled. This acquisition enhances our ability to serve commercial real estate clients, and in particular those in the Western United States, where we see a real market opportunity with population growth and housing affordability issues that drive demand for multifamily products. Included in the quarter were approximately $4 million of expenses associated with our newly acquired multifamily agency platform. including personnel and other integration-related costs and approximately $300,000 of revenue. We expect the financial benefits to build gradually over time as the platform is integrated and production ramps up. For 2027, we anticipate approximately $17 to $20 million of revenue and $12 to $13 million of expense, recognizing that we are in the early process of scaling the business. Over the medium term, we expect the business to generate approximately $30 to $40 million of annual revenue. The pace of growth and ultimate revenue potential will be influenced by market conditions, including the interest rate environment. Moving to slide eight, we see wealth management as a compelling growth opportunity given our broad customer base and the size of wealth assets under management relative to the size of our banking franchise. We have seasoned affiliate and wealth leadership teams focused on continuing to enhance coordination between our banking and advisory businesses, which we believe positions us to deepen client relationships and capture additional growth opportunities. A key component of our strategy is a product we call Wealth Select, which is a new offering that expands our addressable market by allowing us to serve clients with approximately $100,000 to $1 million of investable assets through a scalable advisory model. WealthSelect helps us engage clients earlier, deepen relationships over time, and create a pathway for those relationships to grow alongside their financial needs. Slide nine provides more information about what we refer to as our strategic six products. While each serves a different client segment and business need, they all share a common objective, which is strengthening sustainable growth through our branch footprint and core deposits Small Business Relationships and Fee Income. We continue to be encouraged by the early results. Example year today, September 30th, we've opened over 14,000 gold accounts for consumers, totaling approximately $275 million in new to bank deposits and 1,300 Business Beyond accounts bringing in about $120 million in new deposits. In addition, we currently rank number 10 nationally in SBA 7a lending based on approval volume, number 9 in SBA 504 loans. While the near-term financial contribution is modest relative to the size of the bank, these products are helping us grow long-term relationships and creating opportunities to deliver additional banking, payments, lending, and wealth management solutions over time. With 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?