Zions Q2 net earnings $345M, diluted EPS $2.08 vs $0.34 YoY; credit release of $123M

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/

2021-Q2 EPS reported $3.98 revenue$272,000,000

Net earnings $345M ($2.08 diluted EPS) vs $57M ($0.34) in Q2 2020; PPNR up 32%.
Provision for credit losses negative $123M (release) vs positive $168M YoY; allowance 1.2% of loans ex-PPP.
CET1 capital ratio 11.3% vs 10.2% at pandemic start; preferred stock redemption of $126M.
Loans and leases $51.4B, down 7% (ex-PPP down 3%); deposits up 16% to $76.1B.
SBIC investment in Recursion Pharma contributed $54M net unrealized gain ($0.25 per share).

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