Thank you, Sherry, and good evening. We welcome you to this conference call to discuss our 2022 third quarter earnings. My name is Ryan Richards, and I'm the Corporate Controller. We would like to excuse James Abbott on the call today as he attends to some family business. I would like to remind you that during this call, we will be making forward-looking statements, although actual results may differ materially. We encourage you to review the disclaimer in the press release or the slide deck on Slide 2, 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 slide deck are available at zionsbancorporation.com. For our agenda today, Chairman and Chief Executive Officer, Harris Simmons, will provide opening remarks, followed by a brief review of our financial results by Paul Burdiss, our Chief Financial Officer. With us also today are Scott McLean, President and Chief Operating Officer; Keith Maio, Chief Risk Officer; and Michael Morris, Chief Credit Officer. After our prepared remarks, we will hold a 30-minute question-and-answer session. During Q&A, we request that you limit your questions to one primary and one follow-up question to enable other participants to ask questions. I will now turn the time over to Harris Simmons.

Thank you very much, Ryan, and thank you, and welcome to all of you to our call. Beginning on Slide 3. We've laid out some themes that are particularly applicable to Zions in recent quarters as well as those that are likely to be prominent over the near-term horizon. First, as Paul will discuss in greater detail, our asset-sensitive balance sheet is benefiting from rising rates, and we're seeing that in our net interest income. As you know, the futures market is pricing in a Fed fund's upper target rate about 5% by the spring of '23 or an increase of about 175 basis points. Our funding costs during the quarter increased modestly. However, it remains among the lowest of banks within our peer group. As rates have risen and downside risk increases, we've been moderating our asset sensitivity primarily through swaps and allowing more highly rate-sensitive deposits to a TRID. Exclusive of PPP, period-end loans increased $1.8 billion or 3.4% on an annualized basis during the quarter. We've achieved strong loan growth while maintaining the same underwriting standards that have allowed Zions to outperform most of our peers in some important credit metrics over the past decade. We have restrained growth in categories that can become riskier in a recessionary environment. In particular, commercial real estate, excluding owner-occupied properties, has grown at less than half the rate of the remainder of our portfolio over the past five years and at a rate much slower than that of our peers. Although loan growth has been stronger than we expected over the last several quarters, we believe the effects of higher rates and a likely slowing economy will slow portfolio growth over the next few quarters. The next theme is balance sheet flexibility. During the pandemic, we experienced somewhat greater deposit growth than most of our peers and the industry in general. We positioned the balance sheet to manage the eventual outflow of these excess deposits. We have a low loan-to-deposit ratio at 71%, whereas prior to the pandemic, we were running in the 85% to 90% range. Our securities portfolio has been structured to provide a more predictable rate of cash flow than simple 30-year mortgage-backed pass-through securities. And that cash flow was used this quarter to fund a substantial portion of our loan growth. Exiting the pandemic, our strong liquidity position allowed us the luxury of being able to prioritize the quality of deposits over quantity. And this is reflected in our total cost of deposits, which at 10 basis points this quarter is among the very best of our peers. We believe we are well prepared and positioned for any recession that may materialize with stronger pre-provision net revenue as a result of higher interest rates and capital that is strong relative to the risk profile of our balance sheet, particularly given the fact that much of our loan growth in recent years has been concentrated in loan types that are less prone to loss. Turning to Slide 4. We're generally pleased with the quarterly financial results, which are summarized on this slide. Circled there, you'll see that adjusted taxable equivalent revenue net of interest expense increased about 9% relative to the prior quarter. And excluding PPP income, the increase was about 10%. Adjusted pre-provision net revenue increased 17%. And if excluding PPP, it was a 21% increase. Those growth rates are not annualized. Our credit metrics are quite clean. And as previously noted, loan growth was strong when adjusted for PPP forgiveness. All deposits and most particularly, more rate-sensitive deposits attributable to very large relationships experienced some additional attrition. Moving to Slide 5. Diluted earnings per share was $1.40. Comparing the third quarter to the second quarter, the single most significant difference was the improvement in revenue driven by the effect of interest rate changes on earning assets and continued strong performance from customer-related noninterest income. The provision for credit loss contributed a $0.15 per share negative variance as can be seen on the bottom left chart as we added to the loss reserve to reflect the increased probability of an economic slowdown. Interest income from PPP loans is now a much less significant contributor at $0.03 per share down from $0.07 per share in the second quarter. Other items that affected earnings per share are noted on the right side of the page. Turning to Slide 6. Our third quarter adjusted pre-provision net revenue was $351 million. The adjustments which must notably eliminate the gain or loss on securities, are shown in the latter pages of the press release and the slide deck. Within the PPNR chart, the top portion of each column denotes the revenue we've received from PPP loans, net of direct external professional services expense. These loans contributed only $6 million to PPNR in the second quarter. Exclusive of PPP income, we experienced an increase in adjusted PPNR of 53% over the year-ago period. With that high-level overview, I'm going to ask Paul Burdiss, our Chief Financial Officer, to provide additional detail related to our financial performance.

Thank you, Harris, and good evening, everyone. I'll begin on Slide 7. A significant highlight for us this quarter was the strong performance in average loan growth. Average non-PPP loans increased $1.5 billion or 2.9% when compared to the second quarter. Areas of strength included commercial and industrial, residential mortgage and both commercial and consumer construction as can be seen in the appendix on Slide 30. The yield on average loans increased 50 basis points from the prior quarter, which is primarily attributable to increases in interest rates. Average PPP loans declined $393 million to $408 million. Excluding PPP loans, the loan yield improved 55 basis points to 4.16% from 3.61%. Deposit costs increased during the quarter but remained low. Shown on the right, our cost of deposits rose from 3 to 10 basis points in the third quarter. That's the cost of total deposits. Our average deposits declined $3.4 billion or 4.2% linked quarter. For deeper insight, into deposit volume changes, please turn to Slide 8, where we break down our deposits by size. As shown here, the majority of our deposits come from relationships holding less than $10 million on our balance sheet. Digging deeper into deposit runoff, you can see on this chart that the 2022 decline in deposits has come from large balance low-activity accounts. In our experience, these deposits are the most rate-sensitive. Therefore, the faster-than-expected increase in rates and the widening differential in our deposit rates paid when compared to other investment products has created an incentive for some of these large less operationally active dollars to move off of our balance sheet. Where possible, we have actively managed these funds into off-balance sheet products maintaining the relationship with the customer while keeping deposit costs well managed. Contrary to the trends in large balance deposits, deposit relationships with clients holding under $10 million with us have generally been stable since the beginning of the year. Combined with the third quarter's loan growth, our loan-to-deposit ratio remains a very comfortable 71%, which is still about 15 basis points below the level just prior to the pandemic. Moving to Slide 9, we show our securities and money market investment portfolios over the last five quarters. The size of the securities portfolio declined by $2 billion over the previous quarter, driven by an adjustment to the fair value, no new security purchases and repayments of about $900 million. The combination of securities and money market investments is now 34% of total earning assets at period-end, which remains above our pre-pandemic average of 26%. Excluding fair value marks, we anticipate that money market and investment securities balances combined will continue to decline over the near term. Our revenue is primarily balance sheet driven. This quarter, 80% of our revenue comes from net interest income. Slide 10 is an overview of net interest income and the net interest margin. The chart on the left shows the recent 5-quarter trend for both. Net interest income on the bars reflects both loan growth and higher interest rates, while the net interest margin in the white boxes also reflects a remixing of earning assets in the last 2 quarters toward higher-yielding assets. We attempt to quantify the impact of these trends on the net interest margin on the right-hand side of that page. Slide 11 provides information about our interest rate sensitivity. Due to the rapidly changing environment, recall that last quarter, we introduced the terms latent interest rate sensitivity and emergent interest rate sensitivity. Regarding latent sensitivity, rate changes that were in place as of September 30 will work through our balance sheet and income statement over the near term and should add approximately 10% to our net interest income in the third quarter of 2023 when compared to the third quarter of 2022. Regarding emergent sensitivity, if the forward path of interest rates were to materialize, we would expect an additional 3% in net interest income in the third quarter of 2023 compared to the third quarter of 2022, in addition to the 10% increase from latent sensitivity. The forward path is defined as the forward yield curve as of September 30, which at that time included about another 150 basis point increase in the Fed funds target rate. Both measures assume that earning assets will remain flat and that nonspecific maturity deposits will move and reprice in accordance with our interest rate risk modeling assumptions. In other words, and for example, loan growth would be expected to add to net interest income beyond the latent and emergent sensitivity estimates, which consider only changes in interest rates, while the investment portfolio attrition would be expected to narrow these figures. With respect to our traditional interest rate risk disclosures, our estimated interest rate sensitivity to a 100 basis point parallel interest rate shock has declined by 2 percentage points from the second quarter and about eight percentage points from the beginning of the year. This change reflects the recent decline in deposits, an increase in our interest rate swap portfolio and a higher net interest income denominator. In summary, we expect latent and emergent interest rate sensitivity, combined with continued loan growth and manageable changes in deposit volume and pricing to continue to increase net interest income over the coming year. Moving on to noninterest income and total revenue on Slide 12. Customer-related noninterest income was $156 million, an increase of 1% over the prior quarter and 3% over the prior year. As we noted in July, we have modified our nonsufficient funds and overdraft fee practices near the beginning of the third quarter, which reduced our noninterest income by about $2 million in the quarter. Improvement in customer-related fee income are fairly broad-based. And when combined with the changes in revenues associated with our deposit products produces an outlook for customer-related noninterest income in the third quarter of 2023 to be slightly increasing compared to the current quarter, up from the prior quarter's outlook of stable. The right side of that slide, revenue shows the sum of net interest income and customer-related noninterest income. Revenue grew by 16% from a year ago when excluding PPP income and grew by 26% over the same period. We expect client activity and the positive impact of higher interest rates to continue to improve this measure over the coming quarters. Noninterest expense on Slide 13 increased 3% from the prior quarter to $479 million. Salaries and benefits grew by $5 million. The primary drivers include the additional staffing and an extra day in the quarter compared to the second quarter. We continue to feel the impact of inflation, which is showing in smaller but numerous increases in several other expense categories. Our outlook for adjusted noninterest expense is to moderately increase by the third quarter of 2023 when compared to the third quarter of 2022. Another highlight for the quarter was the continued strong credit quality across the loan portfolio, as illustrated on Slide 14. Relative to the prior quarter, we saw continued improvement in the balance of criticized and classified loans. Net charge-offs to average loans for the quarter was 21 basis points of average non-PPP loans compared to a loss rate of only 7 basis points in the prior quarter. Credit losses this quarter could best be described as unique situations rather than systemic or common theme losses. Notably, our nonperforming asset ratio and classified loan ratio continued to improve and are at very healthy levels. Slide 15 details the recent trend in our allowed rent losses, or ACL, over the past several quarters. At the end of the third quarter, the ACL was $590 million, a $44 million increase from the second quarter. A little over half of the linked quarter ACL increase can be ascribed to the buildup of reserves on existing non-PPP loans, up from 5 basis points - I'm sorry, up 5 basis points from the prior quarter to 1.10%, with the remaining increase attributable to growth in the loan portfolio. Our ACL will continue to reflect the size and composition of our loan portfolio and evolving macroeconomic forecasts. Our loss-absorbing capital position is shown on Slide 16. We believe that our capital position is aligned with the balance sheet and operating risk of the bank. The CET1 ratio fell in the third quarter to 9.6% as strong loan growth outpaced retained earnings. We repurchased $50 million of common stock in the third quarter. As a reminder, share repurchase and dividend decisions are made by our Board of Directors, and as such, we expect to announce any capital actions for the fourth quarter in conjunction with our regularly scheduled Board meeting this coming Friday. Our goal continues to be that the CET1 capital ratio will remain at or slightly above peer median while managing to a below-average risk profile. Slide 17 summarizes the financial outlook provided over the course of this presentation. As a reminder, this outlook represents our best current estimate for the financial performance in the third quarter of 2023 compared to the actual results reported for the third quarter of 2022. The quarters in between are subject to normal seasonality.

John, I would just - this is Scott. I would just add to what Harris said, that we're coming off of two or three of the biggest quarters in our history in terms of loan growth, all in areas that have been really focal points for our lending. And so, any decrease will look like a decrease, but it's coming off of sort of record highs. I would just say also that for years, you've heard us say that we focus on trying to create mid-single-digit loan growth and that our model works well on that basis. And I think that we would still feel pretty comfortable with that kind of concept, barring a really serious recession.

Good afternoon. On your - on the NII outlook, I guess, Paul, if you could just - I just want to make sure I understood it correctly. I believe you made a comment that with emergent and considering emergent and latent sensitivity as well as your balance sheet growth expectations that you expect NII to increase in the coming year? Did I get it right? Or can you clarify if not?

Good afternoon. I guess maybe Paul, just following up in terms of thinking about the NII outlook to positive 13% year-over-year. But talk to us in terms of as we think about the trajectory of NII and NIM as we think about '23, do you think it's lifting higher as you think about all of '23 or when do you see that as peaking within your sort of assumptions? And what's the terminal beta that you're thinking about that you expect?

Thank you, Sherry, and thank you all for joining us today. If you have additional questions, please contact us at the e-mail or phone number listed on our website. We look forward to connecting with you throughout the coming months. Thank you for your interest in Zions Bancorporation. This concludes our call.

Thank you. This concludes the conference. You may disconnect your lines at this time, and thank you for your participation.