So it's pretty high loss on that particular credit. We have one of the strongest levels of capital in our peer group of large regional banks. I mean, certainly they're up, but they're not up commensurate with classified numbers, which is indicative of the fact that we -- yes, we think businesses are going to be experiencing some stress. I’ll just add real quickly that because of the focus of our portfolio being largely small business related and the confluence of the PPP loan program with the portfolio, I think that also had an impact on loan growth. I'll take a stab at it. They’re doing the things that probably will have to be done for the next several months to allow business to carry on in this country. Thank you. is a member of the Federal Deposit Insurance Corporation (FDIC), and operates under multiple trade names in … One of the industries was leisure and recreation, somewhat of an unusual credit. Our capital ratios have been a source of strength for us. And so it ends up being higher than the math you just laid out. And so as we think about Zions getting through this crisis profitable and start thinking about the other side, is 10.2% still a proper capital level to hold? Sure. Hi everybody. I think the two largest losses, one was leisure and recreation you mentioned and the other is — was in retailing. Appreciate it. Your line is open. But your period end C&I portfolio kind of blew through even the year-end or year-ago bubbles of outstanding C&I. This is Ed. So Scott’s numbers with regards in the determination and how many had that deficiency balance was actually based on the more conservative price deck. We're only in the first inning of this retention effort, but we're optimistic about our chances. Nobody really foresaw what we're all dealing with in this really weird year but the fact that we came into it with stronger capital feels great and so I expect if we want to kind of maintain that posture we'll have to look at kind of relatively what that means maybe as we go through time. And so, that was one more element to the qualitative that we considered. This is Scott. And importantly, we use the refreshed loan grading. This increased sensitivity to changes in interest rate was driven by our deposit portfolio as deposit beta's are assumed to be lower in this rate environment, and our customers are leaving more money on deposit with us. Improved revenues supported an increase in our provision for credit losses as the environment for credit became more uncertain. Well, John as you know under — in CECL land, if there is anything that we know with respect to losses, we would have had to incorporate it in this particular cycle, this loan cycle. In April 1960, Keystone, together with several individual investors, acquired a 57.5 percent interest in Zions First National Bank from the LDS Church. Each of our affiliate banks is in the midst of a new client outreach campaign, which includes compelling offers, particularly timely with the introduction of Treasury Select a product set specifically designed for small business.
If we can just take one more question, we're already over time a little bit. Go ahead, Harris. And what I would — it just varies by field, by area, etc, but generally speaking probably 70% of the exploration that’s been done in the last five to seven, eight years is shale and tight sand-type exploration. And then there are others that are expecting more in the 50% range.
We started to see dentistry recover quite quickly. How many investments has this organization made over time? The elevated risk portfolio has a weighted average risk grade of 9.2 while the other portfolio has a grade of 7.0. daadwerkelijk een persoon bent. Perfect. Yeah, well if everything progresses in accordance with our expectation, John, then I think that's probably a fair assessment, right, because we expect adverse credit migration, we expect charge-offs that's all baked into that $914 million number. Sure. 2 Represents long-term debt / senior debt issuer rating, as of, Overview of How the Pandemic has Affected Zions Bancorporation, Reduced earnings, strong capital, more than 10k new customers primarily from PPP loans, slow down of technology upgrades, Provisions for loan losses elevated in anticipation of future credit loss, Weaker performance: revenue from net interest income (excl. That's what you are assuming. There’s no real customer issue associated with that project being extended if it requires another six to nine months to complete. The other -- we had a couple of others that were a little more modest.
Good evening. Within our affiliate structure, the SBA PPP loan market share distribution is generally consistent with our deposit market share. A copy of the full earnings release as well as a supplemental slide deck are available at zionsbancorporation.com. But as you look at your borrower base, do they need $45 or $50 oil to make money or are they cash flowing here? This is Paul. About Zions Bancorporation. And again, there is a very diverse group. Ed or Michael, would you add anything to that or anyone else? Thanks. I mean, people are wearing masks. Sure. And that put a lot of businesses in pretty strong shape. The top right chart shows the trend in classified and non-accrual loans with the classified ratio being the larger number and the non-accrual ratio being the smaller number within each bar. No systemic, no real trend behind it. On the PPP program, the new customers you're acquiring, are they all in footprint? I was just wondering if you could talk about some of the bigger assumptions you baked in to your CECL calculation this quarter, any details there would be great. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. The chart on the left shows average loans grew 12% over the year ago period, significantly assisted by PPP loan growth as depicted with the light shaded bar. 20% of our workforce pitched in to help 47,000 small businesses obtain much needed funding through the SBA Paycheck Protection Program. Most of the deferrals are granted on a 90 to 120 days ago and have been rolling off over the course of the past month or so. Well, no, I think you covered it well, Paul. I couldn’t be more proud of our team who delivered aid and [Phonetic] volumes that significantly outpaced our market share, and they did it with grace and a singular focus on serving both customers and prospects. And I think the takeaway for us as we came out of these reviews was — at least for me personally — it was — I was probably really pleased with how much strength was there, not that they’re not going to have — not that we’re not going to see some losses — I think the losses will be commensurate with the reserves we’ve set up likely over the course of the next few quarters. We may have to spend a little bit more to make up for this period and that's what Harris was trying to reference and the period could get extended by a quarter or two also. FutureCore is our big core replacement project. The answer though is not -- it doesn't lie in the fee in the numerator but the answer lies in the denominator because the weighted average life of the loans is much shorter than 24 months because of the amortization. Keith Maio will provide more detail in a moment, but we’re working very hard to do what we can to help them become a permanent part of the Zions customer base.
Sure. Our next question comes from the line of Ken Zerbe of Morgan Stanley.
Yeah, this is Michael. Speaking not only of our own institution but of the entire industry, it's nearly miraculous to me that we could also quickly and dramatically alter how we work employing technology and working from home and still deliver unprecedented amounts of aid to individuals businesses, non-profits, municipalities and others. Slide 11 shows the same three groupings in time series. But the relative cost of — the relative higher cost we believe will be moderately small again in the context of what we’re spending.
Well, I'll start out -- I'll say we're very comfortable with our energy portfolio but Scott, yeah I was going to turn it over to you to take that. Latif, please open the line for questions. Thank you, Latif, and good evening everyone. As Harris noted, but bears repeating these efforts have provided substantial support to what now is 47,000 businesses. But then even assuming your average PPP fees were 4%, which would be 2% per year, that would only put your average loan yield at 3% and then — but you already said your average loan size was bigger than the average loan for the industry, and certainly 4% would be at the higher end of sort of any other bank we cover. Ultimately, we're experiencing gains in market share that are coming as a result of the two factors I noted earlier, excellent employees and superior technology. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming.
Wondering what industry those loans were in and what kind of severities you saw? Broadly speaking, as I said in my prepared remarks, we used results from our internal stress testing to inform those results. Most of the deferrals are granted on a 90 to 120 days ago and have been rolling off over the course of the past month or so. The probability of default for grade 10 loan, the last pass grade in our grading range, is significantly more than a grade 9 for example. And as a result the fee ends up getting amortized over a shorter period. And do you know what kind of severities you saw in those credits-those two credits? que vous êtes une vraie personne. Our next question comes from the line of John Pancari of Evercore ISI.
And by way of introduction, I’m responsible for small business lending, mortgage, and wealth management among other responsibilities within the bank. For financial reporting, their fiscal year ends on December 31st. The next two slides give a quick overview of our earnings. Everybody realizes that they have to help out in terms of extending payments or deferring payments, etc, etc, just to keep the process going. Go ahead, Harris. A full reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation. Although much of this growth, particularly the linked quarter growth, is attributable to PPP-related deposit growth, we believe that perhaps $2 billion or more of the period and deposit growth can be attributed to non-PPP-related deposit activity. While activity appear to improve as we approach the end of the second quarter, the economic environment remains too uncertain to predict stabilization in these trends.
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