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8-K

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION)

8-K 2023-04-19 For: 2023-04-19
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Added on April 07, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported)  April 19, 2023

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

(Exact name of registrant as specified in its charter)

United States of America 001-12307 87-0189025
(State or other jurisdiction of incorporation or organization) (Commission File Number) (IRS Employer Identification No.)
One South Main, Salt Lake City, Utah 84133-1109
(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code (801) 844-7637

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Trading Symbols Name of Each Exchange on Which Registered
Common Stock, par value $0.001 ZION The NASDAQ Stock Market, LLC
Depositary Shares each representing a 1/40th ownership interest in a share of:
Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock ZIONP The NASDAQ Stock Market, LLC
Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock ZIONO The NASDAQ Stock Market, LLC
6.95% Fixed-to-Floating Rate Subordinated Notes due September 15, 2028 ZIONL The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

On April 19, 2023, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended March 31, 2023 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on April 19, 2023. The press release announcing the financial results for the quarter ended March 31, 2023 is furnished as Exhibit 99.1 and incorporated herein by reference. A presentation to be used in conjunction with the conference call regarding the Bank’s first quarter financial results is furnished as Exhibit 99.2 and incorporated herein by reference.

The information in this Current Report on Form 8-K, including the exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the Bank under the Securities Act of 1933, as amended.

Item 9.01    Financial Statements and Exhibits.

Exhibits.

The following exhibits are furnished as part of this Current Report on Form 8-K:

Exhibit Number Description
99.1 Press Release dated April 19, 2023 (furnished herewith).
99.2 Earnings Release Presentation dated April 19, 2023 (furnished herewith).
101 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104 The cover page from this Current Report on form 8-K, formatted as Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION
By: /s/ Paul E. Burdiss
Name:   Paul E. Burdiss
Title:      Executive Vice President and Chief Financial Officer
Date: April 19, 2023

Document

Zions Bancorporation, N.A.<br>One South Main<br>Salt Lake City, UT 84133<br>April 19, 2023
www.zionsbancorporation.com

First Quarter 2023 Financial Results: FOR IMMEDIATE RELEASE

Investor and Media Contact: James Abbott (801) 844-7637

Zions Bancorporation, N.A. reports: 1Q23 Net Earnings of $198 million, diluted EPS of $1.33
compared with 1Q22 Net Earnings of $195 million, diluted EPS of $1.27,<br>and 4Q22 Net Earnings of $277 million, diluted EPS of $1.84

FIRST QUARTER RESULTS

$1.33 $198 million 3.33% 9.9%
Net earnings per diluted common share Net earnings Net interest margin (“NIM”) Estimated Common Equity<br>Tier 1 ratio
FIRST QUARTER HIGHLIGHTS¹
--- --- --- ---
Net Interest Income and NIM •
• NIM was 3.33%, compared with 2.60%
Operating Performance •
• Customer-related noninterest income was stable at 151 million; total noninterest income was 160 million, up 13%
• Noninterest expense was 512 million, up 10%; adjusted noninterest expense² was 509 million, up 10%
• The efficiency ratio² was 59.9%, compared with 65.8%
Loans and Credit Quality •
• The provision for credit losses was 45 million, compared with (33) million
• The allowance for credit losses was 1.20% of loans, compared with 1.00% of loans
• The annualized ratio of net loan and lease charge-offs to average loans was 0.00%, compared with 0.05%
• Nonperforming assets3 were 173 million, or 0.31%, of loans, compared with 252 million, or 0.49%, of loans
Deposits and Borrowed Funds •
• Borrowed funds, consisting primarily of secured borrowings from the FHLB, were 12.1 billion, compared with 0.6 billion
Capital •
• Shares of common stock repurchased during the quarter were 0.9 million for 50 million

All values are in US Dollars.

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “The fundamentally solid results that we and many other banks produced in the first quarter were overshadowed by concerns about liquidity and capital strength in the wake of two prominent bank failures in mid-March. Deposits across the industry had been declining in recent quarters after growing rapidly during the pandemic, and although we and other banks experienced negative impacts from these bank failures, our own deposits (excluding any brokered deposits) at quarter end were 18% greater than pre-pandemic (12/31/19) levels, with noninterest-bearing demand deposits up 31% during that period, and loans up 16%.<br><br>“We continued to evidence very good credit quality during the quarter, with no net charge-offs and continued strong credit metrics. Both regulatory and economic capital also remained durable during the quarter, reflecting in part the increased value of a solid base of smaller core operating deposit accounts whose value has increased even as the value of fixed-rate earning assets has diminished in a period of higher interest rates. With growing attention on commercial real estate, or CRE, portfolios, we would note that we’ve carefully managed the growth in this portfolio for a number of years. Over the past decade, our CRE portfolio has grown at a compounded annual rate of only 2.5%, and a mere 0.1% of the portfolio is currently in nonperforming status.”<br><br>Mr. Simmons continued, “Finally, while events during the quarter accelerated a change in funding mix and costs that we expect will reduce the near-term quarterly ‘run rate’ of revenue by approximately 4%, we expect an increased focus on operating costs will offset a portion of this impact.”
OPERATING PERFORMANCE2
(In millions) Three Months Ended<br>March 31,
--- --- --- --- --- --- --- --- ---
2023 2022
Adjusted PPNR $ 341 $ 241
Net charge-offs (recoveries) $ — $ 6
Efficiency ratio 59.9 % 65.8 %
Weighted average diluted shares 148.0 151.7

1 Comparisons noted in the bullet points are calculated for the current quarter compared with the same prior-year period unless otherwise specified. The effective tax rate was 27.7% at March 31, 2023, compared with 20.4% at March 31, 2022, primarily as a result of a change in the reserve for uncertain tax positions.

2 For information on non-GAAP financial measures, see pages 16-17.

3 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 2

Comparisons noted in the sections below are calculated for the current quarter versus the same prior-year period unless otherwise specified. Growth rates of 100% or more are considered not meaningful (“NM”) as they generally reflect a low starting point.

RESULTS OF OPERATIONS

Net Interest Income and Margin
1Q23 - 4Q22 1Q23 - 1Q22
(In millions) 1Q23 4Q22 1Q22 % %
Interest and fees on loans $ 726 $ 656 $ 437 11 % 66 %
Interest on money market investments 57 39 6 18 46 51 NM
Interest on securities 137 140 112 (3) (2) 25 22
Total interest income 920 835 555 85 10 365 66
Interest on deposits 82 38 6 44 NM 76 NM
Interest on short- and long-term borrowings 159 77 5 82 NM 154 NM
Total interest expense 241 115 11 126 NM 230 NM
Net interest income $ 679 $ 720 $ 544 (6) 25
bps bps
Yield on interest-earning assets1 4.49 % 4.09 % 2.65 % 40 184
Rate paid on total deposits and interest-bearing liabilities1 1.17 % 0.56 % 0.06 % 61 111
Cost of total deposits1 0.47 % 0.20 % 0.03 % 27 44
Net interest margin1 3.33 % 3.53 % 2.60 % (20) 73

All values are in US Dollars.

1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.

Net interest income increased $135 million, or 25%, to $679 million in the first quarter of 2023, primarily due to the higher interest rate environment and a favorable change in the mix of interest-earning assets.

Average interest-earning assets decreased $2.3 billion, or 3%, from the prior year quarter, driven by declines of $4.2 billion and $3.2 billion in average money market investments and average securities, respectively. A majority of the decrease in average securities was due to payments and maturities. These decreases were partially offset by an increase of $5.2 billion in average loans and leases.

The net interest margin was 3.33%, compared with 2.60%. The yield on average interest-earning assets was 4.49% in the first quarter of 2023, an increase of 184 basis points, reflecting higher interest rates and a favorable mix change. The yield on total loans increased 178 basis points to 5.30%, and the yield on securities increased 68 basis points to 2.46%. The yield on securities benefited from a decrease in the market value of AFS securities due to rising interest rates.

The cost of total deposits for the first quarter of 2023 was 0.47%, compared with 0.03%, reflecting higher interest rates. The rate paid on total deposits and interest-bearing liabilities was 1.17%, compared with 0.06%. Average noninterest-bearing deposits as a percentage of total deposits were 49%, compared with 50% during the same prior year period.

ZIONS BANCORPORATION, N.A.

Press Release – Page 3

Noninterest Income
1Q23 - 4Q22 1Q23 - 1Q22
(In millions) 1Q23 4Q22 1Q22 % %
Commercial account fees $ 43 $ 41 $ 41 5 % 5 %
Card fees 24 27 25 (3) (11) (1) (4)
Retail and business banking fees 16 16 20 — — (4) (20)
Loan-related fees and income 21 19 22 2 11 (1) (5)
Capital markets fees 17 22 15 (5) (23) 2 13
Wealth management fees 15 14 14 1 7 1 7
Other customer-related fees 15 14 14 1 7 1 7
Customer-related noninterest income 151 153 151 (2) (1) — —
Fair value and nonhedge derivative income (loss) (3) (4) 6 1 25 (9) NM
Dividends and other income 11 9 2 2 22 9 NM
Securities gains (losses), net 1 (5) (17) 6 NM 18 NM
Total noninterest income $ 160 $ 153 $ 142 5 13

All values are in US Dollars.

Total customer-related noninterest income remained stable at $151 million, compared with the prior year period. Increases in commercial treasury management, foreign exchange, and capital markets syndication fees were offset by a decrease in retail and business banking fees largely as a result of a change in our overdraft and non-sufficient funds practices effected during the third quarter of 2022.

Net securities gains and losses increased $18 million, due largely to negative mark-to-market adjustments recorded during the prior year period related to our SBIC investment portfolio. Dividends and other income increased $9 million, primarily due to an increase in dividends on FHLB stock. These increases were offset by a $9 million decrease in fair value and nonhedge derivative income, primarily due to a $3 million loss during the quarter related to a credit valuation adjustment (“CVA”) on client-related interest rate swaps, compared with an $6 million CVA gain in the prior year period.

Noninterest Expense
1Q23 - 4Q22 1Q23 - 1Q22
(In millions) 1Q23 4Q22 1Q22 % %
Salaries and employee benefits $ 339 $ 304 $ 312 12 % 9 %
Technology, telecom, and information processing 55 51 52 4 8 3 6
Occupancy and equipment, net 40 40 38 — — 2 5
Professional and legal services 13 15 14 (2) (13) (1) (7)
Marketing and business development 12 11 8 1 9 4 50
Deposit insurance and regulatory expense 18 14 10 4 29 8 80
Credit-related expense 6 8 7 (2) (25) (1) (14)
Other real estate expense, net — — 1 — NM (1) NM
Other 29 28 22 1 4 7 32
Total noninterest expense $ 512 $ 471 $ 464 9 10
Adjusted noninterest expense 1 $ 509 $ 472 $ 464 8 10

All values are in US Dollars.

1 For information on non-GAAP financial measures, see pages 16-17.

Total noninterest expense increased $48 million, or 10%, relative to the prior year quarter. Salaries and benefits expense increased $27 million, or 9%, due to the ongoing impact of inflationary and competitive labor market pressures on wages and benefits, increased headcount, and an additional business day during the current quarter.

ZIONS BANCORPORATION, N.A.

Press Release – Page 4

Deposit insurance and regulatory expense increased $8 million, driven largely by an increased base rate beginning in 2023 and a higher FDIC insurance assessment resulting from changes in balance sheet composition. Other noninterest expense increased $7 million, primarily due to increased travel, intangible amortization, and other expenses incurred during the current quarter.

The efficiency ratio was 59.9%, compared with 65.8%, as growth in adjusted taxable-equivalent revenue significantly outpaced growth in adjusted noninterest expense. For information on non-GAAP financial measures, including differences between noninterest expense and adjusted noninterest expense, see pages 16-17.

BALANCE SHEET ANALYSIS

Investment Securities Portfolio
1Q23 - 4Q22 1Q23 - 1Q22
(In millions) 1Q23 4Q22 1Q22 % %
Investment securities:
Held-to-maturity, at amortized cost $ 10,961 $ 11,126 $ 439 (1) % NM
Available-for-sale, at fair value 11,594 11,915 26,145 (321) (3) (14,551) (56) %
Trading account, at fair value 12 465 382 (453) (97) (370) (97)
Total investment securities, net of allowance $ 22,567 $ 23,506 $ 26,966 (4) (16)

All values are in US Dollars.

Total investment securities decreased $4.4 billion, or 16%, to $22.6 billion at March 31, 2023. During the fourth quarter of 2022, we transferred approximately $10.7 billion fair value ($13.1 billion amortized cost) of mortgage-backed AFS securities to the HTM category to reflect our intent for these securities. The transfer of these securities from AFS to HTM at fair value resulted in a discount to the amortized cost basis of the HTM securities equivalent to the $2.4 billion of unrealized losses in AOCI. The amortization of the unrealized losses will offset the effect of the accretion of the discount created by the transfer.

We invest in securities to actively manage liquidity and interest rate risk and to generate interest income. Our investment securities are primarily held as a source of contingent liquidity. We manage our liquidity to provide adequate funds for our customers’ credit needs, capital plan actions, anticipated financial and contractual obligations, which include withdrawals by depositors, debt and capital service requirements, and lease obligations. We target securities that can be readily turned into cash through repurchase agreements. At March 31, 2023, approximately $18 billion of our investment securities were either pledged or used as collateral for current and potential borrowings with more than $16 billion of unutilized capacity. An additional $4 billion of our investment securities were pledged for collateralized deposits and other purposes.

We also manage the duration extension risk of our investment securities portfolio. At March 31, 2023, the estimated duration of our securities portfolio remained relatively stable at 4.1, compared with 4.0 at March 31, 2022.

ZIONS BANCORPORATION, N.A.

Press Release – Page 5

Loans and Leases
1Q23 - 4Q22 1Q23 - 1Q22
(In millions) 1Q23 4Q22 1Q22 % %
Loans held for sale $ 5 $ 8 $ 43 (38) % (88) %
Loans and leases:
Commercial $ 30,576 $ 30,495 $ 28,725 — 6
Commercial real estate 12,898 12,739 12,094 159 1 804 7
Consumer 12,857 12,419 10,423 438 4 2,434 23
Loans and leases, net of unearned income and fees 56,331 55,653 51,242 678 1 5,089 10
Less allowance for loan losses 618 575 478 43 7 140 29
Loans and leases held for investment, net of allowance $ 55,713 $ 55,078 $ 50,764 1 10
Unfunded lending commitments $ 30,723 $ 30,490 $ 27,253 1 13

All values are in US Dollars.

Loans and leases, net of unearned income and fees, increased $5.1 billion, or 10%, to $56.3 billion at March 31, 2023. Loan growth was driven largely from increases of $1.6 billion in consumer 1-4 family residential mortgage loans, $1.3 billion in commercial real estate term loans, $1.1 billion in commercial and industrial loans, $0.6 billion in consumer construction loans, and $0.4 billion in municipal loans. These increases were partially offset by a $0.5 billion decrease in commercial real estate construction and land development loans.

Unfunded lending commitments increased $3.5 billion, or 13%, to $30.7 billion at March 31, 2023, primarily due to growth in home equity and consumer residential construction lending commitments.

Credit Quality
1Q23 - 4Q22 1Q23 - 1Q22
(In millions) 1Q23 4Q22 1Q22 % %
Provision for credit losses $ 45 $ 43 $ (33) 5 % NM
Allowance for credit losses 678 636 514 42 7 164 32 %
Net loan and lease charge-offs (recoveries) — (3) 6 3 NM (6) NM
Nonperforming assets2 173 149 252 24 16 (79) (31)
Classified loans 912 929 1,148 (17) (2) (236) (21)
1Q23 4Q22 1Q22 bps bps
Ratio of ACL to loans1 and leases outstanding, at period end 1.20 % 1.14 % 1.00 % 6 20
Annualized ratio of net loan and lease charge-offs to average loans — % (0.02) % 0.05 % 2 (5)
Ratio of classified loans to total loans and leases 1.62 % 1.67 % 2.24 % (5) (62)
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.31 % 0.28 % 0.50 % 3 (19)

All values are in US Dollars.

1 Does not include loans held for sale.

2 Does not include banking premises held for sale.

Nonperforming assets decreased $79 million, or 31%, and classified loans decreased $236 million, or 21%. We had zero net loan and lease charge-offs, compared with net charge-offs of $6 million in the prior year quarter. During the first quarter of 2023, we recorded a $45 million provision for credit losses, compared with a $(33) million provision during the prior year period. The allowance for credit losses (“ACL”) was $678 million at March 31, 2023, compared with $514 million at March 31, 2022. The increase in the ACL was primarily due to deterioration in economic forecasts and growth in the loan portfolio. The ratio of ACL to total loans and leases was 1.20% at March 31, 2023, compared with 1.00% at March 31, 2022.

ZIONS BANCORPORATION, N.A.

Press Release – Page 6

Deposits and Borrowed Funds
1Q23 - 4Q22 1Q23 - 1Q22
(In millions) 1Q23 4Q22 1Q22 % %
Noninterest-bearing demand $ 30,974 $ 35,777 $ 41,937 (13) % (26) %
Interest-bearing:
Savings and money market 30,826 33,474 38,490 (2,648) (8) (7,664) (20)
Time 2,024 1,484 1,547 540 36 477 31
Brokered 5,384 917 377 4,467 NM 5,007 NM
Total deposits $ 69,208 $ 71,652 $ 82,351 (3) (16)
Borrowed funds:
Federal funds purchased and other short-term borrowings $ 12,124 $ 10,417 $ 638 16 NM
Long-term debt 663 651 689 12 2 (26) (4)
Total borrowed funds $ 12,787 $ 11,068 $ 1,327 16 NM

All values are in US Dollars.

Total deposits decreased $13.1 billion, or 16% to $69.2 billion at March 31, 2023. More than two-thirds of the decrease related to accounts with balances greater than $10 million. Our loan-to-deposit ratio was 81%, compared with 62% in the prior year quarter.

Average total deposits decreased $11.4 billion, or 14%, to $70.2 billion, compared with $81.6 billion during the prior year period. Average noninterest-bearing deposits decreased $6.5 billion, or 16%, and were 49% and 50% of average total deposits for the respective time periods.

Total borrowed funds, consisting primarily of secured borrowings from the FHLB, increased $11.5 billion from the prior year quarter in response to declines in total deposits and loan growth. FHLB borrowings are “open-term,” allowing us the ability to retain or return funds based on our liquidity needs. The increase in borrowed funds also included repurchase agreements executed through the General Collateral Funding (“GCF”) repo program.

Shareholders’ Equity
1Q23 - 4Q22 1Q23 - 1Q22
(In millions, except share data) 1Q23 4Q22 1Q22 % %
Shareholders’ equity:
Preferred stock $ 440 $ 440 $ 440 — % — %
Common stock and additional paid-in capital 1,715 1,754 1,889 (39) (2) (174) (9)
Retained earnings 5,949 5,811 5,311 138 2 638 12
Accumulated other comprehensive income (loss) (2,920) (3,112) (1,346) 192 6 (1,574) NM
Total shareholders’ equity $ 5,184 $ 4,893 $ 6,294 6 (18)
Capital distributions:
Common dividends paid $ 61 $ 62 $ 58 (2) 5
Bank common stock repurchased 50 50 50 — — — —
Total capital distributed to common shareholders $ 111 $ 112 $ 108 (1) 3
shares % shares %
Weighted average diluted common shares outstanding (in thousands) 148,038 148,829 151,687 (791) (1) % (3,649) (2) %
Common shares outstanding, at period end (in thousands) 148,100 148,664 151,348 (564) — (3,248) (2)

All values are in US Dollars.

The common stock dividend was $0.41 per share, compared with $0.38 per share during the prior year quarter. Common shares outstanding decreased 3.2 million, or 2%, from the first quarter of 2022, primarily due to common stock repurchases. During the first quarter of 2023, we repurchased 0.9 million common shares outstanding for $50 million, compared with 0.8 million common shares repurchased for $50 million during the prior year period.

ZIONS BANCORPORATION, N.A.

Press Release – Page 7

Accumulated other comprehensive income (loss) (“AOCI”) was $2.9 billion at March 31, 2023, and reflects the decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Additionally, changes in AOCI do not impact our regulatory capital ratios.

Estimated common equity tier 1 (“CET1”) capital was $6.6 billion, an increase of 7%, compared with $6.2 billion. The estimated CET1 capital ratio was 9.9%, compared with 10.0%, reflecting an 8% increase in risk-weighted assets due to strong loan growth. Tangible book value per common share increased to $44.57, compared with $40.87, due to an increase in retained earnings. For more information on non-GAAP financial measures, see pages 16-17.

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the first quarter results at 5:30 p.m. ET on April 19, 2023. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and entering the passcode 13737440, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $90 billion of total assets at December 31, 2022, and annual net revenue of $3.2 billion in 2022. 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. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

This earnings release includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as “may,” “might,” “could,” “anticipate,” “expect,” and similar terms, are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks and uncertainties.

Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although this list is not comprehensive, important factors that may cause material differences include the quality and composition of our loan and securities portfolios and the quality and composition of our deposits; changes in general industry, political and economic conditions, including continued high inflation, economic slowdown or recession, or other economic disruptions; changes in interest and reference rates which could adversely affect our revenue and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses; securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; our ability to recruit and retain talent, including increased competition for qualified candidates as a result of expanded remote-work opportunities and increased compensation expenses; competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services; our ability to complete projects and initiatives and execute on our strategic plans, manage our risks, and achieve our business

ZIONS BANCORPORATION, N.A.

Press Release – Page 8

objectives; our ability to provide adequate oversight of our suppliers or prevent inadequate performance by third parties upon whom we rely for the delivery of various products and services; our ability to develop and maintain technology, information security systems and controls designed to guard against fraud, cybersecurity, and privacy risks; changes and uncertainties in applicable laws, and fiscal, monetary, regulatory, trade, and tax policies, and actions taken by governments, agencies, central banks and similar organizations; adverse media and other expressions of negative public opinion whether directed at us, other banks, the banking industry generally or otherwise that may adversely affect our reputation and that of the banking industry generally; the effects of pandemics and other health emergencies, including the lingering effects of the COVID-19 pandemic that may affect our business, employees, customers, and communities, such as ongoing effects on availability and cost of labor; the effects of wars and geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future; natural disasters that may impact our and our customer's operations and business; and governmental and social responses to environmental, social, and governance issues, including those with respect to climate change.

Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2022 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC), and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov).

We caution against the undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any forward-looking statements to reflect future events or developments.

ZIONS BANCORPORATION, N.A.

Press Release – Page 9

FINANCIAL HIGHLIGHTS

(Unaudited)

Three Months Ended
(In millions, except share, per share, and ratio data) March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022 March 31,<br>2022
BALANCE SHEET 1
Loans held for investment, net of allowance $ 55,713 $ 55,078 $ 53,377 $ 51,862 $ 50,764
Total assets 88,573 89,545 88,474 87,784 91,126
Deposits 69,208 71,652 75,995 79,061 82,351
Total shareholders’ equity 5,184 4,893 4,696 5,632 6,294
STATEMENT OF INCOME
Net earnings applicable to common shareholders $ 198 $ 277 $ 211 $ 195 $ 195
Net interest income 679 720 663 593 544
Taxable-equivalent net interest income 2 688 730 673 602 552
Total noninterest income 160 153 165 172 142
Total noninterest expense 512 471 479 464 464
Pre-provision net revenue 2 336 412 359 310 230
Adjusted pre-provision net revenue 2 341 420 351 300 241
Provision for credit losses 45 43 71 41 (33)
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share $ 1.33 $ 1.84 $ 1.40 $ 1.29 $ 1.27
Dividends 0.41 0.41 0.41 0.38 0.38
Book value per common share 1 32.03 29.95 28.45 34.50 38.68
Tangible book value per common share 1, 2 44.57 43.72 42.52 41.72 40.87
Weighted average share price 45.57 49.85 54.50 56.62 68.23
Weighted average diluted common shares outstanding (in thousands) 148,038 148,829 149,792 150,838 151,687
Common shares outstanding (in thousands) 1 148,100 148,664 149,611 150,471 151,348
SELECTED RATIOS AND OTHER DATA
Return on average assets 0.91 % 1.27 % 0.97 % 0.91 % 0.90 %
Return on average common equity 17.4 % 25.4 % 15.8 % 14.0 % 11.8 %
Return on average tangible common equity 2 12.3 % 16.9 % 13.2 % 12.5 % 12.9 %
Net interest margin 3.33 % 3.53 % 3.24 % 2.87 % 2.60 %
Cost of total deposits 0.47 % 0.20 % 0.10 % 0.03 % 0.03 %
Efficiency ratio 2 59.9 % 52.9 % 57.6 % 60.7 % 65.8 %
Effective tax rate 3 27.7 % 20.9 % 21.9 % 21.9 % 20.4 %
Ratio of nonperforming assets to loans and leases and other real estate owned 0.31 % 0.27 % 0.28 % 0.38 % 0.49 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans — % (0.02) % 0.20 % 0.07 % 0.05 %
Ratio of total allowance for credit losses to loans and leases outstanding 1 1.20 % 1.14 % 1.09 % 1.04 % 1.00 %
Full-time equivalent employees 10,064 9,989 9,920 9,895 9,724
CAPITAL RATIOS AND DATA 1
Tangible common equity ratio 2 7.3 % 7.1 % 7.0 % 7.1 % 6.8 %
Common equity tier 1 capital 4 $ 6,582 $ 6,480 $ 6,342 $ 6,257 $ 6,166
Risk-weighted assets 4 66,267 67,125 65,982 63,424 61,427
Common equity tier 1 capital ratio 4 9.9 % 9.7 % 9.6 % 9.9 % 10.0 %
Tier 1 risk-based capital ratio 4 10.6 % 10.3 % 10.3 % 10.6 % 10.8 %
Total risk-based capital ratio 4 12.4 % 12.0 % 12.0 % 12.3 % 12.5 %
Tier 1 leverage ratio 4 7.8 % 7.6 % 7.5 % 7.4 % 7.3 %

1 At period end.

2    For information on non-GAAP financial measures, see pages 16-17.

3 The increase in the effective tax rate at March 31, 2023 was the result of a change in the reserve for uncertain tax positions.

4 Current period ratios and amounts represent estimates.

ZIONS BANCORPORATION, N.A.

Press Release – Page 10

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands) March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022 March 31,<br>2022
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 607 $ 657 $ 549 $ 559 $ 700
Money market investments:
Interest-bearing deposits 2,727 1,340 1,291 1,249 5,093
Federal funds sold and security resell agreements 688 2,426 2,797 2,273 2,345
Investment securities:
Held-to-maturity1, at amortized cost 10,961 11,126 423 614 439
Available-for-sale, at fair value 11,594 11,915 23,233 25,297 26,145
Trading account, at fair value 12 465 526 304 382
Total securities, net of allowance 22,567 23,506 24,182 26,215 26,966
Loans held for sale 5 8 25 42 43
Loans and leases, net of unearned income and fees 56,331 55,653 53,918 52,370 51,242
Less allowance for loan losses 618 575 541 508 478
Loans held for investment, net of allowance 55,713 55,078 53,377 51,862 50,764
Other noninterest-bearing investments 1,169 1,130 983 840 829
Premises, equipment and software, net 1,411 1,408 1,388 1,372 1,346
Goodwill and intangibles 1,063 1,065 1,034 1,015 1,015
Other real estate owned 6 3 3 — 4
Other assets 2,617 2,924 2,845 2,357 2,021
Total assets $ 88,573 $ 89,545 $ 88,474 $ 87,784 $ 91,126
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 30,974 $ 35,777 $ 39,133 $ 40,289 $ 41,937
Interest-bearing:
Savings and money market 30,897 33,566 35,389 37,346 38,864
Time 7,337 2,309 1,473 1,426 1,550
Total deposits 69,208 71,652 75,995 79,061 82,351
Federal funds purchased and other short-term borrowings 12,124 10,417 5,363 1,018 638
Long-term debt 663 651 647 671 689
Reserve for unfunded lending commitments 60 61 49 38 36
Other liabilities 1,334 1,871 1,724 1,364 1,118
Total liabilities 83,389 84,652 83,778 82,152 84,832
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares 440 440 440 440 440
Common stock2 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital 1,715 1,754 1,799 1,845 1,889
Retained earnings 5,949 5,811 5,597 5,447 5,311
Accumulated other comprehensive income (loss) (2,920) (3,112) (3,140) (2,100) (1,346)
Total shareholders’ equity 5,184 4,893 4,696 5,632 6,294
Total liabilities and shareholders’ equity $ 88,573 $ 89,545 $ 88,474 $ 87,784 $ 91,126
1 Held-to-maturity (fair value) $ 11,210 $ 11,239 $ 379 $ 578 $ 414
2 Common shares (issued and outstanding) 148,100 148,664 149,611 150,471 151,348

ZIONS BANCORPORATION, N.A.

Press Release – Page 11

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) Three Months Ended
(In millions, except share and per share amounts) March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022 March 31,<br>2022
Interest income:
Interest and fees on loans $ 726 $ 656 $ 551 $ 468 $ 437
Interest on money market investments 57 39 24 12 6
Interest on securities 137 140 132 128 112
Total interest income 920 835 707 608 555
Interest expense:
Interest on deposits 82 38 19 7 6
Interest on short- and long-term borrowings 159 77 25 8 5
Total interest expense 241 115 44 15 11
Net interest income 679 720 663 593 544
Provision for credit losses:
Provision for loan losses 46 31 60 39 (29)
Provision for unfunded lending commitments (1) 12 11 2 (4)
Total provision for credit losses 45 43 71 41 (33)
Net interest income after provision for credit losses 634 677 592 552 577
Noninterest income:
Commercial account fees 43 41 40 37 41
Card fees 24 27 27 25 25
Retail and business banking fees 16 16 17 20 20
Loan-related fees and income 21 19 18 21 22
Capital markets fees 17 22 25 21 15
Wealth management fees 15 14 14 13 14
Other customer-related fees 15 14 15 17 14
Customer-related noninterest income 151 153 156 154 151
Fair value and nonhedge derivative income (loss) (3) (4) 4 10 6
Dividends and other income (loss) 11 9 (1) 7 2
Securities gains (losses), net 1 (5) 6 1 (17)
Total noninterest income 160 153 165 172 142
Noninterest expense:
Salaries and employee benefits 339 304 312 307 312
Technology, telecom, and information processing 55 51 53 53 52
Occupancy and equipment, net 40 40 38 36 38
Professional and legal services 13 15 14 14 14
Marketing and business development 12 11 11 9 8
Deposit insurance and regulatory expense 18 14 13 13 10
Credit-related expense 6 8 8 7 7
Other real estate expense, net — — — — 1
Other 29 28 30 25 22
Total noninterest expense 512 471 479 464 464
Income before income taxes 282 359 278 260 255
Income taxes 78 75 61 57 52
Net income 204 284 217 203 203
Preferred stock dividends (6) (7) (6) (8) (8)
Net earnings applicable to common shareholders $ 198 $ 277 $ 211 $ 195 $ 195
Weighted average common shares outstanding during the period:
Basic shares (in thousands) 148,015 148,739 149,628 150,635 151,285
Diluted shares (in thousands) 148,038 148,829 149,792 150,838 151,687
Net earnings per common share:
Basic $ 1.33 $ 1.84 $ 1.40 $ 1.29 $ 1.27
Diluted 1.33 1.84 1.40 1.29 1.27

ZIONS BANCORPORATION, N.A.

Press Release – Page 12

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions) March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022 March 31,<br>2022
Commercial:
Commercial and industrial 1 $ 16,500 $ 16,377 $ 15,962 $ 15,523 $ 15,437
Leasing 385 386 347 339 318
Owner occupied 9,317 9,371 9,279 9,208 9,026
Municipal 4,374 4,361 4,224 4,113 3,944
Total commercial 30,576 30,495 29,812 29,183 28,725
Commercial real estate:
Construction and land development 2,313 2,513 2,800 2,659 2,769
Term 10,585 10,226 9,556 9,477 9,325
Total commercial real estate 12,898 12,739 12,356 12,136 12,094
Consumer:
Home equity credit line 3,276 3,377 3,331 3,266 3,089
1-4 family residential 7,692 7,286 6,852 6,423 6,122
Construction and other consumer real estate 1,299 1,161 973 787 692
Bankcard and other revolving plans 459 471 471 448 410
Other 131 124 123 127 110
Total consumer 12,857 12,419 11,750 11,051 10,423
Total loans and leases $ 56,331 $ 55,653 $ 53,918 $ 52,370 $ 51,242

1 Commercial and industrial loan balances include PPP loans of $159 million, $197 million, $306 million, $534 million, and $1,081 million for the respective periods presented.

Nonperforming Assets

(Unaudited)

(In millions) March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022 March 31,<br>2022
Nonaccrual loans 1 $ 171 $ 149 $ 151 $ 201 $ 252
Other real estate owned 2 2 — — — —
Total nonperforming assets $ 173 $ 149 $ 151 $ 201 $ 252
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2 0.31 % 0.27 % 0.28 % 0.38 % 0.49 %
Accruing loans past due 90 days or more $ 2 $ 6 $ 20 $ 6 $ 3
Ratio of accruing loans past due 90 days or more to loans1 and leases — % 0.01 % 0.04 % 0.01 % 0.01 %
Nonaccrual loans and accruing loans past due 90 days or more $ 173 $ 155 $ 171 $ 207 $ 255
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.31 % 0.28 % 0.32 % 0.39 % 0.50 %
Accruing loans past due 30-89 days $ 79 $ 93 $ 84 $ 123 $ 93
Classified loans 912 929 965 1,009 1,148

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 13

Allowance for Credit Losses

(Unaudited)

Three Months Ended
(In millions) March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022 March 31,<br>2022
Allowance for Loan and Lease Losses
Balance at beginning of period 1 572 541 508 478 513
Provision for loan losses 46 31 60 39 (29)
Loan and lease charge-offs 7 9 38 18 17
Less: Recoveries 7 12 11 9 11
Net loan and lease charge-offs (recoveries) — (3) 27 9 6
Balance at end of period $ 618 $ 575 $ 541 $ 508 $ 478
Ratio of allowance for loan losses to loans2 and leases, at period end 1.10 % 1.03 % 1.00 % 0.97 % 0.93 %
Ratio of allowance for loan losses to nonaccrual loans2 at period end 361 % 386 % 358 % 261 % 190 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans — % (0.02) % 0.20 % 0.07 % 0.05 %
Reserve for Unfunded Lending Commitments
Balance at beginning of period $ 61 $ 49 $ 38 $ 36 $ 40
Provision for unfunded lending commitments (1) 12 11 2 (4)
Balance at end of period $ 60 $ 61 $ 49 $ 38 $ 36
Allowance for Credit Losses
Allowance for loan losses $ 618 $ 575 $ 541 $ 508 $ 478
Reserve for unfunded lending commitments 60 61 49 38 36
Total allowance for credit losses $ 678 $ 636 $ 590 $ 546 $ 514
Ratio of ACL to loans1 and leases outstanding, at period end 1.20 % 1.14 % 1.09 % 1.04 % 1.00 %

1 The beginning balance at March 31, 2023 for the allowance for loan losses does not agree to its respective ending balance at December 31, 2022 because of the adoption of the new accounting standard related to loan modifications to borrowers experiencing financial difficulties.

2 Does not include loans held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 14

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions) March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022 March 31,<br>2022
Loans held for sale $ — $ — $ — $ 6 $ —
Commercial:
Commercial and industrial $ 77 $ 63 $ 57 $ 87 $ 114
Leasing — — — — —
Owner occupied 33 24 28 40 53
Municipal — — — — —
Total commercial 110 87 85 127 167
Commercial real estate:
Construction and land development — — — — —
Term 16 14 20 20 20
Total commercial real estate 16 14 20 20 20
Consumer:
Home equity credit line 11 11 10 10 13
1-4 family residential 34 37 36 38 51
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans — — — — 1
Other — — — — —
Total consumer 45 48 46 48 65
Total nonaccrual loans $ 171 $ 149 $ 151 $ 201 $ 252

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions) March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022 March 31,<br>2022
Commercial:
Commercial and industrial $ (2) $ (4) $ 31 $ 8 $ 6
Leasing — — — — —
Owner occupied (1) — — — (1)
Municipal — — — — —
Total commercial (3) (4) 31 8 5
Commercial real estate:
Construction and land development — — — — —
Term — — — — —
Total commercial real estate — — — — —
Consumer:
Home equity credit line (1) — — (1) (1)
1-4 family residential 2 — (4) 1 1
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans 2 1 — 1 1
Other — — — — —
Total consumer loans 3 1 (4) 1 1
Total net charge-offs (recoveries) $ — $ (3) $ 27 $ 9 $ 6

ZIONS BANCORPORATION, N.A.

Press Release – Page 15

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited) Three Months Ended
March 31, 2023 December 31, 2022 March 31, 2022
(In millions) Average balance Average<br>yield/rate 1 Average balance Average<br>yield/rate 1 Average balance Average<br>yield/rate 1
ASSETS
Money market investments:
Interest-bearing deposits $ 2,724 4.72 % $ 1,264 3.67 % $ 6,735 0.19 %
Federal funds sold and security resell agreements 2,081 5.02 % 2,571 4.13 % 2,300 0.52 %
Total money market investments 4,805 4.85 % 3,835 3.98 % 9,035 0.27 %
Securities:
Held-to-maturity 11,024 2.28 % 6,463 2.22 % 438 3.12 %
Available-for-sale 11,824 2.62 % 16,743 2.45 % 25,246 1.71 %
Trading account 21 4.01 % 262 4.72 % 384 4.76 %
Total securities 22,869 2.46 % 23,468 2.42 % 26,068 1.78 %
Loans held for sale 5 0.26 % 22 2.72 % 57 1.92 %
Loans and leases:2
Commercial 30,678 5.03 % 30,056 4.63 % 28,496 3.70 %
Commercial real estate 12,876 6.59 % 12,547 5.90 % 12,171 3.37 %
Consumer 12,599 4.62 % 12,073 4.14 % 10,266 3.23 %
Total loans and leases 56,153 5.30 % 54,676 4.81 % 50,933 3.52 %
Total interest-earning assets 83,832 4.49 % 82,001 4.09 % 86,093 2.65 %
Cash and due from banks 543 638 625
Allowance for credit losses on loans and debt securities (576) (546) (515)
Goodwill and intangibles 1,064 1,036 1,015
Other assets 5,624 5,770 4,211
Total assets $ 90,487 $ 88,899 $ 91,429
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 32,859 0.77 % $ 34,386 0.37 % $ 39,132 0.05 %
Time 2,934 2.68 % 1,856 1.31 % 1,587 0.26 %
Total interest-bearing deposits 35,793 0.92 % 36,242 0.42 % 40,719 0.06 %
Borrowed funds:
Federal funds purchased and security repurchase agreements 5,614 4.65 % 2,773 3.68 % 585 0.08 %
Other short-term borrowings 6,952 4.89 % 4,110 3.89 % 9 — %
Long-term debt 653 6.85 % 648 6.24 % 823 2.66 %
Total borrowed funds 13,219 4.88 % 7,531 4.01 % 1,417 1.58 %
Total interest-bearing funds 49,012 1.99 % 43,773 1.04 % 42,136 0.11 %
Noninterest-bearing demand deposits 34,363 38,013 40,886
Other liabilities 2,058 2,343 1,267
Total liabilities 85,433 84,129 84,289
Shareholders’ equity:
Preferred equity 440 440 440
Common equity 4,614 4,330 6,700
Total shareholders’ equity 5,054 4,770 7,140
Total liabilities and shareholders’ equity $ 90,487 $ 88,899 $ 91,429
Spread on average interest-bearing funds 2.50 % 3.05 % 2.54 %
Impact of net noninterest-bearing sources of funds 0.83 % 0.48 % 0.06 %
Net interest margin 3.33 % 3.53 % 2.60 %
Memo: total cost of deposits 0.47 % 0.20 % 0.03 %
Memo: total deposits and interest-bearing liabilities 83,375 1.17 % 81,786 0.56 % 83,022 0.06 %

1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.

2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.

ZIONS BANCORPORATION, N.A.

Press Release – Page 16

NON-GAAP FINANCIAL MEASURES

(Unaudited)

This press release presents non-GAAP financial measures in addition to GAAP financial measures. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. We consider these adjustments to be relevant to ongoing operating results and provide a meaningful basis for period-to-period comparisons. We use these non-GAAP financial measures to assess our performance, financial position, and for presentations of our performance to investors. We believe that presenting these non-GAAP financial measures permits investors to assess our performance on the same basis as that applied by our management and the financial services industry.

Non-GAAP financial measures have inherent limitations and are not necessarily comparable to similar financial measures that may be presented by other financial services companies. Although non-GAAP financial measures are frequently used by stakeholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

Tangible Common Equity and Related Measures

Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization and accumulated other comprehensive income or loss (“AOCI”). We excluded the effect of AOCI to align with its impact on certain compensation metrics and regulatory capital. We believe these non-GAAP measures provide useful information about our use of shareholders’ equity and provide a basis for evaluating the performance of a business more consistently, whether acquired or developed internally.

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

Three Months Ended
(Dollar amounts in millions) March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022 March 31,<br>2022
Net earnings applicable to common shareholders (GAAP) $ 198 $ 277 $ 211 $ 195 $ 195
Adjustments, net of tax:
Amortization of core deposit and other intangibles 1 — 1 — —
Net earnings applicable to common shareholders, net of tax (a) $ 199 $ 277 $ 212 $ 195 $ 195
Average common equity (GAAP) $ 4,614 $ 4,330 $ 5,303 $ 5,582 $ 6,700
Average goodwill and intangibles (1,064) (1,036) (1,021) (1,015) (1,015)
Average accumulated other comprehensive loss (income) 3,030 3,192 2,075 1,702 452
Average tangible common equity (non-GAAP) (b) $ 6,580 $ 6,486 $ 6,357 $ 6,269 $ 6,137
Number of days in quarter (c) 90 92 92 91 90
Number of days in year (d) 365 365 365 365 365
Return on average tangible common equity (non-GAAP) (a/b/c)*d 12.3 % 16.9 % 13.2 % 12.5 % 12.9 %

ZIONS BANCORPORATION, N.A.

Press Release – Page 17

TANGIBLE EQUITY RATIO, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE BOOK VALUE PER COMMON SHARE (ALL NON-GAAP MEASURES)

(Dollar amounts in millions, except per share amounts) March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022 March 31,<br>2022
Total shareholders’ equity (GAAP) $ 5,184 $ 4,893 $ 4,696 $ 5,632 $ 6,294
Goodwill and intangibles (1,063) (1,065) (1,034) (1,015) (1,015)
Accumulated other comprehensive loss (income) 2,920 3,112 3,140 2,100 1,346
Tangible equity (non-GAAP) (a) 7,041 6,940 6,802 6,717 6,625
Preferred stock (440) (440) (440) (440) (440)
Tangible common equity (non-GAAP) (b) $ 6,601 $ 6,500 $ 6,362 $ 6,277 $ 6,185
Total assets (GAAP) $ 88,573 $ 89,545 $ 88,474 $ 87,784 $ 91,126
Goodwill and intangibles (1,063) (1,065) (1,034) (1,015) (1,015)
Accumulated other comprehensive loss (income) 2,920 3,112 3,140 2,100 1,346
Tangible assets (non-GAAP) (c) $ 90,430 $ 91,592 $ 90,580 $ 88,869 $ 91,457
Common shares outstanding (in thousands) (d) 148,100 148,664 149,611 150,471 151,348
Tangible equity ratio (non-GAAP) (a/c) 7.8 % 7.6 % 7.5 % 7.6 % 7.2 %
Tangible common equity ratio (non-GAAP) (b/c) 7.3 % 7.1 % 7.0 % 7.1 % 6.8 %
Tangible book value per common share (non-GAAP) (b/d) $ 44.57 $ 43.72 $ 42.52 $ 41.72 $ 40.87

Efficiency Ratio and Adjusted Pre-Provision Net Revenue

The efficiency ratio is a measure of operating expense relative to revenue. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. We make adjustments to exclude certain items that are not generally expected to recur frequently, as identified in the subsequent schedule, which we believe allow for more consistent comparability across periods. Adjusted noninterest expense provides a measure as to how we are managing our expenses; adjusted pre-provision net revenue enables management and others to assess our ability to generate capital. Taxable-equivalent net interest income allows us to assess the comparability of revenue arising from both taxable and tax-exempt sources.

EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)

Three Months Ended
(Dollar amounts in millions) March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022 March 31,<br>2022
Noninterest expense (GAAP) (a) $ 512 $ 471 $ 479 $ 464 $ 464
Adjustments:
Severance costs 1 — — 1 —
Other real estate expense, net — — — — 1
Amortization of core deposit and other intangibles 2 — 1 — —
SBIC investment success fee accrual 1 — (1) 1 — (1)
Total adjustments (b) 3 (1) 2 1 —
Adjusted noninterest expense (non-GAAP) (a-b)=(c) $ 509 $ 472 $ 477 $ 463 $ 464
Net interest income (GAAP) (d) $ 679 $ 720 $ 663 $ 593 $ 544
Fully taxable-equivalent adjustments (e) 9 10 10 9 8
Taxable-equivalent net interest income (non-GAAP) (d+e)=(f) 688 730 673 602 552
Noninterest income (GAAP) (g) 160 153 165 172 142
Combined income (non-GAAP) (f+g)=(h) 848 883 838 774 694
Adjustments:
Fair value and nonhedge derivative income (loss) (3) (4) 4 10 6
Securities gains (losses), net 1 (5) 6 1 (17)
Total adjustments (i) (2) (9) 10 11 (11)
Adjusted taxable-equivalent revenue (non-GAAP) (h-i)=(j) $ 850 $ 892 $ 828 $ 763 $ 705
Pre-provision net revenue (PPNR) (non-GAAP) (h)-(a) $ 336 $ 412 $ 359 $ 310 $ 230
Adjusted PPNR (non-GAAP) (j)-(c) 341 420 351 300 241
Efficiency ratio (non-GAAP) (c/j) 59.9 % 52.9 % 57.6 % 60.7 % 65.8 %

1 The success fee accrual is associated with the gains/(losses) from our SBIC investments. The gains/(losses) related to these investments are excluded from the efficiency ratio through securities gains (losses), net.

earningspresentation-202

April 19, 2023 First Quarter 2023 Financial Review

2 Forward-Looking Statements; Use of Non-GAAP Financial Measures Forward Looking Information This earnings presentation includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as “may,” “might,” “could,” “anticipate,” “expect,” and similar terms, are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although this list is not comprehensive, important factors that may cause material differences include the quality and composition of our loan and securities portfolios and the quality and composition of our deposits; changes in general industry, political and economic conditions, including continued high inflation, economic slowdown or recession, or other economic disruptions; changes in interest and reference rates which could adversely affect our revenue and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses; securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; our ability to recruit and retain talent, including increased competition for qualified candidates as a result of expanded remote-work opportunities and increased compensation expenses; competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services; our ability to complete projects and initiatives and execute on our strategic plans, manage our risks, and achieve our business objectives; our ability to provide adequate oversight of our suppliers or prevent inadequate performance by third parties upon whom we rely for the delivery of various products and services; our ability to develop and maintain technology, information security systems and controls designed to guard against fraud, cybersecurity, and privacy risks; changes and uncertainties in applicable laws, and fiscal, monetary, regulatory, trade, and tax policies, and actions taken by governments, agencies, central banks and similar organizations; adverse media and other expressions of negative public opinion whether directed at us, other banks, the banking industry generally or otherwise that may adversely affect our reputation and that of the banking industry generally; the effects of pandemics and other health emergencies, including the lingering effects of the COVID-19 pandemic that may affect our business, employees, customers, and communities, such as ongoing effects on availability and cost of labor; the effects of wars and geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future; natural disasters that may impact our and our customer's operations and business; and governmental and social responses to environmental, social, and governance issues, including those with respect to climate change. Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2022 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC) and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov). We caution against the undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any forward-looking statements to reflect future events or developments. Use of Non-GAAP Financial Measures: This document contains several references to non-GAAP measures, including but not limited to, pre-provision net revenue and the “efficiency ratio,” which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions’ management compensation and are used in Zions’ strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A 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.

 Summary of 1Q23 Financial Results  Profile of our Deposits  Cash & Securities  Interest Rate Sensitivity  Duration Management  CRE Credit Quality, and In-Depth Review of Our Office CRE Portfolio  Capital and AOCI Accretion  Financial Outlook 3 Agenda Built For Resilience

 Earnings and Profitability:  $1.33 diluted earnings/share, compared to $1.84  $850 million adjusted taxable-equivalent revenue, compared to $892 million  $336 million Pre-Provision Net Revenue  $341 million Adjusted PPNR(1), compared to $420 million  $45 million provision for credit losses, compared to $43 million  $198 million Net Income Applicable to Common, compared to $277 million  0.91% Return on Assets (annualized), compared to 1.27%  12.3% Return on Average Tangible Common Equity, excl. AOCI (annualized), compared to 16.9%  Credit quality (excluding PPP Loans):  0.30% Nonperforming Assets + loans 90+ days past due / non-PPP loans and leases and other real estate owned, from 0.26%  0.00% net loan charge offs/(recoveries) as a percent of loans, annualized, from (0.02)%  Allowance for credit losses (“ACL”), of $678 million or 1.21% of non- PPP loans, from 1.15% 4 First Quarter 2023 Financial Highlights A quarter marked by overall healthy profitability, continued strength in credit quality, and increased capital Note: For the purposes of comparison in this presentation, we use linked-quarter ("LQ") unless stated otherwise. (1) Adjusted for items such as severance and restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to SBIC investments. See Appendix for non-GAAP financial measures.  Loans and Deposits: Vs. 4Q22, growth rates not annualized  1.2% increase in period-end loan balances  1.3% increase in period-end loan balances (excluding PPP loans)  2.9% increase in average loan balances (excluding PPP loans)  3.4% decrease in period-end deposits  5.5% decrease in average deposits  81% period-end loan-to-deposit ratio  0.47% cost of average total deposits  Capital:  9.9% Common Equity Tier 1 Ratio (CET1), compared to 9.7%  11.0% (CET1+Allowance for Credit Losses) / Risk-Weighted Assets  $50 million of common stock repurchased during 1Q23

$1.27 $1.29 $1.40 $1.84 $1.33 1Q22 2Q22 3Q22 4Q22 1Q23 Diluted Earnings Per Share Notable Items1: 1Q23:  $(0.06) per share negative impact from tax contingency reserve 2Q22:  $0.05 per share favorable impact from Credit Valuation Adjustment (CVA) 1Q22:  $(0.10) per share adverse mark-to-market impact from Small Business Investment Company (SBIC) investments 5 Positive impact to EPS from interest income offset by elevated funding costs and seasonal noninterest expenses Diluted Earnings per Share (1) Items that were $0.05 per share or more. Note: EPS effects from PPP income and provision for credit loss calculations assume a statutory tax rate of approximately 24.5%. PPP income incorporates interest income less professional service expense related to forgiveness. $0.16 $(0.21) $(0.36) $(0.22) $(0.23) 1Q22 2Q22 3Q22 4Q22 1Q23 EPS Impact of Provision for Credit Losses $0.12 $0.07 $0.03 $0.01 Contribution from PPP income$0.01 Ex PPP income and Notable Items, YoY EPS increased 11%

24 15 6 2 1 241 300 351 420 341 1Q22 2Q22 3Q22 4Q22 1Q23 Adjusted PPNR, excluding PPP (non-GAAP) Interest Income from PPP Loans Adjusted Pre-Provision Net Revenue (“PPNR”) Adjusted PPNR declined 19% from the prior quarter, primarily due to seasonal increases in noninterest expense and lower NII (1) Adjusted for items such as taxable equivalency, severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to the unrealized gains/(losses) on SBIC investments. See Appendix for non-GAAP financial measures. (2) Interest income from PPP, as shown, is net of professional services expense associated with forgiveness. Adjusted PPNR(1) ($ millions) 6 Linked quarter (1Q23 vs. 4Q22):  Adjusted PPNR declined 19% primarily from:  An 8% increase in adjusted noninterest expense  Salary and benefits increased $35 million or 12% due to seasonal items such as share-based comp, payroll taxes and retirement expense  Deposit insurance and regulatory expense increased $4 million  A 5% decrease in adjusted revenue from seasonal effects (fewer days), increases in interest expense, which offset greater interest income on earning assets Year-over-year (1Q23 vs. 1Q22):  Adjusted PPNR increased 41%, attributable in part to:  A greater mix of loans relative to total earning assets (67% vs. 59%)  An increase in loan yields (+178 basis points to 5.30%); loans grew $5.1 billion (9.9%)  Net interest income (taxable-equivalent) increased 25%  Net adjusted revenue increased 21%, partially offset by a 10% increase in adjusted noninterest expense (2)

520 578 657 718 678 24 15 6 2 1 $544 $593 $663 $720 $679 2.60% 2.87% 3.24% 3.53% 3.33% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% $0 1Q22 2Q22 3Q22 4Q22 1Q23 Net Interest Income associated with PPP Net Interest Income (“NII”) and Net Interest Margin (“NIM”) Net Interest Income Net Interest Margin 7 Vs. 4Q22, continued interest income growth offset by increased interest expense from deposits and borrowings ($ millions) Net Interest Margin 4Q22 1Q23 Funding mix Other2 As of March 31, 2023, unamortized net origination fees related to the PPP loans totaled $2 million, to be amortized over the remaining life or as forgiven by the SBA. Net interest income from PPP loans assumes a funding cost equal to each period’s total cost of deposits and debt. 1 Loan Yields includes the effect of swaps. 2 Other includes securities runoff. During 2022, Zions’ strong base of noninterest bearing deposits during a period of rising interest rates combined to result in an expansion of the NIM. A shift in funding from deposits to short-term borrowings negatively impacted the margin in 1Q23. Rate sensitivity1

$151 $154 $156 $153 $151 1Q22 2Q22 3Q22 4Q22 1Q23 Noninterest Income and Revenue 8 Customer-Related Noninterest Income (1) Total customer-related noninterest income declined 1% vs. 4Q22 and was flat from the year-ago period; revenue decreased 5% vs. 4Q22 and was up 19% from the year-ago period. (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items, as detailed in the Noninterest Income table located in the earnings release. (2) Revenue displayed is the sum of net interest income and customer-related noninterest income. It excludes the impact of securities gains/losses, dividends and fair value and non- hedge derivative income ($ millions) $695 $747 $819 $873 $830 1Q22 2Q22 3Q22 4Q22 1Q23 Revenue (2) ($ millions)

$4 49 $4 64 $4 64 $4 79 $4 71 $5 12 $4 46 $4 64 $4 63 $4 77 $4 72 $5 09 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 NIE (GAAP) Adjusted NIE (Non-GAAP) ($ millions) Noninterest Expense 9 Noninterest expense increased 9% vs. 4Q22 and was up 10% from the year-ago period Total noninterest expense increased $41 million, compared to the prior quarter, primarily due to seasonal increases  $35 million increase in Salaries and Benefits ($24 million of which was seasonal, such as stock compensation and payroll taxes)  $4 million increase in Deposit Insurance and Regulatory Expense from increase due to assessment rate increase and balance sheet composition We are targeting a reduction in operating expense to offset the reduced revenue outlook Notable items in:  1Q23: $13 million LQ increase in seasonal share-based compensation  4Q22: $8 million decrease in incentive compensation  2Q22: $3 million higher deposit insurance  1Q22: $13 million LQ increase in seasonal share-based compensation (1) Adjusted for items such as severance, provision for unfunded lending commitments, and accruals for investment and advisory expenses related to the unrealized gain on an SBIC investment. See Appendix for non-GAAP financial measures table. Noninterest Expense (NIE) (1) 60.8% 65.8% 60.7% 57.6% 52.9% 59.9% Efficiency Ratio

$50.9 $51.8 $53.0 $54.7 $56.2 3.52% 3.67% 4.17% 4.81% 5.30% $0.0 $25.0 $50.0 $75.0 $100.0 1Q22 2Q22 3Q22 4Q22 1Q23 Average Loan and Deposit Balances Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits 10 Vs. 4Q22, average loans increased 2.7% in 1Q23; average deposits decreased 5.5% $40.7 $39.8 $37.8 $36.2 $35.8 $40.9 $41.1 $39.6 $38.0 $34.4 $81.6 $80.9 $77.5 $74.3 $70.2 0.03% 0.03% 0.10% 0.20% 0.47% $0.0 $25.0 $50.0 $75.0 $100.0 1Q22 2Q22 3Q22 4Q22 1Q23 Average Interest-bearing Deposits Series4 ($ billions) ($ billions) Zions’ cost of total deposits at the end of March (including an additional $3.8 billion of brokered deposits added on March 31st) was 0.90% (interest-bearing of 1.63%), resulting in a deposit beta1 of 18% (1) Deposit beta compares the change in the cost of deposits relative to 4Q21

33% 72% 82% 67% 28% 18% Commercial Other Consumer Insured Uninsured Data as of March 31, 2023; Brokered, trust, estate, and internal operational accounts included in Other Deposits. 11 55% of deposits are insured; an additional 3% of deposits are collateralized; 66% of commercial balances are on analysis No single customer had uncollateralized deposits exceeding 0.25% of total deposits; the top 25 largest uncollateralized deposit accounts were just 3.7% of total deposits Commercial Deposit Accounts  Commercial Operating Deposit Accounts on Analysis represent:  66% of Commercial Deposit Balances  61% of Uninsured Commercial Deposit Balances  78% of Commercial Deposit Count Number of Accounts  Commercial Accounts ≈ 275,000  Consumer Accounts ≈ 1.1 million Deposit Portfolio Composition Other Deposits $9.0 Billion Consumer Deposits $23.6 Billion Composition of Deposit Portfolio Total Deposits: $69.2 Billion Commercial Deposits $36.6 Billion

1Q23 Deposit Performance, By Balance 12 Although Zions’ exposure to large deposit customers is limited, such accounts were more sensitive $1 $24 $8 $8 $15 $5 $6 $4$5 $24 $8 $6 $12 $4 $4 $3 Dec 31, 2022 Mar 31, 2023 Deposit Changes by Account Balance March 31, 2023 vs December 31, 2022 Deposit Portfolio Changes: • Not all uninsured deposits behave the same or similarly in uncertain environments • Depositor sensitivity is positively correlated with deposit size • Depositor sensitivity is inversely correlated to the historical activity level of the account • The highest amount of attrition during the past year has come from larger dollar accounts with low transaction volume $ Bi lli on s

29 32 34 34 38 28 38 49 38 31 4Q19 4Q20 4Q21 4Q22 1Q23 Insured Deposits Uninsured Deposits 13 The pandemic was an anomaly, with recent deposit composition and levels representing a profile more typical of our portfolio Returning to pre-pandemic levels of uninsured deposits  Large deposits increased from 2019 to 2021 and have been receding over the past year  The reduction of large (and therefore uninsured) deposits represents a return to pre-pandemic levels Loan-to-Deposit Ratio 85% 77% 61% 78% 81% 4Q19 4Q20 4Q21 4Q22 1Q23 Deposit Balance Trends – Returning to Pre-Pandemic Levels $ Bi lli on s Insured vs. Uninsured Deposits

Built for Resilience:  Risk Management Practices: Longstanding practice of maintaining a high degree secured funding capacity  Without selling any securities, Zions has the capacity to fund all uninsured deposits  Zions established borrowing capacity at the Bank Term Funding Program (BTFP) but has not utilized this source of liquidity other than performing an operational test  Zions did not use the Federal Reserve Discount Window 14 Cash and Immediately Available Sources of Cash vs. Uninsured Deposits Zions has capacity to fund 100%+ of its uninsured deposits 13.6 28.6 7.3 2.4 9.2 4.6 3.4 Uninsured Deposits $ Bi lli on s Cash and Unutilized and Immediately Available Sources of Cash(1) vs. Uninsured Deposits Relative Collateralized Deposits Money Market Investments Repurchase Agreement Federal Home Loan Bank Bank Term Funding Program Discount Window Cash and Immediately Available Sources of Cash (1) Money market investments and deposits as of March 31, 2023; Immediately available sources of cash are as of April 18, 2023. $38B $31B

Securities & Money Market Investments 15 Total Securities Portfolio (at Fair Value) and Money Market Investments (end of period balances) $27.0 $26.2 $24.2 $23.5 $22.6 $7.4 $3.5 $4.1 $3.8 $3.4 1Q22 2Q22 3Q22 4Q22 1Q23 Total Securities Money Market Investments ($ billions) We have strong on-balance sheet liquidity The investment portfolio is designed to be a storehouse of balance sheet liquidity  Money market investments and securities make up 32% of earning assets, compared to 24% immediately preceding the pandemic  1Q23 period-end securities declined $939 million. Cash flow of the securities portfolio was $814 million  The composition of the investment portfolio allows for deep on-balance sheet liquidity through the GCF Repo market 40% 36% 34% 33% 32% Percent of earning assets Interest on total securities includes $26 million and $28 million of taxable-equivalent premium amortization for the first quarters of 2023 and 2022, respectively. During 4Q22, Zions moved $10.7B of fair value ($13.1B of amortized cost) balances to Held to Maturity from Available for Sale; as such, $1.8 billion of after-tax accumulated other comprehensive loss was locked in and is expected to be amortized over time at a rate of approximately 15% (subject to prepayment speeds) per year. After liquidity, the investment portfolio is used to balance interest rate risk  Deposit duration is assumed to be longer than loan duration (2.9 years vs. 1.8 years, respectively); the investment portfolio brings balance this mismatch  The duration of the investment portfolio is 4.1 years, virtually unchanged from a year ago ~90% of securities are U.S. Government and U.S. Government Agency/GSE securities

Interest Rate Sensitivity – Net Interest Income Sensitivity Analysis 16 Net Interest Income is expected to decline moderately over the next 12 months (1) 12-month forward simulated impact of an instantaneous and parallel change in interest rates and assumes no change in the size or composition of the earning assets excluding derivative hedge activity, while it assumes a change in composition of deposits (a lesser proportion of noninterest bearing relative to total deposits). (2) Latent interest rate sensitivity refers to future changes in Net Interest Income (“NII”) based upon past rate movements that have yet to be fully realized in revenue; Emergent interest rate sensitivity refers to changes to NII based upon future rate movements, based upon the forward rate curve at 3/31/2023. Vs.1Q23: Latent(2) sensitivity: Modeled to reduce NII by approximately 6.6% in 1Q24  This reflects primarily a modeled deposit beta (cumulative cycle beta of 28% through 1Q24 in both latent and emergent) Emergent (2) sensitivity: Modeled to reduce NII by an additional 0.9% in 1Q24  Adversely affected by the market’s expected reduction in the fed funds rate in 2H23 and lower rates on medium and long maturities (i.e. more inverted curve) This simulation does not include any changes to the size or composition of earning assets; it reflects existing swap maturities and forward-starting swaps The linked-quarter increase in interest rate sensitivity is primarily attributable to deposit mix shift and swap terminations. -5% -2% 2% 5% -7% -3% 3% 6% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity (1) as of 12/31/2022 as of 3/31/2023

Understanding the Value of Duration on the Asset Side of the Balance Sheet 17 Net Interest Income Sensitivity Analysis (“Earnings at Risk” or “EaR”) Economic Value of Equity Sensitivity Analysis Duration associated with the investment and swap portfolios balances Zions’ overall interest rate risk -7% 6% -20% 19% Down 200 Up 200 As reported Hypothetical: Replace Securities with Cash and Eliminate Swaps 0% -2% -28% 21% Down 200 Up 200 WITHOUT securities and swaps, NII sensitivity is 3x more volatile WITHOUT securities and swaps, the EVE changes 49% (from a down 200 to an up 200 scenario) WITH securities and swaps, EVE changes just 2%

Net Charge-offs annualized, as a percentage of risk-weighted assets 0. 00 % 0. 10 % 0. 01 % 0. 16 % 0. 05 % 0. 22 % 0. 37 % 0. 11 % 0. 06 % (0 .0 1) % (0 .0 1) % 0. 01 % 0. 04 % 0. 06 % 0. 16 % (0 .0 2) % 0. 00 % -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 Capital Strength 18 Risk-weighted assets increased 8% YoY, while the balance of CET1 capital increased 7% Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets 11 .3 % 10 .8 % 10 .4 % 10 .2 % 10 .0 % 10 .2 % 10 .4 % 10 .8 % 11 .2 % 11 .3 % 10 .9 % 10 .2 % 10 .0 % 9. 9% 9. 6% 9. 8% 9. 9% 12 .3 % 11 .8 % 11 .4 % 11 .2 % 11 .4 % 11 .8 % 12 .0 % 12 .3 % 12 .5 % 12 .3 % 11 .8 % 11 .1 % 10 .8 % 10 .7 % 10 .5 % 10 .7 % 11 .0 % 0% 2% 4% 6% 8% 10% 12% 14% 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 ACL / Risk-weighted Assets Common Equity Tier 1 Well-Capitalized Well-Capitalized + Conservation Buffer  Loss-absorbing capital remains strong relative to our risk profile  Very low credit losses relative to the common equity tier 1 capital plus the allowance for credit losses

$0.41 $0.79 $0.10 $0.20 16% 39% 4Q23 4Q24 Securities Cash Flow Interest Rate Swaps Accumulated Other Comprehensive Loss Accretion Accretion of unrealized loss is projected to add 1.1 percentage points to Common Equity / Asset ratio by year-end 2024 $ Bi lli on s Accumulated Other Comprehensive Loss Accretion by Quarter(1) (Cumulative) 19 0.6% 1.1% Effect on Common Equity/Asset Ratio Accumulated Other Comprehensive Loss: (1) Percentage at top of columns represents cumulative accretion of unrealized loss at 3/31/23. Dollar amounts inside columns represent the amount of unrealized loss accretion. (2) AFS securities burndown based on path of forward curve at 3/31/23 and assumes no further changes in rates (3) Includes accretion of unrealized losses related to the 4Q22 transfers of AFS securities to HTM  Principal amortization of the investment portfolio will lead to a commensurate improvement in Accumulated Other Comprehensive Loss  The $2.9 billion Accumulated Other Comprehensive Loss is expected to improve by nearly $1 billion, or 39%, over the next seven quarters  This would add 1.1% to the Common Equity / Asset ratio, all else equal  This is approximately $6.70 per share on a book value basis (2,3)

20 Credit Quality Ratios Net charge-offs remain low, with last 12 months net charge-offs at just 0.06% of average loans Key credit metrics:  1.6%: Classified loans/loans  Classified balance improved (declined) by 2% in 1Q23 from 4Q22  0.30%: NPAs+90(1)/loans + OREO  NPA balance increased $23 million or 16% in 1Q23 from 4Q22  Net charge-offs (recoveries), relative to average loans:  0.00% annualized in 1Q23  0.06% over the last 12 months Allowance for credit losses:  1.21% of total loans and leases, up 6 basis points from 4Q22 (1) Nonperforming assets plus accruing loans that were ≥ 90 days past due Note: Net charge-offs / average loans and provision / average loans ratios are annualized for all periods shown Credit Quality 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 1Q22 2Q22 3Q22 4Q22 1Q23 Classified / Loans NPAs + 90 / Loans + OREO ACL / Loans All Ratios Exclude PPP Loans 0.05% 0.07% 0.21% (0.02)% 0.00% (0.27)% 0.32% 0.54% 0.32% 0.32% NCOs / Avg Loans (ann.) Provision / Avg Loans (ann.)

Commercial Real Estate (“CRE”) Loan Portfolio CRE is 23% of Total Loans: $12.9B total, $2.3B construction, $10.6B term 21 CA, 30% UT/ID, 18% TX, 17% AZ, 12% NV, 8% WA/OR, 7% CO, 5% Other, 4% Commercial Real Estate by TypeCommercial Real Estate by Location CRE portfolio is well diversified by property type and location. Total exposure to Office property (17% of Total CRE; 4% of total loans). $ billions Balance % of CRE Multi-family $3.2 25% Industrial / Warehouse 2.7 21% Office 2.2 17% Retail 1.5 11% Hospitality 0.7 5% Residential Construction 0.6 5% All Other CRE 2.0 15% Total $12.9

CRE In-Depth Review: Exercising CRE Discipline Through Growth Management Commercial real estate loan growth lags peers due to continued exercise of concentration risk discipline Data as of December 31, 2022; peer growth rates are normalized for significant acquisitions 0 50 100 150 200 20 17 Q 3 20 18 Q 1 20 18 Q 3 20 19 Q 1 20 19 Q 3 20 20 Q 1 20 20 Q 3 20 21 Q 1 20 21 Q 3 20 22 Q 1 20 22 Q 3 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 2017 Q3 = 100 Commercial Real Estate Excluding Owner Occupied 20 22 Q 4 22 Zions has exercised caution in CRE concentrations for more than a decade and in underwriting standards for many decades.  Key factors for consideration in credit risk within CRE  Measured and disciplined growth compared to peers  Significant borrower equity – conservative LTVs  Disciplined underwriting on debt service coverage  Diversified by geography and asset class  Limited exposure to land / horizontal construction

CRE In-Depth Review: Term Commercial Real Estate 23 Low loan-to-values ratios in the Term CRE portfolio demonstrates the ability of the portfolio to withstand stress Term Commercial Real Estate % of CRE Term WAVG LTV Multi-family 24% 54% Industrial / Warehouse 21% 55% Office 20% 56% Retail Hospitality 14% 50% 50%6% Term CRE loans account for $10.6 billion of the outstanding balances; 19% of the total loan portfolio Data is limited to term CRE loans and updated through 1Q 2023. Loan-to-value calculations in the “Appraised Value” distribution to reflect most current appraisal in the denominator and the outstanding balance in the numerator. In the “Indexed Value” data series, we have attached the most recent appraisal to the REIS Commercial Property Price Indices (specific to local markets). Percentages shown of Term CRE property types do not sum to 100% due to other property types not shown. Zions’ “tail risk” is minimal as a total CRE portfolio, as well as by individual asset type16% 19% 36% 23% 5% 0% 1% 0% Distribution of Term Commercial Real Estate LTV Ratios When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs - 100 200 300 400 500 600 700 800 <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ $ M ill io ns Term Office CRE Loans Appraised vs Indexed Appraised Value Indexed Value

Financial Outlook (1Q24E vs 1Q23A), as of April 19, 2023 24 Outlook Comments Slightly Increasing  Adjusted downward from the prior quarter outlook due in part to a slowing economy Moderately Decreasing  Last week of March had a daily net interest income rate of $7.1 million, or a quarterly rate of $635 million Moderately Increasing  Customer-related noninterest income excludes securities gains/losses Stable  Subject to normal seasonality (~24 million in seasonal expense in 1Q23) Increasing  Capital is expected to organically increase Customer-Related Noninterest Income Loan Balances (period-end) Net Interest Income (NII) Capital Adjusted Noninterest Expense

 Financial Results Summary  Balance Sheet Profitability  Credit Metrics  Loan Loss Severity (NCOs as a percentage of nonaccrual loans)  Allowance for Credit Losses  Loan Growth by Geography and Type  Earning Asset Repricing  Interest Rate Swaps  Economic Value of Equity  Deposit Cost Advantage – 20+ Year Time Series  Deposit Portfolio  Non-GAAP Financial Measures 25 Appendix

Financial Results Summary 26 Solid and improving fundamental performance Three Months Ended (Dollar amounts in millions, except per share data) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 Earnings Results: Diluted Earnings Per Share $ 1.33 $ 1.84 $ 1.40 $ 1.29 Net Earnings Applicable to Common Shareholders 198 277 211 195 Net Interest Income 679 720 663 593 Noninterest Income 160 153 165 172 Noninterest Expense 512 471 479 464 Pre-Provision Net Revenue - Adjusted (1) 341 420 351 300 Provision for Credit Losses 45 43 71 41 Ratios: Return on Assets(2) 0.91 % 1.27 % 0.97 % 0.91 % Return on Common Equity(3) 17.4 % 25.4 % 15.8 % 14.0 % Return on Tangible Common Equity, excl. AOCI(3) 12.3 % 16.9 % 13.2 % 12.5 % Net Interest Margin 3.33 % 3.53 % 3.24 % 2.87 % Yield on Loans 5.30 % 4.81 % 4.17 % 3.67 % Yield on Securities 2.46 % 2.42 % 2.10 % 1.97 % Average Cost of Total Deposits(4) 0.47 % 0.20 % 0.10 % 0.03 % Efficiency Ratio (1) 59.9 % 52.9 % 57.6 % 60.7 % Effective Tax Rate 27.7 % 20.9 % 21.9 % 21.9 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.30 % 0.27 % 0.28 % 0.38 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.00 % (0.02) % 0.20 % 0.07 % Common Equity Tier 1 Capital Ratio(5) 9.9 % 9.7 % 9.6 % 9.9 % (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses and investment and advisory expense related SBIC investments. See Appendix for non-GAAP financial measures. (2) Net Income before Preferred Dividends used in the numerator; (3) Net Income Applicable to Common used in the numerator; (4) Includes noninterest-bearing deposits; (5) Current period ratios and amounts represent estimates

0.90% 0.91% 0.97% 1.27% 0.91% 1Q22 2Q22 3Q22 4Q22 1Q23 12.9% 12.5% 13.2% 16.9% 12.3% 1Q22 2Q22 3Q22 4Q22 1Q23 Balance Sheet Profitability 27 Profitability impacted by lower NII due to increased funding costs and seasonal noninterest expenses Return on Assets Return on Tangible Common Equity (Excludes Accumulated Other Comprehensive Income) Return on Tangible Common Equity is a non-GAAP measure. See Appendix for non-GAAP financial measures.

Long-Term View: Credit Quality at the Subportfolio Level Zions’ loss rates across nearly all loan portfolio categories are better or much better than peer loss rates In five of the seven major categories in which Zions has significant exposure, Zions’ loss rate has been much better (top quartile) The order of the portfolios (from left to right) reflects Zions’ recent concentration mix (from high to low) Source: S&P Capital IQ Pro. Peers included are listed in the appendix. FRC is excluded from the dataset due to insufficient history for the 10-year period. Subportfolio loss ratios calculated by Zions using regulatory data and averaged over the timeframe. Credit cards are not included in the seven categories as it is not a significant concentration for Zions. Zions In the “box-and-whiskers” graphic, the box represents the middle two quartiles, segmented with the median line. The end of the whiskers represent the max and the minimum of the dataset. N et L oa n Ch ar ge -o ffs to L oa ns Median peer total NCOs / total loans: 0.19% Zions’ total NCOs / total loans: 0.11% 28

CRE In-Depth Review: Office ($2.2B Balance) 29Data updated as of March 31, 2023; Excludes PPP; Includes both term and construction 1Loans >$3 million represents ~90% of the portfolio; lease maturities from $10M+ office exposure CRE Office portfolio is 17% of total CRE exposure; strong underwriting  Office balances are down 6% since 1Q 2018 and 8% since peak (2Q 2021)  92% term, 8% construction  Less than $1 million of nonaccruals and no charge-offs in recent years  Median loan size: $890 thousand; average loan size: $4.6 million  Allowance for Credit Losses: 1.7% of total office balances or 24% of criticized balances  29% variable rate with swap, 14% fixed rate, 57% variable rate w/o swap  Stabilized term office portfolio is 87% leased (wtd. avg.)1  Credit Tenancy – ~1/3 of portfolio with credit tenant leases1  In-footprint collateral – 99%  2/3 suburban, 1/3 central business district  Staggered near term tenant lease expirations with less than 10% of total square footage (on average) expiring each year through YE 20251 Pe rc en ta ge o f L oa ns 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2018Q1 2019Q1 2020Q1 2021Q1 2022Q1 2023Q1 $ Bi lli on s Construction Outstandings Term Outstandings 7% 5% 2018Q1 2019Q1 2020Q1 2021Q1 2022Q1 2023Q1 Criticized Classified Nonaccrual TTM NCO Office Portfolio Trends Office Problem Loan Trends $0 nonaccrual and net charge-offs $154 million Criticized Office Loans

0% 5% 10% 15% 20% 25% CRE Office Term Maturing in 2023 DSCRs 0% 5% 10% 15% 20% 25% 30% CRE Office Term Maturing in 2023 LTVs CRE In-Depth Review: Office Loans – Distribution of DSCR, LTV and Loan Maturity Data updated as of March 31, 2023; Excludes PPP; Includes term. DSCR based on most recent NOI. Zions’ has minimal intersecting elements of risk in the office CRE portfolio, while having a significantly large collateral cushion  2023 term office maturities = $617 million  Criticized term office loans maturing in 2023 = $85 million (14% of all 2023 term office loan maturities)  Low DSCRs reflect value add or repositioned assets  Portfolio contains guarantor/sponsor support; often structured to require Borrower to address problem loans – e.g., repayment guarantee, re-margin (via capital call or other method), cash flow sweep provisions CRE Office Term by Maturity Most term office loans maturing in 2023 have a high percentage of low LTV and strong (high) debt service coverage ratios 0 100 200 300 400 500 600 700 2023 2024 2025 2026 2027 2028 2029+ $ M ill io ns

Credit Quality: Consumer Real Estate Secured (Term 1-4 Family and Home Equity Credit Lines) 31 Minimal risk layering shows strength of the consumer real estate loan portfolio Loan-to-value calculations reflect most current appraisal adjusted by a home price index (Case-Shiller or FHFA) for the area where the collateral is located for the denominator and the most recent outstanding balances in the numerator. 1st Lien balances associated with Jr. Lien HECLs are updated using Experian data we receive. Due to rounding, some of the percentages may not add up to 100%. Data is as of 3/31/2023 Term 1-4 family mortgages (“1-4 family residential”) account for approximately $11.0 billion of the outstanding balances or 19% of the total loan portfolio  65 percent of such loans have FICO scores of 750 or better (higher) and loan-to-value (“LTV”) ratios of 70% or better (lower)  Little meaningful exposure in the low FICO and high LTV segments  Average LTV: 49%  Home equity credit line portfolio:  1st lien = 42% of portfolio balance, 49% of portfolio commitments, with an average LTV of 46%  2nd lien = 58% of portfolio balance, 51% of portfolio commitments, with an average LTV of 53% <= 649 650-699 700-749 750-799 800-850 Row Total <= 50% 2% 3% 7% 14% 27% 52% 50.01-60% 0% 1% 3% 5% 8% 18% 60.01-70% 0% 1% 2% 5% 6% 14% 70.01-80% 0% 1% 2% 4% 5% 12% 80.01-90% 0% 0% 0% 1% 1% 3% >90% 0% 0% 0% 0% 0% 0% Column Total 2% 6% 14% 30% 49% 100% Term 1-4 Family (Mortgage) + HECL Refresh FICO Co m bi ne d Lo an to Va lu e (In de x- Ad ju st ed )

6% 20 % 23 % 25 % 29 % 31 % 32 % 33 % 39 % 41 % 44 % 48 % 53 % 54 % 55 % 56 % 57 % 59 % 71 % FR C BO KF M TB ZI O N AS B FH N W AL CM A CF G FN B W TF C PN FP KE Y HW C HB AN RF SN V EW BC FI TB 3% 11 % 13 % 13 % 16 % 24 % 26 % 29 % 31 % 33 % 34 % 45 % 47 % 50 % 52 % 57 % 59 % 59 % 60 % FR C W AL ZI O N M TB FH N BO KF AS B CM A W TF C EW BC FN B KE Y CF G HB AN PN FP FI TB SN V RF HW C Loan Loss Severity Annualized NCOs / Nonaccrual Loans Five Year Average (2018 – 2022) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2008 – 2022) 32Source: S&P Global. Calculated using the average of annualized quarterly results. Note: Survivorship bias: some banks that may have been included in Zions’ peer group have been excluded due to their failed or merged status. When problems arise, Zions generally experiences less severe loan losses due to strong collateral and underwriting practices

526 777 914 917 835 695 574 529 553 514 546 590 636 678 1.08 1.56 1.88 1.91 1.74 1.48 1.22 1.11 1.13 1.02 1.05 1.10 1.15 1.21 1/1/20 CECL 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Allowance for Credit Losses ACL (%) ex-PPP 33 Allowance for Credit Losses (“ACL”) The ACL increase vs. 4Q22 is primarily due to increased probability of an economic downturn in applied scenarios ($ millions)

Loan Growth in Detail Loan growth achieved in several categories: residential real estate, term CRE, consumer construction, and C&I (ex-O&G) Linked Quarter Loan Balance Growth, Excluding PPP Total Loans, excluding PPP: +1.3% Linked quarter:  Excluding PPP loans, period-end loans increased $716 million or 1.3%  Loan growth in dollars predominantly in 1-4 Family, Term Commercial Real Estate, Consumer Construction, and C&I (ex-O&G)  Decline of 19% ($38 million) in SBA PPP loans G ro w th R at e: L in ke d Q ua rt er , n ot a nn ua liz ed Dollar Growth: Linked Quarter 34 C&I (ex-Oil & Gas), 1% Owner occupied, -1% CRE C&D, -8% CRE Term, 4% Home Equity, -3% 1-4 Family, 6% Energy (Oil & Gas), 1% Municipal, 0% Other, 8% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% -$300 -$100 $100 $300 $500 $700 Note: circle size indicates relative proportion of loan portfolio as of 1Q23. PPP loans, not shown on graph, declined 19% in 1Q23 vs. 4Q22 ($ millions)

35 Loan Growth - by Bank Brand and Loan Type “Other” loans includes consumer construction, bankcard, and other consumer loan categories. Totals shown above may not foot due to rounding. Period-End Year over Year Loan Growth (1Q23 vs. 1Q22) Period-End Linked Quarter Loan Growth (1Q23 vs. 4Q22) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 369 364 653 47 245 171 (2) (1) 1,846 SBA PPP (157) (189) (304) (92) (55) (72) (53) - (922) Owner occupied 69 188 (85) 64 (9) 35 29 - 291 Energy (Oil & Gas) (17) 217 - (1) - 7 - 206 Municipal 141 154 70 (66) (4) 36 65 34 430 CRE C&D (234) (287) 63 (4) (73) 96 (17) - (456) CRE Term 256 209 324 169 160 59 83 - 1,260 1-4 Family 461 264 406 115 180 124 (2) 22 1,570 Home Equity 30 38 4 (16) 63 64 4 - 187 Other 296 78 112 76 43 76 (5) 1 677 Total net loans 1,214 1,036 1,243 292 550 596 102 56 5,089 (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 50 (9) 15 - 55 64 (46) - 129 SBA PPP (11) (9) (6) (3) (3) (3) (3) - (38) Owner occupied (38) (21) 5 (20) (6) 11 15 - (54) Energy (Oil & Gas) 30 14 - - - (12) (1) - 31 Municipal 10 3 4 1 (1) 2 (9) 3 13 CRE C&D (32) (57) 28 (100) (19) 3 (23) - (200) CRE Term 34 76 55 121 46 8 19 - 359 1-4 Family 125 69 112 39 30 33 (1) (1) 406 Home Equity (48) (5) (35) (17) 9 (4) (1) - (101) Other 47 15 33 13 12 13 (1) 1 133 Total net loans 167 76 211 34 123 115 (51) 3 678 Loan growth achieved in several categories and across our footprint

Simulated Repricing Expectations: Earning Assets and Loans 36 A substantial portion of earning assets reset within one year; additionally, yield benefits are expected in later periods Source: Company filings and S&P Global; “Prior Fed Cycle” refers to 3Q15-2Q19, reflecting the lag effect of deposit pricing relative to Fed Funds rates. The “Current Fed Cycle” begins in 3Q19 to present. (1) 12-month simulated impact of an instantaneous and parallel change in interest rates. Loans are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets in chart on the right. The loan and securities portfolios have durations of 1.7 and 4.1 years, respectively. 52 % 11 % 8% 6% 9% 14 % 46 % 13 % 12 % 7% 8% 14 % ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f L oa ns Loans: Rate Reset and Cash Flow Profile Loans After Hedging 40% 11% 9% 7% 11% 22% 36% 13% 11% 8% 10% 22% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f E ar ni ng A ss et s Earning Assets Rate Reset and Cash Flow Profile Earning Assets After Hedging

Interest Rate Swaps 37 We continue to create some protection from falling rates 1 Cash flow hedges consist of receive-fixed swaps hedging pools of floating rate loans. Interest rate sensitivity managed in part with interest rate hedges: $2.6B in interest-rate swaps on loans terminated in March 2023 with a weighted average rate of 1.82% Average Outstanding Notionial Weighted average Fixed Rate Received 2023Q2 $4,433 1.92% 2023Q3 $4,133 1.87% 2023Q4 $3,833 1.75% 2024Q1 $3,233 1.55% 2024Q2 $2,933 1.45% 2024Q3 $2,433 1.38% 2024Q4 $1,933 1.29% 2025Q1 $1,350 1.37% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 0.0 2.0 4.0 6.0 2 02 3Q 2 2 02 3Q 3 2 02 3Q 4 2 02 4Q 1 2 02 4Q 2 2 02 4Q 3 2 02 4Q 4 2 02 5Q 1 2 02 5Q 2 Av er ag e Fi xe d Ra te (% ) Av g N ot io na l ( $B ) Average total swaps in effect during quarter Average Fixed Rate (right scale)

38 Managing the Stability of Economic Value of Equity (“EVE”) Some are focusing only on the marks on the asset side of the balance sheet, resulting in a Picasso-like portrait view of equity Durations and fair value marks are estimates; fair value estimates are as of March 31, 2023, with EVE sensitivities shown reflecting a parallel shock up 100 and down 100 basis points. The duration of deposits is estimated to be 2.9 years. Values shown are tax effected. Zions’ Economic Value of Equity $ Bi lli on s However, when marks on deposits are considered, a “fair value” view of equity emerges.

Funding – Cost of Total Deposits and Cost of Total Funding Through multiple rate cycles, Zions’ total deposit and funding costs have been consistently among the best of peers Source: S&P Global. The federal funds rate shown on this page has been adjusted such that, for example, the 2007 peak rate of 5.25% is the daily average rate from July 1, 2006 to June 30, 2007, which attempts to reflect the delay between the Fed’s increase or decrease and the response by Zions and the banking industry to increase or decrease rates paid on deposits. 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 ZION Peer Top Quartile Peer Bottom Quartile Avg Fed Funds (6-Mo Lag) Zions ranked 1st Average Cost of Total Funding % Under higher interest rate environments (FF>3%), Zions’ cost of deposits has averaged ~40 bps better than the peer median. (0.75) (0.50) (0.25) 0.00 0.25 0.50 Zions vs. Peer Median Green bar = Zions’ cost of deposits is less than peer median; Red bar = Zions’ cost of deposits is greater than the peer median 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 ZION Peer Top Quartile Peer Bottom Quartile Avg Fed Funds (6-Mo Lag) Zions ranked 1st Average Cost of Total Deposits (0.75) (0.50) (0.25) 0.00 Under higher interest rate environments (FF>3%), Zions’ cost of funding has averaged ~40 bps better than the peer median. % Green bar = Zions’ cost of funding is less than peer median; Red bar = Zions’ cost of funding is greater than the peer median 39

Not All Uninsured Deposits Are Created Equal 40 Zions’ average partially insured deposit account is materially smaller than that of the largest U.S. and peer banks For comparability purposes, data shown is as of December 31, 2022. Large banks include JPM, BAC, C, WFC, USB, PNC, & TFC. Source: S&P Global (via call report data) 4.2 3.1 1.6 1.5 1.1 SIVB SBNY Large Banks Zions' Peers ZION $ M ill io ns Average Account Balance: Where the balance exceeded $250,000 at December 31, 2022 Smaller-Sized Accounts Are More Stable  A high percentage of Zions’ partially insured deposits are to small and medium-sized businesses  Considering partially insured deposit accounts, generally the smaller the size, the more stable the balance  Zions’ partially insured deposits are favorably differentiated relative to most large regional and large national banks – Zions’ average balance of partially insured deposits are smaller than those cohorts by more than 25%

0% 10% 20% 30% 40% Concentrations Risk Management: Granularity of Deposits 41 Deposits of both commercial and consumer customers are granular Consumer Customer Deposit Balance Distribution Data as of March 31, 2023. Consumer customers identified if the tax identification record is a social security number or is identified as an individual account and are householded if they share the same address and last name. Customer count and median balance excludes the effect of zero balance accounts. Trust and estate customers are excluded, as are brokered deposits. Consumer deposits total $23.6 B and account for ~34% of total deposits M in im al e xp os ur e to la rg e ba la nc e de po sit s 0% 10% 20% 30% 40% Commercial Customer Deposit Balance Distribution N o ex po su re to v er y la rg e ba la nc e de po sit s Commercial deposits total $36.6 B and account for ~53% of total deposits Median balance of <$20,000 Average balance of <$200,000 Median balance of <$5,000 Average balance of <$35,000

42 Non-GAAP Financial Measures In millions, except per share amounts 1Q23 4Q22 3Q22 2Q22 1Q22 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense $512 $471 $479 $464 $464 LESS adjustments: Severance costs 1 1 Other real estate expense 1 Amortization of core deposit and other intangibles 2 1 Pension Termination related expense Restructuring costs SBIC Investment Success Fee Accrual (1) 1 (1) (b) Total adjustments 3 (1) 2 1 0 (a-b)=(c) Adjusted noninterest expense 509 472 477 463 464 (d) Net interest income 679 720 663 593 544 (e) Fully taxable-equivalent adjustments 9 10 10 9 8 (d+e)=(f) Taxable-equivalent net interest income (TE NII) 688 730 673 602 552 (g) Noninterest Income 160 153 165 172 142 (f+g)=(h) Combined Income $848 $883 $838 $774 $694 LESS adjustments: Fair value and nonhedge derivative income (loss) (3) (4) 4 10 6 Securities gains (losses), net 1 (5) 6 1 (17) (i) Total adjustments (2) (9) 10 11 (11) (h-i)=(j) Adjusted revenue $850 $892 $828 $763 $705 (j-c) Adjusted pre- provision net revenue (PPNR) $341 $420 $351 $300 $241 (c)/(j) Efficiency Ratio 59.9% 52.9% 57.6% 60.7% 65.8%

43 Non-GAAP Financial Measures (Continued) In millions, except per share amounts 1Q23 4Q22 3Q22 2Q22 1Q22 Net Earnings Applicable to Common Shareholders (NEAC) Net earnings applicable to common $198 $277 $211 $195 $195 Diluted Shares (average) 148 149 150 151 152 (k) Diluted EPS 1.33 1.84 1.40 1.29 1.27 PLUS Adjustments: Adjustments to noninterest expense 3 (1) 2 1 0 Adjustments to revenue 2 9 (10) (11) 11 Tax effect for adjustments (1) (2) 2 2 (3) Preferred stock redemption Total adjustments 4 6 (6) (8) 8 (l) Adjustments per share 0.03 0.04 (0.04) (0.05) 0.05 (k+l)=(m) Adjusted EPS 1.36 1.88 1.36 1.24 1.32 Balance Sheet Profitability Adjusted Return on Assets 0.93% 1.29% 0.92% 0.84% 0.94% Adjusted Return on Tangible Common Equity, excl. AOCI 12.4% 17.3% 12.8% 12.0% 13.5%

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