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)  July 19, 2021

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
Series H 5.75% Non-Cumulative Perpetual Preferred Stock	ZIONN	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 July 19, 2021, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended June 30, 2021 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on July 19, 2021. The press release announcing the financial results for the quarter ended June 30, 2021 is furnished as Exhibit 99.1 and incorporated herein by reference. A presentation to be used in conjunction with the conference call regarding the Company’s second 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 Company 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 July 19, 2021 (furnished herewith).
99.2	Earnings Release Presentation dated July 19, 2021 (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: July 19, 2021

Document

Zions Bancorporation, N.A.<br>One South Main<br>Salt Lake City, UT 84133<br>July 19, 2021
www.zionsbancorporation.com

Second Quarter 2021 Financial Results: FOR IMMEDIATE RELEASE

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

Zions Bancorporation, N.A. reports: 2Q21 Net Earnings of $345 million, diluted EPS of $2.08
compared with 2Q20 Net Earnings of $57 million, diluted EPS of $0.34,<br>and 1Q21 Net Earnings of $314 million, diluted EPS of $1.90

SECOND QUARTER RESULTS

$2.08	$345 million	2.79%	11.3%
Net earnings per diluted common share	Net Earnings	Net interest margin (“NIM”)	Common Equity<br>Tier 1
SECOND QUARTER HIGHLIGHTS¹
---	---	---	---
Net Interest Income and NIM		•
	•		NIM was 2.79%, compared with 3.23%, and was significantly impacted by lower interest rates and higher average cash balances of 10.3 billion, compared with 1.6 billion
Operating Performance		•
	•		Noninterest expense was 428 million, down less than 1%, which included a 9 million success fee accrual associated with SBIC investments, and adjusted noninterest expense2 was 419 million, up 4%
	•		The efficiency ratio² was 59.1%, compared with 57.3%
Loans and Credit Quality		•
	•		Nonperforming assets3 were 307 million, or 0.7%, of loans (ex-PPP), compared with 344 million, or 0.7%, of loans (ex-PPP)
	•		The provision for credit losses was a negative 123 million, compared with a positive 168 million
	•		The allowance for credit losses was 1.2% of loans (ex-PPP), compared with 1.9% of loans (ex-PPP)
Capital		•
	•		Preferred stock redemption of 126 million at par value
Notable items		•
	•		About 12,000 PPP loans were forgiven by the SBA, totaling 2.4 billion, which contributed 36 million of interest income through accelerated recognition of net unamortized deferred fees
	•		Deposits were 76.1 billion, up 10.4 billion, or 16%, resulting in a loan-to-deposit ratio of 68%. Deposit growth has been impacted by government stimulus programs

All values are in US Dollars.

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We are pleased with the financial results of the second quarter of 2021. Perhaps most notably, credit performance continues to be very strong as evidenced by modest net recoveries on loans. We also now believe that future losses will be significantly less than previously expected, with the result that we released more than $120 million of our allowance for credit losses.”<br><br><br><br>Mr. Simmons continued, “Excluding PPP loans, we were also pleased with the relative stability of period-end loan balances, as well as a continued strong performance in the growth of deposits, with noninterest bearing deposits equaling nearly one half of total deposits at quarter end. Finally, our capital position is particularly strong relative to our risk profile, with our CET1 ratio reaching 11.3%, up from 10.2% at the beginning of the pandemic.”
OPERATING PERFORMANCE3

1 Comparisons noted in the bullet points are calculated for the current quarter versus the same prior-year period, unless otherwise specified.

2 For information on non-GAAP financial measures, see pages 16-18.

3 Does not include banking premises held for sale.

4 EPS calculations assume a 24.5% statutory tax rate.

ZIONS BANCORPORATION, N.A.

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July 19, 2021

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 are generally reflective of a low initial starting point.

RESULTS OF OPERATIONS

Net Interest Income and Margin
										2Q21 - 1Q21			2Q21 - 2Q20
(In millions)	2Q21			1Q21			2Q20				%			%
Interest and fees on loans	$	492		$	488		$	514			1	%		(4)	%
Interest on money market investments	4			3			1			1	33		3	NM
Interest on securities	74			71			80			3	4		(6)	(8)
Total interest income	570			562			595			8	1		(25)	(4)
Interest on deposits	7			9			23			(2)	(22)		(16)	(70)
Interest on short- and long-term borrowings	8			8			9			—	—		(1)	(11)
Total interest expense	15			17			32			(2)	(12)		(17)	(53)
Net interest income	$	555		$	545		$	563			2			(1)
										bps			bps
Yield on interest-earning assets1	2.86		%	2.95		%	3.41		%	(9)			(55)
Rate paid on total deposits and interest-bearing liabilities1	0.08		%	0.09		%	0.19		%	(1)			(11)
Cost of total deposits1	0.04		%	0.05		%	0.15		%	(1)			(11)
Net interest margin1	2.79		%	2.86		%	3.23		%	(7)			(44)

All values are in US Dollars.

1 Rates are calculated using amounts in thousands and taxable-equivalent rates are used where applicable.

Net interest income decreased $8 million, or 1%, to $555 million in the second quarter of 2021, from $563 million in the second quarter of 2020. Total interest income decreased $25 million, or 4%, due to a $22 million decrease in interest and fees on loans and a $6 million decrease in interest on securities. The decrease in total interest income was primarily attributable to the lower interest rate environment. Interest expense decreased $17 million, or 53%, due to a $16 million decline in interest paid on deposits and a $1 million decline in interest paid on short- and long-term borrowings. The decreases were attributable to lower rates on both categories and reduced balances of borrowed funds, given strong deposit growth of $10 billion, or 16%.

The net interest margin compressed to 2.79%, compared with 3.23% in the same prior year period. The yield on average interest-earning assets was 2.86% in the second quarter of 2021, a decrease of 55 basis points, compared with the same prior year quarter. Average money market investments, including short-term deposits held at the Federal Reserve, increased to 12.7% of average interest-earning assets, compared with 2.3% in the same prior year period. This increase had a significant dilutive effect on the net interest margin.

Average interest-earning assets included $5.9 billion of Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans with a yield of 4.56%. During the second quarter of 2021, about 12,000 PPP loans, totaling $2.4 billion, received forgiveness by the SBA and contributed $36 million of interest income through accelerated recognition of net unamortized deferred fees on these loans. Total interest income from PPP loans was $68 million during the second quarter of 2021. As of June 30, 2021, unamortized net origination fees related to the PPP loans totaled approximately $137 million.

The yield on loans decreased 6 basis points from the second quarter of 2020, and, excluding PPP loans, the yield on loans decreased 23 basis points from the second quarter of 2020. The decrease was primarily due to lower benchmark interest rates, but also reflected continued pricing pressure, which was partially attributable to the surplus liquidity in the marketplace. The yield on non-PPP loans originated during the second quarter of 2021 was moderately less than

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July 19, 2021

the yield on loans maturing or otherwise paying down. The yield on securities decreased 49 basis points from the second quarter of 2020, primarily from lower yields on investments purchased in previous quarters.

The annualized cost of total deposits for the second quarter of 2021 was 0.04%, compared with 0.15% for the second quarter of 2020. The rate paid on total deposits and interest-bearing liabilities was 0.08%, a decrease from 0.19% during the second quarter of 2020, which was primarily due to lower deposit rates and strong noninterest bearing deposit growth. Average noninterest bearing deposits as a percentage of total deposits were 49% for the second quarter of 2021, compared with 46% for the same prior year period.

Noninterest Income
							2Q21 - 1Q21			2Q21 - 2Q20
(In millions)	2Q21		1Q21		2Q20			%			%
Commercial account fees	$	34	$	32	$	30		6	%		13	%
Card fees	24		21		19		3	14		5	26
Retail and business banking fees	18		17		15		1	6		3	20
Loan-related fees and income	21		25		27		(4)	(16)		(6)	(22)
Capital markets and foreign exchange fees	17		15		18		2	13		(1)	(6)
Wealth management fees	12		12		9		—	—		3	33
Other customer-related fees	13		11		12		2	18		1	8
Customer-related fees	139		133		130		6	5		9	7
Fair value and nonhedge derivative income (loss)	(5)		18		(12)		(23)	NM		7	58
Dividends and other income	8		7		3		1	14		5	NM
Securities gains (losses), net	63		11		(4)		52	NM		67	NM
Total noninterest income	$	205	$	169	$	117		21			75

All values are in US Dollars.

Total noninterest income for the second quarter of 2021 increased $88 million, or 75%, to $205 million, from $117 million for the prior year quarter. Total customer-related fees increased to $139 million from $130 million for the same periods. Card fees increased $5 million, commercial account fees increased $4 million, and wealth management and retail and business banking fees both increased $3 million, all primarily due to improved customer transaction volume and new client activity. Loan-related fees and income decreased $6 million, primarily due to a decline in our residential mortgage originations held for sale.

Securities gains increased $67 million from the second quarter of 2020, largely as a result of a $63 million unrealized gain related to the successful completion of an initial public offering (“IPO”) of one of our Small Business Investment Company (“SBIC”) investments, Recursion Pharmaceuticals, Inc. This investment will be marked-to-market until we fully divest of our shares, which are subject to a minimum 180-day lock-up period from the initial offering. An associated $9 million accrued success fee will also be adjusted based on the mark-to-market value of the investment.

We also recognized a $5 million loss related to a credit valuation adjustment (“CVA”) on client-related interest rate swaps, compared with a $12 million CVA loss in the second quarter of 2020. The CVA loss for the current quarter was primarily due to a decline in interest rates, which increased the value of, and our credit exposure to, the client-related interest rate swaps.

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Noninterest Expense
							2Q21 - 1Q21			2Q21 - 2Q20
(In millions)	2Q21		1Q21		2Q20			%			%
Salaries and employee benefits	$	272	$	288	$	267		(6)	%		2	%
Occupancy, net	33		33		32		—	—		1	3
Furniture, equipment and software, net	32		32		32		—	—		—	—
Other real estate expense, net	—		—		—		—	—		—	—
Credit-related expense	6		6		6		—	—		—	—
Professional and legal services	17		20		10		(3)	(15)		7	70
Advertising	4		5		3		(1)	(20)		1	33
FDIC premiums	6		7		7		(1)	(14)		(1)	(14)
Other	58		44		73		14	32		(15)	(21)
Total noninterest expense	$	428	$	435	$	430		(2)			—
Adjusted noninterest expense 1	$	419	$	440	$	402		(5)			4

All values are in US Dollars.

1 For information on non-GAAP financial measures, see pages 16-18.

Noninterest expense declined $2 million, when compared with the second quarter of 2020. This decline was largely attributable to a $15 million decrease in other noninterest expense, primarily due to the $28 million pension plan termination-related expense recognized during the second quarter of 2020, and partially offset by a $9 million success fee accrual related to the IPO of the SBIC investment previously discussed. Salaries and benefits expense increased $5 million, or 2%, primarily due to higher profit sharing as a result of improved profitability. Professional and legal services expense increased $7 million, or 70%, primarily due to various technology-related and other outsourced services.

Adjusted noninterest expense increased $17 million, or 4%, to $419 million, compared with $402 million for the same prior year quarter, primarily due to the increases in salaries and benefits and professional and legal services expenses previously discussed. The efficiency ratio was 59.1%, compared with 57.3% for the second quarter of 2020. For information on non-GAAP financial measures, including differences between noninterest expense and adjusted noninterest expense, see pages 16-18.

BALANCE SHEET ANALYSIS

Asset Quality
										2Q21 - 1Q21		2Q21 - 2Q20
(In millions)	2Q21			1Q21			2Q20			bps		bps
Ratio of nonperforming assets1 to loans and leases and other real estate owned	0.60		%	0.61		%	0.62		%	(1)		(2)
Annualized ratio of net loan and lease charge-offs to average loans	(0.02)		%	0.06		%	0.23		%	(8)		(25)
Ratio of total allowance for credit losses to loans2 and leases outstanding, at period end	1.12		%	1.30		%	1.66		%	(18)		(54)
Ratio of total allowance for credit losses to loans2 and leases outstanding (excluding PPP loans), at period end	1.22		%	1.48		%	1.88		%	(26)		(66)
											%		%
Classified loans	$	1,557		$	1,660		$	1,477			(6)%		5%
Nonperforming assets1	308			327			344			(19)	(6)	(36)	(10)
Net loan and lease charge-offs (recoveries)	(2)			8			31			(10)	NM	(33)	NM
Provision for credit losses	(123)			(132)			168			9	7	(291)	NM

All values are in US Dollars.

1 Does not include banking premises held for sale.

2 Does not include loans held for sale.

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Net loan and lease recoveries were $2 million in the second quarter of 2021, compared with net charge-offs of $31 million in the prior year quarter. The ratio of nonaccrual loans and accruing loans past due 90 days or more to loans and leases (ex-PPP) was 0.66%, compared with 0.73% for the second quarter of 2020, and the ratio of classified loans to total loans and leases (ex-PPP) was 3.3%, compared with 3.0%, for the prior year quarter.

We recorded a negative $123 million provision for credit losses, compared with a negative $132 million provision during the first quarter of 2021, and a positive $168 million provision for the second quarter of 2020. The allowance for credit losses (“ACL”) was $574 million at June 30, 2021, compared with $695 million at March 31, 2021, and $914 million at June 30, 2020. The decrease in the ACL was due largely to an improvement in the economic outlook, compared with the more stressed economic outlook at the outset of the COVID-19 pandemic. The ratio of total ACL to total loans and leases (ex-PPP) was 1.22% at June 30, 2021, compared with 1.48% at March 31, 2021, and 1.88% at June 30, 2020.

Loans and Leases
							2Q21 - 1Q21		2Q21 - 2Q20
(In millions)	2Q21		1Q21		2Q20			%		%
Loans held for sale	$	66	$	77	$	105		(14)%		(37)%
Loans and leases:
Commercial – excluding PPP loans	24,700		24,499		25,018		201	1	(318)	(1)
Commercial – PPP loans	4,461		6,465		6,690		(2,004)	(31)	(2,229)	(33)
Commercial real estate	12,108		12,060		11,954		48	—	154	1
Consumer	10,129		10,448		11,467		(319)	(3)	(1,338)	(12)
Loans and leases, net of unearned income and fees	51,398		53,472		55,129		(2,074)	(4)	(3,731)	(7)
Less allowance for loan losses	535		646		860		(111)	(17)	(325)	(38)
Loans and leases held for investment, net of allowance	$	50,863	$	52,826	$	54,269		(4)		(6)
Unfunded lending commitments and letters of credit	$	25,689	$	25,487	$	24,229	202	1	1,460	6

All values are in US Dollars.

Loans and leases, net of unearned income and fees, decreased $3.7 billion, or 7%, to $51.4 billion at June 30, 2021, from $55.1 billion at June 30, 2020, primarily due to the forgiveness of PPP loans. Excluding PPP loans, total loans and leases decreased $1.5 billion, or 3%, to $46.9 billion at June 30, 2021, including a $0.3 billion, or 1%, decrease in commercial loans, as economic uncertainty and an abundance of liquidity in the marketplace continued to adversely impact loan demand. Within commercial loans, a $1.1 billion decrease in commercial and industrial loans was partially offset by a $680 million increase in municipal loans. Commercial real estate construction and land development loans increased $209 million, and within consumer loans, 1-4 family residential mortgage loans decreased $1.1 billion, primarily due to continued refinancing activity. Unfunded lending commitments and letters of credit increased $1.5 billion, or 6%, to $25.7 billion at June 30, 2021, from $24.2 billion at June 30, 2020, primarily due to a decrease in commitment utilization.

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Deposits and Borrowed Funds
							2Q21 - 1Q21			2Q21 - 2Q20
(In millions)	2Q21		1Q21		2Q20			%			%
Noninterest-bearing demand	$	38,128	$	35,882	$	30,714		6	%		24	%
Interest-bearing:
Savings and money market	36,037		35,762		31,307		275	1		4,730	15
Time	1,940		2,209		3,663		(269)	(12)		(1,723)	(47)
Total deposits	$	76,105	$	73,853	$	65,684		3			16
Borrowed funds:
Federal funds purchased and other short-term borrowings	$	741	$	1,032	$	860		(28)			(14)
Long-term debt	1,308		1,299		1,353		9	1		(45)	(3)
Total borrowed funds	$	2,049	$	2,331	$	2,213		(12)			(7)

All values are in US Dollars.

Total deposits increased $10.4 billion, or 16%, to $76.1 billion as of June 30, 2021, primarily due to a $7.4 billion increase in noninterest-bearing deposits. Average total deposits increased to $74.6 billion, compared with $63.0 billion for the second quarter of 2020. Average noninterest-bearing deposits increased 26% to $36.5 billion, from $29.1 billion for the second quarter of 2020, and were 49% and 46% of average total deposits, respectively, for the same periods.

Total borrowed funds decreased $0.2 billion, or 7%, to $2.0 billion as of June 30, 2021. Average borrowed funds decreased to $2.1 billion, compared with $4.0 billion for the prior year quarter. The decrease in both end-of-period and average borrowed funds reflects less reliance on federal funds purchased and other short-term borrowings due to the strength of deposit growth, which significantly exceeded earning asset growth over this period.

Shareholders’ Equity
							2Q21 - 1Q21			2Q21 - 2Q20
(In millions)	2Q21		1Q21		2Q20			%			%
Shareholders’ equity:
Preferred stock	$	440	$	566	$	566		(22)	%		(22)	%
Common stock and additional paid-in capital	2,565		2,653		2,675		(88)	(3)		(110)	(4)
Retained earnings	4,853		4,566		3,979		287	6		874	22
Accumulated other comprehensive income	175		148		355		27	18		(180)	(51)
Total shareholders' equity	$	8,033	$	7,933	$	7,575		1			6
Capital distributions:
Common dividends paid	$	56	$	56	$	56		—			—
Bank common stock repurchased	100		50		—		50	NM		100	NM
Total capital distributed to common shareholders	$	156	$	106	$	56		47			NM

All values are in US Dollars.

During the second quarter of 2021, the common stock dividend was $0.34 per share, unchanged from the prior year quarter. Weighted average diluted shares outstanding decreased 1.4 million from the second quarter of 2020, primarily due to share repurchases. During the second quarter of 2021, we repurchased 1.7 million common shares outstanding for $100 million at an average price of $57.95 per share. We also redeemed the outstanding shares of our 5.75% Series H Non-Cumulative Perpetual Preferred Stock at par value, resulting in a $126 million decrease of preferred stock.

Accumulated other comprehensive income decreased $180 million to $175 million as of June 30, 2021, primarily due to decreases in the fair value of available-for-sale securities as a result of changes in interest rates.

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Tangible book value per common share increased to $40.54 at June 30, 2021, compared with $36.56 at June 30, 2020. Basel III common equity tier 1 (“CET1”) capital was $6.4 billion at June 30, 2021 and $5.7 billion at June 30, 2020. The estimated Basel III CET1 capital ratio was 11.3% at June 30, 2021, compared with 10.2% at June 30, 2020. For information on non-GAAP financial measures, see pages 16-18.

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss these second quarter results at 5:30 p.m. ET this afternoon (July 19, 2021). Media representatives, analysts, investors, and the public are invited to join this discussion by calling (253) 237-1247 (domestic and international) and entering the passcode 2092815, 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 annual net revenue of $2.8 billion in 2020 and more than $85 billion of total assets. 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, recently ranking as the tenth largest provider in the U.S. of the SBA’s Paycheck Protection Program loans (including both rounds). 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 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 are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, industry results or regulatory outcomes to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements include, among others:

•statements with respect to the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, results of operations and performance of Zions Bancorporation, National Association and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and

•statements preceded by, followed by, or that include the words “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” “will,” and the negative thereof and similar words and expressions.

These forward-looking statements are not guarantees of future performance, 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. Important risk factors that may cause such material differences include changes in general economic, regulatory, and industry conditions; changes and uncertainties in fiscal, monetary, regulatory, trade and tax policies and legislative and regulatory changes; changes in interest rates and uncertainty regarding the transition away from the London Interbank Offered Rate ("LIBOR") toward other alternative reference rates; the quality and composition of our loan and securities portfolios; 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 execute our strategic plans, manage our risks, and achieve our business objectives; our ability to develop and maintain information security systems, technologies and controls designed to guard against fraud, cyber and privacy risks; and the effects of the COVID-19 pandemic or other national or international crises or conflicts that may occur in the future and governmental responses to such

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ZIONS BANCORPORATION, N.A.

Press Release – Page 8

July 19, 2021

matters. These factors, among others, are discussed in the Bank’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (SEC) and available at the SEC’s Internet site (https://www.sec.gov/). In addition, you may obtain documents filed with the SEC by the Bank free of charge by contacting: Investor Relations, Zions Bancorporation, N.A., One South Main Street, 11th Floor, Salt Lake City, Utah 84133, (801) 844-7637.

We caution you against undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except as may be required by law, Zions Bancorporation, N.A. specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 9

July 19, 2021

FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended
(In millions, except share, per share, and ratio data)	June 30,<br>2021			March 31,<br>2021			December 31,<br>2020			September 30,<br>2020			June 30,<br>2020
BALANCE SHEET 1
Loans held for investment, net of allowance	$	50,863		$	52,826		$	52,699		$	53,892		$	54,269
Total assets	87,208			85,121			81,479			78,357			76,447
Deposits	76,105			73,853			69,653			67,094			65,684
Total shareholders’ equity	8,033			7,933			7,886			7,668			7,575
STATEMENT OF INCOME
Net earnings applicable to common shareholders	$	345		$	314		$	275		$	167		$	57
Net interest income	555			545			550			555			563
Taxable-equivalent net interest income 2	562			553			557			562			569
Total noninterest income	205			169			166			157			117
Total noninterest expense	428			435			424			442			430
Adjusted pre-provision net revenue 2	290			253			280			267			300
Provision for credit losses	(123)			(132)			(67)			55			168
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share	$	2.08		$	1.90		$	1.66		$	1.01		$	0.34
Dividends	0.34			0.34			0.34			0.34			0.34
Book value per common share 1	46.80			44.98			44.61			43.30			42.74
Tangible book value per common share 1, 2	40.54			38.77			38.42			37.11			36.56
Weighted average share price	55.86			51.34			36.86			32.09			31.53
Weighted average diluted common shares outstanding (in thousands)	163,054			163,887			163,900			163,779			164,425
Common shares outstanding (in thousands) 1	162,248			163,800			164,090			164,009			163,978
SELECTED RATIOS AND OTHER DATA
Return on average assets	1.65		%	1.57		%	1.41		%	0.89		%	0.35		%
Return on average common equity	18.6		%	17.4		%	15.3		%	9.4		%	3.3		%
Return on average tangible common equity 2	21.6		%	20.2		%	17.8		%	11.0		%	3.8		%
Net interest margin	2.79		%	2.86		%	2.95		%	3.06		%	3.23		%
Cost of total deposits, annualized	0.04		%	0.05		%	0.08		%	0.11		%	0.15		%
Efficiency ratio 2	59.1		%	63.5		%	60.2		%	62.2		%	57.3		%
Effective tax rate	22.2		%	21.7		%	20.9		%	18.6		%	19.5		%
Ratio of nonperforming assets to loans and leases and other real estate owned	0.60		%	0.61		%	0.69		%	0.68		%	0.62		%
Annualized ratio of net loan and lease charge-offs to average loans	(0.02)		%	0.06		%	0.11		%	0.38		%	0.23		%
Ratio of total allowance for credit losses to loans and leases outstanding 1	1.12		%	1.30		%	1.56		%	1.68		%	1.66		%
Full-time equivalent employees	9,727			9,682			9,678			9,726			9,859
CAPITAL RATIOS AND DATA 1
Common equity tier 1 capital 3	$	6,383		$	6,206		$	6,013		$	5,804		$	5,696
Risk-weighted assets 3	56,342			55,402			55,866			55,654			55,878
Tangible common equity ratio	7.6		%	7.6		%	7.8		%	7.9		%	7.9		%
Common equity tier 1 capital ratio 3	11.3		%	11.2		%	10.8		%	10.4		%	10.2		%
Tier 1 leverage ratio 3	8.0		%	8.3		%	8.3		%	8.3		%	8.4		%
Tier 1 risk-based capital ratio 3	12.1		%	12.2		%	11.8		%	11.4		%	11.2		%
Total risk-based capital ratio 3	14.2		%	14.5		%	14.1		%	13.7		%	13.5		%

1 At period end.

2    For information on non-GAAP financial measures, see pages 16-18.

3 Current period ratios and amounts represent estimates.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 10

July 19, 2021

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands)	June 30,<br>2021		March 31,<br>2021		December 31,<br>2020		September 30,<br>2020		June 30,<br>2020
	(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
ASSETS
Cash and due from banks	$	525	$	576	$	543	$	576	$	570
Money market investments:
Interest-bearing deposits	10,086		8,427		1,074		856		1,579
Federal funds sold and security resell agreements	1,714		1,315		5,765		2,804		266
Investment securities:
Held-to-maturity1, at amortized cost	620		583		636		592		688
Available-for-sale, at fair value	18,170		16,644		15,731		14,662		14,201
Trading account, at fair value	181		189		266		198		160
Total securities, net of allowance	18,971		17,416		16,633		15,452		15,049
Loans held for sale	66		77		81		89		105
Loans and leases, net of unearned income and fees	51,398		53,472		53,476		54,745		55,129
Less allowance for loan losses	535		646		777		853		860
Loans held for investment, net of allowance	50,863		52,826		52,699		53,892		54,269
Other noninterest-bearing investments	895		815		817		830		813
Premises, equipment and software, net	1,239		1,236		1,209		1,187		1,173
Goodwill and intangibles	1,015		1,016		1,016		1,016		1,014
Other real estate owned	23		3		4		6		5
Other assets	1,811		1,414		1,638		1,649		1,604
Total assets	$	87,208	$	85,121	$	81,479	$	78,357	$	76,447
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	38,128	$	35,882	$	32,494	$	31,338	$	30,714
Interest-bearing:
Savings and money market	36,037		35,762		34,571		32,305		31,307
Time	1,940		2,209		2,588		3,451		3,663
Total deposits	76,105		73,853		69,653		67,094		65,684
Federal funds purchased and other short-term borrowings	741		1,032		1,572		1,252		860
Long-term debt	1,308		1,299		1,336		1,347		1,353
Reserve for unfunded lending commitments	39		49		58		64		54
Other liabilities	982		955		974		932		921
Total liabilities	79,175		77,188		73,593		70,689		68,872
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares	440		566		566		566		566
Common stock2 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital	2,565		2,653		2,686		2,680		2,675
Retained earnings	4,853		4,566		4,309		4,090		3,979
Accumulated other comprehensive income	175		148		325		332		355
Total shareholders’ equity	8,033		7,933		7,886		7,668		7,575
Total liabilities and shareholders’ equity	$	87,208	$	85,121	$	81,479	$	78,357	$	76,447
1 Held-to-maturity (approximate fair value)	$	622	$	584	$	640	$	596	$	691
2 Common shares (issued and outstanding)	162,248		163,800		164,090		164,009		163,978

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ZIONS BANCORPORATION, N.A.

Press Release – Page 11

July 19, 2021

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)	Three Months Ended
(In millions, except share and per share amounts)	June 30,<br>2021		March 31,<br>2021		December 31,<br>2020		September 30,<br>2020		June 30,<br>2020
Interest income:
Interest and fees on loans	$	492	$	488	$	499	$	505	$	514
Interest on money market investments	4		3		3		2		1
Interest on securities	74		71		69		74		80
Total interest income	570		562		571		581		595
Interest expense:
Interest on deposits	7		9		13		18		23
Interest on short- and long-term borrowings	8		8		8		8		9
Total interest expense	15		17		21		26		32
Net interest income	555		545		550		555		563
Provision for credit losses:
Provision for loan losses	(113)		(123)		(61)		45		161
Provision for unfunded lending commitments	(10)		(9)		(6)		10		7
Total provision for credit losses	(123)		(132)		(67)		55		168
Net interest income after provision for credit losses	678		677		617		500		395
Noninterest income:
Commercial account fees	34		32		32		32		30
Card fees	24		21		22		21		19
Retail and business banking fees	18		17		18		17		15
Loan-related fees and income	21		25		25		32		27
Capital markets and foreign exchange fees	17		15		19		16		18
Wealth management fees	12		12		10		10		9
Other customer-related fees	13		11		13		11		12
Customer-related fees	139		133		139		139		130
Fair value and nonhedge derivative income (loss)	(5)		18		8		8		(12)
Dividends and other income	8		7		7		6		3
Securities gains (losses), net	63		11		12		4		(4)
Total noninterest income	205		169		166		157		117
Noninterest expense:
Salaries and employee benefits	272		288		277		269		267
Occupancy, net	33		33		33		33		32
Furniture, equipment and software, net	32		32		30		32		32
Other real estate expense, net	—		—		1		—		—
Credit-related expense	6		6		6		6		6
Professional and legal services	17		20		19		12		10
Advertising	4		5		6		7		3
FDIC premiums	6		7		6		7		7
Other	58		44		46		76		73
Total noninterest expense	428		435		424		442		430
Income before income taxes	455		411		359		215		82
Income taxes	101		89		75		40		16
Net income	354		322		284		175		66
Preferred stock dividends	(9)		(8)		(9)		(8)		(9)
Net earnings applicable to common shareholders	$	345	$	314	$	275	$	167	$	57
Weighted average common shares outstanding during the period:
Basic shares (in thousands)	162,742		163,551		163,658		163,608		163,542
Diluted shares (in thousands)	163,054		163,887		163,900		163,779		164,425
Net earnings per common share:
Basic	$	2.08	$	1.90	$	1.66	$	1.01	$	0.34
Diluted	2.08		1.90		1.66		1.01		0.34

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ZIONS BANCORPORATION, N.A.

Press Release – Page 12

July 19, 2021

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions)	June 30,<br>2021		March 31,<br>2021		December 31,<br>2020		September 30,<br>2020		June 30,<br>2020
Commercial:
Commercial and industrial	$	12,947	$	12,843	$	13,444	$	13,543	$	14,076
PPP	4,461		6,465		5,572		6,810		6,690
Leasing	307		310		320		319		324
Owner occupied	8,231		8,112		8,185		8,136		8,083
Municipal	3,215		3,234		2,951		2,706		2,535
Total commercial	29,161		30,964		30,472		31,514		31,708
Commercial real estate:
Construction and land development	2,576		2,443		2,345		2,298		2,367
Term	9,532		9,617		9,759		9,729		9,587
Total commercial real estate	12,108		12,060		12,104		12,027		11,954
Consumer:
Home equity credit line	2,727		2,695		2,745		2,797		2,856
1-4 family residential	6,269		6,630		6,969		7,209		7,393
Construction and other consumer real estate	593		589		630		633		640
Bankcard and other revolving plans	415		409		432		431		437
Other	125		125		124		134		141
Total consumer	10,129		10,448		10,900		11,204		11,467
Loans and leases, net of unearned income and fees	$	51,398	$	53,472	$	53,476	$	54,745	$	55,129

Nonperforming Assets

(Unaudited)

(In millions)	June 30,<br>2021			March 31,<br>2021			December 31,<br>2020			September 30,<br>2020			June 30,<br>2020
Nonaccrual loans1	$	307		$	324		$	367		$	366		$	339
Other real estate owned2	1			3			4			6			5
Total nonperforming assets	$	308		$	327		$	371		$	372		$	344
Ratio of nonperforming assets to loans1 and leases and other real estate owned2	0.60		%	0.61		%	0.69		%	0.68		%	0.62		%
Accruing loans past due 90 days or more	$	6		$	9		$	12		$	9		$	16
Ratio of accruing loans past due 90 days or more to loans1 and leases	0.01		%	0.02		%	0.02		%	0.02		%	0.03		%
Nonaccrual loans and accruing loans past due 90 days or more	$	313		$	333		$	379		$	375		$	355
Ratio of nonaccrual loans and accruing loans past due 90 days or more to loans1 and leases	0.61		%	0.62		%	0.71		%	0.68		%	0.64		%
Accruing loans past due 30-89 days	$	29		$	100		$	112		$	58		$	168
Restructured loans included in nonaccrual loans	128			134			113			84			88
Restructured loans on accrual	330			280			198			197			197
Classified loans	1,557			1,660			1,641			1,639			1,477

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 13

July 19, 2021

Allowance for Credit Losses

(Unaudited)

	Three Months Ended
(In millions)	June 30,<br>2021			March 31,<br>2021			December 31,<br>2020			September 30,<br>2020			June 30,<br>2020
Allowance for Loan Losses
Balance at beginning of period	$	646		$	777		$	853		$	860		$	730
Provision for loan losses	(113)			(123)			(61)			45			161
Loan and lease charge-offs	8			21			21			58			36
Less: Recoveries	10			13			6			6			5
Net loan and lease charge-offs	(2)			8			15			52			31
Balance at end of period	$	535		$	646		$	777		$	853		$	860
Ratio of allowance for loan losses to loans1 and leases, at period end	1.04		%	1.21		%	1.45		%	1.56		%	1.56		%
Ratio of allowance for loan losses to nonaccrual loans1 at period end	175		%	199		%	212		%	242		%	254		%
Annualized ratio of net loan and lease charge-offs to average loans	(0.02)		%	0.06		%	0.11		%	0.38		%	0.23		%
Annualized ratio of net loan and lease charge-offs to average loans (excluding PPP loans)	(0.02)		%	0.07		%	0.13		%	0.43		%	0.25		%
Reserve for Unfunded Lending Commitments
Balance at beginning of period	$	49		$	58		$	64		$	54		$	47
Provision for unfunded lending commitments	(10)			(9)			(6)			10			7
Balance at end of period	$	39		$	49		$	58		$	64		$	54
Allowance for Credit Losses
Allowance for loan losses	$	535		$	646		$	777		$	853		$	860
Reserve for unfunded lending commitments	39			49			58			64			54
Total allowance for credit losses	$	574		$	695		$	835		$	917		$	914
Ratio of total allowance for credit losses to loans1 and leases outstanding, at period end	1.12		%	1.30		%	1.56		%	1.68		%	1.66		%
Ratio of total allowance for credit losses to loans1 and leases outstanding (excluding PPP loans), at period end	1.22		%	1.48		%	1.74		%	1.91		%	1.88		%

1 Does not include loans held for sale.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 14

July 19, 2021

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions)	June 30,<br>2021		March 31,<br>2021		December 31,<br>2020		September 30,<br>2020		June 30,<br>2020
Loans held for sale	$	1	$	—	$	—	$	14	$	—
Commercial:
Commercial and industrial	$	111	$	119	$	140	$	158	$	172
PPP	1		—		—		—		—
Leasing	—		—		—		1		1
Owner occupied	69		74		76		81		68
Municipal	—		—		—		—		—
Total commercial	181		193		216		240		241
Commercial real estate:
Construction and land development	—		—		—		—		—
Term	28		31		31		37		23
Total commercial real estate	28		31		31		37		23
Consumer:
Home equity credit line	18		19		16		16		15
1-4 family residential	78		80		103		59		59
Construction and other consumer real estate	—		—		—		—		—
Bankcard and other revolving plans	1		1		1		—		1
Other	—		—		—		—		—
Total consumer	97		100		120		75		75
Total nonaccrual loans	$	307	$	324	$	367	$	366	$	339

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions)	June 30,<br>2021		March 31,<br>2021		December 31,<br>2020		September 30,<br>2020		June 30,<br>2020
Commercial:
Commercial and industrial	$	(2)	$	8	$	15	$	51	$	26
PPP	—		—		—		—		—
Leasing	—		—		—		—		—
Owner occupied	—		—		—		(1)		2
Municipal	—		—		—		—		—
Total commercial	(2)		8		15		50		28
Commercial real estate:
Construction and land development	—		—		—		—		—
Term	—		—		—		1		—
Total commercial real estate	—		—		—		1		—
Consumer:
Home equity credit line	(1)		(1)		—		—		—
1-4 family residential	—		(1)		(1)		—		—
Construction and other consumer real estate	—		—		—		—		—
Bankcard and other revolving plans	1		1		—		1		2
Other	—		1		1		—		1
Total consumer loans	—		—		—		1		3
Total net charge-offs (recoveries)	$	(2)	$	8	$	15	$	52	$	31

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ZIONS BANCORPORATION, N.A.

Press Release – Page 15

July 19, 2021

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)	Three Months Ended
	June 30, 2021				March 31, 2021				June 30, 2020
(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	$	10,253	0.17	%	$	7,791	0.16	%	$	1,610	0.35	%
Securities:
Held-to-maturity	579		2.91	%	663		2.98	%	632		3.58	%
Available-for-sale	17,041		1.63	%	15,876		1.69	%	14,128		2.12	%
Trading account	211		4.43	%	231		3.96	%	149		4.29	%
Total securities	17,831		1.71	%	16,770		1.77	%	14,909		2.20	%
Loans held for sale	62		2.50	%	68		2.81	%	125		5.02	%
Loans and leases:2
Commercial - excluding PPP loans	24,560		3.85	%	24,732		3.83	%	25,773		4.05	%
Commercial - PPP loans	5,945		4.56	%	6,135		3.98	%	5,016		3.14	%
Commercial real estate	12,037		3.46	%	12,133		3.50	%	11,866		3.81	%
Consumer	10,228		3.51	%	10,665		3.59	%	11,613		3.66	%
Total loans and leases	52,770		3.77	%	53,665		3.73	%	54,268		3.83	%
Total interest-earning assets	80,916		2.86	%	78,294		2.95	%	70,912		3.41	%
Cash and due from banks	579				614				617
Allowance for credit losses on loans and debt securities	(647)				(774)				(724)
Goodwill and intangibles	1,015				1,016				1,014
Other assets	4,094				3,930				4,095
Total assets	$	85,957			$	83,080			$	75,914
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market	$	35,987	0.06	%	$	35,232	0.07	%	$	30,094	0.13	%
Time	2,108		0.42	%	2,491		0.55	%	3,853		1.35	%
Total interest-bearing deposits	38,095		0.08	%	37,723		0.10	%	33,947		0.27	%
Borrowed funds:
Federal funds purchased and other short-term borrowings	834		0.06	%	1,110		0.07	%	2,230		0.11	%
Long-term debt	1,303		2.31	%	1,324		2.30	%	1,736		1.93	%
Total borrowed funds	2,137		1.43	%	2,434		1.28	%	3,966		0.91	%
Total interest-bearing funds	40,232		0.15	%	40,157		0.17	%	37,913		0.34	%
Noninterest-bearing demand deposits	36,545				33,723				29,053
Other liabilities	1,200				1,301				1,352
Total liabilities	77,977				75,181				68,318
Shareholders’ equity:
Preferred equity	544				566				566
Common equity	7,436				7,333				7,030
Total shareholders’ equity	7,980				7,899				7,596
Total liabilities and shareholders’ equity	$	85,957			$	83,080			$	75,914
Spread on average interest-bearing funds			2.71	%			2.78	%			3.07	%
Impact of net noninterest-bearing sources of funds			0.08	%			0.08	%			0.16	%
Net interest margin			2.79	%			2.86	%			3.23	%
Memo: total loans and leases, excluding PPP loans	46,825		3.67	%	47,530		3.69	%	49,252		3.90	%
Memo: total cost of deposits			0.04	%			0.05	%			0.15	%
Memo: total deposits and interest-bearing liabilities	76,777		0.08	%	73,880		0.09	%	66,966		0.19	%

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.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 16

July 19, 2021

GAAP to Non-GAAP Reconciliations

(Unaudited)

This press release presents non-GAAP financial measures, in addition to GAAP financial measures, to provide investors with additional information. 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 base for period-to-period and company-to-company comparisons. These non-GAAP financial measures are used by us to assess our performance and financial position and for presentations of our performance to investors. We further believe that presenting these non-GAAP financial measures will permit investors to assess our performance on the same basis as that applied by our management.

Non-GAAP financial measures have inherent limitations, and are not required to be uniformly applied by individual entities. 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. The following are non-GAAP financial measures presented in this press release and a discussion of the reasons for which we use these non-GAAP measures:

Tangible Book Value per Common Share – this schedule also includes “tangible common equity.” Tangible book value per common share is a non-GAAP financial measure that we believe provides additional useful information about the level of tangible equity in relation to outstanding shares of common stock. We believe the use of ratios that utilize tangible equity provides additional useful information about capital adequacy because they present measures of those assets that can generate income.

(In millions, except shares and per share amounts)		June 30,<br>2021		March 31,<br>2021		December 31,<br>2020		September 30,<br>2020		June 30,<br>2020
Tangible Book Value per Common Share
Total shareholders’ equity (GAAP)		$	8,033	$	7,933	$	7,886	$	7,668	$	7,575
Preferred stock		(440)		(566)		(566)		(566)		(566)
Goodwill and intangibles		(1,015)		(1,016)		(1,016)		(1,016)		(1,014)
Tangible common equity (non-GAAP)	(a)	$	6,578	$	6,351	$	6,304	$	6,086	$	5,995
Common shares outstanding (in thousands)	(b)	162,248		163,800		164,090		164,009		163,978
Tangible book value per common share (non-GAAP)	(a/b)	$	40.54	$	38.77	$	38.42	$	37.11	$	36.56

Return on Average Tangible Common Equity (“ROTCE”) – this schedule also includes “net earnings applicable to common shareholders, net of tax” and “average tangible common equity.” ROTCE is a non-GAAP financial measure that we believe provides useful information about our use of shareholders’ equity. We believe the use of ratios that utilize tangible equity provides additional useful information about our performance because they present measures of those assets that can generate income.

		Three Months Ended
(Dollar amounts in millions)		June 30,<br>2021			March 31,<br>2021			December 31,<br>2020			September 30,<br>2020			June 30,<br>2020
Return on Average Tangible Common Equity
Net earnings applicable to common shareholders, net of tax	(a)	$	345		$	314		$	275		$	167		$	57
Average common equity (GAAP)		$	7,436		$	7,333		$	7,166		$	7,078		$	7,030
Average goodwill and intangibles		(1,015)			(1,016)			(1,016)			(1,015)			(1,014)
Average tangible common equity (non-GAAP)	(b)	$	6,421		$	6,317		$	6,150		$	6,063		$	6,016
Number of days in quarter	(c)	91			90			92			92			91
Number of days in year	(d)	365			365			366			366			366
Return on average tangible common equity (non-GAAP)	(a/b/c)*d	21.6		%	20.2		%	17.8		%	11.0		%	3.8		%

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ZIONS BANCORPORATION, N.A.

Press Release – Page 17

July 19, 2021

GAAP to Non-GAAP Reconciliations

(Unaudited)

Efficiency Ratio – this schedule also includes “adjusted noninterest expense,” “taxable-equivalent net interest income,” “adjusted taxable-equivalent revenue,” “pre-provision net revenue (PPNR)” and “adjusted PPNR.” The methodology of determining the efficiency ratio may differ among companies. We make adjustments to exclude certain items as identified in the subsequent schedule which we believe allows for more consistent comparability among periods. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. Adjusted noninterest expense provides a measure as to how well we are managing our expenses, and adjusted PPNR enables us and others to assess our ability to generate capital to cover credit losses through a credit cycle. Taxable-equivalent net interest income allows us to assess the comparability of revenue arising from both taxable and tax-exempt sources.

		Three Months Ended
(In millions)		June 30,<br>2021			March 31,<br>2021			December 31,<br>2020			September 30,<br>2020			June 30,<br>2020
Efficiency Ratio
Noninterest expense (GAAP)	(a)	$	428		$	435		$	424		$	442		$	430
Adjustments:
Severance costs		—			—			1			1			—
Other real estate expense, net		—			—			1			—			—
Restructuring costs		—			—			(1)			1			—
Pension termination-related expense		—			(5)			—			—			28
SBIC investment success fee accrual 1		9			—			—			—			—
Total adjustments	(b)	9			(5)			1			2			28
Adjusted noninterest expense (non-GAAP)	(a-b)=(c)	$	419		$	440		$	423		$	440		$	402
Net interest income (GAAP)	(d)	$	555		$	545		$	550		$	555		$	563
Fully taxable-equivalent adjustments	(e)	7			8			7			7			6
Taxable-equivalent net interest income (non-GAAP)	(d+e)=(f)	562			553			557			562			569
Noninterest income (GAAP)	(g)	205			169			166			157			117
Combined income (non-GAAP)	(f+g)=(h)	767			722			723			719			686
Adjustments:
Fair value and nonhedge derivative income (loss)		(5)			18			8			8			(12)
Securities gains (losses), net		63			11			12			4			(4)
Total adjustments	(i)	58			29			20			12			(16)
Adjusted taxable-equivalent revenue<br><br>(non-GAAP)	(h-i)=(j)	$	709		$	693		$	703		$	707		$	702
Pre-provision net revenue (PPNR) (non-GAAP)	(h)-(a)	$	339		$	287		$	299		$	277		$	256
Adjusted PPNR (non-GAAP)	(j)-(c)	290			253			280			267			300
Efficiency ratio (non-GAAP) 2	(c/j)	59.1		%	63.5		%	60.2		%	62.2		%	57.3		%

1 The $9 million expense relates to the accrual of a success fee associated with the $63 million unrealized gain from the IPO of our SBIC investment in Recursion Pharmaceuticals, Inc., and will be adjusted based on the mark-to-market value of the investment. The $63 million unrealized gain is excluded from the efficiency ratio through securities gains (losses), net.

2 Excluding the $30 million charitable contribution, the efficiency ratio for the three months ended September 30, 2020 would have been 58.0%.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 18

July 19, 2021

		Six Months Ended
(In millions)		June 30,<br>2021			June 30,<br>2020
Efficiency Ratio
Noninterest expense (GAAP)	(a)	$	863		$	837
Adjustments:
Restructuring costs		—			1
Pension termination-related expense		(5)			28
SBIC investment success fee accrual 1		9			—
Total adjustments	(b)	4			29
Adjusted noninterest expense (non-GAAP)	(a-b)=(c)	$	859		$	808
Net interest income (GAAP)	(d)	$	1,100		$	1,111
Fully taxable-equivalent adjustments	(e)	15			13
Taxable-equivalent net interest income (non-GAAP)	(d+e)=(f)	1,115			1,124
Noninterest income (GAAP)	(g)	374			250
Combined income (non-GAAP)	(f+g)=(h)	1,489			1,374
Adjustments:
Fair value and nonhedge derivative loss		13			(23)
Securities gains, net		74			(9)
Total adjustments	(i)	87			(32)
Adjusted taxable-equivalent revenue (non-GAAP)	(h-i)=(j)	$	1,402		$	1,406
Pre-provision net revenue (PPNR)	(h)-(a)	$	626		$	537
Adjusted PPNR (non-GAAP)	(j)-(c)	543			598
Efficiency ratio (non-GAAP)	(c/j)	61.3		%	57.5		%

1 The $9 million expense relates to the accrual of a success fee associated with the $63 million unrealized gain from the IPO of our SBIC investment in Recursion Pharmaceuticals, Inc., and will be adjusted based on the mark-to-market value of the investment. The $63 million unrealized gain is excluded from the efficiency ratio through securities gains (losses), net.

#

earningspresentation-202

July 19, 2021 Second Quarter 2021 Financial Review

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2 Forward-Looking Statements; Use of Non-GAAP Financial Measures Forward Looking Information This presentation includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, industry results or regulatory outcomes to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements include, among others: ▪ statements with respect to the Bank’s beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, results of operations and performance; and ▪ statements preceded by, followed by, or that include the words “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” “will,” and the negative thereof and similar words. Forward-looking statements are not guarantees of future performance, 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. Important risk factors that may cause such material differences include changes in general economic, regulatory, and industry conditions; changes and uncertainties in fiscal, monetary, regulatory, trade and tax policies and legislative and regulatory changes; changes in interest rates and uncertainty regarding the transition away from the London Interbank Offered Rate ("LIBOR") toward other alternative reference rates; the quality and composition of our loan and securities portfolios; 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 execute our strategic plans, manage our risks, and achieve our business objectives; our ability to develop and maintain information security systems, technologies and controls designed to guard against fraud, cyber and privacy risks; and the effects of the COVID-19 pandemic or other national or international crises or conflicts that may occur in the future and governmental responses to such matters. These factors, among others, are discussed in the Bank’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (SEC) and available at the SEC’s Internet site (https://www.sec.gov/). In addition, you may obtain documents filed with the SEC by the Bank free of charge by contacting: Investor Relations, Zions Bancorporation, N.A., One South Main Street, 11th Floor, Salt Lake City, Utah 84133, (801) 844-7637. We caution you against undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except as may be required by law, Zions Bancorporation, N.A. specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments. Use of Non-GAAP Financial Measures: This document contains several references to non-GAAP measures, including 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 full reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

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✓ Earnings and Profitability: ▪ $2.08 diluted earnings/share compared to $1.90 ▪ $339 million Pre-Provision Net Revenue ▪ $290 million Adjusted PPNR(1) ▪ Includes adjustment for accruals for investment and advisory expenses related to the unrealized gain on an SBIC investment ▪ ($123) million provision for credit loss compared to ($132) million ▪ $345 million Net Income Applicable to Common, up from $314 million ✓ Credit quality (excluding PPP Loans): ▪ 0.67% of NPAs+90 days past due / non-PPP loans and leases and OREO, improved by 4 basis points, or 6% ▪ 2 basis points net recoveries (annualized) ▪ Decrease in the allowance for credit loss (“ACL”), to $574 million or 1.22% of non-PPP loans, reflecting the recent improvement in the economic outlook, and credit quality and composition of the loan portfolio 3 Second Quarter 2021 Financial Highlights Vs. 1Q21, improved earnings due to the net gain on an investment in the SBIC portfolio and the acceleration of PPP income recognition due to forgiveness lead to stronger capital ratios Note: For the purposes of comparison in this presentation, we generally use linked-quarter ("LQ"), due to that being the preferred comparison for professional investors and analysts. (1) Adjusted for items such as 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 gain on an SBIC investment. See Appendix for GAAP to non-GAAP reconciliation tables. ✓ Loans and Deposits: ▪ 3.9% decline in period-end loan balances ▪ 0.1% decline in period-end loan balances (excluding PPP loans) ▪ 3.0% period-end total deposit growth ▪ 6.3% period-end total noninterest-bearing deposit growth ▪ 68% period-end loan-to-deposit ratio ▪ 0.04% cost of total deposits ✓ Capital Strength: ▪ 11.3% Common Equity Tier 1 Ratio (CET1), up from 11.2% ▪ 12.3% (CET1+Allowance for Credit Losses) / Risk-Weighted Assets ▪ Repurchased $100 million of common stock during 2Q21 ▪ Called / redeemed Series H preferred shares ($126 million)

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$0.34 $1.01 $1.66 $1.90 $2.08 2Q20 3Q20 4Q20 1Q21 2Q21 Diluted Earnings Per Share Notable Items: ▪ 2Q21: ▪ $0.25 per share benefit from IPO of an SBIC investment (Recursion Pharmaceuticals, Inc.) ▪ $0.02 per share adverse effect from a credit valuation adjustment on client-related interest rate swaps (“CVA”) ▪ 1Q21: ▪ $0.08 per share benefit from CVA ▪ $0.05 per share benefit from securities gains ▪ 4Q20: $0.09 per share benefit from securities gains and CVA ▪ 3Q20: ▪ $0.14 per share adverse impact from one-time charitable contribution related to PPP lending activity ▪ $0.06 per share benefit on CVA and securities gains ▪ 2Q20: ▪ $0.13 per share adverse impact from pension termination-related expense ▪ $0.07 per share adverse impact from CVA and securities losses 4 Vs. 1Q21, EPS positively impacted primarily by securities gains and accelerated recognition of PPP income Diluted Earnings per Share Note: EPS calculations assume a 24.5% statutory tax rate

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0.35% 0.89% 1.41% 1.57% 1.65% 2Q20 3Q20 4Q20 1Q21 2Q21 3.81% 10.96% 17.80% 20.20% 21.60% 2Q20 3Q20 4Q20 1Q21 2Q21 Balance Sheet Profitability 5 Profitability in 2Q21 improved predominantly due to securities gains and accelerated recognition of PPP income Return on Assets Return on Tangible Common Equity

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6 Credit Quality Ratios Credit quality continues to show improvement, with YTD annualized net charge-offs at just 0.03% of loans Key Credit Metrics: ▪ Classified loans/loans: 3.3% ▪ NPAs+90(1)/loans + OREO: 0.67% ▪ Annualized net loan losses (recoveries): ▪ (0.02)% of average loans in 2Q21 ▪ 0.15% net charge-offs of average loans over the last 12 months Allowance for credit losses: ▪ 1.22% of total loans and leases (1) Nonperforming assets plus accruing loans that were ≥ 90 days past due. Note: Net Charge-offs/Loans ratio is annualized for all periods shown. Credit Quality 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 2Q20 3Q20 4Q20 1Q21 2Q21 Classified / Loans NPAs +90/ Loans + OREO ACL / Loans All Ratios Exclude PPP Loans 0.25% 0.43% 0.13% 0.07% -0.02% 1.36% 0.46% -0.56% -1.11% -1.05% NCOs / Loans (ann.) Provision/Avg Loans (ann.)

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Capital Strength 7 Capital continues to strengthen as the economy rebounds, positioning Zions for more active capital management Common Equity Tier 1 Capital Return of Shareholder Equity Dividends (Common and Preferred(1)) and Share Repurchases 10.2% 10.4% 10.8% 11.2% 11.3% 2Q20 3Q20 4Q20 1Q21 2Q21 $64 $65 $64 $66 $64 $50 $100 2Q20 3Q20 4Q20 1Q21 2Q21 Dividends Buybacks ($ millions) (1) Preferred dividends are expected to be $5.7 million for the third quarter of 2021 and the first quarter of 2022 and $7.8 million for the fourth quarter of 2021 and the second quarter of 2022. In 2Q21, Zions redeemed the outstanding shares of the 5.75% Series H non-cumulative perpetual preferred stock at par value, resulting in a $126 million decrease of preferred stock.

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Adjusted Pre-Provision Net Revenue 8 Adjusted PPNR aided by PPP related revenues (23% of adjusted PPNR) (1) Adjusted for items such as 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 gain on an SBIC investment. See Appendix for GAAP to non-GAAP reconciliation table. Notable Items: ▪ 2Q21 Adjusted PPNR excludes the net unrealized gain from the successful completion of an IPO of an SBIC investment ▪ Interest Income from PPP Loans net the professional services expense associated with PPP forgiveness: ▪ 2Q21: $67 million ($68 million income less $1 million professional service expense) ▪ 1Q21: $52 million ($60 million less $8 million) ▪ 4Q20: $52 million ($55 million less $3 million) ▪ 3Q20: $52 million ▪ 2Q20: $39 million ▪ 3Q20: $30 million adverse impact from a one-time charitable contribution related to PPP lending activity $39 $52 $52 $52 $67 $300 $267 $280 $253 $290 $0 $50 $100 $150 $200 $250 $300 $350 2Q20 3Q20 4Q20 1Q21 2Q21 Interest Income from PPP Loans net professional services expense associated with PPP forgiveness Adjusted PPNR (non-GAAP) Adjusted PPNR(1) ($ millions)

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Success Story: Summary of Paycheck Protection Program Loans 9 PPP lending success from Zions’ ability to link front line bankers and borrowers with an agile technology deployment Zions PPP Loans Approved New-to- Bank Customers Forgiveness Applications Received(1) Forgiveness Applications Approved by SBA(1) ~77,000 loans ~20,000 ~40,700 ~37,500 $9.9 billion $6.0 billion $5.3 billion Source: SBA PPP Report and internal data. (1) As of June 30, 2021 $5,016 $6,771 $6,310 $6,135 $5,945 3.14% 3.03% 3.50% 3.98% 4.56% 2Q20 3Q20 4Q20 1Q21 2Q21 Average PPP Loans Loan Yields 10th Ranked 10th Nationally In PPP loan dollars originated of consolidated 2020 and 2021 SBA PPP loans

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Success Story: Paycheck Protection Program Customers – Enhanced Relationships 10 Zions has focused on strengthening relationships and providing new services to customers New Services Utilized by PPP Customers 0 5,000 10,000 15,000 20,000 25,000 30,000 2Q20 3Q20 4Q20 1Q21 2Q21 New Customers - New Services Existing Customers - New Services New revenue generating services include: ▪ New accounts (checking or loan) ▪ Account analysis / Treasury Internet Banking ▪ ACH and wire transfers / Remote Deposit Capture ▪ Wealth Management / Credit Cards 20,000 57,000 New-to-Bank Customers Existing Customers PPP Loans (Prior to Forgiveness)

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11 New Digital Capabilities C U ST O M ER F IR ST A N D EM P O W ER ED B A N K ER S A F F L U E N TC O M M E R C I A L S M A L L B U S I N E S S C O N S U M E R D IG IT A L TO TH E C O R E Real Time Payments Immediate Settlement, Enhanced Messaging Capabilities Payment System Enhancements Approximately 177 million ACH transactions and 2.25 million wire transactions annually Treasury Internet Banking Upgrade Approximately 9,500 customers, 35,000 users, 50,000 accounts, $12.5B DDA, $100M revenue Lean Portfolio Management & Agile Center of Excellence Lean Portfolio Management expected to be fully implemented in 2022 Contactless Debit Card Approximately 520,000 Accounts, 145 million transactions, $7 billion in annual spend Improved Digital Commercial Customer Experience Portal ~48,000 Users Digital Capabilities Expansion APIs, Customer Identity and Access Management, DevOps, Digital Experience Platform, Digital Signature, Big Data Platform FutureCore - Phase 3 2023 Consumer, Small Business and Commercial Deposits Core Banking and Teller System Replacement, Customer Data Hub Card– Digital Service Platform Upgrade >$1B Annual Spend and ~56,000 Accounts Operational Center of Excellence Investments in automation, machine learning, and artificial intelligence, all customer segments – reduced/avoided ~350,000 manual labor hours in 2020 Electronic Signature Center of Excellence ~100,000+ digital signatures per year Small Business and Consumer Online and Mobile Banking Replacement Approximately 150,000 Small Business and 610,000 Consumer Customers Empowered Banker Tools Machine Learning Customer Insights, Unified Customer Relationship Management, Banker Knowledge Base, Mobile Bankers 11 We continue to invest in upgrades and additional digital products and services Note: DDA is Demand Deposit Account

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$49.3 $48.2 $47.7 $47.5 $46.8 $5.0 $6.8 $6.3 $6.1 $5.9 3.83% 3.68% 3.71% 3.73% 3.77% $0.0 $25.0 $50.0 $75.0 2Q20 3Q20 4Q20 1Q21 2Q21 Average Total Loans Excluding PPP Loans, Yield: 3.67% in 2Q21 Average PPP Loans, Yield: 4.56% in 2Q21 Average Loan and Deposit Growth Average Total Loans Loan Yields Average Total Deposits Cost of Total Deposits 12 Linked quarter average non-PPP loans declined 1.5% in 2Q21; average deposits increased 4.5% $33.9 $35.7 $36.2 $37.7 $38.1 $29.1 $30.8 $32.0 $33.7 $36.5 0.15% 0.11% 0.08% 0.05% 0.04% $0.0 $25.0 $50.0 $75.0 2Q20 3Q20 4Q20 1Q21 2Q21 Average Noninterest-bearing Deposits Average Interest-bearing Deposits ($ billions) ($ billions)

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Securities, Money Market Investments and Interest Rate Swaps 13 Total Securities Portfolio and Money Market Investments (end of period balances) $15.0 $15.5 $16.6 $17.4 $19.0 $1.8 $3.7 $6.8 $9.7 $11.8 $0 $5 $10 $15 $20 $25 $30 $35 2Q20 3Q20 4Q20 1Q21 2Q21 Total Securities Money Market Investments ($ billions) Zions increased the securities portfolio by $1.6 B in 2Q21; money market growth reflects deposit growth ▪ Strong deposit growth has significantly increased the bank’s overall liquidity profile ▪ 2Q21 period-end securities growth was $1.6 billion ▪ 2Q21 period-end money market investment growth was $2.1 billion, rising to $11.8 billion or 14% of period-end interest- earning assets ▪ Interest rate sensitivity reduced through interest rate hedges(1): ▪ $7.0B “in-the-money” floors embedded in loans ▪ $2.8B in securities purchases in 2Q21 with an average yield of 1.65% 1.81% 2.06% 1.68% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Through the End of 2021 2022 2023–2027 Net Swaps Maturing Average Receive-Fixed Rate (R-Axis) $0.1 million $47 million $24 million ($ millions) (1) Text boxes Indicate the current net interest income contributions from the swaps set to mature each year, including forward-starting swaps. Swap maturities are net of forward-starting swaps.

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$563 $555 $550 $545 $555 3.23% 3.06% 2.95% 2.86% 2.79% 2Q20 3Q20 4Q20 1Q21 2Q21 Net Interest Income Net Interest Income Net Interest Margin 14 Net interest income stability assisted by PPP success ($ millions) Net Interest Margin 1Q21 2Q21 Securities Loan Yields Interest Bearing Deposits As of June 30, 2021, unamortized net origination fees related to the PPP loans totaled approximately $137 million, to be amortized over the remaining life (4.5 years) or when loans pay down, pay off, or are forgiven by the SBA. Average money market investments increased to 12.7% of average interest-earning assets in 2Q21, compared with 10.0% in 1Q21, which had a seven-basis point linked quarter dilutive effect on the net interest margin. Money market invest- ments Strong deposit growth resulted in strong money market investment and securities portfolio growth

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4 8 % 1 2 % 1 0 % 8 % 1 1 % 1 1 % 2 9 % 1 5 % 1 1 % 9 % 2 4 % 1 2 % ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f Lo an s Loans: Rate Reset and Cash Flow Profile Loans After Hedging Interest Rate Sensitivity 15 The low interest rate environment and surge in deposits has resulted in increased asset sensitivity 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 2.0 and 3.5 years, respectively. -5% 12% 24% −100 bps +100 bps +200 bps Net Interest Income Sensitivity (1) A ss u m ed H is to ri ca l In the down 100 scenario, models assume rates do not fall below zero 18% 21% 15% 14% 1% Prior Fed Cycle (+225 bps) Current Fed Cycle (-225 bps) +200 bps +100 bps −100 bps Total Deposit Betas

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$130 $139 $139 $133 $139 2Q20 3Q20 4Q20 1Q21 2Q21 Customer-related fee income increased from the prior quarter due to: ▪ Increased card fee income, up $3 million (15%) due to increased customer spending ▪ Increased loan syndication income ▪ Partial offset to strengths from lower linked-quarter income from mortgage banking activity Over the longer term, customer-related fees are benefitting from improved mortgage banking, capital markets, and wealth management activity Noninterest Income 16 Customer-Related Fee Income (1) Total customer-related fee income increased 5% from 1Q21 primarily due to an increase in card fee income (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items, as detailed in the Noninterest Income table located in the earnings release. ($ millions)

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$ 4 3 0 $ 4 4 2 $ 4 2 4 $ 4 3 5 $ 4 2 8 $ 4 0 2 $ 4 4 0 $ 4 2 3 $ 4 4 0 $ 4 1 9 2Q20 3Q20 4Q20 1Q21 2Q21 NIE (GAAP) Adjusted NIE (Non-GAAP) ($ millions) Noninterest Expense 17 Decline in expense in 2Q21 reflects decreases in seasonal compensation and professional services ▪ Total noninterest expense decreased 2% over the prior quarter, primarily due to seasonally high levels in 1Q ▪ Total adjusted noninterest expense decreased 5% over the prior quarter, predominately due to: ▪ Reduced seasonal expense (payroll taxes, equity grant expense) ▪ Reduced professional services (lower third-party assistance assoc. with PPP loan forgiveness, see slide 8) ▪ Notable items in: ▪ 2Q21: $9 million success fee accrual related to the IPO of an SBIC investment ▪ 3Q20: $30 million from one-time charitable contribution related PPP lending activity (not reflected in Adjusted NIE) ▪ 2Q20: $28 million of expense from termination of the defined benefit pension plan (1) Adjusted for items such as severance, provision for unfunded lending commitments, securities gains and losses and investment, and accruals for investment and advisory expenses related to the unrealized gain on an SBIC investment. See Appendix for GAAP to non-GAAP reconciliation table. Noninterest Expense (NIE) (1)

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18 Allowance for Credit Loss (“ACL”) Reserve decrease from 1Q21 reflects improvement in experienced and expected economic conditions $526 $777 $914 $917 $835 $695 $574 1.08 1.56 1.88 1.91 1.74 1.48 1.22 1/1/20 CECL 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Allowance for Credit Loss ACL (%) ex-PPP The change in 2Q21 ACL from 1Q21 reflects: ▪ Continued improvement in economic outlook and credit quality ▪ Change in portfolio size, mix, and aging • Changes to economic forecasts • Economic uncertainty • New loans & renewals • Portfolio mix • Aging of existing loans • Draws, pay-offs, etc. • Other qualitative • Changes in credit quality • Changes in specific reserves CECL Economic Forecast Assumptions • Probability weighting of four economic scenarios • Reasonable and supportable forecast period: 12 months; reversion to long- term average: 12 months • Economic factors vary depending upon the type of loan, but include various combinations of national, state, and MSA-level forecasts for variables such as unemployment, real estate price indices, energy prices, GDP, etc. • Currently the Base scenario shows strong growth in 2021 and then steady economic improvement through 2022 and 2023 ($ millions) ($ millions)

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Financial Outlook (2Q 2022E vs 2Q 2021A) 19 Outlook Comments Slightly to Moderately Increasing ▪ Slight to moderate growth in the next twelve months, excluding PPP loans Moderately Increasing ▪ Assumes benchmark rates generally consistent with the forward curve ▪ Excludes PPP loan income Moderately Increasing ▪ Customer-related fees excludes securities gains and dividends Slightly Increasing ▪ 2Q22 expected to be slightly higher than 2Q21’s $419 million adjusted NIE ▪ Improved confidence in the economic outlook combined with rising capital ratios expected to allow for more active capital management Customer-Related Fees Loan Balances Net Interest Income Capital Management Adjusted Noninterest Expense

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▪ Financial Results Summary ▪ Loan Growth ▪ GAAP to Non-GAAP Reconciliation 20 Appendix

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Financial Results Summary 21 Solid and improving fundamental performance Three Months Ended (Dollar amounts in millions, except per share data) June 30, 2021 March 31, 2021 December 31, 2020 Earnings Results: Diluted Earnings Per Share $ 2.08 $ 1.90 $ 1.66 Net Earnings Applicable to Common Shareholders 345 314 275 Net Interest Income 555 545 550 Noninterest Income 205 169 166 Noninterest Expense 428 435 424 Pre-Provision Net Revenue - Adjusted (1) 290 253 280 Provision for Credit Losses (123) (132) (67) Ratios: Return on Assets(2) 1.65 % 1.57 % 1.41 % Return on Common Equity(3) 18.6 % 17.4 % 15.3 % Return on Tangible Common Equity(3) 21.6 % 20.2 % 17.8 % Net Interest Margin 2.79 % 2.86 % 2.95 % Yield on Loans 3.77 % 3.73 % 3.71 % Yield on Securities 1.71 % 1.77 % 1.81 % Average Cost of Total Deposits(4) 0.04 % 0.05 % 0.08 % Efficiency Ratio (1) 59.1 % 63.5 % 60.2 % Effective Tax Rate 22.2 % 21.7 % 20.9 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.60 % 0.61 % 0.69 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans (0.02) % 0.06 % 0.11 % Common Equity Tier 1 Capital Ratio(5) 11.3% 11.2% 10.8% (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 to the successful IPO of the SBIC investment. See Appendix for GAAP to non-GAAP reconciliation tables. (2) Net Income before Preferred Dividends or redemption costs 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

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22 Loan Growth - by Bank Brand and Loan Type “Other” loans includes municipal and other consumer loan categories. Totals shown above may not foot due to rounding. Period-End Year over Year Loan Growth (2Q21 vs. 2Q20) Period-End Linked Quarter Loan Growth (2Q21 vs. 1Q21) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) (32) 188 120 (79) (3) 9 39 1 243 SBA PPP (511) (447) (439) (193) (174) (92) (148) - (2,004) Owner occupied 47 49 17 6 (2) (18) 20 - 119 Energy (Oil & Gas) (5) (133) - 3 - (7) - - (142) Municipal 36 19 11 (19) (73) 30 (28) 5 (19) CRE C&D 63 (32) 59 (36) 24 33 22 - 133 CRE Term (51) 37 (28) 7 (5) (40) (5) - (85) 1-4 Family (59) (146) (20) (28) (30) (28) (3) (47) (361) Home Equity 30 7 (6) (8) (2) 9 2 - 32 Other 12 - - 1 4 (5) (2) - 10 Total net loans (470) (458) (286) (346) (261) (109) (103) (41) (2,074) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) (195) (157) 46 (182) (14) (53) (1) - (556) SBA PPP (754) (431) (309) (290) (212) (80) (153) - (2,229) Owner occupied 10 76 5 66 - (19) 10 - 148 Energy (Oil & Gas) (35) (544) 1 - - (10) (2) - (590) Municipal 241 90 154 (30) (33) 142 45 71 680 CRE C&D 76 51 (59) 10 8 25 98 - 209 CRE Term (188) (46) 190 (5) 8 (42) 28 - (55) 1-4 Family (280) (446) (62) (139) (95) (99) (11) 8 (1,124) Home Equity (34) 19 (14) (42) (42) (18) 2 - (129) Other (9) (72) - 15 (3) (13) (4) 1 (85) Total net loans (1,168) (1,460) (48) (597) (383) (167) 12 80 (3,731)

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23 GAAP to Non-GAAP Reconciliation (Amounts in millions) 2Q21 1Q21 4Q20 3Q20 2Q20 Efficiency Ratio Noninterest expense (GAAP) (1) (a) $ 428 $ 435 $ 424 $ 442 $ 430 Adjustments: Severance costs - - 1 1 - Other real estate expense - - 1 - - Debt extinguishment cost - - - - - Amortization of core deposit and other intangibles - - - - - Restructuring costs - - (1) 1 - Pension termination-related expense - (5) - - 28 SBIC Investment Success Fee Accrual 9 - - - - Total adjustments (b) 9 (5) 1 2 28 Adjusted noninterest expense (non-GAAP) (a) - (b) = (c) 419 440 423 440 402 Net Interest Income (GAAP) (d) 555 545 550 555 563 Fully taxable-equivalent adjustments (e) 7 8 7 7 6 Taxable-equivalent net interest income (non-GAAP) (d) + (e) = (f) 562 553 557 562 569 Noninterest income (GAAP) (1) (g) 205 169 166 157 117 Combined income (f) + (g) = (h) 767 722 723 719 686 Adjustments: Fair value and nonhedge derivative income (loss) (5) 18 8 8 (12) Equity securities gains (losses), net 63 11 12 4 (4) Total adjustments (i) 58 29 20 12 (16) Adjusted taxable-equivalent revenue (non-GAAP) (h) - (i) = (j) 709 693 703 707 702 Pre-provision net revenue (PPNR), as reported (h) – (a) $ 339 $ 287 $ 299 $ 277 $ 256 Adjusted pre-provision net revenue (PPNR) (j) - (c) $ 290 $ 253 $ 280 $ 267 $ 300 Efficiency Ratio (1) (c) / (j) 59.1 % 63.5 % 60.2 % 62.2 % 57.3 %

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24 GAAP to Non-GAAP Reconciliation $ In millions except per share amounts 2Q21 1Q21 4Q20 3Q20 2Q20 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense $428 $435 $424 $442 $430 LESS adjustments: Severance costs - - 1 1 - Other real estate expense - - 1 - - Restructuring costs - - (1) 1 - Pension termination-related expense - (5) - - 28 SBIC investment success fee accrual 9 (b) Total adjustments 9 (5) 1 2 28 (a)-(b)=(c) Adjusted noninterest expense 419 440 423 440 402 (d) Net interest income 555 545 550 555 563 (e) Fully taxable-equivalent adjustments 7 8 7 7 6 (d)+(e)=(f) Taxable-equivalent net interest income (TENII) 562 553 557 562 569 (g) Noninterest Income 205 169 166 157 117 (f)+(g)=(h) Combined Income $767 $722 $723 $719 $686 LESS adjustments: Fair value and nonhedge derivative income (loss) (5) 18 8 8 (12) Securities gains (losses), net 63 11 12 4 (4) (i) Total adjustments 58 29 20 12 (16) (h)-(i)=(j) Adjusted revenue $709 $693 $703 $707 $702 (j)-(c) Adjusted pre-provision net revenue (PPNR) $290 $253 $280 $267 $300 Net Earnings Applicable to Common Shareholders (NEAC) (k) Net earnings applicable to common 345 314 275 167 57 (l) Diluted Shares 163,054 163,887 163,900 163,779 164,425 GAAP Diluted EPS 2.08 1.90 1.66 1.01 0.34 PLUS Adjustments: Adjustments to noninterest expense 9 (5) 1 2 28 Adjustments to revenue (58) (29) (20) (12) 16 Tax effect for adjustments 12 8 5 3 (12) Preferred stock redemption - - - - - (m) Total adjustments (37) (26) (14) (7) 32 (k)+(m)=(n) Adjusted net earnings applicable to common (NEAC) 308 288 261 160 89 (n)/(l) Adjusted EPS 1.89 1.76 1.59 0.98 0.54 (o) Average assets 85,957 83,080 80,060 77,983 75,914 (p) Average tangible common equity 6,421 6,317 6,150 6,063 6,016 Profitability (n)/(o) Adjusted Return on Assets (annualized) 1.44% 1.38% 1.30% 0.82% 0.47% (n)/(p) Adjusted Return on Tangible Common Equity (annualized) 19.2% 18.2% 16.9% 10.6% 5.9% (c)/(j) Efficiency Ratio 59.1% 63.5% 60.2% 62.2% 57.3%

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