Zions Bancorporation, National Association 8-K, filed Oct 19, 2026
Zions Bancorporation, National Association /Ut/ (ZION)
8-K
2026-10-19
For: 2026-10-19
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October 19, 2026
About this 8-K
Zions Bancorporation, National Association filed this 8-K on October 19, 2026.
Zions Bancorporation reported third quarter 2026 net earnings of $262 million and diluted EPS of $1.78, up from $221 million and $1.48 a year earlier. Net interest income rose 2% to $684 million with NIM of 3.23%, and the CET1 capital ratio reached 11.8%. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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) October 19, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbols | Name of Each Exchange on Which Registered | ||||||
| Depositary Shares each representing a 1/40th ownership interest in a share of: | ||||||||
| | ||||||||
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 October 19, 2026, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended September 30, 2026 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on October 19, 2026. The press release announcing the financial results for the quarter ended September 30, 2026 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 third 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 | ||||
Press Release dated October 19, 2026 (furnished herewith). | |||||
Earnings Release Presentation dated October 19, 2026 (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/ R. Ryan Richards | |||||||
| Name: R. Ryan Richards | ||||||||
Title: Executive Vice President and Chief Financial Officer | ||||||||
Date: October 19, 2026 | ||||||||
| Zions Bancorporation, N.A. One South Main Salt Lake City, UT 84133 October 19, 2026 |  | ||||
| www.zionsbancorporation.com | |||||
Third Quarter 2026 Financial Results: FOR IMMEDIATE RELEASE
Investor Contact: Jason Arbuckle (801) 844-7665
Media Contact: Jennifer Johnston (801) 844-7112
| Zions Bancorporation, N.A. reports 3Q26 net earnings of $262 million and diluted EPS of $1.78 | ||
| compared with 3Q25 net earnings of $221 million and diluted EPS of $1.48, and 2Q26 net earnings of $452 million and diluted EPS of $3.05 | ||
THIRD QUARTER RESULTS
| $1.78 | $262 million | 16.2% | 11.8% | |||||||||||||||||
Net earnings per diluted common share | Net earnings | Return on average tangible common equity2 | Estimated common equity tier 1 ratio | |||||||||||||||||
| THIRD QUARTER HIGHLIGHTS¹ | ||||||||
| Net Interest Income and NIM | • | Net interest income was $684 million, up 2% | ||||||
• | NIM was 3.23%, compared with 3.28% | |||||||
| Operating Performance | • | Pre-provision net revenue² ("PPNR") was $340 million, down 1% | ||||||
• | Customer-related noninterest income was $192 million, up 18%; adjusted customer-related noninterest income2 was $182 million, up 5% | |||||||
• | Noninterest expense was $553 million, up 5%; adjusted noninterest expense² was $549 million, up 6% | |||||||
| Loans and Credit Quality | • | Loans and leases were $62.5 billion, up 4% | ||||||
• | The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.02%, compared with 0.37% | |||||||
• | The provision for credit losses was a benefit of $8 million, compared with an expense of $49 million | |||||||
• | Nonperforming assets were $315 million, or 0.50% of loans and leases and other real estate owned, compared with $324 million, or 0.54% | |||||||
• | Classified loans were $2.1 billion, or 3.40% of loans and leases, compared with $2.4 billion, or 4.00% | |||||||
| Deposits and Borrowed Funds | • | Total deposits were $77.9 billion, up 4%; customer deposits (excluding brokered deposits) were $74.5 billion, up 5% | ||||||
• | Brokered deposits were $3.5 billion, down 9%; short-term borrowings were $843 million, down 76% | |||||||
• | Long-term debt was $2.4 billion, up 64%, due to senior note issuances over the past year | |||||||
| Capital | • | The estimated CET1 capital ratio was 11.8%, compared with 11.3% | ||||||
• | Tangible book value per common share was $43.50, up 13% | |||||||
| Notable Items | • | Acquisition of Basis Multifamily Finance agency lending platform completed in July 2026 | ||||||
• | Net credit valuation adjustment (“CVA”) gain on client-related interest rate swaps of $10 million, or $0.05 per share | |||||||
| CEO COMMENTARY | ||
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Third quarter earnings per share increased 20% to $1.78, up from $1.48 a year ago. The higher earnings were primarily a reflection of improved credit quality, as net loan charge-offs were $3 million, down from $56 million a year ago. Although an increased pace of loan payoffs, combined with a highly competitive market, produced flat loan growth compared to the second quarter, customer deposits grew nearly 10% annualized from second quarter levels.” Mr. Simmons continued, “Short- and medium-term interest rates began to rise in the last month of the quarter, and we expect that our moderately asset-sensitive balance sheet should produce stronger net interest income in a higher rate environment, while we're seeing continued improvement in noninterest income that we expect will continue into next year.” Mr. Simmons concluded, “We were pleased to complete the acquisition of Basis Multifamily Finance I, LLC, a subsidiary of Basis Investment Group, at the end of July. This multifamily finance platform becomes an important strategic advantage in serving our commercial real estate clients, particularly in the fast-growing western markets we serve.” | ||
OPERATING PERFORMANCE2 | ||
| (In millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net Interest Margin | 3.23 | % | 3.28 | % | 3.26 | % | 3.18 | % | |||||||||||||||
Adjusted PPNR2 | $ | 338 | $ | 352 | $ | 971 | $ | 935 | |||||||||||||||
| Net charge-offs | $ | 3 | $ | 56 | $ | 16 | $ | 82 | |||||||||||||||
Efficiency ratio2 | 61.9 | % | 59.6 | % | 63.0 | % | 62.7 | % | |||||||||||||||
1 Comparisons referenced in the bullet points are calculated based on the current quarter versus the corresponding period in the prior year, unless otherwise noted.
2 For information on non-GAAP financial measures, see pages 19-22.
ZIONS BANCORPORATION, N.A.
Press Release – Page 2
Comparisons noted 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 typically reflect a low starting point.
RESULTS OF OPERATIONS
| Net Interest Income and Margin | |||||||||||||||||||||||||||||||||||||||||
| 3Q26 - 2Q26 | 3Q26 - 3Q25 | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | 3Q26 | 2Q26 | 3Q25 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
| Interest and fees on loans | $ | 877 | $ | 859 | $ | 898 | $ | 18 | 2 | % | $ | (21) | (2) | % | |||||||||||||||||||||||||||
| Interest on money market investments | 53 | 43 | 41 | 10 | 23 | 12 | 29 | ||||||||||||||||||||||||||||||||||
| Interest on securities | 116 | 117 | 125 | (1) | (1) | (9) | (7) | ||||||||||||||||||||||||||||||||||
Total interest income | 1,046 | 1,019 | 1,064 | 27 | 3 | (18) | (2) | ||||||||||||||||||||||||||||||||||
| Interest on deposits | 313 | 281 | 313 | 32 | 11 | — | — | ||||||||||||||||||||||||||||||||||
| Interest on short- and long-term borrowings | 49 | 61 | 79 | (12) | (20) | (30) | (38) | ||||||||||||||||||||||||||||||||||
Total interest expense | 362 | 342 | 392 | 20 | 6 | (30) | (8) | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 684 | $ | 677 | $ | 672 | $ | 7 | 1 | $ | 12 | 2 | |||||||||||||||||||||||||||||
| bps | bps | ||||||||||||||||||||||||||||||||||||||||
Yield on interest-earning assets 1 | 4.91 | % | 4.90 | % | 5.16 | % | 1 | (25) | |||||||||||||||||||||||||||||||||
Rate paid on total deposits and interest-bearing liabilities 1 | 1.75 | % | 1.69 | % | 1.92 | % | 6 | (17) | |||||||||||||||||||||||||||||||||
Cost of deposits 1 | 1.59 | % | 1.48 | % | 1.67 | % | 11 | (8) | |||||||||||||||||||||||||||||||||
Net interest margin 1 | 3.23 | % | 3.27 | % | 3.28 | % | (4) | (5) | |||||||||||||||||||||||||||||||||
1 Taxable-equivalent rates used where applicable.
Net interest income increased $12 million, or 2%, in the third quarter of 2026, compared with the prior year period. The increase was primarily driven by lower funding costs and changes in the balance sheet mix, including growth in average loans and leases, money market investments, and deposits, partially offset by a decline in investment securities. Deposit growth outpaced loan growth, reducing reliance on higher-cost borrowed funds and contributing to higher money market investment balances. While these factors contributed to higher net interest income, the net interest margin declined to 3.23% from 3.28% in the prior year period.
The yield on average interest-earning assets, net of hedging activity, was 4.91% for the third quarter of 2026, compared with 5.16% in the prior year period, primarily reflecting lower interest rates. The net yield on average loans and leases declined 28 basis points to 5.63%, while the net yield on average investment securities decreased 9 basis points to 2.64%. The yield on average money market investments decreased 76 basis points to 3.91%, as these short-term assets repriced more quickly in the declining rate environment.
The rate paid on total deposits and interest-bearing liabilities decreased to 1.75% for the third quarter of 2026 from 1.92% in the prior year period, reflecting lower interest rates and reduced short-term borrowings. The total cost of deposits declined to 1.59% from 1.67%, as the benefit of lower interest rates was partially offset by growth in higher-cost interest-bearing deposits, which reduced reliance on more costly short-term borrowings. Compared with the prior quarter, total cost of deposits increased from 1.48%, driven in part by a shift in deposit mix toward higher-cost interest-bearing deposits and an accounting presentation change that increased the total cost of deposits by approximately three basis points.
Average interest-earning assets increased $2.6 billion, or 3%, compared with the prior year period, reflecting growth in average money market investments of $1.8 billion and average loans and leases of $1.7 billion, partially offset by a $786 million decline in average investment securities. The increase in money market investments primarily reflected excess liquidity from deposit growth that exceeded loan growth, after first reducing short-term borrowings.
ZIONS BANCORPORATION, N.A.
Press Release – Page 3
Average interest-bearing liabilities decreased $141 million, or less than 1%, compared with the prior year period. The decline was primarily driven by a $2.6 billion reduction in average borrowed funds, largely reflecting lower levels of short-term borrowings. This decrease was partially offset by a $2.4 billion increase in average interest-bearing deposits and higher average long-term debt balances resulting from senior note issuances completed over the past year. Average noninterest-bearing deposits increased $1.2 billion, or 5%, compared with the prior year period.
| Noninterest Income | |||||||||||||||||||||||||||||||||||||||||
| 3Q26 - 2Q26 | 3Q26 - 3Q25 | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | 3Q26 | 2Q26 | 3Q25 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
| Commercial account fees | $ | 49 | $ | 49 | $ | 47 | $ | — | — | % | $ | 2 | 4 | % | |||||||||||||||||||||||||||
| Card fees | 25 | 24 | 24 | 1 | 4 | 1 | 4 | ||||||||||||||||||||||||||||||||||
| Retail and business banking fees | 21 | 20 | 19 | 1 | 5 | 2 | 11 | ||||||||||||||||||||||||||||||||||
| Loan-related fees and income | 20 | 22 | 20 | (2) | (9) | — | — | ||||||||||||||||||||||||||||||||||
| Capital markets fees and income | 46 | 36 | 24 | 10 | 28 | 22 | 92 | ||||||||||||||||||||||||||||||||||
| Wealth management fees | 16 | 15 | 14 | 1 | 7 | 2 | 14 | ||||||||||||||||||||||||||||||||||
| Other customer-related fees | 15 | 16 | 15 | (1) | (6) | — | — | ||||||||||||||||||||||||||||||||||
| Customer-related noninterest income | 192 | 182 | 163 | 10 | 5 | 29 | 18 | ||||||||||||||||||||||||||||||||||
| Dividends and other income | 9 | 9 | 15 | — | — | (6) | (40) | ||||||||||||||||||||||||||||||||||
| Securities gains (losses), net | (4) | 269 | 11 | (273) | NM | (15) | NM | ||||||||||||||||||||||||||||||||||
| Noncustomer-related noninterest income | 5 | 278 | 26 | (273) | (98) | (21) | (81) | ||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 197 | $ | 460 | $ | 189 | $ | (263) | (57) | $ | 8 | 4 | |||||||||||||||||||||||||||||
Adjusted customer-related noninterest income 1 | $ | 182 | $ | 181 | $ | 174 | $ | 1 | 1 | $ | 8 | 5 | |||||||||||||||||||||||||||||
1 Net of credit valuation adjustment (“CVA”). For information on non-GAAP financial measures, see pages 19-22.
Customer-related noninterest income increased $29 million, or 18%, compared with the prior year period, reflecting broad-based growth across nearly all revenue streams. Capital markets fees and income increased $22 million, largely reflecting changes in net CVA. Excluding the impact of net CVA changes, capital markets fees and income increased $1 million due to higher swap fee revenue. Wealth management fees increased $2 million, reflecting growth in portfolio management and personal trust fees. Retail and business banking fees also increased $2 million, primarily due to higher overdraft service fees.
Noncustomer-related noninterest income decreased $21 million, or 81%, compared with the prior year period, primarily due to a $15 million decline in net securities gains, reflecting lower valuation adjustments in our Small Business Investment Company (“SBIC”) investment portfolio relative to the prior year quarter. Sequentially, net securities gains decreased $273 million, primarily due to notable pre-tax gains recognized in the preceding quarter from the sale of Class B-1 shares of Visa, Inc. and unrealized gains within the SBIC portfolio. Dividends and other income decreased $6 million, primarily due to a gain on the sale of bank-owned property and higher FHLB stock dividends in the prior year period.
ZIONS BANCORPORATION, N.A.
Press Release – Page 4
| Noninterest Expense | |||||||||||||||||||||||||||||||||||||||||
| 3Q26 - 2Q26 | 3Q26 - 3Q25 | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | 3Q26 | 2Q26 | 3Q25 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
| Salaries and employee benefits | $ | 345 | $ | 344 | $ | 337 | $ | 1 | — | % | $ | 8 | 2 | % | |||||||||||||||||||||||||||
| Technology, telecom, and information processing | 76 | 72 | 70 | 4 | 6 | 6 | 9 | ||||||||||||||||||||||||||||||||||
| Occupancy and equipment, net | 43 | 44 | 42 | (1) | (2) | 1 | 2 | ||||||||||||||||||||||||||||||||||
| Professional and legal services | 20 | 22 | 14 | (2) | (9) | 6 | 43 | ||||||||||||||||||||||||||||||||||
| Marketing and business development | 14 | 14 | 11 | — | — | 3 | 27 | ||||||||||||||||||||||||||||||||||
| Deposit insurance and regulatory expense | 12 | 7 | 16 | 5 | 71 | (4) | (25) | ||||||||||||||||||||||||||||||||||
| Credit-related expense | 8 | 10 | 6 | (2) | (20) | 2 | 33 | ||||||||||||||||||||||||||||||||||
| Other real estate expense, net | 1 | 1 | — | — | — | 1 | NM | ||||||||||||||||||||||||||||||||||
| Other | 34 | 37 | 31 | (3) | (8) | 3 | 10 | ||||||||||||||||||||||||||||||||||
Total noninterest expense | $ | 553 | $ | 551 | $ | 527 | $ | 2 | — | $ | 26 | 5 | |||||||||||||||||||||||||||||
Adjusted noninterest expense 1 | $ | 549 | $ | 546 | $ | 520 | $ | 3 | 1 | $ | 29 | 6 | |||||||||||||||||||||||||||||
1 For information on non-GAAP financial measures, see pages 19-22.
Noninterest expense increased $26 million, or 5%, compared with the prior year quarter. Salaries and employee benefits expense increased $8 million, primarily due to higher incentive compensation accruals driven by year-over-year improvement in performance metrics, as well as increased employee benefits costs. Professional and legal services expense increased $6 million, primarily reflecting higher costs for outsourced services. Technology, telecom, and information processing expense increased $6 million, driven by higher application software, licensing, and maintenance costs.
Marketing and business development expense increased $3 million, largely due to customer acquisition and deposit growth initiatives. Other noninterest expense increased $3 million, reflecting higher miscellaneous operating costs, partially offset by a lower success fee accrual associated with SBIC investments. These increases were partially offset by a $4 million decrease in deposit insurance and regulatory expense, primarily attributable to higher FDIC assessment costs in the prior year quarter associated with the level of classified loans.
Adjusted noninterest expense increased $29 million, or 6%, consistent with the factors discussed above. The efficiency ratio was 61.9%, compared with 59.6%, and improved from 62.2% in the preceding quarter. For more information regarding non-GAAP financial measures, see pages 19-22.
BALANCE SHEET ANALYSIS
| Investment Securities | |||||||||||||||||||||||||||||||||||||||||
| 3Q26 - 2Q26 | 3Q26 - 3Q25 | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | 3Q26 | 2Q26 | 3Q25 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
| Investment securities: | |||||||||||||||||||||||||||||||||||||||||
| Available-for-sale, at fair value | $ | 8,786 | $ | 9,239 | $ | 9,170 | $ | (453) | (5) | % | $ | (384) | (4) | % | |||||||||||||||||||||||||||
| Held-to-maturity, at amortized cost | 8,268 | 8,477 | 9,059 | (209) | (2) | (791) | (9) | ||||||||||||||||||||||||||||||||||
| Total investment securities, net of allowance | $ | 17,054 | $ | 17,716 | $ | 18,229 | $ | (662) | (4) | $ | (1,175) | (6) | |||||||||||||||||||||||||||||
Total investment securities decreased $1.2 billion, or 6%, to $17.1 billion, relative to the prior year quarter, primarily due to principal reductions, net of reinvestments.
ZIONS BANCORPORATION, N.A.
Press Release – Page 5
| Loans and Leases | |||||||||||||||||||||||||||||||||||||||||
| 3Q26 - 2Q26 | 3Q26 - 3Q25 | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | 3Q26 | 2Q26 | 3Q25 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
| Loans held for sale | $ | 49 | $ | 77 | $ | 215 | $ | (28) | (36) | % | $ | (166) | (77) | % | |||||||||||||||||||||||||||
| Loans and leases: | |||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 32,410 | $ | 32,640 | $ | 31,155 | $ | (230) | (1) | $ | 1,255 | 4 | |||||||||||||||||||||||||||||
Commercial real estate | 14,155 | 14,063 | 13,477 | 92 | 1 | 678 | 5 | ||||||||||||||||||||||||||||||||||
Consumer | 15,907 | 15,778 | 15,646 | 129 | 1 | 261 | 2 | ||||||||||||||||||||||||||||||||||
| Loans and leases, net of unearned income and fees | 62,472 | 62,481 | 60,278 | (9) | — | 2,194 | 4 | ||||||||||||||||||||||||||||||||||
Less allowance for loan losses | 645 | 662 | 679 | (17) | (3) | (34) | (5) | ||||||||||||||||||||||||||||||||||
Loans and leases held for investment, net of allowance | $ | 61,827 | $ | 61,819 | $ | 59,599 | $ | 8 | — | $ | 2,228 | 4 | |||||||||||||||||||||||||||||
| Unfunded commitments | $ | 29,897 | $ | 29,812 | $ | 30,337 | $ | 85 | — | $ | (440) | (1) | |||||||||||||||||||||||||||||
Loans and leases, net of unearned income and fees, increased $2.2 billion, or 4%, to $62.5 billion, compared with the prior year quarter. This growth was primarily driven by a $1.3 billion increase in commercial loans, largely within the commercial and industrial loan portfolio, along with a $678 million increase in commercial real estate loans, mainly within the term loan portfolio.
The $166 million decrease in loans held for sale compared to the prior year quarter primarily reflects higher loan sale activity, including both recurring flow sales and portfolio sales, resulting in lower balances of real estate capital markets loans and 1-4 family residential loans held at period end.
| Credit Quality | |||||||||||||||||||||||||||||||||||||||||
| 3Q26 - 2Q26 | 3Q26 - 3Q25 | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | 3Q26 | 2Q26 | 3Q25 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
| Provision for credit losses | $ | (8) | $ | 3 | $ | 49 | $ | (11) | NM | $ | (57) | NM | |||||||||||||||||||||||||||||
| Allowance for credit losses | 696 | 707 | 725 | (11) | (2) | % | (29) | (4) | % | ||||||||||||||||||||||||||||||||
| Net loan and lease charge-offs | 3 | 9 | 56 | (6) | (67) | (53) | (95) | ||||||||||||||||||||||||||||||||||
| Nonperforming assets | 315 | 298 | 324 | 17 | 6 | (9) | (3) | ||||||||||||||||||||||||||||||||||
| Classified loans | 2,123 | 2,327 | 2,415 | (204) | (9) | (292) | (12) | ||||||||||||||||||||||||||||||||||
| 3Q26 | 2Q26 | 3Q25 | bps | bps | |||||||||||||||||||||||||||||||||||||
| Ratio of ACL to loans and leases outstanding, at period end | 1.11 | % | 1.13 | % | 1.20 | % | (2) | (9) | |||||||||||||||||||||||||||||||||
| Annualized ratio of net loan and lease charge-offs (recoveries) to average loans and leases | 0.02 | % | 0.06 | % | 0.37 | % | (4) | (35) | |||||||||||||||||||||||||||||||||
| Ratio of nonperforming assets to loans and leases and other real estate owned | 0.50 | % | 0.48 | % | 0.54 | % | 2 | (4) | |||||||||||||||||||||||||||||||||
| Ratio of classified loans to total loans and leases | 3.40 | % | 3.72 | % | 4.00 | % | (32) | (60) | |||||||||||||||||||||||||||||||||
During the third quarter of 2026, the provision for credit losses was an $8 million benefit, compared with a $49 million provision expense in the prior year quarter. The allowance for credit losses (“ACL”) totaled $696 million at September 30, 2026, compared with $725 million at September 30, 2025. The year-over-year decline in the ACL primarily reflects changes in loan portfolio composition and lower reserves associated with commercial real estate (“CRE”) portfolio-specific risks, partially offset by less favorable economic forecasts, adjustments to economic scenario weightings, and increased lending activity. The ratio of ACL to total loans and leases was 1.11% at September 30, 2026, compared with 1.20% at September 30, 2025.
ZIONS BANCORPORATION, N.A.
Press Release – Page 6
Net loan and lease charge-offs totaled $3 million in the third quarter of 2026, compared with $56 million in the prior year quarter. The prior year quarter included $50 million of charge-offs on revolving credit facilities to two related commercial borrowers that financed commercial mortgage originations and purchases.
At September 30, 2026, nonperforming assets totaled $315 million, or 0.50% of total loans and leases and other real estate owned, compared with $324 million, or 0.54%, in the prior year period. Nonperforming assets were primarily concentrated within the commercial and industrial, consumer 1-4 family residential, commercial owner-occupied, and commercial real estate term loan portfolios. Classified loans declined to $2.1 billion, or 3.40% of total loans and leases, compared with $2.4 billion, or 4.00%, in the prior year period, driven mainly by reductions in classified CRE exposures, largely attributable to loan payoffs.
| Deposits and Borrowed Funds | |||||||||||||||||||||||||||||||||||||||||
| 3Q26 - 2Q26 | 3Q26 - 3Q25 | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | 3Q26 | 2Q26 | 3Q25 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing demand | $ | 26,371 | $ | 26,233 | $ | 26,133 | $ | 138 | 1 | % | $ | 238 | 1 | % | |||||||||||||||||||||||||||
| Interest-bearing: | |||||||||||||||||||||||||||||||||||||||||
| Savings and money market | 42,319 | 40,657 | 38,689 | 1,662 | 4 | 3,630 | 9 | ||||||||||||||||||||||||||||||||||
| Time | 5,771 | 5,783 | 6,232 | (12) | — | (461) | (7) | ||||||||||||||||||||||||||||||||||
| Brokered | 3,487 | 3,935 | 3,824 | (448) | (11) | (337) | (9) | ||||||||||||||||||||||||||||||||||
| Total interest-bearing | 51,577 | 50,375 | 48,745 | 1,202 | 2 | 2,832 | 6 | ||||||||||||||||||||||||||||||||||
| Total deposits | $ | 77,948 | $ | 76,608 | $ | 74,878 | $ | 1,340 | 2 | $ | 3,070 | 4 | |||||||||||||||||||||||||||||
| Customer deposits (excludes brokered deposits) | $ | 74,461 | $ | 72,673 | $ | 71,054 | 1,788 | 2 | 3,407 | 5 | |||||||||||||||||||||||||||||||
| Borrowed funds: | |||||||||||||||||||||||||||||||||||||||||
| Federal funds purchased and other short-term borrowings | $ | 843 | $ | 1,219 | $ | 3,548 | $ | (376) | (31) | $ | (2,705) | (76) | |||||||||||||||||||||||||||||
| Long-term debt | 2,416 | 1,956 | 1,473 | 460 | 24 | 943 | 64 | ||||||||||||||||||||||||||||||||||
| Total borrowed funds | $ | 3,259 | $ | 3,175 | $ | 5,021 | $ | 84 | 3 | $ | (1,762) | (35) | |||||||||||||||||||||||||||||
Total deposits increased $3.1 billion, or 4%, compared with the prior year quarter, primarily driven by a $2.8 billion increase in interest-bearing deposits, largely reflecting the impact of deposit growth initiatives.
Customer deposits, excluding brokered deposits, increased $3.4 billion, or 5%, to $74.5 billion from $71.1 billion. These balances included approximately $6.6 billion and $6.8 billion of reciprocal deposits, respectively. The loan-to-deposit ratio was 80%, compared with 81% in the prior year quarter, reflecting deposit growth that outpaced loan growth.
Total borrowed funds decreased $1.8 billion, or 35%, compared with the prior year quarter, primarily reflecting a $2.7 billion reduction in short-term borrowings, driven by a decrease in short-term FHLB advances. This decline was partially offset by increases in federal funds purchased, security repurchase agreements, and $1.0 billion of senior notes issued over the past year.
ZIONS BANCORPORATION, N.A.
Press Release – Page 7
| Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
| 3Q26 - 2Q26 | 3Q26 - 3Q25 | ||||||||||||||||||||||||||||||||||||||||
| (In millions, except share data) | 3Q26 | 2Q26 | 3Q25 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
| Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Preferred stock | $ | 66 | $ | 66 | $ | 66 | $ | — | — | % | $ | — | — | % | |||||||||||||||||||||||||||
Common stock and additional paid-in capital | 1,536 | 1,602 | 1,721 | (66) | (4) | (185) | (11) | ||||||||||||||||||||||||||||||||||
Retained earnings | 8,071 | 7,880 | 7,134 | 191 | 2 | 937 | 13 | ||||||||||||||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | (1,989) | (1,867) | (2,056) | (122) | (7) | 67 | 3 | ||||||||||||||||||||||||||||||||||
| Total shareholders’ equity | $ | 7,684 | $ | 7,681 | $ | 6,865 | $ | 3 | — | $ | 819 | 12 | |||||||||||||||||||||||||||||
| Capital distributions: | |||||||||||||||||||||||||||||||||||||||||
| Common dividends paid | $ | 71 | $ | 67 | $ | 67 | $ | 4 | 6 | $ | 4 | 6 | |||||||||||||||||||||||||||||
Bank common stock repurchased 1 | 75 | 75 | — | — | — | 75 | NM | ||||||||||||||||||||||||||||||||||
| Total capital distributed to common shareholders | $ | 146 | $ | 142 | $ | 67 | $ | 4 | 3 | $ | 79 | NM | |||||||||||||||||||||||||||||
| shares | % | shares | % | ||||||||||||||||||||||||||||||||||||||
Weighted average diluted common shares outstanding (in thousands) | 145,088 | 146,210 | 147,125 | (1,122) | (1) | % | (2,037) | (1) | % | ||||||||||||||||||||||||||||||||
| Common shares outstanding, at period end (in thousands) | 144,943 | 145,939 | 147,640 | (996) | (1) | (2,697) | (2) | ||||||||||||||||||||||||||||||||||
1 Includes amounts related to common shares acquired through our announced plan and those acquired in connection with our stock compensation plan. These shares were acquired from employees to cover their payroll taxes and stock option exercise costs upon the exercise of stock options.
The common stock dividend was $0.48 per share, compared with $0.45 per share during the third quarter of 2025. Common shares outstanding decreased 2.7 million from the third quarter of 2025, primarily due to common stock repurchases. During the third quarter of 2026, we repurchased 1.1 million common shares outstanding for $75 million. We did not repurchase any common shares during the prior year period.
At September 30, 2026, the accumulated other comprehensive income (loss) (“AOCI”) balance reflected a net loss of $2.0 billion, primarily attributable to declines in the fair value of fixed-rate AFS securities resulting from changes in interest rates. Included in this balance were $1.4 billion of unrealized losses ($1.1 billion after tax) associated with securities previously transferred from AFS to held-to-maturity (“HTM”).
Compared with September 30, 2025, AOCI improved by $67 million, primarily driven by the amortization of unrealized losses associated with the securities transferred from AFS to HTM and paydowns on AFS securities, partially offset by declines in the fair value of AFS securities. Compared with June 30, 2026, AOCI decreased by $122 million, primarily reflecting declines in the fair value of AFS securities resulting from increases in market interest rates during the quarter. We use pay-fixed, receive-floating interest rate swaps designated as hedges of our AFS securities to reduce the volatility of our AOCI balance.
Estimated common equity tier 1 (“CET1”) capital was $8.3 billion, an increase of 7% from $7.7 billion in the prior year period. The estimated CET1 capital ratio increased to 11.8% from 11.3%. Tangible book value per common share increased 13% to $43.50, primarily reflecting growth in retained earnings and lower unrealized losses recorded in AOCI. The increase was partially offset by $229 million of additional goodwill and intangible assets resulting from the July 2026 acquisition of the Basis Multifamily Finance agency lending platform. For more information on non-GAAP financial measures, see pages 19-22.
ZIONS BANCORPORATION, N.A.
Press Release – Page 8
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website in advance of its discussion of third quarter financial results, scheduled for 5:30 p.m. ET on October 19, 2026. Media representatives, analysts, investors, and the general public are invited to participate by calling (877) 709-8150 (domestic and international) and entering the meeting number 13763140, or by joining the on-demand webcast. A link to the webcast will be available on the Company’s website at www.zionsbancorporation.com. Following the event, the webcast will be archived and accessible 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 $3.4 billion in 2025, and total assets of approximately $89 billion at December 31, 2025. The Bank operates principally through seven separately managed, geographically defined bank divisions, each operating under its own local brand and management, and serving customers primarily in 11 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.
Zions is a consistent recipient of national and state-level customer survey awards recognizing excellence in small- and middle-market banking. It is also a leader in public finance advisory services and Small Business Administration lending. Zions is included in both the S&P MidCap 400 and NASDAQ Financial 100 indices. Additional investor information, along with links to local banking brands, is available at www.zionsbancorporation.com.
Forward-Looking Information
This earnings release contains “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and assumptions regarding future events and outcomes. However, they are inherently subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performance, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others:
•Statements concerning the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, operating results, and performance of Zions Bancorporation, National Association, and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and
•Statements preceded or followed by, or that include, terminology such as “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecast,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “project,” “will,” or similar words and expressions, including their negative forms.
Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those expressed or implied. Factors that could cause such differences include, but are not limited to:
•Changes in the quality, composition, and concentrations of our loan and investment securities portfolios;
•Changes in economic, political, and market conditions nationally and within our key markets in the Western United States, including changes in interest rates, inflation, monetary policy, fiscal, trade, and tax policies, government actions, and other macroeconomic factors that affect our financial results, customer activity, credit demand, and borrower performance;
•Changes in deposit levels and composition, access to wholesale funding, and the availability and cost of liquidity sources;
•Changes in our credit ratings;
ZIONS BANCORPORATION, N.A.
Press Release – Page 9
•Competition from traditional and nonbank financial service providers, including credit unions, financial technology companies (“fintechs”), private credit funds, special-purpose charters, and other new and evolving industry participants;
•Our ability to execute strategic initiatives, manage expenses, attract and retain talent, and achieve our business objectives;
•Geopolitical developments, including wars, global conflicts, and environmental or catastrophic events, such as fires, natural disasters, pandemics, and other disruptions that may affect our operations and customers;
•Increased demand for and risks associated with the adoption and integration of emerging technologies and products, including tokenized deposits, stablecoins, blockchain, and artificial intelligence (“AI”);
•The occurrence of fraud, theft, or other forms of misconduct perpetrated by external parties, including customers and business partners, or by our own employees;
•Our ability to develop, maintain, and secure resilient technology systems and effective controls to detect and respond to fraud, cybersecurity threats, data breaches, and other operational disruptions, including increasingly sophisticated AI-enabled attacks;
•Our ability to effectively oversee third-party providers and mitigate risks arising from supplier performance failures, cybersecurity incidents, technology disruptions, data breaches, or other operational deficiencies;
•Changes in accounting standards, asset valuations and impairments, and our ability to access capital and funding markets on favorable terms;
•The impact of existing and proposed laws and regulations, supervisory expectations, and the outcome of legal or regulatory proceedings;
•Adverse developments affecting the banking industry that may negatively impact depositor, investor, or market confidence and public opinion; and
•Other assumptions, risks, and uncertainties described in this earnings release and our other SEC filings.
We caution against placing undue reliance on forward-looking statements, as they reflect our views only as of the date they are issued. Except as required by law, we expressly disclaim any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments.
ZIONS BANCORPORATION, N.A.
Press Release – Page 10
FINANCIAL HIGHLIGHTS
(Unaudited)
| Three Months Ended | |||||||||||||||||||||||||||||
| (In millions, except share, per share, and ratio data) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
BALANCE SHEET 1 | |||||||||||||||||||||||||||||
| Loans held for investment, net of allowance | $ | 61,827 | $ | 61,819 | $ | 60,645 | $ | 60,222 | $ | 59,599 | |||||||||||||||||||
| Total assets | 90,920 | 89,041 | 87,957 | 88,690 | 88,242 | ||||||||||||||||||||||||
| Deposits | 77,948 | 76,608 | 76,907 | 75,644 | 74,878 | ||||||||||||||||||||||||
| Total shareholders’ equity | 7,684 | 7,681 | 7,296 | 7,180 | 6,865 | ||||||||||||||||||||||||
| STATEMENT OF INCOME | |||||||||||||||||||||||||||||
Net earnings applicable to common shareholders | $ | 262 | $ | 452 | $ | 232 | $ | 262 | $ | 221 | |||||||||||||||||||
| Net interest income | 684 | 677 | 662 | 683 | 672 | ||||||||||||||||||||||||
Taxable-equivalent net interest income 2 | 696 | 688 | 673 | 694 | 683 | ||||||||||||||||||||||||
| Total noninterest income | 197 | 460 | 187 | 208 | 189 | ||||||||||||||||||||||||
| Total noninterest expense | 553 | 551 | 562 | 546 | 527 | ||||||||||||||||||||||||
Pre-provision net revenue 2 | 340 | 597 | 298 | 356 | 345 | ||||||||||||||||||||||||
Adjusted pre-provision net revenue 2 | 338 | 332 | 301 | 331 | 352 | ||||||||||||||||||||||||
| Provision for credit losses | (8) | 3 | (7) | 6 | 49 | ||||||||||||||||||||||||
| SHARE AND PER COMMON SHARE AMOUNTS | |||||||||||||||||||||||||||||
| Net earnings per diluted common share | $ | 1.78 | $ | 3.05 | $ | 1.56 | $ | 1.76 | $ | 1.48 | |||||||||||||||||||
| Dividends | 0.48 | 0.45 | 0.45 | 0.45 | 0.45 | ||||||||||||||||||||||||
Book value per common share 1 | 52.56 | 52.18 | 49.16 | 48.18 | 46.05 | ||||||||||||||||||||||||
Tangible book value per common share 1, 2 | 43.50 | 44.74 | 41.75 | 40.79 | 38.64 | ||||||||||||||||||||||||
| Weighted average share price | 68.47 | 62.82 | 58.72 | 54.24 | 55.42 | ||||||||||||||||||||||||
Weighted average diluted common shares outstanding (in thousands) | 145,088 | 146,210 | 147,038 | 147,120 | 147,125 | ||||||||||||||||||||||||
Common shares outstanding (in thousands) 1 | 144,943 | 145,939 | 147,077 | 147,653 | 147,640 | ||||||||||||||||||||||||
| SELECTED RATIOS AND OTHER DATA | |||||||||||||||||||||||||||||
| Return on average assets | 1.14 | % | 2.01 | % | 1.05 | % | 1.16 | % | 0.99 | % | |||||||||||||||||||
| Return on average common equity | 13.5 | % | 24.3 | % | 13.1 | % | 14.9 | % | 13.3 | % | |||||||||||||||||||
Return on average tangible common equity 2 | 16.2 | % | 28.6 | % | 15.5 | % | 17.9 | % | 16.0 | % | |||||||||||||||||||
| Net interest margin | 3.23 | % | 3.27 | % | 3.27 | % | 3.31 | % | 3.28 | % | |||||||||||||||||||
| Cost of deposits | 1.59 | % | 1.48 | % | 1.48 | % | 1.56 | % | 1.67 | % | |||||||||||||||||||
Efficiency ratio 2 | 61.9 | % | 62.2 | % | 65.0 | % | 62.3 | % | 59.6 | % | |||||||||||||||||||
| Effective tax rate | 21.7 | % | 22.3 | % | 20.7 | % | 22.4 | % | 22.1 | % | |||||||||||||||||||
Ratio of nonperforming assets to loans and leases and other real estate owned | 0.50 | % | 0.48 | % | 0.48 | % | 0.52 | % | 0.54 | % | |||||||||||||||||||
| Annualized ratio of net loan and lease charge-offs to average loans and leases | 0.02 | % | 0.06 | % | 0.03 | % | 0.05 | % | 0.37 | % | |||||||||||||||||||
Ratio of total allowance for credit losses to loans and leases outstanding 1 | 1.11 | % | 1.13 | % | 1.16 | % | 1.19 | % | 1.20 | % | |||||||||||||||||||
Full-time equivalent employees | 8,996 | 9,039 | 9,090 | 9,195 | 9,286 | ||||||||||||||||||||||||
CAPITAL RATIOS AND DATA 1 | |||||||||||||||||||||||||||||
Tangible common equity ratio 2 | 7.0 | % | 7.4 | % | 7.1 | % | 6.9 | % | 6.5 | % | |||||||||||||||||||
Common equity tier 1 capital 3 | $ | 8,268 | $ | 8,368 | $ | 8,050 | $ | 7,936 | $ | 7,734 | |||||||||||||||||||
Risk-weighted assets 3 | $ | 70,257 | $ | 70,744 | $ | 69,651 | $ | 69,142 | $ | 68,648 | |||||||||||||||||||
Common equity tier 1 capital ratio 3 | 11.8 | % | 11.8 | % | 11.6 | % | 11.5 | % | 11.3 | % | |||||||||||||||||||
Tier 1 risk-based capital ratio 3 | 11.9 | % | 11.9 | % | 11.7 | % | 11.6 | % | 11.4 | % | |||||||||||||||||||
Total risk-based capital ratio 3 | 13.9 | % | 14.0 | % | 13.8 | % | 13.8 | % | 13.7 | % | |||||||||||||||||||
Tier 1 leverage ratio 3 | 9.2 | % | 9.4 | % | 9.1 | % | 9.0 | % | 8.8 | % | |||||||||||||||||||
1 At period end.
2 For information on non-GAAP financial measures, see pages 19-22.
3 Current period ratios and amounts represent estimates.
ZIONS BANCORPORATION, N.A.
Press Release – Page 11
CONSOLIDATED BALANCE SHEETS
| (Unaudited) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| (In millions, shares in thousands) | |||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||
| Cash and due from banks | $ | 727 | $ | 793 | $ | 661 | $ | 683 | $ | 771 | |||||||||||||||||||
| Money market investments: | |||||||||||||||||||||||||||||
| Interest-bearing deposits | 3,533 | 1,418 | 1,741 | 2,202 | 2,395 | ||||||||||||||||||||||||
| Federal funds sold and securities purchased under agreements to resell | 1,310 | 1,123 | 1,007 | 1,420 | 1,008 | ||||||||||||||||||||||||
| Trading securities, at fair value | 191 | 319 | 104 | 64 | 134 | ||||||||||||||||||||||||
| Investment securities: | |||||||||||||||||||||||||||||
| Available-for-sale, at fair value | 8,786 | 9,239 | 9,184 | 9,207 | 9,170 | ||||||||||||||||||||||||
Held-to-maturity 1, at amortized cost | 8,268 | 8,477 | 8,688 | 8,867 | 9,059 | ||||||||||||||||||||||||
| Total investment securities, net of allowance | 17,054 | 17,716 | 17,872 | 18,074 | 18,229 | ||||||||||||||||||||||||
Loans held for sale 2 | 49 | 77 | 140 | 201 | 215 | ||||||||||||||||||||||||
Loans and leases, net of unearned income and fees * | 62,472 | 62,481 | 61,312 | 60,900 | 60,278 | ||||||||||||||||||||||||
| Allowance for loan and lease losses | 645 | 662 | 667 | 678 | 679 | ||||||||||||||||||||||||
| Loans held for investment, net of allowance | 61,827 | 61,819 | 60,645 | 60,222 | 59,599 | ||||||||||||||||||||||||
| Other noninterest-bearing investments | 1,069 | 1,061 | 994 | 1,076 | 1,098 | ||||||||||||||||||||||||
| Premises, equipment, and software, net | 1,354 | 1,356 | 1,356 | 1,363 | 1,358 | ||||||||||||||||||||||||
| Goodwill and intangibles | 1,313 | 1,086 | 1,089 | 1,091 | 1,094 | ||||||||||||||||||||||||
| Other real estate owned | 4 | 6 | 14 | 5 | 5 | ||||||||||||||||||||||||
Other assets * | 2,489 | 2,267 | 2,334 | 2,289 | 2,336 | ||||||||||||||||||||||||
| Total assets | $ | 90,920 | $ | 89,041 | $ | 87,957 | $ | 88,690 | $ | 88,242 | |||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||
| Noninterest-bearing demand | $ | 26,371 | $ | 26,233 | $ | 27,081 | $ | 25,823 | $ | 26,133 | |||||||||||||||||||
| Interest-bearing: | |||||||||||||||||||||||||||||
| Savings and money market | 42,319 | 40,657 | 40,165 | 39,914 | 38,689 | ||||||||||||||||||||||||
| Time | 9,258 | 9,718 | 9,661 | 9,907 | 10,056 | ||||||||||||||||||||||||
| Total deposits | 77,948 | 76,608 | 76,907 | 75,644 | 74,878 | ||||||||||||||||||||||||
Federal funds and other short-term borrowings * | 843 | 1,219 | 382 | 2,872 | 3,548 | ||||||||||||||||||||||||
| Long-term debt | 2,416 | 1,956 | 1,963 | 1,472 | 1,473 | ||||||||||||||||||||||||
| Reserve for unfunded lending commitments | 51 | 45 | 46 | 46 | 46 | ||||||||||||||||||||||||
Other liabilities * | 1,978 | 1,532 | 1,363 | 1,476 | 1,432 | ||||||||||||||||||||||||
| Total liabilities | 83,236 | 81,360 | 80,661 | 81,510 | 81,377 | ||||||||||||||||||||||||
| Shareholders’ equity: | |||||||||||||||||||||||||||||
| Preferred stock, without par value; authorized 4,400 shares | 66 | 66 | 66 | 66 | 66 | ||||||||||||||||||||||||
Common stock 3 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital | 1,536 | 1,602 | 1,669 | 1,726 | 1,721 | ||||||||||||||||||||||||
| Retained earnings | 8,071 | 7,880 | 7,496 | 7,329 | 7,134 | ||||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | (1,989) | (1,867) | (1,935) | (1,941) | (2,056) | ||||||||||||||||||||||||
| Total shareholders’ equity | 7,684 | 7,681 | 7,296 | 7,180 | 6,865 | ||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 90,920 | $ | 89,041 | $ | 87,957 | $ | 88,690 | $ | 88,242 | |||||||||||||||||||
1 Held-to-maturity (fair value) | $ | 7,856 | $ | 8,440 | $ | 8,696 | $ | 8,940 | $ | 9,106 | |||||||||||||||||||
2 Loans held for sale (carried at fair value) | 34 | 51 | 57 | 71 | 126 | ||||||||||||||||||||||||
3 Common shares (issued and outstanding) | 144,943 | 145,939 | 147,077 | 147,653 | 147,640 | ||||||||||||||||||||||||
* Effective in the first quarter of 2026, we changed our accounting policy to present qualifying derivative assets and liabilities, along with the associated rights to reclaim or obligations to return cash collateral, on a net basis for all eligible arrangements rather than on a gross basis. Prior period balances have been recast to conform to this presentation.
ZIONS BANCORPORATION, N.A.
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CONSOLIDATED STATEMENTS OF INCOME
| (Unaudited) | Three Months Ended | ||||||||||||||||||||||||||||
| (In millions, except share and per share amounts) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| Interest income: | |||||||||||||||||||||||||||||
| Interest and fees on loans | $ | 877 | $ | 859 | $ | 841 | $ | 878 | $ | 898 | |||||||||||||||||||
| Interest on money market investments | 53 | 43 | 39 | 42 | 41 | ||||||||||||||||||||||||
| Interest on securities | 116 | 117 | 116 | 121 | 125 | ||||||||||||||||||||||||
| Total interest income | 1,046 | 1,019 | 996 | 1,041 | 1,064 | ||||||||||||||||||||||||
| Interest expense: | |||||||||||||||||||||||||||||
| Interest on deposits | 313 | 281 | 275 | 299 | 313 | ||||||||||||||||||||||||
| Interest on short- and long-term borrowings | 49 | 61 | 59 | 59 | 79 | ||||||||||||||||||||||||
| Total interest expense | 362 | 342 | 334 | 358 | 392 | ||||||||||||||||||||||||
| Net interest income | 684 | 677 | 662 | 683 | 672 | ||||||||||||||||||||||||
| Provision for credit losses: | |||||||||||||||||||||||||||||
| Provision for loan and lease losses | (14) | 4 | (7) | 6 | 45 | ||||||||||||||||||||||||
| Provision for unfunded lending commitments | 6 | (1) | — | — | 4 | ||||||||||||||||||||||||
| Total provision for credit losses | (8) | 3 | (7) | 6 | 49 | ||||||||||||||||||||||||
| Net interest income after provision for credit losses | 692 | 674 | 669 | 677 | 623 | ||||||||||||||||||||||||
| Noninterest income: | |||||||||||||||||||||||||||||
| Commercial account fees | 49 | 49 | 48 | 47 | 47 | ||||||||||||||||||||||||
| Card fees | 25 | 24 | 22 | 24 | 24 | ||||||||||||||||||||||||
| Retail and business banking fees | 21 | 20 | 20 | 20 | 19 | ||||||||||||||||||||||||
| Loan-related fees and income | 20 | 22 | 23 | 19 | 20 | ||||||||||||||||||||||||
| Capital markets fees and income | 46 | 36 | 28 | 37 | 24 | ||||||||||||||||||||||||
| Wealth management fees | 16 | 15 | 16 | 14 | 14 | ||||||||||||||||||||||||
| Other customer-related fees | 15 | 16 | 15 | 16 | 15 | ||||||||||||||||||||||||
| Customer-related noninterest income | 192 | 182 | 172 | 177 | 163 | ||||||||||||||||||||||||
| Dividends and other income | 9 | 9 | 12 | 10 | 15 | ||||||||||||||||||||||||
| Securities gains (losses), net | (4) | 269 | 3 | 21 | 11 | ||||||||||||||||||||||||
| Total noninterest income | 197 | 460 | 187 | 208 | 189 | ||||||||||||||||||||||||
| Noninterest expense: | |||||||||||||||||||||||||||||
| Salaries and employee benefits | 345 | 344 | 361 | 335 | 337 | ||||||||||||||||||||||||
| Technology, telecom, and information processing | 76 | 72 | 74 | 71 | 70 | ||||||||||||||||||||||||
| Occupancy and equipment, net | 43 | 44 | 41 | 43 | 42 | ||||||||||||||||||||||||
| Professional and legal services | 20 | 22 | 20 | 21 | 14 | ||||||||||||||||||||||||
| Marketing and business development | 14 | 14 | 13 | 30 | 11 | ||||||||||||||||||||||||
| Deposit insurance and regulatory expense | 12 | 7 | 15 | 6 | 16 | ||||||||||||||||||||||||
| Credit-related expense | 8 | 10 | 5 | 7 | 6 | ||||||||||||||||||||||||
| Other real estate expense, net | 1 | 1 | — | (2) | — | ||||||||||||||||||||||||
| Other | 34 | 37 | 33 | 35 | 31 | ||||||||||||||||||||||||
| Total noninterest expense | 553 | 551 | 562 | 546 | 527 | ||||||||||||||||||||||||
| Income before income taxes | 336 | 583 | 294 | 339 | 285 | ||||||||||||||||||||||||
| Income taxes | 73 | 130 | 61 | 76 | 63 | ||||||||||||||||||||||||
| Net income | 263 | 453 | 233 | 263 | 222 | ||||||||||||||||||||||||
| Preferred stock dividends | (1) | (1) | (1) | (1) | (1) | ||||||||||||||||||||||||
| Preferred stock redemption | — | — | — | — | — | ||||||||||||||||||||||||
| Net earnings applicable to common shareholders | $ | 262 | $ | 452 | $ | 232 | $ | 262 | $ | 221 | |||||||||||||||||||
| Weighted average common shares outstanding during the period: | |||||||||||||||||||||||||||||
| Basic shares (in thousands) | 144,984 | 146,117 | 146,946 | 147,054 | 147,045 | ||||||||||||||||||||||||
| Diluted shares (in thousands) | 145,088 | 146,210 | 147,038 | 147,120 | 147,125 | ||||||||||||||||||||||||
| Net earnings per common share: | |||||||||||||||||||||||||||||
| Basic | $ | 1.78 | $ | 3.05 | $ | 1.56 | $ | 1.76 | $ | 1.48 | |||||||||||||||||||
| Diluted | 1.78 | 3.05 | 1.56 | 1.76 | 1.48 | ||||||||||||||||||||||||
ZIONS BANCORPORATION, N.A.
Press Release – Page 13
CONSOLIDATED STATEMENTS OF INCOME
| (Unaudited) | Nine Months Ended September 30, | ||||||||||||||||
| (In millions, except share and per share amounts) | 2026 | 2025 | |||||||||||||||
| Interest income: | |||||||||||||||||
| Interest and fees on loans | $ | 2,577 | $ | 2,623 | |||||||||||||
| Interest on money market investments | 135 | 144 | |||||||||||||||
| Interest on securities | 349 | 376 | |||||||||||||||
| Total interest income | 3,061 | 3,143 | |||||||||||||||
| Interest expense: | |||||||||||||||||
| Interest on deposits | 869 | 951 | |||||||||||||||
| Interest on short- and long-term borrowings | 169 | 248 | |||||||||||||||
| Total interest expense | 1,038 | 1,199 | |||||||||||||||
| Net interest income | 2,023 | 1,944 | |||||||||||||||
| Provision for credit losses: | |||||||||||||||||
| Provision for loan losses | (17) | 65 | |||||||||||||||
| Provision for unfunded lending commitments | 5 | 1 | |||||||||||||||
| Total provision for credit losses | (12) | 66 | |||||||||||||||
| Net interest income after provision for credit losses | 2,035 | 1,878 | |||||||||||||||
| Noninterest income: | |||||||||||||||||
| Commercial account fees | 146 | 138 | |||||||||||||||
| Card fees | 71 | 71 | |||||||||||||||
| Retail and business banking fees | 61 | 55 | |||||||||||||||
| Loan-related fees and income | 65 | 56 | |||||||||||||||
| Capital markets fees and income | 110 | 79 | |||||||||||||||
| Wealth management fees | 47 | 43 | |||||||||||||||
| Other customer-related fees | 46 | 43 | |||||||||||||||
| Customer-related noninterest income | 546 | 485 | |||||||||||||||
| Dividends and other income | 30 | 34 | |||||||||||||||
| Securities gains (losses), net | 268 | 31 | |||||||||||||||
| Total noninterest income | 844 | 550 | |||||||||||||||
| Noninterest expense: | |||||||||||||||||
| Salaries and employee benefits | 1,050 | 1,015 | |||||||||||||||
| Technology, telecom, and information processing | 222 | 205 | |||||||||||||||
| Occupancy and equipment, net | 128 | 123 | |||||||||||||||
| Professional and legal services | 62 | 40 | |||||||||||||||
| Marketing and business development | 41 | 34 | |||||||||||||||
| Deposit insurance and regulatory expense | 34 | 58 | |||||||||||||||
| Credit-related expense | 23 | 18 | |||||||||||||||
| Other real estate expense, net | 2 | — | |||||||||||||||
| Other | 104 | 99 | |||||||||||||||
| Total noninterest expense | 1,666 | 1,592 | |||||||||||||||
| Income before income taxes | 1,213 | 836 | |||||||||||||||
| Income taxes | 264 | 200 | |||||||||||||||
| Net income | 949 | 636 | |||||||||||||||
| Preferred stock dividends | (3) | (3) | |||||||||||||||
| Preferred stock redemption | — | — | |||||||||||||||
| Net earnings applicable to common shareholders | $ | 946 | $ | 633 | |||||||||||||
| Weighted average common shares outstanding during the period: | |||||||||||||||||
| Basic shares (in thousands) | 146,009 | 147,136 | |||||||||||||||
| Diluted shares (in thousands) | 146,104 | 147,175 | |||||||||||||||
| Net earnings per common share: | |||||||||||||||||
| Basic | $ | 6.40 | $ | 4.25 | |||||||||||||
| Diluted | 6.39 | 4.25 | |||||||||||||||
ZIONS BANCORPORATION, N.A.
Press Release – Page 14
Loan Balances Held for Investment by Portfolio Type
(Unaudited)
| (In millions) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||
Commercial and industrial 1 | $ | 18,758 | $ | 19,131 | $ | 18,263 | $ | 18,111 | $ | 17,547 | |||||||||||||||||||
| Owner occupied | 9,357 | 9,336 | 9,323 | 9,274 | 9,267 | ||||||||||||||||||||||||
| Municipal | 4,295 | 4,173 | 4,272 | 4,294 | 4,341 | ||||||||||||||||||||||||
| Total commercial | 32,410 | 32,640 | 31,858 | 31,679 | 31,155 | ||||||||||||||||||||||||
| Commercial real estate: | |||||||||||||||||||||||||||||
| Term | 11,747 | 11,850 | 11,387 | 11,234 | 11,008 | ||||||||||||||||||||||||
| Construction and land development | 2,408 | 2,213 | 2,271 | 2,162 | 2,469 | ||||||||||||||||||||||||
| Total commercial real estate | 14,155 | 14,063 | 13,658 | 13,396 | 13,477 | ||||||||||||||||||||||||
| Consumer: | |||||||||||||||||||||||||||||
| 1-4 family residential | 10,370 | 10,293 | 10,406 | 10,462 | 10,423 | ||||||||||||||||||||||||
| Home equity credit line | 4,134 | 4,077 | 3,976 | 3,950 | 3,848 | ||||||||||||||||||||||||
| Construction and other consumer real estate | 751 | 757 | 786 | 782 | 769 | ||||||||||||||||||||||||
| Bankcard and other revolving plans | 539 | 537 | 515 | 515 | 477 | ||||||||||||||||||||||||
| Other | 113 | 114 | 113 | 116 | 129 | ||||||||||||||||||||||||
| Total consumer | 15,907 | 15,778 | 15,796 | 15,825 | 15,646 | ||||||||||||||||||||||||
| Total loans and leases | $ | 62,472 | $ | 62,481 | $ | 61,312 | $ | 60,900 | $ | 60,278 | |||||||||||||||||||
1 Effective March 31, 2026, balances previously classified as “Leasing” are now reported within the “Commercial and industrial” loan segment. Prior period amounts have been reclassified for comparative purposes.
Nonperforming Assets
(Unaudited)
| (In millions) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
Nonaccrual loans 1 | $ | 311 | $ | 292 | $ | 279 | $ | 315 | $ | 319 | |||||||||||||||||||
Other real estate owned 2 | 4 | 6 | 13 | 5 | 5 | ||||||||||||||||||||||||
| Total nonperforming assets | $ | 315 | $ | 298 | $ | 292 | $ | 320 | $ | 324 | |||||||||||||||||||
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2 | 0.50 | % | 0.48 | % | 0.48 | % | 0.52 | % | 0.54 | % | |||||||||||||||||||
| Accruing loans past due 90 days or more | $ | 5 | $ | 3 | $ | 3 | $ | 5 | $ | 5 | |||||||||||||||||||
Ratio of accruing loans past due 90 days or more to loans1 and leases | 0.01 | % | — | % | — | % | 0.01 | % | 0.01 | % | |||||||||||||||||||
Nonaccrual loans and accruing loans past due 90 days or more | $ | 316 | $ | 295 | $ | 282 | $ | 320 | $ | 324 | |||||||||||||||||||
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned | 0.51 | % | 0.48 | % | 0.48 | % | 0.53 | % | 0.54 | % | |||||||||||||||||||
| Accruing loans past due 30-89 days | $ | 91 | $ | 91 | $ | 82 | $ | 96 | $ | 69 | |||||||||||||||||||
| Classified loans | 2,123 | 2,327 | 2,332 | 2,380 | 2,415 | ||||||||||||||||||||||||
| Ratio of classified loans to total loans and leases | 3.40 | % | 3.72 | % | 3.80 | % | 3.91 | % | 4.00 | % | |||||||||||||||||||
1 Includes loans held for sale.
2 Excludes banking premises held for sale.
ZIONS BANCORPORATION, N.A.
Press Release – Page 15
Allowance for Credit Losses
(Unaudited)
| Three Months Ended | |||||||||||||||||||||||||||||
| (In millions) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| Allowance for Loan and Lease Losses | |||||||||||||||||||||||||||||
| Balance at beginning of period | $ | 662 | $ | 667 | $ | 678 | $ | 679 | $ | 690 | |||||||||||||||||||
| Provision for loan losses | (14) | 4 | (7) | 6 | 45 | ||||||||||||||||||||||||
| Loan and lease charge-offs | 9 | 14 | 11 | 15 | 67 | ||||||||||||||||||||||||
| Less: Recoveries | 6 | 5 | 7 | 8 | 11 | ||||||||||||||||||||||||
| Net loan and lease charge-offs (recoveries) | 3 | 9 | 4 | 7 | 56 | ||||||||||||||||||||||||
| Balance at end of period | $ | 645 | $ | 662 | $ | 667 | $ | 678 | $ | 679 | |||||||||||||||||||
Ratio of allowance for loan losses to loans1 and leases, at period end | 1.03 | % | 1.06 | % | 1.09 | % | 1.11 | % | 1.13 | % | |||||||||||||||||||
Ratio of allowance for loan losses to nonaccrual loans1 at period end | 207 | % | 227 | % | 239 | % | 215 | % | 213 | % | |||||||||||||||||||
| Annualized ratio of net loan and lease charge-offs (recoveries) to average loans and leases | 0.02 | % | 0.06 | % | 0.03 | % | 0.05 | % | 0.37 | % | |||||||||||||||||||
| Reserve for Unfunded Lending Commitments | |||||||||||||||||||||||||||||
| Balance at beginning of period | $ | 45 | $ | 46 | $ | 46 | $ | 46 | $ | 42 | |||||||||||||||||||
| Provision for unfunded lending commitments | 6 | (1) | — | — | 4 | ||||||||||||||||||||||||
| Balance at end of period | $ | 51 | $ | 45 | $ | 46 | $ | 46 | $ | 46 | |||||||||||||||||||
| Allowance for Credit Losses | |||||||||||||||||||||||||||||
| Allowance for loan losses | $ | 645 | $ | 662 | $ | 667 | $ | 678 | $ | 679 | |||||||||||||||||||
| Reserve for unfunded lending commitments | 51 | 45 | 46 | 46 | 46 | ||||||||||||||||||||||||
| Total allowance for credit losses | $ | 696 | $ | 707 | $ | 713 | $ | 724 | $ | 725 | |||||||||||||||||||
Ratio of ACL to loans1 and leases outstanding, at period end | 1.11 | % | 1.13 | % | 1.16 | % | 1.19 | % | 1.20 | % | |||||||||||||||||||
1 Excludes loans held for sale.
ZIONS BANCORPORATION, N.A.
Press Release – Page 16
Nonaccrual Loans by Portfolio Type
(Unaudited)
| (In millions) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||
| Commercial and industrial | $ | 130 | $ | 96 | $ | 83 | $ | 93 | $ | 111 | |||||||||||||||||||
| Owner occupied | 46 | 54 | 50 | 51 | 40 | ||||||||||||||||||||||||
| Municipal | — | 2 | 2 | 2 | 2 | ||||||||||||||||||||||||
| Total commercial | 176 | 152 | 135 | 146 | 153 | ||||||||||||||||||||||||
| Commercial real estate: | |||||||||||||||||||||||||||||
| Term | 40 | 34 | 42 | 72 | 70 | ||||||||||||||||||||||||
| Construction and land development | — | — | — | 1 | — | ||||||||||||||||||||||||
| Total commercial real estate | 40 | 34 | 42 | 73 | 70 | ||||||||||||||||||||||||
| Consumer: | |||||||||||||||||||||||||||||
| 1-4 family residential | 58 | 69 | 67 | 65 | 63 | ||||||||||||||||||||||||
| Home equity credit line | 35 | 35 | 33 | 30 | 32 | ||||||||||||||||||||||||
| Bankcard and other revolving plans | 1 | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||
| Other | 1 | 1 | 1 | — | — | ||||||||||||||||||||||||
| Total consumer | 95 | 106 | 102 | 96 | 96 | ||||||||||||||||||||||||
| Total nonaccrual loans | $ | 311 | $ | 292 | $ | 279 | $ | 315 | $ | 319 | |||||||||||||||||||
Net Charge-Offs by Portfolio Type
(Unaudited)
| (In millions) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||
| Commercial and industrial | $ | 3 | $ | 3 | $ | 3 | $ | 8 | $ | 50 | |||||||||||||||||||
| Owner occupied | — | 1 | (1) | — | (1) | ||||||||||||||||||||||||
| Municipal | — | — | — | — | 3 | ||||||||||||||||||||||||
| Total commercial | 3 | 4 | 2 | 8 | 52 | ||||||||||||||||||||||||
| Commercial real estate: | |||||||||||||||||||||||||||||
| Term | (1) | 3 | (1) | (3) | 2 | ||||||||||||||||||||||||
| Total commercial real estate | (1) | 3 | (1) | (3) | 2 | ||||||||||||||||||||||||
| Consumer: | |||||||||||||||||||||||||||||
| 1-4 family residential | — | — | — | (1) | — | ||||||||||||||||||||||||
| Home equity credit line | (1) | — | — | — | — | ||||||||||||||||||||||||
| Bankcard and other revolving plans | 1 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||||
| Other | 1 | — | 1 | 1 | 1 | ||||||||||||||||||||||||
| Total consumer loans | 1 | 2 | 3 | 2 | 2 | ||||||||||||||||||||||||
| Total net charge-offs (recoveries) | $ | 3 | $ | 9 | $ | 4 | $ | 7 | $ | 56 | |||||||||||||||||||
ZIONS BANCORPORATION, N.A.
Press Release – Page 17
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
| (Unaudited) | Three Months Ended | ||||||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||||||||||
| (In millions) | Average balance | Yield/ Rate 1 | Average balance | Yield/ Rate 1 | Average balance | Yield/ Rate 1 | |||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||||||
| Money market investments: | |||||||||||||||||||||||||||||||||||
| Interest-bearing deposits | $ | 3,073 | 3.80 | % | $ | 1,939 | 4.03 | % | $ | 1,582 | 4.42 | % | |||||||||||||||||||||||
| Federal funds sold and securities purchased under agreements to resell | 2,265 | 4.07 | % | 2,368 | 4.03 | % | 1,940 | 4.87 | % | ||||||||||||||||||||||||||
| Total money market investments | 5,338 | 3.91 | % | 4,307 | 4.03 | % | 3,522 | 4.67 | % | ||||||||||||||||||||||||||
| Trading securities | 133 | 4.61 | % | 273 | 4.84 | % | 83 | 4.63 | % | ||||||||||||||||||||||||||
| Investment securities: | |||||||||||||||||||||||||||||||||||
| Available-for-sale | 9,094 | 3.09 | % | 9,181 | 3.02 | % | 9,078 | 3.28 | % | ||||||||||||||||||||||||||
| Held-to-maturity | 8,341 | 2.16 | % | 8,555 | 2.19 | % | 9,143 | 2.19 | % | ||||||||||||||||||||||||||
| Total investment securities | 17,435 | 2.64 | % | 17,736 | 2.62 | % | 18,221 | 2.73 | % | ||||||||||||||||||||||||||
| Loans held for sale | 73 | NM | 180 | NM | 171 | NM | |||||||||||||||||||||||||||||
Loans and leases: 2 | |||||||||||||||||||||||||||||||||||
| Commercial | 32,563 | 5.62 | % | 32,230 | 5.64 | % | 31,558 | 5.97 | % | ||||||||||||||||||||||||||
| Commercial real estate | 14,041 | 6.20 | % | 13,839 | 6.14 | % | 13,611 | 6.64 | % | ||||||||||||||||||||||||||
| Consumer | 15,837 | 5.15 | % | 15,789 | 5.10 | % | 15,617 | 5.16 | % | ||||||||||||||||||||||||||
| Total loans and leases | 62,441 | 5.63 | % | 61,858 | 5.61 | % | 60,786 | 5.91 | % | ||||||||||||||||||||||||||
| Total interest-earning assets | 85,420 | 4.91 | % | 84,354 | 4.90 | % | 82,783 | 5.16 | % | ||||||||||||||||||||||||||
| Cash and due from banks | 679 | 671 | 702 | ||||||||||||||||||||||||||||||||
| Allowance for credit losses on loans and debt securities | (662) | (665) | (687) | ||||||||||||||||||||||||||||||||
| Goodwill and intangibles | 1,240 | 1,088 | 1,095 | ||||||||||||||||||||||||||||||||
| Other assets | 4,744 | 4,817 | 5,262 | ||||||||||||||||||||||||||||||||
| Total assets | $ | 91,421 | $ | 90,265 | $ | 89,155 | |||||||||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
| Savings and money market | $ | 42,061 | 2.14 | % | $ | 40,452 | 1.99 | % | $ | 39,252 | 2.18 | % | |||||||||||||||||||||||
| Time | 9,764 | 3.49 | % | 9,655 | 3.36 | % | 10,129 | 3.81 | % | ||||||||||||||||||||||||||
| Total interest-bearing deposits | 51,825 | 2.40 | % | 50,107 | 2.25 | % | 49,381 | 2.51 | % | ||||||||||||||||||||||||||
| Borrowed funds: | |||||||||||||||||||||||||||||||||||
Federal funds purchased and security repurchase agreements | 1,050 | 3.65 | % | 585 | 3.66 | % | 665 | 4.28 | % | ||||||||||||||||||||||||||
Other short-term borrowings 3 | 692 | 4.07 | % | 2,530 | 4.57 | % | 4,731 | 4.48 | % | ||||||||||||||||||||||||||
| Long-term debt | 2,279 | 5.57 | % | 1,957 | 5.52 | % | 1,210 | 6.13 | % | ||||||||||||||||||||||||||
| Total borrowed funds | 4,021 | 4.81 | % | 5,072 | 4.83 | % | 6,606 | 4.76 | % | ||||||||||||||||||||||||||
| Total interest-bearing liabilities | 55,846 | 2.57 | % | 55,179 | 2.49 | % | 55,987 | 2.78 | % | ||||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 26,154 | 26,131 | 24,922 | ||||||||||||||||||||||||||||||||
| Other liabilities | 1,631 | 1,432 | 1,564 | ||||||||||||||||||||||||||||||||
| Total liabilities | 83,631 | 82,742 | 82,473 | ||||||||||||||||||||||||||||||||
| Shareholders’ equity: | |||||||||||||||||||||||||||||||||||
| Preferred equity | 66 | 66 | 66 | ||||||||||||||||||||||||||||||||
| Common equity | 7,724 | 7,457 | 6,616 | ||||||||||||||||||||||||||||||||
| Total shareholders’ equity | 7,790 | 7,523 | 6,682 | ||||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 91,421 | $ | 90,265 | $ | 89,155 | |||||||||||||||||||||||||||||
| Spread on average interest-bearing funds | 2.34 | % | 2.41 | % | 2.38 | % | |||||||||||||||||||||||||||||
| Impact of net noninterest-bearing sources of funds | 0.89 | % | 0.86 | % | 0.90 | % | |||||||||||||||||||||||||||||
| Net interest margin | 3.23 | % | 3.27 | % | 3.28 | % | |||||||||||||||||||||||||||||
Memo: total cost of deposits 3 | $ | 77,979 | 1.59 | % | $ | 76,238 | 1.48 | % | $ | 74,303 | 1.67 | % | |||||||||||||||||||||||
| Memo: total deposits and interest-bearing liabilities | $ | 82,000 | 1.75 | % | $ | 81,310 | 1.69 | % | $ | 80,909 | 1.92 | % | |||||||||||||||||||||||
1 Taxable-equivalent rates used where applicable.
2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.
3 Effective in the first quarter of 2026, we changed our accounting policy to present qualifying derivative assets and liabilities and related cash collateral on a net basis. As a result, the reported yield on other short-term borrowings increased by approximately 66 bps for the three months ended June 30, 2026. Beginning in the third quarter of 2026, for the purposes of the average balance and yield presentation, the related derivative collateral interest expense is included in interest-bearing deposits rather than other short-term borrowings, increasing the reported cost of deposits by approximately 3 bps.
ZIONS BANCORPORATION, N.A.
Press Release – Page 18
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
| (Unaudited) | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||||||||||||||
| (In millions) | Average balance | Yield/ Rate 1 | Average balance | Yield/ Rate 1 | |||||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||||||
| Money market investments: | |||||||||||||||||||||||||||||||||||
| Interest-bearing deposits | $ | 2,299 | 3.86 | % | $ | 1,586 | 4.51 | % | |||||||||||||||||||||||||||
| Federal funds sold and securities purchased under agreements to resell | 2,271 | 4.06 | % | 2,552 | 4.77 | % | |||||||||||||||||||||||||||||
| Total money market investments | 4,570 | 3.96 | % | 4,138 | 4.67 | % | |||||||||||||||||||||||||||||
| Trading securities | 154 | 4.73 | % | 117 | 4.68 | % | |||||||||||||||||||||||||||||
| Investment securities: | |||||||||||||||||||||||||||||||||||
| Available-for-sale | 9,169 | 3.04 | % | 9,091 | 3.27 | % | |||||||||||||||||||||||||||||
| Held-to-maturity | 8,550 | 2.19 | % | 9,348 | 2.22 | % | |||||||||||||||||||||||||||||
| Total investment securities | 17,719 | 2.63 | % | 18,439 | 2.74 | % | |||||||||||||||||||||||||||||
| Loans held for sale | 138 | NM | 124 | NM | |||||||||||||||||||||||||||||||
Loans and leases: 2 | |||||||||||||||||||||||||||||||||||
| Commercial | 32,197 | 5.63 | % | 31,327 | 5.90 | % | |||||||||||||||||||||||||||||
| Commercial real estate | 13,807 | 6.17 | % | 13,593 | 6.61 | % | |||||||||||||||||||||||||||||
| Consumer | 15,810 | 5.12 | % | 15,378 | 5.14 | % | |||||||||||||||||||||||||||||
| Total loans and leases | 61,814 | 5.62 | % | 60,298 | 5.87 | % | |||||||||||||||||||||||||||||
| Total interest-earning assets | 84,395 | 4.90 | % | 83,116 | 5.11 | % | |||||||||||||||||||||||||||||
| Cash and due from banks | 698 | 703 | |||||||||||||||||||||||||||||||||
| Allowance for credit losses on loans and debt securities | (668) | (691) | |||||||||||||||||||||||||||||||||
| Goodwill and intangibles | 1,140 | 1,082 | |||||||||||||||||||||||||||||||||
| Other assets | 4,828 | 5,317 | |||||||||||||||||||||||||||||||||
| Total assets | $ | 90,393 | $ | 89,527 | |||||||||||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
| Savings and money market | $ | 40,695 | 2.03 | % | $ | 39,256 | 2.17 | % | |||||||||||||||||||||||||||
| Time | 9,714 | 3.45 | % | 10,601 | 3.96 | % | |||||||||||||||||||||||||||||
| Total interest-bearing deposits | 50,409 | 2.31 | % | 49,857 | 2.55 | % | |||||||||||||||||||||||||||||
| Borrowed funds: | |||||||||||||||||||||||||||||||||||
Federal funds purchased and security repurchase agreements | 742 | 3.64 | % | 1,279 | 4.34 | % | |||||||||||||||||||||||||||||
| Other short-term borrowings | 2,039 | 4.34 | % | 4,685 | 4.49 | % | |||||||||||||||||||||||||||||
| Long-term debt | 1,998 | 5.55 | % | 1,045 | 6.29 | % | |||||||||||||||||||||||||||||
| Total borrowed funds | 4,779 | 4.74 | % | 7,009 | 4.73 | % | |||||||||||||||||||||||||||||
| Total interest-bearing funds | 55,188 | 2.52 | % | 56,866 | 2.82 | % | |||||||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 26,159 | 24,637 | |||||||||||||||||||||||||||||||||
| Other liabilities | 1,520 | 1,571 | |||||||||||||||||||||||||||||||||
| Total liabilities | 82,867 | 83,074 | |||||||||||||||||||||||||||||||||
| Shareholders’ equity: | |||||||||||||||||||||||||||||||||||
| Preferred equity | 66 | 66 | |||||||||||||||||||||||||||||||||
| Common equity | 7,460 | 6,387 | |||||||||||||||||||||||||||||||||
| Total shareholders’ equity | 7,526 | 6,453 | |||||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 90,393 | $ | 89,527 | |||||||||||||||||||||||||||||||
| Spread on average interest-bearing funds | 2.38 | % | 2.29 | % | |||||||||||||||||||||||||||||||
| Impact of net noninterest-bearing sources of funds | 0.88 | % | 0.89 | % | |||||||||||||||||||||||||||||||
| Net interest margin | 3.26 | % | 3.18 | % | |||||||||||||||||||||||||||||||
| Memo: total cost of deposits | $ | 76,568 | 1.52 | % | $ | 74,494 | 1.71 | % | |||||||||||||||||||||||||||
| Memo: total deposits and interest-bearing liabilities | $ | 81,347 | 1.69 | % | $ | 81,503 | 1.98 | % | |||||||||||||||||||||||||||
1 Taxable-equivalent rates used where applicable.
2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.
ZIONS BANCORPORATION, N.A.
Press Release – Page 19
NON-GAAP FINANCIAL MEASURES
(Unaudited)
This press release includes certain non-GAAP financial measures alongside those prepared in accordance with generally accepted accounting principles (“GAAP”). Reconciliations between the applicable GAAP measures and the corresponding non-GAAP measures are provided in the accompanying schedules. We believe these adjustments are relevant to evaluating ongoing operating results and offer a meaningful basis for comparing performance across periods. Management uses these non-GAAP measures to assess both financial performance and position. Presenting these measures enables investors to evaluate our results using the same approach applied by management and commonly used within the financial services industry.
Non-GAAP financial measures have inherent limitations and may not be directly comparable to similar measures reported by other financial institutions. While these measures are commonly used by stakeholders to evaluate company performance, they should be viewed as supplemental and not as a substitute for analysis of results prepared in accordance with GAAP. Non-GAAP measures should not be considered in isolation, as they provide an incomplete perspective without reference to GAAP-based financial information.
Tangible Common Equity and Related Measures
Tangible common equity and related metrics are non-GAAP measures that exclude the impact of intangible assets and associated amortization. Management believes these measures provide meaningful insight into the utilization of shareholders’ equity and offer a consistent basis for evaluating business performance.
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)
| Three Months Ended | ||||||||||||||||||||||||||||||||
| (Dollar amounts in millions) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||||
| Net earnings applicable to common shareholders (GAAP) | $ | 262 | $ | 452 | $ | 232 | $ | 262 | $ | 221 | ||||||||||||||||||||||
| Adjustments, net of tax: | ||||||||||||||||||||||||||||||||
| Amortization of core deposit and other intangibles | 2 | 2 | 2 | 2 | 2 | |||||||||||||||||||||||||||
| Adjusted net earnings applicable to common shareholders, net of tax | (a) | $ | 264 | $ | 454 | $ | 234 | $ | 264 | $ | 223 | |||||||||||||||||||||
| Average common equity (GAAP) | $ | 7,724 | $ | 7,457 | $ | 7,194 | $ | 6,956 | $ | 6,616 | ||||||||||||||||||||||
| Average goodwill and intangibles | (1,240) | (1,088) | (1,090) | (1,093) | (1,095) | |||||||||||||||||||||||||||
| Average tangible common equity (non-GAAP) | (b) | $ | 6,484 | $ | 6,369 | $ | 6,104 | $ | 5,863 | $ | 5,521 | |||||||||||||||||||||
| Number of days in quarter | (c) | 92 | 91 | 90 | 92 | 92 | ||||||||||||||||||||||||||
| Number of days in year | (d) | 365 | 365 | 365 | 365 | 365 | ||||||||||||||||||||||||||
Return on average tangible common equity (non-GAAP) 1 | (a/b/c)*d | 16.2 | % | 28.6 | % | 15.5 | % | 17.9 | % | 16.0 | % | |||||||||||||||||||||
1 Excluding $252 million of pre-tax net gains ($191 million after tax), return on average tangible common equity for the three months ended June 30, 2026 would have been approximately 17.1%.
ZIONS BANCORPORATION, N.A.
Press Release – Page 20
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) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||||
| Total shareholders’ equity (GAAP) | $ | 7,684 | $ | 7,681 | $ | 7,296 | $ | 7,180 | $ | 6,865 | ||||||||||||||||||||||
| Goodwill and intangibles | (1,313) | (1,086) | (1,089) | (1,091) | (1,094) | |||||||||||||||||||||||||||
| Tangible equity (non-GAAP) | (a) | 6,371 | 6,595 | 6,207 | 6,089 | 5,771 | ||||||||||||||||||||||||||
| Preferred stock | (66) | (66) | (66) | (66) | (66) | |||||||||||||||||||||||||||
| Tangible common equity (non-GAAP) | (b) | $ | 6,305 | $ | 6,529 | $ | 6,141 | $ | 6,023 | $ | 5,705 | |||||||||||||||||||||
| Total assets (GAAP) | $ | 90,920 | $ | 89,041 | $ | 87,957 | $ | 88,690 | $ | 88,242 | ||||||||||||||||||||||
| Goodwill and intangibles | (1,313) | (1,086) | (1,089) | (1,091) | (1,094) | |||||||||||||||||||||||||||
| Tangible assets (non-GAAP) | (c) | $ | 89,607 | $ | 87,955 | $ | 86,868 | $ | 87,599 | $ | 87,148 | |||||||||||||||||||||
| Common shares outstanding (in thousands) | (d) | 144,943 | 145,939 | 147,077 | 147,653 | 147,640 | ||||||||||||||||||||||||||
| Tangible equity ratio (non-GAAP) | (a/c) | 7.1 | % | 7.5 | % | 7.1 | % | 7.0 | % | 6.6 | % | |||||||||||||||||||||
| Tangible common equity ratio (non-GAAP) | (b/c) | 7.0 | % | 7.4 | % | 7.1 | % | 6.9 | % | 6.5 | % | |||||||||||||||||||||
| Tangible book value per common share (non-GAAP) | (b/d) | $ | 43.50 | $ | 44.74 | $ | 41.75 | $ | 40.79 | $ | 38.64 | |||||||||||||||||||||
ZIONS BANCORPORATION, N.A.
Press Release – Page 21
Efficiency Ratio and Adjusted Pre-Provision Net Revenue
The efficiency ratio measures operating expenses relative to revenue and provides insight into the cost of generating revenue. We adjust this ratio to exclude certain items that are not generally expected to recur frequently, as detailed in the accompanying schedule. These adjustments enhance comparability across reporting periods. Adjusted noninterest expense reflects how effectively we manage operating expenses, while adjusted pre-provision net revenue enables management and stakeholders to evaluate our capacity to generate capital. Additionally, taxable-equivalent net interest income facilitates comparability between revenue derived from taxable and tax-exempt sources.
EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)
| Three Months Ended | ||||||||||||||||||||||||||||||||
| (Dollar amounts in millions) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||||
| Noninterest expense (GAAP) | (a) | $ | 553 | $ | 551 | $ | 562 | $ | 546 | $ | 527 | |||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||
| Severance costs | 1 | 1 | 3 | 5 | 6 | |||||||||||||||||||||||||||
| Other real estate expense, net | 1 | 1 | — | (2) | — | |||||||||||||||||||||||||||
| Amortization of core deposit and other intangibles | 3 | 2 | 2 | 2 | 2 | |||||||||||||||||||||||||||
| SBIC investment success fee accrual | (1) | 7 | — | 2 | 1 | |||||||||||||||||||||||||||
| FDIC special assessment | — | (6) | (1) | (9) | (2) | |||||||||||||||||||||||||||
| Total adjustments | (b) | 4 | 5 | 4 | (2) | 7 | ||||||||||||||||||||||||||
| Adjusted noninterest expense (non-GAAP) | (c)=(a-b) | $ | 549 | $ | 546 | $ | 558 | $ | 548 | $ | 520 | |||||||||||||||||||||
| Net interest income (GAAP) | (d) | $ | 684 | $ | 677 | $ | 662 | $ | 683 | $ | 672 | |||||||||||||||||||||
| Fully taxable-equivalent adjustments | (e) | 12 | 11 | 11 | 11 | 11 | ||||||||||||||||||||||||||
| Taxable-equivalent net interest income (non-GAAP) | (f)=(d+e) | 696 | 688 | 673 | 694 | 683 | ||||||||||||||||||||||||||
| Customer-related noninterest income (GAAP) | (g) | 192 | 182 | 172 | 177 | 163 | ||||||||||||||||||||||||||
| Net credit valuation adjustment (CVA) | (h) | 10 | 1 | (2) | 2 | (11) | ||||||||||||||||||||||||||
| Adjusted customer-related noninterest income (non-GAAP) | (i)=(g-h) | 182 | 181 | 174 | 175 | 174 | ||||||||||||||||||||||||||
| Noncustomer-related noninterest income (GAAP) | (j) | 5 | 278 | 15 | 31 | 26 | ||||||||||||||||||||||||||
| Securities gains (losses), net | (k) | (4) | 269 | 3 | 21 | 11 | ||||||||||||||||||||||||||
| Adjusted noncustomer-related noninterest income (non-GAAP) | (l)=(j-k) | 9 | 9 | 12 | 10 | 15 | ||||||||||||||||||||||||||
| Combined income (non-GAAP) | (m)=(f+g+j) | $ | 893 | $ | 1,148 | $ | 860 | $ | 902 | $ | 872 | |||||||||||||||||||||
| Adjusted taxable-equivalent revenue (non-GAAP) | (n)=(f+i+l) | 887 | 878 | 859 | 879 | 872 | ||||||||||||||||||||||||||
| Pre-provision net revenue (PPNR) (non-GAAP) | (m)-(a) | $ | 340 | $ | 597 | $ | 298 | $ | 356 | $ | 345 | |||||||||||||||||||||
| Adjusted PPNR (non-GAAP) | (n)-(c) | 338 | 332 | 301 | 331 | 352 | ||||||||||||||||||||||||||
Efficiency ratio (non-GAAP) 1 | (c/n) | 61.9 | % | 62.2 | % | 65.0 | % | 62.3 | % | 59.6 | % | |||||||||||||||||||||
1 Excluding the $15 million charitable contribution, adjusted noninterest expense for the three months ended December 31, 2025 would have been $533 million, resulting in an efficiency ratio of 60.6%.
ZIONS BANCORPORATION, N.A.
Press Release – Page 22
EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)
| Nine Months Ended | ||||||||||||||||||||
| (Dollar amounts in millions) | September 30, 2026 | September 30, 2025 | ||||||||||||||||||
| Noninterest expense (GAAP) | (a) | $ | 1,666 | $ | 1,592 | |||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Severance costs | 5 | 11 | ||||||||||||||||||
| Other real estate expense, net | 2 | — | ||||||||||||||||||
| Amortization of core deposit and other intangibles | 7 | 6 | ||||||||||||||||||
| SBIC investment success fee accrual | 6 | 3 | ||||||||||||||||||
| FDIC special assessment | (7) | (2) | ||||||||||||||||||
| Total adjustments | (b) | 13 | 18 | |||||||||||||||||
| Adjusted noninterest expense (non-GAAP) | (c)=(a-b) | $ | 1,653 | $ | 1,574 | |||||||||||||||
| Net interest income (GAAP) | (d) | $ | 2,023 | $ | 1,944 | |||||||||||||||
| Fully taxable-equivalent adjustments | (e) | 34 | 35 | |||||||||||||||||
| Taxable-equivalent net interest income (non-GAAP) | (f)=(d+e) | 2,057 | 1,979 | |||||||||||||||||
| Customer-related noninterest income (GAAP) | (g) | 546 | 485 | |||||||||||||||||
| Net credit valuation adjustment (CVA) | (h) | 9 | (11) | |||||||||||||||||
| Adjusted customer-related noninterest income (non-GAAP) | (i)=(g-h) | 537 | 496 | |||||||||||||||||
| Noncustomer-related noninterest income (GAAP) | (j) | 298 | 65 | |||||||||||||||||
| Securities gains (losses), net | (k) | 268 | 31 | |||||||||||||||||
| Adjusted noncustomer-related noninterest income (non-GAAP) | (l)=(j-k) | 30 | 34 | |||||||||||||||||
| Combined income (non-GAAP) | (m)=(f+g+j) | $ | 2,901 | $ | 2,529 | |||||||||||||||
| Adjusted taxable-equivalent revenue (non-GAAP) | (n)=(f+i+l) | 2,624 | 2,509 | |||||||||||||||||
| Pre-provision net revenue (PPNR) (non-GAAP) | (m)-(a) | $ | 1,235 | $ | 937 | |||||||||||||||
| Adjusted PPNR (non-GAAP) | (n)-(c) | 971 | 935 | |||||||||||||||||
| Efficiency ratio (non-GAAP) | (c/n) | 63.0 | % | 62.7 | % | |||||||||||||||
ZIONSTHIRD QUARTER 2026 O c t o b e r 1 9 , 2 0 2 6 Financial Review
FORWARD-LOOKING STATEMENTS; USE OF NON-GAAP FINANCIAL MEASURES 2 Forward-Looking Information This presentation contains “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and assumptions regarding future events and outcomes. However, they are inherently subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performances, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others: Statements concerning the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, operating results, and performance of Zions Bancorporation, National Association and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and statements preceded or followed by, or that include, terminology such as “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” “will,” or similar words and expressions, including their negative forms. Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, key factors that may cause material differences include: The quality and composition of our loan and investment securities portfolios and the quality and composition of our deposits; Changes in general industry, political, and economic conditions, including increases in the national debt, elevated inflation, economic slowdowns or recessions, and other macroeconomic challenges; changes in interest and reference rates, which could negatively impact our revenues and expenses, the valuation and performance of our assets and liabilities, and the availability and cost of capital and liquidity; Political developments, including government shutdowns and other significant disruptions and changes in the funding, size, scope, and effectiveness of the government, its agencies and services; The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies; Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements; Evolving trade policies and disputes, such as proposed and implemented tariffs and resulting market volatility and uncertainty, including the effects on supply chains, expenses and revenues for both us and our customers; Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry; Changes in our credit ratings; Our ability to innovate and otherwise address competitive pressures and other factors that may affect aspects of our business, such as pricing, relevance of, and demand for, our products and services, and our ability to recruit and retain talent; The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, tokenized deposits, blockchain, artificial intelligence, quantum computing, and related innovations affecting both us and the banking industry; Our ability to complete projects and initiatives and execute our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives; The growing presence of credit unions, financial technology companies (“fintechs”), and other emerging competitors within the financial services industry, including in the markets in which we operate; Our ability to innovate and address competitive pressures and other factors that may affect aspects of our business, such as pricing, the relevance of and demand for our products and services, and our ability to recruit and retain talent; The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, tokenized deposits, blockchain, artificial intelligence (“AI”), quantum computing, and related innovations affecting both us and the banking industry; Our ability to complete projects and initiatives and execute our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives; Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry; The occurrence of fraud, theft, or other forms of misconduct perpetrated by external parties, including customers and business partners, or by our own employees; Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services; The effects of wars, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future; Natural disasters, pandemics, wildfires, catastrophic events, and other emergencies and incidents, and their impact on our operations, our customers’ business, and the communities we serve, including the increasing difficulty and expense of obtaining property, auto, business, and other insurance products; Diverging and evolving policy, legal, regulatory, and political developments— combined with differing stakeholder perspectives related to governance, environmental, and social matters—may subject us to potentially conflicting requirements and expectations; Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity; The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; Adverse news and other expressions of negative public opinion—whether directed at us, other financial institutions, the banking industry, or the broader market—that may adversely affect our reputation and the industry more broadly; and Other assumptions, risks, or uncertainties described in this earnings release, and other SEC filings. We caution against placing undue reliance on forward-looking statements, as they reflect our views only as of the date they are issued. Except as required by law, we expressly disclaim any obligation to update any factors or publicly announce revisions to 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 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.
• Net earnings of $262 million, or $1.78 per share, increased $0.04, from the adjusted prior-quarter earnings1, and increased $0.30 versus the prior-year period on improved loan loss provision • The net interest margin decreased 4 basis points to 3.23% compared to the prior quarter and decreased 5 basis points versus prior year • Adjusted pre-provision net revenue increased 2% versus prior quarter and declined 4% versus prior year • Average loans grew 3.7% annualized versus prior quarter and grew 2.7% versus prior year • Average customer deposits grew 8.8% annualized versus prior quarter and 5.2% versus prior year • Net charge-offs were 0.02% of loans, annualized FINANCIAL PERFORMANCE 3 (1) Pre-tax amounts of $215 million gain on sale of Visa shares and $37 million net unrealized gain due to valuation adjustments in the SBIC portfolio. (2) See Appendix for non-GAAP financial measures, including adjustments made for notable items. (3) Excludes brokered deposits. Third quarter results reflect strong customer deposit growth and improved year-over-year earnings; PPNR decreased compared to prior year elevated amount Key Metrics (in millions, except ratios and per share data) 3Q26 2Q26 3Q25 Change From: 2Q26 3Q25 Net earnings to common $262 $452 $221 $(190), or (42%) $41, or 19% Diluted earnings per share (GAAP) $1.78 $3.05 $1.48 $(1.27), or (42%) $0.30, or 20% Net interest margin 3.23% 3.27% 3.28% (4) Bps (5) bps Adjusted pre-provision net revenue2 $338 $332 $352 $6, or 2% $(14), or (4%) Efficiency ratio2 61.9% 62.2% 59.6% (30) bps 230 bps Average loans 62,441 61,858 60,786 3.7% Annualized 2.7% Average customer deposits3 74,034 72,427 70,382 8.8% Annualized 5.2% Net charge-offs / loans (annualized) 0.02% 0.06% 0.37% (4) bps (35) bps Return on average tangible common equity2 16.2% 28.6% 16.0% (124) Bps 20 bps
DILUTED EARNINGS PER SHARE 4 (1) Items that were $0.05 per share or more. Earnings per share increased by 20% compared to the year-ago period driven by improved credit performance Diluted Earnings per Share EPS Impact of Provision for Credit Losses Notable Items1: 3Q26: • $0.05 per share positive impact from $10 million net CVA gain 2Q26: • $1.12 per share positive impact from $215 million gain on sale of Visa shares • $0.19 per share positive impact from $37 million net unrealized gain due to valuation adjustments in the SBIC investment portfolio 1Q26: • No notable items with impact greater than $0.05 per share 4Q25: • $(0.08) per share negative impact from $15 million charitable contribution • $0.06 per share positive impact from $11 million net unrealized gain due to valuation adjustments in the SBIC investment portfolio • $0.05 per share positive impact from a $9 million accrual reversal related to the FDIC special assessment 3Q25 • $(0.06) per share negative impact from $11 million net CVA loss $1.48 $1.76 $1.56 $3.05 $1.78 3Q25 4Q25 1Q26 2Q26 3Q26 $(0.25) $(0.03) $0.04 $(0.02) $0.04 3Q25 4Q25 1Q26 2Q26 3Q26
PRE-PROVISION NET REVENUE (“PPNR”) 5 (1) PPNR includes taxable-equivalent revenue; Adjusted PPNR adjusts for certain items. See Appendix. Adjusted PPNR increased 2% versus the prior quarter and decreased 4% over the prior year Linked quarter (3Q26 vs. 2Q26) • Adjusted PPNR increased $6 million, or 2%: • Tax-equivalent net interest income increased $8 million, or 1% • Adjusted customer-related fee income, which excludes CVA, increased $1 million, or 1% • Adjusted noninterest expense increased $3 million, or 1% Year-over-year (3Q26 vs. 3Q25) • Adjusted PPNR decreased $14 million, or 4%: • Tax-equivalent net interest income up $13 million, or 2% • Adjusted customer-related fee income up $8 million, or 5% • Adjusted noncustomer-related fee income down $6 million, or 40% • Adjusted noninterest expense up $29 million, or 6% $3 45 $3 56 $2 98 $5 97 $3 40 $3 52 $3 31 $3 01 $3 32 $3 38 3Q25 4Q25 1Q26 2Q26 3Q26 Pre-provision net revenue (PPNR) (non-GAAP) Adjusted PPNR (non-GAAP) PPNR1 ($ millions)
CONTINUED GROWTH 1.9x 2026 annualized fee income vs. 2020 Broader capabilities A broader product set, including the recently acquired agency multifamily platform, increases opportunities to support customers across financing and risk-management needs Significant embedded growth opportunity Recent investments in senior talent are still ramping, while relatively low penetration across existing client base provides meaningful runway for growth EXPANDING CAPITAL MARKETS CAPABILITIES CORE PLATFORM | 2020–2021 Foreign Exchange • Syndications Interest rate derivatives (“IRD”) • Bond Underwriting Public Finance BROADER OFFERING | 2022–2024 CMBS Conduit Loans • Investment Banking Equity Underwriting RECENT EXPANSION | 2025–2026 Private Placement • Commodities Hedging Advanced FX • Advanced IRD • Agency Multifamily 6 70 71 83 81 109 125 136 0 25 50 75 100 125 150 2020 2021 2022 2023 2024 2025 2026 Capital Markets Fee Income (in millions, excludes CVA) ~12% 2020–2026 CAGR CAPITAL MARKETS: BUILDING A BROADER PLATFORM FOR GROWTH Growth reflects continued investment in product capabilities and talent to expand our addressable market and deepen client relationships (1) The solid line to $136 million represents annualized 2026 year-to-date results, while the dotted line is an illustrative example that indicates potential upside for full-year results. 1
7 Agency lending platform acquisition complements Zions’ relationship-based CRE franchise Expanding multifamily capabilities through agency lending • Platform Acquisition • Completed in July 2026, adding an experienced agency team and direct access to Fannie Mae DUS® and Freddie Mac Optigo® Conventional programs • Experienced Leadership • Added seasoned agency multifamily and servicing leadership to build and scale the platform, bringing extensive experience in agency and multifamily lending and commercial real estate servicing • Strategic Fit • Expands Zions’ ability to serve multifamily owners, operators and developers nationwide while complementing existing CRE relationships, balance-sheet lending and capital markets capabilities Balance-sheet lending + Agency execution + CMBS conduit platform More complete client solutions BROADER MULTIFAMILY OFFERING CAPITAL MARKETS: AGENCY MULTIFAMILY BUSINESS ACQUISITION
8 Deep client relationships and a sizable customer base create a compelling opportunity to expand wealth penetration ~$12B Wealth AUM A solid platform with opportunity to grow (e.g. AUM to Total Assets) $57M 2025 Fee Revenue Recurring wealth fee income can become a larger contributor to Bank earnings FOUNDATION FOR ACCELERATED GROWTH • Experienced affiliate and wealth leadership • Continued improvement integrating banking and advisory capabilities to deepen client relationships and support growth • Large, relationship-rich customer base • Wealth AUM is small relative to the size of the banking franchise, leaving meaningful room to deepen existing relationships • Strong foundation and offering capabilities • Affiliate relationships, financial planning, investment and trust capabilities, and established customer relationships provide a strong base to build on • Wealth Select offering expands the addressable market by serving clients with as little as $50K in investable assets through a scalable advisory model • Growth initiatives and strategic opportunities • Focused on enhancing banker-advisor collaboration, expanding data and analytics capabilities, and continuing to elevate operational efficiency and the client experience WEALTH MANAGEMENT: SIGNIFICANT GROWTH OPPORTUNITY
1 4 2 5 3 6 Strategic Six Products Gold Account – (Consumer) Builds a granular, relationship- based deposit base with attractive funding characteristics Wealth Select – (Wealth) Expands wealth capabilities to a more granular client base, while growing AUM and recurring fee revenue SBA 7a Lending – (Small Business) Helps small businesses access growth capital partially supported by SBA guarantee TM Select – (Small Business) Extends small business relationships through treasury solutions that drive fee income and deposit growth Business Beyond – (Small Business) Broadens small business relationships by combining premium checking and payment solutions Mortgage – (Consumer ) Deepens consumer relationships while driving fee growth and broader product engagement STRATEGIC SIX PRODUCTS As we put greater focus on expanding existing relationships and attracting new clients, we have identified six key products as priorities 9
NET INTEREST INCOME & NET INTEREST MARGIN 10 Net interest margin decreased 4 basis points sequentially given increased deposit costs and the deployment of excess funds into money market investments $672 $683 $662 $677 $684 3.28% 3.31% 3.27% 3.27% 3.23% 2.00% 2.50% 3.00% 3.50% 4.00% $500 3Q25 4Q25 1Q26 2Q26 3Q26 Net Interest Income Net Interest Margin ($ m ill io ns ) Linked quarter (3Q26 vs. 2Q26) • Net interest income increased $7 million, or 1%: • Interest income increased $27 million • $18 million, or 2%, increase on loans • $9 million, or 6%, increase on money market and securities • Interest expense increased by $20 million • $32 million, or 11%, increase on deposits • $12 million, or 20%, decrease on borrowings Year-over-year (3Q26 vs. 3Q25) • Net interest income increased $12 million, or 2%: • Interest income decreased $18 million, or 2% • $21 million, or 2%, decrease on loans • $3 million, or 2%, increase on money market and securities • Interest expense decreased $30 million, or 8% • Interest expense on deposits flat • $30 million, or 38%, decrease on borrowings
(0.01%) (0.23%) (0.01%) 0.21% (0.01%) 3.28% 3.23%0.02% (0.01%) (0.18%) 0.10% 0.03% 3.27% 3.23% NET INTEREST MARGIN 11 (1) Includes the impact of changes to both balance and rate/yield. (2) The impact of noninterest-bearing sources of funds on the net interest margin is calculated as the difference between interest earning assets and interest- bearing liabilities divided by earnings assets multiplied by rate paid on interest-bearing liabilities. Competitive deposit pricing and balance sheet positioning shaped quarterly NIM results Year-Over-Year (3Q26 vs. 3Q25) 1Linked Quarter (3Q26 vs. 2Q26) 1 Loans DepositsMoney Mkt & Securities Borrowings Free Funds 2 Loans DepositsMoney Mkt & Securities Borrowings Free Funds 2 3Q25 3Q262Q26 3Q26
NONINTEREST INCOME AND REVENUE 12 (1) Reflects total customer-related noninterest income, which excludes dividends and other income and net securities gains (losses). Adjusted value excludes credit valuation adjustment income (loss). (2) Adjusted revenue is the sum of taxable-equivalent net interest income and noninterest income less adjustments. See Appendix for non-GAAP financial measures. (3) Total revenue for 2Q26 includes $215 million gain on sale of Visa shares and $44 million unrealized gain related to an SBIC investment. Adjusted customer-related fee income was stable versus the prior quarter; broad-based growth versus the prior year Customer-Related Noninterest Income 1 ($ millions) $8 61 $8 91 $8 49 $1 ,1 37 $8 81 $8 72 $8 79 $8 59 $8 78 $8 87 3Q25 4Q25 1Q26 2Q26 3Q26 Total Revenue (GAAP) Adjusted Revenue (Non-GAAP) Total Revenue 2, 3 ($ millions) $1 63 $1 77 $1 72 $1 82 $1 92 $1 74 $1 75 $1 74 $1 81 $1 82 3Q25 4Q25 1Q26 2Q26 3Q26 Customer-Related Noninterest Income Adjusted Customer-Related Noninterest Income
NONINTEREST EXPENSE 13 (1) Adjusted for severance costs, restructuring costs, SBIC investments success fee accruals, FDIC special assessment, intangibles amortization, and other real estate expense. (2) In addition to the expense adjustments from note 1, the efficiency ratio also includes adjustments to revenue for taxable-equivalent interest income, securities gains (losses), and credit valuation adjustment income (loss). See Appendix for Non-GAAP financial measures. Adjusted noninterest expense increased slightly compared to the prior quarter and increase 5.6% compared to the prior year Linked quarter (3Q26 vs. 2Q26) • Adjusted noninterest expense increased $3 million, or 1% • Salaries and benefits increased $1 million • Technology expense increased $4 million, or 6% • Deposit insurance & regulatory expense increased $5 million, or 71%, driven by a $6 million decrease last quarter related to the FDIC special assessment • These increases were offset by minor decreases in several categories Year-over-year (3Q26 vs. 3Q25) • Adjusted noninterest expense increased $29 million, or 5.6%, driven primarily by higher salary expense ($8 million), technology expense ($6 million), & professional and legal services ($6 million) Notable items: • 3Q26: No notable items > $0.05 per share • 2Q26: $7 million success fee accrual from SBIC investments • 1Q26: No notable items > $0.05 per share • 4Q25: $15 million charitable donation to Zions’ foundation $5 27 $5 46 $5 62 $5 51 $5 53 $5 20 $5 48 $5 58 $5 46 $5 49 59.6% 62.3% 65.0% 62.2% 61.9% 3Q25 4Q25 1Q26 2Q26 3Q26 NIE (GAAP) Adjusted NIE (Non-GAAP) Efficiency Ratio ($ millions) Noninterest Expense (NIE) (1) (2)
$60.8 $60.8 $61.1 $61.9 $62.4 5.91% 5.76% 5.62% 5.61% 5.63% 3Q25 4Q25 1Q26 2Q26 3Q26 ($ billions) AVERAGE LOANS AND DEPOSITS 14 Note: Interest-bearing deposit spot rate at 9/30/26 was 2.42%. Total cost of deposits spot rate at 9/30/26 was 1.60%. Figures shown in graphs may not foot due to rounding. Yield on loans was stable; total cost of deposits increased 11 bps, negative three bps impact from reclass of derivative margin collateral expense Average Total Loans Yield on Total Loans Average Total Deposits Total Cost of Deposits $49.4 $49.4 $49.3 $50.1 $51.8 $24.9 $26.6 $26.2 $26.1 $26.2 $74.3 $76.0 $75.5 $76.2 $78.0 1.67% 1.56% 1.48% 1.48% 1.59% 3Q25 4Q25 1Q26 2Q26 3Q26 ($ billions) Average Noninterest-bearing Deposits Average Interest-bearing Deposits
$71 $72 $73 $73 $74$4 $4 $4 $4 $3$5 $4 $2 $3 $3 - 10 20 30 40 50 60 70 80 90 100 3Q25 4Q25 1Q26 2Q26 3Q26 $70 $72 $72 $72 $74$4 $4 $4 $4 $4$7 $5 $5 $5 $4 1.92% 1.76% 1.68% 1.69% 1.75% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% - 10 20 30 40 50 60 70 80 90 100 3Q25 4Q25 1Q26 2Q26 3Q26 DEPOSIT BALANCE AND BORROWING TRENDS 15 Note: Figures shown in graphs may not foot due to rounding. Total customer deposits increased $1.8 billion vs linked quarter and $3.4 billion vs prior year Q3 2026 total funding cost increased 6 basis points to 1.75% from 1.69% in the prior quarter • Period-end customer deposits increased $1.8 billion (+2.5%) linked quarter and grew $3.4 billion (+4.8%) versus prior year • Brokered deposits decreased $448 million (-11%) linked quarter and decreased $337 million (-9%) versus prior year • Short-term borrowings decreased $376 million (-31%) linked quarter and declined $2.7 billion (-76%) versus prior year • Long-term debt grew ~$500 million linked quarter and increased ~$1 billion versus prior year with two rounds of senior debt issued in 2026 Average Deposits and Borrowings ($ billions) Ending Deposits and Borrowings ($ billions)
TOTAL INVESTMENT SECURITIES & MONEY MARKET INVESTMENTS 16 Investment portfolio serves as a key source of liquidity and balance sheet flexibility; current quarter cash balance increased with deposit growth The investment securities portfolio is designed to be a storehouse of balance sheet liquidity • Principal and prepayment-related cash flows from investment securities were $631 million for the quarter, partially offset by reinvestment of $296 million • The composition of the investment securities portfolio allows for deep on-balance sheet liquidity through the repo market • Approximately 95% of investment securities are U.S. Government and U.S. Government Agency / GSE securities The investment securities portfolio is also used to balance interest rate risk • The estimated deposit duration at September 30, 2026 was assumed to be longer than the loan duration (including swaps); the investment securities portfolio balanced this mismatch • The estimated price sensitivity of the investment securities portfolio (including the impact of fair value hedges) was 3.4 years, compared to 3.6 years from the prior quarter and 3.7 years from the year-ago quarter Total Investment Securities and Money Market Investments (period-end balances) $18.2 $18.1 $17.9 $17.7 $17.1 $3.4 $3.6 $2.7 $2.5 $4.8 3Q25 4Q25 1Q26 2Q26 3Q26 Total Investment Securities Money Market Investments 26% 26% 25% 24% 26% % of earning assets ($ billions)
CREDIT QUALITY 17 Continued low levels of net charge-offs and relatively stable non-performing assets; criticized and classified balances continued to improve Key Credit Metrics • Net charge-offs relative to average loans: • 0.02% annualized in 3Q26 • 0.04% over the last 12 months • 4.20%: Criticized loans / total loans • Criticized balance decreased $190 million in 3Q26 from 2Q26 • 3.40%: Classified loans / total loans • Classified balance decreased $204 million in 3Q26 from 2Q26 • 0.50%: NPAs / loans + OREO • NPA balance increased $17 million in 3Q26 from 2Q26 Allowance for Credit Losses • 1.11% of total loans and leases, down two basis points from the previous quarter Credit Quality Ratios 4.75% 4.70% 4.61% 4.51% 4.20% 4.01% 3.91% 3.80% 3.72% 3.40% 0.54% 0.52% 0.48% 0.48% 0.50% 3Q25 4Q25 1Q26 2Q26 3Q26 Criticized / Loans Classified / Loans NPAs / Loans + OREO 213% 215% 239% 227% 207% 1.20% 1.19% 1.16% 1.13% 1.11% 3Q25 4Q25 1Q26 2Q26 3Q26 ALLL / Nonaccrual loans ACL / Loans
10 .3 % 10 .4 % 10 .6 % 10 .7 % 10 .9 % 10 .8 % 11 .0 % 11 .3 % 11 .5 % 11 .6 % 11 .8 % 11 .8 % 11 .3 % 11 .5 % 11 .6 % 11 .8 % 12 .0 % 11 .9 % 12 .0 % 12 .4 % 12 .5 % 12 .6 % 12 .8 % 12 .8 % 0% 2% 4% 6% 8% 10% 12% 14% 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 Common Equity Tier 1 % ACL / Risk-weighted Assets CAPITAL STRENGTH 18 Loss-absorbing capital remains strong relative to our risk profile; low credit losses relative to capital levels as a percentage of risk-weighted assets Net Charge-offs annualized, as a percentage of risk-weighted assets 0. 05 % 0. 04 % 0. 09 % 0. 02 % 0. 21 % 0. 09 % 0. 06 % 0. 33 % 0. 04 % 0. 02 % 0. 05 % 0. 02 % 0% 2% 4% 6% 8% 10% 12% 14% 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets
FINANCIAL OUTLOOK (3Q 2027E VS. 3Q 2026A) 19 Outlook provided as of October 19, 2026 Outlook Comments 2% – 4% Commercial loans, led by C&I and Owner Occupied, expected to drive loan growth followed by Commercial Real Estate. Our outlook reflects current pipeline activity, customer utilization trends, and is tempered given the expected rate environment. 8% – 12% Net interest income growth expected from asset sensitivity, earning asset remix, and loan and deposit growth. 6% – 9% Growth expected with capital markets contributing in an outsized way, followed by wealth management and commercial account fees. 4% – 6% Technology costs, increased marketing, and continued investments in revenue- generating businesses expected to put mild pressure on noninterest expense; positive operating leverage expected. Adjusted Customer- Related Noninterest Income1 Loan Balances (period-end) Net Interest Income Adjusted Noninterest Expense1 (1) Adjusted customer-related noninterest income outlook does not include the current or future impact of credit valuation adjustment income (loss). Adjusted noninterest expense excludes certain items. See Appendix for non-GAAP financial measures.
ZIONS BANCORPORATION DRIVES VALUE FOR ITS STAKEHOLDERS 20 Source: Moody’s Analytics. Data as of Oct 2025. We are determined to help our clients achieve greater financial strength, help build strong, successful communities, and create economic opportunity Distinctive Local Operating Model Managing Risk Delivering Value to Our Stakeholders • Transformation of our core systems to a modern, real-time architecture improving banker productivity and customer experience • New digital products and services streamlining our customer interactions • Tangible book value per share growth exceeding 20% for three consecutive years (2023-2025) • Focus on serving small- to medium-sized businesses, resulting in a granular deposit franchise and a long-term funding advantage • Local decision making and empowered bankers support strong customer relationships • Coalition Greenwich Best Bank Awards: Ranked seventh among all U.S. banks in Middle Market & Small Business • Have built and maintained a robust risk management team and framework since the global financial crisis • Net credit losses to loans ratio that is consistently in the top quartile of peer banks • Prepared for large bank regulation due to previous SIFI experience and simpler legal structure Across 11 western states, our footprint includes some of the strongest markets in the country reflected in the quality and diversity of our portfolio • These states create ~35% of national GDP • Population and job growth outpace national average Strong Geographic Footprint
APPENDIX 21 • Financial Results Summary • Accumulated Other Comprehensive Income (AOCI) • Balance Sheet Profitability • Loan Growth by Bank Brand and Loan Type • Earning Asset Repricing • Interest Rate Swaps • Interest Rate Sensitivity • Credit Quality Trends • Loan Loss Severity (NCOs as a percentage of nonaccrual loans) • Credit Metrics: Commercial Real Estate • Loans to Non-Depository Financial Institutions • Coalition Greenwich Recognition • Non-GAAP Financial Measures
FINANCIAL RESULTS SUMMARY 22 (1) Adjusted pre-provision net revenue excludes certain items. 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. Quarterly financial highlights Three Months Ended (Dollar amounts in millions, except per share data) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Earnings Results: Diluted Earnings Per Share $ 1.78 $ 3.05 $ 1.56 $ 1.76 $ 1.48 Net Earnings Applicable to Common Shareholders 262 452 232 262 221 Net Interest Income 684 677 662 683 672 Noninterest Income 197 460 187 208 189 Noninterest Expense 553 551 562 546 527 Pre-Provision Net Revenue - Adjusted(1) 338 332 301 331 352 Provision for Credit Losses (8) 3 (7) 6 49 Ratios: Return on Assets(2) 1.14 % 2.01 % 1.05 % 1.16 % 0.99 % Return on Common Equity(3) 13.5 % 24.3 % 13.1 % 14.9 % 13.3 % Return on Tangible Common Equity(3) 16.2 % 28.6 % 15.5 % 17.9 % 16.0 % Net Interest Margin 3.23 % 3.27 % 3.27 % 3.31 % 3.28 % Cost of Total Deposits(4) 1.59 % 1.48 % 1.48 % 1.56 % 1.67 % Efficiency Ratio (1) 61.9 % 62.2 % 65.0 % 62.3 % 59.6 % Effective Tax Rate 21.7 % 22.3 % 20.7 % 22.4 % 22.1 % Nonperforming Assets to Loans, Leases and OREO 0.50 % 0.48 % 0.48 % 0.52 % 0.54 % Net Loan and Lease Charge-offs to Average Loans, Annualized 0.02 % 0.06 % 0.03 % 0.05 % 0.37 % Common Equity Tier 1 Capital Ratio(5) 11.8 % 11.8 % 11.5 % 11.5 % 11.3 %
$(3.1) $(2.7) $(2.4) $(1.9) $(1.9) $(1.6) (3.5) (3.0) (2.5) (2.0) (1.5) (1.0) (0.5) - 4Q22 4Q23 4Q24 4Q25 4Q26 4Q27 Bi llio ns ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (AOCI) 23 Note: AOCI burndown based on path of forward curve and hedges in place at September 30, 2026. Includes accretion of unrealized losses related to the 4Q22 transfers of AFS securities to HTM. Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. Steady AOCI improvement with meaningful protection against term rate volatility due to hedging strategy • AOCI is projected to improve by $63 million, or 3%, in 2026 relative to 2025. The improvement in AOCI slowed after the increase in term rates during 2026. • This adds 7 basis points to the tangible common equity ratio in 2026 relative to 2025, all else equal • Hedging strategy provided meaningful protection against term rate volatility • The forward curve at 9/30/2026 assumed 3 rate hikes by end of 2027 Actual Projection Based on forward curve at 9/30/2026 AOCI Projection $354 million, or 18%, projected improvement from 4Q25 to 4Q27 3% 18% Projected Improvement vs. 4Q25
BALANCE SHEET PROFITABILITY 24 (1) Return on Tangible Common Equity is a non-GAAP measure. See Appendix for non-GAAP financial measures. For 2Q26, excluding $252 million of pre-tax net gains, return on average assets would have been approximately 1.17% and return on average tangible common equity would have been approximately 17.1%. Profitability improved over the year-ago quarter, primarily due to improved provision expense 0.99% 1.16% 1.05% 2.01% 1.14% 3Q25 4Q25 1Q26 2Q26 3Q26 16.0% 17.9% 15.5% 28.6% 16.2% 3Q25 4Q25 1Q26 2Q26 3Q26 Return on Assets Return on Tangible Common Equity 1
LOAN GROWTH – BY BANK AFFILIATE AND LOAN TYPE 25 (1) Other category loans includes consumer construction, bankcard, and other consumer loan categories. Totals and percentages shown above may not foot due to rounding. Toal loans decreased during the quarter led by C&I and CRE Term, with pockets of growth in Muni, CRE Construction, and Consumer Zions Bank, 27% CB&T, 24% Amegy, 27% NBAZ, 8% NSB, 5% Vectra, 5% CBW, 4% Other, 0.7% Commercial ($32.4B) Zions Bank, 22% CB&T, 30%Amegy, 19% NBAZ, 12% NSB, 6% Vectra, 6% CBW, 6% Commercial Real Estate ($14.2B) Consumer ($15.9B) Zions Bank, 25% CB&T, 24% Amegy, 22% NBAZ, 10% NSB, 8% Vectra, 9% CBW, 0.4% Other, 2% Period-End Linked Quarter Loan Growth (3Q26 vs. 2Q26) C om m er ci al C R E C on su m er Loan Distribution by Bank and Product (in millions) Zions Bank CB&T Amegy NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) (124) (52) (109) 21 7 16 (45) (11) (296) Owner occupied 20 (17) (16) 13 16 - 6 - 21 Energy (Oil & Gas) (4) - (75) - - 1 - - (78) Municipal 118 3 4 9 (1) 13 2 (26) 122 CRE C&D 82 (41) 38 54 14 52 (5) - 195 CRE Term (19) 156 (93) (108) 20 (60) 3 - (102) 1-4 Family 23 91 (35) (7) - 14 (1) (8) 77 Home Equity 15 10 10 12 6 7 (3) - 57 Other1 5 15 (17) (2) - (5) (1) - (5) Total net loans 116 164 (293) (8) 62 38 (44) (44) (9)
LOAN GROWTH – BY BANK AFFILIATE AND LOAN TYPE 26 (1) Other category loans includes consumer construction, bankcard, and other consumer loan categories. Totals and percentages shown above may not foot due to rounding. Toal loans increased year-over-year led by C&I, CRE Term, and home equity with broad geographic distribution Period-End Year-Ago Quarter Loan Growth (3Q26 vs. 3Q25) C om m er ci al C R E C on su m er (in millions) Zions Bank CB&T Amegy NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 103 435 530 27 65 (3) 97 (7) 1,247 Owner occupied (20) (60) 146 13 26 (20) 5 - 90 Energy (Oil & Gas) (10) - (31) (1) - 4 - - (38) Municipal 36 (7) (55) 13 (6) (45) 76 (58) (46) CRE C&D 87 (171) (55) (34) (44) 111 45 - (61) CRE Term 123 229 140 194 69 (74) 60 - 741 1-4 Family (69) 88 (128) (16) (1) - - 73 (53) Home Equity 52 106 41 43 9 32 3 - 286 Other1 19 51 (21) 6 (9) (16) (1) (1) 28 Total net loans 321 671 567 245 109 (11) 285 7 2,194
SIMULATED REPRICING EXPECTATIONS: EARNING ASSETS & LOANS 27 (1) Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. A substantial portion of earning assets reset within one year with additional resets in later periods 60% 8% 7% 6% 9% 10% 49% 15% 11% 6% 9% 10% ≤ 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 / Maturity Profile1 Loans After Hedging Earning Assets: Rate Reset / Maturity Profile1 51% 8% 8% 6% 10% 17% 46% 13% 10% 5% 9% 17% ≤ 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 After Hedging
5,538 5,531 5,519 5,558 5,558 5,361 3.34 3.34 3.34 3.34 3.34 3.33 0 2,000 4,000 6,000 8,000 10,000 12,000 4Q26 1Q27 2Q27 3Q27 2027 2028 Average Outstanding ($B) Average Fixed Rate Paid (%) 10,830 10,489 10,102 9,980 9,980 2,293 3.66 3.75 3.82 3.80 3.80 4.33 0 2,000 4,000 6,000 8,000 10,000 12,000 4Q26 1Q27 2Q27 3Q27 2027 2028 Average Outstanding ($B) Average Fixed Rate Received (%) PORTFOLIO INTEREST RATE HEDGES AT SEPTEMBER 30, 2026 28 Swaps and futures are used to balance our interest rate sensitivity to income and value Receive-Fixed Hedges1 (pay floating rate) Pay-Fixed Rate Hedges2 (receive floating rate) (1) Received-fixed hedges consist of hedging pools of floating rate loans or received-fixed swaps on subordinated debt. (2) Pay-fixed hedges consist of fair value swaps hedging fixed-rate AFS securities and fixed-rate commercial loans or short-term debt hedges on rolling FHLB advances. Interest rate sensitivity is managed in part with portfolio interest rate hedges1 • In the third quarter, $550 million of receive-fixed swap hedges were added with a fixed rate of 5.14%, $5.5 billion in three-month futures hedges with a yield of 4.47%, and $200 million in fair value pay-fixed hedges with a fixed rate of 4.19%. Receive-fixed swaps and futures are being added to manage asset sensitivity down. $ M illi on s
INTEREST RATE SENSITIVITY – PARALLEL RATE SHOCKS 29 (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 but does assume $1.6 billion of noninterest-bearing demand deposit migration to higher-cost products Standard parallel rate shocks suggest asset sensitivity; favorably positioned for rising rates (7%) (4%) 4% 7% (9%) (4%) 4% 7% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity 1 as of 6/30/2026 as of 9/30/2026
CREDIT QUALITY TRENDS RELATIVE TO PEERS 30 Source: S&P CapIQ, data as of June 30, 2026, where available. NPAs + 90 DPD = nonperforming assets (nonaccrual loans plus other real estate owned) plus loans 90 days past due and still accruing interest. Zions’ NCO/Loans ratio is frequently in the best (lowest) quartile of peers; low loss rates on NPAs NPA Ratio NPAs + 90 DPD, as a percentage of Loans + OREO NCOs / Loans (Trailing 12-month Average) 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 ZION Peer Top Quartile Peer Bottom Quartile 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 ZION Peer Lowest Quartile Peer Highest Quartile
LOAN LOSS SEVERITY 31 Source: S&P CapIQ. Calculated using the average of annualized quarterly results. When problems arise, Zions generally experiences less severe loan losses due to strong collateral and underwriting practices 12 % 19 % 22 % 22 % 25 % 36 % 36 % 40 % 46 % 46 % 50 % 58 % 61 % 73 % ZI O N Annualized NCOs / Nonaccrual Loans Five-Year Average (2021Q3 – 2026Q2) Annualized NCOs / Nonaccrual Loans Fifteen-Year Average (2011Q3 – 2026Q2) 13 % 17 % 17 % 19 % 22 % 36 % 38 % 40 % 43 % 44 % 45 % 51 % 52 % 64 % ZI O N >1 00 % >1 00 %
COMMERCIAL REAL ESTATE SUMMARY ($14.2 BILLION BALANCE) 32 Note: Loan to Value (LTV) calculations reflect the most current bank ordered / reviewed appraisal in the denominator and the current outstanding balance in the numerator. Appraisals and evaluations are performed in accordance with regulatory guidelines. Percentages shown in graphs may not foot due to rounding. The commercial real estate portfolio is granular and well diversified, 23% of total loans Term CRE ($11.8B) • Weighted average LTVs of < 60% • Maturity distribution over the next three years: 12% (2026), 21% (2027), 16% (2028) • Average & median loan size of $4.1 million & $1.1 million • 9.3% criticized; 7.5% classified; 0.3% nonaccrual; 0.2% delinquencies Construction and Land Development ($2.4B) • Land and acquisition & development less than 2.0% of CRE portfolio • 2.9% criticized; 2.1% classified; 0.0% nonaccrual; 0.0% delinquencies Office ($1.5B) • Weighted average LTVs (< 60%) • 75% suburban and 25% central business district • Average & median loan size of $4.0 million & < $1 million • 6.4%/5.7% criticized / classified; 2.0% nonaccrual; 0.5% delinquencies • Term office portfolio is 87% leased (weighted average) • Net charge-offs since 2020 <6 bps annualized • 83% term, 17% construction • Portfolio growth has been carefully managed for over a decade through disciplined concentration limits • Granular portfolio with solid sponsor or guarantor support • Collateral diversified by property type and location • Net charge-offs since 2020 <1 bps annualized Multifamily, 29% Industrial, 23%Office, 11% Retail, 13% Hospitality, 6% Residential Construction, 5% Other, 13% CRE Portfolio Composition As of Sep 30, 2026
COMMERCIAL REAL ESTATE PROBLEM LOANS IN FOCUS 33 Note: LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. Approximately 42% of CRE classified balances have 2026 appraisals, 30% in 2025, 2% 2024, 8% 2023 and earlier. The commercial real estate portfolio benefits from low LTVs, guarantor support, low delinquencies, and diversification • Improved credit quality with decreasing classified loans, stable nonaccruals, low delinquencies, and low charge- offs (TTM -0.01%), driven by conservative underwriting, significant borrower equity, and guarantor support • The ACL for CRE remains substantial relative to credit quality measures (1.2% of CRE balances, 4.4x CRE nonaccruals) (140) (120) (100) (80) (60) (40) (20) 0 20 Office Industrial Multifamily Change in CRE Problem Loans Levels 6/30/26 to 9/30/2026 Criticized Classified Nonaccrual 0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Classified CRE LTVs Appraised vs. Index Adjusted Index Adjusted Most Recent Appraisal 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 CRE Nonperforming Asset and Charge-offs Levels Nonaccrual % GCO QTD Annualized 30+ Days Past Due
IN-DEPTH REVIEW: COMMERCIAL REAL ESTATE 34 Data is updated through 3Q26. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. Limited tail loan-to-value risk in portfolio; controlled CRE growth and improving credit metrics WAVG LTV % of CRE Term % of CRE Construction Classified % ACL % Multifamily 55% 28% 50% 10.9% 1.3% Industrial / Warehouse 55% 24% 27% 7.4% 0.8% Office 53% 13% 2% 5.7% 2.7% Retail 52% 14% 6% 2.4% 0.9% Hospitality 44% 7% 1% 0.6% 0.5% Zions has limited “tail risk” in its CRE portfolio Total CRE Problem Loan Trends as a percentage of total CRE loans CRE LTVs Appraised vs. Indexed 0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal 0.2 0.7 0.9 0.61.4 2.5 1.8 6.0 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 16% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Criticized % Classified % Nonaccrual % GCO QTD Annualized ($ billions) ($ billions) 2.5 2.2 2.3 2.2 2.4 11.0 11.2 11.4 11.8 11.8 3Q25 4Q25 1Q26 2Q26 3Q26 Balance Trends Construction Balances Term Balances
Zions has exercised caution in CRE concentrations for more than a decade and in underwriting standards for many decades. • Key factors: • 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 DISCIPLINED COMMERCIAL REAL ESTATE GROWTH 35 Data as of June 30, 2026; peer growth rates are normalized for significant acquisitions Commercial real estate loan growth lags peers due to continued exercise of concentration risk discipline 0 50 100 150 200 250 300 350 400 2Q 15 2Q 16 2Q 17 2Q 18 2Q 19 2Q 20 2Q 21 2Q 22 2Q 23 2Q 24 2Q 25 2Q 26 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 1Q15 = 100 Commercial Real Estate Excluding Owner Occupied
0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal IN-DEPTH REVIEW: CRE OFFICE ($1.5 BILLION BALANCE) 36 Data updated through 3Q26. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Office portfolio is 11% of total CRE exposure and 2.5% of total loans; charge-offs remain limited • Allowance for credit losses: 2.7% of balances / 43% of criticized balances • 10% decrease in balances year-over-year via payoffs, loan rebalance, amortization; 38% decrease in balances since 1Q 2021 • Classified levels continue to decline via loan repayment and positive property leasing; nonaccruals (2.0%) remain low • Median loan size: $0.9 million; average loan size: $4.0 million • 36% variable rate with swap, 14% fixed rate, 50% variable rate w/o swap • 35% of total office exposure has a maturity date in the next 12 months • By State: 26% UT, 18% WA, 17% CA, 14% AZ, 11% TX, 14% all other Office Problem Loan Trends as a percentage of total office loans ($ billions) When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination CRE Office LTVs Appraised vs. Indexed ($ billions) 0.0 0.0 0.0 0.0 0.0 1.7 1.7 1.6 1.5 1.5 3Q25 4Q25 1Q26 2Q26 3Q26 Balance Trends Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Criticized % Classified % Nonaccrual % GCO QTD Annualized 0.2 0.4 0.2 0.8 2026 2027 2028 2029+ Maturities Construction Balances Term Balances
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal CRE Multifamily Appraised vs. Indexed IN-DEPTH REVIEW: CRE MULTIFAMILY ($4.2 BILLION BALANCE) 37 Data is updated through 3Q26. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Multifamily portfolio is 30% of total CRE exposure and 7% of total loan exposure • Allowance for credit losses: 1.3% of total multifamily balances / 9% of criticized balances • Net charge-offs since 2020 <1 bps annualized • Loan balances up 6.7% year-over-year • Elevated criticized levels from longer lease up timelines and construction delays; nonaccruals remain at 0.0% • 80% term, 20% construction • Median loan size: $1.5 million; average loan size: $6.4 million • 24% variable rate with swap, 9% fixed rate, 67% variable rate w/o swap • By State: 26% TX, 23% CA, 16% UT, 8% AZ, 8% WA, 19% all other Multifamily Problem Loan Trends as a percentage of total multifamily loans When values are updated based on indexed / current values, multifamily exposure continues to benefit from low LTVs at origination ($ billions) 0% 5% 10% 15% 20% 25% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Criticized % Classified % Nonaccrual % GCO QTD Annualized 0.1 0.2 0.3 0.2 0.7 0.8 0.6 1.3 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 1.0 0.8 0.8 0.7 0.8 2.9 3.2 3.3 3.5 3.3 3Q25 4Q25 1Q26 2Q26 3Q26 Balance Trends Construction Balances Term Balances ($ billions)
0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal IN-DEPTH REVIEW: CRE INDUSTRIAL ($3.3 BILLION BALANCE) 38 Data is updated through 3Q26. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Industrial portfolio is 23% of total CRE exposure and 5% of total loan exposure • Allowance for credit losses: 0.8% of balances / 8.7% of criticized balances • Net charge-offs since 2020 <1 bps annualized • Loan balances up 7.0% year-over-year • Elevated but declining criticized levels from longer lease up timelines and construction delays; nonaccruals remain low at 0.2% • 86% term, 14% construction • Median loan size: $1.7 million; average loan size: $5.2 million • 25% variable rate with swap, 10% fixed rate, 65% variable rate w/o swap • By State: 28% CA, 17% UT, 17% TX, 15% AZ, 8% NV, 15% all other Industrial Problem Loan Trends as a percentage of total industrial loans ($ billions) When values are updated based on indexed / current values, industrial exposure continues to benefit from low LTVs at origination CRE Industrial Appraised vs. Indexed 0.0 0.1 0.2 0.10.3 0.7 0.4 1.4 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Criticized % Classified % Nonaccrual % GCO QTD Annualized ($ billions) 0.4 0.3 0.4 0.4 0.4 2.7 2.7 2.7 2.8 2.9 3Q25 4Q25 1Q26 2Q26 3Q26 Balance Trends Construction Balances Term Balances
LOANS TO NON-DEPOSITORY FINANCIAL INSTITUTIONS (NDFI) ($2.2B BALANCE) 39 (1) Peer information sourced from S&P Capital IQ through June 30, 2026, adjusted for mergers and acquisitions where applicable. Peer data also includes the impact of any reclassifications that resulted from updated call report guidance. Loans to NDFIs make up 8% of the commercial portfolio and are 4% of total loans; portfolio growth has been limited Zions’ NDFI Portfolio Allocation Business Credit: BDCs, SBIC, Senior Loan Funds, Equipment Leasing $945 | 43% Mortgage Credit: REITs, Residential and Commercial Mortgage $335 | 15% Consumer Credit: Consumer Secured and Unsecured Loans $272 | 12% Private Equity Funds: Capital Call Lines, Subscription Lines $118 | 5% Other Loans: Family Office, Insurance, Broker/Dealer $540 | 24% Total Loans to Non-Depository Financial Institutions $2,210 Portfolio characteristics: • Diversified across many lending segments and asset classes • Loans tend to be governed by a borrowing base against diversified pools; structure depends on relationship length, borrower sophistication, and borrower industry • Average loan size is approximately $9.1 million; median size of $0.9 million • Problem loan levels remain low; Criticized 1.1%, Classified 1.1%, Nonaccrual 0.4% • Less than $500 million (<1% of total loans) in combined outstanding exposure to Business Development Corporations and Private Debt funds $ millions; as of 9/30/2026 0 200 400 600 800 1,000 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 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 ZION Peer Median Peer Top Quartile Peer Bottom Quartile Indexed: 1Q20 = 100 NDFI Growth1 4% 0% 5% 10% 15% 20% 25% 30% ZION Peer Non-Depository Financial Institutions Concentration as a percentage of total loans
MIDDLE MARKET COALITION GREENWICH BEST BANK AWARDS 40 Zions compares favorably to global competitors (JP Morgan, Bank of America, Wells Fargo, US Bank) Greenwich Best Bank Awards • Ranked seventh among all U.S. banks for Middle Market & Small Business with 15 Best Bank Awards • Consistently recognized as an industry leader - one of only four U.S. banks to average 15 or more wins overall since the inception of the awards in 2009 • Since the awards’ inception, Zions has received the second highest number of middle market awards Middle Market (Revenue of $10MM-$500MM) Zions Bancorp Major Bank Competitors (Avg. Score) Highest Major Bank Competitor's Score Zions’ Rank Overall Satisfaction - Customers 49 43 48 1st Bank You Can Trust 78 50 53 1st Values Long-Term Relationships 78 53 58 1st Ease of Doing Business 66 47 51 1st Overall Customer Satisfaction: -with Bankers 79 53 57 1st -with TMO/CM Specialist 62 49 58 1st -with Cash Management 53 44 48 1st Net Promoter Score** 55 40 54 1st Coalition Greenwich Customer Satisfaction % Excellent Citations* Source: Coalition Greenwich Voice of Client – 2025 US Commercial Banking Study *Excellent Citations are a "5" on a 5 point scale from "5" excellent to "1" poor ** NPS Range: World Class 70+; Excellent 50+; Very Good 30+; Good 0 - 30; Needs Improvement (100) - 0 Awards don’t define us … but this consistency confirms the strength of our model $10MM-500MM
NON-GAAP FINANCIAL MEASURES 41 Note: Excluding the $15 million charitable contribution, the efficiency ratio for the three months ended December 31, 2025 would have been 60.6%. In millions 3Q26 2Q26 1Q26 4Q25 3Q25 (a) Total noninterest expense $553 $551 $562 $546 $527 LESS adjustments: Severance costs 1 1 3 5 6 Other real estate expense 1 1 - (2) - Amortization of core deposit and other intangibles 3 2 2 2 2 FDIC special assessment - (6) (1) (9) (2) SBIC investment success fee accrual (1) 7 - 2 1 (b) Total adjustments 4 5 4 (2) 7 (c) = (a - b) Adjusted noninterest expense 549 546 558 548 520 (d) Net interest income 684 677 662 683 672 (e) Fully taxable-equivalent adjustments 12 11 11 11 11 (f) = (d + e) Taxable-equivalent net interest income (TE NII) 696 688 673 694 683 (g) Customer-related noninterest income 192 182 172 177 163 (h) Net credit valuation adjustment (CVA) 10 1 (2) 2 (11) (i) = (g - h) Adjusted customer-related noninterest income $182 $181 $174 $175 $174 (j) Noncustomer-related noninterest income 5 278 15 31 26 (k) Securities gains (losses), net (4) 269 3 21 11 (l) = (j - k) Adjusted noncustomer-related noninterest income 9 9 12 10 15 (m) = (f + g + j) Combined income $893 $1,148 $860 $902 $872 (n) = (f + i + l) Adjusted tax-equivalent revenue $887 $878 $859 $879 $872 (m) – (a) Pre-provision net revenue (PPNR) $340 $597 $298 $356 $345 (n) – (c) Adjusted pre-provision net revenue (PPNR) $338 $332 $301 $331 $352 (c) / (n) Efficiency Ratio 61.9% 62.2% 65.0% 62.3% 59.6%
NON-GAAP FINANCIAL MEASURES (CONTINUED) 42 Excluding $252 million of pre-tax net gains ($191 million after tax), return on average tangible common equity for the three months ended June 30, 2026 would have been approximately 17.1%. In millions 3Q26 2Q26 1Q26 4Q25 3Q25 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $262 $452 $232 $262 $221 Adjustments, net of tax: Amortization of core deposit and other intangibles 2 2 2 2 2 (a) Net earnings applicable to common, net of tax $264 $454 $234 $264 $223 Average common equity (GAAP) $7,724 $7,457 $7,194 $6,956 $6,616 Average goodwill and intangibles (1,240) (1,088) (1,090) (1,093) (1,095) (b) Average tangible common equity (non-GAAP) $6,484 $6,369 $6,104 $5,863 $5,521 (c) Number of days in quarter 92 91 90 92 92 (d) Number of days in year 365 365 365 365 365 (a/b/c)*d Return on average tangible common equity (non- GAAP) 16.2% 28.6% 15.5% 17.9% 16.0%
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