8-K

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 21, 2024

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

(Exact name of registrant as specified in its charter)

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

Registrant's telephone number, including area code (801) 844-8208

Former name or former address, if changed since last report

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02    Results of Operations and Financial Condition.

On October 21, 2024, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended September 30, 2024 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on October 21, 2024. The press release announcing the financial results for the quarter ended September 30, 2024 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
99.1	Press Release dated October 21, 2024 (furnished herewith).
99.2	Earnings Release Presentation dated October 21, 2024 (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 21, 2024

Document

Zions Bancorporation, N.A.<br>One South Main<br>Salt Lake City, UT 84133<br>October 21, 2024
www.zionsbancorporation.com

Third Quarter 2024 Financial Results: FOR IMMEDIATE RELEASE

Investor Contact: Shannon Drage (801) 844-8208

Media Contact: Rob Brough (801) 844-7979

Zions Bancorporation, N.A. reports: 3Q24 Net Earnings of $204 million, diluted EPS of $1.37
compared with 3Q23 Net Earnings of $168 million, diluted EPS of $1.13,<br>and 2Q24 Net Earnings of $190 million, diluted EPS of $1.28

THIRD QUARTER RESULTS

$1.37	$204 million	3.03%	10.7%
Net earnings per diluted common share	Net earnings	Net interest margin (“NIM”)	Estimated Common Equity<br>Tier 1 ratio
THIRD QUARTER HIGHLIGHTS¹
---	---	---	---
Net Interest Income and NIM		•
	•		NIM was 3.03%, compared with 2.93%
Operating Performance		•
	•		Customer-related noninterest income was 161 million, up 3%
	•		Noninterest expense was 502 million, up 1%; adjusted noninterest expense² was 499 million, up 1%
Loans and Credit Quality		•
	•		The provision for credit losses was 13 million, compared with 41 million
	•		The allowance for credit losses was 1.25%, compared with 1.30%, of loans and leases
	•		The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.02%, compared with 0.10%
	•		Nonperforming assets3 were 368 million, or 0.62%, compared with 219 million, or 0.38%, of loans and leases and other real estate owned
	•		Classified loans were 2.1 billion, or 3.55%, compared with 769 million, or 1.35%, of loans and leases
Deposits and Borrowed Funds		•
	•		Short-term borrowings, consisting primarily of secured borrowings, were 2.9 billion, down 33%
Capital		•

All values are in US Dollars.

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We’re pleased with the continued improvement in our financial performance, reflected in the 21% increase in earnings per share over the same period last year. The net interest margin strengthened to 3.03% from 2.93% a year ago, and operating costs increased a modest 1%. Average noninterest-bearing demand deposits decreased 1.7% relative to the prior quarter of this year, but were flat to last quarter’s ending balance, suggesting continued stabilization of this important source of low-cost funding. Tangible common equity has grown 28% over the past year, and 8% over the past quarter.”<br><br>Mr. Simmons continued, “While classified loans increased 66% quarter over quarter, reflecting somewhat weaker fundamental performance in multi-family residential loans, we expect credit losses to remain well controlled as a result of strong equity and sponsorship in these deals. Realized total credit losses remained very low during the quarter at an annualized rate of 0.02% of loans.”<br><br>Mr. Simmons concluded, “Finally, we were pleased to announce during the quarter an agreement with FirstBank, headquartered in Lakewood, Colorado, to purchase four of their branches in California’s Coachella Valley with approximately $730 million in deposits and $420 million in loans. Upon receiving regulatory approval, these offices will become part of California Bank & Trust, and will strengthen our competitive position in that market.”
OPERATING PERFORMANCE2
(In millions)		Three Months Ended<br>September 30,								Nine Months Ended<br>September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2024				2023				2024				2023
Adjusted PPNR		$	299			$	272			$	819			$	909
Net charge-offs (recoveries)		$	3			$	14			$	24			$	27
Efficiency ratio		62.5		%		64.4		%		64.9		%		62.2		%
Weighted average diluted shares		147.2				147.7				147.2				147.8

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

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

3 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 2

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

RESULTS OF OPERATIONS

Net Interest Income and Margin
										3Q24 - 2Q24			3Q24 - 3Q23
(In millions)	3Q24			2Q24			3Q23				%			%
Interest and fees on loans	$	899		$	877		$	831			3	%		8	%
Interest on money market investments	67			56			35			11	20		32	91
Interest on securities	138			140			144			(2)	(1)		(6)	(4)
Total interest income	1,104			1,073			1,010			31	3		94	9
Interest on deposits	403			390			366			13	3		37	10
Interest on short- and long-term borrowings	81			86			59			(5)	(6)		22	37
Total interest expense	484			476			425			8	2		59	14
Net interest income	$	620		$	597		$	585			4			6
										bps			bps
Yield on interest-earning assets1	5.35		%	5.31		%	5.02		%	4			33
Rate paid on total deposits and interest-bearing liabilities1	2.36		%	2.36		%	2.10		%	—			26
Cost of total deposits1	2.14		%	2.11		%	1.92		%	3			22
Net interest margin1	3.03		%	2.98		%	2.93		%	5			10

All values are in US Dollars.

1 Taxable-equivalent rates used where applicable.

Net interest income increased $35 million, or 6%, in the third quarter of 2024, relative to the prior year period, as higher earning asset yields were partially offset by higher funding costs. Net interest income was also impacted by growth in average interest-earning assets. The net interest margin was 3.03%, compared with 2.93%.

The yield on average interest-earning assets was 5.35% in the third quarter of 2024, an increase of 33 basis points, reflecting higher interest rates and a favorable mix change to higher yielding assets. The yield on average loans and leases increased 31 basis points to 6.15%, and the yield on average securities increased 13 basis points to 2.86% in the third quarter of 2024.

The rate paid on total deposits and interest-bearing liabilities was 2.36%, compared with 2.10% in the prior year quarter, and the cost of total deposits was 2.14%, compared with 1.92%, reflecting the higher interest rate environment and reduced noninterest-bearing deposits.

Average interest-earning assets increased $2.2 billion, or 3% from the prior year quarter, as growth of $2.3 billion in average money market investments and $1.7 billion in average loans and leases, was partially offset by a decline of $1.8 billion in average securities. The decrease in average securities was primarily due to principal reductions.

Average interest-bearing liabilities increased $4.3 billion, or 8%, from the prior year quarter, driven by increases of $2.5 billion and $1.8 billion in average interest-bearing deposits and average borrowed funds, respectively.

ZIONS BANCORPORATION, N.A.

Press Release – Page 3

Noninterest Income
							3Q24 - 2Q24			3Q24 - 3Q23
(In millions)	3Q24		2Q24		3Q23			%			%
Commercial account fees	$	46	$	45	$	43		2	%		7	%
Card fees	24		25		26		(1)	(4)		(2)	(8)
Retail and business banking fees	18		16		17		2	13		1	6
Loan-related fees and income	17		18		23		(1)	(6)		(6)	(26)
Capital markets fees	28		21		18		7	33		10	56
Wealth management fees	14		15		15		(1)	(7)		(1)	(7)
Other customer-related fees	14		14		15		—	—		(1)	(7)
Customer-related noninterest income	161		154		157		7	5		4	3
Fair value and nonhedge derivative income (loss)	(3)		(1)		7		(2)	NM		(10)	NM
Dividends and other income	5		22		12		(17)	(77)		(7)	(58)
Securities gains (losses), net	9		4		4		5	NM		5	NM
Total noninterest income	$	172	$	179	$	180		(4)			(4)

All values are in US Dollars.

Customer-related noninterest income increased $4 million, or 3%, compared with the prior year period. Capital markets fees increased $10 million, largely due to increased swap fees, loan syndication fees, and expanded real estate capital markets activity, and commercial account fees increased $3 million. These increases were partially offset by a $6 million decrease in loan-related fees and income, primarily due to higher gains on loan sales in the prior year period and a decline in loan servicing income resulting from the sale of associated mortgage servicing rights in the third quarter of 2023.

Fair value and nonhedge derivative income decreased $10 million, primarily due to credit valuation adjustments on client-related interest rate swaps, and dividends and other income decreased $7 million, primarily due to a decline in dividends on FHLB stock. These decreases were partially offset by an increase of $5 million in net securities gains, largely due to valuation adjustments in our SBIC investment portfolio.

Noninterest Expense
							3Q24 - 2Q24			3Q24 - 3Q23
(In millions)	3Q24		2Q24		3Q23			%			%
Salaries and employee benefits	$	317	$	318	$	311		—	%		2	%
Technology, telecom, and information processing	66		66		62		—	—		4	6
Occupancy and equipment, net	40		40		42		—	—		(2)	(5)
Professional and legal services	14		17		16		(3)	(18)		(2)	(13)
Marketing and business development	12		13		10		(1)	(8)		2	20
Deposit insurance and regulatory expense	19		21		20		(2)	(10)		(1)	(5)
Credit-related expense	6		6		6		—	—		—	—
Other real estate expense, net	—		(1)		—		1	NM		—	NM
Other	28		29		29		(1)	(3)		(1)	(3)
Total noninterest expense	$	502	$	509	$	496		(1)			1
Adjusted noninterest expense 1	$	499	$	506	$	493		(1)			1

All values are in US Dollars.

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

Total noninterest expense increased $6 million, or 1%, relative to the prior year quarter. Salaries and employee benefits expense increased $6 million, or 2%, primarily due to a decline in capitalized salaries related to reduced software development activities, as well as higher benefits accruals, and an additional business day during the current quarter. Technology, telecom, and information processing expense increased $4 million, or 6%, primarily due to increases in application software, license, and maintenance expenses. These increases were partially offset by

ZIONS BANCORPORATION, N.A.

Press Release – Page 4

decreases in other expenses including professional and legal services associated with reduced technology-related consulting services and occupancy and equipment expenses.

Adjusted noninterest expense increased $6 million, or 1%. The efficiency ratio was 62.5%, compared with 64.4%, due to an increase in adjusted taxable-equivalent revenue. For information on non-GAAP financial measures, see pages 16-17.

BALANCE SHEET ANALYSIS

Investment Securities
							3Q24 - 2Q24			3Q24 - 3Q23
(In millions)	3Q24		2Q24		3Q23			%			%
Investment securities:
Available-for-sale, at fair value	$	9,495	$	9,483	$	10,148		—	%		(6)	%
Held-to-maturity, at amortized cost	9,857		10,065		10,559		(208)	(2)		(702)	(7)
Total investment securities, net of allowance	$	19,352	$	19,548	$	20,707		(1)			(7)

All values are in US Dollars.

Total investment securities decreased $1.4 billion, or 7%, to $19.4 billion at September 30, 2024, largely due to principal reductions. We invest in securities to actively manage liquidity and interest rate risk and to generate interest income. We primarily own securities that can readily provide us cash and liquidity through secured borrowing agreements without the need to sell the securities. Our fixed-rate securities portfolio helps balance the inherent interest rate mismatch between loans and deposits and protects the economic value of shareholders' equity. At September 30, 2024, the estimated duration of our investment securities portfolio, which measures price sensitivity to interest rate changes, was 3.6 percent, compared with 3.5 percent at September 30, 2023.

Loans and Leases
							3Q24 - 2Q24			3Q24 - 3Q23
(In millions)	3Q24		2Q24		3Q23			%			%
Loans held for sale	$	97	$	112	$	41		(13)	%		NM
Loans and leases:
Commercial	$	30,785	$	30,511	$	30,208		1			2	%
Commercial real estate	13,483		13,549		13,140		(66)	—		343	3
Consumer	14,616		14,355		13,545		261	2		1,071	8
Loans and leases, net of unearned income and fees	58,884		58,415		56,893		469	1		1,991	3
Less allowance for loan losses	694		696		681		(2)	—		13	2
Loans and leases held for investment, net of allowance	$	58,190	$	57,719	$	56,212		1			4
Unfunded lending commitments	$	29,121	$	29,122	$	30,442		—			(4)

All values are in US Dollars.

Loans and leases, net of unearned income and fees, increased $2.0 billion, or 3%, to $58.9 billion, relative to the prior year quarter. Consumer loans increased $1.1 billion from the prior year quarter, primarily in the 1-4 family residential loan portfolio, and commercial loans increased $0.6 billion, primarily in the commercial and industrial loan portfolio. Unfunded lending commitments decreased $1.3 billion, or 4%, to $29.1 billion, primarily due to draws on existing commercial and consumer construction lending commitments.

ZIONS BANCORPORATION, N.A.

Press Release – Page 5

Credit Quality
										3Q24 - 2Q24			3Q24 - 3Q23
(In millions)	3Q24			2Q24			3Q23				%			%
Provision for credit losses	$	13		$	5		$	41			NM			(68)	%
Allowance for credit losses	736			726			738			10	1	%	(2)	—
Net loan and lease charge-offs (recoveries)	3			15			14			(12)	(80)		(11)	(79)
Nonperforming assets	368			265			219			103	39		149	68
Classified loans	2,093			1,264			769			829	66		1,324	NM
	3Q24			2Q24			3Q23			bps			bps
Ratio of ACL to loans and leases outstanding, at period end	1.25		%	1.24		%	1.30		%	1			(5)
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans	0.02		%	0.10		%	0.10		%	(8)			(8)
Ratio of nonperforming assets to loans and leases and other real estate owned	0.62		%	0.45		%	0.38		%	17			24
Ratio of classified loans to total loans and leases	3.55		%	2.16		%	1.35		%	139			220

All values are in US Dollars.

During the third quarter of 2024, we recorded a $13 million provision for credit losses, compared with a $41 million provision during the prior year period. The allowance for credit losses (“ACL”) was $736 million at September 30, 2024, and was relatively flat compared with $738 million at September 30, 2023. The slight decrease in the ACL primarily reflects improvements in economic forecasts and declines in unfunded lending commitments related to construction lending, partially offset by increases associated with declines in credit quality, incremental reserves associated with portfolio-specific risks including commercial real estate (“CRE”), average loan growth of $1.7 billion, and changes in our loan portfolio composition. The ratio of ACL to total loans and leases was 1.25% at September 30, 2024, compared with 1.30% at September 30, 2023.

Net loan and lease charge-offs totaled $3 million, compared with $14 million in the prior year quarter. Nonperforming assets totaled $368 million, or 0.62%, compared with $219 million, or 0.38%, of total loans and leases. Classified loans totaled $2.1 billion, or 3.55%, compared with $769 million, or 1.35%, of total loans and leases.

The increases in nonperforming assets and classified loans were primarily in the commercial and industrial and term CRE portfolios. Classified loans increased primarily in the multifamily CRE loan portfolio as borrowers missed projections due to lower-than-anticipated leasing, rent concessions, elevated costs, and higher interest rates. Our multifamily CRE loan portfolio continues to benefit from strong underwriting, supported by high borrower equity and guarantor support.

ZIONS BANCORPORATION, N.A.

Press Release – Page 6

Deposits and Borrowed Funds
							3Q24 - 2Q24			3Q24 - 3Q23
(In millions)	3Q24		2Q24		3Q23			%			%
Deposits:
Noninterest-bearing demand	$	24,973	$	24,731	$	26,733		1	%		(7)	%
Interest-bearing:
Savings and money market	39,215		38,560		37,026		655	2		2,189	6
Time	6,333		6,189		5,089		144	2		1,244	24
Brokered	5,197		4,290		6,551		907	21		(1,354)	(21)
Total interest-bearing	50,745		49,039		48,666		1,706	3		2,079	4
Total deposits	$	75,718	$	73,770	$	75,399		3			—
Borrowed funds:
Federal funds purchased and other short-term borrowings	$	2,919	$	5,651	$	4,346		(48)			(33)
Long-term debt	548		546		540		2	—		8	1
Total borrowed funds	$	3,467	$	6,197	$	4,886		(44)			(29)

All values are in US Dollars.

Total deposits increased $319 million from the prior year quarter, as a $2.1 billion increase in interest-bearing deposits was partially offset by a $1.8 billion decrease in noninterest-bearing demand deposits. At September 30, 2024, customer deposits (excluding brokered deposits) totaled $70.5 billion, compared with $68.8 billion at September 30, 2023, and included approximately $7.3 billion and $6.4 billion of reciprocal deposits, respectively. Our loan-to-deposit ratio was 78%, compared with 75% in the prior year quarter.

Total borrowed funds, consisting primarily of secured borrowings, decreased $1.4 billion, or 29%, from the prior year quarter, primarily due to a decrease in security repurchase agreements.

Shareholders’ Equity
							3Q24 - 2Q24			3Q24 - 3Q23
(In millions, except share data)	3Q24		2Q24		3Q23			%			%
Shareholders’ equity:
Preferred stock	$	440	$	440	$	440		—	%		—	%
Common stock and additional paid-in capital	1,717		1,713		1,726		4	—		(9)	(1)
Retained earnings	6,564		6,421		6,157		143	2		407	7
Accumulated other comprehensive income (loss)	(2,336)		(2,549)		(3,008)		213	8		672	22
Total shareholders’ equity	$	6,385	$	6,025	$	5,315		6			20
Capital distributions:
Common dividends paid	$	61	$	61	$	61		—			—
Bank common stock repurchased	—		—		—		—	—		—	—
Total capital distributed to common shareholders	$	61	$	61	$	61		—			—
							shares	%		shares	%
Weighted average diluted common shares outstanding (in thousands)	147,150		147,120		147,653		30	—	%	(503)	—	%
Common shares outstanding, at period end (in thousands)	147,699		147,684		148,146		15	—		(447)	—

All values are in US Dollars.

The common stock dividend was $0.41 per share, unchanged from the third quarter of 2023. Common shares outstanding decreased 0.4 million from the third quarter of 2023, primarily due to common stock repurchases in the first quarter of 2024.

ZIONS BANCORPORATION, N.A.

Press Release – Page 7

Accumulated other comprehensive income (loss) (“AOCI”) was a loss of $2.3 billion at September 30, 2024, and largely reflects a decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are currently excluded from regulatory capital, and therefore do not impact our regulatory capital ratios.

Estimated common equity tier 1 (“CET1”) capital was $7.2 billion, an increase of 6%, compared with $6.8 billion in the prior year period. The estimated CET1 capital ratio was 10.7%, compared with 10.2%. Tangible book value per common share increased to $33.12, compared with $25.75, primarily due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see pages 16-17.

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the third quarter results at 5:30 p.m. ET on October 21, 2024. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and using the meeting number 13749356, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $87 billion of total assets at December 31, 2023, and annual net revenue of $3.1 billion in 2023. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

This earnings release includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements include, among others:

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

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

Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, important factors that may cause material differences include:

ZIONS BANCORPORATION, N.A.

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•The quality and composition of our loan and securities portfolios and the quality and composition of our deposits;

•Changes in general industry, political, and economic conditions, including elevated inflation, economic slowdown or recession, or other economic challenges; changes in interest and reference rates, which could adversely affect our revenue and expenses, the value of assets and liabilities, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses;

•The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in applicable laws, and fiscal, monetary, regulatory, trade, and tax policies, and actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue; increases in bank fees, insurance assessments and capital standards; and other regulatory requirements;

•Competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services, and our ability to recruit and retain talent;

•The impact of technological advancements, digital commerce, artificial intelligence, and other innovations affecting the banking industry;

•Our ability to complete projects and initiatives and execute on our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives;

•Our ability to develop and maintain technology, information security systems, and controls designed to guard against fraud, cybersecurity, and privacy risks;

•Our ability to provide adequate oversight of our suppliers or prevent inadequate performance by third parties upon whom we rely for the delivery of various products and services;

•Natural disasters, pandemics, catastrophic events, and other emergencies and incidents and their impact on our and our customers’ operations and business and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products;

•Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change;

•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 banks, the banking industry, or otherwise that may adversely affect our reputation and that of the banking industry generally;

•Protracted congressional negotiations and political stalemates regarding government funding and other issues, including those that increase the possibility of government shutdowns, downgrades in United States (“U.S.”) credit ratings, or other economic disruptions; and

•The effects of wars and geopolitical conflicts, such as the ongoing war between Russia and Ukraine, the war in the Middle East, and other local, national, or international disasters, crises, or conflicts that may occur in the future.

Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2023 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC), and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov).

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 9

FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended
(In millions, except share, per share, and ratio data)	September 30,<br>2024			June 30,<br>2024			March 31,<br>2024			December 31,<br>2023			September 30,<br>2023
BALANCE SHEET 1
Loans held for investment, net of allowance	$	58,190		$	57,719		$	57,410		$	57,095		$	56,212
Total assets	87,032			87,606			87,060			87,203			87,269
Deposits	75,718			73,770			74,237			74,961			75,399
Total shareholders’ equity	6,385			6,025			5,829			5,691			5,315
STATEMENT OF INCOME
Net earnings applicable to common shareholders	$	204		$	190		$	143		$	116		$	168
Net interest income	620			597			586			583			585
Taxable-equivalent net interest income 2	632			608			596			593			596
Total noninterest income	172			179			156			148			180
Total noninterest expense	502			509			526			581			496
Pre-provision net revenue 2	302			278			226			160			280
Adjusted pre-provision net revenue 2	299			278			242			262			272
Provision for credit losses	13			5			13			—			41
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share	$	1.37		$	1.28		$	0.96		$	0.78		$	1.13
Dividends	0.41			0.41			0.41			0.41			0.41
Book value per common share 1	40.25			37.82			36.50			35.44			32.91
Tangible book value per common share 1, 2	33.12			30.67			29.34			28.30			25.75
Weighted average share price	47.13			42.01			41.03			35.95			34.67
Weighted average diluted common shares outstanding (in thousands)	147,150			147,120			147,343			147,645			147,653
Common shares outstanding (in thousands) 1	147,699			147,684			147,653			148,153			148,146
SELECTED RATIOS AND OTHER DATA
Return on average assets	0.95		%	0.91		%	0.70		%	0.57		%	0.80		%
Return on average common equity	14.1		%	14.0		%	10.9		%	9.2		%	13.5		%
Return on average tangible common equity 2	17.4		%	17.5		%	13.7		%	11.8		%	17.3		%
Net interest margin	3.03		%	2.98		%	2.94		%	2.91		%	2.93		%
Cost of total deposits	2.14		%	2.11		%	2.06		%	2.06		%	1.92		%
Efficiency ratio 2	62.5		%	64.5		%	67.9		%	65.1		%	64.4		%
Effective tax rate 3	22.7		%	23.3		%	24.6		%	16.0		%	23.2		%
Ratio of nonperforming assets to loans and leases and other real estate owned	0.62		%	0.45		%	0.44		%	0.39		%	0.38		%
Annualized ratio of net loan and lease charge-offs to average loans	0.02		%	0.10		%	0.04		%	0.06		%	0.10		%
Ratio of total allowance for credit losses to loans and leases outstanding 1	1.25		%	1.24		%	1.27		%	1.26		%	1.30		%
Full-time equivalent employees	9,503			9,696			9,708			9,679			9,984
CAPITAL RATIOS AND DATA 1
Tangible common equity ratio 2	5.7		%	5.2		%	5.0		%	4.9		%	4.4		%
Common equity tier 1 capital 4	$	7,206		$	7,057		$	6,920		$	6,863		$	6,803
Risk-weighted assets 4	$	67,199		$	66,885		$	66,824		$	66,934		$	66,615
Common equity tier 1 capital ratio 4	10.7		%	10.6		%	10.4		%	10.3		%	10.2		%
Tier 1 risk-based capital ratio 4	11.4		%	11.2		%	11.0		%	10.9		%	10.9		%
Total risk-based capital ratio 4	13.2		%	13.1		%	12.9		%	12.8		%	12.8		%
Tier 1 leverage ratio 4	8.6		%	8.5		%	8.4		%	8.3		%	8.3		%

1 At period end.

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

3 The decrease in the effective tax rate at December 31, 2023 was the result of changes in the reserve for uncertain tax positions.

4 Current period ratios and amounts represent estimates.

ZIONS BANCORPORATION, N.A.

Press Release – Page 10

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands)	September 30,<br>2024		June 30,<br>2024		March 31,<br>2024		December 31,<br>2023		September 30,<br>2023
	(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
ASSETS
Cash and due from banks	$	1,114	$	717	$	709	$	716	$	700
Money market investments:
Interest-bearing deposits	1,253		2,276		1,688		1,488		1,704
Federal funds sold and securities purchased under agreements to resell	986		936		894		937		1,427
Trading securities, at fair value	68		24		59		48		31
Investment securities:
Available-for-sale, at fair value	9,495		9,483		9,931		10,300		10,148
Held-to-maturity1, at amortized cost	9,857		10,065		10,209		10,382		10,559
Total investment securities, net of allowance	19,352		19,548		20,140		20,682		20,707
Loans held for sale2	97		112		12		53		41
Loans and leases, net of unearned income and fees	58,884		58,415		58,109		57,779		56,893
Less allowance for loan losses	694		696		699		684		681
Loans held for investment, net of allowance	58,190		57,719		57,410		57,095		56,212
Other noninterest-bearing investments	946		987		922		950		929
Premises, equipment, and software, net	1,372		1,383		1,396		1,400		1,410
Goodwill and intangibles	1,053		1,055		1,057		1,059		1,060
Other real estate owned	5		4		6		6		7
Other assets	2,596		2,845		2,767		2,769		3,041
Total assets	$	87,032	$	87,606	$	87,060	$	87,203	$	87,269
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	24,973	$	24,731	$	25,137	$	26,244	$	26,733
Interest-bearing:
Savings and money market	39,242		38,596		38,879		38,721		37,090
Time	11,503		10,443		10,221		9,996		11,576
Total deposits	75,718		73,770		74,237		74,961		75,399
Federal funds and other short-term borrowings	2,919		5,651		4,895		4,379		4,346
Long-term debt	548		546		544		542		540
Reserve for unfunded lending commitments	42		30		37		45		57
Other liabilities	1,420		1,584		1,518		1,585		1,612
Total liabilities	80,647		81,581		81,231		81,512		81,954
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares	440		440		440		440		440
Common stock3 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital	1,717		1,713		1,705		1,731		1,726
Retained earnings	6,564		6,421		6,293		6,212		6,157
Accumulated other comprehensive income (loss)	(2,336)		(2,549)		(2,609)		(2,692)		(3,008)
Total shareholders’ equity	6,385		6,025		5,829		5,691		5,315
Total liabilities and shareholders’ equity	$	87,032	$	87,606	$	87,060	$	87,203	$	87,269
1 Held-to-maturity (fair value)	$	10,024	$	9,891	$	10,105	$	10,466	$	10,049
2 Loans held for sale (carried at fair value)	58		58		—		43		—
3 Common shares (issued and outstanding)	147,699		147,684		147,653		148,153		148,146

ZIONS BANCORPORATION, N.A.

Press Release – Page 11

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)	Three Months Ended
(In millions, except share and per share amounts)	September 30,<br>2024		June 30,<br>2024		March 31,<br>2024		December 31,<br>2023		September 30,<br>2023
Interest income:
Interest and fees on loans	$	899	$	877	$	865	$	848	$	831
Interest on money market investments	67		56		47		48		35
Interest on securities	138		140		142		144		144
Total interest income	1,104		1,073		1,054		1,040		1,010
Interest expense:
Interest on deposits	403		390		376		395		366
Interest on short- and long-term borrowings	81		86		92		62		59
Total interest expense	484		476		468		457		425
Net interest income	620		597		586		583		585
Provision for credit losses:
Provision for loan losses	1		12		21		12		44
Provision for unfunded lending commitments	12		(7)		(8)		(12)		(3)
Total provision for credit losses	13		5		13		—		41
Net interest income after provision for credit losses	607		592		573		583		544
Noninterest income:
Commercial account fees	46		45		44		43		43
Card fees	24		25		23		26		26
Retail and business banking fees	18		16		16		17		17
Loan-related fees and income	17		18		15		16		23
Capital markets fees	28		21		24		19		18
Wealth management fees	14		15		15		14		15
Other customer-related fees	14		14		14		15		15
Customer-related noninterest income	161		154		151		150		157
Fair value and nonhedge derivative income (loss)	(3)		(1)		1		(9)		7
Dividends and other income	5		22		6		8		12
Securities gains (losses), net	9		4		(2)		(1)		4
Total noninterest income	172		179		156		148		180
Noninterest expense:
Salaries and employee benefits	317		318		331		301		311
Technology, telecom, and information processing	66		66		62		65		62
Occupancy and equipment, net	40		40		39		38		42
Professional and legal services	14		17		16		17		16
Marketing and business development	12		13		10		11		10
Deposit insurance and regulatory expense	19		21		34		109		20
Credit-related expense	6		6		7		7		6
Other real estate expense, net	—		(1)		—		—		—
Other	28		29		27		33		29
Total noninterest expense	502		509		526		581		496
Income before income taxes	277		262		203		150		228
Income taxes	63		61		50		24		53
Net income	214		201		153		126		175
Preferred stock dividends	(10)		(11)		(10)		(10)		(7)
Net earnings applicable to common shareholders	$	204	$	190	$	143	$	116	$	168
Weighted average common shares outstanding during the period:
Basic shares (in thousands)	147,138		147,115		147,338		147,640		147,648
Diluted shares (in thousands)	147,150		147,120		147,343		147,645		147,653
Net earnings per common share:
Basic	$	1.37	$	1.28	$	0.96	$	0.78	$	1.13
Diluted	1.37		1.28		0.96		0.78		1.13

ZIONS BANCORPORATION, N.A.

Press Release – Page 12

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions)	September 30,<br>2024		June 30,<br>2024		March 31,<br>2024		December 31,<br>2023		September 30,<br>2023
Commercial:
Commercial and industrial	$	16,757	$	16,622	$	16,519	$	16,684	$	16,341
Leasing	377		390		388		383		373
Owner occupied	9,381		9,236		9,295		9,219		9,273
Municipal	4,270		4,263		4,277		4,302		4,221
Total commercial	30,785		30,511		30,479		30,588		30,208
Commercial real estate:
Construction and land development	2,833		2,725		2,686		2,669		2,575
Term	10,650		10,824		10,892		10,702		10,565
Total commercial real estate	13,483		13,549		13,578		13,371		13,140
Consumer:
Home equity credit line	3,543		3,468		3,382		3,356		3,313
1-4 family residential	9,489		9,153		8,778		8,415		8,116
Construction and other consumer real estate	997		1,139		1,321		1,442		1,510
Bankcard and other revolving plans	461		466		439		474		475
Other	126		129		132		133		131
Total consumer	14,616		14,355		14,052		13,820		13,545
Total loans and leases	$	58,884	$	58,415	$	58,109	$	57,779	$	56,893

Nonperforming Assets

(Unaudited)

(In millions)	September 30,<br>2024			June 30,<br>2024			March 31,<br>2024			December 31,<br>2023			September 30,<br>2023
Nonaccrual loans 1	$	363		$	261		$	248		$	222		$	216
Other real estate owned 2	5			4			6			6			3
Total nonperforming assets	$	368		$	265		$	254		$	228		$	219
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2	0.62		%	0.45		%	0.44		%	0.39		%	0.38		%
Accruing loans past due 90 days or more	$	7		$	6		$	3		$	3		$	16
Ratio of accruing loans past due 90 days or more to loans1 and leases	0.01		%	0.01		%	0.01		%	0.01		%	0.03		%
Nonaccrual loans and accruing loans past due 90 days or more	$	370		$	267		$	251		$	225		$	232
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned	0.64		%	0.46		%	0.44		%	0.40		%	0.41		%
Accruing loans past due 30-89 days	$	89		$	114		$	77		$	86		$	86
Classified loans	2,093			1,264			966			825			769
Ratio of classified loans to total loans and leases	3.55		%	2.16		%	1.66		%	1.43		%	1.35		%

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 13

Allowance for Credit Losses

(Unaudited)

	Three Months Ended
(In millions)	September 30,<br>2024			June 30,<br>2024			March 31,<br>2024			December 31,<br>2023			September 30,<br>2023
Allowance for Loan and Lease Losses
Balance at beginning of period	$	696		$	699		$	684		$	681		$	651
Provision for loan losses	1			12			21			12			44
Loan and lease charge-offs	15			21			14			13			20
Less: Recoveries	12			6			8			4			6
Net loan and lease charge-offs (recoveries)	3			15			6			9			14
Balance at end of period	$	694		$	696		$	699		$	684		$	681
Ratio of allowance for loan losses to loans1 and leases, at period end	1.18		%	1.19		%	1.20		%	1.18		%	1.20		%
Ratio of allowance for loan losses to nonaccrual loans1 at period end	191		%	267		%	282		%	308		%	342		%
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans	0.02		%	0.10		%	0.04		%	0.06		%	0.10		%
Reserve for Unfunded Lending Commitments
Balance at beginning of period	$	30		$	37		$	45		$	57		$	60
Provision for unfunded lending commitments	12			(7)			(8)			(12)			(3)
Balance at end of period	$	42		$	30		$	37		$	45		$	57
Allowance for Credit Losses
Allowance for loan losses	$	694		$	696		$	699		$	684		$	681
Reserve for unfunded lending commitments	42			30			37			45			57
Total allowance for credit losses	$	736		$	726		$	736		$	729		$	738
Ratio of ACL to loans1 and leases outstanding, at period end	1.25		%	1.24		%	1.27		%	1.26		%	1.30		%

1 Does not include loans held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 14

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions)	September 30,<br>2024		June 30,<br>2024		March 31,<br>2024		December 31,<br>2023		September 30,<br>2023
Loans held for sale	$	—	$	—	$	—	$	—	$	17
Commercial:
Commercial and industrial	$	173	$	111	$	110	$	82	$	59
Leasing	2		2		2		2		—
Owner occupied	29		28		20		20		27
Municipal	11		6		—		—		—
Total commercial	215		147		132		104		86
Commercial real estate:
Construction and land development	2		2		1		22		22
Term	67		35		42		39		40
Total commercial real estate	69		37		43		61		62
Consumer:
Home equity credit line	30		29		27		17		16
1-4 family residential	47		46		44		40		35
Bankcard and other revolving plans	1		1		1		—		—
Other	1		1		1		—		—
Total consumer	79		77		73		57		51
Total nonaccrual loans	$	363	$	261	$	248	$	222	$	216

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions)	September 30,<br>2024		June 30,<br>2024		March 31,<br>2024		December 31,<br>2023		September 30,<br>2023
Commercial:
Commercial and industrial	$	3	$	4	$	4	$	7	$	8
Owner occupied	—		—		—		—		(1)
Total commercial	3		4		4		7		7
Commercial real estate:
Construction and land development	—		—		(1)		—		1
Term	(2)		11		—		—		2
Total commercial real estate	(2)		11		(1)		—		3
Consumer:
Home equity credit line	—		—		—		—		2
1-4 family residential	—		(1)		1		—		—
Bankcard and other revolving plans	2		1		1		2		2
Other	—		—		1		—		—
Total consumer loans	2		—		3		2		4
Total net charge-offs (recoveries)	$	3	$	15	$	6	$	9	$	14

ZIONS BANCORPORATION, N.A.

Press Release – Page 15

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)	Three Months Ended
	September 30, 2024				June 30, 2024				September 30, 2023
(In millions)	Average balance		Average<br>yield/rate 1		Average balance		Average<br>yield/rate 1		Average balance		Average<br>yield/rate 1
ASSETS
Money market investments:
Interest-bearing deposits	$	2,457	5.53	%	$	1,909	5.57	%	$	1,539	5.52	%
Federal funds sold and securities purchased under agreements to resell	2,258		5.82	%	2,026		5.87	%	874		6.13	%
Total money market investments	4,715		5.67	%	3,935		5.72	%	2,413		5.74	%
Trading securities	32		4.18	%	39		4.74	%	20		4.65	%
Investment securities:
Available-for-sale	9,442		3.53	%	9,670		3.57	%	10,606		3.24	%
Held-to-maturity	9,936		2.22	%	10,120		2.25	%	10,625		2.21	%
Total investment securities	19,378		2.86	%	19,790		2.90	%	21,231		2.73	%
Loans held for sale	104		NM		43		NM		46		NM
Loans and leases:2
Commercial	30,671		6.14	%	30,505		6.05	%	30,535		5.69	%
Commercial real estate	13,523		7.23	%	13,587		7.22	%	13,016		7.14	%
Consumer	14,471		5.18	%	14,199		5.17	%	13,417		4.92	%
Total loans and leases	58,665		6.15	%	58,291		6.11	%	56,968		5.84	%
Total interest-earning assets	82,894		5.35	%	82,098		5.31	%	80,678		5.02	%
Cash and due from banks	703				691				712
Allowance for credit losses on loans and debt securities	(699)				(697)				(651)
Goodwill and intangibles	1,054				1,056				1,061
Other assets	5,218				5,424				5,523
Total assets	$	89,170			$	88,572			$	87,323
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market	$	39,031	2.72	%	$	38,331	2.73	%	$	35,346	2.42	%
Time	11,275		4.81	%	10,744		4.87	%	12,424		4.81	%
Total interest-bearing deposits	50,306		3.19	%	49,075		3.20	%	47,770		3.04	%
Borrowed funds:
Federal funds purchased and security repurchase agreements	1,072		5.33	%	1,166		5.38	%	1,770		5.31	%
Other short-term borrowings	4,704		4.89	%	5,097		4.95	%	2,233		4.95	%
Long-term debt	546		5.91	%	544		5.98	%	539		5.37	%
Total borrowed funds	6,322		5.06	%	6,807		5.10	%	4,542		5.14	%
Total interest-bearing liabilities	56,628		3.40	%	55,882		3.43	%	52,312		3.22	%
Noninterest-bearing demand deposits	24,723				25,153				27,873
Other liabilities	1,641				1,647				1,760
Total liabilities	82,992				82,682				81,945
Shareholders’ equity:
Preferred equity	440				440				440
Common equity	5,738				5,450				4,938
Total shareholders’ equity	6,178				5,890				5,378
Total liabilities and shareholders’ equity	$	89,170			$	88,572			$	87,323
Spread on average interest-bearing funds			1.95	%			1.88	%			1.80	%
Impact of net noninterest-bearing sources of funds			1.08	%			1.10	%			1.13	%
Net interest margin			3.03	%			2.98	%			2.93	%
Memo: total cost of deposits			2.14	%			2.11	%			1.92	%
Memo: total deposits and interest-bearing liabilities	$	81,351	2.36	%	$	81,035	2.36	%	$	80,185	2.10	%

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 16

NON-GAAP FINANCIAL MEASURES

(Unaudited)

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

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

Tangible Common Equity and Related Measures

Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization. We believe these non-GAAP measures provide useful information about our use of shareholders’ equity and provide a basis for evaluating the performance of a business more consistently, whether acquired or developed internally.

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

		Three Months Ended
(Dollar amounts in millions)		September 30,<br>2024			June 30,<br>2024			March 31,<br>2024			December 31,<br>2023			September 30,<br>2023
Net earnings applicable to common shareholders (GAAP)		$	204		$	190		$	143		$	116		$	168
Adjustments, net of tax:
Amortization of core deposit and other intangibles		1			1			1			1			1
Adjusted net earnings applicable to common shareholders, net of tax	(a)	$	205		$	191		$	144		$	117		$	169
Average common equity (GAAP)		$	5,738		$	5,450		$	5,289		$	4,980		$	4,938
Average goodwill and intangibles		(1,054)			(1,056)			(1,058)			(1,060)			(1,061)
Average tangible common equity (non-GAAP)	(b)	$	4,684		$	4,394		$	4,231		$	3,920		$	3,877
Number of days in quarter	(c)	92			91			91			92			92
Number of days in year	(d)	366			366			366			365			365
Return on average tangible common equity (non-GAAP) 1	(a/b/c)*d	17.4		%	17.5		%	13.7		%	11.8		%	17.3		%

1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 11.4%, 10.9%, 8.4%, 6.7%, and 9.9% for the periods presented, respectively.

ZIONS BANCORPORATION, N.A.

Press Release – Page 17

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

(Dollar amounts in millions, except per share amounts)		September 30,<br>2024			June 30,<br>2024			March 31,<br>2024			December 31,<br>2023			September 30,<br>2023
Total shareholders’ equity (GAAP)		$	6,385		$	6,025		$	5,829		$	5,691		$	5,315
Goodwill and intangibles		(1,053)			(1,055)			(1,057)			(1,059)			(1,060)
Tangible equity (non-GAAP)	(a)	5,332			4,970			4,772			4,632			4,255
Preferred stock		(440)			(440)			(440)			(440)			(440)
Tangible common equity (non-GAAP)	(b)	$	4,892		$	4,530		$	4,332		$	4,192		$	3,815
Total assets (GAAP)		$	87,032		$	87,606		$	87,060		$	87,203		$	87,269
Goodwill and intangibles		(1,053)			(1,055)			(1,057)			(1,059)			(1,060)
Tangible assets (non-GAAP)	(c)	$	85,979		$	86,551		$	86,003		$	86,144		$	86,209
Common shares outstanding (in thousands)	(d)	147,699			147,684			147,653			148,153			148,146
Tangible equity ratio (non-GAAP) 1	(a/c)	6.2		%	5.7		%	5.5		%	5.4		%	4.9		%
Tangible common equity ratio (non-GAAP)	(b/c)	5.7		%	5.2		%	5.0		%	4.9		%	4.4		%
Tangible book value per common share (non-GAAP)	(b/d)	$	33.12		$	30.67		$	29.34		$	28.30		$	25.75

Efficiency Ratio and Adjusted Pre-Provision Net Revenue

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

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

		Three Months Ended
(Dollar amounts in millions)		September 30,<br>2024			June 30,<br>2024			March 31,<br>2024			December 31,<br>2023			September 30,<br>2023
Noninterest expense (GAAP)	(a)	$	502		$	509		$	526		$	581		$	496
Adjustments:
Severance costs		1			1			—			—			—
Other real estate expense, net		—			(1)			—			—			—
Amortization of core deposit and other intangibles		2			1			2			2			2
Restructuring costs		—			—			—			—			1
SBIC investment success fee accrual		—			1			—			—			—
FDIC special assessment		—			1			13			90			—
Total adjustments	(b)	3			3			15			92			3
Adjusted noninterest expense (non-GAAP)	(c)=(a-b)	$	499		$	506		$	511		$	489		$	493
Net interest income (GAAP)	(d)	$	620		$	597		$	586		$	583		$	585
Fully taxable-equivalent adjustments	(e)	12			11			10			10			11
Taxable-equivalent net interest income (non-GAAP)	(f)=(d+e)	632			608			596			593			596
Noninterest income (GAAP)	(g)	172			179			156			148			180
Combined income (non-GAAP)	(h)=(f+g)	804			787			752			741			776
Adjustments:
Fair value and nonhedge derivative income (loss)		(3)			(1)			1			(9)			7
Securities gains (losses), net		9			4			(2)			(1)			4
Total adjustments	(i)	6			3			(1)			(10)			11
Adjusted taxable-equivalent revenue (non-GAAP)	(j)=(h-i)	$	798		$	784		$	753		$	751		$	765
Pre-provision net revenue (PPNR) (non-GAAP)	(h)-(a)	$	302		$	278		$	226		$	160		$	280
Adjusted PPNR (non-GAAP)	(j)-(c)	299			278			242			262			272
Efficiency ratio (non-GAAP) 1	(c/j)	62.5		%	64.5		%	67.9		%	65.1		%	64.4		%

1 Excluding both the $9 million gain on sale of our Enterprise Retirement Solutions business and the $4 million gain on sale of a bank-owned property (recorded in dividends and other income), the efficiency ratio for the three months ended June 30, 2024 would have been 65.6%.

earningspresentation-202

ZIONS2024 THIRD QUARTER O c t o b e r 2 1 , 2 0 2 4 Financial Review

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FORWARD-LOOKING STATEMENTS; USE OF NON-GAAP FINANCIAL MEASURES 2 Forward Looking Information This presentation includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements include, among others: Statements with respect to the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, results of operations and performance of Zions Bancorporation, National Association and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and Statements preceded or followed by, or that include the words “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” “will,” and the negative thereof and similar words and expressions. Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, important factors that may cause material differences include: The quality and composition of our loan and securities portfolios and the quality and composition of our deposits; Changes in general industry, political and economic conditions, including elevated inflation, economic slowdown or recession, or other economic challenges; changes in interest and reference rates, which could adversely affect our revenue and expenses, the value of assets and liabilities, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses; The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in applicable laws, and fiscal, monetary, regulatory, trade, and tax policies, and actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue; increases in bank fees, insurance assessments and capital standards; and other regulatory requirements; Competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services, and our ability to recruit and retain talent; The impact of technological advancements, digital commerce, artificial intelligence, and other innovations affecting the banking industry; Our ability to complete projects and initiatives and execute on our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives; Our ability to develop and maintain technology, information security systems and controls designed to guard against fraud, cybersecurity, and privacy risks; Our ability to provide adequate oversight of our suppliers or prevent inadequate performance by third parties upon whom we rely for the delivery of various products and services; Natural disasters, pandemics, catastrophic events and other emergencies and incidents and their impact on our and our customers’ operations and business and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products; Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change; 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 banks, the banking industry, or otherwise that may adversely affect our reputation and that of the banking industry generally; Protracted congressional negotiations and political stalemates regarding government funding and other issues, including those that increase the possibility of government shutdowns, downgrades in United States (“U.S.”) credit ratings, or other economic disruptions; and The effects of wars and geopolitical conflicts, such as the ongoing war between Russia and Ukraine, the war in the Middle East, and other local, national, or international disasters, crises, or conflicts that may occur in the future. Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2023 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC) and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov). We caution against the undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any forward-looking statements to reflect future events or developments. Use of Non-GAAP Financial Measures: This document contains several references to non-GAAP measures, including but not limited to, pre-provision net revenue and the “efficiency ratio,” which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions’ management compensation and are used in Zions’ strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

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Net interest margin expanded for a third consecutive quarter while credit losses remain low FINANCIAL PERFORMANCE 3 (1) See Appendix for non-GAAP financial measures. Key Metrics 3Q24 2Q24 • Net earnings to common improved by $14 million due to higher revenues and lower expenses • Earning assets continued to reprice upward while funding costs remained flat, resulting in a 5-basis point improvement in net interest margin • Net charge-offs were 0.02% of loans, annualized, and remain below peer median • Loss-absorbing capital continued to strengthen, with the CET1 ratio at 10.7%, up from 10.2% a year ago • Improved efficiency ratio reflects both higher adjusted revenues and lower adjusted expenses during the quarter Net earnings to common $204 million $190 million Diluted earnings per share (GAAP) $1.37 $1.28 Net Interest Margin 3.03% 2.98% Loan growth (QoQ) Ending 0.8% Average 0.6% Ending 0.5% Average 0.7% Customer deposit growth (QoQ) (excluding brokered) Ending 1.5% Average 0.7% Ending (0.7%) Average 0.3% Net charge-offs / loans (annualized) 0.02% (annualized) 0.10% Return on average tangible common equity1 17.4% 17.5% Common equity tier 1% 10.7% 10.6% Efficiency ratio1 62.5% 64.5%

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DILUTED EARNINGS PER SHARE 4 (1) Items that were $0.05 per share or more. Earnings per share increased 7% over prior quarter from improved pre-provision net revenue, slightly offset by an increase in provision Diluted Earnings per Share EPS Impact of Provision for Credit Losses Notable Items1: 3Q24: • No items with impact > $0.05 per share during the quarter 2Q24: • $0.07 per share positive impact from gains on sale of our Enterprise Retirement Solutions business and a bank-owned property 1Q24: • $(0.07) per share negative impact from FDIC Special Assessment 4Q23: • $(0.46) per share negative impact from FDIC Special Assessment • $(0.05) per share negative impact from Credit Valuation Adjustment 3Q23: • No items with impact > $0.05 per share during the quarter $1.13 $0.78 $0.96 $1.28 $1.37 3Q23 4Q23 1Q24 2Q24 3Q24 $(0.21) $- $(0.07) $(0.03) $(0.07) 3Q23 4Q23 1Q24 2Q24 3Q24

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PRE-PROVISION NET REVENUE (“PPNR”) 5 (1) PPNR includes taxable-equivalent revenue; Adjusted PPNR adjusts for items such as severance costs, restructuring costs, amortization of other intangibles, SBIC investment success fee accruals, FDIC special assessment, and securities gains (losses). See Appendix for non-GAAP financial measures. Linked-quarter improvement in adjusted PPNR attributable to increased net interest income and lower adjusted noninterest expense Linked quarter (3Q24 vs. 2Q24) • Adjusted PPNR increased 8%: • Increased net interest income • Increased customer-related noninterest income • Decreased adjusted noninterest expense driven by declines in multiple categories Year-over-year (3Q24 vs. 3Q23) • Adjusted PPNR increased 10%: • Increase in net interest income due to growth in interest income outpacing growth of funding costs • Slight increase in adjusted noninterest expense $2 80 $1 60 $2 26 $2 78 $3 02 $2 72 $2 62 $2 42 $2 78 $2 99 3Q23 4Q23 1Q24 2Q24 3Q24 Pre-provision net revenue (PPNR) (non-GAAP) Adjusted PPNR (non-GAAP) PPNR1 ($ millions)

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NET INTEREST INCOME & NET INTEREST MARGIN 6 Net interest income up due to continued earning asset repricing, favorable changes in asset mix, and stability in the cost of funding $585 $583 $586 $597 $620 2.93% 2.91% 2.94% 2.98% 3.03% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% $0 3Q23 4Q23 1Q24 2Q24 3Q24 Net Interest Income Net Interest Margin ($ millions) Linked quarter (3Q24 vs. 2Q24) Net interest income increased $23 million: • Interest income increased $31 million • $22 million, or 3%, increase on loans • $9 million, or 5%, increase on money market and investment securities • Interest expense increased $8 million • $13 million, or 3%, increase on deposits • $5 million, or 6%, decrease on borrowings Year-over-year (3Q24 vs. 3Q23) Net interest income increased $35 million: • Interest income increased $94 million or 9% • Interest expense increased $59 million or 14% • Interest paid on deposits increased $37 million • Interest paid on borrowings increased $22 million

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NET INTEREST MARGIN 7 (1) 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. The net interest margin expanded from prior year as asset repricing offset cost of funding increases Year-Over-Year (3Q24 vs. 3Q23)Linked Quarter (3Q24 vs. 2Q24) 0.02% 0.03% (0.02%) 0.04% (0.02%) 2.98% 3.03% 0.10% 0.24% (0.05%) (0.13%) (0.06%) 2.93% 3.03% Loans DepositsMoney Mkt & Securities Borrowings Free Funds1 Loans DepositsMoney Mkt & Securities Borrowings Free Funds1 3Q23 3Q242Q24 3Q24

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NONINTEREST INCOME AND REVENUE 8 (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items as detailed in the noninterest income section of the earnings release. (2) Adjusted revenue is the sum of taxable-equivalent net interest income and noninterest income less adjustments. It excludes the impact of securities gains (losses) and fair value and non-hedge derivative income. See Appendix for non-GAAP financial measures. Increase in customer-related income largely due to growth in Capital Markets $157 $150 $151 $154 $161 3Q23 4Q23 1Q24 2Q24 3Q24 Customer-Related Noninterest Income 1 ($ millions) $7 65 $7 31 $7 42 $7 76 $7 92 $7 65 $7 51 $7 53 $7 84 $7 98 3Q23 4Q23 1Q24 2Q24 3Q24 Total Revenue (GAAP) Adjusted Revenue (Non-GAAP) Total Revenue 2 ($ millions)

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NONINTEREST EXPENSE 9 (1) Adjusted for severance costs, restructuring costs, SBIC investments success fee accruals, FDIC special assessment, intangibles amortization, and other real estate expense. See Appendix for non-GAAP financial measures. Adjusted noninterest expense decreased compared to the linked-quarter reflecting ongoing expense discipline • Adjusted noninterest expense decreased $7 million linked quarter, driven by several categories: • Professional and legal services declined $3 million • Deposit insurance and regulatory expense declined $2 million • Salary and benefits declined $1 million • Adjusted noninterest expense was up 1% compared to prior-year quarter Notable items: • 1Q24: $13 million FDIC special assessment • 1Q24: $12 million increase in share-based compensation • 4Q23: $90 million FDIC special assessment $4 96 $5 81 $5 26 $5 09 $5 02 $4 93 $4 89 $5 11 $5 06 $4 99 64.4% 65.1% 67.9% 64.5% 62.5% 3Q23 4Q23 1Q24 2Q24 3Q24 NIE (GAAP) Adjusted NIE (Non-GAAP) Efficiency Ratio ($ millions) Noninterest Expense (NIE) (1) (1)

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AVERAGE LOANS AND DEPOSITS 10 Yields on loans increased 4 basis points; total cost of deposits increased 3 basis points Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits $57.0 $57.1 $57.9 $58.3 $58.7 5.84% 5.94% 6.06% 6.11% 6.15% $0.0 $25.0 $50.0 $75.0 $100.0 3Q23 4Q23 1Q24 2Q24 3Q24 ($ billions) $47.8 $49.1 $47.8 $49.1 $50.3 $27.9 $26.9 $25.5 $25.2 $24.7 $75.6 $75.9 $73.4 $74.2 $75.0 1.92% 2.06% 2.06% 2.11% 2.14% $0.0 $25.0 $50.0 $75.0 $100.0 3Q23 4Q23 1Q24 2Q24 3Q24 ($ billions)

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DEPOSIT BALANCE AND BORROWING TRENDS 11 Note: Figures shown in graphs may not foot due to rounding Ending customer deposits increased 1.5% vs. 2Q24 while short-term borrowings decreased more than $2 billion 3Q24 total funding costs remained flat vs 2Q24 • Period-end noninterest-bearing demand deposits grew ~$240 million, or 1% linked-quarter. Noninterest-bearing deposits were 33% of total deposits Average Deposits and Borrowings ($ billions) Ending Deposits and Borrowings ($ billions) $69 $71 $70 $69 $71 $6 $4 $4 $4 $5 $5 $5 $5 $6 $3 - 10 20 30 40 50 60 70 80 90 100 3Q23 4Q23 1Q24 2Q24 3Q24 $68 $70 $69 $70 $70 $8 $6 $4 $5 $5 $5 $5 $7 $7 $6 2.10% 2.25% 2.34% 2.36% 2.36% 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 3Q23 4Q23 1Q24 2Q24 3Q24

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TOTAL INVESTMENT SECURITIES & MONEY MARKET INVESTMENTS 12 The bank has strong on-balance sheet liquidity The investment securities portfolio is designed to be a storehouse of balance sheet liquidity • Principal and prepayment-related cash flows from investment securities were $752 million for the quarter • The composition of the investment securities portfolio allows for deep on-balance sheet liquidity through the repo market • Approximately 90% 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, 2024 is assumed to be longer than the loan duration (including swaps); the investment securities portfolio brings balance to this mismatch • The estimated price sensitivity of the investment securities portfolio (including the impact of fair value hedges) is 3.6 percent, compared to 3.5 percent from the prior-year quarter Total Investment Securities and Money Market Investments (period-end balances) $20.7 $20.7 $20.1 $19.5 $19.4 $3.1 $2.4 $2.6 $3.2 $2.2 3Q23 4Q23 1Q24 2Q24 3Q24 Total Investment Securities Money Market Investments 30% 29% 28% 28% 27%Percent of earning assets ($ billions)

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NET INTEREST INCOME – OUTLOOK & RATE SENSITIVITY 13 Net interest income is expected to be slightly to moderately increasing in 3Q25 relative to 3Q24 Net Interest Income Sensitivity (0.8%) 1.4% 3.1% -100 bps Implied Rate Path as of 9/30 +100 bps 3Q25 vs 3Q24 Net interest income increased by 4% from 2Q24 to 3Q24. Assuming interest rates follow the rate path implied as of September 30, net interest income is projected to increase in 3Q25 vs 3Q24 by an additional 1.4%. This assumes Fed Funds Target reaches 3.25% by 3Q25 and total deposit beta of approximately 36%. -100 and +100 parallel interest rate shocks suggest moderate rate sensitivity between -0.8% and +3.1% Assumes no change in the size or composition of the earning assets excluding derivative hedge activity but does assume a change in composition of deposits (a lesser proportion of noninterest-bearing relative to total deposits). Beta calculated comparing 5.00% Fed Funds Rate at 9/30 vs target rate of 3.255 implied as of September 30th

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CREDIT QUALITY 14 Net charge-offs remain low, with trailing 12 months net charge-offs at 0.06% of average loans Key Credit Metrics • Net charge-offs relative to average loans: • 0.02% annualized in 3Q24 • 0.06% over the last 12 months • 0.62%: NPAs / loans + OREO • NPA balance increased $103 million in 3Q24 from 2Q24 • 3.6%: Classified loans / total loans • Classified balance increased $829 million in 3Q24 from 2Q24, driven largely by loans in the commercial real estate portfolio (primarily multifamily) • 4.5%: Criticized loans / total loans • Criticized balance increased $426 million in 3Q24 from 2Q24, driven largely by loans in the commercial real estate portfolio (primarily multifamily) Allowance for Credit Losses • 1.25% of total loans and leases, up 1 basis point from 2Q24 reflecting little change in economic forecasts Credit Quality Ratios 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 3Q23 4Q23 1Q24 2Q24 3Q24 Criticized / Loans NPAs / Loans + OREO Classified / Loans 342% 308% 282% 267% 191% 1.30% 1.26% 1.27% 1.24% 1.25% 3Q23 4Q23 1Q24 2Q24 3Q24 ALLL / Nonaccrual loans ACL / Loans

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COMMERCIAL REAL ESTATE SUMMARY ($13.5 BILLION BALANCE) 15 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. Updates are required when a loan deteriorates to a certain level of credit weakness. The commercial real estate portfolio is granular and well diversified Term CRE ($10.7B) • Conservative weighted average LTVs (< 60%) • Maturity distribution: 20% on average annually over next 3 years • Average & median loan size of $3.6 million & < $1 million • Total term CRE portfolio: 9.9% criticized; 7.6% classified; 0.6% nonaccrual; 0.3% delinquencies Construction and Land Development ($2.8B) • Land and Acquisition & Development less than $250 million • Total construction portfolio: 10.4% criticized; 8.3% classified; 0.1% nonaccrual; 0.2% delinquencies Office ($1.9B: $1.8B term | $0.1B construction) • 70% suburban and 30% Central Business District • Weighted average LTVs < 60% • Average & median loan size of $4.6 million & < $1 million • 9.7% criticized; 7.7% classified; 3.1% nonaccrual; 1.2% delinquencies • $6.1 million YTD net charge-offs • 79% term, 21% 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 Multifamily, 29% Industrial, 22%Office, 14% Retail, 12% Hospitality, 5% Residential Construction, 5% All Other CRE, 14% CRE Portfolio Composition As of September 30, 2024

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COMMERCIAL REAL ESTATE PROBLEM LOANS IN FOCUS 16 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 REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. Approximately 30% of CRE classified balances have 2024 appraisals, 13% 2023, 50% 2022-21, 7% 2020 and earlier. The commercial real estate portfolio benefits from strong LTVs, guarantor support, low delinquencies, and diversification • CRE represented $682 million, or 82%, of the increase in total Classifieds during the quarter • $442 million of the increase was primarily in multifamily lending where borrowers missed projections due to slow leasing, rent concessions, elevated costs, and higher interest rates • Multifamily lending continues to benefit from strong underwriting, supported by high borrower equity and guarantor support protects classified CRE lending (see graphic below) • The ACL for CRE lending is substantial relative to credit quality measures (2.2% of balances, 22% of criticized, 29% of classified, 4.3x nonaccruals, 33x TTM gross charge-offs) • Delinquencies (0.29%) and nonaccruals (0.52%) remain low (see graphic below right) 242 46 (24) 442 97 143 0.1 (0.5) 32 (100) - 100 200 300 400 500 Apartments Industrial Other CRE Millions Change in CRE Problem Loans Levels 6/30/24 to 9/30/24 Criticized Classified Nonaccrual (0.1%) 0.1% 0.3% 0.5% 0.7% 0.9% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 CRE Non-Performing Asset and Charge-offs Levels Net Charge-off Rate (quarterly annualized) Nonaccrual Rate 30+ Days Past Due 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% <=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

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CAPITAL STRENGTH 17 Loss-absorbing capital remains strong relative to our risk profile; low credit losses relative to CET1 + ACL Net Charge-offs annualized, as a percentage of risk-weighted assets 0. 01 % 0. 04 % 0. 06 % 0. 16 % (0 .0 2% ) 0. 00 % 0. 08 % 0. 08 % 0. 05 % 0. 04 % 0. 09 % 0. 02 % (4%) (2%) 0% 2% 4% 6% 8% 10% 12% 14% 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets 10 .2 % 10 .0 % 9. 9% 9. 6% 9. 8% 9. 9% 10 .0 % 10 .2 % 10 .3 % 10 .4 % 10 .6 % 10 .7 % 11 .1 % 10 .9 % 10 .7 % 10 .5 % 10 .7 % 11 .0 % 11 .1 % 11 .3 % 11 .3 % 11 .5 % 11 .6 % 11 .8 % 0% 2% 4% 6% 8% 10% 12% 14% 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 Common Equity Tier 1 ACL / Risk-weighted Assets

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FINANCIAL OUTLOOK (3Q 2025E VS 3Q 2024A) 18 Outlook provided as of October 21, 2024 Outlook Comments Stable to Slightly Increasing  Customer sentiment and commercial pipelines suggest modest growth expectations as rates decline, offset by refinancing activity in CRE and mortgage Slightly to Moderately Increasing  Net interest income growth expected through earning asset re-mix, repricing of interest-bearing liabilities, and growth Moderately Increasing  Customer-related noninterest income expected to see continued growth from investment in Capital Markets Slightly Increasing  Technology costs and investments in the business expected to put mild pressure on noninterest expense Increasing Organically  Continued AOCI improvement and building of equity through retained earnings Customer-Related Noninterest Income Loan Balances (period-end) Net Interest Income Common Equity Adjusted Noninterest Expense

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ZIONS BANCORPORATION DRIVES VALUE FOR ITS STAKEHOLDERS 19 We are determined to help build strong, successful communities, create economic opportunity and help our clients achieve greater financial strength through the relationships we develop and the services we provide. 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 • Returning capital to shareholders • 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 • Ranked third among all U.S. banks in overall 2023 Greenwich Excellence Awards • Have built and maintained a robust risk management team and framework since the global financial crisis • Net credit losses to loan ratio that is consistently in the top quartile of peer banks • Empower every employee to be accountable for assessing and managing risk 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

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APPENDIX 20 • Financial Results Summary • Accumulated Other Comprehensive Income (AOCI) • Balance Sheet Profitability • Loan Growth by Type • Allowance and Credit Metrics • Earning Asset Repricing • Interest Rate Swaps • Interest Rate Sensitivity – Parallel Shock Analysis • Loan Loss Severity (NCOs as a percentage of nonaccrual loans) • Credit Metrics: Commercial Real Estate • Coalition Greenwich Customer Satisfaction • Non-GAAP Financial Measures

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FINANCIAL RESULTS SUMMARY 21 (1) Adjusted for items such as severance costs, restructuring costs, amortization of other intangibles, SBIC investment success fee accrual, FDIC special assessment, and securities gains (losses). 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, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Earnings Results: Diluted Earnings Per Share $ 1.37 $ 1.28 $ 0.96 $ 0.78 Net Earnings Applicable to Common Shareholders 204 190 143 116 Net Interest Income 620 597 586 583 Noninterest Income 172 179 156 148 Noninterest Expense 502 509 526 581 Pre-Provision Net Revenue - Adjusted (1) 299 278 242 262 Provision for Credit Losses 13 5 13 - Ratios: Return on Assets(2) 0.95 % 0.91 % 0.70 % 0.57 % Return on Common Equity(3) 14.1 % 14.0 % 10.9 % 9.2 % Return on Tangible Common Equity(3) 17.4 % 17.5 % 13.7 % 11.8 % Net Interest Margin 3.03 % 2.98 % 2.94 % 2.91 % Yield on Loans 6.16 % 6.11 % 6.06 % 5.94 % Yield on Securities 2.86 % 2.90 % 2.84 % 2.84 % Average Cost of Total Deposits(4) 2.14 % 2.11 % 2.06 % 2.06 % Efficiency Ratio (1) 62.5 % 64.5 % 67.9 % 65.1 % Effective Tax Rate 22.7 % 23.3 % 24.6 % 16.0 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.62 % 0.45 % 0.44 % 0.39 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.02 % 0.10 % 0.04 % 0.06 % Common Equity Tier 1 Capital Ratio(5) 10.7 % 10.6 % 10.4 % 10.3 %

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(3.1) (2.7) (2.4) (1.9) (2.2) (1.8) 4Q22 4Q23 4Q24 4Q25 as of 6/30/24 as of 9/30/24 ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (AOCI) 22 Note: AFS securities burndown based on path of forward curve at 06/30/24 and 9/30/2024. Includes accretion of unrealized losses related to the 4Q22 transfers of AFS securities to HTM Projected AOCI improvement reflects relative stability in higher rate environment due to hedging strategy The loss in AOCI will decline as the underlying investments pay down and mature • Change in implied forward curve from 6/30/24 to 9/30/24 is projected to have minimal impact to 4Q25 AOCI estimate • The unrealized $2.7 billion accumulated other comprehensive loss is expected to improve by $950 million, or 35%, from 4Q23 to 4Q25 • This would add 60 basis points to the current tangible common equity ratio, all else equal $ Bi lli on s AOCI Loss Projection Actual Projection Based on forward curve:

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BALANCE SHEET PROFITABILITY 23 (1) Return on Tangible Common Equity is a non-GAAP measure. See Appendix for non-GAAP financial measures. Excluding the effect of AOCI from average tangible common equity would result in associated returns of 9.9%, 6.7%, 8.4%, 10.9% and 11.4% for the periods presented, respectively. Return on asset improvement attributable to earnings; ROTCE relatively stable against backdrop of increased tangible common equity 0.80% 0.57% 0.70% 0.91% 0.95% 3Q23 4Q23 1Q24 2Q24 3Q24 17.3% 11.8% 13.7% 17.5% 17.4% 3Q23 4Q23 1Q24 2Q24 3Q24 Return on Assets Return on Tangible Common Equity 1

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LOAN GROWTH IN DETAIL 24 (1) Growth rate quarter over quarter, not annualized Loan growth in 1-4 family mortgage, commercial, and owner occupied Compared to the prior quarter: • Period-end loans increased $469 million or 0.8% • Loan growth in dollars predominantly in 1-4 family, C&I, and owner occupied • Balance declines in CRE term, consumer construction, and energy Linked Quarter Loan Balance Growth Total Loans: +0.8% G ro w th R at e: L in ke d Q ua rte r 1 Balance Change: Linked Quarter C&I (ex-Oil & Gas), 1% Owner occupied, 2% CRE C&D, 4% CRE Term, (2%) Home Equity, 2% 1-4 Family, 4% Energy (Oil & Gas), (4%) Municipal, 0% Other, (9%) -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% -$300 -$200 -$100 $0 $100 $200 $300 $400 $500 Note: circle size indicates relative proportion of loan portfolio as of 3Q24. ($ millions)

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ALLOWANCE AND CREDIT METRICS THROUGH HISTORY 25 CECL methodology reflects reserve build ahead of realized deterioration of credit metrics 514 546 590 636 678 711 738 729 736 726 736 1.00 1.04 1.09 1.14 1.20 1.25 1.30 1.26 1.27 1.24 1.25 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 ACL ($) ACL (%) • Through 2022 and 2023, the ACL increased, despite improving problem loan levels, due to forecasts of future credit quality deterioration, including $190 million of increase specifically for the commercial real estate portfolio • During 2024, the ACL has remained relatively flat, despite increases in problem loan levels, as deterioration was realized 252 196 151 149 171 162 216 222 248 261 363 1,148 1,009 965 929 912 768 769 825 966 1,264 2,093 Nonaccrual Classified Coverage ratio remains steady while problem loans increased Coverage ratio increased while problem loans decreased

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SIMULATED REPRICING EXPECTATIONS: EARNING ASSETS & LOANS 26 Note: 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 55% 9% 9% 7% 9% 11% 56% 9% 10% 7% 7% 11% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f L oa ns Loans: Rate Reset and Cash Flow Profile Loans After Hedging 44% 9% 9% 7% 11% 20% 48% 9% 10% 7% 6% 20% ≤ 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 Earning Assets: Rate Reset and Cash Flow Profile

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INTEREST RATE SWAPS AT SEPTEMBER 30, 2024 27 (1) Cash flow hedges consist of receive-fixed swaps hedging pools of floating rate loans. Swaps are used to balance our interest rate sensitivity Outstanding Notional Weighted Average Fixed Rate Received Weighted Average Maturity 2Q23 $2,850 2.40% 7/24 3Q23 $2,550 2.37% 8/24 4Q23 $1,450 2.66% 9/24 1Q24 $850 2.53% 3/25 2Q24 $550 2.56% 9/25 3Q24 $350 2.34% 4/26 Received-Fixed Rate Loan & Long-Term Debt Cash Flow Hedges1 (pay floating rate) Outstanding Notional Weighted Average Fixed Rate Paid Weighted Average Maturity 2Q23 $4,072 3.13% 10/30 3Q23 $5,072 3.27% 4/30 4Q23 $5,071 3.27% 4/30 1Q24 $5,070 3.27% 4/30 2Q24 $5,069 3.27% 4/30 3Q24 $5,068 3.27% 4/30 Pay-Fixed Rate Securities Portfolio Fair Value Hedges / Fixed Rate Loan Hedges / Short-Term Debt Hedges (receive floating rate) Interest rate sensitivity is managed in part with portfolio interest rate hedges1 • In 3Q24, $200 million in receive-fixed swaps matured with an average fixed rate of 2.96%

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INTEREST RATE SENSITIVITY – PARALLEL RATE SHOCKS 28 (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 a change in composition of deposits (a lesser proportion of noninterest-bearing relative to total deposits). Standard parallel rate shocks suggest asset sensitivity (5%) (3%) 3% 6% (6%) (3%) 3% 5% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity 1 as of 6/30/2024 as of 9/30/2024

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LOAN LOSS SEVERITY 29 Source: S&P Global. 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 8% 15 % 18 % 20 % 23 % 23 % 26 % 29 % 36 % 38 % 48 % 49 % 52 % 57 % 58 % 59 % 61 % 73 % W AL M TB ZI O N C AD E FH N BO KF C M A W BS EW BC W TF C KE Y C FG H BA N FI TB SN V R F C FR PN FP C O LB Annualized NCOs / Nonaccrual Loans Five Year Average (2019Q3 – 2024Q2) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2009Q3 – 2024Q2) 17 % 19 % 20 % 21 % 23 % 28 % 28 % 32 % 40 % 42 % 46 % 48 % 49 % 52 % 52 % 53 % 56 % 67 % BO KF M TB W AL ZI O N C AD E FH N C M A W BS C FG C FR W TF C KE Y EW BC PN FP R F H BA N SN V FI TB C O LB >1 00 % >1 00 %

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IN-DEPTH REVIEW: COMMERCIAL REAL ESTATE 30 Data is updated through 3Q24. 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 REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. . Limited tail loan-to-value risk in portfolio; controlled CRE growth Term WAVG LTV % of CRE Term % of CRE Construction Multifamily 57% 26% 52% Industrial / Warehouse 52% 24% 23% Office 56% 16% 5% Retail 47% 14% 5% Hospitality 45% 6% 2% Zions has modest “tail risk” in its CRE portfolio Total CRE Portfolio Trends Total CRE Problem Loan Trends as a percentage of total loans 0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Term CRE LTVs Appraised vs. Indexed Most Current Appraisal Index Adjusted 0% 2% 4% 6% 8% 10% 12% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Criticized % Classified % Nonaccrual % TTM GCO Rate 2.6 2.7 2.7 2.7 2.8 10.6 10.7 10.9 10.8 10.7 3Q23 4Q24 1Q24 2Q24 3Q24 Construction Balances Term Balances

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DISCIPLINED COMMERCIAL REAL ESTATE GROWTH 31 Data as of June 30, 2024; peer growth rates are normalized for significant acquisitions Commercial real estate loan growth lags peers due to continued exercise of concentration risk discipline Zions has exercised caution in CRE concentrations for more than a decade and in underwriting standards for many decades. • Key factors for consideration in credit risk within CRE • Measured and disciplined growth compared to peers • Significant borrower equity – conservative LTVs • Disciplined underwriting on debt service coverage • Diversified by geography and asset class • Limited exposure to land 0 50 100 150 200 250 300 350 1Q 15 1Q 16 1Q 17 1Q 18 1Q 19 1Q 20 1Q 21 1Q 22 1Q 23 2Q 24 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 1Q15 = 100 Commercial Real Estate Excluding Owner Occupied

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0% 5% 10% 15% 20% 25% 30% 35% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Most Current Appraisal Index Adjusted IN-DEPTH REVIEW: CRE OFFICE ($1.9 BILLION BALANCE) 32 Data updated through 3Q24. (1) Based on loans > $2.5 million - 90% of portfolio. 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 REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Office portfolio is 14% of total CRE exposure; 3% of total loan exposure • Allowance for credit losses: 3.9% of balances / 40% of criticized balances • 11% decrease in balances YOY via payoffs, loan rebalance, amortization • Median loan size: < $1 million; average loan size: $4.6 million • Loans > $30 million are 36% of exposure • 35% variable rate with swap, 15% fixed rate, 50% variable rate w/o swap • Stabilized term office portfolio is 87% leased (weighted average)1 • Office problem loans levels are stable or decreasing • Net charge-offs since 2020 of $8.6 million Office Problem Loan Trends as a percentage of total loans ($ billions) CRE Office Portfolio Trends When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination CRE Office Term LTVs Appraised vs Indexed 0.2 0.2 0.2 0.1 0.1 1.9 1.8 1.8 1.8 1.8 3Q23 4Q23 1Q24 2Q24 3Q24 Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Criticized % Classified % Nonaccrual % TTM GCO Rate

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• 100 200 300 400 500 600 700 800 <50 50-100 100-200 200-300 300-400 400-500 500+ Square Footage (in Thousands) Single / Multi Tenancy by Office Collateral Size Multi Tenant Single Tenant IN-DEPTH REVIEW: CRE OFFICE ($1.9 BILLION BALANCE) 33 Data is updated through 3Q24. (1) Portfolio metrics based on loans > $2.5 million – 90% of portfolio. Zions office collateral is diversified geographically, has limited exposure to CBD offices, and majority of building sizes < 200 thousand sq ft Office Collateral Summary • Largest state exposure (in millions): Utah $435 (SLC $210, Provo $145); CA $381 (So. Cal $215, No. Cal $132); WA $305, AZ $274 • Largest MSA exposure (in millions): Seattle $262, Phoenix $235, SLC $210 • 70% suburban, 30% central business district1 • 1/3 of portfolio is credit tenant leased1 • 70% Multi-tenant Office, 30% Single Tenant1 • Over 80% of single tenant buildings are leased to credit tenants • Collateral size: 65% of exposure secured by buildings < 200 thousand sq ft CRE Term Office by Maturity ($ millions) ($ millions) 168 698 241 234 77 449 2024 2025 2026 2027 2028 2029+ 17% 49% 35% 35% 3% 48% 20% 13% 83% 51% 65% 65% 97% 52% 80% 87% $58.3 $79.5 $88.7 $211.4 $274.0 $305.4 $381.0 $435.4 CO ID NV TX AZ WA CA UT CRE Office By State, CBD / Suburban ($MM) CBD Suburban

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0% 10% 20% 30% 40% 50% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ CRE Multifamily Term LTVs Appraised vs. Indexed Most Current Appraisal Index Adjusted IN-DEPTH REVIEW: CRE MULTIFAMILY ($3.9 BILLION BALANCE) 34 Data is updated through 3Q24. 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 REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE multifamily portfolio is 29% of total CRE exposure; 7% of total loan exposure • Elevated criticized levels - longer lease up timelines plus rent concessions, higher interest rates, construction delays • Allowance for credit losses: 2.4% of total multifamily balances / 14% of criticized balances • 0.02% nonaccrual, 0.05% delinquent • 10% increase in balances YOY; construction funding and term conversion • 71% term, 29% construction • Median loan size: < $1 million; average loan size: $5.6 million • 18% variable rate with swap, 11% fixed rate, 71% variable rate w/o swap • Multifamily by location – 28% CA, 28% TX, 12% AZ, 8% UT, 24% all other Multifamily Problem Loan Trends as a percentage of total loans ($ billions) CRE Multifamily Portfolio Trends 0.9 0.9 1.0 1.0 1.1 2.7 2.8 2.9 2.8 2.8 3Q23 4Q23 1Q24 2Q24 3Q24 Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Criticized % Classified % Nonaccrual % TTM GCO RateWhen values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination

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ZIONS FINISHES THIRD NATIONALLY IN 2023 GREENWICH EXCELLENCE AWARDS 35 Source: 2023 Coalition Greenwich Market Tracking Program Nationwide . * 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 Zions compares favorably to major competitors Greenwich Excellence Awards • Ranked third among all U.S. banks with 20 overall national Excellence Awards • One of only three U.S. banks to average 16 or more wins since the inception of the awards in 2009 • The small business results ($1-10MM revenue) were similar to the middle market results, with even stronger scores in overall satisfaction, ease of doing business and digital product capabilities Greenwich “Best Brand” Awards • Won all three brand awards in the Middle Market and Small Business categories • Bank You Can Trust • Values Long-Term Relationships • Ease of Doing Business Zions Bancorp Major Bank Competitors (Average Score) Highest Major Bank Competitor's Score Zions’ Rank Middle Market (Revenue of $10MM-$500MM) Overall Satisfaction - Customers 54 46 53 1st Bank You Can Trust 83 53 57 1st Values Long-Term Relationships 83 53 57 1st Ease of Doing Business 64 50 54 1st Digital Product Capabilities 58 41 46 1st Overall Customer Satisfaction with Bankers 78 55 58 1st Net Promoter Score** 52 40 48 1st Coalition Greenwich Customer Satisfaction (2023) % Excellent Citations* (Major Bank Competitors: JP Morgan, Bank of America, Wells Fargo, US Bank)

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NON-GAAP FINANCIAL MEASURES 36 In millions, except per share amounts 3Q24 2Q24 1Q24 4Q23 3Q23 (a) Total noninterest expense $502 $509 $526 $581 $496 LESS adjustments: Severance costs 1 1 Other real estate expense (1) Amortization of core deposit and other intangibles 2 1 2 2 2 FDIC special assessment 1 13 90 SBIC investment success fee accrual 1 Restructuring costs 1 (b) Total adjustments 3 3 15 92 3 (c) =(a - b) Adjusted noninterest expense 499 506 511 489 493 (d) Net interest income 620 597 586 583 585 (e) Fully taxable-equivalent adjustments 12 11 10 10 11 (f) = (d + e) Taxable-equivalent net interest income (TE NII) 632 608 596 593 596 (g) Noninterest Income 172 179 156 148 180 (h) = (f + g) Combined Income $804 $787 $752 $741 $776 LESS adjustments: Fair value and nonhedge derivative income (loss) (3) (1) 1 (9) 7 Securities gains (losses), net 9 4 (2) (1) 4 (i) Total adjustments 6 3 (1) (10) 11 (j) = (h - i) Adjusted revenue $798 $784 $753 $751 $765 (j - c) Adjusted pre-provision net revenue (PPNR) $299 $278 $242 $262 $272 (c) / (j) Efficiency Ratio 62.5% 64.5% 67.9% 65.1% 64.4%

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NON-GAAP FINANCIAL MEASURES (CONTINUED) 37 In millions 3Q24 2Q24 1Q24 4Q23 3Q23 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $204 $190 $143 $116 $168 Adjustments, net of tax: Amortization of core deposit and other intangibles 1 1 1 1 1 (a) Net earnings applicable to common, net of tax $205 $191 $144 $117 $169 Average common equity (GAAP) $5,738 $5,450 $5,289 $4,980 $4,938 Average goodwill and intangibles (1,054) (1,056) (1,058) (1,060) (1,061) (b) Average tangible common equity (non-GAAP) $4,684 $4,394 $4,231 $3,920 $3,877 (c) Number of days in quarter 92 91 91 92 92 (d) Number of days in year 366 366 366 365 365 (a/b/c)*d Return on average tangible common equity (non-GAAP) 17.4% 17.5% 13.7% 11.8% 17.3%

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