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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported)  July 26, 2022

ZIONS BANCORPORATION, NATIONAL ASSOCIATION
(Exact name of registrant as specified in its charter)
United States of America
001-12307
87-0189025
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(IRS Employer Identification No.)
One South Main,
Salt Lake City,
Utah
84133-1109
(Address of Principal Executive Offices)
(Zip Code)

Registrant's telephone number, including area code (801) 844-7637
Former name or former address, if changed since last report

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

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
Common Stock, par value $0.001ZIONThe 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 StockZIONPThe NASDAQ Stock Market, LLC
   Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred StockZIONOThe NASDAQ Stock Market, LLC
6.95% Fixed-to-Floating Rate Subordinated Notes due September 15, 2028ZIONLThe NASDAQ Stock Market, LLC

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

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




Item 2.02    Results of Operations and Financial Condition.

On July 26, 2022, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended June 30, 2022 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on July 26, 2022. The press release announcing the financial results for the quarter ended June 30, 2022 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 second quarter financial results is furnished as Exhibit 99.2 and incorporated herein by reference.

The information in this Current Report on Form 8-K, including the exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the 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 NumberDescription
Press Release dated July 26, 2022 (furnished herewith).
Earnings Release Presentation dated July 26, 2022 (furnished herewith).
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104The cover page from this Current Report on form 8-K, formatted as Inline XBRL.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  
ZIONS BANCORPORATION, NATIONAL ASSOCIATION
By:/s/ Paul E. Burdiss
Name:   Paul E. Burdiss
Title:      Executive Vice President and Chief Financial Officer
Date: July 26, 2022
  



Zions Bancorporation, N.A.
One South Main
Salt Lake City, UT 84133
July 26, 2022
zions2020630-er.jpg
www.zionsbancorporation.com
Second Quarter 2022 Financial Results: FOR IMMEDIATE RELEASE
Investor and Media Contact: James Abbott (801) 844-7637
Zions Bancorporation, N.A. reports: 2Q22 Net Earnings of $195 million, diluted EPS of $1.29
compared with 2Q21 Net Earnings of $345 million, diluted EPS of $2.08,
and 1Q22 Net Earnings of $195 million, diluted EPS of $1.27

SECOND QUARTER RESULTS
$1.29$195 million2.87%9.9%
Net earnings per diluted common share
Net earningsNet interest margin (“NIM”)Estimated Common Equity
Tier 1 ratio
SECOND QUARTER HIGHLIGHTS¹
Net Interest Income and NIM
•
Net interest income was $593 million, up 7%
•
NIM was 2.87%, compared with 2.79%
Operating Performance
•
Pre-provision net revenue ("PPNR") was $310 million, down 9%; adjusted PPNR² was $300 million, up 3%
•
PPP loans contributed $15 million in interest income, compared with $68 million
•
Customer-related noninterest income was $154 million, up 11%
•
Noninterest expense was $464 million, up 8%; adjusted noninterest expense² was $463 million, up 11%
•
The efficiency ratio² was 60.7%, compared with 59.1%
Loans and Credit Quality
•
Loans and leases were $52.4 billion, up 2%; excluding PPP, loans and leases were $51.8 billion, up 10%
•
The provision for credit losses was $41 million, compared with ($123) million
•
The allowance for credit losses was 1.05% of loans (ex-PPP), compared with 1.22% of loans (ex-PPP)
•
Nonperforming assets3 were $201 million, or 0.4%, of loans, compared with $308 million, or 0.6%, of loans
Capital
•
The estimated CET1 capital ratio was 9.9%, compared with 11.3%
•
Shares of common stock repurchased during the quarter were 0.9 million for $50 million
Notable items
•
Credit valuation adjustment gain on client-related interest rate swaps of $10 million, or $0.05 per share, compared with loss of $5 million
•
Deposits were $79.1 billion, up 4%, and the loan-to-deposit ratio was 66%, compared with 68%
CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “In the second quarter, we built on recent loan growth momentum, with average non-PPP loans increasing $1.5 billion, or an annualized 12%. Customer-related noninterest income was also strong with year-over-year improvement of 11%. Adjusted revenue increased nearly 8% over the prior year, despite a significant reduction in PPP revenue as that portfolio runs off. Excluding the impact of PPP, adjusted revenue increased nearly 17% over the prior year.”

Mr. Simmons continued, “We are particularly pleased with the credit performance of the loan portfolio. Our net charge-off ratio was an annualized 0.07% of average loans, and our nonperforming asset ratio fell to a very clean 0.4% of loans. Also, for the first time in several decades, our real estate owned figure was zero. We are well prepared for the possibility of a recession with solid credit quality and capital, and strong pre-provision net revenue growth.”
OPERATING PERFORMANCE2
(In millions)Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
Adjusted PPNR$300$290$541$543
Net charge-offs$9$(2)$15$6
Efficiency ratio60.7%59.1%63.1%61.3%
Weighted average diluted shares150.8163.1151.3163.5
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 15-17.
3 Does not include banking premises held for sale.


ZIONS BANCORPORATION, N.A.
Press Release – Page 2
July 26, 2022
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
2Q22 - 1Q222Q22 - 2Q21
(In millions)2Q221Q222Q21$%$%
Interest and fees on loans$468$437$492$31 7 %$(24)(5)%
Interest on money market investments12646 NM8 NM
Interest on securities1281127416 14 54 73 
Total interest income
60855557053 10 38 7 
Interest on deposits7671 17 — — 
Interest on short- and long-term borrowings8583 60 — — 
Total interest expense
1511154 36 — — 
Net interest income
$593$544$555$49 9 $38 7 
bpsbps
Yield on interest-earning assets1
2.94 %2.65 %2.86 %29 8 
Rate paid on total deposits and interest-bearing liabilities1
0.07 %0.06 %0.08 %1 (1)
Cost of total deposits1
0.03 %0.03 %0.04 %— (1)
Net interest margin1
2.87 %2.60 %2.79 %27 8 
1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.
Net interest income increased $38 million, or 7%, to $593 million in the second quarter of 2022, primarily due to an increase in average interest-earning assets and a higher interest rate environment.
Average interest-earning assets increased $3.1 billion, or 4%, driven by strong growth in available-for-sale securities and commercial loans (ex-PPP), and was partially offset by declines in average PPP loans and money market investments. Average securities increased $8.7 billion, or 49%, representing 32% of average interest-earning assets, compared with 22%, as we actively deployed excess liquidity into securities.
The net interest margin was 2.87%, compared with 2.79%. The yield on average interest-earning assets was 2.94% in the second quarter of 2022, an increase of eight basis points. The yield on total loans decreased 10 basis points to 3.67%. The yield on non-PPP loans decreased six basis points, due to lower yields on new originations during the past year arising, in part, from promotional rates on commercial owner-occupied loans and home equity credit lines that we utilized to deploy excess liquidity. The yield on securities increased 26 basis points to 1.97%, largely due to higher interest rates.
The annualized cost of total deposits for the second quarter of 2022 was 0.03%, compared with 0.04%. The rate paid on total deposits and interest-bearing liabilities was 0.07%, a slight decrease from 0.08% during the second quarter of 2021. Average noninterest bearing deposits as a percentage of total deposits were 51%, compared with 49% for the same prior year period.
In the second quarter of 2022, approximately 2,000 PPP loans totaling $0.6 billion were forgiven by the SBA. PPP loans contributed $15 million in interest income during the quarter, compared with $68 million. During the same time periods, approximately $10 million and $36 million of the interest income from PPP loans was related to accelerated recognition of net unamortized deferred fees due to forgiveness, respectively. At June 30, 2022, the remaining net unamortized deferred fees on PPP loans totaled $11 million.


ZIONS BANCORPORATION, N.A.
Press Release – Page 3
July 26, 2022
Noninterest Income
2Q22 - 1Q222Q22 - 2Q21
(In millions)2Q221Q222Q21$%$%
Commercial account fees$37 $41 $34 $(4)(10)%$3 9 %
Card fees25 25 24 — — 1 4 
Retail and business banking fees20 20 18 — — 2 11 
Loan-related fees and income21 22 21 (1)(5)— — 
Capital markets and foreign exchange fees21 15 17 6 40 4 24 
Wealth management fees13 14 12 (1)(7)1 8 
Other customer-related fees17 14 13 3 21 4 31 
Customer-related noninterest income154 151 139 3 2 15 11 
Fair value and nonhedge derivative income (loss)10 6 (5)4 67 15 NM
Dividends and other income7 2 8 5 NM(1)(13)
Securities gains (losses), net1 (17)63 18 NM(62)(98)
Total noninterest income
$172 $142 $205 $30 21 $(33)(16)

Total customer-related noninterest income increased $15 million, or 11%, to $154 million, driven by increased customer activity across most fee categories, notably capital markets and foreign exchange fees, other customer-related fees, and commercial account fees.
Retail and business banking fees include overdraft and non-sufficient funds fees. Beginning in the third quarter of 2022, we expect to reduce the rate and frequency with which such fees are assessed. Relative to current activity levels, we expect this will reduce our customer-related noninterest income by approximately $5 million per quarter.
Net securities gains and losses decreased $62 million, mainly due to a large unrealized gain during the prior year period primarily related to the IPO of our SBIC investment in Recursion Pharmaceuticals, Inc.
Fair value and nonhedge derivative income increased $15 million from the prior year period. We recognized a $10 million gain during the quarter related to a credit valuation adjustment (“CVA”) on client-related interest rate swaps, compared with a $5 million CVA loss in the prior year period.
Noninterest Expense
2Q22 - 1Q222Q22 - 2Q21
(In millions)2Q221Q222Q21$%$%
Salaries and employee benefits$307 $312 $272 $(5)(2)%$35 13 %
Technology, telecom, and information processing53 52 49 1 2 4 8 
Occupancy and equipment, net36 38 39 (2)(5)(3)(8)
Professional and legal services14 14 18 — — (4)(22)
Marketing and business development9 8 7 1 13 2 29 
Deposit insurance and regulatory expense13 10 7 3 30 6 86 
Credit-related expense7 7 6 — — 1 17 
Other real estate expense, net— 1 — (1)NM— NM
Other25 22 30 3 14 (5)(17)
Total noninterest expense
$464 $464 $428 $— — $36 8 
Adjusted noninterest expense 1
$463 $464 $419 $(1)— $44 11 
1 For information on non-GAAP financial measures, see pages 15-17.
Total noninterest expense increased $36 million, or 8%, relative to the prior year quarter. Salaries and benefits expense increased $35 million, or 13%, due to increased headcount, the impact of inflationary and competitive labor market pressures on wages and benefits, and increases in incentive compensation accruals arising from improvements in anticipated full-year profitability.


ZIONS BANCORPORATION, N.A.
Press Release – Page 4
July 26, 2022
Deposit insurance and regulatory expense increased $6 million, driven largely by a higher FDIC insurance assessment.
Other noninterest expense decreased $5 million, or 17%, primarily due to the success fee accrual in the prior year period related to the IPO of our SBIC investment in Recursion Pharmaceuticals, Inc. Professional and legal services expense decreased $4 million, or 22%, due to third-party assistance associated with PPP loan forgiveness and various other technology-related and outsourced services utilized in the prior year period.
The efficiency ratio was 60.7%, compared with 59.1%. For information on non-GAAP financial measures, including differences between noninterest expense and adjusted noninterest expense, see pages 15-17.
BALANCE SHEET ANALYSIS
Loans and Leases
2Q22 - 1Q222Q22 - 2Q21
(In millions)2Q221Q222Q21$%$%
Loans held for sale$42 $43 $66 $(1)(2)%$(24)(36)%
Loans and leases:
Commercial – excluding PPP loans
$28,649 $27,644 $24,700 $1,005 4 $3,949 16 
Commercial – PPP loans
534 1,081 4,461 (547)(51)(3,927)(88)
Commercial real estate
12,136 12,094 12,108 42 — 28 — 
Consumer
11,051 10,423 10,129 628 6 922 9 
Loans and leases, net of unearned income and fees52,370 51,242 51,398 1,128 2 972 2 
Less allowance for loan losses
508 478 535 30 6 (27)(5)
Loans and leases held for investment, net of allowance
$51,862 $50,764 $50,863 $1,098 2 $999 2 
Unfunded lending commitments and letters of credit$28,008 $27,253 $25,689 $755 3 $2,319 9 
Loans and leases, net of unearned income and fees, increased $1.0 billion, or 2%, to $52.4 billion at June 30, 2022. Excluding PPP loans, total loans and leases increased $4.9 billion, or 10%, to $51.8 billion. Commercial and industrial loans, owner occupied loans, and municipal loans increased $2.0 billion, $1.0 billion, and $0.9 billion, respectively. Home equity credit lines increased $0.5 billion, and both consumer construction and 1-4 family residential mortgage loan portfolios increased $0.2 billion.
Unfunded lending commitments and letters of credit increased $2.3 billion, or 9%, to $28.0 billion at June 30, 2022, primarily due to growth in our home equity and commercial credit line portfolios.


ZIONS BANCORPORATION, N.A.
Press Release – Page 5
July 26, 2022
Credit Quality
2Q22 - 1Q222Q22 - 2Q21
(In millions)2Q221Q222Q21$%$%
Provision for credit losses$41$(33)$(123)$74 NM$164 NM
Allowance for credit losses54651457432 6 %(28)(5)%
Net loan and lease charge-offs (recoveries)96(2)3 50 11 NM
Nonperforming assets2
201252308(51)(20)(107)(35)
Classified loans1,0091,1481,557(139)(12)(548)(35)
2Q221Q222Q21bpsbps
Ratio of ACL to loans1 and leases outstanding, at period end
1.04 %1.00 %1.12 %4 (8)
Ratio of ACL to loans1 and leases outstanding (ex-PPP), at period end
1.05 %1.02 %1.22 %3 (17)
Annualized ratio of net loan and lease charge-offs to average loans0.07 %0.05 %(0.02)%2 9 
Ratio of classified loans to total loans and leases (ex-PPP)1.95 %2.29 %3.32 %(34)(137)
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned
0.39 %0.50 %0.61 %(11)(22)
1 Does not include loans held for sale.
2 Does not include banking premises held for sale.
Net loan and lease charge-offs were $9 million, compared with net recoveries of $2 million in the prior year quarter. During the second quarter of 2022, we recorded a $41 million provision for credit losses, compared with a $(123) million provision during the prior year period. The allowance for credit losses (“ACL”) was $546 million at June 30, 2022, compared with $574 million at June 30, 2021. The decrease in the ACL was due largely to changes in economic forecasts and improvements in overall credit quality. The ratio of ACL to total loans and leases (ex-PPP) was 1.05% at June 30, 2022, compared with 1.22% at June 30, 2021.
Deposits and Borrowed Funds
2Q22 - 1Q222Q22 - 2Q21
(In millions)2Q221Q222Q21$%$%
Noninterest-bearing demand$40,289 $41,937 $38,128 $(1,648)(4)%$2,161 6 %
Interest-bearing:
Savings and money market
37,346 38,864 36,037 (1,518)(4)1,309 4 
Time
1,426 1,550 1,940 (124)(8)(514)(26)
Total deposits$79,061 $82,351 $76,105 $(3,290)(4)$2,956 4 
Borrowed funds:
Federal funds purchased and other short-term borrowings$1,018 $638 $741 $380 60 $277 37 
Long-term debt671 689 1,308 (18)(3)(637)(49)
Total borrowed funds$1,689 $1,327 $2,049 $362 27 $(360)(18)
Total deposits increased $3.0 billion, or 4%, to $79.1 billion, primarily due to a $2.2 billion increase in noninterest-bearing deposits. Average total deposits increased $6.2 billion, or 8%, to $80.9 billion, relative to the prior year period. Average noninterest-bearing deposits increased $4.5 billion, or 12%, to $41.1 billion, and were 51% and 49% of average total deposits for the respective time periods.


ZIONS BANCORPORATION, N.A.
Press Release – Page 6
July 26, 2022
Total borrowed funds decreased $0.4 billion, or 18%, to $1.7 billion, from the prior year quarter. The decrease in long-term debt was primarily due to the redemption of $290 million of senior notes during the first quarter of 2022, and the maturity of $281 million of senior notes during the third quarter of 2021. The growth of deposits has allowed us to reduce borrowed funds.
Shareholders’ Equity
2Q22 - 1Q222Q22 - 2Q21
(In millions, except share data)2Q221Q222Q21$%$%
Shareholders’ equity:
Preferred stock
$440$440$440$— — %$— — %
Common stock and additional paid-in capital
1,8451,8892,565(44)(2)(720)(28)
Retained earnings
5,4475,3114,853136 3 594 12 
Accumulated other comprehensive income (loss)(2,100)(1,346)175(754)(56)(2,275)NM
Total shareholders’ equity$5,632$6,294$8,033$(662)(11)$(2,401)(30)
Capital distributions:
Common dividends paid$58$58$56$— — $2 4 
Bank common stock repurchased5050100— — (50)(50)
Total capital distributed to common shareholders$108$108$156$— — $(48)(31)
shares%shares%
Weighted average diluted common shares outstanding (in thousands)
150,838 151,687 163,054 (849)(1)%(12,216)(7)%
Common shares outstanding, at period end (in thousands)150,471 151,348 162,248 (877)(1)(11,777)(7)
The common stock dividend was $0.38 per share, compared with $0.34 during the prior year quarter. Weighted average diluted shares outstanding decreased 12.2 million, or 7%, from the second quarter of 2021, primarily due to share repurchases. During the second quarter of 2022, we repurchased 0.9 million common shares outstanding for $50 million.
Accumulated other comprehensive income (“AOCI”) decreased to a loss of $2.1 billion at June 30, 2022, due to decreases 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 revert back to par over the remaining life of the securities. We have not initiated any sales of AFS securities, nor do we currently intend to sell any identified securities with unrealized losses.
Tangible book value per common share decreased to $27.76, compared with $40.54, primarily due to the significant decrease in AOCI previously described. Estimated common equity tier 1 (“CET1”) capital was $6.3 billion, compared with $6.4 billion, and the estimated CET1 capital ratio was 9.9%, compared with 11.3%.



ZIONS BANCORPORATION, N.A.
Press Release – Page 7
July 26, 2022
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website, which will be used to discuss the second quarter results at 5:30 p.m. ET on July 26, 2022. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and entering the passcode 13730757, 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 more than $90 billion of total assets at December 31, 2021, and annual net revenue of $2.9 billion in 2021. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at zionsbancorporation.com.
Forward-Looking Information
This earnings release includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as “may,” “might,” “could,” “anticipate,” “expect,” and similar terms, are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks and uncertainties.
Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. 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 2021 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).
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 8
July 26, 2022
FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
(In millions, except share, per share, and ratio data)June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
BALANCE SHEET 1
Loans held for investment, net of allowance$51,862$50,764$50,338$50,187$50,863
Total assets87,78491,12693,20088,30687,208
Deposits79,06182,35182,78977,88476,105
Total shareholders’ equity5,6326,2947,4637,7748,033
STATEMENT OF INCOME
Net earnings applicable to common shareholders
$195$195$207$234$345
Net interest income593544553555555
Taxable-equivalent net interest income 2
602552563562562
Total noninterest income172142190139205
Total noninterest expense464464449429428
Adjusted pre-provision net revenue 2
300241288290290
Provision for credit losses41(33)25(46)(123)
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share$1.29$1.27$1.34$1.45$2.08
Dividends0.380.380.380.380.34
Book value per common share 1
34.5038.6846.3246.8546.80
Tangible book value per common share 1, 2
27.7631.9739.6240.3740.54
Weighted average share price56.6268.2363.6954.7855.86
Weighted average diluted common shares outstanding (in thousands)
150,838151,687153,635160,480163,054
Common shares outstanding (in thousands) 1
150,471151,348151,625156,530162,248
SELECTED RATIOS AND OTHER DATA
Return on average assets0.91 %0.90 %0.92 %1.08 %1.65 %
Return on average common equity14.0 %11.8 %11.5 %12.3 %18.6 %
Return on average tangible common equity 2
17.1 %13.9 %13.4 %14.2 %21.6 %
Net interest margin2.87 %2.60 %2.58 %2.68 %2.79 %
Cost of total deposits, annualized0.03 %0.03 %0.03 %0.03 %0.04 %
Efficiency ratio 2
60.7 %65.8 %60.8 %59.8 %59.1 %
Effective tax rate21.9 %20.4 %20.8 %22.8 %22.2 %
Ratio of nonperforming assets to loans and leases and other real estate owned
0.38 %0.49 %0.53 %0.64 %0.60 %
Annualized ratio of net loan and lease charge-offs to average loans0.07 %0.05 %0.01 %(0.01)%(0.02)%
Ratio of total allowance for credit losses to loans and leases outstanding 1
1.04 %1.00 %1.09 %1.04 %1.12 %
Full-time equivalent employees
9,8959,7249,6859,6419,727
CAPITAL RATIOS AND DATA 1
Common equity tier 1 capital 3
$6,257$6,166$6,068$6,236$6,383
Risk-weighted assets 3
63,42461,42759,60057,45956,339
Tangible common equity ratio 2
4.8 %5.4 %6.5 %7.2 %7.6 %
Common equity tier 1 capital ratio 3
9.9 %10.0 %10.2 %10.9 %11.3 %
Tier 1 leverage ratio 3
7.4 %7.3 %7.2 %7.6 %8.0 %
Tier 1 risk-based capital ratio 3
10.6 %10.8 %10.9 %11.6 %12.1 %
Total risk-based capital ratio 3
12.3 %12.5 %12.8 %13.6 %14.2 %
1 At period end.
2    For information on non-GAAP financial measures, see pages 15-17.
3 Current period ratios and amounts represent estimates.


ZIONS BANCORPORATION, N.A.
Press Release – Page 9
July 26, 2022
CONSOLIDATED BALANCE SHEETS
(In millions, shares in thousands)June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)
ASSETS
Cash and due from banks$559 $700 $595 $597 $525 
Money market investments:
Interest-bearing deposits1,249 5,093 10,283 9,442 10,086 
Federal funds sold and security resell agreements2,273 2,345 2,133 1,858 1,714 
Investment securities:
Held-to-maturity1, at amortized cost
614 439 441 459 620 
Available-for-sale, at fair value25,297 26,145 24,048 20,461 18,170 
Trading account, at fair value304 382 372 305 181 
Total securities, net of allowance26,215 26,966 24,861 21,225 18,971 
Loans held for sale42 43 83 67 66 
Loans and leases, net of unearned income and fees52,370 51,242 50,851 50,678 51,398 
Less allowance for loan losses508 478 513 491 535 
Loans held for investment, net of allowance51,862 50,764 50,338 50,187 50,863 
Other noninterest-bearing investments840 829 851 868 895 
Premises, equipment and software, net1,372 1,346 1,319 1,282 1,239 
Goodwill and intangibles1,015 1,015 1,015 1,015 1,015 
Other real estate owned— 4 8 21 23 
Other assets2,357 2,021 1,714 1,744 1,811 
Total assets$87,784 $91,126 $93,200 $88,306 $87,208 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$40,289 $41,937 $41,053 $39,150 $38,128 
Interest-bearing:
Savings and money market37,346 38,864 40,114 37,046 36,037 
Time1,426 1,550 1,622 1,688 1,940 
Total deposits79,061 82,351 82,789 77,884 76,105 
Federal funds purchased and other short-term borrowings
1,018 638 903 579 741 
Long-term debt671 689 1,012 1,020 1,308 
Reserve for unfunded lending commitments38 36 40 38 39 
Other liabilities1,364 1,118 993 1,011 982 
Total liabilities82,152 84,832 85,737 80,532 79,175 
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares440 440 440 440 440 
Common stock2 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital
1,845 1,889 1,928 2,245 2,565 
Retained earnings5,447 5,311 5,175 5,025 4,853 
Accumulated other comprehensive income (loss)(2,100)(1,346)(80)64 175 
Total shareholders’ equity5,632 6,294 7,463 7,774 8,033 
Total liabilities and shareholders’ equity$87,784 $91,126 $93,200 $88,306 $87,208 
1 Held-to-maturity (fair value)
$578 $414 $443 $461 $622 
2 Common shares (issued and outstanding)
150,471 151,348 151,625 156,530 162,248 


ZIONS BANCORPORATION, N.A.
Press Release – Page 10
July 26, 2022
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)Three Months Ended
(In millions, except share and per share amounts)June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
Interest income:
Interest and fees on loans$468 $437 $471 $484 $492 
Interest on money market investments12 6 7 7 4 
Interest on securities128 112 88 78 74 
Total interest income608 555 566 569 570 
Interest expense:
Interest on deposits7 6 7 7 7 
Interest on short- and long-term borrowings8 5 6 7 8 
Total interest expense15 11 13 14 15 
Net interest income593 544 553 555 555 
Provision for credit losses:
Provision for loan losses39 (29)23 (45)(113)
Provision for unfunded lending commitments2 (4)2 (1)(10)
Total provision for credit losses41 (33)25 (46)(123)
Net interest income after provision for credit losses552 577 528 601 678 
Noninterest income:
Commercial account fees37 41 34 34 34 
Card fees25 25 25 25 24 
Retail and business banking fees20 20 19 20 18 
Loan-related fees and income21 22 22 27 21 
Capital markets and foreign exchange fees21 15 24 17 17 
Wealth management fees13 14 13 13 12 
Other customer-related fees17 14 15 15 13 
Customer-related noninterest income154 151 152 151 139 
Fair value and nonhedge derivative income (loss)10 6 (1)2 (5)
Dividends and other income7 2 19 9 8 
Securities gains (losses), net1 (17)20 (23)63 
Total noninterest income172 142 190 139 205 
Noninterest expense:
Salaries and employee benefits307 312 282 285 272 
Technology, telecom, and information processing53 52 51 50 49 
Occupancy and equipment, net36 38 38 37 39 
Professional and legal services14 14 16 17 18 
Marketing and business development9 8 20 9 7 
Deposit insurance and regulatory expense13 10 9 8 7 
Credit-related expense7 7 7 7 6 
Other real estate expense, net— 1 — — — 
Other25 22 26 16 30 
Total noninterest expense464 464 449 429 428 
Income before income taxes260 255 269 311 455 
Income taxes57 52 56 71 101 
Net income203 203 213 240 354 
Preferred stock dividends(8)(8)(6)(6)(9)
Net earnings applicable to common shareholders$195 $195 $207 $234 $345 
Weighted average common shares outstanding during the period:
Basic shares (in thousands)150,635 151,285 153,248 160,221 162,742 
Diluted shares (in thousands)150,838 151,687 153,635 160,480 163,054 
Net earnings per common share:
Basic$1.29 $1.27 $1.34 $1.45 $2.08 
Diluted1.29 1.27 1.34 1.45 2.08 


ZIONS BANCORPORATION, N.A.
Press Release – Page 11
July 26, 2022
Loan Balances Held for Investment by Portfolio Type
(Unaudited)
(In millions)June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
Commercial:
Commercial and industrial$14,989 $14,356 $13,867 $13,230 $12,947 
PPP534 1,081 1,855 3,080 4,461 
Leasing339 318 327 293 307 
Owner occupied9,208 9,026 8,733 8,446 8,231 
Municipal4,113 3,944 3,658 3,400 3,215 
Total commercial29,183 28,725 28,440 28,449 29,161 
Commercial real estate:
Construction and land development2,659 2,769 2,757 2,843 2,576 
Term9,477 9,325 9,441 9,310 9,532 
Total commercial real estate12,136 12,094 12,198 12,153 12,108 
Consumer:
Home equity credit line3,266 3,089 3,016 2,834 2,727 
1-4 family residential6,423 6,122 6,050 6,140 6,269 
Construction and other consumer real estate787 692 638 584 593 
Bankcard and other revolving plans448 410 396 395 415 
Other127 110 113 123 125 
Total consumer11,051 10,423 10,213 10,076 10,129 
Total loans and leases$52,370 $51,242 $50,851 $50,678 $51,398 

Nonperforming Assets
(Unaudited)
(In millions)June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
Nonaccrual loans 1
$201 $252 $271 $323 $307 
Other real estate owned 2
— — 1 1 1 
Total nonperforming assets$201 $252 $272 $324 $308 
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2
0.38 %0.49 %0.53 %0.64 %0.60 %
Accruing loans past due 90 days or more$6 $3 $8 $4 $6 
Ratio of accruing loans past due 90 days or more to loans1 and leases
0.01 %0.01 %0.02 %0.01 %0.01 %
Nonaccrual loans and accruing loans past due 90 days or more
$207 $255 $279 $327 $313 
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned
0.39 %0.50 %0.55 %0.65 %0.61 %
Accruing loans past due 30-89 days 3
$123 $93 $70 $114 $29 
Restructured loans included in nonaccrual loans61 100 105 121 128 
Restructured loans on accrual214 216 221 231 330 
Classified loans1,009 1,148 1,236 1,397 1,557 
1 Includes loans held for sale.
2 Does not include banking premises held for sale.
3 Includes $7 million of PPP loans at June 30, 2022, which we expect will be paid in full by either the borrower or the SBA.


ZIONS BANCORPORATION, N.A.
Press Release – Page 12
July 26, 2022
Allowance for Credit Losses
(Unaudited)
Three Months Ended
(In millions)June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
Allowance for Loan Losses
Balance at beginning of period$478 $513 $491 $535 $646 
Provision for loan losses39 (29)23 (45)(113)
Loan and lease charge-offs18 17 11 8 8 
Less: Recoveries9 11 10 9 10 
Net loan and lease charge-offs9 6 1 (1)(2)
Balance at end of period$508 $478 $513 $491 $535 
Ratio of allowance for loan losses to loans1 and leases, at period end
0.97 %0.93 %1.01 %0.97 %1.04 %
Ratio of allowance for loan losses to nonaccrual loans1 at period end
261 %190 %189 %152 %175 %
Annualized ratio of net loan and lease charge-offs to average loans
0.07 %0.05 %0.01 %(0.01)%(0.02)%
Annualized ratio of net loan and lease charge-offs to average loans (excluding PPP loans)0.07 %0.05 %0.01 %(0.01)%(0.02)%
Reserve for Unfunded Lending Commitments
Balance at beginning of period$36 $40 $38 $39 $49 
Provision for unfunded lending commitments2 (4)2 (1)(10)
Balance at end of period$38 $36 $40 $38 $39 
Allowance for Credit Losses
Allowance for loan losses$508 $478 $513 $491 $535 
Reserve for unfunded lending commitments38 36 40 38 39 
Total allowance for credit losses$546 $514 $553 $529 $574 
Ratio of total allowance for credit losses to loans1 and leases outstanding, at period end
1.04 %1.00 %1.09 %1.04 %1.12 %
Ratio of total allowance for credit losses to loans1 and leases outstanding (excluding PPP loans), at period end
1.05 %1.02 %1.13 %1.11 %1.22 %
1 Does not include loans held for sale.


ZIONS BANCORPORATION, N.A.
Press Release – Page 13
July 26, 2022
Nonaccrual Loans by Portfolio Type
(Unaudited)
(In millions)June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
Loans held for sale$6 $— $— $— $1 
Commercial:
Commercial and industrial$86 $112 $124 $157 $111 
PPP1 2 3 — 1 
Leasing— — — — — 
Owner occupied40 53 57 67 69 
Municipal— — — — — 
Total commercial127 167 184 224 181 
Commercial real estate:
Construction and land development— — — — — 
Term20 20 20 25 28 
Total commercial real estate20 20 20 25 28 
Consumer:
Home equity credit line10 13 14 15 18 
1-4 family residential38 51 52 58 78 
Construction and other consumer real estate— — — — — 
Bankcard and other revolving plans— 1 1 1 1 
Other— — — — — 
Total consumer48 65 67 74 97 
Total nonaccrual loans$201 $252 $271 $323 $307 

Net Charge-Offs by Portfolio Type
(Unaudited)
(In millions)June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
Commercial:
Commercial and industrial$8 $6 $3 $(2)$(2)
PPP— — — — — 
Leasing— — — — — 
Owner occupied— (1)— (1)— 
Municipal— — — — — 
Total commercial8 5 3 (3)(2)
Commercial real estate:
Construction and land development— — (3)— — 
Term— — — — — 
Total commercial real estate— — (3)— — 
Consumer:
Home equity credit line(1)(1)— 1 (1)
1-4 family residential1 1 — 1 — 
Construction and other consumer real estate— — — — — 
Bankcard and other revolving plans1 1 — — 1 
Other— — 1 — — 
Total consumer loans1 1 1 2 — 
Total net charge-offs (recoveries)$9 $6 $1 $(1)$(2)


ZIONS BANCORPORATION, N.A.
Press Release – Page 14
July 26, 2022
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)Three Months Ended
June 30, 2022March 31, 2022June 30, 2021
(In millions)Average balance
Average
yield/rate 1
Average balance
Average
yield/rate 1
Average balance
Average
yield/rate 1
ASSETS
Money market investments:
Interest-bearing deposits$3,113 0.66 %$6,735 0.19 %$8,848 0.11 %
Federal funds sold and security resell agreements2,542 1.13 %2,300 0.52 %1,405 0.51 %
Total money market investments5,655 0.87 %9,035 0.27 %10,253 0.17 %
Securities:
Held-to-maturity485 2.96 %438 3.12 %579 2.91 %
Available-for-sale25,722 1.91 %25,246 1.71 %17,041 1.63 %
Trading account357 5.07 %384 4.76 %211 4.43 %
Total securities26,564 1.97 %26,068 1.78 %17,831 1.71 %
Loans held for sale38 0.72 %57 1.92 %62 2.50 %
Loans and leases:2
Commercial - excluding PPP loans28,151 3.71 %27,037 3.54 %24,560 3.85 %
Commercial - PPP loans801 7.45 %1,459 6.64 %5,945 4.56 %
Commercial real estate12,098 3.69 %12,171 3.37 %12,037 3.46 %
Consumer10,734 3.24 %10,266 3.23 %10,228 3.51 %
Total loans and leases51,784 3.67 %50,933 3.52 %52,770 3.77 %
Total interest-earning assets84,041 2.94 %86,093 2.65 %80,916 2.86 %
Cash and due from banks617 625 579 
Allowance for credit losses on loans and debt securities(480)(515)(647)
Goodwill and intangibles1,015 1,015 1,015 
Other assets4,712 4,211 4,094 
Total assets$89,905 $91,429 $85,957 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market$38,325 0.06 %$39,132 0.05 %$35,987 0.06 %
Time1,488 0.24 %1,587 0.26 %2,108 0.42 %
Total interest-bearing deposits39,813 0.07 %40,719 0.06 %38,095 0.08 %
Borrowed funds:
Federal funds purchased and other short-term borrowings
743 0.70 %594 0.08 %834 0.06 %
Long-term debt678 3.79 %823 2.66 %1,303 2.31 %
Total borrowed funds1,421 2.17 %1,417 1.58 %2,137 1.43 %
Total interest-bearing funds41,234 0.14 %42,136 0.11 %40,232 0.15 %
Noninterest-bearing demand deposits41,074 40,886 36,545 
Other liabilities1,575 1,267 1,200 
Total liabilities83,883 84,289 77,977 
Shareholders’ equity:
Preferred equity440 440 544 
Common equity5,582 6,700 7,436 
Total shareholders’ equity6,022 7,140 7,980 
Total liabilities and shareholders’ equity$89,905 $91,429 $85,957 
Spread on average interest-bearing funds2.80 %2.54 %2.71 %
Impact of net noninterest-bearing sources of funds0.07 %0.06 %0.08 %
Net interest margin2.87 %2.60 %2.79 %
Memo: total loans and leases, excluding PPP loans50,983 3.61 %49,474 3.43 %46,825 3.67 %
Memo: total cost of deposits0.03 %0.03 %0.04 %
Memo: total deposits and interest-bearing liabilities82,308 0.07 %83,022 0.06 %76,777 0.08 %
1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.
2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.


ZIONS BANCORPORATION, N.A.
Press Release – Page 15
July 26, 2022
GAAP to NON-GAAP RECONCILIATIONS
(Unaudited)
This press release presents non-GAAP financial measures, in addition to GAAP financial measures, to provide investors with additional information. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. We consider these adjustments to be relevant to ongoing operating results and provide a meaningful base for period-to-period and company-to-company comparisons. We use these non-GAAP financial measures to assess our performance, financial position, and for presentations of our performance to investors. We believe that presenting these non-GAAP financial measures permits investors to assess our performance on the same basis as that applied by our management and the financial services industry.
Non-GAAP financial measures have inherent limitations and are not necessarily comparable to similar financial measures that may be presented by other financial services companies. Although non-GAAP financial measures are frequently used by stakeholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.
Tangible Common Equity and Related Measures
Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization. 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)June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
Net earnings applicable to common shareholders, net of tax(a)$195 $195 $207 $234 $345 
Average common equity (GAAP)$5,582 $6,700 $7,146 $7,569 $7,436 
Average goodwill and intangibles(1,015)(1,015)(1,015)(1,015)(1,015)
Average tangible common equity (non-GAAP)(b)$4,567 $5,685 $6,131 $6,554 $6,421 
Number of days in quarter(c)91 90 92 92 91 
Number of days in year(d)365 365 365 365 365 
Return on average tangible common equity (non-GAAP)
(a/b/c)*d17.1 %13.9 %13.4 %14.2 %21.6 %
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)June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
Total shareholders’ equity (GAAP)$5,632 $6,294 $7,463 $7,774 $8,033 
Goodwill and intangibles(1,015)(1,015)(1,015)(1,015)(1,015)
Tangible equity (non-GAAP)(a)4,617 5,279 6,448 6,759 7,018 
Preferred stock(440)(440)(440)(440)(440)
Tangible common equity (non-GAAP)(b)$4,177 $4,839 $6,008 $6,319 $6,578 
Total assets (GAAP)$87,784 $91,126 $93,200 $88,306 $87,208 
Goodwill and intangibles(1,015)(1,015)(1,015)(1,015)(1,015)
Tangible assets (non-GAAP)(c)$86,769 $90,111 $92,185 $87,291 $86,193 
Common shares outstanding (in thousands)(d)150,471 151,348 151,625 156,530 162,248 
Tangible equity ratio (non-GAAP)(a/c)5.3 %5.9 %7.0 %7.7 %8.1 %
Tangible common equity ratio (non-GAAP)(b/c)4.8 %5.4 %6.5 %7.2 %7.6 %
Tangible book value per common share (non-GAAP)
(b/d)$27.76 $31.97 $39.62 $40.37 $40.54 


ZIONS BANCORPORATION, N.A.
Press Release – Page 16
July 26, 2022
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. The methodology of determining the efficiency ratio may differ among companies. We make adjustments to exclude certain items that are not generally expected to recur frequently, as identified in the subsequent schedule, which we believe allow for more consistent comparability across periods. Adjusted noninterest expense provides a measure as to how we are managing our expenses; adjusted pre-provision net revenue (“PPNR”) 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)June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
Noninterest expense (GAAP) (a)$464 $464 $449 $429 $428 
Adjustments:
Severance costs1 — — 1 — 
Other real estate expense, net— 1 — — — 
Amortization of core deposit and other intangibles— — 1 — — 
SBIC investment success fee accrual 1
— (1)2 (4)9 
Total adjustments(b)1 — 3 (3)9 
Adjusted noninterest expense (non-GAAP)(a-b)=(c)$463 $464 $446 $432 $419 
Net interest income (GAAP)
(d)$593 $544 $553 $555 $555 
Fully taxable-equivalent adjustments
(e)9 8 10 7 7 
Taxable-equivalent net interest income (non-GAAP)
(d+e)=(f)602 552 563 562 562 
Noninterest income (GAAP)(g)172 142 190 139 205 
Combined income (non-GAAP)(f+g)=(h)774 694 753 701 767 
Adjustments:
Fair value and nonhedge derivative income (loss)10 6 (1)2 (5)
Securities gains (losses), net1 (17)20 (23)63 
Total adjustments(i)11 (11)19 (21)58 
Adjusted taxable-equivalent revenue
(non-GAAP)
(h-i)=(j)$763 $705 $734 $722 $709 
Pre-provision net revenue (PPNR) (non-GAAP)
(h)-(a)$310 $230 $304 $272 $339 
Adjusted PPNR (non-GAAP)
(j)-(c)300 241 288 290 290 
Efficiency ratio (non-GAAP)(c/j)60.7 %65.8 %60.8 %59.8 %59.1 %
1 The success fee accrual is associated with the gains/(losses) from our SBIC investments. The gains/(losses) related to these investments are excluded from the efficiency ratio through securities gains (losses), net.


ZIONS BANCORPORATION, N.A.
Press Release – Page 17
July 26, 2022
Six Months Ended
(Dollar amounts in millions)June 30,
2022		June 30,
2021
Noninterest expense (GAAP) (a)$928 $863 
Adjustments:
Severance costs1 — 
Other real estate expense1 — 
Pension termination-related expense— (5)
SBIC investment success fee accrual 1
(1)9 
Total adjustments(b)1 4 
Adjusted noninterest expense (non-GAAP)(a-b)=(c)$927 $859 
Net interest income (GAAP)(d)$1,137 $1,100 
Fully taxable-equivalent adjustments(e)17 15 
Taxable-equivalent net interest income (non-GAAP)(d+e)=(f)1,154 1,115 
Noninterest income (GAAP)(g)314 374 
Combined income (non-GAAP)(f+g)=(h)1,468 1,489 
Adjustments:
Fair value and nonhedge derivative loss16 13 
Securities gains, net(16)74 
Total adjustments(i)— 87 
Adjusted taxable-equivalent revenue (non-GAAP)(h-i)=(j)$1,468 $1,402 
Pre-provision net revenue (PPNR)(h)-(a)$540 $626 
Adjusted PPNR (non-GAAP)(j)-(c)541 543 
Efficiency ratio (non-GAAP)(c/j)63.1 %61.3 %
1 The success fee accrual is associated with the gains/(losses) from our SBIC investments. The gains/(losses) related to these investments are excluded from the efficiency ratio through securities gains (losses), net.

July 26, 2022 Second Quarter 2022 Financial Review

 
2 Forward-Looking Statements; Use of Non-GAAP Financial Measures Forward Looking Information This earnings presentation includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as “may,” “might,” “could,” “anticipate,” “expect,” and similar terms, are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. 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 2021 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). 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 pre-provision net revenue and the “efficiency ratio,” which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions’ management compensation and are used in Zions’ strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A full reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

 
▪ We are well positioned for rising interest rates ▪ We have positioned the bank’s balance sheet for higher interest rates ▪ Our loans are underwritten to withstand the effects of higher interest rates ▪ We are carefully managing our loan growth ▪ More than half of the 1H growth was in lower-risk categories including loans backed by 1-4 family residential property and owner-occupied real estate, and municipal loans ▪ Growth was achieved using generally consistent underwriting standards and risk-based concentration limits which produced superior credit losses during recent years. ▪ Recent deposit attrition is primarily attributable to larger balance accounts ▪ The composition of our balance sheet allows for a great deal of flexibility ▪ The loan-to-deposit ratio is 66% ▪ We are well prepared for a recession ▪ We have lower concentrations and hold limits in higher-risk categories, including high leverage, enterprise value, and land development loans ▪ We have a greater concentration in lower-risk credits such as residential mortgages, municipal loans, term commercial real estate and owner- occupied commercial loans ▪ We have very little unsecured consumer exposure 3 Select Themes Rising rates are expected to lead to a significant increase in revenue. Credit quality remains clean.

 
✓ Earnings and Profitability: ▪ $1.29 diluted earnings/share, compared to $1.27 ▪ $763 million adjusted taxable-equivalent revenue, compared to $705 million ▪ $310 million Pre-Provision Net Revenue ▪ $300 million Adjusted PPNR(1), compared to $241 million ▪ $41 million provision for credit losses, compared to $(33) million ▪ $195 million Net Income Applicable to Common, flat from $195 million primarily due to increased provision for credit losses ▪ 0.91% Return on Assets (annualized), compared to 0.90% ▪ 17.1% Return on Average Tangible Common Equity (annualized), compared to 13.9% ✓ Credit quality (excluding PPP Loans): ▪ 0.40% Nonperforming Assets + loans 90+ days past due / non-PPP loans and leases and other real estate owned, from 0.50% ▪ 0.07% net loan charge offs as a percent of loans, annualized, from 0.05% ▪ Allowance for credit loss (“ACL”), of $546 million or 1.05% of non- PPP loans, from 1.02% 4 Second Quarter 2022 Financial Highlights Vs. 1Q22, a solid increase in non-PPP loans and strong growth in adjusted PPNR Note: For the purposes of comparison in this presentation, we generally use linked-quarter ("LQ"), due to that being the preferred comparison for professional investors and analysts. (1) Adjusted for items such as severance and restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to SBIC investments. See Appendix for GAAP to non-GAAP reconciliation tables. ✓ Loans and Deposits: Vs. 1Q22, growth rates not annualized ▪ 2.2% increase in period-end loan balances ▪ 3.3% increase in period-end loan balances (excluding PPP loans) ▪ 4.0% decrease in period-end deposits ▪ 3.9% decrease in period-end noninterest-bearing deposits ▪ 66% period-end loan-to-deposit ratio ▪ 0.03% cost of average total deposits ✓ Capital Strength: ▪ 9.9% Common Equity Tier 1 Ratio (CET1), compared to 10.0% ▪ 10.7% (CET1+Allowance for Credit Losses) / Risk-Weighted Assets ▪ $50 million of common stock repurchased during 2Q22

 
$2.08 $1.45 $1.34 $1.27 $1.29 2Q21 3Q21 4Q21 1Q22 2Q22 Diluted Earnings Per Share Notable Items: 2Q22: ▪ $0.05 per share favorable impact from a credit valuation adjustment (“CVA”) ▪ $0.02 per share favorable impact from the sale of bank-owned facilities 1Q22: ▪ $(0.10) per share adverse mark-to-market impact from SBIC investments, net of success fees paid ▪ $0.03 per share favorable CVA impact from client-related interest rate swaps ▪ $0.03 per share favorable impact from alignment of commercial account fee income items 4Q21: ▪ $0.06 per share favorable impact from the sale of bank-owned facilities ▪ $0.08 per share net securities gain (including SBIC investments) ▪ $0.05 per share charitable contribution 3Q21: $(0.11) per share adverse impact from SBIC investments and CVA 2Q21: $0.23 per share benefit SBIC investments and CVA 5 Primary variance to prior periods attributable to provision for credit losses and PPP-related income Diluted Earnings per Share Note: EPS effects from PPP income and provision for credit loss calculations assume a 24.5% statutory tax rate. PPP income incorporates interest income less professional service expense related to forgiveness. $0.57 $0.22 $(0.12) $0.16 $(0.21) 2Q21 3Q21 4Q21 1Q22 2Q22 EPS Impact of Provision for Credit Losses $0.31 $0.30 $0.22 $0.12 Contribution from PPP income $0.07 $0.37 variance

 
67 64 44 24 15 290 290 288 241 300 2Q21 3Q21 4Q21 1Q22 2Q22 Adjusted Pre-Provision Net Revenue (“PPNR”) Adjusted PPNR increased considerably from 1Q22, primarily due to the benefit of higher rates and loan growth (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to the unrealized gains/(losses) on SBIC investments. See Appendix for GAAP to non-GAAP reconciliation table. Adjusted PPNR(1) ($ millions) 6 Linked quarter: ▪ Adjusted PPNR increased 24% primarily from ▪ Higher yields on all major asset categories from rising interest rates combined with minimal change in funding costs ▪ Increased concentration of higher yield assets (e.g., loans and securities) ▪ Reduced seasonal impacts from 1Q (e.g., share-based compensation, payroll taxes, one less day of interest income) ▪ Stability in customer-related noninterest income ▪ Reduced PPP income, additional employees, and increased incentive compensation Year-over-year: ▪ Adjusted PPNR increased 3% due to ▪ A 4% higher balance of average earning assets primarily from strong growth of deposits, securities, and loans, partially offset by a decline in money market investments ▪ An 11% increase in customer-related noninterest income ▪ An 11% increase in adjusted noninterest expense

 
$46.8 $47.1 $48.3 $49.5 $51.0$5.9 $3.8 $2.4 $1.5 $0.8 3.77% 3.82% 3.73% 3.52% 3.67% $0.0 $25.0 $50.0 $75.0 $100.0 2Q21 3Q21 4Q21 1Q22 2Q22 Average Total Loans Excluding PPP Loans, Yield: 3.61% in 2Q22 Average PPP Loans Average Loan and Deposit Balances Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits 7 Vs. 1Q22, average non-PPP loans increased 3.1% in 2Q22; average deposits decreased 0.9% $38.1 $39.1 $40.0 $40.7 $39.8 $36.5 $38.3 $41.4 $40.9 $41.1 0.04% 0.03% 0.03% 0.03% 0.03% $0.0 $25.0 $50.0 $75.0 $100.0 2Q21 3Q21 4Q21 1Q22 2Q22 Average Noninterest-bearing Deposits Average Interest-bearing Deposits ($ billions) ($ billions)

 
Securities, Money Market Investments 8 Total Securities Portfolio and Money Market Investments (end of period balances) $19.0 $21.2 $24.9 $27.0 $26.2 $11.8 $11.3 $12.4 $7.4 $3.5 2Q21 3Q21 4Q21 1Q22 2Q22 Total Securities Money Market Investments ($ billions) Outsized deposit growth during the pandemic was primarily invested in highly liquid assets Strong deposit growth during the pandemic was primarily invested in highly liquid assets ▪ 2Q22 period-end securities declined $751 million. Securities accounted for 32% of period-end interest-earning assets ▪ 2Q22 period-end money market investments decreased $3.9 billion. Money market accounted for 4% of period-end interest- earning assets ▪ $1.3B in securities purchases in 2Q22 with an avg yield of 2.91% 37% 39% 42% 40% 36% Percent of earning assets Securities portfolio duration as of June 30, 2022: 4.4 years (4.3 in 1Q22); it is not expected to extend materially under a higher interest rate environment Premium (taxable equivalent) amortized on the securities portfolio equaled $27 million, compared to $30 million in 1Q22 and $29 million in 2Q21.

 
489 492 509 520 578 66 63 44 24 15 $555 $555 $553 $544 $593 2.79% 2.68% 2.58% 2.60% 2.87% 2.65% 2.50% 2.45% 2.53% 2.83% $0 2Q21 3Q21 4Q21 1Q22 2Q22 Net interest income, excluding PPP Net Interest Income associated with PPP Net Interest Income (“NII”) and Net Interest Margin (“NIM”) Net Interest Income Net Interest Margin Net Interest Margin, excl. PPP 9 Vs. 1Q22, net interest income increase driven by rate increases, loan growth ($ millions) Net Interest Margin 1Q22 2Q22 Loans, % of Interest- Earning Assets PPP Deposits / Borrowings As of June 30, 2022, unamortized net origination fees related to the PPP loans totaled $11 million, to be amortized over the remaining life or as forgiven by the SBA. Net interest income from PPP loans assumes a funding cost equal to each period’s total cost of deposits and debt. Zions’ active efforts to invest excess liquidity in securities, combined with strong loan growth and rising interest rates has supported the growth of the NIM. Asset Sensitivity Asset sensitive positioning during rising rates has led to increasing margin

 
Interest Rate Sensitivity 10 Latent and emergent interest rate sensitivity are expected to lead to a significant increase in net interest income (1) 12-month forward simulated impact of an instantaneous and parallel change in interest rates and assumes no change in the size of the balance sheet or composition of the earning assets, while it assumes a change in composition of deposits (a lesser concentration of noninterest bearing and a greater concentration of interest bearing). Latent interest rate sensitivity refers to future changes in NII based upon past rate movements that have yet to be fully realized in revenue. Latent sensitivity is expected to add 15% to net interest income in 2Q23 when compared to 2Q22 (excluding PPP revenues). Emergent interest rate sensitivity refers to changes to NII based upon future rate movements. Forward curve-driven emergent sensitivity would add 8% to net interest income in 2Q23 when compared to 2Q22 (excluding PPP revenues). This simulation does not include any changes to the size or composition of earning assets; it reflects existing swap maturities and forward-starting swaps. -5% 8% 16% -6% 6% 11% −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity (1) as of 3/31/2022 as of 6/30/2022 The linked-quarter reduction in interest rate sensitivity is primarily attributable to: ▪ A reduction of deposits ▪ An increase in the size of the interest rate swaps portfolio ▪ A higher net interest income denominator.

 
$139 $151 $152 $151 $154 2Q21 3Q21 4Q21 1Q22 2Q22 Customer-related noninterest income continued to improve ▪ Relative to the prior quarter, Commercial account fees decreased $4 million after one-time accrual of $6 million in 1Q22 ▪ Capital markets and foreign exchange improved $6 million versus previous quarter ▪ Syndication fees rebounded to more typical levels after a relatively slow first quarter ▪ Foreign exchange improved $2 million ▪ Relative stability in retail banking fees, card fees, loan and other fees quarter-over-quarter ▪ Changes to overdraft / non-sufficient funds fees are expected to reduce customer-related noninterest income by approximately $5 million per quarter beginning in 3Q22 Noninterest Income 11 Customer-Related Noninterest Income (1) Total customer-related noninterest income improved vs. 1Q22, and was up 11% from the year-ago period (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items, as detailed in the Noninterest Income table located in the earnings release. ($ millions)

 
$4 28 $4 29 $4 49 $4 64 $4 64 $4 19 $4 32 $4 46 $4 64 $4 63 2Q21 3Q21 4Q21 1Q22 2Q22 NIE (GAAP) Adjusted NIE (Non-GAAP) ($ millions) Noninterest Expense 12 Noninterest expense was elevated due primarily to increased incentive compensation from current and anticipated profitability Total noninterest expense was flat compared to the prior quarter ▪ Salaries and benefits were flat to the previous quarter reflecting: ▪ Increase of base salaries (annual merit increases) and increased accruals for incentive compensation (higher PPNR) ▪ Reduction of 1Q seasonal expense (share-based compensation, payroll taxes) ▪ Deposit Insurance and Regulatory Expense increased $3 million due to higher FDIC premiums resulting from changes in the balance sheet composition Notable items in: ▪ 4Q21: $10 million donation to Zions Foundation; $2 million success fee related to net gains on SBIC investments ▪ 3Q21: $(4) million success fee reversal ▪ 2Q21: $9 million success fee accrual (1) Adjusted for items such as severance, provision for unfunded lending commitments, securities gains and losses and investment, and accruals for investment and advisory expenses related to the unrealized gain on an SBIC investment. See Appendix for GAAP to non-GAAP reconciliation table. Noninterest Expense (NIE) (1)

 
13 Credit Quality Ratios Net charge-offs remain very low, with last 12 months net charge-offs at just 0.03% of average loans Key credit metrics: ▪ 1.9%: Classified loans/loans ▪ Classified balance improved (declined) by more than 12% in 2Q22 from 1Q22 ▪ 0.40%: NPAs+90(1)/loans + OREO ▪ NPA balance improved (declined) by more than 17% in 2Q22 from 1Q22 ▪ Net charge-offs (recoveries), relative to average loans: ▪ 0.07% annualized in 2Q22 ▪ 0.03% over the last 12 months Allowance for credit losses: ▪ 1.05% of total loans and leases, up 3 basis points from 1Q22 (1) Nonperforming assets plus accruing loans that were ≥ 90 days past due Note: Net charge-offs / average loans and provision / average loans ratios are annualized for all periods shown Credit Quality 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 2Q21 3Q21 4Q21 1Q22 2Q22 Classified / Loans NPAs + 90 / Loans + OREO ACL / Loans All Ratios Exclude PPP Loans (0.02)% (0.01)% 0.01% 0.05% 0.07% (1.05)% (0.39)% 0.21% (0.27)% 0.32% NCOs / Avg Loans (ann.) Provision / Avg Loans (ann.)

 
526 777 914 917 835 695 574 529 553 514 546 1.08 1.56 1.88 1.91 1.74 1.48 1.22 1.11 1.13 1.02 1.05 1/1/20 CECL 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Allowance for Credit Loss ACL (%) ex-PPP 14 Allowance for Credit Loss (“ACL”) The ACL increase vs. 1Q22 is due to increased economic uncertainty ▪ The increase in the 2Q22 ACL from 1Q22 reflects an increase in the likelihood of a recession and growth in the loan portfolio ▪ Credit quality remain very clean ($ millions)

 
Net Charge-offs annualized, as a percentage of risk-weighted assets 0 .0 0% 0 .1 0% 0. 01 % 0. 16 % 0. 05 % 0. 22 % 0. 37 % 0. 11 % 0. 06 % (0 .0 1 )% (0 .0 1) % 0. 01 % 0. 04 % 0. 06 % -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 Capital Strength 15 Balance sheet capital remains strong relative to our risk profile Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets 11 .3 % 10 .8 % 10 .4 % 10 .2 % 10 .0 % 10 .2 % 10 .4 % 10 .8 % 11 .2 % 1 1 .3 % 10 .9 % 1 0 .2 % 1 0. 0% 9. 9% 12 .3 % 11 .8 % 11 .4 % 11 .2 % 11 .4 % 11 .8 % 12 .0 % 12 .3 % 12 .5 % 12 .3 % 11 .8 % 11 .1 % 10 .8 % 10 .7 % 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 CET1 ACL/RWA

 
Financial Outlook (2Q 2023E vs 2Q 2022A) 16 Outlook Comments Moderately Increasing ▪ Moderate growth in the next twelve months, excluding PPP loans See Slide 10 ▪ We expect latent and emergent interest rate sensitivity, combined with continued loan growth and manageable changes in deposit volumes and pricing, to meaningfully increase net interest income Stable ▪ Customer-related noninterest income excludes securities gains, dividends, and property sales gains ▪ Expected decline in overdraft and non-sufficient funds fees to adversely impact growth Moderately Increasing ▪ Assumes continued elevated inflationary pressure on noninterest expense ▪ Capital generated in excess of what is required for loan growth may be returned to shareholders through share repurchases Customer-Related Noninterest Income Loan Balances, ex-PPP Net Interest Income Capital Management Adjusted Noninterest Expense

 
▪ Financial Results Summary ▪ Credit Metrics ▪ Loan Loss Severity (NCOs as a percentage of nonperforming assets) ▪ Balance Sheet Profitability ▪ Earning Asset Repricing ▪ Interest Rate Swaps ▪ Loan Growth by Geography and Type ▪ Mortgage Banking ▪ FutureCore Project ▪ Technology Initiatives ▪ GAAP to Non-GAAP Reconciliation 17 Appendix

 
Financial Results Summary 18 Solid and improving fundamental performance Three Months Ended (Dollar amounts in millions, except per share data) June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Earnings Results: Diluted Earnings Per Share $ 1.29 $ 1.27 $ 1.34 $ 1.45 Net Earnings Applicable to Common Shareholders 195 195 207 234 Net Interest Income 593 544 553 555 Noninterest Income 172 142 190 139 Noninterest Expense 464 464 449 429 Pre-Provision Net Revenue - Adjusted (1) 300 241 288 290 Provision for Credit Losses 41 (33) 25 (46) Ratios: Return on Assets(2) 0.91 % 0.90 % 0.92 % 1.08 % Return on Common Equity(3) 14.0 % 11.8 % 11.5 % 12.3 % Return on Tangible Common Equity(3) 17.1 % 13.9 % 13.4 % 14.2 % Net Interest Margin 2.87 % 2.60 % 2.58 % 2.68 % Yield on Loans 3.67 % 3.52 % 3.73 % 3.82 % Yield on Securities 1.97 % 1.78 % 1.61 % 1.63 % Average Cost of Total Deposits(4) 0.03 % 0.03 % 0.03 % 0.03 % Efficiency Ratio (1) 60.7 % 65.8 % 60.8 % 59.8 % Effective Tax Rate 21.9 % 20.4 % 20.8 % 22.8 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.38 % 0.49 % 0.53 % 0.64 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.07 % 0.05 % 0.01 % (0.01) % Common Equity Tier 1 Capital Ratio(5) 9.9 % 10.0 % 10.2 % 10.9 % (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses and investment and advisory expense related SBIC investments. See Appendix for GAAP to non-GAAP reconciliation tables. (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

 
Credit Quality: Term 1-4 Family Real Estate Secured Loans 19 Minimal risk layering shows strength of the consumer real estate loan portfolio. Term 1-4 family mortgages (“1-4 family residential”) account for approximately $6.4 billion of the outstanding balances or 12% of the total loan portfolio ▪ 57 percent of such loans have FICO scores of 776 or better (higher) and loan-to-value (“LTV”) ratios of 70% or better (lower) ▪ No meaningful exposure in the low FICO or high LTV segments ▪ Average LTV: 47% ▪ Home equity credit line portfolio (not shown): ▪ 1st lien = 47% of portfolio balance with an average LTV of 45% ▪ 2nd lien = 53% of portfolio balance with an average LTV of 52% <=600 601-650 651-700 701-725 726-750 751-775 776-800 801-850 Row Total <=60% 1% 1% 4% 5% 7% 11% 14% 35% 78% 60.01-70% 0% 0% 1% 1% 1% 2% 3% 5% 14% 70.01-80% 0% 0% 0% 0% 1% 1% 2% 3% 8% 80.01-90% 0% 0% 0% 0% 0% 0% 0% 0% 1% >90% 0% 0% 0% 0% 0% 0% 0% 0% 0% Column Total 1% 1% 6% 6% 9% 15% 19% 43% 100% Term 1-4 Family Refresh FICO C u rr e n t LT V Loan-to-value calculations reflect most current appraisal updated with changes in an index for home prices in the denominator and the outstanding balance in the numerator. Data is as of 6/30/2022.

 
Credit Quality: Term Commercial Real Estate (“CRE”) 20 Low loan-to-values ratios in the Term CRE portfolio demonstrates the ability of the portfolio to withstand stress 24% 29% 35% 9% 0.8% 0.2% 0.8% 0% 5% 10% 15% 20% 25% 30% 35% 40% <45% 45-55% 55-65% 65-75% 75-85% 85-95% >95% Distribution of Term Commercial Real Estate LTV Ratios Weighted Average LTV by Major Property Type Apartments (Multi-Family) 52% Hospitality 50% Industrial (Warehouse / Mixed-Use Warehouse / Light Manufacturing / Research & Development) 52% Office Building 54% Retail 50% Term CRE loans account for $9.5 billion of the outstanding balances or 18% of the total loan portfolio Data is limited to term CRE loans. Loan-to-value calculations reflect most current appraisal in the denominator and the outstanding balance in the numerator.

 
6% 22 % 25 % 27 % 31 % 35 % 35 % 36 % 39 % 4 4 % 44 % 45 % 55 % 55 % 57 % 58 % 60 % 65 % 74 % FR C B O K F M TB ZI O N A SB W A L FH N C M A C FG FN B W TF C P N FP K EY R F SN V EW B C H W C H B A N FI TB 3% 11 % 12 % 14 % 15 % 22 % 29 % 29 % 32 % 33 % 42 % 4 4 % 46 % 47 % 54 % 55 % 59 % 63 % 64 % FR C ZI O N W A L FH N M TB B O K F W T FC A SB C M A EW B C FN B P N FP K EY C FG R F H B A N FI TB SN V H W C Loan Loss Severity Annualized NCOs / Nonaccrual Loans Five Year Average (2017 – 2021) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2007 – 2021) 21Source: S&P Global. Calculated using the average of annualized quarterly results. Note: Survivorship bias: some banks that may have been included in Zions’ peer group have been excluded due to their failed or merged status. When problems arise, Zions generally experiences less severe loan losses due to strong collateral and underwriting practices

 
1.65% 1.08% 0.92% 0.90% 0.91% 2Q21 3Q21 4Q21 1Q22 2Q22 21.6% 14.2% 13.4% 13.9% 17.1% 2Q21 3Q21 4Q21 1Q22 2Q22 Balance Sheet Profitability 22 Profitability remains healthy; volatility of the results primarily due to variability in the provision for credit losses and PPP income Return on Assets Return on Tangible Common Equity Return on Tangible Common Equity is a non-GAAP measure. See Appendix for GAAP to non-GAAP reconciliation table.

 
Simulated Repricing Expectations: Earning Assets and Loans 23Source: Company filings and S&P Global; “Prior Fed Cycle” refers to 3Q15-2Q19, reflecting the lag effect of deposit pricing relative to Fed Funds rates. The “Current Fed Cycle” begins in 3Q19 to present. (1) 12-month simulated impact of an instantaneous and parallel change in interest rates. Loans are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets in chart on the right. The loan and securities portfolios have durations of 2.1 and 4.4 years, respectively. 39% 13% 10% 8% 11% 19% 33% 12% 13% 10% 13% 19% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs P er ce n t o f Ea rn in g A ss et s Earning Assets Rate Reset and Cash Flow Profile Earning Assets After Hedging 5 1 % 12 % 9% 7% 9% 12 % 40 % 10 % 14 % 10 % 13 % 13 % ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs P e rc e n t o f Lo an s Loans: Rate Reset and Cash Flow Profile Loans After Hedging

 
Interest Rate Swaps 24 Although the outlook is for rising rates, we continue to create some protection for falling rates Average total swaps in effect during quarter Average fixed rate (right scale) 0.0% 0.5% 1.0% 1.5% 2.0% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 A ve ra ge F ix e d R at e ( % ) A vg N o ti o n al ($ B ) 1 Cash flow hedges consist of receive-fixed swaps hedging pools of floating rate loans. Interest rate sensitivity managed in part with interest rate hedges: ▪ $1.9B in interest-rate swaps on loans added in 2Q22 with a weighted average rate of 1.96% Average outstanding notional Weighted- average fixed-rate received 2022Q3 6,033$ 1.54% 2022Q4 6,766$ 1.65% 2023Q1 6,700$ 1.72% 2023Q2 6,233$ 1.70% 2023Q3 5,933$ 1.66% 2023Q4 5,633$ 1.56% 2024Q1 5,200$ 1.44% 2024Q2 4,866$ 1.38%

 
Loan Growth in Detail Moderate to strong loan growth achieved in certain targeted growth categories Linked Quarter Loan Balance Growth, Excluding PPP Total Loans, excluding PPP: +3% Linked quarter: ▪ Excluding PPP loans, period-end loans increased $1.7 billion or 3.3% ▪ Loan growth in dollars predominantly in C&I (ex-O&G), 1-4 Family, Owner-Occupied, and Home Equity ▪ Decline of 51% ($547 million) in SBA PPP loans G ro w th R at e : L in ke d Q u ar te r, n o t an n u al iz e d Dollar Growth: Linked Quarter 25 C&I (ex-Oil & Gas), 5% Owner occupied, 2% CRE C&D, -4% CRE Term, 2% Home Equity, 6% 1-4 Family, 5% Energy (Oil & Gas), 1% Municipal, 4% -6% -4% -2% 0% 2% 4% 6% 8% 10% -$300 -$100 $100 $300 $500 $700 Note: circle size indicates relative proportion of loan portfolio as of 2Q22. PPP loans, not shown on graph, declined 51% in 2Q22 vs. 1Q22 ($ millions)

 
26 Loan Growth - by Bank Brand and Loan Type “Other” loans includes consumer construction, bankcard, and other consumer loan categories. Totals shown above may not foot due to rounding. Period-End Year over Year Loan Growth (2Q22 vs. 2Q21) Period-End Linked Quarter Loan Growth (2Q22 vs. 1Q22) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 331 511 820 113 148 123 77 - 2,123 SBA PPP (814) (778) (1,114) (370) (343) (336) (172) - (3,927) Owner occupied 215 232 43 199 118 125 45 - 977 Energy (Oil & Gas) 27 (35) (5) (18) - (18) - - (49) Municipal 325 155 56 193 (57) 184 54 (12) 898 CRE C&D (14) (142) 72 56 19 101 (9) - 83 CRE Term 1 (44) 54 (98) 23 (94) 103 - (55) 1-4 Family 135 (102) 156 (25) 25 37 (13) (59) 154 Home Equity 184 56 112 62 57 81 (13) - 539 Other 40 32 46 34 38 42 (5) 2 229 Total net loans 430 (115) 240 146 28 245 67 (69) 972 C&I (ex-Oil & Gas) 122 192 139 14 100 73 (1) - 639 SBA PPP (72) (123) (192) (57) (23) (49) (31) - (547) Owner occupied 46 93 (35) 27 3 35 13 - 182 Energy (Oil & Gas) (5) 17 - - - 3 - - 15 Municipal 113 15 32 16 (3) 7 (6) (5) 169 CRE C&D (32) (157) (8) 44 (28) 85 (14) - (110) CRE Term 20 89 66 (31) 18 (50) 40 - 152 1-4 Family 90 36 120 17 32 32 (1) (25) 301 Home Equity 67 13 24 8 29 32 4 - 177 Other 58 28 39 11 - 14 (2) 2 150 Total net loans 407 203 185 49 128 182 2 (28) 1,128

 
1H22 ▪ Funded $2.5B in 1st Half of 2022 (34% over '21) with $1.3B in Q2 (29% over same period '21) ▪ Production has returned to portfolio ARM production (83% YTD 2022) ▪ Starting Q3 with pipeline of $1.9B with 97% in portfolio ARM and Consumer Construction ▪ Successfully launched numerous process enhancements including ▪ Refinement to the Affluent program launched late in 2021 ▪ Digital enhancements to our Consumer Construction process reducing turn-times and improving efficiency 27 Mortgage Banking Despite Industry decline, Mortgage originations continue at record levels $1.0 Bill. $1.3 Bill.($ millions) 2019 ▪ Roll-out 2021 ▪ Enhanced Digital Fulfillment Process ▪ 33% reduction in turn-time vs. 2019, allowing for record unit production 2020 ▪ Record production driven by refinance volumes ▪ Record Fee income contribution

 
Replacing the entire core legacy environment to improve operational resiliency and efficiency • Parameter driven • Real time • One data model • Natively API enabled • Cloud deployable • Modern cyber paradigm • Continuously upgraded & tested • Facilitates automation Modern Architecture Built for Resiliency and Speed • Faster time to market for new products • Unified account opening platform (branch/online/ mobile) • Decreased outage risk • Improves consistency of customer attribute data across numerous apps • 7-day processing (when U.S. adopts) • Real time: Fraud alerts and data entry correction Improved Customer Experience • Intuitive user-friendly front end • Real time data vs. calling the back office • Reduces duplicate data entry • Training simplified Empowered Bankers • General ledger simplification • Credit approval workflow • Loan ops consolidation • Data governance disciplines • Deposit product rationalization • Charter consolidation Driving Modernization FutureCore: A Strategic Technology Advantage for Years to Come Fu tu re C o re as a C at al ys t B e n ef it s o f Fu tu re C o re 28

 
Technology Roadmap We continue to invest in technology solutions focused on customer experience & empowering bankers IM P R O V IN G C U ST O M ER EX P ER IE N C E Treasury Internet Banking & Gateway Enhancements Improved Customer Experience (2022) 9,500 Customers Payments & Money Movement Digital Check Issuance, Receipt of Real Time Payments, Improved Commercial Remote Deposit Capture Product, ATM Email Receipts, Zelle for Business, Originated Real Time Payments (2023), ATM Text Receipts (2023), Upgrade to Retail Mobile Remote Deposit Product (2023) A F F L U E N TC O M M E R C I A L S M A L L B U S I N E S S C O N S U M E R EM P O W ER IN G B A N K ER S Salesforce Unification Project Improved Customer Relationship Platform (2023) Customer Care Center (Call Center) Improved Interactive Voice Response System (2022-23) Digital Banking Replacement Consumer Customer Migration, Small Business Customer Migration (2022) & Continuous Delivery of Enhancements >11MM Logins per month on a single platform for online and mobile banking FutureCore Release 3 Consumer, Small Business and Commercial Deposits Core Banking and Teller System Replacement, Customer Data Hub (2023) Improved Products Securities Based Lending, Lockbox (2022), Integrated Receivables (2023), Digital Loan Application for all Small Business Loan Products (2023), Foreign Exchange Portal EFX (2022), Digital Account Opening & Signatures (2022-23) Operational Center of Excellence Business Process Automation – Leveraging Robotic Process Automation and Process Workflow Technology Commercial Lending End-To-End Improved Customer & Banker Experience (2022-24) 29

 
30 GAAP to Non-GAAP Reconciliation In millions, except per share amounts 2Q22 1Q22 4Q21 3Q21 2Q21 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense $464 $464 $449 $429 $428 LESS adjustments: Severance costs 1 1 Other real estate expense 1 Amortization of core deposit and other intangibles 1 Pension Termination related expense Restructuring costs SBIC Investment Success Fee Accrual (1) 2 (4) 9 (b) Total adjustments 1 0 3 (3) 9 (a-b)=(c) Adjusted noninterest expense 463 464 446 432 419 (d) Net interest income 593 544 553 555 555 (e) Fully taxable-equivalent adjustments 9 8 10 7 7 (d+e)=(f) Taxable-equivalent net interest income (TE NII) 602 552 563 562 562 (g) Noninterest Income 172 142 190 139 205 (f+g)=(h) Combined Income $774 $694 $753 $701 $767 LESS adjustments: Fair value and nonhedge derivative income (loss) 10 6 (1) 2 (5) Securities gains (losses), net 1 (17) 20 (23) 63 (i) Total adjustments 11 (11) 19 (21) 58 (h-i)=(j) Adjusted revenue $763 $705 $734 $722 $709 (j-c) Adjusted pre- provision net revenue (PPNR) $300 $241 $288 $290 $290 (c)/(j) Efficiency Ratio 60.7% 65.8% 60.8% 59.8% 59.1%

 
31 GAAP to Non-GAAP Reconciliation (Continued) In millions, except per share amounts 2Q22 1Q22 4Q21 3Q21 2Q21 Net Earnings Applicable to Common Shareholders (NEAC) Net earnings applicable to common $195 $195 $207 $234 $345 Diluted Shares (average) 151 152 154 160 163 (k) Diluted EPS 1.29 1.27 1.34 1.45 2.08 PLUS Adjustments: Adjustments to noninterest expense 1 0 3 (3) 9 Adjustments to revenue (11) 11 (19) 21 (58) Tax effect for adjustments 2 (3) 4 (4) 12 Preferred stock redemption - Total adjustments (8) 8 (12) 14 (37) (l) Adjustments per share (0.05) 0.05 (0.08) 0.08 (0.23) (k+l)=(m) Adjusted EPS 1.24 1.32 1.26 1.54 1.85 Balance Sheet Profitability Adjusted Return on Assets 0.84% 0.94% 0.87% 1.14% 1.48% Adjusted Return on Tangible Common Equity 16.5% 14.5% 12.6% 15.0% 19.2%