zion-20231018


Zions Bancorporation, N.A. One South Main Salt Lake City, UT 84133 October 18, 2023
www.zionsbancorporation.com

Third Quarter 2023 Financial Results: FOR IMMEDIATE RELEASE

Investor Contact: Shannon Drage (801) 844-8208

Media Contact: Rob Brough (801) 844-7979


Zions Bancorporation, N.A. reports: 3Q23 Net Earnings of $168 million, diluted EPS of $1.13
compared with 3Q22 Net Earnings of $211 million, diluted EPS of $1.40, and 2Q23 Net Earnings of $166 million, diluted EPS of $1.11

THIRD QUARTER RESULTS

$1.13

$168 million

2.93%

10.2%

Net earnings per diluted common share

Net earnings

Net interest margin (“NIM”)

Estimated Common Equity
Tier 1 ratio


THIRD QUARTER HIGHLIGHTS¹

Net Interest Income and NIM	•	Net interest income was $585 million, down 12%
	•	NIM was 2.93%, compared with 3.24%; up from 2.92% in the second quarter of 2023

Operating Performance	•	Pre-provision net revenue² ("PPNR") was $280 million, down 22%; adjusted PPNR² was $272 million, down 23%
	•	Customer-related noninterest income was relatively stable at $157 million; total noninterest income was $180 million, up 9%
	•	Noninterest expense was $496 million, up 4%; adjusted noninterest expense² was $493 million, up 3%


Loans and Credit Quality	•	Loans and leases were $56.9 billion, up 6%
	•	The provision for credit losses was $41 million, compared with $71 million
	•	The allowance for credit losses was 1.30%, compared with 1.09% of loans and leases
	•	The annualized ratio of net loan and lease charge-offs to average loans was 0.10%, compared with 0.20%
	•	Nonperforming assets3 were $219 million, or 0.38%, compared with $151 million, or 0.28%, of loans and leases

Deposits and Borrowed Funds	•	Total deposits were $75.4 billion, down 1% from prior year quarter; customer deposits (excluding brokered deposits) were $68.8 billion, up 5% from the second quarter of 2023
	•	Short-term borrowings, consisting primarily of secured borrowings, were $4.3 billion, compared with $5.4 billion

Capital	•	The estimated CET1 capital ratio was 10.2%, compared with 9.6%


CEO COMMENTARY

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Our third quarter results reflect a stabilization of the net interest margin in the wake of the industry-wide turbulence earlier in the year. While loan demand weakened in the third quarter, we were pleased with the growth in customer deposits, which increased 5% over the past three months, while higher-cost brokered deposits and short-term borrowed funds decreased 23% and 21%, respectively.” Mr. Simmons continued, “Credit quality remains well controlled, and capital continues to strengthen, with the estimated Common Equity Tier 1 capital ratio increasing to 10.2% from 9.6% a year ago.” Mr. Simmons concluded, “This month we’re celebrating the 150th anniversary of the founding of Zion’s Savings Bank & Trust Company, the predecessor of Zions Bancorporation, making us one of the oldest continually operating financial institutions in the West. We’re proud of our history of responsible growth, and we look forward to helping to build strong communities throughout the western United States for many years to come.”
OPERATING PERFORMANCE2


(In millions)	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Adjusted PPNR	$	272		$	351		$	909		$	892
Net charge-offs (recoveries)	$	14		$	27		$	27		$	42
Efficiency ratio	64.4		%	57.6		%	62.2		%	61.1		%
Weighted average diluted shares	147.7			149.8			147.8			150.8

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 16-18.

3 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

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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
										3Q23 - 2Q23				3Q23 - 3Q22
(In millions)	3Q23			2Q23			3Q22			$		%		$		%

Interest and fees on loans	$	831		$	791		$	551		$	40	5	%	$	280	51	%
Interest on money market investments	35			48			24			(13)		(27)		11		46
Interest on securities	144			138			132			6		4		12		9
Total interest income	1,010			977			707			33		3		303		43
Interest on deposits	366			220			19			146		66		347		NM
Interest on short- and long-term borrowings	59			166			25			(107)		(64)		34		NM
Total interest expense	425			386			44			39		10		381		NM
Net interest income	$	585		$	591		$	663		$	(6)	(1)		$	(78)	(12)
										bps				bps
Yield on interest-earning assets1	5.02		%	4.81		%	3.45		%	21				157
Rate paid on total deposits and interest-bearing liabilities1	2.10		%	1.88		%	0.22		%	22				188
Cost of total deposits1	1.92		%	1.27		%	0.10		%	65				182
Net interest margin1	2.93		%	2.92		%	3.24		%	1				(31)

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

Net interest income decreased $78 million, or 12%, in the third quarter of 2023, relative to the prior year period, as higher earning asset yields were offset by higher funding costs. Net interest income was also impacted by a reduction in interest-earning assets and an increase in interest-bearing liabilities.

Average interest-earning assets decreased $1.8 billion, or 2%, from the prior year quarter, driven by declines of $4.5 billion and $1.3 billion in average securities and average money market investments, respectively. The decrease in average securities was primarily due to payments and maturities. These decreases were partially offset by an increase of $4.0 billion in average loans and leases.

Average interest-bearing liabilities increased $10.9 billion, or 26%, from the prior year quarter, driven by increases of $9.9 billion and $1.3 billion in average interest-bearing deposits and average other short-term borrowings, respectively.

The net interest margin was 2.93%, compared with 3.24%, and was up from 2.92% in the second quarter of 2023. The yield on average interest-earning assets was 5.02% in the third quarter of 2023, an increase of 157 basis points, reflecting higher interest rates and a favorable mix change to higher yielding assets. The yield on total loans increased 167 basis points to 5.84%, and the yield on securities increased 63 basis points to 2.73%. The yield on average securities benefited from a decrease in the market value of AFS securities due to rising interest rates.

The cost of total deposits for the third quarter of 2023 was 1.92%, compared with 0.10%. The rate paid on total deposits and interest-bearing liabilities was 2.10%, compared with 0.22%, reflecting the higher interest rate environment. Average noninterest-bearing deposits as a percentage of total deposits were 37%, compared with 51% during the same prior year period.

ZIONS BANCORPORATION, N.A.

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Noninterest Income
							3Q23 - 2Q23				3Q23 - 3Q22
(In millions)	3Q23		2Q23		3Q22		$		%		$		%

Commercial account fees	$	43	$	45	$	40	$	(2)	(4)	%	$	3	8	%
Card fees	26		25		27		1		4		(1)		(4)
Retail and business banking fees	17		16		17		1		6		—		—
Loan-related fees and income	23		19		18		4		21		5		28
Capital markets fees	18		27		25		(9)		(33)		(7)		(28)
Wealth management fees	15		14		14		1		7		1		7
Other customer-related fees	15		16		15		(1)		(6)		—		—
Customer-related noninterest income	157		162		156		(5)		(3)		1		1
Fair value and nonhedge derivative income (loss)	7		1		4		6		NM		3		75
Dividends and other income	12		26		(1)		(14)		(54)		13		NM
Securities gains (losses), net	4		—		6		4		NM		(2)		(33)
Total noninterest income	$	180	$	189	$	165	$	(9)	(5)		$	15	9

Total customer-related noninterest income remained relatively stable at $157 million, compared with the prior year period. Loan-related fees and income increased $5 million, primarily due to a $4 million gain on the sale of certain mortgage servicing assets, and commercial account fees increased $3 million, driven primarily by increased treasury management sweep income. These increases were partially offset by a $7 million decrease in capital market fees, largely due to reduced swap and loan syndication fees.

Dividends and other income increased $13 million, due to a valuation loss recognized on one of our equity investments in the prior year period, as well as an increase in dividends on FHLB stock in the current period.


Noninterest Expense
							3Q23 - 2Q23				3Q23 - 3Q22
(In millions)	3Q23		2Q23		3Q22		$		%		$		%

Salaries and employee benefits 1	$	311	$	324	$	312	$	(13)	(4)	%	$	(1)	—	%
Technology, telecom, and information processing	62		58		53		4		7		9		17
Occupancy and equipment, net	42		40		38		2		5		4		11
Professional and legal services	16		16		14		—		—		2		14
Marketing and business development	10		13		11		(3)		(23)		(1)		(9)
Deposit insurance and regulatory expense	20		22		13		(2)		(9)		7		54
Credit-related expense	6		7		8		(1)		(14)		(2)		(25)

Other	29		28		30		1		4		(1)		(3)
Total noninterest expense	$	496	$	508	$	479	$	(12)	(2)		$	17	4
Adjusted noninterest expense 2	$	493	$	494	$	477	$	(1)	—		$	16	3

1 Salaries and employee benefits expense included $13 million of severance expense in the second quarter of 2023.

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

Total noninterest expense increased $17 million, or 4%, relative to the prior year quarter. Technology, telecom, and information processing expense increased $9 million, primarily due to increases in application software, license, maintenance, and related software amortization expenses. Deposit insurance and regulatory expense increased $7 million, driven largely by an increased FDIC insurance base rate beginning in 2023 and changes in balance sheet composition.

The efficiency ratio was 64.4%, compared with 57.6%, primarily due to a decline in adjusted taxable-equivalent revenue. For information on non-GAAP financial measures, see pages 16-18.

ZIONS BANCORPORATION, N.A.

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BALANCE SHEET ANALYSIS


Investment Securities
							3Q23 - 2Q23				3Q23 - 3Q22
(In millions)	3Q23		2Q23		3Q22		$		%		$		%
Investment securities:
Held-to-maturity, at amortized cost	$	10,559	$	10,753	$	423	$	(194)	(2)	%	$	10,136	NM
Available-for-sale, at fair value	10,148		10,832		23,233		(684)		(6)		(13,085)		(56)	%
Trading account, at fair value	31		32		526		(1)		(3)		(495)		(94)
Total investment securities, net of allowance	$	20,738	$	21,617	$	24,182	$	(879)	(4)		$	(3,444)	(14)

Total investment securities decreased $3.4 billion, or 14%, to $20.7 billion at September 30, 2023, largely due to principal reductions. During the fourth quarter of 2022, we transferred approximately $10.7 billion fair value ($13.1 billion amortized cost) of mortgage-backed AFS securities to the HTM category. The transfer of these securities from AFS to HTM at fair value resulted in a discount to the amortized cost basis of the HTM securities equivalent to the $2.4 billion ($1.8 billion after tax) of unrealized losses in AOCI attributable to these securities. The amortization of the unrealized losses will offset the effect of the accretion of the discount created by the transfer. At September 30, 2023, the unamortized discount on the HTM securities totaled approximately $2.2 billion ($1.6 billion after tax).

The trading securities portfolio, comprised of municipal securities, totaled $31 million at September 30, 2023, compared with $526 million at September 30, 2022. The prior year quarter also included $221 million of customer sweeps into money market mutual funds. Beginning in the first quarter of 2023, related sweep balances were presented in “Money market investments” on the consolidated balance sheet.

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. We also manage the duration of our investment securities portfolio to help balance the inherent interest rate mismatch between loans and deposits, and to protect the economic value of shareholders' equity. At September 30, 2023, the estimated duration of our securities portfolio decreased to 3.5 percent, compared with 3.9 percent at September 30, 2022, primarily due to the addition of fair value hedges of fixed-rate securities during the second quarter of 2023.


Loans and Leases
							3Q23 - 2Q23				3Q23 - 3Q22
(In millions)	3Q23		2Q23		3Q22		$		%		$		%

Loans held for sale	$	41	$	36	$	25	$	5	14	%	$	16	64	%
Loans and leases:
Commercial	$	30,208	$	30,692	$	29,812	$	(484)	(2)		$	396	1
Commercial real estate	13,140		12,904		12,356		236		2		784		6
Consumer	13,545		13,321		11,750		224		2		1,795		15
Loans and leases, net of unearned income and fees	56,893		56,917		53,918		(24)		—		2,975		6
Less allowance for loan losses	681		651		541		30		5		140		26
Loans and leases held for investment, net of allowance	$	56,212	$	56,266	$	53,377	$	(54)	—		$	2,835	5
Unfunded lending commitments	$	30,442	$	30,524	$	29,743	$	(82)	—		$	699	2

Loans and leases, net of unearned income and fees, increased $3.0 billion, or 6%, to $56.9 billion at September 30, 2023, relative to the prior year quarter. Consumer loans increased $1.8 billion from the prior year quarter, primarily in the 1-4 family residential and consumer construction loan portfolios, and commercial real estate loans increased $0.8 billion, primarily in the multi-family and industrial construction loan portfolios. Increased funding of construction

ZIONS BANCORPORATION, N.A.

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lending commitments and conversion-to-term debt contributed to growth in these portfolios. Unfunded lending commitments increased $0.7 billion, or 2%, to $30.4 billion at September 30, 2023, primarily due to growth in home equity and commercial and industrial unfunded lending commitments.


Credit Quality
										3Q23 - 2Q23				3Q23 - 3Q22
(In millions)	3Q23			2Q23			3Q22			$		%		$		%

Provision for credit losses	$	41		$	46		$	71		$	(5)	(11)	%	$	(30)	(42)	%
Allowance for credit losses	738			711			590			27		4		148		25
Net loan and lease charge-offs (recoveries)	14			13			27			1		8		(13)		(48)
Nonperforming assets2	219			164			151			55		34		68		45
Classified loans	769			768			965			1		—		(196)		(20)
	3Q23			2Q23			3Q22			bps				bps
Ratio of ACL to loans1 and leases outstanding, at period end	1.30		%	1.25		%	1.09		%	5				21

Annualized ratio of net loan and lease charge-offs to average loans	0.10		%	0.09		%	0.20		%	1				(10)

Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned	0.41		%	0.30		%	0.32		%	11				9

1 Does not include loans held for sale.

2 Does not include banking premises held for sale.

During the third quarter of 2023, we recorded a $41 million provision for credit losses, compared with a $71 million provision during the prior year period. The allowance for credit losses (“ACL”) was $738 million at September 30, 2023, compared with $590 million at September 30, 2022. The increase in the ACL was primarily due to deterioration in economic forecasts. The ratio of ACL to total loans and leases was 1.30% at September 30, 2023, compared with 1.09% at September 30, 2022. Net loan and lease charge-offs totaled $14 million, compared with $27 million in the prior year quarter, and classified loans decreased $196 million, or 20%. Nonperforming assets increased $68 million, or 45%, primarily due to two suburban office commercial real estate loans totaling $46 million.


Deposits and Borrowed Funds
							3Q23 - 2Q23				3Q23 - 3Q22
(In millions)	3Q23		2Q23		3Q22		$		%		$		%

Noninterest-bearing demand	$	26,733	$	28,670	$	39,133	$	(1,937)	(7)	%	$	(12,400)	(32)	%
Interest-bearing:
Savings and money market	37,026		33,303		35,298		3,723		11		1,728		5
Time	5,089		3,897		1,398		1,192		31		3,691		NM
Brokered	6,551		8,453		166		(1,902)		(23)		6,385		NM
Total interest-bearing	48,666		45,653		36,862		3,013		7		11,804		32
Total deposits	$	75,399	$	74,323	$	75,995	$	1,076	1		$	(596)	(1)
Borrowed funds:
Federal funds purchased and other short-term borrowings	$	4,346	$	5,513	$	5,363	$	(1,167)	(21)		$	(1,017)	(19)
Long-term debt	540		538		647		2		—		(107)		(17)
Total borrowed funds	$	4,886	$	6,051	$	6,010	$	(1,165)	(19)		$	(1,124)	(19)

Total deposits decreased $0.6 billion, or 1%, from the prior year quarter, due to the $12.4 billion reduction in noninterest-bearing demand deposits, which was largely offset by an $11.8 billion increase in interest-bearing deposits, as the higher interest rate environment influenced the movement of customer balances into interest-bearing

ZIONS BANCORPORATION, N.A.

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products. At September 30, 2023 and June 30, 2023, total customer deposits (excluding brokered deposits) included approximately $6.4 billion and $3.4 billion, respectively, of reciprocal placement products, where we distributed our customers’ deposits in a placement network to increase their FDIC insurance and in return we received a matching amount of deposits from other network banks.

Average total deposits decreased $1.8 billion, or 2%, relative to the prior year period, driven by the aforementioned decrease in average noninterest-bearing deposits as interest rates increased. Our loan-to-deposit ratio was 75%, compared with 71% in the prior year quarter.

At September 30, 2023, the estimated total amount of uninsured deposits was $31.2 billion, or 41%, of total deposits, compared with $44.1 billion, or 58%, of total deposits at September 30, 2022.

Total borrowed funds, consisting primarily of secured borrowings, decreased $1.1 billion from the prior year quarter, largely due to reduced funding needs as a result of the decrease in interest-earning assets. The decrease in long-term debt was due to the redemption of matured senior notes during the second quarter of 2023.


Shareholders’ Equity
							3Q23 - 2Q23				3Q23 - 3Q22
(In millions, except share data)	3Q23		2Q23		3Q22		$		%		$		%
Shareholders’ equity:
Preferred stock	$	440	$	440	$	440	$	—	—	%	$	—	—	%
Common stock and additional paid-in capital	1,726		1,722		1,799		4		—		(73)		(4)
Retained earnings	6,157		6,051		5,597		106		2		560		10
Accumulated other comprehensive income (loss)	(3,008)		(2,930)		(3,140)		(78)		(3)		132		4
Total shareholders’ equity	$	5,315	$	5,283	$	4,696	$	32	1		$	619	13
Capital distributions:
Common dividends paid	$	61	$	61	$	62	$	—	—		$	(1)	(2)
Bank common stock repurchased	—		—		50		—		NM		(50)		NM
Total capital distributed to common shareholders	$	61	$	61	$	112	$	—	—		$	(51)	(46)

							shares		%		shares		%
Weighted average diluted common shares outstanding (in thousands)	147,653		147,696		149,792		(43)		—	%	(2,139)		(1)	%
Common shares outstanding, at period end (in thousands)	148,146		148,144		149,611		2		—		(1,465)		(1)

The common stock dividend was $0.41 per share, unchanged from the third quarter of 2022. Common shares outstanding decreased 1.5 million, or 1.0%, from the third quarter of 2022, primarily due to common stock repurchases in the prior year.

Accumulated other comprehensive income (loss) (“AOCI”) was $3.0 billion at September 30, 2023, and largely reflects the decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Additionally, changes in AOCI do not impact our regulatory capital ratios.

Estimated common equity tier 1 (“CET1”) capital was $6.8 billion, an increase of 7%, compared with $6.3 billion. The estimated CET1 capital ratio was 10.2%, compared with 9.6%. Tangible book value per common share increased to $25.75, compared with $21.54, primarily due to an increase in retained earnings. For more information on non-GAAP financial measures, see pages 16-18.

ZIONS BANCORPORATION, N.A.

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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 18, 2023. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and entering the passcode 13741387, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $90 billion of total assets at December 31, 2022, and annual net revenue of $3.2 billion in 2022. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

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

Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although this list is not comprehensive, important factors that may cause material differences include the quality and composition of our loan and securities portfolios and the quality and composition of our deposits; changes 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 increases in bank fees, insurance assessments, capital standards, and other regulatory requirements; protracted congressional negotiations and political stalemates regarding government funding and other issues that increase the possibility of government shutdowns; changes in general industry, political and economic conditions, including continued elevated inflation, economic slowdown or recession, or other economic disruptions; changes in interest and reference rates which could adversely affect our revenue and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses; securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services, our ability to recruit and retain talent, and the impact of 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 provide adequate oversight of our suppliers or prevent inadequate performance by third parties upon whom we rely for the delivery of various products and services; our ability to develop and maintain technology, information security systems and controls designed to guard against fraud, cybersecurity, and privacy risks; adverse media 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; the effects of pandemics and other health emergencies that may affect our business, employees, customers, and communities; the

ZIONS BANCORPORATION, N.A.

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effects of wars and geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine and the escalating events in the Middle East, and other local, national, or international disasters, crises, or conflicts that may occur in the future; natural disasters that may impact our and our customer's operations and business; and governmental and social responses to environmental, social, and governance issues, including those with respect to climate change.

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

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 9

FINANCIAL HIGHLIGHTS

(Unaudited)


	Three Months Ended
(In millions, except share, per share, and ratio data)	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
BALANCE SHEET 1
Loans held for investment, net of allowance	$	56,212		$	56,266		$	55,713		$	55,078		$	53,377
Total assets	87,269			87,230			88,573			89,545			88,474
Deposits	75,399			74,323			69,208			71,652			75,995
Total shareholders’ equity	5,315			5,283			5,184			4,893			4,696
STATEMENT OF INCOME
Net earnings applicable to common shareholders	$	168		$	166		$	198		$	277		$	211
Net interest income	585			591			679			720			663
Taxable-equivalent net interest income 2	596			602			688			730			673
Total noninterest income	180			189			160			153			165
Total noninterest expense	496			508			512			471			479
Pre-provision net revenue 2	280			283			336			412			359
Adjusted pre-provision net revenue 2	272			296			341			420			351
Provision for credit losses	41			46			45			43			71
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share	$	1.13		$	1.11		$	1.33		$	1.84		$	1.40
Dividends	0.41			0.41			0.41			0.41			0.41
Book value per common share 1	32.91			32.69			32.03			29.95			28.45
Tangible book value per common share 1, 2	25.75			25.52			24.85			22.79			21.54
Weighted average share price	34.67			27.51			45.57			49.85			54.50
Weighted average diluted common shares outstanding (in thousands)	147,653			147,696			148,038			148,829			149,792
Common shares outstanding (in thousands) 1	148,146			148,144			148,100			148,664			149,611
SELECTED RATIOS AND OTHER DATA
Return on average assets	0.80		%	0.79		%	0.91		%	1.27		%	0.97		%
Return on average common equity	13.5		%	13.8		%	17.4		%	25.4		%	15.8		%
Return on average tangible common equity 2	17.3		%	17.8		%	22.7		%	33.4		%	19.6		%
Net interest margin	2.93		%	2.92		%	3.33		%	3.53		%	3.24		%
Cost of total deposits	1.92		%	1.27		%	0.47		%	0.20		%	0.10		%
Efficiency ratio 2	64.4		%	62.5		%	59.9		%	52.9		%	57.6		%
Effective tax rate 3	23.2		%	22.6		%	27.7		%	20.9		%	21.9		%
Ratio of nonperforming assets to loans and leases and other real estate owned	0.38		%	0.29		%	0.31		%	0.27		%	0.28		%
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans	0.10		%	0.09		%	—		%	(0.02)		%	0.20		%
Ratio of total allowance for credit losses to loans and leases outstanding 1	1.30		%	1.25		%	1.20		%	1.14		%	1.09		%
Full-time equivalent employees	9,984			10,103			10,064			9,989			9,920
CAPITAL RATIOS AND DATA 1
Tangible common equity ratio 2	4.4		%	4.4		%	4.2		%	3.8		%	3.7		%
Common equity tier 1 capital 4	$	6,803		$	6,692		$	6,582		$	6,481		$	6,342
Risk-weighted assets 4	$	66,615		$	66,917		$	66,274		$	66,111		$	65,982
Common equity tier 1 capital ratio 4	10.2		%	10.0		%	9.9		%	9.8		%	9.6		%
Tier 1 risk-based capital ratio 4	10.9		%	10.7		%	10.6		%	10.5		%	10.3		%
Total risk-based capital ratio 4	12.8		%	12.5		%	12.4		%	12.2		%	12.0		%
Tier 1 leverage ratio 4	8.3		%	8.0		%	7.8		%	7.7		%	7.5		%

1 At period end.

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

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

4 Current period ratios and amounts represent estimates.

ZIONS BANCORPORATION, N.A.

Press Release – Page 10

CONSOLIDATED BALANCE SHEETS


(In millions, shares in thousands)	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
	(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
ASSETS
Cash and due from banks	$	700	$	701	$	607	$	657	$	549
Money market investments:
Interest-bearing deposits	1,704		1,531		2,727		1,340		1,291
Federal funds sold and security resell agreements	1,427		781		688		2,426		2,797
Investment securities:
Held-to-maturity1, at amortized cost	10,559		10,753		10,961		11,126		423
Available-for-sale, at fair value	10,148		10,832		11,594		11,915		23,233
Trading account, at fair value	31		32		12		465		526

Total securities, net of allowance	20,738		21,617		22,567		23,506		24,182
Loans held for sale	41		36		5		8		25
Loans and leases, net of unearned income and fees	56,893		56,917		56,331		55,653		53,918
Less allowance for loan losses	681		651		618		575		541
Loans held for investment, net of allowance	56,212		56,266		55,713		55,078		53,377
Other noninterest-bearing investments	929		956		1,169		1,130		983
Premises, equipment and software, net	1,410		1,414		1,411		1,408		1,388
Goodwill and intangibles	1,060		1,062		1,063		1,065		1,034
Other real estate owned	7		3		6		3		3
Other assets	3,041		2,863		2,617		2,924		2,845
Total assets	$	87,269	$	87,230	$	88,573	$	89,545	$	88,474
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	26,733	$	28,670	$	30,974	$	35,777	$	39,133
Interest-bearing:
Savings and money market	37,090		33,394		30,897		33,566		35,389
Time	11,576		12,259		7,337		2,309		1,473

Total deposits	75,399		74,323		69,208		71,652		75,995
Federal funds purchased and other short-term borrowings	4,346		5,513		12,124		10,417		5,363
Long-term debt	540		538		663		651		647
Reserve for unfunded lending commitments	57		60		60		61		49
Other liabilities	1,612		1,513		1,334		1,871		1,724
Total liabilities	81,954		81,947		83,389		84,652		83,778
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares	440		440		440		440		440
Common stock2 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital	1,726		1,722		1,715		1,754		1,799
Retained earnings	6,157		6,051		5,949		5,811		5,597
Accumulated other comprehensive income (loss)	(3,008)		(2,930)		(2,920)		(3,112)		(3,140)


Total shareholders’ equity	5,315		5,283		5,184		4,893		4,696
Total liabilities and shareholders’ equity	$	87,269	$	87,230	$	88,573	$	89,545	$	88,474
1 Held-to-maturity (fair value)	$	10,049	$	10,768	$	11,210	$	11,239	$	379
2 Common shares (issued and outstanding)	148,146		148,144		148,100		148,664		149,611

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, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Interest income:
Interest and fees on loans	$	831	$	791	$	726	$	656	$	551
Interest on money market investments	35		48		57		39		24
Interest on securities	144		138		137		140		132
Total interest income	1,010		977		920		835		707
Interest expense:
Interest on deposits	366		220		82		38		19
Interest on short- and long-term borrowings	59		166		159		77		25
Total interest expense	425		386		241		115		44
Net interest income	585		591		679		720		663
Provision for credit losses:
Provision for loan losses	44		46		46		31		60
Provision for unfunded lending commitments	(3)		—		(1)		12		11

Total provision for credit losses	41		46		45		43		71
Net interest income after provision for credit losses	544		545		634		677		592
Noninterest income:
Commercial account fees	43		45		43		41		40
Card fees	26		25		24		27		27
Retail and business banking fees	17		16		16		16		17
Loan-related fees and income	23		19		21		19		18
Capital markets fees	18		27		17		22		25
Wealth management fees	15		14		15		14		14
Other customer-related fees	15		16		15		14		15
Customer-related noninterest income	157		162		151		153		156
Fair value and nonhedge derivative income (loss)	7		1		(3)		(4)		4
Dividends and other income (loss)	12		26		11		9		(1)
Securities gains (losses), net	4		—		1		(5)		6
Total noninterest income	180		189		160		153		165
Noninterest expense:
Salaries and employee benefits	311		324		339		304		312
Technology, telecom, and information processing	62		58		55		51		53
Occupancy and equipment, net	42		40		40		40		38
Professional and legal services	16		16		13		15		14
Marketing and business development	10		13		12		11		11
Deposit insurance and regulatory expense	20		22		18		14		13
Credit-related expense	6		7		6		8		8

Other	29		28		29		28		30
Total noninterest expense	496		508		512		471		479
Income before income taxes	228		226		282		359		278
Income taxes	53		51		78		75		61
Net income	175		175		204		284		217


Preferred stock dividends	(7)		(9)		(6)		(7)		(6)

Net earnings applicable to common shareholders	$	168	$	166	$	198	$	277	$	211
Weighted average common shares outstanding during the period:
Basic shares (in thousands)	147,648		147,692		148,015		148,739		149,628
Diluted shares (in thousands)	147,653		147,696		148,038		148,829		149,792
Net earnings per common share:
Basic	$	1.13	$	1.11	$	1.33	$	1.84	$	1.40
Diluted	1.13		1.11		1.33		1.84		1.40

ZIONS BANCORPORATION, N.A.

Press Release – Page 12

Loan Balances Held for Investment by Portfolio Type

(Unaudited)


(In millions)	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Commercial:
Commercial and industrial 1	$	16,341	$	16,622	$	16,500	$	16,377	$	15,962
Leasing	373		388		385		386		347
Owner occupied	9,273		9,328		9,317		9,371		9,279
Municipal	4,221		4,354		4,374		4,361		4,224
Total commercial	30,208		30,692		30,576		30,495		29,812
Commercial real estate:
Construction and land development	2,575		2,498		2,313		2,513		2,800
Term	10,565		10,406		10,585		10,226		9,556
Total commercial real estate	13,140		12,904		12,898		12,739		12,356
Consumer:
Home equity credit line	3,313		3,291		3,276		3,377		3,331
1-4 family residential	8,116		7,980		7,692		7,286		6,852
Construction and other consumer real estate	1,510		1,434		1,299		1,161		973
Bankcard and other revolving plans	475		466		459		471		471
Other	131		150		131		124		123
Total consumer	13,545		13,321		12,857		12,419		11,750
Total loans and leases	$	56,893	$	56,917	$	56,331	$	55,653	$	53,918

1 Commercial and industrial loan balances include PPP loans of $106 million, $126 million, $159 million, $197 million, and $306 million for the respective periods presented.

Nonperforming Assets

(Unaudited)


(In millions)	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022

Nonaccrual loans 1	$	216		$	162		$	171		$	149		$	151
Other real estate owned 2	3			2			2			—			—
Total nonperforming assets	$	219		$	164		$	173		$	149		$	151
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2	0.38		%	0.29		%	0.31		%	0.27		%	0.28		%
Accruing loans past due 90 days or more	$	16		$	7		$	2		$	6		$	20
Ratio of accruing loans past due 90 days or more to loans1 and leases	0.03		%	0.01		%	—		%	0.01		%	0.04		%
Nonaccrual loans and accruing loans past due 90 days or more	$	232		$	169		$	173		$	155		$	171
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned	0.41		%	0.30		%	0.31		%	0.28		%	0.32		%
Accruing loans past due 30-89 days	$	86		$	59		$	79		$	93		$	84



Classified loans	769			768			912			929			965

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, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Allowance for Loan and Lease Losses
Balance at beginning of period 1	$	651		$	618		$	572		$	541		$	508
Provision for loan losses	44			46			46			31			60
Loan and lease charge-offs	20			22			7			9			38
Less: Recoveries	6			9			7			12			11
Net loan and lease charge-offs (recoveries)	14			13			—			(3)			27
Balance at end of period	$	681		$	651		$	618		$	575		$	541
Ratio of allowance for loan losses to loans2 and leases, at period end	1.20		%	1.14		%	1.10		%	1.03		%	1.00		%
Ratio of allowance for loan losses to nonaccrual loans2 at period end	342		%	402		%	361		%	386		%	358		%
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans	0.10		%	0.09		%	—		%	(0.02)		%	0.20		%

Reserve for Unfunded Lending Commitments
Balance at beginning of period	$	60		$	60		$	61		$	49		$	38
Provision for unfunded lending commitments	(3)			—			(1)			12			11
Balance at end of period	$	57		$	60		$	60		$	61		$	49
Allowance for Credit Losses
Allowance for loan losses	$	681		$	651		$	618		$	575		$	541
Reserve for unfunded lending commitments	57			60			60			61			49
Total allowance for credit losses	$	738		$	711		$	678		$	636		$	590
Ratio of ACL to loans1 and leases outstanding, at period end	1.30		%	1.25		%	1.20		%	1.14		%	1.09		%

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

2 Does not include loans held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 14

Nonaccrual Loans by Portfolio Type

(Unaudited)


(In millions)	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022

Loans held for sale	$	17	$	—	$	—	$	—	$	—
Commercial:
Commercial and industrial	$	59	$	71	$	77	$	63	$	57
Leasing	—		—		—		—		—
Owner occupied	27		29		33		24		28
Municipal	—		—		—		—		—
Total commercial	86		100		110		87		85
Commercial real estate:
Construction and land development	22		—		—		—		—
Term	40		13		16		14		20
Total commercial real estate	62		13		16		14		20
Consumer:
Home equity credit line	16		12		11		11		10
1-4 family residential	35		37		34		37		36
Construction and other consumer real estate	—		—		—		—		—
Bankcard and other revolving plans	—		—		—		—		—
Other	—		—		—		—		—
Total consumer	51		49		45		48		46

Total nonaccrual loans	$	216	$	162	$	171	$	149	$	151

Net Charge-Offs by Portfolio Type

(Unaudited)


(In millions)	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Commercial:
Commercial and industrial	$	8	$	14	$	(2)	$	(4)	$	31

Leasing	—		—		—		—		—
Owner occupied	(1)		—		(1)		—		—
Municipal	—		—		—		—		—
Total commercial	7		14		(3)		(4)		31
Commercial real estate:
Construction and land development	1		—		—		—		—
Term	2		—		—		—		—
Total commercial real estate	3		—		—		—		—
Consumer:
Home equity credit line	2		—		(1)		—		—
1-4 family residential	—		(2)		2		—		(4)
Construction and other consumer real estate	—		—		—		—		—
Bankcard and other revolving plans	2		1		2		1		—
Other	—		—		—		—		—
Total consumer loans	4		(1)		3		1		(4)
Total net charge-offs (recoveries)	$	14	$	13	$	—	$	(3)	$	27

ZIONS BANCORPORATION, N.A.

Press Release – Page 15

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES


(Unaudited)	Three Months Ended
	September 30, 2023				June 30, 2023				September 30, 2022
(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	$	1,539	5.52	%	$	2,899	5.08	%	$	1,233	2.19	%
Federal funds sold and security resell agreements	874		6.13	%	784		5.65	%	2,511		2.66	%
Total money market investments	2,413		5.74	%	3,683		5.20	%	3,744		2.51	%
Securities:
Held-to-maturity	10,625		2.21	%	10,833		2.24	%	560		2.88	%
Available-for-sale	10,606		3.24	%	11,180		2.85	%	24,892		2.05	%
Trading account	20		4.65	%	52		4.78	%	288		4.57	%
Total securities	21,251		2.73	%	22,065		2.56	%	25,740		2.10	%
Loans held for sale	46		4.89	%	73		7.08	%	37		5.33	%
Loans and leases:2
Commercial	30,535		5.69	%	30,650		5.46	%	29,380		4.16	%
Commercial real estate	13,016		7.14	%	12,933		6.97	%	12,182		4.73	%
Consumer	13,417		4.92	%	13,096		4.80	%	11,391		3.61	%
Total loans and leases	56,968		5.84	%	56,679		5.65	%	52,953		4.17	%
Total interest-earning assets	80,678		5.02	%	82,500		4.81	%	82,474		3.45	%
Cash and due from banks	712				653				604
Allowance for credit losses on loans and debt securities	(651)				(619)				(515)
Goodwill and intangibles	1,061				1,063				1,021
Other assets	5,523				5,524				4,923
Total assets	$	87,323			$	89,121			$	88,507
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market	$	35,346	2.42	%	$	30,325	1.49	%	$	36,399	0.20	%
Time	12,424		4.81	%	9,494		4.55	%	1,441		0.32	%

Total interest-bearing deposits	47,770		3.04	%	39,819		2.22	%	37,840		0.20	%
Borrowed funds:
Federal funds purchased and security repurchase agreements	1,770		5.31	%	4,423		5.11	%	2,000		2.20	%
Other short-term borrowings	2,233		4.95	%	7,575		5.28	%	885		2.61	%
Long-term debt	539		5.37	%	636		5.97	%	673		4.83	%
Total borrowed funds	4,542		5.14	%	12,634		5.26	%	3,558		2.80	%
Total interest-bearing liabilities	52,312		3.22	%	52,453		2.95	%	41,398		0.43	%
Noninterest-bearing demand deposits	27,873				29,830				39,623
Other liabilities	1,760				1,580				1,743
Total liabilities	81,945				83,863				82,764
Shareholders’ equity:
Preferred equity	440				440				440
Common equity	4,938				4,818				5,303


Total shareholders’ equity	5,378				5,258				5,743
Total liabilities and shareholders’ equity	$	87,323			$	89,121			$	88,507
Spread on average interest-bearing funds			1.80	%			1.86	%			3.02	%
Impact of net noninterest-bearing sources of funds			1.13	%			1.06	%			0.22	%
Net interest margin			2.93	%			2.92	%			3.24	%
Memo: total cost of deposits			1.92	%			1.27	%			0.10	%
Memo: total deposits and interest-bearing liabilities	$	80,185	2.10	%	$	82,283	1.88	%	$	81,021	0.22	%

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

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 16

NON-GAAP FINANCIAL MEASURES

(Unaudited)

This press release presents non-GAAP financial measures in addition to GAAP financial measures. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. We consider these adjustments to be relevant to ongoing operating results and provide a meaningful basis for period-to-period comparisons. We use these non-GAAP financial measures to assess our performance and financial position. 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)		September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022

Net earnings applicable to common shareholders (GAAP)		$	168		$	166		$	198		$	277		$	211
Adjustments, net of tax:

Amortization of core deposit and other intangibles		1			1			1			—			1
Adjusted net earnings applicable to common shareholders, net of tax	(a)	$	169		$	167		$	199		$	277		$	212
Average common equity (GAAP)		$	4,938		$	4,818		$	4,614		$	4,330		$	5,303
Average goodwill and intangibles		(1,061)			(1,063)			(1,064)			(1,036)			(1,021)

Average tangible common equity (non-GAAP)	(b)	$	3,877		$	3,755		$	3,550		$	3,294		$	4,282
Number of days in quarter	(c)	92			91			90			92			92
Number of days in year	(d)	365			365			365			365			365
Return on average tangible common equity (non-GAAP) 1	(a/b/c)*d	17.3		%	17.8		%	22.7		%	33.4		%	19.6		%

1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 9.9%, 10.0%, 12.3%, 16.9%, and 13.2% 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, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022

Total shareholders’ equity (GAAP)		$	5,315		$	5,283		$	5,184		$	4,893		$	4,696
Goodwill and intangibles		(1,060)			(1,062)			(1,063)			(1,065)			(1,034)

Tangible equity (non-GAAP)	(a)	4,255			4,221			4,121			3,828			3,662
Preferred stock		(440)			(440)			(440)			(440)			(440)
Tangible common equity (non-GAAP)	(b)	$	3,815		$	3,781		$	3,681		$	3,388		$	3,222
Total assets (GAAP)		$	87,269		$	87,230		$	88,573		$	89,545		$	88,474
Goodwill and intangibles		(1,060)			(1,062)			(1,063)			(1,065)			(1,034)

Tangible assets (non-GAAP)	(c)	$	86,209		$	86,168		$	87,510		$	88,480		$	87,440
Common shares outstanding (in thousands)	(d)	148,146			148,144			148,100			148,664			149,611
Tangible equity ratio (non-GAAP) 1	(a/c)	4.9		%	4.9		%	4.7		%	4.3		%	4.2		%
Tangible common equity ratio (non-GAAP)	(b/c)	4.4		%	4.4		%	4.2		%	3.8		%	3.7		%
Tangible book value per common share (non-GAAP)	(b/d)	$	25.75		$	25.52		$	24.85		$	22.79		$	21.54

Efficiency Ratio and Adjusted Pre-Provision Net Revenue

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

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


		Three Months Ended
(Dollar amounts in millions)		September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022

Noninterest expense (GAAP)	(a)	$	496		$	508		$	512		$	471		$	479
Adjustments:
Severance costs		—			13			1			—			—


Amortization of core deposit and other intangibles		2			1			2			—			1
Restructuring costs		1			—			—			—			—

SBIC investment success fee accrual 1		—			—			—			(1)			1
Total adjustments	(b)	3			14			3			(1)			2
Adjusted noninterest expense (non-GAAP)	(a-b)=(c)	$	493		$	494		$	509		$	472		$	477

Net interest income (GAAP)	(d)	$	585		$	591		$	679		$	720		$	663
Fully taxable-equivalent adjustments	(e)	11			11			9			10			10
Taxable-equivalent net interest income (non-GAAP)	(d+e)=(f)	596			602			688			730			673
Noninterest income (GAAP)	(g)	180			189			160			153			165
Combined income (non-GAAP)	(f+g)=(h)	776			791			848			883			838
Adjustments:
Fair value and nonhedge derivative income (loss)		7			1			(3)			(4)			4
Securities gains (losses), net		4			—			1			(5)			6
Total adjustments 2	(i)	11			1			(2)			(9)			10
Adjusted taxable-equivalent revenue (non-GAAP)	(h-i)=(j)	$	765		$	790		$	850		$	892		$	828

Pre-provision net revenue (PPNR) (non-GAAP)	(h)-(a)	$	280		$	283		$	336		$	412		$	359
Adjusted PPNR (non-GAAP)	(j)-(c)	272			296			341			420			351
Efficiency ratio (non-GAAP)	(c/j)	64.4		%	62.5		%	59.9		%	52.9		%	57.6		%

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

2 Excluding the $13 million gain on sale of bank-owned premises recorded in dividends and other income, the efficiency ratio for the three months ended June 30, 2023 would have been 63.6%.

ZIONS BANCORPORATION, N.A.

Press Release – Page 18

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


		Nine Months Ended
(Dollar amounts in millions)		September 30, 2023			September 30, 2022

Noninterest expense (GAAP)	(a)	$	1,516		$	1,407
Adjustments:
Severance costs		14			1
Other real estate expense		—			1

Amortization of core deposit and other intangibles		5			1
Restructuring costs		1			—


Total adjustments	(b)	20			3
Adjusted noninterest expense (non-GAAP)	(a-b)=(c)	$	1,496		$	1,404

Net interest income (GAAP)	(d)	$	1,855		$	1,800
Fully taxable-equivalent adjustments	(e)	31			27
Taxable-equivalent net interest income (non-GAAP)	(d+e)=(f)	1,886			1,827
Noninterest income (GAAP)	(g)	529			479
Combined income (non-GAAP)	(f+g)=(h)	2,415			2,306
Adjustments:
Fair value and nonhedge derivative income (loss)		5			20
Securities gains (losses), net		5			(10)
Total adjustments	(i)	10			10
Adjusted taxable-equivalent revenue (non-GAAP)	(h-i)=(j)	$	2,405		$	2,296

Pre-provision net revenue (PPNR)	(h)-(a)	$	899		$	899
Adjusted PPNR (non-GAAP)	(j)-(c)	909			892
Efficiency ratio (non-GAAP)	(c/j)	62.2		%	61.1		%

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

October 18, 2023 Third Quarter 2023 Financial Review

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

 Customer deposit growth led by relationship-focused bankers  Customer deposits grew $3 billion, or 5% including recapture of some off-balance sheet deposits  Total deposits increased $1 billion, or 1% during the quarter; $2 billion reduction of brokered deposits  Responding to changing interest rate risk and market conditions  Managing the balance sheet and hedging strategies to reflect the changing environment  Net interest income was stable for the quarter  Risk Management reflected in strong credit quality and capital levels  Net charge-offs of $14 million or 0.10% of average loans; modest increase in the allowance for credit losses  Loss absorbing capital increased and we remain well-capitalized, particularly relative to our risk profile 3 Select Themes Third quarter results reflect continued customer deposit growth, stable net interest income, and strong credit performance

$1.40 $1.84 $1.33 $1.11 $1.13 3Q22 4Q22 1Q23 2Q23 3Q23 Diluted Earnings Per Share Notable Items1: 3Q23:  No items with impact > $0.05 per share during the quarter 2Q23:  $(0.07) per share negative impact from severance expense  $0.07 per share positive impact from gain on sale of property 1Q23:  $(0.06) per share negative impact from tax contingency reserve 2Q22:  $0.05 per share favorable impact from Credit Valuation Adjustment (CVA) 4 Stable net interest income and reduced noninterest expense resulted in flat earnings per share vs. prior quarter Diluted Earnings per Share (1) Items that were $0.05 per share or more. $(0.36) $(0.22) $(0.23) $(0.23) $(0.21) 3Q22 4Q22 1Q23 2Q23 3Q23 EPS Impact of Provision for Credit Losses

 Earnings and Profitability:  $1.13 diluted earnings/share, compared to $1.11  $765 million adjusted taxable-equivalent revenue, compared to $790 million  $280 million pre-provision net revenue  $272 million adjusted PPNR(1), compared to $296 million  $41 million provision for credit losses, compared to $46 million  $168 million net income applicable to common, compared to $166 million  0.80% return on assets (annualized), compared to 0.79%  17.3% return on average tangible common equity (annualized), compared to 17.8%  Credit quality:  0.41% nonperforming assets + loans 90+ days past due / loans and leases and other real estate owned, from 0.30%  0.10% net loan charge-offs/(recoveries) as a percent of loans, annualized, from 0.09%  Allowance for credit losses (“ACL”), of $738 million or 1.30% of loans, from 1.25% 5 Third Quarter 2023 Financial Highlights Earnings consistent with prior quarter; capital and credit quality remain strong Note: For the purposes of comparison in this presentation, we use linked-quarter ("LQ") unless stated otherwise. (1) Adjusted for items such as severance and restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to SBIC investments. See Appendix for non-GAAP financial measures.  Loans and Deposits: vs. 2Q23, growth rates not annualized  0.0% change in period-end loan balances  0.5% increase in average loan balances  1.4% increase in period-end deposits; 4.5% excluding brokered  8.6% increase in average deposits; 7.5% excluding brokered  75% period-end loan-to-deposit ratio  1.92% cost of average total deposits  Capital:  10.2% Common Equity Tier 1 Ratio (CET1), compared to 10.0%  11.3% (CET1+allowance for credit losses) / risk-weighted assets

$351 $420 $341 $296 $272 3Q22 4Q22 1Q23 2Q23 3Q23 Adjusted Pre-Provision Net Revenue (“PPNR”) Adjusted PPNR declined 8% from the prior quarter due to lower adjusted revenue (1) Adjusted for items such as taxable equivalency, severance costs, restructuring costs, other real estate expense, and securities gains and losses. See Appendix for non-GAAP financial measures. Adjusted PPNR(1) ($ millions) 6 Linked quarter (3Q23 vs. 2Q23):  Adjusted PPNR declined 8% primarily from:  A decrease of 3% in adjusted revenue from reduced noninterest income  Noninterest expense flat to previous quarter Year-over-year (3Q23 vs. 3Q22):  Adjusted PPNR decreased 23%, attributable in part to:  Net interest income down 12% due to higher cost of deposits  Noninterest income increased 9%  Adjusted noninterest expense increased 3% due to technology expense and deposit insurance

$663 $720 $679 $591 $585 3.24% 3.53% 3.33% 2.92% 2.93% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% $0 3Q22 4Q22 1Q23 2Q23 3Q23 Net Interest Income (“NII”) and Net Interest Margin (“NIM”) Net Interest Income Net Interest Margin 7 Flat net interest margin as asset repricing offset funding cost pressure ($ millions) Linked quarter (3Q23 vs. 2Q23):  Net interest income declined 1%  Interest earned on loans increased $40 million  Interest paid on deposits increased $146 million  Interest paid on borrowings decreased $107 million Year-over-year (3Q23 vs. 3Q22):  Net interest income declined 12%  Interest income increased $303 million or 43%  Interest expense increased $381 million as the cost of interest-bearing liabilities grew significantly during 2023

Year-Over-Year (3Q23 vs. 3Q22) Net Interest Margin (“NIM”) 8 Higher asset yields and lower short-term borrowings offset higher deposit costs vs. 2Q23 Loans Deposits Money Mkt & Securities & Swaps Borrowings Free Funds1 3Q22 3Q23 Linked Quarter (3Q23 vs. 2Q23) 2Q23 3Q23 Loans Deposits Money Mkt & Securities Borrowings Free Funds1 After declining early in the year, the net interest margin is showing stability  Loan yields have steadily increased as rates have risen  Year-over-year, increased earning asset yields were more than offset by rising funding costs (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.

$156 $153 $151 $162 $157 3Q22 4Q22 1Q23 2Q23 3Q23 Noninterest Income and Revenue 9 Customer-Related Noninterest Income (1) Total customer-related noninterest income decreased 3% vs. 2Q23 and was stable vs. the year-ago period; Adjusted Revenue decreased 3% vs. 2Q23 and decreased 8% from the year-ago period (1) Reflects total customer-related noninterest income, which excludes items such as fair value and nonhedge derivative income, securities gains (losses), and other items, as detailed in the noninterest income table located in the earnings release. (2) Adjusted revenue is the sum of taxable-equivalent net interest income and noninterest income less adjustments. It excludes the impact of securities gains/losses and fair value and nonhedge derivative income. See Appendix for non-GAAP financial measures. ($ millions) $8 28 $8 73 $8 39 $7 80 $7 65$8 28 $8 92 $8 50 $7 90 $7 65 3Q22 4Q22 1Q23 2Q23 3Q23 Total Revenue (GAAP) Adjusted Revenue (Non-GAAP) Total Revenue (2) ($ millions)

$4 79 $4 71 $5 12 $5 08 $4 96 $4 77 $4 72 $5 09 $4 94 $4 93 57.6% 52.9% 59.9% 62.5% 64.4% 3Q22 4Q22 1Q23 2Q23 3Q23 NIE (GAAP) Adjusted NIE (Non-GAAP) Efficiency Ratio ($ millions) Noninterest Expense 10 Adjusted noninterest expense was flat vs. 2Q23 and was up 3% from the year-ago period Total noninterest expense decreased $12 million, compared to the prior quarter, primarily due to the one-time severance expense during 2Q We are focused on carefully managing operating expense in light of revenue headwinds Notable items in:  2Q23: $13 million severance expense  1Q23: $13 million increase in share-based compensation  4Q22: $8 million decrease in incentive compensation Noninterest Expense (NIE) (1) (1) Adjusted for items such as severance costs, restructuring costs, and other real estate expense. See Appendix for non-GAAP financial measures.

$53.0 $54.7 $56.2 $56.7 $57.0 4.17% 4.81% 5.30% 5.65% 5.84% $0.0 $25.0 $50.0 $75.0 $100.0 3Q22 4Q22 1Q23 2Q23 3Q23 Average Loan and Deposit Balances Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits 11 Average loans increased slightly in 3Q23 vs. 2Q23; average deposits increased 9% $37.8 $36.2 $35.8 $39.8 $47.8 $39.6 $38.0 $34.4 $29.8 $27.9 0.10% 0.20% 0.47% 1.27% 1.92% $0.0 $25.0 $50.0 $75.0 $100.0 3Q22 4Q22 1Q23 2Q23 3Q23 Average Noninterest-bearing Deposits Average Interest-bearing Deposits ($ billions) ($ billions) Zions’ average cost of total deposits reflect a total deposit beta1 of 36% and an interest-bearing deposit beta of 57% (1) Deposit beta compares the change in the cost of deposits vs. the change in the target fed funds rate relative to 4Q21.

$76 $71 $64 $66 $69$5 $8 $6 $6 $11 $13 $6 $5 - 10 20 30 40 50 60 70 80 90 100 3Q22 4Q22 1Q23 2Q23 3Q23 12 Ending deposit balances grew $1 billion vs. 2Q23; customer deposit balances increased $3 billion 3Q23 total funding costs increased 22 basis points as customer deposits replaced wholesale funding  Brokered deposits were managed down by $2 billion during the quarter; short-term borrowings have been reduced by $8 billion since their peak in 1Q23  At September 30th, total customer deposits included $6 billion of reciprocal deposits Deposit Balance and Borrowing Trends Average Deposits and Borrowings ($ billions) Total Funding Cost Ending Deposits and Borrowings $77 $74 $69 $63 $68 $1 $7 $8 $4 $8 $13 $13 $5 0.22% 0.56% 1.17% 1.88% 2.10% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% - 10 20 30 40 50 60 70 80 90 100 3Q22 4Q22 1Q23 2Q23 3Q23 ($ billions)

13 Impact of Noninterest-bearing (NIB) Demand Deposits The increased value of noninterest-bearing deposits has exceeded the decline in volumes Average Noninterest-bearing Demand Impact of NIB on NIM 1 Noninterest-bearing demand deposits have declined as interest rates have risen, though the value of these deposits has increased overall  The value of noninterest-bearing funds presented in this chart reflects the impact these funds have on net interest margin  Noninterest-bearing deposits have declined $13 billion or 32% from a peak of $41 billion in 2Q22  In 3Q23, noninterest-bearing funds added 113 basis points to the net interest margin, compared to 21 basis points in 3Q22 ($ billions) $40.9 $41.1 $39.6 $38.0 $34.4 $29.8 $27.9 0.06% 0.07% 0.21% 0.48% 0.83% 1.06% 1.13% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 (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.

Securities & Money Market Investments 14 Total Securities Portfolio and Money Market Investments (period-end balances) $24.2 $23.5 $22.6 $21.6 $20.7 $4.1 $3.8 $3.4 $2.3 $3.1 3Q22 4Q22 1Q23 2Q23 3Q23 Total Securities Money Market Investments ($ billions) We have strong on-balance sheet liquidity The investment portfolio is designed to be a storehouse of balance sheet liquidity  3Q23 period-end securities declined $879 million. Principal and prepayment-related cash flows were $800 million for the quarter  The composition of the investment portfolio allows for deep on-balance sheet liquidity through the GCF Repo market  Approximately 90% of securities are U.S. Government and U.S. Government Agency/GSE securities 34% 33% 32% 30% 30%Percent of earning assets After liquidity, the investment portfolio is also used to balance interest rate risk  The estimated deposit duration at September 30, 2023 of ~2.7 percent is assumed to be longer than the loan duration of 1.8 percent (including swaps); the investment portfolio brings balance to this mismatch  The duration of the investment portfolio is 3.5 percent (including the impact of fair value hedges) compared to 3.9 percent in the prior year quarter

Interest Rate Sensitivity – Net Interest Income Sensitivity Analysis 15 Incorporating recent deposit behavior into interest rate sensitivity analysis suggests reduced asset sensitivity (1) 12-month forward simulated impact of an instantaneous and parallel change in interest rates and assumes no change in the size or composition of the earning assets excluding derivative hedge activity, while it assumes a change in composition of deposits (a lesser proportion of noninterest-bearing relative to total deposits). (2) Latent interest rate sensitivity refers to future changes in Net Interest Income (“NII”) based upon past rate movements that have yet to be fully realized in revenue; Emergent interest rate sensitivity refers to changes to NII based upon future rate movements implied by the forward rate curve at 9/30/2023. vs. 3Q23: Latent(2) sensitivity: NII estimated to decrease by approximately −2% in 3Q24 This reflects a total deposit cost increase of approximately 70 basis points by 3Q24 which is consistent with a 50% through-the-cycle beta Emergent (2) sensitivity: NII estimated to decrease by approximately 0%, in addition to Latent, in 3Q24 This estimate does not include any changes to the size or composition of earning assets; it reflects existing swap maturities and forward-starting swaps• Adjusting deposit assumptions to reflect recent deposit behavior suggests reduced asset sensitivity. This increases the assumed 12-month deposit by about 10 percentage points • Asset duration is being managed to reflect emerging liability duration. During Q3, $1 billion of pay-fixed interest rate swaps were added -9% -4% 4% 9% -2% -1% 1% 1% -200 bps -100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity(1) Standard Models Adjusted Deposit Assumptions Interest Rate Impacts on Net Interest Income

16 Credit Quality Ratios Net charge-offs remain low, with trailing 12 months net charge-offs at just 0.04% of average loans Key Credit Metrics  1.4%: Classified loans/loans  Classified balance remained flat in 3Q23 from 2Q23  0.41%: NPAs+90(1)/loans + OREO  NPA balance increased $64 million or 37% in 3Q23 from 2Q23  Net charge-offs (recoveries), relative to average loans:  0.10% annualized in 3Q23  0.04% over the last 12 months Allowance for Credit Losses:  1.30% of total loans and leases, up 5 basis points from 2Q23 reflecting an increase in the reserve for CRE Office and other portfolios potentially impacted by higher interest rates (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 0.20% (0.02%) 0.00% 0.09% 0.10% 0.54% 0.31% 0.32% 0.32% 0.29% NCOs / Avg Loans (ann.) Provision / Avg Loans (ann.) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3Q22 4Q22 1Q23 2Q23 3Q23 Classified / Loans NPAs + 90 / Loans + OREO ACL / Loans

Disciplined Commercial Real Estate Growth Commercial real estate loan growth lags peers due to continued exercise of concentration risk management Data as of June 30, 2023; peer growth rates are normalized for significant acquisitions 0 50 100 150 200 250 1Q 15 4Q 15 3Q 16 2Q 17 1Q 18 4Q 18 3Q 19 2Q 20 1Q 21 4Q 21 3Q 22 2Q 23 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 1Q15 = 100 Commercial Real Estate Excluding Owner Occupied 17 Zions has exercised caution in CRE concentrations for more than a decade, and in underwriting standards for many decades.  Key factors for consideration in credit risk within CRE  Measured and disciplined growth compared to peers  Significant borrower equity – conservative LTVs  Disciplined underwriting on debt service coverage  Diversified by geography and asset class  Limited exposure to land / horizontal construction

18 Commercial Real Estate Summary Term CRE  Conservative weighted-average LTVs (< 60%)  Maturity distribution: 17% per year on average over next 36 months  Average & median loan size of $3.3 million & < $1 million  Total term CRE portfolio 3.6% criticized; 1.5% classified; 0.4% nonaccrual; 0.4% delinquencies Construction and Land Development  Land and A&D less than $250 million  Total construction portfolio 4.6% criticized; 1.9% classified; 0.9% nonaccrual; 0.2% delinquencies Office ($2.1B: $1.9B term | $0.2B construction)  70% suburban and 30% Central Business District  Average LTV of less than 60%  Average & median loan size of $4.5 million & < $1 million  9.9% criticized; 5.5% classified; 2.3% nonaccrual; 1.3% delinquencies  3Q23 net charge-offs of $2.8 million in California market  ~80% term, ~20% construction  Portfolio growth has been carefully managed for over a decade through disciplined concentration limits  Granular portfolio with solid sponsor or guarantor support  Well diversified by property type and location CRE is 23% of total loans: $13.1 billion total CRE; $10.5 billion term & $2.6 billion construction Note: Loan-to-value (LTV) calculations reflect most current appraisal in the denominator and the current outstanding balance in the numerator. Multifamily, 27% Industrial, 22% Office, 16% Retail, 11% Residential Construction, 4% All Other CRE, 20% Portfolio Composition As of September 30, 2023

Net Charge-offs annualized, as a percentage of risk-weighted assets 0. 37 % 0. 11 % 0. 06 % (0 .0 1% ) (0 .0 1% ) 0. 01 % 0. 04 % 0. 06 % 0. 16 % (0 .0 2% ) 0. 00 % 0. 08 % 0. 08 % (4%) (2%) 0% 2% 4% 6% 8% 10% 12% 14% 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 Capital Strength 19 Loss-absorbing capital remains strong relative to our risk profile; low credit losses relative to CET1 + ACL Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets 10 .4 % 10 .8 % 11 .2 % 11 .3 % 10 .9 % 10 .2 % 10 .0 % 9. 9% 9. 6% 9. 8% 9. 9% 10 .0 % 10 .2 % 12 .1 % 12 .3 % 12 .5 % 12 .3 % 11 .8 % 11 .1 % 10 .9 % 10 .7 % 10 .5 % 10 .7 % 11 .0 % 11 .1 % 11 .3 % 0% 2% 4% 6% 8% 10% 12% 14% 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 Common Equity Tier 1 ACL / Risk-weighted Assets

Financial Outlook (3Q24E vs 3Q23A) 20 Outlook Comments Stable  Interest rates and economic outlook resulting in weak loan demand Stable  Positive impact of continued asset yield repricing expected to offset funding cost pressures Moderately Increasing  Customer-related noninterest income excludes securities gains/losses, dividends, and gains/losses on the sale of fixed assets Slightly Increasing  Technology costs expected to put mild pressure on 3Q24 adjusted noninterest expense1 compared to 3Q23  Capital is expected to increase organically Customer-Related Noninterest Income Loan Balances (period-end) Net Interest Income (NII) Capital Adjusted Noninterest Expense (1) Excludes potential impact of FDIC Special Assessment

 Financial Results Summary  Balance Sheet Profitability  Loan Growth by Geography and Type  Noninterest-bearing Deposit Mix – 20+ Year Time Series  Earning Asset Repricing  Interest Rate Swaps  Credit Metrics: Commercial Real Estate  Loan Loss Severity (NCOs as a percentage of nonaccrual loans)  Allowance for Credit Losses  Non-GAAP Financial Measures 21 Appendix

Financial Results Summary 22 Healthy fundamentals, strong credit quality Three Months Ended (Dollar amounts in millions, except per share data) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Earnings Results: Diluted Earnings Per Share $ 1.13 $ 1.11 $ 1.33 $ 1.84 Net Earnings Applicable to Common Shareholders 168 166 198 277 Net Interest Income 585 591 679 720 Noninterest Income 180 189 160 153 Noninterest Expense 496 508 512 471 Pre-Provision Net Revenue - Adjusted (1) 272 296 341 420 Provision for Credit Losses 41 46 45 43 Ratios: Return on Assets(2) 0.80 % 0.79 % 0.91 % 1.27 % Return on Common Equity(3) 13.5 % 13.8 % 17.4 % 25.4 % Return on Tangible Common Equity(3) 17.3 % 17.8 % 22.7 % 33.4 % Net Interest Margin 2.93 % 2.92 % 3.33 % 3.53 % Yield on Loans 5.84 % 5.65 % 5.30 % 4.81 % Yield on Securities 2.73 % 2.55 % 2.46 % 2.42 % Average Cost of Total Deposits(4) 1.92 % 1.27 % 0.47 % 0.20 % Efficiency Ratio (1) 64.4 % 62.5 % 59.9 % 52.9 % Effective Tax Rate 23.2 % 22.6 % 27.7 % 20.9 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.41 % 0.30 % 0.31 % 0.28 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.10 % 0.09 % 0.00 % (0.02%) Common Equity Tier 1 Capital Ratio(5) 10.2 % 10.0 % 9.9 % 9.7 % (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses and investment and advisory expense related SBIC investments. See Appendix for non-GAAP financial measures. (2) Net Income before Preferred Dividends used in the numerator; (3) Net Income Applicable to Common used in the numerator; (4) Includes noninterest-bearing deposits; (5) Current period ratios and amounts represent estimates

0.97% 1.27% 0.91% 0.79% 0.80% 3Q22 4Q22 1Q23 2Q23 3Q23 19.6% 33.4% 22.7% 17.8% 17.3% 3Q22 4Q22 1Q23 2Q23 3Q23 Balance Sheet Profitability 23 Profitability impacted by lower NII in most recent two quarters due to increased funding costs Return on Assets Return on Tangible Common Equity Return on Tangible Common Equity is a non-GAAP measure. See Appendix for non-GAAP financial measures.

Loan Growth in Detail Loan growth in CRE and 1-4 Family offset by shrinkage of the C&I, Energy, and Municipal portfolios Linked Quarter Loan Balance Growth, Excluding PPP Total Loans: -0.04% Linked quarter:  Period-end loans decreased $24 million or 0.04%  Loan growth in dollars predominantly in 1-4 Family, Commercial Real Estate Construction & Term  Balance declines in C&I, Energy, and Municipal  Decline of $20 million (16%) in SBA PPP loans G ro w th R at e: L in ke d Q ua rt er , n ot a nn ua liz ed Dollar Growth: Linked Quarter 24 C&I (ex-Oil & Gas), -1% Owner occupied, -1% CRE C&D, 3% CRE Term, 2% Home Equity, 1% 1-4 Family, 2% Energy (Oil & Gas), -6% Municipal, -3% Other, 3% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% -$300 -$200 -$100 $0 $100 $200 $300 Note: circle size indicates relative proportion of loan portfolio as of 3Q23. PPP loans, not shown on graph, declined 16% in 3Q23 vs. 2Q23 ($ millions)

25 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 (3Q23 vs. 3Q22) Period-End Linked Quarter Loan Growth (3Q23 vs. 2Q23) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 314 (72) 304 72 11 39 (50) - 618 SBA PPP (42) (44) (59) (15) (12) (22) (6) - (200) Owner occupied (11) 67 (72) 39 (11) (26) 8 - (6) Energy (Oil & Gas) (15) (4) - (1) - 9 (2) - (13) Municipal 48 53 (1) (86) (4) (36) 11 12 (3) CRE C&D (221) (7) 199 (37) (34) (150) 25 - (225) CRE Term 110 60 212 253 164 200 10 - 1,009 1-4 Family 442 176 215 155 112 113 (1) 52 1,264 Home Equity (39) 21 (23) (28) 30 10 11 - (18) Other 268 49 87 66 12 74 (4) (3) 549 Total net loans 854 299 862 418 268 211 2 61 2,975 (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 87 (157) (46) 9 (32) (31) 20 (1) (151) SBA PPP (4) (2) (5) (3) (1) (4) (1) - (20) Owner occupied (38) (11) (6) 7 (3) (2) (2) - (55) Energy (Oil & Gas) (15) (122) - - - 14 (2) - (125) Municipal (10) 3 (16) (81) (4) (16) 1 (10) (133) CRE C&D 23 107 44 4 (31) (90) 20 - 77 CRE Term 2 (73) 59 73 17 86 (5) - 159 1-4 Family 82 9 (7) 31 19 12 (1) (9) 136 Home Equity 7 7 (5) 3 1 1 8 - 22 Other 40 (2) 8 12 (13) 23 - (2) 66 Total net loans 174 (241) 26 55 (47) (7) 38 (22) (24) Loan growth reflected in several categories and across our footprint

Noninterest-bearing Deposits (“NIB”) Mix Through multiple rate cycles, Zions’ NIB deposit concentration has been consistently among the best of peers Source: S&P Global. The federal funds rate shown on this page has been adjusted such that, for example, the 2007 peak rate of 5.25% is the daily average rate from July 1, 2006 to June 30, 2007, which attempts to reflect the delay between the Fed’s increase or decrease and the response by Zions and the banking industry to increase or decrease rates paid on deposits. Average Noninterest Deposits / Average Total Deposits 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0% 10% 20% 30% 40% 50% 60% 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 2Q 23 ZION Peer Top Quartile Peer Bottom Quartile Avg Fed Funds (6-Mo Lag) Zions ranked 2nd (Left Axis)  Zions’ NIB deposit mix has consistently exceeded most peers due in part to a higher proportion of operating accounts for businesses  Fluctuation in the NIB mix ratio is to be expected, attributable to factors including:  The absolute and relative level of interest rates  The desired liquidity levels for households and business owners – which may be greater after the global financial crisis and the pandemic  Technological advances – which have reduced the frictional cost of moving money from NIB to IB accounts 26

Simulated Repricing Expectations: Earning Assets and Loans 27 A substantial portion of earning assets reset within one year with additional resets in later periods Note: Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. 52% 11% 7% 6% 9% 15% 50% 13% 9% 6% 7% 15% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f L oa ns Loans: Rate Reset and Cash Flow Profile Loans After Hedging 40% 11% 8% 7% 11% 23% 41% 14% 9% 7% 6% 23% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f E ar ni ng A ss et s Earning Assets Rate Reset and Cash Flow Profile Earning Assets After Hedging

28 Interest Rate Swaps at September 30, 2023 Swaps are used to balance our interest rate sensitivity Average Outstanding Notional Weighted Average Fixed Rate Received Weighted Average Maturity 1Q22 $3,841 1.82% 11/24 2Q22 $5,583 1.59% 4/25 3Q22 $7,433 1.76% 7/25 4Q22 $8,133 1.91% 8/25 1Q23 $4,433 1.85% 10/24 2Q23 $2,850 2.40% 7/24 3Q23 $2,550 2.37% 8/24 Received-Fixed Rate Loan & Long-Term Debt Cash Flow Hedges2 (pay floating rate) Average Outstanding Notional Weighted Average Fixed Rate Paid Weighted Average Maturity 1Q22 $479 1.38% 9/40 2Q22 $990 1.66% 10/40 3Q22 $1,229 1.83% 4/40 4Q22 $1,228 1.83% 4/40 1Q23 $1,228 1.83% 4/40 2Q23 $4,072 3.13% 10/30 3Q23 $5,072 3.27% 4/30 Pay-Fixed Rate Securities Portfolio Fair Value Hedges / Fixed Rate Loan Hedges / Short-Term Debt Hedges (receive floating rate) (1) Cash flow hedges consist of receive-fixed swaps hedging pools of floating rate loans. (2) Excludes Swaps with an effective date after the reporting period. Interest rate sensitivity is managed in part with portfolio interest rate hedges1  $1.0 billion in 5 year pay fixed swaps were added as portfolio layer hedges of the fixed rate loans with an average fixed rate of 3.86%

526 777 914 917 835 695 574 529 553 514 546 590 636 678 711 738 1.08 1.56 1.88 1.91 1.74 1.48 1.22 1.11 1.13 1.02 1.05 1.10 1.15 1.21 1.25 1.30 1/1/20 CECL 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Allowance for Credit Losses ACL (%) ex-PPP 29 Allowance for Credit Losses (“ACL”) The ACL increase vs. 2Q23 is primarily due to an increase in the reserve for CRE Office and other portfolios potentially impacted by higher interest rates ($ millions)

18 % 21 % 24 % 27 % 29 % 30 % 39 % 41 % 45 % 50 % 50 % 53 % 55 % 55 % 56 % 57 % 71 % BO KF M TB ZI O N W AL AS B CM A CF G FN B W TF C PN FP KE Y HW C EW BC HB AN RF SN V FI TB 11 % 13 % 15 % 24 % 26 % 27 % 30 % 31 % 34 % 46 % 49 % 50 % 55 % 57 % 58 % 60 % 61 % W AL M TB ZI O N BO KF AS B CM A FN B EW BC W TF C KE Y CF G HB AN FI TB SN V PN FP RF HW C Loan Loss Severity Annualized NCOs / Nonaccrual Loans Five Year Average (2018 Q3 – 2023 Q2) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2008 Q3 – 2023 Q2) 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 30

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 Criticized % Classified % Nonaccrual % TTM GCO Rate CRE In-Depth Review: Commercial Real Estate 31 Limited tail LTV risk in portfolio; controlled CRE growth Data is updated through 3Q23. Loan-to-value calculations in the “Appraised Value” distribution to reflect most current appraisal in the denominator and the outstanding balance in the numerator. In the “Indexed Value” data series, we have attached the most recent appraisal to the REIS Commercial Property Price Indices (specific to local markets). Index is applied to four major CRE property types. Percentages shown of CRE property types do not sum to 100% due to other property types not shown. Zions has modest “tail risk” in its CRE portfolio Term WAVG LTV % of CRE Term % of CRE Construction Multi-family 55% 25% 34% Industrial / Warehouse 52% 22% 22% Office 51% 18% 7% Retail 48% 13% 2% Hospitality 50% 6% 6% CRE Portfolio Trends CRE Problem Loan Trends as a percentage of total loans 16% 22% 35% 22% 4% 0% 0% 0% 19% 26% 28% 18% 7% 1% 0% 0% 01%-40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% +100% CRE Term LTVs Appraised vs. Indexed Most Recent Appraisal Index Adjusted 2.3 2.3 2.3 2.8 2.8 2.6 8.7 9.5 9.7 9.3 9.6 10.6 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 Construction Balances Term Balances

0% 2% 4% 6% 8% 10% 12% 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 Criticized % Classified % Nonaccrual % TTM GCO Rate 12% 12% 31% 34% 10% 0% 0% 0% 11% 9% 26% 28% 21% 4% 0% 0% 01%-40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% +100% CRE Office Term LTVs Appraised vs. Indexed Most Recent Appraisal Index Adjusted CRE In-Depth Review: Office ($2.1 billion balance) 32Data updated through 3Q23. (1) Loans >$2.5 million represents ~90% of the portfolio; lease maturities from $2.5M+ office exposure. (2) Loan-to-value calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. In the “Indexed Value” data series, we attached the most recent appraisal to the REIS Commercial Property Price Indices (at the MSA level). CRE Office portfolio is 16% of total CRE exposure; 4% of total loan exposure  10% decrease in balances YOY via payoffs, loan rebalance, amortization  < 15% of tenant leases mature in next 12 months  Median loan size: < $1 million; average loan size: $4.5 million  Allowance for credit losses: 3.6% of balances / 36% of criticized balances  32% variable rate with swap, 14% fixed rate, 54% variable rate w/o swap  Stabilized term office portfolio is 88% leased (wtd. avg.)1  1/3 of portfolio is credit tenant leased1  2/3 Multi-tenant Office1  In-footprint collateral – 99%  70% suburban, 30% central business district1 Office Problem Loan Trends as a percentage of total loansWhen values are updated based on indexed / current values, office exposure continues to benefit from low LTVs ($ billions) 0.2 0.1 0.2 0.3 0.4 0.2 2.1 2.1 2.2 2.1 2.0 1.9 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 Office Portfolio Trends Construction Balances Term Balances

0 50 100 150 200 250 300 350 400 450 2023 2024 2025 2026 2027 2028 2029+ CRE In-Depth Review: Office Loans – Distribution of LTV and Loan Maturity Zions is addressing loan level concerns with Clients, monitoring covenants, and assessing valuations  We are being proactive with 2023 and 2024 office maturities  Cash flow and leasing is being monitored at the loan level to address covenant compliance  Based on YTD experience, many loans will be extended due to acceptable debt service coverage and LTV ratios  Some loans will likely require paydown of the loan to consider an extension  With few exceptions, there remains adequate equity / value in the properties to allow for additional sponsor support  Office loans often have repayment guaranties, re-margin requirements or cash flow sweep provisions CRE Term Office by Maturity Near term maturities were originated at low LTVs; indexed values show value decline, with remaining equity value. 33Data is updated through 3Q23. Includes term debt only. Indexed Values derived by attaching the most recent appraisal to the REIS Commercial Property Price Indices (at the MSA level). ($ millions) 0% 10% 20% 30% 40% 50% <=40% 41-50% 51-60% 61-70% 71-80% 81%+ 2023 & 2024 Maturities: Indexed LTVs Most Recent Appraisal Index Adjusted

11% 26% 43% 14% 6% 1% 0% 0% 16% 32% 36% 10% 4% 1% 0% 0% 01%-40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% +100% CRE Multifamily Term LTVs Appraised vs. Indexed Most Recent Appraisal Index Adjusted CRE In-Depth Review: Multifamily ($3.6 billion balance) 34Data is updated through 3Q23. (1) Loans >$3 million represents ~90% of the portfolio; lease maturities from $10M+ office exposure. (2) Loan-to-value calculations in the “Appraised Value” distribution to reflect most current appraisal in the denominator and the outstanding balance in the numerator. In the “Indexed Value” data series, we have attached the most recent appraisal to the REIS Commercial Property Price Indices (specific to local markets). CRE multifamily portfolio is 27% of total CRE exposure  23% increase in balances YOY; construction and term growth  75% term, 25% construction  Median loan size: < $1 million; average loan size: $4.7 million  Allowance for credit losses: 1.7% of total multifamily balances or 64% of criticized balances  17% variable rate with swap, 11% fixed rate, 72% variable rate w/o swap  Multifamily collateral location – 33% CA, 24% TX, 12% AZ, 10% UT, 20% all Other  In-footprint collateral – 98% Multifamily Problem Loan Trends as a percentage of total loans ($ billions) 0% 1% 2% 3% 4% 5% 6% 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 Criticized % Classified % Nonaccrual % TTM GCO Rate 0.8 0.8 0.7 0.9 0.7 0.9 1.6 2.0 2.1 2.0 2.2 2.7 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 Multifamily Portfolio Trends Construction Balances Term Balances

35 Non-GAAP Financial Measures In millions, except per share amounts 3Q23 2Q23 1Q23 4Q22 3Q22 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense $496 $508 $512 $471 $479 LESS adjustments: Severance costs 13 1 Other real estate expense Amortization of core deposit and other intangibles 2 1 2 1 Pension Termination related expense Restructuring costs 1 SBIC Investment Success Fee Accrual (1) 1 (b) Total adjustments 3 14 3 (1) 2 (a-b)=(c) Adjusted noninterest expense 493 494 509 472 477 (d) Net interest income 585 591 679 720 663 (e) Fully taxable-equivalent adjustments 11 11 9 10 10 (d+e)=(f) Taxable-equivalent net interest income (TE NII) 596 602 688 730 673 (g) Noninterest Income 180 189 160 153 165 (f+g)=(h) Combined Income $776 $791 $848 $883 $838 LESS adjustments: Fair value and nonhedge derivative income (loss) 7 1 (3) (4) 4 Securities gains (losses), net 4 - 1 (5) 6 (i) Total adjustments 11 1 (2) (9) 10 (h-i)=(j) Adjusted revenue $765 $790 $850 $892 $828 (j-c) Adjusted pre- provision net revenue (PPNR) $272 $296 $341 $420 $351 (c)/(j) Efficiency Ratio 64.4% 62.5% 59.9% 52.9% 57.6%

36 Non-GAAP Financial Measures (Continued) In millions, except per share amounts 3Q23 2Q23 1Q23 4Q22 3Q22 Net Earnings Applicable to Common Shareholders (NEAC) Net earnings applicable to common $168 $166 $198 $277 $211 Diluted Shares (average) 148 148 148 149 150 (k) Diluted EPS 1.13 1.11 1.33 1.84 1.40 PLUS Adjustments: Adjustments to noninterest expense 3 14 3 (1) 2 Adjustments to revenue (11) (1) 2 9 (10) Tax effect for adjustments (2) (3) (1) (2) 2 Preferred stock redemption Total adjustments (6) 10 4 6 (6) (l) Adjustments per share (0.04) 0.07 0.03 0.04 (0.04) (k+l)=(m) Adjusted EPS 1.09 1.18 1.36 1.88 1.36

37 Non-GAAP Financial Measures (Continued) In millions 3Q23 2Q23 1Q23 4Q22 3Q22 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $168 $166 $198 $277 $211 Adjustments, net of tax: Amortization of core deposit and other intangibles 1 1 1 - 1 (a) Net earnings applicable to common, net of tax $169 $167 $199 $277 $212 Average common equity (GAAP) $4,938 $4,818 $4,614 $4,330 $5,303 Average goodwill and intangibles (1,061) (1,063) (1,064) (1,036) (1,021) (b) Average tangible common equity (non-GAAP) $3,877 $3,755 $3,550 $3,294 $4,282 (c) Number of days in quarter 92 91 90 92 92 (d) Number of days in year 365 365 365 365 365 (a/b/c)*d Return on average tangible common equity (non-GAAP) 17.3% 17.8% 22.7% 33.4% 19.6%


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


Exhibit Number			Description
99.1			Press Release dated October 18, 2023 (furnished herewith).
99.2			Earnings Release Presentation dated October 18, 2023 (furnished herewith).
101			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104			The cover page from this Current Report on form 8-K, formatted as Inline XBRL.


	ZIONS BANCORPORATION, NATIONAL ASSOCIATION

	By:	/s/ Paul E. Burdiss
		Name: Paul E. Burdiss
		Title: Executive Vice President and Chief Financial Officer
Date: October 18, 2023



Former name or former address, if changed since last report