Equibles

8-K

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION)

8-K 2025-07-21 For: 2025-07-21
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Added on April 07, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported)  July 21, 2025

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

(Exact name of registrant as specified in its charter)

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

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

Former name or former address, if changed since last report

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

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

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

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

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

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

Title of Each Class Trading Symbols Name of Each Exchange on Which Registered
Common Stock, par value $0.001 ZION The NASDAQ Stock Market, LLC
Depositary Shares each representing a 1/40th ownership interest in a share of:
Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock ZIONP The NASDAQ Stock Market, LLC

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

Emerging growth company ☐

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

Item 2.02    Results of Operations and Financial Condition.

On July 21, 2025, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended June 30, 2025 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on July 21, 2025. The press release announcing the financial results for the quarter ended June 30, 2025 is furnished as Exhibit 99.1 and incorporated herein by reference. A presentation to be used in conjunction with the conference call regarding the Bank’s second quarter financial results is furnished as Exhibit 99.2 and incorporated herein by reference.

The information in this Current Report on Form 8-K, including the exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the Bank under the Securities Act of 1933, as amended.

Item 9.01    Financial Statements and Exhibits.

Exhibits.

The following exhibits are furnished as part of this Current Report on Form 8-K:

Exhibit Number Description
99.1 Press Release dated July 21, 2025 (furnished herewith).
99.2 Earnings Release Presentation dated July 21, 2025 (furnished herewith).
101 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104 The cover page from this Current Report on form 8-K, formatted as Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION
By: /s/ R. Ryan Richards
Name:    R. Ryan Richards
Title:      Executive Vice President and Chief Financial Officer
Date: July 21, 2025

Document

Zions Bancorporation, N.A.<br>One South Main<br>Salt Lake City, UT 84133<br>July 21, 2025
www.zionsbancorporation.com

Second Quarter 2025 Financial Results: FOR IMMEDIATE RELEASE

Investor Contact: Shannon Drage (801) 844-8208

Media Contact: Jennifer Johnston (801) 844-7112

Zions Bancorporation, N.A. reports: 2Q25 Net Earnings of $243 million, diluted EPS of $1.63
compared with 2Q24 Net Earnings of $190 million, diluted EPS of $1.28,<br>and 1Q25 Net Earnings of $169 million, diluted EPS of $1.13

SECOND QUARTER RESULTS

$1.63 $243 million 3.17% 11.0%
Net earnings per diluted<br><br>common share Net earnings Net interest margin (“NIM”) Estimated common equity<br>tier 1 ratio
SECOND QUARTER HIGHLIGHTS¹
--- --- --- ---
Net Interest Income and NIM •
• NIM was 3.17%, compared with 2.98%
Operating Performance •
• Customer-related noninterest income was 164 million, up 7%
• Noninterest expense was 527 million, up 4%; adjusted noninterest expense² was 521 million, up 3%
Loans and Credit Quality •
• The provision for credit losses was negative 1 million, compared with positive 5 million
• The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.07%, compared with 0.10%
• Nonperforming assets3 were 313 million, or 0.51% of loans and leases and other real estate owned, compared with 265 million, or 0.45%
• Classified loans were 2.7 billion, or 4.43% of loans and leases, compared with 1.3 billion, or 2.16%, down from 2.9 billion, or 4.82% in the prior quarter
Deposits and Borrowed Funds •
• Short-term borrowings, primarily composed of secured borrowings, were 6.1 billion, up 7%
Capital •
Notable Items •

All values are in US Dollars.

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We’re very pleased with the quarter’s strong financial results, with earnings per share up 27% over the prior year period, and adjusted pre-provision net revenue up 14%. The net interest margin continued to improve, increasing to 3.17% from 2.98% a year ago, and customer-related noninterest income rose 7%.”<br><br>Mr. Simmons continued, “Though average deposits were relatively flat, average loans were up 4% over last year. Credit results remained solid, with net charge-offs of only 7 basis points of average loans. While there are some signs of moderate slowing, including a stabilization of housing costs in many western U.S. markets, the economy has performed somewhat better than might have been expected earlier in the year, and we’re incrementally more optimistic about growth in the back half of the year than we’d previously been.”
OPERATING PERFORMANCE2
(In millions) Three Months Ended<br>June 30, Six Months Ended<br>June 30,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Net Interest Margin 3.17 % 2.98 % 3.14 % 2.96 %
Adjusted PPNR $ 316 $ 278 $ 583 $ 520
Net charge-offs<br>(recoveries) $ 10 $ 15 $ 26 $ 21
Efficiency ratio 62.2 % 64.5 % 64.4 % 66.2 %

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 19-21.

3 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 2

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

RESULTS OF OPERATIONS

Net Interest Income and Margin
2Q25 - 1Q25 2Q25 - 2Q24
(In millions) 2Q25 1Q25 2Q24 % %
Interest and fees on loans $ 875 $ 850 $ 877 3 % — %
Interest on money market investments 50 53 56 (3) (6) (6) (11)
Interest on securities 126 125 140 1 1 (14) (10)
Total interest income 1,051 1,028 1,073 23 2 (22) (2)
Interest on deposits 312 326 390 (14) (4) (78) (20)
Interest on short- and long-term borrowings 91 78 86 13 17 5 6
Total interest expense 403 404 476 (1) — (73) (15)
Net interest income $ 648 $ 624 $ 597 4 9
bps bps
Yield on interest-earning assets 1 5.11 % 5.08 % 5.31 % 3 (20)
Rate paid on total deposits and interest-bearing liabilities 1 1.97 % 2.01 % 2.36 % (4) (39)
Cost of deposits 1 1.68 % 1.76 % 2.11 % (8) (43)
Net interest margin 1 3.17 % 3.10 % 2.98 % 7 19

All values are in US Dollars.

1 Taxable-equivalent rates used where applicable.

Net interest income increased $51 million, or 9%, in the second quarter of 2025, relative to the prior year period, primarily due to lower funding costs and an increase in average interest-earning assets. The increase was further supported by a favorable shift in the composition of average interest-earning assets, reflecting growth in average loans and money market investments, and a decline in average securities. As a result, the net interest margin improved to 3.17%, compared with 2.98%.

The yield on average interest-earning assets, net of hedging activity, was 5.11% for the second quarter of 2025, compared with 5.31% in the prior year period, reflecting lower interest rates. The yield on average money market investments declined 104 basis points to 4.68%, while the net yield on average loans decreased 25 basis points to 5.86%. Additionally, the net yield on average securities declined 16 basis points to 2.74% during the second quarter of 2025.

The rate paid on total deposits and interest-bearing liabilities was 1.97% for the second quarter of 2025, compared with 2.36% in the prior year period. The total cost of deposits was 1.68%, compared with 2.11%, reflecting the lower interest rate environment.

Average interest-earning assets increased $1.5 billion, or 2% from the prior year quarter. This growth was primarily driven by a $2.2 billion increase in average loans and leases and a $365 million increase in average money market investments. These increases were partially offset by a $1.3 billion decline in average securities, largely attributable to principal reductions.

Average interest-bearing liabilities increased $1.4 billion, or 3%, from the prior year quarter. This growth was primarily driven by a $962 million increase in average borrowed funds and a $461 million increase in average interest-bearing deposits.

ZIONS BANCORPORATION, N.A.

Press Release – Page 3

Noninterest Income
2Q25 - 1Q25 2Q25 - 2Q24
(In millions) 2Q25 1Q25 2Q24 % %
Commercial account fees $ 46 $ 45 $ 45 2 % 2 %
Card fees 24 23 25 1 4 (1) (4)
Retail and business banking fees 19 17 16 2 12 3 19
Loan-related fees and income 19 17 18 2 12 1 6
Capital markets fees and income 1 28 27 20 1 4 8 40
Wealth management fees 14 15 15 (1) (7) (1) (7)
Other customer-related fees 14 14 14 — — — —
Customer-related noninterest income 164 158 153 6 4 11 7
Dividends and other income 12 7 22 5 71 (10) (45)
Securities gains (losses), net 14 6 4 8 NM 10 NM
Noncustomer-related noninterest income 26 13 26 13 NM — —
Total noninterest income $ 190 $ 171 $ 179 11 6

All values are in US Dollars.

1 Effective the first quarter of 2025, capital markets fees and income includes fair value and nonhedge derivative income, which was previously disclosed under noncustomer-related noninterest income. These amounts totaled less than one million for both the three months ended June 30, 2025 and March 31, 2025, respectively, and a loss of one million for the three months ended June 30, 2024.

Customer-related noninterest income increased $11 million, or 7%, compared with the prior year period. This growth was driven by an $8 million increase in capital markets fees and income, largely attributable to higher swap fees and loan syndication activity. Additionally, retail and business banking fees increased $3 million, primarily due to increased deposit service fees.

Noncustomer-related noninterest income was flat compared with the prior year period. Net securities gains increased $10 million, which included an $11 million unrealized gain related to the successful completion of an initial public offering (“IPO”) of one of our Small Business Investment Company (“SBIC”) investments, FatPipe, Inc. This investment will be marked-to-market until our shares, which are subject to a minimum 180-day lock-up period from the IPO, are fully divested. An associated $2 million accrued success fee payable to the investment manager will also be adjusted based on the investment’s fair value.

The increase in net securities gains was offset by a $10 million decline in dividends and other income, primarily due to higher gains in the prior year period associated with the sale of our Enterprise Retirement Solutions business and a bank-owned property.

Noninterest Expense
2Q25 - 1Q25 2Q25 - 2Q24
(In millions) 2Q25 1Q25 2Q24 % %
Salaries and employee benefits $ 336 $ 342 $ 318 (2) % 6 %
Technology, telecom, and information processing 65 70 66 (5) (7) (1) (2)
Occupancy and equipment, net 40 41 40 (1) (2) — —
Professional and legal services 13 13 17 — — (4) (24)
Marketing and business development 12 11 13 1 9 (1) (8)
Deposit insurance and regulatory expense 20 22 21 (2) (9) (1) (5)
Credit-related expense 6 6 6 — — — —
Other real estate expense, net — — (1) — NM 1 NM
Other 35 33 29 2 6 6 21
Total noninterest expense $ 527 $ 538 $ 509 (2) 4
Adjusted noninterest expense 1 $ 521 $ 533 $ 506 (2) 3

All values are in US Dollars.

1 For information on non-GAAP financial measures, see pages 19-21.

ZIONS BANCORPORATION, N.A.

Press Release – Page 4

Noninterest expense increased $18 million, or 4%, compared with the prior year quarter. Salaries and employee benefits expense increased $18 million, primarily due to higher incentive compensation accruals as a result of improved profitability. Other noninterest expense increased $6 million, largely driven by increases in certain legal reserves and the success fee accrual associated with the IPO of the previously discussed SBIC investment. These increases were partially offset by a $4 million decline in professional and legal services, mainly due to reduced technology-related consulting expenses.

Adjusted noninterest expense increased $15 million, or 3%. The efficiency ratio improved to 62.2%, compared with 64.5%, reflecting positive operating leverage as adjusted pre-provision net revenue increased $38 million, or 14%. For more information on non-GAAP financial measures, see pages 19-21.

BALANCE SHEET ANALYSIS

Investment Securities
2Q25 - 1Q25 2Q25 - 2Q24
(In millions) 2Q25 1Q25 2Q24 % %
Investment securities:
Available-for-sale, at fair value $ 9,116 $ 9,223 $ 9,483 (1) % (4) %
Held-to-maturity, at amortized cost 9,272 9,481 10,065 (209) (2) (793) (8)
Total investment securities, net of allowance $ 18,388 $ 18,704 $ 19,548 (2) (6)

All values are in US Dollars.

Total investment securities decreased $1.2 billion, or 6%, to $18.4 billion, relative to the prior year quarter, primarily due to principal reductions. We invest in securities to manage liquidity and interest rate risk, and to generate interest income. Our portfolio mainly consists of securities that can readily provide cash and liquidity through secured borrowing agreements, eliminating the need to sell the securities. Our fixed-rate securities portfolio helps balance the inherent interest rate mismatch between loans and deposits, thereby protecting the economic value of shareholders' equity.

Loans and Leases
2Q25 - 1Q25 2Q25 - 2Q24
(In millions) 2Q25 1Q25 2Q24 % %
Loans held for sale $ 172 $ 112 $ 112 54 % 54 %
Loans and leases:
Commercial $ 31,646 $ 31,010 $ 30,511 2 4
Commercial real estate 13,611 13,593 13,549 18 — 62 —
Consumer 15,576 15,338 14,355 238 2 1,221 9
Loans and leases, net of unearned income and fees 60,833 59,941 58,415 892 1 2,418 4
Less allowance for loan losses 690 697 696 (7) (1) (6) (1)
Loans and leases held for investment, net of allowance $ 60,143 $ 59,244 $ 57,719 2 4
Unfunded lending commitments $ 29,564 $ 29,526 $ 29,122 — 2

All values are in US Dollars.

Loans and leases, net of unearned income and fees, increased $2.4 billion, or 4%, to $60.8 billion, relative to the prior year quarter. This growth was driven by a $1.2 billion increase in consumer loans, primarily within the 1-4 family residential loan portfolio, and a $1.1 billion increase in commercial loans, primarily within the commercial and industrial loan portfolio.

ZIONS BANCORPORATION, N.A.

Press Release – Page 5

Credit Quality
2Q25 - 1Q25 2Q25 - 2Q24
(In millions) 2Q25 1Q25 2Q24 % %
Provision for credit losses $ (1) $ 18 $ 5 NM NM
Allowance for credit losses 732 743 726 (11) (1) % 6 1 %
Net loan and lease charge-offs (recoveries) 10 16 15 (6) (38) (5) (33)
Nonperforming assets 313 307 265 6 2 48 18
Classified loans 2,697 2,891 1,264 (194) (7) 1,433 NM
2Q25 1Q25 2Q24 bps bps
Ratio of ACL to loans and leases outstanding, at period end 1.20 % 1.24 % 1.24 % (4) (4)
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans 0.07 % 0.11 % 0.10 % (4) (3)
Ratio of nonperforming assets to loans and leases and other real estate owned 0.51 % 0.51 % 0.45 % — 6
Ratio of classified loans to total loans and leases 4.43 % 4.82 % 2.16 % (39) 227

All values are in US Dollars.

During the second quarter of 2025, we recorded a negative $1 million provision for credit losses, compared with a positive provision of $5 million during the prior year period. The allowance for credit losses (“ACL”) totaled $732 million at June 30, 2025, compared with $726 million at June 30, 2024. The year-over-year increase in the ACL primarily reflects increased lending activity and more adverse economic scenarios, partially offset by lower reserves associated with certain portfolio-specific risks, such as commercial real estate (“CRE”). The ratio of ACL to total loans and leases was 1.20% at June 30, 2025, compared with 1.24% at June 30, 2024.

Net loan and lease charge-offs totaled $10 million in the second quarter of 2025, compared with $15 million in the prior year quarter. Nonperforming assets totaled $313 million, or 0.51% of total loans and leases and other real estate owned, compared with $265 million, or 0.45%, in the prior year period. The year-over-year increase in nonperforming assets was primarily concentrated in the term CRE, consumer 1-4 family residential, and owner occupied loan portfolios.

Classified loans totaled $2.7 billion, or 4.43% of total loans and leases, compared with $1.3 billion, or 2.16%, in the prior year period, and decreased from $2.9 billion, or 4.82%, in the prior quarter. The year-over-year increase in classified loans was primarily in the multifamily and industrial CRE loan portfolios, largely due to an increased emphasis in risk grading on current cash flows, and less emphasis on the adequacy of collateral values and the strength of guarantors and sponsors. Additionally, weaker performance in the 2021, 2022, and 2023 construction loan vintages contributed to the increase, as borrowers missed projections due to longer-than-anticipated lease-up periods, rent concessions, elevated costs, and higher interest rates. The loss content of our CRE loan portfolio continues to be mitigated by strong underwriting, supported by significant borrower equity and guarantor support.

ZIONS BANCORPORATION, N.A.

Press Release – Page 6

Deposits and Borrowed Funds
2Q25 - 1Q25 2Q25 - 2Q24
(In millions) 2Q25 1Q25 2Q24 % %
Deposits:
Noninterest-bearing demand $ 25,413 $ 24,792 $ 24,731 3 % 3 %
Interest-bearing:
Savings and money market 38,254 39,860 38,560 (1,606) (4) (306) (1)
Time 6,200 6,269 6,189 (69) (1) 11 —
Brokered 3,933 4,771 4,290 (838) (18) (357) (8)
Total interest-bearing 48,387 50,900 49,039 (2,513) (5) (652) (1)
Total deposits $ 73,800 $ 75,692 $ 73,770 (2) —
Borrowed funds:
Federal funds purchased and other short-term borrowings $ 6,072 $ 3,476 $ 5,651 75 7
Long-term debt 970 964 546 6 1 424 78
Total borrowed funds $ 7,042 $ 4,440 $ 6,197 59 14

All values are in US Dollars.

Total deposits remained relatively stable compared with the prior year quarter. Noninterest-bearing demand deposits increased $682 million, partially offset by a $652 million decline in interest-bearing deposits. The increase was largely the result of the migration of a consumer interest-bearing product into a new noninterest-bearing product.

At June 30, 2025, customer deposits (excluding brokered deposits) totaled $69.9 billion, compared with $69.5 billion at June 30, 2024. These balances included approximately $6.5 billion and $7.3 billion of reciprocal deposits, respectively. The loan-to-deposit ratio was 82%, compared with 79% in the prior year quarter.

Total borrowed funds, primarily composed of secured borrowings, increased $845 million, or 14%, compared with the prior year quarter. This increase was driven by increases in long-term debt and FHLB short-term advances, partially offset by a reduction in borrowings under the FRB Bank Term Funding Program (“BTFP”). The increase in long-term debt reflects the issuance of $500 million of 6.82% Fixed-to-Floating Subordinated Notes, partially offset by the redemption of $88 million of 6.95% Fixed-to-Floating Subordinated Notes during the fourth quarter of 2024.

ZIONS BANCORPORATION, N.A.

Press Release – Page 7

Shareholders’ Equity
2Q25 - 1Q25 2Q25 - 2Q24
(In millions, except share data) 2Q25 1Q25 2Q24 % %
Shareholders’ equity:
Preferred stock $ 66 $ 66 $ 440 — % (85) %
Common stock and additional paid-in capital 1,713 1,706 1,713 7 — — —
Retained earnings 6,981 6,805 6,421 176 3 560 9
Accumulated other comprehensive income (loss) (2,164) (2,250) (2,549) 86 4 385 15
Total shareholders’ equity $ 6,596 $ 6,327 $ 6,025 4 9
Capital distributions:
Common dividends paid $ 64 $ 65 $ 61 (2) 5
Bank common stock repurchased 1 — 41 — (41) NM — —
Total capital distributed to common shareholders $ 64 $ 106 $ 61 (40) 5
shares % shares %
Weighted average diluted common shares outstanding (in thousands) 147,053 147,387 147,120 (334) — % (67) — %
Common shares outstanding, at period end (in thousands) 147,603 147,567 147,684 36 — (81) —

All values are in US Dollars.

1 Includes amounts related to common shares acquired through our publicly announced plans and those acquired in connection with our stock compensation plan. These shares were acquired from employees to cover their payroll taxes and stock option exercise costs upon the exercise of stock options.

Preferred stock decreased $374 million due to the redemption of the outstanding shares of our Series G, I, and J preferred stock during the fourth quarter of 2024.

The common stock dividend was $0.43 per share, compared with $0.41 per share during the second quarter of 2024. Common shares outstanding decreased 0.1 million from the second quarter of 2024, primarily due to common stock repurchases in the first quarter of 2025.

Accumulated other comprehensive income (loss) (“AOCI”) was a loss of $2.2 billion at June 30, 2025, an improvement of $385 million when compared with a loss of $2.5 billion at June 30, 2024. The AOCI loss largely reflects a decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are currently excluded from regulatory capital, and therefore do not impact our regulatory capital ratios.

Estimated common equity tier 1 (“CET1”) capital was $7.6 billion, an increase of 7%, compared with $7.1 billion in the prior year period. The estimated CET1 capital ratio was 11.0%, compared with 10.6%. Tangible book value per common share increased to $36.81, compared with $30.67, mainly due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see pages 19-21.

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the second quarter results at 5:30 p.m. ET on July 21, 2025. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and using the meeting number 13754751, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at www.zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

ZIONS BANCORPORATION, N.A.

Press Release – Page 8

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $3.1 billion in 2024, and total assets of approximately $89 billion at December 31, 2024. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

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

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

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

Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, key factors that may cause material differences include:

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

•Changes in general industry, political, and economic conditions, including increases in the national debt, elevated inflation, economic slowdowns or recessions, and other macroeconomic challenges; changes in interest and reference rates, which could negatively impact our revenues and expenses, the valuation of our assets and liabilities, and the availability and cost of capital and liquidity; and deterioration in economic conditions may result in increased loan and lease losses;

•Political developments, including those that result in significant disruptions and changes in the size, scope, and effectiveness of the government and its agencies and services;

•The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies;

•Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements;

•Evolving trade policies and disputes, such as proposed and implemented tariffs and resulting market volatility and uncertainty, including the effects on supply chains, expenses and revenues for both us and our customers;

•Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry;

•Changes in our credit ratings;

ZIONS BANCORPORATION, N.A.

Press Release – Page 9

•Our ability to innovate and otherwise address competitive pressures and other factors that may affect aspects of our business, such as pricing, relevance of, and demand for, our products and services, and our ability to recruit and retain talent;

•The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, blockchain, artificial intelligence, quantum computing, and related innovations affecting both us and the banking industry;

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

•Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry;

•Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services;

•The effects of wars, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future;

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

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

•Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital;

•The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity;

•The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks;

•Adverse news and other expressions of negative public opinion whether directed at us, other banks, the banking industry, or otherwise that may adversely affect our reputation and that of the banking industry generally; and

•Other assumptions, risks, or uncertainties described in this earnings release, and other SEC filings.

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 10

FINANCIAL HIGHLIGHTS

(Unaudited)

Three Months Ended
(In millions, except share, per share, and ratio data) June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024 June 30,<br>2024
BALANCE SHEET 1
Loans held for investment, net of allowance $ 60,143 $ 59,244 $ 58,714 $ 58,190 $ 57,719
Total assets 88,893 87,992 88,775 87,032 87,606
Deposits 73,800 75,692 76,223 75,718 73,770
Total shareholders’ equity 6,596 6,327 6,124 6,385 6,025
STATEMENT OF INCOME
Net earnings applicable to common shareholders $ 243 $ 169 $ 200 $ 204 $ 190
Net interest income 648 624 627 620 597
Taxable-equivalent net interest income 2 661 635 639 632 608
Total noninterest income 190 171 193 172 179
Total noninterest expense 527 538 509 502 509
Pre-provision net revenue 2 324 268 323 302 278
Adjusted pre-provision net revenue 2 316 267 312 299 278
Provision for credit losses (1) 18 41 13 5
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share $ 1.63 $ 1.13 $ 1.34 $ 1.37 $ 1.28
Dividends 0.43 0.43 0.43 0.41 0.41
Book value per common share 1 44.24 42.43 40.97 40.25 37.82
Tangible book value per common share 1, 2 36.81 34.95 33.85 33.12 30.67
Weighted average share price 46.72 53.64 54.60 47.13 42.01
Weighted average diluted common shares outstanding (in thousands) 147,053 147,387 147,329 147,150 147,120
Common shares outstanding (in thousands) 1 147,603 147,567 147,871 147,699 147,684
SELECTED RATIOS AND OTHER DATA
Return on average assets 1.09 % 0.77 % 0.96 % 0.95 % 0.91 %
Return on average common equity 15.3 % 11.1 % 13.2 % 14.1 % 14.0 %
Return on average tangible common equity 2 18.7 % 13.4 % 16.0 % 17.4 % 17.5 %
Net interest margin 3.17 % 3.10 % 3.05 % 3.03 % 2.98 %
Cost of deposits 1.68 % 1.76 % 1.93 % 2.14 % 2.11 %
Efficiency ratio 2 62.2 % 66.6 % 62.0 % 62.5 % 64.5 %
Effective tax rate 3 21.8 % 28.9 % 20.0 % 22.7 % 23.3 %
Ratio of nonperforming assets to loans and leases and other real estate owned 0.51 % 0.51 % 0.50 % 0.62 % 0.45 %
Annualized ratio of net loan and lease charge-offs to average loans 0.07 % 0.11 % 0.24 % 0.02 % 0.10 %
Ratio of total allowance for credit losses to loans and leases outstanding 1 1.20 % 1.24 % 1.25 % 1.25 % 1.24 %
Full-time equivalent employees 9,440 9,392 9,406 9,503 9,696
CAPITAL RATIOS AND DATA 1
Tangible common equity ratio 2 6.2 % 5.9 % 5.7 % 5.7 % 5.2 %
Common equity tier 1 capital 4 $ 7,570 $ 7,379 $ 7,363 $ 7,206 $ 7,057
Risk-weighted assets 4 $ 69,025 $ 68,132 $ 67,685 $ 67,305 $ 66,885
Common equity tier 1 capital ratio 4 11.0 % 10.8 % 10.9 % 10.7 % 10.6 %
Tier 1 risk-based capital ratio 4 11.1 % 10.9 % 11.0 % 11.4 % 11.2 %
Total risk-based capital ratio 4 13.4 % 13.3 % 13.3 % 13.2 % 13.1 %
Tier 1 leverage ratio 4 8.5 % 8.4 % 8.3 % 8.6 % 8.5 %

1 At period end.

2 For information on non-GAAP financial measures, see pages 19-21.

3 The increase in the effective tax rate at March 31, 2025 was the result of a revaluation of deferred tax assets due to newly enacted state tax legislation.

4 Current period ratios and amounts represent estimates.

ZIONS BANCORPORATION, N.A.

Press Release – Page 11

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands) June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024 June 30,<br>2024
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 780 $ 833 $ 651 $ 1,114 $ 717
Money market investments:
Interest-bearing deposits 1,781 1,980 2,850 1,253 2,276
Federal funds sold and securities purchased under agreements to resell 1,140 936 1,453 986 936
Trading securities, at fair value 180 64 35 68 24
Investment securities:
Available-for-sale, at fair value 9,116 9,223 9,095 9,495 9,483
Held-to-maturity 1, at amortized cost 9,272 9,481 9,669 9,857 10,065
Total investment securities, net of allowance 18,388 18,704 18,764 19,352 19,548
Loans held for sale 2 172 112 74 97 112
Loans and leases, net of unearned income and fees 60,833 59,941 59,410 58,884 58,415
Allowance for loan losses 690 697 696 694 696
Loans held for investment, net of allowance 60,143 59,244 58,714 58,190 57,719
Other noninterest-bearing investments 1,182 1,045 1,020 946 987
Premises, equipment, and software, net 1,361 1,362 1,366 1,372 1,383
Goodwill and intangibles 1,096 1,104 1,052 1,053 1,055
Other real estate owned 5 2 1 5 4
Other assets 2,665 2,606 2,795 2,596 2,845
Total assets $ 88,893 $ 87,992 $ 88,775 $ 87,032 $ 87,606
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 25,413 $ 24,792 $ 24,704 $ 24,973 $ 24,731
Interest-bearing:
Savings and money market 38,254 39,860 40,037 39,242 38,596
Time 10,133 11,040 11,482 11,503 10,443
Total deposits 73,800 75,692 76,223 75,718 73,770
Federal funds and other short-term borrowings 6,072 3,476 3,832 2,919 5,651
Long-term debt 970 964 950 548 546
Reserve for unfunded lending commitments 42 46 45 42 30
Other liabilities 1,413 1,487 1,601 1,420 1,584
Total liabilities 82,297 81,665 82,651 80,647 81,581
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares 66 66 66 440 440
Common stock 3 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital 1,713 1,706 1,737 1,717 1,713
Retained earnings 6,981 6,805 6,701 6,564 6,421
Accumulated other comprehensive income (loss) (2,164) (2,250) (2,380) (2,336) (2,549)
Total shareholders’ equity 6,596 6,327 6,124 6,385 6,025
Total liabilities and shareholders’ equity $ 88,893 $ 87,992 $ 88,775 $ 87,032 $ 87,606
1 Held-to-maturity (fair value) $ 9,229 $ 9,400 $ 9,382 $ 10,024 $ 9,891
2 Loans held for sale (carried at fair value) 100 62 25 58 58
3 Common shares (issued and outstanding) 147,603 147,567 147,871 147,699 147,684

ZIONS BANCORPORATION, N.A.

Press Release – Page 12

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) Three Months Ended
(In millions, except share and per share amounts) June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024 June 30,<br>2024
Interest income:
Interest and fees on loans $ 875 $ 850 $ 873 $ 899 $ 877
Interest on money market investments 50 53 60 67 56
Interest on securities 126 125 129 138 140
Total interest income 1,051 1,028 1,062 1,104 1,073
Interest expense:
Interest on deposits 312 326 371 403 390
Interest on short- and long-term borrowings 91 78 64 81 86
Total interest expense 403 404 435 484 476
Net interest income 648 624 627 620 597
Provision for credit losses:
Provision for loan losses 3 17 38 1 12
Provision for unfunded lending commitments (4) 1 3 12 (7)
Total provision for credit losses (1) 18 41 13 5
Net interest income after provision for credit losses 649 606 586 607 592
Noninterest income:
Commercial account fees 46 45 47 46 45
Card fees 24 23 24 24 25
Retail and business banking fees 19 17 17 18 16
Loan-related fees and income 19 17 20 17 18
Capital markets fees and income 28 27 40 25 20
Wealth management fees 14 15 14 14 15
Other customer-related fees 14 14 14 14 14
Customer-related noninterest income 164 158 176 158 153
Dividends and other income 12 7 9 5 22
Securities gains (losses), net 14 6 8 9 4
Total noninterest income 190 171 193 172 179
Noninterest expense:
Salaries and employee benefits 336 342 321 317 318
Technology, telecom, and information processing 65 70 66 66 66
Occupancy and equipment, net 40 41 42 40 40
Professional and legal services 13 13 17 14 17
Marketing and business development 12 11 10 12 13
Deposit insurance and regulatory expense 20 22 17 19 21
Credit-related expense 6 6 6 6 6
Other real estate expense, net — — — — (1)
Other 35 33 30 28 29
Total noninterest expense 527 538 509 502 509
Income before income taxes 312 239 270 277 262
Income taxes 68 69 54 63 61
Net income 244 170 216 214 201
Preferred stock dividends (1) (1) (10) (10) (11)
Preferred stock redemption — — (6) — —
Net earnings applicable to common shareholders $ 243 $ 169 $ 200 $ 204 $ 190
Weighted average common shares outstanding during the period:
Basic shares (in thousands) 147,044 147,321 147,247 147,138 147,115
Diluted shares (in thousands) 147,053 147,387 147,329 147,150 147,120
Net earnings per common share:
Basic $ 1.63 $ 1.13 $ 1.34 $ 1.37 $ 1.28
Diluted 1.63 1.13 1.34 1.37 1.28

ZIONS BANCORPORATION, N.A.

Press Release – Page 13

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) Six Months Ended June 30,
(In millions, except share and per share amounts) 2025 2024
Interest income:
Interest and fees on loans $ 1,725 $ 1,742
Interest on money market investments 103 103
Interest on securities 251 282
Total interest income 2,079 2,127
Interest expense:
Interest on deposits 638 766
Interest on short- and long-term borrowings 169 178
Total interest expense 807 944
Net interest income 1,272 1,183
Provision for credit losses:
Provision for loan losses 20 33
Provision for unfunded lending commitments (3) (15)
Total provision for credit losses 17 18
Net interest income after provision for credit losses 1,255 1,165
Noninterest income:
Commercial account fees 91 89
Card fees 47 48
Retail and business banking fees 36 32
Loan-related fees and income 36 33
Capital markets fees and income 55 45
Wealth management fees 29 30
Other customer-related fees 28 28
Customer-related noninterest income 322 305
Dividends and other income 19 28
Securities gains (losses), net 20 2
Total noninterest income 361 335
Noninterest expense:
Salaries and employee benefits 678 649
Technology, telecom, and information processing 135 128
Occupancy and equipment, net 81 79
Professional and legal services 26 33
Marketing and business development 23 23
Deposit insurance and regulatory expense 42 55
Credit-related expense 12 13
Other real estate expense, net — (1)
Other 68 56
Total noninterest expense 1,065 1,035
Income before income taxes 551 465
Income taxes 137 111
Net income 414 354
Preferred stock dividends (2) (21)
Preferred stock redemption — —
Net earnings applicable to common shareholders $ 412 $ 333
Weighted average common shares outstanding during the year:
Basic shares (in thousands) 147,182 147,227
Diluted shares (in thousands) 147,210 147,231
Net earnings per common share:
Basic $ 2.77 $ 2.24
Diluted 2.77 2.24

ZIONS BANCORPORATION, N.A.

Press Release – Page 14

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions) June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024 June 30,<br>2024
Commercial:
Commercial and industrial $ 17,526 $ 16,900 $ 16,891 $ 16,757 $ 16,622
Owner occupied 9,377 9,321 9,333 9,381 9,236
Municipal 4,376 4,412 4,364 4,270 4,263
Leasing 367 377 377 377 390
Total commercial 31,646 31,010 30,965 30,785 30,511
Commercial real estate:
Term 11,186 10,878 10,703 10,650 10,824
Construction and land development 2,425 2,715 2,774 2,833 2,725
Total commercial real estate 13,611 13,593 13,477 13,483 13,549
Consumer:
1-4 family residential 10,431 10,312 9,939 9,489 9,153
Home equity credit line 3,784 3,670 3,641 3,543 3,468
Construction and other consumer real estate 743 762 810 997 1,139
Bankcard and other revolving plans 496 472 457 461 466
Other 122 122 121 126 129
Total consumer 15,576 15,338 14,968 14,616 14,355
Total loans and leases $ 60,833 $ 59,941 $ 59,410 $ 58,884 $ 58,415

Nonperforming Assets

(Unaudited)

(In millions) June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024 June 30,<br>2024
Nonaccrual loans 1 $ 308 $ 305 $ 297 $ 363 $ 261
Other real estate owned 2 5 2 1 5 4
Total nonperforming assets $ 313 $ 307 $ 298 $ 368 $ 265
Ratio of nonperforming assets to loans 1 and leases and other real estate owned 2 0.51 % 0.51 % 0.50 % 0.62 % 0.45 %
Accruing loans past due 90 days or more $ 4 $ 13 $ 18 $ 7 $ 6
Ratio of accruing loans past due 90 days or more to loans1 and leases 0.01 % 0.02 % 0.03 % 0.01 % 0.01 %
Nonaccrual loans and accruing loans past due 90 days or more $ 312 $ 318 $ 315 $ 370 $ 267
Ratio of nonperforming assets 1 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.52 % 0.53 % 0.53 % 0.64 % 0.46 %
Accruing loans past due 30-89 days $ 57 $ 105 $ 57 $ 89 $ 114
Classified loans 2,697 2,891 2,870 2,093 1,264
Ratio of classified loans to total loans and leases 4.43 % 4.82 % 4.83 % 3.55 % 2.16 %

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 15

Allowance for Credit Losses

(Unaudited)

Three Months Ended
(In millions) June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024 June 30,<br>2024
Allowance for Loan and Lease Losses
Balance at beginning of period $ 697 $ 696 $ 694 $ 696 $ 699
Provision for loan losses 3 17 38 1 12
Loan and lease charge-offs 16 24 41 15 21
Less: Recoveries 6 8 5 12 6
Net loan and lease charge-offs (recoveries) 10 16 36 3 15
Balance at end of period $ 690 $ 697 $ 696 $ 694 $ 696
Ratio of allowance for loan losses to loans 1 and leases, at period end 1.13 % 1.16 % 1.17 % 1.18 % 1.19 %
Ratio of allowance for loan losses to nonaccrual loans1 at period end 224 % 229 % 234 % 191 % 267 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans 0.07 % 0.11 % 0.24 % 0.02 % 0.10 %
Reserve for Unfunded Lending Commitments
Balance at beginning of period $ 46 $ 45 $ 42 $ 30 $ 37
Provision for unfunded lending commitments (4) 1 3 12 (7)
Balance at end of period $ 42 $ 46 $ 45 $ 42 $ 30
Allowance for Credit Losses
Allowance for loan losses $ 690 $ 697 $ 696 $ 694 $ 696
Reserve for unfunded lending commitments 42 46 45 42 30
Total allowance for credit losses $ 732 $ 743 $ 741 $ 736 $ 726
Ratio of ACL to loans 1 and leases outstanding, at period end 1.20 % 1.24 % 1.25 % 1.25 % 1.24 %

1 Does not include loans held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 16

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions) June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024 June 30,<br>2024
Commercial:
Commercial and industrial $ 113 $ 121 $ 114 $ 173 $ 111
Owner occupied 39 25 31 29 28
Municipal 5 10 11 11 6
Leasing 2 2 2 2 2
Total commercial 159 158 158 215 147
Commercial real estate:
Term 60 58 59 67 35
Construction and land development — — — 2 2
Total commercial real estate 60 58 59 69 37
Consumer:
1-4 family residential 58 56 49 47 46
Home equity credit line 30 32 30 30 29
Bankcard and other revolving plans 1 1 1 1 1
Other — — — 1 1
Total consumer 89 89 80 79 77
Total nonaccrual loans $ 308 $ 305 $ 297 $ 363 $ 261

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions) June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024 June 30,<br>2024
Commercial:
Commercial and industrial $ 8 $ 13 $ 35 $ 3 $ 4
Owner occupied (1) (1) (1) — —
Total commercial 7 12 34 3 4
Commercial real estate:
Term 1 — — (2) 11
Total commercial real estate 1 — — (2) 11
Consumer:
1-4 family residential 1 1 — — (1)
Bankcard and other revolving plans 1 2 2 2 1
Other — 1 — — —
Total consumer loans 2 4 2 2 —
Total net charge-offs (recoveries) $ 10 $ 16 $ 36 $ 3 $ 15

ZIONS BANCORPORATION, N.A.

Press Release – Page 17

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited) Three Months Ended
June 30, 2025 March 31, 2025 June 30, 2024
(In millions) Average balance Yield/<br><br>Rate 1 Average balance Yield/<br><br>Rate 1 Average balance Yield/<br><br>Rate 1
ASSETS
Money market investments:
Interest-bearing deposits $ 1,543 4.50 % $ 1,632 4.59 % $ 1,909 5.57 %
Federal funds sold and securities purchased under agreements to resell 2,757 4.77 % 2,971 4.70 % 2,026 5.87 %
Total money market investments 4,300 4.68 % 4,603 4.66 % 3,935 5.72 %
Trading securities 244 4.77 % 25 4.01 % 39 4.74 %
Investment securities:
Available-for-sale 9,093 3.27 % 9,101 3.27 % 9,670 3.57 %
Held-to-maturity 9,351 2.22 % 9,555 2.25 % 10,120 2.25 %
Total investment securities 18,444 2.74 % 18,656 2.75 % 19,790 2.90 %
Loans held for sale 118 NM 83 NM 43 NM
Loans and leases: 2
Commercial 31,383 5.89 % 31,033 5.86 % 30,505 6.05 %
Commercial real estate 13,612 6.64 % 13,557 6.59 % 13,587 7.22 %
Consumer 15,465 5.14 % 15,045 5.12 % 14,199 5.17 %
Total loans and leases 60,460 5.86 % 59,635 5.84 % 58,291 6.11 %
Total interest-earning assets 83,566 5.11 % 83,002 5.08 % 82,098 5.31 %
Cash and due from banks 703 705 691
Allowance for credit losses on loans and debt securities (694) (692) (697)
Goodwill and intangibles 1,097 1,052 1,056
Other assets 5,313 5,376 5,424
Total assets $ 89,985 $ 89,443 $ 88,572
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 38,877 2.15 % $ 39,646 2.18 % $ 38,331 2.73 %
Time 10,659 3.90 % 11,024 4.15 % 10,744 4.87 %
Total interest-bearing deposits 49,536 2.52 % 50,670 2.61 % 49,075 3.20 %
Borrowed funds:
Federal funds purchased and security repurchase agreements 1,463 4.36 % 1,721 4.36 % 1,166 5.38 %
Other short-term borrowings 5,340 4.48 % 3,976 4.52 % 5,097 4.95 %
Long-term debt 966 6.41 % 955 6.38 % 544 5.98 %
Total borrowed funds 7,769 4.70 % 6,652 4.74 % 6,807 5.10 %
Total interest-bearing liabilities 57,305 2.82 % 57,322 2.85 % 55,882 3.43 %
Noninterest-bearing demand deposits 24,730 24,249 25,153
Other liabilities 1,527 1,624 1,647
Total liabilities 83,562 83,195 82,682
Shareholders’ equity:
Preferred equity 66 66 440
Common equity 6,357 6,182 5,450
Total shareholders’ equity 6,423 6,248 5,890
Total liabilities and shareholders’ equity $ 89,985 $ 89,443 $ 88,572
Spread on average interest-bearing funds 2.29 % 2.23 % 1.88 %
Impact of net noninterest-bearing sources of funds 0.88 % 0.87 % 1.10 %
Net interest margin 3.17 % 3.10 % 2.98 %
Memo: total cost of deposits $ 74,266 1.68 % $ 74,919 1.76 % $ 74,228 2.11 %
Memo: total deposits and interest-bearing liabilities $ 82,035 1.97 % $ 81,571 2.01 % $ 81,035 2.36 %

1 Taxable-equivalent rates used where applicable.

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 18

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited) Six Months Ended
June 30, 2025 June 30, 2024
(In millions) Average balance Yield/<br><br>Rate 1 Average balance Yield/<br><br>Rate 1
ASSETS
Money market investments:
Interest-bearing deposits $ 1,587 4.55 % $ 1,678 5.63 %
Federal funds sold and securities purchased under agreements to resell 2,863 4.74 % 1,926 5.88 %
Total money market investments 4,450 4.67 % 3,604 5.76 %
Trading securities 135 4.70 % 36 4.52 %
Investment securities:
Available-for-sale 9,097 3.27 % 9,869 3.51 %
Held-to-maturity 9,453 2.24 % 10,198 2.25 %
Total investment securities 18,550 2.74 % 20,067 2.87 %
Loans held for sale 101 NM 49 NM
Loans and leases: 2
Commercial 31,209 5.87 % 30,494 6.00 %
Commercial real estate 13,585 6.62 % 13,546 7.26 %
Consumer 15,256 5.13 % 14,060 5.14 %
Total loans and leases 60,050 5.85 % 58,100 6.08 %
Total interest-earning assets 83,286 5.09 % 81,856 5.28 %
Cash and due from banks 704 700
Allowance for credit losses on loans and debt securities (693) (691)
Goodwill and intangibles 1,075 1,057
Other assets 5,344 5,349
Total assets $ 89,716 $ 88,271
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 39,259 2.16 % $ 38,187 2.73 %
Time 10,840 4.03 % 10,261 4.84 %
Total interest-bearing deposits 50,099 2.57 % 48,448 3.18 %
Borrowed funds:
Federal funds purchased and security repurchase agreements 1,591 4.36 % 1,457 5.38 %
Other short-term borrowings 4,662 4.50 % 5,014 4.96 %
Long-term debt 961 6.39 % 543 5.98 %
Total borrowed funds 7,214 4.72 % 7,014 5.13 %
Total interest-bearing funds 57,313 2.84 % 55,462 3.42 %
Noninterest-bearing demand deposits 24,491 25,345
Other liabilities 1,576 1,654
Total liabilities 83,380 82,461
Shareholders’ equity:
Preferred equity 66 440
Common equity 6,270 5,370
Total shareholders’ equity 6,336 5,810
Total liabilities and shareholders’ equity $ 89,716 $ 88,271
Spread on average interest-bearing funds 2.25 % 1.86 %
Impact of net noninterest-bearing sources of funds 0.89 % 1.10 %
Net interest margin 3.14 % 2.96 %
Memo: total cost of deposits $ 74,590 1.72 % $ 73,793 2.09 %
Memo: total deposits and interest-bearing liabilities $ 81,804 1.98 % $ 80,807 2.36 %

1 Taxable-equivalent rates used where applicable.

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 19

NON-GAAP FINANCIAL MEASURES

(Unaudited)

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

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

Tangible Common Equity and Related Measures

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

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

Three Months Ended
(Dollar amounts in millions) June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024 June 30,<br>2024
Net earnings applicable to common shareholders (GAAP) $ 243 $ 169 $ 200 $ 204 $ 190
Adjustments, net of tax:
Amortization of core deposit and other intangibles 2 1 1 1 1
Adjusted net earnings applicable to common shareholders, net of tax (a) $ 245 $ 170 $ 201 $ 205 $ 191
Average common equity (GAAP) $ 6,357 $ 6,182 $ 6,036 $ 5,738 $ 5,450
Average goodwill and intangibles (1,097) (1,052) (1,053) (1,054) (1,056)
Average tangible common equity (non-GAAP) (b) $ 5,260 $ 5,130 $ 4,983 $ 4,684 $ 4,394
Number of days in quarter (c) 91 90 92 92 91
Number of days in year (d) 365 365 366 366 366
Return on average tangible common equity (non-GAAP) 1 (a/b/c)*d 18.7 % 13.4 % 16.0 % 17.4 % 17.5 %

1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 13.1%, 9.2%, 10.9%, 11.4%, and 10.9% for the respective periods presented.

ZIONS BANCORPORATION, N.A.

Press Release – Page 20

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

(Dollar amounts in millions, except per share amounts) June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024 June 30,<br>2024
Total shareholders’ equity (GAAP) $ 6,596 $ 6,327 $ 6,124 $ 6,385 $ 6,025
Goodwill and intangibles (1,096) (1,104) (1,052) (1,053) (1,055)
Tangible equity (non-GAAP) (a) 5,500 5,223 5,072 5,332 4,970
Preferred stock (66) (66) (66) (440) (440)
Tangible common equity (non-GAAP) (b) $ 5,434 $ 5,157 $ 5,006 $ 4,892 $ 4,530
Total assets (GAAP) $ 88,893 $ 87,992 $ 88,775 $ 87,032 $ 87,606
Goodwill and intangibles (1,096) (1,104) (1,052) (1,053) (1,055)
Tangible assets (non-GAAP) (c) $ 87,797 $ 86,888 $ 87,723 $ 85,979 $ 86,551
Common shares outstanding (in thousands) (d) 147,603 147,567 147,871 147,699 147,684
Tangible equity ratio (non-GAAP) (a/c) 6.3 % 6.0 % 5.8 % 6.2 % 5.7 %
Tangible common equity ratio (non-GAAP) (b/c) 6.2 % 5.9 % 5.7 % 5.7 % 5.2 %
Tangible book value per common share (non-GAAP) (b/d) $ 36.81 $ 34.95 $ 33.85 $ 33.12 $ 30.67

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. We believe these adjustments 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) June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024 June 30,<br>2024
Noninterest expense (GAAP) (a) $ 527 $ 538 $ 509 $ 502 $ 509
Adjustments:
Severance costs 2 3 1 1 1
Other real estate expense, net — — — — (1)
Amortization of core deposit and other intangibles 2 2 2 2 1
SBIC investment success fee accrual 2 — — — 1
FDIC special assessment — — (3) — 1
Total adjustments (b) 6 5 — 3 3
Adjusted noninterest expense (non-GAAP) (c)=(a-b) $ 521 $ 533 $ 509 $ 499 $ 506
Net interest income (GAAP) (d) $ 648 $ 624 $ 627 $ 620 $ 597
Fully taxable-equivalent adjustments (e) 13 11 12 12 11
Taxable-equivalent net interest income (non-GAAP) (f)=(d+e) 661 635 639 632 608
Noninterest income (GAAP) (g) 190 171 193 172 179
Combined income (non-GAAP) (h)=(f+g) 851 806 832 804 787
Adjustments:
Fair value and nonhedge derivative income (loss) 1 — — 3 (3) (1)
Securities gains (losses), net 14 6 8 9 4
Total adjustments (i) 14 6 11 6 3
Adjusted taxable-equivalent revenue (non-GAAP) (j)=(h-i) $ 837 $ 800 $ 821 $ 798 $ 784
Pre-provision net revenue (PPNR) (non-GAAP) (h)-(a) $ 324 $ 268 $ 323 $ 302 $ 278
Adjusted PPNR (non-GAAP) (j)-(c) 316 267 312 299 278
Efficiency ratio (non-GAAP) 2 (c/j) 62.2 % 66.6 % 62.0 % 62.5 % 64.5 %

1 Effective the first quarter of 2025, fair value and nonhedge derivative income (loss) is included in capital markets fees and income.

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 21

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

Six Months Ended
(Dollar amounts in millions) June 30,<br>2025 June 30,<br>2024
Noninterest expense (GAAP) (a) $ 1,065 $ 1,035
Adjustments:
Severance costs 5 1
Other real estate expense — (1)
Amortization of core deposit and other intangibles 4 3
SBIC investment success fee accrual 2 1
FDIC special assessment — 14
Total adjustments (b) 11 18
Adjusted noninterest expense (non-GAAP) (a-b)=(c) $ 1,054 $ 1,017
Net interest income (GAAP) (d) $ 1,272 $ 1,183
Fully taxable-equivalent adjustments (e) 24 21
Taxable-equivalent net interest income (non-GAAP) (d+e)=(f) 1,296 1,204
Noninterest income (GAAP) (g) 361 335
Combined income (non-GAAP) (f+g)=(h) 1,657 1,539
Adjustments:
Fair value and nonhedge derivative income (loss) — —
Securities gains (losses), net 20 2
Total adjustments (i) 20 2
Adjusted taxable-equivalent revenue (non-GAAP) (h-i)=(j) $ 1,637 $ 1,537
Pre-provision net revenue (PPNR) (h)-(a) $ 592 $ 504
Adjusted PPNR (non-GAAP) (j)-(c) 583 520
Efficiency ratio (non-GAAP) (c/j) 64.4 % 66.2 %

earningspresentation-202

ZIONSSECOND QUARTER 2025 J u l y 2 1 , 2 0 2 5 Financial Review

FORWARD-LOOKING STATEMENTS; USE OF NON-GAAP FINANCIAL MEASURES 2 Forward-Looking Information This presentation includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements include, among others: Statements with respect to the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, results of operations, and performance of Zions Bancorporation, National Association and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and Statements preceded or followed by, or that include the words “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” “will,” and the negative thereof and similar words and expressions. Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, key factors that may cause material differences include: The quality and composition of our loan and investment securities portfolios and the quality and composition of our deposits; Changes in general industry, political, and economic conditions, including increases in the national debt, elevated inflation, economic slowdowns or recessions, and other macroeconomic challenges; changes in interest and reference rates, which could negatively impact our revenues and expenses, the valuation of our assets and liabilities, and the availability and cost of capital and liquidity; and deterioration in economic conditions that may result in increased loan and lease losses; Political developments, including those that result in significant disruptions and changes in the size, scope, and effectiveness of the government, its agencies and services; The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies; Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements; Evolving trade policies and disputes, such as proposed and implemented tariffs and resulting market volatility and uncertainty, including the effects on supply chains, expenses and revenues for both us and our customers; Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry; Changes in our credit ratings; Our ability to innovate and otherwise address competitive pressures and other factors that may affect aspects of our business, such as pricing, relevance of, and demand for, our products and services, and our ability to recruit and retain talent; The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, blockchain, artificial intelligence, quantum computing, and related innovations affecting both us and the banking industry; Our ability to complete projects and initiatives and execute our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives; Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry; Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services; The effects of wars, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future; Natural disasters, pandemics, wildfires, catastrophic events, and other emergencies and incidents, and their impact on our and our customers’ operations, business, and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products; Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change and diversity; Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity; The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stabil ity and liquidity of banks; Adverse news and other expressions of negative public opinion whether directed at us, other banks, the banking industry, or otherwise that may adversely affect our reputation and that of the banking industry generally; and Other assumptions, risks, or uncertainties described in this earnings release, and other SEC filings. We caution against the undue reliance on forward-looking statements, which reflect our views only as of their date of issuance. Except as required by law, we specifically disclaim any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments. Use of Non-GAAP Financial Measures: This document contains several references to non-GAAP measures, including but not limited to, pre-provision net revenue and the “efficiency ratio,” which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions’ management compensation and are used in Zions’ strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used 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.

Second quarter results reflect improved earnings, loan growth, and continued low levels of net charge-offs FINANCIAL PERFORMANCE 3 (1) Excludes brokered deposits. (2) See Appendix for non-GAAP financial measures. • Net earnings to common of $243 million reflects a $74 million improvement versus prior quarter and increased $53 million versus prior year • The net interest margin increased for the sixth straight quarter to 3.17%, aided by term deposit repricing and improved earning asset yields • Adjusted pre-provision net revenue grew 18% versus prior quarter and increased 14% versus prior year • Average loans grew 5.6% annualized versus prior quarter and 3.7% versus prior year • Average customer deposits declined 1.4% annualized versus prior quarter and were stable against prior year • Net charge-offs were 0.07% of loans, annualized Key Metrics (in millions, except ratios and per share data) 2Q25 1Q25 2Q24 Change From: 1Q25 2Q24 Net earnings to common $243 $169 $ 190 $74, or 44% $53, or 28% Diluted earnings per share (GAAP) $1.63 $1.13 $1.28 $0.50, or 44% $0.35, or 27% Net interest margin 3.17% 3.10% 2.98% 7 bps 19 bps Adjusted pre-provision net revenue2 $316 $267 $278 $49, or 18% $38, or 14% Efficiency ratio2 62.2% 66.6% 64.5% (440) bps (230) bps Average loans 60,460 59,365 58,291 5.6% annualized 3.7% Average customer deposits1 69,836 70,085 69,515 (1.4)% annualized 0.5% Net charge-offs / loans (annualized) 0.07% 0.11% 0.10% (4) bps (3) bps Return on average tangible common equity2 18.7% 13.4% 17.5% 530 bps 120 bps

DILUTED EARNINGS PER SHARE 4 (1) Items that were $0.05 per share or more. Earnings per share increased $0.50 versus prior quarter; compared to the year-ago period, earnings improved by $0.35 per share Diluted Earnings per Share EPS Impact of Provision for Credit Losses Notable Items1: 2Q25: • $0.05 per share positive impact from IPO of SBIC investment (FatPipe, Inc.) 1Q25: • $(0.11) per share negative impact from revaluation of deferred tax assets due to newly enacted state tax legislation 4Q24: • No items with impact > $0.05 per share during the quarter 3Q24: • No items with impact > $0.05 per share during the quarter 2Q24: • $0.07 per share positive impact from gains on sale of our Enterprise Retirement Solutions business and a bank-owned property $1.28 $1.37 $1.34 $1.13 $1.63 2Q24 3Q24 4Q24 1Q25 2Q25 $(0.03) $(0.07) $(0.21) $(0.09) $0.01 2Q24 3Q24 4Q24 1Q25 2Q25

PRE-PROVISION NET REVENUE (“PPNR”) 5 (1) PPNR includes taxable-equivalent revenue; Adjusted PPNR adjusts for items such as severance costs, restructuring costs, amortization of other intangibles, SBIC investment success fee accruals, FDIC special assessment, securities gains (losses), and fair value and non-hedge derivative income (loss). See Appendix for non- GAAP financial measures. Adjusted PPNR increased 18% over the prior quarter and 14% over the prior-year period driven by improved revenue Linked quarter (2Q25 vs. 1Q25) • Adjusted PPNR increased 18%: • Net interest income (FTE) up 4% • Customer-related fee income up 4% • Adjusted noninterest expense down 2% Year-over-year (2Q25 vs. 2Q24) • Adjusted PPNR increased 14%: • Net interest income (FTE) up 9% • Customer-related fee income up 7% • Adjusted noninterest expense up 3% $ 2 7 8 $ 3 0 2 $ 3 2 3 $ 2 6 8 $ 3 2 4 $ 2 7 8 $ 2 9 9 $ 3 1 2 $ 2 6 7 $ 3 1 6 2Q24 3Q24 4Q24 1Q25 2Q25 Pre-provision net revenue (PPNR) (non-GAAP) Adjusted PPNR (non-GAAP) PPNR1 ($ millions)

NET INTEREST INCOME & NET INTEREST MARGIN 6 Net interest margin improved 7 basis points sequentially and net interest income increased for both the linked quarter and year over year $597 $620 $627 $624 $648 2.98% 3.03% 3.05% 3.10% 3.17% 2.70% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% $500 2Q24 3Q24 4Q24 1Q25 2Q25 Net Interest Income Net Interest Margin ($ m ill io n s ) Linked quarter (2Q25 vs. 1Q25) Net interest income increased 4%: • Interest income increased $23 million • $25 million, or 3%, increase on loans • $2 million, or 1%, decrease on money market and investment securities • Interest expense decreased $1 million • $14 million, or 4%, decrease on deposits • $13 million, or 17%, increase on borrowings Year-over-year (2Q25 vs. 2Q24) Net interest income increased 9%: • Interest income decreased $22 million, or 2% • Interest expense decreased $73 million, or 15% • $78 million, or 20%, decrease on deposits • $5 million, or 6%, increase on borrowings

(0.12%) (0.08%) 0.62% (0.02%) (0.21%)2.98% 3.17% (0.02%) 0.04% 0.13% (0.09%) 0.01% 3.10% 3.17% NET INTEREST MARGIN 7 (1) The impact of noninterest-bearing sources of funds on the net interest margin is calculated as the difference between interest earning assets and interest-bearing liabilities divided by earnings assets multiplied by rate paid on interest-bearing liabilities. Repricing of interest-bearing deposits contributed to the expansion of the net interest margin over prior year and prior quarter Year-Over-Year (2Q25 vs. 2Q24)Linked Quarter (2Q25 vs. 1Q25) Loans DepositsMoney Mkt & Securities Borrowings Free Funds1 Loans DepositsMoney Mkt & Securities Borrowings Free Funds1 2Q24 2Q251Q25 2Q25

NONINTEREST INCOME AND REVENUE 8 (1) Reflects total customer-related noninterest income, which excludes dividends and other income and net securities gains (losses). (2) Adjusted revenue is the sum of taxable-equivalent net interest income and noninterest income less adjustments. See Appendix for non-GAAP financial measures. (3) Effective 1Q25, customer-related fee income includes fair value and nonhedge derivative income (loss) in capital markets fees, which was previously disclosed under noncustomer-related noninterest income. Prior period amounts have been reclassified, and this income component continues to be excluded from adjusted revenues. See Appendix for non-GAAP financial measures. Customer-related noninterest income increased 7% versus prior year period driven largely by higher capital markets fees and income $153 $158 $176 $158 $164 2Q24 3Q24 4Q24 1Q25 2Q25 Customer-Related Noninterest Income 1,3 ($ millions) $ 7 7 6 $ 7 9 2 $ 8 2 0 $ 7 9 5 $ 8 3 8 $ 7 8 4 $ 7 9 8 $ 8 2 1 $ 8 0 0 $ 8 3 7 2Q24 3Q24 4Q24 1Q25 2Q25 Total Revenue (GAAP) Adjusted Revenue (Non-GAAP) Total Revenue 2,3 ($ millions)

NONINTEREST EXPENSE 9 (1) Adjusted for severance costs, restructuring costs, SBIC investments success fee accruals, FDIC special assessment, intangibles amortization, and other real estate expense. (2) In addition to the expense adjustments from note 1, the efficiency ratio also includes adjustments to revenue for taxable-equivalent interest income, securities gains (losses), and fair value and non-hedge derivative income (loss). See Appendix for Non-GAAP financial measures. Noninterest expenses remain well-controlled with decreases in the quarter related primarily to seasonal compensation in the prior quarter Linked quarter (2Q25 vs. 1Q25) • Adjusted noninterest expense decreased $12 million, or 2% • Decrease includes impact of seasonally higher first quarter compensation, partially offset by higher incentive compensation accruals in the second quarter Year-over-year (2Q25 vs. 2Q24) • Adjusted noninterest expense increased $15 million, or 3%, driven primarily by higher incentive compensation accruals Notable items: • 2Q25: $2 million impact from success fee accrual associated with IPO of SBIC investment (FatPipe, Inc.) • 1Q25: $11 million impact of accelerated recognition of share-based compensation $ 5 0 9 $ 5 0 2 $ 5 0 9 $ 5 3 8 $ 5 2 7 $ 5 0 6 $ 4 9 9 $ 5 0 9 $ 5 3 3 $ 5 2 1 64.5% 62.5% 62.0% 66.6% 62.2% 2Q24 3Q24 4Q24 1Q25 2Q25 NIE (GAAP) Adjusted NIE (Non-GAAP) Efficiency Ratio ($ millions) Noninterest Expense (NIE) (1) (2)

$58.3 $58.7 $59.3 $59.6 $60.5 6.11% 6.15% 5.92% 5.84% 5.86% 2Q24 3Q24 4Q24 1Q25 2Q25 ($ billions) AVERAGE LOANS AND DEPOSITS 10 (1) Beta calculated using interest-bearing deposit spot rates on 8/31/24, and 6/30/25, which were 3.20% and 2.50%, respectively. Total deposit spot rate at 6/30/25 was 1.64%. (2) The increase in average noninterest-bearing deposits is partially the result of the migration of a consumer interest-bearing product into a new noninterest-bearing product in mid- May at our Nevada affiliate. Yields on loans increased 2 basis points; total cost of deposits decreased 8 basis points Average Total Loans Yield on Total Loans Average Total Deposits Total Cost of Deposits $49.1 $50.3 $51.5 $50.7 $49.5 $25.2 $24.7 $24.9 $24.2 $24.7 $74.2 $75.0 $76.4 $74.9 $74.3 2.11% 2.14% 1.93% 1.76% 1.68% 2Q24 3Q24 4Q24 1Q25 2Q25 ($ billions) Average Noninterest-bearing Deposits Average Interest-bearing Deposits Total interest-bearing deposits reflect a 70% cumulative beta1

$69 $71 $71 $71 $70 $4 $5 $5 $5 $4 $6 $3 $5 $4 $7 - 10 20 30 40 50 60 70 80 90 100 2Q24 3Q24 4Q24 1Q25 2Q25 $70 $70 $71 $70 $70 $5 $5 $5 $5 $4 $7 $6 $5 $7 $8 2.36% 2.36% 2.12% 2.01% 1.97% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% - 10 20 30 40 50 60 70 80 90 100 2Q24 3Q24 4Q24 1Q25 2Q25 DEPOSIT BALANCE AND BORROWING TRENDS 11 Note: Deposit figures shown in graphs may not foot due to rounding. Ending and average customer deposits decreased 1.5% and 0.4%, respectively, compared to prior quarter Q2 2025 total funding costs decreased 4 basis points compared to prior quarter • Customer deposits declined $1.1 billion (1.5%) linked quarter, driven by seasonal April outflows • Brokered deposits decreased $837 million (18%) linked quarter • FHLB advances increased $2.6 billion in response to loan growth and lower deposits Average Deposits and Borrowings ($ billions) Ending Deposits and Borrowings ($ billions)

TOTAL INVESTMENT SECURITIES & MONEY MARKET INVESTMENTS 12 The bank has strong on-balance sheet liquidity The investment securities portfolio is designed to be a storehouse of balance sheet liquidity • Principal and prepayment-related cash flows from investment securities were $726 million for the quarter, partially offset by reinvestment of $299 million • The composition of the investment securities portfolio allows for deep on-balance sheet liquidity through the repo market • Approximately 90% of investment securities are U.S. Government and U.S. Government Agency / GSE securities The investment securities portfolio is also used to balance interest rate risk • The estimated deposit duration at June 30, 2025 was assumed to be longer than the loan duration (including swaps); the investment securities portfolio balanced this mismatch • The estimated price sensitivity of the investment securities portfolio (including the impact of fair value hedges) was 3.8 years, compared to 3.7 years from the prior-year quarter Total Investment Securities and Money Market Investments (period-end balances) $19.5 $19.4 $18.8 $18.7 $18.4 $3.2 $2.2 $4.3 $2.9 $2.9 2Q24 3Q24 4Q24 1Q25 2Q25 Total Investment Securities Money Market Investments 28% 27% 28% 26% 26% % of earning assets ($ billions)

CREDIT QUALITY 13 Criticized and classified loan balances improved while nonperforming asset and net charge-off ratios remained low Key Credit Metrics • Net charge-offs relative to average loans: • 0.07% annualized in 2Q25 • 0.11% over the last 12 months • 0.51%: NPAs / loans + OREO • NPA balance increased $6 million in 2Q25 from 1Q25 • 4.4%: Classified loans / total loans • Classified balance decreased $194 million in 2Q25 from 1Q25 • 5.4%: Criticized loans / total loans • Criticized balance decreased $321 million in 2Q25 from 1Q25 Allowance for Credit Losses • 1.20% of total loans and leases, down 4 basis points from the previous quarter Credit Quality Ratios 3.8% 4.5% 5.9% 6.0% 5.4% 0.5% 0.6% 0.5% 0.5% 0.5% 2.2% 3.6% 4.8% 4.8% 4.4% 2Q24 3Q24 4Q24 1Q25 2Q25 Criticized / Loans NPAs / Loans + OREO Classified / Loans 267% 191% 234% 229% 224% 1.24% 1.25% 1.25% 1.24% 1.20% 2Q24 3Q24 4Q24 1Q25 2Q25 ALLL / Nonaccrual loans ACL / Loans

COMMERCIAL REAL ESTATE SUMMARY ($13.6 BILLION BALANCE) 14 Note: Loan to Value (LTV) calculations reflect the most current bank ordered / reviewed appraisal in the denominator and the current outstanding balance in the numerator. Appraisals and evaluations are performed in accordance with regulatory guidelines. Percentages shown in graphs may not foot due to rounding. The commercial real estate portfolio is granular and well diversified, 22% of total loans Term CRE ($11.2B) • Weighted average LTVs of < 60% • Maturity distribution over the next three years: 17% (2025), 23% (2026), 17% (2027) • Average & median loan size of $3.8 million & < $1 million • 12.4% criticized; 11.7% classified; 0.5% nonaccrual; 0.3% delinquencies Construction and Land Development ($2.4B) • Land and Acquisition & Development less than $300 million • 10.9% criticized; 7.0% classified; 0% nonaccrual; 0.03% delinquencies Office ($1.8B) • Weighted average LTVs (< 60%) • 75% suburban and 25% Central Business District • Average & median loan size of $4.3 million & <$1 million • 15.3% criticized; 15.2% classified; 2.9% nonaccrual; 1.4% delinquencies • $0.7 million net charge-offs – last 12 months • 82% term, 18% construction • Portfolio growth has been carefully managed for over a decade through disciplined concentration limits • Granular portfolio with solid sponsor or guarantor support • Collateral diversified by property type and location Multifamily, 30% Industrial, 22%Office, 13% Retail, 11% Hospitality, 5% Residential Construction, 6% Other, 14% CRE Portfolio Composition As of June 30, 2025

(200) (150) (100) (50) - 50 Multifamily Industrial Office ($ Millions) Change in CRE Problem Loans Levels 3/31/25 to 6/30/2025 Nonaccrual Classified Criticized COMMERCIAL REAL ESTATE PROBLEM LOANS IN FOCUS 15 Note: LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. Approximately 32% of CRE classified balances have 2025 appraisals, 31% in 2024, 4% 2023, 33% 2022 and earlier. The commercial real estate portfolio benefits from strong LTVs, guarantor support, low delinquencies, and diversification • CRE classifieds decreased $196 million during the quarter • Reduction in classified levels from improved leasing and cash flow on multifamily and industrial properties, re-margins, and payoffs • Low CRE nonaccruals (0.44%), delinquencies (0.27%), and charge-offs (TTM 0.02%) due to conservative underwriting, significant equity, and guarantor support • The ACL for CRE lending is substantial relative to credit quality measures (1.8% of CRE balances, 4.0x CRE nonaccruals) 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 CRE Non-Performing Asset and Charge-offs Levels Nonaccrual % GCO QTD Annualized 30+ Days Past Due 0% 5% 10% 15% 20% 25% 30% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Classified CRE LTVs Appraised vs. Index Adjusted Most Recent Appraisal Index Adjusted

9 .6 % 9 .8 % 9 .9 % 1 0 .0 % 1 0 .2 % 1 0 .3 % 1 0 .4 % 1 0 .6 % 1 0 .7 % 1 0 .9 % 1 0 .8 % 1 1 .0 % 1 0 .5 % 1 0 .8 % 1 1 .0 % 1 1 .1 % 1 1 .3 % 1 1 .3 % 1 1 .5 % 1 1 .6 % 1 1 .8 % 1 2 .0 % 1 1 .9 % 1 2 .0 % 0% 2% 4% 6% 8% 10% 12% 14% 3 Q 2 2 4 Q 2 2 1 Q 2 3 2 Q 2 3 3 Q 2 3 4 Q 2 3 1 Q 2 4 2 Q 2 4 3 Q 2 4 4 Q 2 4 1 Q 2 5 2 Q 2 5 Common Equity Tier 1 % ACL / Risk-weighted Assets CAPITAL STRENGTH 16 Loss-absorbing capital remains strong relative to our risk profile; low credit losses relative to capital levels as a percentage of risk-weighted assets Net Charge-offs annualized, as a percentage of risk-weighted assets 0 .1 6 % (0 .0 2 % ) 0 .0 0 % 0 .0 8 % 0 .0 8 % 0 .0 5 % 0 .0 4 % 0 .0 9 % 0 .0 2 % 0 .2 1 % 0 .0 9 % 0 .0 6 % (4%) (2%) 0% 2% 4% 6% 8% 10% 12% 14% 3 Q 2 2 4 Q 2 2 1 Q 2 3 2 Q 2 3 3 Q 2 3 4 Q 2 3 1 Q 2 4 2 Q 2 4 3 Q 2 4 4 Q 2 4 1 Q 2 5 2 Q 2 5 Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets

FINANCIAL OUTLOOK (2Q 2026E VS. 2Q 2025A) 17 Outlook provided as of July 21, 2025 Outlook Comments Slightly Increasing ▪ Commercial loans are expected to lead growth Moderately Increasing ▪ Net interest income improvement expected to be driven by earning asset remix, loan and deposit growth, and fixed-rate asset repricing Moderately Increasing ▪ Customer-related noninterest income growth is expected to be broad and driven by increased customer activity and new client acquisition, with capital markets contributing in an outsized way Moderately Increasing ▪ Technology costs, increased marketing, and continued investments in revenue- generating businesses expected to put pressure on noninterest expense; positive operating leverage expected Customer-Related Noninterest Income Loan Balances (period-end) Net Interest Income Adjusted Noninterest Expense

ZIONS BANCORPORATION DRIVES VALUE FOR ITS STAKEHOLDERS 18 We are determined to help build strong, successful communities, create economic opportunity, and help our clients achieve greater financial strength through the relationships we develop and the services we provide Distinctive Local Operating Model Managing Risk Delivering Value to Our Stakeholders • Transformation of our core systems to a modern, real-time architecture improving banker productivity and customer experience • New digital products and services streamlining our customer interactions • 20% improvement in tangible book value per share in 2024 • Focus on serving small- to medium-sized businesses, resulting in a granular deposit franchise and a long-term funding advantage • Local decision making and empowered bankers support strong customer relationships • Coalition Greenwich Best Bank Awards: Ranked third among all U.S. banks in Middle Market Banking Segment • Have built and maintained a robust risk management team and framework since the global financial crisis • Net credit losses to loans ratio that is consistently in the top quartile of peer banks • Prepared for large bank regulation due to previous SIFI experience and simpler legal structure Across 11 western states, our footprint includes some of the strongest markets in the country reflected in the quality and diversity of our portfolio • These states create ~35% of national GDP • Population and job growth outpace national average Strong Geographic Footprint

APPENDIX 19 • Financial Results Summary • Accumulated Other Comprehensive Income (AOCI) • Balance Sheet Profitability • Loan Growth by Bank Brand and Loan Type • Allowance and Credit Metrics • Earning Asset Repricing • Interest Rate Swaps • Interest Rate Sensitivity • Loan Loss Severity (NCOs as a percentage of nonaccrual loans) • Credit Metrics: Commercial Real Estate • Non-GAAP Financial Measures

FINANCIAL RESULTS SUMMARY 20 (1) Adjusted for items such as severance costs, restructuring costs, amortization of other intangibles, SBIC investment success fee accrual, FDIC special assessment, and securities gains (losses). See Appendix for non-GAAP financial measures; (2) Net Income before Preferred Dividends used in the numerator; (3) Net Income Applicable to Common used in the numerator; (4) Includes noninterest-bearing deposits; (5) Current period ratios and amounts represent estimates. Quarterly financial highlights Three Months Ended (Dollar amounts in millions, except per share data) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Earnings Results: Diluted Earnings Per Share $ 1.63 $ 1.13 $ 1.34 $ 1.37 $ 1.28 Net Earnings Applicable to Common Shareholders 243 169 200 204 190 Net Interest Income 648 624 627 620 597 Noninterest Income 190 171 193 172 179 Noninterest Expense 527 538 509 502 509 Pre-Provision Net Revenue - Adjusted(1) 316 267 312 299 278 Provision for Credit Losses (1) 18 41 13 5 Ratios: Return on Assets(2) 1.09 % 0.77 % 0.96 % 0.95 % 0.91 % Return on Common Equity(3) 15.3 % 11.1 % 13.2 % 14.1 % 14.0 % Return on Tangible Common Equity(3) 18.7 % 13.4 % 16.0 % 17.4 % 17.5 % Net Interest Margin 3.17 % 3.10 % 3.05 % 3.03 % 2.98 % Yield on Loans 5.86 % 5.84 % 5.92 % 6.15 % 6.11 % Yield on Investment Securities 2.74 % 2.75 % 2.73 % 2.86 % 2.90 % Average Cost of Total Deposits(4) 1.68 % 1.76 % 1.93 % 2.14 % 2.11 % Efficiency Ratio (1) 62.2 % 66.6 % 62.0 % 62.5 % 64.5 % Effective Tax Rate 21.8 % 28.9 % 20.0 % 22.7 % 23.3 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.51 % 0.51 % 0.50 % 0.62 % 0.45 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.07 % 0.11 % 0.24 % 0.02 % 0.10 % Common Equity Tier 1 Capital Ratio(5) 11.0 % 10.8 % 10.9 % 10.7 % 10.6 %

(3.1) (2.7) (2.4) (2.0) (1.7) (3.5) (3.0) (2.5) (2.0) (1.5) (1.0) (0.5) 0.0 4Q22 4Q23 4Q24 4Q25 4Q26 B ill io n s ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (AOCI) 21 Note: AOCI burndown based on path of forward curve and hedges in place at 03/31/2025 and 7/9/2025. Includes accretion of unrealized losses related to the 4Q22 transfers of AFS securities to HTM. Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. Steady AOCI improvement with meaningful protection against term rate volatility due to hedging strategy • AOCI is projected to improve by over $400 million, or 17%, in 2025 relative to 2024. • This adds 44 basis points to the current tangible common equity ratio, all else equal • Hedging strategy provides meaningful protection against term rate volatility • The forward curve at 7/9/2025 assumes two additional rate cuts in 2025 and two cuts in 2026 Actual Projection Based on forward curve at 7/9/2025 AOCI Projection $728 million, or 31%, improvement from 4Q24 to 4Q26 17% 31% Projected Improvement vs 4Q24

BALANCE SHEET PROFITABILITY 22 (1) Return on Tangible Common Equity is a non-GAAP measure. See Appendix for non-GAAP financial measures. Excluding the effect of AOCI from average tangible common equity would result in associated returns of 10.9%, 11.4%, 10.9%, 9.2%, and 13.1% for the periods presented, respectively. Improved profitability during the quarter on strong revenue growth 0.91% 0.95% 0.96% 0.77% 1.09% 2Q24 3Q24 4Q24 1Q25 2Q25 17.5% 17.4% 16.0% 13.4% 18.7% 2Q24 3Q24 4Q24 1Q25 2Q25 Return on Assets Return on Tangible Common Equity 1

LOAN GROWTH – BY BANK AFFILIATE AND LOAN TYPE 23 “Other” loans includes consumer construction, bankcard, and other consumer loan categories. Totals shown above may not foot due to rounding. Strong linked quarter growth in C&I lending, particularly at Zions Bank, Amegy Bank, and California Bank & Trust Zions Bank, 28% CB&T, 23% Amegy, 26% NBAZ, 8% NSB, 5% Vectra, 5% CBW, 4% Other, 1% Commercial ($31.7B) Zions Bank, 21% CB&T, 32%Amegy, 18% NBAZ, 12% NSB, 6% Vectra, 6% CBW, 5% Commercial Real Estate ($13.6B) Consumer ($15.6B) Zions Bank, 25% CB&T, 22% Amegy, 23% NBAZ, 9% NSB, 9% Vectra, 9% CBW, 0.4% Other, 2% Period-End Linked Quarter Loan Growth (2Q25 vs. 1Q25) C o m m e rc ia l C R E C o n s u m e r Loan Distribution by Bank and Product (in millions) Zions Bank CB&T Amegy NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 296 117 102 19 25 (25) 8 3 545 Owner occupied 41 13 29 (1) (9) (15) (2) - 56 Energy (Oil & Gas) (2) - 71 (1) - (1) 1 - 68 Municipal (24) - (5) 3 3 2 (7) (8) (36) CRE C&D (49) (24) (24) (50) (113) 8 (38) - (290) CRE Term 32 99 70 (43) 128 (35) 60 - 311 1-4 Family 30 86 (32) 31 - 17 (2) (11) 119 Home Equity 40 33 11 11 12 11 (4) - 114 Other 17 10 4 (7) 1 (21) 2 (1) 5 Total net loans 381 334 226 (38) 47 (59) 18 (17) 892

ALLOWANCE AND CREDIT METRICS 24 CECL methodology reflects reserve build ahead of realized deterioration of credit metrics 514 546 590 636 678 711 738 729 736 726 736 741 743 732 1.00 1.04 1.09 1.14 1.20 1.25 1.30 1.26 1.27 1.24 1.25 1.25 1.24 1.20 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 ACL ($) ACL (% of loans) Through 2022 and 2023, the ACL increased, despite improving problem loan levels, due to forecasts of future credit quality deterioration. The reserve ratio in 2024 remained stable as deterioration previously reserved for was somewhat realized. The decrease in the second quarter of 2025 was been driven by reduced risk in our commercial real estate portfolio. 252 201 151 149 171 162 216 222 248 261 363 297 305 308 1,148 1,009 965 929 912 768 769 825 966 1,264 2,093 2,870 2,891 2,697 Nonaccruals Classifieds Coverage ratio remained steady while problem loans increased Coverage ratio increased while problem loans decreased

SIMULATED REPRICING EXPECTATIONS: EARNING ASSETS & LOANS 25 (1) Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. A substantial portion of earning assets reset within one year with additional resets in later periods 55% 9% 8% 7% 9% 12% 56% 9% 8% 7% 8% 12% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs P e rc e n t o f L o a n s Loans: Rate Reset / Maturity Profile1 Loans After Hedging 46% 8% 8% 7% 11% 20% 49% 8% 8% 6% 9% 20% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs P e rc e n t o f E a rn in g A s s e ts Earning Assets After Hedging Earning Assets: Rate Reset / Maturity Profile1

5,467 5,299 5,166 5,166 5,166 5,166 3,707 3.33 3.32 3.31 3.31 3.31 3.31 3.17 0 1,000 2,000 3,000 4,000 5,000 6,000 1Q25 2Q25 3Q25 4Q25 2026 2027 2028 Average Outstanding ($B) Average Fixed Rate Paid (%) 1,250 1,250 1,250 1,200 1,008 908 792 3.48 3.48 3.48 3.49 3.68 3.90 3.89 0 200 400 600 800 1,000 1,200 1,400 1Q25 2Q25 3Q25 4Q25 2026 2027 2028 Average Outstanding ($B) Average Fixed Rate Received (%) INTEREST RATE SWAPS AT JUNE 30, 2025 26 Swaps are used to balance our interest rate sensitivity to income and value Receive-Fixed Hedges1 (pay floating rate) Pay-Fixed Rate Hedges2 (receive floating rate) (1) Received-fixed hedges consist of hedging pools of floating rate loans or received-fixed swaps on subordinated debt. (2) Pay-fixed hedges consist of fair value swaps hedging fixed-rate AFS securities and fixed-rate commercial loans or short-term debt hedges on rolling FHLB advances. Interest rate sensitivity is managed in part with portfolio interest rate hedges1 • In the first quarter, we added $200 million of spot fair value hedges with a fixed rate of 3.71% and $1 billion of forward- starting (2028) pay-fixed fair value hedge swaps with an average fixed rate of 3.50%. $ M ill io n s

NET INTEREST INCOME – RATE SENSITIVITY 27 The rate path implied by the forward curve reflects modest asset sensitivity; net interest income increases under conservative assumptions Interest Rate Impacts on Net Interest Income1 (1) Assumes no change in the size or composition of the earning assets excluding derivative hedge activity but does assume a change in composition of deposits (a lesser proportion of noninterest-bearing relative to total deposits). (2) This analysis presents latent interest rate sensitivity which reflects future changes in net interest income (“NII”) based upon past rate movements that have yet to be fully realized in revenue, and emergent interest rate sensitivity reflecting changes to NII based upon future rate movements implied by the forward rate curve at 7/9/2025. Net Interest Income Sensitivity 0.3% 4.1% 6.1% -100 bps Implied Rate Path +100 bps 2Q26 vs. 2Q25 In a flat rate environment, net interest income is modeled to increase 9.9% based on past rate movements that have yet to be realized in revenue; 53% cumulative total deposit beta Latent2 Emergent2 Implied The estimated impact of future rate changes from market implied rates reduces net interest income by 5.8% versus the latent scenario. This assumes a Fed Funds Target of 3.75% at 2Q26. 9.9% (5.8%) 4.1% The combined impact of latent and emergent sensitivities is modeled to be 4.1% in 2Q26 relative to 2Q25; 40% cumulative total deposit beta -100 and +100 parallel interest rate shocks suggest moderate rate sensitivity between 0.3% and +6.1% Hypothetical simulations both assume $1.4 billion of noninterest-bearing demand deposit migration to higher-cost products on an otherwise static balance sheet. Modeled sensitivities shown are not guidance.

INTEREST RATE SENSITIVITY – PARALLEL RATE SHOCKS 28 (1) 12-month forward simulated impact of an instantaneous and parallel change in interest rates and assumes no change in the size or composition of the earning assets excluding derivative hedge activity but does assume a change in composition of deposits (a lesser proportion of noninterest-bearing relative to total deposits). Standard parallel rate shocks suggest asset sensitivity (8%) (4%) 5% 8% (9%) (4%) 4% 8% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity 1 as of 3/31/2025 as of 6/30/2025

LOAN LOSS SEVERITY 29 Source: S&P Capital IQ. Calculated using the average of annualized quarterly results. When problems arise, Zions generally experiences less severe loan losses due to strong collateral and underwriting practices 1 3 % 1 7 % 1 7 % 1 9 % 1 9 % 2 3 % 2 5 % 3 2 % 4 0 % 4 5 % 4 6 % 4 7 % 5 0 % 5 3 % 5 3 % 5 5 % 5 6 % 7 6 % W A L C M A M T B B O K F Z IO N F H N C A D E W B S W T F C E W B C C F G K E Y H B A N S N V C F R F IT B R F P N F P C O L B Annualized NCOs / Nonaccrual Loans Five Year Average (2020Q2 – 2025Q1) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2010Q2 – 2025Q1) 1 5 % 1 7 % 1 9 % 1 9 % 2 1 % 2 5 % 2 5 % 3 1 % 4 0 % 4 1 % 4 2 % 4 3 % 4 6 % 5 2 % 5 3 % 5 3 % 5 3 % 6 6 % B O K F W A L M T B Z IO N C A D E F H N C M A W B S C F G E W B C C F R W T F C K E Y R F P N F P H B A N S N V F IT B C O L B > 1 0 0 % > 1 0 0 %

0% 5% 10% 15% 20% 25% 30% 35% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Most Recent Appraisal Index Adjusted IN-DEPTH REVIEW: COMMERCIAL REAL ESTATE 30 Data is updated through 2Q25. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. Limited tail loan-to-value risk in portfolio; controlled CRE growth and improving credit metrics Term WAVG LTV % of CRE Term % of CRE Construction Multifamily 57% 28% 56% Industrial / Warehouse 51% 23% 23% Office 57% 16% 1% Retail 47% 13% 4% Hospitality 44% 6% 0% Zions has limited “tail risk” in its CRE portfolio Total CRE Problem Loan Trends as a percentage of total CRE loans ($ b ill io n s ) Term CRE LTVs Appraised vs. Indexed 0% 2% 4% 6% 8% 10% 12% 14% 16% 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Criticized % Classified % Nonaccrual % GCO QTD Annualized 0.3 1.2 0.6 0.3 0.1 1.9 2.5 1.9 1.0 3.7 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 2025 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 2.7 2.8 2.8 2.7 2.4 10.8 10.6 10.7 10.9 11.2 2Q24 3Q24 4Q24 1Q25 2Q25 Balance Trends Construction Balances Term Balances

DISCIPLINED COMMERCIAL REAL ESTATE GROWTH 31 Source: S&P Capital IQ. Data as of 1Q25; peer growth rates are normalized for significant acquisitions Commercial real estate loan growth lags peers due to continued exercise of concentration risk discipline Zions has exercised caution in CRE concentrations for more than a decade and in underwriting standards for many decades. • Key factors for consideration in credit risk within CRE • Measured and disciplined growth compared to peers • Significant borrower equity – conservative LTVs • Disciplined underwriting on debt service coverage • Diversified by geography and asset class • Limited exposure to land 0 50 100 150 200 250 300 350 1 Q 1 5 1 Q 1 6 1 Q 1 7 1 Q 1 8 1 Q 1 9 1 Q 2 0 1 Q 2 1 1 Q 2 2 1 Q 2 3 1 Q 2 4 1 Q 2 5 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 1Q15 = 100 Commercial Real Estate Excluding Owner Occupied

0.1 0.1 0.1 0.1 1.8 1.8 1.7 1.7 1.7 2Q24 3Q24 4Q24 1Q25 2Q25 Balance Trends Construction Balances Term Balances IN-DEPTH REVIEW: CRE OFFICE ($1.8 BILLION BALANCE) 32 Data updated through 2Q25. (1) Based on loans > $2.0 million - 90% of portfolio. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Office portfolio makes up 13% of total CRE exposure and 3% of total loans; charge-offs remain limited • Allowance for credit losses: 3.3% of balances / 22% of criticized balances • 8% decrease in balances year-over-year via payoffs, loan rebalance, amortization • Elevated criticized levels due to tenant vacancy in multi-tenant buildings and value add properties undergoing lease up • Despite elevated criticized, nonaccruals remain low at 2.9% • Median loan size: <$1 million; average loan size: $4.5 million • 34% variable rate with swap, 16% fixed rate, 50% variable rate w/o swap • 28% of total office exposure has a maturity date in the next 12 months • By State – 24% UT, 18% WA, 18% CA, 14% AZ, 10% TX, 16% all other Office Problem Loan Trends as a percentage of total office loans ($ billions) When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination CRE Office Term LTVs Appraised vs. Indexed 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Criticized % Classified % Nonaccrual % GCO QTD Annualized 0.3 0.3 0.4 0.1 0.6 0.0 0.5 1.0 1.5 2.0 2.5 2025 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0% 5% 10% 15% 20% 25% 30% 35% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Most Recent Appraisal Index Adjusted ($ billions) 0.1

0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Most Recent Appraisal Index Adjusted CRE Multifamily Term LTVs Appraised vs. Indexed IN-DEPTH REVIEW: CRE MULTIFAMILY ($4.1 BILLION BALANCE) 33 Data is updated through 2Q25. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE multifamily portfolio is 30% of total CRE exposure; 7% of total loan exposure • Allowance for credit losses: 1.9% of total multifamily balances / 12% of criticized balances – no charge offs in last 12 months • 5% increase in balances year-over-year – construction loans funding up • Increase in criticized levels from longer lease up timelines and construction delays but nonaccruals (0.0%) and delinquencies (0.0%) remain low • 78% term, 22% construction • Median loan size: $1 million; average loan size: $5.8 million • 18% variable rate with swap, 12% fixed rate, 70% variable rate w/o swap • By State – 28% TX, 26% CA, 11% UT, 11% AZ, 24% all other Multifamily Problem Loan Trends as a percentage of total multifamily loans When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination 0% 5% 10% 15% 20% 25% 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Criticized % Classified % Nonaccrual % GCO QTD Annualized 0.0 0.6 0.2 0.1 0.0 0.7 1.0 0.5 0.1 0.8 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 2025 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 1.0 1.1 1.1 1.0 0.9 2.8 2.8 2.9 3.1 3.1 2Q24 3Q24 4Q24 1Q25 2Q25 Balance Trends Construction Balances Term Balances ($ billions)($ billions)

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Most Recent Appraisal Index Adjusted 0.5 0.5 0.5 0.5 0.4 2.5 2.5 2.5 2.4 2.6 2Q24 3Q24 4Q24 1Q25 2Q25 Balance Trends Construction Balances Term Balances IN-DEPTH REVIEW: CRE INDUSTRIAL ($3.0 BILLION BALANCE) 34 Data is updated through 2Q25. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Industrial portfolio is 22% of total CRE exposure; 5% of total loan exposure • Allowance for credit losses: 1.6% of balances / 10% of criticized balances • 3% decrease in balances year-over-year via payoffs, loan rebalance, amortization • Increase in criticized levels from longer lease up timelines and construction delays but nonaccruals (0.0%) and delinquencies (0.0%) remain low • 88% term, 12% construction • Median loan size: $1.6 million; average loan size: $4.6 million • 18% variable rate with swap, 12% fixed rate, 70% variable rate w/o swap • By State – 32% CA, 17% TX, 14% AZ, 12% UT, 9% NV, 16% all other Industrial Problem Loan Trends as a percentage of total industrial loans ($ billions) When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination CRE Industrial Term LTVs Appraised vs. Indexed 0.1 0.2 0.1 0.0 0.0 0.5 0.6 0.5 0.2 0.7 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2025 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Criticized % Classified % Nonaccrual % GCO QTD Annualized ($ billions)

NON-GAAP FINANCIAL MEASURES 35 In millions, except per share amounts 2Q25 1Q25 4Q24 3Q24 2Q24 (a) Total noninterest expense $527 $538 $509 $502 $509 LESS adjustments: Severance costs 2 3 1 1 1 Other real estate expense (1) Amortization of core deposit and other intangibles 2 2 2 2 1 FDIC special assessment (3) 1 SBIC investment success fee accrual 2 1 Restructuring costs (b) Total adjustments 6 5 - 3 3 (c) = (a - b) Adjusted noninterest expense 521 533 509 499 506 d) Net interest income 648 624 627 620 597 (e) Fully taxable-equivalent adjustments 13 11 12 12 11 (f) = (d + e) Taxable-equivalent net interest income (TE NII) 661 635 639 632 608 (g) Noninterest Income 190 171 193 172 179 (h) = (f + g) Combined Income $851 $806 $832 $804 $787 LESS adjustments: Fair value and nonhedge derivative income (loss) - - 3 (3) (1) Securities gains (losses), net 14 6 8 9 4 (i) Total adjustments 14 6 11 6 3 (j) = (h - i) Adjusted revenue $837 $800 $821 $798 $784 (j - c) Adjusted pre-provision net revenue (PPNR) $316 $267 $312 $299 $278 (c) / (j) Efficiency Ratio 62.2% 66.6% 62.0% 62.5% 64.5%

NON-GAAP FINANCIAL MEASURES (CONTINUED) 36 In millions 2Q25 1Q25 4Q24 3Q24 2Q24 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $243 $169 $200 $204 $190 Adjustments, net of tax: Amortization of core deposit and other intangibles 2 1 1 1 1 (a) Net earnings applicable to common, net of tax $245 $170 $201 $205 $191 Average common equity (GAAP) $6,357 $6,182 $6,036 $5,738 $5,450 Average goodwill and intangibles (1,097) (1,052) (1,053) (1,054) (1,056) (b) Average tangible common equity (non-GAAP) $5,260 $5,130 $4,983 $4,684 $4,394 (c) Number of days in quarter 91 90 92 92 91 (d) Number of days in year 365 365 366 366 366 (a/b/c)*d Return on average tangible common equity (non- GAAP) 18.7% 13.4% 16.0% 17.4% 17.5%

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