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

Date of Report (date of earliest event reported)  January 24, 2022

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
Common Stock, par value $0.001ZIONThe NASDAQ Stock Market, LLC
Depositary Shares each representing a 1/40th ownership interest in a share of:
   Series A Floating-Rate Non-Cumulative Perpetual Preferred StockZIONPThe NASDAQ Stock Market, LLC
   Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred StockZIONOThe NASDAQ Stock Market, LLC
6.95% Fixed-to-Floating Rate Subordinated Notes due September 15, 2028ZIONLThe NASDAQ Stock Market, LLC

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

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




Item 2.02    Results of Operations and Financial Condition.

On January 24, 2022, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended December 31, 2021 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on January 24, 2022. The press release announcing the financial results for the quarter ended December 31, 2021 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 fourth quarter financial results is furnished as Exhibit 99.2 and incorporated herein by reference.

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

Item 9.01    Financial Statements and Exhibits.

Exhibits.

The following exhibits are furnished as part of this Current Report on Form 8-K:
Exhibit NumberDescription
Press Release dated January 24, 2022 (furnished herewith).
Earnings Release Presentation dated January 24, 2022 (furnished herewith).
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104The cover page from this Current Report on form 8-K, formatted as Inline XBRL.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  
ZIONS BANCORPORATION, NATIONAL ASSOCIATION
By:/s/ Paul E. Burdiss
Name:   Paul E. Burdiss
Title:      Executive Vice President and Chief Financial Officer
Date: January 24, 2022
  



Zions Bancorporation, N.A.
One South Main
Salt Lake City, UT 84133
January 24, 2022
zions2020630-era.jpg
www.zionsbancorporation.com
Fourth Quarter 2021 Financial Results: FOR IMMEDIATE RELEASE
Investor and Media Contact: James Abbott (801) 844-7637
Zions Bancorporation, N.A. reports: 4Q21 Net Earnings of $207 million, diluted EPS of $1.34
compared with 4Q20 Net Earnings of $275 million, diluted EPS of $1.66,
and 3Q21 Net Earnings of $234 million, diluted EPS of $1.45
2021 Annual Net Earnings of $1.1 billion, diluted EPS of $6.79,
compared with 2020 Annual Net Earnings of $505 million, diluted EPS of $3.02

FOURTH QUARTER RESULTS
$1.34$207 million2.58%10.2%
Net earnings per diluted common share
Net EarningsNet interest margin (“NIM”)Common Equity
Tier 1 ratio
FOURTH QUARTER HIGHLIGHTS¹
Net Interest Income and NIM
•
Net interest income was $553 million, compared with $550 million
•
NIM was 2.58%, compared with 2.95%, and was impacted by significant deposit growth and an accompanying change in the composition of interest-earning assets
Operating Performance
•
Pre-provision net revenue ("PPNR") was $304 million, up 2%, and adjusted PPNR² was $288 million, up 3%
•
Noninterest expense was $449 million, up 6%, and adjusted noninterest expense² was $446 million, up 5%, and included a $10 million charitable contribution during the current quarter
•
The efficiency ratio² was 60.8%, compared with 60.2%
Loans and Credit Quality
•
Loans and leases were $50.9 billion, down $2.6 billion, or 5%; excluding PPP, loans and leases were $49.0 billion, up $1.1 billion, or 2%
•
The provision for credit losses was a positive $25 million, compared with a negative $67 million
•
The allowance for credit losses was 1.13% of loans (ex-PPP), compared with 1.74% of loans (ex-PPP)
•
Nonperforming assets3 were $269 million, or 0.6%, of loans (ex-PPP), compared with $371 million, or 0.8%, of loans (ex-PPP)
Capital
•
The CET1 capital ratio was 10.2%, compared with 10.8%
•
Common stock repurchases during the quarter of $325 million, 5.0 million shares, or 3.2% of shares outstanding as of September 30, 2021
Notable items
•
Net gain related to SBIC investments of $19 million
•
Gain on sale of bank-owned facilities of $12 million in advance of occupying our new technology campus in mid-2022
•
Deposits were $82.8 billion, up $13.1 billion, or 19%, resulting in a loan-to-deposit ratio of 61%
•
During the quarter, $1.1 billion of PPP loans were forgiven by the SBA, which contributed $30 million of interest income through accelerated recognition of net unamortized deferred fees
CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We were pleased with our fourth quarter results, which included $1.4 billion of non-PPP loan growth relative to the third quarter – an 11.7% annualized growth rate after a period of attrition in loan volumes in earlier months of the pandemic. Credit quality remained very strong, as demonstrated by a 0.01% annualized net charge-off rate, both for the fourth quarter and the full year. Customer-related noninterest income increased 9.4% over the prior year’s fourth quarter.

“Finally, continued strong growth in average deposits, which increased 19.3% over the prior year quarter – with average noninterest-bearing demand deposits comprising 51% of total deposits versus 47% a year ago – allowed us to increase our securities portfolio by 43% from the year-ago period, while leaving considerable upside for margin expansion as interest rates rise.”
OPERATING PERFORMANCE2
chart-6888b6c2fc204db69e6a.jpgchart-93d905d6755c4aa78d5a.jpg
1 Comparisons noted in the bullet points are calculated for the current quarter versus the same prior-year period, unless otherwise specified.
2 For information on non-GAAP financial measures, see pages 17-19.
3 Does not include banking premises held for sale.


ZIONS BANCORPORATION, N.A.
Press Release – Page 2
January 24, 2022
Comparisons noted in the sections below are calculated for the current quarter versus the same prior-year period, unless otherwise specified. Growth rates of 100% or more are considered not meaningful (“NM”) as they generally reflect a low initial starting point.
RESULTS OF OPERATIONS
Net Interest Income and Margin
4Q21 - 3Q214Q21 - 4Q20
(In millions)4Q213Q214Q20$%$%
Interest and fees on loans$471$484$499$(13)(3)%$(28)(6)%
Interest on money market investments773— — 4 NM
Interest on securities88786910 13 19 28 
Total interest income
566569571(3)(1)(5)(1)
Interest on deposits7713— — (6)(46)
Interest on short- and long-term borrowings678(1)(14)(2)(25)
Total interest expense
131421(1)(7)(8)(38)
Net interest income
$553$555$550$(2)— $3 1 
bpsbps
Yield on interest-earning assets1
2.64 %2.75 %3.06 %(11)(42)
Rate paid on total deposits and interest-bearing liabilities1
0.06 %0.07 %0.12 %(1)(6)
Cost of total deposits1
0.03 %0.03 %0.08 %— (5)
Net interest margin1
2.58 %2.68 %2.95 %(10)(37)
1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.
Net interest income increased $3 million to $553 million in the fourth quarter of 2021, driven largely by a significant increase in average earning assets. Growth in these assets had a dilutive effect on the net interest margin, given an increased concentration in lower-yielding assets and the low interest rate environment.
Average interest-earning assets increased $11.4 billion, or 15%, driven by growth in money market investments, securities, and commercial loans (ex-PPP). These increases were partially offset by declines in PPP and consumer loans. Average money market investments, including short-term deposits held at the Federal Reserve, increased to 15.4% of average interest-earning assets, compared with 7.2%. Average securities increased to 25.9% of average interest-earning assets, compared with 20.9%, as we have actively deployed excess liquidity into short-to-medium duration securities.
The net interest margin was 2.58%, compared with 2.95%. The yield on average interest-earning assets was 2.64% in the fourth quarter of 2021, a decrease of 42 basis points. The yield on total loans remained relatively stable at 3.73%, compared with 3.71%. Excluding PPP loans, the yield on loans decreased 18 basis points. The yield on securities decreased 20 basis points, primarily due to lower yields on re-investment of principal payments and other purchases throughout the year.
The annualized cost of total deposits for the fourth quarter of 2021 was 0.03%, compared with 0.08%. The rate paid on total deposits and interest-bearing liabilities was 0.06%, a decrease from 0.12% during the fourth quarter of 2020, which was primarily due to low deposit rates and strong noninterest bearing deposit growth. Average noninterest bearing deposits as a percentage of total deposits were 51%, compared with 47% for the same prior year period.
During the fourth quarter of 2021, more than 10,000 PPP loans, totaling $1.1 billion, were forgiven by the SBA. Total interest income from PPP loans was $44 million, of which $30 million was related to accelerated recognition of net unamortized deferred fees on these loans due to forgiveness. At December 31, 2021, the remaining unamortized net origination fees on these loans totaled $45 million.
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ZIONS BANCORPORATION, N.A.
Press Release – Page 3
January 24, 2022
Noninterest Income
4Q21 - 3Q214Q21 - 4Q20
(In millions)4Q213Q214Q20$%$%
Commercial account fees$34 $34 $32 $— — %$2 6 %
Card fees25 25 22 — — 3 14 
Retail and business banking fees19 20 18 (1)(5)1 6 
Loan-related fees and income22 27 25 (5)(19)(3)(12)
Capital markets and foreign exchange fees24 17 19 7 41 5 26 
Wealth management fees13 13 10 — — 3 30 
Other customer-related fees15 15 13 — — 2 15 
Customer-related fees
152 151 139 1 1 13 9 
Fair value and nonhedge derivative income (loss)(1)2 8 (3)NM(9)NM
Dividends and other income19 9 7 10 NM12 NM
Securities gains (losses), net20 (23)12 43 NM8 67 
Total noninterest income
$190 $139 $166 $51 37 $24 14 

Total customer-related fees increased $13 million, or 9%, to $152 million, driven by increased capital markets and foreign exchange activity, card fees, and wealth management fees, partially offset by a decrease in loan-related fees and income.
Dividends and other income increased $12 million, primarily due to the gain on sale of certain bank-owned facilities during the quarter. These sales resulted from the consolidation of a substantial portion of our technology and operations facilities in advance of occupying our new Corporate Technology Center, which is expected to be completed in mid-2022. The new technology campus will allow us to achieve efficiencies by eliminating smaller facilities and reducing related occupancy costs.
Net securities gains and losses increased $8 million, primarily due to net gains related to our SBIC investment portfolio. During the fourth quarter of 2021, we recognized a $31 million realized gain resulting from the sale of one of our SBIC investments, which was partially offset by a $12 million negative mark-to-market adjustment to our investment in Recursion Pharmaceuticals, Inc., reducing our remaining $35 million unrealized gain from the third quarter of 2021.
We recognized a $1 million loss related to a credit valuation adjustment (“CVA”) on client-related interest rate swaps, compared with an $8 million CVA gain in the prior year period. The CVA may fluctuate from period to period based on the credit quality of our clients and changes in interest rates, which impacts the value of, and our credit exposure to, the client-related interest rate swaps.
Noninterest Expense
4Q21 - 3Q214Q21 - 4Q20
(In millions)4Q213Q214Q20$%$%
Salaries and employee benefits$282 $285 $277 $(3)(1)%$5 2 %
Occupancy, net32 33 33 (1)(3)(1)(3)
Furniture, equipment and software, net33 31 30 2 6 3 10 
Other real estate expense, net— — 1 — — (1)NM
Credit-related expense7 7 6 — — 1 17 
Professional and legal services15 16 19 (1)(6)(4)(21)
Advertising6 4 6 2 50 — — 
FDIC premiums7 5 6 2 40 1 17 
Other67 48 46 19 40 21 46 
Total noninterest expense
$449 $429 $424 $20 5 $25 6 
Adjusted noninterest expense 1
$446 $432 $423 $14 3 $23 5 
1 For information on non-GAAP financial measures, see pages 17-19.
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ZIONS BANCORPORATION, N.A.
Press Release – Page 4
January 24, 2022
Noninterest expense increased $25 million, or 6%, relative to the prior year quarter, and was largely attributable to a $21 million increase in other noninterest expense. This increase was primarily due to a $10 million donation to our charitable foundation, as well as increases related to a success fee accrual adjustment for our SBIC investments, software licenses and maintenance, and other business development costs.
Salaries and benefits expense increased $5 million, or 2%, and was partially offset by a $4 million, or 21% decrease in professional and legal services, largely due to higher technology spend and third-party assistance related to PPP loan forgiveness in the prior year period.
Adjusted noninterest expense increased $23 million, or 5%, to $446 million, and includes the previously discussed $10 million charitable contribution, compared with $423 million for the prior year period. The efficiency ratio was 60.8%, compared with 60.2%. Excluding the $10 million charitable contribution, the efficiency ratio for the fourth quarter of 2021 would have been 59.4%. For information on non-GAAP financial measures, including differences between noninterest expense and adjusted noninterest expense, see pages 17-19.
BALANCE SHEET ANALYSIS
Loans and Leases
4Q21 - 3Q214Q21 - 4Q20
(In millions)4Q213Q214Q20$%$%
Loans held for sale$83 $67 $81 $16 24 %$2 2 %
Loans and leases:
Commercial – excluding PPP loans
$26,585 $25,369 $24,900 $1,216 5 $1,685 7 
Commercial – PPP loans
1,855 3,080 5,572 (1,225)(40)(3,717)(67)
Commercial real estate
12,198 12,153 12,104 45 — 94 1 
Consumer
10,213 10,076 10,900 137 1 (687)(6)
Loans and leases, net of unearned income and fees50,851 50,678 53,476 173 — (2,625)(5)
Less allowance for loan losses
513 491 777 22 4 (264)(34)
Loans and leases held for investment, net of allowance
$50,338 $50,187 $52,699 $151 — $(2,361)(4)
Unfunded lending commitments and letters of credit$26,661 $26,138 $24,949 $523 2 $1,712 7 
Loans and leases, net of unearned income and fees, decreased $2.6 billion, or 5%, to $50.9 billion at December 31, 2021, primarily due to the forgiveness of PPP loans. Excluding PPP loans, total loans and leases increased $1.1 billion, or 2%, to $49.0 billion. Municipal loans, owner occupied loans, and commercial and industrial loans increased $0.7 billion, $0.5 billion, and $0.4 billion, respectively. Consumer 1-4 family residential mortgage loans decreased $0.9 billion, primarily due to continued refinancing activity, while home equity lines of credit increased $0.3 billion.
Unfunded lending commitments and letters of credit increased $1.7 billion, or 7%, to $26.7 billion at December 31, 2021, primarily due to growth in our home equity credit line and commercial and industrial loan portfolios as well as a decrease in commitment utilization.
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ZIONS BANCORPORATION, N.A.
Press Release – Page 5
January 24, 2022
Credit Quality
4Q21 - 3Q214Q21 - 4Q20
(In millions)4Q213Q214Q20$%$%
Provision for credit losses$25$(46)$(67)$71 NM$92 NM
Allowance for credit losses55352983524 5 %(282)(34)%
Net loan and lease charge-offs (recoveries)1(1)152 NM(14)(93)
Nonperforming assets2
272324371(52)(16)(99)(27)
Classified loans1,2361,3971,641(161)(12)(405)(25)
4Q213Q214Q20bpsbps
Ratio of ACL to loans1 and leases outstanding, at period end
1.09 %1.04 %1.56 %5 (47)
Ratio of ACL to loans1 and leases outstanding (ex-PPP), at period end
1.13 %1.11 %1.74 %2 (61)
Annualized ratio of net loan and lease charge-offs to average loans0.01 %(0.01)%0.11 %2 (10)
Ratio of classified loans to total loans and leases (ex-PPP)2.52 %2.93 %3.43 %(41)(91)
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned
0.55 %0.64 %0.71 %(9)(16)
1 Does not include loans held for sale.
2 Does not include banking premises held for sale.
Net loan and lease charge-offs were $1 million, compared with $15 million in the prior year quarter, reflecting strong credit performance. During the fourth quarter of 2021, we recorded a positive $25 million provision for credit losses, compared with a negative $67 million provision for the prior year period. The allowance for credit losses (“ACL”) was $553 million at December 31, 2021, compared with $835 million at December 31, 2020. The decrease in the ACL was due largely to improvements in economic forecasts and credit quality, compared with the economic stress caused by the COVID-19 pandemic in the prior year period, and was partially offset by the expected impact of the resurgence of COVID-19 cases resulting from the Omicron variant. The ratio of ACL to total loans and leases (ex-PPP) was 1.13% at December 31, 2021, compared with 1.74% at December 31, 2020.
Deposits and Borrowed Funds
4Q21 - 3Q214Q21 - 4Q20
(In millions)4Q213Q214Q20$%$%
Noninterest-bearing demand$41,053 $39,150 $32,494 $1,903 5 %$8,559 26 %
Interest-bearing:
Savings and money market
40,114 37,046 34,571 3,068 8 5,543 16 
Time
1,622 1,688 2,588 (66)(4)(966)(37)
Total deposits$82,789 $77,884 $69,653 $4,905 6 $13,136 19 
Borrowed funds:
Federal funds purchased and other short-term borrowings$903 $579 $1,572 $324 56 $(669)(43)
Long-term debt1,012 1,020 1,336 (8)(1)(324)(24)
Total borrowed funds$1,915 $1,599 $2,908 $316 20 $(993)(34)
Total deposits increased $13.1 billion, or 19%, to $82.8 billion, primarily due to a $8.6 billion increase in noninterest-bearing deposits. Average total deposits increased to $81.4 billion, compared with $68.3 billion for the fourth quarter of 2020. Average noninterest-bearing deposits increased 29% to $41.4 billion, from $32.0 billion, and were 51% and 47% of average total deposits for the respective time periods.
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ZIONS BANCORPORATION, N.A.
Press Release – Page 6
January 24, 2022
Total borrowed funds decreased $1.0 billion, or 34%, to $1.9 billion. Average borrowed funds decreased to $1.7 billion, compared with $2.7 billion for the prior year quarter. The decrease in long-term debt was primarily due to the maturity of $281 million of 3-year, 3.50% senior notes during the third quarter of 2021. The decrease in overall borrowed funds continues to reflect less reliance on federal funds purchased and other short-term borrowings due to strong deposit growth.
Shareholders’ Equity
4Q21 - 3Q214Q21 - 4Q20
(In millions, except share data)4Q213Q214Q20$%$%
Shareholders’ equity:
Preferred stock
$440$440$566$— — %$(126)(22)%
Common stock and additional paid-in capital
1,9282,2452,686(317)(14)(758)(28)
Retained earnings
5,1755,0254,309150 3 866 20 
Accumulated other comprehensive income (loss)(80)64325(144)NM(405)NM
Total shareholders’ equity$7,463$7,774$7,886$(311)(4)$(423)(5)
Capital distributions:
Common dividends paid$58$62$56$(4)(6)$2 4
Bank common stock repurchased325325—— —325 NM
Total capital distributed to common shareholders$383$387$56$(4)(1)$327 NM
shares%shares%
Weighted average diluted common shares outstanding (in thousands)
153,635160,480163,900(6,845)(4)%(10,265)(6)%
Common shares outstanding, at period end (in thousands)151,625156,530164,090(4,905)(3)(12,465)(8)
The common stock dividend was $0.38 per share, compared with $0.34 during the prior year quarter. Weighted average diluted shares outstanding decreased 10.3 million from the fourth quarter of 2020, primarily due to share repurchases. During the fourth quarter of 2021, we repurchased 5.0 million common shares outstanding for $325 million, which was equivalent to 3.2% of common stock outstanding as of September 30, 2021. During the last four quarters, we repurchased 13.5 million common shares outstanding for $800 million, which was equivalent to 8.2% of common stock outstanding as of the prior year end.
Preferred stock decreased $126 million due to the redemption of the outstanding shares of our 5.75% Series H Non-Cumulative Perpetual Preferred Stock at par value during the second quarter of 2021. Accumulated other comprehensive income decreased $405 million to a loss of $80 million at December 31, 2021, primarily due to decreases in the fair value of available-for-sale securities as a result of changes in interest rates.
Tangible book value per common share increased to $39.62, compared with $38.42. Basel III common equity tier 1 (“CET1”) capital was $6.1 billion, compared with $6.0 billion. The estimated Basel III CET1 capital ratio was 10.2%, compared with 10.8%.
Our Tier 1 leverage ratio declined to 7.2% from 8.3%, and has become more relevant in our capital adequacy assessments. Recent deposit-driven balance sheet growth has resulted in a modest reduction in our risk-weighted regulatory capital ratios, but a larger reduction in the Tier 1 leverage ratio, as the denominator for this ratio is not adjusted for risk.

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ZIONS BANCORPORATION, N.A.
Press Release – Page 7
January 24, 2022
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website, which will be used to discuss these fourth quarter results at 5:30 p.m. ET on January 24, 2022. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (253) 237-1247 (domestic and international) and entering the passcode 9682126, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.
About Zions Bancorporation, N.A.
Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $2.9 billion in 2021 and more than $90 billion of total assets. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at zionsbancorporation.com.
Forward-Looking Information
This earnings release includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as “may,” “might,” “could,” “anticipate,” “expect,” and similar terms, are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks and uncertainties.
Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2020 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC), and are available on our website (zionsbancorporation.com) and from the SEC (sec.gov).
Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any forward-looking statements to reflect future events or developments.
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ZIONS BANCORPORATION, N.A.
Press Release – Page 8
January 24, 2022
FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
(In millions, except share, per share, and ratio data)December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020
BALANCE SHEET 1
Loans held for investment, net of allowance$50,338$50,187$50,863$52,826$52,699
Total assets93,20088,30687,20885,12181,479
Deposits82,78977,88476,10573,85369,653
Total shareholders’ equity7,4637,7748,0337,9337,886
STATEMENT OF INCOME
Net earnings applicable to common shareholders
$207$234$345$314$275
Net interest income553555555545550
Taxable-equivalent net interest income 2
563562562553557
Total noninterest income190139205169166
Total noninterest expense449429428435424
Adjusted pre-provision net revenue 2
288290290253280
Provision for credit losses25(46)(123)(132)(67)
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share$1.34$1.45$2.08$1.90$1.66
Dividends0.380.380.340.340.34
Book value per common share 1
46.3246.8546.8044.9844.61
Tangible book value per common share 1, 2
39.6240.3740.5438.7738.42
Weighted average share price63.6954.7855.8651.3436.86
Weighted average diluted common shares outstanding (in thousands)
153,635160,480163,054163,887163,900
Common shares outstanding (in thousands) 1
151,625156,530162,248163,800164,090
SELECTED RATIOS AND OTHER DATA
Return on average assets0.92 %1.08 %1.65 %1.57 %1.41 %
Return on average common equity11.5 %12.3 %18.6 %17.4 %15.3 %
Return on average tangible common equity 2
13.4 %14.2 %21.6 %20.2 %17.8 %
Net interest margin2.58 %2.68 %2.79 %2.86 %2.95 %
Cost of total deposits, annualized0.03 %0.03 %0.04 %0.05 %0.08 %
Efficiency ratio 2
60.8 %59.8 %59.1 %63.5 %60.2 %
Effective tax rate20.8 %22.8 %22.2 %21.7 %20.9 %
Ratio of nonperforming assets to loans and leases and other real estate owned
0.53 %0.64 %0.60 %0.61 %0.69 %
Annualized ratio of net loan and lease charge-offs to average loans0.01 %(0.01)%(0.02)%0.06 %0.11 %
Ratio of total allowance for credit losses to loans and leases outstanding 1
1.09 %1.04 %1.12 %1.30 %1.56 %
Full-time equivalent employees
9,6859,6419,7279,6829,678
CAPITAL RATIOS AND DATA 1
Common equity tier 1 capital 3
$6,068$6,236$6,383$6,206$6,013
Risk-weighted assets 3
59,60057,45956,33955,40255,866
Tangible common equity ratio6.5 %7.2 %7.6 %7.6 %7.8 %
Common equity tier 1 capital ratio 3
10.2 %10.9 %11.3 %11.2 %10.8 %
Tier 1 leverage ratio 3
7.2 %7.6 %8.0 %8.3 %8.3 %
Tier 1 risk-based capital ratio 3
10.9 %11.6 %12.1 %12.2 %11.8 %
Total risk-based capital ratio 3
12.8 %13.6 %14.2 %14.5 %14.1 %
1 At period end.
2    For information on non-GAAP financial measures, see pages 17-19.
3 Current period ratios and amounts represent estimates.
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ZIONS BANCORPORATION, N.A.
Press Release – Page 9
January 24, 2022
CONSOLIDATED BALANCE SHEETS
(In millions, shares in thousands)December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020
(Unaudited)(Unaudited)(Unaudited)(Unaudited) 
ASSETS
Cash and due from banks$595 $597 $525 $576 $543 
Money market investments:
Interest-bearing deposits10,283 9,442 10,086 8,427 1,074 
Federal funds sold and security resell agreements2,133 1,858 1,714 1,315 5,765 
Investment securities:
Held-to-maturity1, at amortized cost
441 459 620 583 636 
Available-for-sale, at fair value24,048 20,461 18,170 16,644 15,731 
Trading account, at fair value372 305 181 189 266 
Total securities, net of allowance24,861 21,225 18,971 17,416 16,633 
Loans held for sale83 67 66 77 81 
Loans and leases, net of unearned income and fees50,851 50,678 51,398 53,472 53,476 
Less allowance for loan losses513 491 535 646 777 
Loans held for investment, net of allowance50,338 50,187 50,863 52,826 52,699 
Other noninterest-bearing investments851 868 895 815 817 
Premises, equipment and software, net1,319 1,282 1,239 1,236 1,209 
Goodwill and intangibles1,015 1,015 1,015 1,016 1,016 
Other real estate owned8 21 23 3 4 
Other assets1,714 1,744 1,811 1,414 1,638 
Total assets$93,200 $88,306 $87,208 $85,121 $81,479 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$41,053 $39,150 $38,128 $35,882 $32,494 
Interest-bearing:
Savings and money market40,114 37,046 36,037 35,762 34,571 
Time1,622 1,688 1,940 2,209 2,588 
Total deposits82,789 77,884 76,105 73,853 69,653 
Federal funds purchased and other short-term borrowings
903 579 741 1,032 1,572 
Long-term debt1,012 1,020 1,308 1,299 1,336 
Reserve for unfunded lending commitments40 38 39 49 58 
Other liabilities993 1,011 982 955 974 
Total liabilities85,737 80,532 79,175 77,188 73,593 
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares440 440 440 566 566 
Common stock2 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital
1,928 2,245 2,565 2,653 2,686 
Retained earnings5,175 5,025 4,853 4,566 4,309 
Accumulated other comprehensive income(80)64 175 148 325 
Total shareholders’ equity7,463 7,774 8,033 7,933 7,886 
Total liabilities and shareholders’ equity$93,200 $88,306 $87,208 $85,121 $81,479 
1 Held-to-maturity (fair value)
$443 $461 $622 $584 $640 
2 Common shares (issued and outstanding)
151,625 156,530 162,248 163,800 164,090 
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ZIONS BANCORPORATION, N.A.
Press Release – Page 10
January 24, 2022
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)Three Months Ended
(In millions, except share and per share amounts)December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020
Interest income:
Interest and fees on loans$471 $484 $492 $488 $499 
Interest on money market investments7 7 4 3 3 
Interest on securities88 78 74 71 69 
Total interest income566 569 570 562 571 
Interest expense:
Interest on deposits7 7 7 9 13 
Interest on short- and long-term borrowings6 7 8 8 8 
Total interest expense13 14 15 17 21 
Net interest income553 555 555 545 550 
Provision for credit losses:
Provision for loan losses23 (45)(113)(123)(61)
Provision for unfunded lending commitments2 (1)(10)(9)(6)
Total provision for credit losses25 (46)(123)(132)(67)
Net interest income after provision for credit losses528 601 678 677 617 
Noninterest income:
Commercial account fees34 34 34 32 32 
Card fees25 25 24 21 22 
Retail and business banking fees19 20 18 17 18 
Loan-related fees and income22 27 21 25 25 
Capital markets and foreign exchange fees24 17 17 15 19 
Wealth management fees13 13 12 12 10 
Other customer-related fees15 15 13 11 13 
Customer-related fees152 151 139 133 139 
Fair value and nonhedge derivative income (loss)(1)2 (5)18 8 
Dividends and other income19 9 8 7 7 
Securities gains (losses), net20 (23)63 11 12 
Total noninterest income190 139 205 169 166 
Noninterest expense:
Salaries and employee benefits282 285 272 288 277 
Occupancy, net32 33 33 33 33 
Furniture, equipment and software, net33 31 32 32 30 
Other real estate expense, net— — — — 1 
Credit-related expense7 7 6 6 6 
Professional and legal services15 16 17 20 19 
Advertising6 4 4 5 6 
FDIC premiums7 5 6 7 6 
Other67 48 58 44 46 
Total noninterest expense449 429 428 435 424 
Income before income taxes269 311 455 411 359 
Income taxes56 71 101 89 75 
Net income213 240 354 322 284 
Preferred stock dividends(6)(6)(9)(8)(9)
Net earnings applicable to common shareholders$207 $234 $345 $314 $275 
Weighted average common shares outstanding during the period:
Basic shares (in thousands)153,248 160,221 162,742 163,551 163,658 
Diluted shares (in thousands)153,635 160,480 163,054 163,887 163,900 
Net earnings per common share:
Basic$1.34 $1.45 $2.08 $1.90 $1.66 
Diluted1.34 1.45 2.08 1.90 1.66 
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ZIONS BANCORPORATION, N.A.
Press Release – Page 11
January 24, 2022
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
(In millions, except share and per share amounts)202120202019
(Unaudited)
Interest income:
Interest and fees on loans$1,935 $2,050 $2,289 
Interest on money market investments21 14 32 
Interest on securities311 304 362 
Total interest income2,267 2,368 2,683 
Interest expense:
Interest on deposits30 105 254 
Interest on short- and long-term borrowings29 47 157 
Total interest expense59 152 411 
Net interest income2,208 2,216 2,272 
Provision for credit losses:
Provision for loan losses(258)385 37 
Provision for unfunded lending commitments(18)29 2 
Total provision for credit losses(276)414 39 
Net interest income after provision for loan losses2,484 1,802 2,233 
Noninterest income:
Commercial account fees134 125 121 
Card fees95 82 92 
Retail and business banking fees74 68 78 
Loan-related fees and income95 109 75 
Capital markets and foreign exchange fees73 77 78 
Wealth management fees50 44 40 
Other customer-related fees54 44 41 
Customer-related fees575 549 525 
Fair value and nonhedge derivative income (loss)14 (6)(9)
Dividends and other investment income43 24 43 
Securities gains, net71 7 3 
Total noninterest income703 574 562 
Noninterest expense:
Salaries and employee benefits1,127 1,087 1,141 
Occupancy, net131 130 133 
Furniture, equipment and software, net128 127 135 
Other real estate expense, net— 1 (3)
Credit-related expense26 22 20 
Professional and legal services68 52 47 
Advertising19 19 19 
FDIC premiums25 25 25 
Other217 241 225 
Total noninterest expense1,741 1,704 1,742 
Income before income taxes1,446 672 1,053 
Income taxes317 133 237 
Net income1,129 539 816 
Preferred stock dividends(29)(34)(34)
Net earnings applicable to common shareholders$1,100 $505 $782 
Weighted average common shares outstanding during the year:
Basic shares (in thousands)159,913 163,737 175,984 
Diluted shares (in thousands)160,234 165,613 186,504 
Net earnings per common share:
Basic$6.80 $3.06 $4.41 
Diluted6.79 3.02 4.16 
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ZIONS BANCORPORATION, N.A.
Press Release – Page 12
January 24, 2022
Loan Balances Held for Investment by Portfolio Type
(Unaudited)
(In millions)December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020
Commercial:
Commercial and industrial$13,867 $13,230 $12,947 $12,843 $13,444 
PPP1,855 3,080 4,461 6,465 5,572 
Leasing327 293 307 310 320 
Owner occupied8,733 8,446 8,231 8,112 8,185 
Municipal3,658 3,400 3,215 3,234 2,951 
Total commercial28,440 28,449 29,161 30,964 30,472 
Commercial real estate:
Construction and land development2,757 2,843 2,576 2,443 2,345 
Term9,441 9,310 9,532 9,617 9,759 
Total commercial real estate12,198 12,153 12,108 12,060 12,104 
Consumer:
Home equity credit line3,016 2,834 2,727 2,695 2,745 
1-4 family residential6,050 6,140 6,269 6,630 6,969 
Construction and other consumer real estate638 584 593 589 630 
Bankcard and other revolving plans396 395 415 409 432 
Other113 123 125 125 124 
Total consumer10,213 10,076 10,129 10,448 10,900 
Loans and leases, net of unearned income and fees$50,851 $50,678 $51,398 $53,472 $53,476 

Nonperforming Assets
(Unaudited)
(In millions)December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020
Nonaccrual loans1
$271 $323 $307 $324 $367 
Other real estate owned2
1 1 1 3 4 
Total nonperforming assets$272 $324 $308 $327 $371 
Ratio of nonperforming assets to loans1 and leases and other real estate owned2
0.53 %0.64 %0.60 %0.61 %0.69 %
Accruing loans past due 90 days or more$8 $4 $6 $9 $12 
Ratio of accruing loans past due 90 days or more to loans1 and leases
0.02 %0.01 %0.01 %0.02 %0.02 %
Nonaccrual loans and accruing loans past due 90 days or more
$279 $327 $313 $333 $379 
Ratio of nonaccrual loans and accruing loans past due 90 days or more to loans1 and leases
0.55 %0.64 %0.61 %0.62 %0.71 %
Accruing loans past due 30-89 days3
$70 $114 $29 $100 $112 
Restructured loans included in nonaccrual loans105 121 128 134 113 
Restructured loans on accrual221 231 330 280 198 
Classified loans1,236 1,397 1,557 1,660 1,641 
1 Includes loans held for sale.
2 Does not include banking premises held for sale.
3 Includes $35 million of PPP loans at December 31, 2021, which we expect will be paid in full by either the borrower or the SBA.
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ZIONS BANCORPORATION, N.A.
Press Release – Page 13
January 24, 2022
Allowance for Credit Losses
(Unaudited)
Three Months Ended
(In millions)December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020
Allowance for Loan Losses
Balance at beginning of period$491 $535 $646 $777 $853 
Provision for loan losses23 (45)(113)(123)(61)
Loan and lease charge-offs11 8 8 21 21 
Less: Recoveries10 9 10 13 6 
Net loan and lease charge-offs1 (1)(2)8 15 
Balance at end of period$513 $491 $535 $646 $777 
Ratio of allowance for loan losses to loans1 and leases, at period end
1.01 %0.97 %1.04 %1.21 %1.45 %
Ratio of allowance for loan losses to nonaccrual loans1 at period end
189 %152 %175 %199 %212 %
Annualized ratio of net loan and lease charge-offs to average loans
0.01 %(0.01)%(0.02)%0.06 %0.11 %
Annualized ratio of net loan and lease charge-offs to average loans (excluding PPP loans)0.01 %(0.01)%(0.02)%0.07 %0.13 %
Reserve for Unfunded Lending Commitments
Balance at beginning of period$38 $39 $49 $58 $64 
Provision for unfunded lending commitments2 (1)(10)(9)(6)
Balance at end of period$40 $38 $39 $49 $58 
Allowance for Credit Losses
Allowance for loan losses$513 $491 $535 $646 $777 
Reserve for unfunded lending commitments40 38 39 49 58 
Total allowance for credit losses$553 $529 $574 $695 $835 
Ratio of total allowance for credit losses to loans1 and leases outstanding, at period end
1.09 %1.04 %1.12 %1.30 %1.56 %
Ratio of total allowance for credit losses to loans1 and leases outstanding (excluding PPP loans), at period end
1.13 %1.11 %1.22 %1.48 %1.74 %
1 Does not include loans held for sale.
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ZIONS BANCORPORATION, N.A.
Press Release – Page 14
January 24, 2022
Nonaccrual Loans by Portfolio Type
(Unaudited)
(In millions)December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020
Loans held for sale$— $— $1 $— $— 
Commercial:
Commercial and industrial$124 $157 $111 $119 $140 
PPP3 — 1 — — 
Leasing— — — — — 
Owner occupied57 67 69 74 76 
Municipal— — — — — 
Total commercial184 224 181 193 216 
Commercial real estate:
Construction and land development— — — — — 
Term20 25 28 31 31 
Total commercial real estate20 25 28 31 31 
Consumer:
Home equity credit line14 15 18 19 16 
1-4 family residential52 58 78 80 103 
Construction and other consumer real estate— — — — — 
Bankcard and other revolving plans1 1 1 1 1 
Other— — — — — 
Total consumer67 74 97 100 120 
Total nonaccrual loans$271 $323 $307 $324 $367 

Net Charge-Offs by Portfolio Type
(Unaudited)
(In millions)December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020
Commercial:
Commercial and industrial$3 $(2)$(2)$8 $15 
PPP— — — — — 
Leasing— — — — — 
Owner occupied— (1)— — — 
Municipal— — — — — 
Total commercial3 (3)(2)8 15 
Commercial real estate:
Construction and land development(3)— — — — 
Term— — — — — 
Total commercial real estate(3)— — — — 
Consumer:
Home equity credit line— 1 (1)(1)— 
1-4 family residential— 1 — (1)(1)
Construction and other consumer real estate— — — — — 
Bankcard and other revolving plans— — 1 1 — 
Other1 — — 1 1 
Total consumer loans1 2 — — — 
Total net charge-offs (recoveries)$1 $(1)$(2)$8 $15 
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ZIONS BANCORPORATION, N.A.
Press Release – Page 15
January 24, 2022
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)Three Months Ended
December 31, 2021September 30, 2021December 31, 2020
(In millions)Average balance
Average
yield/rate 1
Average balance
Average
yield/rate 1
Average balance
Average
yield/rate 1
ASSETS
Money market investments:
Interest-bearing deposits$11,155 0.15 %$10,977 0.15 %$906 0.26 %
Federal funds sold and security resell agreements2,189 0.49 %1,739 0.50 %4,544 0.20 %
Total money market investments13,344 0.21 %12,716 0.20 %5,450 0.21 %
Securities:
Held-to-maturity451 3.18 %557 2.87 %577 3.49 %
Available-for-sale21,661 1.52 %18,814 1.56 %14,926 1.70 %
Trading account342 4.76 %199 4.41 %198 4.55 %
Total securities22,454 1.61 %19,570 1.63 %15,701 1.81 %
Loans held for sale79 1.39 %52 3.03 %62 2.32 %
Loans and leases:2
Commercial - excluding PPP loans25,899 3.75 %24,854 3.76 %24,583 3.91 %
Commercial - PPP loans2,439 7.16 %3,795 6.66 %6,310 3.50 %
Commercial real estate12,228 3.39 %12,144 3.42 %12,013 3.55 %
Consumer10,125 3.29 %10,058 3.38 %11,068 3.58 %
Total loans and leases50,691 3.73 %50,851 3.82 %53,974 3.71 %
Total interest-earning assets86,568 2.64 %83,189 2.75 %75,187 3.06 %
Cash and due from banks629 597 601 
Allowance for credit losses on loans and debt securities(495)(536)(854)
Goodwill and intangibles1,015 1,015 1,016 
Other assets4,168 4,291 4,110 
Total assets$91,885 $88,556 $80,060 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market$38,349 0.05 %$37,262 0.05 %$33,305 0.09 %
Time1,662 0.29 %1,829 0.32 %2,925 0.76 %
Total interest-bearing deposits40,011 0.06 %39,091 0.07 %36,230 0.14 %
Borrowed funds:
Federal funds purchased and other short-term borrowings
641 0.07 %630 0.08 %1,336 0.08 %
Long-term debt1,017 2.54 %1,204 2.34 %1,342 2.25 %
Total borrowed funds1,658 1.59 %1,834 1.56 %2,678 1.17 %
Total interest-bearing funds41,669 0.12 %40,925 0.13 %38,908 0.21 %
Noninterest-bearing demand deposits41,397 38,320 32,036 
Other liabilities1,233 1,302 1,384 
Total liabilities84,299 80,547 72,328 
Shareholders’ equity:
Preferred equity440 440 566 
Common equity7,146 7,569 7,166 
Total shareholders’ equity7,586 8,009 7,732 
Total liabilities and shareholders’ equity$91,885 $88,556 $80,060 
Spread on average interest-bearing funds2.52 %2.62 %2.85 %
Impact of net noninterest-bearing sources of funds0.06 %0.06 %0.10 %
Net interest margin2.58 %2.68 %2.95 %
Memo: total loans and leases, excluding PPP loans48,252 3.56 %47,056 3.59 %47,664 3.74 %
Memo: total cost of deposits0.03 %0.03 %0.08 %
Memo: total deposits and interest-bearing liabilities83,066 0.06 %79,245 0.07 %70,944 0.12 %
1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.
2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.
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ZIONS BANCORPORATION, N.A.
Press Release – Page 16
January 24, 2022
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)Twelve Months Ended
December 31, 2021December 31, 2020December 31, 2019
(In millions)Average balance
Average
yield/rate 1
Average balance
Average
yield/rate 1
Average balance
Average
yield/rate 1
ASSETS
Money market investments:
Interest-bearing deposits$8,917 0.14 %$965 0.49 %$717 2.23 %
Federal funds sold and security resell agreements2,129 0.40 %2,089 0.44 %629 2.61 %
Total money market investments11,046 0.19 %3,054 0.46 %1,346 2.41 %
Securities:
Held-to-maturity562 2.97 %618 3.54 %706 3.69 %
Available-for-sale18,365 1.59 %14,208 2.00 %14,389 2.36 %
Trading account246 4.43 %167 4.36 %147 4.45 %
Total securities19,173 1.67 %14,993 2.09 %15,242 2.45 %
Loans held for sale65 2.35 %96 3.89 %89 2.90 %
Loans and leases:2
Commercial - excluding PPP loans25,014 3.80 %25,193 4.11 %24,990 4.86 %
Commercial - PPP loans4,566 5.16 %4,534 3.22 %— — %
Commercial real estate12,136 3.44 %11,854 3.87 %11,675 5.11 %
Consumer10,267 3.44 %11,435 3.71 %11,600 4.22 %
Total loans and leases51,983 3.76 %53,016 3.89 %48,265 4.77 %
Total interest-earning assets82,267 2.79 %71,159 3.37 %64,942 4.17 %
Cash and due from banks605 619 610 
Allowance for credit losses on loans and debt securities(612)(733)(501)
Goodwill and intangibles1,015 1,015 1,014 
Other assets4,122 3,997 3,506 
Total assets$87,397 $76,057 $69,571 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market$36,717 0.06 %$31,100 0.19 %$26,852 0.60 %
Time2,020 0.41 %3,706 1.22 %4,868 1.94 %
Total interest-bearing deposits38,737 0.08 %34,806 0.30 %31,720 0.80 %
Borrowed funds:
Federal funds purchased and other short-term borrowings802 0.07 %1,888 0.52 %4,719 2.36 %
Long-term debt1,211 2.36 %1,544 2.45 %1,236 3.69 %
Total borrowed funds2,013 1.45 %3,432 1.39 %5,955 2.64 %
Total interest-bearing funds40,750 0.14 %38,238 0.40 %37,675 1.09 %
Noninterest-bearing demand deposits37,520 28,883 23,361 
Other liabilities1,259 1,320 1,004 
Total liabilities79,529 68,441 62,040 
Shareholders’ equity:
Preferred equity497 566 566 
Common equity7,371 7,050 6,965 
Total shareholders’ equity7,868 7,616 7,531 
Total liabilities and shareholders’ equity$87,397 $76,057 $69,571 
Spread on average interest-bearing funds2.65 %2.97 %3.08 %
Impact of net noninterest-bearing sources of funds0.07 %0.18 %0.46 %
Net interest margin2.72 %3.15 %3.54 %
Memo: total loans and leases, excluding PPP loans47,417 3.63 %48,482 3.96 %48,265 4.77 %
Memo: total cost of deposits0.04 %0.17 %0.46 %
Memo: total deposits and interest-bearing liabilities78,270 0.07 %67,121 0.22 %61,036 0.67 %
1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.
2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.
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ZIONS BANCORPORATION, N.A.
Press Release – Page 17
January 24, 2022
GAAP to Non-GAAP Reconciliations
(Unaudited)
This press release presents non-GAAP financial measures, in addition to GAAP financial measures, to provide investors with additional information. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. We consider these adjustments to be relevant to ongoing operating results and to provide a meaningful base for period-to-period and company-to-company comparisons. We use these non-GAAP financial measures to assess our performance, financial position, and for presentations of our performance to investors. We believe that presenting these non-GAAP financial measures permits investors to assess our performance on the same basis as that applied by our management and the financial services industry.
Non-GAAP financial measures have inherent limitations and are not necessarily comparable to similar capital 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.
Three Months Ended
(Dollar amounts in millions)December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020
Return on Average Tangible Common Equity
Net earnings applicable to common shareholders, net of tax(a)$207 $234 $345 $314 $275 
Average common equity (GAAP)$7,146 $7,569 $7,436 $7,333 $7,166 
Average goodwill and intangibles(1,015)(1,015)(1,015)(1,016)(1,016)
Average tangible common equity (non-GAAP)(b)$6,131 $6,554 $6,421 $6,317 $6,150 
Number of days in quarter(c)92 92 91 90 92 
Number of days in year(d)365 365 365 365 366 
Return on average tangible common equity (non-GAAP)
(a/b/c)*d13.4 %14.2 %21.6 %20.2 %17.8 %

(In millions, except shares and per share amounts)December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020
Tangible Book Value per Common Share
Total shareholders’ equity (GAAP)$7,463 $7,774 $8,033 $7,933 $7,886 
Preferred stock(440)(440)(440)(566)(566)
Goodwill and intangibles(1,015)(1,015)(1,015)(1,016)(1,016)
Tangible common equity (non-GAAP)(a)$6,008 $6,319 $6,578 $6,351 $6,304 
Common shares outstanding (in thousands)(b)151,625 156,530 162,248 163,800 164,090 
Tangible book value per common share (non-GAAP)
(a/b)$39.62 $40.37 $40.54 $38.77 $38.42 

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ZIONS BANCORPORATION, N.A.
Press Release – Page 18
January 24, 2022
Efficiency Ratio and Adjusted Pre-Provision Net Revenue
The efficiency ratio is a measure of operating expense relative to revenue. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. The methodology of determining the efficiency ratio may differ among companies. We make adjustments to exclude certain items that are not generally expected to recur frequently, as identified in the subsequent schedule, which we believe allow for more consistent comparability among periods. Adjusted noninterest expense provides a measure as to how well we are managing our expenses; adjusted pre-provision net revenue (“PPNR”) enables management and others to assess our ability to generate capital to cover credit losses through a credit cycle. Taxable-equivalent net interest income allows us to assess the comparability of revenue arising from both taxable and tax-exempt sources.
Three Months Ended
(In millions)December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020
Efficiency Ratio
Noninterest expense (GAAP) (a)$449 $429 $428 $435 $424 
Adjustments:
Severance costs— 1 — — 1 
Other real estate expense, net— — — — 1 
Amortization of core deposit and other intangibles1 — — — — 
Restructuring costs— — — — (1)
Pension termination-related expense— — — (5)— 
SBIC investment success fee accrual 1
2 (4)9 — — 
Total adjustments(b)3 (3)9 (5)1 
Adjusted noninterest expense (non-GAAP)(a-b)=(c)$446 $432 $419 $440 $423 
Net interest income (GAAP)
(d)$553 $555 $555 $545 $550 
Fully taxable-equivalent adjustments
(e)10 7 7 8 7 
Taxable-equivalent net interest income (non-GAAP)
(d+e)=(f)563 562 562 553 557 
Noninterest income (GAAP)(g)190 139 205 169 166 
Combined income (non-GAAP)(f+g)=(h)753 701 767 722 723 
Adjustments:
Fair value and nonhedge derivative income (loss)(1)2 (5)18 8 
Securities gains (losses), net20 (23)63 11 12 
Total adjustments(i)19 (21)58 29 20 
Adjusted taxable-equivalent revenue
(non-GAAP)
(h-i)=(j)$734 $722 $709 $693 $703 
Pre-provision net revenue (PPNR) (non-GAAP)
(h)-(a)$304 $272 $339 $287 $299 
Adjusted PPNR (non-GAAP)
(j)-(c)288 290 290 253 280 
Efficiency ratio (non-GAAP)(c/j)60.8 %59.8 %59.1 %63.5 %60.2 %
1 The success fee accrual is associated with the unrealized gain/(loss) from our SBIC investment in Recursion Pharmaceuticals, Inc., and is adjusted based on the mark-to-market value of the investment. The unrealized gain/(loss) is excluded from the efficiency ratio through securities gains (losses), net.


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ZIONS BANCORPORATION, N.A.
Press Release – Page 19
January 24, 2022
Twelve Months Ended
(In millions)December 31,
2021		December 31,
2020
Efficiency Ratio
Noninterest expense (GAAP) (a)$1,741 $1,704 
Adjustments:
Severance costs1 1 
Other real estate expense— 1 
Amortization of core deposit and other intangibles1 — 
Restructuring costs— 1 
Pension termination-related expense(5)28 
SBIC investment success fee accrual 1
7 — 
Total adjustments(b)4 31 
Adjusted noninterest expense (non-GAAP)(a-b)=(c)$1,737 $1,673 
Net interest income (GAAP)(d)$2,208 $2,216 
Fully taxable-equivalent adjustments(e)32 28 
Taxable-equivalent net interest income (non-GAAP)(d+e)=(f)2,240 2,244 
Noninterest income (GAAP)(g)703 574 
Combined income (non-GAAP)(f+g)=(h)2,943 2,818 
Adjustments:
Fair value and nonhedge derivative loss14 (6)
Securities gains, net71 7 
Total adjustments(i)85 1 
Adjusted taxable-equivalent revenue (non-GAAP)(h-i)=(j)$2,858 $2,817 
Pre-provision net revenue (PPNR)(h)-(a)$1,202 $1,114 
Adjusted PPNR (non-GAAP)(j)-(c)1,121 1,144 
Efficiency ratio (non-GAAP)(c/j)60.8 %59.4 %
1 The success fee accrual is associated with the unrealized gain/(loss) from our SBIC investments and is adjusted based on the mark-to-market value of the investments. The gains/(losses) related to these investments are excluded from the efficiency ratio through securities gains (losses), net.
# # #
January 24, 2022 Fourth Quarter 2021 Financial Review

 
2 Forward-Looking Statements; Use of Non-GAAP Financial Measures Forward Looking Information This earnings presentation includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as “may,” “might,” “could,” “anticipate,” “expect,” and similar terms, are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2020 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC) and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov). Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any forward-looking statements to reflect future events or developments. Use of Non-GAAP Financial Measures: This document contains several references to non-GAAP measures, including pre-provision net revenue and the “efficiency ratio,” which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions’ management compensation and are used in Zions’ strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A full reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

 
 Our loan growth strengthened; outlook favorable  Strong growth in multiple categories  Strategic use of liquidity by running promotional lending campaigns  Our deposit growth remains strong  We are investing the cash generated from deposits in loans and modest duration securities  Simultaneously, we are maintaining a strong liquidity profile  We are well prepared for rising interest rates  We have positioned the bank for future interest rates by carefully managing balance sheet liquidity  Investment in securities have been limited to medium duration securities with limited duration extension risk  We are investing significantly in technology to position the company for  Improved long-term resiliency  Improved customer acquisition  Above-average operating leverage 3 Select Themes Key near-term objectives designed to position the bank for superior revenue growth and positive operating leverage

 
 Earnings and Profitability:  $1.34 diluted earnings/share compared to $1.45  $304 million Pre-Provision Net Revenue  $288 million Adjusted PPNR(1)  $25 million provision for credit loss compared to $(46) million  $207 million Net Income Applicable to Common, down from $234 million due to provision for credit loss and securities gains/(losses)  0.9% Return on Assets (annualized)  13.4% Return on Average Tangible Common Equity (annualized)  Credit quality (excluding PPP Loans):  0.55% Nonperforming Assets + loans 90+ days past due / non-PPP loans and leases and other real estate owned  0.01% net loan charge offs, percent of loans, annualized. Both 2Q and 3Q 2021 experienced net recoveries  Increase in the allowance for credit loss (“ACL”), to $553 million or 1.13% of non-PPP loans from 1.11%, due in part to linked-quarter loan growth and qualitative adjustments for Omicron 4 Fourth Quarter 2021 Financial Highlights Vs. 3Q21, continued strong increases in deposits and a strong increase in non-PPP loans Note: For the purposes of comparison in this presentation, we generally use linked-quarter ("LQ"), due to that being the preferred comparison for professional investors and analysts. (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to the unrealized gain on SBIC investments. See Appendix for GAAP to non-GAAP reconciliation tables.  Loans and Deposits: Vs. 3Q21, growth rates not annualized  0.3% increase in period-end loan balances  2.9% increase in period-end loan balances (excluding PPP loans)  6.3% increase in period-end deposits  4.9% increase in period-end noninterest-bearing deposits  61% period-end loan-to-deposit ratio  0.03% cost of average total deposits  Capital Strength:  10.2% Common Equity Tier 1 Ratio (CET1), down from 10.9%  7.2% Tier 1 Leverage Ratio  11.1% (CET1+Allowance for Credit Losses) / Risk-Weighted Assets  $325 million of common stock repurchased during 4Q21

 
$1.66 $1.90 $2.08 $1.45 $1.34 4Q20 1Q21 2Q21 3Q21 4Q21 Diluted Earnings Per Share Notable Items:  4Q21:  $0.06 per share favorable impact from the sale of corporate real estate (in “Dividends and other income”)  $0.08 per share net gain including Recursion Pharma (RXRX) (net of success fees paid)  $0.05 per share charitable contribution (in “Other” noninterest expense)  3Q21:  $(0.12) per share adverse mark-to-market impact from an SBIC investment (Recursion Pharma, RXRX)  $0.01 per share benefit from a credit valuation adjustment on client-related interest rate swaps (“CVA”)  2Q21:  $0.25 per share benefit from mark-to-market of an SBIC investment (Recursion Pharma, RXRX)  $(0.02) per share adverse effect from CVA  1Q21: $0.13 per share benefit from securities gains and CVA  4Q20: $0.09 per share benefit from securities gains and CVA 5 Strong underlying performance in EPS growth, with most variance to prior periods attributable to provision for credit losses Diluted Earnings per Share Note: EPS calculations assume a 24.5% statutory tax rate $0.31 $0.61 $0.57 $0.22 $(0.12) 4Q20 1Q21 2Q21 3Q21 4Q21 EPS Impact of Provision for Credit Losses

 
1.41% 1.57% 1.65% 1.08% 0.92% 4Q20 1Q21 2Q21 3Q21 4Q21 17.8% 20.2% 21.6% 14.2% 13.4% 4Q20 1Q21 2Q21 3Q21 4Q21 Balance Sheet Profitability 6 Profitability remains healthy; volatility of the results primarily due to variability in the provision for credit losses Return on Assets Return on Tangible Common Equity Return on Tangible Common Equity is a non-GAAP measure. See Appendix for GAAP to non-GAAP reconciliation table.

 
Adjusted Pre-Provision Net Revenue Adjusted PPNR increased considerably from 3Q21 when adjusting for items (detailed below) (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to the unrealized gains/(losses) on SBIC investments. See Appendix for GAAP to non-GAAP reconciliation table. Adjusted PPNR increased 7% (not annualized) from 3Q21, if adjusting for items:  Less: PPP income (revenue of $44 million, 4Q21; $64 million, 3Q21)  Less: Gains on properties (revenue of $12 million)  Plus: Charitable contribution (expense of $10 million, 4Q21) Adjusted PPNR growth excluding PPP made possible through:  Strong deposit growth  Deployment of excess liquidity into securities  Strong loan growth  Solid customer-related fee income growth 52 52 67 64 44 280 253 290 290 288 4Q20 1Q21 2Q21 3Q21 4Q21 Adjusted PPNR(1) ($ millions) 7

 
$47.7 $47.5 $46.8 $47.1 $48.3 $6.3 $6.1 $5.9 $3.8 $2.4 3.71% 3.73% 3.77% 3.82% 3.73% $0.0 $25.0 $50.0 $75.0 4Q20 1Q21 2Q21 3Q21 4Q21 Average Total Loans Excluding PPP Loans, Yield: 3.56% in 4Q21 Average PPP Loans, Yield: 7.16% in 4Q21 Average Loan and Deposit Growth Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits 8 Vs. 3Q21, average non-PPP loans increased 2.5% in 4Q21; average deposits increased 5.2% $36.2 $37.7 $38.1 $39.1 $40.0 $32.0 $33.7 $36.5 $38.3 $41.4 0.08% 0.05% 0.04% 0.03% 0.03% $0.0 $25.0 $50.0 $75.0 $100.0 4Q20 1Q21 2Q21 3Q21 4Q21 Average Noninterest-bearing Deposits Average Interest-bearing Deposits ($ billions) ($ billions)

 
9 Credit Quality Ratios Net charge-offs remain very low, with last 12 months net charge-offs at just 0.01% of average loans Key credit metrics:  2.5%: Classified loans/loans  Improved (declined) by more than 11% in 4Q21 from 3Q21  0.55%: NPAs+90(1)/loans + OREO  Improved (declined) by more than 17% in 4Q21 from 3Q21  Net loan losses (recoveries), relative to average loans:  0.01% annualized in 4Q21  0.01% over the last 12 months Allowance for credit losses:  1.13% of total loans and leases (1) Nonperforming assets plus accruing loans that were ≥ 90 days past due Note: Net charge-offs / average loans and provision / average loans ratios are annualized for all periods shown Credit Quality 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4Q20 1Q21 2Q21 3Q21 4Q21 Classified / Loans NPAs + 90 / Loans + OREO ACL / Loans All Ratios Exclude PPP Loans 0.13% 0.07% (0.02)% (0.01)% 0.01% (0.56)% (1.11)% (1.05)% (0.39)% 0.21% NCOs / Avg Loans (ann.) Provision / Avg Loans (ann.)

 
Loan Growth in Detail Moderate to strong loan growth achieved in certain targeted growth categories Linked Quarter Loan Balance Growth, Excluding PPP Total Loans, excluding PPP: +3% Linked quarter:  Excluding PPP loans, period-end loans increased $1.4 billion or 3%  Loan growth in dollars predominantly in C&I (ex-O&G), Owner-Occupied, Municipal, and Home Equity  Decline of 40% in SBA PPP accounted for approximately $1.2 billion of attrition Over the next four quarters, we expect moderate total loan growth, driven by:  Moderate to strong growth in Home Equity, Municipal, C&I and Owner-Occupied loans  Stable to moderate growth in O&G, CRE  Further shrinking of the SBA PPP portfolio G ro w th R at e: L in ke d Q ua rt er , n ot a nn ua liz ed Size of the Portfolio, in billions of dollars 10 C&I (ex-Oil & Gas), 6% Owner occupied, 3% CRE C&D, -3% CRE Term, 1% Home Equity, 6% 1-4 Family, -1%Energy (Oil & Gas), -3% Municipal, 8% Other, 4% -10% -5% 0% 5% 10% 15% $0 $5 $10 $15 Note: circle size indicates relative proportion of loan portfolio as of 4Q21.PPP loans, not shown on graph, declined 40% in 4Q21 vs. 3Q21

 
$139 $133 $139 $151 $152 4Q20 1Q21 2Q21 3Q21 4Q21 Customer-related fee income increased slightly from the prior quarter  $7 million increase in capital markets and foreign exchange  Relatively even distribution of growth across swaps, foreign exchange, and syndication revenue  Strong linked-quarter performance may not be sustained each quarter, but efforts to grow these businesses are bearing fruit  Relative stability in retail banking fees, card fees, wealth management and other fees quarter-over-quarter  Decline in loan-related fees and income primarily due to mortgage banking activities, as more production was retained for the portfolio Over the longer term, customer-related fees are expected to continue to benefit from improved capital markets and wealth management Noninterest Income 11 Customer-Related Fee Income (1) Total customer-related fee income increased slightly from 3Q21, and was up 10% from the year-ago period (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items, as detailed in the Noninterest Income table located in the earnings release. ($ millions)

 
12 Mortgage Banking Successes amid COVID-19 pandemic with numerous customer experience improvements moving into 2022 $433 $435 $627 $651 $809 $409 $411 $383 $345 $384 4Q20 1Q21 2Q21 3Q21 4Q21 Strong Mortgage Funding HFI HFS $842 million $1.2 billion ($ millions) $10.4 $10.6 $7.8 $11.3 $3.8 4Q20 1Q21 2Q21 3Q21 4Q21 Loan Sales Fees 2019  Roll-out 2021  Enhanced Digital Fulfillment Process  95% of all applications taken digitally  33% reduction in turn-time vs. 2019, allowing for record unit production 4Q21  Funded $1.2B in Q4, and >$4B in 2021, setting records for quarterly production  Annual production up 16% in 2021 vs. 2020 as compared to an 8% decline for the industry (MBA Market Index)  Applications were up 129% ($1.8B) over same period last year  Pipeline of $1.8B is setting up for a strong 1Q22 production  Successfully launched numerous process enhancements, including refinements to the Affluent program  Affluent program refinement will be deployed across organization in 2022; expected to be instrumental in increasing our held-for-investment portfolio  Fees lower for 4Q21 as the percentage of held-for-investment loans is returning to historical levels MBA Market Index data source: Bloomberg; Calculations: Zions

 
These technology investments are expanding the reach of our bankers and improving the customer and employee experience Technology: Key 2021 & 2022 Deliverables 13 Consumer Digital Banking Rollout Small Business Small Business Loan Application Salesforce Real-Time Payments (receive only) Securities-Based Lending Commitment to Automation 2021 2022 Sales Management Unification CDI Hub Acceleration New Technology Campus New Treasury Gateway Experience Platform

 
 Interest rate sensitivity reduced through interest rate hedges:  $4.9B in securities purchases in 4Q21 with an avg yield of 1.69%  $1.5B in forward-starting interest-rate swaps added in 4Q21 with a weighted average rate of 1.09% Securities, Money Market Investments and Interest Rate Swaps 14 Total Securities Portfolio and Money Market Investments (end of period balances) $16.6 $17.4 $19.0 $21.2 $24.9 $6.8 $9.7 $11.8 $11.3 $12.4 4Q20 1Q21 2Q21 3Q21 4Q21 Total Securities Money Market Investments ($ billions) The securities portfolio increased $3.6 B in 4Q21, absorbing deposit growth; further strong increase is likely  Strong deposit growth has significantly increased the bank’s overall liquidity profile  4Q21 period-end securities growth was $3.6 billion and accounted for 28% of period-end interest-earning assets  4Q21 period-end money market investments increased $1.1 billion and accounted for 14% of period-end interest-earning assets 30% 34% 37% 39% 42% Percent of earning assets Securities portfolio duration as of December 31, 2021: 3.1 years, and is modeled to extend to 3.2 years in an up 200 basis point parallel shift of the interest rate yield curve 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 2021Q4 2022Q4 2023Q4 Av er ag e Fi xe d Ra te (% ) Av g N ot io ni al ($ B) Average total swaps in effect during quarter Average fixed rate (right scale)

 
$550 $545 $555 $555 $553 2.95% 2.86% 2.79% 2.68% 2.58% 4Q20 1Q21 2Q21 3Q21 4Q21 Net Interest Income and Net Interest Margin Net Interest Income Net Interest Margin 15 Net interest income stability driven by PPP success, securities purchases, and loan growth ($ millions) Net Interest Margin 3Q21 4Q21 Lower PPP Loan mix shift Deposits / Debt Maturity As of December 31, 2021, unamortized net origination fees related to the PPP loans totaled $45 million, to be amortized over the remaining life of approximately four years or when loans pay down, pay off, or are forgiven by the SBA. Zions’ active efforts to invest the inflow of deposits has helped to limit the compression of the net interest margin. The increase in average securities over the past year (as opposed to leaving it in cash) has supported the NIM and has boosted recurring revenue. Securities Growth Deposit growth enabled strong money market investment and securities portfolio growth

 
51 % 14 % 10 % 7% 9% 9% 31 % 12 % 11 % 9% 27 % 10 % ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f L oa ns Loans: Rate Reset and Cash Flow Profile Loans After Hedging Interest Rate Sensitivity 16 The surge in deposits coupled with modest loan growth has resulted in increased asset sensitivity Source: Company filings and S&P Global; “Prior Fed Cycle” refers to 3Q15-2Q19, reflecting the lag effect of deposit pricing relative to Fed Funds rates. The “Current Fed Cycle” begins in 3Q19 to present. (1) 12-month simulated impact of an instantaneous and parallel change in interest rates. Loans are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets in chart on the right. The loan and securities portfolios have durations of 1.8 and 3.0 years, respectively. -6% 12% 23% −100 bps +100 bps +200 bps Net Interest Income Sensitivity (1) As su m ed Hi st or ic al In the down 100 scenario, models assume rates do not fall below zero 18% 21% 16% 15% 2% Prior Fed Cycle (+225 bps) Current Fed Cycle (-225 bps) +200 bps +100 bps −100 bps Total Deposit Betas 46% 15% 10% 8% 10% 11% 35% 14% 10% 9% 20% 12% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f E ar ni ng A ss et s Earning Assets Rate Reset and Cash Flow Profile Earning Assets After Hedging

 
$4 24 $4 35 $4 28 $4 29 $4 49 $4 23 $4 40 $4 19 $4 32 $4 46 4Q20 1Q21 2Q21 3Q21 4Q21 NIE (GAAP) Adjusted NIE (Non-GAAP) ($ millions) Noninterest Expense 17 Increase in expense in 4Q21 primarily attributable to a contribution to Zions’ charitable foundation  Total noninterest expense increased 5% over the prior quarter  Total adjusted noninterest expense increased 3% over the prior quarter, primarily due to a $10 million contribution to Zions’ charitable foundation  Excluding the charitable contribution expense, linked quarter adjusted noninterest expense increased 1% over the prior quarter  Notable items in:  4Q21: $10 million donation to Zions Foundation; $2 million success fee related to net gains on SBIC investments  3Q21: $(4) million success fee reversal  2Q21: $9 million success fee accrual (1) Adjusted for items such as severance, provision for unfunded lending commitments, securities gains and losses and investment, and accruals for investment and advisory expenses related to the unrealized gain on an SBIC investment. See Appendix for GAAP to non-GAAP reconciliation table. Noninterest Expense (NIE) (1)

 
18 Allowance for Credit Loss (“ACL”) ACL increase from 3Q21 reflects loan growth and concerns about Omicron’s effect on economic improvement 526 777 914 917 835 695 574 529 553 1.08 1.56 1.88 1.91 1.74 1.48 1.22 1.11 1.13 1/1/20 CECL 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Allowance for Credit Loss ACL (%) ex-PPP The change in 4Q21 ACL from 3Q21 reflects:  Concerns about the potential economic effects from the Omicron variant of COVID  Strong credit quality improvement that was already expected as part of previous quarter’s ACL offset by some increases in specific reserves  Significant non-PPP loan growth • Changes to economic forecasts • Economic Uncertainty • New loans & renewals • Qualitative adjustments • Portfolio mix • Aging of existing loans • Draws, pay-offs • Changes in credit quality • Changes in specific reserves CECL Economic Forecast Assumptions • Probabilistic weighting of four economic scenarios • Reasonable and supportable forecast period: 12 months; reversion to long-term average: 12 months • Economic factors vary depending upon the type of loan, but include various combinations of national, state, and MSA-level forecasts for variables such as unemployment, real estate price indices, energy prices, GDP, etc. ($ millions)

 
Capital Strength 19 Zions has returned one-third of the average market value to shareholders in the last three years Common Equity Tier 1 Capital Quarterly Return of Shareholder Equity as % of Avg. Market Cap Common Dividends and Share Repurchases 11.3% 10.8% 10.4% 10.2% 10.0% 10.2% 10.4% 10.8% 11.2% 11.3% 10.9% 10.2% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 $5 4 $5 5 $5 6 $5 6 $5 7 $5 6 $5 6 $5 6 $5 5 $5 6 $5 7 $6 0$6 9 $7 0 $7 0 $6 9 $7 1 $7 6 $7 8 $8 1 $8 5 $8 7 $8 8 $9 3 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Risk-weighted Assets Total Assets ($ billions) 3.7% 3.9% 4.3% 4.0% 1.9% 1.1% 1.1% 0.9% 1.3% 1.7% 4.3% 3.8% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21

 
Financial Outlook (4Q 2022E vs 4Q 2021A) 20 Outlook Comments Moderately Increasing  Moderate growth in the next twelve months, excluding PPP loans. Increasing  Does not include interest rate increases. Any interest rate increases are expected to be additive to our net interest income outlook.  Excludes PPP loan income. Slightly Increasing  Customer-related fees excludes securities gains, dividends, and property sales gains. Moderately Increasing  Outlook excludes the $10 million charitable contribution in 4Q21.  4Q22 expected to be moderately higher than 4Q21’s adjusted noninterest expense of $446 million less $10 million, or $436 million.  A greater portion of the capital generated is likely to be allocated to support balance sheet growth than in the recent quarters.  Relative to recent quarters, reduced share repurchases is likely. Customer-Related Fees Loan Balances Net Interest Income Capital Management Adjusted Noninterest Expense

 
 Financial Results Summary  Loan growth by geography and type  PPP results  FutureCore project  Loan loss severity (NCOs as a percentage of nonperforming assets)  Middle Market and Small Business Research Feedback  GAAP to Non-GAAP reconciliation 21 Appendix

 
Financial Results Summary 22 Solid and improving fundamental performance Three Months Ended (Dollar amounts in millions, except per share data) December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Earnings Results: Diluted Earnings Per Share $ 1.34 $ 1.45 $ 2.08 $ 1.90 Net Earnings Applicable to Common Shareholders 207 234 345 314 Net Interest Income 553 555 555 545 Noninterest Income 190 139 205 169 Noninterest Expense 449 429 428 435 Pre-Provision Net Revenue - Adjusted (1) 288 290 290 253 Provision for Credit Losses 25 (46) (123) (132) Ratios: Return on Assets(2) 0.92 % 1.08 % 1.65 % 1.57 % Return on Common Equity(3) 11.5 % 12.3 % 18.6 % 17.4 % Return on Tangible Common Equity(3) 13.4 % 14.2 % 21.6 % 20.2 % Net Interest Margin 2.58 % 2.68 % 2.79 % 2.86 % Yield on Loans 3.73 % 3.82 % 3.77 % 3.73 % Yield on Securities 1.61 % 1.63 % 1.71 % 1.77 % Average Cost of Total Deposits(4) 0.03 % 0.03 % 0.04 % 0.05 % Efficiency Ratio (1) 60.8 % 59.8 % 59.1 % 63.5 % Effective Tax Rate 20.8 % 22.8 % 22.2 % 21.7 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.53 % 0.64 % 0.60 % 0.61 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.01 % (0.01) % (0.02) % 0.06 % Common Equity Tier 1 Capital Ratio(5) 10.2 % 10.9% 11.3% 11.2% (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses and investment and advisory expense related SBIC investments. See Appendix for GAAP to non-GAAP reconciliation tables. (2) Net Income before Preferred Dividends used in the numerator; (3) Net Income Applicable to Common used in the numerator; (4) Includes noninterest-bearing deposits; (5) Current period ratios and amounts represent estimates

 
23 Loan Growth - by Bank Brand and Loan Type “Other” loans includes municipal and other consumer loan categories. Totals shown above may not foot due to rounding. Period-End Year over Year Loan Growth (4Q21 vs. 4Q20) Period-End Linked Quarter Loan Growth (4Q21 vs. 3Q21) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) (189) 407 479 (64) 23 17 88 - 761 SBA PPP (1,035) (745) (765) (393) (366) (205) (208) - (3,717) Owner occupied 155 67 12 165 91 21 37 - 548 Energy (Oil & Gas) 36 (323) (4) (16) - (23) (1) - (331) Municipal 303 122 48 18 (141) 235 96 26 707 CRE C&D 59 16 156 (12) 59 55 79 - 412 CRE Term (167) (116) 85 (32) (22) (72) 6 - (318) 1-4 Family (114) (431) (29) (130) (64) (73) (13) (65) (919) Home Equity 115 53 56 25 5 21 (4) - 271 Other 24 (50) (17) 1 - 10 (8) 1 (39) Total net loans (813) (1,000) 21 (438) (415) (14) 72 (38) (2,625) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 59 187 326 42 31 25 52 - 722 SBA PPP (287) (240) (330) (103) (114) (92) (59) - (1,225) Owner occupied 22 95 37 33 48 41 11 - 287 Energy (Oil & Gas) 40 (46) (5) (18) - (21) (1) - (51) Municipal 64 86 (1) 9 (29) 137 1 (9) 258 CRE C&D 6 (128) (9) 7 32 (15) 21 - (86) CRE Term (30) 43 237 (114) (6) (26) 27 - 131 1-4 Family 13 (45) (30) (10) 4 (4) (3) (15) (90) Home Equity 60 19 46 31 11 17 (2) - 182 Other 28 (8) 8 7 (1) 14 (1) (2) 45 Total net loans (25) (37) 279 (116) (24) 76 46 (26) 173

 
Paycheck Protection Program Loans PPP lending success from Zions’ ability to link front line bankers and borrowers with an agile technology deployment Zions PPP Loans Approved New-to- Bank Customers Forgiveness Applications Received(1) Forgiveness Applications Approved by SBA(1) ~77,000 loans ~20,000 ~69,300 ~66,700 $9.9 billion $8.8 billion $7.9 billion Source: SBA PPP Report and internal data. (1) As of December 31, 2021 $6,310 $6,135 $5,945 $3,795 $2,439 3.50% 3.98% 4.56% 6.66% 7.16% 4Q20 1Q21 2Q21 3Q21 4Q21 Average PPP Loans Loan Yields 10th Ranked 10th Nationally for PPP loan dollars originated of consolidated 2020 and 2021 SBA PPP loans ($ millions) 24

 
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 4Q20 1Q21 2Q21 3Q21 4Q21 Existing New Paycheck Protection Program Customers – Enhanced Relationships Growth rate of new services provided to both existing and new-to-bank customers remains steady New Accounts and Services Utilized by PPP Customers New revenue generating services include:  New accounts (checking or loan)  Account analysis / Treasury Internet Banking  ACH and wire transfers / Remote Deposit Capture  Wealth Management / Credit Cards 57,000 20,000 New-to-Bank Customers Existing Customers PPP Loans (Prior to Forgiveness) New accounts and services do not include the PPP loan, or the deposit account required to receive the PPP funds, and includes only products and services that generate revenue Related benefits from PPP customers  Deposit growth exceeding $6 billion  New loans exceeding $550 million  ~50% of PPP (2020 vintage) new-to-bank customers are considered active users of their deposit accounts, rising consistently since origination  Retention rate for new-to-bank customers has been solid 25

 
Replacing the entire core legacy environment to improve operational resiliency and efficiency • Parameter driven • Real time • One data model • Natively API enabled • Cloud deployable • Modern cyber paradigm • Continuously upgraded & tested • Facilitates automation Modern Architecture Built for Resiliency and Speed • Faster time to market for new products • Unified account opening platform (branch/online/ mobile) • Decreased outage risk • Improves consistency of customer attribute data across numerous apps • 7-day processing (when U.S. adopts) • Real time: Fraud alerts and data entry correction Improved Customer Experience • Intuitive user-friendly front end • Real time data vs. calling the back office • Reduces duplicate data entry • Training simplified Empowered Bankers • General ledger simplification • Credit approval workflow • Loan ops consolidation • Data governance disciplines • Deposit product rationalization • Charter consolidation Driving Modernization FutureCore: A Strategic Technology Advantage for Years to Come Fu tu re Co re as a C at al ys t Be ne fit s o f F ut ur eC or e 26

 
6% 16 % 23 % 31 % 31 % 38 % 40 % 40 % 42 % 44 % 46 % 56 % 57 % 57 % 57 % 66 % 79 % FR C PB CT BO KF AS B ZI O N CM A CF G FH N W AL W TF C FN B EW BC RF SN V KE Y HB AN FI TB 3% 12 % 12 % 15 % 16 % 21 % 28 % 30 % 32 % 37 % 46 % 47 % 51 % 53 % 53 % 53 % 64 % FR C W AL PB CT ZI O N FH N BO KF W TF C AS B EW BC CM A CF G KE Y FN B SN V HB AN RF FI TB Loan Loss Severity Annualized NCOs / Nonaccrual Loans Five Year Average (2016 – 2020) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2006 – 2020) 27Source: S&P Global. Calculated using the average of annualized quarterly results. Note: Survivorship bias: some banks that may have been included in Zions’ peer group have been excluded due to their failed or merged status. When problems arise, Zions generally experiences less severe loan losses due to strong collateral

 
Middle Market and Small Business Research Feedback Source: 2020 Greenwich Associates Market Tracking Program Nationwide *Major Competitors: JPMorgan, Bank of America Merrill Lynch, US Bank, Wells Fargo ** Excellent Citations are a "5" on a 5 point scale from "5" excellent to "1" poor Zions compares favorably to major competitors (JPMorgan, Bank of America, US Bank, Wells Fargo) 28 Major Competitors* (Average Score %) Closest Competitor's Score % Our Rank (2020) Middle Market (Revenues of $10-$500 million) Overall Satisfaction Overall Satisfaction - Customers 61 45 55 1st Bank You Can Trust 75 61 69 1st Values Long-Term Relationships 70 61 69 1st Ease of Doing Business 65 55 61 1st Digital Product Capabilities 59 55 65 2nd Satisfaction with our Bankers Overall Customer Satisfaction with Relationship Managers 67 64 71 2nd Overall Customer Satisfaction with Cash Management Specialist 69 63 68 1st Credit Process Willingness to Extend Credit 73 70 92 2nd Speed in Responding to a Loan Request 70 66 78 3rd Flexible Terms and Conditions 67 63 80 3rd Net Promoter Score 56 33 48 1st Small Business (Revenues of $1-$10 million) Overall Satisfaction Overall Satisfaction - Customers 70 42 49 1st Bank You Can Trust 78 57 66 1st Values Long Term Relationships 76 53 68 1st Ease of Doing Business 75 55 63 1st Digital Product Capabilities 64 51 60 1st Satisfaction with our Bankers Overall Customer Satisfaction with Relationship Managers 78 60 74 1st Overall Customer Satisfaction with Cash Management Specialist 85 72 94 2nd Credit Process Willingness to Extend Credit 67 55 68 2nd Speed in Responding to a Loan Request 76 53 66 1st Flexible Terms and Conditions 63 48 57 1st Net Promoter Score 55 15 36 1st % of "Excellent" Customer Citations** Greenwich Associates Customer Satisfaction Categories Zions Bancorporation Client Score % % of "Excellent" Customer Citations**

 
29 GAAP to Non-GAAP Reconciliation In millions, except per share amounts 4Q21 3Q21 2Q21 1Q21 4Q20 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense $449 $429 $428 $435 $424 LESS adjustments: Severance costs 1 1 Other real estate expense 1 Amortization of core deposit and other intangibles 1 Pension Termination related expense Restructuring costs (5) (1) SBIC Investment Success Fee Accrual 2 (4) 9 (b) Total adjustments 3 (3) 9 (5) 1 (a-b)=(c) Adjusted noninterest expense 446 432 419 440 423 (d) Net interest income 553 555 555 545 550 (e) Fully taxable-equivalent adjustments 10 7 7 8 7 (d+e)=(f) Taxable-equivalent net interest income (TE NII) 563 562 562 553 557 (g) Noninterest Income 190 139 205 169 166 (f+g)=(h) Combined Income $753 $701 $767 $722 $723 LESS adjustments: Fair value and nonhedge derivative income (loss) (1) 2 (5) 18 8 Securities gains (losses), net 20 (23) 63 11 12 (i) Total adjustments 19 (21) 58 29 20 (h-i)=(j) Adjusted revenue $734 $722 $709 $693 $703 (j-c) Adjusted pre- provision net revenue (PPNR) $288 $290 $290 $253 $280 (c)/(j) Efficiency Ratio 60.8% 59.8% 59.1% 63.5% 60.2%

 
30 GAAP to Non-GAAP Reconciliation (Continued) In millions, except per share amounts 4Q21 3Q21 2Q21 1Q21 4Q20 Net Earnings Applicable to Common Shareholders (NEAC) (k) Net earnings applicable to common $207 $234 $345 $314 $275 (l) Diluted Shares (average) 154 160 163 164 164 GAAP Diluted EPS 1.34 1.45 2.08 1.90 1.66 PLUS Adjustments: Adjustments to noninterest expense 3 (3) 9 (5) 1 Adjustments to revenue (19) 21 (58) (29) (20) Tax effect for adjustments 3 (4) 10 7 4 Preferred stock redemption - - (m) Total adjustments (13) 14 (39) (27) (15) (k+m)=(n) Adjusted net earnings applicable to common (NEAC) 194 248 306 287 260 (n)/(l) Adjusted EPS 1.26 1.54 1.84 1.73 1.57 (o) Average assets 91,885 88,556 85,957 83,079 80,060 (p) Average tangible common equity 6,131 6,554 6,421 6,318 6,150 Balance Sheet Profitability (n)/(o) Adjusted Return on Assets 0.87% 1.14% 1.47% 1.44% 1.34% (n)/(p) Adjusted Return on Tangible Common Equity 12.6% 15.0% 19.1% 18.4% 16.8%