Equibles

8-K

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION)

8-K 2024-01-22 For: 2024-01-22
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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)  January 22, 2024

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

(Exact name of registrant as specified in its charter)

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

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

Former name or former address, if changed since last report

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02    Results of Operations and Financial Condition.

On January 22, 2024, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended December 31, 2023 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on January 22, 2024. The press release announcing the financial results for the quarter ended December 31, 2023 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 Number Description
99.1 Press Release dated January 22, 2024 (furnished herewith).
99.2 Earnings Release Presentation dated January 22, 2024 (furnished herewith).
101 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104 The cover page from this Current Report on form 8-K, formatted as Inline XBRL.

SIGNATURES

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

ZIONS BANCORPORATION, NATIONAL ASSOCIATION
By: /s/ Paul E. Burdiss
Name:   Paul E. Burdiss
Title:      Executive Vice President and Chief Financial Officer
Date: January 22, 2024

Document

Zions Bancorporation, N.A.<br>One South Main<br>Salt Lake City, UT 84133<br>January 22, 2024
www.zionsbancorporation.com

Fourth Quarter 2023 Financial Results: FOR IMMEDIATE RELEASE

Investor Contact: Shannon Drage (801) 844-8208

Media Contact: Rob Brough (801) 844-7979

Zions Bancorporation, N.A. reports: 4Q23 Net Earnings of $116 million, diluted EPS of $0.78
compared with 4Q22 Net Earnings of $277 million, diluted EPS of $1.84,<br>and 3Q23 Net Earnings of $168 million, diluted EPS of $1.13

FOURTH QUARTER RESULTS

$0.78 $116 million 2.91% 10.3%
Net earnings per diluted common share Net earnings Net interest margin (“NIM”) Estimated Common Equity<br>Tier 1 ratio
FOURTH QUARTER HIGHLIGHTS¹
--- --- --- ---
Net Interest Income and NIM •
• NIM was 2.91%, compared with 3.53%, and remained relatively flat compared with 2.93% in the third quarter of 2023
Operating Performance •
• Customer-related noninterest income remained relatively stable at 150 million, compared with 153 million
• Noninterest expense was 581 million, up 23%, and included a 90 million FDIC special assessment accrual; adjusted noninterest expense² was 489 million, up 4%
Loans and Credit Quality •
• The provision for credit losses was less than 1 million, compared with 43 million
• The allowance for credit losses was 1.26%, compared with 1.14% of loans and leases
• The annualized ratio of net loan and lease charge-offs to average loans was 0.06%, compared with (0.02)%
• Nonperforming assets3 were 228 million, or 0.39%, compared with 149 million, or 0.27%, of loans and leases
Deposits and Borrowed Funds •
• Short-term borrowings, consisting primarily of secured borrowings, were 4.4 billion, compared with 10.4 billion
Capital •
Other Notable items •

All values are in US Dollars.

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Fourth quarter operating results reflect the Bank’s resiliency, with strong quarter-over-quarter customer deposit growth of $1.7 billion, loan growth of $0.9 billion, a stable net interest margin and continued strengthening of the Bank’s capital position. Operating expenses, excluding a one-time $90 million FDIC special assessment related to the bank failures in early 2023, continued to be well managed.”<br><br>Mr. Simmons continued, “We were particularly pleased with the strong credit quality of our loan portfolio, reflected in an annualized net charge-off ratio of 0.06%. While classified loans moderately increased during the quarter, the portfolio is characterized by strong collateral coverage that has mitigated loss exposure. We are poised for growth in the year ahead, as we expect that our business investments and focus on improved client profitability, combined with stable or lower short-term interest rates and continued moderate economic expansion in the western United States, should result in client acquisition and improvement in our financial results.”
OPERATING PERFORMANCE2
(In millions) Three Months Ended<br>December 31, Twelve Months Ended<br>December 31,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
2023 2022 2023 2022
Adjusted PPNR $ 262 $ 420 $ 1,171 $ 1,312
Net charge-offs (recoveries) $ 9 $ (3) $ 36 $ 39
Efficiency ratio 65.1 % 52.9 % 62.9 % 58.8 %
Weighted average diluted shares 147.6 148.8 147.8 150.3

1 Comparisons noted in the bullet points are calculated for the current quarter compared with the same prior year period unless otherwise specified. The effective tax rate was 16.0% at December 31, 2023, compared with 20.9% at December 31, 2022, primarily as a result of changes in the reserve for uncertain tax positions.

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

3 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

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
4Q23 - 3Q23 4Q23 - 4Q22
(In millions) 4Q23 3Q23 4Q22 % %
Interest and fees on loans $ 848 $ 831 $ 656 2 % 29 %
Interest on money market investments 48 35 39 13 37 9 23
Interest on securities 144 144 140 — — 4 3
Total interest income 1,040 1,010 835 30 3 205 25
Interest on deposits 395 366 38 29 8 357 NM
Interest on short- and long-term borrowings 62 59 77 3 5 (15) (19)
Total interest expense 457 425 115 32 8 342 NM
Net interest income $ 583 $ 585 $ 720 — (19)
bps bps
Yield on interest-earning assets1 5.15 % 5.02 % 4.09 % 13 106
Rate paid on total deposits and interest-bearing liabilities1 2.25 % 2.10 % 0.56 % 15 169
Cost of total deposits1 2.06 % 1.92 % 0.20 % 14 186
Net interest margin1 2.91 % 2.93 % 3.53 % (2) (62)

All values are in US Dollars.

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

Net interest income decreased $137 million, or 19%, in the fourth quarter of 2023, relative to the prior year period, as higher earning asset yields were offset by higher funding costs. Net interest income was also impacted by a reduction in interest-earning assets and an increase in interest-bearing liabilities.

Average interest-earning assets decreased $1.0 billion, or 1%, from the prior year quarter, driven by declines of $3.0 billion and $0.5 billion in average securities and average money market investments, respectively. The decrease in average securities was primarily due to principal reductions. These decreases were partially offset by an increase of $2.5 billion in average loans and leases.

Average interest-bearing liabilities increased $9.9 billion, or 23%, from the prior year quarter, driven by an increase of $12.8 billion in average interest-bearing deposits, partially offset by a decrease of $2.9 billion in average borrowed funds.

The net interest margin was 2.91%, compared with 3.53%, and remained relatively flat compared with 2.93% in the third quarter of 2023. The yield on average interest-earning assets was 5.15% in the fourth quarter of 2023, an increase of 106 basis points, reflecting higher interest rates and a favorable mix change to higher yielding assets. The yield on average loans and leases increased 113 basis points to 5.94%, and the yield on average securities increased 42 basis points to 2.84%.

The cost of total deposits for the fourth quarter of 2023 was 2.06%, compared with 0.20%. The rate paid on total deposits and interest-bearing liabilities was 2.25%, compared with 0.56%, reflecting the higher interest rate environment. Average noninterest-bearing deposits as a percentage of total deposits decreased to 35%, compared with 51% during the same prior year period, as customers migrated to interest-bearing products in response to the higher interest rate environment.

ZIONS BANCORPORATION, N.A.

Press Release – Page 3

Noninterest Income
4Q23 - 3Q23 4Q23 - 4Q22
(In millions) 4Q23 3Q23 4Q22 % %
Commercial account fees $ 43 $ 43 $ 41 — % 5 %
Card fees 26 26 27 — — (1) (4)
Retail and business banking fees 17 17 16 — — 1 6
Loan-related fees and income 16 23 19 (7) (30) (3) (16)
Capital markets fees 19 18 22 1 6 (3) (14)
Wealth management fees 14 15 14 (1) (7) — —
Other customer-related fees 15 15 14 — — 1 7
Customer-related noninterest income 150 157 153 (7) (4) (3) (2)
Fair value and nonhedge derivative income (loss) (9) 7 (4) (16) NM (5) NM
Dividends and other income 8 12 9 (4) (33) (1) (11)
Securities gains (losses), net (1) 4 (5) (5) NM 4 80
Total noninterest income $ 148 $ 180 $ 153 (18) (3)

All values are in US Dollars.

Total customer-related noninterest income remained relatively stable at $150 million, compared with $153 million in the prior year quarter. An increase in commercial account analysis fees was offset by a decrease in capital market fees, driven largely by reduced swap and loan syndication fees, and a decrease in loan-related fees and income, primarily due to a decline in loan servicing income resulting from the sale of associated mortgage servicing rights in the third quarter of 2023.

Net securities losses decreased $4 million, primarily due to higher losses recorded during the prior year period in our SBIC investment portfolio. Fair value and nonhedge derivative loss increased $5 million, primarily due to a $9 million loss during the quarter related to a credit valuation adjustment (“CVA”) on client-related interest rate swaps.

Noninterest Expense
4Q23 - 3Q23 4Q23 - 4Q22
(In millions) 4Q23 3Q23 4Q22 % %
Salaries and employee benefits $ 301 $ 311 $ 304 (3) % (1) %
Technology, telecom, and information processing 65 62 51 3 5 14 27
Occupancy and equipment, net 38 42 40 (4) (10) (2) (5)
Professional and legal services 17 16 15 1 6 2 13
Marketing and business development 11 10 11 1 10 — —
Deposit insurance and regulatory expense 109 20 14 89 NM 95 NM
Credit-related expense 7 6 8 1 17 (1) (13)
Other 33 29 28 4 14 5 18
Total noninterest expense $ 581 $ 496 $ 471 17 23
Adjusted noninterest expense 1 $ 489 $ 493 $ 472 (1) 4

All values are in US Dollars.

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

Total noninterest expense increased $110 million, or 23%, relative to the prior year quarter. Deposit insurance and regulatory expense increased $95 million, driven largely by a $90 million accrual associated with the FDIC special assessment during the quarter.

Technology, telecom, and information processing expense increased $14 million, primarily due to increases in software amortization expenses associated with the replacement of our core loan and deposit banking system, as well as other related application software, license, and maintenance expenses.

The efficiency ratio was 65.1%, compared with 52.9%, primarily due to a decline in adjusted taxable-equivalent revenue. For information on non-GAAP financial measures, see pages 16-18.

ZIONS BANCORPORATION, N.A.

Press Release – Page 4

BALANCE SHEET ANALYSIS

Investment Securities
4Q23 - 3Q23 4Q23 - 4Q22
(In millions) 4Q23 3Q23 4Q22 % %
Investment securities:
Held-to-maturity, at amortized cost $ 10,382 $ 10,559 $ 11,126 (2) % (7) %
Available-for-sale, at fair value 10,300 10,148 11,915 152 1 (1,615) (14)
Trading account, at fair value 48 31 465 17 55 (417) (90)
Total investment securities, net of allowance $ 20,730 $ 20,738 $ 23,506 — (12)

All values are in US Dollars.

Total net investment securities decreased $2.8 billion, or 12%, to $20.7 billion at December 31, 2023, largely due to principal reductions. During the prior year period, we transferred approximately $10.7 billion fair value ($13.1 billion amortized cost) of mortgage-backed AFS securities to the HTM category. The transfer of these securities from AFS to HTM at fair value resulted in a discount to the amortized cost basis of the HTM securities equivalent to the $2.4 billion ($1.8 billion after tax) of unrealized losses in AOCI attributable to these securities. The amortization of the unrealized losses will offset the effect of the accretion of the discount created by the transfer. At December 31, 2023, the unamortized discount on the HTM securities totaled approximately $2.1 billion ($1.5 billion after tax).

The trading securities portfolio, comprised of municipal securities, totaled $48 million at December 31, 2023, compared with $465 million at December 31, 2022. The prior year quarter also included $395 million of customer sweeps into money market mutual funds. Beginning in the first quarter of 2023, sweep-related balances were presented in “Money market investments” on the consolidated balance sheet.

We invest in securities to actively manage liquidity and interest rate risk and to generate interest income. We primarily own securities that can readily provide us cash and liquidity through secured borrowing agreements without the need to sell the securities. We also manage the duration of our investment securities portfolio to help balance the inherent interest rate mismatch between loans and deposits, and to protect the economic value of shareholders' equity. At December 31, 2023, the estimated duration of our securities portfolio decreased to 3.6 percent, compared with 4.2 percent at December 31, 2022, primarily due to the addition of fair value hedges of fixed-rate securities during the second quarter of 2023.

Loans and Leases
4Q23 - 3Q23 4Q23 - 4Q22
(In millions) 4Q23 3Q23 4Q22 % %
Loans held for sale $ 53 $ 41 $ 8 29 % NM
Loans and leases:
Commercial $ 30,588 $ 30,208 $ 30,495 1 — %
Commercial real estate 13,371 13,140 12,739 231 2 632 5
Consumer 13,820 13,545 12,419 275 2 1,401 11
Loans and leases, net of unearned income and fees 57,779 56,893 55,653 886 2 2,126 4
Less allowance for loan losses 684 681 575 3 — 109 19
Loans and leases held for investment, net of allowance $ 57,095 $ 56,212 $ 55,078 2 4
Unfunded lending commitments $ 29,716 $ 30,442 $ 30,490 (2) (3)

All values are in US Dollars.

Loans and leases, net of unearned income and fees, increased $2.1 billion, or 4%, to $57.8 billion at December 31, 2023, relative to the prior year quarter. Consumer loans increased $1.4 billion from the prior year quarter, primarily in the 1-4 family residential and consumer construction loan portfolios, and commercial real estate loans increased $0.6 billion, primarily in the multi-family and industrial construction loan portfolios. Increased funding of construction

ZIONS BANCORPORATION, N.A.

Press Release – Page 5

lending commitments and a slower pace of loan payoffs contributed to growth in these portfolios. Unfunded lending commitments decreased $0.8 billion, or 3%, to $29.7 billion at December 31, 2023, primarily due to increased draws on existing commercial and consumer construction lending commitments.

Credit Quality
4Q23 - 3Q23 4Q23 - 4Q22
(In millions) 4Q23 3Q23 4Q22 % %
Provision for credit losses $ — $ 41 $ 43 NM NM
Allowance for credit losses 729 738 636 (9) (1) % 93 15 %
Net loan and lease charge-offs (recoveries) 9 14 (3) (5) (36) 12 NM
Nonperforming assets2 228 219 149 9 4 79 53
Classified loans 825 769 929 56 7 (104) (11)
4Q23 3Q23 4Q22 bps bps
Ratio of ACL to loans1 and leases outstanding, at period end 1.26 % 1.30 % 1.14 % (4) 12
Annualized ratio of net loan and lease charge-offs to average loans 0.06 % 0.10 % (0.02) % (4) 8
Ratio of classified loans to total loans and leases 1.43 % 1.35 % 1.67 % 8 (24)
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.40 % 0.41 % 0.28 % (1) 12

All values are in US Dollars.

1 Does not include loans held for sale.

2 Does not include banking premises held for sale.

During the fourth quarter of 2023, we recorded a provision for credit losses of less than $1 million, compared with a $43 million provision during the prior year period. The allowance for credit losses (“ACL”) was $729 million at December 31, 2023, compared with $636 million at December 31, 2022. This year-over-year increase in the ACL was primarily due to deterioration in economic forecasts, and reflects incremental reserves for commercial real estate exposures. The ratio of ACL to total loans and leases was 1.26% at December 31, 2023, compared with 1.14% at December 31, 2022. Net loan and lease charge-offs totaled $9 million, compared with net recoveries of $3 million in the prior year quarter. Classified loans decreased $104 million, or 11%. Nonperforming assets increased $79 million, or 53%, primarily due to one commercial and industrial loan totaling $31 million, and two previously reported suburban office commercial real estate loans totaling $46 million.

Deposits and Borrowed Funds
4Q23 - 3Q23 4Q23 - 4Q22
(In millions) 4Q23 3Q23 4Q22 % %
Noninterest-bearing demand $ 26,244 $ 26,733 $ 35,777 (2) % (27) %
Interest-bearing:
Savings and money market 38,663 37,026 33,474 1,637 4 5,189 16
Time 5,619 5,089 1,484 530 10 4,135 NM
Brokered 4,435 6,551 917 (2,116) (32) 3,518 NM
Total interest-bearing 48,717 48,666 35,875 51 — 12,842 36
Total deposits $ 74,961 $ 75,399 $ 71,652 (1) 5
Borrowed funds:
Federal funds purchased and other short-term borrowings $ 4,379 $ 4,346 $ 10,417 1 (58)
Long-term debt 542 540 651 2 — (109) (17)
Total borrowed funds $ 4,921 $ 4,886 $ 11,068 1 (56)

All values are in US Dollars.

ZIONS BANCORPORATION, N.A.

Press Release – Page 6

Total deposits increased $3.3 billion, or 5%, from the prior year quarter, as a $12.8 billion increase in interest-bearing deposits was partially offset by a $9.5 billion decrease in noninterest-bearing demand deposits, as customers migrated to interest-bearing products in response to the higher interest rate environment.

At December 31, 2023, customer deposits (excluding brokered deposits) totaled $70.5 billion and included approximately $6.8 billion of reciprocal deposit products, where we distributed our customers’ deposits in a placement network to increase their FDIC insurance and in return we received a matching amount of deposits from other network banks.

Average total deposits decreased $1.7 billion, or 2%, relative to the prior year period, driven by the aforementioned decrease in average noninterest-bearing deposits as interest rates increased. Our loan-to-deposit ratio was 77%, compared with 78% in the prior year quarter.

Total borrowed funds, consisting primarily of secured borrowings, decreased $6.1 billion, or 56%, from the prior year quarter, largely due to an increase in interest-bearing deposits and a decrease in interest-earning assets. The decrease in long-term debt was due to the maturity of a senior note during the second quarter of 2023.

Shareholders’ Equity
4Q23 - 3Q23 4Q23 - 4Q22
(In millions, except share data) 4Q23 3Q23 4Q22 % %
Shareholders’ equity:
Preferred stock $ 440 $ 440 $ 440 — % — %
Common stock and additional paid-in capital 1,731 1,726 1,754 5 — (23) (1)
Retained earnings 6,212 6,157 5,811 55 1 401 7
Accumulated other comprehensive income (loss) (2,692) (3,008) (3,112) 316 11 420 13
Total shareholders’ equity $ 5,691 $ 5,315 $ 4,893 7 16
Capital distributions:
Common dividends paid $ 61 $ 61 $ 62 — (2)
Bank common stock repurchased — — 50 — NM (50) NM
Total capital distributed to common shareholders $ 61 $ 61 $ 112 — (46)
shares % shares %
Weighted average diluted common shares outstanding (in thousands) 147,645 147,653 148,829 (8) — % (1,184) (1) %
Common shares outstanding, at period end (in thousands) 148,153 148,146 148,664 7 — (511) —

All values are in US Dollars.

The common stock dividend was $0.41 per share, unchanged from the fourth quarter of 2022. Common shares outstanding decreased 0.5 million, or 0.3%, from the fourth quarter of 2022, primarily due to common stock repurchases in the first quarter of 2023.

Accumulated other comprehensive income (loss) (“AOCI”) was $2.7 billion at December 31, 2023, and largely reflects a decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are excluded from regulatory capital, and therefore do not impact our regulatory capital ratios.

Estimated common equity tier 1 (“CET1”) capital was $6.9 billion, an increase of 6%, compared with $6.5 billion in the prior year period. The estimated CET1 capital ratio was 10.3%, compared with 9.8%. Tangible book value per common share increased to $28.30, compared with $22.79, primarily due to an increase in retained earnings and an improvement in AOCI largely due to paydowns on securities. For more information on non-GAAP financial measures, see pages 16-18.

ZIONS BANCORPORATION, N.A.

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Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the fourth quarter results at 5:30 p.m. ET on January 22, 2024. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and entering the passcode 13743994, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $87 billion of total assets at December 31, 2023, and annual net revenue of $3.1 billion in 2023. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

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

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

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

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

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

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

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

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

ZIONS BANCORPORATION, N.A.

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

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

•The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders' equity, but not on our regulatory capital.

•Competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services, our ability to recruit and retain talent, and the impact of technological advancements, digital commerce, artificial intelligence, and other innovations affecting the banking industry;

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

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

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

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

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

•Natural disasters, pandemics, catastrophic events and other emergencies and incidents that may impact our and our customer's operations and business and communities; and

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

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

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 9

FINANCIAL HIGHLIGHTS

(Unaudited)

Three Months Ended
(In millions, except share, per share, and ratio data) December 31,<br>2023 September 30,<br>2023 June 30,<br>2023 March 31,<br>2023 December 31,<br>2022
BALANCE SHEET 1
Loans held for investment, net of allowance $ 57,095 $ 56,212 $ 56,266 $ 55,713 $ 55,078
Total assets 87,203 87,269 87,230 88,573 89,545
Deposits 74,961 75,399 74,323 69,208 71,652
Total shareholders’ equity 5,691 5,315 5,283 5,184 4,893
STATEMENT OF INCOME
Net earnings applicable to common shareholders $ 116 $ 168 $ 166 $ 198 $ 277
Net interest income 583 585 591 679 720
Taxable-equivalent net interest income 2 593 596 602 688 730
Total noninterest income 148 180 189 160 153
Total noninterest expense 581 496 508 512 471
Pre-provision net revenue 2 160 280 283 336 412
Adjusted pre-provision net revenue 2 262 272 296 341 420
Provision for credit losses — 41 46 45 43
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share $ 0.78 $ 1.13 $ 1.11 $ 1.33 $ 1.84
Dividends 0.41 0.41 0.41 0.41 0.41
Book value per common share 1 35.44 32.91 32.69 32.03 29.95
Tangible book value per common share 1, 2 28.30 25.75 25.52 24.85 22.79
Weighted average share price 35.95 34.67 27.51 45.57 49.85
Weighted average diluted common shares outstanding (in thousands) 147,645 147,653 147,696 148,038 148,829
Common shares outstanding (in thousands) 1 148,153 148,146 148,144 148,100 148,664
SELECTED RATIOS AND OTHER DATA
Return on average assets 0.57 % 0.80 % 0.79 % 0.91 % 1.27 %
Return on average common equity 9.2 % 13.5 % 13.8 % 17.4 % 25.4 %
Return on average tangible common equity 2 11.8 % 17.3 % 17.8 % 22.7 % 33.4 %
Net interest margin 2.91 % 2.93 % 2.92 % 3.33 % 3.53 %
Cost of total deposits 2.06 % 1.92 % 1.27 % 0.47 % 0.20 %
Efficiency ratio 2 65.1 % 64.4 % 62.5 % 59.9 % 52.9 %
Effective tax rate 3 16.0 % 23.2 % 22.6 % 27.7 % 20.9 %
Ratio of nonperforming assets to loans and leases and other real estate owned 0.39 % 0.38 % 0.29 % 0.31 % 0.27 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans 0.06 % 0.10 % 0.09 % — % (0.02) %
Ratio of total allowance for credit losses to loans and leases outstanding 1 1.26 % 1.30 % 1.25 % 1.20 % 1.14 %
Full-time equivalent employees 9,679 9,984 10,103 10,064 9,989
CAPITAL RATIOS AND DATA 1
Tangible common equity ratio 2 4.9 % 4.4 % 4.4 % 4.2 % 3.8 %
Common equity tier 1 capital 4 $ 6,863 $ 6,803 $ 6,692 $ 6,582 $ 6,481
Risk-weighted assets 4 $ 66,934 $ 66,615 $ 66,917 $ 66,274 $ 66,111
Common equity tier 1 capital ratio 4 10.3 % 10.2 % 10.0 % 9.9 % 9.8 %
Tier 1 risk-based capital ratio 4 10.9 % 10.9 % 10.7 % 10.6 % 10.5 %
Total risk-based capital ratio 4 12.8 % 12.8 % 12.5 % 12.4 % 12.2 %
Tier 1 leverage ratio 4 8.3 % 8.3 % 8.0 % 7.8 % 7.7 %

1 At period end.

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

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

4 Current period ratios and amounts represent estimates.

ZIONS BANCORPORATION, N.A.

Press Release – Page 10

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands) December 31,<br>2023 September 30,<br>2023 June 30,<br>2023 March 31,<br>2023 December 31,<br>2022
(Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 716 $ 700 $ 701 $ 607 $ 657
Money market investments:
Interest-bearing deposits 1,488 1,704 1,531 2,727 1,340
Federal funds sold and security resell agreements 937 1,427 781 688 2,426
Investment securities:
Held-to-maturity1, at amortized cost 10,382 10,559 10,753 10,961 11,126
Available-for-sale, at fair value 10,300 10,148 10,832 11,594 11,915
Trading account, at fair value 48 31 32 12 465
Total securities, net of allowance 20,730 20,738 21,617 22,567 23,506
Loans held for sale 53 41 36 5 8
Loans and leases, net of unearned income and fees 57,779 56,893 56,917 56,331 55,653
Less allowance for loan losses 684 681 651 618 575
Loans held for investment, net of allowance 57,095 56,212 56,266 55,713 55,078
Other noninterest-bearing investments 950 929 956 1,169 1,130
Premises, equipment and software, net 1,400 1,410 1,414 1,411 1,408
Goodwill and intangibles 1,059 1,060 1,062 1,063 1,065
Other real estate owned 6 7 3 6 3
Other assets 2,769 3,041 2,863 2,617 2,924
Total assets $ 87,203 $ 87,269 $ 87,230 $ 88,573 $ 89,545
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 26,244 $ 26,733 $ 28,670 $ 30,974 $ 35,777
Interest-bearing:
Savings and money market 38,721 37,090 33,394 30,897 33,566
Time 9,996 11,576 12,259 7,337 2,309
Total deposits 74,961 75,399 74,323 69,208 71,652
Federal funds purchased and other short-term borrowings 4,379 4,346 5,513 12,124 10,417
Long-term debt 542 540 538 663 651
Reserve for unfunded lending commitments 45 57 60 60 61
Other liabilities 1,585 1,612 1,513 1,334 1,871
Total liabilities 81,512 81,954 81,947 83,389 84,652
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares 440 440 440 440 440
Common stock2 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital 1,731 1,726 1,722 1,715 1,754
Retained earnings 6,212 6,157 6,051 5,949 5,811
Accumulated other comprehensive income (loss) (2,692) (3,008) (2,930) (2,920) (3,112)
Total shareholders’ equity 5,691 5,315 5,283 5,184 4,893
Total liabilities and shareholders’ equity $ 87,203 $ 87,269 $ 87,230 $ 88,573 $ 89,545
1 Held-to-maturity (fair value) $ 10,466 $ 10,049 $ 10,768 $ 11,210 $ 11,239
2 Common shares (issued and outstanding) 148,153 148,146 148,144 148,100 148,664

ZIONS BANCORPORATION, N.A.

Press Release – Page 11

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) Three Months Ended
(In millions, except share and per share amounts) December 31,<br>2023 September 30,<br>2023 June 30,<br>2023 March 31,<br>2023 December 31,<br>2022
Interest income:
Interest and fees on loans $ 848 $ 831 $ 791 $ 726 $ 656
Interest on money market investments 48 35 48 57 39
Interest on securities 144 144 138 137 140
Total interest income 1,040 1,010 977 920 835
Interest expense:
Interest on deposits 395 366 220 82 38
Interest on short- and long-term borrowings 62 59 166 159 77
Total interest expense 457 425 386 241 115
Net interest income 583 585 591 679 720
Provision for credit losses:
Provision for loan losses 12 44 46 46 31
Provision for unfunded lending commitments (12) (3) — (1) 12
Total provision for credit losses — 41 46 45 43
Net interest income after provision for credit losses 583 544 545 634 677
Noninterest income:
Commercial account fees 43 43 45 43 41
Card fees 26 26 25 24 27
Retail and business banking fees 17 17 16 16 16
Loan-related fees and income 16 23 19 21 19
Capital markets fees 19 18 27 17 22
Wealth management fees 14 15 14 15 14
Other customer-related fees 15 15 16 15 14
Customer-related noninterest income 150 157 162 151 153
Fair value and nonhedge derivative income (loss) (9) 7 1 (3) (4)
Dividends and other income (loss) 8 12 26 11 9
Securities gains (losses), net (1) 4 — 1 (5)
Total noninterest income 148 180 189 160 153
Noninterest expense:
Salaries and employee benefits 301 311 324 339 304
Technology, telecom, and information processing 65 62 58 55 51
Occupancy and equipment, net 38 42 40 40 40
Professional and legal services 17 16 16 13 15
Marketing and business development 11 10 13 12 11
Deposit insurance and regulatory expense 109 20 22 18 14
Credit-related expense 7 6 7 6 8
Other 33 29 28 29 28
Total noninterest expense 581 496 508 512 471
Income before income taxes 150 228 226 282 359
Income taxes 24 53 51 78 75
Net income 126 175 175 204 284
Preferred stock dividends (10) (7) (9) (6) (7)
Net earnings applicable to common shareholders $ 116 $ 168 $ 166 $ 198 $ 277
Weighted average common shares outstanding during the period:
Basic shares (in thousands) 147,640 147,648 147,692 148,015 148,739
Diluted shares (in thousands) 147,645 147,653 147,696 148,038 148,829
Net earnings per common share:
Basic $ 0.78 $ 1.13 $ 1.11 $ 1.33 $ 1.84
Diluted 0.78 1.13 1.11 1.33 1.84

ZIONS BANCORPORATION, N.A.

Press Release – Page 12

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions) December 31,<br>2023 September 30,<br>2023 June 30,<br>2023 March 31,<br>2023 December 31,<br>2022
Commercial:
Commercial and industrial 1 $ 16,684 $ 16,341 $ 16,622 $ 16,500 $ 16,377
Leasing 383 373 388 385 386
Owner occupied 9,219 9,273 9,328 9,317 9,371
Municipal 4,302 4,221 4,354 4,374 4,361
Total commercial 30,588 30,208 30,692 30,576 30,495
Commercial real estate:
Construction and land development 2,669 2,575 2,498 2,313 2,513
Term 10,702 10,565 10,406 10,585 10,226
Total commercial real estate 13,371 13,140 12,904 12,898 12,739
Consumer:
Home equity credit line 3,356 3,313 3,291 3,276 3,377
1-4 family residential 8,415 8,116 7,980 7,692 7,286
Construction and other consumer real estate 1,442 1,510 1,434 1,299 1,161
Bankcard and other revolving plans 474 475 466 459 471
Other 133 131 150 131 124
Total consumer 13,820 13,545 13,321 12,857 12,419
Total loans and leases $ 57,779 $ 56,893 $ 56,917 $ 56,331 $ 55,653

1 Commercial and industrial loan balances include PPP loans of $77 million, $106 million, $126 million, $159 million, and $197 million for the respective periods presented.

Nonperforming Assets

(Unaudited)

(In millions) December 31,<br>2023 September 30,<br>2023 June 30,<br>2023 March 31,<br>2023 December 31,<br>2022
Nonaccrual loans 1 $ 222 $ 216 $ 162 $ 171 $ 149
Other real estate owned 6 3 2 2 —
Total nonperforming assets $ 228 $ 219 $ 164 $ 173 $ 149
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2 0.39 % 0.38 % 0.29 % 0.31 % 0.27 %
Accruing loans past due 90 days or more $ 3 $ 16 $ 7 $ 2 $ 6
Ratio of accruing loans past due 90 days or more to loans1 and leases 0.01 % 0.03 % 0.01 % — % 0.01 %
Nonaccrual loans and accruing loans past due 90 days or more $ 225 $ 232 $ 169 $ 173 $ 155
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.40 % 0.41 % 0.30 % 0.31 % 0.28 %
Accruing loans past due 30-89 days $ 86 $ 86 $ 59 $ 79 $ 93
Classified loans 825 769 768 912 929

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 13

Allowance for Credit Losses

(Unaudited)

Three Months Ended
(In millions) December 31,<br>2023 September 30,<br>2023 June 30,<br>2023 March 31,<br>2023 December 31,<br>2022
Allowance for Loan and Lease Losses
Balance at beginning of period 1 $ 681 $ 651 $ 618 $ 572 $ 541
Provision for loan losses 12 44 46 46 31
Loan and lease charge-offs 13 20 22 7 9
Less: Recoveries 4 6 9 7 12
Net loan and lease charge-offs (recoveries) 9 14 13 — (3)
Balance at end of period $ 684 $ 681 $ 651 $ 618 $ 575
Ratio of allowance for loan losses to loans2 and leases, at period end 1.18 % 1.20 % 1.14 % 1.10 % 1.03 %
Ratio of allowance for loan losses to nonaccrual loans2 at period end 308 % 342 % 402 % 361 % 386 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans 0.06 % 0.10 % 0.09 % — % (0.02) %
Reserve for Unfunded Lending Commitments
Balance at beginning of period $ 57 $ 60 $ 60 $ 61 $ 49
Provision for unfunded lending commitments (12) (3) — (1) 12
Balance at end of period $ 45 $ 57 $ 60 $ 60 $ 61
Allowance for Credit Losses
Allowance for loan losses $ 684 $ 681 $ 651 $ 618 $ 575
Reserve for unfunded lending commitments 45 57 60 60 61
Total allowance for credit losses $ 729 $ 738 $ 711 $ 678 $ 636
Ratio of ACL to loans1 and leases outstanding, at period end 1.26 % 1.30 % 1.25 % 1.20 % 1.14 %

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

2 Does not include loans held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 14

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions) December 31,<br>2023 September 30,<br>2023 June 30,<br>2023 March 31,<br>2023 December 31,<br>2022
Loans held for sale $ — $ 17 $ — $ — $ —
Commercial:
Commercial and industrial $ 82 $ 59 $ 71 $ 77 $ 63
Leasing 2 — — — —
Owner occupied 20 27 29 33 24
Municipal — — — — —
Total commercial 104 86 100 110 87
Commercial real estate:
Construction and land development 22 22 — — —
Term 39 40 13 16 14
Total commercial real estate 61 62 13 16 14
Consumer:
Home equity credit line 17 16 12 11 11
1-4 family residential 40 35 37 34 37
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans — — — — —
Other — — — — —
Total consumer 57 51 49 45 48
Total nonaccrual loans $ 222 $ 216 $ 162 $ 171 $ 149

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions) December 31,<br>2023 September 30,<br>2023 June 30,<br>2023 March 31,<br>2023 December 31,<br>2022
Commercial:
Commercial and industrial $ 7 $ 8 $ 14 $ (2) $ (4)
Leasing — — — — —
Owner occupied — (1) — (1) —
Municipal — — — — —
Total commercial 7 7 14 (3) (4)
Commercial real estate:
Construction and land development — 1 — — —
Term — 2 — — —
Total commercial real estate — 3 — — —
Consumer:
Home equity credit line — 2 — (1) —
1-4 family residential — — (2) 2 —
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans 2 2 1 2 1
Other — — — — —
Total consumer loans 2 4 (1) 3 1
Total net charge-offs (recoveries) $ 9 $ 14 $ 13 $ — $ (3)

ZIONS BANCORPORATION, N.A.

Press Release – Page 15

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited) Three Months Ended
December 31, 2023 September 30, 2023 December 31, 2022
(In millions) Average balance Average<br>yield/rate 1 Average balance Average<br>yield/rate 1 Average balance Average<br>yield/rate 1
ASSETS
Money market investments:
Interest-bearing deposits $ 1,590 5.52 % $ 1,539 5.52 % $ 1,264 3.67 %
Federal funds sold and security resell agreements 1,704 5.91 % 874 6.13 % 2,571 4.13 %
Total money market investments 3,294 5.72 % 2,413 5.74 % 3,835 3.98 %
Securities:
Held-to-maturity 10,448 2.22 % 10,625 2.21 % 6,463 2.22 %
Available-for-sale 10,013 3.48 % 10,606 3.24 % 16,743 2.45 %
Trading account 39 4.80 % 20 4.65 % 262 4.72 %
Total securities 20,500 2.84 % 21,251 2.73 % 23,468 2.42 %
Loans held for sale 32 5.77 % 46 4.89 % 22 2.72 %
Loans and leases:2
Commercial 30,219 5.81 % 30,535 5.69 % 30,056 4.63 %
Commercial real estate 13,264 7.19 % 13,016 7.14 % 12,547 5.90 %
Consumer 13,662 5.02 % 13,417 4.92 % 12,073 4.14 %
Total loans and leases 57,145 5.94 % 56,968 5.84 % 54,676 4.81 %
Total interest-earning assets 80,971 5.15 % 80,678 5.02 % 82,001 4.09 %
Cash and due from banks 739 712 638
Allowance for credit losses on loans and debt securities (681) (651) (546)
Goodwill and intangibles 1,060 1,061 1,036
Other assets 5,644 5,523 5,770
Total assets $ 87,733 $ 87,323 $ 88,899
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 37,941 2.71 % $ 35,346 2.42 % $ 34,386 0.37 %
Time 11,132 4.84 % 12,424 4.81 % 1,856 1.31 %
Total interest-bearing deposits 49,073 3.19 % 47,770 3.04 % 36,242 0.42 %
Borrowed funds:
Federal funds purchased and security repurchase agreements 1,774 5.38 % 1,770 5.31 % 2,773 3.68 %
Other short-term borrowings 2,282 5.16 % 2,233 4.95 % 4,110 3.89 %
Long-term debt 541 6.06 % 539 5.37 % 648 6.24 %
Total borrowed funds 4,597 5.35 % 4,542 5.14 % 7,531 4.01 %
Total interest-bearing liabilities 53,670 3.38 % 52,312 3.22 % 43,773 1.04 %
Noninterest-bearing demand deposits 26,851 27,873 38,013
Other liabilities 1,792 1,760 2,343
Total liabilities 82,313 81,945 84,129
Shareholders’ equity:
Preferred equity 440 440 440
Common equity 4,980 4,938 4,330
Total shareholders’ equity 5,420 5,378 4,770
Total liabilities and shareholders’ equity $ 87,733 $ 87,323 $ 88,899
Spread on average interest-bearing funds 1.77 % 1.80 % 3.05 %
Impact of net noninterest-bearing sources of funds 1.14 % 1.13 % 0.48 %
Net interest margin 2.91 % 2.93 % 3.53 %
Memo: total cost of deposits 2.06 % 1.92 % 0.20 %
Memo: total deposits and interest-bearing liabilities $ 80,521 2.25 % $ 80,185 2.10 % $ 81,786 0.56 %

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

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 16

NON-GAAP FINANCIAL MEASURES

(Unaudited)

This press release presents non-GAAP financial measures in addition to GAAP financial measures. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. We consider these adjustments to be relevant to ongoing operating results and provide a meaningful basis for period-to-period comparisons. We use these non-GAAP financial measures to assess our performance and financial position. We believe that presenting these non-GAAP financial measures 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) December 31,<br>2023 September 30,<br>2023 June 30,<br>2023 March 31,<br>2023 December 31,<br>2022
Net earnings applicable to common shareholders (GAAP) $ 116 $ 168 $ 166 $ 198 $ 277
Adjustments, net of tax:
Amortization of core deposit and other intangibles 1 1 1 1 —
Adjusted net earnings applicable to common shareholders, net of tax (a) $ 117 $ 169 $ 167 $ 199 $ 277
Average common equity (GAAP) $ 4,980 $ 4,938 $ 4,818 $ 4,614 $ 4,330
Average goodwill and intangibles (1,060) (1,061) (1,063) (1,064) (1,036)
Average tangible common equity (non-GAAP) (b) $ 3,920 $ 3,877 $ 3,755 $ 3,550 $ 3,294
Number of days in quarter (c) 92 92 91 90 92
Number of days in year (d) 365 365 365 365 365
Return on average tangible common equity (non-GAAP) 1 (a/b/c)*d 11.8 % 17.3 % 17.8 % 22.7 % 33.4 %

1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 6.7%, 9.9%, 10.0%, 12.3%, and 16.9% for the periods presented, respectively.

ZIONS BANCORPORATION, N.A.

Press Release – Page 17

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

(Dollar amounts in millions, except per share amounts) December 31,<br>2023 September 30,<br>2023 June 30,<br>2023 March 31,<br>2023 December 31,<br>2022
Total shareholders’ equity (GAAP) $ 5,691 $ 5,315 $ 5,283 $ 5,184 $ 4,893
Goodwill and intangibles (1,059) (1,060) (1,062) (1,063) (1,065)
Tangible equity (non-GAAP) (a) 4,632 4,255 4,221 4,121 3,828
Preferred stock (440) (440) (440) (440) (440)
Tangible common equity (non-GAAP) (b) $ 4,192 $ 3,815 $ 3,781 $ 3,681 $ 3,388
Total assets (GAAP) $ 87,203 $ 87,269 $ 87,230 $ 88,573 $ 89,545
Goodwill and intangibles (1,059) (1,060) (1,062) (1,063) (1,065)
Tangible assets (non-GAAP) (c) $ 86,144 $ 86,209 $ 86,168 $ 87,510 $ 88,480
Common shares outstanding (in thousands) (d) 148,153 148,146 148,144 148,100 148,664
Tangible equity ratio (non-GAAP) 1 (a/c) 5.4 % 4.9 % 4.9 % 4.7 % 4.3 %
Tangible common equity ratio (non-GAAP) (b/c) 4.9 % 4.4 % 4.4 % 4.2 % 3.8 %
Tangible book value per common share (non-GAAP) (b/d) $ 28.30 $ 25.75 $ 25.52 $ 24.85 $ 22.79

Efficiency Ratio and Adjusted Pre-Provision Net Revenue

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

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

Three Months Ended
(Dollar amounts in millions) December 31,<br>2023 September 30,<br>2023 June 30,<br>2023 March 31,<br>2023 December 31,<br>2022
Noninterest expense (GAAP) (a) $ 581 $ 496 $ 508 $ 512 $ 471
Adjustments:
Severance costs — — 13 1 —
Amortization of core deposit and other intangibles 2 2 1 2 —
Restructuring costs — 1 — — —
SBIC investment success fee accrual 1 — — — — (1)
FDIC special assessment 90 — — — —
Total adjustments (b) 92 3 14 3 (1)
Adjusted noninterest expense (non-GAAP) (a-b)=(c) $ 489 $ 493 $ 494 $ 509 $ 472
Net interest income (GAAP) (d) $ 583 $ 585 $ 591 $ 679 $ 720
Fully taxable-equivalent adjustments (e) 10 11 11 9 10
Taxable-equivalent net interest income (non-GAAP) (d+e)=(f) 593 596 602 688 730
Noninterest income (GAAP) (g) 148 180 189 160 153
Combined income (non-GAAP) (f+g)=(h) 741 776 791 848 883
Adjustments:
Fair value and nonhedge derivative income (loss) (9) 7 1 (3) (4)
Securities gains (losses), net (1) 4 — 1 (5)
Total adjustments 2 (i) (10) 11 1 (2) (9)
Adjusted taxable-equivalent revenue (non-GAAP) (h-i)=(j) $ 751 $ 765 $ 790 $ 850 $ 892
Pre-provision net revenue (PPNR) (non-GAAP) (h)-(a) $ 160 $ 280 $ 283 $ 336 $ 412
Adjusted PPNR (non-GAAP) (j)-(c) 262 272 296 341 420
Efficiency ratio (non-GAAP) (c/j) 65.1 % 64.4 % 62.5 % 59.9 % 52.9 %

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

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 18

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

Twelve Months Ended
(Dollar amounts in millions) December 31,<br>2023 December 31,<br>2022
Noninterest expense (GAAP) (a) $ 2,097 $ 1,878
Adjustments:
Severance costs 14 1
Other real estate expense — 1
Amortization of core deposit and other intangibles 7 1
Restructuring costs 1 —
SBIC investment success fee accrual 1 — (1)
FDIC special assessment 90 —
Total adjustments (b) 112 2
Adjusted noninterest expense (non-GAAP) (a-b)=(c) $ 1,985 $ 1,876
Net interest income (GAAP) (d) $ 2,438 $ 2,520
Fully taxable-equivalent adjustments (e) 41 37
Taxable-equivalent net interest income (non-GAAP) (d+e)=(f) 2,479 2,557
Noninterest income (GAAP) (g) 677 632
Combined income (non-GAAP) (f+g)=(h) 3,156 3,189
Adjustments:
Fair value and nonhedge derivative income (loss) (4) 16
Securities gains (losses), net 4 (15)
Total adjustments (i) — 1
Adjusted taxable-equivalent revenue (non-GAAP) (h-i)=(j) $ 3,156 $ 3,188
Pre-provision net revenue (PPNR) (h)-(a) $ 1,059 $ 1,311
Adjusted PPNR (non-GAAP) (j)-(c) 1,171 1,312
Efficiency ratio (non-GAAP) (c/j) 62.9 % 58.8 %

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

earningspresentation-202

January 22, 2024 Fourth Quarter 2023 Financial Review

2 Forward-Looking Statements; Use of Non-GAAP Financial Measures Forward Looking Information This earnings release includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements include, among others: Statements with respect to the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, results of operations and performance of Zions Bancorporation, National Association and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and Statements preceded or followed by, or that include the words “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” “will,” and the negative thereof and similar words and expressions. Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, important factors that may cause material differences include: The quality and composition of our loan and securities portfolios and the quality and composition of our deposits; The effects of newly enacted regulations affecting us and the banking industry, as well as changes and uncertainties in applicable laws, and fiscal, monetary, regulatory, trade, and tax policies, and actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue; increases in bank fees, insurance assessments and capital standards; and other regulatory requirements; Protracted congressional negotiations and political stalemates regarding government funding and other issues, including those that increase the possibility of government shutdowns, downgrades in U.S. credit ratings, or other economic disruptions; Changes in general industry, political and economic conditions, including continued elevated inflation, economic slowdown or recession, or other economic challenges; changes in interest and reference rates which could adversely affect our revenue and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses; Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders' equity, but not on our regulatory capital. Competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services, our ability to recruit and retain talent, and the impact of technological advancements, digital commerce, artificial intelligence, and other innovations affecting the banking industry; Our ability to complete projects and initiatives and execute on our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives; Our ability to provide adequate oversight of our suppliers or prevent inadequate performance by third parties upon whom we rely for the delivery of various products and services; Our ability to develop and maintain technology, information security systems and controls designed to guard against fraud, cybersecurity, and privacy risks; Adverse media and other expressions of negative public opinion whether directed at us, other banks, the banking industry, or otherwise that may adversely affect our reputation and that of the banking industry generally; The effects of wars and geopolitical conflicts, such as the ongoing war between Russia and Ukraine and the escalating war in the Middle East, and other local, national, or international disasters, crises, or conflicts that may occur in the future; Natural disasters, pandemics, catastrophic events and other emergencies and incidents that may impact our and our customer's operations and business and communities; and Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change. Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2022 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC) and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov). We caution against the undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any forward-looking statements to reflect future events or developments. Use of Non-GAAP Financial Measures: This document contains several references to non-GAAP measures, including but not limited to, pre-provision net revenue and the “efficiency ratio,” which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions’ management compensation and are used in Zions’ strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

Solid financial performance  Customer deposit growth balanced with controlled pricing  Disciplined expense management  2023 exit from two underperforming national lending businesses and a shift to a more profitable approach to mortgage lending 3 Select Themes Risk management reflected in strong credit quality and capital levels  Active management of liquidity and interest rate risk in a dynamic environment  Net charge-offs of 0.06% for the quarter and full year 2023  Loss-absorbing capital increased, and we remain well-capitalized, particularly relative to our risk profile Positioned for growth and improved shareholder returns  Continued investment in technology and digital capabilities to improve customer experience  Deep focus on and active management of relationship profitability  Continued investment in Capital Markets and Wealth Management to enable sustainable growth Note: For the purposes of metrics on this slide, we use full year unless stated otherwise. Earnings per Share $4.35 Customer Deposits +2.4% Net Charge-off Ratio 6 bps Loan Growth +1.6% Common Equity Tier 1 Ratio 10.3% (Ending, vs 3Q23)(Ending, vs 3Q23)

Key Metrics 4 Financial Highlights Highlights Zions is poised for growth; credit and capital remain strong  Earning assets continue to reprice in the higher interest rate environment  Heightened focus on growing customer deposits has reduced wholesale funding and improved funding cost pressure  We are investing in the business and expanding product capabilities while managing expense growth  Credit quality remains best among peers for net charge-offs and nonperforming loans as a percent of loans, with <$1 million provision for the quarter and continued concentration risk management  Regulatory capital is strong at 10.3% and will continue to improve with retained earnings 4Q23 FY23 Net income to common $116 million $648 million Diluted earnings per share (GAAP) $0.78 $4.35 Loan growth Ending 1.6% Average 0.3% Ending 3.8% Average 7.9% Deposit growth (excluding brokered) Ending 2.4% Average 3.7% Ending (0.3%) Average (13.8%) Loan-to-deposit ratio (ending) 77% Net charge-offs / loans (annualized) 0.06% 0.06% Return on average tangible common equity 11.8% 17.3% Common equity tier 1 ratio 10.3%

$1.84 $1.33 $1.11 $1.13 $0.78 4Q22 1Q23 2Q23 3Q23 4Q23 Diluted Earnings Per Share Notable Items1: 4Q23:  $(0.46) per share negative impact from FDIC Special Assessment  $(0.05) per share negative impact from Credit Valuation Adjustment (“CVA”) 3Q23:  No items with impact > $0.05 per share during the quarter 2Q23:  $(0.07) per share negative impact from severance expense  $0.07 per share positive impact from gain on sale of property 1Q23:  $(0.06) per share negative impact from tax contingency reserve 5 The FDIC special assessment reduced earnings per share by $0.46 in the current quarter Diluted Earnings per Share (1) Items that were $0.05 per share or more. $(0.22) $(0.23) $(0.23) $(0.21) $- 4Q22 1Q23 2Q23 3Q23 4Q23 EPS Impact of Provision for Credit Losses

$420 $341 $296 $272 $262 4Q22 1Q23 2Q23 3Q23 4Q23 Adjusted Pre-Provision Net Revenue (“PPNR”) Adjusted PPNR was supported by stable net interest income (1) Adjusted for items such as taxable equivalency, severance costs, restructuring costs, other real estate expense, and securities gains and losses. See Appendix for non-GAAP financial measures. Adjusted PPNR(1) ($ millions) 6 Linked quarter (4Q23 vs. 3Q23):  Adjusted PPNR declined 4% with:  Stable net interest income  Customer-related fees down 4%  Adjusted noninterest expense decrease of 1% partially offsetting revenue declines Year-over-year (4Q23 vs. 4Q22):  Adjusted PPNR decreased 38%, attributable in part to:  A decrease of 19% in net interest income due to higher cost of funding  A decrease of 2% in customer-related fees  An increase of 4% in adjusted noninterest expense

$720 $679 $591 $585 $583 3.53% 3.33% 2.92% 2.93% 2.91% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% $0 4Q22 1Q23 2Q23 3Q23 4Q23 Net Interest Income (“NII”) and Net Interest Margin (“NIM”) Net Interest Income Net Interest Margin 7 Net interest income was stable as earning asset repricing offset a modest increase in funding costs ($ millions) Linked quarter (4Q23 vs. 3Q23):  Net interest income was flat  Interest earned on loans increased $17 million or 2%  Interest earned on money market investments increased $13 million or 37%  Interest paid on deposits increased $29 million or 8%  Interest paid on borrowings increased $3 million or 5% Year-over-year (4Q23 vs. 4Q22):  Net interest income declined 19%  Interest income increased $205 million or 25%  Interest expense increased $342 million

Year-Over-Year (4Q23 vs. 4Q22) Net Interest Margin (“NIM”) 8 The net interest margin has been stable for the past three quarters Loans Deposits Money Mkt & Securities Borrowings Free Funds1 4Q22 4Q23 Linked Quarter (4Q23 vs. 3Q23) 3Q23 4Q23 Loans Deposits Money Mkt & Securities Borrowings Free Funds1 Accelerated liability repricing early in the year has slowed to match earning asset yield improvement  Earning assets continue to reprice with the higher interest rate environment  Heightened focus on growing customer deposits has reduced wholesale funding and improved funding cost pressure (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.

$153 $151 $162 $157 $150 4Q22 1Q23 2Q23 3Q23 4Q23 Noninterest Income and Revenue 9 Customer-Related Noninterest Income (1) Linked-quarter noninterest income trend was impacted by the sale of mortgage servicing rights and higher loan sale activity in 3Q23, and lower dividends on FHLB activity stock in the current quarter (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items, as detailed in the noninterest income table located in the earnings release. (2) Adjusted revenue is the sum of taxable-equivalent net interest income and noninterest income less adjustments. It excludes the impact of securities gains/losses and fair value and non-hedge derivative income. See Appendix for non-GAAP financial measures. ($ millions) $8 73 $8 39 $7 80 $7 65 $7 31 $8 92 $8 50 $7 90 $7 65 $7 51 4Q22 1Q23 2Q23 3Q23 4Q23 Total Revenue (GAAP) Adjusted Revenue (Non-GAAP) Total Revenue (2) ($ millions)

$4 71 $5 12 $5 08 $4 96 $5 81 $4 72 $5 09 $4 94 $4 93 $4 89 52.9% 59.9% 62.5% 64.4% 65.1% 4Q22 1Q23 2Q23 3Q23 4Q23 NIE (GAAP) Adjusted NIE (Non-GAAP) Efficiency Ratio ($ millions) Noninterest Expense 10 Active management of noninterest expense has flattened growth Total noninterest expense increased $85 million linked quarter and included the FDIC special assessment of $90 million The efficiency ratio increased 70 basis points to 65.1% due to lower revenue in the quarter. We will continue to attempt to offset focused business investments with efficiency gains Notable items in:  4Q23: $90 million FDIC special assessment  2Q23: $13 million severance expense  1Q23: $13 million increase in share-based compensation  4Q22: $8 million decrease in incentive compensation Noninterest Expense (NIE) (1) (1) Adjusted for items such as severance costs, restructuring costs, and other real estate expense. See Appendix for non-GAAP financial measures.

$54.7 $56.2 $56.7 $57.0 $57.1 4.81% 5.30% 5.65% 5.84% 5.94% $0.0 $25.0 $50.0 $75.0 $100.0 4Q22 1Q23 2Q23 3Q23 4Q23 Average Loan and Deposit Balances Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits 11 Average loans and deposits increased slightly in 4Q23 vs. 3Q23 $36.2 $35.8 $39.8 $47.8 $49.1 $38.0 $34.4 $29.8 $27.9 $26.9 $74.3 $70.2 $69.6 $75.6 $75.9 0.20% 0.47% 1.27% 1.92% 2.06% $0.0 $25.0 $50.0 $75.0 $100.0 4Q22 1Q23 2Q23 3Q23 4Q23 ($ billions) ($ billions) Zions’ average cost of total deposits reflect a total deposit beta1 of 39% and an interest-bearing deposit beta of 60% (1) Deposit beta compares the change in the cost of deposits vs. the change in the target fed funds rate relative to 4Q21.

$71 $64 $66 $69 $71$5 $8 $6 $4 $11 $13 $6 $5 $5 - 10 20 30 40 50 60 70 80 90 100 4Q22 1Q23 2Q23 3Q23 4Q23 Ending deposits declined ~$400 million vs. 3Q23; customer deposits increased $1.7 billion 4Q23 total funding costs increased 15 basis points  Brokered deposits were managed down $2 billion during the quarter  Short-term borrowings have been reduced by $8 billion since their peak in 1Q23 Deposit Balance and Borrowing Trends Average Deposits and Borrowings ($ billions) Ending Deposits and Borrowings $74 $69 $63 $68 $70 $1 $7 $8 $6 $8 $13 $13 $5 $5 0.56% 1.17% 1.88% 2.10% 2.25% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% - 10 20 30 40 50 60 70 80 90 100 4Q22 1Q23 2Q23 3Q23 4Q23 ($ billions) 12

13 Impact of Noninterest-bearing (NIB) Demand Deposits The increased value of noninterest-bearing deposits has exceeded the decline in volume Average Noninterest-bearing Demand Impact of NIB on NIM 1 Noninterest-bearing demand deposits have declined as interest rates have risen, though the value of these deposits has increased overall  The value of noninterest-bearing funds presented in this chart reflects the impact these funds have on net interest margin  Noninterest-bearing deposits have declined $14 billion or 35% from a peak of $41 billion in 2Q22  In 4Q23, noninterest-bearing funds added 114 basis points to the net interest margin, compared to 7 bp in 2Q22 and 48 basis points in 4Q22 ($ billions) $40.9 $41.1 $39.6 $38.0 $34.4 $29.8 $27.9 $26.9 0.06% 0.07% 0.21% 0.48% 0.83% 1.06% 1.13% 1.14% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 (1) The impact of noninterest-bearing sources of funds on the net interest margin is calculated as the difference between interest earning assets and interest-bearing liabilities divided by earnings assets multiplied by rate paid on interest-bearing liabilities.

Securities & Money Market Investments 14 Total Securities Portfolio and Money Market Investments (period-end balances) $23.5 $22.6 $21.6 $20.7 $20.7 $3.8 $3.4 $2.3 $3.1 $2.4 4Q22 1Q23 2Q23 3Q23 4Q23 Total Securities Money Market Investments ($ billions) We have strong on-balance sheet liquidity The investment portfolio is designed to be a storehouse of balance sheet liquidity  Principal and prepayment-related cash flows from securities were $732 million for the quarter  The composition of the investment portfolio allows for deep on-balance sheet liquidity through the GCF Repo market  Approximately 90% of securities are U.S. Government and U.S. Government Agency/GSE securities 33% 32% 30% 30% 29%Percent of earning assets After liquidity, the investment portfolio is also used to balance interest rate risk  The estimated deposit duration at December 31, 2023 of ≈2.4 percent is assumed to be longer than the loan duration of 1.6 percent (including swaps); the investment portfolio brings balance to this mismatch  The duration of the investment portfolio is 3.6 percent (including the impact of fair value hedges) compared to 4.2 percent in the prior year quarter

Accumulated Other Comprehensive Income (AOCI) AOCI improved $400 million in 2023 and is projected to improve another $500 million in 2024 $ Bi lli on s Projected AOCI 15(1) AFS securities burndown based on path of forward curve at 12/31/23 (2) Includes accretion of unrealized losses related to the 4Q22 transfers of AFS securities to HTM Accumulated Other Comprehensive Income (loss) will decline as the underlying investments pay down and mature  Principal amortization of the investment portfolio will lead to a commensurate improvement in AOCI  The $2.7 billion Accumulated Other Comprehensive Loss is expected to improve by more than $900 million, or 34%, over the next eight quarters  This would add 1.0% to the tangible common equity ratio, all else equal  This is approximately $6.21 per share on a book value basis $3.1 $2.7 $2.2 $1.8 4Q22 4Q23 4Q24 4Q25 Securities AOCI Swap AOCI

Net Interest Income – Outlook & Rate Sensitivity 16 Active balance sheet management has stabilized net interest income in 2023 and has positioned us for future growth (1) Assumes no change in the size or composition of the earning assets excluding derivative hedge activity, while it assumes a change in composition of deposits (a lesser proportion of noninterest-bearing relative to total deposits) (2) This analysis suggest latent interest rate sensitivity of +1.2%, 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 of +1.2% which reflects changes to NII based upon future rate movements implied by the forward rate curve at 12/31/2023. 1.0% 2.4% 3.9% -100 Implied +100 bps 4Q23 vs. 4Q24 Net Interest Income Sensitivity Sensitivity of net interest income to interest rates has evolved over the past year  The composition of funding, including deposits, has transitioned toward higher beta products (more rate sensitivity)  Changing balance sheet rate sensitivity has been actively managed through interest rate swaps and funding strategies The rapidly changing interest rate environment requires a more dynamic view of interest rate sensitivity  The chart shows expected net interest income change, relative to 4Q23, for the yield curve implied forward path in rates at the end of 2023 (Fed Funds Target ends 2024 at 3.75%) 1  Holding other things constant, net interest income would increase 2.4%2  +100 and -100 parallel interest rate shocks to this forward rate path illustrate moderate rate sensitivity Net interest income in 4Q24 is expected to be stable to slightly increasing when compared to 4Q23 The balance sheet is positioned for net interest income growth, particularly if short-term rates fall faster than long-term rates

17 Credit Quality Ratios Net charge-offs remain low, with trailing 12 months net charge-offs at 0.06% of average loans Key Credit Metrics  1.4%: Classified loans/loans  Classified balance increased $56 million in 4Q23 from 3Q23  0.40%: NPAs+90(1)/loans + OREO  NPA+90 balance decreased $4 million in 4Q23 from 3Q23  Net charge-offs (recoveries), relative to average loans:  0.06% annualized in 4Q23  0.06% over the last 12 months Allowance for Credit Losses:  1.26% of total loans and leases, down 4 basis points from 3Q23 reflecting management’s view of a less negative economic outlook due to reduced inflation and lower interest rates. (1) Nonperforming assets plus accruing loans that were ≥ 90 days past due Note: Net charge-offs / average loans and provision / average loans ratios are annualized for all periods shown Credit Quality (0.02%) 0.00% 0.09% 0.10% 0.06% 0.31% 0.32% 0.32% 0.29% 0.00% NCOs / Avg Loans (ann.) Provision / Avg Loans (ann.) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 4Q22 1Q23 2Q23 3Q23 4Q23 Classified / Loans NPAs + 90 / Loans + OREO ACL / Loans

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

19 Commercial Real Estate Summary Term CRE ($10.7B)  Conservative weighted-average LTVs (< 60%)  Maturity distribution: 19% on average annually over next 3 years  Average & median loan size of $3.3 million & < $1 million  Total term CRE portfolio 5.3% criticized; 2.1% classified; 0.4% nonaccrual; 0.4% delinquencies Construction and Land Development ($2.7B)  Land and A&D less than $250 million  Total construction portfolio 4.1% criticized; 1.9% classified; 0.8% nonaccrual; 0.9% delinquencies Office ($2.0B: $1.8B term | $0.2B construction)  70% suburban and 30% Central Business District  Average LTV < 60%  Average & median loan size of $4.5 million & < $1 million  12.0% criticized; 8.9% classified; 2.4% nonaccrual; 2.3% delinquencies  No new office nonaccruals or charge-offs in 4Q23  ~80% term, ~20% construction  Portfolio growth has been carefully managed for over a decade through disciplined concentration limits  Granular portfolio with solid sponsor or guarantor support  Well diversified by property type and location The commercial real estate portfolio is granular and well diversified Note: Loan-to-value (LTV) calculations reflect most current appraisal in the denominator and the current outstanding balance in the numerator. Multifamily, 28% Industrial, 23%Office, 15% Retail, 11% Residential Construction, 4% All Other CRE, 19% Portfolio Composition As of December 31, 2023

Net Charge-offs annualized, as a percentage of risk-weighted assets 0. 11 % 0. 06 % (0 .0 1% ) (0 .0 1% ) 0. 01 % 0. 04 % 0. 06 % 0. 16 % (0 .0 2% ) 0. 00 % 0. 08 % 0. 08 % 0. 05 % (4%) (2%) 0% 2% 4% 6% 8% 10% 12% 14% 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 Capital Strength 20 Loss-absorbing capital remains strong relative to our risk profile; low credit losses relative to CET1 + ACL Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets 10 .8 % 11 .2 % 11 .3 % 10 .9 % 10 .2 % 10 .0 % 9. 9% 9. 6% 9. 8% 9. 9% 10 .0 % 10 .2 % 10 .3 % 12 .3 % 12 .5 % 12 .3 % 11 .8 % 11 .1 % 10 .9 % 10 .7 % 10 .5 % 10 .7 % 11 .0 % 11 .1 % 11 .3 % 11 .3 % 0% 2% 4% 6% 8% 10% 12% 14% 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 Common Equity Tier 1 ACL / Risk-weighted Assets

Financial Outlook (FY 2024E vs FY 2023A), as of January 22nd, 2024 21 Outlook Comments Stable  Interest rates and economic outlook resulting in weak loan demand Slightly Decreasing  Positive impact of asset yield repricing expected to be more than offset by funding cost pressures compared to 2023 Moderately Increasing  Customer-related noninterest income excludes securities gains/losses, dividends, and gains/losses on the sale of fixed assets Slightly Increasing  Technology costs expected to put mild pressure on full year adjusted noninterest expense compared to 2023  Capital is expected to increase organically Customer-Related Noninterest Income Loan Balances (period-end) Net Interest Income (NII) Capital Adjusted Noninterest Expense

 Financial Results Summary  Balance Sheet Profitability  Loan Growth by Geography and Type  Earning Asset Repricing  Interest Rate Swaps  Interest Rate Sensitivity  Customer Fee Detail  Allowance for Credit Losses  Loan Loss Severity (NCOs as a percentage of nonaccrual loans)  Credit Metrics: Commercial Real Estate  Non-GAAP Financial Measures 22 Appendix

Financial Results Summary 23 Healthy fundamentals, strong credit quality Three Months Ended (Dollar amounts in millions, except per share data) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Earnings Results: Diluted Earnings Per Share $ 0.78 $ 1.13 $ 1.11 $ 1.33 Net Earnings Applicable to Common Shareholders 116 168 166 198 Net Interest Income 583 585 591 679 Noninterest Income 148 180 189 160 Noninterest Expense 581 496 508 512 Pre-Provision Net Revenue - Adjusted (1) 262 272 296 341 Provision for Credit Losses - 41 46 45 Ratios: Return on Assets(2) 0.57 % 0.80 % 0.79 % 0.91 % Return on Common Equity(3) 9.2 % 13.5 % 13.8 % 17.4 % Return on Tangible Common Equity(3) 11.8 % 17.3 % 17.8 % 22.7 % Net Interest Margin 2.91 % 2.93 % 2.92 % 3.33 % Yield on Loans 5.94 % 5.84 % 5.65 % 5.30 % Yield on Securities 2.84 % 2.73 % 2.55 % 2.46 % Average Cost of Total Deposits(4) 2.06 % 1.92 % 1.27 % 0.47 % Efficiency Ratio (1) 65.1 % 64.4 % 62.5 % 59.9 % Effective Tax Rate 16.0 % 23.2 % 22.6 % 27.7 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.40 % 0.41 % 0.30 % 0.31 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.06 % 0.10 % 0.09 % 0.00 % Common Equity Tier 1 Capital Ratio(5) 10.3 % 10.2 % 10.0 % 9.9 % (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses and investment and advisory expense related SBIC investments. See Appendix for 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

1.27% 0.91% 0.79% 0.80% 0.57% 4Q22 1Q23 2Q23 3Q23 4Q23 33.4% 22.7% 17.8% 17.3% 11.8% 4Q22 1Q23 2Q23 3Q23 4Q23 Balance Sheet Profitability 24 Profitability impacted by higher funding costs in 2023 while 4Q23 includes the impact of the FDIC special assessment Return on Assets Return on Tangible Common Equity Return on Tangible Common Equity is a non-GAAP measure. See Appendix for non-GAAP financial measures.

Loan Growth in Detail Loan growth in Commercial, Commercial Real Estate and 1-4 Family Mortgage Linked Quarter Loan Balance Growth, Excluding PPP Total Loans: +1.6% Linked quarter:  Period-end loans increased $886 million or 1.6%  Loan growth in dollars predominantly in Commercial, 1-4 Family, & Commercial Real Estate Construction & Term  Balance declines in Owner Occupied, Energy, and Consumer Construction  Decline of $29 million (27%) in SBA PPP loans G ro w th R at e: L in ke d Q ua rt er , n ot a nn ua liz ed Dollar Growth: Linked Quarter 25 C&I (ex-Oil & Gas), 3% Owner occupied, -1% CRE C&D, 4% CRE Term, 1% Home Equity, 1% 1-4 Family, 4% Energy (Oil & Gas), -4% Municipal, 2% Other, -3% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% -$200 -$100 $0 $100 $200 $300 $400 $500 $600 Note: circle size indicates relative proportion of loan portfolio as of 4Q23. PPP loans, not shown on graph, declined 27% in 4Q23 vs. 3Q23 ($ millions)

26 Loan Growth - by Bank Brand and Loan Type “Other” loans includes consumer construction, bankcard, and other consumer loan categories. Totals shown above may not foot due to rounding. Period-End Year-over-Year Loan Growth (4Q23 vs. 4Q22) Period-End Linked Quarter Loan Growth (4Q23 vs. 3Q23) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 499 36 (71) 163 23 (6) (63) 13 594 SBA PPP (24) (26) (24) (9) (6) (23) (8) - (120) Owner occupied (109) 3 (26) (3) (10) (24) 17 - (152) Energy (Oil & Gas) 23 (192) - - - 2 (3) - (170) Municipal 3 88 5 (79) (8) (39) (25) (4) (59) CRE C&D (76) 169 112 4 (30) (82) 59 - 156 CRE Term (53) 2 52 255 86 125 9 - 476 1-4 Family 459 112 181 162 92 118 (1) 6 1,129 Home Equity (34) 32 (21) (19) 19 (7) 9 - (21) Other 133 12 82 34 (8) 49 (7) (2) 293 Total net loans 821 236 290 508 158 113 (13) 13 2,126 (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 267 156 (59) 110 3 (12) (20) 13 458 SBA PPP (4) (4) (4) (1) (1) (11) (4) - (29) Owner occupied (24) 12 (19) (11) (1) (21) 10 - (54) Energy (Oil & Gas) 8 (84) - - - - - - (76) Municipal (11) 92 (7) 5 - 5 (7) 4 81 CRE C&D (87) 71 (22) 64 10 20 38 - 94 CRE Term 39 20 31 10 31 9 (3) - 137 1-4 Family 142 20 45 36 14 42 - - 299 Home Equity 1 32 16 1 (8) (1) 2 - 43 Other (36) (26) 9 - (5) (5) (4) - (67) Total net loans 295 289 (10) 214 43 26 12 17 886 Loan growth reflected in most markets across our footprint for the quarter

Simulated Repricing Expectations: Earning Assets and Loans 27 A substantial portion of earning assets reset within one year with additional resets in later periods Note: Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. 52% 11% 7% 6% 9% 15% 52% 12% 8% 6% 7% 15% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f L oa ns Loans: Rate Reset and Cash Flow Profile Loans After Hedging41% 11% 8% 7% 11% 22% 44% 12% 9% 7% 6% 22% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f E ar ni ng A ss et s Earning Assets Rate Reset and Cash Flow Profile Earning Assets After Hedging

28 Interest Rate Swaps at December 31, 2023 Swaps are used to balance our interest rate sensitivity Average Outstanding Notional Weighted Average Fixed Rate Received Weighted Average Maturity 2Q22 $5,583 1.59% 4/25 3Q22 $7,433 1.76% 7/25 4Q22 $8,133 1.91% 8/25 1Q23 $4,433 1.85% 10/24 2Q23 $2,850 2.40% 7/24 3Q23 $2,550 2.37% 8/24 4Q23 $1,450 2.66% 9/24 Received-Fixed Rate Loan & Long-Term Debt Cash Flow Hedges2 (pay floating rate) Average Outstanding Notional Weighted Average Fixed Rate Paid Weighted Average Maturity 2Q22 $990 1.66% 10/40 3Q22 $1,229 1.83% 4/40 4Q22 $1,228 1.83% 4/40 1Q23 $1,228 1.83% 4/40 2Q23 $4,072 3.13% 10/30 3Q23 $5,072 3.27% 4/30 4Q23 $5,071 3.27% 4/30 Pay-Fixed Rate Securities Portfolio Fair Value Hedges / Fixed Rate Loan Hedges / Short-Term Debt Hedges (receive floating rate) (1) Cash flow hedges consist of receive-fixed swaps hedging pools of floating rate loans. (2) Excludes Swaps with an effective date after the reporting period. Interest rate sensitivity is managed in part with portfolio interest rate hedges1  $0.8 billion in <1 year receive-fixed swaps were terminated at an average rate of 1.47% in the current quarter

Interest Rate Sensitivity – Net Interest Income Sensitivity Analysis 29 Standard parallel rate shocks suggest asset sensitivity, however, the rate path implied by the forward curve reveals liability sensitivity if short-term rates fall faster than long-term rates (1) 12-month forward simulated impact of an instantaneous and parallel change in interest rates and assumes no change in the size or composition of the earning assets excluding derivative hedge activity, while it assumes a change in composition of deposits (a lesser proportion of noninterest-bearing relative to total deposits). (2) Latent interest rate sensitivity refers to future changes in Net Interest Income (“NII”) based upon past rate movements that have yet to be fully realized in revenue; Emergent interest rate sensitivity refers to changes to NII based upon future rate movements implied by the forward rate curve at 12/31/2023. Based on the yield curve implied forward path in rates at the end of 2023 (Fed Funds Target ends 2024 at 3.75%), net interest income would increase 2.4% in 4Q24 vs. 4Q23: Latent(2) sensitivity: NII estimated to decrease by approximately 1.2% in 4Q24 This reflects a total deposit cost increase of approximately 70 basis points by 3Q24 which is consistent with a 50% through-the-cycle beta Emergent (2) sensitivity: NII estimated to increase by approximately 1.2%, in addition to Latent, in 4Q24 This estimate does not include any changes to the size or composition of earning assets; it reflects existing swap maturities and forward-starting swaps • Asset duration is being managed to reflect emerging liability duration. During Q4, $800 million of receive-fixed interest rate swaps were terminated Interest Rate Impacts on Net Interest Income -2% -1% 1% 1% -6% -2% 2% 5% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity (1) as of 9/30/2023 as of 12/31/2023

30 Customer Fee Detail and Growth Trends Wealth management and capital markets revenues have grown 10% compounded over the past five years Customer-related noninterest income Full Year 2018 Full Year 2023 5-yr CAGR Commercial account fees $129 $174 6% Card fees $94 $101 1% Retail and business banking fees $78 $66 (3%) Memo: NSF and overdraft fees $40 $22 (11%) Loan-related fees and income $74 $79 1% Capital markets fees $50 $81 10% Wealth management fees $36 $58 10% Other customer-related fees $46 $61 6% Total customer-related noninterest income $507 $620 4% Changes to financial presentation may result in differences compared to prior disclosures of 2018 customer-related fee category results.

526 777 914 917 835 695 574 529 553 514 546 590 636 678 711 738 729 1.08 1.56 1.88 1.91 1.74 1.48 1.22 1.11 1.13 1.02 1.05 1.10 1.15 1.21 1.25 1.30 1.26 1/1/20 CECL 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Allowance for Credit Losses ACL (%) ex-PPP 31 Allowance for Credit Losses (“ACL”) The ACL decrease vs. 3Q23 is primarily due to a less negative economic outlook due to reduced inflation and lower interest rates ($ millions)

10 % 14 % 16 % 24 % 27 % 27 % 33 % 34 % 34 % 47 % 49 % 52 % 56 % 58 % 61 % 65 % 73 % W AL M TB ZI O N BO KF CM A AS B FN B EW BC W TF C KE Y CF G HB AN FI TB SN V RF PN FP HW C Loan Loss Severity Annualized NCOs / Nonaccrual Loans Five Year Average (2018Q4 – 2023Q3) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2008Q4 – 2023Q3) 32Source: S&P Global. Calculated using the average of annualized quarterly results. When problems arise, Zions generally experiences less severe loan losses due to strong collateral and underwriting practices 18 % 21 % 23 % 24 % 28 % 30 % 39 % 43 % 44 % 50 % 53 % 54 % 55 % 56 % 56 % 58 % 71 % BO KF M TB W AL ZI O N AS B CM A CF G FN B W TF C KE Y PN FP EW BC HB AN HW C RF SN V FI TB

16% 21% 36% 20% 4% 0% 0% 19% 25% 30% 16% 6% 1% 0% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% Term CRE LTVs Appraised vs. Indexed Most Recent Appraisal Index Adjusted CRE In-Depth Review: Commercial Real Estate 33 Limited tail loan-to-value risk in portfolio; controlled CRE growth Data is updated through 4Q23. Loan-to-value calculations in the “Appraised Value” distribution to reflect most current appraisal in the denominator and the outstanding balance in the numerator. In the “Indexed Value” data series, we have attached the most recent appraisal to the REIS Commercial Property Price Indices (specific to local markets). Index is applied to four major CRE property types. Percentages shown of CRE property types do not sum to 100% due to other property types not shown. Zions has modest “tail risk” in its CRE portfolio Term WAVG LTV % of CRE Term % of CRE Construction Multi-family 61% 26% 36% Industrial / Warehouse 54% 23% 25% Office 53% 17% 8% Retail 48% 13% 3% Hospitality 48% 3% 2% Total CRE Portfolio Trends Total CRE Problem Loan Trends as a percentage of total loans 2.2 2.2 2.3 2.8 2.5 2.7 8.9 9.3 9.8 9.4 10.2 10.7 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 Construction Balances Term Balances($ billions) 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Criticized % Classified % Nonaccrual % TTM GCO Rate

15% 15% 36% 29% 6% 0% 0% 13% 8% 28% 34% 14% 2% 0% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% CRE Office Term LTVs Appraised vs. Indexed Most Recent Appraisal Index Adjusted CRE In-Depth Review: Office ($2.0 billion balance) 34Data updated through 4Q23. (1) Loans >$2.5 million represents ~90% of the portfolio; lease maturities from $2.5M+ office exposure. (2) Loan-to-value calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. In the “Indexed Value” data series, we attached the most recent appraisal to the REIS Commercial Property Price Indices (at the MSA level). CRE Office portfolio is 15% of total CRE exposure; 3% of total loan exposure  13% decrease in balances YOY via payoffs, loan rebalance, amortization  < 15% of tenant leases mature in next 12 months  Median loan size: < $1 million; average loan size: $4.5 million  Allowance for credit losses: 3.8% of balances / 32% of criticized balances  32% variable rate with swap, 15% fixed rate, 53% variable rate w/o swap  Stabilized term office portfolio is 88% leased (weighted average)1  1/3 of portfolio is credit tenant leased1  3/4 Multi-tenant Office1  In-footprint collateral – 99%  70% suburban, 30% central business district1 Office Problem Loan Trends as a percentage of total loans When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination ($ billions) 0.2 0.1 0.2 0.3 0.2 0.2 2.0 2.1 2.2 2.0 2.1 1.8 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 Office Portfolio Trends Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Criticized % Classified % Nonaccrual % TTM GCO Rate

CRE In-Depth Review: Office Loans – Distribution of LTV and Loan Maturity Zions is addressing loan level concerns with clients, monitoring covenants, and assessing valuations  We are proactive with 2024 office maturities  Cash flow and leasing are monitored at the loan level to address covenant compliance  Based on YTD experience, many loans will be extended due to acceptable debt service coverage and LTV ratios  Some loans will likely require paydown of the loan to consider an extension  With few exceptions, there remains adequate equity / value in the properties to allow for additional sponsor support  Office loans often have repayment guaranties, re-margin requirements or cash flow sweep provisions CRE Term Office by Maturity Near term maturities were originated at low LTVs; indexed values show value decline, with remaining equity value. 35Data is updated through 4Q23. Includes term debt only. Indexed Values derived by attaching the most recent appraisal to the REIS Commercial Property Price Indices (at the MSA level). ($ millions) 410 441 229 232 77 403 2024 2025 2026 2027 2028 2029+ 0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 2024 & 2025 Maturities: Indexed LTVs Most Recent Appraisal Index Adjusted

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ CRE Multifamily Term LTVs Appraised vs. Indexed Most Recent Appraisal Index Adjusted 0.7 0.7 0.8 0.8 0.7 0.9 1.7 2.0 2.0 2.0 2.4 2.8 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 Multifamily Portfolio Trends Construction Balances Term Balances CRE In-Depth Review: Multifamily ($3.7 billion balance) 36Data is updated through 4Q23. (1) Loans >$3 million represents ~90% of the portfolio; lease maturities from $10M+ office exposure. (2) Loan-to-value calculations in the “Appraised Value” distribution to reflect most current appraisal in the denominator and the outstanding balance in the numerator. In the “Indexed Value” data series, we have attached the most recent appraisal to the REIS Commercial Property Price Indices (specific to local markets). CRE multifamily portfolio is 28% of total CRE exposure  21% increase in balances YOY; construction and term growth  76% term, 24% construction  Median loan size: < $1 million; average loan size: $5.2 million  Allowance for credit losses: 1.7% of total multifamily balances or 28% of criticized balances  17% variable rate with swap, 11% fixed rate, 72% variable rate w/o swap  Multifamily by location – 32% CA, 25% TX, 12% AZ, 10% UT, 21% all other  Increase in criticized due primarily to higher interest rates, construction delays and longer lease up timelines Multifamily Problem Loan Trends as a percentage of total loans ($ billions) 0% 1% 2% 3% 4% 5% 6% 7% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Criticized % Classified % Nonaccrual % TTM GCO Rate

37 Non-GAAP Financial Measures In millions, except per share amounts 4Q23 3Q23 2Q23 1Q23 4Q22 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense $581 $496 $508 $512 $471 LESS adjustments: Severance costs 13 1 Other real estate expense Amortization of core deposit and other intangibles 2 2 1 2 FDIC special assessment 90 Restructuring costs 1 SBIC Investment Success Fee Accrual (1) (b) Total adjustments 92 3 14 3 (1) (a-b)=(c) Adjusted noninterest expense 489 493 494 509 472 (d) Net interest income 583 585 591 679 720 (e) Fully taxable-equivalent adjustments 10 11 11 9 10 (d+e)=(f) Taxable-equivalent net interest income (TE NII) 593 596 602 688 730 (g) Noninterest Income 148 180 189 160 153 (f+g)=(h) Combined Income $741 $776 $791 $848 $883 LESS adjustments: Fair value and nonhedge derivative income (loss) (9) 7 1 (3) (4) Securities gains (losses), net (1) 4 - 1 (5) (i) Total adjustments (10) 11 1 (2) (9) (h-i)=(j) Adjusted revenue $751 $765 $790 $850 $892 (j-c) Adjusted pre- provision net revenue (PPNR) $262 $272 $296 $341 $420 (c)/(j) Efficiency Ratio 65.1% 64.4% 62.5% 59.9% 52.9%

38 Non-GAAP Financial Measures (Continued) In millions, except per share amounts 4Q23 3Q23 2Q23 1Q23 4Q22 Net Earnings Applicable to Common Shareholders (NEAC) Net earnings applicable to common $116 $168 $166 $198 $277 Diluted Shares (average) 148 148 148 148 149 (a) Diluted EPS 0.78 1.13 1.11 1.33 1.84 PLUS Adjustments: Adjustments to noninterest expense 92 3 14 3 (1) Adjustments to revenue 10 (11) (1) 2 9 Tax effect for adjustments (25) (2) (3) (1) (2) Preferred stock redemption Total adjustments 77 (6) 10 4 6 (b) Adjustments per share 0.52 (0.04) 0.07 0.03 0.04 (a+b)=(c) Adjusted EPS 1.30 1.09 1.18 1.36 1.88

39 Non-GAAP Financial Measures (Continued) In millions 4Q23 3Q23 2Q23 1Q23 4Q22 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $116 $168 $166 $198 $277 Adjustments, net of tax: Amortization of core deposit and other intangibles 1 1 1 1 - (a) Net earnings applicable to common, net of tax $117 $169 $167 $199 $277 Average common equity (GAAP) $4,980 $4,938 $4,818 $4,614 $4,330 Average goodwill and intangibles (1,060) (1,061) (1,063) (1,064) (1,036) (b) Average tangible common equity (non-GAAP) $3,920 $3,877 $3,755 $3,550 $3,294 (c) Number of days in quarter 92 92 91 90 92 (d) Number of days in year 365 365 365 365 365 (a/b/c)*d Return on average tangible common equity (non-GAAP) 11.8% 17.3% 17.8% 22.7% 33.4%

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