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8-K

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION)

8-K 2021-04-19 For: 2021-04-19
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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)  April 19, 2021

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

(Exact name of registrant as specified in its charter)

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

Registrant's telephone number, including area code (801) 844-7637

Former name or former address, if changed since last report

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

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

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

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

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

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

Title of Each 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
Series H 5.75% Non-Cumulative Perpetual Preferred Stock ZIONN 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 April 19, 2021, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended March 31, 2021 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on April 19, 2021. The press release announcing the financial results for the quarter ended March 31, 2021 is furnished as Exhibit 99.1 and incorporated herein by reference. A presentation to be used in conjunction with the conference call regarding the Company’s first 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 Company 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 April 19, 2021 (furnished herewith).
99.2 Earnings Release Presentation dated April 19, 2021 (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: April 19, 2021

Document

Zions Bancorporation, N.A.<br>One South Main<br>Salt Lake City, UT 84133<br>April 19, 2021
www.zionsbancorporation.com

First Quarter 2021 Financial Results: FOR IMMEDIATE RELEASE

Investor and Media Contact: James Abbott (801) 844-7637

Zions Bancorporation, N.A. Reports: 1Q21 Net Earnings¹ of $314 million, diluted EPS of $1.90
compared with 1Q20 Net Earnings¹ of $6 million, diluted EPS of $0.04,<br>and 4Q20 Net Earnings¹ of $275 million, diluted EPS of $1.66

FIRST QUARTER RESULTS

$1.90 $314 million 2.86% 11.2%
Net earnings1 per diluted common share Net Earnings 1 Net interest margin (“NIM”) Common Equity<br>Tier 1
FIRST QUARTER HIGHLIGHTS²
--- --- --- ---
Net Interest Income and NIM •
• NIM was 2.86%, compared with 3.41%, and was significantly impacted by lower interest rates and higher average cash balances of 7.8 billion, compared with 2.0 billion
Operating Performance •
• Noninterest expense was 435 million, up 7%, and adjusted noninterest expense³ was 440 million, up 8%, due to increases in salaries and employee benefits (largely long-term compensation) and PPP-related professional and legal services
• The efficiency ratio³ was 63.5%, compared with 57.7%
Loans and Credit Quality •
• About 24,000 PPP Round 2021 loans were originated, totaling 2.6 billion
• Nonperforming assets were 327 million, or 0.7%, of loans (ex-PPP), compared with 280 million, or 0.6%, of loans
• The provision for credit losses was a negative 132 million, compared with a positive 258 million
• The allowance for credit losses was 1.5% of loans (ex-PPP), compared with 1.6% of loans
Capital •
Notable items •
• Deposits were 73.9 billion, up 16.3 billion, or 28%, resulting in a loan-to-deposit ratio of 72%. Deposit growth has been impacted by government stimulus programs
• Gain on sale of remaining Farmer Mac Class C stock of 11 million, or 0.05 per share 4
• Positive credit valuation adjustment of 18 million, or 0.08 per share,4 on client-related interest rate swaps

All values are in US Dollars.

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Our first quarter results were strong, reflecting an improving credit environment and outlook, which resulted in minimal net charge-offs and a substantial reversal of loan loss provisions made in prior quarters as the pandemic took hold.”<br><br><br><br>Mr. Simmons continued, “During the quarter, we assisted more than 24,000 customers in obtaining access to $2.6 billion of governmental relief funds in the form of PPP loans, bringing the total amount of PPP loans made to small businesses over the past year to nearly $10 billion. Non-PPP loan volumes continued to experience attrition while total deposits saw robust growth, both being in large measure a result of unusually strong levels of liquidity in the economy.”
OPERATING PERFORMANCE3

chart-7b8b2f22fcf042aaa6a1a.jpgchart-7ea45adecac54ebf9051a.jpg

1 Net Earnings is net earnings applicable to common shareholders.

2 Comparisons noted in the bullet points are calculated for the current quarter versus the same prior-year period, unless otherwise specified.

3 For information on non-GAAP financial measures and the reasons for which the Bank presents these numbers, see pages 15-17.

4 EPS calculations assume a 24.5% statutory tax rate.

ZIONS BANCORPORATION, N.A.

Press Release – Page 2

April 19, 2021

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 are generally reflective of a low initial starting point.

RESULTS OF OPERATIONS

Net Interest Income and Margin
1Q21 - 4Q20 1Q21 - 1Q20
(In millions) 1Q21 4Q20 1Q20 % %
Interest and fees on loans $ 488 $ 499 $ 532 (2) % (8) %
Interest on money market investments 3 3 8 — — (5) (63)
Interest on securities 71 69 82 2 3 (11) (13)
Total interest income 562 571 622 (9) (2) (60) (10)
Interest on deposits 9 13 51 (4) (31) (42) (82)
Interest on short- and long-term borrowings 8 8 23 — — (15) (65)
Total interest expense 17 21 74 (4) (19) (57) (77)
Net interest income $ 545 $ 550 $ 548 (1) (1)
bps bps
Yield on interest-earning assets1 2.95 % 3.06 % 3.87 % (11) (92)
Rate paid on total deposits and interest-bearing liabilities1 0.09 % 0.12 % 0.48 % (3) (39)
Cost of total deposits1 0.05 % 0.08 % 0.36 % (3) (31)
Net interest margin1 2.86 % 2.95 % 3.41 % (9) (55)

All values are in US Dollars.

1 Rates are calculated using amounts in thousands and taxable-equivalent rates are used where applicable.

Net interest income decreased $3 million, or 1%, to $545 million in the first quarter of 2021, from $548 million in the first quarter of 2020. Total interest income decreased $60 million, or 10%, due to a $44 million decrease in interest and fees on loans and an $11 million decrease in interest on securities. The decrease was primarily attributable to the lower interest rate environment, as the average balance of interest-earning assets increased 20%. Interest expense decreased $57 million, or 77%, due to a $42 million decline in interest paid on deposits and a $15 million decline in interest paid on short- and long-term borrowings attributable to lower rates on both categories as well as reduced balances of borrowed funds. The decline in interest expense was also primarily due to the lower interest rate environment and partially attributable to reduced competitive pricing pressure for deposits. Additionally, strong deposit growth of $16 billion, or 28%, reduced the need for borrowed funds and was impacted by government stimulus programs.

The net interest margin compressed to 2.86% in the first quarter of 2021, compared with 3.41% in the same prior year period. The yield on average interest-earning assets was 2.95% in the first quarter of 2021, a decrease of 92 basis points, compared with the first quarter of 2020. Average money market investments, including short-term deposits held at the Federal Reserve, increased to 10.0% of average interest-earning assets in the first quarter of 2021, compared with 3.1% in the same prior year period. This increase had a significant dilutive effect on the net interest margin.

Average interest-earning assets included $6.1 billion of Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans with a yield of 3.98%. During the first quarter of 2021, about 15,000 PPP loans, totaling $1.6 billion, received forgiveness by the SBA and contributed $31 million of interest income through accelerated recognition of net unamortized deferred fees on these loans. As of March 31, 2021, there were approximately $168 million of unamortized net origination fees related to the PPP loans.

The yield on loans decreased 69 basis points from the first quarter of 2020, and, excluding PPP loans, the yield on loans decreased 73 basis points from the first quarter of 2020. The decrease was primarily due to lower benchmark interest rates, but also reflected continued pricing pressure, which was partially attributable to the surplus liquidity in

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ZIONS BANCORPORATION, N.A.

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April 19, 2021

the marketplace. The yield on securities decreased 57 basis points from the same prior year period, primarily from lower yields on new investments, which were also attributable to lower benchmark interest rates. The yield on non-PPP loans originated during the first quarter of 2021 was moderately less than the yield on loans maturing or otherwise paying down. Similarly, the yield on securities purchased during the first quarter of 2021 was significantly lower than the yield on securities that paid off or paid down. These trends were consistent with those reported in recent quarters.

The annualized cost of total deposits for the first quarter of 2021 was 0.05%, compared with 0.36% for the first quarter of 2020. The rate paid on total deposits and interest-bearing liabilities was 0.09% during the first quarter of 2021, a decrease from 0.48% during the first quarter of 2020, which was primarily due to lower benchmark interest rates and strong deposit growth. Average noninterest bearing deposits as a percentage of total deposits was 47% for the first quarter of 2021, compared with 41% for the same prior year period. The deposit growth also contributed to a significant reduction in more-costly borrowed funds when compared with the first quarter of 2020.

Noninterest Income
1Q21 - 4Q20 1Q21 - 1Q20
(In millions) 1Q21 4Q20 1Q20 % %
Commercial account fees $ 32 $ 32 $ 31 — % 3 %
Card fees 21 22 21 (1) (5) — —
Retail and business banking fees 17 18 19 (1) (6) (2) (11)
Loan-related fees and income 25 25 26 — — (1) (4)
Capital markets and foreign exchange fees 15 19 24 (4) (21) (9) (38)
Wealth management fees 12 10 11 2 20 1 9
Other customer-related fees 11 13 11 (2) (15) — —
Customer-related fees 133 139 143 (6) (4) (10) (7)
Fair value and nonhedge derivative income (loss) 18 8 (11) 10 NM 29 NM
Dividends and other income 7 7 8 — — (1) (13)
Securities gains (losses), net 11 12 (6) (1) (8) 17 NM
Total noninterest income $ 169 $ 166 $ 134 2 26

All values are in US Dollars.

Total noninterest income for the first quarter of 2021 increased by $35 million, or 26%, to $169 million, from $134 million for the first quarter of 2020. Total customer-related fees decreased to $133 million from $143 million for the same periods. Although most categories were generally stable when compared with the same prior year period, capital markets and foreign exchange fees decreased $9 million, primarily due to lower customer interest rate swap fees.

In the first quarter of 2021, we recognized a positive $18 million credit valuation adjustment (“CVA”) on client-related interest rate swaps, compared with a negative $11 million CVA in the first quarter of 2020. This change reflects a significant decline in the total exposure of client swaps primarily due to an increase in benchmark interest rates during the quarter and improvements in the credit quality of the customer counterparties associated with the swaps.

Securities gains increased by $17 million, primarily as a result of an $11 million gain on the sale of remaining Farmer Mac Class C stock in the first quarter of 2021. The first quarter of 2020 was negatively impacted by $6 million of unrealized losses related to Small Business Investment Company investments.

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ZIONS BANCORPORATION, N.A.

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April 19, 2021

Noninterest Expense
1Q21 - 4Q20 1Q21 - 1Q20
(In millions) 1Q21 4Q20 1Q20 % %
Salaries and employee benefits $ 288 $ 277 $ 274 4 % 5 %
Occupancy, net 33 33 33 — — — —
Furniture, equipment and software, net 32 30 32 2 7 — —
Other real estate expense, net — 1 — (1) NM — —
Credit-related expense 6 6 4 — — 2 50
Professional and legal services 20 19 12 1 5 8 67
Advertising 5 6 3 (1) (17) 2 67
FDIC premiums 7 6 5 1 17 2 40
Other 44 46 45 (2) (4) (1) (2)
Total noninterest expense $ 435 $ 424 $ 408 3 7
Adjusted noninterest expense 1 $ 440 $ 423 $ 407 4 8

All values are in US Dollars.

1 For information on non-GAAP financial measures, see pages 15-17.

Total noninterest expense for the first quarter of 2021 increased by $27 million, or 7%, to $435 million, from $408 million for the first quarter of 2020. Salaries and benefits expense increased $14 million, or 5%, and professional and legal services expense increased $8 million, or 67%, from the same prior year period.

The $14 million increase in salaries and employee benefits reflected increases in long-term incentive compensation, including $7 million related to the Value Sharing Plan and share-based compensation, and $6 million of contributions to the employee 401(k) plan. The increases in these expense categories were relative to the depressed levels reported in the prior year period, when uncertainties resulting from the pandemic led to reduced accruals. The increase in salaries and employee benefits expense was partially offset by a $5 million decrease in base salaries due to lower headcount. The $8 million increase in professional and legal services was primarily related to third-party assistance associated with PPP loan forgiveness.

Adjusted noninterest expense for the first quarter of 2021 increased $33 million, or 8%, to $440 million, compared with $407 million for the same prior year period, primarily due to the same reasons previously discussed for noninterest expense. The efficiency ratio was 63.5% for the first quarter of 2021, compared with 57.7% the first quarter of 2020. For information on non-GAAP financial measures, including differences between noninterest expense and adjusted noninterest expense, see pages 15-17.

BALANCE SHEET ANALYSIS

Asset Quality
1Q21 - 4Q20 1Q21 - 1Q20
(In millions) 1Q21 4Q20 1Q20 bps bps
Ratio of nonperforming assets to loans and leases and other real estate owned 0.61 % 0.69 % 0.56 % (8) 5
Annualized ratio of net loan and lease charge-offs to average loans 0.06 % 0.11 % 0.06 % (5) —
Ratio of total allowance for credit losses to loans1 and leases outstanding, at period end 1.30 % 1.56 % 1.56 % (26) (26)
Ratio of total allowance for credit losses to loans1 and leases outstanding (excluding PPP loans), at period end 1.48 % 1.74 % 1.56 % (26) (8)
% %
Classified loans $ 1,660 $ 1,641 $ 881 1% 88%
Nonperforming assets 327 371 280 (44) (12) 47 17
Net loan and lease charge-offs 8 15 7 (7) (47) 1 14
Provision for credit losses (132) (67) 258 (65) (97) (390) NM

All values are in US Dollars.

1 Does not include loans held for sale.

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ZIONS BANCORPORATION, N.A.

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April 19, 2021

Net loan and lease charge-offs were $8 million in the first quarter of 2021, compared with $7 million in the first quarter of 2020. The ratio of nonaccrual loans and accruing loans past due 90 days or more to loans and leases (ex-PPP) was 0.71% for the first quarter of 2021, compared with 0.56% for the first quarter of 2020. The ratio of classified loans to total loans and leases (ex-PPP) was 3.5%, compared with 1.8%, for the same periods, respectively.

We recorded a negative $132 million provision for credit losses during the first quarter of 2021, compared with a negative $67 million during the fourth quarter of 2020, and a positive $258 million for the first quarter of 2020. The allowance for credit losses (“ACL”) was $695 million at March 31, 2021, compared with $835 million at December 31, 2020, and $777 million at March 31, 2020. The decrease in the ACL, compared with the same prior year period, was primarily due to an improvement in the economic outlook, compared with the more stressed economic outlook at the outset of the COVID-19 pandemic. The ratio of total ACL to total loans and leases (ex-PPP) was 1.48% at March 31, 2021, compared with 1.74% at December 31, 2020, and 1.56% at March 31, 2020.

Loans and Leases
1Q21 - 4Q20 1Q21 - 1Q20
(In millions) 1Q21 4Q20 1Q20 % %
Loans held for sale $ 77 $ 81 $ 140 (5)% (45)%
Loans and leases:
Commercial – excluding PPP loans 24,499 24,900 26,392 (401) (2) (1,893) (7)
Commercial – PPP loans 6,465 5,572 — 893 16 6,465 NM
Commercial real estate 12,060 12,104 11,741 (44) — 319 3
Consumer 10,448 10,900 11,794 (452) (4) (1,346) (11)
Loans and leases, net of unearned income and fees 53,472 53,476 49,927 (4) — 3,545 7
Less allowance for loan losses 646 777 730 (131) (17) (84) (12)
Loans and leases held for investment, net of allowance $ 52,826 $ 52,699 $ 49,197 — 7

All values are in US Dollars.

Loans and leases, net of unearned income and fees, increased $3.6 billion, or 7%, to $53.5 billion at March 31, 2021, from $49.9 billion at March 31, 2020, primarily due to the origination of PPP loans. Excluding PPP loans, total loans and leases decreased $2.9 billion, or 6%, to $47.0 billion at March 31, 2021, including a $1.9 billion, or 7%, decrease in commercial loans, as the stressed economic environment and an abundance of liquidity in the marketplace continued to adversely impact loan demand. Within commercial loans, a $2.7 billion decrease in commercial and industrial loans was partially offset by a $751 million increase in municipal loans. Commercial real estate construction and land development loans increased $186 million, and term commercial real estate loans increased $133 million. Consumer loans decreased $1.3 billion, which was spread across all consumer loan subcategories. Unfunded lending commitments and letters of credit increased $2.8 billion, or 12%, to $25.5 billion at March 31, 2021, from $22.7 billion at March 31, 2020, primarily due to a decrease in commitment utilization.

Deposits and Borrowed Funds
1Q21 - 4Q20 1Q21 - 1Q20
(In millions) 1Q21 4Q20 1Q20 % %
Noninterest-bearing demand $ 35,882 $ 32,494 $ 24,380 10 % 47 %
Interest-bearing:
Savings and money market 35,762 34,571 28,901 1,191 3 6,861 24
Time 2,209 2,588 4,237 (379) (15) (2,028) (48)
Total deposits $ 73,853 $ 69,653 $ 57,518 6 28
Borrowed funds:
Federal funds purchased and other short-term borrowings $ 1,032 $ 1,572 $ 3,765 (34) (73)
Long-term debt 1,299 1,336 1,795 (37) (3) (496) (28)
Total borrowed funds $ 2,331 $ 2,908 $ 5,560 (20) (58)

All values are in US Dollars.

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ZIONS BANCORPORATION, N.A.

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April 19, 2021

Total deposits increased by $16.3 billion, or 28%, to $73.9 billion as of March 31, 2021, primarily due to an $11.5 billion increase in noninterest-bearing deposits, which continued to be impacted by government stimulus programs. Average total deposits increased to $71.4 billion for the first quarter of 2021, compared with $56.9 billion for the first quarter of 2020. Average noninterest-bearing deposits increased 43% to $33.7 billion for the first quarter of 2021, from $23.6 billion for the first quarter of 2020, and were 47% and 41% of average total deposits, respectively, for the same periods.

Total borrowed funds decreased $3.2 billion, or 58%, to $2.3 billion as of March 31, 2021. Average borrowed funds decreased to $2.4 billion for the first quarter of 2021, compared with $4.7 billion for the first quarter of 2020. The decrease in both end-of-period and average borrowed funds reflects less reliance on federal funds purchased and other short-term borrowings due to the strength of deposit growth, which significantly exceeded earning asset growth over this period.

Shareholders’ Equity
1Q21 - 4Q20 1Q21 - 1Q20
(In millions) 1Q21 4Q20 1Q20 % %
Shareholders’ equity:
Preferred stock $ 566 $ 566 $ 566 — % — %
Common stock and additional paid-in capital 2,653 2,686 2,668 (33) (1) (15) (1)
Retained earnings 4,566 4,309 3,979 257 6 587 15
Accumulated other comprehensive income 148 325 259 (177) (54) (111) (43)
Total shareholders' equity $ 7,933 $ 7,886 $ 7,472 1 6
Capital distributions:
Common dividends paid $ 56 $ 56 $ 56 — —
Bank common stock repurchased 50 — 75 50 NM (25) (33)
Total capital distributed to common shareholders $ 106 $ 56 $ 131 89 (19)

All values are in US Dollars.

During the first quarter of 2021, the common stock dividend was $0.34 per share, which was unchanged from the first quarter of 2020. Weighted average diluted shares outstanding decreased 9.1 million from the first quarter of 2020, primarily due to the out-of-the-money expiration of 29.2 million ZIONW warrants on May 22, 2020. During the first quarter of 2021, we repurchased 1.0 million common shares outstanding for $50 million at an average price of $49.78 per share.

Accumulated other comprehensive income decreased $111 million to $148 million as of March 31, 2021, compared with $259 million as of March 31, 2020. The decline was primarily a result of decreases in the fair value of available-for-sale securities due to changes in interest rates.

Tangible book value per common share increased to $38.77 at March 31, 2021, compared with $35.96 at March 31, 2020. Basel III common equity tier 1 (“CET1”) capital was $6.2 billion at March 31, 2021 and $5.7 billion at March 31, 2020. The estimated Basel III CET1 capital ratio was 11.2% at March 31, 2021, compared with 10.0% at March 31, 2020. For information on non-GAAP financial measures, see pages 15-17.

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ZIONS BANCORPORATION, N.A.

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April 19, 2021

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss these first quarter results at 5:30 p.m. ET this afternoon (April 19, 2021). Media representatives, analysts, investors, and the public are invited to join this discussion by calling (253) 237-1247 (domestic and international) and entering the passcode 2659447, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $2.8 billion in 2020 and more than $85 billion of total assets. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending, recently ranking as the tenth largest provider in the U.S. of the SBA’s Paycheck Protection Program loans (including both rounds). In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at zionsbancorporation.com.

Forward-Looking Information

This earnings release includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements 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, market trends, industry results or regulatory outcomes to differ materially from those expressed or implied by such forward-looking statements.

Without limiting the foregoing, the words “forecasts,” “targets,” “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “would,” “will” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about future financial and operating results. Actual results and outcomes may differ materially from those presented, either expressed or implied, in the release. Important risk factors that may cause such material differences are often related to changes in general economic, regulatory, and industry conditions; changes and uncertainties in fiscal, monetary, regulatory, trade and tax policies and legislative and regulatory changes; changes in interest rates and uncertainty regarding the transition away from the London Interbank Offered Rate ("LIBOR") toward other alternative reference rates; the quality and composition of our loan and securities portfolios; 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 execute our strategic plans, manage our risks, and achieve our business objectives; our ability to develop and maintain information security systems, technologies and controls designed to guard against fraud, cyber and privacy risks; and the effects of the COVID-19 pandemic and similar outbreaks that may occur in the future and governmental responses to such matters. These factors, among others, are discussed in the Bank’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (SEC) and available at the SEC’s Internet site (https://www.sec.gov/). In addition, you may obtain documents filed with the SEC by the Bank free of charge by contacting: Investor Relations, Zions Bancorporation, N.A., One South Main Street, 11th Floor, Salt Lake City, Utah 84133, (801) 844-7637.

We caution you against undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except as may be required by law, Zions Bancorporation, N.A. specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

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ZIONS BANCORPORATION, N.A.

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April 19, 2021

FINANCIAL HIGHLIGHTS

(Unaudited)

Three Months Ended
(In millions, except share, per share, and ratio data) March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
BALANCE SHEET 1
Loans held for investment, net of allowance $ 52,826 $ 52,699 $ 53,892 $ 54,269 $ 49,197
Total assets 85,121 81,479 78,357 76,447 71,467
Deposits 73,853 69,653 67,094 65,684 57,518
Total shareholders’ equity 7,933 7,886 7,668 7,575 7,472
STATEMENT OF INCOME
Net earnings applicable to common shareholders $ 314 $ 275 $ 167 $ 57 $ 6
Net interest income 545 550 555 563 548
Taxable-equivalent net interest income 2 553 557 562 569 555
Total noninterest income 169 166 157 117 134
Total noninterest expense 435 424 442 430 408
Adjusted pre-provision net revenue 2 253 280 267 300 299
Provision for credit losses (132) (67) 55 168 258
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share $ 1.90 $ 1.66 $ 1.01 $ 0.34 $ 0.04
Dividends 0.34 0.34 0.34 0.34 0.34
Book value per common share 1 44.98 44.61 43.30 42.74 42.15
Tangible book value per common share 1, 2 38.77 38.42 37.11 36.56 35.96
Weighted average share price 51.34 36.86 32.09 31.53 41.02
Weighted average diluted common shares outstanding (in thousands) 163,887 163,900 163,779 164,425 172,998
Common shares outstanding (in thousands) 1 163,800 164,090 164,009 163,978 163,852
SELECTED RATIOS AND OTHER DATA
Return on average assets 1.57 % 1.41 % 0.89 % 0.35 % 0.08 %
Return on average common equity 17.4 % 15.3 % 9.4 % 3.3 % 0.3 %
Return on average tangible common equity 2 20.2 % 17.8 % 11.0 % 3.8 % 0.4 %
Net interest margin 2.86 % 2.95 % 3.06 % 3.23 % 3.41 %
Cost of total deposits, annualized 0.05 % 0.08 % 0.11 % 0.15 % 0.36 %
Efficiency ratio 2 63.5 % 60.2 % 62.2 % 57.3 % 57.7 %
Effective tax rate 21.7 % 20.9 % 18.6 % 19.5 % 12.5 %
Ratio of nonperforming assets to loans and leases and other real estate owned 0.61 % 0.69 % 0.68 % 0.62 % 0.56 %
Annualized ratio of net loan and lease charge-offs to average loans 0.06 % 0.11 % 0.38 % 0.23 % 0.06 %
Ratio of total allowance for credit losses to loans and leases outstanding 1 1.30 % 1.56 % 1.68 % 1.66 % 1.56 %
Full-time equivalent employees 9,682 9,678 9,726 9,859 9,879
CAPITAL RATIOS AND DATA 1
Common equity tier 1 capital 3 $ 6,206 $ 6,013 $ 5,804 $ 5,696 $ 5,667
Risk-weighted assets 3 55,422 55,866 55,654 55,878 56,861
Tangible common equity ratio 7.6 % 7.8 % 7.9 % 7.9 % 8.4 %
Common equity tier 1 capital ratio 3 11.2 % 10.8 % 10.4 % 10.2 % 10.0 %
Tier 1 leverage ratio 3 8.3 % 8.3 % 8.3 % 8.4 % 9.0 %
Tier 1 risk-based capital ratio 3 12.2 % 11.8 % 11.4 % 11.2 % 11.0 %
Total risk-based capital ratio 3 14.5 % 14.1 % 13.7 % 13.5 % 13.2 %

1 At period end.

2    For information on non-GAAP financial measures, see pages 15-17.

3 Current period ratios and amounts represent estimates.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 9

April 19, 2021

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands) March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 576 $ 543 $ 576 $ 570 $ 730
Money market investments:
Interest-bearing deposits 8,427 1,074 856 1,579 1,225
Federal funds sold and security resell agreements 1,315 5,765 2,804 266 550
Investment securities:
Held-to-maturity1, at amortized cost 583 636 592 688 585
Available-for-sale, at fair value 16,644 15,731 14,662 14,201 14,231
Trading account, at fair value 189 266 198 160 160
Total securities, net of allowance 17,416 16,633 15,452 15,049 14,976
Loans held for sale 77 81 89 105 140
Loans and leases, net of unearned income and fees 53,472 53,476 54,745 55,129 49,927
Less allowance for loan losses 646 777 853 860 730
Loans held for investment, net of allowance 52,826 52,699 53,892 54,269 49,197
Other noninterest-bearing investments 815 817 830 813 916
Premises, equipment and software, net 1,236 1,209 1,187 1,173 1,144
Goodwill and intangibles 1,016 1,016 1,016 1,014 1,014
Other real estate owned 3 4 6 5 6
Other assets 1,414 1,638 1,649 1,604 1,569
Total assets $ 85,121 $ 81,479 $ 78,357 $ 76,447 $ 71,467
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 35,882 $ 32,494 $ 31,338 $ 30,714 $ 24,380
Interest-bearing:
Savings and money market 35,762 34,571 32,305 31,307 28,901
Time 2,209 2,588 3,451 3,663 4,237
Total deposits 73,853 69,653 67,094 65,684 57,518
Federal funds purchased and other short-term borrowings 1,032 1,572 1,252 860 3,765
Long-term debt 1,299 1,336 1,347 1,353 1,795
Reserve for unfunded lending commitments 49 58 64 54 47
Other liabilities 955 974 932 921 870
Total liabilities 77,188 73,593 70,689 68,872 63,995
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares 566 566 566 566 566
Common stock2 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital 2,653 2,686 2,680 2,675 2,668
Retained earnings 4,566 4,309 4,090 3,979 3,979
Accumulated other comprehensive income 148 325 332 355 259
Total shareholders’ equity 7,933 7,886 7,668 7,575 7,472
Total liabilities and shareholders’ equity $ 85,121 $ 81,479 $ 78,357 $ 76,447 $ 71,467
1 Held-to-maturity (approximate fair value) $ 584 $ 640 $ 596 $ 691 $ 587
2 Common shares (issued and outstanding) 163,800 164,090 164,009 163,978 163,852
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ZIONS BANCORPORATION, N.A.

Press Release – Page 10

April 19, 2021

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) Three Months Ended
(In millions, except share and per share amounts) March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Interest income:
Interest and fees on loans $ 488 $ 499 $ 505 $ 514 $ 532
Interest on money market investments 3 3 2 1 8
Interest on securities 71 69 74 80 82
Total interest income 562 571 581 595 622
Interest expense:
Interest on deposits 9 13 18 23 51
Interest on short- and long-term borrowings 8 8 8 9 23
Total interest expense 17 21 26 32 74
Net interest income 545 550 555 563 548
Provision for credit losses:
Provision for loan losses (123) (61) 45 161 240
Provision for unfunded lending commitments (9) (6) 10 7 18
Total provision for credit losses (132) (67) 55 168 258
Net interest income after provision for credit losses 677 617 500 395 290
Noninterest income:
Commercial account fees 32 32 32 30 31
Card fees 21 22 21 19 21
Retail and business banking fees 17 18 17 15 19
Loan-related fees and income 25 25 32 27 26
Capital markets and foreign exchange fees 15 19 16 18 24
Wealth management fees 12 10 10 9 11
Other customer-related fees 11 13 11 12 11
Customer-related fees 133 139 139 130 143
Fair value and nonhedge derivative income (loss) 18 8 8 (12) (11)
Dividends and other income 7 7 6 3 8
Securities gains (losses), net 11 12 4 (4) (6)
Total noninterest income 169 166 157 117 134
Noninterest expense:
Salaries and employee benefits 288 277 269 267 274
Occupancy, net 33 33 33 32 33
Furniture, equipment and software, net 32 30 32 32 32
Other real estate expense, net — 1 — — —
Credit-related expense 6 6 6 6 4
Professional and legal services 20 19 12 10 12
Advertising 5 6 7 3 3
FDIC premiums 7 6 7 7 5
Other 44 46 76 73 45
Total noninterest expense 435 424 442 430 408
Income before income taxes 411 359 215 82 16
Income taxes 89 75 40 16 2
Net income 322 284 175 66 14
Preferred stock dividends (8) (9) (8) (9) (8)
Net earnings applicable to common shareholders $ 314 $ 275 $ 167 $ 57 $ 6
Weighted average common shares outstanding during the period:
Basic shares (in thousands) 163,551 163,658 163,608 163,542 164,143
Diluted shares (in thousands) 163,887 163,900 163,779 164,425 172,998
Net earnings per common share:
Basic $ 1.90 $ 1.66 $ 1.01 $ 0.34 $ 0.04
Diluted 1.90 1.66 1.01 0.34 0.04
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ZIONS BANCORPORATION, N.A.

Press Release – Page 11

April 19, 2021

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions) March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Commercial:
Commercial and industrial $ 12,843 $ 13,444 $ 13,543 $ 14,076 $ 15,533
PPP 6,465 5,572 6,810 6,690 —
Leasing 310 320 319 324 331
Owner occupied 8,112 8,185 8,136 8,083 8,045
Municipal 3,234 2,951 2,706 2,535 2,483
Total commercial 30,964 30,472 31,514 31,708 26,392
Commercial real estate:
Construction and land development 2,443 2,345 2,298 2,367 2,257
Term 9,617 9,759 9,729 9,587 9,484
Total commercial real estate 12,060 12,104 12,027 11,954 11,741
Consumer:
Home equity credit line 2,695 2,745 2,797 2,856 2,958
1-4 family residential 6,630 6,969 7,209 7,393 7,567
Construction and other consumer real estate 589 630 633 640 629
Bankcard and other revolving plans 409 432 431 437 488
Other 125 124 134 141 152
Total consumer 10,448 10,900 11,204 11,467 11,794
Loans and leases, net of unearned income and fees $ 53,472 $ 53,476 $ 54,745 $ 55,129 $ 49,927

Nonperforming Assets

(Unaudited)

(In millions) March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Nonaccrual loans1 $ 324 $ 367 $ 366 $ 339 $ 274
Other real estate owned 3 4 6 5 6
Total nonperforming assets $ 327 $ 371 $ 372 $ 344 $ 280
Ratio of nonperforming assets to loans1 and leases and other real estate owned 0.61 % 0.69 % 0.68 % 0.62 % 0.56 %
Accruing loans past due 90 days or more $ 9 $ 12 $ 9 $ 16 $ 8
Ratio of accruing loans past due 90 days or more to loans1 and leases 0.02 % 0.02 % 0.02 % 0.03 % 0.02 %
Nonaccrual loans and accruing loans past due 90 days or more $ 333 $ 379 $ 375 $ 355 $ 282
Ratio of nonaccrual loans and accruing loans past due 90 days or more to loans1 and leases 0.62 % 0.71 % 0.68 % 0.64 % 0.56 %
Accruing loans past due 30-89 days $ 100 $ 112 $ 58 $ 168 $ 135
Restructured loans included in nonaccrual loans 134 113 84 88 88
Restructured loans on accrual 280 198 197 197 79
Classified loans 1,660 1,641 1,639 1,477 881

1 Includes loans held for sale.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 12

April 19, 2021

Allowance for Credit Losses

(Unaudited)

Three Months Ended
(In millions) March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Allowance for Loan Losses
Balance at beginning of period $ 777 $ 853 $ 860 $ 730 $ 497
Provision for loan losses (123) (61) 45 161 240
Loan and lease charge-offs 21 21 58 36 13
Less: Recoveries 13 6 6 5 6
Net loan and lease charge-offs 8 15 52 31 7
Balance at end of period $ 646 $ 777 $ 853 $ 860 $ 730
Ratio of allowance for loan losses to loans1 and leases, at period end 1.21 % 1.45 % 1.56 % 1.56 % 1.46 %
Ratio of allowance for loan losses to nonaccrual loans1 at period end 199 % 212 % 242 % 254 % 266 %
Annualized ratio of net loan and lease charge-offs to average loans 0.06 % 0.11 % 0.38 % 0.23 % 0.06 %
Reserve for Unfunded Lending Commitments
Balance at beginning of period $ 58 $ 64 $ 54 $ 47 $ 29
Provision for unfunded lending commitments (9) (6) 10 7 18
Balance at end of period $ 49 $ 58 $ 64 $ 54 $ 47
Allowance for Credit Losses
Allowance for loan losses $ 646 $ 777 $ 853 $ 860 $ 730
Reserve for unfunded lending commitments 49 58 64 54 47
Total allowance for credit losses $ 695 $ 835 $ 917 $ 914 $ 777
Ratio of total allowance for credit losses to loans1 and leases outstanding, at period end 1.30 % 1.56 % 1.68 % 1.66 % 1.56 %
Ratio of total allowance for credit losses to loans1 and leases outstanding (excluding PPP loans), at period end 1.48 % 1.74 % 1.91 % 1.88 % 1.56 %

1 Does not include loans held for sale.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 13

April 19, 2021

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions) March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Loans held for sale $ — $ — $ 14 $ — $ —
Commercial:
Commercial and industrial $ 119 $ 140 $ 158 $ 172 $ 135
Leasing — — 1 1 1
Owner occupied 74 76 81 68 65
Municipal — — — — —
Total commercial 193 216 240 241 201
Commercial real estate:
Construction and land development — — — — —
Term 31 31 37 23 15
Total commercial real estate 31 31 37 23 15
Consumer:
Home equity credit line 19 16 16 15 14
1-4 family residential 80 103 59 59 43
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans 1 1 — 1 1
Other — — — — —
Total consumer 100 120 75 75 58
Total nonaccrual loans $ 324 $ 367 $ 366 $ 339 $ 274

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions) March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Commercial:
Commercial and industrial $ 8 $ 15 $ 51 $ 26 $ 7
Leasing — — — — —
Owner occupied — — (1) 2 (1)
Municipal — — — — —
Total commercial 8 15 50 28 6
Commercial real estate:
Construction and land development — — — — —
Term — — 1 — —
Total commercial real estate — — 1 — —
Consumer:
Home equity credit line (1) — — — —
1-4 family residential (1) (1) — — (1)
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans 1 — 1 2 1
Other 1 1 — 1 1
Total consumer loans — — 1 3 1
Total net charge-offs (recoveries) $ 8 $ 15 $ 52 $ 31 $ 7
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ZIONS BANCORPORATION, N.A.

Press Release – Page 14

April 19, 2021

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited) Three Months Ended
March 31, 2021 December 31, 2020 March 31, 2020
(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 $ 7,791 0.16 % $ 5,450 0.21 % $ 2,013 1.52 %
Securities:
Held-to-maturity 663 2.98 % 577 3.49 % 593 3.72 %
Available-for-sale 15,876 1.69 % 14,926 1.70 % 13,687 2.26 %
Trading account 231 3.96 % 198 4.55 % 164 4.27 %
Total securities 16,770 1.77 % 15,701 1.81 % 14,444 2.34 %
Loans held for sale 68 2.81 % 62 2.32 % 109 3.14 %
Loans held for investment:2
Commercial - excluding PPP loans 24,732 3.83 % 24,583 3.91 % 25,514 4.53 %
Commercial - PPP loans 6,135 3.98 % 6,310 3.50 % — — %
Commercial real estate 12,133 3.50 % 12,013 3.55 % 11,546 4.62 %
Consumer 10,665 3.59 % 11,068 3.58 % 11,737 3.99 %
Total loans held for investment 53,665 3.73 % 53,974 3.71 % 48,797 4.42 %
Total interest-earning assets 78,294 2.95 % 75,187 3.06 % 65,363 3.87 %
Cash and due from banks 614 601 676
Allowance for credit losses on loans and debt securities (774) (854) (499)
Goodwill and intangibles 1,016 1,016 1,014
Other assets 3,930 4,110 3,651
Total assets $ 83,080 $ 80,060 $ 70,205
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 35,232 0.07 % $ 33,305 0.09 % $ 28,856 0.47 %
Time 2,491 0.55 % 2,925 0.76 % 4,454 1.61 %
Total interest-bearing deposits 37,723 0.10 % 36,230 0.14 % 33,310 0.62 %
Borrowed funds:
Federal funds purchased and other short-term borrowings 1,110 0.07 % 1,336 0.08 % 2,922 1.19 %
Long-term debt 1,324 2.30 % 1,342 2.25 % 1,747 3.21 %
Total borrowed funds 2,434 1.28 % 2,678 1.17 % 4,669 1.95 %
Total interest-bearing funds 40,157 0.17 % 38,908 0.21 % 37,979 0.78 %
Noninterest-bearing deposits 33,723 32,036 23,599
Other liabilities 1,301 1,384 1,137
Total liabilities 75,181 72,328 62,715
Shareholders’ equity:
Preferred equity 566 566 566
Common equity 7,333 7,166 6,924
Total shareholders’ equity 7,899 7,732 7,490
Total liabilities and shareholders’ equity $ 83,080 $ 80,060 $ 70,205
Spread on average interest-bearing funds 2.78 % 2.85 % 3.09 %
Impact of net noninterest-bearing sources of funds 0.08 % 0.10 % 0.32 %
Net interest margin 2.86 % 2.95 % 3.41 %
Memo: total loans and leases, excluding PPP loans 47,530 3.69 % 47,664 3.74 % 48,797 4.42 %
Memo: total cost of deposits 0.05 % 0.08 % 0.36 %
Memo: total deposits and interest-bearing liabilities 73,880 0.09 % 70,944 0.12 % 61,578 0.48 %

1 Rates are calculated using amounts in thousands and tax rates of 21% for 2021 and 2020.

2 Net of unearned income and fees, net of related costs. Loans include nonaccrual and restructured loans.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 15

April 19, 2021

GAAP to Non-GAAP Reconciliations

(Unaudited)

This press release presents non-GAAP financial measures, in addition to GAAP financial measures, to provide investors with additional information. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. We consider these adjustments to be relevant to ongoing operating results and provide a meaningful base for period-to-period and company-to-company comparisons. These non-GAAP financial measures are used by us to assess our performance and financial position and for presentations of our performance to investors. We further believe that presenting these non-GAAP financial measures will permit investors to assess our performance on the same basis as that applied by our management.

Non-GAAP financial measures have inherent limitations, and are not required to be uniformly applied by individual entities. 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.

The following are non-GAAP financial measures presented in this press release and a discussion of the reasons for which we use these non-GAAP measures:

Tangible Book Value per Common Share – this schedule also includes “tangible common equity.” Tangible book value per common share is a non-GAAP financial measure that we believe provides additional useful information about the level of tangible equity in relation to outstanding shares of common stock. We believe the use of ratios that utilize tangible equity provides additional useful information about capital adequacy because they present measures of those assets that can generate income.

(In millions, except shares and per share amounts) March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Tangible Book Value per Common Share
Total shareholders’ equity (GAAP) $ 7,933 $ 7,886 $ 7,668 $ 7,575 $ 7,472
Preferred stock (566) (566) (566) (566) (566)
Goodwill and intangibles (1,016) (1,016) (1,016) (1,014) (1,014)
Tangible common equity (non-GAAP) (a) $ 6,351 $ 6,304 $ 6,086 $ 5,995 $ 5,892
Common shares outstanding (in thousands) (b) 163,800 164,090 164,009 163,978 163,852
Tangible book value per common share (non-GAAP) (a/b) $ 38.77 $ 38.42 $ 37.11 $ 36.56 $ 35.96
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ZIONS BANCORPORATION, N.A.

Press Release – Page 16

April 19, 2021

GAAP to Non-GAAP Reconciliations

(Unaudited)

Return on Average Tangible Common Equity (“ROTCE”) – this schedule also includes “net earnings applicable to common shareholders, excluding the effects of the adjustments, net of tax” and “average tangible common equity.” ROTCE is a non-GAAP financial measure that we believe provides useful information about our use of shareholders’ equity. We believe the use of ratios that utilize tangible equity provides additional useful information about our performance because they present measures of those assets that can generate income.

Three Months Ended
(Dollar amounts in millions) March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Return on Average Tangible Common Equity
Net earnings applicable to common shareholders (GAAP) $ 314 $ 275 $ 167 $ 57 $ 6
Adjustments, net of tax:
Amortization of core deposit and other intangibles — — — — —
Net earnings applicable to common shareholders, excluding the effects of the adjustments, net of tax (non-GAAP) (a) $ 314 $ 275 $ 167 $ 57 $ 6
Average common equity (GAAP) $ 7,333 $ 7,166 $ 7,078 $ 7,030 $ 6,924
Average goodwill and intangibles (1,016) (1,016) (1,015) (1,014) (1,014)
Average tangible common equity (non-GAAP) (b) $ 6,317 $ 6,150 $ 6,063 $ 6,016 $ 5,910
Number of days in quarter (c) 90 92 92 91 91
Number of days in year (d) 365 366 366 366 366
Return on average tangible common equity (non-GAAP) (a/b/c)*d 20.2 % 17.8 % 11.0 % 3.8 % 0.4 %
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ZIONS BANCORPORATION, N.A.

Press Release – Page 17

April 19, 2021

GAAP to Non-GAAP Reconciliations

(Unaudited)

Efficiency Ratio – this schedule also includes “adjusted noninterest expense,” “taxable-equivalent net interest income,” “adjusted taxable-equivalent revenue,” “pre-provision net revenue (PPNR)” and “adjusted PPNR.” The methodology of determining the efficiency ratio may differ among companies. We make adjustments to exclude certain items as identified in the subsequent schedule which we believes allows for more consistent comparability among periods. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. Adjusted noninterest expense provides a measure as to how well we are managing our expenses, and adjusted PPNR enables us and others to assess our ability to generate capital to cover credit losses through a credit cycle. Taxable-equivalent net interest income allows us to assess the comparability of revenue arising from both taxable and tax-exempt sources.

Three Months Ended
(In millions) March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Efficiency Ratio
Noninterest expense (GAAP) (a) $ 435 $ 424 $ 442 $ 430 $ 408
Adjustments:
Severance costs — 1 1 — —
Other real estate expense, net — 1 — — —
Restructuring costs — (1) 1 — 1
Pension termination-related expense (5) — — 28 —
Total adjustments (b) (5) 1 2 28 1
Adjusted noninterest expense (non-GAAP) (a-b)=(c) $ 440 $ 423 $ 440 $ 402 $ 407
Net interest income (GAAP) (d) $ 545 $ 550 $ 555 $ 563 $ 548
Fully taxable-equivalent adjustments (e) 8 7 7 6 7
Taxable-equivalent net interest income (non-GAAP) (d+e)=(f) 553 557 562 569 555
Noninterest income (GAAP) (g) 169 166 157 117 134
Combined income (non-GAAP) (f+g)=(h) 722 723 719 686 689
Adjustments:
Fair value and nonhedge derivative income (loss) 18 8 8 (12) (11)
Securities gains (losses), net 11 12 4 (4) (6)
Total adjustments (i) 29 20 12 (16) (17)
Adjusted taxable-equivalent revenue<br><br>(non-GAAP) (h-i)=(j) $ 693 $ 703 $ 707 $ 702 $ 706
Pre-provision net revenue (PPNR) (non-GAAP) (h)-(a) $ 287 $ 299 $ 277 $ 256 $ 281
Adjusted PPNR (non-GAAP) (j)-(c) 253 280 267 300 299
Efficiency ratio (non-GAAP) 1 (c/j) 63.5 % 60.2 % 62.2 % 57.3 % 57.7 %

1 Excluding the $30 million charitable contribution, the efficiency ratio for the three months ended September 30, 2020 would have been 58.0%.

#

earningspresentation-202

April 19, 2021 First Quarter 2021 Financial Review

2 Forward-Looking Statements; Use of Non-GAAP Financial Measures Forward Looking Information These materials include “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, market trends, industry results or regulatory outcomes to differ materially from those expressed or implied by such forward-looking statements. Without limiting the foregoing, the words “forecasts,” “targets,” “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “would,” “will” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about future financial and operating results. Actual results and outcomes may differ materially from those presented, either expressed or implied, in the presentation. Important risk factors that may cause such material differences are often related to changes in general economic, regulatory, and industry conditions; changes and uncertainties in fiscal, monetary, regulatory, trade and tax policies and legislative and regulatory changes; changes in interest rates and uncertainty regarding the transition away from the London Interbank Offered Rate ("LIBOR") toward other alternative reference rates; the quality and composition of our loan and securities portfolios; 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 execute our strategic plans, manage our risks, and achieve our business objectives; our ability to develop and maintain information security systems, technologies and controls designed to guard against fraud, cyber and privacy risks; and the effects of the COVID-19 pandemic and similar outbreaks that may occur in the future and governmental responses to such matters. These factors, among others, are discussed in the Bank’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (SEC) and available at the SEC’s Internet site (https://www.sec.gov/). In addition, you may obtain documents filed with the SEC by the Bank free of charge by contacting: Investor Relations, Zions Bancorporation, N.A., One South Main Street, 11th Floor, Salt Lake City, Utah 84133, (801) 844-7637. We caution you against undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except as may be required by law, Zions Bancorporation, N.A. specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments. Use of Non-GAAP Financial Measures: This document contains several references to non-GAAP measures, including pre-provision net revenue and the “efficiency ratio,” which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions’ management compensation and are used in Zions’ strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A full reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

✓ Earnings and Profitability: ▪ $1.90 diluted earnings/share compared to $1.66 ▪ $287 million Pre-Provision Net Revenue ▪ $253 million Adjusted PPNR(1) ▪ ($132) million provision for credit loss, down from ($67) million ▪ $314 million: Net Income Applicable to Common, up from $275 million ✓ Credit quality (excluding PPP Loans): ▪ 0.71%: ratio of NPAs+90 days past due / non-PPP loans and leases and OREO, improved by 9 basis points, or 11% ▪ 7 basis points: net charge-offs (annualized) ▪ Decrease in the allowance for credit loss (“ACL”), to $695 million2 or 1.48% of non-PPP loans, reflecting the recent improvement in the economic outlook, and credit quality and composition of the loan portfolio 3 First Quarter 2021 Financial Highlights Vs. 4Q20, improved earnings due to reserve release leading to stronger capital ratios Note: For the purposes of comparison in this presentation, we generally use linked-quarter ("LQ"), due to that being the preferred comparison for professional investors and analysts. (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses and debt extinguishment costs. (2) The ACL of $695 million includes ~$1 million for PPP loans. See Appendix for GAAP to non-GAAP reconciliation tables. ✓ Capital Strength: ▪ 11.2% Common Equity Tier 1 Ratio (CET1), up from 10.8% ▪ 12.5% (CET1+Allowance for Credit Losses) / Risk-Weighted Assets ✓ Loans and Deposits: ▪ Nearly unchanged period-end loan balances ▪ 2%: Decline in period-end loan balances (excluding PPP loans) ▪ PPP lending continues to be remarkably strong, 16% growth in period-end loan balances ▪ 12th largest 2021 PPP lender ▪ 6.0%: Exceptionally strong period-end total deposit growth ▪ 10.4%: Period-end total noninterest-bearing deposit growth ▪ 72%: Loan-to-deposit ratio ▪ 0.05%: Cost of total deposits

$0.04 $0.34 $1.01 $1.66 $1.90 1Q20 2Q20 3Q20 4Q20 1Q21 Diluted Earnings Per Share Notable Items: ▪ 1Q21: ▪ $0.08 per share benefit from credit valuation adjustment on client-related interest rate swaps (“CVA”) ▪ $0.05 per share benefit from securities gains ▪ 4Q20: $0.09 per share benefit from securities gains and CVA ▪ 3Q20: ▪ $0.14 per share adverse impact from one-time charitable contribution related to PPP lending activity ▪ $0.06 per share gain on CVA and securities gains ▪ 2Q20: ▪ $0.13 per share adverse impact from pension termination- related expense ▪ $0.07 per share adverse impact from a negative CVA and securities losses ▪ 1Q20: $0.07 per share adverse impact from a negative CVA and securities losses 4 Vs. 4Q20, EPS positively impacted by a release of credit reserves, interest rate swaps and securities gains Diluted Earnings per Share Note: EPS calculations assume a 24.5% statutory tax rate

Adjusted Pre-Provision Net Revenue 5 Adjusted PPNR aided by PPP related revenues (1) Adjusted for items such as severance, restructuring, securities gains and losses and debt extinguishment costs. See Appendix for GAAP to non-GAAP reconciliation table. Notable Items: ▪ Interest Income from PPP Loans: ▪ 1Q21: $60 million ▪ 4Q20: $55 million ▪ 3Q20: $52 million ▪ 2Q20: $39 million ▪ Professional services expense associated with PPP forgiveness: ▪ 1Q21: $8 million ▪ 4Q20: $3 million ▪ 3Q20: $30 million adverse impact from a one-time charitable contribution related to PPP lending activity $299 $300 $267 $280 $253$258 $168 $55 -$67 -$132 -$150 -$100 -$50 $0 $50 $100 $150 $200 $250 $300 1Q20 2Q20 3Q20 4Q20 1Q21 Adjusted PPNR (non-GAAP) Provision for Credit Losses Interest Income from PPP Loans Adjusted PPNR(1) and Provision for Credit Losses ($ millions)

0.08% 0.35% 0.89% 1.41% 1.57% 1Q20 2Q20 3Q20 4Q20 1Q21 0.41% 3.81% 10.96% 17.80% 20.20% 1Q20 2Q20 3Q20 4Q20 1Q21 Balance Sheet Profitability 6 Balance sheet profitability in 1Q21 improved predominantly due to the strengthening credit outlook Return on Assets Return on Tangible Common Equity

Capital Strength 7 Despite the recession, capital continues to strengthen, positioning the Bank for more active capital management Common Equity Tier 1 Capital Return of Shareholder Equity Dividends – Common and Preferred – and Share Repurchases 10.0% 10.2% 10.4% 10.8% 11.2% 1Q20 2Q20 3Q20 4Q20 1Q21 $66 $64 $66 $64 $66 $75 $50 1Q20 2Q20 3Q20 4Q20 1Q21 Dividends Buybacks ($ millions)

Success Story: Summary of Paycheck Protection Program Loans 8 PPP lending success from Zions’ ability to link frontline bankers and borrowers with an agile technology deployment Zions PPP Loans Approved New-to- Bank Customers Forgiveness Applications Received(2) Forgiveness Applications Approved by SBA(2) >73,000 loans >18,700 ~29,800 ~26,800 $9.7 billion $4.7 billion $3.0 billion Source: SBA PPP Report and internal data. (2) As of April 14, 2021 $5,016 $6,771 $6,310 $6,135 3.14% 3.03% 3.50% 3.98% 1Q20 2Q20 3Q20 4Q20 1Q21 Average PPP Loans Loan Yields 10th Ranked 10 th Nationally In PPP loan dollars originated of consolidated 2020 and 2021 SBA PPP loans

Success Story: Paycheck Protection Program Customers – Enhanced Relationships 9 Zions has been highly successful at strengthening relationships and growing customer utilization of revenue generating services New Services Utilized by 2020 PPP Customers 0 5,000 10,000 15,000 20,000 25,000 2Q20 3Q20 4Q20 1Q21 Existing Customers - New Services New Customers - New Services New revenue generating services include: ▪ New accounts (checking or loan) ▪ Account analysis / Treasury Internet Banking ▪ ACH and wire transfers / Remote Deposit Capture ▪ Wealth Management / Credit Cards> 18,700 55,000 Existing Customers New-to-Bank Customers PPP Loans > >

$48.8 $49.3 $48.2 $47.7 $47.5 $5.0 $6.8 $6.3 $6.1 4.42% 3.83% 3.68% 3.71% 3.73% $0.0 $25.0 $50.0 $75.0 1Q20 2Q20 3Q20 4Q20 1Q21 Average Total Loans Excluding PPP Loans, Yield: 3.69% in 1Q21 Average PPP Loans, Yield: 3.98% in 1Q21 Average Loan and Deposit Growth Average Total Loans Loan Yields Average Total Deposits Cost of Total Deposits 10 Average non-PPP loans were generally stable in 1Q21 compared to 4Q20; average deposit growth continued to be strong $56.9 $63.0 $66.5 $68.3 $71.4 0.36% 0.15% 0.11% 0.08% 0.05% $0.0 $25.0 $50.0 $75.0 1Q20 2Q20 3Q20 4Q20 1Q21 ($ billions) ($ billions)

Securities, Money Market Investments and Interest Rate Swaps 11 Total Securities Portfolio and Money Market Investments (end of period balances) $14.8 $14.9 $15.3 $16.4 $17.2 $1.8 $1.8 $3.7 $6.8 $9.7 $0 $5 $10 $15 $20 $25 $30 1Q20 2Q20 3Q20 4Q20 1Q21 Total Securities Interest Earning Cash Portfolio ($ billions) The securities portfolio increased in 1Q21 as the yield curve steepened, and growth in money market investments was strong ▪ Strong deposit growth has significantly increased the bank’s overall liquidity profile ▪ 1Q21 period-end securities growth was nearly $800 million ▪ 1Q21 period-end cash & cash equivalent growth was $2.9 billion, rising to $9.7 billion or 12% of interest-earning assets ▪ Interest rate sensitivity reduced through interest rate hedges(2): ▪ $6.4B “in-the-money” floors embedded in loans ▪ $2.7B in securities purchases in 1Q21 with an average yield of 1.3% 1.81% 2.06% 1.96% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Through the End of 2021 2022 2023–2027 Net Swaps Maturing Average Receive-Fixed Rate (R-Axis) $0.3 million $47 million $16 million ($ millions)

$548 $563 $555 $550 $545 3.41% 3.23% 3.06% 2.95% 2.86% 1Q20 2Q20 3Q20 4Q20 1Q21 Net Interest Income Net Interest Income Net Interest Margin 12 Changes in interest rates and balance sheet composition continue to impact net interest income performance ($ millions) Net Interest Margin 4Q20 1Q21 Cash and MM Loan Yields Wholesale and Noninterest Bearing Sources of Funds Interest Bearing Deposits MM = Money Market investments. Capitalized interest income net of costs for PPP loan originations was $168 million, to be amortized over the remaining life (4.5 years) or when loans pay down, pay off, or are forgiven by the SBA. Average money market investments increased to 10.0% of interest- earning assets in 1Q21, compared with 7.2% in the 4Q20, which had an eight basis point LQ dilutive effect on net interest margin. Securities

4 5 % 1 3 % 1 0 % 9 % 1 2 % 1 1 % 2 9 % 1 5 % 1 2 % 9 % 2 4 % 1 1 % ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs P e rc e n t o f Lo a n s Loans: Rate Reset and Cash Flow Profile Loans After Hedging Interest Rate Sensitivity 13 The low interest rate environment and surge in deposits has resulted in increased asset sensitivity Source: Company filings and S&P Global; “Prior Fed Cycle” refers to 3Q15-2Q19, reflecting the lag effect of deposit pricing relative to Fed Funds rates. The “Current Fed Cycle” begins in 3Q19 to present. (1) 12-month simulated impact of an instantaneous and parallel change in interest rates. Loans are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets in the bottom-right chart. The loan and securities portfolios have durations of 2.0 and 3.5 years, respectively. (2) Text boxes Indicate the current net interest income contributions from the swaps set to mature each year. Swap maturities net of forward-starting swaps. -4% 10% 20% −100 bps +100 bps +200 bps Net Interest Income Sensitivity (1) A ss u m e d H is to ri ca l In the down 100 scenario, models assume rates do not fall below zero 18% 21% 17% 16% 1% Prior Fed Cycle (+225 bps) Current Fed Cycle (-225 bps) +200 bps +100 bps −100 bps Total Deposit Betas

$143 $130 $139 $139 $133 1Q20 2Q20 3Q20 4Q20 1Q21 Customer-related fee income declined from the prior quarter due to decreases in: ▪ Customer-related interest rate swap fees and syndication fees (included in Capital Markets and Foreign Exchange Fees) ▪ Non-Sufficient Funds and Overdraft fees (included in Retail and Business Banking Fees) ▪ Corporate trust agency fees (included in Other Customer- Related Fees) Over the longer term, customer-related fees are benefitting from improved mortgage banking, capital markets, and wealth management activity Noninterest Income 14 Customer-Related Fee Income (1) Total customer-related fee income decreased modestly from 4Q20 primarily due to reduced capital markets fee income (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items, as detailed in the Noninterest Income table located in the earnings release. ($ millions)

$ 4 0 8 $ 4 3 0 $ 4 4 2 $ 4 2 4 $ 4 3 5 $ 4 0 7 $ 4 0 2 $ 4 4 0 $ 4 2 3 $ 4 4 0 1Q20 2Q20 3Q20 4Q20 1Q21 NIE (GAAP) Adjusted NIE (Non-GAAP) ($ millions) Noninterest Expense 15 Elevated expense in 1Q21 reflects seasonal factors and expense associated with PPP forgiveness ▪ Total noninterest expense increased 3% over the prior quarter ▪ Total adjusted noninterest expense increased 4% over the prior quarter, predominately due to ▪ Seasonal recognition of long-term incentive compensation, contributions to employee profit sharing and 401k plans, and payroll taxes, partially offset by a decrease in base salaries expense ▪ An increase in professional and legal services, primarily related to third-party assistance associated with PPP loan forgiveness ▪ Notable items in: ▪ 3Q20: $30 million from one-time charitable contribution related PPP lending activity (not reflected in Adjusted NIE) ▪ 2Q20: $28 million of expense from termination of the defined benefit pension plan (1) Adjusted for items such as severance, provision for unfunded lending commitments, securities gains and losses and debt extinguishment costs. See Appendix for GAAP to non-GAAP reconciliation table. Noninterest Expense (NIE) (1)

16 Credit Quality Ratios Credit quality continues to show improvement Key Credit Metrics: ▪ Classified loans/loans: 3.5% ▪ NPAs+90(1)/loans + OREO: 0.71% ▪ Annualized net loan losses: ▪ 0.07% of average loans in 1Q21 ▪ 0.22% net charge-offs of average loans over the last 12 months Allowance for credit losses: ▪ 1.5% of total loans and leases ▪ $694 million of ACL ex-PPP loans ▪ $1 million of ACL for PPP loans (1) Nonperforming assets plus loans that were ≥ 90 days past due. Note: Net Charge-offs/Loans ratio is annualized for all periods shown Nonperforming assets and classified loan ratios were averaged for the full year numbers, rather than using period-end ratios Credit Quality 0.06% 0.25% 0.43% 0.13% 0.07% 0.00% 1.00% 2.00% 3.00% 4.00% 1Q20 2Q20 3Q20 4Q20 1Q21 NCOs / Loans (ann.) Classified / Loans NPAs +90/ Loans + OREO ACL / Loans All Ratios Exclude PPP Loans

17 Allowance for Credit Loss (“ACL”) Reserve decrease from 4Q20 reflects improvement in experienced and expected economic conditions 526 777 914 917 835 6951.08 1.56 1.66 1.68 1.56 1.30 1.88 1.91 1.74 1.48 1/1/20 CECL 1Q20 2Q20 3Q20 4Q20 1Q21 Allowance for Credit Loss ACL (%) ACL (%) ex-PPP The change in 1Q21 ACL from 4Q20 reflects: ▪ Improvement in economic outlook and credit quality ▪ Change in portfolio mix, portfolio aging, pay downs, and decreased line utilization • Changes to economic forecasts • Economic Uncertainty • New loans & renewals • Portfolio mix • Aging of existing loans • Draws, pay-offs, etc. • Other Qualitative • Changes in credit quality • Changes in specific reserves CECL Economic Forecast Assumptions • Probability weighting of four economic scenarios • Reasonable and supportable forecast period: 12 months; reversion to long- term average: 12 months • Economic factors vary depending upon the type of loan, but include various combinations of national, state, and MSA-level forecasts for variables such as unemployment, real estate price indices, energy prices, GDP, etc. • Currently the Base scenario shows strong growth in 2021 and then steady economic improvement through 2022 ($ millions)

Financial Outlook (1Q 2022E vs 1Q 2021A) 18 Outlook Comments Slightly Increasing ▪ Slight to moderate growth activity in the next twelve months, excluding PPP loans Stable to Slightly Increasing ▪ Assumes benchmark rates generally consistent with the forward curve ▪ Excludes PPP loan income Moderately Increasing ▪ Customer-related fees excludes securities gains, dividends Stable to Slightly Increasing ▪ 1Q22 expected to be stable to slightly increasing from 1Q21 ▪ 1Q21 is seasonally high as compared to expected remaining quarters of 2021 ▪ Improved confidence in the economic outlook combined with rising capital ratios expected to allow for more active capital management Customer-Related Fees Loan Balances Net Interest Income Capital Management Adjusted Noninterest Expense

▪ Financial Results Summary ▪ Loan Growth ▪ COVID-19 Elevated Risk Loans ▪ Oil & Gas Portfolio Credit Quality and Portfolio Details ▪ GAAP to Non-GAAP Reconciliation 19 Appendix

Financial Results Summary 20 Solid and improving fundamental performance Three Months Ended (Dollar amounts in millions, except per share data) March 31, 2021 December 31, 2020 September 30, 2020 Earnings Results: Diluted Earnings Per Share $ 1.90 $ 1.66 $ 1.01 Net Earnings Applicable to Common Shareholders 314 275 167 Net Interest Income 545 550 555 Noninterest Income 169 166 157 Noninterest Expense 435 424 442 Pre-Provision Net Revenue - Adjusted (1) 253 280 267 Provision for Credit Losses (132) (67) 55 Ratios: Return on Assets(2) 1.57 % 1.41 % 0.89 % Return on Common Equity(3) 17.4 % 15.3 % 9.4 % Return on Tangible Common Equity(3) 20.2 % 17.8 % 11.0 % Net Interest Margin 2.86 % 2.95 % 3.06 % Yield on Loans 3.73 % 3.71 % 3.68 % Yield on Securities 1.77 % 1.81 % 2.04 % Average Cost of Total Deposits(4) 0.05 % 0.08 % 0.11 % Efficiency Ratio (1) 63.5 % 60.2 % 62.2 % Effective Tax Rate 21.7 % 20.9 % 18.6 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.61 % 0.69 % 0.68 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.06 % 0.11 % 0.38 % Common Equity Tier 1 Capital Ratio(5) 11.2% 10.8% 10.4% (1) Adjusted for items such as severance, securities gains and losses and debt extinguishment costs. See Appendix for GAAP to non-GAAP reconciliation tables. (2) Net Income before Preferred Dividends or redemption costs 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

21 Loan Growth - by Bank Brand and Loan Type Note: National Real Estate (NRE) is a division of Zions Bank with a focus on small business loans with low LTV ratios, which generally are in line with SBA 504 program parameters. “Other” loans includes municipal and other consumer loan categories. Totals shown above may not foot due to rounding. Period-End Year over Year Loan Growth (1Q21 vs. 1Q20) Period-End Linked Quarter Loan Growth (1Q21 vs. 4Q20) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) (244) (76) (117) (12) (3) (11) (9) (1) (473) SBA PPP 63 205 376 36 56 103 54 893 Owner occupied (17) (38) (41) 41 3 (13) (8) (73) Energy (Oil & Gas) 1 (144) 1 (1) - 5 - (138) Municipal 120 17 31 9 (26) 42 65 25 283 CRE C&D (23) 93 10 (4) (4) 5 21 98 CRE Term (47) (30) (88) 27 2 (1) (5) (142) 1-4 Family (77) (152) 4 (49) (28) (33) (4) - (339) Home Equity (20) 11 (10) (8) (8) (14) (1) (50) Other (13) (38) (7) 2 (5) (1) (3) 2 (63) Total net loans (257) (152) 159 41 (13) 82 110 26 (4) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) (729) (776) (380) (164) (17) (136) (111) - (2,313) SBA PPP 1,442 1,319 1,706 609 557 482 350 - 6,465 Owner occupied (57) 11 28 46 38 - 1 - 67 Energy (Oil & Gas) 19 (434) 5 (2) - 16 (2) - (398) Municipal 242 79 150 12 37 107 60 64 751 CRE C&D 89 173 (85) 31 3 (112) 87 - 186 CRE Term (111) (71) 239 (18) 13 102 (21) - 133 1-4 Family (278) (334) (69) (130) (74) (92) (11) 51 (937) Home Equity (111) 3 (25) (43) (49) (38) - - (263) Other (36) (102) 1 13 (15) (5) (4) 2 (146) Total net loans 470 (132) 1,570 354 493 324 349 117 3,545

Select Sub-Industries(1) with Elevated Risk Related to COVID-19 22 COVID-19 Elevated Risk loans are less than 10% of total loans and have strong collateral coverage COVID-19 Elevated Risk Loans $3.8 billion (8.2%) of 1Q21 non-PPP loan balances (1) COVID-19 Elevated Risk designations were updated during Q1 2021 to include new sub-industries with significant increased risk due to COVID-19 and remove sub-industries that no longer show significant increased risk. This resulted in a net 57 million reduction of balances considered COVID-19 Elevated Risk. For example, CRE Retail now has fewer subsegments with elevated risk, so the balances in the CRE Retail segment considered COVID-19 Elevated Risk has dropped since last quarter. ▪ Sub-segments withing broad industry groups with significant growth in criticized rates during the pandemic ▪ Strong collateral coverage with 97% secured ▪ Greater proportion of customers received PPP (29% received PPP through Zions) and other stimulus ▪ COVID-19 Elevated Risk portfolio weaknesses: ▪ Greater deferral and problem loan ratios ▪ Some sectors (e.g. restaurants) struggled prior to COVID-19 March 31, 2021 COVID-19 Oil & Gas Other Percent of Total Non-PPP Loans 8.2% 4.1% 87.7% Received Deferral 26% 2% 6% PPP thru ZION 28% 14% 11% Secured by non-RE 38% 83% 23% Real Estate Secured 60% 12% 68% Median LTV 53% 64% 59% LTV >90% 3% 2% 1% COVID-19 Elevated Risk Compared with All Other Lending (% of 1Q21 non-PPP loan balances) CRE = Commercial Real Estate; C&I = Commercial and Industrial Loan to value (LTV) uses the Mar. 31, 2021 commitment and the most recent appraisal $0.03 $0.11 $0.11 $0.12 $0.18 $0.20 $0.28 $0.40 $0.41 $0.43 $0.45 $0.50 $0.60 C&I-Health Care &… CRE-Construction C&I-Food & Beverage Mfg &… C&I-Financials exc Banks C&I-Real Estate & Construction CRE-Retail CRE-other C&I-Consumer Services C&I-Transportation Services C&I-Retail C&I-Entertainment & Recreation C&I-Tech, Telecom and Media CRE-Hotel/Motel $ billions

Additional Recent Trends In Loan Balance, Credit Quality and Line Utilization 23 We have experienced generally stable credit quality trends outside of COVID-19 Elevated Risk and Oil and Gas loans (data excludes PPP loans) Loan Balances by Portfolio and Weighted Average Risk Grades Line Utilization Rates(1) Utilization rates have continued to recede after their 1Q20 peaks in both COVID-19 and other portfolios Negative grade migration is more pronounced within COVID-19 portfolios Net Charge-offs/Loans (Annualized) (1) Line Utilization refers to revolving loans only. Classified and Nonaccruals (lower ratio) $42.3 $43.4 $42.0 $41.9 $42.0 $41.2 $2.4 $2.4 $2.4 $2.2 $2.1 $1.9 $4.1 $4.1 $4.1 $3.9 $3.9 $3.8 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 3 8 .0 % 4 1 .7 % 3 6 .2 % 3 4 .3 % 3 4 .3 % 3 2 .1 % 4 6 .8 % 5 0 .2 % 5 1 .2 % 4 9 .4 % 4 7 .9 % 4 4 .9 % 4 0 .4 % 4 6 .1 % 3 8 .1 % 3 3 .9 % 3 3 .7 % 3 3 .0 % 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 Other Loans Oil & Gas COVID-19 ER 0 .4 % 0 .7 % 0 .8 % 0 .5 % 0 .7 % 1 .2 % 0 .5 % 3 .0 % 1 .0 % 0 .5 % 3 .5 % 2 .0 % 0 .5 % 3 .0 % 2 .0 % 0 .5 % 2 .0 % 2 .2 % 1 .5 % 2 .2 % 2 .9 % 1 .5 % 3 .5 % 3 .1 % 1 .9 % 9 .1 % 1 1 .2 % 2 .0 % 1 1 .7 % 1 3 .5 % 1 .9 % 1 3 .2 % 1 4 .8 % 2 .0 % 1 1 .2 % 1 6 .0 % 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 0 .1 % 0 .0 2 % 0 .2 0 % 0 .1 6 % 0 .0 3 % 0 .0 5 % 0 .5 % 0 .1 1 % 0 .0 3 % 3 .5 1 % 2 .2 4 % 0 .7 0 %1 .1 4 % 0 .2 2 % 0 .8 0 % 1 .3 0 % 0 .0 5 % (0 .1 0 )% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 Other Loans Oil & Gas COVID-19 ER

Oil & Gas (O&G) Credit Quality 24 Oil and Gas Key Credit Quality Ratios Excluding PPP Loans and as of March 31, 2021: ▪ Annualized NCOs equaled 0.78% of loans ▪ Classified loans equaled 11.1% of loans ▪ Allowance for credit losses of $69 million or 3.5% of balances Today vs. 2014-2016 downturn: ▪ Reduced concentration of energy services (67% decline in balances, 24 percentage point reduction of concentration in the energy portfolio) ▪ Underwriting on energy services has been much stronger ▪ Less leverage ▪ Replaced term loans with revolvers ▪ Fewer junior lien or subordinated debt behind Zions’ loans going into this cycle 0% 2% 4% 6% 8% 10% 12% 14% 1 Q 2 0 2 Q 2 0 3 Q 2 0 4 Q 2 0 1 Q 2 1 Net Charge-offs / Loans Classifieds / Loans Nonperforming Assets / Loans Note: Net Charge-offs/Loans ratio is annualized for all periods shown. Oil and gas loans account for $1.9 billion or 4.2% of total loans, excluding PPP Loans All Ratios Exclude PPP Loans

Oil & Gas Portfolio 25 Oil and gas portfolio exposures OIL & GAS-RELATED EXPOSURE Q o Q Y o Y (In millions) 1Q21 4Q20 1Q20 $ Change % Change $ Change % Change Loans and leases: Upstream $838 $916 $1,025 ($78) (9)% ($187) (18)% Midstream 732 814 889 ($82) (10)% ($157) (18)% Oil and gas services 402 392 470 $10 3% ($68) (14)% Downstream 209 197 195 $12 6% $14 7% Total loan and lease balances 2,181 2,319 2,579 ($138) (6)% ($398) (15)% Unfunded lending commitments 1,858 1,868 2,039 ($10) (1)% ($181) (9)% Total oil and gas credit exposure 4,039 4,187 4,618 ($148) (4)% ($579) (13)% Credit Quality Measures % pts % pts Nonaccrual loan ratio 1.8% 2.7% 0.7% (0.9)% 1.1% Ratio of nonaccrual loans that are current 79.5% 92.1% 70.6% (12.6)% 8.9% Net charge-offs, annualized 0.7% 2.1% 0.2% (1.4)% 0.5%

26 Success Story: Mortgage Banking Successes amid COVID-19 pandemic: very strong mortgage revenue 2019 ▪ Roll-out 2020 ▪ Enhanced Digital Fulfillment Process ▪ 87% of all applications taken digitally ▪ 25% reduction in turn-time allowing for record unit production 1Q21 ▪ Fourth straight funding quarter of more than $800 million and strongest Q1 on record ▪ Total pipeline is up more than 20% in Q1 with 72% of pipeline in Held-for- Investment product ▪ Strong revenue increase combined with only modest, production based, increase in operating expense ▪ Underwriting metrics remain strong: ▪ FICO: average 764 ▪ LTV: average 65% ▪ DTI: average 31% 40% 59% 47% 49% 49% 1Q20 2Q20 3Q20 4Q20 1Q21 Record Mortgage Funding HFI HFS $725 million $846 million ($ millions) $14.0 $12.9 $17.5 $9.6 $10.3 1Q20 2Q20 3Q20 4Q20 1Q21 Loan Sales Revenue

27 GAAP to Non-GAAP Reconciliation (Amounts in millions) 1Q21 4Q20 3Q20 2Q20 1Q20 Efficiency Ratio Noninterest expense (GAAP) (1) (a) $ 435 $ 424 $ 442 $ 430 $ 408 Adjustments: Severance costs - 1 1 - - Other real estate expense - 1 - - - Debt extinguishment cost - - - - - Amortization of core deposit and other intangibles - - - - - Restructuring costs - (1) 1 - 1 Pension termination-related expense (5) - - 28 - Total adjustments (b) (5) 1 2 28 1 Adjusted noninterest expense (non-GAAP) (a) - (b) = (c) 440 423 440 402 407 Net Interest Income (GAAP) (d) 545 550 555 563 548 Fully taxable-equivalent adjustments (e) 8 7 7 6 7 Taxable-equivalent net interest income (non-GAAP) (d) + (e) = (f) 553 557 562 569 555 Noninterest income (GAAP) (1) (g) 169 166 157 117 134 Combined income (f) + (g) = (h) 722 723 719 686 689 Adjustments: Fair value and nonhedge derivative income (loss) 18 8 8 (12) (11) Equity securities gains (losses), net 11 12 4 (4) (6) Total adjustments (i) 29 20 12 (16) (17) Adjusted taxable-equivalent revenue (non-GAAP) (h) - (i) = (j) 693 703 707 702 706 Pre-provision net revenue (PPNR), as reported (h) – (a) $ 287 $ 299 $ 277 $ 256 $ 281 Adjusted pre-provision net revenue (PPNR) (j) - (c) $ 253 $ 280 $ 267 $ 300 $ 299 Efficiency Ratio (1) (c) / (j) 63.5 % 60.2 % 62.2 % 57.3 % 57.7 %

28 GAAP to Non-GAAP Reconciliation $ In millions except per share amounts 1Q21 4Q20 3Q20 2Q20 1Q20 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense $435 $424 $442 $430 $408 LESS adjustments: Severance costs - 1 1 - - Other real estate expense - 1 - - - Restructuring costs - (1) 1 - 1 Pension termination-related expense (5) - - 28 - (b) Total adjustments - 1 2 28 1 (a-b)=(c) Adjusted noninterest expense 440 423 440 402 407 (d) Net interest income 545 550 555 563 548 (e) Fully taxable-equivalent adjustments 8 7 7 6 7 (d+e)=(f) Taxable-equivalent net interest income (TENII) 553 557 562 569 555 (g) Noninterest Income 169 166 157 117 134 (f+g)=(h) Combined Income $722 $723 $719 $686 $689 LESS adjustments: Fair value and nonhedge derivative income (loss) 18 8 8 (12) (11) Securities gains (losses), net 11 12 4 (4) (6) (i) Total adjustments 29 20 12 (16) (17) (h-i)=(j) Adjusted revenue $693 $703 $707 $702 $706 (j-c) Adjusted pre-provision net revenue (PPNR) $253 $280 $267 $300 $299 Net Earnings Applicable to Common Shareholders (NEAC) (k) Net earnings applicable to common 314 275 167 57 6 (l) Diluted Shares 163,887 163,900 163,779 164,425 172,998 GAAP Diluted EPS 1.90 1.66 1.01 0.34 0.04 PLUS Adjustments: Adjustments to noninterest expense 5 1 2 28 1 Adjustments to revenue (29) (20) (12) 16 17 Tax effect for adjustments 7 5 3 (12) (4) Preferred stock redemption - - - - - (m) Total adjustments (17) (14) (7) 32 14 (k+m)=(n) Adjusted net earnings applicable to common (NEAC) 297 261 160 89 20 (n)/(l) Adjusted EPS 1.81 1.59 0.98 0.54 0.12 (o) Average assets 83,080 80,060 77,983 75,914 70,205 (p) Average tangible common equity 6,317 6,150 6,063 6,016 5,910 Profitability (n)/(o) Adjusted Return on Assets (annualized) 1.42% 1.30% 0.82% 0.47% 0.11% (n)/(p) Adjusted Return on Tangible Common Equity (annualized) 18.7% 16.9% 10.6% 5.9% 1.4% (c)/(j) Efficiency Ratio 63.5% 60.2% 62.2% 57.3% 57.7%

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