Equibles

8-K

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION)

8-K 2022-04-25 For: 2022-04-25
View Original
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 25, 2022

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

(Exact name of registrant as specified in its charter)

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

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

Former name or former address, if changed since last report

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

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

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

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

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

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

Title of Each 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 April 25, 2022, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended March 31, 2022 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on April 25, 2022. The press release announcing the financial results for the quarter ended March 31, 2022 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 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 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 April 25, 2022 (furnished herewith).
99.2 Earnings Release Presentation dated April 25, 2022 (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 25, 2022

Document

Zions Bancorporation, N.A.<br>One South Main<br>Salt Lake City, UT 84133<br>April 25, 2022
www.zionsbancorporation.com

First Quarter 2022 Financial Results: FOR IMMEDIATE RELEASE

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

Zions Bancorporation, N.A. reports: 1Q22 Net Earnings of $195 million, diluted EPS of $1.27
compared with 1Q21 Net Earnings of $314 million, diluted EPS of $1.90,<br>and 4Q21 Net Earnings of $207 million, diluted EPS of $1.34

FIRST QUARTER RESULTS

$1.27 $195 million 2.60% 10.0%
Net earnings per diluted common share Net Earnings Net interest margin (“NIM”) Common Equity<br>Tier 1 ratio
FIRST QUARTER HIGHLIGHTS¹
--- --- --- ---
Net Interest Income and NIM •
• NIM was 2.60%, compared with 2.86%, and was impacted by significant deposit growth and an accompanying change in the composition of interest-earning assets
Operating Performance •
• PPP loans contributed 24 million in interest income, compared with 60 million
• Noninterest expense was 464 million, up 7%; adjusted noninterest expense² was also 464 million, up 5%
• The efficiency ratio² was 65.8%, compared with 63.5%
Loans and Credit Quality •
• The provision for credit losses was negative 33 million, compared with negative 132 million
• The allowance for credit losses was 1.02% of loans (ex-PPP), compared with 1.48% of loans (ex-PPP)
• Nonperforming assets3 were 250 million, or 0.5%, of loans (ex-PPP), compared with 327 million, or 0.7%, of loans (ex-PPP)
Capital •
• Repurchased 0.8 million shares of common stock during the quarter for 50 million
Notable items •
• Net unrealized securities loss of 17 million, primarily related to SBIC investment in Recursion
• Deposits were 82.4 billion, up 8.5 billion, or 12%, and the loan-to-deposit ratio was 62%

All values are in US Dollars.

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “The first quarter results included $1.2 billion of growth in average non-PPP loans relative to the prior quarter, or an annualized growth rate of over 10%, and annualized growth rate of net interest income excluding PPP income of over 17%. Credit quality continued to show strength, with net charge-offs equaling an annualized 0.05% of average loans and a sequential quarter decline in nonaccrual loans of 7%, which were contributing factors in the reduction of the allowance for credit losses.”<br><br><br><br>Mr. Simmons continued, “Higher operating costs were primarily the product of both a higher level of compensation increases resulting from a tight labor market and related inflationary pressures, together with increased incentive compensation accruals as a result of higher interest rates and stronger loan growth that are expected to produce improved performance through the remainder of the year. Our balance sheet is well positioned to generate stronger earnings in the higher interest rate environment we expect in coming quarters.”
OPERATING PERFORMANCE2

chart-3b2befd5bf784b2a8a7a.jpgchart-4c50b8eda20e465e899a.jpg

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

2 For information on non-GAAP financial measures, see pages 15-16.

3 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 2

April 25, 2022

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

RESULTS OF OPERATIONS

Net Interest Income and Margin
1Q22 - 4Q21 1Q22 - 1Q21
(In millions) 1Q22 4Q21 1Q21 % %
Interest and fees on loans $ 437 $ 471 $ 488 (7) % (10) %
Interest on money market investments 6 7 3 (1) (14) 3 NM
Interest on securities 112 88 71 24 27 41 58
Total interest income 555 566 562 (11) (2) (7) (1)
Interest on deposits 6 7 9 (1) (14) (3) (33)
Interest on short- and long-term borrowings 5 6 8 (1) (17) (3) (38)
Total interest expense 11 13 17 (2) (15) (6) (35)
Net interest income $ 544 $ 553 $ 545 (2) —
bps bps
Yield on interest-earning assets1 2.65 % 2.64 % 2.95 % 1 (30)
Rate paid on total deposits and interest-bearing liabilities1 0.06 % 0.06 % 0.09 % — (3)
Cost of total deposits1 0.03 % 0.03 % 0.05 % — (2)
Net interest margin1 2.60 % 2.58 % 2.86 % 2 (26)

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 remained relatively stable at $544 million in the first quarter of 2022, as significant growth in average interest-earning assets was partially offset by NIM compression arising from an increased concentration in cash and securities and the low interest rate environment.

Average interest-earning assets increased $7.8 billion, or 10%, driven by growth in available-for-sale securities, commercial loans (ex-PPP), and money market investments. These increases were partially offset by a $4.7 billion decline in average PPP loans. Average securities increased to 30% of average interest-earning assets, compared with 21%, as we actively deployed excess liquidity into short-to-medium duration securities. Average money market investments, including short-term deposits held at the Federal Reserve, increased $1.2 billion, or 16%.

The net interest margin was 2.60%, compared with 2.86%. The yield on average interest-earning assets was 2.65% in the first quarter of 2022, a decrease of 30 basis points. The yield on total loans decreased 21 basis points to 3.52%. The yield on non-PPP loans decreased 26 basis points, primarily driven by (1) lower yields on loans originated during the past year, compared with yields on loans maturing and amortizing during the same period, and (2) promotional rates on commercial owner-occupied loans and home equity credit lines. The yield on securities remained relatively stable at 1.78%.

The annualized cost of total deposits for the first quarter of 2022 was 0.03%, compared with 0.05%. The rate paid on total deposits and interest-bearing liabilities was 0.06%, a decrease from 0.09% during the first quarter of 2021, which was primarily due to low deposit rates and $7.2 billion in average noninterest bearing deposit growth. Average noninterest bearing deposits as a percentage of total deposits were 50%, compared with 47% for the same prior year period.

In the first quarter of 2022, approximately 4,000 PPP loans, totaling $0.8 billion, were forgiven by the SBA. PPP loans contributed $24 million in interest income during the quarter, compared with $60 million. During the same time periods, approximately $16 million and $31 million of the interest income from PPP loans was related to accelerated

ZIONS BANCORPORATION, N.A.

Press Release – Page 3

April 25, 2022

recognition of net unamortized deferred fees due to forgiveness, respectively. At March 31, 2022, the remaining net unamortized deferred fees on PPP loans totaled $24 million.

Noninterest Income
1Q22 - 4Q21 1Q22 - 1Q21
(In millions) 1Q22 4Q21 1Q21 % %
Commercial account fees $ 41 $ 34 $ 32 21 % 28 %
Card fees 25 25 21 — — 4 19
Retail and business banking fees 20 19 17 1 5 3 18
Loan-related fees and income 22 22 25 — — (3) (12)
Capital markets and foreign exchange fees 15 24 15 (9) (38) — —
Wealth management fees 14 13 12 1 8 2 17
Other customer-related fees 14 15 11 (1) (7) 3 27
Customer-related fees 151 152 133 (1) (1) 18 14
Fair value and nonhedge derivative income (loss) 6 (1) 18 7 NM (12) (67)
Dividends and other income 2 19 7 (17) (89) (5) (71)
Securities gains (losses), net (17) 20 11 (37) NM (28) NM
Total noninterest income $ 142 $ 190 $ 169 (25) (16)

All values are in US Dollars.

Total customer-related fees increased $18 million, or 14%, to $151 million, driven by increased card, retail and business banking, and wealth management activity, partially offset by a decrease in loan-related fees and income. Results for the first quarter of 2022 benefited from a one-time adjustment of approximately $6 million in commercial account fees.

Net securities gains and losses decreased $28 million, due to $17 million of negative mark-to-market adjustments during the quarter primarily related to our SBIC investment in Recursion Pharmaceuticals, Inc., and an $11 million gain on the sale of Farmer Mac Class C stock recognized during the prior year period.

Fair value and nonhedge derivative income decreased $12 million from the prior year period. We recognized a $6 million gain during the quarter related to a credit valuation adjustment (“CVA”) on client-related interest rate swaps, compared with an $18 million CVA gain in the prior year period. The CVA may fluctuate from period to period based on the credit quality of our clients and changes in interest rates, which impacts the value of, and our credit exposure to, the client-related interest rate swaps.

Noninterest Expense
1Q22 - 4Q21 1Q22 - 1Q21
(In millions) 1Q22 4Q21 1Q21 % %
Salaries and employee benefits $ 312 $ 282 $ 288 11 % 8 %
Technology, telecom, and information processing 52 51 49 1 2 3 6
Occupancy and equipment, net 38 38 39 — — (1) (3)
Professional and legal services 14 16 21 (2) (13) (7) (33)
Marketing and business development 8 20 7 (12) (60) 1 14
Deposit insurance and regulatory expense 10 9 10 1 11 — —
Credit-related expense 7 7 6 — — 1 17
Other real estate expense, net 1 — — 1 NM 1 NM
Other 22 26 15 (4) (15) 7 47
Total noninterest expense $ 464 $ 449 $ 435 3 7
Adjusted noninterest expense 1 $ 464 $ 446 $ 440 4 5

All values are in US Dollars.

1 For information on non-GAAP financial measures, see pages 15-16.

ZIONS BANCORPORATION, N.A.

Press Release – Page 4

April 25, 2022

During the first quarter of 2022, we made certain financial reporting reclassifications to noninterest expense, primarily to improve the presentation and disclosure of certain expenses related to our ongoing technology investments. Other expense line items were also impacted by these reclassifications, which were adopted retrospectively to January 1, 2020.

Total noninterest expense increased $29 million, or 7%, relative to the prior year quarter. Salaries and benefits expense increased $24 million, or 8%, due to (1) the impact of inflationary and competitive labor market pressures on wages, (2) increases in commissions, (3) increases in incentive compensation accruals arising from improvements in anticipated full-year profitability, and (4) declines in deferred salaries primarily associated with PPP loans originated in the prior year period.

Other noninterest expense increased $7 million, or 47%, primarily due to lower expenses in the prior year period, which benefited from a $5 million valuation adjustment related to the termination of our defined benefit pension plan. Professional and legal services expense decreased $7 million, or 33%, due to third-party assistance associated with PPP loan forgiveness as well as various technology-related and other outsourced services incurred in the prior year period.

Adjusted noninterest expense increased $24 million, or 5%, to $464 million, compared with $440 million for the prior year period, driven primarily by the increase in salaries and benefits expense described previously. The efficiency ratio was 65.8%, compared with 63.5%. For information on non-GAAP financial measures, including differences between noninterest expense and adjusted noninterest expense, see pages 15-16.

BALANCE SHEET ANALYSIS

Loans and Leases
1Q22 - 4Q21 1Q22 - 1Q21
(In millions) 1Q22 4Q21 1Q21 % %
Loans held for sale $ 43 $ 83 $ 77 (48) % (44) %
Loans and leases:
Commercial – excluding PPP loans $ 27,644 $ 26,585 $ 24,499 4 13
Commercial – PPP loans 1,081 1,855 6,465 (774) (42) (5,384) (83)
Commercial real estate 12,094 12,198 12,060 (104) (1) 34 —
Consumer 10,423 10,213 10,448 210 2 (25) —
Loans and leases, net of unearned income and fees 51,242 50,851 53,472 391 1 (2,230) (4)
Less allowance for loan losses 478 513 646 (35) (7) (168) (26)
Loans and leases held for investment, net of allowance $ 50,764 $ 50,338 $ 52,826 1 (4)
Unfunded lending commitments and letters of credit $ 27,253 $ 26,661 $ 25,487 2 7

All values are in US Dollars.

Loans and leases, net of unearned income and fees, decreased $2.2 billion, or 4%, to $51.2 billion at March 31, 2022, primarily due to the forgiveness of PPP loans. Excluding PPP loans, total loans and leases increased $3.2 billion, or 7%, to $50.2 billion. Commercial and industrial loans, owner occupied loans, and municipal loans increased $1.5 billion, $0.9 billion, and $0.7 billion, respectively. Consumer 1-4 family residential mortgage loans decreased $0.5 billion, primarily due to continued refinancing activity, while home equity credit lines increased $0.4 billion.

Unfunded lending commitments and letters of credit increased $1.8 billion, or 7%, to $27.3 billion at March 31, 2022, primarily due to growth in our home equity and commercial credit line portfolios.

ZIONS BANCORPORATION, N.A.

Press Release – Page 5

April 25, 2022

Credit Quality
1Q22 - 4Q21 1Q22 - 1Q21
(In millions) 1Q22 4Q21 1Q21 % %
Provision for credit losses $ (33) $ 25 $ (132) NM 75 %
Allowance for credit losses 514 553 695 (39) (7) % (181) (26)
Net loan and lease charge-offs (recoveries) 6 1 8 5 NM (2) (25)
Nonperforming assets2 252 272 327 (20) (7) (75) (23)
Classified loans 1,148 1,236 1,660 (88) (7) (512) (31)
1Q22 4Q21 1Q21 bps bps
Ratio of ACL to loans1 and leases outstanding, at period end 1.00 % 1.09 % 1.30 % (9) (30)
Ratio of ACL to loans1 and leases outstanding (ex-PPP), at period end 1.02 % 1.13 % 1.48 % (11) (46)
Annualized ratio of net loan and lease charge-offs to average loans 0.05 % 0.01 % 0.06 % 4 (1)
Ratio of classified loans to total loans and leases (ex-PPP) 2.29 % 2.52 % 3.53 % (23) (124)
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.50 % 0.55 % 0.63 % (5) (13)

All values are in US Dollars.

1 Does not include loans held for sale.

2 Does not include banking premises held for sale.

Net loan and lease charge-offs were $6 million, compared with $8 million in the prior year quarter, reflecting strong credit performance. During the first quarter of 2022, we recorded a negative $33 million provision for credit losses, compared with a negative $132 million provision during the prior year period. The allowance for credit losses (“ACL”) was $514 million at March 31, 2022, compared with $695 million at March 31, 2021. The decrease in the ACL was due largely to improvements in economic forecasts and overall credit quality, partially offset by economic uncertainty caused by inflation, supply chain disruptions, and the conflict in Eastern Europe. The ratio of ACL to total loans and leases (ex-PPP) was 1.02% at March 31, 2022, compared with 1.48% at March 31, 2021.

Deposits and Borrowed Funds
1Q22 - 4Q21 1Q22 - 1Q21
(In millions) 1Q22 4Q21 1Q21 % %
Noninterest-bearing demand $ 41,937 $ 41,053 $ 35,882 2 % 17 %
Interest-bearing:
Savings and money market 38,864 40,114 35,762 (1,250) (3) 3,102 9
Time 1,550 1,622 2,209 (72) (4) (659) (30)
Total deposits $ 82,351 $ 82,789 $ 73,853 (1) 12
Borrowed funds:
Federal funds purchased and other short-term borrowings $ 638 $ 903 $ 1,032 (29) (38)
Long-term debt 689 1,012 1,299 (323) (32) (610) (47)
Total borrowed funds $ 1,327 $ 1,915 $ 2,331 (31) (43)

All values are in US Dollars.

Total deposits increased $8.5 billion, or 12%, to $82.4 billion, primarily due to a $6.1 billion increase in noninterest-bearing deposits. Average total deposits increased $10.2 billion, or 14%, to $81.6 billion, for the first quarter of 2021. Average noninterest-bearing deposits increased $7.2 billion, or 21%, to $40.9 billion, and were 50% and 47% of average total deposits for the respective time periods.

ZIONS BANCORPORATION, N.A.

Press Release – Page 6

April 25, 2022

Total borrowed funds decreased $1.0 billion, or 43%, to $1.3 billion, from the prior year quarter. The decrease in long-term debt was primarily due to the redemption of $290 million of senior notes during the first quarter of 2022, and the maturity of $281 million of senior notes during the third quarter of 2021. The decrease in overall borrowed funds continues to reflect strong deposit growth.

Shareholders’ Equity
1Q22 - 4Q21 1Q22 - 1Q21
(In millions, except share data) 1Q22 4Q21 1Q21 % %
Shareholders’ equity:
Preferred stock $ 440 $ 440 $ 566 — % (22) %
Common stock and additional paid-in capital 1,889 1,928 2,653 (39) (2) (764) (29)
Retained earnings 5,311 5,175 4,566 136 3 745 16
Accumulated other comprehensive income (loss) (1,346) (80) 148 (1,266) NM (1,494) NM
Total shareholders’ equity $ 6,294 $ 7,463 $ 7,933 (16) (21)
Capital distributions:
Common dividends paid $ 58 $ 58 $ 56 — 4
Bank common stock repurchased 50 325 50 (275) (85) — —
Total capital distributed to common shareholders $ 108 $ 383 $ 106 (72) 2
shares % shares %
Weighted average diluted common shares outstanding (in thousands) 151,687 153,635 163,887 (1,948) (1) % (12,200) (7) %
Common shares outstanding, at period end (in thousands) 151,348 151,625 163,800 (277) — (12,452) (8)

All values are in US Dollars.

The common stock dividend was $0.38 per share, compared with $0.34 during the prior year quarter. Weighted average diluted shares outstanding decreased 12.2 million, or 7%, from the first quarter of 2021, primarily due to share repurchases. During the first quarter of 2022, we repurchased 0.8 million common shares outstanding for $50 million.

Preferred stock decreased $126 million due to the redemption of our 5.75% Series H Non-Cumulative Perpetual Preferred Stock at par value during the second quarter of 2021. Accumulated other comprehensive income decreased to a loss of $1.3 billion at March 31, 2022, primarily due to decreases in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates.

Tangible book value per common share decreased to $31.97, compared with $38.77, primarily due to the decrease in accumulated other comprehensive income previously described. Estimated common equity tier 1 (“CET1”) capital remained flat at $6.2 billion, and the estimated CET1 capital ratio was 10.0%, compared with 11.2%.

Recent deposit-driven balance sheet growth has resulted in a modest reduction in our risk-weighted regulatory capital ratios, and a larger reduction in our Tier 1 leverage ratio, as the denominator for this ratio is not adjusted for risk. As a result, our Tier 1 leverage ratio declined to 7.3% from 8.3% in the prior year period.

ZIONS BANCORPORATION, N.A.

Press Release – Page 7

April 25, 2022

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the first quarter results at 5:30 p.m. ET on April 25, 2022. 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 13728972, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $2.9 billion in 2021 and more than $90 billion of total assets. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at zionsbancorporation.com.

Forward-Looking Information

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

Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2021 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC), and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov).

Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any forward-looking statements to reflect future events or developments.

ZIONS BANCORPORATION, N.A.

Press Release – Page 8

April 25, 2022

FINANCIAL HIGHLIGHTS

(Unaudited)

Three Months Ended
(In millions, except share, per share, and ratio data) March 31,<br>2022 December 31,<br>2021 September 30,<br>2021 June 30,<br>2021 March 31,<br>2021
BALANCE SHEET 1
Loans held for investment, net of allowance $ 50,764 $ 50,338 $ 50,187 $ 50,863 $ 52,826
Total assets 91,126 93,200 88,306 87,208 85,121
Deposits 82,351 82,789 77,884 76,105 73,853
Total shareholders’ equity 6,294 7,463 7,774 8,033 7,933
STATEMENT OF INCOME
Net earnings applicable to common shareholders $ 195 $ 207 $ 234 $ 345 $ 314
Net interest income 544 553 555 555 545
Taxable-equivalent net interest income 2 552 563 562 562 553
Total noninterest income 142 190 139 205 169
Total noninterest expense 464 449 429 428 435
Adjusted pre-provision net revenue 2 241 288 290 290 253
Provision for credit losses (33) 25 (46) (123) (132)
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share $ 1.27 $ 1.34 $ 1.45 $ 2.08 $ 1.90
Dividends 0.38 0.38 0.38 0.34 0.34
Book value per common share 1 38.68 46.32 46.85 46.80 44.98
Tangible book value per common share 1, 2 31.97 39.62 40.37 40.54 38.77
Weighted average share price 68.23 63.69 54.78 55.86 51.34
Weighted average diluted common shares outstanding (in thousands) 151,687 153,635 160,480 163,054 163,887
Common shares outstanding (in thousands) 1 151,348 151,625 156,530 162,248 163,800
SELECTED RATIOS AND OTHER DATA
Return on average assets 0.90 % 0.92 % 1.08 % 1.65 % 1.57 %
Return on average common equity 11.8 % 11.5 % 12.3 % 18.6 % 17.4 %
Return on average tangible common equity 2 13.9 % 13.4 % 14.2 % 21.6 % 20.2 %
Net interest margin 2.60 % 2.58 % 2.68 % 2.79 % 2.86 %
Cost of total deposits, annualized 0.03 % 0.03 % 0.03 % 0.04 % 0.05 %
Efficiency ratio 2 65.8 % 60.8 % 59.8 % 59.1 % 63.5 %
Effective tax rate 20.4 % 20.8 % 22.8 % 22.2 % 21.7 %
Ratio of nonperforming assets to loans and leases and other real estate owned 0.49 % 0.53 % 0.64 % 0.60 % 0.61 %
Annualized ratio of net loan and lease charge-offs to average loans 0.05 % 0.01 % (0.01) % (0.02) % 0.06 %
Ratio of total allowance for credit losses to loans and leases outstanding 1 1.00 % 1.09 % 1.04 % 1.12 % 1.30 %
Full-time equivalent employees 9,724 9,685 9,641 9,727 9,682
CAPITAL RATIOS AND DATA 1
Common equity tier 1 capital 3 $ 6,166 $ 6,068 $ 6,236 $ 6,383 $ 6,206
Risk-weighted assets 3 61,427 59,600 57,459 56,339 55,402
Tangible common equity ratio 5.4 % 6.5 % 7.2 % 7.6 % 7.6 %
Common equity tier 1 capital ratio 3 10.0 % 10.2 % 10.9 % 11.3 % 11.2 %
Tier 1 leverage ratio 3 7.3 % 7.2 % 7.6 % 8.0 % 8.3 %
Tier 1 risk-based capital ratio 3 10.8 % 10.9 % 11.6 % 12.1 % 12.2 %
Total risk-based capital ratio 3 12.5 % 12.8 % 13.6 % 14.2 % 14.5 %

1 At period end.

2    For information on non-GAAP financial measures, see pages 15-16.

3 Current period ratios and amounts represent estimates.

ZIONS BANCORPORATION, N.A.

Press Release – Page 9

April 25, 2022

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands) March 31,<br>2022 December 31,<br>2021 September 30,<br>2021 June 30,<br>2021 March 31,<br>2021
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 700 $ 595 $ 597 $ 525 $ 576
Money market investments:
Interest-bearing deposits 5,093 10,283 9,442 10,086 8,427
Federal funds sold and security resell agreements 2,345 2,133 1,858 1,714 1,315
Investment securities:
Held-to-maturity1, at amortized cost 439 441 459 620 583
Available-for-sale, at fair value 26,145 24,048 20,461 18,170 16,644
Trading account, at fair value 382 372 305 181 189
Total securities, net of allowance 26,966 24,861 21,225 18,971 17,416
Loans held for sale 43 83 67 66 77
Loans and leases, net of unearned income and fees 51,242 50,851 50,678 51,398 53,472
Less allowance for loan losses 478 513 491 535 646
Loans held for investment, net of allowance 50,764 50,338 50,187 50,863 52,826
Other noninterest-bearing investments 829 851 868 895 815
Premises, equipment and software, net 1,346 1,319 1,282 1,239 1,236
Goodwill and intangibles 1,015 1,015 1,015 1,015 1,016
Other real estate owned 4 8 21 23 3
Other assets 2,021 1,714 1,744 1,811 1,414
Total assets $ 91,126 $ 93,200 $ 88,306 $ 87,208 $ 85,121
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 41,937 $ 41,053 $ 39,150 $ 38,128 $ 35,882
Interest-bearing:
Savings and money market 38,864 40,114 37,046 36,037 35,762
Time 1,550 1,622 1,688 1,940 2,209
Total deposits 82,351 82,789 77,884 76,105 73,853
Federal funds purchased and other short-term borrowings 638 903 579 741 1,032
Long-term debt 689 1,012 1,020 1,308 1,299
Reserve for unfunded lending commitments 36 40 38 39 49
Other liabilities 1,118 993 1,011 982 955
Total liabilities 84,832 85,737 80,532 79,175 77,188
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares 440 440 440 440 566
Common stock2 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital 1,889 1,928 2,245 2,565 2,653
Retained earnings 5,311 5,175 5,025 4,853 4,566
Accumulated other comprehensive income (loss) (1,346) (80) 64 175 148
Total shareholders’ equity 6,294 7,463 7,774 8,033 7,933
Total liabilities and shareholders’ equity $ 91,126 $ 93,200 $ 88,306 $ 87,208 $ 85,121
1 Held-to-maturity (fair value) $ 414 $ 443 $ 461 $ 622 $ 584
2 Common shares (issued and outstanding) 151,348 151,625 156,530 162,248 163,800

ZIONS BANCORPORATION, N.A.

Press Release – Page 10

April 25, 2022

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) Three Months Ended
(In millions, except share and per share amounts) March 31,<br>2022 December 31,<br>2021 September 30,<br>2021 June 30,<br>2021 March 31,<br>2021
Interest income:
Interest and fees on loans $ 437 $ 471 $ 484 $ 492 $ 488
Interest on money market investments 6 7 7 4 3
Interest on securities 112 88 78 74 71
Total interest income 555 566 569 570 562
Interest expense:
Interest on deposits 6 7 7 7 9
Interest on short- and long-term borrowings 5 6 7 8 8
Total interest expense 11 13 14 15 17
Net interest income 544 553 555 555 545
Provision for credit losses:
Provision for loan losses (29) 23 (45) (113) (123)
Provision for unfunded lending commitments (4) 2 (1) (10) (9)
Total provision for credit losses (33) 25 (46) (123) (132)
Net interest income after provision for credit losses 577 528 601 678 677
Noninterest income:
Commercial account fees 41 34 34 34 32
Card fees 25 25 25 24 21
Retail and business banking fees 20 19 20 18 17
Loan-related fees and income 22 22 27 21 25
Capital markets and foreign exchange fees 15 24 17 17 15
Wealth management fees 14 13 13 12 12
Other customer-related fees 14 15 15 13 11
Customer-related fees 151 152 151 139 133
Fair value and nonhedge derivative income (loss) 6 (1) 2 (5) 18
Dividends and other income 2 19 9 8 7
Securities gains (losses), net (17) 20 (23) 63 11
Total noninterest income 142 190 139 205 169
Noninterest expense:
Salaries and employee benefits 312 282 285 272 288
Technology, telecom, and information processing 52 51 50 49 49
Occupancy and equipment, net 38 38 37 39 39
Professional and legal services 14 16 17 18 21
Marketing and business development 8 20 9 7 7
Deposit insurance and regulatory expense 10 9 8 7 10
Credit-related expense 7 7 7 6 6
Other real estate expense, net 1 — — — —
Other 22 26 16 30 15
Total noninterest expense 464 449 429 428 435
Income before income taxes 255 269 311 455 411
Income taxes 52 56 71 101 89
Net income 203 213 240 354 322
Preferred stock dividends (8) (6) (6) (9) (8)
Net earnings applicable to common shareholders $ 195 $ 207 $ 234 $ 345 $ 314
Weighted average common shares outstanding during the period:
Basic shares (in thousands) 151,285 153,248 160,221 162,742 163,551
Diluted shares (in thousands) 151,687 153,635 160,480 163,054 163,887
Net earnings per common share:
Basic $ 1.27 $ 1.34 $ 1.45 $ 2.08 $ 1.90
Diluted 1.27 1.34 1.45 2.08 1.90

ZIONS BANCORPORATION, N.A.

Press Release – Page 11

April 25, 2022

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions) March 31,<br>2022 December 31,<br>2021 September 30,<br>2021 June 30,<br>2021 March 31,<br>2021
Commercial:
Commercial and industrial $ 14,356 $ 13,867 $ 13,230 $ 12,947 $ 12,843
PPP 1,081 1,855 3,080 4,461 6,465
Leasing 318 327 293 307 310
Owner occupied 9,026 8,733 8,446 8,231 8,112
Municipal 3,944 3,658 3,400 3,215 3,234
Total commercial 28,725 28,440 28,449 29,161 30,964
Commercial real estate:
Construction and land development 2,769 2,757 2,843 2,576 2,443
Term 9,325 9,441 9,310 9,532 9,617
Total commercial real estate 12,094 12,198 12,153 12,108 12,060
Consumer:
Home equity credit line 3,089 3,016 2,834 2,727 2,695
1-4 family residential 6,122 6,050 6,140 6,269 6,630
Construction and other consumer real estate 692 638 584 593 589
Bankcard and other revolving plans 410 396 395 415 409
Other 110 113 123 125 125
Total consumer 10,423 10,213 10,076 10,129 10,448
Total loans and leases $ 51,242 $ 50,851 $ 50,678 $ 51,398 $ 53,472

Nonperforming Assets

(Unaudited)

(In millions) March 31,<br>2022 December 31,<br>2021 September 30,<br>2021 June 30,<br>2021 March 31,<br>2021
Nonaccrual loans 1 $ 252 $ 271 $ 323 $ 307 $ 324
Other real estate owned 2 — 1 1 1 3
Total nonperforming assets $ 252 $ 272 $ 324 $ 308 $ 327
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2 0.49 % 0.53 % 0.64 % 0.60 % 0.61 %
Accruing loans past due 90 days or more $ 3 $ 8 $ 4 $ 6 $ 9
Ratio of accruing loans past due 90 days or more to loans1 and leases 0.01 % 0.02 % 0.01 % 0.01 % 0.02 %
Nonaccrual loans and accruing loans past due 90 days or more $ 255 $ 279 $ 327 $ 313 $ 333
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.50 % 0.55 % 0.65 % 0.61 % 0.63 %
Accruing loans past due 30-89 days 3 $ 93 $ 70 $ 114 $ 29 $ 100
Restructured loans included in nonaccrual loans 100 105 121 128 134
Restructured loans on accrual 216 221 231 330 280
Classified loans 1,148 1,236 1,397 1,557 1,660

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

3 Includes $26 million of PPP loans at March 31, 2022, which we expect will be paid in full by either the borrower or the SBA.

ZIONS BANCORPORATION, N.A.

Press Release – Page 12

April 25, 2022

Allowance for Credit Losses

(Unaudited)

Three Months Ended
(In millions) March 31,<br>2022 December 31,<br>2021 September 30,<br>2021 June 30,<br>2021 March 31,<br>2021
Allowance for Loan Losses
Balance at beginning of period $ 513 $ 491 $ 535 $ 646 $ 777
Provision for loan losses (29) 23 (45) (113) (123)
Loan and lease charge-offs 17 11 8 8 21
Less: Recoveries 11 10 9 10 13
Net loan and lease charge-offs 6 1 (1) (2) 8
Balance at end of period $ 478 $ 513 $ 491 $ 535 $ 646
Ratio of allowance for loan losses to loans1 and leases, at period end 0.93 % 1.01 % 0.97 % 1.04 % 1.21 %
Ratio of allowance for loan losses to nonaccrual loans1 at period end 190 % 189 % 152 % 175 % 199 %
Annualized ratio of net loan and lease charge-offs to average loans 0.05 % 0.01 % (0.01) % (0.02) % 0.06 %
Annualized ratio of net loan and lease charge-offs to average loans (excluding PPP loans) 0.05 % 0.01 % (0.01) % (0.02) % 0.07 %
Reserve for Unfunded Lending Commitments
Balance at beginning of period $ 40 $ 38 $ 39 $ 49 $ 58
Provision for unfunded lending commitments (4) 2 (1) (10) (9)
Balance at end of period $ 36 $ 40 $ 38 $ 39 $ 49
Allowance for Credit Losses
Allowance for loan losses $ 478 $ 513 $ 491 $ 535 $ 646
Reserve for unfunded lending commitments 36 40 38 39 49
Total allowance for credit losses $ 514 $ 553 $ 529 $ 574 $ 695
Ratio of total allowance for credit losses to loans1 and leases outstanding, at period end 1.00 % 1.09 % 1.04 % 1.12 % 1.30 %
Ratio of total allowance for credit losses to loans1 and leases outstanding (excluding PPP loans), at period end 1.02 % 1.13 % 1.11 % 1.22 % 1.48 %

1 Does not include loans held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 13

April 25, 2022

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions) March 31,<br>2022 December 31,<br>2021 September 30,<br>2021 June 30,<br>2021 March 31,<br>2021
Loans held for sale $ — $ — $ — $ 1 $ —
Commercial:
Commercial and industrial $ 112 $ 124 $ 157 $ 111 $ 119
PPP 2 3 — 1 —
Leasing — — — — —
Owner occupied 53 57 67 69 74
Municipal — — — — —
Total commercial 167 184 224 181 193
Commercial real estate:
Construction and land development — — — — —
Term 20 20 25 28 31
Total commercial real estate 20 20 25 28 31
Consumer:
Home equity credit line 13 14 15 18 19
1-4 family residential 51 52 58 78 80
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans 1 1 1 1 1
Other — — — — —
Total consumer 65 67 74 97 100
Total nonaccrual loans $ 252 $ 271 $ 323 $ 307 $ 324

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions) March 31,<br>2022 December 31,<br>2021 September 30,<br>2021 June 30,<br>2021 March 31,<br>2021
Commercial:
Commercial and industrial $ 6 $ 3 $ (2) $ (2) $ 8
PPP — — — — —
Leasing — — — — —
Owner occupied (1) — (1) — —
Municipal — — — — —
Total commercial 5 3 (3) (2) 8
Commercial real estate:
Construction and land development — (3) — — —
Term — — — — —
Total commercial real estate — (3) — — —
Consumer:
Home equity credit line (1) — 1 (1) (1)
1-4 family residential 1 — 1 — (1)
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans 1 — — 1 1
Other — 1 — — 1
Total consumer loans 1 1 2 — —
Total net charge-offs (recoveries) $ 6 $ 1 $ (1) $ (2) $ 8

ZIONS BANCORPORATION, N.A.

Press Release – Page 14

April 25, 2022

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited) Three Months Ended
March 31, 2022 December 31, 2021 March 31, 2021
(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 $ 6,735 0.19 % $ 11,155 0.15 % $ 4,592 0.11 %
Federal funds sold and security resell agreements 2,300 0.52 % 2,189 0.49 % 3,199 0.24 %
Total money market investments 9,035 0.27 % 13,344 0.21 % 7,791 0.16 %
Securities:
Held-to-maturity 438 3.12 % 451 3.18 % 663 2.98 %
Available-for-sale 25,246 1.71 % 21,661 1.52 % 15,876 1.69 %
Trading account 384 4.76 % 342 4.76 % 231 3.96 %
Total securities 26,068 1.78 % 22,454 1.61 % 16,770 1.77 %
Loans held for sale 57 1.92 % 79 1.39 % 68 2.81 %
Loans and leases:2
Commercial - excluding PPP loans 27,037 3.54 % 25,899 3.75 % 24,732 3.83 %
Commercial - PPP loans 1,459 6.64 % 2,439 7.16 % 6,135 3.98 %
Commercial real estate 12,171 3.37 % 12,228 3.39 % 12,133 3.50 %
Consumer 10,266 3.23 % 10,125 3.29 % 10,665 3.59 %
Total loans and leases 50,933 3.52 % 50,691 3.73 % 53,665 3.73 %
Total interest-earning assets 86,093 2.65 % 86,568 2.64 % 78,294 2.95 %
Cash and due from banks 625 629 614
Allowance for credit losses on loans and debt securities (515) (495) (774)
Goodwill and intangibles 1,015 1,015 1,016
Other assets 4,211 4,168 3,930
Total assets $ 91,429 $ 91,885 $ 83,080
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 39,132 0.05 % $ 38,349 0.05 % $ 35,232 0.07 %
Time 1,587 0.26 % 1,662 0.29 % 2,491 0.55 %
Total interest-bearing deposits 40,719 0.06 % 40,011 0.06 % 37,723 0.10 %
Borrowed funds:
Federal funds purchased and other short-term borrowings 594 0.08 % 641 0.07 % 1,110 0.07 %
Long-term debt 823 2.66 % 1,017 2.54 % 1,324 2.30 %
Total borrowed funds 1,417 1.58 % 1,658 1.59 % 2,434 1.28 %
Total interest-bearing funds 42,136 0.11 % 41,669 0.12 % 40,157 0.17 %
Noninterest-bearing demand deposits 40,886 41,397 33,723
Other liabilities 1,267 1,233 1,301
Total liabilities 84,289 84,299 75,181
Shareholders’ equity:
Preferred equity 440 440 566
Common equity 6,700 7,146 7,333
Total shareholders’ equity 7,140 7,586 7,899
Total liabilities and shareholders’ equity $ 91,429 $ 91,885 $ 83,080
Spread on average interest-bearing funds 2.54 % 2.52 % 2.78 %
Impact of net noninterest-bearing sources of funds 0.06 % 0.06 % 0.08 %
Net interest margin 2.60 % 2.58 % 2.86 %
Memo: total loans and leases, excluding PPP loans 49,474 3.43 % 48,252 3.56 % 47,530 3.69 %
Memo: total cost of deposits 0.03 % 0.03 % 0.05 %
Memo: total deposits and interest-bearing liabilities 83,022 0.06 % 83,066 0.06 % 73,880 0.09 %

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 15

April 25, 2022

GAAP to Non-GAAP Reconciliations

(Unaudited)

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

Non-GAAP financial measures have inherent limitations and are not necessarily comparable to similar 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.

Three Months Ended
(Dollar amounts in millions) March 31,<br>2022 December 31,<br>2021 September 30,<br>2021 June 30,<br>2021 March 31,<br>2021
Return on Average Tangible Common Equity
Net earnings applicable to common shareholders, net of tax (a) $ 195 $ 207 $ 234 $ 345 $ 314
Average common equity (GAAP) $ 6,700 $ 7,146 $ 7,569 $ 7,436 $ 7,333
Average goodwill and intangibles (1,015) (1,015) (1,015) (1,015) (1,016)
Average tangible common equity (non-GAAP) (b) $ 5,685 $ 6,131 $ 6,554 $ 6,421 $ 6,317
Number of days in quarter (c) 90 92 92 91 90
Number of days in year (d) 365 365 365 365 365
Return on average tangible common equity (non-GAAP) (a/b/c)*d 13.9 % 13.4 % 14.2 % 21.6 % 20.2 %
(In millions, except shares and per share amounts) March 31,<br>2022 December 31,<br>2021 September 30,<br>2021 June 30,<br>2021 March 31,<br>2021
--- --- --- --- --- --- --- --- --- --- --- ---
Tangible Book Value per Common Share
Total shareholders’ equity (GAAP) $ 6,294 $ 7,463 $ 7,774 $ 8,033 $ 7,933
Preferred stock (440) (440) (440) (440) (566)
Goodwill and intangibles (1,015) (1,015) (1,015) (1,015) (1,016)
Tangible common equity (non-GAAP) (a) $ 4,839 $ 6,008 $ 6,319 $ 6,578 $ 6,351
Common shares outstanding (in thousands) (b) 151,348 151,625 156,530 162,248 163,800
Tangible book value per common share (non-GAAP) (a/b) $ 31.97 $ 39.62 $ 40.37 $ 40.54 $ 38.77

ZIONS BANCORPORATION, N.A.

Press Release – Page 16

April 25, 2022

Efficiency Ratio and Adjusted Pre-Provision Net Revenue

The efficiency ratio is a measure of operating expense relative to revenue. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. The methodology of determining the efficiency ratio may differ among companies. We make adjustments to exclude certain items that are not generally expected to recur frequently, as identified in the subsequent schedule, which we believe allow for more consistent comparability across periods. Adjusted noninterest expense provides a measure as to how well we are managing our expenses; adjusted pre-provision net revenue (“PPNR”) enables management and others to assess our ability to generate capital. 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>2022 December 31,<br>2021 September 30,<br>2021 June 30,<br>2021 March 31,<br>2021
Efficiency Ratio
Noninterest expense (GAAP) (a) $ 464 $ 449 $ 429 $ 428 $ 435
Adjustments:
Severance costs — — 1 — —
Other real estate expense, net 1 — — — —
Amortization of core deposit and other intangibles — 1 — — —
Pension termination-related expense — — — — (5)
SBIC investment success fee accrual 1 (1) 2 (4) 9 —
Total adjustments (b) — 3 (3) 9 (5)
Adjusted noninterest expense (non-GAAP) (a-b)=(c) $ 464 $ 446 $ 432 $ 419 $ 440
Net interest income (GAAP) (d) $ 544 $ 553 $ 555 $ 555 $ 545
Fully taxable-equivalent adjustments (e) 8 10 7 7 8
Taxable-equivalent net interest income (non-GAAP) (d+e)=(f) 552 563 562 562 553
Noninterest income (GAAP) (g) 142 190 139 205 169
Combined income (non-GAAP) (f+g)=(h) 694 753 701 767 722
Adjustments:
Fair value and nonhedge derivative income (loss) 6 (1) 2 (5) 18
Securities gains (losses), net (17) 20 (23) 63 11
Total adjustments (i) (11) 19 (21) 58 29
Adjusted taxable-equivalent revenue<br><br>(non-GAAP) (h-i)=(j) $ 705 $ 734 $ 722 $ 709 $ 693
Pre-provision net revenue (PPNR) (non-GAAP) (h)-(a) $ 230 $ 304 $ 272 $ 339 $ 287
Adjusted PPNR (non-GAAP) (j)-(c) 241 288 290 290 253
Efficiency ratio (non-GAAP) (c/j) 65.8 % 60.8 % 59.8 % 59.1 % 63.5 %

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

  • -

earningspresentation-202

April 25, 2022 First Quarter 2022 Financial Review

2 Forward-Looking Statements; Use of Non-GAAP Financial Measures Forward Looking Information This earnings presentation includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as “may,” “might,” “could,” “anticipate,” “expect,” and similar terms, are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2021 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC) and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov). Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any forward-looking statements to reflect future events or developments. Use of Non-GAAP Financial Measures: This document contains several references to non-GAAP measures, including pre-provision net revenue and the “efficiency ratio,” which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions’ management compensation and are used in Zions’ strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A full reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

 Our non-PPP loan growth was solid; outlook favorable  Strong growth in multiple categories  Continued but diminishing impact from promotional lending campaigns  Investing our liquidity  We are investing the cash generated from two years of very strong deposit growth into loans and modest duration securities  Simultaneously, we are maintaining a strong liquidity profile  We are well prepared for rising interest rates  We have positioned the bank for higher interest rates  Investments in securities have been targeted to medium duration securities with limited duration extension risk  We are investing significantly in technology to position the company for:  Improved long-term resiliency  Improved customer experience  Positive operating leverage 3 Select Themes Key near-term objectives designed to position the bank for superior revenue growth and positive operating leverage

 Earnings and Profitability:  $1.27 diluted earnings/share compared to $1.34  $230 million Pre-Provision Net Revenue  $241 million Adjusted PPNR(1)  $(33) million provision for credit loss compared to $25 million  $195 million Net Income Applicable to Common, down from $207 million due to reduced PPP income, higher seasonal expense, securities losses in 1Q vs. gains in 4Q  0.90% Return on Assets (annualized)  13.9% Return on Average Tangible Common Equity (annualized)  Credit quality (excluding PPP Loans):  0.50% Nonperforming Assets + loans 90+ days past due / non-PPP loans and leases and other real estate owned  0.05% net loan charge offs, percent of loans, annualized  Allowance for credit loss (“ACL”), $514 million or 1.02% of non-PPP loans from 1.13%. 4 First Quarter 2022 Financial Highlights Vs. 4Q21, stable level of deposits and a solid increase in non-PPP loans Note: For the purposes of comparison in this presentation, we generally use linked-quarter ("LQ"), due to that being the preferred comparison for professional investors and analysts. (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to the unrealized gain on SBIC investments. See Appendix for GAAP to non-GAAP reconciliation tables.  Loans and Deposits: Vs. 4Q21, growth rates not annualized  0.8% increase in period-end loan balances  2.4% increase in period-end loan balances (excluding PPP loans)  0.5% decrease in period-end deposits  2.2% increase in period-end noninterest-bearing deposits  62% period-end loan-to-deposit ratio  0.03% cost of average total deposits  Capital Strength:  10.0% Common Equity Tier 1 Ratio (CET1), down from 10.2%  7.3% Tier 1 Leverage Ratio  10.9% (CET1+Allowance for Credit Losses) / Risk-Weighted Assets  $50 million of common stock repurchased during 1Q22

$1.90 $2.08 $1.45 $1.34 $1.27 1Q21 2Q21 3Q21 4Q21 1Q22 Diluted Earnings Per Share Notable Items:  1Q22:  $(0.10) per share adverse mark-to-market impact from a SBIC investments (primarily Recursion Pharma, RXRX, net of success fees paid)  $0.03 per share favorable impact from a credit valuation adjustment on client-related interest rate swaps (“CVA”)  $0.03 per share favorable impact from alignment of commercial account fee income items  4Q21:  $0.06 per share favorable impact from the sale of corporate real estate (in “Dividends and other income”)  $0.08 per share net securities gain including RXRX  $0.05 per share charitable contribution (in “Other” noninterest expense)  3Q21: $(0.11) per share adverse impact from RXRX and CVA  2Q21: $0.23 per share benefit from mark-to-market of an SBIC investment (RXRX) and CVA  1Q21: $0.13 per share benefit from securities gains and CVA 5 Primary variance to prior periods attributable to provision for credit losses and PPP-related income Diluted Earnings per Share Note: EPS effects from PPP income and provision for credit loss calculations assume a 24.5% statutory tax rate. PPP income incorporates interest income less professional service expense related to forgiveness. $0.61 $0.57 $0.22 $(0.12) $0.16 1Q21 2Q21 3Q21 4Q21 1Q22 EPS Impact of Provision for Credit Losses $0.24 $0.31 $0.30 $0.22 $0.12 Contribution from PPP income

52 67 64 44 24 253 290 290 288 241 1Q21 2Q21 3Q21 4Q21 1Q22 Adjusted Pre-Provision Net Revenue Adjusted PPNR decreased considerably from 4Q21, primarily due to seasonal factors and lower PPP income (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to the unrealized gains/(losses) on SBIC investments. See Appendix for GAAP to non-GAAP reconciliation table. Adjusted PPNR(1) ($ millions) 6 Linked quarter:  Adjusted PPNR decreased 16% as detailed in the following slide, primarily from  Seasonal factors (e.g., share-based compensation and payroll taxes)  PPP income  Partially offset by:  27% increase in interest on securities Year-over-year:  Adjusted PPNR decreased 5% due to a  54% decline in PPP income  8% increase in other PPNR

4Q21 PPP Income Real property, Private Equity, Trading Losses Share-Based Compensation Incentive Compensation Retirement Benefits Payroll Tax Expense Non-PPP Net Interest Income Charitable Contribution (4Q21) Other 1Q22 (20) 241 288 (18) (13) (6) (6) (6) 10 10 2 Adjusted Pre-Provision Net Revenue – Linked Quarter View Adjusted PPNR decreased considerably from 4Q21, primarily due to seasonal factors and lower PPP income  The first quarter of each year contains several expense items that pressure the PPNR when compared to the fourth quarter of the prior year, including share-based compensation, retirement benefits (i.e., 401k matching), and payroll tax expense  Real property, private equity, and trading losses (components of noncustomer-related fee income) include a reduced gain on sale of property (4Q21, $12 million) and the effect of reduced earnings from private equity investments and trading portfolio losses (1Q22) 7 ($ millions)

Deploying a Single Platform for Online and Mobile Banking Serving More Than 750,000 Customers Building on digital services already considered on par or better than our four major competitors1 Consumer HighlightsSmall Business Highlights  Small business customer migration: 75% complete  Modern, responsive user interface with 40+ additional mobile banking capabilities  Small businesses pleased with look and feel, consistent with the consumer digital experience  More than 600,000 consumers migrated as of 2Q21  Mobile App Ratings at highest levels ever and on par with global competitors  Future upgrade and enhancement releases will be continuous  March 2022 was a record month for total consumer logins (11.5 million) 12020 Greenwich Associates Market Tracking Program Nationwide; “Four Major Competitors” are JP Morgan, Bank of America, Wells Fargo, US Bank Completed May 2022 Deployment 0 2 4 6 8 10 12 03/2018 03/2019 03/2020 03/2021 03/2022 Total Consumer Monthly Logins (in millions) 8

Zions Finishes 2nd Among All US Banks in Greenwich 2021 Excellence Awards Zions has Consistently Achieved “Excellence” vs Four Major Competitors1 and Peers2 9 M id dl e M ar ke t Bu sin es s S eg m en t Sm al l B us in es s Se gm en t 62 61 44 0 20 40 60 80 100 Overall Satisfaction - Customers 81 77 56 0 20 40 60 80 100 Bank You Can Trust 63 58 48 0 20 40 60 80 100 Digital Product Capabilities 60 66 43 0 20 40 60 80 100 Overall Satisfaction - Customers 85 78 59 0 20 40 60 80 100 Bank You Can Trust 63 63 51 0 20 40 60 80 100 Digital Product Capabilities 65 61 31 0 20 40 60 80 100 Net Promoter Score 61 56 19 0 20 40 60 80 100 Net Promoter Score Zions Bancorp Zions’ Peer Group Avg Average of Four Major Competitors % of "Excellent" Customer Citations Zions Bancorporation • One of four U.S. banks to average 15 or more Excellence Awards since the inception of the awards in 2009 • One of four banks in the country to win 6 of 6 “Best Brand” awards (Small Business and Middle Market categories) • Bank You Can Trust • Values Long-Term Relationships • Ease of Doing Business Source: 2021 Greenwich Associates Market Tracking Program Nationwide (1) “Four Major Competitors” are JP Morgan, Bank of America, Wells Fargo, US Bank (2) 17 of 18 peers had Greenwich data available: ASB; BOKF; CFG; CMA; EWBC; FHN; FITB; FNB; FRC; HBAN; HWC; KEY; MTB; PNFP; RF; SNV; WTFC

$47.5 $46.8 $47.1 $48.3 $49.5 $6.1 $5.9 $3.8 $2.4 $1.5 3.73% 3.77% 3.82% 3.73% 3.52% $0.0 $25.0 $50.0 $75.0 1Q21 2Q21 3Q21 4Q21 1Q22 Average Total Loans Excluding PPP Loans, Yield: 3.43% in 1Q22 Average PPP Loans, Yield: 6.64% in 1Q22 Average Loan and Deposit Growth Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits 10 Vs. 4Q21, average non-PPP loans increased 2.5% in 1Q22; average deposits increased 0.2% $37.7 $38.1 $39.1 $40.0 $40.7 $33.7 $36.5 $38.3 $41.4 $40.9 0.05% 0.04% 0.03% 0.03% 0.03% $0.0 $25.0 $50.0 $75.0 $100.0 1Q21 2Q21 3Q21 4Q21 1Q22 Average Noninterest-bearing Deposits Average Interest-bearing Deposits ($ billions) ($ billions)

Loan Growth in Detail Moderate to strong loan growth achieved in certain targeted growth categories Linked Quarter Loan Balance Growth, Excluding PPP Total Loans, excluding PPP: +2% Linked quarter:  Excluding PPP loans, period-end loans increased $1.2 billion or 2.4%  Loan growth in dollars predominantly in C&I (ex-O&G), Owner-Occupied, and Municipal  Decline of 42% ($774 million) in SBA PPP loans Over the next four quarters, we expect moderate total loan growth, driven by:  Moderate to strong growth in 1-4 Family, Municipal, C&I and Owner-Occupied loans  Stable to moderate growth in O&G, CRE  Further reduction of the SBA PPP portfolio G ro w th R at e: L in ke d Q ua rt er , n ot a nn ua liz ed Dollar Growth: Linked Quarter 11 C&I (ex-Oil & Gas), 4% Owner occupied, 3% CRE C&D, 0% CRE Term, -1% Home Equity, 2% 1-4 Family, 1% Energy (Oil & Gas), -1% Municipal, 8% Other, 6% -4% -2% 0% 2% 4% 6% 8% 10% -$400 -$200 $0 $200 $400 $600 Note: circle size indicates relative proportion of loan portfolio as of 1Q22. PPP loans, not shown on graph, declined 42% in 1Q22 vs. 4Q21 ($ millions)

$133 $139 $151 $152 $151 1Q21 2Q21 3Q21 4Q21 1Q22 Customer-related fee income was generally stable from the prior quarter  Increase in commercial account fees due to one-time accrual of $6 million to align commercial fee recognition across affiliates  Seasonal impacts to capital markets and foreign exchange  Unusually strong 4Q21 from foreign exchange, syndication fees, and public finance fees  Swap fees up slightly over prior quarter  Relative stability in retail banking fees, card fees, loan and other fees quarter-over-quarter  Wealth management fees grew 8% quarter-over-quarter and 17% from the year ago quarter  Changes to overdraft / non-sufficient funds fees are expected to reduce fee income by approximately $5 million per quarter beginning in 3Q22 Over the longer term, customer-related fees are expected to continue to benefit from improved capital markets and wealth management revenue Noninterest Income 12 Customer-Related Fee Income (1) Total customer-related fee income was stable to 4Q21, and was up 14% from the year-ago period (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items, as detailed in the Noninterest Income table located in the earnings release. ($ millions)

13 Mortgage Banking Mortgage originations up 38% versus a 36% industry decline $435 $627 $651 $809 $909 $411 $383 $345 $384 $259 1Q21 2Q21 3Q21 4Q21 1Q22 Strong Mortgage Funding HFI HFS $846 million $1.2 billion ($ millions) $10.6 $7.8 $11.3 $3.8 $7.2 1Q21 2Q21 3Q21 4Q21 1Q22 Loan Sales Fees 2019  Roll-out 2021  Enhanced Digital Fulfillment Process  95% of all applications taken digitally  33% reduction in turn-time vs. 2019, allowing for record unit production 1Q22  Funded $1.2B for 2nd straight Qtr, setting records for quarterly production  Production up 38% in 1Q22 vs. 1Q21 as compared to a 36% decline for the industry (MBA Market Index)  Pipeline of $2.21 billion is up 26% from $1.74 billion at 4Q21  Successfully launched numerous process enhancements, including refinements to the Affluent program  Affluent program refinement will be deployed across organization in 2022; expected to be instrumental in increasing our held-for-investment portfolio  Fees increased over previous quarter but down over same period 2021 as the percentage of held-for-investment loans is returning to historical levels MBA Market Index data source: Bloomberg symbol MBAVBASC; Calculations: Zions

Technology Roadmap We continue to invest in technology solutions focused on customer experience & empowering bankers IM PR O VI N G C U ST O M ER EX PE RI EN CE Treasury Internet Banking & Gateway Enhancements Improved Customer Experience (2022) 9,500 Customers Payments & Money Movement Digital Check Issuance, Receipt of Real Time Payments, Improved Commercial Remote Deposit Capture Product Zelle for Business, ATM Email & Text Receipts (2022-23), Upgrade to Retail Mobile Remote Deposit Product (2023) A F F L U E N TC O M M E R C I A L S M A L L B U S I N E S S C O N S U M E R EM PO W ER IN G BA N KE RS Salesforce Unification Project Improved Customer Relationship Platform (2022-23) Customer Care Center (Call Center) Improved Interactive Voice Response System (2022-23) Digital Banking Replacement Consumer Customer Migration, Small Business Customer Migration (2022) & Continuous Delivery of Enhancements >10MM Logins per month on a single platform for online and mobile banking FutureCore Release 3 Consumer, Small Business and Commercial Deposits Core Banking and Teller System Replacement, Customer Data Hub (2023) Improved Products Securities Based Lending, Lockbox, Digital Loan Application for all Small Business Loan Products (2023), Foreign Exchange Portal EFX (2022), Digital Signatures, Affluent Customer Experience (2023) Operational Center of Excellence Business Process Automation – Leveraging Robotic Process Automation and Process Workflow Technology Commercial Lending End-To-End Improved Customer & Banker Experience (2022-24) 14

 Interest rate sensitivity managed in part with interest rate hedges:  $4.7 in securities purchases in 1Q22 with an avg yield of 2.11%  $0.5B in interest-rate swaps on loans added in 1Q22 with a weighted average rate of 1.15% 0.0% 0.5% 1.0% 1.5% 2.0% 0.0 1.0 2.0 3.0 4.0 5.0 2022Q1 2023Q1 2024Q1 Av er ag e Fi xe d Ra te (% ) Av g N ot io ni al ($ B) Securities, Money Market Investments and Interest Rate Swaps 15 Total Securities Portfolio and Money Market Investments (end of period balances) $17.4 $19.0 $21.2 $24.9 $27.0 $9.7 $11.8 $11.3 $12.4 $7.4 1Q21 2Q21 3Q21 4Q21 1Q22 Total Securities Money Market Investments ($ billions) The securities portfolio has absorbed much of the deposit growth  Strong deposit growth has significantly increased the bank’s overall liquidity profile  1Q22 period-end securities growth was $2.1 billion and accounted for 31% of period-end interest-earning assets  1Q22 period-end money market investments decreased $5.0 billion and accounted for 9% of period-end interest-earning assets 34% 37% 39% 42% 40% Percent of earning assets Securities portfolio duration as of March 31, 2022: with the rise in interest rates, the portfolio has fully extended to a duration of 4.3 years Average total swaps in effect during quarter Average fixed rate (right scale)

$545 $555 $555 $553 $544 2.86% 2.79% 2.68% 2.58% 2.60% 1Q21 2Q21 3Q21 4Q21 1Q22 Net Interest Income and Net Interest Margin Net Interest Income Net Interest Margin 16 Net interest income stability driven by PPP success, securities purchases, and loan growth ($ millions) Net Interest Margin 4Q21 1Q22 Lower PPP Loan yields Deposits / Borrowings As of March 31, 2022, unamortized net origination fees related to the PPP loans totaled $24 million, to be amortized over the remaining life or are forgiven by the SBA. Zions’ active efforts to invest the inflow of deposits has helped to limit the compression of the net interest margin. The increase in average securities over the past year (as opposed to leaving it in cash) has supported the NIM and has boosted recurring revenue. Securities / Money Mkt Deposit growth has enabled strong money market investment and securities portfolio growth

Interest Rate Sensitivity 17 The surge in deposits coupled with modest loan growth has resulted in increased asset sensitivity Source: Company filings and S&P Global; “Prior Fed Cycle” refers to 3Q15-2Q19, reflecting the lag effect of deposit pricing relative to Fed Funds rates. The “Current Fed Cycle” begins in 3Q19 to present. (1) 12-month simulated impact of an instantaneous and parallel change in interest rates. Loans are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets in chart on the right. The loan and securities portfolios have durations of 1.9 and 4.3 years, respectively. -5% 8% 16% −100 bps +100 bps +200 bps Net Interest Income Sensitivity (1) As su m ed Hi st or ic al In the down 100 scenario, models assume rates do not fall below zero 18% 23% 17% 16% 9% 2015–2019 Tightening Fed Cycle (+225 bps) 2019–2022 Easing Fed Cycle (-225 bps) +200 bps +100 bps −100 bps Total Deposit Betas 41% 12% 10% 8% 11% 18% 31% 10% 18% 9% 13% 19% ≤ 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 50 % 13 % 9% 7% 10 % 11 % 34 % 10 % 22 % 9% 13 % 12 % ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f L oa ns Loans: Rate Reset and Cash Flow Profile Loans After Hedging

$4 24 $4 35 $4 28 $4 29 $4 49 $4 64 $4 23 $4 40 $4 19 $4 32 $4 46 $4 64 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 NIE (GAAP) Adjusted NIE (Non-GAAP) ($ millions) Noninterest Expense 18 Increase in expense in 1Q22 vs. 4Q21 primarily attributable to seasonal factors  Total noninterest expense increased 3% over the prior quarter  Salaries and benefits increased $30 million due primarily to seasonal expenses including:  Share Based Comp ($13 million);  Payroll taxes ($6 million); and  Retirement benefits ($6 million);  Non-seasonal increases include higher incentive compensation ($3 million)  Seasonal expense increase was partially offset by $12 million decrease in Marketing and Business Development, primarily due to the $10 charitable donation during 4Q21  Notable items in:  4Q21: $10 million donation to Zions Foundation; $2 million success fee related to net gains on SBIC investments  3Q21: $(4) million success fee reversal  2Q21: $9 million success fee accrual (1) Adjusted for items such as severance, provision for unfunded lending commitments, securities gains and losses and investment, and accruals for investment and advisory expenses related to the unrealized gain on an SBIC investment. See Appendix for GAAP to non-GAAP reconciliation table. Noninterest Expense (NIE) (1)

19 Credit Quality Ratios Net charge-offs remain very low, with last 12 months net charge-offs at just 0.01% of average loans Key credit metrics:  2.3%: Classified loans/loans  Improved (declined) by more than 7% in 1Q22 from 4Q21  0.50%: NPAs+90(1)/loans + OREO  Improved (declined) by more than 7% in 1Q22 from 4Q21  Net charge-offs (recoveries), relative to average loans:  0.05% annualized in 1Q22  0.01% over the last 12 months Allowance for credit losses:  1.02% of total loans and leases, down 11 basis points from 4Q21 (1) Nonperforming assets plus accruing loans that were ≥ 90 days past due Note: Net charge-offs / average loans and provision / average loans ratios are annualized for all periods shown Credit Quality 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 1Q21 2Q21 3Q21 4Q21 1Q22 Classified / Loans NPAs + 90 / Loans + OREO ACL / Loans All Ratios Exclude PPP Loans 0.07% (0.02)% (0.01)% 0.01% 0.05% (1.11)% (1.05)% (0.39)% 0.21% (0.27)% NCOs / Avg Loans (ann.) Provision / Avg Loans (ann.)

20 Allowance for Credit Loss (“ACL”) ACL decrease vs. 4Q21 from improved economic scenarios, continued clean credit quality 526 777 914 917 835 695 574 529 553 514 1.08 1.56 1.88 1.91 1.74 1.48 1.22 1.11 1.13 1.02 1/1/20 CECL 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Allowance for Credit Loss ACL (%) ex-PPP The decrease in the 1Q22 ACL from 4Q21 reflects:  Improved economic scenarios used in quantitative model  Continued improvement in most credit quality metrics  Net loan charge-offs remain very low ($ millions)

Net Charge-offs annualized, as a percentage of risk-weighted assets 0. 00 % 0. 10 % 0. 01 % 0. 16 % 0. 05 % 0. 22 % 0. 37 % 0. 11 % 0. 06 % -0 .0 1% -0 .0 1% 0. 01 % 0. 04 % -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 Capital Strength 21 Zions has a strong level of capital relative to its risk profile Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets 11 .3 % 10 .8 % 10 .4 % 10 .2 % 10 .0 % 10 .2 % 10 .4 % 10 .8 % 11 .2 % 11 .3 % 10 .9 % 10 .2 % 10 .0 % 12 .3 % 11 .8 % 11 .4 % 11 .2 % 11 .4 % 11 .8 % 12 .0 % 12 .3 % 12 .5 % 12 .3 % 11 .8 % 11 .1 % 10 .8 % 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 CET1 ACL/RWA

Financial Outlook (1Q 2023E vs 1Q 2022A) 22 Outlook Comments Moderately Increasing  Moderate growth in the next twelve months, excluding PPP loans. Increasing  Includes interest rate increases consistent with the forward curve  Excludes PPP loan income. Stable  Customer-related fees excludes securities gains, dividends, and property sales gains.  Expected decline in overdraft and non-sufficient funds fees to adversely affect normal growth rate. Moderately Increasing  1Q23 expected to be moderately higher than 1Q22’s adjusted noninterest expense.  Capital generated will largely be utilized to support balance sheet growth. Customer-Related Fees Loan Balances, ex-PPP Net Interest Income Capital Management Adjusted Noninterest Expense

 Financial Results Summary  Balance Sheet Profitability  Loan growth by geography and type  PPP results  FutureCore project  Loan loss severity (NCOs as a percentage of nonperforming assets)  Middle Market and Small Business Research Feedback  GAAP to Non-GAAP reconciliation 23 Appendix

Financial Results Summary 24 Solid and improving fundamental performance Three Months Ended (Dollar amounts in millions, except per share data) March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 Earnings Results: Diluted Earnings Per Share $ 1.27 $ 1.34 $ 1.45 $ 2.08 Net Earnings Applicable to Common Shareholders 195 207 234 345 Net Interest Income 544 553 555 555 Noninterest Income 142 190 139 205 Noninterest Expense 464 449 429 428 Pre-Provision Net Revenue - Adjusted (1) 241 288 290 290 Provision for Credit Losses (33) 25 (46) (123) Ratios: Return on Assets(2) 0.90 % 0.92 % 1.08 % 1.65 % Return on Common Equity(3) 11.8 % 11.5 % 12.3 % 18.6 % Return on Tangible Common Equity(3) 13.9 % 13.4 % 14.2 % 21.6 % Net Interest Margin 2.60 % 2.58 % 2.68 % 2.79 % Yield on Loans 3.52 % 3.73 % 3.82 % 3.77 % Yield on Securities 1.78 % 1.61 % 1.63 % 1.71 % Average Cost of Total Deposits(4) 0.03 % 0.03 % 0.03 % 0.04 % Efficiency Ratio (1) 65.8 % 60.8 % 59.8 % 59.1 % Effective Tax Rate 20.4 % 20.8 % 22.8 % 22.2 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.50 % 0.53 % 0.64 % 0.60 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.05 % 0.01 % (0.01) % (0.02) % Common Equity Tier 1 Capital Ratio(5) 10.0 % 10.2 % 10.9% 11.3% (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses and investment and advisory expense related SBIC investments. See Appendix for GAAP to non-GAAP reconciliation tables. (2) Net Income before Preferred Dividends used in the numerator; (3) Net Income Applicable to Common used in the numerator; (4) Includes noninterest-bearing deposits; (5) Current period ratios and amounts represent estimates

1.57% 1.65% 1.08% 0.92% 0.90% 1Q21 2Q21 3Q21 4Q21 1Q22 20.2% 21.6% 14.2% 13.4% 13.9% 1Q21 2Q21 3Q21 4Q21 1Q22 Balance Sheet Profitability 25 Profitability remains healthy; volatility of the results primarily due to variability in the provision for credit losses and PPP income Return on Assets Return on Tangible Common Equity Return on Tangible Common Equity is a non-GAAP measure. See Appendix for GAAP to non-GAAP reconciliation table.

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 (1Q22 vs. 1Q21) Period-End Linked Quarter Loan Growth (1Q22 vs. 4Q21) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 177 509 801 19 45 59 117 - 1,727 SBA PPP (1,252) (1,102) (1,361) (505) (495) (379) (290) - (5,384) Owner occupied 216 188 95 178 113 72 52 - 914 Energy (Oil & Gas) 27 (185) (5) (15) - (28) - - (206) Municipal 248 159 35 158 (127) 207 31 (1) 710 CRE C&D 81 (16) 139 (24) 70 49 27 - 326 CRE Term (71) (95) (40) (61) - (84) 59 - (292) 1-4 Family (14) (284) 16 (70) (37) (23) (16) (80) (508) Home Equity 146 51 82 46 26 59 (16) - 394 Other (5) 4 6 24 42 23 (6) 1 89 Total net loans (447) (771) (232) (250) (363) (45) (42) (80) (2,230) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 122 24 205 71 19 32 20 - 493 SBA PPP (154) (152) (220) (76) (73) (71) (28) - (774) Owner occupied 44 84 42 54 25 38 6 - 293 Energy (Oil & Gas) (8) (6) - - - - 1 - (13) Municipal 65 54 18 149 (11) 14 - (3) 286 CRE C&D (1) 60 (8) (15) 7 (1) (30) - 12 CRE Term 49 (10) (212) (2) 23 (13) 49 - (116) 1-4 Family 23 (5) 49 11 (1) 17 (7) (15) 72 Home Equity 10 9 15 13 13 25 (12) - 73 Other (42) 16 17 24 37 12 - 1 65 Total net loans 108 74 (94) 229 39 53 (1) (17) 391

Paycheck Protection Program: Ranked 10th Nationally for Loan Dollars Originated Growth rate of new services provided to both existing and new-to-bank customers remains steady 57,000 20,000 New-to-Bank Customers Existing Customers PPP Loans $9.9 billion Related benefits from PPP customers  Deposit growth exceeding $6 billion (Since 12/19)  New loans exceeding $550 million (Since 12/19)  ~55+% of PPP (2020 vintage) new-to-bank customers are considered active users of their deposit accounts, rising consistently since origination  Retention rate for new-to-bank customers has been solid  New revenue generating services have expanded nicely, including: New accounts (checking or loan); Account analysis/Treasury Internet Banking; ACH and wire transfers/Remote Deposit Capture; Wealth Management/Credit Cards (excludes non-revenue generating services & the PPP loan) 27 $6,135 $5,945 $3,795 $2,439 $1,459 3.98% 4.56% 6.66% 7.16% 6.64% 1Q21 2Q21 3Q21 4Q21 1Q22 Average PPP Loans Loan Yields ($ millions)

Replacing the entire core legacy environment to improve operational resiliency and efficiency • Parameter driven • Real time • One data model • Natively API enabled • Cloud deployable • Modern cyber paradigm • Continuously upgraded & tested • Facilitates automation Modern Architecture Built for Resiliency and Speed • Faster time to market for new products • Unified account opening platform (branch/online/ mobile) • Decreased outage risk • Improves consistency of customer attribute data across numerous apps • 7-day processing (when U.S. adopts) • Real time: Fraud alerts and data entry correction Improved Customer Experience • Intuitive user-friendly front end • Real time data vs. calling the back office • Reduces duplicate data entry • Training simplified Empowered Bankers • General ledger simplification • Credit approval workflow • Loan ops consolidation • Data governance disciplines • Deposit product rationalization • Charter consolidation Driving Modernization FutureCore: A Strategic Technology Advantage for Years to Come Fu tu re Co re as a C at al ys t Be ne fit s o f F ut ur eC or e 28

6% 22 % 25 % 27 % 31 % 35 % 35 % 36 % 39 % 44 % 44 % 45 % 55 % 55 % 57 % 58 % 60 % 65 % 74 % FR C BO KF M TB ZI O N AS B W AL FH N CM A CF G FN B W TF C PN FP KE Y RF SN V EW BC HW C HB AN FI TB 3% 11 % 12 % 14 % 15 % 22 % 29 % 29 % 32 % 33 % 42 % 44 % 46 % 47 % 54 % 55 % 59 % 63 % 64 % FR C ZI O N W AL FH N M TB BO KF W TF C AS B CM A EW BC FN B PN FP KE Y CF G RF HB AN FI TB SN V HW C Loan Loss Severity Annualized NCOs / Nonaccrual Loans Five Year Average (2017 – 2021) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2007 – 2021) 29Source: S&P Global. Calculated using the average of annualized quarterly results. Note: Survivorship bias: some banks that may have been included in Zions’ peer group have been excluded due to their failed or merged status. When problems arise, Zions generally experiences less severe loan losses due to strong collateral

Middle Market and Small Business Research Feedback (2021) Source: 2021 Greenwich Associates Market Tracking Program Nationwide ; “Four Major Competitors” are JP Morgan, Bank of America, Wells Fargo, US Bank * Excellent Citations are a "5" on a 5 point scale from "5" excellent to "1" poor ** NPS Range: World Class 70+; Excellent 50+; Very Good 30+; Good 0 - 30; Needs Improvement (100) - 0 Zions compares favorably to four major bank competitors (JP Morgan, Bank of America, Wells Fargo, US Bank) Greenwich Excellence Awards • Ranked second among all U.S. banks in overall Greenwich Excellence Awards and first in the Middle Market segment • Recognized with 27 awards, up from 15 last year • One of four U.S. banks to average 15 or more Excellence Awards since the inception of the awards in 2009 Greenwich “Best Brand” Awards • One of four banks in the country to win 6 of 6 “Best Brand” awards (Small Business and Middle Market Categories) • Bank You Can Trust • Values Long-Term Relationships • Ease of Doing Business 30 Overall Satisfaction Overall Satisfaction - Customers 62 44 54 1st Bank You Can Trust 81 56 63 1st Values Long-Term Relationships 77 59 67 1st Ease of Doing Business 73 53 57 1st Digital Product Capabilities 63 48 56 1st Satisfaction with our Bankers Overall Customer Satisfaction with Relationship Managers 78 62 70 1st Overall Customer Satisfaction with Cash Management Specialist 75 54 66 1st Credit Process Willingness to Extend Credit 79 64 78 1st Speed in Responding to a Loan Request 64 59 82 2nd Flexible Terms and Conditions 65 52 71 2nd NPS** 65 31 43 1st Overall Satisfaction Overall Satisfaction - Customers 60 43 56 1st Bank You Can Trust 85 59 72 1st Values Long Term Relationships 75 53 66 1st Ease of Doing Business 75 55 70 1st Digital Product Capabilities 63 51 62 1st Satisfaction with our Bankers Overall Customer Satisfaction with Relationship Managers 81 60 71 1st Overall Customer Satisfaction with Cash Management Specialist 75 71 93 2nd Credit Process Willingness to Extend Credit 81 58 64 1st Speed in Responding to a Loan Request 84 55 61 1st Flexible Terms and Conditions 75 45 53 1st NPS** 61 19 48 1st Sm al l B u si n es s Se gm en t (R ev en u es o f $1 -1 0 m ill io n ) % of "Excellent" Customer Citations* M id d le M ar ke t B u si n es s Se gm en t (R ev en u es o f $1 0- 50 0 m ill io n ) Greenwich Associates Customer Satisfaction Categories (2021) Zions Bancorporation Four Major Competitors (Average Score) Highest Four Major Competitor's Score Our Rank

31 GAAP to Non-GAAP Reconciliation In millions, except per share amounts 1Q22 4Q21 3Q21 2Q21 1Q21 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense $464 $449 $429 $428 $435 LESS adjustments: Severance costs 1 Other real estate expense 1 Amortization of core deposit and other intangibles 1 Pension Termination related expense Restructuring costs (5) SBIC Investment Success Fee Accrual (1) 2 (4) 9 (b) Total adjustments 0 3 (3) 9 (5) (a-b)=(c) Adjusted noninterest expense 464 446 432 419 440 (d) Net interest income 544 553 555 555 545 (e) Fully taxable-equivalent adjustments 8 10 7 7 8 (d+e)=(f) Taxable-equivalent net interest income (TE NII) 552 563 562 562 553 (g) Noninterest Income 142 190 139 205 169 (f+g)=(h) Combined Income $694 $753 $701 $767 $722 LESS adjustments: Fair value and nonhedge derivative income (loss) 6 (1) 2 (5) 18 Securities gains (losses), net (17) 20 (23) 63 11 (i) Total adjustments (11) 19 (21) 58 29 (h-i)=(j) Adjusted revenue $705 $734 $722 $709 $693 (j-c) Adjusted pre- provision net revenue (PPNR) $241 $288 $290 $290 $253 (c)/(j) Efficiency Ratio 65.8% 60.8% 59.8% 59.1% 63.5%

32 GAAP to Non-GAAP Reconciliation (Continued) In millions, except per share amounts 1Q22 4Q21 3Q21 2Q21 1Q21 Net Earnings Applicable to Common Shareholders (NEAC) Net earnings applicable to common $195 $207 $234 $345 $314 Diluted Shares (average) 152 154 160 163 164 (k) Diluted EPS 1.27 1.34 1.45 2.08 1.90 PLUS Adjustments: Adjustments to noninterest expense 0 3 (3) 9 (5) Adjustments to revenue 11 (19) 21 (58) (29) Tax effect for adjustments (3) 4 (4) 12 8 Preferred stock redemption - Total adjustments 8 (12) 14 (37) (26) (l) Adjustments per share 0.05 (0.08) 0.08 (0.23) (0.16) (k+l)=(m) Adjusted EPS 1.32 1.26 1.54 1.85 1.74 Balance Sheet Profitability Adjusted Return on Assets 0.94% 0.87% 1.14% 1.48% 1.45% Adjusted Return on Tangible Common Equity 14.5% 12.6% 15.0% 19.2% 18.5%

Report a Problem

Category
Description
Email (optional, for follow-up)