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) October 19, 2020

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 October 19, 2020, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended September 30, 2020 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on October 19, 2020. The press release announcing the financial results for the quarter ended September 30, 2020 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 third 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 October 19, 2020 (furnished herewith).
99.2	Earnings Release Presentation dated October 19, 2020 (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: October 19, 2020

Document

Zions Bancorporation, N.A.<br>One South Main<br>Salt Lake City, UT 84133<br>October 19, 2020
www.zionsbancorporation.com

Third Quarter 2020 Financial Results: FOR IMMEDIATE RELEASE

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

Zions Bancorporation, N.A. Reports: 3Q20 Net Earnings¹ of $167 million, diluted EPS of $1.01
compared with 3Q19 Net Earnings¹ of $214 million, diluted EPS of $1.17,<br>and 2Q20 Net Earnings¹ of $57 million, diluted EPS of $0.34

THIRD QUARTER RESULTS

$1.01	$167 million	3.06%	10.4%
Net earnings^1^per diluted common share	Net Earnings ^1^	Net interest margin (“NIM”)	Common Equity<br>Tier 1
THIRD QUARTER HIGHLIGHTS²
---	---	---	---
Net Interest Income and NIM	•		Net interest income was 555 million, compared with 567 million
		•
Operating Performance	•		Pre-provision net revenue ("PPNR") was 277 million, down 9%
		•
		•
		•
		•
		•
Loans and Credit Quality	•		Net loans and leases were 54.7 billion, up 5.9 billion, or 12%, and included PPP loans of 6.8 billion
		•
		•
		•
		•
		•
Capital	•		The CET1 capital ratio was 10.4% at both September 30, 2020 and September 30, 2019
Notable items	•		Deposits were 67.1 billion, up 11.0 billion, or 20%, resulting in a loan-to-deposit ratio of 82%. Deposit growth has been assisted by various recent government stimulus programs.
		•

All values are in US Dollars.

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Despite the headwinds of a challenging interest rate and credit environment, we are pleased with many aspects of the Bank’s third quarter performance. We’re particularly pleased by the resilience demonstrated by our customers in the face of the coronavirus pandemic. Approximately 9% of our borrowers availed themselves of loan modifications or short-term deferrals earlier this year, with 88% of deferred loans having completed the deferral period before August 1. At quarter-end, a mere 1.0% of those loans were delinquent 30 days or more, with an additional 0.2% having been charged off. Additionally, annualized net charge-offs for the entire loan portfolio were a very manageable 0.38%.”<br><br><br><br>Mr. Simmons continued, “The pandemic-induced recession has resulted in weak loan demand at Zions and across the industry, with the exception of residential mortgages, where we’ve experienced record production and income. At the same time, economic stimulus programs have produced substantial deposit growth, resulting in higher cash holdings and margin compression. We’ve worked at offsetting margin pressure through disciplined expense control, with the result that adjusted pre-provision net revenue has remained healthy.”
OPERATING PERFORMANCE^3^

^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 18-21.

^4^EPS calculations assume a 24.7% statutory tax rate.

ZIONS BANCORPORATION, N.A.

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October 19, 2020

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 rendered as not meaningful as they are generally reflective of a low initial starting point.

RESULTS OF OPERATIONS

Net Interest Income and Margin
										3Q20 - 2Q20				3Q20 - 3Q19
(In millions)	3Q20			2Q20			3Q19				%			%
Interest and fees on loans	$	505		$	514		$	581			(2)	%		(13)	%
Interest on money market investments	2			1			8			1	NM		(6)	(75)
Interest on securities	74			80			88			(6)	(8)		(14)	(16)
Total interest income	581			595			677			(14)	(2)		(96)	(14)
Interest on deposits	18			23			69			(5)	(22)		(51)	(74)
Interest on short and long-term borrowings	8			9			41			(1)	(11)		(33)	(80)
Total interest expense	26			32			110			(6)	(19)		(84)	(76)
Net interest income	$	555		$	563		$	567			(1)			(2)
										bps			bps
Yield on interest-earning assets^1^	3.20		%	3.41		%	4.15		%	(21)			(95)
Rate paid on total deposits and interest-bearing liabilities^1^	0.15		%	0.19		%	0.71		%	(4)			(56)
Cost of total deposits^1^	0.11		%	0.15		%	0.50		%	(4)			(39)
Net interest margin^1^	3.06		%	3.23		%	3.48		%	(17)			(42)

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 $12 million, or 2%, to $555 million in the third quarter of 2020 from $567 million in the third quarter of 2019. Total interest income decreased $96 million, or 14%, due to a $76 million decrease in interest and fees on loans and a $14 million decrease in interest on securities; the decrease is primarily attributable to the lower interest rate environment, as the average balance of earning assets increased 12%. Interest expense decreased $84 million, or 76%, due to a $51 million decline in interest paid on deposits and a $33 million decline in interest paid on short and long-term borrowings attributable to lower rates paid on both categories as well as reduced borrowed funds. The decline in interest expense is also primarily attributable to the lower interest rate environment and partially attributable to reduced competitive pricing pressure for deposits. Additionally, strong deposit growth of $11 billion, or 20%, was assisted by various recent government stimulus programs, which reduced the need for borrowed funds.

The net interest margin declined to 3.06% in the third quarter of 2020, compared with 3.23% in the second quarter of 2020, and 3.48% in the same prior year period. The yield on average interest earning assets was 3.20%, a decrease of 21 basis points, compared with the second quarter of 2020, and a decrease of 95 basis points, compared with the third quarter of 2019. Average money market investments have increased to 4.3% of earning assets in the third quarter of 2020 from 2.2% a year ago, which has had a dilutive effect on the net interest margin.

The yield on average interest earning assets includes the dilutive effect of $6.8 billion of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans with a yield of 3.03%, as compared with a yield on the non-PPP loan portfolio of 3.77%. Toward the end of the third quarter of 2020, the maturity dates of all the PPP

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loans were extended to five years, and beginning in October, the SBA initiated the PPP loan forgiveness process. These developments, and other potential future changes, will affect the interest income recognized and the effective yield of the PPP loans in future periods.

The yield on loans decreased 15 basis points relative to the second quarter of 2020, and 107 basis points from the year ago period, primarily due to the aforementioned decline in benchmark interest rates and continued competitive pricing pressure, which impacted loans across the Bank’s major loan categories. The yield on securities decreased 16 basis points relative to the second quarter of 2020, and 33 basis points from the year ago period, primarily from lower yields on mortgage-backed securities, which were also attributable to lower benchmark interest rates.

The annualized cost of total deposits for the third quarter of 2020 was 0.11%, compared with 0.15% for the second quarter of 2020, and 0.50% for the third quarter of 2019. The rate paid on total deposits and interest-bearing liabilities was 0.15% for the third quarter of 2020, a decrease from 0.19% for the second quarter of 2020, and from 0.71% for the third quarter of 2019. The decline in the rate paid on total deposits and interest-bearing liabilities was due to the reduction in rates paid, largely made possible because of lower benchmark interest rates, combined with strong deposit growth and a change in the mix of deposits, with average noninterest bearing deposits as a percentage of total deposits rising to 46% from 42% a year ago. The deposit growth also allowed the Bank to significantly reduce more-costly borrowed funds when compared with the third quarter of 2019.

Noninterest Income
							3Q20 - 2Q20				3Q20 - 3Q19
(In millions)	3Q20		2Q20		3Q19			%			%
Commercial account fees	$	32	$	30	$	31		7	%		3	%
Card fees	21		19		24		2	11		(3)	(13)
Retail and business banking fees	17		15		20		2	13		(3)	(15)
Loan-related fees and income	32		27		21		5	19		11	52
Capital markets and foreign exchange fees	16		18		23		(2)	(11)		(7)	(30)
Wealth management and trust fees	14		15		16		(1)	(7)		(2)	(13)
Other customer-related fees	7		6		5		1	17		2	40
Customer-related fees	139		130		140		9	7		(1)	(1)
Fair value and nonhedge derivative income (loss)	8		(12)		(6)		20	NM		14	NM
Dividends and other income	6		3		10		3	NM		(4)	(40)
Securities gains (losses), net	4		(4)		2		8	NM		2	NM
Total noninterest income	$	157	$	117	$	146		34			8

All values are in US Dollars.

Total noninterest income for the third quarter of 2020 increased by $11 million, or 8%, to $157 million from $146 million for the third quarter of 2019. Total customer-related fees decreased slightly to $139 million from $140 million. Loan-related fees and income increased $11 million due to residential mortgage loan originations and sales, which benefited from the reduction in benchmark interest rates. Capital markets and foreign exchange fees decreased by $7 million due largely to reduced income from arranging interest rate hedges for our loan customers.

In the third quarter of 2020, the Bank recognized an $8 million positive credit valuation adjustment (“CVA”) on client-related interest rate swaps, compared with a $12 million negative CVA in the second quarter of 2020, and a $6

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million negative CVA in the prior year period. Dividends and other income decreased to $6 million in the third quarter of 2020 from $10 million in the third quarter of 2019, primarily due to lower dividends received from the Federal Home Loan Bank (“FHLB”), reflecting less FHLB activity stock held by the Bank.

Noninterest Expense
							3Q20 - 2Q20				3Q20 - 3Q19
(In millions)	3Q20		2Q20		3Q19			%			%
Salaries and employee benefits	$	269	$	267	$	273		1	%		(1)	%
Occupancy, net	33		32		34		1	3		(1)	(3)
Furniture, equipment and software, net	32		32		34		—	—		(2)	(6)
Other real estate expense, net	—		—		(2)		—	NM		2	NM
Credit-related expense	6		6		2		—	—		4	NM
Professional and legal services	12		10		10		2	20		2	20
Advertising	7		3		6		4	NM		1	17
FDIC premiums	7		7		7		—	—		—	—
Other ^1^	76		73		51		3	4		25	49
Total noninterest expense	$	442	$	430	$	415		3			7
Adjusted noninterest expense^2^	$	440	$	402	$	415		9			6

All values are in US Dollars.

^1^    3Q20 includes a one-time $30 million charitable contribution, and 2Q20 includes a one-time $28 million pension plan

termination-related expense.

^2^ For information on non-GAAP financial measures, see pages 18-21.

Noninterest expense for the third quarter of 2020 was $442 million, an increase of $27 million, or 7%, when compared with $415 million for the third quarter of 2019. The increase was attributable to a one-time $30 million donation to the Bank’s charitable foundation, which was related to the origination fees earned on PPP loans, and was reflected in Other noninterest expense. This increase in Other noninterest expense was partially offset by a $5 million decline in travel and entertainment expenses. Salaries and employee benefits expense declined $4 million, and includes $3 million of PPP-related bonuses. During the third quarter of 2020, advertising expense included $3 million associated with our efforts to retain new PPP lending clients.

Adjusted noninterest expense for the third quarter of 2020 increased $25 million, or 6%, to $440 million, and includes the previously discussed $30 million charitable contribution, compared with $415 million for the same prior year period. The efficiency ratio was 62.2% in the third quarter of 2020, compared with 57.3% for both the second quarter of 2020 and the third quarter of 2019. Excluding the $30 million charitable contribution, the efficiency ratio for the quarter ended September 30, 2020 would have been 58.0%. For information on non-GAAP financial measures, including differences between noninterest expense and adjusted noninterest expense, see pages 18-21.

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BALANCE SHEET ANALYSIS

Asset Quality
										3Q20 - 2Q20				3Q20 - 3Q19
(In millions)	3Q20			2Q20			3Q19			bps			bps
Ratio of nonperforming assets to loans and leases and other real estate owned	0.68		%	0.62		%	0.48		%	6			20
Annualized ratio of net loan and lease charge-offs to average loans	0.38		%	0.23		%	0.01		%	15			37
Ratio of total allowance for credit losses to loans^1^ and leases outstanding, at period end	1.68		%	1.66		%	1.17		%	2			51
Ratio of total allowance for credit losses to loans^1^ and leases outstanding (excluding PPP loans), at period end	1.91		%	1.88		%	1.17		%	3			74
											%			%
Classified loans	$	1,639		$	1,477		$	799			11	%		NM
Nonperforming assets	372			344			237			28	8		135	57
Net loan and lease charge-offs	52			31			1			21	68		51	NM
Provision for credit losses	55			168			10			(113)	(67)		45	NM

All values are in US Dollars.

^1^Does not include loans held for sale.

Net loan and lease charge-offs increased to $52 million in the third quarter of 2020, compared with $1 million in the third quarter of 2019. The ratio of nonaccrual loans and accruing loans past due 90 days or more to loans and leases (ex-PPP) was 0.78% for the third quarter of 2020, compared with 0.49% for the third quarter of 2019. The ratio of classified loans to total loans and leases (ex-PPP) was 3.4%, compared with 1.6% for the same periods, respectively.

During 2020, the Bank provided payment deferrals or other payment modifications related to COVID-19 hardships, representing about $4.3 billion of total loan balances. Of this amount, $3.6 billion, or 84%, had payments deferred, and the remaining $0.7 billion, or 16%, had their regularly scheduled payments otherwise modified. At September 30, 2020, less than $300 million, or 0.6%, of total loan balances (ex-PPP) were actively in deferral, including re-deferrals. Of the $4.0 billion of total loan balances at September 30, 2020 that, at one point, had their payments deferred or otherwise modified, approximately $40 million, or 1.0%, were 30 days or more past due.

The Bank recorded a $55 million provision for credit losses during the third quarter of 2020, compared with $168 million during the second quarter of 2020, and $10 million for the third quarter of 2019. The allowance for credit losses was $917 million at September 30, 2020, compared with $572 million at September 30, 2019, and was 1.68% of total loans and leases, which included $6.8 billion of PPP loans. The ratio of total allowance for credit losses to total loans and leases (ex-PPP) was 1.91%, compared with 1.88% at June 30, 2020, and 1.17% at September 30, 2019. The increase in the allowance for credit losses, compared with the same prior year period, is almost entirely due to experienced and expected economic stress caused by the COVID-19 pandemic.

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Loans and Leases
							3Q20 - 2Q20				3Q20 - 3Q19
(In millions)	3Q20		2Q20		3Q19			%			%
Loans held for sale	$	89	$	105	$	141		(15)	%		(37)	%
Loans and leases:
Commercial – excluding PPP loans	24,704		25,018		25,287		(314)	(1)		(583)	(2)
Commercial – PPP loans	6,810		6,690		—		120	2		6,810	NM
Commercial real estate	12,027		11,954		11,816		73	1		211	2
Consumer	11,204		11,467		11,732		(263)	(2)		(528)	(5)
Loans and leases, net of unearned income and fees	54,745		55,129		48,835		(384)	(1)		5,910	12
Less allowance for loan losses	853		860		510		(7)	(1)		343	67
Loans and leases held for investment, net of allowance	$	53,892	$	54,269	$	48,325		(1)			12

All values are in US Dollars.

Loans and leases, net of unearned income and fees, increased $5.9 billion, or 12%, to $54.7 billion at September 30, 2020, from $48.8 billion at September 30, 2019, primarily due to the origination of PPP loans. Excluding PPP loans, commercial and industrial loans decreased by $1.3 billion, as the stressed economic environment adversely impacted demand for these loans. This decrease was partially offset by increases of $521 million in municipal loans and $212 million in owner-occupied commercial loans. Term commercial real estate loans increased $260 million. Consumer loans decreased $528 million, which was spread across all consumer loan subcategories. Unfunded lending commitments and letters of credit increased $1.2 billion, or 5.1%, to $24.8 billion at September 30, 2020, from $23.6 billion at September 30, 2019, primarily due to a decrease in commitment utilization.

Oil and Gas-Related Exposure^1^
(In millions)	3Q20			2Q20			3Q19			4Q14
Loans and leases
Upstream	$	965		$	1,034		$	1,015		$	1,107
Midstream	853			909			867			579
Oil and gas services	417			460			461			1,277
Downstream	210			226			197			110
Total loan and lease balances	2,445			2,629			2,540			3,073
Unfunded lending commitments	1,884			1,916			2,158			2,700
Total oil and gas credit exposure	$	4,329		$	4,545		$	4,698		$	5,773
Credit quality measures
Nonaccrual loan ratio	3.2		%	2.7		%	0.7		%	0.6		%
Ratio of nonaccrual loans that are current	74.4		%	69.4		%	52.9		%	58.8		%
Net charge-off ratio, annualized^2^	3.4		%	—		%	(0.2)		%	—		%

^1^Because many borrowers operate in multiple businesses, judgment has been applied in characterizing a borrower as oil and

gas-related, including a particular segment of oil and gas-related activity, e.g., upstream or midstream; typically, 50% of

revenues coming from the oil and gas sector is used as a guide.

^2^Calculated as the ratio of annualized net charge-offs for each respective period to loan balances at each period end.

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At September 30, 2020, oil and gas-related loans represented 5% of the total loan portfolio, compared with 8% at December 31, 2014, or the beginning of the last energy cycle. Due to active risk management of the portfolio, the mix of oil and gas-related loans at September 30, 2020 consists of 39% upstream, 35% midstream, 17% oil and gas-related services, and 9% downstream, compared with 36%, 19%, 42%, and 3%, respectively, at December 31, 2014. We use disciplined underwriting practices to mitigate the risk associated with upstream lending activities. Upstream loans are made to reserve-based borrowers, where approximately 82% of those loans are collateralized by the value of the borrower’s oil and gas reserves. For the third quarter of 2020, the oil and gas-related classified loan ratio was 10.6%, the annualized net charge-off ratio was 3.4%, and the allowance for credit losses related to oil and gas-related loans was 5.4%.

Deposits and Borrowed Funds
							3Q20 - 2Q20				3Q20 - 3Q19
(In millions)	3Q20		2Q20		3Q19			%			%
Noninterest-bearing demand	$	31,338	$	30,714	$	23,770		2	%		32	%
Interest-bearing:
Savings and money market	32,305		31,307		27,427		998	3		4,878	18
Time	3,451		3,663		4,942		(212)	(6)		(1,491)	(30)
Total deposits	$	67,094	$	65,684	$	56,139		2			20
Borrowed funds:
Federal funds purchased and other short-term borrowings	$	1,252	$	860	$	4,579		46			(73)
Long-term debt	1,347		1,353		1,242		(6)	—		105	8
Total borrowed funds	$	2,599	$	2,213	$	5,821		17			(55)

All values are in US Dollars.

Total deposits increased by $11.0 billion, or 20%, to $67.1 billion as of September 30, 2020, primarily due to a $7.6 billion increase in noninterest-bearing deposits, which was assisted by various recent government stimulus programs.

Average total deposits increased to $66.5 billion for the third quarter of 2020, compared with $55.3 billion for the third quarter of 2019. Average noninterest-bearing deposits increased 32% to $30.8 billion for the third quarter of 2020, compared with $23.4 billion for the third quarter of 2019, and were 46% and 42% of average total deposits, respectively, for the same periods.

Total borrowed funds decreased $3.2 billion, or 55%, to $2.6 billion as of September 30, 2020. Average borrowed funds decreased to $2.4 billion for the third quarter of 2020, compared with $6.3 billion for the third quarter of 2019. 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.

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Shareholders’ Equity
							3Q20 - 2Q20				3Q20 - 3Q19
(In millions)	3Q20		2Q20		3Q19			%			%
Shareholders’ equity:
Preferred stock	$	566	$	566	$	566		—	%		—	%
Common stock and additional paid-in capital	2,680		2,675		3,002		5	—		(322)	(11)
Retained earnings	4,090		3,979		3,892		111	3		198	5
Accumulated other comprehensive income	332		355		49		(23)	(6)		283	NM
Total shareholders' equity	$	7,668	$	7,575	$	7,509		1			2
Capital distributions:
Common dividends paid	$	56	$	56	$	60		—			(7)
Bank common stock repurchased	—		—		275		—	NM		(275)	NM
Total capital distributed to common shareholders	$	56	$	56	$	335		—			(83)

All values are in US Dollars.

Shareholder’s Equity

During the third quarter of 2020, the Bank’s common stock dividend was $0.34 per share, the same as the third quarter of 2019. Accumulated other comprehensive income improved $283 million, from $49 million as of September 30, 2019, to $332 million as of September 30, 2020. The improvement was primarily a result of increases in the fair value of available-for-sale securities due to changes in interest rates. Weighted average diluted shares outstanding decreased 18.1 million from the third quarter of 2019, primarily due to the expiration of 29.2 million ZIONW warrants on May 22, 2020 and common share repurchases that mostly occurred during the fourth quarter of 2019.

Tangible book value per common share increased to $37.11 at September 30, 2020, compared with $34.80 at September 30, 2019. Basel III common equity tier 1 (“CET1”) capital was $5.8 billion at September 30, 2020 and $5.9 billion at September 30, 2019. The estimated Basel III CET1 capital ratio was 10.4% at both September 30, 2020 and September 30, 2019. For information on non-GAAP financial measures, see pages 18-21.

On January 1, 2020, the Bank adopted Accounting Standards Update (“ASU”) 2016-13, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and its subsequent updates, often referred to as the Current Expected Credit Loss ("CECL") accounting standard. The OCC, Federal Reserve and FDIC issued a joint statement on March 27, 2020, revised on April 7, 2020, with proposed guidance for banking institutions that have adopted CECL in 2020. The Bank adopted the provisions of this interim final rule, which allows banks to add back, for regulatory capital purposes only, a transition adjustment related to CECL beginning with the first quarter 2020 financial statements. The adoption of these provisions improved our CET1 capital ratio at September 30, 2020 by 14 basis points.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 9

October 19, 2020

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss these third quarter results at 5:30 p.m. ET this afternoon (October 19, 2020). 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 9257335, 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 2019 and more than $75 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 9th largest provider in the U.S. of the SBA’s Paycheck Protection Program loans. 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 include, but are not limited to, the effects of the spread of the virus commonly referred to as the coronavirus or COVID-19 (and other potentially similar pandemic situations) and associated impacts on general economic conditions on, among other things, our customers’ ability to make timely payments on obligations, fee income revenue due to reduced loan origination activity and card swipe income, operating expense due to alternative approaches to doing business, and so forth; the Bank’s ability to meet operating leverage goals; the rate of change of interest-sensitive assets and liabilities relative to changes in benchmark interest rates; the ability of the Bank to upgrade its core deposit system and implement new digital products in order to remain competitive; risks associated with information security, such as

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ZIONS BANCORPORATION, N.A.

Press Release – Page 10

October 19, 2020

systems breaches and failures; and legislative, regulatory and economic developments. These risks, as well as other factors, 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.

Press Release – Page 11

October 19, 2020

FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended
(In millions, except share, per share, and ratio data)	September 30,<br>2020			June 30,<br>2020			March 31,<br>2020			December 31,<br>2019			September 30,<br>2019
BALANCE SHEET ^1^
Loans held for investment, net of allowance	$	53,892		$	54,269		$	49,197		$	48,214		$	48,325
Total assets	78,357			76,447			71,467			69,172			70,361
Deposits	67,094			65,684			57,518			57,085			56,139
Total shareholders’ equity	7,668			7,575			7,472			7,353			7,509
STATEMENT OF INCOME
Net earnings applicable to common shareholders	$	167		$	57		$	6		$	174		$	214
Net interest income	555			563			548			559			567
Taxable-equivalent net interest income ^2^	562			569			555			566			574
Total noninterest income	157			117			134			152			146
Total noninterest expense	442			430			408			472			415
Adjusted pre-provision net revenue ^2^	267			300			299			275			309
Provision for credit losses	55			168			258			4			10
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share	$	1.01		$	0.34		$	0.04		$	0.97		$	1.17
Dividends	0.34			0.34			0.34			0.34			0.34
Book value per common share ^1^	43.30			42.74			42.15			41.12			40.75
Tangible book value per common share ^1, 2^	37.11			36.56			35.96			34.98			34.80
Weighted average share price	32.09			31.53			41.02			48.39			43.04
Weighted average diluted common shares outstanding (in thousands)	163,779			164,425			172,998			178,718			181,870
Common shares outstanding (in thousands) ^1^	164,009			163,978			163,852			165,057			170,373
SELECTED RATIOS AND OTHER DATA
Return on average assets	0.89		%	0.35		%	0.08		%	1.04		%	1.25		%
Return on average common equity	9.4		%	3.3		%	0.3		%	10.1		%	12.1		%
Return on average tangible common equity ^2^	11.0		%	3.8		%	0.4		%	11.8		%	14.2		%
Net interest margin	3.06		%	3.23		%	3.41		%	3.46		%	3.48		%
Cost of total deposits, annualized	0.11		%	0.15		%	0.36		%	0.44		%	0.50		%
Efficiency ratio ^2^	62.2		%	57.3		%	57.7		%	61.3		%	57.3		%
Effective tax rate	18.6		%	19.5		%	12.5		%	22.1		%	22.9		%
Ratio of nonperforming assets to loans and leases and other real estate owned	0.68		%	0.62		%	0.56		%	0.51		%	0.48		%
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans	0.38		%	0.23		%	0.06		%	0.18		%	0.01		%
Ratio of total allowance for credit losses to loans and leases outstanding ^1^	1.68		%	1.66		%	1.56		%	1.14		%	1.17		%
Full-time equivalent employees	9,726			9,859			9,879			10,188			10,255
CAPITAL RATIOS AND DATA ^1^
Common equity tier 1 capital	$	5,804		$	5,696		$	5,667		$	5,719		$	5,871
Risk-weighted assets ^3^	55,654			55,878			56,861			56,039			56,298
Tangible common equity ratio	7.9		%	7.9		%	8.4		%	8.5		%	8.5		%
Common equity tier 1 capital ratio ^3^	10.4		%	10.2		%	10.0		%	10.2		%	10.4		%
Tier 1 leverage ratio ^3^	8.3		%	8.4		%	9.0		%	9.2		%	9.3		%
Tier 1 risk-based capital ratio ^3^	11.4		%	11.2		%	11.0		%	11.2		%	11.4		%
Total risk-based capital ratio ^3^	13.7		%	13.5		%	13.2		%	13.2		%	12.6		%

^1^At period end.

^2^For information on non-GAAP financial measures, see pages 18-21.

^3^Current period ratios and amounts represent estimates.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 12

October 19, 2020

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands)	September 30,<br>2020		June 30,<br>2020		March 31,<br>2020		December 31,<br>2019		September 30,<br>2019
	(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
ASSETS
Cash and due from banks	$	576	$	570	$	730	$	705	$	796
Money market investments:
Interest-bearing deposits	856		1,579		1,225		743		1,149
Federal funds sold and security resell agreements	2,804		266		550		484		504
Investment securities:
Held-to-maturity^1^, at amortized cost	592		688		585		592		658
Available-for-sale, at fair value	14,662		14,201		14,231		13,725		14,033
Trading account, at fair value	198		160		160		182		280
Total securities, net of allowance	15,452		15,049		14,976		14,499		14,971
Loans held for sale	89		105		140		129		141
Loans and leases, net of unearned income and fees	54,745		55,129		49,927		48,709		48,835
Less allowance for loan losses	853		860		730		495		510
Loans held for investment, net of allowance	53,892		54,269		49,197		48,214		48,325
Other noninterest-bearing investments	830		813		916		898		982
Premises, equipment and software, net	1,187		1,173		1,144		1,142		1,146
Goodwill and intangibles	1,016		1,014		1,014		1,014		1,014
Other real estate owned	6		5		6		8		4
Other assets	1,649		1,604		1,569		1,336		1,329
Total assets	$	78,357	$	76,447	$	71,467	$	69,172	$	70,361
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	31,338	$	30,714	$	24,380	$	23,576	$	23,770
Interest-bearing:
Savings and money market	32,305		31,307		28,901		28,790		27,427
Time	3,451		3,663		4,237		4,719		4,942
Total deposits	67,094		65,684		57,518		57,085		56,139
Federal funds purchased and other short-term borrowings	1,252		860		3,765		2,053		4,579
Long-term debt	1,347		1,353		1,795		1,723		1,242
Reserve for unfunded lending commitments	64		54		47		59		62
Other liabilities	932		921		870		899		830
Total liabilities	70,689		68,872		63,995		61,819		62,852
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares	566		566		566		566		566
Common stock^2^ ($0.001 par value; authorized 350,000 shares) and additional paid-in capital	2,680		2,675		2,668		2,735		3,002
Retained earnings	4,090		3,979		3,979		4,009		3,892
Accumulated other comprehensive income	332		355		259		43		49
Total shareholders’ equity	7,668		7,575		7,472		7,353		7,509
Total liabilities and shareholders’ equity	$	78,357	$	76,447	$	71,467	$	69,172	$	70,361
^1^ Held-to-maturity (approximate fair value)	$	596	$	691	$	587	$	597	$	662
^2^ Common shares (issued and outstanding)	164,009		163,978		163,852		165,057		170,373

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ZIONS BANCORPORATION, N.A.

Press Release – Page 13

October 19, 2020

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(In millions, except share and per share amounts)	September 30,<br>2020		June 30,<br>2020		March 31,<br>2020		December 31,<br>2019		September 30,<br>2019
Interest income:
Interest and fees on loans	$	505	$	514	$	532	$	557	$	581
Interest on money market investments	2		1		8		7		8
Interest on securities	74		80		82		83		88
Total interest income	581		595		622		647		677
Interest expense:
Interest on deposits	18		23		51		62		69
Interest on short- and long-term borrowings	8		9		23		26		41
Total interest expense	26		32		74		88		110
Net interest income	555		563		548		559		567
Provision for credit losses:
Provision for loan losses	45		161		240		7		8
Provision for unfunded lending commitments	10		7		18		(3)		2
Total provision for credit losses	55		168		258		4		10
Net interest income after provision for credit losses	500		395		290		555		557
Noninterest income:
Commercial account fees	32		30		31		31		31
Card fees	21		19		21		23		24
Retail and business banking fees	17		15		19		20		20
Loan-related fees and income	32		27		26		19		21
Capital markets and foreign exchange fees	16		18		24		19		23
Wealth management and trust fees	14		15		16		16		16
Other customer-related fees	7		6		6		6		5
Customer-related fees	139		130		143		134		140
Fair value and nonhedge derivative income (loss)	8		(12)		(11)		6		(6)
Dividends and other income	6		3		8		10		10
Securities gains (losses), net	4		(4)		(6)		2		2
Total noninterest income	157		117		134		152		146
Noninterest expense:
Salaries and employee benefits	269		267		274		305		273
Occupancy, net	33		32		33		34		34
Furniture, equipment and software, net	32		32		32		34		34
Other real estate expense, net	—		—		—		—		(2)
Credit-related expense	6		6		4		5		2
Professional and legal services	12		10		12		13		10
Advertising	7		3		3		3		6
FDIC premiums	7		7		5		6		7
Other	76		73		45		72		51
Total noninterest expense	442		430		408		472		415
Income before income taxes	215		82		16		235		288
Income taxes	40		16		2		52		66
Net income	175		66		14		183		222
Preferred stock dividends	(8)		(9)		(8)		(9)		(8)
Net earnings applicable to common shareholders	$	167	$	57	$	6	$	174	$	214
Weighted average common shares outstanding during the period:
Basic shares (in thousands)	163,608		163,542		164,143		167,078		173,160
Diluted shares (in thousands)	163,779		164,425		172,998		178,718		181,870
Net earnings per common share:
Basic	$	1.01	$	0.34	$	0.04	$	1.03	$	1.23
Diluted	1.01		0.34		0.04		0.97		1.17

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ZIONS BANCORPORATION, N.A.

Press Release – Page 14

October 19, 2020

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions)	September 30,<br>2020		June 30,<br>2020		March 31,<br>2020		December 31,<br>2019		September 30,<br>2019
Commercial:
Commercial and industrial	$	13,543	$	14,076	$	15,533	$	14,760	$	14,846
PPP	6,810		6,690		—		—		—
Leasing	319		324		331		334		332
Owner occupied	8,136		8,083		8,045		7,901		7,924
Municipal	2,706		2,535		2,483		2,393		2,185
Total commercial	31,514		31,708		26,392		25,388		25,287
Commercial real estate:
Construction and land development	2,298		2,367		2,257		2,211		2,347
Term	9,729		9,587		9,484		9,344		9,469
Total commercial real estate	12,027		11,954		11,741		11,555		11,816
Consumer:
Home equity credit line	2,797		2,856		2,958		2,917		2,930
1-4 family residential	7,209		7,393		7,567		7,568		7,506
Construction and other consumer real estate	633		640		629		624		637
Bankcard and other revolving plans	431		437		488		502		494
Other	134		141		152		155		165
Total consumer	11,204		11,467		11,794		11,766		11,732
Loans and leases, net of unearned income and fees	$	54,745	$	55,129	$	49,927	$	48,709	$	48,835

Nonperforming Assets

(Unaudited)

(In millions)	September 30,<br>2020			June 30,<br>2020			March 31,<br>2020			December 31,<br>2019			September 30,<br>2019
Nonaccrual loans^1^	$	366		$	339		$	274		$	243		$	233
Other real estate owned	6			5			6			8			4
Total nonperforming assets	$	372		$	344		$	280		$	251		$	237
Ratio of nonperforming assets to loans^1^ and leases and other real estate owned	0.68		%	0.62		%	0.56		%	0.51		%	0.48		%
Accruing loans past due 90 days or more	$	9		$	16		$	8		$	10		$	6
Ratio of accruing loans past due 90 days or more to loans^1^ and leases	0.02		%	0.03		%	0.02		%	0.02		%	0.01		%
Nonaccrual loans and accruing loans past due 90 days or more	$	375		$	355		$	282		$	253		$	239
Ratio of nonaccrual loans and accruing loans past due 90 days or more to loans^1^ and leases	0.68		%	0.64		%	0.56		%	0.52		%	0.49		%
Accruing loans past due 30-89 days	$	58		$	168		$	135		$	75		$	84
Restructured loans included in nonaccrual loans	84			88			88			75			92
Restructured loans on accrual	197			197			79			78			90
Classified loans	1,639			1,477			881			803			799

^1^Includes loans held for sale.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 15

October 19, 2020

Allowance for Credit Losses

(Unaudited)

	Three Months Ended
(In millions)	September 30,<br>2020			June 30,<br>2020			March 31,<br>2020			December 31,<br>2019			September 30,<br>2019
Allowance for Loan Losses
Balance at beginning of period^1^	$	860		$	730		$	497		$	510		$	503
Provision for loan losses	45			161			240			7			8
Loan and lease charge-offs	58			36			13			32			11
Less: Recoveries	6			5			6			10			10
Net loan and lease charge-offs	52			31			7			22			1
Balance at end of period	$	853		$	860		$	730		$	495		$	510
Ratio of allowance for loan losses to loans^2^ and leases, at period end	1.56		%	1.56		%	1.46		%	1.02		%	1.04		%
Ratio of allowance for loan losses to nonaccrual loans^2^at period end	242		%	254		%	266		%	204		%	219		%
Annualized ratio of net loan and lease charge-offs to average loans	0.38		%	0.23		%	0.06		%	0.18		%	0.01		%
Reserve for Unfunded Lending Commitments
Balance at beginning of period^1^	$	54		$	47		$	29		$	62		$	60
Provision for unfunded lending commitments	10			7			18			(3)			2
Balance at end of period	$	64		$	54		$	47		$	59		$	62
Allowance for Credit Losses
Allowance for loan losses	$	853		$	860		$	730		$	495		$	510
Reserve for unfunded lending commitments	64			54			47			59			62
Total allowance for credit losses	$	917		$	914		$	777		$	554		$	572
Ratio of total allowance for credit losses to loans^2^ and leases outstanding, at period end	1.68		%	1.66		%	1.56		%	1.14		%	1.17		%
Ratio of total allowance for credit losses to loans^2^ and leases outstanding (excluding PPP loans), at period end	1.91		%	1.88		%	1.56		%	1.14		%	1.17		%

^1^Beginning balances at March 31, 2020 for the allowance for loan losses and reserve for unfunded lending commitments do not agree to their respective ending balances at December 31, 2019 because of the adoption of the CECL accounting standard; the allowance for loan losses was adjusted to $497 million, the reserve for unfunded lending commitments was adjusted to $29 million on January 1, 2020.

^2^ Does not include loans held for sale.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 16

October 19, 2020

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions)	September 30,<br>2020		June 30,<br>2020		March 31,<br>2020		December 31,<br>2019		September 30,<br>2019
Loans held for sale	$	14	$	—	$	—	$	—	$	—
Commercial:
Commercial and industrial	$	158	$	172	$	135	$	110	$	97
Leasing	1		1		1		—		1
Owner occupied	81		68		65		65		49
Municipal	—		—		—		—		—
Total commercial	240		241		201		175		147
Commercial real estate:
Construction and land development	—		—		—		—		—
Term	37		23		15		16		29
Total commercial real estate	37		23		15		16		29
Consumer:
Home equity credit line	16		15		14		12		12
1-4 family residential	59		59		43		40		44
Construction and other consumer real estate	—		—		—		—		1
Bankcard and other revolving plans	—		1		1		—		—
Other	—		—		—		—		—
Total consumer	75		75		58		52		57
Total nonaccrual loans	$	366	$	339	$	274	$	243	$	233

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions)	September 30,<br>2020		June 30,<br>2020		March 31,<br>2020		December 31,<br>2019		September 30,<br>2019
Commercial:
Commercial and industrial	$	51	$	26	$	7	$	19	$	—
Leasing	—		—		—		—		—
Owner occupied	(1)		2		(1)		(1)		(1)
Municipal	—		—		—		—		—
Total commercial	50		28		6		18		(1)
Commercial real estate:
Construction and land development	—		—		—		(1)		—
Term	1		—		—		2		(1)
Total commercial real estate	1		—		—		1		(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		2		1		2		3
Other	—		1		1		1		1
Total consumer loans	1		3		1		3		3
Total net charge-offs (recoveries)	$	52	$	31	$	7	$	22	$	1

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ZIONS BANCORPORATION, N.A.

Press Release – Page 17

October 19, 2020

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)	Three Months Ended
	September 30, 2020						June 30, 2020						September 30, 2019
(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	$	3,116	0.25	%	$	1,610	0.35	%	$	1,413	2.41	%
Securities:
Held-to-maturity	672		3.39	%	632		3.58	%	693		3.66	%
Available-for-sale	14,083		1.95	%	14,128		2.12	%	14,323		2.29	%
Trading account	158		4.31	%	149		4.29	%	135		4.50	%
Total securities	14,913		2.04	%	14,909		2.20	%	15,151		2.37	%
Loans held for sale	86		4.32	%	125		5.02	%	89		3.67	%
Loans held for investment:^2^
Commercial - excluding PPP loans	24,909		3.96	%	25,773		4.05	%	25,284		4.83	%
Commercial - PPP loans	6,771		3.03	%	5,016		3.14	%	—		—	%
Commercial real estate	11,986		3.52	%	11,866		3.81	%	11,849		5.10	%
Consumer	11,327		3.60	%	11,613		3.66	%	11,695		4.22	%
Total loans held for investment	54,993		3.68	%	54,268		3.83	%	48,828		4.75	%
Total interest-earning assets	73,108		3.20	%	70,912		3.41	%	65,481		4.15	%
Cash and due from banks	583				617				616
Allowance for credit losses on loans and debt securities	(852)				(724)				(502)
Goodwill and intangibles	1,015				1,014				1,014
Other assets	4,129				4,095				3,643
Total assets	$	77,983			$	75,914			$	70,252
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market	$	32,111	0.11	%	$	30,094	0.13	%	$	26,962	0.65	%
Time	3,602		0.96	%	3,853		1.35	%	4,963		1.99	%
Total interest-bearing deposits	35,713		0.20	%	33,947		0.27	%	31,925		0.86	%
Borrowed funds:
Federal funds purchased and other short-term borrowings	1,078		0.09	%	2,230		0.11	%	5,099		2.29	%
Long-term debt	1,353		2.32	%	1,736		1.93	%	1,239		3.65	%
Total borrowed funds	2,431		1.33	%	3,966		0.91	%	6,338		2.56	%
Total interest-bearing funds	38,144		0.27	%	37,913		0.34	%	38,263		1.14	%
Noninterest-bearing deposits	30,789				29,053				23,359
Other liabilities	1,406				1,352				1,062
Total liabilities	70,339				68,318				62,684
Shareholders’ equity:
Preferred equity	566				566				566
Common equity	7,078				7,030				7,002
Total shareholders’ equity	7,644				7,596				7,568
Total liabilities and shareholders’ equity	$	77,983			$	75,914			$	70,252
Spread on average interest-bearing funds			2.93	%			3.07	%			3.01	%
Impact of net noninterest-bearing sources of funds			0.13	%			0.16	%			0.47	%
Net interest margin			3.06	%			3.23	%			3.48	%
Memo: total loans and leases, excluding PPP loans	48,222		3.77	%	49,252		3.90	%	48,828		4.75	%
Memo: total cost of deposits			0.11	%			0.15	%			0.50	%
Memo: total deposits and interest-bearing liabilities	68,933		0.15	%	66,966		0.19	%	61,622		0.71	%

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

^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 18

October 19, 2020

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. The Bank considers 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 management to assess the performance and financial position of the Bank and for presentations of Bank performance to investors. The Bank further believes that presenting these non-GAAP financial measures will permit investors to assess the performance of the Bank on the same basis as that applied by 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 management uses 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 management believes provides additional useful information about the level of tangible equity in relation to outstanding shares of common stock. Management believes the use of ratios that utilize tangible equity provides additional useful information to management and others about capital adequacy because they present measures of those assets that can generate income.

(In millions, except shares and per share amounts)		September 30,<br>2020		June 30,<br>2020		March 31,<br>2020		December 31,<br>2019		September 30,<br>2019
Tangible Book Value per Common Share
Total shareholders’ equity (GAAP)		$	7,668	$	7,575	$	7,472	$	7,353	$	7,509
Preferred stock		(566)		(566)		(566)		(566)		(566)
Goodwill and intangibles		(1,016)		(1,014)		(1,014)		(1,014)		(1,014)
Tangible common equity (non-GAAP)	(a)	$	6,086	$	5,995	$	5,892	$	5,773	$	5,929
Common shares outstanding (in thousands)	(b)	164,009		163,978		163,852		165,057		170,373
Tangible book value per common share (non-GAAP)	(a/b)	$	37.11	$	36.56	$	35.96	$	34.98	$	34.80

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ZIONS BANCORPORATION, N.A.

Press Release – Page 19

October 19, 2020

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 management believes provides useful information to management and others about the Bank’s use of shareholders’ equity. Management believes the use of ratios that utilize tangible equity provides additional useful information about performance because they present measures of those assets that can generate income.

		Three Months Ended
(Dollar amounts in millions)		September 30,<br>2020			June 30,<br>2020			March 31,<br>2020			December 31,<br>2019			September 30,<br>2019
Return on Average Tangible Common Equity
Net earnings applicable to common shareholders (GAAP)		$	167		$	57		$	6		$	174		$	214
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)	$	167		$	57		$	6		$	174		$	214
Average common equity (GAAP)		$	7,078		$	7,030		$	6,924		$	6,866		$	7,002
Average goodwill and intangibles		(1,015)			(1,014)			(1,014)			(1,014)			(1,014)
Average tangible common equity (non-GAAP)	(b)	$	6,063		$	6,016		$	5,910		$	5,852		$	5,988
Number of days in quarter	(c)	92			91			91			92			92
Number of days in year	(d)	366			366			366			365			365
Return on average tangible common equity (non-GAAP)	(a/b/c)*d	11.0		%	3.8		%	0.4		%	11.8		%	14.2		%

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ZIONS BANCORPORATION, N.A.

Press Release – Page 20

October 19, 2020

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. Management makes adjustments to exclude certain items as identified in the subsequent schedule which it believes allows for more consistent comparability among periods. Management believes the efficiency ratio provides useful information regarding the cost of generating revenue. Adjusted noninterest expense provides a measure as to how well the Bank is managing its expenses, and adjusted PPNR enables management and others to assess the Bank’s ability to generate capital to cover credit losses through a credit cycle. Taxable-equivalent net interest income allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources.

		Three Months Ended
(In millions)		September 30,<br>2020			June 30,<br>2020			March 31,<br>2020			December 31,<br>2019			September 30,<br>2019
Efficiency Ratio
Noninterest expense (GAAP)	(a)	$	442		$	430		$	408		$	472		$	415
Adjustments:
Severance costs		1			—			—			22			2
Other real estate expense, net		—			—			—			—			(2)
Restructuring costs		1			—			1			15			—
Pension termination-related expense		—			28			—			—			—
Total adjustments	(b)	2			28			1			37			—
Adjusted noninterest expense (non-GAAP)	(a-b)=(c)	$	440		$	402		$	407		$	435		$	415
Net interest income (GAAP)	(d)	$	555		$	563		$	548		$	559		$	567
Fully taxable-equivalent adjustments	(e)	7			6			7			7			7
Taxable-equivalent net interest income (non-GAAP)	(d+e)=(f)	562			569			555			566			574
Noninterest income (GAAP)	(g)	157			117			134			152			146
Combined income (non-GAAP)	(f+g)=(h)	719			686			689			718			720
Adjustments:
Fair value and nonhedge derivative loss		8			(12)			(11)			6			(6)
Securities gains (losses), net		4			(4)			(6)			2			2
Total adjustments	(i)	12			(16)			(17)			8			(4)
Adjusted taxable-equivalent revenue<br><br>(non-GAAP)	(h-i)=(j)	$	707		$	702		$	706		$	710		$	724
Pre-provision net revenue (PPNR) (non-GAAP)	(h)-(a)	$	277		$	256		$	281		$	246		$	305
Adjusted PPNR (non-GAAP)	(j)-(c)	267			300			299			275			309
Efficiency ratio (non-GAAP) ^1^	(c/j)	62.2		%	57.3		%	57.7		%	61.3		%	57.3		%

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

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ZIONS BANCORPORATION, N.A.

Press Release – Page 21

October 19, 2020

		Nine Months Ended
(In millions)		September 30,<br>2020			September 30,<br>2019
Efficiency Ratio
Noninterest expense (GAAP)	(a)	$	1,279		$	1,270
Adjustments:
Severance costs		—			4
Other real estate expense		—			(3)
Debt extinguishment cost		—			—
Amortization of core deposit and other intangibles		—			—
Restructuring costs		2			—
Pension termination-related expense		28			—
Total adjustments	(b)	30			1
Adjusted noninterest expense (non-GAAP)	(a-b)=(c)	$	1,249		$	1,269
Net interest income (GAAP)	(d)	$	1,665		$	1,713
Fully taxable-equivalent adjustments	(e)	21			19
Taxable-equivalent net interest income (non-GAAP)	(d+e)=(f)	1,686			1,732
Noninterest income (GAAP)	(g)	408			410
Combined income (non-GAAP)	(f+g)=(h)	2,094			2,142
Adjustments:
Fair value and nonhedge derivative income (loss)		(15)			(15)
Securities gains (losses), net		(5)			—
Total adjustments	(i)	(20)			(15)
Adjusted taxable-equivalent revenue (non-GAAP)	(h-i)=(j)	$	2,114		$	2,157
Pre-provision net revenue (PPNR)	(h)-(a)	$	815		$	872
Adjusted PPNR (non-GAAP)	(j)-(c)	865			888
Efficiency ratio (non-GAAP) ^1^	(c/j)	59.1		%	58.8		%

^1^ Excluding the $30 million charitable contribution, the efficiency ratio for September 30, 2020 would have been 57.7%.

#

earningspresentation-3q2

Third Quarter 2020 Financial Review October 19, 2020

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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,” “targets,” “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 these materials. Important risk factors that may cause such material differences include, but are not limited to, the effects of the spread of the virus commonly referred to as the coronavirus or COVID-19 (and other potentially similar pandemic situations) and associated impacts on general economic conditions on, among other things, our customers’ ability to make timely payments on obligations, fee income revenue due to reduced loan origination activity and card swipe income, operating expense due to alternative approaches to doing business, and so forth; the Bank’s ability to meet operating leverage goals; the rate of change of interest-sensitive assets and liabilities relative to changes in benchmark interest rates; the ability of the Bank to upgrade its core deposit system and implement new digital products in order to remain competitive; risks associated with information security, such as systems breaches and failures; and legislative, regulatory and economic developments. These risks, as well as other factors, 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. 2

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Third Quarter 2020 Financial Highlights Vs. 2Q20, rebound in earnings as provisions subside; loans on deferral drop more than 90%, loans 30+ days past due improves ✓ Earnings and Profitability: ✓ Credit quality (excluding PPP Loans): ▪ $1.01 diluted earnings/share compared to $0.34 in 2Q20 ▪ 0.79%: ratio of NPAs+90 days past due / Loans and leases and OREO ▪ $(0.14)/share one-time charitable contribution ▪ 3.4%: Classified loans / total loans ▪ $0.06/share benefit from credit valuation adjustment and ▪ 0.6%: Loans actively in deferral due to COVID-19 dropped by more securities gains than 90% from 2Q20 ▪ $277 million Pre-Provision Net Revenue ▪ 0.5%: Total loans delinquent by 30 days or more, down from 0.7% in 2Q20 ▪ $297 million Adjusted PPNR(1) when excluding the one-time $30 million charitable contribution, a 1% decrease from 2Q20 ▪ 43 basis points: net charge-offs (annualized) ▪ $55 million provision for credit loss, down from $168 million in 2Q20 ▪ Increase in the allowance for credit loss (“ACL”), reflecting the continued impact on economic activity due to COVID-19 ▪ $167 million: Net Income Applicable to Common, up from $57 2 million in the prior quarter ▪ ACL was $917 million or 1.9% of loans ▪ $23 million: after-tax cost of one-time charitable contribution ▪ ACL was more than 17 quarters of NCOs at the 3Q20 level ▪ $9 million: after tax benefit from CVA and securities gains ▪ Allowance for Oil and Gas loans: 5.8% of related loans ✓ Capital Strength: ▪ 10.4% Common Equity Tier 1 Ratio (CET1) ▪ 12.1% (CET1+Allowance for Credit Losses) / Risk-Weighted Assets 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 3 and analysts. (1) Adjusted for items such as severance, other real estate expense, pension termination-related expense, securities gains and losses and debt extinguishment costs. (2) The ACL of $917 million includes ~$2 million for PPP loans. See Appendix for GAAP to non-GAAP reconciliation tables.

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Diluted Earnings Per Share Vs. 2Q20, EPS positively impacted by reduced provision for credit losses and increased fee income Diluted Earnings per Share Notable Items: ▪ In 3Q20: $1.17 ▪ $0.14 per share adverse impact from one-time charitable contribution related to PPP lending activity $1.01 ▪ $0.04 per share positive impact from a credit valuation $0.97 adjustment on client-related interest rate swaps ▪ $0.02 per share positive impact from securities gains ▪ In 2Q20: ▪ $0.13 per share adverse impact from pension termination-related expense ▪ $0.06 per share adverse impact from a negative credit valuation adjustment on client-related interest rate swaps $0.34 ▪ $0.02 per share adverse impact from securities losses ▪ In 1Q20: ▪ $0.05 per share adverse impact from a negative credit $0.04 valuation adjustment on client-related interest rate swaps ▪ $0.03 per share adverse impact from securities losses 3Q19 4Q19 1Q20 2Q20 3Q20 4

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Adjusted Pre-Provision Net Revenue Excluding the $30 million charitable contribution, adjusted PPNR declined 1% from 2Q20 Adjusted PPNR(1) and Provision for Credit Losses Notable Items: ($ millions) ▪ In 3Q20: $30 million one-time charitable contribution $309 $299 $300 related to PPP lending activity $275 $267 ▪ In 4Q19: $10 million adverse impact from the resolution of $258 an operational issue $168 $55 $10 $4 3Q19 4Q19 1Q20 2Q20 3Q20 Adjusted pre-provision net revenue (PPNR) Provision for Credit Losses (1) Adjusted for items such as severance, provision for unfunded lending commitments, securities gains and losses and debt 5 extinguishment costs. See Appendix for GAAP to non-GAAP reconciliation table.

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Balance Sheet Profitability Zions’ profitability in 3Q20 improved as the provision for credit losses declined Return on Assets Return on Tangible Common Equity 14.18% 1.25% 11.80% 1.04% 10.96% 0.89% 0.35% 3.81% 0.08% 0.41% 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 In 3Q20: ▪ Increase in linked quarter profitability attributable to the decline in the credit loss provision, interest rates paid on deposits and cost of borrowings ▪ Other notable items included the $30 million contribution to our charitable foundation, a favorable credit valuation adjustment of $8 million, and securities gains of $4 million 6

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Success Story: Summary of Paycheck Protection Program Loans PPP lending success relied on our ability to link our frontline bankers and borrowers with an agile technology deployment ▪ Zions ranked 9th in PPP lending and is ranked 37th in U.S. Future Opportunity (1) Deposit Market Share ▪ 14,000 “new to bank” PPP ▪ Helped 47,000+ small businesses recipients ▪ “Forgiveness” status: ▪ 33,000 “existing customers” ▪ 10,000 applications received ($1.7 billion) (approx. 60% deposit-only) ▪ Eligible for streamlined forgiveness (<$50M): 29,000 loans ▪ Aggressive calling program in place representing approximately $540 million to retain “new to bank” customers ▪ Main Street Lending Program and expand “existing customer” ▪ Pipeline is small but building relationships Zions PPP Loans ▪ New treasury management digital Approved small business offering to be a key resource Number >47,000 Amount $7 billion Median Size ~$31,500 (1) Source: Internal and S&P Global U.S. deposit market share as of 2019, including foreign banks doing business in the U.S., as well as credit unions; 7 Source of SBA data is SBA PPP Report through 08/08/2020.

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Success Story: Mortgage Banking Successes amid COVID-19 pandemic: very strong mortgage revenue 2019 2020 Record YTD Funding ▪ Roll-out ▪ Enhanced Digital Fulfillment Process $922 million ▪ 86% of all applications taken digitally $791 million 59% 47% ▪ 25% reduction in turn-time allowing 31% 38% 40% for record unit production 3Q20 ▪ Second straight strong funding quarter with more than $920 million ($1 billion in Q2) ▪ 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 Pipeline remains strong with $1.8B at the end of Q3 – up 49% YoY HFI HFS ▪ Second best quarter on record for applications, at $2.2 billion (1Q20 was $2.6 billion) Loan Sales Revenue ($ millions) ▪ Revenue increases for Mortgage year over year with modest increases in $17.5 expenses and level staffing creates more efficient and profitable product line $14.0 $12.9 ▪ Credit is comparable to 2019’s high quality production with FICO (avg: 765), LTV (avg: 66%), and DTI (avg: 31%); all the same or slightly improved relative to 2019 $7.2 $4.3 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 8

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Credit Quality Zions entered the COVID-19 economic downturn with very clean credit quality All Ratios Exclude Credit Quality Ratios 14.00% Key Credit Metrics: PPP Loans ▪ Classified loans/loans: 3.4% 12.00% ▪ NPAs+90(1)/loans + OREO: 0.79% ▪ Annualized net loan losses: NCOs / Loans (ann.) 10.00% ▪ 0.43% of average loans in 3Q20 Classified / Loans ▪ 0.23% net charge-offs of average loans over the last NPAs +90/ Loans + OREO 8.00% 12 months ACL / Loans 6.00% Allowance for credit losses: ▪ 1.9% of total loans and leases 4.00% ▪ $915 million of ACL x-PPP loans ▪ $2 million of ACL for PPP loans 2.00% ≈ ▪ 5.8% oil & gas related of balances ($133 million) ≈ 0.00% 2008Y 2009Y 2015Y 2016Y 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 Global Oil & Gas Improving Covid-19 Financial Crisis Downturn Economy Pandemic (1) Nonperforming assets plus loans that were ≥ 90 days past due. 9 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

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Deferrals and Delinquencies: A Positive Outcome Thus Far Deferrals have receded by more than 90% to 0.6% of loans; delinquency rate down 0.2% Total Deferrals 30+ Days Past Due relative to total non-PPP loans relative to total non-PPP loans 6.3% 0.6% 0.7% 0.5% 6/30/2020 9/30/2020 6/30/2020 9/30/2020 Approximately 8.5% of total loan balances had been processed for modifications or payment deferrals as of June 30, 2020, some of which were not on active deferral status at June 30 (the deferral period had expired). Approximately 16% of loans that were processed for a deferral or modification were modified (e.g. 10 interest only for six or 12 months). The 30+ days past due ratio for C19ER loans that had been granted a payment deferral period and are now resuming payments has a slightly higher ratio than the rest of the portfolio, at 1.1% .

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Select Sub-Industries with Elevated Risk Related to COVID-19 COVID-19 Elevated Risk loans are less than 10% of total loans and have strong collateral coverage ▪ Portions of broad industry groups with significant growth in criticized rates COVID-19 Elevated Risk Loans: during 1H20 $4.1 billion (8.4%) of 3Q20 non-PPP loan balances ▪ COVID-19 Elevated Risk portfolio strengths: $ billions ▪ Strong collateral coverage with 98% secured ▪ Greater proportion of customers received PPP (28% received PPP CRE Retail $1.12 through Zions) and other stimulus CRE Hotel-Motel $0.61 ▪ COVID-19 Elevated Risk portfolio weaknesses: CI Retail $0.43 ▪ Greater deferral and problem loan ratios CI Tech Telecom Media $0.43 ▪ Some sectors (e.g. restaurants) struggled prior to COVID-19 CI Ent. Rec. $0.38 COVID-19 Elevated Risk Loans Compared with All Other Lending CI Transportation $0.37 (% of 3Q20 non-PPP loan balances) CI Csmr Svc $0.26 September 30, 2020 COVID-19 Oil & Gas Other CI Real Estate Construction $0.23 Percent of Total Non-PPP Loans 8.4% 4.6% 86.9% CI Food Bev Mfg WS $0.16 Under Payment Deferral 3.0% 0.5% 0.3% CI Cml Svc $0.06 PPP thru ZION 28% 14% 17% Secured by non-RE 30% 86% 24% Real Estate Secured 68% 9% 68% CRE = Commercial Real Estate; C&I = Commercial and Industrial Median LTV 52% 56% 59% LTV >90% 3% 11% 1% Loan to value (LTV) uses the Sept. 30, 2020 commitment and the most recent appraisal (1) C19ER select industries with the most criticized loans include within broad industry groups: regional and neighborhood shopping centers (excludes 11 standalone structures), advertising/marketing, other telecommunications, motion picture/video, full-service restaurants/bars, amusement parks, sports teams, sporting goods, passenger airlines, museums, daycare, real estate agents, hotel operations, bakeries, hazardous waste.

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Additional Recent Trends In Loan Balance, Credit Quality and Line Utilization In 3Q, we have experienced generally stable credit quality trends outside of COVID-19 Elevated Risk and Oil and Gas loans (excluding PPP loans) Loan Balances by Portfolio and Weighted Average Risk Grades Classified and Nonaccruals 13.1% $41.9 10.0 $43.2 12.3% $42.1 $41.7 9.0 Negative grade 11.4% 8.0 migration is more 9.1% 7.0 pronounced 6.0 within COVID-19 5.0 4.0 portfolios 4.2% 3.4% 3.53% 3.0 3.1% 2.89% 2.2% 2.0 1.8% 2.0% $4.3 1.5% 1.4% $4.2 $4.2 $4.1 0.72% $2.5 $2.5 $2.5 $2.2 1.0 0.66% 2.19% Weighted Risk Average Grade 1.62% 0.37% 1.93% 0.40% 1.55% 0.48% 0.53% 0.0 4Q19 1Q20 2Q20 3Q20 4Q19 1Q20 2Q20 3Q20 COVID-19 Oil & Gas Other COVID-19 Oil & Gas Other Line Utilization Rates(1) Net Charge-offs/Loans 3.53% 50.4% 51.0% 47.3% 48.9% Utilization rates 43.3% 41.8% 38.9% have receded 37.9% 36.3% 34.1% 34.6% from their Q1 29.1% 1.97% peaks in both 1.66% COVID-19 and 1.18% other portfolios 0.56% 0.22% 0.12% 0.00% 0.10%0.02% 0.03% 0.09% 4Q19 1Q20 2Q20 3Q20 4Q19 1Q20 2Q20 3Q20 (1) Line Utilization refers to revolving loans only. Net charge-offs are annualized ratios. 12

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Allowance for Credit Loss (“ACL”) Reserve relatively unchanged quarter over quarter Significant increase in ACL in 1H20, stable in 3Q20 The change in 3Q20 ACL from 2Q20 reflects: ACL (%) ACL (%) ex-PPP 1.88 1.91 ▪ Increase in expected losses due to slower economic 1.66 1.68 ($ millions) 1.56 recovery than previously forecast and moderate credit quality deterioration 1.08 914 917 777 ▪ Decrease from the effects of paydowns, portfolio 526 aging, and decreased utilization 1/1/20 CECL 1Q20 2Q20 3Q20 CECL Economic Forecast Assumptions • Probability weighting of four (4) economic scenarios ($ millions) • Reasonable & supportable period = 12 months; reversion period to long-term Changes in credit quality and in average : 12 months specific reserves • Economic factors vary depending upon the type of loan, but include various Changes to New loans & economic renewals, combinations of national, state, and MSA-level forecasts for variables such as forecasts aging of unemployment, real estate price indices, energy prices, GDP, etc. existing loans, • Base forecast shows economic improvement beginning in late 2020 gradually and draws, pay-offs, etc. stabilizing by 2022 13

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Net Interest Income Changes in interest rates and balance sheet composition impact net interest income performance Net Interest Income Net Interest Margin Net Interest Margin ($ millions) 2Q20 3Q20 $567 MM and $559 $563 $555 Securities Loan $548 Yields 3.48% 3.46% 3.41% Interest Wholesale Bearing and Deposits Noninterest 3.23% Bearing Sources of Funds 3.06% 3Q19 4Q19 1Q20 2Q20 3Q20 MM = Money Market investments. Capitalized interest income net of costs for PPP loan originations was $141 million, to be amortized over the remaining 14 life (~4.5 years) or when loans pay down, pay off, or are forgiven by the SBA.

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Average Loan and Deposit Growth Loan growth year-over-year primarily attributed to increase in PPP loans, deposit growth aided by PPP funding Average Total Loans Average Total Deposits Loan Yields Cost of Total Deposits ($ millions) ($ millions) $75,000 $75,000 Average Total Loans Excluding PPP Loans, Yield: 3.77% in 3Q20 $70,000 $70,000 Average PPP Loans, Yield: 3.03% in 3Q20 $65,000 $65,000 $60,000 $60,000 $55,000 $55,000 $50,000 $50,000 4.75% 4.56% $45,000 $45,000 4.42% $40,000 $40,000 3.83% $35,000 $35,000 3.68% 0.50% $30,000 0.44% 0.36% $30,000 0.15% 0.11% $25,000 $25,000 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 15

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Interest Rate Sensitivity Zions is actively managing balance sheet sensitivity (2) Net Interest Income Sensitivity (1) ▪ Interest rate sensitivity reduced through interest rate hedges : $ millions Swaps Maturing Average Receive Fixed Rate (R-Axis) −100 bps +100 bps +200 bps $3,000 2.50% 2.06% 2.35% 16% $2,500 1.81% 2.00% $2,000 In the down 100 scenario, 1.50% $1,500 $1 million $46 million $15 million models assume rates do 8% 1.00% not fall below zero $1,000 $500 0.50% $0 0.00% Through end of 2021 2022 2023-2024 -1% ▪ $5.3 billion “in-the-money” floors embedded in loans ▪ $1.9B in securities purchases in 3Q20 with an average yield of 1.19% Total Deposit Betas Loan Reset/Maturity Profile −100 bps 1% 46% Loans After Hedging +100 bps 14% 32% Assumed ● +200 bps 17% 20% 13% 13% 14% 12% 10% 10% 10% Current Fed Cycle (-225 bps) 18% 9% 9% Percent of Loans of Percent Prior Fed Cycle (+225 bps) 18% Historical ● ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs 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 16 and parallel change in interest rates. For more information see the company’s latest Form 10-K. (2) For swaps maturing by the end of 2021, the annualized support to interest income from swaps is $1 million; for swaps maturing in 2022 (all of which is in the first half of the year, the annualized support to interest income is $46 million. For all swaps maturing after 2022, the annualized interest income support is $15 million.

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Noninterest Income Total fee income, excluding CVA and securities, increased 21% due to strength in mortgage banking activity Customer-Related Fee Income (1) Customer-related fee income up 7% from the prior quarter due to: ($ millions) $143 $140 $139 $134 ▪ Loan related fees and income up 19% from 2Q20 $130 ▪ Mortgage loan sales revenue was $17.5 million, up 36% from $12.9 million in the prior quarter ▪ Retail and business banking fees up 13% from prior quarter, as fees across all products bounced back from 2Q20 lows, driven mainly by increases in customer activity ▪ Card fees up 11% over the prior quarter, from increases in transaction volumes ▪ Capital markets product sales (interest rate swap sales and loan syndication fees) down 11% from prior quarter 3Q19 4Q19 1Q20 2Q20 3Q20 (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge 17 derivative income, securities gains (losses), and other items, as detailed in the Noninterest Income table located in the earnings release.

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Noninterest Expense Continued focus on expense controls and streamlining Noninterest Expense ▪ Total noninterest expense increased 3% over the prior quarter ▪ Total adjusted noninterest expense, excluding the $30 million ($ millions) one-time charitable contribution, increased 2% over the prior quarter $472 $442 $440 $435 Notable items in: $430 ▪ $415 $415 $408 $407 $402 ▪ 3Q20: ▪ $30 million from one-time charitable contribution related PPP lending activity ▪ $3 million of advertising expense from new customer campaign ▪ 2Q20: ▪ $28 million of expense from termination of the defined benefit pension plan ▪ 4Q19: ▪ $22 million of severance costs ▪ $15 million of restructuring costs 3Q19 4Q19 1Q20 2Q20 3Q20 ▪ $10 million resolution of an operational issue NIE (GAAP) Adjusted NIE (Non-GAAP)(1) (1) Adjusted for items such as severance, provision for unfunded lending commitments, securities gains and losses and debt 18 extinguishment costs. See Appendix for GAAP to non-GAAP reconciliation table.

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Appendix ▪ Financial Results Summary ▪ Efficiency Ratio ▪ Loan Growth ▪ Technology Initiatives ▪ Oil & Gas Portfolio Credit Quality and Portfolio Details ▪ GAAP to Non-GAAP Reconciliation 19

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Financial Results Summary Solid and improving fundamental performance Three Months Ended (Dollar amounts in millions, except per share data) September 30, June 30, March 31, 2020 2020 2020 Earnings Results: Diluted Earnings Per Share $ 1.01 $ 0.34 $ 0.04 Net Earnings Applicable to Common Shareholders 167 57 6 Net Interest Income 555 563 548 Noninterest Income 157 117 134 Noninterest Expense 442 430 408 Pre-Provision Net Revenue - Adjusted (1) 267 300 299 Provision for Credit Losses 55 168 258 Ratios: Return on Assets(2) 0.89 % 0.35 % 0.08 % Return on Common Equity(3) 9.4 % 3.3 % 0.3 % Return on Tangible Common Equity(3) 11.0 % 3.8 % 0.4 % Net Interest Margin 3.06 % 3.23 % 3.41 % Yield on Loans 3.68 % 3.83 % 4.42 % Yield on Securities 2.04 % 2.20 % 2.34 % Average Cost of Total Deposits(4) 0.11 % 0.15 % 0.36 % Efficiency Ratio (1) 62.2 % 57.3 % 57.7 % Effective Tax Rate 18.6 % 19.5 % 12.5 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.68 % 0.62 % 0.56 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.38 % 0.23 % 0.06 % Common Equity Tier 1 Capital Ratio(5) 10.4% 10.2% 10.0 % (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 20 (3) Net Income Applicable to Common used in the numerator (4) Includes noninterest-bearing deposits (5) Current period ratios and amounts represent estimates

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Efficiency Ratio Substantial improvement since 2014 driven by both revenue growth and expense control ▪ The efficiency ratio(1) in 3Q20 was 62.2%, compared to 57.3% in the year ago period, and was 58.0% when excluding the one-time $30 million charitable contribution ▪ Long term: committed to further improvement of the 74.1% efficiency ratio 69.6% 64.5% 62.2% 61.6% 61.3% 57.8% 57.7% 57.3% 57.3% 4Q14 4Q15 4Q16 4Q17 4Q18 3Q19 4Q19 1Q20 2Q20 3Q20 (1) Defined as noninterest expenses as a percentage of net revenue, adjusted for items such as severance, provision for unfunded lending commitments, securities gains 21 and losses and debt extinguishment costs. See Appendix for GAAP to non-GAAP reconciliation table

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Loan Growth - by Bank Brand and Loan Type Period-End Year over Year Loan Growth (3Q20 vs. 3Q19) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) (762) (366) 254 (179) (61) (77) (30) - (1,221) SBA PPP 1,713 1,329 1,606 721 608 475 358 - 6,810 Owner occupied (47) 28 138 - 42 11 40 - 212 Energy (Oil & Gas) 31 (142) 3 (4) - 17 - - (95) Municipal 152 75 141 74 5 30 (7) 51 521 CRE C&D 122 90 (130) (7) (4) (139) 19 - (49) CRE Term (52) (7) 296 (79) 21 102 (21) - 260 1-4 Family (115) (34) (37) (47) (33) (46) 7 8 (297) Home Equity (99) 12 1 (4) (33) - (10) - (133) Other (36) (44) 15 8 (20) (17) (4) - (98) Total net loans 907 941 2,287 483 525 356 352 59 5,910 Period-End Linked Quarter Loan Growth (3Q20 vs. 2Q20) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) (79) (97) (20) (62) (56) (23) (17) - (354) SBA PPP 27 27 30 14 14 6 2 - 120 Owner occupied (24) 30 24 - - 23 - - 53 Energy (Oil & Gas) (16) (156) (1) (1) - (9) (1) - (184) Municipal (3) 16 100 (14) 17 16 15 24 171 CRE C&D 42 4 (64) (36) (4) (31) 20 - (69) CRE Term (67) (14) 173 11 12 2 25 - 142 1-4 Family (62) (36) (25) (32) (14) (28) (2) 15 (184) Home Equity (16) (6) (7) (6) (21) (2) (1) - (59) Other 1 (25) 1 9 (5) (4) 3 - (20) Total net loans (197) (257) 211 (117) (57) (50) 44 39 (384) Note: National Real Estate (NRE) is a division of Zions Bank with a focus on small business loans with low LTV 22 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.

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We Have Furthered our Digital Capabilities Meaningfully Over the Last Several Years COMMERCIAL SMALL BUSINESS AFFLUENT CONSUMER Treasury Internet Banking 2.0 2018-2019 Online and Mobile Banking Replacement 2020-2021 $10B Demand Deposits 625,000 consumer accounts $100MM Fee Income 125,000 business accounts Digital Business Loan Application 2019 Digital Mortgage Loan Application 2019 $2B Loan Balances $2.7B Fundings 4,000 Applications 10,000 Applications Mobile Positive Pay 2019 Small Business and Consumer Digital Account Opening 2016 -2019 Supporting 50% of Treasury Customers Deposit, Credit Card, and Consumer Loans – 9 out of 10 Customer Satisfaction Score Deposit Product Simplification 2018-2019 1.5 Million Accounts - Moving from 500 to 100 Account Types CUSTOMER FIRST AND FIRST CUSTOMER Relationship Manager Mobile Enablement 2019-2020 EMPOWERING BANKERS EMPOWERING Public Website Relaunch 2018-2019 3 million visits per month Customer Data Hub 2019-2021 Master Data Management for Systems of Record Automation Center of Excellence 138 Processes Automated CORE FutureCore Release 1 & 2 2017-2019 FutureCore Release 3 Underway DIGITAL TO TO THE DIGITAL Consumer, C&I, and CRE Lending Core System Replacement Deposit System Replacement 23

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Oil & Gas (O&G) Credit Quality Oil and gas loans account for $2.3 billion or 5% of total loans, excluding PPP Loans Excluding PPP Loans and as of September 30, 2020: All Ratios Exclude ▪ Annualized NCOs equaled 3.5% of loans PPP Loans Oil and Gas 35% Key Credit Quality Ratios ▪ Classified loans equaled 11.4% of loans 30% ▪ Allowance for credit losses of $133 million or 5.8% of balances 25% ▪ Approximately 72% of 2020 oil production hedged in the low- 20% $50s and 71% of gas production in the mid $2s (natural gas) Today vs. 2014-2016 downturn: 15% ▪ Reduced concentration of energy services (67% decline in 10% balances, 24 percentage point reduction of concentration in 5% the energy portfolio) ▪ Underwriting on energy services has been much stronger 0% ▪ Less leverage -5% ▪ Replaced term loans with revolvers 4Q15 4Q16 4Q17 4Q18 3Q19 4Q19 1Q20 2Q20 3Q20 ▪ Fewer junior lien or subordinated debt behind Zions’ loans 4Q14 going into this cycle Net Charge-offs / Loans Classifieds / Loans Nonperforming Assets / Loans Note: Net Charge-offs/Loans ratio is annualized for all periods shown. 24

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Oil & Gas Portfolio Significant realignment since downturn ▪ Services, which accounted for bulk of charge offs in the last cycle, accounts Portfolio Trends for 17% of the portfolio versus 45% going into the previous cycle (Dec 2014) 3,500 14 ▪ Using current mix of loans, assuming net loss rates remain the same as the 3,000 12 2015-2018 downturn/recovery, Zions would experience approximately $93 2,500 10 million of loan losses or 3.6%. 2,000 8 ▪ Major differences today vs. then: Stronger individual loan underwriting, but 1,500 6 weaker capital markets support 1,000 4 ▪ Approximately 80% of 2020 production hedged in the low-$50s (oil) and 500 2 approximately 70% in high $2s (natural gas) 0 0 ▪ Allowance for credit losses of $151 million or 5.7% of balances, up from $77 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Mar-20 Jun-20 Sep-20 million at December 31, 2019 Balance WARG 1st Quartile 3rd Quartile Distribution of Outstanding Balance by Energy Type Historical Loss Rates (2015Q1 – 2018Q4) 100% 33% 31% 80% 34% 37% 39% 42% 41% 40% 40% Sector GCOs Recoveries NCOs 60% 39% 30% 24% 23% 18% 17% 17% 17% Services 11.9% 2.7% 9.2% 45% 40% Upstream 5.9% 1.4% 4.5% 31% 34% 34% 34% 35% 20% 24% 28% 33% 19% Other 1.2% 0.9% 0.4% 0% 4% 7% 8% 8% 5% 6% 8% 9% 9% Total 7.5% 1.9% 5.7% 2014Q4 2015Q4 2016Q4 2017Q4 2018Q4 2019Q4 2020Q1 2020Q2 2020Q3 Downstream Midstream Services Upstream Oil & Gas portfolio tracked with internal coding. Based on Internal Data as of 3Q20 25

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GAAP to Non-GAAP Reconciliation (Amounts in millions) 3Q20 2Q20 1Q20 4Q19 3Q19 Efficiency Ratio Noninterest expense (GAAP) (1) (a) $ 442 $ 430 $ 408 $ 472 $ 415 Adjustments: Severance costs 1 - - 22 2 Other real estate expense - - - - (2) Debt extinguishment cost - - - - - Amortization of core deposit and other intangibles - - - - - Restructuring costs 1 - 1 15 - Pension termination-related expense - 28 - - - Total adjustments (b) 2 28 1 37 - Adjusted noninterest expense (non-GAAP) (a) - (b) = (c) 440 402 407 435 415 Net Interest Income (GAAP) (d) 555 563 548 559 567 Fully taxable-equivalent adjustments (e) 7 6 7 7 7 Taxable-equivalent net interest income (non-GAAP) (d) + (e) = (f) 562 569 555 566 574 Noninterest income (GAAP) (1) (g) 157 117 134 152 146 Combined income (f) + (g) = (h) 719 686 689 718 720 Adjustments: Fair value and nonhedge derivative income (loss) 8 (12) (11) 6 (6) Equity securities gains (losses), net 4 (4) (6) 2 2 Total adjustments (i) 12 (16) (17) 8 (4) Adjusted taxable-equivalent revenue (non-GAAP) (h) - (i) = (j) 707 702 706 710 724 Pre-provision net revenue (PPNR), as reported (h) – (a) $ 277 $ 256 $ 281 $ 246 $ 305 Adjusted pre-provision net revenue (PPNR) (j) - (c) $ 267 $ 300 $ 299 $ 275 $ 309 Efficiency Ratio (1) (c) / (j) 62.2 % 57.3 % 57.7 % 61.3 % 57.3 % 26

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GAAP to Non-GAAP Reconciliation $ In millions except per share amounts 3Q20 2Q20 1Q20 4Q19 3Q19 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense $442 $430 $408 $472 $415 LESS adjustments: Severance costs 1 - - 22 2 Other real estate expense - - - - (2) Restructuring costs 1 - 1 15 - Pension termination-related expense - 28 - - - (b) Total adjustments 2 28 1 37 - (a-b)=(c) Adjusted noninterest expense 440 402 407 435 415 (d) Net interest income 555 563 548 559 567 (e) Fully taxable-equivalent adjustments 7 6 7 7 7 (d+e)=(f) Taxable-equivalent net interest income (TENII) 562 569 555 566 574 (g) Noninterest Income 157 117 134 152 146 (f+g)=(h) Combined Income $719 $686 $689 $718 $720 LESS adjustments: Fair value and nonhedge derivative income (loss) 8 (12) (11) 6 (6) Securities gains (losses), net 4 (4) (6) 2 2 (i) Total adjustments 12 (16) (17) 8 (4) (h-i)=(j) Adjusted revenue $707 $702 $706 $710 $724 (j-c) Adjusted pre-provision net revenue (PPNR) $267 $300 $299 $275 $309 Net Earnings Applicable to Common Shareholders (NEAC) (k) Net earnings applicable to common 167 57 6 174 214 (l) Diluted Shares 163,779 164,425 172,998 178,718 181,870 GAAP Diluted EPS 1.01 0.34 0.04 0.97 1.17 PLUS Adjustments: Adjustments to noninterest expense 2 28 1 37 - Adjustments to revenue (12) 16 17 (8) 4 Tax effect for adjustments 3 (12) (4) (11) (1) Preferred stock redemption - - - - - (m) Total adjustments (7) 32 14 18 3 (k+m)=(n) Adjusted net earnings applicable to common (NEAC) 160 89 20 192 217 (n)/(l) Adjusted EPS 0.98 0.54 0.12 1.07 1.19 (o) Average assets 77,983 75,914 70,205 69,575 70,252 (p) Average tangible common equity 6,063 6,016 5,910 5,852 5,988 Profitability (n)/(o) Adjusted Return on Assets (annualized) 0.82% 0.47% 0.11% 1.09% 1.23% (n)/(p) Adjusted Return on Tangible Common Equity (annualized) 10.6% 5.9% 1.4% 13.0% 14.4% (c)/(j) Efficiency Ratio 62.2% 57.3% 57.7% 61.3% 57.3% 27

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