Equibles

8-K

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION)

8-K 2025-10-20 For: 2025-10-20
View Original
Added on April 07, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported)  October 20, 2025

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

(Exact name of registrant as specified in its charter)

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

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

Former name or former address, if changed since last report

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

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

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

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

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

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

Title of Each Class Trading Symbols Name of Each Exchange on Which Registered
Common Stock, par value $0.001 ZION The NASDAQ Stock Market, LLC
Depositary Shares each representing a 1/40th ownership interest in a share of:
Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock ZIONP The NASDAQ Stock Market, LLC

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 20, 2025, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended September 30, 2025 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on October 20, 2025. The press release announcing the financial results for the quarter ended September 30, 2025 is furnished as Exhibit 99.1 and incorporated herein by reference. A presentation to be used in conjunction with the conference call regarding the Bank’s 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 Bank under the Securities Act of 1933, as amended.

Item 9.01    Financial Statements and Exhibits.

Exhibits.

The following exhibits are furnished as part of this Current Report on Form 8-K:

Exhibit Number Description
99.1 Press Release dated October 20, 2025 (furnished herewith).
99.2 Earnings Release Presentation dated October 20, 2025 (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/ R. Ryan Richards
Name:    R. Ryan Richards
Title:      Executive Vice President and Chief Financial Officer
Date: October 20, 2025

Document

Zions Bancorporation, N.A.<br>One South Main<br>Salt Lake City, UT 84133<br>October 20, 2025
www.zionsbancorporation.com

Third Quarter 2025 Financial Results: FOR IMMEDIATE RELEASE

Investor Contact: Shannon Drage (801) 844-8208

Media Contact: Jennifer Johnston (801) 844-7112

Zions Bancorporation, N.A. reports 3Q25 Net Earnings of $221 million, diluted EPS of $1.48
compared with 3Q24 Net Earnings of $204 million, diluted EPS of $1.37,<br>and 2Q25 Net Earnings of $243 million, diluted EPS of $1.63

THIRD QUARTER RESULTS

$1.48 $221 million 3.28% 11.3%
Net earnings per diluted<br><br>common share Net earnings Net interest margin (“NIM”) Estimated common equity<br>tier 1 ratio
THIRD QUARTER HIGHLIGHTS¹
--- --- --- ---
Net Interest Income and NIM •
• NIM was 3.28%, compared with 3.03%
Operating Performance •
• Customer-related noninterest income was 163 million, up 3%; excluding net CVA, it was 174 million, up 8%
• Noninterest expense was 527 million, up 5%; adjusted noninterest expense² was 520 million, up 4%
Loans and Credit Quality •
• Total loan and lease charge-offs included 50 million associated with two related C&I loans
• The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.37%, compared with 0.02%
• The provision for credit losses was 49 million, compared with 13 million, primarily due to two large related C&I loans
• Nonperforming assets3 were 324 million, or 0.54% of loans and leases and other real estate owned, compared with 368 million, or 0.62%
• Classified loans were 2.4 billion, or 4.00% of loans and leases, compared with 2.1 billion, or 3.55%, down from 2.7 billion, or 4.43% in the prior quarter
Deposits and Borrowed Funds •
• Short-term borrowings, primarily composed of secured borrowings, were 3.8 billion, up 29%
Capital •
Other Notable Items •

All values are in US Dollars.

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We’re pleased with the Company’s core earnings, which included 14% growth in pre-provision net revenue over the prior year period, and 18% on an adjusted basis. The net interest margin increased 25 basis points over the prior year period, while customer-related noninterest income, adjusted for the net credit valuation adjustment, grew 8%. Although loans contracted at a 3% annualized linked-quarter rate in the quarter, deposits, excluding brokered deposits, grew at an annualized rate of 7%. Over the past year, tangible book value per share grew 17%.”<br><br>Mr. Simmons continued, “The quarter’s credit results were marred by a $50 million charge-off, and a $10 million specific reserve established against the approximate remaining balance, arising from loans to two related companies in which apparent irregularities and misrepresentations were recently detected. Legal action has been initiated to pursue recovery of the amounts owed from guarantors of the credits. Excluding this loss, remaining net charge-offs were very benign at $6 million, or 4 basis points of average loans on an annualized basis.”
OPERATING PERFORMANCE2
(In millions) Three Months Ended<br>September 30, Nine Months Ended<br>September 30,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Net Interest Margin 3.28 % 3.03 % 3.18 % 2.98 %
Adjusted PPNR $ 352 $ 299 $ 935 $ 819
Net charge-offs $ 56 $ 3 $ 82 $ 24
Efficiency ratio 59.6 % 62.5 % 62.7 % 64.9 %

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

2 For information on non-GAAP financial measures, see pages 18-20.

3 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 2

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

RESULTS OF OPERATIONS

Net Interest Income and Margin
3Q25 - 2Q25 3Q25 - 3Q24
(In millions) 3Q25 2Q25 3Q24 % %
Interest and fees on loans $ 898 $ 875 $ 899 3 % — %
Interest on money market investments 41 50 67 (9) (18) (26) (39)
Interest on securities 125 126 138 (1) (1) (13) (9)
Total interest income 1,064 1,051 1,104 13 1 (40) (4)
Interest on deposits 313 312 403 1 — (90) (22)
Interest on short- and long-term borrowings 79 91 81 (12) (13) (2) (2)
Total interest expense 392 403 484 (11) (3) (92) (19)
Net interest income $ 672 $ 648 $ 620 4 8
bps bps
Yield on interest-earning assets 1 5.16 % 5.11 % 5.35 % 5 (19)
Rate paid on total deposits and interest-bearing liabilities 1 1.92 % 1.97 % 2.36 % (5) (44)
Cost of deposits 1 1.67 % 1.68 % 2.14 % (1) (47)
Net interest margin 1 3.28 % 3.17 % 3.03 % 11 25

All values are in US Dollars.

1 Taxable-equivalent rates used where applicable.

Net interest income increased $52 million, or 8%, in the third quarter of 2025, relative to the prior year period, primarily due to lower funding costs. The increase was further supported by a favorable shift in the composition of average interest-earning assets, reflecting growth in higher-yielding loans and a decline in lower-yielding money market investments and securities. As a result, the net interest margin improved to 3.28%, compared with 3.03%.

The yield on average interest-earning assets, net of hedging activity, was 5.16% for the third quarter of 2025, compared with 5.35% in the prior year period, reflecting lower interest rates. The yield on average money market investments declined 100 basis points to 4.67%, while the net yield on average loans decreased 24 basis points to 5.91%. Additionally, the net yield on average securities declined 13 basis points to 2.73% during the third quarter of 2025.

The rate paid on total deposits and interest-bearing liabilities was 1.92% for the third quarter of 2025, compared with 2.36% in the prior year period. The total cost of deposits was 1.67%, compared with 2.14%, reflecting the lower interest rate environment.

Average interest-earning assets declined $111 million from the prior year quarter. This decrease was primarily attributable to a $1.2 billion reduction in average money market investments and a $1.2 billion decrease in average securities, with the latter largely resulting from principal reductions. These declines were partially offset by a $2.1 billion increase in average loans and leases.

Average interest-bearing liabilities decreased $641 million, or 1%, from the prior year quarter. This decline was primarily attributable to a $925 million reduction in average interest-bearing deposits, driven by the migration of a consumer interest-bearing product into a new noninterest-bearing offering. The decrease was partially offset by a $284 million increase in average borrowed funds, reflecting an increase in long-term debt.

ZIONS BANCORPORATION, N.A.

Press Release – Page 3

Noninterest Income
3Q25 - 2Q25 3Q25 - 3Q24
(In millions) 3Q25 2Q25 3Q24 % %
Commercial account fees $ 47 $ 46 $ 46 2 % 2 %
Card fees 24 24 24 — — — —
Retail and business banking fees 19 19 18 — — 1 6
Loan-related fees and income 20 19 17 1 5 3 18
Capital markets fees and income 1 24 28 25 (4) (14) (1) (4)
Wealth management fees 14 14 14 — — — —
Other customer-related fees 15 14 14 1 7 1 7
Customer-related noninterest income 163 164 158 (1) (1) 5 3
Dividends and other income 15 12 5 3 25 10 NM
Securities gains (losses), net 11 14 9 (3) (21) 2 22
Noncustomer-related noninterest income 26 26 14 — — 12 86
Total noninterest income $ 189 $ 190 $ 172 (1) 10
Adjusted customer-related noninterest income 2 $ 174 $ 164 $ 161 6 8

All values are in US Dollars.

1 Effective the first quarter of 2025, capital markets fees and income includes the net CVA, which was previously disclosed under noncustomer-related noninterest income. During the third quarter of 2025, the net CVA was a loss of $11 million. This loss was primarily driven by an update to our valuation methodology, in addition to changes in other market factors.

2 Net of CVA. For information on non-GAAP financial measures, see pages 18-20.

Customer-related noninterest income increased $5 million, or 3%, compared with the prior year period. This growth was primarily driven by a $3 million increase in loan-related fees and income, largely resulting from increased loan sales activity. Excluding the impact of the net CVA loss, capital markets fees and income increased $7 million, or 25%, from the prior year period, benefitting from increased loan syndication activity and higher swap fee revenue.

Noncustomer-related noninterest income increased $12 million, or 86%, compared with the prior year period. This growth was primarily driven by a $10 million increase in dividends and other income, mainly attributable to a $6 million gain on the sale of a bank-owned property and higher dividends received on FHLB stock.

Noninterest Expense
3Q25 - 2Q25 3Q25 - 3Q24
(In millions) 3Q25 2Q25 3Q24 % %
Salaries and employee benefits $ 337 $ 336 $ 317 — % 6 %
Technology, telecom, and information processing 70 65 66 5 8 4 6
Occupancy and equipment, net 42 40 40 2 5 2 5
Professional and legal services 14 13 14 1 8 — —
Marketing and business development 11 12 12 (1) (8) (1) (8)
Deposit insurance and regulatory expense 16 20 19 (4) (20) (3) (16)
Credit-related expense 6 6 6 — — — —
Other real estate expense, net — — — — NM — NM
Other 31 35 28 (4) (11) 3 11
Total noninterest expense $ 527 $ 527 $ 502 — 5
Adjusted noninterest expense 1 $ 520 $ 521 $ 499 — 4

All values are in US Dollars.

1 For information on non-GAAP financial measures, see pages 18-20.

ZIONS BANCORPORATION, N.A.

Press Release – Page 4

Noninterest expense increased $25 million, or 5%, compared with the prior year quarter. Salaries and employee benefits expense increased $20 million, primarily due to higher severance and other salary-related costs, along with increased incentive compensation accruals reflecting improved profitability. Technology, telecom, and information processing expense increased $4 million, largely due to higher costs associated with application software, licensing, and maintenance.

Adjusted noninterest expense increased $21 million, or 4%. The efficiency ratio improved to 59.6%, compared with 62.5%, reflecting positive operating leverage as adjusted pre-provision net revenue increased $53 million, or 18%. For more information on non-GAAP financial measures, see pages 18-20.

BALANCE SHEET ANALYSIS

Investment Securities
3Q25 - 2Q25 3Q25 - 3Q24
(In millions) 3Q25 2Q25 3Q24 % %
Investment securities:
Available-for-sale, at fair value $ 9,170 $ 9,116 $ 9,495 1 % (3) %
Held-to-maturity, at amortized cost 9,059 9,272 9,857 (213) (2) (798) (8)
Total investment securities, net of allowance $ 18,229 $ 18,388 $ 19,352 (1) (6)

All values are in US Dollars.

Total investment securities decreased $1.1 billion, or 6%, to $18.2 billion, relative to the prior year quarter, primarily due to principal reductions, net of reinvestments.

Loans and Leases
3Q25 - 2Q25 3Q25 - 3Q24
(In millions) 3Q25 2Q25 3Q24 % %
Loans held for sale $ 215 $ 172 $ 97 25 % NM
Loans and leases:
Commercial $ 31,179 $ 31,646 $ 30,785 (1) 1
Commercial real estate 13,477 13,611 13,483 (134) (1) (6) —
Consumer 15,646 15,576 14,616 70 — 1,030 7
Loans and leases, net of unearned income and fees 60,302 60,833 58,884 (531) (1) 1,418 2
Less allowance for loan losses 679 690 694 (11) (2) (15) (2)
Loans and leases held for investment, net of allowance $ 59,623 $ 60,143 $ 58,190 (1) 2
Unfunded commitments $ 30,337 $ 29,564 $ 29,121 3 4

All values are in US Dollars.

Loans and leases, net of unearned income and fees, increased $1.4 billion, or 2%, to $60.3 billion, relative to the prior year quarter. This growth was driven by a $1.0 billion increase in consumer loans, primarily within the 1-4 family residential loan portfolio, and a $394 million increase in commercial loans, primarily within the commercial and industrial loan portfolio.

ZIONS BANCORPORATION, N.A.

Press Release – Page 5

Credit Quality
3Q25 - 2Q25 3Q25 - 3Q24
(In millions) 3Q25 2Q25 3Q24 % %
Provision for credit losses $ 49 $ (1) $ 13 NM NM
Allowance for credit losses 725 732 736 (7) (1) % (11) (1) %
Net loan and lease charge-offs (recoveries) 56 10 3 46 NM 53 NM
Nonperforming assets 324 313 368 11 4 (44) (12)
Classified loans 2,415 2,697 2,093 (282) (10) 322 15
3Q25 2Q25 3Q24 bps bps
Ratio of ACL to loans and leases outstanding, at period end 1.20 % 1.20 % 1.25 % — (5)
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans 0.37 % 0.07 % 0.02 % 30 35
Ratio of nonperforming assets to loans and leases and other real estate owned 0.54 % 0.51 % 0.62 % 3 (8)
Ratio of classified loans to total loans and leases 4.00 % 4.43 % 3.55 % (43) 45

All values are in US Dollars.

During the third quarter of 2025, we recorded a $49 million provision for credit losses, compared with $13 million during the prior year period. The allowance for credit losses (“ACL”) totaled $725 million at September 30, 2025, compared with $736 million at September 30, 2024. The year-over-year decrease in the ACL primarily reflects lower reserves associated with commercial real estate (“CRE”) portfolio-specific risks, partially offset by more adverse economic scenarios and increased lending activity. The ratio of ACL to total loans and leases was 1.20% at September 30, 2025, compared with 1.25% at September 30, 2024.

Net loan and lease charge-offs totaled $56 million in the third quarter of 2025, compared with $3 million in the prior year quarter. This increase included $50 million in charge-offs associated with revolving lines of credit extended to two related commercial borrowers to finance the origination and purchase of commercial mortgages. Additionally, we have established a full reserve against the remaining $10 million exposure to these loans.

At September 30, 2025, nonperforming assets totaled $324 million, or 0.54% of total loans and leases and other real estate owned, compared with $368 million, or 0.62%, in the prior year period. Nonperforming assets remained primarily concentrated in the commercial and industrial, term CRE, and consumer 1-4 family residential loan portfolios. Classified loans totaled $2.4 billion, or 4.00% of total loans and leases, compared with $2.1 billion, or 3.55%, in the prior year period, and decreased from $2.7 billion, or 4.43%, in the prior quarter.

Deposits and Borrowed Funds
3Q25 - 2Q25 3Q25 - 3Q24
(In millions) 3Q25 2Q25 3Q24 % %
Deposits:
Noninterest-bearing demand $ 26,133 $ 25,413 $ 24,973 3 % 5 %
Interest-bearing:
Savings and money market 38,689 38,254 39,215 435 1 (526) (1)
Time 6,232 6,200 6,333 32 1 (101) (2)
Brokered 3,824 3,933 5,197 (109) (3) (1,373) (26)
Total interest-bearing 48,745 48,387 50,745 358 1 (2,000) (4)
Total deposits $ 74,878 $ 73,800 $ 75,718 1 (1)
Borrowed funds:
Federal funds purchased and other short-term borrowings $ 3,757 $ 6,072 $ 2,919 (38) 29
Long-term debt 1,473 970 548 503 52 925 NM
Total borrowed funds $ 5,230 $ 7,042 $ 3,467 (26) 51

All values are in US Dollars.

ZIONS BANCORPORATION, N.A.

Press Release – Page 6

Total deposits decreased $840 million, or 1%, compared with the prior year quarter, and increased $1.1 billion, or 1%, from the prior quarter. Interest-bearing deposits decreased $2.0 billion from the prior year quarter, primarily due to the migration of a consumer interest-bearing product into a new noninterest-bearing offering, as well as a reduction in brokered deposits. This decline was partially offset by a $1.2 billion increase in noninterest-bearing demand deposits, mainly driven by the aforementioned product migration.

At September 30, 2025, customer deposits (excluding brokered deposits) totaled $71.1 billion, compared with $70.5 billion at September 30, 2024. These balances included approximately $6.8 billion and $7.3 billion of reciprocal deposits, respectively. The loan-to-deposit ratio was 81%, compared with 78% in the prior year quarter.

Total borrowed funds, primarily composed of secured borrowings, increased $1.8 billion, or 51%, compared with the prior year quarter. This growth was driven by higher levels of long-term debt and short-term advances from the FHLB, partially offset by a reduction in borrowings under the FRB Bank Term Funding Program. The increase in long-term debt reflects the issuance of $500 million in 4.70% Fixed-to-Floating Senior Notes during the third quarter of 2025, and $500 million in 6.82% Fixed-to-Floating Subordinated Notes during the fourth quarter of 2024. These issuances were partially offset by the redemption of $88 million in 6.95% Fixed-to-Floating Subordinated Notes, also during the fourth quarter of 2024.

Shareholders’ Equity
3Q25 - 2Q25 3Q25 - 3Q24
(In millions, except share data) 3Q25 2Q25 3Q24 % %
Shareholders’ equity:
Preferred stock $ 66 $ 66 $ 440 — % (85) %
Common stock and additional paid-in capital 1,721 1,713 1,717 8 — 4 —
Retained earnings 7,134 6,981 6,564 153 2 570 9
Accumulated other comprehensive income (loss) (2,056) (2,164) (2,336) 108 5 280 12
Total shareholders’ equity $ 6,865 $ 6,596 $ 6,385 4 8
Capital distributions:
Common dividends paid $ 67 $ 64 $ 61 5 10
shares % shares %
Weighted average diluted common shares outstanding (in thousands) 147,125 147,053 147,150 72 — % (25) — %
Common shares outstanding, at period end (in thousands) 147,640 147,603 147,699 37 — (59) —

All values are in US Dollars.

Preferred stock decreased $374 million due to the redemption of the outstanding shares of our Series G, I, and J preferred stock during the fourth quarter of 2024. The common stock dividend was $0.45 per share, compared with $0.41 per share during the third quarter of 2024.

Accumulated other comprehensive income (loss) (“AOCI”) was a loss of $2.1 billion at September 30, 2025, an improvement of $280 million when compared with a loss of $2.3 billion at September 30, 2024. The AOCI loss largely reflects a decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are currently excluded from regulatory capital, and therefore do not impact our regulatory capital ratios.

Estimated common equity tier 1 (“CET1”) capital was $7.7 billion, an increase of 7%, compared with $7.2 billion in the prior year period. The estimated CET1 capital ratio was 11.3%, compared with 10.7%. Tangible book value per common share increased $5.52, or 17%, to $38.64, mainly due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see pages 18-20.

ZIONS BANCORPORATION, N.A.

Press Release – Page 7

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the third quarter results at 5:30 p.m. ET on October 20, 2025. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and using the meeting number 13756405, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at www.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 $3.1 billion in 2024, and total assets of approximately $89 billion at December 31, 2024. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

This earnings release contains “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and assumptions regarding future events and outcomes. However, they are inherently subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performances, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others:

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

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

Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, key factors that may cause material differences include:

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

•Changes in general industry, political, and economic conditions, including increases in the national debt, elevated inflation, economic slowdowns or recessions, and other macroeconomic challenges; changes in interest and reference rates, which could negatively impact our revenues and expenses, the valuation and performance of our assets and liabilities, and the availability and cost of capital and liquidity;

•Political developments, including government shutdowns and other significant disruptions and changes in the funding, size, scope, and effectiveness of the government and its agencies and services;

•The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies;

ZIONS BANCORPORATION, N.A.

Press Release – Page 8

•Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements;

•Evolving trade policies and disputes, such as proposed and implemented tariffs and resulting market volatility and uncertainty, including the effects on supply chains, expenses, and revenues for both us and our customers;

•Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry;

•Changes in our credit ratings;

•Our ability to innovate and otherwise address competitive pressures and other factors that may affect aspects of our business, such as pricing, relevance of, and demand for, our products and services, and our ability to recruit and retain talent;

•The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, blockchain, artificial intelligence, quantum computing, and related innovations affecting both us and the banking industry;

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

•Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry;

•Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services;

•The effects of wars, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future;

•Natural disasters, pandemics, wildfires, catastrophic events, and other emergencies and incidents, and their impact on our and our customers’ operations, business, and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products;

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

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

•The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity;

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

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

•Other assumptions, risks, or uncertainties described in this earnings release, and other SEC filings.

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 9

FINANCIAL HIGHLIGHTS

(Unaudited)

Three Months Ended
(In millions, except share, per share, and ratio data) September 30,<br>2025 June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024
BALANCE SHEET 1
Loans held for investment, net of allowance $ 59,623 $ 60,143 $ 59,244 $ 58,714 $ 58,190
Total assets 88,533 88,893 87,992 88,775 87,032
Deposits 74,878 73,800 75,692 76,223 75,718
Total shareholders’ equity 6,865 6,596 6,327 6,124 6,385
STATEMENT OF INCOME
Net earnings applicable to common shareholders $ 221 $ 243 $ 169 $ 200 $ 204
Net interest income 672 648 624 627 620
Taxable-equivalent net interest income 2 683 661 635 639 632
Total noninterest income 189 190 171 193 172
Total noninterest expense 527 527 538 509 502
Pre-provision net revenue 2 345 324 268 323 302
Adjusted pre-provision net revenue 2 352 316 267 312 299
Provision for credit losses 49 (1) 18 41 13
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share $ 1.48 $ 1.63 $ 1.13 $ 1.34 $ 1.37
Dividends 0.45 0.43 0.43 0.43 0.41
Book value per common share 1 46.05 44.24 42.43 40.97 40.25
Tangible book value per common share 1, 2 38.64 36.81 34.95 33.85 33.12
Weighted average share price 55.42 46.72 53.64 54.60 47.13
Weighted average diluted common shares outstanding (in thousands) 147,125 147,053 147,387 147,329 147,150
Common shares outstanding (in thousands) 1 147,640 147,603 147,567 147,871 147,699
SELECTED RATIOS AND OTHER DATA
Return on average assets 0.99 % 1.09 % 0.77 % 0.96 % 0.95 %
Return on average common equity 13.3 % 15.3 % 11.1 % 13.2 % 14.1 %
Return on average tangible common equity 2 16.0 % 18.7 % 13.4 % 16.0 % 17.4 %
Net interest margin 3.28 % 3.17 % 3.10 % 3.05 % 3.03 %
Cost of deposits 1.67 % 1.68 % 1.76 % 1.93 % 2.14 %
Efficiency ratio 2 59.6 % 62.2 % 66.6 % 62.0 % 62.5 %
Effective tax rate 3 22.1 % 21.8 % 28.9 % 20.0 % 22.7 %
Ratio of nonperforming assets to loans and leases and other real estate owned 0.54 % 0.51 % 0.51 % 0.50 % 0.62 %
Annualized ratio of net loan and lease charge-offs to average loans 0.37 % 0.07 % 0.11 % 0.24 % 0.02 %
Ratio of total allowance for credit losses to loans and leases outstanding 1 1.20 % 1.20 % 1.24 % 1.25 % 1.25 %
Full-time equivalent employees 9,286 9,440 9,392 9,406 9,503
CAPITAL RATIOS AND DATA 1
Tangible common equity ratio 2 6.5 % 6.2 % 5.9 % 5.7 % 5.7 %
Common equity tier 1 capital 4 $ 7,734 $ 7,570 $ 7,379 $ 7,363 $ 7,206
Risk-weighted assets 4 $ 68,634 $ 69,026 $ 68,132 $ 67,685 $ 67,305
Common equity tier 1 capital ratio 4 11.3 % 11.0 % 10.8 % 10.9 % 10.7 %
Tier 1 risk-based capital ratio 4 11.4 % 11.1 % 10.9 % 11.0 % 11.4 %
Total risk-based capital ratio 4 13.7 % 13.4 % 13.3 % 13.3 % 13.2 %
Tier 1 leverage ratio 4 8.8 % 8.5 % 8.4 % 8.3 % 8.6 %

1 At period end.

2 For information on non-GAAP financial measures, see pages 18-20.

3 The increase in the effective tax rate at March 31, 2025 was the result of a revaluation of deferred tax assets due to newly enacted state tax legislation.

4 Current period ratios and amounts represent estimates.

ZIONS BANCORPORATION, N.A.

Press Release – Page 10

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands) September 30,<br>2025 June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 771 $ 780 $ 833 $ 651 $ 1,114
Money market investments:
Interest-bearing deposits 2,395 1,781 1,980 2,850 1,253
Federal funds sold and securities purchased under agreements to resell 1,008 1,140 936 1,453 986
Trading securities, at fair value 134 180 64 35 68
Investment securities:
Available-for-sale, at fair value 9,170 9,116 9,223 9,095 9,495
Held-to-maturity 1, at amortized cost 9,059 9,272 9,481 9,669 9,857
Total investment securities, net of allowance 18,229 18,388 18,704 18,764 19,352
Loans held for sale 2 215 172 112 74 97
Loans and leases, net of unearned income and fees 60,302 60,833 59,941 59,410 58,884
Allowance for loan and lease losses 679 690 697 696 694
Loans held for investment, net of allowance 59,623 60,143 59,244 58,714 58,190
Other noninterest-bearing investments 1,098 1,182 1,045 1,020 946
Premises, equipment, and software, net 1,358 1,361 1,362 1,366 1,372
Goodwill and intangibles 1,094 1,096 1,104 1,052 1,053
Other real estate owned 5 5 2 1 5
Other assets 2,603 2,665 2,606 2,795 2,596
Total assets $ 88,533 $ 88,893 $ 87,992 $ 88,775 $ 87,032
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 26,133 $ 25,413 $ 24,792 $ 24,704 $ 24,973
Interest-bearing:
Savings and money market 38,689 38,254 39,860 40,037 39,242
Time 10,056 10,133 11,040 11,482 11,503
Total deposits 74,878 73,800 75,692 76,223 75,718
Federal funds and other short-term borrowings 3,757 6,072 3,476 3,832 2,919
Long-term debt 1,473 970 964 950 548
Reserve for unfunded lending commitments 46 42 46 45 42
Other liabilities 1,514 1,413 1,487 1,601 1,420
Total liabilities 81,668 82,297 81,665 82,651 80,647
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares 66 66 66 66 440
Common stock 3 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital 1,721 1,713 1,706 1,737 1,717
Retained earnings 7,134 6,981 6,805 6,701 6,564
Accumulated other comprehensive income (loss) (2,056) (2,164) (2,250) (2,380) (2,336)
Total shareholders’ equity 6,865 6,596 6,327 6,124 6,385
Total liabilities and shareholders’ equity $ 88,533 $ 88,893 $ 87,992 $ 88,775 $ 87,032
1 Held-to-maturity (fair value) $ 9,106 $ 9,229 $ 9,400 $ 9,382 $ 10,024
2 Loans held for sale (carried at fair value) 126 100 62 25 58
3 Common shares (issued and outstanding) 147,640 147,603 147,567 147,871 147,699

ZIONS BANCORPORATION, N.A.

Press Release – Page 11

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) Three Months Ended
(In millions, except share and per share amounts) September 30,<br>2025 June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024
Interest income:
Interest and fees on loans $ 898 $ 875 $ 850 $ 873 $ 899
Interest on money market investments 41 50 53 60 67
Interest on securities 125 126 125 129 138
Total interest income 1,064 1,051 1,028 1,062 1,104
Interest expense:
Interest on deposits 313 312 326 371 403
Interest on short- and long-term borrowings 79 91 78 64 81
Total interest expense 392 403 404 435 484
Net interest income 672 648 624 627 620
Provision for credit losses:
Provision for loan and lease losses 45 3 17 38 1
Provision for unfunded lending commitments 4 (4) 1 3 12
Total provision for credit losses 49 (1) 18 41 13
Net interest income after provision for credit losses 623 649 606 586 607
Noninterest income:
Commercial account fees 47 46 45 47 46
Card fees 24 24 23 24 24
Retail and business banking fees 19 19 17 17 18
Loan-related fees and income 20 19 17 20 17
Capital markets fees and income 24 28 27 40 25
Wealth management fees 14 14 15 14 14
Other customer-related fees 15 14 14 14 14
Customer-related noninterest income 163 164 158 176 158
Dividends and other income 15 12 7 9 5
Securities gains (losses), net 11 14 6 8 9
Total noninterest income 189 190 171 193 172
Noninterest expense:
Salaries and employee benefits 337 336 342 321 317
Technology, telecom, and information processing 70 65 70 66 66
Occupancy and equipment, net 42 40 41 42 40
Professional and legal services 14 13 13 17 14
Marketing and business development 11 12 11 10 12
Deposit insurance and regulatory expense 16 20 22 17 19
Credit-related expense 6 6 6 6 6
Other real estate expense, net — — — — —
Other 31 35 33 30 28
Total noninterest expense 527 527 538 509 502
Income before income taxes 285 312 239 270 277
Income taxes 63 68 69 54 63
Net income 222 244 170 216 214
Preferred stock dividends (1) (1) (1) (10) (10)
Preferred stock redemption — — — (6) —
Net earnings applicable to common shareholders $ 221 $ 243 $ 169 $ 200 $ 204
Weighted average common shares outstanding during the period:
Basic shares (in thousands) 147,045 147,044 147,321 147,247 147,138
Diluted shares (in thousands) 147,125 147,053 147,387 147,329 147,150
Net earnings per common share:
Basic $ 1.48 $ 1.63 $ 1.13 $ 1.34 $ 1.37
Diluted 1.48 1.63 1.13 1.34 1.37

ZIONS BANCORPORATION, N.A.

Press Release – Page 12

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) Nine Months Ended<br>September 30, 2025
(In millions, except share and per share amounts) 2025 2024
Interest income:
Interest and fees on loans $ 2,623 $ 2,641
Interest on money market investments 144 170
Interest on securities 376 420
Total interest income 3,143 3,231
Interest expense:
Interest on deposits 951 1,169
Interest on short- and long-term borrowings 248 259
Total interest expense 1,199 1,428
Net interest income 1,944 1,803
Provision for credit losses:
Provision for loan losses 65 34
Provision for unfunded lending commitments 1 (3)
Total provision for credit losses 66 31
Net interest income after provision for credit losses 1,878 1,772
Noninterest income:
Commercial account fees 138 135
Card fees 71 72
Retail and business banking fees 55 50
Loan-related fees and income 56 50
Capital markets fees and income 79 70
Wealth management fees 43 44
Other customer-related fees 43 42
Customer-related noninterest income 485 463
Dividends and other income 34 33
Securities gains (losses), net 31 11
Total noninterest income 550 507
Noninterest expense:
Salaries and employee benefits 1,015 966
Technology, telecom, and information processing 205 194
Occupancy and equipment, net 123 119
Professional and legal services 40 47
Marketing and business development 34 35
Deposit insurance and regulatory expense 58 74
Credit-related expense 18 19
Other real estate expense, net — (1)
Other 99 84
Total noninterest expense 1,592 1,537
Income before income taxes 836 742
Income taxes 200 174
Net income 636 568
Preferred stock dividends (3) (31)
Net earnings applicable to common shareholders $ 633 $ 537
Weighted average common shares outstanding during the year:
Basic shares (in thousands) 147,136 147,197
Diluted shares (in thousands) 147,175 147,202
Net earnings per common share:
Basic $ 4.25 $ 3.61
Diluted 4.25 3.61

ZIONS BANCORPORATION, N.A.

Press Release – Page 13

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions) September 30,<br>2025 June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024
Commercial:
Commercial and industrial $ 17,222 $ 17,526 $ 16,900 $ 16,891 $ 16,757
Owner occupied 9,267 9,377 9,321 9,333 9,381
Municipal 4,341 4,376 4,412 4,364 4,270
Leasing 349 367 377 377 377
Total commercial 31,179 31,646 31,010 30,965 30,785
Commercial real estate:
Term 11,008 11,186 10,878 10,703 10,650
Construction and land development 2,469 2,425 2,715 2,774 2,833
Total commercial real estate 13,477 13,611 13,593 13,477 13,483
Consumer:
1-4 family residential 10,423 10,431 10,312 9,939 9,489
Home equity credit line 3,848 3,784 3,670 3,641 3,543
Construction and other consumer real estate 769 743 762 810 997
Bankcard and other revolving plans 477 496 472 457 461
Other 129 122 122 121 126
Total consumer 15,646 15,576 15,338 14,968 14,616
Total loans and leases $ 60,302 $ 60,833 $ 59,941 $ 59,410 $ 58,884

Nonperforming Assets

(Unaudited)

(In millions) September 30,<br>2025 June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024
Nonaccrual loans 1 $ 319 $ 308 $ 305 $ 297 $ 363
Other real estate owned 2 5 5 2 1 5
Total nonperforming assets $ 324 $ 313 $ 307 $ 298 $ 368
Ratio of nonperforming assets to loans 1 and leases and other real estate owned 2 0.54 % 0.51 % 0.51 % 0.50 % 0.62 %
Accruing loans past due 90 days or more $ 5 $ 4 $ 13 $ 18 $ 7
Ratio of accruing loans past due 90 days or more to loans1 and leases 0.01 % 0.01 % 0.02 % 0.03 % 0.01 %
Nonaccrual loans and accruing loans past due 90 days or more $ 324 $ 312 $ 318 $ 315 $ 370
Ratio of nonperforming assets 1 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.54 % 0.52 % 0.53 % 0.53 % 0.64 %
Accruing loans past due 30-89 days $ 69 $ 57 $ 105 $ 57 $ 89
Classified loans 2,415 2,697 2,891 2,870 2,093
Ratio of classified loans to total loans and leases 4.00 % 4.43 % 4.82 % 4.83 % 3.55 %

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 14

Allowance for Credit Losses

(Unaudited)

Three Months Ended
(In millions) September 30,<br>2025 June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024
Allowance for Loan and Lease Losses
Balance at beginning of period $ 690 $ 697 $ 696 $ 694 $ 696
Provision for loan losses 45 3 17 38 1
Loan and lease charge-offs 67 16 24 41 15
Less: Recoveries 11 6 8 5 12
Net loan and lease charge-offs (recoveries) 56 10 16 36 3
Balance at end of period $ 679 $ 690 $ 697 $ 696 $ 694
Ratio of allowance for loan losses to loans 1 and leases, at period end 1.13 % 1.13 % 1.16 % 1.17 % 1.18 %
Ratio of allowance for loan losses to nonaccrual loans1 at period end 213 % 224 % 229 % 234 % 191 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans 0.37 % 0.07 % 0.11 % 0.24 % 0.02 %
Reserve for Unfunded Lending Commitments
Balance at beginning of period $ 42 $ 46 $ 45 $ 42 $ 30
Provision for unfunded lending commitments 4 (4) 1 3 12
Balance at end of period $ 46 $ 42 $ 46 $ 45 $ 42
Allowance for Credit Losses
Allowance for loan losses $ 679 $ 690 $ 697 $ 696 $ 694
Reserve for unfunded lending commitments 46 42 46 45 42
Total allowance for credit losses $ 725 $ 732 $ 743 $ 741 $ 736
Ratio of ACL to loans 1 and leases outstanding, at period end 1.20 % 1.20 % 1.24 % 1.25 % 1.25 %

1 Does not include loans held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 15

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions) September 30,<br>2025 June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024
Commercial:
Commercial and industrial $ 107 $ 113 $ 121 $ 114 $ 173
Owner occupied 40 39 25 31 29
Municipal 2 5 10 11 11
Leasing 4 2 2 2 2
Total commercial 153 159 158 158 215
Commercial real estate:
Term 70 60 58 59 67
Construction and land development — — — — 2
Total commercial real estate 70 60 58 59 69
Consumer:
1-4 family residential 63 58 56 49 47
Home equity credit line 32 30 32 30 30
Bankcard and other revolving plans 1 1 1 1 1
Other — — — — 1
Total consumer 96 89 89 80 79
Total nonaccrual loans $ 319 $ 308 $ 305 $ 297 $ 363

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions) September 30,<br>2025 June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024
Commercial:
Commercial and industrial $ 50 $ 8 $ 13 $ 35 $ 3
Owner occupied (1) (1) (1) (1) —
Municipal 3 — — — —
Total commercial 52 7 12 34 3
Commercial real estate:
Term 2 1 — — (2)
Total commercial real estate 2 1 — — (2)
Consumer:
1-4 family residential — 1 1 — —
Bankcard and other revolving plans 1 1 2 2 2
Other 1 — 1 — —
Total consumer loans 2 2 4 2 2
Total net charge-offs (recoveries) $ 56 $ 10 $ 16 $ 36 $ 3

ZIONS BANCORPORATION, N.A.

Press Release – Page 16

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited) Three Months Ended
September 30, 2025 June 30, 2025 September 30, 2024
(In millions) Average balance Yield/<br><br>Rate 1 Average balance Yield/<br><br>Rate 1 Average balance Yield/<br><br>Rate 1
ASSETS
Money market investments:
Interest-bearing deposits $ 1,582 4.42 % $ 1,543 4.50 % $ 2,457 5.53 %
Federal funds sold and securities purchased under agreements to resell 1,940 4.87 % 2,757 4.77 % 2,258 5.82 %
Total money market investments 3,522 4.67 % 4,300 4.68 % 4,715 5.67 %
Trading securities 83 4.63 % 244 4.77 % 32 4.18 %
Investment securities:
Available-for-sale 9,078 3.28 % 9,093 3.27 % 9,442 3.53 %
Held-to-maturity 9,143 2.19 % 9,351 2.22 % 9,936 2.22 %
Total investment securities 18,221 2.73 % 18,444 2.74 % 19,378 2.86 %
Loans held for sale 171 NM 118 NM 104 NM
Loans and leases: 2
Commercial 31,558 5.97 % 31,383 5.89 % 30,671 6.14 %
Commercial real estate 13,611 6.64 % 13,612 6.64 % 13,523 7.23 %
Consumer 15,617 5.16 % 15,465 5.14 % 14,471 5.18 %
Total loans and leases 60,786 5.91 % 60,460 5.86 % 58,665 6.15 %
Total interest-earning assets 82,783 5.16 % 83,566 5.11 % 82,894 5.35 %
Cash and due from banks 702 703 703
Allowance for credit losses on loans and debt securities (687) (694) (699)
Goodwill and intangibles 1,095 1,097 1,054
Other assets 5,262 5,313 5,218
Total assets $ 89,155 $ 89,985 $ 89,170
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 39,252 2.18 % $ 38,877 2.15 % $ 39,031 2.72 %
Time 10,129 3.81 % 10,659 3.90 % 11,275 4.81 %
Total interest-bearing deposits 49,381 2.51 % 49,536 2.52 % 50,306 3.19 %
Borrowed funds:
Federal funds purchased and security repurchase agreements 665 4.28 % 1,463 4.36 % 1,072 5.33 %
Other short-term borrowings 4,731 4.48 % 5,340 4.48 % 4,704 4.89 %
Long-term debt 1,210 6.13 % 966 6.41 % 546 5.91 %
Total borrowed funds 6,606 4.76 % 7,769 4.70 % 6,322 5.06 %
Total interest-bearing liabilities 55,987 2.78 % 57,305 2.82 % 56,628 3.40 %
Noninterest-bearing demand deposits 24,922 24,730 24,723
Other liabilities 1,564 1,527 1,641
Total liabilities 82,473 83,562 82,992
Shareholders’ equity:
Preferred equity 66 66 440
Common equity 6,616 6,357 5,738
Total shareholders’ equity 6,682 6,423 6,178
Total liabilities and shareholders’ equity $ 89,155 $ 89,985 $ 89,170
Spread on average interest-bearing funds 2.38 % 2.29 % 1.95 %
Impact of net noninterest-bearing sources of funds 0.90 % 0.88 % 1.08 %
Net interest margin 3.28 % 3.17 % 3.03 %
Memo: total cost of deposits $ 74,303 1.67 % $ 74,266 1.68 % $ 75,029 2.14 %
Memo: total deposits and interest-bearing liabilities $ 80,909 1.92 % $ 82,035 1.97 % $ 81,351 2.36 %

1 Taxable-equivalent rates used where applicable.

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 17

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited) Nine Months Ended
September 30, 2025 September 30, 2024
(In millions) Average balance Yield/<br><br>Rate 1 Average balance Yield/<br><br>Rate 1
ASSETS
Money market investments:
Interest-bearing deposits $ 1,586 4.51 % $ 1,940 5.59 %
Federal funds sold and securities purchased under agreements to resell 2,552 4.77 % 2,037 5.86 %
Total money market investments 4,138 4.67 % 3,977 5.72 %
Trading securities 117 4.68 % 35 4.42 %
Investment securities:
Available-for-sale 9,091 3.27 % 9,725 3.52 %
Held-to-maturity 9,348 2.22 % 10,110 2.24 %
Total investment securities 18,439 2.74 % 19,835 2.87 %
Loans held for sale 124 NM 68 NM
Loans and leases: 2
Commercial 31,327 5.90 % 30,553 6.05 %
Commercial real estate 13,593 6.61 % 13,538 7.24 %
Consumer 15,378 5.14 % 14,198 5.15 %
Total loans and leases 60,298 5.87 % 58,289 6.11 %
Total interest-earning assets 83,116 5.11 % 82,204 5.30 %
Cash and due from banks 703 701
Allowance for credit losses on loans and debt securities (691) (693)
Goodwill and intangibles 1,082 1,056
Other assets 5,317 5,305
Total assets $ 89,527 $ 88,573
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 39,256 2.17 % $ 38,471 2.73 %
Time 10,601 3.96 % 10,601 4.83 %
Total interest-bearing deposits 49,857 2.55 % 49,072 3.18 %
Borrowed funds:
Federal funds purchased and security repurchase agreements 1,279 4.34 % 1,328 5.37 %
Other short-term borrowings 4,685 4.49 % 4,910 4.94 %
Long-term debt 1,045 6.29 % 544 5.96 %
Total borrowed funds 7,009 4.73 % 6,782 5.11 %
Total interest-bearing funds 56,866 2.82 % 55,854 3.41 %
Noninterest-bearing demand deposits 24,637 25,136
Other liabilities 1,571 1,650
Total liabilities 83,074 82,640
Shareholders’ equity:
Preferred equity 66 440
Common equity 6,387 5,493
Total shareholders’ equity 6,453 5,933
Total liabilities and shareholders’ equity $ 89,527 $ 88,573
Spread on average interest-bearing funds 2.29 % 1.89 %
Impact of net noninterest-bearing sources of funds 0.89 % 1.09 %
Net interest margin 3.18 % 2.98 %
Memo: total cost of deposits $ 74,494 1.71 % $ 74,208 2.10 %
Memo: total deposits and interest-bearing liabilities $ 81,503 1.98 % $ 80,990 2.34 %

1 Taxable-equivalent rates used where applicable.

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 18

NON-GAAP FINANCIAL MEASURES

(Unaudited)

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

Non-GAAP financial measures have inherent limitations and are not necessarily comparable to similar financial measures that may be presented by other financial services companies. Although non-GAAP financial measures are frequently used by stakeholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

Tangible Common Equity and Related Measures

Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization. We believe these non-GAAP measures provide useful information about our use of shareholders’ equity and provide a basis for evaluating the performance of a business more consistently, whether acquired or developed internally.

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

Three Months Ended
(Dollar amounts in millions) September 30,<br>2025 June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024
Net earnings applicable to common shareholders (GAAP) $ 221 $ 243 $ 169 $ 200 $ 204
Adjustments, net of tax:
Amortization of core deposit and other intangibles 2 2 1 1 1
Adjusted net earnings applicable to common shareholders, net of tax (a) $ 223 $ 245 $ 170 $ 201 $ 205
Average common equity (GAAP) $ 6,616 $ 6,357 $ 6,182 $ 6,036 $ 5,738
Average goodwill and intangibles (1,095) (1,097) (1,052) (1,053) (1,054)
Average tangible common equity (non-GAAP) (b) $ 5,521 $ 5,260 $ 5,130 $ 4,983 $ 4,684
Number of days in quarter (c) 92 91 90 92 92
Number of days in year (d) 365 365 365 366 366
Return on average tangible common equity (non-GAAP) 1 (a/b/c)*d 16.0 % 18.7 % 13.4 % 16.0 % 17.4 %

1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 11.5%, 13.1%, 9.2%, 10.9%, and 11.4% for the respective periods presented.

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

(Dollar amounts in millions, except per share amounts) September 30,<br>2025 June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024
Total shareholders’ equity (GAAP) $ 6,865 $ 6,596 $ 6,327 $ 6,124 $ 6,385
Goodwill and intangibles (1,094) (1,096) (1,104) (1,052) (1,053)
Tangible equity (non-GAAP) (a) 5,771 5,500 5,223 5,072 5,332
Preferred stock (66) (66) (66) (66) (440)
Tangible common equity (non-GAAP) (b) $ 5,705 $ 5,434 $ 5,157 $ 5,006 $ 4,892
Total assets (GAAP) $ 88,533 $ 88,893 $ 87,992 $ 88,775 $ 87,032
Goodwill and intangibles (1,094) (1,096) (1,104) (1,052) (1,053)
Tangible assets (non-GAAP) (c) $ 87,439 $ 87,797 $ 86,888 $ 87,723 $ 85,979
Common shares outstanding (in thousands) (d) 147,640 147,603 147,567 147,871 147,699
Tangible equity ratio (non-GAAP) (a/c) 6.6 % 6.3 % 6.0 % 5.8 % 6.2 %
Tangible common equity ratio (non-GAAP) (b/c) 6.5 % 6.2 % 5.9 % 5.7 % 5.7 %
Tangible book value per common share (non-GAAP) (b/d) $ 38.64 $ 36.81 $ 34.95 $ 33.85 $ 33.12

ZIONS BANCORPORATION, N.A.

Press Release – Page 19

Efficiency Ratio and Adjusted Pre-Provision Net Revenue

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

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

Three Months Ended
(Dollar amounts in millions) September 30,<br>2025 June 30,<br>2025 March 31,<br>2025 December 31,<br>2024 September 30,<br>2024
Noninterest expense (GAAP) (a) $ 527 $ 527 $ 538 $ 509 $ 502
Adjustments:
Severance costs 6 2 3 1 1
Amortization of core deposit and other intangibles 2 2 2 2 2
SBIC investment success fee accrual 1 2 — — —
FDIC special assessment (2) — — (3) —
Total adjustments (b) 7 6 5 — 3
Adjusted noninterest expense (non-GAAP) (c)=(a-b) $ 520 $ 521 $ 533 $ 509 $ 499
Net interest income (GAAP) (d) $ 672 $ 648 $ 624 $ 627 $ 620
Fully taxable-equivalent adjustments (e) 11 13 11 12 12
Taxable-equivalent net interest income (non-GAAP) (f)=(d+e) 683 661 635 639 632
Customer-related noninterest income (GAAP) (g) 163 164 158 176 158
Net credit valuation adjustment (CVA) 1 (h) (11) — — 3 (3)
Adjusted customer-related noninterest income <br>(non-GAAP) (i)=(g-h) 174 164 158 173 161
Noncustomer-related noninterest income (GAAP) (j) 26 26 13 17 14
Securities gains (losses), net (k) 11 14 6 8 9
Adjusted noncustomer-related noninterest income (non-GAAP) (l)=(j-k) 15 12 7 9 5
Combined income (non-GAAP) (m)=(f+g+j) $ 872 $ 851 $ 806 $ 832 $ 804
Adjusted taxable-equivalent revenue (non-GAAP) (n)=(f+i+l) 872 837 800 821 798
Pre-provision net revenue (PPNR) (non-GAAP) (m)-(a) $ 345 $ 324 $ 268 $ 323 $ 302
Adjusted PPNR (non-GAAP) (n)-(c) 352 316 267 312 299
Efficiency ratio (non-GAAP) (c/n) 59.6 % 62.2 % 66.6 % 62.0 % 62.5 %

1 Effective the first quarter of 2025, net CVA is included in capital markets fees and income.

ZIONS BANCORPORATION, N.A.

Press Release – Page 20

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

Nine Months Ended
(Dollar amounts in millions) September 30,<br>2025 September 30,<br>2024
Noninterest expense (GAAP) (a) $ 1,592 $ 1,537
Adjustments:
Severance costs 11 2
Other real estate expense — (1)
Amortization of core deposit and other intangibles 6 5
SBIC investment success fee accrual 3 1
FDIC special assessment (2) 14
Total adjustments (b) 18 21
Adjusted noninterest expense (non-GAAP) (c)=(a-b) $ 1,574 $ 1,516
Net interest income (GAAP) (d) $ 1,944 $ 1,803
Fully taxable-equivalent adjustments (e) 35 33
Taxable-equivalent net interest income (non-GAAP) (f)=(d+e) 1,979 1,836
Customer-related noninterest income (GAAP) (g) 485 463
Net credit valuation adjustment (CVA) 1 (h) (11) (3)
Adjusted customer-related noninterest income (non-GAAP) (i)=(g-h) 496 466
Noncustomer-related noninterest income (GAAP) (j) 65 44
Securities gains (losses), net (k) 31 11
Adjusted noncustomer-related noninterest income (non-GAAP) (l)=(j-k) 34 33
Combined income (non-GAAP) (m)=(f+g+j) $ 2,529 $ 2,343
Adjusted taxable-equivalent revenue (non-GAAP) (n)=(f+i+l) 2,509 2,335
Pre-provision net revenue (PPNR) (non-GAAP) (m)-(a) $ 937 $ 806
Adjusted PPNR (non-GAAP) (n)-(c) 935 819
Efficiency ratio (non-GAAP) (c/n) 62.7 % 64.9 %

1 Effective the first quarter of 2025, net CVA is included in capital markets fees and income.

earningspresentation-202

ZIONSTHIRD QUARTER 2025 O c t o b e r 2 0 , 2 0 2 5 Financial Review

FORWARD-LOOKING STATEMENTS; USE OF NON-GAAP FINANCIAL MEASURES 2 Forward-Looking Information This presentation contains “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and assumptions regarding future events and outcomes. However, they are inherently subject to known and unknown risks, uncertainties, and other factors that could cause our actual results, performances, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others: Statements concerning the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, operating results, and performance of Zions Bancorporation, National Association and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and statements preceded or followed by, or that include, terminology such as “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” “will,” or similar words and expressions, including their negative forms. Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, key factors that may cause material differences include: The quality and composition of our loan and investment securities portfolios and the quality and composition of our deposits; Changes in general industry, political, and economic conditions, including increases in the national debt, elevated inflation, economic slowdowns or recessions, and other macroeconomic challenges; changes in interest and reference rates, which could negatively impact our revenues and expenses, the valuation and performance of our assets and liabilities, and the availability and cost of capital and liquidity; Political developments, including government shutdowns and other significant disruptions and changes in the funding, size, scope, and effectiveness of the government, its agencies and services; The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies; Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements; Evolving trade policies and disputes, such as proposed and implemented tariffs and resulting market volatility and uncertainty, including the effects on supply chains, expenses and revenues for both us and our customers; Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry; Changes in our credit ratings; Our ability to innovate and otherwise address competitive pressures and other factors that may affect aspects of our business, such as pricing, relevance of, and demand for, our products and services, and our ability to recruit and retain talent; The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, blockchain, artificial intelligence, quantum computing, and related innovations affecting both us and the banking industry; Our ability to complete projects and initiatives and execute our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives; Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry; Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services; The effects of wars, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future; Natural disasters, pandemics, wildfires, catastrophic events, and other emergencies and incidents, and their impact on our and our customers’ operations, business, and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products; Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change and diversity; Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity; The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; Adverse news and other expressions of negative public opinion whether directed at us, other banks, the banking industry, or otherwise that may adversely affect our reputation and that of the banking industry generally; and Other assumptions, risks, or uncertainties described in this earnings release, and other SEC filings. We caution against the undue reliance on forward-looking statements, which reflect our views only as of their date of issuance. Except as required by law, we specifically disclaim any obligation to update any factors or publicly announce revisions to forward- looking statements to reflect future events or developments. Use of Non-GAAP Financial Measures: This document contains several references to non-GAAP measures, including but not limited to, pre-provision net revenue and the “efficiency ratio,” which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions’ management compensation and are used in Zions’ strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

Third quarter results reflect margin expansion, improved efficiency, and customer deposit growth; EPS adversely impacted by elevated credit losses FINANCIAL PERFORMANCE 3 (1) See Appendix for non-GAAP financial measures. (2) Excludes brokered deposits. • Net earnings to common of $221 million declined versus the prior quarter due to credit losses from two related commercial and industrial loans; earnings increased $17 million versus prior year • The net interest margin increased for the seventh straight quarter to 3.28%; loan yields improved and the volume of borrowed funds declined • Adjusted pre-provision net revenue grew 11% versus prior quarter and increased 18% versus prior year • Average loans grew 2.1% annualized versus prior quarter and 3.6% versus prior year • Average customer deposits grew 3.1% annualized versus prior quarter and were stable against prior year • Net charge-offs were 0.37% of loans Key Metrics (in millions, except ratios and per share data) 3Q25 2Q25 3Q24 Change From: 2Q25 3Q24 Net earnings to common $221 $243 $ 204 $(22), or (9)% $17, or 8% Diluted earnings per share (GAAP) $1.48 $1.63 $1.37 $(0.15), or (9)% $0.11, or 8% Net interest margin 3.28% 3.17% 3.03% 11 bps 25 bps Adjusted pre-provision net revenue1 $352 $316 $299 $36, or 11% $53, or 18% Efficiency ratio1 59.6% 62.2% 62.5% (260) bps (290) bps Average loans 60,786 60,460 58,665 2.1% Annualized 3.6% Average customer deposits2 70,382 69,836 69,975 3.1% Annualized 0.6% Net charge-offs / loans (annualized) 0.37% 0.07% 0.02% 30 bps 35 bps Return on average tangible common equity1 16.0% 18.7% 17.4% (270) bps (140) bps

DILUTED EARNINGS PER SHARE 4 (1) Items that were $0.05 per share or more. Earnings per share declined by $0.15 compared to prior quarter; improved revenue was offset by credit loss provision Diluted Earnings per Share EPS Impact of Provision for Credit Losses Notable Items1: 3Q25 • $(0.06) per share negative impact from $11 million net CVA loss, primarily driven by an update to our valuation methodology, in addition to changes in other market factors. 2Q25: • $0.05 per share positive impact from IPO of SBIC investment (FatPipe, Inc.) 1Q25: • $(0.11) per share negative impact from revaluation of deferred tax assets due to newly enacted state tax legislation 4Q24: • No items with impact > $0.05 per share during the quarter 3Q24: • No items with impact > $0.05 per share during the quarter $1.37 $1.34 $1.13 $1.63 $1.48 3Q24 4Q24 1Q25 2Q25 3Q25 $(0.07) $(0.21) $(0.09) $0.01 $(0.25) 3Q24 4Q24 1Q25 2Q25 3Q25

PRE-PROVISION NET REVENUE (“PPNR”) 5 (1) PPNR includes taxable-equivalent revenue; Adjusted PPNR adjusts for items such as severance costs, restructuring costs, amortization of other intangibles, SBIC investment success fee accruals, FDIC special assessment, securities gains (losses), and credit valuation adjustment income (loss). See Appendix. Adjusted PPNR increased 11% over the prior quarter and 18% over the prior-year period driven by improved revenue Linked quarter (3Q25 vs. 2Q25) • Adjusted PPNR increased 11%: • Tax-equivalent net interest income up 3% • Customer-related fee income down 1% • Adjusted noninterest expense flat Year-over-year (3Q25 vs. 3Q24) • Adjusted PPNR increased 18%: • Tax-equivalent net interest income up 8% • Customer-related fee income up 3% • Adjusted noninterest expense up 4% $3 02 $3 23 $2 68 $3 24 $3 45 $2 99 $3 12 $2 67 $3 16 $3 52 3Q24 4Q24 1Q25 2Q25 3Q25 Pre-provision net revenue (PPNR) (non-GAAP) Adjusted PPNR (non-GAAP) PPNR1 ($ millions)

NET INTEREST INCOME & NET INTEREST MARGIN 6 Net interest margin improved 11 basis points sequentially; net interest income increased for both the linked quarter and year-over-year $620 $627 $624 $648 $672 3.03% 3.05% 3.10% 3.17% 3.28% 2.70% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% 3.40% 3.50% $500 3Q24 4Q24 1Q25 2Q25 3Q25 Net Interest Income Net Interest Margin ($ m ill io ns ) Linked quarter (3Q25 vs. 2Q25) Net interest income increased 4%: • Interest income increased $13 million • $23 million, or 3%, increase on loans • $10 million, or 6%, decrease on money market and investment securities • Interest expense decreased $11 million • $1 million, or 0.3%, increase on deposits • $12 million, or 13%, decrease on borrowings Year-over-year (3Q25 vs. 3Q24) Net interest income increased 8%: • Interest income decreased $40 million, or 4% • Interest expense decreased $92 million, or 19% • $90 million, or 22%, decrease on deposits • $2 million, or 2%, decrease on borrowings

(0.17%) 0.02% 0.58% 0.06% (0.19%)2.98% 3.28% (0.05%) 0.11% (0.04%) 0.08% 0.01% 3.17% 3.28% NET INTEREST MARGIN 7 (1) The impact of noninterest-bearing sources of funds on the net interest margin is calculated as the difference between interest earning assets and interest-bearing liabilities divided by earnings assets multiplied by rate paid on interest-bearing liabilities. Improved loan yields and lower borrowings volume drove expansion versus prior quarter; deposit repricing lifted margin over the year-ago quarter Year-Over-Year (3Q25 vs. 3Q24)Linked Quarter (3Q25 vs. 2Q25) Loans DepositsMoney Mkt & Securities Borrowings Free Funds1 Loans DepositsMoney Mkt & Securities Borrowings Free Funds1 3Q24 3Q252Q25 3Q25

NONINTEREST INCOME AND REVENUE 8 (1) Reflects total customer-related noninterest income, which excludes dividends and other income and net securities gains (losses). Adjusted excludes credit valuation adjustment income (loss). (2) Adjusted revenue is the sum of taxable-equivalent net interest income and noninterest income less adjustments. See Appendix for non-GAAP financial measures. (3) Effective 1Q25, customer-related fee income includes credit valuation adjustment income (loss) in capital markets fees, which was previously disclosed under noncustomer-related noninterest income. Adjusted customer-related noninterest income excludes credit valuation adjustment income.. See Appendix for non-GAAP financial measures. Adjusted customer-related fee income grew 6% versus prior quarter and 8% compared to year-ago quarter Customer-Related Noninterest Income 1,3 ($ millions) $7 92 $8 20 $7 95 $8 38 $8 61 $7 98 $8 21 $8 00 $8 37 $8 72 3Q24 4Q24 1Q25 2Q25 3Q25 Total Revenue (GAAP) Adjusted Revenue (Non-GAAP) Total Revenue 2,3 ($ millions) $1 58 $1 76 $1 58 $1 64 $1 63 $1 61 $1 73 $1 58 $1 64 $1 74 3Q24 4Q24 1Q25 2Q25 3Q25 Customer-Related Noninterest Income Adjusted Customer-Related Noninterest Income

NONINTEREST EXPENSE 9 (1) Adjusted for severance costs, restructuring costs, SBIC investments success fee accruals, FDIC special assessment, intangibles amortization, and other real estate expense. (2) In addition to the expense adjustments from note 1, the efficiency ratio also includes adjustments to revenue for taxable-equivalent interest income, securities gains (losses), and credit valuation adjustment income (loss). See Appendix for Non-GAAP financial measures. Adjusted noninterest expenses were down slightly compared to the prior quarter and increased 4% compared to the prior year quarter Linked quarter (3Q25 vs. 2Q25) • Adjusted noninterest expense decreased $1 million, or 0.2% with increases in technology spend and salary and benefits offset by lower accruals in deposit insurance and regulatory expense and litigation reserves Year-over-year (3Q25 vs. 3Q24) • Adjusted noninterest expense increased $21 million, or 4%, driven primarily by higher salary and incentive compensation Notable items: • 2Q25: $2 million impact from success fee accrual associated with IPO of SBIC investment (FatPipe, Inc.) • 1Q25: $11 million impact of accelerated recognition of share-based compensation $5 02 $5 09 $5 38 $5 27 $5 27 $4 99 $5 09 $5 33 $5 21 $5 20 62.5% 62.0% 66.6% 62.2% 59.6% 3Q24 4Q24 1Q25 2Q25 3Q25 NIE (GAAP) Adjusted NIE (Non-GAAP) Efficiency Ratio ($ millions) Noninterest Expense (NIE) (1) (2)

$58.7 $59.3 $59.6 $60.5 $60.8 6.15% 5.92% 5.84% 5.86% 5.91% 3Q24 4Q24 1Q25 2Q25 3Q25 ($ billions) AVERAGE LOANS AND DEPOSITS 10 (1) Beta calculated using interest-bearing deposit spot rates on 8/31/24, and 9/30/25, which were 3.20% and 2.48%, respectively. Total cost of deposit spot rate at 9/30/25 was 1.61%. (2) The increase in average noninterest-bearing deposits includes the approximate $500 million migration of a consumer interest-bearing product into a new noninterest-bearing product in mid-May at our Nevada affiliate. The remaining affiliates migrated balances about $1 billion at the end of September which will be fully reflected in average balances in fourth quarter reporting. Average yields on loans increased 5 basis points versus prior quarter while total cost of deposits decreased 1 basis point Average Total Loans Yield on Total Loans Average Total Deposits Total Cost of Deposits $50.3 $51.5 $50.7 $49.5 $49.4 $24.7 $24.9 $24.2 $24.7 $24.9 $75.0 $76.4 $74.9 $74.3 $74.3 2.14% 1.93% 1.76% 1.68% 1.67% 3Q24 4Q24 1Q25 2Q25 3Q25 ($ billions) Average Noninterest-bearing Deposits Average Interest-bearing Deposits Total interest-bearing deposits reflect a 58% cumulative beta1

$71 $71 $71 $70 $71 $5 $5 $5 $4 $4 $3 $5 $4 $7 $5 - 10 20 30 40 50 60 70 80 90 100 3Q24 4Q24 1Q25 2Q25 3Q25 $70 $71 $70 $70 $70 $5 $5 $5 $4 $4 $6 $5 $7 $8 $7 2.36% 2.12% 2.01% 1.97% 1.92% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% - 10 20 30 40 50 60 70 80 90 100 3Q24 4Q24 1Q25 2Q25 3Q25 DEPOSIT BALANCE AND BORROWING TRENDS 11 Note: Deposit figures shown in graphs may not foot due to rounding. Ending and average customer deposits increased 1.7% and 0.8%, respectively, compared to prior quarter Q3 2025 total funding costs decreased 5 basis points compared to prior quarter • Period-end customer deposits grew $1.2 billion (+1.7%) linked quarter, driven primarily by growth in commercial deposits • Brokered deposits decreased $109 million (-3%) linked quarter • Total borrowings decreased $1.8 billion (-26%) linked quarter; short-term borrowings decreased $2.3 billion partially due to the issuance of a $500 million senior note in addition to customer deposit growth Average Deposits and Borrowings ($ billions) Ending Deposits and Borrowings ($ billions)

TOTAL INVESTMENT SECURITIES & MONEY MARKET INVESTMENTS 12 The bank has strong on-balance sheet liquidity The investment securities portfolio is designed to be a storehouse of balance sheet liquidity • Principal and prepayment-related cash flows from investment securities were $596 million for the quarter, partially offset by reinvestment of $305 million • The composition of the investment securities portfolio allows for deep on-balance sheet liquidity through the repo market • Approximately 90% of investment securities are U.S. Government and U.S. Government Agency / GSE securities The investment securities portfolio is also used to balance interest rate risk • The estimated deposit duration at September 30, 2025 was assumed to be longer than the loan duration (including swaps); the investment securities portfolio balanced this mismatch • The estimated price sensitivity of the investment securities portfolio (including the impact of fair value hedges) was 3.7 years, compared to 3.6 years from the prior-year quarter Total Investment Securities and Money Market Investments (period-end balances) $19.4 $18.8 $18.7 $18.4 $18.2 $2.2 $4.3 $2.9 $2.9 $3.4 3Q24 4Q24 1Q25 2Q25 3Q25 Total Investment Securities Money Market Investments 27% 28% 26% 26% 26% % of earning assets ($ billions)

CREDIT QUALITY 13 Net charge-offs increased largely due to two related loans while criticized and classified balances declined Key Credit Metrics • Net charge-offs relative to average loans: • 0.37% annualized in 3Q25; includes $50 million, or 0.33%, associated with two related C&I loans • 0.20% over the last 12 months • 0.54%: NPAs / loans + OREO • NPA balance increased $11 million in 3Q25 from 2Q25 • 4.0%: Classified loans / total loans • Classified balance decreased $282 million in 3Q25 from 2Q25 • 4.8%: Criticized loans / total loans • Criticized balance decreased $415 million in 3Q25 from 2Q25 Allowance for Credit Losses • 1.20% of total loans and leases, flat to the previous quarter Credit Quality Ratios 4.5% 5.9% 6.0% 5.4% 4.8% 0.6% 0.5% 0.5% 0.5% 0.5% 3.6% 4.8% 4.8% 4.4% 4.0% 3Q24 4Q24 1Q25 2Q25 3Q25 Criticized / Loans NPAs / Loans + OREO Classified / Loans 191% 234% 229% 224% 213% 1.25% 1.25% 1.24% 1.20% 1.20% 3Q24 4Q24 1Q25 2Q25 3Q25 ALLL / Nonaccrual loans ACL / Loans

COMMERCIAL REAL ESTATE SUMMARY ($13.5 BILLION BALANCE) 14 Note: Loan to Value (LTV) calculations reflect the most current bank ordered / reviewed appraisal in the denominator and the current outstanding balance in the numerator. Appraisals and evaluations are performed in accordance with regulatory guidelines. Percentages shown in graphs may not foot due to rounding. The commercial real estate portfolio is granular and well diversified, 22% of total loans Term CRE ($11.0B) • Weighted average LTVs of < 60% • Maturity distribution over the next three years: 9% (2025), 26% (2026), 17% (2027) • Average & median loan size of $3.9 million & < $1 million • 12.0% criticized; 10.8% classified; 0.6% nonaccrual; 0.6% delinquencies Construction and Land Development ($2.5B) • Land and acquisition & development less than $250 million • 9.0% criticized; 6.2% classified; 0.0% nonaccrual; 0.01% delinquencies Office ($1.7B) • Weighted average LTVs (< 60%) • 75% suburban and 25% Central Business District • Average & median loan size of $4.3 million & <$1 million • 13.6% criticized; 13.5% classified; 3.6% nonaccrual; 2.3% delinquencies • $3.5 million net charge-offs YTD • 82% term, 18% construction • Portfolio growth has been carefully managed for over a decade through disciplined concentration limits • Granular portfolio with solid sponsor or guarantor support • Collateral diversified by property type and location Multifamily, 29% Industrial, 23%Office, 13% Retail, 12% Hospitality, 5% Residential Construction, 6% Other, 12% CRE Portfolio Composition As of Sep 30, 2025

  1. 8% 9. 9% 10 .0 % 10 .2 % 10 .3 % 10 .4 % 10 .6 % 10 .7 % 10 .9 % 10 .8 % 11 .0 % 11 .3 % 10 .8 % 11 .0 % 11 .1 % 11 .3 % 11 .3 % 11 .5 % 11 .6 % 11 .8 % 12 .0 % 11 .9 % 12 .0 % 12 .4 % 0% 2% 4% 6% 8% 10% 12% 14% 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 Common Equity Tier 1 % ACL / Risk-weighted Assets CAPITAL STRENGTH 15 Loss-absorbing capital remains strong relative to our risk profile; low credit losses relative to capital levels as a percentage of risk-weighted assets Net Charge-offs annualized, as a percentage of risk-weighted assets (0 .0 2% ) 0. 00 % 0. 08 % 0. 08 % 0. 05 % 0. 04 % 0. 09 % 0. 02 % 0. 21 % 0. 09 % 0. 06 % 0. 33 % (4%) (2%) 0% 2% 4% 6% 8% 10% 12% 14% 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets

FINANCIAL OUTLOOK (3Q 2026E VS. 3Q 2025A) 16 Outlook provided as of October 20, 2025 Outlook Comments Slightly to Moderately Increasing  Commercial loans are expected to lead growth with modest growth in commercial real estate and consumer loans Moderately Increasing  Net interest income improvement expected to be driven by earning asset remix, loan and deposit growth, and fixed-rate asset repricing Moderately Increasing  Adjusted customer-related noninterest income growth is expected to be broad and driven by increased customer activity and new client acquisition, with capital markets contributing in an outsized way Moderately Increasing  Technology costs, increased marketing, and continued investments in revenue- generating businesses expected to drive increases in noninterest expense; positive operating leverage expected Adjusted Customer- Related Noninterest Income1 Loan Balances (period-end) Net Interest Income Adjusted Noninterest Expense (1) Adjusted customer-related noninterest income outlook does not include the current or future impact of credit valuation adjustment income (loss). See appendix for non-GAAP financial measures.

ZIONS BANCORPORATION DRIVES VALUE FOR ITS STAKEHOLDERS 17 We are determined to help build strong, successful communities, create economic opportunity, and help our clients achieve greater financial strength through the relationships we develop and the services we provide Distinctive Local Operating Model Managing Risk Delivering Value to Our Stakeholders • Transformation of our core systems to a modern, real-time architecture improving banker productivity and customer experience • New digital products and services streamlining our customer interactions • 20% improvement in tangible book value per share in 2024 • Focus on serving small- to medium-sized businesses, resulting in a granular deposit franchise and a long-term funding advantage • Local decision making and empowered bankers support strong customer relationships • Coalition Greenwich Best Bank Awards: Ranked third among all U.S. banks in Middle Market Banking Segment • Have built and maintained a robust risk management team and framework since the global financial crisis • Net credit losses to loans ratio that is consistently in the top quartile of peer banks • Prepared for large bank regulation due to previous SIFI experience and simpler legal structure Across 11 western states, our footprint includes some of the strongest markets in the country reflected in the quality and diversity of our portfolio • These states create ~35% of national GDP • Population and job growth outpace national average Strong Geographic Footprint

APPENDIX 18 • Financial Results Summary • Accumulated Other Comprehensive Income (AOCI) • Balance Sheet Profitability • Loan Growth by Bank Brand and Loan Type • Allowance and Credit Metrics • Earning Asset Repricing • Interest Rate Swaps • Interest Rate Sensitivity • Credit Quality Trends • Loan Loss Severity (NCOs as a percentage of nonaccrual loans) • Credit Metrics: Commercial Real Estate • Loans to Non-Depository Financial Institutions • Non-GAAP Financial Measures

FINANCIAL RESULTS SUMMARY 19 (1) Adjusted for items such as severance costs, restructuring costs, amortization of other intangibles, SBIC investment success fee accrual, FDIC special assessment, and securities gains (losses). See Appendix for non-GAAP financial measures; (2) Net Income before Preferred Dividends used in the numerator; (3) Net Income Applicable to Common used in the numerator; (4) Includes noninterest-bearing deposits; (5) Current period ratios and amounts represent estimates. Quarterly financial highlights Three Months Ended (Dollar amounts in millions, except per share data) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Earnings Results: Diluted Earnings Per Share $ 1.48 $ 1.63 $ 1.13 $ 1.34 $ 1.37 Net Earnings Applicable to Common Shareholders 221 243 169 200 204 Net Interest Income 672 648 624 627 620 Noninterest Income 189 190 171 193 172 Noninterest Expense 527 527 538 509 502 Pre-Provision Net Revenue - Adjusted(1) 352 316 267 312 299 Provision for Credit Losses 49 (1) 18 41 13 Ratios: Return on Assets(2) 0.99 % 1.09 % 0.77 % 0.96 % 0.95 % Return on Common Equity(3) 13.3 % 15.3 % 11.1 % 13.2 % 14.1 % Return on Tangible Common Equity(3) 16.0 % 18.7 % 13.4 % 16.0 % 17.4 % Net Interest Margin 3.28 % 3.17 % 3.10 % 3.05 % 3.03 % Yield on Loans 5.91 % 5.86 % 5.84 % 5.92 % 6.15 % Yield on Investment Securities 2.73 % 2.74 % 2.75 % 2.73 % 2.86 % Cost of Total Deposits(4) 1.67 % 1.68 % 1.76 % 1.93 % 2.14 % Efficiency Ratio (1) 59.6 % 62.2 % 66.6 % 62.0 % 62.5 % Effective Tax Rate 22.1 % 21.8 % 28.9 % 20.0 % 22.7 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.54 % 0.51 % 0.51 % 0.50 % 0.62 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.37 % 0.07 % 0.11 % 0.24 % 0.02 % Common Equity Tier 1 Capital Ratio(5) 11.3 % 11.0 % 10.8 % 10.9 % 10.7 %

(2.7) (2.4) (1.9) (1.6) (3.0) (2.5) (2.0) (1.5) (1.0) (0.5) - 4Q23 4Q24 4Q25 4Q26 Bi llio ns ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (AOCI) 20 Note: AOCI burndown based on path of forward curve and hedges in place at September 30, 2025. Includes accretion of unrealized losses related to the 4Q22 transfers of AFS securities to HTM. Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. Steady AOCI improvement with meaningful protection against term rate volatility due to hedging strategy • AOCI is projected to improve by almost $450 million, or 17%, in 2025 relative to 2024. • This adds 48 basis points to the tangible common equity ratio in 2025 relative to 2024, all else equal • Hedging strategy provides meaningful protection against term rate volatility • The forward curve at 09/30/2025 assumes two additional rate cuts in 2025 and two cuts in 2026 Actual Projection Based on forward curve at 9/30/2025 AOCI Projection $780 million, or 33%, projected improvement from 4Q24 to 4Q26 17% 33% Projected Improvement vs. 4Q24

BALANCE SHEET PROFITABILITY 21 (1) Return on Tangible Common Equity is a non-GAAP measure. See Appendix for non-GAAP financial measures. Excluding the effect of AOCI from average tangible common equity would result in associated returns of 11.4%, 10.9%, 9.2%, 13.1%, and 11.5% for the periods presented, respectively. Profitability during the quarter declined due to a provision for credit losses attributed to two related commercial loans 0.95% 0.96% 0.77% 1.09% 0.99% 3Q24 4Q24 1Q25 2Q25 3Q25 17.4% 16.0% 13.4% 18.7% 16.0% 3Q24 4Q24 1Q25 2Q25 3Q25 Return on Assets Return on Tangible Common Equity 1

LOAN GROWTH – BY BANK AFFILIATE AND LOAN TYPE 22 (1) Other category loans includes consumer construction, bankcard, and other consumer loan categories. Totals and percentages shown above may not foot due to rounding. Linked quarter declines in commercial loans and CRE term (multifamily) due in part to resolutions with borrowers resulting in paydowns Zions Bank, 28% CB&T, 23% Amegy, 26% NBAZ, 8% NSB, 5% Vectra, 5% CBW, 4% Other, 1% Commercial ($31.2B) Zions Bank, 21% CB&T, 32%Amegy, 19% NBAZ, 11% NSB, 6% Vectra, 6% CBW, 5% Commercial Real Estate ($13.5B) Consumer ($15.6B) Zions Bank, 25% CB&T, 23% Amegy, 23% NBAZ, 10% NSB, 9% Vectra, 9% CBW, 0.4% Other, 2% Period-End Linked Quarter Loan Growth (3Q25 vs. 2Q25) C om m er ci al C R E C on su m er Loan Distribution by Bank and Product (in millions) Zions Bank CB&T Amegy NBAZ NSB Vectra CBW ZB Total C&I (ex-Oil & Gas) (88) (176) (2) 48 (22) (6) (8) - (254) Owner occupied (107) 17 15 (15) (11) 3 (12) - (110) Energy (Oil & Gas) 20 - (81) 1 - (8) (1) - (69) Municipal (143) 14 (56) (14) (2) (37) - 203 (35) CRE C&D 92 (120) (46) 40 6 47 25 - 44 CRE Term (74) 28 112 (174) 14 (54) (29) - (177) 1-4 Family 18 (6) (22) 11 (7) (5) - 3 (8) Home Equity 7 8 9 15 11 10 4 - 64 Other1 2 37 (8) (11) - (4) (3) 1 14 Total net loans (273) (198) (79) (99) (11) (54) (24) 207 (531)

ALLOWANCE AND CREDIT METRICS 23 CECL methodology reflects reserve build ahead of realized deterioration of credit metrics 514 546 590 636 678 711 738 729 736 726 736 741 743 732 725 1.00 1.04 1.09 1.14 1.20 1.25 1.30 1.26 1.27 1.24 1.25 1.25 1.24 1.20 1.20 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 ACL ($) ACL (% of loans) Through 2022 and 2023, the ACL increased, despite improving problem loan levels, due to forecasts of future credit quality deterioration. The reserve ratio in 2024 remained stable, and the 2025 ratios have come down modestly largely driven by a reduced emphasis on portfolio-specific risks associated with the CRE loan portfolio 252 201 151 149 171 162 216 222 248 261 363 297 305 308 319 1,148 1,009 965 929 912 768 769 825 966 1,264 2,093 2,870 2,891 2,697 2,415 Nonaccruals Classifieds Coverage ratio remained relatively steady while problem loans increased Coverage ratio increased while problem loans decreased

SIMULATED REPRICING EXPECTATIONS: EARNING ASSETS & LOANS 24 (1) Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. A substantial portion of earning assets reset within one year with additional resets in later periods 55% 9% 9% 7% 9% 11% 55% 9% 10% 6% 9% 11% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f L oa ns Loans: Rate Reset / Maturity Profile1 Loans After Hedging 47% 9% 8% 7% 10% 19% 50% 9% 9% 5% 8% 19% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f E ar ni ng A ss et s Earning Assets After Hedging Earning Assets: Rate Reset / Maturity Profile1

1,250 1,250 1,751 2,199 2,008 1,498 7923.48 3.48 3.66 3.77 3.89 3.99 3.89 0 500 1,000 1,500 2,000 2,500 1Q25 2Q25 3Q25 4Q25 2026 2027 2028 Average Outstanding ($B) Average Fixed Rate Received (%) INTEREST RATE SWAPS AT SEPTEMBER 30, 2025 25 Swaps are used to balance our interest rate sensitivity to income and value Receive-Fixed Hedges1 (pay floating rate) Pay-Fixed Rate Hedges2 (receive floating rate) (1) Received-fixed hedges consist of hedging pools of floating rate loans or received-fixed swaps on subordinated debt. (2) Pay-fixed hedges consist of fair value swaps hedging fixed-rate AFS securities and fixed-rate commercial loans or short-term debt hedges on rolling FHLB advances. Interest rate sensitivity is managed in part with portfolio interest rate hedges1 • In the third quarter, we added $500 million of receive-fixed debt hedges with a fixed rate of 4.70%, $500 million of receive fixed loan swaps with an average fixed rate of 3.52%, and $113 million in fair value pay-fixed hedges with a fixed rate of 3.85%. Receive-fixed swaps are being added to manage asset sensitivity down. $ M illi on s 5,467 5,299 5,316 5,478 5,471 5,455 4,625 3.33 3.32 3.32 3.33 3.33 3.33 3.26 0 1,000 2,000 3,000 4,000 5,000 6,000 1Q25 2Q25 3Q25 4Q25 2026 2027 2028 Average Outstanding ($B) Average Fixed Rate Paid (%)

NET INTEREST INCOME – RATE SENSITIVITY 26 The rate path implied by the forward curve reflects modest asset sensitivity; net interest income increases under conservative assumptions Interest Rate Impacts on Net Interest Income1 (1) Assumes no change in the size or composition of the earning assets excluding derivative hedge activity but does assume a change in composition of deposits (a lesser proportion of noninterest-bearing relative to total deposits.) (2) This analysis presents latent interest rate sensitivity which reflects future changes in net interest income (“NII”) based upon past rate movements that have yet to be fully realized in revenue, and emergent interest rate sensitivity reflecting changes to NII based upon future rate movements implied by the forward rate curve at 9/30/2025. Net Interest Income Sensitivity (1.9%) 1.4% 4.7% -100 bps Implied Rate Path +100 bps 3Q26 vs. 3Q25 In a flat rate environment, net interest income is modeled to increase 8.0% based on past rate movements that have yet to be realized in revenue; 42% cumulative total deposit beta Latent2 Emergent2 Implied The estimated impact of future rate changes from market implied rates reduces net interest income by 6.6% versus the latent scenario. This assumes a Fed Funds Target of 3.25% at 9/30/26. 8.0% (6.6%) 1.4% The combined impact of latent and emergent sensitivities is modeled to be 1.4% in 3Q26 relative to 3Q25; 40% cumulative total deposit beta -100 and +100 parallel interest rate shocks suggest moderate rate sensitivity between -1.9% and +4.7% Hypothetical simulations both assume $1.5 billion of noninterest-bearing demand deposit migration to higher-cost products on an otherwise static balance sheet. Modeled sensitivities shown are not guidance.

INTEREST RATE SENSITIVITY – PARALLEL RATE SHOCKS 27 (1) 12-month forward simulated impact of an instantaneous and parallel change in interest rates and assumes no change in the size or composition of the earning assets excluding derivative hedge activity but does assume a change in composition of deposits (a lesser proportion of noninterest-bearing relative to total deposits). Standard parallel rate shocks suggest asset sensitivity (9%) (4%) 4% 8% (10%) (5%) 5% 10% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity 1 as of 6/30/2025 as of 9/30/2025

CREDIT QUALITY TRENDS RELATIVE TO PEERS 28 Source: S&P CapIQ, data as of June 30, 2025, where available. NPAs + 90 DPD = nonperforming assets (nonaccrual loans plus other real estate owned) plus loans 90 days past due and still accruing interest. Zions’ NCO/Loans ratio is frequently in the best (lowest) quartile of peers; low loss rates on NPAs NPA Ratio NPAs + 90 DPD, as a percentage of Loans + OREO NCOs / Loans (Trailing 12-month Average) (0.10%) 0.10% 0.30% 0.50% 0.70% 0.90% 1.10% 1.30% 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 ZION Peer Top Quartile Peer Bottom Quartile (0.10%) 0.10% 0.30% 0.50% 0.70% 0.90% 1.10% 1.30% 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 ZION Peer Top Quartile Peer Bottom Quartile

LOAN LOSS SEVERITY 29 Source: S&P CapIQ. Calculated using the average of annualized quarterly results. When problems arise, Zions generally experiences less severe loan losses due to strong collateral and underwriting practices 14 % 15 % 17 % 17 % 18 % 20 % 23 % 32 % 34 % 41 % 45 % 45 % 46 % 47 % 48 % 53 % 53 % 76 % W AL C M A BO KF M TB ZI O N C AD E FH N W BS W TF C H BA N C FG EW BC C FR KE Y SN V R F FI TB PN FP C O LB Annualized NCOs / Nonaccrual Loans Five Year Average (2020Q3 – 2025Q2) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2010Q3 – 2025Q2) 14 % 16 % 18 % 18 % 19 % 24 % 25 % 31 % 39 % 39 % 40 % 43 % 45 % 48 % 49 % 51 % 52 % 65 % BO KF W AL C AD E ZI O N M TB FH N C M A W BS EW BC W TF C C FG C FR KE Y SN V H BA N R F PN FP FI TB C O LB >1 00 % >1 00 %

COMMERCIAL REAL ESTATE PROBLEM LOANS IN FOCUS 30 Note: LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. Approximately 40% of CRE classified balances have 2025 appraisals, 22% in 2024, 7% 2023, 31% 2022 and earlier. The commercial real estate portfolio benefits from strong LTVs, guarantor support, low delinquencies, and diversification • CRE classifieds decreased $143 million during the quarter • Reduction in classified levels from improved leasing and cash flow on multifamily and industrial properties, re-margins, and payoffs • Low CRE nonaccruals (0.52%), delinquencies (0.50%), and charge-offs (TTM 0.08%) due to conservative underwriting, significant equity, and guarantor support • The ACL for CRE lending is substantial relative to credit quality measures (1.7% of CRE balances, 3.3x CRE nonaccruals) 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 CRE Nonperforming Asset and Charge-offs Levels Nonaccrual % GCO QTD Annualized 30+ Days Past Due 0% 5% 10% 15% 20% 25% 30% 35% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Classified CRE LTVs Appraised vs. Index Adjusted Index Adjusted Most Recent Appraisal (70) (60) (50) (40) (30) (20) (10) - 10 20 Multifamily Industrial Office ($ Millions) Change in CRE Problem Loans Levels 6/30/25 to 9/30/2025 Nonaccrual Classified Criticized

2.8 2.8 2.7 2.4 2.5 10.6 10.7 10.9 11.2 11.0 3Q24 4Q24 1Q25 2Q25 3Q25 Balance Trends Construction Balances Term Balances IN-DEPTH REVIEW: COMMERCIAL REAL ESTATE 31 Data is updated through 3Q25. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. Limited tail loan-to-value risk in portfolio; controlled CRE growth and improving credit metrics Term WAVG LTV % of CRE Term % of CRE Construction Multifamily 54% 27% 57% Industrial / Warehouse 52% 24% 22% Office 58% 15% 1% Retail 47% 14% 4% Hospitality 44% 6% 0% Zions has limited “tail risk” in its CRE portfolio Total CRE Problem Loan Trends as a percentage of total CRE loans ($ b illi on s) Term CRE LTVs Appraised vs. Indexed 0% 5% 10% 15% 20% 25% 30% 35% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal 0.1 1.0 0.8 0.4 0.1 1.0 2.8 1.9 1.3 4.0 2025 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 16% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Criticized % Classified % Nonaccrual % GCO QTD Annualized

DISCIPLINED COMMERCIAL REAL ESTATE GROWTH 32 Data as of June 30, 2025; peer growth rates are normalized for significant acquisitions Commercial real estate loan growth lags peers due to continued exercise of concentration risk discipline Zions has exercised caution in CRE concentrations for more than a decade and in underwriting standards for many decades. • Key factors for consideration in credit risk within CRE • Measured and disciplined growth compared to peers • Significant borrower equity – conservative LTVs • Disciplined underwriting on debt service coverage • Diversified by geography and asset class • Limited exposure to land 0 50 100 150 200 250 300 350 2Q 15 2Q 16 2Q 17 2Q 18 2Q 19 2Q 20 2Q 21 2Q 22 2Q 23 2Q 24 2Q 25 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 1Q15 = 100 Commercial Real Estate Excluding Owner Occupied

0% 5% 10% 15% 20% 25% 30% 35% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal IN-DEPTH REVIEW: CRE OFFICE ($1.7 BILLION BALANCE) 33 Data updated through 3Q25. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Office portfolio is 13% of total CRE exposure and 3% of total loans; charge-offs remain limited • Allowance for credit losses: 3.2% of balances / 24% of criticized balances • 9% decrease in balances year-over-year via payoffs, loan rebalance, amortization • Elevated but declining criticized levels due to tenant vacancy in multi- tenant buildings and value add properties undergoing lease up • Despite elevated criticized, nonaccruals remain low at 3.6% • Median loan size: <$1 million; average loan size: $4.4 million • 28% variable rate with swap, 16% fixed rate, 56% variable rate w/o swap • 27% of total office exposure has a maturity date in the next 12 months • By State – 24% UT, 19% WA, 18% CA, 15% AZ, 10% TX, 14% all other Office Problem Loan Trends as a percentage of total office loans ($ billions) When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination CRE Office Term LTVs Appraised vs. Indexed ($ billions) 0.1 0.0 0.0 0.0 0.0 0.00.2 0.3 0.4 0.1 0.6 0.0 0.5 1.0 1.5 2.0 2.5 2025 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0.1 0.1 0.1 0.0 0.0 1.8 1.7 1.7 1.7 1.7 3Q24 4Q24 1Q25 2Q25 3Q25 Balance Trends Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Criticized % Classified % Nonaccrual % GCO QTD Annualized

0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal CRE Multifamily Term LTVs Appraised vs. Indexed IN-DEPTH REVIEW: CRE MULTIFAMILY ($3.9 BILLION BALANCE) 34 Data is updated through 3Q25. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Multifamily portfolio is 29% of total CRE exposure and 6% of total loan exposure • Allowance for credit losses: 2.1% of total multifamily balances / 12% of criticized balances • No charge offs in last 12 months • Loan balances are flat year-over-year • Elevated but declining criticized levels from longer lease up timelines and construction delays but nonaccruals (0.0%) and delinquencies (0.0%) remain low • 75% term, 25% construction • Median loan size: $1.1 million; average loan size: $5.6 million • 16% variable rate with swap, 12% fixed rate, 72% variable rate w/o swap • By State – 29% TX, 25% CA, 13% UT, 9% AZ, 7% WA, 17% all other Multifamily Problem Loan Trends as a percentage of total multifamily loans When values are updated based on indexed / current values, multifamily exposure continues to benefit from low LTVs at origination ($ billions)($ billions) 0.0 0.5 0.3 0.1 0.00.3 1.1 0.5 0.2 0.8 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 2025 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0% 5% 10% 15% 20% 25% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Criticized % Classified % Nonaccrual % GCO QTD Annualized 1.1 1.1 1.0 0.9 1.0 2.8 2.9 3.1 3.1 2.9 3Q24 4Q24 1Q25 2Q25 3Q25 Balance Trends Construction Balances Term Balances

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal IN-DEPTH REVIEW: CRE INDUSTRIAL ($3.0 BILLION BALANCE) 35 Data is updated through 3Q25. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Industrial portfolio is 23% of total CRE exposure and 5% of total loan exposure • Allowance for credit losses: 1.4% of balances / 10% of criticized balances • No charge-offs in last 12 months • Loan balances are flat year-over-year • Elevated but declining criticized levels from longer lease up timelines and construction delays but nonaccruals (0.0%) and delinquencies (0.6%) remain low • 88% term, 12% construction • Median loan size: $1.6 million; average loan size: $4.8 million • 16% variable rate with swap, 11% fixed rate, 73% variable rate w/o swap • By state – 31% CA, 16% TX, 14% AZ, 12% UT, 10% NV, 17% all other Industrial Problem Loan Trends as a percentage of total industrial loans ($ billions) When values are updated based on indexed / current values, industrial exposure continues to benefit from low LTVs at origination CRE Industrial Term LTVs Appraised vs. Indexed ($ billions) 0.1 0.1 0.1 0.0 0.0 0.3 0.8 0.5 0.3 0.8 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2025 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0.5 0.5 0.5 0.4 0.3 2.5 2.5 2.4 2.6 2.7 3Q24 4Q24 1Q25 2Q25 3Q25 Balance Trends Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Criticized % Classified % Nonaccrual % GCO QTD Annualized

LOANS TO NON-DEPOSITORY FINANCIAL INSTITUTIONS (NDFI) ($2.0B BALANCE) 36 Peer information sourced from S&P Capital IQ through June 30, 2025, adjusted for mergers and acquisitions where applicable. Peer data also includes the impact of any reclassifications that resulted from updated call report guidance. Loans to NDFIs make up 7% of the commercial portfolio and are 3% of total loans; portfolio growth has been limited Zions’ NDFI Portfolio Allocation as of 9/30/2025 Business Credit: BDCs, SBIC, Senior Loan Funds, Equipment Leasing $556 | 27% Mortgage Credit: REITs, Residential and Commercial Mortgage $389 | 19% Consumer Credit: Consumer Secured and Unsecured Loans $345 | 17% Private Equity Funds: Capital Call Lines, Subscription Lines $133 | 7% Other Loans: Family Office, Insurance, Broker/Dealer $614 | 30% Total Loans to Non-Depository Financial Institutions $2,037 Portfolio characteristics: • Diversified across many lending segments and asset classes • Loans tend to be governed by a borrowing against diversified pools; structure depends on relationship length, borrower sophistication, and borrower industry • Average loan commitment is approximately $12 million 0 200 400 600 800 1,000 1,200 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 ZION Peer Median Peer Top Quartile Peer Bottom Quartile Indexed: 1Q20 = 100 NDFI Growth $ millions

NON-GAAP FINANCIAL MEASURES 37 In millions 3Q25 2Q25 1Q25 4Q24 3Q24 (a) Total noninterest expense $527 $527 $538 $509 $502 LESS adjustments: Severance costs 6 2 3 1 1 Amortization of core deposit and other intangibles 2 2 2 2 2 FDIC special assessment (2) - - (3) - SBIC investment success fee accrual 1 2 - - - (b) Total adjustments 7 6 5 - 3 (c) = (a - b) Adjusted noninterest expense 520 521 533 509 499 (d) Net interest income 672 648 624 627 620 (e) Fully taxable-equivalent adjustments 11 13 11 12 12 (f) = (d + e) Taxable-equivalent net interest income (TE NII) 683 661 635 639 632 (g) Customer-related noninterest income 163 164 158 176 158 (h) Net credit valuation adjustment (CVA) (11) - - 3 (3) (i) = (g - h) Adjusted customer-related noninterest income $174 $164 $158 $173 $161 (j) Noncustomer-related noninterest income 26 26 13 17 14 (k) Securities gains (losses), net 11 14 6 8 9 (l) = (j - k) Adjusted noncustomer-related noninterest income 15 12 7 9 5 (m) = (f + g + j) Combined income $872 $851 $806 $832 $804 (n) = (f + i + l) Adjusted tax-equivalent revenue $872 $837 $800 $821 $798 (m) – (a) Pre-provision net revenue (PPNR) $345 $324 $268 $323 $302 (n) – (c) Adjusted pre-provision net revenue (PPNR) $352 $316 $267 $312 $299 (c) / (n) Efficiency Ratio 59.6% 62.2% 66.6% 62.0% 62.5%

NON-GAAP FINANCIAL MEASURES (CONTINUED) 38 In millions 3Q25 2Q25 1Q25 4Q24 3Q24 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $221 $243 $169 $200 $204 Adjustments, net of tax: Amortization of core deposit and other intangibles 2 2 1 1 1 (a) Net earnings applicable to common, net of tax $223 $245 $170 $201 $205 Average common equity (GAAP) $6,616 $6,357 $6,182 $6,036 $5,738 Average goodwill and intangibles (1,095) (1,097) (1,052) (1,053) (1,054) (b) Average tangible common equity (non-GAAP) $5,521 $5,260 $5,130 $4,983 $4,684 (c) Number of days in quarter 92 91 90 92 92 (d) Number of days in year 365 365 365 366 366 (a/b/c)*d Return on average tangible common equity (non- GAAP) 16.0% 18.7% 13.4% 16.0% 17.4%

z i o n s b a n c o r p o ra t i o n . c o m

Report a Problem

Category
Description
Email (optional, for follow-up)