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8-K

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION)

8-K 2024-07-22 For: 2024-07-22
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)  July 22, 2024

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

(Exact name of registrant as specified in its charter)

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

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

Former name or former address, if changed since last report

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02    Results of Operations and Financial Condition.

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

SIGNATURES

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

ZIONS BANCORPORATION, NATIONAL ASSOCIATION
By: /s/ R. Ryan Richards
Name:    R. Ryan Richards
Title:      Executive Vice President and Chief Financial Officer
Date: July 22, 2024

Document

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

Second Quarter 2024 Financial Results: FOR IMMEDIATE RELEASE

Investor Contact: Shannon Drage (801) 844-8208

Media Contact: Rob Brough (801) 844-7979

Zions Bancorporation, N.A. reports: 2Q24 Net Earnings of $190 million, diluted EPS of $1.28
compared with 2Q23 Net Earnings of $166 million, diluted EPS of $1.11,<br>and 1Q24 Net Earnings of $143 million, diluted EPS of $0.96

SECOND QUARTER RESULTS

$1.28 $190 million 2.98% 10.6%
Net earnings per diluted common share Net earnings Net interest margin (“NIM”) Estimated Common Equity<br>Tier 1 ratio
SECOND QUARTER HIGHLIGHTS¹
--- --- --- ---
Net Interest Income and NIM •
• NIM was 2.98%, compared with 2.92%
Operating Performance •
• Customer-related noninterest income was 154 million, down 5%; up from 151 million in the first quarter of 2024
• Noninterest expense remained relatively stable at 509 million; adjusted noninterest expense² was 506 million, up 2%
Loans and Credit Quality •
• The provision for credit losses was 5 million, compared with 46 million
• The allowance for credit losses was 1.24%, compared with 1.25%, of loans and leases
• The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.10%, compared with 0.09%
• Nonperforming assets3 were 265 million, or 0.45%, compared with 164 million, or 0.29%, of loans and leases
Deposits and Borrowed Funds •
• Short-term borrowings, consisting primarily of secured borrowings, were 5.7 billion, up 3%
Capital •
Notable Items •

All values are in US Dollars.

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Second quarter results demonstrated continued improvement in our net interest margin, effective expense management, strong credit quality as reflected in continued low loan losses, and strengthened capital. Notably, tangible book value per share has increased by 20% over the year-ago period.”<br><br>Mr. Simmons continued, “Subsequent to quarter end, we successfully converted our deposit accounts at Zions Bank, California Bank & Trust, and Vectra Bank Colorado to our new core processing system, TCS’s BaNCS™ platform, marking the substantive completion of our multi-year FutureCore project. The conclusion of this large-scale modernization project positions Zions Bancorporation at the forefront of the industry in our ability to post transactions in real time and to deliver exceptional experiences to our customers.”
OPERATING PERFORMANCE2
(In millions) Three Months Ended<br>June 30, Six Months Ended<br>June 30,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
2024 2023 2024 2023
Adjusted PPNR $ 278 $ 296 $ 520 $ 637
Net charge-offs (recoveries) $ 15 $ 13 $ 21 $ 13
Efficiency ratio 64.5 % 62.5 % 66.2 % 61.2 %
Weighted average diluted shares 147.1 147.7 147.2 147.9

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 16-17.

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
2Q24 - 1Q24 2Q24 - 2Q23
(In millions) 2Q24 1Q24 2Q23 % %
Interest and fees on loans $ 877 $ 865 $ 791 1 % 11 %
Interest on money market investments 56 47 48 9 19 8 17
Interest on securities 140 142 138 (2) (1) 2 1
Total interest income 1,073 1,054 977 19 2 96 10
Interest on deposits 390 376 220 14 4 170 77
Interest on short- and long-term borrowings 86 92 166 (6) (7) (80) (48)
Total interest expense 476 468 386 8 2 90 23
Net interest income $ 597 $ 586 $ 591 2 1
bps bps
Yield on interest-earning assets1 5.31 % 5.25 % 4.81 % 6 50
Rate paid on total deposits and interest-bearing liabilities1 2.36 % 2.34 % 1.88 % 2 48
Cost of total deposits1 2.11 % 2.06 % 1.27 % 5 84
Net interest margin1 2.98 % 2.94 % 2.92 % 4 6

All values are in US Dollars.

1 Taxable-equivalent rates used where applicable.

Net interest income increased $6 million, or 1%, in the second quarter of 2024, relative to the prior year period, as higher earning asset yields were partially offset by higher funding costs. The net interest margin was 2.98%, compared with 2.92%.

The yield on average interest-earning assets was 5.31% in the second quarter of 2024, an increase of 50 basis points, reflecting higher interest rates and a favorable mix change to higher yielding assets. The yield on average loans and leases increased 46 basis points to 6.11%, and the yield on average securities increased 34 basis points to 2.90% in the second quarter of 2024.

The rate paid on total deposits and interest-bearing liabilities was 2.36%, compared with 1.88% in the prior year quarter, and the cost of total deposits was 2.11%, compared with 1.27%, reflecting the higher interest rate environment as well as reduced noninterest-bearing deposits.

Average interest-earning assets decreased slightly by $0.4 billion from the prior year quarter, as growth of $1.6 billion in average loans and leases and $0.2 billion in average money market investments, was more than offset by a decline of $2.2 billion in average securities. The decrease in average securities was primarily due to principal reductions.

Average interest-bearing liabilities increased $3.4 billion, or 7%, from the prior year quarter, driven by an increase of $9.2 billion in average interest-bearing deposits, primarily due to customer deposit growth as well as customers moving from noninterest-bearing to interest-bearing products in response to the higher interest rate environment. This increase was partially offset by a decrease of $5.8 billion in average borrowed funds.

ZIONS BANCORPORATION, N.A.

Press Release – Page 3

Noninterest Income
2Q24 - 1Q24 2Q24 - 2Q23
(In millions) 2Q24 1Q24 2Q23 % %
Commercial account fees $ 45 $ 44 $ 45 2 % — %
Card fees 25 23 25 2 9 — —
Retail and business banking fees 16 16 16 — — — —
Loan-related fees and income 18 15 19 3 20 (1) (5)
Capital markets fees 21 24 27 (3) (13) (6) (22)
Wealth management fees 15 15 14 — — 1 7
Other customer-related fees 14 14 16 — — (2) (13)
Customer-related noninterest income 154 151 162 3 2 (8) (5)
Fair value and nonhedge derivative income (loss) (1) 1 1 (2) NM (2) NM
Dividends and other income 22 6 26 16 NM (4) (15)
Securities gains (losses), net 4 (2) — 6 NM 4 NM
Total noninterest income $ 179 $ 156 $ 189 15 (5)

All values are in US Dollars.

Customer-related noninterest income decreased $8 million, or 5%, compared with the prior year period. The decrease was driven primarily by declines in capital markets fees, including loan syndications, swaps, and other related fees.

Net securities gains increased $4 million in the current period, primarily due to valuation adjustments in our SBIC investment portfolio. This increase was offset by a decrease of $4 million in dividends and other income, largely due to higher gains in the prior year period associated with the sale of bank-owned property and higher dividends on FHLB stock. During the current quarter, dividends and other income benefited from a $9 million gain on the sale of our Enterprise Retirement Solutions business and a $4 million gain on the sale of a bank-owned property.

Noninterest Expense
2Q24 - 1Q24 2Q24 - 2Q23
(In millions) 2Q24 1Q24 2Q23 % %
Salaries and employee benefits $ 318 $ 331 $ 324 (4) % (2) %
Technology, telecom, and information processing 66 62 58 4 6 8 14
Occupancy and equipment, net 40 39 40 1 3 — —
Professional and legal services 17 16 16 1 6 1 6
Marketing and business development 13 10 13 3 30 — —
Deposit insurance and regulatory expense 21 34 22 (13) (38) (1) (5)
Credit-related expense 6 7 7 (1) (14) (1) (14)
Other real estate expense, net (1) — — (1) NM (1) NM
Other 29 27 28 2 7 1 4
Total noninterest expense $ 509 $ 526 $ 508 (3) —
Adjusted noninterest expense 1 $ 506 $ 511 $ 494 (1) 2

All values are in US Dollars.

1 For information on non-GAAP financial measures, see pages 16-17.

Total noninterest expense remained relatively stable at $509 million. Technology, telecom, and information processing expense increased $8 million, or 14%, primarily due to increases in software amortization expenses associated with the replacement of our core loan and deposit banking systems, as well as other related application software, license, and maintenance expenses. Salaries and employee benefits expense decreased $6 million, or 2%, primarily due to $13 million in severance expense during the prior year period and a decrease in base salaries during the current quarter.

Adjusted noninterest expense increased $12 million, or 2%. The efficiency ratio was 64.5%, compared with 62.5%, primarily due to the increase in adjusted noninterest expense and a decrease in adjusted taxable-equivalent revenue. For information on non-GAAP financial measures, see pages 16-17.

ZIONS BANCORPORATION, N.A.

Press Release – Page 4

BALANCE SHEET ANALYSIS

Investment Securities
2Q24 - 1Q24 2Q24 - 2Q23
(In millions) 2Q24 1Q24 2Q23 % %
Investment securities:
Held-to-maturity, at amortized cost $ 10,065 $ 10,209 $ 10,753 (1) % (6) %
Available-for-sale, at fair value 9,483 9,931 10,832 (448) (5) (1,349) (12)
Trading account, at fair value 24 59 32 (35) (59) (8) (25)
Total investment securities, net of allowance $ 19,572 $ 20,199 $ 21,617 (3) (9)

All values are in US Dollars.

Total investment securities decreased $2.0 billion, or 9%, to $19.6 billion at June 30, 2024, due largely to AFS and HTM principal reductions.

We invest in securities to actively manage liquidity and interest rate risk and to generate interest income. We primarily own securities that can readily provide us cash and liquidity through secured borrowing agreements without the need to sell the securities. Our fixed-rate securities portfolio helps balance the inherent interest rate mismatch between loans and deposits and protects the economic value of shareholders' equity. At June 30, 2024, the estimated duration of our securities portfolio, which measures price sensitivity to interest rate changes, remained flat at 3.7 percent, relative to the prior year period.

Loans and Leases
2Q24 - 1Q24 2Q24 - 2Q23
(In millions) 2Q24 1Q24 2Q23 % %
Loans held for sale $ 112 $ 12 $ 36 NM NM
Loans and leases:
Commercial $ 30,511 $ 30,479 $ 30,692 — (1)
Commercial real estate 13,549 13,578 12,904 (29) — 645 5
Consumer 14,355 14,052 13,321 303 2 1,034 8
Loans and leases, net of unearned income and fees 58,415 58,109 56,917 306 1 1,498 3
Less allowance for loan losses 696 699 651 (3) — 45 7
Loans and leases held for investment, net of allowance $ 57,719 $ 57,410 $ 56,266 1 3
Unfunded lending commitments $ 29,122 $ 29,490 $ 30,524 (1) (5)

All values are in US Dollars.

Loans and leases, net of unearned income and fees, increased $1.5 billion, or 3%, to $58.4 billion, relative to the prior year quarter. Consumer loans increased $1.0 billion from the prior year quarter, primarily in the 1-4 family residential portfolio, and commercial real estate loans increased $0.6 billion, primarily in the term commercial real estate portfolio. Unfunded lending commitments decreased $1.4 billion, or 5%, to $29.1 billion, primarily due to draws on existing commercial and consumer construction lending commitments.

ZIONS BANCORPORATION, N.A.

Press Release – Page 5

Credit Quality
2Q24 - 1Q24 2Q24 - 2Q23
(In millions) 2Q24 1Q24 2Q23 % %
Provision for credit losses $ 5 $ 13 $ 46 (62) % (89) %
Allowance for credit losses 726 736 711 (10) (1) 15 2
Net loan and lease charge-offs (recoveries) 15 6 13 9 NM 2 15
Nonperforming assets1 265 254 164 11 4 101 62
Classified loans 1,264 966 768 298 31 496 65
2Q24 1Q24 2Q23 bps bps
Ratio of ACL to loans2 and leases outstanding, at period end 1.24 % 1.27 % 1.25 % (3) (1)
Annualized ratio of net loan and lease charge-offs to average loans 0.10 % 0.04 % 0.09 % 6 1
Ratio of classified loans to total loans and leases 2.16 % 1.66 % 1.35 % 50 81
Ratio of nonperforming assets2 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.46 % 0.44 % 0.30 % 2 16

All values are in US Dollars.

1 Does not include banking premises held for sale.

2 Does not include loans held for sale.

During the second quarter of 2024, we recorded a $5 million provision for credit losses, compared with a $46 million provision during the prior year period. The allowance for credit losses (“ACL”) was $726 million at June 30, 2024, compared with $711 million at June 30, 2023. The year-over-year increase in the ACL primarily reflects declines in credit quality, incremental reserves associated with portfolio-specific risks including commercial real estate, and loan growth, partially offset by improvements in economic forecasts and changes in our loan portfolio composition. The ratio of ACL to total loans and leases was 1.24% at June 30, 2024, compared with 1.25% at June 30, 2023.

Net loan and lease charge-offs totaled $15 million, compared with $13 million in the prior year quarter. Classified loans totaled $1.3 billion, or 2.16%, compared with $768 million, or 1.35%, of total loans and leases, and nonperforming assets were $265 million, or 0.45%, compared with $164 million, or 0.29%, of total loans and leases. The increases in classified loans and nonperforming assets were primarily due to a small number of loans in the commercial and industrial and term commercial real estate portfolios.

Deposits and Borrowed Funds
2Q24 - 1Q24 2Q24 - 2Q23
(In millions) 2Q24 1Q24 2Q23 % %
Deposits:
Noninterest-bearing demand $ 24,731 $ 25,137 $ 28,670 (2) % (14) %
Interest-bearing:
Savings and money market 38,560 38,835 33,303 (275) (1) 5,257 16
Time 6,189 5,972 3,897 217 4 2,292 59
Brokered 4,290 4,293 8,453 (3) — (4,163) (49)
Total interest-bearing 49,039 49,100 45,653 (61) — 3,386 7
Total deposits $ 73,770 $ 74,237 $ 74,323 (1) (1)
Borrowed funds:
Federal funds purchased and other short-term borrowings $ 5,651 $ 4,895 $ 5,513 15 3
Long-term debt 546 544 538 2 — 8 1
Total borrowed funds $ 6,197 $ 5,439 $ 6,051 14 2

All values are in US Dollars.

ZIONS BANCORPORATION, N.A.

Press Release – Page 6

Total deposits decreased $553 million, or 1%, from the prior year quarter, as a $3.9 billion decrease in noninterest-bearing demand deposits was partially offset by a $3.4 billion increase in interest-bearing deposits. At June 30, 2024, customer deposits (excluding brokered deposits) totaled $69.5 billion, compared with $65.9 billion at June 30, 2023, and included approximately $7.3 billion and $3.4 billion of reciprocal deposits, respectively. Our loan-to-deposit ratio was 79%, compared with 77% in the prior year quarter.

Total borrowed funds, consisting primarily of secured borrowings, increased $146 million, or 2%, from the prior year quarter, primarily due to an increase in short-term borrowings, partially offset by a decrease in security repurchase agreements.

Shareholders’ Equity
2Q24 - 1Q24 2Q24 - 2Q23
(In millions, except share data) 2Q24 1Q24 2Q23 % %
Shareholders’ equity:
Preferred stock $ 440 $ 440 $ 440 — % — %
Common stock and additional paid-in capital 1,713 1,705 1,722 8 — (9) (1)
Retained earnings 6,421 6,293 6,051 128 2 370 6
Accumulated other comprehensive income (loss) (2,549) (2,609) (2,930) 60 2 381 13
Total shareholders’ equity $ 6,025 $ 5,829 $ 5,283 3 14
Capital distributions:
Common dividends paid $ 61 $ 61 $ 61 — —
Bank common stock repurchased — 35 — (35) NM — NM
Total capital distributed to common shareholders $ 61 $ 96 $ 61 (36) —
shares % shares %
Weighted average diluted common shares outstanding (in thousands) 147,120 147,343 147,696 (223) — % (576) — %
Common shares outstanding, at period end (in thousands) 147,684 147,653 148,144 31 — (460) —

All values are in US Dollars.

The common stock dividend was $0.41 per share, unchanged from the second quarter of 2023. Common shares outstanding decreased 0.5 million from the second quarter of 2023, primarily due to common stock repurchases in the first quarter of 2024.

Accumulated other comprehensive income (loss) (“AOCI”) was a loss of $2.5 billion at June 30, 2024, and largely reflects a decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are excluded from regulatory capital, and therefore do not impact our regulatory capital ratios.

Estimated common equity tier 1 (“CET1”) capital was $7.1 billion, an increase of 5%, compared with $6.7 billion in the prior year period. The estimated CET1 capital ratio was 10.6%, compared with 10.0%. Tangible book value per common share increased to $30.67, compared with $25.52, primarily due to an increase in retained earnings and an improvement in AOCI due largely to paydowns on securities. For more information on non-GAAP financial measures, see pages 16-17.

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 second quarter results at 5:30 p.m. ET on July 22, 2024. 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 13747611, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $87 billion of total assets at December 31, 2023, and annual net revenue of $3.1 billion in 2023. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 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 includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements include, among others:

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

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

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

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

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

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

•Competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services, and our ability to recruit and retain talent;

•The impact of technological advancements, digital commerce, artificial intelligence, and other innovations affecting the banking industry;

ZIONS BANCORPORATION, N.A.

Press Release – Page 8

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

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

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

•Natural disasters, pandemics, catastrophic events and other emergencies and incidents and their impact on our and our customers’ operations and 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;

•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;

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

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

Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2023 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC), and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov).

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 9

FINANCIAL HIGHLIGHTS

(Unaudited)

Three Months Ended
(In millions, except share, per share, and ratio data) June 30,<br>2024 March 31,<br>2024 December 31,<br>2023 September 30,<br>2023 June 30,<br>2023
BALANCE SHEET 1
Loans held for investment, net of allowance $ 57,719 $ 57,410 $ 57,095 $ 56,212 $ 56,266
Total assets 87,606 87,060 87,203 87,269 87,230
Deposits 73,770 74,237 74,961 75,399 74,323
Total shareholders’ equity 6,025 5,829 5,691 5,315 5,283
STATEMENT OF INCOME
Net earnings applicable to common shareholders $ 190 $ 143 $ 116 $ 168 $ 166
Net interest income 597 586 583 585 591
Taxable-equivalent net interest income 2 608 596 593 596 602
Total noninterest income 179 156 148 180 189
Total noninterest expense 509 526 581 496 508
Pre-provision net revenue 2 278 226 160 280 283
Adjusted pre-provision net revenue 2 278 242 262 272 296
Provision for credit losses 5 13 — 41 46
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share $ 1.28 $ 0.96 $ 0.78 $ 1.13 $ 1.11
Dividends 0.41 0.41 0.41 0.41 0.41
Book value per common share 1 37.82 36.50 35.44 32.91 32.69
Tangible book value per common share 1, 2 30.67 29.34 28.30 25.75 25.52
Weighted average share price 42.01 41.03 35.95 34.67 27.51
Weighted average diluted common shares outstanding (in thousands) 147,120 147,343 147,645 147,653 147,696
Common shares outstanding (in thousands) 1 147,684 147,653 148,153 148,146 148,144
SELECTED RATIOS AND OTHER DATA
Return on average assets 0.91 % 0.70 % 0.57 % 0.80 % 0.79 %
Return on average common equity 14.0 % 10.9 % 9.2 % 13.5 % 13.8 %
Return on average tangible common equity 2 17.5 % 13.7 % 11.8 % 17.3 % 17.8 %
Net interest margin 2.98 % 2.94 % 2.91 % 2.93 % 2.92 %
Cost of total deposits 2.11 % 2.06 % 2.06 % 1.92 % 1.27 %
Efficiency ratio 2 64.5 % 67.9 % 65.1 % 64.4 % 62.5 %
Effective tax rate 3 23.3 % 24.6 % 16.0 % 23.2 % 22.6 %
Ratio of nonperforming assets to loans and leases and other real estate owned 0.45 % 0.44 % 0.39 % 0.38 % 0.29 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans 0.10 % 0.04 % 0.06 % 0.10 % 0.09 %
Ratio of total allowance for credit losses to loans and leases outstanding 1 1.24 % 1.27 % 1.26 % 1.30 % 1.25 %
Full-time equivalent employees 9,696 9,708 9,679 9,984 10,103
CAPITAL RATIOS AND DATA 1
Tangible common equity ratio 2 5.2 % 5.0 % 4.9 % 4.4 % 4.4 %
Common equity tier 1 capital 4 $ 7,057 $ 6,920 $ 6,863 $ 6,803 $ 6,692
Risk-weighted assets 4 $ 66,885 $ 66,824 $ 66,934 $ 66,615 $ 66,917
Common equity tier 1 capital ratio 4 10.6 % 10.4 % 10.3 % 10.2 % 10.0 %
Tier 1 risk-based capital ratio 4 11.2 % 11.0 % 10.9 % 10.9 % 10.7 %
Total risk-based capital ratio 4 13.1 % 12.9 % 12.8 % 12.8 % 12.5 %
Tier 1 leverage ratio 4 8.5 % 8.4 % 8.3 % 8.3 % 8.0 %

1 At period end.

2 For information on non-GAAP financial measures, see pages 16-17.

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

4 Current period ratios and amounts represent estimates.

ZIONS BANCORPORATION, N.A.

Press Release – Page 10

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands) June 30,<br>2024 March 31,<br>2024 December 31,<br>2023 September 30,<br>2023 June 30,<br>2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 717 $ 709 $ 716 $ 700 $ 701
Money market investments:
Interest-bearing deposits 2,276 1,688 1,488 1,704 1,531
Federal funds sold and securities purchased under agreements to resell 936 894 937 1,427 781
Investment securities:
Held-to-maturity1, at amortized cost 10,065 10,209 10,382 10,559 10,753
Available-for-sale, at fair value 9,483 9,931 10,300 10,148 10,832
Trading, at fair value 24 59 48 31 32
Total investment securities, net of allowance 19,572 20,199 20,730 20,738 21,617
Loans held for sale 112 12 53 41 36
Loans and leases, net of unearned income and fees 58,415 58,109 57,779 56,893 56,917
Less allowance for loan losses 696 699 684 681 651
Loans held for investment, net of allowance 57,719 57,410 57,095 56,212 56,266
Other noninterest-bearing investments 987 922 950 929 956
Premises, equipment, and software, net 1,383 1,396 1,400 1,410 1,414
Goodwill and intangibles 1,055 1,057 1,059 1,060 1,062
Other real estate owned 4 6 6 7 3
Other assets 2,845 2,767 2,769 3,041 2,863
Total assets $ 87,606 $ 87,060 $ 87,203 $ 87,269 $ 87,230
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 24,731 $ 25,137 $ 26,244 $ 26,733 $ 28,670
Interest-bearing:
Savings and money market 38,596 38,879 38,721 37,090 33,394
Time 10,443 10,221 9,996 11,576 12,259
Total deposits 73,770 74,237 74,961 75,399 74,323
Federal funds purchased and other short-term borrowings 5,651 4,895 4,379 4,346 5,513
Long-term debt 546 544 542 540 538
Reserve for unfunded lending commitments 30 37 45 57 60
Other liabilities 1,584 1,518 1,585 1,612 1,513
Total liabilities 81,581 81,231 81,512 81,954 81,947
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares 440 440 440 440 440
Common stock2 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital 1,713 1,705 1,731 1,726 1,722
Retained earnings 6,421 6,293 6,212 6,157 6,051
Accumulated other comprehensive income (loss) (2,549) (2,609) (2,692) (3,008) (2,930)
Total shareholders’ equity 6,025 5,829 5,691 5,315 5,283
Total liabilities and shareholders’ equity $ 87,606 $ 87,060 $ 87,203 $ 87,269 $ 87,230
1 Held-to-maturity (fair value) $ 9,891 $ 10,105 $ 10,466 $ 10,049 $ 10,768
2 Common shares (issued and outstanding) 147,684 147,653 148,153 148,146 148,144

ZIONS BANCORPORATION, N.A.

Press Release – Page 11

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) Three Months Ended
(In millions, except share and per share amounts) June 30,<br>2024 March 31,<br>2024 December 31,<br>2023 September 30,<br>2023 June 30,<br>2023
Interest income:
Interest and fees on loans $ 877 $ 865 $ 848 $ 831 $ 791
Interest on money market investments 56 47 48 35 48
Interest on securities 140 142 144 144 138
Total interest income 1,073 1,054 1,040 1,010 977
Interest expense:
Interest on deposits 390 376 395 366 220
Interest on short- and long-term borrowings 86 92 62 59 166
Total interest expense 476 468 457 425 386
Net interest income 597 586 583 585 591
Provision for credit losses:
Provision for loan losses 12 21 12 44 46
Provision for unfunded lending commitments (7) (8) (12) (3) —
Total provision for credit losses 5 13 — 41 46
Net interest income after provision for credit losses 592 573 583 544 545
Noninterest income:
Commercial account fees 45 44 43 43 45
Card fees 25 23 26 26 25
Retail and business banking fees 16 16 17 17 16
Loan-related fees and income 18 15 16 23 19
Capital markets fees 21 24 19 18 27
Wealth management fees 15 15 14 15 14
Other customer-related fees 14 14 15 15 16
Customer-related noninterest income 154 151 150 157 162
Fair value and nonhedge derivative income (loss) (1) 1 (9) 7 1
Dividends and other income 22 6 8 12 26
Securities gains (losses), net 4 (2) (1) 4 —
Total noninterest income 179 156 148 180 189
Noninterest expense:
Salaries and employee benefits 318 331 301 311 324
Technology, telecom, and information processing 66 62 65 62 58
Occupancy and equipment, net 40 39 38 42 40
Professional and legal services 17 16 17 16 16
Marketing and business development 13 10 11 10 13
Deposit insurance and regulatory expense 21 34 109 20 22
Credit-related expense 6 7 7 6 7
Other real estate expense, net (1) — — — —
Other 29 27 33 29 28
Total noninterest expense 509 526 581 496 508
Income before income taxes 262 203 150 228 226
Income taxes 61 50 24 53 51
Net income 201 153 126 175 175
Preferred stock dividends (11) (10) (10) (7) (9)
Net earnings applicable to common shareholders $ 190 $ 143 $ 116 $ 168 $ 166
Weighted average common shares outstanding during the period:
Basic shares (in thousands) 147,115 147,338 147,640 147,648 147,692
Diluted shares (in thousands) 147,120 147,343 147,645 147,653 147,696
Net earnings per common share:
Basic $ 1.28 $ 0.96 $ 0.78 $ 1.13 $ 1.11
Diluted 1.28 0.96 0.78 1.13 1.11

ZIONS BANCORPORATION, N.A.

Press Release – Page 12

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions) June 30,<br>2024 March 31,<br>2024 December 31,<br>2023 September 30,<br>2023 June 30,<br>2023
Commercial:
Commercial and industrial $ 16,622 $ 16,519 $ 16,684 $ 16,341 $ 16,622
Leasing 390 388 383 373 388
Owner occupied 9,236 9,295 9,219 9,273 9,328
Municipal 4,263 4,277 4,302 4,221 4,354
Total commercial 30,511 30,479 30,588 30,208 30,692
Commercial real estate:
Construction and land development 2,725 2,686 2,669 2,575 2,498
Term 10,824 10,892 10,702 10,565 10,406
Total commercial real estate 13,549 13,578 13,371 13,140 12,904
Consumer:
Home equity credit line 3,468 3,382 3,356 3,313 3,291
1-4 family residential 9,153 8,778 8,415 8,116 7,980
Construction and other consumer real estate 1,139 1,321 1,442 1,510 1,434
Bankcard and other revolving plans 466 439 474 475 466
Other 129 132 133 131 150
Total consumer 14,355 14,052 13,820 13,545 13,321
Total loans and leases $ 58,415 $ 58,109 $ 57,779 $ 56,893 $ 56,917

Nonperforming Assets

(Unaudited)

(In millions) June 30,<br>2024 March 31,<br>2024 December 31,<br>2023 September 30,<br>2023 June 30,<br>2023
Nonaccrual loans 1 $ 261 $ 248 $ 222 $ 216 $ 162
Other real estate owned 2 4 6 6 3 2
Total nonperforming assets $ 265 $ 254 $ 228 $ 219 $ 164
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2 0.45 % 0.44 % 0.39 % 0.38 % 0.29 %
Accruing loans past due 90 days or more $ 6 $ 3 $ 3 $ 16 $ 7
Ratio of accruing loans past due 90 days or more to loans1 and leases 0.01 % 0.01 % 0.01 % 0.03 % 0.01 %
Nonaccrual loans and accruing loans past due 90 days or more $ 267 $ 251 $ 225 $ 232 $ 169
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.46 % 0.44 % 0.40 % 0.41 % 0.30 %
Accruing loans past due 30-89 days $ 114 $ 77 $ 86 $ 86 $ 59
Classified loans 1,264 966 825 769 768

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 13

Allowance for Credit Losses

(Unaudited)

Three Months Ended
(In millions) June 30,<br>2024 March 31,<br>2024 December 31,<br>2023 September 30,<br>2023 June 30,<br>2023
Allowance for Loan and Lease Losses
Balance at beginning of period $ 699 $ 684 $ 681 $ 651 $ 618
Provision for loan losses 12 21 12 44 46
Loan and lease charge-offs 21 14 13 20 22
Less: Recoveries 6 8 4 6 9
Net loan and lease charge-offs (recoveries) 15 6 9 14 13
Balance at end of period $ 696 $ 699 $ 684 $ 681 $ 651
Ratio of allowance for loan losses to loans1 and leases, at period end 1.19 % 1.20 % 1.18 % 1.20 % 1.14 %
Ratio of allowance for loan losses to nonaccrual loans1 at period end 267 % 282 % 308 % 342 % 402 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans 0.10 % 0.04 % 0.06 % 0.10 % 0.09 %
Reserve for Unfunded Lending Commitments
Balance at beginning of period $ 37 $ 45 $ 57 $ 60 $ 60
Provision for unfunded lending commitments (7) (8) (12) (3) —
Balance at end of period $ 30 $ 37 $ 45 $ 57 $ 60
Allowance for Credit Losses
Allowance for loan losses $ 696 $ 699 $ 684 $ 681 $ 651
Reserve for unfunded lending commitments 30 37 45 57 60
Total allowance for credit losses $ 726 $ 736 $ 729 $ 738 $ 711
Ratio of ACL to loans1 and leases outstanding, at period end 1.24 % 1.27 % 1.26 % 1.30 % 1.25 %

1 Does not include loans held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 14

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions) June 30,<br>2024 March 31,<br>2024 December 31,<br>2023 September 30,<br>2023 June 30,<br>2023
Loans held for sale $ — $ — $ — $ 17 $ —
Commercial:
Commercial and industrial $ 111 $ 110 $ 82 $ 59 $ 71
Leasing 2 2 2 — —
Owner occupied 28 20 20 27 29
Municipal 6 — — — —
Total commercial 147 132 104 86 100
Commercial real estate:
Construction and land development 2 1 22 22 —
Term 35 42 39 40 13
Total commercial real estate 37 43 61 62 13
Consumer:
Home equity credit line 29 27 17 16 12
1-4 family residential 46 44 40 35 37
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans 1 1 — — —
Other 1 1 — — —
Total consumer 77 73 57 51 49
Total nonaccrual loans $ 261 $ 248 $ 222 $ 216 $ 162

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions) June 30,<br>2024 March 31,<br>2024 December 31,<br>2023 September 30,<br>2023 June 30,<br>2023
Commercial:
Commercial and industrial $ 4 $ 4 $ 7 $ 8 $ 14
Leasing — — — — —
Owner occupied — — — (1) —
Municipal — — — — —
Total commercial 4 4 7 7 14
Commercial real estate:
Construction and land development — (1) — 1 —
Term 11 — — 2 —
Total commercial real estate 11 (1) — 3 —
Consumer:
Home equity credit line — — — 2 —
1-4 family residential (1) 1 — — (2)
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans 1 1 2 2 1
Other — 1 — — —
Total consumer loans — 3 2 4 (1)
Total net charge-offs (recoveries) $ 15 $ 6 $ 9 $ 14 $ 13

ZIONS BANCORPORATION, N.A.

Press Release – Page 15

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited) Three Months Ended
June 30, 2024 March 31, 2024 June 30, 2023
(In millions) Average balance Average<br>yield/rate 1 Average balance Average<br>yield/rate 1 Average balance Average<br>yield/rate 1
ASSETS
Money market investments:
Interest-bearing deposits $ 1,909 5.57 % $ 1,447 5.71 % $ 2,899 5.08 %
Federal funds sold and securities purchased under agreements to resell 2,026 5.87 % 1,826 5.89 % 784 5.65 %
Total money market investments 3,935 5.72 % 3,273 5.81 % 3,683 5.20 %
Investment securities:
Held-to-maturity 10,120 2.25 % 10,277 2.25 % 10,833 2.24 %
Available-for-sale 9,670 3.57 % 10,067 3.45 % 11,180 2.85 %
Trading 39 4.74 % 33 4.27 % 52 4.78 %
Total investment securities 19,829 2.90 % 20,377 2.84 % 22,065 2.56 %
Loans held for sale 43 NM 56 NM 73 NM
Loans and leases:2
Commercial 30,505 6.05 % 30,482 5.95 % 30,650 5.46 %
Commercial real estate 13,587 7.22 % 13,504 7.29 % 12,933 6.97 %
Consumer 14,199 5.17 % 13,921 5.10 % 13,096 4.80 %
Total loans and leases 58,291 6.11 % 57,907 6.06 % 56,679 5.65 %
Total interest-earning assets 82,098 5.31 % 81,613 5.25 % 82,500 4.81 %
Cash and due from banks 691 710 653
Allowance for credit losses on loans and debt securities (697) (685) (619)
Goodwill and intangibles 1,056 1,058 1,063
Other assets 5,424 5,274 5,524
Total assets $ 88,572 $ 87,970 $ 89,121
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 38,331 2.73 % $ 38,044 2.73 % $ 30,325 1.49 %
Time 10,744 4.87 % 9,777 4.81 % 9,494 4.55 %
Total interest-bearing deposits 49,075 3.20 % 47,821 3.16 % 39,819 2.22 %
Borrowed funds:
Federal funds purchased and security repurchase agreements 1,166 5.38 % 1,748 5.38 % 4,423 5.11 %
Other short-term borrowings 5,097 4.95 % 4,931 4.98 % 7,575 5.28 %
Long-term debt 544 5.98 % 543 5.99 % 636 5.97 %
Total borrowed funds 6,807 5.10 % 7,222 5.15 % 12,634 5.26 %
Total interest-bearing liabilities 55,882 3.43 % 55,043 3.42 % 52,453 2.95 %
Noninterest-bearing demand deposits 25,153 25,537 29,830
Other liabilities 1,647 1,661 1,580
Total liabilities 82,682 82,241 83,863
Shareholders’ equity:
Preferred equity 440 440 440
Common equity 5,450 5,289 4,818
Total shareholders’ equity 5,890 5,729 5,258
Total liabilities and shareholders’ equity $ 88,572 $ 87,970 $ 89,121
Spread on average interest-bearing funds 1.88 % 1.83 % 1.86 %
Impact of net noninterest-bearing sources of funds 1.10 % 1.11 % 1.06 %
Net interest margin 2.98 % 2.94 % 2.92 %
Memo: total cost of deposits 2.11 % 2.06 % 1.27 %
Memo: total deposits and interest-bearing liabilities $ 81,035 2.36 % $ 80,580 2.34 % $ 82,283 1.88 %

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 16

NON-GAAP FINANCIAL MEASURES

(Unaudited)

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

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

Tangible Common Equity and Related Measures

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

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

Three Months Ended
(Dollar amounts in millions) June 30,<br>2024 March 31,<br>2024 December 31,<br>2023 September 30,<br>2023 June 30,<br>2023
Net earnings applicable to common shareholders (GAAP) $ 190 $ 143 $ 116 $ 168 $ 166
Adjustments, net of tax:
Amortization of core deposit and other intangibles 1 1 1 1 1
Adjusted net earnings applicable to common shareholders, net of tax (a) $ 191 $ 144 $ 117 $ 169 $ 167
Average common equity (GAAP) $ 5,450 $ 5,289 $ 4,980 $ 4,938 $ 4,818
Average goodwill and intangibles (1,056) (1,058) (1,060) (1,061) (1,063)
Average tangible common equity (non-GAAP) (b) $ 4,394 $ 4,231 $ 3,920 $ 3,877 $ 3,755
Number of days in quarter (c) 91 91 92 92 91
Number of days in year (d) 366 366 365 365 365
Return on average tangible common equity (non-GAAP) 1 (a/b/c)*d 17.5 % 13.7 % 11.8 % 17.3 % 17.8 %

1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 10.9%, 8.4%, 6.7%, 9.9%, and 10.0% for the periods presented, respectively.

ZIONS BANCORPORATION, N.A.

Press Release – Page 17

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

(Dollar amounts in millions, except per share amounts) June 30,<br>2024 March 31,<br>2024 December 31,<br>2023 September 30,<br>2023 June 30,<br>2023
Total shareholders’ equity (GAAP) $ 6,025 $ 5,829 $ 5,691 $ 5,315 $ 5,283
Goodwill and intangibles (1,055) (1,057) (1,059) (1,060) (1,062)
Tangible equity (non-GAAP) (a) 4,970 4,772 4,632 4,255 4,221
Preferred stock (440) (440) (440) (440) (440)
Tangible common equity (non-GAAP) (b) $ 4,530 $ 4,332 $ 4,192 $ 3,815 $ 3,781
Total assets (GAAP) $ 87,606 $ 87,060 $ 87,203 $ 87,269 $ 87,230
Goodwill and intangibles (1,055) (1,057) (1,059) (1,060) (1,062)
Tangible assets (non-GAAP) (c) $ 86,551 $ 86,003 $ 86,144 $ 86,209 $ 86,168
Common shares outstanding (in thousands) (d) 147,684 147,653 148,153 148,146 148,144
Tangible equity ratio (non-GAAP) 1 (a/c) 5.7 % 5.5 % 5.4 % 4.9 % 4.9 %
Tangible common equity ratio (non-GAAP) (b/c) 5.2 % 5.0 % 4.9 % 4.4 % 4.4 %
Tangible book value per common share (non-GAAP) (b/d) $ 30.67 $ 29.34 $ 28.30 $ 25.75 $ 25.52

Efficiency Ratio and Adjusted Pre-Provision Net Revenue

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

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

Three Months Ended
(Dollar amounts in millions) June 30,<br>2024 March 31,<br>2024 December 31,<br>2023 September 30,<br>2023 June 30,<br>2023
Noninterest expense (GAAP) (a) $ 509 $ 526 $ 581 $ 496 $ 508
Adjustments:
Severance costs 1 — — — 13
Other real estate expense, net (1) — — — —
Amortization of core deposit and other intangibles 1 2 2 2 1
Restructuring costs — — — 1 —
SBIC investment success fee accrual 1 — — — —
FDIC special assessment 1 13 90 — —
Total adjustments (b) 3 15 92 3 14
Adjusted noninterest expense (non-GAAP) (c)=(a-b) $ 506 $ 511 $ 489 $ 493 $ 494
Net interest income (GAAP) (d) $ 597 $ 586 $ 583 $ 585 $ 591
Fully taxable-equivalent adjustments (e) 11 10 10 11 11
Taxable-equivalent net interest income (non-GAAP) (f)=(d+e) 608 596 593 596 602
Noninterest income (GAAP) (g) 179 156 148 180 189
Combined income (non-GAAP) (h)=(f+g) 787 752 741 776 791
Adjustments:
Fair value and nonhedge derivative income (loss) (1) 1 (9) 7 1
Securities gains (losses), net 4 (2) (1) 4 —
Total adjustments (i) 3 (1) (10) 11 1
Adjusted taxable-equivalent revenue (non-GAAP) (j)=(h-i) $ 784 $ 753 $ 751 $ 765 $ 790
Pre-provision net revenue (PPNR) (non-GAAP) (h)-(a) $ 278 $ 226 $ 160 $ 280 $ 283
Adjusted PPNR (non-GAAP) (j)-(c) 278 242 262 272 296
Efficiency ratio (non-GAAP) 1 (c/j) 64.5 % 67.9 % 65.1 % 64.4 % 62.5 %

1 Excluding both the $9 million gain on sale of our Enterprise Retirement Solutions business and the $4 million gain on sale of a bank-owned property (recorded in dividends and other income), the efficiency ratio for the three months ended June 30, 2024 would have been 65.6%.

earningspresentation-202

ZIONS2024 SECOND QUARTER J u l y 2 2 , 2 0 2 4 Financial Review

FORWARD-LOOKING STATEMENTS; USE OF NON-GAAP FINANCIAL MEASURES 2 Forward Looking Information This presentation includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements include, among others: Statements with respect to the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, results of operations and performance of Zions Bancorporation, National Association and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and Statements preceded or followed by, or that include the words “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” “will,” and the negative thereof and similar words and expressions. Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, important factors that may cause material differences include: The quality and composition of our loan and securities portfolios and the quality and composition of our deposits; Changes in general industry, political and economic conditions, including elevated inflation, economic slowdown or recession, or other economic challenges; changes in interest and reference rates, which could adversely affect our revenue and expenses, the value of assets and liabilities, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses; The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in applicable laws, and fiscal, monetary, regulatory, trade, and tax policies, and actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue; increases in bank fees, insurance assessments and capital standards; and other regulatory requirements; Competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services, and our ability to recruit and retain talent; The impact of technological advancements, digital commerce, artificial intelligence, and other innovations affecting the banking industry; Our ability to complete projects and initiatives and execute on our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives; Our ability to develop and maintain technology, information security systems and controls designed to guard against fraud, cybersecurity, and privacy risks; Our ability to provide adequate oversight of our suppliers or prevent inadequate performance by third parties upon whom we rely for the delivery of various products and services; Natural disasters, pandemics, catastrophic events and other emergencies and incidents and their impact on our and our customers’ operations and 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; 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; Protracted congressional negotiations and political stalemates regarding government funding and other issues, including those that increase the possibility of government shutdowns, downgrades in United States (“U.S.”) credit ratings, or other economic disruptions; and The effects of wars and geopolitical conflicts, such as the ongoing war between Russia and Ukraine, the war in the Middle East, and other local, national, or international disasters, crises, or conflicts that may occur in the future. Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2023 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC) and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov). We caution against the undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any forward-looking statements to reflect future events or developments. Use of Non-GAAP Financial Measures: This document contains several references to non-GAAP measures, including but not limited to, pre-provision net revenue and the “efficiency ratio,” which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions’ management compensation and are used in Zions’ strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

Digital to the Core is key to being competitive in a digital world FUTURECORE: A COMPETITIVE TECHNOLOGY ADVANTAGE FOR YEARS TO COME 3 Delivering Benefits to our Customers and Employees • One data model for the in-scope loans and deposits • Real time: Fraud alerts and data entry correction • API-enabled • Cloud-deployable • Faster time-to-market for new products • Omni-channel account opening platform (branch/online/ mobile) • Improves consistency of customer attribute data across major applications • 7-day processing (when/if U.S. adopts) • Intuitive user-friendly front end A Catalyst for Modernization • General ledger simplification • Credit approval workflow • Loan operations consolidation • Enterprise data governance discipline • Deposit product rationalization • Charter consolidation FutureCore Scope Replacement of three legacy loan systems (consumer, commercial and construction lending) and one deposit system with a modern, integrated core processing system

Net interest margin expanded for a second consecutive quarter while credit continues to perform as expected FINANCIAL PERFORMANCE 4 (1) See Appendix for non-GAAP financial measures. Key Metrics 2Q24 1Q24 • Earning asset repricing modestly outpaced funding cost increases in the quarter resulting in 4 basis point improvement in net interest margin • Net charge-offs were 0.10% of loans, annualized, and remain below peer median • Loss-absorbing capital continues to strengthen, with CET1 at 10.6%, up from 10.0% a year ago • Improved efficiency ratio reflects higher revenues during 2Q24 (including gains on sale of our Enterprise Retirement Solutions business and a bank-owned property) and seasonal expenses during 1Q24 • We are investing in the business and expanding product capabilities while managing expense growth Net earnings to common $190 million $143 million Diluted earnings per share (GAAP) $1.28 $0.96 Net Interest Margin 2.98% 2.94% Loan growth (QoQ) Ending 0.5% Average 0.7% Ending 0.6% Average 1.3% Customer deposit growth (QoQ) (excluding brokered) Ending (0.7%) Average 0.3% Ending (0.8%) Average (1.1%) Net charge-offs / loans (annualized) 0.10% (annualized) 0.04% Return on average tangible common equity1 17.5% 13.7% Common equity tier 1% 10.6% 10.4% Efficiency ratio1 64.5% 67.9%

DILUTED EARNINGS PER SHARE 5 (1) Items that were $0.05 per share or more. Earnings per share was positively impacted by gains on the sale of our Enterprise Retirement Solutions business and bank-owned property Diluted Earnings per Share EPS Impact of Provision for Credit Losses Notable Items1: 2Q24: • $0.07 per share positive impact from gains on sale of our Enterprise Retirement Solutions business and a bank-owned property 1Q24: • $(0.07) per share negative impact from FDIC Special Assessment 4Q23: • $(0.46) per share negative impact from FDIC Special Assessment • $(0.05) per share negative impact from Credit Valuation Adjustment 3Q23: • No items with impact > $0.05 per share during the quarter 2Q23: • $(0.07) per share negative impact from severance expense • $0.07 per share positive impact from gain on sale of bank-owned property $1.11 $1.13 $0.78 $0.96 $1.28 2Q23 3Q23 4Q23 1Q24 2Q24 $(0.23) $(0.21) $- $(0.07) $(0.03) 2Q23 3Q23 4Q23 1Q24 2Q24

PRE-PROVISION NET REVENUE (“PPNR”) 6 (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, and securities gains (losses). See Appendix for non-GAAP financial measures. Linked-quarter improvement in Adjusted PPNR reflects increased adjusted revenue and lower adjusted noninterest expense Linked quarter (2Q24 vs. 1Q24): • Adjusted PPNR increased 15%: • Increased net interest income • Increased customer-related noninterest income; noncustomer-related noninterest income includes $9 million gain on sale of our Enterprise Retirement Solutions business and $4 million gain on sale of bank-owned property • Decline in adjusted noninterest expense driven by seasonality in compensation in the first quarter Year-over-year (2Q24 vs. 2Q23): • Adjusted PPNR decreased 6%: • Slight increase in taxable-equivalent net interest income due to growth in interest income outpacing growth of funding costs • Increased adjusted noninterest expense $ 2 8 3 $ 2 8 0 $ 1 6 0 $ 2 2 6 $ 2 7 8 $ 2 9 6 $ 2 7 2 $ 2 6 2 $ 2 4 2 $ 2 7 8 2Q23 3Q23 4Q23 1Q24 2Q24 Pre-provision net revenue (PPNR) (non-GAAP) Adjusted PPNR (non-GAAP) PPNR1 ($ millions)

NET INTEREST INCOME & NET INTEREST MARGIN 7 Net interest income up due to the benefit of earning asset repricing and changes in asset mix, partially offset by an increase in cost of funding $591 $585 $583 $586 $597 2.92% 2.93% 2.91% 2.94% 2.98% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% $0 2Q23 3Q23 4Q23 1Q24 2Q24 Net Interest Income Net Interest Margin ($ millions) Linked quarter (2Q24 vs. 1Q24): Net interest income increased $11 million, reflecting: • Interest income: • $12 million, or 1%, increase on loans • $7 million, or 4%, increase on money market and investment securities • Interest expense • $14 million, or 4%, increase on deposits • $6 million, or 7%, decrease on borrowings Year-over-year (2Q24 vs. 2Q23): • Net interest income up slightly • Interest income increased $96 million or 10% • Interest expense increased $90 million or 23% • Interest paid on deposits increased $170 million • Interest paid on borrowings decreased $80 million

NET INTEREST MARGIN 8 (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. The net interest margin expanded from prior year as asset repricing offset cost of funding increases Year-Over-Year (2Q24 vs. 2Q23)Linked Quarter (2Q24 vs. 1Q24) Earning asset yields continued to improve while rate of increase on liabilities slowed Loans Deposits Money Mkt & Securities Borrowings Free Funds1 Loans Deposits Money Mkt & Securities Borrowings Free Funds1 2Q23 2Q241Q24 2Q24

NONINTEREST INCOME AND REVENUE 9 (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items as detailed in the noninterest income section of the earnings release. (2) Adjusted revenue is the sum of taxable-equivalent net interest income and noninterest income less adjustments. It excludes the impact of securities gains (losses) and fair value and non-hedge derivative income. See Appendix for non-GAAP financial measures. Increased customer-related income attributable to growth in commercial account, card, and loan-related fees $162 $157 $150 $151 $154 2Q23 3Q23 4Q23 1Q24 2Q24 Customer-Related Noninterest Income (1) ($ millions) $ 7 8 0 $ 7 6 5 $ 7 3 1 $ 7 4 2 $ 7 7 6 $ 7 9 0 $ 7 6 5 $ 7 5 1 $ 7 5 3 $ 7 8 4 2Q23 3Q23 4Q23 1Q24 2Q24 Total Revenue (GAAP) Adjusted Revenue (Non-GAAP) Total Revenue (2) ($ millions)

NONINTEREST EXPENSE 10 (1) Adjusted for severance costs, restructuring costs, SBIC investments success fee accruals, FDIC special assessment, intangibles amortization, and other real estate expense. See Appendix for non-GAAP financial measures. Adjusted noninterest expense decreased linked quarter due to seasonality in compensation during the prior quarter • Total noninterest expense decreased $17 million linked quarter • Adjusted noninterest expense decreased $5 million linked quarter, mainly driven by seasonality in compensation • Salary and benefits declined $13 million • Technology expense increased $4 million • Marketing and business development expense increased $3 million • Adjusted noninterest expense was up 2% compared to prior year quarter Notable items: • 1Q24: $13 million FDIC special assessment • 1Q24: $12 million increase in share-based compensation • 4Q23: $90 million FDIC special assessment • 2Q23: $13 million severance expense $ 5 0 8 $ 4 9 6 $ 5 8 1 $ 5 2 6 $ 5 0 9 $ 4 9 4 $ 4 9 3 $ 4 8 9 $ 5 1 1 $ 5 0 6 62.5% 64.4% 65.1% 67.9% 64.5% 2Q23 3Q23 4Q23 1Q24 2Q24 NIE (GAAP) Adjusted NIE (Non-GAAP) Efficiency Ratio ($ millions) Noninterest Expense (NIE) (1) (1)

AVERAGE LOANS AND DEPOSITS 11 (1) Deposit beta compares the change in the cost of deposits vs. the change in the target fed funds rate relative to 4Q21. Yields on loans increased 5 basis points; total cost of deposits also increased 5 basis points Zions’ average cost of total deposits reflect a total deposit beta1 of 40% and an interest-bearing deposit beta of 60% Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits $56.7 $57.0 $57.1 $57.9 $58.3 5.65% 5.84% 5.94% 6.06% 6.11% $0.0 $25.0 $50.0 $75.0 $100.0 2Q23 3Q23 4Q23 1Q24 2Q24 ($ billions) $39.8 $47.8 $49.1 $47.8 $49.1 $29.8 $27.9 $26.9 $25.5 $25.2 $69.6 $75.6 $75.9 $73.4 $74.2 1.27% 1.92% 2.06% 2.06% 2.11% $0.0 $25.0 $50.0 $75.0 $100.0 2Q23 3Q23 4Q23 1Q24 2Q24 ($ billions)

DEPOSIT BALANCE AND BORROWING TRENDS 12 Ending customer deposits declined ~$460 million vs. 1Q24; brokered deposits were flat 2Q24 total funding costs increased 2 basis points • Period-end noninterest-bearing demand deposits declined ~$400 million, or 1.6% linked-quarter • Brokered deposits were flat linked-quarter Average Deposits and Borrowings ($ billions) Ending Deposits and Borrowings ($ billions) $66 $69 $71 $70 $69 $8 $6 $4 $4 $4 $6 $5 $5 $5 $6 - 10 20 30 40 50 60 70 80 90 100 2Q23 3Q23 4Q23 1Q24 2Q24 $63 $68 $70 $69 $70$7 $8 $6 $4 $5 $13 $5 $5 $7 $7 1.88% 2.10% 2.25% 2.34% 2.36% 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 2Q23 3Q23 4Q23 1Q24 2Q24

SECURITIES & MONEY MARKET INVESTMENTS 13 The bank has strong on-balance sheet liquidity The investment portfolio is designed to be a storehouse of balance sheet liquidity • Principal and prepayment-related cash flows from securities were $840 million for the quarter • The composition of the investment portfolio allows for deep on- balance sheet liquidity through the repo market • Approximately 90% of securities are U.S. Government and U.S. Government Agency/GSE securities The investment portfolio is also used to balance interest rate risk • The estimated deposit duration at June 30, 2024 is assumed to be longer than the loan duration (including swaps); the investment portfolio brings balance to this mismatch • The estimated price sensitivity of the securities portfolio (including the impact of fair value hedges) is flat from prior year quarter at 3.7 percent Total Securities Portfolio and Money Market Investments (period-end balances) $21.6 $20.7 $20.7 $20.2 $19.6 $2.3 $3.1 $2.4 $2.6 $3.2 2Q23 3Q23 4Q23 1Q24 2Q24 Total Securities Money Market Investments 30% 30% 29% 28% 28% Percent of earning assets ($ billions)

NET INTEREST INCOME – OUTLOOK & RATE SENSITIVITY 14 Net interest income is expected to increase as asset repricing outpaces changes in funding costs 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 suggests latent interest rate sensitivity of 8.3%, 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 reduces by 2.0% reflecting changes to NII based upon future rate movements implied by the forward rate curve at 6/30/2024. Net Interest Income Sensitivity 4.6% 6.3% 7.7% (100 bps) Implied +100 bps 2Q25 vs 2Q24 Reflects continued asset repricing, assumes total deposit cost increase of approximately 20 basis points by 2Q25 (assumes $3.5 billion of noninterest-bearing demand deposit migration to higher-cost products); 44% through- the-cycle total beta Latent2 Emergent2 Implied The estimated incremental impact of future rate changes from market implied rates is negative 200 basis points This assumes a Fed Funds Target of 4.50% at 2Q25 8.3% (2.0%) 6.3% Net interest income is expected to be slightly to moderately increasing in 2Q25 relative to 2Q24 -100 and +100 parallel interest rate shocks suggest moderate rate sensitivity between +4.6% and +7.7%

CREDIT QUALITY 15 (1) Nonperforming assets plus accruing loans that were ≥ 90 days past due Note: Net charge-offs / average loans, and provision / average loans ratios are annualized for all periods shown Net charge-offs remain low, with trailing 12 months net charge-offs at 0.08% of average loans Key Credit Metrics • Net charge-offs relative to average loans: • 0.10% annualized in 2Q24 • 0.08% over the last 12 months • 0.46%: NPAs+90(1)/loans + OREO • NPA+90 balance increased $14 million in 2Q24 from 1Q24 • 2.2%: Classified loans / total loans • Classified balance increased $298 million in 2Q24 from 1Q24, driven primarily by loans in the commercial portfolio • 3.8%: Criticized loans / total loans • Criticized balance increased $284 million in 2Q24 from 1Q24, driven primarily by downgrades to Special Mention in the commercial real estate portfolio Allowance for Credit Losses: • 1.24% of total loans and leases, down 3 basis points from 1Q24 reflecting portfolio changes and improvement in the economic outlook, partially offset by C&I credit quality deterioration Credit Quality Ratios 0.09% 0.10% 0.06% 0.04% 0.10% 0.32% 0.29% 0.00% 0.09% 0.03% 2Q23 3Q23 4Q23 1Q24 2Q24 NCOs / Avg Loans (ann.) Provision / Avg Loans (ann.) 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2Q23 3Q23 4Q23 1Q24 2Q24 Criticized / Loans NPAs + 90 / Loans + OREO Classified / Loans ACL / Loans

COMMERCIAL REAL ESTATE SUMMARY ($13.5 BILLION BALANCE) 16 Note: Loan-to-value (LTV) calculations reflect most current appraisal in the denominator and the current outstanding balance in the numerator. The commercial real estate portfolio is granular and well diversified Term CRE ($10.8B) • Conservative weighted-average LTVs (< 60%) • Maturity distribution: 20% on average annually over next 3 years • Average & median loan size of $3.6 million & < $1 million • Total term CRE portfolio 7.8% criticized; 2.5% classified; 0.4% nonaccrual; 0.7% delinquencies Construction and Land Development ($2.7B) • Land and Acquisition & Development less than $250 million • Total construction portfolio 5.3% criticized; 1.0% classified; 0.1% nonaccrual; 0.1% delinquencies Office ($1.9B: $1.8B term | $0.1B construction) • 70% suburban and 30% Central Business District • Average LTV < 60% • Average & median loan size of $4.6 million & < $1 million • 9.8% criticized; 6.3% classified; 1.2% nonaccrual; 2.5% delinquencies • $7.1 million YTD charged off • 80% term, 20% construction • Allowance for credit losses: 2.3% of balances / 28% of criticized balances • Portfolio growth has been carefully managed for over a decade through disciplined concentration limits • Granular portfolio with solid sponsor or guarantor support • Diversified by property type and location Multifamily, 28% Industrial, 23% Office, 14% Retail, 11% Hospitality, 5% Residential Construction, 5% All Other CRE, 14% CRE Portfolio Composition As of June 30, 2024

CAPITAL STRENGTH 17 Loss-absorbing capital remains strong relative to our risk profile; low credit losses relative to CET1 + ACL Net Charge-offs annualized, as a percentage of risk-weighted assets (0 .0 1 % ) 0 .0 1 % 0 .0 4 % 0 .0 6 % 0 .1 6 % (0 .0 2 % ) 0 .0 0 % 0 .0 8 % 0 .0 8 % 0 .0 5 % 0 .0 4 % 0 .0 9 % (4%) (2%) 0% 2% 4% 6% 8% 10% 12% 14% 3 Q 2 1 4 Q 2 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 1 Q 2 3 2 Q 2 3 3 Q 2 3 4 Q 2 3 1 Q 2 4 2 Q 2 4 Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets 1 0 .9 % 1 0 .2 % 1 0 .0 % 9 .9 % 9 .6 % 9 .8 % 9 .9 % 1 0 .0 % 1 0 .2 % 1 0 .3 % 1 0 .4 % 1 0 .6 % 1 1 .8 % 1 1 .1 % 1 0 .9 % 1 0 .7 % 1 0 .5 % 1 0 .7 % 1 1 .0 % 1 1 .1 % 1 1 .3 % 1 1 .3 % 1 1 .5 % 1 1 .6 % 0% 2% 4% 6% 8% 10% 12% 14% 3 Q 2 1 4 Q 2 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 1 Q 2 3 2 Q 2 3 3 Q 2 3 4 Q 2 3 1 Q 2 4 2 Q 2 4 Common Equity Tier 1 ACL / Risk-weighted Assets

FINANCIAL OUTLOOK (2Q 2025E VS 2Q 2024A) 18 Outlook provided as of July 22, 2024 Outlook Comments Stable to Slightly Increasing ▪ Slow near-term growth due to interest rates, though customer sentiment and commercial pipelines suggest modest growth expectations as rates decline Slightly to Moderately Increasing ▪ Earning asset repricing expected to outpace changes in funding costs Moderately Increasing ▪ Customer-related noninterest income expected to see continued growth from investment in Capital Markets Slightly Increasing ▪ Technology costs and investments in the business expected to put mild pressure on noninterest expense Increasing Organically ▪ Continued AOCI improvement and building of equity through retained earnings Customer-Related Noninterest Income Loan Balances (period-end) Net Interest Income Common Equity Adjusted Noninterest Expense

ZIONS BANCORPORATION DRIVES VALUE FOR ITS STAKEHOLDERS 19 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 • Returning capital to shareholders • Focus on serving small- to medium-sized businesses, resulting in a granular deposit franchise • Local decision making and empowered bankers support strong customer relationships • Ranked third among all U.S. banks in overall 2023 Greenwich Excellence Awards • Have built and maintained a robust risk management team and framework since the global financial crisis • Net credit losses to loan ratio that is consistently in the top quartile of peer banks • Empower every employee to be accountable for assessing and managing risk Across 11 western states, our footprint includes some of the strongest markets in the country • These states create 35% of national GDP • Population and job growth outpace national average Strong Geographic Footprint

APPENDIX 20 • Financial Results Summary • Accumulated Other Comprehensive Income (AOCI) • Balance Sheet Profitability • Loan Growth by Type • Earning Asset Repricing • Interest Rate Swaps • Interest Rate Sensitivity – Parallel Shock Analysis • Allowance for Credit Losses • Loan Loss Severity (NCOs as a percentage of nonaccrual loans) • Credit Metrics: Commercial Real Estate • Coalition Greenwich Customer Satisfaction • Non-GAAP Financial Measures

FINANCIAL RESULTS SUMMARY 21 (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. Financial Highlights Three Months Ended (Dollar amounts in millions, except per share data) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Earnings Results: Diluted Earnings Per Share $ 1.28 $ 0.96 $ 0.78 $ 1.13 Net Earnings Applicable to Common Shareholders 190 143 116 168 Net Interest Income 597 586 583 585 Noninterest Income 179 156 148 180 Noninterest Expense 509 526 581 496 Pre-Provision Net Revenue - Adjusted (1) 278 242 262 272 Provision for Credit Losses 5 13 - 41 Ratios: Return on Assets(2) 0.91 % 0.70 % 0.57 % 0.80 % Return on Common Equity(3) 14.0 % 10.9 % 9.2 % 13.5 % Return on Tangible Common Equity(3) 17.5 % 13.7 % 11.8 % 17.3 % Net Interest Margin 2.98 % 2.94 % 2.91 % 2.93 % Yield on Loans 6.11 % 6.06 % 5.94 % 5.84 % Yield on Securities 2.90 % 2.84 % 2.84 % 2.73 % Average Cost of Total Deposits(4) 2.11 % 2.06 % 2.06 % 1.92 % Efficiency Ratio (1) 64.5 % 67.9 % 65.1 % 64.4 % Effective Tax Rate 23.3 % 24.6 % 16.0 % 23.2 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.45 % 0.44 % 0.39 % 0.38 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.10 % 0.04 % 0.06 % 0.10 % Common Equity Tier 1 Capital Ratio(5) 10.6 % 10.4 % 10.3 % 10.2 %

(3.1) (2.7) (2.2) (1.7) (2.3) (1.7) 4Q22 4Q23 4Q24 4Q25 as of 3/31/24 as of 6/30/24 ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (AOCI) 22 1. AFS securities burndown based on path of forward curve at 03/31/24 and 6/30/2024 2. Includes accretion of unrealized losses related to the 4Q22 transfers of AFS securities to HTM Projected AOCI improvement reflects relative stability in higher rate environment due to hedging strategy The loss in AOCI will decline as the underlying investments pay down and mature ▪ Change in implied forward curve from 3/31/24 to 6/30/24 is projected to have a minimal impact to 4Q25 AOCI estimate ▪ The unrealized $2.7 billion Accumulated Other Comprehensive Loss is expected to improve by $950 million, or 35%, from 4Q23 to 4Q25 ▪ This would add 90 basis points to the current tangible common equity ratio, all else equal ▪ This is approximately $5.50 per share on a book value basis, versus current quarter $ B ill io n s AOCI Loss Projection Actual Projection Based on forward curve:

BALANCE SHEET PROFITABILITY 23 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 12.3%, 10.0%, 9.9%, 6.7%, and 8.4% for the periods presented, respectively. Profitability impacted by higher funding costs while 4Q23 & 1Q24 include the impact of the FDIC special assessment 0.79% 0.80% 0.57% 0.70% 0.91% 2Q23 3Q23 4Q23 1Q24 2Q24 17.8% 17.3% 11.8% 13.7% 17.5% 2Q23 3Q23 4Q23 1Q24 2Q24 Return on Assets Return on Tangible Common Equity

LOAN GROWTH IN DETAIL 24 Loan growth in 1-4 Family Mortgage, Commercial, and Home Equity Linked quarter: • Period-end loans increased $306 million or 0.5% • Loan growth in dollars predominantly in 1-4 Family, C&I, and Home Equity • Balance declines in Consumer Construction, CRE Term, and C&I Owner Occupied Linked Quarter Loan Balance Growth Total Loans: +0.5% G ro w th R a te : L in k e d Q u a rt e r, n o t a n n u a liz e d Dollar Growth: Linked Quarter C&I (ex-Oil & Gas), 1% Owner occupied, (1%) CRE C&D, 1% CRE Term, (1%) Home Equity, 3% 1-4 Family, 4% Energy (Oil & Gas), 1% Municipal, (0%) Other, (8%) -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% -$300 -$200 -$100 $0 $100 $200 $300 $400 $500 Note: circle size indicates relative proportion of loan portfolio as of 2Q24. ($ millions)

SIMULATED REPRICING EXPECTATIONS: EARNING ASSETS & LOANS 25 Note: 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 52% 12% 8% 6% 9% 13% 53% 12% 10% 6% 6% 13% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs P e rc e n t o f L o a n s Loans: Rate Reset and Cash Flow Profile Loans After Hedging 43% 11% 9% 7% 10% 20% 46% 11% 10% 7% 6% 20% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs P e rc e n t o f E a rn in g A s s e ts Earning Assets: Rate Reset and Cash Flow Profile Earning Assets After Hedging

INTEREST RATE SWAPS AT JUNE 30, 2024 26 (1) Cash flow hedges consist of receive-fixed swaps hedging pools of floating rate loans. Swaps are used to balance our interest rate sensitivity Outstanding Notional Weighted Average Fixed Rate Received Weighted Average Maturity 1Q23 $4,433 1.85% 10/24 2Q23 $2,850 2.40% 7/24 3Q23 $2,550 2.37% 8/24 4Q23 $1,450 2.66% 9/24 1Q24 $850 2.53% 3/25 2Q24 $550 2.56% 9/25 Received-Fixed Rate Loan & Long-Term Debt Cash Flow Hedges (pay floating rate) Outstanding Notional Weighted Average Fixed Rate Paid Weighted Average Maturity 1Q23 $1,228 1.83% 4/40 2Q23 $4,072 3.13% 10/30 3Q23 $5,072 3.27% 4/30 4Q23 $5,071 3.27% 4/30 1Q24 $5,070 3.27% 4/30 2Q24 $5,069 3.27% 4/30 Pay-Fixed Rate Securities Portfolio Fair Value Hedges / Fixed Rate Loan Hedges / Short-Term Debt Hedges (receive floating rate) Interest rate sensitivity is managed in part with portfolio interest rate hedges1 In 2Q24, $300 million in Receive-Fixed Swaps matured with an average Fixed Rate of 2.41%

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 (6%) (3%) 4% 7% (5%) (3%) 3% 6% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity (1) as of 3/31/2024 as of 6/30/2024

ALLOWANCE FOR CREDIT LOSSES (“ACL”) 28 The ACL decrease vs. 1Q24 reflects an improved economic outlook partially offset by deterioration in C&I credit quality 526 777 914 917 835 695 574 529 553 514 546 590 636 678 711 738 729 736 726 1.08 1.56 1.66 1.68 1.56 1.30 1.12 1.04 1.09 1.00 1.04 1.09 1.14 1.20 1.25 1.30 1.26 1.27 1.24 1/1/20 CECL 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Allowance for Credit Losses ACL (%)

LOAN LOSS SEVERITY 29 Source: S&P Global. Calculated using the average of annualized quarterly results. When problems arise, Zions generally experiences less severe loan losses due to strong collateral and underwriting practices 8 % 1 5 % 1 7 % 1 8 % 2 3 % 2 3 % 2 8 % 2 9 % 3 5 % 3 8 % 4 7 % 5 0 % 5 1 % 5 5 % 5 7 % 6 0 % 6 0 % 7 0 % W A L M T B C A D E Z IO N B O K F F H N C M A W B S E W B C W T F C K E Y C F G H B A N F IT B S N V R F C F R P N F P C O L B Annualized NCOs / Nonaccrual Loans Five Year Average (2019Q2 – 2024Q1) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2009Q2 – 2024Q1) 1 7 % 2 0 % 2 1 % 2 2 % 2 3 % 2 9 % 2 9 % 3 2 % 4 0 % 4 1 % 4 5 % 4 9 % 5 3 % 5 3 % 5 3 % 5 4 % 5 7 % 6 7 % B O K F M T B W A L Z IO N C A D E F H N C M A W B S C F G C F R W T F C K E Y R F P N F P H B A N E W B C S N V F IT B C O L B > 1 0 0 % > 1 0 0 %

IN-DEPTH REVIEW: COMMERCIAL REAL ESTATE 30 Data is updated through 2Q24. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in the denominator and the outstanding balance in the numerator. For “Indexed Value” data series, we adjust the most recent appraisal based on the REIS Commercial Property Price Indices (specific to local markets). Index is applied to four major CRE property types. Percentages shown of CRE property types do not sum to 100% due to other property types not shown. Limited tail loan-to-value risk in portfolio; controlled CRE growth Term WAVG LTV % of CRE Term % of CRE Construction Multi-family 57% 26% 49% Industrial / Warehouse 58% 23% 26% Office 55% 17% 5% Retail 47% 13% 4% Hospitality 46% 6% 2% Zions has modest “tail risk” in its CRE portfolio Total CRE Portfolio Trends Total CRE Problem Loan Trends as a percentage of total loans 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Criticized % Classified % Nonaccrual % TTM GCO Rate 0% 10% 20% 30% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Term CRE LTVs Appraised vs. Indexed Most Current Appraisals Index Adjusted 2.4 2.6 2.7 2.5 2.7 9.5 9.6 9.5 10.4 10.8 2Q20 2Q21 2Q22 2Q23 2Q24 Term Balances Construction Balances

DISCIPLINED COMMERCIAL REAL ESTATE GROWTH 31 Data as of March 31, 2024; 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 1 Q 1 5 1 Q 1 6 1 Q 1 7 1 Q 1 8 1 Q 1 9 1 Q 2 0 1 Q 2 1 1 Q 2 2 1 Q 2 3 1 Q 2 4 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 1Q15 = 100 Commercial Real Estate Excluding Owner Occupied

0.1 0.3 0.3 0.2 0.1 2.2 2.2 1.9 2.0 1.8 2Q20 2Q21 2Q22 2Q23 2Q24 Term Balances Construction Balances 13% 17% 32% 28% 4% 4% 1% 0% 12% 10% 24% 32% 13% 6% 4% 0% 0% 5% 10% 15% 20% 25% 30% 35% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Most Current Appraisals Index Adjusted IN-DEPTH REVIEW: CRE OFFICE ($1.9 BILLION BALANCE) 32 Data updated through 2Q24. (1) Based on loans > $2.5 million - 90% of portfolio. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. For “Indexed Value” data series, we adjust the most recent appraisal based on the REIS Commercial Property Price Indices (at the MSA level). CRE Office portfolio is 14% of total CRE exposure; 3% of total loan exposure • Allowance for credit losses: 3.8% of balances / 39% of criticized balances • 11% decrease in balances YOY via payoffs, loan rebalance, amortization • Median loan size: < $1 million; average loan size: $4.6 million • Loans > $30 million are 36% of exposure • 34% variable rate with swap, 15% fixed rate, 51% variable rate w/o swap • Stabilized term office portfolio is 87% leased (weighted average)1 • Office problem loans levels are stable or decreasing • Net charge-offs since 2020 of $9.0 million Office Problem Loan Trends as a percentage of total loans ($ billions) CRE Office Portfolio Trends When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination 0% 2% 4% 6% 8% 10% 12% 14% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Criticized % Classified % Nonaccrual % TTM GCO Rate CRE Office Term LTVs Appraised vs Indexed

IN-DEPTH REVIEW: CRE OFFICE ($1.9 BILLION BALANCE) 33 Data is updated through 2Q24. (1) Portfolio metrics based on loans > $2.5 million – 90% of portfolio. . Zions’ office collateral is diversified geographically, has limited exposure to CBD offices, and majority of building sizes < 200 thousand sq ft Office Collateral Summary • Largest state exposure (in millions): Utah $436 (SLC $211, Provo $146); CA $409 (So. Cal $216, No. Cal $159); WA $309, AZ $275. • Largest MSA exposure (in millions): Seattle $265, Phoenix $236, SLC $211 • 70% suburban, 30% central business district1 • 1/3 of portfolio is credit tenant leased1 • 70% Multi-tenant Office, 30% Single Tenant1 • Over 80% of single tenant buildings are leased to credit tenants • Collateral size: 75% of exposure secured by buildings < 200 thousand sq ft 17% 49% 35% 35% 3% 48% 20% 13% 83% 51% 65% 65% 97% 52% 80% 87% $68.1 $80.3 $87.5 $210.4 $275.5 $309.3 $409.4 $436.4 CO ID NV TX AZ WA CA UT CRE Office By State + CBD / Suburban CBD Suburban 0 100 200 300 400 500 600 700 800 <50 50-100 100-200 200-300 300-400 400-500 500+ O u ts ta n d in g B a la n c e s Square Footage ( in thousands) Single / Multi Tenancy by Office Collateral Size Multi Tenant Single Tenant 359 471 222 231 78 444 2024 2025 2026 2027 2028 2029+ CRE Term Office by Maturity ($ millions) ($ millions) ($ millions)

IN-DEPTH REVIEW: CRE MULTIFAMILY ($3.9 BILLION BALANCE) 34 Data is updated through 2Q24. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in the denominator and the outstanding balance in the numerator. For “Indexed Value” data series, we adjust the most recent appraisal based on the REIS Commercial Property Price Indices (specific to local markets). CRE multifamily portfolio is 28% of total CRE exposure; 7% of total loan exposure • Allowance for credit losses: 2.1% of total multifamily balances or 23% of criticized balances • 16% increase in balances YOY; construction funding and term conversion • 75% term, 25% construction • Median loan size: < $1 million; average loan size: $5.5 million • 18% variable rate with swap, 10% fixed rate, 72% variable rate w/o swap • Multifamily by location – 28% CA, 27% TX, 12% AZ, 9% UT, 24% all other • Criticized consists primarily of loans in lease up, impacted by higher interest rates, construction delays and longer lease up timelines – classified levels remain below 2%. Multifamily Problem Loan Trends as a percentage of total loans ($ billions) CRE Multifamily Portfolio Trends 0.7 0.9 0.7 0.8 1.0 2.0 2.1 2.2 2.6 2.9 2Q20 2Q21 2Q22 2Q23 2Q24 Term Balances Construction Balances 0% 2% 4% 6% 8% 10% 12% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Criticized % Classified % Nonaccrual % TTM GCO Rate 9% 27% 44% 14% 6% 1% 0% 0% 10% 35% 37% 12% 4% 2% 0% 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ CRE Multifamily Term LTVs Appraised vs. Indexed Most Current Appraisals Index Adjusted

ZIONS FINISHES THIRD NATIONALLY IN 2023 GREENWICH EXCELLENCE AWARDS 35 Source: 2023 Coalition Greenwich Market Tracking Program Nationwide . * Excellent Citations are a "5" on a 5 point scale from "5" excellent to "1" poor ** NPS Range: World Class 70+; Excellent 50+; Very Good 30+; Good 0 - 30; Needs Improvement (100) - 0 Zions compares favorably to major competitors Greenwich Excellence Awards • Ranked third among all U.S. banks with 20 overall national Excellence Awards • One of only three U.S. banks to average 16 or more wins since the inception of the awards in 2009 • The small business results ($1-10MM revenue) were similar to the middle market results, with even stronger scores in overall satisfaction, ease of doing business and digital product capabilities. Greenwich “Best Brand” Awards • Won all three brand awards in the Middle Market and Small Business categories • Bank You Can Trust • Values Long-Term Relationships • Ease of Doing Business Zions Bancorp Major Bank Competitors (Average Score) Highest Major Bank Competitor's Score Zions’ Rank Middle Market (Revenue of $10MM-$500MM) Overall Satisfaction - Customers 54 46 53 1st Bank You Can Trust 83 53 57 1st Values Long-Term Relationships 83 53 57 1st Ease of Doing Business 64 50 54 1st Digital Product Capabilities 58 41 46 1st Overall Customer Satisfaction with Bankers 78 55 58 1st Net Promoter Score** 52 40 48 1st Coalition Greenwich Customer Satisfaction (2023) % Excellent Citations* (Major Bank Competitors: JP Morgan, Bank of America, Wells Fargo, US Bank)

NON-GAAP FINANCIAL MEASURES 36 In millions, except per share amounts 2Q24 1Q24 4Q23 3Q23 2Q23 (a) Total noninterest expense $509 $526 $581 $496 $508 LESS adjustments: Severance costs 1 13 Other real estate expense (1) Amortization of core deposit and other intangibles 1 2 2 2 1 FDIC special assessment 1 13 90 SBIC investment success fee accrual 1 Restructuring costs 1 (b) Total adjustments 3 15 92 3 14 (c) =(a - b) Adjusted noninterest expense 506 511 489 493 494 (d) Net interest income 597 586 583 585 591 (e) Fully taxable-equivalent adjustments 11 10 10 11 11 (f) = (d + e) Taxable-equivalent net interest income (TE NII) 608 596 593 596 602 (g) Noninterest Income 179 156 148 180 189 (h) = (f + g) Combined Income $787 $752 $741 $776 $791 LESS adjustments: Fair value and nonhedge derivative income (loss) (1) 1 (9) 7 1 Securities gains (losses), net 4 (2) (1) 4 - (i) Total adjustments 3 (1) (10) 11 1 (j) = (h - i) Adjusted revenue $784 $753 $751 $765 $790 (j - c) Adjusted pre-provision net revenue (PPNR) $278 $242 $262 $272 $296 (c) / (j) Efficiency Ratio 64.5% 67.9% 65.1% 64.4% 62.5%

NON-GAAP FINANCIAL MEASURES (CONTINUED) 37 In millions 2Q24 1Q24 4Q23 3Q23 2Q23 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $190 $143 $116 $168 $166 Adjustments, net of tax: Amortization of core deposit and other intangibles 1 1 1 1 1 (a) Net earnings applicable to common, net of tax $191 $144 $117 $169 $167 Average common equity (GAAP) $5,450 $5,289 $4,980 $4,938 $4,818 Average goodwill and intangibles (1,056) (1,058) (1,060) (1,061) (1,063) (b) Average tangible common equity (non-GAAP) $4,394 $4,231 $3,920 $3,877 $3,755 (c) Number of days in quarter 91 91 92 92 91 (d) Number of days in year 366 366 365 365 365 (a/b/c)*d Return on average tangible common equity (non-GAAP) 17.5% 13.7% 11.8% 17.3% 17.8%

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