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8-K

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION)

8-K 2023-07-19 For: 2023-07-19
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Added on April 07, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (date of earliest event reported)  July 19, 2023

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 19, 2023, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended June 30, 2023 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on July 19, 2023. The press release announcing the financial results for the quarter ended June 30, 2023 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 19, 2023 (furnished herewith).
99.2 Earnings Release Presentation dated July 19, 2023 (furnished herewith).
101 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104 The cover page from this Current Report on form 8-K, formatted as Inline XBRL.

SIGNATURES

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

ZIONS BANCORPORATION, NATIONAL ASSOCIATION
By: /s/ Paul E. Burdiss
Name:   Paul E. Burdiss
Title:      Executive Vice President and Chief Financial Officer
Date: July 19, 2023

Document

Zions Bancorporation, N.A.<br>One South Main<br>Salt Lake City, UT 84133<br>July 19, 2023
www.zionsbancorporation.com

Second Quarter 2023 Financial Results: FOR IMMEDIATE RELEASE

Investor Contact: Shannon Drage (801) 844-8208

Media Contact: Rob Brough (801) 844-7979

Zions Bancorporation, N.A. reports: 2Q23 Net Earnings of $166 million, diluted EPS of $1.11
compared with 2Q22 Net Earnings of $195 million, diluted EPS of $1.29,<br>and 1Q23 Net Earnings of $198 million, diluted EPS of $1.33

SECOND QUARTER RESULTS

$1.11 $166 million 2.92% 10.0%
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 2.92%, compared with 2.87%
Operating Performance •
• Customer-related noninterest income was 162 million, up 5%; total noninterest income was 189 million, up 10%
• Noninterest expense was 508 million, up 9%; adjusted noninterest expense² was 494 million, up 7%
• The efficiency ratio² was 62.5%, compared with 60.7%
Loans and Credit Quality •
• The provision for credit losses was 46 million, compared with 41 million
• The allowance for credit losses was 1.25% of loans, compared with 1.04% of loans
• The annualized ratio of net loan and lease charge-offs to average loans was 0.09%, compared with 0.07%
• Nonperforming assets3 were 164 million, or 0.29%, of loans, compared with 201 million, or 0.38%, of loans
Deposits and Borrowed Funds •
• Short-term borrowings, consisting primarily of secured borrowings from the FHLB, were 5.5 billion, compared with 1.0 billion
Capital •

All values are in US Dollars.

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Second quarter operating results reflect a solid ($2 billion, or 3.2%) rebound in customer deposits over the past three months, but also a higher cost of funds, which reduced net interest income to levels comparable with those of a year ago. While noninterest-bearing deposits decreased $2.3 billion during the quarter and were displaced by interest-bearing deposits, the interest savings generated from our demand deposits increased by approximately 28% over the past three months.”<br><br>Mr. Simmons continued, “Customer-related noninterest income increased 5% over the prior year quarter, while operating expenses increased 9%—approximately half of which was due to severance and higher FDIC insurance costs. Credit quality remained strong, with continued reductions in nonperforming and classified loans, and annualized net charge-offs of a modest 0.09% of total loans. We’re pleased to see the operating environment stabilizing, and we expect to see continued improvement in the months ahead.”
OPERATING PERFORMANCE2
(In millions) Three Months Ended<br>June 30, Six Months Ended<br>June 30,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
2023 2022 2023 2022
Adjusted PPNR $ 296 $ 300 $ 637 $ 541
Net charge-offs (recoveries) $ 13 $ 9 $ 13 $ 15
Efficiency ratio 62.5 % 60.7 % 61.2% 63.1%
Weighted average diluted shares 147.7 150.8 147.9 151.3

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 16-18.

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
2Q23 - 1Q23 2Q23 - 2Q22
(In millions) 2Q23 1Q23 2Q22 % %
Interest and fees on loans $ 791 $ 726 $ 468 9 % 69 %
Interest on money market investments 48 57 12 (9) (16) % 36 NM
Interest on securities 138 137 128 1 1 % 10 8 %
Total interest income 977 920 608 57 6 % 369 61 %
Interest on deposits 220 82 7 138 NM 213 NM
Interest on short- and long-term borrowings 166 159 8 7 4 % 158 NM
Total interest expense 386 241 15 145 60 % 371 NM
Net interest income $ 591 $ 679 $ 593 (13) % — %
bps bps
Yield on interest-earning assets1 4.81 % 4.49 % 2.94 % 32 187
Rate paid on total deposits and interest-bearing liabilities1 1.88 % 1.17 % 0.07 % 71 181
Cost of total deposits1 1.27 % 0.47 % 0.03 % 80 124
Net interest margin1 2.92 % 3.33 % 2.87 % (41) 5

All values are in US Dollars.

1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.

Net interest income remained relatively stable at $591 million in the second quarter of 2023, as higher earning asset yields were offset by an increase in interest paid on deposits and short-term borrowings. Net interest income was also impacted by a reduction in interest-earning assets and a significant increase in interest-bearing liabilities.

Average interest-earning assets decreased $1.5 billion, or 2%, from the prior year quarter, driven by declines of $4.4 billion and $2.1 billion in average securities and average money market investments, respectively. A majority of the decrease in average securities was due to payments and maturities. These decreases were partially offset by an increase of $4.9 billion in average loans and leases.

Average interest-bearing liabilities increased $11.2 billion, or 27%, from the prior year quarter, driven by increases of $7.5 billion and $3.7 billion in average short-term borrowings and average federal funds purchased and security repurchase agreements, respectively. The increase in short-term borrowings helped to balance loan growth and the decline in total deposits.

The net interest margin was 2.92%, compared with 2.87%. The yield on average interest-earning assets was 4.81% in the second quarter of 2023, an increase of 187 basis points, reflecting higher interest rates and a favorable mix change from money market investments to loans. The yield on total loans increased 198 basis points to 5.65%, and the yield on securities increased 58 basis points to 2.55%. The yield on securities benefited from a decrease in the market value of AFS securities due to rising interest rates.

The cost of total deposits for the second quarter of 2023 was 1.27%, compared with 0.03%. The rate paid on total deposits and interest-bearing liabilities was 1.88%, compared with 0.07%, reflecting the higher interest rate environment and increased short-term borrowings. Average noninterest-bearing deposits as a percentage of total deposits were 43%, compared with 51% during the same prior year period.

ZIONS BANCORPORATION, N.A.

Press Release – Page 3

Noninterest Income
2Q23 - 1Q23 2Q23 - 2Q22
(In millions) 2Q23 1Q23 2Q22 % %
Commercial account fees $ 45 $ 43 $ 37 5 % 22 %
Card fees 25 24 25 1 4 — —
Retail and business banking fees 16 16 20 — — (4) (20)
Loan-related fees and income 19 21 21 (2) (10) (2) (10)
Capital markets fees 27 17 21 10 59 6 29
Wealth management fees 14 15 13 (1) (7) 1 8
Other customer-related fees 16 15 17 1 7 (1) (6)
Customer-related noninterest income 162 151 154 11 7 8 5
Fair value and nonhedge derivative income (loss) 1 (3) 10 4 NM (9) (90)
Dividends and other income 26 11 7 15 NM 19 NM
Securities gains (losses), net — 1 1 (1) NM (1) NM
Total noninterest income $ 189 $ 160 $ 172 18 10

All values are in US Dollars.

Total customer-related noninterest income increased $8 million, or 5%, compared with the prior year period. The increase was driven primarily by improved commercial account activity, including treasury management income, as well as loan syndication, swaps, and other capital markets fees. Retail and business banking fees decreased largely as a result of a change in our overdraft and non-sufficient funds practices effected during the third quarter of 2022.

Dividends and other income increased $19 million, primarily due to a $13 million gain on the sale of a bank-owned property, as well as an increase in dividends on FHLB stock. These increases were offset by a $9 million decrease in fair value and nonhedge derivative income, primarily due to a $10 million credit valuation adjustment (“CVA”) gain in the prior year period.

Noninterest Expense
2Q23 - 1Q23 2Q23 - 2Q22
(In millions) 2Q23 1Q23 2Q22 % %
Salaries and employee benefits $ 324 $ 339 $ 307 (4) % 6 %
Technology, telecom, and information processing 58 55 53 3 5 5 9
Occupancy and equipment, net 40 40 36 — — 4 11
Professional and legal services 16 13 14 3 23 2 14
Marketing and business development 13 12 9 1 8 4 44
Deposit insurance and regulatory expense 22 18 13 4 22 9 69
Credit-related expense 7 6 7 1 17 — —
Other real estate expense, net — — — — NM — NM
Other 28 29 25 (1) (3) 3 12
Total noninterest expense $ 508 $ 512 $ 464 (1) 9
Adjusted noninterest expense 1 $ 494 $ 509 $ 463 (3) 7

All values are in US Dollars.

1 For information on non-GAAP financial measures, see pages 16-18.

Total noninterest expense increased $44 million, or 9%, relative to the prior year quarter. Salaries and benefits expense increased $17 million, or 6%, primarily due to $13 million in severance expense during the current quarter. Deposit insurance and regulatory expense increased $9 million, or 69%, driven largely by an increased FDIC insurance base rate beginning in 2023 and changes in balance sheet composition. Technology, telecom, and information processing expense increased $5 million, or 9%, primarily due to increases in application software and related amortization expenses.

ZIONS BANCORPORATION, N.A.

Press Release – Page 4

The efficiency ratio was 62.5%, compared with 60.7%, as growth in adjusted noninterest expense outpaced growth in adjusted taxable-equivalent revenue. For information on non-GAAP financial measures, see pages 16-18.

BALANCE SHEET ANALYSIS

Investment Securities
2Q23 - 1Q23 2Q23 - 2Q22
(In millions) 2Q23 1Q23 2Q22 % %
Investment securities:
Held-to-maturity, at amortized cost $ 10,753 $ 10,961 $ 614 (2) % NM
Available-for-sale, at fair value 10,832 11,594 25,297 (762) (7) (14,465) (57) %
Trading account, at fair value 32 12 304 20 NM (272) (89)
Total investment securities, net of allowance $ 21,617 $ 22,567 $ 26,215 (4) (18)

All values are in US Dollars.

Total investment securities decreased $4.6 billion, or 18%, to $21.6 billion at June 30, 2023, primarily due to approximately $3.6 billion in principal reductions. During the fourth quarter of 2022, we transferred approximately $10.7 billion fair value ($13.1 billion amortized cost) of mortgage-backed AFS securities to the HTM category. The transfer of these securities from AFS to HTM at fair value resulted in a discount to the amortized cost basis of the HTM securities equivalent to the $2.4 billion ($1.8 billion after tax) of unrealized losses in AOCI attributable to these securities. The amortization of the unrealized losses will offset the effect of the accretion of the discount created by the transfer. At June 30, 2023, the unamortized discount on the HTM securities totaled approximately $2.2 billion ($1.7 billion after tax).

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. We also manage the duration extension risk of our investment securities portfolio. At June 30, 2023, the estimated duration of our securities portfolio decreased to 3.7 years, compared with 4.1 years at March 31, 2023, primarily due to the addition of fair value hedges. This duration helps to manage the inherent interest rate mismatch between loans and deposits, as fixed-rate term investments facilitate the balancing of asset and liability durations, as well as protect the economic value of shareholders' equity.

ZIONS BANCORPORATION, N.A.

Press Release – Page 5

Loans and Leases
2Q23 - 1Q23 2Q23 - 2Q22
(In millions) 2Q23 1Q23 2Q22 % %
Loans held for sale $ 36 $ 5 $ 42 NM (14) %
Loans and leases:
Commercial $ 30,692 $ 30,576 $ 29,183 — % 5
Commercial real estate 12,904 12,898 12,136 6 — 768 6
Consumer 13,321 12,857 11,051 464 4 2,270 21
Loans and leases, net of unearned income and fees 56,917 56,331 52,370 586 1 4,547 9
Less allowance for loan losses 651 618 508 33 5 143 28
Loans and leases held for investment, net of allowance $ 56,266 $ 55,713 $ 51,862 1 8
Unfunded lending commitments $ 30,524 $ 30,723 $ 28,008 (1) 9

All values are in US Dollars.

Loans and leases, net of unearned income and fees, increased $4.5 billion, or 9%, to $56.9 billion at June 30, 2023. Consumer loans increased $2.3 billion from the prior year quarter, primarily due to growth of $1.6 billion in 1-4 family residential mortgage loans, driven mainly from an increased demand for adjustable-rate mortgages. Commercial loans increased $1.5 billion, primarily due to an increase of $1.1 billion in commercial and industrial loans.

Unfunded lending commitments increased $2.5 billion, or 9%, to $30.5 billion at June 30, 2023, primarily due to growth in home equity and commercial real estate construction unfunded lending commitments.

Credit Quality
2Q23 - 1Q23 2Q23 - 2Q22
(In millions) 2Q23 1Q23 2Q22 % %
Provision for credit losses $ 46 $ 45 $ 41 2 % 12 %
Allowance for credit losses 711 678 546 33 5 165 30
Net loan and lease charge-offs (recoveries) 13 — 9 13 NM 4 44
Nonperforming assets2 164 173 201 (9) (5) (37) (18)
Classified loans 768 912 1,009 (144) (16) (241) (24)
2Q23 1Q23 2Q22 bps bps
Ratio of ACL to loans1 and leases outstanding, at period end 1.25 % 1.20 % 1.04 % 5 21
Annualized ratio of net loan and lease charge-offs to average loans 0.09 % — % 0.07 % 9 2
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.30 % 0.31 % 0.39 % (1) (9)

All values are in US Dollars.

1 Does not include loans held for sale.

2 Does not include banking premises held for sale.

Nonperforming assets decreased $37 million, or 18%, and classified loans decreased $241 million, or 24%. Net loan and lease charge-offs totaled $13 million, compared with $9 million in the prior year quarter. During the second quarter of 2023, we recorded a $46 million provision for credit losses, compared with a $41 million provision during the prior year period. The allowance for credit losses (“ACL”) was $711 million at June 30, 2023, compared with $546 million at June 30, 2022. The increase in the ACL was primarily due to deterioration in economic forecasts. The ratio of ACL to total loans and leases was 1.25% at June 30, 2023, compared with 1.04% at June 30, 2022.

ZIONS BANCORPORATION, N.A.

Press Release – Page 6

Deposits and Borrowed Funds
2Q23 - 1Q23 2Q23 - 2Q22
(In millions) 2Q23 1Q23 2Q22 % %
Noninterest-bearing demand $ 28,670 $ 30,974 $ 40,289 (7) % (29) %
Interest-bearing:
Savings and money market 33,303 30,826 36,972 2,477 8 (3,669) (10)
Time 3,897 2,024 1,423 1,873 93 2,474 NM
Brokered 8,453 5,384 377 3,069 57 8,076 NM
Total interest-bearing 45,653 38,234 38,772 7,419 19 6,881 18
Total deposits $ 74,323 $ 69,208 $ 79,061 7 (6)
Borrowed funds:
Federal funds purchased and other short-term borrowings $ 5,513 $ 12,124 $ 1,018 (55) NM
Long-term debt 538 663 671 (125) (19) (133) (20)
Total borrowed funds $ 6,051 $ 12,787 $ 1,689 (53) NM

All values are in US Dollars.

Total deposits decreased $4.7 billion, or 6%, from the prior year quarter, primarily due to decreases in larger-balance and more rate-sensitive deposits. Our loan-to-deposit ratio was 77%, compared with 66% in the prior year quarter.

Total deposits increased $5.1 billion, or 7%, from March 31, 2023, primarily due to increases of $3.1 billion and $2.0 billion in brokered and customer deposits, respectively. At June 30, 2023, total customer deposits included approximately $3.4 billion from reciprocal placement products where we distributed our customers’ deposits in a placement network to increase their FDIC insurance and in return we received a matching amount of deposits from other network banks.

Average total deposits decreased $11.2 billion, or 14%, relative to the prior year period, driven by a significant decrease in average noninterest-bearing deposits as interest rates increased. In recent years, particularly during the COVID-19 pandemic, we benefited from a significant influx of deposits, which was impacted by considerable fiscal and monetary policy decisions. During the prior year, with the withdrawal of stimulus by the federal government, our deposits began to decline to more normalized levels. This trend accelerated with the failure of two prominent banks during the first quarter of 2023 and abated during the second quarter of 2023, with period-end deposits increasing meaningfully from March 31, 2023 to June 30, 2023. Total deposits have remained above pre-pandemic (12/31/2019) levels during 2023.

Total borrowed funds, consisting primarily of secured borrowings from the FHLB, increased $4.4 billion from the prior year quarter in response to loan growth and the decline in total deposits. FHLB borrowings are “open-term,” allowing us the ability to retain or return funds based on our liquidity needs. The increase in borrowed funds also included repurchase agreements executed through the General Collateral Funding (“GCF”) repo program. The decrease in long-term debt was primarily due to the redemption of $128 million of matured senior notes during the quarter.

ZIONS BANCORPORATION, N.A.

Press Release – Page 7

Shareholders’ Equity
2Q23 - 1Q23 2Q23 - 2Q22
(In millions, except share data) 2Q23 1Q23 2Q22 % %
Shareholders’ equity:
Preferred stock $ 440 $ 440 $ 440 — % — %
Common stock and additional paid-in capital 1,722 1,715 1,845 7 — (123) (7)
Retained earnings 6,051 5,949 5,447 102 2 604 11
Accumulated other comprehensive income (loss) (2,930) (2,920) (2,100) (10) — (830) (40)
Total shareholders’ equity $ 5,283 $ 5,184 $ 5,632 2 (6)
Capital distributions:
Common dividends paid $ 61 $ 61 $ 58 — 5
Bank common stock repurchased — 50 50 (50) NM (50) NM
Total capital distributed to common shareholders $ 61 $ 111 $ 108 (45) (44)
shares % shares %
Weighted average diluted common shares outstanding (in thousands) 147,696 148,038 150,838 (342) — % (3,142) (2) %
Common shares outstanding, at period end (in thousands) 148,144 148,100 150,471 44 — (2,327) (2)

All values are in US Dollars.

The common stock dividend was $0.41 per share, compared with $0.38 per share during the prior year quarter. Common shares outstanding decreased 2.3 million, or 2%, from the second quarter of 2022, primarily due to common stock repurchases in previous quarters.

Accumulated other comprehensive income (loss) (“AOCI”) was $2.9 billion at June 30, 2023, and reflects the 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. Additionally, changes in AOCI do not impact our regulatory capital ratios.

Estimated common equity tier 1 (“CET1”) capital was $6.7 billion, an increase of 7%, compared with $6.3 billion. The estimated CET1 capital ratio was 10.0%, compared with 9.9%. Tangible book value per common share increased to $45.30, compared with $41.72, primarily due to an increase in retained earnings. For more information on non-GAAP financial measures, see pages 16-18.

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 19, 2023. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and entering the passcode 13740068, 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 $90 billion of total assets at December 31, 2022, and annual net revenue of $3.2 billion in 2022. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

ZIONS BANCORPORATION, N.A.

Press Release – Page 8

Forward-Looking Information

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

Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although this 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 continued high inflation, economic slowdown or recession, or other economic disruptions; changes in interest and reference rates which could adversely affect our revenue and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses; securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; our ability to recruit and retain talent, including increased competition for qualified candidates as a result of expanded remote-work opportunities and increased compensation expenses; competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services; our ability to complete projects and initiatives and execute on our strategic plans, manage our risks, and achieve our business objectives; 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; our ability to develop and maintain technology, information security systems and controls designed to guard against fraud, cybersecurity, and privacy risks; 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 increases in bank fees, capital standards, and other regulatory requirements; adverse media and other expressions of negative public opinion whether directed at us, other banks, the banking industry generally or otherwise that may adversely affect our reputation and that of the banking industry generally; the effects of pandemics and other health emergencies that may affect our business, employees, customers, and communities, such as ongoing effects on availability and cost of labor; the effects of wars and geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future; natural disasters that may impact our and our customer's operations and business; and governmental and social responses to environmental, social, and governance issues, including those with respect to climate change.

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 2022 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>2023 March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022
BALANCE SHEET 1
Loans held for investment, net of allowance $ 56,266 $ 55,713 $ 55,078 $ 53,377 $ 51,862
Total assets 87,230 88,573 89,545 88,474 87,784
Deposits 74,323 69,208 71,652 75,995 79,061
Total shareholders’ equity 5,283 5,184 4,893 4,696 5,632
STATEMENT OF INCOME
Net earnings applicable to common shareholders $ 166 $ 198 $ 277 $ 211 $ 195
Net interest income 591 679 720 663 593
Taxable-equivalent net interest income 2 602 688 730 673 602
Total noninterest income 189 160 153 165 172
Total noninterest expense 508 512 471 479 464
Pre-provision net revenue 2 283 336 412 359 310
Adjusted pre-provision net revenue 2 296 341 420 351 300
Provision for credit losses 46 45 43 71 41
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share $ 1.11 $ 1.33 $ 1.84 $ 1.40 $ 1.29
Dividends 0.41 0.41 0.41 0.41 0.38
Book value per common share 1 32.69 32.03 29.95 28.45 34.50
Tangible book value per common share 1, 2 45.30 44.57 43.72 42.52 41.72
Weighted average share price 27.51 45.57 49.85 54.50 56.62
Weighted average diluted common shares outstanding (in thousands) 147,696 148,038 148,829 149,792 150,838
Common shares outstanding (in thousands) 1 148,144 148,100 148,664 149,611 150,471
SELECTED RATIOS AND OTHER DATA
Return on average assets 0.79 % 0.91 % 1.27 % 0.97 % 0.91 %
Return on average common equity 13.8 % 17.4 % 25.4 % 15.8 % 14.0 %
Return on average tangible common equity 2 10.0 % 12.3 % 16.9 % 13.2 % 12.5 %
Net interest margin 2.92 % 3.33 % 3.53 % 3.24 % 2.87 %
Cost of total deposits 1.27 % 0.47 % 0.20 % 0.10 % 0.03 %
Efficiency ratio 2 62.5 % 59.9 % 52.9 % 57.6 % 60.7 %
Effective tax rate 3 22.6 % 27.7 % 20.9 % 21.9 % 21.9 %
Ratio of nonperforming assets to loans and leases and other real estate owned 0.29 % 0.31 % 0.27 % 0.28 % 0.38 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans 0.09 % — % (0.02) % 0.20 % 0.07 %
Ratio of total allowance for credit losses to loans and leases outstanding 1 1.25 % 1.20 % 1.14 % 1.09 % 1.04 %
Full-time equivalent employees 10,103 10,064 9,989 9,920 9,895
CAPITAL RATIOS AND DATA 1
Tangible common equity ratio 2 7.5 % 7.3 % 7.1 % 7.0 % 7.1 %
Common equity tier 1 capital 4 $ 6,692 $ 6,582 $ 6,480 $ 6,342 $ 6,257
Risk-weighted assets 4 $ 66,931 $ 66,274 $ 67,125 $ 65,982 $ 63,424
Common equity tier 1 capital ratio 4 10.0 % 9.9 % 9.7 % 9.6 % 9.9 %
Tier 1 risk-based capital ratio 4 10.7 % 10.6 % 10.3 % 10.3 % 10.6 %
Total risk-based capital ratio 4 12.5 % 12.4 % 12.0 % 12.0 % 12.3 %
Tier 1 leverage ratio 4 8.1 % 7.8 % 7.6 % 7.5 % 7.4 %

1 At period end.

2 For information on non-GAAP financial measures, see pages 16-18.

3 The increase in the effective tax rate at March 31, 2023 was the result of a change 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>2023 March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 701 $ 607 $ 657 $ 549 $ 559
Money market investments:
Interest-bearing deposits 1,531 2,727 1,340 1,291 1,249
Federal funds sold and security resell agreements 781 688 2,426 2,797 2,273
Investment securities:
Held-to-maturity1, at amortized cost 10,753 10,961 11,126 423 614
Available-for-sale, at fair value 10,832 11,594 11,915 23,233 25,297
Trading account, at fair value 32 12 465 526 304
Total securities, net of allowance 21,617 22,567 23,506 24,182 26,215
Loans held for sale 36 5 8 25 42
Loans and leases, net of unearned income and fees 56,917 56,331 55,653 53,918 52,370
Less allowance for loan losses 651 618 575 541 508
Loans held for investment, net of allowance 56,266 55,713 55,078 53,377 51,862
Other noninterest-bearing investments 956 1,169 1,130 983 840
Premises, equipment and software, net 1,414 1,411 1,408 1,388 1,372
Goodwill and intangibles 1,062 1,063 1,065 1,034 1,015
Other real estate owned 3 6 3 3 —
Other assets 2,863 2,617 2,924 2,845 2,357
Total assets $ 87,230 $ 88,573 $ 89,545 $ 88,474 $ 87,784
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 28,670 $ 30,974 $ 35,777 $ 39,133 $ 40,289
Interest-bearing:
Savings and money market 33,394 30,897 33,566 35,389 37,346
Time 12,259 7,337 2,309 1,473 1,426
Total deposits 74,323 69,208 71,652 75,995 79,061
Federal funds purchased and other short-term borrowings 5,513 12,124 10,417 5,363 1,018
Long-term debt 538 663 651 647 671
Reserve for unfunded lending commitments 60 60 61 49 38
Other liabilities 1,513 1,334 1,871 1,724 1,364
Total liabilities 81,947 83,389 84,652 83,778 82,152
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 1,722 1,715 1,754 1,799 1,845
Retained earnings 6,051 5,949 5,811 5,597 5,447
Accumulated other comprehensive income (loss) (2,930) (2,920) (3,112) (3,140) (2,100)
Total shareholders’ equity 5,283 5,184 4,893 4,696 5,632
Total liabilities and shareholders’ equity $ 87,230 $ 88,573 $ 89,545 $ 88,474 $ 87,784
1 Held-to-maturity (fair value) $ 10,768 $ 11,210 $ 11,239 $ 379 $ 578
2 Common shares (issued and outstanding) 148,144 148,100 148,664 149,611 150,471

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>2023 March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022
Interest income:
Interest and fees on loans $ 791 $ 726 $ 656 $ 551 $ 468
Interest on money market investments 48 57 39 24 12
Interest on securities 138 137 140 132 128
Total interest income 977 920 835 707 608
Interest expense:
Interest on deposits 220 82 38 19 7
Interest on short- and long-term borrowings 166 159 77 25 8
Total interest expense 386 241 115 44 15
Net interest income 591 679 720 663 593
Provision for credit losses:
Provision for loan losses 46 46 31 60 39
Provision for unfunded lending commitments — (1) 12 11 2
Total provision for credit losses 46 45 43 71 41
Net interest income after provision for credit losses 545 634 677 592 552
Noninterest income:
Commercial account fees 45 43 41 40 37
Card fees 25 24 27 27 25
Retail and business banking fees 16 16 16 17 20
Loan-related fees and income 19 21 19 18 21
Capital markets fees 27 17 22 25 21
Wealth management fees 14 15 14 14 13
Other customer-related fees 16 15 14 15 17
Customer-related noninterest income 162 151 153 156 154
Fair value and nonhedge derivative income (loss) 1 (3) (4) 4 10
Dividends and other income (loss) 26 11 9 (1) 7
Securities gains (losses), net — 1 (5) 6 1
Total noninterest income 189 160 153 165 172
Noninterest expense:
Salaries and employee benefits 324 339 304 312 307
Technology, telecom, and information processing 58 55 51 53 53
Occupancy and equipment, net 40 40 40 38 36
Professional and legal services 16 13 15 14 14
Marketing and business development 13 12 11 11 9
Deposit insurance and regulatory expense 22 18 14 13 13
Credit-related expense 7 6 8 8 7
Other real estate expense, net — — — — —
Other 28 29 28 30 25
Total noninterest expense 508 512 471 479 464
Income before income taxes 226 282 359 278 260
Income taxes 51 78 75 61 57
Net income 175 204 284 217 203
Preferred stock dividends (9) (6) (7) (6) (8)
Net earnings applicable to common shareholders $ 166 $ 198 $ 277 $ 211 $ 195
Weighted average common shares outstanding during the period:
Basic shares (in thousands) 147,692 148,015 148,739 149,628 150,635
Diluted shares (in thousands) 147,696 148,038 148,829 149,792 150,838
Net earnings per common share:
Basic $ 1.11 $ 1.33 $ 1.84 $ 1.40 $ 1.29
Diluted 1.11 1.33 1.84 1.40 1.29

ZIONS BANCORPORATION, N.A.

Press Release – Page 12

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions) June 30,<br>2023 March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022
Commercial:
Commercial and industrial 1 $ 16,622 $ 16,500 $ 16,377 $ 15,962 $ 15,523
Leasing 388 385 386 347 339
Owner occupied 9,328 9,317 9,371 9,279 9,208
Municipal 4,354 4,374 4,361 4,224 4,113
Total commercial 30,692 30,576 30,495 29,812 29,183
Commercial real estate:
Construction and land development 2,498 2,313 2,513 2,800 2,659
Term 10,406 10,585 10,226 9,556 9,477
Total commercial real estate 12,904 12,898 12,739 12,356 12,136
Consumer:
Home equity credit line 3,291 3,276 3,377 3,331 3,266
1-4 family residential 7,980 7,692 7,286 6,852 6,423
Construction and other consumer real estate 1,434 1,299 1,161 973 787
Bankcard and other revolving plans 466 459 471 471 448
Other 150 131 124 123 127
Total consumer 13,321 12,857 12,419 11,750 11,051
Total loans and leases $ 56,917 $ 56,331 $ 55,653 $ 53,918 $ 52,370

1 Commercial and industrial loan balances include PPP loans of $126 million, $159 million, $197 million, $306 million, and $534 million for the respective periods presented.

Nonperforming Assets

(Unaudited)

(In millions) June 30,<br>2023 March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022
Nonaccrual loans 1 $ 162 $ 171 $ 149 $ 151 $ 201
Other real estate owned 2 2 2 — — —
Total nonperforming assets $ 164 $ 173 $ 149 $ 151 $ 201
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2 0.29 % 0.31 % 0.27 % 0.28 % 0.38 %
Accruing loans past due 90 days or more $ 7 $ 2 $ 6 $ 20 $ 6
Ratio of accruing loans past due 90 days or more to loans1 and leases 0.01 % — % 0.01 % 0.04 % 0.01 %
Nonaccrual loans and accruing loans past due 90 days or more $ 169 $ 173 $ 155 $ 171 $ 207
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.30 % 0.31 % 0.28 % 0.32 % 0.39 %
Accruing loans past due 30-89 days $ 59 $ 79 $ 93 $ 84 $ 123
Classified loans 768 912 929 965 1,009

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>2023 March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022
Allowance for Loan and Lease Losses
Balance at beginning of period 1 $ 618 $ 572 $ 541 $ 508 $ 478
Provision for loan losses 46 46 31 60 39
Loan and lease charge-offs 22 7 9 38 18
Less: Recoveries 9 7 12 11 9
Net loan and lease charge-offs (recoveries) 13 — (3) 27 9
Balance at end of period $ 651 $ 618 $ 575 $ 541 $ 508
Ratio of allowance for loan losses to loans2 and leases, at period end 1.14 % 1.10 % 1.03 % 1.00 % 0.97 %
Ratio of allowance for loan losses to nonaccrual loans2 at period end 402 % 361 % 386 % 358 % 261 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans 0.09 % — % (0.02) % 0.20 % 0.07 %
Reserve for Unfunded Lending Commitments
Balance at beginning of period $ 60 $ 61 $ 49 $ 38 $ 36
Provision for unfunded lending commitments — (1) 12 11 2
Balance at end of period $ 60 $ 60 $ 61 $ 49 $ 38
Allowance for Credit Losses
Allowance for loan losses $ 651 $ 618 $ 575 $ 541 $ 508
Reserve for unfunded lending commitments 60 60 61 49 38
Total allowance for credit losses $ 711 $ 678 $ 636 $ 590 $ 546
Ratio of ACL to loans1 and leases outstanding, at period end 1.25 % 1.20 % 1.14 % 1.09 % 1.04 %

1 The beginning balance at March 31, 2023 for the allowance for loan losses does not agree to its respective ending balance at December 31, 2022 because of the adoption of the new accounting standard related to loan modifications to borrowers experiencing financial difficulties.

2 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>2023 March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022
Loans held for sale $ — $ — $ — $ — $ 6
Commercial:
Commercial and industrial $ 71 $ 77 $ 63 $ 57 $ 87
Leasing — — — — —
Owner occupied 29 33 24 28 40
Municipal — — — — —
Total commercial 100 110 87 85 127
Commercial real estate:
Construction and land development — — — — —
Term 13 16 14 20 20
Total commercial real estate 13 16 14 20 20
Consumer:
Home equity credit line 12 11 11 10 10
1-4 family residential 37 34 37 36 38
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans — — — — —
Other — — — — —
Total consumer 49 45 48 46 48
Total nonaccrual loans $ 162 $ 171 $ 149 $ 151 $ 201

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions) June 30,<br>2023 March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022
Commercial:
Commercial and industrial $ 14 $ (2) $ (4) $ 31 $ 8
Leasing — — — — —
Owner occupied — (1) — — —
Municipal — — — — —
Total commercial 14 (3) (4) 31 8
Commercial real estate:
Construction and land development — — — — —
Term — — — — —
Total commercial real estate — — — — —
Consumer:
Home equity credit line — (1) — — (1)
1-4 family residential (2) 2 — (4) 1
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans 1 2 1 — 1
Other — — — — —
Total consumer loans (1) 3 1 (4) 1
Total net charge-offs (recoveries) $ 13 $ — $ (3) $ 27 $ 9

ZIONS BANCORPORATION, N.A.

Press Release – Page 15

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited) Three Months Ended
June 30, 2023 March 31, 2023 June 30, 2022
(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 $ 2,816 5.23 % $ 2,724 4.72 % $ 3,113 0.66 %
Federal funds sold and security resell agreements 784 5.65 % 2,081 5.02 % 2,542 1.13 %
Total money market investments 3,600 5.32 % 4,805 4.85 % 5,655 0.87 %
Securities:
Held-to-maturity 10,833 2.24 % 11,024 2.28 % 485 2.96 %
Available-for-sale 11,180 2.85 % 11,824 2.62 % 25,722 1.91 %
Trading account 135 1.85 % 21 4.01 % 357 5.07 %
Total securities 22,148 2.55 % 22,869 2.46 % 26,564 1.97 %
Loans held for sale 73 7.08 % 5 0.26 % 38 0.72 %
Loans and leases:2
Commercial 30,650 5.46 % 30,678 5.03 % 28,952 3.81 %
Commercial real estate 12,933 6.97 % 12,876 6.59 % 12,098 3.69 %
Consumer 13,096 4.80 % 12,599 4.62 % 10,734 3.24 %
Total loans and leases 56,679 5.65 % 56,153 5.30 % 51,784 3.67 %
Total interest-earning assets 82,500 4.81 % 83,832 4.49 % 84,041 2.94 %
Cash and due from banks 653 543 617
Allowance for credit losses on loans and debt securities (619) (576) (480)
Goodwill and intangibles 1,063 1,064 1,015
Other assets 5,524 5,624 4,712
Total assets $ 89,121 $ 90,487 $ 89,905
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 30,325 1.49 % $ 32,859 0.77 % $ 38,325 0.06 %
Time 9,494 4.55 % 2,934 2.68 % 1,488 0.24 %
Total interest-bearing deposits 39,819 2.22 % 35,793 0.92 % 39,813 0.07 %
Borrowed funds:
Federal funds purchased and security repurchase agreements 4,423 5.11 % 5,614 4.65 % 737 0.70 %
Other short-term borrowings 7,575 5.28 % 6,952 4.89 % 6 — %
Long-term debt 636 5.97 % 653 6.85 % 678 3.79 %
Total borrowed funds 12,634 5.26 % 13,219 4.88 % 1,421 2.17 %
Total interest-bearing liabilities 52,453 2.95 % 49,012 1.99 % 41,234 0.14 %
Noninterest-bearing demand deposits 29,830 34,363 41,074
Other liabilities 1,580 2,058 1,575
Total liabilities 83,863 85,433 83,883
Shareholders’ equity:
Preferred equity 440 440 440
Common equity 4,818 4,614 5,582
Total shareholders’ equity 5,258 5,054 6,022
Total liabilities and shareholders’ equity $ 89,121 $ 90,487 $ 89,905
Spread on average interest-bearing funds 1.86 % 2.50 % 2.80 %
Impact of net noninterest-bearing sources of funds 1.06 % 0.83 % 0.07 %
Net interest margin 2.92 % 3.33 % 2.87 %
Memo: total cost of deposits 1.27 % 0.47 % 0.03 %
Memo: total deposits and interest-bearing liabilities $ 82,283 1.88 % $ 83,375 1.17 % $ 82,308 0.07 %

1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 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 permits investors to assess our performance on the same basis as that applied by our management and the financial services industry.

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

Tangible Common Equity and Related Measures

Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization and accumulated other comprehensive income or loss (“AOCI”). We excluded the effect of AOCI to align with its impact on certain compensation metrics and regulatory capital. 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>2023 March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022
Net earnings applicable to common shareholders (GAAP) $ 166 $ 198 $ 277 $ 211 $ 195
Adjustments, net of tax:
Amortization of core deposit and other intangibles 1 2 — 1 —
Net earnings applicable to common shareholders, net of tax (a) $ 167 $ 200 $ 277 $ 212 $ 195
Average common equity (GAAP) $ 4,818 $ 4,614 $ 4,330 $ 5,303 $ 5,582
Average goodwill and intangibles (1,063) (1,064) (1,036) (1,021) (1,015)
Average accumulated other comprehensive loss (income) 2,931 3,030 3,192 2,075 1,702
Average tangible common equity (non-GAAP) (b) $ 6,686 $ 6,580 $ 6,486 $ 6,357 $ 6,269
Number of days in quarter (c) 91 90 92 92 91
Number of days in year (d) 365 365 365 365 365
Return on average tangible common equity (non-GAAP) (a/b/c)*d 10.0 % 12.3 % 16.9 % 13.2 % 12.5 %

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>2023 March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022
Total shareholders’ equity (GAAP) $ 5,283 $ 5,184 $ 4,893 $ 4,696 $ 5,632
Goodwill and intangibles (1,062) (1,063) (1,065) (1,034) (1,015)
Accumulated other comprehensive loss (income) 2,930 2,920 3,112 3,140 2,100
Tangible equity (non-GAAP) (a) 7,151 7,041 6,940 6,802 6,717
Preferred stock (440) (440) (440) (440) (440)
Tangible common equity (non-GAAP) (b) $ 6,711 $ 6,601 $ 6,500 $ 6,362 $ 6,277
Total assets (GAAP) $ 87,230 $ 88,573 $ 89,545 $ 88,474 $ 87,784
Goodwill and intangibles (1,062) (1,063) (1,065) (1,034) (1,015)
Accumulated other comprehensive loss (income) 2,930 2,920 3,112 3,140 2,100
Tangible assets (non-GAAP) (c) $ 89,098 $ 90,430 $ 91,592 $ 90,580 $ 88,869
Common shares outstanding (in thousands) (d) 148,144 148,100 148,664 149,611 150,471
Tangible equity ratio (non-GAAP) (a/c) 8.0 % 7.8 % 7.6 % 7.5 % 7.6 %
Tangible common equity ratio (non-GAAP) (b/c) 7.5 % 7.3 % 7.1 % 7.0 % 7.1 %
Tangible book value per common share (non-GAAP) (b/d) $ 45.30 $ 44.57 $ 43.72 $ 42.52 $ 41.72

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 allow for more consistent comparability across periods. Adjusted noninterest expense provides a measure as to how we are managing our expenses. Adjusted pre-provision net revenue enables management and others to assess our ability to generate capital. Taxable-equivalent net interest income allows us to assess the comparability of revenue arising from both taxable and tax-exempt sources.

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

Three Months Ended
(Dollar amounts in millions) June 30,<br>2023 March 31,<br>2023 December 31,<br>2022 September 30,<br>2022 June 30,<br>2022
Noninterest expense (GAAP) (a) $ 508 $ 512 $ 471 $ 479 $ 464
Adjustments:
Severance costs 13 1 — — 1
Amortization of core deposit and other intangibles 1 2 — 1 —
SBIC investment success fee accrual 1 — — (1) 1 —
Total adjustments (b) 14 3 (1) 2 1
Adjusted noninterest expense (non-GAAP) (a-b)=(c) $ 494 $ 509 $ 472 $ 477 $ 463
Net interest income (GAAP) (d) $ 591 $ 679 $ 720 $ 663 $ 593
Fully taxable-equivalent adjustments (e) 11 9 10 10 9
Taxable-equivalent net interest income (non-GAAP) (d+e)=(f) 602 688 730 673 602
Noninterest income (GAAP) (g) 189 160 153 165 172
Combined income (non-GAAP) (f+g)=(h) 791 848 883 838 774
Adjustments:
Fair value and nonhedge derivative income (loss) 1 (3) (4) 4 10
Securities gains (losses), net — 1 (5) 6 1
Total adjustments 2 (i) 1 (2) (9) 10 11
Adjusted taxable-equivalent revenue (non-GAAP) (h-i)=(j) $ 790 $ 850 $ 892 $ 828 $ 763
Pre-provision net revenue (PPNR) (non-GAAP) (h)-(a) $ 283 $ 336 $ 412 $ 359 $ 310
Adjusted PPNR (non-GAAP) (j)-(c) 296 341 420 351 300
Efficiency ratio (non-GAAP) (c/j) 62.5 % 59.9 % 52.9 % 57.6 % 60.7 %

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

2 Excluding the $13 million gain on sale of bank-owned premises recorded in dividends and other income, the efficiency ratio for the three months ended June 30, 2023 would have been 63.6%.

ZIONS BANCORPORATION, N.A.

Press Release – Page 18

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

Six Months Ended
(Dollar amounts in millions) June 30,<br>2023 June 30,<br>2022
Noninterest expense (GAAP) (a) $ 1,020 $ 928
Adjustments:
Severance costs 14 1
Other real estate expense — 1
Amortization of core deposit and other intangibles 3 —
SBIC investment success fee accrual 1 — (1)
Total adjustments (b) 17 1
Adjusted noninterest expense (non-GAAP) (a-b)=(c) $ 1,003 $ 927
Net interest income (GAAP) (d) $ 1,270 $ 1,137
Fully taxable-equivalent adjustments (e) 20 17
Taxable-equivalent net interest income (non-GAAP) (d+e)=(f) 1,290 1,154
Noninterest income (GAAP) (g) 349 314
Combined income (non-GAAP) (f+g)=(h) 1,639 1,468
Adjustments:
Fair value and nonhedge derivative income (loss) (2) 16
Securities gains (losses), net 1 (16)
Total adjustments 2 (i) (1) —
Adjusted taxable-equivalent revenue (non-GAAP) (h-i)=(j) $ 1,640 $ 1,468
Pre-provision net revenue (PPNR) (h)-(a) $ 619 $ 540
Adjusted PPNR (non-GAAP) (j)-(c) 637 541
Efficiency ratio (non-GAAP) (c/j) 61.2 % 63.1 %

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

2 Excluding the $13 million gain on sale of bank-owned premises recorded in dividends and other income, the efficiency ratio for the six months ended June 30, 2023 would have been 61.6%.

earningspresentation-202

July 19, 2023 Second Quarter 2023 Financial Review

2 Forward-Looking Statements; Use of Non-GAAP Financial Measures Forward Looking Information This earnings presentation includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as “may,” “might,” “could,” “anticipate,” “expect,” and similar terms, are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although this 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 continued high inflation, economic slowdown or recession, or other economic disruptions; changes in interest and reference rates which could adversely affect our revenue and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses; securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; our ability to recruit and retain talent, including increased competition for qualified candidates as a result of expanded remote-work opportunities and increased compensation expenses; competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services; our ability to complete projects and initiatives and execute on our strategic plans, manage our risks, and achieve our business objectives; 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; our ability to develop and maintain technology, information security systems and controls designed to guard against fraud, cybersecurity, and privacy risks; 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 increases in bank fees, capital standards, and other regulatory requirements; adverse media and other expressions of negative public opinion whether directed at us, other banks, the banking industry generally or otherwise that may adversely affect our reputation and that of the banking industry generally; the effects of pandemics and other health emergencies that may affect our business, employees, customers, and communities, such as ongoing effects on availability and cost of labor; the effects of wars and geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future; natural disasters that may impact our and our customer's operations and business; and governmental and social responses to environmental, social, and governance issues, including those with respect to climate change. 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 2022 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.

 Customer deposit growth led by relationship-focused bankers  Customer deposits grew $2 billion, or 3.2% including recapture of some off-balance sheet deposits  Total deposits increased $5 billion, or 7.4% during the quarter  Proactively responding to emerging risks and market conditions  Managing the balance to reflect the changing environment  Severance expense of $13 million for the quarter reflects expense control commitment  Risk Management reflected in strong credit quality and capital levels  Levels of non-performing and criticized loans declined; net charge-offs of $13 million were isolated in nature  Loss absorbing capital increased and we remain well-capitalized, particularly relative to our risk profile 3 Select Themes Second quarter results reflect customer confidence and active management of risks

 Earnings and Profitability:  $1.11 diluted earnings/share, compared to $1.33  $790 million adjusted taxable-equivalent revenue, compared to $850 million  $283 million Pre-Provision Net Revenue  $296 million Adjusted PPNR(1), compared to $341 million  $46 million Provision for Credit Losses, compared to $45 million  $166 million Net Income Applicable to Common, compared to $198 million  0.79% Return on Assets (annualized), compared to 0.91%  10.0% Return on Average Tangible Common Equity (annualized), compared to 12.3%  Credit quality:  0.30% Nonperforming Assets + loans 90+ days past due / loans and leases and other real estate owned, from 0.31%  0.09% net loan charge-offs/(recoveries) as a percent of loans, annualized, from 0.00%  Allowance for Credit Losses (“ACL”), of $711 million or 1.25% of loans, from 1.20% 4 Second Quarter 2023 Financial Highlights Improved customer fees offset by lower NII reflecting higher funding costs; Capital and credit quality remain strong Note: For the purposes of comparison in this presentation, we use linked-quarter ("LQ") unless stated otherwise. (1) Adjusted for items such as severance and restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to SBIC investments. See Appendix for non-GAAP financial measures.  Loans and Deposits: vs. 1Q23, growth rates not annualized  1.0% increase in period-end loan balances  0.9% increase in average loan balances  7.4% increase in period-end deposits; 3.2% excluding brokered  0.7% decrease in average deposits; 8.6% excluding brokered  77% period-end loan-to-deposit ratio  1.27% cost of average total deposits  Capital:  10.0% Common Equity Tier 1 Ratio (CET1), compared to 9.9%  11.1% (CET1+Allowance for Credit Losses) / Risk-Weighted Assets

$1.29 $1.40 $1.84 $1.33 $1.11 2Q22 3Q22 4Q22 1Q23 2Q23 Diluted Earnings Per Share Notable Items1: 2Q23:  $(0.07) per share negative impact from severance expense  $0.07 per share positive impact from gain on sale of property 1Q23:  $(0.06) per share negative impact from tax contingency reserve 2Q22:  $0.05 per share favorable impact from Credit Valuation Adjustment (CVA) 1Q22:  $(0.10) per share adverse mark-to-market impact from Small Business Investment Company (SBIC) investments 5 Positive impact to EPS from interest income and fees offset by increased funding costs Diluted Earnings per Share (1) Items that were $0.05 per share or more. $(0.21) $(0.36) $(0.22) $(0.23) $(0.23) 2Q22 3Q22 4Q22 1Q23 2Q23 EPS Impact of Provision for Credit Losses

$300 $351 $420 $341 $296 2Q22 3Q22 4Q22 1Q23 2Q23 Adjusted Pre-Provision Net Revenue (“PPNR”) Adjusted PPNR declined 13% from the prior quarter, primarily due to higher funding costs (1) Adjusted for items such as taxable equivalency, severance costs, restructuring costs, other real estate expense, and securities gains and losses. See Appendix for non-GAAP financial measures. Adjusted PPNR(1) ($ millions) 6 Linked quarter (2Q23 vs. 1Q23):  Adjusted PPNR declined 13% primarily from:  A decrease of 7% in adjusted revenue from increased interest expense, which offset greater interest income and improved noninterest income  Partially offset by a 3% decrease in adjusted noninterest expense  Salary and benefits decreased $28 million, or 8%, excluding the impact of a $13 million severance expense Year-over-year (2Q23 vs. 2Q22):  Adjusted PPNR decreased 1%, attributable in part to:  Net interest income (taxable-equivalent) was relatively stable  Noninterest income increased 10%  Adjusted noninterest expense increased 7% due primarily to salary and benefits and deposit insurance

$593 $663 $720 $679 $591 2.87% 3.24% 3.53% 3.33% 2.92% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% $0 2Q22 3Q22 4Q22 1Q23 2Q23 Net Interest Income (“NII”) and Net Interest Margin (“NIM”) Net Interest Income Net Interest Margin 7 Increased cost of total deposits negatively impacted the net interest margin in 2Q23 ($ millions) Linked quarter (2Q23 vs. 1Q23):  Net interest income declined 13%  Interest earned on loans increased $65 million  Interest paid on deposits increased $138 million Year-over-year (2Q23 vs. 2Q22):  Net interest income was relatively flat  Higher earning asset yields were offset by increased cost of funding  Interest-earning assets declined as interest-bearing liabilities increased

Year-Over-Year (2Q23 vs. 2Q22) Net Interest Margin (“NIM”) 8 Earning asset growth and the impact of free funds offset funding costs and positively impacted the margin compared to 2Q22 Loans DepositsMoney Mkt & Securities Borrowings Free Funds1 2Q22 2Q23 Linked Quarter (2Q23 vs. 1Q23) 1Q23 2Q23 Loans Deposits Money Mkt & Securities Borrowings Free Funds1 The NIM benefited early in the cycle as loans repriced more quickly than deposits; this trend changed in 2Q23  Loan yields have steadily increased as rates have risen  The previously lagging cost to fund the balance sheet ramped upward in the first half of 2023  Year-over-year, increased earning asset yields were offset by rising deposit costs (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.

$154 $156 $153 $151 $162 2Q22 3Q22 4Q22 1Q23 2Q23 Noninterest Income and Revenue 9 Customer-Related Noninterest Income (1) Total customer-related noninterest income increased 7% vs. 1Q23 and grew 5% from the year-ago period; adjusted revenue decreased 7% vs. 1Q23 and was up 4% from the year-ago period (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items, as detailed in the noninterest income table located in the earnings release. (2) Adjusted revenue is the sum of taxable-equivalent net interest income and noninterest income less adjustments. It excludes the impact of securities gains/losses and fair value and non-hedge derivative income. See Appendix for non-GAAP financial measures. ($ millions) $7 65 $8 28 $8 73 $8 39 $7 80 $7 63 $8 28 $8 92 $8 50 $7 90 2Q22 3Q22 4Q22 1Q23 2Q23 Total Revenue (GAAP) Adjusted Revenue (Non-GAAP) Total Revenue (2) ($ millions)

$4 64 $4 79 $4 71 $5 12 $5 08 $4 63 $4 77 $4 72 $5 09 $4 94 60.7% 57.6% 52.9% 59.9% 62.5% 2Q22 3Q22 4Q22 1Q23 2Q23 NIE (GAAP) Adjusted NIE (Non-GAAP) Efficiency Ratio ($ millions) Noninterest Expense 10 Noninterest expense decreased 1% vs. 1Q23 and was up 9% from the year-ago period Total noninterest expense decreased $4 million, compared to the prior quarter, primarily due to seasonal increases during 1Q  Typical seasonal decrease in 2Q offset by $13 million severance expense  $4 million increase in deposit insurance and regulatory expense due to assessment rate increase and balance sheet composition We are focused on flattening operating expense, exclusive of the proposed FDIC Special Assessment Notable items in:  2Q23: $13 million severance expense  1Q23: $13 million LQ increase in share-based compensation  4Q22: $8 million decrease in incentive compensation  2Q22: $3 million higher deposit insurance Noninterest Expense (NIE) (1) (1) Adjusted for items such as severance costs, restructuring costs, and other real estate expense. See Appendix for non-GAAP financial measures.

$51.8 $53.0 $54.7 $56.2 $56.7 3.67% 4.17% 4.81% 5.30% 5.65% $0.0 $25.0 $50.0 $75.0 $100.0 2Q22 3Q22 4Q22 1Q23 2Q23 Average Loan and Deposit Balances Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits 11 Vs. 1Q23, average loans increased 0.9% in 2Q23; average deposits decreased 0.7% $39.8 $37.8 $36.2 $35.8 $39.8 $41.1 $39.6 $38.0 $34.4 $29.8 0.03% 0.10% 0.20% 0.47% 1.27% $0.0 $25.0 $50.0 $75.0 $100.0 2Q22 3Q22 4Q22 1Q23 2Q23 Average Noninterest-bearing Deposits Average Interest-bearing Deposits ($ billions) ($ billions) Zions’ average cost of total deposits reflect a total deposit beta1 of 25% and an interest-bearing deposit beta of 43% (1) Deposit beta compares the change in the cost of deposits vs. the change in the target fed funds rate relative to 4Q21

12 Impact of Noninterest-bearing (NIB) Demand Deposits The increased value of noninterest-bearing deposits has exceeded the decline in volumes Average Noninterest-bearing Demand Impact of NIB on NIM 1 Noninterest-bearing demand deposits have declined as interest rates have risen, though the value of these deposits has increased overall  The value of noninterest-bearing funds presented in this chart reflects the impact these funds have on net interest margin  Noninterest-bearing deposits have declined 11 billion or 27% from a peak of $41.1 billion in 2Q22  In 2Q23, noninterest-bearing funds added 106 basis points to the net interest margin, compared to 7 basis points in 2Q22 ($ billions) $40.9 $41.1 $39.6 $38.0 $34.4 $29.8 0.06% 0.07% 0.21% 0.48% 0.83% 1.06% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 (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.

$29 $32 $34 $34 $38 $41 $28 $38 $49 $38 $31 $33$57 $70 $83 $72 $69 $74 4Q19 4Q20 4Q21 4Q22 1Q23 2Q23 Insured Deposits Uninsured Deposits 13 Ending deposit balances grew $5 billion vs. 1Q23; insured deposit balances increased $3 billion 2Q23 reflects growth of insured deposits  Insured deposit growth includes $3 billion of brokered time deposits  Total customer deposits grew $2 billion during the quarter  At June 30th, total customer deposits included $3 billion of reciprocal deposits Loan-to-Deposit Ratio 85% 77% 61% 78% 81% 77% 4Q19 4Q20 4Q21 4Q22 1Q23 2Q23 Ending Deposit Balance Trends Estimated Insured vs. Uninsured Deposits ($ billions)

Securities & Money Market Investments 14 Total Securities Portfolio and Money Market Investments (period-end balances) $26.2 $24.2 $23.5 $22.6 $21.6 $3.5 $4.1 $3.8 $3.4 $2.3 2Q22 3Q22 4Q22 1Q23 2Q23 Total Securities Money Market Investments ($ billions) We have strong on-balance sheet liquidity The investment portfolio is designed to be a storehouse of balance sheet liquidity  2Q23 period-end securities declined $950 million. Net cash flow provided by the securities portfolio was $915 million  The composition of the investment portfolio allows for deep on-balance sheet liquidity through the GCF Repo market  Approximately 90% of securities are U.S. Government and U.S. Government Agency/GSE securities 36% 34% 33% 32% 30%Percent of earning assets After liquidity, the investment portfolio is also used to balance interest rate risk  The estimated deposit duration at June 30, 2023, of ~2.5 years is assumed to be longer than the loan duration of 1.8 years (including swaps); the investment portfolio brings balance to this mismatch  The duration of the investment portfolio is 3.7 years (including the impact of fair value hedges) compared to 4.4 years in the prior year quarter

Interest Rate Sensitivity – Net Interest Income Sensitivity Analysis 15 Incorporating recent deposit behavior into interest rate sensitivity analysis suggests reduced asset sensitivity (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, while it assumes a change in composition of deposits (a lesser proportion of noninterest bearing relative to total deposits). (2) Latent interest rate sensitivity refers to future changes in Net Interest Income (“NII”) based upon past rate movements that have yet to be fully realized in revenue; Emergent interest rate sensitivity refers to changes to NII based upon future rate movements implied by the forward rate curve at 6/30/2023. vs. 2Q23: Latent(2) sensitivity: NII estimated to decrease by approximately 4% in 2Q24  This reflects a modeled total deposit cost beta of 40% from 4Q21 through 2Q24 in both latent and emergent Emergent (2) sensitivity: NII estimated to improve by approximately 1%, versus Latent, in 2Q24  Adversely affected by the market’s expected reduction in the fed funds rate in 1H24 This estimate does not include any changes to the size or composition of earning assets; it reflects existing swap maturities and forward-starting swaps • Adjusting deposit assumptions to reflect actual deposit behavior over the past twelve months suggests reduced asset sensitivity • Asset duration is being managed to reflect emerging liability duration. During Q2, $2.5 billion of received-fixed interest rate swaps were canceled and $2.5 billion of pay-fixed interest rate swaps added -12% -6% 6% 12% -3% -1% 1% 3% -200 bps -100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity(1) Standard Models Adjusted Deposit Assumptions Interest Rate Impacts on Net Interest Income

Net Charge-offs annualized, as a percentage of risk-weighted assets 0. 22 % 0. 37 % 0. 11 % 0. 06 % (0 .0 1% ) (0 .0 1% ) 0. 01 % 0. 04 % 0. 06 % 0. 16 % (0 .0 2% ) 0. 00 % 0. 08 % (4%) (2%) 0% 2% 4% 6% 8% 10% 12% 14% 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 Capital Strength 16 Loss-absorbing capital remains strong relative to our risk profile; low credit losses relative to CET1 + ACL Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets 10 .2 % 10 .4 % 10 .8 % 11 .2 % 11 .3 % 10 .9 % 10 .2 % 10 .0 % 9. 9% 9. 6% 9. 8% 9. 9% 10 .0 % 11 .8 % 12 .0 % 12 .3 % 12 .5 % 12 .3 % 11 .8 % 11 .1 % 10 .8 % 10 .7 % 10 .5 % 10 .7 % 11 .0 % 11 .1 % 0% 2% 4% 6% 8% 10% 12% 14% 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 Common Equity Tier 1 ACL / Risk-weighted Assets

17 Credit Quality Ratios Net charge-offs remain low, with last 12 months net charge-offs at just 0.07% of average loans Key Credit Metrics  1.3%: Classified loans/loans  Classified balance improved (declined) by 16% in 2Q23 from 1Q23  0.30%: NPAs+90(1)/loans + OREO  NPA balance decreased $9 million or 5% in 2Q23 from 1Q23  Net charge-offs (recoveries), relative to average loans:  0.09% annualized in 2Q23  0.07% over the last 12 months Allowance for Credit Losses:  1.25% of total loans and leases, up 5 basis points from 1Q23 reflecting deterioration in economic forecasts (1) Nonperforming assets plus accruing loans that were ≥ 90 days past due Note: Net charge-offs / average loans and provision / average loans ratios are annualized for all periods shown Credit Quality 0.07% 0.20% (0.02%) 0.00% 0.09% 0.32% 0.54% 0.31% 0.32% 0.32% NCOs / Avg Loans (ann.) Provision / Avg Loans (ann.) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 2Q22 3Q22 4Q22 1Q23 2Q23 Classified / Loans NPAs + 90 / Loans + OREO ACL / Loans

Financial Outlook (2Q24E vs 2Q23A) 18 Outlook Comments Slightly Increasing  Interest rates and economic outlook resulting in softening loan demand Stable to Slightly Decreasing  Funding cost pressures expected to continue despite positive impact of continued asset yield repricing Moderately Increasing  Customer-related noninterest income excludes securities gains/losses, dividends, and gains/losses on the sale of fixed assets Stable  2Q24 expected to be flat to 2Q23 adjusted noninterest expense1  Capital is expected to increase organically Customer-Related Noninterest Income Loan Balances (period-end) Net Interest Income (NII) Capital Adjusted Noninterest Expense (1) Excludes potential impact of FDIC Special Assessment

 Financial Results Summary  Balance Sheet Profitability  Monthly Net Interest Income, Net Interest Margin, & Impact of Noninterest-bearing Deposits  Loan Growth by Geography and Type  Noninterest-bearing Deposit Mix – 20+ Year Time Series  Earning Asset Repricing  Interest Rate Swaps  Credit Metrics: Credit Loss History, Commercial Real Estate  Loan Loss Severity (NCOs as a percentage of nonaccrual loans)  Allowance for Credit Losses  Non-GAAP Financial Measures 19 Appendix

Financial Results Summary 20 Healthy fundamentals, strong credit quality Three Months Ended (Dollar amounts in millions, except per share data) June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Earnings Results: Diluted Earnings Per Share $ 1.11 $ 1.33 $ 1.84 $ 1.40 Net Earnings Applicable to Common Shareholders 166 198 277 211 Net Interest Income 591 679 720 663 Noninterest Income 189 160 153 165 Noninterest Expense 508 512 471 479 Pre-Provision Net Revenue - Adjusted (1) 296 341 420 351 Provision for Credit Losses 46 45 43 71 Ratios: Return on Assets(2) 0.79 % 0.91 % 1.27 % 0.97 % Return on Common Equity(3) 13.8 % 17.4 % 25.4 % 15.8 % Return on Tangible Common Equity, excl. AOCI(3) 10.0 % 12.3 % 16.9 % 13.2 % Net Interest Margin 2.92 % 3.33 % 3.53 % 3.24 % Yield on Loans 5.65 % 5.30 % 4.81 % 4.17 % Yield on Securities 2.55 % 2.46 % 2.42 % 2.10 % Average Cost of Total Deposits(4) 1.27 % 0.47 % 0.20 % 0.10 % Efficiency Ratio (1) 62.5 % 59.9 % 52.9 % 57.6 % Effective Tax Rate 22.6 % 27.7 % 20.9 % 21.9 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.30 % 0.31 % 0.28 % 0.32 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.09 % 0.00 % (0.02%) 0.20 % Common Equity Tier 1 Capital Ratio(5) 10.0 % 9.9 % 9.7 % 9.6 % (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses and investment and advisory expense related SBIC investments. See Appendix for 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

0.91% 0.97% 1.27% 0.91% 0.79% 2Q22 3Q22 4Q22 1Q23 2Q23 12.5% 13.2% 16.9% 12.3% 10.0% 2Q22 3Q22 4Q22 1Q23 2Q23 Balance Sheet Profitability 21 Profitability impacted by lower NII due to increased funding costs Return on Assets Return on Tangible Common Equity (Excludes Accumulated Other Comprehensive Income) Return on Tangible Common Equity is a non-GAAP measure. See Appendix for non-GAAP financial measures.

Monthly Net Interest Income, Net Interest Margin, & Impact of Noninterest-bearing Deposits 22 Net interest income and net interest margin declines leveled off in the latter portion of the quarter $238 $219 $222 $204 $194 $193 3.45% 3.49% 3.08% 3.06% 2.81% 2.91% $0 Jan Feb Mar Apr May June Net Interest Income Net Interest Margin $35.6 $34.7 $32.8 $30.7 $29.4 $29.4 0.69% 0.82% 0.93% 0.99% 1.09% 1.14% 0.50% 0.70% 0.90% 1.10% 1.30% 1.50% 1.70% $0 Jan Feb Mar Apr May June Average Noninterest-bearing Demand 2023 2023 ($ billions) ($ millions) Impact of NIB on NIM 1 (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.

Loan Growth in Detail Loan growth achieved in several categories: residential real estate, CRE construction and consumer construction Linked Quarter Loan Balance Growth, Excluding PPP Total Loans: +1.0% Linked quarter:  Period-end loans increased $586 million or 1.0%  Loan growth in dollars predominantly in 1-4 Family, Commercial Real Estate Construction, and Consumer Construction  Decline of $33 million (21%) in SBA PPP loans G ro w th R at e: L in ke d Q ua rt er , n ot a nn ua liz ed Dollar Growth: Linked Quarter 23 C&I (ex-Oil & Gas), 1% Owner occupied, 0% CRE C&D, 8% CRE Term, -2% Home Equity, 0% 1-4 Family, 4% Energy (Oil & Gas), 4% Municipal, 0% Other, 9% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% -$300 -$200 -$100 $0 $100 $200 $300 $400 Note: circle size indicates relative proportion of loan portfolio as of 2Q23. PPP loans, not shown on graph, declined 21% in 2Q23 vs. 1Q23 ($ millions)

24 Loan Growth - by Bank Brand and Loan Type “Other” loans includes consumer construction, bankcard, and other consumer loan categories. Totals shown above may not foot due to rounding. Period-End Year-over-Year Loan Growth (2Q23 vs. 2Q22) Period-End Linked Quarter Loan Growth (2Q23 vs. 1Q23) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 350 215 460 77 143 55 (16) 1 1,285 SBA PPP (91) (76) (121) (36) (32) (28) (24) - (408) Owner occupied 14 118 (56) 58 (13) (12) 11 - 120 Energy (Oil & Gas) (22) 203 72 (1) - 21 (2) - 271 Municipal 42 129 62 (86) (4) (1) 62 37 241 CRE C&D (181) (83) 134 (12) (36) (4) 21 - (161) CRE Term 108 99 165 251 133 132 41 - 929 1-4 Family 482 240 318 154 179 122 (1) 63 1,557 Home Equity (31) 24 (17) (31) 51 29 - - 25 Other 320 75 105 76 41 79 (6) (2) 688 Total net loans 991 944 1,122 450 462 393 86 99 4,547 (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 104 42 (54) 45 (2) (43) (16) 2 78 SBA PPP (5) (10) (9) (2) (1) (5) (1) - (33) Owner occupied (9) 22 (6) 22 (1) (12) (5) - 11 Energy (Oil & Gas) (10) 3 72 - - 17 (2) - 80 Municipal 14 (10) 24 (4) (3) (30) (9) (2) (20) CRE C&D 21 47 63 35 10 (15) 24 - 185 CRE Term (128) (21) (93) 51 (8) 22 (2) - (179) 1-4 Family 111 13 32 56 30 30 - 16 288 Home Equity 6 (1) 3 (7) 17 (2) (1) - 15 Other 82 25 32 9 (2) 18 (2) (1) 161 Total net loans 186 110 64 205 40 (20) (14) 15 586 Loan growth achieved in several categories and across our footprint

Noninterest-bearing Deposits (“NIB”) Mix Through multiple rate cycles, Zions’ NIB deposit concentration has been consistently among the best of peers Source: S&P Global. The federal funds rate shown on this page has been adjusted such that, for example, the 2007 peak rate of 5.25% is the daily average rate from July 1, 2006 to June 30, 2007, which attempts to reflect the delay between the Fed’s increase or decrease and the response by Zions and the banking industry to increase or decrease rates paid on deposits. Average Noninterest Deposits / Average Total Deposits 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0% 10% 20% 30% 40% 50% 60% 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 1Q 23 ZION Peer Top Quartile Peer Bottom Quartile Avg Fed Funds (6-Mo Lag) Zions ranked 2nd (Left Axis)  Zions’ NIB deposit mix has consistently exceeded most peers due in part to a higher proportion of operating accounts for businesses  Fluctuation in the NIB mix ratio is to be expected, attributable to factors including:  The absolute and relative level of interest rates  The desired liquidity levels for households and business owners – which may be greater after the global financial crisis and the pandemic  Technological advances – which have reduced the frictional cost of moving money from NIB to IB accounts 25

Simulated Repricing Expectations: Earning Assets and Loans 26 A substantial portion of earning assets reset within one year with additional resets in later periods Note: Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. 52% 10% 7% 6% 10% 15% 52% 12% 10% 6% 5% 15% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f L oa ns Loans: Rate Reset and Cash Flow Profile Loans After Hedging 40% 11% 8% 7% 11% 23% 40% 13% 10% 7% 7% 23% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f E ar ni ng A ss et s Earning Assets Rate Reset and Cash Flow Profile Earning Assets After Hedging

27 Interest Rate Swaps at June 30, 2023 Swaps are used to balance our interest rate sensitivity Average Outstanding Notional Weighted Average Fixed Rate Received Weighted Average Maturity 1Q22 $3,841 1.82% 11/24 2Q22 $5,583 1.59% 4/25 3Q22 $7,433 1.76% 7/25 4Q22 $8,133 1.91% 8/25 1Q23 $4,433 1.85% 10/24 2Q23 $2,850 2.40% 7/24 Received-Fixed Rate Loan & Debt Cash Flow Hedges2 (pay floating rate) Average Outstanding Notional Weighted Average Fixed Rate Paid Weighted Average Maturity 1Q22 $479 1.38% 9/40 2Q22 $990 1.66% 10/40 3Q22 $1,229 1.83% 4/40 4Q22 $1,228 1.83% 4/40 1Q23 $1,228 1.83% 4/40 2Q23 $4,072 3.13% 10/30 Pay-Fixed Rate Securities Portfolio Fair Value Hedges (receive floating rate) (1) Cash flow hedges consist of receive-fixed swaps hedging pools of floating rate loans. (2) Excludes Swaps with an effective date after the reporting period. Interest rate sensitivity is managed in part with portfolio interest rate hedges1  $2.5 billion in interest-rate swaps on loans were terminated in Q2  $2.5 billion in 5 year pay fixed swaps were added as portfolio layer hedges of the available for sale securities with an average fixed rate of 3.53%

Long-Term View: Credit Quality at the Sub-portfolio Level Zions’ loss rates across nearly all loan portfolio categories are better or much better than peer loss rates In five of the seven major categories in which Zions has significant exposure, Zions’ loss rate has been top quartile Source: S&P Capital IQ Pro. Peers included are listed in the appendix. Sub-portfolio loss ratios calculated by Zions using regulatory data and averaged over the timeframe. Credit cards are not included in the seven categories as it is not a significant concentration for Zions. The order of the portfolios (from left to right) reflects Zions’ recent concentration mix (from high to low). In the “box-and-whiskers” graphic, the box represents the middle two quartiles, segmented with the median line. The end of the whiskers represent the maximum and the minimum of the dataset. 28 Commercial & Industrial Owner Occupied Term CRE (excl. Multifamily) Multifamily 1-4 Family Construction and Land Development HELOC Peer Median: 0.19% ZION: 0.11% Peer Net Charge-offs / Total Loans Ten Year Average (FY 2013 – FY 2022) ZION

29 Commercial Real Estate Summary Term CRE  Conservative weighted-average LTVs (< 60%)  Near-term maturities ~15-20% per year  Average & median loan size of $3.1 million & $0.9 million Construction and Land Development  Land and A&D less than $250 million  Total construction portfolio 2.8% criticized; 1.4% classified; 0.0% nonaccrual; 0.1% delinquencies Office ($2.2B: $2.0B term | $0.2B construction)  Portfolio is approximately 2/3 suburban and 1/3 CBD  Average LTV of less than 60%  99% of office portfolio in footprint  Average & median loan size of $4.6 million & $0.9 million  6.4% criticized; 4.7% classified; 0.0% nonaccrual; 0.0% delinquencies Multifamily 26% Industrial / Warehouse 22%Office 17% Retail 11% Hospitality 5% Residential Construction 4% All Other CRE 15% Portfolio Composition As of June 30, 2023  ~80% Term, ~20% Construction  Portfolio growth has been constrained for over a decade by disciplined concentration limits  Granular portfolio with solid sponsor or guarantor support  Well diversified by property type and location CRE is 23% of total loans: $12.9 billion total CRE; $10.4 billion term & $2.5 billion construction Note: Loan-to-value (LTV) calculations reflect most current appraisal in the denominator and the current outstanding balance in the numerator.

CRE In-Depth Review: Exercising CRE Discipline Through Growth Management Commercial real estate loan growth lags peers due to continued exercise of concentration risk discipline Data as of March 31, 2023; peer growth rates are normalized for significant acquisitions 0 50 100 150 200 3Q 17 1Q 18 3Q 18 1Q 19 3Q 19 1Q 20 3Q 20 1Q 21 3Q 21 1Q 22 3Q 22 1Q 23 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 3Q17 = 100 Commercial Real Estate Excluding Owner Occupied 30 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 / horizontal construction

16% 19% 36% 23% 5% 0% 0% 20% 23% 29% 18% 8% 1% 0% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ CRE Term LTVs Appraised vs. Indexed Most Recent Appraisal Index Adjusted CRE In-Depth Review: Commercial Real Estate 31 Limited tail LTV risk in portfolio; controlled CRE growth over last five years Data is updated through 2Q23. Loan-to-value calculations in the “Appraised Value” distribution to reflect most current appraisal in the denominator and the outstanding balance in the numerator. In the “Indexed Value” data series, we have attached the most recent appraisal to the REIS Commercial Property Price Indices (specific to local markets). Percentages shown of CRE property types do not sum to 100% due to other property types not shown. Zions has modest “tail risk” in its CRE portfolio 2.2 2.6 2.4 2.6 2.7 2.5 8.8 9.2 9.5 9.6 9.5 10.4 2Q18 2Q19 2Q20 2Q21 2Q22 2Q23 Construction Outstandings Term Outstandings 2.6% 1.6% -2% 0% 2% 4% 6% 8% 10% 2Q18 2Q19 2Q20 2Q21 2Q22 2Q23 Criticized % Classified % Nonaccrual % TTM NCO % Term WAVG LTV % of CRE Term % of CRE Construction Multi-family 59% 25% 30% Industrial / Warehouse 53% 22% 23% Office 54% 19% 12% Retail 49% 14% 9% Hospitality 50% 6% 8% CRE Portfolio Trends CRE Problem Loan Trends as a percentage of total loans

14% 14% 30% 31% 9% 1% 0% 14% 11% 18% 36% 15% 7% 0% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ CRE Office Term LTVs Appraised vs. Indexed2 Most Recent Appraisal Index Adjusted 5.0% 3.3% -1% 0% 1% 2% 3% 4% 5% 6% 7% 2Q18 2Q19 2Q20 2Q21 2Q22 2Q23 Criticized % Classified % Nonaccrual % TTM NCO % CRE In-Depth Review: Office ($2.2 billion balance) 32Data is updated through 2Q23. (1) Loans >$3 million represents ~90% of the portfolio; lease maturities from $10M+ office exposure. (2) Loan-to-value calculations in the “Appraised Value” distribution to reflect most current appraisal in the denominator and the outstanding balance in the numerator. In the “Indexed Value” data series, we have attached the most recent appraisal to the REIS Commercial Property Price Indices (specific to local markets). CRE Office portfolio is 17% of total CRE exposure; conservatively underwritten, lowly levered  Less than $1 million of nonaccruals and no charge-offs in recent years  Median loan size: $890 thousand; average loan size: $4.6 million  Allowance for Credit Losses: 1.8% of total office balances or 28% of criticized balances  31% variable rate with swap, 14% fixed rate, 55% variable rate w/o swap  Stabilized term office portfolio is 86% leased (wtd. avg.)1  Credit tenancy – ~1/3 of portfolio with credit tenant leases1  In-footprint collateral – 99%  Approximately 2/3 suburban, 1/3 central business district Office Problem Loan Trends as a percentage of total loans $0 Net Charge-offs When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs 0.2 0.2 0.1 0.3 0.4 0.2 2.2 2.1 2.2 2.2 1.9 2.0 2Q18 2Q19 2Q20 2Q21 2Q22 2Q23 Office Portfolio Trends Construction Outstandings Term Outstandings ($ billions)

0% 5% 10% 15% 20% 25% 30% CRE Term Office Maturing in 2023 LTVs 0% 5% 10% 15% 20% 25% 30% 35% 2. 25 x+ 1. 76 -2 .0 0x 1. 51 -1 .7 5x 1. 41 -1 .5 0x 1. 31 -1 .4 0x 1. 21 -1 .3 0x 1. 11 -1 .2 0x 1. 01 -1 .1 0x 0. 91 -1 .0 0x <0 .9 x CRE Term Office Maturing in 2023 DSCRs CRE In-Depth Review: Office Loans – Distribution of DSCR, LTV and Loan Maturity Zions has minimal intersecting elements of risk in the office CRE portfolio, while having a significantly large collateral cushion  Remaining 2023 term office maturities = $436 million  Criticized term office loans maturing in 2023 = $40 million (9% of all 2023 term office loan maturities)  Low DSCRs reflect value add or repositioned assets  Portfolio contains guarantor/sponsor support; often structured to require Borrower to address problem loans – e.g., repayment guarantee, re-margin (via capital call or other method), cash flow sweep provisions CRE Office Term by Maturity Most term office loans maturing in 2023 have a low LTV and strong (high) debt service coverage ratios 33Data is updated through 2Q23. Excludes PPP; Includes term. DSCR based on most recent NOI. LTV calculated using most recent appraisal. 436 194 381 232 237 77 407 2023 2024 2025 2026 2027 2028 2029+ ($ millions)

20 % 22 % 24 % 28 % 29 % 31 % 39 % 41 % 44 % 49 % 53 % 53 % 55 % 56 % 56 % 57 % 71 % BO KF M TB ZI O N W AL AS B CM A CF G FN B W TF C PN FP KE Y HW C HB AN EW BC RF SN V FI TB 12 % 13 % 13 % 24 % 26 % 27 % 30 % 32 % 34 % 45 % 48 % 50 % 55 % 56 % 59 % 60 % 61 % W AL ZI O N M TB BO KF AS B CM A W TF C EW BC FN B KE Y CF G HB AN PN FP FI TB RF SN V HW C Loan Loss Severity Annualized NCOs / Nonaccrual Loans Five Year Average (2018 Q2 – 2023 Q1) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2008 Q2 – 2023 Q1) 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 34

695 574 529 553 514 546 590 636 678 711 1.48 1.22 1.11 1.13 1.02 1.05 1.10 1.15 1.21 1.25 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Allowance for Credit Losses ACL (%) ex-PPP 35 Allowance for Credit Losses (“ACL”) The ACL increase vs. 1Q23 is primarily due deterioration in economic forecasts ($ millions)

36 Non-GAAP Financial Measures In millions, except per share amounts 2Q23 1Q23 4Q22 3Q22 2Q22 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense $508 $512 $471 $479 $464 LESS adjustments: Severance costs 13 1 1 Other real estate expense Amortization of core deposit and other intangibles 1 2 1 Pension Termination related expense Restructuring costs SBIC Investment Success Fee Accrual (1) 1 (b) Total adjustments 14 3 (1) 2 1 (a-b)=(c) Adjusted noninterest expense 494 509 472 477 463 (d) Net interest income 591 679 720 663 593 (e) Fully taxable-equivalent adjustments 11 9 10 10 9 (d+e)=(f) Taxable-equivalent net interest income (TE NII) 602 688 730 673 602 (g) Noninterest Income 189 160 153 165 172 (f+g)=(h) Combined Income $791 $848 $883 $838 $774 LESS adjustments: Fair value and nonhedge derivative income (loss) 1 (3) (4) 4 10 Securities gains (losses), net - 1 (5) 6 1 (i) Total adjustments 1 (2) (9) 10 11 (h-i)=(j) Adjusted revenue $790 $850 $892 $828 $763 (j-c) Adjusted pre- provision net revenue (PPNR) $296 $341 $420 $351 $300 (c)/(j) Efficiency Ratio 62.5% 59.9% 52.9% 57.6% 60.7% Note: Excluding the $13 million gain on sale of bank-owned premises recorded in dividends and other income, the efficiency ratio for the three months ended June 30, 2023 would have been 63.6%.

37 Non-GAAP Financial Measures (Continued) In millions, except per share amounts 2Q23 1Q23 4Q22 3Q22 2Q22 Net Earnings Applicable to Common Shareholders (NEAC) Net earnings applicable to common $166 $198 $277 $211 $195 Diluted Shares (average) 148 148 149 150 151 (k) Diluted EPS 1.11 1.33 1.84 1.40 1.29 PLUS Adjustments: Adjustments to noninterest expense 14 3 (1) 2 1 Adjustments to revenue (1) 2 9 (10) (11) Tax effect for adjustments (3) (1) (2) 2 2 Preferred stock redemption Total adjustments 10 4 6 (6) (8) (l) Adjustments per share 0.07 0.03 0.04 (0.04) (0.05) (k+l)=(m) Adjusted EPS 1.18 1.36 1.88 1.36 1.24

38 Non-GAAP Financial Measures (Continued) In millions 2Q23 1Q23 4Q22 3Q22 2Q22 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $166 $198 $277 $211 $195 Adjustments, net of tax: Amortization of core deposit and other intangibles 1 1 - 1 - (a) Net earnings applicable to common, net of tax $167 $199 $277 $212 $195 Average common equity (GAAP) $4,818 $4,614 $4,330 $5,303 $5,582 Average goodwill and intangibles (1,063) (1,064) (1,036) (1,021) (1,015) Average accumulated other comprehensive loss (income) 2,931 3,030 3,192 2,075 1,702 (b) Average tangible common equity (non-GAAP) $6,686 $6,580 $6,486 $6,357 $6,269 (c) Number of days in quarter 91 90 92 92 91 (d) Number of days in year 365 365 365 365 365 (a/b/c)*d Return on average tangible common equity (non-GAAP) 10.0% 12.3% 16.9% 13.2% 12.5%

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