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8-K

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION)

8-K 2022-10-24 For: 2022-10-24
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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)  October 24, 2022

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

(Exact name of registrant as specified in its charter)

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

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

Former name or former address, if changed since last report

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02    Results of Operations and Financial Condition.

On October 24, 2022, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended September 30, 2022 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on October 24, 2022. The press release announcing the financial results for the quarter ended September 30, 2022 is furnished as Exhibit 99.1 and incorporated herein by reference. A presentation to be used in conjunction with the conference call regarding the Bank’s third quarter financial results is furnished as Exhibit 99.2 and incorporated herein by reference.

The information in this Current Report on Form 8-K, including the exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the Bank under the Securities Act of 1933, as amended.

Item 9.01    Financial Statements and Exhibits.

Exhibits.

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

Exhibit Number Description
99.1 Press Release dated October 24, 2022 (furnished herewith).
99.2 Earnings Release Presentation dated October 24, 2022 (furnished herewith).
101 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104 The cover page from this Current Report on form 8-K, formatted as Inline XBRL.

SIGNATURES

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

ZIONS BANCORPORATION, NATIONAL ASSOCIATION
By: /s/ Paul E. Burdiss
Name:   Paul E. Burdiss
Title:      Executive Vice President and Chief Financial Officer
Date: October 24, 2022

Document

Zions Bancorporation, N.A.<br>One South Main<br>Salt Lake City, UT 84133<br>October 24, 2022
www.zionsbancorporation.com

Third Quarter 2022 Financial Results: FOR IMMEDIATE RELEASE

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

Zions Bancorporation, N.A. reports: 3Q22 Net Earnings of $211 million, diluted EPS of $1.40
compared with 3Q21 Net Earnings of $234 million, diluted EPS of $1.45,<br>and 2Q22 Net Earnings of $195 million, diluted EPS of $1.29

THIRD QUARTER RESULTS

$1.40 $211 million 3.24% 9.6%
Net earnings per diluted common share Net earnings Net interest margin (“NIM”) Estimated Common Equity<br>Tier 1 ratio
THIRD QUARTER HIGHLIGHTS¹
--- --- --- ---
Net Interest Income and NIM •
• NIM was 3.24%, compared with 2.68%
Operating Performance •
• PPP loans contributed 6 million in interest income, compared with 63 million
• Customer-related noninterest income was 156 million, up 3%
• Noninterest expense was 479 million, up 12%; adjusted noninterest expense² was 477 million, up 10%
• The efficiency ratio² was 57.6%, compared with 59.8%
Loans and Credit Quality •
• The provision for credit losses was 71 million, compared with (46) million
• The allowance for credit losses was 1.10% of loans (ex-PPP), compared with 1.11% of loans (ex-PPP)
• Nonperforming assets3 were 151 million, or 0.3%, of loans, compared with 324 million, or 0.6%, of loans
Capital •
• Shares of common stock repurchased during the quarter were 0.9 million for 50 million
Notable items •
• Credit valuation adjustment gain on client-related interest rate swaps of 4 million, or0.02 per share
• Deposits were 76.0 billion, down 2%, and the loan-to-deposit ratio was 71%, compared with 65%

All values are in US Dollars.

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Our third quarter results continued to demonstrate the positive impact of solid loan growth and moderately higher interest rates, as our net interest margin strengthened to 3.24%, up from 2.68% a year ago, producing strong adjusted pre-provision net revenue (PPNR) growth and positive operating leverage.”<br><br><br><br>Mr. Simmons continued, “Strong PPNR growth was offset by a higher provision for credit losses. Despite material improvements in most of our credit quality metrics relative to both last quarter and last year, we boosted our loan loss reserve to reflect both loan growth and a heightened probability of economic recession in the coming year.”
OPERATING PERFORMANCE2 (In millions) Three Months Ended<br>September 30, Nine Months Ended<br>September 30,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2022 2021 2022 2021
Adjusted PPNR $ 351 $ 290 $ 892 $ 833
Net charge-offs (recoveries) $ 27 $ (1) $ 42 $ 5
Efficiency ratio 57.6% 59.8% 61.1% 60.8%
Weighted average diluted shares 149.8 160.5 150.8 162.5

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 15-17.

3 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 2

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

RESULTS OF OPERATIONS

Net Interest Income and Margin
3Q22 - 2Q22 3Q22 - 3Q21
(In millions) 3Q22 2Q22 3Q21 % %
Interest and fees on loans $ 551 $ 468 $ 484 18 % 14 %
Interest on money market investments 24 12 7 12 NM 17 NM
Interest on securities 132 128 78 4 3 54 69
Total interest income 707 608 569 99 16 138 24
Interest on deposits 19 7 7 12 NM 12 NM
Interest on short- and long-term borrowings 25 8 7 17 NM 18 NM
Total interest expense 44 15 14 29 NM 30 NM
Net interest income $ 663 $ 593 $ 555 12 19
bps bps
Yield on interest-earning assets1 3.45 % 2.94 % 2.75 % 51 70
Rate paid on total deposits and interest-bearing liabilities1 0.22 % 0.07 % 0.07 % 15 15
Cost of total deposits1 0.10 % 0.03 % 0.03 % 7 7
Net interest margin1 3.24 % 2.87 % 2.68 % 37 56

All values are in US Dollars.

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

Notwithstanding a $57 million decrease in interest income from PPP loans, net interest income increased $108 million, or 19%, to $663 million in the third quarter of 2022, primarily due to a higher interest rate environment and a favorable change in the composition of interest-earning assets.

Average interest-earning assets decreased $0.7 billion, or 1%, from the prior year quarter, driven by significant declines in average money market investments and PPP loans, the effects of which were largely offset by strong growth in average available-for-sale securities and average loans and leases (ex-PPP). Average money market investments declined $9.0 billion and average PPP loans decreased $3.4 billion. Average securities increased $6.2 billion, representing 31% of average interest-earning assets, compared with 24%, and average loans and leases (ex-PPP) increased $5.5 billion.

The net interest margin was 3.24%, compared with 2.68%. The yield on average interest-earning assets was 3.45% in the third quarter of 2022, an increase of 70 basis points. The yield on total loans increased 35 basis points to 4.17%, the yield on non-PPP loans increased 57 basis points to 4.16%, and the yield on securities increased 47 basis points to 2.10%, all reflecting the higher interest rate environment.

The cost of total deposits for the third quarter of 2022 was 0.10%, compared with 0.03%. The rate paid on total deposits and interest-bearing liabilities was 0.22%, compared with 0.07%. Average noninterest-bearing deposits as a percentage of total deposits were 51%, up slightly from the same prior year period.

In the third quarter of 2022, more than 1,000 PPP loans totaling $0.2 billion were forgiven by the SBA. PPP loans contributed $6 million in interest income during the quarter, compared with $63 million. During the same time periods, approximately $4 million and $41 million of the interest income from PPP loans was related to accelerated recognition of net unamortized deferred fees due to forgiveness, respectively. At September 30, 2022, the remaining net unamortized deferred fees on PPP loans totaled $5 million.

ZIONS BANCORPORATION, N.A.

Press Release – Page 3

Noninterest Income
3Q22 - 2Q22 3Q22 - 3Q21
(In millions) 3Q22 2Q22 3Q21 % %
Commercial account fees $ 40 $ 37 $ 34 8 % 18 %
Card fees 27 25 25 2 8 2 8
Retail and business banking fees 17 20 20 (3) (15) (3) (15)
Loan-related fees and income 18 21 27 (3) (14) (9) (33)
Capital markets and foreign exchange fees 25 21 17 4 19 8 47
Wealth management fees 14 13 13 1 8 1 8
Other customer-related fees 15 17 15 (2) (12) — —
Customer-related noninterest income 156 154 151 2 1 5 3
Fair value and nonhedge derivative income (loss) 4 10 2 (6) (60) 2 NM
Dividends and other income (loss) (1) 7 9 (8) NM (10) NM
Securities gains (losses), net 6 1 (23) 5 NM 29 NM
Total noninterest income $ 165 $ 172 $ 139 (4) 19

All values are in US Dollars.

Total customer-related noninterest income increased $5 million, or 3%, driven by increases in capital markets and foreign exchange fees, commercial account fees, card fees, and wealth management fees. Capital markets and foreign exchange fees benefited from improved customer swap, foreign exchange, and syndication activity. These increases were partially offset by a decrease in loan-related fees, primarily due to a decline in our residential mortgages held for sale, and a decrease in retail and business banking fees. The latter decrease was due largely to a previously disclosed change in our overdraft and non-sufficient funds practices, which was effected early in the third quarter of 2022.

Net securities gains and losses increased $29 million, due largely to unrealized losses recorded during the prior year period related to our SBIC investment in Recursion Pharmaceuticals, Inc. Dividends and other income (loss) decreased $10 million from the prior year period, primarily due to a $6 million valuation loss recognized on one of our equity investments in the current period.

Noninterest Expense
3Q22 - 2Q22 3Q22 - 3Q21
(In millions) 3Q22 2Q22 3Q21 % %
Salaries and employee benefits $ 312 $ 307 $ 285 2 % 9 %
Technology, telecom, and information processing 53 53 50 — — 3 6
Occupancy and equipment, net 38 36 37 2 6 1 3
Professional and legal services 14 14 17 — — (3) (18)
Marketing and business development 11 9 9 2 22 2 22
Deposit insurance and regulatory expense 13 13 8 — — 5 63
Credit-related expense 8 7 7 1 14 1 14
Other real estate expense, net — — — — NM — NM
Other 30 25 16 5 20 14 88
Total noninterest expense $ 479 $ 464 $ 429 3 12
Adjusted noninterest expense 1 $ 477 $ 463 $ 432 3 10

All values are in US Dollars.

1 For information on non-GAAP financial measures, see pages 15-17.

Total noninterest expense increased $50 million, or 12%, relative to the prior year quarter. Salaries and benefits expense increased $27 million, or 9%, due to the impact of inflationary and competitive labor market pressures on wages and benefits, increased headcount, and increased incentive compensation accruals arising from improvements in anticipated full-year profitability.

ZIONS BANCORPORATION, N.A.

Press Release – Page 4

Other noninterest expense increased $14 million, primarily due to the reversal of a success fee accrual in the prior year period related to our SBIC investment in Recursion Pharmaceuticals, Inc., as well as increased travel and certain other expenses incurred during the current period. Deposit insurance and regulatory expense increased $5 million, driven largely by a higher FDIC insurance assessment resulting from changes in the balance sheet composition.

Professional and legal services expense decreased $3 million, or 18%, due to third-party assistance associated with PPP loan forgiveness and other technology-related and outsourced services utilized in the prior year period.

The efficiency ratio was 57.6%, compared with 59.8%, as growth in net revenue outpaced growth in noninterest expense. For information on non-GAAP financial measures, including differences between noninterest expense and adjusted noninterest expense, see pages 15-17.

BALANCE SHEET ANALYSIS

Loans and Leases
3Q22 - 2Q22 3Q22 - 3Q21
(In millions) 3Q22 2Q22 3Q21 % %
Loans held for sale $ 25 $ 42 $ 67 (40) % (63) %
Loans and leases:
Commercial – excluding PPP loans $ 29,506 $ 28,649 $ 25,369 3 16
Commercial – PPP loans 306 534 3,080 (228) (43) (2,774) (90)
Commercial real estate 12,356 12,136 12,153 220 2 203 2
Consumer 11,750 11,051 10,076 699 6 1,674 17
Loans and leases, net of unearned income and fees 53,918 52,370 50,678 1,548 3 3,240 6
Less allowance for loan losses 541 508 491 33 6 50 10
Loans and leases held for investment, net of allowance $ 53,377 $ 51,862 $ 50,187 3 6
Unfunded lending commitments $ 29,758 $ 28,008 $ 26,138 6 14

All values are in US Dollars.

Loans and leases, net of unearned income and fees, increased $3.2 billion, or 6%, to $53.9 billion at September 30, 2022. Excluding PPP loans, total loans and leases increased $6.0 billion, or 13%, to $53.6 billion. Commercial and industrial loans, owner occupied loans, and municipal loans increased $2.4 billion, $0.8 billion, and $0.8 billion, respectively. The consumer 1-4 family residential mortgage loan portfolio increased $0.7 billion, and home equity credit lines increased $0.5 billion.

Unfunded lending commitments increased $3.6 billion, or 14%, to $29.8 billion at September 30, 2022, primarily due to growth in home equity and consumer one-time close construction lending commitments.

ZIONS BANCORPORATION, N.A.

Press Release – Page 5

Credit Quality
3Q22 - 2Q22 3Q22 - 3Q21
(In millions) 3Q22 2Q22 3Q21 % %
Provision for credit losses $ 71 $ 41 $ (46) 73 % NM
Allowance for credit losses 590 546 529 44 8 61 12 %
Net loan and lease charge-offs (recoveries) 27 9 (1) 18 NM 28 NM
Nonperforming assets2 151 201 324 (50) (25) (173) (53)
Classified loans 965 1,009 1,397 (44) (4) (432) (31)
3Q22 2Q22 3Q21 bps bps
Ratio of ACL to loans1 and leases outstanding, at period end 1.09 % 1.04 % 1.04 % 5 5
Ratio of ACL to loans1 and leases outstanding (ex-PPP), at period end 1.10 % 1.05 % 1.11 % 5 (1)
Annualized ratio of net loan and lease charge-offs to average loans 0.20 % 0.07 % (0.01) % 13 21
Ratio of classified loans to total loans and leases (ex-PPP) 1.80 % 1.95 % 2.93 % (15) (113)
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.32 % 0.39 % 0.65 % (7) (33)

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 $173 million, or 53%, and classified loans decreased $432 million, or 31%. Net loan and lease charge-offs were $27 million, compared with net recoveries of $1 million in the prior year quarter. During the third quarter of 2022, we recorded a $71 million provision for credit losses, compared with a $(46) million provision during the prior year period. The allowance for credit losses (“ACL”) was $590 million at September 30, 2022, compared with $529 million at September 30, 2021. The increase in the ACL was primarily due to growth in the loan portfolio. The ratio of ACL to total loans and leases (ex-PPP) was 1.10% at September 30, 2022, compared with 1.11% at September 30, 2021.

Deposits and Borrowed Funds
3Q22 - 2Q22 3Q22 - 3Q21
(In millions) 3Q22 2Q22 3Q21 % %
Noninterest-bearing demand $ 39,133 $ 40,289 $ 39,150 (3) % — %
Interest-bearing:
Savings and money market 35,389 37,346 37,046 (1,957) (5) (1,657) (4)
Time 1,473 1,426 1,688 47 3 (215) (13)
Total deposits $ 75,995 $ 79,061 $ 77,884 (4) (2)
Borrowed funds:
Federal funds purchased and other short-term borrowings $ 5,363 $ 1,018 $ 579 NM NM
Long-term debt 647 671 1,020 (24) (4) (373) (37)
Total borrowed funds $ 6,010 $ 1,689 $ 1,599 NM NM

All values are in US Dollars.

Total deposits decreased $1.9 billion, or 2%, primarily due to a $1.7 billion, or 4%, decrease in savings and money market deposits. Total deposits at September 30, 2022 included approximately $400 million of deposit balances acquired from the purchase of three Northern Nevada branches during the third quarter of 2022. Our loan-to-deposit ratio was 71%, compared with 65% in the prior year quarter, which continues to afford us flexibility in managing our funding costs.

ZIONS BANCORPORATION, N.A.

Press Release – Page 6

Average total deposits remained relatively flat at $77.5 billion, compared with the prior year period. Average noninterest-bearing deposits increased $1.3 billion, or 3%, and were 51% and 50% of average total deposits for the respective time periods.

Total borrowed funds increased $4.4 billion from the prior year quarter, driven by increases in short-term borrowings as a result of significant loan growth and declines in interest-bearing deposits. The decrease in long-term debt was primarily due to the redemption and maturity of senior notes during the past year.

Shareholders’ Equity
3Q22 - 2Q22 3Q22 - 3Q21
(In millions, except share data) 3Q22 2Q22 3Q21 % %
Shareholders’ equity:
Preferred stock $ 440 $ 440 $ 440 — % — %
Common stock and additional paid-in capital 1,799 1,845 2,245 (46) (2) (446) (20)
Retained earnings 5,597 5,447 5,025 150 3 572 11
Accumulated other comprehensive income (loss) (3,140) (2,100) 64 (1,040) (50) (3,204) NM
Total shareholders’ equity $ 4,696 $ 5,632 $ 7,774 (17) (40)
Capital distributions:
Common dividends paid $ 62 $ 58 $ 62 7 —
Bank common stock repurchased 50 50 325 — — (275) (85)
Total capital distributed to common shareholders $ 112 $ 108 $ 387 4 (71)
shares % shares %
Weighted average diluted common shares outstanding (in thousands) 149,792 150,838 160,480 (1,046) (1) % (10,688) (7) %
Common shares outstanding, at period end (in thousands) 149,611 150,471 156,530 (860) (1) (6,919) (4)

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 6.9 million, or 4%, from the third quarter of 2021, primarily due to common stock repurchases. During the third quarter of 2022, we repurchased 0.9 million common shares outstanding for $50 million.

Accumulated other comprehensive income (“AOCI”) decreased to a loss of $3.1 billion at September 30, 2022, due to decreases 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 $6.3 billion, compared with $6.2 billion, and the estimated CET1 capital ratio was 9.6%, compared with 10.9%, driven by the increase in risk-weighted assets due to strong loan growth. Tangible book value per common share decreased to $21.54, compared with $40.37, primarily due to the decrease in AOCI previously described.

ZIONS BANCORPORATION, N.A.

Press Release – Page 7

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the third quarter results at 5:30 p.m. ET on October 24, 2022. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and entering the passcode 13733310, 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 more than $90 billion of total assets at December 31, 2021, and annual net revenue of $2.9 billion in 2021. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at zionsbancorporation.com.

Forward-Looking Information

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

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

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 8

FINANCIAL HIGHLIGHTS

(Unaudited)

Three Months Ended
(In millions, except share, per share, and ratio data) September 30,<br>2022 June 30,<br>2022 March 31,<br>2022 December 31,<br>2021 September 30,<br>2021
BALANCE SHEET 1
Loans held for investment, net of allowance $ 53,377 $ 51,862 $ 50,764 $ 50,338 $ 50,187
Total assets 88,474 87,784 91,126 93,200 88,306
Deposits 75,995 79,061 82,351 82,789 77,884
Total shareholders’ equity 4,696 5,632 6,294 7,463 7,774
STATEMENT OF INCOME
Net earnings applicable to common shareholders $ 211 $ 195 $ 195 $ 207 $ 234
Net interest income 663 593 544 553 555
Taxable-equivalent net interest income 2 673 602 552 563 562
Total noninterest income 165 172 142 190 139
Total noninterest expense 479 464 464 449 429
Adjusted pre-provision net revenue 2 351 300 241 288 290
Provision for credit losses 71 41 (33) 25 (46)
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share $ 1.40 $ 1.29 $ 1.27 $ 1.34 $ 1.45
Dividends 0.41 0.38 0.38 0.38 0.38
Book value per common share 1 28.45 34.50 38.68 46.32 46.85
Tangible book value per common share 1, 2 21.54 27.76 31.97 39.62 40.37
Weighted average share price 54.50 56.62 68.23 63.69 54.78
Weighted average diluted common shares outstanding (in thousands) 149,792 150,838 151,687 153,635 160,480
Common shares outstanding (in thousands) 1 149,611 150,471 151,348 151,625 156,530
SELECTED RATIOS AND OTHER DATA
Return on average assets 0.97 % 0.91 % 0.90 % 0.92 % 1.08 %
Return on average common equity 15.8 % 14.0 % 11.8 % 11.5 % 12.3 %
Return on average tangible common equity 2 19.5 % 17.1 % 13.9 % 13.4 % 14.2 %
Net interest margin 3.24 % 2.87 % 2.60 % 2.58 % 2.68 %
Cost of total deposits 0.10 % 0.03 % 0.03 % 0.03 % 0.03 %
Efficiency ratio 2 57.6 % 60.7 % 65.8 % 60.8 % 59.8 %
Effective tax rate 21.9 % 21.9 % 20.4 % 20.8 % 22.8 %
Ratio of nonperforming assets to loans and leases and other real estate owned 0.28 % 0.38 % 0.49 % 0.53 % 0.64 %
Annualized ratio of net loan and lease charge-offs to average loans 0.20 % 0.07 % 0.05 % 0.01 % (0.01) %
Ratio of total allowance for credit losses to loans and leases outstanding 1 1.09 % 1.04 % 1.00 % 1.09 % 1.04 %
Full-time equivalent employees 9,920 9,895 9,724 9,685 9,641
CAPITAL RATIOS AND DATA 1
Common equity tier 1 capital 3 $ 6,342 $ 6,257 $ 6,166 $ 6,068 $ 6,236
Risk-weighted assets 3 65,982 63,424 61,427 59,600 57,459
Tangible common equity ratio 2 3.7 % 4.8 % 5.4 % 6.5 % 7.2 %
Common equity tier 1 capital ratio 3 9.6 % 9.9 % 10.0 % 10.2 % 10.9 %
Tier 1 leverage ratio 3 7.5 % 7.4 % 7.3 % 7.2 % 7.6 %
Tier 1 risk-based capital ratio 3 10.3 % 10.6 % 10.8 % 10.9 % 11.6 %
Total risk-based capital ratio 3 12.0 % 12.3 % 12.5 % 12.8 % 13.6 %

1 At period end.

2    For information on non-GAAP financial measures, see pages 15-17.

3 Current period ratios and amounts represent estimates.

ZIONS BANCORPORATION, N.A.

Press Release – Page 9

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands) September 30,<br>2022 June 30,<br>2022 March 31,<br>2022 December 31,<br>2021 September 30,<br>2021
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 549 $ 559 $ 700 $ 595 $ 597
Money market investments:
Interest-bearing deposits 1,291 1,249 5,093 10,283 9,442
Federal funds sold and security resell agreements 2,797 2,273 2,345 2,133 1,858
Investment securities:
Held-to-maturity1, at amortized cost 423 614 439 441 459
Available-for-sale, at fair value 23,233 25,297 26,145 24,048 20,461
Trading account, at fair value 526 304 382 372 305
Total securities, net of allowance 24,182 26,215 26,966 24,861 21,225
Loans held for sale 25 42 43 83 67
Loans and leases, net of unearned income and fees 53,918 52,370 51,242 50,851 50,678
Less allowance for loan losses 541 508 478 513 491
Loans held for investment, net of allowance 53,377 51,862 50,764 50,338 50,187
Other noninterest-bearing investments 983 840 829 851 868
Premises, equipment and software, net 1,388 1,372 1,346 1,319 1,282
Goodwill and intangibles 1,034 1,015 1,015 1,015 1,015
Other real estate owned 3 — 4 8 21
Other assets 2,845 2,357 2,021 1,714 1,744
Total assets $ 88,474 $ 87,784 $ 91,126 $ 93,200 $ 88,306
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 39,133 $ 40,289 $ 41,937 $ 41,053 $ 39,150
Interest-bearing:
Savings and money market 35,389 37,346 38,864 40,114 37,046
Time 1,473 1,426 1,550 1,622 1,688
Total deposits 75,995 79,061 82,351 82,789 77,884
Federal funds purchased and other short-term borrowings 5,363 1,018 638 903 579
Long-term debt 647 671 689 1,012 1,020
Reserve for unfunded lending commitments 49 38 36 40 38
Other liabilities 1,724 1,364 1,118 993 1,011
Total liabilities 83,778 82,152 84,832 85,737 80,532
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 1,799 1,845 1,889 1,928 2,245
Retained earnings 5,597 5,447 5,311 5,175 5,025
Accumulated other comprehensive income (loss) (3,140) (2,100) (1,346) (80) 64
Total shareholders’ equity 4,696 5,632 6,294 7,463 7,774
Total liabilities and shareholders’ equity $ 88,474 $ 87,784 $ 91,126 $ 93,200 $ 88,306
1 Held-to-maturity (fair value) $ 379 $ 578 $ 414 $ 443 $ 461
2 Common shares (issued and outstanding) 149,611 150,471 151,348 151,625 156,530

ZIONS BANCORPORATION, N.A.

Press Release – Page 10

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) Three Months Ended
(In millions, except share and per share amounts) September 30,<br>2022 June 30,<br>2022 March 31,<br>2022 December 31,<br>2021 September 30,<br>2021
Interest income:
Interest and fees on loans $ 551 $ 468 $ 437 $ 471 $ 484
Interest on money market investments 24 12 6 7 7
Interest on securities 132 128 112 88 78
Total interest income 707 608 555 566 569
Interest expense:
Interest on deposits 19 7 6 7 7
Interest on short- and long-term borrowings 25 8 5 6 7
Total interest expense 44 15 11 13 14
Net interest income 663 593 544 553 555
Provision for credit losses:
Provision for loan losses 60 39 (29) 23 (45)
Provision for unfunded lending commitments 11 2 (4) 2 (1)
Total provision for credit losses 71 41 (33) 25 (46)
Net interest income after provision for credit losses 592 552 577 528 601
Noninterest income:
Commercial account fees 40 37 41 34 34
Card fees 27 25 25 25 25
Retail and business banking fees 17 20 20 19 20
Loan-related fees and income 18 21 22 22 27
Capital markets and foreign exchange fees 25 21 15 24 17
Wealth management fees 14 13 14 13 13
Other customer-related fees 15 17 14 15 15
Customer-related noninterest income 156 154 151 152 151
Fair value and nonhedge derivative income (loss) 4 10 6 (1) 2
Dividends and other income (loss) (1) 7 2 19 9
Securities gains (losses), net 6 1 (17) 20 (23)
Total noninterest income 165 172 142 190 139
Noninterest expense:
Salaries and employee benefits 312 307 312 282 285
Technology, telecom, and information processing 53 53 52 51 50
Occupancy and equipment, net 38 36 38 38 37
Professional and legal services 14 14 14 16 17
Marketing and business development 11 9 8 20 9
Deposit insurance and regulatory expense 13 13 10 9 8
Credit-related expense 8 7 7 7 7
Other real estate expense, net — — 1 — —
Other 30 25 22 26 16
Total noninterest expense 479 464 464 449 429
Income before income taxes 278 260 255 269 311
Income taxes 61 57 52 56 71
Net income 217 203 203 213 240
Preferred stock dividends (6) (8) (8) (6) (6)
Net earnings applicable to common shareholders $ 211 $ 195 $ 195 $ 207 $ 234
Weighted average common shares outstanding during the period:
Basic shares (in thousands) 149,628 150,635 151,285 153,248 160,221
Diluted shares (in thousands) 149,792 150,838 151,687 153,635 160,480
Net earnings per common share:
Basic $ 1.40 $ 1.29 $ 1.27 $ 1.34 $ 1.45
Diluted 1.40 1.29 1.27 1.34 1.45

ZIONS BANCORPORATION, N.A.

Press Release – Page 11

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions) September 30,<br>2022 June 30,<br>2022 March 31,<br>2022 December 31,<br>2021 September 30,<br>2021
Commercial:
Commercial and industrial $ 15,656 $ 14,989 $ 14,356 $ 13,867 $ 13,230
PPP 306 534 1,081 1,855 3,080
Leasing 347 339 318 327 293
Owner occupied 9,279 9,208 9,026 8,733 8,446
Municipal 4,224 4,113 3,944 3,658 3,400
Total commercial 29,812 29,183 28,725 28,440 28,449
Commercial real estate:
Construction and land development 2,800 2,659 2,769 2,757 2,843
Term 9,556 9,477 9,325 9,441 9,310
Total commercial real estate 12,356 12,136 12,094 12,198 12,153
Consumer:
Home equity credit line 3,331 3,266 3,089 3,016 2,834
1-4 family residential 6,852 6,423 6,122 6,050 6,140
Construction and other consumer real estate 973 787 692 638 584
Bankcard and other revolving plans 471 448 410 396 395
Other 123 127 110 113 123
Total consumer 11,750 11,051 10,423 10,213 10,076
Total loans and leases $ 53,918 $ 52,370 $ 51,242 $ 50,851 $ 50,678

Nonperforming Assets

(Unaudited)

(In millions) September 30,<br>2022 June 30,<br>2022 March 31,<br>2022 December 31,<br>2021 September 30,<br>2021
Nonaccrual loans 1 $ 151 $ 201 $ 252 $ 271 $ 323
Other real estate owned 2 — — — 1 1
Total nonperforming assets $ 151 $ 201 $ 252 $ 272 $ 324
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2 0.28 % 0.38 % 0.49 % 0.53 % 0.64 %
Accruing loans past due 90 days or more $ 20 $ 6 $ 3 $ 8 $ 4
Ratio of accruing loans past due 90 days or more to loans1 and leases 0.04 % 0.01 % 0.01 % 0.02 % 0.01 %
Nonaccrual loans and accruing loans past due 90 days or more $ 171 $ 207 $ 255 $ 279 $ 327
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned 0.32 % 0.39 % 0.50 % 0.55 % 0.65 %
Accruing loans past due 30-89 days 3 $ 84 $ 123 $ 93 $ 70 $ 114
Restructured loans included in nonaccrual loans 39 61 100 105 121
Restructured loans on accrual 206 214 216 221 231
Classified loans 965 1,009 1,148 1,236 1,397

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

3 Includes $31 million of PPP loans at September 30, 2022, which we expect will be paid in full by either the borrower or the SBA.

ZIONS BANCORPORATION, N.A.

Press Release – Page 12

Allowance for Credit Losses

(Unaudited)

Three Months Ended
(In millions) September 30,<br>2022 June 30,<br>2022 March 31,<br>2022 December 31,<br>2021 September 30,<br>2021
Allowance for Loan Losses
Balance at beginning of period $ 508 $ 478 $ 513 $ 491 $ 535
Provision for loan losses 60 39 (29) 23 (45)
Loan and lease charge-offs 38 18 17 11 8
Less: Recoveries 11 9 11 10 9
Net loan and lease charge-offs 27 9 6 1 (1)
Balance at end of period $ 541 $ 508 $ 478 $ 513 $ 491
Ratio of allowance for loan losses to loans1 and leases, at period end 1.00 % 0.97 % 0.93 % 1.01 % 0.97 %
Ratio of allowance for loan losses to nonaccrual loans1 at period end 358 % 261 % 190 % 189 % 152 %
Annualized ratio of net loan and lease charge-offs to average loans 0.20 % 0.07 % 0.05 % 0.01 % (0.01) %
Annualized ratio of net loan and lease charge-offs to average loans (excluding PPP loans) 0.21 % 0.07 % 0.05 % 0.01 % (0.01) %
Reserve for Unfunded Lending Commitments
Balance at beginning of period $ 38 $ 36 $ 40 $ 38 $ 39
Provision for unfunded lending commitments 11 2 (4) 2 (1)
Balance at end of period $ 49 $ 38 $ 36 $ 40 $ 38
Allowance for Credit Losses
Allowance for loan losses $ 541 $ 508 $ 478 $ 513 $ 491
Reserve for unfunded lending commitments 49 38 36 40 38
Total allowance for credit losses $ 590 $ 546 $ 514 $ 553 $ 529
Ratio of ACL to loans1 and leases outstanding, at period end 1.09 % 1.04 % 1.00 % 1.09 % 1.04 %
Ratio of ACL to loans1 and leases outstanding (excluding PPP loans), at period end 1.10 % 1.05 % 1.02 % 1.13 % 1.11 %

1 Does not include loans held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 13

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions) September 30,<br>2022 June 30,<br>2022 March 31,<br>2022 December 31,<br>2021 September 30,<br>2021
Loans held for sale $ — $ 6 $ — $ — $ —
Commercial:
Commercial and industrial $ 52 $ 86 $ 112 $ 124 $ 157
PPP 5 1 2 3 —
Leasing — — — — —
Owner occupied 28 40 53 57 67
Municipal — — — — —
Total commercial 85 127 167 184 224
Commercial real estate:
Construction and land development — — — — —
Term 20 20 20 20 25
Total commercial real estate 20 20 20 20 25
Consumer:
Home equity credit line 10 10 13 14 15
1-4 family residential 36 38 51 52 58
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans — — 1 1 1
Other — — — — —
Total consumer 46 48 65 67 74
Total nonaccrual loans $ 151 $ 201 $ 252 $ 271 $ 323

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions) September 30,<br>2022 June 30,<br>2022 March 31,<br>2022 December 31,<br>2021 September 30,<br>2021
Commercial:
Commercial and industrial $ 31 $ 8 $ 6 $ 3 $ (2)
PPP — — — — —
Leasing — — — — —
Owner occupied — — (1) — (1)
Municipal — — — — —
Total commercial 31 8 5 3 (3)
Commercial real estate:
Construction and land development — — — (3) —
Term — — — — —
Total commercial real estate — — — (3) —
Consumer:
Home equity credit line — (1) (1) — 1
1-4 family residential (4) 1 1 — 1
Construction and other consumer real estate — — — — —
Bankcard and other revolving plans — 1 1 — —
Other — — — 1 —
Total consumer loans (4) 1 1 1 2
Total net charge-offs (recoveries) $ 27 $ 9 $ 6 $ 1 $ (1)

ZIONS BANCORPORATION, N.A.

Press Release – Page 14

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited) Three Months Ended
September 30, 2022 June 30, 2022 September 30, 2021
(In millions) Average balance Average<br>yield/rate 1 Average balance Average<br>yield/rate 1 Average balance Average<br>yield/rate 1
ASSETS
Money market investments:
Interest-bearing deposits $ 1,233 2.19 % $ 3,113 0.66 % $ 10,977 0.15 %
Federal funds sold and security resell agreements 2,511 2.66 % 2,542 1.13 % 1,739 0.50 %
Total money market investments 3,744 2.51 % 5,655 0.87 % 12,716 0.20 %
Securities:
Held-to-maturity 560 2.88 % 485 2.96 % 557 2.87 %
Available-for-sale 24,892 2.05 % 25,722 1.91 % 18,814 1.56 %
Trading account 288 4.57 % 357 5.07 % 199 4.41 %
Total securities 25,740 2.10 % 26,564 1.97 % 19,570 1.63 %
Loans held for sale 37 5.33 % 38 0.72 % 52 3.03 %
Loans and leases:2
Commercial - excluding PPP loans 28,972 4.13 % 28,151 3.71 % 24,854 3.76 %
Commercial - PPP loans 408 6.28 % 801 7.45 % 3,795 6.66 %
Commercial real estate 12,182 4.73 % 12,098 3.69 % 12,144 3.42 %
Consumer 11,391 3.61 % 10,734 3.24 % 10,058 3.38 %
Total loans and leases 52,953 4.17 % 51,784 3.67 % 50,851 3.82 %
Total interest-earning assets 82,474 3.45 % 84,041 2.94 % 83,189 2.75 %
Cash and due from banks 604 617 597
Allowance for credit losses on loans and debt securities (515) (480) (536)
Goodwill and intangibles 1,021 1,015 1,015
Other assets 4,923 4,712 4,291
Total assets $ 88,507 $ 89,905 $ 88,556
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 36,399 0.20 % $ 38,325 0.06 % $ 37,262 0.05 %
Time 1,441 0.32 % 1,488 0.24 % 1,829 0.32 %
Total interest-bearing deposits 37,840 0.20 % 39,813 0.07 % 39,091 0.07 %
Borrowed funds:
Federal funds purchased and other short-term borrowings 2,885 2.33 % 743 0.70 % 630 0.08 %
Long-term debt 673 4.83 % 678 3.79 % 1,204 2.34 %
Total borrowed funds 3,558 2.80 % 1,421 2.17 % 1,834 1.56 %
Total interest-bearing funds 41,398 0.43 % 41,234 0.14 % 40,925 0.13 %
Noninterest-bearing demand deposits 39,623 41,074 38,320
Other liabilities 1,743 1,575 1,302
Total liabilities 82,764 83,883 80,547
Shareholders’ equity:
Preferred equity 440 440 440
Common equity 5,303 5,582 7,569
Total shareholders’ equity 5,743 6,022 8,009
Total liabilities and shareholders’ equity $ 88,507 $ 89,905 $ 88,556
Spread on average interest-bearing funds 3.02 % 2.80 % 2.62 %
Impact of net noninterest-bearing sources of funds 0.22 % 0.07 % 0.06 %
Net interest margin 3.24 % 2.87 % 2.68 %
Memo: total loans and leases, excluding PPP loans 52,545 4.16 % 50,983 3.61 % 47,056 3.59 %
Memo: total cost of deposits 0.10 % 0.03 % 0.03 %
Memo: total deposits and interest-bearing liabilities 81,021 0.22 % 82,308 0.07 % 79,245 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 15

GAAP to NON-GAAP RECONCILIATIONS

(Unaudited)

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

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

Tangible Common Equity and Related Measures

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

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

Three Months Ended
(Dollar amounts in millions) September 30,<br>2022 June 30,<br>2022 March 31,<br>2022 December 31,<br>2021 September 30,<br>2021
Net earnings applicable to common shareholders, net of tax (a) $ 211 $ 195 $ 195 $ 207 $ 234
Average common equity (GAAP) $ 5,303 $ 5,582 $ 6,700 $ 7,146 $ 7,569
Average goodwill and intangibles (1,021) (1,015) (1,015) (1,015) (1,015)
Average tangible common equity (non-GAAP) (b) $ 4,282 $ 4,567 $ 5,685 $ 6,131 $ 6,554
Number of days in quarter (c) 92 91 90 92 92
Number of days in year (d) 365 365 365 365 365
Return on average tangible common equity (non-GAAP) (a/b/c)*d 19.5 % 17.1 % 13.9 % 13.4 % 14.2 %

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

(Dollar amounts in millions, except per share amounts) September 30,<br>2022 June 30,<br>2022 March 31,<br>2022 December 31,<br>2021 September 30,<br>2021
Total shareholders’ equity (GAAP) $ 4,696 $ 5,632 $ 6,294 $ 7,463 $ 7,774
Goodwill and intangibles (1,034) (1,015) (1,015) (1,015) (1,015)
Tangible equity (non-GAAP) (a) 3,662 4,617 5,279 6,448 6,759
Preferred stock (440) (440) (440) (440) (440)
Tangible common equity (non-GAAP) (b) $ 3,222 $ 4,177 $ 4,839 $ 6,008 $ 6,319
Total assets (GAAP) $ 88,474 $ 87,784 $ 91,126 $ 93,200 $ 88,306
Goodwill and intangibles (1,034) (1,015) (1,015) (1,015) (1,015)
Tangible assets (non-GAAP) (c) $ 87,440 $ 86,769 $ 90,111 $ 92,185 $ 87,291
Common shares outstanding (in thousands) (d) 149,611 150,471 151,348 151,625 156,530
Tangible equity ratio (non-GAAP) (a/c) 4.2 % 5.3 % 5.9 % 7.0 % 7.7 %
Tangible common equity ratio (non-GAAP) (b/c) 3.7 % 4.8 % 5.4 % 6.5 % 7.2 %
Tangible book value per common share (non-GAAP) (b/d) $ 21.54 $ 27.76 $ 31.97 $ 39.62 $ 40.37

ZIONS BANCORPORATION, N.A.

Press Release – Page 16

Efficiency Ratio and Adjusted Pre-Provision Net Revenue

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

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

Three Months Ended
(Dollar amounts in millions) September 30,<br>2022 June 30,<br>2022 March 31,<br>2022 December 31,<br>2021 September 30,<br>2021
Noninterest expense (GAAP) (a) $ 479 $ 464 $ 464 $ 449 $ 429
Adjustments:
Severance costs — 1 — — 1
Other real estate expense, net — — 1 — —
Amortization of core deposit and other intangibles 1 — — 1 —
SBIC investment success fee accrual 1 1 — (1) 2 (4)
Total adjustments (b) 2 1 — 3 (3)
Adjusted noninterest expense (non-GAAP) (a-b)=(c) $ 477 $ 463 $ 464 $ 446 $ 432
Net interest income (GAAP) (d) $ 663 $ 593 $ 544 $ 553 $ 555
Fully taxable-equivalent adjustments (e) 10 9 8 10 7
Taxable-equivalent net interest income (non-GAAP) (d+e)=(f) 673 602 552 563 562
Noninterest income (GAAP) (g) 165 172 142 190 139
Combined income (non-GAAP) (f+g)=(h) 838 774 694 753 701
Adjustments:
Fair value and nonhedge derivative income (loss) 4 10 6 (1) 2
Securities gains (losses), net 6 1 (17) 20 (23)
Total adjustments 2 (i) 10 11 (11) 19 (21)
Adjusted taxable-equivalent revenue<br><br>(non-GAAP) (h-i)=(j) $ 828 $ 763 $ 705 $ 734 $ 722
Pre-provision net revenue (PPNR) (non-GAAP) (h)-(a) $ 359 $ 310 $ 230 $ 304 $ 272
Adjusted PPNR (non-GAAP) (j)-(c) 351 300 241 288 290
Efficiency ratio (non-GAAP) (c/j) 57.6 % 60.7 % 65.8 % 60.8 % 59.8 %

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

2 Excluding the $6 million equity investment valuation loss recorded in dividends and other income, the efficiency ratio for the three months ended September 30, 2022 would have been 57.2%.

ZIONS BANCORPORATION, N.A.

Press Release – Page 17

Nine Months Ended
(Dollar amounts in millions) September 30,<br>2022 September 30,<br>2021
Noninterest expense (GAAP) (a) $ 1,407 $ 1,292
Adjustments:
Severance costs 1 1
Other real estate expense 1 —
Amortization of core deposit and other intangibles 1 —
Pension termination-related expense — (5)
SBIC investment success fee accrual 1 — 5
Total adjustments (b) 3 1
Adjusted noninterest expense (non-GAAP) (a-b)=(c) $ 1,404 $ 1,291
Net interest income (GAAP) (d) $ 1,800 $ 1,655
Fully taxable-equivalent adjustments (e) 27 22
Taxable-equivalent net interest income (non-GAAP) (d+e)=(f) 1,827 1,677
Noninterest income (GAAP) (g) 479 513
Combined income (non-GAAP) (f+g)=(h) 2,306 2,190
Adjustments:
Fair value and nonhedge derivative income (loss) 20 15
Securities gains (losses), net (10) 51
Total adjustments 2 (i) 10 66
Adjusted taxable-equivalent revenue (non-GAAP) (h-i)=(j) $ 2,296 $ 2,124
Pre-provision net revenue (PPNR) (h)-(a) $ 899 $ 898
Adjusted PPNR (non-GAAP) (j)-(c) 892 833
Efficiency ratio (non-GAAP) (c/j) 61.1 % 60.8 %

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

2 Excluding the $6 million equity investment valuation loss recorded in dividends and other income, the efficiency ratio for the nine months ended September 30, 2022 would have been 61.0%.

earningspresentation-202

October 24, 2022 Third Quarter 2022 Financial Review

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

 Our planned interest rate sensitivity has yielded significant revenue benefits; as rates have increased, we’ve begun to position the bank for stable or falling rates  Our balance sheet remains asset sensitive, although less so than at the beginning of the year (+4% change to NII in a +100 bps rate shock, down from +12% at December 31, 2021)  Our net interest income (excl. PPP) has increased 34% over the past year  We continue to experience solid loan demand  Our loan growth was achieved using consistent underwriting standards and risk-based concentration limits which produced superior credit losses during recent years  Our loans are underwritten to withstand the effects of higher interest rates  More than two-thirds of our loan growth YTD is in lower-risk categories including loans backed by 1-4 family residential property, owner-occupied real estate, and municipal loans  Our balance sheet composition allows for a great deal of flexibility  Our loan-to-deposit ratio of 71% provides a healthy cushion to absorb future loan growth and deposit migration  Our deposit strategy includes optimizing the size of the balance sheet and the cost of funding; rate cycle-to-date total deposit cost beta1 of just 3% (to a cost of 0.10%) is among the best of our peers thus far  Our recent deposit attrition is primarily attributable to larger balance relationships; balances in smaller, more granular customer relationships (<$10 million, or 74% of non- brokered deposits) have grown slightly year-to-date; a significant portion of deposit attrition moved to off-balance sheet sweep accounts  We are well prepared for a recession  We have a strong stream of earnings to support possible higher credit losses (3Q22 annualized PPNR of $1.4 billion)  We have significant loss-absorbing capacity with our level of Common Equity Tier 1 capital plus Allowance for Credit Losses, at 10.5% of risk-weighted assets  We have well-managed concentrations and smaller hold limits in higher-risk categories, including high leverage, enterprise value, and land development loans; we have very little unsecured consumer exposure 3 Select Themes Strong loan growth, fee income growth, and rising rates are driving a significant increase in revenue (1) Deposit beta is calculated as the change in the cost of total average deposits (including both interest and noninterest bearing) from 4Q21 to 3Q22 which was seven (7) basis points, relative to the change in the target (high) federal funds rate for the same period, which increased 214 basis points to a quarterly average of 2.39% in 3Q22 from 0.25% in 4Q21.

 Earnings and Profitability:  $1.40 diluted earnings/share, compared to $1.29  $828 million adjusted taxable-equivalent revenue, compared to $763 million  $359 million Pre-Provision Net Revenue  $351 million Adjusted PPNR(1), compared to $300 million  $71 million provision for credit losses, compared to $41 million  $211 million Net Income Applicable to Common, compared to $195 million primarily due to increased net interest income  0.97% Return on Assets (annualized), compared to 0.91%  19.5% Return on Average Tangible Common Equity (annualized), compared to 17.1%  Credit quality (excluding PPP Loans):  0.31% Nonperforming Assets + loans 90+ days past due / non-PPP loans and leases and other real estate owned, from 0.40%  0.20% net loan charge offs as a percent of loans, annualized, from 0.07%  Allowance for credit loss (“ACL”), of $590 million or 1.10% of non- PPP loans, from 1.05% 4 Third Quarter 2022 Financial Highlights Vs. 2Q22, another quarter of strong increases in non-PPP loans and growth in adjusted PPNR Note: For the purposes of comparison in this presentation, we generally use linked-quarter ("LQ"), due to that being the preferred comparison for professional investors and analysts. (1) Adjusted for items such as severance 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 GAAP to non-GAAP reconciliation tables.  Loans and Deposits: Vs. 2Q22, growth rates not annualized  3.0% increase in period-end loan balances  3.4% increase in period-end loan balances (excluding PPP loans)  3.9% decrease in period-end deposits  2.9% decrease in period-end noninterest-bearing deposits  71% period-end loan-to-deposit ratio  0.10% cost of average total deposits  Capital:  9.6% Common Equity Tier 1 Ratio (CET1), compared to 9.9%  10.5% (CET1+Allowance for Credit Losses) / Risk-Weighted Assets  $50 million of common stock repurchased during 3Q22

$1.45 $1.34 $1.27 $1.29 $1.40 3Q21 4Q21 1Q22 2Q22 3Q22 Diluted Earnings Per Share Notable Items: 3Q22:  $0.02 per share positive impact from sale of equity investments  $(0.03) per share negative impact from a valuation loss on an equity investment  $0.02 per share favorable impact from a credit valuation adjustment (“CVA”) 2Q22:  $0.05 per share favorable impact from a credit valuation adjustment (“CVA”)  $0.02 per share favorable impact from the sale of bank-owned facilities 1Q22:  $(0.10) per share adverse mark-to-market impact from SBIC investments, net of success fees paid  $0.03 per share favorable impact from a credit valuation adjustment (“CVA”)  $0.03 per share favorable impact from alignment of commercial account fee income items 4Q21:  $0.06 per share favorable impact from the sale of bank-owned facilities  $0.08 per share net securities gain (including SBIC investments)  $0.05 per share charitable contribution 3Q21: $(0.11) per share adverse impact from SBIC investments and CVA 5 Strong linked-quarter growth due to increased PPNR, despite a larger provision for credit losses and less PPP-related income Diluted Earnings per Share Note: EPS effects from PPP income and provision for credit loss calculations assume a 24.5% statutory tax rate. PPP income incorporates interest income less professional service expense related to forgiveness. $0.22 $(0.12) $0.16 $(0.21) $(0.36) 3Q21 4Q21 1Q22 2Q22 3Q22 EPS Impact of Provision for Credit Losses $0.30 $0.22 $0.12 $0.07 Contribution from PPP income$0.03 $0 .5 8 pe r s ha re Y oY sw in g in E PS at tr ib ut ab le to th e pr ov isi on

64 44 24 15 6 290 288 241 300 351 3Q21 4Q21 1Q22 2Q22 3Q22 Adjusted PPNR, excluding PPP (non-GAAP) Interest Income from PPP Loans Adjusted Pre-Provision Net Revenue (“PPNR”) Adjusted PPNR increased 17% from the prior quarter, primarily due to the benefit of higher rates and loan growth (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to the unrealized gains/(losses) on SBIC investments. See Appendix for GAAP to non-GAAP reconciliation table. (2) Interest income from PPP, as shown, is net of professional services expense associated with forgiveness. Adjusted PPNR(1) ($ millions) 6 Linked quarter:  Adjusted PPNR increased 17% primarily from  A 9% increase in adjusted revenue  Significantly higher yields on all major asset categories from rising interest rates combined with modest change in funding costs  Growth of higher yield assets (e.g., loans vs. money market)  Improved customer-related noninterest income, despite reduction of non-sufficient funds/overdraft income  A 3% increase in adjusted noninterest expense Year-over-year:  Adjusted PPNR increased 21%  Loan yields, excluding PPP, grew by 57 basis points; loan balances increased $3.2 billion (6.4%), or $6.0 billion (12.6%) if excluding PPP loans  Taxable-equivalent net interest income increased 20%  Increased level of customer-related noninterest income  Net revenue growth partially offset by a 10% increase in adjusted noninterest expense (2)

$47.1 $48.3 $49.5 $51.0 $52.5$3.8 $2.4 $1.5 $0.8 $0.4 3.82% 3.73% 3.52% 3.67% 4.17% $0.0 $25.0 $50.0 $75.0 $100.0 3Q21 4Q21 1Q22 2Q22 3Q22 Average Total Loans Excluding PPP Loans, Yield: 4.16% in 3Q22 Average PPP Loans Average Loan and Deposit Balances Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits 7 Vs. 2Q22, average non-PPP loans increased 3.1% in 3Q22; average deposits decreased 4.2% $39.1 $40.0 $40.7 $39.8 $37.8 $38.3 $41.4 $40.9 $41.1 $39.6 0.03% 0.03% 0.03% 0.03% 0.10% $0.0 $25.0 $50.0 $75.0 $100.0 3Q21 4Q21 1Q22 2Q22 3Q22 Average Noninterest-bearing Deposits Average Interest-bearing Deposits ($ billions) ($ billions)

Deposit Trends 8 Deposits for smaller businesses and households ($10 million and smaller, 74% of deposits (excluding brokered and trust deposits) has been stable to slightly increasing $0 $10 $20 $30 $40 $50 $60 $10MM+ $10MM and below Bi lli on s Deposits by Balance Tier (excl. Brokered & Select Trust Accounts) 12/31/21 9/30/22 $6.1 billion of attrition $1 .6 b ill io n of a tt rit io n $146 million of growth Notes: (1) This analysis contains customer deposits only, excluding brokered and certain deposit accounts such as select omnibus trust accounts and certain internal operational accounts (2) For purposes of categorizing into tiers, balances are grouped into relationships which are potentially multiple related TIN-aligned customers (3) Tier categorization is based on the greater of balances at 12/31/21 and 9/30/22 Deposit attrition composition and destination:  Balance attrition has been concentrated in larger balance, more rate sensitive / non-operating deposits  Off-balance sheet money market sweep balances have increased from $5.9 billion to $9.2 billion (YTD) Additional Deposit Data  Our loan-to-deposit ratio is low relative to peers, at 71%, allowing greater flexibility in pricing  Our cycle-to-date deposit beta is just 3%  Our commercial deposit customer satisfaction scores rank among the very best in the industry  Our median commercial relationship balance is less than $20,000, with the average balance less than $250,000  Our median consumer relationship balance is less than $5,000, with the average balance less than $40,000

Securities, Money Market Investments 9 Total Securities Portfolio (at Fair Value) and Money Market Investments (end of period balances) $21.2 $24.9 $27.0 $26.2 $24.2 $11.3 $12.4 $7.4 $3.5 $4.1 3Q21 4Q21 1Q22 2Q22 3Q22 Total Securities Money Market Investments ($ billions) Outsized deposit growth during the pandemic was primarily invested in highly liquid assets Strong deposit growth during the pandemic was primarily invested in highly liquid assets  3Q22 period-end securities declined $2 billion. Securities accounted for 29% of period-end interest-earning assets  Cash flow of AFS securities was ~$900 million  Fair value adjustment to AOCI was $1.2B (pre-tax)  3Q22 period-end money market investments increased $566 million. Money market accounted for 5% of period-end interest- earning assets 39% 42% 40% 36% 34% Percent of earning assets Securities portfolio duration as of September 30, 2022: 3.9 years (3.9 in 2Q22); it is not expected to extend materially under a higher interest rate environment Interest on total securities includes $27 million and $29 million of taxable-equivalent premium amortization for the third quarters of 2022 and 2021, respectively, and $82 million and $87 million for the first nine months of 2022 and 2021, respectively.

492 509 520 578 657 63 44 24 15 6 $555 $553 $544 $593 $663 2.68% 2.58% 2.60% 2.87% 3.24% 2.50% 2.45% 2.53% 2.83% 3.22% 2.35% 2.55% 2.75% 2.95% 3.15% 3.35% $0 3Q21 4Q21 1Q22 2Q22 3Q22 Net interest income, excluding PPP Net Interest Income associated with PPP Net Interest Income (“NII”) and Net Interest Margin (“NIM”) Net Interest Income Net Interest Margin Net Interest Margin, excl. PPP 10 Vs. 2Q22, net interest income increase driven by continued rate increases and loan growth ($ millions) Net Interest Margin 2Q22 3Q22 Loan Growth PPP Deposits / Borrowings As of September 30, 2022, unamortized net origination fees related to the PPP loans totaled $5 million, to be amortized over the remaining life or as forgiven by the SBA. Net interest income from PPP loans assumes a funding cost equal to each period’s total cost of deposits and debt. Zions’ strong loan growth and rising interest rates have combined to support expansion of the NIM. Asset Sensitivity Asset sensitive positioning during rising rates has led to increasing margin

Interest Rate Sensitivity 11 Latent and emergent interest rate sensitivity are expected to lead to an increase in net interest income (1) 12-month forward simulated impact of an instantaneous and parallel change in interest rates and assumes no change in the size of the balance sheet or composition of the earning assets, while it assumes a change in composition of deposits (a lesser concentration of noninterest bearing and a greater concentration of interest bearing). In the latent sensitivity model (a FF high target rate of 3.25%), the total deposit cost beta relative to the federal funds rate is estimated to be 13% by 3Q23; in the emergent model (a FF high target rate of 4.5%), the total deposit cost beta is estimated to be 14% by 3Q23. Latent interest rate sensitivity refers to future changes in NII based upon past rate movements that have yet to be fully realized in revenue. Latent sensitivity is expected to add 10% to net interest income in 3Q23 when compared to 3Q22 (excluding PPP revenues). Emergent interest rate sensitivity refers to changes to NII based upon future rate movements. Forward curve-driven (as of 9/30) emergent sensitivity would add 3% to net interest income in 3Q23 when compared to 3Q22 (excluding PPP revenues). This simulation does not include any changes to the size or composition of earning assets; it reflects existing swap maturities and forward-starting swaps. The linked-quarter reduction in interest rate sensitivity is primarily attributable to:  A reduction of deposits  An increase in the size of the interest rate swaps portfolio  A higher net interest income denominator. -11% -6% 6% 11% -9% -4% 4% 8% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity (1) as of 6/30/2022 as of 9/30/2022

$151 $152 $151 $154 $156 3Q21 4Q21 1Q22 2Q22 3Q22 Noninterest Income and Revenue 12 Customer-Related Noninterest Income (1) Total customer-related noninterest income improved vs. 2Q22 and was up 3% from the year-ago period. Revenue increased 10% vs. 2Q22, and was up 16% from the year-ago period (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items, as detailed in the Noninterest Income table located in the earnings release. (2) Revenue displayed is the sum of net interest income and customer-related noninterest income. It excludes the impact of securities gains/losses, dividends and fair value and non- hedge derivative income ($ millions) $706 $705 $695 $747 $819 3Q21 4Q21 1Q22 2Q22 3Q22 Revenue (2) ($ millions)

$4 29 $4 49 $4 64 $4 64 $4 79 $4 32 $4 46 $4 64 $4 63 $4 77 3Q21 4Q21 1Q22 2Q22 3Q22 NIE (GAAP) Adjusted NIE (Non-GAAP) ($ millions) Noninterest Expense 13 Noninterest expense increased 3% vs. 2Q22, and was up 12% from the year-ago period Total noninterest expense increased compared to the prior quarter  Salaries and benefits increased by $5 million driven by:  An extra day in the quarter  Continued hiring of new employees Notable items in:  2Q22: $3 million higher deposit insurance  1Q22: $13 million of seasonal share-based compensation  4Q21: $10 million donation to Zions Foundation; $2 million success fee related to net gains on SBIC investments  3Q21: $(4) million success fee reversal (1) Adjusted for items such as severance, provision for unfunded lending commitments, and accruals for investment and advisory expenses related to the unrealized gain on an SBIC investment. See Appendix for GAAP to non-GAAP reconciliation table. Noninterest Expense (NIE) (1)

14 Credit Quality Ratios Net charge-offs remain low, with last 12 months net charge-offs at just 0.09% of average loans Key credit metrics:  1.8%: Classified loans/loans  Classified balance improved (declined) by more than 4% in 3Q22 from 2Q22  0.31%: NPAs+90(1)/loans + OREO  NPA balance improved (declined) by more than 20% in 3Q22 from 2Q22  Net charge-offs (recoveries), relative to average loans:  0.21% annualized in 3Q22; ~$19 million or 70% attributable to two credits  0.09% over the last 12 months Allowance for credit losses:  1.10% of total loans and leases, up 5 basis points from 2Q22 (1) Nonperforming assets plus accruing loans that were ≥ 90 days past due Note: Net charge-offs / average loans and provision / average loans ratios are annualized for all periods shown Credit Quality 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 3Q21 4Q21 1Q22 2Q22 3Q22 Classified / Loans NPAs + 90 / Loans + OREO ACL / Loans All Ratios Exclude PPP Loans (0.01)% 0.01% 0.05% 0.07% 0.21% (0.39)% 0.21% (0.27)% 0.32% 0.54% NCOs / Avg Loans (ann.) Provision / Avg Loans (ann.)

526 777 914 917 835 695 574 529 553 514 546 590 1.08 1.56 1.88 1.91 1.74 1.48 1.22 1.11 1.13 1.02 1.05 1.10 1/1/20 CECL 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Allowance for Credit Loss ACL (%) ex-PPP 15 Allowance for Credit Loss (“ACL”) The ACL increase vs. 2Q22 is due to increased economic uncertainty  The increase in the 3Q22 ACL from 2Q22 reflects an increase in the likelihood of a recession and growth in the loan portfolio  Credit quality remains very clean ($ millions)

Net Charge-offs annualized, as a percentage of risk-weighted assets 0. 00 % 0. 10 % 0. 01 % 0. 16 % 0. 05 % 0. 22 % 0. 37 % 0. 11 % 0. 06 % (0 .0 1) % (0 .0 1) % 0. 01 % 0. 04 % 0. 06 % 0. 16 % -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 Capital Strength 16 Balance sheet capital remains strong relative to our risk profile Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets 11 .3 % 10 .8 % 10 .4 % 10 .2 % 10 .0 % 10 .2 % 10 .4 % 10 .8 % 11 .2 % 11 .3 % 10 .9 % 10 .2 % 10 .0 % 9. 9% 9. 6% 12 .3 % 11 .8 % 11 .4 % 11 .2 % 11 .4 % 11 .8 % 12 .0 % 12 .3 % 12 .5 % 12 .3 % 11 .8 % 11 .1 % 10 .8 % 10 .7 % 10 .5 % 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 CET1 ACL/RWA

Financial Outlook (3Q 2023E vs 3Q 2022A) 17 Outlook Comments Moderately Increasing  Excludes PPP loans, which are now significantly less impactful See Slide 11  We expect latent and emergent interest rate sensitivity, combined with continued loan growth to meaningfully increase net interest income Slightly Increasing  Customer-related noninterest income excludes securities gains/losses Moderately Increasing  Assumes continued elevated inflationary pressure on noninterest expense and build out of our Capital Markets business  Capital generated in excess of what is required for loan growth may be returned to shareholders through share repurchases Customer-Related Noninterest Income Loan Balances, ex-PPP Net Interest Income Capital Management Adjusted Noninterest Expense

 Financial Results Summary  Credit Metrics  Loan Loss Severity (NCOs as a percentage of nonperforming assets)  Balance Sheet Profitability  Earning Asset Repricing  Deposit History  Interest Rate Swaps  Loan Growth by Geography and Type  Mortgage Banking  FutureCore Project  Technology Initiatives  GAAP to Non-GAAP Reconciliation 18 Appendix

Financial Results Summary 19 Solid and improving fundamental performance Three Months Ended (Dollar amounts in millions, except per share data) September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Earnings Results: Diluted Earnings Per Share $ 1.40 $ 1.29 $ 1.27 $ 1.34 Net Earnings Applicable to Common Shareholders 211 195 195 207 Net Interest Income 663 593 544 553 Noninterest Income 165 172 142 190 Noninterest Expense 479 464 464 449 Pre-Provision Net Revenue - Adjusted (1) 351 300 241 288 Provision for Credit Losses 71 41 (33) 25 Ratios: Return on Assets(2) 0.97 % 0.91 % 0.90 % 0.92 % Return on Common Equity(3) 15.8 % 14.0 % 11.8 % 11.5 % Return on Tangible Common Equity(3) 19.5 % 17.1 % 13.9 % 13.4 % Net Interest Margin 3.24 % 2.87 % 2.60 % 2.58 % Yield on Loans 4.17 % 3.67 % 3.52 % 3.73 % Yield on Securities 2.10 % 1.97 % 1.78 % 1.61 % Average Cost of Total Deposits(4) 0.10 % 0.03 % 0.03 % 0.03 % Efficiency Ratio (1) 57.6 % 60.7 % 65.8 % 60.8 % Effective Tax Rate 21.9 % 21.9 % 20.4 % 20.8 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.28 % 0.38 % 0.49 % 0.53 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.20 % 0.07 % 0.05 % 0.01 % Common Equity Tier 1 Capital Ratio(5) 9.6 % 9.9 % 10.0 % 10.2 % (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses and investment and advisory expense related SBIC investments. See Appendix for GAAP to non-GAAP reconciliation tables. (2) Net Income before Preferred Dividends used in the numerator; (3) Net Income Applicable to Common used in the numerator; (4) Includes noninterest-bearing deposits; (5) Current period ratios and amounts represent estimates

Long-Term View: Credit Quality at the Subportfolio Level 20 Zions’ loss rates across nearly all loan portfolio categories are better or much better than peer loss rates  In three of the seven major categories in which Zions has significant exposure, Zions loss rate has been much better (top quartile)  In no category is Zions worse than the median The order of the portfolios (from left to right) reflects Zions’ recent concentration mix (from high to low) Source: S&P Capital IQ Pro. Peers included are listed in the appendix. FRC is excluded from the dataset due to insufficient history for the 15-year period. Subportfolio 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. Zions 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 max and the minimum of the dataset. N et L oa n Ch ar ge -o ffs to L oa ns Median peer total NCOs / total loans: 0.23% Zions’ total NCOs / total loans: 0.15%

Credit Quality: Consumer Real Estate Secured (Term 1-4 Family and Home Equity Credit Lines) 21 Minimal risk layering shows strength of the consumer real estate loan portfolio. Term 1-4 family mortgages (“1-4 family residential”) account for approximately $10.1 billion of the outstanding balances or 19% of the total loan portfolio  70 percent of such loans have FICO scores of 750 or better (higher) and loan-to-value (“LTV”) ratios of 70% or better (lower)  No meaningful exposure in the low FICO and high LTV segments  Average LTV: 46%  Home equity credit line portfolio:  1st lien = 46% of portfolio balance, 51% of portfolio commitments, with an average LTV of 45%  2nd lien = 54% of portfolio balance, 49% of portfolio commitments, with an average LTV of 50% Loan-to-value calculations reflect most current appraisal adjusted by a home price index (Case-Shiller or FHFA) for the area where the collateral is located for the denominator and the most recent outstanding balances in the numerator. Data is as of 9/30/2022. <= 649 650-699 700-749 750-799 800-850 Row Total <= 50% 2% 3% 8% 16% 29% 58% 50.01-60% 0% 1% 3% 6% 9% 19% 60.01-70% 0% 1% 2% 5% 6% 14% 70.01-80% 0% 0% 2% 3% 4% 9% 80.01-90% 0% 0% 0% 0% 0% 0% >90% 0% 0% 0% 0% 0% 0% Column Total 2% 5% 15% 30% 48% 100%Co m bi ne d Lo an to Va lu e (In de x- Ad ju st ed ) Refresh FICO Term 1-4 Family + HECL

22 0 50 100 150 200 20 17 Q 2 20 17 Q 4 20 18 Q 2 20 18 Q 4 20 19 Q 2 20 19 Q 4 20 20 Q 2 20 20 Q 4 20 21 Q 2 20 21 Q 4 20 22 Q 2 ZION Peer Top Quartile Peer Bottom Quartile CRE >$1 million Exercising CRE Discipline Through Growth Management Commercial real estate loan growth lags due to continued exercise of concentration risk discipline 0 50 100 150 200 20 17 Q 2 20 17 Q 4 20 18 Q 2 20 18 Q 4 20 19 Q 2 20 19 Q 4 20 20 Q 2 20 20 Q 4 20 21 Q 2 20 21 Q 4 20 22 Q 2 ZION Peer Top Quartile Peer Bottom Quartile Total CRE Data as of June 30, 2022, as peer data is not available for 3Q22 as of the time of publication; peer growth rates are normalized for significant acquisitions Indexed: 2017 Q2 = 100 Indexed: 2017 Q2 = 100

Credit Quality: Term Commercial Real Estate (“CRE”) 23 Low loan-to-values ratios in the Term CRE portfolio demonstrates the ability of the portfolio to withstand stress Weighted Average LTV by Major Property Type Apartments (Multi-Family) 53% Hospitality 50% Industrial (Warehouse / Mixed-Use Warehouse / Light Manufacturing / Research & Development) 53% Office Building 54% Retail 49% Term CRE loans account for $9.6 billion of the outstanding balances or 18% of the total loan portfolio Data is limited to term CRE loans. Loan-to-value calculations reflect most current appraisal in the denominator and the outstanding balance in the numerator. 25% 29% 35% 8% 2% 0% 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% <45% 45-55% 55-65% 65-75% 75-85% 85-95% >95% Distribution of Term Commercial Real Estate LTV Ratios

CRE Portfolios of Interest: CRE Office ($2.3B Balance) 24Data as of September 30, 2022; Excludes PPP; Includes both term and construction Portfolio Trends Distribution of Outstanding Balance by State Problem Loan Trends CRE Office portfolio highly concentrated in footprint, risk grades deteriorating but no losses forecast CA 25% UT 24%AZ 13% WA 12% TX 10% ID 5% CO 4% NV 4% Other 3%  Low LTVs, strong guarantors, and tenants have kept problem loan levels relatively low  Portfolio commitments composed of 80% term, 20% construction  Recent downgrades are low-LTV value-add buildouts of B- properties moving to A- properties in west coast markets  We have been selective when adding new office exposures due to long-term trends of remote work  Commitments declined $373 million between 1Q21 and 3Q22. Pe rc en ta ge o f L oa ns 0 2 4 6 8 10 12 0.0 0.5 1.0 1.5 2.0 2.5 3.0 W td . A vg R isk G ra de Bi lli on s Construction Term WARG 0% 2% 4% 6% 8% 10% 20 15 Q 1 20 15 Q 2 20 15 Q 3 20 15 Q 4 20 16 Q 1 20 16 Q 2 20 16 Q 3 20 16 Q 4 20 17 Q 1 20 17 Q 2 20 17 Q 3 20 17 Q 4 20 18 Q 1 20 18 Q 2 20 18 Q 3 20 18 Q 4 20 19 Q 1 20 19 Q 2 20 19 Q 3 20 19 Q 4 20 20 Q 1 20 20 Q 2 20 20 Q 3 20 20 Q 4 20 21 Q 1 20 21 Q 2 20 21 Q 3 20 21 Q 4 20 22 Q 1 20 22 Q 2 20 22 Q 3 Criticized Classified Nonaccrual TTM GCO

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

1.08% 0.92% 0.90% 0.91% 0.97% 3Q21 4Q21 1Q22 2Q22 3Q22 14.2% 13.4% 13.9% 17.1% 19.5% 3Q21 4Q21 1Q22 2Q22 3Q22 Balance Sheet Profitability 26 Profitability improving due to improved net interest income and loan growth; in addition, RoTCE has improved due to the effect of accumulated other comprehensive income on the denominator Return on Assets Return on Tangible Common Equity Return on Tangible Common Equity is a non-GAAP measure. See Appendix for GAAP to non-GAAP reconciliation table.

Simulated Repricing Expectations: Earning Assets and Loans 27Source: Company filings and S&P Global; “Prior Fed Cycle” refers to 3Q15-2Q19, reflecting the lag effect of deposit pricing relative to Fed Funds rates. The “Current Fed Cycle” begins in 3Q19 to present. (1) 12-month simulated impact of an instantaneous and parallel change in interest rates. Loans are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets in chart on the right. The loan and securities portfolios have durations of 2.0 and 3.9 years, respectively. 39% 13% 10% 8% 11% 19% 33% 12% 13% 10% 13% 19% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f E ar ni ng A ss et s Earning Assets Rate Reset and Cash Flow Profile Earning Assets After Hedging 52 % 11 % 8% 6% 10 % 13 % 39 % 12 % 12 % 9% 15 % 13 % ≤ 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

Deposits – Noninterest Bearing (“NIB”) Concentration and Cost of Total Deposits 28 Through multiple rate cycles, Zions’ NIB deposit concentration and cost have been consistently among the best of peers Source: S&P Global. 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 3Q 22 ZION Peer Top Quartile Peer Bottom Quartile Zions ranks 2nd Average Noninterest Deposits / Average Total Deposits 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 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 3Q 22 ZION Peer Top Quartile Peer Bottom Quartile Zions ranks 2nd Average Cost of Total Deposits %

Interest Rate Swaps 29 Although the outlook is for rising rates, we continue to create some protection from falling rates 1 Cash flow hedges consist of receive-fixed swaps hedging pools of floating rate loans. Interest rate sensitivity managed in part with interest rate hedges:  $0.6B in interest-rate swaps on loans added in 3Q22 with a weighted average rate of 3.10%  Peak size of the interest rate swaps portfolio has increased to $7.4 billion from $4.4 billion at December 31, 2021 as we have worked to gradually add protection against falling rates as actual rates moved higher 0.0% 0.5% 1.0% 1.5% 2.0% 0.0 2.0 4.0 6.0 8.0 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 Av er ag e Fi xe d Ra te (% ) Av g N ot io na l ( $B ) Average total swaps in effect during quarter Average Fixed Rate (right scale) Average Outstanding Notionial Weighted average Fixed Rate Received 2022Q4 $7,433 1.76% 2023Q1 $7,302 1.83% 2023Q2 $6,851 1.83% 2023Q3 $6,531 1.79% 2023Q4 $6,228 1.71% 2024Q1 $5,819 1.62% 2024Q2 $5,484 1.57% 2024Q3 $5,038 1.50%

Loan Growth in Detail Strong loan growth achieved in several categories: C&I (ex-O&G), residential real estate, & commercial construction Linked Quarter Loan Balance Growth, Excluding PPP Total Loans, excluding PPP: +3% Linked quarter:  Excluding PPP loans, period-end loans increased $1.8 billion or 3.4%  Loan growth in dollars predominantly in C&I (ex-O&G), 1-4 Family, Commercial and Consumer Construction (included in ‘Other’)  Decline of 43% ($228 million) 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 30 C&I (ex-Oil & Gas), 4% Owner occupied, 1% CRE C&D, 5% CRE Term, 1% Home Equity, 2% 1-4 Family, 7% Energy (Oil & Gas), 4% Municipal, 3% -6% -4% -2% 0% 2% 4% 6% 8% 10% -$300 -$100 $100 $300 $500 $700 Note: circle size indicates relative proportion of loan portfolio as of 3Q22. PPP loans, not shown on graph, declined 43% in 3Q22 vs. 2Q22 ($ millions) Other loans (including Consumer Construction), not shown on graph, grew 15% in 3Q22 vs. 2Q22

31 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 (3Q22 vs. 3Q21) Period-End Linked Quarter Loan Growth (3Q22 vs. 2Q22) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 435 500 851 124 250 111 123 - 2,394 SBA PPP (566) (548) (809) (261) (232) (223) (135) - (2,774) Owner occupied 99 312 53 140 72 126 31 - 833 Energy (Oil & Gas) (3) 83 (3) - - 10 (1) - 86 Municipal 226 233 97 91 (46) 177 47 (1) 824 CRE C&D 36 (194) (46) 66 (22) 125 (8) - (43) CRE Term 38 89 103 (77) 22 (71) 142 - 246 1-4 Family 247 59 234 48 121 67 (11) (53) 712 Home Equity 153 50 86 52 75 94 (13) - 497 Other 136 60 90 62 52 69 (3) (1) 465 Total net loans 801 644 656 245 292 485 172 (55) 3,240 (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 114 133 183 14 100 1 51 - 596 SBA PPP (53) (34) (67) (24) (22) (10) (18) - (228) Owner occupied (13) 40 9 26 (4) 12 1 - 71 Energy (Oil & Gas) (12) 82 - - - 9 - - 79 Municipal (16) 78 48 (82) (3) 19 52 15 111 CRE C&D 62 32 (21) 30 (33) 56 15 - 141 CRE Term (1) (34) 13 70 (14) 18 27 - 79 1-4 Family 122 73 95 29 86 22 - 2 429 Home Equity 15 9 1 - 22 21 (3) - 65 Other 93 24 26 19 16 29 (1) (1) 205 Total net loans 311 403 287 82 148 177 124 16 1,548

YTD 2022  Funded $3.6B in YTD 2022 (31% over '21) with $1.2B in Q3 (24% over same period '21)  Production has returned to portfolio ARM production (88% YTD 2022)  Starting Q4 with pipeline of $1.3B with 97% in portfolio ARM and Consumer Construction  Successfully launched numerous process enhancements including  Refinement to the Affluent program launched late in 2021  Digital enhancements to our Consumer Construction process reducing turn-times and improving efficiency 32 Mortgage Banking Despite Industry decline, Mortgage originations continue at record levels $.9 Bill. $1.2 Bill.($ millions) 2019  Roll-out 2021  Enhanced Digital Fulfillment Process  33% reduction in turn-time vs. 2019, allowing for record unit production 2020  Record production driven by refinance volumes  Record Fee income contribution

Replacing the entire core legacy environment to improve operational resiliency and efficiency • Parameter driven • Real time • One data model • Natively API enabled • Cloud deployable • Modern cyber paradigm • Continuously upgraded & tested • Facilitates automation Modern Architecture Built for Resiliency and Speed • Faster time to market for new products • Unified account opening platform (branch/online/ mobile) • Decreased outage risk • Improves consistency of customer attribute data across numerous apps • 7-day processing (when U.S. adopts) • Real time: Fraud alerts and data entry correction Improved Customer Experience • Intuitive user-friendly front end • Real time data vs. calling the back office • Reduces duplicate data entry • Training simplified Empowered Bankers • General ledger simplification • Credit approval workflow • Loan ops consolidation • Data governance disciplines • Deposit product rationalization • Charter consolidation Driving Modernization FutureCore: A Strategic Technology Advantage for Years to Come Fu tu re Co re as a C at al ys t Be ne fit s o f F ut ur eC or e 33

Technology Roadmap We continue to invest in technology solutions focused on customer experience & empowering bankers IM PR O VI N G CU ST O M ER EX PE RI EN CE Treasury Internet Banking & Gateway Enhancements Improved Customer Experience (2022) 9,500 Customers Payments & Money Movement Digital Check Issuance, Receipt of Real Time Payments, Improved Commercial Remote Deposit Capture Product, ATM Email Receipts, Zelle for Business, Originated Real Time Payments (2023), ATM Text Receipts (2023), Upgrade to Retail Mobile Remote Deposit Product (2023) A F F L U E N TC O M M E R C I A L S M A L L B U S I N E S S C O N S U M E R EM PO W ER IN G BA N KE RS Salesforce Unification Project Improved Customer Relationship Platform (2023) Customer Care Center (Call Center) Improved Interactive Voice Response System (2022-23) Digital Banking Replacement Consumer Customer Migration, Small Business Customer Migration (2022) & Continuous Delivery of Enhancements >11MM Logins per month on a single platform for online and mobile banking FutureCore Release 3 Consumer, Small Business and Commercial Deposits Core Banking and Teller System Replacement, Customer Data Hub (2023) Improved Products Securities Based Lending, Lockbox (2022), Integrated Receivables (2023), Digital Loan Application for all Small Business Loan Products (2023), Foreign Exchange Portal EFX (2022), Digital Account Opening & Signatures (2022-23) Operational Center of Excellence Business Process Automation – Leveraging Robotic Process Automation and Process Workflow Technology Commercial Lending End-To-End Improved Customer & Banker Experience (2022-24) 34

35 GAAP to Non-GAAP Reconciliation In millions, except per share amounts 3Q22 2Q22 1Q22 4Q21 3Q21 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense $479 $464 $464 $449 $429 LESS adjustments: Severance costs 1 1 Other real estate expense 1 Amortization of core deposit and other intangibles 1 1 Pension Termination related expense Restructuring costs SBIC Investment Success Fee Accrual 1 (1) 2 (4) (b) Total adjustments 2 1 0 3 (3) (a-b)=(c) Adjusted noninterest expense 477 463 464 446 432 (d) Net interest income 663 593 544 553 555 (e) Fully taxable-equivalent adjustments 10 9 8 10 7 (d+e)=(f) Taxable-equivalent net interest income (TE NII) 673 602 552 563 562 (g) Noninterest Income 165 172 142 190 139 (f+g)=(h) Combined Income $838 $774 $694 $753 $701 LESS adjustments: Fair value and nonhedge derivative income (loss) 4 10 6 (1) 2 Securities gains (losses), net 6 1 (17) 20 (23) (i) Total adjustments 10 11 (11) 19 (21) (h-i)=(j) Adjusted revenue $828 $763 $705 $734 $722 (j-c) Adjusted pre- provision net revenue (PPNR) $351 $300 $241 $288 $290 (c)/(j) Efficiency Ratio 57.6% 60.7% 65.8% 60.8% 59.8%

36 GAAP to Non-GAAP Reconciliation (Continued) In millions, except per share amounts 3Q22 2Q22 1Q22 4Q21 3Q21 Net Earnings Applicable to Common Shareholders (NEAC) Net earnings applicable to common $211 $195 $195 $207 $234 Diluted Shares (average) 150 151 152 154 160 (k) Diluted EPS 1.40 1.29 1.27 1.34 1.45 PLUS Adjustments: Adjustments to noninterest expense 2 1 0 3 (3) Adjustments to revenue (10) (11) 11 (19) 21 Tax effect for adjustments 2 2 (3) 4 (4) Preferred stock redemption Total adjustments (6) (8) 8 (12) 14 (l) Adjustments per share (0.04) (0.05) 0.05 (0.08) 0.08 (k+l)=(m) Adjusted EPS 1.36 1.24 1.32 1.26 1.54 Balance Sheet Profitability Adjusted Return on Assets 0.92% 0.84% 0.94% 0.87% 1.14% Adjusted Return on Tangible Common Equity 19.0% 16.5% 14.5% 12.6% 15.0%

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