Earnings release
Page 1
Zions Bancorporation, N.A.One South MainSalt Lake City, UT 84133October 20, 2025 www.zionsbancorporation.com Third Quarter 2025 Financial Results: FOR IMMEDIATE RELEASE Investor Contact: Shannon Drage (801) 844-8208 Media Contact: Jennifer Johnston (801) 844-7112 Zions Bancorporation, N.A. reports 3Q25 Net Earnings of $221 million, diluted EPS of $1.48 compared with 3Q24 Net Earnings of $204 million, diluted EPS of $1.37,and 2Q25 Net Earnings of $243 million, diluted EPS of $1.63 THIRD QUARTER RESULTS $1.48 $221 million 3.28% 11.3% Net earningsper dilutedcommon share Net earnings Net interest margin (“NIM”)Estimated common equitytier 1 ratio THIRD QUARTER HIGHLIGHTS¹ Net InterestIncome andNIM • Net interest income was $672 million, up 8% • NIM was 3.28%, compared with 3.03% OperatingPerformance • Pre-provision net revenue² ("PPNR") was $345 million, up 14%; adjusted PPNR² was $352 million, up 18% • Customer-related noninterest income was $163 million, up 3%; excluding net CVA, it was $174 million, up 8% • Noninterest expense was $527 million, up 5%; adjusted noninterest expense² was $520 million, up 4% Loans andCredit Quality • Loans and leases were $60.3 billion, up 2% • Total loan and lease charge-offs included $50 million associated with two related C&I loans • The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.37%, compared with 0.02% • The provision for credit losses was $49 million, compared with $13 million, primarily due to two large related C&I loans • Nonperforming assets were $324 million, or 0.54% of loans and leases and other real estate owned, compared with $368 million, or 0.62% • Classified loans were $2.4 billion, or 4.00% of loans and leases, compared with $2.1 billion, or 3.55%, down from $2.7 billion, or 4.43% in the prior quarter Deposits andBorrowedFunds • Total deposits were $74.9 billion, down 1%; customer deposits (excluding brokered deposits) were $71.1 billion, up 1% • Short-term borrowings, primarily composed of secured borrowings, were $3.8 billion, up 29% Capital • The estimated CET1 capital ratio was 11.3%, compared with 10.7% Other NotableItems • Net credit valuation adjustment (“CVA”) loss on client-related interest rate swaps of $11 million, or $0.06 per share CEO COMMENTARY Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We’re pleased with the Company’s core earnings, which included 14% growth in pre-provision net revenue over the prior year period, and 18% on an adjusted basis. The net interest margin increased 25 basis points over the prior year period, while customer-related noninterest income, adjusted for the net credit valuation adjustment, grew 8%. Although loans contracted at a 3% annualized linked-quarter rate in the quarter, deposits, excluding brokered deposits, grew at an annualized rate of 7%. Over the past year, tangible book value per share grew 17%.” Mr. Simmons continued, “The quarter’s credit results were marred by a $50 million charge-off, and a $10 million specific reserve established against the approximate remaining balance, arising from loans to two related companies in which apparent irregularities and misrepresentations were recently detected. Legal action has been initiated to pursue recovery of the amounts owed from guarantors of the credits. Excluding this loss, remaining net charge-offs were very benign at $6 million, or 4 basis points of average loans on an annualized basis.” OPERATING PERFORMANCE (In millions) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025 2024 2025 2024 Net InterestMargin 3.28 % 3.03 % 3.18 % 2.98 % Adjusted PPNR$ 352 $ 299 $ 935 $ 819 Net charge-offs$ 56 $ 3 $ 82 $ 24 Efficiency ratio59.6 % 62.5 % 62.7 % 64.9 % Comparisons noted in the bullet points are calculated for the current quarter compared with the same prior year period unless otherwise specified. For information on non-GAAP financial measures, see pages 18-20. Does not include banking premises held for sale. 3 2 1 2 3
Page 2
ZIONS BANCORPORATION, N.A.Press Release – Page 2 Comparisons noted in the sections below are calculated for the current quarter versus the same prior year period unless otherwise specified. Growth rates of 100% or more are considered not meaningful (“NM”) as they generally reflect a low starting point. RESULTS OF OPERATIONS Net Interest Income and Margin 3Q25 - 2Q25 3Q25 - 3Q24 (In millions) 3Q25 2Q25 3Q24 $ % $ % Interest and fees on loans $ 898 $ 875 $ 899 $ 23 3 % $ (1) — % Interest on money market investments 41 50 67 (9) (18) (26) (39) Interest on securities 125 126 138 (1) (1) (13) (9) Total interest income 1,064 1,051 1,104 13 1 (40) (4) Interest on deposits 313 312 403 1 — (90) (22) Interest on short- and long-term borrowings 79 91 81 (12) (13) (2) (2) Total interest expense 392 403 484 (11) (3) (92) (19) Net interest income $ 672 $ 648 $ 620 $ 24 4 $ 52 8 bps bps Yield on interest-earning assets 5.16 % 5.11 % 5.35 % 5 (19) Rate paid on total deposits and interest-bearing liabilities 1.92 % 1.97 % 2.36 % (5) (44) Cost of deposits 1.67 % 1.68 % 2.14 % (1) (47) Net interest margin 3.28 % 3.17 % 3.03 % 11 25 Taxable-equivalent rates used where applicable. Net interest income increased $52 million, or 8%, in the third quarter of 2025, relative to the prior year period, primarily due to lower funding costs. The increase was further supported by a favorable shift in the composition of average interest-earning assets, reflecting growth in higher-yielding loans and a decline in lower-yielding money market investments and securities. As a result, the net interest margin improved to 3.28%, compared with 3.03%. The yield on average interest-earning assets, net of hedging activity, was 5.16% for the third quarter of 2025, compared with 5.35% in the prior year period, reflecting lower interest rates. The yield on average money market investments declined 100 basis points to 4.67%, while the net yield on average loans decreased 24 basis points to 5.91%. Additionally, the net yield on average securities declined 13 basis points to 2.73% during the third quarter of 2025. The rate paid on total deposits and interest-bearing liabilities was 1.92% for the third quarter of 2025, compared with 2.36% in the prior year period. The total cost of deposits was 1.67%, compared with 2.14%, reflecting the lower interest rate environment. Average interest-earning assets declined $111 million from the prior year quarter. This decrease was primarily attributable to a $1.2 billion reduction in average money market investments and a $1.2 billion decrease in average securities, with the latter largely resulting from principal reductions. These declines were partially offset by a $2.1 billion increase in average loans and leases. Average interest-bearing liabilities decreased $641 million, or 1%, from the prior year quarter. This decline was primarily attributable to a $925 million reduction in average interest-bearing deposits, driven by the migration of a consumer interest- bearing product into a new noninterest-bearing offering. The decrease was partially offset by a $284 million increase in average borrowed funds, reflecting an increase in long-term debt. 1 1 1 1 1
Page 3
ZIONS BANCORPORATION, N.A.Press Release – Page 3 Noninterest Income 3Q25 - 2Q25 3Q25 - 3Q24 (In millions) 3Q25 2Q25 3Q24 $ % $ % Commercial account fees $ 47 $ 46 $ 46 $ 1 2 % $ 1 2 % Card fees 24 24 24 — — — — Retail and business banking fees 19 19 18 — — 1 6 Loan-related fees and income 20 19 17 1 5 3 18 Capital markets fees and income 24 28 25 (4) (14) (1) (4) Wealth management fees 14 14 14 — — — — Other customer-related fees 15 14 14 1 7 1 7 Customer-related noninterest income 163 164 158 (1) (1) 5 3 Dividends and other income 15 12 5 3 25 10 NM Securities gains (losses), net 11 14 9 (3) (21) 2 22 Noncustomer-related noninterest income 26 26 14 — — 12 86 Total noninterest income $ 189 $ 190 $ 172 $ (1) (1) $ 17 10 Adjusted customer-related noninterest income $ 174 $ 164 $ 161 $ 10 6 $ 13 8 Effective the first quarter of 2025, capital markets fees and income includes the net CVA, which was previously disclosed under noncustomer- related noninterest income. During the third quarter of 2025, the net CVA was a loss of $11 million. This loss was primarily driven by an update to our valuation methodology, in addition to changes in other market factors. Net of CVA. For information on non-GAAP financial measures, see pages 18-20. Customer-related noninterest income increased $5 million, or 3%, compared with the prior year period. This growth was primarily driven by a $3 million increase in loan-related fees and income, largely resulting from increased loan sales activity. Excluding the impact of the net CVA loss, capital markets fees and income increased $7 million, or 25%, from the prior year period, benefitting from increased loan syndication activity and higher swap fee revenue. Noncustomer-related noninterest income increased $12 million, or 86%, compared with the prior year period. This growth was primarily driven by a $10 million increase in dividends and other income, mainly attributable to a $6 million gain on the sale of a bank-owned property and higher dividends received on FHLB stock. Noninterest Expense 3Q25 - 2Q25 3Q25 - 3Q24 (In millions) 3Q25 2Q25 3Q24 $ % $ % Salaries and employee benefits $ 337 $ 336 $ 317 $ 1 — % $ 20 6 % Technology, telecom, and information processing 70 65 66 5 8 4 6 Occupancy and equipment, net 42 40 40 2 5 2 5 Professional and legal services 14 13 14 1 8 — — Marketing and business development 11 12 12 (1) (8) (1) (8) Deposit insurance and regulatory expense 16 20 19 (4) (20) (3) (16) Credit-related expense 6 6 6 — — — — Other real estate expense, net — — — — NM — NM Other 31 35 28 (4) (11) 3 11 Total noninterest expense $ 527 $ 527 $ 502 $ — — $ 25 5 Adjusted noninterest expense $ 520 $ 521 $ 499 $ (1) — $ 21 4 For information on non-GAAP financial measures, see pages 18-20. 1 2 1 2 1 1
Page 4
ZIONS BANCORPORATION, N.A.Press Release – Page 4 Noninterest expense increased $25 million, or 5%, compared with the prior year quarter. Salaries and employee benefits expense increased $20 million, primarily due to higher severance and other salary-related costs, along with increased incentive compensation accruals reflecting improved profitability. Technology, telecom, and information processing expense increased $4 million, largely due to higher costs associated with application software, licensing, and maintenance. Adjusted noninterest expense increased $21 million, or 4%. The efficiency ratio improved to 59.6%, compared with 62.5%, reflecting positive operating leverage as adjusted pre-provision net revenue increased $53 million, or 18%. For more information on non-GAAP financial measures, see pages 18-20. BALANCE SHEET ANALYSIS Investment Securities 3Q25 - 2Q25 3Q25 - 3Q24 (In millions) 3Q25 2Q25 3Q24 $ % $ % Investment securities: Available-for-sale, at fair value $ 9,170 $ 9,116 $ 9,495 $ 54 1 % $ (325) (3)% Held-to-maturity, at amortized cost 9,059 9,272 9,857 (213) (2) (798) (8) Total investment securities, net of allowance $ 18,229 $ 18,388 $ 19,352 $ (159) (1) $ (1,123) (6) Total investment securities decreased $1.1 billion, or 6%, to $18.2 billion, relative to the prior year quarter, primarily due to principal reductions, net of reinvestments. Loans and Leases 3Q25 - 2Q25 3Q25 - 3Q24 (In millions) 3Q25 2Q25 3Q24 $ % $ % Loans held for sale $ 215 $ 172 $ 97 $ 43 25 % $ 118 NM Loans and leases: Commercial $ 31,179 $ 31,646 $ 30,785 $ (467) (1) $ 394 1 Commercial real estate 13,477 13,611 13,483 (134) (1) (6) — Consumer 15,646 15,576 14,616 70 — 1,030 7 Loans and leases, net of unearned income and fees 60,302 60,833 58,884 (531) (1) 1,418 2 Less allowance for loan losses 679 690 694 (11) (2) (15) (2) Loans and leases held for investment, net ofallowance $ 59,623 $ 60,143 $ 58,190 $ (520) (1) $ 1,433 2 Unfunded commitments $ 30,337 $ 29,564 $ 29,121 $ 773 3 $ 1,216 4 Loans and leases, net of unearned income and fees, increased $1.4 billion, or 2%, to $60.3 billion, relative to the prior year quarter. This growth was driven by a $1.0 billion increase in consumer loans, primarily within the 1-4 family residential loan portfolio, and a $394 million increase in commercial loans, primarily within the commercial and industrial loan portfolio.
Page 5
ZIONS BANCORPORATION, N.A.Press Release – Page 5 Credit Quality 3Q25 - 2Q25 3Q25 - 3Q24 (In millions) 3Q25 2Q25 3Q24 $ % $ % Provision for credit losses $ 49 $ (1) $ 13 $ 50 NM $ 36 NM Allowance for credit losses 725 732 736 (7) (1)% (11) (1)% Net loan and lease charge-offs (recoveries) 56 10 3 46 NM 53 NM Nonperforming assets 324 313 368 11 4 (44) (12) Classified loans 2,415 2,697 2,093 (282) (10) 322 15 3Q25 2Q25 3Q24 bps bps Ratio of ACL to loans and leases outstanding, atperiod end 1.20 % 1.20 % 1.25 % — (5) Annualized ratio of net loan and lease charge-offs (recoveries) to average loans 0.37 % 0.07 % 0.02 % 30 35 Ratio of nonperforming assets to loans andleases and other real estate owned 0.54 % 0.51 % 0.62 % 3 (8) Ratio of classified loans to total loans and leases 4.00 % 4.43 % 3.55 % (43) 45 During the third quarter of 2025, we recorded a $49 million provision for credit losses, compared with $13 million during the prior year period. The allowance for credit losses (“ACL”) totaled $725 million at September 30, 2025, compared with $736 million at September 30, 2024. The year-over-year decrease in the ACL primarily reflects lower reserves associated with commercial real estate (“CRE”) portfolio-specific risks, partially offset by more adverse economic scenarios and increased lending activity. The ratio of ACL to total loans and leases was 1.20% at September 30, 2025, compared with 1.25% at September 30, 2024. Net loan and lease charge-offs totaled $56 million in the third quarter of 2025, compared with $3 million in the prior year quarter. This increase included $50 million in charge-offs associated with revolving lines of credit extended to two related commercial borrowers to finance the origination and purchase of commercial mortgages. Additionally, we have established a full reserve against the remaining $10 million exposure to these loans. At September 30, 2025, nonperforming assets totaled $324 million, or 0.54% of total loans and leases and other real estate owned, compared with $368 million, or 0.62%, in the prior year period. Nonperforming assets remained primarily concentrated in the commercial and industrial, term CRE, and consumer 1-4 family residential loan portfolios. Classified loans totaled $2.4 billion, or 4.00% of total loans and leases, compared with $2.1 billion, or 3.55%, in the prior year period, and decreased from $2.7 billion, or 4.43%, in the prior quarter. Deposits and Borrowed Funds 3Q25 - 2Q25 3Q25 - 3Q24 (In millions) 3Q25 2Q25 3Q24 $ % $ % Deposits: Noninterest-bearing demand $ 26,133 $ 25,413 $ 24,973 $ 720 3 % $ 1,160 5 % Interest-bearing: Savings and money market 38,689 38,254 39,215 435 1 (526) (1) Time 6,232 6,200 6,333 32 1 (101) (2) Brokered 3,824 3,933 5,197 (109) (3) (1,373) (26) Total interest-bearing 48,745 48,387 50,745 358 1 (2,000) (4) Total deposits $ 74,878 $ 73,800 $ 75,718 $ 1,078 1 $ (840) (1) Borrowed funds: Federal funds purchased and other short-termborrowings $ 3,757 $ 6,072 $ 2,919 $ (2,315) (38) $ 838 29 Long-term debt 1,473 970 548 503 52 925 NM Total borrowed funds $ 5,230 $ 7,042 $ 3,467 $ (1,812) (26) $ 1,763 51
Page 6
ZIONS BANCORPORATION, N.A.Press Release – Page 6 Total deposits decreased $840 million, or 1%, compared with the prior year quarter, and increased $1.1 billion, or 1%, from the prior quarter. Interest-bearing deposits decreased $2.0 billion from the prior year quarter, primarily due to the migration of a consumer interest-bearing product into a new noninterest-bearing offering, as well as a reduction in brokered deposits. This decline was partially offset by a $1.2 billion increase in noninterest-bearing demand deposits, mainly driven by the aforementioned product migration. At September 30, 2025, customer deposits (excluding brokered deposits) totaled $71.1 billion, compared with $70.5 billion at September 30, 2024. These balances included approximately $6.8 billion and $7.3 billion of reciprocal deposits, respectively. The loan-to-deposit ratio was 81%, compared with 78% in the prior year quarter. Total borrowed funds, primarily composed of secured borrowings, increased $1.8 billion, or 51%, compared with the prior year quarter. This growth was driven by higher levels of long-term debt and short-term advances from the FHLB, partially offset by a reduction in borrowings under the FRB Bank Term Funding Program. The increase in long-term debt reflects the issuance of $500 million in 4.70% Fixed-to-Floating Senior Notes during the third quarter of 2025, and $500 million in 6.82% Fixed-to-Floating Subordinated Notes during the fourth quarter of 2024. These issuances were partially offset by the redemption of $88 million in 6.95% Fixed-to-Floating Subordinated Notes, also during the fourth quarter of 2024. Shareholders’ Equity 3Q25 - 2Q25 3Q25 - 3Q24 (In millions, except share data) 3Q25 2Q25 3Q24 $ % $ % Shareholders’ equity: Preferred stock $ 66 $ 66 $ 440 $ — — % $ (374) (85)% Common stock and additional paid-in capital 1,721 1,713 1,717 8 — 4 — Retained earnings 7,134 6,981 6,564 153 2 570 9 Accumulated other comprehensive income (loss) (2,056) (2,164) (2,336) 108 5 280 12 Total shareholders’ equity $ 6,865 $ 6,596 $ 6,385 $ 269 4 $ 480 8 Capital distributions: Common dividends paid $ 67 $ 64 $ 61 $ 3 5 $ 6 10 shares % shares % Weighted average diluted common sharesoutstanding (in thousands) 147,125 147,053 147,150 72 — % (25) — % Common shares outstanding, at period end (inthousands) 147,640 147,603 147,699 37 — (59) — Preferred stock decreased $374 million due to the redemption of the outstanding shares of our Series G, I, and J preferred stock during the fourth quarter of 2024. The common stock dividend was $0.45 per share, compared with $0.41 per share during the third quarter of 2024. Accumulated other comprehensive income (loss) (“AOCI”) was a loss of $2.1 billion at September 30, 2025, an improvement of $280 million when compared with a loss of $2.3 billion at September 30, 2024. The AOCI loss largely reflects a decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are currently excluded from regulatory capital, and therefore do not impact our regulatory capital ratios. Estimated common equity tier 1 (“CET1”) capital was $7.7 billion, an increase of 7%, compared with $7.2 billion in the prior year period. The estimated CET1 capital ratio was 11.3%, compared with 10.7%. Tangible book value per common share increased $5.52, or 17%, to $38.64, mainly due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see pages 18-20.
Page 7
ZIONS BANCORPORATION, N.A.Press Release – Page 7 Supplemental Presentation and Conference Call Zions has posted a supplemental presentation to its website, which will be used to discuss the third quarter results at 5:30 p.m. ET on October 20, 2025. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and using the meeting number 13756405, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at www.zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days. About Zions Bancorporation, N.A. Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $3.1 billion in 2024, and total assets of approximately $89 billion at December 31, 2024. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com. Forward-Looking Information This earnings release contains “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and assumptions regarding future events and outcomes. However, they are inherently subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performances, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others: • Statements concerning the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, operating results, and performance of Zions Bancorporation, National Association, and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and • Statements preceded or followed by, or that include, terminology such as “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” “will,” or similar words and expressions, including their negative forms. Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, key factors that may cause material differences include: • The quality and composition of our loan and investment securities portfolios and the quality and composition of our deposits; • Changes in general industry, political, and economic conditions, including increases in the national debt, elevated inflation, economic slowdowns or recessions, and other macroeconomic challenges; changes in interest and reference rates, which could negatively impact our revenues and expenses, the valuation and performance of our assets and liabilities, and the availability and cost of capital and liquidity; • Political developments, including government shutdowns and other significant disruptions and changes in the funding, size, scope, and effectiveness of the government and its agencies and services; • The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies;
Page 8
ZIONS BANCORPORATION, N.A.Press Release – Page 8 • Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements; • Evolving trade policies and disputes, such as proposed and implemented tariffs and resulting market volatility and uncertainty, including the effects on supply chains, expenses, and revenues for both us and our customers; • Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry; • Changes in our credit ratings; • Our ability to innovate and otherwise address competitive pressures and other factors that may affect aspects of our business, such as pricing, relevance of, and demand for, our products and services, and our ability to recruit and retain talent; • The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, blockchain, artificial intelligence, quantum computing, and related innovations affecting both us and the banking industry; • Our ability to complete projects and initiatives and execute our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives; • Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry; • Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services; • The effects of wars, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future; • Natural disasters, pandemics, wildfires, catastrophic events, and other emergencies and incidents, and their impact on our and our customers’ operations, business, and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products; • Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change and diversity; • Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; • The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity; • The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; • Adverse news and other expressions of negative public opinion whether directed at us, other banks, the banking industry, or otherwise that may adversely affect our reputation and that of the banking industry generally; and • Other assumptions, risks, or uncertainties described in this earnings release, and other SEC filings. We caution against undue reliance on forward-looking statements, which reflect our views only as of their date of issuance. Except as required by law, we specifically disclaim any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments.
Page 9
ZIONS BANCORPORATION, N.A.Press Release – Page 9 FINANCIAL HIGHLIGHTS (Unaudited) Three Months Ended (In millions, except share, per share, and ratio data) September 30,2025 June 30,2025 March 31,2025 December 31,2024 September 30,2024 BALANCE SHEET Loans held for investment, net of allowance $ 59,623 $ 60,143 $ 59,244 $ 58,714 $ 58,190 Total assets 88,533 88,893 87,992 88,775 87,032 Deposits 74,878 73,800 75,692 76,223 75,718 Total shareholders’ equity 6,865 6,596 6,327 6,124 6,385 STATEMENT OF INCOME Net earnings applicable to common shareholders $ 221 $ 243 $ 169 $ 200 $ 204 Net interest income 672 648 624 627 620 Taxable-equivalent net interest income 683 661 635 639 632 Total noninterest income 189 190 171 193 172 Total noninterest expense 527 527 538 509 502 Pre-provision net revenue 345 324 268 323 302 Adjusted pre-provision net revenue 352 316 267 312 299 Provision for credit losses 49 (1) 18 41 13 SHARE AND PER COMMON SHAREAMOUNTS Net earnings per diluted common share $ 1.48 $ 1.63 $ 1.13 $ 1.34 $ 1.37 Dividends 0.45 0.43 0.43 0.43 0.41 Book value per common share 46.05 44.24 42.43 40.97 40.25 Tangible book value per common share 38.64 36.81 34.95 33.85 33.12 Weighted average share price 55.42 46.72 53.64 54.60 47.13 Weighted average diluted common sharesoutstanding (in thousands) 147,125 147,053 147,387 147,329 147,150 Common shares outstanding (in thousands) 147,640 147,603 147,567 147,871 147,699 SELECTED RATIOS AND OTHER DATA Return on average assets 0.99 % 1.09 % 0.77 % 0.96 % 0.95 % Return on average common equity 13.3 % 15.3 % 11.1 % 13.2 % 14.1 % Return on average tangible common equity 16.0 % 18.7 % 13.4 % 16.0 % 17.4 % Net interest margin 3.28 % 3.17 % 3.10 % 3.05 % 3.03 % Cost of deposits 1.67 % 1.68 % 1.76 % 1.93 % 2.14 % Efficiency ratio 59.6 % 62.2 % 66.6 % 62.0 % 62.5 % Effective tax rate 22.1 % 21.8 % 28.9 % 20.0 % 22.7 % Ratio of nonperforming assets to loans and leasesand other real estate owned 0.54 % 0.51 % 0.51 % 0.50 % 0.62 % Annualized ratio of net loan and lease charge-offsto average loans 0.37 % 0.07 % 0.11 % 0.24 % 0.02 % Ratio of total allowance for credit losses to loansand leases outstanding 1.20 % 1.20 % 1.24 % 1.25 % 1.25 % Full-time equivalent employees 9,286 9,440 9,392 9,406 9,503 CAPITAL RATIOS AND DATA Tangible common equity ratio 6.5 % 6.2 % 5.9 % 5.7 % 5.7 % Common equity tier 1 capital $ 7,734 $ 7,570 $ 7,379 $ 7,363 $ 7,206 Risk-weighted assets $ 68,634 $ 69,026 $ 68,132 $ 67,685 $ 67,305 Common equity tier 1 capital ratio 11.3 % 11.0 % 10.8 % 10.9 % 10.7 % Tier 1 risk-based capital ratio 11.4 % 11.1 % 10.9 % 11.0 % 11.4 % Total risk-based capital ratio 13.7 % 13.4 % 13.3 % 13.3 % 13.2 % Tier 1 leverage ratio 8.8 % 8.5 % 8.4 % 8.3 % 8.6 % At period end. For information on non-GAAP financial measures, see pages 18-20. The increase in the effective tax rate at March 31, 2025 was the result of a revaluation of deferred tax assets due to newly enacted state tax legislation. Current period ratios and amounts represent estimates. 1 2 2 2 1 1, 2 1 2 2 3 1 1 2 4 4 4 4 4 4 1 2 3 4
Page 11
ZIONS BANCORPORATION, N.A.Press Release – Page 10 CONSOLIDATED BALANCE SHEETS (In millions, shares in thousands) September 30,2025 June 30,2025 March 31,2025 December 31,2024 September 30,2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) ASSETS Cash and due from banks $ 771 $ 780 $ 833 $ 651 $ 1,114 Money market investments: Interest-bearing deposits 2,395 1,781 1,980 2,850 1,253 Federal funds sold and securities purchased underagreements to resell 1,008 1,140 936 1,453 986 Trading securities, at fair value 134 180 64 35 68 Investment securities: Available-for-sale, at fair value 9,170 9,116 9,223 9,095 9,495 Held-to-maturity , at amortized cost 9,059 9,272 9,481 9,669 9,857 Total investment securities, net of allowance 18,229 18,388 18,704 18,764 19,352 Loans held for sale 215 172 112 74 97 Loans and leases, net of unearned income and fees 60,302 60,833 59,941 59,410 58,884 Allowance for loan and lease losses 679 690 697 696 694 Loans held for investment, net of allowance 59,623 60,143 59,244 58,714 58,190 Other noninterest-bearing investments 1,098 1,182 1,045 1,020 946 Premises, equipment, and software, net 1,358 1,361 1,362 1,366 1,372 Goodwill and intangibles 1,094 1,096 1,104 1,052 1,053 Other real estate owned 5 5 2 1 5 Other assets 2,603 2,665 2,606 2,795 2,596 Total assets $ 88,533 $ 88,893 $ 87,992 $ 88,775 $ 87,032 LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits: Noninterest-bearing demand $ 26,133 $ 25,413 $ 24,792 $ 24,704 $ 24,973 Interest-bearing: Savings and money market 38,689 38,254 39,860 40,037 39,242 Time 10,056 10,133 11,040 11,482 11,503 Total deposits 74,878 73,800 75,692 76,223 75,718 Federal funds and other short-term borrowings 3,757 6,072 3,476 3,832 2,919 Long-term debt 1,473 970 964 950 548 Reserve for unfunded lending commitments 46 42 46 45 42 Other liabilities 1,514 1,413 1,487 1,601 1,420 Total liabilities 81,668 82,297 81,665 82,651 80,647 Shareholders’ equity: Preferred stock, without par value; authorized 4,400shares 66 66 66 66 440 Common stock ($0.001 par value; authorized350,000 shares) and additional paid-in capital 1,721 1,713 1,706 1,737 1,717 Retained earnings 7,134 6,981 6,805 6,701 6,564 Accumulated other comprehensive income (loss) (2,056) (2,164) (2,250) (2,380) (2,336) Total shareholders’ equity 6,865 6,596 6,327 6,124 6,385 Total liabilities and shareholders’ equity $ 88,533 $ 88,893 $ 87,992 $ 88,775 $ 87,032 Held-to-maturity (fair value) $ 9,106 $ 9,229 $ 9,400 $ 9,382 $ 10,024 Loans held for sale (carried at fair value) 126 100 62 25 58 Common shares (issued and outstanding) 147,640 147,603 147,567 147,871 147,699 1 2 3 1 2 3
Page 12
ZIONS BANCORPORATION, N.A.Press Release – Page 11 CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended (In millions, except share and per share amounts) September 30,2025 June 30,2025 March 31,2025 December 31,2024 September 30,2024 Interest income: Interest and fees on loans $ 898 $ 875 $ 850 $ 873 $ 899 Interest on money market investments 41 50 53 60 67 Interest on securities 125 126 125 129 138 Total interest income 1,064 1,051 1,028 1,062 1,104 Interest expense: Interest on deposits 313 312 326 371 403 Interest on short- and long-term borrowings 79 91 78 64 81 Total interest expense 392 403 404 435 484 Net interest income 672 648 624 627 620 Provision for credit losses: Provision for loan and lease losses 45 3 17 38 1 Provision for unfunded lending commitments 4 (4) 1 3 12 Total provision for credit losses 49 (1) 18 41 13 Net interest income after provision for credit losses 623 649 606 586 607 Noninterest income: Commercial account fees 47 46 45 47 46 Card fees 24 24 23 24 24 Retail and business banking fees 19 19 17 17 18 Loan-related fees and income 20 19 17 20 17 Capital markets fees and income 24 28 27 40 25 Wealth management fees 14 14 15 14 14 Other customer-related fees 15 14 14 14 14 Customer-related noninterest income 163 164 158 176 158 Dividends and other income 15 12 7 9 5 Securities gains (losses), net 11 14 6 8 9 Total noninterest income 189 190 171 193 172 Noninterest expense: Salaries and employee benefits 337 336 342 321 317 Technology, telecom, and information processing 70 65 70 66 66 Occupancy and equipment, net 42 40 41 42 40 Professional and legal services 14 13 13 17 14 Marketing and business development 11 12 11 10 12 Deposit insurance and regulatory expense 16 20 22 17 19 Credit-related expense 6 6 6 6 6 Other real estate expense, net — — — — — Other 31 35 33 30 28 Total noninterest expense 527 527 538 509 502 Income before income taxes 285 312 239 270 277 Income taxes 63 68 69 54 63 Net income 222 244 170 216 214 Preferred stock dividends (1) (1) (1) (10) (10) Preferred stock redemption — — — (6) — Net earnings applicable to common shareholders $ 221 $ 243 $ 169 $ 200 $ 204 Weighted average common shares outstanding during the period: Basic shares (in thousands) 147,045 147,044 147,321 147,247 147,138 Diluted shares (in thousands) 147,125 147,053 147,387 147,329 147,150 Net earnings per common share: Basic $ 1.48 $ 1.63 $ 1.13 $ 1.34 $ 1.37 Diluted 1.48 1.63 1.13 1.34 1.37
Page 14
ZIONS BANCORPORATION, N.A.Press Release – Page 12 CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Nine Months EndedSeptember 30, 2025 (In millions, except share and per share amounts) 2025 2024 Interest income: Interest and fees on loans $ 2,623 $ 2,641 Interest on money market investments 144 170 Interest on securities 376 420 Total interest income 3,143 3,231 Interest expense: Interest on deposits 951 1,169 Interest on short- and long-term borrowings 248 259 Total interest expense 1,199 1,428 Net interest income 1,944 1,803 Provision for credit losses: Provision for loan losses 65 34 Provision for unfunded lending commitments 1 (3) Total provision for credit losses 66 31 Net interest income after provision for credit losses 1,878 1,772 Noninterest income: Commercial account fees 138 135 Card fees 71 72 Retail and business banking fees 55 50 Loan-related fees and income 56 50 Capital markets fees and income 79 70 Wealth management fees 43 44 Other customer-related fees 43 42 Customer-related noninterest income 485 463 Dividends and other income 34 33 Securities gains (losses), net 31 11 Total noninterest income 550 507 Noninterest expense: Salaries and employee benefits 1,015 966 Technology, telecom, and information processing 205 194 Occupancy and equipment, net 123 119 Professional and legal services 40 47 Marketing and business development 34 35 Deposit insurance and regulatory expense 58 74 Credit-related expense 18 19 Other real estate expense, net — (1) Other 99 84 Total noninterest expense 1,592 1,537 Income before income taxes 836 742 Income taxes 200 174 Net income 636 568 Preferred stock dividends (3) (31) Net earnings applicable to common shareholders $ 633 $ 537 Weighted average common shares outstanding during the year: Basic shares (in thousands) 147,136 147,197 Diluted shares (in thousands) 147,175 147,202 Net earnings per common share: Basic $ 4.25 $ 3.61 Diluted 4.25 3.61
Page 15
ZIONS BANCORPORATION, N.A.Press Release – Page 13 Loan Balances Held for Investment by Portfolio Type (Unaudited) (In millions) September 30,2025 June 30,2025 March 31,2025 December 31,2024 September 30,2024 Commercial: Commercial and industrial $ 17,222 $ 17,526 $ 16,900 $ 16,891 $ 16,757 Owner occupied 9,267 9,377 9,321 9,333 9,381 Municipal 4,341 4,376 4,412 4,364 4,270 Leasing 349 367 377 377 377 Total commercial 31,179 31,646 31,010 30,965 30,785 Commercial real estate: Term 11,008 11,186 10,878 10,703 10,650 Construction and land development 2,469 2,425 2,715 2,774 2,833 Total commercial real estate 13,477 13,611 13,593 13,477 13,483 Consumer: 1-4 family residential 10,423 10,431 10,312 9,939 9,489 Home equity credit line 3,848 3,784 3,670 3,641 3,543 Construction and other consumer real estate 769 743 762 810 997 Bankcard and other revolving plans 477 496 472 457 461 Other 129 122 122 121 126 Total consumer 15,646 15,576 15,338 14,968 14,616 Total loans and leases $ 60,302 $ 60,833 $ 59,941 $ 59,410 $ 58,884 Nonperforming Assets (Unaudited) (In millions) September 30,2025 June 30,2025 March 31,2025 December 31,2024 September 30,2024 Nonaccrual loans $ 319 $ 308 $ 305 $ 297 $ 363 Other real estate owned 5 5 2 1 5 Total nonperforming assets $ 324 $ 313 $ 307 $ 298 $ 368 Ratio of nonperforming assets to loans and leasesand other real estate owned 0.54 % 0.51 % 0.51 % 0.50 % 0.62 % Accruing loans past due 90 days or more $ 5 $ 4 $ 13 $ 18 $ 7 Ratio of accruing loans past due 90 days or more toloans and leases 0.01 % 0.01 % 0.02 % 0.03 % 0.01 % Nonaccrual loans and accruing loans past due 90days or more $ 324 $ 312 $ 318 $ 315 $ 370 Ratio of nonperforming assets and accruing loans90 days or more past due to loans and leases andother real estate owned 0.54 % 0.52 % 0.53 % 0.53 % 0.64 % Accruing loans past due 30-89 days $ 69 $ 57 $ 105 $ 57 $ 89 Classified loans 2,415 2,697 2,891 2,870 2,093 Ratio of classified loans to total loans and leases 4.00 % 4.43 % 4.82 % 4.83 % 3.55 % Includes loans held for sale. Does not include banking premises held for sale. 1 2 1 2 1 1 1 2
Page 16
ZIONS BANCORPORATION, N.A.Press Release – Page 14 Allowance for Credit Losses (Unaudited) Three Months Ended (In millions) September 30,2025 June 30,2025 March 31,2025 December 31,2024 September 30,2024 Allowance for Loan and Lease Losses Balance at beginning of period $ 690 $ 697 $ 696 $ 694 $ 696 Provision for loan losses 45 3 17 38 1 Loan and lease charge-offs 67 16 24 41 15 Less: Recoveries 11 6 8 5 12 Net loan and lease charge-offs (recoveries) 56 10 16 36 3 Balance at end of period $ 679 $ 690 $ 697 $ 696 $ 694 Ratio of allowance for loan losses to loans andleases, at period end 1.13 % 1.13 % 1.16 % 1.17 % 1.18 % Ratio of allowance for loan losses to nonaccrualloans at period end 213 % 224 % 229 % 234 % 191 % Annualized ratio of net loan and lease charge-offs(recoveries) to average loans 0.37 % 0.07 % 0.11 % 0.24 % 0.02 % Reserve for Unfunded Lending Commitments Balance at beginning of period $ 42 $ 46 $ 45 $ 42 $ 30 Provision for unfunded lending commitments 4 (4) 1 3 12 Balance at end of period $ 46 $ 42 $ 46 $ 45 $ 42 Allowance for Credit Losses Allowance for loan losses $ 679 $ 690 $ 697 $ 696 $ 694 Reserve for unfunded lending commitments 46 42 46 45 42 Total allowance for credit losses $ 725 $ 732 $ 743 $ 741 $ 736 Ratio of ACL to loans and leases outstanding, atperiod end 1.20 % 1.20 % 1.24 % 1.25 % 1.25 % Does not include loans held for sale. 1 1 1 1
Page 17
ZIONS BANCORPORATION, N.A.Press Release – Page 15 Nonaccrual Loans by Portfolio Type (Unaudited) (In millions) September 30,2025 June 30,2025 March 31,2025 December 31,2024 September 30,2024 Commercial: Commercial and industrial $ 107 $ 113 $ 121 $ 114 $ 173 Owner occupied 40 39 25 31 29 Municipal 2 5 10 11 11 Leasing 4 2 2 2 2 Total commercial 153 159 158 158 215 Commercial real estate: Term 70 60 58 59 67 Construction and land development — — — — 2 Total commercial real estate 70 60 58 59 69 Consumer: 1-4 family residential 63 58 56 49 47 Home equity credit line 32 30 32 30 30 Bankcard and other revolving plans 1 1 1 1 1 Other — — — — 1 Total consumer 96 89 89 80 79 Total nonaccrual loans $ 319 $ 308 $ 305 $ 297 $ 363 Net Charge-Offs by Portfolio Type (Unaudited) (In millions) September 30,2025 June 30,2025 March 31,2025 December 31,2024 September 30,2024 Commercial: Commercial and industrial $ 50 $ 8 $ 13 $ 35 $ 3 Owner occupied (1) (1) (1) (1) — Municipal 3 — — — — Total commercial 52 7 12 34 3 Commercial real estate: Term 2 1 — — (2) Total commercial real estate 2 1 — — (2) Consumer: 1-4 family residential — 1 1 — — Bankcard and other revolving plans 1 1 2 2 2 Other 1 — 1 — — Total consumer loans 2 2 4 2 2 Total net charge-offs (recoveries) $ 56 $ 10 $ 16 $ 36 $ 3
Page 18
ZIONS BANCORPORATION, N.A.Press Release – Page 16 CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES (Unaudited) Three Months Ended September 30, 2025 June 30, 2025 September 30, 2024 (In millions) Averagebalance Yield/Rate Averagebalance Yield/Rate Averagebalance Yield/Rate ASSETS Money market investments: Interest-bearing deposits $ 1,582 4.42 % $ 1,543 4.50 % $ 2,457 5.53 % Federal funds sold and securities purchased under agreementsto resell 1,940 4.87 % 2,757 4.77 % 2,258 5.82 % Total money market investments 3,522 4.67 % 4,300 4.68 % 4,715 5.67 % Trading securities 83 4.63 % 244 4.77 % 32 4.18 % Investment securities: Available-for-sale 9,078 3.28 % 9,093 3.27 % 9,442 3.53 % Held-to-maturity 9,143 2.19 % 9,351 2.22 % 9,936 2.22 % Total investment securities 18,221 2.73 % 18,444 2.74 % 19,378 2.86 % Loans held for sale 171 NM 118 NM 104 NM Loans and leases: Commercial 31,558 5.97 % 31,383 5.89 % 30,671 6.14 % Commercial real estate 13,611 6.64 % 13,612 6.64 % 13,523 7.23 % Consumer 15,617 5.16 % 15,465 5.14 % 14,471 5.18 % Total loans and leases 60,786 5.91 % 60,460 5.86 % 58,665 6.15 % Total interest-earning assets 82,783 5.16 % 83,566 5.11 % 82,894 5.35 % Cash and due from banks 702 703 703 Allowance for credit losses on loans and debt securities(687) (694) (699) Goodwill and intangibles 1,095 1,097 1,054 Other assets 5,262 5,313 5,218 Total assets $ 89,155 $ 89,985 $ 89,170 LIABILITIES AND SHAREHOLDERS’ EQUITY Interest-bearing deposits: Savings and money market $ 39,252 2.18 % $ 38,877 2.15 % $ 39,031 2.72 % Time 10,129 3.81 % 10,659 3.90 % 11,275 4.81 % Total interest-bearing deposits 49,381 2.51 % 49,536 2.52 % 50,306 3.19 % Borrowed funds: Federal funds purchased and security repurchase agreements665 4.28 % 1,463 4.36 % 1,072 5.33 % Other short-term borrowings 4,731 4.48 % 5,340 4.48 % 4,704 4.89 % Long-term debt 1,210 6.13 % 966 6.41 % 546 5.91 % Total borrowed funds 6,606 4.76 % 7,769 4.70 % 6,322 5.06 % Total interest-bearing liabilities 55,987 2.78 % 57,305 2.82 % 56,628 3.40 % Noninterest-bearing demand deposits 24,922 24,730 24,723 Other liabilities 1,564 1,527 1,641 Total liabilities 82,473 83,562 82,992 Shareholders’ equity: Preferred equity 66 66 440 Common equity 6,616 6,357 5,738 Total shareholders’ equity 6,682 6,423 6,178 Total liabilities and shareholders’ equity $ 89,155 $ 89,985 $ 89,170 Spread on average interest-bearing funds 2.38 % 2.29 % 1.95 % Impact of net noninterest-bearing sources of funds 0.90 % 0.88 % 1.08 % Net interest margin 3.28 % 3.17 % 3.03 % Memo: total cost of deposits $ 74,303 1.67 % $ 74,266 1.68 % $ 75,029 2.14 % Memo: total deposits and interest-bearing liabilities$ 80,909 1.92 % $ 82,035 1.97 % $ 81,351 2.36 % Taxable-equivalent rates used where applicable. Net of unamortized purchase premiums, discounts, and deferred loan fees and costs. 1 1 1 2 1 2
Page 19
ZIONS BANCORPORATION, N.A.Press Release – Page 17 CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES (Unaudited) Nine Months Ended September 30, 2025 September 30, 2024 (In millions) Averagebalance Yield/Rate Averagebalance Yield/Rate ASSETS Money market investments: Interest-bearing deposits $ 1,586 4.51 % $ 1,940 5.59 % Federal funds sold and securities purchased under agreementsto resell 2,552 4.77 % 2,037 5.86 % Total money market investments 4,138 4.67 % 3,977 5.72 % Trading securities 117 4.68 % 35 4.42 % Investment securities: Available-for-sale 9,091 3.27 % 9,725 3.52 % Held-to-maturity 9,348 2.22 % 10,110 2.24 % Total investment securities 18,439 2.74 % 19,835 2.87 % Loans held for sale 124 NM 68 NM Loans and leases: Commercial 31,327 5.90 % 30,553 6.05 % Commercial real estate 13,593 6.61 % 13,538 7.24 % Consumer 15,378 5.14 % 14,198 5.15 % Total loans and leases 60,298 5.87 % 58,289 6.11 % Total interest-earning assets 83,116 5.11 % 82,204 5.30 % Cash and due from banks 703 701 Allowance for credit losses on loans and debt securities(691) (693) Goodwill and intangibles 1,082 1,056 Other assets 5,317 5,305 Total assets $ 89,527 $ 88,573 LIABILITIES AND SHAREHOLDERS’ EQUITY Interest-bearing deposits: Savings and money market $ 39,256 2.17 % $ 38,471 2.73 % Time 10,601 3.96 % 10,601 4.83 % Total interest-bearing deposits 49,857 2.55 % 49,072 3.18 % Borrowed funds: Federal funds purchased and security repurchase agreements1,279 4.34 % 1,328 5.37 % Other short-term borrowings 4,685 4.49 % 4,910 4.94 % Long-term debt 1,045 6.29 % 544 5.96 % Total borrowed funds 7,009 4.73 % 6,782 5.11 % Total interest-bearing funds 56,866 2.82 % 55,854 3.41 % Noninterest-bearing demand deposits 24,637 25,136 Other liabilities 1,571 1,650 Total liabilities 83,074 82,640 Shareholders’ equity: Preferred equity 66 440 Common equity 6,387 5,493 Total shareholders’ equity 6,453 5,933 Total liabilities and shareholders’ equity $ 89,527 $ 88,573 Spread on average interest-bearing funds 2.29 % 1.89 % Impact of net noninterest-bearing sources of funds 0.89 % 1.09 % Net interest margin 3.18 % 2.98 % Memo: total cost of deposits $ 74,494 1.71 % $ 74,208 2.10 % Memo: total deposits and interest-bearing liabilities$ 81,503 1.98 % $ 80,990 2.34 % Taxable-equivalent rates used where applicable. Net of unamortized purchase premiums, discounts, and deferred loan fees and costs. 1 1 2 1 2
Page 20
ZIONS BANCORPORATION, N.A.Press Release – Page 18 NON-GAAP FINANCIAL MEASURES (Unaudited) This press release presents non-GAAP financial measures, in addition to GAAP financial measures. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. We consider these adjustments to be relevant to ongoing operating results and provide a meaningful basis for period-to-period comparisons. We use these non-GAAP financial measures to assess our performance and financial position. We believe that presenting these non-GAAP financial measures allows investors to assess our performance on the same basis as that applied by our management and the financial services industry. Non-GAAP financial measures have inherent limitations and are not necessarily comparable to similar financial measures that may be presented by other financial services companies. Although non-GAAP financial measures are frequently used by stakeholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP. Tangible Common Equity and Related Measures Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization. We believe these non-GAAP measures provide useful information about our use of shareholders’ equity and provide a basis for evaluating the performance of a business more consistently, whether acquired or developed internally. RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP) Three Months Ended (Dollar amounts in millions) September 30,2025 June 30,2025 March 31,2025 December 31,2024 September 30,2024 Net earnings applicable to commonshareholders (GAAP) $ 221 $ 243 $ 169 $ 200 $ 204 Adjustments, net of tax: Amortization of core deposit and otherintangibles 2 2 1 1 1 Adjusted net earnings applicable to commonshareholders, net of tax (a) $ 223 $ 245 $ 170 $ 201 $ 205 Average common equity (GAAP) $ 6,616 $ 6,357 $ 6,182 $ 6,036 $ 5,738 Average goodwill and intangibles (1,095) (1,097) (1,052) (1,053) (1,054) Average tangible common equity (non-GAAP) (b) $ 5,521 $ 5,260 $ 5,130 $ 4,983 $ 4,684 Number of days in quarter (c) 92 91 90 92 92 Number of days in year (d) 365 365 365 366 366 Return on average tangible common equity(non-GAAP) (a/b/c)*d 16.0 % 18.7 % 13.4 % 16.0 % 17.4 % Excluding the effect of AOCI from average tangible common equity would result in associated returns of 11.5%, 13.1%, 9.2%, 10.9%, and 11.4% for the respective periods presented. TANGIBLE EQUITY RATIO, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE BOOK VALUE PER COMMON SHARE (ALL NON-GAAP MEASURES) (Dollar amounts in millions, except per share amounts) September 30,2025 June 30,2025 March 31,2025 December 31,2024 September 30,2024 Total shareholders’ equity (GAAP) $ 6,865 $ 6,596 $ 6,327 $ 6,124 $ 6,385 Goodwill and intangibles (1,094) (1,096) (1,104) (1,052) (1,053) Tangible equity (non-GAAP) (a) 5,771 5,500 5,223 5,072 5,332 Preferred stock (66) (66) (66) (66) (440) Tangible common equity (non-GAAP) (b) $ 5,705 $ 5,434 $ 5,157 $ 5,006 $ 4,892 Total assets (GAAP) $ 88,533 $ 88,893 $ 87,992 $ 88,775 $ 87,032 Goodwill and intangibles (1,094) (1,096) (1,104) (1,052) (1,053) Tangible assets (non-GAAP) (c) $ 87,439 $ 87,797 $ 86,888 $ 87,723 $ 85,979 Common shares outstanding (in thousands)(d) 147,640 147,603 147,567 147,871 147,699 Tangible equity ratio (non-GAAP) (a/c) 6.6 % 6.3 % 6.0 % 5.8 % 6.2 % Tangible common equity ratio (non-GAAP)(b/c) 6.5 % 6.2 % 5.9 % 5.7 % 5.7 % Tangible book value per common share (non-GAAP)(b/d)$ 38.64 $ 36.81 $ 34.95 $ 33.85 $ 33.12 1 1
Page 22
ZIONS BANCORPORATION, N.A.Press Release – Page 19 Efficiency Ratio and Adjusted Pre-Provision Net Revenue The efficiency ratio is a measure of operating expense relative to revenue. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. We make adjustments to exclude certain items that are not generally expected to recur frequently, as identified in the subsequent schedule. We believe these adjustments allow for more consistent comparability across periods. Adjusted noninterest expense provides a measure as to how we are managing our expenses. Adjusted pre-provision net revenue enables management and others to assess our ability to generate capital. Taxable- equivalent net interest income allows us to assess the comparability of revenue arising from both taxable and tax-exempt sources. EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP) Three Months Ended (Dollar amounts in millions) September 30,2025 June 30,2025 March 31,2025 December 31,2024 September 30,2024 Noninterest expense (GAAP) (a) $ 527 $ 527 $ 538 $ 509 $ 502 Adjustments: Severance costs 6 2 3 1 1 Amortization of core deposit and otherintangibles 2 2 2 2 2 SBIC investment success fee accrual 1 2 — — — FDIC special assessment (2) — — (3) — Total adjustments (b) 7 6 5 — 3 Adjusted noninterest expense (non-GAAP)(c)=(a-b) $ 520 $ 521 $ 533 $ 509 $ 499 Net interest income (GAAP) (d) $ 672 $ 648 $ 624 $ 627 $ 620 Fully taxable-equivalent adjustments (e) 11 13 11 12 12 Taxable-equivalent net interest income (non-GAAP) (f)=(d+e) 683 661 635 639 632 Customer-related noninterest income (GAAP)(g) 163 164 158 176 158 Net credit valuation adjustment (CVA) (h) (11) — — 3 (3) Adjusted customer-related noninterest income(non-GAAP) (i)=(g-h) 174 164 158 173 161 Noncustomer-related noninterest income (GAAP)(j) 26 26 13 17 14 Securities gains (losses), net (k) 11 14 6 8 9 Adjusted noncustomer-related noninterest income(non-GAAP) (l)=(j-k) 15 12 7 9 5 Combined income (non-GAAP) (m)=(f+g+j) $ 872 $ 851 $ 806 $ 832 $ 804 Adjusted taxable-equivalent revenue (non-GAAP)(n)=(f+i+l) 872 837 800 821 798 Pre-provision net revenue (PPNR) (non-GAAP)(m)-(a) $ 345 $ 324 $ 268 $ 323 $ 302 Adjusted PPNR (non-GAAP) (n)-(c) 352 316 267 312 299 Efficiency ratio (non-GAAP) (c/n) 59.6 % 62.2 % 66.6 % 62.0 % 62.5 % Effective the first quarter of 2025, net CVA is included in capital markets fees and income. 1 1
Page 23
ZIONS BANCORPORATION, N.A.Press Release – Page 20 EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP) Nine Months Ended (Dollar amounts in millions) September 30,2025 September 30,2024 Noninterest expense (GAAP) (a) $ 1,592 $ 1,537 Adjustments: Severance costs 11 2 Other real estate expense — (1) Amortization of core deposit and other intangibles 6 5 SBIC investment success fee accrual 3 1 FDIC special assessment (2) 14 Total adjustments (b) 18 21 Adjusted noninterest expense (non-GAAP) (c)=(a-b) $ 1,574 $ 1,516 Net interest income (GAAP) (d) $ 1,944 $ 1,803 Fully taxable-equivalent adjustments (e) 35 33 Taxable-equivalent net interest income (non-GAAP) (f)=(d+e) 1,979 1,836 Customer-related noninterest income (GAAP) (g) 485 463 Net credit valuation adjustment (CVA) (h) (11) (3) Adjusted customer-related noninterest income (non-GAAP) (i)=(g-h) 496 466 Noncustomer-related noninterest income (GAAP) (j) 65 44 Securities gains (losses), net (k) 31 11 Adjusted noncustomer-related noninterest income (non-GAAP) (l)=(j-k) 34 33 Combined income (non-GAAP) (m)=(f+g+j)$ 2,529 $ 2,343 Adjusted taxable-equivalent revenue (non-GAAP) (n)=(f+i+l) 2,509 2,335 Pre-provision net revenue (PPNR) (non-GAAP) (m)-(a) $ 937 $ 806 Adjusted PPNR (non-GAAP) (n)-(c) 935 819 Efficiency ratio (non-GAAP) (c/n) 62.7 % 64.9 % Effective the first quarter of 2025, net CVA is included in capital markets fees and income. 1 1