Earnings release
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Zions Bancorporation, N.A.One South MainSalt Lake City, UT 84133October 19, 2026 www.zionsbancorporation.com Third Quarter 2026 Financial Results: FOR IMMEDIATE RELEASE Investor Contact: Jason Arbuckle (801) 844-7665 Media Contact: Jennifer Johnston (801) 844-7112 Zions Bancorporation, N.A. reports 3Q26 net earnings of $262 million and diluted EPS of $1.78 compared with 3Q25 net earnings of $221 million and diluted EPS of $1.48,and 2Q26 net earnings of $452 million and diluted EPS of $3.05 THIRD QUARTER RESULTS $1.78 $262 million 16.2% 11.8% Net earningsper dilutedcommon share Net earnings Return on average tangiblecommon equity Estimated common equitytier 1 ratio THIRD QUARTER HIGHLIGHTS¹ Net InterestIncome andNIM • Net interest income was $684 million, up 2% • NIM was 3.23%, compared with 3.28% OperatingPerformance • Pre-provision net revenue² ("PPNR") was $340 million, down 1% • Customer-related noninterest income was $192 million, up 18%; adjusted customer- related noninterest income was $182 million, up 5% • Noninterest expense was $553 million, up 5%; adjusted noninterest expense² was $549 million, up 6% Loans andCredit Quality • Loans and leases were $62.5 billion, up 4% • The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.02%, compared with 0.37% • The provision for credit losses was a benefit of $8 million, compared with an expense of $49 million • Nonperforming assetswere $315 million, or 0.50% of loans and leases and other real estate owned, compared with $324 million, or 0.54% • Classified loans were $2.1 billion, or 3.40% of loans and leases, compared with $2.4 billion, or 4.00% Deposits andBorrowedFunds • Total deposits were $77.9 billion, up 4%; customer deposits (excluding brokered deposits) were $74.5 billion, up 5% • Brokered deposits were $3.5 billion, down 9%; short-term borrowings were $843 million, down 76% • Long-term debt was $2.4 billion, up 64%, due to senior note issuances over the past year Capital • The estimated CET1 capital ratio was 11.8%, compared with 11.3% • Tangible book value per common share was $43.50, up 13% Notable Items • Acquisition of Basis Multifamily Finance agency lending platform completed in July 2026 • Net credit valuation adjustment (“CVA”) gain on client-related interest rate swaps of $10 million, or $0.05 per share CEO COMMENTARY Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Third quarter earnings per share increased 20% to $1.78, up from $1.48 a year ago. The higher earnings were primarily a reflection of improved credit quality, as net loan charge-offs were $3 million, down from $56 million a year ago. Although an increased pace of loan payoffs, combined with a highly competitive market, produced flat loan growth compared to the second quarter, customer deposits grew nearly 10% annualized from second quarter levels.” Mr. Simmons continued, “Short- and medium-term interest rates began to rise in the last month of the quarter, and we expect that our moderately asset-sensitive balance sheet should produce stronger net interest income in a higher rate environment, while we're seeing continued improvement in noninterest income that we expect will continue into next year.” Mr. Simmons concluded, “We were pleased to complete the acquisition of Basis Multifamily Finance I, LLC, a subsidiary of Basis Investment Group, at the end of July. This multifamily finance platform becomes an important strategic advantage in serving our commercial real estate clients, particularly in the fast-growing western markets we serve.” OPERATING PERFORMANCE (In millions) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Net InterestMargin 3.23 % 3.28 % 3.26 % 3.18 % Adjusted PPNR $ 338 $ 352 $ 971 $ 935 Net charge-offs $ 3 $ 56 $ 16 $ 82 Efficiency ratio 61.9 % 59.6 % 63.0 % 62.7 % Comparisons referenced in the bullet points are calculated based on the current quarter versus the corresponding period in the prior year, unless otherwise noted. For information on non-GAAP financial measures, see pages 19-22. 2 2 2 2 2 1 2
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ZIONS BANCORPORATION, N.A.Press Release – Page 2 Comparisons noted 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 typically reflect a low starting point. RESULTS OF OPERATIONS Net Interest Income and Margin 3Q26 - 2Q26 3Q26 - 3Q25 (In millions) 3Q26 2Q26 3Q25 $ % $ % Interest and fees on loans $ 877 $ 859 $ 898 $ 18 2 % $ (21) (2)% Interest on money market investments 53 43 41 10 23 12 29 Interest on securities 116 117 125 (1) (1) (9) (7) Total interest income 1,046 1,019 1,064 27 3 (18) (2) Interest on deposits 313 281 313 32 11 — — Interest on short- and long-term borrowings 49 61 79 (12) (20) (30) (38) Total interest expense 362 342 392 20 6 (30) (8) Net interest income $ 684 $ 677 $ 672 $ 7 1 $ 12 2 bps bps Yield on interest-earning assets 4.91 % 4.90 % 5.16 % 1 (25) Rate paid on total deposits and interest-bearing liabilities 1.75 % 1.69 % 1.92 % 6 (17) Cost of deposits 1.59 % 1.48 % 1.67 % 11 (8) Net interest margin 3.23 % 3.27 % 3.28 % (4) (5) Taxable-equivalent rates used where applicable. Net interest income increased $12 million, or 2%, in the third quarter of 2026, compared with the prior year period. The increase was primarily driven by lower funding costs and changes in the balance sheet mix, including growth in average loans and leases, money market investments, and deposits, partially offset by a decline in investment securities. Deposit growth outpaced loan growth, reducing reliance on higher-cost borrowed funds and contributing to higher money market investment balances. While these factors contributed to higher net interest income, the net interest margin declined to 3.23% from 3.28% in the prior year period. The yield on average interest-earning assets, net of hedging activity, was 4.91% for the third quarter of 2026, compared with 5.16% in the prior year period, primarily reflecting lower interest rates. The net yield on average loans and leases declined 28 basis points to 5.63%, while the net yield on average investment securities decreased 9 basis points to 2.64%. The yield on average money market investments decreased 76 basis points to 3.91%, as these short-term assets repriced more quickly in the declining rate environment. The rate paid on total deposits and interest-bearing liabilities decreased to 1.75% for the third quarter of 2026 from 1.92% in the prior year period, reflecting lower interest rates and reduced short-term borrowings. The total cost of deposits declined to 1.59% from 1.67%, as the benefit of lower interest rates was partially offset by growth in higher-cost interest-bearing deposits, which reduced reliance on more costly short-term borrowings. Compared with the prior quarter, total cost of deposits increased from 1.48%, driven in part by a shift in deposit mix toward higher-cost interest-bearing deposits and an accounting presentation change that increased the total cost of deposits by approximately three basis points. Average interest-earning assets increased $2.6 billion, or 3%, compared with the prior year period, reflecting growth in average money market investments of $1.8 billion and average loans and leases of $1.7 billion, partially offset by a $786 million decline in average investment securities. The increase in money market investments primarily reflected excess liquidity from deposit growth that exceeded loan growth, after first reducing short-term borrowings. 1 1 1 1 1
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ZIONS BANCORPORATION, N.A.Press Release – Page 3 Average interest-bearing liabilities decreased $141 million, or less than 1%, compared with the prior year period. The decline was primarily driven by a $2.6 billion reduction in average borrowed funds, largely reflecting lower levels of short-term borrowings. This decrease was partially offset by a $2.4 billion increase in average interest-bearing deposits and higher average long-term debt balances resulting from senior note issuances completed over the past year. Average noninterest- bearing deposits increased $1.2 billion, or 5%, compared with the prior year period. Noninterest Income 3Q26 - 2Q26 3Q26 - 3Q25 (In millions) 3Q26 2Q26 3Q25 $ % $ % Commercial account fees $ 49 $ 49 $ 47 $ — — % $ 2 4 % Card fees 25 24 24 1 4 1 4 Retail and business banking fees 21 20 19 1 5 2 11 Loan-related fees and income 20 22 20 (2) (9) — — Capital markets fees and income 46 36 24 10 28 22 92 Wealth management fees 16 15 14 1 7 2 14 Other customer-related fees 15 16 15 (1) (6) — — Customer-related noninterest income 192 182 163 10 5 29 18 Dividends and other income 9 9 15 — — (6) (40) Securities gains (losses), net (4) 269 11 (273) NM (15) NM Noncustomer-related noninterest income 5 278 26 (273) (98) (21) (81) Total noninterest income $ 197 $ 460 $ 189 $ (263) (57) $ 8 4 Adjusted customer-related noninterest income $ 182 $ 181 $ 174 $ 1 1 $ 8 5 Net of credit valuation adjustment (“CVA”). For information on non-GAAP financial measures, see pages 19-22. Customer-related noninterest income increased $29 million, or 18%, compared with the prior year period, reflecting broad- based growth across nearly all revenue streams. Capital markets fees and income increased $22 million, largely reflecting changes in net CVA. Excluding the impact of net CVA changes, capital markets fees and income increased $1 million due to higher swap fee revenue. Wealth management fees increased $2 million, reflecting growth in portfolio management and personal trust fees. Retail and business banking fees also increased $2 million, primarily due to higher overdraft service fees. Noncustomer-related noninterest income decreased $21 million, or 81%, compared with the prior year period, primarily due to a $15 million decline in net securities gains, reflecting lower valuation adjustments in our Small Business Investment Company (“SBIC”) investment portfolio relative to the prior year quarter. Sequentially, net securities gains decreased $273 million, primarily due to notable pre-tax gains recognized in the preceding quarter from the sale of Class B-1 shares of Visa, Inc. and unrealized gains within the SBIC portfolio. Dividends and other income decreased $6 million, primarily due to a gain on the sale of bank-owned property and higher FHLB stock dividends in the prior year period. 1 1
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ZIONS BANCORPORATION, N.A.Press Release – Page 4 Noninterest Expense 3Q26 - 2Q26 3Q26 - 3Q25 (In millions) 3Q26 2Q26 3Q25 $ % $ % Salaries and employee benefits $ 345 $ 344 $ 337 $ 1 — % $ 8 2 % Technology, telecom, and information processing 76 72 70 4 6 6 9 Occupancy and equipment, net 43 44 42 (1) (2) 1 2 Professional and legal services 20 22 14 (2) (9) 6 43 Marketing and business development 14 14 11 — — 3 27 Deposit insurance and regulatory expense 12 7 16 5 71 (4) (25) Credit-related expense 8 10 6 (2) (20) 2 33 Other real estate expense, net 1 1 — — — 1 NM Other 34 37 31 (3) (8) 3 10 Total noninterest expense $ 553 $ 551 $ 527 $ 2 — $ 26 5 Adjusted noninterest expense $ 549 $ 546 $ 520 $ 3 1 $ 29 6 For information on non-GAAP financial measures, see pages 19-22. Noninterest expense increased $26 million, or 5%, compared with the prior year quarter. Salaries and employee benefits expense increased $8 million, primarily due to higher incentive compensation accruals driven by year-over-year improvement in performance metrics, as well as increased employee benefits costs. Professional and legal services expense increased $6 million, primarily reflecting higher costs for outsourced services. Technology, telecom, and information processing expense increased $6 million, driven by higher application software, licensing, and maintenance costs. Marketing and business development expense increased $3 million, largely due to customer acquisition and deposit growth initiatives. Other noninterest expense increased $3 million, reflecting higher miscellaneous operating costs, partially offset by a lower success fee accrual associated with SBIC investments. These increases were partially offset by a $4 million decrease in deposit insurance and regulatory expense, primarily attributable to higher FDIC assessment costs in the prior year quarter associated with the level of classified loans. Adjusted noninterest expense increased $29 million, or 6%, consistent with the factors discussed above. The efficiency ratio was 61.9%, compared with 59.6%, and improved from 62.2% in the preceding quarter. For more information regarding non- GAAP financial measures, see pages 19-22. BALANCE SHEET ANALYSIS Investment Securities 3Q26 - 2Q26 3Q26 - 3Q25 (In millions) 3Q26 2Q26 3Q25 $ % $ % Investment securities: Available-for-sale, at fair value $ 8,786 $ 9,239 $ 9,170 $ (453) (5)% $ (384) (4)% Held-to-maturity, at amortized cost 8,268 8,477 9,059 (209) (2) (791) (9) Total investment securities, net of allowance $ 17,054 $ 17,716 $ 18,229 $ (662) (4) $ (1,175) (6) Total investment securities decreased $1.2 billion, or 6%, to $17.1 billion, relative to the prior year quarter, primarily due to principal reductions, net of reinvestments. 1 1
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ZIONS BANCORPORATION, N.A.Press Release – Page 5 Loans and Leases 3Q26 - 2Q26 3Q26 - 3Q25 (In millions) 3Q26 2Q26 3Q25 $ % $ % Loans held for sale $ 49 $ 77 $ 215 $ (28) (36)% $ (166) (77)% Loans and leases: Commercial $ 32,410 $ 32,640 $ 31,155 $ (230) (1) $ 1,255 4 Commercial real estate 14,155 14,063 13,477 92 1 678 5 Consumer 15,907 15,778 15,646 129 1 261 2 Loans and leases, net of unearned income and fees 62,472 62,481 60,278 (9) — 2,194 4 Less allowance for loan losses 645 662 679 (17) (3) (34) (5) Loans and leases held for investment, net ofallowance $ 61,827 $ 61,819 $ 59,599 $ 8 — $ 2,228 4 Unfunded commitments $ 29,897 $ 29,812 $ 30,337 $ 85 — $ (440) (1) Loans and leases, net of unearned income and fees, increased $2.2 billion, or 4%, to $62.5 billion, compared with the prior year quarter. This growth was primarily driven by a $1.3 billion increase in commercial loans, largely within the commercial and industrial loan portfolio, along with a $678 million increase in commercial real estate loans, mainly within the term loan portfolio. The $166 million decrease in loans held for sale compared to the prior year quarter primarily reflects higher loan sale activity, including both recurring flow sales and portfolio sales, resulting in lower balances of real estate capital markets loans and 1-4 family residential loans held at period end. Credit Quality 3Q26 - 2Q26 3Q26 - 3Q25 (In millions) 3Q26 2Q26 3Q25 $ % $ % Provision for credit losses $ (8) $ 3 $ 49 $ (11) NM $ (57) NM Allowance for credit losses 696 707 725 (11) (2)% (29) (4)% Net loan and lease charge-offs 3 9 56 (6) (67) (53) (95) Nonperforming assets 315 298 324 17 6 (9) (3) Classified loans 2,123 2,327 2,415 (204) (9) (292) (12) 3Q26 2Q26 3Q25 bps bps Ratio of ACL to loans and leases outstanding, atperiod end 1.11 % 1.13 % 1.20 % (2) (9) Annualized ratio of net loan and lease charge-offs (recoveries) to average loans and leases 0.02 % 0.06 % 0.37 % (4) (35) Ratio of nonperforming assets to loans andleases and other real estate owned 0.50 % 0.48 % 0.54 % 2 (4) Ratio of classified loans to total loans and leases 3.40 % 3.72 % 4.00 % (32) (60) During the third quarter of 2026, the provision for credit losses was an $8 million benefit, compared with a $49 million provision expense in the prior year quarter. The allowance for credit losses (“ACL”) totaled $696 million at September 30, 2026, compared with $725 million at September 30, 2025. The year-over-year decline in the ACL primarily reflects changes in loan portfolio composition and lower reserves associated with commercial real estate (“CRE”) portfolio-specific risks, partially offset by less favorable economic forecasts, adjustments to economic scenario weightings, and increased lending activity. The ratio of ACL to total loans and leases was 1.11% at September 30, 2026, compared with 1.20% at September 30, 2025.
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ZIONS BANCORPORATION, N.A.Press Release – Page 6 Net loan and lease charge-offs totaled $3 million in the third quarter of 2026, compared with $56 million in the prior year quarter. The prior year quarter included $50 million of charge-offs on revolving credit facilities to two related commercial borrowers that financed commercial mortgage originations and purchases. At September 30, 2026, nonperforming assets totaled $315 million, or 0.50% of total loans and leases and other real estate owned, compared with $324 million, or 0.54%, in the prior year period. Nonperforming assets were primarily concentrated within the commercial and industrial, consumer 1-4 family residential, commercial owner-occupied, and commercial real estate term loan portfolios. Classified loans declined to $2.1 billion, or 3.40% of total loans and leases, compared with $2.4 billion, or 4.00%, in the prior year period, driven mainly by reductions in classified CRE exposures, largely attributable to loan payoffs. Deposits and Borrowed Funds 3Q26 - 2Q26 3Q26 - 3Q25 (In millions) 3Q26 2Q26 3Q25 $ % $ % Deposits: Noninterest-bearing demand $ 26,371 $ 26,233 $ 26,133 $ 138 1 % $ 238 1 % Interest-bearing: Savings and money market 42,319 40,657 38,689 1,662 4 3,630 9 Time 5,771 5,783 6,232 (12) — (461) (7) Brokered 3,487 3,935 3,824 (448) (11) (337) (9) Total interest-bearing 51,577 50,375 48,745 1,202 2 2,832 6 Total deposits $ 77,948 $ 76,608 $ 74,878 $ 1,340 2 $ 3,070 4 Customer deposits (excludes brokered deposits) $ 74,461 $ 72,673 $ 71,054 1,788 2 3,407 5 Borrowed funds: Federal funds purchased and other short-termborrowings $ 843 $ 1,219 $ 3,548 $ (376) (31) $ (2,705) (76) Long-term debt 2,416 1,956 1,473 460 24 943 64 Total borrowed funds $ 3,259 $ 3,175 $ 5,021 $ 84 3 $ (1,762) (35) Total deposits increased $3.1 billion, or 4%, compared with the prior year quarter, primarily driven by a $2.8 billion increase in interest-bearing deposits, largely reflecting the impact of deposit growth initiatives. Customer deposits, excluding brokered deposits, increased $3.4 billion, or 5%, to $74.5 billion from $71.1 billion. These balances included approximately $6.6 billion and $6.8 billion of reciprocal deposits, respectively. The loan-to-deposit ratio was 80%, compared with 81% in the prior year quarter, reflecting deposit growth that outpaced loan growth. Total borrowed funds decreased $1.8 billion, or 35%, compared with the prior year quarter, primarily reflecting a $2.7 billion reduction in short-term borrowings, driven by a decrease in short-term FHLB advances. This decline was partially offset by increases in federal funds purchased, security repurchase agreements, and $1.0 billion of senior notes issued over the past year.
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ZIONS BANCORPORATION, N.A.Press Release – Page 7 Shareholders’ Equity 3Q26 - 2Q26 3Q26 - 3Q25 (In millions, except share data) 3Q26 2Q26 3Q25 $ % $ % Shareholders’ equity: Preferred stock $ 66 $ 66 $ 66 $ — — % $ — — % Common stock and additional paid-in capital 1,536 1,602 1,721 (66) (4) (185) (11) Retained earnings 8,071 7,880 7,134 191 2 937 13 Accumulated other comprehensive income (loss) (1,989) (1,867) (2,056) (122) (7) 67 3 Total shareholders’ equity $ 7,684 $ 7,681 $ 6,865 $ 3 — $ 819 12 Capital distributions: Common dividends paid $ 71 $ 67 $ 67 $ 4 6 $ 4 6 Bank common stock repurchased 75 75 — — — 75 NM Total capital distributed to common shareholders $ 146 $ 142 $ 67 $ 4 3 $ 79 NM shares % shares % Weighted average diluted common sharesoutstanding (in thousands) 145,088 146,210 147,125 (1,122) (1)% (2,037) (1)% Common shares outstanding, at period end (inthousands) 144,943 145,939 147,640 (996) (1) (2,697) (2) Includes amounts related to common shares acquired through our announced plan and those acquired in connection with our stock compensation plan. These shares were acquired from employees to cover their payroll taxes and stock option exercise costs upon the exercise of stock options. The common stock dividend was $0.48 per share, compared with $0.45 per share during the third quarter of 2025. Common shares outstanding decreased 2.7 million from the third quarter of 2025, primarily due to common stock repurchases. During the third quarter of 2026, we repurchased 1.1 million common shares outstanding for $75 million. We did not repurchase any common shares during the prior year period. At September 30, 2026, the accumulated other comprehensive income (loss) (“AOCI”) balance reflected a net loss of $2.0 billion, primarily attributable to declines in the fair value of fixed-rate AFS securities resulting from changes in interest rates. Included in this balance were $1.4 billion of unrealized losses ($1.1 billion after tax) associated with securities previously transferred from AFS to held-to-maturity (“HTM”). Compared with September 30, 2025, AOCI improved by $67 million, primarily driven by the amortization of unrealized losses associated with the securities transferred from AFS to HTM and paydowns on AFS securities, partially offset by declines in the fair value of AFS securities. Compared with June 30, 2026, AOCI decreased by $122 million, primarily reflecting declines in the fair value of AFS securities resulting from increases in market interest rates during the quarter. We use pay-fixed, receive-floating interest rate swaps designated as hedges of our AFS securities to reduce the volatility of our AOCI balance. Estimated common equity tier 1 (“CET1”) capital was $8.3 billion, an increase of 7% from $7.7 billion in the prior year period. The estimated CET1 capital ratio increased to 11.8% from 11.3%. Tangible book value per common share increased 13% to $43.50, primarily reflecting growth in retained earnings and lower unrealized losses recorded in AOCI. The increase was partially offset by $229 million of additional goodwill and intangible assets resulting from the July 2026 acquisition of the Basis Multifamily Finance agency lending platform. For more information on non-GAAP financial measures, see pages 19-22. 1 1
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ZIONS BANCORPORATION, N.A.Press Release – Page 8 Supplemental Presentation and Conference Call Zions has posted a supplemental presentation to its website in advance of its discussion of third quarter financial results, scheduled for 5:30 p.m. ET on October 19, 2026. Media representatives, analysts, investors, and the general public are invited to participate by calling (877) 709-8150 (domestic and international) and entering the meeting number 13763140, or by joining the on-demand webcast. A link to the webcast will be available on the Company’s website at www.zionsbancorporation.com. Following the event, the webcast will be archived and accessible 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 $3.4 billion in 2025, and total assets of approximately $89 billion at December 31, 2025. The Bank operates principally through seven separately managed, geographically defined bank divisions, each operating under its own local brand and management, and serving customers primarily in 11 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. Zions is a consistent recipient of national and state-level customer survey awards recognizing excellence in small- and middle-market banking. It is also a leader in public finance advisory services and Small Business Administration lending. Zions is included in both the S&P MidCap 400 and NASDAQ Financial 100 indices. Additional investor information, along with links to local banking brands, is available 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, performance, 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,” “forecast,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “project,” “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 expressed or implied. Factors that could cause such differences include, but are not limited to: • Changes in the quality, composition, and concentrations of our loan and investment securities portfolios; • Changes in economic, political, and market conditions nationally and within our key markets in the Western United States, including changes in interest rates, inflation, monetary policy, fiscal, trade, and tax policies, government actions, and other macroeconomic factors that affect our financial results, customer activity, credit demand, and borrower performance; • Changes in deposit levels and composition, access to wholesale funding, and the availability and cost of liquidity sources; • Changes in our credit ratings;
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ZIONS BANCORPORATION, N.A.Press Release – Page 9 • Competition from traditional and nonbank financial service providers, including credit unions, financial technology companies (“fintechs”), private credit funds, special-purpose charters, and other new and evolving industry participants; • Our ability to execute strategic initiatives, manage expenses, attract and retain talent, and achieve our business objectives; • Geopolitical developments, including wars, global conflicts, and environmental or catastrophic events, such as fires, natural disasters, pandemics, and other disruptions that may affect our operations and customers; • Increased demand for and risks associated with the adoption and integration of emerging technologies and products, including tokenized deposits, stablecoins, blockchain, and artificial intelligence (“AI”); • The occurrence of fraud, theft, or other forms of misconduct perpetrated by external parties, including customers and business partners, or by our own employees; • Our ability to develop, maintain, and secure resilient technology systems and effective controls to detect and respond to fraud, cybersecurity threats, data breaches, and other operational disruptions, including increasingly sophisticated AI-enabled attacks; • Our ability to effectively oversee third-party providers and mitigate risks arising from supplier performance failures, cybersecurity incidents, technology disruptions, data breaches, or other operational deficiencies; • Changes in accounting standards, asset valuations and impairments, and our ability to access capital and funding markets on favorable terms; • The impact of existing and proposed laws and regulations, supervisory expectations, and the outcome of legal or regulatory proceedings; • Adverse developments affecting the banking industry that may negatively impact depositor, investor, or market confidence and public opinion; and • Other assumptions, risks, and uncertainties described in this earnings release and our other SEC filings. We caution against placing undue reliance on forward-looking statements, as they reflect our views only as of the date they are issued. Except as required by law, we expressly disclaim any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments.
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ZIONS BANCORPORATION, N.A.Press Release – Page 10 FINANCIAL HIGHLIGHTS (Unaudited) Three Months Ended (In millions, except share, per share, and ratio data) September 30,2026 June 30,2026 March 31,2026 December 31,2025 September 30,2025 BALANCE SHEET Loans held for investment, net of allowance $ 61,827 $ 61,819 $ 60,645 $ 60,222 $ 59,599 Total assets 90,920 89,041 87,957 88,690 88,242 Deposits 77,948 76,608 76,907 75,644 74,878 Total shareholders’ equity 7,684 7,681 7,296 7,180 6,865 STATEMENT OF INCOME Net earnings applicable to common shareholders $ 262 $ 452 $ 232 $ 262 $ 221 Net interest income 684 677 662 683 672 Taxable-equivalent net interest income 696 688 673 694 683 Total noninterest income 197 460 187 208 189 Total noninterest expense 553 551 562 546 527 Pre-provision net revenue 340 597 298 356 345 Adjusted pre-provision net revenue 338 332 301 331 352 Provision for credit losses (8) 3 (7) 6 49 SHARE AND PER COMMON SHAREAMOUNTS Net earnings per diluted common share $ 1.78 $ 3.05 $ 1.56 $ 1.76 $ 1.48 Dividends 0.48 0.45 0.45 0.45 0.45 Book value per common share 52.56 52.18 49.16 48.18 46.05 Tangible book value per common share 43.50 44.74 41.75 40.79 38.64 Weighted average share price 68.47 62.82 58.72 54.24 55.42 Weighted average diluted common sharesoutstanding (in thousands) 145,088 146,210 147,038 147,120 147,125 Common shares outstanding (in thousands) 144,943 145,939 147,077 147,653 147,640 SELECTED RATIOS AND OTHER DATA Return on average assets 1.14 % 2.01 % 1.05 % 1.16 % 0.99 % Return on average common equity 13.5 % 24.3 % 13.1 % 14.9 % 13.3 % Return on average tangible common equity 16.2 % 28.6 % 15.5 % 17.9 % 16.0 % Net interest margin 3.23 % 3.27 % 3.27 % 3.31 % 3.28 % Cost of deposits 1.59 % 1.48 % 1.48 % 1.56 % 1.67 % Efficiency ratio 61.9 % 62.2 % 65.0 % 62.3 % 59.6 % Effective tax rate 21.7 % 22.3 % 20.7 % 22.4 % 22.1 % Ratio of nonperforming assets to loans and leasesand other real estate owned 0.50 % 0.48 % 0.48 % 0.52 % 0.54 % Annualized ratio of net loan and lease charge-offs toaverage loans and leases 0.02 % 0.06 % 0.03 % 0.05 % 0.37 % Ratio of total allowance for credit losses to loans andleases outstanding 1.11 % 1.13 % 1.16 % 1.19 % 1.20 % Full-time equivalent employees 8,996 9,039 9,090 9,195 9,286 CAPITAL RATIOS AND DATA Tangible common equity ratio 7.0 % 7.4 % 7.1 % 6.9 % 6.5 % Common equity tier 1 capital $ 8,268 $ 8,368 $ 8,050 $ 7,936 $ 7,734 Risk-weighted assets $ 70,257 $ 70,744 $ 69,651 $ 69,142 $ 68,648 Common equity tier 1 capital ratio 11.8 % 11.8 % 11.6 % 11.5 % 11.3 % Tier 1 risk-based capital ratio 11.9 % 11.9 % 11.7 % 11.6 % 11.4 % Total risk-based capital ratio 13.9 % 14.0 % 13.8 % 13.8 % 13.7 % Tier 1 leverage ratio 9.2 % 9.4 % 9.1 % 9.0 % 8.8 % At period end. For information on non-GAAP financial measures, see pages 19-22. Current period ratios and amounts represent estimates. 1 2 2 2 1 1, 2 1 2 2 1 1 2 3 3 3 3 3 3 1 2 3
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ZIONS BANCORPORATION, N.A.Press Release – Page 11 CONSOLIDATED BALANCE SHEETS (Unaudited) September 30,2026 June 30,2026 March 31,2026 December 31,2025 September 30,2025 (In millions, shares in thousands) ASSETS Cash and due from banks $ 727 $ 793 $ 661 $ 683 $ 771 Money market investments: Interest-bearing deposits 3,533 1,418 1,741 2,202 2,395 Federal funds sold and securities purchased underagreements to resell 1,310 1,123 1,007 1,420 1,008 Trading securities, at fair value 191 319 104 64 134 Investment securities: Available-for-sale, at fair value 8,786 9,239 9,184 9,207 9,170 Held-to-maturity , at amortized cost 8,268 8,477 8,688 8,867 9,059 Total investment securities, net of allowance 17,054 17,716 17,872 18,074 18,229 Loans held for sale 49 77 140 201 215 Loans and leases, net of unearned income and fees 62,472 62,481 61,312 60,900 60,278 Allowance for loan and lease losses 645 662 667 678 679 Loans held for investment, net of allowance 61,827 61,819 60,645 60,222 59,599 Other noninterest-bearing investments 1,069 1,061 994 1,076 1,098 Premises, equipment, and software, net 1,354 1,356 1,356 1,363 1,358 Goodwill and intangibles 1,313 1,086 1,089 1,091 1,094 Other real estate owned 4 6 14 5 5 Other assets 2,489 2,267 2,334 2,289 2,336 Total assets $ 90,920 $ 89,041 $ 87,957 $ 88,690 $ 88,242 LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits: Noninterest-bearing demand $ 26,371 $ 26,233 $ 27,081 $ 25,823 $ 26,133 Interest-bearing: Savings and money market 42,319 40,657 40,165 39,914 38,689 Time 9,258 9,718 9,661 9,907 10,056 Total deposits 77,948 76,608 76,907 75,644 74,878 Federal funds and other short-term borrowings 843 1,219 382 2,872 3,548 Long-term debt 2,416 1,956 1,963 1,472 1,473 Reserve for unfunded lending commitments 51 45 46 46 46 Other liabilities 1,978 1,532 1,363 1,476 1,432 Total liabilities 83,236 81,360 80,661 81,510 81,377 Shareholders’ equity: Preferred stock, without par value; authorized 4,400shares 66 66 66 66 66 Common stock ($0.001 par value; authorized 350,000shares) and additional paid-in capital 1,536 1,602 1,669 1,726 1,721 Retained earnings 8,071 7,880 7,496 7,329 7,134 Accumulated other comprehensive income (loss) (1,989) (1,867) (1,935) (1,941) (2,056) Total shareholders’ equity 7,684 7,681 7,296 7,180 6,865 Total liabilities and shareholders’ equity $ 90,920 $ 89,041 $ 87,957 $ 88,690 $ 88,242 Held-to-maturity (fair value) $ 7,856 $ 8,440 $ 8,696 $ 8,940 $ 9,106 Loans held for sale (carried at fair value) 34 51 57 71 126 Common shares (issued and outstanding) 144,943 145,939 147,077 147,653 147,640 Effective in the first quarter of 2026, we changed our accounting policy to present qualifying derivative assets and liabilities, along with the associated rights to reclaim or obligations to return cash collateral, on a net basis for all eligible arrangements rather than on a gross basis. Prior period balances have been recast to conform to this presentation. 1 2 * * * * 3 1 2 3 *
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ZIONS BANCORPORATION, N.A.Press Release – Page 12 CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended (In millions, except share and per share amounts) September 30,2026 June 30,2026 March 31,2026 December 31,2025 September 30,2025 Interest income: Interest and fees on loans $ 877 $ 859 $ 841 $ 878 $ 898 Interest on money market investments 53 43 39 42 41 Interest on securities 116 117 116 121 125 Total interest income 1,046 1,019 996 1,041 1,064 Interest expense: Interest on deposits 313 281 275 299 313 Interest on short- and long-term borrowings 49 61 59 59 79 Total interest expense 362 342 334 358 392 Net interest income 684 677 662 683 672 Provision for credit losses: Provision for loan and lease losses (14) 4 (7) 6 45 Provision for unfunded lending commitments 6 (1) — — 4 Total provision for credit losses (8) 3 (7) 6 49 Net interest income after provision for credit losses 692 674 669 677 623 Noninterest income: Commercial account fees 49 49 48 47 47 Card fees 25 24 22 24 24 Retail and business banking fees 21 20 20 20 19 Loan-related fees and income 20 22 23 19 20 Capital markets fees and income 46 36 28 37 24 Wealth management fees 16 15 16 14 14 Other customer-related fees 15 16 15 16 15 Customer-related noninterest income 192 182 172 177 163 Dividends and other income 9 9 12 10 15 Securities gains (losses), net (4) 269 3 21 11 Total noninterest income 197 460 187 208 189 Noninterest expense: Salaries and employee benefits 345 344 361 335 337 Technology, telecom, and information processing 76 72 74 71 70 Occupancy and equipment, net 43 44 41 43 42 Professional and legal services 20 22 20 21 14 Marketing and business development 14 14 13 30 11 Deposit insurance and regulatory expense 12 7 15 6 16 Credit-related expense 8 10 5 7 6 Other real estate expense, net 1 1 — (2) — Other 34 37 33 35 31 Total noninterest expense 553 551 562 546 527 Income before income taxes 336 583 294 339 285 Income taxes 73 130 61 76 63 Net income 263 453 233 263 222 Preferred stock dividends (1) (1) (1) (1) (1) Preferred stock redemption — — — — — Net earnings applicable to common shareholders $ 262 $ 452 $ 232 $ 262 $ 221 Weighted average common shares outstanding during the period: Basic shares (in thousands) 144,984 146,117 146,946 147,054 147,045 Diluted shares (in thousands) 145,088 146,210 147,038 147,120 147,125 Net earnings per common share: Basic $ 1.78 $ 3.05 $ 1.56 $ 1.76 $ 1.48 Diluted 1.78 3.05 1.56 1.76 1.48
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ZIONS BANCORPORATION, N.A.Press Release – Page 13 CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Nine Months EndedSeptember 30, (In millions, except share and per share amounts) 2026 2025 Interest income: Interest and fees on loans $ 2,577 $ 2,623 Interest on money market investments 135 144 Interest on securities 349 376 Total interest income 3,061 3,143 Interest expense: Interest on deposits 869 951 Interest on short- and long-term borrowings 169 248 Total interest expense 1,038 1,199 Net interest income 2,023 1,944 Provision for credit losses: Provision for loan losses (17) 65 Provision for unfunded lending commitments 5 1 Total provision for credit losses (12) 66 Net interest income after provision for credit losses 2,035 1,878 Noninterest income: Commercial account fees 146 138 Card fees 71 71 Retail and business banking fees 61 55 Loan-related fees and income 65 56 Capital markets fees and income 110 79 Wealth management fees 47 43 Other customer-related fees 46 43 Customer-related noninterest income 546 485 Dividends and other income 30 34 Securities gains (losses), net 268 31 Total noninterest income 844 550 Noninterest expense: Salaries and employee benefits 1,050 1,015 Technology, telecom, and information processing 222 205 Occupancy and equipment, net 128 123 Professional and legal services 62 40 Marketing and business development 41 34 Deposit insurance and regulatory expense 34 58 Credit-related expense 23 18 Other real estate expense, net 2 — Other 104 99 Total noninterest expense 1,666 1,592 Income before income taxes 1,213 836 Income taxes 264 200 Net income 949 636 Preferred stock dividends (3) (3) Preferred stock redemption — — Net earnings applicable to common shareholders $ 946 $ 633 Weighted average common shares outstanding during the period: Basic shares (in thousands) 146,009 147,136 Diluted shares (in thousands) 146,104 147,175 Net earnings per common share: Basic $ 6.40 $ 4.25 Diluted 6.39 4.25
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ZIONS BANCORPORATION, N.A.Press Release – Page 14 Loan Balances Held for Investment by Portfolio Type (Unaudited) (In millions) September 30,2026 June 30,2026 March 31,2026 December 31,2025 September 30,2025 Commercial: Commercial and industrial $ 18,758 $ 19,131 $ 18,263 $ 18,111 $ 17,547 Owner occupied 9,357 9,336 9,323 9,274 9,267 Municipal 4,295 4,173 4,272 4,294 4,341 Total commercial 32,410 32,640 31,858 31,679 31,155 Commercial real estate: Term 11,747 11,850 11,387 11,234 11,008 Construction and land development 2,408 2,213 2,271 2,162 2,469 Total commercial real estate 14,155 14,063 13,658 13,396 13,477 Consumer: 1-4 family residential 10,370 10,293 10,406 10,462 10,423 Home equity credit line 4,134 4,077 3,976 3,950 3,848 Construction and other consumer real estate 751 757 786 782 769 Bankcard and other revolving plans 539 537 515 515 477 Other 113 114 113 116 129 Total consumer 15,907 15,778 15,796 15,825 15,646 Total loans and leases $ 62,472 $ 62,481 $ 61,312 $ 60,900 $ 60,278 Effective March 31, 2026, balances previously classified as “Leasing” are now reported within the “Commercial and industrial” loan segment. Prior period amounts have been reclassified for comparative purposes. Nonperforming Assets (Unaudited) (In millions) September 30,2026 June 30,2026 March 31,2026 December 31,2025 September 30,2025 Nonaccrual loans $ 311 $ 292 $ 279 $ 315 $ 319 Other real estate owned 4 6 13 5 5 Total nonperforming assets $ 315 $ 298 $ 292 $ 320 $ 324 Ratio of nonperforming assets to loans and leasesand other real estate owned 0.50 % 0.48 % 0.48 % 0.52 % 0.54 % Accruing loans past due 90 days or more $ 5 $ 3 $ 3 $ 5 $ 5 Ratio of accruing loans past due 90 days or more toloans and leases 0.01 % — % — % 0.01 % 0.01 % Nonaccrual loans and accruing loans past due 90 daysor more $ 316 $ 295 $ 282 $ 320 $ 324 Ratio of nonperforming assets and accruing loans 90days or more past due to loans and leases and otherreal estate owned 0.51 % 0.48 % 0.48 % 0.53 % 0.54 % Accruing loans past due 30-89 days $ 91 $ 91 $ 82 $ 96 $ 69 Classified loans 2,123 2,327 2,332 2,380 2,415 Ratio of classified loans to total loans and leases 3.40 % 3.72 % 3.80 % 3.91 % 4.00 % Includes loans held for sale. Excludes banking premises held for sale. 1 1 1 2 1 2 1 1 1 2
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ZIONS BANCORPORATION, N.A.Press Release – Page 15 Allowance for Credit Losses (Unaudited) Three Months Ended (In millions) September 30,2026 June 30,2026 March 31,2026 December 31,2025 September 30,2025 Allowance for Loan and Lease Losses Balance at beginning of period $ 662 $ 667 $ 678 $ 679 $ 690 Provision for loan losses (14) 4 (7) 6 45 Loan and lease charge-offs 9 14 11 15 67 Less: Recoveries 6 5 7 8 11 Net loan and lease charge-offs (recoveries) 3 9 4 7 56 Balance at end of period $ 645 $ 662 $ 667 $ 678 $ 679 Ratio of allowance for loan losses to loans andleases, at period end 1.03 % 1.06 % 1.09 % 1.11 % 1.13 % Ratio of allowance for loan losses to nonaccrualloans at period end 207 % 227 % 239 % 215 % 213 % Annualized ratio of net loan and lease charge-offs(recoveries) to average loans and leases 0.02 % 0.06 % 0.03 % 0.05 % 0.37 % Reserve for Unfunded Lending Commitments Balance at beginning of period $ 45 $ 46 $ 46 $ 46 $ 42 Provision for unfunded lending commitments 6 (1) — — 4 Balance at end of period $ 51 $ 45 $ 46 $ 46 $ 46 Allowance for Credit Losses Allowance for loan losses $ 645 $ 662 $ 667 $ 678 $ 679 Reserve for unfunded lending commitments 51 45 46 46 46 Total allowance for credit losses $ 696 $ 707 $ 713 $ 724 $ 725 Ratio of ACL to loans and leases outstanding, atperiod end 1.11 % 1.13 % 1.16 % 1.19 % 1.20 % Excludes loans held for sale. 1 1 1 1
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ZIONS BANCORPORATION, N.A.Press Release – Page 16 Nonaccrual Loans by Portfolio Type (Unaudited) (In millions) September 30,2026 June 30,2026 March 31,2026 December 31,2025 September 30,2025 Commercial: Commercial and industrial $ 130 $ 96 $ 83 $ 93 $ 111 Owner occupied 46 54 50 51 40 Municipal — 2 2 2 2 Total commercial 176 152 135 146 153 Commercial real estate: Term 40 34 42 72 70 Construction and land development — — — 1 — Total commercial real estate 40 34 42 73 70 Consumer: 1-4 family residential 58 69 67 65 63 Home equity credit line 35 35 33 30 32 Bankcard and other revolving plans 1 1 1 1 1 Other 1 1 1 — — Total consumer 95 106 102 96 96 Total nonaccrual loans $ 311 $ 292 $ 279 $ 315 $ 319 Net Charge-Offs by Portfolio Type (Unaudited) (In millions) September 30,2026 June 30,2026 March 31,2026 December 31,2025 September 30,2025 Commercial: Commercial and industrial $ 3 $ 3 $ 3 $ 8 $ 50 Owner occupied — 1 (1) — (1) Municipal — — — — 3 Total commercial 3 4 2 8 52 Commercial real estate: Term (1) 3 (1) (3) 2 Total commercial real estate (1) 3 (1) (3) 2 Consumer: 1-4 family residential — — — (1) — Home equity credit line (1) — — — — Bankcard and other revolving plans 1 2 2 2 1 Other 1 — 1 1 1 Total consumer loans 1 2 3 2 2 Total net charge-offs (recoveries) $ 3 $ 9 $ 4 $ 7 $ 56
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ZIONS BANCORPORATION, N.A.Press Release – Page 17 CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES (Unaudited) Three Months Ended September 30, 2026 June 30, 2026 September 30, 2025 (In millions) Averagebalance Yield/Rate Averagebalance Yield/Rate Averagebalance Yield/Rate ASSETS Money market investments: Interest-bearing deposits $ 3,073 3.80 % $ 1,939 4.03 % $ 1,582 4.42 % Federal funds sold and securities purchased under agreementsto resell 2,265 4.07 % 2,368 4.03 % 1,940 4.87 % Total money market investments 5,338 3.91 % 4,307 4.03 % 3,522 4.67 % Trading securities 133 4.61 % 273 4.84 % 83 4.63 % Investment securities: Available-for-sale 9,094 3.09 % 9,181 3.02 % 9,078 3.28 % Held-to-maturity 8,341 2.16 % 8,555 2.19 % 9,143 2.19 % Total investment securities 17,435 2.64 % 17,736 2.62 % 18,221 2.73 % Loans held for sale 73 NM 180 NM 171 NM Loans and leases: Commercial 32,563 5.62 % 32,230 5.64 % 31,558 5.97 % Commercial real estate 14,041 6.20 % 13,839 6.14 % 13,611 6.64 % Consumer 15,837 5.15 % 15,789 5.10 % 15,617 5.16 % Total loans and leases 62,441 5.63 % 61,858 5.61 % 60,786 5.91 % Total interest-earning assets 85,420 4.91 % 84,354 4.90 % 82,783 5.16 % Cash and due from banks 679 671 702 Allowance for credit losses on loans and debt securities(662) (665) (687) Goodwill and intangibles 1,240 1,088 1,095 Other assets 4,744 4,817 5,262 Total assets $ 91,421 $ 90,265 $ 89,155 LIABILITIES AND SHAREHOLDERS’ EQUITY Interest-bearing deposits: Savings and money market $ 42,061 2.14 % $ 40,452 1.99 % $ 39,252 2.18 % Time 9,764 3.49 % 9,655 3.36 % 10,129 3.81 % Total interest-bearing deposits 51,825 2.40 % 50,107 2.25 % 49,381 2.51 % Borrowed funds: Federal funds purchased and security repurchase agreements1,050 3.65 % 585 3.66 % 665 4.28 % Other short-term borrowings 692 4.07 % 2,530 4.57 % 4,731 4.48 % Long-term debt 2,279 5.57 % 1,957 5.52 % 1,210 6.13 % Total borrowed funds 4,021 4.81 % 5,072 4.83 % 6,606 4.76 % Total interest-bearing liabilities 55,846 2.57 % 55,179 2.49 % 55,987 2.78 % Noninterest-bearing demand deposits 26,154 26,131 24,922 Other liabilities 1,631 1,432 1,564 Total liabilities 83,631 82,742 82,473 Shareholders’ equity: Preferred equity 66 66 66 Common equity 7,724 7,457 6,616 Total shareholders’ equity 7,790 7,523 6,682 Total liabilities and shareholders’ equity $ 91,421 $ 90,265 $ 89,155 Spread on average interest-bearing funds 2.34 % 2.41 % 2.38 % Impact of net noninterest-bearing sources of funds 0.89 % 0.86 % 0.90 % Net interest margin 3.23 % 3.27 % 3.28 % Memo: total cost of deposits $ 77,979 1.59 % $ 76,238 1.48 % $ 74,303 1.67 % Memo: total deposits and interest-bearing liabilities$ 82,000 1.75 % $ 81,310 1.69 % $ 80,909 1.92 % Taxable-equivalent rates used where applicable. Net of unamortized purchase premiums, discounts, and deferred loan fees and costs. Effective in the first quarter of 2026, we changed our accounting policy to present qualifying derivative assets and liabilities and related cash collateral on a net basis. As a result, the reported yield on other short-term borrowings increased by approximately 66 bps for the three months ended June 30, 2026. Beginning in the third quarter of 2026, for the purposes of the average balance and yield presentation, the related derivative collateral interest expense is included in interest-bearing deposits rather than other short-term borrowings, increasing the reported cost of deposits by approximately 3 bps. 1 1 1 2 3 3 1 2 3
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ZIONS BANCORPORATION, N.A.Press Release – Page 18 CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES (Unaudited) Nine Months Ended September 30, 2026 September 30, 2025 (In millions) Averagebalance Yield/Rate Averagebalance Yield/Rate ASSETS Money market investments: Interest-bearing deposits $ 2,299 3.86 % $ 1,586 4.51 % Federal funds sold and securities purchased under agreementsto resell 2,271 4.06 % 2,552 4.77 % Total money market investments 4,570 3.96 % 4,138 4.67 % Trading securities 154 4.73 % 117 4.68 % Investment securities: Available-for-sale 9,169 3.04 % 9,091 3.27 % Held-to-maturity 8,550 2.19 % 9,348 2.22 % Total investment securities 17,719 2.63 % 18,439 2.74 % Loans held for sale 138 NM 124 NM Loans and leases: Commercial 32,197 5.63 % 31,327 5.90 % Commercial real estate 13,807 6.17 % 13,593 6.61 % Consumer 15,810 5.12 % 15,378 5.14 % Total loans and leases 61,814 5.62 % 60,298 5.87 % Total interest-earning assets 84,395 4.90 % 83,116 5.11 % Cash and due from banks 698 703 Allowance for credit losses on loans and debt securities(668) (691) Goodwill and intangibles 1,140 1,082 Other assets 4,828 5,317 Total assets $ 90,393 $ 89,527 LIABILITIES AND SHAREHOLDERS’ EQUITY Interest-bearing deposits: Savings and money market $ 40,695 2.03 % $ 39,256 2.17 % Time 9,714 3.45 % 10,601 3.96 % Total interest-bearing deposits 50,409 2.31 % 49,857 2.55 % Borrowed funds: Federal funds purchased and security repurchase agreements742 3.64 % 1,279 4.34 % Other short-term borrowings 2,039 4.34 % 4,685 4.49 % Long-term debt 1,998 5.55 % 1,045 6.29 % Total borrowed funds 4,779 4.74 % 7,009 4.73 % Total interest-bearing funds 55,188 2.52 % 56,866 2.82 % Noninterest-bearing demand deposits 26,159 24,637 Other liabilities 1,520 1,571 Total liabilities 82,867 83,074 Shareholders’ equity: Preferred equity 66 66 Common equity 7,460 6,387 Total shareholders’ equity 7,526 6,453 Total liabilities and shareholders’ equity $ 90,393 $ 89,527 Spread on average interest-bearing funds 2.38 % 2.29 % Impact of net noninterest-bearing sources of funds 0.88 % 0.89 % Net interest margin 3.26 % 3.18 % Memo: total cost of deposits $ 76,568 1.52 % $ 74,494 1.71 % Memo: total deposits and interest-bearing liabilities$ 81,347 1.69 % $ 81,503 1.98 % Taxable-equivalent rates used where applicable. Net of unamortized purchase premiums, discounts, and deferred loan fees and costs. 1 1 2 1 2
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ZIONS BANCORPORATION, N.A.Press Release – Page 19 NON-GAAP FINANCIAL MEASURES (Unaudited) This press release includes certain non-GAAP financial measures alongside those prepared in accordance with generally accepted accounting principles (“GAAP”). Reconciliations between the applicable GAAP measures and the corresponding non-GAAP measures are provided in the accompanying schedules. We believe these adjustments are relevant to evaluating ongoing operating results and offer a meaningful basis for comparing performance across periods. Management uses these non-GAAP measures to assess both financial performance and position. Presenting these measures enables investors to evaluate our results using the same approach applied by management and commonly used within the financial services industry. Non-GAAP financial measures have inherent limitations and may not be directly comparable to similar measures reported by other financial institutions. While these measures are commonly used by stakeholders to evaluate company performance, they should be viewed as supplemental and not as a substitute for analysis of results prepared in accordance with GAAP. Non- GAAP measures should not be considered in isolation, as they provide an incomplete perspective without reference to GAAP- based financial information. Tangible Common Equity and Related Measures Tangible common equity and related metrics are non-GAAP measures that exclude the impact of intangible assets and associated amortization. Management believes these measures provide meaningful insight into the utilization of shareholders’ equity and offer a consistent basis for evaluating business performance. RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP) Three Months Ended (Dollar amounts in millions) September 30,2026 June 30,2026 March 31,2026 December 31,2025 September 30,2025 Net earnings applicable to common shareholders(GAAP) $ 262 $ 452 $ 232 $ 262 $ 221 Adjustments, net of tax: Amortization of core deposit and otherintangibles 2 2 2 2 2 Adjusted net earnings applicable to commonshareholders, net of tax (a) $ 264 $ 454 $ 234 $ 264 $ 223 Average common equity (GAAP) $ 7,724 $ 7,457 $ 7,194 $ 6,956 $ 6,616 Average goodwill and intangibles (1,240) (1,088) (1,090) (1,093) (1,095) Average tangible common equity (non-GAAP) (b) $ 6,484 $ 6,369 $ 6,104 $ 5,863 $ 5,521 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 16.2 % 28.6 % 15.5 % 17.9 % 16.0 % Excluding $252 million of pre-tax net gains ($191 million after tax), return on average tangible common equity for the three months ended June 30, 2026 would have been approximately 17.1%. 1 1
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ZIONS BANCORPORATION, N.A.Press Release – Page 20 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 30,2026 June 30,2026 March 31,2026 December 31,2025 September 30,2025 Total shareholders’ equity (GAAP) $ 7,684 $ 7,681 $ 7,296 $ 7,180 $ 6,865 Goodwill and intangibles (1,313) (1,086) (1,089) (1,091) (1,094) Tangible equity (non-GAAP) (a) 6,371 6,595 6,207 6,089 5,771 Preferred stock (66) (66) (66) (66) (66) Tangible common equity (non-GAAP) (b) $ 6,305 $ 6,529 $ 6,141 $ 6,023 $ 5,705 Total assets (GAAP) $ 90,920 $ 89,041 $ 87,957 $ 88,690 $ 88,242 Goodwill and intangibles (1,313) (1,086) (1,089) (1,091) (1,094) Tangible assets (non-GAAP) (c) $ 89,607 $ 87,955 $ 86,868 $ 87,599 $ 87,148 Common shares outstanding (in thousands)(d) 144,943 145,939 147,077 147,653 147,640 Tangible equity ratio (non-GAAP) (a/c) 7.1 % 7.5 % 7.1 % 7.0 % 6.6 % Tangible common equity ratio (non-GAAP)(b/c) 7.0 % 7.4 % 7.1 % 6.9 % 6.5 % Tangible book value per common share (non-GAAP)(b/d)$ 43.50 $ 44.74 $ 41.75 $ 40.79 $ 38.64
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ZIONS BANCORPORATION, N.A.Press Release – Page 21 Efficiency Ratio and Adjusted Pre-Provision Net Revenue The efficiency ratio measures operating expenses relative to revenue and provides insight into the cost of generating revenue. We adjust this ratio to exclude certain items that are not generally expected to recur frequently, as detailed in the accompanying schedule. These adjustments enhance comparability across reporting periods. Adjusted noninterest expense reflects how effectively we manage operating expenses, while adjusted pre-provision net revenue enables management and stakeholders to evaluate our capacity to generate capital. Additionally, taxable-equivalent net interest income facilitates comparability between revenue derived from 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 30,2026 June 30,2026 March 31,2026 December 31,2025 September 30,2025 Noninterest expense (GAAP) (a) $ 553 $ 551 $ 562 $ 546 $ 527 Adjustments: Severance costs 1 1 3 5 6 Other real estate expense, net 1 1 — (2) — Amortization of core deposit and otherintangibles 3 2 2 2 2 SBIC investment success fee accrual (1) 7 — 2 1 FDIC special assessment — (6) (1) (9) (2) Total adjustments (b) 4 5 4 (2) 7 Adjusted noninterest expense (non-GAAP)(c)=(a-b) $ 549 $ 546 $ 558 $ 548 $ 520 Net interest income (GAAP) (d) $ 684 $ 677 $ 662 $ 683 $ 672 Fully taxable-equivalent adjustments (e) 12 11 11 11 11 Taxable-equivalent net interest income (non-GAAP) (f)=(d+e) 696 688 673 694 683 Customer-related noninterest income (GAAP)(g) 192 182 172 177 163 Net credit valuation adjustment (CVA) (h) 10 1 (2) 2 (11) Adjusted customer-related noninterest income(non-GAAP) (i)=(g-h) 182 181 174 175 174 Noncustomer-related noninterest income (GAAP)(j) 5 278 15 31 26 Securities gains (losses), net (k) (4) 269 3 21 11 Adjusted noncustomer-related noninterest income(non-GAAP) (l)=(j-k) 9 9 12 10 15 Combined income (non-GAAP) (m)=(f+g+j) $ 893 $ 1,148 $ 860 $ 902 $ 872 Adjusted taxable-equivalent revenue (non-GAAP)(n)=(f+i+l) 887 878 859 879 872 Pre-provision net revenue (PPNR) (non-GAAP)(m)-(a) $ 340 $ 597 $ 298 $ 356 $ 345 Adjusted PPNR (non-GAAP) (n)-(c) 338 332 301 331 352 Efficiency ratio (non-GAAP) (c/n) 61.9 % 62.2 % 65.0 % 62.3 % 59.6 % Excluding the $15 million charitable contribution, adjusted noninterest expense for the three months ended December 31, 2025 would have been $533 million, resulting in an efficiency ratio of 60.6%. 1 1
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ZIONS BANCORPORATION, N.A.Press Release – Page 22 EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP) Nine Months Ended (Dollar amounts in millions) September 30,2026 September 30,2025 Noninterest expense (GAAP) (a) $ 1,666 $ 1,592 Adjustments: Severance costs 5 11 Other real estate expense, net 2 — Amortization of core deposit and other intangibles 7 6 SBIC investment success fee accrual 6 3 FDIC special assessment (7) (2) Total adjustments (b) 13 18 Adjusted noninterest expense (non-GAAP) (c)=(a-b) $ 1,653 $ 1,574 Net interest income (GAAP) (d) $ 2,023 $ 1,944 Fully taxable-equivalent adjustments (e) 34 35 Taxable-equivalent net interest income (non-GAAP) (f)=(d+e) 2,057 1,979 Customer-related noninterest income (GAAP) (g) 546 485 Net credit valuation adjustment (CVA) (h) 9 (11) Adjusted customer-related noninterest income (non-GAAP) (i)=(g-h) 537 496 Noncustomer-related noninterest income (GAAP) (j) 298 65 Securities gains (losses), net (k) 268 31 Adjusted noncustomer-related noninterest income (non-GAAP) (l)=(j-k) 30 34 Combined income (non-GAAP) (m)=(f+g+j)$ 2,901 $ 2,529 Adjusted taxable-equivalent revenue (non-GAAP) (n)=(f+i+l) 2,624 2,509 Pre-provision net revenue (PPNR) (non-GAAP) (m)-(a) $ 1,235 $ 937 Adjusted PPNR (non-GAAP) (n)-(c) 971 935 Efficiency ratio (non-GAAP) (c/n) 63.0 % 62.7 %