Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (date of earliest event reported) July 22, 2024

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

(Exact name of registrant as specified in its charter)

United States of America

001-12307

87-0189025

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(IRS Employer Identification No.)

One South Main,

Salt Lake City,

Utah

84133-1109

(Address of Principal Executive Offices)

(Zip Code)

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



Former name or former address, if changed since last report

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

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

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

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

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

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


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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On July 22, 2024, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended June 30, 2024 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on July 22, 2024. The press release announcing the financial results for the quarter ended June 30, 2024 is furnished as Exhibit 99.1 and incorporated herein by reference. A presentation to be used in conjunction with the conference call regarding the Bank’s second quarter financial results is furnished as Exhibit 99.2 and incorporated herein by reference.

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

Item 9.01 Financial Statements and Exhibits.

Exhibits.

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


Exhibit Number			Description
99.1			Press Release dated July 22, 2024 (furnished herewith).
99.2			Earnings Release Presentation dated July 22, 2024 (furnished herewith).
101			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104			The cover page from this Current Report on form 8-K, formatted as Inline XBRL.

SIGNATURES

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


	ZIONS BANCORPORATION, NATIONAL ASSOCIATION

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


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

Second Quarter 2024 Financial Results: FOR IMMEDIATE RELEASE

Investor Contact: Shannon Drage (801) 844-8208

Media Contact: Rob Brough (801) 844-7979


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

SECOND QUARTER RESULTS

$1.28

$190 million

2.98%

10.6%

Net earnings per diluted common share

Net earnings

Net interest margin (“NIM”)

Estimated Common Equity
Tier 1 ratio


SECOND QUARTER HIGHLIGHTS¹

Net Interest Income and NIM	•	Net interest income was $597 million, up 1%
	•	NIM was 2.98%, compared with 2.92%

Operating Performance	•	Pre-provision net revenue² ("PPNR") was $278 million, down 2%; adjusted PPNR² was $278 million, down 6%
	•	Customer-related noninterest income was $154 million, down 5%; up from $151 million in the first quarter of 2024
	•	Noninterest expense remained relatively stable at $509 million; adjusted noninterest expense² was $506 million, up 2%


Loans and Credit Quality	•	Loans and leases were $58.4 billion, up 3%
	•	The provision for credit losses was $5 million, compared with $46 million
	•	The allowance for credit losses was 1.24%, compared with 1.25%, of loans and leases
	•	The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.10%, compared with 0.09%
	•	Nonperforming assets3 were $265 million, or 0.45%, compared with $164 million, or 0.29%, of loans and leases

Deposits and Borrowed Funds	•	Total deposits were $73.8 billion, down 1%; customer deposits (excluding brokered deposits) were $69.5 billion, up 5%
	•	Short-term borrowings, consisting primarily of secured borrowings, were $5.7 billion, up 3%

Capital	•	The estimated CET1 capital ratio was 10.6%, compared with 10.0%

Notable Items	•	Gain on sale of $9 million from Enterprise Retirement Solutions business and gain on sale of $4 million from a bank-owned property


CEO COMMENTARY

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Second quarter results demonstrated continued improvement in our net interest margin, effective expense management, strong credit quality as reflected in continued low loan losses, and strengthened capital. Notably, tangible book value per share has increased by 20% over the year-ago period.” Mr. Simmons continued, “Subsequent to quarter end, we successfully converted our deposit accounts at Zions Bank, California Bank & Trust, and Vectra Bank Colorado to our new core processing system, TCS’s BaNCS™ platform, marking the substantive completion of our multi-year FutureCore project. The conclusion of this large-scale modernization project positions Zions Bancorporation at the forefront of the industry in our ability to post transactions in real time and to deliver exceptional experiences to our customers.”
OPERATING PERFORMANCE2


(In millions)	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Adjusted PPNR	$	278		$	296		$	520		$	637
Net charge-offs (recoveries)	$	15		$	13		$	21		$	13
Efficiency ratio	64.5		%	62.5		%	66.2		%	61.2		%
Weighted average diluted shares	147.1			147.7			147.2			147.9

1 Comparisons noted in the bullet points are calculated for the current quarter compared with the same prior year period unless otherwise specified.

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

3 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 2

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

RESULTS OF OPERATIONS


Net Interest Income and Margin
										2Q24 - 1Q24				2Q24 - 2Q23
(In millions)	2Q24			1Q24			2Q23			$		%		$		%

Interest and fees on loans	$	877		$	865		$	791		$	12	1	%	$	86	11	%
Interest on money market investments	56			47			48			9		19		8		17
Interest on securities	140			142			138			(2)		(1)		2		1
Total interest income	1,073			1,054			977			19		2		96		10
Interest on deposits	390			376			220			14		4		170		77
Interest on short- and long-term borrowings	86			92			166			(6)		(7)		(80)		(48)
Total interest expense	476			468			386			8		2		90		23
Net interest income	$	597		$	586		$	591		$	11	2		$	6	1
										bps				bps
Yield on interest-earning assets1	5.31		%	5.25		%	4.81		%	6				50
Rate paid on total deposits and interest-bearing liabilities1	2.36		%	2.34		%	1.88		%	2				48
Cost of total deposits1	2.11		%	2.06		%	1.27		%	5				84
Net interest margin1	2.98		%	2.94		%	2.92		%	4				6

1 Taxable-equivalent rates used where applicable.

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

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

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

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

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 3


Noninterest Income
							2Q24 - 1Q24				2Q24 - 2Q23
(In millions)	2Q24		1Q24		2Q23		$		%		$		%

Commercial account fees	$	45	$	44	$	45	$	1	2	%	$	—	—	%
Card fees	25		23		25		2		9		—		—
Retail and business banking fees	16		16		16		—		—		—		—
Loan-related fees and income	18		15		19		3		20		(1)		(5)
Capital markets fees	21		24		27		(3)		(13)		(6)		(22)
Wealth management fees	15		15		14		—		—		1		7
Other customer-related fees	14		14		16		—		—		(2)		(13)
Customer-related noninterest income	154		151		162		3		2		(8)		(5)
Fair value and nonhedge derivative income (loss)	(1)		1		1		(2)		NM		(2)		NM
Dividends and other income	22		6		26		16		NM		(4)		(15)
Securities gains (losses), net	4		(2)		—		6		NM		4		NM
Total noninterest income	$	179	$	156	$	189	$	23	15		$	(10)	(5)

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

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


Noninterest Expense
							2Q24 - 1Q24				2Q24 - 2Q23
(In millions)	2Q24		1Q24		2Q23		$		%		$		%

Salaries and employee benefits	$	318	$	331	$	324	$	(13)	(4)	%	$	(6)	(2)	%
Technology, telecom, and information processing	66		62		58		4		6		8		14
Occupancy and equipment, net	40		39		40		1		3		—		—
Professional and legal services	17		16		16		1		6		1		6
Marketing and business development	13		10		13		3		30		—		—
Deposit insurance and regulatory expense	21		34		22		(13)		(38)		(1)		(5)
Credit-related expense	6		7		7		(1)		(14)		(1)		(14)
Other real estate expense, net	(1)		—		—		(1)		NM		(1)		NM
Other	29		27		28		2		7		1		4
Total noninterest expense	$	509	$	526	$	508	$	(17)	(3)		$	1	—
Adjusted noninterest expense 1	$	506	$	511	$	494	$	(5)	(1)		$	12	2

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

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

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 4

BALANCE SHEET ANALYSIS


Investment Securities
							2Q24 - 1Q24				2Q24 - 2Q23
(In millions)	2Q24		1Q24		2Q23		$		%		$		%
Investment securities:
Held-to-maturity, at amortized cost	$	10,065	$	10,209	$	10,753	$	(144)	(1)	%	$	(688)	(6)	%
Available-for-sale, at fair value	9,483		9,931		10,832		(448)		(5)		(1,349)		(12)
Trading account, at fair value	24		59		32		(35)		(59)		(8)		(25)
Total investment securities, net of allowance	$	19,572	$	20,199	$	21,617	$	(627)	(3)		$	(2,045)	(9)

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

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


Loans and Leases
							2Q24 - 1Q24			2Q24 - 2Q23
(In millions)	2Q24		1Q24		2Q23		$		%	$		%

Loans held for sale	$	112	$	12	$	36	$	100	NM	$	76	NM
Loans and leases:
Commercial	$	30,511	$	30,479	$	30,692	$	32	—	$	(181)	(1)
Commercial real estate	13,549		13,578		12,904		(29)		—	645		5
Consumer	14,355		14,052		13,321		303		2	1,034		8
Loans and leases, net of unearned income and fees	58,415		58,109		56,917		306		1	1,498		3
Less allowance for loan losses	696		699		651		(3)		—	45		7
Loans and leases held for investment, net of allowance	$	57,719	$	57,410	$	56,266	$	309	1	$	1,453	3
Unfunded lending commitments	$	29,122	$	29,490	$	30,524	$	(368)	(1)	$	(1,402)	(5)

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 5


Credit Quality
										2Q24 - 1Q24				2Q24 - 2Q23
(In millions)	2Q24			1Q24			2Q23			$		%		$		%

Provision for credit losses	$	5		$	13		$	46		$	(8)	(62)	%	$	(41)	(89)	%
Allowance for credit losses	726			736			711			(10)		(1)		15		2
Net loan and lease charge-offs (recoveries)	15			6			13			9		NM		2		15
Nonperforming assets1	265			254			164			11		4		101		62
Classified loans	1,264			966			768			298		31		496		65
	2Q24			1Q24			2Q23			bps				bps
Ratio of ACL to loans2 and leases outstanding, at period end	1.24		%	1.27		%	1.25		%	(3)				(1)

Annualized ratio of net loan and lease charge-offs to average loans	0.10		%	0.04		%	0.09		%	6				1
Ratio of classified loans to total loans and leases	2.16		%	1.66		%	1.35		%	50				81
Ratio of nonperforming assets2 and accruing loans 90 days or more past due to loans and leases and other real estate owned	0.46		%	0.44		%	0.30		%	2				16

1 Does not include banking premises held for sale.

2 Does not include loans held for sale.

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

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


Deposits and Borrowed Funds
							2Q24 - 1Q24				2Q24 - 2Q23
(In millions)	2Q24		1Q24		2Q23		$		%		$		%

Deposits:
Noninterest-bearing demand	$	24,731	$	25,137	$	28,670	$	(406)	(2)	%	$	(3,939)	(14)	%
Interest-bearing:
Savings and money market	38,560		38,835		33,303		(275)		(1)		5,257		16
Time	6,189		5,972		3,897		217		4		2,292		59
Brokered	4,290		4,293		8,453		(3)		—		(4,163)		(49)
Total interest-bearing	49,039		49,100		45,653		(61)		—		3,386		7
Total deposits	$	73,770	$	74,237	$	74,323	$	(467)	(1)		$	(553)	(1)
Borrowed funds:
Federal funds purchased and other short-term borrowings	$	5,651	$	4,895	$	5,513	$	756	15		$	138	3
Long-term debt	546		544		538		2		—		8		1
Total borrowed funds	$	6,197	$	5,439	$	6,051	$	758	14		$	146	2

ZIONS BANCORPORATION, N.A.

Press Release – Page 6

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

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


Shareholders’ Equity
							2Q24 - 1Q24				2Q24 - 2Q23
(In millions, except share data)	2Q24		1Q24		2Q23		$		%		$		%
Shareholders’ equity:
Preferred stock	$	440	$	440	$	440	$	—	—	%	$	—	—	%
Common stock and additional paid-in capital	1,713		1,705		1,722		8		—		(9)		(1)
Retained earnings	6,421		6,293		6,051		128		2		370		6
Accumulated other comprehensive income (loss)	(2,549)		(2,609)		(2,930)		60		2		381		13
Total shareholders’ equity	$	6,025	$	5,829	$	5,283	$	196	3		$	742	14
Capital distributions:
Common dividends paid	$	61	$	61	$	61	$	—	—		$	—	—
Bank common stock repurchased	—		35		—		(35)		NM		—		NM
Total capital distributed to common shareholders	$	61	$	96	$	61	$	(35)	(36)		$	—	—

							shares		%		shares		%
Weighted average diluted common shares outstanding (in thousands)	147,120		147,343		147,696		(223)		—	%	(576)		—	%
Common shares outstanding, at period end (in thousands)	147,684		147,653		148,144		31		—		(460)		—

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

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

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 7

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the second quarter results at 5:30 p.m. ET on July 22, 2024. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and using the meeting number 13747611, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $87 billion of total assets at December 31, 2023, and annual net revenue of $3.1 billion in 2023. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

This earnings release includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements include, among others:

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

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

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

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

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

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

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

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 8

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

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

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

•Natural disasters, pandemics, catastrophic events and other emergencies and incidents and their impact on our and our customers’ operations and business and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products;

•Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change;

•Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital;

•The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity;

•The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks;

•Adverse news and other expressions of negative public opinion whether directed at us, other banks, the banking industry, or otherwise that may adversely affect our reputation and that of the banking industry generally;

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

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

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

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 9

FINANCIAL HIGHLIGHTS

(Unaudited)


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

1 At period end.

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

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

4 Current period ratios and amounts represent estimates.

ZIONS BANCORPORATION, N.A.

Press Release – Page 10

CONSOLIDATED BALANCE SHEETS


(In millions, shares in thousands)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
	(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
ASSETS
Cash and due from banks	$	717	$	709	$	716	$	700	$	701
Money market investments:
Interest-bearing deposits	2,276		1,688		1,488		1,704		1,531
Federal funds sold and securities purchased under agreements to resell	936		894		937		1,427		781
Investment securities:
Held-to-maturity1, at amortized cost	10,065		10,209		10,382		10,559		10,753
Available-for-sale, at fair value	9,483		9,931		10,300		10,148		10,832
Trading, at fair value	24		59		48		31		32

Total investment securities, net of allowance	19,572		20,199		20,730		20,738		21,617
Loans held for sale	112		12		53		41		36
Loans and leases, net of unearned income and fees	58,415		58,109		57,779		56,893		56,917
Less allowance for loan losses	696		699		684		681		651
Loans held for investment, net of allowance	57,719		57,410		57,095		56,212		56,266
Other noninterest-bearing investments	987		922		950		929		956
Premises, equipment, and software, net	1,383		1,396		1,400		1,410		1,414
Goodwill and intangibles	1,055		1,057		1,059		1,060		1,062
Other real estate owned	4		6		6		7		3
Other assets	2,845		2,767		2,769		3,041		2,863
Total assets	$	87,606	$	87,060	$	87,203	$	87,269	$	87,230
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	24,731	$	25,137	$	26,244	$	26,733	$	28,670
Interest-bearing:
Savings and money market	38,596		38,879		38,721		37,090		33,394
Time	10,443		10,221		9,996		11,576		12,259

Total deposits	73,770		74,237		74,961		75,399		74,323
Federal funds purchased and other short-term borrowings	5,651		4,895		4,379		4,346		5,513
Long-term debt	546		544		542		540		538
Reserve for unfunded lending commitments	30		37		45		57		60
Other liabilities	1,584		1,518		1,585		1,612		1,513
Total liabilities	81,581		81,231		81,512		81,954		81,947
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares	440		440		440		440		440
Common stock2 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital	1,713		1,705		1,731		1,726		1,722
Retained earnings	6,421		6,293		6,212		6,157		6,051
Accumulated other comprehensive income (loss)	(2,549)		(2,609)		(2,692)		(3,008)		(2,930)


Total shareholders’ equity	6,025		5,829		5,691		5,315		5,283
Total liabilities and shareholders’ equity	$	87,606	$	87,060	$	87,203	$	87,269	$	87,230
1 Held-to-maturity (fair value)	$	9,891	$	10,105	$	10,466	$	10,049	$	10,768
2 Common shares (issued and outstanding)	147,684		147,653		148,153		148,146		148,144

ZIONS BANCORPORATION, N.A.

Press Release – Page 11

CONSOLIDATED STATEMENTS OF INCOME


(Unaudited)	Three Months Ended
(In millions, except share and per share amounts)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Interest income:
Interest and fees on loans	$	877	$	865	$	848	$	831	$	791
Interest on money market investments	56		47		48		35		48
Interest on securities	140		142		144		144		138
Total interest income	1,073		1,054		1,040		1,010		977
Interest expense:
Interest on deposits	390		376		395		366		220
Interest on short- and long-term borrowings	86		92		62		59		166
Total interest expense	476		468		457		425		386
Net interest income	597		586		583		585		591
Provision for credit losses:
Provision for loan losses	12		21		12		44		46
Provision for unfunded lending commitments	(7)		(8)		(12)		(3)		—

Total provision for credit losses	5		13		—		41		46
Net interest income after provision for credit losses	592		573		583		544		545
Noninterest income:
Commercial account fees	45		44		43		43		45
Card fees	25		23		26		26		25
Retail and business banking fees	16		16		17		17		16
Loan-related fees and income	18		15		16		23		19
Capital markets fees	21		24		19		18		27
Wealth management fees	15		15		14		15		14
Other customer-related fees	14		14		15		15		16
Customer-related noninterest income	154		151		150		157		162
Fair value and nonhedge derivative income (loss)	(1)		1		(9)		7		1
Dividends and other income	22		6		8		12		26
Securities gains (losses), net	4		(2)		(1)		4		—
Total noninterest income	179		156		148		180		189
Noninterest expense:
Salaries and employee benefits	318		331		301		311		324
Technology, telecom, and information processing	66		62		65		62		58
Occupancy and equipment, net	40		39		38		42		40
Professional and legal services	17		16		17		16		16
Marketing and business development	13		10		11		10		13
Deposit insurance and regulatory expense	21		34		109		20		22
Credit-related expense	6		7		7		6		7
Other real estate expense, net	(1)		—		—		—		—
Other	29		27		33		29		28
Total noninterest expense	509		526		581		496		508
Income before income taxes	262		203		150		228		226
Income taxes	61		50		24		53		51
Net income	201		153		126		175		175


Preferred stock dividends	(11)		(10)		(10)		(7)		(9)

Net earnings applicable to common shareholders	$	190	$	143	$	116	$	168	$	166
Weighted average common shares outstanding during the period:
Basic shares (in thousands)	147,115		147,338		147,640		147,648		147,692
Diluted shares (in thousands)	147,120		147,343		147,645		147,653		147,696
Net earnings per common share:
Basic	$	1.28	$	0.96	$	0.78	$	1.13	$	1.11
Diluted	1.28		0.96		0.78		1.13		1.11

ZIONS BANCORPORATION, N.A.

Press Release – Page 12

Loan Balances Held for Investment by Portfolio Type

(Unaudited)


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

Nonperforming Assets

(Unaudited)


(In millions)	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023

Nonaccrual loans 1	$	261		$	248		$	222		$	216		$	162
Other real estate owned 2	4			6			6			3			2
Total nonperforming assets	$	265		$	254		$	228		$	219		$	164
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2	0.45		%	0.44		%	0.39		%	0.38		%	0.29		%
Accruing loans past due 90 days or more	$	6		$	3		$	3		$	16		$	7
Ratio of accruing loans past due 90 days or more to loans1 and leases	0.01		%	0.01		%	0.01		%	0.03		%	0.01		%
Nonaccrual loans and accruing loans past due 90 days or more	$	267		$	251		$	225		$	232		$	169
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned	0.46		%	0.44		%	0.40		%	0.41		%	0.30		%
Accruing loans past due 30-89 days	$	114		$	77		$	86		$	86		$	59



Classified loans	1,264			966			825			769			768

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 13

Allowance for Credit Losses

(Unaudited)


	Three Months Ended
(In millions)	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
Allowance for Loan and Lease Losses
Balance at beginning of period	$	699		$	684		$	681		$	651		$	618
Provision for loan losses	12			21			12			44			46
Loan and lease charge-offs	21			14			13			20			22
Less: Recoveries	6			8			4			6			9
Net loan and lease charge-offs (recoveries)	15			6			9			14			13
Balance at end of period	$	696		$	699		$	684		$	681		$	651
Ratio of allowance for loan losses to loans1 and leases, at period end	1.19		%	1.20		%	1.18		%	1.20		%	1.14		%
Ratio of allowance for loan losses to nonaccrual loans1 at period end	267		%	282		%	308		%	342		%	402		%
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans	0.10		%	0.04		%	0.06		%	0.10		%	0.09		%

Reserve for Unfunded Lending Commitments
Balance at beginning of period	$	37		$	45		$	57		$	60		$	60
Provision for unfunded lending commitments	(7)			(8)			(12)			(3)			—
Balance at end of period	$	30		$	37		$	45		$	57		$	60
Allowance for Credit Losses
Allowance for loan losses	$	696		$	699		$	684		$	681		$	651
Reserve for unfunded lending commitments	30			37			45			57			60
Total allowance for credit losses	$	726		$	736		$	729		$	738		$	711
Ratio of ACL to loans1 and leases outstanding, at period end	1.24		%	1.27		%	1.26		%	1.30		%	1.25		%

1 Does not include loans held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 14

Nonaccrual Loans by Portfolio Type

(Unaudited)


(In millions)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023

Loans held for sale	$	—	$	—	$	—	$	17	$	—
Commercial:
Commercial and industrial	$	111	$	110	$	82	$	59	$	71
Leasing	2		2		2		—		—
Owner occupied	28		20		20		27		29
Municipal	6		—		—		—		—
Total commercial	147		132		104		86		100
Commercial real estate:
Construction and land development	2		1		22		22		—
Term	35		42		39		40		13
Total commercial real estate	37		43		61		62		13
Consumer:
Home equity credit line	29		27		17		16		12
1-4 family residential	46		44		40		35		37
Construction and other consumer real estate	—		—		—		—		—
Bankcard and other revolving plans	1		1		—		—		—
Other	1		1		—		—		—
Total consumer	77		73		57		51		49

Total nonaccrual loans	$	261	$	248	$	222	$	216	$	162

Net Charge-Offs by Portfolio Type

(Unaudited)


(In millions)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Commercial:
Commercial and industrial	$	4	$	4	$	7	$	8	$	14

Leasing	—		—		—		—		—
Owner occupied	—		—		—		(1)		—
Municipal	—		—		—		—		—
Total commercial	4		4		7		7		14
Commercial real estate:
Construction and land development	—		(1)		—		1		—
Term	11		—		—		2		—
Total commercial real estate	11		(1)		—		3		—
Consumer:
Home equity credit line	—		—		—		2		—
1-4 family residential	(1)		1		—		—		(2)
Construction and other consumer real estate	—		—		—		—		—
Bankcard and other revolving plans	1		1		2		2		1
Other	—		1		—		—		—
Total consumer loans	—		3		2		4		(1)
Total net charge-offs (recoveries)	$	15	$	6	$	9	$	14	$	13

ZIONS BANCORPORATION, N.A.

Press Release – Page 15

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES


(Unaudited)	Three Months Ended
	June 30, 2024				March 31, 2024				June 30, 2023
(In millions)	Average balance		Average yield/rate 1		Average balance		Average yield/rate 1		Average balance		Average yield/rate 1
ASSETS
Money market investments:
Interest-bearing deposits	$	1,909	5.57	%	$	1,447	5.71	%	$	2,899	5.08	%
Federal funds sold and securities purchased under agreements to resell	2,026		5.87	%	1,826		5.89	%	784		5.65	%
Total money market investments	3,935		5.72	%	3,273		5.81	%	3,683		5.20	%
Investment securities:
Held-to-maturity	10,120		2.25	%	10,277		2.25	%	10,833		2.24	%
Available-for-sale	9,670		3.57	%	10,067		3.45	%	11,180		2.85	%
Trading	39		4.74	%	33		4.27	%	52		4.78	%
Total investment securities	19,829		2.90	%	20,377		2.84	%	22,065		2.56	%
Loans held for sale	43		NM		56		NM		73		NM
Loans and leases:2
Commercial	30,505		6.05	%	30,482		5.95	%	30,650		5.46	%
Commercial real estate	13,587		7.22	%	13,504		7.29	%	12,933		6.97	%
Consumer	14,199		5.17	%	13,921		5.10	%	13,096		4.80	%
Total loans and leases	58,291		6.11	%	57,907		6.06	%	56,679		5.65	%
Total interest-earning assets	82,098		5.31	%	81,613		5.25	%	82,500		4.81	%
Cash and due from banks	691				710				653
Allowance for credit losses on loans and debt securities	(697)				(685)				(619)
Goodwill and intangibles	1,056				1,058				1,063
Other assets	5,424				5,274				5,524
Total assets	$	88,572			$	87,970			$	89,121
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market	$	38,331	2.73	%	$	38,044	2.73	%	$	30,325	1.49	%
Time	10,744		4.87	%	9,777		4.81	%	9,494		4.55	%

Total interest-bearing deposits	49,075		3.20	%	47,821		3.16	%	39,819		2.22	%
Borrowed funds:
Federal funds purchased and security repurchase agreements	1,166		5.38	%	1,748		5.38	%	4,423		5.11	%
Other short-term borrowings	5,097		4.95	%	4,931		4.98	%	7,575		5.28	%
Long-term debt	544		5.98	%	543		5.99	%	636		5.97	%
Total borrowed funds	6,807		5.10	%	7,222		5.15	%	12,634		5.26	%
Total interest-bearing liabilities	55,882		3.43	%	55,043		3.42	%	52,453		2.95	%
Noninterest-bearing demand deposits	25,153				25,537				29,830
Other liabilities	1,647				1,661				1,580
Total liabilities	82,682				82,241				83,863
Shareholders’ equity:
Preferred equity	440				440				440
Common equity	5,450				5,289				4,818


Total shareholders’ equity	5,890				5,729				5,258
Total liabilities and shareholders’ equity	$	88,572			$	87,970			$	89,121
Spread on average interest-bearing funds			1.88	%			1.83	%			1.86	%
Impact of net noninterest-bearing sources of funds			1.10	%			1.11	%			1.06	%
Net interest margin			2.98	%			2.94	%			2.92	%
Memo: total cost of deposits			2.11	%			2.06	%			1.27	%
Memo: total deposits and interest-bearing liabilities	$	81,035	2.36	%	$	80,580	2.34	%	$	82,283	1.88	%

1 Taxable-equivalent rates used where applicable.

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 16

NON-GAAP FINANCIAL MEASURES

(Unaudited)

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

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

Tangible Common Equity and Related Measures

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

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)


		Three Months Ended
(Dollar amounts in millions)		June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023

Net earnings applicable to common shareholders (GAAP)		$	190		$	143		$	116		$	168		$	166
Adjustments, net of tax:

Amortization of core deposit and other intangibles		1			1			1			1			1
Adjusted net earnings applicable to common shareholders, net of tax	(a)	$	191		$	144		$	117		$	169		$	167
Average common equity (GAAP)		$	5,450		$	5,289		$	4,980		$	4,938		$	4,818
Average goodwill and intangibles		(1,056)			(1,058)			(1,060)			(1,061)			(1,063)

Average tangible common equity (non-GAAP)	(b)	$	4,394		$	4,231		$	3,920		$	3,877		$	3,755
Number of days in quarter	(c)	91			91			92			92			91
Number of days in year	(d)	366			366			365			365			365
Return on average tangible common equity (non-GAAP) 1	(a/b/c)*d	17.5		%	13.7		%	11.8		%	17.3		%	17.8		%

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 17

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


(Dollar amounts in millions, except per share amounts)		June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023

Total shareholders’ equity (GAAP)		$	6,025		$	5,829		$	5,691		$	5,315		$	5,283
Goodwill and intangibles		(1,055)			(1,057)			(1,059)			(1,060)			(1,062)

Tangible equity (non-GAAP)	(a)	4,970			4,772			4,632			4,255			4,221
Preferred stock		(440)			(440)			(440)			(440)			(440)
Tangible common equity (non-GAAP)	(b)	$	4,530		$	4,332		$	4,192		$	3,815		$	3,781
Total assets (GAAP)		$	87,606		$	87,060		$	87,203		$	87,269		$	87,230
Goodwill and intangibles		(1,055)			(1,057)			(1,059)			(1,060)			(1,062)

Tangible assets (non-GAAP)	(c)	$	86,551		$	86,003		$	86,144		$	86,209		$	86,168
Common shares outstanding (in thousands)	(d)	147,684			147,653			148,153			148,146			148,144
Tangible equity ratio (non-GAAP) 1	(a/c)	5.7		%	5.5		%	5.4		%	4.9		%	4.9		%
Tangible common equity ratio (non-GAAP)	(b/c)	5.2		%	5.0		%	4.9		%	4.4		%	4.4		%
Tangible book value per common share (non-GAAP)	(b/d)	$	30.67		$	29.34		$	28.30		$	25.75		$	25.52

Efficiency Ratio and Adjusted Pre-Provision Net Revenue

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

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


		Three Months Ended
(Dollar amounts in millions)		June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023

Noninterest expense (GAAP)	(a)	$	509		$	526		$	581		$	496		$	508
Adjustments:
Severance costs		1			—			—			—			13
Other real estate expense, net		(1)			—			—			—			—

Amortization of core deposit and other intangibles		1			2			2			2			1
Restructuring costs		—			—			—			1			—

SBIC investment success fee accrual		1			—			—			—			—
FDIC special assessment		1			13			90			—			—
Total adjustments	(b)	3			15			92			3			14
Adjusted noninterest expense (non-GAAP)	(c)=(a-b)	$	506		$	511		$	489		$	493		$	494

Net interest income (GAAP)	(d)	$	597		$	586		$	583		$	585		$	591
Fully taxable-equivalent adjustments	(e)	11			10			10			11			11
Taxable-equivalent net interest income (non-GAAP)	(f)=(d+e)	608			596			593			596			602
Noninterest income (GAAP)	(g)	179			156			148			180			189
Combined income (non-GAAP)	(h)=(f+g)	787			752			741			776			791
Adjustments:
Fair value and nonhedge derivative income (loss)		(1)			1			(9)			7			1
Securities gains (losses), net		4			(2)			(1)			4			—
Total adjustments	(i)	3			(1)			(10)			11			1
Adjusted taxable-equivalent revenue (non-GAAP)	(j)=(h-i)	$	784		$	753		$	751		$	765		$	790

Pre-provision net revenue (PPNR) (non-GAAP)	(h)-(a)	$	278		$	226		$	160		$	280		$	283
Adjusted PPNR (non-GAAP)	(j)-(c)	278			242			262			272			296
Efficiency ratio (non-GAAP) 1	(c/j)	64.5		%	67.9		%	65.1		%	64.4		%	62.5		%

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

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

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

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

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

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

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

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

NET INTEREST MARGIN 8 (1) The impact of noninterest-bearing sources of funds on the net interest margin is calculated as the difference between interest earning assets and interest-bearing liabilities divided by earnings assets multiplied by rate paid on interest-bearing liabilities. The net interest margin expanded from prior year as asset repricing offset cost of funding increases Year-Over-Year (2Q24 vs. 2Q23)Linked Quarter (2Q24 vs. 1Q24) Earning asset yields continued to improve while rate of increase on liabilities slowed Loans Deposits Money Mkt & Securities Borrowings Free Funds1 Loans Deposits Money Mkt & Securities Borrowings Free Funds1 2Q23 2Q241Q24 2Q24

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

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

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

DEPOSIT BALANCE AND BORROWING TRENDS 12 Ending customer deposits declined ~$460 million vs. 1Q24; brokered deposits were flat 2Q24 total funding costs increased 2 basis points • Period-end noninterest-bearing demand deposits declined ~$400 million, or 1.6% linked-quarter • Brokered deposits were flat linked-quarter Average Deposits and Borrowings ($ billions) Ending Deposits and Borrowings ($ billions) $66 $69 $71 $70 $69 $8 $6 $4 $4 $4 $6 $5 $5 $5 $6 - 10 20 30 40 50 60 70 80 90 100 2Q23 3Q23 4Q23 1Q24 2Q24 $63 $68 $70 $69 $70$7 $8 $6 $4 $5 $13 $5 $5 $7 $7 1.88% 2.10% 2.25% 2.34% 2.36% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% - 10 20 30 40 50 60 70 80 90 100 2Q23 3Q23 4Q23 1Q24 2Q24

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

NET INTEREST INCOME – OUTLOOK & RATE SENSITIVITY 14 Net interest income is expected to increase as asset repricing outpaces changes in funding costs Interest Rate Impacts on Net Interest Income1 (1) Assumes no change in the size or composition of the earning assets excluding derivative hedge activity but does assume a change in composition of deposits (a lesser proportion of noninterest- bearing relative to total deposits). (2) This analysis suggests latent interest rate sensitivity of 8.3%, which reflects future changes in net interest income (“NII”) based upon past rate movements that have yet to be fully realized in revenue, and emergent interest rate sensitivity reduces by 2.0% reflecting changes to NII based upon future rate movements implied by the forward rate curve at 6/30/2024. Net Interest Income Sensitivity 4.6% 6.3% 7.7% (100 bps) Implied +100 bps 2Q25 vs 2Q24 Reflects continued asset repricing, assumes total deposit cost increase of approximately 20 basis points by 2Q25 (assumes $3.5 billion of noninterest-bearing demand deposit migration to higher-cost products); 44% through- the-cycle total beta Latent2 Emergent2 Implied The estimated incremental impact of future rate changes from market implied rates is negative 200 basis points This assumes a Fed Funds Target of 4.50% at 2Q25 8.3% (2.0%) 6.3% Net interest income is expected to be slightly to moderately increasing in 2Q25 relative to 2Q24 -100 and +100 parallel interest rate shocks suggest moderate rate sensitivity between +4.6% and +7.7%

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

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

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

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

ZIONS BANCORPORATION DRIVES VALUE FOR ITS STAKEHOLDERS 19 We are determined to help build strong, successful communities, create economic opportunity and help our clients achieve greater financial strength through the relationships we develop and the services we provide. Distinctive Local Operating Model Managing Risk Delivering Value to Our Stakeholders • Transformation of our core systems to a modern, real-time architecture improving banker productivity and customer experience • New digital products and services streamlining our customer interactions • Returning capital to shareholders • Focus on serving small- to medium-sized businesses, resulting in a granular deposit franchise • Local decision making and empowered bankers support strong customer relationships • Ranked third among all U.S. banks in overall 2023 Greenwich Excellence Awards • Have built and maintained a robust risk management team and framework since the global financial crisis • Net credit losses to loan ratio that is consistently in the top quartile of peer banks • Empower every employee to be accountable for assessing and managing risk Across 11 western states, our footprint includes some of the strongest markets in the country • These states create 35% of national GDP • Population and job growth outpace national average Strong Geographic Footprint

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

FINANCIAL RESULTS SUMMARY 21 (1) Adjusted for items such as severance costs, restructuring costs, amortization of other intangibles, SBIC investment success fee accrual, FDIC special assessment, and securities gains (losses). See Appendix for non-GAAP financial measures; (2) Net Income before Preferred Dividends used in the numerator; (3) Net Income Applicable to Common used in the numerator; (4) Includes noninterest-bearing deposits; (5) Current period ratios and amounts represent estimates. Financial Highlights Three Months Ended (Dollar amounts in millions, except per share data) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Earnings Results: Diluted Earnings Per Share $ 1.28 $ 0.96 $ 0.78 $ 1.13 Net Earnings Applicable to Common Shareholders 190 143 116 168 Net Interest Income 597 586 583 585 Noninterest Income 179 156 148 180 Noninterest Expense 509 526 581 496 Pre-Provision Net Revenue - Adjusted (1) 278 242 262 272 Provision for Credit Losses 5 13 - 41 Ratios: Return on Assets(2) 0.91 % 0.70 % 0.57 % 0.80 % Return on Common Equity(3) 14.0 % 10.9 % 9.2 % 13.5 % Return on Tangible Common Equity(3) 17.5 % 13.7 % 11.8 % 17.3 % Net Interest Margin 2.98 % 2.94 % 2.91 % 2.93 % Yield on Loans 6.11 % 6.06 % 5.94 % 5.84 % Yield on Securities 2.90 % 2.84 % 2.84 % 2.73 % Average Cost of Total Deposits(4) 2.11 % 2.06 % 2.06 % 1.92 % Efficiency Ratio (1) 64.5 % 67.9 % 65.1 % 64.4 % Effective Tax Rate 23.3 % 24.6 % 16.0 % 23.2 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.45 % 0.44 % 0.39 % 0.38 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.10 % 0.04 % 0.06 % 0.10 % Common Equity Tier 1 Capital Ratio(5) 10.6 % 10.4 % 10.3 % 10.2 %

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

BALANCE SHEET PROFITABILITY 23 Return on Tangible Common Equity is a non-GAAP measure. See Appendix for non-GAAP financial measures. Excluding the effect of AOCI from average tangible common equity would result in associated returns of 12.3%, 10.0%, 9.9%, 6.7%, and 8.4% for the periods presented, respectively. Profitability impacted by higher funding costs while 4Q23 & 1Q24 include the impact of the FDIC special assessment 0.79% 0.80% 0.57% 0.70% 0.91% 2Q23 3Q23 4Q23 1Q24 2Q24 17.8% 17.3% 11.8% 13.7% 17.5% 2Q23 3Q23 4Q23 1Q24 2Q24 Return on Assets Return on Tangible Common Equity

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

SIMULATED REPRICING EXPECTATIONS: EARNING ASSETS & LOANS 25 Note: Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. A substantial portion of earning assets reset within one year with additional resets in later periods 52% 12% 8% 6% 9% 13% 53% 12% 10% 6% 6% 13% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs P e rc e n t o f L o a n s Loans: Rate Reset and Cash Flow Profile Loans After Hedging 43% 11% 9% 7% 10% 20% 46% 11% 10% 7% 6% 20% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs P e rc e n t o f E a rn in g A s s e ts Earning Assets: Rate Reset and Cash Flow Profile Earning Assets After Hedging

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

INTEREST RATE SENSITIVITY – PARALLEL RATE SHOCKS 27 (1) 12-month forward simulated impact of an instantaneous and parallel change in interest rates and assumes no change in the size or composition of the earning assets excluding derivative hedge activity but does assume a change in composition of deposits (a lesser proportion of noninterest-bearing relative to total deposits). Standard parallel rate shocks suggest asset sensitivity (6%) (3%) 4% 7% (5%) (3%) 3% 6% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity (1) as of 3/31/2024 as of 6/30/2024

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

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

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

DISCIPLINED COMMERCIAL REAL ESTATE GROWTH 31 Data as of March 31, 2024; peer growth rates are normalized for significant acquisitions Commercial real estate loan growth lags peers due to continued exercise of concentration risk discipline Zions has exercised caution in CRE concentrations for more than a decade and in underwriting standards for many decades. • Key factors for consideration in credit risk within CRE • Measured and disciplined growth compared to peers • Significant borrower equity – conservative LTVs • Disciplined underwriting on debt service coverage • Diversified by geography and asset class • Limited exposure to land 0 50 100 150 200 250 300 350 1 Q 1 5 1 Q 1 6 1 Q 1 7 1 Q 1 8 1 Q 1 9 1 Q 2 0 1 Q 2 1 1 Q 2 2 1 Q 2 3 1 Q 2 4 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 1Q15 = 100 Commercial Real Estate Excluding Owner Occupied

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

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

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

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

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

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

z i o n s b a n c o r p o ra t i o n . c o m

Document and Entity Information Document	Jul. 22, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 22, 2024
Entity Registrant Name	ZIONS BANCORPORATION, NATIONAL ASSOCIATION
Entity Incorporation, State or Country Code	X1
Entity File Number	001-12307
Entity Tax Identification Number	87-0189025
Entity Address, Address Line One	One South Main,
Entity Address, City or Town	Salt Lake City,
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84133-1109
City Area Code	801
Local Phone Number	844-8208
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000109380
NASDAQ - ALL MARKETS [Member] \| Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	ZION
Security Exchange Name	NASDAQ
NEW YORK STOCK EXCHANGE, INC. [Member] \| Series A Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock
Trading Symbol	ZIONP
Security Exchange Name	NASDAQ
NEW YORK STOCK EXCHANGE, INC. [Member] \| Series G Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock
Trading Symbol	ZIONO
Security Exchange Name	NASDAQ
NEW YORK STOCK EXCHANGE, INC. [Member] \| Senior Subordinated Notes [Member]
Entity Information [Line Items]
Title of 12(b) Security	6.95% Fixed-to-Floating Rate Subordinated Notes due September 15, 2028
Trading Symbol	ZIONL
Security Exchange Name	NASDAQ