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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)  January 21, 2025

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 ClassTrading SymbolsName of Each Exchange on Which Registered
Common Stock, par value $0.001ZIONThe 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 StockZIONPThe 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 January 21, 2025, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended December 31, 2024 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on January 21, 2025. The press release announcing the financial results for the quarter ended December 31, 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 fourth 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 NumberDescription
Press Release dated January 21, 2025 (furnished herewith).
Earnings Release Presentation dated January 21, 2025 (furnished herewith).
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104The 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: January 21, 2025
  



Zions Bancorporation, N.A.
One South Main
Salt Lake City, UT 84133
January 21, 2025
zions2020630-er.jpg
www.zionsbancorporation.com
Fourth 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: 4Q24 Net Earnings of $200 million, diluted EPS of $1.34
compared with 4Q23 Net Earnings of $116 million, diluted EPS of $0.78,
and 3Q24 Net Earnings of $204 million, diluted EPS of $1.37
FOURTH QUARTER RESULTS
$1.34$200 million3.05%10.9%
Net earnings per diluted common share
Net earningsNet interest margin (“NIM”)Estimated Common Equity
Tier 1 ratio
FOURTH QUARTER HIGHLIGHTS¹
Net Interest Income and NIM
•
Net interest income was $627 million, up 8%
•
NIM was 3.05%, compared with 2.91%
Operating Performance
•
Pre-provision net revenue² ("PPNR") was $323 million, up 102%; adjusted PPNR² was $312 million, up 19%
•
Customer-related noninterest income was $173 million, up 15%
•
Noninterest expense was $509 million, down 12%; adjusted noninterest expense² was $509 million, up 4%
Loans and Credit Quality
•
Loans and leases were $59.4 billion, up 3%
•
The provision for credit losses was $41 million, compared with less than $1 million
•
The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.24%, compared with 0.06%
•
Nonperforming assets3 were $298 million, or 0.50% of loans and leases and other real estate owned, compared with $228 million, or 0.39%
•
Classified loans were $2.9 billion, or 4.8% of loans and leases, compared with $825 million, or 1.4%
Deposits and Borrowed Funds
•
Total deposits were $76.2 billion, up 2%; customer deposits (excluding brokered deposits) were $71.2 billion, up 1%
•
Short-term borrowings, consisting primarily of secured borrowings, were $3.8 billion, down 12%
Capital
•
The estimated CET1 capital ratio was 10.9%, compared with 10.3%
Notable Items
•
Redemption of our Series G, I, and J preferred stock of $374 million
CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We’re pleased with the continued improvement in the financial performance demonstrated by our fourth quarter results. Adjusted taxable-equivalent revenue increased 9% relative to year-ago levels, while adjusted noninterest expense increased 4%, resulting in a 19% increase in adjusted pre-provision net revenue.”
Mr. Simmons continued, “Net loan losses were higher in the quarter, at an annualized rate of 0.24%, with two-thirds of the net loss amount attributable to a single commercial & industrial credit. At the same time, nonperforming loans decreased 18% relative to the third quarter, to 0.50% of total loans. While classified loans have continued to increase, primarily in the commercial real estate portfolio, strong collateral and guarantor support mitigate the risk of significant defaults and losses in this portfolio.”
Mr. Simmons concluded, “We’re optimistic that the coming year will produce sustained growth, continued improvement in our net interest margin, and increased profitability.”
OPERATING PERFORMANCE2
(In millions)Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
Adjusted PPNR$312$262$1,131$1,170
Net charge-offs (recoveries)$36$9$60$36
Efficiency ratio62.0 %65.1 %64.2 %62.9 %
Weighted average diluted shares147.3 147.6 147.2 147.8 
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 19-21.
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
4Q24 - 3Q244Q24 - 4Q23
(In millions)4Q243Q244Q23$%$%
Interest and fees on loans$873$899$848$(26)(3)%$25 3 %
Interest on money market investments606748(7)(10)12 25 
Interest on securities129138144(9)(7)(15)(10)
Total interest income
1,0621,1041,040(42)(4)22 2 
Interest on deposits371403395(32)(8)(24)(6)
Interest on short- and long-term borrowings648162(17)(21)2 3 
Total interest expense
435484457(49)(10)(22)(5)
Net interest income
$627$620$583$7 1 $44 8 
bpsbps
Yield on interest-earning assets1
5.13 %5.35 %5.15 %(22)(2)
Rate paid on total deposits and interest-bearing liabilities1
2.12 %2.36 %2.25 %(24)(13)
Cost of total deposits1
1.93 %2.14 %2.06 %(21)(13)
Net interest margin1
3.05 %3.03 %2.91 %2 14 
1 Taxable-equivalent rates used where applicable.
Net interest income increased $44 million, or 8%, in the fourth quarter of 2024, relative to the prior year period, primarily as a result of lower funding costs. Net interest income also benefited from growth in average interest-earning assets. The net interest margin was 3.05%, compared with 2.91%.
The yield on average interest-earning assets was 5.13% in the fourth quarter of 2024, compared with 5.15% in the prior year period. The yield on average loans and leases decreased 2 basis points to 5.92%, and the yield on average securities decreased 11 basis points to 2.73% in the fourth quarter of 2024, reflecting lower interest rates.
The rate paid on total deposits and interest-bearing liabilities was 2.12%, compared with 2.25% in the prior year quarter, and the cost of total deposits was 1.93%, compared with 2.06%, reflecting the lower interest rate environment.
Average interest-earning assets increased $2.3 billion, or 3% from the prior year quarter, as growth of $2.2 billion in average loans and leases and $1.5 billion in average money market investments, was partially offset by a decline of $1.4 billion in average securities. The decrease in average securities was primarily due to principal reductions.
Average interest-bearing liabilities increased $3.0 billion, or 6%, from the prior year quarter, driven by increases of $2.5 billion and $0.5 billion in average interest-bearing deposits and average borrowed funds, respectively.


ZIONS BANCORPORATION, N.A.
Press Release – Page 3


Noninterest Income
4Q24 - 3Q244Q24 - 4Q23
(In millions)4Q243Q244Q23$%$%
Commercial account fees$47 $46 $43 $1 2 %$4 9 %
Card fees24 24 26 — — (2)(8)
Retail and business banking fees17 18 17 (1)(6)— — 
Loan-related fees and income20 17 16 3 18 4 25 
Capital markets fees37 28 19 9 32 18 95 
Wealth management fees14 14 14 — — — — 
Other customer-related fees14 14 15 — — (1)(7)
Customer-related noninterest income173 161 150 12 7 23 15 
Fair value and nonhedge derivative income (loss)3 (3)(9)6 NM12 NM
Dividends and other income9 5 8 4 80 1 13 
Securities gains (losses), net8 9 (1)(1)(11)9 NM
Noncustomer-related noninterest income20 11 (2)9 82 22 NM
Total noninterest income
$193 $172 $148 $21 12 $45 30 
Customer-related noninterest income increased $23 million, or 15%, compared with the prior year period. Capital markets fees increased $18 million, largely due to increased swap fees, real estate capital markets activity, and syndication fees. Commercial account fees increased $4 million, primarily due to growth in account analysis and treasury management sweep fees, and loan-related fees and income increased $4 million, mainly due to higher gains on loan sales and unused loan commitment fees.
Noncustomer-related noninterest income increased $22 million, compared with the prior year period. Fair value and nonhedge derivative income increased $12 million, primarily due to credit valuation adjustments on client-related interest rate swaps, and net securities gains increased $9 million, largely due to valuation adjustments in our SBIC investment portfolio.
Noninterest Expense
4Q24 - 3Q244Q24 - 4Q23
(In millions)4Q243Q244Q23$%$%
Salaries and employee benefits$321 $317 $301 $4 1 %$20 7 %
Technology, telecom, and information processing66 66 65 — — 1 2 
Occupancy and equipment, net42 40 38 2 5 4 11 
Professional and legal services17 14 17 3 21 — — 
Marketing and business development10 12 11 (2)(17)(1)(9)
Deposit insurance and regulatory expense17 19 109 (2)(11)(92)(84)
Credit-related expense6 6 7 — — (1)(14)
Other30 28 33 2 7 (3)(9)
Total noninterest expense
$509 $502 $581 $7 1 $(72)(12)
Adjusted noninterest expense 1
$509 $499 $489 $10 2 $20 4 
1 For information on non-GAAP financial measures, see pages 19-21.
Noninterest expense decreased $72 million, or 12%, relative to the prior year quarter. Deposit insurance and regulatory expense decreased $92 million, or 84%, largely due to a $90 million accrual associated with the FDIC special assessment during the prior year quarter. This decrease was partially offset by an increase of $20 million, or 7%, in salaries and employee benefits expense, primarily due to higher incentive compensation, salary, and benefit accruals.


ZIONS BANCORPORATION, N.A.
Press Release – Page 4


Adjusted noninterest expense increased $20 million, or 4%. The efficiency ratio was 62.0%, compared with 65.1%, as the increase in adjusted taxable-equivalent revenue outpaced the increase in adjusted noninterest expense. For information on non-GAAP financial measures, see pages 19-21.
BALANCE SHEET ANALYSIS
Investment Securities
4Q24 - 3Q244Q24 - 4Q23
(In millions)4Q243Q244Q23$%$%
Investment securities:
Available-for-sale, at fair value$9,095 $9,495 $10,300 $(400)(4)%$(1,205)(12)%
Held-to-maturity, at amortized cost9,669 9,857 10,382 (188)(2)(713)(7)
Total investment securities, net of allowance$18,764 $19,352 $20,682 $(588)(3)$(1,918)(9)
Total investment securities decreased $1.9 billion, or 9%, to $18.8 billion at December 31, 2024, largely due to principal reductions. We invest in securities to actively manage liquidity and interest rate risk and to generate interest income. We primarily own securities that can readily provide us cash and liquidity through secured borrowing agreements without the need to sell the securities. Our fixed-rate securities portfolio helps balance the inherent interest rate mismatch between loans and deposits and protects the economic value of shareholders' equity.
Loans and Leases
4Q24 - 3Q244Q24 - 4Q23
(In millions)4Q243Q244Q23$%$%
Loans held for sale$74 $97 $53 $(23)(24)%$21 40 %
Loans and leases:
Commercial
$30,965 $30,785 $30,588 $180 1 $377 1 
Commercial real estate
13,477 13,483 13,371 (6)— 106 1 
Consumer
14,968 14,616 13,820 352 2 1,148 8 
Loans and leases, net of unearned income and fees59,410 58,884 57,779 526 1 1,631 3 
Less allowance for loan losses
696 694 684 2 — 12 2 
Loans and leases held for investment, net of allowance
$58,714 $58,190 $57,095 $524 1 $1,619 3 
Unfunded lending commitments$29,618 $29,121 $29,716 $497 2 $(98)— 
Loans and leases, net of unearned income and fees, increased $1.6 billion, or 3%, to $59.4 billion, relative to the prior year quarter. Consumer loans increased $1.1 billion from the prior year quarter, primarily in the 1-4 family residential loan portfolio, and commercial loans increased $0.4 billion, primarily in the commercial and industrial loan portfolio.


ZIONS BANCORPORATION, N.A.
Press Release – Page 5


Credit Quality
4Q24 - 3Q244Q24 - 4Q23
(In millions)4Q243Q244Q23$%$%
Provision for credit losses$41$13$—$28 NM$41 NM
Allowance for credit losses7417367295 1 %12 2 %
Net loan and lease charge-offs (recoveries)363933 NM27 NM
Nonperforming assets298368228(70)(19)70 31 
Classified loans2,8702,093825777 37 2,045 NM
4Q243Q244Q23bpsbps
Ratio of ACL to loans and leases outstanding, at period end1.25 %1.25 %1.26 %— (1)
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans0.24 %0.02 %0.06 %22 18 
Ratio of nonperforming assets to loans and leases and other real estate owned0.50 %0.62 %0.39 %(12)11 
Ratio of classified loans to total loans and leases4.83 %3.55 %1.43 %128 340 
During the fourth quarter of 2024, we recorded a $41 million provision for credit losses, compared with a provision of less than $1 million during the prior year period. The allowance for credit losses (“ACL”) was $741 million at December 31, 2024, compared with $729 million at December 31, 2023. The increase in the ACL primarily reflects loan growth, credit quality deterioration, and higher reserves associated with portfolio-specific risks including commercial real estate (“CRE”), partially offset by improvements in economic forecasts. The ratio of ACL to total loans and leases remained relatively stable at 1.25% at December 31, 2024, compared with 1.26% at December 31, 2023.
Net loan and lease charge-offs totaled $36 million, compared with $9 million in the prior year quarter, primarily due to a $24 million charge-off on one commercial and industrial loan. Nonperforming as sets totaled $298 million, or 0.50%, of total loans and leases and other real estate owned, compared with $228 million, or 0.39%. The increase in nonperforming assets was primarily due to a small number of loans in the commercial and industrial and term CRE portfolios.
Classified loans totaled $2.9 billion, or 4.83%, of total loans and leases, compared with $825 million, or 1.43%. The increase in classified loans was primarily in the multifamily and industrial CRE loan portfolios, largely due to an increased emphasis in risk grading on current cash flows, and less emphasis on the adequacy of collateral values and the strength of guarantors and sponsors. The increase in classified loans was also attributable to weaker performance, particularly for 2021 and 2022 construction loan vintages, as borrowers missed projections due to longer-than-anticipated lease-up periods, rent concessions, elevated costs, and higher interest rates. The loss content of our CRE loan portfolio continues to be mitigated by strong underwriting, supported by high borrower equity and guarantor support; consequently, our CRE nonperforming assets have remained relatively stable.


ZIONS BANCORPORATION, N.A.
Press Release – Page 6


Deposits and Borrowed Funds
4Q24 - 3Q244Q24 - 4Q23
(In millions)4Q243Q244Q23$%$%
Deposits:
Noninterest-bearing demand$24,704 $24,973 $26,244 $(269)(1)%$(1,540)(6)%
Interest-bearing:
Savings and money market40,037 39,215 38,663 822 2 1,374 4 
Time6,448 6,333 5,619 115 2 829 15 
Brokered5,034 5,197 4,435 (163)(3)599 14 
Total interest-bearing51,519 50,745 48,717 774 2 2,802 6 
Total deposits$76,223 $75,718 $74,961 $505 1 $1,262 2 
Borrowed funds:
Federal funds purchased and other short-term borrowings$3,832 $2,919 $4,379 $913 31 $(547)(12)
Long-term debt950 548 542 402 73 408 75 
Total borrowed funds$4,782 $3,467 $4,921 $1,315 38 $(139)(3)
Total deposits increased $1.3 billion from the prior year quarter, as a $2.8 billion increase in interest-bearing deposits was partially offset by a $1.5 billion decrease in noninterest-bearing demand deposits. At December 31, 2024, customer deposits (excluding brokered deposits) totaled $71.2 billion, compared with $70.5 billion at December 31, 2023, and included approximately $7.0 billion and $6.8 billion of reciprocal deposits, respectively. Our loan-to-deposit ratio was 78%, compared with 77% in the prior year quarter.
Total borrowed funds, consisting primarily of secured borrowings, decreased $139 million, or 3%, from the prior year quarter, as a decline in security repurchase agreements was partially offset by an increase in long-term debt. The increase in long-term debt was due to the issuance of $500 million of 6.82% Fixed-to-Floating Subordinated Notes due 2035, partially offset by the redemption of $88 million of 6.95% Fixed-to-Floating Subordinated Notes due 2028 during the fourth quarter of 2024.
Shareholders’ Equity
4Q24 - 3Q244Q24 - 4Q23
(In millions, except share data)4Q243Q244Q23$%$%
Shareholders’ equity:
Preferred stock
$66$440$440$(374)(85)%$(374)(85)%
Common stock and additional paid-in capital
1,7371,7171,73120 1 6 — 
Retained earnings
6,7016,5646,212137 2 489 8 
Accumulated other comprehensive income (loss)(2,380)(2,336)(2,692)(44)(2)312 12 
Total shareholders’ equity$6,124$6,385$5,691$(261)(4)$433 8 
Capital distributions:
Common dividends paid$64$61$61$3 5 $3 5 
Bank common stock repurchased———— — — — 
Total capital distributed to common shareholders$64$61$61$3 5 $3 5 
shares%shares%
Weighted average diluted common shares outstanding (in thousands)
147,329 147,150 147,645 179 — %(316)— %
Common shares outstanding, at period end (in thousands)147,871 147,699 148,153 172 — (282)— 


ZIONS BANCORPORATION, N.A.
Press Release – Page 7


Preferred stock decreased $374 million due to the redemption of the outstanding shares of our Series G, I, and J preferred stock during the fourth quarter of 2024. The redemption resulted in a one-time reduction to net earnings applicable to common shareholders of approximately $6 million arising from the accelerated recognition of preferred stock issuance costs.
The common stock dividend was $0.43 per share, compared with $0.41 during the fourth quarter of 2023. Common shares outstanding decreased 0.3 million from the fourth 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 $2.4 billion at December 31, 2024, an improvement of $312 million when compared with December 31, 2023, 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 currently excluded from regulatory capital, and therefore do not impact our regulatory capital ratios.
Estimated common equity tier 1 (“CET1”) capital was $7.4 billion, an increase of 7%, compared with $6.9 billion in the prior year period. The estimated CET1 capital ratio was 10.9%, compared with 10.3%. Tangible book value per common share increased to $33.85, compared with $28.30, primarily due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see pages 19-21.
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website, which will be used to discuss the fourth quarter results at 5:30 p.m. ET on January 21, 2025. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and using the meeting number 13750908, 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 $89 billion of total assets at December 31, 2024, and annual net revenue of $3.1 billion in 2024. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.
Forward-Looking Information
This earnings release 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


ZIONS BANCORPORATION, N.A.
Press Release – Page 8


•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 investment 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 lease 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;
•Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements;
•Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to us or, the banking industry;
•Changes in our credit ratings;
•Our ability to innovate and otherwise address competitive pressures and other factors that may affect aspects of our business, such as pricing, relevance of and demand for our products and services, and our ability to recruit and retain talent;
•The potential for both positive and disruptive impacts of technological advancements, such as digital currencies and commerce, blockchain, artificial intelligence, quantum and cloud computing, and other innovations affecting us and 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 and related incidents;
•Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services;
•The effects of wars and geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future;
•Natural disasters, pandemics, catastrophic events, and other emergencies and incidents, and their impact on our and our customers’ operations, business, and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products;
•Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change;
•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;


ZIONS BANCORPORATION, N.A.
Press Release – Page 9


•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
•Other assumptions, risks, or uncertainties described in this earnings release, and other SEC filings.
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 10


FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
(In millions, except share, per share, and ratio data)December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
BALANCE SHEET 1
Loans held for investment, net of allowance$58,714$58,190$57,719$57,410$57,095
Total assets88,77587,03287,60687,06087,203
Deposits76,22375,71873,77074,23774,961
Total shareholders’ equity6,1246,3856,0255,8295,691
STATEMENT OF INCOME
Net earnings applicable to common shareholders
$200$204$190$143$116
Net interest income627620597586583
Taxable-equivalent net interest income 2
639632608596593
Total noninterest income193172179156148
Total noninterest expense509502509526581
Pre-provision net revenue 2
323302278226160
Adjusted pre-provision net revenue 2
312299278242262
Provision for credit losses4113513—
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share$1.34$1.37$1.28$0.96$0.78
Dividends0.430.410.410.410.41
Book value per common share 1
40.9740.2537.8236.5035.44
Tangible book value per common share 1, 2
33.8533.1230.6729.3428.30
Weighted average share price54.6047.1342.0141.0335.95
Weighted average diluted common shares outstanding (in thousands)
147,329147,150147,120147,343147,645
Common shares outstanding (in thousands) 1
147,871147,699147,684147,653148,153
SELECTED RATIOS AND OTHER DATA
Return on average assets0.96 %0.95 %0.91 %0.70 %0.57 %
Return on average common equity13.2 %14.1 %14.0 %10.9 %9.2 %
Return on average tangible common equity 2
16.0 %17.4 %17.5 %13.7 %11.8 %
Net interest margin3.05 %3.03 %2.98 %2.94 %2.91 %
Cost of total deposits1.93 %2.14 %2.11 %2.06 %2.06 %
Efficiency ratio 2
62.0 %62.5 %64.5 %67.9 %65.1 %
Effective tax rate 3
20.0 %22.7 %23.3 %24.6 %16.0 %
Ratio of nonperforming assets to loans and leases and other real estate owned
0.50 %0.62 %0.45 %0.44 %0.39 %
Annualized ratio of net loan and lease charge-offs to average loans0.24 %0.02 %0.10 %0.04 %0.06 %
Ratio of total allowance for credit losses to loans and leases outstanding 1
1.25 %1.25 %1.24 %1.27 %1.26 %
Full-time equivalent employees
9,4069,5039,6969,7089,679
CAPITAL RATIOS AND DATA 1
Tangible common equity ratio 2
5.7 %5.7 %5.2 %5.0 %4.9 %
Common equity tier 1 capital 4
$7,363$7,206$7,057$6,920$6,863
Risk-weighted assets 4
$67,660$67,305$66,885$66,824$66,934
Common equity tier 1 capital ratio 4
10.9 %10.7 %10.6 %10.4 %10.3 %
Tier 1 risk-based capital ratio 4
11.0 %11.4 %11.2 %11.0 %10.9 %
Total risk-based capital ratio 4
13.3 %13.2 %13.1 %12.9 %12.8 %
Tier 1 leverage ratio 4
8.3 %8.6 %8.5 %8.4 %8.3 %
1 At period end.
2 For information on non-GAAP financial measures, see pages 19-21.
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 11


CONSOLIDATED BALANCE SHEETS
(In millions, shares in thousands)December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
ASSETS
Cash and due from banks$651 $1,114 $717 $709 $716 
Money market investments:
Interest-bearing deposits2,850 1,253 2,276 1,688 1,488 
Federal funds sold and securities purchased under agreements to resell1,453 986 936 894 937 
Trading securities, at fair value35 68 24 59 48 
Investment securities:
Available-for-sale, at fair value9,095 9,495 9,483 9,931 10,300 
Held-to-maturity1, at amortized cost
9,669 9,857 10,065 10,209 10,382 
Total investment securities, net of allowance18,764 19,352 19,548 20,140 20,682 
Loans held for sale2
74 97 112 12 53 
Loans and leases, net of unearned income and fees59,410 58,884 58,415 58,109 57,779 
Less allowance for loan losses696 694 696 699 684 
Loans held for investment, net of allowance58,714 58,190 57,719 57,410 57,095 
Other noninterest-bearing investments1,020 946 987 922 950 
Premises, equipment, and software, net1,366 1,372 1,383 1,396 1,400 
Goodwill and intangibles1,052 1,053 1,055 1,057 1,059 
Other real estate owned1 5 4 6 6 
Other assets2,795 2,596 2,845 2,767 2,769 
Total assets$88,775 $87,032 $87,606 $87,060 $87,203 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$24,704 $24,973 $24,731 $25,137 $26,244 
Interest-bearing:
Savings and money market40,037 39,242 38,596 38,879 38,721 
Time11,482 11,503 10,443 10,221 9,996 
Total deposits76,223 75,718 73,770 74,237 74,961 
Federal funds and other short-term borrowings3,832 2,919 5,651 4,895 4,379 
Long-term debt950 548 546 544 542 
Reserve for unfunded lending commitments45 42 30 37 45 
Other liabilities1,601 1,420 1,584 1,518 1,585 
Total liabilities82,651 80,647 81,581 81,231 81,512 
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares66 440 440 440 440 
Common stock3 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital
1,737 1,717 1,713 1,705 1,731 
Retained earnings6,701 6,564 6,421 6,293 6,212 
Accumulated other comprehensive income (loss)(2,380)(2,336)(2,549)(2,609)(2,692)
Total shareholders’ equity6,124 6,385 6,025 5,829 5,691 
Total liabilities and shareholders’ equity$88,775 $87,032 $87,606 $87,060 $87,203 
1 Held-to-maturity (fair value)
$9,382 $10,024 $9,891 $10,105 $10,466 
2 Loans held for sale (carried at fair value)
25 58 58 — 43 
3 Common shares (issued and outstanding)
147,871 147,699 147,684 147,653 148,153 


ZIONS BANCORPORATION, N.A.
Press Release – Page 12


CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)Three Months Ended
(In millions, except share and per share amounts)December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
Interest income:
Interest and fees on loans$873 $899 $877 $865 $848 
Interest on money market investments60 67 56 47 48 
Interest on securities129 138 140 142 144 
Total interest income1,062 1,104 1,073 1,054 1,040 
Interest expense:
Interest on deposits371 403 390 376 395 
Interest on short- and long-term borrowings64 81 86 92 62 
Total interest expense435 484 476 468 457 
Net interest income627 620 597 586 583 
Provision for credit losses:
Provision for loan losses38 1 12 21 12 
Provision for unfunded lending commitments3 12 (7)(8)(12)
Total provision for credit losses41 13 5 13 — 
Net interest income after provision for credit losses586 607 592 573 583 
Noninterest income:
Commercial account fees47 46 45 44 43 
Card fees24 24 25 23 26 
Retail and business banking fees17 18 16 16 17 
Loan-related fees and income20 17 18 15 16 
Capital markets fees37 28 21 24 19 
Wealth management fees14 14 15 15 14 
Other customer-related fees14 14 14 14 15 
Customer-related noninterest income173 161 154 151 150 
Fair value and nonhedge derivative income (loss)3 (3)(1)1 (9)
Dividends and other income9 5 22 6 8 
Securities gains (losses), net8 9 4 (2)(1)
Total noninterest income193 172 179 156 148 
Noninterest expense:
Salaries and employee benefits321 317 318 331 301 
Technology, telecom, and information processing66 66 66 62 65 
Occupancy and equipment, net42 40 40 39 38 
Professional and legal services17 14 17 16 17 
Marketing and business development10 12 13 10 11 
Deposit insurance and regulatory expense17 19 21 34 109 
Credit-related expense6 6 6 7 7 
Other real estate expense, net— — (1)— — 
Other30 28 29 27 33 
Total noninterest expense509 502 509 526 581 
Income before income taxes270 277 262 203 150 
Income taxes54 63 61 50 24 
Net income216 214 201 153 126 
Preferred stock dividends(10)(10)(11)(10)(10)
Preferred stock redemption(6)— — — — 
Net earnings applicable to common shareholders$200 $204 $190 $143 $116 
Weighted average common shares outstanding during the period:
Basic shares (in thousands)147,247 147,138 147,115 147,338 147,640 
Diluted shares (in thousands)147,329 147,150 147,120 147,343 147,645 
Net earnings per common share:
Basic$1.34 $1.37 $1.28 $0.96 $0.78 
Diluted1.34 1.37 1.28 0.96 0.78 


ZIONS BANCORPORATION, N.A.
Press Release – Page 13


CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
(In millions, except share and per share amounts)20242023
(Unaudited)
Interest income:
Interest and fees on loans$3,514 $3,196 
Interest on money market investments230 188 
Interest on securities549 563 
Total interest income4,293 3,947 
Interest expense:
Interest on deposits1,540 1,063 
Interest on short- and long-term borrowings323 446 
Total interest expense1,863 1,509 
Net interest income2,430 2,438 
Provision for credit losses:
Provision for loan losses72 148 
Provision for unfunded lending commitments— (16)
Total provision for credit losses72 132 
Net interest income after provision for loan losses2,358 2,306 
Noninterest income:
Commercial account fees182 174 
Card fees96 101 
Retail and business banking fees67 66 
Loan-related fees and income70 79 
Capital markets fees110 81 
Wealth management fees58 58 
Other customer-related fees56 61 
Customer-related noninterest income639 620 
Fair value and nonhedge derivative income (loss)— (4)
Dividends and other income42 57 
Securities gains (losses), net19 4 
Total noninterest income700 677 
Noninterest expense:
Salaries and employee benefits1,287 1,275 
Technology, telecom, and information processing260 240 
Occupancy and equipment, net161 160 
Professional and legal services64 62 
Marketing and business development45 46 
Deposit insurance and regulatory expense91 169 
Credit-related expense25 26 
Other real estate expense, net(1)— 
Other114 119 
Total noninterest expense2,046 2,097 
Income before income taxes1,012 886 
Income taxes228 206 
Net income784 680 
Preferred stock dividends(41)(32)
Preferred stock redemption(6)— 
Net earnings applicable to common shareholders$737 $648 
Weighted average common shares outstanding during the year:
Basic shares (in thousands)147,210 147,748 
Diluted shares (in thousands)147,215 147,756 
Net earnings per common share:
Basic$4.95 $4.35 
Diluted4.95 4.35 


ZIONS BANCORPORATION, N.A.
Press Release – Page 14


Loan Balances Held for Investment by Portfolio Type
(Unaudited)
(In millions)December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
Commercial:
Commercial and industrial$16,891 $16,757 $16,622 $16,519 $16,684 
Leasing377 377 390 388 383 
Owner occupied9,333 9,381 9,236 9,295 9,219 
Municipal4,364 4,270 4,263 4,277 4,302 
Total commercial30,965 30,785 30,511 30,479 30,588 
Commercial real estate:
Construction and land development2,774 2,833 2,725 2,686 2,669 
Term10,703 10,650 10,824 10,892 10,702 
Total commercial real estate13,477 13,483 13,549 13,578 13,371 
Consumer:
Home equity credit line3,641 3,543 3,468 3,382 3,356 
1-4 family residential9,939 9,489 9,153 8,778 8,415 
Construction and other consumer real estate810 997 1,139 1,321 1,442 
Bankcard and other revolving plans457 461 466 439 474 
Other121 126 129 132 133 
Total consumer14,968 14,616 14,355 14,052 13,820 
Total loans and leases$59,410 $58,884 $58,415 $58,109 $57,779 

Nonperforming Assets
(Unaudited)
(In millions)December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
Nonaccrual loans 1
$297 $363 $261 $248 $222 
Other real estate owned 2
1 5 4 6 6 
Total nonperforming assets$298 $368 $265 $254 $228 
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2
0.50 %0.62 %0.45 %0.44 %0.39 %
Accruing loans past due 90 days or more$18 $7 $6 $3 $3 
Ratio of accruing loans past due 90 days or more to loans1 and leases
0.03 %0.01 %0.01 %0.01 %0.01 %
Nonaccrual loans and accruing loans past due 90 days or more
$315 $370 $267 $251 $225 
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned
0.53 %0.64 %0.46 %0.44 %0.40 %
Accruing loans past due 30-89 days$57 $89 $114 $77 $86 
Classified loans2,870 2,093 1,264 966 825 
Ratio of classified loans to total loans and leases4.83 %3.55 %2.16 %1.66 %1.43 %
1 Includes loans held for sale.
2 Does not include banking premises held for sale.


ZIONS BANCORPORATION, N.A.
Press Release – Page 15


Allowance for Credit Losses
(Unaudited)
Three Months Ended
(In millions)December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
Allowance for Loan and Lease Losses
Balance at beginning of period$694 $696 $699 $684 $681 
Provision for loan losses38 1 12 21 12 
Loan and lease charge-offs41 15 21 14 13 
Less: Recoveries5 12 6 8 4 
Net loan and lease charge-offs (recoveries)36 3 15 6 9 
Balance at end of period$696 $694 $696 $699 $684 
Ratio of allowance for loan losses to loans1 and leases, at period end
1.17 %1.18 %1.19 %1.20 %1.18 %
Ratio of allowance for loan losses to nonaccrual loans1 at period end
234 %191 %267 %282 %308 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans0.24 %0.02 %0.10 %0.04 %0.06 %
Reserve for Unfunded Lending Commitments
Balance at beginning of period$42 $30 $37 $45 $57 
Provision for unfunded lending commitments3 12 (7)(8)(12)
Balance at end of period$45 $42 $30 $37 $45 
Allowance for Credit Losses
Allowance for loan losses$696 $694 $696 $699 $684 
Reserve for unfunded lending commitments45 42 30 37 45 
Total allowance for credit losses$741 $736 $726 $736 $729 
Ratio of ACL to loans1 and leases outstanding, at period end
1.25 %1.25 %1.24 %1.27 %1.26 %
1 Does not include loans held for sale.


ZIONS BANCORPORATION, N.A.
Press Release – Page 16


Nonaccrual Loans by Portfolio Type
(Unaudited)
(In millions)December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
Commercial:
Commercial and industrial$114 $173 $111 $110 $82 
Leasing2 2 2 2 2 
Owner occupied31 29 28 20 20 
Municipal11 11 6 — — 
Total commercial158 215 147 132 104 
Commercial real estate:
Construction and land development— 2 2 1 22 
Term59 67 35 42 39 
Total commercial real estate59 69 37 43 61 
Consumer:
Home equity credit line30 30 29 27 17 
1-4 family residential49 47 46 44 40 
Bankcard and other revolving plans1 1 1 1 — 
Other— 1 1 1 — 
Total consumer80 79 77 73 57 
Total nonaccrual loans$297 $363 $261 $248 $222 

Net Charge-Offs by Portfolio Type
(Unaudited)
(In millions)December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
Commercial:
Commercial and industrial$35 $3 $4 $4 $7 
Owner occupied(1)— — — — 
Total commercial34 3 4 4 7 
Commercial real estate:
Construction and land development— — — (1)— 
Term— (2)11 — — 
Total commercial real estate— (2)11 (1)— 
Consumer:
Home equity credit line— — — — — 
1-4 family residential— — (1)1 — 
Bankcard and other revolving plans2 2 1 1 2 
Other— — — 1 — 
Total consumer loans2 2 — 3 2 
Total net charge-offs (recoveries)$36 $3 $15 $6 $9 


ZIONS BANCORPORATION, N.A.
Press Release – Page 17


CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)Three Months Ended
December 31, 2024September 30, 2024December 31, 2023
(In millions)Average balance
Yield/
Rate 1
Average balance
Yield/
Rate 1
Average balance
Yield/
Rate 1
ASSETS
Money market investments:
Interest-bearing deposits$2,059 4.87 %$2,457 5.53 %$1,590 5.52 %
Federal funds sold and securities purchased under agreements to resell2,698 5.10 %2,258 5.82 %1,704 5.91 %
Total money market investments4,757 5.00 %4,715 5.67 %3,294 5.72 %
Trading securities40 4.37 %32 4.18 %39 4.80 %
Investment securities:
Available-for-sale9,310 3.26 %9,442 3.53 %10,013 3.48 %
Held-to-maturity9,739 2.22 %9,936 2.22 %10,448 2.22 %
Total investment securities19,049 2.73 %19,378 2.86 %20,461 2.84 %
Loans held for sale76 NM104 NM32 NM
Loans and leases:2
Commercial31,020 5.89 %30,671 6.14 %30,219 5.81 %
Commercial real estate13,514 6.86 %13,523 7.23 %13,264 7.19 %
Consumer14,781 5.10 %14,471 5.18 %13,662 5.02 %
Total loans and leases59,315 5.92 %58,665 6.15 %57,145 5.94 %
Total interest-earning assets83,237 5.13 %82,894 5.35 %80,971 5.15 %
Cash and due from banks751 703 739 
Allowance for credit losses on loans and debt securities(674)(699)(681)
Goodwill and intangibles1,053 1,054 1,060 
Other assets5,202 5,218 5,644 
Total assets$89,569 $89,170 $87,733 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market$39,765 2.37 %$39,031 2.72 %$37,941 2.71 %
Time11,780 4.54 %11,275 4.81 %11,132 4.84 %
Total interest-bearing deposits51,545 2.87 %50,306 3.19 %49,073 3.19 %
Borrowed funds:
Federal funds purchased and security repurchase agreements
1,251 4.64 %1,072 5.33 %1,774 5.38 %
Other short-term borrowings3,114 4.72 %4,704 4.89 %2,282 5.16 %
Long-term debt767 6.32 %546 5.91 %541 6.06 %
Total borrowed funds5,132 4.94 %6,322 5.06 %4,597 5.35 %
Total interest-bearing liabilities56,677 3.05 %56,628 3.40 %53,670 3.38 %
Noninterest-bearing demand deposits24,858 24,723 26,851 
Other liabilities1,623 1,641 1,792 
Total liabilities83,158 82,992 82,313 
Shareholders’ equity:
Preferred equity375 440 440 
Common equity6,036 5,738 4,980 
Total shareholders’ equity6,411 6,178 5,420 
Total liabilities and shareholders’ equity$89,569 $89,170 $87,733 
Spread on average interest-bearing funds2.08 %1.95 %1.77 %
Impact of net noninterest-bearing sources of funds0.97 %1.08 %1.14 %
Net interest margin3.05 %3.03 %2.91 %
Memo: total cost of deposits1.93 %2.14 %2.06 %
Memo: total deposits and interest-bearing liabilities$81,535 2.12 %$81,351 2.36 %$80,521 2.25 %
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 18


CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)Twelve Months Ended
December 31, 2024December 31, 2023
(In millions)Average balance
Yield/
Rate 1
Average balance
Yield/
Rate 1
ASSETS
Money market investments:
Interest-bearing deposits$1,970 5.40 %$2,163 5.18 %
Federal funds sold and securities purchased under agreements to resell2,203 5.62 %1,358 5.57 %
Total money market investments4,173 5.52 %3,521 5.33 %
Trading securities36 4.41 %53 2.86 %
Investment securities:
Available-for-sale9,621 3.46 %10,900 3.03 %
Held-to-maturity10,017 2.23 %10,731 2.24 %
Total investment securities19,638 2.83 %21,631 2.64 %
Loans held for sale70 NM39 NM
Loans and leases:2
Commercial30,671 6.01 %30,519 5.50 %
Commercial real estate13,532 7.14 %13,023 6.98 %
Consumer14,344 5.14 %13,198 4.84 %
Total loans and leases58,547 6.06 %56,740 5.69 %
Total interest-earning assets82,464 5.26 %81,984 4.86 %
Cash and due from banks714 662 
Allowance for credit losses on loans and debt securities(689)(632)
Goodwill and intangibles1,055 1,062 
Other assets5,279 5,579 
Total assets$88,823 $88,655 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market$38,796 2.63 %$34,135 1.90 %
Time10,898 4.75 %9,028 4.58 %
Total interest-bearing deposits49,694 3.10 %43,163 2.46 %
Borrowed funds:
Federal funds purchased and security repurchase agreements
1,309 5.19 %3,380 4.98 %
Other short-term borrowings4,458 4.90 %4,741 5.08 %
Long-term debt600 6.07 %592 6.09 %
Total borrowed funds6,367 5.07 %8,713 5.11 %
Total interest-bearing funds56,061 3.32 %51,876 2.91 %
Noninterest-bearing demand deposits25,066 29,703 
Other liabilities1,643 1,797 
Total liabilities82,770 83,376 
Shareholders’ equity:
Preferred equity423 440 
Common equity5,630 4,839 
Total shareholders’ equity6,053 5,279 
Total liabilities and shareholders’ equity$88,823 $88,655 
Spread on average interest-bearing funds1.94 %1.95 %
Impact of net noninterest-bearing sources of funds1.06 %1.07 %
Net interest margin3.00 %3.02 %
Memo: total cost of deposits2.06 %1.46 %
Memo: total deposits and interest-bearing liabilities$81,127 2.28 %$81,579 1.87 %
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 19


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)December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
Net earnings applicable to common shareholders (GAAP)$200 $204 $190 $143 $116 
Adjustments, net of tax:
Amortization of core deposit and other intangibles1 1 1 1 1 
Adjusted net earnings applicable to common shareholders, net of tax(a)$201 $205 $191 $144 $117 
Average common equity (GAAP)$6,036 $5,738 $5,450 $5,289 $4,980 
Average goodwill and intangibles(1,053)(1,054)(1,056)(1,058)(1,060)
Average tangible common equity (non-GAAP)(b)$4,983 $4,684 $4,394 $4,231 $3,920 
Number of days in quarter(c)92 92 91 91 92 
Number of days in year(d)366 366 366 366 365 
Return on average tangible common equity (non-GAAP) 1
(a/b/c)*d16.0 %17.4 %17.5 %13.7 %11.8 %
1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 10.9%, 11.4%, 10.9%, 8.4%, and 6.7%, for the periods presented, respectively.


ZIONS BANCORPORATION, N.A.
Press Release – Page 20


TANGIBLE EQUITY RATIO, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE BOOK VALUE PER COMMON SHARE (ALL NON-GAAP MEASURES)
(Dollar amounts in millions, except per share amounts)December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
Total shareholders’ equity (GAAP)$6,124 $6,385 $6,025 $5,829 $5,691 
Goodwill and intangibles(1,052)(1,053)(1,055)(1,057)(1,059)
Tangible equity (non-GAAP)(a)5,072 5,332 4,970 4,772 4,632 
Preferred stock(66)(440)(440)(440)(440)
Tangible common equity (non-GAAP)(b)$5,006 $4,892 $4,530 $4,332 $4,192 
Total assets (GAAP)$88,775 $87,032 $87,606 $87,060 $87,203 
Goodwill and intangibles(1,052)(1,053)(1,055)(1,057)(1,059)
Tangible assets (non-GAAP)(c)$87,723 $85,979 $86,551 $86,003 $86,144 
Common shares outstanding (in thousands)(d)147,871 147,699 147,684 147,653 148,153 
Tangible equity ratio (non-GAAP) 1
(a/c)5.8 %6.2 %5.7 %5.5 %5.4 %
Tangible common equity ratio (non-GAAP)(b/c)5.7 %5.7 %5.2 %5.0 %4.9 %
Tangible book value per common share (non-GAAP)(b/d)$33.85 $33.12 $30.67 $29.34 $28.30 
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)December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
Noninterest expense (GAAP) (a)$509 $502 $509 $526 $581 
Adjustments:
Severance costs1 1 1 — — 
Other real estate expense, net— — (1)— — 
Amortization of core deposit and other intangibles2 2 1 2 2 
SBIC investment success fee accrual— — 1 — — 
FDIC special assessment(3)— 1 13 90 
Total adjustments(b)— 3 3 15 92 
Adjusted noninterest expense (non-GAAP)(c)=(a-b)$509 $499 $506 $511 $489 
Net interest income (GAAP)(d)$627 $620 $597 $586 $583 
Fully taxable-equivalent adjustments(e)12 12 11 10 10 
Taxable-equivalent net interest income (non-GAAP)(f)=(d+e)639 632 608 596 593 
Noninterest income (GAAP)(g)193 172 179 156 148 
Combined income (non-GAAP)(h)=(f+g)832 804 787 752 741 
Adjustments:
Fair value and nonhedge derivative income (loss)3 (3)(1)1 (9)
Securities gains (losses), net8 9 4 (2)(1)
Total adjustments(i)11 6 3 (1)(10)
Adjusted taxable-equivalent revenue (non-GAAP)(j)=(h-i)$821 $798 $784 $753 $751 
Pre-provision net revenue (PPNR) (non-GAAP)(h)-(a)$323 $302 $278 $226 $160 
Adjusted PPNR (non-GAAP)(j)-(c)312 299 278 242 262 
Efficiency ratio (non-GAAP) 1
(c/j)62.0 %62.5 %64.5 %67.9 %65.1 %
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%.


ZIONS BANCORPORATION, N.A.
Press Release – Page 21


EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)
Twelve Months Ended
(Dollar amounts in millions)December 31,
2024		December 31,
2023
Noninterest expense (GAAP) (a)$2,046 $2,097 
Adjustments:
Severance costs3 14 
Other real estate expense(1)— 
Amortization of core deposit and other intangibles7 6 
Restructuring costs— 1 
SBIC investment success fee accrual1 — 
FDIC special assessment11 90 
Total adjustments(b)21 111 
Adjusted noninterest expense (non-GAAP)(a-b)=(c)$2,025 $1,986 
Net interest income (GAAP)(d)$2,430 $2,438 
Fully taxable-equivalent adjustments(e)45 41 
Taxable-equivalent net interest income (non-GAAP)(d+e)=(f)2,475 2,479 
Noninterest income (GAAP)(g)700 677 
Combined income (non-GAAP)(f+g)=(h)3,175 3,156 
Adjustments:
Fair value and nonhedge derivative income (loss)— (4)
Securities gains (losses), net19 4 
Total adjustments(i)19 — 
Adjusted taxable-equivalent revenue (non-GAAP)(h-i)=(j)$3,156 $3,156 
Pre-provision net revenue (PPNR)(h)-(a)$1,129 $1,059 
Adjusted PPNR (non-GAAP)(j)-(c)1,131 1,170 
Efficiency ratio (non-GAAP)(c/j)64.2 %62.9 %

ZIONS2024 FOURTH QUARTER J a n u a r y 2 1 , 2 0 2 5 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 investment 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 lease 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; 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; Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to us or, the banking industry; Changes in our credit ratings; Our ability to innovate and otherwise address competitive pressures and other factors that may affect aspects of our business, such as pricing, relevance of and demand for our products and services, and our ability to recruit and retain talent; The potential for both positive and disruptive impacts of technological advancements, such as digital currencies and commerce, blockchain, artificial intelligence, quantum and cloud computing, and other innovations affecting us and 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 and related incidents; Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting third parties upon whom we rely for the delivery of various products and services; The effects of wars and geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future; Natural disasters, pandemics, catastrophic events, and other emergencies and incidents, and their impact on our and our customers’ operations, business and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products; Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change; 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 Other assumptions, risks, or uncertainties described in this presentation. 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.

 
Net interest margin expanded for a fourth consecutive quarter; credit losses increased in the quarter though remained at 10 bps for the year FINANCIAL PERFORMANCE 3 (1) Excludes brokered deposits. (2) See Appendix for non-GAAP financial measures. • Net earnings to common declined by $4 million versus prior quarter due to a larger credit loss provision, slightly higher noninterest expense, and one-time costs associated with the redemption of preferred stock • Adjusted pre-provision net revenue increased 19% relative to the prior-year quarter • The net interest margin increased to 3.05% primarily because interest-bearing liabilities repriced downward faster than earning asset yields • Net charge-offs were 0.24% of loans, annualized, and 0.10% for the full year • Improved efficiency ratio reflects higher adjusted revenue Key Metrics 4Q24 FY24 Net earnings to common $200 million $737 million Diluted earnings per share (GAAP) $1.34 $4.95 Adjusted pre-provision net revenue2 $312 million $1,131 million Net interest margin 3.05% 3.00% Loan growth (linked period) Ending 0.9% Average 1.1% Ending 2.8% Average 3.2% Customer deposit growth1 (linked period) Ending 0.9% Average 1.4% Ending 0.9% Average 3.8% Net charge-offs / loans (annualized) 0.24% 0.10% Return on average tangible common equity2 16.0% 16.2% Efficiency ratio2 62.0% 64.2%

 
DILUTED EARNINGS PER SHARE 4 (1) Items that were $0.05 per share or more. Earnings per share decreased $0.03 versus prior quarter as improved pre-provision net revenue was offset by an increase in credit loss provision Diluted Earnings per Share EPS Impact of Provision for Credit Losses Notable Items1: 4Q24: • No items with impact > $0.05 per share during the quarter 3Q24: • No items with impact > $0.05 per share during the quarter 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 $0.78 $0.96 $1.28 $1.37 $1.34 4Q23 1Q24 2Q24 3Q24 4Q24 $0 $(0.07) $(0.03) $(0.07) $(0.21) 4Q23 1Q24 2Q24 3Q24 4Q24

 
PRE-PROVISION NET REVENUE (“PPNR”) 5 (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 attributable to increased revenue Linked quarter (4Q24 vs. 3Q24) • Adjusted PPNR increased 4%: • Increased net interest income; interest expense declined more than interest income • Increased customer-related noninterest income driven by record performance in capital markets income • Adjusted noninterest expense increased 2% Year-over-year (4Q24 vs. 4Q23) • Adjusted PPNR increased 19%: • Increase in net interest income primarily a result in lower funding costs; also benefited by growth in interest-earning assets • Customer-related fee income growth of 15% • Slight increase in adjusted noninterest expense $1 60 $2 26 $2 78 $3 02 $3 23 $2 62 $2 42 $2 78 $2 99 $3 12 4Q23 1Q24 2Q24 3Q24 4Q24 Pre-provision net revenue (PPNR) (non-GAAP) Adjusted PPNR (non-GAAP) PPNR1 ($ millions)

 
NET INTEREST INCOME & NET INTEREST MARGIN 6 Net interest income increased primarily because interest-bearing liabilities repriced downward faster than earning asset yields $583 $586 $597 $620 $627 2.91% 2.94% 2.98% 3.03% 3.05% 2.70% 2.80% 2.90% 3.00% 3.10% 3.20% $0 4Q23 1Q24 2Q24 3Q24 4Q24 Net Interest Income Net Interest Margin ($ millions) Linked quarter (4Q24 vs. 3Q24) Net interest income increased $7 million: • Interest income decreased $42 million • $26 million, or 3%, decrease on loans • $16 million, or 8%, decrease on money market and investment securities • Interest expense decreased $49 million • $32 million, or 8%, decrease on deposits • $17 million, or 21%, decrease on borrowings Year-over-year (4Q24 vs. 4Q23) Net interest income increased $44 million: • Interest income increased $22 million or 2% • Interest expense decreased $22 million or 5% • Interest paid on deposits decreased $24 million • Interest paid on borrowings increased $2 million

 
(0.04%) 0.03% 0.31% 0.01% (0.17%)2.91% 3.05% (0.08%) (0.15%) 0.23% 0.12% (0.10%) 3.03% 3.05% NET INTEREST MARGIN 7 (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. Favorable repricing of interest-bearing deposits contributed to the expansion of the net interest margin over prior year and quarter Year-Over-Year (4Q24 vs. 4Q23)Linked Quarter (4 Q24 vs. 3Q24) Loans DepositsMoney Mkt & Securities Borrowings Free Funds1 Loans DepositsMoney Mkt & Securities Borrowings Free Funds1 4Q23 4Q243Q24 4Q24

 
NONINTEREST INCOME AND REVENUE 8 (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. Customer-related noninterest income growth vs prior quarter was primarily driven by capital markets $150 $151 $154 $161 $173 4Q23 1Q24 2Q24 3Q24 4Q24 Customer-Related Noninterest Income 1 ($ millions) $7 31 $7 42 $7 76 $7 92 $8 20 $7 51 $7 53 $7 84 $7 98 $8 21 4Q23 1Q24 2Q24 3Q24 4Q24 Total Revenue (GAAP) Adjusted Revenue (Non-GAAP) Total Revenue 2 ($ millions)

 
NONINTEREST EXPENSE 9 (1) Adjusted for severance costs, restructuring costs, SBIC investments success fee accruals, FDIC special assessment, intangibles amortization, and other real estate expense. (2) In addition to the expense adjustments from note 1, the efficiency ratio also includes adjustments to revenue for taxable-equivalent interest income, securities gains (losses), and fair value and non-hedge derivative income (loss). See Appendix for non-GAAP financial measures. Noninterest expenses remain well-controlled with increases in the quarter related to compensation accruals, legal services, and occupancy • Adjusted noninterest expense increased $10 million linked quarter, driven by several categories: • Salary and benefits increased $4 million • Occupancy increased $2 million • Professional and legal services increased $3 million • Adjusted noninterest expense was up 4% 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 $5 81 $5 26 $5 09 $5 02 $5 09 $4 89 $5 11 $5 06 $4 99 $5 09 65.1% 67.9% 64.5% 62.5% 62.0% 4Q23 1Q24 2Q24 3Q24 4Q24 NIE (GAAP) Adjusted NIE (Non-GAAP) Efficiency Ratio ($ millions) Noninterest Expense (NIE) (1) (2)

 
AVERAGE LOANS AND DEPOSITS 10 Beta calculated using interest-bearing deposit spot rates at August 31 and December 31, which were 3.20% and 2.62%, respectively. Total deposit spot rate at December 31 was 1.78%. Yield on loans decreased 23 basis points; total cost of deposits decreased 21 basis points Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits $57.1 $57.9 $58.3 $58.7 $59.3 5.94% 6.06% 6.11% 6.15% 5.92% 4Q23 1Q24 2Q24 3Q24 4Q24 ($ billions) $49.1 $47.8 $49.1 $50.3 $51.5 $26.9 $25.5 $25.2 $24.7 $24.9 $75.9 $73.4 $74.2 $75.0 $76.4 2.06% 2.06% 2.11% 2.14% 1.93% 4Q23 1Q24 2Q24 3Q24 4Q24 ($ billions) Average Noninterest-bearing Deposits Average Interest-bearing Deposits Total interest-bearing deposits reflect a 58% cumulative beta

 
DEPOSIT BALANCE AND BORROWING TRENDS 11 Note: Deposit figures shown in graphs may not foot due to rounding Ending and average customer deposits increased 0.9% and 1.4%, respectively, compared to prior quarter 4Q24 total funding costs decreased 24 basis points vs. 3Q24 • Average noninterest-bearing demand deposits grew ~$130 million, or 0.5% linked-quarter • Noninterest-bearing deposits were 32% of total deposits Average Deposits and Borrowings ($ billions) Ending Deposits and Borrowings ($ billions) $71 $70 $69 $71 $71 $4 $4 $4 $5 $5 $5 $5 $6 $3 $5 - 10 20 30 40 50 60 70 80 90 100 4Q23 1Q24 2Q24 3Q24 4Q24 $70 $69 $70 $70 $71 $6 $4 $5 $5 $5 $5 $7 $7 $6 $5 2.25% 2.34% 2.36% 2.36% 2.12% 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 4Q23 1Q24 2Q24 3Q24 4Q24

 
TOTAL INVESTMENT SECURITIES & MONEY MARKET INVESTMENTS 12 The bank has strong on-balance sheet liquidity The investment securities portfolio is designed to be a storehouse of balance sheet liquidity • Principal and prepayment-related cash flows from investment securities were $749 million for the quarter, offset by reinvestment of $379 million • The composition of the investment securities portfolio allows for deep on-balance sheet liquidity through the repo market • Approximately 90% of investment securities are U.S. Government and U.S. Government Agency/GSE securities The investment securities portfolio is also used to balance interest rate risk • The estimated deposit duration at December 31, 2024 was assumed to be longer than the loan duration (including swaps); the investment securities portfolio balanced this mismatch • The estimated price sensitivity of the investment securities portfolio (including the impact of fair value hedges) was 3.4 years, compared to 3.6 years from the prior-year quarter Total Investment Securities and Money Market Investments (period-end balances) $20.7 $20.1 $19.5 $19.4 $18.8 $2.4 $2.6 $3.2 $2.2 $4.3 4Q23 1Q24 2Q24 3Q24 4Q24 Total Investment Securities Money Market Investments 29% 28% 28% 27% 28% % of earning assets ($ b ill io ns )

 
NET INTEREST INCOME – OUTLOOK & RATE SENSITIVITY 13 Net interest income is projected to increase in 4Q25 relative to 4Q24 Net Interest Income Sensitivity 4.0% 6.8% 9.4% -100 bps Implied Rate Path +100 bps 4Q25 vs 4Q24 Assuming interest rates follow the rate path implied as of December 31, net interest income is modeled1 to increase in 4Q25 vs. 4Q24 by an additional 6.8%. This assumes Fed Funds Target reaches 4.25% by 4Q25 and interest-bearing deposit beta of approximately 58% -100 and +100 parallel interest rate shocks suggest moderate rate sensitivity between +4.0% and +9.4% 1Assumes 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)

 
CREDIT QUALITY 14 Net charge-offs remain low, with trailing 12 months net charge-offs at 0.10% of average loans Key Credit Metrics • Net charge-offs relative to average loans: • 0.24% annualized in 4Q24 • 0.10% over the last 12 months • 0.50%: NPAs / loans + OREO • NPA balance decreased $70 million in 4Q24 from 3Q24 • 4.8%: Classified loans / total loans • Classified balance increased $777 million in 4Q24 from 3Q24, driven largely by loans in the commercial real estate portfolio (primarily multifamily, industrial, and office) • 5.9%: Criticized loans / total loans • Criticized balance increased $849 million in 4Q24 from 3Q24, driven by loans in the commercial real estate and commercial & industrial portfolios Allowance for Credit Losses • 1.25% of total loans and leases, flat to the previous quarter Credit Quality Ratios 2.8% 3.3% 3.8% 4.5% 5.9% 0.4% 0.4% 0.5% 0.6% 0.5% 1.4% 1.7% 2.2% 3.6% 4.8% 4Q23 1Q24 2Q24 3Q24 4Q24 Criticized / Loans NPAs / Loans + OREO Classified / Loans 308% 282% 267% 191% 234% 1.26% 1.27% 1.24% 1.25% 1.25% 4Q23 1Q24 2Q24 3Q24 4Q24 ALLL / Nonaccrual loans ACL / Loans

 
COMMERCIAL REAL ESTATE SUMMARY ($13.5 BILLION BALANCE) 15 Note: Loan to Value (LTV) calculations reflect the most current bank ordered / reviewed appraisal in the denominator and the current outstanding balance in the numerator. Appraisals and evaluations are performed in accordance with regulatory guidelines. The commercial real estate portfolio is granular and well diversified, 23% of total loans Term CRE ($10.7B) • Weighted average LTVs (< 60%) • Maturity distribution over the next three years: 29% (2025), 17% (2026), 16% (2027) • Average & median loan size of $3.7 million & < $1 million • Total term CRE portfolio: 12.7% criticized; 11.3% classified; 0.5% nonaccrual; 0.3% delinquencies Construction and Land Development ($2.8B) • Land and Acquisition & Development less than $300 million • Total construction portfolio: 18.8% criticized; 15.7% classified; 0% nonaccrual; 0% delinquencies Office ($1.8B: $1.7B term | $0.1B construction) • Weighted average LTVs (< 60%) • 70% suburban and 30% Central Business District • Average & median loan size of $4.3 million & < $1 million • 14.5% criticized; 12.8% classified; 2.7% nonaccrual; 1.4% delinquencies • $6.1 million 2024 net charge-offs • 80% term, 20% construction • Portfolio growth has been carefully managed for over a decade through disciplined concentration limits • Granular portfolio with solid sponsor or guarantor support • Collateral diversified by property type and location Multifamily, 30% Industrial, 22%Office, 13% Retail, 11% Hospitality, 5% Residential Construction, 5% All Other CRE, 14% CRE Portfolio Composition As of December 31, 2024

 
COMMERCIAL REAL ESTATE PROBLEM LOANS IN FOCUS 16 Note: LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. Approximately 29% of CRE classified balances have 2024 appraisals, 10% 2023, 55% 2022-21, 5% 2020 and earlier. The commercial real estate portfolio benefits from strong LTVs, guarantor support, low delinquencies, and diversification • CRE classifieds increased $609 million during the quarter: $254 million in multifamily, $242 million in industrial, and $88 million in office • Downgrades resulted from a slower leasing environment, elevated operating expenses, and higher interest rates • Low CRE nonaccruals (0.43%), delinquencies (0.27%), and charge-offs (TTM 0.06%) due to conservative underwriting, significant equity, and guarantor support • The ACL for CRE lending is substantial relative to credit quality measures (2.3% of CRE balances, 5.3x of CRE nonaccruals, 80x CRE TTM gross charge-offs) 0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ % o f T ot al C la ss ifi ed C R E Classified CRE LTVs Appraised vs. Index Adjusted Most Recent Appraisal Index Adjusted (50) 0 50 100 150 200 250 300 Multifamily Industrial Office Change in CRE Problem Loans Levels 9/30/24 to 12/31/24 Classified Criticized Nonaccrual ($ millions) (0.1%) 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% 0.9% 1.0% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 CRE Non-Performing Asset and Charge-offs Levels Net Charge-off Rate (quarterly annualized) Nonaccrual Rate 30+ Days Past Due

 
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. 04 % 0. 06 % 0. 16 % (0 .0 2% ) 0. 00 % 0. 08 % 0. 08 % 0. 05 % 0. 04 % 0. 09 % 0. 02 % 0. 21 % (4%) (2%) 0% 2% 4% 6% 8% 10% 12% 14% 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets 10 .0 % 9. 9% 9. 6% 9. 8% 9. 9% 10 .0 % 10 .2 % 10 .3 % 10 .4 % 10 .6 % 10 .7 % 10 .9 % 10 .9 % 10 .7 % 10 .5 % 10 .7 % 11 .0 % 11 .1 % 11 .3 % 11 .3 % 11 .5 % 11 .6 % 11 .8 % 12 .0 % 0% 2% 4% 6% 8% 10% 12% 14% 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 Common Equity Tier 1 ACL / Risk-weighted Assets

 
FINANCIAL OUTLOOK (FY 2025E VS. FY 2024A) 18 Outlook provided as of January 21, 2024 Outlook Comments Slightly Increasing  Commercial loans, particularly for small and medium-sized businesses, are expected to grow moderately, partially offset by managed declines in CRE and mortgage as payoffs are expected to outpace originations Moderately Increasing  Net interest income growth expected from earning asset remix and growth, aided by customer deposit growth and repricing of interest-bearing liabilities Moderately Increasing  Customer-related noninterest income growth is expected across a broad range of fee categories driven by increases in customer activity, with capital markets contributing outsized growth Slightly to Moderately Increasing  Technology costs, increased marketing, and continued investments in revenue- generating businesses expected to put mild pressure on noninterest expense; positive operating leverage expected Increasing Organically  Continued building of equity through retained earnings and AOCI accretion 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 to 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 • 20% improvement in tangible book value per share in 2024 • Focus on serving small- to medium-sized businesses, resulting in a granular deposit franchise and a long-term funding advantage • 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 reflected in the quality and diversity of our portfolio • 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 • Allowance and Credit Metrics • Earning Asset Repricing • Interest Rate Swaps • Interest Rate Sensitivity – Parallel Shock Analysis • Loan Loss Severity (NCOs as a percentage of nonaccrual loans) • Credit Metrics: Commercial Real Estate • Customer-Related Fee Income Growth • 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. Quarterly financial highlights Three Months Ended Full Year Ending (Dollar amounts in millions, except per share data) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Earnings Results: Diluted Earnings Per Share $ 1.34 $ 1.37 $ 1.28 $ 0.96 $ 4.95 $ 4.35 Net Earnings Applicable to Common Shareholders 200 204 190 143 737 648 Net Interest Income 627 620 597 586 2,430 2,438 Noninterest Income 193 172 179 156 700 677 Noninterest Expense 509 502 509 526 2,046 2,097 Pre-Provision Net Revenue - Adjusted (1) 312 299 278 242 1,131 1,170 Provision for Credit Losses 41 13 5 13 72 132 Ratios: Return on Assets(2) 0.96 % 0.95 % 0.91 % 0.70 % 0.88 % 0.77 % Return on Common Equity(3) 13.2 % 14.1 % 14.0 % 10.9 % 13.1 % 13.4 % Return on Tangible Common Equity(3) 16.0 % 17.4 % 17.5 % 13.7 % 16.2 % 17.3 % Net Interest Margin 3.05 % 3.03 % 2.98 % 2.94 % 3.00 % 3.02 % Yield on Loans 5.92 % 6.15 % 6.11 % 6.06 % 6.06 % 5.69 % Yield on Investment Securities 2.73 % 2.86 % 2.90 % 2.84 % 2.83 % 2.64 % Average Cost of Total Deposits(4) 1.93 % 2.14 % 2.11 % 2.06 % 2.06 % 1.46 % Efficiency Ratio (1) 62.0 % 62.5 % 64.5 % 67.9 % 64.2 % 62.9 % Effective Tax Rate 20.0 % 22.7 % 23.3 % 24.6 % 22.5 % 23.3 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.50 % 0.62 % 0.45 % 0.44 % 0.50 % 0.39 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.24 % 0.02 % 0.10 % 0.04 % 0.10 % 0.06 % Common Equity Tier 1 Capital Ratio(5) 10.9 % 10.7 % 10.6 % 10.4 % 10.9 % 10.3 %

 
(2.7) (2.4) (1.7) (1.4) (1.7) (1.3) (3.0) (2.5) (2.0) (1.5) (1.0) (0.5) - 4Q23 4Q24 4Q25 4Q26 as of 9/30/24 as of 12/31/24 ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (AOCI) 22 Note: AOCI burndown based on path of forward curve and hedges in place at 09/30/24 and 12/31/2024. 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. Hedging strategy provides meaningful protection if term rates were to increase. • Change in implied forward curve from 09/30/24 to 12/31/24 is projected to have minimal impact to 4Q25 AOCI estimate • The unrealized $2.4 billion accumulated other comprehensive loss is expected to improve by $700 million, or 30%, from 4Q24 to 4Q25 • This would add 75 basis points to the current tangible common equity ratio, all else equal $ B illi on s AOCI Loss Projection Actual Projection Based on forward curve:

 
BALANCE SHEET PROFITABILITY 23 (1) 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 6.7%, 8.4%, 10.9%, 11.4%, and 10.9% for the periods presented, respectively. Profitability has stabilized over the past several quarters 0.57% 0.70% 0.91% 0.95% 0.96% 4Q23 1Q24 2Q24 3Q24 4Q24 11.8% 13.7% 17.5% 17.4% 16.0% 4Q23 1Q24 2Q24 3Q24 4Q24 Return on Assets Return on Tangible Common Equity 1

 
LOAN GROWTH IN DETAIL 24 (1) Growth rate quarter over quarter, not annualized Loan growth in 1-4 family mortgage and energy (oil & gas) Compared to the prior quarter: • Period-end loans increased $526 million or 0.9% • Loan growth in dollars predominantly in 1-4 family and energy (oil & gas) • Balance declines in residential construction (categorized under ‘Other’), CRE construction, and owner occupied Linked Quarter Loan Balance Growth Total Loans: +0.9% G ro w th R at e: L in ke d Q ua rte r 1 Balance Change: Linked Quarter C&I (ex-Oil & Gas), 0% Owner occupied, (1%) CRE C&D, (2%) CRE Term, 0% Home Equity, 3% 1-4 Family, 5% Energy (Oil & Gas), 7% Municipal, 2% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% -$400 -$300 -$200 -$100 $0 $100 $200 $300 $400 $500 $600 Note: circle size indicates relative proportion of loan portfolio as of 4Q24. ($ millions) Note: ‘Other’ category not shown (-12%)

 
ALLOWANCE AND CREDIT METRICS THROUGH HISTORY 25 CECL methodology reflects reserve build ahead of realized deterioration of credit metrics 514 546 590 636 678 711 738 729 736 726 736 741 1.00 1.04 1.09 1.14 1.20 1.25 1.30 1.26 1.27 1.24 1.25 1.25 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ACL ($) ACL (%) • Through 2022 and 2023, the ACL increased, despite improving problem loan levels, due to forecasts of future credit quality deterioration, including $190 million of increase specifically for the commercial real estate portfolio • During 2024, the ACL has remained relatively flat as a percent of loans, despite increases in problem loan levels, as deterioration previously reserved for was somewhat realized 252 201 151 149 171 162 216 222 248 261 363 297 1,148 1,009 965 929 912 768 769 825 966 1,264 2,093 2,870 Nonaccrual Classified Coverage ratio remained steady while problem loans increased Coverage ratio increased while problem loans decreased

 
SIMULATED REPRICING EXPECTATIONS: EARNING ASSETS & LOANS 26 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 55% 8% 8% 7% 9% 13% 56% 8% 9% 7% 7% 13% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f L oa ns Loans: Rate Reset and Cash Flow Profile Loans After Hedging 46% 8% 9% 7% 10% 20% 49% 8% 10% 7% 6% 20% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f E ar ni ng A ss et s Earning Assets After Hedging Earning Assets: Rate Reset and Cash Flow Profile

 
INTEREST RATE SWAPS AT DECEMBER 31, 2024 27 Swaps are used to balance our interest rate sensitivity Received-Fixed Hedges1 (pay floating rate) Pay-Fixed Rate Hedges2 (receive floating rate) (1) Received-fixed hedges consist of hedging pools of floating rate loans or received-fixed swaps on long-term subordinated debt (2) Pay-fixed hedges consist of fair value swaps hedging fixed-rate AFS securities and fixed-rate commercial loans or short-term debt hedges on rolling FHLB advances Interest rate sensitivity is managed in part with portfolio interest rate hedges1 • In 4Q24, $200 million in receive-fixed loan swaps added with an average fixed rate of 3.69% and $500 million in receive- fixed debt swaps added with an average fixed rate of 3.93% 350 1,050 1,050 1,050 1,050 1,000 800 708 2.34 3.36 3.36 3.36 3.36 3.36 3.59 3.84 0 200 400 600 800 1,000 1,200 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2026 2027 Average Outstanding ($B) Average Fixed Rate Received (%) 5,068 5,068 5,053 4,858 4,565 4,557 4,562 4,558 3.27 3.27 3.26 3.24 3.21 3.21 3.21 3.21 4,300 4,400 4,500 4,600 4,700 4,800 4,900 5,000 5,100 5,200 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2026 2027 Average Outstanding ($B) Average Fixed Rate Paid (%) $ Bi lli on s

 
INTEREST RATE SENSITIVITY – PARALLEL RATE SHOCKS 28 (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%) 3% 5% (9%) (4%) 4% 9% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity 1 as of 9/30/2024 as of 12/31/2024

 
LOAN LOSS SEVERITY 29 Source: S&P Capital IQ. 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 10 % 16 % 18 % 22 % 22 % 23 % 23 % 29 % 37 % 39 % 46 % 48 % 51 % 55 % 57 % 58 % 61 % 75 % W AL M TB ZI O N BO KF C AD E FH N C M A W BS EW BC W TF C KE Y C FG H BA N SN V FI TB R F C FR PN FP C O LB Annualized NCOs / Nonaccrual Loans Five Year Average (2019Q4 – 2024Q3) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2009Q4 – 2024Q3) 16 % 19 % 19 % 20 % 22 % 27 % 27 % 31 % 40 % 42 % 45 % 45 % 48 % 52 % 52 % 53 % 55 % 67 % BO KF M TB W AL ZI O N C AD E C M A FH N W BS C FG C FR W TF C EW BC KE Y R F PN FP H BA N SN V FI TB C O LB >1 00 % >1 00 %

 
IN-DEPTH REVIEW: COMMERCIAL REAL ESTATE 30 Data is updated through 4Q24. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. Limited tail loan-to-value risk in portfolio; controlled CRE growth Term WAVG LTV % of CRE Term % of CRE Construction Multifamily 57% 27% 51% Industrial / Warehouse 53% 23% 23% Office 56% 16% 5% Retail 48% 13% 4% Hospitality 48% 6% 1% Zions has modest “tail risk” in its CRE portfolio Total CRE Problem Loan Trends as a percentage of total CRE loans 0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ % o f T ot al T er m B al an ce s Term CRE LTVs Appraised vs. Indexed Most Recent Appraisal Index Adjusted 2.7 2.7 2.7 2.8 2.8 10.7 10.9 10.8 10.6 10.7 4Q23 1Q24 2Q24 3Q24 4Q24 Term Balances Construction Balances 1.0 1.1 0.4 3.2 1.8 1.7 0.9 3.1 2025 2026 2027 2028 2029+ Maturities Term Balances Construction Balances 0% 5% 10% 15% 20% 25% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Criticized % Classified % Nonaccrual % TTM GCO Rate ($ b illi on s) Balance Trends

 
DISCIPLINED COMMERCIAL REAL ESTATE GROWTH 31 Data as of September 30, 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 1Q 15 1Q 16 1Q 17 1Q 18 1Q 19 1Q 20 1Q 21 1Q 22 1Q 23 1Q 24 3Q 24 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 1Q15 = 100 Commercial Real Estate Excluding Owner Occupied

 
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ % o f T ot al C R E O ffi ce T er m Most Recent Appraisal Index Adjusted 0.2 0.2 0.1 0.1 0.1 1.8 1.8 1.8 1.8 1.7 4Q23 1Q24 2Q24 3Q24 4Q24 Balance Trends Term Balances Construction Balances IN-DEPTH REVIEW: CRE OFFICE ($1.8 BILLION BALANCE) 32 Data updated through 4Q24. (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. The Indexed Adjusted values are adjusted based on the MSA level REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Office portfolio is 13% of total CRE exposure; 3% of total loans; charge-offs remain limited • Allowance for credit losses: 3.9% of balances / 27% of criticized balances • 9% decrease in balances year-over-year via payoffs, loan rebalance, amortization • Increase in office criticized due to tenant vacancy in multi tenant buildings and value add properties undergoing lease up • Despite increase in Criticized, nonaccruals remain low at 2.8% • Median loan size: < $1 million; average loan size: $4.5 million • 39% variable rate with swap, 15% fixed rate, 46% variable rate w/o swap • 43 percent of office exposure has a 2025 maturity Office Problem Loan Trends as a percentage of total office loans ($ b illi on s) When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination CRE Office Term LTVs Appraised vs. Indexed 0.1 0.7 0.2 0.2 0.1 0.5 2025 2026 2027 2028 2029+ Maturities Term Balances Construction Balances 0% 5% 10% 15% 20% 25% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Criticized % Classified % Nonaccrual % TTM GCO Rate

 
IN-DEPTH REVIEW: CRE OFFICE ($1.8 BILLION BALANCE) 33 Data is updated through 4Q24. (1) Portfolio metrics based on loans > $2.5 million – 90% of portfolio. Zions’ office collateral is diversified geographically, has limited exposure to CBD offices, and majority of building sizes < 200 thousand sq ft Office Collateral Summary • Largest exposure by state (percent of portfolio): UT 24%,CA 20%, WA 17%, AZ 14%, TX 11% • Largest exposure by MSA (percent of portfolio): Seattle 14%, Phoenix 13%, SLC 12%, Provo 8%, Los Angeles 7% • Stabilized term office portfolio is 86% leased (weighted average)1 • 2/3 suburban, 1/3 central business district1 • 1/3 of portfolio is credit tenant leased1 • 2/3 multi-tenant office, 1/3 single tenant1 • Over 80% of single tenant buildings are leased to credit tenants • Collateral size: 2/3 of exposure secured by buildings < 200 thousand sq ft ($ m illi on s) 17% 41% 49% 28% 3% 48% 22% 14% 83% 59% 51% 72% 97% 52% 78% 86% $58 $77 $79 $186 $255 $278 $328 $403 CO NV ID TX AZ WA CA UT Term CRE Office By State, CBD / Suburban ($MMs) CBD Suburban0 100 200 300 400 500 600 700 800 <50 50-100 100-200 200-300 300-400 400-500 500+ Single / Multi Tenancy by Office Collateral Size Multi Tenant Single Tenant

 
CRE Multifamily Term LTVs Appraised vs. Indexed IN-DEPTH REVIEW: CRE MULTIFAMILY ($4.0 BILLION BALANCE) 34 Data is updated through 4Q24. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE multifamily portfolio is 30% of total CRE exposure; 7% of total loan exposure • Allowance for credit losses: 2.6% of total multifamily balances / 12% of criticized balances – no charge offs in 2024 • 8% increase in balances YOY – construction loans funding up • Despite increase in criticized levels due to longer lease up timelines and construction delays, nonaccruals and delinquencies at 0.02% • 73% term, 27% construction • Median loan size: < $1 million; average loan size: $5.8 million • 18% variable rate with swap, 11% fixed rate, 71% variable rate w/o swap • Multifamily by location – 28% TX, 26% CA, 13% AZ, 11% UT, 22% all other Multifamily Problem Loan Trends as a percentage of total multifamily loans When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ % o f T ot al M ul tif am ily T er m Most Recent Appraisal Index Adjusted 0% 5% 10% 15% 20% 25% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Criticized % Classified % Nonaccrual % TTM GCO Rate 0.9 1.0 1.0 1.1 1.1 2.8 2.9 2.8 2.8 2.9 4Q23 1Q24 2Q24 3Q24 4Q24 Balance Trends Term Balances Construction Balances 0.4 0.6 1.1 0.7 0.4 0.1 0.6 2025 2026 2027 2028 2029+ Maturities Term Balances Construction Balances ($ b illi on s)

 
0.6 0.6 0.5 0.5 0.5 2.4 2.6 2.5 2.5 2.5 4Q23 1Q24 2Q24 3Q24 4Q24 Balance Trends Term Balances Construction Balances IN-DEPTH REVIEW: CRE INDUSTRIAL ($3.0 BILLION BALANCE) 35 Data is updated through 4Q24. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level REIS Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Industrial portfolio is 22% of total CRE exposure; 5% of total loan exposure • Allowance for credit losses: 2.3% of balances / 16% of criticized balances • 4% decrease in balances YOY via payoffs, loan rebalance, amortization • Despite increase in criticized levels due to longer lease up timelines and construction delays, nonaccruals and delinquencies at 0% each • 83% term, 17% construction • Median loan size: < $1 million; average loan size: $4.6 million • 18% variable rate with swap, 11% fixed rate, 72% variable rate w/o swap • By location – 31% CA, 17% TX, 14% AZ, 12% NV, 12% UT, 15% all other Industrial Problem Loan Trends as a percentage of total industrial loans ($ b illi on s) When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination 0.2 0.2 0.7 0.4 0.5 0.2 0.6 2025 2026 2027 2028 2029+ Maturities Term Balances Construction Balances 0% 5% 10% 15% 20% 25% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Criticized % Classified % Nonaccrual % TTM GCO Rate 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ % o f T ot al C R E In du st ria l T er m Most Recent Appraisal Index Adjusted CRE Industrial Term LTVs Appraised vs. Indexed

 
443 473 490 508 525 549 575 614 620 639 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $ M ill io ns CUSTOMER-RELATED FEE INCOME GROWTH: 2015 THROUGH 2024 36 Customer-related fee income has achieved a 4.2% compounded annual growth rate since 2015 led by Capital Markets (+15%) and Wealth Management (+10%) CAGR +4.2%

 
ZIONS FINISHES THIRD NATIONALLY IN 2023 GREENWICH EXCELLENCE AWARDS 37 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 38 In millions, except per share amounts 4Q24 3Q24 2Q24 1Q24 4Q23 FY 2024 FY 2023 (a) Total noninterest expense $509 $502 $509 $526 $581 $2,046 $2,097 LESS adjustments: Severance costs 1 1 1 3 14 Other real estate expense (1) (1) Amortization of core deposit and other intangibles 2 2 1 2 2 7 6 FDIC special assessment (3) 1 13 90 11 90 SBIC investment success fee accrual 1 1 Restructuring costs 1 (b) Total adjustments - 3 3 15 92 21 111 (c) =(a - b) Adjusted noninterest expense 509 499 506 511 489 2,025 1,986 d) Net interest income 627 620 597 586 583 2,430 2,438 (e) Fully taxable-equivalent adjustments 12 12 11 10 10 45 41 (f) = (d + e) Taxable-equivalent net interest income (TE NII) 639 632 608 596 593 2,475 2,479 (g) Noninterest Income 193 172 179 156 148 700 677 (h) = (f + g) Combined Income $832 $804 $787 $752 $741 $3,175 $3,156 LESS adjustments: Fair value and nonhedge derivative income (loss) 3 (3) (1) 1 (9) - (4) Securities gains (losses), net 8 9 4 (2) (1) 19 4 (i) Total adjustments 11 6 3 (1) (10) 19 - (j) = (h - i) Adjusted revenue $821 $798 $784 $753 $751 $3,156 $3,156 (j - c) Adjusted pre-provision net revenue (PPNR) $312 $299 $278 $242 $262 $1,131 $1,170 (c) / (j) Efficiency Ratio 62.0% 62.5% 64.5% 67.9% 65.1% 64.2% 62.9%

 
NON-GAAP FINANCIAL MEASURES (CONTINUED) 39 In millions 4Q24 3Q24 2Q24 1Q24 4Q23 FY 2024 FY 2023 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $200 $204 $190 $143 $116 $737 $648 Adjustments, net of tax: Amortization of core deposit and other intangibles 1 1 1 1 1 4 4 (a) Net earnings applicable to common, net of tax $201 $205 $191 $144 $117 $741 $652 Average common equity (GAAP) $6,036 $5,738 $5,450 $5,289 $4,980 $5,630 $4,839 Average goodwill and intangibles (1,053) (1,054) (1,056) (1,058) (1,060) (1,055) (1,062) (b) Average tangible common equity (non-GAAP) $4,983 $4,684 $4,394 $4,231 $3,920 $4,575 $3,777 (c) Number of days in quarter 92 92 91 91 92 n/a n/a (d) Number of days in year 366 366 366 366 365 n/a n/a (a/b/c)*d Return on average tangible common equity (non- GAAP) 16.0% 17.4% 17.5% 13.7% 11.8% 16.2% 17.3%

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

 
v3.24.4
Document and Entity Information Document
Jan. 21, 2025
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 21, 2025
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
Zions Bancorporation NA (NASDAQ:ZIONP)
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