EX-99.1 2 exh991earningsrelease20250.htm EX-99.1

Zions Bancorporation, N.A. One South Main Salt Lake City, UT 84133 October 20, 2025 |
www.zionsbancorporation.com

Third Quarter 2025 Financial Results: FOR IMMEDIATE RELEASE
Investor Contact: Shannon Drage (801) 844-8208
Media Contact: Jennifer Johnston (801) 844-7112

Zions Bancorporation, N.A. reports 3Q25 Net Earnings of $221 million, diluted EPS of $1.48
compared with 3Q24 Net Earnings of $204 million, diluted EPS of $1.37, and 2Q25 Net Earnings of $243 million, diluted EPS of $1.63

THIRD QUARTER RESULTS

$1.48 |  | $221 million |  | 3.28% |  | 11.3%
Net earnings per diluted common share |  | Net earnings |  | Net interest margin (“NIM”) |  | Estimated common equity tier 1 ratio

THIRD QUARTER HIGHLIGHTS¹
Net Interest Income and NIM | • | Net interest income was $672 million, up 8%
• | NIM was 3.28%, compared with 3.03%
Operating Performance | • | Pre-provision net revenue² ("PPNR") was $345 million, up 14%; adjusted PPNR² was $352 million, up 18%
• | Customer-related noninterest income was $163 million, up 3%; excluding net CVA, it was $174 million, up 8%
• | Noninterest expense was $527 million, up 5%; adjusted noninterest expense² was $520 million, up 4%
Loans and Credit Quality | • | Loans and leases were $60.3 billion, up 2%
• | Total loan and lease charge-offs included $50 million associated with two related C&I loans
• | The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.37%, compared with 0.02%
• | The provision for credit losses was $49 million, compared with $13 million, primarily due to two large related C&I loans
• | Nonperforming assets 3 were $324 million, or 0.54% of loans and leases and other real estate owned, compared with $368 million, or 0.62%
• | Classified loans were $2.4 billion, or 4.00% of loans and leases, compared with $2.1 billion, or 3.55%, down from $2.7 billion, or 4.43% in the prior quarter
Deposits and Borrowed Funds | • | Total deposits were $74.9 billion, down 1%; customer deposits (excluding brokered deposits) were $71.1 billion, up 1%
• | Short-term borrowings, primarily composed of secured borrowings, were $3.8 billion, up 29%
Capital | • | The estimated CET1 capital ratio was 11.3%, compared with 10.7%
Other Notable Items | • | Net credit valuation adjustment (“CVA”) loss on client-related interest rate swaps of $11 million, or $0.06 per share

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We’re pleased with the Company’s core earnings, which included 14% growth in pre-provision net revenue over the prior year period, and 18% on an adjusted basis. The net interest margin increased 25 basis points over the prior year period, while customer-related noninterest income, adjusted for the net credit valuation adjustment, grew 8%. Although loans contracted at a 3% annualized linked-quarter rate in the quarter, deposits, excluding brokered deposits, grew at an annualized rate of 7%. Over the past year, tangible book value per share grew 17%.” Mr. Simmons continued, “The quarter’s credit results were marred by a $50 million charge-off, and a $10 million specific reserve established against the approximate remaining balance, arising from loans to two related companies in which apparent irregularities and misrepresentations were recently detected. Legal action has been initiated to pursue recovery of the amounts owed from guarantors of the credits. Excluding this loss, remaining net charge-offs were very benign at $6 million, or 4 basis points of average loans on an annualized basis.”
OPERATING PERFORMANCE 2

(In millions) | Three Months Ended September 30, |  | Nine Months Ended September 30,
2025 |  | 2024 |  | 2025 |  | 2024
Net Interest Margin | 3.28 | % |  | 3.03 | % |  | 3.18 | % |  | 2.98 | %
Adjusted PPNR | $ | 352 |  | $ | 299 |  | $ | 935 |  | $ | 819
Net charge-offs | $ | 56 |  |  | $ | 3 |  |  | $ | 82 |  |  | $ | 24 |
Efficiency ratio | 59.6 | % |  | 62.5 | % |  | 62.7 | % |  | 64.9 | %

1 Comparisons noted in the bullet points are calculated for the current quarter compared with the same prior year period unless otherwise specified.
2 For information on non-GAAP financial measures, see pages 18-20.
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
|  |  |  |  |  |  | 3Q25 - 2Q25 |  | 3Q25 - 3Q24
(In millions) | 3Q25 |  | 2Q25 |  | 3Q24 |  | $ |  | % |  | $ |  | %
Interest and fees on loans | $ | 898 |  | $ | 875 |  | $ | 899 |  | $ | 23 |  |  | 3 | % |  | $ | (1) |  |  | — | %
Interest on money market investments | 41 |  | 50 |  | 67 |  | (9) |  |  | (18) |  |  | (26) |  |  | (39) |
Interest on securities | 125 |  | 126 |  | 138 |  | (1) |  |  | (1) |  |  | (13) |  |  | (9) |
Total interest income | 1,064 |  | 1,051 |  | 1,104 |  | 13 |  |  | 1 |  |  | (40) |  |  | (4) |
Interest on deposits | 313 |  | 312 |  | 403 |  | 1 |  |  | — |  |  | (90) |  |  | (22) |
Interest on short- and long-term borrowings | 79 |  | 91 |  | 81 |  | (12) |  |  | (13) |  |  | (2) |  |  | (2) |
Total interest expense | 392 |  | 403 |  | 484 |  | (11) |  |  | (3) |  |  | (92) |  |  | (19) |
Net interest income | $ | 672 |  | $ | 648 |  | $ | 620 |  | $ | 24 |  |  | 4 |  |  | $ | 52 |  |  | 8 |
|  |  |  |  |  |  | bps |  |  |  | bps |  |
Yield on interest-earning assets 1 | 5.16 | % |  | 5.11 | % |  | 5.35 | % |  | 5 |  |  |  |  | (19) |  |  |
Rate paid on total deposits and interest-bearing liabilities 1 | 1.92 | % |  | 1.97 | % |  | 2.36 | % |  | (5) |  |  |  |  | (44) |  |  |
Cost of deposits 1 | 1.67 | % |  | 1.68 | % |  | 2.14 | % |  | (1) |  |  |  |  | (47) |  |  |
Net interest margin 1 | 3.28 | % |  | 3.17 | % |  | 3.03 | % |  | 11 |  |  |  |  | 25 |  |  |

1 Taxable-equivalent rates used where applicable.
Net interest income increased $52 million, or 8%, in the third quarter of 2025, relative to the prior year period, primarily due to lower funding costs. The increase was further supported by a favorable shift in the composition of average interest-earning assets, reflecting growth in higher-yielding loans and a decline in lower-yielding money market investments and securities. As a result, the net interest margin improved to 3.28%, compared with 3.03%.
The yield on average interest-earning assets, net of hedging activity, was 5.16% for the third quarter of 2025, compared with 5.35% in the prior year period, reflecting lower interest rates. The yield on average money market investments declined 100 basis points to 4.67%, while the net yield on average loans decreased 24 basis points to 5.91%. Additionally, the net yield on average securities declined 13 basis points to 2.73% during the third quarter of 2025.
The rate paid on total deposits and interest-bearing liabilities was 1.92% for the third quarter of 2025, compared with 2.36% in the prior year period. The total cost of deposits was 1.67%, compared with 2.14%, reflecting the lower interest rate environment.
Average interest-earning assets declined $111 million from the prior year quarter. This decrease was primarily attributable to a $1.2 billion reduction in average money market investments and a $1.2 billion decrease in average securities, with the latter largely resulting from principal reductions. These declines were partially offset by a $2.1 billion increase in average loans and leases.
Average interest-bearing liabilities decreased $641 million, or 1%, from the prior year quarter. This decline was primarily attributable to a $925 million reduction in average interest-bearing deposits, driven by the migration of a consumer interest-bearing product into a new noninterest-bearing offering. The decrease was partially offset by a $284 million increase in average borrowed funds, reflecting an increase in long-term debt.

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

Noninterest Income
|  |  |  |  |  |  | 3Q25 - 2Q25 |  | 3Q25 - 3Q24
(In millions) | 3Q25 |  | 2Q25 |  | 3Q24 |  | $ |  | % |  | $ |  | %
Commercial account fees | $ | 47 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 1 |  |  | 2 | % |  | $ | 1 |  |  | 2 | %
Card fees | 24 |  |  | 24 |  |  | 24 |  |  | — |  |  | — |  |  | — |  |  | — |
Retail and business banking fees | 19 |  |  | 19 |  |  | 18 |  |  | — |  |  | — |  |  | 1 |  |  | 6 |
Loan-related fees and income | 20 |  |  | 19 |  |  | 17 |  |  | 1 |  |  | 5 |  |  | 3 |  |  | 18 |
Capital markets fees and income 1 | 24 |  |  | 28 |  |  | 25 |  |  | (4) |  |  | (14) |  |  | (1) |  |  | (4) |
Wealth management fees | 14 |  |  | 14 |  |  | 14 |  |  | — |  |  | — |  |  | — |  |  | — |
Other customer-related fees | 15 |  |  | 14 |  |  | 14 |  |  | 1 |  |  | 7 |  |  | 1 |  |  | 7 |
Customer-related noninterest income | 163 |  |  | 164 |  |  | 158 |  |  | (1) |  |  | (1) |  |  | 5 |  |  | 3 |
Dividends and other income | 15 |  |  | 12 |  |  | 5 |  |  | 3 |  |  | 25 |  |  | 10 |  |  | NM
Securities gains (losses), net | 11 |  |  | 14 |  |  | 9 |  |  | (3) |  |  | (21) |  |  | 2 |  |  | 22 |
Noncustomer-related noninterest income | 26 |  |  | 26 |  |  | 14 |  |  | — |  |  | — |  |  | 12 |  |  | 86 |
Total noninterest income | $ | 189 |  |  | $ | 190 |  |  | $ | 172 |  |  | $ | (1) |  |  | (1) |  |  | $ | 17 |  |  | 10 |
Adjusted customer-related noninterest income 2 | $ | 174 |  |  | $ | 164 |  |  | $ | 161 |  |  | $ | 10 |  |  | 6 |  |  | $ | 13 |  |  | 8 |

1 Effective the first quarter of 2025, capital markets fees and income includes the net CVA, which was previously disclosed under noncustomer-related noninterest income. During the third quarter of 2025, the net CVA was a loss of $11 million. This loss was primarily driven by an update to our valuation methodology, in addition to changes in other market factors.
2 Net of CVA. For information on non-GAAP financial measures, see pages 18-20.
Customer-related noninterest income increased $5 million, or 3%, compared with the prior year period. This growth was primarily driven by a $3 million increase in loan-related fees and income, largely resulting from increased loan sales activity. Excluding the impact of the net CVA loss, capital markets fees and income increased $7 million, or 25%, from the prior year period, benefitting from increased loan syndication activity and higher swap fee revenue.
Noncustomer-related noninterest income increased $12 million, or 86%, compared with the prior year period. This growth was primarily driven by a $10 million increase in dividends and other income, mainly attributable to a $6 million gain on the sale of a bank-owned property and higher dividends received on FHLB stock.

Noninterest Expense
|  |  |  |  |  |  | 3Q25 - 2Q25 |  | 3Q25 - 3Q24
(In millions) | 3Q25 |  | 2Q25 |  | 3Q24 |  | $ |  | % |  | $ |  | %
Salaries and employee benefits | $ | 337 |  |  | $ | 336 |  |  | $ | 317 |  |  | $ | 1 |  |  | — | % |  | $ | 20 |  |  | 6 | %
Technology, telecom, and information processing | 70 |  |  | 65 |  |  | 66 |  |  | 5 |  |  | 8 |  |  | 4 |  |  | 6 |
Occupancy and equipment, net | 42 |  |  | 40 |  |  | 40 |  |  | 2 |  |  | 5 |  |  | 2 |  |  | 5 |
Professional and legal services | 14 |  |  | 13 |  |  | 14 |  |  | 1 |  |  | 8 |  |  | — |  |  | — |
Marketing and business development | 11 |  |  | 12 |  |  | 12 |  |  | (1) |  |  | (8) |  |  | (1) |  |  | (8) |
Deposit insurance and regulatory expense | 16 |  |  | 20 |  |  | 19 |  |  | (4) |  |  | (20) |  |  | (3) |  |  | (16) |
Credit-related expense | 6 |  |  | 6 |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |
Other real estate expense, net | — |  |  | — |  |  | — |  |  | — |  |  | NM |  | — |  |  | NM
Other | 31 |  |  | 35 |  |  | 28 |  |  | (4) |  |  | (11) |  |  | 3 |  |  | 11 |
Total noninterest expense | $ | 527 |  |  | $ | 527 |  |  | $ | 502 |  |  | $ | — |  |  | — |  |  | $ | 25 |  |  | 5 |
Adjusted noninterest expense 1 | $ | 520 |  |  | $ | 521 |  |  | $ | 499 |  |  | $ | (1) |  |  | — |  |  | $ | 21 |  |  | 4 |

1 For information on non-GAAP financial measures, see pages 18-20.

ZIONS BANCORPORATION, N.A.
Press Release – Page 4
Noninterest expense increased $25 million, or 5%, compared with the prior year quarter. Salaries and employee benefits expense increased $20 million, primarily due to higher severance and other salary-related costs, along with increased incentive compensation accruals reflecting improved profitability. Technology, telecom, and information processing expense increased $4 million, largely due to higher costs associated with application software, licensing, and maintenance.
Adjusted noninterest expense increased $21 million, or 4%. The efficiency ratio improved to 59.6%, compared with 62.5%, reflecting positive operating leverage as adjusted pre-provision net revenue increased $53 million, or 18%. For more information on non-GAAP financial measures, see pages 18-20.
BALANCE SHEET ANALYSIS

Investment Securities
|  |  |  |  |  |  | 3Q25 - 2Q25 |  | 3Q25 - 3Q24
(In millions) | 3Q25 |  | 2Q25 |  | 3Q24 |  | $ |  | % |  | $ |  | %
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale, at fair value | $ | 9,170 |  |  | $ | 9,116 |  |  | $ | 9,495 |  |  | $ | 54 |  |  | 1 | % |  | $ | (325) |  |  | (3) | %
Held-to-maturity, at amortized cost | 9,059 |  |  | 9,272 |  |  | 9,857 |  |  | (213) |  |  | (2) |  |  | (798) |  |  | (8) |
Total investment securities, net of allowance | $ | 18,229 |  |  | $ | 18,388 |  |  | $ | 19,352 |  |  | $ | (159) |  |  | (1) |  |  | $ | (1,123) |  |  | (6) |

Total investment securities decreased $1.1 billion, or 6%, to $18.2 billion, relative to the prior year quarter, primarily due to principal reductions, net of reinvestments.

Loans and Leases
|  |  |  |  |  |  | 3Q25 - 2Q25 |  | 3Q25 - 3Q24
(In millions) | 3Q25 |  | 2Q25 |  | 3Q24 |  | $ |  | % |  | $ |  | %
Loans held for sale | $ | 215 |  |  | $ | 172 |  |  | $ | 97 |  |  | $ | 43 |  |  | 25 | % |  | $ | 118 |  |  | NM
Loans and leases: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 31,179 |  |  | $ | 31,646 |  |  | $ | 30,785 |  |  | $ | (467) |  |  | (1) |  |  | $ | 394 |  |  | 1 |
Commercial real estate | 13,477 |  |  | 13,611 |  |  | 13,483 |  |  | (134) |  |  | (1) |  |  | (6) |  |  | — |
Consumer | 15,646 |  |  | 15,576 |  |  | 14,616 |  |  | 70 |  |  | — |  |  | 1,030 |  |  | 7 |
Loans and leases, net of unearned income and fees | 60,302 |  |  | 60,833 |  |  | 58,884 |  |  | (531) |  |  | (1) |  |  | 1,418 |  |  | 2 |
Less allowance for loan losses | 679 |  |  | 690 |  |  | 694 |  |  | (11) |  |  | (2) |  |  | (15) |  |  | (2) |
Loans and leases held for investment, net of allowance | $ | 59,623 |  |  | $ | 60,143 |  |  | $ | 58,190 |  |  | $ | (520) |  |  | (1) |  |  | $ | 1,433 |  |  | 2 |
Unfunded commitments | $ | 30,337 |  |  | $ | 29,564 |  |  | $ | 29,121 |  |  | $ | 773 |  |  | 3 |  |  | $ | 1,216 |  |  | 4 |

Loans and leases, net of unearned income and fees, increased $1.4 billion, or 2%, to $60.3 billion, relative to the prior year quarter. This growth was driven by a $1.0 billion increase in consumer loans, primarily within the 1-4 family residential loan portfolio, and a $394 million increase in commercial loans, primarily within the commercial and industrial loan portfolio.

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

Credit Quality
|  |  |  |  |  |  | 3Q25 - 2Q25 |  | 3Q25 - 3Q24
(In millions) | 3Q25 |  | 2Q25 |  | 3Q24 |  | $ |  | % |  | $ |  | %
Provision for credit losses | $ | 49 |  | $ | (1) |  | $ | 13 |  | $ | 50 |  |  | NM |  | $ | 36 |  |  | NM
Allowance for credit losses | 725 |  | 732 |  | 736 |  | (7) |  |  | (1) | % |  | (11) |  |  | (1) | %
Net loan and lease charge-offs (recoveries) | 56 |  | 10 |  | 3 |  | 46 |  |  | NM |  | 53 |  |  | NM
Nonperforming assets | 324 |  | 313 |  | 368 |  | 11 |  |  | 4 |  |  | (44) |  |  | (12) |
Classified loans | 2,415 |  | 2,697 |  | 2,093 |  | (282) |  |  | (10) |  |  | 322 |  |  | 15 |
| 3Q25 |  | 2Q25 |  | 3Q24 |  | bps |  |  |  | bps |  |
Ratio of ACL to loans and leases outstanding, at period end | 1.20 | % |  | 1.20 | % |  | 1.25 | % |  | — |  |  |  |  | (5) |  |  |
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans | 0.37 | % |  | 0.07 | % |  | 0.02 | % |  | 30 |  |  |  |  | 35 |  |  |
Ratio of nonperforming assets to loans and leases and other real estate owned | 0.54 | % |  | 0.51 | % |  | 0.62 | % |  | 3 |  |  |  |  | (8) |  |  |
Ratio of classified loans to total loans and leases | 4.00 | % |  | 4.43 | % |  | 3.55 | % |  | (43) |  |  |  |  | 45 |  |  |

During the third quarter of 2025, we recorded a $49 million provision for credit losses, compared with $13 million during the prior year period. The allowance for credit losses (“ACL”) totaled $725 million at September 30, 2025, compared with $736 million at September 30, 2024. The year-over-year decrease in the ACL primarily reflects lower reserves associated with commercial real estate (“CRE”) portfolio-specific risks, partially offset by more adverse economic scenarios and increased lending activity. The ratio of ACL to total loans and leases was 1.20% at September 30, 2025, compared with 1.25% at September 30, 2024.
Net loan and lease charge-offs totaled $56 million in the third quarter of 2025, compared with $3 million in the prior year quarter. This increase included $50 million in charge-offs associated with revolving lines of credit extended to two related commercial borrowers to finance the origination and purchase of commercial mortgages. Additionally, we have established a full reserve against the remaining $10 million exposure to these loans.
At September 30, 2025, nonperforming assets totaled $324 million, or 0.54% of total loans and leases and other real estate owned, compared with $368 million, or 0.62%, in the prior year period. Nonperforming assets remained primarily concentrated in the commercial and industrial, term CRE, and consumer 1-4 family residential loan portfolios. Classified loans totaled $2.4 billion, or 4.00% of total loans and leases, compared with $2.1 billion, or 3.55%, in the prior year period, and decreased from $2.7 billion, or 4.43%, in the prior quarter.

Deposits and Borrowed Funds
|  |  |  |  |  |  | 3Q25 - 2Q25 |  | 3Q25 - 3Q24
(In millions) | 3Q25 |  | 2Q25 |  | 3Q24 |  | $ |  | % |  | $ |  | %
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing demand | $ | 26,133 |  |  | $ | 25,413 |  |  | $ | 24,973 |  |  | $ | 720 |  |  | 3 | % |  | $ | 1,160 |  |  | 5 | %
Interest-bearing: |  |  |  |  |  |  |  |  |  |  |  |  |
Savings and money market | 38,689 |  |  | 38,254 |  |  | 39,215 |  |  | 435 |  |  | 1 |  |  | (526) |  |  | (1) |
Time | 6,232 |  |  | 6,200 |  |  | 6,333 |  |  | 32 |  |  | 1 |  |  | (101) |  |  | (2) |
Brokered | 3,824 |  |  | 3,933 |  |  | 5,197 |  |  | (109) |  |  | (3) |  |  | (1,373) |  |  | (26) |
Total interest-bearing | 48,745 |  |  | 48,387 |  |  | 50,745 |  |  | 358 |  |  | 1 |  |  | (2,000) |  |  | (4) |
Total deposits | $ | 74,878 |  |  | $ | 73,800 |  |  | $ | 75,718 |  |  | $ | 1,078 |  |  | 1 |  |  | $ | (840) |  |  | (1) |
Borrowed funds: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and other short-term borrowings | $ | 3,757 |  |  | $ | 6,072 |  |  | $ | 2,919 |  |  | $ | (2,315) |  |  | (38) |  |  | $ | 838 |  |  | 29 |
Long-term debt | 1,473 |  |  | 970 |  |  | 548 |  |  | 503 |  |  | 52 |  |  | 925 |  |  | NM
Total borrowed funds | $ | 5,230 |  |  | $ | 7,042 |  |  | $ | 3,467 |  |  | $ | (1,812) |  |  | (26) |  |  | $ | 1,763 |  |  | 51 |

ZIONS BANCORPORATION, N.A.
Press Release – Page 6
Total deposits decreased $840 million, or 1%, compared with the prior year quarter, and increased $1.1 billion, or 1%, from the prior quarter. Interest-bearing deposits decreased $2.0 billion from the prior year quarter, primarily due to the migration of a consumer interest-bearing product into a new noninterest-bearing offering, as well as a reduction in brokered deposits. This decline was partially offset by a $1.2 billion increase in noninterest-bearing demand deposits, mainly driven by the aforementioned product migration.
At September 30, 2025, customer deposits (excluding brokered deposits) totaled $71.1 billion, compared with $70.5 billion at September 30, 2024. These balances included approximately $6.8 billion and $7.3 billion of reciprocal deposits, respectively. The loan-to-deposit ratio was 81%, compared with 78% in the prior year quarter.
Total borrowed funds, primarily composed of secured borrowings, increased $1.8 billion, or 51%, compared with the prior year quarter. This growth was driven by higher levels of long-term debt and short-term advances from the FHLB, partially offset by a reduction in borrowings under the FRB Bank Term Funding Program. The increase in long-term debt reflects the issuance of $500 million in 4.70% Fixed-to-Floating Senior Notes during the third quarter of 2025, and $500 million in 6.82% Fixed-to-Floating Subordinated Notes during the fourth quarter of 2024. These issuances were partially offset by the redemption of $88 million in 6.95% Fixed-to-Floating Subordinated Notes, also during the fourth quarter of 2024.

Shareholders’ Equity
|  |  |  |  |  |  | 3Q25 - 2Q25 |  | 3Q25 - 3Q24
(In millions, except share data) | 3Q25 |  | 2Q25 |  | 3Q24 |  | $ |  | % |  | $ |  | %
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock | $ | 66 |  | $ | 66 |  | $ | 440 |  | $ | — |  |  | — | % |  | $ | (374) |  |  | (85) | %
Common stock and additional paid-in capital | 1,721 |  | 1,713 |  | 1,717 |  | 8 |  |  | — |  |  | 4 |  |  | — |
Retained earnings | 7,134 |  | 6,981 |  | 6,564 |  | 153 |  |  | 2 |  |  | 570 |  |  | 9 |
Accumulated other comprehensive income (loss) | (2,056) |  | (2,164) |  | (2,336) |  | 108 |  |  | 5 |  |  | 280 |  |  | 12 |
Total shareholders’ equity | $ | 6,865 |  | $ | 6,596 |  | $ | 6,385 |  | $ | 269 |  |  | 4 |  |  | $ | 480 |  |  | 8 |
Capital distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
Common dividends paid | $ | 67 |  | $ | 64 |  | $ | 61 |  | $ | 3 |  |  | 5 |  |  | $ | 6 |  |  | 10 |
|  |  |  |  |  |  | shares |  | % |  | shares |  | %
Weighted average diluted common shares outstanding (in thousands) | 147,125 |  |  | 147,053 |  |  | 147,150 |  |  | 72 |  |  | — | % |  | (25) |  |  | — | %
Common shares outstanding, at period end (in thousands) | 147,640 |  |  | 147,603 |  |  | 147,699 |  |  | 37 |  |  | — |  |  | (59) |  |  | — |

Preferred stock decreased $374 million due to the redemption of the outstanding shares of our Series G, I, and J preferred stock during the fourth quarter of 2024. The common stock dividend was $0.45 per share, compared with $0.41 per share during the third quarter of 2024.
Accumulated other comprehensive income (loss) (“AOCI”) was a loss of $2.1 billion at September 30, 2025, an improvement of $280 million when compared with a loss of $2.3 billion at September 30, 2024. The AOCI loss largely reflects a decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are currently excluded from regulatory capital, and therefore do not impact our regulatory capital ratios.
Estimated common equity tier 1 (“CET1”) capital was $7.7 billion, an increase of 7%, compared with $7.2 billion in the prior year period. The estimated CET1 capital ratio was 11.3%, compared with 10.7%. Tangible book value per common share increased $5.52, or 17%, to $38.64, mainly due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see pages 18-20.

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

Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website, which will be used to discuss the third quarter results at 5:30 p.m. ET on October 20, 2025. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and using the meeting number 13756405, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at www.zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.
About Zions Bancorporation, N.A.
Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $3.1 billion in 2024, and total assets of approximately $89 billion at December 31, 2024. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.
Forward-Looking Information
This earnings release contains “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and assumptions regarding future events and outcomes. However, they are inherently subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performances, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others:
•Statements concerning the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, operating results, and performance of Zions Bancorporation, National Association, and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and
•Statements preceded or followed by, or that include, terminology such as “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” “will,” or similar words and expressions, including their negative forms.
Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, key factors that may cause material differences include:
•The quality and composition of our loan and investment securities portfolios and the quality and composition of our deposits;
•Changes in general industry, political, and economic conditions, including increases in the national debt, elevated inflation, economic slowdowns or recessions, and other macroeconomic challenges; changes in interest and reference rates, which could negatively impact our revenues and expenses, the valuation and performance of our assets and liabilities, and the availability and cost of capital and liquidity;
•Political developments, including government shutdowns and other significant disruptions and changes in the funding, size, scope, and effectiveness of the government and its agencies and services;
•The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies;

ZIONS BANCORPORATION, N.A.
Press Release – Page 8
•Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements;
•Evolving trade policies and disputes, such as proposed and implemented tariffs and resulting market volatility and uncertainty, including the effects on supply chains, expenses, and revenues for both us and our customers;
•Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry;
•Changes in our credit ratings;
•Our ability to innovate and otherwise address competitive pressures and other factors that may affect aspects of our business, such as pricing, relevance of, and demand for, our products and services, and our ability to recruit and retain talent;
•The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, blockchain, artificial intelligence, quantum computing, and related innovations affecting both us and the banking industry;
•Our ability to complete projects and initiatives and execute our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives;
•Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry;
•Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services;
•The effects of wars, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future;
•Natural disasters, pandemics, wildfires, catastrophic events, and other emergencies and incidents, and their impact on our and our customers’ operations, business, and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products;
•Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change and diversity;
•Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital;
•The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity;
•The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks;
•Adverse news and other expressions of negative public opinion whether directed at us, other banks, the banking industry, or otherwise that may adversely affect our reputation and that of the banking industry generally; and
•Other assumptions, risks, or uncertainties described in this earnings release, and other SEC filings.
We caution against undue reliance on forward-looking statements, which reflect our views only as of their date of issuance. Except as required by law, we specifically disclaim any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments.

ZIONS BANCORPORATION, N.A.
Press Release – Page 9
FINANCIAL HIGHLIGHTS
(Unaudited)

| Three Months Ended
(In millions, except share, per share, and ratio data) | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
BALANCE SHEET 1 |  |  |  |  |  |  |  |  |
Loans held for investment, net of allowance | $ | 59,623 |  | $ | 60,143 |  | $ | 59,244 |  | $ | 58,714 |  | $ | 58,190
Total assets | 88,533 |  | 88,893 |  | 87,992 |  | 88,775 |  | 87,032
Deposits | 74,878 |  | 73,800 |  | 75,692 |  | 76,223 |  | 75,718
Total shareholders’ equity | 6,865 |  | 6,596 |  | 6,327 |  | 6,124 |  | 6,385
STATEMENT OF INCOME |  |  |  |  |  |  |  |  |
Net earnings applicable to common shareholders | $ | 221 |  | $ | 243 |  | $ | 169 |  | $ | 200 |  | $ | 204
Net interest income | 672 |  | 648 |  | 624 |  | 627 |  | 620
Taxable-equivalent net interest income 2 | 683 |  | 661 |  | 635 |  | 639 |  | 632
Total noninterest income | 189 |  | 190 |  | 171 |  | 193 |  | 172
Total noninterest expense | 527 |  | 527 |  | 538 |  | 509 |  | 502
Pre-provision net revenue 2 | 345 |  | 324 |  | 268 |  | 323 |  | 302
Adjusted pre-provision net revenue 2 | 352 |  | 316 |  | 267 |  | 312 |  | 299
Provision for credit losses | 49 |  | (1) |  | 18 |  | 41 |  | 13
SHARE AND PER COMMON SHARE AMOUNTS |  |  |  |  |  |  |  |  |
Net earnings per diluted common share | $ | 1.48 |  | $ | 1.63 |  | $ | 1.13 |  | $ | 1.34 |  | $ | 1.37
Dividends | 0.45 |  | 0.43 |  | 0.43 |  | 0.43 |  | 0.41
Book value per common share 1 | 46.05 |  | 44.24 |  | 42.43 |  | 40.97 |  | 40.25
Tangible book value per common share 1, 2 | 38.64 |  | 36.81 |  | 34.95 |  | 33.85 |  | 33.12
Weighted average share price | 55.42 |  | 46.72 |  | 53.64 |  | 54.60 |  | 47.13
Weighted average diluted common shares outstanding (in thousands) | 147,125 |  | 147,053 |  | 147,387 |  | 147,329 |  | 147,150
Common shares outstanding (in thousands) 1 | 147,640 |  | 147,603 |  | 147,567 |  | 147,871 |  | 147,699
SELECTED RATIOS AND OTHER DATA |  |  |  |  |  |  |  |  |
Return on average assets | 0.99 | % |  | 1.09 | % |  | 0.77 | % |  | 0.96 | % |  | 0.95 | %
Return on average common equity | 13.3 | % |  | 15.3 | % |  | 11.1 | % |  | 13.2 | % |  | 14.1 | %
Return on average tangible common equity 2 | 16.0 | % |  | 18.7 | % |  | 13.4 | % |  | 16.0 | % |  | 17.4 | %
Net interest margin | 3.28 | % |  | 3.17 | % |  | 3.10 | % |  | 3.05 | % |  | 3.03 | %
Cost of deposits | 1.67 | % |  | 1.68 | % |  | 1.76 | % |  | 1.93 | % |  | 2.14 | %
Efficiency ratio 2 | 59.6 | % |  | 62.2 | % |  | 66.6 | % |  | 62.0 | % |  | 62.5 | %
Effective tax rate 3 | 22.1 | % |  | 21.8 | % |  | 28.9 | % |  | 20.0 | % |  | 22.7 | %
Ratio of nonperforming assets to loans and leases and other real estate owned | 0.54 | % |  | 0.51 | % |  | 0.51 | % |  | 0.50 | % |  | 0.62 | %
Annualized ratio of net loan and lease charge-offs to average loans | 0.37 | % |  | 0.07 | % |  | 0.11 | % |  | 0.24 | % |  | 0.02 | %
Ratio of total allowance for credit losses to loans and leases outstanding 1 | 1.20 | % |  | 1.20 | % |  | 1.24 | % |  | 1.25 | % |  | 1.25 | %
Full-time equivalent employees | 9,286 |  | 9,440 |  | 9,392 |  | 9,406 |  | 9,503
CAPITAL RATIOS AND DATA 1 |  |  |  |  |  |  |  |  |
Tangible common equity ratio 2 | 6.5 | % |  | 6.2 | % |  | 5.9 | % |  | 5.7 | % |  | 5.7 | %
Common equity tier 1 capital 4 | $ | 7,734 |  | $ | 7,570 |  | $ | 7,379 |  | $ | 7,363 |  | $ | 7,206
Risk-weighted assets 4 | $ | 68,634 |  | $ | 69,026 |  | $ | 68,132 |  | $ | 67,685 |  | $ | 67,305
Common equity tier 1 capital ratio 4 | 11.3 | % |  | 11.0 | % |  | 10.8 | % |  | 10.9 | % |  | 10.7 | %
Tier 1 risk-based capital ratio 4 | 11.4 | % |  | 11.1 | % |  | 10.9 | % |  | 11.0 | % |  | 11.4 | %
Total risk-based capital ratio 4 | 13.7 | % |  | 13.4 | % |  | 13.3 | % |  | 13.3 | % |  | 13.2 | %
Tier 1 leverage ratio 4 | 8.8 | % |  | 8.5 | % |  | 8.4 | % |  | 8.3 | % |  | 8.6 | %

1 At period end.
2 For information on non-GAAP financial measures, see pages 18-20.
3 The increase in the effective tax rate at March 31, 2025 was the result of a revaluation of deferred tax assets due to newly enacted state tax legislation.
4 Current period ratios and amounts represent estimates.

ZIONS BANCORPORATION, N.A.
Press Release – Page 10
CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands) | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
| (Unaudited) |  | (Unaudited) |  | (Unaudited) |  |  |  | (Unaudited)
ASSETS |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 771 |  |  | $ | 780 |  |  | $ | 833 |  |  | $ | 651 |  |  | $ | 1,114 |
Money market investments: |  |  |  |  |  |  |  |  |
Interest-bearing deposits | 2,395 |  |  | 1,781 |  |  | 1,980 |  |  | 2,850 |  |  | 1,253 |
Federal funds sold and securities purchased under agreements to resell | 1,008 |  |  | 1,140 |  |  | 936 |  |  | 1,453 |  |  | 986 |
Trading securities, at fair value | 134 |  |  | 180 |  |  | 64 |  |  | 35 |  |  | 68 |
Investment securities: |  |  |  |  |  |  |  |  |
Available-for-sale, at fair value | 9,170 |  |  | 9,116 |  |  | 9,223 |  |  | 9,095 |  |  | 9,495 |
Held-to-maturity 1, at amortized cost | 9,059 |  |  | 9,272 |  |  | 9,481 |  |  | 9,669 |  |  | 9,857 |
Total investment securities, net of allowance | 18,229 |  |  | 18,388 |  |  | 18,704 |  |  | 18,764 |  |  | 19,352 |
Loans held for sale 2 | 215 |  |  | 172 |  |  | 112 |  |  | 74 |  |  | 97 |
Loans and leases, net of unearned income and fees | 60,302 |  |  | 60,833 |  |  | 59,941 |  |  | 59,410 |  |  | 58,884 |
Allowance for loan and lease losses | 679 |  |  | 690 |  |  | 697 |  |  | 696 |  |  | 694 |
Loans held for investment, net of allowance | 59,623 |  |  | 60,143 |  |  | 59,244 |  |  | 58,714 |  |  | 58,190 |
Other noninterest-bearing investments | 1,098 |  |  | 1,182 |  |  | 1,045 |  |  | 1,020 |  |  | 946 |
Premises, equipment, and software, net | 1,358 |  |  | 1,361 |  |  | 1,362 |  |  | 1,366 |  |  | 1,372 |
Goodwill and intangibles | 1,094 |  |  | 1,096 |  |  | 1,104 |  |  | 1,052 |  |  | 1,053 |
Other real estate owned | 5 |  |  | 5 |  |  | 2 |  |  | 1 |  |  | 5 |
Other assets | 2,603 |  |  | 2,665 |  |  | 2,606 |  |  | 2,795 |  |  | 2,596 |
Total assets | $ | 88,533 |  |  | $ | 88,893 |  |  | $ | 87,992 |  |  | $ | 88,775 |  |  | $ | 87,032 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Noninterest-bearing demand | $ | 26,133 |  |  | $ | 25,413 |  |  | $ | 24,792 |  |  | $ | 24,704 |  |  | $ | 24,973 |
Interest-bearing: |  |  |  |  |  |  |  |  |
Savings and money market | 38,689 |  |  | 38,254 |  |  | 39,860 |  |  | 40,037 |  |  | 39,242 |
Time | 10,056 |  |  | 10,133 |  |  | 11,040 |  |  | 11,482 |  |  | 11,503 |
Total deposits | 74,878 |  |  | 73,800 |  |  | 75,692 |  |  | 76,223 |  |  | 75,718 |
Federal funds and other short-term borrowings | 3,757 |  |  | 6,072 |  |  | 3,476 |  |  | 3,832 |  |  | 2,919 |
Long-term debt | 1,473 |  |  | 970 |  |  | 964 |  |  | 950 |  |  | 548 |
Reserve for unfunded lending commitments | 46 |  |  | 42 |  |  | 46 |  |  | 45 |  |  | 42 |
Other liabilities | 1,514 |  |  | 1,413 |  |  | 1,487 |  |  | 1,601 |  |  | 1,420 |
Total liabilities | 81,668 |  |  | 82,297 |  |  | 81,665 |  |  | 82,651 |  |  | 80,647 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |
Preferred stock, without par value; authorized 4,400 shares | 66 |  |  | 66 |  |  | 66 |  |  | 66 |  |  | 440 |
Common stock 3 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital | 1,721 |  |  | 1,713 |  |  | 1,706 |  |  | 1,737 |  |  | 1,717 |
Retained earnings | 7,134 |  |  | 6,981 |  |  | 6,805 |  |  | 6,701 |  |  | 6,564 |
Accumulated other comprehensive income (loss) | (2,056) |  |  | (2,164) |  |  | (2,250) |  |  | (2,380) |  |  | (2,336) |
Total shareholders’ equity | 6,865 |  |  | 6,596 |  |  | 6,327 |  |  | 6,124 |  |  | 6,385 |
Total liabilities and shareholders’ equity | $ | 88,533 |  |  | $ | 88,893 |  |  | $ | 87,992 |  |  | $ | 88,775 |  |  | $ | 87,032 |
1 Held-to-maturity (fair value) | $ | 9,106 |  |  | $ | 9,229 |  |  | $ | 9,400 |  |  | $ | 9,382 |  |  | $ | 10,024 |
2 Loans held for sale (carried at fair value) | 126 |  |  | 100 |  |  | 62 |  |  | 25 |  |  | 58 |
3 Common shares (issued and outstanding) | 147,640 |  |  | 147,603 |  |  | 147,567 |  |  | 147,871 |  |  | 147,699 |

ZIONS BANCORPORATION, N.A.
Press Release – Page 11
CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) | Three Months Ended
(In millions, except share and per share amounts) | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Interest income: |  |  |  |  |  |  |  |  |
Interest and fees on loans | $ | 898 |  |  | $ | 875 |  |  | $ | 850 |  |  | $ | 873 |  |  | $ | 899 |
Interest on money market investments | 41 |  |  | 50 |  |  | 53 |  |  | 60 |  |  | 67 |
Interest on securities | 125 |  |  | 126 |  |  | 125 |  |  | 129 |  |  | 138 |
Total interest income | 1,064 |  |  | 1,051 |  |  | 1,028 |  |  | 1,062 |  |  | 1,104 |
Interest expense: |  |  |  |  |  |  |  |  |
Interest on deposits | 313 |  |  | 312 |  |  | 326 |  |  | 371 |  |  | 403 |
Interest on short- and long-term borrowings | 79 |  |  | 91 |  |  | 78 |  |  | 64 |  |  | 81 |
Total interest expense | 392 |  |  | 403 |  |  | 404 |  |  | 435 |  |  | 484 |
Net interest income | 672 |  |  | 648 |  |  | 624 |  |  | 627 |  |  | 620 |
Provision for credit losses: |  |  |  |  |  |  |  |  |
Provision for loan and lease losses | 45 |  |  | 3 |  |  | 17 |  |  | 38 |  |  | 1 |
Provision for unfunded lending commitments | 4 |  |  | (4) |  |  | 1 |  |  | 3 |  |  | 12 |
Total provision for credit losses | 49 |  |  | (1) |  |  | 18 |  |  | 41 |  |  | 13 |
Net interest income after provision for credit losses | 623 |  |  | 649 |  |  | 606 |  |  | 586 |  |  | 607 |
Noninterest income: |  |  |  |  |  |  |  |  |
Commercial account fees | 47 |  |  | 46 |  |  | 45 |  |  | 47 |  |  | 46 |
Card fees | 24 |  |  | 24 |  |  | 23 |  |  | 24 |  |  | 24 |
Retail and business banking fees | 19 |  |  | 19 |  |  | 17 |  |  | 17 |  |  | 18 |
Loan-related fees and income | 20 |  |  | 19 |  |  | 17 |  |  | 20 |  |  | 17 |
Capital markets fees and income | 24 |  |  | 28 |  |  | 27 |  |  | 40 |  |  | 25 |
Wealth management fees | 14 |  |  | 14 |  |  | 15 |  |  | 14 |  |  | 14 |
Other customer-related fees | 15 |  |  | 14 |  |  | 14 |  |  | 14 |  |  | 14 |
Customer-related noninterest income | 163 |  |  | 164 |  |  | 158 |  |  | 176 |  |  | 158 |
Dividends and other income | 15 |  |  | 12 |  |  | 7 |  |  | 9 |  |  | 5 |
Securities gains (losses), net | 11 |  |  | 14 |  |  | 6 |  |  | 8 |  |  | 9 |
Total noninterest income | 189 |  |  | 190 |  |  | 171 |  |  | 193 |  |  | 172 |
Noninterest expense: |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 337 |  |  | 336 |  |  | 342 |  |  | 321 |  |  | 317 |
Technology, telecom, and information processing | 70 |  |  | 65 |  |  | 70 |  |  | 66 |  |  | 66 |
Occupancy and equipment, net | 42 |  |  | 40 |  |  | 41 |  |  | 42 |  |  | 40 |
Professional and legal services | 14 |  |  | 13 |  |  | 13 |  |  | 17 |  |  | 14 |
Marketing and business development | 11 |  |  | 12 |  |  | 11 |  |  | 10 |  |  | 12 |
Deposit insurance and regulatory expense | 16 |  |  | 20 |  |  | 22 |  |  | 17 |  |  | 19 |
Credit-related expense | 6 |  |  | 6 |  |  | 6 |  |  | 6 |  |  | 6 |
Other real estate expense, net | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other | 31 |  |  | 35 |  |  | 33 |  |  | 30 |  |  | 28 |
Total noninterest expense | 527 |  |  | 527 |  |  | 538 |  |  | 509 |  |  | 502 |
Income before income taxes | 285 |  |  | 312 |  |  | 239 |  |  | 270 |  |  | 277 |
Income taxes | 63 |  |  | 68 |  |  | 69 |  |  | 54 |  |  | 63 |
Net income | 222 |  |  | 244 |  |  | 170 |  |  | 216 |  |  | 214 |
Preferred stock dividends | (1) |  |  | (1) |  |  | (1) |  |  | (10) |  |  | (10) |
Preferred stock redemption | — |  |  | — |  |  | — |  |  | (6) |  |  | — |
Net earnings applicable to common shareholders | $ | 221 |  |  | $ | 243 |  |  | $ | 169 |  |  | $ | 200 |  |  | $ | 204 |
Weighted average common shares outstanding during the period: |  |  |  |  |  |  |  |
Basic shares (in thousands) | 147,045 |  |  | 147,044 |  |  | 147,321 |  |  | 147,247 |  |  | 147,138 |
Diluted shares (in thousands) | 147,125 |  |  | 147,053 |  |  | 147,387 |  |  | 147,329 |  |  | 147,150 |
Net earnings per common share: |  |  |  |  |  |  |  |  |
Basic | $ | 1.48 |  |  | $ | 1.63 |  |  | $ | 1.13 |  |  | $ | 1.34 |  |  | $ | 1.37 |
Diluted | 1.48 |  |  | 1.63 |  |  | 1.13 |  |  | 1.34 |  |  | 1.37 |

ZIONS BANCORPORATION, N.A.
Press Release – Page 12
CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) | Nine Months Ended September 30, 2025
(In millions, except share and per share amounts) | 2025 |  | 2024 |  |
Interest income: |  |  |  |  |
Interest and fees on loans | $ | 2,623 |  |  | $ | 2,641 |  |  |
Interest on money market investments | 144 |  |  | 170 |  |  |
Interest on securities | 376 |  |  | 420 |  |  |
Total interest income | 3,143 |  |  | 3,231 |  |  |
Interest expense: |  |  |  |  |
Interest on deposits | 951 |  |  | 1,169 |  |  |
Interest on short- and long-term borrowings | 248 |  |  | 259 |  |  |
Total interest expense | 1,199 |  |  | 1,428 |  |  |
Net interest income | 1,944 |  |  | 1,803 |  |  |
Provision for credit losses: |  |  |  |  |
Provision for loan losses | 65 |  |  | 34 |  |  |
Provision for unfunded lending commitments | 1 |  |  | (3) |  |  |
Total provision for credit losses | 66 |  |  | 31 |  |  |
Net interest income after provision for credit losses | 1,878 |  |  | 1,772 |  |  |
Noninterest income: |  |  |  |  |
Commercial account fees | 138 |  |  | 135 |  |  |
Card fees | 71 |  |  | 72 |  |  |
Retail and business banking fees | 55 |  |  | 50 |  |  |
Loan-related fees and income | 56 |  |  | 50 |  |  |
Capital markets fees and income | 79 |  |  | 70 |  |  |
Wealth management fees | 43 |  |  | 44 |  |  |
Other customer-related fees | 43 |  |  | 42 |  |  |
Customer-related noninterest income | 485 |  |  | 463 |  |  |
Dividends and other income | 34 |  |  | 33 |  |  |
Securities gains (losses), net | 31 |  |  | 11 |  |  |
Total noninterest income | 550 |  |  | 507 |  |  |
Noninterest expense: |  |  |  |  |
Salaries and employee benefits | 1,015 |  |  | 966 |  |  |
Technology, telecom, and information processing | 205 |  |  | 194 |  |  |
Occupancy and equipment, net | 123 |  |  | 119 |  |  |
Professional and legal services | 40 |  |  | 47 |  |  |
Marketing and business development | 34 |  |  | 35 |  |  |
Deposit insurance and regulatory expense | 58 |  |  | 74 |  |  |
Credit-related expense | 18 |  |  | 19 |  |  |
Other real estate expense, net | — |  |  | (1) |  |  |
Other | 99 |  |  | 84 |  |  |
Total noninterest expense | 1,592 |  |  | 1,537 |  |  |
Income before income taxes | 836 |  |  | 742 |  |  |
Income taxes | 200 |  |  | 174 |  |  |
Net income | 636 |  |  | 568 |  |  |
Preferred stock dividends | (3) |  |  | (31) |  |  |
Net earnings applicable to common shareholders | $ | 633 |  |  | $ | 537 |  |  |
Weighted average common shares outstanding during the year: |  |  |  |
Basic shares (in thousands) | 147,136 |  |  | 147,197 |  |  |
Diluted shares (in thousands) | 147,175 |  |  | 147,202 |  |  |
Net earnings per common share: |  |  |  |  |
Basic | $ | 4.25 |  |  | $ | 3.61 |  |  |
Diluted | 4.25 |  |  | 3.61 |  |  |

ZIONS BANCORPORATION, N.A.
Press Release – Page 13
Loan Balances Held for Investment by Portfolio Type
(Unaudited)

(In millions) | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Commercial: |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 17,222 |  |  | $ | 17,526 |  |  | $ | 16,900 |  |  | $ | 16,891 |  |  | $ | 16,757 |
Owner occupied | 9,267 |  |  | 9,377 |  |  | 9,321 |  |  | 9,333 |  |  | 9,381 |
Municipal | 4,341 |  |  | 4,376 |  |  | 4,412 |  |  | 4,364 |  |  | 4,270 |
Leasing | 349 |  |  | 367 |  |  | 377 |  |  | 377 |  |  | 377 |
Total commercial | 31,179 |  |  | 31,646 |  |  | 31,010 |  |  | 30,965 |  |  | 30,785 |
Commercial real estate: |  |  |  |  |  |  |  |  |
Term | 11,008 |  |  | 11,186 |  |  | 10,878 |  |  | 10,703 |  |  | 10,650 |
Construction and land development | 2,469 |  |  | 2,425 |  |  | 2,715 |  |  | 2,774 |  |  | 2,833 |
Total commercial real estate | 13,477 |  |  | 13,611 |  |  | 13,593 |  |  | 13,477 |  |  | 13,483 |
Consumer: |  |  |  |  |  |  |  |  |
1-4 family residential | 10,423 |  |  | 10,431 |  |  | 10,312 |  |  | 9,939 |  |  | 9,489 |
Home equity credit line | 3,848 |  |  | 3,784 |  |  | 3,670 |  |  | 3,641 |  |  | 3,543 |
Construction and other consumer real estate | 769 |  |  | 743 |  |  | 762 |  |  | 810 |  |  | 997 |
Bankcard and other revolving plans | 477 |  |  | 496 |  |  | 472 |  |  | 457 |  |  | 461 |
Other | 129 |  |  | 122 |  |  | 122 |  |  | 121 |  |  | 126 |
Total consumer | 15,646 |  |  | 15,576 |  |  | 15,338 |  |  | 14,968 |  |  | 14,616 |
Total loans and leases | $ | 60,302 |  |  | $ | 60,833 |  |  | $ | 59,941 |  |  | $ | 59,410 |  |  | $ | 58,884 |

Nonperforming Assets
(Unaudited)

(In millions) | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Nonaccrual loans 1 | $ | 319 |  |  | $ | 308 |  |  | $ | 305 |  |  | $ | 297 |  |  | $ | 363 |
Other real estate owned 2 | 5 |  |  | 5 |  |  | 2 |  |  | 1 |  |  | 5 |
Total nonperforming assets | $ | 324 |  |  | $ | 313 |  |  | $ | 307 |  |  | $ | 298 |  |  | $ | 368 |
Ratio of nonperforming assets to loans 1 and leases and other real estate owned 2 | 0.54 | % |  | 0.51 | % |  | 0.51 | % |  | 0.50 | % |  | 0.62 | %
Accruing loans past due 90 days or more | $ | 5 |  |  | $ | 4 |  |  | $ | 13 |  |  | $ | 18 |  |  | $ | 7 |
Ratio of accruing loans past due 90 days or more to loans 1 and leases | 0.01 | % |  | 0.01 | % |  | 0.02 | % |  | 0.03 | % |  | 0.01 | %
Nonaccrual loans and accruing loans past due 90 days or more | $ | 324 |  |  | $ | 312 |  |  | $ | 318 |  |  | $ | 315 |  |  | $ | 370 |
Ratio of nonperforming assets 1 and accruing loans 90 days or more past due to loans and leases and other real estate owned | 0.54 | % |  | 0.52 | % |  | 0.53 | % |  | 0.53 | % |  | 0.64 | %
Accruing loans past due 30-89 days | $ | 69 |  |  | $ | 57 |  |  | $ | 105 |  |  | $ | 57 |  |  | $ | 89 |
Classified loans | 2,415 |  |  | 2,697 |  |  | 2,891 |  |  | 2,870 |  |  | 2,093 |
Ratio of classified loans to total loans and leases | 4.00 | % |  | 4.43 | % |  | 4.82 | % |  | 4.83 | % |  | 3.55 | %

1 Includes loans held for sale.
2 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.
Press Release – Page 14
Allowance for Credit Losses
(Unaudited)

| Three Months Ended
(In millions) | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Allowance for Loan and Lease Losses |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ | 690 |  |  | $ | 697 |  |  | $ | 696 |  |  | $ | 694 |  |  | $ | 696 |
Provision for loan losses | 45 |  |  | 3 |  |  | 17 |  |  | 38 |  |  | 1 |
Loan and lease charge-offs | 67 |  |  | 16 |  |  | 24 |  |  | 41 |  |  | 15 |
Less: Recoveries | 11 |  |  | 6 |  |  | 8 |  |  | 5 |  |  | 12 |
Net loan and lease charge-offs (recoveries) | 56 |  |  | 10 |  |  | 16 |  |  | 36 |  |  | 3 |
Balance at end of period | $ | 679 |  |  | $ | 690 |  |  | $ | 697 |  |  | $ | 696 |  |  | $ | 694 |
Ratio of allowance for loan losses to loans 1 and leases, at period end | 1.13 | % |  | 1.13 | % |  | 1.16 | % |  | 1.17 | % |  | 1.18 | %
Ratio of allowance for loan losses to nonaccrual loans 1 at period end | 213 | % |  | 224 | % |  | 229 | % |  | 234 | % |  | 191 | %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans | 0.37 | % |  | 0.07 | % |  | 0.11 | % |  | 0.24 | % |  | 0.02 | %
Reserve for Unfunded Lending Commitments |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ | 42 |  |  | $ | 46 |  |  | $ | 45 |  |  | $ | 42 |  |  | $ | 30 |
Provision for unfunded lending commitments | 4 |  |  | (4) |  |  | 1 |  |  | 3 |  |  | 12 |
Balance at end of period | $ | 46 |  |  | $ | 42 |  |  | $ | 46 |  |  | $ | 45 |  |  | $ | 42 |
Allowance for Credit Losses |  |  |  |  |  |  |  |  |
Allowance for loan losses | $ | 679 |  |  | $ | 690 |  |  | $ | 697 |  |  | $ | 696 |  |  | $ | 694 |
Reserve for unfunded lending commitments | 46 |  |  | 42 |  |  | 46 |  |  | 45 |  |  | 42 |
Total allowance for credit losses | $ | 725 |  |  | $ | 732 |  |  | $ | 743 |  |  | $ | 741 |  |  | $ | 736 |
Ratio of ACL to loans 1 and leases outstanding, at period end | 1.20 | % |  | 1.20 | % |  | 1.24 | % |  | 1.25 | % |  | 1.25 | %

1 Does not include loans held for sale.

ZIONS BANCORPORATION, N.A.
Press Release – Page 15
Nonaccrual Loans by Portfolio Type
(Unaudited)

(In millions) | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Commercial: |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 107 |  |  | $ | 113 |  |  | $ | 121 |  |  | $ | 114 |  |  | $ | 173 |
Owner occupied | 40 |  |  | 39 |  |  | 25 |  |  | 31 |  |  | 29 |
Municipal | 2 |  |  | 5 |  |  | 10 |  |  | 11 |  |  | 11 |
Leasing | 4 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | 2 |
Total commercial | 153 |  |  | 159 |  |  | 158 |  |  | 158 |  |  | 215 |
Commercial real estate: |  |  |  |  |  |  |  |  |
Term | 70 |  |  | 60 |  |  | 58 |  |  | 59 |  |  | 67 |
Construction and land development | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
Total commercial real estate | 70 |  |  | 60 |  |  | 58 |  |  | 59 |  |  | 69 |
Consumer: |  |  |  |  |  |  |  |  |
1-4 family residential | 63 |  |  | 58 |  |  | 56 |  |  | 49 |  |  | 47 |
Home equity credit line | 32 |  |  | 30 |  |  | 32 |  |  | 30 |  |  | 30 |
Bankcard and other revolving plans | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total consumer | 96 |  |  | 89 |  |  | 89 |  |  | 80 |  |  | 79 |
Total nonaccrual loans | $ | 319 |  |  | $ | 308 |  |  | $ | 305 |  |  | $ | 297 |  |  | $ | 363 |

Net Charge-Offs by Portfolio Type
(Unaudited)

(In millions) | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Commercial: |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 50 |  |  | $ | 8 |  |  | $ | 13 |  |  | $ | 35 |  |  | $ | 3 |
Owner occupied | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | — |
Municipal | 3 |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial | 52 |  |  | 7 |  |  | 12 |  |  | 34 |  |  | 3 |
Commercial real estate: |  |  |  |  |  |  |  |  |
Term | 2 |  |  | 1 |  |  | — |  |  | — |  |  | (2) |
Total commercial real estate | 2 |  |  | 1 |  |  | — |  |  | — |  |  | (2) |
Consumer: |  |  |  |  |  |  |  |  |
1-4 family residential | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Bankcard and other revolving plans | 1 |  |  | 1 |  |  | 2 |  |  | 2 |  |  | 2 |
Other | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Total consumer loans | 2 |  |  | 2 |  |  | 4 |  |  | 2 |  |  | 2 |
Total net charge-offs (recoveries) | $ | 56 |  |  | $ | 10 |  |  | $ | 16 |  |  | $ | 36 |  |  | $ | 3 |

ZIONS BANCORPORATION, N.A.
Press Release – Page 16
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited) | Three Months Ended
| September 30, 2025 |  | June 30, 2025 |  | September 30, 2024
(In millions) | Average balance |  | Yield/ Rate 1 |  | Average balance |  | Yield/ Rate 1 |  | Average balance |  | Yield/ Rate 1
ASSETS |  |  |  |  |  |  |  |  |  |  |
Money market investments: |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits | $ | 1,582 |  |  | 4.42 | % |  | $ | 1,543 |  |  | 4.50 | % |  | $ | 2,457 |  |  | 5.53 | %
Federal funds sold and securities purchased under agreements to resell | 1,940 |  |  | 4.87 | % |  | 2,757 |  |  | 4.77 | % |  | 2,258 |  |  | 5.82 | %
Total money market investments | 3,522 |  |  | 4.67 | % |  | 4,300 |  |  | 4.68 | % |  | 4,715 |  |  | 5.67 | %
Trading securities | 83 |  |  | 4.63 | % |  | 244 |  |  | 4.77 | % |  | 32 |  |  | 4.18 | %
Investment securities: |  |  |  |  |  |  |  |  |  |  |
Available-for-sale | 9,078 |  |  | 3.28 | % |  | 9,093 |  |  | 3.27 | % |  | 9,442 |  |  | 3.53 | %
Held-to-maturity | 9,143 |  |  | 2.19 | % |  | 9,351 |  |  | 2.22 | % |  | 9,936 |  |  | 2.22 | %
Total investment securities | 18,221 |  |  | 2.73 | % |  | 18,444 |  |  | 2.74 | % |  | 19,378 |  |  | 2.86 | %
Loans held for sale | 171 |  |  | NM |  | 118 |  |  | NM |  | 104 |  |  | NM
Loans and leases: 2 |  |  |  |  |  |  |  |  |  |  |
Commercial | 31,558 |  |  | 5.97 | % |  | 31,383 |  |  | 5.89 | % |  | 30,671 |  |  | 6.14 | %
Commercial real estate | 13,611 |  |  | 6.64 | % |  | 13,612 |  |  | 6.64 | % |  | 13,523 |  |  | 7.23 | %
Consumer | 15,617 |  |  | 5.16 | % |  | 15,465 |  |  | 5.14 | % |  | 14,471 |  |  | 5.18 | %
Total loans and leases | 60,786 |  |  | 5.91 | % |  | 60,460 |  |  | 5.86 | % |  | 58,665 |  |  | 6.15 | %
Total interest-earning assets | 82,783 |  |  | 5.16 | % |  | 83,566 |  |  | 5.11 | % |  | 82,894 |  |  | 5.35 | %
Cash and due from banks | 702 |  |  |  |  | 703 |  |  |  |  | 703 |  |  |
Allowance for credit losses on loans and debt securities | (687) |  |  |  |  | (694) |  |  |  |  | (699) |  |  |
Goodwill and intangibles | 1,095 |  |  |  |  | 1,097 |  |  |  |  | 1,054 |  |  |
Other assets | 5,262 |  |  |  |  | 5,313 |  |  |  |  | 5,218 |  |  |
Total assets | $ | 89,155 |  |  |  |  | $ | 89,985 |  |  |  |  | $ | 89,170 |  |  |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |  |
Savings and money market | $ | 39,252 |  |  | 2.18 | % |  | $ | 38,877 |  |  | 2.15 | % |  | $ | 39,031 |  |  | 2.72 | %
Time | 10,129 |  |  | 3.81 | % |  | 10,659 |  |  | 3.90 | % |  | 11,275 |  |  | 4.81 | %
Total interest-bearing deposits | 49,381 |  |  | 2.51 | % |  | 49,536 |  |  | 2.52 | % |  | 50,306 |  |  | 3.19 | %
Borrowed funds: |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and security repurchase agreements | 665 |  |  | 4.28 | % |  | 1,463 |  |  | 4.36 | % |  | 1,072 |  |  | 5.33 | %
Other short-term borrowings | 4,731 |  |  | 4.48 | % |  | 5,340 |  |  | 4.48 | % |  | 4,704 |  |  | 4.89 | %
Long-term debt | 1,210 |  |  | 6.13 | % |  | 966 |  |  | 6.41 | % |  | 546 |  |  | 5.91 | %
Total borrowed funds | 6,606 |  |  | 4.76 | % |  | 7,769 |  |  | 4.70 | % |  | 6,322 |  |  | 5.06 | %
Total interest-bearing liabilities | 55,987 |  |  | 2.78 | % |  | 57,305 |  |  | 2.82 | % |  | 56,628 |  |  | 3.40 | %
Noninterest-bearing demand deposits | 24,922 |  |  |  |  | 24,730 |  |  |  |  | 24,723 |  |  |
Other liabilities | 1,564 |  |  |  |  | 1,527 |  |  |  |  | 1,641 |  |  |
Total liabilities | 82,473 |  |  |  |  | 83,562 |  |  |  |  | 82,992 |  |  |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Preferred equity | 66 |  |  |  |  | 66 |  |  |  |  | 440 |  |  |
Common equity | 6,616 |  |  |  |  | 6,357 |  |  |  |  | 5,738 |  |  |
Total shareholders’ equity | 6,682 |  |  |  |  | 6,423 |  |  |  |  | 6,178 |  |  |
Total liabilities and shareholders’ equity | $ | 89,155 |  |  |  |  | $ | 89,985 |  |  |  |  | $ | 89,170 |  |  |
Spread on average interest-bearing funds |  |  | 2.38 | % |  |  |  | 2.29 | % |  |  |  | 1.95 | %
Impact of net noninterest-bearing sources of funds |  |  | 0.90 | % |  |  |  | 0.88 | % |  |  |  | 1.08 | %
Net interest margin |  |  | 3.28 | % |  |  |  | 3.17 | % |  |  |  | 3.03 | %
Memo: total cost of deposits | $ | 74,303 |  |  | 1.67 | % |  | $ | 74,266 |  |  | 1.68 | % |  | $ | 75,029 |  |  | 2.14 | %
Memo: total deposits and interest-bearing liabilities | $ | 80,909 |  |  | 1.92 | % |  | $ | 82,035 |  |  | 1.97 | % |  | $ | 81,351 |  |  | 2.36 | %

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 17
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited) | Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  |
(In millions) | Average balance |  | Yield/ Rate 1 |  | Average balance |  | Yield/ Rate 1 |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |
Money market investments: |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits | $ | 1,586 |  |  | 4.51 | % |  | $ | 1,940 |  |  | 5.59 | % |  |  |  |
Federal funds sold and securities purchased under agreements to resell | 2,552 |  |  | 4.77 | % |  | 2,037 |  |  | 5.86 | % |  |  |  |
Total money market investments | 4,138 |  |  | 4.67 | % |  | 3,977 |  |  | 5.72 | % |  |  |  |
Trading securities | 117 |  |  | 4.68 | % |  | 35 |  |  | 4.42 | % |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |
Available-for-sale | 9,091 |  |  | 3.27 | % |  | 9,725 |  |  | 3.52 | % |  |  |  |
Held-to-maturity | 9,348 |  |  | 2.22 | % |  | 10,110 |  |  | 2.24 | % |  |  |  |
Total investment securities | 18,439 |  |  | 2.74 | % |  | 19,835 |  |  | 2.87 | % |  |  |  |
Loans held for sale | 124 |  |  | NM |  | 68 |  |  | NM |  |  |  |
Loans and leases: 2 |  |  |  |  |  |  |  |  |  |  |
Commercial | 31,327 |  |  | 5.90 | % |  | 30,553 |  |  | 6.05 | % |  |  |  |
Commercial real estate | 13,593 |  |  | 6.61 | % |  | 13,538 |  |  | 7.24 | % |  |  |  |
Consumer | 15,378 |  |  | 5.14 | % |  | 14,198 |  |  | 5.15 | % |  |  |  |
Total loans and leases | 60,298 |  |  | 5.87 | % |  | 58,289 |  |  | 6.11 | % |  |  |  |
Total interest-earning assets | 83,116 |  |  | 5.11 | % |  | 82,204 |  |  | 5.30 | % |  |  |  |
Cash and due from banks | 703 |  |  |  |  | 701 |  |  |  |  |  |  |
Allowance for credit losses on loans and debt securities | (691) |  |  |  |  | (693) |  |  |  |  |  |  |
Goodwill and intangibles | 1,082 |  |  |  |  | 1,056 |  |  |  |  |  |  |
Other assets | 5,317 |  |  |  |  | 5,305 |  |  |  |  |  |  |
Total assets | $ | 89,527 |  |  |  |  | $ | 88,573 |  |  |  |  |  |  |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |  |
Savings and money market | $ | 39,256 |  |  | 2.17 | % |  | $ | 38,471 |  |  | 2.73 | % |  |  |  |
Time | 10,601 |  |  | 3.96 | % |  | 10,601 |  |  | 4.83 | % |  |  |  |
Total interest-bearing deposits | 49,857 |  |  | 2.55 | % |  | 49,072 |  |  | 3.18 | % |  |  |  |
Borrowed funds: |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and security repurchase agreements | 1,279 |  |  | 4.34 | % |  | 1,328 |  |  | 5.37 | % |  |  |  |
Other short-term borrowings | 4,685 |  |  | 4.49 | % |  | 4,910 |  |  | 4.94 | % |  |  |  |
Long-term debt | 1,045 |  |  | 6.29 | % |  | 544 |  |  | 5.96 | % |  |  |  |
Total borrowed funds | 7,009 |  |  | 4.73 | % |  | 6,782 |  |  | 5.11 | % |  |  |  |
Total interest-bearing funds | 56,866 |  |  | 2.82 | % |  | 55,854 |  |  | 3.41 | % |  |  |  |
Noninterest-bearing demand deposits | 24,637 |  |  |  |  | 25,136 |  |  |  |  |  |  |
Other liabilities | 1,571 |  |  |  |  | 1,650 |  |  |  |  |  |  |
Total liabilities | 83,074 |  |  |  |  | 82,640 |  |  |  |  |  |  |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Preferred equity | 66 |  |  |  |  | 440 |  |  |  |  |  |  |
Common equity | 6,387 |  |  |  |  | 5,493 |  |  |  |  |  |  |
Total shareholders’ equity | 6,453 |  |  |  |  | 5,933 |  |  |  |  |  |  |
Total liabilities and shareholders’ equity | $ | 89,527 |  |  |  |  | $ | 88,573 |  |  |  |  |  |  |
Spread on average interest-bearing funds |  |  | 2.29 | % |  |  |  | 1.89 | % |  |  |  |
Impact of net noninterest-bearing sources of funds |  |  | 0.89 | % |  |  |  | 1.09 | % |  |  |  |
Net interest margin |  |  | 3.18 | % |  |  |  | 2.98 | % |  |  |  |
Memo: total cost of deposits | $ | 74,494 |  |  | 1.71 | % |  | $ | 74,208 |  |  | 2.10 | % |  |  |  |
Memo: total deposits and interest-bearing liabilities | $ | 81,503 |  |  | 1.98 | % |  | $ | 80,990 |  |  | 2.34 | % |  |  |  |

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
NON-GAAP FINANCIAL MEASURES
(Unaudited)
This press release presents non-GAAP financial measures, in addition to GAAP financial measures. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. We consider these adjustments to be relevant to ongoing operating results and provide a meaningful basis for period-to-period comparisons. We use these non-GAAP financial measures to assess our performance and financial position. We believe that presenting these non-GAAP financial measures allows investors to assess our performance on the same basis as that applied by our management and the financial services industry.
Non-GAAP financial measures have inherent limitations and are not necessarily comparable to similar financial measures that may be presented by other financial services companies. Although non-GAAP financial measures are frequently used by stakeholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.
Tangible Common Equity and Related Measures
Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization. We believe these non-GAAP measures provide useful information about our use of shareholders’ equity and provide a basis for evaluating the performance of a business more consistently, whether acquired or developed internally.
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

|  | Three Months Ended
(Dollar amounts in millions) |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Net earnings applicable to common shareholders (GAAP) |  | $ | 221 |  |  | $ | 243 |  |  | $ | 169 |  |  | $ | 200 |  |  | $ | 204 |
Adjustments, net of tax: |  |  |  |  |  |  |  |  |  |
Amortization of core deposit and other intangibles |  | 2 |  |  | 2 |  |  | 1 |  |  | 1 |  |  | 1 |
Adjusted net earnings applicable to common shareholders, net of tax | (a) | $ | 223 |  |  | $ | 245 |  |  | $ | 170 |  |  | $ | 201 |  |  | $ | 205 |
Average common equity (GAAP) |  | $ | 6,616 |  |  | $ | 6,357 |  |  | $ | 6,182 |  |  | $ | 6,036 |  |  | $ | 5,738 |
Average goodwill and intangibles |  | (1,095) |  |  | (1,097) |  |  | (1,052) |  |  | (1,053) |  |  | (1,054) |
Average tangible common equity (non-GAAP) | (b) | $ | 5,521 |  |  | $ | 5,260 |  |  | $ | 5,130 |  |  | $ | 4,983 |  |  | $ | 4,684 |
Number of days in quarter | (c) | 92 |  |  | 91 |  |  | 90 |  |  | 92 |  |  | 92 |
Number of days in year | (d) | 365 |  |  | 365 |  |  | 365 |  |  | 366 |  |  | 366 |
Return on average tangible common equity (non-GAAP) 1 | (a/b/c)*d | 16.0 | % |  | 18.7 | % |  | 13.4 | % |  | 16.0 | % |  | 17.4 | %

1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 11.5%, 13.1%, 9.2%, 10.9%, and 11.4% for the respective periods presented.
TANGIBLE EQUITY RATIO, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE BOOK VALUE PER COMMON SHARE (ALL NON-GAAP MEASURES)

(Dollar amounts in millions, except per share amounts) |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Total shareholders’ equity (GAAP) |  | $ | 6,865 |  |  | $ | 6,596 |  |  | $ | 6,327 |  |  | $ | 6,124 |  |  | $ | 6,385 |
Goodwill and intangibles |  | (1,094) |  |  | (1,096) |  |  | (1,104) |  |  | (1,052) |  |  | (1,053) |
Tangible equity (non-GAAP) | (a) | 5,771 |  |  | 5,500 |  |  | 5,223 |  |  | 5,072 |  |  | 5,332 |
Preferred stock |  | (66) |  |  | (66) |  |  | (66) |  |  | (66) |  |  | (440) |
Tangible common equity (non-GAAP) | (b) | $ | 5,705 |  |  | $ | 5,434 |  |  | $ | 5,157 |  |  | $ | 5,006 |  |  | $ | 4,892 |
Total assets (GAAP) |  | $ | 88,533 |  |  | $ | 88,893 |  |  | $ | 87,992 |  |  | $ | 88,775 |  |  | $ | 87,032 |
Goodwill and intangibles |  | (1,094) |  |  | (1,096) |  |  | (1,104) |  |  | (1,052) |  |  | (1,053) |
Tangible assets (non-GAAP) | (c) | $ | 87,439 |  |  | $ | 87,797 |  |  | $ | 86,888 |  |  | $ | 87,723 |  |  | $ | 85,979 |
Common shares outstanding (in thousands) | (d) | 147,640 |  |  | 147,603 |  |  | 147,567 |  |  | 147,871 |  |  | 147,699 |
Tangible equity ratio (non-GAAP) | (a/c) | 6.6 | % |  | 6.3 | % |  | 6.0 | % |  | 5.8 | % |  | 6.2 | %
Tangible common equity ratio (non-GAAP) | (b/c) | 6.5 | % |  | 6.2 | % |  | 5.9 | % |  | 5.7 | % |  | 5.7 | %
Tangible book value per common share (non-GAAP) | (b/d) | $ | 38.64 |  |  | $ | 36.81 |  |  | $ | 34.95 |  |  | $ | 33.85 |  |  | $ | 33.12 |

ZIONS BANCORPORATION, N.A.
Press Release – Page 19
Efficiency Ratio and Adjusted Pre-Provision Net Revenue
The efficiency ratio is a measure of operating expense relative to revenue. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. We make adjustments to exclude certain items that are not generally expected to recur frequently, as identified in the subsequent schedule. We believe these adjustments allow for more consistent comparability across periods. Adjusted noninterest expense provides a measure as to how we are managing our expenses. Adjusted pre-provision net revenue enables management and others to assess our ability to generate capital. Taxable-equivalent net interest income allows us to assess the comparability of revenue arising from both taxable and tax-exempt sources.
EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)

|  | Three Months Ended
(Dollar amounts in millions) |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Noninterest expense (GAAP) | (a) | $ | 527 |  |  | $ | 527 |  |  | $ | 538 |  |  | $ | 509 |  |  | $ | 502 |
Adjustments: |  |  |  |  |  |  |  |  |  |
Severance costs |  | 6 |  |  | 2 |  |  | 3 |  |  | 1 |  |  | 1 |
Amortization of core deposit and other intangibles |  | 2 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | 2 |
SBIC investment success fee accrual |  | 1 |  |  | 2 |  |  | — |  |  | — |  |  | — |
FDIC special assessment |  | (2) |  |  | — |  |  | — |  |  | (3) |  |  | — |
Total adjustments | (b) | 7 |  |  | 6 |  |  | 5 |  |  | — |  |  | 3 |
Adjusted noninterest expense (non-GAAP) | (c)=(a-b) | $ | 520 |  |  | $ | 521 |  |  | $ | 533 |  |  | $ | 509 |  |  | $ | 499 |
Net interest income (GAAP) | (d) | $ | 672 |  |  | $ | 648 |  |  | $ | 624 |  |  | $ | 627 |  |  | $ | 620 |
Fully taxable-equivalent adjustments | (e) | 11 |  |  | 13 |  |  | 11 |  |  | 12 |  |  | 12 |
Taxable-equivalent net interest income (non-GAAP) | (f)=(d+e) | 683 |  |  | 661 |  |  | 635 |  |  | 639 |  |  | 632 |
Customer-related noninterest income (GAAP) | (g) | 163 |  |  | 164 |  |  | 158 |  |  | 176 |  |  | 158 |
Net credit valuation adjustment (CVA) 1 | (h) | (11) |  |  | — |  |  | — |  |  | 3 |  |  | (3) |
Adjusted customer-related noninterest income (non-GAAP) | (i)=(g-h) | 174 |  |  | 164 |  |  | 158 |  |  | 173 |  |  | 161 |
Noncustomer-related noninterest income (GAAP) | (j) | 26 |  |  | 26 |  |  | 13 |  |  | 17 |  |  | 14 |
Securities gains (losses), net | (k) | 11 |  |  | 14 |  |  | 6 |  |  | 8 |  |  | 9 |
Adjusted noncustomer-related noninterest income (non-GAAP) | (l)=(j-k) | 15 |  |  | 12 |  |  | 7 |  |  | 9 |  |  | 5 |
Combined income (non-GAAP) | (m)=(f+g+j) | $ | 872 |  |  | $ | 851 |  |  | $ | 806 |  |  | $ | 832 |  |  | $ | 804 |
Adjusted taxable-equivalent revenue (non-GAAP) | (n)=(f+i+l) | 872 |  |  | 837 |  |  | 800 |  |  | 821 |  |  | 798 |
Pre-provision net revenue (PPNR) (non-GAAP) | (m)-(a) | $ | 345 |  |  | $ | 324 |  |  | $ | 268 |  |  | $ | 323 |  |  | $ | 302 |
Adjusted PPNR (non-GAAP) | (n)-(c) | 352 |  |  | 316 |  |  | 267 |  |  | 312 |  |  | 299 |
Efficiency ratio (non-GAAP) | (c/n) | 59.6 | % |  | 62.2 | % |  | 66.6 | % |  | 62.0 | % |  | 62.5 | %

1 Effective the first quarter of 2025, net CVA is included in capital markets fees and income.

ZIONS BANCORPORATION, N.A.
Press Release – Page 20
EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)

|  | Nine Months Ended
(Dollar amounts in millions) |  | September 30, 2025 |  | September 30, 2024 |  |
Noninterest expense (GAAP) | (a) | $ | 1,592 |  |  | $ | 1,537 |  |  |
Adjustments: |  |  |  |  |  |
Severance costs |  | 11 |  |  | 2 |  |  |
Other real estate expense |  | — |  |  | (1) |  |  |
Amortization of core deposit and other intangibles |  | 6 |  |  | 5 |  |  |
SBIC investment success fee accrual |  | 3 |  |  | 1 |  |  |
FDIC special assessment |  | (2) |  |  | 14 |  |  |
Total adjustments | (b) | 18 |  |  | 21 |  |  |
Adjusted noninterest expense (non-GAAP) | (c)=(a-b) | $ | 1,574 |  |  | $ | 1,516 |  |  |
Net interest income (GAAP) | (d) | $ | 1,944 |  |  | $ | 1,803 |  |  |
Fully taxable-equivalent adjustments | (e) | 35 |  |  | 33 |  |  |
Taxable-equivalent net interest income (non-GAAP) | (f)=(d+e) | 1,979 |  |  | 1,836 |  |  |
Customer-related noninterest income (GAAP) | (g) | 485 |  |  | 463 |  |  |
Net credit valuation adjustment (CVA) 1 | (h) | (11) |  |  | (3) |  |  |
Adjusted customer-related noninterest income (non-GAAP) | (i)=(g-h) | 496 |  |  | 466 |  |  |
Noncustomer-related noninterest income (GAAP) | (j) | 65 |  |  | 44 |  |  |
Securities gains (losses), net | (k) | 31 |  |  | 11 |  |  |
Adjusted noncustomer-related noninterest income (non-GAAP) | (l)=(j-k) | 34 |  |  | 33 |  |  |
Combined income (non-GAAP) | (m)=(f+g+j) | $ | 2,529 |  |  | $ | 2,343 |  |  |
Adjusted taxable-equivalent revenue (non-GAAP) | (n)=(f+i+l) | 2,509 |  |  | 2,335 |  |  |
Pre-provision net revenue (PPNR) (non-GAAP) | (m)-(a) | $ | 937 |  |  | $ | 806 |  |  |
Adjusted PPNR (non-GAAP) | (n)-(c) | 935 |  |  | 819 |  |  |
Efficiency ratio (non-GAAP) | (c/n) | 62.7 | % |  | 64.9 | % |  |

1 Effective the first quarter of 2025, net CVA is included in capital markets fees and income.