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Zions Bancorporation (ZION) boosts Q1 2026 profit with higher margin and strong credit

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Zions Bancorporation, N.A. reported stronger first quarter 2026 results, with net earnings of $232 million and diluted EPS of $1.56, up from $169 million and $1.13 a year earlier. Net interest income rose to $662 million and the net interest margin improved year over year to 3.27%, helped by lower funding costs and a better mix of loans and securities.

Adjusted pre-provision net revenue increased 13% versus the prior year to $301 million, while adjusted customer-related noninterest income grew 10% to $174 million. Credit quality remained strong, with annualized net loan and lease charge-offs at just 0.03% of average loans and nonperforming assets at 0.48% of loans and leases and other real estate owned. Total deposits were $76.9 billion and loans and leases were $61.3 billion, both up 2% year over year.

Capital levels stayed robust, with an estimated common equity tier 1 ratio of 11.5% and tangible book value per common share up 19% to $41.75. The company highlighted broad-based fee income growth, improving asset quality metrics, and continued strengthening of its funding profile, including lower brokered deposits and short-term borrowings.

Positive

  • Strong earnings growth: Net earnings to common rose to $232 million and diluted EPS to $1.56, up 38% year over year, driven by higher net interest income and improved operating leverage.
  • Improved profitability and efficiency: Adjusted pre-provision net revenue increased 13% to $301 million, while the efficiency ratio improved to 65.0% from 66.6%, reflecting revenue growth outpacing expense increases.
  • Robust credit quality: Net loan and lease charge-offs were only 0.03% of average loans, with nonperforming assets at 0.48% of loans and leases and other real estate owned, and classified loans trending lower.
  • Strong capital and tangible book growth: The estimated CET1 ratio was 11.5%, and tangible book value per common share rose 19% to $41.75, providing a sizable capital cushion.
  • Healthier funding mix: Customer deposits excluding brokered deposits increased to $73.1 billion, while brokered deposits and short-term borrowings declined significantly, reducing reliance on higher-cost wholesale funding.

Negative

  • None.

Insights

Quarter shows broad-based strength: higher earnings, solid credit, strong capital.

Zions Bancorporation, N.A. delivered a clear step-up in profitability. Net earnings to common shareholders rose to $232 million, with diluted EPS at $1.56, a 38% year-over-year increase. Net interest income of $662 million grew 6%, and the net interest margin improved to 3.27% from 3.10%, mainly from lower deposit and borrowing costs and a shift toward higher-yielding loans.

Noninterest income also contributed, as adjusted customer-related fees climbed 10% to $174 million, with stronger loan-related, retail, and commercial account fees. Expense growth was contained: adjusted noninterest expense rose 5%, leading to better efficiency at 65.0% versus 66.6%. Combined with a negative provision for credit losses of $7 million and net charge-offs of only 0.03% of loans, overall pre-provision earnings power translated effectively into bottom-line growth.

Asset quality and capital metrics remain key supports for the story. Nonperforming assets fell to $292 million, or 0.48% of loans and leases and other real estate owned, and classified loans declined to 3.80% of total loans. The allowance for credit losses stood at 1.16% of loans, while the estimated common equity tier 1 ratio was a solid 11.5%. Tangible book value per share increased 19% to $41.75, helped by retained earnings and reduced unrealized securities losses. A planned acquisition of an agency lending business, subject to approvals, could modestly expand multifamily financing capabilities, though financial impact details are not quantified in this excerpt.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net earnings to common $232 million Quarter ended March 31, 2026
Diluted EPS $1.56 Quarter ended March 31, 2026; up from $1.13 in Q1 2025
Net interest income $662 million Quarter ended March 31, 2026; 6% higher than Q1 2025
Net interest margin 3.27% Quarter ended March 31, 2026; 3.10% in Q1 2025
Loans and leases $61.3 billion Period-end balance at March 31, 2026; up 2% year over year
Total deposits $76.9 billion Period-end balance at March 31, 2026; up 2% year over year
CET1 capital ratio 11.5% Estimated at March 31, 2026; up from 10.8% in prior year
Tangible book value per share $41.75 March 31, 2026; 19% higher than March 31, 2025
pre-provision net revenue financial
"Pre-provision net revenue² ("PPNR") was $298 million, up 11%; adjusted PPNR² was $301 million, up 13%"
Pre-provision net revenue is a bank’s income from core operations — interest earned minus interest paid plus fees and other operating income, after operating costs — measured before setting aside funds for potential loan losses. Investors use it to gauge how well a bank’s everyday business generates money independent of one-time loss reserves, like judging a store’s sales and operating profit before accounting for an expected number of returned items.
net interest margin financial
"NIM was 3.27%, compared with 3.10%, and down from 3.31% in the prior quarter"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
common equity tier 1 ratio financial
"The estimated CET1 capital ratio was 11.5%, compared with 10.8%"
The common equity tier 1 ratio is a measure of a bank's financial strength, showing how much high-quality core capital it has compared to its total risk-weighted assets. Think of it as a safety buffer or cushion that helps ensure the bank can withstand economic shocks. For investors, a higher ratio indicates a stronger, more resilient bank, making it a key indicator of its financial health.
nonperforming assets financial
"Nonperforming assets were $292 million, or 0.48% of loans and leases and other real estate owned"
Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.
allowance for credit losses financial
"The allowance for credit losses (“ACL”) totaled $713 million at March 31, 2026"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
tangible book value per common share financial
"Tangible book value per common share was $41.75, up 19%"
A per-share measure of the company’s tangible net asset value available to common shareholders after removing intangible items (like goodwill, brand value, and patents) and any preferred shareholder claims. Think of it as the amount each common share would get if the company sold only its physical and financial assets and settled priority claims. Investors use it as a conservative baseline to judge whether a stock is cheaply priced relative to the company’s hard-asset backing.
Offering Type earnings_snapshot

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Zions (ZION) perform financially in the first quarter of 2026?
Zions reported net earnings of $232 million and diluted EPS of $1.56 for Q1 2026, up from $169 million and $1.13 a year earlier. Higher net interest income, stronger fee revenue, and a negative credit loss provision supported the improvement.

What happened to Zions (ZION) net interest margin and net interest income in Q1 2026?
Net interest income reached $662 million and net interest margin was 3.27% in Q1 2026, up from 3.10% a year earlier. The increase mainly reflected lower deposit and borrowing costs and a better mix of interest-earning assets toward higher-yielding loans.

How strong was credit quality at Zions (ZION) in the first quarter of 2026?
Credit quality remained solid, with the annualized net charge-off ratio at 0.03% of average loans and nonperforming assets at 0.48% of loans and leases and other real estate owned. Classified loans declined to 3.80% of total loans, indicating improving problem credit trends.

What were Zions (ZION) loan and deposit levels at March 31, 2026?
At March 31, 2026, loans and leases totaled $61.3 billion, up 2% year over year, and total deposits were $76.9 billion, also up 2%. Customer deposits excluding brokered deposits reached $73.1 billion, while brokered deposits fell to $3.8 billion.

How well-capitalized is Zions (ZION) after Q1 2026?
Zions reported an estimated common equity tier 1 capital ratio of 11.5% and a tangible common equity ratio of 7.1% at March 31, 2026. Tangible book value per common share increased 19% year over year to $41.75, reflecting retained earnings and AOCI improvement.

Did Zions (ZION) provide any outlook or strategic update in this quarter?
The company noted an agreement to acquire the agency lending business of Basis Multifamily Finance I, LLC, subject to approvals. This is intended to expand multifamily housing financing offerings through Fannie Mae DUS and Freddie Mac Optigo programs, broadening long-term lending capabilities.

How did noninterest income and expenses trend for Zions (ZION) in Q1 2026?
Customer-related noninterest income rose 9% to $172 million, or 10% on an adjusted basis, led by loan-related, retail, and commercial fees. Adjusted noninterest expense increased 5% to $558 million, mainly from higher salaries, technology, and professional services, but still allowed positive operating leverage.
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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)  April 20, 2026

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) 844-7637
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 April 20, 2026, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended March 31, 2026 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on April 20, 2026. The press release announcing the financial results for the quarter ended March 31, 2026 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 first 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
99.1
Press Release dated April 20, 2026 (furnished herewith).
99.2
Earnings Release Presentation dated April 20, 2026 (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: April 20, 2026
  



Zions Bancorporation, N.A.
One South Main
Salt Lake City, UT 84133
April 20, 2026
zions2020630-era.jpg
www.zionsbancorporation.com
First Quarter 2026 Financial Results: FOR IMMEDIATE RELEASE
Investor Contact: Andrea Christoffersen (801) 844-7190
Media Contact: Jennifer Johnston (801) 844-7112
Zions Bancorporation, N.A. reports 1Q26 Net Earnings of $232 million, diluted EPS of $1.56
compared with 1Q25 Net Earnings of $169 million, diluted EPS of $1.13,
and 4Q25 Net Earnings of $262 million, diluted EPS of $1.76
FIRST QUARTER RESULTS
$1.56$232 million15.5%11.5%
Net earnings per diluted
common share
Net earnings
Return on average tangible common equity2
Estimated common equity
tier 1 ratio
FIRST QUARTER HIGHLIGHTS¹
Net Interest Income and NIM
•
Net interest income was $662 million, up 6%
•
NIM was 3.27%, compared with 3.10%, and down from 3.31% in the prior quarter
Operating Performance
•
Pre-provision net revenue² ("PPNR") was $298 million, up 11%; adjusted PPNR² was $301 million, up 13%
•
Customer-related noninterest income was $172 million, up 9%
•
Noninterest expense was $562 million, up 4%; adjusted noninterest expense² was $558 million, up 5%
Loans and Credit Quality
•
Loans and leases were $61.3 billion, up 2%
•
The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.03%, compared with 0.11%
•
The provision for credit losses was negative $7 million, compared with positive $18 million
•
Nonperforming assets were $292 million, or 0.48% of loans and leases and other real estate owned, compared with $307 million, or 0.51%
•
Classified loans were $2.3 billion, or 3.80% of loans and leases, compared with $2.9 billion, or 4.82%
Deposits and Borrowed Funds
•
Total deposits were $76.9 billion, up 2%; customer deposits (excluding brokered deposits) were $73.1 billion, up 3%
•
Brokered deposits were $3.8 billion, down 20%; short-term borrowings were $382 million, down 89%
•
Long-term debt was $2.0 billion, up 104%, due to recent issuances of senior notes
Capital
•
The estimated CET1 capital ratio was 11.5%, compared with 10.8%
•
Tangible book value per common share was $41.75, up 19%
CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “Our first quarter results were solid, with diluted earnings per share rising 38% to $1.56 from $1.13 in the same quarter last year. Adjusted pre-tax pre-provision net revenue increased 13%, as adjusted taxable-equivalent revenue rose 7.4% and adjusted operating expenses increased 4.7%, resulting in positive operating leverage of 2.7%. We were particularly pleased to achieve broad-based strong growth in customer-related noninterest income, which increased 9% over the same quarter last year. Credit quality was strong, with net loan losses to average loans of a mere 0.03% annualized, and a 19% decrease in classified loans over the past year.”
Mr. Simmons continued, “Our funding profile has continued to strengthen, with total customer deposits growing $2.2 billion over the past year and long-term debt increasing $1.0 billion, while brokered deposits and short-term borrowings decreased $3.8 billion. Tangible common equity also continues to improve, having increased 19% over the past year.”
Mr. Simmons concluded, “During the quarter we were pleased to reach an agreement to acquire the agency lending business of Basis Multifamily Finance I, LLC, a subsidiary of Basis Investment Group. Subject to required approvals, the acquisition will enable us to offer multifamily housing clients an expanded set of permanent financing solutions as an originator, underwriter, and servicer of loans made through government-sponsored agency programs including the Fannie Mae DUS® program, and the Freddie Mac Optigo® Conventional and Small Balance Loan programs.”
OPERATING PERFORMANCE2
(In millions)Three Months Ended
March 31,
20262025
Net Interest Margin3.27 %3.10 %
Adjusted PPNR3
$301$267
Net charge-offs$4$16
Efficiency ratio3
65.0 %66.6 %
1 Comparisons referenced in the bullet points are calculated based on the current quarter versus the corresponding period in the prior year, unless otherwise noted. The effective tax rate was 20.7% at March 31, 2026, compared with 28.9% at March 31, 2025, primarily due to a required revaluation of deferred tax assets resulting from new state tax legislation enacted during the prior year quarter.
2 For information on non-GAAP financial measures, see pages 17-19.


ZIONS BANCORPORATION, N.A.
Press Release – Page 2


Comparisons noted below are calculated for the current quarter versus the same prior year period, unless otherwise specified. Growth rates of 100% or more are considered not meaningful (“NM”) as they typically reflect a low starting point.
RESULTS OF OPERATIONS
Net Interest Income and Margin
1Q26 - 4Q251Q26 - 1Q25
(In millions)1Q264Q251Q25$%$%
Interest and fees on loans$841$878$850$(37)(4)%$(9)(1)%
Interest on money market investments394253(3)(7)(14)(26)
Interest on securities116121125(5)(4)(9)(7)
Total interest income
9961,0411,028(45)(4)(32)(3)
Interest on deposits275299326(24)(8)(51)(16)
Interest on short- and long-term borrowings595978— — (19)(24)
Total interest expense
334358404(24)(7)(70)(17)
Net interest income
$662$683$624$(21)(3)$38 6 
bpsbps
Yield on interest-earning assets 1
4.90 %5.01 %5.08 %(11)(18)
Rate paid on total deposits and interest-bearing liabilities 1
1.68 %1.76 %2.01 %(8)(33)
Cost of deposits 1
1.48 %1.56 %1.76 %(8)(28)
Net interest margin 1
3.27 %3.31 %3.10 %(4)17 
1 Taxable-equivalent rates used where applicable.
Net interest income increased $38 million, or 6%, during the first quarter of 2026, compared with the prior year period, largely reflecting lower funding costs. This increase was further supported by an improved mix of average interest-earning assets, driven by growth in higher-yielding loans and a reduction in lower-yielding investment securities and money market investments. As a result, the net interest margin increased to 3.27%, up from 3.10%. The net interest margin declined from 3.31% in the prior quarter, mainly due to lower earning asset yields and a decrease in average demand deposits.
The yield on average interest-earning assets, net of hedging activity, was 4.90% for the first quarter of 2026, compared with 5.08% in the prior year period, reflecting lower interest rates. The net yield on average loans and leases decreased 22 basis points to 5.62%, while the net yield on average investment securities declined 12 basis points to 2.63%. Additionally, the yield on average money market investments decreased 72 basis points to 3.94%, as the short-term nature of these assets resulted in quicker repricing in the declining interest rate environment.
The rate paid on total deposits and interest-bearing liabilities was 1.68% for the first quarter of 2026, compared with 2.01% in the prior year period. The total cost of deposits was 1.48%, compared with 1.76%, reflecting the lower interest rate environment.
Average interest-earning assets remained relatively flat from the prior year period. Average loans and leases increased $1.5 billion, partially offset by declines in average investment securities and average money market investments of $666 million and $552 million, respectively.
Average interest-bearing liabilities declined $2.7 billion, or 5%, compared with the prior year period. This decrease was primarily driven by a $1.4 billion reduction in average interest-bearing deposits, largely due to lower brokered deposits, as well as a $1.3 billion decline in average borrowed funds, primarily reflecting a reduction in average short-term borrowings. These decreases were partially offset by an increase in average long-term debt, driven by recent issuances of senior notes.


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


Noninterest Income
1Q26 - 4Q251Q26 - 1Q25
(In millions)1Q264Q251Q25$%$%
Commercial account fees$48 $47 $45 $1 2 %$3 7 %
Card fees22 24 23 (2)(8)(1)(4)
Retail and business banking fees20 20 17 — — 3 18 
Loan-related fees and income23 19 17 4 21 6 35 
Capital markets fees and income28 37 27 (9)(24)1 4 
Wealth management fees16 14 15 2 14 1 7 
Other customer-related fees15 16 14 (1)(6)1 7 
Customer-related noninterest income172 177 158 (5)(3)14 9 
Dividends and other income12 10 7 2 20 5 71 
Securities gains (losses), net3 21 6 (18)(86)(3)(50)
Noncustomer-related noninterest income15 31 13 (16)(52)2 15 
Total noninterest income
$187 $208 $171 $(21)(10)$16 9 
Adjusted customer-related noninterest income 1
$174 $175 $158 $(1)(1)$16 10 
1 Net of credit valuation adjustment (“CVA”). For information on non-GAAP financial measures, see pages 17-19.
Customer-related noninterest income increased $14 million, or 9%, compared with the prior year period. This growth was primarily driven by a $6 million increase in loan-related fees and income, largely reflecting higher residential mortgage loan sales activity. Retail and business banking fees increased $3 million, primarily due to an increase in overdraft fee income, while the $3 million increase in commercial account fees was mainly attributable to higher account analysis fees.
Noncustomer-related noninterest income increased $2 million, or 15%, compared with the prior year period, primarily due to valuation adjustments on mortgage servicing rights and gains on the sale of fixed assets. These increases were partially offset by lower valuation adjustments in our Small Business Investment Company (“SBIC”) investment portfolio relative to the prior year quarter.
Noninterest Expense
1Q26 - 4Q251Q26 - 1Q25
(In millions)1Q264Q251Q25$%$%
Salaries and employee benefits$361 $335 $342 $26 8 %$19 6 %
Technology, telecom, and information processing74 71 70 3 4 4 6 
Occupancy and equipment, net41 43 41 (2)(5)— — 
Professional and legal services20 21 13 (1)(5)7 54 
Marketing and business development13 30 11 (17)(57)2 18 
Deposit insurance and regulatory expense15 6 22 9 NM(7)(32)
Credit-related expense5 7 6 (2)(29)(1)(17)
Other real estate expense, net— (2)— 2 NM— NM
Other33 35 33 (2)(6)— — 
Total noninterest expense
$562 $546 $538 $16 3 $24 4 
Adjusted noninterest expense 1
$558 $548 $533 $10 2 $25 5 
1 For information on non-GAAP financial measures, see pages 17-19.
Noninterest expense increased $24 million, or 4%, compared with the prior year quarter. Salaries and employee benefits expense increased $19 million, primarily due to higher incentive compensation accruals reflecting improved profitability, as well as increased base salaries and benefits costs. Professional and legal services expense increased $7 million, largely reflecting higher outsourced services. Technology, telecom, and information processing expense


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


increased $4 million, mainly due to higher application software, licensing, and maintenance costs. These increases were partially offset by a $7 million decrease in deposit insurance and regulatory expense, primarily due to higher FDIC assessments related to increased classified loans in the prior year quarter.
Adjusted noninterest expense increased $25 million, or 5%, primarily due to the same factors discussed above. The efficiency ratio improved to 65.0% from 66.6% in the prior year quarter, reflecting positive operating leverage. For more information regarding non-GAAP financial measures, see pages 17-19.
BALANCE SHEET ANALYSIS
Investment Securities
1Q26 - 4Q251Q26 - 1Q25
(In millions)1Q264Q251Q25$%$%
Investment securities:
Available-for-sale, at fair value$9,184 $9,207 $9,223 $(23)— %$(39)— %
Held-to-maturity, at amortized cost8,688 8,867 9,481 (179)(2)(793)(8)
Total investment securities, net of allowance$17,872 $18,074 $18,704 $(202)(1)$(832)(4)
Total investment securities decreased $832 million, or 4%, to $17.9 billion, relative to the prior year quarter, primarily due to principal reductions, net of reinvestments.
Loans and Leases
1Q26 - 4Q251Q26 - 1Q25
(In millions)1Q264Q251Q25$%$%
Loans held for sale$140 $201 $112 $(61)(30)%$28 25 %
Loans and leases:
Commercial
$31,858 $31,679 $30,998 $179 1 $860 3 
Commercial real estate
13,658 13,396 13,593 262 2 65 — 
Consumer
15,796 15,825 15,338 (29)— 458 3 
Loans and leases, net of unearned income and fees61,312 60,900 59,929 412 1 1,383 2 
Less allowance for loan losses
667 678 697 (11)(2)(30)(4)
Loans and leases held for investment, net of allowance
$60,645 $60,222 $59,232 $423 1 $1,413 2 
Unfunded commitments$30,492 $30,244 $29,526 $248 1 $966 3 
Loans and leases, net of unearned income and fees, increased $1.4 billion, or 2%, to $61.3 billion, compared with the prior year quarter. This growth was driven by an $860 million increase in commercial loans, primarily within the commercial and industrial loan portfolio, and a $458 million increase in consumer loans, largely attributable to growth in the home equity line of credit portfolio.


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


Credit Quality
1Q26 - 4Q251Q26 - 1Q25
(In millions)1Q264Q251Q25$%$%
Provision for credit losses$(7)$6$18$(13)NM$(25)NM
Allowance for credit losses713724743(11)(2)%(30)(4)%
Net loan and lease charge-offs (recoveries)4716(3)(43)(12)(75)
Nonperforming assets292320307(28)(9)(15)(5)
Classified loans2,3322,3802,891(48)(2)(559)(19)
1Q264Q251Q25bpsbps
Ratio of ACL to loans and leases outstanding, at period end1.16 %1.19 %1.24 %(3)(8)
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans0.03 %0.05 %0.11 %(2)(8)
Ratio of nonperforming assets to loans and leases and other real estate owned0.48 %0.52 %0.51 %(4)(3)
Ratio of classified loans to total loans and leases3.80 %3.91 %4.82 %(11)(102)
During the first quarter of 2026, we recorded a negative $7 million provision for credit losses, compared with positive $18 million during the prior year period. The allowance for credit losses (“ACL”) totaled $713 million at March 31, 2026, compared with $743 million at March 31, 2025. The year-over-year decrease in the ACL primarily reflects lower reserves associated with commercial real estate (“CRE”) portfolio-specific risks and changes in loan portfolio composition, partially offset by more adverse economic forecasts and increased lending activity. The ratio of ACL to total loans and leases was 1.16% at March 31, 2026, compared with 1.24% at March 31, 2025.
Net loan and lease charge-offs totaled $4 million in the first quarter of 2026, compared with $16 million in the prior year quarter. At March 31, 2026, nonperforming assets totaled $292 million, or 0.48% of total loans and leases and other real estate owned, compared with $307 million, or 0.51%, in the prior year period. Nonperforming assets were primarily concentrated in the commercial and industrial, consumer 1-4 family residential, and commercial owner-occupied loan portfolios. Classified loans totaled $2.3 billion, or 3.80% of total loans and leases, compared with $2.9 billion, or 4.82%, in the prior year period. The year-over-year decline was primarily driven by reductions in classified CRE exposures, largely attributable to loan payoffs.
Deposits and Borrowed Funds
1Q26 - 4Q251Q26 - 1Q25
(In millions)1Q264Q251Q25$%$%
Deposits:
Noninterest-bearing demand$27,081 $25,823 $24,792 $1,258 5 %$2,289 9 %
Interest-bearing:
Savings and money market40,165 39,914 39,860 251 1 305 1 
Time5,866 6,070 6,269 (204)(3)(403)(6)
Brokered3,795 3,837 4,771 (42)(1)(976)(20)
Total interest-bearing49,826 49,821 50,900 5 — (1,074)(2)
Total deposits$76,907 $75,644 $75,692 $1,263 2 $1,215 2 
Customer deposits (excludes brokered deposits)$73,112 $71,807 $70,921 1,305 2 2,191 3 
Borrowed funds:
Federal funds purchased and other short-term borrowings$382 $2,872 $3,190 $(2,490)(87)$(2,808)(88)
Long-term debt1,963 1,472 964 491 33 999 NM
Total borrowed funds$2,345 $4,344 $4,154 $(1,999)(46)$(1,809)(44)


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


Total deposits increased $1.2 billion, or 2%, compared with the prior year quarter. Noninterest-bearing demand deposits increased $2.3 billion, primarily reflecting the migration of a consumer interest-bearing product into a new noninterest-bearing offering. This increase was partially offset by a $1.1 billion decline in interest-bearing deposits, largely driven by a reduction in brokered deposits.
At March 31, 2026, customer deposits, excluding brokered deposits, totaled $73.1 billion, compared with $70.9 billion at March 31, 2025. These balances included approximately $6.6 billion and $6.7 billion of reciprocal deposits, respectively. The loan-to-deposit ratio was 80%, compared with 79% in the prior year quarter.
Total borrowed funds decreased $1.8 billion, or 44%, compared with the prior year quarter. The decrease was driven by a $2.8 billion reduction in short-term FHLB advances, partially offset by the issuance of $500 million of 4.48% Fixed-to-Floating Senior Notes in February 2026 and $500 million of 4.70% Fixed-to-Floating Senior Notes in August 2025.
Shareholders’ Equity
1Q26 - 4Q251Q26 - 1Q25
(In millions, except share data)1Q264Q251Q25$%$%
Shareholders’ equity:
Preferred stock
$66$66$66$— — %$— — %
Common stock and additional paid-in capital
1,6691,7261,706(57)(3)(37)(2)
Retained earnings
7,4967,3296,805167 2 691 10 
Accumulated other comprehensive income (loss)(1,935)(1,941)(2,250)6 — 315 14 
Total shareholders’ equity$7,296$7,180$6,327$116 2 $969 15 
Capital distributions:
Common dividends paid$67$67$65$— — $2 3 
Bank common stock repurchased 1
77—4177 NM36 88 
Total capital distributed to common shareholders$144$67$106$77 NM$38 36 
shares%shares%
Weighted average diluted common shares outstanding (in thousands)
147,038 147,120 147,387 (82)— %(349)— %
Common shares outstanding, at period end (in thousands)147,077 147,653 147,567 (576)— (490)— 
1 Includes amounts related to common shares acquired through our publicly announced plans and those acquired in connection with our stock compensation plan. These shares were acquired from employees to cover their payroll taxes and stock option exercise costs upon the exercise of stock options.
The common stock dividend was $0.45 per share, compared with $0.43 per share during the first quarter of 2025. Common shares outstanding decreased 0.5 million from the first quarter of 2025, primarily due to common stock repurchases. During the first quarter of 2026, we repurchased 1.3 million common shares outstanding for $77 million, compared with 0.8 million common shares repurchased for $41 million during the prior year period.
At March 31, 2026, the accumulated other comprehensive income (loss) (“AOCI”) balance reflected a net loss of $1.9 billion, primarily attributable to a decline in the fair value of fixed-rate AFS securities driven by changes in interest rates. This amount includes $1.5 billion ($1.2 billion after tax) of unrealized losses associated with securities previously transferred from AFS to held-to-maturity (“HTM”). Compared with March 31, 2025, AOCI improved $315 million, primarily due to increases in the fair value of AFS securities, the amortization of unrealized losses associated with the securities transferred from AFS to HTM, and paydowns on AFS securities. The improvement in AOCI had a positive impact on our tangible book value per common share.


ZIONS BANCORPORATION, N.A.
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Estimated common equity tier 1 (“CET1”) capital was $8.1 billion, an increase of 9%, compared with $7.4 billion in the prior year period. The estimated CET1 capital ratio was 11.5%, compared with 10.8%. Tangible book value per common share increased 19% to $41.75, mainly due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see pages 17-19.
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website in advance of its discussion of first quarter financial results, scheduled for 5:30 p.m. ET on April 20, 2026. Media representatives, analysts, investors, and the general public are invited to participate by calling (877) 709-8150 (domestic and international) and entering the meeting number 13759825, or by joining the on-demand webcast. A link to the webcast will be available on the Company’s website at www.zionsbancorporation.com. Following the event, the webcast will be archived and accessible for 30 days.
About Zions Bancorporation, N.A.
Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $3.4 billion in 2025, and total assets of approximately $89 billion at December 31, 2025. The Bank operates principally through seven separately managed, geographically defined bank divisions, each operating under its own local brand and management, and serving customers primarily in 11 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.
Zions is a consistent recipient of national and state-level customer survey awards recognizing excellence in small- and middle-market banking. It is also a leader in public finance advisory services and Small Business Administration lending. Zions is included in both the S&P MidCap 400 and NASDAQ Financial 100 indices. Additional investor information, along with links to local banking brands, is available at www.zionsbancorporation.com.
Forward-Looking Information
This earnings release contains “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and assumptions regarding future events and outcomes. However, they are inherently subject to known and unknown risks, uncertainties, and other factors that could cause actual results, 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,” “forecast,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “project,” “will,” or similar words and expressions, including their negative forms.
Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those 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 or persistent inflation, economic slowdowns or recessions, and other macroeconomic challenges;


ZIONS BANCORPORATION, N.A.
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changes in interest rates or 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;
•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;
•The growing presence of credit unions, financial technology companies (“fintechs”), and other emerging competitors within the financial services industry, including in the markets in which we operate;
•Our ability to innovate and address competitive pressures and other factors that may affect aspects of our business, such as pricing, the 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, tokenized deposits, blockchain, artificial intelligence (“AI”), 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;
•The occurrence of fraud, theft, or other forms of misconduct perpetrated by external parties, including customers and business partners, or by our own employees;
•Our ability to 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 operations, our customers’ business, and the communities we serve, including the increasing difficulty and expense of obtaining property, auto, business, and other insurance products;
•Diverging and evolving policy, legal, regulatory, and political developments—combined with differing stakeholder perspectives related to governance, environmental, and social matters—may subject us to potentially conflicting requirements and expectations;
•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;


ZIONS BANCORPORATION, N.A.
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•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 financial institutions, the banking industry, or the broader market—that may adversely affect our reputation and the industry more broadly; and
•Other assumptions, risks, or uncertainties described in this earnings release, and other SEC filings.
We caution against placing undue reliance on forward-looking statements, as they reflect our views only as of the date they are issued. Except as required by law, we expressly disclaim any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments.


ZIONS BANCORPORATION, N.A.
Press Release – Page 10


FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
(In millions, except share, per share, and ratio data)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
BALANCE SHEET 1
Loans held for investment, net of allowance$60,645$60,222$59,599$60,123$59,232
Total assets87,95788,69088,24288,58687,650
Deposits76,90775,64474,87873,80075,692
Total shareholders’ equity7,2967,1806,8656,5966,327
STATEMENT OF INCOME
Net earnings applicable to common shareholders
$232$262$221$243$169
Net interest income662683672648624
Taxable-equivalent net interest income 2
673694683661635
Total noninterest income187208189190171
Total noninterest expense562546527527538
Pre-provision net revenue 2
298356345324268
Adjusted pre-provision net revenue 2
301331352316267
Provision for credit losses(7)649(1)18
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share$1.56$1.76$1.48$1.63$1.13
Dividends0.450.450.450.430.43
Book value per common share 1
49.1648.1846.0544.2442.43
Tangible book value per common share 1, 2
41.7540.7938.6436.8134.95
Weighted average share price58.7254.2455.4246.7253.64
Weighted average diluted common shares outstanding (in thousands)
147,038147,120147,125147,053147,387
Common shares outstanding (in thousands) 1
147,077147,653147,640147,603147,567
SELECTED RATIOS AND OTHER DATA
Return on average assets1.05 %1.16 %0.99 %1.09 %0.77 %
Return on average common equity13.1 %14.9 %13.3 %15.3 %11.1 %
Return on average tangible common equity 2
15.5 %17.9 %16.0 %18.7 %13.4 %
Net interest margin3.27 %3.31 %3.28 %3.17 %3.10 %
Cost of deposits1.48 %1.56 %1.67 %1.68 %1.76 %
Efficiency ratio 2
65.0 %62.3 %59.6 %62.2 %66.6 %
Effective tax rate 3
20.7 %22.4 %22.1 %21.8 %28.9 %
Ratio of nonperforming assets to loans and leases and other real estate owned
0.48 %0.52 %0.54 %0.51 %0.51 %
Annualized ratio of net loan and lease charge-offs to average loans0.03 %0.05 %0.37 %0.07 %0.11 %
Ratio of total allowance for credit losses to loans and leases outstanding 1
1.16 %1.19 %1.20 %1.20 %1.24 %
Full-time equivalent employees
9,0909,1959,2869,4409,392
CAPITAL RATIOS AND DATA 1
Tangible common equity ratio 2
7.1 %6.9 %6.5 %6.2 %6.0 %
Common equity tier 1 capital 4
$8,050$7,936$7,734$7,570$7,379
Risk-weighted assets 4
$69,807$69,142$68,648$69,026$68,132
Common equity tier 1 capital ratio 4
11.5 %11.5 %11.3 %11.0 %10.8 %
Tier 1 risk-based capital ratio 4
11.6 %11.6 %11.4 %11.1 %10.9 %
Total risk-based capital ratio 4
13.8 %13.8 %13.7 %13.4 %13.3 %
Tier 1 leverage ratio 4
9.1 %9.0 %8.8 %8.5 %8.4 %
1 At period end.
2 For information on non-GAAP financial measures, see pages 17-19.
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.
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CONSOLIDATED BALANCE SHEETS
(Unaudited)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
(In millions, shares in thousands)
ASSETS
Cash and due from banks$661 $683 $771 $780 $833 
Money market investments:
Interest-bearing deposits1,741 2,202 2,395 1,781 1,980 
Federal funds sold and securities purchased under agreements to resell1,007 1,420 1,008 1,140 936 
Trading securities, at fair value104 64 134 180 64 
Investment securities:
Available-for-sale, at fair value9,184 9,207 9,170 9,116 9,223 
Held-to-maturity 1, at amortized cost
8,688 8,867 9,059 9,272 9,481 
Total investment securities, net of allowance17,872 18,074 18,229 18,388 18,704 
Loans held for sale 2
140 201 215 172 112 
Loans and leases, net of unearned income and fees *
61,312 60,900 60,278 60,813 59,929 
Allowance for loan and lease losses667 678 679 690 697 
Loans held for investment, net of allowance60,645 60,222 59,599 60,123 59,232 
Other noninterest-bearing investments994 1,076 1,098 1,182 1,045 
Premises, equipment, and software, net1,356 1,363 1,358 1,361 1,362 
Goodwill and intangibles1,089 1,091 1,094 1,096 1,104 
Other real estate owned14 5 5 5 2 
Other assets *
2,334 2,289 2,336 2,378 2,276 
Total assets$87,957 $88,690 $88,242 $88,586 $87,650 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$27,081 $25,823 $26,133 $25,413 $24,792 
Interest-bearing:
Savings and money market40,165 39,914 38,689 38,254 39,860 
Time9,661 9,907 10,056 10,133 11,040 
Total deposits76,907 75,644 74,878 73,800 75,692 
Federal funds and other short-term borrowings *
382 2,872 3,548 5,845 3,190 
Long-term debt1,963 1,472 1,473 970 964 
Reserve for unfunded lending commitments46 46 46 42 46 
Other liabilities *
1,363 1,476 1,432 1,333 1,431 
Total liabilities80,661 81,510 81,377 81,990 81,323 
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares66 66 66 66 66 
Common stock 3 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital
1,669 1,726 1,721 1,713 1,706 
Retained earnings7,496 7,329 7,134 6,981 6,805 
Accumulated other comprehensive income (loss)(1,935)(1,941)(2,056)(2,164)(2,250)
Total shareholders’ equity7,296 7,180 6,865 6,596 6,327 
Total liabilities and shareholders’ equity$87,957 $88,690 $88,242 $88,586 $87,650 
1 Held-to-maturity (fair value)
$8,696 $8,940 $9,106 $9,229 $9,400 
2 Loans held for sale (carried at fair value)
57 71 126 100 62 
3 Common shares (issued and outstanding)
147,077 147,653 147,640 147,603 147,567 
* Effective in the first quarter of 2026, we changed our accounting policy to present qualifying derivative assets and liabilities, along with the associated rights to reclaim or obligations to return cash collateral, on a net basis for all eligible arrangements rather than on a gross basis. Prior period results have been recast to conform to this presentation.


ZIONS BANCORPORATION, N.A.
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CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)Three Months Ended
(In millions, except share and per share amounts)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Interest income:
Interest and fees on loans$841 $878 $898 $875 $850 
Interest on money market investments39 42 41 50 53 
Interest on securities116 121 125 126 125 
Total interest income996 1,041 1,064 1,051 1,028 
Interest expense:
Interest on deposits275 299 313 312 326 
Interest on short- and long-term borrowings59 59 79 91 78 
Total interest expense334 358 392 403 404 
Net interest income662 683 672 648 624 
Provision for credit losses:
Provision for loan and lease losses(7)6 45 3 17 
Provision for unfunded lending commitments— — 4 (4)1 
Total provision for credit losses(7)6 49 (1)18 
Net interest income after provision for credit losses669 677 623 649 606 
Noninterest income:
Commercial account fees48 47 47 46 45 
Card fees22 24 24 24 23 
Retail and business banking fees20 20 19 19 17 
Loan-related fees and income23 19 20 19 17 
Capital markets fees and income28 37 24 28 27 
Wealth management fees16 14 14 14 15 
Other customer-related fees15 16 15 14 14 
Customer-related noninterest income172 177 163 164 158 
Dividends and other income12 10 15 12 7 
Securities gains (losses), net3 21 11 14 6 
Total noninterest income187 208 189 190 171 
Noninterest expense:
Salaries and employee benefits361 335 337 336 342 
Technology, telecom, and information processing74 71 70 65 70 
Occupancy and equipment, net41 43 42 40 41 
Professional and legal services20 21 14 13 13 
Marketing and business development13 30 11 12 11 
Deposit insurance and regulatory expense15 6 16 20 22 
Credit-related expense5 7 6 6 6 
Other real estate expense, net— (2)— — — 
Other33 35 31 35 33 
Total noninterest expense562 546 527 527 538 
Income before income taxes294 339 285 312 239 
Income taxes61 76 63 68 69 
Net income233 263 222 244 170 
Preferred stock dividends(1)(1)(1)(1)(1)
Preferred stock redemption— — — — — 
Net earnings applicable to common shareholders$232 $262 $221 $243 $169 
Weighted average common shares outstanding during the period:
Basic shares (in thousands)146,946 147,054 147,045 147,044 147,321 
Diluted shares (in thousands)147,038 147,120 147,125 147,053 147,387 
Net earnings per common share:
Basic$1.56 $1.76 $1.48 $1.63 $1.13 
Diluted1.56 1.76 1.48 1.63 1.13 


ZIONS BANCORPORATION, N.A.
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Loan Balances Held for Investment by Portfolio Type
(Unaudited)
(In millions)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Commercial:
Commercial and industrial 1
$18,263 $18,111 $17,547 $17,873 $17,265 
Owner occupied9,323 9,274 9,267 9,377 9,321 
Municipal4,272 4,294 4,341 4,376 4,412 
Total commercial31,858 31,679 31,155 31,626 30,998 
Commercial real estate:
Term11,387 11,234 11,008 11,186 10,878 
Construction and land development2,271 2,162 2,469 2,425 2,715 
Total commercial real estate13,658 13,396 13,477 13,611 13,593 
Consumer:
1-4 family residential10,406 10,462 10,423 10,431 10,312 
Home equity credit line3,976 3,950 3,848 3,784 3,670 
Construction and other consumer real estate786 782 769 743 762 
Bankcard and other revolving plans515 515 477 496 472 
Other113 116 129 122 122 
Total consumer15,796 15,825 15,646 15,576 15,338 
Total loans and leases$61,312 $60,900 $60,278 $60,813 $59,929 
1 Effective March 31, 2026, balances previously classified as “Leasing” are now reported within the “Commercial and industrial” loan segment. Prior period amounts have been reclassified for comparative purposes.

Nonperforming Assets
(Unaudited)
(In millions)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Nonaccrual loans 1
$279 $315 $319 $308 $305 
Other real estate owned 2
13 5 5 5 2 
Total nonperforming assets$292 $320 $324 $313 $307 
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2
0.48 %0.52 %0.54 %0.51 %0.51 %
Accruing loans past due 90 days or more$3 $5 $5 $4 $13 
Ratio of accruing loans past due 90 days or more to loans1 and leases
— %0.01 %0.01 %0.01 %0.02 %
Nonaccrual loans and accruing loans past due 90 days or more
$282 $320 $324 $312 $318 
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned
0.48 %0.53 %0.54 %0.52 %0.53 %
Accruing loans past due 30-89 days$82 $96 $69 $57 $105 
Classified loans2,332 2,380 2,415 2,697 2,891 
Ratio of classified loans to total loans and leases3.80 %3.91 %4.00 %4.43 %4.82 %
1 Includes loans held for sale.
2 Does not include banking premises held for sale.


ZIONS BANCORPORATION, N.A.
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Allowance for Credit Losses
(Unaudited)
Three Months Ended
(In millions)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Allowance for Loan and Lease Losses
Balance at beginning of period$678 $679 $690 $697 $696 
Provision for loan losses(7)6 45 3 17 
Loan and lease charge-offs11 15 67 16 24 
Less: Recoveries7 8 11 6 8 
Net loan and lease charge-offs (recoveries)4 7 56 10 16 
Balance at end of period$667 $678 $679 $690 $697 
Ratio of allowance for loan losses to loans1 and leases, at period end
1.09 %1.11 %1.13 %1.13 %1.16 %
Ratio of allowance for loan losses to nonaccrual loans1 at period end
239 %215 %213 %224 %229 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans0.03 %0.05 %0.37 %0.07 %0.11 %
Reserve for Unfunded Lending Commitments
Balance at beginning of period$46 $46 $42 $46 $45 
Provision for unfunded lending commitments— — 4 (4)1 
Balance at end of period$46 $46 $46 $42 $46 
Allowance for Credit Losses
Allowance for loan losses$667 $678 $679 $690 $697 
Reserve for unfunded lending commitments46 46 46 42 46 
Total allowance for credit losses$713 $724 $725 $732 $743 
Ratio of ACL to loans1 and leases outstanding, at period end
1.16 %1.19 %1.20 %1.20 %1.24 %
1 Does not include loans held for sale.


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


Nonaccrual Loans by Portfolio Type
(Unaudited)
(In millions)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Commercial:
Commercial and industrial$83 $93 $111 $115 $123 
Owner occupied50 51 40 39 25 
Municipal2 2 2 5 10 
Total commercial135 146 153 159 158 
Commercial real estate:
Term42 72 70 60 58 
Construction and land development— 1 — — — 
Total commercial real estate42 73 70 60 58 
Consumer:
1-4 family residential67 65 63 58 56 
Home equity credit line33 30 32 30 32 
Bankcard and other revolving plans1 1 1 1 1 
Other1 — — — — 
Total consumer102 96 96 89 89 
Total nonaccrual loans$279 $315 $319 $308 $305 

Net Charge-Offs by Portfolio Type
(Unaudited)
(In millions)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Commercial:
Commercial and industrial$3 $8 $50 $8 $13 
Owner occupied(1)— (1)(1)(1)
Municipal— — 3 — — 
Total commercial2 8 52 7 12 
Commercial real estate:
Term(1)(3)2 1 — 
Total commercial real estate(1)(3)2 1 — 
Consumer:
1-4 family residential— (1)— 1 1 
Bankcard and other revolving plans2 2 1 1 2 
Other1 1 1 — 1 
Total consumer loans3 2 2 2 4 
Total net charge-offs (recoveries)$4 $7 $56 $10 $16 


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


CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(In millions)Average balance
Yield/
Rate 1
Average balance
Yield/
Rate 1
Average balance
Yield/
Rate 1
ASSETS
Money market investments:
Interest-bearing deposits$1,872 3.78 %$1,925 4.03 %$1,632 4.59 %
Federal funds sold and securities purchased under agreements to resell2,179 4.08 %2,027 4.43 %2,971 4.70 %
Total money market investments4,051 3.94 %3,952 4.23 %4,603 4.66 %
Trading securities56 4.43 %102 4.42 %25 4.01 %
Investment securities:
Available-for-sale9,232 3.01 %9,163 3.14 %9,101 3.27 %
Held-to-maturity8,758 2.23 %8,960 2.17 %9,555 2.25 %
Total investment securities17,990 2.63 %18,123 2.66 %18,656 2.75 %
Loans held for sale163 NM296 NM83 NM
Loans and leases: 2
Commercial31,802 5.64 %31,574 5.81 %31,033 5.86 %
Commercial real estate13,534 6.18 %13,471 6.38 %13,557 6.59 %
Consumer15,805 5.12 %15,743 5.12 %15,045 5.12 %
Total loans and leases61,141 5.62 %60,788 5.76 %59,635 5.84 %
Total interest-earning assets83,401 4.90 %83,261 5.01 %83,002 5.08 %
Cash and due from banks744 753 705 
Allowance for credit losses on loans and debt securities(677)(677)(692)
Goodwill and intangibles1,090 1,093 1,052 
Other assets5,089 5,207 5,376 
Total assets$89,647 $89,637 $89,443 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market$39,544 1.96 %$39,245 2.07 %$39,646 2.18 %
Time9,724 3.50 %10,172 3.69 %11,024 4.15 %
Total interest-bearing deposits49,268 2.26 %49,417 2.40 %50,670 2.61 %
Borrowed funds:
Federal funds purchased and security repurchase agreements
587 3.60 %636 3.86 %1,721 4.36 %
Other short-term borrowings3,046 4.02 %2,850 4.27 %3,976 4.52 %
Long-term debt1,753 5.56 %1,474 5.90 %955 6.38 %
Total borrowed funds5,386 4.48 %4,960 4.70 %6,652 4.74 %
Total interest-bearing liabilities54,654 2.48 %54,377 2.61 %57,322 2.85 %
Noninterest-bearing demand deposits26,191 26,583 24,249 
Other liabilities1,542 1,655 1,624 
Total liabilities82,387 82,615 83,195 
Shareholders’ equity:
Preferred equity66 66 66 
Common equity7,194 6,956 6,182 
Total shareholders’ equity7,260 7,022 6,248 
Total liabilities and shareholders’ equity$89,647 $89,637 $89,443 
Spread on average interest-bearing funds2.42 %2.40 %2.23 %
Impact of net noninterest-bearing sources of funds0.85 %0.91 %0.87 %
Net interest margin3.27 %3.31 %3.10 %
Memo: total cost of deposits$75,459 1.48 %$76,000 1.56 %$74,919 1.76 %
Memo: total deposits and interest-bearing liabilities$80,845 1.68 %$80,960 1.76 %$81,571 2.01 %
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


NON-GAAP FINANCIAL MEASURES
(Unaudited)
This press release includes certain non-GAAP financial measures alongside those prepared in accordance with generally accepted accounting principles (“GAAP”). Reconciliations between the applicable GAAP measures and the corresponding non-GAAP measures are provided in the accompanying schedules. We believe these adjustments are relevant to evaluating ongoing operating results and offer a meaningful basis for comparing performance across periods. Management uses these non-GAAP measures to assess both financial performance and position. Presenting these measures enables investors to evaluate our results using the same approach applied by management and commonly used within the financial services industry.
Non-GAAP financial measures have inherent limitations and may not be directly comparable to similar measures reported by other financial institutions. While these measures are commonly used by stakeholders to evaluate company performance, they should be viewed as supplemental and not as a substitute for analysis of results prepared in accordance with GAAP. Non-GAAP measures should not be considered in isolation, as they provide an incomplete perspective without reference to GAAP-based financial information.
Tangible Common Equity and Related Measures
Tangible common equity and related metrics are non-GAAP measures that exclude the impact of intangible assets and associated amortization. We believe these measures provide meaningful insight into the utilization of shareholders’ equity and offer a consistent basis for evaluating business performance.
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)
Three Months Ended
(Dollar amounts in millions)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Net earnings applicable to common shareholders (GAAP)$232 $262 $221 $243 $169 
Adjustments, net of tax:
Amortization of core deposit and other intangibles2 2 2 2 1 
Adjusted net earnings applicable to common shareholders, net of tax(a)$234 $264 $223 $245 $170 
Average common equity (GAAP)$7,194 $6,956 $6,616 $6,357 $6,182 
Average goodwill and intangibles(1,090)(1,093)(1,095)(1,097)(1,052)
Average tangible common equity (non-GAAP)(b)$6,104 $5,863 $5,521 $5,260 $5,130 
Number of days in quarter(c)90 92 92 91 90 
Number of days in year(d)365 365 365 365 365 
Return on average tangible common equity (non-GAAP) 1
(a/b/c)*d15.5 %17.9 %16.0 %18.7 %13.4 %
1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 11.8%, 13.3%, 11.5%, 13.1%, and 9.2% for the respective periods presented.


ZIONS BANCORPORATION, N.A.
Press Release – Page 18


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)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Total shareholders’ equity (GAAP)$7,296 $7,180 $6,865 $6,596 $6,327 
Goodwill and intangibles(1,089)(1,091)(1,094)(1,096)(1,104)
Tangible equity (non-GAAP)(a)6,207 6,089 5,771 5,500 5,223 
Preferred stock(66)(66)(66)(66)(66)
Tangible common equity (non-GAAP)(b)$6,141 $6,023 $5,705 $5,434 $5,157 
Total assets (GAAP)$87,957 $88,690 $88,242 $88,586 $87,650 
Goodwill and intangibles(1,089)(1,091)(1,094)(1,096)(1,104)
Tangible assets (non-GAAP)(c)$86,868 $87,599 $87,148 $87,490 $86,546 
Common shares outstanding (in thousands)(d)147,077 147,653 147,640 147,603 147,567 
Tangible equity ratio (non-GAAP)(a/c)7.1 %7.0 %6.6 %6.3 %6.0 %
Tangible common equity ratio (non-GAAP)(b/c)7.1 %6.9 %6.5 %6.2 %6.0 %
Tangible book value per common share (non-GAAP)(b/d)$41.75 $40.79 $38.64 $36.81 $34.95 
Efficiency Ratio and Adjusted Pre-Provision Net Revenue
The efficiency ratio measures operating expenses relative to revenue and provides insight into the cost of generating revenue. We adjust this ratio to exclude certain items that are not generally expected to recur frequently, as detailed in the accompanying schedule. These adjustments enhance comparability across reporting periods. Adjusted noninterest expense reflects how effectively we manage operating expenses, while adjusted pre-provision net revenue enables management and stakeholders to evaluate our capacity to generate capital. Additionally, taxable-equivalent net interest income facilitates comparability between revenue derived from taxable and tax-exempt sources.


ZIONS BANCORPORATION, N.A.
Press Release – Page 19


EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)
Three Months Ended
(Dollar amounts in millions)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Noninterest expense (GAAP) (a)$562 $546 $527 $527 $538 
Adjustments:
Severance costs3 5 6 2 3 
Other real estate expense, net— (2)— — — 
Amortization of core deposit and other intangibles2 2 2 2 2 
SBIC investment success fee accrual— 2 1 2 — 
FDIC special assessment(1)(9)(2)— — 
Total adjustments(b)4 (2)7 6 5 
Adjusted noninterest expense (non-GAAP)(c)=(a-b)$558 $548 $520 $521 $533 
Net interest income (GAAP)(d)$662 $683 $672 $648 $624 
Fully taxable-equivalent adjustments(e)11 11 11 13 11 
Taxable-equivalent net interest income (non-GAAP)(f)=(d+e)673 694 683 661 635 
Customer-related noninterest income (GAAP)(g)172 177 163 164 158 
Net credit valuation adjustment (CVA)(h)(2)2 (11)— — 
Adjusted customer-related noninterest income
(non-GAAP)		(i)=(g-h)174 175 174 164 158 
Noncustomer-related noninterest income (GAAP)(j)15 31 26 26 13 
Securities gains (losses), net(k)3 21 11 14 6 
Adjusted noncustomer-related noninterest income (non-GAAP)(l)=(j-k)12 10 15 12 7 
Combined income (non-GAAP)(m)=(f+g+j)$860 $902 $872 $851 $806 
Adjusted taxable-equivalent revenue (non-GAAP)(n)=(f+i+l)859 879 872 837 800 
Pre-provision net revenue (PPNR) (non-GAAP)(m)-(a)$298 $356 $345 $324 $268 
Adjusted PPNR (non-GAAP)(n)-(c)301 331 352 316 267 
Efficiency ratio (non-GAAP) 1
(c/n)65.0 %62.3 %59.6 %62.2 %66.6 %
1 Excluding the $15 million charitable contribution, adjusted noninterest expense for the three months ended December 31, 2025 would have been $533 million, resulting in an efficiency ratio of 60.6%.

ZIONSFIRST QUARTER 2026 A p r i l 2 0 , 2 0 2 6 Financial Review

 

FORWARD-LOOKING STATEMENTS; USE OF NON-GAAP FINANCIAL MEASURES 2 Forward-Looking Information This presentation 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, 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; 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, tokenized deposits, 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; The growing presence of credit unions, financial technology companies (“fintechs”), and other emerging competitors within the financial services industry, including in the markets in which we operate; Our ability to innovate and address competitive pressures and other factors that may affect aspects of our business, such as pricing, the 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, tokenized deposits, blockchain, artificial intelligence (“AI”), quantum computing, and related innovations affect ing 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; The occurrence of fraud, theft, or other forms of misconduct perpetrated by external parties, including customers and business partners, or by our own employees; Our ability to 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 operations, our customers’ business, and the communities we serve, including the increasing difficulty and expense of obtaining property, auto, business, and other insurance products; Diverging and evolving policy, legal, regulatory, and political developments— combined with differing stakeholder perspectives related to governance, environmental, and social matters—may subject us to potentially conflicting requirements and expectations; 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 financial institutions, the banking industry, or the broader market—that may adversely affect our reputation and the industry more broadly; and Other assumptions, risks, or uncertainties described in this earnings release, and other SEC filings. We caution against placing undue reliance on forward-looking statements, as they reflect our views only as of the date they are issued. Except as required by law, we expressly disclaim any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments. 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.

 

First quarter results reflect typical seasonal expenses while revenue and profitability improved meaningfully compared to the prior-year period FINANCIAL PERFORMANCE 3 (1) See Appendix for non-GAAP financial measures. (2) Excludes brokered deposits. (3) Excluding the $15 million charitable contribution, the efficiency ratio for the three months ended December 31, 2025 would have been 60.6% and adjusted PPNR would have been $346 million. • Net earnings of $232 million, or $1.56 per share, rose 37% versus the prior-year period on improved revenue and lower provision and declined 11% from the prior quarter on lower revenue and seasonal expenses • The net interest margin increased 17 basis points versus prior year on improved funding costs and mix, and decreased by 4 basis points to 3.27% due to reductions in earning asset yields and lower average demand deposits • Adjusted pre-provision net revenue increased 13% versus prior year and declined 9% versus prior quarter • Average loans grew 2.4% annualized versus prior quarter and grew 2.5% versus prior year • Average customer deposits declined 1.7% annualized versus prior quarter and increased 2.3% against prior year • Net charge-offs were 0.03% of loans, annualized Key Metrics (in millions, except ratios and per share data) 1Q26 4Q25 1Q25 Change From: 4Q25 1Q25 Net earnings to common $232 $262 $169 $(30), or (11)% $63, or 37% Diluted earnings per share (GAAP) $1.56 $1.76 $1.13 $(0.20), or (11)% $0.43, or 38% Net interest margin 3.27% 3.31% 3.10% (4) bps 17 bps Adjusted pre-provision net revenue1,3 $301 $331 $267 $(30), or (9)% $34, or 13% Efficiency ratio1,3 65.0% 62.3% 66.6% 270 bps (160) bps Average loans 61,141 60,788 59,635 2.4% Annualized 2.5% Average customer deposits2 71,706 72,004 70,085 (1.7)% Annualized 2.3% Net charge-offs / loans (annualized) 0.03% 0.05% 0.11% (2) bps (8) bps Return on average tangible common equity1 15.5% 17.9% 13.4% (240) bps 210 bps

 

DILUTED EARNINGS PER SHARE 4 (1) Items that were $0.05 per share or more. Earnings per share increased by 38% compared to the year-ago period and reflected positive operating leverage and strong credit performance Diluted Earnings per Share EPS Impact of Provision for Credit Losses Notable Items1: 1Q26: • No notable items with impact greater than $0.05 per share 4Q25: • $(0.08) per share negative impact from $15 million charitable contribution • $0.06 per share positive impact from $11 million net unrealized gain due to valuation adjustments in the SBIC investment portfolio • $0.05 per share positive impact from a $9 million accrual reversal related to the FDIC special assessment 3Q25 • $(0.06) per share negative impact from $11 million net CVA loss 2Q25: • $0.05 per share positive impact from IPO of SBIC investment 1Q25: • $(0.11) per share negative impact from revaluation of deferred tax assets due to newly enacted state tax legislation $1.13 $1.63 $1.48 $1.76 $1.56 1Q25 2Q25 3Q25 4Q25 1Q26 $(0.09) $0.01 $(0.25) $(0.03) $0.04 1Q25 2Q25 3Q25 4Q25 1Q26

 

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, securities gains (losses), and credit valuation adjustment income (loss). See Appendix. Adjusted PPNR decreased 9% versus the prior quarter and increased 13% over the prior year Linked quarter (1Q26 vs. 4Q25) • Adjusted PPNR decreased 9%: • Tax-equivalent net interest income decreased $21 million, or 3% • Adjusted customer-related fee income, which excludes CVA, decreased $1 million, or 1% • Adjusted noninterest expense, which includes the $15 million charitable contribution in 4Q25, increased $10 million, or 2%, due primarily to seasonal compensation Year-over-year (1Q26 vs. 1Q25) • Adjusted PPNR increased 13%: • Tax-equivalent net interest income up $38 million, or 6% • Adjusted customer-related fee income up $16 million, or 10% • Adjusted noninterest expense up $25 million or 5% $ 2 6 8 $ 3 2 4 $ 3 4 5 $ 3 5 6 $ 2 9 8 $ 2 6 7 $ 3 1 6 $ 3 5 2 $ 3 3 1 $ 3 0 1 1Q25 2Q25 3Q25 4Q25 1Q26 Pre-provision net revenue (PPNR) (non-GAAP) Adjusted PPNR (non-GAAP) PPNR1 ($ millions)

 

NET INTEREST INCOME & NET INTEREST MARGIN 6 Net interest margin declined 4 basis points sequentially; net interest income and margin increased year-over-year $624 $648 $672 $683 $662 3.10% 3.17% 3.28% 3.31% 3.27% 2.00% 2.50% 3.00% 3.50% 4.00% $500 1Q25 2Q25 3Q25 4Q25 1Q26 Net Interest Income Net Interest Margin ($ m ill io n s ) Linked quarter (1Q26 vs. 4Q25) • Net interest income decreased $21 million, or 3%: • Interest income decreased $45 million • $37 million, or 4%, decrease on loans • $8 million, or 5%, decrease on money market and securities • Interest expense decreased by $24 million • $24 million, or 8%, decrease on deposits • No change to interest expense on borrowings Year-over-year (1Q26 vs. 1Q25) • Net interest income increased $38 million, or 6%: • Interest income decreased $32 million, or 3% • $9 million, or 1%, increase on loans • $23 million, or 13%, decrease on money market and securities • Interest expense decreased $70 million, or 17% • $51 million, or 16%, decrease on deposits • $19 million, or 24%, decrease on borrowings

 

(0.12%) (0.06%) 0.27% 0.11% (0.03%) 3.10% 3.27% (0.02%) (0.10%) 0.14% (0.01%) (0.05%) 3.31% 3.27% NET INTEREST MARGIN 7 (1) Includes the impact of changes to both balance and rate/yield. (2) 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 deposit repricing was offset by declines in loan yields and free funds contribution vs prior quarter; funding costs lifted margin vs prior year Year-Over-Year (1Q26 vs. 1Q25) 1Linked Quarter (1Q26 vs. 4Q25) 1 Loans DepositsMoney Mkt & Securities Borrowings Free Funds2 Loans DepositsMoney Mkt & Securities Borrowings Free Funds2 1Q25 1Q264Q25 1Q26

 

NONINTEREST INCOME AND REVENUE 8 (1) Reflects total customer-related noninterest income, which excludes dividends and other income and net securities gains (losses). Adjusted excludes credit valuation adjustment income (loss). (2) Adjusted revenue is the sum of taxable-equivalent net interest income and noninterest income less adjustments. See Appendix for non-GAAP financial measures. Adjusted customer-related fee income stable over past three quarters with modest growth in loan-related, wealth, and commercial account fees Customer-Related Noninterest Income 1 ($ millions) $ 7 9 5 $ 8 3 8 $ 8 6 1 $ 8 9 1 $ 8 4 9 $ 8 0 0 $ 8 3 7 $ 8 7 2 $ 8 7 9 $ 8 5 9 1Q25 2Q25 3Q25 4Q25 1Q26 Total Revenue (GAAP) Adjusted Revenue (Non-GAAP) Total Revenue 2 ($ millions) $ 1 5 8 $ 1 6 4 $ 1 6 3 $ 1 7 7 $ 1 7 2 $ 1 5 8 $ 1 6 4 $ 1 7 4 $ 1 7 5 $ 1 7 4 1Q25 2Q25 3Q25 4Q25 1Q26 Customer-Related Noninterest Income Adjusted Customer-Related Noninterest Income

 

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 credit valuation adjustment income (loss). See Appendix for Non-GAAP financial measures. Adjusted noninterest expense grew compared to the prior quarter due primarily to seasonal compensation expense Linked quarter (1Q26 vs. 4Q25) • Adjusted noninterest expense increased $10 million, or 2% • Salaries and benefits increased $26 million, or 8% • Fourth quarter 2025 included the $15 million charitable contribution Year-over-year (1Q26 vs. 1Q25) • Adjusted noninterest expense increased $25 million, or 5%, driven primarily by higher salary expense ($19 million) and professional and legal services ($7 million) Notable items: • 1Q26: No notable items > $0.05 per share • 4Q25: $15 million charitable donation to Zions’ foundation • 4Q25: $2 million success fee accrual from multiple SBIC investments • 2Q25: $2 million impact from success fee accrual from SBIC investment $ 5 3 8 $ 5 2 7 $ 5 2 7 $ 5 4 6 $ 5 6 2 $ 5 3 3 $ 5 2 1 $ 5 2 0 $ 5 4 8 $ 5 5 8 66.6% 62.2% 59.6% 62.3% 65.0% 1Q25 2Q25 3Q25 4Q25 1Q26 NIE (GAAP) Adjusted NIE (Non-GAAP) Efficiency Ratio ($ millions) Noninterest Expense (NIE) (1) (2)

 

$59.6 $60.5 $60.8 $60.8 $61.1 5.84% 5.86% 5.91% 5.76% 5.62% 1Q25 2Q25 3Q25 4Q25 1Q26 ($ billions) AVERAGE LOANS AND DEPOSITS 10 (1) Beta calculated using interest-bearing deposit spot rates on 8/31/24, and 3/31/26, which were 3.20% and 2.20%, respectively. Total cost of deposit spot rate at 3/31/26 was 1.43%. Average yield on loans decreased 14 basis points versus prior quarter while total cost of deposits decreased eight basis points Average Total Loans Yield on Total Loans Average Total Deposits Total Cost of Deposits $50.7 $49.5 $49.4 $49.4 $49.3 $24.2 $24.7 $24.9 $26.6 $26.2 $74.9 $74.3 $74.3 $76.0 $75.5 1.76% 1.68% 1.67% 1.56% 1.48% 1Q25 2Q25 3Q25 4Q25 1Q26 ($ billions) Average Noninterest-bearing Deposits Average Interest-bearing Deposits Total interest-bearing deposits reflect a 57% cumulative beta1

 

$71 $70 $71 $72 $73 $5 $4 $4 $4 $4 $4 $7 $5 $4 $2 - 10 20 30 40 50 60 70 80 90 100 1Q25 2Q25 3Q25 4Q25 1Q26 $70 $70 $70 $72 $72 $5 $4 $4 $4 $4 $7 $8 $7 $5 $5 2.01% 1.97% 1.92% 1.76% 1.68% 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 1Q25 2Q25 3Q25 4Q25 1Q26 DEPOSIT BALANCE AND BORROWING TRENDS 11 Note: Deposit figures shown in graphs may not foot due to rounding. Ending customer deposits increased 1.8% and average customer deposits decreased 0.4%, compared to prior quarter Q1 2026 total funding cost decreased 8 basis points compared to prior quarter to 1.68% • Period-end customer deposits grew $1.3 billion (+2%) linked quarter and grew $2.2 billion (+3%) versus prior year • Brokered deposits declined $42 million (-1%) linked quarter and declined $976 million (-20%) versus prior year • Short-term borrowings declined $2.5 billion (-87%) linked quarter and declined $2.8 million (-88%) versus prior year • Long-term debt increased $500 million during the quarter due to issuance of senior notes Average Deposits and Borrowings ($ billions) Ending Deposits and Borrowings ($ billions)

 

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 $493 million for the quarter, partially offset by reinvestment of $299 million • The composition of the investment securities portfolio allows for deep on-balance sheet liquidity through the repo market • Approximately 95% 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 March 31, 2026 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 3.7 years, compared to 3.8 years from the prior quarter and 4.0 years from the year-ago quarter Total Investment Securities and Money Market Investments (period-end balances) $18.7 $18.4 $18.2 $18.1 $17.9 $2.9 $2.9 $3.4 $3.6 $2.7 1Q25 2Q25 3Q25 4Q25 1Q26 Total Investment Securities Money Market Investments 26% 26% 26% 26% 25% % of earning assets ($ billions)

 

CREDIT QUALITY 13 Continued low levels of net charge-offs and reduced non-performing assets; criticized and classified balances continued to improve Key Credit Metrics • Net charge-offs relative to average loans: • 0.03% annualized in 1Q26 • 0.13% over the last 12 months • 0.48%: NPAs / loans + OREO • NPA balance decreased $28 million in 1Q26 from 4Q25 • 3.80%: Classified loans / total loans • Classified balance decreased $48 million in 1Q26 from 4Q25 • 4.61%: Criticized loans / total loans • Criticized balance decreased $39 million in 1Q26 from 4Q25 Allowance for Credit Losses • 1.16% of total loans and leases, down three basis points from the previous quarter Credit Quality Ratios 6.01% 5.39% 4.75% 4.70% 4.61% 0.51% 0.51% 0.54% 0.52% 0.48% 4.82% 4.43% 4.00% 3.91% 3.80% 1Q25 2Q25 3Q25 4Q25 1Q26 Criticized / Loans NPAs / Loans + OREO Classified / Loans 229% 224% 213% 215% 239% 1.24% 1.20% 1.20% 1.19% 1.16% 1Q25 2Q25 3Q25 4Q25 1Q26 ALLL / Nonaccrual loans ACL / Loans

 

COMMERCIAL REAL ESTATE SUMMARY ($13.7 BILLION BALANCE) 14 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. Percentages shown in graphs may not foot due to rounding. Leasing percentage based on CRE Term office loans > $2.0 million. 90% of portfolio. The commercial real estate portfolio is granular and well diversified, 22% of total loans Term CRE ($11.4B) • Weighted average LTVs of < 60% • Maturity distribution over the next three years: 27% (2026), 19% (2027), 14% (2028) • Average & median loan size of $4.1 million & $1.1 million • 11.0% criticized; 9.1% classified; 0.4% nonaccrual; 0.2% delinquencies Construction and Land Development ($2.3B) • Land and acquisition & development less than 2.0% of CRE portfolio • 3.3% criticized; 2.9% classified; 0.0% nonaccrual; 0.0% delinquencies Office ($1.6B) • Weighted average LTVs (< 60%) • 75% suburban and 25% Central Business District • Average & median loan size of $4.4 million & < $1 million • 7.8% criticized / classified; 2.3% nonaccrual; 1.1% delinquencies • Term office portfolio is 89% leased (weighted average) • Net charge-offs since 2020 <6 bps annualized • 83% term, 17% 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 • Net charge-offs since 2020 <1 bps annualized Multifamily, 30% Industrial, 23%Office, 12% Retail, 12% Hospitality, 5% Residential Construction, 6% Other, 13% CRE Portfolio Composition As of Mar 31, 2026

 

1 0 .0 % 1 0 .2 % 1 0 .3 % 1 0 .4 % 1 0 .6 % 1 0 .7 % 1 0 .9 % 1 0 .8 % 1 1 .0 % 1 1 .3 % 1 1 .5 % 1 1 .5 % 1 1 .1 % 1 1 .3 % 1 1 .3 % 1 1 .5 % 1 1 .6 % 1 1 .8 % 1 2 .0 % 1 1 .9 % 1 2 .0 % 1 2 .4 % 1 2 .5 % 1 2 .6 % 0% 2% 4% 6% 8% 10% 12% 14% 2 Q 2 3 3 Q 2 3 4 Q 2 3 1 Q 2 4 2 Q 2 4 3 Q 2 4 4 Q 2 4 1 Q 2 5 2 Q 2 5 3 Q 2 5 4 Q 2 5 1 Q 2 6 Common Equity Tier 1 % ACL / Risk-weighted Assets CAPITAL STRENGTH 15 Loss-absorbing capital remains strong relative to our risk profile; low credit losses relative to capital levels as a percentage of risk-weighted assets Net Charge-offs annualized, as a percentage of risk-weighted assets 0 .0 8 % 0 .0 8 % 0 .0 5 % 0 .0 4 % 0 .0 9 % 0 .0 2 % 0 .2 1 % 0 .0 9 % 0 .0 6 % 0 .3 3 % 0 .0 4 % 0 .0 2 % 0% 2% 4% 6% 8% 10% 12% 14% 2 Q 2 3 3 Q 2 3 4 Q 2 3 1 Q 2 4 2 Q 2 4 3 Q 2 4 4 Q 2 4 1 Q 2 5 2 Q 2 5 3 Q 2 5 4 Q 2 5 1 Q 2 6 Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets

 

FINANCIAL OUTLOOK (1Q 2027E VS. 1Q 2026A) 16 Outlook provided as of April 20, 2026 Outlook Comments Moderately Increasing ▪ Commercial loans, led by C&I and Owner Occupied, expected to drive loan growth followed by Commercial Real Estate. Consumer loans expected to contract slightly Moderately Increasing ▪ Net interest income growth expected from earning asset remix and loan and deposit growth Moderately Increasing ▪ Broad-based growth expected with capital markets contributing in an outsized way 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 Adjusted Customer- Related Noninterest Income1 Loan Balances (period-end) Net Interest Income Adjusted Noninterest Expense (1) Adjusted customer-related noninterest income outlook does not include the current or future impact of credit valuation adjustment income (loss). See appendix for non-GAAP financial measures.

 

ZIONS BANCORPORATION DRIVES VALUE FOR ITS STAKEHOLDERS 17 Source: Moody’s Analytics. Data as of Oct 2025. We are determined to help our clients achieve greater financial strength, help build strong, successful communities, and create economic opportunity 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 • Tangible book value per share growth exceeding 20% for three consecutive years (2023-2025) • 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 • Coalition Greenwich Best Bank Awards: Ranked seventh among all U.S. banks in Middle Market & Small Business • Have built and maintained a robust risk management team and framework since the global financial crisis • Net credit losses to loans ratio that is consistently in the top quartile of peer banks • Prepared for large bank regulation due to previous SIFI experience and simpler legal structure 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 18 • Financial Results Summary • Accumulated Other Comprehensive Income (AOCI) • Balance Sheet Profitability • Loan Growth by Bank Brand and Loan Type • Allowance and Credit Metrics • Earning Asset Repricing • Interest Rate Swaps • Interest Rate Sensitivity • Credit Quality Trends • Loan Loss Severity (NCOs as a percentage of nonaccrual loans) • Credit Metrics: Commercial Real Estate • Loans to Non-Depository Financial Institutions • Coalition Greenwich Recognition • Non-GAAP Financial Measures

 

FINANCIAL RESULTS SUMMARY 19 (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 (Dollar amounts in millions, except per share data) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Earnings Results: Diluted Earnings Per Share $ 1.56 $ 1.76 $ 1.48 $ 1.63 $ 1.13 Net Earnings Applicable to Common Shareholders 232 262 221 243 169 Net Interest Income 662 683 672 648 624 Noninterest Income 187 208 189 190 171 Noninterest Expense 562 546 527 527 538 Pre-Provision Net Revenue - Adjusted(1) 301 331 352 316 267 Provision for Credit Losses (7) 6 49 (1) 18 Ratios: Return on Assets(2) 1.05 % 1.16 % 0.99 % 1.09 % 0.77 % Return on Common Equity(3) 13.1 % 14.9 % 13.3 % 15.3 % 11.1 % Return on Tangible Common Equity(3) 15.5 % 17.9 % 16.0 % 18.7 % 13.4 % Net Interest Margin 3.27 % 3.31 % 3.28 % 3.17 % 3.10 % Cost of Total Deposits(4) 1.48 % 1.56 % 1.67 % 1.68 % 1.76 % Efficiency Ratio (1) 65.0 % 62.3 % 59.6 % 62.2 % 66.6 % Effective Tax Rate 20.7 % 22.4 % 22.1 % 21.8 % 28.9 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.48 % 0.52 % 0.54 % 0.51 % 0.51 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.03 % 0.05 % 0.37 % 0.07 % 0.11 % Common Equity Tier 1 Capital Ratio(5) 11.5 % 11.5 % 11.3 % 11.0 % 10.8 %

 

(2.7) (2.4) (1.9) (1.7) (1.4) (3.0) (2.5) (2.0) (1.5) (1.0) (0.5) - 4Q23 4Q24 4Q25 4Q26 4Q27 B ill io n s ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (AOCI) 20 Note: AOCI burndown based on path of forward curve and hedges in place at March 31, 2026. Includes accretion of unrealized losses related to the 4Q22 transfers of AFS securities to HTM. Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. Steady AOCI improvement with meaningful protection against term rate volatility due to hedging strategy • AOCI is projected to improve by $270 million, or 14%, in 2026 relative to 2025 • This adds 29 basis points to the tangible common equity ratio in 2026 relative to 2025, all else equal • Hedging strategy provides meaningful protection against term rate volatility • The forward curve at 3/31/2026 assumes no rate cuts in 2026 Actual Projection Based on forward curve at 3/31/2026 AOCI Projection $590 million, or 30%, projected improvement from 4Q25 to 4Q27 14% 30% Projected Improvement vs. 4Q25

 

BALANCE SHEET PROFITABILITY 21 (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 10.9%, 9.2%, 13.1%, 11.5%, and 13.3% for the periods presented, respectively. Profitability improved over the year-ago quarter due to increased revenue and low provision for credit losses 0.77% 1.09% 0.99% 1.16% 1.05% 1Q25 2Q25 3Q25 4Q25 1Q26 13.4% 18.7% 16.0% 17.9% 15.5% 1Q25 2Q25 3Q25 4Q25 1Q26 Return on Assets Return on Tangible Common Equity 1

 

LOAN GROWTH – BY BANK AFFILIATE AND LOAN TYPE 22 (1) Other category loans includes consumer construction, bankcard, and other consumer loan categories. Totals and percentages shown above may not foot due to rounding. Linked quarter growth led by Texas, Utah, and Colorado markets; C&I and CRE segments contributed to quarterly growth Zions Bank, 27% CB&T, 24% Amegy, 27% NBAZ, 8% NSB, 5% Vectra, 5% CBW, 4% Other, 0.3% Commercial ($31.9B) Zions Bank, 22% CB&T, 30%Amegy, 19% NBAZ, 12% NSB, 6% Vectra, 6% CBW, 5% Commercial Real Estate ($13.7B) Consumer ($15.8B) Zions Bank, 25% CB&T, 23% Amegy, 22% NBAZ, 10% NSB, 8% Vectra, 9% CBW, 0.4% Other, 3% Period-End Linked Quarter Loan Growth (1Q26 vs. 4Q25) C o m m e rc ia l C R E C o n s u m e r Loan Distribution by Bank and Product (in millions) Zions Bank CB&T Amegy NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 38 110 166 (80) 16 (2) (33) 13 228 Owner occupied 27 14 13 9 12 (26) - - 49 Energy (Oil & Gas) (2) - (74) - - - - - (76) Municipal 12 6 (29) 5 (2) 4 (1) (17) (22) CRE C&D 33 (50) 16 24 (16) 67 35 - 109 CRE Term 65 (141) 96 84 23 39 (13) - 153 1-4 Family (27) (43) (53) 6 (9) (18) - 88 (56) Home Equity (16) 28 (2) 8 (4) 17 (5) - 26 Other1 (13) 18 (7) 1 (2) 3 1 - 1 Total net loans 117 (58) 126 57 18 84 (16) 84 412

 

ALLOWANCE AND CREDIT METRICS 23 CECL methodology reflects reserve build ahead of realized deterioration of credit metrics 678 711 738 729 736 726 736 741 743 732 725 724 713 1.20 1.25 1.30 1.26 1.27 1.24 1.25 1.25 1.24 1.20 1.20 1.19 1.16 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 ACL ($) ACL (% of loans) Through 2022 and 2023, the ACL increased, despite improving problem loan levels, due to forecasts of future credit quality deterioration. The reserve ratio in 2024 remained stable and the 2025-26 ratios have modestly improved as certain portfolio-specific risks have improved outlooks. 171 162 216 222 248 261 363 297 305 308 319 315 279 912 768 769 825 966 1,264 2,093 2,870 2,891 2,697 2,415 2,380 2,332 Nonaccruals Classifieds Coverage ratio remained relatively steady while problem loans increased Coverage ratio increased while problem loans decreased

 

SIMULATED REPRICING EXPECTATIONS: EARNING ASSETS & LOANS 24 (1) 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 58% 9% 8% 6% 9% 10% 49% 11% 16% 5% 9% 10% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs P e rc e n t o f L o a n s Loans: Rate Reset / Maturity Profile1 Loans After Hedging Earning Assets: Rate Reset / Maturity Profile1 48% 9% 8% 7% 10% 18% 45% 10% 14% 5% 8% 18% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs P e rc e n t o f E a rn in g A s s e ts Earning Assets After Hedging

 

5,509 5,553 5,552 5,542 5,538 5,533 5,047 3.34 3.34 3.34 3.34 3.34 3.34 3.29 0 2,000 4,000 6,000 8,000 10,000 12,000 4Q25 1Q26 2Q26 3Q26 4Q26 2027 2028 Average Outstanding ($B) Average Fixed Rate Paid (%) 2,536 7,929 9,783 9,150 9,280 6,436 845 3.75 3.71 3.64 3.55 3.55 3.58 3.93 0 2,000 4,000 6,000 8,000 10,000 12,000 4Q25 1Q26 2Q26 3Q26 4Q26 2027 2028 Average Outstanding ($B) Average Fixed Rate Received (%) PORTFOLIO INTEREST RATE HEDGES AT MARCH 31, 2026 25 Swaps and futures are used to balance our interest rate sensitivity to income and value Receive-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 subordinated debt. Includes certain economic hedges not designated for accounting purposes. (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 the first quarter, $4.5 billion of receive-fixed swap hedges were added with a fixed rate of 3.50%, $8.5 billion in three-month futures hedges with a yield of 3.59%, and $300 million in fair value pay-fixed hedges with a fixed rate of 3.72%. Receive-fixed swaps and futures are being added to manage asset sensitivity down. $ M ill io n s

 

INTEREST RATE SENSITIVITY – PARALLEL RATE SHOCKS 26 (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 $1.6 billion of noninterest-bearing demand deposit migration to higher-cost products Standard parallel rate shocks suggest asset sensitivity; asset sensitivity has lessened from prior quarter because of increased hedging activity (8%) (4%) 4% 8% (7%) (4%) 4% 7% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity 1 as of 12/31/2025 as of 3/31/2026

 

CREDIT QUALITY TRENDS RELATIVE TO PEERS 27 Source: S&P CapIQ, data as of December 31, 2025, where available. NPAs + 90 DPD = nonperforming assets (nonaccrual loans plus other real estate owned) plus loans 90 days past due and still accruing interest. Zions’ NCO/Loans ratio is frequently in the best (lowest) quartile of peers; low loss rates on NPAs NPA Ratio NPAs + 90 DPD, as a percentage of Loans + OREO NCOs / Loans (Trailing 12-month Average) (0.10%) 0.10% 0.30% 0.50% 0.70% 0.90% 1.10% 1.30% 1 Q 2 1 2 Q 2 1 3 Q 2 1 4 Q 2 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 1 Q 2 3 2 Q 2 3 3 Q 2 3 4 Q 2 3 1 Q 2 4 2 Q 2 4 3 Q 2 4 4 Q 2 4 1 Q 2 5 2 Q 2 5 3 Q 2 5 4 Q 2 5 ZION Peer Top Quartile Peer Bottom Quartile (0.10%) 0.10% 0.30% 0.50% 0.70% 0.90% 1.10% 1.30% 1 Q 2 1 2 Q 2 1 3 Q 2 1 4 Q 2 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 1 Q 2 3 2 Q 2 3 3 Q 2 3 4 Q 2 3 1 Q 2 4 2 Q 2 4 3 Q 2 4 4 Q 2 4 1 Q 2 5 2 Q 2 5 3 Q 2 5 4 Q 2 5 ZION Peer Top Quartile Peer Bottom Quartile

 

LOAN LOSS SEVERITY 28 Source: S&P CapIQ. 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 1 5 % 1 5 % 1 8 % 2 0 % 2 0 % 3 2 % 3 6 % 3 7 % 4 2 % 4 4 % 4 5 % 4 8 % 5 5 % 6 0 % 7 6 % Z IO N Annualized NCOs / Nonaccrual Loans Five Year Average (2021Q1 – 2025Q4) vs Peers Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2011Q1 – 2025Q4) vs Peers 1 3 % 1 5 % 1 8 % 1 9 % 2 3 % 3 0 % 3 7 % 3 9 % 4 0 % 4 3 % 4 4 % 4 7 % 5 1 % 5 3 % 6 5 % Z IO N > 1 0 0 % > 1 0 0 %

 

COMMERCIAL REAL ESTATE PROBLEM LOANS IN FOCUS 29 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 Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. Approximately 8% of CRE classified balances have 2026 appraisals, 55% in 2025, 14% 2024, 24% 2023 and earlier. The commercial real estate portfolio benefits from strong LTVs, guarantor support, low delinquencies, and diversification • CRE classifieds decreased $100 million during the quarter • Reduction in classified levels from improved leasing and cash flow plus payoffs and re-margins • Full repayment of a non-accrual office loan • Improved credit quality metrics with nonaccruals (0.31%), delinquencies (0.18%), and charge-offs (TTM 0.00%) - due to conservative underwriting, significant equity, and guarantor support • The ACL for CRE remains substantial relative to credit quality measures (1.3% of CRE balances, 4.3x CRE nonaccruals) 0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Classified CRE LTVs Appraised vs. Index Adjusted Index Adjusted Most Recent Appraisal (50) (40) (30) (20) (10) 0 10 20 30 Office Industrial Multifamily Change in CRE Problem Loans Levels 12/31/25 to 03/31/26 Criticized Classified Nonaccrual 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 CRE Nonperforming Asset and Charge-offs Levels Nonaccrual % GCO QTD Annualized 30+ Days Past Due

 

IN-DEPTH REVIEW: COMMERCIAL REAL ESTATE 30 Data is updated through 1Q26. 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 Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. Limited tail loan-to-value risk in portfolio; controlled CRE growth and improving credit metrics WAVG LTV % of CRE Term % of CRE Construction Classified % ACL % Multifamily 60% 29% 53% 13.6% 1.4% Industrial / Warehouse 64% 24% 24% 8.8% 1.1% Office 57% 14% 2% 7.8% 2.7% Retail 49% 14% 6% 3.2% 1.2% Hospitality 44% 6% 0% 1.1% 0.4% Zions has limited “tail risk” in its CRE portfolio Total CRE Problem Loan Trends as a percentage of total CRE loans ($ b ill io n s ) CRE LTVs Appraised vs. Indexed 0% 5% 10% 15% 20% 25% 30% 35% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal 2.7 2.4 2.5 2.2 2.3 10.9 11.2 11.0 11.2 11.4 1Q25 2Q25 3Q25 4Q25 1Q26 Balance Trends Construction Balances Term Balances 0.6 0.8 0.7 0.1 3.1 2.2 1.6 4.5 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 16% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Criticized % Classified % Nonaccrual % GCO QTD Annualized

 

DISCIPLINED COMMERCIAL REAL ESTATE GROWTH 31 Data as of December 31, 2025; 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: • 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 50 100 150 200 250 300 350 400 4 Q 1 5 4 Q 1 6 4 Q 1 7 4 Q 1 8 4 Q 1 9 4 Q 2 0 4 Q 2 1 4 Q 2 2 4 Q 2 3 4 Q 2 4 4 Q 2 5 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 1Q15 = 100 Commercial Real Estate Excluding Owner Occupied

 

IN-DEPTH REVIEW: CRE OFFICE ($1.6 BILLION BALANCE) 32 Data updated through 1Q26. 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 Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Office portfolio is 12% of total CRE exposure and 2.6% of total loans; charge-offs remain limited • Allowance for credit losses: 2.7% of balances / 34% of criticized balances • 11% decrease in balances year-over-year via payoffs, loan rebalance, amortization; 36% decrease in balances since 1Q 2021 • Criticized levels continue to decline via loan repayment and positive property leasing; nonaccruals (2.3%) remain low • Median loan size: <$1 million; average loan size: $4.4 million • 28% variable rate with swap, 16% fixed rate, 56% variable rate w/o swap • 31% of total office exposure has a maturity date in the next 12 months • By State: 25% UT, 19% WA, 17% CA, 14% AZ, 11% TX, 14% all other Office Problem Loan Trends as a percentage of total office loans ($ billions) When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination CRE Office LTVs Appraised vs. Indexed ($ billions) 0.0 0.0 0.0 0.3 0.4 0.1 0.7 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0.1 0.0 0.0 0.0 0.0 1.7 1.7 1.7 1.7 1.6 1Q25 2Q25 3Q25 4Q25 1Q26 Balance Trends Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Criticized % Classified % Nonaccrual % GCO QTD Annualized 0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal

 

CRE Multifamily Term Appraised vs. Indexed IN-DEPTH REVIEW: CRE MULTIFAMILY ($4.1 BILLION BALANCE) 33 Data is updated through 4Q25. 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 Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Multifamily portfolio is 30% of total CRE exposure and 7% of total loan exposure • Allowance for credit losses: 1.4% of total multifamily balances / 9% of criticized balances • Net charge-offs since 2020 <1 bps annualized • Loan balances up slightly year-over-year • Elevated criticized levels from longer lease up timelines and construction delays; nonaccruals remain at 0.0% • 81% term, 19% construction • Median loan size: $1.1 million; average loan size: $5.8 million • 17% variable rate with swap, 10% fixed rate, 73% variable rate w/o swap • By State: 29% TX, 23% CA, 14% UT, 10% AZ, 9% WA, 15% all other Multifamily Problem Loan Trends as a percentage of total multifamily loans When values are updated based on indexed / current values, multifamily exposure continues to benefit from low LTVs at origination ($ billions)($ billions) 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal 1.0 0.9 1.0 0.8 0.8 3.1 3.1 2.9 3.2 3.3 1Q25 2Q25 3Q25 4Q25 1Q26 Balance Trends Construction Balances Term Balances 0.2 0.3 0.2 0.0 1.4 0.6 0.4 0.9 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0% 5% 10% 15% 20% 25% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Criticized % Classified % Nonaccrual % GCO QTD Annualized

 

IN-DEPTH REVIEW: CRE INDUSTRIAL ($3.1 BILLION BALANCE) 34 Data is updated through 1Q26. 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 Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Industrial portfolio is 23% of total CRE exposure and 5% of total loan exposure • Allowance for credit losses: 1.1% of balances / 10% of criticized balances • Net charge-offs since 2020 <1 bps annualized • Loan balances up 6% year-over-year • Elevated but declining criticized levels from longer lease up timelines and construction delays; nonaccruals remain at 0.0% • 88% term, 12% construction • Median loan size: $1.7 million; average loan size: $5.1 million • 15% variable rate with swap, 11% fixed rate, 74% variable rate w/o swap • By State: 27% CA, 16% TX, 15% AZ, 15% UT, 9% NV, 18% all other Industrial Problem Loan Trends as a percentage of total industrial loans ($ billions) When values are updated based on indexed / current values, industrial exposure continues to benefit from low LTVs at origination CRE Industrial Term Appraised vs. Indexed 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Criticized % Classified % Nonaccrual % GCO QTD Annualized 0.1 0.1 0.1 0.0 0.8 0.5 0.4 1.1 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0.5 0.4 0.4 0.3 0.4 2.4 2.6 2.7 2.7 2.7 1Q25 2Q25 3Q25 4Q25 1Q26 Balance Trends Construction Balances Term Balances 0% 5% 10% 15% 20% 25% 30% 35% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal

 

LOANS TO NON-DEPOSITORY FINANCIAL INSTITUTIONS (NDFI) ($2.0B BALANCE) 35 (1) Peer information sourced from S&P Capital IQ through December 31, 2025, adjusted for mergers and acquisitions where applicable. Peer data also includes the impact of any reclassifications that resulted from updated call report guidance. Loans to NDFIs make up 6% of the commercial portfolio and are 3% of total loans; portfolio growth has been limited Zions’ NDFI Portfolio Allocation Business Credit: BDCs, SBIC, Senior Loan Funds, Equipment Leasing $974 | 48% Mortgage Credit: REITs, Residential and Commercial Mortgage $330 | 16% Consumer Credit: Consumer Secured and Unsecured Loans $316 | 15% Private Equity Funds: Capital Call Lines, Subscription Lines $124 | 6% Other Loans: Family Office, Insurance, Broker/Dealer $290 | 14% Total Loans to Non-Depository Financial Institutions $2,034 Portfolio characteristics: • Diversified across many lending segments and asset classes • Loans tend to be governed by a borrowing base against diversified pools; structure depends on relationship length, borrower sophistication, and borrower industry • Average loan size is approximately $7.9 million; median size of $1.3 million • Problem loan levels remain low; Criticized 0.7%, Classified 0.7%, Nonaccrual 0.5% • Less than $500 million (<1% of total loans) in combined outstanding exposure to Business Development Corporations and Private Debt funds $ millions; as of 3/31/2026 0 200 400 600 800 1,000 1,200 1 Q 2 0 2 Q 2 0 3 Q 2 0 4 Q 2 0 1 Q 2 1 2 Q 2 1 3 Q 2 1 4 Q 2 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 1 Q 2 3 2 Q 2 3 3 Q 2 3 4 Q 2 3 1 Q 2 4 2 Q 2 4 3 Q 2 4 4 Q 2 4 1 Q 2 5 2 Q 2 5 3 Q 2 5 4 Q 2 5 ZION Peer Median Peer Top Quartile Peer Bottom Quartile Indexed: 1Q20 = 100 NDFI Growth1 3% 0% 5% 10% 15% 20% 25% ZION Peer Non-Depository Financial Institutions Concentration as a percentage of total loans

 

MIDDLE MARKET COALITION GREENWICH BEST BANK AWARDS 36 Zions compares favorably to global competitors (JP Morgan, Bank of America, Wells Fargo, US Bank) Greenwich Best Bank Awards • Ranked seventh among all U.S. banks for Middle Market & Small Business with 15 Best Bank Awards • Consistently recognized as an industry leader - one of only four U.S. banks to average 15 or more wins overall since the inception of the awards in 2009 • Since the awards’ inception, Zions has received the second highest number of middle market awards Middle Market (Revenue of $10MM-$500MM) Zions Bancorp Major Bank Competitors (Avg. Score) Highest Major Bank Competitor's Score Zions’ Rank Overall Satisfaction - Customers 49 43 48 1st Bank You Can Trust 78 50 53 1st Values Long-Term Relationships 78 53 58 1st Ease of Doing Business 66 47 51 1st Overall Customer Satisfaction: -with Bankers 79 53 57 1st -with TMO/CM Specialist 62 49 58 1st -with Cash Management 53 44 48 1st Net Promoter Score** 55 40 54 1st Coalition Greenwich Customer Satisfaction % Excellent Citations* Source: Coalition Greenwich Voice of Client – 2025 US Commercial Banking Study *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 Awards don’t define us … but this consistency confirms the strength of our model $10MM-500MM

 

SMALL BUSINESS COALITION GREENWICH BEST BANK AWARDS 37 Zions compares favorably to global competitors (JP Morgan, Bank of America, Wells Fargo, US Bank) Greenwich Best Bank Awards • Ranked seventh among all U.S. banks for Middle Market & Small Business with 15 Best Bank Awards • Consistently recognized as an industry leader - one of only four U.S. banks to average 15 or more wins overall since the inception of the awards in 2009 • Since the awards’ inception, Zions has received the sixth highest number of small business awards Small Business (Revenue of $1MM-$10MM) Zions Bancorp Major Bank Competitors (Avg. Score) Highest Major Bank Competitor's Score Zions’ Rank Overall Satisfaction - Customers 52 45 54 2nd Overall Satisfaction - Lead Relationships 59 50 58 1st Bank You Can Trust 73 54 62 1st Values Long-Term Relationships 69 52 62 1st Ease of Doing Business 65 50 54 1st Overall Customer Satisfaction: -with Bankers 74 54 67 1st -with TMO/CM Specialist 63 53 58 1st -with Cash Management 54 45 54 1st** Net Promoter Score*** 64 36 47 1st Coalition Greenwich Customer Satisfaction % Excellent Citations* Source: Coalition Greenwich Voice of Client – 2025 US Commercial Banking Study *Excellent Citations are a "5" on a 5 point scale from "5" excellent to "1" poor **Tied for top rank with Chase ***NPS Range: World Class 70+; Excellent 50+; Very Good 30+; Good 0 - 30; Needs Improvement (100) – 0 Awards don’t define us … but this consistency confirms the strength of our model

 

NON-GAAP FINANCIAL MEASURES 38 Note: Excluding the $15 million charitable contribution, the efficiency ratio for the three months ended December 31, 2025 would have been 60.6%. In millions 1Q26 4Q25 3Q25 2Q25 1Q25 (a) Total noninterest expense $562 $546 $527 $527 $538 LESS adjustments: Severance costs 3 5 6 2 3 Other real estate expense - (2) - - - Amortization of core deposit and other intangibles 2 2 2 2 2 FDIC special assessment (1) (9) (2) - - SBIC investment success fee accrual - 2 1 2 - (b) Total adjustments 4 (2) 7 6 5 (c) = (a - b) Adjusted noninterest expense 558 548 520 521 533 (d) Net interest income 662 683 672 648 624 (e) Fully taxable-equivalent adjustments 11 11 11 13 11 (f) = (d + e) Taxable-equivalent net interest income (TE NII) 673 694 683 661 635 (g) Customer-related noninterest income 172 177 163 164 158 (h) Net credit valuation adjustment (CVA) (2) 2 (11) - - (i) = (g - h) Adjusted customer-related noninterest income $174 $175 $174 $164 $158 (j) Noncustomer-related noninterest income 15 31 26 26 13 (k) Securities gains (losses), net 3 21 11 14 6 (l) = (j - k) Adjusted noncustomer-related noninterest income 12 10 15 12 7 (m) = (f + g + j) Combined income $860 $902 $872 $851 $806 (n) = (f + i + l) Adjusted tax-equivalent revenue $859 $879 $872 $837 $800 (m) – (a) Pre-provision net revenue (PPNR) $298 $356 $345 $324 $268 (n) – (c) Adjusted pre-provision net revenue (PPNR) $301 $331 $352 $316 $267 (c) / (n) Efficiency Ratio 65.0% 62.3% 59.6% 62.2% 66.6%

 

NON-GAAP FINANCIAL MEASURES (CONTINUED) 39 In millions 1Q26 4Q25 3Q25 2Q25 1Q25 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $232 $262 $221 $243 $169 Adjustments, net of tax: Amortization of core deposit and other intangibles 2 2 2 2 1 (a) Net earnings applicable to common, net of tax $234 $264 $223 $245 $170 Average common equity (GAAP) $7,194 $6,956 $6,616 $6,357 $6,182 Average goodwill and intangibles (1,090) (1,093) (1,095) (1,097) (1,052) (b) Average tangible common equity (non-GAAP) $6,104 $5,863 $5,521 $5,260 $5,130 (c) Number of days in quarter 90 92 92 91 90 (d) Number of days in year 365 365 365 365 365 (a/b/c)*d Return on average tangible common equity (non- GAAP) 15.5% 17.9% 16.0% 18.7% 13.4%

 

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