zion-20240422

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 22, 2024

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

(Exact name of registrant as specified in its charter)

United States of America

001-12307

87-0189025

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(IRS Employer Identification No.)

One South Main,

Salt Lake City,

Utah

84133-1109

(Address of Principal Executive Offices)

(Zip Code)

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



Former name or former address, if changed since last report

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

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

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

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

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

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


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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On April 22, 2024, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended March 31, 2024 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on April 22, 2024. The press release announcing the financial results for the quarter ended March 31, 2024 is furnished as Exhibit 99.1 and incorporated herein by reference. A presentation to be used in conjunction with the conference call regarding the Bank’s 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 Number			Description
99.1			Press Release dated April 22, 2024 (furnished herewith).
99.2			Earnings Release Presentation dated April 22, 2024 (furnished herewith).
101			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104			The cover page from this Current Report on form 8-K, formatted as Inline XBRL.

SIGNATURES

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


	ZIONS BANCORPORATION, NATIONAL ASSOCIATION

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

Document


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

First Quarter 2024 Financial Results: FOR IMMEDIATE RELEASE

Investor Contact: Shannon Drage (801) 844-8208

Media Contact: Rob Brough (801) 844-7979


Zions Bancorporation, N.A. reports: 1Q24 Net Earnings of $143 million, diluted EPS of $0.96
compared with 1Q23 Net Earnings of $198 million, diluted EPS of $1.33, and 4Q23 Net Earnings of $116 million, diluted EPS of $0.78

FIRST QUARTER RESULTS

$0.96

$143 million

2.94%

10.4%

Net earnings per diluted common share

Net earnings

Net interest margin (“NIM”)

Estimated Common Equity
Tier 1 ratio


FIRST QUARTER HIGHLIGHTS¹

Net Interest Income and NIM	•	Net interest income was $586 million, down 14%
	•	NIM was 2.94%, compared with 3.33%, up from 2.91% in the fourth quarter of 2023

Operating Performance	•	Pre-provision net revenue² ("PPNR") was $226 million, down 33%; adjusted PPNR² was $242 million, down 29%
	•	Customer-related noninterest income remained flat at $151 million
	•	Noninterest expense was $526 million, up 3%, and included a $13 million FDIC special assessment accrual; adjusted noninterest expense² remained relatively stable at $511 million


Loans and Credit Quality	•	Loans and leases were $58.1 billion, up 3%
	•	The provision for credit losses was $13 million, compared with $45 million
	•	The allowance for credit losses was 1.27%, compared with 1.20%, of loans and leases
	•	The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.04%, compared with 0.00%
	•	Nonperforming assets3 were $254 million, or 0.44%, compared with $173 million, or 0.31%, of loans and leases

Deposits and Borrowed Funds	•	Total deposits were $74.2 billion, up 7%
	•	Short-term borrowings, consisting primarily of secured borrowings, were $4.9 billion, compared with $12.1 billion

Capital	•	The estimated CET1 capital ratio was 10.4%, compared with 9.9%


CEO COMMENTARY

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “First quarter results continued to reflect the adverse impact on net interest income of the bank failures a year ago, with taxable-equivalent revenue down 11.3% from the prior year. We nevertheless saw incremental improvement in our net interest margin and earning asset growth, and adjusted operating expenses (which exclude an additional FDIC special assessment related to last year’s bank failures) increased a modest 0.4% from last year’s quarter.” Mr. Simmons continued, “Although we experienced an increase in classified loans during the quarter, our commercial real estate portfolio continues to perform relatively well; classified loans in that portfolio increased only 7%, and we had a slight net recovery in previously charged-off CRE loans during the quarter. We continue to expect that ultimate realized loan losses will be very manageable over the remainder of the year, as indicated by annualized net charge-offs for the quarter which were a very low 0.04% of loans and leases.” Mr. Simmons concluded, “Immediately following quarter end, we completed a very successful conversion of all the deposit accounts at Amegy Bank and Nevada State Bank to our new TCS BaNCS™ platform. We anticipate completing the conversion of substantially all remaining accounts later this summer, providing us the ability to post transactions to our core systems in real time, significantly improve internal processes, and better serve customers.”
OPERATING PERFORMANCE2


(In millions)	Three Months Ended March 31,
	2024			2023
Adjusted PPNR	$	242		$	341
Net charge-offs (recoveries)	$	6		$	—
Efficiency ratio	67.9		%	59.9		%
Weighted average diluted shares	147.3			148.0

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

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

3 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 2

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

RESULTS OF OPERATIONS


Net Interest Income and Margin
										1Q24 - 4Q23				1Q24 - 1Q23
(In millions)	1Q24			4Q23			1Q23			$		%		$		%

Interest and fees on loans	$	865		$	848		$	726		$	17	2	%	$	139	19	%
Interest on money market investments	47			48			57			(1)		(2)		(10)		(18)
Interest on securities	142			144			137			(2)		(1)		5		4
Total interest income	1,054			1,040			920			14		1		134		15
Interest on deposits	376			395			82			(19)		(5)		294		NM
Interest on short- and long-term borrowings	92			62			159			30		48		(67)		(42)
Total interest expense	468			457			241			11		2		227		94
Net interest income	$	586		$	583		$	679		$	3	1		$	(93)	(14)
										bps				bps
Yield on interest-earning assets1	5.25		%	5.15		%	4.49		%	10				76
Rate paid on total deposits and interest-bearing liabilities1	2.34		%	2.25		%	1.17		%	9				117
Cost of total deposits1	2.06		%	2.06		%	0.47		%	—				159
Net interest margin1	2.94		%	2.91		%	3.33		%	3				(39)

1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.

Net interest income decreased $93 million, or 14%, in the first quarter of 2024, relative to the prior year period, as higher funding costs offset higher earning asset yields. The net interest margin was 2.94%, compared with 3.33%, and was up from 2.91% in the fourth quarter of 2023.

The yield on average interest-earning assets was 5.25% in the first quarter of 2024, an increase of 76 basis points, reflecting higher interest rates and a favorable mix change to higher yielding assets. The yield on average loans and leases increased 76 basis points to 6.06%, and the yield on average securities increased 38 basis points to 2.84% in the first quarter of 2024.

The rate paid on total deposits and interest-bearing liabilities was 2.34%, compared with 1.17% in the prior year quarter, and the cost of total deposits was 2.06%, compared with 0.47%, also reflecting the higher interest rate environment as well as reduced noninterest-bearing deposits.

Net interest income was also impacted by reduced interest-earning assets and an increase in interest-bearing liabilities. Average interest-earning assets decreased $2.2 billion, or 3%, from the prior year quarter, driven by declines of $2.5 billion and $1.5 billion in average securities and average money market investments, respectively. The decrease in average securities was primarily due to principal reductions. These decreases were partially offset by an increase of $1.8 billion in average loans and leases.

Average interest-bearing liabilities increased $6.0 billion, or 12%, from the prior year quarter, driven by an increase of $12.0 billion in average interest-bearing deposits, as customers moved from noninterest-bearing to interest-bearing products in response to the higher interest rate environment. This increase was partially offset by a decrease of $6.0 billion in average borrowed funds.

ZIONS BANCORPORATION, N.A.

Press Release – Page 3


Noninterest Income
							1Q24 - 4Q23				1Q24 - 1Q23
(In millions)	1Q24		4Q23		1Q23		$		%		$		%

Commercial account fees	$	44	$	43	$	43	$	1	2	%	$	1	2	%
Card fees	23		26		24		(3)		(12)		(1)		(4)
Retail and business banking fees	16		17		16		(1)		(6)		—		—
Loan-related fees and income	15		16		21		(1)		(6)		(6)		(29)
Capital markets fees	24		19		17		5		26		7		41
Wealth management fees	15		14		15		1		7		—		—
Other customer-related fees	14		15		15		(1)		(7)		(1)		(7)
Customer-related noninterest income	151		150		151		1		1		—		—
Fair value and nonhedge derivative income (loss)	1		(9)		(3)		10		NM		4		NM
Dividends and other income	6		8		11		(2)		(25)		(5)		(45)
Securities gains (losses), net	(2)		(1)		1		(1)		NM		(3)		NM
Total noninterest income	$	156	$	148	$	160	$	8	5		$	(4)	(3)

Customer-related noninterest income remained flat at $151 million. An increase in capital markets fees, driven largely by improved real estate capital markets and securities underwriting activity, was partially offset by a decrease in loan-related fees and income, primarily due to higher gains on loan sales in the prior year period and a decline in loan servicing income resulting from the sale of associated mortgage servicing rights in the third quarter of 2023.

Dividends and other income decreased $5 million, primarily due to higher mark-to-market valuation adjustments related to servicing rights in the prior year quarter and a decrease in dividends on FHLB stock. Net securities gains decreased $3 million, due to a $4 million valuation loss associated with one of our equity investments in the current period. These decreases were offset by a $4 million increase in fair value and nonhedge derivative income, primarily due to credit valuation adjustments on client-related interest rate swaps.


Noninterest Expense
							1Q24 - 4Q23				1Q24 - 1Q23
(In millions)	1Q24		4Q23		1Q23		$		%		$		%

Salaries and employee benefits	$	331	$	301	$	339	$	30	10	%	$	(8)	(2)	%
Technology, telecom, and information processing	62		65		55		(3)		(5)		7		13
Occupancy and equipment, net	39		38		40		1		3		(1)		(3)
Professional and legal services	16		17		13		(1)		(6)		3		23
Marketing and business development	10		11		12		(1)		(9)		(2)		(17)
Deposit insurance and regulatory expense	34		109		18		(75)		(69)		16		89
Credit-related expense	7		7		6		—		—		1		17

Other	27		33		29		(6)		(18)		(2)		(7)
Total noninterest expense	$	526	$	581	$	512	$	(55)	(9)		$	14	3
Adjusted noninterest expense 1	$	511	$	489	$	509	$	22	4		$	2	—

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

Total noninterest expense increased $14 million, or 3%, relative to the prior year quarter. Deposit insurance and regulatory expense increased $16 million, driven largely by a $13 million accrual associated with an updated special assessment estimate by the FDIC during the current quarter. Technology, telecom, and information processing expense increased $7 million, or 13%, primarily due to increases in software amortization expenses associated with the replacement of our core loan and deposit banking system, as well as other related application software, license, and maintenance expenses. Salaries and employee benefits expense decreased $8 million, or 2%, primarily due to a decline in incentive compensation accruals.

ZIONS BANCORPORATION, N.A.

Press Release – Page 4

Adjusted noninterest expense remained relatively flat at $511 million. The efficiency ratio was 67.9%, compared with 59.9%, primarily due to a decline in adjusted taxable-equivalent revenue. For information on non-GAAP financial measures, see pages 16-17.

BALANCE SHEET ANALYSIS


Investment Securities
							1Q24 - 4Q23				1Q24 - 1Q23
(In millions)	1Q24		4Q23		1Q23		$		%		$		%
Investment securities:
Held-to-maturity, at amortized cost	$	10,209	$	10,382	$	10,961	$	(173)	(2)	%	$	(752)	(7)	%
Available-for-sale, at fair value	9,931		10,300		11,594		(369)		(4)		(1,663)		(14)
Trading account, at fair value	59		48		12		11		23		47		NM
Total investment securities, net of allowance	$	20,199	$	20,730	$	22,567	$	(531)	(3)		$	(2,368)	(10)

Total investment securities decreased $2.4 billion, or 10%, to $20.2 billion at March 31, 2024, due largely to AFS and HTM principal reductions. The trading securities portfolio, comprised of municipal securities, totaled $59 million at March 31, 2024, compared with $12 million at March 31, 2023.

We invest in securities to actively manage liquidity and interest rate risk and to generate interest income. We primarily own securities that can readily provide us cash and liquidity through secured borrowing agreements without the need to sell the securities. Our fixed-rate securities portfolio helps balance the inherent interest rate mismatch between loans and deposits and protects the economic value of shareholders' equity. At March 31, 2024, the estimated duration, which measures price sensitivity to interest rate changes, of our securities portfolio was 3.6 percent, compared with 4.1 percent at March 31, 2023. The decline was primarily due to the addition of fair value hedges of fixed-rate securities during the second quarter of 2023.


Loans and Leases
							1Q24 - 4Q23				1Q24 - 1Q23
(In millions)	1Q24		4Q23		1Q23		$		%		$		%

Loans held for sale	$	12	$	53	$	5	$	(41)	(77)	%	$	7	NM
Loans and leases:
Commercial	$	30,479	$	30,588	$	30,576	$	(109)	—		$	(97)	—	%
Commercial real estate	13,578		13,371		12,898		207		2		680		5
Consumer	14,052		13,820		12,857		232		2		1,195		9
Loans and leases, net of unearned income and fees	58,109		57,779		56,331		330		1		1,778		3
Less allowance for loan losses	699		684		618		15		2		81		13
Loans and leases held for investment, net of allowance	$	57,410	$	57,095	$	55,713	$	315	1		$	1,697	3
Unfunded lending commitments	$	29,490	$	29,716	$	30,723	$	(226)	(1)		$	(1,233)	(4)

Loans and leases, net of unearned income and fees, increased $1.8 billion, or 3%, to $58.1 billion at March 31, 2024, relative to the prior year quarter. Consumer loans increased $1.2 billion from the prior year quarter, primarily in the 1-4 family residential portfolio, and commercial real estate loans increased $0.7 billion, primarily in the multi-family and industrial construction loan portfolios. Increased funding of construction lending commitments and a slower pace of loan payoffs contributed to growth in these portfolios. Unfunded lending commitments decreased $1.2 billion, or 4%, to $29.5 billion at March 31, 2024, primarily due to draws on existing commercial and consumer construction lending commitments.

ZIONS BANCORPORATION, N.A.

Press Release – Page 5


Credit Quality
										1Q24 - 4Q23				1Q24 - 1Q23
(In millions)	1Q24			4Q23			1Q23			$		%		$		%

Provision for credit losses	$	13		$	—		$	45		$	13	NM		$	(32)	(71)	%
Allowance for credit losses	736			729			678			7		1	%	58		9	%
Net loan and lease charge-offs (recoveries)	6			9			—			(3)		(33)		6		NM
Nonperforming assets2	254			228			173			26		11		81		47
Classified loans	966			825			912			141		17		54		6
	1Q24			4Q23			1Q23			bps				bps
Ratio of ACL to loans1 and leases outstanding, at period end	1.27		%	1.26		%	1.20		%	1				7

Annualized ratio of net loan and lease charge-offs to average loans	0.04		%	0.06		%	—		%	(2)				4
Ratio of classified loans to total loans and leases	1.66		%	1.43		%	1.62		%	23				4
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned	0.44		%	0.40		%	0.31		%	4				13

1 Does not include loans held for sale.

2 Does not include banking premises held for sale.

During the first quarter of 2024, we recorded a $13 million provision for credit losses, compared with a $45 million provision during the prior year period. The allowance for credit losses (“ACL”) was $736 million at March 31, 2024, compared with $678 million at March 31, 2023. The year-over-year increase in the ACL reflects declines in credit quality, incremental reserves associated with portfolio-specific risks including commercial real estate, and loan growth. The ratio of ACL to total loans and leases was 1.27% at March 31, 2024, compared with 1.20% at March 31, 2023.

Net loan and lease charge-offs totaled $6 million, compared with zero net charge-offs in the prior year quarter. Classified loans increased $54 million, or 6%. Nonperforming assets increased $81 million, or 47%, primarily in the commercial and industrial and term commercial real estate portfolios.


Deposits and Borrowed Funds
							1Q24 - 4Q23				1Q24 - 1Q23
(In millions)	1Q24		4Q23		1Q23		$		%		$		%

Noninterest-bearing demand	$	25,137	$	26,244	$	30,974	$	(1,107)	(4)	%	$	(5,837)	(19)	%
Interest-bearing:
Savings and money market	38,835		38,663		30,826		172		—		8,009		26
Time	5,972		5,619		2,024		353		6		3,948		NM
Brokered	4,293		4,435		5,384		(142)		(3)		(1,091)		(20)
Total interest-bearing	49,100		48,717		38,234		383		1		10,866		28
Total deposits	$	74,237	$	74,961	$	69,208	$	(724)	(1)		$	5,029	7
Borrowed funds:
Federal funds purchased and other short-term borrowings	$	4,895	$	4,379	$	12,124	$	516	12		$	(7,229)	(60)
Long-term debt	544		542		663		2		—		(119)		(18)
Total borrowed funds	$	5,439	$	4,921	$	12,787	$	518	11		$	(7,348)	(57)

Total deposits increased $5.0 billion, or 7%, from the prior year quarter, as a $10.9 billion increase in interest-bearing deposits was partially offset by a $5.8 billion decrease in noninterest-bearing demand deposits, as customers moved to interest-bearing products in response to the higher interest rate environment.

ZIONS BANCORPORATION, N.A.

Press Release – Page 6

At March 31, 2024, customer deposits (excluding brokered deposits) totaled $69.9 billion, compared with $63.8 billion at March 31, 2023, and included approximately $7.5 billion of reciprocal deposits. Our loan-to-deposit ratio was 78%, compared with 81% in the prior year quarter.

Total borrowed funds, consisting primarily of secured borrowings, decreased $7.3 billion, or 57%, from the prior year quarter, due largely to an increase in interest-bearing deposits and a decrease in interest-earning assets. The decrease in long-term debt was due to the maturity of a senior note during the second quarter of 2023.


Shareholders’ Equity
							1Q24 - 4Q23				1Q24 - 1Q23
(In millions, except share data)	1Q24		4Q23		1Q23		$		%		$		%
Shareholders’ equity:
Preferred stock	$	440	$	440	$	440	$	—	—	%	$	—	—	%
Common stock and additional paid-in capital	1,705		1,731		1,715		(26)		(2)		(10)		(1)
Retained earnings	6,293		6,212		5,949		81		1		344		6
Accumulated other comprehensive income (loss)	(2,609)		(2,692)		(2,920)		83		3		311		11
Total shareholders’ equity	$	5,829	$	5,691	$	5,184	$	138	2		$	645	12
Capital distributions:
Common dividends paid	$	61	$	61	$	61	$	—	—		$	—	—
Bank common stock repurchased	35		—		50		35		NM		(15)		(30)
Total capital distributed to common shareholders	$	96	$	61	$	111	$	35	57		$	(15)	(14)

							shares		%		shares		%
Weighted average diluted common shares outstanding (in thousands)	147,343		147,645		148,038		(302)		—	%	(695)		—	%
Common shares outstanding, at period end (in thousands)	147,653		148,153		148,100		(500)		—		(447)		—

The common stock dividend was $0.41 per share, unchanged from the first quarter of 2023. Common shares outstanding decreased 0.4 million from the first quarter of 2023, primarily due to common stock repurchases. During the first quarter of 2024, we repurchased 0.9 million common shares outstanding for $35 million, compared with 0.9 million common shares repurchased for $50 million during the prior year period.

Accumulated other comprehensive income (loss) (“AOCI”) was $2.6 billion at March 31, 2024, and largely reflects a decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are excluded from regulatory capital, and therefore do not impact our regulatory capital ratios.

Estimated common equity tier 1 (“CET1”) capital was $6.9 billion, an increase of 5%, compared with $6.6 billion in the prior year period. The estimated CET1 capital ratio was 10.4%, compared with 9.9%. Tangible book value per common share increased to $29.34, compared with $24.85, primarily due to an increase in retained earnings and an improvement in AOCI due largely to paydowns on securities. For more information on non-GAAP financial measures, see pages 16-17.

ZIONS BANCORPORATION, N.A.

Press Release – Page 7

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the first quarter results at 9:30 a.m. ET on April 22, 2024. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and using the meeting number 13745670, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation, N.A.

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

Forward-Looking Information

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

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

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

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

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

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

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

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 8

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

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

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

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

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

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

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

•The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity, but not on our regulatory capital;

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

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

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

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

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

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 9

FINANCIAL HIGHLIGHTS

(Unaudited)


	Three Months Ended
(In millions, except share, per share, and ratio data)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
BALANCE SHEET 1
Loans held for investment, net of allowance	$	57,410		$	57,095		$	56,212		$	56,266		$	55,713
Total assets	87,060			87,203			87,269			87,230			88,573
Deposits	74,237			74,961			75,399			74,323			69,208
Total shareholders’ equity	5,829			5,691			5,315			5,283			5,184
STATEMENT OF INCOME
Net earnings applicable to common shareholders	$	143		$	116		$	168		$	166		$	198
Net interest income	586			583			585			591			679
Taxable-equivalent net interest income 2	596			593			596			602			688
Total noninterest income	156			148			180			189			160
Total noninterest expense	526			581			496			508			512
Pre-provision net revenue 2	226			160			280			283			336
Adjusted pre-provision net revenue 2	242			262			272			296			341
Provision for credit losses	13			—			41			46			45
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share	$	0.96		$	0.78		$	1.13		$	1.11		$	1.33
Dividends	0.41			0.41			0.41			0.41			0.41
Book value per common share 1	36.50			35.44			32.91			32.69			32.03
Tangible book value per common share 1, 2	29.34			28.30			25.75			25.52			24.85
Weighted average share price	41.03			35.95			34.67			27.51			45.57
Weighted average diluted common shares outstanding (in thousands)	147,343			147,645			147,653			147,696			148,038
Common shares outstanding (in thousands) 1	147,653			148,153			148,146			148,144			148,100
SELECTED RATIOS AND OTHER DATA
Return on average assets	0.70		%	0.57		%	0.80		%	0.79		%	0.91		%
Return on average common equity	10.9		%	9.2		%	13.5		%	13.8		%	17.4		%
Return on average tangible common equity 2	13.7		%	11.8		%	17.3		%	17.8		%	22.7		%
Net interest margin	2.94		%	2.91		%	2.93		%	2.92		%	3.33		%
Cost of total deposits	2.06		%	2.06		%	1.92		%	1.27		%	0.47		%
Efficiency ratio 2	67.9		%	65.1		%	64.4		%	62.5		%	59.9		%
Effective tax rate 3	24.6		%	16.0		%	23.2		%	22.6		%	27.7		%
Ratio of nonperforming assets to loans and leases and other real estate owned	0.44		%	0.39		%	0.38		%	0.29		%	0.31		%
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans	0.04		%	0.06		%	0.10		%	0.09		%	—		%
Ratio of total allowance for credit losses to loans and leases outstanding 1	1.27		%	1.26		%	1.30		%	1.25		%	1.20		%
Full-time equivalent employees	9,708			9,679			9,984			10,103			10,064
CAPITAL RATIOS AND DATA 1
Tangible common equity ratio 2	5.0		%	4.9		%	4.4		%	4.4		%	4.2		%
Common equity tier 1 capital 4	$	6,920		$	6,863		$	6,803		$	6,692		$	6,582
Risk-weighted assets 4	$	66,824		$	66,934		$	66,615		$	66,917		$	66,274
Common equity tier 1 capital ratio 4	10.4		%	10.3		%	10.2		%	10.0		%	9.9		%
Tier 1 risk-based capital ratio 4	11.0		%	10.9		%	10.9		%	10.7		%	10.6		%
Total risk-based capital ratio 4	12.9		%	12.8		%	12.8		%	12.5		%	12.4		%
Tier 1 leverage ratio 4	8.4		%	8.3		%	8.3		%	8.0		%	7.8		%

1 At period end.

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

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

4 Current period ratios and amounts represent estimates.

ZIONS BANCORPORATION, N.A.

Press Release – Page 10

CONSOLIDATED BALANCE SHEETS


(In millions, shares in thousands)	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
	(Unaudited)				(Unaudited)		(Unaudited)		(Unaudited)
ASSETS
Cash and due from banks	$	709	$	716	$	700	$	701	$	607
Money market investments:
Interest-bearing deposits	1,688		1,488		1,704		1,531		2,727
Federal funds sold and security resell agreements	894		937		1,427		781		688
Investment securities:
Held-to-maturity1, at amortized cost	10,209		10,382		10,559		10,753		10,961
Available-for-sale, at fair value	9,931		10,300		10,148		10,832		11,594
Trading account, at fair value	59		48		31		32		12

Total securities, net of allowance	20,199		20,730		20,738		21,617		22,567
Loans held for sale	12		53		41		36		5
Loans and leases, net of unearned income and fees	58,109		57,779		56,893		56,917		56,331
Less allowance for loan losses	699		684		681		651		618
Loans held for investment, net of allowance	57,410		57,095		56,212		56,266		55,713
Other noninterest-bearing investments	922		950		929		956		1,169
Premises, equipment and software, net	1,396		1,400		1,410		1,414		1,411
Goodwill and intangibles	1,057		1,059		1,060		1,062		1,063
Other real estate owned	6		6		7		3		6
Other assets	2,767		2,769		3,041		2,863		2,617
Total assets	$	87,060	$	87,203	$	87,269	$	87,230	$	88,573
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	25,137	$	26,244	$	26,733	$	28,670	$	30,974
Interest-bearing:
Savings and money market	38,879		38,721		37,090		33,394		30,897
Time	10,221		9,996		11,576		12,259		7,337

Total deposits	74,237		74,961		75,399		74,323		69,208
Federal funds purchased and other short-term borrowings	4,895		4,379		4,346		5,513		12,124
Long-term debt	544		542		540		538		663
Reserve for unfunded lending commitments	37		45		57		60		60
Other liabilities	1,518		1,585		1,612		1,513		1,334
Total liabilities	81,231		81,512		81,954		81,947		83,389
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares	440		440		440		440		440
Common stock2 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital	1,705		1,731		1,726		1,722		1,715
Retained earnings	6,293		6,212		6,157		6,051		5,949
Accumulated other comprehensive income (loss)	(2,609)		(2,692)		(3,008)		(2,930)		(2,920)


Total shareholders’ equity	5,829		5,691		5,315		5,283		5,184
Total liabilities and shareholders’ equity	$	87,060	$	87,203	$	87,269	$	87,230	$	88,573
1 Held-to-maturity (fair value)	$	10,105	$	10,466	$	10,049	$	10,768	$	11,210
2 Common shares (issued and outstanding)	147,653		148,153		148,146		148,144		148,100

ZIONS BANCORPORATION, N.A.

Press Release – Page 11

CONSOLIDATED STATEMENTS OF INCOME


(Unaudited)	Three Months Ended
(In millions, except share and per share amounts)	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Interest income:
Interest and fees on loans	$	865	$	848	$	831	$	791	$	726
Interest on money market investments	47		48		35		48		57
Interest on securities	142		144		144		138		137
Total interest income	1,054		1,040		1,010		977		920
Interest expense:
Interest on deposits	376		395		366		220		82
Interest on short- and long-term borrowings	92		62		59		166		159
Total interest expense	468		457		425		386		241
Net interest income	586		583		585		591		679
Provision for credit losses:
Provision for loan losses	21		12		44		46		46
Provision for unfunded lending commitments	(8)		(12)		(3)		—		(1)

Total provision for credit losses	13		—		41		46		45
Net interest income after provision for credit losses	573		583		544		545		634
Noninterest income:
Commercial account fees	44		43		43		45		43
Card fees	23		26		26		25		24
Retail and business banking fees	16		17		17		16		16
Loan-related fees and income	15		16		23		19		21
Capital markets fees	24		19		18		27		17
Wealth management fees	15		14		15		14		15
Other customer-related fees	14		15		15		16		15
Customer-related noninterest income	151		150		157		162		151
Fair value and nonhedge derivative income (loss)	1		(9)		7		1		(3)
Dividends and other income (loss)	6		8		12		26		11
Securities gains (losses), net	(2)		(1)		4		—		1
Total noninterest income	156		148		180		189		160
Noninterest expense:
Salaries and employee benefits	331		301		311		324		339
Technology, telecom, and information processing	62		65		62		58		55
Occupancy and equipment, net	39		38		42		40		40
Professional and legal services	16		17		16		16		13
Marketing and business development	10		11		10		13		12
Deposit insurance and regulatory expense	34		109		20		22		18
Credit-related expense	7		7		6		7		6

Other	27		33		29		28		29
Total noninterest expense	526		581		496		508		512
Income before income taxes	203		150		228		226		282
Income taxes	50		24		53		51		78
Net income	153		126		175		175		204


Preferred stock dividends	(10)		(10)		(7)		(9)		(6)

Net earnings applicable to common shareholders	$	143	$	116	$	168	$	166	$	198
Weighted average common shares outstanding during the period:
Basic shares (in thousands)	147,338		147,640		147,648		147,692		148,015
Diluted shares (in thousands)	147,343		147,645		147,653		147,696		148,038
Net earnings per common share:
Basic	$	0.96	$	0.78	$	1.13	$	1.11	$	1.33
Diluted	0.96		0.78		1.13		1.11		1.33

ZIONS BANCORPORATION, N.A.

Press Release – Page 12

Loan Balances Held for Investment by Portfolio Type

(Unaudited)


(In millions)	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Commercial:
Commercial and industrial	$	16,519	$	16,684	$	16,341	$	16,622	$	16,500
Leasing	388		383		373		388		385
Owner occupied	9,295		9,219		9,273		9,328		9,317
Municipal	4,277		4,302		4,221		4,354		4,374
Total commercial	30,479		30,588		30,208		30,692		30,576
Commercial real estate:
Construction and land development	2,686		2,669		2,575		2,498		2,313
Term	10,892		10,702		10,565		10,406		10,585
Total commercial real estate	13,578		13,371		13,140		12,904		12,898
Consumer:
Home equity credit line	3,382		3,356		3,313		3,291		3,276
1-4 family residential	8,778		8,415		8,116		7,980		7,692
Construction and other consumer real estate	1,321		1,442		1,510		1,434		1,299
Bankcard and other revolving plans	439		474		475		466		459
Other	132		133		131		150		131
Total consumer	14,052		13,820		13,545		13,321		12,857
Total loans and leases	$	58,109	$	57,779	$	56,893	$	56,917	$	56,331

Nonperforming Assets

(Unaudited)


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

Nonaccrual loans 1	$	248		$	222		$	216		$	162		$	171
Other real estate owned	6			6			3			2			2
Total nonperforming assets	$	254		$	228		$	219		$	164		$	173
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2	0.44		%	0.39		%	0.38		%	0.29		%	0.31		%
Accruing loans past due 90 days or more	$	3		$	3		$	16		$	7		$	2
Ratio of accruing loans past due 90 days or more to loans1 and leases	0.01		%	0.01		%	0.03		%	0.01		%	—		%
Nonaccrual loans and accruing loans past due 90 days or more	$	251		$	225		$	232		$	169		$	173
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned	0.44		%	0.40		%	0.41		%	0.30		%	0.31		%
Accruing loans past due 30-89 days	$	77		$	86		$	86		$	59		$	79



Classified loans	966			825			769			768			912

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 13

Allowance for Credit Losses

(Unaudited)


	Three Months Ended
(In millions)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Allowance for Loan and Lease Losses
Balance at beginning of period	$	684		$	681		$	651		$	618		$	572
Provision for loan losses	21			12			44			46			46
Loan and lease charge-offs	14			13			20			22			7
Less: Recoveries	8			4			6			9			7
Net loan and lease charge-offs (recoveries)	6			9			14			13			—
Balance at end of period	$	699		$	684		$	681		$	651		$	618
Ratio of allowance for loan losses to loans1 and leases, at period end	1.20		%	1.18		%	1.20		%	1.14		%	1.10		%
Ratio of allowance for loan losses to nonaccrual loans1 at period end	282		%	308		%	342		%	402		%	361		%
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans	0.04		%	0.06		%	0.10		%	0.09		%	—		%

Reserve for Unfunded Lending Commitments
Balance at beginning of period	$	45		$	57		$	60		$	60		$	61
Provision for unfunded lending commitments	(8)			(12)			(3)			—			(1)
Balance at end of period	$	37		$	45		$	57		$	60		$	60
Allowance for Credit Losses
Allowance for loan losses	$	699		$	684		$	681		$	651		$	618
Reserve for unfunded lending commitments	37			45			57			60			60
Total allowance for credit losses	$	736		$	729		$	738		$	711		$	678
Ratio of ACL to loans1 and leases outstanding, at period end	1.27		%	1.26		%	1.30		%	1.25		%	1.20		%

1 Does not include loans held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 14

Nonaccrual Loans by Portfolio Type

(Unaudited)


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

Loans held for sale	$	—	$	—	$	17	$	—	$	—
Commercial:
Commercial and industrial	$	110	$	82	$	59	$	71	$	77
Leasing	2		2		—		—		—
Owner occupied	20		20		27		29		33
Municipal	—		—		—		—		—
Total commercial	132		104		86		100		110
Commercial real estate:
Construction and land development	1		22		22		—		—
Term	42		39		40		13		16
Total commercial real estate	43		61		62		13		16
Consumer:
Home equity credit line	27		17		16		12		11
1-4 family residential	44		40		35		37		34
Construction and other consumer real estate	—		—		—		—		—
Bankcard and other revolving plans	1		—		—		—		—
Other	1		—		—		—		—
Total consumer	73		57		51		49		45

Total nonaccrual loans	$	248	$	222	$	216	$	162	$	171

Net Charge-Offs by Portfolio Type

(Unaudited)


(In millions)	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Commercial:
Commercial and industrial	$	4	$	7	$	8	$	14	$	(2)

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 15

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES


(Unaudited)	Three Months Ended
	March 31, 2024				December 31, 2023				March 31, 2023
(In millions)	Average balance		Average yield/rate 1		Average balance		Average yield/rate 1		Average balance		Average yield/rate 1
ASSETS
Money market investments:
Interest-bearing deposits	$	1,447	5.71	%	$	1,590	5.52	%	$	2,724	4.72	%
Federal funds sold and security resell agreements	1,826		5.89	%	1,704		5.91	%	2,081		5.02	%
Total money market investments	3,273		5.81	%	3,294		5.72	%	4,805		4.85	%
Securities:
Held-to-maturity	10,277		2.25	%	10,448		2.22	%	11,024		2.28	%
Available-for-sale	10,067		3.45	%	10,013		3.48	%	11,824		2.62	%
Trading account	33		4.27	%	39		4.80	%	21		4.01	%
Total securities	20,377		2.84	%	20,500		2.84	%	22,869		2.46	%
Loans held for sale	56		6.80	%	32		5.77	%	5		0.26	%
Loans and leases:2
Commercial	30,482		5.95	%	30,219		5.81	%	30,678		5.03	%
Commercial real estate	13,504		7.29	%	13,264		7.19	%	12,876		6.59	%
Consumer	13,921		5.10	%	13,662		5.02	%	12,599		4.62	%
Total loans and leases	57,907		6.06	%	57,145		5.94	%	56,153		5.30	%
Total interest-earning assets	81,613		5.25	%	80,971		5.15	%	83,832		4.49	%
Cash and due from banks	710				739				543
Allowance for credit losses on loans and debt securities	(685)				(681)				(576)
Goodwill and intangibles	1,058				1,060				1,064
Other assets	5,274				5,644				5,624
Total assets	$	87,970			$	87,733			$	90,487
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market	$	38,044	2.73	%	$	37,941	2.71	%	$	32,859	0.77	%
Time	9,777		4.81	%	11,132		4.84	%	2,934		2.68	%

Total interest-bearing deposits	47,821		3.16	%	49,073		3.19	%	35,793		0.92	%
Borrowed funds:
Federal funds purchased and security repurchase agreements	1,748		5.38	%	1,774		5.38	%	5,614		4.65	%
Other short-term borrowings	4,931		4.98	%	2,282		5.16	%	6,952		4.89	%
Long-term debt	543		5.99	%	541		6.06	%	653		6.85	%
Total borrowed funds	7,222		5.15	%	4,597		5.35	%	13,219		4.88	%
Total interest-bearing liabilities	55,043		3.42	%	53,670		3.38	%	49,012		1.99	%
Noninterest-bearing demand deposits	25,537				26,851				34,363
Other liabilities	1,661				1,792				2,058
Total liabilities	82,241				82,313				85,433
Shareholders’ equity:
Preferred equity	440				440				440
Common equity	5,289				4,980				4,614


Total shareholders’ equity	5,729				5,420				5,054
Total liabilities and shareholders’ equity	$	87,970			$	87,733			$	90,487
Spread on average interest-bearing funds			1.83	%			1.77	%			2.50	%
Impact of net noninterest-bearing sources of funds			1.11	%			1.14	%			0.83	%
Net interest margin			2.94	%			2.91	%			3.33	%
Memo: total cost of deposits			2.06	%			2.06	%			0.47	%
Memo: total deposits and interest-bearing liabilities	$	80,580	2.34	%	$	80,521	2.25	%	$	83,375	1.17	%

1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.

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

ZIONS BANCORPORATION, N.A.

Press Release – Page 16

NON-GAAP FINANCIAL MEASURES

(Unaudited)

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

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

Tangible Common Equity and Related Measures

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

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)


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

Net earnings applicable to common shareholders (GAAP)		$	143		$	116		$	168		$	166		$	198
Adjustments, net of tax:

Amortization of core deposit and other intangibles		1			1			1			1			1
Adjusted net earnings applicable to common shareholders, net of tax	(a)	$	144		$	117		$	169		$	167		$	199
Average common equity (GAAP)		$	5,289		$	4,980		$	4,938		$	4,818		$	4,614
Average goodwill and intangibles		(1,058)			(1,060)			(1,061)			(1,063)			(1,064)

Average tangible common equity (non-GAAP)	(b)	$	4,231		$	3,920		$	3,877		$	3,755		$	3,550
Number of days in quarter	(c)	91			92			92			91			90
Number of days in year	(d)	366			365			365			365			365
Return on average tangible common equity (non-GAAP) 1	(a/b/c)*d	13.7		%	11.8		%	17.3		%	17.8		%	22.7		%

1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 8.4%, 6.7%, 9.9%, 10.0%, and 12.3% for the periods presented, respectively.

ZIONS BANCORPORATION, N.A.

Press Release – Page 17

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


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

Total shareholders’ equity (GAAP)		$	5,829		$	5,691		$	5,315		$	5,283		$	5,184
Goodwill and intangibles		(1,057)			(1,059)			(1,060)			(1,062)			(1,063)

Tangible equity (non-GAAP)	(a)	4,772			4,632			4,255			4,221			4,121
Preferred stock		(440)			(440)			(440)			(440)			(440)
Tangible common equity (non-GAAP)	(b)	$	4,332		$	4,192		$	3,815		$	3,781		$	3,681
Total assets (GAAP)		$	87,060		$	87,203		$	87,269		$	87,230		$	88,573
Goodwill and intangibles		(1,057)			(1,059)			(1,060)			(1,062)			(1,063)

Tangible assets (non-GAAP)	(c)	$	86,003		$	86,144		$	86,209		$	86,168		$	87,510
Common shares outstanding (in thousands)	(d)	147,653			148,153			148,146			148,144			148,100
Tangible equity ratio (non-GAAP) 1	(a/c)	5.5		%	5.4		%	4.9		%	4.9		%	4.7		%
Tangible common equity ratio (non-GAAP)	(b/c)	5.0		%	4.9		%	4.4		%	4.4		%	4.2		%
Tangible book value per common share (non-GAAP)	(b/d)	$	29.34		$	28.30		$	25.75		$	25.52		$	24.85

Efficiency Ratio and Adjusted Pre-Provision Net Revenue

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

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


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

Noninterest expense (GAAP)	(a)	$	526		$	581		$	496		$	508		$	512
Adjustments:
Severance costs		—			—			—			13			1


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


FDIC special assessment		13			90			—			—			—
Total adjustments	(b)	15			92			3			14			3
Adjusted noninterest expense (non-GAAP)	(c)=(a-b)	$	511		$	489		$	493		$	494		$	509

Net interest income (GAAP)	(d)	$	586		$	583		$	585		$	591		$	679
Fully taxable-equivalent adjustments	(e)	10			10			11			11			9
Taxable-equivalent net interest income (non-GAAP)	(f)=(d+e)	596			593			596			602			688
Noninterest income (GAAP)	(g)	156			148			180			189			160
Combined income (non-GAAP)	(h)=(f+g)	752			741			776			791			848
Adjustments:
Fair value and nonhedge derivative income (loss)		1			(9)			7			1			(3)
Securities gains (losses), net		(2)			(1)			4			—			1
Total adjustments 1	(i)	(1)			(10)			11			1			(2)
Adjusted taxable-equivalent revenue (non-GAAP)	(j)=(h-i)	$	753		$	751		$	765		$	790		$	850

Pre-provision net revenue (PPNR) (non-GAAP)	(h)-(a)	$	226		$	160		$	280		$	283		$	336
Adjusted PPNR (non-GAAP)	(j)-(c)	242			262			272			296			341
Efficiency ratio (non-GAAP)	(c/j)	67.9		%	65.1		%	64.4		%	62.5		%	59.9		%

1 Excluding the $13 million gain on sale of bank-owned premises recorded in dividends and other income, the efficiency ratio for the three months ended June 30, 2023 would have been 63.6%.

earningspresentation-202

April 22, 2024 First Quarter 2024 Financial Review

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

Key Metrics 3 Financial Performance Highlights  Earning assets continue to reprice in the higher interest rate environment while funding costs increased modestly  We are investing in the business and expanding product capabilities while managing expense growth (1Q expenses include seasonal share-based comp)  Net charge-offs were 0.04% of loans, annualized and remain well below peers  Loss-absorbing capital continues to strengthen, with CET1 at 10.4%, up from 9.9% a year ago  Elevated efficiency ratio largely reflects recent revenue pressure related to accelerated deposit repricing 1Q24 4Q23 Net earnings to common $143 million $116 million Diluted earnings per share (GAAP) $0.96 $0.78 Loan growth Ending 0.6% Average 1.3% Ending 1.6% Average 0.3% Customer deposit growth (excluding brokered) Ending -0.8% Average -1.1% Ending 2.4% Average 3.7% Loan-to-deposit ratio (ending) 78% 77% Net charge-offs / loans (annualized) 0.04% (annualized) 0.06% Return on average tangible common equity1 13.7% 11.8% Common equity tier 1% 10.4% 10.3% Efficiency ratio1 67.9% 65.1% (1) See Appendix for non-GAAP financial measures.

$1.33 $1.11 $1.13 $0.78 $0.96 1Q23 2Q23 3Q23 4Q23 1Q24 Diluted Earnings Per Share Notable Items1: 1Q24:  $(0.07) per share negative impact from FDIC Special Assessment 4Q23:  $(0.46) per share negative impact from FDIC Special Assessment  $(0.05) per share negative impact from Credit Valuation Adjustment (“CVA”) 3Q23:  No items with impact > $0.05 per share during the quarter 2Q23:  $(0.07) per share negative impact from severance expense  $0.07 per share positive impact from gain on sale of property 1Q23:  $(0.06) per share negative impact from tax contingency reserve 4 The additional FDIC special assessment reduced earnings per share by $0.07 in the current quarter Diluted Earnings per Share (1) Items that were $0.05 per share or more. $(0.23) $(0.23) $(0.21) $- $(0.07) 1Q23 2Q23 3Q23 4Q23 1Q24 EPS Impact of Provision for Credit Losses

$3 36 $2 83 $2 80 $1 60 $2 26 $3 41 $2 96 $2 72 $2 62 $2 42 1Q23 2Q23 3Q23 4Q23 1Q24 Pre-provision net revenue (PPNR) (non-GAAP) Adjusted PPNR (non-GAAP) Pre-Provision Net Revenue (“PPNR”) Linked-quarter decline in Adjusted PPNR primarily from increased noninterest expense due to seasonality in compensation (1) PPNR includes taxable-equivalent revenue; Adjusted PPNR adjusts for items such as severance costs, restructuring costs, amortization of other intangibles, FDIC special assessment, and securities gains (losses). See Appendix for non-GAAP financial measures. PPNR1 ($ millions) 5 Linked quarter (1Q24 vs. 4Q23):  Adjusted PPNR decreased 8%:  Slightly increased net interest income  Stable customer-related noninterest income  Adjusted noninterest expense increase of 4% mainly attributable to seasonal expenses Year-over-year (1Q24 vs. 1Q23):  Adjusted PPNR decreased 29%:  Decrease of 13% in taxable-equivalent net interest income due to higher cost of funding  Increase of 94% in interest expense  Slightly increased adjusted noninterest expense

$679 $591 $585 $583 $586 3.33% 2.92% 2.93% 2.91% 2.94% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% $0 1Q23 2Q23 3Q23 4Q23 1Q24 Net Interest Income (“NII”) and Net Interest Margin (“NIM”) Net Interest Income Net Interest Margin 6 Net interest income rose slightly as earning asset repricing offset a modest increase in funding costs ($ millions) Linked quarter (1Q24 vs. 4Q23):  Net interest income rose slightly  Interest earned on money market & securities decreased $3 million or 2%  Interest earned on loans increased $17 million or 2%  Interest paid on deposits decreased $19 million or 5%  Interest paid on borrowings increased $30 million or 48% Year-over-year (1Q24 vs. 1Q23):  Net interest income declined 14%  Interest income increased $134 million or 15%  Interest expense increased $227 million or 94%  Interest paid on deposits increased $294 million  Interest paid on borrowings decreased $67 million

Year-Over-Year (1Q24 vs. 1Q23) Net Interest Margin (“NIM”) 7 The net interest margin has been relatively stable for the past four quarters Loans Deposits Money Mkt & Securities Borrowings Free Funds1 1Q23 1Q24 Linked Quarter (1Q24 vs. 4Q23) 4Q23 1Q24 Loans Deposits Money Mkt & Securities Borrowings Free Funds1 Earning asset yields continue to improve while rate of increase on liabilities slows (1) The impact of noninterest-bearing sources of funds on the net interest margin is calculated as the difference between interest earning assets and interest-bearing liabilities divided by earnings assets multiplied by rate paid on interest bearing liabilities.

$151 $162 $157 $150 $151 1Q23 2Q23 3Q23 4Q23 1Q24 Noninterest Income and Revenue 8 Customer-Related Noninterest Income (1) Stable noninterest income attributable to higher Capital Markets fees offsetting modest declines in other categories (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items, as detailed in the noninterest income information located in the earnings release. (2) Adjusted revenue is the sum of taxable-equivalent net interest income and noninterest income less adjustments. It excludes the impact of securities gains/losses and fair value and non-hedge derivative income. See Appendix for non-GAAP financial measures. ($ millions) $8 39 $7 80 $7 65 $7 31 $7 42 $8 50 $7 90 $7 65 $7 51 $7 53 1Q23 2Q23 3Q23 4Q23 1Q24 Total Revenue (GAAP) Adjusted Revenue (Non-GAAP) Total Revenue (2) ($ millions)

$5 12 $5 08 $4 96 $5 81 $5 26 $5 09 $4 94 $4 93 $4 89 $5 11 59.9% 62.5% 64.4% 65.1% 67.9% 1Q23 2Q23 3Q23 4Q23 1Q24 NIE (GAAP) Adjusted NIE (Non-GAAP) Efficiency Ratio ($ millions) Noninterest Expense 9 Adjusted noninterest expense increased linked quarter due to seasonal increases in compensation  Total noninterest expense decreased $55 million linked quarter and includes an additional $13 million of FDIC special assessment ($90 million accrued during 4Q23)  Adjusted noninterest expense increased $22 million linked quarter, mainly driven by seasonal increases in compensation  Adjusted noninterest expense was up 0.4% compared to prior year quarter, reflecting ongoing expense management efforts Notable items in:  1Q24: $13 million FDIC special assessment  1Q24: $12 million increase in share-based compensation  4Q23: $90 million FDIC special assessment  2Q23: $13 million severance expense  1Q23: $13 million increase in share-based compensation Noninterest Expense (NIE) (1) (1) Adjusted for items such as severance costs, restructuring costs, FDIC special assessment, and other real estate expense. See Appendix for non-GAAP financial measures. (1)

$56.2 $56.7 $57.0 $57.1 $57.9 5.30% 5.65% 5.84% 5.94% 6.06% $0.0 $25.0 $50.0 $75.0 $100.0 1Q23 2Q23 3Q23 4Q23 1Q24 Average Loan and Deposit Balances Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits 10 Yield on loans continued to rise as rates reset in a higher-rate environment while total cost of deposits was flat $35.8 $39.8 $47.8 $49.1 $47.8 $34.4 $29.8 $27.9 $26.9 $25.5 $70.2 $69.6 $75.6 $75.9 $73.4 0.47% 1.27% 1.92% 2.06% 2.06% $0.0 $25.0 $50.0 $75.0 $100.0 1Q23 2Q23 3Q23 4Q23 1Q24 Average Noninterest-bearing deposits Average Interest-bearing deposits ($ billions) ($ billions) Zions’ average cost of total deposits reflect a total deposit beta1 of 39% and an interest-bearing deposit beta of 60% (1) Deposit beta compares the change in the cost of deposits vs. the change in the target fed funds rate relative to 4Q21.

$64 $66 $69 $71 $70$5 $8 $6 $4 $4 $13 $6 $5 $5 $5 - 10 20 30 40 50 60 70 80 90 100 1Q23 2Q23 3Q23 4Q23 1Q24 Ending deposits declined ~$720 million vs. 4Q23; customer deposits decreased ~$580 million 1Q24 total funding costs increased 9 basis points due to higher average short-term borrowings  Noninterest-bearing demand deposits declined $1.1 billion, or 4.2% linked-quarter  Brokered deposits were flat linked-quarter  Short-term borrowings have been reduced by $8 billion since their peak in 1Q23 Deposit Balance and Borrowing Trends Average Deposits and Borrowings ($ billions) Ending Deposits and Borrowings $69 $63 $68 $70 $69 $1 $7 $8 $6 $4 $13 $13 $5 $5 $7 1.17% 1.88% 2.10% 2.25% 2.34% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% - 10 20 30 40 50 60 70 80 90 100 1Q23 2Q23 3Q23 4Q23 1Q24 ($ billions) 11

Securities & Money Market Investments 12 Total Securities Portfolio and Money Market Investments (period-end balances) $22.6 $21.6 $20.7 $20.7 $20.2 $3.4 $2.3 $3.1 $2.4 $2.6 1Q23 2Q23 3Q23 4Q23 1Q24 Total Securities Money Market Investments ($ billions) The bank has strong on-balance sheet liquidity The investment portfolio is designed to be a storehouse of balance sheet liquidity  Principal and prepayment-related cash flows from securities were $712 million for the quarter  The composition of the investment portfolio allows for deep on-balance sheet liquidity through the repo market  Approximately 90% of securities are U.S. Government and U.S. Government Agency/GSE securities 32% 30% 30% 29% 28%Percent of earning assets The investment portfolio is also used to balance interest rate risk  The estimated deposit duration at March 31, 2024 is assumed to be longer than the loan duration (including swaps); the investment portfolio brings balance to this mismatch  The estimated price sensitivity of the securities portfolio is 3.6 percent (including the impact of fair value hedges) compared to 4.1 percent in the prior year quarter

-0.5% 1.8% 2.8% -100 Implied +100 bps 1Q25 vs. 1Q24 Net Interest Income – Outlook & Rate Sensitivity 13 The rate path implied by the forward curve reveals liability sensitivity if short-term rates fall faster than long-term rates (1) Assumes no change in the size or composition of the earning assets excluding derivative hedge activity, while it assumes a change in composition of deposits (a lesser proportion of noninterest-bearing relative to total deposits) (2) This analysis suggests latent interest rate sensitivity of +0.8%, which reflects future changes in net interest income (“NII”) based upon past rate movements that have yet to be fully realized in revenue, and emergent interest rate sensitivity adds +1.0% reflecting changes to NII based upon future rate movements implied by the forward rate curve at 3/31/2024. Net Interest Income Sensitivity Based on the yield curve implied forward path in rates at 1Q24 (Fed Funds Target ends 2024 at 4.75%), net interest income would increase 1.8% in 1Q25 vs. 1Q24: Latent (2) sensitivity: NII estimated to increase by approximately 0.8% in 1Q25 This reflects continued asset repricing along with a total deposit cost increase of approximately 51 basis points by 1Q25, which is consistent with a 49% through-the-cycle beta Emergent (2) sensitivity: NII estimated to increase by approximately 1.0%, in addition to Latent, in 1Q25 +100 and -100 parallel interest rate shocks to the implied forward rate path illustrate moderate rate sensitivity This estimate does not include any changes to the size or composition of earning assets; it reflects existing swap maturities and forward-starting swaps Interest Rate Impacts on Net Interest Income(1)

14 Credit Quality Ratios Net charge-offs remain low, with trailing 12 months net charge-offs at 0.07% of average loans Key Credit Metrics  Net charge-offs (recoveries), relative to average loans:  0.04% annualized in 1Q24  0.07% over the last 12 months  0.44%: NPAs+90(1)/loans + OREO  NPA+90 balance increased $26 million in 1Q24 from 4Q23  1.7%: Classified loans/loans  Classified balance increased $141 million in 1Q24 from 4Q23, driven primarily by a small number of loans in the commercial portfolio  3.3%: Criticized loans/loans  Criticized balance increased $297 million in 1Q24 from 4Q23, driven primarily by interest rate pressure in the multifamily portfolio Allowance for Credit Losses:  1.27% of total loans and leases, up 1 basis point from 4Q23 reflecting incremental reserves for commercial real estate, offset by an improved outlook with respect to the likelihood of recession (1) Nonperforming assets plus accruing loans that were ≥ 90 days past due Note: Net charge-offs / average loans, and provision / average loans ratios are annualized for all periods shown Credit Quality 0.00% 0.09% 0.10% 0.06% 0.04% 0.32% 0.32% 0.29% 0.00% 0.09% 1Q23 2Q23 3Q23 4Q23 1Q24 NCOs / Avg Loans (ann.) Provision / Avg Loans (ann.) 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 1Q23 2Q23 3Q23 4Q23 1Q24 Criticized / Loans NPAs + 90 / Loans + OREO Classified / Loans ACL / Loans

15 Commercial Real Estate Summary ($13.6 billion balance) Term CRE ($10.9B)  Conservative weighted-average LTVs (< 60%)  Maturity distribution: 20% on average annually over next 3 years  Average & median loan size of $3.9 million & < $1 million  Total term CRE portfolio 7.8% criticized; 2.5% classified; 0.4% nonaccrual; 0.7% delinquencies Construction and Land Development ($2.7B)  Land and A&D less than $250 million  Total construction portfolio 3.7% criticized; 0.9% classified; 0.1% nonaccrual; 0.2% delinquencies Office ($1.9B: $1.76B term | $0.2B construction)  70% suburban and 30% Central Business District  Average LTV < 60%  Average & median loan size of $4.6 million & < $1 million  11.0% criticized; 7.6% classified; 1.4% nonaccrual; 2.1% delinquencies  No new office nonaccruals or charge-offs in 1Q24  80% term, 20% construction  Allowance for credit losses: 2.3% of balances / 33% of criticized balances  Portfolio growth has been carefully managed for over a decade through disciplined concentration limits  Granular portfolio with solid sponsor or guarantor support  Diversified by property type and location The commercial real estate portfolio is granular and well diversified Note: Loan-to-value (LTV) calculations reflect most current appraisal in the denominator and the current outstanding balance in the numerator. Multifamily, 28% Industrial, 24%Office, 14% Retail, 11% Hospitality, 5% Residential Construction, 4% All Other CRE, 14% Portfolio Composition As of March 31, 2024

Net Charge-offs annualized, as a percentage of risk-weighted assets (0 .0 1% ) (0 .0 1% ) 0. 01 % 0. 04 % 0. 06 % 0. 16 % (0 .0 2% ) 0. 00 % 0. 08 % 0. 08 % 0. 05 % 0. 04 % (4%) (2%) 0% 2% 4% 6% 8% 10% 12% 14% 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 Capital Strength 16 Loss-absorbing capital remains strong relative to our risk profile; low credit losses relative to CET1 + ACL Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets 11 .3 % 10 .9 % 10 .2 % 10 .0 % 9. 9% 9. 6% 9. 8% 9. 9% 10 .0 % 10 .2 % 10 .3 % 10 .4 % 12 .3 % 11 .8 % 11 .1 % 10 .9 % 10 .7 % 10 .5 % 10 .7 % 11 .0 % 11 .1 % 11 .3 % 11 .3 % 11 .5 % 0% 2% 4% 6% 8% 10% 12% 14% 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 Common Equity Tier 1 ACL / Risk-weighted Assets

Financial Outlook (1Q 2025E vs 1Q 2024A), as of April 22nd, 2024 17 Outlook Comments Stable to slightly increasing  Slower near-term growth due to interest rates though customer sentiment and demand improved during the quarter, particularly in commercial pipelines Stable to slightly increasing  Continued stability expected with potential upside, particularly if short-term rates decline; earning assets will continue to reprice upward if interest rates hold Moderately Increasing  Customer-related noninterest income expected to see continued growth from investment in Capital Markets and Wealth Slightly Increasing  Technology costs and investments in the business expected to put mild pressure on noninterest expense Increasing Organically  Continued AOCI improvement Customer-Related Noninterest Income Loan Balances (period-end) Net Interest Income (NII) Common Equity Adjusted Noninterest Expense

Zions Bancorporation Drives Value for its Stakeholders 18 We are determined to help build strong, successful communities, create economic opportunity and help our clients achieve greater financial strength through the relationships we develop and the services we provide. Distinctive Local Operating Model Managing Risk Delivering Value to Our Stakeholders  Transformation of our core systems to a modern, real-time architecture improving banker productivity and customer experience  New digital products and services streamlining our customer interactions  Returning capital to shareholders  Focus on serving small- to medium-sized businesses, resulting in a granular deposit franchise  Local decision making and empowered bankers support strong customer relationships  Ranked third among all U.S. banks in overall 2023 Greenwich Excellence Awards  Have built and maintained a robust risk management team and framework since the global financial crisis  Net credit losses to loan ratio that is consistently in the top quartile of peer banks  Empower every employee to be accountable for assessing and managing risk Across 11 western states, our footprint includes some of the strongest markets in the country  These states create 35% of national GDP  Population and job growth outpace national average Strong Geographic Footprint

 Financial Results Summary  Accumulated Other Comprehensive Income (AOCI)  Balance Sheet Profitability  Loan Growth by Type  Earning Asset Repricing  Interest Rate Swaps  Interest Rate Sensitivity – Parallel Shock Analysis  Allowance for Credit Losses  Loan Loss Severity (NCOs as a percentage of nonaccrual loans)  Credit Metrics: Commercial Real Estate  Coalition Greenwich Customer Satisfaction  Non-GAAP Financial Measures 19 Appendix

Financial Results Summary 20 Improving fundamentals, strong credit quality Three Months Ended (Dollar amounts in millions, except per share data) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Earnings Results: Diluted Earnings Per Share $ 0.96 $ 0.78 $ 1.13 $ 1.11 Net Earnings Applicable to Common Shareholders 143 116 168 166 Net Interest Income 586 583 585 591 Noninterest Income 156 148 180 189 Noninterest Expense 526 581 496 508 Pre-Provision Net Revenue - Adjusted (1) 242 262 272 296 Provision for Credit Losses 13 - 41 46 Ratios: Return on Assets(2) 0.70 % 0.57 % 0.80 % 0.79 % Return on Common Equity(3) 10.9 % 9.2 % 13.5 % 13.8 % Return on Tangible Common Equity(3) 13.7 % 11.8 % 17.3 % 17.8 % Net Interest Margin 2.94 % 2.91 % 2.93 % 2.92 % Yield on Loans 6.06 % 5.94 % 5.84 % 5.65 % Yield on Securities 2.84 % 2.84 % 2.73 % 2.55 % Average Cost of Total Deposits(4) 2.06 % 2.06 % 1.92 % 1.27 % Efficiency Ratio (1) 67.9 % 65.1 % 64.4 % 62.5 % Effective Tax Rate 24.6 % 16.0 % 23.2 % 22.6 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.44 % 0.39 % 0.38 % 0.29 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.04 % 0.06 % 0.10 % 0.09 % Common Equity Tier 1 Capital Ratio(5) 10.4 % 10.3 % 10.2 % 10.0 % (1) Adjusted for items such as severance costs, restructuring costs, amortization of other intangibles, 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.

Accumulated Other Comprehensive Income/Loss (AOCI) Projected AOCI improvement reflects relative stability in higher rate environment due to hedging strategy $ Bi lli on s Projected AOCI 211. AFS securities burndown based on path of forward curve at 12/31/23 and 3/31/2024 2. Includes accretion of unrealized losses related to the 4Q22 transfers of AFS securities to HTM The loss in AOCI will decline as the underlying investments pay down and mature  Change in implied forward curve from 12/31/23 to 3/31/24 has a minimal impact to 4Q25 AOCI projection  The $2.7 billion Accumulated Other Comprehensive Loss is expected to improve by $900 million, or 30%, from 4Q23 to 4Q25  This would add 90 basis points to the current tangible common equity ratio, all else equal  This is approximately $5.50 per share on a book value basis, versus current quarter $3.1 $2.7 $2.2 $1.8 $2.2 $1.8 4Q22 4Q23 4Q24 4Q25 as of 12/31/2023 as of 3/31/2024 Actual Projection Based on forward curve:

0.91% 0.79% 0.80% 0.57% 0.70% 1Q23 2Q23 3Q23 4Q23 1Q24 22.7% 17.8% 17.3% 11.8% 13.7% 1Q23 2Q23 3Q23 4Q23 1Q24 Balance Sheet Profitability 22 Profitability impacted by higher funding costs while 4Q23 & 1Q24 include the impact of the FDIC special assessment Return on Assets Return on Tangible Common Equity Return on Tangible Common Equity is a non-GAAP measure. See Appendix for non-GAAP financial measures. Excluding the effect of AOCI from average tangible common equity would result in associated returns of 12.3%, 10.0%, 9.9%, 6.7%, and 8.4% for the periods presented, respectively.

Loan Growth in Detail Loan growth in 1-4 Family Mortgage, Term Commercial Real Estate and Owner Occupied Linked Quarter Loan Balance Growth Total Loans: +0.6% Linked quarter:  Period-end loans increased $330 million or 0.6%  Loan growth in dollars predominantly in 1-4 Family, Term Commercial Real Estate, & Owner Occupied C&I  Balance declines in C&I, Muni, and Consumer Construction G ro w th R at e: L in ke d Q ua rt er , n ot a nn ua liz ed Dollar Growth: Linked Quarter 23 C&I (ex-Oil & Gas), -1% Owner occupied, 1% CRE C&D, 1% CRE Term, 2% Home Equity, 1% 1-4 Family, 4% Energy (Oil & Gas), 2% Municipal, -1% Other, -8% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% -$300 -$200 -$100 $0 $100 $200 $300 $400 $500 Note: circle size indicates relative proportion of loan portfolio as of 1Q24. ($ millions)

Simulated Repricing Expectations: Earning Assets and Loans 24 A substantial portion of earning assets reset within one year with additional resets in later periods Note: Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. 52% 11% 8% 6% 9% 14% 52% 12% 10% 6% 6% 14% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f L oa ns Loans: Rate Reset and Cash Flow Profile Loans After Hedging42% 11% 9% 7% 10% 21% 45% 11% 10% 7% 6% 21% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f E ar ni ng A ss et s Earning Assets Rate Reset and Cash Flow Profile Earning Assets After Hedging

25 Interest Rate Swaps at March 31, 2024 Swaps are used to balance our interest rate sensitivity Average Outstanding Notional Weighted Average Fixed Rate Received Weighted Average Maturity 4Q22 $8,133 1.91% 8/25 1Q23 $4,433 1.85% 10/24 2Q23 $2,850 2.40% 7/24 3Q23 $2,550 2.37% 8/24 4Q23 $1,450 2.66% 9/24 1Q24 $850 2.53% 3/25 Received-Fixed Rate Loan & Long-Term Debt Cash Flow Hedges (pay floating rate) Average Outstanding Notional Weighted Average Fixed Rate Paid Weighted Average Maturity 4Q22 $1,228 1.83% 4/40 1Q23 $1,228 1.83% 4/40 2Q23 $4,072 3.13% 10/30 3Q23 $5,072 3.27% 4/30 4Q23 $5,071 3.27% 4/30 1Q24 $5,070 3.27% 4/30 Pay-Fixed Rate Securities Portfolio Fair Value Hedges / Fixed Rate Loan Hedges / Short-Term Debt Hedges (receive floating rate) (1) Cash flow hedges consist of receive-fixed swaps hedging pools of floating rate loans. Interest rate sensitivity is managed in part with portfolio interest rate hedges1 In 1Q24, $600 million in Receive-Fixed Swaps matured with an average Fixed Rate of 2.81%

Interest Rate Sensitivity – Parallel Rate Shocks 26 Standard parallel rate shocks suggest asset sensitivity (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, while it assumes a change in composition of deposits (a lesser proportion of noninterest-bearing relative to total deposits). -6% -2% 2% 5% -6% -3% 4% 7% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity (1) as of 12/31/2023 as of 3/31/2024

526 777 914 917 835 695 574 529 553 514 546 590 636 678 711 738 729 736 1.08 1.56 1.66 1.68 1.56 1.30 1.12 1.04 1.09 1.00 1.04 1.09 1.14 1.20 1.25 1.30 1.26 1.27 1/1/20 CECL 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Allowance for Credit Losses ACL (%) 27 Allowance for Credit Losses (“ACL”) The ACL increase vs. 4Q23 reflects incremental reserves for Commercial Real Estate offset by a less negative economic outlook ($ millions)

8% 14 % 16 % 18 % 22 % 23 % 28 % 28 % 34 % 35 % 47 % 49 % 52 % 55 % 58 % 60 % 60 % 67 % W AL M TB CA DE ZI O N FH N BO KF W BS CM A EW BC W TF C KE Y CF G HB AN FI TB SN V CF R RF PN FP CO LB Loan Loss Severity Annualized NCOs / Nonaccrual Loans Five Year Average (2019Q1 – 2023Q4) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2009Q1 – 2023Q4) 28Source: S&P Global. Calculated using the average of annualized quarterly results. When problems arise, Zions generally experiences less severe loan losses due to strong collateral and underwriting practices 17 % 20 % 22 % 23 % 25 % 29 % 29 % 32 % 40 % 41 % 45 % 49 % 53 % 53 % 54 % 54 % 57 % 67 % BO KF M TB W AL ZI O N CA DE FH N CM A W BS CF G CF R W TF C KE Y PN FP RF HB AN EW BC SN V FI TB CO LB >1 00 % >1 00 %

CRE In-Depth Review: Commercial Real Estate 29 Limited tail loan-to-value risk in portfolio; controlled CRE growth Data is updated through 1Q24. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in the denominator and the outstanding balance in the numerator. For “Indexed Value” data series, we adjust the most recent appraisal based on the REIS Commercial Property Price Indices (specific to local markets). Index is applied to four major CRE property types. Percentages shown of CRE property types do not sum to 100% due to other property types not shown. Zions has modest “tail risk” in its CRE portfolio Term WAVG LTV % of CRE Term % of CRE Construction Multi-family 58% 27% 36% Industrial / Warehouse 57% 24% 22% Office 53% 16% 7% Retail 47% 13% 4% Hospitality 47% 6% 2% Total CRE Portfolio Trends Total CRE Problem Loan Trends as a percentage of total loans 20% 27% 28% 15% 6% 1% 0% 2% 16% 23% 36% 19% 4% 0% 0% 2% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Term CRE LTVs Appraised vs. Indexed Index Adjusted Most Recent Appraisal 0% 1% 2% 3% 4% 5% 6% 7% 8% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Criticized % Classified % Nonaccrual % TTM GCO Rate 2.3 2.3 2.4 2.8 2.3 2.7 9.2 9.5 9.6 9.3 10.6 10.9 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 Construction Balances Term Balances

Disciplined Commercial Real Estate Growth Commercial real estate loan growth lags peers due to continued exercise of concentration risk discipline Data as of December 31, 2023; peer growth rates are normalized for significant acquisitions 0 50 100 150 200 250 300 350 1Q 15 2Q 16 3Q 17 4Q 18 1Q 20 2Q 21 3Q 22 4Q 23 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 1Q15 = 100 Commercial Real Estate Excluding Owner Occupied 30 Zions has exercised caution in CRE concentrations for more than a decade and in underwriting standards for many decades.  Key factors for consideration in credit risk within CRE  Measured and disciplined growth compared to peers  Significant borrower equity – conservative LTVs  Disciplined underwriting on debt service coverage  Diversified by geography and asset class  Limited exposure to land

14% 8% 28% 30% 17% 2% 0% 0% 15% 15% 37% 30% 4% 0% 0% 0% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ CRE Office Term LTVs Appraised vs. Indexed Index Adjusted Most Recent Appraisal CRE In-Depth Review: Office ($1.9 billion balance) Data updated through 1Q24. (1) Term Office > $5MM (~80% of portfolio). (2) Based on Loans > $2.5 million, ~90% of portfolio. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. For “Indexed Value” data series, we adjust the most recent appraisal based on the REIS Commercial Property Price Indices (at the MSA level). CRE Office portfolio is 14% of total CRE exposure; 3% of total loan exposure  13% decrease in balances YOY via payoffs, loan rebalance, amortization  Median loan size: < $1 million; average loan size: $4.6 million  Allowance for credit losses: 4.0% of balances / 36% of criticized balances  31% variable rate with swap, 15% fixed rate, 54% variable rate w/o swap  Stabilized term office portfolio is 88% leased (weighted average)1  1/3 of portfolio is credit tenant leased2  3/4 Multi-tenant Office2  70% suburban, 30% central business district2  Net charge-offs since 2020 of $1.5 million Office Problem Loan Trends as a percentage of total loans When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination ($ billions) CRE Office Portfolio Trends 0% 2% 4% 6% 8% 10% 12% 14% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Criticized % Classified % Nonaccrual % TTM GCO Rate 31 0.2 0.1 0.2 0.3 0.2 0.2 2.0 2.1 2.2 2.0 2.1 1.7 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 Construction Balances Term Balances

CRE In-Depth Review: Office Loans – Distribution of LTV and Loan Maturity Zions is addressing loan level concerns with clients, monitoring covenants, and assessing valuations  Actively managing office portfolio and near-term maturities  Cash flow and leasing are monitored at the loan level to address covenant compliance  Many loans will be extended due to acceptable debt service coverage and LTV ratios  Some loans will likely require paydown of the loan to consider an extension  With few exceptions, there remains adequate equity / value in the properties to allow for additional sponsor support  Office loans often have repayment guaranties, re-margin requirements or cash flow sweep provisions CRE Term Office by Maturity Near term maturities were originated at low LTVs; indexed values show some value decline, with remaining equity value. 32Data is updated through 1Q24. Includes term debt only. Indexed Values derived by adjusting the most recent appraisal based on the REIS Commercial Property Price Indices (at the MSA level). ($ millions) 333 436 242 231 79 439 2024 2025 2026 2027 2028 2029+ 0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ 2024 & 2025 Maturities: LTVs Appraised vs. Indexed Index Adjusted Most Recent Appraisal

10% 34% 35% 13% 3% 2% 0% 3% 8% 27% 41% 14% 6% 1% 0 3% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ CRE Multifamily Term LTVs Appraised vs. Indexed Index Adjusted Most Recent Appraisal CRE In-Depth Review: Multifamily ($3.9 billion balance) 33Data is updated through 1Q24. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in the denominator and the outstanding balance in the numerator. For “Indexed Value” data series, we adjust the most recent appraisal based on the REIS Commercial Property Price Indices (specific to local markets). CRE multifamily portfolio is 28% of total CRE exposure; 7% of total loan exposure  21% increase in balances YOY; construction funding and term conversion  75% term, 25% construction  Median loan size: < $1 million; average loan size: $5.4 million  Allowance for credit losses: 2.3% of total multifamily balances or 23% of criticized balances  18% variable rate with swap, 10% fixed rate, 72% variable rate w/o swap  Multifamily by location – 30% CA, 27% TX, 11% AZ, 9% UT, 23% all other  Increase in criticized due primarily to higher interest rates, construction delays and longer lease up timelines – classified levels remain below 2%  Net Charge-offs since 2020 reflect a net recovery of $1.8 million Multifamily Problem Loan Trends as a percentage of total loans ($ billions) 0% 2% 4% 6% 8% 10% 12% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Criticized % Classified % Nonaccrual % TTM GCO Rate 1.8 2.1 2.0 2.0 2.6 2.9 0.8 0.6 0.9 0.8 0.6 1.0 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 Term Balances Construction Balances CRE Multifamily Portfolio Trends

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

35 Non-GAAP Financial Measures In millions, except per share amounts 1Q24 4Q23 3Q23 2Q23 1Q23 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense $526 $581 $496 $508 $512 LESS adjustments: Severance costs 13 1 Other real estate expense Amortization of core deposit and other intangibles 2 2 2 1 2 FDIC special assessment 13 90 Restructuring costs 1 SBIC Investment Success Fee Accrual (b) Total adjustments 15 92 3 14 3 (c) =(a-b) Adjusted noninterest expense 511 489 493 494 509 (d) Net interest income 586 583 585 591 679 (e) Fully taxable-equivalent adjustments 10 10 11 11 9 (f)=(d+e) Taxable-equivalent net interest income (TE NII) 596 593 596 602 688 (g) Noninterest Income 156 148 180 189 160 (h)=(f+g) Combined Income $752 $741 $776 $791 $848 LESS adjustments: Fair value and nonhedge derivative income (loss) 1 (9) 7 1 (3) Securities gains (losses), net (2) (1) 4 - 1 (i) Total adjustments (1) (10) 11 1 (2) (j)=(h-i) Adjusted revenue $753 $751 $765 $790 $850 (j-c) Adjusted pre- provision net revenue (PPNR) $242 $262 $272 $296 $341 (c)/(j) Efficiency Ratio 67.9% 65.1% 64.4% 62.5% 59.9%

36 Non-GAAP Financial Measures (Continued) In millions 1Q24 4Q23 3Q23 2Q23 1Q23 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $143 $116 $168 $166 $198 Adjustments, net of tax: Amortization of core deposit and other intangibles 1 1 1 1 1 (a) Net earnings applicable to common, net of tax $144 $117 $169 $167 $199 Average common equity (GAAP) $5,289 $4,980 $4,938 $4,818 $4,614 Average goodwill and intangibles (1,058) (1,060) (1,061) (1,063) (1,064) (b) Average tangible common equity (non-GAAP) $4,231 $3,920 $3,877 $3,755 $3,550 (c) Number of days in quarter 91 92 92 91 90 (d) Number of days in year 366 365 365 365 365 (a/b/c)*d Return on average tangible common equity (non-GAAP) 13.7% 11.8% 17.3% 17.8% 22.7%