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

Third Quarter 2025 Financial Results: FOR IMMEDIATE RELEASE

Investor Contact: Shannon Drage (801) 844-8208

Media Contact: Jennifer Johnston (801) 844-7112

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

THIRD QUARTER RESULTS

$1.48

$221 million

3.28%

11.3%

Net earnings per diluted common share

Net earnings

Net interest margin (“NIM”)

Estimated common equity tier 1 ratio

THIRD QUARTER HIGHLIGHTS¹
Net Interest Income and NIM			•			Net interest income was $672 million, up 8%
			•			NIM was 3.28%, compared with 3.03%
Operating Performance			•			Pre-provision net revenue² ("PPNR") was $345 million, up 14%; adjusted PPNR² was $352 million, up 18%
			•			Customer-related noninterest income was $163 million, up 3%; excluding net CVA, it was $174 million, up 8%
			•			Noninterest expense was $527 million, up 5%; adjusted noninterest expense² was $520 million, up 4%
Loans and Credit Quality			•			Loans and leases were $60.3 billion, up 2%
			•			Total loan and lease charge-offs included $50 million associated with two related C&I loans
			•			The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.37%, compared with 0.02%
			•			The provision for credit losses was $49 million, compared with $13 million, primarily due to two large related C&I loans
			•			Nonperforming assets3 were $324 million, or 0.54% of loans and leases and other real estate owned, compared with $368 million, or 0.62%
			•			Classified loans were $2.4 billion, or 4.00% of loans and leases, compared with $2.1 billion, or 3.55%, down from $2.7 billion, or 4.43% in the prior quarter
Deposits and Borrowed Funds			•			Total deposits were $74.9 billion, down 1%; customer deposits (excluding brokered deposits) were $71.1 billion, up 1%
			•			Short-term borrowings, primarily composed of secured borrowings, were $3.8 billion, up 29%
Capital			•			The estimated CET1 capital ratio was 11.3%, compared with 10.7%
Other Notable Items			•			Net credit valuation adjustment (“CVA”) loss on client-related interest rate swaps of $11 million, or $0.06 per share

CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We’re pleased with the Company’s core earnings, which included 14% growth in pre-provision net revenue over the prior year period, and 18% on an adjusted basis. The net interest margin increased 25 basis points over the prior year period, while customer-related noninterest income, adjusted for the net credit valuation adjustment, grew 8%. Although loans contracted at a 3% annualized linked-quarter rate in the quarter, deposits, excluding brokered deposits, grew at an annualized rate of 7%. Over the past year, tangible book value per share grew 17%.” Mr. Simmons continued, “The quarter’s credit results were marred by a $50 million charge-off, and a $10 million specific reserve established against the approximate remaining balance, arising from loans to two related companies in which apparent irregularities and misrepresentations were recently detected. Legal action has been initiated to pursue recovery of the amounts owed from guarantors of the credits. Excluding this loss, remaining net charge-offs were very benign at $6 million, or 4 basis points of average loans on an annualized basis.”
OPERATING PERFORMANCE2

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

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

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

3 Does not include banking premises held for sale.

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ZIONS BANCORPORATION, N.A.

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

RESULTS OF OPERATIONS

Net Interest Income and Margin
																					3Q25 - 2Q25												3Q25 - 3Q24
(In millions)			3Q25						2Q25						3Q24						$						%						$						%
Interest and fees on loans			$	898					$	875					$	899					$	23					3		%				$	(1)					—		%
Interest on money market investments			41						50						67						(9)						(18)						(26)						(39)
Interest on securities			125						126						138						(1)						(1)						(13)						(9)
Total interest income			1,064						1,051						1,104						13						1						(40)						(4)
Interest on deposits			313						312						403						1						—						(90)						(22)
Interest on short- and long-term borrowings			79						91						81						(12)						(13)						(2)						(2)
Total interest expense			392						403						484						(11)						(3)						(92)						(19)
Net interest income			$	672					$	648					$	620					$	24					4						$	52					8
																					bps												bps
Yield on interest-earning assets 1			5.16		%				5.11		%				5.35		%				5												(19)
Rate paid on total deposits and interest-bearing liabilities 1			1.92		%				1.97		%				2.36		%				(5)												(44)
Cost of deposits 1			1.67		%				1.68		%				2.14		%				(1)												(47)
Net interest margin 1			3.28		%				3.17		%				3.03		%				11												25

1 Taxable-equivalent rates used where applicable.

Net interest income increased $52 million, or 8%, in the third quarter of 2025, relative to the prior year period, primarily due to lower funding costs. The increase was further supported by a favorable shift in the composition of average interest-earning assets, reflecting growth in higher-yielding loans and a decline in lower-yielding money market investments and securities. As a result, the net interest margin improved to 3.28%, compared with 3.03%.

The yield on average interest-earning assets, net of hedging activity, was 5.16% for the third quarter of 2025, compared with 5.35% in the prior year period, reflecting lower interest rates. The yield on average money market investments declined 100 basis points to 4.67%, while the net yield on average loans decreased 24 basis points to 5.91%. Additionally, the net yield on average securities declined 13 basis points to 2.73% during the third quarter of 2025.

The rate paid on total deposits and interest-bearing liabilities was 1.92% for the third quarter of 2025, compared with 2.36% in the prior year period. The total cost of deposits was 1.67%, compared with 2.14%, reflecting the lower interest rate environment.

Average interest-earning assets declined $111 million from the prior year quarter. This decrease was primarily attributable to a $1.2 billion reduction in average money market investments and a $1.2 billion decrease in average securities, with the latter largely resulting from principal reductions. These declines were partially offset by a $2.1 billion increase in average loans and leases.

Average interest-bearing liabilities decreased $641 million, or 1%, from the prior year quarter. This decline was primarily attributable to a $925 million reduction in average interest-bearing deposits, driven by the migration of a consumer interest-bearing product into a new noninterest-bearing offering. The decrease was partially offset by a $284 million increase in average borrowed funds, reflecting an increase in long-term debt.

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ZIONS BANCORPORATION, N.A.

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

1 Effective the first quarter of 2025, capital markets fees and income includes the net CVA, which was previously disclosed under noncustomer-related noninterest income. During the third quarter of 2025, the net CVA was a loss of $11 million. This loss was primarily driven by an update to our valuation methodology, in addition to changes in other market factors.

2 Net of CVA. For information on non-GAAP financial measures, see pages 18-20.

Customer-related noninterest income increased $5 million, or 3%, compared with the prior year period. This growth was primarily driven by a $3 million increase in loan-related fees and income, largely resulting from increased loan sales activity. Excluding the impact of the net CVA loss, capital markets fees and income increased $7 million, or 25%, from the prior year period, benefitting from increased loan syndication activity and higher swap fee revenue.

Noncustomer-related noninterest income increased $12 million, or 86%, compared with the prior year period. This growth was primarily driven by a $10 million increase in dividends and other income, mainly attributable to a $6 million gain on the sale of a bank-owned property and higher dividends received on FHLB stock.

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

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

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ZIONS BANCORPORATION, N.A.

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Noninterest expense increased $25 million, or 5%, compared with the prior year quarter. Salaries and employee benefits expense increased $20 million, primarily due to higher severance and other salary-related costs, along with increased incentive compensation accruals reflecting improved profitability. Technology, telecom, and information processing expense increased $4 million, largely due to higher costs associated with application software, licensing, and maintenance.

Adjusted noninterest expense increased $21 million, or 4%. The efficiency ratio improved to 59.6%, compared with 62.5%, reflecting positive operating leverage as adjusted pre-provision net revenue increased $53 million, or 18%. For more information on non-GAAP financial measures, see pages 18-20.

BALANCE SHEET ANALYSIS

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

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

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

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

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ZIONS BANCORPORATION, N.A.

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

During the third quarter of 2025, we recorded a $49 million provision for credit losses, compared with $13 million during the prior year period. The allowance for credit losses (“ACL”) totaled $725 million at September 30, 2025, compared with $736 million at September 30, 2024. The year-over-year decrease in the ACL primarily reflects lower reserves associated with commercial real estate (“CRE”) portfolio-specific risks, partially offset by more adverse economic scenarios and increased lending activity. The ratio of ACL to total loans and leases was 1.20% at September 30, 2025, compared with 1.25% at September 30, 2024.

Net loan and lease charge-offs totaled $56 million in the third quarter of 2025, compared with $3 million in the prior year quarter. This increase included $50 million in charge-offs associated with revolving lines of credit extended to two related commercial borrowers to finance the origination and purchase of commercial mortgages. Additionally, we have established a full reserve against the remaining $10 million exposure to these loans.

At September 30, 2025, nonperforming assets totaled $324 million, or 0.54% of total loans and leases and other real estate owned, compared with $368 million, or 0.62%, in the prior year period. Nonperforming assets remained primarily concentrated in the commercial and industrial, term CRE, and consumer 1-4 family residential loan portfolios. Classified loans totaled $2.4 billion, or 4.00% of total loans and leases, compared with $2.1 billion, or 3.55%, in the prior year period, and decreased from $2.7 billion, or 4.43%, in the prior quarter.

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

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ZIONS BANCORPORATION, N.A.

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Total deposits decreased $840 million, or 1%, compared with the prior year quarter, and increased $1.1 billion, or 1%, from the prior quarter. Interest-bearing deposits decreased $2.0 billion from the prior year quarter, primarily due to the migration of a consumer interest-bearing product into a new noninterest-bearing offering, as well as a reduction in brokered deposits. This decline was partially offset by a $1.2 billion increase in noninterest-bearing demand deposits, mainly driven by the aforementioned product migration.

At September 30, 2025, customer deposits (excluding brokered deposits) totaled $71.1 billion, compared with $70.5 billion at September 30, 2024. These balances included approximately $6.8 billion and $7.3 billion of reciprocal deposits, respectively. The loan-to-deposit ratio was 81%, compared with 78% in the prior year quarter.

Total borrowed funds, primarily composed of secured borrowings, increased $1.8 billion, or 51%, compared with the prior year quarter. This growth was driven by higher levels of long-term debt and short-term advances from the FHLB, partially offset by a reduction in borrowings under the FRB Bank Term Funding Program. The increase in long-term debt reflects the issuance of $500 million in 4.70% Fixed-to-Floating Senior Notes during the third quarter of 2025, and $500 million in 6.82% Fixed-to-Floating Subordinated Notes during the fourth quarter of 2024. These issuances were partially offset by the redemption of $88 million in 6.95% Fixed-to-Floating Subordinated Notes, also during the fourth quarter of 2024.

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

Preferred stock decreased $374 million due to the redemption of the outstanding shares of our Series G, I, and J preferred stock during the fourth quarter of 2024. The common stock dividend was $0.45 per share, compared with $0.41 per share during the third quarter of 2024.

Accumulated other comprehensive income (loss) (“AOCI”) was a loss of $2.1 billion at September 30, 2025, an improvement of $280 million when compared with a loss of $2.3 billion at September 30, 2024. The AOCI loss largely reflects a decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are currently excluded from regulatory capital, and therefore do not impact our regulatory capital ratios.

Estimated common equity tier 1 (“CET1”) capital was $7.7 billion, an increase of 7%, compared with $7.2 billion in the prior year period. The estimated CET1 capital ratio was 11.3%, compared with 10.7%. Tangible book value per common share increased $5.52, or 17%, to $38.64, mainly due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see pages 18-20.

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ZIONS BANCORPORATION, N.A.

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Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the third quarter results at 5:30 p.m. ET on October 20, 2025. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and using the meeting number 13756405, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at www.zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $3.1 billion in 2024, and total assets of approximately $89 billion at December 31, 2024. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

This earnings release contains “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and assumptions regarding future events and outcomes. However, they are inherently subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performances, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others:

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

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

Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, key factors that may cause material differences include:

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

•Changes in general industry, political, and economic conditions, including increases in the national debt, elevated inflation, economic slowdowns or recessions, and other macroeconomic challenges; changes in interest and reference rates, which could negatively impact our revenues and expenses, the valuation and performance of our assets and liabilities, and the availability and cost of capital and liquidity;

•Political developments, including government shutdowns and other significant disruptions and changes in the funding, size, scope, and effectiveness of the government and its agencies and services;

•The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies;

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ZIONS BANCORPORATION, N.A.

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•Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements;

•Evolving trade policies and disputes, such as proposed and implemented tariffs and resulting market volatility and uncertainty, including the effects on supply chains, expenses, and revenues for both us and our customers;

•Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry;

•Changes in our credit ratings;

•Our ability to innovate and otherwise address competitive pressures and other factors that may affect aspects of our business, such as pricing, relevance of, and demand for, our products and services, and our ability to recruit and retain talent;

•The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, blockchain, artificial intelligence, quantum computing, and related innovations affecting both us and the banking industry;

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

•Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry;

•Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services;

•The effects of wars, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future;

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

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

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

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

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

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

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

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

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ZIONS BANCORPORATION, N.A.

Press Release – Page 9

FINANCIAL HIGHLIGHTS

(Unaudited)

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

1 At period end.

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

3 The increase in the effective tax rate at March 31, 2025 was the result of a revaluation of deferred tax assets due to newly enacted state tax legislation.

4 Current period ratios and amounts represent estimates.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 10

CONSOLIDATED BALANCE SHEETS

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

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ZIONS BANCORPORATION, N.A.

Press Release – Page 11

CONSOLIDATED STATEMENTS OF INCOME

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

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ZIONS BANCORPORATION, N.A.

Press Release – Page 12

CONSOLIDATED STATEMENTS OF INCOME

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

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ZIONS BANCORPORATION, N.A.

Press Release – Page 13

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

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

Nonperforming Assets

(Unaudited)

(In millions)			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Nonaccrual loans 1			$	319					$	308					$	305					$	297					$	363
Other real estate owned 2			5						5						2						1						5
Total nonperforming assets			$	324					$	313					$	307					$	298					$	368
Ratio of nonperforming assets to loans 1 and leases and other real estate owned 2			0.54		%				0.51		%				0.51		%				0.50		%				0.62		%
Accruing loans past due 90 days or more			$	5					$	4					$	13					$	18					$	7
Ratio of accruing loans past due 90 days or more to loans1 and leases			0.01		%				0.01		%				0.02		%				0.03		%				0.01		%
Nonaccrual loans and accruing loans past due 90 days or more			$	324					$	312					$	318					$	315					$	370
Ratio of nonperforming assets 1 and accruing loans 90 days or more past due to loans and leases and other real estate owned			0.54		%				0.52		%				0.53		%				0.53		%				0.64		%
Accruing loans past due 30-89 days			$	69					$	57					$	105					$	57					$	89
Classified loans			2,415						2,697						2,891						2,870						2,093
Ratio of classified loans to total loans and leases			4.00		%				4.43		%				4.82		%				4.83		%				3.55		%

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 14

Allowance for Credit Losses

(Unaudited)

			Three Months Ended
(In millions)			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Allowance for Loan and Lease Losses
Balance at beginning of period			$	690					$	697					$	696					$	694					$	696
Provision for loan losses			45						3						17						38						1
Loan and lease charge-offs			67						16						24						41						15
Less: Recoveries			11						6						8						5						12
Net loan and lease charge-offs (recoveries)			56						10						16						36						3
Balance at end of period			$	679					$	690					$	697					$	696					$	694
Ratio of allowance for loan losses to loans 1 and leases, at period end			1.13		%				1.13		%				1.16		%				1.17		%				1.18		%
Ratio of allowance for loan losses to nonaccrual loans1 at period end			213		%				224		%				229		%				234		%				191		%
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans			0.37		%				0.07		%				0.11		%				0.24		%				0.02		%
Reserve for Unfunded Lending Commitments
Balance at beginning of period			$	42					$	46					$	45					$	42					$	30
Provision for unfunded lending commitments			4						(4)						1						3						12
Balance at end of period			$	46					$	42					$	46					$	45					$	42
Allowance for Credit Losses
Allowance for loan losses			$	679					$	690					$	697					$	696					$	694
Reserve for unfunded lending commitments			46						42						46						45						42
Total allowance for credit losses			$	725					$	732					$	743					$	741					$	736
Ratio of ACL to loans 1 and leases outstanding, at period end			1.20		%				1.20		%				1.24		%				1.25		%				1.25		%

1 Does not include loans held for sale.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 15

Nonaccrual Loans by Portfolio Type

(Unaudited)

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

Net Charge-Offs by Portfolio Type

(Unaudited)

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

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ZIONS BANCORPORATION, N.A.

Press Release – Page 16

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

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

1 Taxable-equivalent rates used where applicable.

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

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ZIONS BANCORPORATION, N.A.

Press Release – Page 17

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

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

1 Taxable-equivalent rates used where applicable.

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

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ZIONS BANCORPORATION, N.A.

Press Release – Page 18

NON-GAAP FINANCIAL MEASURES

(Unaudited)

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

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

Tangible Common Equity and Related Measures

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

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

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

1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 11.5%, 13.1%, 9.2%, 10.9%, and 11.4% for the respective periods presented.

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

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

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ZIONS BANCORPORATION, N.A.

Press Release – Page 19

Efficiency Ratio and Adjusted Pre-Provision Net Revenue

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

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

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

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

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ZIONS BANCORPORATION, N.A.

Press Release – Page 20

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

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

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