ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/

Previous wording

This quarterly report 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, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others:

Current wording

This quarterly report 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, performance, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others:

Previous wording

•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.

Current wording

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

Previous wording

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

Current wording

•The quality and composition of our loan portfolio, investment securities, and deposits;

Previous wording

•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 funding and liquidity;

Current wording

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

Previous wording

•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;

Current wording

•Evolving trade policies and disputes, including proposed and implemented tariffs, and the resulting economic uncertainty that may adversely affect supply chains, operating costs, and revenues for both us and our customers;

Previous wording

•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;

Current wording

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

Previous wording

•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;

Current wording

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

Previous wording

•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;

Current wording

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

Previous wording

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

Current wording

•Volatility in securities and capital markets behavior, including changes in market liquidity and our ability to access funding or raise capital on favorable terms;

Previous wording

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

Current wording

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

Previous wording

•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.

Current wording

•Adverse news and other expressions of negative public opinion—whether directed at us, other financial institutions, the banking industry, or the broader market—that may adversely affect our reputation and the industry more broadly.

Previous wording

Factors that could cause our actual results, performance, achievements, industry trends, or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2024 Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”). These documents are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov).

Current wording

Factors that could cause actual results or outcomes to differ materially from those expressed or implied in forward-looking statements are described in our 2025 Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”), available at www.zionsbancorporation.com and www.sec.gov.

Previous wording

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

Current wording

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

Previous wording

Comparisons noted below are calculated for the current quarter versus the same prior year period, unless otherwise specified. Reasons for changes in the current year-to-date period compared with the same prior year period are generally consistent with the quarter-to-date comparisons unless otherwise specified. Growth rates of 100% or more are considered not meaningful (“NM”) as they typically reflect a low starting point.

Current wording

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

Previous wording

Our financial performance in the third quarter of 2025, relative to the prior year period, reflected growth in net earnings applicable to common shareholders, diluted earnings per share (“EPS”), and adjusted pre-provision net revenue (“PPNR”). Diluted EPS increased to $1.48, compared with $1.37 in the third quarter of 2024, as higher net interest income and noninterest income were partially offset by a higher provision for credit losses and increased noninterest expense.

Current wording

Our financial performance in the first quarter of 2026 demonstrated strong year-over-year growth in net earnings applicable to common shareholders, diluted earnings per share (“EPS”), and adjusted pre-provision net revenue (“PPNR”). Diluted EPS increased to $1.56 from $1.13 in the first quarter of 2025, driven by higher net interest income and noninterest income, along with a lower provision for credit losses. These favorable factors were partially offset by higher noninterest expense. The efficiency ratio improved to 65.0% from 66.6% in the prior year quarter, reflecting positive operating leverage. The efficiency ratio was 62.3% in the prior quarter, primarily due to higher seasonal compensation costs.

Previous wording

•Noninterest expense increased $25 million, or 5%, primarily due to higher salaries and employee benefits expense, as well as an increase in technology, telecom, and information processing expense. These increases were partially offset by a decline in deposit insurance and regulatory expense.

Current wording

•Noninterest expense increased $24 million, or 4%, primarily due to higher incentive compensation accruals reflecting improved profitability, as well as increased base salaries and employee benefits costs. Additional increases in professional and legal services and in technology, telecom, and information processing expenses were partially offset by a decline in deposit insurance and regulatory expense.

Previous wording

•Total loans and leases increased $1.4 billion, or 2%, primarily driven by growth in the consumer 1-4 family residential mortgage and commercial and industrial loan portfolios.

Current wording

•Total loans and leases increased $1.4 billion, or 2%, primarily driven by growth in the commercial and industrial loan portfolio and the consumer home equity credit line (“HECL”) portfolio.

Previous wording

◦Net loan and lease charge-offs totaled $56 million, or 0.37% of average loans and leases annualized, compared with $3 million, or 0.02%, in the prior year quarter. The increase in charge-offs was mainly driven by the previously disclosed $50 million loss associated with two related commercial loans.

Current wording

◦Net loan and lease charge-offs totaled $4 million, or 0.03% of average loans and leases annualized, compared with $16 million, or 0.11%, in the prior year quarter.

Previous wording

◦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%. The decrease was primarily in the commercial and industrial loan portfolio. 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 quarter, and decreased from $2.7 billion, or 4.43%, in the prior quarter.

Current wording

◦Nonperforming assets totaled $292 million, or 0.48% of total loans and leases and other real estate owned, compared with $307 million, or 0.51%. The decrease was primarily attributable to improvement in the commercial and industrial loan portfolio. Classified loans totaled $2.3 billion, or 3.80% of total loans and leases, compared with $2.9 billion, or 4.82%, in the prior year quarter.

Previous wording

•Total deposits decreased $840 million, or 1%. The reduction in interest-bearing deposits was primarily due to the migration of a consumer interest-bearing product into a new noninterest-bearing offering, along with a decrease in brokered deposits. This decline was partially offset by an increase in noninterest-bearing demand deposits, mainly driven by the aforementioned product migration. Customer deposits, excluding brokered deposits, totaled $71.1 billion, compared with $70.5 billion.

Current wording

•Total deposits increased $1.2 billion, or 2%. Noninterest-bearing demand deposits increased primarily reflecting the migration of a consumer interest-bearing product into a new noninterest-bearing offering. This increase was partially offset by a decline in interest-bearing deposits, largely driven by a reduction in brokered deposits. Customer deposits, excluding brokered deposits, totaled $73.1 billion, compared with $70.9 billion.

Previous wording

1 Includes interest income recoveries of $2 million and $1 million for the three months ended, and $8 million and $5 million for the nine months ended September 30, 2025, and 2024, respectively.

Current wording

1 Includes interest income recoveries of $1 million and $4 million for the three months ended March 31, 2026, and 2025, respectively.

Previous wording

Net interest income accounted for 78% of total net revenue (sum of net interest income plus noninterest income) in both the third quarters of 2025 and 2024. It increased $52 million, or 8%, for the three months ended September 30, 2025, relative to the same prior year period. This increase was primarily due to lower funding costs and 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%.

Current wording

Net interest income accounted for 78% of our net revenue (the sum of net interest income and noninterest income) in both the first quarters of 2026 and 2025. It increased $38 million, or 6%, during the three months ended March 31, 2026, compared with the same prior year period. This increase was further supported by an improved mix of average interest-earning assets, driven by growth in higher-yielding loans and a reduction in lower-yielding investment securities and money market investments. As a result, the net interest margin increased to 3.27%, compared with 3.10%.

Previous wording

The yield on average interest-earning assets, net of hedging activity, declined 19 basis points (“bps”) in the third quarter of 2025, compared with the prior year period, reflecting a lower interest rate environment. The yield on average money market investments declined 100 bps, while the net yield on average loans decreased 24 bps, and the net yield on average securities declined 13 bps during the third quarter of 2025.

Current wording

The yield on average interest-earning assets, net of hedging activity, declined 18 basis points (“bps”) in the first quarter of 2026, compared with the prior year period, reflecting lower interest rates. The net yield on average loans and leases decreased 22 bps, while the net yield on average investment securities declined 12 bps. Additionally, the yield on average money market investments decreased 72 bps, as the short-term nature of these assets resulted in quicker repricing in the declining interest rate environment.

Previous wording

The total cost of deposits decreased 47 bps, and the rate paid on total deposits and interest-bearing liabilities decreased 44 bps during the third quarter of 2025, compared with the prior year period, reflecting the lower interest rate environment. The rates paid on interest-bearing deposits and total borrowed funds decreased 68 bps and 30 bps, respectively.

Current wording

The total cost of deposits decreased 28 bps, and the rate paid on total deposits and interest-bearing liabilities decreased 33 bps during the first quarter of 2026, compared with the prior year period, reflecting the lower interest rate environment. The rates paid on interest-bearing deposits and total borrowed funds decreased 35 bps and 26 bps, respectively.

Previous wording

Average borrowed funds, primarily composed of secured borrowings, increased $284 million, or 4%, to $6.6 billion. This growth was driven by increases in long-term debt, partially offset by the full repayment of borrowings under the FRB BTFP and a decrease in security repurchase agreements. The increase in long-term debt reflects the issuance of $500 million in 4.70% Fixed-to-Floating Senior Notes in August 2025, and $500 million in 6.82% Fixed-to-Floating Subordinated Notes in November 2024. These issuances were partially offset by the redemption of $88 million in 6.95% Fixed-to-Floating Subordinated Notes in December 2024.

Current wording

Average borrowed funds decreased $1.3 billion, or 19%, to $5.4 billion. This decline was primarily driven by a $2.1 billion, or 36%, reduction in average short-term borrowings, partially offset by a $798 million, or 84%, increase in average long-term debt. The increase in long-term debt reflected the issuance of $500 million of 4.48% Fixed-to-Floating Senior Notes in February 2026 and $500 million of 4.70% Fixed-to-Floating Senior Notes in August 2025.

Previous wording

For more information on our investment securities portfolio and borrowed funds and how we manage liquidity risk, refer to the “Investment Securities Portfolio” section on page 18 and the “Liquidity Risk Management” section on page 38. For further discussion of the effects of market rates on net interest income and how we manage interest rate risk, refer to the “Interest Rate and Market Risk Management” section on page 35.

Current wording

For more information regarding our investment securities portfolio and borrowed funds, as well as our approach to managing liquidity risk, refer to the “Investment Securities Portfolio” section on page 16 and the “Liquidity Risk Management” section on page 32. For a further discussion of the impacts of market rates on net interest income and our interest rate risk management practices, see the “Interest Rate and Market Risk Management” section on page 30.

Previous wording

The allowance for credit losses (“ACL”) comprises both the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”). The ALLL represents the estimated current expected credit losses related to the loan and lease portfolio as of the balance sheet date. The RULC represents the estimated reserve for current expected credit losses associated with off-balance sheet commitments. Changes in the ALLL and RULC, net of charge-offs and recoveries, are recorded as the provision for loan and lease losses and the provision for unfunded lending commitments, respectively, on the consolidated statement of income. The ACL for debt securities is estimated separately from loans and is included in “Investment securities” on the consolidated balance sheet.

Current wording

The allowance for credit losses (“ACL”) comprises both the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”). The ALLL represents the estimated current expected credit losses related to the loan and lease portfolio as of the balance sheet date. The RULC represents the estimated reserve for current expected credit losses associated with off-balance sheet commitments. Changes in the ALLL and RULC, net of charge-offs and recoveries, are recognized as the provision for loan and lease losses and the provision for unfunded lending commitments, respectively, on the consolidated statement of income. The ACL for debt securities is estimated separately from loans and is included in “Investment securities” on the consolidated balance sheet.

Previous wording

The ACL was $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 growth in loans and commitments. The ratio of ACL to total loans and leases was 1.20% at September 30, 2025, compared with 1.25% at September 30, 2024. The following schedule illustrates the primary drivers of changes in the ACL compared with the prior year period.

Current wording

The ACL was $713 million at March 31, 2026, compared with $743 million at March 31, 2025. The year-over-year decrease in the ACL primarily reflects lower reserves associated with CRE portfolio-specific risks and changes in loan portfolio composition, partially offset by more adverse economic forecasts and increased lending activity. The ratio of ACL to total loans and leases was 1.16% at March 31, 2026, compared with 1.24% at March 31, 2025.

Previous wording

The second bar in the schedule above reflects changes in economic forecasts and current economic conditions, incorporating management’s judgment regarding the weighting of these forecasts during the current quarter. These changes resulted in a $26 million increase in the ACL from the prior year quarter, primarily due to the incorporation of more adverse economic scenarios.

Current wording

The second bar reflects the impact of changes in economic forecasts and current economic conditions, incorporating management’s judgment in determining the scenario weightings for the current period. These changes resulted in a $91 million increase in the ACL compared with the prior year, primarily driven by the increased weighting assigned to more adverse economic scenarios.

Previous wording

The third bar captures changes in credit quality factors, including risk grade migration, portfolio-specific risks, and specific reserves on loans. Collectively, these factors contributed to a $60 million decrease in the ACL, largely driven by reduced CRE portfolio-specific risks. This decrease was partially offset by a full reserve of the $10 million remaining balance established in connection with the previously disclosed credit losses involving two related commercial loans.

Current wording

The third bar captures changes in credit quality factors, including risk grade migration, portfolio-specific risks, and specific reserves on loans. Collectively, these factors contributed to a $59 million decrease in the ACL, largely driven by reduced CRE portfolio-specific risks.

Previous wording

The fourth bar represents changes in the composition of the loan portfolio, including shifts in loan balances and mix, the aging of the portfolio, and other qualitative risk factors. These changes resulted in a $23 million increase in the ACL, primarily driven by $1.4 billion in period-end loan growth, partially offset by changes in the mix of the loan portfolio.

Current wording

The fourth bar represents the effect of changes in the composition of the loan portfolio, including shifts in loan balances and mix, the aging of the portfolio, and other qualitative risk factors. These changes resulted in a $62 million decrease in the ACL, primarily driven by changes in the loan portfolio mix, partially offset by $1.4 billion in period-end loan growth.

Previous wording

The provision for credit losses, which includes both the provision for loan and lease losses and the provision for unfunded lending commitments, was $49 million in the third quarter of 2025, compared with $13 million in the third quarter of 2024. The year-over-year increase was due to the previously disclosed credit losses involving two related commercial loans. The provision for securities losses was less than $1 million during both the third quarters of 2025 and 2024.

Current wording

The provision for credit losses, which includes both the provision for loan and lease losses and the provision for unfunded lending commitments, was negative $7 million in the first quarter of 2026, compared with positive $18 million in the first quarter of 2025. The provision for securities losses was less than $1 million during both the first quarters of 2026 and 2025.

Previous wording

Noninterest income accounted for 22% of total net revenue (sum of net interest income plus noninterest income) in both the third quarters of 2025 and 2024. It increased $17 million, or 10%, for the three months ended September 30, and $43 million, or 8%, for the nine months ended September 30, 2025, relative to the same prior year period. The following schedule presents a comparison of the major components of noninterest income:

Current wording

Noninterest income accounted for 22% of total net revenue (the sum of net interest income and noninterest income) in both the first quarters of 2026 and 2025. In the first quarter of 2026, noninterest income increased $16 million, or 9%, relative to the same prior year period.

Previous wording

2 Net of CVA. For information on non-GAAP financial measures, see page 41.

Current wording

1 Net of credit valuation adjustment (“CVA”). For information on non-GAAP financial measures, see page 37.

Previous wording

Noninterest expense increased $25 million, or 5%, relative to the prior year quarter. Salaries and employee benefits expense increased $20 million, primarily due to higher severance and base salaries, 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.

Current wording

Noninterest expense increased $24 million, or 4%, compared with the prior year quarter. Salaries and employee benefits expense increased $19 million, primarily due to higher incentive compensation accruals reflecting improved profitability, as well as increased base salaries and employee benefits costs. Professional and legal services expense increased $7 million, largely reflecting higher outsourced services. Technology, telecom, and information processing expense increased $4 million, mainly due to higher application software, licensing, and maintenance costs. These increases were partially offset by a $7 million decrease in deposit insurance and regulatory expense, primarily due to higher Federal Deposit Insurance Corporation (“FDIC”) assessments related to increased classified loans in the prior year quarter.

Previous wording

Total technology spend increased $15 million, or 13%, compared with the same prior year quarter. This increase was driven by higher capitalized technology investments associated with lending and customer-focused technology initiatives. In addition, technology, telecom, and information processing expense increased, largely reflecting the previously noted increases in application software, licensing, and maintenance costs.

Current wording

Total technology spend increased $12 million, or 10%, compared with the same prior year quarter. The increase was primarily due to higher technology-related expense, driven by increased professional and outsourced services, as well as higher technology, telecom, and information processing expense, largely reflecting previously noted increases in application software, licensing, and maintenance costs. In addition, technology spend increased due to higher capitalized technology investments supporting ongoing lending and customer-focused technology initiatives.

Previous wording

The effective tax rate was 22.1% and 22.7% for the three months ended September 30, 2025 and 2024, respectively. For more information about the factors that impacted the income tax rates, as well as details on deferred income tax assets and liabilities, see Note 12 of the Notes to Consolidated Financial Statements.

Current wording

For more information about the factors affecting our effective tax rates, as well as details on deferred income tax assets and liabilities, see Note 11 of the Notes to Consolidated Financial Statements.

Previous wording

We invest in securities primarily to provide balance sheet liquidity. The portfolio largely consists of securities that can be readily converted to cash or used to generate liquidity through secured borrowing agreements, without the need to sell the securities. Our investment securities portfolio also helps to balance the inherent interest rate mismatch between loans and deposits, thereby helping to preserve the economic value of shareholders’ equity. The estimated deposit duration at September 30, 2025 was assumed to be longer than the loan duration (including swaps). At September 30, 2025, the estimated duration of the investment securities portfolio, which measures price sensitivity to interest rate changes, was 3.7 years, compared with 3.4 years at December 31, 2024, primarily due to revised prepayment assumptions on certain securities.

Current wording

Investment securities are classified as either available-for-sale (“AFS”) or held-to-maturity (“HTM”), and are primarily used to provide balance sheet liquidity. The portfolio largely consists of securities that can be readily converted to cash or used to generate liquidity through secured borrowing agreements, without the need to sell the securities. Our investment securities portfolio also helps to balance the inherent interest rate mismatch between loans and deposits, thereby helping to preserve the economic value of shareholders’ equity. The estimated deposit duration at March 31, 2026 was assumed to be longer than the loan duration (including swaps). At March 31, 2026, the estimated duration of the investment securities portfolio, which measures price sensitivity to interest rate changes, was 3.7 years, compared with 3.8 years at December 31, 2025, primarily due to revised prepayment assumptions on certain securities.

Previous wording

For more information about our borrowing capacity associated with the investment securities portfolio and how we manage our liquidity risk, refer to the “Liquidity Risk Management” section on page 38. For more information on fair value measurements and the accounting for our investment securities portfolio, refer to Note 3 and Note 5 of the Notes to Consolidated Financial Statements.

Current wording

For more information about our borrowing capacity associated with the investment securities portfolio and our approach to managing liquidity risk, refer to the “Liquidity Risk Management” section on page 32. For more information on fair value measurements and the accounting for our investment securities portfolio, refer to Note 3 and Note 5 of the Notes to Consolidated Financial Statements.

Previous wording

The amortized cost of total investment securities declined $832 million, or 4%, from December 31, 2024, primarily due to principal reductions, net of reinvestments. At both September 30, 2025 and December 31, 2024, approximately 7% of the portfolio consisted of floating-rate instruments. Additionally, at September 30, 2025, we had active pay-fixed interest rate swaps with an aggregate notional amount of $4.5 billion. These swaps are designated as fair value hedges of fixed-rate available-for-sale (“AFS”) securities and effectively convert the fixed interest income on the hedged portion of the securities to a floating rate.

Current wording

The amortized cost of total investment securities decreased $149 million, or 1%, from December 31, 2025, primarily due to principal reductions, net of reinvestments. At both March 31, 2026 and December 31, 2025, approximately 6% of the portfolio consisted of floating-rate instruments. At March 31, 2026, we maintained active pay-fixed interest rate swaps with an aggregate notional amount of $4.6 billion that are designated as fair value hedges of fixed-rate AFS securities and effectively convert the fixed interest income on the hedged portion of the securities to a floating rate.