Form 8-K
8-K — ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/
Accession: 0000109380-26-000103
Filed: 2026-07-20
Period: 2026-07-20
CIK: 0000109380
SIC: 6021 (NATIONAL COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — zion-20260720.htm (Primary)
EX-99.1 (exh991earningsrelease20260.htm)
EX-99.2 (earningspresentation-202.htm)
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8-K
8-K (Primary)
Filename: zion-20260720.htm · Sequence: 1
zion-20260720
0000109380false00001093802026-07-202026-07-200000109380exch:XNASus-gaap:CommonStockMember2026-07-202026-07-200000109380exch:XNYSus-gaap:SeriesAPreferredStockMember2026-07-202026-07-20
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported) July 20, 2026
ZIONS BANCORPORATION, NATIONAL ASSOCIATION
(Exact name of registrant as specified in its charter)
United States of America
001-12307
87-0189025
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(IRS Employer Identification No.)
One South Main,
Salt Lake City,
Utah
84133-1109
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code (801) 844-7637
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbols Name of Each Exchange on Which Registered
Common Stock, par value $0.001 ZION The NASDAQ Stock Market, LLC
Depositary Shares each representing a 1/40th ownership interest in a share of:
Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock ZIONP The NASDAQ Stock Market, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On July 20, 2026, Zions Bancorporation, National Association (“the Bank”) announced its financial results for the quarter ended June 30, 2026 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on July 20, 2026. The press release announcing the financial results for the quarter ended June 30, 2026 is furnished as Exhibit 99.1 and incorporated herein by reference. A presentation to be used in conjunction with the conference call regarding the Bank’s second quarter financial results is furnished as Exhibit 99.2 and incorporated herein by reference.
The information in this Current Report on Form 8-K, including the exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the Bank under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
Exhibits.
The following exhibits are furnished as part of this Current Report on Form 8-K:
Exhibit Number Description
99.1
Press Release dated July 20, 2026 (furnished herewith).
99.2
Earnings Release Presentation dated July 20, 2026 (furnished herewith).
101 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104 The cover page from this Current Report on form 8-K, formatted as Inline XBRL.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION
By: /s/ R. Ryan Richards
Name: R. Ryan Richards
Title: Executive Vice President and Chief Financial Officer
Date: July 20, 2026
EX-99.1
EX-99.1
Filename: exh991earningsrelease20260.htm · Sequence: 2
Document
Zions Bancorporation, N.A.
One South Main
Salt Lake City, UT 84133
July 20, 2026
www.zionsbancorporation.com
Second Quarter 2026 Financial Results: FOR IMMEDIATE RELEASE
Investor Contact: Dave Riches (801) 844-7752
Media Contact: Jennifer Johnston (801) 844-7112
Zions Bancorporation, N.A. reports 2Q26 Net Earnings of $452 million, diluted EPS of $3.05
(or $1.74 excluding notable items)
compared with 2Q25 Net Earnings of $243 million, diluted EPS of $1.63 (or $1.58 excluding notable items),
and 1Q26 Net Earnings of $232 million, diluted EPS of $1.56
SECOND QUARTER RESULTS
$3.05 $452 million 28.6% 11.8%
Net earnings per diluted
common share
Net earnings
Return on average tangible common equity2
Estimated common equity
tier 1 ratio
SECOND QUARTER HIGHLIGHTS¹
Net Interest Income and NIM
•
Net interest income was $677 million, up 4%
•
NIM was 3.27%, compared with 3.17%, and remained flat compared with the prior quarter
Operating Performance
•
Pre-provision net revenue² ("PPNR") was $597 million, up 84%, and included pre-tax net gains of $252 million; adjusted PPNR² was $332 million, up 5% (see notable items below)
•
Customer-related noninterest income was $182 million, up 11%
•
Noninterest expense was $551 million, up 5%; adjusted noninterest expense² was $546 million, up 5%
Loans and Credit Quality
•
Loans and leases were $62.5 billion, up 3%
•
The annualized ratio of net loan and lease charge-offs to average loans and leases was 0.06%, compared with 0.07%
•
The provision for credit losses was $3 million, compared with a negative $1 million
•
Nonperforming assets were $298 million, or 0.48% of loans and leases and other real estate owned, compared with $313 million, or 0.51%
•
Classified loans were $2.3 billion, or 3.72% of loans and leases, compared with $2.7 billion, or 4.43%
Deposits and Borrowed Funds
•
Total deposits were $76.6 billion, up 4%; customer deposits (excluding brokered deposits) were $72.7 billion, up 4%
•
Brokered deposits remained flat at $3.9 billion; short-term borrowings were $1.2 billion, down 79%
•
Long-term debt was $2.0 billion, up 102%, due to senior note issuances over the past year
Capital
•
The estimated CET1 capital ratio was 11.8%, compared with 11.0%
•
Tangible book value per common share was $44.74, up 22%
Notable Items
•
Gain on sale of Visa Class B-1 shares was $215 million, or $1.12 per share
•
Net unrealized gains from SBIC investments were $37 million, or $0.19 per share ($44 million unrealized gains less $7 million success fee accrual), compared with $9 million, or $0.05 per share
CEO COMMENTARY
Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We’re very pleased with the quarterly results, as earnings per share, excluding net equity investment gains, increased 10% to $1.74, compared to $1.58 in the same period a year ago. Net equity investment gains of $215 million on Visa Class B-1 shares and $37 million on SBIC investments added $1.12 and $0.19 per share, respectively, compared to net equity investment gains of $9 million, or $0.05 per share a year ago.”
Mr. Simmons continued, “We’re particularly pleased with the organic growth in customer-related noninterest income, which increased 11% over last year’s period, with particularly strong growth from capital markets activities, and solid growth in a variety of other categories. While loan growth compared to last year’s quarter was modest at 3%, annualized linked-quarter growth was strong at 8%. Deposits grew 4% from last year and were seasonally lower compared to the first quarter.”
Mr. Simmons concluded, “We’re also encouraged by strong growth in tangible book value per share, which increased 22% to $44.74 from $36.81, while our Common Equity Tier 1 capital ratio further strengthened to 11.8% from 11.0% a year ago. At the same time, we’re proud of our ongoing solid credit results, with annualized net charge-offs of 0.06%.”
OPERATING PERFORMANCE2
(In millions) Three Months Ended
June 30, Six Months Ended
June 30,
2026 2025 2026 2025
Net Interest Margin 3.27 % 3.17 % 3.27 % 3.14 %
Adjusted PPNR3
$ 332 $ 316 $ 633 $ 583
Net charge-offs $ 9 $ 10 $ 13 $ 26
Efficiency ratio3
62.2 % 62.2 % 63.6 % 64.4 %
1 Comparisons referenced in the bullet points are calculated based on the current quarter versus the corresponding period in the prior year, unless otherwise noted.
2 For information on non-GAAP financial measures, see pages 19-22. Excluding $252 million of pre-tax net gains, return on average tangible common equity for the three months ended June 30, 2026 would have been 16.6%.
ZIONS BANCORPORATION, N.A.
Press Release – Page 2
Comparisons noted below are calculated for the current quarter versus the same prior year period, unless otherwise specified. Growth rates of 100% or more are considered not meaningful (“NM”) as they typically reflect a low starting point.
RESULTS OF OPERATIONS
Net Interest Income and Margin
2Q26 - 1Q26 2Q26 - 2Q25
(In millions) 2Q26 1Q26 2Q25 $ % $ %
Interest and fees on loans $ 859 $ 841 $ 875 $ 18 2 % $ (16) (2) %
Interest on money market investments 43 39 50 4 10 (7) (14)
Interest on securities 117 116 126 1 1 (9) (7)
Total interest income
1,019 996 1,051 23 2 (32) (3)
Interest on deposits 281 275 312 6 2 (31) (10)
Interest on short- and long-term borrowings 61 59 91 2 3 (30) (33)
Total interest expense
342 334 403 8 2 (61) (15)
Net interest income
$ 677 $ 662 $ 648 $ 15 2 $ 29 4
bps bps
Yield on interest-earning assets 1
4.90 % 4.90 % 5.11 % — (21)
Rate paid on total deposits and interest-bearing liabilities 1
1.69 % 1.68 % 1.97 % 1 (28)
Cost of deposits 1
1.48 % 1.48 % 1.68 % — (20)
Net interest margin 1
3.27 % 3.27 % 3.17 % — 10
1 Taxable-equivalent rates used where applicable.
Net interest income increased $29 million, or 4%, in the second quarter of 2026, compared with the prior year period, primarily driven by lower funding costs. This growth was further supported by an improved mix of average interest-earning assets, reflecting growth in higher-yielding loans and a decline in lower-yielding investment securities. As a result, the net interest margin increased to 3.27%, up from 3.17% in the prior year period, and remained unchanged from the previous quarter.
The yield on average interest-earning assets, net of hedging activity, was 4.90% for the second quarter of 2026, compared with 5.11% in the prior year period, reflecting the impact of lower interest rates. The net yield on average loans and leases decreased 25 basis points to 5.61%, while the net yield on average investment securities declined 12 basis points to 2.62%. Additionally, the yield on average money market investments decreased 65 basis points to 4.03%, as the short-term nature of these assets resulted in quicker repricing in the declining interest rate environment.
The rate paid on total deposits and interest-bearing liabilities decreased to 1.69% for the second quarter of 2026, compared with 1.97% in the prior year period. Similarly, the total cost of deposits declined to 1.48%, compared with 1.68%, reflecting the broader lower interest rate environment.
Average interest-earning assets increased $788 million, or 1%, compared with the prior year period. This was driven by a $1.4 billion increase in average loans and leases, partially offset by a $708 million decline in average investment securities.
Average interest-bearing liabilities decreased $2.1 billion, or 4%, compared with the prior year period. This decline was primarily attributable to a $2.7 billion reduction in average borrowed funds, largely reflecting lower short-term borrowings. The decrease was partially offset by an increase in average long-term debt, resulting from senior note issuances over the past year, as well as a $571 million increase in average interest-bearing deposits.
ZIONS BANCORPORATION, N.A.
Press Release – Page 3
Noninterest Income
2Q26 - 1Q26 2Q26 - 2Q25
(In millions) 2Q26 1Q26 2Q25 $ % $ %
Commercial account fees $ 49 $ 48 $ 46 $ 1 2 % $ 3 7 %
Card fees 24 22 24 2 9 — —
Retail and business banking fees 20 20 19 — — 1 5
Loan-related fees and income 22 23 19 (1) (4) 3 16
Capital markets fees and income 36 28 28 8 29 8 29
Wealth management fees 15 16 14 (1) (6) 1 7
Other customer-related fees 16 15 14 1 7 2 14
Customer-related noninterest income 182 172 164 10 6 18 11
Dividends and other income 9 12 12 (3) (25) (3) (25)
Securities gains (losses), net 269 3 14 266 NM 255 NM
Noncustomer-related noninterest income 278 15 26 263 NM 252 NM
Total noninterest income
$ 460 $ 187 $ 190 $ 273 NM $ 270 NM
Adjusted customer-related noninterest income 1
$ 181 $ 174 $ 164 $ 7 4 $ 17 10
1 Net of credit valuation adjustment (“CVA”). For information on non-GAAP financial measures, see pages 19-22.
Customer-related noninterest income increased $18 million, or 11%, compared with the prior year period, reflecting broad-based growth across nearly all revenue streams. Capital markets fees and income increased $8 million, largely attributable to higher real estate capital markets activity and increased investment banking advisory fees. Loan-related fees and income increased $3 million, supported by higher residential mortgage loan sales activity, while the $3 million increase in commercial account fees was mainly due to growth in account analysis fees.
Noncustomer-related noninterest income increased $252 million, compared with the prior year period, primarily driven by a $215 million gain on the sale of Class B-1 shares of Visa, Inc., as well as $44 million in unrealized gains within the Small Business Investment Company (“SBIC”) investment portfolio. In the prior year period, we recognized an $11 million unrealized gain related to the successful completion of the initial public offering of one of our SBIC investments.
Noninterest Expense
2Q26 - 1Q26 2Q26 - 2Q25
(In millions) 2Q26 1Q26 2Q25 $ % $ %
Salaries and employee benefits $ 344 $ 361 $ 336 $ (17) (5) % $ 8 2 %
Technology, telecom, and information processing 72 74 65 (2) (3) 7 11
Occupancy and equipment, net 44 41 40 3 7 4 10
Professional and legal services 22 20 13 2 10 9 69
Marketing and business development 14 13 12 1 8 2 17
Deposit insurance and regulatory expense 7 15 20 (8) (53) (13) (65)
Credit-related expense 10 5 6 5 NM 4 67
Other real estate expense, net 1 — — 1 NM 1 NM
Other 37 33 35 4 12 2 6
Total noninterest expense
$ 551 $ 562 $ 527 $ (11) (2) $ 24 5
Adjusted noninterest expense 1
$ 546 $ 558 $ 521 $ (12) (2) $ 25 5
1 For information on non-GAAP financial measures, see pages 19-22.
Noninterest expense increased $24 million, or 5%, compared with the prior year quarter. Professional and legal services expense increased $9 million, primarily reflecting higher outsourced services and technology consulting costs. Salaries and employee benefits expense increased $8 million, largely due to higher incentive compensation accruals aligned with improved profitability, as well as increased employee benefits costs.
ZIONS BANCORPORATION, N.A.
Press Release – Page 4
Technology, telecom, and information processing expense increased $7 million, driven by higher application software, licensing, and maintenance costs. Credit-related expense rose $4 million, primarily due to increased loan-related legal costs, while occupancy and equipment expense increased $4 million, mainly reflecting higher rental and building maintenance costs. Other noninterest expense increased $2 million, largely due to a higher success fee accrual associated with SBIC investments and higher legal reserves in the prior year quarter, partially offset by reductions in other miscellaneous expenses.
These increases were partially offset by a $13 million decline in deposit insurance and regulatory expense, driven by a $6 million decrease from an updated estimate of the FDIC special assessment, as well as higher FDIC assessment costs in the prior year quarter associated with elevated levels of classified loans.
Adjusted noninterest expense increased $25 million, or 5%, primarily due to the same factors discussed above. The efficiency ratio remained stable at 62.2%, consistent with the prior year quarter, and improved from 65.0% in the previous quarter. For more information regarding non-GAAP financial measures, see pages 19-22.
BALANCE SHEET ANALYSIS
Investment Securities
2Q26 - 1Q26 2Q26 - 2Q25
(In millions) 2Q26 1Q26 2Q25 $ % $ %
Investment securities:
Available-for-sale, at fair value $ 9,239 $ 9,184 $ 9,116 $ 55 1 % $ 123 1 %
Held-to-maturity, at amortized cost 8,477 8,688 9,272 (211) (2) (795) (9)
Total investment securities, net of allowance $ 17,716 $ 17,872 $ 18,388 $ (156) (1) $ (672) (4)
Total investment securities decreased $672 million, or 4%, to $17.7 billion, relative to the prior year quarter, primarily due to principal reductions, net of reinvestments.
Loans and Leases
2Q26 - 1Q26 2Q26 - 2Q25
(In millions) 2Q26 1Q26 2Q25 $ % $ %
Loans held for sale $ 77 $ 140 $ 172 $ (63) (45) % $ (95) (55) %
Loans and leases:
Commercial
$ 32,640 $ 31,858 $ 31,626 $ 782 2 $ 1,014 3
Commercial real estate
14,063 13,658 13,611 405 3 452 3
Consumer
15,778 15,796 15,576 (18) — 202 1
Loans and leases, net of unearned income and fees 62,481 61,312 60,813 1,169 2 1,668 3
Less allowance for loan losses
662 667 690 (5) (1) (28) (4)
Loans and leases held for investment, net of allowance
$ 61,819 $ 60,645 $ 60,123 $ 1,174 2 $ 1,696 3
Unfunded commitments $ 29,812 $ 30,492 $ 29,564 $ (680) (2) $ 248 1
Loans and leases, net of unearned income and fees, increased $1.7 billion, or 3%, to $62.5 billion, compared with the prior year quarter. This growth was primarily driven by a $1.0 billion increase in commercial loans, largely within the commercial and industrial loan portfolio, along with a $452 million increase in commercial real estate loans, mainly within the term loan portfolio.
The $95 million decrease in loans held for sale compared to the prior year quarter primarily reflects higher loan sale activity, including both recurring flow sales and portfolio sales, resulting in lower balances of real estate capital markets loans and 1-4 family residential loans held at period end.
ZIONS BANCORPORATION, N.A.
Press Release – Page 5
Credit Quality
2Q26 - 1Q26 2Q26 - 2Q25
(In millions) 2Q26 1Q26 2Q25 $ % $ %
Provision for credit losses $ 3 $ (7) $ (1) $ 10 NM $ 4 NM
Allowance for credit losses 707 713 732 (6) (1) % (25) (3) %
Net loan and lease charge-offs 9 4 10 5 NM (1) (10)
Nonperforming assets 298 292 313 6 2 (15) (5)
Classified loans 2,327 2,332 2,697 (5) — (370) (14)
2Q26 1Q26 2Q25 bps bps
Ratio of ACL to loans and leases outstanding, at period end 1.13 % 1.16 % 1.20 % (3) (7)
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans 0.06 % 0.03 % 0.07 % 3 (1)
Ratio of nonperforming assets to loans and leases and other real estate owned 0.48 % 0.48 % 0.51 % — (3)
Ratio of classified loans to total loans and leases 3.72 % 3.80 % 4.43 % (8) (71)
During the second quarter of 2026, we recorded a $3 million provision for credit losses, compared with negative $1 million during the prior year period. The allowance for credit losses (“ACL”) totaled $707 million at June 30, 2026, compared with $732 million at June 30, 2025. The year-over-year decrease in the ACL primarily reflects changes in loan portfolio composition and lower reserves associated with commercial real estate (“CRE”) portfolio-specific risks, partially offset by more adverse economic forecasts and increased lending activity. The ratio of ACL to total loans and leases was 1.13% at June 30, 2026, compared with 1.20% at June 30, 2025.
Net loan and lease charge-offs totaled $9 million in the second quarter of 2026, compared with $10 million in the prior year quarter. At June 30, 2026, nonperforming assets totaled $298 million, or 0.48% of total loans and leases and other real estate owned, compared with $313 million, or 0.51%, in the prior year period. Nonperforming assets were primarily concentrated within the commercial and industrial, consumer 1-4 family residential, and commercial owner-occupied loan portfolios. Classified loans declined to $2.3 billion, or 3.72% of total loans and leases, compared with $2.7 billion, or 4.43%, in the prior year period, driven mainly by reductions in classified CRE exposures, largely attributable to loan payoffs.
Deposits and Borrowed Funds
2Q26 - 1Q26 2Q26 - 2Q25
(In millions) 2Q26 1Q26 2Q25 $ % $ %
Deposits:
Noninterest-bearing demand $ 26,233 $ 27,081 $ 25,413 $ (848) (3) % $ 820 3 %
Interest-bearing:
Savings and money market 40,657 40,165 38,254 492 1 2,403 6
Time 5,783 5,866 6,200 (83) (1) (417) (7)
Brokered 3,935 3,795 3,933 140 4 2 —
Total interest-bearing 50,375 49,826 48,387 549 1 1,988 4
Total deposits $ 76,608 $ 76,907 $ 73,800 $ (299) — $ 2,808 4
Customer deposits (excludes brokered deposits) $ 72,673 $ 73,112 $ 69,867 (439) (1) 2,806 4
Borrowed funds:
Federal funds purchased and other short-term borrowings $ 1,219 $ 382 $ 5,845 $ 837 NM $ (4,626) (79)
Long-term debt 1,956 1,963 970 (7) — 986 NM
Total borrowed funds $ 3,175 $ 2,345 $ 6,815 $ 830 35 $ (3,640) (53)
ZIONS BANCORPORATION, N.A.
Press Release – Page 6
Total deposits increased $2.8 billion, or 4%, compared with the prior year quarter, primarily driven by a $2.0 billion increase in interest-bearing deposits, largely reflecting the impact of focused deposit growth initiatives.
At June 30, 2026, customer deposits, excluding brokered deposits, totaled $72.7 billion, compared with $69.9 billion at June 30, 2025. These balances included approximately $6.7 billion and $6.5 billion of reciprocal deposits, respectively. The loan-to-deposit ratio remained stable at 82%, consistent with the prior year quarter.
Total borrowed funds decreased $3.6 billion, or 53%, compared with the prior year quarter, primarily reflecting a $4.6 billion reduction in short-term borrowings, driven by a decrease in short-term FHLB advances. This decline was partially offset by increases in federal funds purchased, security repurchase agreements, and $1.0 billion of senior notes issued over the past year.
Shareholders’ Equity
2Q26 - 1Q26 2Q26 - 2Q25
(In millions, except share data) 2Q26 1Q26 2Q25 $ % $ %
Shareholders’ equity:
Preferred stock
$ 66 $ 66 $ 66 $ — — % $ — — %
Common stock and additional paid-in capital
1,602 1,669 1,713 (67) (4) (111) (6)
Retained earnings
7,880 7,496 6,981 384 5 899 13
Accumulated other comprehensive income (loss) (1,867) (1,935) (2,164) 68 4 297 14
Total shareholders’ equity $ 7,681 $ 7,296 $ 6,596 $ 385 5 $ 1,085 16
Capital distributions:
Common dividends paid $ 67 $ 67 $ 64 $ — — $ 3 5
Bank common stock repurchased 1
75 77 — (2) (3) 75 NM
Total capital distributed to common shareholders $ 142 $ 144 $ 64 $ (2) (1) $ 78 NM
shares % shares %
Weighted average diluted common shares outstanding (in thousands)
146,210 147,038 147,053 (828) (1) % (843) (1) %
Common shares outstanding, at period end (in thousands) 145,939 147,077 147,603 (1,138) (1) (1,664) (1)
1 Includes amounts related to common shares acquired through our publicly announced plans and those acquired in connection with our stock compensation plan. These shares were acquired from employees to cover their payroll taxes and stock option exercise costs upon the exercise of stock options.
The common stock dividend was $0.45 per share, compared with $0.43 per share during the second quarter of 2025. Common shares outstanding decreased 1.7 million from the second quarter of 2025, primarily due to common stock repurchases. During the second quarter of 2026, we repurchased 1.2 million common shares outstanding for $75 million. We did not repurchase any common shares during the prior year period.
At June 30, 2026, the accumulated other comprehensive income (loss) (“AOCI”) balance reflected a net loss of $1.9 billion, primarily attributable to a decline in the fair value of fixed-rate AFS securities driven by changes in interest rates. This amount includes $1.5 billion ($1.1 billion after tax) of unrealized losses associated with securities previously transferred from AFS to held-to-maturity (“HTM”). Compared with June 30, 2025, AOCI improved $297 million, primarily due to increases in the fair value of AFS securities, the amortization of unrealized losses associated with the securities transferred from AFS to HTM, and paydowns on AFS securities. The improvement in AOCI had a positive impact on our tangible book value per common share.
Estimated common equity tier 1 (“CET1”) capital was $8.4 billion, an increase of 11%, compared with $7.6 billion in the prior year period. The estimated CET1 capital ratio was 11.8%, compared with 11.0%. Tangible book value per common share increased 22% to $44.74, mainly due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see pages 19-22.
ZIONS BANCORPORATION, N.A.
Press Release – Page 7
Supplemental Presentation and Conference Call
Zions has posted a supplemental presentation to its website in advance of its discussion of second quarter financial results, scheduled for 5:30 p.m. ET on July 20, 2026. Media representatives, analysts, investors, and the general public are invited to participate by calling (877) 709-8150 (domestic and international) and entering the meeting number 13761560, or by joining the on-demand webcast. A link to the webcast will be available on the Company’s website at www.zionsbancorporation.com. Following the event, the webcast will be archived and accessible for 30 days.
About Zions Bancorporation, N.A.
Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $3.4 billion in 2025, and total assets of approximately $89 billion at December 31, 2025. The Bank operates principally through seven separately managed, geographically defined bank divisions, each operating under its own local brand and management, and serving customers primarily in 11 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.
Zions is a consistent recipient of national and state-level customer survey awards recognizing excellence in small- and middle-market banking. It is also a leader in public finance advisory services and Small Business Administration lending. Zions is included in both the S&P MidCap 400 and NASDAQ Financial 100 indices. Additional investor information, along with links to local banking brands, is available at www.zionsbancorporation.com.
Forward-Looking Information
This earnings release contains “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and assumptions regarding future events and outcomes. However, they are inherently subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performances, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others:
•Statements concerning the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, operating results, and performance of Zions Bancorporation, National Association, and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and
•Statements preceded or followed by, or that include, terminology such as “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecast,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “project,” “will,” or similar words and expressions, including their negative forms.
Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those expressed or implied. Factors that could cause such differences include, but are not limited to:
•The quality and composition of our loan and investment securities portfolios and the quality and composition of our deposits;
•Changes in general industry, political, and economic conditions, including increases in the national debt, elevated or persistent inflation, economic slowdowns or recessions, and other macroeconomic challenges; changes in interest rates or reference rates, which could negatively impact our revenues and expenses, the valuation and performance of our assets and liabilities, and the availability and cost of capital and liquidity;
•Political developments, including government shutdowns and other significant disruptions and changes in the funding, size, scope, and effectiveness of the government and its agencies and services;
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•The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies;
•Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements;
•Evolving trade policies and disputes, such as proposed and implemented tariffs and resulting market volatility and uncertainty, including the effects on supply chains, expenses, and revenues for both us and our customers;
•Judicial, regulatory, and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry;
•Changes in our credit ratings;
•The growing presence of credit unions, financial technology companies (“fintechs”), and other emerging competitors within the financial services industry, including in the markets in which we operate;
•Our ability to innovate and address competitive pressures and other factors that may affect aspects of our business, such as pricing, the relevance of and demand for our products and services, and our ability to recruit and retain talent;
•The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, tokenized deposits, blockchain, artificial intelligence (“AI”), quantum computing, and related innovations affecting both us and the banking industry;
•Our ability to complete projects and initiatives and execute our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives;
•Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry;
•The occurrence of fraud, theft, or other forms of misconduct perpetrated by external parties, including customers and business partners, or by our own employees;
•Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services;
•The effects of wars, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future;
•Natural disasters, pandemics, wildfires, catastrophic events, and other emergencies and incidents, and their impact on our operations, our customers’ business, and the communities we serve, including the increasing difficulty and expense of obtaining property, auto, business, and other insurance products;
•Diverging and evolving policy, legal, regulatory, and political developments—combined with differing stakeholder perspectives related to governance, environmental, and social matters—may subject us to potentially conflicting requirements and expectations;
•Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital;
•The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity;
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•The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks;
•Adverse news and other expressions of negative public opinion—whether directed at us, other financial institutions, the banking industry, or the broader market—that may adversely affect our reputation and the industry more broadly; and
•Other assumptions, risks, or uncertainties described in this earnings release, and in our filings with the SEC.
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.
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FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
(In millions, except share, per share, and ratio data) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
BALANCE SHEET 1
Loans held for investment, net of allowance $ 61,819 $ 60,645 $ 60,222 $ 59,599 $ 60,123
Total assets 89,041 87,957 88,690 88,242 88,586
Deposits 76,608 76,907 75,644 74,878 73,800
Total shareholders’ equity 7,681 7,296 7,180 6,865 6,596
STATEMENT OF INCOME
Net earnings applicable to common shareholders
$ 452 $ 232 $ 262 $ 221 $ 243
Net interest income 677 662 683 672 648
Taxable-equivalent net interest income 2
688 673 694 683 661
Total noninterest income 460 187 208 189 190
Total noninterest expense 551 562 546 527 527
Pre-provision net revenue 2
597 298 356 345 324
Adjusted pre-provision net revenue 2
332 301 331 352 316
Provision for credit losses 3 (7) 6 49 (1)
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share $ 3.05 $ 1.56 $ 1.76 $ 1.48 $ 1.63
Dividends 0.45 0.45 0.45 0.45 0.43
Book value per common share 1
52.18 49.16 48.18 46.05 44.24
Tangible book value per common share 1, 2
44.74 41.75 40.79 38.64 36.81
Weighted average share price 62.82 58.72 54.24 55.42 46.72
Weighted average diluted common shares outstanding (in thousands)
146,210 147,038 147,120 147,125 147,053
Common shares outstanding (in thousands) 1
145,939 147,077 147,653 147,640 147,603
SELECTED RATIOS AND OTHER DATA
Return on average assets 2.01 % 1.05 % 1.16 % 0.99 % 1.09 %
Return on average common equity 24.3 % 13.1 % 14.9 % 13.3 % 15.3 %
Return on average tangible common equity 2
28.6 % 15.5 % 17.9 % 16.0 % 18.7 %
Net interest margin 3.27 % 3.27 % 3.31 % 3.28 % 3.17 %
Cost of deposits 1.48 % 1.48 % 1.56 % 1.67 % 1.68 %
Efficiency ratio 2
62.2 % 65.0 % 62.3 % 59.6 % 62.2 %
Effective tax rate 22.3 % 20.7 % 22.4 % 22.1 % 21.8 %
Ratio of nonperforming assets to loans and leases and other real estate owned
0.48 % 0.48 % 0.52 % 0.54 % 0.51 %
Annualized ratio of net loan and lease charge-offs to average loans 0.06 % 0.03 % 0.05 % 0.37 % 0.07 %
Ratio of total allowance for credit losses to loans and leases outstanding 1
1.13 % 1.16 % 1.19 % 1.20 % 1.20 %
Full-time equivalent employees
9,039 9,090 9,195 9,286 9,440
CAPITAL RATIOS AND DATA 1
Tangible common equity ratio 2
7.4 % 7.1 % 6.9 % 6.5 % 6.2 %
Common equity tier 1 capital 3
$ 8,368 $ 8,050 $ 7,936 $ 7,734 $ 7,570
Risk-weighted assets 3
$ 70,691 $ 69,651 $ 69,142 $ 68,648 $ 69,026
Common equity tier 1 capital ratio 3
11.8 % 11.6 % 11.5 % 11.3 % 11.0 %
Tier 1 risk-based capital ratio 3
11.9 % 11.7 % 11.6 % 11.4 % 11.1 %
Total risk-based capital ratio 3
14.0 % 13.8 % 13.8 % 13.7 % 13.4 %
Tier 1 leverage ratio 3
9.4 % 9.1 % 9.0 % 8.8 % 8.5 %
1 At period end.
2 For information on non-GAAP financial measures, see pages 19-22.
3 Current period ratios and amounts represent estimates.
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CONSOLIDATED BALANCE SHEETS
(Unaudited) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
(In millions, shares in thousands)
ASSETS
Cash and due from banks $ 793 $ 661 $ 683 $ 771 $ 780
Money market investments:
Interest-bearing deposits 1,418 1,741 2,202 2,395 1,781
Federal funds sold and securities purchased under agreements to resell 1,123 1,007 1,420 1,008 1,140
Trading securities, at fair value 319 104 64 134 180
Investment securities:
Available-for-sale, at fair value 9,239 9,184 9,207 9,170 9,116
Held-to-maturity 1, at amortized cost
8,477 8,688 8,867 9,059 9,272
Total investment securities, net of allowance 17,716 17,872 18,074 18,229 18,388
Loans held for sale 2
77 140 201 215 172
Loans and leases, net of unearned income and fees *
62,481 61,312 60,900 60,278 60,813
Allowance for loan and lease losses 662 667 678 679 690
Loans held for investment, net of allowance 61,819 60,645 60,222 59,599 60,123
Other noninterest-bearing investments 1,061 994 1,076 1,098 1,182
Premises, equipment, and software, net 1,356 1,356 1,363 1,358 1,361
Goodwill and intangibles 1,086 1,089 1,091 1,094 1,096
Other real estate owned 6 14 5 5 5
Other assets *
2,267 2,334 2,289 2,336 2,378
Total assets $ 89,041 $ 87,957 $ 88,690 $ 88,242 $ 88,586
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 26,233 $ 27,081 $ 25,823 $ 26,133 $ 25,413
Interest-bearing:
Savings and money market 40,657 40,165 39,914 38,689 38,254
Time 9,718 9,661 9,907 10,056 10,133
Total deposits 76,608 76,907 75,644 74,878 73,800
Federal funds and other short-term borrowings *
1,219 382 2,872 3,548 5,845
Long-term debt 1,956 1,963 1,472 1,473 970
Reserve for unfunded lending commitments 45 46 46 46 42
Other liabilities *
1,532 1,363 1,476 1,432 1,333
Total liabilities 81,360 80,661 81,510 81,377 81,990
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares 66 66 66 66 66
Common stock 3 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital
1,602 1,669 1,726 1,721 1,713
Retained earnings 7,880 7,496 7,329 7,134 6,981
Accumulated other comprehensive income (loss) (1,867) (1,935) (1,941) (2,056) (2,164)
Total shareholders’ equity 7,681 7,296 7,180 6,865 6,596
Total liabilities and shareholders’ equity $ 89,041 $ 87,957 $ 88,690 $ 88,242 $ 88,586
1 Held-to-maturity (fair value)
$ 8,440 $ 8,696 $ 8,940 $ 9,106 $ 9,229
2 Loans held for sale (carried at fair value)
51 57 71 126 100
3 Common shares (issued and outstanding)
145,939 147,077 147,653 147,640 147,603
* Effective in the first quarter of 2026, we changed our accounting policy to present qualifying derivative assets and liabilities, along with the associated rights to reclaim or obligations to return cash collateral, on a net basis for all eligible arrangements rather than on a gross basis. Prior period balances have been recast to conform to this presentation.
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CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) Three Months Ended
(In millions, except share and per share amounts) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Interest income:
Interest and fees on loans $ 859 $ 841 $ 878 $ 898 $ 875
Interest on money market investments 43 39 42 41 50
Interest on securities 117 116 121 125 126
Total interest income 1,019 996 1,041 1,064 1,051
Interest expense:
Interest on deposits 281 275 299 313 312
Interest on short- and long-term borrowings 61 59 59 79 91
Total interest expense 342 334 358 392 403
Net interest income 677 662 683 672 648
Provision for credit losses:
Provision for loan and lease losses 4 (7) 6 45 3
Provision for unfunded lending commitments (1) — — 4 (4)
Total provision for credit losses 3 (7) 6 49 (1)
Net interest income after provision for credit losses 674 669 677 623 649
Noninterest income:
Commercial account fees 49 48 47 47 46
Card fees 24 22 24 24 24
Retail and business banking fees 20 20 20 19 19
Loan-related fees and income 22 23 19 20 19
Capital markets fees and income 36 28 37 24 28
Wealth management fees 15 16 14 14 14
Other customer-related fees 16 15 16 15 14
Customer-related noninterest income 182 172 177 163 164
Dividends and other income 9 12 10 15 12
Securities gains (losses), net 269 3 21 11 14
Total noninterest income 460 187 208 189 190
Noninterest expense:
Salaries and employee benefits 344 361 335 337 336
Technology, telecom, and information processing 72 74 71 70 65
Occupancy and equipment, net 44 41 43 42 40
Professional and legal services 22 20 21 14 13
Marketing and business development 14 13 30 11 12
Deposit insurance and regulatory expense 7 15 6 16 20
Credit-related expense 10 5 7 6 6
Other real estate expense, net 1 — (2) — —
Other 37 33 35 31 35
Total noninterest expense 551 562 546 527 527
Income before income taxes 583 294 339 285 312
Income taxes 130 61 76 63 68
Net income 453 233 263 222 244
Preferred stock dividends (1) (1) (1) (1) (1)
Preferred stock redemption — — — — —
Net earnings applicable to common shareholders $ 452 $ 232 $ 262 $ 221 $ 243
Weighted average common shares outstanding during the period:
Basic shares (in thousands) 146,117 146,946 147,054 147,045 147,044
Diluted shares (in thousands) 146,210 147,038 147,120 147,125 147,053
Net earnings per common share:
Basic $ 3.05 $ 1.56 $ 1.76 $ 1.48 $ 1.63
Diluted 3.05 1.56 1.76 1.48 1.63
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CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) Six Months Ended
June 30, 2026
(In millions, except share and per share amounts) 2026 2025
Interest income:
Interest and fees on loans $ 1,700 $ 1,725
Interest on money market investments 82 103
Interest on securities 233 251
Total interest income 2,015 2,079
Interest expense:
Interest on deposits 556 638
Interest on short- and long-term borrowings 120 169
Total interest expense 676 807
Net interest income 1,339 1,272
Provision for credit losses:
Provision for loan losses (3) 20
Provision for unfunded lending commitments (1) (3)
Total provision for credit losses (4) 17
Net interest income after provision for credit losses 1,343 1,255
Noninterest income:
Commercial account fees 97 91
Card fees 46 47
Retail and business banking fees 40 36
Loan-related fees and income 45 36
Capital markets fees and income 64 55
Wealth management fees 31 29
Other customer-related fees 31 28
Customer-related noninterest income 354 322
Dividends and other income 21 19
Securities gains (losses), net 272 20
Total noninterest income 647 361
Noninterest expense:
Salaries and employee benefits 705 678
Technology, telecom, and information processing 146 135
Occupancy and equipment, net 85 81
Professional and legal services 42 26
Marketing and business development 27 23
Deposit insurance and regulatory expense 22 42
Credit-related expense 15 12
Other real estate expense, net 1 —
Other 70 68
Total noninterest expense 1,113 1,065
Income before income taxes 877 551
Income taxes 191 137
Net income 686 414
Preferred stock dividends (2) (2)
Preferred stock redemption — —
Net earnings applicable to common shareholders $ 684 $ 412
Weighted average common shares outstanding during the year:
Basic shares (in thousands) 146,529 147,182
Diluted shares (in thousands) 146,621 147,210
Net earnings per common share:
Basic $ 4.61 $ 2.77
Diluted 4.61 2.77
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Loan Balances Held for Investment by Portfolio Type
(Unaudited)
(In millions) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Commercial:
Commercial and industrial 1
$ 19,131 $ 18,263 $ 18,111 $ 17,547 $ 17,873
Owner occupied 9,336 9,323 9,274 9,267 9,377
Municipal 4,173 4,272 4,294 4,341 4,376
Total commercial 32,640 31,858 31,679 31,155 31,626
Commercial real estate:
Term 11,850 11,387 11,234 11,008 11,186
Construction and land development 2,213 2,271 2,162 2,469 2,425
Total commercial real estate 14,063 13,658 13,396 13,477 13,611
Consumer:
1-4 family residential 10,293 10,406 10,462 10,423 10,431
Home equity credit line 4,077 3,976 3,950 3,848 3,784
Construction and other consumer real estate 757 786 782 769 743
Bankcard and other revolving plans 537 515 515 477 496
Other 114 113 116 129 122
Total consumer 15,778 15,796 15,825 15,646 15,576
Total loans and leases $ 62,481 $ 61,312 $ 60,900 $ 60,278 $ 60,813
1 Effective March 31, 2026, balances previously classified as “Leasing” are now reported within the “Commercial and industrial” loan segment. Prior period amounts have been reclassified for comparative purposes.
Nonperforming Assets
(Unaudited)
(In millions) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Nonaccrual loans 1
$ 292 $ 279 $ 315 $ 319 $ 308
Other real estate owned 2
6 13 5 5 5
Total nonperforming assets $ 298 $ 292 $ 320 $ 324 $ 313
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2
0.48 % 0.48 % 0.52 % 0.54 % 0.51 %
Accruing loans past due 90 days or more $ 3 $ 3 $ 5 $ 5 $ 4
Ratio of accruing loans past due 90 days or more to loans1 and leases
— % — % 0.01 % 0.01 % 0.01 %
Nonaccrual loans and accruing loans past due 90 days or more
$ 295 $ 282 $ 320 $ 324 $ 312
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned
0.48 % 0.48 % 0.53 % 0.54 % 0.52 %
Accruing loans past due 30-89 days $ 91 $ 82 $ 96 $ 69 $ 57
Classified loans 2,327 2,332 2,380 2,415 2,697
Ratio of classified loans to total loans and leases 3.72 % 3.80 % 3.91 % 4.00 % 4.43 %
1 Includes loans held for sale.
2 Excludes banking premises held for sale.
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Allowance for Credit Losses
(Unaudited)
Three Months Ended
(In millions) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Allowance for Loan and Lease Losses
Balance at beginning of period $ 667 $ 678 $ 679 $ 690 $ 697
Provision for loan losses 4 (7) 6 45 3
Loan and lease charge-offs 14 11 15 67 16
Less: Recoveries 5 7 8 11 6
Net loan and lease charge-offs (recoveries) 9 4 7 56 10
Balance at end of period $ 662 $ 667 $ 678 $ 679 $ 690
Ratio of allowance for loan losses to loans1 and leases, at period end
1.06 % 1.09 % 1.11 % 1.13 % 1.13 %
Ratio of allowance for loan losses to nonaccrual loans1 at period end
227 % 239 % 215 % 213 % 224 %
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans 0.06 % 0.03 % 0.05 % 0.37 % 0.07 %
Reserve for Unfunded Lending Commitments
Balance at beginning of period $ 46 $ 46 $ 46 $ 42 $ 46
Provision for unfunded lending commitments (1) — — 4 (4)
Balance at end of period $ 45 $ 46 $ 46 $ 46 $ 42
Allowance for Credit Losses
Allowance for loan losses $ 662 $ 667 $ 678 $ 679 $ 690
Reserve for unfunded lending commitments 45 46 46 46 42
Total allowance for credit losses $ 707 $ 713 $ 724 $ 725 $ 732
Ratio of ACL to loans1 and leases outstanding, at period end
1.13 % 1.16 % 1.19 % 1.20 % 1.20 %
1 Excludes loans held for sale.
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Nonaccrual Loans by Portfolio Type
(Unaudited)
(In millions) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Commercial:
Commercial and industrial $ 96 $ 83 $ 93 $ 111 $ 115
Owner occupied 54 50 51 40 39
Municipal 2 2 2 2 5
Total commercial 152 135 146 153 159
Commercial real estate:
Term 34 42 72 70 60
Construction and land development — — 1 — —
Total commercial real estate 34 42 73 70 60
Consumer:
1-4 family residential 69 67 65 63 58
Home equity credit line 35 33 30 32 30
Bankcard and other revolving plans 1 1 1 1 1
Other 1 1 — — —
Total consumer 106 102 96 96 89
Total nonaccrual loans $ 292 $ 279 $ 315 $ 319 $ 308
Net Charge-Offs by Portfolio Type
(Unaudited)
(In millions) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Commercial:
Commercial and industrial $ 3 $ 3 $ 8 $ 50 $ 8
Owner occupied 1 (1) — (1) (1)
Municipal — — — 3 —
Total commercial 4 2 8 52 7
Commercial real estate:
Term 3 (1) (3) 2 1
Total commercial real estate 3 (1) (3) 2 1
Consumer:
1-4 family residential — — (1) — 1
Bankcard and other revolving plans 2 2 2 1 1
Other — 1 1 1 —
Total consumer loans 2 3 2 2 2
Total net charge-offs (recoveries) $ 9 $ 4 $ 7 $ 56 $ 10
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CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited) Three Months Ended
June 30, 2026 March 31, 2026 June 30, 2025
(In millions) Average balance
Yield/
Rate 1
Average balance
Yield/
Rate 1
Average balance
Yield/
Rate 1
ASSETS
Money market investments:
Interest-bearing deposits $ 1,939 4.03 % $ 1,872 3.78 % $ 1,543 4.50 %
Federal funds sold and securities purchased under agreements to resell 2,368 4.03 % 2,179 4.08 % 2,757 4.77 %
Total money market investments 4,307 4.03 % 4,051 3.94 % 4,300 4.68 %
Trading securities 273 4.84 % 56 4.43 % 244 4.77 %
Investment securities:
Available-for-sale 9,181 3.02 % 9,232 3.01 % 9,093 3.27 %
Held-to-maturity 8,555 2.19 % 8,758 2.23 % 9,351 2.22 %
Total investment securities 17,736 2.62 % 17,990 2.63 % 18,444 2.74 %
Loans held for sale 180 NM 163 NM 118 NM
Loans and leases: 2
Commercial 32,230 5.64 % 31,802 5.64 % 31,383 5.89 %
Commercial real estate 13,839 6.14 % 13,534 6.18 % 13,612 6.64 %
Consumer 15,789 5.10 % 15,805 5.12 % 15,465 5.14 %
Total loans and leases 61,858 5.61 % 61,141 5.62 % 60,460 5.86 %
Total interest-earning assets 84,354 4.90 % 83,401 4.90 % 83,566 5.11 %
Cash and due from banks 671 744 703
Allowance for credit losses on loans and debt securities (665) (677) (694)
Goodwill and intangibles 1,088 1,090 1,097
Other assets 4,817 5,089 5,313
Total assets $ 90,265 $ 89,647 $ 89,985
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 40,452 1.99 % $ 39,544 1.96 % $ 38,877 2.15 %
Time 9,655 3.36 % 9,724 3.50 % 10,659 3.90 %
Total interest-bearing deposits 50,107 2.25 % 49,268 2.26 % 49,536 2.52 %
Borrowed funds:
Federal funds purchased and security repurchase agreements
585 3.66 % 587 3.60 % 1,463 4.36 %
Other short-term borrowings 2,530 4.57 % 3,046 4.02 % 5,340 4.48 %
Long-term debt 1,957 5.52 % 1,753 5.56 % 966 6.41 %
Total borrowed funds 5,072 4.83 % 5,386 4.48 % 7,769 4.70 %
Total interest-bearing liabilities 55,179 2.49 % 54,654 2.48 % 57,305 2.82 %
Noninterest-bearing demand deposits 26,131 26,191 24,730
Other liabilities 1,432 1,542 1,527
Total liabilities 82,742 82,387 83,562
Shareholders’ equity:
Preferred equity 66 66 66
Common equity 7,457 7,194 6,357
Total shareholders’ equity 7,523 7,260 6,423
Total liabilities and shareholders’ equity $ 90,265 $ 89,647 $ 89,985
Spread on average interest-bearing funds 2.41 % 2.42 % 2.29 %
Impact of net noninterest-bearing sources of funds 0.86 % 0.85 % 0.88 %
Net interest margin 3.27 % 3.27 % 3.17 %
Memo: total cost of deposits $ 76,238 1.48 % $ 75,459 1.48 % $ 74,266 1.68 %
Memo: total deposits and interest-bearing liabilities $ 81,310 1.69 % $ 80,845 1.68 % $ 82,035 1.97 %
1 Taxable-equivalent rates used where applicable.
2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.
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CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited) Six Months Ended
June 30, 2026 June 30, 2025
(In millions) Average balance
Yield/
Rate 1
Average balance
Yield/
Rate 1
ASSETS
Money market investments:
Interest-bearing deposits $ 1,906 3.91 % $ 1,587 4.55 %
Federal funds sold and securities purchased under agreements to resell 2,274 4.06 % 2,863 4.74 %
Total money market investments 4,180 3.99 % 4,450 4.67 %
Trading securities 165 4.77 % 135 4.70 %
Investment securities:
Available-for-sale 9,207 3.02 % 9,097 3.27 %
Held-to-maturity 8,656 2.21 % 9,453 2.24 %
Total investment securities 17,863 2.62 % 18,550 2.74 %
Loans held for sale 171 NM 101 NM
Loans and leases: 2
Commercial 32,011 5.64 % 31,209 5.87 %
Commercial real estate 13,687 6.16 % 13,585 6.62 %
Consumer 15,797 5.11 % 15,256 5.13 %
Total loans and leases 61,495 5.62 % 60,050 5.85 %
Total interest-earning assets 83,874 4.90 % 83,286 5.09 %
Cash and due from banks 708 704
Allowance for credit losses on loans and debt securities (671) (693)
Goodwill and intangibles 1,089 1,075
Other assets 4,871 5,344
Total assets $ 89,871 $ 89,716
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 40,000 1.97 % $ 39,259 2.16 %
Time 9,690 3.43 % 10,840 4.03 %
Total interest-bearing deposits 49,690 2.26 % 50,099 2.57 %
Borrowed funds:
Federal funds purchased and security repurchase agreements
586 3.63 % 1,591 4.36 %
Other short-term borrowings 2,722 4.37 % 4,662 4.50 %
Long-term debt 1,856 5.54 % 961 6.39 %
Total borrowed funds 5,164 4.71 % 7,214 4.72 %
Total interest-bearing funds 54,854 2.49 % 57,313 2.84 %
Noninterest-bearing demand deposits 26,161 24,491
Other liabilities 1,464 1,576
Total liabilities 82,479 83,380
Shareholders’ equity:
Preferred equity 66 66
Common equity 7,326 6,270
Total shareholders’ equity 7,392 6,336
Total liabilities and shareholders’ equity $ 89,871 $ 89,716
Spread on average interest-bearing funds 2.41 % 2.25 %
Impact of net noninterest-bearing sources of funds 0.86 % 0.89 %
Net interest margin 3.27 % 3.14 %
Memo: total cost of deposits $ 75,851 1.48 % $ 74,590 1.72 %
Memo: total deposits and interest-bearing liabilities $ 81,015 1.68 % $ 81,804 1.98 %
1 Taxable-equivalent rates used where applicable.
2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.
ZIONS BANCORPORATION, N.A.
Press Release – Page 19
NON-GAAP FINANCIAL MEASURES
(Unaudited)
This press release includes certain non-GAAP financial measures alongside those prepared in accordance with generally accepted accounting principles (“GAAP”). Reconciliations between the applicable GAAP measures and the corresponding non-GAAP measures are provided in the accompanying schedules. We believe these adjustments are relevant to evaluating ongoing operating results and offer a meaningful basis for comparing performance across periods. Management uses these non-GAAP measures to assess both financial performance and position. Presenting these measures enables investors to evaluate our results using the same approach applied by management and commonly used within the financial services industry.
Non-GAAP financial measures have inherent limitations and may not be directly comparable to similar measures reported by other financial institutions. While these measures are commonly used by stakeholders to evaluate company performance, they should be viewed as supplemental and not as a substitute for analysis of results prepared in accordance with GAAP. Non-GAAP measures should not be considered in isolation, as they provide an incomplete perspective without reference to GAAP-based financial information.
Tangible Common Equity and Related Measures
Tangible common equity and related metrics are non-GAAP measures that exclude the impact of intangible assets and associated amortization. We believe these measures provide meaningful insight into the utilization of shareholders’ equity and offer a consistent basis for evaluating business performance.
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)
Three Months Ended
(Dollar amounts in millions) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Net earnings applicable to common shareholders (GAAP) $ 452 $ 232 $ 262 $ 221 $ 243
Adjustments, net of tax:
Amortization of core deposit and other intangibles 2 2 2 2 2
Adjusted net earnings applicable to common shareholders, net of tax (a) $ 454 $ 234 $ 264 $ 223 $ 245
Average common equity (GAAP) $ 7,457 $ 7,194 $ 6,956 $ 6,616 $ 6,357
Average goodwill and intangibles (1,088) (1,090) (1,093) (1,095) (1,097)
Average tangible common equity (non-GAAP) (b) $ 6,369 $ 6,104 $ 5,863 $ 5,521 $ 5,260
Number of days in quarter (c) 91 90 92 92 91
Number of days in year (d) 365 365 365 365 365
Return on average tangible common equity (non-GAAP) 1
(a/b/c)*d 28.6 % 15.5 % 17.9 % 16.0 % 18.7 %
1 Excluding $252 million of pre-tax net gains, return on average tangible common equity for the three months ended June 30, 2026 would have been approximately 16.6%.
ZIONS BANCORPORATION, N.A.
Press Release – Page 20
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) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Total shareholders’ equity (GAAP) $ 7,681 $ 7,296 $ 7,180 $ 6,865 $ 6,596
Goodwill and intangibles (1,086) (1,089) (1,091) (1,094) (1,096)
Tangible equity (non-GAAP) (a) 6,595 6,207 6,089 5,771 5,500
Preferred stock (66) (66) (66) (66) (66)
Tangible common equity (non-GAAP) (b) $ 6,529 $ 6,141 $ 6,023 $ 5,705 $ 5,434
Total assets (GAAP) $ 89,041 $ 87,957 $ 88,690 $ 88,242 $ 88,586
Goodwill and intangibles (1,086) (1,089) (1,091) (1,094) (1,096)
Tangible assets (non-GAAP) (c) $ 87,955 $ 86,868 $ 87,599 $ 87,148 $ 87,490
Common shares outstanding (in thousands) (d) 145,939 147,077 147,653 147,640 147,603
Tangible equity ratio (non-GAAP) (a/c) 7.5 % 7.1 % 7.0 % 6.6 % 6.3 %
Tangible common equity ratio (non-GAAP) (b/c) 7.4 % 7.1 % 6.9 % 6.5 % 6.2 %
Tangible book value per common share (non-GAAP) (b/d) $ 44.74 $ 41.75 $ 40.79 $ 38.64 $ 36.81
ZIONS BANCORPORATION, N.A.
Press Release – Page 21
Efficiency Ratio and Adjusted Pre-Provision Net Revenue
The efficiency ratio measures operating expenses relative to revenue and provides insight into the cost of generating revenue. We adjust this ratio to exclude certain items that are not generally expected to recur frequently, as detailed in the accompanying schedule. These adjustments enhance comparability across reporting periods. Adjusted noninterest expense reflects how effectively we manage operating expenses, while adjusted pre-provision net revenue enables management and stakeholders to evaluate our capacity to generate capital. Additionally, taxable-equivalent net interest income facilitates comparability between revenue derived from taxable and tax-exempt sources.
EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)
Three Months Ended
(Dollar amounts in millions) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Noninterest expense (GAAP) (a) $ 551 $ 562 $ 546 $ 527 $ 527
Adjustments:
Severance costs 1 3 5 6 2
Other real estate expense, net 1 — (2) — —
Amortization of core deposit and other intangibles 2 2 2 2 2
SBIC investment success fee accrual 7 — 2 1 2
FDIC special assessment (6) (1) (9) (2) —
Total adjustments (b) 5 4 (2) 7 6
Adjusted noninterest expense (non-GAAP) (c)=(a-b) $ 546 $ 558 $ 548 $ 520 $ 521
Net interest income (GAAP) (d) $ 677 $ 662 $ 683 $ 672 $ 648
Fully taxable-equivalent adjustments (e) 11 11 11 11 13
Taxable-equivalent net interest income (non-GAAP) (f)=(d+e) 688 673 694 683 661
Customer-related noninterest income (GAAP) (g) 182 172 177 163 164
Net credit valuation adjustment (CVA) (h) 1 (2) 2 (11) —
Adjusted customer-related noninterest income
(non-GAAP) (i)=(g-h) 181 174 175 174 164
Noncustomer-related noninterest income (GAAP) (j) 278 15 31 26 26
Securities gains (losses), net (k) 269 3 21 11 14
Adjusted noncustomer-related noninterest income (non-GAAP) (l)=(j-k) 9 12 10 15 12
Combined income (non-GAAP) (m)=(f+g+j) $ 1,148 $ 860 $ 902 $ 872 $ 851
Adjusted taxable-equivalent revenue (non-GAAP) (n)=(f+i+l) 878 859 879 872 837
Pre-provision net revenue (PPNR) (non-GAAP) (m)-(a) $ 597 $ 298 $ 356 $ 345 $ 324
Adjusted PPNR (non-GAAP) (n)-(c) 332 301 331 352 316
Efficiency ratio (non-GAAP) 1
(c/n) 62.2 % 65.0 % 62.3 % 59.6 % 62.2 %
1 Excluding the $15 million charitable contribution, adjusted noninterest expense for the three months ended December 31, 2025 would have been $533 million, resulting in an efficiency ratio of 60.6%.
ZIONS BANCORPORATION, N.A.
Press Release – Page 22
EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)
Six Months Ended
(Dollar amounts in millions) June 30,
2026 June 30,
2025
Noninterest expense (GAAP) (a) $ 1,113 $ 1,065
Adjustments:
Severance costs 4 5
Other real estate expense 1 —
Amortization of core deposit and other intangibles 4 4
SBIC investment success fee accrual 7 2
FDIC special assessment (7) —
Total adjustments (b) 9 11
Adjusted noninterest expense (non-GAAP) (c)=(a-b) $ 1,104 $ 1,054
Net interest income (GAAP) (d) $ 1,339 $ 1,272
Fully taxable-equivalent adjustments (e) 22 24
Taxable-equivalent net interest income (non-GAAP) (f)=(d+e) 1,361 1,296
Customer-related noninterest income (GAAP) (g) 354 322
Net credit valuation adjustment (CVA) (h) (1) —
Adjusted customer-related noninterest income (non-GAAP) (i)=(g-h) 355 322
Noncustomer-related noninterest income (GAAP) (j) 293 39
Securities gains (losses), net (k) 272 20
Adjusted noncustomer-related noninterest income (non-GAAP) (l)=(j-k) 21 19
Combined income (non-GAAP) (m)=(f+g+j) $ 2,008 $ 1,657
Adjusted taxable-equivalent revenue (non-GAAP) (n)=(f+i+l) 1,737 1,637
Pre-provision net revenue (PPNR) (non-GAAP) (m)-(a) $ 895 $ 592
Adjusted PPNR (non-GAAP) (n)-(c) 633 583
Efficiency ratio (non-GAAP) (c/n) 63.6 % 64.4 %
EX-99.2
EX-99.2
Filename: earningspresentation-202.htm · Sequence: 3
earningspresentation-202
ZIONSSECOND QUARTER 2026 J u l y 2 0 , 2 0 2 6 Financial Review
FORWARD-LOOKING STATEMENTS; USE OF NON-GAAP FINANCIAL MEASURES 2 Forward-Looking Information This presentation contains “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and assumptions regarding future events and outcomes. However, they are inherently subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performances, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others: Statements concerning the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, operating results, and performance of Zions Bancorporation, National Association and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and statements preceded or followed by, or that include, terminology such as “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” “will,” or similar words and expressions, including their negative forms. Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, key factors that may cause material differences include: The quality and composition of our loan and investment securities portfolios and the quality and composition of our deposits; Changes in general industry, political, and economic conditions, including increases in the national debt, elevated inflation, economic slowdowns or recessions, and other macroeconomic challenges; changes in interest and reference rates, which could negatively impact our revenues and expenses, the valuation and performance of our assets and liabilities, and the availability and cost of capital and liquidity; Political developments, including government shutdowns and other significant disruptions and changes in the funding, size, scope, and effectiveness of the government, its agencies and services; The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies; Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements; Evolving trade policies and disputes, such as proposed and implemented tariffs and resulting market volatility and uncertainty, including the effects on supply chains, expenses and revenues for both us and our customers; Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry; Changes in our credit ratings; Our ability to innovate and otherwise address competitive pressures and other factors that may affect aspects of our business, such as pricing, relevance of, and demand for, our products and services, and our ability to recruit and retain talent; The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, tokenized deposits, blockchain, artificial intelligence, quantum computing, and related innovations affecting both us and the banking industry; Our ability to complete projects and initiatives and execute our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives; The growing presence of credit unions, financial technology companies (“fintechs”), and other emerging competitors within the financial services industry, including in the markets in which we operate; Our ability to innovate and address competitive pressures and other factors that may affect aspects of our business, such as pricing, the relevance of and demand for our products and services, and our ability to recruit and retain talent; The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, tokenized deposits, blockchain, artificial intelligence (“AI”), quantum computing, and related innovations affecting both us and the banking industry; Our ability to complete projects and initiatives and execute our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives; Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry; The occurrence of fraud, theft, or other forms of misconduct perpetrated by external parties, including customers and business partners, or by our own employees; Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services; The effects of wars, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future; Natural disasters, pandemics, wildfires, catastrophic events, and other emergencies and incidents, and their impact on our operations, our customers’ business, and the communities we serve, including the increasing difficulty and expense of obtaining property, auto, business, and other insurance products; Diverging and evolving policy, legal, regulatory, and political developments— combined with differing stakeholder perspectives related to governance, environmental, and social matters—may subject us to potentially conflicting requirements and expectations; Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity; The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; Adverse news and other expressions of negative public opinion—whether directed at us, other financial institutions, the banking industry, or the broader market—that may adversely affect our reputation and the industry more broadly; and Other assumptions, risks, or uncertainties described in this earnings release, and other SEC filings. We caution against placing undue reliance on forward-looking statements, as they reflect our views only as of the date they are issued. Except as required by law, we expressly disclaim any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments. Use of Non-GAAP Financial Measures: This document contains several references to non-GAAP measures, including but not limited to, pre-provision net revenue and the “efficiency ratio,” which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions’ management compensation and are used in Zions’ strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.
• Net earnings of $452 million, or $3.05 per share, increased 95% from the prior quarter, while increasing 86% versus the prior-year period on improved pre-provision net revenue (non-recurring gains contributed $252 million (pre-tax), or approximately $1.31 per share)1 • The net interest margin remained at 3.27% compared to the prior quarter and increased 10 basis points versus prior year on improved funding costs and mix • Adjusted pre-provision net revenue increased 10% versus prior quarter and 5% versus prior year • Average loans grew 4.7% annualized versus prior quarter and grew 2.3% versus prior year • Average customer deposits grew 4.0% annualized versus prior quarter and 3.7% versus prior year • Net charge-offs were 0.06% of loans, annualized FINANCIAL PERFORMANCE 3 (1) $215 million gain on sale of Visa shares and $37 million net unrealized gain due to valuation adjustments in the SBIC investment portfolio. (2) See Appendix for non-GAAP financial measures. Excluding $252 million of pre-tax net gains, return on average tangible common equity for 2Q26 would have been approximately 16.6%. (3) Excludes brokered deposits. Second quarter results reflect improved earnings, average loan and deposit growth, margin stability, and continued strong credit performance Key Metrics (in millions, except ratios and per share data) 2Q26 1Q26 2Q25 Change From: 1Q26 2Q25 Net earnings to common $452 $232 $243 $220, or 95% $209, or 86% Diluted earnings per share (GAAP) $3.05 $1.56 $1.63 $1.49, or 96% $1.42, or 87% Net interest margin 3.27% 3.27% 3.17% 0 bps 10 bps Adjusted pre-provision net revenue2 $332 $301 $316 $31, or 10% $16, or 5% Efficiency ratio2 62.2% 65.0% 62.2% (280) bps 0 bps Average loans 61,858 61,141 60,460 4.7% Annualized 2.3% Average customer deposits3 72,427 71,706 69,836 4.0% Annualized 3.7% Net charge-offs / loans (annualized) 0.06% 0.03% 0.07% 3 bps (1) bps Return on average tangible common equity2 28.6% 15.5% 18.7% 130 bps 100 bps
DILUTED EARNINGS PER SHARE 4 (1) Items that were $0.05 per share or more. Earnings per share increased by 87% compared to the year-ago period reflecting the positive impacts from the items below & improved performance Diluted Earnings per Share EPS Impact of Provision for Credit Losses Notable Items1: 2Q26: • $1.12 per share positive impact from $215 million gain on sale of Visa shares • $0.19 per share positive impact from $37 million net unrealized gain due to valuation adjustments in the SBIC investment portfolio 1Q26: • No notable items with impact greater than $0.05 per share 4Q25: • $(0.08) per share negative impact from $15 million charitable contribution • $0.06 per share positive impact from $11 million net unrealized gain due to valuation adjustments in the SBIC investment portfolio • $0.05 per share positive impact from a $9 million accrual reversal related to the FDIC special assessment 3Q25 • $(0.06) per share negative impact from $11 million net CVA loss 2Q25: • $0.05 per share positive impact from a $9 million net unrealized gain on the IPO of an SBIC investment $1.63 $1.48 $1.76 $1.56 $3.05 2Q25 3Q25 4Q25 1Q26 2Q26 $0.01 $(0.25) $(0.03) $0.04 $(0.02) 2Q25 3Q25 4Q25 1Q26 2Q26
PRE-PROVISION NET REVENUE (“PPNR”) 5 (1) PPNR includes taxable-equivalent revenue; Adjusted PPNR adjusts for certain items. See Appendix. Adjusted PPNR increased 10% versus the prior quarter and increased 5% over the prior year on improved revenue Linked quarter (2Q26 vs. 1Q26) • Adjusted PPNR increased $31 million, or 10%: • Tax-equivalent net interest income increased $15 million, or 2% • Adjusted customer-related fee income, which excludes CVA, increased $7 million, or 4% • Adjusted noninterest expense, which includes seasonal compensation in 1Q26, decreased $12 million, or 2% Year-over-year (2Q26 vs. 2Q25) • Adjusted PPNR increased $16 million, or 5%: • Tax-equivalent net interest income up $27 million, or 4% • Adjusted customer-related fee income up $17 million, or 10% • Adjusted noninterest expense up $25 million, or 5% $3 24 $3 45 $3 56 $2 98 $5 97 $3 16 $3 52 $3 31 $3 01 $3 32 2Q25 3Q25 4Q25 1Q26 2Q26 Pre-provision net revenue (PPNR) (non-GAAP) Adjusted PPNR (non-GAAP) PPNR1 ($ millions)
NET INTEREST INCOME & NET INTEREST MARGIN 6 Net interest margin was unchanged sequentially; net interest income increased sequentially and year-over-year $648 $672 $683 $662 $677 3.17% 3.28% 3.31% 3.27% 3.27% 2.00% 2.50% 3.00% 3.50% 4.00% $500 2Q25 3Q25 4Q25 1Q26 2Q26 Net Interest Income Net Interest Margin ($ m ill io ns ) Linked quarter (2Q26 vs. 1Q26) • Net interest income increased $15 million, or 2%: • Interest income increased $23 million • $18 million, or 2%, increase on loans • $5 million, or 3%, increase on money market and securities • Interest expense increased by $8 million • $6 million, or 2%, increase on deposits • $2 million, or 3%, increase on borrowings Year-over-year (2Q26 vs. 2Q25) • Net interest income increased $29 million, or 4%: • Interest income decreased $32 million, or 3% • $16 million, or 2%, decrease on loans • $16 million, or 9%, decrease on money market and securities • Interest expense decreased $61 million, or 15% • $31 million, or 10%, decrease on deposits • $30 million, or 33%, decrease on borrowings
(0.09%) (0.11%) 0.14% 0.19% (0.03%) 3.17% 3.27%0.01% (0.01%) 0.00% 0.00% 0.00% 3.27% 3.27% NET INTEREST MARGIN 7 (1) Includes the impact of changes to both balance and rate/yield. (2) The impact of noninterest-bearing sources of funds on the net interest margin is calculated as the difference between interest earning assets and interest- bearing liabilities divided by earnings assets multiplied by rate paid on interest-bearing liabilities. Margin was stable compared to the prior quarter; favorable funding repricing and remixing improved the margin vs prior year Year-Over-Year (2Q26 vs. 2Q25) 1Linked Quarter (2Q26 vs. 1Q26) 1 Loans DepositsMoney Mkt & Securities Borrowings Free Funds2 Loans DepositsMoney Mkt & Securities Borrowings Free Funds2 2Q25 2Q261Q26 2Q26
NONINTEREST INCOME AND REVENUE 8 (1) Reflects total customer-related noninterest income, which excludes dividends and other income and net securities gains (losses). Adjusted value excludes credit valuation adjustment income (loss). (2) Adjusted revenue is the sum of taxable-equivalent net interest income and noninterest income less adjustments. See Appendix for non-GAAP financial measures. (3) Total revenue for 2Q26 includes $215 million gain on sale of Visa shares and $44 million unrealized gain related to an SBIC investment. Adjusted customer-related fee income grew versus the prior quarter led by Capital Markets fees; broad-based growth versus the prior year Customer-Related Noninterest Income 1 ($ millions) $8 38 $8 61 $8 91 $8 49 $1 ,1 37 $8 37 $8 72 $8 79 $8 59 $8 78 2Q25 3Q25 4Q25 1Q26 2Q26 Total Revenue (GAAP) Adjusted Revenue (Non-GAAP) Total Revenue 2, 3 ($ millions) $1 64 $1 63 $1 77 $1 72 $1 82 $1 64 $1 74 $1 75 $1 74 $1 81 2Q25 3Q25 4Q25 1Q26 2Q26 Customer-Related Noninterest Income Adjusted Customer-Related Noninterest Income
NONINTEREST EXPENSE 9 (1) Adjusted for severance costs, restructuring costs, SBIC investments success fee accruals, FDIC special assessment, intangibles amortization, and other real estate expense. (2) In addition to the expense adjustments from note 1, the efficiency ratio also includes adjustments to revenue for taxable-equivalent interest income, securities gains (losses), and credit valuation adjustment income (loss). See Appendix for Non-GAAP financial measures. Adjusted noninterest expense decreased compared to the prior quarter due primarily to seasonal compensation expense in the prior quarter Linked quarter (2Q26 vs. 1Q26) • Adjusted noninterest expense decreased $12 million, or 2% • Salaries and benefits decreased $17 million, or 5%, as the first quarter had seasonal compensation expense • Deposit insurance & regulatory expense decreased $8 million, or 53%, driven by a $6 million decrease from an updated estimate of the FDIC special assessment • These decreases were partially offset by minor increases in several categories Year-over-year (2Q26 vs. 2Q25) • Adjusted noninterest expense increased $25 million, or 5%, driven primarily by higher professional and legal services ($9 million), salary expense ($8 million), and technology expense ($7 million) Notable items: • 2Q26: $7 million success fee accrual from SBIC investments • 1Q26: No notable items > $0.05 per share • 4Q25: $15 million charitable donation to Zions’ foundation $5 27 $5 27 $5 46 $5 62 $5 51 $5 21 $5 20 $5 48 $5 58 $5 46 62.2% 59.6% 62.3% 65.0% 62.2% 2Q25 3Q25 4Q25 1Q26 2Q26 NIE (GAAP) Adjusted NIE (Non-GAAP) Efficiency Ratio ($ millions) Noninterest Expense (NIE) (1) (2)
$60.5 $60.8 $60.8 $61.1 $61.9 5.86% 5.91% 5.76% 5.62% 5.61% 2Q25 3Q25 4Q25 1Q26 2Q26 ($ billions) AVERAGE LOANS AND DEPOSITS 10 (1) Beta calculated using interest-bearing deposit spot rates on 8/31/24, and 6/30/26, which were 3.20% and 2.27%, respectively. Total cost of deposit spot rate at 6/30/26 was 1.49%. Note: Figures shown in graphs may not foot due to rounding. Average yield on loans and total cost of deposits were stable versus prior quarter Average Total Loans Yield on Total Loans Average Total Deposits Total Cost of Deposits $49.5 $49.4 $49.4 $49.3 $50.1 $24.7 $24.9 $26.6 $26.2 $26.1 $74.3 $74.3 $76.0 $75.5 $76.2 1.68% 1.67% 1.56% 1.48% 1.48% 2Q25 3Q25 4Q25 1Q26 2Q26 ($ billions) Average Noninterest-bearing Deposits Average Interest-bearing Deposits Total interest-bearing deposits reflect a 53% cumulative beta1
$70 $71 $72 $73 $73 $4 $4 $4 $4 $4$7 $5 $4 $2 $3 - 10 20 30 40 50 60 70 80 90 100 2Q25 3Q25 4Q25 1Q26 2Q26 $70 $70 $72 $72 $72 $4 $4 $4 $4 $4$8 $7 $5 $5 $5 1.97% 1.92% 1.76% 1.68% 1.69% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% - 10 20 30 40 50 60 70 80 90 100 2Q25 3Q25 4Q25 1Q26 2Q26 DEPOSIT BALANCE AND BORROWING TRENDS 11 Note: Figures shown in graphs may not foot due to rounding. Ending customer deposits decreased slightly while average customer deposits increased 1%, compared to prior quarter Q2 2026 total funding cost increased 1 basis point to 1.69% from 1.68% in the prior quarter • Period-end customer deposits decreased $439 million (-0.6%) linked quarter and grew $2.8 billion (+4%) versus prior year • Brokered deposits grew $140 million (+4%) linked quarter and were flat versus prior year • Short-term borrowings grew $837 million (+219%) linked quarter and declined $4.6 billion (-79%) versus prior year • Long-term debt was flat linked quarter and increased $1 billion versus prior year Average Deposits and Borrowings ($ billions) Ending Deposits and Borrowings ($ billions)
TOTAL INVESTMENT SECURITIES & MONEY MARKET INVESTMENTS 12 Investment portfolio serves as a key source of liquidity and balance sheet flexibility The investment securities portfolio is designed to be a storehouse of balance sheet liquidity • Principal and prepayment-related cash flows from investment securities were $514 million for the quarter, partially offset by reinvestment of $297 million • The composition of the investment securities portfolio allows for deep on-balance sheet liquidity through the repo market • Approximately 95% of investment securities are U.S. Government and U.S. Government Agency / GSE securities The investment securities portfolio is also used to balance interest rate risk • The estimated deposit duration at June 30, 2026 was assumed to be longer than the loan duration (including swaps); the investment securities portfolio balanced this mismatch • The estimated price sensitivity of the investment securities portfolio (including the impact of fair value hedges) was 3.6 years, compared to 3.7 years from the prior quarter and 3.8 years from the year-ago quarter Total Investment Securities and Money Market Investments (period-end balances) $18.4 $18.2 $18.1 $17.9 $17.7 $2.9 $3.4 $3.6 $2.7 $2.5 2Q25 3Q25 4Q25 1Q26 2Q26 Total Investment Securities Money Market Investments 26% 26% 26% 25% 24% % of earning assets ($ billions)
CREDIT QUALITY 13 Continued low levels of net charge-offs and stable non-performing assets; criticized and classified balances continued to improve Key Credit Metrics • Net charge-offs relative to average loans: • 0.06% annualized in 2Q26 • 0.12% over the last 12 months • 0.48%: NPAs / loans + OREO • NPA balance increased $6 million in 2Q26 from 1Q26 • 3.72%: Classified loans / total loans • Classified balance decreased $5 million in 2Q26 from 1Q26 • 4.51%: Criticized loans / total loans • Criticized balance decreased $9 million in 2Q26 from 1Q26 Allowance for Credit Losses • 1.13% of total loans and leases, down three basis points from the previous quarter Credit Quality Ratios 5.39% 4.75% 4.70% 4.61% 4.51% 0.51% 0.54% 0.52% 0.48% 0.48% 4.43% 4.01% 3.91% 3.80% 3.72% 2Q25 3Q25 4Q25 1Q26 2Q26 Criticized / Loans NPAs / Loans + OREO Classified / Loans 224% 213% 215% 239% 227% 1.20% 1.20% 1.19% 1.16% 1.13% 2Q25 3Q25 4Q25 1Q26 2Q26 ALLL / Nonaccrual loans ACL / Loans
COMMERCIAL REAL ESTATE SUMMARY ($14.1 BILLION BALANCE) 14 Note: Loan to Value (LTV) calculations reflect the most current bank ordered / reviewed appraisal in the denominator and the current outstanding balance in the numerator. Appraisals and evaluations are performed in accordance with regulatory guidelines. Percentages shown in graphs may not foot due to rounding. The commercial real estate portfolio is granular and well diversified, 22% of total loans Term CRE ($11.9B) • Weighted average LTVs of < 60% • Maturity distribution over the next three years: 25% (2026), 20% (2027), 15% (2028) • Average & median loan size of $4.2 million & $1.1 million • 11.0% criticized; 9.1% classified; 0.4% nonaccrual; 0.2% delinquencies Construction and Land Development ($2.2B) • Land and acquisition & development less than 2.0% of CRE portfolio • 4.1% criticized; 3.1% classified; 0.0% nonaccrual; 0.0% delinquencies Office ($1.6B) • Weighted average LTVs (< 60%) • 75% suburban and 25% central business district • Average & median loan size of $4.4 million & < $1 million • 7.8% criticized / classified; 2.3% nonaccrual; 1.1% delinquencies • Term office portfolio is 89% leased (weighted average) • Net charge-offs since 2020 <6 bps annualized • 84% term, 16% construction • Portfolio growth has been carefully managed for over a decade through disciplined concentration limits • Granular portfolio with solid sponsor or guarantor support • Collateral diversified by property type and location • Net charge-offs since 2020 <1 bps annualized Multifamily, 30% Industrial, 23%Office, 11% Retail, 12% Hospitality, 6% Residential Construction, 5% Other, 13% CRE Portfolio Composition As of Jun 30, 2026
10 .2 % 10 .3 % 10 .4 % 10 .6 % 10 .7 % 10 .9 % 10 .8 % 11 .0 % 11 .3 % 11 .5 % 11 .6 % 11 .8 % 11 .3 % 11 .3 % 11 .5 % 11 .6 % 11 .8 % 12 .0 % 11 .9 % 12 .0 % 12 .4 % 12 .5 % 12 .6 % 12 .8 % 0% 2% 4% 6% 8% 10% 12% 14% 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Common Equity Tier 1 % ACL / Risk-weighted Assets CAPITAL STRENGTH 15 Loss-absorbing capital remains strong relative to our risk profile; low credit losses relative to capital levels as a percentage of risk-weighted assets Net Charge-offs annualized, as a percentage of risk-weighted assets 0. 08 % 0. 05 % 0. 04 % 0. 09 % 0. 02 % 0. 21 % 0. 09 % 0. 06 % 0. 33 % 0. 04 % 0. 02 % 0. 05 % 0% 2% 4% 6% 8% 10% 12% 14% 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets
FINANCIAL OUTLOOK (2Q 2027E VS. 2Q 2026A) 16 Outlook provided as of July 20, 2026 Outlook Comments Moderately Increasing Commercial loans, led by C&I and Owner Occupied, expected to drive loan growth followed by Commercial Real Estate; Consumer loans expected to contract slightly Moderately Increasing Net interest income growth expected from earning asset remix and loan and deposit growth Moderately Increasing Broad-based growth expected with capital markets contributing in an outsized way Moderately Increasing Technology costs, increased marketing, and continued investments in revenue- generating businesses expected to put mild pressure on noninterest expense; positive operating leverage expected Adjusted Customer- Related Noninterest Income1 Loan Balances (period-end) Net Interest Income Adjusted Noninterest Expense1 (1) Adjusted customer-related noninterest income outlook does not include the current or future impact of credit valuation adjustment income (loss). Adjusted noninterest expense excludes certain items. See Appendix for non-GAAP financial measures.
ZIONS BANCORPORATION DRIVES VALUE FOR ITS STAKEHOLDERS 17 Source: Moody’s Analytics. Data as of Oct 2025. We are determined to help our clients achieve greater financial strength, help build strong, successful communities, and create economic opportunity Distinctive Local Operating Model Managing Risk Delivering Value to Our Stakeholders • Transformation of our core systems to a modern, real-time architecture improving banker productivity and customer experience • New digital products and services streamlining our customer interactions • Tangible book value per share growth exceeding 20% for three consecutive years (2023-2025) • Focus on serving small- to medium-sized businesses, resulting in a granular deposit franchise and a long-term funding advantage • Local decision making and empowered bankers support strong customer relationships • Coalition Greenwich Best Bank Awards: Ranked seventh among all U.S. banks in Middle Market & Small Business • Have built and maintained a robust risk management team and framework since the global financial crisis • Net credit losses to loans ratio that is consistently in the top quartile of peer banks • Prepared for large bank regulation due to previous SIFI experience and simpler legal structure Across 11 western states, our footprint includes some of the strongest markets in the country reflected in the quality and diversity of our portfolio • These states create ~35% of national GDP • Population and job growth outpace national average Strong Geographic Footprint
APPENDIX 18 • Financial Results Summary • Accumulated Other Comprehensive Income (AOCI) • Balance Sheet Profitability • Loan Growth by Bank Brand and Loan Type • Earning Asset Repricing • Interest Rate Swaps • Interest Rate Sensitivity • Credit Quality Trends • Loan Loss Severity (NCOs as a percentage of nonaccrual loans) • Credit Metrics: Commercial Real Estate • Loans to Non-Depository Financial Institutions • Coalition Greenwich Recognition • Non-GAAP Financial Measures
FINANCIAL RESULTS SUMMARY 19 (1) Adjusted pre-provision net revenue excludes certain items. See Appendix for non-GAAP financial measures; (2) Net Income before Preferred Dividends used in the numerator; (3) Net Income Applicable to Common used in the numerator; (4) Includes noninterest-bearing deposits; (5) Current period ratios and amounts represent estimates. Quarterly financial highlights Three Months Ended (Dollar amounts in millions, except per share data) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Earnings Results: Diluted Earnings Per Share $ 3.05 $ 1.56 $ 1.76 $ 1.48 $ 1.63 Net Earnings Applicable to Common Shareholders 452 232 262 221 243 Net Interest Income 677 662 683 672 648 Noninterest Income 460 187 208 189 190 Noninterest Expense 551 562 546 527 527 Pre-Provision Net Revenue - Adjusted(1) 332 301 331 352 316 Provision for Credit Losses 3 (7) 6 49 (1) Ratios: Return on Assets(2) 2.01 % 1.05 % 1.16 % 0.99 % 1.09 % Return on Common Equity(3) 24.3 % 13.1 % 14.9 % 13.3 % 15.3 % Return on Tangible Common Equity(3) 28.6 % 15.5 % 17.9 % 16.0 % 18.7 % Net Interest Margin 3.27 % 3.27 % 3.31 % 3.28 % 3.17 % Cost of Total Deposits(4) 1.48 % 1.48 % 1.56 % 1.67 % 1.68 % Efficiency Ratio (1) 62.2 % 65.0 % 62.3 % 59.6 % 62.2 % Effective Tax Rate 22.3 % 20.7 % 22.4 % 22.1 % 21.8 % Nonperforming Assets to Loans, Leases and OREO 0.48 % 0.48 % 0.52 % 0.54 % 0.51 % Net Loan and Lease Charge-offs to Average Loans, Annualized 0.06 % 0.03 % 0.05 % 0.37 % 0.07 % Common Equity Tier 1 Capital Ratio(5) 11.8 % 11.5 % 11.5 % 11.3 % 11.0 %
(2.7) (2.4) (1.9) (1.7) (1.4) (3.0) (2.5) (2.0) (1.5) (1.0) (0.5) - 4Q23 4Q24 4Q25 4Q26 4Q27 Bi llio ns ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (AOCI) 20 Note: AOCI burndown based on path of forward curve and hedges in place at June 30, 2026. Includes accretion of unrealized losses related to the 4Q22 transfers of AFS securities to HTM. Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. Steady AOCI improvement with meaningful protection against term rate volatility due to hedging strategy • AOCI is projected to improve by $239 million, or 12%, in 2026 relative to 2025 • This adds 25 basis points to the tangible common equity ratio in 2026 relative to 2025, all else equal • Hedging strategy provides meaningful protection against term rate volatility • The forward curve at 6/30/2026 assumed one rate increase in 2026 Actual Projection Based on forward curve at 6/30/2026 AOCI Projection $499 million, or 26%, projected improvement from 4Q25 to 4Q27 12% 26% Projected Improvement vs. 4Q25
BALANCE SHEET PROFITABILITY 21 (1) Return on Tangible Common Equity is a non-GAAP measure. See Appendix for non-GAAP financial measures. Excluding $252 million of pre-tax net gains, return on average assets would have been approximately 1.13% and return on average tangible common equity for 2Q26 would have been approximately 16.6%. Profitability improved over the year-ago quarter due to increased earnings including the notable items during the quarter 1.09% 0.99% 1.16% 1.05% 2.01% 2Q25 3Q25 4Q25 1Q26 2Q26 18.7% 16.0% 17.9% 15.5% 28.6% 2Q25 3Q25 4Q25 1Q26 2Q26 Return on Assets Return on Tangible Common Equity 1
LOAN GROWTH – BY BANK AFFILIATE AND LOAN TYPE 22 (1) Other category loans includes consumer construction, bankcard, and other consumer loan categories. Totals and percentages shown above may not foot due to rounding. Linked quarter growth across all markets; growth led by C&I and CRE Term Zions Bank, 27% CB&T, 24% Amegy, 27% NBAZ, 8% NSB, 5% Vectra, 5% CBW, 4% Other, 0.8% Commercial ($32.6B) Zions Bank, 21% CB&T, 30%Amegy, 19% NBAZ, 12% NSB, 6% Vectra, 6% CBW, 6% Commercial Real Estate ($14.1B) Consumer ($15.8B) Zions Bank, 25% CB&T, 23% Amegy, 22% NBAZ, 10% NSB, 8% Vectra, 9% CBW, 0.4% Other, 2% Period-End Linked Quarter Loan Growth (2Q26 vs. 1Q26) C om m er ci al C R E C on su m er Loan Distribution by Bank and Product (in millions) Zions Bank CB&T Amegy NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 419 93 205 29 18 (3) 106 (88) 778 Owner occupied (45) (12) 54 9 7 5 (6) - 13 Energy (Oil & Gas) (2) - 88 - - 4 - - 90 Municipal 31 (74) (44) (1) (3) (2) (24) 17 (99) CRE C&D (78) (27) 1 (10) 3 45 9 - (58) CRE Term 36 191 123 73 - (15) 54 - 463 1-4 Family (82) (8) (16) (2) 7 (3) 1 (10) (113) Home Equity 37 22 15 8 7 6 6 - 101 Other1 15 (2) (4) (2) (6) (7) - 1 (6) Total net loans 330 184 422 104 33 30 146 (80) 1,169
SIMULATED REPRICING EXPECTATIONS: EARNING ASSETS & LOANS 23 (1) Assets are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets. A substantial portion of earning assets reset within one year with additional resets in later periods 59% 8% 8% 6% 9% 10% 49% 12% 15% 5% 9% 10% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f L oa ns Loans: Rate Reset / Maturity Profile1 Loans After Hedging Earning Assets: Rate Reset / Maturity Profile1 50% 8% 8% 7% 10% 17% 46% 11% 12% 6% 8% 17% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f E ar ni ng A ss et s Earning Assets After Hedging
5,552 5,542 5,538 5,533 5,531 5,558 5,269 3.34 3.34 3.34 3.34 3.34 3.34 3.32 0 2,000 4,000 6,000 8,000 10,000 12,000 2Q26 3Q26 4Q26 1Q27 2Q27 2027 2028 Average Outstanding ($B) Average Fixed Rate Paid (%) 9,937 10,150 10,280 10,096 9,857 8,682 1,312 3.64 3.58 3.58 3.59 3.67 3.67 3.91 0 2,000 4,000 6,000 8,000 10,000 12,000 2Q26 3Q26 4Q26 1Q27 2Q27 2027 2028 Average Outstanding ($B) Average Fixed Rate Received (%) PORTFOLIO INTEREST RATE HEDGES AT JUNE 30, 2026 24 Swaps and futures are used to balance our interest rate sensitivity to income and value Receive-Fixed Hedges1 (pay floating rate) Pay-Fixed Rate Hedges2 (receive floating rate) (1) Received-fixed hedges consist of hedging pools of floating rate loans or received-fixed swaps on subordinated debt. (2) Pay-fixed hedges consist of fair value swaps hedging fixed-rate AFS securities and fixed-rate commercial loans or short-term debt hedges on rolling FHLB advances. Interest rate sensitivity is managed in part with portfolio interest rate hedges1 • In the second quarter, $1.0 billion of receive-fixed swap hedges were added with a fixed rate of 3.87%, $5.0 billion in three-month futures hedges with a yield of 4.00%, and $300 million in fair value pay-fixed hedges with a fixed rate of 3.96%. Receive-fixed swaps and futures are being added to manage asset sensitivity down. $ M illi on s
INTEREST RATE SENSITIVITY – PARALLEL RATE SHOCKS 25 (1) 12-month forward simulated impact of an instantaneous and parallel change in interest rates and assumes no change in the size or composition of the earning assets excluding derivative hedge activity but does assume $1.6 billion of noninterest-bearing demand deposit migration to higher-cost products Standard parallel rate shocks suggest asset sensitivity, which is favorably positioned for rising rates (7%) (4%) 4% 7% (7%) (4%) 4% 7% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity 1 as of 3/31/2026 as of 6/30/2026
CREDIT QUALITY TRENDS RELATIVE TO PEERS 26 Source: S&P CapIQ, data as of March 31, 2026, where available. NPAs + 90 DPD = nonperforming assets (nonaccrual loans plus other real estate owned) plus loans 90 days past due and still accruing interest. Zions’ NCO/Loans ratio is frequently in the best (lowest) quartile of peers; low loss rates on NPAs NPA Ratio NPAs + 90 DPD, as a percentage of Loans + OREO NCOs / Loans (Trailing 12-month Average) 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 ZION Peer Top Quartile Peer Bottom Quartile 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 ZION Peer Top Quartile Peer Bottom Quartile
LOAN LOSS SEVERITY 27 Source: S&P CapIQ. Calculated using the average of annualized quarterly results. When problems arise, Zions generally experiences less severe loan losses due to strong collateral and underwriting practices 14 % 18 % 20 % 21 % 23 % 33 % 35 % 36 % 40 % 45 % 45 % 48 % 56 % 60 % 75 % ZI O N Annualized NCOs / Nonaccrual Loans Five Year Average (2021Q2 – 2026Q1) vs Peers Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2011Q2 – 2026Q1) vs Peers 13 % 17 % 17 % 19 % 22 % 30 % 36 % 38 % 40 % 43 % 44 % 46 % 52 % 53 % 65 % ZI O N >1 00 % >1 00 %
COMMERCIAL REAL ESTATE PROBLEM LOANS IN FOCUS 28 Note: LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. Approximately 8% of CRE classified balances have 2026 appraisals, 55% in 2025, 14% 2024, 24% 2023 and earlier. The commercial real estate portfolio benefits from strong LTVs, guarantor support, low delinquencies, and diversification • Improved credit quality with nonaccruals decreasing slightly, delinquencies remaining low, and low charge-offs (TTM 0.01%) - due to conservative underwriting, significant equity, and guarantor support • The ACL for CRE remains substantial relative to credit quality measures (1.3% of CRE balances, 5.3x CRE nonaccruals) 0% 5% 10% 15% 20% 25% 30% 35% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Classified CRE LTVs Appraised vs. Index Adjusted Index Adjusted Most Recent Appraisal (50) (40) (30) (20) (10) 0 10 20 30 Office Industrial Multifamily Change in CRE Problem Loans Levels 3/31/26 to 6/30/2026 Criticized Classified Nonaccrual 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 CRE Nonperforming Asset and Charge-offs Levels Nonaccrual % GCO QTD Annualized 30+ Days Past Due
IN-DEPTH REVIEW: COMMERCIAL REAL ESTATE 29 Data is updated through 2Q26. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. Limited tail loan-to-value risk in portfolio; controlled CRE growth and improving credit metrics WAVG LTV % of CRE Term % of CRE Construction Classified % ACL % Multifamily 60% 30% 47% 13.4% 1.4% Industrial / Warehouse 51% 23% 29% 8.3% 0.8% Office 57% 13% 2% 7.2% 2.8% Retail 47% 14% 6% 2.9% 1.0% Hospitality 41% 7% 0% 0.9% 0.5% Zions has limited “tail risk” in its CRE portfolio Total CRE Problem Loan Trends as a percentage of total CRE loans ($ b illi on s) CRE LTVs Appraised vs. Indexed 0.5 0.7 0.8 0.2 2.8 2.2 1.7 4.4 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 16% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Criticized % Classified % Nonaccrual % GCO QTD Annualized 0% 5% 10% 15% 20% 25% 30% 35% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal 2.4 2.5 2.2 2.3 2.2 11.2 11.0 11.2 11.4 11.9 2Q25 3Q25 4Q25 1Q26 2Q26 Balance Trends Construction Balances Term Balances
DISCIPLINED COMMERCIAL REAL ESTATE GROWTH 30 Data as of March 31, 2026; peer growth rates are normalized for significant acquisitions Commercial real estate loan growth lags peers due to continued exercise of concentration risk discipline Zions has exercised caution in CRE concentrations for more than a decade and in underwriting standards for many decades. • Key factors: • Measured and disciplined growth compared to peers • Significant borrower equity – conservative LTVs • Disciplined underwriting on debt service coverage • Diversified by geography and asset class • Limited exposure to land 0 50 100 150 200 250 300 350 400 1Q 15 1Q 16 1Q 17 1Q 18 1Q 19 1Q 20 1Q 21 1Q 22 1Q 23 1Q 24 1Q 25 1Q 26 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 1Q15 = 100 Commercial Real Estate Excluding Owner Occupied
0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal IN-DEPTH REVIEW: CRE OFFICE ($1.6 BILLION BALANCE) 31 Data updated through 2Q26. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Office portfolio is 11% of total CRE exposure and 2.5% of total loans; charge-offs remain limited • Allowance for credit losses: 2.8% of balances / 35% of criticized balances • 11% decrease in balances year-over-year via payoffs, loan rebalance, amortization; 36% decrease in balances since 1Q 2021 • Classified levels continue to decline via loan repayment and positive property leasing; nonaccruals (1.3%) remain low • Median loan size: $1.0 million; average loan size: $4.5 million • 28% variable rate with swap, 16% fixed rate, 56% variable rate w/o swap • 33% of total office exposure has a maturity date in the next 12 months • By State: 25% UT, 19% WA, 17% CA, 14% AZ, 11% TX, 14% all other Office Problem Loan Trends as a percentage of total office loans ($ billions) When values are updated based on indexed / current values, office exposure continues to benefit from low LTVs at origination CRE Office LTVs Appraised vs. Indexed ($ billions) 0.0 0.0 0.0 0.3 0.4 0.1 0.7 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Criticized % Classified % Nonaccrual % GCO QTD Annualized 0.0 0.0 0.0 0.0 0.0 1.7 1.7 1.7 1.6 1.6 2Q25 3Q25 4Q25 1Q26 2Q26 Balance Trends Construction Balances Term Balances
CRE Multifamily Appraised vs. Indexed IN-DEPTH REVIEW: CRE MULTIFAMILY ($4.2 BILLION BALANCE) 32 Data is updated through 4Q25. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Multifamily portfolio is 30% of total CRE exposure and 7% of total loan exposure • Allowance for credit losses: 1.4% of total multifamily balances / 9% of criticized balances • Net charge-offs since 2020 <1 bps annualized • Loan balances up slightly year-over-year • Elevated criticized levels from longer lease up timelines and construction delays; nonaccruals remain at 0.0% • 78% term, 22% construction • Median loan size: $1.0 million; average loan size: $5.6 million • 17% variable rate with swap, 10% fixed rate, 73% variable rate w/o swap • By State: 28% TX, 23% CA, 15% UT, 9% AZ, 8% WA, 17% all other Multifamily Problem Loan Trends as a percentage of total multifamily loans When values are updated based on indexed / current values, multifamily exposure continues to benefit from low LTVs at origination ($ billions)($ billions) 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal 0% 5% 10% 15% 20% 25% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Criticized % Classified % Nonaccrual % GCO QTD Annualized 0.9 1.0 0.8 0.8 0.7 3.1 2.9 3.2 3.3 3.5 2Q25 3Q25 4Q25 1Q26 2Q26 Balance Trends Construction Balances Term Balances 0.1 0.2 0.2 0.1 1.4 0.6 0.5 0.8 2026 2027 2028 2029+ Maturities Construction Balances Term Balances
IN-DEPTH REVIEW: CRE INDUSTRIAL ($3.2 BILLION BALANCE) 33 Data is updated through 1Q26. LTV calculations in the “Appraised Value” distribution to reflect most current appraisal in denominator and outstanding balance in the numerator. The Indexed Adjusted values are adjusted based on the MSA level Moody’s CRE Commercial Property Price Indices and adjusted from the date of most current appraisal. CRE Industrial portfolio is 23% of total CRE exposure and 5% of total loan exposure • Allowance for credit losses: 0.8% of balances / 7.8% of criticized balances • Net charge-offs since 2020 <1 bps annualized • Loan balances up 7.7% year-over-year • Elevated but declining criticized levels from longer lease up timelines and construction delays; nonaccruals remain low at 0.3% • 87% term, 13% construction • Median loan size: $1.7 million; average loan size: $5.2 million • 18% variable rate with swap, 10% fixed rate, 72% variable rate w/o swap • By State: 27% CA, 16% TX, 16% AZ, 15% UT, 8% NV, 18% all other Industrial Problem Loan Trends as a percentage of total industrial loans ($ billions) When values are updated based on indexed / current values, industrial exposure continues to benefit from low LTVs at origination CRE Industrial Appraised vs. Indexed 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Criticized % Classified % Nonaccrual % GCO QTD Annualized 0.4 0.4 0.3 0.4 0.4 2.6 2.7 2.7 2.7 2.8 2Q25 3Q25 4Q25 1Q26 2Q26 Balance Trends Construction Balances Term Balances 0.1 0.1 0.2 0.1 0.6 0.5 0.4 1.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2026 2027 2028 2029+ Maturities Construction Balances Term Balances 0% 5% 10% 15% 20% 25% 30% 35% 40% <=40% 41-50% 51-60% 61-70% 71-80% 81-90% 91-100% 100%+ Index Adjusted Most Recent Appraisal
LOANS TO NON-DEPOSITORY FINANCIAL INSTITUTIONS (NDFI) ($2.5B BALANCE) 34 (1) Peer information sourced from S&P Capital IQ through March 31, 2026, adjusted for mergers and acquisitions where applicable. Peer data also includes the impact of any reclassifications that resulted from updated call report guidance. Loans to NDFIs make up 8% of the commercial portfolio and are 4% of total loans; portfolio growth has been limited Zions’ NDFI Portfolio Allocation Business Credit: BDCs, SBIC, Senior Loan Funds, Equipment Leasing $991 | 39% Mortgage Credit: REITs, Residential and Commercial Mortgage $547 | 22% Consumer Credit: Consumer Secured and Unsecured Loans $307 | 12% Private Equity Funds: Capital Call Lines, Subscription Lines $219 | 9% Other Loans: Family Office, Insurance, Broker/Dealer $454 | 18% Total Loans to Non-Depository Financial Institutions $2,518 Portfolio characteristics: • Diversified across many lending segments and asset classes • Loans tend to be governed by a borrowing base against diversified pools; structure depends on relationship length, borrower sophistication, and borrower industry • Average loan size is approximately $9.5 million; median size of $0.9 million • Problem loan levels remain low; Criticized 1.2%, Classified 1.2%, Nonaccrual 0.4% • Less than $500 million (<1% of total loans) in combined outstanding exposure to Business Development Corporations and Private Debt funds $ millions; as of 6/30/2026 0 200 400 600 800 1,000 1,200 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 ZION Peer Median Peer Top Quartile Peer Bottom Quartile Indexed: 1Q20 = 100 NDFI Growth1 4% 0% 5% 10% 15% 20% 25% 30% ZION Peer Non-Depository Financial Institutions Concentration as a percentage of total loans
MIDDLE MARKET COALITION GREENWICH BEST BANK AWARDS 35 Zions compares favorably to global competitors (JP Morgan, Bank of America, Wells Fargo, US Bank) Greenwich Best Bank Awards • Ranked seventh among all U.S. banks for Middle Market & Small Business with 15 Best Bank Awards • Consistently recognized as an industry leader - one of only four U.S. banks to average 15 or more wins overall since the inception of the awards in 2009 • Since the awards’ inception, Zions has received the second highest number of middle market awards Middle Market (Revenue of $10MM-$500MM) Zions Bancorp Major Bank Competitors (Avg. Score) Highest Major Bank Competitor's Score Zions’ Rank Overall Satisfaction - Customers 49 43 48 1st Bank You Can Trust 78 50 53 1st Values Long-Term Relationships 78 53 58 1st Ease of Doing Business 66 47 51 1st Overall Customer Satisfaction: -with Bankers 79 53 57 1st -with TMO/CM Specialist 62 49 58 1st -with Cash Management 53 44 48 1st Net Promoter Score** 55 40 54 1st Coalition Greenwich Customer Satisfaction % Excellent Citations* Source: Coalition Greenwich Voice of Client – 2025 US Commercial Banking Study *Excellent Citations are a "5" on a 5 point scale from "5" excellent to "1" poor ** NPS Range: World Class 70+; Excellent 50+; Very Good 30+; Good 0 - 30; Needs Improvement (100) - 0 Awards don’t define us … but this consistency confirms the strength of our model $10MM-500MM
NON-GAAP FINANCIAL MEASURES 36 Note: Excluding the $15 million charitable contribution, the efficiency ratio for the three months ended December 31, 2025 would have been 60.6%. In millions 2Q26 1Q26 4Q25 3Q25 2Q25 (a) Total noninterest expense $551 $562 $546 $527 $527 LESS adjustments: Severance costs 1 3 5 6 2 Other real estate expense 1 - (2) - - Amortization of core deposit and other intangibles 2 2 2 2 2 FDIC special assessment (6) (1) (9) (2) - SBIC investment success fee accrual 7 - 2 1 2 (b) Total adjustments 5 4 (2) 7 6 (c) = (a - b) Adjusted noninterest expense 546 558 548 520 521 (d) Net interest income 677 662 683 672 648 (e) Fully taxable-equivalent adjustments 11 11 11 11 13 (f) = (d + e) Taxable-equivalent net interest income (TE NII) 688 673 694 683 661 (g) Customer-related noninterest income 182 172 177 163 164 (h) Net credit valuation adjustment (CVA) 1 (2) 2 (11) - (i) = (g - h) Adjusted customer-related noninterest income $181 $174 $175 $174 $164 (j) Noncustomer-related noninterest income 278 15 31 26 26 (k) Securities gains (losses), net 269 3 21 11 14 (l) = (j - k) Adjusted noncustomer-related noninterest income 9 12 10 15 12 (m) = (f + g + j) Combined income $1,148 $860 $902 $872 $851 (n) = (f + i + l) Adjusted tax-equivalent revenue $878 $859 $879 $872 $837 (m) – (a) Pre-provision net revenue (PPNR) $597 $298 $356 $345 $324 (n) – (c) Adjusted pre-provision net revenue (PPNR) $332 $301 $331 $352 $316 (c) / (n) Efficiency Ratio 62.2% 65.0% 62.3% 59.6% 62.2%
NON-GAAP FINANCIAL MEASURES (CONTINUED) 37 Excluding $252 million of pre-tax net gains, average tangible common equity for the three months ended June 30, 2026 would have been approximately 16.6%. In millions 2Q26 1Q26 4Q25 3Q25 2Q25 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $452 $232 $262 $221 $243 Adjustments, net of tax: Amortization of core deposit and other intangibles 2 2 2 2 2 (a) Net earnings applicable to common, net of tax $454 $234 $264 $223 $245 Average common equity (GAAP) $7,457 $7,194 $6,956 $6,616 $6,357 Average goodwill and intangibles (1,088) (1,090) (1,093) (1,095) (1,097) (b) Average tangible common equity (non-GAAP) $6,369 $6,104 $5,863 $5,521 $5,260 (c) Number of days in quarter 91 90 92 92 91 (d) Number of days in year 365 365 365 365 365 (a/b/c)*d Return on average tangible common equity (non- GAAP) 28.6% 15.5% 17.9% 16.0% 18.7%
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