1 Comparisons noted in the bullet points are calculated for the current quarter compared with the same prior-year period unless otherwise specified. The effective tax rate was 27.7% at March 31, 2023, compared with 20.4% at March 31, 2022, primarily as a result of a change in the reserve for uncertain tax positions.

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

3 Does not include banking premises held for sale.

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

Net interest income increased $135 million, or 25%, to $679 million in the first quarter of 2023, primarily due to the higher interest rate environment and a favorable change in the mix of interest-earning assets.

Average interest-earning assets decreased $2.3 billion, or 3%, from the prior year quarter, driven by declines of $4.2 billion and $3.2 billion in average money market investments and average securities, respectively. A majority of the decrease in average securities was due to payments and maturities. These decreases were partially offset by an increase of $5.2 billion in average loans and leases.

The net interest margin was 3.33%, compared with 2.60%. The yield on average interest-earning assets was 4.49% in the first quarter of 2023, an increase of 184 basis points, reflecting higher interest rates and a favorable mix change. The yield on total loans increased 178 basis points to 5.30%, and the yield on securities increased 68 basis points to 2.46%. The yield on securities benefited from a decrease in the market value of AFS securities due to rising interest rates.

The cost of total deposits for the first quarter of 2023 was 0.47%, compared with 0.03%, reflecting higher interest rates. The rate paid on total deposits and interest-bearing liabilities was 1.17%, compared with 0.06%. Average noninterest-bearing deposits as a percentage of total deposits were 49%, compared with 50% during the same prior year period.

Total customer-related noninterest income remained stable at $151 million, compared with the prior year period. Increases in commercial treasury management, foreign exchange, and capital markets syndication fees were offset by a decrease in retail and business banking fees largely as a result of a change in our overdraft and non-sufficient funds practices effected during the third quarter of 2022.

Net securities gains and losses increased $18 million, due largely to negative mark-to-market adjustments recorded during the prior year period related to our SBIC investment portfolio. Dividends and other income increased $9 million, primarily due to an increase in dividends on FHLB stock. These increases were offset by a $9 million decrease in fair value and nonhedge derivative income, primarily due to a $3 million loss during the quarter related to a credit valuation adjustment (“CVA”) on client-related interest rate swaps, compared with an $6 million CVA gain in the prior year period.

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

Total noninterest expense increased $48 million, or 10%, relative to the prior year quarter. Salaries and benefits expense increased $27 million, or 9%, due to the ongoing impact of inflationary and competitive labor market pressures on wages and benefits, increased headcount, and an additional business day during the current quarter.

Deposit insurance and regulatory expense increased $8 million, driven largely by an increased base rate beginning in 2023 and a higher FDIC insurance assessment resulting from changes in balance sheet composition. Other noninterest expense increased $7 million, primarily due to increased travel, intangible amortization, and other expenses incurred during the current quarter.

The efficiency ratio was 59.9%, compared with 65.8%, as growth in adjusted taxable-equivalent revenue significantly outpaced growth in adjusted noninterest expense. For information on non-GAAP financial measures, including differences between noninterest expense and adjusted noninterest expense, see pages 16-17.

Total investment securities decreased $4.4 billion, or 16%, to $22.6 billion at March 31, 2023. During the fourth quarter of 2022, we transferred approximately $10.7 billion fair value ($13.1 billion amortized cost) of mortgage-backed AFS securities to the HTM category to reflect our intent for these securities. The transfer of these securities from AFS to HTM at fair value resulted in a discount to the amortized cost basis of the HTM securities equivalent to the $2.4 billion of unrealized losses in AOCI. The amortization of the unrealized losses will offset the effect of the accretion of the discount created by the transfer.

We invest in securities to actively manage liquidity and interest rate risk and to generate interest income. Our investment securities are primarily held as a source of contingent liquidity. We manage our liquidity to provide adequate funds for our customers’ credit needs, capital plan actions, anticipated financial and contractual obligations, which include withdrawals by depositors, debt and capital service requirements, and lease obligations. We target securities that can be readily turned into cash through repurchase agreements. At March 31, 2023, approximately $18 billion of our investment securities were either pledged or used as collateral for current and potential borrowings with more than $16 billion of unutilized capacity. An additional $4 billion of our investment securities were pledged for collateralized deposits and other purposes.

We also manage the duration extension risk of our investment securities portfolio. At March 31, 2023, the estimated duration of our securities portfolio remained relatively stable at 4.1, compared with 4.0 at March 31, 2022.

Loans and leases, net of unearned income and fees, increased $5.1 billion, or 10%, to $56.3 billion at March 31, 2023. Loan growth was driven largely from increases of $1.6 billion in consumer 1-4 family residential mortgage loans, $1.3 billion in commercial real estate term loans, $1.1 billion in commercial and industrial loans, $0.6 billion in consumer construction loans, and $0.4 billion in municipal loans. These increases were partially offset by a $0.5 billion decrease in commercial real estate construction and land development loans.

Unfunded lending commitments increased $3.5 billion, or 13%, to $30.7 billion at March 31, 2023, primarily due to growth in home equity and consumer residential construction lending commitments.

1 Does not include loans held for sale.

2 Does not include banking premises held for sale.

Nonperforming assets decreased $79 million, or 31%, and classified loans decreased $236 million, or 21%. We had zero net loan and lease charge-offs, compared with net charge-offs of $6 million in the prior year quarter. During the first quarter of 2023, we recorded a $45 million provision for credit losses, compared with a $(33) million provision during the prior year period. The allowance for credit losses (“ACL”) was $678 million at March 31, 2023, compared with $514 million at March 31, 2022. The increase in the ACL was primarily due to deterioration in economic forecasts and growth in the loan portfolio. The ratio of ACL to total loans and leases was 1.20% at March 31, 2023, compared with 1.00% at March 31, 2022.

Total deposits decreased $13.1 billion, or 16% to $69.2 billion at March 31, 2023. More than two-thirds of the decrease related to accounts with balances greater than $10 million. Our loan-to-deposit ratio was 81%, compared with 62% in the prior year quarter.

Average total deposits decreased $11.4 billion, or 14%, to $70.2 billion, compared with $81.6 billion during the prior year period. Average noninterest-bearing deposits decreased $6.5 billion, or 16%, and were 49% and 50% of average total deposits for the respective time periods.

Total borrowed funds, consisting primarily of secured borrowings from the FHLB, increased $11.5 billion from the prior year quarter in response to declines in total deposits and loan growth. FHLB borrowings are “open-term,” allowing us the ability to retain or return funds based on our liquidity needs. The increase in borrowed funds also included repurchase agreements executed through the General Collateral Funding (“GCF”) repo program.

The common stock dividend was $0.41 per share, compared with $0.38 per share during the prior year quarter. Common shares outstanding decreased 3.2 million, or 2%, from the first quarter of 2022, primarily due to common stock repurchases. During the first quarter of 2023, we repurchased 0.9 million common shares outstanding for $50 million, compared with 0.8 million common shares repurchased for $50 million during the prior year period.

Accumulated other comprehensive income (loss) (“AOCI”) was $2.9 billion at March 31, 2023, and reflects the decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Additionally, changes in AOCI do not impact our regulatory capital ratios.

Estimated common equity tier 1 (“CET1”) capital was $6.6 billion, an increase of 7%, compared with $6.2 billion. The estimated CET1 capital ratio was 9.9%, compared with 10.0%, reflecting an 8% increase in risk-weighted assets due to strong loan growth. Tangible book value per common share increased to $44.57, compared with $40.87, due to an increase in retained earnings. For more information on non-GAAP financial measures, see pages 16-17.

Zions has posted a supplemental presentation to its website, which will be used to discuss the first quarter results at 5:30 p.m. ET on April 19, 2023. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and entering the passcode 13737440, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $90 billion of total assets at December 31, 2022, and annual net revenue of $3.2 billion in 2022. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

This earnings release includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as “may,” “might,” “could,” “anticipate,” “expect,” and similar terms, are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks and uncertainties.

Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although this list is not comprehensive, important factors that may cause material differences include the quality and composition of our loan and securities portfolios and the quality and composition of our deposits; changes in general industry, political and economic conditions, including continued high inflation, economic slowdown or recession, or other economic disruptions; changes in interest and reference rates which could adversely affect our revenue and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses; securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; our ability to recruit and retain talent, including increased competition for qualified candidates as a result of expanded remote-work opportunities and increased compensation expenses; competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services; our ability to complete projects and initiatives and execute on our strategic plans, manage our risks, and achieve our business Press Release – Page 8

objectives; our ability to provide adequate oversight of our suppliers or prevent inadequate performance by third parties upon whom we rely for the delivery of various products and services; our ability to develop and maintain technology, information security systems and controls designed to guard against fraud, cybersecurity, and privacy risks; changes and uncertainties in applicable laws, and fiscal, monetary, regulatory, trade, and tax policies, and actions taken by governments, agencies, central banks and similar organizations; adverse media and other expressions of negative public opinion whether directed at us, other banks, the banking industry generally or otherwise that may adversely affect our reputation and that of the banking industry generally; the effects of pandemics and other health emergencies, including the lingering effects of the COVID-19 pandemic that may affect our business, employees, customers, and communities, such as ongoing effects on availability and cost of labor; the effects of wars and geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future; natural disasters that may impact our and our customer's operations and business; and governmental and social responses to environmental, social, and governance issues, including those with respect to climate change.

Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2022 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC), and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov).

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

(Unaudited)

1 At period end.

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

3 The increase in the effective tax rate at March 31, 2023 was the result of a change in the reserve for uncertain tax positions.

4 Current period ratios and amounts represent estimates.

(Unaudited)

1 Commercial and industrial loan balances include PPP loans of $159 million, $197 million, $306 million, $534 million, and $1,081 million for the respective periods presented.

(Unaudited)

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

(Unaudited)

1 The beginning balance at March 31, 2023 for the allowance for loan losses does not agree to its respective ending balance at December 31, 2022 because of the adoption of the new accounting standard related to loan modifications to borrowers experiencing financial difficulties.

2 Does not include loans held for sale.

(Unaudited)

(Unaudited)