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 16.0% at December 31, 2023, compared with 20.9% at December 31, 2022, primarily as a result of changes in the reserve for uncertain tax positions.

2 For information on non-GAAP financial measures, see pages 16-18.

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 decreased $137 million, or 19%, in the fourth quarter of 2023, relative to the prior year period, as higher earning asset yields were offset by higher funding costs. Net interest income was also impacted by a reduction in interest-earning assets and an increase in interest-bearing liabilities.

Average interest-earning assets decreased $1.0 billion, or 1%, from the prior year quarter, driven by declines of $3.0 billion and $0.5 billion in average securities and average money market investments, respectively. The decrease in average securities was primarily due to principal reductions. These decreases were partially offset by an increase of $2.5 billion in average loans and leases.

Average interest-bearing liabilities increased $9.9 billion, or 23%, from the prior year quarter, driven by an increase of $12.8 billion in average interest-bearing deposits, partially offset by a decrease of $2.9 billion in average borrowed funds.

The net interest margin was 2.91%, compared with 3.53%, and remained relatively flat compared with 2.93% in the third quarter of 2023. The yield on average interest-earning assets was 5.15% in the fourth quarter of 2023, an increase of 106 basis points, reflecting higher interest rates and a favorable mix change to higher yielding assets. The yield on average loans and leases increased 113 basis points to 5.94%, and the yield on average securities increased 42 basis points to 2.84%.

The cost of total deposits for the fourth quarter of 2023 was 2.06%, compared with 0.20%. The rate paid on total deposits and interest-bearing liabilities was 2.25%, compared with 0.56%, reflecting the higher interest rate environment. Average noninterest-bearing deposits as a percentage of total deposits decreased to 35%, compared with 51% during the same prior year period, as customers migrated to interest-bearing products in response to the higher interest rate environment.

Total customer-related noninterest income remained relatively stable at $150 million, compared with $153 million in the prior year quarter. An increase in commercial account analysis fees was offset by a decrease in capital market fees, driven largely by reduced swap and loan syndication fees, and a decrease in loan-related fees and income, primarily due to a decline in loan servicing income resulting from the sale of associated mortgage servicing rights in the third quarter of 2023.

Net securities losses decreased $4 million, primarily due to higher losses recorded during the prior year period in our SBIC investment portfolio. Fair value and nonhedge derivative loss increased $5 million, primarily due to a $9 million loss during the quarter related to a credit valuation adjustment (“CVA”) on client-related interest rate swaps.

1 For information on non-GAAP financial measures, see pages 16-18.

Total noninterest expense increased $110 million, or 23%, relative to the prior year quarter. Deposit insurance and regulatory expense increased $95 million, driven largely by a $90 million accrual associated with the FDIC special assessment during the quarter.

Technology, telecom, and information processing expense increased $14 million, primarily due to increases in software amortization expenses associated with the replacement of our core loan and deposit banking system, as well as other related application software, license, and maintenance expenses.

The efficiency ratio was 65.1%, compared with 52.9%, primarily due to a decline in adjusted taxable-equivalent revenue. For information on non-GAAP financial measures, see pages 16-18.

Total net investment securities decreased $2.8 billion, or 12%, to $20.7 billion at December 31, 2023, largely due to principal reductions. During the prior year period, we transferred approximately $10.7 billion fair value ($13.1 billion amortized cost) of mortgage-backed AFS securities to the HTM category. 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 ($1.8 billion after tax) of unrealized losses in AOCI attributable to these securities. The amortization of the unrealized losses will offset the effect of the accretion of the discount created by the transfer. At December 31, 2023, the unamortized discount on the HTM securities totaled approximately $2.1 billion ($1.5 billion after tax).

The trading securities portfolio, comprised of municipal securities, totaled $48 million at December 31, 2023, compared with $465 million at December 31, 2022. The prior year quarter also included $395 million of customer sweeps into money market mutual funds. Beginning in the first quarter of 2023, sweep-related balances were presented in “Money market investments” on the consolidated balance sheet.

We invest in securities to actively manage liquidity and interest rate risk and to generate interest income. We primarily own securities that can readily provide us cash and liquidity through secured borrowing agreements without the need to sell the securities. We also manage the duration of our investment securities portfolio to help balance the inherent interest rate mismatch between loans and deposits, and to protect the economic value of shareholders' equity. At December 31, 2023, the estimated duration of our securities portfolio decreased to 3.6 percent, compared with 4.2 percent at December 31, 2022, primarily due to the addition of fair value hedges of fixed-rate securities during the second quarter of 2023.

Loans and leases, net of unearned income and fees, increased $2.1 billion, or 4%, to $57.8 billion at December 31, 2023, relative to the prior year quarter. Consumer loans increased $1.4 billion from the prior year quarter, primarily in the 1-4 family residential and consumer construction loan portfolios, and commercial real estate loans increased $0.6 billion, primarily in the multi-family and industrial construction loan portfolios. Increased funding of construction Press Release – Page 5

lending commitments and a slower pace of loan payoffs contributed to growth in these portfolios. Unfunded lending commitments decreased $0.8 billion, or 3%, to $29.7 billion at December 31, 2023, primarily due to increased draws on existing commercial and consumer construction lending commitments.

1 Does not include loans held for sale.

2 Does not include banking premises held for sale.

During the fourth quarter of 2023, we recorded a provision for credit losses of less than $1 million, compared with a $43 million provision during the prior year period. The allowance for credit losses (“ACL”) was $729 million at December 31, 2023, compared with $636 million at December 31, 2022. This year-over-year increase in the ACL was primarily due to deterioration in economic forecasts, and reflects incremental reserves for commercial real estate exposures. The ratio of ACL to total loans and leases was 1.26% at December 31, 2023, compared with 1.14% at December 31, 2022. Net loan and lease charge-offs totaled $9 million, compared with net recoveries of $3 million in the prior year quarter. Classified loans decreased $104 million, or 11%. Nonperforming assets increased $79 million, or 53%, primarily due to one commercial and industrial loan totaling $31 million, and two previously reported suburban office commercial real estate loans totaling $46 million.

Total deposits increased $3.3 billion, or 5%, from the prior year quarter, as a $12.8 billion increase in interest-bearing deposits was partially offset by a $9.5 billion decrease in noninterest-bearing demand deposits, as customers migrated to interest-bearing products in response to the higher interest rate environment.

At December 31, 2023, customer deposits (excluding brokered deposits) totaled $70.5 billion and included approximately $6.8 billion of reciprocal deposit products, where we distributed our customers’ deposits in a placement network to increase their FDIC insurance and in return we received a matching amount of deposits from other network banks.

Average total deposits decreased $1.7 billion, or 2%, relative to the prior year period, driven by the aforementioned decrease in average noninterest-bearing deposits as interest rates increased. Our loan-to-deposit ratio was 77%, compared with 78% in the prior year quarter.

Total borrowed funds, consisting primarily of secured borrowings, decreased $6.1 billion, or 56%, from the prior year quarter, largely due to an increase in interest-bearing deposits and a decrease in interest-earning assets. The decrease in long-term debt was due to the maturity of a senior note during the second quarter of 2023.

The common stock dividend was $0.41 per share, unchanged from the fourth quarter of 2022. Common shares outstanding decreased 0.5 million, or 0.3%, from the fourth quarter of 2022, primarily due to common stock repurchases in the first quarter of 2023.

Accumulated other comprehensive income (loss) (“AOCI”) was $2.7 billion at December 31, 2023, and largely reflects a decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are excluded from regulatory capital, and therefore do not impact our regulatory capital ratios.

Estimated common equity tier 1 (“CET1”) capital was $6.9 billion, an increase of 6%, compared with $6.5 billion in the prior year period. The estimated CET1 capital ratio was 10.3%, compared with 9.8%. Tangible book value per common share increased to $28.30, compared with $22.79, primarily due to an increase in retained earnings and an improvement in AOCI largely due to paydowns on securities. For more information on non-GAAP financial measures, see pages 16-18.

Zions has posted a supplemental presentation to its website, which will be used to discuss the fourth quarter results at 5:30 p.m. ET on January 22, 2024. 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 13743994, 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 $87 billion of total assets at December 31, 2023, and annual net revenue of $3.1 billion in 2023. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 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 are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements include, among others:

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

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

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

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

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

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

•Changes in general industry, political and economic conditions, including continued elevated inflation, economic slowdown or recession, or other economic challenges; changes in interest and reference rates which could adversely affect our revenue and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses; Press Release – Page 8

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

•The impact of bank closures 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 shareholders' equity, but not on our regulatory capital.

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

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

•Our ability to 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;

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

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

•Natural disasters, pandemics, catastrophic events and other emergencies and incidents that may impact our and our customer's operations and business and communities; 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 16-18.

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

4 Current period ratios and amounts represent estimates.

(Unaudited)

1 Commercial and industrial loan balances include PPP loans of $77 million, $106 million, $126 million, $159 million, and $197 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)