Zions Bancorporation, N.A. One South Main Salt Lake City, UT 84133 April 21, 2025
www.zionsbancorporation.com

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 28.9% at March 31, 2025, compared with 24.6% at March 31, 2024, primarily due to a required revaluation of deferred tax assets resulting from new state tax legislation enacted during the quarter.

2 For information on non-GAAP financial measures, see pages 17-18.

3 Does not include banking premises held for sale.

1 Taxable-equivalent rates used where applicable.

Net interest income increased $38 million, or 6%, in the first quarter of 2025, relative to the prior year period, primarily as a result of lower funding costs. Additionally, net interest income benefited from a favorable mix change in average interest-earning assets, driven by growth in average loans and money market investments, and a decline in average securities. The net interest margin improved to 3.10%, compared with 2.94%.

The yield, net of hedging activity, on average interest-earning assets was 5.08% in the first quarter of 2025, compared with 5.25% in the prior year period. The net yield on average loans and leases decreased 22 basis points to 5.84%, and the net yield on average securities decreased 9 basis points to 2.75% in the first quarter of 2025.

The rate paid on total deposits and interest-bearing liabilities was 2.01%, compared with 2.34% in the prior year quarter, and the total cost of deposits was 1.76%, compared with 2.06%, reflecting the lower interest rate environment, partially offset by a mix change from noninterest-bearing to interest-bearing products.

Average interest-earning assets increased $1.4 billion, or 2% from the prior year quarter. This growth was driven by a $1.7 billion increase in average loans and leases and a $1.3 billion increase in average money market investments, partially offset by a $1.7 billion decline in average securities, primarily due to principal reductions.

Average interest-bearing liabilities increased $2.3 billion, or 4%, from the prior year quarter. This increase was primarily driven by a $2.9 billion increase in average interest-bearing deposits, partially offset by a $570 million decrease in average borrowed funds.

1 Effective for the first quarter of 2025, capital markets fees and income includes fair value and nonhedge derivative income (loss) of less than one million, $3 million, and $1 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. These amounts were previously disclosed under noncustomer-related noninterest income. No other income statement line items or ratios were affected by these changes and reclassifications. Prior period amounts have been reclassified for comparative purposes.

Customer-related noninterest income increased $6 million, or 4%, compared with the prior year period. This growth was largely driven by higher loan-related fees and income, as well as improved capital markets fees and income, primarily due to increased investment banking advisory fees.

Noncustomer-related noninterest income increased $9 million, compared with the prior year period, primarily due to an $8 million increase in net securities gains. This increase was largely attributable to valuation adjustments in our Small Business Investment Company (“SBIC”) investment portfolio and a $4 million valuation loss associated with one of our equity investments in the prior year period.

1 For information on non-GAAP financial measures, see pages 17-18.

Noninterest expense increased $12 million, or 2%, compared with the prior year quarter. Salaries and employee benefits expense increased $11 million, primarily due to higher incentive compensation, benefits, and severance expenses. Technology, telecom, and information processing expense increased $8 million, mainly due to higher application software, license, and maintenance expenses. Other noninterest expense increased $6 million, partly due to a $3 million impairment of certain long-lived assets. These increases were partially offset by a $12 million decrease in Press Release – Page 4

deposit insurance and regulatory expense, primarily due to a $13 million accrual associated with an updated FDIC special assessment estimate during the prior year quarter.

Adjusted noninterest expense increased $22 million, or 4%. The efficiency ratio was 66.6%, compared with 67.9%, as the increase in adjusted taxable-equivalent revenue outpaced the increase in adjusted noninterest expense. For information on non-GAAP financial measures, see pages 17-18.

Total investment securities decreased $1.4 billion, or 7%, to $18.7 billion at March 31, 2025, primarily due to principal reductions. We invest in securities to manage liquidity and interest rate risk, and to generate interest income. Our portfolio mainly consists of securities that can readily provide cash and liquidity through secured borrowing agreements, eliminating the need to sell the securities. Our fixed-rate securities portfolio helps balance the inherent interest rate mismatch between loans and deposits, thereby protecting the economic value of shareholders' equity.

Loans and leases, net of unearned income and fees, increased $1.8 billion, or 3%, to $59.9 billion, relative to the prior year quarter. Consumer loans increased $1.3 billion from the prior year quarter, primarily in the 1-4 family residential loan portfolio, and commercial loans increased $531 million, primarily in the commercial and industrial loan portfolio.

At March 31, 2025, total loans and leases included approximately $420 million of consumer and commercial loan balances acquired from the purchase of four FirstBank Coachella Valley, California branches during the first quarter of 2025.

During the first quarter of 2025, we recorded an $18 million provision for credit losses, compared with a provision of $13 million during the prior year period. The allowance for credit losses (“ACL”) was $743 million at March 31, 2025, compared with $736 million at March 31, 2024. The increase in the ACL primarily reflects credit quality deterioration and loan growth, partially offset by lower reserves associated with portfolio-specific risks, including commercial real estate (“CRE”), improvements in economic forecasts, and changes in loan portfolio composition. The ratio of ACL to total loans and leases was 1.24% at March 31, 2025, compared with 1.27% at March 31, 2024.

Net loan and lease charge-offs totaled $16 million, compared with $6 million in the prior year quarter, and included an $8 million charge-off on one commercial and industrial loan. Nonperforming assets totaled $307 million, or 0.51% of total loans and leases and other real estate owned, compared with $254 million, or 0.44%. The increase in nonperforming assets was primarily due to a small number of loans in the term CRE, consumer 1-4 family residential, and commercial and industrial portfolios.

Classified loans totaled $2.9 billion, or 4.82% of total loans and leases, compared with $966 million, or 1.66%, in the prior year period. The increase in classified loans was primarily in the multifamily and industrial CRE loan portfolios, largely due to an increased emphasis in risk grading on current cash flows, and less emphasis on the adequacy of collateral values and the strength of guarantors and sponsors. Additionally, weaker performance in the 2021, 2022, and 2023 construction loan vintages contributed to the increase, as borrowers missed projections due to longer-than-anticipated lease-up periods, rent concessions, elevated costs, and higher interest rates. The loss content of our CRE loan portfolio continues to be mitigated by strong underwriting, supported by significant borrower equity and guarantor support, resulting in relatively stable CRE nonperforming assets.

Total deposits increased $1.5 billion, or 2%, compared with the prior year quarter. Interest-bearing deposits increased $1.8 billion, partially offset by a $345 million decrease in noninterest-bearing demand deposits. At March 31, 2025, total deposits included approximately $630 million of deposit balances acquired from the purchase of four FirstBank Coachella Valley, California branches during the first quarter of 2025.

At March 31, 2025, customer deposits (excluding brokered deposits) totaled $70.9 billion, compared with $69.9 billion at March 31, 2024, and included approximately $6.7 billion and $7.5 billion of reciprocal deposits, respectively. Our loan-to-deposit ratio was 79%, compared with 78% in the prior year quarter.

Total borrowed funds, primarily consisting of secured borrowings, decreased $1.0 billion, or 18%, from the prior year quarter. This decrease was driven by a $1.4 billion reduction in security repurchase agreements and FRB short-term advances, partially offset by a $420 million increase in long-term debt. The increase in long-term debt was due to the issuance of $500 million of 6.82% Fixed-to-Floating Subordinated Notes, partially offset by the redemption of $88 million of 6.95% Fixed-to-Floating Subordinated Notes during the fourth quarter of 2024.

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.

Preferred stock decreased $374 million due to the redemption of the outstanding shares of our Series G, I, and J preferred stock during the fourth quarter of 2024. The common stock dividend was $0.43 per share, compared with $0.41 per share during the first quarter of 2024.

Common shares outstanding decreased 0.1 million from the first quarter of 2024, primarily due to common stock repurchases. During the first quarter of 2025, we repurchased 0.8 million common shares outstanding for $41 million, compared with 0.9 million common shares repurchased for $35 million during the prior year period.

Accumulated other comprehensive income (loss) (“AOCI”) was a loss of $2.3 billion at March 31, 2025, an improvement of $359 million when compared with a loss of $2.6 billion at March 31, 2024. The AOCI loss largely reflects a decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are currently excluded from regulatory capital, and therefore do not impact our regulatory capital ratios.

Estimated common equity tier 1 (“CET1”) capital was $7.4 billion, an increase of 7%, compared with $6.9 billion in the prior year period. The estimated CET1 capital ratio was 10.8%, compared with 10.4%. Tangible book value per common share increased to $34.95, compared with $29.34, primarily due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see pages 17-18.

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 21, 2025. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and using the meeting number 13753109, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at www.zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

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

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 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 elevated inflation, economic slowdown or recession, or other economic challenges; imposition of tariffs and resulting market volatility and uncertainty, including the effects on supply chains and revenues for us and our customers; changes in interest and reference rates, which could adversely affect our revenue and expenses, the value of assets and liabilities, and the availability and cost of capital and liquidity; and deterioration in economic conditions that may result in increased loan and lease losses;

•Political developments, including transitions in administration and shifts in congressional control that result in significant disruptions and changes in the size, scope, and effectiveness of the government and its agencies and services;

•The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies; Press Release – Page 9

•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;

•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 technological advancements, such as digital currencies and commerce, blockchain, artificial intelligence, quantum and cloud computing, and other innovations affecting 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, information security systems, and controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents;

•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, domestic and international trade policies and disputes, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future;

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

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

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

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

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

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

•Protracted congressional negotiations regarding government funding and other issues, including those that add to the national debt, increase the possibility of government shutdowns, downgrades in United States (“U.S.”) credit ratings, or other economic disruptions; and

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

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

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1 At period end.

2 For information on non-GAAP financial measures, see pages 17-18.

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

4 Current period ratios and amounts represent estimates.

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1 Includes loans held for sale.

2 Does not include banking premises held for sale.

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1 Does not include loans held for sale.

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