1 Comparisons noted in the bullet points are calculated for the current quarter compared with the same prior year period unless otherwise specified.

2 For information on non-GAAP financial measures, see pages 18-21.

3 Excluding the $15 million charitable contribution, adjusted PPNR for the three and twelve months ended December 31, 2025, would have been $346 million and $1.28 billion, respectively, with corresponding efficiency ratios of 60.6% and 62.2%.

1 Taxable-equivalent rates used where applicable.

Net interest income increased $56 million, or 9%, in the fourth quarter of 2025, relative to the prior year period, primarily due to lower funding costs. The increase was further supported by a favorable shift in the composition of average interest-earning assets, reflecting growth in higher-yielding loans and a decline in lower-yielding money market investments and securities. As a result, the net interest margin improved to 3.31%, compared with 3.05%.

The yield on average interest-earning assets, net of hedging activity, was 5.01% for the fourth quarter of 2025, compared with 5.13% in the prior year period, reflecting lower interest rates. The net yield on average loans and leases decreased 16 basis points to 5.76%, while the net yield on average securities declined 7 basis points to 2.66%. Additionally, the yield on average money market investments declined 77 basis points to 4.23%.

The rate paid on total deposits and interest-bearing liabilities was 1.76% for the fourth quarter of 2025, compared with 2.12% in the prior year period. The total cost of deposits was 1.56%, compared with 1.93%, reflecting the lower interest rate environment.

Average interest-earning assets remained relatively flat from the prior year period. Average loans and leases increased $1.5 billion, while average securities and average money market investments decreased $926 million and $805 million, respectively.

Average interest-bearing liabilities decreased $2.3 billion, or 4%, from the prior year period. This decrease was primarily driven by a $2.1 billion reduction in average interest-bearing deposits, largely due to a decline in brokered deposits, along with a $172 million decrease in average borrowed funds.

1 Effective the first quarter of 2025, capital markets fees and income includes the net credit valuation adjustment ("CVA"), which was previously disclosed under noncustomer-related noninterest income. Prior period amounts have been reclassified for comparative purposes.

2 Net of CVA. For information on non-GAAP financial measures, see pages 18-21.

Customer-related noninterest income was relatively flat compared with the prior year period and primarily reflects a $3 million increase in retail and business banking fees, driven largely by an increase in overdraft and deposit service fees, offset by a $3 million decline in capital markets fees and income, mainly attributable to reduced syndication and foreign exchange activity. For the full year 2025, customer-related noninterest income increased $23 million, or 4%. Excluding the impact of net CVA, capital markets fees and income increased $15 million, or 14%, benefitting from higher customer swap fee revenue and increased investment banking advisory fees.

Noncustomer-related noninterest income increased $14 million, or 82%, compared with the prior year period. This growth was primarily driven by a $13 million increase in net securities gains, largely attributable to valuation adjustments within our Small Business Investment Company (“SBIC”) investment portfolio.

1 For information on non-GAAP financial measures, see pages 18-21.

Noninterest expense increased $37 million, or 7%, compared with the prior year quarter. Marketing and business development expense increased $20 million, largely driven by a $15 million donation to our charitable foundation. Salaries and employee benefits expense increased $14 million, primarily due to higher base salaries and severance costs, along with increased incentive compensation accruals reflecting improved profitability. Technology, telecom, and information processing expense increased $5 million, mainly due to higher costs associated with application software, licensing, and maintenance costs. Other noninterest expense increased $5 million, partly due a success fee accrual adjustment related to our SBIC investments. These increases were partially offset by an $11 million decrease in deposit insurance and regulatory expense, largely due to an updated FDIC special assessment estimate.

Adjusted noninterest expense increased $39 million, or 8%, primarily due to the same factors previously mentioned. The efficiency ratio was relatively flat at 62.3%, compared with 62.0%. 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%, reflecting positive operating leverage. For more information regarding non-GAAP financial measures, see pages 18-21.

Total investment securities decreased $690 million, or 4%, to $18.1 billion, relative to the prior year quarter, primarily due to principal reductions, net of reinvestments.

Loans and leases, net of unearned income and fees, increased $1.5 billion, or 3%, to $60.9 billion, relative to the prior year quarter. This growth was driven by an $857 million increase in consumer loans, primarily within the 1-4 family residential loan portfolio, and a $731 million increase in commercial loans, largely within the commercial and industrial loan portfolio.

The $127 million increase in loans held for sale compared to the prior year quarter primarily reflects an increase in 1-4 family residential loans as well as higher real estate capital markets activity.

During the fourth quarter of 2025, we recorded a $6 million provision for credit losses, compared with $41 million during the prior year period. The allowance for credit losses (“ACL”) totaled $724 million at December 31, 2025, compared with $741 million at December 31, 2024. The year-over-year decrease in the ACL primarily reflects lower reserves associated with commercial real estate (“CRE”) portfolio-specific risks, partially offset by more adverse economic scenarios and increased growth in loans and commitments. The ratio of ACL to total loans and leases was 1.19% at December 31, 2025, compared with 1.25% at December 31, 2024.

Net loan and lease charge-offs totaled $7 million in the fourth quarter of 2025, compared with $36 million in the prior year quarter. At December 31, 2025, nonperforming assets totaled $320 million, or 0.52% of total loans and leases and other real estate owned, compared with $298 million, or 0.50%, in the prior year period. Nonperforming assets remained primarily concentrated in the commercial and industrial, term CRE, and consumer 1-4 family residential loan portfolios. Classified loans totaled $2.4 billion, or 3.91% of total loans and leases, compared with $2.9 billion, or 4.83%, in the prior year period.

Total deposits decreased $579 million, or 1%, compared with the prior year quarter. Interest-bearing deposits decreased $1.7 billion from the prior year quarter, primarily due to a reduction in brokered deposits. This decline was Press Release – Page 6

partially offset by a $1.1 billion increase in noninterest-bearing demand deposits, mainly driven by the migration of a consumer interest-bearing product into a new noninterest-bearing offering.

At December 31, 2025, customer deposits (excluding brokered deposits) totaled $71.8 billion, compared with $71.2 billion at December 31, 2024. These balances included approximately $6.8 billion and $7.0 billion of reciprocal deposits, respectively. The loan-to-deposit ratio was 81%, compared with 78% in the prior year quarter.

Total borrowed funds, primarily composed of secured borrowings, decreased $206 million, or 4%, compared with the prior year quarter. This decrease was driven by a reduction in short-term advances from the FHLB, partially offset by the issuance of $500 million in 4.70% Fixed-to-Floating Senior Notes during the third quarter of 2025.

The common stock dividend was $0.45 per share, compared with $0.43 per share during the fourth quarter of 2024.

At December 31, 2025, 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 $1.6 billion ($1.2 billion after tax) of unrealized losses associated with securities previously transferred from AFS to held-to-maturity (“HTM”). Compared with December 31, 2024, AOCI improved $439 million, and had a positive impact on our tangible book value per common share. 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 these 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 $7.9 billion, an increase of 8%, compared with $7.4 billion in the prior year period. The estimated CET1 capital ratio was 11.5%, compared with 10.9%. Tangible book value per common share increased $6.94, or 21%, to $40.79, mainly due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see pages 18-21.

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 20, 2026. 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 13757867, 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 $3.4 billion in 2025, and total assets of approximately $89 billion at December 31, 2025. 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 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 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 8

•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;

•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;

•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 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; 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.

(Unaudited)

1 At period end.

2 For information on non-GAAP financial measures, see pages 18-21.

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.

(Unaudited)

(Unaudited)

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

(Unaudited)

1 Does not include loans held for sale.

(Unaudited)

(Unaudited)