# EDGAR Filing Document

**Accession Number:** 0000109380
**File Stem:** 0000109380-25-000088
**Filing Date:** 2025-6
**Character Count:** 36248
**Document Hash:** a87a12294a02d40e010d605b44bf6917
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000109380-25-000088.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0000109380-25-000088

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250626

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/
- **CENTRAL INDEX KEY:** 0000109380
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 870227400
- **STATE OF INCORPORATION:** UT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12307
- **FILM NUMBER:** 251081227

**BUSINESS ADDRESS:**
- **STREET 1:** ONE SOUTH MAIN STREET
- **STREET 2:** 11TH FLOOR
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84133
- **BUSINESS PHONE:** 8018447637

**MAIL ADDRESS:**
- **STREET 1:** ONE SOUTH MAIN STREET
- **STREET 2:** 11TH FLOOR
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84133

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIONS BANCORPORATION /UT/
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIONS UTAH BANCORPORATION
- **DATE OF NAME CHANGE:** 19870615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIONS FIRST NATIONAL INVESTMENT CO
- **DATE OF NAME CHANGE:** 19660921

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| |
|:---|
| **UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** |
| **FORM 11-K** |
| **[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended <u>December 31, 2024</u>** |
| **OR** |
| **[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ___________ to ___________** |
| **COMMISSION FILE NUMBER 001-12307** |
| A. Full title of the plan and the address of the plan, if different from that of the issuer named below: |
| **Zions Bancorporation, N.A. Payshelter 401(k) and<br>Employee Stock Ownership Plan** |
| B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
| **ZIONS BANCORPORATION, NATIONAL ASSOCIATION**<br>**One South Main, 15**<sup>th</sup> **Floor**<br>**Salt Lake City, Utah 84133** |

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INDEX

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| | | |
|:---|:---|:---|
| | | Page |
| (a) | Financial Statements and Supplemental Schedule – <br> Zions Bancorporation, N.A. Payshelter 401(k) and<br> Employee Stock Ownership Plan | <br>F-1 |
| (b) | Signatures | F-2 |
| (c) | <u>[Exhibit 23](exhibit23202411-keyconsent.htm)</u> - Consent of Independent Registered<br>&nbsp;&nbsp;&nbsp;&nbsp;Public Accounting Firm | <br>F-3 |

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Financial Statements and Supplemental Schedule

Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

As of December 31, 2024 and 2023 and for the

Year Ended December 31, 2024

with Report of Independent Registered Public Accounting Firm

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Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

Financial Statements and Supplemental Schedule

As of December 31, 2024 and 2023 and for the

Year Ended December 31, 2024

**Contents**

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| | |
|:---|:---|
| Report of Independent Registered Public Accounting Firm |  |
| Financial Statements |  |
| &nbsp;&nbsp;Statements of Net Assets Available for Benefits | 1 |
| &nbsp;&nbsp;Statement of Changes in Net Assets Available for Benefits | 2 |
| &nbsp;&nbsp;Notes to Financial Statements | 3 |
| Supplemental Schedule |  |
| &nbsp;&nbsp;Schedule H, Line 4i – Schedule of Assets (Held at End of Year) | 12 |

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**Report of Independent Registered Public Accounting Firm**

To the Plan Participants and the Plan Administrator of Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2024 and 2023, and the changes in its net assets available for benefits for the year ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Schedule Required by ERISA**

The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2024 (referred to as the "supplemental schedule"), has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The information in the supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the information reconciles to the financial statements or the

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underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Ernst & Young LLP

We have served as the Plan's auditor since 2000.

Salt Lake City, Utah

June 26, 2025

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Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

Statements of Net Assets Available for Benefits

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| **Assets** |  |  |
| Investments, at fair value | $1842058039 | $1622799246 |
| Receivables: |  |  |
| &nbsp;&nbsp;Participant and employer contributions | 18083211 | 17862305 |
| &nbsp;&nbsp;Notes receivable from participants | 25434582 | 22243271 |
|  | 43517793 | 40105576 |
| Net assets available for benefits | $1885575832 | $1662904822 |
| *See accompanying notes to financial statements.* |  |  |

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Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

Statement of Changes in Net Assets Available for Benefits

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| | |
|:---|:---|
| **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Additions to/(deductions from) net assets attributable to:** | |
| &nbsp;&nbsp;Investment income: |  |
| &nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | $246104908 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 38195672 |
| &nbsp;&nbsp;Contributions: |  |
| &nbsp;&nbsp;&nbsp;Participant | 76716572 |
| &nbsp;&nbsp;&nbsp;Employer | 51336852 |
| &nbsp;&nbsp;&nbsp;Rollovers | 8997446 |
| Total additions | 421351450 |
| &nbsp;&nbsp;Benefits paid directly to participants | (198680440) |
| Net increase | 222671010 |
| Net assets available for benefits: |  |
| &nbsp;&nbsp;Beginning of year | 1662904822 |
| &nbsp;&nbsp;End of year | $1885575832 |
| *See accompanying notes to financial statements.* | *See accompanying notes to financial statements.* |

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Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

Notes to Financial Statements

**1.&nbsp;&nbsp;&nbsp;&nbsp;DESCRIPTION OF PLAN**

The following description of the Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan ("the Plan") provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions.

**General**

The Plan is a single employer defined contribution plan designed to provide retirement benefits for eligible employees under a salary reduction arrangement with a specified employer matching contribution and a discretionary noncontributory profit sharing feature. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). From time to time, the Plan has been restated and amended. Fidelity Management Trust Company ("Fidelity") is the trustee of the Plan. Zions Bancorporation, National Association ("the Bank", "Zions Bancorporation, N.A.") is the Plan sponsor. The Bank's Benefits Committee ("the Benefits Committee") administers the Plan.

**Eligibility**

Participation in the Plan through employee salary deferral is voluntary. Any nonexcluded employee (as defined in the Plan provisions) at least 21 years of age is eligible to participate. To be eligible for the noncontributory profit sharing feature, participants must meet other criteria, including 1,000 hours of service and be employed on December 31st.

A matching contribution is provided to participants after completing at least one year of employment, measured from the date of hire. Matching contributions begin after the employee satisfies the one year employment condition and is based on the salary reduction contributions made after that date.

**Contributions**

Participants may contribute up to 80% of their pretax annual compensation subject to the annual maximum allowable participant contribution, which was $23,000 for 2024 and $22,500 for 2023. Under applicable law, participants attaining the age of 50 during or prior to 2024 are eligible to make catch-up contributions. The Bank provides a matching contribution of 100% for the first 3% of the participant's eligible compensation and 50% for the next 3%. Effective January 1, 2023, the Plan was amended to allow participants to make after-tax contributions to the plan. The amendment also allows participants to be able to convert all or a portion of certain vested account balances in the Plan to a Roth contribution source.

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The 401(k) plan also has a noncontributory profit-sharing feature that is discretionary and may range from 0% to 3.5% of eligible compensation based upon the Bank's performance according to a formula approved annually by the Board of Directors. Contributions under the noncontributory profit sharing feature are discretionary and are based on the Bank's return on average common equity, as defined, for the Plan year.

These contributions are approved and made subsequent to the end of the Plan year. For the 2024 Plan year, $14,783,962 was contributed in February 2025. The profit sharing contribution was funded using $532,495 of employee forfeitures and $14,251,467 in cash from the Bank. For the 2023 Plan year, $16,270,606 was contributed in February 2024. The profit sharing contribution was funded using $408,701 of employee forfeitures and $15,861,905 in cash from the Bank. The cash contribution from the Bank increased employer contributions in the Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2024 and 2023 and employer contributions receivable in the Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023.

The Plan allows for Roth 401(k) contributions consistent with the requirements of §402A of the Internal Revenue Code (the "Code"). Such contributions include rollovers from other Roth deferral accounts as described in Code §402A(e)(1) and only to the extent the rollovers are permitted under Code §402(c). Roth contributions are treated as elective deferrals at the option of the participant for all purposes under the Plan, including determination and allocation of the Bank's matching contributions.

The Plan allows rollovers by participants from nonaffiliated qualifying plans.

**Participant Accounts**

Each participant's fund account is credited with the participant's contributions and allocations of the Bank's contributions and Plan earnings. Investment income or loss is allocated based on the investment shares held in the participant's account in relation to the total investment shares of the Plan. However, income or loss from trading of the Bank's common stock, which is done on a real-time basis, is identified and allocated directly to the participant's account without regard to the allocation process. Administrative expenses are included in "Benefits paid directly to participants" in the Statement of Changes in Net Assets Available for Benefits and were $829,495 in 2024.

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**Vesting and Payment of Benefits**

Participant and Bank matching contributions, plus investment earnings, are immediately vested. Bank contributions under the noncontributory profit sharing feature vest according to the following schedule:

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| | |
|:---|:---|
| **Years of vesting service** | **Percent vested** |
| Less than 2 |  |
| 2 | 20% |
| 3 | 40% |
| 4 | 60% |
| 5 or more | 100% |

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A year of vesting service is determined by the length of time an individual is an employee. Fractional years are rounded to the nearest one twelfth of a year. Periods of service are based on full calendar months, crediting an employee with a full month if the employee works at least one hour of service during the month.

Nonvested amounts forfeited by terminated participants are first used to reduce the Bank's profit sharing contributions. If profit sharing contributions are not made during a given Plan year, any amounts forfeited may be used at the Bank's election to reduce the Bank's matching contribution, offset administrative expenses, allocate directly to participants' accounts, or any combination of the foregoing.

Participants are 100% vested if employed by the Bank when normal retirement age is attained. Distributions are eligible to be paid upon death, disability, retirement, or termination of employment, or may be paid earlier subject to Plan provisions. Distributions are made in shares, cash, or a combination of the two, depending on the participant's investment options.

**Investment Options**

Participant contributions can be directed subject to Plan provisions into various Plan investment options, including the Bank's common stock. The Bank's matching contribution is made in cash and is invested according to each participants's investment election. Participants may diversify to other Plan investments up to 100% of their existing investments in the Bank's common stock received as Bank matching contributions from prior years. The noncontributory profit sharing contribution is invested in the Bank's common stock purchased in the open market. However, three years of participation in the Plan are required before participants can diversify their investments in the Bank's common stock resulting from the Bank's profit sharing contributions.

**Participant Loans**

Participants may borrow from their fund accounts in amounts from $1,000 up to the lesser of $50,000 or 50% of their vested account balance, as defined. Loan terms cannot exceed five years, or ten years if used for the purchase of a primary residence. The loans

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are funded through liquidation of participant investments and are repaid at a specified rate of interest through direct payroll deductions.

**Plan Termination**

Although the Bank has not expressed any intent to do so, it has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. If the Plan were terminated, each participant would become 100% vested and would receive a distribution of assets equal to the value of the participant's account.

**Plan Amendments**

Eighth Amendment (December 20, 2022): Clarified language related to post-termination compensation, allowed after-tax contributions, and enable conversion of certain vested account balances to Roth contributions.

Seventh Amendment (December 23, 2020): Conformed the plan to final regulations on hardship distributions and removes the requirement for employer matching contributions be made in employer securities.

Sixth Amendment (September 11, 2020): Provided earlier eligibility for "safe harbor" matching contributions for employees for deferrals made after one year of employment.

Fifth Amendment (September 11, 2020): Eliminated provisions permitting acquisition of employer securities through exempt loan transactions or allocation from a suspense account.

Fourth Amendment (September 11, 2020): Created a suspense account for excess pension funding, which were used ratably over three years to partially fund profit sharing contributions.

**2.&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**

The accompanying financial statements are prepared using the accrual basis of accounting under U.S generally accepted accounting principles ("GAAP").

**Investment Valuation, Income Recognition and Benefit Payments**

Investments are reported at fair value. Purchases and sales of investments are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Benefits are recorded when paid. Net appreciation/depreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.

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**Notes Receivable from Participants**

Notes receivable from participants represent participant loans recorded at their unpaid principal balance plus any accrued interest. Interest income on notes receivable from participants is recorded when earned. Amounts included in interest and dividends in the Statement of Changes in Net Assets Available for Benefits was $1,833,690 in 2024 and $1,240,620 in 2023. Loan documentation and processing fees are charged to the participants' accounts. No allowance for credit losses was recorded at December 31, 2024 or 2023. If a participant ceases to make loan repayments and the recordkeeper deems the participant loan to be in default, the amount of the defaulted loan is recorded as a distribution.

**Use of Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

**Concentration of Investments**

The Plan's Net Assets Available for Benefits at December 31, 2024 and 2023 include investments in the Bank's common stock of $357,846,882 (6,578,851 shares) and $317,121,737 (7,219,250 shares), respectively. These investments represent a 4.4% and 4.9% ownership of the Bank's outstanding common stock at December 31, 2024 and 2023, respectively.

**Recently Issued Accounting Pronouncements**

There have been no recent accounting pronouncements and developments that would significantly impact the financial statements or operations.

**Subsequent Events**

The Plan evaluated subsequent events through June 26, 2025, the date the financial statements were available to be issued.

**3.&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENTS**

As trustee of the Plan, Fidelity holds the Plan's investments and executes all investment transactions.

The Plan's investment activity in the Bank's common stock for 2024 includes nonparticipant-directed and participant-directed transactions. Because the investment activity cannot be split between these types of transactions, the entire investment is reflected as nonparticipant-directed in the following schedule.

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Significant changes in net assets during 2024 and 2023 relating to transactions of the Bank's common stock are as follows:

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| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2024 | 2023 |
| Net Appreciation/Depreciation in fair value | $75700676 | $(29468807) |
| Dividends | 11406891 | 11661498 |
| Interest on loans | 119149 | 65940 |
| Contributions | 19856181 | 23743124 |
| Net transfers to other investments | (35548957) | 468104 |
| Benefits paid directly to participants | (30808795) | (16128773) |
| &nbsp;&nbsp;Net Increase/(Decrease) in Bank common stock | 40725145 | (9658914) |
| Bank common stock at beginning of year | 317121737 | 326780651 |
| Bank common stock at end of year | $357846882 | $317121737 |

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**4.&nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE**

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. To measure fair value, a hierarchy has been established that prioritizes the use of observable inputs over unobservable inputs. This hierarchy uses the following three levels of inputs to measure the fair value of assets and liabilities:

Level 1 – Quoted prices in active markets for identical assets or liabilities in active markets that the Plan has the ability to access. For the Plan, Level 1 includes the Company's common stock, registered investment companies and a portion of common collective trusts.

Level 2 – Observable inputs other than Level 1 including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in less active markets, observable inputs other than quoted prices that are used in the valuation of an asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 – Unobservable inputs supported by little or no market activity for financial instruments whose value is determined by pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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The following describes the assets and the valuation methodologies used to measure their fair value:

Bank common stock – Shares of the Bank's common stock are valued at the last reported sales price on the last business day of the Plan year in the active market where individual securities are traded.

Common collective trusts – The Plan holds the Fidelity Managed Income Portfolio II – Class 4. The fund is a stable value fund designed to deliver safety and stability by preserving principal while earning interest income. Participation units in the fund are valued at the net asset value ("NAV") as the practical expedient as determined by the issuer of the fund. The Plan also holds target date and other common collective trusts whose fair market value is readily determinable by the quoted market prices of the underlying assets held in the trusts.

Registered investment companies – These mutual funds are valued at quoted market prices for shares held by the Plan at year-end.

Assets measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows at December 31, 2024 and 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Zions Bancorporation, N.A. common stock | $357846882 | $— | $— | $357846882 |
| Registered investment companies | 602630940 |  |  | 602630940 |
| Common collective trusts | 816088913 |  |  | 816088913 |
| Total | $1776566735 | $— | $— | 1776566735 |
| Investments that use NAV |  |  |  | 65491304 |
| Total investments |  |  |  | $1842058039 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| *(In millions)* | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Zions Bancorporation, N.A. common stock | $317121737 | $— | $— | $317121737 |
| Registered investment companies | 713748200 |  |  | 713748200 |
| Common collective trusts | 516711351 |  |  | 516711351 |
| Total | 1547581288 | $— | $— | 1547581288 |
| Investments that use NAV |  |  |  | 75217958 |
| Total investments |  |  |  | $1622799246 |

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No transfers occurred between Levels 1, 2, or 3 during 2024.

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As shown in the preceding schedules, the fair value hierarchy excludes investments in a common collective trust which are based upon the NAV. The following presents additional information as of December 31, 2024 and 2023 for the common collective trust fund whose fair value is based on NAV per share:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fair value <br>at December 31,** | **Fair value <br>at December 31,** | **Investment** | **Unfunded commitments** | **Redemption** |
| 2024: | $65491304 | Common collective trust fund |  | Any business day, subject to certain restrictions. |
| 2023: | $75217958 | Common collective trust fund |  | Any business day, subject to certain restrictions. |

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**5.&nbsp;&nbsp;&nbsp;&nbsp;TRANSACTIONS WITH PARTIES-IN-INTEREST**

During 2024, the Plan received dividends from the Bank's common stock it held of $11,406,891. Purchases and sales of the Bank's common stock in 2024 were $51,950,001 and $87,456,547, respectively. The amount of purchases included $19,259,060 of exchanges that were made by participants from other investments in the Plan during 2024.

As of December 31, 2024 and 2023, the Plan's assets include $711,529,168 and $551,919,872, respectively, of investment assets that are issued and managed by affiliates of Fidelity, the Trustee of the Plan.

**6.&nbsp;&nbsp;&nbsp;&nbsp;RISKS AND UNCERTAINTIES**

The Plan invests in various investment securities including Zions Bancorporation, N.A. common stock. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

**7.&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAX STATUS**

The Plan has received a determination letter from the Internal Revenue Service (IRS) dated July 26, 2017, stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the plan was restated and amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan, as restated and amended, is qualified and the related trust is tax-exempt.

Plan management evaluates any uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as

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of December 31, 2024, there are no uncertain tax positions taken, or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions.

The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any tax periods.

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Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

EIN: 87-0189025 Plan: 006

December 31, 2024

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| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b)<br>Identity of Issue, Borrower,<br>Lessor, or Similar Party** | **(c)<br>Description of Investment** | **(d)<br>Cost of Assets (1)** | **(e)<br>Current Value** |
| | **INVESTMENTS** | | | |
| | **Zions Bancorporation, N.A. common stock** | **Zions Bancorporation, N.A. common stock** | | |
| \* | ZIONS BANCORPORATION, N.A. | COMMON STOCK (6,578,851 shares) | $254189169 | $357846882 |
|  | **Common collective trusts** | **Common collective trusts** |  |  |
| \* | FIDELITY INVESTMENTS | MANAGED INCOME PORTFOLIO II CL 2 (216 units) | MANAGED INCOME PORTFOLIO II CL 2 (216 units) | 216 |
| \* | FIDELITY INVESTMENTS | MANAGED INCOME PORTFOLIO II CL 4 (65,491,088 units) | MANAGED INCOME PORTFOLIO II CL 4 (65,491,088 units) | 65491088 |
|  |  |  |  | 65491304 |
|  | *Lifecycle and Other* |  |  |  |
|  | VANGUARD | TARGET RETIREMENT INC (205,287 shares) | TARGET RETIREMENT INC (205,287 shares) | 9239964 |
|  | VANGUARD | TARGET RETIREMENT 2020 (595,852 shares) | TARGET RETIREMENT 2020 (595,852 shares) | 27945460 |
|  | VANGUARD | TARGET RETIREMENT 2025 (939,154 shares) | TARGET RETIREMENT 2025 (939,154 shares) | 46422396 |
|  | VANGUARD | TARGET RETIREMENT 2030 (1,530,690 shares) | TARGET RETIREMENT 2030 (1,530,690 shares) | 78187653 |
|  | VANGUARD | TARGET RETIREMENT 2035 (1,289,388 shares) | TARGET RETIREMENT 2035 (1,289,388 shares) | 69614055 |
|  | VANGUARD | TARGET RETIREMENT 2040 (1,534,389 shares) | TARGET RETIREMENT 2040 (1,534,389 shares) | 88779749 |
|  | VANGUARD | TARGET RETIREMENT 2045 (1,250,019 shares) | TARGET RETIREMENT 2045 (1,250,019 shares) | 75513630 |
|  | VANGUARD | TARGET RETIREMENT 2050 (1,078,704 shares) | TARGET RETIREMENT 2050 (1,078,704 shares) | 66469726 |
|  | VANGUARD | TARGET RETIREMENT 2055 (368,734 shares) | TARGET RETIREMENT 2055 (368,734 shares) | 30427907 |
|  | VANGUARD | TARGET RETIREMENT 2060 (272,679 shares) | TARGET RETIREMENT 2060 (272,679 shares) | 17756840 |
|  | VANGUARD | TARGET RETIREMENT 2065 (163,874 shares) | TARGET RETIREMENT 2065 (163,874 shares) | 6571338 |
|  | JANUS HENDERSON | ENTERPRISE III (4,770,136 shares) | ENTERPRISE III (4,770,136 shares) | 63197141 |
|  | FIDELITY INVESTMENTS | FID CONTRA POOL CL A (4,089,781 shares) | FID CONTRA POOL CL A (4,089,781 shares) | 186044159 |
|  | FIDELITY INVESTMENTS | FIAM CORE PLUS CL J (2,181,770 shares) | FIAM CORE PLUS CL J (2,181,770 shares) | 49918895 |
|  |  |  |  | 816088913 |
|  |  |  |  | 881580217 |
|  | **Registered investment companies** | **Registered investment companies** |  |  |
|  | *Domestic* |  |  |  |
|  | VANGUARD | SELECTED VALUE (1,026,120 shares) | SELECTED VALUE (1,026,120 shares) | 27766806 |
|  | VANGUARD | MID CAP INDEX INSTITUTIONAL (675,427 shares) | MID CAP INDEX INSTITUTIONAL (675,427 shares) | 48772615 |
|  | VANGUARD | SMALL CAP INDEX INSTITUTIONAL (278,064 shares) | SMALL CAP INDEX INSTITUTIONAL (278,064 shares) | 32019107 |
|  | AMERICAN BEACON | LG CAP VAL R6 (1,646,871 shares) | LG CAP VAL R6 (1,646,871 shares) | 43329164 |
|  | ALLSPRING | SPECIAL SMALL CAP VALUE IS (406,408 shares) | SPECIAL SMALL CAP VALUE IS (406,408 shares) | 16366044 |
| \* | FIDELITY INVESTMENTS | BALANCED K (1,269,831 shares) | BALANCED K (1,269,831 shares) | 37536218 |
| \* | FIDELITY INVESTMENTS | U.S. BOND INDEX (1,882,516 shares) | U.S. BOND INDEX (1,882,516 shares) | 19239310 |
| \* | FIDELITY INVESTMENTS | 500 INDEX INSTITUTIONAL (1,115,206 shares) | 500 INDEX INSTITUTIONAL (1,115,206 shares) | 227713893 |

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Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (continued)

EIN: 87-0189025&nbsp;&nbsp;&nbsp;&nbsp;Plan: 006

December 31, 2024

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| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b)<br>Identity of Issue, Borrower,<br>Lessor, or Similar Party** | **(c)<br>Description of Investment** | **(d)<br>Cost of Assets (1)** | **(e)<br>Current Value** |
| \* | FIDELITY INVESTMENTS | GOVT OBLIGATIONS MM (51,913,397 shares) | GOVT OBLIGATIONS MM (51,913,397 shares) | 51913397 |
| \* | FIDELITY INVESTMENTS | SMALL CAP GR K6 (1,489,221 shares) | SMALL CAP GR K6 (1,489,221 shares) | 26537925 |
|  |  |  |  | 531194479 |
|  | *International* |  |  |  |
|  | BLACKROCK | EMERGING MKT K (597,086 shares) | EMERGING MKT K (597,086 shares) | 14067354 |
|  | AMERICAN FUNDS | EUROPACIFIC GROWTH R6 (190,526 shares) | EUROPACIFIC GROWTH R6 (190,526 shares) | 10235041 |
| \* | FIDELITY INVESTMENTS | INTERNATIONAL INDEX (991,461 shares) | INTERNATIONAL INDEX (991,461 shares) | 47134066 |
|  |  |  |  | 71436461 |
|  |  |  |  | 602630940 |
|  |  |  |  | $1842058039 |
|  | **RECEIVABLES** |  |  |  |
| \* | Notes receivable from participants | Interest rates ranging from 4.25% to 9.5%, with maturities through December 2034 | Interest rates ranging from 4.25% to 9.5%, with maturities through December 2034 | $25434582 |
| \* | Indicates party-in-interest to the Plan. | Indicates party-in-interest to the Plan. |  |  |
| (1) | Only provided for nonparticipant-directed investments. | Only provided for nonparticipant-directed investments. |  |  |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Benefits Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 Zions Bancorporation, N.A. Payshelter 401(K) and Employee Stock Ownership Plan

June 26, 2025

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| | |
|:---|:---|
| By: | /s/ R. Ryan Richards |
| Name: | R. RYAN RICHARDS, |
|  | Executive Vice President and Chief Financial Officer of Zions Bancorporation, National Association |

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## Ex-23

Exhibit 23

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-36205) pertaining to the Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan of Zions Bancorporation, National Association of our report dated June 26, 2025, with respect to the financial statements and schedule of the Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2024.

/s/ Ernst & Young LLP

Salt Lake City, Utah

June 26, 2025

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