# EDGAR Filing Document

**Accession Number:** 0000109380
**File Stem:** 0000109380-23-000007
**Filing Date:** 2023-1
**Character Count:** 116625
**Document Hash:** dfff8a6e9de4ff0a7efd120ceb8271ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000109380-23-000007.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0000109380-23-000007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20230123

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12307
- **FILM NUMBER:** 23544559

**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

?xml version="1.0" ? zion-20230123

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

**Date of Report (date of earliest event reported) January 23, 2023** 

**ZIONS BANCORPORATION, NATIONAL ASSOCIATION** 

(Exact name of registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| **United States of America** | **001-12307** | **001-12307** | **87-0189025** |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (Commission File Number) | (IRS Employer Identification No.) |
| **One South Main,** | **Salt Lake City,** | **Utah** | **84133-1109** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

**Registrant's telephone number, including area code (801) 844-7637** 

**Former name or former address, if changed since last report**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:** 

---

| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbols</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| Common Stock, par value $0.001 | ZION | The NASDAQ Stock Market, LLC |
| Depositary Shares each representing a 1/40th ownership interest in a share of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock | ZIONP | The NASDAQ Stock Market, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock | ZIONO | The NASDAQ Stock Market, LLC |
| 6.95% Fixed-to-Floating Rate Subordinated Notes due September 15, 2028 | ZIONL | The NASDAQ Stock Market, LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On January 23, 2023, Zions Bancorporation, National Association ("the Bank") announced its financial results for the quarter ended December 31, 2022 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on January 23, 2023. The press release announcing the financial results for the quarter ended December 31, 2022 is furnished as Exhibit 99.1 and incorporated herein by reference. A presentation to be used in conjunction with the conference call regarding the Bank's fourth quarter financial results is furnished as Exhibit 99.2 and incorporated herein by reference.

The information in this Current Report on Form 8-K, including the exhibits, is furnished pursuant to Item 2.02 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the Bank under the Securities Act of 1933, as amended.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**.

Exhibits.

The following exhibits are furnished as part of this Current Report on Form 8-K:

---

| | |
|:---|:---|
| Exhibit Number | Description |
| <u>[99.1](exh991earningsrelease20221.htm)</u> | Press Release dated January 23, 2023 (furnished herewith). |
| <u>[99.2](earningspresentation-202.htm)</u> | Earnings Release Presentation dated January 23, 2023 (furnished herewith). |
| 101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
| 104 | The cover page from this Current Report on form 8-K, formatted as Inline XBRL. |

---

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| | ZIONS BANCORPORATION, NATIONAL ASSOCIATION | ZIONS BANCORPORATION, NATIONAL ASSOCIATION |
| | By: | /s/ Paul E. Burdiss |
| | | Name: Paul E. Burdiss |
| | | Title:&nbsp;&nbsp;&nbsp;&nbsp; Executive Vice President and Chief Financial Officer |
| Date: January 23, 2023 |  |  |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| Zions Bancorporation, N.A.<br>One South Main<br>Salt Lake City, UT 84133<br>January 23, 2023 | ![zions2020630-er.jpg](zions2020630-er.jpg) |
| <u>www.zionsbancorporation.com</u> | ![zions2020630-er.jpg](zions2020630-er.jpg) |

---

Fourth Quarter 2022 Financial Results: FOR IMMEDIATE RELEASE Investor and Media Contact: James Abbott (801) 844-7637

---

| |
|:---|
| **Zions Bancorporation, N.A. reports: 4Q22 Net Earnings of $277 million, diluted EPS of $1.84** |
| **compared with 4Q21 Net Earnings of $207 million, diluted EPS of $1.34,<br>and 3Q22 Net Earnings of $211 million, diluted EPS of $1.40** |

---

**FOURTH QUARTER RESULTS**

---

| | | | |
|:---|:---|:---|:---|
| $1.84 | $277 million | 3.53% | 9.7% |
| Net earnings per diluted common share | Net earnings | Net interest margin ("NIM") | Estimated Common Equity<br>Tier 1 ratio |

---

---

| | | |
|:---|:---|:---|
| **FOURTH QUARTER HIGHLIGHTS¹** | **FOURTH QUARTER HIGHLIGHTS¹** | **FOURTH QUARTER HIGHLIGHTS¹** |
| **Net Interest Income and NIM** | • | Net interest income was $720 million, up 30% |
| **Net Interest Income and NIM** | • | NIM was 3.53%, compared with 2.58% |
| **Operating Performance** | • | Pre-provision net revenue² ("PPNR") was $412 million, up 36%; adjusted PPNR² was $420 million, up 46% |
| **Operating Performance** | • | Customer-related noninterest income was $153 million, up 1% |
| **Operating Performance** | • | Noninterest expense was $471 million, up 5%; adjusted noninterest expense² was $472 million, up 6% |
| **Operating Performance** | • | The efficiency ratio² was 52.9%, compared with 60.8% |
| **Loans and Credit Quality** | • | Loans and leases were $55.7 billion, up 9%; and excluding PPP, loans and leases were $55.5 billion, up 13% |
| **Loans and Credit Quality** | • | The provision for credit losses was $43 million, compared with $25 million |
| **Loans and Credit Quality** | • | The allowance for credit losses was 1.15% of loans (ex-PPP), compared with 1.13% of loans (ex-PPP) |
| **Loans and Credit Quality** | • | Nonperforming assets<sup>3</sup> were $149 million, or 0.3%, of loans, compared with $272 million, or 0.5%, of loans |
| **Deposits** | • | Deposits were $71.7 billion, down 13%, and the loan-to-deposit ratio was 78%, compared with 61% |
| **Capital** | • | The estimated CET1 capital ratio was 9.7%, compared with 10.2% |
| **Capital** | • | Shares of common stock repurchased during the quarter were 1.0 million for $50 million |

---

---

| |
|:---|
| **CEO COMMENTARY** |
| Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, "We're pleased with the quarterly and annual financial results, which were characterized by solid loan growth, exceptional credit quality, and a stronger net interest margin, reflecting a normalization of interest rate levels. Although total deposits continued to decline from recent 'surge' levels that resulted from considerable fiscal and monetary stimulus, adjusted pre-provision net revenue for the quarter increased 46% to $420 million, despite a $42 million reduction in net interest income from PPP loans, which now constitute a *de minimis* portion of our loan portfolio."<br>Mr. Simmons continued, "Though our quarterly operating results were strong, we continued to build our loss reserves due to both continued loan growth and the prospect of a slowing or recessionary economic environment in coming months. Nevertheless, we remain optimistic that we're well prepared for a more challenging economy, and we expect the coming year to reflect strong results." |
| **OPERATING PERFORMANCE**<sup>2</sup> |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions)* | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| *(In millions)* | **2022** | **2022** | **2021** | **2021** | **2022** | **2022** | **2021** | **2021** |
| **Adjusted PPNR** | **$** | **420** | **$** | **288** | **$** | **1312** | **$** | **1121** |
| **Net charge-offs (recoveries)** | **$** | **(3)** | **$** | **1** | **$** | **39** | **$** | **6** |
| **Efficiency ratio** | **52.9%** | **52.9%** | **60.8%** | **60.8%** | **58.8%** | **58.8%** | **60.8%** | **60.8%** |
| **Weighted average diluted shares** | **148.8** | **148.8** | **153.6** | **153.6** | **150.3** | **150.3** | **160.2** | **160.2** |

---

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

<sup>2</sup> For information on non-GAAP financial measures, see pages 17-19.

<sup>3</sup> Does not include banking premises held for sale.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 2

*Comparisons noted in the sections below are calculated for the current quarter versus the same prior-year period unless otherwise specified. Growth rates of 100% or more are considered not meaningful ("NM") as they generally reflect a low starting point.*

**RESULTS OF OPERATIONS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Net Interest Income and Margin** | &nbsp;&nbsp;**Net Interest Income and Margin** | &nbsp;&nbsp;**Net Interest Income and Margin** | &nbsp;&nbsp;**Net Interest Income and Margin** | &nbsp;&nbsp;**Net Interest Income and Margin** | &nbsp;&nbsp;**Net Interest Income and Margin** |
| | | | | **4Q22 - 3Q22** | **4Q22 - 4Q21** |
| ***(In millions)*** | **4Q22** | **3Q22** | **4Q21** | $**%** | $**%** |
| Interest and fees on loans | $656 | $551 | $471 | 19% | 39% |
| Interest on money market investments | 39 | 24 | 7 | 63 | NM |
| Interest on securities | 140 | 132 | 88 | 6 | 59 |
| &nbsp;&nbsp;Total interest income | 835 | 707 | 566 | 18 | 48 |
| Interest on deposits | 38 | 19 | 7 | NM | NM |
| Interest on short- and long-term borrowings | 77 | 25 | 6 | NM | NM |
| &nbsp;&nbsp;Total interest expense | 115 | 44 | 13 | NM | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | $720 | $663 | $553 | 9 | 30 |
| Yield on interest-earning assets<sup>1</sup> | 4.09% | 3.45% | 2.64% |  |  |
| Rate paid on total deposits and interest-bearing liabilities<sup>1</sup> | 0.56% | 0.22% | 0.06% |  |  |
| Cost of total deposits<sup>1</sup> | 0.20% | 0.10% | 0.03% |  |  |
| Net interest margin<sup>1</sup> | 3.53% | 3.24% | 2.58% |  |  |

---

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

Net interest income increased $167 million, or 30%, to $720 million in the fourth quarter of 2022, primarily due to the higher interest rate environment and a favorable change in the composition of interest-earning assets.

Average interest-earning assets decreased $4.6 billion, or 5%, from the prior year quarter, driven by significant declines in average money market investments and PPP loans, the effects of which were largely offset by solid growth in average loans and leases (ex-PPP) and average securities. Average money market investments declined $9.5 billion and average PPP loans decreased $2.2 billion. Average loans and leases (ex-PPP) increased $6.2 billion, and average securities increased $1.0 billion.

The net interest margin was 3.53%, compared with 2.58%. The yield on average interest-earning assets was 4.09% in the fourth quarter of 2022, an increase of 145 basis points, reflecting a favorable change in the mix of interest-earning assets from money market investments to loans and securities. The yield on total loans increased 108 basis points to 4.81%, the yield on non-PPP loans increased 126 basis points to 4.82%, and the yield on securities increased 81 basis points to 2.42%, all reflecting the higher interest rate environment. The yield on securities also benefited from a decrease in the market value of AFS securities due to rising interest rates.

The cost of total deposits for the fourth quarter of 2022 was 0.20%, compared with 0.03%. The rate paid on total deposits and interest-bearing liabilities was 0.56%, compared with 0.06%. Average noninterest-bearing deposits as a percentage of total deposits remained flat at 51%, compared with the same prior year period.

In the fourth quarter of 2022, PPP loans totaling approximately $75 million were forgiven by the SBA. PPP loans contributed $2 million in interest income during the quarter, compared with $44 million. During the same time periods, approximately $1 million and $30 million of the interest income from PPP loans was related to accelerated recognition of net unamortized deferred fees due to forgiveness, respectively. At December 31, 2022, the remaining net unamortized deferred fees on PPP loans totaled $2 million.

------

ZIONS BANCORPORATION, N.A.

Press Release – Page 3

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Noninterest Income** | &nbsp;&nbsp;**Noninterest Income** | &nbsp;&nbsp;**Noninterest Income** | &nbsp;&nbsp;**Noninterest Income** | &nbsp;&nbsp;**Noninterest Income** | &nbsp;&nbsp;**Noninterest Income** |
| | | | | **4Q22 - 3Q22** | **4Q22 - 4Q21** |
| ***(In millions)*** | **4Q22** | **3Q22** | **4Q21** | $**%** | $**%** |
| Commercial account fees | $41 | $40 | $34 | 3% | 21% |
| Card fees | 27 | 27 | 25 |  | 8 |
| Retail and business banking fees | 16 | 17 | 19 | (6) | (16) |
| Loan-related fees and income | 19 | 18 | 22 | 6 | (14) |
| Capital markets and foreign exchange fees | 22 | 25 | 24 | (12) | (8) |
| Wealth management fees | 14 | 14 | 13 |  | 8 |
| Other customer-related fees | 14 | 15 | 15 | (7) | (7) |
| &nbsp;&nbsp;Customer-related noninterest income | 153 | 156 | 152 | (2) | 1 |
| Fair value and nonhedge derivative income (loss) | (4) | 4 | (1) | NM | NM |
| Dividends and other income (loss) | 9 | (1) | 19 | NM | (53) |
| Securities gains (losses), net | (5) | 6 | 20 | NM | NM |
| &nbsp;&nbsp;Total noninterest income | $153 | $165 | $190 | (7) | (19) |

---

Total customer-related noninterest income increased slightly to $153 million, compared with the prior year period, driven by increases in commercial treasury management, card interchange, and wealth management fees, partially offset by decreases in retail and business banking fees, loan-related fees, and capital markets and foreign exchange fees. Retail and business banking fees decreased primarily due to a previously disclosed change in our overdraft and non-sufficient funds practices, which was effected early in the third quarter of 2022. Loan-related fees declined, primarily due to an increased proportion of our 1-4 family residential mortgage production being retained versus sold.

Net securities gains and losses decreased $25 million, due largely to net gains recorded during the prior year period related to our SBIC investment portfolio. Dividends and other income (loss) decreased $10 million, primarily due to gains on the sale of certain bank-owned facilities during the prior year quarter. These sales resulted from the consolidation of some of our technology and operations facilities in advance of occupying our new corporate technology center in July 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Noninterest Expense** | &nbsp;&nbsp;**Noninterest Expense** | &nbsp;&nbsp;**Noninterest Expense** | &nbsp;&nbsp;**Noninterest Expense** | &nbsp;&nbsp;**Noninterest Expense** | &nbsp;&nbsp;**Noninterest Expense** |
| | | | | **4Q22 - 3Q22** | **4Q22 - 4Q21** |
| ***(In millions)*** | **4Q22** | **3Q22** | **4Q21** | $**%** | $**%** |
| Salaries and employee benefits | $304 | $312 | $282 | (3)% | 8% |
| Technology, telecom, and information processing | 51 | 53 | 51 | (4) |  |
| Occupancy and equipment, net | 40 | 38 | 38 | 5 | 5 |
| Professional and legal services | 15 | 14 | 16 | 7 | (6) |
| Marketing and business development | 11 | 11 | 20 |  | (45) |
| Deposit insurance and regulatory expense | 14 | 13 | 9 | 8 | 56 |
| Credit-related expense | 8 | 8 | 7 |  | 14 |
| Other real estate expense, net |  |  |  | NM | NM |
| Other | 28 | 30 | 26 | (7) | 8 |
| &nbsp;&nbsp;Total noninterest expense | $471 | $479 | $449 | (2) | 5 |
| Adjusted noninterest expense <sup>1</sup> | $472 | $477 | $446 | (1) | 6 |

---

<sup>1</sup> *For information on non-GAAP financial measures, see pages 17-19.*

Total noninterest expense increased $22 million, or 5%, relative to the prior year quarter. Salaries and benefits expense increased $22 million, or 8%, due to the ongoing impact of inflationary and competitive labor market pressures on wages and benefits and increased headcount. Deposit insurance and regulatory expense increased $5 million, driven largely by a higher FDIC insurance assessment resulting from changes in the balance sheet composition.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 4

Marketing and business development expense decreased $9 million, primarily due to a $10 million donation to our charitable foundation in the prior year quarter.

The efficiency ratio was 52.9%, compared with 60.8%, as growth in net revenue significantly outpaced growth in noninterest expense. For information on non-GAAP financial measures, including differences between noninterest expense and adjusted noninterest expense, see pages 17-19.

**BALANCE SHEET ANALYSIS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loans and Leases** | &nbsp;&nbsp;**Loans and Leases** | &nbsp;&nbsp;**Loans and Leases** | &nbsp;&nbsp;**Loans and Leases** | &nbsp;&nbsp;**Loans and Leases** | &nbsp;&nbsp;**Loans and Leases** |
| | | | | **4Q22 - 3Q22** | **4Q22 - 4Q21** |
| ***(In millions)*** | **4Q22** | **3Q22** | **4Q21** | $**%** | $**%** |
| Loans held for sale | $8 | $25 | $83 | (68)% | (90)% |
| Loans and leases: |  |  |  |  |  |
| &nbsp;&nbsp;Commercial – excluding PPP loans | $30298 | $29506 | $26585 | 3 | 14 |
| &nbsp;&nbsp;Commercial – PPP loans | 197 | 306 | 1855 | (36) | (89) |
| &nbsp;&nbsp;Commercial real estate | 12739 | 12356 | 12198 | 3 | 4 |
| &nbsp;&nbsp;Consumer | 12419 | 11750 | 10213 | 6 | 22 |
| Loans and leases, net of unearned income and fees | 55653 | 53918 | 50851 | 3 | 9 |
| &nbsp;&nbsp;Less allowance for loan losses | 575 | 541 | 513 | 6 | 12 |
| Loans and leases held for investment, net of allowance | $55078 | $53377 | $50338 | 3 | 9 |
| Unfunded lending commitments | $30490 | $29743 | $26661 | 3 | 14 |

---

Loans and leases, net of unearned income and fees, increased $4.8 billion, or 9%, to $55.7 billion at December 31, 2022. Excluding PPP loans, total loans and leases increased $6.5 billion, or 13%, to $55.5 billion.

Loan growth was driven largely from increases of $2.3 billion in commercial and industrial loans, $1.2 billion in consumer 1-4 family residential mortgage loans, and $0.8 billion in commercial real estate term loans.

Unfunded lending commitments increased $3.8 billion, or 14%, to $30.5 billion at December 31, 2022, primarily due to growth in home equity and consumer residential construction lending commitments.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 5

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Credit Quality** | &nbsp;&nbsp;**Credit Quality** | &nbsp;&nbsp;**Credit Quality** | &nbsp;&nbsp;**Credit Quality** | &nbsp;&nbsp;**Credit Quality** | &nbsp;&nbsp;**Credit Quality** |
| | | | | **4Q22 - 3Q22** | **4Q22 - 4Q21** |
| ***(In millions)*** | **4Q22** | **3Q22** | **4Q21** | $**%** | $**%** |
| Provision for credit losses | $43 | $71 | $25 | (39)% | 72% |
| Allowance for credit losses | 636 | 590 | 553 | 8 | 15 |
| Net loan and lease charge-offs (recoveries) | (3) | 27 | 1 | NM | NM |
| Nonperforming assets<sup>2</sup> | 149 | 151 | 272 | (1) | (45) |
| Classified loans | 929 | 965 | 1236 | (4) | (25) |
|  | **4Q22** | **3Q22** | **4Q21** |  |  |
| Ratio of ACL to loans<sup>1</sup> and leases outstanding, at period end | 1.14% | 1.09% | 1.09% |  |  |
| Ratio of ACL to loans<sup>1</sup> and leases outstanding (ex-PPP), at period end | 1.15% | 1.10% | 1.13% |  |  |
| Annualized ratio of net loan and lease charge-offs to average loans | (0.02)% | 0.20% | 0.01% |  |  |
| Ratio of classified loans to total loans and leases (ex-PPP) | 1.68% | 1.80% | 2.52% |  |  |
| Ratio of nonperforming assets<sup>1</sup> and accruing loans 90 days or more past due to loans and leases and other real estate owned | 0.28% | 0.32% | 0.55% |  |  |

---

<sup>1</sup> *Does not include loans held for sale.* 

<sup>2</sup> *Does not include banking premises held for sale.*

Nonperforming assets decreased $123 million, or 45%, and classified loans decreased $307 million, or 25%. Net loan and lease recoveries were $3 million, compared with net charge-offs of $1 million in the prior year quarter. During the fourth quarter of 2022, we recorded a $43 million provision for credit losses, compared with a $25 million provision during the prior year period. The allowance for credit losses ("ACL") was $636 million at December 31, 2022, compared with $553 million at December 31, 2021. The increase in the ACL was primarily due to growth in the loan portfolio and deterioration in economic scenarios, partially offset by improvements in credit quality. The ratio of ACL to total loans and leases (ex-PPP) was 1.15% at December 31, 2022, compared with 1.13% at December 31, 2021.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Deposits and Borrowed Funds** | &nbsp;&nbsp;**Deposits and Borrowed Funds** | &nbsp;&nbsp;**Deposits and Borrowed Funds** | &nbsp;&nbsp;**Deposits and Borrowed Funds** | &nbsp;&nbsp;**Deposits and Borrowed Funds** | &nbsp;&nbsp;**Deposits and Borrowed Funds** |
| | | | | **4Q22 - 3Q22** | **4Q22 - 4Q21** |
| ***(In millions)*** | **4Q22** | **3Q22** | **4Q21** | $**%** | $**%** |
| Noninterest-bearing demand | $35777 | $39133 | $41053 | (9)% | (13)% |
| Interest-bearing: |  |  |  |  |  |
| &nbsp;&nbsp;Savings and money market | 33566 | 35389 | 40114 | (5) | (16) |
| &nbsp;&nbsp;Time | 2309 | 1473 | 1622 | 57 | 42 |
| Total deposits | $71652 | $75995 | $82789 | (6) | (13) |
| Borrowed funds: |  |  |  |  |  |
| &nbsp;&nbsp;Federal funds purchased and other short-term borrowings | $10417 | $5363 | $903 | 94 | NM |
| &nbsp;&nbsp;Long-term debt | 651 | 647 | 1012 | 1 | (36) |
| Total borrowed funds | $11068 | $6010 | $1915 | 84 | NM |

---

Total deposits decreased $11.1 billion, or 13%, primarily due to decreases in larger-balance and more rate-sensitive, nonoperating deposits. Our loan-to-deposit ratio was 78%, compared with 61% in the prior year quarter, which continues to afford us flexibility in managing our funding costs.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 6

Average total deposits decreased $7.2 billion, or 9%, to $74.3 billion, compared with $81.4 billion during the prior year period. Average noninterest-bearing deposits decreased $3.4 billion, or 8%, and remained 51% of average total deposits for the respective time periods.

Total borrowed funds increased $9.2 billion from the prior year quarter, driven by increases in short-term borrowings as a result of significant loan growth and declines in total deposits. The decrease in long-term debt was primarily due to the redemption and maturity of senior notes during the past year.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholders' Equity** | &nbsp;&nbsp;**Shareholders' Equity** | &nbsp;&nbsp;**Shareholders' Equity** | &nbsp;&nbsp;**Shareholders' Equity** | &nbsp;&nbsp;**Shareholders' Equity** | &nbsp;&nbsp;**Shareholders' Equity** |
| | | | | **4Q22 - 3Q22** | **4Q22 - 4Q21** |
| ***(In millions, except share data)*** | **4Q22** | **3Q22** | **4Q21** | $**%** | $**%** |
| Shareholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;Preferred stock | $440 | $440 | $440 | —% | —% |
| &nbsp;&nbsp;Common stock and additional paid-in capital | 1754 | 1799 | 1928 | (3) | (9) |
| &nbsp;&nbsp;Retained earnings | 5811 | 5597 | 5175 | 4 | 12 |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss) | (3112) | (3140) | (80) | 1 | NM |
| Total shareholders' equity | $4893 | $4696 | $7463 | 4 | (34) |
| Capital distributions: |  |  |  |  |  |
| &nbsp;&nbsp;Common dividends paid | $62 | $62 | $58 |  | 7 |
| &nbsp;&nbsp;Bank common stock repurchased | 50 | 50 | 325 |  | (85) |
| Total capital distributed to common shareholders | $112 | $112 | $383 |  | (71) |
|  |  |  |  | **%** | **%** |
| Weighted average diluted common shares outstanding (in thousands) | 148829 | 149792 | 153635 | (1)% | (3)% |
| Common shares outstanding, at period end (in thousands) | 148664 | 149611 | 151625 | (1) | (2) |

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The common stock dividend was $0.41 per share, compared with $0.38 per share during the prior year quarter. Common shares outstanding decreased 3.0 million, or 2%, from the fourth quarter of 2021, primarily due to common stock repurchases. During the fourth quarter of 2022, we repurchased 1.0 million common shares outstanding for $50 million, compared with 5.0 million common shares repurchased for $325 million during the prior year period.

Accumulated other comprehensive income ("AOCI") decreased to a loss of $3.1 billion at December 31, 2022. The decrease is primarily due to the decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Additionally, changes in AOCI do not impact our regulatory capital ratios.

During the fourth quarter of 2022, we transferred approximately $10.7 billion fair value ($13.1 billion amortized cost) of pass-through mortgage-backed AFS securities to the HTM category to reflect our intent for these securities.

Estimated common equity tier 1 ("CET1") capital was $6.5 billion, an increase of 7%, compared with $6.1 billion. The estimated CET1 capital ratio was 9.7%, compared with 10.2%, reflecting a 13% increase in risk-weighted assets due to strong loan growth. Tangible book value per common share increased to $43.72, compared with $40.15, due to an increase in retained earnings.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 7

**Supplemental Presentation and Conference Call**

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 23, 2023. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and entering the passcode 13735171, 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.

**About Zions Bancorporation, N.A.**

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

**Forward-Looking Information**

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

Forward-looking statements are not guarantees, nor should they be relied upon as representing management's views as of any subsequent date. 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 2021 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).

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.

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ZIONS BANCORPORATION, N.A.

Press Release – Page 8

**FINANCIAL HIGHLIGHTS** 

(Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***(In millions, except share, per share, and ratio data)*** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| **BALANCE SHEET** <sup>1</sup> | | | | | |
| Loans held for investment, net of allowance | $55078 | $53377 | $51862 | $50764 | $50338 |
| Total assets | 89545 | 88474 | 87784 | 91126 | 93200 |
| Deposits | 71652 | 75995 | 79061 | 82351 | 82789 |
| Total shareholders' equity | 4893 | 4696 | 5632 | 6294 | 7463 |
| **STATEMENT OF INCOME** |  |  |  |  |  |
| Net earnings applicable to common shareholders | $277 | $211 | $195 | $195 | $207 |
| Net interest income | 720 | 663 | 593 | 544 | 553 |
| Taxable-equivalent net interest income <sup>2</sup> | 730 | 673 | 602 | 552 | 563 |
| Total noninterest income | 153 | 165 | 172 | 142 | 190 |
| Total noninterest expense | 471 | 479 | 464 | 464 | 449 |
| Pre-provision net revenue <sup>2</sup> | 412 | 359 | 310 | 230 | 304 |
| Adjusted pre-provision net revenue <sup>2</sup> | 420 | 351 | 300 | 241 | 288 |
| Provision for credit losses | 43 | 71 | 41 | (33) | 25 |
| **SHARE AND PER COMMON SHARE AMOUNTS** |  |  |  |  |  |
| Net earnings per diluted common share | $1.84 | $1.40 | $1.29 | $1.27 | $1.34 |
| Dividends | 0.41 | 0.41 | 0.38 | 0.38 | 0.38 |
| Book value per common share <sup>1</sup> | 29.95 | 28.45 | 34.50 | 38.68 | 46.32 |
| Tangible book value per common share <sup>1, 2</sup> | 43.72 | 42.52 | 41.72 | 40.87 | 40.15 |
| Weighted average share price | 49.85 | 54.50 | 56.62 | 68.23 | 63.69 |
| Weighted average diluted common shares outstanding (in thousands) | 148829 | 149792 | 150838 | 151687 | 153635 |
| Common shares outstanding (in thousands) <sup>1</sup> | 148664 | 149611 | 150471 | 151348 | 151625 |
| **SELECTED RATIOS AND OTHER DATA** |  |  |  |  |  |
| Return on average assets | 1.27% | 0.97% | 0.91% | 0.90% | 0.92% |
| Return on average common equity | 25.4% | 15.8% | 14.0% | 11.8% | 11.5% |
| Return on average tangible common equity <sup>2</sup> | 16.9% | 13.2% | 12.5% | 12.9% | 13.5% |
| Net interest margin | 3.53% | 3.24% | 2.87% | 2.60% | 2.58% |
| Cost of total deposits | 0.20% | 0.10% | 0.03% | 0.03% | 0.03% |
| Efficiency ratio <sup>2</sup> | 52.9% | 57.6% | 60.7% | 65.8% | 60.8% |
| Effective tax rate | 20.9% | 21.9% | 21.9% | 20.4% | 20.8% |
| Ratio of nonperforming assets to loans and leases and other real estate owned | 0.27% | 0.28% | 0.38% | 0.49% | 0.53% |
| Annualized ratio of net loan and lease charge-offs (recoveries) to average loans | (0.02)% | 0.20% | 0.07% | 0.05% | 0.01% |
| Ratio of total allowance for credit losses to loans and leases outstanding <sup>1</sup> | 1.14% | 1.09% | 1.04% | 1.00% | 1.09% |
| Full-time equivalent employees | 9989 | 9920 | 9895 | 9724 | 9685 |
| **CAPITAL RATIOS AND DATA** <sup>1</sup> |  |  |  |  |  |
| Common equity tier 1 capital <sup>3</sup> | $6480 | $6342 | $6257 | $6166 | $6068 |
| Risk-weighted assets <sup>3</sup> | 67125 | 65982 | 63424 | 61427 | 59600 |
| Tangible common equity ratio <sup>2</sup> | 7.1% | 7.0% | 7.1% | 6.8% | 6.6% |
| Common equity tier 1 capital ratio <sup>3</sup> | 9.7% | 9.6% | 9.9% | 10.0% | 10.2% |
| Tier 1 leverage ratio <sup>3</sup> | 7.6% | 7.5% | 7.4% | 7.3% | 7.2% |
| Tier 1 risk-based capital ratio <sup>3</sup> | 10.3% | 10.3% | 10.6% | 10.8% | 10.9% |
| Total risk-based capital ratio <sup>3</sup> | 12.0% | 12.0% | 12.3% | 12.5% | 12.8% |

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<sup>1</sup> *At period end.*

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>*For information on non-GAAP financial measures, see pages 17-19.*

<sup>3</sup> *Current period ratios and amounts represent estimates.*

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ZIONS BANCORPORATION, N.A.

Press Release – Page 9

**CONSOLIDATED BALANCE SHEETS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***(In millions, shares in thousands)*** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | |
| ASSETS |  |  |  |  |  |
| Cash and due from banks | $657 | $549 | $559 | $700 | $595 |
| Money market investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | 1340 | 1291 | 1249 | 5093 | 10283 |
| &nbsp;&nbsp;&nbsp;Federal funds sold and security resell agreements | 2426 | 2797 | 2273 | 2345 | 2133 |
| Investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;Held-to-maturity<sup>1</sup>, at amortized cost | 11126 | 423 | 614 | 439 | 441 |
| &nbsp;&nbsp;&nbsp;Available-for-sale, at fair value | 11915 | 23233 | 25297 | 26145 | 24048 |
| &nbsp;&nbsp;&nbsp;Trading account, at fair value | 465 | 526 | 304 | 382 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities, net of allowance | 23506 | 24182 | 26215 | 26966 | 24861 |
| Loans held for sale | 8 | 25 | 42 | 43 | 83 |
| Loans and leases, net of unearned income and fees | 55653 | 53918 | 52370 | 51242 | 50851 |
| &nbsp;&nbsp;&nbsp;Less allowance for loan losses | 575 | 541 | 508 | 478 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment, net of allowance | 55078 | 53377 | 51862 | 50764 | 50338 |
| Other noninterest-bearing investments | 1130 | 983 | 840 | 829 | 851 |
| Premises, equipment and software, net | 1408 | 1388 | 1372 | 1346 | 1319 |
| Goodwill and intangibles | 1065 | 1034 | 1015 | 1015 | 1015 |
| Other real estate owned | 3 | 3 |  | 4 | 8 |
| Other assets | 2924 | 2845 | 2357 | 2021 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $89545 | $88474 | $87784 | $91126 | $93200 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing demand | $35777 | $39133 | $40289 | $41937 | $41053 |
| &nbsp;&nbsp;&nbsp;Interest-bearing: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings and money market | 33566 | 35389 | 37346 | 38864 | 40114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time | 2309 | 1473 | 1426 | 1550 | 1622 |
| &nbsp;&nbsp;&nbsp;Total deposits | 71652 | 75995 | 79061 | 82351 | 82789 |
| Federal funds purchased and other short-term borrowings | 10417 | 5363 | 1018 | 638 | 903 |
| Long-term debt | 651 | 647 | 671 | 689 | 1012 |
| Reserve for unfunded lending commitments | 61 | 49 | 38 | 36 | 40 |
| Other liabilities | 1871 | 1724 | 1364 | 1118 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 84652 | 83778 | 82152 | 84832 | 85737 |
| Shareholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;Preferred stock, without par value; authorized 4,400 shares | 440 | 440 | 440 | 440 | 440 |
| &nbsp;&nbsp;Common stock<sup>2</sup> ($0.001 par value; authorized 350,000 shares) and additional paid-in capital | 1754 | 1799 | 1845 | 1889 | 1928 |
| &nbsp;&nbsp;Retained earnings | 5811 | 5597 | 5447 | 5311 | 5175 |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss) | (3112) | (3140) | (2100) | (1346) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 4893 | 4696 | 5632 | 6294 | 7463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $89545 | $88474 | $87784 | $91126 | $93200 |
| <sup>1</sup> Held-to-maturity (fair value) | $11239 | $379 | $578 | $414 | $443 |
| <sup>2</sup> Common shares (issued and outstanding) | 148664 | 149611 | 150471 | 151348 | 151625 |

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ZIONS BANCORPORATION, N.A.

Press Release – Page 10

**CONSOLIDATED STATEMENTS OF INCOME**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Unaudited) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***(In millions, except share and per share amounts)*** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| Interest income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and fees on loans | $656 | $551 | $468 | $437 | $471 |
| &nbsp;&nbsp;&nbsp;Interest on money market investments | 39 | 24 | 12 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;Interest on securities | 140 | 132 | 128 | 112 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 835 | 707 | 608 | 555 | 566 |
| Interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest on deposits | 38 | 19 | 7 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;Interest on short- and long-term borrowings | 77 | 25 | 8 | 5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 115 | 44 | 15 | 11 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 720 | 663 | 593 | 544 | 553 |
| Provision for credit losses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision for loan losses | 31 | 60 | 39 | (29) | 23 |
| &nbsp;&nbsp;&nbsp;Provision for unfunded lending commitments | 12 | 11 | 2 | (4) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision for credit losses | 43 | 71 | 41 | (33) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 677 | 592 | 552 | 577 | 528 |
| Noninterest income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial account fees | 41 | 40 | 37 | 41 | 34 |
| &nbsp;&nbsp;&nbsp;Card fees | 27 | 27 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;Retail and business banking fees | 16 | 17 | 20 | 20 | 19 |
| &nbsp;&nbsp;&nbsp;Loan-related fees and income | 19 | 18 | 21 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;Capital markets and foreign exchange fees | 22 | 25 | 21 | 15 | 24 |
| &nbsp;&nbsp;&nbsp;Wealth management fees | 14 | 14 | 13 | 14 | 13 |
| &nbsp;&nbsp;&nbsp;Other customer-related fees | 14 | 15 | 17 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer-related noninterest income | 153 | 156 | 154 | 151 | 152 |
| &nbsp;&nbsp;&nbsp;Fair value and nonhedge derivative income (loss) | (4) | 4 | 10 | 6 | (1) |
| &nbsp;&nbsp;&nbsp;Dividends and other income (loss) | 9 | (1) | 7 | 2 | 19 |
| &nbsp;&nbsp;&nbsp;Securities gains (losses), net | (5) | 6 | 1 | (17) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 153 | 165 | 172 | 142 | 190 |
| Noninterest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 304 | 312 | 307 | 312 | 282 |
| &nbsp;&nbsp;&nbsp;Technology, telecom, and information processing | 51 | 53 | 53 | 52 | 51 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment, net | 40 | 38 | 36 | 38 | 38 |
| &nbsp;&nbsp;&nbsp;Professional and legal services | 15 | 14 | 14 | 14 | 16 |
| &nbsp;&nbsp;&nbsp;Marketing and business development | 11 | 11 | 9 | 8 | 20 |
| &nbsp;&nbsp;&nbsp;Deposit insurance and regulatory expense | 14 | 13 | 13 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;Credit-related expense | 8 | 8 | 7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;Other real estate expense, net |  |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;Other | 28 | 30 | 25 | 22 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 471 | 479 | 464 | 464 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 359 | 278 | 260 | 255 | 269 |
| Income taxes | 75 | 61 | 57 | 52 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 284 | 217 | 203 | 203 | 213 |
| Preferred stock dividends | (7) | (6) | (8) | (8) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings applicable to common shareholders | $277 | $211 | $195 | $195 | $207 |
| Weighted average common shares outstanding during the period: | Weighted average common shares outstanding during the period: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic shares (in thousands) | 148739 | 149628 | 150635 | 151285 | 153248 |
| &nbsp;&nbsp;&nbsp;Diluted shares (in thousands) | 148829 | 149792 | 150838 | 151687 | 153635 |
| Net earnings per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $1.84 | $1.40 | $1.29 | $1.27 | $1.34 |
| &nbsp;&nbsp;&nbsp;Diluted | 1.84 | 1.40 | 1.29 | 1.27 | 1.34 |

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ZIONS BANCORPORATION, N.A.

Press Release – Page 11

**CONSOLIDATED STATEMENTS OF INCOME**

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| ***(In millions, except share and per share amounts)*** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |
| Interest income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and fees on loans | $2112 | $1935 | $2050 |
| &nbsp;&nbsp;&nbsp;Interest on money market investments | 81 | 21 | 14 |
| &nbsp;&nbsp;&nbsp;Interest on securities | 512 | 311 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 2705 | 2267 | 2368 |
| Interest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest on deposits | 70 | 30 | 105 |
| &nbsp;&nbsp;&nbsp;Interest on short- and long-term borrowings | 115 | 29 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 185 | 59 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 2520 | 2208 | 2216 |
| Provision for credit losses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision for loan losses | 101 | (258) | 385 |
| &nbsp;&nbsp;&nbsp;Provision for unfunded lending commitments | 21 | (18) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision for credit losses | 122 | (276) | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for loan losses | 2398 | 2484 | 1802 |
| Noninterest income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial account fees | 159 | 137 | 132 |
| &nbsp;&nbsp;&nbsp;Card fees | 104 | 95 | 82 |
| &nbsp;&nbsp;&nbsp;Retail and business banking fees | 73 | 74 | 68 |
| &nbsp;&nbsp;&nbsp;Loan-related fees and income | 80 | 95 | 109 |
| &nbsp;&nbsp;&nbsp;Capital markets and foreign exchange fees | 83 | 70 | 70 |
| &nbsp;&nbsp;&nbsp;Wealth management fees | 55 | 50 | 44 |
| &nbsp;&nbsp;&nbsp;Other customer-related fees | 60 | 54 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer-related noninterest income | 614 | 575 | 549 |
| &nbsp;&nbsp;&nbsp;Fair value and nonhedge derivative income (loss) | 16 | 14 | (6) |
| &nbsp;&nbsp;&nbsp;Dividends and other investment income | 17 | 43 | 24 |
| &nbsp;&nbsp;&nbsp;Securities gains (losses), net | (15) | 71 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 632 | 703 | 574 |
| Noninterest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 1235 | 1127 | 1087 |
| &nbsp;&nbsp;&nbsp;Technology, telecom, and information processing | 209 | 199 | 192 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment, net | 152 | 153 | 151 |
| &nbsp;&nbsp;&nbsp;Professional and legal services | 57 | 72 | 57 |
| &nbsp;&nbsp;&nbsp;Marketing and business development | 39 | 43 | 61 |
| &nbsp;&nbsp;&nbsp;Deposit insurance and regulatory expense | 50 | 34 | 33 |
| &nbsp;&nbsp;&nbsp;Credit-related expense | 30 | 26 | 22 |
| &nbsp;&nbsp;&nbsp;Other real estate expense, net | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;Other | 105 | 87 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 1878 | 1741 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 1152 | 1446 | 672 |
| Income taxes | 245 | 317 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 907 | 1129 | 539 |
| Preferred stock dividends | (29) | (29) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings applicable to common shareholders | $878 | $1100 | $505 |
| Weighted average common shares outstanding during the year: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic shares (in thousands) | 150064 | 159913 | 163737 |
| &nbsp;&nbsp;&nbsp;Diluted shares (in thousands) | 150271 | 160234 | 165613 |
| Net earnings per common share: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $5.80 | $6.80 | $3.06 |
| &nbsp;&nbsp;&nbsp;Diluted | 5.79 | 6.79 | 3.02 |

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ZIONS BANCORPORATION, N.A.

Press Release – Page 12

**Loan Balances Held for Investment by Portfolio Type** 

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***(In millions)*** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| Commercial: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | $16180 | $15656 | $14989 | $14356 | $13867 |
| &nbsp;&nbsp;&nbsp;PPP | 197 | 306 | 534 | 1081 | 1855 |
| &nbsp;&nbsp;&nbsp;Leasing | 386 | 347 | 339 | 318 | 327 |
| &nbsp;&nbsp;&nbsp;Owner occupied | 9371 | 9279 | 9208 | 9026 | 8733 |
| &nbsp;&nbsp;&nbsp;Municipal | 4361 | 4224 | 4113 | 3944 | 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 30495 | 29812 | 29183 | 28725 | 28440 |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction and land development | 2513 | 2800 | 2659 | 2769 | 2757 |
| &nbsp;&nbsp;&nbsp;Term | 10226 | 9556 | 9477 | 9325 | 9441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate | 12739 | 12356 | 12136 | 12094 | 12198 |
| Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home equity credit line | 3377 | 3331 | 3266 | 3089 | 3016 |
| &nbsp;&nbsp;&nbsp;1-4 family residential | 7286 | 6852 | 6423 | 6122 | 6050 |
| &nbsp;&nbsp;&nbsp;Construction and other consumer real estate | 1161 | 973 | 787 | 692 | 638 |
| &nbsp;&nbsp;&nbsp;Bankcard and other revolving plans | 471 | 471 | 448 | 410 | 396 |
| &nbsp;&nbsp;&nbsp;Other | 124 | 123 | 127 | 110 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 12419 | 11750 | 11051 | 10423 | 10213 |
| Total loans and leases | $55653 | $53918 | $52370 | $51242 | $50851 |

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**Nonperforming Assets** 

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***(In millions)*** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| Nonaccrual loans <sup>1</sup> | $149 | $151 | $201 | $252 | $271 |
| Other real estate owned <sup>2</sup> |  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Total nonperforming assets | $149 | $151 | $201 | $252 | $272 |
| Ratio of nonperforming assets to loans<sup>1</sup> and leases and other real estate owned <sup>2</sup> | 0.27% | 0.28% | 0.38% | 0.49% | 0.53% |
| Accruing loans past due 90 days or more | $6 | $20 | $6 | $3 | $8 |
| Ratio of accruing loans past due 90 days or more to loans<sup>1</sup> and leases | 0.01% | 0.04% | 0.01% | 0.01% | 0.02% |
| Nonaccrual loans and accruing loans past due 90 days or more | $155 | $171 | $207 | $255 | $279 |
| Ratio of nonperforming assets<sup>1</sup> and accruing loans 90 days or more past due to loans and leases and other real estate owned | 0.28% | 0.32% | 0.39% | 0.50% | 0.55% |
| Accruing loans past due 30-89 days <sup>3</sup> | $93 | $84 | $123 | $93 | $70 |
| Restructured loans included in nonaccrual loans | 38 | 39 | 61 | 100 | 105 |
| Restructured loans on accrual | 197 | 206 | 214 | 216 | 221 |
| Classified loans | 929 | 965 | 1009 | 1148 | 1236 |

---

<sup>1</sup> *Includes loans held for sale.*

<sup>2</sup> *Does not include banking premises held for sale.*

<sup>3</sup> *Includes $6 million of PPP loans at December 31, 2022, which we expect will be paid in full by either the borrower or the SBA.*

------

ZIONS BANCORPORATION, N.A.

Press Release – Page 13

**Allowance for Credit Losses** 

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***(In millions)*** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| **Allowance for Loan and Lease Losses** | | | | | |
| Balance at beginning of period | $541 | $508 | $478 | $513 | $491 |
| Provision for loan losses | 31 | 60 | 39 | (29) | 23 |
| &nbsp;&nbsp;&nbsp;Loan and lease charge-offs | 9 | 38 | 18 | 17 | 11 |
| &nbsp;&nbsp;&nbsp;Less: Recoveries | 12 | 11 | 9 | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loan and lease charge-offs (recoveries) | (3) | 27 | 9 | 6 | 1 |
| Balance at end of period | $575 | $541 | $508 | $478 | $513 |
| Ratio of allowance for loan losses to loans<sup>1</sup> and leases, at period end | 1.03% | 1.00% | 0.97% | 0.93% | 1.01% |
| Ratio of allowance for loan losses to nonaccrual loans<sup>1</sup> at period end | 386% | 358% | 261% | 190% | 189% |
| Annualized ratio of net loan and lease charge-offs (recoveries) to average loans | (0.02)% | 0.20% | 0.07% | 0.05% | 0.01% |
| Annualized ratio of net loan and lease charge-offs (recoveries) to average loans (excluding PPP loans) | (0.02)% | 0.21% | 0.07% | 0.05% | 0.01% |
| **Reserve for Unfunded Lending Commitments** |  |  |  |  |  |
| Balance at beginning of period | $49 | $38 | $36 | $40 | $38 |
| Provision for unfunded lending commitments | 12 | 11 | 2 | (4) | 2 |
| Balance at end of period | $61 | $49 | $38 | $36 | $40 |
| **Allowance for Credit Losses** |  |  |  |  |  |
| Allowance for loan losses | $575 | $541 | $508 | $478 | $513 |
| Reserve for unfunded lending commitments | 61 | 49 | 38 | 36 | 40 |
| Total allowance for credit losses | $636 | $590 | $546 | $514 | $553 |
| Ratio of ACL to loans<sup>1</sup> and leases outstanding, at period end | 1.14% | 1.09% | 1.04% | 1.00% | 1.09% |
| Ratio of ACL to loans<sup>1</sup> and leases outstanding (excluding PPP loans), at period end | 1.15% | 1.10% | 1.05% | 1.02% | 1.13% |

---

<sup>1</sup> *Does not include loans held for sale.*

------

ZIONS BANCORPORATION, N.A.

Press Release – Page 14

**Nonaccrual Loans by Portfolio Type**

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***(In millions)*** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| Loans held for sale | $— | $— | $6 | $— | $— |
| Commercial: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | $56 | $52 | $86 | $112 | $124 |
| &nbsp;&nbsp;&nbsp;PPP | 7 | 5 | 1 | 2 | 3 |
| &nbsp;&nbsp;&nbsp;Leasing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner occupied | 24 | 28 | 40 | 53 | 57 |
| &nbsp;&nbsp;&nbsp;Municipal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 87 | 85 | 127 | 167 | 184 |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction and land development |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term | 14 | 20 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate | 14 | 20 | 20 | 20 | 20 |
| Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home equity credit line | 11 | 10 | 10 | 13 | 14 |
| &nbsp;&nbsp;&nbsp;1-4 family residential | 37 | 36 | 38 | 51 | 52 |
| &nbsp;&nbsp;&nbsp;Construction and other consumer real estate |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankcard and other revolving plans |  |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 48 | 46 | 48 | 65 | 67 |
| Total nonaccrual loans | $149 | $151 | $201 | $252 | $271 |

---

**Net Charge-Offs by Portfolio Type**

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***(In millions)*** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| Commercial: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | $(4) | $31 | $8 | $6 | $3 |
| &nbsp;&nbsp;&nbsp;PPP |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Leasing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner occupied |  |  |  | (1) |  |
| &nbsp;&nbsp;&nbsp;Municipal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial | (4) | 31 | 8 | 5 | 3 |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction and land development |  |  |  |  | (3) |
| &nbsp;&nbsp;&nbsp;Term |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate |  |  |  |  | (3) |
| Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home equity credit line |  |  | (1) | (1) |  |
| &nbsp;&nbsp;&nbsp;1-4 family residential |  | (4) | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;Construction and other consumer real estate |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bankcard and other revolving plans | 1 |  | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 1 | (4) | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net charge-offs (recoveries) | $(3) | $27 | $9 | $6 | $1 |

---

------

ZIONS BANCORPORATION, N.A.

Press Release – Page 15

**CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Unaudited) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
| ***(In millions)*** | **Average balance** | **Average<br>yield/rate** <sup>1</sup> | **Average balance** | **Average<br>yield/rate** <sup>1</sup> | **Average balance** | **Average<br>yield/rate** <sup>1</sup> |
| ASSETS |  |  |  |  |  |  |
| Money market investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | $1264 | 3.67% | $1233 | 2.19% | $11155 | 0.15% |
| &nbsp;&nbsp;&nbsp;Federal funds sold and security resell agreements | 2571 | 4.13% | 2511 | 2.66% | 2189 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total money market investments | 3835 | 3.98% | 3744 | 2.51% | 13344 | 0.21% |
| Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Held-to-maturity | 6463 | 2.22% | 560 | 2.88% | 451 | 3.18% |
| &nbsp;&nbsp;&nbsp;Available-for-sale | 16743 | 2.45% | 24892 | 2.05% | 21661 | 1.52% |
| &nbsp;&nbsp;&nbsp;Trading account | 262 | 4.72% | 288 | 4.57% | 342 | 4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities | 23468 | 2.42% | 25740 | 2.10% | 22454 | 1.61% |
| Loans held for sale | 22 | 2.72% | 37 | 5.33% | 79 | 1.39% |
| Loans and leases:<sup>2</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial - excluding PPP loans | 29805 | 4.64% | 28972 | 4.13% | 25899 | 3.75% |
| &nbsp;&nbsp;&nbsp;Commercial - PPP loans | 251 | 3.38% | 408 | 6.28% | 2439 | 7.16% |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 12547 | 5.90% | 12182 | 4.73% | 12228 | 3.39% |
| &nbsp;&nbsp;&nbsp;Consumer | 12073 | 4.14% | 11391 | 3.61% | 10125 | 3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | 54676 | 4.81% | 52953 | 4.17% | 50691 | 3.73% |
| Total interest-earning assets | 82001 | 4.09% | 82474 | 3.45% | 86568 | 2.64% |
| Cash and due from banks | 638 |  | 604 |  | 629 |  |
| &nbsp;&nbsp;Allowance for credit losses on loans and debt securities | (546) |  | (515) |  | (495) |  |
| Goodwill and intangibles | 1036 |  | 1021 |  | 1015 |  |
| Other assets | 5770 |  | 4923 |  | 4168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $88899 |  | $88507 |  | $91885 |  |
| LIABILITIES AND SHAREHOLDERS' EQUITY | LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Savings and money market | $34386 | 0.37% | $36399 | 0.20% | $38349 | 0.05% |
| &nbsp;&nbsp;&nbsp;Time | 1856 | 1.31% | 1441 | 0.32% | 1662 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 36242 | 0.42% | 37840 | 0.20% | 40011 | 0.06% |
| Borrowed funds: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal funds purchased and other short-term borrowings | 6883 | 3.80% | 2885 | 2.33% | 641 | 0.07% |
| &nbsp;&nbsp;&nbsp;Long-term debt | 648 | 6.24% | 673 | 4.83% | 1017 | 2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowed funds | 7531 | 4.01% | 3558 | 2.80% | 1658 | 1.59% |
| Total interest-bearing funds | 43773 | 1.04% | 41398 | 0.43% | 41669 | 0.12% |
| Noninterest-bearing demand deposits | 38013 |  | 39623 |  | 41397 |  |
| Other liabilities | 2343 |  | 1743 |  | 1233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 84129 |  | 82764 |  | 84299 |  |
| Shareholders' equity: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred equity | 440 |  | 440 |  | 440 |  |
| &nbsp;&nbsp;&nbsp;Common equity | 4330 |  | 5303 |  | 7146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 4770 |  | 5743 |  | 7586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $88899 |  | $88507 |  | $91885 |  |
| Spread on average interest-bearing funds |  | 3.05% |  | 3.02% |  | 2.52% |
| Impact of net noninterest-bearing sources of funds |  | 0.48% |  | 0.22% |  | 0.06% |
| Net interest margin |  | 3.53% |  | 3.24% |  | 2.58% |
| Memo: total loans and leases, excluding PPP loans | 54425 | 4.82% | 52545 | 4.16% | 48252 | 3.56% |
| Memo: total cost of deposits |  | 0.20% |  | 0.10% |  | 0.03% |
| Memo: total deposits and interest-bearing liabilities | 81786 | 0.56% | 81021 | 0.22% | 83066 | 0.06% |

---

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

<sup>2</sup> *Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.*

------

ZIONS BANCORPORATION, N.A.

Press Release – Page 16

**CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Unaudited) | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2020** | **December 31, 2020** |
| ***(In millions)*** | **Average balance** | **Average**<br>**yield/rate** <sup>1</sup> | **Average balance** | **Average<br>yield/rate** <sup>1</sup> | **Average balance** | **Average<br>yield/rate** <sup>1</sup> |
| ASSETS |  |  |  |  |  |  |
| Money market investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | $3066 | 0.87% | $8917 | 0.14% | $965 | 0.49% |
| &nbsp;&nbsp;&nbsp;Federal funds sold and security resell agreements | 2482 | 2.16% | 2129 | 0.40% | 2089 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total money market investments | 5548 | 1.45% | 11046 | 0.19% | 3054 | 0.46% |
| Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Held-to-maturity | 1999 | 2.36% | 562 | 2.97% | 618 | 3.54% |
| &nbsp;&nbsp;&nbsp;Available-for-sale | 23132 | 1.99% | 18365 | 1.59% | 14208 | 2.00% |
| &nbsp;&nbsp;&nbsp;Trading account | 322 | 4.79% | 246 | 4.43% | 167 | 4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities | 25453 | 2.06% | 19173 | 1.67% | 14993 | 2.09% |
| Loans held for sale | 39 | 2.57% | 65 | 2.35% | 96 | 3.89% |
| Loans and leases:<sup>2</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial - excluding PPP loans | 28500 | 4.02% | 25014 | 3.80% | 25193 | 4.11% |
| &nbsp;&nbsp;&nbsp;Commercial - PPP loans | 725 | 6.53% | 4566 | 5.16% | 4534 | 3.22% |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 12251 | 4.44% | 12136 | 3.44% | 11854 | 3.87% |
| &nbsp;&nbsp;&nbsp;Consumer | 11122 | 3.58% | 10267 | 3.44% | 11435 | 3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | 52598 | 4.06% | 51983 | 3.76% | 53016 | 3.89% |
| Total interest-earning assets | 83638 | 3.28% | 82267 | 2.79% | 71159 | 3.37% |
| Cash and due from banks | 621 |  | 605 |  | 619 |  |
| Allowance for credit losses on loans and debt securities | (514) |  | (612) |  | (733) |  |
| Goodwill and intangibles | 1022 |  | 1015 |  | 1015 |  |
| Other assets | 4908 |  | 4122 |  | 3997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $89675 |  | $87397 |  | $76057 |  |
| LIABILITIES AND SHAREHOLDERS' EQUITY | LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Savings and money market | $37045 | 0.16% | $36717 | 0.06% | $31100 | 0.19% |
| &nbsp;&nbsp;&nbsp;Time | 1594 | 0.58% | 2020 | 0.41% | 3706 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 38639 | 0.18% | 38737 | 0.08% | 34806 | 0.30% |
| Borrowed funds: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal funds purchased and other short-term borrowings | 2794 | 3.02% | 802 | 0.07% | 1888 | 0.52% |
| &nbsp;&nbsp;&nbsp;Long-term debt | 705 | 4.28% | 1211 | 2.36% | 1544 | 2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowed funds | 3499 | 3.27% | 2013 | 1.45% | 3432 | 1.39% |
| Total interest-bearing funds | 42138 | 0.44% | 40750 | 0.14% | 38238 | 0.40% |
| Noninterest-bearing demand deposits | 39890 |  | 37520 |  | 28883 |  |
| Other liabilities | 1735 |  | 1259 |  | 1320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 83763 |  | 79529 |  | 68441 |  |
| Shareholders' equity: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred equity | 440 |  | 497 |  | 566 |  |
| &nbsp;&nbsp;&nbsp;Common equity | 5472 |  | 7371 |  | 7050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 5912 |  | 7868 |  | 7616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $89675 |  | $87397 |  | $76057 |  |
| Spread on average interest-bearing funds |  | 2.84% |  | 2.65% |  | 2.97% |
| Impact of net noninterest-bearing sources of funds |  | 0.22% |  | 0.07% |  | 0.18% |
| Net interest margin |  | 3.06% |  | 2.72% |  | 3.15% |
| Memo: total loans and leases, excluding PPP loans | 51873 | 4.03% | 47417 | 3.63% | 48482 | 3.89% |
| Memo: total cost of deposits |  | 0.09% |  | 0.04% |  | 0.17% |
| Memo: total deposits and interest-bearing liabilities | 82028 | 0.23% | 78270 | 0.07% | 67121 | 0.22% |

---

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

<sup>2</sup> *Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.*

------

ZIONS BANCORPORATION, N.A.

Press Release – Page 17

**NON-GAAP FINANCIAL MEASURES**

(Unaudited)

This press release presents non-GAAP financial measures in addition to GAAP financial measures. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. We consider these adjustments to be relevant to ongoing operating results and provide a meaningful basis for period-to-period comparisons. We use these non-GAAP financial measures to assess our performance, financial position, and for presentations of our performance to investors. We believe that presenting these non-GAAP financial measures permits investors to assess our performance on the same basis as that applied by our management and the financial services industry.

Non-GAAP financial measures have inherent limitations and are not necessarily comparable to similar financial measures that may be presented by other financial services companies. Although non-GAAP financial measures are frequently used by stakeholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

**Tangible Common Equity and Related Measures**

Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization and accumulated other comprehensive income or loss. We believe these non-GAAP measures provide useful information about our use of shareholders' equity and provide a basis for evaluating the performance of a business more consistently, whether acquired or developed internally.

**RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***(Dollar amounts in millions)*** | | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| Net earnings applicable to common shareholders (GAAP) |  | $277 | $211 | $195 | $195 | $207 |
| Adjustments, net of tax: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of core deposit and other intangibles |  |  | 1 |  |  | 1 |
| Net earnings applicable to common shareholders, net of tax | (a) | $277 | $212 | $195 | $195 | $208 |
| Average common equity (GAAP) |  | $4330 | $5303 | $5582 | $6700 | $7146 |
| Average goodwill and intangibles |  | (1036) | (1021) | (1015) | (1015) | (1015) |
| Average accumulated other comprehensive loss (income) |  | 3192 | 2075 | 1702 | 452 | (2) |
| Average tangible common equity (non-GAAP) | (b) | $6486 | $6357 | $6269 | $6137 | $6129 |
| Number of days in quarter | (c) | 92 | 92 | 91 | 90 | 92 |
| Number of days in year | (d) | 365 | 365 | 365 | 365 | 365 |
| Return on average tangible common equity (non-GAAP) | (a/b/c)\*d | 16.9% | 13.2% | 12.5% | 12.9% | 13.5% |

---

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ZIONS BANCORPORATION, N.A.

Press Release – Page 18

**TANGIBLE EQUITY RATIO, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE BOOK VALUE PER COMMON SHARE (ALL NON-GAAP MEASURES)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***(Dollar amounts in millions, except per share amounts)*** | | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| Total shareholders' equity (GAAP) |  | $4893 | $4696 | $5632 | $6294 | $7463 |
| &nbsp;&nbsp;&nbsp;Goodwill and intangibles |  | (1065) | (1034) | (1015) | (1015) | (1015) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss (income) |  | 3112 | 3140 | 2100 | 1346 | 80 |
| Tangible equity (non-GAAP) | (a) | 6940 | 6802 | 6717 | 6625 | 6528 |
| &nbsp;&nbsp;&nbsp;Preferred stock |  | (440) | (440) | (440) | (440) | (440) |
| Tangible common equity (non-GAAP) | (b) | $6500 | $6362 | $6277 | $6185 | $6088 |
| Total assets (GAAP) |  | $89545 | $88474 | $87784 | $91126 | $93200 |
| &nbsp;&nbsp;&nbsp;Goodwill and intangibles |  | (1065) | (1034) | (1015) | (1015) | (1015) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss (income) |  | 3112 | 3140 | 2100 | 1346 | 80 |
| Tangible assets (non-GAAP) | (c) | $91592 | $90580 | $88869 | $91457 | $92265 |
| Common shares outstanding (in thousands) | (d) | 148664 | 149611 | 150471 | 151348 | 151625 |
| Tangible equity ratio (non-GAAP) | (a/c) | 7.6% | 7.5% | 7.6% | 7.2% | 7.1% |
| Tangible common equity ratio (non-GAAP) | (b/c) | 7.1% | 7.0% | 7.1% | 6.8% | 6.6% |
| Tangible book value per common share (non-GAAP) | (b/d) | $43.72 | $42.52 | $41.72 | $40.87 | $40.15 |

---

**Efficiency Ratio and Adjusted Pre-Provision Net Revenue**

The efficiency ratio is a measure of operating expense relative to revenue. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. We make adjustments to exclude certain items that are not generally expected to recur frequently, as identified in the subsequent schedule, which we believe allow for more consistent comparability across periods. Adjusted noninterest expense provides a measure as to how we are managing our expenses; adjusted pre-provision net revenue enables management and others to assess our ability to generate capital. Taxable-equivalent net interest income allows us to assess the comparability of revenue arising from both taxable and tax-exempt sources.

**EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***(Dollar amounts in millions)*** | | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| Noninterest expense (GAAP) | (a) | $471 | $479 | $464 | $464 | $449 |
| Adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Severance costs |  |  |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;Other real estate expense, net |  |  |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;Amortization of core deposit and other intangibles |  |  | 1 |  |  | 1 |
| &nbsp;&nbsp;SBIC investment success fee accrual <sup>1</sup> |  | (1) | 1 |  | (1) | 2 |
| &nbsp;&nbsp;&nbsp;Total adjustments | (b) | (1) | 2 | 1 |  | 3 |
| Adjusted noninterest expense (non-GAAP) | (a-b)=(c) | $472 | $477 | $463 | $464 | $446 |
| &nbsp;&nbsp;&nbsp;Net interest income (GAAP) | (d) | $720 | $663 | $593 | $544 | $553 |
| &nbsp;&nbsp;&nbsp;Fully taxable-equivalent adjustments | (e) | 10 | 10 | 9 | 8 | 10 |
| &nbsp;&nbsp;&nbsp;Taxable-equivalent net interest income (non-GAAP) | (d+e)=(f) | 730 | 673 | 602 | 552 | 563 |
| Noninterest income (GAAP) | (g) | 153 | 165 | 172 | 142 | 190 |
| &nbsp;&nbsp;&nbsp;Combined income (non-GAAP) | (f+g)=(h) | 883 | 838 | 774 | 694 | 753 |
| Adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fair value and nonhedge derivative income (loss) |  | (4) | 4 | 10 | 6 | (1) |
| &nbsp;&nbsp;&nbsp;Securities gains (losses), net |  | (5) | 6 | 1 | (17) | 20 |
| &nbsp;&nbsp;&nbsp;Total adjustments | &nbsp;&nbsp;(i) | (9) | 10 | 11 | (11) | 19 |
| Adjusted taxable-equivalent revenue (non-GAAP) | (h-i)=(j) | $892 | $828 | $763 | $705 | $734 |
| &nbsp;&nbsp;&nbsp;Pre-provision net revenue (PPNR) (non-GAAP) | (h)-(a) | $412 | $359 | $310 | $230 | $304 |
| &nbsp;&nbsp;&nbsp;Adjusted PPNR (non-GAAP) | (j)-(c) | 420 | 351 | 300 | 241 | 288 |
| Efficiency ratio (non-GAAP) | (c/j) | 52.9% | 57.6% | 60.7% | 65.8% | 60.8% |

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<sup>1</sup> *The success fee accrual is associated with the gains/(losses) from our SBIC investments. The gains/(losses) related to these investments are excluded from the efficiency ratio through securities gains (losses), net.*

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ZIONS BANCORPORATION, N.A.

Press Release – Page 19

**EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)**

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| | | | |
|:---|:---|:---|:---|
| | | **Twelve Months Ended** | **Twelve Months Ended** |
| ***(Dollar amounts in millions)*** | | **December 31,<br>2022** | **December 31,<br>2021** |
| Noninterest expense (GAAP) | (a) | $1878 | $1741 |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Severance costs |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Other real estate expense |  | 1 |  |
| &nbsp;&nbsp;&nbsp;Amortization of core deposit and other intangibles |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Pension termination-related expense |  |  | (5) |
| &nbsp;&nbsp;SBIC investment success fee accrual <sup>1</sup> |  | (1) | 7 |
| &nbsp;&nbsp;&nbsp;Total adjustments | (b) | 2 | 4 |
| Adjusted noninterest expense (non-GAAP) | (a-b)=(c) | $1876 | $1737 |
| &nbsp;&nbsp;&nbsp;Net interest income (GAAP) | (d) | $2520 | $2208 |
| &nbsp;&nbsp;&nbsp;Fully taxable-equivalent adjustments | (e) | 37 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable-equivalent net interest income (non-GAAP) | (d+e)=(f) | 2557 | 2240 |
| Noninterest income (GAAP) | (g) | 632 | 703 |
| &nbsp;&nbsp;&nbsp;Combined income (non-GAAP) | (f+g)=(h) | 3189 | 2943 |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Fair value and nonhedge derivative income (loss) |  | 16 | 14 |
| &nbsp;&nbsp;&nbsp;Securities gains (losses), net |  | (15) | 71 |
| &nbsp;&nbsp;&nbsp;Total adjustments | (i) | 1 | 85 |
| Adjusted taxable-equivalent revenue (non-GAAP) | (h-i)=(j) | $3188 | $2858 |
| &nbsp;&nbsp;&nbsp;Pre-provision net revenue (PPNR) | (h)-(a) | $1311 | $1202 |
| &nbsp;&nbsp;&nbsp;Adjusted PPNR (non-GAAP) | (j)-(c) | 1312 | 1121 |
| Efficiency ratio (non-GAAP) | (c/j) | 58.8% | 60.8% |

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<sup>1</sup> *The success fee accrual is associated with the gains/(losses) from our SBIC investments. The gains/(losses) related to these investments are excluded from the efficiency ratio through securities gains (losses), net.*

## Exhibit 99.2

![](earningspresentation-202001.jpg)

January 23, 2023 Fourth Quarter 2022 Financial Review

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2 Forward-Looking Statements; Use of Non-GAAP Financial Measures Forward Looking Information This earnings presentation includes "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as "may," "might," "could," "anticipate," "expect," and similar terms, are based on management's current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees, nor should they be relied upon as representing management's views as of any subsequent date. 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 2021 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). 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. Use of Non-GAAP Financial Measures: This document contains several references to non-GAAP measures, including but not limited to, pre-provision net revenue and the "efficiency ratio," which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions' management compensation and are used in Zions' strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A full reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

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▪ The value of our deposit base contributed to a strong increase in net interest income ▪ Our low-cost deposits have been a catalyst for growth in our quarterly net interest income (excl. PPP) of 41% over the year-ago quarter, and of pre- provision net revenue (excl. PPP), which increased 71% ▪ Deposit attrition has primarily been the result of "surge" deposit attrition; our particularly strong liquidity profile going into 2022 positioned Zions to allow for deposit runoff. Deposit pricing will likely increase at a faster rate in the near term ▪ We generated strong loan growth ▪ We generated $1.8 billion of loan growth in the fourth quarter (13.8% annualized, excl. PPP) and $6.4 billion of net growth in 2022 (13.2%, excl. PPP) while using underwriting standards and concentration limits that have produced superior credit performance ▪ A substantial 36% of our 2022 loan growth (excl. PPP) was in lower-risk categories including 1-4 family and municipal loans ▪ Commercial and industrial loans accounted for another 36% of the loan growth in 2022, increasing 17% over the prior year's level ▪ Our balance sheet composition allows for a great deal of flexibility ▪ Our loan-to-deposit ratio of 78% continues to provide a cushion to absorb future loan growth and deposit migration ▪ Our deposit strategy includes optimizing the size of the balance sheet and the cost of funding; rate cycle-to-date total deposit cost beta1 of just 5% ▪ We are prepared for a recession ▪ We have a strong stream of earnings (4Q22 annualized PPNR of $1.6 billion), significant loss-absorbing regulatory capital and allowance for credit losses ▪ We have well-managed concentrations and smaller hold limits in higher-risk categories; we have very little unsecured consumer exposure; our loans are underwritten to withstand the effects of moderately higher interest rates 3 Select Themes The high quality, low-cost nature of our deposits, along with strong loan growth helped to drive a significant increase in PPNR (1) Deposit beta is calculated as the change in the cost of total average deposits (including both interest and noninterest bearing) from 4Q21 to 4Q22 which was 17 basis points, relative to the change in the target (high) federal funds rate for the same period, which increased 360 basis points to a quarterly average of 3.85% in 4Q22 from 0.25% in 4Q21.

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✓ Earnings and Profitability: ▪ $1.84 diluted earnings/share, compared to $1.40 ▪ $892 million adjusted taxable-equivalent revenue, compared to $828 million ▪ $412 million Pre-Provision Net Revenue ▪ $420 million Adjusted PPNR(1), compared to $351 million ▪ $43 million provision for credit losses, compared to $71 million ▪ $277 million Net Income Applicable to Common, compared to $211 million primarily due to increased net interest income ▪ 1.27% Return on Assets (annualized), compared to 0.97% ▪ 16.9% Return on Average Tangible Common Equity, excl. AOCI (annualized), compared to 13.2% ✓ Credit quality (excluding PPP Loans): ▪ 0.26% Nonperforming Assets + loans 90+ days past due / non-PPP loans and leases and other real estate owned, from 0.31% ▪ (0.02)% net loan charge offs/(recoveries) as a percent of loans, annualized, from 0.21% ▪ Allowance for credit losses ("ACL"), of $636 million or 1.15% of non- PPP loans, from 1.10% 4 Fourth Quarter 2022 Financial Highlights Vs. 3Q22, another quarter of strong increases in non-PPP loans and growth in adjusted PPNR Note: For the purposes of comparison in this presentation, we generally use linked-quarter ("LQ"), due to that being the preferred comparison for professional investors and analysts. (1) Adjusted for items such as severance and restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to SBIC investments. See Appendix for GAAP to non-GAAP reconciliation tables. ✓ Loans and Deposits: Vs. 3Q22, growth rates not annualized ▪ 3.2% increase in period-end loan balances ▪ 3.4% increase in period-end loan balances (excluding PPP loans) ▪ 3.6% increase in average loan balances (excluding PPP loans) ▪ 5.7% decrease in period-end deposits ▪ 4.1% decrease in average deposits ▪ 78% period-end loan-to-deposit ratio ▪ 0.20% cost of average total deposits ✓ Capital: ▪ 9.7% Common Equity Tier 1 Ratio (CET1), compared to 9.6% ▪ 10.6% (CET1+Allowance for Credit Losses) / Risk-Weighted Assets ▪ $50 million of common stock repurchased during 4Q22

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$1.34 $1.27 $1.29 $1.40 $1.84 4Q21 1Q22 2Q22 3Q22 4Q22 Diluted Earnings Per Share Notable Items: 4Q22: ▪ $(0.03) per share negative impact from a valuation loss on securities ▪ $(0.02) per share negative impact from a credit valuation adjustment ("CVA") 3Q22: ▪ $0.02 per share positive impact from sale of equity investments ▪ $(0.03) per share negative impact from a valuation loss on an equity investment ▪ $0.02 per share favorable impact from CVA 2Q22: ▪ $0.05 per share favorable impact from CVA ▪ $0.02 per share favorable impact from the sale of bank-owned facilities 1Q22: ▪ $(0.10) per share adverse mark-to-market impact from SBIC investments ▪ $0.03 per share favorable impact from CVA ▪ $0.03 per share favorable impact from alignment of commercial account fees 4Q21: ▪ $0.06 per share favorable impact from the sale of bank-owned facilities ▪ $0.08 per share net securities gain (including SBIC investments) ▪ $(0.05) per share charitable contribution 5 Strong linked-quarter growth due to significant increase in PPNR from strong net interest income and lower expenses Diluted Earnings per Share Note: EPS effects from PPP income and provision for credit loss calculations assume a statutory tax rate of approximately 24.5%. PPP income incorporates interest income less professional service expense related to forgiveness. $(0.12) $0.16 $(0.21) $(0.36) $(0.22) 4Q21 1Q22 2Q22 3Q22 4Q22 EPS Impact of Provision for Credit Losses $0.22 $0.12 $0.07 $0.03 Contribution from PPP income$0.01

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44 24 15 6 2 288 241 300 351 420 4Q21 1Q22 2Q22 3Q22 4Q22 Adjusted PPNR, excluding PPP (non-GAAP) Interest Income from PPP Loans Adjusted Pre-Provision Net Revenue ("PPNR") Adjusted PPNR increased 20% from the prior quarter, primarily due to the benefit of higher rates (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to the unrealized gains/(losses) on SBIC investments. See Appendix for GAAP to non-GAAP reconciliation table. (2) Interest income from PPP, as shown, is net of professional services expense associated with forgiveness. Adjusted PPNR(1) ($ millions) 6 Linked quarter: ▪ Adjusted PPNR increased 20% primarily from ▪ An 8% increase in adjusted revenue ▪ Significantly higher yields on all major asset categories from rising interest rates combined with modest change in funding costs ▪ Growth of higher yield assets (e.g., loans vs. money market) ▪ A 1% decrease in adjusted noninterest expense Year-over-year: ▪ Adjusted PPNR increased 46% ▪ Loan yields, excluding PPP, grew by 126 basis points; loan balances increased $4.8 billion (9.4%), or $6.5 billion (13.2%) if excluding PPP loans ▪ Taxable-equivalent net interest income increased 30% ▪ Stable level of customer-related noninterest income ▪ Net revenue growth partially offset by a 6% increase in adjusted noninterest expense (2)

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$48.3 $49.5 $51.0 $52.5 $54.4$2.4 $1.5 $0.8 $0.4 $0.3 3.73% 3.52% 3.67% 4.17% 4.81% $0.0 $25.0 $50.0 $75.0 $100.0 4Q21 1Q22 2Q22 3Q22 4Q22 Average Total Loans Excluding PPP Loans, Yield: 4.82% in 4Q22 Average PPP Loans Average Loan and Deposit Balances Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits 7 Vs. 3Q22, average non-PPP loans increased 3.6% in 4Q22; average deposits decreased 4.1% $40.0 $40.7 $39.8 $37.8 $36.2 $41.4 $40.9 $41.1 $39.6 $38.0 0.03% 0.03% 0.03% 0.10% 0.20% $0.0 $25.0 $50.0 $75.0 $100.0 4Q21 1Q22 2Q22 3Q22 4Q22 Average Noninterest-bearing Deposits Average Interest-bearing Deposits ($ billions) ($ billions)

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Deposit Trends 8 Deposit attrition is primarily from larger and less operational accounts; 47% has moved to off-balance sheet sweep accounts $0 $10 $20 $30 $40 $50 $60 $10MM+ $10MM and below B ill io n s Deposits by Balance Tier (excl. Brokered & Select Trust Accounts) 12/31/21 12/31/22 $8.0 billion of attrition $1 .6 b ill io n o f at tr it io n $2.9 billion f attrition Notes: (1) This analysis contains customer deposits only, excluding brokered and certain deposit accounts such as select omnibus trust accounts and certain internal operational accounts (2) For purposes of categorizing into tiers, balances are grouped into relationships which are potentially multiple related TIN-aligned customers (3) Tier categorization is based on the greater of balances at 12/31/21 and 12/31/22 Deposit attrition composition and destination: ▪ Attrition in 2022 was concentrated in larger balance, more rate sensitive / non-operating deposits ▪ The most active / operating accounts remained relatively steady during the year ▪ Off-balance sheet money market sweep balances increased to $11.2 billion at December 31, 2022 from $9.2 billion at September 30, 2022 and $6.0 billion at December 31, 2021 Additional Deposit Data ▪ At 78%, our loan-to-deposit ratio is low relative to historical levels ▪ Our deposit beta is just 5% thus far this cycle ▪ Our commercial deposit customer satisfaction scores rank among the very best in the industry ▪ Our median commercial relationship balance is less than $20,000, with the average balance less than $250,000 ▪ Our median consumer relationship balance is less than $5,000, with the average balance less than $40,000

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Securities, Money Market Investments 9 Total Securities Portfolio (at Fair Value) and Money Market Investments (end of period balances) $24.9 $27.0 $26.2 $24.2 $23.5 $12.4 $7.4 $3.5 $4.1 $3.8 4Q21 1Q22 2Q22 3Q22 4Q22 Total Securities Money Market Investments ($ billions) We have strong on-balance sheet liquidity We expect to use a portion of our highly liquid assets to fund loan growth and deposit attrition in the immediate future ▪ Money market investments and securities make up 33% of earning assets, compared to 24% immediately preceding the pandemic ▪ 4Q22 period-end securities declined $676 million. Securities account for 28% of period-end interest-earning assets ▪ Cash flow of the securities portfolio was $717 million ▪ We moved $10.7B of fair value ($13.1B of amortized cost) balances to Held to Maturity from Available for Sale during the fourth quarter ▪ $1.8 billion of after-tax accumulated other comprehensive loss was locked in and is expected to be amortized over time at a rate of approximately 15% (subject to prepayment speeds) per year 42% 40% 36% 34% 33% Percent of earning assets Securities portfolio duration as of December 31, 2022: 4.2 years (3.9 in 3Q22); it is not expected to extend materially under a higher interest rate environment Interest on total securities includes $23 million and $31 million of taxable-equivalent premium amortization for the fourth quarters of 2022 and 2021, respectively, and $105 million and $118 million for the year-ended 2022 and 2021, respectively.

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![](earningspresentation-202010.jpg)

509 520 578 657 718 44 24 15 6 2 $553 $544 $593 $663 $720 2.58% 2.60% 2.87% 3.24% 3.53% 2.45% 2.53% 2.83% 3.22% 3.53% 2.35% 2.55% 2.75% 2.95% 3.15% 3.35% 3.55% 3.75% 3.95% $0 4Q21 1Q22 2Q22 3Q22 4Q22 Net interest income, excluding PPP Net Interest Income associated with PPP Net Interest Income ("NII") and Net Interest Margin ("NIM") Net Interest Income Net Interest Margin Net Interest Margin, excl. PPP 10 Vs. 3Q22, net interest income increase driven by continued rate increases and loan growth ($ millions) Net Interest Margin 3Q22 4Q22 Impact of noninterest- bearing sources of funds Interest- bearing liability costs As of December 31, 2022, unamortized net origination fees related to the PPP loans totaled $2 million, to be amortized over the remaining life or as forgiven by the SBA. Net interest income from PPP loans assumes a funding cost equal to each period's total cost of deposits and debt. 1 Loan Yields includes the effect of swaps. Zions' strong base of noninterest bearing deposits and rising interest rates combined to result in an expansion of the NIM. Earning assets1 Asset sensitive positioning during rising rates has led to increasing margin

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![](earningspresentation-202011.jpg)

Interest Rate Sensitivity 11 With slowing rate hikes and funding costs expected to increase, NII may decline slightly on a static balance sheet; however, with loan growth, we expect a further slight increase in NII in 4Q23 vs. 4Q22 (1) 12-month forward simulated impact of an instantaneous and parallel change in interest rates and assumes no change in the size or composition of the earning assets, while it assumes a change in composition of deposits (a lesser proportion of noninterest bearing relative to total deposits). Latent interest rate sensitivity refers to future changes in Net Interest Income ("NII") based upon past rate movements that have yet to be fully realized in revenue Latent sensitivity is modeled to reduce NII by approximately 1% in 4Q23 when compared to 4Q22 (excluding PPP revenues) ▪ This reflects primarily a higher modeled deposit beta (18% through 4Q23 in both latent and emergent) than in recent history (5%) Emergent interest rate sensitivity refers to changes to NII based upon future rate movements Forward curve-driven (as of 12/31) emergent sensitivity is modeled to reduce NII by approximately 2% in 4Q23 when compared to 4Q22 (excluding PPP revenues) ▪ Higher NII starting point with fewer rate increases than before ▪ Adversely affected by the market's expected reduction in the fed funds rate in 2H23 and lower rates on medium and long maturities (i.e. more inverted curve) This simulation does not include any changes to the size or composition of earning assets; it reflects existing swap maturities and forward-starting swaps The linked-quarter reduction in interest rate sensitivity is primarily attributable to a reduction of deposits -9% -4% 4% 8% -5% -2% 2% 5% -200 bps -100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity (1) as of 9/30/2022 as of 12/31/2022

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$152 $151 $154 $156 $153 4Q21 1Q22 2Q22 3Q22 4Q22 Noninterest Income and Revenue 12 Customer-Related Noninterest Income (1) Total customer-related noninterest income declined slightly vs. 3Q22 and was up 1% from the year-ago period; revenue increased 7% vs. 3Q22 and was up 24% from the year-ago period. (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items, as detailed in the Noninterest Income table located in the earnings release. (2) Revenue displayed is the sum of net interest income and customer-related noninterest income. It excludes the impact of securities gains/losses, dividends and fair value and non- hedge derivative income ($ millions) $705 $695 $747 $819 $873 4Q21 1Q22 2Q22 3Q22 4Q22 Revenue (2) ($ millions)

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$4 49 $4 64 $4 64 $4 79 $4 71 $4 46 $4 64 $4 63 $4 77 $4 72 4Q21 1Q22 2Q22 3Q22 4Q22 NIE (GAAP) Adjusted NIE (Non-GAAP) ($ millions) Noninterest Expense 13 Noninterest expense decreased 2% vs. 3Q22 and was up 5% from the year-ago period Total noninterest expense decreased $8 million, compared to the prior quarter, primarily due to a net decrease of certain incentive compensation items Notable items in: ▪ 3Q22: $5 million higher salaries and benefits ▪ 2Q22: $3 million higher deposit insurance ▪ 1Q22: $13 million of seasonal share-based compensation ▪ 4Q21: $10 million donation to Zions Foundation; $2 million success fee related to net gains on SBIC investments (1) Adjusted for items such as severance, provision for unfunded lending commitments, and accruals for investment and advisory expenses related to the unrealized gain on an SBIC investment. See Appendix for GAAP to non-GAAP reconciliation table. Noninterest Expense (NIE) (1)

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14 Credit Quality Ratios Net charge-offs remain low, with last 12 months net charge-offs at just 0.08% of average loans Key credit metrics: ▪ 1.7%: Classified loans/loans ▪ Classified balance improved (declined) by 4% in 4Q22 from 3Q22 ▪ 0.26%: NPAs+90(1)/loans + OREO ▪ NPA balance improved (declined) by 11% in 4Q22 from 3Q22 ▪ Net charge-offs (recoveries), relative to average loans: ▪ (0.02)% annualized in 4Q22 ▪ 0.08% over the last 12 months Allowance for credit losses: ▪ 1.15% of total loans and leases, up 5 basis points from 3Q22 (1) Nonperforming assets plus accruing loans that were ≥ 90 days past due Note: Net charge-offs / average loans and provision / average loans ratios are annualized for all periods shown Credit Quality 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 4Q21 1Q22 2Q22 3Q22 4Q22 Classified / Loans NPAs + 90 / Loans + OREO ACL / Loans All Ratios Exclude PPP Loans 0.01% 0.05% 0.07% 0.21% (0.02)% 0.21% (0.27)% 0.32% 0.54% 0.32% NCOs / Avg Loans (ann.) Provision / Avg Loans (ann.)

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![](earningspresentation-202015.jpg)

526 777 914 917 835 695 574 529 553 514 546 590 636 1.08 1.56 1.88 1.91 1.74 1.48 1.22 1.11 1.13 1.02 1.05 1.10 1.15 1/1/20 CECL 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Allowance for Credit Losses ACL (%) ex-PPP 15 Allowance for Credit Losses ("ACL") The ACL increase vs. 3Q22 is primarily due to increased probability of an economic downturn ($ millions)

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![](earningspresentation-202016.jpg)

Net Charge-offs annualized, as a percentage of risk-weighted assets 0. 00 % 0. 10 % 0. 01 % 0 .1 6% 0. 05 % 0. 22 % 0. 37 % 0 .1 1% 0. 06 % (0 .0 1) % (0 .0 1)% 0 .0 1% 0 .0 4 % 0 .0 6% 0. 16 % (0 .0 2)% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 Capital Strength 16 Risk-weighted assets increased 12.6% YoY, while the balance of CET1 capital increased 6.8% Common Equity Tier 1 Capital and Allowance for Credit Losses as a percentage of risk-weighted assets 11 .3 % 10 .8 % 10 .4 % 10 .2 % 10 .0 % 1 0 .2 % 10 .4 % 10 .8 % 11 .2 % 11 .3 % 10 .9 % 10 .2 % 10 .0 % 9. 9% 9. 6% 9 .7 % 12 .3 % 11 .8 % 11 .4 % 11 .2 % 11 .4 % 11 .8 % 1 2 .0 % 12 .3 % 12 .5 % 12 .3 % 11 .8 % 1 1 .1 % 10 .8 % 10 .7 % 10 .5 % 10 .6 % 0% 2% 4% 6% 8% 10% 12% 14% 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 CET1% ACL / RWA ▪ Loss-absorbing capital remains strong relative to our risk profile ▪ Very low credit losses relative to the common equity tier 1 capital plus the allowance for credit losses

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Financial Outlook (FY 2023E vs FY 2022A), as of January 23, 2023 17 Outlook Comments Moderately Increasing Increasing ▪ We expect full year 2023 NII to increase at a rate in the high single digits relative to FY22 ▪ We expect 4Q23 NII to increase slightly relative to 4Q22, assuming a cumulative cycle-to-date deposit beta in the mid- to high-teens Moderately Increasing ▪ Customer-related noninterest income excludes securities gains/losses Moderately Increasing ▪ Subject to normal seasonality Moderately Increasing ▪ Capital ratios are expected to increase by YE23, although some capital may be returned to shareholders through share repurchases Customer-Related Noninterest Income Loan Balances (period-end) Net Interest Income (NII) CET1 Regulatory Capital Ratio Adjusted Noninterest Expense

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![](earningspresentation-202018.jpg)

▪ Financial Results Summary ▪ Credit Metrics ▪ Loan Loss Severity (NCOs as a percentage of nonaccrual loans) ▪ Balance Sheet Profitability ▪ Earning Asset Repricing ▪ Interest Rate Swaps ▪ Deposit Cost Advantage – 20+ Year Time Series ▪ Loan Growth by Geography and Type ▪ Mortgage Banking ▪ Non-GAAP Financial Measures 18 Appendix

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Financial Results Summary 19 Solid and improving fundamental performance Three Months Ended (Dollar amounts in millions, except per share data) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Earnings Results: Diluted Earnings Per Share $1.84 $1.40 $1.29 $1.27 Net Earnings Applicable to Common Shareholders 277 211 195 195 Net Interest Income 720 663 593 544 Noninterest Income 153 165 172 142 Noninterest Expense 471 479 464 464 Pre-Provision Net Revenue - Adjusted (1) 420 351 300 241 Provision for Credit Losses 43 71 41 (33) Ratios: Return on Assets(2) 1.27 % 0.97 % 0.91 % 0.90 % Return on Common Equity(3) 25.4 % 15.8 % 14.0 % 11.8 % Return on Tangible Common Equity, excl. AOCI(3) 16.9 % 13.2 % 12.5 % 12.9 % Net Interest Margin 3.53 % 3.24 % 2.87 % 2.60 % Yield on Loans 4.81 % 4.17 % 3.67 % 3.52 % Yield on Securities 2.42 % 2.10 % 1.97 % 1.78 % Average Cost of Total Deposits(4) 0.20 % 0.10 % 0.03 % 0.03 % Efficiency Ratio (1) 52.9 % 57.6 % 60.7 % 65.8 % Effective Tax Rate 20.9 % 21.9 % 21.9 % 20.4 % Ratio of Nonperforming Assets to Loans, Leases and OREO 0.27 % 0.28 % 0.38 % 0.49 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans (0.02) % 0.20 % 0.07 % 0.05 % Common Equity Tier 1 Capital Ratio(5) 9.7 % 9.6 % 9.9 % 10.0 % (1) Adjusted for items such as severance costs, restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses and investment and advisory expense related SBIC investments. See Appendix for GAAP to non-GAAP reconciliation tables. (2) Net Income before Preferred Dividends used in the numerator; (3) Net Income Applicable to Common used in the numerator; (4) Includes noninterest-bearing deposits; (5) Current period ratios and amounts represent estimates

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Long-Term View: Credit Quality at the Subportfolio Level 20 Zions' loss rates across nearly all loan portfolio categories are better or much better than peer loss rates ▪ In three of the seven major categories in which Zions has significant exposure, Zions loss rate has been much better (top quartile) ▪ In no category is Zions worse than the median The order of the portfolios (from left to right) reflects Zions' recent concentration mix (from high to low) Source: S&P Capital IQ Pro. Peers included are listed in the appendix. FRC is excluded from the dataset due to insufficient history for the 15-year period. Subportfolio loss ratios calculated by Zions using regulatory data and averaged over the timeframe. Credit cards are not included in the seven categories as it is not a significant concentration for Zions. Zions In the "box-and-whiskers" graphic, the box represents the middle two quartiles, segmented with the median line. The end of the whiskers represent the max and the minimum of the dataset. N et L o an C h ar ge -o ff s to L o an s Median peer total NCOs / total loans: 0.23% Zions' total NCOs / total loans: 0.15%

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Credit Quality: Consumer Real Estate Secured (Term 1-4 Family and Home Equity Credit Lines) 21 Minimal risk layering shows strength of the consumer real estate loan portfolio. Term 1-4 family mortgages ("1-4 family residential") account for approximately $10.7 billion of the outstanding balances or 19% of the total loan portfolio ▪ 67 percent of such loans have FICO scores of 750 or better (higher) and loan-to-value ("LTV") ratios of 70% or better (lower) ▪ No meaningful exposure in the low FICO and high LTV segments ▪ Average LTV: 47% ▪ Home equity credit line portfolio: ▪ 1st lien = 44% of portfolio balance, 50% of portfolio commitments, with an average LTV of 45% ▪ 2nd lien = 56% of portfolio balance, 50% of portfolio commitments, with an average LTV of 51% Loan-to-value calculations reflect most current appraisal adjusted by a home price index (Case-Shiller or FHFA) for the area where the collateral is located for the denominator and the most recent outstanding balances in the numerator. 1st Lien balances associated with Jr. Lien HECLs are updated using Experian data we receive. Due to rounding, some of the percentages may not add up to 100%. Data is as of 12/31/2022. <= 649 650-699 700-749 750-799 800-850 Row Total <= 50% 2% 3% 8% 15% 28% 56% 50.01-60% 0% 1% 3% 5% 9% 18% 60.01-70% 0% 1% 2% 5% 6% 14% 70.01-80% 0% 1% 2% 4% 4% 11% 80.01-90% 0% 0% 0% 0% 0% 1% >90% 0% 0% 0% 0% 0% 0% Column Total 2% 6% 16% 30% 47% 100% Term 1-4 Family (Mortgage) + HECL Refresh FICO C o m b in e d L o an t o V al u e (In d e x- A d ju st e d)

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22 0 50 100 150 200 20 17 Q 3 20 18 Q 1 20 18 Q 3 20 19 Q 1 20 19 Q 3 20 20 Q 1 20 20 Q 3 20 21 Q 1 20 21 Q 3 20 22 Q 1 20 22 Q 3 ZION Peer Top Quartile Peer Bottom Quartile CRE >$1 million Exercising CRE Discipline Through Growth Management Commercial real estate loan growth lags due to continued exercise of concentration risk discipline 0 50 100 150 200 20 17 Q 3 20 18 Q 1 20 18 Q 3 20 19 Q 1 20 19 Q 3 20 20 Q 1 20 20 Q 3 20 21 Q 1 20 21 Q 3 20 22 Q 1 20 22 Q 3 ZION Peer Top Quartile Peer Bottom Quartile Total CRE Data as of September 30, 2022, as peer data is not available for 4Q22 as of the time of publication; peer growth rates are normalized for significant acquisitions Indexed: 2017 Q2 = 100 Indexed: 2017 Q2 = 100

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Credit Quality: Term Commercial Real Estate ("CRE") 23 Low loan-to-values ratios in the Term CRE portfolio demonstrates the ability of the portfolio to withstand stress Weighted Average LTV by Major Property Type – Term Loans Apartments (Multi-Family) 57% Hospitality 50% Industrial (Warehouse / Light MG./ R&D) 56% Office Building 56% Retail 51% Term CRE loans account for $10.2 billion of the outstanding balances; 18% of the total loan portfolio Data is limited to term CRE loans and updated through 4Q 2022. Loan-to-value calculations reflect most current appraisal in the denominator and the outstanding balance in the numerator. 24% 29% 34% 11% 2% 0% 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% <45% 45-55% 55-65% 65-75% 75-85% 85-95% >95% Distribution of Term Commercial Real Estate LTV Ratios

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CRE Portfolios of Interest: CRE Office ($2.3B Balance) 24Data updated as of December 31, 2022; Excludes PPP; Includes both term and construction Portfolio Trends Distribution of Outstanding Balance by State Problem Loan Trends CRE Office portfolio is 18% of total CRE exposure; elevated criticized levels with significant guarantor / borrower support ▪ Stabilized term office portfolio is 89% leased (wtd. avg.) ▪ Portfolio contains significant guarantor support and structure that requires Borrower performance to address problem loans – e.g., repayment guarantee, rebalance, cash flow sweep provisions. ▪ Office Exposure Summary: ▪ In Footprint – 98%, ~50% of exposure in CA and UT ▪ Location - 1/3 CBD and 2/3 suburban ▪ Class - 60/40 Class A to Class B ▪ Credit Tenancy – ~1/3 of portfolio with credit tenant leases ▪ 85% term, 15% construction Pe rc e nt ag e o f Lo an s CA, 26% UT, 23% AZ, 13% WA, 13% TX, 9% ID, 5% NV, 4% CO, 4% Other, 2% 0% 2% 4% 6% 8% 10% 20 18 Q 1 20 18 Q 2 20 18 Q 3 20 18 Q 4 20 19 Q 1 20 19 Q 2 20 19 Q 3 20 19 Q 4 20 20 Q 1 20 20 Q 2 20 20 Q 3 20 20 Q 4 20 21 Q 1 20 21 Q 2 20 21 Q 3 20 21 Q 4 20 22 Q 1 20 22 Q 2 20 22 Q 3 20 22 Q 4 Criticized Classified Nonaccrual TTM GCO 2.0 2.1 2.2 2.3 2.4 2.5 2.6 20 18 Q 1 20 18 Q 2 20 18 Q 3 20 18 Q 4 20 19 Q 1 20 19 Q 2 20 19 Q 3 20 19 Q 4 20 20 Q 1 20 20 Q 2 20 20 Q 3 20 20 Q 4 20 21 Q 1 20 21 Q 2 20 21 Q 3 20 21 Q 4 20 22 Q 1 20 22 Q 2 20 22 Q 3 20 22 Q 4 B ill io n s

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6% 22 % 25 % 27 % 31 % 35 % 35 % 36 % 39 % 4 4 % 44 % 45 % 55 % 55 % 57 % 58 % 60 % 65 % 74 % FR C B O K F M TB ZI O N A SB W A L FH N C M A C FG FN B W TF C P N FP K EY R F SN V EW B C H W C H B A N FI TB 3% 11 % 12 % 14 % 15 % 22 % 29 % 29 % 32 % 33 % 42 % 4 4 % 46 % 47 % 54 % 55 % 59 % 63 % 64 % FR C ZI O N W A L FH N M TB B O K F W T FC A SB C M A EW B C FN B P N FP K EY C FG R F H B A N FI TB SN V H W C Loan Loss Severity Annualized NCOs / Nonaccrual Loans Five Year Average (2017 – 2021) Annualized NCOs / Nonaccrual Loans Fifteen Year Average (2007 – 2021) 25Source: S&P Global. Calculated using the average of annualized quarterly results. Note: Survivorship bias: some banks that may have been included in Zions' peer group have been excluded due to their failed or merged status. When problems arise, Zions generally experiences less severe loan losses due to strong collateral and underwriting practices

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0.92% 0.90% 0.91% 0.97% 1.27% 4Q21 1Q22 2Q22 3Q22 4Q22 13.5% 12.9% 12.5% 13.2% 16.9% 4Q21 1Q22 2Q22 3Q22 4Q22 Balance Sheet Profitability 26 Profitability improving due to improved net interest income and loan growth Return on Assets Return on Tangible Common Equity (Excludes Accumulated Other Comprehensive Income) Return on Tangible Common Equity is a non-GAAP measure. See Appendix for GAAP to non-GAAP reconciliation table.

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Simulated Repricing Expectations: Earning Assets and Loans 27Source: Company filings and S&P Global; "Prior Fed Cycle" refers to 3Q15-2Q19, reflecting the lag effect of deposit pricing relative to Fed Funds rates. The "Current Fed Cycle" begins in 3Q19 to present. (1) 12-month simulated impact of an instantaneous and parallel change in interest rates. Loans are assumed to experience prepayments, amortization and maturity events, in addition to interest rate resets in chart on the right. The loan and securities portfolios have durations of 2.0 and 3.9 years, respectively. 53 % 10 % 8% 6% 9% 14 % 40 % 12 % 12 % 9% 13 % 14 % ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs P er ce n t o f Lo an s Loans: Rate Reset and Cash Flow Profile Loans After Hedging 40% 11% 9% 7% 11% 22% 31% 12% 12% 9% 14% 22% ≤ 3m 4-12m 1-2 yrs 2-3 yrs 3-5 yrs > 5 yrs Pe rc en t o f Ea rn in g A ss et s Earning Assets Rate Reset and Cash Flow Profile Earning Assets After Hedging

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Interest Rate Swaps 28 Although the outlook is for rising rates, we continue to create some protection from falling rates 1 Cash flow hedges consist of receive-fixed swaps hedging pools of floating rate loans. Interest rate sensitivity managed in part with interest rate hedges: ▪ $0.2B in interest-rate swaps on loans added in 4Q22 with a weighted average rate of 3.86% ▪ Peak size of the interest rate swaps portfolio has increased to $7.6 billion from $4.4 billion at December 31, 2021 as we have worked to gradually add protection against falling rates as actual rates moved higher 0.0% 0.5% 1.0% 1.5% 2.0% 0.0 2.0 4.0 6.0 8.0 2 02 3Q 1 2 02 3Q 2 2 02 3Q 3 2 02 3Q 4 2 02 4Q 1 2 02 4Q 2 2 02 4Q 3 2 02 4Q 4 2 02 5Q 1 A ve ra ge F ix ed R at e (%) A vg N o ti o n al ($ B) Average total swaps in effect during quarter Average Fixed Rate (right scale) Average Outstanding Notionial Weighted average Fixed Rate Received 2023Q1 $7,333 1.88% 2023Q2 $7,051 1.88% 2023Q3 $6,731 1.85% 2023Q4 $6,428 1.78% 2024Q1 $6,019 1.69% 2024Q2 $5,684 1.65% 2024Q3 $5,238 1.59% 2024Q4 $4,737 1.57%

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Deposits – Noninterest Bearing ("NIB") Mix and Cost of Total Deposits 29 Through multiple rate cycles, Zions' NIB deposit concentration and cost have been consistently among the best of peers Source: S&P Global. The federal funds rate shown on this page has been adjusted such that, for example, the 2007 peak rate of 5.25% is the daily average rate from July 1, 2006 to June 30, 2007, which attempts to reflect the delay between the Fed's increase or decrease and the response by Zions and the banking industry to increase or decrease rates paid on deposits. Average Noninterest Deposits / Average Total Deposits 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 3 Q 22 ZION Peer Top Quartile Peer Bottom Quartile Avg Fed Funds (6-Mo Lag) Zions ranked 2nd Average Cost of Total Deposits % Under higher interest rate environments (FF>3%), Zions' cost of deposits has averaged ~40 bps better than the peer median. (0.75) (0.50) (0.25) 0.00 Zions vs. Peer Median G re en b a r = Zi o n s' c o st o f d ep o si ts is le ss th a n p ee r m ed ia n ; R ed b a r = Zi o n s' c o st o f d ep o si ts is g re a te r t h a n th e p ee r m ed ia n 0% 1% 2% 3% 4% 5% 6% 7% 0% 10% 20% 30% 40% 50% 60% 2 00 0 2 00 1 2 00 2 2 00 3 2 00 4 2 00 5 2 00 6 2 00 7 2 00 8 2 00 9 2 01 0 2 01 1 2 01 2 2 01 3 2 01 4 2 01 5 2 01 6 2 01 7 2 01 8 2 01 9 2 02 0 2 02 1 3 Q 2 2 ZION Peer Top Quartile Peer Bottom Quartile Avg Fed Funds (6-Mo Lag) Zions ranked 2nd (Lt. Axis)

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Loan Growth in Detail Strong loan growth achieved in several categories: C&I (ex-O&G), residential real estate, & term Commercial Real Estate Linked Quarter Loan Balance Growth, Excluding PPP Total Loans, excluding PPP: +3.4% Linked quarter: ▪ Excluding PPP loans, period-end loans increased $1.8 billion or 3.4% ▪ Loan growth in dollars predominantly in C&I (ex-O&G), 1-4 Family, Term Commercial Real Estate ▪ Decline of 36% ($109 million) in SBA PPP loans G ro w th R at e : L in ke d Q u ar te r, n o t an n u al iz e d Dollar Growth: Linked Quarter 30 C&I (ex-Oil & Gas), 3% Owner occupied, 1% CRE Term, 7% Home Equity, 1% 1-4 Family, 6% Energy (Oil & Gas), 4% Municipal, 3% -6% -4% -2% 0% 2% 4% 6% 8% 10% -$300 -$100 $100 $300 $500 $700 $900 Note: circle size indicates relative proportion of loan portfolio as of 4Q22. PPP loans, not shown on graph, declined 36% in 4Q22 vs. 3Q22 ($ millions) Other loans (including Consumer Construction), not shown on graph, grew 12% in 4Q22 vs. 3Q22

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31 Loan Growth - by Bank Brand and Loan Type "Other" loans includes consumer construction, bankcard, and other consumer loan categories. Totals shown above may not foot due to rounding. Period-End Year over Year Loan Growth (4Q22 vs. 4Q21) Period-End Linked Quarter Loan Growth (4Q22 vs. 3Q22) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 440 397 844 118 209 138 64 - 2,210 SBA PPP (300) (332) (517) (165) (124) (141) (79) - (1,658) Owner occupied 151 293 (48) 137 22 63 20 - 638 Energy (Oil & Gas) (55) 197 - (1) - 19 2 - 162 Municipal 196 205 84 82 (14) 48 74 28 703 CRE C&D (202) (170) 27 81 (48) 92 (24) - (244) CRE Term 271 123 57 45 137 38 114 - 785 1-4 Family 359 190 342 87 150 108 (8) 8 1,236 Home Equity 88 52 54 14 67 92 (6) - 361 Other 208 79 96 87 67 75 (4) 1 609 Total net loans 1,156 1,034 939 485 466 532 153 37 4,802 (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 82 48 316 18 (9) 33 (6) - 482 SBA PPP (21) (23) (39) (8) (6) (10) (2) - (109) Owner occupied 74 76 (64) 30 (2) (22) - - 92 Energy (Oil & Gas) (30) 104 - (1) - 7 1 - 81 Municipal 34 57 (14) (1) 3 8 29 21 137 CRE C&D (232) (105) 65 23 6 (48) 4 - (287) CRE Term 202 78 191 8 110 83 (2) - 670 1-4 Family 125 85 78 29 33 37 1 46 434 Home Equity (4) 21 14 (7) 3 15 4 - 46 Other 99 11 14 32 15 20 (1) (1) 189 Total net loans 329 352 561 123 153 123 28 66 1,735

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2022 ▪ Funded $4.5B in 2022 (13% over 2021) with $0.8B in Q4 ▪ Production has returned to portfolio ARM production (88% in 2022) ▪ Production has slowed but remains above pre-pandemic levels ▪ Portfolio has grown to pre-pandemic levels ▪ Successfully launched numerous process enhancements including ▪ Refinement to the Affluent program launched late in 2021 ▪ Digital enhancements to our Consumer Construction process reducing turn-times and improving efficiency 32 Mortgage Banking Record originations, in contrast to industry decline, in 2022 have led to strong portfolio growth ($ millions) 2019 ▪ Roll-out 2021 ▪ Enhanced Digital Fulfillment Process ▪ 33% reduction in turn-time vs. 2019, allowing for record unit production 2020 ▪ Record production driven by refinance volumes ▪ Record Fee income contribution ($ millions)

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33 Non-GAAP Financial Measures In millions, except per share amounts 4Q22 3Q22 2Q22 1Q22 4Q21 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense $471 $479 $464 $464 $449 LESS adjustments: Severance costs 1 Other real estate expense 1 Amortization of core deposit and other intangibles 1 1 Pension Termination related expense Restructuring costs SBIC Investment Success Fee Accrual (1) 1 (1) 2 (b) Total adjustments (1) 2 1 0 3 (a-b)=(c) Adjusted noninterest expense 472 477 463 464 446 (d) Net interest income 720 663 593 544 553 (e) Fully taxable-equivalent adjustments 10 10 9 8 10 (d+e)=(f) Taxable-equivalent net interest income (TE NII) 730 673 602 552 563 (g) Noninterest Income 153 165 172 142 190 (f+g)=(h) Combined Income $883 $838 $774 $694 $753 LESS adjustments: Fair value and nonhedge derivative income (loss) (4) 4 10 6 (1) Securities gains (losses), net (5) 6 1 (17) 20 (i) Total adjustments (9) 10 11 (11) 19 (h-i)=(j) Adjusted revenue $892 $828 $763 $705 $734 (j-c) Adjusted pre- provision net revenue (PPNR) $420 $351 $300 $241 $288 (c)/(j) Efficiency Ratio 52.9% 57.6% 60.7% 65.8% 60.8%

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34 Non-GAAP Financial Measures (Continued) In millions, except per share amounts 4Q22 3Q22 2Q22 1Q22 4Q21 Net Earnings Applicable to Common Shareholders (NEAC) Net earnings applicable to common $277 $211 $195 $195 $207 Diluted Shares (average) 149 150 151 152 154 (k) Diluted EPS 1.84 1.40 1.29 1.27 1.34 PLUS Adjustments: Adjustments to noninterest expense (1) 2 1 0 3 Adjustments to revenue 9 (10) (11) 11 (19) Tax effect for adjustments (2) 2 2 (3) 4 Preferred stock redemption Total adjustments 6 (6) (8) 8 (12) (l) Adjustments per share 0.04 (0.04) (0.05) 0.05 (0.08) (k+l)=(m) Adjusted EPS 1.88 1.36 1.24 1.32 1.26 Balance Sheet Profitability Adjusted Return on Assets 1.29% 0.92% 0.84% 0.94% 0.87% Adjusted Return on Tangible Common Equity, excl. AOCI 17.3% 12.8% 12.0% 13.5% 12.6%

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