10-K – 2026-02-24 – zions-20251231.htm

Our Board-approved liquidity policy requires continuous monitoring and maintenance of adequate liquidity, diversification of funding sources, and proactive planning for future funding needs. In alignment with this policy, we conduct regular liquidity stress tests and assess our portfolio of highly liquid assets to help maintain coverage of funding requirements under stressed scenarios. These stress tests incorporate projections of funding maturities, anticipated uses of funds, and assumptions regarding deposit runoff. Assumptions consider factors such as deposit account size, operational characteristics, depositor type, and concentrations of funding sources, including large depositors and uncollateralized deposits exceeding insured limits. Highly concentrated funding sources are assigned elevated runoff factors—up to 100%—when modeling stressed funding needs. Liquidity stress testing spans multiple time horizons, from overnight to 12 months. The policy further requires us to maintain sufficient on-balance sheet liquidity, including FRB reserve balances and other highly liquid assets, to meet projected stressed outflows.
We maintain a dedicated funding desk that monitors real-time inflows and outflows within our FRB account. To manage intraday liquidity, we utilize tools such as ready access to repo markets and FHLB advances. FHLB borrowings may be structured as short-term or open-term, providing flexibility to retain or return funds based on liquidity requirements. Additionally, we pledge collateral to the FRB’s primary credit facility (discount window) and a significant portion of our highly liquid investment securities portfolio through the General Collateral Funding (“GCF”) repo program. This program allows us to pledge high-quality collateral and exchange funds anonymously with other participants, providing near-instant access to funding during market hours.
In 2025, the primary sources of cash included a decrease in investment securities, net cash provided by operating activities, a decrease in money market investments, and proceeds from the issuance of long-term debt. The primary uses of cash during the same period included an increase in loans and leases, a decrease in brokered deposits, and a decrease in short-term borrowings. Cash payments for interest, reflected in operating expenses, totaled $1.6 billion and $1.9 billion during 2025 and 2024, respectively.
The FHLB and FRB remain important sources of contingent liquidity and funding. As a member of the FHLB of Des Moines, we have the ability to borrow against eligible loans and securities to meet liquidity and funding needs. To preserve this borrowing capacity, we are required to maintain investments in both FHLB and FRB stock. At December 31, 2025, our total investment in FHLB and FRB stock was $100 million and $54 million, respectively, compared with $124 million and $65 million at December 31, 2024. The average FHLB activity stock holdings in 2025 were $183 million, compared with $85 million in 2024, contributing to an increase in dividends on FHLB activity stock during the year.
At December 31, 2025, loans with a carrying value of $25.2 billion and $18.0 billion were pledged at the FHLB and FRB, respectively, as collateral for current and potential borrowings, compared with $23.4 billion and $17.0 billion at December 31, 2024.
At December 31, 2025 and December 31, 2024, investment securities with carrying values of $17.5 billion and $17.9 billion, respectively, were pledged as collateral to support potential borrowings. These pledged securities included:
• $7.9 billion and $8.7 billion, respectively, designated for available use through the Fixed Income Clearing Corporation's GCF program and other repo programs;
• $4.5 billion and $4.7 billion, respectively, pledged to the FRB and FHLB in total; and
• $5.1 billion and $4.5 billion, respectively, pledged to secure public and trust deposits, advances, and other collateralized obligations.
A significant portion of these pledged assets is unencumbered, but remains pledged to provide immediate access to contingency funding sources. The following schedule presents our total available liquidity, including unused collateralized borrowing capacity:
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AVAILABLE LIQUIDITY

December 31, 2025 December 31, 2024
(Dollar amounts in billions) FHLB FRB 1
GCF 2
Total FHLB FRB 1
GCF 2
Total

Total borrowing capacity $ 17.4  $ 18.4  $ 8.0  $ 43.8  $ 14.6  $ 17.7  $ 8.6  $ 40.9 
Borrowings outstanding 2.0  —  0.1  2.1  2.6  —  0.3  2.9 
Remaining capacity, at period end $ 15.4  $ 18.4  $ 7.9  $ 41.7  $ 12.0  $ 17.7  $ 8.3  $ 38.0 
Cash and due from banks 0.7  0.7 
Interest-bearing deposits 3
2.2  2.9 
Total available liquidity $ 44.6  $ 41.6 
Ratio of available liquidity to uninsured deposits 130  % 121  %

1 Represents borrowing capacity and borrowings outstanding at the Federal Reserve Bank discount window.
2 Includes $3.1 billion and $915 million pledged for use under other repo programs during the respective reporting periods.
3 Represents funds deposited by the Bank primarily at the Federal Reserve Bank.
At December 31, 2025, our total available liquidity was $44.6 billion, compared with $41.6 billion at December 31, 2024. At December 31, 2025, our sources of liquidity exceeded the estimated amount of uninsured deposits of $34.4 billion without the need to sell any investment securities.
Credit Ratings
General financial market and economic conditions affect our access to, and the cost of, external financing. Our ability to access funding markets is also directly influenced by the credit ratings assigned to us by various rating agencies. These ratings not only impact the costs associated with borrowings, but also influence the sources from which we can borrow. All credit rating agencies currently rate our debt at an investment-grade level. In November 2025, S&P upgraded its rating outlook on the Bank to “Stable” from “Negative.” There were no other changes to our credit ratings in 2025.
The following schedule presents our credit ratings:
CREDIT RATINGS

as of January 31, 2026:

Rating agency Outlook  Long-term issuer/senior
debt rating Subordinated debt rating Short-term debt rating

Kroll Stable A- BBB+ K2
S&P Stable BBB+ BBB NR
Fitch Stable BBB+ BBB F2
Moody’s Stable Baa2 NR P2

We may periodically issue or redeem preferred stock, senior or subordinated notes, or other forms of capital or debt instruments based on our capital requirements, funding needs, asset-liability management objectives, or prevailing market conditions. Certain issuances may be subject to regulatory approval.
In the third quarter of 2025, we issued $500 million of 4.70% Fixed-to-Floating Senior Notes with a maturity date of August 18, 2028. In the fourth quarter of 2024, we issued $500 million of 6.82% Fixed-to-Floating Subordinated Notes due 2035 and fully redeemed the outstanding shares of our Series G, I, and J preferred stock, along with $88 million of 6.95% Fixed-to-Floating Subordinated Notes due 2028. On February 4, 2026, we issued $500 million of 4.48% Fixed-to-Floating Senior Notes, due 2029. We believe our available liquidity sources are sufficient to meet all reasonably foreseeable short- and intermediate-term obligations.
For additional information regarding capital actions, see “Capital Management” on page 80. For further discussion of a recent regulatory proposal that would expand long-term debt requirements and affect our sources of available liquidity, refer to “Regulatory Developments” within Supervision and Regulation on page 9.
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Contractual Obligations
The following schedule presents certain contractual obligations at December 31, 2025:
CONTRACTUAL OBLIGATIONS

(In millions) One year or less Over one year through three years Over three years through five years Over five years Indeterminable maturity 1
Total

Deposits $ 9,776  $ 96  $ 34  $ 1  $ 65,737  $ 75,644 
Unfunded lending commitments 8,198  7,551  4,470  9,067  —  29,286 
Standby letters of credit:
Financial 643  —  —  —  —  643 
Performance 288  —  —  —  —  288 
Commercial letters of credit 27  —  —  —  —  27 

Commitments to make venture and other noninterest-bearing investments 2
—  —  —  —  73  73 
Federal funds and other short-term borrowings 3,104  —  —  —  —  3,104 
Long-term debt 3
—  499  466  507  —  1,472 
Operating leases 42  69  60  143  —  314 
Total contractual obligations $ 22,078  $ 8,215  $ 5,030  $ 9,718  $ 65,810  $ 110,851 

1 Indeterminable maturity deposits include noninterest-bearing demand deposits, savings accounts, and money market deposits.
2 Commitments to make venture and other noninterest-bearing investments do not have defined maturity dates. These commitments are payable on demand and may be drawn immediately; therefore, they are presented as having indeterminable maturities.
3 The amounts presented do not reflect the impact of associated fair value hedges.
In addition to the commitments and contractual obligations presented in the schedule above, we enter into various contractual arrangements in the ordinary course of business. These include agreements for software licensing and maintenance, telecommunications services, facilities maintenance and equipment servicing, supply procurement, and other goods and services essential to our operations. Certain contracts are renewable or cancellable on an annual basis or at shorter intervals; however, to secure favorable pricing, we may also enter into multi-year agreements.
We also enter into derivative contracts that may require cash settlements based on changes in interest rates. These contracts are recorded at fair value on the balance sheet, reflecting the net present value of expected future cash inflows and outflows based on current market interest rates. For further information regarding derivative contracts, see Note 7 of the Notes to Consolidated Financial Statements.

Operational, Technology, and Cybersecurity Risk Management
Operational Risk Management
Operational risk refers to the potential impact on current or anticipated earnings or capital arising from inadequate or failed internal processes or systems, human errors or misconduct, or adverse external events. ERM supports employees, management, and the Board in assessing, measuring, managing, and monitoring this risk in accordance with our Risk Management Framework. For example, we maintain documented control self-assessments related to financial reporting under the 2013 framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and FDICIA requirements.
To manage operational risk, we have implemented a comprehensive set of measures, including:
• Transactional documentation requirements to maintain accuracy and completeness.
• Systems and procedures for monitoring transactions and positions to detect anomalies promptly.
• Controls to identify and mitigate fraud attempts, system penetrations, unauthorized access to customer data, and denial-of-access service incidents affecting legitimate customers.
• Regulatory compliance reviews to maintain adherence to applicable laws and regulations.
• Periodic evaluations by Compliance Risk Management, Internal Audit, Operational Risk Management, and Credit Examination departments to validate control effectiveness.
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We have established reconciliation procedures to support data processing systems in consistently and accurately capturing critical information. Oversight of data integrity and availability is provided by our Enterprise Data & Analytics department. Additionally, we maintain disaster recovery and business continuity plans to sustain operations in the event of natural or other catastrophic events. Certain operational risks are further managed through insurance coverage, including errors and omissions and professional liability policies.
We are committed to continuously enhancing our operational risk management practices through proactive risk identification, risk and control self-assessments, business process mappings, regular control testing, and anti-fraud measures. These activities are routinely reported to enterprise management committees. Key metrics—such as operational losses, supplier risk, model risk, and change initiative risk—are established in accordance with our Risk Management Framework and overseen by Operational Risk Management. These metrics are incorporated into the Enterprise Risk Profile to monitor aggregated risks against board-established appetites. In addition, we regularly review and strengthen our enterprise business resiliency and fraud risk oversight programs.
Technology Risk Management
Technology risk refers to the potential adverse impact on business operations and customer experience resulting from reduced or denied availability, or inadequate value delivery, associated with technology applications, infrastructure, or processes. To manage these risks, we make significant investments to strengthen our technology capabilities and address technical debt arising from outdated and unsupported systems. These efforts include updating core banking platforms and enterprise applications, as well as implementing innovative digital solutions for customer engagement.
All technology projects, initiatives, and operational activities are governed by a change management framework designed to assess risks and minimize disruption to business processes and resource allocation. Proposed changes—such as new, expanded, or modified products and services, new lines of business, and other strategic initiatives—are subject to regular review and approval by the Change, Initiatives, and Technology Committee. This committee comprises senior executives, including the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Technology and Operations Officer, and Chief Risk Officer. Risk assessments and change impact analyses conducted under this framework are reported to the ROC.
At the operational level, technology governance is managed by the Enterprise and Technology Operations (“ETO”) division to promote safety, soundness, operational resilience, and compliance with established technology policies. ETO management actively participates in enterprise architecture review boards and technology risk committees to evaluate ongoing objectives related to enterprise standards compliance, strategic alignment, end-of-life planning, audit and risk issue resolution, and asset management. Defined thresholds trigger escalation of associated risks to the ERMC and ROC committees as appropriate.
We have implemented a framework for the responsible use and oversight of AI, guided by established policies and standards, and overseen by the Data and AI Governance Committee. This committee—comprising senior leaders from risk, legal, technology, and data functions—sets policy, monitors risk and related events, and helps maintain adherence to regulatory and ethical standards.
AI use cases are subject to ongoing governance, risk assessment, and appropriate oversight to maintain compliance with applicable laws, ethical standards, and organizational policies. This process includes evaluating AI models for potential bias, transparency, and data privacy risks, as well as monitoring third-party AI solutions for contractual and regulatory compliance. Our governance framework requires that AI-enabled processes remain explainable and auditable, supported by controls designed to manage outcomes and escalate issues when necessary. These measures help mitigate the financial, operational, and reputational risks associated with AI adoption.
Cybersecurity Risk Management
Cybersecurity risk is the risk of adverse impacts to the confidentiality, integrity, and availability of data owned, stored, or processed by the Bank. For information about our approach to managing cybersecurity risk, see Part I, Item 1C. Cybersecurity on page 26.
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Capital Management
The Board is responsible for approving key policies related to capital management and has delegated the oversight of capital risk to the Capital Management Committee (“CMC”). Chaired by the Chief Financial Officer and comprising members of management, the CMC’s primary role is to recommend and administer Board-approved capital policies governing our capital strategy. Major responsibilities of the CMC include:
• Setting overall capital targets within the Board-approved Capital Policy, monitoring performance against policy limits, and recommending adjustments to capital structure, including dividends, common stock issuances and repurchases, subordinated debt, and other strategic actions to maintain well-capitalized levels.
• Maintaining an adequate capital buffer to withstand adverse stress scenarios while continuing to meet customer borrowing needs and ensuring access to wholesale funding, consistent with fiduciary responsibilities to depositors and bondholders.
• Evaluating capital adequacy, stress-testing results, and related indicators that influence our ability to maintain strong market confidence and flexible access to funding.
We believe maintaining a strong capital position is critical to achieving our key corporate objectives, sustaining profitability, and reinforcing confidence among depositors and investors. We focus on: (1) maintaining sufficient capital to support the current needs and growth of our businesses, aligned with our assessment of their potential to deliver shareholder value, and (2) meeting our obligations to depositors and bondholders while prudently managing capital distributions to shareholders through dividends and common stock repurchases.
We utilize stress testing as an important tool to inform our decisions on the appropriate level of capital to maintain, based on hypothetically stressed economic conditions, including the FRB’s supervisory severely adverse scenario. The timing and magnitude of capital actions are influenced by various factors, such as financial performance, business needs, prevailing and anticipated economic conditions, internal stress testing results, and approvals from both the Board and the OCC. Share repurchases may occur periodically in the open market or through privately negotiated transactions.
SHAREHOLDERS ’ EQUITY

(Dollar amounts in millions) December 31,
2025 December 31,
2024 Amount change Percent change
Shareholders’ equity:
Preferred stock $ 66  $ 66  $ —  —  %
Common stock and additional paid-in capital 1,726  1,737  (11) (1)
Retained earnings 7,329  6,701  628  9 
Accumulated other comprehensive loss (1,941) (2,380) 439  18 
Total shareholders ’ equity
$ 7,180  $ 6,124  $ 1,056  17 

Total shareholders’ equity increased $1.1 billion, or 17%, to $7.2 billion at December 31, 2025, compared with $6.1 billion at December 31, 2024. In 2025, we repurchased 0.8 million common shares outstanding for $41 million, compared with 0.9 million common shares repurchased for $36 million in 2024. These amounts include shares acquired under both our publicly announced program and in connection with our stock compensation plan. In January 2026, we publicly announced a plan to repurchase up to $75 million of common shares outstanding during the first quarter of 2026.
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At December 31, 2025, the AOCI balance reflected a net loss of $1.9 billion, primarily attributable to a decline in the fair value of fixed-rate AFS securities driven by changes in interest rates. This amount includes $1.6 billion ($1.2 billion after tax) of unrealized losses associated with securities previously transferred from AFS to HTM. Compared with December 31, 2024, AOCI improved $439 million, primarily due to increases in the fair value of AFS securities, the amortization of unrealized losses associated with the securities transferred from AFS to HTM, and paydowns on AFS securities. The improvement in AOCI had a positive impact on our tangible book value per common share. We use interest rate swaps designated as hedges of our securities to reduce the volatility of our AOCI balance. For more information about these swaps, see Note 7 of the Notes to Consolidated Financial Statements.
Absent any sales or credit impairment of the AFS securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities in an unrealized loss position, nor do we believe it is more likely than not that we would be required to sell such securities prior to recovering their amortized cost basis. Although changes in AOCI are reflected in shareholders’ equity, they are currently excluded from regulatory capital and therefore do not impact our regulatory ratios.
Federal banking regulators have proposed implementing the Basel III Endgame framework, which would significantly revise certain capital requirements, including the incorporation of unrealized gains and losses on AFS debt securities into regulatory capital. These changes could affect our current and future capital planning, including share repurchase activity. For more information about the regulatory proposals, see “Regulatory Developments” in the Supervision and Regulation section on page 9. For more information regarding our investment securities portfolio and related unrealized gains and losses, see Note 5 of the Notes to Consolidated Financial Statements.
CAPITAL DISTRIBUTIONS

(In millions, except share data) 2025 2024
Capital distributions:
Preferred dividends paid $ 4 $ 41
Bank preferred stock redeemed — 374
Total capital distributed to preferred shareholders 4 415
Common dividends paid 263 248
Bank common stock repurchased 1
41 36
Total capital distributed to common shareholders 304 284
Total capital distributed to preferred and common shareholders $ 308 $ 699
Weighted average diluted common shares outstanding (in thousands) 147,157  147,215 
Common shares outstanding, at year-end (in thousands) 147,653  147,871 

1 Includes amounts related to common shares acquired through our publicly announced plans and those acquired in connection with our stock compensation plan. These shares were acquired from employees to cover their payroll taxes and stock option exercise costs upon the exercise of stock options.
Pursuant to the OCC’s “Earnings Limitation Rule,” dividend payments are limited to the sum of net income for the current fiscal year and retained earnings for the two preceding years, unless prior approval is obtained from the OCC to exceed this threshold. As of January 1, 2026, we had $1.1 billion in retained net profits available for distribution.
In 2025, we paid $4 million in dividends on preferred stock, compared with $41 million in 2024. We paid $263 million in dividends on common stock, or $1.76 per share, in 2025, compared with $248 million, or $1.66 per share, in 2024. In January 2026, the Board declared a quarterly dividend of $0.45 per common share, payable on February 19, 2026, to shareholders of record at the close of business on February 12, 2026.
Basel III
We are subject to the Basel III capital requirements, which include specific minimum regulatory capital ratios. At December 31, 2025, we exceeded all capital adequacy requirements under the Basel III framework. Based on our
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internal stress testing and other capital adequacy assessments, we believe our capital levels sufficiently exceed both internal and regulatory requirements for well-capitalized institutions. For more information regarding our compliance with the Basel III capital requirements, see the “Supervision and Regulation” section on page 9 and Note 15 of the Notes to Consolidated Financial Statements.
The following schedule presents our capital amounts, capital ratios, and other selected performance ratios:
CAPITAL AMOUNTS AND RATIOS

(Dollar amounts in millions) December 31,
2025 December 31,
2024 December 31,
2023
Basel III capital amounts:

Common equity Tier 1 capital $ 7,936  $ 7,363  $ 6,863 
Tier 1 risk-based 8,003  7,430  7,303 
Total risk-based 9,510  9,026  8,553 
Risk-weighted assets 69,142  67,685  66,934 
Basel III capital ratios:
Common equity Tier 1 capital 11.5  % 10.9  % 10.3  %
Tier 1 risk-based 11.6  % 11.0  % 10.9  %
Total risk-based 13.8  % 13.3  % 12.8  %
Tier 1 leverage 9.0  % 8.3  % 8.3  %
Other ratios:
Average equity to average assets 7.4  % 6.8  % 6.0  %
Return on average common equity 13.7  % 13.1  % 13.4  %
Return on average tangible common equity 1
16.6  % 16.2  % 17.3  %
Tangible equity ratio 1
6.9  % 5.8  % 5.4  %
Tangible common equity ratio 1
6.9  % 5.7  % 4.9  %

1 See “Non-GAAP Financial Measures” on page 84 for more information regarding these ratios.
At December 31, 2025, our CET1 capital was $7.9 billion, an increase of 8%, compared with $7.4 billion in the prior year period. The CET1 capital ratio improved to 11.5%, compared with 10.9%. Tangible book value per common share increased $6.94, or 21%, to $40.79, mainly due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see page 84.
In 2023, federal banking regulators proposed significant revisions to capital requirements and expanded long-term debt requirements. For more information about these and other regulatory proposals, see “Regulatory Developments” in the Supervision and Regulation section on page 9.

CRITICAL ACCOUNTING POLICIES AND SIGNIFICANT ESTIMATES
Note 1 of the Notes to Consolidated Financial Statements provides an overview of our significant accounting policies. Certain policies that we consider critical are described below because the related balances and estimates have a material impact on our consolidated financial statements. Any changes to these amounts, including revisions to estimates, may also have a significant effect on the financial statements. Understanding these policies and the related estimates is essential for interpreting our financial condition.
In developing these estimates, we apply complex and subjective judgments, many of which involve a high degree of uncertainty. The following discussion addresses these critical accounting policies and related estimates.
Where applicable, this document includes sensitivity analyses and illustrative examples to demonstrate the potential impact of changes in assumptions on various financial transactions. These sensitivities are hypothetical and should be interpreted with caution. Changes in estimates result from variations in underlying assumptions and cannot be extrapolated in a simple, linear manner. Furthermore, a change in one assumption often influences other assumptions, which may amplify or offset the overall effect.
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Allowance for Credit Losses
The ACL comprises both the ALLL and the RULC. It represents our estimate of current expected credit losses related to the loan and lease portfolio, as well as unfunded lending commitments, as of the balance sheet date. The ACL for our HTM debt securities portfolio is estimated separately from loans and is not presented separately on the consolidated balance sheet because the amount is not significant. At both December 31, 2025 and 2024, the ACL for debt securities was less than $1 million.
Because the ACL is based on economic forecasts that inherently vary over time, it may fluctuate significantly from period to period. Any unfavorable differences between the actual credit-related outcomes and our estimates could result in additional provisions for credit losses.
Determination of the ACL involves a combination of quantitative models and management’s qualitative judgment, considering various factors over the life of the loan. Key assumptions in the quantitative model include the economic forecast, the duration of the reasonable and supportable forecast period, the length of the reversion period, prepayment rates, and the credit quality of the portfolio. The quantitative estimate incorporates losses under multiple economic scenarios—optimistic, baseline, and stressed economic conditions. Management applies qualitative adjustments to scenario weightings to align with its assessment of current conditions and reasonable and supportable forecasts.
If the ACL were calculated using only the baseline economic scenario rather than weighting multiple scenarios, the quantitatively determined ACL at December 31, 2025 would decrease by approximately $123 million. Conversely, if the probability of default for all pass-graded loans were immediately downgraded by one grade on our internal risk-grading scale, the ACL would increase by approximately $29 million. These sensitivity analyses are hypothetical and are provided solely to illustrate the potential impact of changes in economic forecasts and risk grades on the ACL estimate.
For more information on the processes and methodologies used to estimate the ACL, see Note 6 of the Notes to Consolidated Financial Statements.
Fair Value
We measure certain assets and liabilities at fair value, which represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. To promote consistency and comparability in fair value measurements, we apply a three-level hierarchy for valuation inputs:
• Level 1 — Observable inputs based on quoted prices in active markets.
• Level 2 — Inputs other than quoted prices that are observable in the market.
• Level 3 — Unobservable inputs, such as internally developed data.
When observable market prices are unavailable, fair value is estimated using valuation techniques such as discounted cash flow analysis. These models incorporate assumptions that market participants would consider in pricing the asset or the liability. The selection and weighting of these techniques may result in a fair value that differs from the carrying amount, and considerable judgment is required to determine the most representative fair value.
For assets and liabilities measured at fair value, we prioritize the use of observable inputs and minimize reliance on unobservable inputs. In certain circumstances, when market-based observable inputs for model-driven valuations are limited, we make judgments regarding assumptions that market participants would likely consider in estimating the fair value of financial instruments. Management regularly evaluates the relevance of these models under current conditions. Changes in market dynamics—such as reduced liquidity or shifts in secondary market activity—may limit the availability of quoted prices or observable data.
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Fair value is applied on a recurring basis for certain assets and liabilities where fair value is the primary accounting measure, and on a nonrecurring basis for other assets and liabilities to assess impairment, determine lower of cost or fair value, or for disclosure purposes.
AFS securities are valued using multiple methodologies, depending on the security type, market data availability, and other factors. AFS securities in an unrealized loss position undergo quarterly reviews for potential credit impairment. If we intend to sell an identified security, or we determine that it is more likely than not that we would be required to sell the security before recovery of its amortized cost basis, we recognize impairment. If neither condition applies, we assess whether any impairment is attributable to credit-related factors, which are recorded as an allowance. Full or partial write-offs of AFS securities are recorded in the period when the security is deemed uncollectible.
While certain assets and liabilities—such as AFS securities—are measured at fair value, most are not adjusted for fair value changes. This asymmetrical accounting treatment can create volatility in AOCI and equity.
For more information regarding fair value estimates, see Note 3 of the Notes to Consolidated Financial Statements.
RECENT ACCOUNTING PRONOUNCEMENTS AND DEVELOPMENTS
Note 2 of the Notes to Consolidated Financial Statements summarizes recently issued accounting pronouncements that we are, or will be, required to adopt. Also described is our assessment of the expected impact these accounting pronouncements may have, if material, on our financial condition and results of operations.

NON-GAAP FINANCIAL MEASURES
This Form 10-K includes certain non-GAAP financial measures alongside those prepared in accordance with generally accepted accounting principles (“GAAP”). Reconciliations between the applicable GAAP measures and the corresponding non-GAAP measures are provided in the accompanying schedules. We believe these adjustments are relevant to evaluating ongoing operating results and offer a meaningful basis for comparing performance across periods. Management uses these non-GAAP measures to assess both financial performance and position. Presenting these measures enables investors to evaluate our results using the same approach applied by management and commonly used within the financial services industry.
Non-GAAP financial measures have inherent limitations and may not be directly comparable to similar measures reported by other financial institutions. While these measures are commonly used by stakeholders to evaluate company performance, they should be viewed as supplemental and not as a substitute for analysis of results prepared in accordance with GAAP. Non-GAAP measures should not be considered in isolation, as they provide an incomplete perspective without reference to GAAP-based financial information.
Tangible Common Equity and Related Measures
Tangible common equity and related metrics are non-GAAP measures that exclude the impact of intangible assets and associated amortization. We believe these measures provide meaningful insight into the utilization of shareholders’ equity and offer a consistent basis for evaluating business performance.
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RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

Year Ended December 31,
(Dollar amounts in millions) 2025 2024 2023

Net earnings applicable to common shareholders (GAAP) $ 895  $ 737  $ 648 
Adjustment, net of tax:
Amortization of core deposit and other intangibles 7  5  5 
Net earnings applicable to common shareholders, net of tax (a) $ 902  $ 742  $ 653 
Average common equity (GAAP) $ 6,530  $ 5,630  $ 4,839 
Average goodwill and intangibles (1,084) (1,055) (1,062)

Average tangible common equity (non-GAAP) (b) $ 5,446  $ 4,575  $ 3,777 
Return on average tangible common equity (non-GAAP) 1
(a/b) 16.6  % 16.2  % 17.3  %

1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 11.8%, 10.4%, and 9.7% for the periods presented, respectively.
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,
2025 2024 2023

Total shareholders’ equity (GAAP) $ 7,180 $ 6,124 $ 5,691
Goodwill and intangibles (1,091) (1,052) (1,059)

Tangible equity (non-GAAP) (a) 6,089 5,072 4,632
Preferred stock (66) (66) (440)
Tangible common equity (non-GAAP) (b) $ 6,023 $ 5,006 $ 4,192
Total assets (GAAP) $ 88,990 $ 88,775 $ 87,203
Goodwill and intangibles (1,091) (1,052) (1,059)

Tangible assets (non-GAAP) (c) $ 87,899 $ 87,723 $ 86,144
Common shares outstanding (in thousands) (d) 147,653 147,871 148,153
Tangible equity ratio (non-GAAP) (a/c) 6.9  % 5.8  % 5.4  %
Tangible common equity ratio (non-GAAP) (b/c) 6.9  % 5.7  % 4.9  %
Tangible book value per common share (non-GAAP) (b/d) $40.79 $33.85 $28.30

Efficiency Ratio and Adjusted Pre-Provision Net Revenue
The efficiency ratio measures operating expenses relative to revenue and provides insight into the cost of generating revenue. We adjust this ratio to exclude certain items that are not generally expected to recur frequently, as detailed in the accompanying schedule. These adjustments enhance comparability across reporting periods. Adjusted noninterest expense reflects how effectively we manage operating expenses, while adjusted pre-provision net revenue enables management and stakeholders to evaluate our capacity to generate capital. Additionally, taxable-equivalent net interest income facilitates comparability between revenue derived from taxable and tax-exempt sources.
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EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)

(Dollar amounts in millions) 2025 2024 2023

Noninterest expense (GAAP) (a) $ 2,138  $ 2,046  $ 2,097 
Adjustments:
Severance costs
16  3  14 
Other real estate expense, net
(2) (1) — 
Amortization of core deposit and other intangibles
8  7  6 
Restructuring costs
—  —  1 
SBIC investment success fee accrual 5  1  — 
FDIC special assessment (11) 11  90 
Total adjustments
(b) 16  21  111 
Adjusted noninterest expense (non-GAAP)
(c)=(a-b) $ 2,122  $ 2,025  $ 1,986 
Net interest income (GAAP) (d) $ 2,627  $ 2,430  $ 2,438 
Fully taxable-equivalent adjustments
(e) 46  45  41 
Taxable-equivalent net interest income (non-GAAP)
(f)=(d+e) 2,673  2,475  2,479 
Customer-related noninterest income (GAAP) (g) 662  639  616 
Net credit valuation adjustment (CVA) 1
(h) (9) —  (4)
Adjusted customer-related noninterest income (non-GAAP)
(i)=(g-h) 671  639  620 
Noncustomer-related noninterest income (GAAP)
(j) 96  61  61 
Securities gains (losses), net
(k) 52  19  4 
Adjusted noncustomer-related noninterest income (non-GAAP)
(l)=(j-k) 44  42  57 
Combined income (non-GAAP) (m)=(f+g+j) $ 3,431  $ 3,175  $ 3,156 
Adjusted taxable-equivalent revenue (non-GAAP)
(n)=(f+i+l) 3,388  3,156  3,156 
Pre-provision net revenue (non-GAAP)
(m)-(a) $ 1,293  $ 1,129  $ 1,059 
Adjusted PPNR (non-GAAP) (n)-(c) 1,266  1,131  1,170 
Efficiency ratio (non-GAAP) 2
(c/n) 62.6  % 64.2  % 62.9  %

1 Effective the first quarter of 2025, capital markets fees and income included the net CVA, which was previously disclosed under noncustomer-related noninterest income as fair value and nonhedge derivative income.
2 Excluding the $15 million charitable contribution, adjusted noninterest expense for 2025 would have been $2.11 billion, resulting in an efficiency ratio of 62.2%.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Information required by this Item is included in “Interest Rate and Market Risk Management” within MD&A, beginning on page 72, and incorporated herein by reference.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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REPORT ON MANAGEMENT’S ASSESSMENT OF INTERNAL CONTROL OVER FINANCIAL REPORTING
Management of Zions Bancorporation, N.A is responsible for establishing and maintaining adequate internal control over financial reporting as defined by Exchange Act Rules 13a-15 and 15d-15.
Due to inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Additionally, projections of any evaluation of effectiveness into future periods are subject to risk, as controls may become inadequate due to changes in conditions or a decline in compliance with established policies and procedures. While any system of internal control can be compromised by human error or intentional circumvention, we believe our system provides reasonable assurance that financial transactions are properly recorded and reported, providing a sound basis for reliable financial statements.
Management evaluated the effectiveness of internal control over financial reporting using the criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on this assessment, management concluded that internal control over financial reporting was effective as of December 31, 2025. No material weaknesses were identified.
Ernst & Young LLP, an independent registered public accounting firm, audited our consolidated financial statements for the year ended December 31, 2025, and issued an attestation report on internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (“PCAOB”). This report is included herein.
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REPORTS OF ERNST & YOUNG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID: 42 )
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
To the Shareholders and the Board of Directors of Zions Bancorporation, National Association
Opinion on Internal Control Over Financial Reporting
We have audited Zions Bancorporation, National Association’s (the Bank) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, the Bank maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the 2025 consolidated financial statements of the Bank and our report dated February 24, 2026, expressed an unqualified opinion thereon.
Basis for Opinion
The Bank’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Report on Management’s Assessment of Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Bank’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Bank in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young LLP
Salt Lake City, Utah
February 24, 2026
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REPORT ON CONSOLIDATED FINANCIAL STATEMENTS
To the Shareholders and the Board of Directors of Zions Bancorporation, National Association
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Zions Bancorporation, National Association (the Bank) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Bank at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Bank’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 24, 2026, expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on the Bank’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Bank in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account and the disclosures to which it relates.
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Allowance for loan and lease losses
Description of the Matter The Bank’s loan and lease portfolio and the associated allowance for loan and lease losses (ALLL), were $60.9 billion and $678 million as of December 31, 2025, respectively. The provision for loan and lease losses was $71 million for the year ended December 31, 2025.

As discussed in Note 6 to the consolidated financial statements, the ALLL represented the Bank’s estimate of current expected credit losses over the estimated remaining life of the loan and lease portfolio as of the consolidated balance sheet date. Management’s ALLL estimate includes quantitative calculations based on the statistical analysis of historical loss experience dependent on weighted economic scenarios and other loan-level characteristics forecasted over a reasonable period, losses estimated using historical loss experience for periods outside the reasonable economic forecast period, as well as specific reserves for individually evaluated loans and leases (collectively the quantitative portion), supplemented with qualitative adjustments that bring the ALLL to the level management deemed appropriate based on factors that are not fully considered in the quantitative analysis. The statistical analysis of historical loss experience was derived from credit loss models used to determine the quantitative portion of the ALLL. Judgment was required by management to determine the weightings of the economic scenarios and the magnitude of the impact of the qualitative adjustments to the ALLL.

Auditing management’s ALLL estimate is complex due to the judgment used to weigh the economic scenarios and the judgment involved in determining the magnitude of the impact of the various risk factors used to derive the qualitative adjustments to the ALLL.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls that address the risk of material misstatement in determining the weightings of the economic scenarios and in determining the impact of the qualitative adjustments to the ALLL. We tested controls over the Bank’s ALLL governance process, model development and model risk management as it relates to the credit loss models used in the ALLL process. Such testing included testing controls over model governance, controls over data input into the models, and controls over model calculation accuracy and observing key management meetings where weightings of the economic scenarios and the magnitude of qualitative adjustments are reviewed and approved.

To test the reasonableness of the weightings of the economic scenarios, our procedures consisted of obtaining an understanding of the forecasted economic scenarios used, including agreeing the economic scenarios to third party published data and economic scenarios developed from market information as well as evaluating management’s methodology. We also performed analytical procedures and sensitivity analyses on the weightings of the economic scenarios and searched for and evaluated information that corroborated or contradicted these weightings.

Regarding the completeness of qualitative adjustments identified and incorporated into measuring the ALLL, we evaluated the potential impact of imprecision in the credit loss models and emerging risks related to changes in the economic environment impacting the Bank’s loan and lease portfolio. We also evaluated and tested internal and external data used in the qualitative adjustments by agreeing significant inputs and underlying data to internal and external sources.

Further, we assessed whether the total amount of the ALLL estimate was consistent with the Bank’s historical loss information, peer bank information, credit quality statistics, subsequent events and transactions, and publicly observable indicators of macroeconomic financial conditions and whether the total ALLL amount was reflective of current expected losses in the loan and lease portfolio as of the consolidated balance sheet date.

/s/ Ernst & Young LLP
We have served as the Bank’s auditor since 2000.
Salt Lake City, Utah
February 24, 2026
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CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands) December 31,
2025 2024
ASSETS
Cash and due from banks $ 683   $ 651  
Money market investments:
Interest-bearing deposits 2,202   2,850  
Federal funds sold and securities purchased under agreements to resell 1,420   1,453  
Trading securities, at fair value 64   35  
Investment securities:
Available-for-sale, at fair value 9,207   9,095  
Held-to-maturity, at amortized cost (fair value $ 8,940 and $ 9,382 )
8,867   9,669  
Total investment securities 18,074   18,764  
Loans held for sale (includes $ 71 and $ 25 of loans carried at fair value)
201   74  
Loans and leases, net of unearned income and fees 60,917   59,410  
Allowance for loan and lease losses 678   696  
Loans held for investment, net of allowance 60,239   58,714  
Other noninterest-bearing investments 1,076   1,020  
Premises, equipment, and software, net 1,363   1,366  
Goodwill and intangibles 1,091   1,052  
Other real estate owned 5   1  
Other assets 2,572   2,795  
Total assets $ 88,990   $ 88,775  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 25,823   $ 24,704  
Interest-bearing:
Savings and money market 39,914   40,037  
Time 9,907   11,482  

Total deposits 75,644   76,223  
Federal funds and other short-term borrowings 3,104   3,832  
Long-term debt 1,472   950  
Reserve for unfunded lending commitments 46   45  
Other liabilities 1,544   1,601  
Total liabilities 81,810   82,651  
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares
66   66  
Common stock ($ 0.001 par value; authorized 350,000 shares; issued and outstanding 147,653 and 147,871 shares) and additional paid-in capital
1,726   1,737  
Retained earnings 7,329   6,701  
Accumulated other comprehensive income (loss) ( 1,941 ) ( 2,380 )

Total shareholders’ equity 7,180   6,124  
Total liabilities and shareholders’ equity $ 88,990   $ 88,775  

See accompanying notes to consolidated financial statements.
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CONSOLIDATED STATEMENTS OF INCOME

(In millions, except shares and per share amounts) Year Ended December 31,
2025 2024 2023
Interest income:
Interest and fees on loans $ 3,501   $ 3,514   $ 3,196  
Interest on money market investments 186   230   188  
Interest on securities 497   549   563  
Total interest income 4,184   4,293   3,947  
Interest expense:
Interest on deposits 1,250   1,540   1,063  
Interest on short- and long-term borrowings 307   323   446  
Total interest expense 1,557   1,863   1,509  
Net interest income 2,627   2,430   2,438  
Provision for credit losses:
Provision for loan and lease losses 71   72   148  
Provision for unfunded lending commitments 1   —   ( 16 )
Total provision for credit losses 72   72   132  
Net interest income after provision for credit losses 2,555   2,358   2,306  
Noninterest income:
Commercial account fees 185   182   174  
Card fees 95   96   101  
Retail and business banking fees 75   67   66  
Loan-related fees and income 75   70   79  
Capital markets fees and income 116   110   77  
Wealth management fees 57   58   58  
Other customer-related fees 59   56   61  
Customer-related noninterest income 662   639   616  
Dividends and other income 44   42   57  
Securities gains (losses), net 52   19   4  
Total noninterest income 758   700   677  
Noninterest expense:
Salaries and employee benefits 1,350   1,287   1,275  
Technology, telecom, and information processing 276   260   240  
Occupancy and equipment, net 166   161   160  
Professional and legal services 61   64   62  
Marketing and business development 64   45   46  
Deposit insurance and regulatory expense 64   91   169  
Credit-related expense 25   25   26  
Other real estate expense, net ( 2 ) ( 1 ) —  
Other 134   114   119  
Total noninterest expense 2,138   2,046   2,097  
Income before income taxes 1,175   1,012   886  
Income taxes 276   228   206  
Net income 899   784   680  

Preferred stock dividends ( 4 ) ( 41 ) ( 32 )
Preferred stock redemption —   ( 6 ) —  
Net earnings applicable to common shareholders $ 895   $ 737   $ 648  
Weighted average common shares outstanding during the year:
Basic shares (in thousands) 147,115   147,210   147,748  
Diluted shares (in thousands) 147,157   147,215   147,756  
Net earnings per common share:
Basic $ 6.01   $ 4.95   $ 4.35  
Diluted 6.01   4.95   4.35  

See accompanying notes to consolidated financial statements.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions) Year Ended December 31,
2025 2024 2023

Net income $ 899   $ 784   $ 680  
Other comprehensive income, net of tax:
Net change in unrealized gains on investment securities 203   31   66  
Unrealized loss amortization associated with the securities transferred from AFS to HTM 181   194   208  
Net change in cash flow hedge derivatives
55   86   145  
Net change in other —   1   1  

Other comprehensive income, net of tax 439   312   420  
Comprehensive income $ 1,338   $ 1,096   $ 1,100  

See accompanying notes to consolidated financial statements.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In millions, except shares
and per share amounts) Preferred
stock Common stock shares
(in thousands)
Common stock and accumulated paid-in capital Retained earnings Accumulated
other
comprehensive income (loss) Total
shareholders’ equity

Balance at December 31, 2022 $ 440   148,664   $ 1,754   $ 5,811   $ ( 3,112 ) $ 4,893  
Net income
680   680  
Cumulative effect adjustment, adoption of ASU 2022-02, Financial Instruments - Credit Losses: Troubled Debt Restructurings 2   2  
Other comprehensive income, net of tax
420   420  
Bank common stock repurchased
( 972 ) ( 51 ) ( 51 )

Net activity under employee plans and related tax benefits
461   28 28  
Dividends on preferred stock
( 32 ) ( 32 )
Dividends on common stock, $ 1.64 per share
( 245 ) ( 245 )
Change in deferred compensation ( 4 ) ( 4 )
Balance at December 31, 2023 440   148,153   1,731   6,212   ( 2,692 ) 5,691  
Net income
784   784  
Other comprehensive income, net of tax
312   312  

Bank common stock repurchased
( 900 ) ( 36 ) ( 36 )
Preferred stock redemption ( 374 ) 6   ( 6 ) ( 374 )
Net activity under employee plans and related tax benefits
618   36 36  
Dividends on preferred stock
( 41 ) ( 41 )
Dividends on common stock, $ 1.66 per share
( 248 ) ( 248 )

Balance at December 31, 2024 66   147,871   1,737   6,701   ( 2,380 ) 6,124  
Net income
899   899  

Other comprehensive income, net of tax
439   439  
Bank common stock repurchased
( 773 ) ( 41 ) ( 41 )

Net activity under employee plans and related tax benefits
555   30   30  
Dividends on preferred stock
( 4 ) ( 4 )
Dividends on common stock, $ 1.76 per share
( 263 ) ( 263 )
Change in deferred compensation ( 4 ) ( 4 )
Balance at December 31, 2025 $ 66   147,653   $ 1,726   $ 7,329   $ ( 1,941 ) $ 7,180  

See accompanying notes to consolidated financial statements.
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CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions) Year Ended December 31,
2025 2024 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 899   $ 784   $ 680  
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses
72   72   132  
Depreciation and amortization
116   124   140  
Share-based compensation
35   33   33  
Deferred income tax expense (benefit)
47   ( 7 ) ( 9 )
Net decrease (increase) in trading securities
( 29 ) 13   22  
Net decrease (increase) in loans held for sale
27   67   ( 40 )
Change in other liabilities
( 90 ) 3   ( 299 )
Change in other assets
66   94   169  
Other, net
( 70 ) ( 35 ) 57  
Net cash provided by operating activities 1,073   1,148   885  
CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease (increase) in money market investments 681   ( 1,878 ) 1,736  
Proceeds from maturities and paydowns of investment securities held-to-maturity 1,034   1,024   1,052  
Purchases of investment securities held-to-maturity —   ( 62 ) ( 41 )
Proceeds from sales, maturities, and paydowns of investment securities
available-for-sale
1,586   2,028   2,337  
Purchases of investment securities available-for-sale ( 1,372 ) ( 907 ) ( 666 )
Net change in loans and leases ( 1,255 ) ( 1,714 ) ( 2,103 )
Purchases and sales of other noninterest-bearing investments 13   ( 46 ) 183  
Purchases of premises and equipment ( 121 ) ( 97 ) ( 113 )
Acquisition of California branches, net of cash acquired 191   —   —  
Other, net
( 19 ) 12   ( 15 )
Net cash provided by (used in) investing activities 738   ( 1,640 ) 2,370  
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits ( 1,236 ) 1,262   3,309  
Net change in short-term funds borrowed ( 728 ) ( 547 ) ( 6,038 )

Cash paid for preferred stock redemption —   ( 374 ) —  
Proceeds from the issuance of long-term debt 498   496   —  
Redemption of long-term debt —   ( 88 ) ( 128 )
Proceeds from the issuance of common stock 6   10   3  
Dividends paid on common and preferred stock ( 267 ) ( 289 ) ( 282 )
Bank common stock repurchased ( 41 ) ( 36 ) ( 51 )
Other, net ( 11 ) ( 7 ) ( 9 )
Net cash provided by (used in) financing activities ( 1,779 ) 427   ( 3,196 )
Net increase (decrease) in cash and due from banks 32   ( 65 ) 59  
Cash and due from banks at beginning of year 651   716   657  
Cash and due from banks at end of year $ 683   $ 651   $ 716  
Cash paid for interest $ 1,567   $ 1,905   $ 1,368  
Net cash paid for income taxes 196   192   255  
Noncash activities:

Loans held for investment reclassified to loans held for sale, net 222   223   68  
Trading securities reclassified to money market investments —   —   395  

Deposits acquired in purchase of California branches (at time of purchase) 657   —   —  
Loans acquired in purchase of California branches, net (at time of purchase) 423   —   —  

See accompanying notes to consolidated financial statements.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business
Zions Bancorporation, National Association (“Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”) is a bank headquartered in Salt Lake City, Utah. We provide a wide range of banking products and related services, primarily in 11 Western states through seven separately managed affiliates: Zions Bank; California Bank & Trust (“CB&T”); Amegy Bank (“Amegy”); National Bank of Arizona (“NBAZ”); Nevada State Bank (“NSB”); Vectra Bank Colorado (“Vectra”); and The Commerce Bank of Washington (“TCBW”), which also operates as The Commerce Bank of Oregon in Oregon. For more information regarding operating segment performance, see Note 22.
Basis of Financial Statement Presentation and Principles of Consolidation
The consolidated financial statements include our accounts as well as those of our majority-owned subsidiaries that are consolidated. This includes wholly owned subsidiaries such as ZMFU II, Inc., which supports our municipal lending operations, and Zions Direct, Inc., a registered broker-dealer under the Exchange Act, among other subsidiaries.
Investments where we possess significant influence over the investee's operating and financial policies are accounted for using the equity method. All intercompany accounts and transactions have been eliminated during consolidation. Assets held in an agency or fiduciary capacity are excluded from the consolidated financial statements.
These financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and prevailing practices within the financial services industry. References to GAAP, including standards issued by the Financial Accounting Standards Board, are cited based on the applicable accounting guidance. In preparing these financial statements, we apply estimates and assumptions that affect the reported amounts and related disclosures in the accompanying notes. Actual results may differ from these estimates.
Subsequent Events
We evaluated events occurring between December 31, 2025 and the date of issuance of the accompanying financial statements. Based on this evaluation, we concluded that no material events occurred that would require adjustments to the consolidated financial statements. As referenced in Note 13 of the Notes to Consolidated Financial Statements, on February 4, 2026, we issued $ 500  million of 4.48 % Fixed-to-Floating Senior Notes, maturing on February 9, 2029.
Variable Interest Entities
A variable interest entity (“VIE”) is consolidated when we are determined to be its primary beneficiary. Current accounting standards require ongoing assessments to identify the primary beneficiary of a VIE. At the inception of our involvement, and periodically thereafter, we reassess our consolidation conclusions for all entities in which we have an interest. At December 31, 2025, and 2024, no VIEs were consolidated in our financial statements.
Statement of Cash Flows
For purposes of presentation on the consolidated statements of cash flows, “cash and cash equivalents” are defined as the amounts included in “Cash and due from banks” on the consolidated balance sheet.
Securities Purchased Under Agreements to Resell
Securities purchased under agreements to resell include both overnight and term transactions, with most maturing within 50 days. These agreements are generally classified as collateralized financing arrangements and are recorded at acquisition cost plus accrued interest. We, or third parties acting on our behalf, take possession of the underlying securities. The fair value of these securities is continuously monitored throughout the contract term to help maintain
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sufficient collateral to mitigate counterparty default risk. Contractual provisions permit us to sell or repledge certain securities accepted as collateral for securities purchased under these agreements.
At both December 31, 2025, and 2024, we held $ 1.4 billion in securities that we were contractually permitted to sell or repledge. The average balance of securities purchased under agreements to resell was $ 2.4 billion and $ 2.2 billion in 2025 and 2024, with the maximum month-end outstanding amounts during these same periods reaching $ 3.9 billion and $ 3.0 billion, respectively. If collateral is sold, our obligation to return the securities is recorded as “securities sold, not yet purchased” and presented as a liability in “Federal funds and other short-term borrowings” on the consolidated balance sheet.
Other Noninterest-bearing Investments
Other noninterest-bearing investments include private equity investments (“PEIs”), venture capital securities, securities acquired to satisfy for various debt and regulatory requirements, bank-owned life insurance (“BOLI”), and certain other noninterest-bearing assets. Additional details are provided in Note 3.
Certain PEIs and venture capital securities are accounted for under the equity method of accounting when we have the ability to exercise significant influence over the investee's operating and financial policies. Equity investments in PEIs that do not grant significant influence are reported at fair value when readily determinable. If a readily determinable fair value is not available, we apply a measurement alternative allowed under GAAP, which records the investment at cost, adjusted for impairment and observable price changes in identical or similar investments of the same issuer. Periodic impairment assessments are conducted by comparing carrying amounts to estimated fair values. Changes in fair value, impairment losses, and realized gains or losses from sales are included in “Securities gains (losses), net” on the consolidated statement of income. BOLI is measured at fair value based on the cash surrender values (“CSVs”) of the underlying general account insurance policies.
Business Combinations
Business combinations are accounted for using the acquisition method of accounting. Upon obtaining control, we recognize 100 % of the acquired assets and assumed liabilities, irrespective of the ownership percentage. These assets and liabilities are recorded at their estimated fair values, and goodwill is recognized when the purchase price exceeds the net fair value of the acquired assets and liabilities. Transaction and restructuring costs are expensed as incurred. Adjustments to estimated fair values during the measurement period—which cannot exceed one year from the acquisition date—are recorded as changes to goodwill. The operating results of acquired businesses are included on our consolidated statement of income beginning on the acquisition date.
Other Real Estate Owned
Other real estate owned (“OREO”) primarily consists of commercial and residential real estate properties acquired through partial or full satisfaction of loan obligations. These properties are initially recorded at fair value, less estimated selling costs, based on recent appraisals at the time of transfer. Subsequently, they are carried at the lower of cost or fair value, less estimated selling costs.
Significant Accounting Policies
The following schedule outlines other significant accounting policies and indicates the corresponding Note and page where each policy is described:

Fair value Note 3 page 98
Goodwill and other intangible assets Note 10 page 132

Offsetting assets and liabilities Note 4 page 104
Long-term debt Note 13 page 134

Investment securities Note 5 page 104
Commitments, guarantees, contingent liabilities, and related parties Note 16 page 139

Loans and allowance for credit losses Note 6 page 108
Revenue from contracts with customers Note 17 page 140

Derivative instruments and hedging activities Note 7 page 126
Share-based compensation Note 19 page 144

Leases Note 8 page 130
Income taxes Note 20 page 147

Premises, equipment, and software Note 9 page 132
Net earnings per common share Note 21 page 150

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2.     RECENT ACCOUNTING PRONOUNCEMENTS

Standard
Description
Effective date Effect on the financial statements or other significant matters

Standards not yet adopted by the Bank as of December 31, 2025

ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)
This accounting standards update (“ASU”) requires additional disclosures of certain costs and expenses in both interim and annual reporting periods, including:
• Amounts of employee compensation, depreciation, selling costs, and intangible asset amortization included in certain expense lines presented on the face of the income statement within continuing operations.
• A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
Annual periods beginning January 1, 2027; Interim periods beginning January 1, 2028. The overall effect of this standard is not expected to have a material impact on our consolidated financial statements.

ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software
(Subtopic 350-40)
This ASU modernizes the accounting treatment for internal-use software to better reflect current development practices, including agile and iterative approaches. Key provisions include:
• Elimination of Prescriptive Project Stages: The guidance no longer requires classification of costs by development phase, thereby removing rigid stage-based criteria.
• Capitalization Criteria: Capitalization of eligible software development costs commences once management has both authorized and committed to funding the project, and it is probable that the project will be completed, and requires consideration of development uncertainties.
• Updated disclosure requirements.
Annual and interim periods beginning after December 15, 2027. The overall effect of this standard is not expected to have a material impact on our consolidated financial statements.

ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans
This ASU broadens the population of financial assets subject to the gross-up method under Topic 326 to include all purchased seasoned loans (excluding credit cards), which are defined as:
• Non-purchase credit deteriorated (“PCD”) loans acquired in a business combination.
• Non-PCD loans acquired in an asset acquisition more than 90 days after their origination date.
Annual and interim periods beginning after December 15, 2026. The overall effect of this standard is not expected to have a material impact on our consolidated financial statements.

ASU 2025-09, Derivatives and Hedging (Topic 815)—Hedge Accounting Improvements
This ASU introduces targeted improvements to accounting standards codification (“ASC”) Topic 815 to better align hedge accounting with common risk management strategies. The updates address multiple items, including the following:
• Similar risk assessment for cash flow hedges.
• Hedging interest payments on choose-your-rate debt.
• Net written options as hedging instruments.
Annual and interim periods beginning after December 15, 2026. The overall effect of this standard is not expected to have a material impact on our consolidated financial statements.

Standards adopted by the Bank during 2025

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
This ASU requires additional detailed information to improve the usefulness of income tax disclosures. This includes providing detailed annual disclosures on rate reconciliation and income taxes paid for specific categories and when certain quantitative thresholds are met. Annual periods beginning January 1, 2025. The overall effect of this standard did not have a material impact on our consolidated financial statements.

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3. FAIR VALUE
Fair Value Measurement
We measure certain assets and liabilities at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in the principal market or most advantageous market available to us, in an orderly transaction between market participants as of the measurement date. To promote consistency and comparability, fair value measurements are categorized within a three-level hierarchy based on the observability of the inputs used, as outlined below. Observable market data is prioritized, and reliance on unobservable inputs in minimized. When quoted market prices are not available, fair value is determined using valuation models that incorporate assumptions that align with those that market participants would consider in pricing the asset or liability. Changes in market conditions may reduce the availability of observable inputs.
The following fair value hierarchy prioritizes the use of observable inputs over unobservable inputs when measuring the fair value of assets and liabilities:
• Level 1 — Quoted prices in active markets for identical assets or liabilities that we can access at the measurement date;
• Level 2 — Observable inputs other than Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in less active markets, observable inputs other than quoted prices used in the valuation of an asset or liability, and inputs derived principally from or corroborated by observable market data through correlation or other means; and
• Level 3 — Unobservable inputs supported by minimal or no market activity for financial instruments whose value is determined by pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
Fair value classifications are determined based on the lowest level input that is significant to the overall measurement. In the absence of evidence indicating forced or disorderly transactions, market activity is presumed to be orderly. Applicable accounting guidance prohibits the use of blockage discounts or liquidity adjustments based solely on the volume of instruments held by the Bank.
We measure certain assets and liabilities at fair value on a recurring basis when fair value is the primary basis for accounting. Fair value is also applied on a nonrecurring basis for certain assets or liabilities for purposes such as evaluating impairment, applying lower of cost or fair value accounting, or providing fair value disclosures for certain financial instruments.
Fair Value Policies and Procedures
We have implemented a comprehensive framework of policies, processes, and internal controls designed to promote the reasonable estimation, thorough review, and formal approval of fair value measurements. The Securities Valuation Committee, comprised of members of executive management, reviews and approves the key elements of fair value measurements on a quarterly basis, including significant valuation assumptions used in Level 3 measurements. In addition, the Model Risk Management Group is responsible for conducting validations of valuation models, including internally developed models, and for establishing the policies and procedures governing the timing and requirements for subsequent revalidations.
Third-party Service Providers
We utilize a third-party pricing service to determine the fair value of substantially all Level 2 available-for-sale (“AFS”) securities. Fair value measurements for other Level 2 AFS securities are generally based on valuation inputs corroborated by observable market data, which may include discounted cash flow analyses.
For Level 2 securities, the third-party pricing service provides ongoing documentation that incorporates market data, detailed pricing information, and market reference data. This information includes benchmark yields, reported market trades, broker-dealer quotations, issuer-specific spreads, two-sided markets, benchmark securities, bids and
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offers, and additional reference data from the vendor's trading platform. We regularly review, test, and validate the information provided to support the reasonableness of the resulting fair value measurements.
The following describes the hierarchy classifications, valuation methodologies, and key inputs used to measure fair value on a recurring basis for designated financial instruments:
Trading securities
Trading securities are measured using observable market inputs and are classified in Level 1 and Level 2.
Available-for-Sale investment securities
• U.S. Treasury, Government Agency, and Corporate Securities — U.S. Treasury securities measured using quoted market prices are classified in Level 1. U.S. agency and corporate securities measured using observable market inputs are classified in Level 2.
• Municipal Securities — Municipal securities are measured using observable market inputs and are classified in Level 2.
• Other Debt Securities — Other debt securities are measured using quoted prices for similar securities and are classified in Level 2.
Loans held for sale
We have elected the fair value option for certain commercial real estate (“CRE”) loans designated for sale to a third-party conduit for securitization. These loans are measured at fair value using observable market prices for mortgage-backed securities with similar collateral and are classified in Level 2. Valuations incorporate adjustments for differences between the securities and the underlying loans, including credit quality, portfolio composition, and liquidity considerations.
Bank-owned Life Insurance
BOLI is measured according to the CSV of the underlying policies. Nearly all policies are general account contracts whose CSVs are based on our claims on the insurers’ assets. The insurers’ investment portfolios primarily consist of fixed-income securities, including investment-grade corporate bonds and various mortgage-related instruments. Management regularly monitors BOLI performance, including concentrations across insurance providers. BOLI balances are classified in Level 2 of the fair value hierarchy.
Private Equity Investments
PEIs measured at fair value on a recurring basis are generally classified in Level 3 due to the use of unobservable valuation inputs. Key assumptions include current and projected financial performance, recent financing transactions, economic and market conditions, comparable company data, market liquidity, and other relevant factors. The majority of these investments are held within our Small Business Investment Company (“SBIC”) and represent early stage venture investments. These investments are reviewed at least quarterly by the Securities Valuation Committee and more frequently when a new financing round occurs. Some PEIs may be valued using operating performance multiples. When an investment becomes publicly traded, it is classified in Level 1. Certain investments may be subject to redemption restrictions.
Agriculture Loan Servicing
We service agriculture loans approved and funded by the Federal Agricultural Mortgage Corporation (“FAMC”) under a servicing agreement for loans owned by FAMC. These servicing assets are measured at fair value, representing the present value of projected net future servicing cash flows. Because the valuation incorporates unobservable inputs, these assets are classified in Level 3 of the fair value hierarchy.
Deferred Compensation Plan Assets
Deferred compensation plan assets consist of shares of registered investment companies. These mutual fund investments are measured using quoted market prices, which represent the net asset value of the shares held at period-end. Accordingly, these assets are classified in Level 1.
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Derivatives
Exchange-traded derivatives, such as standardized future contracts, are generally classified in Level 1 because they are valued using quoted prices in active markets. Over-the-counter derivatives—including interest rate swaps, energy commodity swaps, forwards, options, and purchased credit default swaps—are generally classified in Level 2. Their fair values are determined using valuation techniques that incorporate observable market inputs such as yield curves, foreign exchange rates, commodity prices, option volatilities, credit spreads, and other relevant market data. Valuations also include credit valuation adjustments (“CVAs”) to reflect nonperformance risk of both our counterparties and ourselves. CVAs are generally determined by applying a credit spread to expected exposures, net of any collateral.
Securities Sold, Not Yet Purchased
Securities sold, not yet purchased, are included in “Federal funds and other short-term borrowings” on the consolidated balance sheet. These instruments are measured using quoted market prices and are generally classified in Level 1. When quoted prices for identical securities are not available, quoted prices for similar securities are used, in which case the related balances are classified in Level 2.
Fair Value Hierarchy
The following schedule presents assets and liabilities measured at fair value on a recurring basis:

December 31, 2025
(In millions) Level 1 Level 2 Level 3 Total
ASSETS
Trading securities $ —   $ 64   $ —   $ 64  
Available-for-sale securities:
U.S. Treasury, agencies, and corporations 1,411   6,862   —   8,273  
Municipal securities —   909   —   909  
Other debt securities —   25   —   25  
Total available-for-sale 1,411   7,796   —   9,207  
Loans held for sale —   71   —   71  
Other noninterest-bearing investments:
Bank-owned life insurance —   573   —   573  
Private equity investments 1
6   —   157   163  
Other assets:
Agriculture loan servicing —   —   18   18  
Deferred compensation plan assets 154   —   —   154  
Derivatives —   360   —   360  
Total assets $ 1,571   $ 8,864   $ 175   $ 10,610  
LIABILITIES
Fed funds and other short-term borrowings:
Securities sold, not yet purchased $ 135   $ —   $ —   $ 135  
Other liabilities:
Derivatives —   260   —   260  
Total liabilities $ 135   $ 260   $ —   $ 395  

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December 31, 2024
(In millions) Level 1 Level 2 Level 3 Total
ASSETS
Trading securities $ —   $ 35   $ —   $ 35  
Available-for-sale securities:
U.S. Treasury, agencies, and corporations 662   7,300   —   7,962  
Municipal securities —   1,108   —   1,108  
Other debt securities —   25   —   25  
Total available-for-sale 662   8,433   —   9,095  
Loans held for sale —   25   —   25  
Other noninterest-bearing investments:
Bank-owned life insurance —   562   —   562  
Private equity investments 1
3   —   105   108  
Other assets:
Agriculture loan servicing —   —   20   20  
Deferred compensation plan assets 149   —   —   149  
Derivatives —   446   —   446  
Total assets $ 814   $ 9,501   $ 125   $ 10,440  
LIABILITIES
Fed funds and other short-term borrowings:
Securities sold, not yet purchased $ 21   $ —   $ —   $ 21  
Other liabilities:
Derivatives —   350   —   350  
Total liabilities $ 21   $ 350   $ —   $ 371  

1 The level 1 PEIs generally relate to the portion of our SBIC investments and other similar investments that are publicly traded.
Fair Value Option for Certain Loans Held for Sale
We apply the fair value option to certain commercial real estate loans designated for sale to third-party conduits for securitization and hedged with derivative instruments. This election reduces accounting volatility that would otherwise result from the mismatch between measuring loans held for sale at the lower of cost or fair value and derivatives at fair value, without requiring the application of hedge accounting. These loans are included in “Loans held for sale” on the consolidated balance sheet. Related fair value gains and losses are included in “Capital markets fees and income” on the consolidated statement of income, and accrued interest is included in “Interest and fees on loans.”
At December 31, 2025 and 2024, we had $ 71 million and $ 25 million, respectively, of loans measured at fair value, with a corresponding unpaid principal balance of $ 72 million and $ 26 million. During 2025 and 2024, we recognized approximately $ 11 million and $ 14 million, respectively, in net gains from loan sales and valuation adjustments related to loans measured at fair value and the associated derivatives.
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Level 3 Valuations
Roll-forward of Level 3 Fair Value Measurements
The following schedule presents a roll-forward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs:

  Level 3 Instruments
December 31, 2025 December 31, 2024 December 31, 2023
(In millions) Private
equity
investments Ag loan servicing Private
equity
investments Ag loan servicing Private
equity
investments Ag loan servicing

Balance at beginning of year $ 105   $ 20   $ 92   $ 19   $ 81   $ 14  

Unrealized securities gains (losses), net 63   —   9   —   ( 2 ) —  
Other noninterest income —   ( 2 ) —   1   —   5  
Purchases 15   —   11   —   14   —  
Cost of investments sold ( 13 ) —   ( 7 ) —   ( 1 ) —  

Transfers out ( 13 ) —   —   —   —   —  
Balance at end of year $ 157   $ 18   $ 105   $ 20   $ 92   $ 19  

The roll-forward of Level 3 instruments includes the following realized gains and losses recognized in “Securities gains (losses), net” on the consolidated statement of income for the periods presented:

(In millions) Year Ended December 31,
2025 2024 2023

Securities gains (losses), net $ ( 17 ) $ 1   $ ( 1 )

Nonrecurring Fair Value Measurements
Certain assets and liabilities are measured at fair value on a nonrecurring basis. These include impaired loans measured at the fair value of the underlying collateral, OREO, and equity investments without readily determinable fair values. Nonrecurring fair value adjustments generally arise from observable price changes for such equity investments, write-downs of individual assets, or the application of lower of cost or fair value accounting.
Collateral-dependent loans are measured at the lower of amortized cost or the fair value of the collateral. OREO is initially recorded at fair value based on collateral appraisals at the time of transfer and subsequently measured at the lower of cost or fair value, net of estimated selling costs. Fair value measurements for collateral-dependent loans and OREO are derived from third-party appraisals utilizing one or more valuation approaches (income, market, and cost approaches). Adjustments to appraisal values may be made based on recently completed and validated third-party appraisals, third-party appraisal services, automated valuation models, or management’s informed judgment. Automated valuation services—which rely on models incorporating market, economic, and demographic factors—may be used primarily for residential properties when updated valuations from other methods are not available within 90 days of the balance sheet date.
At December 31, 2025, we had $ 24 million of collateral-dependent loans measured at fair value. During 2025, we recognized $ 8 million in losses related to changes in fair value for these loans.
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Fair Value of Certain Financial Instruments
The following schedule presents the carrying values and estimated fair values of certain financial instruments:

  December 31, 2025 December 31, 2024
(In millions) Carrying
value Fair value Level Carrying
value Fair value Level
Financial assets:
Held-to-maturity investment securities
$ 8,867   $ 8,940   2 $ 9,669   $ 9,382   2
Loans and leases (including loans held for sale), net of allowance
60,440   59,383   3 58,788   57,130   3
Financial liabilities:
Time deposits 9,907   9,839   2 11,482   11,468   2

Long-term debt 1,472   1,506   2 950   950   2

For the items presented in the preceding schedule, fair value is estimated using the following methodologies:
• Held-to-maturity (“HTM”) investment securities —Fair value is estimated using either a third-party pricing service or an internal valuation model, both of which rely on observable market yields.
• Loans and leases measured at amortized cost —Fair value is estimated for disclosure purposes by discounting expected future cash flows using the applicable yield curve and incorporating a factor based on recent loan originations, which reflects the liquidity premium inherent in the loan portfolio. The discounted cash flows are then reduced by estimated aggregate credit losses over the life of the loan portfolio.
• Time and foreign deposits —Fair value is determined by discounting estimated future cash flows using the yield curve corresponding to the deposits’ respective maturities.
• Long-term debt —When available, fair value is based on actual market trade data. In the absence of observable trades, fair value is estimated by discounting contractual cash flows to maturity using the applicable yield curve, adjusted for credit spreads.
The preceding schedule excludes financial instruments that are recorded at fair value on a recurring basis, as well as certain financial assets and liabilities for which carrying value approximates fair value. These instruments include cash and due from banks, money market investments, demand deposits, savings and money market accounts, federal funds purchased and other short-term borrowings, and security repurchase agreements. The estimated fair value of demand, savings, and money market deposits equals the amount payable on demand at the reporting date. Carrying value is used for these instruments because they have no stated maturity, funds are withdrawable immediately, and credit risk is generally negligible. Instruments for which carrying value approximates fair value are typically classified in Level 2 of the fair value hierarchy because their valuation relies primarily on observable market inputs.

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4.     OFFSETTING ASSETS AND LIABILITIES
The following schedule presents gross and net information for selected financial instruments on the balance sheet:

December 31, 2025
Gross amounts not offset on the balance sheet
(In millions) Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on the balance sheet Financial instruments Cash collateral received/pledged Net amount
Assets
Federal funds sold and securities purchased under agreements to resell
$ 1,420   $ —   $ 1,420   $ —   $ —   $ 1,420  
Derivatives (included in Other assets) 360   —   360   ( 51 ) ( 232 ) 77  
Total assets $ 1,780   $ —   $ 1,780   $ ( 51 ) $ ( 232 ) $ 1,497  
Liabilities
Federal funds and other short-term borrowings
$ 3,104   $ —   $ 3,104   $ —   $ —   $ 3,104  
Derivatives (included in Other liabilities)
260   —   260   ( 51 ) ( 17 ) 192  
Total liabilities $ 3,364   $ —   $ 3,364   $ ( 51 ) $ ( 17 ) $ 3,296  

December 31, 2024
Gross amounts not offset on the balance sheet
(In millions) Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on the balance sheet Financial instruments Cash collateral received/pledged Net amount
Assets
Federal funds sold and securities purchased under agreements to resell
$ 1,453   $ —   $ 1,453   $ —   $ —   $ 1,453  
Derivatives (included in Other assets)
446   —   446   ( 19 ) ( 404 ) 23  
Total assets $ 1,899   $ —   $ 1,899   $ ( 19 ) $ ( 404 ) $ 1,476  
Liabilities
Federal funds and other short-term borrowings
$ 3,832   $ —   $ 3,832   $ —   $ —   $ 3,832  
Derivatives (included in Other liabilities)
350   —   350   ( 19 ) ( 3 ) 328  
Total liabilities $ 4,182   $ —   $ 4,182   $ ( 19 ) $ ( 3 ) $ 4,160  

Security repurchase and reverse repurchase agreements are offset on the consolidated balance sheet according to master netting agreements, when applicable. Security repurchase agreements are included in “Federal funds and other short-term borrowings” on the consolidated balance sheet. Derivative instruments may also be offset under their master netting agreements; however, for accounting purposes, they are presented on a gross basis on the consolidated balance sheet. For more information regarding derivative instruments, see Note 7.

5.     INVESTMENT SECURITIES
Investment Securities
We classify our investment securities as either AFS or HTM. AFS securities, which primarily consist of debt instruments used to manage liquidity and interest rate risk and to generate interest income, are measured at fair value. Unrealized gains and losses from AFS securities, net of applicable taxes, are recognized in other comprehensive income (“OCI”).
HTM securities represent investments that management has both the intent and ability to hold until maturity. These securities are carried at amortized cost, which reflects the original purchase price, adjusted for the amortization or accretion of any premiums or discounts, as well as any impairment losses, including those related to credit.
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Gains or losses resulting from the sale of investment securities are recognized in noninterest income and are measured using the specific identification method.
The carrying values of our investment securities exclude accrued interest receivables of $ 64 million and $ 60 million at December 31, 2025, and 2024, respectively. These amounts are included in “Other assets” on the consolidated balance sheet.
Purchase premiums on callable debt securities classified as AFS or HTM are amortized into interest income using the effective yield method based on the earliest call date. For all other AFS and HTM securities, purchase premiums and discounts are amortized into interest income over the contractual life of the security using the effective yield method.
When principal prepayments occur, a proportionate amount of the related premium or discount is recognized in income to maintain a consistent effective yield on the remaining balance of the security. For more information regarding the methodologies used to estimate the fair value of investment securities, see Note 3.
Investment securities with a carrying value of $ 17.5 billion and $ 17.9 billion were pledged as collateral for potential borrowings at December 31, 2025, and 2024, respectively.
When a security is transferred from AFS to HTM, the difference between its amortized cost basis and its fair value on the transfer date is amortized as a yield adjustment through interest income. The fair value at the transfer date establishes either a premium or discount relative to the amortized cost basis of the HTM securities. The amortization of unrealized gains or losses reported in accumulated other comprehensive income (“AOCI”) offsets the impact of amortizing the resulting premium or discount through interest income created by the transfer.
The discount associated with securities previously transferred from AFS to HTM was $ 1.6  billion ( $ 1.2  billion after tax) at December 31, 2025, compared with $ 1.8  billion ($ 1.4  billion after tax) at December 31, 2024.
The following schedule presents the amortized cost and estimated fair values of our AFS and HTM securities:

December 31, 2025
(In millions) Amortized
cost Gross
unrealized
gains 1
Gross
unrealized
losses Estimated
fair value
Available-for-sale
U.S. Treasury securities $ 1,500   $ 17   $ 106   $ 1,411  
U.S. Government agencies and corporations:
Agency securities 313   —   15   298  
Agency guaranteed mortgage-backed securities 7,207   5   989   6,223  
Small Business Administration loan-backed securities 355   —   14   341  
Municipal securities 953   —   44   909  
Other debt securities 25   —   —   25  

Total available-for-sale 10,353   22   1,168   9,207  
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities 137   —   3   134  
Agency guaranteed mortgage-backed securities 8,459   111   25   8,545  
Municipal securities 271   —   10   261  
Total held-to-maturity 8,867   111   38   8,940  
Total investment securities $ 19,220   $ 133   $ 1,206   $ 18,147  

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December 31, 2024
(In millions) Amortized
cost Gross
unrealized
gains 1
Gross
unrealized
losses Estimated
fair value
Available-for-sale
U.S. Treasury securities $ 781   $ —   $ 119   $ 662  
U.S. Government agencies and corporations:
Agency securities 441   —   26   415  
Agency guaranteed mortgage-backed securities 7,713   1   1,263   6,451  
Small Business Administration loan-backed securities 455   —   21   434  
Municipal securities 1,186   —   78   1,108  
Other debt securities 25   —   —   25  
Total available-for-sale 10,601   1   1,507   9,095  
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities 148   —   8   140  
Agency guaranteed mortgage-backed securities 9,202   2   263   8,941  
Municipal securities 319   —   18   301  
Total held-to-maturity 9,669   2   289   9,382  
Total investment securities $ 20,270   $ 3   $ 1,796   $ 18,477  

1 Gross unrealized gains for the respective AFS security categories without values were individually less than $ 1  million.
The following schedule presents gross unrealized losses for AFS securities and the estimated fair value, categorized by the length of time the securities have been in an unrealized loss position:

December 31, 2025
Less than 12 months 12 months or more Total
(In millions) Gross
unrealized
losses Estimated
fair
value Gross
unrealized
losses Estimated
fair
value Gross
unrealized
losses Estimated
fair
value
Available-for-sale
U.S. Treasury securities $ —   $ 99   $ 106   $ 296   $ 106   $ 395  
U.S. Government agencies and corporations:
Agency securities —   7   15   288   15   295  
Agency guaranteed mortgage-backed securities 2   86   987   5,735   989   5,821  
Small Business Administration loan-backed securities —   24   14   309   14   333  
Municipal securities —   68   44   797   44   865  
Other —   15   —   —   —   15  

Total available-for-sale investment securities $ 2   $ 299   $ 1,166   $ 7,425   $ 1,168   $ 7,724  

December 31, 2024
Less than 12 months 12 months or more Total
(In millions) Gross
unrealized
losses Estimated
fair
value Gross
unrealized
losses Estimated
fair
value Gross
unrealized
losses Estimated
fair
value
Available-for-sale
U.S. Treasury securities $ 3   $ 198   $ 116   $ 285   $ 119   $ 483  
U.S. Government agencies and corporations:
Agency securities —   3   26   403   26   406  
Agency guaranteed mortgage-backed securities —   86   1,263   6,171   1,263   6,257  
Small Business Administration loan-backed securities —   35   21   387   21   422  
Municipal securities —   68   78   984   78   1,052  

Total available-for-sale investment securities $ 3   $ 390   $ 1,504   $ 8,230   $ 1,507   $ 8,620  

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At December 31, 2025, and 2024, the number of AFS investment securities in an unrealized loss position totaled 2,037 and 2,534 , respectively.
There were no gross realized gains or losses from sales of AFS investment securities during 2025 and 2024. In 2023, gross realized gains and losses were $ 72 million each.
The following schedule presents interest income categorized by investment security type:

2025 2024 2023
(In millions) Taxable Nontaxable Total Taxable Nontaxable Total Taxable Nontaxable Total

Available-for-sale $ 261   $ 27   $ 288   $ 294   $ 31   $ 325   $ 291   $ 31   $ 322  
Held-to-maturity 199   5   204   218   4   222   236   3   239  
Total investment securities $ 460   $ 32   $ 492   $ 512   $ 35   $ 547   $ 527   $ 34   $ 561  

Maturities
The following schedule presents the amortized cost and weighted average yields of debt securities, categorized by the remaining contractual maturity of principal payments at December 31, 2025. The schedule does not reflect the effects of interest rate resets or fair value hedges. Additionally, the remaining contractual principal maturities shown do not represent the portfolio’s duration, as they exclude expected prepayments or amortization, which typically result in measured durations that are significantly shorter than contractual maturities.

December 31, 2025
Total debt securities Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years
(Dollar amounts in millions) Amortized cost Average yield
Amortized cost Average yield
Amortized cost Average yield
Amortized cost Average yield
Amortized cost Average yield

Available-for-sale
U.S. Treasury securities $ 1,500   3.71   % $ 100   4.04   % $ 201   3.99   % $ 798   4.28   % $ 401   2.35   %
U.S. Government agencies and corporations:

Agency securities 313   3.25   —   —   56   3.98   159   2.97   98   3.30  
Agency guaranteed mortgage-backed securities
7,207   2.09   7   1.30   218   2.91   1,778   1.83   5,204   2.14  
Small Business Administration loan-backed securities
355   4.36   —   —   11   5.26   106   3.70   238   4.61  
Municipal securities 1
953   2.06   100   3.17   298   1.93   541   1.92   14   2.41  
Other debt securities 25   7.97   —   —   10   9.51   —   —   15   6.95  

Total available-for-sale securities 10,353   2.45   207   3.53   794   3.01   3,382   2.54   5,970   2.29  
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities 137   4.15   —   —   —   —   76   3.50   61   4.96  
Agency guaranteed mortgage-backed securities
8,459   1.84   —   —   28   1.45   10   2.78   8,421   1.84  
Municipal securities 1
271   3.22   24   2.03   137   2.95   103   3.67   7   5.88  
Total held-to-maturity securities 8,867   1.91   24   2.03   165   2.69   189   3.55   8,489   1.86  
Total investment securities $ 19,220   2.20   $ 231   3.37   $ 959   2.95   $ 3,571   2.59   $ 14,459   2.04  

1 The yields on tax-exempt securities are calculated on a tax-equivalent basis.
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Impairment
AFS Impairment
We review our AFS securities portfolio for potential impairment on a quarterly basis, assessing each security individually. An AFS security is considered impaired when its fair value is less than its amortized cost basis as of the balance sheet date. If we either intend to sell the impaired security, or determine that it is more likely than not that we will be required to sell the security before recovering its amortized cost basis, an impairment loss is recognized through earnings by adjusting the amortized cost basis to fair value as of the reporting date.
If we have the intent and ability to hold the security, we evaluate whether any impairment is attributable to credit-related factors. This assessment includes consideration of several factors, primarily internal and external credit ratings, to determine whether the decline in fair value relative to amortized cost is due to credit deterioration or other factors. When credit impairment is identified, we measure the credit loss and record an allowance.
To measure the credit loss, we generally compare the present value of expected future cash flows to the security’s amortized cost basis. Expected cash flows incorporate assumptions related to default probabilities and loss severity, among other factors, and may include prepayment assumptions. Certain internal models may be utilized in this process. The security-specific effective interest rate is used to discount expected cash flows. If the present value of expected cash flows is less than the amortized cost basis, the shortfall is recorded as an allowance for credit loss, limited to the amount by which fair value is less than amortized cost basis (i.e., the allowance cannot reduce the carrying value below fair value).
The assumptions used to estimate expected cash flows vary depending on the asset class, structure, and credit rating of the security. Declines in fair value not reflected in the allowance for credit losses (“ACL”) are recorded in other comprehensive income, net of applicable taxes. The process, methodology, and factors considered in evaluating securities for impairment are described below. For additional information regarding the fair value measurement of investment securities, see Note 3.
No impairment losses were recognized on our AFS investment securities portfolio during 2025 and 2024. The unrealized losses primarily reflect the impact of higher interest rates subsequent to the purchase of the securities and are not attributable to credit-related factors. Accordingly, absent any future sales, we expect to recover the full principal value of these securities upon maturity. At December 31, 2025, we did not intend to sell any securities in an unrealized loss position, nor do we believe it is more likely than not that we would be required to sell such securities prior to recovering their amortized cost basis.
HTM Impairment
For HTM securities, the ACL is evaluated using the same methodology applied to loans and leases measured at amortized cost, as described in Note 6. At December 31, 2025, the ACL for HTM securities was less than $ 1 million. All HTM securities were assigned a credit quality rating of “Pass,” with none classified as past due.

6.     LOANS, LEASES, AND ALLOWANCE FOR CREDIT LOSSES
Loans, Leases, and Loans Held for Sale
At origination, each loan is classified as either held for investment or held for sale based on our intended purpose. We may subsequently change our intent for a loan or portfolio of loans and reclassify them accordingly. Loans held for sale are carried at the lower of cost or fair value. When fair value is less than cost, a valuation allowance is established based on assessments performed at the time of reclassification and reviewed periodically thereafter. Associated gains and losses are determined as the difference between the sales proceeds and the carrying amount and are included in “Loan-related fees and income” on the consolidated statement of income.
In the ordinary course of business, we may syndicate portions of loans or transfer interests under participation agreements to manage credit risk and portfolio concentrations. We review all loan participations to confirm they meet the applicable accounting criteria to qualify for sale treatment.
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We elect the fair value option for certain CRE loans designated for sale or securitization that are hedged with derivative instruments, as described further in Note 3. Gains and losses on the sale of these loans are included in “Capital markets fees” on the consolidated statement of income.
The following schedule presents our loan and lease portfolio according to major portfolio segment and specific class:

December 31,
(In millions) 2025 2024

Loans held for sale $ 201   $ 74  
Commercial:
Commercial and industrial $ 17,761   $ 16,891  
Owner-occupied 9,274   9,333  
Municipal 4,294   4,364  
Leasing 367   377  
Total commercial 31,696   30,965  
Commercial real estate:
Term 11,234   10,703  
Construction and land development 2,162   2,774  
Total commercial real estate 13,396   13,477  
Consumer:
1-4 family residential 10,462   9,939  
Home equity credit line 3,950   3,641  
Construction and other consumer real estate 782   810  
Bankcard and other revolving plans 515   457  
Other 116   121  
Total consumer 15,825   14,968  
Total loans and leases
$ 60,917   $ 59,410  

Loans and leases classified as held for investment are measured and presented at their amortized cost basis, which includes net unamortized purchase premiums, discounts, and deferred loan fees and costs totaling $ 61  million and $ 43  million at December 31, 2025, and December 31, 2024, respectively. These unamortized amounts are amortized into interest income over the life of the loan using the interest method. The amortized cost basis of the loans does not include accrued interest receivables of $ 276  million and $ 281  million at December 31, 2025, and December 31, 2024, respectively. These receivables are included in “ Other assets ” on the consolidated balance sheet.
Municipal loans generally include loans to state and local governments (“municipalities”), with the debt service being repaid from general funds or pledged revenues of the municipal entity, or to private commercial entities or 501(c)(3) not-for-profit entities utilizing a pass-through municipal entity to achieve favorable tax treatment.
Land acquisition and development loans included in the construction and land development loan portfolio totaled $ 257  million at December 31, 2025 and $ 260  million at December 31, 2024.
Loans with a carrying value of approximately $ 43.2 billion at December 31, 2025, and $ 40.4 billion at December 31, 2024, have been pledged at the Federal Reserve and the Federal Home Loan Bank (“FHLB”) of Des Moines as collateral for current and potential borrowings.
Loans held for sale are measured individually at fair value or the lower of cost or fair value and primarily consist of CRE loans sold into securitization entities and conforming residential mortgages generally sold to U.S. government
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agencies. The following schedule presents loans added to, or sold from, the held for sale category during the periods presented:

Twelve Months Ended
December 31,
(In millions) 2025 2024

Loans added to held for sale $ 1,287   $ 922  
Loans sold from held for sale 1,145   899  

Occasionally, we have continuing involvement in sold loans through retained servicing rights or guarantees. The principal balance of loans sold for which we have retained servicing was approximately $ 679 million at December 31, 2025, and $ 615 million at December 31, 2024. Income generated from sold loans, excluding servicing, was $ 12  million in 2025, $ 8  million in 2024, and $ 16  million in 2023.
Allowance for Credit Losses
We evaluate loans throughout their lifecycle for indications of credit deterioration, which may affect the loan status, risk grading, and potentially the accounting for that loan. Loan status categories include accruing or nonaccruing, past due as to contractual payments, and modified. The ACL, which consists of the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”), represents our estimate of current expected credit losses related to the loan and lease portfolio and unfunded lending commitments as of the balance sheet date. The ACL for AFS and HTM debt securities is estimated separately from loans. For HTM securities, the ACL is estimated consistent with the approach for loans carried at amortized cost. See Note 5 for further discussion on our assessment of expected credit losses on AFS securities and disclosures related to AFS and HTM securities.
The ACL is calculated using the loan’s amortized cost basis, which includes the principal balance, net of unamortized premiums, discounts, and deferred fees and costs. We do not estimate the ACL for accrued interest receivables, as we reverse or write off uncollectible accrued interest receivable balances in a timely manner, generally within one month.
The methodologies we use to estimate the ACL depend on various factors, including the type of loan, the age and contractual term of the loan, expected payments (both contractual and estimated prepayments), credit quality indicators, economic forecasts, and the evaluation method (whether individually or collectively evaluated). Loan extensions or renewals are not considered in the ACL unless they are included in the original or modified loan contract and are not unconditionally cancellable.
Losses are charged to the ACL when recognized. Generally, commercial and CRE loans are charged off or charged down when they are determined to be uncollectible in whole or in part, or when 180 days past due, unless the loan is well secured and in process of collection. Consumer loans are either charged off or charged down to net realizable value no later than the month in which they become 180 days past due. Closed-end consumer loans that are not secured by residential real estate are either charged off or charged down to net realizable value no later than the month in which they become 120 days past due.
We establish the amount of the ACL by analyzing the portfolio at least quarterly, and we adjust the provision for loan losses and unfunded lending commitments to help maintain the ACL at an appropriate level at the balance sheet date. The ACL is determined based on our review of loans with similar risk characteristics, which are evaluated on a collective basis, as well as loans without similar risk characteristics, which are evaluated on an individual basis.
For commercial and CRE loans with commitments greater than $ 1  million, we assign internal risk grades using a comprehensive loan grading system based on financial and statistical models, individual credit analysis, and loan officer experience and judgment. The credit quality indicators described subsequently are based on this grading system. Estimated credit losses on all loan segments, including consumer and small commercial and CRE loans with commitments less than or equal to $ 1  million that are evaluated on a collective basis, are derived from statistical analyses of our historical default and loss experience since January 2008.
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We estimate current expected credit losses for each loan by considering historical credit loss experience, current conditions, and reasonable and supportable forecasts about the future. We use the following two types of credit loss estimation models:
• Econometric loss models, which rely on statistical analyses of our historical loss experience, dependent on economic factors and other loan-level characteristics. Statistically relevant economic factors vary depending on the type of loan, but include variables such as unemployment, real estate price indices, energy prices, and gross domestic product. The models use multiple economic scenarios that reflect optimistic, baseline, and stressed economic conditions. The results derived using these economic scenarios are weighted to produce the credit loss estimate. Management may adjust the weights to reflect their assessment of current conditions and reasonable and supportable forecasts.
• Loss models based on our long-term average historical credit loss experience since 2008, which rely on statistical analyses of our historical loss experience, dependent upon loan-level characteristics.
Credit loss estimates for the first 12 months of a loan’s remaining life are derived using econometric loss models. Over a subsequent 12-month reversion period, we blend the estimated credit losses from the two model types on a straight-line basis. For the remaining life of the loan, the estimated credit losses are derived from the long-term average historical credit loss models.
For loans that do not share risk characteristics with other loans, we estimate lifetime expected credit losses on an individual basis. These include nonaccrual loans with a balance greater than $ 1  million. When a loan is individually evaluated for expected credit losses, we estimate a specific reserve for the loan based on either the projected present value of the loan’s future cash flows discounted at the loan’s effective interest rate, the observable market price of the loan, or the fair value of the loan’s underlying collateral.
When we base the specific reserve on the fair value of the loan’s underlying collateral, we generally charge off the portion of the balance that exceeds the fair value. For these loans, subsequent to the charge-off, if the fair value of the loan’s underlying collateral increases according to an updated appraisal, we establish a negative reserve up to the lesser of the amount of the charge-off or the updated fair value.
The methodologies described previously generally rely on historical loss information to help determine the quantitative portion of the ACL. We also consider other qualitative and environmental factors related to current conditions and reasonable and supportable forecasts that may indicate current expected credit losses could differ from the historical information reflected in our quantitative models. Thus, after applying historical loss experience, we review the quantitative portion of ACL for each portfolio segment. We then monitor various qualitative risk factors that influence our judgment regarding the level of the ACL across the portfolio segments. These factors primarily include:
• Actual and expected changes in international, national, regional, and local economic and business conditions and developments;
• The volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans;
• Lending policies and procedures, including changes in underwriting standards and practices for collection, charge-off, and recovery;
• The experience, ability, and depth of lending management and other relevant staff;
• The nature and volume of the portfolio;
• The quality of the credit review function;
• The existence, growth, and effect of any concentration of credit;
• The effect of other external factors such as regulatory, legal, and technological environments; fiscal and monetary actions; competition; and events such as natural disasters and pandemics.
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The magnitude of the impact of these factors on our qualitative assessment of the ACL changes from quarter to quarter based on management's assessment of these factors, the extent to which these factors are already reflected in quantitative loss estimates, and the extent to which changes in these factors diverge from one to another. We also consider the uncertainty and imprecision inherent in the estimation process when evaluating the ACL.
Off-balance Sheet Credit Exposures
We estimate current expected credit losses for off-balance sheet loan commitments, including letters of credit that are not unconditionally cancellable. This estimate uses the same procedures and methodologies described previously for loans and is calculated as the difference between the estimated current expected credit loss and the funded balance, if greater than zero.
Changes in the Allowance for Credit Losses
The following schedule presents a roll-forward of the ACL categorized by loan portfolio segment:

December 31, 2025
(In millions)
 
Commercial Commercial
real estate Consumer Total
Allowance for loan and lease losses
Balance at beginning of year $ 308   $ 300   $ 88   $ 696  
Provision for loan losses 162   ( 115 ) 24   71  
Gross loan and lease charge-offs 103   4   15   122  
Recoveries 24   4   5   33  
Net loan and lease charge-offs (recoveries) 79   —   10   89  
Balance at end of year $ 391   $ 185   $ 102   $ 678  
Reserve for unfunded lending commitments
Balance at beginning of year $ 26   $ 11   $ 8   $ 45  
Provision for unfunded lending commitments ( 7 ) 8   —   1  
Balance at end of year $ 19   $ 19   $ 8   $ 46  
Total allowance for credit losses
Allowance for loan and lease losses $ 391   $ 185   $ 102   $ 678  
Reserve for unfunded lending commitments 19   19   8   46  
Total allowance for credit losses $ 410   $ 204   $ 110   $ 724  

December 31, 2024
(In millions) Commercial Commercial
real estate Consumer Total
Allowance for loan and lease losses
Balance at beginning of year $ 302   $ 241   $ 141   $ 684  
Provision for loan losses 51   67   ( 46 ) 72  
Gross loan and lease charge-offs 68   11   12   91  
Recoveries 23   3   5   31  
Net loan and lease charge-offs (recoveries) 45   8   7   60  
Balance at end of year $ 308   $ 300   $ 88   $ 696  
Reserve for unfunded lending commitments
Balance at beginning of year $ 19   $ 17   $ 9   $ 45  
Provision for unfunded lending commitments 7   ( 6 ) ( 1 ) —  
Balance at end of year $ 26   $ 11   $ 8   $ 45  
Total allowance for credit losses
Allowance for loan and lease losses $ 308   $ 300   $ 88   $ 696  
Reserve for unfunded lending commitments 26   11   8   45  
Total allowance for credit losses $ 334   $ 311   $ 96   $ 741  

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Nonaccrual Loans
Loans are generally placed on nonaccrual when the full collection of principal and interest is not expected, or when the loan is 90 days or more past due on principal or interest, unless the loan is both well secured and in the process of collection. The decision to place a loan on nonaccrual considers factors such as delinquency status, collateral valuation, the financial condition of the borrower or guarantor, bankruptcy proceedings, pending litigation, and any other indicators that create uncertainty regarding the full and timely collection of principal and interest.
A nonaccrual loan may be restored to accrual status when the following conditions are met: (1) all delinquent principal and interest are brought current in accordance with the loan agreement; (2) the loan, if secured, is well secured; (3) the borrower has made payments according to the contractual terms for a minimum of six months; and (4) an analysis of the borrower indicates a reasonable assurance of their ability and willingness to continue making payments.
The following schedule presents the amortized cost basis of loans on nonaccrual:

December 31, 2025
Amortized cost basis Total amortized cost basis
(In millions) with no allowance 1
with allowance Related allowance

Commercial:
Commercial and industrial $ 44   $ 46   $ 90   $ 18  
Owner-occupied 33   18   51   1  
Municipal —   2   2   —  
Leasing —   3   3   1  
Total commercial 77   69   146   20  
Commercial real estate:
Term 4   68   72   2  
Construction and land development —   1   1   —  
Total commercial real estate 4   69   73   2  
Consumer:
1-4 family residential 14   51   65   5  
Home equity credit line —   30   30   8  

Bankcard and other revolving plans —   1   1   1  

Total consumer loans 14   82   96   14  
Total $ 95   $ 220   $ 315   $ 36  

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December 31, 2024
Amortized cost basis Total amortized cost basis
(In millions) with no allowance 1
with allowance Related allowance

Commercial:
Commercial and industrial $ 45   $ 69   $ 114   $ 19  
Owner-occupied 18   13   31   1  
Municipal 5   6   11   2  
Leasing —   2   2   1  
Total commercial 68   90   158   23  
Commercial real estate:
Term 27   32   59   4  

Total commercial real estate 27   32   59   4  
Consumer:
1-4 family residential 12   37   49   4  
Home equity credit line 5   25   30   5  

Bankcard and other revolving plans —   1   1   1  

Total consumer loans 17   63   80   10  
Total $ 112   $ 185   $ 297   $ 37  

1 Nonaccrual loans with no allowance primarily consist of loans for which a specific reserve is estimated based on the fair value of the collateral. As a result, we generally charge off the portion of the loan balance that exceeds that fair value, and no reserve or related allowance is established for these loans.
For accruing loans, interest is accrued, and interest payments are recognized as interest income in accordance with the contractual loan agreement. For nonaccruing loans, the accrual of interest is discontinued, and any uncollected or accrued interest is promptly reversed from interest income, generally within one month. Payments received on nonaccruing loans are not recognized as interest income, but are applied to reduce the outstanding principal balance. When the collectibility of the amortized cost basis of a nonaccrual loan is no longer in doubt, interest payments may be recognized as interest income on a cash basis. During 2025 and 2024, no interest income was recognized on a cash basis while the loans were on nonaccrual.
The following schedule presents the amount of accrued interest receivables reversed from interest income categorized by loan portfolio segment during the periods presented:

Twelve Months Ended
December 31,
(In millions) 2025 2024 2023

Commercial $ 16   $ 16   $ 10  
Commercial real estate 5   5   3  
Consumer 4   4   2  
Total $ 25   $ 25   $ 15  

Past Due Loans
Closed-end loans with monthly payments are reported as past due when the borrower is in arrears for two or more monthly payments. Similarly, open-end credits, such as bankcard and other revolving credit plans, are reported as past due when the minimum payment has not been made for two or more billing cycles. Other multi-payment obligations (e.g., quarterly, semi-annual), single payment, and demand notes are reported as past due when either principal or interest is due and unpaid for 30 days or more.
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The following schedules present loans categorized by their past-due or delinquency status:

December 31, 2025
(In millions) Current 30-89 days
past due 90+ days
past due Total
past due Total
loans Accruing
loans
90+ days
past due Nonaccrual
loans
that are
current 1

Commercial:
Commercial and industrial $ 17,676   $ 74   $ 11   $ 85   $ 17,761   $ 2   $ 71  
Owner-occupied 9,235   11   28   39   9,274   1   17  
Municipal 4,293   1   —   1   4,294   —   2  
Leasing 366   1   —   1   367   —   2  
Total commercial 31,570   87   39   126   31,696   3   92  
Commercial real estate:
Term 11,211   1   22   23   11,234   1   50  
Construction and land development
2,161   —   1   1   2,162   —   —  
Total commercial real estate 13,372   1   23   24   13,396   1   50  
Consumer:
1-4 family residential 10,411   10   41   51   10,462   —   21  
Home equity credit line 3,920   19   11   30   3,950   —   15  
Construction and other consumer real estate
782   —   —   —   782   —   —  
Bankcard and other revolving plans
510   3   2   5   515   1   1  
Other 115   1   —   1   116   —   —  
Total consumer loans 15,738   33   54   87   15,825   1   37  
Total $ 60,680   $ 121   $ 116   $ 237   $ 60,917   $ 5   $ 179  

December 31, 2024
(In millions) Current 30-89 days
past due 90+ days
past due Total
past due Total
loans Accruing
loans
90+ days
past due Nonaccrual
loans
that are
current 1

Commercial:
Commercial and industrial $ 16,857   $ 20   $ 14   $ 34   $ 16,891   $ 1   $ 98  
Owner-occupied 9,309   10   14   24   9,333   3   16  
Municipal 4,348   6   10   16   4,364   10   11  
Leasing 377   —   —   —   377   —   2  
Total commercial 30,891   36   38   74   30,965   14   127  
Commercial real estate:
Term
10,667   2   34   36   10,703   3   28  
Construction and land development 2,774   —   —   —   2,774   —   —  
Total commercial real estate 13,441   2   34   36   13,477   3   28  
Consumer:
1-4 family residential 9,896   16   27   43   9,939   —   15  
Home equity credit line 3,609   20   12   32   3,641   —   13  
Construction and other consumer real estate
810   —   —   —   810   —   —  
Bankcard and other revolving plans
453   2   2   4   457   1   —  
Other 121   —   —   —   121   —   —  
Total consumer loans 14,889   38   41   79   14,968   1   28  
Total $ 59,221   $ 76   $ 113   $ 189   $ 59,410   $ 18   $ 183  

1 Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is not expected.
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Credit Quality Indicators
In addition to the nonaccrual and past due criteria, we also analyze loans using loan risk-grading systems, which vary based on the size and type of credit risk exposure. The internal risk grades assigned to loans follow our definitions of Pass, Special Mention, Substandard, and Doubtful, which align with published regulatory risk classifications.
Definitions of Pass, Special Mention, Substandard, and Doubtful are summarized as follows:
• Pass — A Pass asset is higher-quality and does not fit any of the other categories described below. The likelihood of loss is considered low.
• Special Mention — A Special Mention asset has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or our credit position at some future date.
• Substandard — A Substandard asset is inadequately protected by the current sound worth and paying capacity of the obligor or the collateral pledged, if any. Assets classified as Substandard have well-defined weaknesses and are characterized by the distinct possibility that we may sustain some loss if deficiencies are not corrected.
• Doubtful — A Doubtful asset has all the weaknesses inherent in a Substandard asset, with the added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable.
There were no loans classified as Doubtful at December 31, 2025, compared with $ 14  million at December 31, 2024.
For commercial and CRE loans with commitments greater than $ 1  million, we assign one of multiple grades within the Pass classification or one of the previously described risk classifications. We assess our internal risk grades quarterly, or as soon as we identify information that affects the credit risk of the loan.
For consumer loans and for commercial and CRE loans with commitments of $ 1  million or less, we generally assign internal risk grades similar to those previously described based on automated rules that consider refreshed credit scores, payment performance, and other risk indicators. These loans are generally assigned either a Pass, Special Mention, or Substandard grade, and are reviewed as we identify information that might warrant a grade change.
The following schedules present the amortized cost of loans and leases by vintage year—that is, the year of origination or, when applicable, the year of the most recent renewal, extension, or modification that resets the loan's vintage. The schedules also present these balances by the credit quality classifications used by management in monitoring portfolio risk.
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December 31, 2025
Term Loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis
Amortized cost basis by year of origination
(In millions) 2025 2024 2023 2022 2021 Prior Total
Commercial:
Commercial and industrial
Pass $ 3,668   $ 1,970   $ 1,086   $ 825   $ 335   $ 675   $ 8,141   $ 197   $ 16,897  
Special Mention 14   29   13   16   28   30   99   1   230  
Accruing Substandard 60   139   80   32   17   30   177   9   544  
Nonaccrual 4   4   3   36   3   3   14   23   90  
Total commercial and industrial 3,746   2,142   1,182   909   383   738   8,431   230   17,761  
Owner-occupied
Pass 1,112   1,234   727   1,414   1,492   2,515   227   67   8,788  
Special Mention 3   28   —   9   9   30   1   —   80  
Accruing Substandard 4   37   15   111   71   89   24   4   355  
Nonaccrual 6   8   2   6   3   19   7   —   51  
Total owner-occupied 1,125   1,307   744   1,540   1,575   2,653   259   71   9,274  
Municipal
Pass 542   614   409   745   849   1,070   1   41   4,271  
Special Mention —   3   —   —   —   —   —   —   3  
Accruing Substandard —   —   —   —   —   18   —   —   18  
Nonaccrual —   —   —   —   2   —   —   —   2  
Total municipal 542   617   409   745   851   1,088   1   41   4,294  
Leasing
Pass 95   88   57   73   15   23   —   —   351  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   1   2   9   1   —   —   —   13  
Nonaccrual —   1   1   1   —   —   —   —   3  
Total leasing 95   90   60   83   16   23   —   —   367  
Total commercial 5,508   4,156   2,395   3,277   2,825   4,502   8,691   342   31,696  

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December 31, 2025
Term Loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis
Amortized cost basis by year of origination
(In millions) 2025 2024 2023 2022 2021 Prior Total
Commercial real estate:
Term
Pass 2,643   1,223   1,167   1,741   956   1,747   318   140   9,935  
Special Mention 51   —   35   71   —   1   —   —   158  
Accruing Substandard 328   43   142   426   53   36   26   15   1,069  
Nonaccrual 21   —   16   1   —   5   —   29   72  
Total term 3,043   1,266   1,360   2,239   1,009   1,789   344   184   11,234  
Construction and land development
Pass 446   540   375   47   1   1   624   49   2,083  
Special Mention —   8   5   —   —   —   —   —   13  
Accruing Substandard 53   6   —   —   —   —   6   —   65  
Nonaccrual —   —   1   —   —   —   —   —   1  
Total construction and land development 499   554   381   47   1   1   630   49   2,162  
Total commercial real estate 3,542   1,820   1,741   2,286   1,010   1,790   974   233   13,396  
Consumer:
1-4 family residential
Pass 917   847   867   3,144   1,808   2,812   —   —   10,395  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   1   —   —   —   1   —   —   2  
Nonaccrual 1   4   5   15   13   27   —   —   65  
Total 1-4 family residential 918   852   872   3,159   1,821   2,840   —   —   10,462  
Home equity credit line
Pass —   —   —   —   —   —   3,799   111   3,910  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   10   —   10  
Nonaccrual —   —   —   —   —   —   26   4   30  
Total home equity credit line —   —   —   —   —   —   3,835   115   3,950  
Construction and other consumer real estate
Pass 246   351   87   91   5   2   —   —   782  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   —   —   —  
Nonaccrual —   —   —   —   —   —   —   —   —  
Total construction and other consumer real estate 246   351   87   91   5   2   —   —   782  
Bankcard and other revolving plans
Pass —   —   —   —   —   —   511   1   512  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   2   —   2  
Nonaccrual —   —   —   —   —   —   1   —   1  
Total bankcard and other revolving plans —   —   —   —   —   —   514   1   515  
Other consumer
Pass 55   26   19   11   4   1   —   —   116  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   —   —   —  
Nonaccrual —   —   —   —   —   —   —   —   —  
Total other consumer 55   26   19   11   4   1   —   —   116  
Total consumer 1,219   1,229   978   3,261   1,830   2,843   4,349   116   15,825  
Total loans $ 10,269   $ 7,205   $ 5,114   $ 8,824   $ 5,665   $ 9,135   $ 14,014   $ 691   $ 60,917  

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December 31, 2024
Term Loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis
Amortized cost basis by year of origination
(In millions) 2024 2023 2022 2021 2020 Prior Total
Commercial:
Commercial and industrial
Pass $ 2,479   $ 1,951   $ 1,504   $ 759   $ 387   $ 679   $ 8,043   $ 150   $ 15,952  
Special Mention 37   24   47   8   2   34   85   5   242  
Accruing Substandard 53   43   200   26   28   21   200   12   583  
Nonaccrual 7   13   31   17   1   4   38   3   114  
Total commercial and industrial 2,576   2,031   1,782   810   418   738   8,366   170   16,891  
Owner-occupied
Pass 1,346   907   1,606   1,657   900   2,097   234   47   8,794  
Special Mention 38   —   38   31   2   18   18   1   146  
Accruing Substandard 23   28   75   66   25   133   7   5   362  
Nonaccrual 5   1   4   1   —   15   5   —   31  
Total owner-occupied 1,412   936   1,723   1,755   927   2,263   264   53   9,333  
Municipal
Pass 604   498   939   960   553   753   —   29   4,336  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard 10   4   —   —   —   3   —   —   17  
Nonaccrual 3   —   —   5   —   3   —   —   11  
Total municipal 617   502   939   965   553   759   —   29   4,364  
Leasing
Pass 109   79   94   26   12   36   —   —   356  
Special Mention —   —   2   —   —   —   —   —   2  
Accruing Substandard 1   3   10   2   1   —   —   —   17  
Nonaccrual —   1   1   —   —   —   —   —   2  
Total leasing 110   83   107   28   13   36   —   —   377  
Total commercial 4,715   3,552   4,551   3,558   1,911   3,796   8,630   252   30,965  
Commercial real estate:
Term
Pass 1,687   1,198   2,093   1,278   1,053   1,608   254   175   9,346  
Special Mention 48   —   87   —   —   5   —   —   140  
Accruing Substandard 298   105   443   144   13   102   27   26   1,158  
Nonaccrual —   —   23   —   —   10   —   26   59  
Total term 2,033   1,303   2,646   1,422   1,066   1,725   281   227   10,703  
Construction and land development
Pass 361   701   445   4   1   9   680   52   2,253  
Special Mention —   22   21   17   —   —   —   25   85  
Accruing Substandard 57   52   249   78   —   —   —   —   436  
Nonaccrual —   —   —   —   —   —   —   —   —  
Total construction and land development 418   775   715   99   1   9   680   77   2,774  
Total commercial real estate 2,451   2,078   3,361   1,521   1,067   1,734   961   304   13,477  

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December 31, 2024
Term Loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis
Amortized cost basis by year of origination
(In millions) 2024 2023 2022 2021 2020 Prior Total

Consumer:
1-4 family residential
Pass 1,062   870   2,959   1,877   925   2,197   —   —   9,890  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   —   —   —  
Nonaccrual —   3   8   9   2   27   —   —   49  
Total 1-4 family residential 1,062   873   2,967   1,886   927   2,224   —   —   9,939  
Home equity credit line
Pass —   —   —   —   —   —   3,506   99   3,605  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   6   —   6  
Nonaccrual —   —   —   —   —   —   22   8   30  
Total home equity credit line —   —   —   —   —   —   3,534   107   3,641  
Construction and other consumer real estate
Pass 157   191   420   34   5   3   —   —   810  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   —   —   —  
Nonaccrual —   —   —   —   —   —   —   —   —  
Total construction and other consumer real estate 157   191   420   34   5   3   —   —   810  
Bankcard and other revolving plans
Pass —   —   —   —   —   —   453   1   454  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   2   —   2  
Nonaccrual —   —   —   —   —   —   1   —   1  
Total bankcard and other revolving plans —   —   —   —   —   —   456   1   457  
Other consumer
Pass 52   35   22   8   2   2   —   —   121  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   —   —   —  
Nonaccrual —   —   —   —   —   —   —   —   —  
Total other consumer 52   35   22   8   2   2   —   —   121  
Total consumer 1,271   1,099   3,409   1,928   934   2,229   3,990   108   14,968  
Total loans $ 8,437   $ 6,729   $ 11,321   $ 7,007   $ 3,912   $ 7,759   $ 13,581   $ 664   $ 59,410  

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The following schedules present gross charge-offs categorized by year of loan origination for the periods presented:

December 31, 2025
Term loans Revolving loans
gross charge-offs Revolving loans converted to term loans gross charge-offs
Gross charge-offs by year of loan origination
(In millions) 2025 2024 2023 2022 2021 Prior Total
Commercial:
Commercial and industrial $ —   $ 2   $ 2   $ 3   $ 3   $ 13   $ 75   $ 1   $ 99  
Owner-occupied —   —   —   —   —   1   —   —   1  
Municipal —   —   —   —   3   —   —   —   3  
Leasing —   —   —   —   —   —   —   —   —  
Total commercial —   2   2   3   6   14   75   1   103  
Commercial real estate:
Term 1   —   3   —   —   —   —   —   4  

Consumer:
1-4 family residential —   —   —   —   1   2   —   —   3  
Home equity credit line —   —   —   —   —   —   2   —   2  

Bankcard and other revolving plans —   —   —   —   —   —   8   —   8  
Other —   —   —   —   —   2   —   —   2  
Total consumer —   —   —   —   1   4   10   —   15  
Total gross charge-offs $ 1   $ 2   $ 5   $ 3   $ 7   $ 18   $ 85   $ 1   $ 122  

December 31, 2024
Term loans Revolving loans
gross charge-offs Revolving loans converted to term loans gross charge-offs
Gross charge-offs by year of loan origination
(In millions) 2024 2023 2022 2021 2020 Prior Total
Commercial:
Commercial and industrial $ —   $ 3   $ 19   $ 2   $ —   $ 9   $ 30   $ 4   $ 67  
Owner-occupied —   —   1   —   —   —   —   —   1  

Total commercial —   3   20   2   —   9   30   4   68  
Commercial real estate:
Term —   7   4   —   —   —   —   —   11  

Consumer:
1-4 family residential —   —   —   —   —   1   —   —   1  
Home equity credit line —   —   —   —   —   —   1   —   1  

Bankcard and other revolving plans —   —   —   —   —   —   8   —   8  
Other —   —   —   —   —   2   —   —   2  
Total consumer —   —   —   —   —   3   9   —   12  
Total gross charge-offs $ —   $ 10   $ 24   $ 2   $ —   $ 12   $ 39   $ 4   $ 91  

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Loan Modifications
Loans may be modified in the normal course of business for competitive reasons or to strengthen our collateral position. Modifications may also occur when the borrower experiences financial difficulty and requires temporary or permanent relief from the original contractual terms. For loans modified due to a borrower experiencing financial difficulty, we apply the same credit loss estimation methods used for the rest of the loan portfolio. These methods incorporate the post-modification loan terms, as well as defaults and charge-offs associated with historically modified loans. All nonaccruing loans greater than $ 1  million are evaluated individually, regardless of the type of modification.
We generally consider a borrower to be experiencing financial difficulty when available information indicates the borrower is unlikely to meet its contractual obligations without a modification of the loan terms. Indicators include actual or probable payment default; bankruptcy or the likelihood thereof; substantial doubt about the borrower’s ability to continue as a going concern; insufficient expected cash flows to service debt; or an inability to obtain financing at market terms. A borrower is also considered to be experiencing financial difficulty when repayment is dependent on support from a sponsor or guarantor. Additional indicators may include liquidity constraints, declining collateral values, failure to meet loan covenants, adverse industry changes, and sustained deterioration in financial performance.
In determining whether to agree to a loan modification, our objective is to minimize potential loss while helping the borrower. The evaluation includes the borrowers’ current and forecasted future cash flows, their ability and willingness to make current contractual or proposed modified payments, the value of the underlying collateral (if applicable), the possibility of obtaining additional sponsors or guarantees, and the potential costs related to a repossession or foreclosure and the subsequent sale of the collateral.
A modified loan on nonaccrual will generally remain on nonaccrual until the borrower has demonstrated the ability to perform under the modified terms for a minimum of six months, and there is evidence that such payments can and are likely to continue as agreed. Performance prior to the modification, or significant events that coincide with the modification, are considered in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual at the time of modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on nonaccrual.
On an ongoing basis, we monitor the performance of all modified loans in accordance with their modified terms. For the twelve months ended December 31, 2025, the amortized cost of modified loans that experienced a payment default within 12 months of modification and remained in default at period end was approximately $ 6 million. For the twelve months ended December 31, 2024, the corresponding amount was $ 1 million, respectively.
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The following schedule presents the amortized cost of loans to borrowers experiencing financial difficulty that were modified during the period, categorized by loan class and modification type:

Twelve Months Ended December 31, 2025
Amortized cost associated with
the following modification types:
(Dollar amounts in millions) Interest
rate reduction Maturity
or term
extension Principal
forgiveness Payment
deferral Multiple modification types 1
Total 2
Percentage of total loans 3

Commercial:
Commercial and industrial $ —   $ 179   $ —   $ —   $ 4   $ 183   1.0   %
Owner-occupied —   30   —   —   —   30   0.3  

Total commercial —   209   —   —   4   213   0.7  
Commercial real estate:
Term
—   385   —   4   25   414   3.7  
Construction and land development
—   27   —   —   —   27   1.2  
Total commercial real estate —   412   —   4   25   441   3.3  
Consumer:
1-4 family residential —   —   —   —   7   7   0.1  
Home equity credit line —   —   —   —   1   1   —  

Bankcard and other revolving plans
—   1   —   —   —   1   0.2  

Total consumer loans —   1   —   —   8   9   0.1  
Total $ —   $ 622   $ —   $ 4   $ 37   $ 663   1.1  

Twelve Months Ended December 31, 2024
Amortized cost associated with
the following modification types:
(Dollar amounts in millions) Interest
rate reduction Maturity
or term
extension Principal
forgiveness Payment
deferral Multiple modification types 1
Total 2
Percentage of total loans 3

Commercial:
Commercial and industrial $ 19   $ 37   $ —   $ 1   $ 48   $ 105   0.6   %
Owner-occupied —   12   —   —   —   12   0.1  
Municipal —   11   —   —   —   11   0.3  
Total commercial 19   60   —   1   48   128   0.4  
Commercial real estate:
Term
—   179   —   —   110   289   2.7  
Construction and land development
—   18   —   —   25   43   1.6  
Total commercial real estate —   197   —   —   135   332   2.5  
Consumer:
1-4 family residential —   —   2   —   5   7   0.1  
Home equity credit line —   —   1   —   1   2   0.1  

Bankcard and other revolving plans
—   —   —   —   1   1   0.2  

Total consumer loans —   —   3   —   7   10   0.1  
Total $ 19   $ 257   $ 3   $ 1   $ 190   $ 470   0.8  

1 Includes modifications resulting from combinations of interest rate reductions, maturity or term extensions, principal forgiveness, and payment deferrals. At December 31, 2025 and 2024, $ 30 million and $ 185 million, respectively, classified within multiple modification types included both interest rate reductions and maturity or term extensions.
2 Unfunded lending commitments related to loans modified to borrowers experiencing financial difficulty totaled $ 33 million and $ 11 million at December 31, 2025 and 2024, respectively.
3 Amounts less than 0.05% are rounded to zero.
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The following schedule presents the financial impact of loan modifications to borrowers experiencing financial difficulty during the twelve months ended December 31, 2025 and 2024:

Twelve Months Ended
December 31, 2025 Twelve Months Ended
December 31, 2024
Weighted-average interest rate reduction
(in percentage points) Weighted-average term extension
(in months) Weighted-average interest rate reduction
(in percentage points) Weighted-average term extension
(in months)
Commercial:
Commercial and industrial 0.3   % 11 0.7   % 7
Owner-occupied 1
—   17 —  12

Total commercial 0.3   12 0.7   9
Commercial real estate:
Term
0.7   12 0.6   9
Construction and land development —   9 0.2   9
Total commercial real estate 0.7   12 0.5   9
Consumer: 1

1-4 family residential 0.9   7 1.7   36
Home equity credit line 4.1   64 5.6   39

Bankcard and other revolving plans
—   51 0.3   3

Total consumer loans 3.7   14 2.7   32
Total weighted average financial impact 0.7   12 0.6   10

1 Primarily relates to a small number of loans within each respective loan class.
Loan modifications to borrowers experiencing financial difficulty during the twelve months ended December 31, 2025 and 2024, resulted in no principal forgiveness in 2025 and less than $ 1  million of principal forgiveness in 2024 for the total loan portfolio.
The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after January 1, 2025 through December 31, 2025, categorized by portfolio segment and loan class.

December 31, 2025
(In millions) Current 30-89 days
past due 90+ days
past due Total
past due Total
amortized cost of loans

Commercial:
Commercial and industrial $ 162   $ 21   $ —   $ 21   $ 183  
Owner-occupied 24   5   1   6   30  

Total commercial 186   26   1   27   213  
Commercial real estate:
Term
409   —   5   5   414  
Construction and land development 27   —   —   —   27  
Total commercial real estate 436   —   5   5   441  
Consumer:
1-4 family residential 7   —   —   —   7  
Home equity credit line 1   —   —   —   1  

Bankcard and other revolving plans
1   —   —   —   1  

Total consumer loans 9   —   —   —   9  
Total $ 631   $ 26   $ 6   $ 32   $ 663  

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The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after January 1, 2024 through December 31, 2024, categorized by portfolio segment and loan class.

December 31, 2024
(In millions) Current 30-89 days
past due 90+ days
past due Total
past due Total
amortized cost of loans

Commercial:
Commercial and industrial $ 102   $ 2   $ 1   $ 3   $ 105  
Owner-occupied 11   1   —   1   12  
Municipal 3   —   8   8   11  

Total commercial 116   3   9   12   128  
Commercial real estate:
Term
289   —   —   —   289  
Construction and land development 43   —   —   —   43  
Total commercial real estate 332   —   —   —   332  
Consumer:
1-4 family residential 6   1   —   1   7  
Home equity credit line 2   —   —   —   2  

Bankcard and other revolving plans
1   —   —   —   1  

Total consumer loans 9   1   —   1   10  
Total $ 457   $ 4   $ 9   $ 13   $ 470  

Collateral-dependent Loans
When a loan is individually evaluated for expected credit losses, we estimate a specific reserve for the loan based on (1) the projected present value of the loan’s future cash flows discounted at the loan’s effective interest rate, (2) the observable market price of the loan, or (3) the fair value of the loan’s underlying collateral.
Select information on loans for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the underlying collateral, including the type of collateral and the extent to which the collateral secures the loans, is summarized as follows:

December 31, 2025
(Dollar amounts in millions) Amortized Cost Major Types of Collateral Weighted Average LTV 1

Commercial:
Commercial and industrial $ 3   Single family residential 71 %
Owner-occupied 23   Agriculture production and industrial buildings 67 %
Municipal 2   Multifamily apartments 93 %

Commercial real estate:
Term 37   Office building 98 %

Consumer:
1-4 family residential 5   Single family residential 62 %

Total $ 70  

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December 31, 2024
(Dollar amounts in millions) Amortized Cost Major Types of Collateral Weighted Average LTV 1

Commercial:

Owner-occupied $ 6   Retail facility 64 %
Municipal 5   Multifamily apartments 174 %

Commercial real estate:
Term 49   Office building 98 %

Consumer:
1-4 family residential 3   Single family residential 29 %
Home equity credit line 3   Single family residential 38 %

Total $ 66  

1 The fair value is based on the most recent appraisal or other collateral evaluation.
Foreclosed Residential Real Estate
The balance of foreclosed residential real estate property was $ 1 million at December 31, 2025, compared with less than $ 1  million at December 31, 2024. The amortized cost basis of consumer mortgage loans collateralized by residential real estate property that were in the process of foreclosure was $ 20 million and $ 14 million for the same periods, respectively.

7.     DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Objectives and Strategy
We utilize derivative instruments—including interest rate swaps, futures, options, foreign exchange and commodity contracts, credit derivatives, and various customer-facing products—to manage interest rate, foreign exchange, commodity, credit, and other market risks. Our objective is to reduce volatility in interest income, interest expense, earnings, and capital. These instruments enable us to adjust the sensitivity of our assets and liabilities to changes in market rates and other market conditions. We also offer derivatives to customers to support their risk management needs, with the related exposures generally offset through dealer or clearing house transactions. We do not use derivatives for speculative purposes.
Accounting for Derivatives
All derivatives are measured at fair value and included in “Other assets” or “Other liabilities” on the consolidated balance sheet. We have executed International Swaps and Derivatives Association, Inc. (“ISDA”) master netting agreements, or similar arrangements, with substantially all of our derivative counterparties. These agreements provide rights of offset for derivative assets and liabilities, as well as the ability to liquidate collateral, in the event of counterparty default or other specified circumstances.
For balance sheet presentation purposes, derivatives are reported on a gross fair value basis, even when legally enforceable netting agreements are in place. Related cash flows are classified as operating activities within the consolidated statement of cash flows unless a derivative instrument contains an other-than-insignificant financing element at inception. In such cases, the cash flows are classified as financing activities. For more discussion of the methodologies used to estimate the fair values of derivatives, see Note 3.
The accounting treatment for changes in derivative fair values depends on their intended use and designation under applicable accounting standards. For derivatives used to manage interest rate risk, including those in qualifying hedging relationships, gains and losses are recognized in interest income or interest expense within the same income statement line item as the hedged item or transaction. Changes in the fair values of customer-facing derivatives, the corresponding offsetting derivatives, and other derivatives used in risk-management activities that do not qualify for hedge accounting are recorded in current-period earnings within noninterest income or noninterest expense.
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Derivatives Designated in Qualifying Hedging Relationships
To qualify for hedge accounting, a derivative must be highly effective in reducing the designated risk, and the hedging relationship must be formally documented at inception. Formal documentation includes identification of the hedging instrument and the hedged item, the risk management objective and strategy, and the methodology for assessing hedge effectiveness both initially and on an ongoing basis. We primarily use regression analysis to assess effectiveness, comparing changes in the fair value or cash flows of the derivative to those of the hedged item or transactions for the specified risk.
If a hedge ceases to be highly effective, hedge accounting is discontinued, and subsequent changes in the derivative’s fair value are recognized in current-period earnings. For discontinued fair value hedges, any remaining basis adjustments to the hedged item are amortized into interest income or interest expense over the item's remaining life. For discontinued cash flow hedges, amounts deferred in AOCI are reclassified into earnings over the originally designated hedge term unless it becomes probable that the forecasted transactions will not occur, in which case the deferred amounts are immediately reclassified into earnings.
Fair Value Hedges — We use interest rate swaps to hedge changes in the fair value of fixed‑rate assets and liabilities attributable to benchmark interest rate risk, effectively converting those exposures to floating rates. At December 31, 2025, all fair value hedges designate the Secured Overnight Financing Rate (“SOFR”) benchmark component of contractual coupon cash flows as the hedged risk. The swaps are structured so that their critical terms align with those of the hedged items, supporting hedge effectiveness. For qualifying fair value hedges, changes in the fair value of both the derivative and the hedged item attributable to the hedged risk are recognized in current‑period earnings, with the resulting adjustment to the hedged item recorded as a basis adjustment to its carrying amount.
• Fair Value Hedges of Liabilities — We designate interest rate swaps as fair value hedges of fixed‑rate long‑term debt, with changes in the fair value of the swaps generally offsetting changes in the fair value of the hedged debt. We also continue to amortize the basis adjustments associated with a previously terminated fair value hedge that matures in 2029. For additional information, see Note 13.
• Fair Value Hedges of Assets — We designate interest rate swaps as fair value hedges of fixed-rate commercial loans and AFS securities, utilizing both the portfolio layer method (ASU 2022-01) and specific-identification strategies. Changes in the fair value of the related swaps generally offset changes in the fair value of the hedged assets.
Cash Flow Hedges — We use interest rate derivatives to mitigate variability in expected future cash flows associated with forecasted transactions, including interest receipts on floating‑rate commercial loans and interest payments on floating‑rate debt. For qualifying cash flow hedges, changes in the fair value of the hedging instrument are deferred in AOCI until the hedged transactions affect earnings. Ineffectiveness in cash flow hedges is not measured or separately disclosed. Net losses deferred in AOCI from previously terminated cash flow hedges continue to be amortized into interest income on a straight-line basis through the hedges’ original maturity dates, provided the forecasted transactions remain probable.
Collateral and Credit Risk
Credit risk on derivatives arises from the potential for counterparty nonperformance. We mitigate this risk by centrally clearing eligible derivatives and transacting with well-capitalized financial institutions. For non-cleared derivatives, we use ISDA master agreements with Credit Support Annexes (“CSA”) that define eligible collateral types and margin requirements. Collateral and exposure levels are monitored daily. At December 31, 2025, all variation margin posted or received under CSA collateral terms was in cash. We pledged approximately $ 20 million in cash collateral for variation margin and $ 200 million in U.S. Treasuries to satisfy initial margin requirements with certain dealer counterparties and central clearing houses. Credit risk on customer-related positions is managed through underwriting, collateral sharing, guarantees, and credit limits. No significant derivative-related losses due to counterparty default occurred during 2025. We measure counterparty credit risk by calculating and incorporating a CVA in the fair values of our derivatives. CVA reflects the value of nonperformance risk for both our counterparties
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and the Bank. Periodic changes in CVA are recognized in current-period earnings in “Capital markets fees and income” on the consolidated statement of income.
Certain derivative contracts contain credit risk-related contingent features, such as the minimum credit rating requirements. If such a feature were triggered, additional collateral may be required; however, counterparties have not always demanded additional collateral when permitted to do so historically. If our credit rating had been downgraded one notch by Standard and Poor’s (“S&P”) or Moody’s at December 31, 2025, it is unlikely that additional collateral would have been required to be pledged. Centrally cleared derivatives do not have credit risk-related features that require additional collateral in the event of a credit rating downgrade.
Derivative Notional Amounts and Gross Fair Values
The following schedule presents derivative notional amounts and recorded gross fair values at December 31, 2025 and 2024:

December 31, 2025 December 31, 2024
Notional
amount Fair value Notional
amount Fair value
(In millions) Other
assets Other
liabilities Other
assets Other
liabilities
Derivatives designated as hedging instruments:
Cash flow hedges:

Hedges of floating-rate assets 1
$ 2,750   $ 7   $ 1   $ 550   $ —   $ 2  
Hedges of floating-rate liabilities —   —   —   500   —   —  
Fair value hedges:
Hedges of fixed-rate assets 1
7,653   79   —   4,668   93   —  
Hedges of fixed-rate liabilities 1,000   —   —   500   —   —  
Total derivatives designated as accounting hedges 11,403   86   1   6,218   93   2  
Derivatives not designated as accounting hedges: 2

Customer interest rate derivatives 22,428   251   241   16,833   348   346  
Customer commodity derivatives 853   18   17   —   —   —  
Other interest rate derivatives 4
5,571   2   —   1,105   1   —  
Foreign exchange derivatives 3
308   3   1   373   4   2  
Purchased credit derivatives 64   —   —   24   —   —  
Total derivatives not designated as accounting hedges
29,224   274   259   18,335   353   348  
Total derivatives $ 40,627   $ 360   $ 260   $ 24,553   $ 446   $ 350  

1 Includes forward-starting swaps that are not yet effective.
2 Notional amounts and fair values for derivatives that are not designated as accounting hedges include both the customer-facing derivatives the Bank executes to assist customers in managing their risks and the offsetting dealer-facing derivatives that economically mirror the corresponding customer transactions to mitigate the Bank's exposure.
3 Includes both spot and forward FX trades.
4 Other interest rate derivatives at December 31, 2025 include certain short-dated interest rate futures used as economic hedges of floating-rate loans that are not designated as hedges for accounting purposes.
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Hedge Accounting Gains/Losses Recognized in Earnings and Deferred in AOCI
The following schedules present the gains and losses from derivative instruments designated as cash flow and fair value hedges, either deferred in AOCI or recognized in earnings for years ended December 31, 2025 and 2024:

Year Ended December 31, 2025
(In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair
value hedges Hedge ineffectiveness / AOCI reclass due to missed forecast
Cash flow hedges: 1

Hedges of floating-rate assets $ 7   $ ( 66 ) $ —   $ —  

Hedges of floating-rate liabilities —   1   —   —  
Fair value hedges: 2

Hedges of fixed-rate assets —   —   52   —  
Hedges of fixed-rate liabilities —   —   ( 11 ) —  
Total derivatives designated as accounting hedges
$ 7   $ ( 65 ) $ 41   $ —  

Year Ended December 31, 2024
(In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair
value hedges Hedge ineffectiveness / AOCI reclass due to missed forecast

Cash flow hedges: 1

Hedges of floating-rate assets $ ( 8 ) $ ( 126 ) $ —   $ —  
Hedges of floating-rate liabilities 4   8   —   —  
Fair value hedges: 2

Hedges of fixed-rate assets —   —   88   ( 1 )
Hedges of fixed-rate liabilities —   —   ( 8 ) —  
Total derivatives designated as accounting hedges
$ ( 4 ) $ ( 118 ) $ 80   $ ( 1 )

1 For the 12 months following December 31, 2025, we estimate that approximately $ 29 million of net losses from both active and terminated cash flow hedges will be reclassified from AOCI into interest income, compared with an estimate of $ 63 million at December 31, 2024. At December 31, 2025, approximately $ 37 million in losses related to terminated cash flow hedges remained deferred in AOCI, which are expected to be fully reclassified into earnings by October 2027.
2 We recorded cumulative unamortized basis adjustments from terminated fair value hedges of debt totaling $ 32 million and $ 39 million at December 31, 2025 and 2024, respectively. Additionally, we had $ 3 million of cumulative unamortized basis adjustments from terminated fair value hedges of assets at both December 31, 2025 and 2024. Interest on fair value hedges presented above includes the amortization of the remaining unamortized basis adjustments.
Gains/Losses Recognized in Earnings from Derivatives Not Designated as Accounting Hedges
The following schedule presents the amount of gains (losses) recognized in “Capital markets fees and income” under noninterest income from derivatives not designated as accounting hedges:

Other Noninterest Income/(Expense)
(In millions) 2025 2024
Derivatives not designated as hedging instruments:

Customer-facing interest rate derivatives
$ 30   $ 30  
Customer-facing commodity derivatives
1   —  
Other interest rate derivatives 1
—   1  
Foreign exchange derivatives 30   29  
Purchased credit derivatives ( 1 ) —  
Total derivatives not designated as hedging instruments
$ 60   $ 60  

1 This line also includes gains and losses from mortgage derivatives that were recorded in “Loan-related fees and income” under noninterest income.
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Fair Value Hedges and Hedged Items Gains/Losses
The following schedule presents derivatives used in fair value hedge accounting relationships, including the pre-tax gains and losses recorded on both the derivatives and the corresponding hedged item for the periods presented:

Gain/(loss) recorded in income
Twelve Months Ended
December 31, 2025 Twelve Months Ended
December 31, 2024
(In millions) Derivatives 2
Hedged items Total income statement impact Derivatives 2
Hedged items Total income statement impact

Hedges of fixed-rate assets 1, 2
$ ( 109 ) $ 109   $ —   $ 108   $ ( 109 ) $ ( 1 )
Hedges of fixed-rate liabilities 1, 2
16   ( 16 ) —   ( 7 ) 7   —  

1 Includes hedges of benchmark interest rate risk for fixed-rate long-term debt, AFS securities, and commercial loans. Gains and losses were recorded in interest expense or income consistent with the hedged items.
2 The income/expense for derivatives does not reflect interest income/expense from periodic accruals and payments to be consistent with the presentation of the gains/(losses) on the hedged items.
Fair Value Hedges and Basis Adjustments
The following schedule presents information regarding basis adjustments for hedged items in fair value hedging relationships:

Par value of hedged items Carrying amount of the hedged items Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
(In millions) 2025 2024 2025 2024 2025 2024

Hedges of fixed-rate assets 1, 2
$ 11,566   $ 11,388   $ 11,383   $ 11,099   $ ( 183 ) $ ( 289 )
Hedges of fixed-rate liabilities 1
( 1,000 ) ( 500 ) ( 1,009 ) ( 493 ) ( 9 ) 7  

1 Carrying amounts exclude (1) issuance and purchase discounts or premiums, (2) unamortized issuance and acquisition costs, and (3) amounts related to terminated fair value hedges.
2 Hedged items include defined portfolios of AFS securities and commercial loans, as well as specifically identified AFS securities. The related basis adjustments were recorded in the same balance-sheet lines as the associated hedged assets. At December 31, 2025, the amortized cost basis of assets designated under the portfolio layer method was $ 9.6  billion. The cumulative basis adjustment associated with these hedging relationships was $ 29  million, and the notional amounts of the designated hedging instruments totaled $ 5.7  billion.

8. LEASES
We have operating and finance leases for branches, data centers, and corporate offices, including our headquarters in Salt Lake City, Utah. At December 31, 2025, we had 407 branches, with 278 owned and 129 leased. The remaining maturities of our lease commitments range from the year 2026 to 2062 , with some lease arrangements including options to extend or terminate the leases.
Leases with terms longer than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. ROU assets for operating leases and finance leases are included in “ Other assets ” and “ Premises, equipment and software, net ” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “ Other liabilities ” and “ Long-term debt, ” respectively.
ROU assets and related lease liabilities represent the present value of the future minimum lease payments over the lease term as of the lease commencement date. Since most of our leases do not specify an implicit rate, we use our secured incremental borrowing rate, which is commensurate with the lease term, to calculate the present value of future payments. The ROU asset also includes lease prepayments, initial direct costs, amortization, and certain nonlease components such as maintenance, utilities, and tax payments. Our lease terms incorporate options to extend or terminate the lease when it is reasonably certain that such options will be exercised.
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The following schedule presents ROU assets and lease liabilities with the associated weighted average remaining life and discount rate:

December 31,
(Dollar amounts in millions) 2025 2024
Operating leases
ROU assets, net of amortization $ 207 $ 188
Lease liabilities 257 240
Finance leases
ROU assets, net of amortization 3 3
Lease liabilities 4 4
Weighted average remaining lease term (years)
Operating leases 9.4 9.9
Finance leases 14.7 15.6
Weighted average discount rate
Operating leases 4.0   % 3.8   %
Finance leases 3.2   % 3.1   %

The following schedule presents additional information related to lease expense:

Year Ended December 31,
(In millions) 2025 2024 2023
Lease expense:
Operating lease expense $ 40   $ 40   $ 43  
Other expenses associated with operating leases 1
65   62   60  
Total lease expense $ 105   $ 102   $ 103  
Related cash disbursements for operating leases $ 42   $ 43   $ 49  

1 Other expenses primarily include property taxes and building and property maintenance.
The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years:

(In millions) Total undiscounted lease payments

2026 $ 42  
2027 34  
2028 35  
2029 32  
2030 29  
Thereafter 143  
Total lease payments 315  
Less imputed interest 58  
Total $ 257  

We enter into certain lease agreements where we are the lessor of real estate, including bank-owned and subleased properties, to generate cash flow. This activity includes leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $ 15 million , $ 13 million, and $ 14 million in 2025, 2024, and 2023, respectively.
At December 31, 2025 and 2024, we originated equipment leases classified as sales-type or direct-financing leases totaling $ 367 million and $ 377 million, respectively. Income from these leases was $ 19 million , $ 18 million, and $ 16 million during 2025, 2024, and 2023, respectively.
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9.     PREMISES, EQUIPMENT, AND SOFTWARE
Premises, equipment, and software are recorded at cost and presented net of accumulated depreciation and amortization. Depreciation is calculated primarily using the straight-line method and is allocated to operations over the estimated useful lives of the assets— generally 25 to 40 years for buildings, three to 10 years for furniture and equipment, and three to 10 years for software, including capitalized technology initiative costs. Leasehold improvements are amortized over the shorter of the lease term (including any reasonably certain extension options) or the estimated useful life of the improvements. All premises, equipment, and software are evaluated periodically for impairment.
The following schedule presents the components of our premises, equipment, and software, including the related accumulated depreciation and amortization:

(In millions) December 31,
2025 2024

Land $ 296   $ 284  
Buildings 1,010   980  
Furniture and equipment 336   337  
Leasehold improvements 132   139  
Software 632   585  
Total premises, equipment, and software 1
2,406   2,325  
Less accumulated depreciation and amortization 1,043   959  
Net book value $ 1,363   $ 1,366  

1 Totals for 2025 and 2024 include $ 91 million and $ 51 million, respectively, of capitalized costs that are not yet subject to depreciation because the related assets have not been placed in service.

10.     GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill is recognized upon the completion of a business combination as the excess of the purchase price over the fair value of the identifiable net assets acquired. We evaluate goodwill for impairment annually as of October 1, or more frequently if events or circumstances suggest that the carrying amount may exceed its fair value.
As part of this process, we may elect to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If this assessment indicates a potential impairment, we then perform a quantitative analysis to measure the amount of any impairment. When the fair value of a reporting unit is below its carrying amount, an impairment loss is recognized for the difference.
During the fourth quarter of 2025, we completed our annual goodwill impairment analysis using a qualitative approach. Based on this evaluation, we concluded that no impairment of goodwill existed for our reporting units.
The following schedule presents the carrying amount of goodwill allocated to our operating segments with goodwill, along with the carrying values of our core deposit and other intangible assets, net of related accumulated amortization:
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December 31,
(In millions) 2025 2024
Goodwill:
Amegy $ 615   $ 615  
CB&T 412   379  
Zions Bank 20   20  
Nevada State Bank 13   13  
Total goodwill 1,060   1,027  
Core deposits and other intangibles, net of accumulated amortization 31   25  
Total goodwill and intangibles $ 1,091   $ 1,052  

The increases in goodwill and in core deposit and other intangibles at CB&T was due to the purchase of four FirstBank Coachella Valley, California branches in late March 2025.

11.     DEPOSITS
The following schedule presents the composition of our deposits:

December 31,
(In millions) 2025 2024

Noninterest-bearing demand $ 25,823   $ 24,704  
Interest-bearing:
Savings and money market 39,914   40,037  
Time 9,907   11,482  
Total deposits $ 75,644   $ 76,223  

The following schedule presents the aggregate amount of all time deposits by maturity at December 31, 2025:

(In millions) Amount