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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________
COMMISSION FILE NUMBER 001-12307
ZIONS BANCORPORATION, NATIONAL ASSOCIATION
(Exact name of registrant as specified in its charter)

United States of America
87-0189025
(State or other jurisdiction of
incorporation or organization) (I.R.S. Employer
Identification No.)
One South Main
Salt Lake City, Utah
84133-1109
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: ( 801 ) 844-8208

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbols Name of Each Exchange on Which Registered

Common Stock, par value $0.001
ZION The NASDAQ Stock Market LLC
Depositary Shares each representing a 1/40th ownership interest in a share of:
Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock
ZIONP The NASDAQ Stock Market LLC

• Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes    ý     No   ¨
• Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes    ý     No   ¨
• Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ☐ Emerging growth company ¨
• If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
• Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ¨     No   ý
• Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Number of common shares outstanding at July 31, 2025: 147,623,797 shares

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Table of Contents

Page
PART  I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)
43

Consolidated Balance Sheets
43

Consolidated Statements of Income
44

Consolidated Statements of Comprehensive Income (Loss)
45

Consolidated Statements of Changes in Shareholders’ Equity
45

Consolidated Statements of Cash Flows
47

Notes to Consolidated Financial Statements
48

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
4

Item 3. Quantitative and Qualitative Disclosures About Market Risk
89

Item 4. Controls and Procedures
90

PART II. OTHER INFORMATION

Item 1. Legal Proceedings
90

Item 1A. Risk Factors
90

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
90

Item 5. Other Information
90

Item 6. Exhibits
91

Signatures
92

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GLOSSARY OF ACRONYMS AND ABBREVIATIONS

ACL Allowance for Credit Losses FTP Funds Transfer Pricing
AFS Available-for-Sale GAAP Generally Accepted Accounting Principles
ALLL Allowance for Loan and Lease Losses GCF General Collateral Finance

Amegy Amegy Bank, a division of Zions Bancorporation, National Association HECL Home Equity Credit Line
AOCI Accumulated Other Comprehensive Income or Loss HTM Held-to-Maturity
ASU Accounting Standards Update IPO Initial Public Offering
Board Board of Directors LTV Loan-to-Value
bps Basis Points NASDAQ National Association of Securities Dealers Automated Quotations
BTFP Bank Term Funding Program NBAZ National Bank of Arizona, a division of Zions Bancorporation, National Association
CB&T California Bank & Trust, a division of Zions Bancorporation, National Association NM Not Meaningful
CET1 Common Equity Tier 1 NSB Nevada State Bank, a division of Zions Bancorporation, National Association
CLTV Combined Loan-to-Value Ratio OCC Office of the Comptroller of the Currency
CODM Chief Operating Decision Maker OREO Other Real Estate Owned
CRE Commercial Real Estate PEI Private Equity Investment
CVA Credit Valuation Adjustment PPNR Pre-provision Net Revenue
DTA Deferred Tax Asset ROU Right-of-Use
DTL Deferred Tax Liability RULC Reserve for Unfunded Lending Commitments
EaR Earnings at Risk S&P Standard & Poor's
EPS Earnings per Share SBA U.S. Small Business Administration
EVE Economic Value of Equity SBIC Small Business Investment Company
FASB Financial Accounting Standards Board SEC Securities and Exchange Commission
FDIC Federal Deposit Insurance Corporation TCBW The Commerce Bank of Washington, a division of Zions Bancorporation, National Association
FHLB Federal Home Loan Bank U.S. United States
FICO Fair Isaac Corporation Vectra Vectra Bank Colorado, a division of Zions Bancorporation, National Association
FRB Federal Reserve Board Zions Bank Zions Bank, a division of Zions Bancorporation, National Association

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PART I.    FINANCIAL INFORMATION

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING INFORMATION
This quarterly report includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements include, among others:
• Statements with respect to the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, results of operations, and performance of Zions Bancorporation, National Association, and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and
• Statements preceded or followed by, or that include the words “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecasts,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” “will,” and the negative thereof and similar words and expressions.
Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, key factors that may cause material differences include:
• The quality and composition of our loan and investment securities portfolios and the quality and composition of our deposits;
• Changes in general industry, political, and economic conditions, including increases in the national debt, elevated inflation, economic slowdowns or recessions, and other macroeconomic challenges; changes in interest and reference rates, which could negatively impact our revenues and expenses, the valuation of our assets and liabilities, the availability and cost of deposits and other capital, and our ability to manage liquidity; and deterioration in economic conditions may result in increased loan and lease losses;
• Political developments, including those that result in significant disruptions and changes in the size, scope, and effectiveness of the government and its agencies and services;
• The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies;
• Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements;
• Evolving trade policies and disputes, such as proposed and implemented tariffs and resulting market volatility and uncertainty, including the effects on supply chains, expenses, and revenues for both us and our customers;
• Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry;
• Changes in our credit ratings;
• Our ability to innovate and otherwise address competitive pressures and other factors that may affect aspects of our business, such as pricing, relevance of, and demand for, our products and services, and our ability to recruit and retain talent;

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• The potential for both positive and disruptive impacts of emerging technologies, including stablecoins, tokenized deposits, and other digital currencies, blockchain, artificial intelligence, quantum computing, and related innovations and regulatory developments affecting both us and the banking industry;
• Our ability to complete projects and initiatives and execute our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives;
• Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry;
• Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services;
• The effects of wars, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future;
• Natural disasters, pandemics, wildfires, catastrophic events, and other emergencies and incidents, and their impact on our and our customers’ operations, business, and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products;
• Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change and diversity;
• Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital;
• The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity;
• The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; and
• Adverse news and other expressions of negative public opinion whether directed at us, other banks, the banking industry, or otherwise that may adversely affect our reputation and that of the banking industry generally.
Factors that could cause our actual results, performance, achievements, industry trends, or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2024 Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”). These documents are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov).
We caution against placing undue reliance on forward-looking statements, as they reflect our views only as of the date they are issued. Except as required by law, we specifically disclaim any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments.

RESULTS OF OPERATIONS
Comparisons noted below are calculated for the current quarter versus the same prior year period, unless otherwise specified. Reasons for changes in the current year-to-date period compared with the same prior year period are generally consistent with the quarter-to-date comparisons unless otherwise specified. Growth rates of 100% or more are considered not meaningful (“NM”) as they typically reflect a low starting point.

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Second Quarter 2025 Financial Performance

Net Earnings Applicable to Common Shareholders
(in millions) Diluted EPS Adjusted PPNR
(in millions) 1
Efficiency Ratio 1

1 For information on non-GAAP financial measures, see page 40 .
Executive Summary
Our financial performance in the second quarter of 2025, relative to the prior year period, reflected solid growth in net earnings, diluted earnings per share (“EPS”), and adjusted pre-provision net revenue (“PPNR”). Diluted EPS increased to $1.63, compared with $1.28 in the second quarter of 2024, as higher net interest income and noninterest income, along with a lower provision for credit losses, were partially offset by increased noninterest expense.
• Net interest income increased $51 million, or 9%, compared with the prior year period, primarily due to lower funding costs and an increase in average interest-earning assets. As a result, the net interest margin improved to 3.17%, compared with 2.98%.
◦ Average interest-earning assets increased $1.5 billion, or 2%, primarily driven by growth in average loans, leases, and money market investments, partially offset by a decline in average securities.
◦ Average interest-bearing liabilities increased $1.4 billion, or 3%, due to an increase in both average borrowed funds and average interest-bearing deposits.
◦ Total loans and leases increased $2.4 billion, or 4%, primarily driven by growth in the consumer 1-4 family residential mortgage and commercial and industrial loan portfolios.
◦ Total deposits remained relatively stable, as an increase in noninterest-bearing demand deposits was partially offset by a decline in interest-bearing deposits. The growth in noninterest-bearing deposits was largely the result of the migration of a consumer interest-bearing product into a new noninterest-bearing offering. Customer deposits (excluding brokered deposits) totaled $69.9 billion, compared with $69.5 billion.
◦ Total loans and deposits at June 30, 2025 included approximately $390 million in loans and $585 million in deposits associated with the four FirstBank Coachella Valley, California branches that we acquired in late March 2025.
• The provision for credit losses was negative $1 million, compared with positive $5 million in the prior year period.
• Customer-related noninterest income increased $11 million, or 7%, primarily due to higher capital markets fees and income, along with improved retail and business banking fees. Noncustomer-related noninterest income remained flat. Net securities gains increased $10 million, which included an $11 million unrealized gain related to the successful initial public offering (“IPO”) of one of our Small Business Investment Company (“SBIC”) investments. This increase was offset by a $10 million decline in dividends and other

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income, largely due to higher gains in the prior year period associated with the sale of our Enterprise Retirement Solutions business.
• Noninterest expense increased $18 million, or 4%, primarily due to higher incentive compensation accruals as a result of improved profitability, as well as an increase in other noninterest expense. These increases were partially offset by a decline in professional and legal services.
• Net loan and lease charge-offs totaled $10 million, or 0.07% of average loans and leases annualized, compared with $15 million, or 0.10%, in the prior year quarter. The ratio of allowance for credit losses (“ACL”) to total loans and leases was 1.20%, compared with 1.24%.
• Nonperforming assets totaled $313 million, or 0.51% of total loans and leases and other real estate owned, compared with $265 million, or 0.45%. The increase was primarily in the term commercial real estate (“CRE”), consumer 1-4 family residential, and owner occupied loan portfolios.
• Classified loans totaled $2.7 billion, or 4.43% of total loans and leases, compared with $1.3 billion, or 2.16%, in the prior year quarter, and decreased from $2.9 billion, or 4.82%, in the prior quarter. The year-over-year increase in classified loans was primarily in the multifamily and industrial CRE loan portfolios, largely due to an increased emphasis in risk grading on current cash flows, and less emphasis on the adequacy of collateral values and the strength of guarantors and sponsors. Additionally, weaker performance in the 2021, 2022, and 2023 construction loan vintages contributed to the increase, as borrowers missed projections due to longer-than-anticipated lease-up periods, rent concessions, elevated costs, and higher interest rates.
• Total borrowed funds, primarily composed of secured borrowings, increased $845 million, or 14%, compared with the prior year quarter. This increase was driven by higher levels of long-term debt and Federal Home Loan Bank (“FHLB”) short-term advances, partially offset by the full repayment of borrowings under the Federal Reserve Board (“FRB”) Bank Term Funding Program (“BTFP”).

Net Interest Income and Net Interest Margin
NET INTEREST INCOME AND NET INTEREST MARGIN

Three Months Ended
June 30, Amount change Percent change Six Months Ended
June 30, Amount change Percent change
(Dollar amounts in millions) 2025 2024 2025 2024

Interest and fees on loans 1
$ 875  $ 877  $ (2) —  % $ 1,725  $ 1,742  $ (17) (1) %
Interest on money market investments 50  56  (6) (11) 103  103  —  — 
Interest on securities 126  140  (14) (10) 251  282  (31) (11)
Total interest income
1,051  1,073  (22) (2) 2,079  2,127  (48) (2)
Interest on deposits 312  390  (78) (20) 638  766  (128) (17)
Interest on short- and long-term borrowings 91  86  5  6  169  178  (9) (5)
Total interest expense
403  476  (73) (15) 807  944  (137) (15)
Net interest income
$ 648  $ 597  $ 51  9  $ 1,272  $ 1,183  $ 89  8 

Average interest-earning assets $ 83,566  $ 82,098  $ 1,468  2  % $ 83,286  $ 81,856  $ 1,430  2  %
Average interest-bearing liabilities $ 57,305  $ 55,882  $ 1,423  3  $ 57,313  $ 55,462  $ 1,851  3 
bps bps

Net interest margin 2
3.17  % 2.98  % 19  3.14  % 2.96  % 18 

1 Includes interest income recoveries of $2 million for both the three months ended, and $6 million and $4 million for the six months ended June 30, 2025, and 2024, respectively.
2 Taxable-equivalent rates used where applicable.

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Net interest income accounted for 77% of total net revenue (sum of net interest income plus noninterest income) in both the second quarters of 2025 and 2024. It increased $51 million, or 9%, for the three months ended June 30, 2025, relative to the same prior year period. This increase was primarily due to lower funding costs and growth in average interest-earning assets. As a result, the net interest margin improved to 3.17%, compared with 2.98%.
The following chart presents the changes in yields on average interest-earning assets:

The yield on average interest-earning assets, net of hedging activity, declined 20 basis points (“bps”) in the second quarter of 2025, compared with the prior year period. This decrease reflects a lower interest rate environment, partially offset by a favorable shift in the composition of average interest-earning assets, including growth in average loans and money market investments, and a reduction in average securities. The yield on average money market investments declined 104 bps, while the net yield on average loans decreased 25 bps, and the net yield on average securities declined 16 bps during the second quarter of 2025.
The following chart presents the changes in rates paid on average interest-bearing liabilities:

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The total cost of deposits decreased 43 bps, and the rate paid on total deposits and interest-bearing liabilities decreased 39 bps during the second quarter of 2025, compared with the prior year period, reflecting the lower interest rate environment. The rates paid on interest-bearing deposits and total borrowed funds decreased 68 bps and 40 bps, respectively.
Average interest-earning assets increased $1.5 billion, or 2% from the prior year quarter, as growth in average loans and leases and average money market investments was partially offset by a decline in average securities.

Average loans and leases increased $2.2 billion, or 4%, to $60.5 billion, primarily due to growth in average consumer and commercial loans. Average securities decreased $1.4 billion, or 7%, to $18.4 billion, largely attributable to principal reductions. At June 30, 2025, average loans and leases included approximately $400 million in loans associated with the four FirstBank Coachella Valley, California branches that we acquired in late March 2025.
Average interest-bearing liabilities increased $1.4 billion, or 3%, from the prior year quarter. This growth was primarily driven by increases in average borrowed funds and average interest-bearing deposits.

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Average deposits remained relatively stable at $74.3 billion during the second quarter of 2025 and included approximately $620 million in deposits associated with the four FirstBank Coachella Valley, California branches that we acquired in late March 2025. Average interest-bearing deposits increased $461 million, or 1%. Average noninterest-bearing deposits decreased $423 million or 2%, and represented 33% of total deposits for the quarter, compared with 34% during the same prior year period.
Average borrowed funds, primarily composed of secured borrowings, increased $962 million, or 14%, to $7.8 billion. This growth was driven by increases in long-term debt, security repurchase agreements, and FHLB short-term advances, partially offset by the full repayment of borrowings under the FRB BTFP. The increase in long-term debt reflects the issuance of $500 million of 6.82% Fixed-to-Floating Subordinated Notes, partially offset by the redemption of $88 million of 6.95% Fixed-to-Floating Subordinated Notes during the fourth quarter of 2024.
For more information on our investment securities portfolio and borrowed funds and how we manage liquidity risk, refer to the “Investment Securities Portfolio” section on page 18 and the “Liquidity Risk Management” section on page 37. For further discussion of the effects of market rates on net interest income and how we manage interest rate risk, refer to the “Interest Rate and Market Risk Management” section on page 34.
The following schedule summarizes the average balances, the amount of interest earned or paid, and the applicable yields for interest-earning assets and the costs of interest-bearing liabilities:

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CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited) Three Months Ended
June 30, 2025 Three Months Ended
June 30, 2024
(Dollar amounts in millions) Average
balance Interest
Yield/
Rate 1
Average
balance Interest
Yield/
Rate 1

ASSETS
Money market investments:
Interest-bearing deposits $ 1,543  $ 17  4.50  % $ 1,909  $ 26  5.57  %
Federal funds sold and securities purchased under agreements to resell 2,757  33  4.77  2,026  30  5.87 
Total money market investments 4,300  50  4.68  3,935  56  5.72 
Trading securities 244  3  4.77  39  —  4.74 
Investment securities:
Available-for-sale 9,093  73  3.27  9,670  86  3.57 
Held-to-maturity 9,351  52  2.22  10,120  57  2.25 
Total investment securities
18,444  125  2.74  19,790  143  2.90 
Loans held for sale 118  1  NM 43  —  NM
Loans and leases: 2

Commercial 31,383  461  5.89  30,505  459  6.05 
Commercial real estate 13,612  226  6.64  13,587  244  7.22 
Consumer 15,465  198  5.14  14,199  182  5.17 
Total loans and leases 60,460  885  5.86  58,291  885  6.11 
Total interest-earning assets 83,566  1,064  5.11  82,098  1,084  5.31 
Cash and due from banks 703  691 
Allowance for credit losses on loans and debt securities (694) (697)
Goodwill and intangibles 1,097  1,056 
Other assets 5,313  5,424 
Total assets $ 89,985  $ 88,572 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 38,877  $ 208  2.15  % $ 38,331  $ 260  2.73  %
Time 10,659  104  3.90  10,744  130  4.87 

Total interest-bearing deposits 49,536  312  2.52  49,075  390  3.20 
Borrowed funds:
Federal funds and security repurchase agreements
1,463  15  4.36  1,166  16  5.38 
Other short-term borrowings 5,340  60  4.48  5,097  62  4.95 
Long-term debt 966  16  6.41  544  8  5.98 
Total borrowed funds 7,769  91  4.70  6,807  86  5.10 
Total interest-bearing liabilities 57,305  403  2.82  55,882  476  3.43 
Noninterest-bearing demand deposits 24,730  25,153 
Other liabilities 1,527  1,647 
Total liabilities 83,562  82,682 
Shareholders’ equity:
Preferred equity 66  440 
Common equity 6,357  5,450 
Total shareholders’ equity 6,423  5,890 
Total liabilities and shareholders’ equity $ 89,985  $ 88,572 
Spread on average interest-bearing funds 2.29  % 1.88  %
Net impact of noninterest-bearing sources of funds 0.88  % 1.10  %
Net interest margin
$ 661  3.17  % $ 608  2.98  %
Memo: total cost of deposits
$ 74,266  312  1.68  % $ 74,228  390  2.11  %
Memo: total deposits and interest-bearing liabilities $ 82,035  403  1.97  % $ 81,035  476  2.36  %

1 Taxable-equivalent rates used where applicable.
2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.

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Six Months Ended
June 30, 2025 Six Months Ended
June 30, 2024
(Dollar amounts in millions) Average
balance Interest
Yield/
Rate 1
Average
balance Interest
Yield/
Rate 1

ASSETS
Money market investments:
Interest-bearing deposits $ 1,587  $ 36  4.55  % $ 1,678  $ 47  5.63  %
Federal funds sold and securities purchased under agreements to resell 2,863  67  4.74  1,926  56  5.88 
Total money market investments 4,450  103  4.67  3,604  103  5.76 
Trading securities 135  3  4.70  36  1  4.52 
Investment securities:
Available-for-sale 9,097  147  3.27  9,869  172  3.51 
Held-to-maturity 9,453  105  2.24  10,198  114  2.25 
Total investment securities
18,550  252  2.74  20,067  286  2.87 
Loans held for sale 101  2  NM 49  1  NM
Loans and leases: 2

Commercial 31,209  909  5.87  30,494  910  6.00 
Commercial real estate 13,585  446  6.62  13,546  488  7.26 
Consumer 15,256  388  5.13  14,060  359  5.14 
Total loans and leases 60,050  1,743  5.85  58,100  1,757  6.08 
Total interest-earning assets 83,286  2,103  5.09  81,856  2,148  5.28 
Cash and due from banks 704  700 
Allowance for credit losses on loans and debt securities (693) (691)
Goodwill and intangibles 1,075  1,057 
Other assets 5,344  5,349 
Total assets $ 89,716  $ 88,271 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market $ 39,259  $ 421  2.16  % $ 38,187  $ 519  2.73  %
Time 10,840  217  4.03  10,261  247  4.84 

Total interest-bearing deposits 50,099  638  2.57  48,448  766  3.18 
Borrowed funds:
Federal funds and security repurchase agreements
1,591  34  4.36  1,457  39  5.38 
Other short-term borrowings 4,662  104  4.50  5,014  123  4.96 
Long-term debt 961  31  6.39  543  16  5.98 
Total borrowed funds 7,214  169  4.72  7,014  178  5.13 
Total interest-bearing liabilities 57,313  807  2.84  55,462  944  3.42 
Noninterest-bearing demand deposits 24,491  25,345 
Other liabilities 1,576  1,654 
Total liabilities 83,380  82,461 
Shareholders’ equity:
Preferred equity 66  440 
Common equity 6,270  5,370 
Total shareholders’ equity 6,336  5,810 
Total liabilities and shareholders’ equity $ 89,716  $ 88,271 
Spread on average interest-bearing funds 2.25  % 1.86  %
Net impact of noninterest-bearing sources of funds 0.89  % 1.10  %
Net interest margin
$ 1,296  3.14  % $ 1,204  2.96  %
Memo: total cost of deposits
$ 74,590  638  1.72  % $ 73,793  766  2.09  %
Memo: total deposits and interest-bearing liabilities $ 81,804  807  1.98  % $ 80,807  944  2.36  %

1 Taxable-equivalent rates used where applicable.
2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.

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The Allowance and Provision for Credit Losses
The allowance for credit losses (“ACL”) comprises both the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”). The ALLL represents the estimated current expected credit losses related to the loan and lease portfolio as of the balance sheet date. The RULC represents the estimated reserve for current expected credit losses associated with off-balance sheet commitments. Changes in the ALLL and RULC, net of charge-offs and recoveries, are recorded as the provision for loan and lease losses and the provision for unfunded lending commitments, respectively, on the consolidated statement of income. The ACL for debt securities is estimated separately from loans and is included in “Investment securities” on the consolidated balance sheet.

The ACL was $732 million at June 30, 2025, compared with $726 million at June 30, 2024. The year-over-year increase in the ACL primarily reflects increased lending activity and more adverse economic scenarios, partially offset by lower reserves associated with certain portfolio-specific risks, such as commercial real estate (“CRE”). The ratio of ACL to total loans and leases was 1.20% at June 30, 2025, compared with 1.24% at June 30, 2024.
The provision for credit losses, which includes both the provision for loan and lease losses and the provision for unfunded lending commitments, was negative $1 million in the second quarter of 2025, compared with a positive $5 million in the second quarter of 2024. The provision for securities losses was less than $1 million during both the second quarters of 2025 and 2024.

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The bar chart above illustrates the primary drivers of changes in the ACL compared with the prior year period. To estimate current expected losses, we use econometric loss models that incorporate multiple economic scenarios, ranging from optimistic to baseline to stressed economic conditions. The outcomes of these scenarios are weighted to derive the credit loss estimate. Management may adjust these scenario weightings based on their assessment of prevailing conditions and reasonable and supportable forecasts.
The second bar reflects changes in economic forecasts and current economic conditions, incorporating management’s judgment regarding the weighting of these forecasts during the current quarter. These changes resulted in a $36 million increase in the ACL from the prior year quarter, primarily due to the incorporation of more adverse economic scenarios.
The third bar captures changes in credit quality factors, including risk grade migration, portfolio-specific risks, and specific reserves on loans. Collectively, these factors contributed to a $52 million decrease in the ACL, largely driven by a reduced emphasis on portfolio-specific risks associated with the CRE loan portfolio.
The fourth bar represents changes in the composition of the loan portfolio, including shifts in loan balances and mix, the aging of the portfolio, and other qualitative risk factors. These changes resulted in a $22 million increase in the ACL, primarily driven by $2.4 billion in period-end loan growth, partially offset by changes in the mix of the loan portfolio.
For more information regarding the methodology used to determine the appropriate levels of the ALLL and RULC, see “Credit Risk Management” on page 22 and Note 6 in our 2024 Form 10-K.

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Noninterest Income
Noninterest income is comprised of revenue generated from products and services that typically do not bear an associated interest rate or yield. It is categorized as either customer-related or noncustomer-related. Customer-related noninterest income excludes items such as securities gains and losses, dividends, and insurance-related income.
Noninterest income accounted for 23% of total net revenue (sum of net interest income plus noninterest income) in both the second quarters of 2025 and 2024. It increased $11 million, or 6%, for the three months ended June 30, and $26 million, or 8%, for the six months ended June 30, 2025, relative to the same prior year period. The following schedule presents a comparison of the major components of noninterest income:
NONINTEREST INCOME

Three Months Ended
June 30, Amount
change Percent
change Six Months Ended
June 30, Amount
change Percent
change
(Dollar amounts in millions) 2025 2024 2025 2024

Commercial account fees
$ 46  $ 45  $ 1  2  % $ 91  $ 89  $ 2  2  %
Card fees
24  25  (1) (4) 47  48  (1) (2)
Retail and business banking fees 19  16  3  19  36  32  4  13 
Loan-related fees and income 19  18  1  6  36  33  3  9 
Capital markets fees and income 1
28  20  8  40  55  45  10  22 
Wealth management fees 14  15  (1) (7) 29  30  (1) (3)
Other customer-related fees 14  14  —  —  28  28  —  — 
Customer-related noninterest income
164  153  11  7  322  305  17  6 
Dividends and other income 12  22  (10) (45) 19  28  (9) (32)
Securities gains (losses), net 14  4  10  NM 20  2  18  NM
Noncustomer-related noninterest income 26  26  —  NM 39  30  9  30 
Total noninterest income
$ 190  $ 179  $ 11  6  $ 361  $ 335  $ 26  8 

1 Effective the first quarter of 2025, capital markets fees and income includes fair value and nonhedge derivative income, which was previously disclosed under noncustomer-related noninterest income. These amounts totaled less than $1 million for the three and six months ended June 30, 2025, and for the six months ended June 30, 2024. For the three months ended June 30, 2024, the amount reflected a loss of $1 million.
Customer-related Noninterest Income
Customer-related noninterest income increased $11 million, or 7%, compared with the prior year period. This growth was driven by an $8 million increase in capital markets fees and income, largely attributable to higher swap fees and loan syndication activity. Additionally, retail and business banking fees increased $3 million, primarily due to increased deposit service fees.
Noncustomer-related Noninterest Income
Noncustomer-related noninterest income was flat compared with the prior year period. Net securities gains increased $10 million, which included an $11 million unrealized gain related to the successful completion of an IPO of one of our SBIC investments, FatPipe, Inc. This investment will be marked-to-market until our shares, which are subject to a minimum 180-day lock-up period from the IPO, are fully divested. An associated $2 million accrued success fee payable to the investment manager will also be adjusted based on the investment’s fair value. The increase in net securities gains was offset by a $10 million decline in dividends and other income, primarily due to higher gains in the prior year period associated with the sale of our Enterprise Retirement Solutions business.

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Noninterest Expense
The following schedule presents a comparison of the major components of noninterest expense:
NONINTEREST EXPENSE

Three Months Ended
June 30, Amount
change Percent
change Six Months Ended
June 30, Amount
change Percent
change
(Dollar amounts in millions) 2025 2024 2025 2024

Salaries and employee benefits $ 336  $ 318  $ 18  6  % $ 678  $ 649  $ 29  4  %
Technology, telecom, and information processing 65  66  (1) (2) 135  128  7  5 
Occupancy and equipment, net 40  40  —  —  81  79  2  3 
Professional and legal services 13  17  (4) (24) 26  33  (7) (21)
Marketing and business development 12  13  (1) (8) 23  23  —  — 
Deposit insurance and regulatory expense 20  21  (1) (5) 42  55  (13) (24)
Credit-related expense 6  6  —  —  12  13  (1) (8)
Other real estate expense, net —  (1) 1  NM —  (1) 1  NM
Other 35  29  6  21  68  56  12  21 
Total noninterest expense
$ 527  $ 509  $ 18  4  $ 1,065  $ 1,035  $ 30  3 
Adjusted noninterest expense (non-GAAP)
$ 521  $ 506  $ 15  3  % $ 1,054  $ 1,017  $ 37  4  %

Noninterest expense increased $18 million, or 4%, relative to the prior year quarter. Salaries and employee benefits expense increased $18 million, primarily due to higher incentive compensation accruals as a result of improved profitability. Other noninterest expense increased $6 million, largely driven by increases in certain legal reserves and the success fee accrual associated with the IPO of the previously discussed SBIC investment. These increases were partially offset by a $4 million decline in professional and legal services, mainly due to reduced technology-related consulting expenses.
Adjusted noninterest expense increased $15 million, or 3%. The efficiency ratio improved to 62.2%, compared with 64.5%, reflecting positive operating leverage as adjusted pre-provision net revenue increased $38 million, or 14%. For more information on non-GAAP financial measures, see page 40.
For the six months ended June 30, 2025, noninterest expense increased $30 million, or 3%, relative to the same prior year period. Salaries and employee benefits expense increased $29 million, primarily due to higher incentive compensation accruals and increased benefits and severance-related expenses. Other noninterest expense increased $12 million, partly due to a $3 million impairment of certain long-lived assets, in addition to items previously discussed. Technology, telecom, and information processing expense increased $7 million, driven by higher application software, license, and maintenance costs. These increases were partially offset by a $13 million reduction in deposit insurance and regulatory expense, reflecting the Federal Deposit Insurance Corporation (“FDIC”) special assessment accrual in the same prior year period, and a $7 million decline in professional and legal services, due to the same factors previously noted.

Technology Spend
We invest in technology initiatives designed to improve our products and services, increase our operational efficiency, and enable us to remain competitive. We report these investments as technology spend, which includes the following:
• Technology, telecom, and information processing expense — includes current period expenses presented on the consolidated statement of income related to application software licensing and maintenance, telecommunications, and data processing, less related amortization and depreciation of capitalized technology investments;
• Other technology-related expense — includes related noncapitalized salaries and employee benefits, occupancy and equipment, and professional and legal services; and

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• Technology investments — includes capitalized technology infrastructure equipment, hardware, and software (both purchased and internally developed).
The following schedule presents the composition of our technology spend:
TECHNOLOGY SPEND

Three Months Ended
June 30, Amount
change Percent
change Six Months Ended
June 30, Amount
change Percent
change
(Dollar amounts in millions) 2025 2024 2025 2024

Technology, telecom, and information processing expense $ 65  $ 66  $ (1) (2) % $ 135  $ 128  $ 7  5  %
Less: related amortization and depreciation (19) (20) 1  (5) (38) (40) 2  (5)
Other technology-related expense 62  66  (4) (6) 122  126  (4) (3)
Capitalized technology investments 17  4  13  NM 29  19  10  53 
Total technology spend
$ 125  $ 116  $ 9  8  $ 248  $ 233  $ 15  6 

Total technology spend increased $9 million, or 8%, relative to the prior year quarter. This increase was primarily driven by higher capitalized technology investments associated with other lending and customer-related technology initiatives following the completion of the core system replacement project in the prior year period. The increase was partially offset by a reduction in other technology-related expenses, largely due to lower noncapitalized salary costs related to technology functions.
For the six months ended June 30, 2025, total technology spend increased $15 million, or 6%, compared with the same prior year period. This increase was primarily driven by higher capitalized technology investments and increased technology, telecom, and information processing expense as previously discussed.

Income Taxes
The following schedule summarizes the income tax expense and effective tax rates for the periods presented:
INCOME TAXES

Three Months Ended
June 30, Six Months Ended
June 30,
(Dollar amounts in millions) 2025 2024 2025 2024

Income before income taxes $ 312  $ 262  $ 551  $ 465 
Income tax expense 68  61  137  111 
Effective tax rate 21.8  % 23.3  % 24.9  % 23.9  %

The effective tax rate was 21.8% and 23.3% for the three months ended June 30, 2025 and 2024, respectively. For more information about the factors that impacted the income tax rates, as well as details on deferred income tax assets and liabilities, see Note 12 of the Notes to Consolidated Financial Statements.
Preferred Stock Dividends
Preferred stock dividends totaled $1 million and $11 million for the second quarter of 2025 and 2024, respectively. The decrease was due to the redemption of the outstanding shares of our Series G, I, and J preferred stock during the fourth quarter of 2024.

BALANCE SHEET ANALYSIS
Interest-Earning Assets
Interest-earning assets, which include loans and leases, investment securities, and money market investments, have associated interest rates or yields. We strive to maintain a high level of interest-earning assets relative to total assets. For more information regarding the average balances, associated revenue generated, and the respective yields of our interest-earning assets, see the Average Balance Sheet on page 11.

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Investment Securities Portfolio
We invest in securities primarily to provide balance sheet liquidity. The portfolio largely consists of securities that can be readily converted to cash or used to generate liquidity through secured borrowing agreements, without the need to sell the securities. Our investment securities portfolio also helps to balance the inherent interest rate mismatch between loans and deposits, thereby helping to preserve the economic value of shareholders’ equity. The estimated deposit duration at June 30, 2025 was assumed to be longer than the loan duration (including swaps). At June 30, 2025, the estimated duration of the investment securities portfolio, which measures price sensitivity to interest rate changes, was 3.8 years, compared with 3.4 years at December 31, 2024, primarily due to revised prepayment assumptions on certain securities.
For information about our borrowing capacity associated with the investment securities portfolio and how we manage our liquidity risk, refer to the “Liquidity Risk Management” section on page 37. Additionally, refer to Note 3 and Note 5 of the Notes to Consolidated Financial Statements for more information on fair value measurements and the accounting for our investment securities portfolio.
The following schedule presents the major components of our investment securities portfolio:
INVESTMENT SECURITIES PORTFOLIO

June 30, 2025 December 31, 2024
(In millions) Par Value Amortized
cost Fair
value Par Value Amortized
cost Fair
value
Available-for-sale
U.S. Treasury securities $ 1,200  $ 1,201  $ 1,101  $ 780  $ 781  $ 662 
U.S. Government agencies and corporations:
Agency securities 381  376  356  446  441  415 
Agency guaranteed mortgage-backed securities 7,250  7,302  6,214  7,656  7,713  6,451 
Small Business Administration loan-backed securities 375  400  384  427  455  434 
Municipal securities 1,023  1,102  1,036  1,096  1,186  1,108 
Other debt securities 25  25  25  25  25  25 
Total available-for-sale 10,254  10,406  9,116  10,430  10,601  9,095 
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities 143  143  138  148  148  140 
Agency guaranteed mortgage-backed securities 10,508  8,843  8,819  10,983  9,202  8,941 
Municipal securities 286  286  272  319  319  301 
Total held-to-maturity 10,937  9,272  9,229  11,450  9,669  9,382 

Total investment securities $ 21,191  $ 19,678  $ 18,345  $ 21,880  $ 20,270  $ 18,477 

The amortized cost of total investment securities declined $592 million, or 3%, from December 31, 2024, primarily due to principal reductions. At both June 30, 2025 and December 31, 2024, approximately 7% of the portfolio consisted of floating-rate instruments. Additionally, at June 30, 2025, we had active pay-fixed interest rate swaps with an aggregate notional amount of $4.2 billion. These swaps are designated as fair value hedges of fixed-rate available-for-sale (“AFS”) securities and effectively convert the fixed interest income on the hedged portion of the securities to a floating rate.
At June 30, 2025, our AFS investment securities portfolio included approximately $152 million in net premium, distributed across various security categories. Taxable-equivalent premium amortization for these investment securities totaled $12 million for the second quarter of 2025, compared with $14 million in the same prior year period.
For more information regarding our investment securities portfolio, swaps, and related unrealized gains and losses, refer to the “Interest Rate Risk Management” section on page 34, the “Capital Management” section on page 38, and Note 5 of the Notes to Consolidated Financial Statements.

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Municipal Investments and Extensions of Credit
We support our communities by offering a range of financial products and services to state and local governments (“municipalities”), including deposit services, lending, and investment banking services. Additionally, we invest in securities issued by municipal entities. Our municipal lending portfolio generally includes obligations that are repaid from, or secured by, the general funds or pledged revenues of municipalities, as well as by real estate or equipment. It also includes loans extended to private commercial and 501(c)(3) not-for-profit organizations that utilize a pass-through municipal structure to benefit from favorable tax treatment.
The following schedule presents our total investments and extensions of credit to municipalities:
MUNICIPAL INVESTMENTS AND EXTENSIONS OF CREDIT

(In millions) June 30,
2025 December 31,
2024

Loans and leases $ 4,376  $ 4,364 
Unfunded lending commitments 411  524 
Available-for-sale securities 1,036  1,108 
Held-to-maturity securities 286  319 
Trading securities 180  35 
Total
$ 6,289  $ 6,350 

Our municipal loans and securities are primarily concentrated within our geographic footprint. At June 30, 2025, approximately $5 million of municipal loans and leases were on nonaccrual, compared with $11 million at December 31, 2024. These nonaccrual loans were extended to private commercial entities utilizing a pass-through municipal structure to obtain favorable tax treatment.
Municipal securities are internally risk-graded, using methodologies aligned with those applied to loans, with grading frameworks tailored to the size and nature of the credit exposure. These internal risk grades — Pass, Special Mention, and Substandard — are consistent with published regulatory risk classifications. At June 30, 2025, all municipal securities were rated as Pass. For additional information regarding the credit quality of our municipal loans and securities, see Notes 5 and 6 of the Notes to Consolidated Financial Statements.
Loan and Lease Portfolio
We provide a wide range of lending products to commercial customers, primarily small- and medium-sized businesses, as well as other products secured by commercial real estate. Additionally, we provide various retail banking products and services to consumers and small businesses.
The following schedule presents the composition of our loan and lease portfolio:

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LOAN AND LEASE PORTFOLIO

June 30, 2025 December 31, 2024
(Dollar amounts in millions) Amount % of
total loans Amount % of
total loans
Commercial:
Commercial and industrial $ 17,526  28.8  % $ 16,891  28.4  %
Owner-occupied 9,377  15.4  9,333  15.7 
Municipal 4,376  7.2  4,364  7.4 
Leasing 367  0.6  377  0.6 
Total commercial 31,646  52.0  30,965  52.1 
Commercial real estate:
Term 11,186  18.4  10,703  18.0 
Construction and land development 2,425  4.0  2,774  4.7 
Total commercial real estate 13,611  22.4  13,477  22.7 
Consumer:
1-4 family residential 10,431  17.2  9,939  16.7 
Home equity credit line 3,784  6.2  3,641  6.1 
Construction and other consumer real estate 743  1.2  810  1.4 
Bankcard and other revolving plans 496  0.8  457  0.8 
Other 122  0.2  121  0.2 
Total consumer 15,576  25.6  14,968  25.2 
Total loans and leases $ 60,833  100.0  % $ 59,410  100.0  %

During the first six months of 2025, the loan and lease portfolio increased $1.4 billion, or 2%, to $60.8 billion at June 30, 2025. This growth was primarily driven by increases in the commercial and industrial, consumer 1-4 family residential mortgage, and term commercial real estate loan portfolios. The ratio of loans and leases to total assets was 68% at June 30, 2025, compared with 67% at December 31, 2024. Commercial and industrial loans remained the largest loan segment, representing 29% and 28% of total loans for the same respective periods.
At June 30, 2025, total loans and leases included approximately $390 million in loans associated with the four FirstBank Coachella Valley, California branches that we acquired in late March 2025.
Other Noninterest-Bearing Investments
Other noninterest-bearing investments consist of equity investments held primarily for capital appreciation, dividends, or to meet certain regulatory requirements. The following schedule presents our related investments.
OTHER NONINTEREST-BEARING INVESTMENTS

(Dollar amounts in millions) June 30,
2025 December 31,
2024 Amount change Percent change

Bank-owned life insurance $ 567  $ 562  $ 5  1  %
Federal Home Loan Bank stock 258  124  134  NM
Federal Reserve stock 53  65  (12) (18)
Farmer Mac stock 30  28  2  7 
SBIC investments 231  204  27  13 
Other 43  37  6  16 
Total other noninterest-bearing investments $ 1,182  $ 1,020  $ 162  16 

Other noninterest-bearing investments increased $162 million, or 16%, during the first six months of 2025. This increase was primarily due to higher FHLB borrowings, which resulted in an increase in FHLB stock, as we are required to maintain FHLB stock equivalent to approximately 4-5% of our outstanding FHLB borrowings to preserve borrowing capacity. Additionally, our SBIC investment portfolio increased $27 million, largely due to valuation adjustments on related investments. During the second quarter of 2025, we recognized an $11 million

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unrealized gain associated with the successful IPO of one of our SBIC investments, FatPipe, Inc. This investment will continue to be marked to market until our shares, which are subject to a minimum 180-day lock-up period from the IPO, are fully divested.
Premises, Equipment, and Software
In July 2024, we successfully completed the final phase of our multi-year project to replace our core loan and deposit banking systems. As a result, we transitioned substantially all commercial, commercial real estate, and non-mortgage consumer loans, as well as deposit accounts, to a modern, integrated core platform. We continue to invest in additional lending, deposit, and other customer-related technology initiatives aimed at further modernizing our systems, improving customer experiences, and enhancing operational performance.
The following schedule summarizes the capitalized costs associated with the core system replacement project, which are amortized using a useful life of ten years:
CAPITALIZED COSTS ASSOCIATED WITH THE CORE SYSTEM REPLACEMENT PROJECT

June 30, 2025
(In millions) Phase 1 Phase 2 Phase 3 Total

Total amount of capitalized costs, less accumulated amortization $ 12  $ 32  $ 197  $ 241 
End of scheduled amortization period Q2 2027 Q1 2029 Q2 2033

Deposits
Deposits are our primary funding source. The following schedule presents the composition of our deposit portfolio:
DEPOSIT PORTFOLIO

June 30, 2025 December 31, 2024
(Dollar amounts in millions) Amount % of
total
deposits Amount % of
total
deposits
Deposits by type
Noninterest-bearing demand $ 25,413  34.4  % $ 24,704  32.4  %
Interest-bearing:
Savings and money market 38,254  51.8  40,037  52.5 
Time 6,200  8.5  6,448  8.5 
Brokered 3,933  5.3  5,034  6.6 
Total interest-bearing 48,387  65.6  51,519  67.6 
Total deposits $ 73,800  100.0  % $ 76,223  100.0  %
Deposit-related metrics
Estimated amount of insured deposits $ 41,171  56  % $ 41,836  55  %
Estimated amount of uninsured deposits 32,629  44  34,387  45 
Estimated amount of collateralized deposits 1
2,669  4  3,199  4 
Loan-to-deposit ratio 82% 78%

1 Includes both insured and uninsured deposits.
Total deposits declined $2.4 billion, or 3%, from December 31, 2024, primarily driven by a $3.1 billion reduction in interest-bearing deposits. This reduction included decreases of $1.1 billion in brokered deposits and $521 million in reciprocal deposits. The overall decline in total deposits was partially offset by a $709 million increase in noninterest-bearing demand deposits, primarily attributable to the migration of a consumer interest-bearing product into a new noninterest-bearing offering. At June 30, 2025, customer deposits (excluding brokered deposits) totaled $69.9 billion, compared with $71.2 billion at December 31, 2024.
At June 30, 2025, total deposits included approximately $585 million in deposits associated with the four FirstBank Coachella Valley, California branches that we acquired in late March 2025.

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At June 30, 2025, the total estimated amount of uninsured deposits was $32.6 billion, or 44% of total deposits, compared with $34.4 billion, or 45%, at December 31, 2024. The loan-to-deposit ratio was 82%, compared with 78% for the same periods. For additional information on liquidity, including the ratio of available liquidity to uninsured deposits, see “Liquidity Risk Management” on page 37.

RISK MANAGEMENT
Risk management is a core component to our operations and a critical factor in achieving our strategic objectives. We employ various strategies to prudently manage the risks inherent in our business, including credit risk, market and interest rate risk, liquidity risk, strategic and business risk, operational risk, technology risk, cybersecurity risk, capital/financial reporting risk, legal/compliance risk (including regulatory risk), and reputational risk. Oversight of these risks is conducted through various management committees, with the Enterprise Risk Management Committee serving as the focal point. For a more comprehensive discussion of these risks, see “Risk Factors” in our 2024 Form 10-K.
Credit Risk Management
Credit risk is the possibility of loss from the failure of a borrower, guarantor, or another obligor to fully perform under the terms of a credit-related contract. Credit risk arises primarily from our lending activities and off-balance sheet credit instruments.
Our credit policies, credit risk management, and credit examination functions collectively support the oversight of credit risk. We emphasize strong underwriting standards and the early detection of potential problem credits to develop and implement timely action plans, thereby minimizing potential losses. These formal credit policies and procedures provide a framework for consistent underwriting and sound credit decisions at the local banking affiliate level. Our policies include standards for sensitivity and scenario analysis to assess the resilience of borrowers, especially during periods of uncertain or adverse economic conditions. Additionally, we require borrowers to provide evidence of insurance for properties used as collateral, with coverage and levels appropriate to the specific credit.
Our business activity is conducted primarily within the geographic footprint of our banking affiliates. We strive to avoid the risk of undue concentrations of credit in any particular industry, collateral type, location, or with any individual customer or counterparty. For a more comprehensive discussion of our credit risk management, see “Credit Risk Management” in our 2024 Form 10-K.
U.S. Government Agency Guaranteed Loans
We participate in various guaranteed lending programs sponsored by United States (“U.S.”) government agencies, including the U.S. Small Business Administration (“SBA”), Federal Housing Authority, U.S. Department of Veterans Affairs, Export-Import Bank of the U.S., and the U.S. Department of Agriculture. At June 30, 2025, $583 million of related loans were guaranteed, primarily by the SBA.
The following schedule presents the composition of our U.S. government agency guaranteed loans:
U.S. GOVERNMENT AGENCY GUARANTEED LOANS

June 30, 2025 December 31, 2024
(Dollar amounts in millions) Amount Percent
guaranteed Amount Percent
guaranteed

Commercial $ 725  77  % $ 687  78  %
Commercial real estate 28  76  25  76 
Consumer 4  100  4  100 
Total loans $ 757  77  $ 716  78 

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Commercial Lending
The following schedule presents the composition of our commercial lending portfolio:
COMMERCIAL LENDING PORTFOLIO

June 30, 2025 December 31, 2024
(Dollar amounts in millions) Amount % of total 
commercial loans Amount % of total 
commercial loans Amount change Percent change
Commercial:
Commercial and industrial $ 17,526  55.4  % $ 16,891  54.6  % $ 635  3.8  %
Owner-occupied 9,377  29.6  9,333  30.1  44  0.5 
Municipal 4,376  13.8  4,364  14.1  12  0.3 
Leasing 367  1.2  377  1.2  (10) (2.7)
Total commercial $ 31,646  100.0  % $ 30,965  100.0  % $ 681  2.2 

Our commercial loans encompass a diverse range of industries and generally mature within one to five years, with amortization schedules determined by the underlying collateral and guarantees. These loans are typically structured as seasonal, term, working capital, or bridge loans, and are offered as revolving and non-revolving lines of credit, amortizing term loans, guidance facilities, and single-payment loans. They include covenants that require borrowers to provide regular financial reporting to monitor business performance and assess leverage, debt service coverage, and liquidity.
The underwriting process for commercial loans primarily involves analyzing management, financial performance, industry, sponsorship (if applicable), and transaction structure. Credit enhancements are generally provided by collateral and guarantees from the owners or sponsors. Prospective cash flows are subjected to various downside scenario analyses, including revenue decline, margin compression, and interest rate fluctuations.
The following schedule presents the geographic distribution of our commercial lending portfolio, with geographies based on the location of the primary borrower:
COMMERCIAL LENDING BY GEOGRAPHY

June 30, 2025 December 31, 2024
(Dollar amounts in millions) Amount % of
total Nonaccrual loans Amount % of
total Nonaccrual loans

Commercial
Arizona $ 2,223  7.0  % $ 5  $ 2,202  7.1  % $ 5 
California 6,333  20.0  86  6,190  20.0  58 
Colorado 1,766  5.6  5  1,892  6.1  17 
Nevada 1,412  4.5  3  1,336  4.3  11 
Texas 7,652  24.2  29  7,367  23.8  47 
Utah/Idaho 6,570  20.7  13  6,309  20.4  6 
Washington/Oregon 1,443  4.6  16  1,338  4.3  10 
Other 1
4,247  13.4  2  4,331  14.0  4 
Total commercial $ 31,646  100.0  % $ 159  $ 30,965  100.0  % $ 158 

1 No other geography exceeds 2.2% and 2.6% for June 30, 2025 and December 31, 2024, respectively.

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The following schedule presents the industry distribution of our commercial lending portfolio, classified based on the North American Industry Classification System:
COMMERCIAL LENDING BY INDUSTRY

June 30, 2025 December 31, 2024
(Dollar amounts in millions) Amount % of
total Nonaccrual loans Amount % of
total Nonaccrual loans

Real estate, rental and leasing $ 3,257  10.3  % $ 38  $ 3,083  10.0  % $ 7 
Retail trade 2,842  9.0  5  2,873  9.3  7 
Finance and insurance 2,655  8.4  —  2,762  8.9  1 
Healthcare and social assistance 2,423  7.7  7  2,541  8.2  34 
Manufacturing 2,403  7.6  5  2,322  7.5  7 
Wholesale trade 2,081  6.6  1  1,909  6.2  2 
Public administration 2,017  6.4  —  2,106  6.8  — 
Transportation and warehousing 1,645  5.2  8  1,589  5.1  7 
Hospitality and food service 1,553  4.9  5  1,352  4.4  2 
Utilities 1
1,544  4.9  20  1,389  4.5  2 
Construction 1,451  4.6  23  1,335  4.3  26 
Educational services 1,286  4.0  2  1,292  4.2  — 
Other Services (except Public administration) 1,135  3.6  3  1,069  3.4  3 
Mining, quarrying, and oil and gas extraction 1,062  3.3  —  1,178  3.8  — 
Professional, scientific, and technical services 1,048  3.3  7  1,057  3.4  25 
Other 2
3,244  10.2  35  3,108  10.0  35 
Total $ 31,646  100.0  % $ 159  $ 30,965  100.0  % $ 158 

1 Includes primarily utilities, power, and renewable energy.
2 No other industry group exceeds 3.2% and 3.4% for June 30, 2025 and December 31, 2024, respectively.

Commercial Real Estate Lending
The following schedule presents the composition of our commercial real estate lending portfolio:
COMMERCIAL REAL ESTATE LENDING PORTFOLIO

June 30, 2025 December 31, 2024
(Dollar amounts in millions) Amount % of total 
CRE loans Amount % of total 
CRE loans Amount change Percent change
Commercial real estate:
Term $ 11,186  82.2  % $ 10,703  79.4  % $ 483  4.5  %
Construction and land development 2,425  17.8  2,774  20.6  (349) (12.6)
Total commercial real estate $ 13,611  100.0  % $ 13,477  100.0  % $ 134  1.0 

Term CRE loans typically mature within three to seven years and may include full, partial, and non-recourse guarantee structures. Standard term CRE loan structures feature annually tested operating covenants that require loan rebalancing based on minimum debt service coverage, debt yield, or loan-to-value (“LTV”) ratios. Construction and land development loans generally mature in 18 to 36 months and contain full or partial recourse guarantee structures, with one- to five-year extension options or roll-to-permanent options that often convert into term loans.
Underwriting for commercial properties primarily focuses on the economic viability of the project, with significant consideration given to the creditworthiness and experience of the sponsor. We generally require that the owner’s equity be invested prior to any advances. Loan agreements often include remargining requirements (equity infusions required upon a decline in the value or cash flow of the collateral) and sponsor guarantees.

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As part of our disciplined underwriting and collateral evaluation practices, real estate appraisals are typically obtained when extending credit secured by commercial real estate. In some instances, automated valuation services or internal evaluations may be used. Appraisals are ordered and reviewed prior to loan closing, and new appraisals or evaluations are generally initiated when market conditions suggest a potential decline in collateral value, or when a loan is modified, renewed, or demonstrates signs of credit deterioration. CRE LTV ratios are calculated by dividing the outstanding loan balance by the estimated collateral value based on the most recent appraisal. At June 30, 2025, the weighted average LTV ratio for our term CRE portfolio was less than 60%.
For a more comprehensive discussion of CRE loans and our underwriting, see “Commercial Real Estate Loans” in our 2024 Form 10-K.
The following schedule presents the geographic distribution of our commercial real estate lending portfolio, based on the location of the primary collateral.
COMMERCIAL REAL ESTATE LENDING BY GEOGRAPHY

June 30, 2025 December 31, 2024
(Dollar amounts in millions) Amount % of
total Nonaccrual loans Amount % of
total Nonaccrual loans
Commercial real estate
Arizona $ 1,802  13.2  % $ —  $ 1,801  13.4  % $ — 
California 3,739  27.5  50  3,569  26.5  50 
Colorado 689  5.1  —  666  4.9  — 
Nevada 1,060  7.8  —  1,104  8.2  — 
Texas 2,591  19.0  9  2,596  19.2  8 
Utah/Idaho 2,271  16.7  —  2,170  16.1  — 
Washington/Oregon 1,089  8.0  —  1,090  8.1  — 
Other 370  2.7  1  481  3.6  1 
Total commercial real estate $ 13,611  100.0  % $ 60  $ 13,477  100.0  % $ 59 

The following schedule presents our commercial real estate lending portfolio by the type of collateral:
COMMERCIAL REAL ESTATE LENDING BY COLLATERAL TYPE

June 30, 2025 December 31, 2024
(Dollar amounts in millions) Amount % of
total Nonaccrual loans Amount % of
total Nonaccrual loans
Commercial property
Multifamily $ 4,062  29.8  % $ —  $ 4,007  29.7  % $ 1 
Industrial 2,967  21.8  —  2,954  21.9  — 
Office 1,759  12.9  51  1,812  13.5  50 
Retail 1,544  11.3  —  1,533  11.4  — 
Hospitality 656  4.8  9  625  4.6  8 
Land 270  2.0  —  261  1.9  — 
Other 1
1,573  11.7  —  1,644  12.2  — 
Residential property 2

Single family 398  2.9  —  330  2.5  — 
Land 110  0.8  —  110  0.8  — 
Condo/Townhome 17  0.1  —  17  0.1  — 
Other 1
255  1.9  —  184  1.4  — 
Total $ 13,611  100.0  % $ 60  $ 13,477  100.0  % $ 59 

1 Included in the total amount of the “Other” commercial and residential categories was approximately $378 million and $342 million of unsecured loans at June 30, 2025 and December 31, 2024, respectively.
2 Residential property consists primarily of loans provided to commercial homebuilders for land, lot, and single-family housing developments.

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As previously discussed, our commercial real estate lending portfolio is diversified across geography and collateral type, with the largest concentration in multifamily properties. Given investor interest in multifamily, industrial, and office collateral types, we provide additional analysis of these segments of our CRE portfolio below.
Multifamily CRE
At both June 30, 2025 and December 31, 2024, our multifamily CRE loan portfolio totaled $4.0 billion, representing 30% of the total CRE loan portfolio for both periods. Approximately 41% of our multifamily CRE loan portfolio is scheduled to mature within the next 12 months. We believe that substantially all of these borrowers will be able to refinance at maturity through the Bank or other lenders, due to the cash flows from the properties, acceptable LTVs, equity levels, and guarantor support.
The following schedule presents the composition of our multifamily CRE loan portfolio and other related credit quality metrics:
MULTIFAMILY CRE LOAN PORTFOLIO

(Dollar amounts in millions) June 30,
2025 December 31, 2024
Multifamily CRE
Term $ 3,150  $ 2,918 
Construction and land development 912  1,089 
Total multifamily CRE $ 4,062  $ 4,007 
Credit quality metrics
Criticized loan ratio 16.1  % 21.5  %
Classified loan ratio 13.9  % 18.8  %
Nonaccrual loan ratio —  % —  %
Delinquency ratio —  % —  %
Ratio of multifamily CRE net charge-offs (recoveries) to average loans —  % —  %
Ratio of allowance for credit losses to multifamily CRE loans, at period end 1.94  % 2.55  %
Weighted average LTV for multifamily term CRE loans 57  % 57  %

The following schedules present our multifamily CRE loan portfolio, categorized by collateral location for the periods presented:
MULTIFAMILY CRE LOAN PORTFOLIO BY COLLATERAL LOCATION

June 30, 2025
Loan Type
(Dollar amounts in millions) Term Construction and land development Total % of
total Nonaccrual loans
Multifamily CRE
Arizona $ 343  $ 94  $ 437  10.8  % $ — 
California 886  187  1,073  26.4  — 
Colorado 92  107  199  4.9  — 
Nevada 190  69  259  6.4  — 
Texas 898  234  1,132  27.9  — 
Utah/Idaho 402  155  557  13.7  — 
Washington/Oregon 277  66  343  8.4  — 
Other 1
62  —  62  1.5  — 
Total multifamily CRE $ 3,150  $ 912  $ 4,062  100.0  % $ — 

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December 31, 2024
Loan Type
(Dollar amounts in millions) Term Construction and land development Total % of
total Nonaccrual loans
Multifamily CRE
Arizona $ 364  $ 142  $ 506  12.6  % $ — 
California 850  172  1,022  25.5  1 
Colorado 91  101  192  4.8  — 
Nevada 188  99  287  7.2  — 
Texas 808  310  1,118  27.9  — 
Utah/Idaho 320  134  454  11.3  — 
Washington/Oregon 234  130  364  9.1  — 
Other 1
63  1  64  1.6  — 
Total multifamily CRE $ 2,918  $ 1,089  $ 4,007  100.0  % $ 1 

1 Other included $56 million and $55 million of multifamily loans with collateral located in New Mexico at June 30, 2025 and December 31, 2024, respectively.
Industrial CRE
At both June 30, 2025 and December 31, 2024, our industrial CRE loan portfolio totaled $3.0 billion, representing 22% of the total CRE loan portfolio for both periods. Approximately 36% of the industrial CRE loan portfolio is scheduled to mature within the next 12 months. We believe that substantially all of these borrowers will be able to refinance at maturity through the Bank or other lenders, due to the cash flows from the properties, acceptable LTVs, equity levels, and guarantor support.
The following schedule presents the composition of our industrial CRE loan portfolio and other related credit quality metrics:
INDUSTRIAL CRE LOAN PORTFOLIO

(Dollar amounts in millions) June 30,
2025 December 31, 2024
Industrial CRE
Term $ 2,596  $ 2,462 
Construction and land development 371  492 
Total industrial CRE $ 2,967  $ 2,954 
Credit quality metrics
Criticized loan ratio 15.1  % 14.6  %
Classified loan ratio 13.8  % 12.8  %
Nonaccrual loan ratio —  % —  %
Delinquency ratio —  % —  %
Ratio of industrial CRE net charge-offs (recoveries) to average loans —  % —  %
Ratio of allowance for credit losses to industrial CRE loans, at period end 1.55  % 2.30  %
Weighted average LTV for industrial term CRE loans 51  % 53  %

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The following schedules present our industrial CRE loan portfolio, categorized by collateral location for the periods presented:
INDUSTRIAL CRE LOAN PORTFOLIO BY COLLATERAL LOCATION

June 30, 2025
Loan Type
(Dollar amounts in millions) Term Construction and land development Total % of
total Nonaccrual loans
Industrial CRE

Arizona $ 418  $ 12  $ 430  14.5  % $ — 
California 816  122  938  31.6  — 
Colorado 54  5  59  2.0  — 
Nevada 230  50  280  9.4  — 
Texas 439  56  495  16.7  — 
Utah/Idaho 376  96  472  15.9  — 
Washington/Oregon 210  30  240  8.1  — 
Other 1
53  —  53  1.8  — 
Total industrial CRE $ 2,596  $ 371  $ 2,967  100.0  % $ — 

December 31, 2024
Loan Type
(Dollar amounts in millions) Term Construction and land development Total % of
total Nonaccrual loans
Industrial CRE

Arizona $ 374  $ 33  $ 407  13.8  % $ — 
California 730  189  919  31.1  — 
Colorado 58  1  59  2.0  — 
Nevada 241  108  349  11.8  — 
Texas 453  42  495  16.8  — 
Utah/Idaho 350  83  433  14.7  — 
Washington/Oregon 201  36  237  8.0  — 
Other 1
55  —  55  1.8  — 
Total industrial CRE $ 2,462  $ 492  $ 2,954  100.0  % $ — 

1 Other included $31 million of industrial loans with collateral located in Virginia at both June 30, 2025 and December 31, 2024.
Office CRE
At June 30, 2025 and December 31, 2024, our office CRE loan portfolio totaled $1.8 billion, representing 13% of the total CRE loan portfolio for both periods. Approximately 28% of the office CRE loan portfolio is scheduled to mature in the next 12 months. We believe that substantially all of these borrowers will be able to refinance at maturity through the Bank or other lenders, due to the cash flows from the properties, acceptable LTVs, equity levels, and guarantor support.
The following schedule presents the composition of our office CRE loan portfolio and other related credit quality metrics:

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OFFICE CRE LOAN PORTFOLIO

(Dollar amounts in millions) June 30,
2025 December 31, 2024
Office CRE
Term $ 1,744  $ 1,697 
Construction and land development 15  115 
Total office CRE $ 1,759  $ 1,812 
Credit quality metrics
Criticized loan ratio 15.3  % 14.5  %
Classified loan ratio 15.2  % 12.8  %
Nonaccrual loan ratio 2.9  % 2.8  %
Delinquency ratio 1.4  % 1.4  %
Ratio of office CRE net charge-offs (recoveries) to average loans 0.2  % 0.3  %

Ratio of allowance for credit losses to office CRE loans, at period end 3.30  % 3.92  %
Weighted average LTV for office term CRE loans 57  % 56  %

The following schedules present our office CRE loan portfolio, categorized by collateral location for the periods presented:
OFFICE CRE LOAN PORTFOLIO BY COLLATERAL LOCATION

June 30, 2025
Loan Type
(Dollar amounts in millions) Term Construction and land development Total % of
total Nonaccrual loans
Office CRE
Arizona $ 247  $ —  $ 247  14.0  % $ — 
California 320  5  325  18.5  50 
Colorado 60  —  60  3.4  — 
Nevada 92  —  92  5.2  — 
Texas 177  —  177  10.1  1 
Utah/Idaho 495  10  505  28.7  — 
Washington/Oregon 326  —  326  18.5  — 
Other 1
27  —  27  1.6  — 
Total office CRE $ 1,744  $ 15  $ 1,759  100.0  % $ 51 

December 31, 2024
Loan Type
(Dollar amounts in millions) Term Construction and land development Total % of
total Nonaccrual loans
Office CRE
Arizona $ 255  $ —  $ 255  14.1  % $ — 
California 328  38  366  20.2  49 
Colorado 58  —  58  3.2  — 
Nevada 77  11  88  4.9  — 
Texas 186  7  193  10.6  1 
Utah/Idaho 482  34  516  28.5  — 
Washington/Oregon 283  25  308  17.0  — 
Other 1
28  —  28  1.5  — 
Total office CRE $ 1,697  $ 115  $ 1,812  100.0  % $ 50 

1 Other included approximately $16 million and $17 million of office CRE loans with collateral located in Georgia at June 30, 2025 and December 31, 2024, respectively.

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Consumer Lending
The following schedule presents the composition of our consumer lending portfolio:
CONSUMER LENDING PORTFOLIO

June 30, 2025 December 31, 2024
(Dollar amounts in millions) Amount % of total 
consumer loans Amount % of total 
consumer loans Amount change Percent change
Consumer:
1-4 family residential $ 10,431  67.0  % $ 9,939  66.4  % $ 492  5.0  %
Home equity credit line 3,784  24.3  3,641  24.3  143  3.9 
Construction and other consumer real estate 743  4.7  810  5.4  (67) (8.3)
Bankcard and other revolving plans 496  3.2  457  3.1  39  8.5 
Other 122  0.8  121  0.8  1  0.8 
Total consumer $ 15,576  100.0  % $ 14,968  100.0  % $ 608  4.1 

1-4 Family Residential Mortgages
We originate first-lien residential home mortgage loans considered to be of prime quality. At June 30, 2025, our 1-4 family residential mortgage loan portfolio totaled $10.4 billion, representing 67% of our total consumer loan portfolio, compared with $9.9 billion, or 66%, at December 31, 2024. The increase was partly due to the acquisition of consumer loans associated with the purchase of four FirstBank Coachella Valley, California branches in late March 2025.
At June 30, 2025 and December 31, 2024, approximately 89% and 90%, respectively, of our 1-4 family residential mortgage loan portfolio consisted of variable-rate loans. We generally retain variable-rate loans in our loan portfolio and sell conforming fixed-rate loans to third parties, including the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. In connection with these sales, we provide customary representations and warranties affirming that the loans satisfy specified underwriting standards and collateral documentation requirements.
Home Equity Credit Lines
We also originate home equity credit lines (“HECLs”). At June 30, 2025 and December 31, 2024, our HECL portfolio totaled $3.8 billion and $3.6 billion, respectively. Approximately 35% and 37% of our HECLs were secured by first liens for the same respective time periods.
At June 30, 2025, loans representing less than 1% of the outstanding balance in the HECL portfolio were estimated to have combined loan-to-value (“CLTV”) ratios above 100%. An estimated CLTV ratio is the ratio of our loan plus any prior lien amounts divided by the estimated current collateral value. At origination, underwriting standards for the HECL portfolio generally include a maximum 80% CLTV with a Fair Isaac Corporation (“FICO”) credit score greater than 700.
At June 30, 2025, approximately 93% of our HECL portfolio was still in the draw period, and about 22% of those loans were scheduled to begin amortizing within the next five years. We believe the risk of loss and borrower default in the event of a loan becoming fully amortizing and the effect of significant interest rate changes is low, given the rate shock analysis performed at origination. The ratio of HECL net charge-offs (recoveries) for the trailing twelve months to average balances at June 30, 2025 and December 31, 2024, was 0.01% and 0.00%, respectively. For additional information on the credit quality of our HECL portfolio, see Note 6 of the Notes to Consolidated Financial Statements.

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The following schedule presents the geographic distribution of our consumer lending portfolio, based on the location of the primary borrower.
CONSUMER LENDING BY GEOGRAPHY

June 30, 2025 December 31, 2024
(Dollar amounts in millions) Amount % of
total Nonaccrual loans Amount % of
total Nonaccrual loans
Consumer
Arizona $ 1,427  9.2  % $ 6  $ 1,365  9.1  % $ 5 
California 3,531  22.7  17  3,159  21.1  14 
Colorado 1,383  8.9  7  1,353  9.1  7 
Nevada 1,337  8.5  11  1,328  8.9  10 
Texas 3,674  23.6  24  3,657  24.4  25 
Utah/Idaho 3,505  22.5  18  3,430  22.9  14 
Washington/Oregon 283  1.8  3  237  1.6  — 
Other 436  2.8  3  439  2.9  5 
Total consumer $ 15,576  100.0  % $ 89  $ 14,968  100.0  % $ 80 

Credit Quality
We monitor credit quality by analyzing various factors, including nonperforming status, internal risk grades, and net charge-offs, all of which are used in our overall evaluation of the adequacy of our ACL. For more information on these factors and the ACL, see Note 6 of the Notes to Consolidated Financial Statements.
Nonperforming Assets
Nonperforming assets include nonaccrual loans and other real estate owned (“OREO”), or foreclosed properties. The following schedule presents the composition of our nonperforming assets:
NONPERFORMING ASSETS

(Dollar amounts in millions) June 30,
2025 December 31,
2024

Nonaccrual loans 1
$ 308  $ 297 
Other real estate owned 2
5  1 
Total nonperforming assets $ 313  $ 298 
Ratio of nonperforming assets to net loans and leases 1 and other real estate owned 2
0.51  % 0.50  %
Accruing loans past due 90 days or more $ 4  $ 18 
Ratio of accruing loans past due 90 days or more to loans and leases 1
0.01  % 0.03  %
Nonaccrual loans 1 and accruing loans past due 90 days or more
$ 312  $ 315 
Ratio of nonperforming assets 1 and accruing loans past due 90 days or more to loans and leases 1 and other real estate owned 2
0.52  % 0.53  %
Accruing loans past due 30-89 days $ 57  $ 57 

1 Includes loans held for sale.
2 Does not include banking premises held for sale.
Nonperforming assets totaled $313 million, or 0.51% of total loans and leases and other real estate owned at June 30, 2025, and increased when compared with $298 million, or 0.50%, at December 31, 2024. For more information about nonaccrual loans, see Note 6 of the Notes to Consolidated Financial Statements.

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Classified Loans
Classified loans are considered loans with well-defined weaknesses and are assigned using our internal risk grade definitions of substandard and doubtful, which are consistent with regulatory risk classifications. The following schedule presents our classified loans by loan segment:
CLASSIFIED LOANS

(Dollar amounts in millions) June 30,
2025 December 31,
2024

Commercial
$ 1,115  $ 1,130 
Commercial real estate 1,480  1,651 
Consumer 102  89 
Total classified loans $ 2,697  $ 2,870 
Ratio of classified loans to total loans and leases 4.43  % 4.83  %

Classified loans totaled $2.7 billion and decreased $173 million when compared with December 31, 2024. Approximately 55% of our classified loans are in the CRE loan portfolio. The loss content of our CRE loan portfolio continues to be mitigated by strong underwriting, supported by significant borrower equity and guarantor support, resulting in relatively stable CRE nonperforming assets and low net loan charge-offs.
Allowance for Credit Losses
The ACL, which consists of the ALLL and the 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.
We estimate current expected credit losses by incorporating historical credit loss experience, prevailing economic conditions, and economic forecasts, which collectively inform the quantitative component of our ACL. Additionally, we consider qualitative and environmental factors that may indicate actual losses could differ from levels estimated by our quantitative models. The impact of these factors on our ACL may vary from quarter to quarter. Because economic forecasts may not always align with observed credit quality trends, changes in the ACL may not necessarily correspond directionally with changes in credit quality.
During the first six months of 2025, the qualitative portion of the ACL decreased primarily due to portfolio-specific risks. This led us to assign lesser weight to stressed economic assumptions for certain portfolios, particularly CRE.
For additional information on the ACL and credit trends experienced in each portfolio segment, see “The Allowance and Provision for Credit Losses” section on page 13 and Note 6 of the Notes to Consolidated Financial Statements.

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The following schedule presents the components of the ACL and credit-related balances and metrics:
ACL AND CREDIT-RELATED BALANCES AND METRICS

(Dollar amounts in millions) Six Months Ended
June 30, 2025 Twelve Months Ended
December 31, 2024 Six Months Ended
June 30, 2024

Loans and leases outstanding $ 60,833  $ 59,410  $ 58,415 
Average loans and leases outstanding:
Commercial 31,209  30,671  30,494 
Commercial real estate 13,585  13,532  13,546 
Consumer 15,256  14,344  14,060 
Total average loans and leases outstanding $ 60,050  $ 58,547  $ 58,100 
Allowance for loan and lease losses:
Balance at beginning of period $ 696  $ 684  $ 684 
Provision for loan losses 20  72  33 
Charge-offs:
Commercial 31  68  18 
Commercial real estate 1  11  11 
Consumer 8  12  6 
Total 40  91  35 
Recoveries:
Commercial 12  23  10 
Commercial real estate —  3  1 
Consumer 2  5  3 
Total 14  31  14 
Net loan and lease charge-offs 26  60  21 
Balance at end of period $ 690  $ 696  $ 696 
Reserve for unfunded lending commitments:
Balance at beginning of period $ 45  $ 45  $ 45 
Provision for unfunded lending commitments (3) —  (15)
Balance at end of period $ 42  $ 45  $ 30 
Total allowance for credit losses:
Allowance for loan and lease losses $ 690  $ 696  $ 696 
Reserve for unfunded lending commitments 42  45  30 
Total allowance for credit losses $ 732  $ 741  $ 726 

Ratio of allowance for credit losses to net loans and leases, at period end 1.20  % 1.25  % 1.24  %
Ratio of allowance for credit losses to nonaccrual loans, at period end 238  % 249  % 278  %
Ratio of allowance for credit losses to nonaccrual loans and accruing loans past due 90 days or more, at period end 235  % 235  % 272  %
Ratio of total net charge-offs to average loans and leases 1
0.09  % 0.10  % 0.07  %
Ratio of commercial net charge-offs to average commercial loans 1
0.12  % 0.15  % 0.05  %
Ratio of commercial real estate net charge-offs to average commercial real estate loans 1
0.01  % 0.06  % 0.15  %
Ratio of consumer net charge-offs to average consumer loans 1
0.08  % 0.05  % 0.04  %

1 Ratios are annualized for the periods presented except for the period representing the full twelve months.

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Interest Rate and Market Risk Management
Interest rate and market risk refer to the potential for adverse impacts on current or future earnings and capital arising from changes in interest rates and other market conditions. Given our involvement in transactions with a broad range of financial instruments, we are inherently exposed to these risks. For more information regarding our interest rate and market risk management practices, see “Interest Rate and Market Risk Management” in our 2024 Form 10-K.
We actively manage our exposure to interest rate fluctuations by positioning the balance sheet to reduce volatility in both net interest income and the economic value of equity (“EVE”). Given that a significant portion of our balance sheet funding is derived from non-maturity deposit products, we rely on behavioral models and assumptions to forecast the sensitivity of earnings to interest rate movements. These models and assumptions are subject to ongoing performance monitoring.
When observed deposit behavior diverges from model expectations, the models are updated accordingly, with greater emphasis placed on recently observed behavior. All model changes are independently reviewed by our Model Risk Management function.
Our deposit-behavior models incorporate assumptions about the correlation between the rates paid on interest-bearing deposits and fluctuations in average benchmark interest rates. This is commonly referred to as “deposit beta.” Certificates of deposit are typically modeled with a higher degree of correlation, whereas interest-bearing checking accounts are assumed to exhibit a lower sensitivity to rate changes.
Many consumer and business deposit accounts have historically demonstrated stability and limited sensitivity to rate changes, resulting in a longer duration relative to our loan portfolio. As a result, our balance sheet has typically been “asset-sensitive,” meaning that assets are expected to reprice more quickly or more significantly than our liabilities. Measures of asset sensitivity are particularly influenced by changes in deposit modeling assumptions.
To manage interest rate risk, we regularly employ a combination of interest rate swaps, investments in fixed-rate securities, and funding strategies. Collectively, these tools help moderate the expected sensitivity of net interest income and EVE to changes in interest rates.
The following schedule presents deposit duration assumptions discussed previously:
DEPOSIT ASSUMPTIONS

June 30, 2025 December 31, 2024
Product Effective duration
(-200 bps) Effective duration (unchanged) Effective duration
(+200 bps) Effective duration
(-200 bps) Effective duration (unchanged) Effective duration
(+200 bps)

Demand deposits 4.4% 3.8% 3.3% 4.2% 3.5% 2.9%
Money market 2.2% 1.7% 1.5% 1.9% 1.6% 1.4%
Savings and interest-bearing checking 2.4% 2.0% 1.8% 2.1% 1.8% 1.6%

As previously disclosed, we utilize derivative instruments to manage interest rate risk. The following schedule presents derivatives designated in qualifying hedging relationships at June 30, 2025. It includes the average outstanding derivative notional amounts for each reporting period presented and the weighted-average fixed rates paid or received across cash flow and fair value hedge categories. For more information regarding our hedge accounting strategies and the impact of these hedging relationships on interest income and expense, see Note 7 of the Notes to Consolidated Financial Statements.

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DERIVATIVES DESIGNATED IN QUALIFYING HEDGING RELATIONSHIPS

2025 2026 2027 3Q27 - 2Q28 3Q28 - 2Q29
(Dollar amounts in millions) Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter
Cash flow hedges
Cash flow hedges of assets 1

Average outstanding notional $ 750 $ 700 $ 533 $ 500 $ 500 $ 500 $ 433 $ 400 $ 358 $ 192
Weighted-average fixed-rate received 3.17  % 3.17  % 3.35  % 3.45  % 3.45  % 3.45  % 3.75  % 3.90  % 3.86  % 3.81  %

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Fair value hedges
Fair value hedges of debt 2

Average outstanding notional $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500
Weighted-average fixed-rate received 3.93  % 3.93  % 3.93  % 3.93  % 3.93  % 3.93  % 3.93  % 3.93  % 3.93  % 3.93  %
Fair value hedges of assets 3

Average outstanding notional $ 5,165 $ 5,162 $ 5,158 $ 3,695 $ 2,315 $ 1,727 $ 1,537 $ 1,426 $ 1,373 $ 1,192
Weighted-average fixed-rate paid 3.29  % 3.29  % 3.29  % 3.10  % 2.85  % 2.62  % 2.53  % 2.48  % 2.46  % 2.58  %

1 Cash flow hedges of assets consist of receive-fixed swaps hedging pools of floating-rate loans.
2 Fair value debt hedges consist of receive-fixed swaps that hedge fixed-rate subordinated debt.
3 Fair value asset hedges consist of pay-fixed swaps that hedge fixed-rate AFS securities and fixed-rate commercial loans.
At June 30, 2025, we had $60 million of net losses deferred in accumulated other comprehensive income (“AOCI”) related to terminated cash flow hedges. These deferred amounts are amortized into interest income on a straight-line basis over the original maturity periods of the respective hedges, provided the forecasted transactions are expected to occur. For more information regarding amounts deferred in AOCI from terminated cash flow hedges, see “Interest Rate and Market Risk Management” in our 2024 Form 10-K.
Earnings at Risk (EaR) and Economic Value of Equity (EVE)
Incorporating our deposit assumptions and the impact of derivatives designated in qualifying hedging relationships, the following schedule presents our earnings at risk (“EaR”), defined as the percentage change in projected 12-month net interest income, and the estimated percentage change in EVE. Both EaR and EVE are based on a static balance sheet and reflect instantaneous, parallel shifts in interest rates ranging from -200 to +200 bps. These metrics are intended to illustrate the sensitivity of net interest income and equity value to changes in interest rates across a range of scenarios and should not be interpreted as forecasts of expected net interest income.
INCOME SIMULATION – CHANGE IN NET INTEREST INCOME AND CHANGE IN ECONOMIC VALUE OF EQUITY

June 30, 2025 December 31, 2024
Parallel shift in rates (in bps)
Parallel shift in rates (in bps)

Repricing scenario -200 -100 0 +100 +200 -200 -100 0 +100 +200

Earnings at Risk
(EaR)
(8.7) % (4.4) % —  % 4.2  % 8.3  % (8.9) % (4.5) % —  % 4.4  % 8.7  %
Economic Value of Equity
(EVE)
(0.3) % 0.1  % —  % (1.0) % (2.6) % 0.1  % 0.6  % —  % (1.7) % (3.6) %

Asset sensitivity, as measured by EaR, declined during the first six months of 2025, primarily due to a reduction in deposit balances. Under our current deposit assumptions, interest rate risk remains within established policy limits. For interest-bearing deposits with indeterminable maturities, the weighted average modeled beta was 47%.

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Prepayment assumptions play a critical role in the management of interest rate risk. Certain assets within our portfolio, such as 1-4 family residential mortgages and mortgage-backed securities, are subject to borrower-driven prepayments, which can significantly affect projected cash flows. At June 30, 2025 and December 31, 2024, estimated lifetime prepayment speeds for loans were 14.1% and 13.7%, respectively, reflecting accelerated prepayments triggered by rate resets on adjustable-rate loans. For mortgage-backed securities, estimated prepayment speeds were 7.1% and 7.0% for the same respective periods.
Our EaR analysis primarily evaluates the impact of parallel rate shocks across the term structure of benchmark interest rates. Additionally, we perform non-parallel rate shock scenarios to identify potential risks that may not be captured under parallel rate assumptions. In these non-parallel rate scenarios, the most significant effects on EaR typically stem from movements in short-term interest rates.
EaR has inherent limitations in capturing anticipated changes in net interest income in changing interest rate environments, primarily due to timing mismatches in the repricing behavior of assets and liabilities. To address this, we provide measures of “latent” and “emergent” interest rate sensitivity, which compare current-quarter net interest income with projected net interest income for the same quarter one year forward. Unlike EaR, which assesses net interest income variability over a 12-month horizon, latent and emergent sensitivity metrics provide additional insight into near-term earnings dynamics amid changing rate conditions. As previously noted, these measures are intended to illustrate the sensitivity of net interest income and equity value to changes in interest rates across a range of scenarios and should not be interpreted as forecasts of expected net interest income.
Latent interest rate sensitivity captures anticipated changes in net interest income driven by prior interest rate movements that have not yet been fully reflected in current revenue but are expected to materialize in the near term based on the current yield curve and a static balance sheet. Latent sensitivity is projected to increase net interest income by approximately 9.9% in the second quarter of 2026, compared with the second quarter of 2025.
Emergent interest rate sensitivity reflects the projected, incremental changes in net interest income resulting from future interest rate movements, measured relative to the latent level of net interest income. Assuming interest rates follow the forward curve as of July 9, 2025, emergent sensitivity is modeled to reduce net interest income by approximately 5.8% from the latent level, yielding a cumulative increase of 4.1% in net interest income. Under a parallel interest rate shock of +/- 100 bps to the implied forward rate path, cumulative net interest income sensitivity is projected to range between 0.3% and 6.1%.
Our strategic focus on business banking plays a significant role in our asset-liability management approach. At June 30, 2025, $28.9 billion of commercial and CRE loans were scheduled to reprice within the next six months. To manage the interest rate exposure associated with these variable-rate loans, we executed $750 million in cash flow hedges by receiving fixed rates through interest rate swaps. Additionally, at June 30, 2025, $4.4 billion in variable-rate consumer loans were also scheduled to reprice within the same timeframe. The impact of interest rate floors on asset sensitivity for both commercial and consumer loan portfolios is currently insignificant in the higher interest rate environment. For additional information regarding derivative instruments, see Notes 3 and 7 of the Notes to Consolidated Financial Statements.
Fixed Income
We are subject to market risk arising from fluctuations in the fair value of financial instruments, including trading securities and interest rate swaps used to hedge interest rate exposure. Our underwriting activities include municipal and corporate securities, and we actively trade in municipal, agency, and U.S. Treasury securities. These activities expose us to potential losses resulting from adverse price movements in fixed-income markets.
Changes in the fair value of AFS securities and interest rate swaps that qualify as cash flow hedges are recognized in AOCI each reporting period. For additional information on investment securities and AOCI, refer to the “Capital Management” section on page 38. For more information on the accounting treatment of investment securities, see Note 5 of the Notes to Consolidated Financial Statements.

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Equity Investments
Through our equity investment activities, we hold both publicly traded equity securities and non-marketable equity securities in governmental entities and institutions, such as the FRB and the FHLB. For more information regarding our equity investments, see “Interest Rate and Market Risk Management” in our 2024 Form 10-K.
We hold investments primarily in pre-public companies, largely through a variety of SBIC funds. This investment strategy is designed to support the financing, growth, and expansion of diverse businesses, generally within our geographic footprint. At June 30, 2025 and December 31, 2024, our equity exposure to these investments totaled approximately $231 million and $204 million, respectively.
From time to time, companies within our SBIC portfolio may complete an IPO, which introduces additional market risk due to post-IPO lock-up restrictions. During the second quarter of 2025, one of our SBIC investments, FatPipe, Inc., successfully completed an IPO. This investment will be marked-to-market until our shares, which are subject to a minimum 180-day lock-up period from the IPO, are fully divested. For more information regarding the valuation of our SBIC investments, see Note 3 of the Notes to Consolidated Financial Statements.

Liquidity Risk Management
Liquidity refers to our ability to meet cash, contractual, and collateral obligations while effectively managing both anticipated and unanticipated cash flow requirements without negatively impacting our operations or financial strength. We manage liquidity to provide funding for customer credit needs, financial and contractual commitments, and other corporate activities. Our primary sources of liquidity include deposits, borrowings, equity, and the repayment or sale of assets such as loans and investment securities. Investment securities are primarily held as a source of contingent liquidity and are generally comprised of instruments that can be readily converted to cash through secured borrowing arrangements, with the securities pledged as collateral. For more information on our liquidity risk management practices, see “Liquidity Risk Management” in our 2024 Form 10-K.
For the first six months of 2025, the primary sources of cash included an increase in short-term borrowings, a decrease in money market investments, and a decrease in investment securities. The primary uses of cash during the same period included a decrease in deposits and an increase in loans and leases. Cash payments for interest, reflected in operating expenses, totaled $829 million and $940 million for the first six months of 2025 and 2024, respectively.
The FHLB and FRB continue to serve as key 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 requirements. To maintain our borrowing capacity, we are required to maintain investments in both FHLB and FRB stock. At June 30, 2025, our total investment in FHLB and FRB stock was $258 million and $53 million, respectively, compared with $124 million and $65 million at December 31, 2024.
At June 30, 2025, loans with a carrying value of $24.9 billion and $16.7 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 June 30, 2025 and December 31, 2024, investment securities with carrying values of $17.7 billion and $17.9 billion, respectively, were pledged as collateral to support potential borrowings. These pledged securities included $8.6 billion and $8.7 billion, respectively, designated for available use through the Fixed Income Clearing Corporation's General Collateral Finance (“GCF”) program and other repo programs; $4.6 billion and $4.7 billion pledged to the FRB and FHLB; and $4.5 billion for both periods pledged to secure public and trust deposits, advances, and other collateralized obligations.
A significant portion of these pledged assets are unencumbered, but are pledged to provide immediate access to contingency sources of funds. The following schedule presents our total available liquidity including unused collateralized borrowing capacity:

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AVAILABLE LIQUIDITY

June 30, 2025 December 31, 2024
(Dollar amounts in billions) FHLB FRB 1
GCF 2
Total FHLB FRB 1
GCF 2
Total

Total borrowing capacity $ 15.5  $ 17.4  $ 8.6  $ 41.5  $ 14.6  $ 17.7  $ 8.6  $ 40.9 
Borrowings outstanding 5.5  —  —  5.5  2.6  —  0.3  2.9 
Remaining capacity, at period end $ 10.0  $ 17.4  $ 8.6  $ 36.0  $ 12.0  $ 17.7  $ 8.3  $ 38.0 

Cash and due from banks $ 0.8  $ 0.7 
Interest-bearing deposits 3
1.8  2.9 
Total available liquidity $ 38.6  $ 41.6 
Ratio of available liquidity to uninsured deposits 118% 121%

1 Represents borrowing capacity and borrowings outstanding at the Federal Reserve Bank discount window.
2 Includes $865 million and $915 million pledged for available use through other repo programs for the periods presented.
3 Represents funds deposited by the Bank primarily at the Federal Reserve Bank.
At June 30, 2025, our total available liquidity was $38.6 billion, compared with $41.6 billion at December 31, 2024. At June 30, 2025, our sources of liquidity exceeded the estimated amount of uninsured deposits of $32.6 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.
The following schedule presents our credit ratings:

CREDIT RATINGS
as of July 31, 2025:
Rating agency Outlook  Long-term issuer/senior
debt rating Subordinated debt rating Short-term debt rating

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

Capital Management
A strong capital position is essential to achieve our key corporate objectives, ensure continued profitability, and foster depositor and investor confidence. We strive to (1) maintain sufficient capital to support the current needs and growth of our businesses, consistent with our assessment of their potential to create value for shareholders, and (2) fulfill our responsibilities to depositors and bondholders while 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 amount of capital actions depend on various factors, including our financial performance, business needs, prevailing and anticipated economic conditions, and the results of our internal stress testing, as well as approval from the Board of Directors (“Board”) and the Office of the Comptroller of the Currency (“OCC”). Shares may be repurchased occasionally in the open market or through privately negotiated transactions. For a more comprehensive discussion of our capital risk management, see “Capital Management” in our 2024 Form 10-K.

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SHAREHOLDERS' EQUITY

(Dollar amounts in millions) June 30,
2025 December 31,
2024 Amount change Percent change
Shareholders’ equity:
Preferred stock
$ 66  $ 66  $ —  —  %
Common stock and additional paid-in capital
1,713  1,737  (24) (1)
Retained earnings
6,981  6,701  280  4 
Accumulated other comprehensive loss (2,164) (2,380) 216  9 
Total shareholders' equity $ 6,596  $ 6,124  $ 472  8 

Total shareholders’ equity increased $472 million, or 8%, to $6.6 billion at June 30, 2025, compared with $6.1 billion at December 31, 2024. Common stock and additional paid-in capital decreased $24 million, primarily due to common stock repurchases. During the first quarter of 2025, we repurchased 0.8 million common shares outstanding for $41 million, which includes common shares acquired through our publicly announced plans and those acquired in connection with our stock compensation plan.
At June 30, 2025, the AOCI balance reflected a net loss of $2.2 billion, primarily attributable to a decline in the fair value of fixed-rate AFS securities driven by changes in interest rates. This amount includes $1.7 billion ($1.3 billion after tax) of unrealized losses associated with securities previously transferred from AFS to held-to-maturity (“HTM”). Compared with December 31, 2024, AOCI improved $216 million, primarily due to $92 million related to paydowns on AFS securities, and $90 million in unrealized loss amortization associated with the securities transferred from AFS to HTM. Additionally, AOCI was impacted by a $34 million decrease in unrealized losses and other adjustments associated with derivative instruments used for risk management purposes. The improvement in AOCI had a positive impact on our tangible book value per common share. We use pay-fixed, receive-floating interest rate swaps designated as hedges of our AFS 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 with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are currently excluded from regulatory capital, and therefore do not impact our regulatory ratios. For more information on our investment securities portfolio and related unrealized gains and losses, see Note 5 of the Notes to Consolidated Financial Statements.
CAPITAL DISTRIBUTIONS

Three Months Ended
June 30, Six Months Ended
June 30,
(In millions, except share amounts) 2025 2024 2025 2024
Capital distributions:
Preferred dividends paid $ 1 $ 11 $ 2 $ 21

Total capital distributed to preferred shareholders 1 11 2 21
Common dividends paid 64 61 129 122
Bank common stock repurchased 1
— — 41 35
Total capital distributed to common shareholders 64 61 170 157
Total capital distributed to preferred and common shareholders $ 65 $ 72 $ 172 $ 178
Weighted average diluted common shares outstanding (in thousands)
147,053  147,120  147,210  147,231 
Common shares outstanding, at period end (in thousands) 147,603  147,684  147,603  147,684 

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

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OCC to exceed this threshold. As of July 1, 2025, we had $1.2 billion in retained net profits available for distribution.
During the second quarter of 2025, we paid $1 million in dividends on preferred stock, compared with $11 million during the same prior year period. The decrease was due to the full redemption of the outstanding shares of our Series G, I, and J preferred stock in the fourth quarter of 2024.
During the second quarter of 2025, we paid $64 million in dividends on common stock, or $0.43 per share, compared with $61 million, or $0.41 per share, during the second quarter of 2024. In August 2025, the Board declared a quarterly dividend of $0.45 per common share, payable on August 21, 2025 to shareholders of record at the close of business on August 14, 2025. For additional information about our capital management actions, see Note 9 of the Notes to Consolidated Financial Statements.
Basel III
We are subject to Basel III capital requirements, which include certain minimum regulatory capital ratios. At June 30, 2025, we exceeded all capital adequacy requirements under the Basel III capital rules. Based on our internal stress testing and other assessments of capital adequacy, we believe our capital levels sufficiently exceed both internal and regulatory requirements for well-capitalized banks. For more information about our compliance with the Basel III capital requirements, see “Supervision and Regulation” and Note 15 of our 2024 Form 10-K.
The following schedule presents our capital amounts, capital ratios, and other selected performance ratios:
CAPITAL AMOUNTS AND RATIOS

(Dollar amounts in millions) June 30,
2025 December 31,
2024 June 30,
2024
Basel III risk-based capital amounts:

Common equity tier 1 capital $ 7,570  $ 7,363  $ 7,057 
Tier 1 risk-based 7,637  7,430  7,496 
Total risk-based 9,243  9,026  8,747 
Risk-weighted assets 69,026  67,685  66,885 
Basel III risk-based capital ratios:
Common equity tier 1 capital ratio 11.0  % 10.9  % 10.6  %
Tier 1 risk-based ratio 11.1  11.0  11.2 
Total risk-based ratio 13.4  13.3  13.1 
Tier 1 leverage ratio 8.5  8.3  8.5 
Other ratios:
Average equity to average assets (three months ended) 7.1  % 7.2  % 6.6  %
Return on average common equity (three months ended) 15.3  13.2  14.0 
Return on average tangible common equity (three months ended) 1
18.7  16.0  17.5 
Tangible equity ratio 1
6.3  5.8  5.7 
Tangible common equity ratio 1
6.2  5.7  5.2 

1 See “Non-GAAP Financial Measures” on page 40 for more information regarding these ratios.
At June 30, 2025, our common equity tier 1 (“CET1”) capital totaled $7.6 billion, an increase of 7%, compared with $7.1 billion in the prior year period. The CET1 capital ratio improved to 11.0%, compared with 10.6%. Tangible book value per common share increased to $36.81, compared with $30.67, primarily driven by higher retained earnings and a reduction in unrealized losses within AOCI. See the section below for more information regarding non-GAAP financial measures.

NON-GAAP FINANCIAL MEASURES
This Form 10-Q presents non-GAAP financial measures, in addition to generally accepted accounting principles (“GAAP”) financial measures. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. We consider these adjustments to be relevant to ongoing operating results and provide a meaningful basis for period-to-period comparisons. We use

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these non-GAAP financial measures to assess our performance and financial position. We believe that presenting these non-GAAP financial measures allows investors to assess our performance on the same basis as that applied by our management and the financial services industry.
Non-GAAP financial measures have inherent limitations and are not necessarily comparable to similar financial measures that may be presented by other financial services companies. Although non-GAAP financial measures are frequently used by stakeholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.
Tangible Common Equity and Related Measures
Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization. We believe these non-GAAP measures provide useful information about our use of shareholders’ equity and provide a basis for evaluating the performance of a business more consistently, whether acquired or developed internally.
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

Three Months Ended
(Dollar amounts in millions) June 30,
2025 March 31,
2025 June 30,
2024

Net earnings applicable to common shareholders (GAAP)
$ 243  $ 169  $ 190 
Adjustment, net of tax:
Amortization of core deposit and other intangibles 2  1  1 
Net earnings applicable to common shareholders, net of tax
(a) $ 245  $ 170  $ 191 
Average common equity (GAAP) $ 6,357  $ 6,182  $ 5,450 
Average goodwill and intangibles (1,097) (1,052) (1,056)

Average tangible common equity (non-GAAP) (b) $ 5,260  $ 5,130  $ 4,394 
Number of days in quarter (c) 91  90  91 
Number of days in year (d) 365  365  366 
Return on average tangible common equity (non-GAAP) 1
(a/b/c)*d 18.7  % 13.4  % 17.5  %

1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 13.1%, 9.2%, and 10.9% 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 shares and per share amounts) June 30,
2025 March 31,
2025 June 30,
2024

Total shareholders’ equity (GAAP) $ 6,596  $ 6,327  $ 6,025 
Goodwill and intangibles (1,096) (1,104) (1,055)

Tangible equity (non-GAAP) (a) 5,500  5,223  4,970 
Preferred stock (66) (66) (440)
Tangible common equity (non-GAAP) (b) $ 5,434  $ 5,157  $ 4,530 
Total assets (GAAP) $ 88,893  $ 87,992  $ 87,606 
Goodwill and intangibles (1,096) (1,104) (1,055)

Tangible assets (non-GAAP) (c) $ 87,797  $ 86,888  $ 86,551 
Common shares outstanding (in thousands) (d) 147,603  147,567  147,684 
Tangible equity ratio (non-GAAP) (a/c) 6.3  % 6.0  % 5.7  %
Tangible common equity ratio (non-GAAP) (b/c) 6.2  % 5.9  % 5.2  %
Tangible book value per common share (non-GAAP) (b/d) $ 36.81  $ 34.95  $ 30.67 

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Efficiency Ratio and Adjusted Pre-Provision Net Revenue
The efficiency ratio is a measure of operating expense relative to revenue. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. We make adjustments to exclude certain items that are not generally expected to recur frequently, as identified in the subsequent schedule. We believe these adjustments allow for more consistent comparability across periods. Adjusted noninterest expense provides a measure as to how we are managing our expenses. Adjusted pre-provision net revenue enables management and others to assess our ability to generate capital. Taxable-equivalent net interest income allows us to assess the comparability of revenue arising from both taxable and tax-exempt sources.
EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)

Three Months Ended Six Months Ended Year Ended
(Dollar amounts in millions) June 30,
2025 March 31,
2025 June 30,
2024 June 30,
2025 June 30,
2024 December 31,
2024

Noninterest expense (GAAP) (a) $ 527  $ 538  $ 509  $ 1,065  $ 1,035  $ 2,046 
Adjustments:
Severance costs
2  3  1  5  1  3 
Other real estate expense, net
—  —  (1) —  (1) (1)

Amortization of core deposit and other intangibles
2  2  1  4  3  7 

SBIC investment success fee accrual 2  —  1  2  1  1 
FDIC special assessment —  —  1  —  14  11 
Total adjustments
(b) 6  5  3  11  18  21 
Adjusted noninterest expense (non-GAAP)
(c)=(a-b) $ 521  $ 533  $ 506  $ 1,054  $ 1,017  $ 2,025 
Net interest income (GAAP) (d) $ 648  $ 624  $ 597  $ 1,272  $ 1,183  $ 2,430 
Fully taxable-equivalent adjustments
(e) 13  11  11  24  21  45 
Taxable-equivalent net interest income (non-GAAP)
(f)=(d+e) 661  635  608  1,296  1,204  2,475 
Noninterest income (GAAP) g 190  171  179  361  335  700 
Combined income (non-GAAP)
(h)=(f+g) 851  806  787  1,657  1,539  3,175 
Adjustments:
Fair value and nonhedge derivative income (loss) 1
—  —  (1) —  —  — 
Securities gains (losses), net
14  6  4  20  2  19 
Total adjustments
(i) 14  6  3  20  2  19 
Adjusted taxable-equivalent revenue (non-GAAP)
(j)=(h-i) $ 837  $ 800  $ 784  $ 1,637  $ 1,537  $ 3,156 
Pre-provision net revenue (non-GAAP)
(h)-(a) $ 324  $ 268  $ 278  $ 592  $ 504  $ 1,129 
Adjusted PPNR (non-GAAP) (j)-(c) 316  267  278  583  520  1,131 
Efficiency ratio (non-GAAP) 2
(c/j) 62.2  % 66.6  % 64.5  % 64.4  % 66.2  % 64.2  %

1 Effective the first quarter of 2025, fair value and nonhedge derivative income (loss) is included in capital markets fees and income.
2 Excluding both the $9 million gain on sale of our Enterprise Retirement Solutions business and the $4 million gain on sale of a bank-owned property (recorded in dividends and other income), the efficiency ratio for the three and six months ended June 30, 2024 would have been 65.6% and 66.7%, respectively, and the efficiency ratio for the year ended December 31, 2024 would have been 64.4%.

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ITEM 1.    FINANCIAL STATEMENTS (Unaudited)

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands) June 30,
2025 December 31,
2024
(Unaudited)
ASSETS
Cash and due from banks $ 780   $ 651  
Money market investments:
Interest-bearing deposits 1,781   2,850  
Federal funds sold and securities purchased under agreements to resell 1,140   1,453  
Trading securities, at fair value 180   35  
Investment securities:
Available-for-sale, at fair value 9,116   9,095  
Held-to-maturity, at amortized cost (fair value: $ 9,229 and $ 9,382 )
9,272   9,669  

Total investment securities 18,388   18,764  
Loans held for sale (includes $ 100 and $ 25 of loans carried at fair value)
172   74  
Loans and leases, net of unearned income and fees 60,833   59,410  
Allowance for loan and lease losses 690   696  
Loans held for investment, net of allowance 60,143   58,714  
Other noninterest-bearing investments 1,182   1,020  
Premises, equipment and software, net 1,361   1,366  
Goodwill and intangibles 1,096   1,052  
Other real estate owned 5   1  
Other assets 2,665   2,795  
Total assets $ 88,893   $ 88,775  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 25,413   $ 24,704  
Interest-bearing:
Savings and money market 38,254   40,037  
Time 10,133   11,482  

Total deposits 73,800   76,223  
Federal funds and other short-term borrowings 6,072   3,832  
Long-term debt 970   950  
Reserve for unfunded lending commitments 42   45  
Other liabilities 1,413   1,601  
Total liabilities 82,297   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 147,603 and 147,871 shares) and additional paid-in capital
1,713   1,737  
Retained earnings 6,981   6,701  
Accumulated other comprehensive income (loss) ( 2,164 ) ( 2,380 )

Total shareholders’ equity 6,596   6,124  
Total liabilities and shareholders’ equity $ 88,893   $ 88,775  

See accompanying notes to consolidated financial statements.

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CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) Three Months Ended
June 30, Six Months Ended
June 30,
(In millions, except shares and per share amounts) 2025 2024 2025 2024
Interest income:
Interest and fees on loans $ 875   $ 877   $ 1,725   $ 1,742  
Interest on money market investments 50   56   103   103  
Interest on securities 126   140   251   282  
Total interest income 1,051   1,073   2,079   2,127  
Interest expense:
Interest on deposits 312   390   638   766  
Interest on short- and long-term borrowings 91   86   169   178  
Total interest expense 403   476   807   944  
Net interest income 648   597   1,272   1,183  
Provision for credit losses:
Provision for loan and lease losses 3   12   20   33  
Provision for unfunded lending commitments ( 4 ) ( 7 ) ( 3 ) ( 15 )

Total provision for credit losses ( 1 ) 5   17   18  
Net interest income after provision for credit losses 649   592   1,255   1,165  
Noninterest income:
Commercial account fees 46   45   91   89  
Card fees 24   25   47   48  
Retail and business banking fees 19   16   36   32  
Loan-related fees and income 19   18   36   33  
Capital markets fees and income 28   20   55   45  
Wealth management fees 14   15   29   30  
Other customer-related fees 14   14   28   28  
Customer-related noninterest income 164   153   322   305  
Dividends and other income 12   22   19   28  
Securities gains (losses), net 14   4   20   2  
Total noninterest income 190   179   361   335  
Noninterest expense:
Salaries and employee benefits 336   318   678   649  
Technology, telecom, and information processing 65   66   135   128  
Occupancy and equipment, net 40   40   81   79  
Professional and legal services 13   17   26   33  
Marketing and business development 12   13   23   23  
Deposit insurance and regulatory expense 20   21   42   55  
Credit-related expense 6   6   12   13  
Other real estate expense, net —   ( 1 ) —   ( 1 )
Other 35   29   68   56  
Total noninterest expense 527   509   1,065   1,035  
Income before income taxes 312   262   551   465  
Income taxes 68   61   137   111  
Net income 244   201   414   354  

Preferred stock dividends ( 1 ) ( 11 ) ( 2 ) ( 21 )

Net earnings applicable to common shareholders $ 243   $ 190   $ 412   $ 333  
Weighted average common shares outstanding during the period:
Basic shares (in thousands) 147,044   147,115   147,182   147,227  
Diluted shares (in thousands) 147,053   147,120   147,210   147,231  
Net earnings per common share:
Basic $ 1.63   $ 1.28   $ 2.77   $ 2.24  
Diluted 1.63   1.28   2.77   2.24  

See accompanying notes to consolidated financial statements.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended
June 30, Six Months Ended
June 30,
(In millions) 2025 2024 2025 2024

Net income for the period $ 244   $ 201   $ 414   $ 354  
Other comprehensive income, net of tax:
Net change in unrealized gains (losses) on investment securities 24   ( 14 ) 92   ( 2 )
Unrealized loss amortization associated with the securities transferred from AFS to HTM 47   50   90   96  
Net change in cash flow hedge derivatives 15   23   34   48  
Net change in other —   1   —   1  
Other comprehensive income, net of tax 86   60   216   143  
Comprehensive income $ 330   $ 261   $ 630   $ 497  

See accompanying notes to consolidated financial statements.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(In millions, except shares
and per share amounts) Preferred
stock Common stock shares
  (in thousands)
Accumulated paid-in capital Retained earnings Accumulated other
comprehensive income (loss) Total
shareholders’ equity

Balance at March 31, 2025 $ 66   147,567   $ 1,706   $ 6,805   $ ( 2,250 ) $ 6,327  
Net income for the period —  —  —  244   —  244  
Other comprehensive income, net of tax
—  —  —  —  86   86  

Net activity under employee plans and related tax benefits
—  36   7   —  —  7  
Dividends on preferred stock —  —  —  ( 1 ) —  ( 1 )
Dividends on common stock, $ 0.43 per share
—  —  —  ( 64 ) —  ( 64 )
Change in deferred compensation —  —  —  ( 3 ) —  ( 3 )
Balance at June 30, 2025 $ 66   147,603   $ 1,713   $ 6,981   $ ( 2,164 ) $ 6,596  

Balance at March 31, 2024 $ 440   147,653   $ 1,705   $ 6,293   $ ( 2,609 ) $ 5,829  
Net income for the period —  —  —  201   —  201  
Other comprehensive income, net of tax
—  —  —  —  60   60  

Net activity under employee plans and related tax benefits
—  31   8   —  —  8  
Dividends on preferred stock —  —  —  ( 11 ) —  ( 11 )
Dividends on common stock, $ 0.41 per share
—  —  —  ( 61 ) —  ( 61 )
Change in deferred compensation —  —  —  ( 1 ) —  ( 1 )
Balance at June 30, 2024 $ 440   147,684   $ 1,713   $ 6,421   $ ( 2,549 ) $ 6,025  

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

Balance at December 31, 2024 $ 66   147,871   $ 1,737   $ 6,701   $ ( 2,380 ) $ 6,124  
Net income for the period —  —  —  414   —  414  
Other comprehensive income, net of tax
—  —  —  —  216   216  

Bank common stock repurchased
—  ( 772 ) ( 41 ) —  —  ( 41 )
Net activity under employee plans and related tax benefits
—  504 17   —  —  17  
Dividends on preferred stock —  —  —  ( 2 ) —  ( 2 )
Dividends on common stock, $ 0.86 per share
—  —  —  ( 129 ) —  ( 129 )
Change in deferred compensation —  —  —  ( 3 ) —  ( 3 )
Balance at June 30, 2025 $ 66   147,603   $ 1,713   $ 6,981   $ ( 2,164 ) $ 6,596  

Balance at December 31, 2023 $ 440   148,153   $ 1,731   $ 6,212   $ ( 2,692 ) $ 5,691  
Net income for the period —  —  —  354   —  354  
Other comprehensive income, net of tax
—  —  —  —  143   143  

Bank common stock repurchased
—  ( 890 ) ( 35 ) —  —  ( 35 )
Net activity under employee plans and related tax benefits
—  421   17   —  —  17  
Dividends on preferred stock —  —  —  ( 21 ) —  ( 21 )
Dividends on common stock, $ 0.82 per share
—  —  —  ( 122 ) —  ( 122 )
Change in deferred compensation —  —  —  ( 2 ) —  ( 2 )
Balance at June 30, 2024 $ 440   147,684   $ 1,713   $ 6,421   $ ( 2,549 ) $ 6,025  

See accompanying notes to consolidated financial statements.

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

(In millions) Six Months Ended
June 30,
2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the period $ 414   $ 354  
Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses
17   18  
Depreciation and amortization
57   63  
Share-based compensation
23   24  
Deferred income tax expense
31   17  
Net decrease (increase) in trading securities
( 145 ) 24  
Net decrease (increase) in loans held for sale
( 55 ) 5  
Change in other liabilities
( 183 ) ( 17 )
Change in other assets
( 9 ) 38  
Other, net
( 33 ) ( 14 )
Net cash provided by operating activities 117   512  
CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease (increase) in money market investments 1,382   ( 786 )
Proceeds from maturities and paydowns of investment securities held-to-maturity 540   501  
Purchases of investment securities held-to-maturity ( 27 ) ( 60 )
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale 956   1,051  
Purchases of investment securities available-for-sale ( 777 ) ( 350 )
Net change in loans and leases ( 1,033 ) ( 690 )
Purchases and sales of other noninterest-bearing investments ( 132 ) ( 33 )
Purchases of premises and equipment ( 58 ) ( 47 )
Acquisition of California branches, net of cash acquired 191   —  
Other, net
( 12 ) 7  
Net cash provided by (used in) investing activities 1,030   ( 407 )
CASH FLOWS FROM FINANCING ACTIVITIES
Net decrease in deposits ( 3,080 ) ( 1,191 )
Net change in short-term borrowed funds 2,240   1,271  

Proceeds from the issuance of common stock 4   —  
Dividends paid on common and preferred stock ( 131 ) ( 143 )
Bank common stock repurchased ( 41 ) ( 35 )
Other, net ( 10 ) ( 6 )
Net cash used in financing activities ( 1,018 ) ( 104 )
Net increase in cash and due from banks 129   1  
Cash and due from banks at beginning of period 651   716  
Cash and due from banks at end of period $ 780   $ 717  
Cash paid for interest $ 829   $ 940  
Net cash paid for income taxes 114   90  
Noncash activities:

Loans held for investment reclassified to loans held for sale, net 63   100  
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
(Unaudited)
June 30, 2025

1. BASIS OF PRESENTATION
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 in 11 Western and Southwestern states through seven separately managed affiliates: Zions Bank in Utah, Idaho, and Wyoming; California Bank & Trust (“CB&T”); Amegy Bank (“Amegy”) in Texas; National Bank of Arizona (“NBAZ”); Nevada State Bank (“NSB”); Vectra Bank Colorado (“Vectra”) in Colorado and New Mexico; and The Commerce Bank of Washington (“TCBW”), which operates under that name in Washington and under The Commerce Bank of Oregon in Oregon.
The consolidated financial statements include our accounts and those of our majority-owned, consolidated subsidiaries. This also includes our wholly-owned subsidiaries, such as ZMFU II, Inc., which is utilized for our municipal lending business, and Zions Direct, Inc., a registered broker-dealer under the Exchange Act, among other subsidiaries.
Investments in which we have the ability to exercise significant influence over the operating and financial policies of the investee are accounted for using the equity method. All intercompany accounts and transactions have been eliminated in consolidation. Assets held in an agency or fiduciary capacity are excluded from the consolidated financial statements.
The accompanying unaudited consolidated financial statements of Zions Bancorporation, N.A., and its majority-owned subsidiaries have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation have been included. References to GAAP, including standards promulgated by the Financial Accounting Standards Board (“FASB”), are made according to sections of the Accounting Standards Codification.
The results of operations for the three and six months ended June 30, 2025 and 2024 are not necessarily indicative of the results that may be expected in future periods. In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying Notes. Actual results could differ from those estimates. For further information, refer to the consolidated financial statements and accompanying Notes included in our 2024 Form 10-K.
We evaluated events that occurred between June 30, 2025 and the date the consolidated financial statements were issued, and determined that there were no material events requiring adjustments to our consolidated financial statements or significant disclosure in the accompanying Notes.

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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 June 30, 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, 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.
• The Bank's definition and amount of selling costs.
Annual periods beginning January 1, 2027; Interim periods beginning January 1, 2028 We are evaluating the new disclosure requirements. 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. January 1, 2025 The overall effect of this standard did not have a material impact on our consolidated financial statements.

3. FAIR VALUE
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. For more information about our valuation methodologies for assets and liabilities measured at fair value, as well as the fair value hierarchy, see Note 3 of our 2024 Form 10-K.
Fair Value Hierarchy
The following schedule presents assets and liabilities measured at fair value on a recurring basis:

(In millions) June 30, 2025
Level 1 Level 2 Level 3 Total
ASSETS
Trading securities $ —   $ 180   $ —   $ 180  
Available-for-sale securities:

U.S. Treasury, agencies, and corporations 1,101   6,954   —   8,055  
Municipal securities —   1,036   —   1,036  
Other debt securities —   25   —   25  
Total available-for-sale 1,101   8,015   —   9,116  
Loans held for sale —   100   —   100  
Other noninterest-bearing investments:
Bank-owned life insurance —   567   —   567  
Private equity investments 1
16   —   116   132  
Other assets:
Agriculture loan servicing —   —   20   20  
Deferred compensation plan assets 139   —   —   139  
Derivatives —   376   —   376  
Total assets $ 1,256   $ 9,238   $ 136   $ 10,630  
LIABILITIES
Fed funds and other short-term borrowings:
Securities sold, not yet purchased $ 136   $ —   $ —   $ 136  
Other liabilities:
Derivatives —   274   —   274  
Total liabilities $ 136   $ 274   $ —   $ 410  

1 The Level 1 private equity investments (“PEIs”) generally relate to the portion of our Small Business Investment Company (“SBIC”) investments and other similar investments that are publicly traded.

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(In millions) December 31, 2024
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 have elected to apply the fair value option to certain commercial real estate (“CRE”) loans designated for sale to third-party conduits for securitization and hedged with derivative instruments. This election reduces accounting volatility that would otherwise arise 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. Associated fair value gains and losses are included in “Capital markets fees and income” on the consolidated statement of income, while accrued interest is included in “Interest and fees on loans.”
At June 30, 2025 and December 31, 2024, we had $ 100 million and $ 25 million, respectively, of loans measured at fair value, with corresponding unpaid principal balance of $ 100 million and $ 26 million. During the first six months of 2025 and 2024, we recognized approximately $ 3 million and $ 6 million, respectively, in net gains from loan sales and valuation adjustments related to loans measured at fair value and the associated derivatives.
Level 3 Valuations
Our Level 3 financial instruments include PEIs and agriculture loan servicing. For additional information regarding our Level 3 financial instruments, including the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2024 Form 10-K.

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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
Three Months Ended
June 30, 2025 Three Months Ended
June 30, 2024 Six Months Ended
June 30, 2025 Six Months Ended
June 30, 2024
(In millions) Private equity investments Ag loan servicing Private equity investments Ag loan servicing Private equity investments Ag loan servicing Private equity investments Ag loan servicing

Balance at beginning of period
$ 109   $ 19   $ 98   $ 19   $ 105   $ 20   $ 92   $ 19  
Unrealized securities gains, net 20   —   2   —   24   —   2   —  
Other noninterest income —   1   —   1   —   —   —   1  
Purchases 4   —   2   —   5   —   9   —  
Cost of investments sold ( 5 ) —   ( 1 ) —   ( 6 ) —   ( 2 ) —  

Transfers out ( 12 ) —   —   —   ( 12 ) —   —   —  
Balance at end of period
$ 116   $ 20   $ 101   $ 20   $ 116   $ 20   $ 101   $ 20  

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) Three Months Ended Six Months Ended
June 30,
2025 June 30,
2024 June 30,
2025 June 30,
2024

Securities gains (losses), net $ ( 5 ) $ ( 1 ) $ ( 5 ) $ 1  

Nonrecurring Fair Value Measurements
Certain assets and liabilities may be measured at fair value on a nonrecurring basis. These include impaired loans measured at the fair value of the underlying collateral, other real estate owned (“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. At June 30, 2025, we had $ 2 million in collateral-dependent loans measured at fair value. During the second quarter of 2025, we recognized $ 1 million in losses related to fair value changes for these loans. For additional information on assets and liabilities measured at fair value on a nonrecurring basis, see Note 3 of our 2024 Form 10-K.

Fair Value of Certain Financial Instruments
The following schedule presents the carrying values and estimated fair values of certain financial instruments:

  June 30, 2025 December 31, 2024
(In millions) Carrying
value
Fair value Level Carrying
value Fair value Level
Financial assets:
Held-to-maturity investment securities $ 9,272   $ 9,229   2 $ 9,669   $ 9,382   2
Loans and leases (including loans held for sale), net of allowance
60,315   58,623   3 58,788   57,130   3
Financial liabilities:
Time deposits 10,133   10,114   2 11,482   11,468   2

Long-term debt 970   980   2 950   950   2

The preceding schedule excludes certain financial instruments that are recorded at fair value on a recurring basis, as well as certain financial assets and liabilities for which the carrying value approximates fair value. For additional information regarding the financial instruments included within the scope of this disclosure, along with the valuation methodologies and significant assumptions used in estimating their fair values, see Note 3 of our 2024 Form 10-K.

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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:

June 30, 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
$ 1,140   $ —   $ 1,140   $ —   $ —   $ 1,140  
Derivatives (included in Other assets) 376   —   376   ( 60 ) ( 227 ) 89  
Total assets $ 1,516   $ —   $ 1,516   $ ( 60 ) $ ( 227 ) $ 1,229  
Liabilities:
Federal funds and other short-term borrowings
$ 6,072   $ —   $ 6,072   $ —   $ —   $ 6,072  
Derivatives (included in Other liabilities)
274   —   274   ( 60 ) ( 20 ) 194  
Total liabilities $ 6,346   $ —   $ 6,346   $ ( 60 ) $ ( 20 ) $ 6,266  

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.

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5. INVESTMENT SECURITIES
Investment Securities
We classify our investment securities as either available-for-sale (“AFS”) or held-to-maturity (“HTM”). AFS securities, which primarily consist of debt securities 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 recorded in other comprehensive income. HTM securities are those that management has both the intent and ability to hold until maturity and are carried at amortized cost. This amount reflects the original investment cost, adjusted for the amortization or accretion of any purchase premiums or discounts, as well as any impairment losses, including credit-related impairment. Gains or losses on the sale of investment securities are recognized in noninterest income using the specific identification method.
The carrying values of our investment securities exclude accrued interest receivables of $ 62 million and $ 60 million at June 30, 2025 and December 31, 2024, respectively. These receivables are included in “Other assets” on the consolidated balance sheet.
Investment securities with a carrying value of $ 17.7 billion and $ 17.9 billion were pledged as collateral for potential borrowings at June 30, 2025 and December 31, 2024, respectively.
When a security is transferred from AFS to HTM, the difference between its amortized cost basis and fair value at the date of transfer is amortized as a yield adjustment through interest income. The fair value at the date of transfer results in either a premium or discount to the amortized cost basis of the HTM securities. The amortization of unrealized gains or losses reported in accumulated other comprehensive income (“AOCI”) will offset the effect of the amortization of the premium or discount in interest income created by the transfer. The discount associated with securities previously transferred from AFS to HTM was $ 1.7 billion ( $ 1.3 billion after tax) at June 30, 2025, compared with $ 1.8  billion ($ 1.4  billion after tax) at December 31, 2024.
For additional information regarding our fair value estimation process and the accounting treatment of our investment securities, see Notes 3 and 5, respectively, of our 2024 Form 10-K.
The following schedule presents the amortized cost and estimated fair values of our AFS and HTM securities:

June 30, 2025
(In millions) Amortized
cost Gross unrealized gains 1
Gross unrealized losses Estimated
fair value
Available-for-sale
U.S. Treasury securities $ 1,201   $ 10   $ 110   $ 1,101  
U.S. Government agencies and corporations:
Agency securities 376   —   20   356  
Agency guaranteed mortgage-backed securities 7,302   2   1,090   6,214  
Small Business Administration loan-backed securities 400   —   16   384  
Municipal securities 1,102   —   66   1,036  
Other debt securities 25   —   —   25  
Total available-for-sale 10,406   12   1,302   9,116  
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities 143   —   5   138  
Agency guaranteed mortgage-backed securities 8,843   49   73   8,819  
Municipal securities 286   —   14   272  
Total held-to-maturity 9,272   49   92   9,229  
Total investment securities $ 19,678   $ 61   $ 1,394   $ 18,345  

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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:

June 30, 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 $ —   $ —   $ 110   $ 291   $ 110   $ 291  
U.S. Government agencies and corporations:
Agency securities —   11   20   345   20   356  
Agency guaranteed mortgage-backed securities —   12   1,090   5,977   1,090   5,989  
Small Business Administration loan-backed securities —   4   16   343   16   347  
Municipal securities —   51   66   904   66   955  
Other —   15   —   —   —   15  

Total available-for-sale investment securities $ —   $ 93   $ 1,302   $ 7,860   $ 1,302   $ 7,953  

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  
Other —   —   —   —   —   —  

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

At June 30, 2025 and December 31, 2024, the number of AFS investment securities in an unrealized loss position was 2,302 and 2,534 , respectively.

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There were no gross realized gains or losses from sales of AFS investment securities for the three and six months ended June 30, 2025 and 2024.

The following schedule presents interest income categorized by investment security type:

Three Months Ended June 30,
2025 2024
(In millions) Taxable Nontaxable Total Taxable Nontaxable Total

Available-for-sale $ 65   $ 7   $ 72   $ 75   $ 8   $ 83  
Held-to-maturity 50   1   51   55   1   56  
Total investment securities $ 115   $ 8   $ 123   $ 130   $ 9   $ 139  

Six Months Ended June 30,
2025 2024
(In millions) Taxable Nontaxable Total Taxable Nontaxable Total

Available-for-sale $ 130   $ 14   $ 144   $ 152   $ 16   $ 168  
Held-to-maturity 102   2   104   111   2   113  
Total investment securities $ 232   $ 16   $ 248   $ 263   $ 18   $ 281  

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 June 30, 2025. The schedule does not reflect the impact of interest rate resets or fair value hedges. Additionally, the remaining contractual principal maturities presented do not represent the portfolio's duration, as they do not incorporate expected prepayments or amortization, which generally result in measured durations that are shorter than contractual maturities.

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June 30, 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 $ 1,201   3.62   % $ —   —   % $ 302   3.99   % $ 498   4.42   % $ 401   2.35   %
U.S. Government agencies and corporations:
Agency securities 376   3.09   40   2.90   57   3.44   172   2.93   107   3.23  
Agency guaranteed mortgage-backed securities 7,302   2.02   8   1.32   106   1.97   1,321   2.11   5,867   2.00  
Small Business Administration loan-backed securities 400   4.60   1   4.44   10   5.56   112   3.80   277   4.89  
Municipal securities 1
1,102   2.26   147   3.37   323   2.41   612   1.91   20   2.33  
Other debt securities 25   8.16   —   —   10   9.51   —   —   15   7.26  
Total available-for-sale securities
10,406   2.38   196   3.19   808   3.14   2,715   2.61   6,687   2.17  
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities 143   4.17   —   —   —   —   30   3.49   113   4.35  
Agency guaranteed mortgage-backed securities
8,843   1.84   —   —   —   —   39   1.86   8,804   1.84  
Municipal securities 1
286   3.32   32   3.27   132   2.88   115   3.66   7   5.95  
Total held-to-maturity securities 9,272   1.92   32   3.27   132   2.88   184   3.25   8,924   1.87  
Total investment securities $ 19,678   2.16   $ 228   3.21   $ 940   3.11   $ 2,899   2.65   $ 15,611   2.00  

1 The yields on tax-exempt securities are calculated on a tax-equivalent basis.
Impairment
On a quarterly basis, we review our investment securities portfolio for the presence of impairment on an individual security basis. For additional information on our policy and impairment evaluation process for investment securities, see Note 5 of our 2024 Form 10-K.
AFS Impairment
No impairment losses were recognized on our AFS investment securities portfolio during the first six months of either 2025 or 2024. The unrealized losses primarily reflect the impact of higher interest rates following the purchase of the securities and are not attributable to credit-related factors. Accordingly, in the absence of any future sales, we expect to recover the full principal value of these securities at maturity. At June 30, 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 before recovering their amortized cost basis.
HTM Impairment
For HTM securities, the allowance for credit losses (“ACL”) is evaluated in accordance with the methodology applied to loans and leases measured at amortized cost, as described in Note 6. At June 30, 2025, the ACL on HTM securities was less than $ 1 million. All HTM securities were assigned a credit quality rating of “ Pass, ” and none were classified as past due.

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6. LOANS, LEASES, AND ALLOWANCE FOR CREDIT LOSSES
Loans, Leases, and Loans Held for Sale
The following schedule presents our loan and lease portfolio according to major portfolio segment and specific class:

(In millions) June 30,
2025 December 31,
2024

Loans held for sale $ 172   $ 74  
Commercial:
Commercial and industrial $ 17,526   $ 16,891  
Owner-occupied 9,377   9,333  
Municipal 4,376   4,364  
Leasing 367   377  
Total commercial 31,646   30,965  
Commercial real estate:
Term 11,186   10,703  
Construction and land development 2,425   2,774  
Total commercial real estate 13,611   13,477  
Consumer:
1-4 family residential 10,431   9,939  
Home equity credit line 3,784   3,641  
Construction and other consumer real estate 743   810  
Bankcard and other revolving plans 496   457  
Other 122   121  
Total consumer 15,576   14,968  

Total loans and leases
$ 60,833   $ 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 $ 52 million and $ 43 million at June 30, 2025 and December 31, 2024, respectively. The amortized cost basis of the loans does not include accrued interest receivables of $ 279 million and $ 281 million at June 30, 2025 and December 31, 2024, respectively. These receivables are included in “ Other assets ” on the consolidated balance sheet.
Municipal loans typically consist of obligations that are repaid from, or secured by, the general funds or pledged revenues of municipalities, as well as by real estate or equipment. This portfolio also includes loans extended to private commercial and 501(c)(3) not-for-profit organizations that utilize a pass-through municipal structure to benefit from favorable tax treatment.
Land acquisition and development loans included in the construction and land development loan portfolio were $ 261 million at June 30, 2025 and $ 260 million at December 31, 2024.
Loans with a carrying value of $ 41.6 billion at June 30, 2025 and $ 40.4 billion at December 31, 2024 have been pledged at the Federal Reserve (“FRB”) 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 agencies. The following schedule presents loans added to, or sold from, the held for sale category during the periods presented:

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Three Months Ended
June 30, Six Months Ended
June 30,
(In millions) 2025 2024 2025 2024

Loans added to held for sale $ 272   $ 270   $ 448   $ 399  
Loans sold from held for sale 211   171   350   341  

Occasionally, we have continuing involvement in sold loans through retained servicing rights or guarantees. At June 30, 2025 and December 31, 2024, the principal balance of sold loans for which we retained servicing rights was approximately $ 693 million and $ 615 million, respectively. Income generated from sold loans, excluding servicing, totaled $ 2 million and $ 5 million for the three and six months ended June 30, 2025, respectively, and $ 2 million and $ 3 million for the corresponding periods in 2024.
Allowance for Credit Losses
The allowance for credit losses (“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. For additional information regarding our policies and methodologies used to estimate the ACL, see Note 6 of our 2024 Form 10-K.
The ACL on AFS and HTM debt securities is estimated independently from the ACL on loans. For HTM securities, the ACL is evaluated using the same methodology applied to loans and leases measured at amortized cost. For more information regarding our methodology used to estimate the ACL on AFS and HTM debt securities, see Note 5 of our 2024 Form 10-K.
Changes in the ACL are summarized as follows:

Three Months Ended June 30, 2025
(In millions) Commercial Commercial real estate Consumer Total
Allowance for loan losses
Balance at beginning of period $ 337   $ 271   $ 89   $ 697  
Provision for loan losses 31   ( 40 ) 12   3  
Gross loan and lease charge-offs 12   1   3   16  
Recoveries 5   —   1   6  
Net loan and lease charge-offs (recoveries) 7   1   2   10  
Balance at end of period $ 361   $ 230   $ 99   $ 690  
Reserve for unfunded lending commitments

Balance at beginning of period $ 28   $ 10   $ 8   $ 46  
Provision for unfunded lending commitments ( 6 ) 2   —   ( 4 )
Balance at end of period $ 22   $ 12   $ 8   $ 42  
Total allowance for credit losses at end of period
Allowance for loan losses $ 361   $ 230   $ 99   $ 690  
Reserve for unfunded lending commitments 22   12   8   42  
Total allowance for credit losses $ 383   $ 242   $ 107   $ 732  

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Six Months Ended June 30, 2025
(In millions) Commercial Commercial
real estate Consumer Total
Allowance for loan losses
Balance at beginning of period $ 308   $ 300   $ 88   $ 696  
Provision for loan losses 72   ( 69 ) 17   20  
Gross loan and lease charge-offs 31   1   8   40  
Recoveries 12   —   2   14  
Net loan and lease charge-offs (recoveries) 19   1   6   26  
Balance at end of period $ 361   $ 230   $ 99   $ 690  
Reserve for unfunded lending commitments
Balance at beginning of period $ 26   $ 11   $ 8   $ 45  
Provision for unfunded lending commitments ( 4 ) 1   —   ( 3 )
Balance at end of period $ 22   $ 12   $ 8   $ 42  
Total allowance for credit losses at end of period
Allowance for loan losses $ 361   $ 230   $ 99   $ 690  
Reserve for unfunded lending commitments 22   12   8   42  
Total allowance for credit losses $ 383   $ 242   $ 107   $ 732  

Three Months Ended June 30, 2024
(In millions) Commercial Commercial real estate Consumer Total
Allowance for loan losses
Balance at beginning of period $ 296   $ 299   $ 104   $ 699  
Provision for loan losses 10   12   ( 10 ) 12  
Gross loan and lease charge-offs 8   11   2   21  
Recoveries 4   —   2   6  
Net loan and lease charge-offs (recoveries) 4   11   —   15  
Balance at end of period $ 302   $ 300   $ 94   $ 696  
Reserve for unfunded lending commitments

Balance at beginning of period $ 19   $ 10   $ 8   $ 37  
Provision for unfunded lending commitments ( 3 ) ( 3 ) ( 1 ) ( 7 )
Balance at end of period $ 16   $ 7   $ 7   $ 30  
Total allowance for credit losses at end of period
Allowance for loan losses $ 302   $ 300   $ 94   $ 696  
Reserve for unfunded lending commitments 16   7   7   30  
Total allowance for credit losses $ 318   $ 307   $ 101   $ 726  

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Six Months Ended June 30, 2024
(In millions) Commercial Commercial
real estate Consumer Total
Allowance for loan losses
Balance at beginning of period $ 302   $ 241   $ 141   $ 684  
Provision for loan losses 8   69   ( 44 ) 33  
Gross loan and lease charge-offs 18   11   6   35  
Recoveries 10   1   3   14  
Net loan and lease charge-offs (recoveries) 8   10   3   21  
Balance at end of period $ 302   $ 300   $ 94   $ 696  
Reserve for unfunded lending commitments
Balance at beginning of period $ 19   $ 17   $ 9   $ 45  
Provision for unfunded lending commitments ( 3 ) ( 10 ) ( 2 ) ( 15 )
Balance at end of period $ 16   $ 7   $ 7   $ 30  
Total allowance for credit losses at end of period
Allowance for loan losses $ 302   $ 300   $ 94   $ 696  
Reserve for unfunded lending commitments 16   7   7   30  
Total allowance for credit losses $ 318   $ 307   $ 101   $ 726  

Nonaccrual Loans
Loans are generally placed on nonaccrual status when the full collection of principal and interest is not expected, or when the loan is 90 days or more past due with respect to principal or interest, unless it is both well-secured and in the process of collection. We consider several factors when placing a loan on nonaccrual status, including delinquency status, collateral valuation, borrower or guarantor financial condition, bankruptcy status, and other indicators that suggest uncertainty regarding the full and timely recovery of principal and interest.
A nonaccrual loan may be returned to accrual status when the following conditions are met: (1) all delinquent principal and interest have been brought current in accordance with the loan agreement; (2) the loan, if secured, is well secured; (3) the borrower has made timely payments under the contractual terms for a minimum of six months; and (4) a credit analysis indicates reasonable assurance of the borrower's ability and willingness to continue making payments.
The following schedule presents the amortized cost basis of loans on nonaccrual:

June 30, 2025
Amortized cost basis Total amortized cost basis
(In millions) with no allowance with allowance Related allowance

Commercial:
Commercial and industrial $ 10   $ 103   $ 113   $ 14  
Owner-occupied 11   28   39   2  
Municipal —   5   5   2  
Leasing —   2   2   —  
Total commercial 21   138   159   18  
Commercial real estate:
Term 3   57   60   3  

Total commercial real estate 3   57   60   3  
Consumer:
1-4 family residential 8   50   58   5  
Home equity credit line 1   29   30   8  

Bankcard and other revolving plans —   1   1   1  

Total consumer 9   80   89   14  
Total $ 33   $ 275   $ 308   $ 35  

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December 31, 2024
Amortized cost basis Total amortized cost basis
(In millions) with no allowance 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 17   63   80   10  
Total $ 112   $ 185   $ 297   $ 37  

For accruing loans, interest is accrued, and interest payments are recognized as interest income in accordance with the contractual terms of the loan agreement. For nonaccruing loans, the accrual of interest is discontinued, and any previously accrued but uncollected interest is promptly reversed from interest income, generally within one month. Payments received on nonaccrual loans are not recognized as interest income, but are applied to reduce the outstanding principal balance. However, when the collectability 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. For the three and six months ended June 30, 2025 and 2024, no interest income was recognized on a cash basis for nonaccrual loans.
The following schedule presents the amount of accrued interest receivables reversed from interest income, categorized by loan portfolio segment during the periods presented:

Three Months Ended
June 30, Six Months Ended
June 30,
(In millions) 2025 2024 2025 2024

Commercial $ 4   $ 4   $ 7   $ 6  
Commercial real estate 1   1   3   3  
Consumer 1   1   2   2  
Total $ 6   $ 6   $ 12   $ 11  

Past Due Loans
Closed-end loans with payments scheduled monthly 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 (i.e., quarterly, semi-annual, etc.), single payment, and demand notes, are reported as past due when either principal or interest is due and unpaid for a period of 30 days or more.

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Past due loans (accruing and nonaccruing) are summarized as follows:

June 30, 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 $ 17,458   $ 32   $ 36   $ 68   $ 17,526   $ 2   $ 75  
Owner-occupied 9,350   6   21   27   9,377   —   17  
Municipal 4,376   —   —   —   4,376   1   5  
Leasing 365   1   1   2   367   —   —  
Total commercial 31,549   39   58   97   31,646   3   97  
Commercial real estate:
Term
11,151   3   32   35   11,186   —   27  
Construction and land development 2,424   1   —   1   2,425   —   —  
Total commercial real estate 13,575   4   32   36   13,611   —   27  
Consumer:
1-4 family residential 10,382   12   37   49   10,431   —   20  
Home equity credit line 3,762   12   10   22   3,784   —   16  
Construction and other consumer real estate
742   1   —   1   743   —   —  
Bankcard and other revolving plans
492   3   1   4   496   1   —  
Other 121   1   —   1   122   —   —  
Total consumer 15,499   29   48   77   15,576   1   36  
Total $ 60,623   $ 72   $ 138   $ 210   $ 60,833   $ 4   $ 160  

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 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 definition 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.
The amount of loans classified as Doubtful totaled less than $ 1 million at June 30, 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 schedule presents the amortized cost basis of loans and leases categorized by year of origination and by credit quality classification as monitored by management. Loans that have been modified resulting in substantially different terms than the original loan are included in the period in which the modification occurred.

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June 30, 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 $ 1,699   $ 2,300   $ 1,688   $ 1,042   $ 554   $ 861   $ 8,356   $ 148   $ 16,648  
Special Mention 3   23   16   27   5   17   158   3   252  
Accruing Substandard 1   65   47   191   17   15   166   11   513  
Nonaccrual 12   3   2   27   5   24   13   27   113  
Total commercial and industrial 1,715   2,391   1,753   1,287   581   917   8,693   189   17,526  
Owner-occupied
Pass 637   1,291   773   1,494   1,530   2,754   241   47   8,767  
Special Mention 1   66   1   19   30   29   —   1   147  
Accruing Substandard 2   30   28   124   102   113   20   5   424  
Nonaccrual —   7   2   8   2   18   2   —   39  
Total owner-occupied 640   1,394   804   1,645   1,664   2,914   263   53   9,377  
Municipal
Pass 293   597   478   877   907   1,156   —   41   4,349  
Special Mention —   3   —   —   —   —   —   —   3  
Accruing Substandard —   —   —   —   —   19   —   —   19  
Nonaccrual —   —   —   —   5   —   —   —   5  
Total municipal 293   600   478   877   912   1,175   —   41   4,376  
Leasing
Pass 41   98   70   84   20   34   —   —   347  
Special Mention —   1   —   —   —   —   —   —   1  
Accruing Substandard —   2   2   10   2   1   —   —   17  
Nonaccrual —   —   1   1   —   —   —   —   2  
Total leasing 41   101   73   95   22   35   —   —   367  
Total commercial 2,689   4,486   3,108   3,904   3,179   5,041   8,956   283   31,646  
Commercial real estate:
Term
Pass 1,139   1,485   1,283   2,089   1,147   2,169   322   155   9,789  
Special Mention —   41   —   44   —   1   —   —   86  
Accruing Substandard 246   156   78   466   140   84   1   80   1,251  
Nonaccrual 27   —   —   23   —   10   —   —   60  
Total term 1,412   1,682   1,361   2,622   1,287   2,264   323   235   11,186  
Construction and land development
Pass 161   453   563   194   1   1   745   44   2,162  
Special Mention —   —   61   32   —   —   —   —   93  
Accruing Substandard 95   9   19   47   —   —   —   —   170  
Nonaccrual —   —   —   —   —   —   —   —   —  
Total construction and land development 256   462   643   273   1   1   745   44   2,425  
Total commercial real estate 1,668   2,144   2,004   2,895   1,288   2,265   1,068   279   13,611  

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June 30, 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

Consumer:
1-4 family residential
Pass $ 462   $ 1,010   $ 919   $ 3,115   $ 1,872   $ 2,992   $ —   $ —   $ 10,370  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   1   2   —   —   3  
Nonaccrual —   1   4   11   12   30   —   —   58  
Total 1-4 family residential 462   1,011   923   3,126   1,885   3,024   —   —   10,431  
Home equity credit line
Pass —   —   —   —   —   —   3,643   104   3,747  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   7   —   7  
Nonaccrual —   —   —   —   —   —   25   5   30  
Total home equity credit line —   —   —   —   —   —   3,675   109   3,784  
Construction and other consumer real estate
Pass 66   281   136   241   16   3   —   —   743  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   —   —   —  
Nonaccrual —   —   —   —   —   —   —   —   —  
Total construction and other consumer real estate 66   281   136   241   16   3   —   —   743  
Bankcard and other revolving plans
Pass —   —   —   —   —   —   492   1   493  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   2   —   2  
Nonaccrual —   —   —   —   —   —   1   —   1  
Total bankcard and other revolving plans —   —   —   —   —   —   495   1   496  
Other consumer
Pass 39   34   25   16   6   2   —   —   122  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   —   —   —  
Nonaccrual —   —   —   —   —   —   —   —   —  
Total other consumer 39   34   25   16   6   2   —   —   122  
Total consumer 567   1,326   1,084   3,383   1,907   3,029   4,170   110   15,576  
Total loans $ 4,924   $ 7,956   $ 6,196   $ 10,182   $ 6,374   $ 10,335   $ 14,194   $ 672   $ 60,833  

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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 by year of loan origination for the periods presented.

Three Months Ended June 30, 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 $ —   $ 1   $ 1   $ 1   $ 2   $ 1   $ 6   $ —   $ 12  

Commercial real estate:
Term 1   —   —   —   —   —   —   —   1  

Consumer:
1-4 family residential —   —   —   —   —   1   —   —   1  

Bankcard and other revolving plans —   —   —   —   —   —   2   —   2  

Total consumer —   —   —   —   —   1   2   —   3  
Total gross charge-offs $ 1   $ 1   $ 1   $ 1   $ 2   $ 2   $ 8   $ —   $ 16  

Six Months Ended June 30, 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 $ —   $ 1   $ 2   $ 1   $ 3   $ 11   $ 13   $ —   $ 31  

Commercial real estate:
Term 1   —   —   —   —   —   —   —   1  

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

Bankcard and other revolving plans —   —   —   —   —   —   4   —   4  

Total consumer —   —   —   —   1   2   5   —   8  
Total gross charge-offs $ 1   $ 1   $ 2   $ 1   $ 4   $ 13   $ 18   $ —   $ 40  

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Three Months Ended June 30, 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 $ —   $ 1   $ 1   $ 1   $ —   $ 3   $ 2   $ —   $ 8  

Commercial real estate:
Term —   7   4   —   —   —   —   —   11  

Consumer:

Bankcard and other revolving plans —   —   —   —   —   —   2   —   2  

Total gross charge-offs $ —   $ 8   $ 5   $ 1   $ —   $ 3   $ 4   $ —   $ 21  

Six Months Ended June 30, 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 $ —   $ 2   $ 4   $ 2   $ —   $ 3   $ 6   $ 1   $ 18  

Commercial real estate:
Term —   7   4   —   —   —   —   —   11  

Consumer:
1-4 family residential —   —   —   —   —   1   —   —   1  

Bankcard and other revolving plans —   —   —   —   —   —   4   —   4  
Other —   —   —   —   —   1   —   —   1  
Total consumer —   —   —   —   —   2   4   —   6  
Total gross charge-offs $ —   $ 9   $ 8   $ 2   $ —   $ 5   $ 10   $ 1   $ 35  

Loan Modifications
Loans may be modified in the normal course of business for competitive reasons or to strengthen our collateral position. Loan modifications may also occur when the borrower experiences financial difficulty and needs temporary or permanent relief from the original contractual terms of the loan. For loans that have been modified with a borrower experiencing financial difficulty, we use the same credit loss estimation methods that we use for the rest of the loan portfolio. These methods incorporate the post-modification loan terms, as well as defaults and charge-offs associated with historical modified loans. All nonaccruing loans more than $ 1  million are evaluated individually, regardless of modification.
We consider many factors in determining whether to agree to a loan modification and we seek a solution that will both minimize potential loss to us and attempt to help the borrower. We evaluate 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 security 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 proven the ability to perform under the modified structure 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 included 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.

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On an ongoing basis, we monitor the performance of all modified loans in accordance with their modified terms. For the three and six months ended June 30, 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 zero and $ 2  million, respectively. For the three and six months ended June 30, 2024, the corresponding amounts were $ 3  million and $ 27  million.
The amortized cost of loans to borrowers experiencing financial difficulty that were modified during the period, by loan class and modification type, is summarized in the following schedule:

Three Months Ended June 30, 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 $ —   $ 45   $ —   $ —   $ —   $ 45   0.3   %
Owner-occupied —   1   —   —   —   1   —  

Total commercial —   46   —   —   —   46   0.1  
Commercial real estate:
Term
—   180   —   —   7   187   1.7  
Construction and land development
—   25   —   —   —   25   1.0  
Total commercial real estate —   205   —   —   7   212   1.6  
Consumer:
1-4 family residential —   —   —   —   1   1   —  

Total $ —   $ 251   $ —   $ —   $ 8   $ 259   0.4  

Six Months Ended June 30, 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 $ —   $ 67   $ —   $ —   $ —   $ 67   0.4   %
Owner-occupied —   5   —   —   —   5   0.1  

Total commercial —   72   —   —   —   72   0.2  
Commercial real estate:
Term
—   301   —   8   7   316   2.8  
Construction and land development
—   25   —   —   —   25   1.0  
Total commercial real estate —   326   —   8   7   341   2.5  
Consumer:
1-4 family residential —   —   —   —   7   7   0.1  

Total $ —   $ 398   $ —   $ 8   $ 14   $ 420   0.7  

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Three Months Ended June 30, 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 $ —   $ 27   $ —   $ —   $ 1   $ 28   0.2   %
Owner-occupied —   2   —   —   —   2   —  

Total commercial —   29   —   —   1   30   0.1  
Commercial real estate:
Term
—   16   —   —   —   16   0.1  

Consumer:
1-4 family residential —   —   1   —   —   1   —  

Total $ —   $ 45   $ 1   $ —   $ 1   $ 47   0.1  

Six Months Ended June 30, 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 $ —   $ 55   $ —   $ 1   $ 4   $ 60   0.4   %
Owner-occupied —   2   —   —   2   4   —  
Municipal —   3   —   —   —   3   0.1  
Total commercial —   60   —   1   6   67   0.2  
Commercial real estate:
Term
—   103   —   —   —   103   1.0  
Construction and land development
—   2   —   —   —   2   0.1  
Total commercial real estate —   105   —   —   —   105   0.8  
Consumer:
1-4 family residential —   —   2   —   2   4   —  
Home equity credit line —   —   —   —   1   1   —  

Total consumer —   —   2   —   3   5   —  
Total $ —   $ 165   $ 2   $ 1   $ 9   $ 177   0.3  

1 Includes modifications that resulted from a combination of interest rate reduction, maturity or term extension, principal forgiveness, and payment deferral modifications.
2 Unfunded lending commitments related to loans modified to borrowers experiencing financial difficulty totaled $ 38 million and $ 10 million at June 30, 2025 and June 30, 2024, respectively.
3 Amounts less than 0.05% are rounded to zero.

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The financial impact of loan modifications to borrowers experiencing financial difficulty is summarized in the following schedules:

Three Months Ended
June 30, 2025 Six Months Ended
June 30, 2025
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 —   % 15 —   % 13
Owner-occupied —   3 —   89

Total commercial —   14 —   18
Commercial real estate:
Term
0.1   10 0.1   10
Construction and land development —   9 —   9
Total commercial real estate 0.1   9 0.1   10
Consumer: 1

1-4 family residential —   3 —   3

Total consumer —   3 —   3
Total weighted average financial impact 0.1   10 0.1   11

Three Months Ended
June 30, 2024 Six Months Ended
June 30, 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 0.6   % 3 0.1   % 8
Owner-occupied —   1 0.1   4
Municipal —   0 —   61

Total commercial 0.6   3 0.1   10
Commercial real estate:
Term
—   3 —   11
Construction and land development —   5 —   14
Total commercial real estate —   3 —   11
Consumer: 1

1-4 family residential —   0 1.3   78
Home equity credit line —   0 6.8   42

Other —   0 —   71
Total consumer —   0 4.8   67
Total weighted average financial impact 0.6   3 1.0   12

1 Primarily relates to a small number of loans within each consumer loan class.
Loan modifications to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 and 2024, resulted in less than $ 1  million in principal forgiveness across the total loan portfolio for all periods.

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The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after July 1, 2024 through June 30, 2025, presented by portfolio segment and loan class:

June 30, 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 $ 63   $ 1   $ 3   $ 4   $ 67  
Owner-occupied 4   1   —   1   5  

Total commercial 67   2   3   5   72  
Commercial real estate:
Term 306   —   10   10   316  
Construction and land development 25   —   —   —   25  
Total commercial real estate 331   —   10   10   341  
Consumer:
1-4 family residential 6   —   1   1   7  

Total $ 404   $ 2   $ 14   $ 16   $ 420  

The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after July 1, 2023 through June 30, 2024, presented by portfolio segment and loan class:

June 30, 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 $ 83   $ 1   $ 4   $ 5   $ 88  
Owner-occupied 8   —   —   —   8  
Municipal 11   —   —   —   11  

Total commercial 102   1   4   5   107  
Commercial real estate:
Term 156   26   2   28   184  
Construction and land development 19   —   2   2   21  
Total commercial real estate 175   26   4   30   205  
Consumer:
1-4 family residential 4   —   —   —   4  
Home equity credit line 1   —   —   —   1  

Other 1   —   —   —   1  
Total consumer 6   —   —   —   6  
Total $ 283   $ 27   $ 8   $ 35   $ 318  

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 difficulties 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:

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June 30, 2025
(Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1

Commercial:
Commercial and industrial $ 1   Equipment and machinery 101 %
Owner-occupied 9   Industrial building 56 %
Municipal 5   Multifamily apartments 169 %

Commercial real estate:
Term 51   Office building 96 %

Consumer:
1-4 family residential 3   Single family residential 48 %

Total $ 69  

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 38 %
Home equity credit line 3   Single family residential 29 %

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 June 30, 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 $ 18 million and $ 14 million for the same periods, respectively.

7. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Objectives and Accounting
Our primary objective for using derivatives is to manage interest rate risk. We utilize derivatives to stabilize forecasted interest income from variable-rate assets and to modify the coupon or duration of fixed-rate financial assets or liabilities. Additionally, we assist customers with their risk management needs through the use of derivatives. Cash receipts and payments from derivatives designated in qualifying hedging relationships are classified in the same category as the cash flows from the items being hedged in the statement of cash flows, while cash flows from undesignated derivatives are classified as operating activities. For more information about the use of and accounting policies regarding derivative instruments, see Note 7 of our 2024 Form 10-K.
Collateral and Credit Risk
Credit risk arises from the possibility of nonperformance by counterparties. No significant losses on derivative instruments have occurred as a result of counterparty nonperformance. For more information on how we incorporate counterparty credit risk in derivative valuations, see Note 3 of our 2024 Form 10-K. For additional discussion of collateral and the associated credit risk related to our derivative contracts, see Note 7 of our 2024 Form 10-K.

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Our derivative contracts require us to pledge collateral for derivatives in a net liability position at a given balance sheet date. Certain derivative contracts include credit risk-related contingent features, such as the requirement to maintain a minimum debt credit rating. If a credit risk-related feature were triggered, such as a downgrade of our credit rating, we may be required to pledge additional collateral. Historically, not all counterparties have demanded additional collateral when contractually permitted.
At June 30, 2025, the fair value of our derivative liabilities was $ 274 million, for which we pledged $ 13 million in cash collateral in the normal course of business to satisfy variation margin requirements. Additionally, we pledged $ 200 million in U.S. Treasuries to satisfy initial margin requirements with certain dealer counterparties and central clearing houses. If our credit rating were downgraded one notch by either Standard & Poor’s (“S&P”) or Moody’s at June 30, 2025, it is unlikely that additional collateral would be required to be pledged. Derivatives that are centrally cleared do not have credit risk-related features requiring additional collateral in the event of a credit rating downgrade.
We measure counterparty credit risk by calculating a credit valuation adjustment (“CVA”), which captures the value of nonperformance risk for both our counterparties and the Bank. The fair value of derivatives includes a net CVA, which reduced the fair value of derivative liabilities by $ 9 million at both June 30, 2025, and December 31, 2024. CVA is included in “Capital markets fees and income” on the consolidated statement of income.
Derivative Amounts
The following schedule presents derivative notional amounts and recorded gross fair values at June 30, 2025 and December 31, 2024:

June 30, 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
$ 750   $ 7   $ —   $ 550   $ —   $ 2  
Hedges of floating-rate liabilities —   —   —   500   —   —  
Fair value hedges:
Hedges of fixed-rate assets 1
6,166   80   —   4,668   93   —  
Hedges of fixed-rate liabilities 500   —   —   500   —   —  
Total derivatives designated as hedging instruments 7,416   87   —   6,218   93   2  
Derivatives not designated as hedging instruments:
Customer interest rate derivatives 2
18,221   284   271   16,833   348   346  
Other interest rate derivatives 1,134   1   —   1,105   1   —  
Foreign exchange derivatives 466   4   2   373   4   2  
Purchased credit derivatives 79   —   1   24   —   —  
Total derivatives not designated as hedging instruments
19,900   289   274   18,335   353   348  
Total derivatives $ 27,316   $ 376   $ 274   $ 24,553   $ 446   $ 350  

1 Includes forward-starting swaps that are not yet effective.
2 Customer interest rate derivatives include both customer-facing derivatives and offsetting dealer-facing derivatives.

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The following schedules present the amount of gains (losses) from derivative instruments designated as cash flow and fair value hedges that were deferred in AOCI or recognized in earnings for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, 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
Cash flow hedges: 1

Hedges of floating-rate assets $ 2   $ ( 18 ) $ —  
Hedges of floating-rate liabilities —   —   —  
Fair value hedges: 2

Hedges of fixed-rate assets —   —   14  
Hedges of fixed-rate liabilities —   —   ( 2 )

Total derivatives designated as hedging instruments
$ 2   $ ( 18 ) $ 12  

Six Months Ended June 30, 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
Cash flow hedges: 1

Hedges of floating-rate assets $ 8   $ ( 38 ) $ —  

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

Hedges of fixed-rate assets —   —   27  

Hedges of fixed-rate liabilities —   —   ( 5 )

Total derivatives designated as hedging instruments
$ 8   $ ( 37 ) $ 22  

Three Months Ended June 30, 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
Cash flow hedges: 1

Hedges of floating-rate assets $ ( 1 ) $ ( 33 ) $ —  
Hedges of floating-rate liabilities 1   2   —  
Fair value hedges: 2

Hedges of fixed-rate assets —   —   24  
Hedges of fixed-rate liabilities —   —   ( 2 )
Total derivatives designated as hedging instruments
$ —   $ ( 31 ) $ 22  

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Six Months Ended June 30, 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
Cash flow hedges: 1

Hedges of floating-rate assets $ ( 6 ) $ ( 69 ) $ —  

Hedges of floating-rate liabilities 5   4   —  
Fair value hedges: 2

Hedges of fixed-rate assets —   —   46  

Hedges of fixed-rate liabilities —   —   ( 3 )

Total derivatives designated as hedging instruments
$ ( 1 ) $ ( 65 ) $ 43  

1 For the 12 months following June 30, 2025, we estimate that $ 45 million of net losses from active and terminated cash flow hedges will be reclassified from AOCI into interest income, compared with an estimate of $ 88 million at June 30, 2024. At June 30, 2025, there were $ 60  million of losses deferred in AOCI related to terminated cash flow hedges that are expected to be fully reclassified into earnings by October 2027.
2 We had total cumulative unamortized basis adjustments from terminated fair value hedges of debt of $ 36  million and $ 43  million at June 30, 2025 and 2024, respectively. We had $ 3 million of cumulative unamortized basis adjustments from terminated fair value hedges of assets at both June 30, 2025 and 2024. Interest on fair value hedges presented above includes the amortization of the remaining unamortized basis adjustments.
The following schedule presents the amount of gains (losses) recognized from derivatives not designated as
accounting hedges:

Other Noninterest Income/(Expense)
(In millions) Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Three Months Ended June 30, 2024 Six Months Ended June 30, 2024
Derivatives not designated as hedging instruments:

Customer-facing interest rate derivatives
$ 11   $ 18   $ 6   $ 12  
Other interest rate derivatives —   ( 1 ) —   1  
Foreign exchange derivatives 8   14   7   15  
Purchased credit derivatives ( 1 ) ( 1 ) —   —  
Total derivatives not designated as hedging instruments
$ 18   $ 30   $ 13   $ 28  

The following schedule presents derivatives used in fair value hedge accounting relationships, along with pre-tax gains (losses) recorded on these derivatives and the related hedged items for the periods presented:

Gains (losses) recorded in income
Three Months Ended June 30, 2025 Three Months Ended June 30, 2024
(In millions) Derivatives
Hedged items Total income statement impact Derivatives
Hedged items Total income statement impact

Hedges of fixed-rate assets 1, 2
$ ( 35 ) $ 35   $ —   $ 20   $ ( 20 ) $ —  
Hedges of fixed-rate debt 1, 2
4   ( 4 ) —   —   —   —  

Gains (losses) recorded in income
Six Months Ended June 30, 2025 Six Months Ended June 30, 2024
(In millions) Derivatives
Hedged items Total income statement impact Derivatives
Hedged items Total income statement impact

Hedges of fixed-rate assets 1, 2
$ ( 115 ) $ 115   $ —   $ 118   $ ( 118 ) $ —  
Hedges of fixed-rate debt 1, 2
16   ( 16 ) —   —   —   —  

1 Includes hedges of benchmark interest rate risk for fixed-rate long-term debt, fixed-rate AFS securities, and fixed-rate commercial loans. Gains and losses were recorded in interest income or expense, 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.

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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 1
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
(In millions) June 30,
2025 December 31, 2024 June 30,
2025 December 31, 2024 June 30,
2025 December 31, 2024

Hedges of fixed-rate assets 1, 2
$ 11,473   $ 11,388   $ 11,299   $ 11,099   $ ( 174 ) $ ( 289 )
Hedges of fixed-rate debt 1
( 500 ) ( 500 ) ( 509 ) ( 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 At June 30, 2025, the amortized cost basis of assets designated using the portfolio layer method was $ 9.8  billion; the cumulative basis adjustment associated with these hedging relationships was $ 29  million; and the notional amounts of the designated hedging instruments were $ 4.5  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 June 30, 2025, we had 409 branches, with 279 owned and 130 leased. The remaining maturities of our lease commitments range from the year 2025 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. For more information about our lease policies, see Note 8 of our 2024 Form 10-K.
The following schedule presents ROU assets and lease liabilities with the associated weighted average remaining life and discount rate:

(In millions) June 30,
2025 December 31, 2024
Operating leases
ROU assets, net of amortization $ 189 $ 188
Lease liabilities 239 240
Finance leases
ROU assets, net of amortization 3 3
Lease liabilities 4 4
Weighted average remaining lease term (years)
Operating leases 9.7 9.9
Finance leases 15.1 15.6
Weighted average discount rate
Operating leases 3.9   % 3.8   %
Finance leases 3.1   % 3.1   %

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The following schedule presents additional information related to lease expense:

Three Months Ended June 30, Six Months Ended June 30,
(In millions) 2025 2024 2025 2024
Lease expense:
Operating lease expense $ 10   $ 10   $ 20   $ 20  

Other expenses associated with operating leases 1
15   15   31   30  

Total lease expense $ 25   $ 25   $ 51   $ 50  

Related cash disbursements for operating leases $ 10   $ 11   $ 21   $ 22  

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

2025 1
$ 20  
2026 38  
2027 29  
2028 31  
2029 27  
Thereafter 148  
Total lease payments 293  
Less imputed interest 54  
Total $ 239  

1 Represents contractual maturities remaining in 2025.
We enter into certain lease agreements as 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 $ 4 million for both the second quarters of 2025 and 2024, and $ 8 million and $ 7 million for the first six months of 2025 and 2024, respectively.
At June 30, 2025 and December 31, 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 $ 5 million for both the second quarters of 2025 and 2024, and $ 10 million and $ 9 million for the first six months of 2025 and 2024, respectively.

9. LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY
Long-Term Debt
The long-term debt carrying values presented on the consolidated balance sheet represent the par value of the debt, adjusted for any unamortized premium or discount, unamortized debt issuance costs, and fair value hedge basis adjustments.
The following schedule presents the components of our long-term debt:
LONG-TERM DEBT

(In millions) June 30,
2025 December 31, 2024

Subordinated notes 1
$ 966   $ 946  

Finance lease obligations 4   4  
Total $ 970   $ 950  

1 The change in the subordinated notes balance is primarily due to a fair value hedge basis adjustment. See also Note 7.

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Shareholders' Equity
Our common stock is traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. At June 30, 2025, there were 147.6  million shares of $ 0.001 par value common stock outstanding. Common stock and additional paid-in capital was $ 1.7 billion at both June 30, 2025 and December 31, 2024.
At June 30, 2025, the AOCI balance reflected a net loss of $ 2.2  billion, primarily attributable to a decline in the fair value of fixed-rate AFS securities driven by changes in interest rates. This amount includes $ 1.7 billion ($ 1.3 billion after tax) of unrealized losses associated with securities previously transferred from AFS to HTM. The following schedule presents the changes in AOCI by major component:

(In millions) Net unrealized gains (losses) on investment securities Net unrealized gains (losses) on derivatives and other Pension and post-retirement Total
Six Months Ended June 30, 2025
Balance at December 31, 2024 $ ( 2,301 ) $ ( 78 ) $ ( 1 ) $ ( 2,380 )
Other comprehensive income before reclassifications, net of tax
92   6   —   98  
Amounts reclassified from AOCI, net of tax 90   28   —   118  
Other comprehensive income 182   34   —   216  
Balance at June 30, 2025 $ ( 2,119 ) $ ( 44 ) $ ( 1 ) $ ( 2,164 )
Income tax expense included in other comprehensive income
$ 59   $ 11   $ —   $ 70  
Six Months Ended June 30, 2024
Balance at December 31, 2023 $ ( 2,526 ) $ ( 165 ) $ ( 1 ) $ ( 2,692 )
Other comprehensive income (loss) before reclassifications, net of tax
( 2 ) —   —   ( 2 )
Amounts reclassified from AOCI, net of tax 96   49   —   145  
Other comprehensive income 94   49   —   143  
Balance at June 30, 2024 $ ( 2,432 ) $ ( 116 ) $ ( 1 ) $ ( 2,549 )
Income tax expense included in other comprehensive income
$ 31   $ 16   $ —   $ 47  

Amounts reclassified from AOCI

(In millions) Three Months Ended
June 30, Six Months Ended
June 30,
AOCI components 2025 2024 2025 2024 Affected line item on statement of income

Net unrealized gains (losses) on investment securities
$ ( 62 ) $ ( 67 ) $ ( 120 ) $ ( 128 ) Securities gains (losses), net
Less: Income tax expense (benefit) ( 15 ) ( 17 ) ( 30 ) ( 32 )
Total $ ( 47 ) $ ( 50 ) $ ( 90 ) $ ( 96 )

Net unrealized gains (losses) on derivative instruments and other
$ ( 18 ) $ ( 31 ) $ ( 37 ) $ ( 65 ) Interest and fees on loans; Interest on short- and long-term borrowings
Less: Income tax expense (benefit) ( 5 ) ( 8 ) ( 9 ) ( 16 )
Total $ ( 13 ) $ ( 23 ) $ ( 28 ) $ ( 49 )

10. COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES
Commitments and Guarantees
We utilize various financial instruments, including loan commitments, commercial letters of credit, and standby letters of credit, to support our customers’ financing needs. These instruments expose us to varying degrees of credit, liquidity, and interest rate risk that are not fully reflected on the consolidated balance sheet. The associated credit risk is evaluated and recorded as a reserve for unfunded lending commitments, which is presented separately on the consolidated balance sheet.
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The following schedule presents the contractual amounts related to off-balance sheet financial instruments used to support our customers’ financing needs:

(In millions) June 30,
2025 December 31, 2024

Unfunded lending commitments 1
$ 28,688   $ 28,767  
Standby letters of credit:
Financial 600   574  
Performance 246   262  
Commercial letters of credit 30   15  

Total unfunded commitments $ 29,564   $ 29,618  

1 Net of participations.
For more information about these commitments and guarantees including their terms and collateral requirements, see Note 16 of our 2024 Form 10-K.
Legal Matters
We are involved in various legal proceedings or governmental inquiries, which may include litigation in court, arbitral proceedings, investigations, examinations, and other actions initiated or considered by governmental and self-regulatory agencies. Litigation may pertain to lending, deposit and other customer relationships, supplier and contractual issues, employee matters, intellectual property matters, personal injuries and torts, regulatory and legal compliance, and other matters. While most matters involve individual claims, we are also subject to putative class action claims and similar broader claims. Proceedings, investigations, examinations, and other actions initiated or considered by governmental and self-regulatory agencies may relate to our banking, investment advisory, trust, securities, and other products and services; and our customers’ involvement in money laundering, fraud, securities violations and other illicit activities or our policies and practices concerning such customer activities. Additionally, these actions may pertain to our compliance with the broad range of banking, securities and other applicable laws and regulations. At any given time, we may be responding to subpoenas, requests for documents, data, and testimony relating to these matters and engaging in discussions to resolve them.
At June 30, 2025, we were subject to the following material litigation:
• Two civil cases, Lifescan, Inc. and Johnson & Johnson Health Care Services v. Jeffrey C. Smith, et. al. , brought against us in the United States District Court for the District of New Jersey in December 2017, and Roche Diagnostics and Roche Diabetes Care Inc. v. Jeffrey C. Smith, et. al. , brought against us in the United States District Court for the District of New Jersey in March 2019. In these cases, certain manufacturers and distributors of medical products seek to hold us liable for allegedly fraudulent practices of a borrower of the Bank who filed for bankruptcy protection in 2017. Discovery is substantially complete for most parties in both cases. However, final rulings on certain dispositive motions remain outstanding, and other dispositive motions have yet to be filed or ruled upon. No trial dates have been set for either case.
• Cayon and Reesor v. Zions Bancorporation, N.A. is an arbitration matter pending before Judicial Arbitration and Mediation Services. The claimants have asserted claims for unpaid overtime, meal and rest break violations, and failure to reimburse work-related expenses. They have also initiated a related action under the California Private Attorneys General Act. The arbitration is in the discovery phase, with a final hearing scheduled for February 2026.
• Carlson v. Zions Bancorporation, N.A. is a putative class action case pending in the Superior Court of San Diego County, California. Plaintiff has asserted violations of California law for alleged non-payment of certain work-related expenses incurred by company employees. Plaintiff has also initiated a related action under the California Private Attorneys General Act. The putative class action is in the discovery phase, with trial set for February 2026.
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At least quarterly, we review both outstanding and new legal matters utilizing the latest information available. If we determine that a loss from a matter is probable and can be reasonably estimated, we establish an accrual for the best estimate of the loss. If no amount within a range of probable losses is a better estimate than any other amount within the range, we establish an accrual for the minimum amount in that range. For matters where a loss is not probable, we do not establish an accrual. Once established, accruals are adjusted to reflect any developments related to the matters.
We also assess whether we can determine the range of reasonably possible losses for significant matters where the likelihood of a loss is not remote. Due to the difficulty of predicting the outcome of legal matters, discussed subsequently, we can meaningfully estimate such a range for only a limited number of cases. Based on information available at June 30, 2025, the estimated aggregate range of reasonably possible losses for these matters is zero to approximately $ 15 million in excess of amounts accrued. The matters underlying this estimated range will change over time, and actual results may vary significantly from this estimate. Matters for which a meaningful estimate is not possible are not included within this estimated range; therefore, this estimated range does not represent our maximum loss exposure.
Based on our current knowledge, we believe that our estimated liability for litigation and other legal actions and claims, as reflected in our accruals and determined in accordance with applicable accounting guidance, is adequate. We also believe that any liabilities in excess of the amounts currently accrued, if any, arising from litigation and other legal actions and claims for which an estimate is possible, will not have a material impact on our financial condition, results of operations, or cash flows. However, given the significant uncertainties involved in these matters, and the potentially large or indeterminate damages sought in some cases, an adverse outcome in one or more of these matters could materially affect our financial condition, results of operations, or cash flows for any given reporting period.
Any estimate or determination regarding the future resolution of litigation, arbitration, governmental or self-regulatory examinations, investigations or similar matters is inherently uncertain and involves significant judgment. This is particularly true in the early stages of a legal matter, when legal issues and facts have not been fully articulated, reviewed, analyzed, and vetted through discovery, trial or hearing preparation, substantive and productive mediation or settlement discussions, or other actions. It is also especially true for class actions and similar claims involving multiple defendants, matters with complex procedural requirements or substantive issues, novel legal theories, and examinations, investigations, and other actions conducted or brought by governmental and self-regulatory agencies, where the normal adjudicative process is not applicable. As a result, we are often unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the course of a legal matter, sometimes not until a number of years have elapsed. Consequently, our judgments and estimates relating to claims will change over time in light of developments, and actual outcomes will differ from our estimates. These differences may be material.

11. REVENUE FROM CONTRACTS WITH CUSTOMERS
Noninterest income and revenue from contracts with customers are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. We recognize noninterest income from certain contracts with customers upon satisfaction of the related contractual performance obligations. For more information regarding revenue from contracts with customers, see Note 17 of our 2024 Form 10-K.
Disaggregation of Revenue
The following schedule presents revenue from contracts with customers and provides a reconciliation to total noninterest income by operating business segment for the three months ended June 30, 2025 and 2024. Customer-related noninterest income from other sources represents revenue earned from customers that is not within the scope of the applicable accounting guidance for revenue from contracts with customers.
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Zions Bank CB&T Amegy
(In millions) 2025 2024 2025 2024 2025 2024

Commercial account fees
$ 15   $ 14   $ 8   $ 8   $ 15   $ 14  
Card fees 1
12   13   5   4   7   8  
Retail and business banking fees
5   5   3   3   4   3  

Capital markets fees and income 2, 3
—   —   1   —   —   —  
Wealth management fees 4   5   1   1   5   5  
Other customer-related fees 2   2   2   2   1   2  
Total noninterest income from contracts with customers
38   39   20   18   32   32  
Customer-related noninterest income from other sources
10   6   11   10   8   7  
Total customer-related noninterest income
48   45   31   28   40   39  
Noncustomer-related noninterest income 3
1   2   1   2   3   3  
Total noninterest income
$ 49   $ 47   $ 32   $ 30   $ 43   $ 42  

NBAZ NSB Vectra
(In millions) 2025 2024 2025 2024 2025 2024

Commercial account fees
$ 3   $ 3   $ 3   $ 4   $ 2   $ 2  
Card fees 1
4   4   4   4   2   3  
Retail and business banking fees
2   2   3   2   1   1  

Capital markets fees and income 2, 3
—   —   —   —   —   —  
Wealth management fees 1   1   2   2   1   —  
Other customer-related fees —   —   —   —   1   1  
Total noninterest income from contracts with customers
10   10   12   12   7   7  
Customer-related noninterest income from other sources
1   1   1   —   1   —  
Total customer-related noninterest income
11   11   13   12   8   7  
Noncustomer-related noninterest income 3
( 1 ) ( 1 ) —   4   3   —  
Total noninterest income
$ 10   $ 10   $ 13   $ 16   $ 11   $ 7  

TCBW Other Consolidated Bank
(In millions) 2025 2024 2025 2024 2025 2024

Commercial account fees
$ 1   $ 1   $ ( 1 ) $ ( 1 ) $ 46   $ 45  
Card fees 1
1   1   1   —   36   37  
Retail and business banking fees
—   —   —   —   18   16  

Capital markets fees and income 2, 3
—   —   1   1   2   1  
Wealth management fees —   —   ( 1 ) ( 1 ) 13   13  
Other customer-related fees —   —   9   7   15   14  
Total noninterest income from contracts with customers
2   2   9   6   130   126  
Customer-related noninterest income from other sources
—   —   2   4   34   28  
Total customer-related noninterest income
2   2   11   10   164   154  
Noncustomer-related noninterest income 3
—   —   19   15   26   25  
Total noninterest income
$ 2   $ 2   $ 30   $ 25   $ 190   $ 179  

1 Card fees exclude costs associated with reward programs that are netted against interchange fees, as these costs fall outside the scope of the applicable accounting guidance for revenue from contracts with customers.
2 Capital markets fees and income excludes revenue related to real estate capital markets, swaps, loan syndications, foreign exchange activities, and fair value and nonhedge derivative income, as these items are not within the scope of the applicable accounting guidance for revenue from contracts with customers.
3 Effective the first quarter of 2025, capital markets fees and income includes fair value and nonhedge derivative income. These amounts were previously disclosed under noncustomer-related noninterest income. No other income statement line items were affected by these changes and reclassifications. Prior period amounts have been reclassified for comparative purposes.
The following schedule presents revenue from contracts with customers and provides a reconciliation to total noninterest income by operating business segment for the six months ended June 30, 2025 and 2024. Customer-
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related noninterest income from other sources represents revenue from customers that falls outside the scope of the applicable accounting guidance for revenue from contracts with customers.

Zions Bank CB&T Amegy
(In millions) 2025 2024 2025 2024 2025 2024

Commercial account fees
$ 30   $ 28   $ 16   $ 15   $ 31   $ 29  
Card fees 1
24   25   9   10   15   15  
Retail and business banking fees
10   9   6   6   8   7  

Capital markets fees and income 2, 3
—   —   1   —   8   —  
Wealth management fees 8   11   3   2   9   9  
Other customer-related fees 4   4   4   4   2   3  
Total noninterest income from contracts with customers
76   77   39   37   73   63  
Customer-related noninterest income from other sources
14   10   18   16   14   15  
Total customer-related noninterest income
90   87   57   53   87   78  
Noncustomer-related noninterest income 3
1   3   3   3   5   5  
Total noninterest income
$ 91   $ 90   $ 60   $ 56   $ 92   $ 83  

NBAZ NSB Vectra
(In millions) 2025 2024 2025 2024 2025 2024

Commercial account fees
$ 5   $ 5   $ 6   $ 7   $ 3   $ 3  
Card fees 1
8   8   8   8   5   5  
Retail and business banking fees
4   4   6   5   2   2  

Capital markets fees and income 2, 3
—   —   —   —   —   —  
Wealth management fees 2   2   3   3   1   1  
Other customer-related fees —   1   —   —   2   2  
Total noninterest income from contracts with customers
19   20   23   23   13   13  
Customer-related noninterest income from other sources
1   1   2   1   3   —  
Total customer-related noninterest income
20   21   25   24   16   13  
Noncustomer-related noninterest income 3
( 1 ) ( 1 ) —   4   3   —  
Total noninterest income
$ 19   $ 20   $ 25   $ 28   $ 19   $ 13  

TCBW Other Consolidated Bank
(In millions) 2025 2024 2025 2024 2025 2024

Commercial account fees
$ 1   $ 1   $ ( 1 ) $ 1   $ 91   $ 89  
Card fees 1
1   1   —   —   70   72  
Retail and business banking fees
—   —   ( 1 ) —   35   33  

Capital markets fees and income 2, 3
—   —   3   2   12   2  
Wealth management fees —   —   1   ( 1 ) 27   27  
Other customer-related fees 1   —   15   14   28   28  
Total noninterest income from contracts with customers
3   2   17   16   263   251  
Customer-related noninterest income from other sources
1   1   6   10   59   54  
Total customer-related noninterest income
4   3   23   26   322   305  
Noncustomer-related noninterest income 3
—   —   28   16   39   30  
Total noninterest income
$ 4   $ 3   $ 51   $ 42   $ 361   $ 335  

1 Card fees exclude costs associated with reward programs that are netted against interchange fees, as these costs are not within the scope of applicable accounting guidance for revenue from contracts with customers.
2 Capital markets fees and income excludes revenue associated with real estate capital markets, swaps, loan syndications, foreign exchange activities, and fair value and nonhedge derivative income, as the related fees and income are not within the scope of applicable accounting guidance for revenue from contracts with customers.
3 Effective the first quarter of 2025, capital markets fees and income includes fair value and nonhedge derivative income, which was previously disclosed under noncustomer-related noninterest income.
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Revenue from contracts with customers did not result in the recognition of significant contract assets and liabilities. Contract receivables are included in “Other assets” on the consolidated balance sheet. Payment terms vary by the nature of the services provided; however, the time between the satisfaction of performance obligations and receipt of payment is generally not significant.

12. INCOME TAXES
The effective income tax rate was 21.8 % for the second quarter of 2025, compared with 23.3 % for the second quarter of 2024. For the six months ended June 30, the effective tax rates were 24.9 % in 2025 and 23.9 % in 2024. The tax rates during these periods were increased by the nondeductibility of certain Federal Deposit Insurance Corporation (“FDIC”) premiums, specific executive compensation, and other fringe benefits. While the FDIC insurance premiums are not deductible for tax purposes, FDIC special assessments are tax deductible. Conversely, the tax rates were reduced by nontaxable municipal interest income and nontaxable income from certain bank-owned life insurance policies.
The tax rates for the three and six months ended June 30, 2025 were further impacted by the enactment of new state tax legislation across multiple jurisdictions. These legislative changes required a revaluation of our net deferred tax asset (“DTA”), which primarily arises from unrealized losses in AOCI on certain securities.
At June 30, 2025 and December 31, 2024, our net DTA totaled $ 803 million and $ 904 million, respectively. The net DTA or deferred tax liability (“DTL”) is included in either “Other assets” or “Other liabilities,” respectively, on the consolidated balance sheet.
We regularly evaluate DTAs to determine whether a valuation allowance is required, applying a “more-likely-than-not” threshold for realization. Based on this evaluation, management concluded that no valuation allowance was required at both June 30, 2025 and December 31, 2024.

13. NET EARNINGS PER COMMON SHARE
The following schedule presents basic and diluted net earnings per common share based on the weighted average outstanding shares:

Three Months Ended
June 30, Six Months Ended
June 30,
(In millions, except shares and per share amounts) 2025 2024 2025 2024
Basic:
Net income $ 244   $ 201   $ 414   $ 354  
Less common and preferred dividends 65   72   130   143  

Undistributed earnings 179   129   284   211  
Less undistributed earnings applicable to nonvested shares 2   1   4   2  
Undistributed earnings applicable to common shares 177   128   280   209  
Distributed earnings applicable to common shares 63   61   127   121  
Total earnings applicable to common shares $ 240   $ 189   $ 407   $ 330  
Weighted average common shares outstanding (in thousands) 147,044   147,115   147,182   147,227  
Net earnings per common share $ 1.63   $ 1.28   $ 2.77   $ 2.24  
Diluted:
Total earnings applicable to common shares $ 240   $ 189   $ 407   $ 330  
Weighted average common shares outstanding (in thousands) 147,044   147,115   147,182   147,227  

Dilutive effect of stock options (in thousands) 9   5   28   4  
Weighted average diluted common shares outstanding (in thousands) 147,053   147,120   147,210   147,231  
Net earnings per common share $ 1.63   $ 1.28   $ 2.77   $ 2.24  

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The following schedule presents the weighted average stock awards that were anti-dilutive and not included in the calculation of diluted earnings per share:

Three Months Ended
June 30, Six Months Ended
June 30,
(In thousands) 2025 2024 2025 2024

Restricted stock and restricted stock units 1,796   1,715   1,774   1,629  
Stock options 823   1,334   591   1,356  

14. OPERATING SEGMENT INFORMATION
We manage our operations with a focus on geographic area, primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. We conduct our operations primarily through seven separately managed affiliate banks, each with its own local branding and management team: Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington. These affiliate banks comprise our primary operating segments. We emphasize local authority, responsibility, pricing, and customization of certain products to maximize customer satisfaction, strengthen community relations, and improve profitability and shareholder returns.
At June 30, 2025, Zions Bank operated 93 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. CB&T operated 78 branches in California, including the four FirstBank Coachella Valley, California branches we acquired in late March 2025. Amegy operated 76 branches in Texas. NBAZ operated 56 branches in Arizona. NSB operated 43 branches in Nevada. Vectra operated 33 branches in Colorado and one branch in New Mexico. TCBW operated two branches in Washington and one branch in Oregon. During the first six months of 2025, all of the Bank's assets, revenues, and expenses were located in or derived from operations within the United States.
We focus on serving customers in the communities where we operate. Each of our operating segments offers a wide range of banking products and related services, delivered digitally or through other channels. These include primarily commercial and small business banking, capital markets and investment banking, commercial real estate lending, retail banking, and wealth management.
Our affiliate banks are supported by an enterprise operating segment, referred to as the “Other” segment, which provides governance and risk management, allocates capital, establishes strategic objectives, and includes centralized technology, back-office functions, and certain lines of business not operated through our affiliate banks. The costs of centrally provided services are allocated to the operating segments based on estimated or actual usage of those services. Capital is allocated according to the risk-weighted assets held by each segment. We use an internal funds transfer pricing (“FTP”) allocation process to report the results of operations for each segment. This process is subject to ongoing changes and refinements. The total average loans and deposits for the operating segments include minor intercompany amounts and may also include deposits with the “Other” segment. Transactions between segments are primarily conducted at fair value, with profits eliminated for consolidated reporting purposes.
We evaluate performance and allocate resources primarily based on income or loss from operations before income taxes. The accounting policies of the operating segments align with those in the Notes to Consolidated Financial Statements.
The chief operating decision maker (“CODM”) is our Chairman and Chief Executive Officer. The CODM regularly receives certain segment information, including net interest income, noninterest income, significant noninterest expenses, and income or loss from operations before income taxes. This information is used to evaluate performance and allocate resources for each segment.
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The following schedule presents selected operating segment information that is regularly provided to the CODM to evaluate performance and allocate resources for the three months ended June 30, 2025 and 2024:

Zions Bank CB&T Amegy
(In millions) 2025 2024 2025 2024 2025 2024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 182   $ 170   $ 161   $ 148   $ 137   $ 116  
Provision for credit losses 6   ( 7 ) ( 18 ) ( 5 ) 10   14  
Net interest income after provision for credit losses 176   177   179   153   127   102  
Noninterest income 49   47   32   30   43   42  
Noninterest expense:
Salaries and employee benefits 34   34   33   31   29   26  
Technology, telecom, and information processing 4   4   1   1   2   2  
Occupancy and equipment, net 7   7   8   8   8   8  
Other direct expenses 2
16   20   11   9   11   14  
Indirect/allocated expenses 81   86   56   54   64   66  
Total noninterest expense 142   151   109   103   114   116  
Income (loss) before taxes $ 83   $ 73   $ 102   $ 80   $ 56   $ 28  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 15,008   $ 14,893   $ 15,176   $ 14,127   $ 14,158   $ 13,345  
Total average deposits 20,827   20,906   15,210   14,539   14,573   14,612  

NBAZ NSB Vectra
(In millions) 2025 2024 2025 2024 2025 2024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 64   $ 61   $ 53   $ 50   $ 36   $ 35  
Provision for credit losses ( 5 ) ( 1 ) 4   7   —   —  
Net interest income after provision for credit losses 69   62   49   43   36   35  
Noninterest income 10   10   13   16   11   7  
Noninterest expense:
Salaries and employee benefits 13   13   11   11   10   10  
Technology, telecom, and information processing 1   1   1   1   1   1  
Occupancy and equipment, net 2   2   3   3   3   3  
Other direct expenses 2
6   7   4   5   3   3  
Indirect/allocated expenses 26   28   24   25   17   19  
Total noninterest expense 48   51   43   45   34   36  
Income (loss) before taxes $ 31   $ 21   $ 19   $ 14   $ 13   $ 6  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 5,575   $ 5,595   $ 3,737   $ 3,547   $ 3,871   $ 4,088  
Total average deposits 6,863   6,929   7,132   7,207   3,366   3,475  

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TCBW Other Consolidated Bank
(In millions) 2025 2024 2025 2024 2025 2024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 18   $ 14   $ ( 3 ) $ 3   $ 648   $ 597  
Provision for credit losses 2   ( 1 ) —   ( 2 ) ( 1 ) 5  
Net interest income after provision for credit losses 16   15   ( 3 ) 5   649   592  
Noninterest income 2   2   30   25   190   179  
Noninterest expense:
Salaries and employee benefits 3   3   203   190   336   318  
Technology, telecom, and information processing —   —   55   56   65   66  
Occupancy and equipment, net 1   1   8   8   40   40  
Other direct expenses 2
1   1   34   26   86   85  
Indirect/allocated expenses 4   3   ( 272 ) ( 281 ) —   —  
Total noninterest expense 9   8   28   ( 1 ) 527   509  
Income (loss) before taxes $ 9   $ 9   $ ( 1 ) $ 31   $ 312   $ 262  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 2,019   $ 1,755   $ 916   $ 941   $ 60,460   $ 58,291  
Total average deposits 1,146   1,108   5,149   5,452   74,266   74,228  

1 Interest income is shown net of interest expense consistent with the information regularly provided to the CODM and used to evaluate segment performance.
2 Includes expenses such as professional and legal services, marketing and business development, deposit insurance and regulatory expense, credit-related expense, other real estate expense, and other noninterest expense.
The following schedule presents selected operating segment information that is regularly provided to the CODM to evaluate performance and allocate resources for the six months ended June 30, 2025 and 2024:

Zions Bank CB&T Amegy
(In millions) 2025 2024 2025 2024 2025 2024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 358   $ 332   $ 312   $ 293   $ 269   $ 227  
Provision for credit losses 12   ( 18 ) ( 8 ) 17   13   18  
Net interest income after provision for credit losses
346   350   320   276   256   209  
Noninterest income 91   90   60   56   92   83  
Noninterest expense:
Salaries and employee benefits 70   70   67   64   59   56  
Technology, telecom, and information processing 8   7   2   2   4   4  
Occupancy and equipment, net 14   13   17   16   16   16  
Other direct expenses 2
33   40   21   23   25   29  
Indirect/allocated expenses 160   161   106   99   128   124  
Total noninterest expense 285   291   213   204   232   229  
Income (loss) before taxes
$ 152   $ 149   $ 167   $ 128   $ 116   $ 63  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 14,922   $ 14,808   $ 14,927   $ 14,146   $ 14,056   $ 13,230  
Total average deposits 21,018   20,820   14,917   14,473   14,692   14,742  

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NBAZ NSB Vectra
(In millions) 2025 2024 2025 2024 2025 2024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 128   $ 122   $ 106   $ 98   $ 71   $ 71  
Provision for credit losses ( 13 ) 5   4   2   9   ( 6 )
Net interest income after provision for credit losses
141   117   102   96   62   77  
Noninterest income 19   20   25   28   19   13  
Noninterest expense:
Salaries and employee benefits 27   27   23   23   21   20  
Technology, telecom, and information processing 2   2   3   3   1   1  
Occupancy and equipment, net 5   5   5   5   6   6  
Other direct expenses 2
14   14   9   11   6   8  
Indirect/allocated expenses 51   51   47   47   34   35  
Total noninterest expense 99   99   87   89   68   70  
Income (loss) before taxes
$ 61   $ 38   $ 40   $ 35   $ 13   $ 20  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 5,638   $ 5,623   $ 3,698   $ 3,527   $ 3,896   $ 4,063  
Total average deposits 6,905   6,894   7,149   7,203   3,403   3,463  

TCBW Other Consolidated Bank
(In millions) 2025 2024 2025 2024 2025 2024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 34   $ 28   $ ( 6 ) $ 12   $ 1,272   $ 1,183  
Provision for credit losses ( 1 ) 3   1   ( 3 ) 17   18  
Net interest income after provision for credit losses
35   25   ( 7 ) 15   1,255   1,165  
Noninterest income 4   3   51   42   361   335  
Noninterest expense:
Salaries and employee benefits 7   6   404   383   678   649  
Technology, telecom, and information processing 1   1   114   108   135   128  
Occupancy and equipment, net 1   1   17   17   81   79  
Other direct expenses 2
2   3   61   51   171   179  
Indirect/allocated expenses 7   6   ( 533 ) ( 523 ) —   —  
Total noninterest expense 18   17   63   36   1,065   1,035  
Income (loss) before taxes
$ 21   $ 11   $ ( 19 ) $ 21   $ 551   $ 465  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 1,992   $ 1,741   $ 921   $ 962   $ 60,050   $ 58,100  
Total average deposits 1,140   1,115   5,366   5,083   74,590   73,793  

1 Interest income is shown net of interest expense consistent with the information regularly provided to the CODM and used to evaluate segment performance.
2 Includes expenses such as professional and legal services, marketing and business development, deposit insurance and regulatory expense, credit-related expense, other real estate expense, and other noninterest expense.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our most significant risks include interest rate and market risk, which are closely monitored by management as previously discussed. For more information regarding interest rate and market risk, see the “Interest Rate and Market Risk Management” section in this Form 10-Q.
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ITEM 4. CONTROLS AND PROCEDURES
Our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures at June 30, 2025. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at June 30, 2025. There were no changes in our internal control over financial reporting during the second quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
The information contained in Note 10 of the Notes to Consolidated Financial Statements is incorporated by reference herein.

ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors as previously disclosed in Part I, Item 1A. Risk Factors in our 2024 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.

ITEM 5. OTHER INFORMATION
None of our directors or officers have adopted , modified, or terminated a Rule 10b5-1(c) trading arrangement during the three months ended June 30, 2025. Our directors and officers participate in certain of our benefits plans such as our Omnibus Incentive Plan and Payshelter 401(k) and Employee Stock Ownership Plan, and may from time to time make elections to have shares withheld to cover withholding taxes or pay the exercise price of options granted thereunder, which elections may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements as defined in Item 408(c) of Regulation S-K.
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ITEM 6. EXHIBITS
a. Exhibits
Exhibit
Number Description

3.1
Second Amended and Restated Articles of Association of Zions Bancorporation, National Association, incorporated by reference to Exhibit 3.1 of Form 8-K filed on October 2, 2018. *

3.2
Second Amended and Restated Bylaws of Zions Bancorporation, National Association, incorporated by reference to Exhibit 3.2 of Form 8-K filed on April 4, 2019. *

10.1
Amendment to original form of Change in Control Agreement between the Bank and Certain Executive Officers (filed herewith).

10.2
Updated form of Change in Control Agreement between the Bank and Certain Executive Officers (filed herewith).

31.1
Certification by Chief Executive Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith).

31.2
Certification by Chief Financial Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith).

32
Certification by Chief Executive Officer and Chief Financial Officer required by Sections 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m) and 18 U.S.C. Section 1350 (furnished herewith).

101 Pursuant to Rules 405 and 406 of Regulation S-T, the following information is formatted in Inline XBRL (i) the Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, (ii) the Consolidated Statements of Income for the three and six months ended June 30, 2025 and June 30, 2024, (iii) the Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and June 30, 2024, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2025 and June 30, 2024, (v) the Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and June 30, 2024, and (vi) the Notes to Consolidated Financial Statements (filed herewith).

104 The cover page from this Quarterly Report on Form 10-Q, formatted as Inline XBRL.

* Incorporated by reference
Pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, copies of certain instruments defining the rights of holders of long-term debt are not filed. We agree to furnish a copy thereof to the Securities and Exchange Commission and the Office of the Comptroller of the Currency upon request.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

/s/ Harris H. Simmons
Harris H. Simmons, Chairman and
Chief Executive Officer

/s/ R. Ryan Richards
R. Ryan Richards, Executive Vice President and Chief Financial Officer

Date: August 7, 2025
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