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10-Q – 2025-11-06 – zions-20250930.htm
Noncustomer-related Noninterest Income Noncustomer-related noninterest income increased $12 million, or 86%, compared with the prior year period. This growth was primarily driven by a $10 million increase in dividends and other income, mainly attributable to a $6 million gain on the sale of a bank-owned property and higher dividends received on FHLB stock. For the nine months ended September 30, 2025, noncustomer-related noninterest income increased $21 million, or 48%, relative to the same prior year period. This increase was largely attributable to valuation adjustments in our Small Business Investment Company (“SBIC”) investment portfolio. Notably, in the second quarter of 2025, we recognized an $11 million unrealized gain following the successful initial public offering (“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. Noninterest Expense The following schedule presents a comparison of the major components of noninterest expense: NONINTEREST EXPENSE Three Months Ended September 30, Amount change Percent change Nine Months Ended September 30, Amount change Percent change (Dollar amounts in millions) 2025 2024 2025 2024 Salaries and employee benefits $ 337 $ 317 $ 20 6 % $ 1,015 $ 966 $ 49 5 % Technology, telecom, and information processing 70 66 4 6 205 194 11 6 Occupancy and equipment, net 42 40 2 5 123 119 4 3 Professional and legal services 14 14 — — 40 47 (7) (15) Marketing and business development 11 12 (1) (8) 34 35 (1) (3) Deposit insurance and regulatory expense 16 19 (3) (16) 58 74 (16) (22) Credit-related expense 6 6 — — 18 19 (1) (5) Other real estate expense, net — — — NM — (1) 1 NM Other 31 28 3 11 99 84 15 18 Total noninterest expense $ 527 $ 502 $ 25 5 $ 1,592 $ 1,537 $ 55 4 Adjusted noninterest expense (non-GAAP) $ 520 $ 499 $ 21 4 % $ 1,574 $ 1,516 $ 58 4 % Noninterest expense increased $25 million, or 5%, relative to the prior year quarter. Salaries and employee benefits expense increased $20 million, primarily due to higher severance and base salaries, along with increased incentive compensation accruals reflecting improved profitability. Technology, telecom, and information processing expense increased $4 million, largely due to higher costs associated with application software, licensing, and maintenance. Adjusted noninterest expense increased $21 million, or 4%. The efficiency ratio improved to 59.6%, compared with 62.5%, reflecting positive operating leverage as adjusted pre-provision net revenue increased $53 million, or 18%. For more information on non-GAAP financial measures, see page 41. For the nine months ended September 30, 2025, noninterest expense increased $55 million, or 4%, relative to the same prior year period. Salaries and employee benefits expense increased $49 million, mainly due to the same factors previously noted. Other noninterest expense increased $15 million, driven by higher subscription costs, the impairment of certain long-lived assets, increased legal reserves, and a success fee accrual associated with the IPO of an SBIC investment. Technology, telecom, and information processing expense increased $11 million, reflecting the same drivers noted above. These increases were partially offset by a $16 million reduction in deposit insurance and regulatory expense, attributable to 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, mainly due to reduced technology-related consulting expenses. 16 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 • 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 September 30, Amount change Percent change Nine Months Ended September 30, Amount change Percent change (Dollar amounts in millions) 2025 2024 2025 2024 Technology, telecom, and information processing expense $ 70 $ 66 $ 4 6 % $ 205 $ 194 $ 11 6 % Less: related amortization and depreciation (20) (19) (1) 5 (58) (59) 1 (2) Other technology-related expense 64 62 2 3 186 188 (2) (1) Capitalized technology investments 17 7 10 NM 46 26 20 77 Total technology spend $ 131 $ 116 $ 15 13 $ 379 $ 349 $ 30 9 Total technology spend increased $15 million, or 13%, compared with the same prior year quarter. This increase was driven by higher capitalized technology investments associated with lending and customer-focused technology initiatives. In addition, technology, telecom, and information processing expense increased, largely reflecting the previously noted increases in application software, licensing, and maintenance costs. Income Taxes The following schedule summarizes the income tax expense and effective tax rates for the periods presented: INCOME TAXES Three Months Ended September 30, Nine Months Ended September 30, (Dollar amounts in millions) 2025 2024 2025 2024 Income before income taxes $ 285 $ 277 $ 836 $ 742 Income tax expense 63 63 200 174 Effective tax rate 22.1 % 22.7 % 23.9 % 23.5 % The effective tax rate was 22.1% and 22.7% for the three months ended September 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 $10 million for the third quarters of 2025 and 2024, respectively. The year-over-year 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. 17 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES BALANCE SHEET ANALYSIS Interest-Earning Assets Interest-earning assets—which include loans and leases, investment securities, and money market investments—carry associated interest rates or yields. We strive to maintain a high level of interest-earning assets relative to total assets. For more information regarding average balances, the associated revenue generated, and the corresponding yields of these assets, see the Average Balance Sheet on page 11. 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 September 30, 2025 was assumed to be longer than the loan duration (including swaps). At September 30, 2025, the estimated duration of the investment securities portfolio, which measures price sensitivity to interest rate changes, was 3.7 years, compared with 3.4 years at December 31, 2024, primarily due to revised prepayment assumptions on certain securities. For more 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 38. For more information on fair value measurements and the accounting for our investment securities portfolio, refer to Note 3 and Note 5 of the Notes to Consolidated Financial Statements. The following schedule presents the major components of our investment securities portfolio: INVESTMENT SECURITIES PORTFOLIO September 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 $ 1,400 $ 1,401 $ 1,311 $ 780 $ 781 $ 662 U.S. Government agencies and corporations: Agency securities 353 349 332 446 441 415 Agency guaranteed mortgage-backed securities 7,193 7,208 6,171 7,656 7,713 6,451 Small Business Administration loan-backed securities 352 374 358 427 455 434 Municipal securities 948 1,022 973 1,096 1,186 1,108 Other debt securities 25 25 25 25 25 25 Total available-for-sale 10,271 10,379 9,170 10,430 10,601 9,095 Held-to-maturity U.S. Government agencies and corporations: Agency securities 139 139 135 148 148 140 Agency guaranteed mortgage-backed securities 10,248 8,643 8,704 10,983 9,202 8,941 Municipal securities 277 277 267 319 319 301 Total held-to-maturity 10,664 9,059 9,106 11,450 9,669 9,382 Total investment securities $ 20,935 $ 19,438 $ 18,276 $ 21,880 $ 20,270 $ 18,477 The amortized cost of total investment securities declined $832 million, or 4%, from December 31, 2024, primarily due to principal reductions, net of reinvestments. At both September 30, 2025 and December 31, 2024, approximately 7% of the portfolio consisted of floating-rate instruments. Additionally, at September 30, 2025, we had active pay-fixed interest rate swaps with an aggregate notional amount of $4.5 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. 18 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES At September 30, 2025, our AFS investment securities portfolio included approximately $108 million in net premium, distributed across various security categories. Taxable-equivalent premium amortization for these investment securities totaled $12 million for the third 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 35, the “Capital Management” section on page 39, and Note 5 of the Notes to Consolidated Financial Statements. 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) September 30, 2025 December 31, 2024 Loans and leases $ 4,341 $ 4,364 Unfunded lending commitments 398 524 Available-for-sale securities 973 1,108 Held-to-maturity securities 277 319 Trading securities 134 35 Total $ 6,123 $ 6,350 Our municipal loans and securities are primarily concentrated within our geographic footprint. At September 30, 2025, approximately $2 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 September 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: 19 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES LOAN AND LEASE PORTFOLIO September 30, 2025 December 31, 2024 (Dollar amounts in millions) Amount % of total loans Amount % of total loans Commercial: Commercial and industrial $ 17,222 28.6 % $ 16,891 28.4 % Owner-occupied 9,267 15.4 9,333 15.7 Municipal 4,341 7.2 4,364 7.4 Leasing 349 0.6 377 0.6 Total commercial 31,179 51.8 30,965 52.1 Commercial real estate: Term 11,008 18.2 10,703 18.0 Construction and land development 2,469 4.1 2,774 4.7 Total commercial real estate 13,477 22.3 13,477 22.7 Consumer: 1-4 family residential 10,423 17.2 9,939 16.7 Home equity credit line 3,848 6.4 3,641 6.1 Construction and other consumer real estate 769 1.3 810 1.4 Bankcard and other revolving plans 477 0.8 457 0.8 Other 129 0.2 121 0.2 Total consumer 15,646 25.9 14,968 25.2 Total loans and leases $ 60,302 100.0 % $ 59,410 100.0 % During the first nine months of 2025, the loan and lease portfolio increased $892 million, or 2%, to $60.3 billion at September 30, 2025. This growth was primarily driven by increases in the consumer 1-4 family residential mortgage, commercial and industrial, and term commercial real estate loan portfolios. The ratio of loans and leases to total assets was 68% at September 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. 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) September 30, 2025 December 31, 2024 Amount change Percent change Bank-owned life insurance $ 571 $ 562 $ 9 2 % Federal Home Loan Bank stock 145 124 21 17 Federal Reserve stock 54 65 (11) (17) Farmer Mac stock 30 28 2 7 SBIC investments 252 204 48 24 Other 46 37 9 24 Total other noninterest-bearing investments $ 1,098 $ 1,020 $ 78 8 Other noninterest-bearing investments increased $78 million, or 8%, during the first nine months of 2025. This growth was primarily attributable to higher balances in our SBIC investment portfolio and increased holdings of FHLB stock. The SBIC investment portfolio increased $48 million, largely driven by new investments and valuation adjustments on related investments. The increase in FHLB stock was due to higher FHLB borrowings. To maintain borrowing capacity, we are required to hold FHLB stock equivalent to approximately 4-5% of our outstanding FHLB borrowings. 20 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES Premises, Equipment, and Software In July 2024, we successfully completed the final phase of a 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-focused 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 September 30, 2025 (In millions) Phase 1 Phase 2 Phase 3 Total Total amount of capitalized costs, less accumulated amortization $ 10 $ 29 $ 191 $ 230 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 September 30, 2025 December 31, 2024 (Dollar amounts in millions) Amount % of total deposits Amount % of total deposits Deposits by type Noninterest-bearing demand $ 26,133 34.9 % $ 24,704 32.4 % Interest-bearing: Savings and money market 38,689 51.7 40,037 52.5 Time 6,232 8.3 6,448 8.5 Brokered 3,824 5.1 5,034 6.6 Total interest-bearing 48,745 65.1 51,519 67.6 Total deposits $ 74,878 100.0 % $ 76,223 100.0 % Deposit-related metrics Estimated amount of insured deposits $ 41,290 55 % $ 41,836 55 % Estimated amount of uninsured deposits 33,588 45 34,387 45 Estimated amount of collateralized deposits 1 2,686 4 3,199 4 Loan-to-deposit ratio 81% 78% 1 Includes both insured and uninsured deposits. Total deposits declined $1.3 billion, or 2%, from December 31, 2024. Interest-bearing deposits decreased $2.8 billion, primarily due to the migration of a consumer interest-bearing product into a new noninterest-bearing offering, as well as a reduction in brokered deposits. This decline was partially offset by a $1.4 billion increase in noninterest-bearing demand deposits, mainly driven by the aforementioned product migration. At September 30, 2025, customer deposits (excluding brokered deposits) totaled $71.1 billion, compared with $71.2 billion at December 31, 2024. At September 30, 2025, the total estimated amount of uninsured deposits was $33.6 billion, or 45% of total deposits, compared with $34.4 billion, or 45%, at December 31, 2024. The loan-to-deposit ratio was 81%, 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 38. 21 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 September 30, 2025, $613 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 September 30, 2025 December 31, 2024 (Dollar amounts in millions) Amount Percent guaranteed Amount Percent guaranteed Commercial $ 761 77 % $ 687 78 % Commercial real estate 31 74 25 76 Consumer 4 100 4 100 Total loans $ 796 77 $ 716 78 22 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES Commercial Lending The following schedule presents the composition of our commercial lending portfolio: COMMERCIAL LENDING PORTFOLIO September 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 $ 17,222 55.3 % $ 16,891 54.6 % $ 331 2.0 % Owner-occupied 9,267 29.7 9,333 30.1 (66) (0.7) Municipal 4,341 13.9 4,364 14.1 (23) (0.5) Leasing 349 1.1 377 1.2 (28) (7.4) Total commercial $ 31,179 100.0 % $ 30,965 100.0 % $ 214 0.7 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 September 30, 2025 December 31, 2024 (Dollar amounts in millions) Amount % of total Nonaccrual loans Amount % of total Nonaccrual loans Commercial: Arizona $ 2,250 7.2 % $ 4 $ 2,202 7.1 % $ 5 California 6,215 19.9 73 6,190 20.0 58 Colorado 1,727 5.5 5 1,892 6.1 17 Nevada 1,366 4.4 3 1,336 4.3 11 Texas 7,574 24.3 33 7,367 23.8 47 Utah/Idaho 6,503 20.9 24 6,309 20.4 6 Washington/Oregon 1,429 4.6 9 1,338 4.3 10 Other 1 4,115 13.2 2 4,331 14.0 4 Total commercial $ 31,179 100.0 % $ 153 $ 30,965 100.0 % $ 158 1 No other geography exceeds 2.0% and 2.6% for September 30, 2025 and December 31, 2024, respectively. 23 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 September 30, 2025 December 31, 2024 (Dollar amounts in millions) Amount % of total Nonaccrual loans Amount % of total Nonaccrual loans Real estate, rental, and leasing $ 3,346 10.7 % $ 36 $ 3,083 10.0 % $ 7 Retail trade 2,889 9.3 2 2,873 9.3 7 Manufacturing 2,392 7.7 20 2,322 7.5 7 Finance and insurance 2,374 7.6 11 2,762 8.9 1 Healthcare and social assistance 2,334 7.5 7 2,541 8.2 34 Wholesale trade 2,159 6.9 1 1,909 6.2 2 Public administration 1,954 6.3 — 2,106 6.8 — Hospitality and food services 1,535 4.9 3 1,352 4.4 2 Transportation and warehousing 1,508 4.8 7 1,589 5.1 7 Utilities 1 1,491 4.8 3 1,389 4.5 2 Construction 1,446 4.6 12 1,335 4.3 26 Educational services 1,293 4.2 — 1,292 4.2 — Other Services (except Public administration) 1,160 3.7 2 1,069 3.4 3 Mining, quarrying, and oil and gas extraction 1,093 3.5 — 1,178 3.8 — Professional, scientific, and technical services 1,061 3.4 3 1,057 3.4 25 Other 2 3,144 10.1 46 3,108 10.0 35 Total $ 31,179 100.0 % $ 153 $ 30,965 100.0 % $ 158 1 Includes primarily utilities, power, and renewable energy. 2 No other industry group exceeds 3.1% and 3.4% for September 30, 2025 and December 31, 2024, respectively. As previously noted, our commercial lending portfolio is well-diversified across both geographic regions and industry sectors. In light of increased investor interest in loans extended to nondepository financial institutions (“NDFIs”), we provide the following information regarding these exposures within our commercial lending portfolio. Loans to Nondepository Financial Institutions (NDFIs) NDFIs encompass a wide range of financial entities that provide services similar to those of traditional banking institutions, but do not accept public deposits and are not generally subject to oversight by federal banking regulators. We provide financing to NDFIs, including mortgage intermediaries, business development companies (“BDCs”), private equity funds, consumer credit platforms, and other financial entities. We regularly monitor NDFI exposures through borrower-level hold limits, perform stress testing of underlying portfolios, verify compliance with applicable regulatory requirements, review portfolio quality, and assess liquidity and capital adequacy. Our NDFI portfolio is diversified across various lending segments and asset classes, including: • Mortgage credit intermediaries — Loans to mortgage companies engaged in residential or commercial mortgage origination and servicing; special purpose entities supporting mortgage-related securitization activities, such as real estate investment trusts (“REITs”) and collateralized debt obligations. • Business credit intermediaries — Loans to finance companies, direct lenders, private debt funds, equipment leasing companies, BDCs, SBICs, senior loan funds, and other nonbank business lenders. • Private equity funds — Capital call commitment and subscription-based facilities extended to private equity, venture capital, and other general partnership funds. 24 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES • Consumer credit intermediaries — Loans to nonbank consumer secured and unsecured lending platforms, as well as special purposes entities, finance companies, direct lenders, private debt funds, equipment leasing companies, or other financial intermediaries whose underlying assets primarily consist of consumer loans. • Other — Loans to insurance companies, investment banks, broker-dealers, publicly-listed investment funds, hedge funds, family offices, and other investment firms and financial vehicles. At September 30, 2025, total loans to NDFIs amounted to approximately $2.0 billion, representing 6.5% of total commercial loans and 3.4% of total loans. This compares with $2.4 billion, or 7.6% of total commercial loans and 4.0% of total loans, at December 31, 2024. The following schedule presents the composition of our NDFI lending portfolio: NDFI LENDING PORTFOLIO September 30, 2025 December 31, 2024 (Dollar amounts in millions) Amount % of total Nonaccrual loans Amount % of total Nonaccrual loans Mortgage credit intermediaries $ 389 19.1 % $ 10 $ 559 23.8 % $ — Business credit intermediaries 556 27.3 — 489 20.8 1 Private equity funds 133 6.5 — 189 8.0 — Consumer credit intermediaries 345 17.0 — 349 14.8 — Other financial institutions 614 30.1 — 767 32.6 — Total NDFI portfolio $ 2,037 100.0 % $ 10 $ 2,353 100.0 % $ 1 The following schedule presents NDFI loan credit quality metrics: NDFI LOAN CREDIT QUALITY (Dollar amounts in millions) September 30, 2025 December 31, 2024 Credit quality metrics Criticized loan ratio 1.0 % 5.5 % Classified loan ratio 1.0 % 5.5 % Nonaccrual loan ratio 0.5 % — % Delinquency ratio — % — % Annualized ratio of NDFI net charge-offs 1 (recoveries) to average loans 9.1 % — % Ratio of allowance for credit losses to NDFI loans, at period end 1.23 % 0.64 % 1 Total NDFI net charge-offs for the third quarter of 2025 included only the previously discussed $50 million charge-off associated with the revolving lines of credit extended to two related commercial borrowers to finance the origination and purchase of commercial and residential mortgages. Commercial Real Estate Lending The following schedule presents the composition of our commercial real estate lending portfolio: COMMERCIAL REAL ESTATE LENDING PORTFOLIO September 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 $ 11,008 81.7 % $ 10,703 79.4 % $ 305 2.8 % Construction and land development 2,469 18.3 2,774 20.6 (305) (11.0) Total commercial real estate $ 13,477 100.0 % $ 13,477 100.0 % $ — — 25 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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. 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 September 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 September 30, 2025 December 31, 2024 (Dollar amounts in millions) Amount % of total Nonaccrual loans Amount % of total Nonaccrual loans Commercial real estate: Arizona $ 1,652 12.3 % $ — $ 1,801 13.4 % $ — California 3,615 26.8 45 3,569 26.5 50 Colorado 728 5.4 16 666 4.9 — Nevada 1,059 7.9 — 1,104 8.2 — Texas 2,619 19.4 9 2,596 19.2 8 Utah/Idaho 2,342 17.4 — 2,170 16.1 — Washington/Oregon 1,117 8.3 — 1,090 8.1 — Other 345 2.5 — 481 3.6 1 Total commercial real estate $ 13,477 100.0 % $ 70 $ 13,477 100.0 % $ 59 The following schedule presents our commercial real estate lending portfolio by the type of collateral: 26 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES COMMERCIAL REAL ESTATE LENDING BY COLLATERAL TYPE September 30, 2025 December 31, 2024 (Dollar amounts in millions) Amount % of total Nonaccrual loans Amount % of total Nonaccrual loans Commercial property Multifamily $ 3,889 28.9 % $ — $ 4,007 29.7 % $ 1 Industrial 3,034 22.5 — 2,954 21.9 — Office 1,708 12.7 61 1,812 13.5 50 Retail 1,603 11.9 — 1,533 11.4 — Hospitality 660 4.9 9 625 4.6 8 Land 253 1.9 — 261 1.9 — Other 1 1,547 11.5 — 1,644 12.2 — Residential property 2 Single family 394 2.9 — 330 2.5 — Land 100 0.7 — 110 0.8 — Condo/Townhome 22 0.2 — 17 0.1 — Other 1 267 1.9 — 184 1.4 — Total $ 13,477 100.0 % $ 70 $ 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 September 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. 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 September 30, 2025 and December 31, 2024, our multifamily CRE loan portfolio totaled $3.9 billion and $4.0 billion, representing 29% and 30% of the total CRE loan portfolio, respectively. Approximately 38% 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) September 30, 2025 December 31, 2024 Multifamily CRE Term $ 2,932 $ 2,918 Construction and land development 957 1,089 Total multifamily CRE $ 3,889 $ 4,007 Credit quality metrics Criticized loan ratio 16.7 % 21.5 % Classified loan ratio 13.0 % 18.8 % Nonaccrual loan ratio — % — % Delinquency ratio — % — % Annualized ratio of multifamily CRE net charge-offs (recoveries) to average loans — % — % Ratio of allowance for credit losses to multifamily CRE loans, at period end 2.06 % 2.55 % Weighted average LTV for multifamily term CRE loans 54 % 57 % 27 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES The following schedules present our multifamily CRE loan portfolio, categorized by collateral location for the periods presented: MULTIFAMILY CRE LOAN PORTFOLIO BY COLLATERAL LOCATION September 30, 2025 Loan Type (Dollar amounts in millions) Term Construction and land development Total % of total Nonaccrual loans Multifamily CRE Arizona $ 225 $ 111 $ 336 8.6 % $ — California 802 176 978 25.2 — Colorado 93 132 225 5.8 — Nevada 198 36 234 6.0 — Texas 903 210 1,113 28.6 — Utah/Idaho 410 202 612 15.7 — Washington/Oregon 240 90 330 8.5 — Other 1 61 — 61 1.6 — Total multifamily CRE $ 2,932 $ 957 $ 3,889 100.0 % $ — 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 $55 million of multifamily loans with collateral located in New Mexico at both September 30, 2025 and December 31, 2024. Industrial CRE At both September 30, 2025 and December 31, 2024, our industrial CRE loan portfolio totaled $3.0 billion, representing 23% and 22% of the total CRE loan portfolio, respectively. Approximately 35% 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: 28 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES INDUSTRIAL CRE LOAN PORTFOLIO (Dollar amounts in millions) September 30, 2025 December 31, 2024 Industrial CRE Term $ 2,667 $ 2,462 Construction and land development 367 492 Total industrial CRE $ 3,034 $ 2,954 Credit quality metrics Criticized loan ratio 13.7 % 14.6 % Classified loan ratio 13.2 % 12.8 % Nonaccrual loan ratio — % — % Delinquency ratio 0.6 % — % Annualized ratio of industrial CRE net charge-offs (recoveries) to average loans — % — % Ratio of allowance for credit losses to industrial CRE loans, at period end 1.35 % 2.30 % Weighted average LTV for industrial term CRE loans 52 % 53 % The following schedules present our industrial CRE loan portfolio, categorized by collateral location for the periods presented: INDUSTRIAL CRE LOAN PORTFOLIO BY COLLATERAL LOCATION September 30, 2025 Loan Type (Dollar amounts in millions) Term Construction and land development Total % of total Nonaccrual loans Industrial CRE Arizona $ 418 $ 20 $ 438 14.4 % $ — California 860 67 927 30.6 — Colorado 78 10 88 2.9 — Nevada 233 57 290 9.6 — Texas 447 43 490 16.2 — Utah/Idaho 358 120 478 15.7 — Washington/Oregon 221 50 271 8.9 — Other 1 52 — 52 1.7 — Total industrial CRE $ 2,667 $ 367 $ 3,034 100.0 % $ — 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 September 30, 2025 and December 31, 2024. 29 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES Office CRE At September 30, 2025 and December 31, 2024, our office CRE loan portfolio totaled $1.7 billion and $1.8 billion, respectively, 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: OFFICE CRE LOAN PORTFOLIO (Dollar amounts in millions) September 30, 2025 December 31, 2024 Office CRE Term $ 1,689 $ 1,697 Construction and land development 19 115 Total office CRE $ 1,708 $ 1,812 Credit quality metrics Criticized loan ratio 13.6 % 14.5 % Classified loan ratio 13.5 % 12.8 % Nonaccrual loan ratio 3.6 % 2.8 % Delinquency ratio 2.3 % 1.4 % Annualized ratio of office CRE net charge-offs (recoveries) to average loans 0.6 % 0.3 % Ratio of allowance for credit losses to office CRE loans, at period end 3.22 % 3.92 % Weighted average LTV for office term CRE loans 58 % 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 September 30, 2025 Loan Type (Dollar amounts in millions) Term Construction and land development Total % of total Nonaccrual loans Office CRE Arizona $ 263 $ — $ 263 15.4 % $ — California 297 5 302 17.7 45 Colorado 57 — 57 3.3 16 Nevada 87 — 87 5.1 — Texas 173 — 173 10.1 — Utah/Idaho 477 14 491 28.8 — Washington/Oregon 325 — 325 19.0 — Other 10 — 10 0.6 — Total office CRE $ 1,689 $ 19 $ 1,708 100.0 % $ 61 30 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 28 — 28 1.5 — Total office CRE $ 1,697 $ 115 $ 1,812 100.0 % $ 50 Consumer Lending The following schedule presents the composition of our consumer lending portfolio: CONSUMER LENDING PORTFOLIO September 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 $ 10,423 66.6 % $ 9,939 66.4 % $ 484 4.9 % Home equity credit line 3,848 24.6 3,641 24.3 207 5.7 Construction and other consumer real estate 769 4.9 810 5.4 (41) (5.1) Bankcard and other revolving plans 477 3.0 457 3.1 20 4.4 Other 129 0.9 121 0.8 8 6.6 Total consumer $ 15,646 100.0 % $ 14,968 100.0 % $ 678 4.5 1-4 Family Residential Mortgages We originate first-lien residential home mortgage loans considered to be of prime quality. At September 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 September 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 September 30, 2025 and December 31, 2024, our HECL portfolio totaled $3.8 billion and $3.6 billion, respectively. Approximately 34% and 37% of our HECLs were secured by first liens for the same respective time periods. At September 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. 31 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES At September 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 September 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. The following schedule presents the geographic distribution of our consumer lending portfolio, based on the location of the primary borrower. CONSUMER LENDING BY GEOGRAPHY September 30, 2025 December 31, 2024 (Dollar amounts in millions) Amount % of total Nonaccrual loans Amount % of total Nonaccrual loans Consumer Arizona $ 1,433 9.2 % $ 7 $ 1,365 9.1 % $ 5 California 3,563 22.8 15 3,159 21.1 14 Colorado 1,393 8.9 12 1,353 9.1 7 Nevada 1,349 8.6 12 1,328 8.9 10 Texas 3,655 23.4 25 3,657 24.4 25 Utah/Idaho 3,521 22.5 17 3,430 22.9 14 Washington/Oregon 297 1.9 4 237 1.6 — Other 435 2.7 3 439 2.9 5 Total consumer $ 15,646 100.0 % $ 95 $ 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) September 30, 2025 December 31, 2024 Nonaccrual loans 1 $ 319 $ 297 Other real estate owned 2 5 1 Total nonperforming assets $ 324 $ 298 Ratio of nonperforming assets to net loans and leases 1 and other real estate owned 2 0.54 % 0.50 % Accruing loans past due 90 days or more $ 5 $ 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 $ 324 $ 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 0.54 % 0.53 % Accruing loans past due 30-89 days $ 69 $ 57 Ratio of nonaccrual loans 1 current as to principal and interest payments 54.2 % 61.7 % 1 Includes loans held for sale. 2 Does not include banking premises held for sale. 32 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES Nonperforming assets totaled $324 million, or 0.54% of total loans and leases and other real estate owned at September 30, 2025, 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. 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) September 30, 2025 December 31, 2024 Commercial $ 971 $ 1,130 Commercial real estate 1,337 1,651 Consumer 107 89 Total classified loans $ 2,415 $ 2,870 Ratio of classified loans to total loans and leases 4.00 % 4.83 % Classified loans totaled $2.4 billion and decreased $455 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 nine months of 2025, the qualitative portion of the ACL decreased primarily due to a reduction in CRE portfolio-specific risks. This led us to assign lesser weight to stressed economic assumptions for the CRE portfolio. 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. 33 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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) Nine Months Ended September 30, 2025 Twelve Months Ended December 31, 2024 Nine Months Ended September 30, 2024 Loans and leases outstanding $ 60,302 $ 59,410 $ 58,884 Average loans and leases outstanding: Commercial 31,327 30,671 30,553 Commercial real estate 13,593 13,532 13,538 Consumer 15,378 14,344 14,198 Total average loans and leases outstanding $ 60,298 $ 58,547 $ 58,289 Allowance for loan and lease losses: Balance at beginning of period $ 696 $ 684 $ 684 Provision for loan losses 65 72 34 Charge-offs: Commercial 92 68 30 Commercial real estate 4 11 11 Consumer 11 12 9 Total 107 91 50 Recoveries: Commercial 21 23 19 Commercial real estate 1 3 3 Consumer 3 5 4 Total 25 31 26 Net loan and lease charge-offs 82 60 24 Balance at end of period $ 679 $ 696 $ 694 Reserve for unfunded lending commitments: Balance at beginning of period $ 45 $ 45 $ 45 Provision for unfunded lending commitments 1 — (3) Balance at end of period $ 46 $ 45 $ 42 Total allowance for credit losses: Allowance for loan and lease losses $ 679 $ 696 $ 694 Reserve for unfunded lending commitments 46 45 42 Total allowance for credit losses $ 725 $ 741 $ 736 Ratio of allowance for credit losses to net loans and leases, at period end 1.20 % 1.25 % 1.25 % Ratio of allowance for credit losses to nonaccrual loans, at period end 227 % 249 % 203 % Ratio of allowance for credit losses to nonaccrual loans and accruing loans past due 90 days or more, at period end 224 % 235 % 199 % Ratio of total net charge-offs to average loans and leases 1 0.18 % 0.10 % 0.05 % Ratio of commercial net charge-offs to average commercial loans 1 0.30 % 0.15 % 0.05 % Ratio of commercial real estate net charge-offs to average commercial real estate loans 1 0.03 % 0.06 % 0.08 % Ratio of consumer net charge-offs to average consumer loans 1 0.07 % 0.05 % 0.05 % 1 Ratios are annualized for the periods presented, except for the period representing the full twelve months. 34 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 September 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 4.5% 3.8% 3.3% 4.2% 3.5% 2.9% Money market 2.1% 1.6% 1.4% 1.9% 1.6% 1.4% Savings and interest-bearing checking 2.2% 1.8% 1.7% 2.1% 1.8% 1.6% As previously discussed, we utilize derivative instruments to manage interest rate risk. The following schedule presents derivatives designated in qualifying hedging relationships at September 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. 35 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES DERIVATIVES DESIGNATED IN QUALIFYING HEDGING RELATIONSHIPS 2025 2026 2027 4Q27 - 3Q28 4Q28 - 3Q29 (Dollar amounts in millions) Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Cash flow hedges Cash flow hedges of assets 1 Average outstanding notional $ 1,199 $ 1,034 $ 1,000 $ 1,000 $ 1,000 $ 934 $ 778 $ 598 $ 342 $ 145 Weighted-average fixed-rate received 3.04 % 3.10 % 3.15 % 3.15 % 3.15 % 3.25 % 3.28 % 3.21 % 3.83 % 3.82 % 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Fair value hedges Fair value hedges of debt 2 Average outstanding notional $ 1,000 $ 1,000 $ 814 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 441 Weighted-average fixed-rate received 2.30 % 2.30 % 2.72 % 3.93 % 3.93 % 3.93 % 3.93 % 3.93 % 3.93 % 3.93 % Fair value hedges of assets 3 Average outstanding notional $ 5,478 $ 5,471 $ 5,455 $ 4,625 $ 3,393 $ 2,224 $ 1,796 $ 1,644 $ 1,517 $ 1,338 Weighted-average fixed-rate paid 3.76 % 3.76 % 3.61 % 3.26 % 3.10 % 2.90 % 2.76 % 2.70 % 2.65 % 2.75 % 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 and senior debts. 3 Fair value asset hedges consist of pay-fixed swaps that hedge fixed-rate AFS securities and fixed-rate commercial loans. At September 30, 2025, we had $48 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 September 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) (9.7) % (4.9) % — % 4.9 % 9.7 % (8.9) % (4.5) % — % 4.4 % 8.7 % Economic Value of Equity (EVE) (1.2) % (0.2) % — % (0.8) % (2.1) % 0.1 % 0.6 % — % (1.7) % (3.6) % Asset sensitivity, as measured by EaR, increased during the first nine months of 2025, primarily due to shifts in the composition of deposit balances. Under current deposit assumptions, interest rate risk remains within established policy limits. For interest-bearing deposits with indeterminable maturities, the weighted average modeled beta was 50%. 36 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 September 30, 2025 and December 31, 2024, estimated lifetime prepayment speeds for loans were 15.2% and 13.7%, respectively, reflecting a decline in mortgage rates. 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 assuming no changes in interest rates and a static balance sheet. Latent sensitivity is projected to increase net interest income by approximately 8.0% in the third quarter of 2026, compared with the third 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 September 30, 2025, emergent sensitivity is modeled to reduce net interest income by approximately 6.6% from the latent level, yielding a cumulative increase of 1.4% in net interest income in the third quarter of 2026, relative to the third quarter of 2025. 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 -1.9% and 4.7%. Our strategic focus on business banking plays a significant role in our asset-liability management approach. At September 30, 2025, $28.8 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 had $1.3 billion in notional of receive-fixed swaps designated as cash flow hedges. Additionally, at September 30, 2025, $4.4 billion in variable-rate consumer loans were also scheduled to reprice within the same period. 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 39. For more information on the accounting treatment of investment securities, see Note 5 of the Notes to Consolidated Financial Statements. 37 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 September 30, 2025 and December 31, 2024, our equity exposure to these investments totaled approximately $252 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 nine months of 2025, the primary sources of cash included a decrease in investment securities, a decrease in money market investments, and net cash provided by operating activities. The primary uses of cash during the same period included a decrease in deposits, an increase in loans and leases, and dividends paid on common and preferred stock. Cash payments for interest, reflected in operating expenses, totaled $1.2 billion and $1.4 billion for the first nine 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 September 30, 2025, our total investment in FHLB and FRB stock was $145 million and $54 million, respectively, compared with $124 million and $65 million at December 31, 2024. At September 30, 2025, loans with a carrying value of $25.0 billion and $17.6 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 September 30, 2025 and December 31, 2024, investment securities with carrying values of $17.4 billion and $17.9 billion, respectively, were pledged as collateral to support potential borrowings. These pledged securities included $8.5 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; $4.5 billion and $4.7 billion pledged to the FRB and FHLB; and $4.4 billion and $4.5 billion 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: 38 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES AVAILABLE LIQUIDITY September 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 $ 18.1 $ 8.6 $ 42.2 $ 14.6 $ 17.7 $ 8.6 $ 40.9 Borrowings outstanding 3.0 — — 3.0 2.6 — 0.3 2.9 Remaining capacity, at period end $ 12.5 $ 18.1 $ 8.6 $ 39.2 $ 12.0 $ 17.7 $ 8.3 $ 38.0 Cash and due from banks $ 0.8 $ 0.7 Interest-bearing deposits 3 2.4 2.9 Total available liquidity $ 42.4 $ 41.6 Ratio of available liquidity to uninsured deposits 126% 121% 1 Represents borrowing capacity and borrowings outstanding at the Federal Reserve Bank discount window. 2 Includes $852 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 September 30, 2025, our total available liquidity was $42.4 billion, compared with $41.6 billion at December 31, 2024. At September 30, 2025, our sources of liquidity exceeded the estimated amount of uninsured deposits of $33.6 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 October 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. 39 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES SHAREHOLDERS' EQUITY (Dollar amounts in millions) September 30, 2025 December 31, 2024 Amount change Percent change Shareholders’ equity: Preferred stock $ 66 $ 66 $ — — % Common stock and additional paid-in capital 1,721 1,737 (16) (1) Retained earnings 7,134 6,701 433 6 Accumulated other comprehensive loss (2,056) (2,380) 324 14 Total shareholders' equity $ 6,865 $ 6,124 $ 741 12 Total shareholders’ equity increased $741 million, or 12%, to $6.9 billion at September 30, 2025, compared with $6.1 billion at December 31, 2024. Common stock and additional paid-in capital decreased $16 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 September 30, 2025, the AOCI balance reflected a net loss of $2.1 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 ($1.2 billion after tax) of unrealized losses associated with securities previously transferred from AFS to held-to-maturity (“HTM”). Compared with December 31, 2024, AOCI improved $324 million, primarily due to $142 million related to paydowns on AFS securities, and $137 million in unrealized loss amortization associated with the securities transferred from AFS to HTM. Additionally, AOCI was impacted by a $45 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 September 30, Nine Months Ended September 30, (In millions, except share amounts) 2025 2024 2025 2024 Capital distributions: Preferred dividends paid $ 1 $ 10 $ 3 $ 31 Total capital distributed to preferred shareholders 1 10 3 31 Common dividends paid 67 61 196 184 Bank common stock repurchased 1 — — 41 35 Total capital distributed to common shareholders 67 61 237 219 Total capital distributed to preferred and common shareholders $ 68 $ 71 $ 240 $ 250 Weighted average diluted common shares outstanding (in thousands) 147,125 147,150 147,175 147,202 Common shares outstanding, at period end (in thousands) 147,640 147,699 147,640 147,699 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 40 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES OCC to exceed this threshold. As of October 1, 2025, we had $1.3 billion in retained net profits available for distribution. During the third quarter of 2025, we paid $1 million in dividends on preferred stock, compared with $10 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 third quarter of 2025, we paid $67 million in dividends on common stock, or $0.45 per share, compared with $61 million, or $0.41 per share, during the third quarter of 2024. In October 2025, the Board declared a quarterly dividend of $0.45 per common share, payable on November 20, 2025 to shareholders of record at the close of business on November 13, 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 September 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) September 30, 2025 December 31, 2024 September 30, 2024 Basel III risk-based capital amounts: Common equity tier 1 capital $ 7,734 $ 7,363 $ 7,206 Tier 1 risk-based 7,800 7,430 7,646 Total risk-based 9,404 9,026 8,890 Risk-weighted assets 68,648 67,685 67,305 Basel III risk-based capital ratios: Common equity tier 1 capital ratio 11.3 % 10.9 % 10.7 % Tier 1 risk-based ratio 11.4 % 11.0 % 11.4 % Total risk-based ratio 13.7 % 13.3 % 13.2 % Tier 1 leverage ratio 8.8 % 8.3 % 8.6 % Other ratios: Average equity to average assets (three months ended) 7.5 % 7.2 % 6.9 % Return on average common equity (three months ended) 13.3 % 13.2 % 14.1 % Return on average tangible common equity (three months ended) 1 16.0 % 16.0 % 17.4 % Tangible equity ratio 1 6.6 % 5.8 % 6.2 % Tangible common equity ratio 1 6.5 % 5.7 % 5.7 % 1 See “Non-GAAP Financial Measures” on page 41 for more information regarding these ratios. At September 30, 2025, our common equity tier 1 (“CET1”) capital totaled $7.7 billion, an increase of 7%, compared with $7.2 billion in the prior year period. The CET1 capital ratio improved to 11.3%, compared with 10.7%. Tangible book value per common share increased $5.52, or 17%, to $38.64, mainly due to an increase in retained earnings and reduced unrealized losses in 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 41 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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) September 30, 2025 June 30, 2025 September 30, 2024 Net earnings applicable to common shareholders (GAAP) $ 221 $ 243 $ 204 Adjustment, net of tax: Amortization of core deposit and other intangibles 2 2 1 Net earnings applicable to common shareholders, net of tax (a) $ 223 $ 245 $ 205 Average common equity (GAAP) $ 6,616 $ 6,357 $ 5,738 Average goodwill and intangibles (1,095) (1,097) (1,054) Average tangible common equity (non-GAAP) (b) $ 5,521 $ 5,260 $ 4,684 Number of days in quarter (c) 92 91 92 Number of days in year (d) 365 365 366 Return on average tangible common equity (non-GAAP) 1 (a/b/c)*d 16.0 % 18.7 % 17.4 % 1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 11.5%, 13.1%, and 11.4% 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) September 30, 2025 June 30, 2025 September 30, 2024 Total shareholders’ equity (GAAP) $ 6,865 $ 6,596 $ 6,385 Goodwill and intangibles (1,094) (1,096) (1,053) Tangible equity (non-GAAP) (a) 5,771 5,500 5,332 Preferred stock (66) (66) (440) Tangible common equity (non-GAAP) (b) $ 5,705 $ 5,434 $ 4,892 Total assets (GAAP) $ 88,533 $ 88,893 $ 87,032 Goodwill and intangibles (1,094) (1,096) (1,053) Tangible assets (non-GAAP) (c) $ 87,439 $ 87,797 $ 85,979 Common shares outstanding (in thousands) (d) 147,640 147,603 147,699 Tangible equity ratio (non-GAAP) (a/c) 6.6 % 6.3 % 6.2 % Tangible common equity ratio (non-GAAP) (b/c) 6.5 % 6.2 % 5.7 % Tangible book value per common share (non-GAAP) (b/d) $ 38.64 $ 36.81 $ 33.12 42 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 Nine Months Ended Year Ended (Dollar amounts in millions) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 December 31, 2024 Noninterest expense (GAAP) (a) $ 527 $ 527 $ 502 $ 1,592 $ 1,537 $ 2,046 Adjustments: Severance costs 6 2 1 11 2 3 Other real estate expense, net — — — — (1) (1) Amortization of core deposit and other intangibles 2 2 2 6 5 7 SBIC investment success fee accrual 1 2 — 3 1 1 FDIC special assessment (2) — — (2) 14 11 Total adjustments (b) 7 6 3 18 21 21 Adjusted noninterest expense (non-GAAP) (c)=(a-b) $ 520 $ 521 $ 499 $ 1,574 $ 1,516 $ 2,025 Net interest income (GAAP) (d) $ 672 $ 648 $ 620 $ 1,944 $ 1,803 $ 2,430 Fully taxable-equivalent adjustments (e) 11 13 12 35 33 45 Taxable-equivalent net interest income (non-GAAP) (f)=(d+e) 683 661 632 1,979 1,836 2,475 Customer-related noninterest income (non-GAAP) (g) 163 164 158 485 463 639 Net credit valuation adjustment (CVA) 1 (h) (11) — (3) (11) (3) — Adjusted customer-related noninterest income (non-GAAP) (i)=(g-h) 174 164 161 496 466 639 Noncustomer-related noninterest income (GAAP) (j) 26 26 14 65 44 61 Securities gains (losses), net (k) 11 14 9 31 11 19 Adjusted noncustomer-related noninterest income (non-GAAP) (l)=(j-k) 15 12 5 34 33 42 Combined income (non-GAAP) (m)= (f+g+j) $ 872 $ 851 $ 804 $ 2,529 $ 2,343 $ 3,175 Adjusted taxable-equivalent revenue (non-GAAP) (n)= (f+i+l) 872 837 798 2,509 2,335 3,156 Pre-provision net revenue (non-GAAP) (m)-(a) $ 345 $ 324 $ 302 $ 937 $ 806 $ 1,129 Adjusted PPNR (non-GAAP) (n)-(c) 352 316 299 935 819 1,131 Efficiency ratio (non-GAAP) (c/n) 59.6 % 62.2 % 62.5 % 62.7 % 64.9 % 64.2 % 1 Effective the first quarter of 2025, capital markets fees and income included the net CVA, which was previously disclosed under noncustomer-related noninterest income as fair value and nonhedge derivative income. 43 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES ITEM 1. FINANCIAL STATEMENTS (Unaudited) CONSOLIDATED BALANCE SHEETS (In millions, shares in thousands) September 30, 2025 December 31, 2024 (Unaudited) ASSETS Cash and due from banks $ 771 $ 651 Money market investments: Interest-bearing deposits 2,395 2,850 Federal funds sold and securities purchased under agreements to resell 1,008 1,453 Trading securities, at fair value 134 35 Investment securities: Available-for-sale, at fair value 9,170 9,095 Held-to-maturity, at amortized cost (fair value: $ 9,106 and $ 9,382 ) 9,059 9,669 Total investment securities 18,229 18,764 Loans held for sale (includes $ 126 and $ 25 of loans carried at fair value) 215 74 Loans and leases, net of unearned income and fees 60,302 59,410 Allowance for loan and lease losses 679 696 Loans held for investment, net of allowance 59,623 58,714 Other noninterest-bearing investments 1,098 1,020 Premises, equipment and software, net 1,358 1,366 Goodwill and intangibles 1,094 1,052 Other real estate owned 5 1 Other assets 2,603 2,795 Total assets $ 88,533 $ 88,775 LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits: Noninterest-bearing demand $ 26,133 $ 24,704 Interest-bearing: Savings and money market 38,689 40,037 Time 10,056 11,482 Total deposits 74,878 76,223 Federal funds and other short-term borrowings 3,757 3,832 Long-term debt 1,473 950 Reserve for unfunded lending commitments 46 45 Other liabilities 1,514 1,601 Total liabilities 81,668 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 147,640 and 147,871 shares) and additional paid-in capital 1,721 1,737 Retained earnings 7,134 6,701 Accumulated other comprehensive income (loss) ( 2,056 ) ( 2,380 ) Total shareholders’ equity 6,865 6,124 Total liabilities and shareholders’ equity $ 88,533 $ 88,775 See accompanying notes to consolidated financial statements. 44 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In millions, except shares and per share amounts) 2025 2024 2025 2024 Interest income: Interest and fees on loans $ 898 $ 899 $ 2,623 $ 2,641 Interest on money market investments 41 67 144 170 Interest on securities 125 138 376 420 Total interest income 1,064 1,104 3,143 3,231 Interest expense: Interest on deposits 313 403 951 1,169 Interest on short- and long-term borrowings 79 81 248 259 Total interest expense 392 484 1,199 1,428 Net interest income 672 620 1,944 1,803 Provision for credit losses: Provision for loan and lease losses 45 1 65 34 Provision for unfunded lending commitments 4 12 1 ( 3 ) Total provision for credit losses 49 13 66 31 Net interest income after provision for credit losses 623 607 1,878 1,772 Noninterest income: Commercial account fees 47 46 138 135 Card fees 24 24 71 72 Retail and business banking fees 19 18 55 50 Loan-related fees and income 20 17 56 50 Capital markets fees and income 24 25 79 70 Wealth management fees 14 14 43 44 Other customer-related fees 15 14 43 42 Customer-related noninterest income 163 158 485 463 Dividends and other income 15 5 34 33 Securities gains (losses), net 11 9 31 11 Total noninterest income 189 172 550 507 Noninterest expense: Salaries and employee benefits 337 317 1,015 966 Technology, telecom, and information processing 70 66 205 194 Occupancy and equipment, net 42 40 123 119 Professional and legal services 14 14 40 47 Marketing and business development 11 12 34 35 Deposit insurance and regulatory expense 16 19 58 74 Credit-related expense 6 6 18 19 Other real estate expense, net — — — ( 1 ) Other 31 28 99 84 Total noninterest expense 527 502 1,592 1,537 Income before income taxes 285 277 836 742 Income taxes 63 63 200 174 Net income 222 214 636 568 Preferred stock dividends ( 1 ) ( 10 ) ( 3 ) ( 31 ) Net earnings applicable to common shareholders $ 221 $ 204 $ 633 $ 537 Weighted average common shares outstanding during the period: Basic shares (in thousands) 147,045 147,138 147,136 147,197 Diluted shares (in thousands) 147,125 147,150 147,175 147,202 Net earnings per common share: Basic $ 1.48 $ 1.37 $ 4.25 $ 3.61 Diluted 1.48 1.37 4.25 3.61 See accompanying notes to consolidated financial statements. 45 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2025 2024 2025 2024 Net income for the period $ 222 $ 214 $ 636 $ 568 Other comprehensive income, net of tax: Net change in unrealized gains on investment securities 50 139 142 137 Unrealized loss amortization associated with the securities transferred from AFS to HTM 47 51 137 147 Net change in cash flow hedge derivatives 11 23 45 71 Net change in other — — — 1 Other comprehensive income, net of tax 108 213 324 356 Comprehensive income $ 330 $ 427 $ 960 $ 924 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 June 30, 2025 $ 66 147,603 $ 1,713 $ 6,981 $ ( 2,164 ) $ 6,596 Net income for the period — — — 222 — 222 Other comprehensive income, net of tax — — — — 108 108 Bank common stock repurchased — ( 2 ) — — — — Net activity under employee plans and related tax benefits — 39 8 — — 8 Dividends on preferred stock — — — ( 1 ) — ( 1 ) Dividends on common stock, $ 0.45 per share — — — ( 67 ) — ( 67 ) Change in deferred compensation — — — ( 1 ) — ( 1 ) Balance at September 30, 2025 $ 66 147,640 $ 1,721 $ 7,134 $ ( 2,056 ) $ 6,865 Balance at June 30, 2024 $ 440 147,684 $ 1,713 $ 6,421 $ ( 2,549 ) $ 6,025 Net income for the period — — — 214 — 214 Other comprehensive income, net of tax — — — — 213 213 Bank common stock repurchased — ( 3 ) — — — — Net activity under employee plans and related tax benefits — 18 4 — — 4 Dividends on preferred stock — — — ( 10 ) — ( 10 ) Dividends on common stock, $ 0.41 per share — — — ( 61 ) — ( 61 ) Balance at September 30, 2024 $ 440 147,699 $ 1,717 $ 6,564 $ ( 2,336 ) $ 6,385 46 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES (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 — — — 636 — 636 Other comprehensive income, net of tax — — — — 324 324 Bank common stock repurchased — ( 773 ) ( 41 ) — — ( 41 ) Net activity under employee plans and related tax benefits — 542 25 — — 25 Dividends on preferred stock — — — ( 3 ) — ( 3 ) Dividends on common stock, $ 1.31 per share — — — ( 196 ) — ( 196 ) Change in deferred compensation — — — ( 4 ) — ( 4 ) Balance at September 30, 2025 $ 66 147,640 $ 1,721 $ 7,134 $ ( 2,056 ) $ 6,865 Balance at December 31, 2023 $ 440 148,153 $ 1,731 $ 6,212 $ ( 2,692 ) $ 5,691 Net income for the period — — — 568 — 568 Other comprehensive income, net of tax — — — — 356 356 Bank common stock repurchased — ( 893 ) ( 35 ) — — ( 35 ) Net activity under employee plans and related tax benefits — 439 21 — — 21 Dividends on preferred stock — — — ( 31 ) — ( 31 ) Dividends on common stock, $ 1.23 per share — — — ( 184 ) — ( 184 ) Change in deferred compensation — — — ( 1 ) — ( 1 ) Balance at September 30, 2024 $ 440 147,699 $ 1,717 $ 6,564 $ ( 2,336 ) $ 6,385 See accompanying notes to consolidated financial statements. 47 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Nine Months Ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income for the period $ 636 $ 568 Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 66 31 Depreciation and amortization 87 95 Share-based compensation 29 28 Deferred income tax expense 40 3 Net increase in trading securities ( 99 ) ( 20 ) Net decrease (increase) in loans held for sale ( 79 ) 2 Change in other liabilities ( 114 ) ( 188 ) Change in other assets 46 136 Other, net ( 57 ) ( 24 ) Net cash provided by operating activities 555 631 CASH FLOWS FROM INVESTING ACTIVITIES Net decrease in money market investments 900 186 Proceeds from maturities and paydowns of investment securities held-to-maturity 814 776 Purchases of investment securities held-to-maturity ( 27 ) ( 62 ) Proceeds from sales, maturities, and paydowns of investment securities available-for-sale 1,279 1,527 Purchases of investment securities available-for-sale ( 1,082 ) ( 528 ) Net change in loans and leases ( 555 ) ( 1,130 ) Purchases and sales of other noninterest-bearing investments ( 36 ) 21 Purchases of premises and equipment ( 83 ) ( 69 ) Acquisition of California branches, net of cash acquired 191 — Other, net ( 12 ) 5 Net cash provided by investing activities 1,389 726 CASH FLOWS FROM FINANCING ACTIVITIES Net increase (decrease) in deposits ( 2,003 ) 757 Net change in short-term borrowed funds ( 75 ) ( 1,460 ) Proceeds from the issuance of long-term debt 498 — Proceeds from the issuance of common stock 6 1 Dividends paid on common and preferred stock ( 199 ) ( 215 ) Bank common stock repurchased ( 41 ) ( 35 ) Other, net ( 10 ) ( 7 ) Net cash used in financing activities ( 1,824 ) ( 959 ) Net increase in cash and due from banks 120 398 Cash and due from banks at beginning of period 651 716 Cash and due from banks at end of period $ 771 $ 1,114 Cash paid for interest $ 1,202 $ 1,423 Net cash paid for income taxes 173 131 Noncash activities: Loans held for investment reclassified to loans held for sale, net 106 144 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. 48 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) September 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 nine months ended September 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 September 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. 49 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 September 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 The overall effect of this standard is not expected to have a material impact on our consolidated financial statements. ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) This ASU modernizes the accounting treatment for internal-use software to better reflect current development practices, including agile and iterative approaches. Key provisions include: • Elimination of Prescriptive Project Stages: The guidance no longer requires classification of costs by development phase, thereby removing rigid stage-based criteria. • Capitalization Criteria: Capitalization of eligible software development costs commences once management has both authorized and committed to funding the project, and it is probable that the project will be completed. This assessment must consider any significant development uncertainties, such as the inclusion of novel or unproven functionalities and whether performance requirements are subject to substantial revision. • Updated Disclosure Requirements: Disclosure obligations are now aligned with those outlined in Subtopic 360-10, Property, Plant, and Equipment . Requirements under Subtopic 350-30 are no longer applicable. Annual and interim periods beginning after December 15, 2027. The overall effect of this standard is not expected to have a material impact on our consolidated financial statements. Standards adopted by the Bank during 2025 ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures This ASU requires additional detailed information to improve the usefulness of income tax disclosures. This includes providing detailed annual disclosures on rate reconciliation and income taxes paid for specific categories and when certain quantitative thresholds are met. Annual periods beginning January 1, 2025 The overall effect of this standard is not expected to 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. 50 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES Fair Value Hierarchy The following schedule presents assets and liabilities measured at fair value on a recurring basis: (In millions) September 30, 2025 Level 1 Level 2 Level 3 Total ASSETS Trading securities $ — $ 134 $ — $ 134 Available-for-sale securities: U.S. Treasury, agencies, and corporations 1,311 6,861 — 8,172 Municipal securities — 973 — 973 Other debt securities — 25 — 25 Total available-for-sale 1,311 7,859 — 9,170 Loans held for sale — 126 — 126 Other noninterest-bearing investments: Bank-owned life insurance — 571 — 571 Private equity investments 1 11 — 135 146 Other assets: Agriculture loan servicing — — 19 19 Deferred compensation plan assets 152 — — 152 Derivatives — 353 — 353 Total assets $ 1,474 $ 9,043 $ 154 $ 10,671 LIABILITIES Fed funds and other short-term borrowings: Securities sold, not yet purchased $ 252 $ — $ — $ 252 Other liabilities: Derivatives — 257 — 257 Total liabilities $ 252 $ 257 $ — $ 509 (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 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. 51 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 September 30, 2025 and December 31, 2024, we had $ 126 million and $ 25 million, respectively, of loans measured at fair value, with corresponding unpaid principal balance of $ 124 million and $ 26 million. During the first nine months of 2025 and 2024, we recognized approximately $ 6 million and $ 10 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. 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 September 30, 2025 Three Months Ended September 30, 2024 Nine Months Ended September 30, 2025 Nine Months Ended September 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 $ 116 $ 20 $ 101 $ 20 $ 105 $ 20 $ 92 $ 19 Unrealized securities gains, net 12 — 5 — 36 — 7 — Other noninterest income — ( 1 ) — ( 1 ) — ( 1 ) — — Purchases 7 — 1 — 12 — 10 — Cost of investments sold — — ( 2 ) — ( 6 ) — ( 4 ) — Transfers out — — — — ( 12 ) — — — Balance at end of period $ 135 $ 19 $ 105 $ 19 $ 135 $ 19 $ 105 $ 19 The roll-forward of Level 3 instruments includes the following realized gains and losses recognized in “Securities gains (losses), net” on the consolidated statement of income for the periods presented: (In millions) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Securities gains (losses), net $ — $ ( 2 ) $ ( 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 September 30, 2025, we had $ 22 million in collateral-dependent loans measured at fair value. During the third quarter of 2025, we recognized $ 6 million in losses related to fair value changes for these loans. 52 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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: September 30, 2025 December 31, 2024 (In millions) Carrying value Fair value Level Carrying value Fair value Level Financial assets: Held-to-maturity investment securities $ 9,059 $ 9,106 2 $ 9,669 $ 9,382 2 Loans and leases (including loans held for sale), net of allowance 59,838 58,075 3 58,788 57,130 3 Financial liabilities: Time deposits 10,056 9,985 2 11,482 11,468 2 Long-term debt 1,473 1,506 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. 4. OFFSETTING ASSETS AND LIABILITIES The following schedule presents gross and net information for selected financial instruments on the balance sheet: September 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 $ 1,008 $ — $ 1,008 $ — $ — $ 1,008 Derivatives (included in Other assets) 353 — 353 ( 58 ) ( 209 ) 86 Total assets $ 1,361 $ — $ 1,361 $ ( 58 ) $ ( 209 ) $ 1,094 Liabilities: Federal funds and other short-term borrowings $ 3,757 $ — $ 3,757 $ — $ — $ 3,757 Derivatives (included in Other liabilities) 257 — 257 ( 58 ) ( 24 ) 175 Total liabilities $ 4,014 $ — $ 4,014 $ ( 58 ) $ ( 24 ) $ 3,932 53 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES December 31, 2024 Gross amounts not offset on the balance sheet (In millions) Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and securities purchased under agreements to resell $ 1,453 $ — $ 1,453 $ — $ — $ 1,453 Derivatives (included in Other assets) 446 — 446 ( 19 ) ( 404 ) 23 Total assets $ 1,899 $ — $ 1,899 $ ( 19 ) $ ( 404 ) $ 1,476 Liabilities: Federal funds and other short-term borrowings $ 3,832 $ — $ 3,832 $ — $ — $ 3,832 Derivatives (included in Other liabilities) 350 — 350 ( 19 ) ( 3 ) 328 Total liabilities $ 4,182 $ — $ 4,182 $ ( 19 ) $ ( 3 ) $ 4,160 Security repurchase and reverse repurchase agreements are offset on the consolidated balance sheet according to master netting agreements, when applicable. Security repurchase agreements are included in “Federal funds and other short-term borrowings” on the consolidated balance sheet. Derivative instruments may also be offset under their master netting agreements; however, for accounting purposes, they are presented on a gross basis on the consolidated balance sheet. For more information regarding derivative instruments, see Note 7. 5. INVESTMENT SECURITIES Investment Securities We classify our investment securities as either 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 $ 57 million and $ 60 million at September 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 $ 17.4 billion and $ 17.9 billion were pledged as collateral for potential borrowings at September 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 ( $ 1.2 billion after tax) at September 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. 54 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES The following schedule presents the amortized cost and estimated fair values of our AFS and HTM securities: September 30, 2025 (In millions) Amortized cost Gross unrealized gains 1 Gross unrealized losses Estimated fair value Available-for-sale U.S. Treasury securities $ 1,401 $ 15 $ 105 $ 1,311 U.S. Government agencies and corporations: Agency securities 349 — 17 332 Agency guaranteed mortgage-backed securities 7,208 4 1,041 6,171 Small Business Administration loan-backed securities 374 — 16 358 Municipal securities 1,022 — 49 973 Other debt securities 25 — — 25 Total available-for-sale 10,379 19 1,228 9,170 Held-to-maturity U.S. Government agencies and corporations: Agency securities 139 — 4 135 Agency guaranteed mortgage-backed securities 8,643 89 28 8,704 Municipal securities 277 — 10 267 Total held-to-maturity 9,059 89 42 9,106 Total investment securities $ 19,438 $ 108 $ 1,270 $ 18,276 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. 55 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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: September 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 $ — $ — $ 105 $ 296 $ 105 $ 296 U.S. Government agencies and corporations: Agency securities — 7 17 320 17 327 Agency guaranteed mortgage-backed securities — 6 1,041 5,846 1,041 5,852 Small Business Administration loan-backed securities — 32 16 321 16 353 Municipal securities — 86 49 813 49 899 Total available-for-sale investment securities $ — $ 131 $ 1,228 $ 7,596 $ 1,228 $ 7,727 December 31, 2024 Less than 12 months 12 months or more Total (In millions) Gross unrealized losses Estimated fair value Gross unrealized losses Estimated fair value Gross unrealized losses Estimated fair value Available-for-sale U.S. Treasury securities $ 3 $ 198 $ 116 $ 285 $ 119 $ 483 U.S. Government agencies and corporations: Agency securities — 3 26 403 26 406 Agency guaranteed mortgage-backed securities — 86 1,263 6,171 1,263 6,257 Small Business Administration loan-backed securities — 35 21 387 21 422 Municipal securities — 68 78 984 78 1,052 Total available-for-sale investment securities $ 3 $ 390 $ 1,504 $ 8,230 $ 1,507 $ 8,620 At September 30, 2025 and December 31, 2024, the number of AFS investment securities in an unrealized loss position was 2,135 and 2,534 , respectively. There were no gross realized gains or losses from sales of AFS investment securities for the three and nine months ended September 30, 2025 and 2024. The following schedule presents interest income categorized by investment security type: Three Months Ended September 30, 2025 2024 (In millions) Taxable Nontaxable Total Taxable Nontaxable Total Available-for-sale $ 66 $ 7 $ 73 $ 75 $ 8 $ 83 Held-to-maturity 49 2 51 54 1 55 Total investment securities $ 115 $ 9 $ 124 $ 129 $ 9 $ 138 Nine Months Ended September 30, 2025 2024 (In millions) Taxable Nontaxable Total Taxable Nontaxable Total Available-for-sale $ 196 $ 21 $ 217 $ 227 $ 24 $ 251 Held-to-maturity 151 4 155 165 3 168 Total investment securities $ 347 $ 25 $ 372 $ 392 $ 27 $ 419 56 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 September 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. September 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 $ 1,401 3.69 % $ 100 4.04 % $ 201 3.99 % $ 699 4.33 % $ 401 2.35 % U.S. Government agencies and corporations: Agency securities 349 3.18 32 2.78 55 3.91 163 2.96 99 3.28 Agency guaranteed mortgage-backed securities 7,208 2.04 7 1.27 96 2.00 1,478 2.02 5,627 2.05 Small Business Administration loan-backed securities 374 4.58 — — 10 5.94 110 3.81 254 4.87 Municipal securities 1 1,022 2.14 117 3.17 309 2.16 580 1.91 16 2.43 Other debt securities 25 8.15 — — 10 9.51 — — 15 7.25 Total available-for-sale securities 10,379 2.42 256 3.41 681 2.98 3,030 2.65 6,412 2.21 Held-to-maturity U.S. Government agencies and corporations: Agency securities 139 4.15 — — — — 77 3.46 62 5.01 Agency guaranteed mortgage-backed securities 8,643 1.84 — — 28 1.46 11 2.70 8,604 1.84 Municipal securities 1 277 3.26 27 2.47 131 2.90 112 3.71 7 5.93 Total held-to-maturity securities 9,059 1.92 27 2.47 159 2.65 200 3.56 8,673 1.86 Total investment securities $ 19,438 2.18 $ 283 3.32 $ 840 2.92 $ 3,230 2.71 $ 15,085 2.01 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 to assess potential impairment on an individual security level. For additional information regarding our impairment assessment methodology and related accounting policies applicable to 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 nine 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, absent any future sales, we expect to recover the full principal value of these securities upon maturity. At September 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 prior to recovering their amortized cost basis. 57 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES HTM Impairment For HTM securities, the allowance for credit losses (“ACL”) is evaluated using the same methodology applied to loans and leases measured at amortized cost, as described in Note 6. At September 30, 2025, the ACL for HTM securities was less than $ 1 million. All HTM securities were assigned a credit quality rating of “ Pass, ” with none classified as past due. 6. LOANS, LEASES, AND ALLOWANCE FOR CREDIT LOSSES Loans, Leases, and Loans Held for Sale The following schedule presents our loan and lease portfolio according to major portfolio segment and specific class: (In millions) September 30, 2025 December 31, 2024 Loans held for sale $ 215 $ 74 Commercial: Commercial and industrial $ 17,222 $ 16,891 Owner-occupied 9,267 9,333 Municipal 4,341 4,364 Leasing 349 377 Total commercial 31,179 30,965 Commercial real estate: Term 11,008 10,703 Construction and land development 2,469 2,774 Total commercial real estate 13,477 13,477 Consumer: 1-4 family residential 10,423 9,939 Home equity credit line 3,848 3,641 Construction and other consumer real estate 769 810 Bankcard and other revolving plans 477 457 Other 129 121 Total consumer 15,646 14,968 Total loans and leases $ 60,302 $ 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 $ 56 million and $ 43 million at September 30, 2025 and December 31, 2024, respectively. The amortized cost basis of the loans does not include accrued interest receivables of $ 278 million and $ 281 million at September 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 $ 234 million at September 30, 2025 and $ 260 million at December 31, 2024. Loans with a carrying value of $ 42.6 billion at September 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 58 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES agencies. The following schedule presents loans added to, or sold from, the held for sale category during the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2025 2024 2025 2024 Loans added to held for sale $ 267 $ 289 $ 715 $ 688 Loans sold from held for sale 222 304 572 644 Occasionally, we have continuing involvement in sold loans through retained servicing rights or guarantees. At September 30, 2025 and December 31, 2024, the principal balance of sold loans for which we retained servicing rights was approximately $ 702 million and $ 615 million, respectively. Income generated from sold loans, excluding servicing, totaled $ 4 million and $ 9 million for the three and nine months ended September 30, 2025, respectively, and $ 2 million and $ 5 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 September 30, 2025 (In millions) Commercial Commercial real estate Consumer Total Allowance for loan losses Balance at beginning of period $ 361 $ 230 $ 99 $ 690 Provision for loan losses 57 ( 11 ) ( 1 ) 45 Gross loan and lease charge-offs 61 3 3 67 Recoveries 9 1 1 11 Net loan and lease charge-offs (recoveries) 52 2 2 56 Balance at end of period $ 366 $ 217 $ 96 $ 679 Reserve for unfunded lending commitments Balance at beginning of period $ 22 $ 12 $ 8 $ 42 Provision for unfunded lending commitments 1 4 ( 1 ) 4 Balance at end of period $ 23 $ 16 $ 7 $ 46 Total allowance for credit losses at end of period Allowance for loan losses $ 366 $ 217 $ 96 $ 679 Reserve for unfunded lending commitments 23 16 7 46 Total allowance for credit losses $ 389 $ 233 $ 103 $ 725 59 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES Nine Months Ended September 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 129 ( 80 ) 16 65 Gross loan and lease charge-offs 92 4 11 107 Recoveries 21 1 3 25 Net loan and lease charge-offs (recoveries) 71 3 8 82 Balance at end of period $ 366 $ 217 $ 96 $ 679 Reserve for unfunded lending commitments Balance at beginning of period $ 26 $ 11 $ 8 $ 45 Provision for unfunded lending commitments ( 3 ) 5 ( 1 ) 1 Balance at end of period $ 23 $ 16 $ 7 $ 46 Total allowance for credit losses at end of period Allowance for loan losses $ 366 $ 217 $ 96 $ 679 Reserve for unfunded lending commitments 23 16 7 46 Total allowance for credit losses $ 389 $ 233 $ 103 $ 725 Three Months Ended September 30, 2024 (In millions) Commercial Commercial real estate Consumer Total Allowance for loan losses Balance at beginning of period $ 302 $ 300 $ 94 $ 696 Provision for loan losses 7 ( 13 ) 7 1 Gross loan and lease charge-offs 12 — 3 15 Recoveries 9 2 1 12 Net loan and lease charge-offs (recoveries) 3 ( 2 ) 2 3 Balance at end of period $ 306 $ 289 $ 99 $ 694 Reserve for unfunded lending commitments Balance at beginning of period $ 16 $ 7 $ 7 $ 30 Provision for unfunded lending commitments 4 5 3 12 Balance at end of period $ 20 $ 12 $ 10 $ 42 Total allowance for credit losses at end of period Allowance for loan losses $ 306 $ 289 $ 99 $ 694 Reserve for unfunded lending commitments 20 12 10 42 Total allowance for credit losses $ 326 $ 301 $ 109 $ 736 60 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES Nine Months Ended September 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 15 56 ( 37 ) 34 Gross loan and lease charge-offs 30 11 9 50 Recoveries 19 3 4 26 Net loan and lease charge-offs (recoveries) 11 8 5 24 Balance at end of period $ 306 $ 289 $ 99 $ 694 Reserve for unfunded lending commitments Balance at beginning of period $ 19 $ 17 $ 9 $ 45 Provision for unfunded lending commitments 1 ( 5 ) 1 ( 3 ) Balance at end of period $ 20 $ 12 $ 10 $ 42 Total allowance for credit losses at end of period Allowance for loan losses $ 306 $ 289 $ 99 $ 694 Reserve for unfunded lending commitments 20 12 10 42 Total allowance for credit losses $ 326 $ 301 $ 109 $ 736 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: September 30, 2025 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Commercial: Commercial and industrial $ 50 $ 57 $ 107 $ 22 Owner-occupied 13 27 40 2 Municipal — 2 2 — Leasing — 4 4 1 Total commercial 63 90 153 25 Commercial real estate: Term 1 69 70 3 Total commercial real estate 1 69 70 3 Consumer: 1-4 family residential 11 52 63 4 Home equity credit line — 32 32 7 Bankcard and other revolving plans — 1 1 1 Total consumer 11 85 96 12 Total $ 75 $ 244 $ 319 $ 40 61 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 nine months ended September 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 September 30, Nine Months Ended September 30, (In millions) 2025 2024 2025 2024 Commercial $ 4 $ 5 $ 5 $ 10 Commercial real estate 1 1 4 4 Consumer 1 1 3 3 Total $ 6 $ 7 $ 12 $ 17 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. 62 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES Past due loans (accruing and nonaccruing) are summarized as follows: September 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 $ 17,188 $ 18 $ 16 $ 34 $ 17,222 $ 3 $ 92 Owner-occupied 9,231 17 19 36 9,267 — 15 Municipal 4,341 — — — 4,341 — 2 Leasing 347 1 1 2 349 — 2 Total commercial 31,107 36 36 72 31,179 3 111 Commercial real estate: Term 10,941 35 32 67 11,008 1 23 Construction and land development 2,469 — — — 2,469 — — Total commercial real estate 13,410 35 32 67 13,477 1 23 Consumer: 1-4 family residential 10,374 12 37 49 10,423 — 23 Home equity credit line 3,820 16 12 28 3,848 — 15 Construction and other consumer real estate 768 1 — 1 769 — — Bankcard and other revolving plans 473 3 1 4 477 1 — Other 129 — — — 129 — 1 Total consumer 15,564 32 50 82 15,646 1 39 Total $ 60,081 $ 103 $ 118 $ 221 $ 60,302 $ 5 $ 173 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. 63 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 $ 10 million at September 30, 2025, compared with $ 14 million at December 31, 2024, and are included in the nonaccrual balances in the schedule below. 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. 64 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES September 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 $ 2,491 $ 2,136 $ 1,453 $ 1,014 $ 434 $ 749 $ 8,082 $ 149 $ 16,508 Special Mention 10 58 7 2 11 14 87 5 194 Accruing Substandard 1 60 59 70 19 31 162 11 413 Nonaccrual 4 4 3 39 3 6 21 27 107 Total commercial and industrial 2,506 2,258 1,522 1,125 467 800 8,352 192 17,222 Owner-occupied Pass 809 1,323 757 1,457 1,506 2,651 237 50 8,790 Special Mention 2 2 — 11 12 24 — 1 52 Accruing Substandard 11 24 17 112 93 101 24 3 385 Nonaccrual 6 7 2 6 2 15 2 — 40 Total owner-occupied 828 1,356 776 1,586 1,613 2,791 263 54 9,267 Municipal Pass 350 624 422 869 886 1,124 2 41 4,318 Special Mention — 3 — — — — — — 3 Accruing Substandard — — — — — 18 — — 18 Nonaccrual — — — — 2 — — — 2 Total municipal 350 627 422 869 888 1,142 2 41 4,341 Leasing Pass 46 95 63 78 18 30 — — 330 Special Mention — — — — — — — — — Accruing Substandard — 1 2 10 1 1 — — 15 Nonaccrual — 1 1 2 — — — — 4 Total leasing 46 97 66 90 19 31 — — 349 Total commercial 3,730 4,338 2,786 3,670 2,987 4,764 8,617 287 31,179 Commercial real estate: Term Pass 1,954 1,301 1,174 1,788 1,102 1,951 268 154 9,692 Special Mention 9 13 10 99 — 1 — — 132 Accruing Substandard 270 101 135 388 78 61 27 54 1,114 Nonaccrual 22 — 16 22 — 10 — — 70 Total term 2,255 1,415 1,335 2,297 1,180 2,023 295 208 11,008 Construction and land development Pass 293 530 513 127 1 2 739 41 2,246 Special Mention — 1 36 32 — — — — 69 Accruing Substandard 51 8 47 48 — — — — 154 Nonaccrual — — — — — — — — — Total construction and land development 344 539 596 207 1 2 739 41 2,469 Total commercial real estate 2,599 1,954 1,931 2,504 1,181 2,025 1,034 249 13,477 65 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES September 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 $ 595 $ 966 $ 921 $ 3,135 $ 1,844 $ 2,898 $ — $ — $ 10,359 Special Mention — — — — — — — — — Accruing Substandard — — — — — 1 — — 1 Nonaccrual 1 2 5 13 14 28 — — 63 Total 1-4 family residential 596 968 926 3,148 1,858 2,927 — — 10,423 Home equity credit line Pass — — — — — — 3,702 106 3,808 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 8 — 8 Nonaccrual — — — — — — 28 4 32 Total home equity credit line — — — — — — 3,738 110 3,848 Construction and other consumer real estate Pass 147 336 108 170 6 2 — — 769 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total construction and other consumer real estate 147 336 108 170 6 2 — — 769 Bankcard and other revolving plans Pass — — — — — — 474 — 474 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — 1 — 1 Total bankcard and other revolving plans — — — — — — 477 — 477 Other consumer Pass 58 30 22 13 4 2 — — 129 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total other consumer 58 30 22 13 4 2 — — 129 Total consumer 801 1,334 1,056 3,331 1,868 2,931 4,215 110 15,646 Total loans $ 7,130 $ 7,626 $ 5,773 $ 9,505 $ 6,036 $ 9,720 $ 13,866 $ 646 $ 60,302 66 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 67 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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 68 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES The following schedules present gross charge-offs by year of loan origination for the periods presented. Three Months Ended September 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 $ 55 $ — $ 58 Municipal — — — — 3 — — — 3 Total commercial — 1 — 1 3 1 55 — 61 Commercial real estate: Term — — 3 — — — — — 3 Consumer: Bankcard and other revolving plans — — — — — — 2 — 2 Other — — — — — 1 — — 1 Total consumer — — — — — 1 2 — 3 Total gross charge-offs $ — $ 1 $ 3 $ 1 $ 3 $ 2 $ 57 $ — $ 67 Nine Months Ended September 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 $ — $ 2 $ 2 $ 2 $ 3 $ 12 $ 68 $ — $ 89 Municipal — — — — 3 — — — 3 Leasing — — — — — — — — — Total commercial — 2 2 2 6 12 68 — 92 Commercial real estate: Term 1 — 3 — — — — — 4 Consumer: 1-4 family residential — — — — 1 2 — — 3 Home equity credit line — — — — — — 1 — 1 Bankcard and other revolving plans — — — — — — 6 — 6 Other — — — — — 1 — — 1 Total consumer — — — — 1 3 7 — 11 Total gross charge-offs $ 1 $ 2 $ 5 $ 2 $ 7 $ 15 $ 75 $ — $ 107 69 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES Three Months Ended September 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 $ 4 $ — $ — $ 1 $ 4 $ 1 $ 11 Owner-occupied — — 1 — — — — — 1 Total commercial — 1 5 — — 1 4 1 12 Consumer: Home equity credit line — — — — — — 1 — 1 Bankcard and other revolving plans — — — — — — 2 — 2 Total consumer — — — — — — 3 — 3 Total gross charge-offs $ — $ 1 $ 5 $ — $ — $ 1 $ 7 $ 1 $ 15 Nine Months Ended September 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 $ — $ 3 $ 8 $ 2 $ — $ 4 $ 10 $ 2 $ 29 Owner occupied — — 1 — — — — — 1 Total commercial — 3 9 2 — 4 10 2 30 Commercial real estate: Term — 7 4 — — — — — 11 Consumer: 1-4 family residential — — — — — 1 — — 1 Home equity credit line — — — — — — 1 — 1 Bankcard and other revolving plans — — — — — — 6 — 6 Other — — — — — 1 — — 1 Total consumer — — — — — 2 7 — 9 Total gross charge-offs $ — $ 10 $ 13 $ 2 $ — $ 6 $ 17 $ 2 $ 50 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. 70 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 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. On an ongoing basis, we monitor the performance of all modified loans in accordance with their modified terms. For the three and nine months ended September 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 $ 2 million and $ 4 million, respectively. For the three and nine months ended September 30, 2024, the corresponding amounts were $ 5 million for both periods. 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 September 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 $ — $ 58 $ — $ — $ — $ 58 0.3 % Owner-occupied — 23 — — — 23 0.2 Total commercial — 81 — — — 81 0.3 Commercial real estate: Term — 128 — — — 128 1.2 Construction and land development — 1 — — — 1 — Total commercial real estate — 129 — — — 129 1.0 Consumer: 1-4 family residential — — 2 — 4 6 0.1 Total $ — $ 210 $ 2 $ — $ 4 $ 216 0.4 Nine Months Ended September 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 $ — $ 106 $ — $ — $ — $ 106 0.6 % Owner-occupied — 25 — — — 25 0.3 Total commercial — 131 — — — 131 0.4 Commercial real estate: Term — 322 — 8 7 337 3.1 Construction and land development — 26 — — — 26 1.1 Total commercial real estate — 348 — 8 7 363 2.7 Consumer: 1-4 family residential — — 2 — 7 9 0.1 Home equity credit line — — — — 1 1 — Total consumer — — 2 — 8 10 0.1 Total $ — $ 479 $ 2 $ 8 $ 15 $ 504 0.8 71 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES Three Months Ended September 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 $ 9 $ 11 $ — $ 1 $ 13 $ 34 0.2 % Commercial real estate: Term — 33 — — 36 69 0.6 Construction and land development — 5 — — — 5 0.2 Total commercial real estate — 38 — — 36 74 0.5 Total $ 9 $ 49 $ — $ 1 $ 49 $ 108 0.2 Nine Months Ended September 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 $ 9 $ 44 $ — $ 2 $ 22 $ 77 0.5 % Owner-occupied — 1 — — — 1 — Municipal — 3 — — — 3 0.1 Total commercial 9 48 — 2 22 81 0.3 Commercial real estate: Term — 110 — — 36 146 1.4 Construction and land development — 7 — — — 7 0.2 Total commercial real estate — 117 — — 36 153 1.1 Consumer: 1-4 family residential — — 2 — 2 4 — Home equity credit line — — — — 1 1 — Other — 1 — — — 1 0.8 Total consumer — 1 2 — 3 6 — Total $ 9 $ 166 $ 2 $ 2 $ 61 $ 240 0.4 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 $ 29 million and $ 8 million at September 30, 2025 and September 30, 2024, respectively. 3 Amounts less than 0.05% are rounded to zero. 72 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES The financial impact of loan modifications to borrowers experiencing financial difficulty is summarized in the following schedules: Three Months Ended September 30, 2025 Nine Months Ended September 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 — % 8 — % 10 Owner-occupied — 3 — 19 Total commercial — 7 — 11 Commercial real estate: Term — 8 0.1 12 Construction and land development — 3 — 8 Total commercial real estate — 8 0.1 12 Consumer: 1 1-4 family residential — 11 0.9 7 Home equity credit line — 0 2.8 43 Total consumer — 11 2.4 9 Total weighted average financial impact — 7 0.3 11 Three Months Ended September 30, 2024 Nine Months Ended September 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 0.3 % 5 0.4 % 7 Owner-occupied — 0 — 3 Municipal — 0 — 61 Total commercial 0.3 5 0.4 9 Commercial real estate: Term 0.2 3 0.2 10 Construction and land development — 8 — 1 Total commercial real estate 0.2 8 0.2 10 Consumer: 1 1-4 family residential — 0 1.3 78 Home equity credit line — 0 6.8 44 Other — 0 — 71 Total consumer — 0 8.0 67 Total weighted average financial impact 0.3 7 0.4 11 1 Primarily relates to a small number of loans within each consumer loan class. For the three and nine months ended September 30, 2025, loan modifications granted to borrowers experiencing financial difficulty resulted in approximately $ 2 million in principal forgiveness across the total loan portfolio, compared with less than $ 1 million during the corresponding periods in 2024. 73 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after October 1, 2024 through September 30, 2025, presented by portfolio segment and loan class: September 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 $ 104 $ 2 $ — $ 2 $ 106 Owner-occupied 32 — 1 1 33 Total commercial 136 2 1 3 139 Commercial real estate: Term 352 18 10 28 380 Construction and land development 26 — — — 26 Total commercial real estate 378 18 10 28 406 Consumer: 1-4 family residential 10 1 1 2 12 Home equity credit line 1 1 — 1 2 Total consumer 11 2 1 3 14 Total $ 525 $ 22 $ 12 $ 34 $ 559 The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after October 1, 2023 through September 30, 2024, presented by portfolio segment and loan class: September 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 $ 76 $ 4 $ 3 $ 7 $ 83 Owner-occupied 6 — — — 6 Municipal 3 8 — 8 11 Total commercial 85 12 3 15 100 Commercial real estate: Term 170 — 5 5 175 Construction and land development 24 — 2 2 26 Total commercial real estate 194 — 7 7 201 Consumer: 1-4 family residential 4 — — — 4 Home equity credit line 1 — — — 1 Other 1 — — — 1 Total consumer 6 — — — 6 Total $ 285 $ 12 $ 10 $ 22 $ 307 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: 74 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES September 30, 2025 (Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1 Commercial: Commercial and industrial $ 3 Single family residential 75 % Owner-occupied 11 Industrial building 69 % Municipal 2 Multifamily apartments 97 % Commercial real estate: Term 61 Office building 98 % Consumer: 1-4 family residential 3 Single family residential 42 % Total $ 80 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 September 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 $ 21 million and $ 14 million for the same periods, respectively. 7. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Objectives and Accounting Our primary objective in utilizing derivative instruments is to manage interest rate risk. Derivatives serve as a strategic tool to mitigate volatility in interest income, interest expense, earnings, and capital by adjusting our sensitivity to various market risks. Specifically, we employ derivatives to stabilize forecasted interest income from variable-rate assets and to modify the coupon or duration of fixed-rate financial assets or liabilities when appropriate. Additionally, we offer derivative solutions to assist customers in managing their own risk exposures. We designate certain derivatives under U.S. GAAP as hedging instruments for specific risks and are subject to documentation and effectiveness testing requirements. However, not all derivatives used in our risk management activities qualify for hedge accounting. Those not designated as accounting hedges are primarily utilized to economically manage exposure to certain market risks, including interest rate and foreign exchange movements. These instruments are not used for speculative purposes and either do not require hedge accounting to reflect their economic impact appropriately in our financial statements or do not meet the criteria for hedge accounting. For more information about our use of and accounting policies for derivative instruments, see Note 7 of our 2024 Form 10-K. Collateral and Credit Risk Credit risk associated with derivatives arises from the potential for counterparty nonperformance. To date, we have not experienced significant losses due to counterparty default. For more information on how counterparty credit risk 75 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES is incorporated into derivative valuations, see Note 3 of our 2024 Form 10-K. For additional discussion on collateral and related credit risk for derivative contracts, see Note 7 of our 2024 Form 10-K. Certain derivative contracts may require us to pledge collateral for derivatives in a net liability position at a given balance sheet date. These contracts include credit risk-related contingent features, such as maintaining a minimum debt credit rating. If such a feature is triggered, e.g., a downgrade of our credit rating, we may be required to pledge additional collateral. Historically, counterparties have not always exercised their contractual right to demand additional collateral. At September 30, 2025, the fair value of our derivative liabilities was $ 257 million. To satisfy variation margin requirements, we pledged $ 24 million in cash collateral in the ordinary course of business. Additionally, we pledged $ 200 million in U.S. Treasuries to meet initial margin requirements with certain dealer counterparties and central clearing houses. A one-notch downgrade in our credit rating by either Standard & Poor’s (“S&P”) or Moody’s at September 30, 2025 would likely not result in a requirement to pledge additional collateral. Centrally cleared derivatives do not contain credit risk-related features that would require additional collateral in the event of a credit rating downgrade. We assess counterparty credit risk through the calculation of a credit valuation adjustment (“CVA”), which reflects 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 assets by $ 3 million at September 30, 2025, and reduced the fair value of derivative liabilities by $ 9 million at December 31, 2024. The net 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 September 30, 2025 and December 31, 2024: September 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 accounting hedges: Cash flow hedges: Hedges of floating-rate assets $ 1,250 $ 7 $ — $ 550 $ — $ 2 Hedges of floating-rate liabilities — — — 500 — — Fair value hedges: Hedges of fixed-rate assets 1 7,479 77 — 4,668 93 — Hedges of fixed-rate liabilities 1,000 — — 500 — — Total derivatives designated as accounting hedges 9,729 84 — 6,218 93 2 Derivatives not designated as accounting hedges: 2 Customer interest rate derivatives 19,067 263 255 16,833 348 346 Customer commodity derivatives 205 1 1 — — — Other interest rate derivatives 1,259 2 — 1,105 1 — Foreign exchange derivatives 3 579 3 1 373 4 2 Purchased credit derivatives 60 — — 24 — — Total derivatives not designated as accounting hedges 21,170 269 257 18,335 353 348 Total derivatives $ 30,899 $ 353 $ 257 $ 24,553 $ 446 $ 350 1 Includes forward-starting swaps that are not yet effective. 2 We provide certain borrowers with access to over-the-counter derivatives. To manage the associated exposures, we typically enter into offsetting derivative transactions with dealers or central clearing houses, which include terms that closely mirror those of the original borrower transactions. Notional amounts for derivatives that are not designated as accounting hedges include both customer-facing derivatives and offsetting dealer-facing derivatives. 3 Includes both spot and forward FX trades. 76 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES The following schedules present the gains and losses from derivative instruments designated as cash flow and fair value hedges, either deferred in AOCI or recognized in earnings for the three and nine months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Three Months Ended September 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 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 $ — $ ( 15 ) $ — $ 5 $ ( 30 ) $ — Hedges of floating-rate liabilities — — — ( 2 ) 2 — Fair value hedges: 2 Hedges of fixed-rate assets — — 15 — — 24 Hedges of fixed-rate liabilities — — ( 3 ) — — ( 2 ) Total derivatives designated as accounting hedges $ — $ ( 15 ) $ 12 $ 3 $ ( 28 ) $ 22 Nine Months Ended September 30, 2025 Nine Months Ended September 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 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 $ ( 53 ) $ — $ ( 2 ) $ ( 99 ) $ — Hedges of floating-rate liabilities — 1 — 3 6 — Fair value hedges: 2 Hedges of fixed-rate assets — — 42 — — 70 Hedges of fixed-rate liabilities — — ( 8 ) — — ( 5 ) Total derivatives designated as accounting hedges $ 8 $ ( 52 ) $ 34 $ 1 $ ( 93 ) $ 65 1 For the 12-month period following September 30, 2025, we estimate that approximately $ 37 million in net losses from both active and terminated cash flow hedges will be reclassified from AOCI into interest income. At September 30, 2025, approximately $ 48 million in losses related to terminated cash flow hedges remained deferred in AOCI. These deferred losses are expected to be fully reclassified into earnings by October 2027. 2 At September 30, 2025 and 2024, we recorded cumulative unamortized basis adjustments from terminated fair value hedges of debt totaling $ 34 million and $ 41 million, respectively. Additionally, we maintained $ 3 million in cumulative unamortized basis adjustments from terminated fair value hedges of assets at both reporting dates. The interest amounts associated with fair value hedges, as presented above, include the amortization of these 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 September 30, 2025 Nine Months Ended September 30, 2025 Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Derivatives not designated as accounting hedges: Customer-facing interest rate derivatives $ ( 2 ) $ 16 $ 4 $ 17 Other interest rate derivatives 1 1 ( 2 ) ( 1 ) Foreign exchange derivatives 8 22 8 22 Purchased credit derivatives — ( 1 ) — — Total derivatives not designated as accounting hedges $ 7 $ 38 $ 10 $ 38 77 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES The following schedule presents derivatives used in fair value hedge accounting relationships, including the pre-tax gains and losses recognized on both the derivatives and the corresponding hedged items for the periods presented: Gains (losses) recorded in income Three Months Ended September 30, 2025 Three Months Ended September 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 $ ( 15 ) $ 15 $ — $ ( 166 ) $ 166 $ — Hedges of fixed-rate liabilities 1, 2 3 ( 3 ) — — — — Gains (losses) recorded in income Nine Months Ended September 30, 2025 Nine Months Ended September 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 $ ( 130 ) $ 130 $ — $ ( 47 ) $ 47 $ — Hedges of fixed-rate liabilities 1, 2 19 ( 19 ) — — — — 1 Includes hedges of benchmark interest rate risk for fixed-rate long-term debt, AFS securities, and commercial loans. Gains and losses were recorded in interest 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. 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) September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024 Hedges of fixed-rate assets 1, 2 $ 11,494 $ 11,388 $ 11,333 $ 11,099 $ ( 161 ) $ ( 289 ) Hedges of fixed-rate liabilities 1 ( 1,000 ) ( 500 ) ( 1,012 ) ( 493 ) ( 12 ) 7