10-Q – 2025-11-06 – zions-20250930.htm

1 Carrying amounts exclude (1) issuance and purchase discounts or premiums, (2) unamortized issuance and acquisition costs, and (3) amounts related to terminated fair value hedges.
2 At September 30, 2025, the amortized cost basis of assets designated using the portfolio layer method was $ 9.5  billion; the cumulative basis adjustment associated with these hedging relationships was $ 35  million; and the notional amounts of the designated accounting hedges were $ 5.6  billion.

8. LEASES
We have operating and finance leases for branches, data centers, and corporate offices, including our headquarters in Salt Lake City, Utah. At September 30, 2025, we had 408 branches, with 278 owned and 130 leased. The remaining maturities of our lease commitments range from the year 2025 to 2062 , with some lease arrangements including options to extend or terminate the leases.
Leases with terms longer than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. ROU assets for operating leases and finance leases are included in “ Other assets ” and “ Premises, equipment and software, net ” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “ Other liabilities ” and “ Long-term debt, ” respectively. For more information about our lease policies, see Note 8 of our 2024 Form 10-K.

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The following schedule presents ROU assets and lease liabilities with the associated weighted average remaining life and discount rate:

(In millions) September 30,
2025 December 31, 2024
Operating leases
ROU assets, net of amortization $ 205 $ 188
Lease liabilities 256 240
Finance leases
ROU assets, net of amortization 3 3
Lease liabilities 3 4
Weighted average remaining lease term (years)
Operating leases 9.6 9.9
Finance leases 14.9 15.6
Weighted average discount rate
Operating leases 4.0   % 3.8   %
Finance leases 3.1   % 3.1   %

The following schedule presents additional information related to lease expense:

Three Months Ended September 30, Nine Months Ended September 30,
(In millions) 2025 2024 2025 2024
Lease expense:
Operating lease expense $ 10   $ 10   $ 30   $ 30  

Other expenses associated with operating leases 1
17   16   48   46  

Total lease expense $ 27   $ 26   $ 78   $ 76  
Related cash disbursements for operating leases $ 10   $ 11   $ 31   $ 33  

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

(In millions) Total undiscounted lease payments

2025 1
$ 11  
2026 41  
2027 32  
2028 34  
2029 30  
Thereafter 166  
Total lease payments 314  
Less imputed interest 58  
Total $ 256  

1 Represents contractual maturities remaining in 2025.
We enter into certain lease agreements as the lessor of real estate, including bank-owned and subleased properties, to generate cash flow. This activity includes leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $ 4 million and $ 3 million for the third quarter of 2025 and 2024, respectively, and $ 11 million and $ 10 million for the first nine months of 2025 and 2024, respectively.
At September 30, 2025 and December 31, 2024, we originated equipment leases classified as sales-type or direct-financing leases totaling $ 349 million and $ 377 million, respectively. Income from these leases was $ 5 million for both the third quarters of 2025 and 2024, and $ 14 million for both the first nine months of 2025 and 2024.

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9. LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY
Long-Term Debt
The long-term debt carrying values presented on the consolidated balance sheet represent the par value of the debt, adjusted for any unamortized premium or discount, unamortized debt issuance costs, and fair value hedge basis adjustments. During the third quarter of 2025, we issued $ 500  million in 4.70 % Fixed-to-Floating Senior Notes with a maturity date of August 18, 2028.
The following schedule presents the components of our long-term debt:
LONG-TERM DEBT

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

Subordinated notes 1
$ 971   $ 946  
Senior notes 499   —  
Finance lease obligations 3   4  
Total $ 1,473   $ 950  

1 The change in the subordinated note balance is primarily due to fair value hedge basis adjustments. See also Note 7.
Shareholders' Equity
Our common stock is traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. At September 30, 2025, there were 147.6  million shares of $ 0.001 par value common stock outstanding. Common stock and additional paid-in capital was $ 1.7 billion at both September 30, 2025 and December 31, 2024.
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 as a result of 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 HTM. The following schedule presents the changes in AOCI by major component:

(In millions) Net unrealized gains (losses) on investment securities Net unrealized gains (losses) on derivatives and other Pension and post-retirement Total
Nine Months Ended September 30, 2025
Balance at December 31, 2024 $ ( 2,301 ) $ ( 78 ) $ ( 1 ) $ ( 2,380 )
Other comprehensive income before reclassifications, net of tax
142   6   —   148  
Amounts reclassified from AOCI, net of tax 137   39   —   176  
Other comprehensive income 279   45   —   324  
Balance at September 30, 2025 $ ( 2,022 ) $ ( 33 ) $ ( 1 ) $ ( 2,056 )
Income tax expense included in other comprehensive income
$ 91   $ 15   $ —   $ 106  
Nine Months Ended September 30, 2024
Balance at December 31, 2023 $ ( 2,526 ) $ ( 165 ) $ ( 1 ) $ ( 2,692 )
Other comprehensive income before reclassifications, net of tax
137   2   —   139  
Amounts reclassified from AOCI, net of tax 147   70   —   217  
Other comprehensive income 284   72   —   356  
Balance at September 30, 2024 $ ( 2,242 ) $ ( 93 ) $ ( 1 ) $ ( 2,336 )
Income tax expense included in other comprehensive income
$ 93   $ 24   $ —   $ 117  

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Amounts reclassified from AOCI

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

Net unrealized gains (losses) on investment securities
$ ( 62 ) $ ( 67 ) $ ( 182 ) $ ( 195 ) Securities gains (losses), net
Less: Income tax expense (benefit) ( 15 ) ( 16 ) ( 45 ) ( 48 )
Total $ ( 47 ) $ ( 51 ) $ ( 137 ) $ ( 147 )

Net unrealized gains (losses) on derivative instruments and other
$ ( 15 ) $ ( 28 ) $ ( 52 ) $ ( 93 ) Interest and fees on loans; Interest on short- and long-term borrowings
Less: Income tax expense (benefit) ( 4 ) ( 7 ) ( 13 ) ( 23 )
Total $ ( 11 ) $ ( 21 ) $ ( 39 ) $ ( 70 )

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

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

Unfunded lending commitments 1
$ 29,383   $ 28,767  
Standby letters of credit:
Financial 622   574  
Performance 293   262  
Commercial letters of credit 39   15  

Total unfunded commitments $ 30,337   $ 29,618  

1 Net of participations.
For more information about these commitments and guarantees including their terms and collateral requirements, see Note 16 of our 2024 Form 10-K.
Legal Matters
We are involved in various legal proceedings or governmental inquiries, which may include litigation in court, arbitral proceedings, investigations, examinations, and other actions initiated or considered by governmental and self-regulatory agencies. Litigation may pertain to lending, deposit and other customer relationships, supplier and contractual issues, employee matters, intellectual property matters, personal injuries and torts, regulatory and legal compliance, and other matters. While most matters involve individual claims, we are also subject to putative class action claims and similar broader claims. Proceedings, investigations, examinations, and other actions initiated or considered by governmental and self-regulatory agencies may relate to our banking, investment advisory, trust, securities, and other products and services; and our customers’ involvement in money laundering, fraud, securities violations and other illicit activities or our policies and practices concerning such customer activities. Additionally, these actions may pertain to our compliance with the broad range of banking, securities and other applicable laws and regulations. At any given time, we may be responding to subpoenas, requests for documents, data, and testimony relating to these matters and engaging in discussions to resolve them.
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At September 30, 2025, we were subject to the following material litigation:
• Two civil cases, Lifescan, Inc. and Johnson & Johnson Health Care Services v. Jeffrey C. Smith, et. al. , brought against us in the United States District Court for the District of New Jersey in December 2017, and Roche Diagnostics and Roche Diabetes Care Inc. v. Jeffrey C. Smith, et. al. , brought against us in the United States District Court for the District of New Jersey in March 2019. In these cases, certain manufacturers and distributors of medical products seek to hold us liable for allegedly fraudulent practices of a borrower of the Bank who filed for bankruptcy protection in 2017. Discovery is substantially complete for most parties. However, final rulings on certain dispositive motions remain outstanding, and other dispositive motions have yet to be filed or ruled upon. A court-ordered mediation is expected to occur in late 2025. Both cases have been set for trial in April 2027.
• Cayon and Reesor v. Zions Bancorporation, N.A. is an arbitration matter pending before Judicial Arbitration and Mediation Services. The claimants have asserted claims for unpaid overtime, meal and rest break violations, and failure to reimburse work-related expenses. They have also initiated a related action under the California Private Attorneys General Act (“PAGA”). The parties have reached a preliminary agreement to resolve the individual and collective claims raised in the arbitration and the related PAGA action. The settlement remains subject to final documentation and court approval.
Based on our current knowledge, we believe that our estimated liability for litigation and other legal actions and claims, as reflected in our accruals and determined in accordance with applicable accounting guidance, is adequate. We also believe that any liabilities in excess of the amounts currently accrued, if any, arising from litigation and other legal actions and claims for which an estimate is possible, will not have a material impact on our financial condition, results of operations, or cash flows. However, given the significant uncertainties involved in these matters, and the potentially large or indeterminate damages sought in some cases, an adverse outcome in one or more of these matters could materially affect our financial condition, results of operations, or cash flows for any given reporting period.
Any estimate or determination regarding the future resolution of litigation, arbitration, governmental or self-regulatory examinations, investigations or similar matters is inherently uncertain and involves significant judgment. This is particularly true in the early stages of a legal matter, when legal issues and facts have not been fully articulated, reviewed, analyzed, and vetted through discovery, trial or hearing preparation, substantive and productive mediation or settlement discussions, or other actions. It is also especially true for class actions and similar claims involving multiple defendants, matters with complex procedural requirements or substantive issues, novel legal theories, and examinations, investigations, and other actions conducted or brought by governmental and self-regulatory agencies, where the normal adjudicative process is not applicable. As a result, we are often unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the course of a legal matter, sometimes not until a number of years have elapsed. Consequently, our judgments and estimates relating to claims will change over time in light of developments, and actual outcomes will differ from our estimates. These differences may be material.
For more information regarding our accounting for legal matters, see Note 16 of our 2024 Form 10-K.

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

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

Commercial account fees
$ 15   $ 15   $ 8   $ 8   $ 15   $ 15  
Card fees 1
12   12   4   5   8   8  
Retail and business banking fees
6   5   4   3   4   4  

Capital markets fees and income 2
—   —   1   —   —   —  
Wealth management fees 4   5   2   1   5   4  
Other customer-related fees 2   2   2   2   1   1  
Total noninterest income from contracts with customers
39   39   21   19   33   32  
Customer-related noninterest income from other sources
10   7   9   10   13   10  
Total customer-related noninterest income
49   46   30   29   46   42  
Noncustomer-related noninterest income
—   —   1   2   3   2  
Total noninterest income
$ 49   $ 46   $ 31   $ 31   $ 49   $ 44  

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

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

Capital markets fees and income 2
—   —   —   —   1   —  
Wealth management fees 1   1   2   2   1   1  
Other customer-related fees —   —   —   —   1   1  
Total noninterest income from contracts with customers
10   10   12   12   8   7  
Customer-related noninterest income from other sources
2   1   1   —   1   —  
Total customer-related noninterest income
12   11   13   12   9   7  
Noncustomer-related noninterest income
—   —   —   —   —   —  
Total noninterest income
$ 12   $ 11   $ 13   $ 12   $ 9   $ 7  

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

Commercial account fees
$ 1   $ 1   $ —   $ ( 1 ) $ 47   $ 46  
Card fees 1
—   —   1   1   35   36  
Retail and business banking fees
—   —   ( 1 ) ( 1 ) 19   17  

Capital markets fees and income 2
—   —   2   2   4   2  
Wealth management fees —   —   ( 2 ) ( 1 ) 13   13  
Other customer-related fees —   —   9   8   15   14  
Total noninterest income from contracts with customers
1   1   9   8   133   128  
Customer-related noninterest income from other sources
1   1   ( 7 ) 4   30   33  
Total customer-related noninterest income
2   2   2   12   163   161  
Noncustomer-related noninterest income
—   —   22   7   26   11  
Total noninterest income
$ 2   $ 2   $ 24   $ 19   $ 189   $ 172  

1 Card fees exclude costs associated with reward programs that are netted against interchange fees, as these costs fall outside the scope of the applicable accounting guidance for revenue from contracts with customers.
2 Capital markets fees and income excludes revenue related to real estate capital markets, swaps, loan syndications, foreign exchange activities, and the net CVA, as these items are not within the scope of the applicable accounting guidance for revenue from contracts with customers.
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The following schedule presents revenue from contracts with customers and provides a reconciliation to total noninterest income by operating business segment for the nine months ended September 30, 2025 and 2024. Customer-related noninterest income from other sources represents revenue from customers that falls outside the scope of the applicable accounting guidance for revenue from contracts with customers.

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

Commercial account fees
$ 45   $ 42   $ 24   $ 23   $ 46   $ 44  
Card fees 1
37   38   13   14   22   23  
Retail and business banking fees
16   14   10   9   11   10  

Capital markets fees and income 2
—   —   2   —   9   —  
Wealth management fees 12   16   4   3   13   13  
Other customer-related fees 6   7   6   6   4   5  
Total noninterest income from contracts with customers
116   117   59   55   105   95  
Customer-related noninterest income from other sources
23   16   28   26   27   25  
Total customer-related noninterest income
139   133   87   81   132   120  
Noncustomer-related noninterest income
2   3   4   6   8   8  
Total noninterest income
$ 141   $ 136   $ 91   $ 87   $ 140   $ 128  

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

Commercial account fees
$ 7   $ 8   $ 9   $ 10   $ 5   $ 5  
Card fees 1
11   11   12   12   7   8  
Retail and business banking fees
7   6   8   7   3   3  

Capital markets fees and income 2
—   —   —   —   1   —  
Wealth management fees 3   3   5   4   1   1  
Other customer-related fees 1   1   1   1   4   3  
Total noninterest income from contracts with customers
29   29   35   34   21   20  
Customer-related noninterest income from other sources
3   2   3   1   4   —  
Total customer-related noninterest income
32   31   38   35   25   20  
Noncustomer-related noninterest income
( 1 ) —   —   5   3   —  
Total noninterest income
$ 31   $ 31   $ 38   $ 40   $ 28   $ 20  

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

Commercial account fees
$ 2   $ 2   $ —   $ 1   $ 138   $ 135  
Card fees 1
1   1   2   1   105   108  
Retail and business banking fees
—   —   ( 1 ) 1   54   50  

Capital markets fees and income 2
—   —   4   4   16   4  
Wealth management fees —   —   2   —   40   40  
Other customer-related fees 1   1   20   17   43   41  
Total noninterest income from contracts with customers
4   4   27   24   396   378  
Customer-related noninterest income from other sources
2   2   ( 1 ) 16   89   88  
Total customer-related noninterest income
6   6   26   40   485   466  
Noncustomer-related noninterest income
—   —   49   19   65   41  
Total noninterest income
$ 6   $ 6   $ 75   $ 59   $ 550   $ 507  

1 Card fees exclude costs associated with reward programs that are netted against interchange fees, as these costs are not within the scope of applicable accounting guidance for revenue from contracts with customers.
2 Capital markets fees and income excludes revenue related to real estate capital markets, swaps, loan syndications, foreign exchange activities, and the net CVA, as these items are not within the scope of the applicable accounting guidance for revenue from contracts with customers.
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Revenue from contracts with customers did not result in the recognition of significant contract assets and liabilities. Contract receivables are included in “Other assets” on the consolidated balance sheet. Payment terms vary by the nature of the services provided; however, the time between the satisfaction of performance obligations and receipt of payment is generally not significant.

12. INCOME TAXES
The effective income tax rate was 22.1 % for the third quarter of 2025, compared with 22.7 % for the third quarter of 2024. For the nine months ended September 30, the effective tax rates were 23.9 % in 2025 and 23.5 % in 2024. The tax rates during these periods were increased by the nondeductibility of certain Federal Deposit Insurance Corporation (“FDIC”) premiums, specific executive compensation, and other fringe benefits. While the FDIC insurance premiums are not deductible for tax purposes, FDIC special assessments are tax deductible. Conversely, the tax rates were reduced by nontaxable municipal interest income and nontaxable income from certain bank-owned life insurance policies.
The tax rates for the nine months ended September 30, 2025 were further impacted by the enactment of new state tax legislation across multiple jurisdictions during the first and second quarters of 2025. These legislative changes required a revaluation of our net deferred tax asset (“DTA”), which primarily arises from unrealized losses in AOCI on certain securities.
At September 30, 2025 and December 31, 2024, our net DTA totaled $ 756 million and $ 904 million, respectively. The net DTA or deferred tax liability (“DTL”) is included in either “Other assets” or “Other liabilities,” respectively, on the consolidated balance sheet.
We regularly evaluate DTAs to determine whether a valuation allowance is required, applying a “more-likely-than-not” threshold for realization. Based on this evaluation, management concluded that no valuation allowance was required at both September 30, 2025 and December 31, 2024.

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

Three Months Ended
September 30, Nine Months Ended
September 30,
(In millions, except shares and per share amounts) 2025 2024 2025 2024
Basic:
Net income $ 222   $ 214   $ 636   $ 568  
Less common and preferred dividends 68   71   199   215  

Undistributed earnings 154   143   437   353  
Less undistributed earnings applicable to nonvested shares 2   2   5   4  
Undistributed earnings applicable to common shares 152   141   432   349  
Distributed earnings applicable to common shares 66   61   193   182  
Total earnings applicable to common shares $ 218   $ 202   $ 625   $ 531  
Weighted average common shares outstanding (in thousands) 147,045   147,138   147,136   147,197  
Net earnings per common share $ 1.48   $ 1.37   $ 4.25   $ 3.61  
Diluted:
Total earnings applicable to common shares $ 218   $ 202   $ 625   $ 531  
Weighted average common shares outstanding (in thousands) 147,045   147,138   147,136   147,197  

Dilutive effect of stock options (in thousands) 80   12   39   5  
Weighted average diluted common shares outstanding (in thousands) 147,125   147,150   147,175   147,202  
Net earnings per common share $ 1.48   $ 1.37   $ 4.25   $ 3.61  

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

Three Months Ended
September 30, Nine Months Ended
September 30,
(In thousands) 2025 2024 2025 2024

Restricted stock and restricted stock units 1,837   1,696   1,795   1,652  
Stock options 207   1,065   473   1,338  

14. OPERATING SEGMENT INFORMATION
We manage our operations with a focus on geographic area, primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. We conduct our operations primarily through seven separately managed affiliate banks, each with its own local branding and management team: Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington. These affiliate banks comprise our primary operating segments. We emphasize local authority, responsibility, pricing, and customization of certain products to maximize customer satisfaction, strengthen community relations, and improve profitability and shareholder returns.
At September 30, 2025, Zions Bank operated 93 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. CB&T operated 77 branches in California, including the four FirstBank Coachella Valley, California branches we acquired in late March 2025. Amegy operated 76 branches in Texas. NBAZ operated 56 branches in Arizona. NSB operated 43 branches in Nevada. Vectra operated 33 branches in Colorado and one branch in New Mexico. TCBW operated two branches in Washington and one branch in Oregon. During the first nine months of 2025, all of the Bank's assets and revenues were located in or derived from operations within the United States.
We focus on serving customers in the communities where we operate. Each of our operating segments offers a wide range of banking products and related services, delivered digitally or through other channels. These include primarily commercial and small business banking, capital markets and investment banking, commercial real estate lending, retail banking, and wealth management.
Our affiliate banks are supported by an enterprise operating segment, referred to as the “Other” segment, which provides governance and risk management, allocates capital, establishes strategic objectives, and includes centralized technology, back-office functions, and certain lines of business not operated through our affiliate banks. The costs of centrally provided services are allocated to the operating segments based on estimated or actual usage of those services. Capital is allocated according to the risk-weighted assets held by each segment. We use an internal funds transfer pricing (“FTP”) allocation process to report the results of operations for each segment. This process is subject to ongoing changes and refinements. The total average loans and deposits for the operating segments include minor intercompany amounts and may also include deposits with the “Other” segment. Transactions between segments are primarily conducted at fair value, with profits eliminated for consolidated reporting purposes.
We evaluate performance and allocate resources primarily based on income or loss from operations before income taxes. The accounting policies of the operating segments align with those in the Notes to Consolidated Financial Statements.
The chief operating decision maker (“CODM”) is our Chairman and Chief Executive Officer. The CODM regularly receives certain segment information, including net interest income, noninterest income, significant noninterest expenses, and income or loss from operations before income taxes. This information is used to evaluate performance and allocate resources for each segment.
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The following schedule presents selected operating segment information that is regularly provided to the CODM to evaluate performance and allocate resources for the three months ended September 30, 2025 and 2024:

Zions Bank CB&T Amegy
(In millions) 2025 2024 2025 2024 2025 2024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 191   $ 174   $ 168   $ 155   $ 143   $ 128  
Provision for credit losses 2   11   55   —   2   4  
Net interest income after provision for credit losses 189   163   113   155   141   124  
Noninterest income 49   46   31   31   49   44  
Noninterest expense:
Salaries and employee benefits 35   34   34   31   28   27  
Technology, telecom, and information processing 3   4   1   1   2   2  
Occupancy and equipment, net 7   6   9   8   8   8  
Other direct expenses 2
12   16   10   9   12   12  
Indirect/allocated expenses 83   80   56   50   66   62  
Total noninterest expense 140   140   110   99   116   111  
Income (loss) before taxes $ 98   $ 69   $ 34   $ 87   $ 74   $ 57  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 15,230   $ 14,762   $ 15,255   $ 14,315   $ 14,317   $ 13,531  
Total average deposits 21,108   21,386   15,656   14,643   14,559   14,633  

NBAZ NSB Vectra
(In millions) 2025 2024 2025 2024 2025 2024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 66   $ 63   $ 54   $ 52   $ 35   $ 38  
Provision for credit losses ( 3 ) 7   ( 6 ) ( 14 ) ( 6 ) 2  
Net interest income after provision for credit losses 69   56   60   66   41   36  
Noninterest income 12   11   13   12   9   7  
Noninterest expense:
Salaries and employee benefits 13   13   11   11   10   10  
Technology, telecom, and information processing 1   1   2   1   1   1  
Occupancy and equipment, net 3   3   3   3   3   3  
Other direct expenses 2
6   7   5   6   4   3  
Indirect/allocated expenses 26   25   24   23   16   17  
Total noninterest expense 49   49   45   44   34   34  
Income (loss) before taxes $ 32   $ 18   $ 28   $ 34   $ 16   $ 9  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 5,545   $ 5,647   $ 3,736   $ 3,520   $ 3,825   $ 4,106  
Total average deposits 6,863   6,904   7,038   7,156   3,396   3,531  

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TCBW Other Consolidated Bank
(In millions) 2025 2024 2025 2024 2025 2024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 18   $ 16   $ ( 3 ) $ ( 6 ) $ 672   $ 620  
Provision for credit losses 4   3   1   —   49   13  
Net interest income after provision for credit losses 14   13   ( 4 ) ( 6 ) 623   607  
Noninterest income 2   2   24   19   189   172  
Noninterest expense:
Salaries and employee benefits 3   3   203   188   337   317  
Technology, telecom, and information processing 1   —   59   56   70   66  
Occupancy and equipment, net 1   1   8   8   42   40  
Other direct expenses 2
1   1   28   25   78   79  
Indirect/allocated expenses 4   3   ( 275 ) ( 260 ) —   —  
Total noninterest expense 10   8   23   17   527   502  
Income (loss) before taxes $ 6   $ 7   $ ( 3 ) $ ( 4 ) $ 285   $ 277  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 2,012   $ 1,833   $ 866   $ 951   $ 60,786   $ 58,665  
Total average deposits 1,139   1,148   4,544   5,628   74,303   75,029  

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

Zions Bank CB&T Amegy
(In millions) 2025 2024 2025 2024 2025 2024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 549   $ 506   $ 481   $ 448   $ 412   $ 355  
Provision for credit losses 15   ( 7 ) 47   17   15   22  
Net interest income after provision for credit losses
534   513   434   431   397   333  
Noninterest income 141   136   91   87   140   128  
Noninterest expense:
Salaries and employee benefits 105   105   101   95   87   82  
Technology, telecom, and information processing 11   11   4   4   6   6  
Occupancy and equipment, net 20   20   25   24   25   24  
Other direct expenses 2
46   55   31   32   37   42  
Indirect/allocated expenses 244   245   162   149   193   186  
Total noninterest expense 426   436   323   304   348   340  
Income (loss) before taxes
$ 249   $ 213   $ 202   $ 214   $ 189   $ 121  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 15,026   $ 14,792   $ 15,037   $ 14,203   $ 14,144   $ 13,331  
Total average deposits 21,048   21,010   15,166   14,530   14,647   14,705  

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NBAZ NSB Vectra
(In millions) 2025 2024 2025 2024 2025 2024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 194   $ 185   $ 160   $ 150   $ 106   $ 109  
Provision for credit losses ( 15 ) 11   ( 2 ) ( 12 ) 3   ( 4 )
Net interest income after provision for credit losses
209   174   162   162   103   113  
Noninterest income 31   31   38   40   28   20  
Noninterest expense:
Salaries and employee benefits 40   40   34   35   30   30  
Technology, telecom, and information processing 3   3   4   4   2   2  
Occupancy and equipment, net 8   8   8   8   9   9  
Other direct expenses 2
20   21   14   16   10   11  
Indirect/allocated expenses 77   76   71   70   51   52  
Total noninterest expense 148   148   131   133   102   104  
Income (loss) before taxes
$ 92   $ 57   $ 69   $ 69   $ 29   $ 29  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 5,606   $ 5,631   $ 3,711   $ 3,525   $ 3,872   $ 4,078  
Total average deposits 6,891   6,897   7,112   7,187   3,400   3,486  

TCBW Other Consolidated Bank
(In millions) 2025 2024 2025 2024 2025 2024
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 52   $ 45   $ ( 10 ) $ 5   $ 1,944   $ 1,803  
Provision for credit losses 2   6   1   ( 2 ) 66   31  
Net interest income after provision for credit losses
50   39   ( 11 ) 7   1,878   1,772  
Noninterest income 6   6   75   59   550   507  
Noninterest expense:
Salaries and employee benefits 10   9   608   570   1,015   966  
Technology, telecom, and information processing 1   1   174   163   205   194  
Occupancy and equipment, net 2   2   26   24   123   119  
Other direct expenses 2
4   4   87   77   249   258  
Indirect/allocated expenses 11   8   ( 809 ) ( 786 ) —   —  
Total noninterest expense 28   24   86   48   1,592   1,537  
Income (loss) before taxes
$ 28   $ 21   $ ( 22 ) $ 18   $ 836   $ 742  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 1,999   $ 1,772   $ 903   $ 957   $ 60,298   $ 58,289  
Total average deposits 1,140   1,126   5,090   5,267   74,494   74,208  

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

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

PART II. OTHER INFORMATION

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

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

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Period Total number
of shares
purchased  1
Average
price paid
per share Total number of shares purchased as part of publicly announced plans or programs

July —  $ —  — 
August 590  $ 54.83  — 
September 1,286  $ 57.19  — 
Third quarter 2025
1,876  $ 56.45  — 

1 Includes amounts related to common shares 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.

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

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

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

10.1
Zions Bancorporation 2025-2027 Value Sharing Plan (filed herewith).

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

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

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

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

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

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

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

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

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

Date: November 6, 2025
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