10-Q – 2026-05-07 – zions-20260331.htm

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

Earnings at Risk
(EaR)
(7.2) % (3.7) % —  % 3.7  % 7.4  % (7.8) % (4.0) % —  % 4.0  % 7.9  %
Economic Value of Equity
(EVE)
(2.3) % (0.8) % —  % (0.1) % (0.8) % (1.5) % (0.3) % —  % (0.5) % (1.4) %

1 Assumes rates do not decline below zero in the negative rate shifts.

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Asset sensitivity, as measured by EaR, decreased during the first three months of 2026, primarily due to increased hedging activity, partially offset by shifts in funding mix. Based on current deposit assumptions, interest rate risk remained within established policy limits. For interest-bearing deposits with indeterminable maturities, the weighted average modeled beta was 48%.
Prepayment assumptions are a key factor in the management of interest rate risk. Certain assets within our portfolio, including 1-4 family residential mortgages and mortgage-backed securities, are subject to borrower-driven prepayments that can significantly affect projected cash flows. At March 31, 2026 and December 31, 2025, estimated lifetime prepayment speeds for loans were 15.3% and 14.8%, respectively, reflecting the aging of the portfolio, as loans become more seasoned and borrowers are more likely to refinance or repay their loans early over time. Estimated prepayment speeds for mortgage-backed securities were 7.0% for both 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 not captured under parallel rate assumptions. In these scenarios, the most significant effects on EaR typically result from movements in short-term interest rates.
Our strategic focus on business banking is a key component of our asset-liability management approach. At March 31, 2026, $30.2 billion of commercial and CRE loans were scheduled to reprice within the subsequent six months. To manage the interest rate risk associated with these variable-rate exposures, we maintained $8.3 billion in aggregate notional of active interest rate derivatives, including swaps and certain short-dated interest rate futures designated as cash flow hedges. In addition, $4.7 billion of variable-rate consumer loans were also scheduled to reprice during the same period. For further information on derivative instruments, see Notes 3 and 4 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 34. For more information on the accounting treatment of investment securities, see Note 5 of the Notes to Consolidated Financial Statements.
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 Federal Reserve Board (“FRB”) and the FHLB. For more information regarding our equity investments, see “Interest Rate and Market Risk Management” in our 2025 Form 10-K.
We hold investments primarily in pre-public companies, largely through a variety of SBIC funds. This investment strategy is intended to support the financing, growth, and expansion of diverse businesses, generally within our geographic footprint. At March 31, 2026 and December 31, 2025, our equity exposure to these investments totaled approximately $273 million and $271 million, respectively.
Occasionally, companies within our SBIC portfolio may complete an initial public offering (“IPO”), which introduces additional market risk due to post-IPO lock-up restrictions. For more information regarding the valuation of our SBIC investments, see Note 3 of the Notes to Consolidated Financial Statements.

Liquidity Risk Management
Liquidity represents our ability to meet cash, contractual, and collateral obligations while effectively managing both anticipated and unanticipated cash flow needs without adversely affecting our operations or financial condition. We

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manage liquidity to provide sufficient funding for customer credit requirements, financial and contractual commitments, and other corporate activities. Our primary sources of contingent liquidity include secured borrowings through repurchase agreements backed by investment securities, as well as other collateral prepositioned with the FHLB and the FRB. In addition, we maintain the capacity to issue brokered certificates of deposit and unsecured debt. For more information regarding our approach to managing liquidity risk, see “Liquidity Risk Management” in our 2025 Form 10-K.
For the first three months of 2026, the primary sources of cash were increased deposits, a reduction in money market investments, proceeds from the issuance of long-term debt, and net cash provided by operating activities. The primary uses of cash during the same period included a reduction in short-term borrowings, increased loans and leases, common stock repurchases, and dividends paid on common and preferred stock. Cash payments for interest, reflected in operating expenses, totaled $333 million and $423 million for the first three months of 2026 and 2025, respectively.
The FHLB and FRB continue to serve as important sources of contingent liquidity and funding. As a member of the FHLB of Des Moines, we have the ability to borrow against eligible loans and securities to support liquidity and funding needs. To maintain this borrowing capacity, we are required to hold investments in both FHLB and FRB stock. At March 31, 2026, our total investment in FHLB and FRB stock totaled $10 million and $54 million, respectively, compared with $100 million and $54 million, respectively, at December 31, 2025. The decline in FHLB stock holdings was due to a significant reduction in FHLB borrowings.
At March 31, 2026, loans with a carrying value of $25.1 billion and $18.3 billion were pledged at the FHLB and FRB, respectively, as collateral for current and potential borrowings, compared with $25.2 billion and $18.0 billion at December 31, 2025.
At March 31, 2026 and December 31, 2025, investment securities with carrying values of $17.2 billion and $17.5 billion, respectively, were pledged as collateral to support potential borrowings. These pledged securities included:
• $8.5 billion and $7.9 billion, respectively, designated for available use through the Fixed Income Clearing Corporation's General Collateral Finance (“GCF”) program and other repo programs;
• $4.4 billion and $4.5 billion, respectively, pledged to the FRB and FHLB in total; and
• $4.3 billion and $5.1 billion, respectively, pledged to secure public and trust deposits, advances, and other collateralized obligations.
A significant portion of these pledged assets is unencumbered, but remains pledged to provide immediate access to contingency funding sources. The following schedule presents our total available liquidity, including unused collateralized borrowing capacity:
AVAILABLE LIQUIDITY

March 31, 2026 December 31, 2025
(Dollar amounts in billions) FHLB FRB 1
GCF 2
Total FHLB FRB 1
GCF 2
Total

Total borrowing capacity $ 17.4  $ 18.6  $ 8.5  $ 44.5  $ 17.4  $ 18.4  $ 8.0  $ 43.8 
Borrowings outstanding —  —  —  —  2.0  —  0.1  2.1 
Remaining capacity, at period end $ 17.4  $ 18.6  $ 8.5  $ 44.5  $ 15.4  $ 18.4  $ 7.9  $ 41.7 

Cash and due from banks $ 0.7  $ 0.7 
Interest-bearing deposits 3
1.7  2.2 
Total available liquidity $ 46.9  $ 44.6 
Ratio of available liquidity to uninsured deposits 134% 130%

1 Represents borrowing capacity and borrowings outstanding at the Federal Reserve Bank discount window.
2 Includes $778 million and $3.1 billion 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.

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At March 31, 2026, our total available liquidity was $46.9 billion, compared with $44.6 billion at December 31, 2025. At March 31, 2026, our sources of liquidity exceeded the estimated amount of uninsured deposits of $35.0 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 April 30, 2026:
Rating agency Outlook  Long-term issuer/senior
debt rating Subordinated debt rating Short-term debt rating

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

We may periodically issue or redeem preferred stock, senior or subordinated notes, or other capital or debt instruments based on our capital requirements, funding needs, asset-liability management objectives, and prevailing market conditions. Certain issuances may be subject to regulatory approval. In February 2026, we issued $500 million of 4.48% Fixed-to-Floating Senior Notes. In August 2025, we issued $500 million of 4.70% Fixed-to-Floating Senior Notes.
For additional information regarding our capital actions, see “Capital Management” below and in our 2025 Form 10-K.

Capital Management
We believe that maintaining a strong capital position is critical to achieving our key strategic objectives, sustaining long-term profitability, and reinforcing confidence among depositors, creditors, and investors. We focus on: (1) maintaining sufficient capital to support the current needs and growth of our businesses, aligned with our assessment of their potential to deliver shareholder value, and (2) meeting our obligations to depositors and bondholders while prudently managing capital distributions to shareholders through dividends and common stock repurchases.
We utilize stress testing as an important tool to inform our decisions on the appropriate level of capital to maintain, based on hypothetically stressed economic conditions, including the FRB’s supervisory severely adverse scenario. The timing and magnitude of capital actions are influenced by various factors, such as financial performance, business needs, prevailing and anticipated economic conditions, internal stress testing results, and approvals from both the Board of Directors (“Board”) and the Office of the Comptroller of the Currency (“OCC”). Share repurchases may occur periodically in the open market or through privately negotiated transactions.
For a more comprehensive discussion of our capital risk management, see “Capital Management” in our 2025 Form 10-K.

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SHAREHOLDERS' EQUITY

(Dollar amounts in millions) March 31,
2026 December 31,
2025 Amount change Percent change
Shareholders’ equity:
Preferred stock
$ 66  $ 66  $ —  —  %
Common stock and additional paid-in capital
1,669  1,726  (57) (3)
Retained earnings
7,496  7,329  167  2 
Accumulated other comprehensive loss (1,935) (1,941) 6  — 
Total shareholders' equity $ 7,296  $ 7,180  $ 116  2 

Total shareholders’ equity increased $116 million, or 2%, to $7.3 billion at March 31, 2026, compared with $7.2 billion at December 31, 2025. Common stock and additional paid-in capital decreased $57 million, primarily due to common stock repurchases. During the first quarter of 2026, we repurchased 1.3 million common shares outstanding for $77 million, which includes common shares acquired through our publicly announced plans and those acquired in connection with our stock compensation plan. In May 2026, we publicly announced a plan to repurchase up to $225 million of our common shares outstanding for the remainder of 2026.
At March 31, 2026, the AOCI balance reflected a net loss of $1.9 billion, primarily attributable to a decline in the fair value of fixed-rate AFS securities driven by changes in interest rates. This amount includes $1.5 billion ($1.2 billion after tax) of unrealized losses associated with securities previously transferred from AFS to HTM.
Absent any sales or credit impairment of the AFS securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities in an unrealized loss position, nor do we believe it is more likely than not that we would be required to sell such securities prior to recovering their amortized cost basis. Although changes in AOCI are reflected in shareholders’ equity, they are currently excluded from regulatory capital and therefore do not impact our regulatory ratios. 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
March 31,
(In millions, except share amounts) 2026 2025
Capital distributions:
Preferred dividends paid $ 1 $ 1

Total capital distributed to preferred shareholders 1 1
Common dividends paid 67 65
Bank common stock repurchased 1
77 41
Total capital distributed to common shareholders 144 106
Total capital distributed to preferred and common shareholders $ 145 $ 107
Weighted average diluted common shares outstanding (in thousands)
147,038  147,387 
Common shares outstanding, at period end (in thousands) 147,077  147,567 

1 Includes amounts related to common shares acquired through our publicly announced plans and those acquired in connection with our stock compensation plan. These shares were acquired from employees to cover their payroll taxes and stock option exercise costs upon the exercise of stock options.
Pursuant to the OCC’s “Earnings Limitation Rule,” dividend payments are limited to the sum of net income for the current fiscal year and retained earnings for the two preceding years, unless prior approval is obtained from the OCC to exceed this threshold. As of April 1, 2026, we had $1.3 billion in retained net profits available for distribution.
In the first quarters of 2026 and 2025, dividends paid on preferred stock totaled $1 million in each period. Dividends paid on common stock totaled $67 million, or $0.45 per share, during the first quarter of 2026, compared with $65 million, or $0.43 per share, during the first quarter of 2025. In May 2026, the Board declared a quarterly

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common stock dividend of $0.45 per share, payable on May 21, 2026 to shareholders of record on May 14, 2026. For additional information regarding capital actions, see Note 8 of the Notes to Consolidated Financial Statements.
Basel III
We are subject to the Basel III capital requirements, which include specific minimum regulatory capital ratios. At March 31, 2026, we exceeded all capital adequacy requirements under the Basel III framework. Based on our internal stress testing and other capital adequacy assessments, we believe our capital levels sufficiently exceed both internal and regulatory requirements for well-capitalized institutions. For more information regarding our compliance with the Basel III capital requirements, see the “Supervision and Regulation” section and Note 15 of our 2025 Form 10-K.
In March 2026, the federal banking agencies issued notices of proposed rulemaking related to the Basel III Endgame framework that would revise aspects of the U.S. regulatory capital requirements, including risk‑weighted asset calculations and the treatment of AOCI. Under the proposals, most components of AOCI would be included in regulatory capital. The proposals are subject to ongoing regulatory review and potential modification, and while their potential impact remains uncertain, we are evaluating the proposals and expect to remain well capitalized as we continue to manage our capital position in light of evolving regulatory and supervisory requirements.
The following schedule presents our capital amounts, capital ratios, and other selected performance ratios:
CAPITAL AMOUNTS AND RATIOS

(Dollar amounts in millions, except per share amounts) March 31,
2026 December 31,
2025 March 31,
2025
Basel III risk-based capital amounts:

Common equity tier 1 capital $ 8,050  $ 7,936  $ 7,379 
Tier 1 risk-based 8,116  8,003  7,445 
Total risk-based 9,610  9,510  9,057 
Risk-weighted assets 69,651  69,142  68,132 
Basel III risk-based capital ratios:
Common equity tier 1 capital ratio 11.6  % 11.5  % 10.8  %
Tier 1 risk-based ratio 11.7  % 11.6  % 10.9  %
Total risk-based ratio 13.8  % 13.8  % 13.3  %
Tier 1 leverage ratio 9.1  % 9.0  % 8.4  %
Other ratios:
Average equity to average assets (three months ended) 8.1  % 7.8  % 7.0  %
Return on average common equity (three months ended) 13.1  % 14.9  % 11.1  %
Return on average tangible common equity (three months ended) 1
15.5  % 17.9  % 13.4  %
Tangible equity ratio 1
7.1  % 7.0  % 6.0  %
Tangible common equity ratio 1
7.1  % 6.9  % 6.0  %
Tangible book value per common share 1
$ 41.75  $ 40.79  $ 34.95 

1 See “Non-GAAP Financial Measures” on page 37 for more information regarding these ratios.
At March 31, 2026, our common equity tier 1 (“CET1”) capital was $8.1 billion, an increase of 9%, compared with $7.4 billion in the prior year period. The CET1 capital ratio improved to 11.6%, compared with 10.8%. Tangible book value per common share increased 19% to $41.75, mainly due to higher retained earnings and reduced unrealized losses in AOCI. See the section below for more information regarding non-GAAP financial measures.

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NON-GAAP FINANCIAL MEASURES
This Form 10-Q includes certain non-GAAP financial measures in addition to those prepared in accordance with generally accepted accounting principles (“GAAP”). Reconciliations of the non-GAAP measures to the most directly comparable GAAP measures are included in the accompanying schedules. Management uses these non-GAAP measures to evaluate financial results and believes they provide useful supplemental information for period-to-period comparisons.
Non-GAAP financial measures have limitations and may not be directly comparable to similar measures reported by other financial institutions. These measures should not be considered in isolation and should be evaluated in conjunction with the corresponding GAAP measures and related reconciliations. Investors are encouraged to consider GAAP results as the primary basis for assessing our financial condition and results of operations.
Tangible Common Equity and Related Measures
Tangible common equity and related metrics are non-GAAP financial measures that exclude the impact of intangible assets and the related amortization. Management believes these measures provide useful supplemental information in evaluating the use of shareholders’ equity and assessing performance across both acquired and internally developed businesses.
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

Three Months Ended
(Dollar amounts in millions) March 31,
2026 December 31,
2025 March 31,
2025

Net earnings applicable to common shareholders (GAAP)
$ 232  $ 262  $ 169 
Adjustment, net of tax:
Amortization of core deposit and other intangibles 2  2  1 
Net earnings applicable to common shareholders, net of tax
(a) $ 234  $ 264  $ 170 
Average common equity (GAAP) $ 7,194  $ 6,956  $ 6,182 
Average goodwill and intangibles (1,090) (1,093) (1,052)

Average tangible common equity (non-GAAP) (b) $ 6,104  $ 5,863  $ 5,130 
Number of days in quarter (c) 90  92  90 
Number of days in year (d) 365  365  365 
Return on average tangible common equity (non-GAAP) 1
(a/b/c)*d 15.5  % 17.9  % 13.4  %

1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 11.8%, 13.3%, and 9.2% 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) March 31,
2026 December 31,
2025 March 31,
2025

Total shareholders’ equity (GAAP) $ 7,296  $ 7,180  $ 6,327 
Goodwill and intangibles (1,089) (1,091) (1,104)

Tangible equity (non-GAAP) (a) 6,207  6,089  5,223 
Preferred stock (66) (66) (66)
Tangible common equity (non-GAAP) (b) $ 6,141  $ 6,023  $ 5,157 
Total assets (GAAP) $ 87,957  $ 88,690  $ 87,650 
Goodwill and intangibles (1,089) (1,091) (1,104)

Tangible assets (non-GAAP) (c) $ 86,868  $ 87,599  $ 86,546 
Common shares outstanding (in thousands) (d) 147,077  147,653  147,567 
Tangible equity ratio (non-GAAP) (a/c) 7.1  % 7.0  % 6.0  %
Tangible common equity ratio (non-GAAP) (b/c) 7.1  % 6.9  % 6.0  %
Tangible book value per common share (non-GAAP) (b/d) $ 41.75  $ 40.79  $ 34.95 

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Efficiency Ratio and Adjusted Pre-Provision Net Revenue
The efficiency ratio measures operating expenses relative to revenue and is useful to assess the cost of generating revenue. The adjusted efficiency ratio excludes certain items not generally expected to recur frequently, as described in the accompanying schedule, and is intended to enhance comparability across reporting periods. Adjusted noninterest expense reflects management's effectiveness in managing operating costs, while adjusted pre-provision net revenue is used to evaluate our capacity to generate capital. Taxable-equivalent net interest income is presented to facilitate comparability between revenue earned from taxable and tax-exempt sources.
EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)

Three Months Ended Year Ended
(Dollar amounts in millions) March 31,
2026 December 31,
2025 March 31,
2025 December 31,
2025

Noninterest expense (GAAP) (a) $ 562  $ 546  $ 538  $ 2,138 
Adjustments:
Severance costs
3  5  3  16 
Other real estate expense, net
—  (2) —  (2)
Amortization of core deposit and other intangibles
2  2  2  8 

SBIC investment success fee accrual —  2  —  5 
FDIC special assessment (1) (9) —  (11)
Total adjustments
(b) 4  (2) 5  16 
Adjusted noninterest expense (non-GAAP)
(c)=(a-b) $ 558  $ 548  $ 533  $ 2,122 
Net interest income (GAAP) (d) $ 662  $ 683  $ 624  $ 2,627 
Fully taxable-equivalent adjustments
(e) 11  11  11  46 
Taxable-equivalent net interest income (non-GAAP)
(f)=(d+e) 673  694  635  2,673 
Customer-related noninterest income (non-GAAP) (g) 172  177  158  662 
Net credit valuation adjustment (CVA) 1
(h) (2) 2  —  (9)
Adjusted customer-related noninterest income (non-GAAP)
(i)=(g-h) 174  175  158  671 
Noncustomer-related noninterest income (GAAP)
(j) 15  31  13  96 
Securities gains (losses), net
(k) 3  21  6  52 
Adjusted noncustomer-related noninterest income (non-GAAP)
(l)=(j-k) 12  10  7  44 
Combined income (non-GAAP) (m)=
(f+g+j) $ 860  $ 902  $ 806  $ 3,431 
Adjusted taxable-equivalent revenue (non-GAAP)
(n)=
(f+i+l) 859  879  800  3,388 
Pre-provision net revenue (non-GAAP)
(m)-(a) $ 298  $ 356  $ 268  $ 1,293 
Adjusted PPNR (non-GAAP) (n)-(c) 301  331  267  1,266 
Efficiency ratio (non-GAAP) (c/n) 65.0  % 62.3  % 66.6  % 62.6  %

1 Effective in the first quarter of 2025, capital markets fees and income includes the net CVA, which was previously disclosed under noncustomer-related noninterest income as fair value and nonhedge derivative income.

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ITEM 1.    FINANCIAL STATEMENTS (Unaudited)

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands) March 31,
2026 December 31,
2025
(Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 661   $ 683  
Money market investments:
Interest-bearing deposits 1,741   2,202  
Federal funds sold and securities purchased under agreements to resell 1,007   1,420  
Trading securities, at fair value 104   64  
Investment securities:
Available-for-sale, at fair value 9,184   9,207  
Held-to-maturity, at amortized cost (fair value: $ 8,696 and $ 8,940 )
8,688   8,867  

Total investment securities 17,872   18,074  
Loans held for sale (includes $ 57 and $ 71 of loans carried at fair value)
140   201  
Loans and leases, net of unearned income and fees *
61,312   60,900  
Allowance for loan and lease losses 667   678  
Loans held for investment, net of allowance 60,645   60,222  
Other noninterest-bearing investments 994   1,076  
Premises, equipment and software, net 1,356   1,363  
Goodwill and intangibles 1,089   1,091  
Other real estate owned 14   5  
Other assets *
2,334   2,289  
Total assets $ 87,957   $ 88,690  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 27,081   $ 25,823  
Interest-bearing:
Savings and money market 40,165   39,914  
Time 9,661   9,907  

Total deposits 76,907   75,644  
Federal funds and other short-term borrowings *
382   2,872  
Long-term debt 1,963   1,472  
Reserve for unfunded lending commitments 46   46  
Other liabilities *
1,363   1,476  
Total liabilities 80,661   81,510  
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 147,077 and 147,653 shares) and additional paid-in capital
1,669   1,726  
Retained earnings 7,496   7,329  
Accumulated other comprehensive income (loss) ( 1,935 ) ( 1,941 )

Total shareholders’ equity 7,296   7,180  
Total liabilities and shareholders’ equity $ 87,957   $ 88,690  

See accompanying notes to consolidated financial statements.
* Effective in the first quarter of 2026, we changed our accounting policy to present qualifying derivative assets and liabilities, along with the associated rights to reclaim or obligations to return cash collateral, on a net basis for all eligible arrangements rather than on a gross basis. Prior period results have been recast to conform to this presentation.

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CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) Three Months Ended
March 31,
(In millions, except shares and per share amounts) 2026 2025
Interest income:
Interest and fees on loans $ 841   $ 850  
Interest on money market investments 39   53  
Interest on securities 116   125  
Total interest income 996   1,028  
Interest expense:
Interest on deposits 275   326  
Interest on short- and long-term borrowings 59   78  
Total interest expense 334   404  
Net interest income 662   624  
Provision for credit losses:
Provision for loan and lease losses ( 7 ) 17  
Provision for unfunded lending commitments —   1  

Total provision for credit losses ( 7 ) 18  
Net interest income after provision for credit losses 669   606  
Noninterest income:
Commercial account fees 48   45  
Card fees 22   23  
Retail and business banking fees 20   17  
Loan-related fees and income 23   17  
Capital markets fees and income 28   27  
Wealth management fees 16   15  
Other customer-related fees 15   14  
Customer-related noninterest income 172   158  
Dividends and other income 12   7  
Securities gains (losses), net 3   6  
Total noninterest income 187   171  
Noninterest expense:
Salaries and employee benefits 361   342  
Technology, telecom, and information processing 74   70  
Occupancy and equipment, net 41   41  
Professional and legal services 20   13  
Marketing and business development 13   11  
Deposit insurance and regulatory expense 15   22  
Credit-related expense 5   6  
Other real estate expense, net —   —  
Other 33   33  
Total noninterest expense 562   538  
Income before income taxes 294   239  
Income taxes 61   69  
Net income 233   170  

Preferred stock dividends ( 1 ) ( 1 )

Net earnings applicable to common shareholders $ 232   $ 169  
Weighted average common shares outstanding during the period:
Basic shares (in thousands) 146,946   147,321  
Diluted shares (in thousands) 147,038   147,387  
Net earnings per common share:
Basic $ 1.56   $ 1.13  
Diluted 1.56   1.13  

See accompanying notes to consolidated financial statements.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended
March 31,
(In millions) 2026 2025

Net income for the period $ 233   $ 170  
Other comprehensive income, net of tax:
Net change in unrealized gains (losses) on investment securities ( 21 ) 68  
Unrealized loss amortization associated with the securities transferred from AFS to HTM 40   43  
Net change in cash flow hedge derivatives ( 13 ) 19  

Other comprehensive income, net of tax 6   130  
Comprehensive income $ 239   $ 300  

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 December 31, 2025 $ 66   147,653   $ 1,726   $ 7,329   $ ( 1,941 ) $ 7,180  
Net income for the period —  —  —  233   —  233  
Other comprehensive income, net of tax
—  —  —  —  6   6  
Bank common stock repurchased
—  ( 1,272 ) ( 77 ) —  —  ( 77 )
Net activity under employee plans and related tax benefits
—  696   20   —  —  20  
Dividends on preferred stock —  —  —  ( 1 ) —  ( 1 )
Dividends on common stock, $ 0.45 per share
—  —  —  ( 67 ) —  ( 67 )
Change in deferred compensation —  —  —  2   —  2  
Balance at March 31, 2026 $ 66   147,077   $ 1,669   $ 7,496   $ ( 1,935 ) $ 7,296  

Balance at December 31, 2024 $ 66   147,871   $ 1,737   $ 6,701   $ ( 2,380 ) $ 6,124  
Net income for the period —  —  —  170   —  170  
Other comprehensive income, net of tax
—  —  —  —  130   130  

Bank common stock repurchased
—  ( 772 ) ( 41 ) —  —  ( 41 )
Net activity under employee plans and related tax benefits
—  —  10   —  —  10  
Dividends on preferred stock —  —  —  ( 1 ) —  ( 1 )
Dividends on common stock, $ 0.43 per share
—  —  —  ( 65 ) —  ( 65 )

Balance at March 31, 2025 $ 66   147,099   $ 1,706   $ 6,805   $ ( 2,250 ) $ 6,327  

See accompanying notes to consolidated financial statements.

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

(In millions) Three Months Ended
March 31,
2026 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the period $ 233   $ 170  
Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses
( 7 ) 18  
Depreciation and amortization
30   28  
Share-based compensation
18   17  
Deferred income tax expense
28   38  
Net increase in trading securities
( 40 ) ( 29 )
Net decrease (increase) in loans held for sale
366   ( 6 )
Change in other liabilities
( 115 ) ( 106 )
Change in other assets
( 73 ) 71  
Other, net
( 17 ) ( 22 )
Net cash provided by operating activities 423   179  
CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease in money market investments 874   1,387  
Proceeds from maturities and paydowns of investment securities held-to-maturity 231   271  
Purchases of investment securities held-to-maturity —   ( 27 )
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale 262   499  
Purchases of investment securities available-for-sale ( 300 ) ( 478 )
Net change in loans and leases ( 694 ) ( 136 )
Purchases and sales of other noninterest-bearing investments 87   ( 20 )
Purchases of premises and equipment ( 25 ) ( 27 )
Acquisition of California branches, net of cash acquired —   191  
Other, net
( 7 ) 1  
Net cash provided by investing activities 428   1,661  
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits 1,263   ( 1,188 )
Net change in short-term borrowed funds ( 2,490 ) ( 356 )

Proceeds from the issuance of long-term debt 497   —  

Proceeds from the issuance of common stock 14   4  
Dividends paid on common and preferred stock ( 68 ) ( 66 )
Bank common stock repurchased ( 77 ) ( 41 )
Other, net ( 12 ) ( 11 )
Net cash used in financing activities ( 873 ) ( 1,658 )
Net increase (decrease) in cash and due from banks ( 22 ) 182  
Cash and due from banks at beginning of period 683   651  
Cash and due from banks at end of period $ 661   $ 833  
Cash paid for interest $ 333   $ 423  
Net cash paid for income taxes 2   1  
Noncash activities:

Loans held for investment reclassified to loans held for sale, net 311   30  
Deposits acquired in purchase of California branches (at time of purchase) —   657  
Loans acquired in purchase of California branches, net (at time of purchase) —   423  

See accompanying notes to consolidated financial statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
March 31, 2026

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, primarily in 11 Western states through seven separately managed affiliates: Zions Bank; California Bank & Trust (“CB&T”); Amegy Bank (“Amegy”); National Bank of Arizona (“NBAZ”); Nevada State Bank (“NSB”); Vectra Bank Colorado (“Vectra”); and The Commerce Bank of Washington (“TCBW”), which also operates as The Commerce Bank of Oregon in Oregon.
The consolidated financial statements include our accounts as well as those of our majority-owned subsidiaries that are consolidated. This includes wholly owned subsidiaries such as ZMFU II, Inc., which supports our municipal lending operations, and Zions Direct, Inc., a registered broker-dealer under the Exchange Act, among other subsidiaries .
Investments where we possess significant influence over the investee's operating and financial policies are accounted for using the equity method. All intercompany accounts and transactions have been eliminated during consolidation. Assets held in an agency or fiduciary capacity are excluded from the consolidated financial statements.
These financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States (“U.S.”) and prevailing practices within the financial services industry for interim financial information, and in conformity 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 of the interim financial statements have been included. References to GAAP, including standards issued by the Financial Accounting Standards Board, are cited based on the applicable accounting guidance.
The results of operations for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results that may be expected for future periods. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosures in the accompanying notes. Actual results could differ from those estimates. For further information, refer to the consolidated financial statements and accompanying Notes included in our 2025 Form 10-K.
Subsequent Events
We evaluated events occurring between March 31, 2026 and the date of issuance of the accompanying financial statements. Based on this evaluation, we concluded that no material events occurred that would require adjustments to the consolidated financial statements.
In 2007, we received 460,153 Class B-1 shares of Visa, Inc. in connection with a restructuring and public offering by Visa U.S.A. These shares were carried at no cost on the consolidated balance sheet. As disclosed in our
Form 8-K filed on May 4, 2026, we sold all of these shares subsequent to the balance sheet date and expect to recognize a pre-tax gain of approximately $ 215  million in the second quarter of 2026 as a result of the sale.
Change in Accounting Policy
We enter into International Swaps and Derivatives Association, Inc. master netting arrangements, or similar agreements, with certain derivative counterparties. Where legally enforceable, these arrangements provide the right to liquidate collateral and offset amounts due with the same counterparty in the event of default. Under applicable accounting guidance, derivative fair values and the related rights to reclaim cash collateral (receivables) or

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obligations to return cash collateral (payables) may be presented on a net basis when subject to such master netting arrangements.
Historically, derivative assets and liabilities, as well as related cash collateral, were presented on a gross basis. Effective in the first quarter of 2026, we elected to change our accounting policy to present derivative assets, derivative liabilities, and related cash collateral on a net basis on the consolidated balance sheet when supported by a legally enforceable master netting arrangement. This change is considered a preferable method of accounting because it more appropriately reflects how we manage counterparty credit exposure and aligns with industry practice.
We retrospectively adopted this change in accounting policy, and the consolidated balance sheet has been recast for all prior periods presented. As a result, amounts previously reported at December 31, 2025 for loans and leases and other assets decreased by $ 17  million and $ 283  million, respectively. Short-term borrowings and other liabilities decreased by $ 232  million and $ 68  million, respectively. This change had no impact on shareholders’ equity, net income, earnings per share, or cash flows for any period presented. For additional information, see Note 4.

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 March 31, 2026

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.
Annual periods beginning January 1, 2027; Interim periods beginning January 1, 2028. The overall effect of this standard is not expected to have a material impact on our consolidated financial statements.

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

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

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

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Standards adopted by the Bank during the first quarter of 2026

There were no accounting standards adopted during the three months ended March 31, 2026 that had a material effect on our consolidated financial statements.

3. FAIR VALUE
We measure certain assets and liabilities at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in the principal market or most advantageous market available to us, in an orderly transaction between market participants as of the measurement date. 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 2025 Form 10-K.
Fair Value Hierarchy
The following schedule presents assets and liabilities measured at fair value on a recurring basis:

(In millions) March 31, 2026
Level 1 Level 2 Level 3 Netting Total
ASSETS
Trading securities $ —   $ 104   $ —   $ —  $ 104  
Available-for-sale securities:

U.S. Treasury, agencies, and corporations 1,691   6,600   —   —  8,291  
Municipal securities —   869   —   —  869  
Other debt securities —   24   —   —  24  
Total available-for-sale 1,691   7,493   —   —  9,184  
Loans held for sale —   57   —   —  57  
Other noninterest-bearing investments:
Bank-owned life insurance —   576   —   —  576  
Private equity investments 1
4   —   159   —  163  
Other assets:
Agriculture loan servicing —   —   20   —  20  
Deferred compensation plan assets 155   —   —   —  155  
Derivatives —   484   —   ( 298 ) 186  
Total assets $ 1,850   $ 8,714   $ 179   $ ( 298 ) $ 10,445  
LIABILITIES
Fed funds and other short-term borrowings:
Securities sold, not yet purchased $ 9   $ —   $ —   $ —  $ 9  
Other liabilities:
Derivatives —   392   —   ( 194 ) 198  
Total liabilities $ 9   $ 392   $ —   $ ( 194 ) $ 207  

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(In millions) December 31, 2025
Level 1 Level 2 Level 3 Netting Total
ASSETS
Trading securities $ —   $ 64   $ —   $ —  $ 64  
Available-for-sale securities:

U.S. Treasury, agencies, and corporations 1,411   6,862   —   —  8,273  
Municipal securities —   909   —   —  909  
Other debt securities —   25   —   —  25  
Total available-for-sale 1,411   7,796   —   —  9,207  
Loans held for sale —   71   —   —  71  
Other noninterest-bearing investments:
Bank-owned life insurance —   573   —   —  573  
Private equity investments 1
6   —   157   —  163  
Other assets:
Agriculture loan servicing —   —   18   —  18  
Deferred compensation plan assets 154   —   —   —  154  
Derivatives —   360   —   ( 283 ) 77  
Total assets $ 1,571   $ 8,864   $ 175   $ ( 283 ) $ 10,327  
LIABILITIES
Fed funds and other short-term borrowings:
Securities sold, not yet purchased $ 135   $ —   $ —   $ —  $ 135  
Other liabilities:
Derivatives —   260   —   ( 68 ) 192  
Total liabilities $ 135   $ 260   $ —   $ ( 68 ) $ 327  

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.
Fair Value Option for Certain Loans Held for Sale
We 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 result from the mismatch between measuring loans held for sale at the lower of cost or fair value and derivatives at fair value, without requiring the application of hedge accounting. These loans are included in “Loans held for sale” on the consolidated balance sheet. Related fair value gains and losses are included in “Capital markets fees and income” on the consolidated statement of income, and accrued interest is included in “Interest and fees on loans.”
At March 31, 2026 and December 31, 2025, we had $ 57 million and $ 71 million, respectively, of loans measured at fair value, with a corresponding unpaid principal balance of $ 58 million and $ 72 million. During the first three months of 2026 and 2025, we recognized approximately $ 1 million and $ 2 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 2025 Form 10-K.

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Roll-forward of Level 3 Fair Value Measurements
The following schedule presents a roll-forward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs:

Level 3 Instruments
Three Months Ended
March 31, 2026 Three Months Ended
March 31, 2025
(In millions) Private equity investments Ag loan servicing Private equity investments Ag loan servicing

Balance at beginning of period
$ 157   $ 18   $ 105   $ 20  
Unrealized securities gains, net —   —   4   —  
Other noninterest income —   2   —   ( 1 )
Purchases 2   —   1   —  
Cost of investments sold —   —   ( 1 ) —  

Transfers out —   —   —   —  
Balance at end of period
$ 159   $ 20   $ 109   $ 19  

There were no realized gains or losses related to Level 3 instruments recognized in “Securities gains (losses), net” on the consolidated statement of income for the periods presented.

Nonrecurring Fair Value Measurements
Certain assets and liabilities are measured at fair value on a nonrecurring basis. These include impaired loans measured at the fair value of the underlying collateral, 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 March 31, 2026, we had no collateral-dependent loans measured at fair value. During the first quarter of 2026, we recognized no losses related to changes in fair value for these loans. For more information on assets and liabilities measured at fair value on a nonrecurring basis, see Note 3 of our 2025 Form 10-K.

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

  March 31, 2026 December 31, 2025
(In millions) Carrying
value
Fair value Level Carrying
value Fair value Level
Financial assets:
Held-to-maturity investment securities $ 8,688   $ 8,696   2 $ 8,867   $ 8,940   2
Loans and leases (including loans held for sale), net of allowance
60,785   59,775   3 60,423   59,383   3
Financial liabilities:
Time deposits 9,661   9,571   2 9,907   9,839   2

Long-term debt 1,963   1,974   2 1,472   1,506   2

The preceding schedule excludes financial instruments that are recorded at fair value on a recurring basis, as well as certain financial assets and liabilities for which carrying value approximates fair value. 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 2025 Form 10-K.

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4. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Objectives and Accounting
We utilize derivative instruments—including interest rate swaps, futures, options, foreign exchange and commodity contracts, credit derivatives, and various customer-facing products—to manage exposure to interest rate, foreign exchange, commodity, credit, and other market risks. Our objective is to reduce volatility in interest income, interest expense, earnings, and capital. These instruments allow us to adjust the sensitivity of our assets and liabilities to changes in market rates and other market conditions.
In addition, we offer derivative products to customers to support their risk management needs. The resulting exposures are generally mitigated through offsetting transactions with dealer counterparties or central clearing houses. We do not use derivatives for speculative purposes. For more information regarding our use of derivative instruments and related accounting policies, see Note 7 of our 2025 Form 10-K.
Collateral and Credit Risk
Credit risk associated with derivative instruments arises from the potential nonperformance of counterparties. No significant derivative-related losses attributable to counterparty default occurred during the first three months of 2026. For a discussion of how counterparty credit risk is incorporated into derivative valuations, see Note 3 of our 2025 Form 10-K. For additional information regarding collateral arrangements and related credit risk for derivative contracts, see Note 7 of our 2025 Form 10-K.
Certain derivative contracts contain credit risk-related contingent features, such as minimum credit rating requirements. If these features were triggered, we may be required to post additional collateral; however, counterparties have not historically exercised their rights to demand additional collateral in all instances when permitted. If our credit rating had been downgraded by one notch by Standard and Poor’s (“S&P”) or Moody’s at March 31, 2026, we do not believe that additional collateral would have been required to be pledged. Centrally cleared derivatives do not include credit risk-related contingent features that would require additional collateral in the event of a credit rating downgrade.
At March 31, 2026, the fair value of our derivative liabilities was $ 392 million. To satisfy variation margin requirements, we pledged $ 158 million in cash collateral in the ordinary course of business. Additionally, we pledged U.S. Treasuries with an aggregate face value of $ 200 million to satisfy initial margin requirements with certain dealer counterparties and central clearing houses.
Derivative Notional Amounts and Fair Values
The following schedule presents derivative notional amounts and recorded fair values at March 31, 2026 and December 31, 2025:

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March 31, 2026 December 31, 2025
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
$ 16,150   $ 3   $ 5   $ 2,750   $ 7   $ 1  

Fair value hedges:
Hedges of fixed-rate assets 1
7,953   79   —   7,653   79   —  
Hedges of fixed-rate liabilities 1,500   —   —   1,000   —   —  
Total derivatives designated as accounting hedges 25,603   82   5   11,403   86   1  
Derivatives not designated as accounting hedges 2 :

Customer interest rate derivatives 25,103   236   226   22,428   251   241  
Customer commodity derivatives 2,255   161   159   853   18   17  
Other interest rate derivatives 1,695   3   1   5,571   2   —  
Foreign exchange derivatives 3
368   2   1   308   3   1  
Purchased credit derivatives 43   —   —   64   —   —  
Total derivatives not designated as accounting hedges
29,464   402   387   29,224   274   259  
Total gross derivatives $ 55,067   $ 484   $ 392   $ 40,627   360   260  
Less: Offsetting derivative instruments ( 70 ) ( 70 ) ( 51 ) ( 51 )
Less: Cash collateral pledged/received ( 228 ) ( 124 ) ( 232 ) ( 17 )
Total net derivatives presented on balance sheet 4
$ 186   $ 198   $ 77   $ 192  

1 Includes forward-starting swaps that are not yet effective.
2 Notional amounts and fair values for derivatives that are not designated as accounting hedges include both the customer-facing derivatives the Bank executes to assist customers in managing their risks and the dealer-facing derivatives that economically offset the customer transactions to mitigate the Bank's exposure.
3 Includes both spot and forward FX trades.
4 See Note 1 for a discussion of the change in derivative presentation effective in the first quarter of 2026.
Hedge Accounting Gains/Losses Recognized in Earnings and Deferred in AOCI
The following schedule present the gains and losses from derivative instruments designated as cash flow and fair value hedges, either deferred in accumulated other comprehensive income (“AOCI”) or recognized in earnings for the three months ended March 31, 2026 and 2025:

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Three Months Ended March 31, 2026 Three Months Ended March 31, 2025
(In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair value hedges 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 $ ( 29 ) $ ( 11 ) $ —   $ 6   $ ( 20 ) $ —  
Hedges of floating-rate liabilities —   —   —   —   1   —  
Fair value hedges 2 :

Hedges of fixed-rate assets —   —   5   —   —   13  
Hedges of fixed-rate liabilities —   —   ( 2 ) —   —   ( 2 )

Total derivatives designated as accounting hedges
$ ( 29 ) $ ( 11 ) $ 3   $ 6   $ ( 19 ) $ 11  

1 For the 12-month period following March 31, 2026, we estimate that approximately $ 42 million of net losses from both active and terminated cash flow hedges will be reclassified from AOCI into interest income, compared with an estimate of $ 54 million at March 31, 2025. At March 31, 2026, approximately $ 27  million of losses related to terminated cash flow hedges remained deferred in AOCI, which are expected to be fully reclassified into earnings by October 2027.
2 We recorded cumulative unamortized basis adjustments from terminated fair value hedges of debt totaling $ 30  million and $ 38  million at March 31, 2026 and 2025, respectively. Additionally, we had $ 2 million and $ 3 million of cumulative unamortized basis adjustments from terminated fair value hedges of assets at March 31, 2026 and 2025, respectively. Interest on fair value hedges presented above includes the amortization of the remaining unamortized basis adjustments.
Gains/Losses Recognized in Earnings from Derivatives Not Designated as Accounting Hedges
The following schedule presents the amount of gains (losses) recognized in “Capital markets fees and income” under noninterest income from derivatives not designated as accounting hedges:

Other Noninterest Income/(Expense)
(In millions) Three Months Ended March 31, 2026 Three Months Ended March 31, 2025
Derivatives not designated as accounting hedges:

Customer-facing interest rate derivatives
$ 8   $ 7  
Customer-facing commodity derivatives
1   —  
Other interest rate derivatives 1
1   —  
Foreign exchange derivatives 7   6  
Purchased credit derivatives —   —  
Total derivatives not designated as accounting hedges
$ 17   $ 13  

1 Includes gains and losses from mortgage derivative instruments, which were recognized in “Loan-related fees and income” within noninterest income.
Fair Value Hedges and Hedged Items Gains/Losses
The following schedule presents derivatives used in fair value hedge accounting relationships, including the pre-tax gains and losses recognized on both the derivatives and the corresponding hedged items for the periods presented:

Gains (losses) recorded in income
Three Months Ended March 31, 2026 Three Months Ended March 31, 2025
(In millions) Derivatives
Hedged items Total income statement impact Derivatives
Hedged items Total income statement impact

Hedges of fixed-rate assets 1, 2
$ 32   $ ( 32 ) $ —   $ ( 80 ) $ 80   $ —  
Hedges of fixed-rate liabilities 1, 2
( 8 ) 8   —   12   ( 12 ) —  

1 Includes hedges of benchmark interest rate risk related to fixed-rate long-term debt, AFS securities, and commercial loans. Gains and losses were recognized in interest income or interest expense, consistent with the accounting treatment of the respective hedged items.
2 Income (expense) from derivative instruments excludes interest income and interest expense associated with periodic accruals and settlements in order to align with the presentation of gains and losses on the related hedged items.

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Fair Value Hedges and Basis Adjustments
The following schedule presents information regarding basis adjustments for hedged items in fair value hedging relationships:

Par value of hedged items Carrying amount of the hedged items Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
(In millions) March 31,
2026 December 31, 2025 March 31,
2026 December 31, 2025 March 31,
2026 December 31, 2025

Hedges of fixed-rate assets 1, 2
$ 11,510   $ 11,566   $ 11,296   $ 11,383   $ ( 214 ) $ ( 183 )
Hedges of fixed-rate liabilities 1
( 1,500 ) ( 1,000 ) ( 1,501 ) ( 1,009 ) ( 1 ) ( 9 )

1 Carrying amounts exclude (i) issuance and purchase discounts or premiums, (ii) unamortized issuance and acquisition costs, and (iii) amounts related to terminated fair value hedging relationships.
2 Hedged items include defined portfolios of AFS securities and commercial loans, as well as specifically identified AFS securities. Related basis adjustments were recorded in the same balance-sheet line items as the corresponding hedged assets. At March 31, 2026, the amortized cost basis of assets designated under the portfolio layer method was $ 9.2  billion, the cumulative basis adjustment associated with these hedging relationships was $ 3  million, and the notional amount of the designated accounting hedges was $ 5.7  billion.

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 instruments used to manage liquidity and interest rate risk and to generate interest income, are measured at fair value. Unrealized gains and losses from AFS securities, net of applicable taxes, are recognized in other comprehensive income.
HTM securities represent investments that management has both the intent and ability to hold until maturity. These securities are carried at amortized cost, which reflects the original purchase price, adjusted for the amortization or accretion of any premiums or discounts, as well as any impairment losses, including those related to credit. Gains or losses resulting from the sale of investment securities are recognized in noninterest income and are measured using the specific identification method.
The carrying values of our investment securities exclude accrued interest receivables of $ 57 million and $ 64 million at March 31, 2026 and December 31, 2025, respectively. These amounts are included in “Other assets” on the consolidated balance sheet.
Investment securities with a carrying value of $ 17.2 billion and $ 17.5 billion were pledged as collateral for potential borrowings at March 31, 2026 and December 31, 2025, respectively.
When a security is transferred from AFS to HTM, the difference between its amortized cost basis and its fair value on the transfer date is amortized as a yield adjustment through interest income. The fair value at the transfer date establishes either a premium or discount relative to the amortized cost basis of the HTM securities. The amortization of unrealized gains or losses reported in AOCI offsets the impact of amortizing the resulting premium or discount through interest income created by the transfer.
The discount associated with securities previously transferred from AFS to HTM was $ 1.5 billion ( $ 1.2 billion after tax) at March 31, 2026, compared with $ 1.6  billion ($ 1.2  billion after tax) at December 31, 2025.
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 2025 Form 10-K.

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The following schedule presents the amortized cost and estimated fair values of our AFS and HTM securities:

March 31, 2026
(In millions) Amortized
cost Gross unrealized gains 1
Gross unrealized losses Estimated
fair value
Available-for-sale
U.S. Treasury securities $ 1,799   $ 8   $ 116   $ 1,691  
U.S. Government agencies and corporations:
Agency securities 294   —   16   278  
Agency guaranteed mortgage-backed securities 7,017   4   1,012   6,009  
Small Business Administration loan-backed securities 327   —   14   313  
Municipal securities 921   —   52   869  
Other debt securities 25   —   1   24  
Total available-for-sale 10,383   12   1,211   9,184  
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities 134   —   3   131  
Agency guaranteed mortgage-backed securities 8,296   73   52   8,317  
Municipal securities 258   —   10   248  
Total held-to-maturity 8,688   73   65   8,696  
Total investment securities $ 19,071   $ 85   $ 1,276   $ 17,880  

December 31, 2025
(In millions) Amortized
cost Gross unrealized gains 1
Gross unrealized losses Estimated
fair value
Available-for-sale
U.S. Treasury securities $ 1,500   $ 17   $ 106   $ 1,411  
U.S. Government agencies and corporations:
Agency securities 313   —   15   298  
Agency guaranteed mortgage-backed securities 7,207   5   989   6,223  
Small Business Administration loan-backed securities 355   —   14   341  
Municipal securities 953   —   44   909  
Other debt securities 25   —   —   25  
Total available-for-sale 10,353   22   1,168   9,207  
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities 137   —   3   134  
Agency guaranteed mortgage-backed securities 8,459   111   25   8,545  
Municipal securities 271   —   10   261  
Total held-to-maturity 8,867   111   38   8,940  
Total investment securities $ 19,220   $ 133   $ 1,206   $ 18,147  

1 Gross unrealized gains for the respective AFS security categories without values were individually less than $ 1  million.

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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:

March 31, 2026
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 $ 7   $ 795   $ 109   $ 292   $ 116   $ 1,087  
U.S. Government agencies and corporations:
Agency securities —   5   16   263   16   268  
Agency guaranteed mortgage-backed securities 2   200   1,010   5,551   1,012   5,751  
Small Business Administration loan-backed securities —   8   14   283   14   291  
Municipal securities 1   104   51   716   52   820  
Other 1   14   —   —   1   14  

Total available-for-sale investment securities $ 11   $ 1,126   $ 1,200   $ 7,105   $ 1,211   $ 8,231  

December 31, 2025
Less than 12 months 12 months or more Total
(In millions) Gross
unrealized
losses Estimated
 fair
 value Gross
unrealized
losses Estimated
 fair
 value Gross
unrealized
losses Estimated
 fair
 value

Available-for-sale
U.S. Treasury securities $ —   $ 99   $ 106   $ 296   $ 106   $ 395  
U.S. Government agencies and corporations:
Agency securities —   7   15   288   15   295  
Agency guaranteed mortgage-backed securities 2   86   987   5,735   989   5,821  
Small Business Administration loan-backed securities —   24   14   309   14   333  
Municipal securities —   68   44   797   44   865  
Other —   15   —   —   —   15  

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

At March 31, 2026 and December 31, 2025, the number of AFS investment securities in an unrealized loss position totaled 2,005 and 2,037 , respectively.
There were no gross realized gains or losses from sales of AFS investment securities for the three months ended March 31, 2026 and 2025.

​

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

Three Months Ended March 31,
2026 2025
(In millions) Taxable Nontaxable Total Taxable Nontaxable Total

Available-for-sale $ 61   $ 6   $ 67   $ 65   $ 7   $ 72  
Held-to-maturity 47   1   48   52   1   53  
Total investment securities $ 108   $ 7   $ 115   $ 117   $ 8   $ 125  

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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 March 31, 2026. The schedule does not reflect the effects of interest rate resets or fair value hedges. Additionally, the remaining contractual principal maturities shown do not represent the portfolio's duration, as they exclude expected prepayments or amortization, which typically result in measured durations that are significantly shorter than contractual maturities.

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March 31, 2026
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 $ 1,799   3.76   % $ 100   4.04   % $ 201   3.99   % $ 1,097   4.20   % $ 401   2.35   %
U.S. Government agencies and corporations:
Agency securities 294   3.33   —   —   60   4.04   144   2.99   90   3.39  
Agency guaranteed mortgage-backed securities 7,017   2.08   12   1.62   253   2.72   1,877   1.76   4,875   2.18  
Small Business Administration loan-backed securities 327   4.00   —   —   14   4.98   98   3.55   215   4.14  
Municipal securities 1
921   2.03   89   3.13   325   1.86   493   1.93   14   2.35  
Other debt securities 25   7.78   —   —   10   9.51   —   —   15   6.62  
Total available-for-sale securities
10,383   2.48   201   3.49   863   2.90   3,709   2.60   5,610   2.30  
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities 134   4.17   —   —   —   —   82   3.54   52   5.16  
Agency guaranteed mortgage-backed securities
8,296   1.83   —   —   33   1.79   4   1.80   8,259   1.83  
Municipal securities 1
258   3.28   30   2.88   131   2.83   90   3.88   7   5.69  
Total held-to-maturity securities 8,688   1.91   30   2.88   164   2.62   176   3.68   8,318   1.86  
Total investment securities $ 19,071   2.22   $ 231   3.41   $ 1,027   2.85   $ 3,885   2.65   $ 13,928   2.03  

1 The yields on tax-exempt securities are calculated on a tax-equivalent basis.
Impairment
AFS Impairment
We review our AFS securities portfolio for potential impairment on a quarterly basis, assessing each security individually. For additional information regarding our impairment assessment methodology and the related accounting policies applicable to investment securities, see Note 5 of our 2025 Form 10-K.
No i mpairment losses were recognized on our AFS investment securities portfolio during the first three months of 2026 or 2025. The unrealized losses primarily reflect the impact of higher interest rates subsequent to the purchase of the securities and are not attributable to credit-related factors. Accordingly, absent any future sales, we expect to recover the full principal value of these securities upon maturity. At March 31, 2026, we did not intend to sell any securities in an unrealized loss position, nor do we believe it is more likely than not that we would be required to sell such securities prior to recovering their amortized cost basis.
HTM Impairment
For HTM securities, the 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 March 31, 2026, the ACL for HTM securities was less than $ 1 million. A ll HTM securities were assigned a credit quality rating of “ Pass, ” with none classified as past due.

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

(In millions) March 31,
2026 December 31,
2025

Loans held for sale $ 140   $ 201  
Commercial:
Commercial and industrial 1
$ 18,263   $ 18,111  
Owner-occupied 9,323   9,274  
Municipal 4,272   4,294  

Total commercial 31,858   31,679  
Commercial real estate:
Term 11,387   11,234  
Construction and land development 2,271   2,162  
Total commercial real estate 13,658   13,396  
Consumer:
1-4 family residential 10,406   10,462  
Home equity credit line 3,976   3,950  
Construction and other consumer real estate 786   782  
Bankcard and other revolving plans 515   515  
Other 113   116  
Total consumer 15,796   15,825  

Total loans and leases
$ 61,312   $ 60,900  

1 Effective March 31, 2026, balances previously reported as “Leasing” are now included in the “Commercial and industrial” loan segment. Prior period amounts have been reclassified to conform to the current presentation. At March 31, 2026 and December 31, 2025, the leasing portfolio totaled $ 374 million and $ 367 million, respectively.
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 $ 61 million at March 31, 2026 and December 31, 2025, respectively. The amortized cost basis of the loans does not include accrued interest receivables of $ 267 million and $ 276 million at March 31, 2026 and December 31, 2025, respectively. These receivables are included in “ Other assets ” on the consolidated balance sheet.
Municipal loans generally include loans to state and local governments (“municipalities”), with the debt service being repaid from general funds or pledged revenues of the municipal entity, or to private commercial entities or 501(c)(3) not-for-profit entities utilizing a pass-through municipal entity to achieve favorable tax treatment.
Land acquisition and development loans included in the construction and land development loan portfolio were $ 247 million at March 31, 2026 and $ 257 million at December 31, 2025.
Loans with a carrying value of $ 43.4 billion at March 31, 2026 and $ 43.2 billion at December 31, 2025 have been pledged at the Federal Reserve (“FRB”) and the Federal Home Loan Bank (“FHLB”) of Des Moines as collateral for current and potential borrowings.
Loans held for sale are measured individually at fair value or the lower of cost or fair value and primarily consist of CRE loans sold into securitization entities, and conforming residential mortgages generally sold to U.S. government agencies. The following schedule presents loans added to, or sold from, the held for sale category during the periods presented:

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Three Months Ended
March 31,
(In millions) 2026 2025

Loans added to held for sale $ 562   $ 175  
Loans sold from held for sale 563   139  

From time to time, we retain continuing involvement in loans sold through servicing rights or guarantees. At March 31, 2026, the principal balance of loans sold for which servicing was retained was approximately $ 771 million, compared with $ 679 million at December 31, 2025. Income generated from sold loans, excluding servicing income, totaled $ 7 million for the three months ended March 31, 2026, and $ 2 million for the corresponding period in 2025.
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 2025 Form 10-K.
The ACL on AFS and HTM debt securities is estimated separately from the ACL on loans. For HTM debt 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 2025 Form 10-K.
Changes in the ACL are summarized as follows:

Three Months Ended March 31, 2026
(In millions) Commercial Commercial real estate Consumer Total
Allowance for loan losses
Balance at beginning of period $ 391   $ 185   $ 102   $ 678  
Provision for loan losses 5   ( 25 ) 13   ( 7 )
Gross loan and lease charge-offs 7   —   4   11  
Recoveries 5   1   1   7  
Net loan and lease charge-offs (recoveries) 2   ( 1 ) 3   4  
Balance at end of period $ 394   $ 161   $ 112   $ 667  
Reserve for unfunded lending commitments

Balance at beginning of period $ 19   $ 19   $ 8   $ 46  
Provision for unfunded lending commitments ( 1 ) 1   —   —  
Balance at end of period $ 18   $ 20   $ 8   $ 46  
Total allowance for credit losses at end of period
Allowance for loan losses $ 394   $ 161   $ 112   $ 667  
Reserve for unfunded lending commitments 18   20   8   46  
Total allowance for credit losses $ 412   $ 181   $ 120   $ 713  

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Three Months Ended March 31, 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 41   ( 29 ) 5   17  
Gross loan and lease charge-offs 19   —   5   24  
Recoveries 7   —   1   8  
Net loan and lease charge-offs (recoveries) 12   —   4   16  
Balance at end of period $ 337   $ 271   $ 89   $ 697  
Reserve for unfunded lending commitments

Balance at beginning of period $ 26   $ 11   $ 8   $ 45  
Provision for unfunded lending commitments 2   ( 1 ) —   1  
Balance at end of period $ 28   $ 10   $ 8   $ 46  
Total allowance for credit losses at end of period
Allowance for loan losses $ 337   $ 271   $ 89   $ 697  
Reserve for unfunded lending commitments 28   10   8   46  
Total allowance for credit losses $ 365   $ 281   $ 97   $ 743  

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

March 31, 2026
Amortized cost basis Total amortized cost basis
(In millions) with no allowance 1
with allowance Related allowance

Commercial:
Commercial and industrial $ 38   $ 45   $ 83   $ 20  
Owner-occupied 18   32   50   2  
Municipal —   2   2   —  

Total commercial 56   79   135   22  
Commercial real estate:
Term 23   19   42   1  

Total commercial real estate 23   19   42   1  
Consumer:
1-4 family residential 14   53   67   6  
Home equity credit line —   33   33   9  

Bankcard and other revolving plans —   1   1   1  
Other —   1   1   —  
Total consumer 14   88   102   16  
Total $ 93   $ 186   $ 279   $ 39  

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

Commercial:
Commercial and industrial $ 44   $ 49   $ 93   $ 19  
Owner-occupied 33   18   51   1  
Municipal —   2   2   —  
Leasing —   —   —   —  
Total commercial 77   69   146   20  
Commercial real estate:
Term 4   68   72   2  
Construction and land development —   1   1   —  
Total commercial real estate 4   69   73   2  
Consumer:
1-4 family residential 14   51   65   5  
Home equity credit line —   30   30   8  

Bankcard and other revolving plans —   1   1   1  

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

1 Nonaccrual loans with no allowance primarily consist of loans for which a specific reserve is estimated based on the fair value of the collateral. As a result, we generally charge off the portion of the loan balance that exceeds that fair value, and no reserve or related allowance is established for these loans.
For accruing loans, interest is accrued, and interest payments are recognized as interest income in accordance with the contractual terms of the loan agreement. For nonaccrual 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 applied to reduce the outstanding principal balance and are not recognized as interest income. 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 months ended March 31, 2026 and 2025, 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
March 31,
(In millions) 2026 2025

Commercial $ 3   $ 4  
Commercial real estate 1   1  
Consumer 1   1  
Total $ 5   $ 6  

Past Due Loans
Closed-end loans with monthly scheduled payments are reported as past due when the borrower is delinquent for two or more monthly payments. Similarly, open-end credit arrangements, including bankcard and other revolving credit plans, are reported as past due when the minimum required payment has not been received for two or more billing cycles. Other multi-payment obligations (e.g., quarterly or semi-annual), as well as single payment and demand notes, are reported as past due when either principal or interest remains due and unpaid 30 days or more.

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

March 31, 2026
(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 $ 18,201   $ 36   $ 26   $ 62   $ 18,263   $ 2   $ 56  
Owner-occupied 9,282   20   21   41   9,323   —   24  
Municipal 4,272   —   —   —   4,272   —   2  

Total commercial 31,755   56   47   103   31,858   2   82  
Commercial real estate:
Term
11,360   6   21   27   11,387   —   20  
Construction and land development 2,271   —   —   —   2,271   —   —  
Total commercial real estate 13,631   6   21   27   13,658   —   20  
Consumer:
1-4 family residential 10,354   26   26   52   10,406   —   29  
Home equity credit line 3,953   14   9   23   3,976   —   20  
Construction and other consumer real estate
786   —   —   —   786   —   —  
Bankcard and other revolving plans
510   3   2   5   515   1   1  
Other 112   1   —   1   113   —   —  
Total consumer 15,715   44   37   81   15,796   1   50  
Total $ 61,101   $ 106   $ 105   $ 211   $ 61,312   $ 3   $ 152  

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

Commercial:
Commercial and industrial $ 18,025   $ 75   $ 11   $ 86   $ 18,111   $ 2   $ 73  
Owner-occupied 9,235   11   28   39   9,274   1   17  
Municipal 4,293   1   —   1   4,294   —   2  

Total commercial 31,553   87   39   126   31,679   3   92  
Commercial real estate:
Term
11,211   1   22   23   11,234   1   50  
Construction and land development 2,161   —   1   1   2,162   —   —  
Total commercial real estate 13,372   1   23   24   13,396   1   50  
Consumer:
1-4 family residential 10,411   10   41   51   10,462   —   21  
Home equity credit line 3,920   19   11   30   3,950   —   15  
Construction and other consumer real estate
782   —   —   —   782   —   —  
Bankcard and other revolving plans
510   3   2   5   515   1   1  
Other 115   1   —   1   116   —   —  
Total consumer 15,738   33   54   87   15,825   1   37  
Total $ 60,663   $ 121   $ 116   $ 237   $ 60,900   $ 5   $ 179  

1 Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is not expected.

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Credit Quality Indicators
In addition to nonaccrual and past due criteria, we evaluate loans using internal risk-grading systems that vary based on the size and type of credit risk exposure. Loans are assigned internal risk grades of Pass, Special Mention, Substandard, and Doubtful, which are aligned with published regulatory risk classifications.
The definitions of these risk grades are summarized as follows:
• Pass — Pass-rated assets are considered higher quality and do not meet the criteria for any of the other risk categories. The likelihood of loss is considered low.
• Special Mention — Special Mention assets have potential weaknesses that warrant management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the borrower's repayment capacity or our credit position at a future date.
• Substandard — Substandard assets are inadequately protected by the borrower's current net worth and repayment capacity or by the collateral pledged, if any. These assets have well-defined weaknesses and are characterized by the distinct possibility that a loss may be sustained if the deficiencies are not corrected.
• Doubtful — Doubtful assets exhibit all of the weaknesses inherent in Substandard assets, with the added characteristic that collection or liquidation in full is highly questionable and improbable.
There were no loans classified as Doubtful at March 31, 2026 or December 31, 2025.
For commercial and CRE loans with commitments greater than $ 1  million, we assign either one of several grades within the Pass classification or one of the previously described regulatory risk classifications. Internal risk grades for these loans are reviewed at least quarterly, or more frequently when information becomes available that may affect the credit risk of the loan.
For consumer loans and for commercial and CRE loans with commitments of $ 1  million or less, internal risk grades generally consistent with the classifications described above are assigned using automated processes that incorporate refreshed credit scores, payment performance, and other relevant risk indicators. These loans are typically assigned a Pass, Special Mention, or Substandard grade and are reviewed as information is identified that might warrant a change in risk grade.
The following schedules present the amortized cost of loans and leases by vintage year, defined as the year of origination or, when applicable, the year of the most recent renewal, extension, or significant modification that resets the loan’s vintage. As a result, certain loans presented in the current‑year vintage were originated in prior periods and do not represent new credit originations. The schedules also present balances by the credit quality classifications used by management in monitoring portfolio risk.

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March 31, 2026
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) 2026
2025
2024
2023
2022
Prior Total
Commercial:
Commercial and industrial
Pass $ 871   $ 3,487   $ 1,873   $ 1,030   $ 827   $ 892   $ 8,193   $ 154   $ 17,327  
Special Mention —   13   38   49   2   58   46   1   207  
Accruing Substandard 52   120   111   85   48   41   180   9   646  
Nonaccrual 14   2   4   3   21   5   14   20   83  
Total commercial and industrial 937   3,622   2,026   1,167   898   996   8,433   184   18,263  
Owner-occupied
Pass 391   1,113   1,115   697   1,366   3,892   234   63   8,871  
Special Mention —   7   16   1   20   20   1   —   65  
Accruing Substandard 5   5   49   12   104   135   23   4   337  
Nonaccrual —   6   2   2   6   28   6   —   50  
Total owner-occupied 396   1,131   1,182   712   1,496   4,075   264   67   9,323  
Municipal
Pass 115   488   632   402   724   1,865   6   35   4,267  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   3   —   —   —   —   —   —   3  
Nonaccrual —   —   —   —   —   2   —   —   2  
Total municipal 115   491   632   402   724   1,867   6   35   4,272  

Total commercial 1,448   5,244   3,840   2,281   3,118   6,938   8,703   286   31,858  
Commercial real estate:
Term
Pass 615   2,456   1,311   1,132   1,612   2,506   364   138   10,134  
Special Mention —   9   21   87   80   15   —   —   212  
Accruing Substandard 132   249   35   137   338   92   1   15   999  
Nonaccrual —   20   —   16   1   5   —   —   42  
Total term 747   2,734   1,367   1,372   2,031   2,618   365   153   11,387  
Construction and land development
Pass 84   577   471   241   64   2   698   59   2,196  
Special Mention —   —   9   —   —   —   —   —   9  
Accruing Substandard —   32   24   6   —   —   4   —   66  
Nonaccrual —   —   —   —   —   —   —   —   —  
Total construction and land development 84   609   504   247   64   2   702   59   2,271  
Total commercial real estate 831   3,343   1,871   1,619   2,095   2,620   1,067   212   13,658  

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March 31, 2026
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) 2026
2025
2024
2023
2022
Prior Total

Consumer:
1-4 family residential
Pass $ 346   $ 808   $ 716   $ 806   $ 3,135   $ 4,525   $ —   $ —   $ 10,336  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   2   1   —   —   3  
Nonaccrual —   1   3   6   14   43   —   —   67  
Total 1-4 family residential 346   809   719   812   3,151   4,569   —   —   10,406  
Home equity credit line
Pass —   —   —   —   —   —   3,818   116   3,934  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   9   —   9  
Nonaccrual —   —   —   —   —   —   28   5   33  
Total home equity credit line —   —   —   —   —   —   3,855   121   3,976  
Construction and other consumer real estate
Pass 21   340   318   56   48   3   —   —   786  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   —   —   —  
Nonaccrual —   —   —   —   —   —   —   —   —  
Total construction and other consumer real estate 21   340   318   56   48   3   —   —   786  
Bankcard and other revolving plans
Pass —   —   —   —   —   —   511   1   512  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   2   —   2  
Nonaccrual —   —   —   —   —   —   1   —   1  
Total bankcard and other revolving plans —   —   —   —   —   —   514   1   515  
Other consumer
Pass 18   44   23   14   9   4   —   —   112  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   —   —   —  
Nonaccrual —   —   —   1   —   —   —   —   1  
Total other consumer 18   44   23   15   9   4   —   —   113  
Total consumer 385   1,193   1,060   883   3,208   4,576   4,369   122   15,796  
Total loans $ 2,664   $ 9,780   $ 6,771   $ 4,783   $ 8,421   $ 14,134   $ 14,139   $ 620   $ 61,312  

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December 31, 2025
Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis
Amortized cost basis by year of origination
(In millions) 2025
2024
2023
2022
2020 Prior Total
Commercial:
Commercial and industrial
Pass $ 3,746   $ 2,058   $ 1,143   $ 898   $ 350   $ 698   $ 8,141   $ 197   $ 17,231  
Special Mention 14   29   13   16   28   30   99   1   230  
Accruing Substandard 60   140   82   41   18   30   177   9   557  
Nonaccrual 4   5   4   37   3   3   14   23   93  
Total commercial and industrial 3,824   2,232   1,242   992   399   761   8,431   230   18,111  
Owner-occupied
Pass 1,112   1,234   727   1,414   1,492   2,515   227   67   8,788  
Special Mention 3   28   —   9   9   30   1   —   80  
Accruing Substandard 4   37   15   111   71   89   24   4   355  
Nonaccrual 6   8   2   6   3   19   7   —   51  
Total owner-occupied 1,125   1,307   744   1,540   1,575   2,653   259   71   9,274  
Municipal
Pass 542   614   409   745   849   1,070   1   41   4,271  
Special Mention —   3   —   —   —   —   —   —   3  
Accruing Substandard —   —   —   —   —   18   —   —   18  
Nonaccrual —   —   —   —   2   —   —   —   2  
Total municipal 542   617   409   745   851   1,088   1   41   4,294  

Total commercial 5,491   4,156   2,395   3,277   2,825   4,502   8,691   342   31,679  
Commercial real estate:
Term
Pass 2,643   1,223   1,167   1,741   956   1,747   318   140   9,935  
Special Mention 51   —   35   71   —   1   —   —   158  
Accruing Substandard 328   43   142   426   53   36   26   15   1,069  
Nonaccrual 21   —   16   1   —   5   —   29   72  
Total term 3,043   1,266   1,360   2,239   1,009   1,789   344   184   11,234  
Construction and land development
Pass 446   540   375   47   1   1   624   49   2,083  
Special Mention —   8   5   —   —   —   —   —   13  
Accruing Substandard 53   6   —   —   —   —   6   —   65  
Nonaccrual —   —   1   —   —   —   —   —   1  
Total construction and land development 499   554   381   47   1   1   630   49   2,162  
Total commercial real estate 3,542   1,820   1,741   2,286   1,010   1,790   974   233   13,396  

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December 31, 2025
Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis
Amortized cost basis by year of origination
(In millions) 2025
2024
2023
2022
2020 Prior Total

Consumer:
1-4 family residential
Pass $ 917   $ 847   $ 867   $ 3,144   $ 1,808   $ 2,812   $ —   $ —   $ 10,395  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   1   —   —   —   1   —   —   2  
Nonaccrual 1   4   5   15   13   27   —   —   65  
Total 1-4 family residential 918   852   872   3,159   1,821   2,840   —   —   10,462  
Home equity credit line
Pass —   —   —   —   —   —   3,799   111   3,910  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   10   —   10  
Nonaccrual —   —   —   —   —   —   26   4   30  
Total home equity credit line —   —   —   —   —   —   3,835   115   3,950  
Construction and other consumer real estate
Pass 246   351   87   91   5   2   —   —   782  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   —   —   —  
Nonaccrual —   —   —   —   —   —   —   —   —  
Total construction and other consumer real estate 246   351   87   91   5   2   —   —   782  
Bankcard and other revolving plans
Pass —   —   —   —   —   —   511   1   512  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   2   —   2  
Nonaccrual —   —   —   —   —   —   1   —   1  
Total bankcard and other revolving plans —   —   —   —   —   —   514   1   515  
Other consumer
Pass 55   26   19   11   4   1   —   —   116  
Special Mention —   —   —   —   —   —   —   —   —  
Accruing Substandard —   —   —   —   —   —   —   —   —  
Nonaccrual —   —   —   —   —   —   —   —   —  
Total other consumer 55   26   19   11   4   1   —   —   116  
Total consumer 1,219   1,229   978   3,261   1,830   2,843   4,349   116   15,825  
Total loans $ 10,252   $ 7,205   $ 5,114   $ 8,824   $ 5,665   $ 9,135   $ 14,014   $ 691   $ 60,900  

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

Three Months Ended March 31, 2026
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) 2026 2025 2024 2023 2022 Prior Total
Commercial:
Commercial and industrial $ —   $ 4   $ —   $ —   $ —   $ 1   $ 2   $ —   $ 7  

Consumer:

Bankcard and other revolving plans —   —   —   —   —   —   3   —   3  
Other —   —   —   —   —   1   —   —   1  
Total consumer —   —   —   —   —   1   3   —   4  
Total gross charge-offs $ —   $ 4   $ —   $ —   $ —   $ 2   $ 5   $ —   $ 11  

Three Months Ended March 31, 2025
Term loans Revolving loans
gross charge-offs Revolving loans converted to term loans gross charge-offs
Gross charge-offs by year of loan origination
(In millions) 2025 2024 2023 2022 2021 Prior Total
Commercial:
Commercial and industrial $ —   $ —   $ 1   $ —   $ 1   $ 10   $ 7   $ —   $ 19  

Consumer:
1-4 family residential —   —   —   —   1   1   —   —   2  

Bankcard and other revolving plans —   —   —   —   —   —   2   —   2  
Other —   —   —   —   —   —   1   —   1  
Total consumer —   —   —   —   1   1   3   —   5  
Total gross charge-offs $ —   $ —   $ 1   $ —   $ 2   $ 11   $ 10   $ —   $ 24  

Loan Modifications
Loans may be modified in the normal course of business for competitive reasons or to strengthen our collateral position. Modifications may also occur when the borrower experiences financial difficulty and requires temporary or permanent relief from the original contractual terms. For loans modified due to a borrower experiencing financial difficulty, we apply the same credit loss estimation methods used for the rest of the loan portfolio. These methods incorporate the post-modification loan terms, as well as defaults and charge-offs associated with historically modified loans. All nonaccruing loans greater than $ 1  million are evaluated individually, regardless of the type of modification.
We generally consider a borrower to be experiencing financial difficulty when available information indicates the borrower is unlikely to meet its contractual obligations without a modification of the loan terms. Indicators include actual or probable payment default; bankruptcy or the likelihood thereof; substantial doubt about the borrower’s ability to continue as a going concern; insufficient expected cash flows to service debt; or an inability to obtain financing at market terms. A borrower is also considered to be experiencing financial difficulty when repayment is dependent on support from a sponsor or guarantor. Additional indicators may include liquidity constraints, declining collateral values, failure to meet loan covenants, adverse industry changes, and sustained deterioration in financial performance.
A modified loan on nonaccrual will generally remain on nonaccrual until the borrower has demonstrated the ability to perform under the modified terms for a minimum of six months, and there is evidence that such payments can and are likely to continue as agreed. Performance prior to the modification, or significant events that coincide with the modification, are considered in assessing whether the borrower can meet the new terms and may result in the

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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.
We monitor the performance of all modified loans on an ongoing basis in accordance with their modified terms. Modified loans are considered to be in default if they become past due after modification. Commercial loans are considered to be in default when they are 90 days or more past due, while consumer loans are considered to be in default when they are 60 days or more past due. For the three months ended March 31, 2026 and March 31, 2025, there were no modified loans to borrowers experiencing financial difficulty that defaulted during the period and were modified within the previous 12 months preceding the default.
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 March 31, 2026
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 $ —   $ 62   $ —   $ —   $ 3   $ 65   0.4   %
Owner-occupied —   19   —   —   —   19   0.2  

Total commercial —   81   —   —   3   84   0.3  
Commercial real estate:
Term
—   139   —   —   —   139   1.2  

Consumer:
1-4 family residential —   —   —   —   2   2   —  

Total $ —   $ 220   $ —   $ —   $ 5   $ 225   0.4  

​

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

Commercial:
Commercial and industrial $ —   $ 35   $ —   $ —   $ —   $ 35   0.2   %
Owner-occupied —   5   —   —   —   5   0.1  

Total commercial —   40   —   —   —   40   0.1  
Commercial real estate:
Term
—   211   —   8   —   219   2.0  
Construction and land development
—   31   —   —   —   31   1.1  
Total commercial real estate —   242   —   8   —   250   1.8  
Consumer:
1-4 family residential —   —   —   —   10   10   0.1  

Total consumer —   —   —   —   10   10   0.1  
Total $ —   $ 282   $ —   $ 8   $ 10   $ 300   0.5  

​

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 $ 18 million and
$ 8 million at March 31, 2026 and March 31, 2025, respectively.
3 Amounts less than 0.05% are rounded to zero.

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The following schedule presents the financial impact of loan modifications to borrowers experiencing financial difficulty:

Three Months Ended
March 31, 2026
Weighted-average interest rate reduction (in percentage points) Weighted-average term extension
(in months)
Commercial:
Commercial and industrial 1.9   % 18
Owner-occupied —   6

Total commercial 1.9   16
Commercial real estate:
Term
—   7

Consumer: 1

1-4 family residential 3.1   34

Total weighted average financial impact 2.7   11

Three Months Ended
March 31, 2025
Weighted-average interest rate reduction (in percentage points) Weighted-average term extension
(in months)
Commercial:
Commercial and industrial 0.5   % 8
Owner-occupied —   83

Total commercial 0.5   18
Commercial real estate:
Term
—   6
Construction and land development —   12
Total commercial real estate —   7
Consumer:
1-4 family residential —   3

Total weighted average financial impact 0.5   8

Loan modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2026, resulted in no principal forgiveness across the total loan portfolio, compared with principal forgiveness of less than $ 1  million during the corresponding period in 2025.

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The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after April 1, 2025 through March 31, 2026, categorized by portfolio segment and loan class:

March 31, 2026
(In millions) Current 30-89 days
past due 90+ days
past due Total
past due Total
amortized cost of loans

Commercial:
Commercial and industrial $ 177   $ 15   $ 3   $ 18   $ 195  
Owner-occupied 22   —   6   6   28  

Total commercial 199   15   9   24   223  
Commercial real estate:
Term 374   —   —   —   374  
Construction and land development 5   —   —   —   5  
Total commercial real estate 379   —   —   —   379  
Consumer:
1-4 family residential 5   —   —   —   5  
Home equity credit line 1   —   —   —   1  

Total consumer 6   —   —   —   6  
Total $ 584   $ 15   $ 9   $ 24   $ 608  

The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after April 1, 2024 through March 31, 2025, categorized by portfolio segment and loan class:

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

Commercial:
Commercial and industrial $ 84   $ 2   $ —   $ 2   $ 86  
Owner-occupied 17   —   —   —   17  
Municipal —   —   8   8   8  

Total commercial 101   2   8   10   111  
Commercial real estate:
Term 339   8   —   8   347  
Construction and land development 36   12   —   12   48  
Total commercial real estate 375   20   —   20   395  
Consumer:
1-4 family residential 14   —   —   —   14  
Home equity credit line 1   —   —   —   1  

Bankcard and other revolving plans
1   —   —   —   1  

Total consumer 16   —   —   —   16  
Total $ 492   $ 22   $ 8   $ 30   $ 522  

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

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March 31, 2026
(Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1

Commercial:
Commercial and industrial $ 2   Semi-trailers and semi-tractors 82 %
Owner-occupied 16   Agriculture production and industrial buildings 68 %
Municipal 2   Multifamily apartments 81 %

Commercial real estate:
Term 41   Office building 57 %

Consumer:
1-4 family residential 3   Single family residential 53 %

Total $ 64  

December 31, 2025
(Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1

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

Commercial real estate:
Term 37   Office building 98 %

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

Total $ 70  

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 totaled approximately $ 1 million at both March 31, 2026 and December 31, 2025. The amortized cost basis of consumer mortgage loans collateralized by residential real estate property that were in the process of foreclosure was $ 17 million and $ 20 million at both March 31, 2026 and December 31, 2025, respectively.

7. LEASES
We have operating and finance leases for branches, data centers, and corporate offices, including our headquarters in Salt Lake City, Utah. At March 31, 2026, we had 407 branches, with 279 owned and 128 leased. The remaining maturities of our lease commitments range from the year 2026 to 2062, with some lease arrangements including options to extend or terminate the leases.
Leases with terms longer than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. ROU assets for operating leases and finance leases are included in “ Other assets ” and “ Premises, equipment and software, net ” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “ Other liabilities ” and “ Long-term debt, ” respectively. For more information about our lease policies, see Note 8 of our 2025 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) March 31,
2026 December 31, 2025
Operating leases
ROU assets, net of amortization $ 209 $ 207
Lease liabilities 259 257
Finance leases
ROU assets, net of amortization 3 3
Lease liabilities 3 4
Weighted average remaining lease term (years)
Operating leases 9.3 9.4
Finance leases 14.4 14.7
Weighted average discount rate
Operating leases 4.0   % 4.0   %
Finance leases 3.2   % 3.2   %

The following schedule presents additional information related to lease expense:

Three Months Ended March 31,
(In millions) 2026 2025
Lease expense:
Operating lease expense $ 10   $ 10  

Other expenses associated with operating leases 1
15   16  

Total lease expense $ 25   $ 26  
Related cash disbursements for operating leases $ 11   $ 11  

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

(In millions) Total undiscounted lease payments

2026 1
$ 33  
2027 36  
2028 37  
2029 33  
2030 30  
Thereafter 147  
Total lease payments 316  
Less imputed interest 57  
Total $ 259  

1 Represents contractual maturities remaining in 2026.
We enter into certain lease agreements as a lessor of certain real estate properties, including bank-owned and subleased properties, to generate cash flows. These activities include leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $ 4 million for each of the first quarters of 2026 and 2025.
At March 31, 2026 and December 31, 2025, we had originated equipment leases classified as sales-type or direct-financing leases with carrying amounts of $ 374 million and $ 367 million, respectively. Income recognized from these leases totaled $ 5 million for each of the first quarters of 2026 and 2025.

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8. LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY
Long-Term Debt
Long-term debt carrying values include the par value of the debt, adjusted for unamortized premiums or discounts, unamortized debt issuance costs, and fair value hedge basis adjustments.
The following schedule presents the components of our long-term debt:
LONG-TERM DEBT

(In millions) March 31,
2026 December 31, 2025

Subordinated notes 1
$ 968   $ 969  
Senior notes 992   499  
Finance lease obligations 3   4  
Total $ 1,963   $ 1,472  

1 The change in the subordinated notes balance is primarily due to fair value hedge basis adjustments. See also Note 4.
During the first quarter of 2026, we issued $ 500  million of 4.48 % Fixed-to-Floating Senior Notes, maturing on February 9, 2029. For more information about our long-term debt, see Note 13 of our 2025 Form 10-K.
Shareholders' Equity
Our preferred stock is listed on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market under the ticker symbol “ZIONP.” We have 4.4  million authorized shares of preferred stock, without par value, each carrying a liquidation preference of $ 1,000 per share. At March 31, 2026, 66,139 shares of Series A preferred stock were outstanding.
Our common stock is listed on the NASDAQ Global Select Market under the ticker symbol “ZION.” At March 31, 2026, there were 147.1  million shares of common stock outstanding, each with a par value of $ 0.001 . The aggregate balance of common stock and additional paid-in-capital was $ 1.7 billion at both March 31, 2026 and December 31, 2025.
In January 2026, we publicly announced a plan to repurchase up to $ 75  million of our common shares outstanding during the first quarter of 2026. During the first quarter of 2026, we repurchased approximately 1.3  million common shares outstanding for $ 77  million, at an average price of $ 60.79 per share. This amount included $ 2  million of shares acquired in connection with our stock compensation plan. In May 2026, we publicly announced a plan to repurchase up to $ 225  million of our common shares outstanding for the remainder of 2026.
At March 31, 2026, the AOCI balance reflected a net loss of $ 1.9  billion , primarily attributable to a decline in the fair value of fixed-rate AFS securities driven by changes in interest rates. This amount includes $ 1.5 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:
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(In millions) Net unrealized gains (losses) on investment securities Net unrealized gains (losses) on derivatives and other Pension and post-retirement Total
Three Months Ended March 31, 2026
Balance at December 31, 2025 $ ( 1,917 ) $ ( 23 ) $ ( 1 ) $ ( 1,941 )
Other comprehensive income before reclassifications, net of tax
( 21 ) ( 22 ) —   ( 43 )
Amounts reclassified from AOCI, net of tax 40   9   —   49  
Other comprehensive income 19   ( 13 ) —   6  
Balance at March 31, 2026 $ ( 1,898 ) $ ( 36 ) $ ( 1 ) $ ( 1,935 )
Income tax expense included in other comprehensive income
$ 6   $ ( 4 ) $ —   $ 2  
Three Months Ended March 31, 2025
Balance at December 31, 2024 $ ( 2,301 ) $ ( 78 ) $ ( 1 ) $ ( 2,380 )
Other comprehensive income before reclassifications, net of tax
68   5   —   73  
Amounts reclassified from AOCI, net of tax 43   14   —   57  
Other comprehensive income 111   19   —   130  
Balance at March 31, 2025 $ ( 2,190 ) $ ( 59 ) $ ( 1 ) $ ( 2,250 )
Income tax expense included in other comprehensive income
$ 36   $ 6   $ —   $ 42  

Amounts reclassified from AOCI

(In millions) Three Months Ended
March 31,
AOCI components 2026 2025 Affected line item on statement of income

Net unrealized gains (losses) on investment securities
$ ( 53 ) $ ( 57 ) Securities gains (losses), net
Less: Income tax expense (benefit) ( 13 ) ( 14 )
Total $ ( 40 ) $ ( 43 )

Net unrealized gains (losses) on derivative instruments and other
$ ( 12 ) $ ( 19 ) Interest and fees on loans; Interest on short- and long-term borrowings
Less: Income tax expense (benefit) ( 3 ) ( 5 )
Total $ ( 9 ) $ ( 14 )

9. 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) March 31,
2026 December 31, 2025

Unfunded lending commitments 1
$ 29,471   $ 29,286  
Standby letters of credit:
Financial 669   643  
Performance 311   288  
Commercial letters of credit 41   27  

Total unfunded commitments $ 30,492   $ 30,244  

1 Net of participations.
For more information about these commitments and guarantees including their terms and collateral requirements, see Note 16 of our 2025 Form 10-K.
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Legal Matters
We are involved in various legal proceedings or governmental inquiries, which may include litigation in court, arbitration, investigations, examinations, and other actions initiated or considered by governmental and self-regulatory agencies. These matters may relate to lending, deposit, and other customer relationships; supplier and contractual issues; employee matters; intellectual property disputes; personal injury and other tort claims; and regulatory or legal compliance issues. While many of these matters involve individual claims, we are also subject to putative class action claims and other broader claims.
Governmental and self-regulatory proceedings, investigations, examinations, and related actions may concern our banking, investment advisory, trust, securities, and other products and services; our customers’ involvement in money laundering, fraud, securities violations, and other illicit activities; or our policies and practices regarding such customer activities. They may also involve our compliance with the wide range of applicable banking, securities, and other laws and regulations. At any given time, we may be responding to subpoenas and requests for documents, data, or testimony and engaging in discussions to address or resolve these matters.
At March 31, 2026, we were subject to the following significant litigation:
• Two civil cases— Lifescan, Inc. and Johnson & Johnson Health Care Services v. Jeffrey C. Smith, et al. , filed in December 2017, and Roche Diagnostics and Roche Diabetes Care Inc. v. Jeffrey C. Smith, et al. , filed in March 2019—were brought against us in the United States District Court for the District of New Jersey. In these cases, certain manufacturers and distributors of medical products allege that we are liable for purportedly fraudulent conduct by a borrower of the Bank that sought bankruptcy protection in 2017. Discovery is substantially complete as to most parties. However, final rulings on certain dispositive motions remain pending, and additional dispositive motions have not yet been filed or resolved. Both cases are currently scheduled for trial in April 2027.
Based on our current knowledge, we believe that the estimated liabilities for litigation and other legal actions and claims, as reflected in our accruals and determined in accordance with applicable accounting guidance, are adequate. We also currently believe that any liabilities in excess of the amounts accrued, if any, arising from litigation and other legal actions and claims for which a loss is estimable, would not have a significant impact on our financial condition, results of operations, or cash flows. However, given the substantial uncertainties inherent in these matters—and the potentially significant or indeterminate damages sought in some cases—an unfavorable outcome could affect our financial condition, results of operations, or cash flows in a particular reporting period.
The process of estimating and assessing potential outcomes associated with litigation, arbitration, governmental or self-regulatory examinations, investigations, or similar matters is inherently uncertain and requires significant judgment. This uncertainty is especially pronounced in the early stages of a legal matter, when legal issues and relevant facts have not yet been fully developed, analyzed, or tested through discovery, trial or hearing preparation, substantive mediation or settlement discussions, or other procedural milestones. It is also especially relevant for class actions or other multi-party claims; matters involving complex procedural or substantive issues or novel legal theories; and examinations, investigations, or other actions initiated by governmental and self-regulatory agencies, where traditional adjudicative processes may not apply.
As a result, we are often unable to determine whether the likelihood of 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 life cycle of a legal matter, and in some cases not until several years have passed. Our assessments relating to these currently inestimable claims will evolve as developments occur, and actual outcomes may significantly differ from our estimates over time.
For more information regarding our accounting for legal matters, see Note 16 of our 2025 Form 10-K.
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10. REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue from contracts with customers, including noninterest income within the scope of the applicable accounting guidance, is recognized when control of the promised goods or services is transferred to the customer. Revenue is measured at an amount that reflects the consideration we expect to be entitled in exchange for those goods or services. Incremental costs of obtaining a contract are expensed as incurred when the related amortization period is one year or less. For more information regarding revenue from contracts with customers, see Note 17 of our 2025 Form 10-K.
Disaggregation of Revenue
The following schedule presents revenue from contracts with customers disaggregated by operating segment and reconciles those amounts to total noninterest income for the three months ended March 31, 2026 and 2025. Customer-related noninterest income from other sources represents revenue earned 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) 2026 2025 2026 2025 2026 2025

Commercial account fees
$ 16   $ 15   $ 8   $ 7   $ 16   $ 15  
Card fees 1
12   12   4   4   7   7  
Retail and business banking fees
6   5   4   3   4   4  

Capital markets fees and income 2
—   —   —   1   1   8  
Wealth management fees 4   4   2   1   5   5  
Other customer-related fees 2   2   3   2   1   1  
Total noninterest income from contracts with customers
40   38   21   18   34   40  
Customer-related noninterest income from other sources
9   4   14   8   11   6  
Total customer-related noninterest income
49   42   35   26   45   46  
Noncustomer-related noninterest income
3   —   3   2   2   2  
Total noninterest income
$ 52   $ 42   $ 38   $ 28   $ 47   $ 48  

NBAZ NSB Vectra
(In millions) 2026 2025 2026 2025 2026 2025

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

Capital markets fees and income 2
—   —   —   —   —   —  
Wealth management fees 1   1   2   2   1   —  
Other customer-related fees —   1   —   —   1   1  
Total noninterest income from contracts with customers
10   10   12   11   7   6  
Customer-related noninterest income from other sources
2   —   1   1   2   2  
Total customer-related noninterest income
12   10   13   12   9   8  
Noncustomer-related noninterest income
—   —   —   —   —   —  
Total noninterest income
$ 12   $ 10   $ 13   $ 12   $ 9   $ 8  

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TCBW Other Consolidated Bank
(In millions) 2026 2025 2026 2025 2026 2025

Commercial account fees
$ 1   $ 1   $ ( 1 ) $ —   $ 48   $ 45  
Card fees 1
—   1   1   —   34   34  
Retail and business banking fees
—   —   —   —   20   17  

Capital markets fees and income 2
—   —   1   1   2   10  
Wealth management fees —   —   —   1   15   14  
Other customer-related fees —   —   8   6   15   13  
Total noninterest income from contracts with customers
1   2   9   8   134   133  
Customer-related noninterest income from other sources
1   —   ( 2 ) 4   38   25  
Total customer-related noninterest income
2   2   7   12   172   158  
Noncustomer-related noninterest income
—   —   7   9   15   13  
Total noninterest income
$ 2   $ 2   $ 14   $ 21   $ 187   $ 171  

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 exclude revenue related to real estate capital markets, swaps, loan syndications, foreign exchange activities, and net credit valuation adjustment (“CVA”), as these items are not within the scope of the applicable accounting guidance for revenue from contracts with customers.

​

Revenue from contracts with customers did not result in significant contract assets or contract liabilities. Contract receivables are included in “Other assets” on the consolidated balance sheet. Although payment terms vary based on the nature of the services provided, the interval between satisfying performance obligations and receiving payment is generally short and not considered significant.

11. INCOME TAXES
The effective income tax rate was 20.7 % for the first quarter of 2026, compared with 28.9 % for the first quarter of 2025. The tax rates during these periods were primarily increased by the nondeductibility of certain Federal Deposit Insurance Corporation (“FDIC”) premiums, disallowed interest expense, and other adjustments. While FDIC insurance premiums are not deductible for tax purposes, FDIC special assessments are tax deductible. Conversely, the effective tax rates were primarily reduced by nontaxable municipal interest income and various tax credits.
The tax rate for the three months ended March 31, 2025 was further impacted by the enactment of new state tax legislation during the first quarter of 2025. This legislative change required a revaluation of our net deferred tax asset (“DTA”), which primarily arises from unrealized losses in AOCI on certain securities.
At March 31, 2026 and December 31, 2025, our net DTA totaled $ 684 million and $ 714 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 our DTAs to determine whether a valuation allowance is required, applying the “more-likely-than-not” criterion that such assets will be realized and considering all available positive and negative evidence. Based on this evaluation, we concluded that no valuation allowance was required at March 31, 2026 or December 31, 2025.
For more information about the factors affecting our effective tax rate, the significant components of our DTAs and DTLs, and unrecognized tax benefits related to uncertain tax positions, see Note 20 of our 2025 Form 10-K.
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12. NET EARNINGS PER COMMON SHARE
The following schedule presents the basic and diluted net earnings per common share, calculated using the weighted-average number of shares outstanding:

Three Months Ended
March 31,
(In millions, except shares and per share amounts) 2026 2025
Basic:
Net income $ 233   $ 170  
Less common and preferred dividends 68   66  

Undistributed earnings 165   104  
Less undistributed earnings applicable to nonvested shares 2   1  
Undistributed earnings applicable to common shares 163   103  
Distributed earnings applicable to common shares 66   64  
Total earnings applicable to common shares $ 229   $ 167  
Weighted average common shares outstanding (in thousands) 146,946   147,321  
Net earnings per common share $ 1.56   $ 1.13  
Diluted:
Total earnings applicable to common shares $ 229   $ 167  
Weighted average common shares outstanding (in thousands) 146,946   147,321  

Dilutive effect of stock options (in thousands) 92   66  
Weighted average diluted common shares outstanding (in thousands) 147,038   147,387  
Net earnings per common share $ 1.56   $ 1.13  

The following schedule presents the weighted-average stock awards that were antidilutive and therefore excluded from the calculation of diluted earnings per share:

Three Months Ended
March 31,
(In thousands) 2026 2025

Restricted stock and restricted stock units 1,965   1,750  
Stock options 187   311  

13. OPERATING SEGMENT INFORMATION
We provide a wide range of banking products and related services, primarily in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. Our operations are organized principally through seven separately managed affiliate banks, each operating under its own local brand and management team: Zions Bank, CB&T, Amegy, NBAZ, NSB, Vectra, and TCBW. These affiliate banks constitute our primary operating segments.
Our affiliate model emphasizes local authority and accountability, including locally informed pricing and product customization, to maximize customer satisfaction, strengthen community relationships, and improve profitability and shareholder returns.
At March 31, 2026, Zions Bank operated 92 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. CB&T operated 77 branches in California. 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 three months of 2026, 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 in which we operate. Each operating segment offers a wide range of banking products and related services, delivered digitally or through other traditional channels. These
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include commercial and small business banking, capital markets and investment banking, commercial real estate lending, retail banking, and wealth management.
The affiliate banks are supported by an enterprise-level segment—referred to as the “Other” segment—which provides governance and risk oversight, capital allocation, and strategic objectives, and includes centralized technology infrastructure, back-office operations, and certain business lines that are not managed through the affiliate structure.
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 utilize an internal funds transfer pricing (“FTP”) process to measure segment performance. This methodology is subject to ongoing refinement. Transactions between segments are generally conducted at fair value, with intercompany profits eliminated in consolidation. Total average loans and deposits for the segments include minor intercompany amounts and certain deposits with the “Other” segment.
We evaluate segment performance and allocate resources primarily based on income or loss from operations before income taxes. The accounting policies applied to the operating segments are consistent with those described 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-level 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 inform resource allocation decisions for each segment.
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 March 31, 2026 and 2025:

Zions Bank CB&T Amegy
(In millions) 2026 2025 2026 2025 2026 2025
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 182   $ 176   $ 163   $ 152   $ 144   $ 132  
Provision for credit losses ( 12 ) 6   —   10   ( 1 ) 3  
Net interest income after provision for credit losses 194   170   163   142   145   129  
Noninterest income 52   42   38   28   47   48  
Noninterest expense:
Salaries and employee benefits 36   36   35   34   31   30  
Technology, telecom, and information processing 4   4   1   1   2   2  
Occupancy and equipment, net 7   7   9   8   8   9  
Other direct expenses 2
14   18   11   10   11   13  
Indirect/allocated expenses 83   79   57   51   66   64  
Total noninterest expense 144   144   113   104   118   118  
Income (loss) before taxes $ 102   $ 68   $ 88   $ 66   $ 74   $ 59  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 15,053   $ 14,834   $ 15,443   $ 14,675   $ 14,620   $ 13,953  
Total average deposits 20,949   21,211   16,015   14,621   15,112   14,812  

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NBAZ NSB Vectra
(In millions) 2026 2025 2026 2025 2026 2025
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 67   $ 64   $ 54   $ 53   $ 34   $ 35  
Provision for credit losses 8   ( 8 ) 4   —   ( 3 ) 8  
Net interest income after provision for credit losses 59   72   50   53   37   27  
Noninterest income 12   10   13   12   9   8  
Noninterest expense:
Salaries and employee benefits 14   14   12   12   11   10  
Technology, telecom, and information processing 1   1   1   1   1   1  
Occupancy and equipment, net 3   3   3   3   3   3  
Other direct expenses 2
4   9   4   5   3   3  
Indirect/allocated expenses 26   25   24   23   16   16  
Total noninterest expense 48   52   44   44   34   33  
Income (loss) before taxes $ 23   $ 30   $ 19   $ 21   $ 12   $ 2  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 5,610   $ 5,701   $ 3,745   $ 3,657   $ 3,706   $ 3,921  
Total average deposits 6,964   6,947   7,358   7,166   3,449   3,440  

TCBW Other Consolidated Bank
(In millions) 2026 2025 2026 2025 2026 2025
SELECTED INCOME STATEMENT DATA
Net interest income 1
$ 20   $ 17   $ ( 2 ) $ ( 5 ) $ 662   $ 624  
Provision for credit losses ( 4 ) ( 3 ) 1   2   ( 7 ) 18  
Net interest income after provision for credit losses 24   20   ( 3 ) ( 7 ) 669   606  
Noninterest income 2   2   14   21   187   171  
Noninterest expense:
Salaries and employee benefits 3   3   219   203   361   342  
Technology, telecom, and information processing 1   1   63   59   74   70  
Occupancy and equipment, net 1   1   7   7   41   41  
Other direct expenses 2
1   1   38   26   86   85  
Indirect/allocated expenses 4   3   ( 276 ) ( 261 ) —   —  
Total noninterest expense 10   9   51   34   562   538  
Income (loss) before taxes $ 16   $ 13   $ ( 40 ) $ ( 20 ) $ 294   $ 239  
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans $ 2,088   $ 1,964   $ 876   $ 930   $ 61,141   $ 59,635  
Total average deposits 1,115   1,134   4,497   5,588   75,459   74,919  

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 Other direct expenses include professional and legal services, marketing and business development, deposit insurance and regulatory expense, credit-related expense, other real estate expense, and other noninterest expenses.

​

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our most significant risks include interest rate and market risk, which are actively monitored by management, as previously discussed. For more information regarding interest rate and market risk, see the “Interest Rate and Market Risk Management” section of this Form 10-Q.
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ITEM 4. CONTROLS AND PROCEDURES
Management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2026.
There were no changes in our internal control over financial reporting that occurred during the first quarter of 2026 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 9 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 2025 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

January 4,888  $ 59.35  — 
February 1,267,507  $ 60.80  1,235,089 
March —  $ —  — 
First quarter 2026
1,272,395  $ 60.79  1,235,089 

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
No director or officer adopted , modified, or terminated a Rule 10b5-1(c) trading arrangement during the three months ended March 31, 2026. Our directors and officers participate in certain benefit plans, including our Omnibus Incentive Plan and Payshelter 401(k) and Employee Stock Ownership Plan. From time to time, they may elect to have shares withheld to satisfy tax-withholding obligations or to pay the exercise price of options granted under these plans. Such elections may be intended 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 2026-2028 Value Sharing Plan (filed herewith).

18
Letter of preferability from Ernst & Young LLP regarding a change in accounting policy, dated May 7, 2026 (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 March 31, 2026 and December 31, 2025, (ii) the Consolidated Statements of Income for the three months ended March 31, 2026 and March 31, 2025, (iii) the Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and March 31, 2025, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2026 and March 31, 2025, (v) the Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and March 31, 2025, 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: May 7, 2026
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