Zions Bancorporation National Association : 2024 Second Quarter Investor Update

2024 Second Quarter

Investor Update

May 2024

Forward-Looking Statements; Use of Non-GAAP Financial Measures

Forward Looking Information

This presentation includes "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements include, among others: Statements with respect to the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, results of operations and performance of Zions Bancorporation, National Association and its subsidiaries (collectively "Zions Bancorporation, N.A.," "the Bank," "we," "our," "us"); and Statements preceded or followed by, or that include the words "may," "might," "can," "continue," "could," "should," "would," "believe," "anticipate," "estimate," "forecasts," "expect," "intend," "target," "commit," "design," "plan," "projects," "will," and the negative thereof and similar words and expressions.

Forward-looking statements are not guarantees, nor should they be relied upon as representing management's views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, important factors that may cause material differences include: The quality and composition of our loan and securities portfolios and the quality and composition of our deposits; Changes in general industry, political and economic conditions, including elevated inflation, economic slowdown or recession, or other economic challenges; changes in interest and reference rates, which could adversely affect our revenue and expenses, the value of assets and liabilities, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses; The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in applicable laws, and fiscal, monetary, regulatory, trade, and tax policies, and actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue; increases in bank fees, insurance assessments and capital standards; and other regulatory requirements; Competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services, and our ability to recruit and retain talent; The impact of technological advancements, digital commerce, artificial intelligence, and other innovations affecting the banking industry; Our ability to complete projects and initiatives and execute on our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives; Our ability to develop and maintain technology, information security systems and controls designed to guard against fraud, cybersecurity, and privacy risks; Our ability to provide adequate oversight of our suppliers or prevent inadequate performance by third parties upon whom we rely for the delivery of various products and services; Natural disasters, pandemics, catastrophic events and other emergencies and incidents and their impact on our and our customer's operations and business and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products; Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change; Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders' equity, but not on our regulatory capital; The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; Adverse news and other expressions of negative public opinion whether directed at us, other banks, the banking industry, or otherwise that may adversely affect our reputation and that of the banking industry generally; Protracted congressional negotiations and political stalemates regarding government funding and other issues, including those that increase the possibility of government shutdowns, downgrades in United States ("U.S.") credit ratings, or other economic disruptions; and The effects of wars and geopolitical conflicts, such as the ongoing war between Russia and Ukraine, the war in the Middle East, and other local, national, or international disasters, crises, or conflicts that may occur in the future.

Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2023 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC) and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov).

We caution against the undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any forward-looking statements to reflect future events or developments.

Use of Non-GAAP Financial Measures:

This document contains several references to non-GAAP measures, including but not limited to, pre-provision net revenue and the "efficiency ratio," which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions' management compensation and are used in Zions' strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

2

Zions is a Collection of Community Banks

Key Differentiators: Local decision-making and top-notch service, commercial banking focus, superior credit performance

• Affiliate CEOs "own" their local market opportunities and challenges
• One of only three banks to have averaged 16 or more Greenwich Excellence Awards since 2009
• Roughly 2/3of revenue from commercial customers
• Best-in-classcredit quality
• • 0.04%: Net charge-offs in 1Q24; consistently among the lowest of peers

Zions' Markets1

		Ending	% of	Ending	% of
Bank	Headquarters	Deposits	Total	Loans	Total
Zions Bank	Salt Lake City	$20.9B	28%	$14.8B	25%
Amegy	Houston	$14.6B	20%	$13.2B	23%
CB&T	San Diego	$14.5B	20%	$14.2B	24%
NSB	Las Vegas	$7.3B	10%	$3.5B	6%
NB│AZ	Phoenix	$6.9B	9%	$5.6B	10%
Vectra	Denver	$3.5B	5%	$4.0B	7%
Commerce	Seattle	$1.3B	2%	$1.8B	3%
Brokered / Other	-	$5.1B	7%	$1.0B	2%
Zions Bancorporation	Salt Lake City	$74.2B	100%	$57.8B	100%

Financial Highlights

Key Metrics	1Q24
Listing	NASDAQ: ZION
Market Capitalization (as of 5/8/24)	$6.4B
Total Assets	$87.1B
Total Loans	$58.1B
Total Deposits	$74.2B
Common Equity Tier 1 Capital	$6.9B
Common Equity Tier 1 Capital Ratio	10.4%
Zions Bancorp. Rating (S&P/Fitch/Kroll)2	BBB+ / BBB+ / A-
Rating Outlook (S&P/Fitch/Kroll)2	Negative / Stable/ Stable

Source: S&P Global and internal data, as of 1Q24 unless noted.	3
1	March 31, 2024, ending balances.
2	Represents long-term debt / senior debt issuer rating, as of April 30, 2024.

Financial Performance

Highlights

• Earning assets continue to reprice in the higher interest rate environment while funding costs increased modestly
• We are investing in the business and expanding product capabilities while managing expense growth (1Q expenses include seasonal share-based comp)
• Net charge-offs were 0.04% of loans, annualized and remain well below peers
• Loss-absorbingcapital continues to strengthen, with CET1 at 10.4%, up from 9.9% a year ago
• Elevated efficiency ratio largely reflects recent revenue pressure related to accelerated deposit repricing

Key Metrics

Net earnings to common

Diluted earnings per share

(GAAP)

Loan growth

Customer deposit growth

(excluding brokered)

Loan-to-deposit ratio

(ending)

Net charge-offs / loans

Return on average tangible common equity1

Common equity tier 1%

Efficiency ratio1

1Q24	4Q23
$143 million	$116 million
$0.96	$0.78
Ending	Average	Ending	Average
0.6%	1.3%	1.6%	0.3%
Ending	Average	Ending	Average
-0.8%	-1.1%	2.4%	3.7%
78%			77%
(annualized)	(annualized)
0.04%	0.06%
13.7%	11.8%
10.4%	10.3%
67.9%	65.1%

(1) See Appendix for non-GAAP financial measures.

4

Average Loan and Deposit Balances

Yield on loans continued to rise as rates reset in a higher-rate environment while total cost of deposits was flat

Average Total Loans

Yield on Total Loans

($ billions)

$100.0

					$75.0
$56.2	$56.7	$57.0	$57.1	$57.9
				6.06%	$50.0
		5.84%	5.94%
	5.65%
5.30%
				$25.0

$0.0

1Q23

2Q23

3Q23

4Q23

1Q24

$70.2 $34.4

$35.8

0.47%

1Q23

Average Total Deposits

Cost of Total Deposits

Average Noninterest-bearing deposits Average Interest-bearing deposits

$69.6	$75.6	$75.9	$73.4
$27.9	$26.9	$25.5
$29.8
$39.8	$47.8	$49.1	$47.8
1.92%	2.06%	2.06%
1.27%

2Q23

3Q23

4Q23

1Q24

($ billions)

$100.0

$75.0

$50.0

$25.0

$0.0

Zions' average cost of total deposits reflect a total deposit beta1 of 39% and an interest-bearing deposit beta of 60%

(1) Deposit beta compares the change in the cost of deposits vs. the change in the target fed funds rate relative to 4Q21.

5

Securities & Money Market Investments

The bank has strong on-balance sheet liquidity

Total Securities Portfolio and Money Market Investments

(period-end balances)

The investment portfolio is designed to be a storehouse of balance sheet liquidity

 Principal and prepayment-related cash flows from securities were $712

million for the quarter

($ billions)

$3.4 $2.3

$22.6 $21.6

Percent of	1Q23	2Q23
32%	30%
earning assets

Total Securities

$3.1 $2.4 $2.6

$20.7 $20.7 $20.2

3Q23 4Q23 1Q24

30% 29% 28%

Money Market Investments

	The composition of the investment portfolio allows for deep on-balance
	sheet liquidity through the repo market
	Approximately 90% of securities are U.S. Government and U.S.
	Government Agency/GSE securities

The investment portfolio is also used to balance interest rate risk

• The estimated deposit duration at March 31, 2024 is assumed to be longer than the loan duration (including swaps); the investment portfolio brings balance to this mismatch
• The estimated price sensitivity of the securities portfolio is 3.6 percent (including the impact of fair value hedges) compared to 4.1 percent in the prior year quarter

6

Loan Growth in Detail

Loan growth in 1-4 Family Mortgage, Term Commercial Real Estate and Owner Occupied

Growth Rate: Linked Quarter, not annualized

Linked Quarter Loan Balance Growth

Total Loans: +0.6%

10%
8%
							1-4 Family, 4%
6%
		Energy (Oil & Gas), 2%		CRE Term, 2%
4%
		CRE C&D, 1%
2%		Home Equity, 1%
0%
					Owner occupied, 1%
-2%
		Municipal, -1%
-4%
	C&I (ex-Oil & Gas), -1%
-6%
						Note: circle size indicates relative
-8%			Other, -8%				proportion of loan portfolio as of 1Q24.
-10%
-$300	-$200	-$100	$0		$100	$200	$300	$400	$500

($ millions)

Dollar Growth: Linked Quarter

Linked quarter:

• Period-endloans increased $330 million or 0.6%
• Loan growth in dollars predominantly in 1-4 Family, Term Commercial Real Estate, & Owner Occupied C&I
• Balance declines in C&I, Muni, and Consumer Construction

7

Loan Growth - by Bank Brand and Loan Type

Loan growth reflected in most markets across our footprint and in multiple categories for the quarter

Period-EndYear-over-Year Loan Growth (1Q24 vs. 1Q23)

(in millions)

C&I (ex-Oil & Gas)

SBA PPP

Owner occupied Energy (Oil & Gas) Municipal

CRE C&D

CRE Term

1-4 Family Home Equity Other

Total net loans

Zions Bank	Amegy	CB&T	NBAZ	NSB	Vectra	CBW	Other	Total
340	129	(254)	160	34	(96)	(26)	(8)	279
(17)	(18)	(21)	(7)	(4)	(21)	(5)	-	(93)
(69)	90	(37)	(9)	12	(23)	14	-	(22)
(17)	(161)	-	-	-	15	(1)	-	(164)
(42)	55	32	(81)	(8)	(23)	(15)	(15)	(97)
(37)	218	68	141	20	(107)	70	-	373
(48)	11	86	94	18	118	28	-	307
462	72	145	180	90	126	(1)	12	1,086
9	56	24	(2)	17	1	1	-	106
36	(45)	44	(7)	(40)	19	(5)	1	3
617	407	87	469	139	9	60	(10)	1,778

Period-End Linked Quarter Loan Growth (1Q24 vs. 4Q23)

(in millions)

C&I (ex-Oil & Gas)

SBA PPP

Owner occupied Energy (Oil & Gas) Municipal

CRE C&D

CRE Term

1-4 Family Home Equity Other

Total net loans

Zions Bank	Amegy	CB&T	NBAZ	NSB	Vectra	CBW	Other	Total
(109)	85	(168)	(2)	65	(26)	(9)	(21)	(185)
(4)	(2)	(3)	(1)	(1)	(1)	-	-	(12)
1	67	(6)	(27)	16	12	13	-	76
(10)	45	-	-	-	1	1	-	37
(35)	(30)	31	(1)	(1)	18	1	(8)	(25)
7	(8)	(17)	37	31	(21)	(12)	-	17
40	85	90	(40)	(22)	1	36	-	190
128	29	75	57	27	41	-	6	363
(6)	19	10	1	7	3	(8)	-	26
(50)	(42)	(5)	(28)	(20)	(17)	1	4	(157)
(38)	248	7	(4)	102	11	23	(19)	330

"Other" loans includes consumer construction, bankcard, and other consumer loan categories. Totals shown above may not foot due to rounding.

8

Net Interest Income ("NII") and Net Interest Margin ("NIM")

Net interest income rose slightly as earning asset repricing offset a modest increase in funding costs

Net Interest Income

($ millions)		Net Interest Margin
$679
$591	$585	$583	$586

3.33%

2.92% 2.93% 2.91% 2.94%

$0

1Q23

2Q23

3Q23

4Q23

1Q24

Linked quarter (1Q24 vs. 4Q23):

5.00% Net interest income rose slightly
 Interest earned on money market & securities decreased
4.00% 	$3 million or 2%
Interest earned on loans increased $17 million or 2%
	Interest paid on deposits decreased $19 million or 5%

3.00%	 Interest paid on borrowings increased $30 million or 48%

2.00%Year-over-year (1Q24 vs. 1Q23):  Net interest income declined 14%

1.00%		Interest income increased $134 million or 15%
	Interest expense increased $227 million or 94%
			Interest paid on deposits increased $294 million
0.00%			Interest paid on borrowings decreased $67 million

9

Net Interest Margin ("NIM")

The net interest margin has show stability over the past four quarters

Earning asset yields continue to improve while rate of increase on liabilities slows

Linked Quarter (1Q24 vs. 4Q23)

Year-Over-Year (1Q24 vs. 1Q23)

			Loans
Loans	Deposits	Free	Money Mkt
Money Mkt	Borrowings	& Securities	Free
& Securities		Funds1		Funds1
			Deposits	Borrowings

4Q23

1Q24

1Q23

1Q24

(1) The impact of noninterest-bearing sources of funds on the net interest margin is calculated as the difference between interest earning assets and	10
interest-bearing liabilities divided by earnings assets multiplied by rate paid on interest bearing liabilities.