Zions Bancorporation ZION Form 10-Q filing Q2 FY2026

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

GLOSSARY OF ACRONYMS AND ABBREVIATIONS

ACL Allowance for Credit Losses HECL Home Equity Credit Line

AFS Available-for-Sale HTM Held-to-Maturity

AI Artificial Intelligence IPO Initial Public Offering

ALLL Allowance for Loan and Lease Losses LTV Loan-to-Value

Amegy Amegy Bank, a division of Zions Bancorporation, National Association NASDAQ National Association of Securities Dealers Automated Quotations

AOCI Accumulated Other Comprehensive Income or Loss NBAZ National Bank of Arizona, a division of Zions Bancorporation, National Association

ASC Accounting Standards Codification NDFI Nondepository Financial Institution

ASU Accounting Standards Update NM Not Meaningful

Board Board of Directors NSB Nevada State Bank, a division of Zions Bancorporation, National Association

bps Basis Points OCC Office of the Comptroller of the Currency

CB&T California Bank & Trust, a division of Zions Bancorporation, National Association OREO Other Real Estate Owned

CET1 Common Equity Tier 1 PCD Purchase Credit Deteriorated

CODM Chief Operating Decision Maker PEI Private Equity Investment

CRE Commercial Real Estate PPNR Pre-provision Net Revenue

CVA Credit Valuation Adjustment REIT Real Estate Investment Trust

DTA Deferred Tax Asset ROU Right-of-Use

DTL Deferred Tax Liability RULC Reserve for Unfunded Lending Commitments

EaR Earnings at Risk S&P Standard & Poor's

EPS Earnings per Share SBA U.S. Small Business Administration

EVE Economic Value of Equity SBIC Small Business Investment Company

FDIC Federal Deposit Insurance Corporation SEC Securities and Exchange Commission

FHLB Federal Home Loan Bank TCBNW The Commerce Bank Northwest, a division of Zions Bancorporation, National Association

FRB Federal Reserve Board U.S. United States

FTP Funds Transfer Pricing Vectra Vectra Bank Colorado, a division of Zions Bancorporation, National Association

GAAP Generally Accepted Accounting Principles Zions Bank Zions Bank, a division of Zions Bancorporation, National Association

GCF General Collateral Finance

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (Unaudited)

CONSOLIDATED BALANCE SHEETS

See accompanying notes to consolidated financial statements.

1 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.

See accompanying notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

See accompanying notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

June 30, 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 Northwest (“TCBNW”).

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 and six months ended June 30, 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 June 30, 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. As referenced in Note 8 of the Notes to Consolidated Financial Statements, on July 28, 2026, we issued $500 million of 5.24% Fixed-to-Floating Senior Notes, maturing on October 1, 2029.

On July 31, 2026, we completed our previously disclosed acquisition of Basis Multifamily Finance I, LLC, the agency lending platform and subsidiary of Basis Investment Group, including its team, capabilities, and related mortgage servicing rights. Through the acquisition, we obtained participation in the Fannie Mae DUS® program and Freddie Mac Optigo® Conventional and Small Balance Loan programs and expanded our multifamily lending platform. The acquisition will be accounted for as a business combination under Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. As of the issuance date of these financial statements, the initial accounting for the acquisition has not been finalized.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

2. RECENT ACCOUNTING PRONOUNCEMENTS

Standard Description Effective date Effect on the financial statements or other significant matters

Standards not yet adopted by the Bank as of June 30, 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 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.

Standards adopted by the Bank during the second quarter of 2026

There were no accounting standards adopted during the three and six months ended June 30, 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.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

Fair Value Hierarchy

The following schedule presents assets and liabilities measured at fair value on a recurring basis:

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.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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 June 30, 2026 and December 31, 2025, we had $51 million and $71 million, respectively, of loans measured at fair value, with a corresponding unpaid principal balance of $51 million and $72 million. During the first six months of 2026 and 2025, we recognized approximately $7 million and $3 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.

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:

The roll-forward of Level 3 instruments includes the following realized gains and losses recognized in “Securities gains (losses), net” on the consolidated statement of income for the periods presented:

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.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

At June 30, 2026, we had $11 million in collateral-dependent loans measured at fair value. During the second quarter of 2026, we recognized $3 million losses related to changes in fair value for these loans. For more information regarding 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:

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.

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 six 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 June 30, 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 June 30, 2026, the gross fair value of our derivative liabilities was $369 million. To satisfy margin requirements in the ordinary course of business, we pledged cash collateral of $43 million. Additionally, we pledged U.S.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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 June 30, 2026 and December 31, 2025:

1 Balances include forward-starting interest rate derivatives designated as cash flow and fair value hedges of assets that had not yet become effective as of the reporting dates. Related notional amounts were $9.5 billion and $2.7 billion, respectively, at June 30, 2026, compared with $350 million and $2.1 billion at December 31, 2025.

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 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.

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 and six months ended June 30, 2026 and 2025:

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1 For the 12-month period following June 30, 2026, approximately $58 million of net losses from both active and terminated cash flow hedges will be reclassified from AOCI into interest income, compared with $45 million at June 30, 2025. At June 30, 2026, approximately $19 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 $28 million and $36 million at June 30, 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 June 30, 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:

1 Includes gains and losses from mortgage derivative instruments, which were recognized in “Loan-related fees and income” within noninterest income.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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:

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.

Fair Value Hedges and Basis Adjustments

The following schedule presents information regarding basis adjustments for hedged items in fair value hedging relationships:

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 June 30, 2026, the amortized cost basis of assets designated under the portfolio layer method was $9.0 billion, the cumulative basis adjustment associated with these hedging relationships was $31 million, and the notional amount of the designated accounting hedges was $5.7 billion.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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 $66 million and $64 million at June 30, 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 June 30, 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 ($1.1 billion after tax) at June 30, 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.

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

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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

The following schedule presents gross unrealized losses for AFS securities and the estimated fair value, categorized by the length of time the securities have been in an unrealized loss position:

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

At June 30, 2026 and December 31, 2025, the number of AFS investment securities in an unrealized loss position totaled 1,956 and 2,037, respectively.

There were no gross realized gains or losses from sales of AFS investment securities for the three and six months ended June 30, 2026 and 2025.

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

Maturities

The following schedule presents the amortized cost and weighted average yields of debt securities, categorized by the remaining contractual maturity of principal payments at June 30, 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.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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 impairment losses were recognized on our AFS investment securities portfolio during the first six 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 June 30, 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 June 30, 2026, the ACL for HTM securities was less than $1 million. All HTM securities were assigned a credit quality rating of “Pass,” with none classified as past due.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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:

1 Effective March 31, 2026, balances previously reported as “Leasing” were reclassified to the “Commercial and industrial” loan segment. Prior period amounts have been reclassified to conform to the current presentation. At June 30, 2026 and December 31, 2025, the leasing portfolio totaled $352 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 $55 million and $61 million at June 30, 2026 and December 31, 2025, respectively. The amortized cost basis of the loans does not include accrued interest receivables of $272 million and $276 million at June 30, 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 $251 million at June 30, 2026 and $257 million at December 31, 2025.

Loans with a carrying value of $44.0 billion at June 30, 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:

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

From time to time, we retain continuing involvement in loans sold through servicing rights or guarantees. At June 30, 2026, the principal balance of loans sold for which servicing was retained was $987 million, compared with $679 million at December 31, 2025. Income generated from sold loans, excluding servicing income, totaled $5 million and $12 million for the three and six months ended June 30, 2026, and $2 million and $5 million for the corresponding periods 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:

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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:

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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 and six months ended June 30, 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:

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:

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

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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 June 30, 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 previously described 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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The following schedules present gross charge-offs categorized by year of loan origination for the periods presented:

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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.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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 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 and six months ended June 30, 2026, modified loans to borrowers experiencing financial difficulty that defaulted during the period and were modified within the preceding 12 months totaled less than $1 million and $1 million, respectively. For the corresponding periods ended June 30, 2025, such loans totaled less than $1 million and $2 million, respectively.

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:

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

1 Includes modifications that resulted from a combination of interest rate reduction, maturity or term extension, principal forgiveness, and payment deferral modifications. During the three and six months ended June 30, 2026, modified loans totaling $67 million and $68 million, respectively, included both interest rate reductions and maturity or term extensions.

2 Unfunded lending commitments related to loans modified to borrowers experiencing financial difficulty totaled $19 million and
$38 million at June 30, 2026 and June 30, 2025, respectively.

3 Amounts less than 0.05% are rounded to zero.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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

Loan modifications to borrowers experiencing financial difficulty during the three and six months ended June 30, 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.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after July 1, 2025 through June 30, 2026, categorized by portfolio segment and loan class:

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

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:

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

1 The fair value is based on the most recent appraisal or other collateral evaluation.

Foreclosed Residential Real Estate

The balance of foreclosed residential real estate property was $2 million at June 30, 2026 and $1 million at 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 $19 million and $20 million at June 30, 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 June 30, 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.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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

The following schedule presents additional information related to lease expense:

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:

1 Represents contractual maturities remaining in 2026.

We enter into lease arrangements as a lessor of certain real estate properties, including bank-owned and subleased locations, to generate income. These activities include leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $4 million for each of the quarters ended June 30, 2026 and 2025, and $8 million for each of six-month periods ended June 30, 2026 and 2025.

At June 30, 2026 and December 31, 2025, equipment leases originated by the Bank and classified as sales-type or direct-financing leases had carrying values of $352 million and $367 million, respectively. Income recognized from these leases totaled $5 million for each of the quarters ended June 30, 2026 and 2025, and $10 million for each of six-month periods ended June 30, 2026 and 2025.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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

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. On July 28, 2026, we issued $500 million of 5.24% Fixed-to-Floating Senior Notes, maturing on October 1, 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 June 30, 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 June 30, 2026, there were 145.9 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 $1.6 billion at June 30, 2026, compared with $1.7 billion at December 31, 2025.

In May 2026, we announced a plan to repurchase up to $225 million of our common shares outstanding during the remainder of 2026. We repurchased 1.2 million shares for $75 million, at an average price of $61.79 per share in the second quarter of 2026 and 1.3 million shares for $77 million, at an average price of $60.79 per share in the first quarter, the latter of which included $2 million of shares acquired in connection with our stock compensation plan. In July 2026, we announced a plan to repurchase up to $75 million of common shares outstanding during the third quarter as part of our previously authorized share repurchase target for 2026 of $300 million.

At June 30, 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 ($1.1 billion after tax) of unrealized losses associated with securities previously transferred from AFS to HTM.

The following schedule presents the changes in AOCI:

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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:

1 Net of participations.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

For more information about these commitments and guarantees including their terms and collateral requirements, see Note 16 of our 2025 Form 10-K.

Legal Matters

We participate 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 June 30, 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.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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 June 30, 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 BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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.

The following schedule presents revenue from contracts with customers disaggregated by operating segment and reconciles those amounts to total noninterest income for the six months ended June 30, 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 BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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 22.3% for the second quarter of 2026, compared with 21.8% for the second quarter of 2025. For the six months ended June 30, the effective tax rates were 21.8% in 2026 and 24.9% in 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 six months ended June 30, 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 June 30, 2026 and December 31, 2025, our net DTA totaled $673 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 June 30, 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.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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:

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

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 TCBNW. 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 June 30, 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. TCBNW operated two branches in Washington and one branch in Oregon. During the first six 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

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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 June 30, 2026 and 2025:

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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.

The following schedule presents selected operating segment information that is regularly provided to the CODM to evaluate performance and allocate resources for the six months ended June 30, 2026 and 2025:

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

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.