Zions Bancorporation, N.A. One South Main Salt Lake City, UT 84133 January 23, 2023
www.zionsbancorporation.com

Fourth Quarter 2022 Financial Results: FOR IMMEDIATE RELEASE

Investor and Media Contact: James Abbott (801) 844-7637

Zions Bancorporation, N.A. reports: 4Q22 Net Earnings of $277 million, diluted EPS of $1.84

compared with 4Q21 Net Earnings of $207 million, diluted EPS of $1.34,
and 3Q22 Net Earnings of $211 million, diluted EPS of $1.40

FOURTH QUARTER RESULTS

$1.84	$277 million	3.53%	9.7%
Net earningsper diluted common share	Net earnings	Net interest margin (“NIM”)	Estimated Common Equity Tier 1 ratio

FOURTH QUARTER HIGHLIGHTS¹
Net Interest Income and NIM	•	Net interest income was $720 million, up 30%
	•	NIM was 3.53%, compared with 2.58%
Operating Performance	•	Pre-provision net revenue² ("PPNR") was $412 million, up 36%; adjusted PPNR² was $420 million, up 46%
	•	Customer-related noninterest income was $153 million, up 1%
	•	Noninterest expense was $471 million, up 5%; adjusted noninterest expense² was $472 million, up 6%
	•	The efficiency ratio² was 52.9%, compared with 60.8%
Loans and Credit Quality	•	Loans and leases were $55.7 billion, up 9%; and excluding PPP, loans and leases were $55.5 billion, up 13%
	•	The provision for credit losses was $43 million, compared with $25 million
	•	The allowance for credit losses was 1.15% of loans (ex-PPP), compared with 1.13% of loans (ex-PPP)
	•	Nonperforming assets3 were $149 million, or 0.3%, of loans, compared with $272 million, or 0.5%, of loans
Deposits	•	Deposits were $71.7 billion, down 13%, and the loan-to-deposit ratio was 78%, compared with 61%
Capital	•	The estimated CET1 capital ratio was 9.7%, compared with 10.2%
	•	Shares of common stock repurchased during the quarter were 1.0 million for $50 million

CEO COMMENTARY

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, “We’re pleased with the quarterly and annual financial results, which were characterized by solid loan growth, exceptional credit quality, and a stronger net interest margin, reflecting a normalization of interest rate levels. Although total deposits continued to decline from recent ‘surge’ levels that resulted from considerable fiscal and monetary stimulus, adjusted pre-provision net revenue for the quarter increased 46% to $420 million, despite a $42 million reduction in net interest income from PPP loans, which now constitute a de minimis portion of our loan portfolio.”

Mr. Simmons continued, “Though our quarterly operating results were strong, we continued to build our loss reserves due to both continued loan growth and the prospect of a slowing or recessionary economic environment in coming months. Nevertheless, we remain optimistic that we’re well prepared for a more challenging economy, and we expect the coming year to reflect strong results.”

OPERATING PERFORMANCE2

(In millions)	Three Months Ended December 31,				Twelve Months Ended December 31,
	2022		2021		2022		2021
Adjusted PPNR	$	420	$	288	$	1,312	$	1,121
Net charge-offs (recoveries)	$	(3)	$	1	$	39	$	6
Efficiency ratio	52.9%		60.8%		58.8%		60.8%
Weighted average diluted shares	148.8		153.6		150.3		160.2

1 Comparisons noted in the bullet points are calculated for the current quarter compared with the same prior-year period unless otherwise specified.

2 For information on non-GAAP financial measures, see pages 17-19.

3 Does not include banking premises held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 2

Comparisons noted in the sections below are calculated for the current quarter versus the same prior-year period unless otherwise specified. Growth rates of 100% or more are considered not meaningful (“NM”) as they generally reflect a low starting point.

RESULTS OF OPERATIONS

Net Interest Income and Margin
										4Q22 - 3Q22				4Q22 - 4Q21
(In millions)	4Q22			3Q22			4Q21			$		%		$		%
Interest and fees on loans	$	656		$	551		$	471		$	105	19	%	$	185	39	%
Interest on money market investments	39			24			7			15		63		32		NM
Interest on securities	140			132			88			8		6		52		59
Total interest income	835			707			566			128		18		269		48
Interest on deposits	38			19			7			19		NM		31		NM
Interest on short- and long-term borrowings	77			25			6			52		NM		71		NM
Total interest expense	115			44			13			71		NM		102		NM
Net interest income	$	720		$	663		$	553		$	57	9		$	167	30
										bps				bps
Yield on interest-earning assets1	4.09		%	3.45		%	2.64		%	64				145
Rate paid on total deposits and interest-bearing liabilities1	0.56		%	0.22		%	0.06		%	34				50
Cost of total deposits1	0.20		%	0.10		%	0.03		%	10				17
Net interest margin1	3.53		%	3.24		%	2.58		%	29				95

1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.

Net interest income increased $167 million, or 30%, to $720 million in the fourth quarter of 2022, primarily due to the higher interest rate environment and a favorable change in the composition of interest-earning assets.

Average interest-earning assets decreased $4.6 billion, or 5%, from the prior year quarter, driven by significant declines in average money market investments and PPP loans, the effects of which were largely offset by solid growth in average loans and leases (ex-PPP) and average securities. Average money market investments declined $9.5 billion and average PPP loans decreased $2.2 billion. Average loans and leases (ex-PPP) increased $6.2 billion, and average securities increased $1.0 billion.

The net interest margin was 3.53%, compared with 2.58%. The yield on average interest-earning assets was 4.09% in the fourth quarter of 2022, an increase of 145 basis points, reflecting a favorable change in the mix of interest-earning assets from money market investments to loans and securities. The yield on total loans increased 108 basis points to 4.81%, the yield on non-PPP loans increased 126 basis points to 4.82%, and the yield on securities increased 81 basis points to 2.42%, all reflecting the higher interest rate environment. The yield on securities also benefited from a decrease in the market value of AFS securities due to rising interest rates.

The cost of total deposits for the fourth quarter of 2022 was 0.20%, compared with 0.03%. The rate paid on total deposits and interest-bearing liabilities was 0.56%, compared with 0.06%. Average noninterest-bearing deposits as a percentage of total deposits remained flat at 51%, compared with the same prior year period.

In the fourth quarter of 2022, PPP loans totaling approximately $75 million were forgiven by the SBA. PPP loans contributed $2 million in interest income during the quarter, compared with $44 million. During the same time periods, approximately $1 million and $30 million of the interest income from PPP loans was related to accelerated recognition of net unamortized deferred fees due to forgiveness, respectively. At December 31, 2022, the remaining net unamortized deferred fees on PPP loans totaled $2 million.

ZIONS BANCORPORATION, N.A.

Press Release – Page 3

Noninterest Income
							4Q22 - 3Q22				4Q22 - 4Q21
(In millions)	4Q22		3Q22		4Q21		$		%		$		%
Commercial account fees	$	41	$	40	$	34	$	1	3	%	$	7	21	%
Card fees	27		27		25		—		—		2		8
Retail and business banking fees	16		17		19		(1)		(6)		(3)		(16)
Loan-related fees and income	19		18		22		1		6		(3)		(14)
Capital markets and foreign exchange fees	22		25		24		(3)		(12)		(2)		(8)
Wealth management fees	14		14		13		—		—		1		8
Other customer-related fees	14		15		15		(1)		(7)		(1)		(7)
Customer-related noninterest income	153		156		152		(3)		(2)		1		1
Fair value and nonhedge derivative income (loss)	(4)		4		(1)		(8)		NM		(3)		NM
Dividends and other income (loss)	9		(1)		19		10		NM		(10)		(53)
Securities gains (losses), net	(5)		6		20		(11)		NM		(25)		NM
Total noninterest income	$	153	$	165	$	190	$	(12)	(7)		$	(37)	(19)

Total customer-related noninterest income increased slightly to $153 million, compared with the prior year period, driven by increases in commercial treasury management, card interchange, and wealth management fees, partially offset by decreases in retail and business banking fees, loan-related fees, and capital markets and foreign exchange fees. Retail and business banking fees decreased primarily due to a previously disclosed change in our overdraft and non-sufficient funds practices, which was effected early in the third quarter of 2022. Loan-related fees declined, primarily due to an increased proportion of our 1-4 family residential mortgage production being retained versus sold.

Net securities gains and losses decreased $25 million, due largely to net gains recorded during the prior year period related to our SBIC investment portfolio. Dividends and other income (loss) decreased $10 million, primarily due to gains on the sale of certain bank-owned facilities during the prior year quarter. These sales resulted from the consolidation of some of our technology and operations facilities in advance of occupying our new corporate technology center in July 2022.

Noninterest Expense
							4Q22 - 3Q22				4Q22 - 4Q21
(In millions)	4Q22		3Q22		4Q21		$		%		$		%
Salaries and employee benefits	$	304	$	312	$	282	$	(8)	(3)	%	$	22	8	%
Technology, telecom, and information processing	51		53		51		(2)		(4)		—		—
Occupancy and equipment, net	40		38		38		2		5		2		5
Professional and legal services	15		14		16		1		7		(1)		(6)
Marketing and business development	11		11		20		—		—		(9)		(45)
Deposit insurance and regulatory expense	14		13		9		1		8		5		56
Credit-related expense	8		8		7		—		—		1		14
Other real estate expense, net	—		—		—		—		NM		—		NM
Other	28		30		26		(2)		(7)		2		8
Total noninterest expense	$	471	$	479	$	449	$	(8)	(2)		$	22	5
Adjusted noninterest expense 1	$	472	$	477	$	446	$	(5)	(1)		$	26	6

1 For information on non-GAAP financial measures, see pages 17-19.

Total noninterest expense increased $22 million, or 5%, relative to the prior year quarter. Salaries and benefits expense increased $22 million, or 8%, due to the ongoing impact of inflationary and competitive labor market pressures on wages and benefits and increased headcount. Deposit insurance and regulatory expense increased $5 million, driven largely by a higher FDIC insurance assessment resulting from changes in the balance sheet composition.

ZIONS BANCORPORATION, N.A.

Press Release – Page 4

Marketing and business development expense decreased $9 million, primarily due to a $10 million donation to our charitable foundation in the prior year quarter.

The efficiency ratio was 52.9%, compared with 60.8%, as growth in net revenue significantly outpaced growth in noninterest expense. For information on non-GAAP financial measures, including differences between noninterest expense and adjusted noninterest expense, see pages 17-19.

BALANCE SHEET ANALYSIS

Loans and Leases
							4Q22 - 3Q22				4Q22 - 4Q21
(In millions)	4Q22		3Q22		4Q21		$		%		$		%
Loans held for sale	$	8	$	25	$	83	$	(17)	(68)	%	$	(75)	(90)	%
Loans and leases:
Commercial – excluding PPP loans	$	30,298	$	29,506	$	26,585	$	792	3		$	3,713	14
Commercial – PPP loans	197		306		1,855		(109)		(36)		(1,658)		(89)
Commercial real estate	12,739		12,356		12,198		383		3		541		4
Consumer	12,419		11,750		10,213		669		6		2,206		22
Loans and leases, net of unearned income and fees	55,653		53,918		50,851		1,735		3		4,802		9
Less allowance for loan losses	575		541		513		34		6		62		12
Loans and leases held for investment, net of allowance	$	55,078	$	53,377	$	50,338	$	1,701	3		$	4,740	9
Unfunded lending commitments	$	30,490	$	29,743	$	26,661	$	747	3		$	3,829	14

Loans and leases, net of unearned income and fees, increased $4.8 billion, or 9%, to $55.7 billion at December 31, 2022. Excluding PPP loans, total loans and leases increased $6.5 billion, or 13%, to $55.5 billion.

Loan growth was driven largely from increases of $2.3 billion in commercial and industrial loans, $1.2 billion in consumer 1-4 family residential mortgage loans, and $0.8 billion in commercial real estate term loans.

Unfunded lending commitments increased $3.8 billion, or 14%, to $30.5 billion at December 31, 2022, primarily due to growth in home equity and consumer residential construction lending commitments.

ZIONS BANCORPORATION, N.A.

Press Release – Page 5

Credit Quality
										4Q22 - 3Q22				4Q22 - 4Q21
(In millions)	4Q22			3Q22			4Q21			$		%		$		%
Provision for credit losses	$	43		$	71		$	25		$	(28)	(39)	%	$	18	72	%
Allowance for credit losses	636			590			553			46		8		83		15
Net loan and lease charge-offs (recoveries)	(3)			27			1			(30)		NM		(4)		NM
Nonperforming assets2	149			151			272			(2)		(1)		(123)		(45)
Classified loans	929			965			1,236			(36)		(4)		(307)		(25)
	4Q22			3Q22			4Q21			bps				bps
Ratio of ACL to loans1 and leases outstanding, at period end	1.14		%	1.09		%	1.09		%	5				5
Ratio of ACL to loans1 and leases outstanding (ex-PPP), at period end	1.15		%	1.10		%	1.13		%	5				2
Annualized ratio of net loan and lease charge-offs to average loans	(0.02)		%	0.20		%	0.01		%	(22)				(3)
Ratio of classified loans to total loans and leases (ex-PPP)	1.68		%	1.80		%	2.52		%	(12)				(84)
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned	0.28		%	0.32		%	0.55		%	(4)				(27)

1 Does not include loans held for sale.

2 Does not include banking premises held for sale.

Nonperforming assets decreased $123 million, or 45%, and classified loans decreased $307 million, or 25%. Net loan and lease recoveries were $3 million, compared with net charge-offs of $1 million in the prior year quarter. During the fourth quarter of 2022, we recorded a $43 million provision for credit losses, compared with a $25 million provision during the prior year period. The allowance for credit losses (“ACL”) was $636 million at December 31, 2022, compared with $553 million at December 31, 2021. The increase in the ACL was primarily due to growth in the loan portfolio and deterioration in economic scenarios, partially offset by improvements in credit quality. The ratio of ACL to total loans and leases (ex-PPP) was 1.15% at December 31, 2022, compared with 1.13% at December 31, 2021.

Deposits and Borrowed Funds
							4Q22 - 3Q22				4Q22 - 4Q21
(In millions)	4Q22		3Q22		4Q21		$		%		$		%
Noninterest-bearing demand	$	35,777	$	39,133	$	41,053	$	(3,356)	(9)	%	$	(5,276)	(13)	%
Interest-bearing:
Savings and money market	33,566		35,389		40,114		(1,823)		(5)		(6,548)		(16)
Time	2,309		1,473		1,622		836		57		687		42
Total deposits	$	71,652	$	75,995	$	82,789	$	(4,343)	(6)		$	(11,137)	(13)
Borrowed funds:
Federal funds purchased and other short-term borrowings	$	10,417	$	5,363	$	903	$	5,054	94		$	9,514	NM
Long-term debt	651		647		1,012		4		1		(361)		(36)
Total borrowed funds	$	11,068	$	6,010	$	1,915	$	5,058	84		$	9,153	NM

Total deposits decreased $11.1 billion, or 13%, primarily due to decreases in larger-balance and more rate-sensitive, nonoperating deposits. Our loan-to-deposit ratio was 78%, compared with 61% in the prior year quarter, which continues to afford us flexibility in managing our funding costs.

ZIONS BANCORPORATION, N.A.

Press Release – Page 6

Average total deposits decreased $7.2 billion, or 9%, to $74.3 billion, compared with $81.4 billion during the prior year period. Average noninterest-bearing deposits decreased $3.4 billion, or 8%, and remained 51% of average total deposits for the respective time periods.

Total borrowed funds increased $9.2 billion from the prior year quarter, driven by increases in short-term borrowings as a result of significant loan growth and declines in total deposits. The decrease in long-term debt was primarily due to the redemption and maturity of senior notes during the past year.

Shareholders’ Equity
							4Q22 - 3Q22				4Q22 - 4Q21
(In millions, except share data)	4Q22		3Q22		4Q21		$		%		$		%
Shareholders’ equity:
Preferred stock	$	440	$	440	$	440	$	—	—	%	$	—	—	%
Common stock and additional paid-in capital	1,754		1,799		1,928		(45)		(3)		(174)		(9)
Retained earnings	5,811		5,597		5,175		214		4		636		12
Accumulated other comprehensive income (loss)	(3,112)		(3,140)		(80)		28		1		(3,032)		NM
Total shareholders’ equity	$	4,893	$	4,696	$	7,463	$	197	4		$	(2,570)	(34)
Capital distributions:
Common dividends paid	$	62	$	62	$	58	$	—	—		$	4	7
Bank common stock repurchased	50		50		325		—		—		(275)		(85)
Total capital distributed to common shareholders	$	112	$	112	$	383	$	—	—		$	(271)	(71)
							shares		%		shares		%
Weighted average diluted common shares outstanding (in thousands)	148,829		149,792		153,635		(963)		(1)	%	(4,806)		(3)	%
Common shares outstanding, at period end (in thousands)	148,664		149,611		151,625		(947)		(1)		(2,961)		(2)

The common stock dividend was $0.41 per share, compared with $0.38 per share during the prior year quarter. Common shares outstanding decreased 3.0 million, or 2%, from the fourth quarter of 2021, primarily due to common stock repurchases. During the fourth quarter of 2022, we repurchased 1.0 million common shares outstanding for $50 million, compared with 5.0 million common shares repurchased for $325 million during the prior year period.

Accumulated other comprehensive income (“AOCI”) decreased to a loss of $3.1 billion at December 31, 2022. The decrease is primarily due to the decline in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. Absent any sales or credit impairment of these securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Additionally, changes in AOCI do not impact our regulatory capital ratios.

During the fourth quarter of 2022, we transferred approximately $10.7 billion fair value ($13.1 billion amortized cost) of pass-through mortgage-backed AFS securities to the HTM category to reflect our intent for these securities.

Estimated common equity tier 1 (“CET1”) capital was $6.5 billion, an increase of 7%, compared with $6.1 billion. The estimated CET1 capital ratio was 9.7%, compared with 10.2%, reflecting a 13% increase in risk-weighted assets due to strong loan growth. Tangible book value per common share increased to $43.72, compared with $40.15, due to an increase in retained earnings.

ZIONS BANCORPORATION, N.A.

Press Release – Page 7

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the fourth quarter results at 5:30 p.m. ET on January 23, 2023. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and entering the passcode 13735171, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $90 billion of total assets at December 31, 2022, and annual net revenue of $3.2 billion in 2022. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

This earnings release includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as “may,” “might,” “could,” “anticipate,” “expect,” and similar terms, are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks and uncertainties.

Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. 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 2021 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).

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.

ZIONS BANCORPORATION, N.A.

Press Release – Page 8

FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended
(In millions, except share, per share, and ratio data)	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
BALANCE SHEET1
Loans held for investment, net of allowance	$	55,078		$	53,377		$	51,862		$	50,764		$	50,338
Total assets	89,545			88,474			87,784			91,126			93,200
Deposits	71,652			75,995			79,061			82,351			82,789
Total shareholders’ equity	4,893			4,696			5,632			6,294			7,463
STATEMENT OF INCOME
Net earnings applicable to common shareholders	$	277		$	211		$	195		$	195		$	207
Net interest income	720			663			593			544			553
Taxable-equivalent net interest income 2	730			673			602			552			563
Total noninterest income	153			165			172			142			190
Total noninterest expense	471			479			464			464			449
Pre-provision net revenue 2	412			359			310			230			304
Adjusted pre-provision net revenue 2	420			351			300			241			288
Provision for credit losses	43			71			41			(33)			25
SHARE AND PER COMMON SHARE AMOUNTS
Net earnings per diluted common share	$	1.84		$	1.40		$	1.29		$	1.27		$	1.34
Dividends	0.41			0.41			0.38			0.38			0.38
Book value per common share 1	29.95			28.45			34.50			38.68			46.32
Tangible book value per common share 1, 2	43.72			42.52			41.72			40.87			40.15
Weighted average share price	49.85			54.50			56.62			68.23			63.69
Weighted average diluted common shares outstanding (in thousands)	148,829			149,792			150,838			151,687			153,635
Common shares outstanding (in thousands) 1	148,664			149,611			150,471			151,348			151,625
SELECTED RATIOS AND OTHER DATA
Return on average assets	1.27		%	0.97		%	0.91		%	0.90		%	0.92		%
Return on average common equity	25.4		%	15.8		%	14.0		%	11.8		%	11.5		%
Return on average tangible common equity 2	16.9		%	13.2		%	12.5		%	12.9		%	13.5		%
Net interest margin	3.53		%	3.24		%	2.87		%	2.60		%	2.58		%
Cost of total deposits	0.20		%	0.10		%	0.03		%	0.03		%	0.03		%
Efficiency ratio 2	52.9		%	57.6		%	60.7		%	65.8		%	60.8		%
Effective tax rate	20.9		%	21.9		%	21.9		%	20.4		%	20.8		%
Ratio of nonperforming assets to loans and leases and other real estate owned	0.27		%	0.28		%	0.38		%	0.49		%	0.53		%
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans	(0.02)		%	0.20		%	0.07		%	0.05		%	0.01		%
Ratio of total allowance for credit losses to loans and leases outstanding 1	1.14		%	1.09		%	1.04		%	1.00		%	1.09		%
Full-time equivalent employees	9,989			9,920			9,895			9,724			9,685
CAPITAL RATIOS AND DATA 1
Common equity tier 1 capital 3	$	6,480		$	6,342		$	6,257		$	6,166		$	6,068
Risk-weighted assets 3	67,125			65,982			63,424			61,427			59,600
Tangible common equity ratio 2	7.1		%	7.0		%	7.1		%	6.8		%	6.6		%
Common equity tier 1 capital ratio 3	9.7		%	9.6		%	9.9		%	10.0		%	10.2		%
Tier 1 leverage ratio 3	7.6		%	7.5		%	7.4		%	7.3		%	7.2		%
Tier 1 risk-based capital ratio 3	10.3		%	10.3		%	10.6		%	10.8		%	10.9		%
Total risk-based capital ratio 3	12.0		%	12.0		%	12.3		%	12.5		%	12.8		%

1 At period end.

2    For information on non-GAAP financial measures, see pages 17-19.

3 Current period ratios and amounts represent estimates.

ZIONS BANCORPORATION, N.A.

Press Release – Page 9

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands)	December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
ASSETS
Cash and due from banks	$	657	$	549	$	559	$	700	$	595
Money market investments:
Interest-bearing deposits	1,340		1,291		1,249		5,093		10,283
Federal funds sold and security resell agreements	2,426		2,797		2,273		2,345		2,133
Investment securities:
Held-to-maturity1, at amortized cost	11,126		423		614		439		441
Available-for-sale, at fair value	11,915		23,233		25,297		26,145		24,048
Trading account, at fair value	465		526		304		382		372
Total securities, net of allowance	23,506		24,182		26,215		26,966		24,861
Loans held for sale	8		25		42		43		83
Loans and leases, net of unearned income and fees	55,653		53,918		52,370		51,242		50,851
Less allowance for loan losses	575		541		508		478		513
Loans held for investment, net of allowance	55,078		53,377		51,862		50,764		50,338
Other noninterest-bearing investments	1,130		983		840		829		851
Premises, equipment and software, net	1,408		1,388		1,372		1,346		1,319
Goodwill and intangibles	1,065		1,034		1,015		1,015		1,015
Other real estate owned	3		3		—		4		8
Other assets	2,924		2,845		2,357		2,021		1,714
Total assets	$	89,545	$	88,474	$	87,784	$	91,126	$	93,200
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	35,777	$	39,133	$	40,289	$	41,937	$	41,053
Interest-bearing:
Savings and money market	33,566		35,389		37,346		38,864		40,114
Time	2,309		1,473		1,426		1,550		1,622
Total deposits	71,652		75,995		79,061		82,351		82,789
Federal funds purchased and other short-term borrowings	10,417		5,363		1,018		638		903
Long-term debt	651		647		671		689		1,012
Reserve for unfunded lending commitments	61		49		38		36		40
Other liabilities	1,871		1,724		1,364		1,118		993
Total liabilities	84,652		83,778		82,152		84,832		85,737
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares	440		440		440		440		440
Common stock2 ($0.001 par value; authorized 350,000 shares) and additional paid-in capital	1,754		1,799		1,845		1,889		1,928
Retained earnings	5,811		5,597		5,447		5,311		5,175
Accumulated other comprehensive income (loss)	(3,112)		(3,140)		(2,100)		(1,346)		(80)
Total shareholders’ equity	4,893		4,696		5,632		6,294		7,463
Total liabilities and shareholders’ equity	$	89,545	$	88,474	$	87,784	$	91,126	$	93,200
1 Held-to-maturity (fair value)	$	11,239	$	379	$	578	$	414	$	443
2 Common shares (issued and outstanding)	148,664		149,611		150,471		151,348		151,625

ZIONS BANCORPORATION, N.A.

Press Release – Page 10

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)	Three Months Ended
(In millions, except share and per share amounts)	December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
Interest income:
Interest and fees on loans	$	656	$	551	$	468	$	437	$	471
Interest on money market investments	39		24		12		6		7
Interest on securities	140		132		128		112		88
Total interest income	835		707		608		555		566
Interest expense:
Interest on deposits	38		19		7		6		7
Interest on short- and long-term borrowings	77		25		8		5		6
Total interest expense	115		44		15		11		13
Net interest income	720		663		593		544		553
Provision for credit losses:
Provision for loan losses	31		60		39		(29)		23
Provision for unfunded lending commitments	12		11		2		(4)		2
Total provision for credit losses	43		71		41		(33)		25
Net interest income after provision for credit losses	677		592		552		577		528
Noninterest income:
Commercial account fees	41		40		37		41		34
Card fees	27		27		25		25		25
Retail and business banking fees	16		17		20		20		19
Loan-related fees and income	19		18		21		22		22
Capital markets and foreign exchange fees	22		25		21		15		24
Wealth management fees	14		14		13		14		13
Other customer-related fees	14		15		17		14		15
Customer-related noninterest income	153		156		154		151		152
Fair value and nonhedge derivative income (loss)	(4)		4		10		6		(1)
Dividends and other income (loss)	9		(1)		7		2		19
Securities gains (losses), net	(5)		6		1		(17)		20
Total noninterest income	153		165		172		142		190
Noninterest expense:
Salaries and employee benefits	304		312		307		312		282
Technology, telecom, and information processing	51		53		53		52		51
Occupancy and equipment, net	40		38		36		38		38
Professional and legal services	15		14		14		14		16
Marketing and business development	11		11		9		8		20
Deposit insurance and regulatory expense	14		13		13		10		9
Credit-related expense	8		8		7		7		7
Other real estate expense, net	—		—		—		1		—
Other	28		30		25		22		26
Total noninterest expense	471		479		464		464		449
Income before income taxes	359		278		260		255		269
Income taxes	75		61		57		52		56
Net income	284		217		203		203		213
Preferred stock dividends	(7)		(6)		(8)		(8)		(6)
Net earnings applicable to common shareholders	$	277	$	211	$	195	$	195	$	207
Weighted average common shares outstanding during the period:
Basic shares (in thousands)	148,739		149,628		150,635		151,285		153,248
Diluted shares (in thousands)	148,829		149,792		150,838		151,687		153,635
Net earnings per common share:
Basic	$	1.84	$	1.40	$	1.29	$	1.27	$	1.34
Diluted	1.84		1.40		1.29		1.27		1.34

ZIONS BANCORPORATION, N.A.

Press Release – Page 11

CONSOLIDATED STATEMENTS OF INCOME

	Year Ended December 31,
(In millions, except share and per share amounts)	2022		2021		2020
	(Unaudited)
Interest income:
Interest and fees on loans	$	2,112	$	1,935	$	2,050
Interest on money market investments	81		21		14
Interest on securities	512		311		304
Total interest income	2,705		2,267		2,368
Interest expense:
Interest on deposits	70		30		105
Interest on short- and long-term borrowings	115		29		47
Total interest expense	185		59		152
Net interest income	2,520		2,208		2,216
Provision for credit losses:
Provision for loan losses	101		(258)		385
Provision for unfunded lending commitments	21		(18)		29
Total provision for credit losses	122		(276)		414
Net interest income after provision for loan losses	2,398		2,484		1,802
Noninterest income:
Commercial account fees	159		137		132
Card fees	104		95		82
Retail and business banking fees	73		74		68
Loan-related fees and income	80		95		109
Capital markets and foreign exchange fees	83		70		70
Wealth management fees	55		50		44
Other customer-related fees	60		54		44
Customer-related noninterest income	614		575		549
Fair value and nonhedge derivative income (loss)	16		14		(6)
Dividends and other investment income	17		43		24
Securities gains (losses), net	(15)		71		7
Total noninterest income	632		703		574
Noninterest expense:
Salaries and employee benefits	1,235		1,127		1,087
Technology, telecom, and information processing	209		199		192
Occupancy and equipment, net	152		153		151
Professional and legal services	57		72		57
Marketing and business development	39		43		61
Deposit insurance and regulatory expense	50		34		33
Credit-related expense	30		26		22
Other real estate expense, net	1		—		1
Other	105		87		100
Total noninterest expense	1,878		1,741		1,704
Income before income taxes	1,152		1,446		672
Income taxes	245		317		133
Net income	907		1,129		539
Preferred stock dividends	(29)		(29)		(34)
Net earnings applicable to common shareholders	$	878	$	1,100	$	505
Weighted average common shares outstanding during the year:
Basic shares (in thousands)	150,064		159,913		163,737
Diluted shares (in thousands)	150,271		160,234		165,613
Net earnings per common share:
Basic	$	5.80	$	6.80	$	3.06
Diluted	5.79		6.79		3.02

ZIONS BANCORPORATION, N.A.

Press Release – Page 12

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions)	December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
Commercial:
Commercial and industrial	$	16,180	$	15,656	$	14,989	$	14,356	$	13,867
PPP	197		306		534		1,081		1,855
Leasing	386		347		339		318		327
Owner occupied	9,371		9,279		9,208		9,026		8,733
Municipal	4,361		4,224		4,113		3,944		3,658
Total commercial	30,495		29,812		29,183		28,725		28,440
Commercial real estate:
Construction and land development	2,513		2,800		2,659		2,769		2,757
Term	10,226		9,556		9,477		9,325		9,441
Total commercial real estate	12,739		12,356		12,136		12,094		12,198
Consumer:
Home equity credit line	3,377		3,331		3,266		3,089		3,016
1-4 family residential	7,286		6,852		6,423		6,122		6,050
Construction and other consumer real estate	1,161		973		787		692		638
Bankcard and other revolving plans	471		471		448		410		396
Other	124		123		127		110		113
Total consumer	12,419		11,750		11,051		10,423		10,213
Total loans and leases	$	55,653	$	53,918	$	52,370	$	51,242	$	50,851

Nonperforming Assets

(Unaudited)

(In millions)	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Nonaccrual loans 1	$	149		$	151		$	201		$	252		$	271
Other real estate owned 2	—			—			—			—			1
Total nonperforming assets	$	149		$	151		$	201		$	252		$	272
Ratio of nonperforming assets to loans1 and leases and other real estate owned 2	0.27		%	0.28		%	0.38		%	0.49		%	0.53		%
Accruing loans past due 90 days or more	$	6		$	20		$	6		$	3		$	8
Ratio of accruing loans past due 90 days or more to loans1 and leases	0.01		%	0.04		%	0.01		%	0.01		%	0.02		%
Nonaccrual loans and accruing loans past due 90 days or more	$	155		$	171		$	207		$	255		$	279
Ratio of nonperforming assets1 and accruing loans 90 days or more past due to loans and leases and other real estate owned	0.28		%	0.32		%	0.39		%	0.50		%	0.55		%
Accruing loans past due 30-89 days 3	$	93		$	84		$	123		$	93		$	70
Restructured loans included in nonaccrual loans	38			39			61			100			105
Restructured loans on accrual	197			206			214			216			221
Classified loans	929			965			1,009			1,148			1,236

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

3 Includes $6 million of PPP loans at December 31, 2022, which we expect will be paid in full by either the borrower or the SBA.

ZIONS BANCORPORATION, N.A.

Press Release – Page 13

Allowance for Credit Losses

(Unaudited)

	Three Months Ended
(In millions)	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Allowance for Loan and Lease Losses
Balance at beginning of period	$	541		$	508		$	478		$	513		$	491
Provision for loan losses	31			60			39			(29)			23
Loan and lease charge-offs	9			38			18			17			11
Less: Recoveries	12			11			9			11			10
Net loan and lease charge-offs (recoveries)	(3)			27			9			6			1
Balance at end of period	$	575		$	541		$	508		$	478		$	513
Ratio of allowance for loan losses to loans1 and leases, at period end	1.03		%	1.00		%	0.97		%	0.93		%	1.01		%
Ratio of allowance for loan losses to nonaccrual loans1 at period end	386		%	358		%	261		%	190		%	189		%
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans	(0.02)		%	0.20		%	0.07		%	0.05		%	0.01		%
Annualized ratio of net loan and lease charge-offs (recoveries) to average loans (excluding PPP loans)	(0.02)		%	0.21		%	0.07		%	0.05		%	0.01		%
Reserve for Unfunded Lending Commitments
Balance at beginning of period	$	49		$	38		$	36		$	40		$	38
Provision for unfunded lending commitments	12			11			2			(4)			2
Balance at end of period	$	61		$	49		$	38		$	36		$	40
Allowance for Credit Losses
Allowance for loan losses	$	575		$	541		$	508		$	478		$	513
Reserve for unfunded lending commitments	61			49			38			36			40
Total allowance for credit losses	$	636		$	590		$	546		$	514		$	553
Ratio of ACL to loans1 and leases outstanding, at period end	1.14		%	1.09		%	1.04		%	1.00		%	1.09		%
Ratio of ACL to loans1 and leases outstanding (excluding PPP loans), at period end	1.15		%	1.10		%	1.05		%	1.02		%	1.13		%

1 Does not include loans held for sale.

ZIONS BANCORPORATION, N.A.

Press Release – Page 14

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions)	December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
Loans held for sale	$	—	$	—	$	6	$	—	$	—
Commercial:
Commercial and industrial	$	56	$	52	$	86	$	112	$	124
PPP	7		5		1		2		3
Leasing	—		—		—		—		—
Owner occupied	24		28		40		53		57
Municipal	—		—		—		—		—
Total commercial	87		85		127		167		184
Commercial real estate:
Construction and land development	—		—		—		—		—
Term	14		20		20		20		20
Total commercial real estate	14		20		20		20		20
Consumer:
Home equity credit line	11		10		10		13		14
1-4 family residential	37		36		38		51		52
Construction and other consumer real estate	—		—		—		—		—
Bankcard and other revolving plans	—		—		—		1		1
Other	—		—		—		—		—
Total consumer	48		46		48		65		67
Total nonaccrual loans	$	149	$	151	$	201	$	252	$	271

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions)	December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
Commercial:
Commercial and industrial	$	(4)	$	31	$	8	$	6	$	3
PPP	—		—		—		—		—
Leasing	—		—		—		—		—
Owner occupied	—		—		—		(1)		—
Municipal	—		—		—		—		—
Total commercial	(4)		31		8		5		3
Commercial real estate:
Construction and land development	—		—		—		—		(3)
Term	—		—		—		—		—
Total commercial real estate	—		—		—		—		(3)
Consumer:
Home equity credit line	—		—		(1)		(1)		—
1-4 family residential	—		(4)		1		1		—
Construction and other consumer real estate	—		—		—		—		—
Bankcard and other revolving plans	1		—		1		1		—
Other	—		—		—		—		1
Total consumer loans	1		(4)		1		1		1
Total net charge-offs (recoveries)	$	(3)	$	27	$	9	$	6	$	1

ZIONS BANCORPORATION, N.A.

Press Release – Page 15

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)	Three Months Ended
	December 31, 2022				September 30, 2022				December 31, 2021
(In millions)	Average balance		Average yield/rate 1		Average balance		Average yield/rate 1		Average balance		Average yield/rate 1
ASSETS
Money market investments:
Interest-bearing deposits	$	1,264	3.67	%	$	1,233	2.19	%	$	11,155	0.15	%
Federal funds sold and security resell agreements	2,571		4.13	%	2,511		2.66	%	2,189		0.49	%
Total money market investments	3,835		3.98	%	3,744		2.51	%	13,344		0.21	%
Securities:
Held-to-maturity	6,463		2.22	%	560		2.88	%	451		3.18	%
Available-for-sale	16,743		2.45	%	24,892		2.05	%	21,661		1.52	%
Trading account	262		4.72	%	288		4.57	%	342		4.76	%
Total securities	23,468		2.42	%	25,740		2.10	%	22,454		1.61	%
Loans held for sale	22		2.72	%	37		5.33	%	79		1.39	%
Loans and leases:2
Commercial - excluding PPP loans	29,805		4.64	%	28,972		4.13	%	25,899		3.75	%
Commercial - PPP loans	251		3.38	%	408		6.28	%	2,439		7.16	%
Commercial real estate	12,547		5.90	%	12,182		4.73	%	12,228		3.39	%
Consumer	12,073		4.14	%	11,391		3.61	%	10,125		3.29	%
Total loans and leases	54,676		4.81	%	52,953		4.17	%	50,691		3.73	%
Total interest-earning assets	82,001		4.09	%	82,474		3.45	%	86,568		2.64	%
Cash and due from banks	638				604				629
Allowance for credit losses on loans and debt securities	(546)				(515)				(495)
Goodwill and intangibles	1,036				1,021				1,015
Other assets	5,770				4,923				4,168
Total assets	$	88,899			$	88,507			$	91,885
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market	$	34,386	0.37	%	$	36,399	0.20	%	$	38,349	0.05	%
Time	1,856		1.31	%	1,441		0.32	%	1,662		0.29	%
Total interest-bearing deposits	36,242		0.42	%	37,840		0.20	%	40,011		0.06	%
Borrowed funds:
Federal funds purchased and other short-term borrowings	6,883		3.80	%	2,885		2.33	%	641		0.07	%
Long-term debt	648		6.24	%	673		4.83	%	1,017		2.54	%
Total borrowed funds	7,531		4.01	%	3,558		2.80	%	1,658		1.59	%
Total interest-bearing funds	43,773		1.04	%	41,398		0.43	%	41,669		0.12	%
Noninterest-bearing demand deposits	38,013				39,623				41,397
Other liabilities	2,343				1,743				1,233
Total liabilities	84,129				82,764				84,299
Shareholders’ equity:
Preferred equity	440				440				440
Common equity	4,330				5,303				7,146
Total shareholders’ equity	4,770				5,743				7,586
Total liabilities and shareholders’ equity	$	88,899			$	88,507			$	91,885
Spread on average interest-bearing funds			3.05	%			3.02	%			2.52	%
Impact of net noninterest-bearing sources of funds			0.48	%			0.22	%			0.06	%
Net interest margin			3.53	%			3.24	%			2.58	%
Memo: total loans and leases, excluding PPP loans	54,425		4.82	%	52,545		4.16	%	48,252		3.56	%
Memo: total cost of deposits			0.20	%			0.10	%			0.03	%
Memo: total deposits and interest-bearing liabilities	81,786		0.56	%	81,021		0.22	%	83,066		0.06	%

1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.

2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.

ZIONS BANCORPORATION, N.A.

Press Release – Page 16

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)	Twelve Months Ended
	December 31, 2022				December 31, 2021				December 31, 2020
(In millions)	Average balance		Average yield/rate 1		Average balance		Average yield/rate 1		Average balance		Average yield/rate 1
ASSETS
Money market investments:
Interest-bearing deposits	$	3,066	0.87	%	$	8,917	0.14	%	$	965	0.49	%
Federal funds sold and security resell agreements	2,482		2.16	%	2,129		0.40	%	2,089		0.44	%
Total money market investments	5,548		1.45	%	11,046		0.19	%	3,054		0.46	%
Securities:
Held-to-maturity	1,999		2.36	%	562		2.97	%	618		3.54	%
Available-for-sale	23,132		1.99	%	18,365		1.59	%	14,208		2.00	%
Trading account	322		4.79	%	246		4.43	%	167		4.36	%
Total securities	25,453		2.06	%	19,173		1.67	%	14,993		2.09	%
Loans held for sale	39		2.57	%	65		2.35	%	96		3.89	%
Loans and leases:2
Commercial - excluding PPP loans	28,500		4.02	%	25,014		3.80	%	25,193		4.11	%
Commercial - PPP loans	725		6.53	%	4,566		5.16	%	4,534		3.22	%
Commercial real estate	12,251		4.44	%	12,136		3.44	%	11,854		3.87	%
Consumer	11,122		3.58	%	10,267		3.44	%	11,435		3.71	%
Total loans and leases	52,598		4.06	%	51,983		3.76	%	53,016		3.89	%
Total interest-earning assets	83,638		3.28	%	82,267		2.79	%	71,159		3.37	%
Cash and due from banks	621				605				619
Allowance for credit losses on loans and debt securities	(514)				(612)				(733)
Goodwill and intangibles	1,022				1,015				1,015
Other assets	4,908				4,122				3,997
Total assets	$	89,675			$	87,397			$	76,057
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market	$	37,045	0.16	%	$	36,717	0.06	%	$	31,100	0.19	%
Time	1,594		0.58	%	2,020		0.41	%	3,706		1.22	%
Total interest-bearing deposits	38,639		0.18	%	38,737		0.08	%	34,806		0.30	%
Borrowed funds:
Federal funds purchased and other short-term borrowings	2,794		3.02	%	802		0.07	%	1,888		0.52	%
Long-term debt	705		4.28	%	1,211		2.36	%	1,544		2.45	%
Total borrowed funds	3,499		3.27	%	2,013		1.45	%	3,432		1.39	%
Total interest-bearing funds	42,138		0.44	%	40,750		0.14	%	38,238		0.40	%
Noninterest-bearing demand deposits	39,890				37,520				28,883
Other liabilities	1,735				1,259				1,320
Total liabilities	83,763				79,529				68,441
Shareholders’ equity:
Preferred equity	440				497				566
Common equity	5,472				7,371				7,050
Total shareholders’ equity	5,912				7,868				7,616
Total liabilities and shareholders’ equity	$	89,675			$	87,397			$	76,057
Spread on average interest-bearing funds			2.84	%			2.65	%			2.97	%
Impact of net noninterest-bearing sources of funds			0.22	%			0.07	%			0.18	%
Net interest margin			3.06	%			2.72	%			3.15	%
Memo: total loans and leases, excluding PPP loans	51,873		4.03	%	47,417		3.63	%	48,482		3.89	%
Memo: total cost of deposits			0.09	%			0.04	%			0.17	%
Memo: total deposits and interest-bearing liabilities	82,028		0.23	%	78,270		0.07	%	67,121		0.22	%

1 Rates are calculated using amounts in thousands and a tax rate of 21% for the periods presented.

2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.

ZIONS BANCORPORATION, N.A.

Press Release – Page 17

NON-GAAP FINANCIAL MEASURES

(Unaudited)

This press release presents non-GAAP financial measures in addition to GAAP financial measures. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. We consider these adjustments to be relevant to ongoing operating results and provide a meaningful basis for period-to-period comparisons. We use these non-GAAP financial measures to assess our performance, financial position, and for presentations of our performance to investors. We believe that presenting these non-GAAP financial measures permits investors to assess our performance on the same basis as that applied by our management and the financial services industry.

Non-GAAP financial measures have inherent limitations and are not necessarily comparable to similar financial measures that may be presented by other financial services companies. Although non-GAAP financial measures are frequently used by stakeholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

Tangible Common Equity and Related Measures

Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization and accumulated other comprehensive income or loss. We believe these non-GAAP measures provide useful information about our use of shareholders’ equity and provide a basis for evaluating the performance of a business more consistently, whether acquired or developed internally.

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

		Three Months Ended
(Dollar amounts in millions)		December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Net earnings applicable to common shareholders (GAAP)		$	277		$	211		$	195		$	195		$	207
Adjustments, net of tax:
Amortization of core deposit and other intangibles		—			1			—			—			1
Net earnings applicable to common shareholders, net of tax	(a)	$	277		$	212		$	195		$	195		$	208
Average common equity (GAAP)		$	4,330		$	5,303		$	5,582		$	6,700		$	7,146
Average goodwill and intangibles		(1,036)			(1,021)			(1,015)			(1,015)			(1,015)
Average accumulated other comprehensive loss (income)		3,192			2,075			1,702			452			(2)
Average tangible common equity (non-GAAP)	(b)	$	6,486		$	6,357		$	6,269		$	6,137		$	6,129
Number of days in quarter	(c)	92			92			91			90			92
Number of days in year	(d)	365			365			365			365			365
Return on average tangible common equity (non-GAAP)	(a/b/c)*d	16.9		%	13.2		%	12.5		%	12.9		%	13.5		%

ZIONS BANCORPORATION, N.A.

Press Release – Page 18

TANGIBLE EQUITY RATIO, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE BOOK VALUE PER COMMON SHARE (ALL NON-GAAP MEASURES)

(Dollar amounts in millions, except per share amounts)		December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Total shareholders’ equity (GAAP)		$	4,893		$	4,696		$	5,632		$	6,294		$	7,463
Goodwill and intangibles		(1,065)			(1,034)			(1,015)			(1,015)			(1,015)
Accumulated other comprehensive loss (income)		3,112			3,140			2,100			1,346			80
Tangible equity (non-GAAP)	(a)	6,940			6,802			6,717			6,625			6,528
Preferred stock		(440)			(440)			(440)			(440)			(440)
Tangible common equity (non-GAAP)	(b)	$	6,500		$	6,362		$	6,277		$	6,185		$	6,088
Total assets (GAAP)		$	89,545		$	88,474		$	87,784		$	91,126		$	93,200
Goodwill and intangibles		(1,065)			(1,034)			(1,015)			(1,015)			(1,015)
Accumulated other comprehensive loss (income)		3,112			3,140			2,100			1,346			80
Tangible assets (non-GAAP)	(c)	$	91,592		$	90,580		$	88,869		$	91,457		$	92,265
Common shares outstanding (in thousands)	(d)	148,664			149,611			150,471			151,348			151,625
Tangible equity ratio (non-GAAP)	(a/c)	7.6		%	7.5		%	7.6		%	7.2		%	7.1		%
Tangible common equity ratio (non-GAAP)	(b/c)	7.1		%	7.0		%	7.1		%	6.8		%	6.6		%
Tangible book value per common share (non-GAAP)	(b/d)	$	43.72		$	42.52		$	41.72		$	40.87		$	40.15

Efficiency Ratio and Adjusted Pre-Provision Net Revenue

The efficiency ratio is a measure of operating expense relative to revenue. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. We make adjustments to exclude certain items that are not generally expected to recur frequently, as identified in the subsequent schedule, which we believe allow for more consistent comparability across periods. Adjusted noninterest expense provides a measure as to how we are managing our expenses; adjusted pre-provision net revenue enables management and others to assess our ability to generate capital. Taxable-equivalent net interest income allows us to assess the comparability of revenue arising from both taxable and tax-exempt sources.

EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)

		Three Months Ended
(Dollar amounts in millions)		December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Noninterest expense (GAAP)	(a)	$	471		$	479		$	464		$	464		$	449
Adjustments:
Severance costs		—			—			1			—			—
Other real estate expense, net		—			—			—			1			—
Amortization of core deposit and other intangibles		—			1			—			—			1
SBIC investment success fee accrual 1		(1)			1			—			(1)			2
Total adjustments	(b)	(1)			2			1			—			3
Adjusted noninterest expense (non-GAAP)	(a-b)=(c)	$	472		$	477		$	463		$	464		$	446
Net interest income (GAAP)	(d)	$	720		$	663		$	593		$	544		$	553
Fully taxable-equivalent adjustments	(e)	10			10			9			8			10
Taxable-equivalent net interest income (non-GAAP)	(d+e)=(f)	730			673			602			552			563
Noninterest income (GAAP)	(g)	153			165			172			142			190
Combined income (non-GAAP)	(f+g)=(h)	883			838			774			694			753
Adjustments:
Fair value and nonhedge derivative income (loss)		(4)			4			10			6			(1)
Securities gains (losses), net		(5)			6			1			(17)			20
Total adjustments	(i)	(9)			10			11			(11)			19
Adjusted taxable-equivalent revenue (non-GAAP)	(h-i)=(j)	$	892		$	828		$	763		$	705		$	734
Pre-provision net revenue (PPNR) (non-GAAP)	(h)-(a)	$	412		$	359		$	310		$	230		$	304
Adjusted PPNR (non-GAAP)	(j)-(c)	420			351			300			241			288
Efficiency ratio (non-GAAP)	(c/j)	52.9		%	57.6		%	60.7		%	65.8		%	60.8		%

1 The success fee accrual is associated with the gains/(losses) from our SBIC investments. The gains/(losses) related to these investments are excluded from the efficiency ratio through securities gains (losses), net.

ZIONS BANCORPORATION, N.A.

Press Release – Page 19

EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)

		Twelve Months Ended
(Dollar amounts in millions)		December 31, 2022			December 31, 2021
Noninterest expense (GAAP)	(a)	$	1,878		$	1,741
Adjustments:
Severance costs		1			1
Other real estate expense		1			—
Amortization of core deposit and other intangibles		1			1
Pension termination-related expense		—			(5)
SBIC investment success fee accrual 1		(1)			7
Total adjustments	(b)	2			4
Adjusted noninterest expense (non-GAAP)	(a-b)=(c)	$	1,876		$	1,737
Net interest income (GAAP)	(d)	$	2,520		$	2,208
Fully taxable-equivalent adjustments	(e)	37			32
Taxable-equivalent net interest income (non-GAAP)	(d+e)=(f)	2,557			2,240
Noninterest income (GAAP)	(g)	632			703
Combined income (non-GAAP)	(f+g)=(h)	3,189			2,943
Adjustments:
Fair value and nonhedge derivative income (loss)		16			14
Securities gains (losses), net		(15)			71
Total adjustments	(i)	1			85
Adjusted taxable-equivalent revenue (non-GAAP)	(h-i)=(j)	$	3,188		$	2,858
Pre-provision net revenue (PPNR)	(h)-(a)	$	1,311		$	1,202
Adjusted PPNR (non-GAAP)	(j)-(c)	1,312			1,121
Efficiency ratio (non-GAAP)	(c/j)	58.8		%	60.8		%

1 The success fee accrual is associated with the gains/(losses) from our SBIC investments. The gains/(losses) related to these investments are excluded from the efficiency ratio through securities gains (losses), net.