Zions Bancorporation N.a. · NASDAQ:ZION
Zions Bancorporation N.a — Q3 2026 Earnings Presentation
43 slides from Zions Bancorporation N.a's earnings presentation, Oct 19, 2026
Slide 1: Third Quarter 2026 Financial Review
ZIONS THIRD QUARTER 2026 Financial Review October 19, 2026
Slide 2: Forward-Looking Statements; Use of Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS; USE OF NON-GAAP FINANCIAL MEASURES Forward-Looking Information This presentation contains “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and assumptions regardi
Slide 3: Financial Performance
FINANCIAL PERFORMANCE Third quarter results reflect strong customer deposit growth and improved year-over-year earnings; PPNR decreased compared to prior year elevated amount • Net earnings of $262 million, or $1.78 per Change From: Key Metrics 3Q26 2Q26 3Q25 share, increased $0.04, from the adjuste
Slide 4: Diluted Earnings Per Share
DILUTED EARNINGS PER SHARE Earnings per share increased by 20% compared to the year-ago period driven by improved credit performance Diluted Earnings per Share Notable Items1: $3.05 3Q26: • $0.05 per share positive impact from $10 million net CVA gain $1.76 $1.78 2Q26: $1.48 $1.56 • $1.12 per share
Slide 5: Pre-Provision Net Revenue (PPNR)
PRE-PROVISION NET REVENUE (“PPNR”) Adjusted PPNR increased 2% versus the prior quarter and decreased 4% over the prior year PPNR1 Linked quarter (3Q26 vs. 2Q26) ($ millions) • Adjusted PPNR increased $6 million, or 2%: • Tax-equivalent net interest income increased $8 million, or 1% $597 • Adjusted
Slide 6: Capital Markets: Building a Broader Platform for Growth
CAPITAL MARKETS: BUILDING A BROADER PLATFORM FOR GROWTH Growth reflects continued investment in product capabilities and talent to expand our addressable market and deepen client relationships Capital Markets Fee Income CONTINUED GROWTH (in millions, excludes CVA) 150 125 1.9x 2026 annualized fee in
Slide 7: Capital Markets: Agency Multifamily Business Acquisition
CAPITAL MARKETS: AGENCY MULTIFAMILY BUSINESS ACQUISITION Agency lending platform acquisition complements Zions’ relationship-based CRE franchise Expanding multifamily capabilities through agency lending • Platform Acquisition • Completed in July 2026, adding an experienced agency team and direct BRO
Slide 8: Wealth Management: Significant Growth Opportunity
WEALTH MANAGEMENT: SIGNIFICANT GROWTH OPPORTUNITY Deep client relationships and a sizable customer base create a compelling opportunity to expand wealth penetration FOUNDATION FOR ACCELERATED GROWTH • Experienced affiliate and wealth leadership $57M • Continued improvement integrating banking and ad
Slide 9: Strategic Six Products
STRATEGIC SIX PRODUCTS As we put greater focus on expanding existing relationships and attracting new clients, we have identified six key products as priorities Gold Account – (Consumer) Wealth Select – (Wealth) 1 4 Builds a granular, relationship- Expands wealth capabilities to based deposit base w
Slide 10: Net Interest Income & Net Interest Margin
NET INTEREST INCOME & NET INTEREST MARGIN Net interest margin decreased 4 basis points sequentially given increased deposit costs and the deployment of excess funds into money market investments Linked quarter (3Q26 vs. 2Q26) Net Interest Income • Net interest income increased $7 million, or 1%: Net
Slide 11: Net Interest Margin
NET INTEREST MARGIN Competitive deposit pricing and balance sheet positioning shaped quarterly NIM results Linked Quarter (3Q26 vs. 2Q26) 1 Year-Over-Year (3Q26 vs. 3Q25) 1 3.27% 0.02% 0.10% 0.03% 3.23% 3.28% 0.21% 3.23% (0.01%) (0.01%) (0.01%) (0.18%) (0.23%) (0.01%) Money Mkt Loans Deposits Borrow
Slide 12: Noninterest Income and Revenue
NONINTEREST INCOME AND REVENUE Adjusted customer-related fee income was stable versus the prior quarter; broad-based growth versus the prior year Customer-Related Noninterest Income 1 Total Revenue 2, 3 ($ millions) ($ millions) $192 $1,137 $182 $182 $181 $177 $175 $174 $174 $172 $163 $891 $887 $881
Slide 13: Noninterest Expense
NONINTEREST EXPENSE Adjusted noninterest expense increased slightly compared to the prior quarter and increase 5.6% compared to the prior year Linked quarter (3Q26 vs. 2Q26) Noninterest Expense (NIE) • Adjusted noninterest expense increased $3 million, or 1% ($ millions) • Salaries and benefits incr
Slide 14: Average Loans and Deposits
AVERAGE LOANS AND DEPOSITS Yield on loans was stable; total cost of deposits increased 11 bps, negative three bps impact from reclass of derivative margin collateral expense Average Total Loans Average Total Deposits Yield on Total Loans Total Cost of Deposits ($ billions) ($ billions) $76.0 $75.5 $
Slide 15: Deposit Balance and Borrowing Trends
DEPOSIT BALANCE AND BORROWING TRENDS Total customer deposits increased $1.8 billion vs linked quarter and $3.4 billion vs prior year Q3 2026 total funding cost increased 6 basis points to 1.75% from 1.69% in the prior quarter • Period-end customer deposits increased $1.8 billion (+2.5%) linked quart
Slide 16: Total Investment Securities & Money Market Investments
TOTAL INVESTMENT SECURITIES & MONEY MARKET INVESTMENTS Investment portfolio serves as a key source of liquidity and balance sheet flexibility; current quarter cash balance increased with deposit growth Total Investment Securities The investment securities portfolio is designed to be a storehouse of
Slide 17: Credit Quality
CREDIT QUALITY Continued low levels of net charge-offs and relatively stable non-performing assets; criticized and classified balances continued to improve Credit Quality Ratios Key Credit Metrics Criticized / Loans Classified / Loans NPAs / Loans + OREO • Net charge-offs relative to average loans:
Slide 18: Capital Strength
CAPITAL STRENGTH Loss-absorbing capital remains strong relative to our risk profile; low credit losses relative to capital levels as a percentage of risk-weighted assets Common Equity Tier 1 Capital Net Charge-offs and Allowance for Credit Losses annualized, as a percentage of risk-weighted assets a
Slide 19: Financial Outlook (3Q 2027E vs. 3Q 2026A)
FINANCIAL OUTLOOK (3Q 2027E VS . 3Q 2026A) Outlook provided as of October 19, 2026 Outlook Comments Commercial loans, led by C&I and Owner Occupied, expected to drive loan growth Loan Balances 2% – 4% followed by Commercial Real Estate. Our outlook reflects current pipeline activity, (period-end)
Slide 20: Zions Bancorporation Drives Value for Its Stakeholders
ZIONS BANCORPORATION DRIVES VALUE FOR ITS STAKEHOLDERS We are determined to help our clients achieve greater financial strength, help build strong, successful communities, and create economic opportunity Distinctive Local Operating Model Delivering Value to Our Stakeholders • Focus on serving small-
Slide 21: Appendix
APPENDIX • Financial Results Summary • Accumulated Other Comprehensive Income (AOCI) • Balance Sheet Profitability • Loan Growth by Bank Brand and Loan Type • Earning Asset Repricing • Interest Rate Swaps • Interest Rate Sensitivity • Credit Quality Trends • Loan Loss Severity (NCOs as a percentage
Slide 22: Financial Results Summary
FINANCIAL RESULTS SUMMARY Quarterly financial highlights Three Months Ended (Dollar amounts in millions, except per share data) September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Earnings Results: Diluted Earnings Per Share $ 1.78 $ 3.05 $ 1.56 $ 1.76 $ 1.48 Net Ear
Slide 23: Accumulated Other Comprehensive Income/Loss (AOCI)
ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (AOCI) Steady AOCI improvement with meaningful protection against term rate volatility due to hedging strategy AOCI Projection $354 million, or 18%, projected improvement from 4Q25 to 4Q27 • AOCI is projected to improve by $63 million, or 3%, in 2026 Actua
Slide 24: Balance Sheet Profitability
BALANCE SHEET PROFITABILITY Profitability improved over the year-ago quarter, primarily due to improved provision expense Return on Assets Return on Tangible Common Equity 1 2.01% 28.6% 17.9% 1.16% 1.14% 16.0% 16.2% 15.5% 1.05% 0.99% 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 24 (1) Return on
Slide 25: Loan Growth – By Bank Affiliate and Loan Type (Linked Quarter)
LOAN GROWTH – BY BANK AFFILIATE AND LOAN TYPE Toal loans decreased during the quarter led by C&I and CRE Term, with pockets of growth in Muni, CRE Construction, and Consumer Period-End Linked Quarter Loan Growth (3Q26 vs. 2Q26) (in millions) Zions Bank CB&T Amegy NBAZ NSB Vectra CBW Other Total C&I
Slide 26: Loan Growth – By Bank Affiliate and Loan Type (Year-over-Year)
LOAN GROWTH – BY BANK AFFILIATE AND LOAN TYPE Toal loans increased year-over-year led by C&I, CRE Term, and home equity with broad geographic distribution Period-End Year-Ago Quarter Loan Growth (3Q26 vs. 3Q25) (in millions) Zions Bank CB&T Amegy NBAZ NSB Vectra CBW Other Total C&I (ex-Oil & Gas) 10
Slide 27: Simulated Repricing Expectations: Earning Assets & Loans
SIMULATED REPRICING EXPECTATIONS: EARNING ASSETS & LOANS A substantial portion of earning assets reset within one year with additional resets in later periods Earning Assets: Rate Reset / Maturity Profile1 Loans: Rate Reset / Maturity Profile1 Earning Assets Loans 51% 60% After Hedging After Hedging
Slide 28: Portfolio Interest Rate Hedges at September 30, 2026
PORTFOLIO INTEREST RATE HEDGES AT SEPTEMBER 30, 2026 Swaps and futures are used to balance our interest rate sensitivity to income and value Interest rate sensitivity is managed in part with portfolio interest rate hedges1 • In the third quarter, $550 million of receive-fixed swap hedges were added
Slide 29: Interest Rate Sensitivity – Parallel Rate Shocks
INTEREST RATE SENSITIVITY – PARALLEL RATE SHOCKS Standard parallel rate shocks suggest asset sensitivity; favorably positioned for rising rates Simulated Net Interest Income Sensitivity 1 −200 bps −100 bps +100 bps +200 bps as of 6/30/2026 as of 9/30/2026 7% 7% 4% 4% (4%) (4%) (7%) (9%) 29 (1) 12-mo
Slide 30: Credit Quality Trends Relative to Peers
CREDIT QUALITY TRENDS RELATIVE TO PEERS Zions’ NCO/Loans ratio is frequently in the best (lowest) quartile of peers; low loss rates on NPAs NPA Ratio NCOs / Loans NPAs + 90 DPD, as a percentage of Loans + OREO (Trailing 12-month Average) 1.20% 1.20% 1.00% 1.00% 0.80% 0.80% 0.60% 0.60% 0.40% 0.40% 0.
Slide 31: Loan Loss Severity
LOAN LOSS SEVERITY When problems arise, Zions generally experiences less severe loan losses due to strong collateral and underwriting practices Annualized NCOs / Nonaccrual Loans Annualized NCOs / Nonaccrual Loans Five-Year Average (2021Q3 – 2026Q2) Fifteen-Year Average (2011Q3 – 2026Q2) >100% >100%
Slide 32: Commercial Real Estate Summary ($14.2 Billion Balance)
COMMERCIAL REAL ESTATE SUMMARY ($14.2 BILLION BALANCE) The commercial real estate portfolio is granular and well diversified, 23% of total loans CRE Portfolio Composition Term CRE ($11.8B) As of Sep 30, 2026 Other, 13% • Weighted average LTVs of < 60% • Maturity distribution over the next three year
Slide 33: Commercial Real Estate Problem Loans in Focus
COMMERCIAL REAL ESTATE PROBLEM LOANS IN FOCUS The commercial real estate portfolio benefits from low LTVs, guarantor support, low delinquencies, and diversification • Improved credit quality with decreasing classified loans, Change in CRE Problem Loans Levels 6/30/26 to 9/30/2026 stable nonaccruals,
Slide 34: In-Depth Review: Commercial Real Estate
IN-DEPTH REVIEW: COMMERCIAL REAL ESTATE Limited tail loan-to-value risk in portfolio; controlled CRE growth and improving credit metrics Balance Trends Maturities WAVG % of CRE % of CRE Construction Balances Term Balances Construction Balances Term Balances Classified % ACL % LTV Term Construction (
Slide 35: Disciplined Commercial Real Estate Growth
DISCIPLINED COMMERCIAL REAL ESTATE GROWTH Commercial real estate loan growth lags peers due to continued exercise of concentration risk discipline Commercial Real Estate Zions has exercised caution in CRE Excluding Owner Occupied concentrations for more than a decade 400 and in underwriting standard
Slide 36: In-Depth Review: CRE Office ($1.5 Billion Balance)
IN-DEPTH REVIEW: CRE OFFICE ($1.5 BILLION BALANCE) CRE Office portfolio is 11% of total CRE exposure and 2.5% of total loans; charge-offs remain limited • Allowance for credit losses: 2.7% of balances / 43% of criticized balances Balance Trends Maturities • 10% decrease in balances year-over-year vi
Slide 37: In-Depth Review: CRE Multifamily ($4.2 Billion Balance)
IN-DEPTH REVIEW: CRE MULTIFAMILY ($4.2 BILLION BALANCE) CRE Multifamily portfolio is 30% of total CRE exposure and 7% of total loan exposure • Allowance for credit losses: 1.3% of total multifamily balances / 9% Balance Trends Maturities of criticized balances Construction Balances Term Balances Con
Slide 38: In-Depth Review: CRE Industrial ($3.3 Billion Balance)
IN-DEPTH REVIEW: CRE INDUSTRIAL ($3.3 BILLION BALANCE) CRE Industrial portfolio is 23% of total CRE exposure and 5% of total loan exposure Balance Trends • Allowance for credit losses: 0.8% of balances / 8.7% of criticized balances Maturities Construction Balances Term Balances • Net charge-offs sin
Slide 39: Loans to Non-Depository Financial Institutions ($2.2B Balance)
LOANS TO NON-DEPOSITORY FINANCIAL INSTITUTIONS (NDFI) ($2.2B BALANCE) Loans to NDFIs make up 8% of the commercial portfolio and are 4% of total loans; portfolio growth has been limited Portfolio characteristics: • Diversified across many lending segments and asset classes Peer Non-Depository Financi
Slide 40: Middle Market Coalition Greenwich Best Bank Awards
MIDDLE MARKET COALITION GREENWICH BEST BANK AWARDS $10MM-500MM Zions compares favorably to global competitors (JP Morgan, Bank of America, Wells Fargo, US Bank) Awards don’t define us … but this consistency confirms the strength of our model Greenwich Best Bank Awards Coalition Greenwich Customer Sa
Slide 41: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES In millions 3Q26 2Q26 1Q26 4Q25 3Q25 (a) Total noninterest expense $553 $551 $562 $546 $527 LESS adjustments: Severance costs 1 1 3 5 6 Other real estate expense 1 1 - (2) - Amortization of core deposit and other intangibles 3 2 2 2 2 FDIC special assessment - (6) (1) (9)
Slide 42: Non-GAAP Financial Measures (Continued)
NON-GAAP FINANCIAL MEASURES (CONTINUED) In millions 3Q26 2Q26 1Q26 4Q25 3Q25 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $262 $452 $232 $262 $221 Adjustments, net of tax: Amortization of core deposit and other intangibles 2 2 2 2 2 (a) Net earnings applicabl
Slide 43: Zions Bancorporation
ZIONS BANCORPORATION zionsbancor, poration.com
Zions Bancorporation, N.A. — Q3 2026 Earnings Presentation on 6ix