Zions Bancorporation N.a. · NASDAQ:ZION
Zions Bancorporation N.a — Q1 2026 Earnings Presentation
40 slides from Zions Bancorporation N.a's earnings presentation, Apr 20, 2026
Slide 1: First Quarter 2026 Financial Review
ZIONS FIRST QUARTER 2026 Financial Review April 20, 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 First quarter results reflect typical seasonal expenses while revenue and profitability improved meaningfully compared to the prior-year period • Net earnings of $232 million, or $1.56 per share, Change From: Key Metrics 1Q26 4Q25 1Q25 rose 37% versus the prior-year period on (
Slide 4: Diluted Earnings Per Share
DILUTED EARNINGS PER SHARE Earnings per share increased by 38% compared to the year-ago period and reflected positive operating leverage and strong credit performance Diluted Earnings per Share Notable Items1: $1.76 1Q26: $1.63 $1.56 $1.48 • No notable items with impact greater than $0.05 per share
Slide 5: Pre-Provision Net Revenue (PPNR)
PRE-PROVISION NET REVENUE (“PPNR”) Adjusted PPNR decreased 9% versus the prior quarter and increased 13% over the prior year PPNR1 Linked quarter (1Q26 vs. 4Q25) ($ millions) • Adjusted PPNR decreased 9%: • Tax-equivalent net interest income decreased $21 million, or 3% • $356 Adjusted customer-rela
Slide 6: Net Interest Income & Net Interest Margin
NET INTEREST INCOME & NET INTEREST MARGIN Net interest margin declined 4 basis points sequentially; net interest income and margin increased year-over-year Linked quarter (1Q26 vs. 4Q25) Net Interest Income • Net interest income decreased $21 million, or 3%: Net Interest Margin • Interest income dec
Slide 7: Net Interest Margin
NET INTEREST MARGIN Favorable deposit repricing was offset by declines in loan yields and free funds contribution vs prior quarter; funding costs lifted margin vs prior year Linked Quarter (1Q26 vs. 4Q25) 1 Year-Over-Year (1Q26 vs. 1Q25) 1 3.31% 0.14% 3.27% 0.11% 3.27% 3.10% 0.27% (0.02%) (0.10%) (0
Slide 8: Noninterest Income and Revenue
NONINTEREST INCOME AND REVENUE Adjusted customer-related fee income stable over past three quarters with modest growth in loan-related, wealth, and commercial account fees Customer-Related Noninterest Income 1 Total Revenue 2 ($ millions) ($ millions) $177 $175 $891 $174 $174 $172 $879 $872 $861 $85
Slide 9: Noninterest Expense
NONINTEREST EXPENSE Adjusted noninterest expense grew compared to the prior quarter due primarily to seasonal compensation expense Linked quarter (1Q26 vs. 4Q25) Noninterest Expense (NIE) • Adjusted noninterest expense increased $10 million, or 2% ($ millions) • Salaries and benefits increased $26 m
Slide 10: Average Loans and Deposits
AVERAGE LOANS AND DEPOSITS Average yield on loans decreased 14 basis points versus prior quarter while total cost of deposits decreased eight basis points Average Total Loans Average Total Deposits Yield on Total Loans Total Cost of Deposits Total interest-bearing deposits reflect a 57% cumulative b
Slide 11: Deposit Balance and Borrowing Trends
DEPOSIT BALANCE AND BORROWING TRENDS Ending customer deposits increased 1.8% and average customer deposits decreased 0.4%, compared to prior quarter Q1 2026 total funding cost decreased 8 basis points compared to prior quarter to 1.68% • Period-end customer deposits grew $1.3 billion (+2%) linked qu
Slide 12: Total Investment Securities & Money Market Investments
TOTAL INVESTMENT SECURITIES & MONEY MARKET INVESTMENTS The bank has strong on-balance sheet liquidity Total Investment Securities The investment securities portfolio is designed to be a storehouse of balance sheet liquidity and Money Market Investments (period-end balances) • Principal and prepaymen
Slide 13: Credit Quality
CREDIT QUALITY Continued low levels of net charge-offs and reduced non-performing assets; criticized and classified balances continued to improve Key Credit Metrics Credit Quality Ratios • Net charge-offs relative to average loans: Criticized / Loans NPAs / Loans + OREO Classified / Loans • 0.03% an
Slide 14: Commercial Real Estate Summary ($13.7 Billion Balance)
COMMERCIAL REAL ESTATE SUMMARY ($13.7 BILLION BALANCE) The commercial real estate portfolio is granular and well diversified, 22% of total loans CRE Portfolio Composition Term CRE ($11.4B) As of Mar 31, 2026 Other, 13% • Weighted average LTVs of < 60% • Maturity distribution over the next three year
Slide 15: 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 16: Financial Outlook (1Q 2027E vs. 1Q 2026A)
FINANCIAL OUTLOOK (1Q 2027E VS . 1Q 2026A) Outlook provided as of April 20, 2026 Outlook Comments ▪ Commercial loans, led by C&I and Owner Occupied, expected to drive loan Loan Balances Moderately growth followed by Commercial Real Estate. Consumer loans expected to (period-end) Increasing contract
Slide 17: 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 18: Appendix
APPENDIX • Financial Results Summary • Accumulated Other Comprehensive Income (AOCI) • Balance Sheet Profitability • Loan Growth by Bank Brand and Loan Type • Allowance and Credit Metrics • Earning Asset Repricing • Interest Rate Swaps • Interest Rate Sensitivity • Credit Quality Trends • Loan Loss
Slide 19: Financial Results Summary
FINANCIAL RESULTS SUMMARY Quarterly financial highlights Three Months Ended (Dollar amounts in millions, except per share data) March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Earnings Results: Diluted Earnings Per Share $ 1.56 $ 1.76 $ 1.48 $ 1.63 $ 1.13 Net Earning
Slide 20: 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 $590 million, or 30%, projected improvement from 4Q25 to 4Q27 Actual Projection • AOCI is projected to improve by Based on forwar
Slide 21: Balance Sheet Profitability
BALANCE SHEET PROFITABILITY Profitability improved over the year-ago quarter due to increased revenue and low provision for credit losses Return on Assets Return on Tangible Common Equity 1 18.7% 17.9% 16.0% 15.5% 13.4% 1.16% 1.09% 1.05% 0.99% 0.77% 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26
Slide 22: Loan Growth – By Bank Affiliate and Loan Type
LOAN GROWTH – BY BANK AFFILIATE AND LOAN TYPE Linked quarter growth led by Texas, Utah, and Colorado markets; C&I and CRE segments contributed to quarterly growth Period-End Linked Quarter Loan Growth (1Q26 vs. 4Q25) (in millions) Zions Bank CB&T Amegy NBAZ NSB Vectra CBW Other Total Commercial C&I
Slide 23: Allowance and Credit Metrics
ALLOWANCE AND CREDIT METRICS CECL methodology reflects reserve build ahead of realized deterioration of credit metrics Through 2022 and 2023, the ACL increased, despite improving problem loan levels, due to forecasts of future credit quality deterioration. The reserve ratio in 2024 remained stable a
Slide 24: 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 After Hedging 58% After Hedging 48%
Slide 25: Portfolio Interest Rate Hedges at March 31, 2026
PORTFOLIO INTEREST RATE HEDGES AT MARCH 31, 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 first quarter, $4.5 billion of receive-fixed swap hedges were added with
Slide 26: Interest Rate Sensitivity – Parallel Rate Shocks
INTEREST RATE SENSITIVITY – PARALLEL RATE SHOCKS Standard parallel rate shocks suggest asset sensitivity; asset sensitivity has lessened from prior quarter because of increased hedging activity Simulated Net Interest Income Sensitivity 1 −200 bps −100 bps +100 bps +200 bps as of 12/31/2025 as of 3/3
Slide 27: 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) 1.30% 1.30% 1.10% 1.10% 0.90% 0.90% 0.70% 0.70% 0.50% 0.50% 0.
Slide 28: 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 (2021Q1 – 2025Q4) Fifteen Year Average (2011Q1 – 2025Q4) vs Peers vs
Slide 29: Commercial Real Estate Problem Loans in Focus
COMMERCIAL REAL ESTATE PROBLEM LOANS IN FOCUS The commercial real estate portfolio benefits from strong LTVs, guarantor support, low delinquencies, and diversification • CRE classifieds decreased $100 million during the quarter Change in CRE Problem Loans Levels 12/31/25 to 03/31/26 • Reduction in c
Slide 30: 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 Construction Balances Term Balances Construction Balances Term Balances WAVG % of CRE % of CRE Classified % ACL % LTV Term Construction M
Slide 31: 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 32: In-Depth Review: CRE Office ($1.6 Billion Balance)
IN-DEPTH REVIEW: CRE OFFICE ($1.6 BILLION BALANCE) CRE Office portfolio is 12% of total CRE exposure and 2.6% of total loans; charge-offs remain limited Balance Trends Maturities • Allowance for credit losses: 2.7% of balances / 34% of criticized balances Construction Balances Term Balances Construc
Slide 33: In-Depth Review: CRE Multifamily ($4.1 Billion Balance)
IN-DEPTH REVIEW: CRE MULTIFAMILY ($4.1 BILLION BALANCE) CRE Multifamily portfolio is 30% of total CRE exposure and 7% of total loan exposure • Allowance for credit losses: 1.4% of total multifamily balances / 9% Balance Trends Maturities of criticized balances Construction Balances Term Balances Con
Slide 34: In-Depth Review: CRE Industrial ($3.1 Billion Balance)
IN-DEPTH REVIEW: CRE INDUSTRIAL ($3.1 BILLION BALANCE) CRE Industrial portfolio is 23% of total CRE exposure and 5% of total loan exposure • Allowance for credit losses: 1.1% of balances / 10% of criticized balances Balance Trends Maturities Construction Balances Term Balances Construction Balances
Slide 35: Loans to Non-Depository Financial Institutions ($2.0B Balance)
LOANS TO NON-DEPOSITORY FINANCIAL INSTITUTIONS (NDFI) ($2.0B BALANCE) Loans to NDFIs make up 6% of the commercial portfolio and are 3% of total loans; portfolio growth has been limited Portfolio characteristics: • Diversified across many lending segments and asset classes Peer Non-Depository Financi
Slide 36: 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 37: Small Business Coalition Greenwich Best Bank Awards
SMALL BUSINESS COALITION GREENWICH BEST BANK AWARDS 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 Satisfaction
Slide 38: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES In millions 1Q26 4Q25 3Q25 2Q25 1Q25 (a) Total noninterest expense $562 $546 $527 $527 $538 LESS adjustments: Severance costs 3 5 6 2 3 Other real estate expense - (2) - - - Amortization of core deposit and other intangibles 2 2 2 2 2 FDIC special assessment (1) (9) (2) -
Slide 39: Non-GAAP Financial Measures (Continued)
NON-GAAP FINANCIAL MEASURES (CONTINUED) In millions 1Q26 4Q25 3Q25 2Q25 1Q25 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $232 $262 $221 $243 $169 Adjustments, net of tax: Amortization of core deposit and other intangibles 2 2 2 2 1 (a) Net earnings applicabl
Slide 40: zionsbancorporation.com
ZIONS BANCORPORATION zionsbancor poration.com
Zions Bancorporation, N.A. — Q1 2026 Earnings Presentation on 6ix