Zions Bancorporation N.a. · NASDAQ:ZION
Zions Bancorporation N.a — Q2 2026 Earnings Presentation
38 slides from Zions Bancorporation N.a's earnings presentation, Jul 20, 2026
Slide 1: Second Quarter 2026 Financial Review
ZIONS SECOND QUARTER 2026 Financial Review July 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 Second quarter results reflect improved earnings, average loan and deposit growth, margin stability, and continued strong credit performance Change From: Key Metrics 2Q26 1Q26 2Q25 • Net earnings of $452 million, or $3.05 per share, (in millions, except ratios and per share dat
Slide 4: Diluted Earnings Per Share
DILUTED EARNINGS PER SHARE Earnings per share increased by 87% compared to the year-ago period reflecting the positive impacts from the items below & improved performance Diluted Earnings per Share Notable Items1: $3.05 2Q26: • $1.12 per share positive impact from $215 million gain on sale of Visa s
Slide 5: Pre-Provision Net Revenue (PPNR)
PRE-PROVISION NET REVENUE (“PPNR”) Adjusted PPNR increased 10% versus the prior quarter and increased 5% over the prior year on improved revenue PPNR1 Linked quarter (2Q26 vs. 1Q26) ($ millions) • Adjusted PPNR increased $31 million, or 10%: • Tax-equivalent net interest income increased $15 million
Slide 6: Net Interest Income & Net Interest Margin
NET INTEREST INCOME & NET INTEREST MARGIN Net interest margin was unchanged sequentially; net interest income increased sequentially and year-over-year Linked quarter (2Q26 vs. 1Q26) Net Interest Income • Net interest income increased $15 million, or 2%: Net Interest Margin • Interest income increas
Slide 7: Net Interest Margin
NET INTEREST MARGIN Margin was stable compared to the prior quarter; favorable funding repricing and remixing improved the margin vs prior year Linked Quarter (2Q26 vs. 1Q26) 1 Year-Over-Year (2Q26 vs. 2Q25) 1 3.27% 0.01% 0.00% 0.00% 0.00% 3.27% 0.19% 3.27% 3.17% 0.14% (0.01%) (0.03%) (0.09%) (0.11%
Slide 8: Noninterest Income and Revenue
NONINTEREST INCOME AND REVENUE Adjusted customer-related fee income grew versus the prior quarter led by Capital Markets fees; broad-based growth versus the prior year Customer-Related Noninterest Income 1 Total Revenue 2, 3 ($ millions) ($ millions) $182 $181 $1,137 $177 $175 $174 $174 $172 $164 $1
Slide 9: Noninterest Expense
NONINTEREST EXPENSE Adjusted noninterest expense decreased compared to the prior quarter due primarily to seasonal compensation expense in the prior quarter Linked quarter (2Q26 vs. 1Q26) Noninterest Expense (NIE) • Adjusted noninterest expense decreased $12 million, or 2% ($ millions) • Salaries an
Slide 10: Average Loans and Deposits
AVERAGE LOANS AND DEPOSITS Average yield on loans and total cost of deposits were stable versus prior quarter Average Total Loans Average Total Deposits Yield on Total Loans Total Cost of Deposits Total interest-bearing deposits reflect a 53% cumulative beta1 ($ billions) ($ billions) $74.3 $74.3 $7
Slide 11: Deposit Balance and Borrowing Trends
DEPOSIT BALANCE AND BORROWING TRENDS Ending customer deposits decreased slightly while average customer deposits increased 1%, compared to prior quarter Q2 2026 total funding cost increased 1 basis point to 1.69% from 1.68% in the prior quarter • Period-end customer deposits decreased $439 million (
Slide 12: 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 Total Investment Securities The investment securities portfolio is designed to be a storehouse of balance sheet liquidity and Money Market Investments (period
Slide 13: Credit Quality
CREDIT QUALITY Continued low levels of net charge-offs and stable non-performing assets; criticized and classified balances continued to improve Credit Quality Ratios Key Credit Metrics Criticized / Loans NPAs / Loans + OREO Classified / Loans • Net charge-offs relative to average loans: • 0.06% ann
Slide 14: Commercial Real Estate Summary ($14.1 Billion Balance)
COMMERCIAL REAL ESTATE SUMMARY ($14.1 BILLION BALANCE) The commercial real estate portfolio is granular and well diversified, 22% of total loans CRE Portfolio Composition Term CRE ($11.9B) As of Jun 30, 2026 • Weighted average LTVs of < 60% Other, 13% • 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 (2Q 2027E vs. 2Q 2026A)
FINANCIAL OUTLOOK (2Q 2027E VS . 2Q 2026A) Outlook provided as of July 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 s
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 • Earning Asset Repricing • Interest Rate Swaps • Interest Rate Sensitivity • Credit Quality Trends • Loan Loss Severity (NCOs as a percentage
Slide 19: Financial Results Summary
FINANCIAL RESULTS SUMMARY Quarterly financial highlights Three Months Ended (Dollar amounts in millions, except per share data) June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Earnings Results: Diluted Earnings Per Share $ 3.05 $ 1.56 $ 1.76 $ 1.48 $ 1.63 Net Earnings
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 $499 million, or 26%, projected improvement from 4Q25 to 4Q27 Projection • AOCI is projected to improve by Actual $239 million, o
Slide 21: Balance Sheet Profitability
BALANCE SHEET PROFITABILITY Profitability improved over the year-ago quarter due to increased earnings including the notable items during the quarter Return on Assets Return on Tangible Common Equity 1 2.01% 28.6% 18.7% 17.9% 1.16% 16.0% 1.09% 15.5% 1.05% 0.99% 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q2
Slide 22: Loan Growth – By Bank Affiliate and Loan Type
LOAN GROWTH – BY BANK AFFILIATE AND LOAN TYPE Linked quarter growth across all markets; growth led by C&I and CRE Term Period-End Linked Quarter Loan Growth (2Q26 vs. 1Q26) (in millions) Zions Bank CB&T Amegy NBAZ NSB Vectra CBW Other Total Commercial C&I (ex-Oil & Gas) 419 93 205 29 18 (3) 106 (88)
Slide 23: 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 50% After Hedging 59% After Hedging
Slide 24: Portfolio Interest Rate Hedges at June 30, 2026
PORTFOLIO INTEREST RATE HEDGES AT JUNE 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 second quarter, $1.0 billion of receive-fixed swap hedges were added with
Slide 25: Interest Rate Sensitivity – Parallel Rate Shocks
INTEREST RATE SENSITIVITY – PARALLEL RATE SHOCKS Standard parallel rate shocks suggest asset sensitivity, which is favorably positioned for rising rates Simulated Net Interest Income Sensitivity 1 −200 bps −100 bps +100 bps +200 bps as of 3/31/2026 as of 6/30/2026 7% 7% 4% 4% (4%) (4%) (7%) (7%) 25
Slide 26: 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 27: 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 (2021Q2 – 2026Q1) Fifteen Year Average (2011Q2 – 2026Q1) vs Peers vs
Slide 28: 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 • Improved credit quality with nonaccruals decreasing Change in CRE Problem Loans Levels 3/31/26 to 6/30/2026 slightly, delinquencie
Slide 29: 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 30: 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 31: In-Depth Review: CRE Office ($1.6 Billion Balance)
IN-DEPTH REVIEW: CRE OFFICE ($1.6 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: 2.8% of balances / 35% of criticized balances Balance Trends Maturities Construction Balances Term Balances Construc
Slide 32: 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: 1.4% of total multifamily balances / 9% Balance Trends Maturities of criticized balances Construction Balances Term Balances Con
Slide 33: In-Depth Review: CRE Industrial ($3.2 Billion Balance)
IN-DEPTH REVIEW: CRE INDUSTRIAL ($3.2 BILLION BALANCE) CRE Industrial portfolio is 23% of total CRE exposure and 5% of total loan exposure Balance Trends Maturities • Allowance for credit losses: 0.8% of balances / 7.8% of criticized balances Construction Balances Term Balances Construction Balances
Slide 34: Loans to Non-Depository Financial Institutions (NDFI) ($2.5B Balance)
LOANS TO NON-DEPOSITORY FINANCIAL INSTITUTIONS (NDFI) ($2.5B 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 35: 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 36: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES In millions 2Q26 1Q26 4Q25 3Q25 2Q25 (a) Total noninterest expense $551 $562 $546 $527 $527 LESS adjustments: Severance costs 1 3 5 6 2 Other real estate expense 1 - (2) - - Amortization of core deposit and other intangibles 2 2 2 2 2 FDIC special assessment (6) (1) (9) (
Slide 37: Non-GAAP Financial Measures (Continued)
NON-GAAP FINANCIAL MEASURES (CONTINUED) In millions 2Q26 1Q26 4Q25 3Q25 2Q25 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $452 $232 $262 $221 $243 Adjustments, net of tax: Amortization of core deposit and other intangibles 2 2 2 2 2 (a) Net earnings applicabl
Slide 38: zionsbancorporation.com
ZIONS BANCORPORATION zionsbancor, poration.com
Zions Bancorporation, N.A. — Q2 2026 Earnings Presentation on 6ix