Zions Bancorporation N.a. · NASDAQ:ZION
Zions Bancorporation N.a — Q4 2025 Earnings Presentation
40 slides from Zions Bancorporation N.a's earnings presentation, Jan 20, 2026
Slide 1: Fourth Quarter 2025 Financial Review
ZIONS FOURTH QUARTER 2025 Financial Review January 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 Fourth quarter results reflect continued margin expansion, customer deposit growth , and low levels of net charge-offs Change From: Key Metrics 4Q25 3Q25 4Q24 • Net earnings of $262 million, or $1.76 per share, (in millions, except ratios and per share data) 3Q25 4Q24 grew 19%
Slide 4: Financial Performance (Full Year)
FINANCIAL PERFORMANCE Full-year results reflect improved profitability and continued book value accretion with earnings per share and tangible book value per share increasing 21%. Change From: Key Metrics FY25 FY24 • Net earnings of $895 million, or $6.01 per (in millions, except ratios and per shar
Slide 5: Diluted Earnings Per Share
DILUTED EARNINGS PER SHARE Earnings per share increased by $0.28 compared to prior quarter given positive operating leverage and strong credit performance Diluted Earnings per Share Notable Items1: $1.76 $1.63 4Q25: $1.48 $1.34 • $(0.08) per share negative impact from $15 million charitable contribu
Slide 6: Pre-Provision Net Revenue (PPNR)
PRE-PROVISION NET REVENUE (“PPNR”) Adjusted PPNR decreased 6% versus the prior quarter and increased 6% over the prior year Linked quarter (4Q25 vs. 3Q25) PPNR1 • Adjusted PPNR decreased 6%: ($ millions) • Tax-equivalent net interest income up $11 million, or 2% • Adjusted customer-related fee incom
Slide 7: Net Interest Income & Net Interest Margin
NET INTEREST INCOME & NET INTEREST MARGIN Net interest margin improved 3 basis points sequentially; net interest income increased for both the linked quarter and year-over-year Linked quarter (4Q25 vs. 3Q25) Net Interest Income • Net interest income increased $11 million, or 2%: Net Interest Margin
Slide 8: Net Interest Margin
NET INTEREST MARGIN Improved funding mix and costs offset lower asset yields versus prior quarter; deposit repricing lifted margin over the year-ago quarter Linked Quarter (4Q25 vs. 3Q25) Year-Over-Year (4Q25 vs. 4Q24) 3.28% 0.14% 0.01% 3.31% 0.43% 0.02% 3.31% 0.03% 3.05% (0.02%) 0.01% (0.07%) (0.13
Slide 9: Noninterest Income and Revenue
NONINTEREST INCOME AND REVENUE Adjusted customer-related fee income reached a new quarterly record high led by capital markets revenue Customer-Related Noninterest Income 1,3 Total Revenue 2,3 ($ millions) ($ millions) $177 $176 $175 $891 $174 $173 $879 $872 $861 $838 $837 $821 $820 $800 $795 $164 $
Slide 10: Noninterest Expense
NONINTEREST EXPENSE Adjusted noninterest expense grew compared to the prior quarter due primarily to the charitable donation and investments in marketing Linked quarter (4Q25 vs. 3Q25) Noninterest Expense (NIE) • Adjusted noninterest expense increased $28 million, or 5%, ($ millions) inclusive of th
Slide 11: Average Loans and Deposits
AVERAGE LOANS AND DEPOSITS Average yields on loans decreased 15 basis points versus prior quarter while total cost of deposits decreased 11 basis points Average Total Loans Average Total Deposits Yield on Total Loans Total Cost of Deposits Total interest-bearing deposits reflect a 54% cumulative bet
Slide 12: Deposit Balance and Borrowing Trends
DEPOSIT BALANCE AND BORROWING TRENDS Ending and average customer deposits increased 1.1% and 2.3%, respectively, compared to prior quarter Q4 2025 total funding costs decreased 16 basis points compared to prior quarter • Period-end customer deposits grew $753 million (+1.1%) linked quarter • Brokere
Slide 13: 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 14: Credit Quality
CREDIT QUALITY Net charge-offs returned to low levels and 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 • 0.05% annualized in 4Q25 5.87% 6.01% • 0
Slide 15: Commercial Real Estate Summary ($13.4 Billion Balance)
COMMERCIAL REAL ESTATE SUMMARY ($13.4 BILLION BALANCE) The commercial real estate portfolio is granular and well diversified, 22% of total loans CRE Portfolio Composition As of Dec 31, 2025 Term CRE ($11.2B) • Weighted average LTVs of < 60% Other, 13% • Maturity distribution over the next three year
Slide 16: 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 17: Financial Outlook (FY 2026E vs. FY 2025A)
FINANCIAL OUTLOOK (FY 2026E VS . FY 2025A) Outlook provided as of January 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 be (period-end) Increasing rela
Slide 18: 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 19: 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 20: Financial Results Summary
FINANCIAL RESULTS SUMMARY Quarterly financial highlights Three Months Ended (Dollar amounts in millions, except per share data) December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Earnings Results: Diluted Earnings Per Share $ 1.76 $ 1.48 $ 1.63 $ 1.13 $ 1.34 Net Earn
Slide 21: 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 $550 million, or 29%, projected improvement from 4Q25 to 4Q27 Actual Projection • AOCI is projected to improve by Based on forwar
Slide 22: Balance Sheet Profitability
BALANCE SHEET PROFITABILITY Profitability during the quarter improved 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% 16.0% 13.4% 1.16% 1.09% 0.96% 0.99% 0.77% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 22 (1)
Slide 23: Loan Growth – By Bank Affiliate and Loan Type
LOAN GROWTH – BY BANK AFFILIATE AND LOAN TYPE Linked quarter growth led by commercial loans in California, Texas, and the Pacific Northwest Period-End Linked Quarter Loan Growth (4Q25 vs. 3Q25) (in millions) Zions Bank CB&T Amegy NBAZ NSB Vectra CBW Other Total Commercial C&I (ex-Oil & Gas) (158) 28
Slide 24: 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 25: 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 56% Loans 54% 50% After Hedging After Hed
Slide 26: Portfolio Interest Rate Hedges at December 31, 2025
PORTFOLIO INTEREST RATE HEDGES AT DECEMBER 31, 2025 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 fourth quarter, $1.35 billion of receive-fixed swap hedges were added
Slide 27: Net Interest Income – Rate Sensitivity
NET INTEREST INCOME – RATE SENSITIVITY The rate path implied by the forward curve reflects modest asset sensitivity; net interest income increases under conservative assumptions Interest Rate Impacts on Net Interest Income1 Net Interest Income Sensitivity Hypothetical simulations assume $1.4 billion
Slide 28: 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 9/30/2025 as of 12/3
Slide 29: 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 30: 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 (2020Q4 – 2025Q3) Fifteen Year Average (2010Q4 – 2025Q3) >100% >100%
Slide 31: 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 Change in CRE Problem Loans Levels • CRE classifieds decreased $132 million during the quarter 9/30/25 to 12/31/2025 Criticized Clas
Slide 32: 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 33: 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 350 and in underwriting standard
Slide 34: In-Depth Review: CRE Office ($1.7 Billion Balance)
IN-DEPTH REVIEW: CRE OFFICE ($1.7 BILLION BALANCE) CRE Office portfolio is 13% of total CRE exposure and 3% of total loans; charge-offs remain limited Balance Trends Maturities • Allowance for credit losses: 2.9% of balances / 31% of criticized balances Construction Balances Term Balances Constructi
Slide 35: In-Depth Review: CRE Multifamily ($4.0 Billion Balance)
IN-DEPTH REVIEW: CRE MULTIFAMILY ($4.0 BILLION BALANCE) CRE Multifamily portfolio is 30% of total CRE exposure and 7% of total loan exposure Balance Trends Maturities • Allowance for credit losses: 1.5% of total multifamily balances / 9% of criticized balances Construction Balances Term Balances Con
Slide 36: In-Depth Review: CRE Industrial ($3.0 Billion Balance)
IN-DEPTH REVIEW: CRE INDUSTRIAL ($3.0 BILLION BALANCE) CRE Industrial portfolio is 23% of total CRE exposure and 5% of total loan exposure Balance Trends Maturities • Allowance for credit losses: 1.5% of balances / 13% of criticized balances Construction Balances Term Balances Construction Balances
Slide 37: Loans to Non-Depository Financial Institutions (NDFI) ($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: NDFI Growth1 1,200 ZION • Diversified across many lending segments and asset classes Pee
Slide 38: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES In millions 4Q25 3Q25 2Q25 1Q25 4Q24 (a) Total noninterest expense $546 $527 $527 $538 $509 LESS adjustments: Severance costs 5 6 2 3 1 Other real estate expense (2) - - - - Amortization of core deposit and other intangibles 2 2 2 2 2 FDIC special assessment (9) (2) - - (
Slide 39: Non-GAAP Financial Measures (Continued)
NON-GAAP FINANCIAL MEASURES (CONTINUED) In millions 4Q25 3Q25 2Q25 1Q25 4Q24 Return on Average Tangible Common Equity (Non-GAAP) Net earnings applicable to common $262 $221 $243 $169 $200 Adjustments, net of tax: Amortization of core deposit and other intangibles 2 2 2 1 1 (a) Net earnings applicabl
Slide 40: zionsbancorporation.com
ZIONS BANCORPORATION zionsbancor poration.com
Zions Bancorporation, N.A. — Q4 2025 Earnings Presentation on 6ix