2026 First Quarter Earnings Presentation

ZIONS

FIRST QUARTER 2026

Financial Review

A p r i l 2 0 , 2 0 2 6

First quarter results reflect typical seasonal expenses while revenue and profitability improved meaningfully compared to the prior-year period

FINANCIAL PERFORMANCE

• Net earnings of $232 million, or $1.56 per share, rose 37% versus the prior-year period on improved revenue and lower provision and declined 11% from the prior quarter on lower revenue and seasonal expenses

• The net interest margin increased 17 basis points versus prior year on improved funding costs and

  Net earnings to common $232 $262 $169

  Key Metrics

  (in millions, except ratios and per share data)

  1Q26

  4Q25

  1Q25

  Change From:

  4Q25

  1Q25

  Diluted earnings per share (GAAP)

  $1.56

  $1.76

  $1.13

  $(0.20), or

  (11)%

  $0.43, or

  38%

  $(30), or (11)%

  $63, or 37%

  mix, and decreased by 4 basis points to 3.27% due to reductions in earning asset yields and lower average demand deposits

• Adjusted pre-provision net revenue increased 13% versus prior year and declined 9% versus prior quarter

• Average loans grew 2.4% annualized versus prior

  Net interest margin 3.27% 3.31% 3.10% (4) bps 17 bps

  Adjusted pre-provision net revenue1,3

  $301

  $331

  $267

  $(30), or

  (9)%

  $34, or

  13%

  Efficiency ratio1,3 65.0% 62.3% 66.6% 270 bps (160) bps

  Average loans

  61,141

  60,788

  59,635

  2.4%

  Annualized

  2.5%

  quarter and grew 2.5% versus prior year

• Average customer deposits declined 1.7%

  annualized versus prior quarter and increased 2.3% against prior year

  Average customer deposits2 71,706 72,004 70,085 (1.7)%

  Net charge-offs / loans

  (annualized)

  0.03%

  0.05%

  0.11%

  (2) bps

  (8) bps

  Annualized

  2.3%

• Net charge-offs were 0.03% of loans, annualized

  3

  1. See Appendix for non-GAAP financial measures.

  2. Excludes brokered deposits.

     Return on average tangible common

     equity1

     15.5% 17.9% 13.4% (240) bps 210 bps

     
     
     

  3. Excluding the $15 million charitable contribution, the efficiency ratio for the three months ended December 31, 2025 would have been 60.6% and adjusted PPNR would have been $346 million.

Diluted Earnings per Share

$1.63 $1.76 $1.48 $1.56 $1.13

1Q25 2Q25 3Q25 4Q25 1Q26

EPS Impact of Provision for Credit Losses

$0.01 $(0.03) $(0.09)

$0.04 $(0.25)

1Q25 2Q25 3Q25 4Q25 1Q26

Notable Items1:

1Q26:

• No notable items with impact greater than $0.05 per share

  4Q25:

• $(0.08) per share negative impact from $15 million charitable contribution

• $0.06 per share positive impact from $11 million net unrealized gain due to valuation adjustments in the SBIC investment portfolio

• $0.05 per share positive impact from a $9 million accrual reversal

  related to the FDIC special assessment

  3Q25

• $(0.06) per share negative impact from $11 million net CVA loss 2Q25:

• $0.05 per share positive impact from IPO of SBIC investment

  1Q25:

• $(0.11) per share negative impact from revaluation of deferred tax assets due to newly enacted state tax legislation

$324

$316

$345

$352

$356

$331

$298

($ millions)

PPNR1

Linked quarter (1Q26 vs. 4Q25)

• Adjusted PPNR decreased 9%:

  
  
  

  • Tax-equivalent net interest income decreased $21 million, or 3%

    $301

  • Adjusted customer-related fee income, which excludes CVA, decreased $1 million, or 1%

  • Adjusted noninterest expense, which includes the $15 million charitable contribution in 4Q25, increased $10 million, or 2%, due primarily to seasonal compensation

1Q25 2Q25 3Q25 4Q25 1Q26

Pre-provision net revenue (PPNR) (non-GAAP)

Adjusted PPNR (non-GAAP)

Year-over-year (1Q26 vs. 1Q25)

$268

$267

• Adjusted PPNR increased 13%:

  • Tax-equivalent net interest income up $38 million, or 6%

  • Adjusted customer-related fee income up $16 million, or 10%

  • Adjusted noninterest expense up $25 million or 5%

    Net Interest Income

    Net Interest Margin
    
    

    ($ millions)

    1Q25 2Q25 3Q25 4Q25 1Q26

    Linked quarter (1Q26 vs. 4Q25)

• Net interest income decreased $21 million, or 3%:

  • Interest income decreased $45 million

    $672

    $683

    $662

    $648

    $624

    3.10%

    3.17%

    3.28%

    3.31%

    3.27%

    
    
    

    • $37 million, or 4%, decrease on loans

    • $8 million, or 5%, decrease on money market and securities

  • Interest expense decreased by $24 million

    • $24 million, or 8%, decrease on deposits

    • No change to interest expense on borrowings

      Year-over-year (1Q26 vs. 1Q25)

• Net interest income increased $38 million, or 6%:

  • Interest income decreased $32 million, or 3%

    • $9 million, or 1%, increase on loans

    • $23 million, or 13%, decrease on money market and

      securities

  • Interest expense decreased $70 million, or 17%

    • $51 million, or 16%, decrease on deposits

    • $19 million, or 24%, decrease on borrowings

Linked Quarter (1Q26 vs. 4Q25) 1 Year-Over-Year (1Q26 vs. 1Q25) 1

3.31%

(0.02%) (0.10%)

0.14%

(0.01%) (0.05%)

3.27%

3.10%

(0.12%) (0.06%)

0.27% 0.11%

(0.03%)

3.27%

Money Mkt & Securities

Loans Deposits

Borrowings Free

Funds2

Money Mkt & Securities

Loans Deposits

Borrowings Free

Funds2

4Q25 1Q26 1Q25 1Q26

Customer-Related Noninterest Income 1

$158

$158

$164

$164

$163

$174

$177

$175

$172

$174

($ millions)

$795

$800

$838

$837

$861

$872

$891

$879

$849

$859

($ millions)

Total Revenue 2

1Q25 2Q25 3Q25 4Q25 1Q26

Customer-Related Noninterest Income

Adjusted Customer-Related Noninterest Income

1Q25 2Q25 3Q25 4Q25 1Q26

Total Revenue (GAAP) Adjusted Revenue (Non-GAAP)

$538

$533

$527

$521

$527

$520

$546

$548

$562

($ millions)

Noninterest Expense (NIE)

Linked quarter (1Q26 vs. 4Q25)

• Adjusted noninterest expense increased $10 million, or 2%

  • Salaries and benefits increased $26 million, or 8%

    59.6%

    62.2%

    66.6%

    62.3%

    65.0%

    $558

  • Fourth quarter 2025 included the $15 million charitable contribution

    Year-over-year (1Q26 vs. 1Q25)

• Adjusted noninterest expense increased $25 million, or 5%, driven primarily by higher salary expense ($19 million) and professional and legal services ($7 million)

1Q25 2Q25 3Q25 4Q25 1Q26

(1) (2)

NIE (GAAP) Adjusted NIE (Non-GAAP) Efficiency Ratio

Notable items:

• 1Q26: No notable items > $0.05 per share

• 4Q25: $15 million charitable donation to Zions' foundation

• 4Q25: $2 million success fee accrual from multiple SBIC investments

• 2Q25: $2 million impact from success fee accrual from SBIC

  investment

  Average Total Loans

  Yield on Total Loans
  
  

  ($ billions)

  Average Total Deposits

  Total Cost of Deposits
  
  

  Total interest-bearing deposits reflect a 57% cumulative beta1

  ($ billions)
  $59.6	$60.5	$60.8
  5.84%	5.86%	5.91%

  $60.8 $61.1 5.76% 5.62%
  
  

  1Q25 2Q25 3Q25 4Q25 1Q26

  $74.9 $74.3 $74.3 $76.0 $75.5

  $24.7	$24.9	$26.6	$26.2
  $49.5	$49.4	$49.4	$49.3

  $24.2

  $50.7

  1.76% 1.68% 1.67% 1.56% 1.48%
  
  

  1Q25 2Q25 3Q25 4Q25 1Q26

  Average Noninterest-bearing Deposits
  
  Average Interest-bearing Deposits
  
  

  Ending customer deposits increased 1.8% and average customer deposits decreased 0.4%, compared to prior quarter

  DEPOSIT BALANCE AND BORROWING TRENDS

  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 quarter and grew $2.2 billion (+3%) versus prior year

• Brokered deposits declined $42 million (-1%) linked quarter and declined $976 million (-20%) versus prior year

• Short-term borrowings declined $2.5 billion (-87%) linked quarter and declined $2.8 million (-88%) versus prior year

• Long-term debt increased $500 million during the quarter due to issuance of senior notes

  ($ billions)

  Ending Deposits and Borrowings

  ($ billions)

  Average Deposits and Borrowings

  $5

  $71

  $4

  $7

  $4

  $70

  $5

  $4

  $71

  $4

  $4

  $72

  $4

  $73

  $2

  $7

  $5

  $70

  $8

  $4

  $70

  $7

  $4

  $70

  $4

  $72

  $5

  $5

  $4

  $72

  2.01%

  1.97%

  1.92%

  1.76%

  1.68%

  
  
  

  1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26

  
  
  

  ($ billions)

  
  
  

  Total Investment Securities and Money Market Investments

  $2.9

  $2.9

  $3.4

  $3.6

  $2.7

  $18.7

  $18.4

  $18.2

  $18.1

  $17.9

  
  
  

  (period-end balances)

  	1Q25	2Q25	3Q25	4Q25	1Q26
  % of
  earning assets	26%	26%	26%	26%	25%

  Total Investment Securities

  Money Market Investments
  
  The investment securities portfolio is designed to be a storehouse of balance sheet liquidity

  • Principal and prepayment-related cash flows from investment securities were $493 million for the quarter, partially offset by reinvestment of $299 million

  • The composition of the investment securities portfolio allows for deep on-balance sheet liquidity through the repo market

  • Approximately 95% of investment securities are U.S. Government

    and U.S. Government Agency / GSE securities

    The investment securities portfolio is also used to balance interest rate risk

  • The estimated deposit duration at March 31, 2026 was assumed to be longer than the loan duration (including swaps); the investment securities portfolio balanced this mismatch

  • The estimated price sensitivity of the investment securities portfolio (including the impact of fair value hedges) was 3.7 years, compared to 3.8 years from the prior quarter and 4.0 years from the year-ago quarter

    Key Credit Metrics

  • Net charge-offs relative to average loans:

    • 0.03% annualized in 1Q26
    • 0.13% over the last 12 months
  • 0.48%: NPAs / loans + OREO
    • NPA balance decreased $28 million in 1Q26 from 4Q25

      6.01%

      4.82%

      Credit Quality Ratios

      Criticized / Loans

      NPAs / Loans + OREO Classified / Loans
      
      
      
      

      5.39%

      4.75% 4.70% 4.61%
      
      

      4.43%

      4.00% 3.91%

  • 3.80%: Classified loans / total loans
    • Classified balance decreased $48 million in

      1Q26 from 4Q25

  • 4.61%: Criticized loans / total loans
    • Criticized balance decreased $39 million in 1Q26 from 4Q25 Allowance for Credit Losses
  • 1.16% of total loans and leases, down three basis points from the previous quarter

    3.80%

    0.51% 0.51% 0.54% 0.52% 0.48%

    
    
    

    1Q25 2Q25 3Q25 4Q25 1Q26

    ALLL / Nonaccrual loans ACL / Loans
    
    

    229% 224% 213% 215% 239%

    1.24% 1.20% 1.20% 1.19% 1.16%

    
    
    

    1Q25 2Q25 3Q25 4Q25 1Q26

    Residential Construction, 6%

    Hospitality, 5%

    Retail, 12%

    CRE Portfolio Composition

    As of Mar 31, 2026

    Other, 13%

    Multifamily, 30%

    Term CRE ($11.4B)

    • Weighted average LTVs of < 60%

    • Maturity distribution over the next three years: 27% (2026), 19% (2027), 14% (2028)

    • Average & median loan size of $4.1 million & $1.1 million

    • 11.0% criticized; 9.1% classified; 0.4% nonaccrual; 0.2% delinquencies

      Construction and Land Development ($2.3B)

    • Land and acquisition & development less than 2.0% of CRE portfolio

    • 3.3% criticized; 2.9% classified; 0.0% nonaccrual; 0.0%

delinquencies

Office, 12%

• 83% term, 17% construction

  Industrial, 23%

  Office ($1.6B)

• Weighted average LTVs (< 60%)

• Portfolio growth has been carefully managed for over a decade through

  disciplined concentration limits

• Granular portfolio with solid sponsor or guarantor support

• Collateral diversified by property type and location

• Net charge-offs since 2020 <1 bps annualized

• 75% suburban and 25% Central Business District

• Average & median loan size of $4.4 million & < $1 million

• 7.8% criticized / classified; 2.3% nonaccrual; 1.1%

  delinquencies

• Term office portfolio is 89% leased (weighted average)

• Net charge-offs since 2020 <6 bps annualized

14%

Common Equity Tier 1 Capital and Allowance for Credit Losses

12.0%

11.9%

12.0%

12.4%

as a percentage of risk-weighted assets

14%

Net Charge-offs

annualized, as a percentage of risk-weighted assets

11.1%

11.3%

11.3%

11.5%

11.6%

11.8%

12.5%

12.6%

12% 12%

10.0%

10.2%

10.3%

10.4%

10.6%

10.7%

10.9%

10.8%

11.0%

11.3%

11.5%

11.5%

10% 10%

8% 8%

6% 6%

4% 4%

0.08%

0.08%

0.05%

0.04%

0.09%

0.02%

0.21%

0.09%

0.06%

0.33%

0.04%

0.02%

2% 2%

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

0% 0%

Common Equity Tier 1 % ACL / Risk-weighted Assets

Outlook provided as of April 20, 2026

Outlook Comments

Loan Balances

(period-end)

Moderately Increasing

• Commercial loans, led by C&I and Owner Occupied, expected to drive loan growth followed by Commercial Real Estate. Consumer loans expected to contract slightly

  Net Interest Income

  Moderately

  Increasing

• Net interest income growth expected from earning asset remix and loan and

deposit growth

Adjusted Customer-Related Noninterest Income1

Moderately ▪ Broad-based growth expected with capital markets contributing in an outsized way

Increasing

Adjusted

Noninterest Expense

Moderately

Increasing

• Technology costs, increased marketing, and continued investments in revenue-

generating businesses expected to put mild pressure on noninterest expense; positive operating leverage expected

Distinctive Local Operating Model

• Focus on serving small- to medium-sized businesses, resulting in a granular deposit franchise and a long-term funding advantage

• Local decision making and empowered bankers support strong customer relationships

• Coalition Greenwich Best Bank Awards: Ranked seventh among all U.S. banks in Middle Market & Small Business

Delivering Value to Our Stakeholders

• Transformation of our core systems to a modern, real-time architecture improving banker productivity and customer experience

• New digital products and services streamlining our customer interactions

• Tangible book value per share growth exceeding 20% for three consecutive years (2023-2025)

Managing Risk

• Have built and maintained a robust risk management team and framework since the global financial crisis

• Net credit losses to loans ratio that is

  consistently in the top quartile of peer banks

• Prepared for large bank regulation due to previous SIFI experience and simpler legal structure

Strong Geographic Footprint

Across 11 western states, our footprint includes some of the strongest markets in the country reflected in the quality and diversity of our portfolio

• These states create

  ~35% of national GDP

• Population and job growth outpace national average

  • 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 Severity (NCOs as a percentage of nonaccrual loans)

  • Credit Metrics: Commercial Real Estate

  • Loans to Non-Depository Financial Institutions

  • Coalition Greenwich Recognition

  • Non-GAAP Financial Measures

    Three Months Ended

    (Dollar amounts in millions, except per share data) March 31,

    2026

    December 31,

    2025

    September 30,

    2025

    June 30,

    2025

    March 31,

    2025

    Earnings Results:
    Diluted Earnings Per Share	$ 1.56	$ 1.76	$ 1.48	$ 1.63	$ 1.13
    Net Earnings Applicable to Common Shareholders	232	262	221	243	169
    Net Interest Income	662	683	672	648	624
    Noninterest Income	187	208	189	190	171
    Noninterest Expense	562	546	527	527	538
    Pre-Provision Net Revenue - Adjusted(1)	301	331	352	316	267
    Provision for Credit Losses	(7)	6	49	(1)	18
    Ratios:
    Return on Assets(2)	1.05 %	1.16 %	0.99 %	1.09 %	0.77 %
    Return on Common Equity(3)	13.1 %	14.9 %	13.3 %	15.3 %	11.1 %
    Return on Tangible Common Equity(3)	15.5 %	17.9 %	16.0 %	18.7 %	13.4 %
    Net Interest Margin	3.27 %	3.31 %	3.28 %	3.17 %	3.10 %
    Cost of Total Deposits(4)	1.48 %	1.56 %	1.67 %	1.68 %	1.76 %
    Efficiency Ratio (1)	65.0 %	62.3 %	59.6 %	62.2 %	66.6 %
    Effective Tax Rate	20.7 %	22.4 %	22.1 %	21.8 %	28.9 %
    Ratio of Nonperforming Assets to Loans, Leases and OREO	0.48 %	0.52 %	0.54 %	0.51 %	0.51 %
    Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans	0.03 %	0.05 %	0.37 %	0.07 %	0.11 %
    Common Equity Tier 1 Capital Ratio(5)	11.5 %	11.5 %	11.3 %	11.0 %	10.8 %

    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

    curve at 3/31/2026

    (1.4)

    (1.7)

    (1.9)

    14% 30%

    Projected

    (2.4)

    Improvement vs. 4Q25

    (2.7)

    Based on forward

    Billions

    -

    (0.5)

    (1.0)

    (1.5)

    (2.0)

    (2.5)

    • AOCI is projected to improve by

      $270 million, or 14%, in 2026

      relative to 2025

    • This adds 29 basis points to the tangible common equity ratio in 2026 relative to 2025, all else equal

    • Hedging strategy provides meaningful protection against term rate volatility

    • The forward curve at 3/31/2026 assumes no rate cuts in 2026

(3.0)

4Q23 4Q24 4Q25 4Q26 4Q27

20 Note: AOCI burndown based on path of forward curve and hedges in place at March 31, 2026. Includes accretion of unrealized losses related to the 4Q22 transfers of

, 202