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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2026 OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________

COMMISSION FILE NUMBER 001-12307

ZIONS BANCORPORATION, NATIONAL ASSOCIATION

(Exact name of registrant as specified in its charter)

United States of America			87-0189025
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
One South Main
Salt Lake City, Utah			84133-1109
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (801) 844-7637

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbols			Name of Each Exchange on Which Registered
Common Stock, par value $0.001			ZION			The NASDAQ Stock Market LLC
Depositary Shares each representing a 1/40th ownership interest in a share of:
Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock			ZIONP			The NASDAQ Stock Market LLC

•Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

•Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨

•Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ý Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ☐ Emerging growth company ¨

•If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

•Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

•Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Number of common shares outstanding at October 30, 2026: 144,945,967 shares

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Table of Contents

						Page
PART  I. FINANCIAL INFORMATION
Item 1.			Financial Statements (Unaudited)			42
			Consolidated Balance Sheets			42
			Consolidated Statements of Income			43
			Consolidated Statements of Comprehensive Income (Loss)			44
			Consolidated Statements of Changes in Shareholders’ Equity			44
			Consolidated Statements of Cash Flows			46
			Notes to Consolidated Financial Statements			47
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			4
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			90
Item 4.			Controls and Procedures			90
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			90
Item 1A.			Risk Factors			90
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			91
Item 5.			Other Information			91
Item 6.			Exhibits			91
Signatures						92

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GLOSSARY OF ACRONYMS AND ABBREVIATIONS

ACL			Allowance for Credit Losses			HECL			Home Equity Credit Line
AFS			Available-for-Sale			HTM			Held-to-Maturity
AI			Artificial Intelligence			IPO			Initial Public Offering
ALLL			Allowance for Loan and Lease Losses			LTV			Loan-to-Value
Amegy			Amegy Bank, a division of Zions Bancorporation, National Association			NASDAQ			National Association of Securities Dealers Automated Quotations
AOCI			Accumulated Other Comprehensive Income or Loss			NBAZ			National Bank of Arizona, a division of Zions Bancorporation, National Association
ASC			Accounting Standards Codification			NDFI			Nondepository Financial Institution
ASU			Accounting Standards Update			NM			Not Meaningful
Board			Board of Directors			NSB			Nevada State Bank, a division of Zions Bancorporation, National Association
bps			Basis Points			OCC			Office of the Comptroller of the Currency
CB&T			California Bank & Trust, a division of Zions Bancorporation, National Association			OREO			Other Real Estate Owned
CET1			Common Equity Tier 1			PCD			Purchase Credit Deteriorated
CODM			Chief Operating Decision Maker			PEI			Private Equity Investment
CRE			Commercial Real Estate			PPNR			Pre-provision Net Revenue
CVA			Credit Valuation Adjustment			ROU			Right-of-Use
DTA			Deferred Tax Asset			RULC			Reserve for Unfunded Lending Commitments
DTL			Deferred Tax Liability			S&P			Standard & Poor's
EaR			Earnings at Risk			SBA			U.S. Small Business Administration
EVE			Economic Value of Equity			SBIC			Small Business Investment Company
FDIC			Federal Deposit Insurance Corporation			SEC			Securities and Exchange Commission
FHLB			Federal Home Loan Bank			TCBNW			The Commerce Bank Northwest, a division of Zions Bancorporation, National Association
FRB			Federal Reserve Board			U.S.			United States
FTP			Funds Transfer Pricing			Vectra			Vectra Bank Colorado, a division of Zions Bancorporation, National Association
GAAP			Generally Accepted Accounting Principles			Zions Bank			Zions Bank, a division of Zions Bancorporation, National Association
GCF			General Collateral Finance

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PART I.    FINANCIAL INFORMATION

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING INFORMATION

This quarterly report contains “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and assumptions regarding future events and outcomes. However, they are inherently subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performance, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others:

•Statements concerning the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, operating results, and performance of Zions Bancorporation, National Association, and its subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”); and

•Statements preceded or followed by, or that include, terminology such as “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “forecast,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “project,” “will,” or similar words and expressions, including their negative forms.

Forward-looking statements are not guarantees and should not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those expressed or implied. Factors that could cause such differences include, but are not limited to:

•Changes in the quality, composition, and concentrations of our loan and investment securities portfolios;

•Changes in economic, political, and market conditions nationally and within our key markets in the Western United States, including changes in interest rates, inflation, monetary policy, fiscal, trade, and tax policies, government actions, and other macroeconomic factors that affect our financial results, customer activity, credit demand, and borrower performance;

•Changes in deposit levels and composition, access to wholesale funding, and the availability and cost of liquidity sources;

•Changes in our credit ratings;

•Competition from traditional and nonbank financial service providers, including credit unions, financial technology companies (“fintechs”), private credit funds, special-purpose charters, and other new and evolving industry participants;

•Our ability to execute strategic initiatives, manage expenses, attract and retain talent, and achieve our business objectives;

•Geopolitical developments, including wars, global conflicts, and environmental or catastrophic events, such as fires, natural disasters, pandemics, and other disruptions that may affect our operations and customers;

•Increased demand for, and risks associated with, the development, adoption, integration, and disruptive effects of emerging technologies and products, including tokenized deposits, stablecoins, digital assets, blockchain, and artificial intelligence (“AI”), which could adversely affect deposits, liquidity, competition, and customer demand;

•Fraud, theft, or other misconduct by external parties or our employees, including the use of AI or other technologies to facilitate such activities;

•Our ability to develop, maintain, and secure resilient technology systems and effective controls to detect and respond to fraud, cybersecurity threats, data breaches, and other operational disruptions, including increasingly sophisticated AI-enabled attacks, vulnerabilities in existing cryptographic capabilities arising from quantum computing, and challenges associated with transitioning to post-quantum cryptography;

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•Our ability to effectively oversee third-party providers and mitigate risks arising from supplier performance failures, cybersecurity incidents, technology disruptions, data breaches, or other operational deficiencies;

•Changes in accounting standards, asset valuations and impairments, and our ability to access capital and funding markets on favorable terms;

•The impact of existing and proposed laws and regulations, supervisory expectations, and the outcome of legal or regulatory proceedings;

•Adverse developments affecting the banking industry that may negatively impact depositor, investor, or market confidence, the regulatory environment, or public opinion; and

•Other assumptions, risks, and uncertainties described in this quarterly report and our other SEC filings.

Factors that could cause actual results or outcomes to differ materially from those expressed or implied in forward-looking statements are described in our 2025 Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”), available at www.zionsbancorporation.com and www.sec.gov.

We caution against placing undue reliance on forward-looking statements, as they reflect our views only as of the date they are issued. Except as required by law, we expressly disclaim any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments.

RESULTS OF OPERATIONS

Comparisons discussed below are based on the current quarter relative to the same prior year period, unless otherwise noted. Explanations for changes in the current year-to-date period compared with the same prior year period are generally consistent with the quarter-to-date discussion, unless otherwise indicated. Growth rates of 100% or greater are considered not meaningful (“NM”), as they typically reflect a low starting point.

Third Quarter 2026 Financial Performance

Net Earnings Applicable to Common Shareholders (in millions)

Diluted Earnings per Share

Adjusted PPNR (in millions) 1

Efficiency Ratio 1

1 For information on non-GAAP financial measures, see page 40.

Executive Summary

Our financial performance in the third quarter of 2026 reflected strong year-over-year earnings growth. Net earnings applicable to common shareholders increased to $262 million, or $1.78 per diluted share, from $221 million, or $1.48 per diluted share, in the third quarter of 2025. The increase was primarily driven by improved credit performance. Customer deposit growth exceeded loan growth year-over-year, enabling the reduction of higher-cost wholesale funding.

Compared with the preceding quarter, net earnings decreased from $452 million, or $3.05 per diluted share, as second quarter results included $252 million of pre-tax net gains, primarily from sale of Visa Class B-1 shares and unrealized gains on Small Business Investment Company (“SBIC”) investments, net of associated success fee accruals.

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•Net interest income increased $12 million, or 2%, in the third quarter of 2026, compared with the prior year period, primarily reflecting increased earning assets. Net interest margin declined to 3.23% from 3.28%, as the impact of lower interest rates on earning asset yields more than offset the benefit of lower funding costs.

◦Average interest-earning assets increased $2.6 billion, or 3%, reflecting growth in average money market investments and loans and leases, partially offset by lower average investment securities. The increase in money market investments was driven by excess liquidity as deposit growth exceeded loan growth.

◦Average interest-bearing liabilities decreased $141 million, or less than 1%, as lower average borrowed funds were largely offset by growth in interest-bearing deposits and long-term debt. Average noninterest-bearing deposits increased $1.3 billion, or 5%, primarily reflecting the migration of a consumer interest-bearing product into a new noninterest-bearing offering.

•The provision for credit losses was an $8 million benefit, compared with a $49 million provision expense in the prior year period, which reflected credit losses on revolving credit facilities extended to two related commercial borrowers that financed commercial mortgage originations and purchases.

•Customer-related noninterest income increased $29 million, or 18%, reflecting broad-based growth across nearly all revenue streams. Capital markets fees and income increased primarily due to changes in net credit valuation adjustment (“CVA”), while wealth management fees increased due to growth in assets under management and personal trust fees, and retail and business banking fees increased primarily due to higher overdraft service fees.

•Noncustomer-related noninterest income decreased $21 million, or 81%, primarily due to lower net securities gains. Compared with the second quarter of 2026, noncustomer-related noninterest income declined $273 million, primarily reflecting the aforementioned pre-tax net gains recognized in the preceding quarter.

•Noninterest expense increased $26 million, or 5%, primarily reflecting higher salaries and employee benefits, professional and legal services, technology-related costs, and marketing and business development expenses. The increase also included costs associated with the acquisition and integration of the Basis Multifamily Finance agency lending platform. These increases were partially offset by lower deposit insurance and regulatory expense. The efficiency ratio was 61.9%, compared with 59.6% in the prior year quarter, and improved from 62.2% in the preceding quarter.

•Total loans and leases increased $2.2 billion, or 4%, largely driven by growth in commercial and industrial loans and term commercial real estate (“CRE”) loans, as well as consumer home equity lines.

◦Net loan and lease charge-offs totaled $3 million, or 0.02% of average loans and leases annualized, compared with $56 million, or 0.37%, in the prior year quarter, including $50 million of charge-offs related to the credit losses discussed above.

◦Credit quality improved compared with the prior year period. Nonperforming assets declined to $315 million, or 0.50% of total loans and leases and other real estate owned, from $324 million, or 0.54%. Classified loans declined to $2.1 billion, or 3.40% of total loans and leases, from $2.4 billion, or 4.00%, in the prior year period, primarily reflecting payoffs of classified CRE exposures.

•Total deposits increased $3.1 billion, or 4%, largely reflecting the impact of deposit growth initiatives. Customer deposits, excluding brokered deposits, increased $3.4 billion, or 5%, and total borrowed funds decreased $1.8 billion, or 35%, primarily reflecting lower short-term borrowings.

On July 31, 2026, we completed the acquisition of Basis Multifamily Finance I, LLC, the agency lending platform and subsidiary of Basis Investment Group, including its agency lending team, operating capabilities, and related mortgage servicing rights. The acquisition complements our existing balance sheet and capital markets capabilities and broadens the financing solutions available to multifamily clients, including through the Fannie Mae DUS® and Freddie Mac Optigo® Conventional and Small Balance Loan programs. The transaction resulted in $229 million of additional goodwill and intangible assets, $10 million of mortgage servicing rights, and approximately $1 million of liabilities.

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Net Interest Income and Net Interest Margin

NET INTEREST INCOME AND NET INTEREST MARGIN

			Three Months Ended September 30,												Amount change						Percent change						Nine Months Ended September 30,												Amount change						Percent change
(Dollar amounts in millions)			2026						2025																		2026						2025
Interest and fees on loans 1			$	877					$	898					$	(21)					(2)		%				$	2,577					$	2,623					$	(46)					(2)		%
Interest on money market investments			53						41						12						29						135						144						(9)						(6)
Interest on securities			116						125						(9)						(7)						349						376						(27)						(7)
Total interest income			1,046						1,064						(18)						(2)						3,061						3,143						(82)						(3)
Interest on deposits			313						313						—						—						869						951						(82)						(9)
Interest on short- and long-term borrowings			49						79						(30)						(38)						169						248						(79)						(32)
Total interest expense			362						392						(30)						(8)						1,038						1,199						(161)						(13)
Net interest income			$	684					$	672					$	12					2						$	2,023					$	1,944					$	79					4
Average interest-earning assets			$	85,420					$	82,783					$	2,637					3		%				$	84,395					$	83,116					$	1,279					2		%
Average interest-bearing liabilities			$	55,846					$	55,987					$	(141)					—						$	55,188					$	56,866					$	(1,678)					(3)
															bps																								bps
Net interest margin 2			3.23%						3.28%						(5)												3.26%						3.18%						8

1 Includes interest income recoveries of $1 million and $2 million for the three months ended, and $2 million and $8 million for the nine months ended September 30, 2026, and 2025, respectively.

2 Taxable-equivalent rates used where applicable.

Net interest income accounted for 78% of net revenue (defined as the sum of net interest income and noninterest income) in both the third quarters of 2026 and 2025.

Net interest income increased $12 million, or 2%, in the third quarter of 2026, compared with the prior year period. The increase was primarily driven by growth in average earning assets, including loans and money market investments. Net interest margin declined to 3.23% from 3.28% in the prior year period, as the impact of lower interest rates on earning asset yields more than offset the benefit of lower funding costs.

Yields on Interest-earning Assets

The following chart presents the changes in yields on average interest-earning assets:

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The yield on average interest-earning assets, net of hedging activity, declined 25 basis points (“bps”) in the third quarter of 2026, compared with the prior year period, reflecting the impact of lower interest rates. The net yield on average loans and leases declined 28 bps, while the net yield on average investment securities decreased 9 bps. Additionally, the yield on average money market investments decreased 76 bps, as these short-term assets repriced more quickly in the declining rate environment.

Rates Paid on Interest-bearing Liabilities

The following chart presents the changes in rates paid on average interest-bearing liabilities:

The rate paid on total deposits and interest-bearing liabilities decreased 17 bps in the third quarter of 2026, compared with the prior year period, reflecting lower interest rates and reduced reliance on short-term borrowings. The cost of total deposits declined 8 bps, as the benefit of lower interest rates was partially offset by growth in higher-cost interest-bearing deposits. Rates paid on interest-bearing deposits declined 11 bps, while rates paid on borrowed funds increased 5 bps, primarily reflecting a shift in the mix of borrowed funds toward higher-cost long-term debt.

Compared with the preceding quarter, the cost of total deposits increased 11 bps, driven in part by a shift in deposit mix toward higher-cost interest-bearing deposits and an accounting presentation change that increased the cost of total deposits by approximately 3 bps.

Interest-earning Assets

Average interest-earning assets increased $2.6 billion, or 3%, compared with the prior year period, driven by a $1.8 billion increase in average money market investments and a $1.7 billion increase in average loans and leases, partially offset by a $786 million decline in average investment securities. The increase in money market investments was driven by excess liquidity as deposit growth exceeded loan growth.

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Average loans and leases increased $1.7 billion, or 3%, to $62.5 billion, primarily due to growth in average commercial and commercial real estate loans.

Average investment securities decreased $786 million, or 4%, to $17.4 billion, primarily due to principal reductions, net of reinvestments. The ongoing runoff of lower-yielding securities improved the earning asset mix and contributed to the year-over-year increase in net interest income.

Interest-bearing Liabilities

Average interest-bearing liabilities decreased $141 million, or less than 1%, compared with the prior year period. The decline was primarily attributable to a significant reduction in average borrowed funds, reflecting lower short-term Federal Home Loan Bank (“FHLB”) advances. This decrease was partially offset by an increase in average interest-bearing deposits and higher average long-term debt resulting from senior note issuances completed over the past year.

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Average deposits increased $3.7 billion, or 5%, to $78.0 billion. Average noninterest-bearing deposits grew $1.3 billion, or 5%, primarily due to the migration of a consumer interest-bearing product into a new noninterest-bearing offering. Noninterest-bearing deposits represented 34% of total deposits during the quarter, consistent with the prior year period. Average interest-bearing deposits increased $2.4 billion, or 5%, largely driven by deposit growth initiatives.

Average borrowed funds decreased $2.6 billion, or 39%, to $4.0 billion, primarily due to a $3.7 billion, or 68%, reduction in average short-term borrowings. This decrease was partially offset by a $1.1 billion, or 88%, increase in average long-term debt, reflecting the issuance of fixed-to-floating senior notes in July 2026, February 2026, and August 2025.

For more information regarding our investment securities portfolio and borrowed funds, as well as our approach to managing liquidity risk, refer to the “Investment Securities Portfolio” section on page 17 and the “Liquidity Risk Management” section on page 35. For a further discussion of the impacts of market rates on net interest income and our interest rate risk management practices, see the “Interest Rate and Market Risk Management” section on page 32.

Average Balance Sheets, Yields, and Rates

The following schedule summarizes the average balances, the amount of interest earned or paid, and the applicable yields for interest-earning assets and the costs of interest-bearing liabilities.

Effective in the first quarter of 2026, we changed our accounting policy to present qualifying derivative assets and liabilities, along with the associated rights to reclaim or obligations to return cash collateral, on a net basis for all eligible arrangements rather than on a gross basis.

Beginning in the third quarter of 2026, for purposes of the average balance and yield presentation, the related derivative collateral interest expense is included in interest-bearing deposits rather than other short-term borrowings, increasing the reported cost of deposits by approximately 3 bps for the three months ended September 30, 2026. The netting of qualifying derivative positions and related collateral had no impact on average balances or yields for the three and nine months ended September 30, 2025.

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CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS, AND RATES

(Unaudited)			Three Months Ended September 30, 2026																		Three Months Ended September 30, 2025
(Dollar amounts in millions)			Average balance						Interest						Yield/ Rate 1						Average balance						Interest						Yield/ Rate 1
ASSETS
Money market investments:
Interest-bearing deposits			$	3,073					$	30					3.80		%				$	1,582					$	17					4.42		%
Federal funds sold and securities purchased under agreements to resell			2,265						23						4.07						1,940						24						4.87
Total money market investments			5,338						53						3.91						3,522						41						4.67
Trading securities			133						2						4.61						83						1						4.63
Investment securities:
Available-for-sale			9,094						71						3.09						9,078						76						3.28
Held-to-maturity			8,341						45						2.16						9,143						50						2.19
Total investment securities			17,435						116						2.64						18,221						126						2.73
Loans held for sale			73						1						NM						171						3						NM
Loans and leases, net of unearned income and fees
Commercial			32,563						461						5.62						31,558						474						5.97
Commercial real estate			14,041						220						6.20						13,611						227						6.64
Consumer			15,837						205						5.15						15,617						203						5.16
Total loans and leases			62,441						886						5.63						60,786						904						5.91
Total interest-earning assets			85,420						1,058						4.91						82,783						1,075						5.16
Cash and due from banks			679																		702
Allowance for credit losses on loans and debt securities			(662)																		(687)
Goodwill and intangibles			1,240																		1,095
Other assets			4,744																		5,262
Total assets			$	91,421																	$	89,155
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market			$	42,061					$	227					2.14		%				$	39,252					$	216					2.18		%
Time			9,764						86						3.49						10,129						97						3.81
Total interest-bearing deposits			51,825						313						2.40						49,381						313						2.51
Borrowed funds:
Federal funds and security repurchase agreements			1,050						10						3.65						665						7						4.28
Other short-term borrowings			692						7						4.07						4,731						53						4.48
Long-term debt			2,279						32						5.57						1,210						19						6.13
Total borrowed funds			4,021						49						4.81						6,606						79						4.76
Total interest-bearing liabilities			55,846						362						2.57						55,987						392						2.78
Noninterest-bearing demand deposits			26,154																		24,922
Other liabilities			1,631																		1,564
Total liabilities			83,631																		82,473
Shareholders’ equity:
Preferred equity			66																		66
Common equity			7,724																		6,616
Total shareholders’ equity			7,790																		6,682
Total liabilities and shareholders’ equity			$	91,421																	$	89,155
Spread on average interest-bearing funds															2.34		%																2.38		%
Net impact of noninterest-bearing sources of funds															0.89		%																0.90		%
Net interest margin									$	696					3.23		%										$	683					3.28		%
Memo: total deposits			$	77,979					313						1.59		%				$	74,303					313						1.67		%
Memo: total deposits and interest-bearing liabilities			$	82,000					362						1.75		%				$	80,909					392						1.92		%

1 Taxable-equivalent rates used where applicable.

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(Unaudited)			Nine Months Ended September 30, 2026																		Nine Months Ended September 30, 2025
(Dollar amounts in millions)			Average balance						Interest						Yield/ Rate 1						Average balance						Interest						Yield/ Rate 1
ASSETS
Money market investments:
Interest-bearing deposits			$	2,299					$	66					3.86		%				$	1,586					$	53					4.51		%
Federal funds sold and securities purchased under agreements to resell			2,271						69						4.06						2,552						91						4.77
Total money market investments			4,570						135						3.96						4,138						144						4.67
Trading securities			154						5						4.73						117						4						4.68
Investment securities:
Available-for-sale			9,169						209						3.04						9,091						223						3.27
Held-to-maturity			8,550						140						2.19						9,348						155						2.22
Total investment securities			17,719						349						2.63						18,439						378						2.74
Loans held for sale			138						7						NM						124						5						NM
Loans and leases, net of unearned income and fees
Commercial			32,197						1,356						5.63						31,327						1,383						5.90
Commercial real estate			13,807						637						6.17						13,593						673						6.61
Consumer			15,810						606						5.12						15,378						591						5.14
Total loans and leases			61,814						2,599						5.62						60,298						2,647						5.87
Total interest-earning assets			84,395						3,095						4.90						83,116						3,178						5.11
Cash and due from banks			698																		703
Allowance for credit losses on loans and debt securities			(668)																		(691)
Goodwill and intangibles			1,140																		1,082
Other assets			4,828																		5,317
Total assets			$	90,393																	$	89,527
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market			$	40,695					$	618					2.03		%				$	39,256					$	637					2.17		%
Time			9,714						251						3.45						10,601						314						3.96
Total interest-bearing deposits			50,409						869						2.31						49,857						951						2.55
Borrowed funds:
Federal funds and security repurchase agreements			742						20						3.64						1,279						41						4.34
Other short-term borrowings			2,039						66						4.34						4,685						157						4.49
Long-term debt			1,998						83						5.55						1,045						50						6.29
Total borrowed funds			4,779						169						4.74						7,009						248						4.73
Total interest-bearing liabilities			55,188						1,038						2.52						56,866						1,199						2.82
Noninterest-bearing demand deposits			26,159																		24,637
Other liabilities			1,520																		1,571
Total liabilities			82,867																		83,074
Shareholders’ equity:
Preferred equity			66																		66
Common equity			7,460																		6,387
Total shareholders’ equity			7,526																		6,453
Total liabilities and shareholders’ equity			$	90,393																	$	89,527
Spread on average interest-bearing funds															2.38		%																2.29		%
Net impact of noninterest-bearing sources of funds															0.88		%																0.89		%
Net interest margin									$	2,057					3.26		%										$	1,979					3.18		%
Memo: total deposits			$	76,568					869						1.52		%				$	74,494					951						1.71		%
Memo: total deposits and interest-bearing liabilities			$	81,347					1,038						1.69		%				$	81,503					1,199						1.98		%

1 Taxable-equivalent rates used where applicable.

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The Allowance and Provision for Credit Losses

The allowance for credit losses (“ACL”) comprises both the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”). The ALLL represents the estimated current expected credit losses related to the loan and lease portfolio as of the balance sheet date. The RULC represents the estimated reserve for current expected credit losses associated with off-balance sheet commitments. Changes in the ALLL and RULC, net of charge-offs and recoveries, are recognized as the provision for loan and lease losses and the provision for unfunded lending commitments, respectively, on the consolidated statement of income. The ACL for debt securities is estimated separately from loans and is included in “Investment securities” on the consolidated balance sheet.

The ACL was $696 million at September 30, 2026, compared with $725 million at September 30, 2025. The year-over-year decrease in the ACL primarily reflects changes in loan portfolio composition and lower reserves associated with CRE portfolio-specific risks, partially offset by less favorable economic forecasts, adjustments to economic scenario weightings, and increased lending activity. The ratio of ACL to total loans and leases was 1.11% at September 30, 2026, compared with 1.20% at September 30, 2025.

The following schedule summarizes the primary drivers of the year-over-year change in the ACL, including changes in economic forecasts and scenario weightings, credit quality trends and portfolio-specific risks, and loan portfolio composition:

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The ACL estimate is derived using econometric loss models that incorporate multiple economic scenarios, including optimistic, baseline, and stressed conditions. These scenarios are weighted to determine the overall credit loss estimate, and management may adjust the weightings based on its assessment of current economic conditions and reasonable and supportable forecasts.

The second bar reflects the impact of changes in economic forecasts and current economic conditions, incorporating management’s judgment in determining the scenario weightings for the current period. These changes resulted in a $35 million increase in the ACL compared with the prior year, primarily driven by the increased weighting assigned to more adverse economic scenarios.

The third bar captures changes in credit quality factors, including risk grade migration, portfolio-specific risks, and specific reserves on loans. Collectively, these factors contributed to a $13 million decrease in the ACL, largely driven by reduced CRE portfolio-specific risks.

The fourth bar represents the effect of changes in the composition of the loan portfolio, including shifts in loan balances and mix, the aging of the portfolio, and other qualitative risk factors. These changes resulted in a $51 million decrease in the ACL, largely driven by changes in the loan portfolio mix, partially offset by $2.2 billion in period-end loan growth.

The provision for credit losses, which includes both the provision for loan and lease losses and the provision for unfunded lending commitments, resulted in a benefit of $8 million in the third quarter of 2026, compared with a provision expense of $49 million in the third quarter of 2025. The year-over-year decrease in provision for credit losses was due to credit losses recognized in the prior year quarter on revolving credit facilities extended to two related commercial borrowers that financed commercial mortgage originations and purchases. The provision for securities losses was less than $1 million during both the third quarters of 2026 and 2025.

For more information regarding the methodology used to determine the appropriate levels of the ALLL and RULC, see “Credit Risk Management” on page 21 and Note 6 in our 2025 Form 10-K.

Noninterest Income

Noninterest income is comprised of revenue generated from products and services that typically do not bear an associated interest rate or yield. It is categorized as either customer-related or noncustomer-related. Customer-related noninterest income excludes items such as securities gains and losses, dividends, and insurance-related income.

Noninterest income accounted for 22% of total net revenue (defined as the sum of net interest income and noninterest income) in both the third quarters of 2026 and 2025. It increased $8 million, or 4%, for the three months

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ended September 30, and $294 million, or 53%, for the nine months ended September 30, 2026, relative to the same prior year period, primarily due to the pre-tax net gains recognized in the second quarter of 2026.

The following schedule presents a comparison of the major components of noninterest income:

NONINTEREST INCOME

			Three Months Ended September 30,												Amount change						Percent change						Nine Months Ended September 30,												Amount change						Percent change
(Dollar amounts in millions)			2026						2025																		2026						2025
Commercial account fees			$	49					$	47					$	2					4		%				$	146					$	138					$	8					6		%
Card fees			25						24						1						4						71						71						—						—
Retail and business banking fees			21						19						2						11						61						55						6						11
Loan-related fees and income			20						20						—						—						65						56						9						16
Capital markets fees and income			46						24						22						92						110						79						31						39
Wealth management fees			16						14						2						14						47						43						4						9
Other customer-related fees			15						15						—						—						46						43						3						7
Customer-related noninterest income			192						163						29						18						546						485						61						13
Dividends and other income			9						15						(6)						(40)						30						34						(4)						(12)
Securities gains (losses), net			(4)						11						(15)						NM						268						31						237						NM
Noncustomer-related noninterest income			5						26						(21)						(81)						298						65						233						NM
Total noninterest income			$	197					$	189					$	8					4						$	844					$	550					$	294					53
Adjusted customer-related noninterest income 1			$	182					$	174					$	8					5		%				$	537					$	496					$	41					8		%

1 Net of CVA. For information on non-GAAP financial measures, see page 40.

Customer-related Noninterest Income

Customer-related noninterest income increased $29 million, or 18%, compared with the prior year period, reflecting broad-based growth across nearly all revenue streams. Capital markets fees and income increased $22 million, largely reflecting changes in net CVA. Excluding net CVA, capital markets fees and income increased $1 million compared with the prior year period, reflecting higher swap fee revenue. Wealth management fees increased $2 million, reflecting growth in portfolio management and personal trust fees, while retail and business banking fees also increased $2 million, primarily due to higher overdraft service fees.

For the nine months ended September 30, 2026, customer-related noninterest income increased $61 million, or 13%, compared with the same prior year period. Excluding net CVA, capital markets fees and income increased $11 million, or 12%, reflecting growth in swap and loan syndication fees, partially offset by lower investment banking advisory fees. Loan-related fees and income increased $9 million, primarily reflecting higher residential mortgage loan sales activity. Commercial account fees increased $8 million, mainly due to growth in account analysis fees. Retail and business banking fees increased $6 million, reflecting the same drivers noted above, while other customer-related fees increased $3 million, primarily driven by growth in corporate trust fees.

Noncustomer-related Noninterest Income

Noncustomer-related noninterest income decreased $21 million, or 81%, compared with the prior year period, primarily due to a $15 million decline in net securities gains, reflecting lower valuation adjustments in our SBIC investment portfolio relative to the prior year quarter. Dividends and other income decreased $6 million, primarily due to a gain on the sale of bank-owned property and higher FHLB stock dividends in the prior year period.

For the nine months ended September 30, 2026, noncustomer-related noninterest income increased $233 million compared with the same prior year period. The increase was primarily attributable to a $237 million increase in net securities gains, largely reflecting significant pre-tax gains recognized in the second quarter of 2026 from the sale of Class B-1 shares of Visa, Inc., as well as unrealized gains within the SBIC investment portfolio.

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Noninterest Expense

The following schedule presents a comparison of the major components of noninterest expense:

NONINTEREST EXPENSE

			Three Months Ended September 30,												Amount change						Percent change						Nine Months Ended September 30,												Amount change						Percent change
(Dollar amounts in millions)			2026						2025																		2026						2025
Salaries and employee benefits			$	345					$	337					$	8					2		%				$	1,050					$	1,015					$	35					3		%
Technology, telecom, and information processing			76						70						6						9						222						205						17						8
Occupancy and equipment, net			43						42						1						2						128						123						5						4
Professional and legal services			20						14						6						43						62						40						22						55
Marketing and business development			14						11						3						27						41						34						7						21
Deposit insurance and regulatory expense			12						16						(4)						(25)						34						58						(24)						(41)
Credit-related expense			8						6						2						33						23						18						5						28
Other real estate expense, net			1						—						1						NM						2						—						2						NM
Other			34						31						3						10						104						99						5						5
Total noninterest expense			$	553					$	527					$	26					5						$	1,666					$	1,592					$	74					5
Adjusted noninterest expense (non-GAAP)			$	549					$	520					$	29					6		%				$	1,653					$	1,574					$	79					5		%

Noninterest expense increased $26 million, or 5%, compared with the prior year quarter. Salaries and employee benefits expense increased $8 million, primarily due to higher incentive compensation accruals driven by year-over-year improvement in performance metrics, as well as increased employee benefits costs. Professional and legal services expense increased $6 million, primarily reflecting higher costs for outsourced services. Technology, telecom, and information processing expense increased $6 million, driven by higher application software, licensing, and maintenance costs. Marketing and business development expense increased $3 million, primarily due to customer acquisition and deposit growth initiatives. Other noninterest expense increased $3 million, reflecting higher miscellaneous operating costs, partially offset by a lower success fee accrual associated with SBIC investments.

These increases were partially offset by a $4 million decrease in deposit insurance and regulatory expense, primarily attributable to higher Federal Deposit Insurance Corporation (“FDIC”) assessment costs in the prior year quarter associated with the level of classified loans.

Adjusted noninterest expense increased $29 million, or 6%, primarily due to the same factors discussed above. The efficiency ratio was 61.9%, compared with 59.6%, and improved from 62.2% in the preceding quarter. For more information regarding non-GAAP financial measures, see page 40.

Technology Spend

We invest in technology initiatives designed to improve our products and services, increase our operational efficiency, and enable us to remain competitive. We report these investments as technology spend, which includes the following:

•Technology, telecom, and information processing expense — includes current period expenses presented on the consolidated statement of income related to application software licensing and maintenance, telecommunications, and data processing, less related amortization and depreciation of capitalized technology investments;

•Other technology-related expense — includes related noncapitalized salaries and employee benefits, occupancy and equipment, and professional and legal services; and

•Technology investments — includes capitalized technology infrastructure equipment, hardware, and software (both purchased and internally developed).

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The following schedule presents the composition of our technology spend:

TECHNOLOGY SPEND

			Three Months Ended September 30,												Amount change						Percent change						Nine Months Ended September 30,												Amount change						Percent change
(Dollar amounts in millions)			2026						2025																		2026						2025
Technology, telecom, and information processing expense			$	76					$	70					$	6					9		%				$	222					$	205					$	17					8		%
Less: related amortization and depreciation			(20)						(20)						—						—						(57)						(58)						1						(2)
Other technology-related expense			68						64						4						6						200						186						14						8
Capitalized technology investments			14						17						(3)						(18)						39						46						(7)						(15)
Total technology spend			$	138					$	131					$	7					5						$	404					$	379					$	25					7

Total technology spend increased $7 million, or 5%, compared with the prior year quarter. The increase was primarily due to higher technology, telecom, and information processing expenses, reflecting previously noted increases in application software, licensing, and maintenance costs, as well as higher technology-related expense associated with expanded professional and outsourced technology services. These increases were partially offset by a decline in capitalized technology investments, primarily due to higher investment levels in the prior year.

Income Taxes

The following schedule summarizes the income tax expense and effective tax rates for the periods presented:

INCOME TAXES

			Three Months Ended September 30,												Nine Months Ended September 30,
(Dollar amounts in millions)			2026						2025						2026						2025
Income before income taxes			$	336					$	285					$	1,213					$	836
Income tax expense			73						63						264						200
Effective tax rate			21.7		%				22.1		%				21.8		%				23.9		%

The effective tax rate was 21.7% and 22.1% for the three months ended September 30, 2026 and 2025, respectively, and 21.8% and 23.9% for the nine months ended September 30, 2026 and 2025, respectively. The year-over-year decrease in the nine-month rate was primarily due to Utah tax legislation enacted in the first quarter of 2025, which required remeasurement of the net deferred tax asset (“DTA”) and resulted in additional tax expense in the prior year period.

For more information about the factors affecting our effective tax rates, as well as details on deferred income tax assets and liabilities, see Note 11 of the Notes to Consolidated Financial Statements.

BALANCE SHEET ANALYSIS

Investment Securities Portfolio

Investment securities are classified as either available-for-sale (“AFS”) or held-to-maturity (“HTM”), and are primarily used to provide balance sheet liquidity. The portfolio largely consists of securities that can be readily converted to cash or used to generate liquidity through secured borrowing agreements, without the need to sell the securities. Our investment securities portfolio also helps to balance the inherent interest rate mismatch between loans and deposits, thereby helping to preserve the economic value of shareholders’ equity. The estimated deposit duration at September 30, 2026 was assumed to be longer than the loan duration (including swaps). At September 30, 2026, the investment securities portfolio had an estimated duration of 3.4 years, compared with 3.8 years at December 31, 2025. The duration, which measures price sensitivity to changes in interest rates, declined modestly during the period, primarily reflecting the natural aging of the portfolio.

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For more information about our borrowing capacity associated with the investment securities portfolio and our approach to managing liquidity risk, refer to the “Liquidity Risk Management” section on page 35. For more information on fair value measurements and the accounting for our investment securities portfolio, refer to Note 3 and Note 5 of the Notes to Consolidated Financial Statements.

The following schedule presents the major components of our investment securities portfolio:

INVESTMENT SECURITIES PORTFOLIO

			September 30, 2026																		December 31, 2025
(In millions)			Par Value						Amortized cost						Fair value						Par Value						Amortized cost						Fair value
Available-for-sale
U.S. Treasury securities			$	2,300					$	2,292					$	2,065					$	1,500					$	1,500					$	1,411
U.S. Government agencies and corporations:
Agency securities			263						260						238						317						313						298
Agency guaranteed mortgage-backed securities			6,640						6,631						5,414						7,213						7,207						6,223
Small Business Administration loan-backed securities			267						283						269						334						355						341
Municipal securities			803						858						775						884						953						909
Other debt securities			25						25						25						25						25						25
Total available-for-sale			10,298						10,349						8,786						10,273						10,353						9,207
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities			127						127						121						137						137						134
Agency guaranteed mortgage-backed securities			9,289						7,904						7,511						10,008						8,459						8,545
Municipal securities			237						237						224						271						271						261
Total held-to-maturity			9,653						8,268						7,856						10,416						8,867						8,940
Total investment securities			$	19,951					$	18,617					$	16,642					$	20,689					$	19,220					$	18,147

The amortized cost of total investment securities decreased $603 million, or 3%, from December 31, 2025, primarily due to principal reductions, net of reinvestments. At both September 30, 2026 and December 31, 2025, approximately 6% of the portfolio consisted of floating-rate instruments. At September 30, 2026, we maintained active pay-fixed interest rate swaps with an aggregate notional amount of $4.5 billion that are designated as fair value hedges of fixed-rate AFS securities and effectively convert the fixed interest income on the hedged portion of the securities to a floating rate.

At September 30, 2026, the AFS investment securities portfolio included approximately $51 million in net premium, distributed across various security categories. Taxable-equivalent premium amortization for these investment securities totaled $10 million for the third quarter of 2026, compared with $12 million in the same prior year period.

For more information regarding our investment securities portfolio, swaps, and related unrealized gains and losses, refer to the “Interest Rate Risk Management” section on page 32, the “Capital Management” section on page 36, and Note 5 of the Notes to Consolidated Financial Statements.

Municipal Investments and Extensions of Credit

We support our communities by offering a range of financial products and services to state and local governments (“municipalities”), including deposit services, lending solutions, and investment banking services. Additionally, we invest in securities issued by municipal entities. Our municipal lending portfolio generally includes obligations that are repaid from, or secured by, the general funds or pledged revenues of municipalities, as well as by real estate or equipment. We also extend credit to private commercial and 501(c)(3) not-for-profit organizations that utilize a pass-through municipal structure to benefit from favorable tax treatment.

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The following schedule presents our total investments and extensions of credit to municipalities:

MUNICIPAL INVESTMENTS AND EXTENSIONS OF CREDIT

(In millions)			September 30, 2026						December 31, 2025
Loans and leases			$	4,295					$	4,294
Unfunded lending commitments			527						384
Available-for-sale securities			775						909
Held-to-maturity securities			237						271
Trading securities			191						64
Total			$	6,025					$	5,922

Our municipal loans and securities are primarily concentrated within our geographic footprint. Municipal securities are internally risk-graded using methodologies consistent with those applied to loans, with risk-grading frameworks tailored to the size and characteristics of the underlying credit exposure. Internal risk ratings—Pass, Special Mention, and Substandard—align with regulatory risk classifications. At September 30, 2026, all municipal securities were classified as Pass.

For additional information regarding the credit quality of our municipal loans and securities, see Notes 5 and 6 of the Notes to Consolidated Financial Statements.

Loan and Lease Portfolio

We offer a wide range of lending products to commercial customers, primarily small- and medium-sized businesses, as well as other products secured by CRE. Additionally, we provide various retail banking products and services to consumers and small businesses. The following schedule presents the composition of our loan and lease portfolio:

LOAN AND LEASE PORTFOLIO

			September 30, 2026												December 31, 2025
(Dollar amounts in millions)			Amount						% of total loans						Amount						% of total loans
Commercial:
Commercial and industrial			$	18,758					30.0		%				$	18,111					29.7		%
Owner-occupied			9,357						14.9						9,274						15.2
Municipal			4,295						6.9						4,294						7.1
Total commercial			32,410						51.8						31,679						52.0
Commercial real estate:
Term			11,747						18.8						11,234						18.4
Construction and land development			2,408						3.9						2,162						3.6
Total commercial real estate			14,155						22.7						13,396						22.0
Consumer:
1-4 family residential			10,370						16.6						10,462						17.2
Home equity credit line			4,134						6.6						3,950						6.5
Construction and other consumer real estate			751						1.2						782						1.3
Bankcard and other revolving plans			539						0.9						515						0.8
Other			113						0.2						116						0.2
Total consumer			15,907						25.5						15,825						26.0
Total loans and leases			$	62,472					100.0		%				$	60,900					100.0		%

For the first nine months of 2026, loans and leases increased $1.6 billion, or 3%, to $62.5 billion at September 30, 2026, from $60.9 billion at December 31, 2025. The increase was primarily driven by growth in commercial and industrial loans and term commercial real estate loans. The ratio of loans and leases to total assets remained stable at 69%, consistent with December 31, 2025. Commercial and industrial loans remained the largest loan segment, representing 30% of total loans at September 30, 2026, consistent with December 31, 2025.

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Other Noninterest-Bearing Investments

Other noninterest-bearing investments consist of equity investments held primarily for capital appreciation, dividends, or to meet certain regulatory requirements. The following schedule presents our related investments.

OTHER NONINTEREST-BEARING INVESTMENTS

(Dollar amounts in millions)			September 30, 2026						December 31, 2025						Amount change						Percent change
Bank-owned life insurance			$	582					$	573					$	9					2		%
Federal Home Loan Bank stock			10						100						(90)						(90)
Federal Reserve stock			50						54						(4)						(7)
Farmer Mac stock			34						31						3						10
SBIC investments			333						271						62						23
Other			60						47						13						28
Total other noninterest-bearing investments			$	1,069					$	1,076					$	(7)					(1)

Other noninterest-bearing investments decreased $7 million, or 1%, during the first nine months of 2026. The decrease was primarily driven by lower holdings of FHLB stock, reflecting a significant reduction in FHLB borrowings. To maintain borrowing capacity, we are required to hold FHLB stock equal to 4% to 5% of outstanding FHLB borrowings. This decrease was partially offset by growth in the SBIC investment portfolio, primarily resulting from valuation adjustments on related investments.

Premises, Equipment, and Software

We continue to invest in lending, deposit, and other customer-focused technology initiatives to further modernize our systems, enhance the customer experience, and improve operational efficiency. For additional information regarding related assets, capitalized costs, and their accounting treatment, see “Premises, Equipment, and Software” in MD&A and Note 9 of the Notes to Consolidated Financial Statements in our 2025 Form 10-K.

Deposits

Deposits are our primary funding source. The following schedule presents the composition of our deposit portfolio:

DEPOSIT PORTFOLIO

			September 30, 2026																		December 31, 2025
(Dollar amounts in millions)			Amount						% of total deposits																		Amount						% of total deposits
Deposits by type
Noninterest-bearing demand			$	26,371					33.8		%																$	25,823					34.1		%
Interest-bearing:
Savings and money market			42,319						54.3																		39,914						52.8
Time			5,771						7.4																		6,070						8.0
Brokered			3,487						4.5																		3,837						5.1
Total interest-bearing			51,577						66.2																		49,821						65.9
Total deposits			$	77,948					100.0		%																$	75,644					100.0		%
Customer deposits (excludes brokered deposits)			$	74,461																							$	71,807
Deposit-related metrics
Estimated amount of insured deposits			$	42,272					54		%																$	41,228					55		%
Estimated amount of uninsured deposits			35,676						46																		34,416						45
Estimated amount of collateralized deposits 1			2,818						4																		3,212						4
Loan-to-deposit ratio			80%																								81%

1 Includes both insured and uninsured deposits.

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Total deposits increased $2.3 billion, or 3%, from December 31, 2025, reflecting growth in both interest-bearing and noninterest-bearing deposits. Customer deposits, excluding brokered deposits, increased to $74.5 billion from $71.8 billion. The increase in customer deposits supported a reduction in higher-cost wholesale funding, including short-term borrowings, with excess liquidity used to increase money market investments. Growth in interest-bearing deposits was driven by focused deposit-gathering initiatives, while noninterest-bearing demand deposits increased primarily due to the migration of balances from a consumer interest-bearing product to a new noninterest-bearing offering.

At September 30, 2026 and December 31, 2025, customer deposits included approximately $6.6 billion and $6.8 billion, respectively, of reciprocal deposits that were not classified as brokered deposits under applicable FDIC regulations. These deposits represented approximately 8% and 9% of total deposits at the respective dates and provide customers with access to additional deposit insurance coverage while allowing them to maintain their banking relationships with us. At September 30, 2026, reciprocal deposits were well below our FDIC regulatory cap for exclusion from brokered deposit classification.

At September 30, 2026, the estimated amount of uninsured deposits totaled $35.7 billion, or 46% of total deposits, compared with 45% at December 31, 2025. The loan-to-deposit ratio was 80% at September 30, 2026, compared with 81% at December 31, 2025. For additional information regarding liquidity, including the ratio of available liquidity to uninsured deposits, see “Liquidity Risk Management” on page 35.

RISK MANAGEMENT

We are exposed to a broad range of risks, including credit risk, interest rate and market risk, liquidity risk, strategic and business risk, operational risk, technology risk, cybersecurity risk, capital/financial reporting risk, legal/compliance risk (including regulatory risk), and reputational risk. Oversight of these risks is conducted through various management and board committees, with the Enterprise Risk Management Committee serving as the primary coordinating body. To address these risks, we employ comprehensive risk management practices designed to promote prudent risk-taking and effective oversight. Risk management is embedded in our operations and functions as a critical driver of overall performance, closely aligned with our key strategic objectives. For a more comprehensive discussion of these risks, see “Risk Factors” in our 2025 Form 10-K.

Credit Risk Management

Credit risk represents the potential for loss resulting from the failure of a borrower, guarantor, or other obligor to perform in accordance with the terms of a credit-related agreement. This risk arises primarily from our lending activities and from off-balance sheet credit instruments.

Our approach to credit risk management is supported by formal credit policies and standards, risk management practices, and independent credit examination functions that together establish a consistent framework for sound underwriting and credit decision-making across our local banking affiliates. We emphasize strong underwriting standards and the early identification of potential problem credits to facilitate timely corrective actions and mitigate potential losses. For a more comprehensive discussion of our credit risk management, see “Credit Risk Management” in our 2025 Form 10-K.

U.S. Government Agency Guaranteed Loans

We participate in several guaranteed lending programs sponsored by United States (“U.S.”) government agencies, including the U.S. Small Business Administration (“SBA”), Federal Housing Authority, U.S. Department of Veterans Affairs, Export-Import Bank of the U.S., and the U.S. Department of Agriculture. At September 30, 2026, approximately $655 million in loans were guaranteed, primarily by the SBA.

The following schedule presents the composition of our U.S. government agency guaranteed loans:

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U.S. GOVERNMENT AGENCY GUARANTEED LOANS

			September 30, 2026												December 31, 2025
(Dollar amounts in millions)			Amount						Percent guaranteed						Amount						Percent guaranteed
Commercial			$	830					76		%				$	766					77		%
Commercial real estate			28						76						31						71
Consumer			4						100						4						100
Total loans			$	862					76						$	801					77

Commercial Lending

The following schedule presents the composition of our commercial lending portfolio:

COMMERCIAL LENDING PORTFOLIO

			September 30, 2026												December 31, 2025
(Dollar amounts in millions)			Amount						% of total  commercial loans						Amount						% of total  commercial loans						Amount change						Percent change
Commercial:
Commercial and industrial 1			$	18,758					57.9		%				$	18,111					57.2		%				$	647					3.6		%
Owner-occupied			9,357						28.9						9,274						29.3						83						0.9
Municipal			4,295						13.2						4,294						13.5						1						—
Total commercial			$	32,410					100.0		%				$	31,679					100.0		%				$	731					2.3

1 Effective March 31, 2026, balances previously reported as “Leasing” were reclassified to the “Commercial and industrial” loan segment. Prior period amounts have been reclassified to conform to the current presentation. At September 30, 2026 and December 31, 2025, the leasing portfolio totaled $331 million and $367 million, respectively.

Our commercial loan portfolio spans a broad range of industries and generally carries maturities of one to five years, with amortization schedules determined by the nature of the underlying collateral and guarantees. These loans are typically structured to meet diverse financing needs and may take the form of seasonal, term, working capital, or bridge loans, offered as revolving and non-revolving lines of credit, amortizing term loans, guidance facilities, or single-payment loans. Loan agreements typically include covenants requiring borrowers to provide periodic financial statements, enabling ongoing monitoring of business performance, leverage, debt service coverage, and liquidity.

The underwriting process for commercial loans focuses on a comprehensive evaluation of management quality, financial performance, industry dynamics, sponsorship (where applicable), and transaction structure. Credit enhancements are generally secured through collateral and guarantees from the owners or sponsors. Prospective cash flows are stress-tested under various downside scenarios, including revenue decline, margin compression, and interest rate volatility.

The following schedule presents the geographic distribution of our commercial lending portfolio, based on the location of the primary borrower:

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COMMERCIAL LENDING BY GEOGRAPHY

			September 30, 2026																		December 31, 2025
(Dollar amounts in millions)			Amount						% of total						Nonaccrual loans												Amount						% of total						Nonaccrual loans
Commercial:
Arizona			$	2,355					7.3		%				$	4											$	2,338					7.4		%				$	7
California			6,499						20.0						115												6,351						20.0						68
Colorado			1,647						5.1						6												1,710						5.4						4
Nevada			1,452						4.5						1												1,384						4.4						2
Texas			8,200						25.3						25												7,978						25.2						32
Utah/Idaho			6,920						21.4						20												6,479						20.4						23
Washington/Oregon			1,407						4.3						1												1,425						4.5						8
Other 1			3,930						12.1						4												4,014						12.7						2
Total commercial			$	32,410					100.0		%				$	176											$	31,679					100.0		%				$	146

1 No other geography exceeded 1.9% and 2.1% for September 30, 2026 and December 31, 2025, respectively.

The following schedule presents the industry distribution of our commercial lending portfolio, classified based on the North American Industry Classification System:

COMMERCIAL LENDING BY INDUSTRY

			September 30, 2026																		December 31, 2025
(Dollar amounts in millions)			Amount						% of total						Nonaccrual loans												Amount						% of total						Nonaccrual loans
Real estate, rental, and leasing			$	3,525					10.9		%				$	17											$	3,321					10.5		%				$	32
Retail trade			2,872						8.9						12												2,810						8.9						6
Manufacturing			2,846						8.8						17												2,591						8.2						20
Finance and insurance			2,357						7.3						9												2,306						7.3						10
Healthcare and social assistance			2,282						7.0						9												2,342						7.4						7
Wholesale trade			2,224						6.9						3												1,870						5.9						1
Public administration			1,807						5.6						—												2,226						7.0						—
Hospitality and food services			1,699						5.2						32												1,423						4.5						2
Construction			1,616						5.0						11												1,529						4.8						13
Transportation and warehousing			1,529						4.7						3												1,567						4.9						6
Utilities 1			1,457						4.5						18												1,591						5.0						—
Educational services			1,422						4.4						5												1,187						3.7						—
Other Services (except Public administration)			1,225						3.8						2												1,098						3.5						2
Mining, quarrying, and oil and gas extraction			1,184						3.6						—												1,284						4.1						—
Professional, scientific, and technical services			1,002						3.1						6												1,071						3.4						3
Other 2			3,363						10.3						32												3,463						10.9						44
Total			$	32,410					100.0		%				$	176											$	31,679					100.0		%				$	146

1 Includes primarily utilities, power, and renewable energy.

2 No other industry group exceeded 3.2% for both September 30, 2026 and December 31, 2025.

As previously noted, our commercial lending portfolio is well-diversified across both geographic regions and industry sectors. Given ongoing investor interest in loans extended to nondepository financial institutions (“NDFIs”), we provided the following information regarding these exposures within our commercial lending portfolio.

Loans to Nondepository Financial Institutions (NDFIs)

NDFIs are financial entities that provide banking-like services but generally do not accept public deposits and are not subject to federal banking regulation. We provide financing to a diversified range of NDFIs, including mortgage and business credit intermediaries, private equity funds, consumer credit intermediaries, insurance companies, investment firms, and other financial intermediaries. These exposures are actively managed through concentration

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limits, stress testing, compliance monitoring, and ongoing assessments of portfolio quality, liquidity, and capital adequacy. For a more detailed discussion of these NDFIs, see the corresponding section in our 2025 Form 10-K.

At September 30, 2026, loans to NDFIs totaled $2.2 billion, representing 7% of total commercial loans and 4% of total loans, compared with $2.0 billion, or 6% of total commercial loans and 3% of total loans, at December 31, 2025.

The following schedule presents the composition of our NDFI lending portfolio:

NDFI LENDING PORTFOLIO

			September 30, 2026																		December 31, 2025
(Dollar amounts in millions)			Amount						% of total						Nonaccrual loans												Amount						% of total						Nonaccrual loans
Mortgage credit intermediaries			$	335					15.2		%				$	9											$	352					17.6		%				$	9
Business credit intermediaries			945						42.8						—												968						48.4						—
Private equity funds			118						5.3						—												121						6.1						—
Consumer credit intermediaries			272						12.3						—												303						15.2						—
Other financial institutions			540						24.4						—												253						12.7						1
Total NDFI portfolio			$	2,210					100.0		%				$	9											$	1,997					100.0		%				$	10

NDFI loan balances increased during the first nine months of 2026, primarily due to a second-quarter reclassification of commercial loans to the NDFI category based on industry and purpose. The following schedule presents NDFI credit quality metrics:

NDFI CREDIT QUALITY

(Dollar amounts in millions)			September 30, 2026						December 31, 2025
Credit quality metrics
Criticized loan ratio			1.1		%				0.8		%
Classified loan ratio			1.1		%				0.8		%
Nonaccrual loan ratio			0.4		%				0.5		%
Delinquency ratio			0.4		%				—		%
Annualized ratio of NDFI net charge-offs1 to average loans			—		%				2.7		%
Ratio of allowance for credit losses to NDFI loans, at period end			1.31		%				1.03		%

1 Ratios are annualized for September 30, 2026, and represent full-year amounts for December 31, 2025. Total NDFI net charge-offs in 2025 included a $50 million charge-off associated with revolving lines of credit extended to two related commercial borrowers to finance the origination and purchase of commercial and residential mortgages.

Commercial Real Estate Lending

The following schedule presents the composition of our CRE lending portfolio:

COMMERCIAL REAL ESTATE LENDING PORTFOLIO

			September 30, 2026												December 31, 2025
(Dollar amounts in millions)			Amount						% of total  CRE loans						Amount						% of total  CRE loans						Amount change						Percent change
Commercial real estate:
Term			$	11,747					83.0		%				$	11,234					83.9		%				$	513					4.6		%
Construction and land development			2,408						17.0						2,162						16.1						246						11.4
Total commercial real estate			$	14,155					100.0		%				$	13,396					100.0		%				$	759					5.7

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Term CRE loans typically have maturities ranging from three to seven years and may incorporate full, partial, or non-recourse guarantee structures. Standard term CRE loan arrangements generally include operating covenants that are evaluated annually for compliance, requiring loan rebalancing based on minimum debt service coverage, debt yield, or loan-to-value (“LTV”) ratios.

Construction and land development loans generally mature within 18 to 36 months and may involve full or partial recourse guarantees. These loans often include one- to five-year extension options or roll-to-permanent features, which commonly convert into term loans upon completion.

Underwriting for commercial properties primarily emphasizes the economic viability of the project, while also giving considerable weight to the sponsor's creditworthiness and experience. Owners are generally required to contribute their equity prior to any loan advances. Loan agreements frequently include remargining provisions—requiring additional equity infusions if the collateral's value or cash flow declines—as well as sponsor guarantees.

At September 30, 2026, the weighted average LTV ratio for our term CRE portfolio was below 60%. For CRE loans, LTV is calculated as the loan amount divided by the most recent appraised value of the underlying collateral. For a more comprehensive discussion of our CRE loan portfolio, see “Commercial Real Estate Loans” in our 2025 Form 10-K. The following schedule presents the geographic distribution of our commercial real estate lending portfolio, based on the location of the primary collateral:

COMMERCIAL REAL ESTATE LENDING BY GEOGRAPHY

			September 30, 2026																		December 31, 2025
(Dollar amounts in millions)			Amount						% of total						Nonaccrual loans												Amount						% of total						Nonaccrual loans
Commercial real estate:
Arizona			$	1,759					12.4		%				$	—											$	1,709					12.8		%				$	—
California			3,685						26.0						36												3,549						26.5						22
Colorado			758						5.4						—												726						5.4						16
Nevada			1,034						7.3						—												1,016						7.6						—
Texas			2,707						19.1						4												2,566						19.2						5
Utah/Idaho			2,588						18.3						—												2,376						17.7						—
Washington/Oregon			1,173						8.3						—												1,122						8.4						30
Other			451						3.2						—												332						2.4						—
Total commercial real estate			$	14,155					100.0		%				$	40											$	13,396					100.0		%				$	73

The following schedule presents our commercial real estate lending portfolio by the type of collateral:

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COMMERCIAL REAL ESTATE LENDING BY COLLATERAL TYPE

			September 30, 2026																		December 31, 2025
(Dollar amounts in millions)			Amount						% of total						Nonaccrual loans												Amount						% of total						Nonaccrual loans
Commercial property
Multifamily			$	4,151					29.3		%				$	—											$	3,994					29.8		%				$	—
Industrial			3,250						23.0						7												3,045						22.7						—
Retail			1,792						12.7						—												1,586						11.8						—
Office			1,537						10.9						30												1,675						12.5						67
Hospitality			816						5.8						3												678						5.1						5
Land			291						2.0						—												286						2.1						—
Other 1			1,550						10.9						—												1,436						10.8						—
Residential property 2
Single family			438						3.1						—												398						3.0						1
Land			109						0.8						—												111						0.8						—
Condo/Townhome			15						0.1						—												29						0.2						—
Other 1			206						1.4						—												158						1.2						—
Total			$	14,155					100.0		%				$	40											$	13,396					100.0		%				$	73

1 Included in the total amount of the “Other” commercial and residential categories was approximately $328 million and $232 million of unsecured loans at September 30, 2026 and December 31, 2025, respectively.

2 Residential property consists primarily of loans provided to commercial homebuilders for land, lot, and single-family housing developments.

As previously noted, our CRE lending portfolio remains well diversified across both geographic markets and collateral types, with multifamily properties representing the largest concentration. Given ongoing investor interest in multifamily, industrial, and office collateral types, we have provided additional analysis of these segments within our CRE portfolio below. For CRE loans approaching maturity, we generally expect substantially all borrowers to successfully refinance either with the Bank or other lending institutions. This expectation is supported by strong underlying property cash flows, prudent LTV ratios, sufficient borrower equity contributions, and the financial strength and support of guarantors.

Multifamily CRE

At September 30, 2026 and December 31, 2025, the multifamily CRE loan portfolio totaled $4.2 billion and $4.0 billion, respectively, and represented 29% and 30% of the total CRE loan portfolio at each respective period end. Approximately 38% of the multifamily CRE loan portfolio is scheduled to mature within the next 12 months.

In July 2026, we completed the acquisition of Basis Multifamily Finance I, LLC, including its agency lending team, operating capabilities, and related mortgage servicing rights. The acquisition expands our multifamily lending capabilities and broadens the financing solutions available to multifamily clients. See “Executive Summary” for more information.

The following schedule presents the composition of our multifamily CRE loan portfolio, along with related credit quality metrics:

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MULTIFAMILY CRE LOAN PORTFOLIO

(Dollar amounts in millions)			September 30, 2026						December 31, 2025
Multifamily CRE
Term			$	3,330					$	3,203
Construction and land development			821						791
Total multifamily CRE			$	4,151					$	3,994
Credit quality metrics
Criticized loan ratio			14.1		%				17.5		%
Classified loan ratio			10.9		%				15.0		%
Nonaccrual loan ratio			—		%				—		%
Delinquency ratio			—		%				—		%
Annualized ratio of multifamily CRE net charge-offs (recoveries) to average loans			—		%				—		%
Ratio of allowance for credit losses to multifamily CRE loans, at period end			1.28		%				1.50		%
Weighted average LTV for multifamily term CRE loans			55		%				59		%

Industrial CRE

At September 30, 2026 and December 31, 2025, the industrial CRE loan portfolio totaled $3.3 billion and $3.0 billion, respectively, and represented 23% of the total CRE loan portfolio at each respective period end. Approximately 31% of the industrial CRE loan portfolio is scheduled to mature within the next 12 months.

The following schedule presents the composition of our industrial CRE loan portfolio and other related credit quality metrics:

INDUSTRIAL CRE LOAN PORTFOLIO

(Dollar amounts in millions)			September 30, 2026						December 31, 2025
Industrial CRE
Term			$	2,802					$	2,720
Construction and land development			448						325
Total industrial CRE			$	3,250					$	3,045
Credit quality metrics
Criticized loan ratio			9.0		%				11.3		%
Classified loan ratio			7.4		%				10.3		%
Nonaccrual loan ratio			0.2		%				—		%
Delinquency ratio			0.3		%				—		%
Annualized ratio of industrial CRE net charge-offs (recoveries) to average loans			—		%				—		%
Ratio of allowance for credit losses to industrial CRE loans, at period end			0.77		%				1.48		%
Weighted average LTV for industrial term CRE loans			55		%				63		%

Office CRE

At September 30, 2026 and December 31, 2025, the office CRE loan portfolio totaled $1.5 billion and $1.7 billion, respectively, and represented 11% and 13% of the total CRE loan portfolio at each respective period end. Approximately 35% of the office CRE loan portfolio is scheduled to mature within the next 12 months.

The following schedule presents the composition of our office CRE loan portfolio and other related credit quality metrics:

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OFFICE CRE LOAN PORTFOLIO

(Dollar amounts in millions)			September 30, 2026						December 31, 2025
Office CRE
Term			$	1,512					$	1,655
Construction and land development			25						20
Total office CRE			$	1,537					$	1,675
Credit quality metrics
Criticized loan ratio			6.4		%				9.4		%
Classified loan ratio			5.7		%				9.3		%
Nonaccrual loan ratio			2.0		%				4.0		%
Delinquency ratio			0.5		%				1.1		%
Annualized ratio of office CRE net charge-offs (recoveries) to average loans			(0.3)		%				0.1		%
Ratio of allowance for credit losses to office CRE loans, at period end			2.73		%				2.93		%
Weighted average LTV for office term CRE loans			53		%				57		%

Consumer Lending

The following schedule presents the composition of our consumer lending portfolio:

CONSUMER LENDING PORTFOLIO

			September 30, 2026												December 31, 2025
(Dollar amounts in millions)			Amount						% of total  consumer loans						Amount						% of total  consumer loans						Amount change						Percent change
Consumer:
1-4 family residential			$	10,370					65.2		%				$	10,462					66.1		%				$	(92)					(0.9)		%
Home equity credit line			4,134						26.0						3,950						25.0						184						4.7
Construction and other consumer real estate			751						4.7						782						4.9						(31)						(4.0)
Bankcard and other revolving plans			539						3.4						515						3.3						24						4.7
Other			113						0.7						116						0.7						(3)						(2.6)
Total consumer			$	15,907					100.0		%				$	15,825					100.0		%				$	82					0.5

The following schedule presents the geographic distribution of our consumer lending portfolio, based on the location of the primary borrower:

CONSUMER LENDING BY GEOGRAPHY

			September 30, 2026																		December 31, 2025
(Dollar amounts in millions)			Amount						% of total						Nonaccrual loans												Amount						% of total						Nonaccrual loans
Consumer
Arizona			$	1,457					9.1		%				$	7											$	1,439					9.1		%				$	7
California			3,827						24.1						21												3,683						23.3						15
Colorado			1,384						8.7						9												1,396						8.8						12
Nevada			1,353						8.5						13												1,344						8.5						12
Texas			3,555						22.4						26												3,658						23.1						25
Utah/Idaho			3,552						22.3						18												3,521						22.3						19
Washington/Oregon			335						2.1						—												320						2.0						3
Other			444						2.8						1												464						2.9						3
Total consumer			$	15,907					100.0		%				$	95											$	15,825					100.0		%				$	96

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1-4 Family Residential Mortgages

We originate first-lien residential home mortgage loans considered to be of prime quality. At September 30, 2026, our 1-4 family residential mortgage loan portfolio totaled $10.4 billion, representing 65% of our total consumer loan portfolio, compared with $10.5 billion, or 66%, at December 31, 2025.

At both September 30, 2026 and December 31, 2025, approximately 89% of the portfolio consisted of variable-rate loans. During the third quarter of 2026, we sold approximately $189 million of residential mortgage loans, including both fixed- and variable-rate loans, through a combination of recurring flow sales and portfolio transactions. In connection with these sales, we provided customary representations and warranties regarding compliance with specified underwriting standards and collateral documentation requirements.

Home Equity Credit Lines

We also originate home equity credit lines (“HECLs”). At September 30, 2026 and December 31, 2025, our HECL portfolio totaled $4.1 billion and $4 billion, respectively. Approximately 34% of the portfolio was secured by first liens at each date. Since December 31, 2025, there have been no material changes in the portfolio's credit quality, underwriting standards, composition, or overall risk characteristics.

For additional information regarding our HECL portfolio, including underwriting standards, collateral characteristics, and credit quality, see “Home Equity Credit Lines” in our 2025 Form 10-K as well as Note 6 of the Notes to Consolidated Financial Statements.

Credit Quality

We monitor credit quality by assessing multiple factors, including nonperforming status, internal risk grades, and net charge-offs. These metrics are integral to our overall evaluation of the adequacy of the ACL. For more information on these factors and the ACL, see Note 6 of the Notes to Consolidated Financial Statements.

Nonperforming Assets

Nonperforming assets include nonaccrual loans and other real estate owned (“OREO”), or foreclosed properties. The following schedule presents the composition of our nonperforming assets:

NONPERFORMING ASSETS

(Dollar amounts in millions)			September 30, 2026												December 31, 2025
Nonaccrual loans 1			$	311											$	315
Other real estate owned 2			4												5
Total nonperforming assets			$	315											$	320
Ratio of nonperforming assets to net loans and leases1 and other real estate owned 2			0.50		%										0.52		%
Accruing loans past due 90 days or more			$	5											$	5
Ratio of accruing loans past due 90 days or more to loans and leases 1			0.01		%										0.01		%
Nonaccrual loans1 and accruing loans past due 90 days or more			$	316											$	320
Ratio of nonperforming assets1 and accruing loans past due 90 days or more to loans and leases1 and other real estate owned 2			0.51		%										0.53		%
Accruing loans past due 30-89 days			$	91											$	96
Classified loans			$	2,123											$	2,380
Ratio of classified loans to total loans and leases			3.40		%										3.91		%
Ratio of nonaccrual loans1 current as to principal and interest payments			58.2		%										56.8		%

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

Nonperforming assets totaled $315 million, or 0.50% of total loans and leases and other real estate owned at September 30, 2026, compared with $320 million, or 0.52%, at December 31, 2025. Nonperforming assets

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decreased primarily within the term CRE loan portfolio. For more information about nonaccrual loans, see Note 6 of the Notes to Consolidated Financial Statements.

Classified Loans

Classified loans are considered loans with well-defined weaknesses and are assigned using our internal risk grade definitions of substandard and doubtful, which are consistent with regulatory risk classifications. The following schedule presents our classified loans by loan segment:

CLASSIFIED LOANS

(Dollar amounts in millions)			September 30, 2026												December 31, 2025
Commercial			$	1,078											$	1,063
Commercial real estate			937												1,205
Consumer			108												112
Total classified loans			$	2,123											$	2,380
Ratio of classified loans to total loans and leases			3.40		%										3.91		%

Classified loans declined to $2.1 billion, or 3.40% of total loans and leases, at September 30, 2026, compared with $2.4 billion, or 3.91%, at December 31, 2025. The decline was primarily driven by reductions in classified CRE exposures, largely attributable to loan payoffs. The loss content of our CRE loan portfolio continues to be mitigated by disciplined underwriting, supported by substantial borrower equity and guarantor support. As a result, our CRE credit performance remains strong, with low levels of nonperforming assets and net charge-offs.

Allowance for Credit Losses

The ACL comprises both the ALLL and the RULC and represents our estimate of current expected credit losses related to the loan and lease portfolio and unfunded lending commitments as of the balance sheet date.

We estimate current expected credit losses using econometric loss models that incorporate historical credit loss experience, prevailing economic conditions, and multiple forward-looking economic scenarios. These scenarios—including optimistic, baseline, and stressed conditions—are weighted to produce the quantitative component of the ACL, and management may adjust the weightings based on its assessment of current economic conditions and reasonable and supportable forecasts. Because economic forecasts may not always align with observed credit quality trends, changes in the ACL may not necessarily correspond directionally with changes in credit quality.

Additionally, we consider qualitative and environmental factors that may indicate actual losses could differ from amounts estimated by the quantitative models. The influence of these factors on the ACL may vary from quarter to quarter.

During the first nine months of 2026, the ACL reflected lower modeled reserves, primarily driven by loss model enhancements and lower reserves within the CRE portfolio. These reductions were partially offset by an increase in the qualitative component of the ACL, primarily reflecting greater economic uncertainty.

For additional information on the ACL and credit trends by portfolio segment, see “The Allowance and Provision for Credit Losses” section on page 13 and Note 6 of the Notes to Consolidated Financial Statements.

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The following schedule presents the components of the ACL and credit-related balances and metrics:

ACL AND CREDIT-RELATED BALANCES AND METRICS

(Dollar amounts in millions)			Nine Months Ended September 30, 2026						Twelve Months Ended December 31, 2025						Nine Months Ended September 30, 2025
Loans and leases outstanding			$	62,472					$	60,900					$	60,278
Average loans and leases outstanding:
Commercial			32,197						31,389						31,327
Commercial real estate			13,807						13,562						13,593
Consumer			15,810						15,470						15,378
Total average loans and leases outstanding			$	61,814					$	60,421					$	60,298
Allowance for loan and lease losses:
Balance at beginning of period			$	678					$	696					$	696
Provision for loan losses			(17)						71						65
Charge-offs:
Commercial			21						103						92
Commercial real estate			3						4						4
Consumer			10						15						11
Total			34						122						107
Recoveries:
Commercial			12						24						21
Commercial real estate			2						4						1
Consumer			4						5						3
Total			18						33						25
Net loan and lease charge-offs			16						89						82
Balance at end of period			$	645					$	678					$	679
Reserve for unfunded lending commitments:
Balance at beginning of period			$	46					$	45					$	45
Provision for unfunded lending commitments			5						1						1
Balance at end of period			$	51					$	46					$	46
Total allowance for credit losses:
Allowance for loan and lease losses			$	645					$	678					$	679
Reserve for unfunded lending commitments			51						46						46
Total allowance for credit losses			$	696					$	724					$	725
Ratio of allowance for credit losses to net loans and leases, at period end			1.11		%				1.19		%				1.20		%
Ratio of allowance for credit losses to nonaccrual loans, at period end			224		%				230		%				227		%
Ratio of allowance for credit losses to nonaccrual loans and accruing loans past due 90 days or more, at period end			220		%				226		%				224		%
Ratio of total net charge-offs to average loans and leases 1			0.03		%				0.15		%				0.18		%
Ratio of commercial net charge-offs to average commercial loans 1			0.04		%				0.25		%				0.30		%
Ratio of commercial real estate net charge-offs (recoveries) to average commercial real estate loans 1			0.01		%				—		%				0.03		%
Ratio of consumer net charge-offs to average consumer loans 1			0.05		%				0.06		%				0.07		%

1 Ratios are annualized for the periods presented, except for the period representing the full twelve months.

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Interest Rate and Market Risk Management

Interest rate and market risk refer to the potential for adverse impacts on current or future earnings and capital arising from changes in interest rates and other market conditions. Given our involvement in transactions with a broad range of financial instruments, we are inherently exposed to these risks. For more information on our approach to managing interest rate and market risk, see “Interest Rate and Market Risk Management” in our 2025 Form 10-K.

We actively manage our exposure to interest rate fluctuations by positioning the balance sheet to reduce volatility in both net interest income and the economic value of equity (“EVE”). Given that a significant portion of our balance sheet funding is derived from non-maturity deposit products, we rely on behavioral models and assumptions to forecast the sensitivity of earnings to interest rate movements. These models and assumptions are subject to ongoing performance monitoring and refinement.

When observed deposit behavior diverges from model expectations, the models are updated accordingly, with greater emphasis placed on recently observed behavior. All model changes are independently reviewed by our Model Risk Management function.

Our deposit-behavior models incorporate assumptions about the correlation between the rates paid on interest-bearing deposits and fluctuations in average benchmark interest rates. This is commonly referred to as “deposit beta.” Certificates of deposit are typically modeled with a higher degree of correlation, whereas interest-bearing checking accounts are assumed to exhibit a lower sensitivity to rate changes.

Many consumer and business deposit accounts have historically demonstrated stability and limited sensitivity to rate changes, resulting in a longer duration relative to our loan portfolio. As a result, our balance sheet has typically been “asset-sensitive,” meaning that assets are expected to reprice more quickly or more significantly than our liabilities. Measures of asset sensitivity are particularly influenced by changes in deposit modeling assumptions.

To manage interest rate risk, we regularly employ a combination of interest rate derivatives, investments in fixed-rate securities, and funding strategies. Collectively, these tools help moderate the expected sensitivity of net interest income and EVE to changes in interest rates.

The following schedule presents deposit duration assumptions discussed previously:

DEPOSIT ASSUMPTIONS

						September 30, 2026																		December 31, 2025
Product						Effective duration (-200 bps)						Effective duration (unchanged)						Effective duration (+200 bps)						Effective duration (-200 bps)						Effective duration (unchanged)						Effective duration (+200 bps)
Demand deposits						4.6%						4.0%						3.6%						4.9%						4.2%						3.7%
Money market						1.7%						1.3%						1.1%						1.9%						1.5%						1.3%
Savings and interest-bearing checking						2.0%						1.6%						1.5%						2.2%						1.8%						1.6%

As previously discussed, we utilize derivative instruments to manage interest rate risk. The following schedule presents derivatives designated in qualifying hedging relationships at September 30, 2026. It includes the average outstanding derivative notional amounts for each reporting period presented and the weighted-average fixed rates paid or received across cash flow and fair value hedge categories. For more information regarding our hedge accounting strategies and the impact of these hedging relationships on interest income and expense, see Note 4 of the Notes to Consolidated Financial Statements.

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DERIVATIVES DESIGNATED IN QUALIFYING HEDGING RELATIONSHIPS AND CERTAIN ECONOMIC HEDGES

			2026						2027																		Annual Periods
(Dollar amounts in millions)			Fourth Quarter						First Quarter						Second Quarter						Third Quarter						2027						2028						2029						2030						2031						2032
Cash flow hedges
Cash flow hedges of assets 1
Average outstanding notional 2			$	8,830					$	8,646					$	8,489					$	8,341					$	8,166					$	1,366					$	95					$	—					$	—					$	—
Weighted-average fixed-rate received			3.45		%				3.46		%				3.56		%				3.65		%				3.63		%				4.22		%				3.79		%				—		%				—		%				—		%
Fair value hedges
Fair value hedges of debt 3
Average outstanding notional			$	2,000					$	2,000					$	2,000					$	1,761					$	1,814					$	928					$	500					$	500					$	500					$	500
Weighted-average fixed-rate received			4.59		%				4.59		%				4.59		%				4.57		%				4.58		%				4.49		%				3.93		%				3.93		%				3.93		%				3.93		%
Fair value hedges of assets 4
Average outstanding notional 2			$	5,538					$	5,533					$	5,531					$	5,519					$	5,558					$	5,361					$	4,350					$	3,175					$	2,608					$	2,377
Weighted-average fixed-rate paid			3.34		%				3.34		%				3.34		%				3.34		%				3.34		%				3.33		%				3.27		%				3.19		%				3.11		%				3.07		%

1 Cash flow hedges of assets consist of receive-fixed interest rate swaps and purchased three-month SOFR futures designated to hedge pools of floating-rate loans.

2 Notional amounts for forward-starting derivatives are excluded until their contractual start dates.

3 Fair value hedges of debt consist of receive-fixed swaps that hedge fixed-rate subordinated and senior notes.

4 Fair value hedges of assets consist of pay-fixed interest rate swaps that hedge fixed-rate AFS securities and commercial loans.

At September 30, 2026, we had $12 million of net losses deferred in accumulated other comprehensive income (“AOCI”) related to terminated cash flow hedges. These deferred amounts are amortized into interest income on a straight-line basis over the original maturity periods of the respective hedges, provided the forecasted transactions are expected to occur. For more information regarding amounts deferred in AOCI from terminated cash flow hedges, see “Interest Rate and Market Risk Management” in our 2025 Form 10-K.

Earnings at Risk (EaR) and Economic Value of Equity (EVE)

Incorporating deposit assumptions, the effects of derivatives designated in qualifying hedging relationships, and certain short-dated economic hedges, the following schedule presents our earnings at risk (“EaR”) and estimated changes in EVE. EaR represents the percentage change in projected 12-month net interest income. Both EaR and EVE are based on a static balance sheet and reflect instantaneous, parallel shifts in interest rates ranging from -200 to +200 bps. These measures are intended to illustrate the sensitivity of net interest income and equity value to changes in interest rates across a range of scenarios and should not be interpreted as forecasts of expected net interest income.

INCOME SIMULATION – CHANGE IN NET INTEREST INCOME AND CHANGE IN ECONOMIC VALUE OF EQUITY

						September 30, 2026																														December 31, 2025
						Parallel shift in rates (in bps) 1																														Parallel shift in rates (in bps)
Repricing scenario						-200						-100						0						+100						+200						-200						-100						0						+100						+200
Earnings at Risk (EaR)						(9.2)		%				(4.4)		%				—		%				3.6		%				7.2		%				(7.8)		%				(4.0)		%				—		%				4.0		%				7.9		%
Economic Value of Equity (EVE)						(1.7)		%				(0.4)		%				—		%				(0.3)		%				(1.1)		%				(1.5)		%				(0.3)		%				—		%				(0.5)		%				(1.4)		%

1 Assumes rates do not decline below zero in the negative rate shifts.

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Asset sensitivity under the rising rate scenarios decreased during the first nine months of 2026, primarily due to increased hedging activity. Exposure to declining rates increased, primarily due to updated assumptions that deposit rates would decline more slowly as market interest rates fall.

Based on current deposit assumptions, interest rate risk remained within established policy limits. For interest-bearing deposits with indeterminable maturities, the weighted average modeled beta was 53%.

Prepayment assumptions are a key factor in the management of interest rate risk. Certain assets within our portfolio, including 1-4 family residential mortgages and mortgage-backed securities, are subject to borrower-driven prepayments that can significantly affect projected cash flows. At September 30, 2026 and December 31, 2025, estimated lifetime prepayment speeds for loans were 13.5% and 14.8%, respectively, reflecting the aging of the portfolio, as loans become more seasoned and borrowers are more likely to refinance or repay their loans early over time. Estimated prepayment speeds for mortgage-backed securities were 6.9% and 7.0% for the same respective periods.

Our EaR analysis primarily evaluates the impact of parallel rate shocks across the term structure of benchmark interest rates. Additionally, we perform non-parallel rate shock scenarios to identify potential risks not captured under parallel rate assumptions. In these scenarios, the most significant effects on EaR typically result from movements in short-term interest rates. Based on the implied forward rate curve as of September 30, 2026, our asset-sensitive balance sheet position provides potential earnings upside in a higher-rate environment.

Our strategic focus on business banking remains a key component of our asset-liability management strategy. At September 30, 2026, $32.0 billion of commercial and CRE loans were scheduled to reprice within the following six months. To help manage the interest rate risk associated with these variable-rate exposures, we maintained $8.7 billion in aggregate average notional value of active interest rate derivatives during that period, including interest rate swaps and certain short-term interest rate futures designated as cash flow hedges. Additionally, $4.7 billion of variable-rate consumer loans were scheduled to reprice over the same timeframe. For further information regarding derivative instruments, see Notes 3 and 4 of the Notes to Consolidated Financial Statements.

Fixed Income

We are subject to market risk arising from fluctuations in the fair value of financial instruments, including trading securities and interest rate swaps used to hedge interest rate exposure. Our underwriting activities include municipal and corporate securities, and we actively trade in municipal, agency, and U.S. Treasury securities. These activities expose us to potential losses resulting from adverse price movements in fixed-income markets. Changes in the fair value of AFS securities and interest rate swaps that qualify as cash flow hedges are recognized in AOCI each reporting period. For additional information on investment securities and AOCI, refer to the “Capital Management” section on page 36. For more information on the accounting treatment of investment securities, see Note 5 of the Notes to Consolidated Financial Statements.

Equity Investments

Through our equity investment activities, we hold both publicly traded equity securities and non-marketable equity securities in governmental entities and institutions, such as the Federal Reserve Board (“FRB”) and the FHLB. For more information regarding our equity investments, see “Interest Rate and Market Risk Management” in our 2025 Form 10-K.

We hold investments primarily in pre-public companies, largely through a diversified portfolio of SBIC funds. This investment strategy is designed to support the financing, growth, and expansion of a broad range of businesses, primarily within our geographic footprint. At September 30, 2026, and December 31, 2025, our equity exposure to these investments was $333 million and $271 million, respectively.

Occasionally, companies within our SBIC portfolio may complete an initial public offering (“IPO”), which introduces additional market risk due to post-IPO lock-up restrictions. For more information regarding the valuation of our SBIC investments, see Note 3 of the Notes to Consolidated Financial Statements.

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Liquidity Risk Management

Liquidity represents our ability to meet cash, contractual, and collateral obligations while effectively managing both anticipated and unanticipated cash flow needs without adversely affecting our operations or financial condition. We manage liquidity to provide sufficient funding for customer credit requirements, financial and contractual commitments, and other corporate activities. Our primary sources of contingent liquidity include secured borrowings through repurchase agreements backed by investment securities, as well as other collateral prepositioned with the FHLB and the FRB. In addition, we maintain the capacity to issue brokered certificates of deposit and unsecured debt. For more information regarding our approach to managing liquidity risk, see “Liquidity Risk Management” in our 2025 Form 10-K.

For the first nine months of 2026, primary sources of cash included deposit growth, net cash provided by operating activities, and proceeds from the issuance of long-term debt. Primary uses of cash during the same period included reductions in short-term borrowings, growth in loans and leases, increased money market investments, repurchases of common stock, and dividend payments on common and preferred stock. Cash interest payments, which are included in net cash provided by operating activities, totaled $1.0 billion and $1.2 billion for the first nine months of 2026 and 2025, respectively.

The FHLB and FRB continue to serve as important sources of contingent liquidity and funding. As a member of the FHLB of Des Moines, we have the ability to borrow against eligible loans and securities to support liquidity and funding needs. To maintain this borrowing capacity, we are required to hold investments in both FHLB and FRB stock. At September 30, 2026, our total investment in FHLB and FRB stock totaled $10 million and $50 million, respectively, compared with $100 million and $54 million, respectively, at December 31, 2025. The decline in FHLB stock holdings reflects a significant reduction in FHLB borrowings.

At September 30, 2026, loans with a carrying value of $26.5 billion and $18.9 billion were pledged to the FHLB and FRB, respectively, as collateral supporting existing and contingent borrowing capacity. This compares with $25.2 billion and $18.0 billion pledged at December 31, 2025.

At September 30, 2026 and December 31, 2025, we had $16.5 billion and $17.5 billion, respectively, of investment securities pledged as collateral to support contingent borrowing capacity. The pledged securities consisted of:

•$8.2 billion and $7.9 billion, respectively, designated for available use under the Fixed Income Clearing Corporation's General Collateral Finance (“GCF”) program and other repurchase agreement programs;

•$4.2 billion and $4.5 billion, respectively, pledged to the FHLB and FRB in total; and

•$4.1 billion and $5.1 billion, respectively, pledged to secure public and trust deposits, advances, and other collateralized obligations.

A significant portion of these pledged assets is unencumbered, but remains pledged to provide immediate access to contingency funding sources. The following schedule presents our total available liquidity, including unused collateralized borrowing capacity:

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AVAILABLE LIQUIDITY

			September 30, 2026																								December 31, 2025
(Dollar amounts in billions)			FHLB						FRB 1						GCF 2												Total						FHLB						FRB 1						GCF 2												Total
Total borrowing capacity			$	17.5					$	18.9					$	8.0											$	44.4					$	17.4					$	18.4					$	8.0											$	43.8
Borrowings outstanding			—						—						—												—						2.0						—						0.1												2.1
Remaining capacity, at period end			$	17.5					$	18.9					$	8.0											$	44.4					$	15.4					$	18.4					$	7.9											$	41.7
Cash and due from banks																											$	0.7																													$	0.7
Interest-bearing deposits 3																											3.5																														2.2
Total available liquidity																											$	48.6																													$	44.6
Ratio of available liquidity to uninsured deposits																											136%																														130%

1 Represents borrowing capacity and borrowings outstanding at the Federal Reserve Bank discount window.

2 Includes $710 million and $3.1 billion pledged for available use through other repo programs for the periods presented.

3 Represents funds deposited by the Bank primarily at the Federal Reserve Bank.

At September 30, 2026, our total available liquidity was $48.6 billion, compared with $44.6 billion at December 31, 2025. At September 30, 2026, our sources of liquidity exceeded the estimated amount of uninsured deposits of $35.7 billion without the need to sell any investment securities.

Credit Ratings

General financial market and economic conditions affect our access to, and the cost of, external financing. Our access to funding markets is also influenced by the credit ratings assigned by rating agencies, which affect both our borrowing costs and access to funding sources. All credit rating agencies currently rate our debt at an investment-grade level.

The following schedule presents our credit ratings:

CREDIT RATINGS

as of October 30, 2026:

Rating agency

Outlook

Long-term issuer/senior debt rating

Subordinated debt rating

Short-term debt rating

Kroll

Stable

A-

BBB+

K2

S&P

Stable

BBB+

BBB

NR

Fitch

Stable

BBB+

BBB

F2

Moody's

Stable

Baa2

NR

P2

We may periodically issue or redeem preferred stock, senior or subordinated notes, or other capital and debt instruments to support our capital requirements, funding needs, asset-liability management objectives, and prevailing market conditions. Certain issuances may require regulatory approval. In July 2026, we issued $500 million of 5.24% Fixed-to-Floating Senior Notes. In February 2026, we issued $500 million of 4.48% Fixed-to-Floating Senior Notes, and in August 2025, we issued $500 million of 4.70% Fixed-to-Floating Senior Notes.

For additional information regarding our capital actions, see “Capital Management” in our 2025 Form 10-K.

Capital Management

We believe that maintaining a strong capital position is critical to achieving our key strategic objectives, sustaining long-term profitability, and reinforcing confidence among depositors, creditors, and investors. We focus on: (1) maintaining sufficient capital to support the current needs and growth of our businesses, aligned with our assessment of their potential to deliver shareholder value, and (2) meeting our obligations to depositors and bondholders while prudently managing capital distributions to shareholders through dividends and common stock repurchases.

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We utilize stress testing as an important tool to inform our decisions on the appropriate level of capital to maintain, based on hypothetically stressed economic conditions, including the FRB’s supervisory severely adverse scenario. The timing and magnitude of capital actions are influenced by several factors, such as financial performance, business needs, prevailing and anticipated economic conditions, and internal stress testing results. For a more comprehensive discussion of our capital risk management, see “Capital Management” in our 2025 Form 10-K.

SHAREHOLDERS' EQUITY

(Dollar amounts in millions)			September 30, 2026						December 31, 2025						Amount change						Percent change
Shareholders’ equity:
Preferred stock			$	66					$	66					$	—					—		%
Common stock and additional paid-in capital			1,536						1,726						(190)						(11)
Retained earnings			8,071						7,329						742						10
Accumulated other comprehensive loss			(1,989)						(1,941)						(48)						(2)
Total shareholders' equity			$	7,684					$	7,180					$	504					7

Total shareholders’ equity increased $504 million, or 7%, to $7.7 billion at September 30, 2026, compared with $7.2 billion at December 31, 2025. The increase was primarily driven by growth in retained earnings, partially offset by a $190 million decline in common stock and additional paid-in capital, primarily due to common share repurchases.

We repurchased 1.1 million shares for $75 million in the third quarter of 2026, 1.2 million shares for $75 million in the second quarter of 2026, and 1.3 million shares for $77 million in the first quarter of 2026, the last of which included $2 million of shares acquired in connection with our stock compensation plan. In October 2026, we announced a plan to repurchase up to $72 million of common shares outstanding during the fourth quarter as part of our previously authorized share repurchase target for 2026 of $300 million.

At September 30, 2026, the AOCI balance reflected a net loss of $2.0 billion, primarily attributable to a decline in the fair value of fixed-rate AFS securities driven by changes in interest rates. This amount includes $1.4 billion ($1.1 billion after tax) of unrealized losses associated with securities previously transferred from AFS to HTM. We use pay-fixed, receive-floating interest rate swaps designated as hedges of our AFS securities to reduce the volatility of our AOCI balance.

Absent any sales or credit impairment of the AFS securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities in an unrealized loss position, nor do we believe it is more likely than not that we would be required to sell such securities prior to recovering their amortized cost basis. Although changes in AOCI are reflected in shareholders’ equity, they are currently excluded from regulatory capital and therefore do not impact our regulatory ratios. For more information on our investment securities portfolio and related unrealized gains and losses, see Note 5 of the Notes to Consolidated Financial Statements.

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CAPITAL DISTRIBUTIONS

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions, except share amounts)			2026						2025						2026						2025
Capital distributions:
Preferred dividends paid			$	1					$	1					$	3					$	3
Total capital distributed to preferred shareholders			1						1						3						3
Common dividends paid			71						67						205						196
Bank common stock repurchased 1			75						—						227						41
Total capital distributed to common shareholders			146						67						432						237
Total capital distributed to preferred and common shareholders			$	147					$	68					$	435					$	240
Weighted average diluted common shares outstanding (in thousands)			145,088						147,125						146,104						147,175
Common shares outstanding, at period end (in thousands)			144,943						147,640						144,943						147,640

1 Includes amounts related to common shares acquired through our announced plan and those acquired in connection with our stock compensation plan. These shares were acquired from employees to cover their payroll taxes and stock option exercise costs upon the exercise of stock options.

Pursuant to the Office of the Comptroller of the Currency (“OCC”) “Earnings Limitation Rule,” dividend payments are limited to the sum of net income for the current fiscal year and retained earnings for the two preceding years, unless prior approval is obtained from the OCC to exceed this threshold. As of October 1, 2026, we had $1.9 billion in retained net profits available for distribution.

In the third quarters of 2026 and 2025, dividends paid on preferred stock totaled $1 million in each period. Dividends paid on common stock totaled $71 million, or $0.48 per share, during the third quarter of 2026, compared with $67 million, or $0.45 per share, during the third quarter of 2025. In October 2026, the Board declared a quarterly common stock dividend of $0.48 per share, payable on November 19, 2026 to shareholders of record on November 12, 2026.

Capital distributions, including share repurchases, are subject to applicable regulatory requirements and OCC oversight. Share repurchases may occur periodically in the open market or through privately negotiated transactions. For additional information regarding capital actions, see Note 8 of the Notes to Consolidated Financial Statements.

Basel III

We are subject to the Basel III capital requirements, which include specific minimum regulatory capital ratios. At September 30, 2026, we exceeded all capital adequacy requirements under the Basel III framework. Based on our internal stress testing and other capital adequacy assessments, we believe our capital levels sufficiently exceed both internal and regulatory requirements for well-capitalized institutions. For more information regarding our compliance with Basel III capital requirements, see the “Supervision and Regulation” section and Note 15 of our 2025 Form 10-K.

In March 2026, the federal banking agencies issued proposed Basel III Endgame rules that would revise U.S. regulatory capital requirements, including risk‑weighted asset calculations and the treatment of AOCI. While the proposals remain subject to review and potential revision, we are evaluating their impact and expect to remain well capitalized as we continue to manage our capital position in response to evolving regulatory requirements.

The following schedule presents our capital amounts, capital ratios, and other selected performance ratios:

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CAPITAL AMOUNTS AND RATIOS

(Dollar amounts in millions, except per share amounts)			September 30, 2026						December 31, 2025						September 30, 2025
Basel III risk-based capital amounts:
Common equity tier 1 capital			$	8,268					$	7,936					$	7,734
Tier 1 risk-based			8,335						8,003						7,800
Total risk-based			9,779						9,510						9,404
Risk-weighted assets			70,254						69,142						68,648
Basel III risk-based capital ratios:
Common equity tier 1 capital ratio			11.8		%				11.5		%				11.3		%
Tier 1 risk-based ratio			11.9		%				11.6		%				11.4		%
Total risk-based ratio			13.9		%				13.8		%				13.7		%
Tier 1 leverage ratio			9.2		%				9.0		%				8.8		%
Other ratios:
Average equity to average assets (three months ended)			8.5		%				7.8		%				7.5		%
Return on average common equity (three months ended)			13.5		%				14.9		%				13.3		%
Return on average tangible common equity (three months ended) 1			16.2		%				17.9		%				16.0		%
Tangible equity ratio 1			7.1		%				7.0		%				6.6		%
Tangible common equity ratio 1			7.0		%				6.9		%				6.5		%
Tangible book value per common share 1			$	43.50					$	40.79					$	38.64

1 See “Non-GAAP Financial Measures” on page 40 for more information regarding these ratios.

At September 30, 2026, our common equity tier 1 (“CET1”) capital was $8.3 billion, an increase of 7% from $7.7 billion in the prior year period. The CET1 capital ratio increased to 11.8%, compared with 11.3%. Tangible book value per common share increased 13% to $43.50, primarily reflecting growth in retained earnings and lower unrealized losses recorded in AOCI. The increase was partially offset by $229 million of additional goodwill and intangible assets resulting from the July 2026 acquisition of the Basis Multifamily Finance agency lending platform. See the section below for more information regarding non-GAAP financial measures.

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NON-GAAP FINANCIAL MEASURES

This Form 10-Q includes certain non-GAAP financial measures in addition to those prepared in accordance with generally accepted accounting principles (“GAAP”). Reconciliations of the non-GAAP measures to the most directly comparable GAAP measures are included in the accompanying schedules. Management uses these non-GAAP measures to evaluate financial results and believes they provide useful supplemental information for period-to-period comparisons.

Non-GAAP financial measures have limitations and may not be directly comparable to similar measures reported by other financial institutions. These measures should not be considered in isolation and should be evaluated in conjunction with the corresponding GAAP measures and related reconciliations. Investors are encouraged to consider GAAP results as the primary basis for assessing our financial condition and results of operations.

Tangible Common Equity and Related Measures

Tangible common equity and related metrics are non-GAAP financial measures that exclude the impact of intangible assets and the related amortization. Management believes these measures provide useful supplemental information in evaluating the use of shareholders’ equity and assessing performance across both acquired and internally developed businesses.

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

						Three Months Ended
(Dollar amounts in millions)						September 30, 2026						June 30, 2026												September 30, 2025
Net earnings applicable to common shareholders (GAAP)						$	262					$	452											$	221
Adjustment, net of tax:
Amortization of core deposit and other intangibles						2						2												2
Net earnings applicable to common shareholders, net of tax			(a)			$	264					$	454											$	223
Average common equity (GAAP)						$	7,724					$	7,457											$	6,616
Average goodwill and intangibles						(1,240)						(1,088)												(1,095)
Average tangible common equity (non-GAAP)			(b)			$	6,484					$	6,369											$	5,521
Number of days in quarter			(c)			92						91												92
Number of days in year			(d)			365						365												365
Return on average tangible common equity (non-GAAP) 1			(a/b/c)*d			16.2		%				28.6		%										16.0		%

1 Excluding $252 million of pre-tax net gains ($191 million after tax), return on average tangible common equity for the three months ended June 30, 2026 would have been approximately 17.1%.

TANGIBLE EQUITY RATIO, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE BOOK VALUE PER COMMON SHARE (ALL NON-GAAP MEASURES)

(Dollar amounts in millions, except shares and per share amounts)						September 30, 2026						June 30, 2026												September 30, 2025
Total shareholders’ equity (GAAP)						$	7,684					$	7,681											$	6,865
Goodwill and intangibles						(1,313)						(1,086)												(1,094)
Tangible equity (non-GAAP)			(a)			6,371						6,595												5,771
Preferred stock						(66)						(66)												(66)
Tangible common equity (non-GAAP)			(b)			$	6,305					$	6,529											$	5,705
Total assets (GAAP)						$	90,920					$	89,041											$	88,242
Goodwill and intangibles						(1,313)						(1,086)												(1,094)
Tangible assets (non-GAAP)			(c)			$	89,607					$	87,955											$	87,148
Common shares outstanding (in thousands)			(d)			144,943						145,939												147,640
Tangible equity ratio (non-GAAP)			(a/c)			7.1		%				7.5		%										6.6		%
Tangible common equity ratio (non-GAAP)			(b/c)			7.0		%				7.4		%										6.5		%
Tangible book value per common share (non-GAAP)			(b/d)			$	43.50					$	44.74											$	38.64

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Efficiency Ratio and Adjusted Pre-Provision Net Revenue

The efficiency ratio measures operating expenses relative to revenue and is useful to assess the cost of generating revenue. The adjusted efficiency ratio excludes certain items not generally expected to recur frequently, as described in the accompanying schedule, and is intended to enhance comparability across reporting periods. Adjusted noninterest expense reflects management's effectiveness in managing operating costs, while adjusted pre-provision net revenue (“PPNR”) is used to evaluate our capacity to generate capital. Taxable-equivalent net interest income is presented to facilitate comparability between revenue earned from taxable and tax-exempt sources.

EFFICIENCY RATIO (NON-GAAP) AND ADJUSTED PRE-PROVISION NET REVENUE (NON-GAAP)

						Three Months Ended																		Nine Months Ended												Year Ended
(Dollar amounts in millions)						September 30, 2026						June 30, 2026						September 30, 2025						September 30, 2026						September 30, 2025						December 31, 2025
Noninterest expense (GAAP)			(a)			$	553					$	551					$	527					$	1,666					$	1,592					$	2,138
Adjustments:
Severance costs						1						1						6						5						11						16
Other real estate expense, net						1						1						—						2						—						(2)
Amortization of core deposit and other intangibles						3						2						2						7						6						8
SBIC investment success fee accrual						(1)						7						1						6						3						5
FDIC special assessment						—						(6)						(2)						(7)						(2)						(11)
Total adjustments			(b)			4						5						7						13						18						16
Adjusted noninterest expense (non-GAAP)			(c)=(a-b)			$	549					$	546					$	520					$	1,653					$	1,574					$	2,122
Net interest income (GAAP)			(d)			$	684					$	677					$	672					$	2,023					$	1,944					$	2,627
Fully taxable-equivalent adjustments			(e)			12						11						11						34						35						46
Taxable-equivalent net interest income (non-GAAP)			(f)=(d+e)			696						688						683						2,057						1,979						2,673
Customer-related noninterest income (non-GAAP)			(g)			192						182						163						546						485						662
Net credit valuation adjustment (CVA)			(h)			10						1						(11)						9						(11)						(9)
Adjusted customer-related noninterest income (non-GAAP)			(i)=(g-h)			182						181						174						537						496						671
Noncustomer-related noninterest income (GAAP)			(j)			5						278						26						298						65						96
Securities gains (losses), net			(k)			(4)						269						11						268						31						52
Adjusted noncustomer-related noninterest income (non-GAAP)			(l)=(j-k)			9						9						15						30						34						44
Combined income (non-GAAP)			(m)= (f+g+j)			$	893					$	1,148					$	872					$	2,901					$	2,529					$	3,431
Adjusted taxable-equivalent revenue (non-GAAP)			(n)= (f+i+l)			887						878						872						2,624						2,509						3,388
Pre-provision net revenue (non-GAAP)			(m)-(a)			$	340					$	597					$	345					$	1,235					$	937					$	1,293
Adjusted PPNR (non-GAAP)			(n)-(c)			338						332						352						971						935						1,266
Efficiency ratio (non-GAAP) 1			(c/n)			61.9		%				62.2		%				59.6		%				63.0		%				62.7		%				62.6		%

1 Excluding the $15 million charitable contribution, adjusted noninterest expense for the year ended December 31, 2025 would have been $2.11 billion, resulting in an efficiency ratio of 62.2%.

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ITEM 1.    FINANCIAL STATEMENTS (Unaudited)

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands)			September 30, 2026						December 31, 2025
			(Unaudited)						(Unaudited)
ASSETS
Cash and due from banks			$	727					$	683
Money market investments:
Interest-bearing deposits			3,533						2,202
Federal funds sold and securities purchased under agreements to resell			1,310						1,420
Trading securities, at fair value			191						64
Investment securities:
Available-for-sale, at fair value			8,786						9,207
Held-to-maturity, at amortized cost (fair value: $7,856 and $8,940)			8,268						8,867
Total investment securities			17,054						18,074
Loans held for sale (includes $34 and $71 of loans carried at fair value)			49						201
Loans and leases, net of unearned income and fees 1			62,472						60,900
Allowance for loan and lease losses			645						678
Loans held for investment, net of allowance			61,827						60,222
Other noninterest-bearing investments			1,069						1,076
Premises, equipment and software, net			1,354						1,363
Goodwill and intangibles			1,313						1,091
Other real estate owned			4						5
Other assets 1			2,489						2,289
Total assets			$	90,920					$	88,690
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand			$	26,371					$	25,823
Interest-bearing:
Savings and money market			42,319						39,914
Time			9,258						9,907
Total deposits			77,948						75,644
Federal funds and other short-term borrowings 1			843						2,872
Long-term debt			2,416						1,472
Reserve for unfunded lending commitments			51						46
Other liabilities 1			1,978						1,476
Total liabilities			83,236						81,510
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares			66						66
Common stock ($0.001 par value; authorized 350,000 shares; issued and outstanding 144,943 and 147,653 shares) and additional paid-in capital			1,536						1,726
Retained earnings			8,071						7,329
Accumulated other comprehensive income (loss)			(1,989)						(1,941)
Total shareholders’ equity			7,684						7,180
Total liabilities and shareholders’ equity			$	90,920					$	88,690

See accompanying notes to consolidated financial statements.

1 Effective in the first quarter of 2026, we changed our accounting policy to present qualifying derivative assets and liabilities, along with the associated rights to reclaim or obligations to return cash collateral, on a net basis for all eligible arrangements rather than on a gross basis. Prior period results have been recast to conform to this presentation.

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CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions, except shares and per share amounts)			2026						2025						2026						2025
Interest income:
Interest and fees on loans			$	877					$	898					$	2,577					$	2,623
Interest on money market investments			53						41						135						144
Interest on securities			116						125						349						376
Total interest income			1,046						1,064						3,061						3,143
Interest expense:
Interest on deposits			313						313						869						951
Interest on short- and long-term borrowings			49						79						169						248
Total interest expense			362						392						1,038						1,199
Net interest income			684						672						2,023						1,944
Provision for credit losses:
Provision for loan and lease losses			(14)						45						(17)						65
Provision for unfunded lending commitments			6						4						5						1
Total provision for credit losses			(8)						49						(12)						66
Net interest income after provision for credit losses			692						623						2,035						1,878
Noninterest income:
Commercial account fees			49						47						146						138
Card fees			25						24						71						71
Retail and business banking fees			21						19						61						55
Loan-related fees and income			20						20						65						56
Capital markets fees and income			46						24						110						79
Wealth management fees			16						14						47						43
Other customer-related fees			15						15						46						43
Customer-related noninterest income			192						163						546						485
Dividends and other income			9						15						30						34
Securities gains (losses), net			(4)						11						268						31
Total noninterest income			197						189						844						550
Noninterest expense:
Salaries and employee benefits			345						337						1,050						1,015
Technology, telecom, and information processing			76						70						222						205
Occupancy and equipment, net			43						42						128						123
Professional and legal services			20						14						62						40
Marketing and business development			14						11						41						34
Deposit insurance and regulatory expense			12						16						34						58
Credit-related expense			8						6						23						18
Other real estate expense, net			1						—						2						—
Other			34						31						104						99
Total noninterest expense			553						527						1,666						1,592
Income before income taxes			336						285						1,213						836
Income taxes			73						63						264						200
Net income			263						222						949						636
Preferred stock dividends			(1)						(1)						(3)						(3)
Net earnings applicable to common shareholders			$	262					$	221					$	946					$	633
Weighted average common shares outstanding during the period:
Basic shares (in thousands)			144,984						147,045						146,009						147,136
Diluted shares (in thousands)			145,088						147,125						146,104						147,175
Net earnings per common share:
Basic			$	1.78					$	1.48					$	6.40					$	4.25
Diluted			1.78						1.48						6.39						4.25

See accompanying notes to consolidated financial statements.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2026						2025						2026						2025
Net income for the period			$	263					$	222					$	949					$	636
Other comprehensive income, net of tax:
Net change in unrealized gains (losses) on investment securities			(129)						50						(109)						142
Unrealized loss amortization associated with the securities transferred from AFS to HTM			44						47						127						137
Net change in cash flow hedge derivatives			(37)						11						(66)						45
Other comprehensive income (loss), net of tax			(122)						108						(48)						324
Comprehensive income			$	141					$	330					$	901					$	960

See accompanying notes to consolidated financial statements.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

(In millions, except shares and per share amounts)			Preferred stock						Common stock shares  (in thousands)						Accumulated paid-in capital						Retained earnings						Accumulated other comprehensive income (loss)						Total shareholders’ equity
Balance at June 30, 2026			$	66					145,939						$	1,602					$	7,880					$	(1,867)					$	7,681
Net income for the period			—						—						—						263						—						263
Other comprehensive income, net of tax			—						—						—						—						(122)						(122)
Bank common stock repurchased			—						(1,079)						(75)						—						—						(75)
Net activity under employee plans and related tax benefits			—						83						9						—						—						9
Dividends on preferred stock			—						—						—						(1)						—						(1)
Dividends on common stock, $0.48 per share			—						—						—						(71)						—						(71)
Change in deferred compensation			—						—						—						—						—						—
Balance at September 30, 2026			$	66					144,943						$	1,536					$	8,071					$	(1,989)					$	7,684
Balance at June 30, 2025			$	66					147,603						$	1,713					$	6,981					$	(2,164)					$	6,596
Net income for the period			—						—						—						222						—						222
Other comprehensive income, net of tax			—						—						—						—						108						108
Bank common stock repurchased			—						(2)						—						—						—						—
Net activity under employee plans and related tax benefits			—						39						8						—						—						8
Dividends on preferred stock			—						—						—						(1)						—						(1)
Dividends on common stock, $0.45 per share			—						—						—						(67)						—						(67)
Change in deferred compensation			—						—						—						(1)						—						(1)
Balance at September 30, 2025			$	66					147,640						$	1,721					$	7,134					$	(2,056)					$	6,865

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(In millions, except shares and per share amounts)			Preferred stock						Common stock shares  (in thousands)						Accumulated paid-in capital						Retained earnings						Accumulated other comprehensive income (loss)						Total shareholders’ equity
Balance at December 31, 2025			$	66					147,653						$	1,726					$	7,329					$	(1,941)					$	7,180
Net income for the period			—						—						—						949						—						949
Other comprehensive income, net of tax			—						—						—						—						(48)						(48)
Bank common stock repurchased			—						(3,570)						(227)						—						—						(227)
Net activity under employee plans and related tax benefits			—						860						37						—						—						37
Dividends on preferred stock			—						—						—						(3)						—						(3)
Dividends on common stock, $1.38 per share			—						—						—						(205)						—						(205)
Change in deferred compensation			—						—						—						1						—						1
Balance at September 30, 2026			$	66					144,943						$	1,536					$	8,071					$	(1,989)					$	7,684
Balance at December 31, 2024			$	66					147,871						$	1,737					$	6,701					$	(2,380)					$	6,124
Net income for the period			—						—						—						636						—						636
Other comprehensive income, net of tax			—						—						—						—						324						324
Bank common stock repurchased			—						(773)						(41)						—						—						(41)
Net activity under employee plans and related tax benefits			—						542						25						—						—						25
Dividends on preferred stock			—						—						—						(3)						—						(3)
Dividends on common stock, $1.31 per share			—						—						—						(196)						—						(196)
Change in deferred compensation			—						—						—						(4)						—						(4)
Balance at September 30, 2025			$	66					147,640						$	1,721					$	7,134					$	(2,056)					$	6,865

See accompanying notes to consolidated financial statements.

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CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In millions)						Nine Months Ended September 30,
												2026						2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the period												$	949					$	636
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses												(12)						66
Depreciation and amortization												88						87
Share-based compensation												31						29
Deferred income tax expense												8						40
Net increase in trading securities												(127)						(99)
Net decrease (increase) in loans held for sale												649						(79)
Change in other liabilities												471						(114)
Change in other assets												(23)						46
Net gains on equity securities												(258)						(23)
Other, net												(37)						(34)
Net cash provided by operating activities												1,739						555
CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease (increase) in money market investments												(1,221)						900
Proceeds from maturities and paydowns of investment securities held-to-maturity												762						814
Purchases of investment securities held-to-maturity												—						(27)
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale												875						1,279
Purchases of investment securities available-for-sale												(893)						(1,082)
Net change in loans and leases												(2,013)						(555)
Purchases and sales of other noninterest-bearing investments												60						(36)
Purchases of premises and equipment												(92)						(83)
Acquisitions, net of cash acquired												(238)						191
Other, net												223						(12)
Net cash provided by (used in) investing activities												(2,537)						1,389
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits												2,304						(2,003)
Net change in short-term borrowed funds												(2,029)						(75)
Proceeds from the issuance of long-term debt												996						498
Proceeds from the issuance of common stock												20						6
Dividends paid on common and preferred stock												(208)						(199)
Bank common stock repurchased												(227)						(41)
Other, net												(14)						(10)
Net cash provided by (used in) financing activities												842						(1,824)
Net increase in cash and due from banks												44						120
Cash and due from banks at beginning of period												683						651
Cash and due from banks at end of period												$	727					$	771
Cash paid for interest												$	1,022					$	1,202
Net cash paid for income taxes												239						173
Noncash activities:
Loans held for investment reclassified to loans held for sale, net												589						106
Deposits acquired in purchase of California branches (at time of purchase)												—						657
Loans acquired in purchase of California branches, net (at time of purchase)												—						423

See accompanying notes to consolidated financial statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

September 30, 2026

1. BASIS OF PRESENTATION

Zions Bancorporation, National Association (“Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”) is a bank headquartered in Salt Lake City, Utah. We provide a wide range of banking products and related services, primarily in 11 Western states through seven separately managed affiliates: Zions Bank; California Bank & Trust (“CB&T”); Amegy Bank (“Amegy”); National Bank of Arizona (“NBAZ”); Nevada State Bank (“NSB”); Vectra Bank Colorado (“Vectra”); and The Commerce Bank Northwest (“TCBNW”).

The consolidated financial statements include our accounts as well as those of our majority-owned subsidiaries that are consolidated. This includes wholly owned subsidiaries such as ZMFU II, Inc., which supports our municipal lending operations, and Zions Direct, Inc., a registered broker-dealer under the Exchange Act, among other subsidiaries.

Investments where we possess significant influence over the investee's operating and financial policies are accounted for using the equity method. All intercompany accounts and transactions have been eliminated during consolidation. Assets held in an agency or fiduciary capacity are excluded from the consolidated financial statements.

These financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States (“U.S.”) and prevailing practices within the financial services industry for interim financial information, and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of the interim financial statements have been included. References to GAAP, including standards issued by the Financial Accounting Standards Board, are cited based on the applicable accounting guidance.

The results of operations for the three and nine months ended September 30, 2026 and 2025 are not necessarily indicative of the results that may be expected for future periods. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosures in the accompanying Notes. Actual results could differ from those estimates. For further information, refer to the consolidated financial statements and accompanying Notes included in our 2025 Form 10-K.

Subsequent Events

We evaluated events occurring between September 30, 2026 and the date of issuance of the accompanying financial statements. Based on this evaluation, we concluded that no material events occurred that would require adjustments to the consolidated financial statements.

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2. RECENT ACCOUNTING PRONOUNCEMENTS

Standard

Description

Effective date

Effect on the financial statements or other significant matters

Standards not yet adopted by the Bank as of September 30, 2026

ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)

This accounting standards update (“ASU”) requires additional disclosures of certain costs and expenses in both interim and annual reporting periods, including: •Amounts of employee compensation, depreciation, and intangible asset amortization included in certain expense lines presented on the face of the income statement within continuing operations. •A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.

Annual periods beginning January 1, 2027; Interim periods beginning January 1, 2028.

The overall effect of this standard is not expected to have a material impact on our consolidated financial statements.

ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)

This ASU modernizes the accounting treatment for internal-use software to better reflect current development practices, including agile and iterative approaches. Key provisions include: •Elimination of Prescriptive Project Stages: The guidance no longer requires classification of costs by development phase, thereby removing rigid stage-based criteria. •Capitalization Criteria: Capitalization of eligible software development costs commences once management has both authorized and committed to funding the project, and it is probable that the project will be completed, and requires consideration of development uncertainties.

Annual and interim periods beginning after December 15, 2027.

The overall effect of this standard is not expected to have a material impact on our consolidated financial statements.

ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans

This ASU broadens the population of financial assets subject to the gross-up method under Topic 326 to include all purchased seasoned loans (excluding credit cards), which are defined as: •Non-purchase credit deteriorated (“PCD”) loans acquired in a business combination. •Non-PCD loans acquired in an asset acquisition more than 90 days after their origination date.

Annual and interim periods beginning after December 15, 2026.

The overall effect of this standard is not expected to have a material impact on our consolidated financial statements.

ASU 2025-09, Derivatives and Hedging (Topic 815)—Hedge Accounting Improvements

This ASU introduces targeted improvements to Accounting Standards Codification (“ASC”) Topic 815 to better align hedge accounting with common risk management strategies. The updates address multiple items, including the following: •Similar risk assessment for cash flow hedges. •Hedging interest payments on choose-your-rate debt. •Net written options as hedging instruments.

Annual and interim periods beginning after December 15, 2026.

The overall effect of this standard is not expected to have a material impact on our consolidated financial statements.

ASU 2026-03, Fair Value Measurement (Topic 820)—Investment Companies with Equity Securities Subject to Contractual Sale Restrictions

This ASU amends the fair value measurement guidance for investment companies by requiring contractual sale restrictions on certain equity securities, such as lock-up provisions, to be considered when measuring fair value. The ASU also requires disclosures regarding the amount of any discount attributable to such restrictions.

Annual and interim periods beginning after December 15, 2027.

The overall effect of this standard is not expected to have a material impact on our consolidated financial statements.

Standards adopted by the Bank during the third quarter of 2026

There were no accounting standards adopted during the three and nine months ended September 30, 2026 that had a material effect on our consolidated financial statements.

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3. FAIR VALUE

We measure certain assets and liabilities at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in the principal market or most advantageous market available to us, in an orderly transaction between market participants as of the measurement date. For more information about our valuation methodologies for assets and liabilities measured at fair value, as well as the fair value hierarchy, see Note 3 of our 2025 Form 10-K.

Fair Value Hierarchy

The following schedule presents assets and liabilities measured at fair value on a recurring basis:

(In millions)			September 30, 2026
			Level 1						Level 2						Level 3						Netting						Total
ASSETS
Trading securities			$	—					$	191					$	—					$	—					$	191
Available-for-sale securities:
U.S. Treasury, agencies, and corporations			2,065						5,921						—						—						7,986
Municipal securities			—						775						—						—						775
Other debt securities			—						25						—						—						25
Total available-for-sale			2,065						6,721						—						—						8,786
Loans held for sale			—						34						—						—						34
Other noninterest-bearing investments:
Bank-owned life insurance			—						582						—						—						582
Private equity investments 1			3						—						212						—						215
Other assets:
Agriculture loan servicing			—						—						18						—						18
Deferred compensation plan assets			172						—						—						—						172
Derivatives			—						771						—						(601)						170
Total assets			$	2,240					$	8,299					$	230					$	(601)					$	10,168
LIABILITIES
Fed funds and other short-term borrowings:
Securities sold, not yet purchased			$	18					$	—					$	—					$	—					18
Other liabilities:
Derivatives			—						783						—						(209)						574
Total liabilities			$	18					$	783					$	—					$	(209)					$	592

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(In millions)			December 31, 2025
			Level 1						Level 2						Level 3						Netting						Total
ASSETS
Trading securities			$	—					$	64					$	—					$	—					$	64
Available-for-sale securities:
U.S. Treasury, agencies, and corporations			1,411						6,862						—						—						8,273
Municipal securities			—						909						—						—						909
Other debt securities			—						25						—						—						25
Total available-for-sale			1,411						7,796						—						—						9,207
Loans held for sale			—						71						—						—						71
Other noninterest-bearing investments:
Bank-owned life insurance			—						573						—						—						573
Private equity investments 1			6						—						157						—						163
Other assets:
Agriculture loan servicing			—						—						18						—						18
Deferred compensation plan assets			154						—						—						—						154
Derivatives			—						360						—						(283)						77
Total assets			$	1,571					$	8,864					$	175					$	(283)					$	10,327
LIABILITIES
Fed funds and other short-term borrowings:
Securities sold, not yet purchased			$	135					$	—					$	—					$	—					$	135
Other liabilities:
Derivatives			—						260						—						(68)						192
Total liabilities			$	135					$	260					$	—					$	(68)					$	327

1 The Level 1 private equity investments (“PEIs”) generally relate to the portion of our Small Business Investment Company (“SBIC”) investments and other similar investments that are publicly traded.

Fair Value Option for Certain Loans Held for Sale

We apply the fair value option to certain commercial real estate (“CRE”) loans designated for sale to third-party conduits for securitization and hedged with derivative instruments. This election reduces accounting volatility that would otherwise result from the mismatch between measuring loans held for sale at the lower of cost or fair value and derivatives at fair value, without requiring the application of hedge accounting. These loans are included in “Loans held for sale” on the consolidated balance sheet. Related fair value gains and losses are included in “Capital markets fees and income” on the consolidated statement of income, and accrued interest is included in “Interest and fees on loans.”

At September 30, 2026 and December 31, 2025, we had $34 million and $71 million, respectively, of loans measured at fair value, with a corresponding unpaid principal balance of $35 million and $72 million. During the first nine months of 2026 and 2025, we recognized approximately $8 million and $6 million, respectively, in net gains from loan sales and valuation adjustments related to loans measured at fair value and the associated derivatives.

Level 3 Valuations

Our Level 3 financial instruments include PEIs and agriculture loan servicing. For additional information regarding our Level 3 financial instruments, including the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2025 Form 10-K.

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Roll-forward of Level 3 Fair Value Measurements

The following schedule presents a roll-forward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs:

			Level 3 Instruments
			Three Months Ended September 30, 2026												Three Months Ended September 30, 2025												Nine Months Ended September 30, 2026												Nine Months Ended September 30, 2025
(In millions)			Private equity investments						Ag loan servicing						Private equity investments						Ag loan servicing						Private equity investments						Ag loan servicing						Private equity investments						Ag loan servicing
Balance at beginning of period			$	210					$	18					$	116					$	20					$	157					$	18					$	105					$	20
Unrealized securities gains, net			(5)						—						12						—						40						—						36						—
Other noninterest income			—						—						—						(1)						—						—						—						(1)
Purchases			7						—						7						—						16						—						12						—
Cost of investments sold			—						—						—						—						(1)						—						(6)						—
Transfers out			—						—						—						—						—						—						(12)						—
Balance at end of period			$	212					$	18					$	135					$	19					$	212					$	18					$	135					$	19

The roll-forward of Level 3 instruments includes the following realized gains and losses recognized in “Securities gains (losses), net” on the consolidated statement of income for the periods presented:

(In millions)			Three Months Ended												Nine Months Ended
			September 30, 2026						September 30, 2025						September 30, 2026						September 30, 2025
Securities gains (losses), net			$	—					$	—					$	4					$	(5)

Nonrecurring Fair Value Measurements

Certain assets and liabilities are measured at fair value on a nonrecurring basis. These include impaired loans measured at the fair value of the underlying collateral, other real estate owned (“OREO”), and equity investments without readily determinable fair values. Nonrecurring fair value adjustments generally arise from observable price changes for such equity investments, write-downs of individual assets, or the application of lower of cost or fair value accounting.

At September 30, 2026, we had $7 million in collateral-dependent loans measured at fair value. During the third quarter of 2026, we recognized no losses related to changes in fair value for these loans. For more information regarding assets and liabilities measured at fair value on a nonrecurring basis, see Note 3 of our 2025 Form 10-K.

Fair Value of Certain Financial Instruments

The following schedule presents the carrying values and estimated fair values of certain financial instruments:

			September 30, 2026																		December 31, 2025
(In millions)			Carrying value						Fair value						Level						Carrying value						Fair value						Level
Financial assets:
Held-to-maturity investment securities			$	8,268					$	7,856					2						$	8,867					$	8,940					2
Loans and leases (including loans held for sale), net of allowance			61,876						61,429						3						60,423						59,383						3
Financial liabilities:
Time deposits			9,258						9,147						2						9,907						9,839						2
Long-term debt			2,416						2,440						2						1,472						1,506						2

The preceding schedule excludes financial instruments that are recorded at fair value on a recurring basis, as well as certain financial assets and liabilities for which carrying value approximates fair value. For additional information regarding the financial instruments included within the scope of this disclosure, along with the valuation methodologies and significant assumptions used in estimating their fair values, see Note 3 of our 2025 Form 10-K.

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4. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Objectives and Accounting

We utilize derivative instruments—including interest rate swaps, futures, options, foreign exchange and commodity contracts, credit derivatives, and various customer-facing products—to manage exposure to interest rate, foreign exchange, commodity, credit, and other market risks. Our objective is to reduce volatility in interest income, interest expense, earnings, and capital. These instruments allow us to adjust the sensitivity of our assets and liabilities to changes in market rates and other market conditions.

In addition, we offer derivative products to customers to support their risk management needs. The resulting exposures are generally mitigated through offsetting transactions with dealer counterparties or central clearing houses. We do not use derivatives for speculative purposes. For more information regarding our use of derivative instruments and related accounting policies, see Note 7 of our 2025 Form 10-K.

Collateral and Credit Risk

Credit risk associated with derivative instruments arises from the potential nonperformance of counterparties. No significant derivative-related losses attributable to counterparty default occurred during the first nine months of 2026. For a discussion of how counterparty credit risk is incorporated into derivative valuations, see Note 3 of our 2025 Form 10-K. For additional information regarding collateral arrangements and related credit risk for derivative contracts, see Note 7 of our 2025 Form 10-K.

Certain derivative contracts contain credit risk-related contingent features, such as minimum credit rating requirements. If these features were triggered, we may be required to post additional collateral; however, counterparties have not historically exercised their rights to demand additional collateral in all instances when permitted. If our credit rating had been downgraded by one notch by Standard and Poor’s (“S&P”) or Moody’s at September 30, 2026, we do not believe that additional collateral would have been required to be pledged. Centrally cleared derivatives do not include credit risk-related contingent features that would require additional collateral in the event of a credit rating downgrade.

At September 30, 2026, the gross fair value of our derivative liabilities was $783 million. To satisfy margin requirements in the ordinary course of business, we pledged cash collateral of $102 million. Additionally, we pledged U.S. Treasuries with an aggregate fair value of $190 million to satisfy initial margin requirements with certain dealer counterparties and central clearing houses.

Derivative Notional Amounts and Fair Values

The following schedule presents derivative notional amounts and recorded fair values at September 30, 2026 and December 31, 2025:

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			September 30, 2026																		December 31, 2025
			Notional amount						Fair value												Notional amount						Fair value
(In millions)									Other assets						Other liabilities												Other assets						Other liabilities
Derivatives designated as accounting hedges:
Cash flow hedges:
Hedges of floating-rate assets 1			$	22,700					$	—					$	20					$	2,750					$	7					$	1
Fair value hedges:
Hedges of fixed-rate assets 1			8,441						112						—						7,653						79						—
Hedges of fixed-rate liabilities			2,000						—						6						1,000						—						—
Total derivatives designated as accounting hedges			33,141						112						26						11,403						86						1
Derivatives not designated as accounting hedges: 2
Customer interest rate derivatives			30,612						426						542						22,428						251						241
Customer commodity derivatives			3,466						228						213						853						18						17
Other interest rate derivatives			1,928						2						—						5,571						2						—
Foreign exchange derivatives 3			506						3						2						308						3						1
Purchased credit derivatives			45						—						—						64						—						—
Total derivatives not designated as accounting hedges			36,557						659						757						29,224						274						259
Total gross derivatives			$	69,698					$	771					$	783					$	40,627					$	360					$	260
Less: Offsetting derivative instruments									(122)						(122)												(51)						(51)
Less: Cash collateral pledged/received									(479)						(87)												(232)						(17)
Total net derivatives presented on balance sheet 4									$	170					$	574											$	77					$	192

1 Balances include forward-starting interest rate derivatives designated as cash flow and fair value hedges of assets whose contractual start dates had not yet occurred as of the reporting dates. Related notional amounts totaled $14.0 billion and $2.9 billion, respectively, at September 30, 2026, compared with $350 million and $2.1 billion, respectively, at December 31, 2025.

2 Notional amounts and fair values for derivatives that are not designated as accounting hedges include both the customer-facing derivatives the Bank executes to assist customers in managing their risks and the dealer-facing derivatives that economically offset the customer transactions to mitigate the Bank's exposure.

3 Includes foreign exchange spot, forward, and option contracts.

4 Effective in the first quarter of 2026, we changed our accounting policy to present qualifying derivative assets and liabilities, along with the associated rights to reclaim or obligations to return cash collateral, on a net basis for all eligible arrangements rather than on a gross basis. Prior period results have been recast to conform to this presentation.

Hedge Accounting Gains/Losses Recognized in Earnings and Deferred in AOCI

The following schedule presents the gains and losses from derivative instruments designated as cash flow and fair value hedges, either deferred in accumulated other comprehensive income (“AOCI”) or recognized in earnings for the three and nine months ended September 30, 2026 and 2025:

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			Three Months Ended September 30, 2026																								Three Months Ended September 30, 2025
(In millions)			Effective portion of derivative gain/(loss) deferred in AOCI												Amount of gain/(loss) reclassified from AOCI into income						Interest on fair value hedges						Hedge ineffectiveness						Effective portion of derivative gain/(loss) deferred in AOCI						Amount of gain/(loss) reclassified from AOCI into income						Interest on fair value hedges						Hedge ineffectiveness
Cash flow hedges: 1
Hedges of floating-rate assets			$	(59)											$	(12)					$	—					$	—					$	—					$	(15)					$	—					$	—
Hedges of floating-rate liabilities			—												—						—						—						—						—						—						—
Fair value hedges: 2
Hedges of fixed-rate assets			—												—						5						(1)						—						—						15						—
Hedges of fixed-rate liabilities			—												—						(2)						—						—						—						(3)						—
Total derivatives designated as accounting hedges			$	(59)											$	(12)					$	3					$	(1)					$	—					$	(15)					$	12					$	—

			Nine Months Ended September 30, 2026																								Nine Months Ended September 30, 2025
(In millions)			Effective portion of derivative gain (loss) deferred in AOCI												Amount of gain (loss) reclassified from AOCI into income						Interest on fair value hedges						Hedge ineffectiveness						Effective portion of derivative gain (loss) deferred in AOCI						Amount of gain (loss) reclassified from AOCI into income						Interest on fair value hedges						Hedge ineffectiveness
Cash flow hedges: 1
Hedges of floating-rate assets			$	(120)											$	(34)					$	—					$	—					$	8					$	(53)					$	—					$	—
Hedges of floating-rate liabilities			—												—						—						—						—						1						—						—
Fair value hedges: 2
Hedges of fixed-rate assets			—												—						16						(1)						—						—						42						—
Hedges of fixed-rate liabilities			—												—						(6)						(1)						—						—						(8)						—
Total derivatives designated as accounting hedges			$	(120)											$	(34)					$	10					$	(2)					$	8					$	(52)					$	34					$	—

1 For the 12-month period following September 30, 2026, approximately $85 million of net losses from both active and terminated cash flow hedges will be reclassified from AOCI into interest income, compared with $37 million at September 30, 2025. At September 30, 2026, approximately $12 million of losses related to terminated cash flow hedges remained deferred in AOCI, which are expected to be fully reclassified into earnings by October 2027.

2 We recorded cumulative unamortized basis adjustments from terminated fair value hedges of debt totaling $26 million and $34 million at September 30, 2026 and 2025, respectively. Additionally, we had $2 million and $3 million of cumulative unamortized basis adjustments from terminated fair value hedges of assets at September 30, 2026 and 2025, respectively. Interest on fair value hedges presented above includes the amortization of the remaining unamortized basis adjustments.

Gains/Losses Recognized in Earnings from Derivatives Not Designated as Accounting Hedges

The following schedule presents the amount of gains (losses) recognized in “Capital markets fees and income” under noninterest income from derivatives not designated as accounting hedges:

			Other Noninterest Income/(Expense)
(In millions)			Three Months Ended September 30, 2026						Nine Months Ended September 30, 2026						Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
Derivatives not designated as accounting hedges:
Customer-facing interest rate derivatives			$	27					$	46					$	(2)					$	16
Customer-facing commodity derivatives			1						3						—						—
Other interest rate derivatives 1			2						2						1						1
Foreign exchange derivatives			6						19						8						22
Purchased credit derivatives			—						—						—						(1)
Total derivatives not designated as accounting hedges			$	36					$	70					$	7					$	38

1 Includes gains and losses from residential mortgage derivative instruments, which were recognized in “Loan-related fees and income” within noninterest income.

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Fair Value Hedges and Hedged Items Gains/Losses

The following schedule presents derivatives used in fair value hedge accounting relationships, including the pre-tax gains and losses recognized on both the derivatives and the corresponding hedged items for the periods presented:

			Gains (losses) recorded in income
			Three Months Ended September 30, 2026																		Three Months Ended September 30, 2025
(In millions)			Derivatives						Hedged items						Total income statement impact						Derivatives						Hedged items						Total income statement impact
Hedges of fixed-rate assets 1, 2			$	218					$	(219)					$	(1)					$	(15)					$	15					$	—
Hedges of fixed-rate liabilities 1, 2			(41)						41						—						3						(3)						—

			Gains (losses) recorded in income
			Nine Months Ended September 30, 2026																		Nine Months Ended September 30, 2025
(In millions)			Derivatives						Hedged items						Total income statement impact						Derivatives						Hedged items						Total income statement impact
Hedges of fixed-rate assets 1, 2			$	298					$	(299)					$	(1)					$	(130)					$	130					$	—
Hedges of fixed-rate liabilities 1, 2			(60)						59						(1)						19						(19)						—

1 Includes hedges of benchmark interest rate risk related to fixed-rate long-term debt, AFS securities, and commercial loans. Gains and losses were recognized in interest income or interest expense, consistent with the accounting treatment of the respective hedged items.

2 Income (expense) from derivative instruments excludes interest income and interest expense associated with periodic accruals and settlements in order to align with the presentation of gains and losses on the related hedged items.

Fair Value Hedges and Basis Adjustments

The following schedule presents information regarding basis adjustments for hedged items in fair value hedging relationships:

			Par value of hedged items												Carrying amount of the hedged items												Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
(In millions)			September 30, 2026						December 31, 2025						September 30, 2026						December 31, 2025						September 30, 2026						December 31, 2025
Hedges of fixed-rate assets 1, 2			$	11,475					$	11,566					$	10,993					$	11,383					$	(482)					$	(183)
Hedges of fixed-rate liabilities 1			(2,000)						(1,000)						(1,950)						(1,009)						50						(9)

1 Carrying amounts exclude (i) issuance and purchase discounts or premiums, (ii) unamortized issuance and acquisition costs, and (iii) amounts related to terminated fair value hedging relationships.

2 Hedged items include defined portfolios of AFS securities and commercial loans, as well as specifically identified AFS securities. Related basis adjustments were recorded in the same balance-sheet line items as the corresponding hedged assets. At September 30, 2026, the amortized cost basis of assets designated under the portfolio layer method was $8.7 billion, the cumulative basis adjustment associated with these hedging relationships was $105 million, and the notional amount of the designated accounting hedges was $5.7 billion.

Offsetting Assets and Liabilities

The following schedule presents derivative, repurchase agreement, and reverse repurchase agreement transactions subject to enforceable master netting arrangements or similar agreements. Derivative assets and liabilities are included in “Other assets” and “Other liabilities,” respectively, on the consolidated balance sheet. Reverse repurchase agreements are included in “Federal funds sold and securities purchased under agreements to resell,” and repurchase agreements are included in “Federal funds and other short-term borrowings.” The underlying agreements generally provide for rights of setoff and establish collateral requirements in the event of default or other termination events.

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			September 30, 2026
			Gross amounts recognized						Gross amounts offset on the balance sheet						Net amounts presented on the balance sheet						Gross amounts not offset on the balance sheet						Net amount
(In millions)																					Securities collateral 1
Assets:
Derivative assets			$	771					$	(601)					$	170					$	—					$	170
Reverse repurchase agreements			1,952						(749)						1,203						(1,203)						—
Total			$	2,723					$	(1,350)					$	1,373					$	(1,203)					$	170
Liabilities:
Derivative liabilities			$	783					$	(209)					$	574					$	(6)					$	568
Repurchase agreements			1,139						(749)						390						(390)						—
Total			$	1,922					$	(958)					$	964					$	(396)					$	568
			December 31, 2025
			Gross amounts recognized						Gross amounts offset on the balance sheet						Net amounts presented on the balance sheet						Gross amounts not offset on the balance sheet						Net amount
(In millions)																					Securities collateral 1
Assets:
Derivative assets			$	360					$	(283)					$	77					$	—					$	77
Reverse repurchase agreements			1,393						—						1,393						(1,393)						—
Total			$	1,753					$	(283)					$	1,470					$	(1,393)					$	77
Liabilities:
Derivative liabilities			$	260					$	(68)					$	192					$	—					$	192
Repurchase agreements			487						—						487						(478)						9
Total			$	747					$	(68)					$	679					$	(478)					$	201

1 Represents the fair value of securities collateral pledged or received, limited to the net carrying amount of the related recognized asset or liability.

5. INVESTMENT SECURITIES

Investment Securities

We classify our investment securities as either available-for-sale (“AFS”) or held-to-maturity (“HTM”). AFS securities, which primarily consist of debt instruments used to manage liquidity and interest rate risk and to generate interest income, are measured at fair value. Unrealized gains and losses from AFS securities, net of applicable taxes, are recognized in other comprehensive income.

HTM securities represent investments that management has both the intent and ability to hold until maturity. These securities are carried at amortized cost, which reflects the original purchase price, adjusted for the amortization or accretion of any premiums or discounts, as well as any impairment losses, including those related to credit. Gains or losses resulting from the sale of investment securities are recognized in noninterest income and are measured using the specific identification method.

The carrying values of our investment securities exclude accrued interest receivables of $58 million and $64 million at September 30, 2026 and December 31, 2025, respectively. These amounts are included in “Other assets” on the consolidated balance sheet.

Investment securities with a carrying value of $16.5 billion and $17.5 billion were pledged as collateral for potential borrowings at September 30, 2026 and December 31, 2025, respectively.

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When a security is transferred from AFS to HTM, the difference between its amortized cost basis and its fair value on the transfer date is amortized as a yield adjustment through interest income. The fair value at the transfer date establishes either a premium or discount relative to the amortized cost basis of the HTM securities. The amortization of unrealized gains or losses reported in AOCI offsets the impact of amortizing the resulting premium or discount through interest income created by the transfer.

The discount associated with securities previously transferred from AFS to HTM was $1.4 billion ($1.1 billion after tax) at September 30, 2026, compared with $1.6 billion ($1.2 billion after tax) at December 31, 2025.

For additional information regarding our fair value estimation process and the accounting treatment of our investment securities, see Notes 3 and 5, respectively, of our 2025 Form 10-K.

The following schedule presents the amortized cost and estimated fair values of our AFS and HTM securities:

			September 30, 2026
(In millions)			Amortized cost						Gross unrealized gains 1						Gross unrealized losses						Estimated fair value
Available-for-sale
U.S. Treasury securities			$	2,292					$	—					$	227					$	2,065
U.S. Government agencies and corporations:
Agency securities			260						—						22						238
Agency guaranteed mortgage-backed securities			6,631						1						1,218						5,414
Small Business Administration loan-backed securities			283						—						14						269
Municipal securities			858						—						83						775
Other debt securities			25						—						—						25
Total available-for-sale			10,349						1						1,564						8,786
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities			127						—						6						121
Agency guaranteed mortgage-backed securities			7,904						1						394						7,511
Municipal securities			237						—						13						224
Total held-to-maturity			8,268						1						413						7,856
Total investment securities			$	18,617					$	2					$	1,977					$	16,642

			December 31, 2025
(In millions)			Amortized cost						Gross unrealized gains 1						Gross unrealized losses						Estimated fair value
Available-for-sale
U.S. Treasury securities			$	1,500					$	17					$	106					$	1,411
U.S. Government agencies and corporations:
Agency securities			313						—						15						298
Agency guaranteed mortgage-backed securities			7,207						5						989						6,223
Small Business Administration loan-backed securities			355						—						14						341
Municipal securities			953						—						44						909
Other debt securities			25						—						—						25
Total available-for-sale			10,353						22						1,168						9,207
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities			137						—						3						134
Agency guaranteed mortgage-backed securities			8,459						111						25						8,545
Municipal securities			271						—						10						261
Total held-to-maturity			8,867						111						38						8,940
Total investment securities			$	19,220					$	133					$	1,206					$	18,147

1 Gross unrealized gains for the respective AFS security categories without values were individually less than $1 million.

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The following schedule presents gross unrealized losses for AFS securities and the estimated fair value, categorized by the length of time the securities have been in an unrealized loss position:

			September 30, 2026
			Less than 12 months												12 months or more												Total
(In millions)			Gross unrealized losses						Estimated fair value						Gross unrealized losses						Estimated fair value						Gross unrealized losses						Estimated fair value
Available-for-sale
U.S. Treasury securities			$	94					$	1,797					$	133					$	268					$	227					$	2,065
U.S. Government agencies and corporations:
Agency securities			—						13						22						216						22						229
Agency guaranteed mortgage-backed securities			14						301						1,204						5,017						1,218						5,318
Small Business Administration loan-backed securities			—						—						14						241						14						241
Municipal securities			2						85						81						669						83						754
Other			—						15						—						—						—						15
Total available-for-sale investment securities			$	110					$	2,211					$	1,454					$	6,411					$	1,564					$	8,622

			December 31, 2025
			Less than 12 months												12 months or more												Total
(In millions)			Gross unrealized losses						Estimated  fair  value						Gross unrealized losses						Estimated  fair  value						Gross unrealized losses						Estimated  fair  value
Available-for-sale
U.S. Treasury securities			$	—					$	99					$	106					$	296					$	106					$	395
U.S. Government agencies and corporations:
Agency securities			—						7						15						288						15						295
Agency guaranteed mortgage-backed securities			2						86						987						5,735						989						5,821
Small Business Administration loan-backed securities			—						24						14						309						14						333
Municipal securities			—						68						44						797						44						865
Other			—						15						—						—						—						15
Total available-for-sale investment securities			$	2					$	299					$	1,166					$	7,425					$	1,168					$	7,724

At September 30, 2026 and December 31, 2025, the number of AFS investment securities in an unrealized loss position totaled 1,940 and 2,037, respectively.

There were no gross realized gains or losses from sales of AFS investment securities for the three and nine months ended September 30, 2026 and 2025.

The following schedule presents interest income categorized by investment security type:

			Three Months Ended September 30,
			2026																		2025
(In millions)			Taxable						Nontaxable						Total						Taxable						Nontaxable						Total
Available-for-sale			$	65					$	5					$	70					$	66					$	7					$	73
Held-to-maturity			44						1						45						49						2						51
Total investment securities			$	109					$	6					$	115					$	115					$	9					$	124

			Nine Months Ended September 30,
			2026																		2025
(In millions)			Taxable						Nontaxable						Total						Taxable						Nontaxable						Total
Available-for-sale			$	188					$	17					$	205					$	196					$	21					$	217
Held-to-maturity			136						3						139						151						4						155
Total investment securities			$	324					$	20					$	344					$	347					$	25					$	372

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Maturities

The following schedule presents the amortized cost and weighted average yields of debt securities, categorized by the remaining contractual maturity of principal payments at September 30, 2026. The schedule does not reflect the effects of interest rate resets or fair value hedges. Additionally, the remaining contractual principal maturities shown do not represent the portfolio's duration, as they exclude expected prepayments or amortization, which typically result in measured durations that are significantly shorter than contractual maturities.

			September 30, 2026
			Total debt securities												Due in one year or less												Due after one year through five years												Due after five years through ten years												Due after ten years
(Dollar amounts in millions)			Amortized cost						Average yield						Amortized cost						Average yield						Amortized cost						Average yield						Amortized cost						Average yield						Amortized cost						Average yield
Available-for-sale
U.S. Treasury securities			$	2,292					3.92		%				$	100					4.05		%				$	397					4.22		%				$	1,394					4.27		%				$	401					2.35		%
U.S. Government agencies and corporations:
Agency securities			260						3.50						8						2.51						57						4.21						124						3.28						71						3.42
Agency guaranteed mortgage-backed securities			6,631						2.06						34						3.61						302						2.27						1,954						1.67						4,341						2.21
Small Business Administration loan-backed securities			283						3.96						—						—						16						4.84						92						3.50						175						4.12
Municipal securities 1			858						1.95						56						3.00						373						1.78						416						1.95						13						2.46
Other debt securities			25						7.81						—						—						10						9.50						—						—						15						6.69
Total available-for-sale securities			10,349						2.57						198						3.62						1,155						2.98						3,980						2.70						5,016						2.32
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities			127						4.16						—						—						—						—						77						3.52						50						5.14
Agency guaranteed mortgage-backed securities			7,904						2.14						—						—						35						1.90						—						—						7,869						2.14
Municipal securities 1			237						3.26						33						3.53						121						2.68						78						3.78						5						7.36
Total held-to-maturity securities 2			8,268						2.20						33						3.53						156						2.51						155						3.65						7,924						2.16
Total investment securities			$	18,617					2.40						$	231					3.60						$	1,311					2.92						$	4,135					2.74						$	12,940					2.22

1 The yields on tax-exempt securities are calculated on a tax-equivalent basis.

2 Weighted average yields by maturity bucket are based on amortized cost, excluding unamortized basis adjustments associated with the transfer of certain debt securities from AFS to HTM, and are presented pre-tax.

Impairment

AFS Impairment

We review our AFS securities portfolio for potential impairment on a quarterly basis, assessing each security individually. For additional information regarding our impairment assessment methodology and the related accounting policies applicable to investment securities, see Note 5 of our 2025 Form 10-K.

No impairment losses were recognized on our AFS investment securities portfolio during the first nine months of 2026 or 2025. The unrealized losses primarily reflect the impact of higher interest rates subsequent to the purchase of the securities and are not attributable to credit-related factors. Accordingly, absent any future sales, we expect to recover the full principal value of these securities upon maturity. At September 30, 2026, we did not intend to sell any securities in an unrealized loss position, nor do we believe it is more likely than not that we would be required to sell such securities prior to recovering their amortized cost basis.

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HTM Impairment

For HTM securities, the allowance for credit losses (“ACL”) is evaluated using the same methodology applied to loans and leases measured at amortized cost, as described in Note 6. At September 30, 2026, the ACL for HTM securities was less than $1 million. All HTM securities were assigned a credit quality rating of “Pass,” with none classified as past due.

6. LOANS, LEASES, AND ALLOWANCE FOR CREDIT LOSSES

Loans, Leases, and Loans Held for Sale

The following schedule presents our loan and lease portfolio according to major portfolio segment and specific class:

(In millions)			September 30, 2026						December 31, 2025
Loans held for sale			$	49					$	201
Commercial:
Commercial and industrial 1			$	18,758					$	18,111
Owner-occupied			9,357						9,274
Municipal			4,295						4,294
Total commercial			32,410						31,679
Commercial real estate:
Term			11,747						11,234
Construction and land development			2,408						2,162
Total commercial real estate			14,155						13,396
Consumer:
1-4 family residential			10,370						10,462
Home equity credit line			4,134						3,950
Construction and other consumer real estate			751						782
Bankcard and other revolving plans			539						515
Other			113						116
Total consumer			15,907						15,825
Total loans and leases			$	62,472					$	60,900

1 Effective March 31, 2026, balances previously reported as “Leasing” were reclassified to the “Commercial and industrial” loan segment. Prior period amounts have been reclassified to conform to the current presentation. At September 30, 2026 and December 31, 2025, the leasing portfolio totaled $331 million and $367 million, respectively.

Loans and leases classified as held for investment are measured and presented at their amortized cost basis, which includes net unamortized purchase premiums, discounts, and deferred loan fees and costs totaling $63 million and $61 million at September 30, 2026 and December 31, 2025, respectively. The amortized cost basis of the loans does not include accrued interest receivables of $273 million and $276 million at September 30, 2026 and December 31, 2025, respectively. These receivables are included in “Other assets” on the consolidated balance sheet.

Municipal loans generally include loans to state and local governments (“municipalities”), with the debt service being repaid from general funds or pledged revenues of the municipal entity, or to private commercial entities or 501(c)(3) not-for-profit entities utilizing a pass-through municipal entity to achieve favorable tax treatment.

Land acquisition and development loans included in the construction and land development loan portfolio were $210 million at September 30, 2026 and $257 million at December 31, 2025.

Loans with a carrying value of $45.4 billion at September 30, 2026 and $43.2 billion at December 31, 2025 have been pledged at the Federal Reserve (“FRB”) and the Federal Home Loan Bank (“FHLB”) of Des Moines as collateral for current and potential borrowings.

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Loans held for sale are measured individually at fair value or the lower of cost or fair value and primarily consist of CRE loans sold into securitization entities, and conforming residential mortgages generally sold to U.S. government agencies. The following schedule presents loans added to, or sold from, the held for sale category during the periods presented:

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2026						2025						2026						2025
Loans added to held for sale			$	238					$	267					$	1,382					715
Loans sold from held for sale			261						222						1,465						572

From time to time, we retain continuing involvement in loans sold through servicing rights or guarantees. At September 30, 2026, the principal balance of loans sold for which servicing was retained was $1.9 billion, compared with $679 million at December 31, 2025. The increase primarily reflects the addition of servicing rights acquired as part of the Basis Multifamily Finance acquisition during the third quarter, relating largely to loans that had been sold prior to the acquisition date.

Income generated from sold loans, excluding servicing income, includes gains and losses on the sale of loans and adjustments to measure loans held for sale at the lower of amortized cost or fair value. These amounts totaled $3 million and $14 million for the three and nine months ended September 30, 2026, respectively, compared with $4 million and $9 million for the corresponding periods in 2025. For information regarding net gains on loan sales, as well as valuation adjustments related to loans measured at fair value and the associated derivatives, see Note 3.

Allowance for Credit Losses

The allowance for credit losses (“ACL”), which consists of the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”), represents our estimate of current expected credit losses related to the loan and lease portfolio and unfunded lending commitments as of the balance sheet date. For additional information regarding our policies and methodologies used to estimate the ACL, see Note 6 of our 2025 Form 10-K.

The ACL on AFS and HTM debt securities is estimated separately from the ACL on loans. For HTM debt securities, the ACL is evaluated using the same methodology applied to loans and leases measured at amortized cost. For more information regarding our methodology used to estimate the ACL on AFS and HTM debt securities, see Note 5 of our 2025 Form 10-K.

Changes in the ACL are summarized as follows:

			Three Months Ended September 30, 2026
(In millions)			Commercial						Commercial real estate						Consumer						Total
Allowance for loan losses
Balance at beginning of period			$	397					$	161					$	104					$	662
Provision for loan losses			(16)						(12)						14						(14)
Gross loan and lease charge-offs			6						—						3						9
Recoveries			3						1						2						6
Net loan and lease charge-offs (recoveries)			3						(1)						1						3
Balance at end of period			$	378					$	150					$	117					$	645
Reserve for unfunded lending commitments
Balance at beginning of period			$	18					$	20					$	7					$	45
Provision for unfunded lending commitments			(1)						6						1						6
Balance at end of period			$	17					$	26					$	8					$	51
Total allowance for credit losses at end of period
Allowance for loan losses			$	378					$	150					$	117					$	645
Reserve for unfunded lending commitments			17						26						8						51
Total allowance for credit losses			$	395					$	176					$	125					$	696

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			Nine Months Ended September 30, 2026
(In millions)			Commercial						Commercial real estate						Consumer						Total
Allowance for loan losses
Balance at beginning of period			$	391					$	185					$	102					$	678
Provision for loan losses			(4)						(34)						21						(17)
Gross loan and lease charge-offs			21						3						10						34
Recoveries			12						2						4						18
Net loan and lease charge-offs (recoveries)			9						1						6						16
Balance at end of period			$	378					$	150					$	117					$	645
Reserve for unfunded lending commitments
Balance at beginning of period			$	19					$	19					$	8					$	46
Provision for unfunded lending commitments			(2)						7						—						5
Balance at end of period			$	17					$	26					$	8					$	51
Total allowance for credit losses at end of period
Allowance for loan losses			$	378					$	150					$	117					$	645
Reserve for unfunded lending commitments			17						26						8						51
Total allowance for credit losses			$	395					$	176					$	125					$	696

			Three Months Ended September 30, 2025
(In millions)			Commercial						Commercial real estate						Consumer						Total
Allowance for loan losses
Balance at beginning of period			$	361					$	230					$	99					$	690
Provision for loan losses			57						(11)						(1)						45
Gross loan and lease charge-offs			61						3						3						67
Recoveries			9						1						1						11
Net loan and lease charge-offs (recoveries)			52						2						2						56
Balance at end of period			$	366					$	217					$	96					$	679
Reserve for unfunded lending commitments
Balance at beginning of period			$	22					$	12					$	8					$	42
Provision for unfunded lending commitments			1						4						(1)						4
Balance at end of period			$	23					$	16					$	7					$	46
Total allowance for credit losses at end of period
Allowance for loan losses			$	366					$	217					$	96					$	679
Reserve for unfunded lending commitments			23						16						7						46
Total allowance for credit losses			$	389					$	233					$	103					$	725

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			Nine Months Ended September 30, 2025
(In millions)			Commercial						Commercial real estate						Consumer						Total
Allowance for loan losses
Balance at beginning of period			$	308					$	300					$	88					$	696
Provision for loan losses			129						(80)						16						65
Gross loan and lease charge-offs			92						4						11						107
Recoveries			21						1						3						25
Net loan and lease charge-offs (recoveries)			71						3						8						82
Balance at end of period			$	366					$	217					$	96					$	679
Reserve for unfunded lending commitments
Balance at beginning of period			$	26					$	11					$	8					$	45
Provision for unfunded lending commitments			(3)						5						(1)						1
Balance at end of period			$	23					$	16					$	7					$	46
Total allowance for credit losses at end of period
Allowance for loan losses			$	366					$	217					$	96					$	679
Reserve for unfunded lending commitments			23						16						7						46
Total allowance for credit losses			$	389					$	233					$	103					$	725

Nonaccrual Loans

Loans are generally placed on nonaccrual when the full collection of principal and interest is not expected, or when the loan is 90 days or more past due on principal or interest, unless the loan is both well secured and in the process of collection. The decision to place a loan on nonaccrual considers factors such as delinquency status, collateral valuation, the financial condition of the borrower or guarantor, bankruptcy proceedings, pending litigation, and any other indicators that create uncertainty regarding the full and timely collection of principal and interest.

A nonaccrual loan may be restored to accrual status when the following conditions are met: (1) all delinquent principal and interest are brought current in accordance with the loan agreement; (2) the loan, if secured, is well secured; (3) the borrower has made payments according to the contractual terms for a minimum of six months; and (4) an analysis of the borrower indicates a reasonable assurance of their ability and willingness to continue making payments.

The following schedule presents the amortized cost basis of loans on nonaccrual:

			September 30, 2026
			Amortized cost basis												Total amortized cost basis
(In millions)			with no allowance 1						with allowance												Related allowance
Commercial:
Commercial and industrial			$	16					$	114					$	130					$	23
Owner-occupied			30						16						46						1
Total commercial			46						130						176						24
Commercial real estate:
Term			32						8						40						—
Consumer:
1-4 family residential			7						51						58						6
Home equity credit line			1						34						35						13
Bankcard and other revolving plans			—						1						1						1
Other			—						1						1						1
Total consumer			8						87						95						21
Total			$	86					$	225					$	311					$	45

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			December 31, 2025
			Amortized cost basis												Total amortized cost basis
(In millions)			with no allowance 1						with allowance												Related allowance
Commercial:
Commercial and industrial			$	44					$	49					$	93					$	19
Owner-occupied			33						18						51						1
Municipal			—						2						2						—
Total commercial			77						69						146						20
Commercial real estate:
Term			4						68						72						2
Construction and land development			—						1						1						—
Total commercial real estate			4						69						73						2
Consumer:
1-4 family residential			14						51						65						5
Home equity credit line			—						30						30						8
Bankcard and other revolving plans			—						1						1						1
Total consumer			14						82						96						14
Total			$	95					$	220					$	315					$	36

1 Nonaccrual loans with no allowance primarily consist of loans for which a specific reserve is estimated based on the fair value of the collateral. As a result, we generally charge off the portion of the loan balance that exceeds that fair value, and no reserve or related allowance is established for these loans.

For accruing loans, interest is accrued, and interest payments are recognized as interest income in accordance with the contractual terms of the loan agreement. For nonaccrual loans, the accrual of interest is discontinued, and any previously accrued but uncollected interest is promptly reversed from interest income, generally within one month. Payments received on nonaccrual loans are applied to reduce the outstanding principal balance and are not recognized as interest income. However, when the collectability of the amortized cost basis of a nonaccrual loan is no longer in doubt, interest payments may be recognized as interest income on a cash basis. For the three and nine months ended September 30, 2026 and 2025, no interest income was recognized on a cash basis for nonaccrual loans.

The following schedule presents the amount of accrued interest receivables reversed from interest income, categorized by loan portfolio segment during the periods presented:

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2026						2025						2026						2025
Commercial			$	5					$	4					$	12					$	5
Commercial real estate			1						1						3						4
Consumer			1						1						3						3
Total			$	7					$	6					$	18					$	12

Past Due Loans

Closed-end loans with monthly scheduled payments are reported as past due when the borrower is delinquent for two or more monthly payments. Similarly, open-end credit arrangements, including bankcard and other revolving credit plans, are reported as past due when the minimum required payment has not been received for two or more billing cycles. Other multi-payment obligations (e.g., quarterly or semi-annual), as well as single payment and demand notes, are reported as past due when either principal or interest remains due and unpaid 30 days or more.

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Past due loans (accruing and nonaccruing) are summarized as follows:

			September 30, 2026
(In millions)			Current						30-89 days past due						90+ days past due						Total past due						Total loans						Accruing loans 90+ days past due						Nonaccrual loans that are current 1
Commercial:
Commercial and industrial			$	18,678					$	53					$	27					$	80					$	18,758					$	2					$	88
Owner-occupied			9,314						19						24						43						9,357						1						22
Municipal			4,295						—						—						—						4,295						—						—
Total commercial			32,287						72						51						123						32,410						3						110
Commercial real estate:
Term			11,723						20						4						24						11,747						1						30
Construction and land development			2,408						—						—						—						2,408						—						—
Total commercial real estate			14,131						20						4						24						14,155						1						30
Consumer:
1-4 family residential			10,323						13						34						47						10,370						—						22
Home equity credit line			4,108						16						10						26						4,134						—						18
Construction and other consumer real estate			751						—						—						—						751						—						—
Bankcard and other revolving plans			534						4						1						5						539						1						1
Other			112						1						—						1						113						—						—
Total consumer			15,828						34						45						79						15,907						1						41
Total			$	62,246					$	126					$	100					$	226					$	62,472					$	5					$	181

			December 31, 2025
(In millions)			Current						30-89 days past due						90+ days past due						Total past due						Total loans						Accruing loans 90+ days past due						Nonaccrual loans that are current 1
Commercial:
Commercial and industrial			$	18,025					$	75					$	11					$	86					$	18,111					$	2					$	73
Owner-occupied			9,235						11						28						39						9,274						1						17
Municipal			4,293						1						—						1						4,294						—						2
Total commercial			31,553						87						39						126						31,679						3						92
Commercial real estate:
Term			11,211						1						22						23						11,234						1						50
Construction and land development			2,161						—						1						1						2,162						—						—
Total commercial real estate			13,372						1						23						24						13,396						1						50
Consumer:
1-4 family residential			10,411						10						41						51						10,462						—						21
Home equity credit line			3,920						19						11						30						3,950						—						15
Construction and other consumer real estate			782						—						—						—						782						—						—
Bankcard and other revolving plans			510						3						2						5						515						1						1
Other			115						1						—						1						116						—						—
Total consumer			15,738						33						54						87						15,825						1						37
Total			$	60,663					$	121					$	116					$	237					$	60,900					$	5					$	179

1 Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is not expected.

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Credit Quality Indicators

In addition to nonaccrual and past due criteria, we evaluate loans using internal risk-grading systems that vary based on the size and type of credit risk exposure. Loans are assigned internal risk grades of Pass, Special Mention, Substandard, and Doubtful, which are aligned with published regulatory risk classifications.

The definitions of these risk grades are summarized as follows:

•Pass — Pass-rated assets are considered higher quality and do not meet the criteria for any of the other risk categories. The likelihood of loss is considered low.

•Special Mention — Special Mention assets have potential weaknesses that warrant management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the borrower's repayment capacity or our credit position at a future date.

•Substandard — Substandard assets are inadequately protected by the borrower's current net worth and repayment capacity or by the collateral pledged, if any. These assets have well-defined weaknesses and are characterized by the distinct possibility that a loss may be sustained if the deficiencies are not corrected.

•Doubtful — Doubtful assets exhibit all of the weaknesses inherent in Substandard assets, with the added characteristic that collection or liquidation in full is highly questionable and improbable.

There were no loans classified as Doubtful at September 30, 2026 or December 31, 2025.

For commercial and CRE loans with commitments greater than $1 million, we assign either one of several grades within the Pass classification or one of the previously described regulatory risk classifications. Internal risk grades for these loans are reviewed on a regular and ongoing basis and adjusted as appropriate based on available credit information.

For consumer loans and for commercial and CRE loans with commitments of $1 million or less, internal risk grades generally consistent with the classifications previously described are assigned using automated processes that incorporate refreshed credit scores, payment performance, and other relevant risk indicators. These loans are typically assigned a Pass, Special Mention, or Substandard grade and are reviewed as information is identified that might warrant a change in risk grade.

The following schedules present the amortized cost of loans and leases by vintage year and by the credit quality classifications used by management in monitoring portfolio risk. Vintage year generally reflects the year of origination or, when applicable, the year of a subsequent modification that is accounted for as a new loan.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

			September 30, 2026
			Term loans																		Revolving loans amortized cost basis			Revolving loans converted to term loans amortized cost basis
			Amortized cost basis by year of origination
(In millions)			2026			2025			2024			2023			2022			Prior									Total
Commercial:
Commercial and industrial
Pass			$	1,962		$	2,548		$	1,427		$	985		$	887		$	1,160		$	8,788		$	125		$	17,882
Special Mention			1			7			14			18			39			69			51			2			201
Accruing Substandard			—			118			74			92			26			76			151			8			545
Nonaccrual			—			4			24			8			32			24			22			16			130
Total commercial and industrial			1,963			2,677			1,539			1,103			984			1,329			9,012			151			18,758
Owner-occupied
Pass			817			907			1,126			675			1,265			3,793			266			54			8,903
Special Mention			—			1			13			11			11			28			3			5			72
Accruing Substandard			2			22			43			40			76			122			31			—			336
Nonaccrual			—			6			—			4			9			24			3			—			46
Total owner-occupied			819			936			1,182			730			1,361			3,967			303			59			9,357
Municipal
Pass			378			367			518			357			783			1,824			3			30			4,260
Special Mention			—			—			—			—			—			3			—			—			3
Accruing Substandard			—			—			—			14			—			18			—			—			32
Nonaccrual			—			—			—			—			—			—			—			—			—
Total municipal			378			367			518			371			783			1,845			3			30			4,295
Total commercial			3,160			3,980			3,239			2,204			3,128			7,141			9,318			240			32,410
Commercial real estate:
Term
Pass			1,602			1,223			1,025			970			1,475			3,882			385			90			10,652
Special Mention			—			—			41			27			35			80			25			—			208
Accruing Substandard			—			17			37			198			370			191			1			33			847
Nonaccrual			—			—			—			—			1			39			—			—			40
Total term			1,602			1,240			1,103			1,195			1,881			4,192			411			123			11,747
Construction and land development
Pass			177			904			327			139			38			12			696			46			2,339
Special Mention			—			—			12			—			—			—			7			—			19
Accruing Substandard			—			—			36			9			—			—			5			—			50
Nonaccrual			—			—			—			—			—			—			—			—			—
Total construction and land development			177			904			375			148			38			12			708			46			2,408
Total commercial real estate			1,779			2,144			1,478			1,343			1,919			4,204			1,119			169			14,155

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

			September 30, 2026
			Term loans																		Revolving loans amortized cost basis			Revolving loans converted to term loans amortized cost basis
			Amortized cost basis by year of origination
(In millions)			2026			2025			2024			2023			2022			Prior									Total
Consumer:
1-4 family residential
Pass			$	904		$	732		$	709		$	688		$	3,038		$	4,238		$	—		$	—		$	10,309
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			1			—			1			1			—			—			3
Nonaccrual			—			1			3			7			13			34			—			—			58
Total 1-4 family residential			904			733			713			695			3,052			4,273			—			—			10,370
Home equity credit line
Pass			—			—			—			—			—			—			3,959			133			4,092
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			7			—			7
Nonaccrual			—			—			—			—			—			—			30			5			35
Total home equity credit line			—			—			—			—			—			—			3,996			138			4,134
Construction and other consumer real estate
Pass			106			439			157			26			19			3			—			—			750
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			1			—			—			—			—			—			—			1
Nonaccrual			—			—			—			—			—			—			—			—			—
Total construction and other consumer real estate			106			440			157			26			19			3			—			—			751
Bankcard and other revolving plans
Pass			—			—			—			—			—			—			536			—			536
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			2			—			2
Nonaccrual			—			—			—			—			—			—			1			—			1
Total bankcard and other revolving plans			—			—			—			—			—			—			539			—			539
Other consumer
Pass			45			32			16			11			6			2			—			—			112
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			1			—			—			—			—			1
Total other consumer			45			32			16			12			6			2			—			—			113
Total consumer			1,055			1,205			886			733			3,077			4,278			4,535			138			15,907
Total loans			$	5,994		$	7,329		$	5,603		$	4,280		$	8,124		$	15,623		$	14,972		$	547		$	62,472

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

			December 31, 2025
			Term loans																		Revolving loans amortized cost basis			Revolving loans converted to term loans amortized cost basis
			Amortized cost basis by year of origination
(In millions)			2025			2024			2023			2022			2021			Prior									Total
Commercial:
Commercial and industrial
Pass			$	3,746		$	2,058		$	1,143		$	898		$	350		$	698		$	8,141		$	197		$	17,231
Special Mention			14			29			13			16			28			30			99			1			230
Accruing Substandard			60			140			82			41			18			30			177			9			557
Nonaccrual			4			5			4			37			3			3			14			23			93
Total commercial and industrial			3,824			2,232			1,242			992			399			761			8,431			230			18,111
Owner-occupied
Pass			1,112			1,234			727			1,414			1,492			2,515			227			67			8,788
Special Mention			3			28			—			9			9			30			1			—			80
Accruing Substandard			4			37			15			111			71			89			24			4			355
Nonaccrual			6			8			2			6			3			19			7			—			51
Total owner-occupied			1,125			1,307			744			1,540			1,575			2,653			259			71			9,274
Municipal
Pass			542			614			409			745			849			1,070			1			41			4,271
Special Mention			—			3			—			—			—			—			—			—			3
Accruing Substandard			—			—			—			—			—			18			—			—			18
Nonaccrual			—			—			—			—			2			—			—			—			2
Total municipal			542			617			409			745			851			1,088			1			41			4,294
Total commercial			5,491			4,156			2,395			3,277			2,825			4,502			8,691			342			31,679
Commercial real estate:
Term
Pass			2,643			1,223			1,167			1,741			956			1,747			318			140			9,935
Special Mention			51			—			35			71			—			1			—			—			158
Accruing Substandard			328			43			142			426			53			36			26			15			1,069
Nonaccrual			21			—			16			1			—			5			—			29			72
Total term			3,043			1,266			1,360			2,239			1,009			1,789			344			184			11,234
Construction and land development
Pass			446			540			375			47			1			1			624			49			2,083
Special Mention			—			8			5			—			—			—			—			—			13
Accruing Substandard			53			6			—			—			—			—			6			—			65
Nonaccrual			—			—			1			—			—			—			—			—			1
Total construction and land development			499			554			381			47			1			1			630			49			2,162
Total commercial real estate			3,542			1,820			1,741			2,286			1,010			1,790			974			233			13,396

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			December 31, 2025
			Term loans																		Revolving loans amortized cost basis			Revolving loans converted to term loans amortized cost basis
			Amortized cost basis by year of origination
(In millions)			2025			2024			2023			2022			2021			Prior									Total
Consumer:
1-4 family residential
Pass			$	917		$	847		$	867		$	3,144		$	1,808		$	2,812		$	—		$	—		$	10,395
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			1			—			—			—			1			—			—			2
Nonaccrual			1			4			5			15			13			27			—			—			65
Total 1-4 family residential			918			852			872			3,159			1,821			2,840			—			—			10,462
Home equity credit line
Pass			—			—			—			—			—			—			3,799			111			3,910
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			10			—			10
Nonaccrual			—			—			—			—			—			—			26			4			30
Total home equity credit line			—			—			—			—			—			—			3,835			115			3,950
Construction and other consumer real estate
Pass			246			351			87			91			5			2			—			—			782
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total construction and other consumer real estate			246			351			87			91			5			2			—			—			782
Bankcard and other revolving plans
Pass			—			—			—			—			—			—			511			1			512
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			2			—			2
Nonaccrual			—			—			—			—			—			—			1			—			1
Total bankcard and other revolving plans			—			—			—			—			—			—			514			1			515
Other consumer
Pass			55			26			19			11			4			1			—			—			116
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total other consumer			55			26			19			11			4			1			—			—			116
Total consumer			1,219			1,229			978			3,261			1,830			2,843			4,349			116			15,825
Total loans			$	10,252		$	7,205		$	5,114		$	8,824		$	5,665		$	9,135		$	14,014		$	691		$	60,900

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

The following schedules present gross charge-offs categorized by year of loan origination for the periods presented:

			Three Months Ended September 30, 2026
			Term loans																		Revolving loans gross charge-offs			Revolving loans converted to term loans gross charge-offs
			Gross charge-offs by year of loan origination
(In millions)			2026			2025			2024			2023			2022			Prior									Total
Commercial:
Commercial and industrial			$	—		$	—		$	1		$	—		$	—		$	1		$	3		$	1		$	6
Consumer:
Bankcard and other revolving plans			—			—			—			—			—			—			2			—			2
Other			—			—			—			—			—			1			—			—			1
Total consumer			—			—			—			—			—			1			2			—			3
Total gross charge-offs			$	—		$	—		$	1		$	—		$	—		$	2		$	5		$	1		$	9
			Nine Months Ended September 30, 2026
			Term loans																		Revolving loans gross charge-offs			Revolving loans converted to term loans gross charge-offs
			Gross charge-offs by year of loan origination
(In millions)			2026			2025			2024			2023			2022			Prior									Total
Commercial:
Commercial and industrial			$	—		$	4		$	3		$	—		$	—		$	3		$	8		$	2		$	20
Owner occupied			—			—			—			—			—			—			1			—			1
Total commercial			—			4			3			—			—			3			9			2			21
Commercial real estate:
Term			—			—			—			—			—			3			—			—			3
Consumer:
Bankcard and other revolving plans			—			—			—			—			—			—			7			—			7
Other			—			—			—			—			—			3			—			—			3
Total consumer			—			—			—			—			—			3			7			—			10
Total gross charge-offs			$	—		$	4		$	3		$	—		$	—		$	9		$	16		$	2		$	34

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

			Three Months Ended September 30, 2025
			Term loans																		Revolving loans gross charge-offs			Revolving loans converted to term loans gross charge-offs
			Gross charge-offs by year of loan origination
(In millions)			2025			2024			2023			2022			2021			Prior									Total
Commercial:
Commercial and industrial			$	—		$	1		$	—		$	1		$	—		$	1		$	55		$	—		$	58
Municipal			—			—			—			—			3			—			—			—			3
Total commercial			—			1			—			1			3			1			55			—			61
Commercial real estate:
Term			—			—			3			—			—			—			—			—			3
Consumer:
Bankcard and other revolving plans			—			—			—			—			—			—			2			—			2
Other			—			—			—			—			—			1			—			—			1
Total consumer			—			—			—			—			—			1			2			—			3
Total gross charge-offs			$	—		$	1		$	3		$	1		$	3		$	2		$	57		$	—		$	67
			Nine Months Ended September 30, 2025
			Term loans																		Revolving loans gross charge-offs			Revolving loans converted to term loans gross charge-offs
			Gross charge-offs by year of loan origination
(In millions)			2025			2024			2023			2022			2021			Prior									Total
Commercial:
Commercial and industrial			$	—		$	2		$	2		$	2		$	3		$	12		$	68		$	—		$	89
Municipal			—			—			—			—			3			—			—			—			3
Total commercial			—			2			2			2			6			12			68			—			92
Commercial real estate:
Term			1			—			3			—			—			—			—			—			4
Consumer:
1-4 family residential			—			—			—			—			1			2			—			—			3
Home equity credit line			—			—			—			—			—			—			1			—			1
Bankcard and other revolving plans			—			—			—			—			—			—			6			—			6
Other			—			—			—			—			—			1			—			—			1
Total consumer			—			—			—			—			1			3			7			—			11
Total gross charge-offs			$	1		$	2		$	5		$	2		$	7		$	15		$	75		$	—		$	107

Loan Modifications

Loans may be modified in the normal course of business for competitive reasons or to strengthen our collateral position. Modifications may also occur when the borrower experiences financial difficulty and requires temporary or permanent relief from the original contractual terms. For loans modified due to a borrower experiencing financial difficulty, we apply the same credit loss estimation methods used for the rest of the loan portfolio. These methods incorporate the post-modification loan terms, as well as defaults and charge-offs associated with historically modified loans. All nonaccruing loans greater than $1 million are evaluated individually, regardless of the type of modification.

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We generally consider a borrower to be experiencing financial difficulty when available information indicates the borrower is unlikely to meet its contractual obligations without a modification of the loan terms. Indicators include actual or probable payment default; bankruptcy or the likelihood thereof; substantial doubt about the borrower’s ability to continue as a going concern; insufficient expected cash flows to service debt; or an inability to obtain financing at market terms. A borrower is also considered to be experiencing financial difficulty when repayment is dependent on support from a sponsor or guarantor. Additional indicators may include liquidity constraints, declining collateral values, failure to meet loan covenants, adverse industry changes, and sustained deterioration in financial performance.

A modified loan on nonaccrual will generally remain on nonaccrual until the borrower has demonstrated the ability to perform under the modified terms for a minimum of six months, and there is evidence that such payments can and are likely to continue as agreed. Performance prior to the modification, or significant events that coincide with the modification, are considered in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual at the time of modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on nonaccrual.

We monitor the performance of all modified loans on an ongoing basis in accordance with their modified terms. Modified loans are considered to be in default if they become past due after modification. Commercial loans are considered to be in default when they are 90 days or more past due, while consumer loans are considered to be in default when they are 60 days or more past due. For the three and nine months ended September 30, 2026, modified loans to borrowers experiencing financial difficulty that defaulted during the period and were modified within the preceding 12 months totaled less than $1 million for both periods. For the corresponding periods ended September 30, 2025, such loans totaled less than $2 million and $4 million, respectively.

The amortized cost of loans to borrowers experiencing financial difficulty that were modified during the period, by loan class and modification type, is summarized in the following schedule:

			Three Months Ended September 30, 2026
			Amortized cost associated with the following modification types:
(Dollar amounts in millions)			Interest rate reduction						Maturity or term extension						Principal forgiveness						Payment deferral												Multiple modification types 1						Total 2						Percentage of total loans 3
Commercial:
Commercial and industrial			$	—					$	53					$	—					$	—											$	—					$	53					0.3		%
Owner-occupied			—						24						—						—												—						24						0.3
Total commercial			—						77						—						—												—						77						0.2
Commercial real estate:
Term			—						89						—						—												10						99						0.8
Construction and land development			—						22						—						—												—						22						0.9
Total commercial real estate			—						111						—						—												10						121						0.9
Total			$	—					$	188					$	—					$	—											$	10					$	198					0.3

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

			Nine Months Ended September 30, 2026
			Amortized cost associated with the following modification types:
(Dollar amounts in millions)			Interest rate reduction						Maturity or term extension						Principal forgiveness						Payment deferral						Multiple modification types 1						Total 2						Percentage of total loans 3
Commercial:
Commercial and industrial			$	—					$	84					$	—					$	—					$	4					$	88					0.5		%
Owner-occupied			—						38						—						—						—						38						0.4
Total commercial			—						122						—						—						4						126						0.4
Commercial real estate:
Term			—						225						—						—						77						302						2.6
Construction and land development			—						32						—						—						—						32						1.3
Total commercial real estate			—						257						—						—						77						334						2.4
Consumer:
1-4 family residential			—						—						—						—						1						1						—
Total			$	—					$	379					$	—					$	—					$	82					$	461					0.7

			Three Months Ended September 30, 2025
			Amortized cost associated with the following modification types:
(Dollar amounts in millions)			Interest rate reduction						Maturity or term extension						Principal forgiveness						Payment deferral												Multiple modification types 1						Total 2						Percentage of total loans 3
Commercial:
Commercial and industrial			$	—					$	58					$	—					$	—											$	—					$	58					0.3		%
Owner-occupied			—						23						—						—												—						23						0.2
Total commercial			—						81						—						—												—						81						0.3
Commercial real estate:
Term			—						128						—						—												—						128						1.2
Construction and land development			—						1						—						—												—						1						—
Total commercial real estate			—						129						—						—												—						129						1.0
Consumer:
1-4 family residential			—						—						2						—												4						6						0.1
Total			$	—					$	210					$	2					$	—											$	4					$	216					0.4

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			Nine Months Ended September 30, 2025
			Amortized cost associated with the following modification types:
(Dollar amounts in millions)			Interest rate reduction						Maturity or term extension						Principal forgiveness						Payment deferral						Multiple modification types 1						Total 2						Percentage of total loans 3
Commercial:
Commercial and industrial			$	—					$	106					$	—					$	—					$	—					$	106					0.6		%
Owner-occupied			—						25						—						—						—						25						0.3
Total commercial			—						131						—						—						—						131						0.4
Commercial real estate:
Term			—						322						—						8						7						337						3.1
Construction and land development			—						26						—						—						—						26						1.1
Total commercial real estate			—						348						—						8						7						363						2.7
Consumer:
1-4 family residential			—						—						2						—						7						9						0.1
Home equity credit line			—						—						—						—						1						1						—
Total consumer			—						—						2						—						8						10						0.1
Total			$	—					$	479					$	2					$	8					$	15					$	504					0.8

1 Includes modifications that resulted from a combination of interest rate reduction, maturity or term extension, principal forgiveness, and payment deferral modifications. During the three and nine months ended September 30, 2026, modified loans totaling $10 million and $78 million, respectively, included both interest rate reductions and maturity or term extensions.

2 Unfunded lending commitments related to loans modified to borrowers experiencing financial difficulty totaled $26 million and
$29 million at September 30, 2026 and September 30, 2025, respectively.

3 Amounts less than 0.05% are rounded to zero.

Loan modifications to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2026, resulted in no principal forgiveness across the total loan portfolio, compared with approximately $2 million of principal forgiveness during the corresponding periods in 2025.

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The following schedule presents the financial impact of loan modifications to borrowers experiencing financial difficulty:

			Three Months Ended September 30, 2026												Nine Months Ended September 30, 2026
			Weighted-average interest rate reduction (in percentage points)						Weighted-average term extension (in months)						Weighted-average interest rate reduction (in percentage points)						Weighted-average term extension (in months)
Commercial:
Commercial and industrial			—		%				5						—		%				12
Owner-occupied			—						4						—						10
Total commercial			—						4						—						12
Commercial real estate:
Term			0.3						10						0.8						13
Construction and land development			—						3						—						6
Total commercial real estate			0.3						9						0.8						13
Consumer:1
1-4 family residential			—						0						3.1						19
Total weighted average financial impact			0.3						7						0.8						12

			Three Months Ended September 30, 2025												Nine Months Ended September 30, 2025
			Weighted-average interest rate reduction (in percentage points)						Weighted-average term extension (in months)						Weighted-average interest rate reduction (in percentage points)						Weighted-average term extension (in months)
Commercial:
Commercial and industrial			—		%				8						—		%				10
Owner-occupied			—						3						—						19
Total commercial			—						7						—						11
Commercial real estate:
Term			—						8						0.1						12
Construction and land development			—						3						—						8
Total commercial real estate			—						8						0.1						12
Consumer:1
1-4 family residential			—						11						0.9						7
Home equity credit line			—						0						2.8						43
Total consumer			—						11						2.4						9
Total weighted average financial impact			—						7						0.3						11

1 Primarily relates to a small number of loans within each consumer loan class.

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The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after October 1, 2025 through September 30, 2026, categorized by portfolio segment and loan class:

			September 30, 2026
(In millions)			Current						30-89 days past due						90+ days past due						Total past due						Total amortized cost of loans
Commercial:
Commercial and industrial			$	109					$	2					$	—					$	2					$	111
Owner-occupied			38						—						3						3						41
Total commercial			147						2						3						5						152
Commercial real estate:
Term			395						—						—						—						395
Construction and land development			32						—						—						—						32
Total commercial real estate			427						—						—						—						427
Consumer:
1-4 family residential			2						—						—						—						2
Home equity credit line			1						—						—						—						1
Total consumer			3						—						—						—						3
Total			$	577					$	2					$	3					$	5					$	582

The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after October 1, 2024 through September 30, 2025, categorized by portfolio segment and loan class:

			September 30, 2025
(In millions)			Current						30-89 days past due						90+ days past due						Total past due						Total amortized cost of loans
Commercial:
Commercial and industrial			$	104					$	2					$	—					$	2					$	106
Owner-occupied			32						—						1						1						33
Total commercial			136						2						1						3						139
Commercial real estate:
Term			352						18						10						28						380
Construction and land development			26						—						—						—						26
Total commercial real estate			378						18						10						28						406
Consumer:
1-4 family residential			10						1						1						2						12
Home equity credit line			1						1						—						1						2
Total consumer			11						2						1						3						14
Total			$	525					$	22					$	12					$	34					$	559

Collateral-Dependent Loans

When a loan is individually evaluated for expected credit losses, we estimate a specific reserve for the loan based on (1) the projected present value of the loan’s future cash flows discounted at the loan’s effective interest rate, (2) the observable market price of the loan, or (3) the fair value of the loan’s underlying collateral.

Select information on loans for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the underlying collateral, including the type of collateral and the extent to which the collateral secures the loans, is summarized as follows:

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September 30, 2026

(Dollar amounts in millions)

Amortized cost

Major types of collateral

Weighted average LTV 1

Commercial:

Owner-occupied

18

Agriculture production and office buildings

46%

Commercial real estate:

Term

28

Office and industrial buildings

51%

Consumer:

1-4 family residential

3

Single family residential

80%

Total

$

49

			December 31, 2025
(Dollar amounts in millions)			Amortized cost						Major types of collateral						Weighted average LTV 1
Commercial:
Commercial and industrial			$	3					Single family residential						71%
Owner occupied			23						Agriculture production and industrial buildings						67%
Municipal			2						Multifamily apartments						93%
Commercial real estate:
Term			37						Office building						98%
Consumer:
1-4 family residential			5						Single family residential						62%
Total			$	70

1 The fair value is based on the most recent appraisal or other collateral evaluation.

Foreclosed Residential Real Estate

The balance of foreclosed residential real estate property was $2 million at September 30, 2026 and $1 million at December 31, 2025. The amortized cost basis of consumer mortgage loans collateralized by residential real estate property that were in the process of foreclosure was $21 million and $20 million at September 30, 2026 and December 31, 2025, respectively.

7. LEASES

We have operating and finance leases for branches, data centers, and corporate offices, including our headquarters in Salt Lake City, Utah. At September 30, 2026, we had 407 branches, with 279 owned and 128 leased. The remaining maturities of our lease commitments range from the year 2026 to 2062, with certain lease arrangements including options to extend or terminate the leases.

Leases with terms longer than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. ROU assets for operating leases and finance leases are included in “Other assets” and “Premises, equipment and software, net” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “Other liabilities” and “Long-term debt,” respectively. For more information about our lease policies, see Note 8 of our 2025 Form 10-K.

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The following schedule presents ROU assets and lease liabilities with the associated weighted average remaining life and discount rate:

(In millions)			September 30, 2026						December 31, 2025
Operating leases
ROU assets, net of amortization			$	211					$	207
Lease liabilities			263						257
Finance leases
ROU assets, net of amortization			3						3
Lease liabilities			3						4
Weighted average remaining lease term (years)
Operating leases			9.0						9.4
Finance leases			14.0						14.7
Weighted average discount rate
Operating leases			4.1		%				4.0		%
Finance leases			3.2		%				3.2		%

The following schedule presents additional information related to lease expense:

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2026						2025						2026						2025
Lease expense:
Operating lease expense			$	11					$	10					$	32					$	30
Other expenses associated with operating leases 1			16						17						48						48
Total lease expense			$	27					$	27					$	80					$	78
Related cash disbursements for operating leases			$	11					$	10					$	33					$	31

1 Other expenses primarily include property taxes and building and property maintenance.

The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years:

(In millions)			Total undiscounted lease payments
2026 1			$	11
2027			39
2028			41
2029			37
2030			34
Thereafter			158
Total lease payments			320
Less imputed interest			57
Total			$	263

1 Represents contractual maturities remaining in 2026.

We enter into lease arrangements as a lessor of certain real estate properties, including bank-owned and subleased locations, to generate income. These activities include leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $4 million for each of the quarters ended September 30, 2026 and 2025, and $12 million and $11 million for the first nine months of 2026 and 2025, respectively.

At September 30, 2026 and December 31, 2025, equipment leases originated by the Bank and classified as sales-type or direct-financing leases had carrying values of $331 million and $367 million, respectively. Income recognized from these leases totaled $4 million and $5 million for the quarters ended September 30, 2026 and 2025, respectively, and $14 million for each of the first nine months of 2026 and 2025.

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8. LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY

Long-Term Debt

Long-term debt carrying values include the par value of the debt, adjusted for unamortized premiums or discounts, unamortized debt issuance costs, and fair value hedge basis adjustments.

The following schedule presents the components of our long-term debt:

LONG-TERM DEBT

(In millions)			September 30, 2026						December 31, 2025
Subordinated notes 1			$	937					$	969
Senior notes			1,476						499
Finance lease obligations			3						4
Total			$	2,416					$	1,472

1 The change in the subordinated notes balance is primarily due to fair value hedge basis adjustments. See also Note 4.

During the first quarter of 2026, we issued $500 million of 4.48% Fixed-to-Floating Senior Notes, maturing on February 9, 2029. On July 28, 2026, we issued $500 million of 5.24% Fixed-to-Floating Senior Notes, maturing on October 1, 2029. For more information about our long-term debt, see Note 13 of our 2025 Form 10-K.

Shareholders' Equity

Our preferred stock is listed on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market under the ticker symbol “ZIONP.” We have 4.4 million authorized shares of preferred stock, without par value, each carrying a liquidation preference of $1,000 per share. At September 30, 2026, 66,139 shares of Series A preferred stock were outstanding.

Our common stock is listed on the NASDAQ Global Select Market under the ticker symbol “ZION.” At September 30, 2026, there were 144.9 million shares of common stock outstanding, each with a par value of $0.001. The aggregate balance of common stock and additional paid-in-capital was $1.5 billion at September 30, 2026, compared with $1.7 billion at December 31, 2025.

In July 2026, we announced a plan to repurchase up to $75 million of our common shares during the third quarter of 2026. We repurchased 1.1 million shares for $75 million, at an average price of $69.58 per share in the third quarter of 2026, 1.2 million shares for $75 million, at an average price of $61.79 per share in the second quarter of 2026, and 1.3 million shares for $77 million, at an average price of $60.79 per share in the first quarter of 2026, the last of which included $2 million of shares acquired in connection with our stock compensation plan. In October 2026, we announced a plan to repurchase up to $72 million of common shares outstanding during the fourth quarter as part of our previously authorized share repurchase target for 2026 of $300 million.

At September 30, 2026, the AOCI balance reflected a net loss of $2.0 billion, primarily attributable to a decline in the fair value of fixed-rate AFS securities driven by changes in interest rates. This amount includes $1.4 billion ($1.1 billion after tax) of unrealized losses associated with securities previously transferred from AFS to HTM.

The following schedule presents the changes in AOCI:

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(In millions)			Net unrealized gains (losses) on investment securities						Net unrealized gains (losses) on derivatives and other						Pension and post-retirement						Total
Nine Months Ended September 30, 2026
Balance at December 31, 2025			$	(1,917)					$	(23)					$	(1)					$	(1,941)
Other comprehensive income (loss) before reclassifications, net of tax			(109)						(91)						—						(200)
Amounts reclassified from AOCI, net of tax			127						25						—						152
Other comprehensive income (loss)			18						(66)						—						(48)
Balance at September 30, 2026			$	(1,899)					$	(89)					$	(1)					$	(1,989)
Income tax expense (benefit) included in other comprehensive income			$	4					$	(20)					$	—					$	(16)
Nine Months Ended September 30, 2025
Balance at December 31, 2024			$	(2,301)					$	(78)					$	(1)					$	(2,380)
Other comprehensive income before reclassifications, net of tax			142						6						—						148
Amounts reclassified from AOCI, net of tax			137						39						—						176
Other comprehensive income			279						45						—						324
Balance at September 30, 2025			$	(2,022)					$	(33)					$	(1)					$	(2,056)
Income tax expense included in other comprehensive income			$	91					$	15					$	—					$	106

						Amounts reclassified from AOCI
(In millions)						Three Months Ended September 30,												Nine Months Ended September 30,
AOCI components						2026						2025						2026						2025									Affected line item on statement of income
Net unrealized gains (losses) on investment securities						$	(58)					$	(62)					$	(168)					$	(182)											Securities gains (losses), net
Less: Income tax expense (benefit)						(14)						(15)						(41)						(45)
Total						$	(44)					$	(47)					$	(127)					$	(137)
Net unrealized gains (losses) on derivative instruments and other						$	(10)					$	(15)					$	(33)					$	(52)											Interest and fees on loans; Interest on short- and long-term borrowings
Less: Income tax expense (benefit)						(2)						(4)						(8)						(13)
Total						$	(8)					$	(11)					$	(25)					$	(39)

9. COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES

Commitments and Guarantees

We utilize various financial instruments, including loan commitments, commercial letters of credit, and standby letters of credit, to support our customers’ financing needs. These instruments expose us to varying degrees of credit, liquidity, and interest rate risk that are not fully reflected on the consolidated balance sheet. The associated credit risk is evaluated and recorded as a reserve for unfunded lending commitments, which is presented separately on the consolidated balance sheet.

The following schedule presents the contractual amounts related to off-balance sheet financial instruments used to support our customers’ financing needs:

(In millions)			September 30, 2026						December 31, 2025
Unfunded lending commitments 1			$	28,863					$	29,286
Standby letters of credit:
Financial			700						643
Performance			276						288
Commercial letters of credit			58						27
Total unfunded commitments			$	29,897					$	30,244

1 Net of participations.

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Certain mortgage loans sold include limited recourse provisions for periods ranging from three months to one year. Losses arising from the exercise of these provisions have not been significant.

In connection with the previously disclosed Basis Multifamily Finance acquisition, we also assumed certain loss-sharing and repurchase obligations associated with loans previously sold through the Fannie Mae DUS and Freddie Mac Optigo programs. These obligations include our contractual share of credit losses on certain Fannie Mae DUS loans and potential repurchase obligations for loans that do not comply with applicable selling and servicing requirements. At the acquisition date, we recognized liabilities of approximately $1.0 million related to these obligations.

For more information about these commitments and guarantees including their terms and collateral requirements, see Note 16 of our 2025 Form 10-K.

Legal Matters

We participate in various legal proceedings or governmental inquiries, which may include litigation in court, arbitration, investigations, examinations, and other actions initiated or considered by governmental and self-regulatory agencies. These matters may relate to lending, deposit, and other customer relationships; supplier and contractual issues; employee matters; intellectual property disputes; personal injury and other tort claims; and regulatory or legal compliance issues. While many of these matters involve individual claims, we are also subject to putative class action claims and other broader claims.

Governmental and self-regulatory proceedings, investigations, examinations, and related actions may concern our banking, investment advisory, trust, securities, and other products and services; our customers’ involvement in money laundering, fraud, securities violations, and other illicit activities; or our policies and practices regarding such customer activities. They may also involve our compliance with the wide range of applicable banking, securities, and other laws and regulations. At any given time, we may be responding to subpoenas and requests for documents, data, or testimony and engaging in discussions to address or resolve these matters.

At September 30, 2026, we were subject to the following significant litigation:

•Two civil cases—Lifescan, Inc. and Johnson & Johnson Health Care Services v. Jeffrey C. Smith, et al., filed in December 2017, and Roche Diagnostics and Roche Diabetes Care Inc. v. Jeffrey C. Smith, et al., filed in March 2019—were brought against us in the United States District Court for the District of New Jersey. In these cases, certain manufacturers and distributors of medical products allege that we are liable for purportedly fraudulent conduct by a borrower of the Bank that sought bankruptcy protection in 2017. Discovery is substantially complete as to most parties. However, final rulings on certain dispositive motions remain pending, and additional dispositive motions are in the briefing stage. Both cases are currently scheduled for trial in April 2027.

Based on our current knowledge, we believe that the estimated liabilities for litigation and other legal actions and claims, as reflected in our accruals and determined in accordance with applicable accounting guidance, are adequate. We also currently believe that any liabilities in excess of the amounts accrued, if any, arising from litigation and other legal actions and claims for which a loss is estimable, would not have a significant impact on our financial condition, results of operations, or cash flows. However, given the substantial uncertainties inherent in these matters—and the potentially significant or indeterminate damages sought in some cases—an unfavorable outcome could affect our financial condition, results of operations, or cash flows in a particular reporting period.

The process of estimating and assessing potential outcomes associated with litigation, arbitration, governmental or self-regulatory examinations, investigations, or similar matters is inherently uncertain and requires significant judgment. This uncertainty is especially pronounced in the early stages of a legal matter, when legal issues and relevant facts have not yet been fully developed, analyzed, or tested through discovery, trial or hearing preparation, substantive mediation or settlement discussions, or other procedural milestones. It is also especially relevant for class actions or other multi-party claims; matters involving complex procedural or substantive issues or novel legal

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theories; and examinations, investigations, or other actions initiated by governmental and self-regulatory agencies, where traditional adjudicative processes may not apply.

As a result, we are often unable to determine whether the likelihood of a favorable or unfavorable outcome is remote, reasonably likely, or probable—or to estimate the amount or range of a probable or reasonably likely loss—until relatively late in the life cycle of a legal matter, and in some cases not until several years have passed. Our assessments relating to these currently inestimable claims will evolve as developments occur, and actual outcomes may significantly differ from our estimates over time.

For more information regarding our accounting for legal matters, see Note 16 of our 2025 Form 10-K.

10. REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue from contracts with customers, including noninterest income within the scope of the applicable accounting guidance, is recognized when control of the promised goods or services is transferred to the customer. Revenue is measured at an amount that reflects the consideration we expect to be entitled in exchange for those goods or services. Incremental costs of obtaining a contract are expensed as incurred when the related amortization period is one year or less. For more information regarding revenue from contracts with customers, see Note 17 of our 2025 Form 10-K.

Disaggregation of Revenue

The following schedule presents revenue from contracts with customers disaggregated by operating segment and reconciles those amounts to total noninterest income for the three months ended September 30, 2026 and 2025. Customer-related noninterest income from other sources represents revenue earned from customers that falls outside the scope of the applicable accounting guidance for revenue from contracts with customers.

			Zions Bank												CB&T												Amegy
(In millions)			2026						2025						2026						2025						2026						2025
Commercial account fees			$	17					$	15					$	8					$	8					$	16					$	15
Card fees 1			13						12						4						4						8						8
Retail and business banking fees			6						6						4						4						5						4
Capital markets fees and income 2			—						—						—						1						—						—
Wealth management fees			4						4						2						2						5						5
Other customer-related fees			2						2						3						2						1						1
Total noninterest income from contracts with customers			42						39						21						21						35						33
Customer-related noninterest income from other sources			14						10						11						9						12						13
Total customer-related noninterest income			56						49						32						30						47						46
Noncustomer-related noninterest income			1						—						1						1						3						3
Total noninterest income			$	57					$	49					$	33					$	31					$	50					$	49
			NBAZ												NSB												Vectra
(In millions)			2026						2025						2026						2025						2026						2025
Commercial account fees			$	3					$	3					$	3					$	3					$	2					$	2
Card fees 1			4						4						4						4						2						2
Retail and business banking fees			2						2						3						3						1						1
Capital markets fees and income 2			—						—						—						—						—						1
Wealth management fees			1						1						2						2						1						1
Other customer-related fees			—						—						—						—						2						1
Total noninterest income from contracts with customers			10						10						12						12						8						8
Customer-related noninterest income from other sources			2						2						1						1						1						1
Total customer-related noninterest income			12						12						13						13						9						9
Noncustomer-related noninterest income			—						—						—						—						—						—
Total noninterest income			$	12					$	12					$	13					$	13					$	9					$	9

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			TCBNW												Other												Consolidated Bank
(In millions)			2026						2025						2026						2025						2026						2025
Commercial account fees			$	—					$	1					$	—					$	—					$	49					$	47
Card fees 1			—						—						1						1						36						35
Retail and business banking fees			—						—						—						(1)						21						19
Capital markets fees and income 2			—						—						2						2						2						4
Wealth management fees			—						—						—						(2)						15						13
Other customer-related fees			1						—						6						9						15						15
Total noninterest income from contracts with customers			1						1						9						9						138						133
Customer-related noninterest income from other sources			—						1						13						(7)						54						30
Total customer-related noninterest income			1						2						22						2						192						163
Noncustomer-related noninterest income			—						—						—						22						5						26
Total noninterest income			$	1					$	2					$	22					$	24					$	197					$	189

1 Card fees exclude costs associated with reward programs that are netted against interchange fees, as these costs fall outside the scope of the applicable accounting guidance for revenue from contracts with customers.

2 Capital markets fees and income exclude revenue related to real estate capital markets, swaps, loan syndications, foreign exchange activities, and net credit valuation adjustment (“CVA”), as these items are not within the scope of the applicable accounting guidance for revenue from contracts with customers.

The following schedule presents revenue from contracts with customers disaggregated by operating segment and reconciles those amounts to total noninterest income for the nine months ended September 30, 2026 and 2025. Customer-related noninterest income from other sources represents revenue earned from customers that falls outside the scope of the applicable accounting guidance for revenue from contracts with customers.

			Zions Bank												CB&T												Amegy
(In millions)			2026						2025						2026						2025						2026						2025
Commercial account fees			$	49					$	45					$	25					$	24					$	47					$	46
Card fees 1			37						37						13						13						22						22
Retail and business banking fees			18						16						11						10						13						11
Capital markets fees and income 2			1						—						1						2						3						9
Wealth management fees			12						12						5						4						15						13
Other customer-related fees			6						6						8						6						4						4
Total noninterest income from contracts with customers			123						116						63						59						104						105
Customer-related noninterest income from other sources			30						23						37						28						33						27
Total customer-related noninterest income			153						139						100						87						137						132
Noncustomer-related noninterest income			3						2						9						4						10						8
Total noninterest income			$	156					$	141					$	109					$	91					$	147					$	140
			NBAZ												NSB												Vectra
(In millions)			2026						2025						2026						2025						2026						2025
Commercial account fees			$	8					$	7					$	9					$	9					$	6					$	5
Card fees 1			12						11						12						12						7						7
Retail and business banking fees			8						7						9						8						3						3
Capital markets fees and income 2			—						—						—						—						—						1
Wealth management fees			3						3						6						5						2						1
Other customer-related fees			1						1						—						1						4						4
Total noninterest income from contracts with customers			32						29						36						35						22						21
Customer-related noninterest income from other sources			5						3						3						3						3						4
Total customer-related noninterest income			37						32						39						38						25						25
Noncustomer-related noninterest income			1						(1)						—						—						—						3
Total noninterest income			$	38					$	31					$	39					$	38					$	25					$	28

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			TCBNW												Other												Consolidated Bank
(In millions)			2026						2025						2026						2025						2026						2025
Commercial account fees			$	1					$	2					$	1					$	—					$	146					$	138
Card fees 1			1						1						2						2						106						105
Retail and business banking fees			—						—						(1)						(1)						61						54
Capital markets fees and income 2			—						—						6						4						11						16
Wealth management fees			—						—						—						2						43						40
Other customer-related fees			2						1						21						20						46						43
Total noninterest income from contracts with customers			4						4						29						27						413						396
Customer-related noninterest income from other sources			2						2						20						(1)						133						89
Total customer-related noninterest income			6						6						49						26						546						485
Noncustomer-related noninterest income			—						—						275						49						298						65
Total noninterest income			$	6					$	6					$	324					$	75					$	844					$	550

1 Card fees exclude costs associated with reward programs that are netted against interchange fees, as these costs fall outside the scope of the applicable accounting guidance for revenue from contracts with customers.

2 Capital markets fees and income exclude revenue related to real estate capital markets, swaps, loan syndications, foreign exchange activities, and net credit valuation adjustment (“CVA”), as these items are not within the scope of the applicable accounting guidance for revenue from contracts with customers.

Revenue from contracts with customers did not result in significant contract assets or contract liabilities. Contract receivables are included in “Other assets” on the consolidated balance sheet. Although payment terms vary based on the nature of the services provided, the interval between satisfying performance obligations and receiving payment is generally short and not considered significant.

11. INCOME TAXES

The effective income tax rate was 21.7% for the third quarter of 2026, compared with 22.1% for the third quarter of 2025. For the nine months ended September 30, the effective tax rates were 21.8% in 2026 and 23.9% in 2025. The tax rates during these periods were primarily increased by the nondeductibility of certain Federal Deposit Insurance Corporation (“FDIC”) premiums, disallowed interest expense, and other adjustments. While FDIC insurance premiums are not deductible for tax purposes, FDIC special assessments are tax deductible. Conversely, the effective tax rates were primarily reduced by nontaxable municipal interest income and various tax credits.

The effective tax rate for the nine months ended September 30, 2025 reflects the enactment of new state tax legislation during the first quarter of 2025. The legislation required a revaluation of our net deferred tax asset (“DTA”), which primarily arises from unrealized losses in AOCI on certain securities.

At September 30, 2026 and December 31, 2025, our net DTA totaled $722 million and $714 million, respectively. The net DTA or deferred tax liability (“DTL”) is included in either “Other assets” or “Other liabilities,” respectively, on the consolidated balance sheet.

We regularly evaluate our DTAs to determine whether a valuation allowance is required, applying the “more-likely-than-not” criterion that such assets will be realized and considering all available positive and negative evidence. Based on this evaluation, we concluded that no valuation allowance was required at September 30, 2026 or December 31, 2025.

For more information about the factors affecting our effective tax rate, the significant components of our DTAs and DTLs, and unrecognized tax benefits related to uncertain tax positions, see Note 20 of our 2025 Form 10-K.

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12. NET EARNINGS PER COMMON SHARE

The following schedule presents the basic and diluted net earnings per common share, calculated using the weighted-average number of shares outstanding:

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions, except shares and per share amounts)			2026						2025						2026						2025
Basic:
Net income			$	263					$	222					$	949					$	636
Less common and preferred dividends			72						68						208						199
Undistributed earnings			191						154						741						437
Less undistributed earnings applicable to nonvested shares			3						2						10						5
Undistributed earnings applicable to common shares			188						152						731						432
Distributed earnings applicable to common shares			71						66						203						193
Total earnings applicable to common shares			$	259					$	218					$	934					$	625
Weighted average common shares outstanding (in thousands)			144,984						147,045						146,009						147,136
Net earnings per common share			$	1.78					$	1.48					$	6.40					$	4.25
Diluted:
Total earnings applicable to common shares			$	259					$	218					$	934					$	625
Weighted average common shares outstanding (in thousands)			144,984						147,045						146,009						147,136
Dilutive effect of stock options (in thousands)			104						80						95						39
Weighted average diluted common shares outstanding (in thousands)			145,088						147,125						146,104						147,175
Net earnings per common share			$	1.78					$	1.48					$	6.39					$	4.25

The following schedule presents the weighted-average stock awards that were antidilutive and therefore excluded from the calculation of diluted earnings per share:

			Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)			2026						2025						2026						2025
Restricted stock and restricted stock units			1,952						1,837						1,958						1,795
Stock options			182						207						184						473

13. OPERATING SEGMENT INFORMATION

We provide a wide range of banking products and related services, primarily in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. Our operations are organized principally through seven separately managed affiliate banks, each operating under its own local brand and management team: Zions Bank, CB&T, Amegy, NBAZ, NSB, Vectra, and TCBNW. These affiliate banks constitute our primary operating segments.

Our affiliate model emphasizes local authority and accountability, including locally informed pricing and product customization, to maximize customer satisfaction, strengthen community relationships, and improve profitability and shareholder returns.

At September 30, 2026, Zions Bank operated 92 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. CB&T operated 77 branches in California. Amegy operated 76 branches in Texas. NBAZ operated 56 branches in Arizona. NSB operated 43 branches in Nevada. Vectra operated 33 branches in Colorado and one branch in New Mexico. TCBNW operated two branches in Washington and one branch in Oregon. During the first nine months of 2026, all of the Bank's assets and revenues were located in or derived from operations within the United States.

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We focus on serving customers in the communities in which we operate. Each operating segment offers a wide range of banking products and related services, delivered digitally or through other traditional channels. These include commercial and small business banking, capital markets and investment banking, commercial real estate lending, retail banking, and wealth management.

The affiliate banks are supported by an enterprise-level segment—referred to as the “Other” segment—which provides governance and risk oversight, capital allocation, and strategic objectives, and includes centralized technology infrastructure, back-office operations, and certain business lines that are not managed through the affiliate structure.

Centrally provided services are allocated to the operating segments based on estimated or actual usage of those services. Capital is allocated according to the risk-weighted assets held by each segment. We utilize an internal funds transfer pricing (“FTP”) process to measure segment performance. This methodology is subject to ongoing refinement. Transactions between segments are generally conducted at fair value, with intercompany profits eliminated in consolidation. Total average loans and deposits for the segments include minor intercompany amounts and certain deposits with the “Other” segment.

We evaluate segment performance and allocate resources primarily based on income or loss from operations before income taxes. The accounting policies applied to the operating segments are consistent with those described in the Notes to Consolidated Financial Statements.

The chief operating decision maker (“CODM”) is our Chairman and Chief Executive Officer. The CODM regularly receives certain segment-level information, including net interest income, noninterest income, significant noninterest expenses, and income or loss from operations before income taxes. This information is used to evaluate performance and inform resource allocation decisions for each segment.

The following schedule presents selected operating segment information that is regularly provided to the CODM to evaluate performance and allocate resources for the three months ended September 30, 2026 and 2025:

			Zions Bank												CB&T												Amegy
(In millions)			2026						2025						2026						2025						2026						2025
SELECTED INCOME STATEMENT DATA
Net interest income 1			$	194					$	191					$	164					$	168					$	150					$	143
Provision for credit losses			—						2						(5)						55						3						2
Net interest income after provision for credit losses			194						189						169						113						147						141
Noninterest income			57						49						33						31						50						49
Noninterest expense:
Salaries and employee benefits			36						35						33						34						28						28
Technology, telecom, and information processing			4						3						1						1						2						2
Occupancy and equipment, net			7						7						9						9						9						8
Other direct expenses 2			11						12						11						10						14						12
Indirect/allocated expenses			87						83						60						56						69						66
Total noninterest expense			145						140						114						110						122						116
Income (loss) before taxes			$	106					$	98					$	88					$	34					$	75					$	74
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans			$	15,576					$	15,230					$	15,590					$	15,255					$	14,884					$	14,317
Total average deposits			21,540						21,108						16,289						15,656						16,027						14,559

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			NBAZ												NSB												Vectra
(In millions)			2026						2025						2026						2025						2026						2025
SELECTED INCOME STATEMENT DATA
Net interest income 1			$	69					$	66					$	57					$	54					$	34					$	35
Provision for credit losses			(2)						(3)						(3)						(6)						—						(6)
Net interest income after provision for credit losses			71						69						60						60						34						41
Noninterest income			12						12						13						13						9						9
Noninterest expense:
Salaries and employee benefits			12						13						11						11						11						10
Technology, telecom, and information processing			1						1						2						2						1						1
Occupancy and equipment, net			3						3						3						3						3						3
Other direct expenses 2			5						6						4						5						3						4
Indirect/allocated expenses			28						26						25						24						17						16
Total noninterest expense			49						49						45						45						35						34
Income (loss) before taxes			$	34					$	32					$	28					$	28					$	8					$	16
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans			$	5,710					$	5,545					$	3,819					$	3,736					$	3,771					$	3,825
Total average deposits			7,231						6,863						7,631						7,038						3,578						3,396
			TCBNW												Other												Consolidated Bank
(In millions)			2026						2025						2026						2025						2026						2025
SELECTED INCOME STATEMENT DATA
Net interest income 1			$	19					$	18					$	(3)					$	(3)					$	684					$	672
Provision for credit losses			(1)						4						—						1						(8)						49
Net interest income after provision for credit losses			20						14						(3)						(4)						692						623
Noninterest income			1						2						22						24						197						189
Noninterest expense:
Salaries and employee benefits			3						3						211						203						345						337
Technology, telecom, and information processing			—						1						65						59						76						70
Occupancy and equipment, net			1						1						8						8						43						42
Other direct expenses 2			1						1						40						28						89						78
Indirect/allocated expenses			6						4						(292)						(275)						—						—
Total noninterest expense			11						10						32						23						553						527
Income (loss) before taxes			$	10					$	6					$	(13)					$	(3)					$	336					$	285
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans			$	2,198					$	2,012					$	893					$	866					$	62,441					$	60,786
Total average deposits			1,181						1,139						4,502						4,544						77,979						74,303

1 Interest income is shown net of interest expense consistent with the information regularly provided to the CODM and used to evaluate segment performance.

2 Other direct expenses include professional and legal services, marketing and business development, deposit insurance and regulatory expense, credit-related expense, other real estate expense, and other noninterest expenses.

The following schedule presents selected operating segment information that is regularly provided to the CODM to evaluate performance and allocate resources for the nine months ended September 30, 2026 and 2025:

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			Zions Bank												CB&T												Amegy
(In millions)			2026						2025						2026						2025						2026						2025
SELECTED INCOME STATEMENT DATA
Net interest income 1			$	563					$	549					$	491					$	481					$	442					$	412
Provision for credit losses			(7)						15						(12)						47						4						15
Net interest income after provision for credit losses			570						534						503						434						438						397
Noninterest income			156						141						109						91						147						140
Noninterest expense:
Salaries and employee benefits			107						105						102						101						86						87
Technology, telecom, and information processing			11						11						4						4						6						6
Occupancy and equipment, net			21						20						27						25						26						25
Other direct expenses 2			39						46						33						31						35						37
Indirect/allocated expenses			260						244						178						162						205						193
Total noninterest expense			438						426						344						323						358						348
Income (loss) before taxes			$	288					$	249					$	268					$	202					$	227					$	189
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans			$	15,331					$	15,026					$	15,478					$	15,037					$	14,749					$	14,144
Total average deposits			21,208						21,048						16,067						15,166						15,501						14,647
			NBAZ												NSB												Vectra
(In millions)			2026						2025						2026						2025						2026						2025
SELECTED INCOME STATEMENT DATA
Net interest income 1			$	203					$	194					$	167					$	160					$	102					$	106
Provision for credit losses			7						(15)						1						(2)						(3)						3
Net interest income after provision for credit losses			196						209						166						162						105						103
Noninterest income			38						31						39						38						25						28
Noninterest expense:
Salaries and employee benefits			40						40						34						34						32						30
Technology, telecom, and information processing			3						3						4						4						2						2
Occupancy and equipment, net			9						8						9						8						8						9
Other direct expenses 2			12						20						13						14						10						10
Indirect/allocated expenses			83						77						74						71						53						51
Total noninterest expense			147						148						134						131						105						102
Income (loss) before taxes			$	87					$	92					$	71					$	69					$	25					$	29
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans			$	5,677					$	5,606					$	3,789					$	3,711					$	3,748					$	3,872
Total average deposits			7,136						6,891						7,502						7,112						3,502						3,400

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			TCBNW												Other												Consolidated Bank
(In millions)			2026						2025						2026						2025						2026						2025
SELECTED INCOME STATEMENT DATA
Net interest income 1			$	60					$	52					$	(5)					$	(10)					$	2,023					$	1,944
Provision for credit losses			(2)						2						—						1						(12)						66
Net interest income after provision for credit losses			62						50						(5)						(11)						2,035						1,878
Noninterest income			6						6						324						75						844						550
Noninterest expense:
Salaries and employee benefits			9						10						640						608						1,050						1,015
Technology, telecom, and information processing			1						1						191						174						222						205
Occupancy and equipment, net			2						2						26						26						128						123
Other direct expenses 2			4						4						120						87						266						249
Indirect/allocated expenses			16						11						(869)						(809)						—						—
Total noninterest expense			32						28						108						86						1,666						1,592
Income (loss) before taxes			$	36					$	28					$	211					$	(22)					$	1,213					$	836
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans			$	2,157					$	1,999					$	885					$	903					$	61,814					$	60,298
Total average deposits			1,137						1,140						4,515						5,090						76,568						74,494

1 Interest income is shown net of interest expense consistent with the information regularly provided to the CODM and used to evaluate segment performance.

2 Other direct expenses include professional and legal services, marketing and business development, deposit insurance and regulatory expense, credit-related expense, other real estate expense, and other noninterest expenses.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our most significant risks include interest rate and market risk, which are actively monitored by management, as previously discussed. For more information regarding interest rate and market risk, see the “Interest Rate and Market Risk Management” section of this Form 10-Q.

ITEM 4. CONTROLS AND PROCEDURES

Management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2026. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2026.

There were no changes in our internal control over financial reporting that occurred during the third quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information contained in Note 9 of the Notes to Consolidated Financial Statements is incorporated by reference herein.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors as previously disclosed in Part I, Item 1A. Risk Factors in our 2025 Form 10-K.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Period						Total number of shares purchased 1						Average price paid per share						Total number of shares purchased as part of announced plans or programs
July						1,560						$	69.86					—
August						1,077,874						$	69.58					1,077,874
September						—						$	—					—
Third quarter 2026						1,079,434						$	69.58					1,077,874

1 Includes amounts related to common shares acquired in connection with our stock compensation plan. These shares were acquired from employees to cover their payroll taxes and stock option exercise costs upon the exercise of stock options.

ITEM 5. OTHER INFORMATION

No director or officer adopted, modified, or terminated a Rule 10b5-1(c) trading arrangement during the three months ended September 30, 2026. Our directors and officers participate in certain benefit plans, including our Omnibus Incentive Plan and Payshelter 401(k) and Employee Stock Ownership Plan. From time to time, they may elect to have shares withheld to satisfy tax-withholding obligations or to pay the exercise price of options granted under these plans. Such elections may be intended to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements as defined in Item 408(c) of Regulation S-K.

ITEM 6. EXHIBITS

a.Exhibits

Exhibit Number						Description
3.1						Second Amended and Restated Articles of Association of Zions Bancorporation, National Association, incorporated by reference to Exhibit 3.1 of Form 8-K filed on October 2, 2018.			*
3.2						Second Amended and Restated Bylaws of Zions Bancorporation, National Association, incorporated by reference to Exhibit 3.2 of Form 8-K filed on April 4, 2019.			*
31.1						Certification by Chief Executive Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith).
31.2						Certification by Chief Financial Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith).
32						Certification by Chief Executive Officer and Chief Financial Officer required by Sections 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m) and 18 U.S.C. Section 1350 (furnished herewith).
101						Pursuant to Rules 405 and 406 of Regulation S-T, the following information is formatted in Inline XBRL (i) the Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025, (ii) the Consolidated Statements of Income for the three and nine months ended September 30, 2026 and September 30, 2025, (iii) the Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2026 and September 30, 2025, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2026 and September 30, 2025, (v) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and September 30, 2025, and (vi) the Notes to Consolidated Financial Statements (filed herewith).
104						The cover page from this Quarterly Report on Form 10-Q, formatted as Inline XBRL.

* Incorporated by reference

Pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, copies of certain instruments defining the rights of holders of long-term debt are not filed. We agree to furnish a copy thereof to the Securities and Exchange Commission and the Office of the Comptroller of the Currency upon request.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION
/s/ Harris H. Simmons
Harris H. Simmons, Chairman and Chief Executive Officer
/s/ R. Ryan Richards
R. Ryan Richards, Executive Vice President and Chief Financial Officer

Date: November 5, 2026

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CERTIFICATION BY CFO

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