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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2024~~2025

☐ 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)			(IRS Employer Identification Number)
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-~~8208~~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

Securities registered pursuant to Section 12(g) of the Act: None.

•Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ý No ¨

•Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No ☒ý

•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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ý

•If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

•Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

Aggregate Market Value of Common Stock Held by Non-affiliates at June 30, ~~2024~~2025: $67,~~277~~521,~~918~~166,~~765~~801

Number of Common Shares Outstanding at February 39, ~~2025~~2026: 147,~~891~~888,~~781~~829 shares

Number of Registered Common Shareholders at February 39, ~~2025~~2026: 3,~~427~~313 shareholders

Documents Incorporated by Reference:

Part III: Items 10-14 — Proxy Statement for the ~~2025~~2026 Annual Meeting of Shareholders to be held May 21, ~~2025~~2026.

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

TABLE OF CONTENTS

PART I
Item 1.	Business	5
Item 1A.	Risk Factors	14
Item 1B.	Unresolved Staff Comments	2426
Item 1C.	Cybersecurity	2426
Item 2.	Properties	2628
Item 3.	Legal Proceedings	2628
Item 4.	Mine Safety Disclosures	2628
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	2728
Item 6.	Reserved	2830
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2930
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	8586
Item 8.	Financial Statements and Supplementary Data	8586
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	154
Item 9A.	Controls and Procedures	154
Item 9B.	Other Information	155
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	155
PART III
Item 10.	Directors, Executive Officers, and Corporate Governance	155
Item 11.	Executive Compensation	155
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	155
Item 13.	Certain Relationships and Related Transactions, and Director Independence	155
Item 14.	Principal Accountant Fees and Services	156
PART IV
Item 15.	Exhibits and Financial Statement Schedules	156
Item 16.	Form 10-K Summary	160
Signatures		161

Table of Contents

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

GLOSSARY OF ACRONYMS AND ABBREVIATIONS

ACL	Allowance for Credit Losses	~~FRB~~Fintech	~~Federal~~Financial ~~Reserve~~Technology ~~Board~~Company
AFS	Available-for-Sale	~~FTP~~FRB	~~Funds~~Federal ~~Transfer~~Reserve ~~Pricing~~Board
AI	Artificial Intelligence	FX	Foreign Exchange
ALCO	Asset Liability Committee	GAAP	Generally Accepted Accounting Principles
ALLL	Allowance for Loan and Lease Losses	GCF	General Collateral Funding
Amegy	Amegy Bank, a division of Zions Bancorporation, National Association	~~GDP~~HECL	~~Gross~~Home ~~Domestic~~Equity ~~Product~~Credit Line
AOCI	Accumulated Other Comprehensive Income	GHG	Greenhouse Gas
AML	Anti-Money Laundering	HTM	Held-to-Maturity
ASC	Accounting Standards Codification	HECL	Home Equity Credit Line
AOCI	Accumulated Other Comprehensive Income	IPO	Initial Public Offering
ASU	Accounting Standards Update	HTM	Held-to-Maturity
ASC	Accounting Standards Codification	IRS	Internal Revenue Service
ATM	Automated Teller Machine	IPO	Initial Public Offering
ASU	Accounting Standards Update	ISDA	International Swaps and Derivative Association
BOLI	Bank-Owned Life Insurance	ISDA	International Swaps and Derivative Association
ATM	Automated Teller Machine	KBW	Keefe, Bruyette & Woods, Inc.
bps	Basis Points	KBW	Keefe, Bruyette & Woods, Inc.
BOLI	Bank-Owned Life Insurance	KRX	KBW Regional Bank Index
BSA	Bank Secrecy Act	KRX	KBW Regional Bank Index
bps	Basis Points	LEED	Leadership in Energy and Environmental Design
BTFP	Bank Term Funding Program	LIHTC	Low-Income Housing Tax Credit
BSA	Bank Secrecy Act	LTV	Loan-to-Value
CB&T	California Bank & Trust, a division of Zions Bancorporation, National Association	~~LTV~~MD&A	~~Loan-to-Value~~Management’s Discussion and Analysis
CET1	Common Equity Tier 1 ~~(Basel III)~~	~~MD&A~~NASDAQ	~~Management’s~~National ~~Discussion~~Association ~~and~~of ~~Analysis~~Securities Dealers Automated Quotations
CFPB	Consumer Financial Protection Bureau	~~NASDAQ~~NBAZ	National ~~Association~~Bank of ~~Securities~~Arizona, ~~Dealers~~a ~~Automated~~division ~~Quotations~~of Zions Bancorporation, National Association
CISO	Chief Information Security Officer	NAV	Net Asset Value
CIRCIA	Cyber Incident Reporting for Critical Infrastructure Act	NDFI	Nondepository Financial Institution
CLTV	Combined Loan-to-Value Ratio	NBAZ	National Bank of Arizona, a division of Zions Bancorporation, National Association
CISA	Cybersecurity and Infrastructure Agency	NIM	Net Interest Margin
CMBS	Commercial Mortgage-Backed Security	NIM	Net Interest Margin
CISO	Chief Information Security Officer	NM	Not Meaningful
CMC	Capital Management Committee	NM	Not Meaningful
CLTV	Combined Loan-to-Value Ratio	NSB	Nevada State Bank, a division of Zions Bancorporation, National Association
CODM	Chief Operating Decision Maker	NSB	Nevada State Bank, a division of Zions Bancorporation, National Association
CMC	Capital Management Committee	OCC	Office of the Comptroller of the Currency
COSO	Committee of Sponsoring Organizations of the Treadway Commission	OCC	Office of the Comptroller of the Currency
CODM	Chief Operating Decision Maker	OCI	Other Comprehensive Income
CRA	Community Reinvestment Act	OCI	Other Comprehensive Income
COSO	Committee of Sponsoring Organizations of the Treadway Commission	OREO	Other Real Estate Owned
CRE	Commercial Real Estate	OFAC	Office of Foreign Assets Control
CRA	Community Reinvestment Act	PCAOB	Public Company Accounting Oversight Board
CSA	Credit Support Annex	OREO	Other Real Estate Owned
CRE	Commercial Real Estate	PCD	Purchase Credit Deteriorated
CSV	Cash Surrender Value	PAM	Proportional Amortization Method
CSA	Credit Support Annex	PEI	Private Equity Investment
CTOO	Chief Technology and Operations Officer	PCAOB	Public Company Accounting Oversight Board
CSV	Cash Surrender Value	PPNR	Pre-provision Net Revenue
CVA	Credit Valuation Adjustment	~~PEI~~ROC	~~Private~~Risk ~~Equity~~Oversight ~~Investment~~Committee
DTA	Deferred Tax Asset	~~PPNR~~ROU	~~Pre~~Right-~~provision Net Revenue~~of-Use
DTL	Deferred Tax Liability	~~ROC~~RSU	~~Risk~~Restricted ~~Oversight~~Stock ~~Committee~~Unit
EaR	Earnings at Risk	~~ROU~~RULC	~~Right-of-Use~~Reserve for Unfunded Lending Commitments
EPS	Earnings per Share	~~RSU~~S&P	~~Restricted~~Standard ~~Stock~~and ~~Unit~~Poor’s
ERM	Enterprise Risk Management	~~RULC~~SBA	~~Reserve~~U.S. ~~for~~Small ~~Unfunded~~Business ~~Lending Commitments~~Administration
ERMC	Enterprise Risk Management Committee	~~S&P~~SBIC	~~Standard~~Small ~~and~~Business ~~Poor’s~~Investment Company
ETO	Enterprise and Technology Operations	~~SBA~~SEC	~~U.S.~~Securities ~~Small~~and ~~Business~~Exchange ~~Administration~~Commission
EVE	Economic Value of Equity ~~at Risk~~	~~SBIC~~SOFR	~~Small~~Secured ~~Business~~Overnight ~~Investment~~Financing ~~Company~~Rate
FAMC	Federal Agricultural Mortgage Corporation, or “Farmer Mac”	~~SEC~~TCBW	~~Securities~~The ~~and~~Commerce ~~Exchange~~Bank ~~Commission~~of Washington, a division of Zions Bancorporation, National Association
FASB	Financial Accounting Standards Board	SOFR	Secured Overnight Financing Rate
FDIC	Federal Deposit Insurance Corporation	U.S.	United States
FDIC	Federal Deposit Insurance Corporation	TCBW	The Commerce Bank of Washington, a division of Zions Bancorporation, National Association
FDICIA	Federal Deposit Insurance Corporation Improvement Act	Vectra	Vectra Bank Colorado, a division of Zions Bancorporation, National Association
FDICIA	Federal Deposit Insurance Corporation Improvement Act	U.S.	United States
FHLB	Federal Home Loan Bank	VIE	Variable Interest Entity
FHLB	Federal Home Loan Bank	Vectra	Vectra Bank Colorado, a division of Zions Bancorporation, National Association
FICO	Fair Isaac Corporation	Zions Bank	Zions Bank, a division of Zions Bancorporation, National Association
FICO	Fair Isaac Corporation	VIE	Variable Interest Entity
FINRA	Financial Industry Regulatory Authority	Zions Bank	Zions Bank, a division of Zions Bancorporation, National Association
Fintech	Financial Technology Company

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

PART I

FORWARD-LOOKING INFORMATION

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

•Statements ~~with~~concerning ~~respect to~~ the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, ~~results~~operating ~~of operations~~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, ~~the~~terminology ~~words~~such as “may,” “might,” “can,” “continue,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “~~forecasts~~forecast,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “~~projects~~project,” “will,” ~~and~~or ~~the negative thereof and~~ similar words and expressions, including their negative forms.

Forward-looking statements are not guarantees, ~~nor~~and should ~~they~~not be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, key factors that may cause material differences include:

•The quality and composition of our loan and investment securities portfolios and the quality and composition of our deposits;

•Changes in general industry, political, and economic conditions, including increases in the national debt, elevated or persistent inflation, economic ~~slowdown~~slowdowns or ~~recession~~recessions, orand other ~~economic~~macroeconomic challenges; ~~imposition of tariffs;~~ changes in interest ~~and~~rates or reference rates, which could ~~adversely~~negatively ~~affect~~impact our ~~revenue~~revenues and expenses, the ~~value~~valuation and performance of our assets and liabilities, and the availability and cost of capital and liquidity; ~~and deterioration in economic conditions that may result in increased loan and lease losses;~~

•Political developments, including ~~transitions~~government inshutdowns ~~administration~~ and ~~shifts~~other insignificant ~~congressional~~disruptions ~~control~~and ~~that result in significant~~ changes in the funding, size, scope, and effectiveness of the government and its agencies and services;

•The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies;

•Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements;

•~~Judicial~~Evolving trade policies and disputes, ~~regulatory~~such as proposed and ~~administrative~~implemented ~~inquiries,~~tariffs ~~investigations,~~and ~~examinations~~resulting ormarket ~~proceedings~~volatility and ~~the~~uncertainty, ~~outcomes~~including ~~thereof~~the ~~that~~effects ~~create~~on ~~uncertainty~~supply ~~for~~chains, orexpenses, ~~are~~and ~~adverse~~revenues tofor both us ~~or,~~and ~~the~~our ~~banking industry~~customers;

•Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry;

•Changes in our credit ratings;

•~~Our~~The ~~ability~~growing topresence ~~innovate and otherwise address competitive pressures and other factors that may affect aspects~~ of ~~our~~credit ~~business~~unions, ~~such~~financial astechnology ~~pricing,~~companies ~~relevance of~~(“fintechs”), and ~~demand~~other ~~for,~~emerging ~~our~~competitors ~~products~~within ~~and~~the financial services industry, ~~and~~including ~~our~~in ~~ability~~the tomarkets ~~recruit~~in ~~and~~which ~~retain~~we ~~talent~~operate;

•~~The~~Our ~~potential~~ability ~~for~~to ~~both~~innovate ~~positive~~and address competitive pressures and ~~disruptive~~other ~~impacts~~factors that may affect aspects of ~~technological~~our ~~advancements~~business, such as ~~digital~~pricing, ~~currencies~~the ~~and~~relevance ~~commerce,~~of ~~blockchain,~~and ~~artificial~~demand ~~intelligence,~~for ~~quantum~~our products and ~~cloud computing~~services, and ~~other~~our ~~innovations~~ability ~~affecting~~to usrecruit and ~~the~~retain ~~banking industry~~talent;

•~~Our~~The ~~ability~~potential tofor ~~complete~~both ~~projects~~positive and ~~initiatives~~disruptive ~~and~~impacts ~~execute~~of ~~our~~emerging ~~strategic~~technologies, ~~plans~~including stablecoins and other digital currencies, ~~manage~~tokenized ~~our~~deposits, ~~risks~~blockchain, ~~control~~artificial ~~compensation~~intelligence ~~and~~(“AI”), ~~other~~quantum ~~expenses~~computing, and ~~achieve~~related ~~our~~innovations ~~business~~affecting ~~objectives~~both us and the banking industry;

•Our ability to develop and maintain technology, information security systems, and controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents;

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

•Our ability to complete projects and initiatives and execute our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives;

•Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry;

•The occurrence of fraud, theft, or other forms of misconduct perpetrated by external parties, including customers and business partners, or by our own employees;

•Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services;

•The effects of wars, ~~international trade policies and disputes,~~ geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future;

•Natural disasters, pandemics, wildfires, catastrophic events, and other emergencies and incidents, and their impact on our ~~and~~operations, our customers’ ~~operations,~~ business, and the communities we serve, including the increasing difficulty ~~in,~~ and ~~the~~ expense of, obtaining property, auto, business, and other insurance products;

•~~Governmental~~Diverging and ~~social~~evolving ~~responses~~policy, ~~to environmental~~legal, ~~social~~regulatory, and political developments—combined with differing stakeholder perspectives related to governance, ~~issues~~environmental, ~~including~~and ~~those~~social ~~with~~matters—may ~~respect~~subject us to ~~climate~~potentially ~~change~~conflicting requirements and ~~diversity~~expectations;

•Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital;

•The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders’ equity;

•The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks;

•Adverse news and other expressions of negative public opinion —whether directed at us, other ~~banks~~financial institutions, the banking industry, or ~~otherwise~~the broader market—that may adversely affect our reputation and ~~that of~~ the ~~banking~~ industry ~~generally~~more broadly; and

•~~Protracted~~Other ~~congressional~~assumptions, ~~negotiations~~risks, ~~regarding~~or ~~government~~uncertainties ~~funding~~described ~~and~~in ~~other~~this ~~issues~~annual report, including ~~those~~in ~~that~~Part ~~add~~I, toItem ~~the~~1A. ~~national~~Risk ~~debt~~Factors, ~~increase~~and ~~the~~other ~~possibility~~Securities ofand ~~government~~Exchange ~~shutdowns,~~Commission ~~downgrades in United States~~ (“~~U.S.~~SEC”) ~~credit ratings, or other economic disruptions; and~~filings.

~~•Other~~We ~~assumptions,~~caution ~~risks~~against placing undue reliance on forward-looking statements, oras ~~uncertainties~~they ~~described~~reflect inour ~~this~~views ~~annual~~only ~~report,~~as ~~including~~of inthe ~~Part~~date I,they ~~Item~~are 1Aissued. ~~Risk~~Except ~~Factors~~as required by law, ~~and~~we ~~other~~expressly ~~SEC~~disclaim ~~filings~~any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments.

We caution against undue reliance on forward-looking statements, which reflect our views only as of their date of issuance. Except as required by law, we specifically disclaim any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments.

ITEM 1. BUSINESS

DESCRIPTION OF BUSINESS

Zions Bancorporation, National Association (“Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”) is a bank headquartered in Salt Lake City, Utah, with annual net revenue (net interest income and noninterest income) of $3.14 billion in ~~2024~~2025, and total assets of approximately $89 billion at December 31, ~~2024~~2025. We provide a wide range of banking products and related services, primarily in ~~the~~11 Western states: of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. WeAt December 31, 2025, we had more than one million customers ~~at year-end 2024~~, served bythrough ~~404~~407 branches and various online, mobile, and digital ~~offerings.~~channels, Weand we had 9,~~406~~195 full-time equivalent employees ~~at December 31, 2024~~.

WeOur ~~conduct~~operations ~~our~~are ~~operations~~organized ~~primarily~~principally through seven separately managed, ~~and~~ geographically defined bank divisions, which we refer to as “affiliates,” or “affiliate banks,” each ~~with~~operating under its own local ~~branding~~brand and management ~~teams.~~team: ~~These~~Zions ~~affiliate~~Bank; ~~banks~~California ~~constitute~~Bank ~~our~~& ~~primary~~Trust ~~business~~(“CB&T”); ~~segments~~Amegy asBank ~~referenced~~(“Amegy”); ~~throughout~~National ~~this~~Bank ~~document. We emphasize local authority, responsibility, pricing, and customization~~ of ~~certain~~Arizona ~~products~~(“NBAZ”); toNevada ~~maximize~~State ~~customer~~Bank ~~satisfaction and strengthen community relations. Our affiliate banks are supported by an enterprise operating segment~~ (~~referred~~“NSB”); toVectra asBank ~~the~~Colorado (“~~Other~~Vectra” ~~segment~~); ~~that provides governance~~ and ~~risk~~The ~~management,~~Commerce ~~allocates~~Bank ~~capital, establishes strategic objectives, and includes centralized technology, back-office functions, and certain lines~~ of ~~business not operated through our affiliate banks.~~

For more information about our segments, see “Business Segment Results” in Management’s Discussion and Analysis (“MD&A”) on page 43 and Note 22 of the Notes to Consolidated Financial Statements.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

Washington (“TCBW”), which also operates as The Commerce Bank of Oregon in Oregon. These affiliate banks constitute our primary operating segments.

We emphasize local authority and accountability, including locally informed pricing and product customization, to maximize customer satisfaction, strengthen community relationships, and improve profitability and shareholder returns.

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. For more information about our segments, see “Operating Segment Results” in Management’s Discussion and Analysis (“MD&A”) on page 45 and Note 22 of the Notes to Consolidated Financial Statements.

PRODUCTS AND SERVICES

We strive to ~~develop~~cultivate ~~long-lasting~~enduring relationships with our customers by ~~providing~~offering competitive products and delivering high-quality service. ~~Building~~Establishing and ~~sustaining~~maintaining these relationships is ~~essential~~fundamental to understanding and ~~meeting~~fulfilling our customers’ evolving needs. ~~Some~~Our portfolio of ~~the~~ products and services—whether weprovided ~~provide,~~through ~~whether~~digital ~~delivered~~platforms ~~digitally~~ or bytraditional ~~other~~channels—include ~~means,~~the ~~include~~following:

Commercial and Small Business Banking

We ~~serve~~support a ~~wide~~broad range of commercial customers, ~~generally~~primarily small- and medium-sized businesses. ~~Products~~Our ~~and~~suite ~~services~~of weproducts ~~provide to our commercial~~ and ~~small~~services ~~business banking customers include~~includes:

•Commercial, ~~and~~ industrial, and owner-occupied lending and leasing;, including SBA 7(a) and 504 lending programs

•Municipal and public finance services;

•Depository account and cash management services;

•Commercial and small business credit cards, asalong ~~well~~with as merchant processing services;

•Corporate trust services~~; and~~

•Correspondent banking and international lending services.

Capital Markets and Investment Banking

We ~~provide~~offer customized financing solutions to help ~~our~~ customers raise capital efficiently, execute strategic transactions, and manage exposure to financial markets. ~~Capital~~Our capital markets ~~products~~offerings ~~and services~~ include:

•Loan ~~syndications;~~syndication and private credit placement services

•Interest rate ~~derivatives~~and commodities risk management and foreign exchange services;

•Fixed income and equity securities underwriting;

•~~Advisory~~Mergers and ~~capital~~acquisitions ~~raising;~~advisory services

•~~Commercial~~Strategic ~~mortgage-backed~~advisory ~~security~~and ~~(“CMBS”)~~capital ~~conduit~~raising ~~lending; and~~services

•~~Power~~Commercial ~~and~~mortgage-backed ~~project~~securities ~~financing.~~conduit lending

~~Commercial~~•Power ~~Real~~and ~~Estate~~project ~~Lending~~finance solutions

WeCommercial ~~provide~~Real ~~lending~~Estate ~~products~~(“CRE”) ~~secured by commercial real estate to borrowers that include:~~Lending

~~•Term~~We ~~and~~offer ~~construction/land~~financing ~~development~~solutions ~~financing~~secured by commercial real estate, ~~including~~serving ~~the~~a ~~following~~broad ~~collateral~~spectrum ~~types~~of borrowers. Our products include:

~~◦Commercial~~•Term ~~multifamily~~and construction/land development financing, ~~industrial~~including, ~~and~~but ~~office;~~not ~~and~~limited to, the following collateral types:

◦~~Residential~~Multifamily, ~~single family~~industrial, ~~community development~~retail, and ~~affordable~~office ~~housing.~~properties

~~Retail~~◦Residential ~~Banking~~single-family, community development, and affordable housing projects

We provide quality retail banking products and services to our customers that include:

•Residential mortgages;

•Home equity lines of credit;

•Personal lines of credit and installment consumer loans;

•Depository account services;

•Consumer cards; and

•Personal trust services.

Wealth Management

We offer various wealth management products and services to customers. Our planning-driven offerings, combined with high-touch service and sophisticated asset management capabilities, have resulted in continued growth in assets under management. Additional offerings to our wealth management customers include:

•Investment management services;

•Fiduciary and estate services; and

•Advanced business succession and estate planning services.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

Retail Banking

We provide a wide range of quality retail banking products and services, including:

•Residential mortgage lending

•Home equity lines of credit

•Personal lines of credit and installment loans

•Depository account services

•Consumer credit cards

•Personal trust services

Wealth Management

Our wealth management solutions are designed to provide planning-driven strategies, personalized advisory services, and sophisticated asset management capabilities. Services primarily include:

•Investment management

•Fiduciary and estate planning

•Advanced business succession and estate planning solutions

COMPETITION

We operate in a highly competitive environment. Our primary ~~competition~~competitors for loans, deposits, and other banking services generally ~~comes~~include ~~from~~ commercial banks, credit unions, ~~financial technology companies (“~~fintechs”), and private credit or debt funds. ~~Some~~Many of these financial institutions dolack ~~not have~~ a physical presence inwithin our ~~market~~geographic footprint, but ~~solicit~~actively pursue business ~~via~~through ~~the~~digital ~~internet~~channels and other remote means. WeCredit ~~also compete with finance companies~~unions, ~~mutual fund companies~~however, ~~insurance~~are ~~companies,~~particularly ~~brokerage firms~~prominent, ~~securities dealers~~active, ~~investment banking companies, other nontraditional lending~~ and ~~banking~~competitive ~~companies,~~within ~~and~~several ~~various other types~~ of ~~companies. Some of~~ our ~~competitors~~footprint ~~may~~states, ~~face~~including ~~fewer~~Utah ~~regulatory constraints,~~ and ~~have greater capabilities to develop~~Idaho, ~~implement,~~which ~~and~~heightens ~~offer~~local ~~innovative~~competition ~~financial~~for ~~services~~customers and ~~technologies~~deposits. ~~They may also benefit from lower cost structures, taxes, and regulatory burdens.~~

~~Our~~Additional ~~key~~competition ~~differentiators~~arises ~~include~~from ~~the~~finance ~~quality~~companies, ofmutual ~~service~~fund ~~delivered~~providers, ~~our~~insurance ~~local~~companies, ~~community~~brokerage ~~knowledge~~firms, ~~the~~securities ~~convenience~~dealers, ofinvestment ~~branch~~banks, ~~and~~nondepository ~~office~~financial ~~locations~~institutions (“NDFIs”), ~~the~~and ~~wide~~other ~~range~~nontraditional financial institutions. Many of ~~products~~these competitors operate under fewer regulatory constraints and ~~services~~possess ~~offered~~greater capabilities to develop, deploy, and ~~the~~deliver ~~overall~~innovative ~~relationships~~financial ~~with~~products, ~~our~~services, ~~customers~~and technologies. WeThey ~~strive~~may toalso ~~compete~~benefit ~~effectively~~from inlower ~~all~~operating ~~these~~costs, ~~areas~~tax toadvantages, ~~remain~~and ~~successful~~reduced regulatory burdens.

The financial services industry is experiencing rapid technological transformation, marked by the continual introduction of new technology-driven products and services. These innovations include advanced methods for customers to make payments and manage accounts, such as mobile payment solutions, digital wallets, and digital assets.

Our competitive strengths lie in the quality of service we provide, our deep understanding of the local communities we serve, the accessibility of our branch and office network, the breadth of our products and services offerings, and the strength of our customer relationships. We strive to compete effectively in these areas to remain successful.

SUPERVISION AND REGULATION

The banking and financial services ~~business~~industry in which we operate is highly regulated. These regulations are designed to promote the safety, soundness, and stability of ~~banking and~~ financial institutions, ~~and~~while tosafeguarding ~~protect~~ the interests of customers, depositors, communities, the Deposit Insurance Fund, and the ~~banking~~broader ~~and~~ financial system ~~as a whole~~. ~~Generally,~~These ~~these~~ regulations are generally not intended to protect shareholders, investors, or non-depositor creditors. Banking laws and regulations have granted federal banking regulators expanded powers over many aspects of the financial services industry, which have reduced, and may continue to reduce, returns earned by shareholders. Additionally, changes in applicable laws or regulations, and in their application by regulatory agencies, are unpredictable and may have a material effect on our business and results.

~~General~~Federal banking laws and regulations grant regulatory agencies broad authority to supervise and influence many aspects of the financial services industry. Furthermore, changes to applicable laws or regulations—along with the manner in which they are interpreted, implemented, or enforced—are inherently unpredictable and could materially impact our operations and financial performance.

We are governed by the provisions of the National Bank Act and other statutes applicable to national banks, as well as the rules and regulations of the Office of the Comptroller of the Currency (“OCC”), the Consumer Financial Protection Bureau (“CFPB”), and the Federal Deposit Insurance Corporation (“FDIC”). Additionally, we and some of our subsidiaries are subject to regulation by other federal and state agencies. These regulatory agencies may exert considerable influence over our activities through their supervisory and examination roles. Our brokerage and investment advisory subsidiaries are regulated by the Securities and Exchange Commission (“SEC”), Financial Industry Regulatory Authority (“FINRA”), and state securities regulators.

The National Bank Act

Our corporate affairs are governed by the National Bank Act, with related regulations administered by the OCC. In terms of securities matters, we are not subject to the Securities Act of 1933 (“Securities Act”), but are subject to OCC regulations governing securities offerings. Our common stock and certain other securities are registered under the Securities and Exchange Act of 1934 (“Exchange Act”), which grants the OCC the authority to administer and enforce certain sections of the Exchange Act applicable to national banks. Despite this, we continue to make filings required by the Exchange Act with the SEC as a voluntary filer. The statutory and regulatory frameworks applicable to us as a national bank are not as well developed as the corporate and securities law frameworks that apply to many other publicly held companies.

Capital Standards – Basel Framework

At December 31, 2024, we exceeded all capital adequacy requirements under the Basel III capital rules, which include specific risk-based capital and leverage ratio requirements prescribed by the OCC. The Basel III capital rules define the components of capital and other factors, such as risk weights, which affect banking institutions’ regulatory capital ratios.

The Basel III capital rules require us to maintain certain minimum capital ratios, as well as a 2.5% “capital conservation buffer,” designed to absorb losses during periods of economic stress. This buffer is composed entirely

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

of common equity Tier 1 (“CET1”). Financial institutions with a CET1 to risk-weighted assets ratio above the minimum, but below the capital conservation buffer, face constraints on dividends, equity repurchases, and compensation based on the amount of the shortfall. The severity of these constraints depends on the shortfall amount and the institution’s “eligible retained income,” defined as the greater of (1) net income for the four preceding quarters, net of distributions and associated tax effects not reflected in net income, or (2) average net income over the preceding four quarters.General

~~For~~We ~~more~~are ~~information~~governed ~~about~~by ~~our~~the ~~capital~~National ~~ratios~~Bank Act and other statutes applicable to national banks, ~~see~~and we are subject to the regulatory oversight of the Office of the Comptroller of the Currency (“~~Capital~~OCC”), ~~Management~~the Consumer Financial Protection Bureau (“CFPB”), inand ~~MD&A~~the onFederal ~~page~~Deposit 77Insurance Corporation (“FDIC”). Additionally, the Bank and certain of our subsidiaries are regulated by various other federal and state agencies, each of which may exercise significant supervisory and examination authority over our operations. For example, the Bank's investment advisory subsidiary, our broker-dealer operations, and certain capital markets activities are subject to regulation by the SEC. Our brokerage subsidiary is further subject to regulation by the Financial Industry Regulatory Authority, and state securities regulators.

The National Bank Act

Our corporate governance is primarily subject to the National Bank Act and related regulations administered by the OCC. As a national bank, we are not directly governed by the Securities Act of 1933 (“Securities Act”) with respect to securities matters; instead, we comply with OCC regulations that establish requirements for securities offerings and related reporting obligations.

Our common stock and certain other securities are registered under the Securities Exchange Act of 1934 (“Exchange Act”), which authorizes the OCC to administer and enforce specific provisions of the Exchange Act applicable to national banks. Notwithstanding this regulatory framework, we voluntarily submit filings required under the Exchange Act to the SEC. The statutory and regulatory frameworks applicable to us as a national bank are comparatively less developed than the corporate and securities law frameworks that govern many other publicly traded companies.

Capital Standards – Basel III Framework

We are subject to regulatory capital standards, including risk-based capital requirements established by the OCC under the Basel III framework. At December 31, 2025, we exceeded all capital adequacy requirements under the Basel III capital framework, which includes specific risk-based capital ratio requirements prescribed by the OCC. The Basel III capital rules define the components of regulatory capital and incorporate factors such as risk weightings that influence capital ratio calculations for banking institutions.

Under the Basel III capital rules, we are required to maintain minimum capital ratios, along with a 2.5% capital conservation buffer intended to absorb losses during periods of economic stress. This buffer is composed entirely of common equity Tier 1 (“CET1”). Financial institutions with CET1 ratios above the minimum but below the buffer threshold are subject to limitations on dividend distributions, equity repurchases, and discretionary compensation. The extent of these restrictions is determined by the size of the shortfall and the institution’s “eligible retained income,” defined as the greater of (1) net income over the preceding four quarters, adjusted for distributions and related tax effects not reflected in net income, or (2) the average net income over the same four-quarter period.

For more information about our capital ratios, see “Capital Management” in MD&A on page 80.

Prompt Corrective Action

The Federal Deposit Insurance Corporation Improvement Act (“FDICIA”) requires that each federal banking agency to take prompt corrective action to address ~~identified~~deficiencies ~~issues~~ in insured depository institutions, particularly those that fall below ~~one~~established ~~or more prescribed~~ minimum capital ~~ratios~~ratio thresholds. Under FDICIA, the FDIC has ~~established~~implemented regulations ~~defining~~that ~~five~~classify ~~categories for~~ insured depository institutions into five capital categories based on their capital ratios: (1) well capitalized, (2) adequately capitalized, (3) undercapitalized, (4) significantly undercapitalized, and (5) critically undercapitalized.

~~According~~Under to the prompt corrective action provisions of FDICIA, as ~~modified~~amended by the Basel III capital ~~rules~~framework, an insured depository institution is generally ~~classified~~considered as well capitalized if it ~~has~~maintains a CET1 ratio of at least 6.5%, a Tier 1 risk-based capital ratio of at least 8%, a total risk-based capital ratio of at least 10%, and a Tier 1 leverage ratio of at least 5%. Conversely, an insured depository institution is generally classified as undercapitalized if it has a CET1 ratio of less than 4.5%, a Tier 1 risk-based capital ratio of less than 6%, a total risk-based capital ratio of less than 8%, and a Tier 1 leverage ratio of less than 4%.:

An•CET1 ~~institution classified as well capitalized, adequately capitalized, or undercapitalized, may be treated as though it were in the next lower~~ capital ~~category~~ratio if the appropriate federal banking regulator, after notice and opportunity for a hearing, determines that an unsafe or unsound condition, or an unsafe or unsound practice, warrants such treatment. At each successive lower capital category, an insured depository institution faces more restrictions and prohibitions, including limitations on growth, interest rates paid on deposits, acceptance of ~~brokered~~at ~~deposits,~~least ~~and payment of dividends~~6. ~~Furthermore, if a bank is classified in one of the undercapitalized categories, it is required to submit a capital restoration plan to the federal banking regulator.~~5%

~~The~~•Tier ~~following~~1 ~~schedule~~risk-based ~~presents minimum~~ capital ratio ~~and~~of ~~capital conservation buffer requirements, our capital ratios~~ at ~~December 31,~~least ~~2024, and the minimum requirements to be well capitalized:~~8%

~~MINIMUM~~•Total ~~CAPITAL~~risk-based ~~RATIO~~capital ~~AND~~ratio ~~CAPITAL~~of ~~CONSERVATION~~at ~~BUFFER~~least ~~REQUIREMENTS~~10%

	December 31, 2024			Minimum requirement to be “well capitalized”
	Minimum capital requirement	Capital conservation buffer	Minimum capital ratio requirement with capital conservation buffer		Current capital ratio
CET1 to risk-weighted assets	4.5%	2.5%	7.0%	10.9%	6.5%
Tier 1 risk-based capital (i.e., CET1 plus additional Tier 1 capital) to risk-weighted assets	6.0%	2.5%	8.5%	11.0%	8.0%
Total risk-based capital (i.e., Tier 1 capital plus Tier 2 capital) to risk-weighted assets	8.0%	2.5%	10.5%	13.3%	10.0%
Tier 1 leverage ratio (i.e., Tier 1 risk-based capital) to average consolidated assets	4.0%	N/A	4.0%	8.3%	5.0%

•Tier 1 leverage ratio of at least 5%.

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Conversely, an insured depository institution is generally deemed undercapitalized if it has a:

•CET1 capital ratio below 4.5%

•Tier 1 risk-based capital ratio below 6%

•Total risk-based capital ratio below 8%

•Tier 1 leverage ratio below 4%.

Institutions classified as well capitalized, adequately capitalized, or undercapitalized, may also be reclassified to a lower capital category if the appropriate federal banking regulator determines—after providing notice and an opportunity for a hearing—that the institution is operating in an unsafe or unsound condition, or engaging in unsafe or unsound practices.

Each successive lower capital classification imposes increasingly more stringent restrictions and prohibitions. These may include limitations on asset growth, interest rates paid on deposits, the acceptance of brokered deposits, and dividend payments. Institutions that fall into any undercapitalized category are required to submit a capital restoration plan to their federal banking regulator.

At December 31, 2025, all of our capital amounts and ratios exceeded the thresholds required to be considered “well-capitalized” under the prompt corrective action framework. The following schedule presents minimum capital ratio requirements, the capital conservation buffer, our capital ratios at December 31, 2025, and the thresholds required to be considered well capitalized:

MINIMUM CAPITAL RATIO AND CAPITAL CONSERVATION BUFFER REQUIREMENTS


	December 31, 2025
	Minimum capital requirement	Capital conservation buffer	Minimum capital ratio requirement with capital conservation buffer	Current capital ratio	Minimum requirement to be “well capitalized”

CET1 to risk-weighted assets	4.5%	2.5%	7.0%	11.5%	6.5%
Tier 1 risk-based capital (i.e., CET1 plus additional Tier 1 capital) to risk-weighted assets	6.0%	2.5%	8.5%	11.6%	8.0%
Total risk-based capital (i.e., Tier 1 capital plus Tier 2 capital) to risk-weighted assets	8.0%	2.5%	10.5%	13.8%	10.0%
Tier 1 leverage ratio (i.e., Tier 1 risk-based capital) to average consolidated assets	4.0%	N/A	4.0%	9.0%	5.0%

Regulatory Developments

Resolution and Recovery Planning

Effective October 1, 2024, the FDIC revised its rule regarding the resolution planning requirements for insured depository institutions with $50 billion or more in total assets. Beginning in 2025, banks with $100 billion or more in total assets that are not affiliates of U.S. global systemically important banking organizations (“covered banks”) are required to submit full resolution plans with an identified resolution strategy every three years. Banks with $50 billion to $100 billion in total assets are required to submit more limited information triennially. The guidance also requires these banks to file interim supplemental information regarding their resolution planning in off-cycle years. We expect to file our first informational submission in late 2025.

In October 2024, the OCC issued a final rule amending its recovery planning guidelines for insured national banks. The guidelines require covered banks to develop and maintain a recovery plan tailored to their size, risk profile, activities, and complexity, including their organizational and legal entity structure. The recovery plan, subject to annual testing to validate its effectiveness, should consider both financial and non-financial risks and include elements such as: (1) a range of credible options to restore financial strength and viability, allowing the bank to continue operating as a going concern, and (2) an analysis of how each recovery option might affect capital, liquidity, and funding. We would be required to comply with these guidelines within 12 months after becoming a covered bank.

Basel III Endgame

In July 2023, federal banking regulators issued a proposal to implement the Basel Committee on Banking Supervision’s ~~finalization~~finalized ~~of the~~ post-crisis ~~bank~~ regulatory capital reforms. Commonly referred to as the “Basel III Endgame,” this proposal would significantly revise ~~the~~ capital requirements for large banking organizations, defined as those with total assets of $100 billion or more ~~in total assets~~. At December 31, ~~2024~~2025, we had $8889.80 billion in total assets and do not ~~currently~~yet ~~qualify~~meet asthe definition of a large banking organization. The Federal Reserve has indicated its intention to collaborate with other federal banking regulators on a revised proposal in 2026. The timing, substance, and potential impact of any re-proposal remain uncertain.

Under the proposal, if our total assets were to increase to $100 billion or more, we would be required to: (1) include certain components of accumulated other comprehensive income (“AOCI”), such as unrealized gains and losses on available-for-sale (“AFS”) securities, in regulatory capital and be subject to increased limitations on deferred tax assets (“DTAs”) as a percent of CET1, (2) hold capital for operational risk and market risk, and (3) calculate risk-based capital ratios under both the standardized approach and the expanded risk-based approach. The Federal Reserve has indicated its intention to collaborate with the other federal banking regulators on a revised proposal in 2025.

Long-term Debt

In August 2023, federal banking regulators issued a proposal to expand the long-term debt requirement to include all banks with total assets of $100 billion or more ~~in total assets~~. ~~The~~Under the proposed rule, ~~requires~~ these banks would be required to maintain aan ~~minimum~~ outstanding amount of eligible long-term debt ~~that~~equal isto the greatest of: (1) 6% of total risk-weighted assets, (2) 2.5% of total leverage exposure, ~~and~~or (3) 3.5% of average total assets. ~~Under~~If ~~the proposal, if~~ our total assets were to ~~increase~~reach to $100 billion or more, we would have a three-year implementation period to issue the necessary debt and meet other requirements. If adopted as proposed, and assuming our assets and liabilities remain largely consistent with those at December 31, 2024, the estimated amount of incremental debt required to meet the new requirements would be approximately $3.1 billion, to be issued over the three-year phase-in period. We anticipate that the issuance of incremental debt would replace other sources of funding, with the timing of any issuance influenced by economic factors and associated borrowing costs.

FDIC Special Assessment

In November 2023, the FDIC issued a final rule to implement a special assessment pursuant to a systemic risk determination to recover the costs associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank in early 2023. Using an assessment base equal to the estimated amount of uninsured deposits above $5 billion at December 31, 2022, the FDIC initially expected to collect the special

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~~assessment~~$100 billion ~~from~~or ~~banks~~more, atwe anwould ~~annual~~have ~~rate~~a ofthree-year ~~approximately~~implementation ~~13.4~~period ~~basis~~to ~~points~~issue ~~(“bps”)~~the ~~for~~necessary andebt ~~anticipated~~and ~~eight~~comply ~~quarterly~~with ~~assessment~~other ~~periods,~~requirements. ~~beginning~~The ~~with~~timing ~~the~~and ~~second~~structure ~~quarter~~ of ~~2024~~any final rule implementing these requirements remain uncertain.

InHeightened June 2024, the FDIC announced that the special assessment would be collected at a lower rate for an additional two quarterly assessment periods, totaling ten periods. During 2023 and 2024, we recorded approximately $101 million in deposit insurance and regulatory expense related to the FDIC special assessment.Standards

In December 2025, the OCC proposed raising the asset threshold at which its “Heightened Standards” for safety and soundness apply—from $50 billion to $700 billion in total consolidated assets. If adopted as proposed, the Bank would no longer be subject to the Heightened Standards, including the prescriptive requirements governing covered banks’ risk governance frameworks and related activities.

Capital Planning and Stress Testing

We ~~use~~utilize stress testing as an important tool tofor ~~inform~~informing ~~our~~ decisions onregarding the appropriate level of capital to maintain, under adverse economic conditions. These tests are based on ~~hypothetically~~hypothetical ~~stressed~~scenarios ~~economic~~that ~~conditions,~~reflect ~~comparable~~a in severity comparable to ~~the~~those ~~scenarios~~ published by the Federal Reserve Board (“FRB”). Our most recent internal stress test ~~included~~incorporated ~~hypothetical~~assumptions ~~scenarios that reflected~~including: (1) high inflation, (2) declining commercial property values, (3) increased losses on commercial loans due to declining asset values and slowing economic activity, (4) increased losses on consumer loans due to falling home prices, (5) rising unemployment, and (6) other current economic, financial, and social disruptions. The results of our stress test indicated that we would maintain capital ratios in excess of regulatory minimum and capital conservation buffer requirements throughout the nine-quarter horizon for the hypothetical stress test.

•Rising unemployment rates

•Declining CRE values

•Higher losses on consumer loans driven by falling residential property prices

•Increased credit losses on commercial loans due to deteriorating asset values and reduced economic activity

•Additional disruptions across economic, financial, and social domains.

The results of this stress test demonstrated that, under these hypothetical conditions, we would continue to maintain capital ratios above the regulatory minimum requirements and the capital conservation buffer throughout a nine-quarter stress horizon.

Liquidity

We utilize internal liquidity stress ~~tests~~testing as a ~~primary~~key ~~tool~~mechanism for establishing and managing liquidity guidelines. These guidelines ~~encompass~~address ~~holdings~~the composition of investment securities and other liquid assets, ~~levels~~the availability of ~~readily available~~ contingency funding, ~~concentrations~~the concentration of funding sources, and the maturity ~~profile~~structure of liabilities. At December 31, 2024, our sources of liquidity exceeded our uninsured deposits without the need to sell any investment securities. We continue to actively manage our deposit base and associated deposit costs in response to changes in the interest rate environment.

At December 31, 2025, our available liquidity sources exceeded the level of uninsured deposits, without requiring the sale of any investment securities. We continue to actively manage our deposit portfolio and associated funding costs in response to changes in the interest rate environment. For more information about our liquidity profile, see “Liquidity Risk Management” in MD&A on page 7375.

Financial Privacy and Cybersecurity

~~The~~Federal ~~federal~~legislation ~~legislature~~ and ~~federal~~regulatory ~~banking~~frameworks ~~regulators~~ have ~~implemented~~established ~~laws~~comprehensive ~~and~~requirements ~~rules~~ governing the use and protection of consumer information by banks and other financial institutions,. ~~including~~The ~~provisions of the~~ Gramm-Leach-Bliley Act. ~~These laws~~ and ~~rules~~related ~~limit~~regulations, ~~the~~among ~~ability~~other ofprovisions, ~~banks~~restrict ~~and~~the ~~financial~~disclosure ~~institutions~~of ~~to disclose~~ nonpublic personal information ~~about consumers~~ to unaffiliated third parties, require financial institutions to ~~disclose~~provide clear privacy ~~policies~~notices to consumers and, in ~~some~~certain ~~circumstances~~cases, ~~allow~~offer consumers certain rights to ~~prevent~~opt ~~disclosure~~out of ~~certain~~specific ~~personal~~disclosures. ~~information~~Additionally, tothese ~~unaffiliated~~regulations ~~third~~require ~~parties.~~the ~~These~~implementation ~~regulations~~of ~~also~~a ~~affect~~comprehensive ~~how~~cybersecurity ~~consumer~~program ~~information~~incorporating isadministrative, ~~transmitted~~technical, ~~through~~and ~~diversified~~physical ~~financial~~safeguards ~~companies~~to ensure the security and ~~conveyed~~confidentiality toof ~~outside~~customer ~~suppliers~~records and information.

~~Additionally,~~We ~~consumers~~are ~~may~~also ~~prevent~~subject ~~the~~to ~~disclosure~~United ofStates ~~certain~~(“U.S.”) ~~information~~federal ~~among~~regulations ~~affiliated~~issued ~~companies~~by federal banking regulators that isrequire, ~~assembled~~among orother ~~used~~things, banking organizations to ~~determine~~notify ~~eligibility~~their ~~for~~primary aregulator ~~product~~as orsoon ~~service~~as possible, ~~such~~and asno ~~information~~later ~~shown~~than on36 ~~consumer~~hours, ~~credit~~after ~~reports~~identifying ~~and~~a ~~asset~~“computer-security ~~and~~incident” ~~income~~that ~~information~~has ~~from~~materially ~~applications.~~disrupted ~~Consumers~~or ~~also~~degraded—or ~~have~~is ~~the~~reasonably ~~option~~likely to ~~direct~~materially ~~banks~~disrupt ~~and~~or ~~financial~~degrade—operations ~~institutions~~in ~~not~~a tomanner ~~share~~that ~~information~~could ~~about~~jeopardize ~~transactions~~the ~~and~~organization's ~~experiences~~viability, ~~with~~prevent ~~affiliated~~customers ~~companies~~from ~~for~~accessing ~~marketing~~deposit ~~purposes.~~and ~~Federal~~other ~~law~~accounts, ~~makes~~result itin a ~~criminal~~material ~~offense~~loss of revenue, ~~except~~profit inor ~~limited~~franchise ~~circumstances~~value, toor ~~obtain~~pose ora ~~attempt~~threat to ~~obtain~~the ~~customer~~stability ~~information~~ of athe U.S. financial ~~nature~~sector. byIn ~~fraudulent~~addition, orfederal ~~deceptive~~banking ~~means.~~regulators, the SEC,

Federal and state regulators have been increasingly active in implementing privacy and cybersecurity standards and regulations. For example, SEC rules require timely disclosure of material cybersecurity incidents and description of cybersecurity risk management, strategy, and governance. Additionally, in recent years, a growing number of states, including those in which we conduct business, have enacted, or are considering enacting, laws and regulations that grant consumers enhanced privacy rights and control over personal information, establish or modify data breach notification requirements, and require certain financial institutions to implement detailed and prescriptive cybersecurity programs. Data and cybersecurity laws and regulations are evolving rapidly and remain a focus of state and federal legislators and bank regulators.

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and related self-regulatory organizations regularly issue guidance intended to strengthen cybersecurity risk management across financial institutions.

Under the Fair Credit Reporting Act, consumers have the right to restrict the sharing of certain information—such as credit report details and financial data collected through applications—among affiliated companies when such information is used to determine eligibility for financial products or services. Additionally, U.S. federal and state laws and regulations allow consumers to direct financial institutions not to share information regarding their transactions and experiences with affiliates or non-affiliates for marketing or non-marketing purposes. We, along with our nonbanking subsidiaries, are also subject to rules and regulations issued by the Federal Trade Commission that prohibit unfair or deceptive acts and practices, including those related to privacy and cybersecurity.

In recent years, both federal and state regulators have increased efforts to implement and enforce privacy and cybersecurity standards and regulations. For example, the Cyber Incident Reporting for Critical Infrastructure Act (“CIRCIA”), will—once rulemaking is finalized—require certain companies to report significant cyber incidents to the Cybersecurity and Infrastructure Agency (“CISA”) within 72 hours of reasonably determining that an incident has occurred, and within 24 hours of making any ransom payment resulting from a ransomware attack. On April 4, 2024, the CISA proposed a rule under the CIRCIA to clarify the scope of reportable cyber incidents and to define covered entities, expressly including financial services companies that are already required to report cyber incidents to their primary federal regulators. Although CIRCIA initially required CISA to finalize its regulations by October 4, 2025, the deadline has been extended to May 2026.

Concurrently, a growing number of states—including those in which we operate—have enacted or are considering legislation, such as the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020, which enhances consumer privacy rights, mandates data breach notifications, and requires certain financial institutions to establish robust and prescriptive cybersecurity programs. In addition, laws in all 50 U.S. states require businesses to notify consumers under certain circumstances when personal information has been compromised due to a data breach. Moreover, the U.S. Congress has considered—and is likely to continue considering—additional privacy and cybersecurity legislation that could apply to us if enacted.

The regulatory landscape surrounding privacy and cybersecurity continues to evolve rapidly and remains a key area of focus for lawmakers and financial banking regulators at both the state and federal levels.

Open Banking

In October 2024, the CFPB issued a final rule under Section 1033 of the Dodd-Frank Act., ~~The~~establishing ~~rule imposes~~ new data access requirements onapplicable to various ~~parties~~entities inwithin the financial ~~ecosystem,~~services ecosystem—including financial institutions, data aggregators, and ~~businesses~~third-party providers authorized by consumers to access financial information on their behalf. Among other ~~requirements~~provisions, the rule requires certain entities, including the Bank, to ~~make~~provide ~~available to~~ consumers, upon request, with access to information in their ~~control~~possession or ~~possession~~control ~~regarding~~related ~~the~~to consumer financial products or services obtained from the Bank. The current compliance deadline for a bank of our size is April 1, 2027. We are taking steps to achieve compliance by the deadline; however, the rule is currently subject to litigation, which has been stayed while the CFPB considers revisions to or replacement of the final rule.

~~The~~Resolution ~~rule also requires data providers, such as the Bank, to establish a developer interface that meets specific security specifications. This interface will allow data providers to receive requests for~~ and ~~provide~~Recovery specific types of data covered by the rule in an electronic, usable form to authorized third parties, including data aggregators. The current compliance deadline for a bank our size is April 1, 2027. We are preparing to comply with the rule, although it is currently the subject of several lawsuits that may affect its implementation.Planning

~~Other~~The ~~Regulations~~FDIC requires banks with total assets of $100 billion or more that are not affiliates of U.S. global systemically important banking organizations to submit comprehensive resolution plans, including an identified resolution strategy, every three years. Banks with total assets between $50 billion and ~~Proposals~~$100 billion, including us, are required to provide more limited information every three years. Additionally, the FDIC requires that these banks submit interim supplemental information regarding resolution planning during off-cycle years. We completed and submitted our initial informational filing on October 1, 2025.

We are subject to a wide range of requirements and restrictions contained in both federal and state laws. These regulations and proposals include, but are not limited to, the following:

•Limitations on Dividends Payable to Shareholders — Our ability to pay dividends on both our common and preferred stock is subject to regulatory restrictions. See Note 15 of the Notes to Consolidated Financial Statements for additional information.

•Safety and Soundness Standards — Prescribed in FDICIA, these standards relate to internal controls, information systems, internal audit, loan documentation, credit underwriting, interest rate exposure, asset growth, compensation, and other operational and management standards deemed appropriate by federal banking regulators.

•Approval of Acquisitions and Restrictions on Other Activities — The National Bank Act requires regulatory and shareholder approval of all mergers between a national bank and another national or state bank and does not allow for the direct merger into a national bank of an unaffiliated nonbank. See further discussion in “Risk Factors.” Other laws and regulations governing national banks contain similar provisions concerning acquisitions and activities.

•Limits on Interchange Fees — Imposed under the Dodd-Frank Act, these rules require interchange transaction fees for electronic debit transactions to be reasonable and proportional to transaction processing costs. In October 2023, the Federal Reserve proposed revising Regulation II to lower the maximum permitted debit interchange fee by almost 30% and instituting a biennial review of the cap without public comment. This proposal is the subject of litigation, which may delay or affect its outcome. If finalized as proposed, the revised regulation could reduce our fee income by approximately $10 million or more per year.

•Limitations on Loans — Restrictions on the dollar amount of loans made to a borrower and its affiliates.

•Limitations on Transactions with Affiliates.

•Limitations on Investments and Securities — Restrictions on the nature and amount of any investments and the ability to underwrite certain types of securities (e.g., common equity).

•Branches — Requirements for opening and closing of branches.

•Consumer Protection Laws — A number of federal and state consumer protection laws, including fair lending and truth in lending requirements, provide equal access to credit and protect consumers in credit transactions. As a bank with $10 billion or more in total assets, we are subject to examination and primary enforcement authority with respect to consumer financial laws by the CFPB, which has broad rule making, supervisory, and enforcement powers under various federal consumer financial protection laws. These rules and regulations often reduce bank revenues and returns earned by shareholders. For example, the CFPB recently extended certain truth in lending requirements to overdraft fees and has proposed placing other restrictions on various fees routinely charged by banks related to providing financial services to customers.

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~~•Community~~Other ~~Reinvestment~~Regulations ~~Act (“CRA”) — The CRA requires that banks address the credit needs of their communities, including providing credit to low-~~ and moderate-income individuals. Failure to adequately serve our communities may result in penalties, such as denials of applications to add branches, relocate, add subsidiaries and affiliates, or merge with or acquire other financial institutions. Federal banking regulators recently finalized rules that significantly overhaul the evaluation framework used to assess a bank’s performance and compliance with CRA requirements. These changes may make it more challenging for banks to achieve satisfactory ratings. Currently, these new rules are subject to challenge in federal court by several financial services industry trade associations. The court has blocked enforcement against the plaintiffs while the case is pending.Proposals

~~•Compensation~~We ~~Requirements~~are —subject ~~Requirements~~to ~~regarding~~a ~~the~~wide ~~time,~~range ~~manner, and form~~ of ~~compensation~~requirements ~~given to key executives~~ and ~~other~~restrictions ~~personnel~~under ~~receiving~~both ~~incentive~~federal ~~compensation, including requirements related to the SEC’s rule on pay versus performance disclosures,~~ and ~~other~~state ~~rules regarding the clawback of executive pay in certain circumstances involving accounting restatements~~laws. These ~~restrictions~~regulatory ~~include~~frameworks ~~documentation~~ and ~~governance,~~legislative ~~deferral,~~proposals ~~risk-balancing~~encompass, ~~and~~but ~~the~~are ~~aforementioned~~not ~~clawback~~limited ~~requirements. Any deficiencies in compensation practices may be incorporated into supervisory ratings, which can affect our ability~~ to ~~make acquisitions or engage in certain other activities~~, orthe ~~could~~following ~~result in regulatory enforcement actions.~~areas:

•~~Anti-Money~~Limitations ~~Laundering~~on ~~(“AML”)~~Dividends ~~Regulations~~Payable —to ~~The~~Shareholders ~~Bank~~— ~~Secrecy~~Our ~~Act~~ability ~~(“BSA”), Title III of the Uniting and Strengthening of America by Providing Appropriate Tools Required~~ to ~~Intercept~~declare and ~~Obstruct~~pay ~~Terrorism~~dividends ~~Act~~on ofboth ~~2001~~common ~~(“USA Patriot Act”),~~ and ~~other~~preferred ~~federal~~stock ~~laws~~is ~~require~~subject ~~financial institutions~~ to ~~assist~~regulatory Urestrictions.S. ~~government~~For ~~agencies~~further ~~in detecting and preventing money laundering and other illegal acts by maintaining policies~~details, ~~procedures,~~see ~~and~~Note ~~controls~~15 designed to detect and report money laundering, terrorist financing, and other suspicious activity. Federal law grants broad enforcement powers to federal banking regulators and other government agencies with respect to AML, BSA, and Office of ~~Foreign Assets Control (“OFAC”) laws and regulations, including~~ the ~~ability~~Notes to ~~assess~~Consolidated ~~significant~~Financial ~~civil or criminal monetary penalties and restitution and issue cease and desist or similar orders~~Statements.

•~~Tax~~Safety ~~laws~~and Soundness Standards — ~~Tax~~Prescribed ~~laws~~in ofFDICIA, ~~the~~these ~~U.S.~~standards relate to internal controls, ~~its~~information ~~states~~systems, internal audit functions, loan documentation, credit underwriting practices, interest rate risk management, asset growth, executive compensation, and other ~~jurisdictions~~operational ~~where~~and wemanagement ~~conduct~~standards ~~business~~deemed appropriate by federal banking regulators.

We•Safety ~~are~~and ~~also~~Soundness ~~subject~~Enforcement to— In October 2025, the ~~Sarbanes-Oxley~~FDIC ~~Act~~and ofOCC ~~2002,~~issued ~~certain~~a ~~provisions~~proposed ofrule that would define the ~~Dodd-Frank~~term ~~Act,~~“unsafe ~~and~~or ~~other~~unsound ~~federal~~practice” ~~and~~for ~~state~~purposes ~~laws~~of ~~and~~their ~~regulations.~~enforcement ~~These~~authority ~~regulations~~under ~~address~~the ~~various~~Federal ~~matters,~~Deposit ~~including~~Insurance ~~corporate~~Act. ~~governance,~~The ~~auditing~~proposed ~~and~~definition ~~accounting,~~focuses ~~internal~~on ~~controls~~whether ~~over~~a ~~financial~~practice ~~reporting,~~is ~~and~~likely ~~enhanced~~to ~~and~~materially ~~timely~~harm—or ~~disclosure~~has already materially harmed—the financial condition of ~~corporate~~an ~~information~~institution.

~~Sustainability~~•Approval ~~standards~~of ~~and~~Acquisitions ~~related concerns, including those associated with global climate change, continue to evolve~~ and ~~have~~Restrictions ~~become~~on ~~increasingly~~Other ~~prominent~~Activities in— ~~recent~~The ~~years.~~National WeBank ~~are~~Act ~~closely~~requires ~~monitoring~~regulatory ~~developments in standards published by sustainability interest groups~~ and ~~organizations,~~shareholder asapproval ~~well~~for asmergers ~~proposed~~involving ~~regulatory~~national ~~initiatives~~ and ~~expectations~~state ~~relating to these issues~~banks. WeThe ~~strive~~Act toprohibits ~~enhance~~direct ~~our~~mergers ~~business~~between bynational ~~incorporating~~banks ~~sustainable~~and ~~practices~~unaffiliated ~~that~~nonbank ~~we believe will benefit our investors, customers, employees, and communities~~entities. ~~Examples~~Additional ~~include:~~laws ~~our LEED Platinum-certified technology campus~~ and ~~other~~regulations ~~LEED-certified~~governing ~~facilities,~~national ~~water~~banks ~~conservation~~impose ~~systems,~~similar ~~use~~requirements ofon ~~remote~~acquisitions ~~deposit capture~~ and ~~electronic~~permissible ~~forms~~activities. ~~and~~See ~~signatures,~~further ~~financing~~discussion ~~renewable~~in ~~energy~~“Risk ~~and energy efficiency projects, and subsidizing employee use of public transportation~~Factors.”

In•Limits ~~addition~~on toInterchange ~~proposed~~Fees ~~and~~— ~~evolving~~Under ~~rulemaking~~the byDodd-Frank ~~federal banking regulators~~Act, ~~such~~interchange asfees ~~their~~for ~~principles~~electronic ~~designed~~debit totransactions ~~help~~must ~~large~~be ~~financial~~reasonable ~~institutions~~and ~~manage~~proportionate ~~their exposure~~ to ~~climate-related~~transaction ~~risks,~~processing ~~many~~costs. ~~states~~In ~~have~~October ~~adopted~~2023, orthe ~~are~~Federal ~~considering,~~Reserve ~~laws~~proposed ~~that~~amendments ~~address~~to ~~climate~~Regulation ~~and~~II ~~social~~that ~~issues.~~would ~~For~~reduce ~~example,~~ the ~~state~~maximum ofallowable ~~California~~debit ~~has~~interchange ~~enacted~~fee ~~comprehensive~~by ~~climate-related~~nearly ~~disclosure~~30% ~~laws~~and ~~that~~implement ~~will~~a ~~require~~biennial ~~large~~review ~~entities~~of ~~doing business in~~ the ~~state,~~fee ~~including~~cap ~~the~~without ~~Bank,~~public tocomment. ~~measure~~This ~~and~~proposal ~~disclose~~is ~~greenhouse~~currently ~~gas~~subject ~~(“GHG”)~~to ~~emissions~~litigation, ~~and~~which ~~publish~~may ~~biennial~~impact ~~reports~~its ~~beginning~~implementation. inIf ~~January~~enacted ~~2026.~~as ~~These~~proposed, ~~reports~~the ~~will~~revised ~~disclose~~regulation ~~climate-related~~could ~~financial~~reduce ~~risks~~our ~~and~~annual ~~measures~~fee ~~adopted~~income toby ~~reduce~~approximately ~~and~~$10 ~~adapt~~million toor ~~those risks~~more.

~~Among~~•Limitations ~~other~~on ~~requirements,~~Loans ~~the~~— ~~California~~Regulations ~~climate-related~~impose ~~disclosure~~restrictions ~~laws~~on ~~require~~ the ~~public~~aggregate ~~disclosure~~dollar amount of ~~GHG~~loans ~~emissions~~that ~~from~~may ~~our~~be ~~operations~~extended ~~(Scope~~to 1)a ~~and~~single ~~indirect~~borrower ~~GHG emissions from our energy use (Scope 2) beginning in 2026,~~ and ~~our~~its ~~indirect upstream and downstream supply-chain GHG emissions (Scope 3) starting in 2027~~affiliates. ~~These~~

•Limitations on Transactions with Affiliates — Federal laws limit the nature and extent of transactions between banks and their affiliates to mitigate conflicts of interest and ensure financial stability.

•Limitations on Investments and Securities Activities — Restrictions apply to the types and amounts of permissible investments; banks may also face limitations on underwriting certain securities, including common equity.

•Branch Operations — Opening and closing branch locations is subject to regulatory approval and procedural requirements.

•Consumer Protection Laws — A number of federal and state consumer protection laws—including fair lending and truth in lending laws—provide equitable access to credit and safeguard consumers in financial transactions. As a bank with total assets exceeding $10 billion, we are subject to examination and primary enforcement authority with respect to consumer financial laws by the CFPB, which holds broad rulemaking, supervisory, and enforcement authority. These regulations often impact revenue and shareholder returns.

•Community Reinvestment Act (“CRA”) — The CRA requires banks to help meet the credit needs of the communities they serve, especially low- and moderate-income individuals. Noncompliance may result in supervisory consequences, including the denial of applications to establish or relocate branches, add subsidiaries or affiliates, or pursue mergers and acquisitions. In October 2023, federal banking regulators implemented substantial revisions to the CRA evaluation framework, making compliance more challenging. However, in July 2025, the regulators issued a joint notice of proposed rulemaking to rescind the October 2023 final rule and revert to the prior CRA framework. The earlier framework currently remains in effect due to a preliminary injunction that stayed implementation of the October 2023 rule.

•Compensation Requirements — Regulations govern the structure, timing, and documentation of incentive compensation for executives and other key personnel. These include requirements related to deferral, risk-balancing, governance, and clawback provisions—such as those under the SEC’s pay versus performance

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~~laws~~disclosure ~~will~~rules. ~~increase~~Deficiencies ~~our~~in ~~compliance~~compensation ~~costs~~practices ~~and~~ may ~~include~~influence ~~provisions~~supervisory ~~that~~ratings ~~conflict~~and ~~with~~affect ~~other~~our ~~state~~ability ~~and~~to ~~federal~~pursue ~~regulations,~~acquisitions or ~~limit~~other ~~our~~strategic ~~ability~~activities toand ~~conduct~~may ~~business~~result in ~~certain~~regulatory ~~jurisdictions~~enforcement actions.

•Anti-Money Laundering (“AML”) Regulations — We ~~publish~~are ansubject ~~annual~~to ~~Corporate~~the ~~Responsibility~~Bank ~~Report~~Secrecy ~~that~~Act ~~provides~~(“BSA”), aTitle ~~summary~~III of ~~how~~the weUniting ~~address~~and ~~these~~Strengthening ~~issues~~of America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA Patriot Act”), and other federal laws aimed at preventing money laundering, terrorist financing, and other illicit activities. ~~The~~These laws require financial institutions to maintain robust policies, procedures, and controls to detect and report issuspicious ~~available~~activity. onRegulatory ~~our~~agencies ~~website~~possess broad enforcement authority, including the ability to impose significant civil and criminal penalties, restitution orders, and cease-and-desist directives under AML, BSA, and Office of Foreign Assets Control regulations.

•Tax laws — We are subject to U.S. federal, state, and applicable local tax laws governing our operations.

We are subject to the Sarbanes-Oxley Act of 2002, certain provisions of the Dodd-Frank Act, and other applicable federal and state laws and regulations. These frameworks govern critical aspects of corporate operations, including corporate governance, auditing and accounting practices, internal controls over financial reporting, and the timely and comprehensive disclosure of material corporate information.

We actively monitor emerging developments in sustainability standards, including federal and state regulations, as well as evolving expectations from our stakeholders. We strive to enhance our operations through the integration of sustainable practices that we believe deliver long-term value for our investors, customers, employees, and the communities we serve. Examples of these initiatives include:

•Development of a Leadership in Energy and Environmental Design (“LEED”) Platinum-certified technology campus and other LEED-certified facilities

•Implementation of water conservation systems

•Adoption of remote deposit capture and electronic forms and signatures

•Financing renewable energy and energy efficiency projects

•Subsidizing employee use of public transportation

Compliance with laws and regulations such as California's Climate Corporate Data Accountability Act (SB 253)—which requires public reporting of direct and indirect greenhouse gas emissions—is expected to continue increasing operational costs and may present challenges due to potential conflicts with other state and federal requirements or restrictions on business activities in certain jurisdictions.

Corporate Governance

Our Board of Directors (“Board”) ~~has~~provides ~~overseen~~oversight of management’s ~~establishment~~implementation of a comprehensive ~~system of~~ corporate governance and risk management ~~practices~~framework. This ~~system~~framework ~~includes~~is ~~frameworks,~~supported by a robust set of policies, guidelines, and ~~guidelines~~committee charters designed to promote ethical conduct, ~~such~~accountability, asand ~~the~~effective ~~following~~oversight. Key components include:

•Corporate Governance Guidelines;

•A Code of Business Conduct and Ethics for Employees;

•~~A Director’s~~ Code of ~~Conduct;~~Ethics for Directors

•A Risk Management Framework;

•A Related Party ~~Transaction~~Transactions Policy;

•Incentive Compensation Recoupment and Clawback Policies;

•Stock Ownership and Retention Guidelines;

•An Insider Trading Policy~~; and~~

•Charters for ~~our~~the ~~Executive,~~ Audit, Risk Oversight, Compensation, and Nominating and Corporate Governance Committees.

~~More~~Additional information onregarding our corporate governance practices is available on our website at www.zionsbancorporation.com. ~~Our~~The website is not ~~part~~incorporated ofby reference into this Form 10-K.

HUMAN CAPITAL MANAGEMENT

We are committed to identifying, recognizing, and creating fulfilling opportunities for our employees, and rewarding them for their contributions to our success. We continue to focus on enhancing our brand in the markets we serve to attract and retain a high-performing workforce, which is essential for our long-term success and value creation for our investors.

At December 31, 2024, we had 9,406 full-time equivalent employees. Approximately 58% of our associates were women, and 38% self-identified as a part of a minority demographic. We provide additional transparency into our workforce demographics by disclosing our Equal Employment Opportunity results in our Corporate Responsibility Report, which is available on our website.

The following objectives and initiatives are integral to our human capital management efforts:

Cultivating an environment where everyone is respected and valued

We are committed to providing growth, development, and leadership opportunities to all employees. Our commitment is to maintain a workplace where everyone is treated with respect and fairness, based on their qualifications and abilities, ensuring that the Bank is a place where everyone counts.

We embrace differences while finding common ground and focusing on things that unite us. Our Everyone Counts Council coordinates the related efforts of our affiliates and enterprise employee groups, providing executive management with goals and recommendations for continuous improvement.

Our initiatives include employee business forums, mental health programs, and a broad range of employee and regional events. Throughout the organization, the employee business forums, which are open to all employees, foster a sense of community and enable greater connectivity and support among employees and the communities in which we operate.

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WeHUMAN ~~believe~~CAPITAL that our performance is stronger when we draw upon the talents and experience of a diverse team of employees. The in-person exchange of ideas and viewpoints, in both formal and informal settings, improves productivity and cultivates a strong corporate culture while offering flexibility to balance personal needs.MANAGEMENT

We are committed to providing our employees with opportunities for growth, development, and leadership, while recognizing and rewarding their contributions to our collective success. Our ongoing efforts to strengthen our brand presence in the markets we serve are designed to attract and retain a high-performing workforce, which is an essential driver of our long-term success and value creation for our investors. The following strategic objectives and initiatives are integral to our human capital management efforts:

Cultivating an environment where everyone is respected and valued

We are committed to fostering a workplace where every individual is respected, valued, and empowered to succeed. Our organization prioritizes employee growth, development, and leadership potential, providing opportunities that are based on merit, qualifications, and abilities. We strive to maintain a workplace where everyone is treated with fairness and mutual respect, reinforcing our belief that every individual matters.

Attracting, developing, and retaining talent for long-term success

We are ~~committed~~focused toon ~~(1)~~ attracting, developing, and retaining ~~the~~highly ~~most~~ qualified individuals towho ~~serve~~reflect the diverse markets inwe ~~which~~serve. To achieve this, we ~~operate~~prioritize three areas: (1) recruiting top talent, (2) ~~helping~~fostering ~~our~~career ~~employees~~growth ~~grow~~and inprofessional ~~their careers~~development, and (3) ~~actively~~proactively building a pipeline ~~of talent~~ for future leadership opportunities. As wepart ~~attract~~of ~~and~~this ~~hire talent~~strategy, we ~~proactively~~continuously ~~consider~~evaluate ~~the~~emerging ~~demand~~skill ~~for~~requirements ~~competencies~~to ~~that~~help ~~will~~keep beour ~~needed~~workforce ~~within~~equipped ~~the~~to ~~workforce~~meet ofevolving ~~the future~~demands.

~~Consistent~~Recognizing ~~with our strategic objectives, we invest in training our employees and in providing them with~~ the ~~tools~~competitive ~~and~~nature ~~resources~~of totoday's ~~build~~labor ~~their capabilities. We offer more than 1~~market,~~500~~ ~~virtual,~~we ~~in-person,~~actively ~~expert-led,~~monitor ~~and~~key ~~pre-recorded~~metrics orrelated ~~self-paced learning options, enabling employees~~ to ~~create~~recruitment ~~custom learning plans for personal~~ and ~~professional development~~retention. InThese ~~2024,~~insights weinform ~~hosted~~our ~~more~~decisions ~~than~~on ~~1,000~~compensation ~~training experiences to support employees, build new skills,~~ and ~~assist~~work ~~in career advancement. Our offerings include new manager programs~~arrangements, ~~tuition~~helping ~~reimbursement,~~us ~~education~~remain ~~sponsorship~~responsive ~~opportunities,~~to ~~job~~the ~~shadowing,~~workforce ~~coaching,~~environment and ~~formal~~well-positioned ~~mentoring~~for ~~programs~~long-term success.

~~Our~~Aligned ~~talent~~with ~~development~~our ~~program~~strategic ~~and~~objectives, ~~individual~~we ~~development~~invest ~~plans~~in ~~focus~~employee ontraining ~~education,~~and ~~experience~~development, offering access to a comprehensive suite of tools and ~~exposure~~resources designed to ~~help~~enhance ~~create~~capabilities. ~~well~~Our enterprise-~~rounded,~~wide ~~highly~~learning ~~skilled~~platform offers more than 20,000 programs and ~~successful~~resources—including ~~employees.~~digital Wecourses ~~are~~and ~~also~~structured ~~mindful~~learning ofpaths—enabling ~~the~~employees ~~continued~~to ~~competition~~tailor ~~for~~development ~~talent~~plans into ~~the~~their ~~labor~~individual ~~market~~goals. WeOur ~~continuously~~talent ~~analyze~~development ~~relevant~~framework ~~metrics~~emphasizes ~~related~~a tobalanced ~~employee~~approach ~~recruiting~~that ~~and~~integrates ~~turnover~~education, ~~which~~hands-on ~~will~~experience, ~~continue~~and exposure to ~~impact~~a ~~wages~~broad ~~and~~range ~~flexible~~of ~~work~~job ~~arrangements~~functions.

Recognizing, engaging, and rewarding our employees

Our comprehensive rewards and recognition programs are designed to ~~reward~~acknowledge ~~high~~exceptional performance, ~~improve~~strengthen employee retention, and ~~enrich~~enhance the overall employee experience through meaningful recognition and ~~growth~~ opportunities for advancement. We ~~offer~~provide ~~upside~~performance-based ~~opportunities~~incentives ~~for~~to ~~those~~individuals who ~~take~~demonstrate accountability ~~for~~and ~~business~~contribute ~~objectives,~~to ~~enabling~~the usachievement toof ~~achieve~~business ~~superior~~objectives ~~results~~ while ~~mitigating~~maintaining a strong risk management framework.

We routinely assess pay equity across our organization to ensure fair compensation for all employees. Every two years, we engage an independent third party to review our pay equity. The most recent review, which accounted for variables such as education, experience, performance, and geography, found no meaningful differences in pay levels across our workforce. We remain committed to fair and equitable compensation for all our employees.

Our employees regularly provide feedback through enterprise outreach and engagement forums, including quarterly leadership calls, biannual employee opinion surveys, town hall meetings, and targeted focus groups. These forums facilitate stronger relationships with managers, clarify organizational purpose and goals, and reinforce our Guiding Principles and Code of Business Conduct and Ethics.

ITEM 1A. RISK FACTORS

WeOur ability to generate revenue and ~~grow~~expand our ~~businesses~~business byis ~~taking~~inherently linked to the prudent and ~~well-managed~~strategic ~~risks~~management of risk. These risks are ~~outlined~~comprehensively indefined within our Risk Management Framework~~. The Board has established an Audit Committee~~, awhich ~~Compensation~~serves ~~Committee,~~as athe ~~Risk~~foundation ~~Oversight~~for ~~Committee~~our ~~(“ROC”),~~enterprise-wide ~~and~~approach ~~appointed an Enterprise Risk Management Committee (“ERMC”)~~ to ~~oversee and implement the Risk Management Framework. The ERMC is comprised of senior management and is chaired by the Chief Risk Officer. These committees monitor various~~ risk areas, such as credit, interest rate and market, liquidity, strategic and business, operational, technology, cybersecurity, capital/financial reporting, legal/compliance (including regulatory), and reputational risks, as outlined in our risk taxonomyoversight.

WeTo ~~have~~promote ~~developed~~effective ~~comprehensive~~governance, ~~policies~~the Board has established several specialized committees: the Audit Committee, ~~procedures~~the Compensation Committee, and ~~controls~~the toRisk ~~address~~Oversight ~~these~~Committee ~~risks~~(“ROC”). ~~However~~Additionally, wethe ~~cannot~~Enterprise ~~guarantee~~Risk ~~that~~Management ~~our~~Committee ~~actions~~(“ERMC”), ~~will~~chaired ~~effectively~~by ~~prevent~~the orChief ~~mitigate~~Risk ~~the~~Officer ~~impact~~and comprised of ~~these~~senior ~~risks~~management, onis responsible for implementing and maintaining the Risk Management Framework. These committees collectively oversee various risk categories, as defined in our risk taxonomy. These include credit risk, interest rate and market risk, liquidity risk, strategic and business orrisk, ~~performance.~~operational ~~Although~~risk, ~~not~~technology ~~comprehensive~~risk, ~~below~~cybersecurity werisk, ~~describe~~capital/financial ~~some~~reporting ofrisk, ~~our~~legal/compliance ~~material~~risk (including regulatory risk), ~~factors~~and reputational risk.

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In the “Risk Management” section in MD&A on page 56, we describe certain policies, procedures, and internal controls designed to identify, assess, and manage these risks. However, despite these measures, we cannot guarantee that all risks will be effectively prevented or mitigated, nor can we eliminate their potential impact on our operations or financial performance.

Although not comprehensive, the following sections outline the significant risk factors that could affect our business.

CREDIT RISK

Credit quality has ~~adversely~~negatively ~~affected~~impacted usour performance in the past and may ~~adversely~~continue ~~affect~~to usdo so in the future.

Credit risk is one of our most significant risks. ~~Rising~~Adverse macroeconomic conditions—such as rising or persistently elevated interest rates, ~~increased~~heightened market volatility, or a weakening U.S. economy, at both ~~nationally~~the national and ~~in the~~ local markets ~~where~~in which we operate, —could result in, among other things, deterioration in credit quality and reduced ~~demand for~~ credit demand. ~~This,~~These indevelopments ~~turn,~~ may adversely impact ~~the~~ income generated from our loan and investment portfolios, ~~result~~lead into ~~higher~~increased charge-offs, and ~~necessitate~~require anhigher ~~increase~~provisions infor ~~the~~credit ~~allowance~~losses. ~~for~~For example, we recently incurred significant credit losses in connection with revolving lines of credit extended to two related commercial borrowers to finance the origination and purchase of commercial and residential mortgages.

We have a concentration of risk ~~from~~associated with certain counterparties, which may ~~have~~present unique risk characteristics that ~~may~~could adversely ~~affect~~impact our financial results.

~~Concentrations~~Exposure to concentrations of risk ~~from~~among counterparties ~~could~~may ~~adversely~~have ~~affect~~an usadverse effect on our financial performance. Similar ~~exposures~~risk profiles across our loan and investment securities portfolios could pose additional credit risk. Additionally, concentrations ~~with~~involving counterparties in derivative or securities financing transactions ~~could~~may ~~further~~heighten ~~elevate~~ this ~~risk~~exposure, increasing our vulnerability to adverse developments affecting those entities.

We have a concentration of risk inwithin our loan portfolio, including, but not limited to, loans secured by real estate, oil and gas-related lending, and leveraged and enterprise value lending. These ~~loans~~loan ~~may~~types ~~have~~carry unique risk characteristics that ~~may~~could adversely ~~affect~~impact our financial results.

We engage in ~~commercial real estate (“~~CRE”) term and construction lending, primarily within our Western ~~states~~U.S. footprint. Certain CRE collateral types, —particularly multifamily, industrial, and office properties,—currently ~~continue~~face toelevated ~~experience increased~~ vacancy rates, declining property ~~values~~valuations, rent concessions, ~~elevated costs,~~ and ~~pressures~~increased ~~from~~operating ~~higher interest rates~~costs. These ~~factors~~market dynamics could lead to ~~increased~~higher levels of loan delinquencies and defaults.

Additionally, weour ~~engage~~portfolio inincludes oil and gas-related lending, ~~and~~as ~~provide~~well as leveraged and enterprise value loans across our ~~entire~~geographic footprint. These ~~loans~~exposures ~~may~~carry bedistinct ~~subject to specific~~ risks, including ~~governmental~~regulatory and ~~social~~societal responses to environmental ~~issues~~ and climate-related ~~change~~concerns, commodity price volatility, and the potential for significant and ~~prolonged~~sustained declines in collateral- values and ~~activity~~sector ~~levels~~activity. ~~Any~~Adverse ~~decline~~developments in these portfolios could result in increased credit losses and reduced loan demand, ~~adversely~~negatively ~~affecting~~impacting both our ~~business~~financial performance and that of our customers. ~~There may also be other unidentified risks within our loan portfolio.~~

Our business performance is highly correlated with local economic conditions in a specific geographic ~~region~~regions of the U.S.

We ~~provide~~operate ~~a wide range of banking products and related services~~ through ~~our~~seven ~~local~~separately ~~management~~managed ~~teams~~affiliate ~~and~~banks ~~distinctive brands~~ across ~~Arizona,~~our ~~California,~~Western ~~Colorado,~~U.S. ~~Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming~~footprint. At December 31, ~~2024~~2025, ~~loan balances from~~ our banking operations in Utah, Idaho, Texas, and California ~~accounted~~represented ~~for~~ 77% of ~~the~~our commercial lending portfolio, 7072% of ~~the~~our CRE lending portfolio, and 7071% of ~~the~~our consumer lending portfolio.

~~Due~~This ~~to this~~ geographic concentration, results in our financial performance isbeing ~~largely~~closely ~~influenced~~tied byto economic conditions inwithin these key markets. ~~Consequently~~Accordingly, any ~~deterioration~~adverse indevelopments—such as economic ~~conditions~~downturns, ~~including those triggered by~~ climate-related ~~change~~disruptions, or natural disasters, —could disproportionately ~~impact~~affect these states, leading to higher credit losses and ~~significantly~~materially ~~affecting~~impacting our overall business operations and financial results.

For ~~information~~further ~~about~~details regarding our industry-specific lending ~~exposure~~exposures ~~to various industries~~ and ~~how we manage~~ credit risk management practices, see “Credit Risk Management” in MD&A on page 56.

INTEREST RATE AND MARKET RISK

We could be negatively affected by adverse economic conditions.

Adverse economic conditions present significant risks to our business, impacting our loan and investment portfolios, capital levels, results of operations, and financial condition. A slowing economy, combined with inflationary pressures, changes in monetary and fiscal policies, rising interest rates, and declining values of our fixed-rate assets, as well as tariffs, sanctions, and other policies and actions impacting domestic and global trade,

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~~can~~INTEREST ~~increase~~RATE ~~these~~AND ~~risks.~~MARKET ~~These factors may lead to reduced loan demand, increased credit losses, and lower fee income, among other negative effects.~~RISK

~~Failure~~Adverse toeconomic ~~effectively~~conditions ~~manage~~could ~~our~~negatively ~~interest~~affect ~~rate~~our ~~risk~~performance ~~could~~and ~~adversely~~overall ~~affect~~financial ~~our results~~condition.

~~Net~~Adverse ~~interest~~economic ~~income~~conditions ispresent ~~the~~significant ~~largest~~risks ~~component~~to of our ~~revenue.~~business, ~~Factors~~potentially ~~beyond~~impacting our ~~control~~loan ~~can~~and ~~significantly~~investment ~~influence~~portfolios, ~~the~~capital ~~interest~~adequacy, ~~rate~~operating ~~environment~~results, and ~~increase~~overall ~~our~~financial ~~risk~~condition. ~~These~~A ~~factors~~slowing ~~include~~economy—combined ~~changes~~with ininflationary ~~the prevailing interest rate environment, competitive pricing~~ pressures ~~for our loans and deposits~~, ~~adverse~~changes ~~shifts~~ in ~~the~~monetary ~~mix of deposits~~ and ~~other~~fiscal ~~funding sources~~policy, ~~and~~fluctuating ~~volatile market~~ interest rates, ~~resulting from general economic conditions~~ and ~~the~~declining ~~policies~~valuations of ~~governmental~~fixed-rate ~~and~~assets—can ~~regulatory~~amplify ~~agencies,~~these ~~particularly the FRB~~risks.

~~Most~~Additionally, ~~components~~external offactors ~~our~~such ~~balance~~as ~~sheet~~tariffs, ~~are~~export ~~sensitive~~controls, tosanctions, ~~fluctuations~~restrictive inimmigration ~~interest~~policies, ~~rates.~~elevated ~~Mismatches~~unemployment, incivil ~~rate~~unrest, ~~sensitivity between assets~~ and ~~liabilities~~other ~~may~~political ~~result~~or intrade-related ~~unanticipated~~developments ~~changes~~affecting indomestic ~~their~~and ~~values,~~global asmarkets ~~well~~may asheighten ~~related~~economic ~~income and expense~~uncertainty. ~~Additionally~~Collectively, ~~customer~~these ~~behavior~~conditions ~~can~~could ~~significantly~~lead ~~impact~~to ~~asset~~reduced ~~and~~loan ~~liability values~~demand, ashigher ~~customers~~credit ~~may~~losses, ~~choose~~and tolower ~~withdraw~~fee ~~certain deposits or prepay certain loans at any time~~income, ~~affecting~~among ~~our~~other ~~expected~~adverse ~~cash flows~~effects.

~~For~~Failure ~~information~~to ~~about~~adequately ~~how we~~ manage interest rate risk ~~and~~could ~~market~~have ~~risk,~~a ~~see~~material ~~“Interest~~adverse ~~Rate~~impact ~~and Market Risk Management” in MD&A~~ on ~~page~~our 70financial results.

Net interest income represents the largest component of our total revenue, and its performance is subject to a variety of external factors that can significantly influence the interest rate environment. These factors include changes in prevailing market interest rates, competitive pricing pressures for loans and deposits, unfavorable shifts in the composition of deposits and other funding sources, and volatility in interest rates driven by broader economic conditions and policy decisions by governmental and regulatory agencies—particularly the FRB. The FRB’s reduction of the federal funds rate in 2025, for example, introduced additional uncertainty into market expectations and contributed to heightened volatility in asset pricing, funding costs, and customer behavior.

A substantial portion of our balance sheet is sensitive to interest rate fluctuations. Disparities in rate sensitivity between assets and liabilities may result in unanticipated changes in their valuations, as well as related income and expense levels. Customer behavior can also significantly impact asset and liability outcomes; for instance, customers may choose to withdraw deposits or prepay loans, which can materially affect our expected cash flows. This risk has been heightened by technological advancements that enable deposits to be transferred electronically with greater ease and speed.

For more information on our approach to managing interest rate risk and market risk, see “Interest Rate and Market Risk Management” in MD&A on page 72.

LIQUIDITY RISK

~~Changes~~Fluctuations in the ~~levels~~availability and sources of liquidity and capital ~~may~~could ~~limit~~restrict our ~~operations~~operational flexibility and ~~potential~~constrain future growth opportunities.

Our primary source of liquidity is ~~deposits~~customer ~~from our customers~~deposits, which can be influenced by market-related forces such as increased competition ~~and other factors. For example~~, ~~we,~~the ~~like~~adoption ~~many~~of ~~other~~emerging ~~banks,~~technologies—including ~~experienced~~stablecoins ~~heightened~~and ~~volatility~~tokenized ~~in deposit levels~~ deposits—and ~~funding~~various ~~costs~~other ~~following~~external ~~the notable bank closures in 2023~~factors. If we are unable to fund assets through customer deposits or access ~~other~~alternative funding sources on favorable terms, —or if we ~~face~~encounter ~~increased~~rising borrowing costs, orincreased FDIC insurance assessments, or ~~fail~~are unable to manage liquidity effectively, —our liquidity position, operating margins, financial condition, and ~~results~~overall offinancial ~~operations~~performance could be materially and adversely affected.

~~The~~We ~~Federal~~also ~~Reserve’s~~rely ~~tightened~~on ~~monetary policy has resulted in a decline in the value of~~ our ~~fixed-rate loans and~~ investment securities ~~pledged~~portfolio as ~~collateral~~a ~~for~~source ~~short-term~~of ~~borrowings.~~contingent ~~Additionally,~~liquidity ~~other~~through ~~economic~~cash ~~conditions~~flows, ~~may~~maturities, ~~continue to impact our liquidity~~ and ~~associated~~secured ~~risk~~borrowing ~~management efforts~~capacity. The ~~Federal~~portfolio ~~Home~~consists ~~Loan~~of ~~Bank~~instruments ~~(“FHLB”)~~that ~~system~~can ~~and~~be ~~Federal~~readily ~~Reserve~~pledged ~~have~~or ~~been,~~converted ~~and~~to ~~remain,~~cash ~~significant~~and ~~sources~~is ofmanaged ~~additional~~to ~~liquidity~~support ~~and~~our ~~funding.~~asset‑liability ~~However,~~profile ~~borrowing~~by ~~from~~helping ~~the~~to ~~FHLB~~mitigate isinterest ~~subject~~rate tomismatches ~~requirements~~between ~~and~~loans ~~conditions,~~ and ~~may~~deposits. ~~not~~Any ~~always~~unexpected bechanges ~~available~~in asportfolio arunoff, ~~source~~market ofvaluations, ~~liquidity.~~or ~~Changes~~the inavailability ~~FHLB~~of orsecured ~~Federal~~borrowing ~~Reserve~~markets ~~funding programs~~ could ~~also~~ adversely affect our liquidity position and ~~management~~the effectiveness of ~~associated~~our ~~risks~~asset‑liability management strategies.

~~Unfavorable~~The ~~rating~~Federal ~~actions~~Reserve’s ~~from~~monetary ~~rating~~policy ~~agencies~~decisions, ~~could~~along ~~adversely~~with ~~affect~~broader ~~both~~economic usconditions, may continue to influence our liquidity position and ~~the~~related ~~holders~~risk management strategies. The Federal Home Loan Bank (“FHLB”) system and Federal Reserve remain significant sources of ~~our~~supplementary ~~securities~~liquidity and funding. However, access to FHLB advances is subject to specific eligibility requirements and conditions, and such funding may not always be

We access capital markets to supplement our funding. This access is influenced by the ratings assigned to us by rating agencies. The rates we pay on our securities are also affected by, among other factors, the credit ratings assigned to us and our securities by recognized rating agencies. Ratings downgrades to us or our securities could increase our costs or otherwise negatively impact our liquidity position, financial condition, or the market prices of our securities.

For information about how we manage liquidity risk, including rating agency actions, see “Liquidity Risk Management” in MD&A on page 73.

STRATEGIC AND BUSINESS RISK

Challenges faced by other financial institutions could adversely affect financial markets as a whole and have indirect adverse effects on us.

The soundness and stability of many financial institutions may be closely interrelated due to credit, trading, clearing, or other relationships between these institutions. As a result, concerns about, or a default or threatened default by, one institution could lead to significant market-wide liquidity and credit problems, losses, or defaults by other institutions. This phenomenon, sometimes referred to as “systemic risk,” may adversely affect financial

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~~intermediaries,~~available. ~~such as clearing agencies~~Furthermore, ~~clearing~~changes ~~houses,~~to ~~banks,~~FHLB ~~securities~~or ~~firms,~~Federal ~~and~~Reserve ~~exchanges,~~funding ~~with~~programs ~~which~~could weadversely ~~interact~~affect onour aliquidity ~~daily~~and ~~basis,~~the ~~and~~effectiveness ~~therefore,~~of ~~could~~our ~~adversely~~risk ~~affect~~management usefforts.

~~This~~Unfavorable ~~phenomenon~~rating ~~has~~actions ~~been evident in recent times, as financial institutions like ours were impacted~~ by ~~concerns~~credit ~~regarding~~rating ~~the~~agencies ~~soundness~~could ornegatively ~~creditworthiness~~impact ofour ~~other~~organization ~~financial~~as ~~institutions~~well ~~or reports of systemic deterioration in asset classes, such~~ as ~~commercial real estate. These concerns caused substantial and cascading disruptions within~~ the ~~financial~~holders ~~markets and deposits environment, increased expenses, reduced bank fees, and adversely impacted the market price and volatility~~ of our ~~common stock~~securities.

We ~~may~~access ~~not~~capital bemarkets ~~able~~to supplement our funding sources, and our ability to ~~hire~~do orso ~~retain~~is ~~qualified~~influenced ~~personnel~~by orthe ~~effectively~~credit ~~promote~~ratings ~~our~~assigned ~~corporate~~to ~~culture~~us by rating agencies. These ratings are based on various factors, ~~and~~including ~~recruiting~~the Bank's financial strength and ~~compensation~~external ~~costs~~conditions ~~may~~affecting ~~increase~~the ~~due~~broader financial services industry. The interest rates applicable to ~~changes~~our issued securities are also impacted by these credit ratings. Any downgrade of our ratings or those of our securities could result in ~~the~~higher ~~workplace,~~funding ~~marketplace~~costs and may negatively impact our liquidity position, ~~economy~~financial condition, ~~and~~or ~~regulatory~~the ~~environment~~market valuation of our securities.

~~Our~~For ~~ability~~more toinformation ~~execute~~on our ~~strategy,~~approach ~~provide services, and remain competitive may be compromised if we are unable~~ to ~~recruit~~managing orliquidity ~~retain qualified personnel~~risk, orincluding ifconsiderations ~~employee~~related compensation and benefits costs increase substantially. Bank regulatory agencies have issued regulations and guidance that limit the manner and amount of compensation that banking organizations can provide to ~~employees.~~rating ~~These~~agency ~~regulations and guidance may adversely affect our ability to attract and retain key personnel. Some of these limitations may not apply to institutions with which we compete for talent~~actions, ~~particularly~~see as“Liquidity weRisk ~~increasingly~~Management” ~~compete~~in ~~with~~MD&A ~~financial~~on ~~technology~~page ~~providers and other entities that may not be subject to the same compensation limitations~~75. ~~If we experience such adverse effects with respect to our employees, our business, financial condition, and results of operations could be adversely or materially impacted.~~

~~Our~~STRATEGIC ~~ability~~AND toBUSINESS retain talent may also be adversely affected by changes in the economy and workforce trends, priorities, migration, modes of delivery and other considerations, such as the increased ability of employees to work remotely across many industries. This growth in remote work, along with changing priorities and benefits, has led to increased compensation and related expenses, as well as workplace challenges. These challenges include fewer opportunities for face-to-face interactions, training and mentoring new employees, promoting a cohesive corporate culture, and increased competition for experienced labor, particularly in high-demand and highly skilled categories. Additionally, inflationary pressures have increased our compensation costs and are likely to continue to do so in the future.RISK

WeChallenges ~~have~~experienced ~~implemented~~by ~~and~~other ~~are~~financial ~~continuing~~institutions tocould ~~implement~~negatively ~~significant~~impact ~~changes, including organizational restructurings, efficiency initiatives, and~~ the ~~replacement~~broader orfinancial ~~upgrading~~markets ~~of technology systems to improve our operating efficiency~~ and ~~control environment. The ultimate success and completion of these changes~~, ~~and~~in ~~their effects on us~~turn, ~~may~~indirectly ~~vary~~have ~~significantly~~an ~~from~~adverse ~~intended~~effect ~~results,~~on ~~which~~our ~~could materially adversely affect us~~operations.

InThe ~~July~~soundness ~~2024,~~and westability ~~successfully~~of ~~completed~~many ~~the~~financial ~~final~~institutions ~~phase~~are ofoften ~~our~~closely ~~multi-year~~interconnected ~~project~~through tovarious ~~replace~~credit, ~~our~~trading, ~~core~~clearing, ~~loan~~or ~~and~~other ~~deposit~~operational ~~banking systems~~relationships. WeAs ~~continue to invest in~~ a ~~variety~~result, ofconcerns ~~strategic~~regarding—or ~~projects~~an ~~designed~~actual toor ~~enhance~~threatened ~~our~~default ~~products~~by—any ~~and~~single ~~services~~institution ~~and~~could ~~simplify~~lead ~~our~~to ~~business~~widespread ~~operations.~~liquidity ~~These initiatives~~ and ~~other~~credit ~~significant~~problems, ~~changes~~losses, ~~are~~or ~~ongoing~~defaults ~~and~~across atthe ~~various~~broader ~~stages~~financial ~~of completion~~system. ByThis ~~their nature~~phenomenon, ~~projections~~commonly ~~regarding~~referred ~~duration,~~to ~~cost,~~as ~~expected~~“systemic ~~savings~~risk,” ~~expected~~may ~~efficiencies,~~adversely ~~and~~affect ~~related~~financial ~~items~~intermediaries ~~are~~such ~~subject~~as toclearing ~~change~~agencies, ~~and~~clearing ~~significant~~houses, ~~variability.~~banks, ~~There~~securities isfirms, noand ~~certainty~~exchanges ~~that~~with which we ~~will~~regularly ~~achieve~~engage, ~~the~~and ~~expected~~may ~~benefits~~therefore ornegatively ~~other~~impact ~~intended~~our ~~results associated with these projects~~operations.

~~Our~~Events ~~ability~~in the financial services industry during 2023 illustrated this dynamic. A number of regional and community banks experienced deposit outflows and heightened liquidity pressures, which in turn contributed to ~~develop~~broad market concerns about the financial condition and creditworthiness of other institutions. These developments resulted in—and similar occurrences may again result in—significant and cascading disruptions across financial markets and the deposit environment, ~~adopt~~increased operating costs, ~~implement~~reduced fee income, and ~~deliver~~increased ~~technological~~volatility ~~advancements~~and ~~could~~downward ~~adversely~~pressure ~~affect~~on usthe market value of our common stock.

~~Our~~We ~~ability~~may toface ~~remain~~challenges ~~competitive~~in ~~increasingly~~attracting ~~depends on maintaining critical technological capabilities,~~ and ~~identifying~~retaining ~~and~~qualified ~~developing~~personnel ~~new,~~or ~~value-added~~effectively ~~products~~fostering ~~for~~our ~~existing~~corporate ~~and future customers~~culture. ~~These~~Additionally, ~~technological~~recruiting ~~competitive pressures arise from both traditional banking~~ and ~~nontraditional~~compensation ~~sources.~~costs ~~Larger banks~~ may ~~have~~increase ~~greater~~as resources and economies of scale for maintaining existing capabilities and developing or adopting digital and other technologies. Fintechs and other technology platform companies continue to emerge and compete with traditional financial institutions across a ~~wide~~result ~~variety~~ of ~~products~~evolving ~~and~~workplace ~~services. Experimentation with~~dynamics, ~~and~~market ~~adoption of~~conditions, ~~artificial~~economic ~~intelligence~~factors, ~~quantum computing, the expansion of blockchain technologies~~ and ~~digital~~regulatory currencies, including the potential creation and adoption of central bank digital currencies, as well as the increasing use and mainstream acceptance of such digital currencies, may fundamentally change the business of banking and present similar riskschanges.

Our ability to successfully execute strategic initiatives, deliver high-quality services, and remain competitive may be adversely affected if we are unable to recruit and retain qualified personnel, or if employee compensation and benefits expenses increase significantly. Regulatory guidance and rules issued by banking authorities impose restrictions on the structure and amount of compensation that financial institutions may offer, which can hinder our capacity to attract and retain key personnel. These constraints may place us at a disadvantage relative to competitors—particularly financial technology firms and other entities not subject to the same regulatory limitations—when competing for skilled professionals.

Additionally, broader economic conditions and evolving workforce dynamics, including shifting employee priorities, regulatory expectations, increased geographic mobility, and the adoption of remote work models, may further challenge our talent retention efforts and contribute to increased compensation demands, associated costs, or other operational challenges. Moreover, inflationary pressures have led to increased compensation costs, a trend that is expected to persist and may continue to impact our financial performance. If we experience such adverse effects with respect to our employees, our business, financial condition, and results of operations could be adversely or materially impacted.

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~~Our~~We ~~failure~~have undertaken, and continue to ~~remain~~implement, ~~technologically~~significant ~~competitive~~initiatives ~~could~~to ~~impede~~improve operating efficiency and strengthen our ~~market~~internal ~~position~~control ~~and~~environment. ~~reduce~~The ~~customer~~ultimate ~~satisfaction~~success, ~~product~~timely ~~accessibility~~completion, and ~~relevance~~overall impact of these efforts may differ significantly from expectations, and any such deviation could have a material adverse effect on our organization.

We continue to invest in a variety of strategic initiatives designed to enhance our product and service offerings while simplifying business operations. These initiatives include organizational restructuring, efficiency enhancements, and the replacement or upgrading of technology systems. These initiatives, along with other significant changes, remain ongoing and are at varying stages of development. Due to the inherent complexity of such projects, estimates related to timelines, costs, anticipated savings, operational efficiencies, and other potential outcomes are subject to change and may vary significantly. Accordingly, there can be no assurance that the expected benefits or intended results of these initiatives will be realized.

Our ability to effectively develop, adopt, implement, and deliver technological innovations may significantly impact our financial performance and could adversely affect our business.

Our ability to remain competitive increasingly depends on maintaining robust technological capabilities and continuously identifying and developing innovative, value-added products for both current and prospective customers. Competitive pressures in technology arise from traditional banking and nontraditional sources. Larger banks often benefit from greater resources and economies of scale, enabling them to maintain advanced capabilities and accelerate the development or adoption of digital and emerging technologies.

In addition, fintechs and other technology-driven platforms are expanding their presence, offering a wide variety of products and services that challenge traditional banking models. The growing experimentation with and adoption of advanced technologies—such as AI, quantum computing, tokenized deposits, blockchain, stablecoins, and other digital currencies, including the potential issuance, acceptance, and integration of central bank digital currencies—has the potential to fundamentally reshape the financial services landscape. Regulatory developments related to these emerging technologies, including the recent enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (“GENIUS Act”) and the potential passage of the Digital Asset Market Clarity Act of 2025 (“CLARITY Act”), further underscore this shift. Failure to keep pace with technological advancements could adversely affect our competitive position, diminish customer satisfaction, and reduce the accessibility and relevance of our products and services.

We operate in a highly competitive environment, both in the range of products and services we provide and across the geographic markets in which we conduct business.

Consolidation in our industry—whether through smaller banks merging to create larger, more competitive institutions or through combinations of banks and non-bank entities—may intensify competitive pressures, particularly in affected regions or for specific products. To the extent we expand into new markets, we may encounter competitors with greater experience and established customer relationships, which could adversely impact our ability to compete effectively. Failure to adequately respond to these competitive dynamics could hinder our ability to attract and retain customers across our businesses.

OPERATIONAL RISK

Our operations ~~could~~may beexperience ~~disrupted~~disruptions byas a result of the implementation and impact of new and ongoing projects and initiatives.

We may ~~encounter~~face significant operational disruptions ~~arising~~in ~~from~~connection with the execution of our ~~numerous~~various strategic projects and initiatives. ~~These~~Potential ~~disruptions~~challenges ~~may~~ include ~~significant~~extended ~~time~~implementation ~~delays~~timelines, ~~cost~~budget overruns, loss of key personnel, technological issues, and processing ~~failures~~errors. Additionally, wedisruptions may ~~experience~~arise ~~operational~~from ~~disruptions due to~~ capacity ~~constraints~~limitations, service level ~~failures~~deficiencies, ~~inadequate~~suboptimal performance, and ~~certain replacement~~ costs. ~~Any~~associated orwith ~~all~~system ofreplacements ~~these issues could disrupt our systems, processes, control environment, procedures, employees,~~ and ~~customers~~upgrades. The ultimate effect of any significant disruption to our business could subject us to additional regulatory scrutiny or expose us to civil litigation and possible financial liability, any of which could materially impact us, including our control environment, operating efficiency, and results of operations.

Such issues could adversely affect our systems, operational processes, internal controls, procedures, workforce, and customer experience. In the event of a significant disruption, we could be subject to increased regulatory oversight, exposure to civil litigation, and potential financial liabilities or reputational risk. These outcomes could materially affect our control environment, operational efficiency, and overall financial performance.

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We could be adversely affected by failures in our internal controls.

~~Due~~Despite to their ~~inherent~~design ~~limitations~~and implementation, our internal controls are subject to inherent limitations and may not fully prevent or detect operational failures or misstatements in our financial statements. ~~arising~~Such issues may arise from inadequate or failed internal processes and systems, human ~~errors~~error or misconduct, or ~~other~~ adverse external events. A failure in our internal controls could ~~significantly~~materially and negatively ~~impact~~affect our financial performance and earnings. Moreover, ~~and~~any ~~the~~perceived ~~perception~~weakness in our internal controls may undermine stakeholder confidence—including that of customers, regulators, and investors—potentially ~~may~~resulting ~~have~~in ofreputational ~~us,~~harm ~~thereby~~and ~~adversely~~adverse ~~affecting~~impacts on our business operations and stock price.

We could be adversely affected by internal and external fraud schemes.

~~Attempts~~We continue to ~~commit~~face ~~fraud,~~persistent ~~both~~and ~~internally~~increasingly ~~and~~sophisticated ~~externally,~~attempts ~~are~~to ~~becoming~~defraud ~~increasingly~~the ~~sophisticated~~Bank and our customers from a variety of sources. The frequency of these schemes may ~~rise~~increase in an adverse economic environment. WeOur ~~have~~ability ~~experienced~~to ~~losses~~identify inand prevent fraud depends on the ~~past~~effectiveness ~~due~~of toour ~~these~~systems, ~~attempts~~processes, and ~~schemes~~personnel; ~~and~~however, despite the safeguards we have implemented, some fraudulent activities may still go undetected. As a result, we may not be able to ~~identify~~detect, prevent, or mitigate all ~~instances~~future ofincidents, ~~fraud~~which incould ~~the~~lead ~~future~~to ~~that~~material ~~could~~financial ~~result~~losses. Furthermore, even in ~~material~~cases ~~losses.~~where ~~These~~we ~~attempts~~are ~~may~~not gofinancially ~~undetected~~responsible byfor ~~the~~reimbursing ~~systems~~customers ~~and~~for ~~procedures~~fraudulent welosses, ~~have~~such inincidents ~~place~~can toharm ~~monitor~~our reputation and impair our ~~operations~~ability to attract and retain customers.

Climate-related and other catastrophic events, ~~including but not limited to, hurricanes, tornadoes, earthquakes, wildfires, floods, mudslides, prolonged drought, and pandemics~~ may adversely ~~affect~~impact usour organization, our customers, the ~~general~~broader economy, financial and capital markets, and ~~specific~~certain industries.

The occurrence of pandemics, natural disasters, and other climate-related or catastrophic events could materially and adversely affect our operations and financial ~~results~~performance. We ~~have~~maintain ~~significant~~substantial operations and ~~customers~~serve a significant customer base in regions such as Utah, Texas, California, and other regions—areas ~~where~~which ~~natural and other disasters have occurred, and~~ are ~~likely~~historically tosusceptible ~~continue~~ to ~~occur. These regions are known for being vulnerable to~~ natural ~~disasters~~ and other ~~risks,~~environmental ~~such~~disasters. asThese include hurricanes, tornadoes, earthquakes, wildfires, floods, mudslides, prolonged droughts, and other weather-related events, ~~some~~many of which may be exacerbated by the effects of climate change and ~~become~~occur ~~more~~with ~~frequent~~increasing frequency and ~~intense~~severity. ~~These types of catastrophic events~~Events, ~~including~~such as the ~~recent~~2025 wildfires in Southern California, have ~~posed~~presented physical risks to our ~~property~~facilities, ~~and~~ disrupted ~~the~~ local ~~economy~~economic activity, and adversely affected our business, and customers,—particularly ~~including~~through ~~decreased~~reduced access to insurance and ~~other~~essential services. Additionally, ~~catastrophic~~similar events occurring in other ~~regions~~parts of the world may also have anindirect impact on usour operations and ~~our~~ customers.

We utilize models into support the Bank’s management ofand ~~the~~decision-making ~~Bank~~processes. ~~There~~Inaccurate isassumptions aor ~~risk~~non-representative ~~that~~training data within these models ~~are~~could ~~inaccurate~~lead into ~~various~~unreliable ~~ways~~outputs or suboptimal decisions, ~~potentially~~which ~~leading~~could toadversely ~~suboptimal~~affect ~~decisions~~our operations.

We ~~rely~~utilize onvarious models in the management of the Bank~~. For example~~, weincluding ~~use~~those ~~models~~used to ~~inform our~~ estimate of the allowance for credit losses (“ACL”), manage interest rate and liquidity risk, project stress-related losses inacross ~~various~~ segments of our loan and investment portfolios, and forecast net revenue under ~~stress~~adverse conditions. However, models ~~cannot~~are ~~perfectly~~inherently ~~predict~~subject ~~outcomes,~~to limitations and ~~management~~cannot ~~decisions~~precisely ~~based~~predict onfuture ~~these~~outcomes. ~~models~~Weaknesses ~~may~~in ~~therefore~~model bedesign—such ~~suboptimal.~~as ~~For~~inaccurate ~~example,~~assumptions ~~due~~or toreliance ~~the~~on ~~prominent~~historical ~~bank~~data ~~closures~~used into ~~2023,~~“train” ~~customer~~or ~~deposit~~calibrate ~~behavior~~models ~~deviated~~that ~~from~~may ~~modeled~~not ~~behaviors,~~reflect ~~prompting~~current usor expected conditions—could lead to ~~redevelop~~inaccurate ~~our~~or ~~deposit~~misleading ~~models~~outputs. Consequently, ~~which~~decisions ~~are~~based ~~currently~~on ~~used~~these bymodels ~~management~~may occasionally be suboptimal. For more information about our deposit models, see “Interest Rate and Market Risk Management” in MD&A on page 7072.

18We outsource certain operations to third-party providers, which may pose risks that could adversely affect our business and operational performance.

We rely on various external suppliers to perform operational activities that support our business operations. While these partnerships offer strategic and operational advantages, they also present a range of risks. These risks vary based on factors including the nature and volume of data accessed or processed by suppliers, the concentration of services they deliver, their exposure to downstream service providers, and the geographic locations—both domestic and international— from which services are provided. Our internal control and third-party risk management frameworks may not always provide adequate oversight or mitigate all potential exposure. Substandard performance by third-party providers can adversely affect our ability to deliver products and services effectively, disrupt business

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Wecontinuity, ~~outsource~~and ~~various~~negatively ~~operations~~impact tocustomer ~~third-party~~experience. ~~suppliers~~Moreover, ~~which~~replacing ~~could~~or ~~adversely~~identifying ~~impact~~suitable ~~our~~alternatives ~~business~~for underperforming suppliers can be difficult and ~~operational~~costly, ~~performance~~particularly when swift transitions are required due to unforeseen circumstances.

~~We rely on various suppliers to perform operational activities essential to our business. While these relationships offer benefits~~Additionally, ~~they~~many ~~also present risks. These risks vary based on several factors, such as the type and amount~~ of ~~data~~ our suppliers may access or process, the concentration of services they provide to us, and the national and international locations from which they operate. Our operational controls and third-party management programs may not always provide adequate oversight and control. Inadequate performance by third parties can adversely affect our ability to deliver products and services to our customers and conduct our business. Replacing or finding alternatives for underperforming suppliers can be difficult and costly, potentially adversely impacting our customers and other operations, especially when circumstances require us to make changes under tight time constraints. Many of our suppliers have experienced ~~adverse~~operational ~~effects~~challenges onarising ~~their~~from ~~operations, supply chains, personnel, and businesses due to~~ inflationary pressures, wars and geopolitical conflicts, international trade policies, cyber ~~vulnerabilities~~threats, natural disasters, and other disruptive events,. ~~all~~These ofexternal ~~which~~factors ~~can~~may, ~~impact~~in turn, adversely affect our operations asand ~~well~~service delivery.

For additional information about how we manage operational risk, see “Operational, Technology, and Cybersecurity Risk Management” in MD&A on page 7678.

TECHNOLOGY RISK

Our operations and customer-facing services ~~could~~may be adversely ~~impacted~~affected by system vulnerabilities, failures, or outages.

We rely on various information technology systems ~~that~~to support ~~our~~both internal operations and customer-facing services. ~~Vulnerabilities~~A invulnerability, ~~or a~~ failure, or outage ~~of,~~affecting ~~one~~any ~~or more~~ of these systems could ~~impact~~affect our ability to ~~perform~~execute ~~internal~~critical ~~operations~~functions and ~~provide~~deliver services to customers, such as online banking, mobile banking, remote deposit capture, treasury and payment services, and other services dependent on system processing. These risks ~~increase~~are heightened as systems and software approach the end of their useful life or require ~~more~~increasingly frequent updates and modifications. WeAlthough ~~have~~we maintain well-established business continuity, disaster recovery, and crisis management protocols, ~~that~~these measures may not be sufficient to fully restore ~~our~~ operations in the event of ~~system~~a ~~failure~~significant orsystem ~~other outages~~disruption. WeAs such, we cannot ~~guarantee~~ensure that such ~~occurrences~~incidents will not ~~have~~result ain significant operational or customer-facing ~~impact~~impacts.

For ~~information regarding~~ risks ~~associated~~related ~~with~~to ~~the replacement or upgrades of our~~ technology ~~systems~~system enhancements, see “Strategic and Business Risk” in Risk Factors on page 1617. ~~For information about how we manage technology risk, see “Operational, Technology, and Cybersecurity Risk Management” in MD&A on page 76.~~

The development and use of AI technologies present risks and challenges that could materially and adversely affect our business, financial condition, and results of operations.

We are in the early stages of integrating AI into certain aspects of our business operations with the objective of enhancing employee productivity and operational efficiency. At present, we have not implemented fully autonomous AI-driven systems in critical decision-making processes or client-facing activities. Instead, we utilize certain AI solutions to support, inform, or augment decision-making and client interactions, with all final actions subject to human oversight and review. We anticipate that AI technologies may become increasingly integrated into our operations over time. Additionally, some vendors or third-party service providers may incorporate AI within their products, services, or processes, which could indirectly impact our business.

AI models present unique risks, including the potential for “hallucinations”—instances where the system produces outputs that appear credible but are factually incorrect or misleading. Such errors may lead to inaccurate information being used in decision-making or communicated externally. AI models may also reflect biases inherent in their training data, which could lead to inaccurate outputs, inadvertent disclosure of confidential information, infringement of intellectual property rights, lack of transparency, or other adverse outcomes. The complexity of many AI models also makes them difficult to fully assess, potentially exposing us to financial liability, regulatory scrutiny, or reputational harm.

We are also exposed to risks arising from the use of AI by threat actors to commit fraud, misappropriate funds, and facilitate cyberattacks. If leveraged against us—or against other financial institutions, securities exchanges, or similar organizations—AI‑enabled threats could pose risks to our operational stability.

Any reliance on AI introduces a number of risks and challenges. The legal and regulatory environment governing AI remains uncertain and is evolving rapidly, both in the U.S. and internationally. Emerging frameworks include regulations specifically targeting AI technologies. Changes in applicable laws and regulations may require us to modify our approach to AI adoption, increase compliance costs, and heighten the risk of non-compliance. Additionally, challenges in monitoring and governing models over time—including changes in data inputs—may result in unintended deterioration in model accuracy.

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For more information about our approach to managing technology-related risks, see “Operational, Technology, and Cybersecurity Risk Management” in MD&A on page 78.

CYBERSECURITY RISK

We are ~~subject~~exposed to ~~various~~risks related to information system failures and cybersecurity ~~risks~~threats, ~~that~~which could adversely ~~affect~~impact our business operations and financial performance.

We rely ~~heavily~~extensively on communications and information systems to ~~conduct~~support our business operations. ~~Our~~These systems process and ~~maintain~~store ~~information that is~~ confidential, proprietary, personal, or otherwise sensitive data, including financial and other confidential business information. ~~We,~~Like ~~our customers, and~~ other financial institutions, ~~with~~we ~~which~~and weour ~~interact,~~customers are subject to ~~ongoing,~~persistent ~~continuous~~and ~~attempts~~increasingly bysophisticated cyber threats from a range of threat actors, ~~such~~including as organized ~~cybercrime~~cybercriminals, hackers, and state-sponsored organizations~~, to penetrate key systems~~. ~~Information~~The ~~security~~proliferation ~~risks~~of ~~for~~advanced ustechnologies—such ~~and~~as ~~other~~AI—alongside ~~large~~widespread ~~financial~~internet ~~institutions~~connectivity ~~have~~and increased ~~significantly~~sophistication inof ~~recent years, partly due to~~ the ~~proliferation~~activities of ~~new~~threat ~~technologies,~~actors ~~including~~has ~~artificial~~significantly ~~intelligence,~~heightened ~~the~~information ~~ubiquity~~security ofrisks ~~internet~~across ~~connections, and~~ the ~~increased~~financial ~~sophistication~~services ~~and activities of threat actors~~industry.

~~Moreover,~~Emerging ~~developments~~technologies—including ~~in our and third parties’ use of~~ generative ~~artificial intelligence~~AI, asmobile ~~well~~platforms, asquantum ~~the~~computing, ~~use of mobile~~ and cloud ~~technologies,~~computing—continue ~~could~~to heighten ~~these~~operational and ~~other~~cybersecurity ~~operational~~ risks,. asThe ~~certain~~complexity ~~aspects~~and ofunpredictability ~~the security~~ of ~~such~~these technologies ~~may be complex~~, ~~unpredictable,~~as orwell ~~beyond~~as ~~our~~limited control. ~~The~~over ~~types~~certain aspects of ~~attacks~~their ~~these~~security, ~~threat~~present ~~actors~~additional ~~use~~challenges. ~~include,~~Threat ~~but~~actors ~~are~~employ ~~not~~a ~~limited~~variety toof tactics, including exploiting ~~customer or~~ system vulnerabilities or misconfigurations, launching denial-of-service attacks, deploying ransomware, compromising business ~~emails~~email systems, deceiving employees through email phishing orand social engineering, and ~~compromising~~targeting ~~any of~~ our suppliers. ~~Such~~These threats ~~may~~can be difficult to detect over extended periods and ~~could~~may be further exacerbated ~~through~~by ~~threat~~the ~~actors'~~ use of ~~artificial intelligence~~AI.

19Third-party providers, including suppliers and their subcontractors, present operational and information security risks. These risks include potential security breaches or failures within their systems or those of their downstream partners. In such instances, we may not receive timely notification of incidents affecting our services or data, nor have the ability to participate in related investigations, disclosures, or remediation efforts. Additional risks may arise from human error, noncompliance with security protocols, or intentional misconduct by employees or third parties. Our ability to control and monitor the operational and cybersecurity measures implemented by third-party providers is limited, and under applicable laws, regulations, or contractual obligations, we may be held responsible for cyber incidents within third-party systems that impact us or our customers.

As cybersecurity threats continue to evolve, we remain committed to allocating the necessary resources in an effort to strengthen our defenses and address any information security vulnerabilities. While past cybersecurity incidents involving our systems and those of our third-party providers have not resulted in material impacts to our data, customers, or operations, we cannot guarantee that future incidents will not occur or that they will be effectively mitigated. The potential severity and consequences of such events are inherently uncertain.

Furthermore, system upgrades and enhancements may introduce risks related to implementation and integration with existing infrastructure. Given the complexity and interdependence of our technology environment, efforts to improve security can inadvertently lead to system disruptions or new vulnerabilities. Additional risks may arise if hardware and software vendors are unable to deliver timely patches or if we are unable to implement necessary updates promptly—particularly in cases where threat actors are actively exploiting known vulnerabilities.

Despite substantial investments in cybersecurity, our systems may remain susceptible to evolving threats, and our mitigation efforts may be deemed inadequate by regulatory authorities or courts. Any failure, disruption, or security incident—whether actual or perceived—affecting our communications and information technology systems or those of our third-party providers could impact our operations and services, damage our reputation, result in loss of customer business, increase regulatory scrutiny, expose us to civil litigation and financial liability, and lead to other material adverse consequences.

Furthermore, any insurance coverage we maintain may be insufficient to fully compensate for losses arising from the foregoing risks. We also cannot assure that such coverage will remain available on acceptable terms, or at all, or that insurers will not deny coverage for future claims.

For information about our cybersecurity risk management practices, see Part I, Item 1C. Cybersecurity on page 26.

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Third parties, including our suppliers and their subcontractors, also present operational and information security risks to us, including security incidents or failures of their own systems and downstream systems. In incidents involving third parties, we may not be informed promptly of any effect on our services or our data, nor be able to participate in any related investigation, notification, or remediation. The possibility of third-party or employee error, failure to follow security procedures, or malfeasance also presents these risks.

As cybersecurity threats continue to evolve, we allocate necessary resources to modify or enhance our defenses and investigate or remediate any information security vulnerabilities. While we and our third-party suppliers have experienced cybersecurity incidents in the past that have not materially impacted our data, customers, or operations, there can be no assurance that future failures, interruptions, or significant security breaches will not occur or that they will be adequately addressed. It is impossible to determine the severity or potential effects of these incidents with any certainty.

System enhancements and updates may also create risks associated with implementing new systems and integrating them with existing ones. Due to the complexity and interconnectedness of information technology systems, the process of enhancing our defenses itself can create a risk of systems disruptions and security issues. We may face additional risks to the extent our hardware and software providers are unable to deliver patches and updates to mitigate vulnerabilities or we are unable to implement patches in a timely manner, particularly when a vulnerability is being actively exploited by threat actors. We have devoted and will continue to devote significant resources to the security of our computer systems, but they may still be vulnerable to these threats and our efforts may subsequently be deemed to have been inadequate by regulators or courts. The occurrence of any failure, interruption or security incident to our information systems or those of our third-party suppliers could interfere with or disrupt our operations and services, damage our reputation, result in a loss of customer business, subject us to additional regulatory scrutiny, expose us to civil litigation and financial liability, or otherwise result in material adverse consequences on us.

For information about how we manage cybersecurity risk, see Part I, Item 1C. Cybersecurity on page 24.

CAPITAL/FINANCIAL REPORTING RISK

Internal stress testing and capital management requirements, ~~along~~together with provisions of the National Bank Act and OCC regulations, may limit our ability to increase dividends, repurchase shares of our stock, ~~and~~or access capital markets.

We utilize stress testing as an important ~~mechanism~~tool tofor ~~inform~~informing ~~our~~ decisions onregarding the appropriate level of capital, ~~based~~to onmaintain ~~hypothetically~~under ~~stressed~~adverse economic conditions. ~~Stress~~These tests are based on hypothetical scenarios that reflect a severity comparable to those published by the FRB. Compliance with stress testing and other applicable regulatory requirements may, ~~among other things,~~ require usactions tosuch ~~increase~~as ~~our~~increasing capital levels, ~~limit~~limiting ~~our~~dividend ~~dividends~~payments or other capital distributions to shareholders, ~~modify~~modifying ~~our~~ business strategies, or ~~decrease~~reducing ~~our~~ exposure to ~~various~~specific asset classes. Under the National Bank Act and OCC regulations, certain capital-related transactions, including share repurchases, ~~are~~require ~~subject~~prior ~~to the~~ approval offrom the OCC. These ~~requirements~~regulatory constraints may limit our ability to respond to and take advantage of evolving market ~~developments~~opportunities.

Regulatory requirements, prevailing economic conditions, and other factors may require us to raise capital atunder ~~times~~circumstances or in amounts that are unfavorable to us.

We ~~maintain~~are ~~certain~~subject to risk-based and leverage capital ~~ratios,~~ratio asrequirements ~~required~~established by our federal banking regulators,. ~~which~~These ~~can~~ratios ~~change~~may ~~depending~~fluctuate ~~upon~~based ~~general~~on broader economic conditions, asour ~~well~~specific ~~as the particular conditions,~~ risk profiles, and ~~our~~strategic growth plans. Compliance with these capital requirements may limit our ability to ~~expand~~pursue expansion and has ~~required~~, ~~and~~at ~~may require~~times, usrequired tothe ~~raise~~retention ~~additional~~of ~~capital~~earnings or ~~retain~~the ~~earnings~~issuance of additional capital that ~~could~~might otherwise behave been distributed to shareholders. ~~These~~Moreover, ~~uncertainties~~legislative and ~~risks,~~regulatory ~~including~~frameworks ~~those~~introduce ~~created~~additional byuncertainty ~~legislative~~ and ~~regulatory~~risks. ~~change~~Recent ~~and~~regulatory ~~uncertainties,~~ proposals—such as ~~recent~~those ~~regulatory~~aimed ~~proposals~~at ~~that would~~ significantly ~~revise~~revising ~~the~~ capital ~~requirements~~standards and ~~expand~~expanding long-term debt requirements ~~applicable~~for to large banking organizations, —may increase our cost of capital and other financing ~~costs~~expenses. For more information about these regulatory proposals, see “Regulatory Developments” in Supervision and Regulation on page 9.

20We may be adversely affected by risks related to accounting, financial reporting, and regulatory compliance.

We are subject to risks associated with accounting, financial reporting, and regulatory compliance. The accurate reporting of our financial condition and performance requires the application of significant estimates, judgments, and interpretations of complex and evolving accounting and regulatory standards. Modifications to accounting policies or changes in applicable accounting standards could materially impact the presentation of our financial results. The ongoing identification, interpretation, and implementation of complex and frequently changing accounting and regulatory requirements represent a persistent risk to our operations.

The value of our goodwill may decline in the future.

If the fair value of a reporting unit is determined to be lower than its carrying value, we would be required to recognize a goodwill impairment charge. Such a charge may arise due to various factors, including deterioration in the economic environment, a decline in the financial performance of the reporting unit, or the emergence of new legislative or regulatory developments that were not anticipated in management’s forecasts.

We may be unable to fully realize our DTAs, which could negatively impact our operating results and overall financial performance.

At December 31, 2025, we had a net deferred tax asset (“DTA”) of $714 million. The accounting treatment for the realization of DTAs involves complex considerations and requires significant management judgment. Our ability to fully realize the value of these assets may be adversely affected if future projections of taxable income, anticipated reversals of existing deferred tax liabilities (“DTLs”), or the effectiveness of tax planning strategies do not sufficiently support their recoverability. Additionally, changes in applicable tax laws and regulations, as well as shifts in macroeconomic or market conditions, may adversely impact our financial results. Accordingly, there can be no assurance that we will be able to fully realize our DTAs.

For information about our capital management approach, see “Capital Management” in MD&A on page 80.

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We could be adversely affected by risks related to accounting, financial reporting, and regulatory compliance.

We are exposed to accounting, financial reporting, and regulatory compliance risk. Significant estimates, judgments, and interpretations of complex and changing accounting and regulatory policies are required to properly account for the products and services we provide to our customers. Changes in our accounting policies or accounting standards could materially affect how we report our financial results and conditions. The level of regulatory compliance oversight continues to be heightened. Identification, interpretation, and implementation of complex and changing accounting standards, as well as compliance with regulatory requirements, pose an ongoing risk.

The value of our goodwill may decline in the future.

If the fair value of a reporting unit is determined to be less than its carrying value, we would take a charge related to the impairment of our goodwill. Such a charge could result from, among other factors, weakening in the economic environment, a decline in the performance of the reporting unit, or new legislative or regulatory changes not anticipated in management’s expectations.

We may unable to fully realize our deferred tax assets, which could adversely affect our operating results and financial performance.

At December 31, 2024, we had a net deferred tax asset of $904 million. The accounting treatment for realization of deferred tax assets is complex and requires judgment. Our ability to fully realize our deferred tax asset could be reduced in the future if our estimates of future taxable income from our operations, future reversals of existing deferred tax liabilities (“DTLs”), or tax planning strategies do not support the realization of our deferred tax asset. Changes in applicable tax laws, regulations, macroeconomic conditions, or market conditions may adversely affect our financial results, and there can be no assurance that we will be able to fully realize our deferred tax assets.

For information about how we manage capital, see “Capital Management” in MD&A on page 77.

LEGAL/COMPLIANCE RISK

Laws and regulations ~~governing~~applicable to us and the broader financial services industry impose significant ~~limitations~~restrictions on our business activities, subjecting us to ~~increased~~heightened ~~regulation~~regulatory oversight and ~~additional~~increased compliance costs.

We, ~~and~~along with the ~~entire~~broader financial services industry, have incurred, —and will continue to incur,—significant ~~substantial costs related to~~ personnel, systems, consulting, and other ~~activities~~costs inrequired ~~order~~ to comply with evolving banking regulations. ~~See~~For ~~“Supervision~~additional ~~and Regulation” on page 7 for further~~ information ~~about~~regarding the ~~regulations~~regulatory frameworks applicable to us and the financial services industry generally, see “Supervision and Regulation” on page 7.

Regulators, federal and state legislatures, the current administration, the U.S. Congress, ~~state legislatures,~~ and other governing or ~~consultative~~advisory bodies continue to ~~enact~~implement rules, laws, and policies tothat ~~regulate~~affect ~~the~~ financial ~~services~~institutions ~~industry~~ and public companies,. ~~including~~These ~~laws~~measures ~~that~~ are ~~designed~~often intended to promote, ~~protect~~restrict, or penalize ~~certain~~particular activities or industries, ~~and~~thereby influencing their access to financial services. We are, and may in the future become, subject to these laws by offering our products and services to certain industries or in certain locations. The nature of these laws and regulations and their effect on our future business and performance cannot be predicted.

~~There~~Additionally, ~~can~~initiatives besuch noas ~~assurance~~the ~~that~~current ~~any~~administration's orrecent ~~all~~proposal ofto ~~these~~cap ~~regulatory~~credit ~~changes~~card orinterest ~~actions~~rates ~~will~~at ~~ultimately~~10%, bealong ~~enacted.~~with ~~However,~~similar iffederal ~~enacted,~~and ~~some~~state ofproposals ~~these~~to ~~proposals~~limit ~~could~~bank ~~adversely~~fees ~~affect~~and usinterest byrates, ~~among~~may ~~other~~negatively ~~things:~~affect ~~impacting~~bank ~~after-tax~~profitability ~~returns~~and ~~earned~~limit bytheir ~~financial~~ability to offer certain products and services. ~~firms~~As ina ~~general;~~provider ~~limiting~~of ~~our~~financial ~~ability~~products toand ~~grow;~~services ~~increasing~~across ~~FDIC~~multiple ~~insurance~~industries ~~assessments~~and geographic markets, ~~taxes~~we orare ~~fees~~subject onto ~~our~~these ~~funding~~regulatory orframeworks ~~activities;~~and ~~limiting~~may be affected by future legislative developments. Because the ~~range~~scope and impact of ~~products~~these laws and ~~services~~regulations ~~that~~continue weto ~~could~~change, ~~offer;~~their ~~and~~ultimate ~~requiring~~effect uson toour ~~raise~~business ~~capital~~operations atand ~~inopportune~~financial ~~times~~performance cannot be predicted.

~~Political~~Although ~~developments~~the timing and likelihood of proposed regulatory changes remain uncertain, ~~including~~any ~~those~~resulting ~~arising~~implementation ~~from~~could ~~transitions~~adversely inaffect ~~administration~~our operations and ~~shifts~~financial inresults. ~~congressional~~Potential ~~control,~~consequences ~~may~~include ~~create~~reduced ~~volatility~~revenues and ~~uncertainty~~after-tax returns for financial institutions, ~~potentially~~constraints ~~resulting~~on ingrowth, ~~significant~~increased ~~changes~~FDIC ininsurance assessments, higher taxes or fees on funding and activities, limitations on the ~~size~~products and services we are able to offer, ~~scope~~increased regulatory or legal compliance costs, and ~~effectiveness~~potential ofrequirements ~~government~~to ~~agencies~~raise ~~and~~additional ~~services~~capital under unfavorable market conditions.

Political developments,—including ~~such as~~ those ~~recently~~resulting ~~announced~~from oradministrative ~~enacted~~transitions byand ~~the~~shifts ~~new administration, may result~~ in ~~sudden~~congressional ~~changes~~control—can inintroduce ~~laws,~~volatility ~~policies,~~ and ~~government operations. For example~~uncertainty, ~~the~~potentially ~~administration~~leading ~~has~~to ~~taken~~significant ~~steps~~changes orin ~~indicated~~the ~~plans~~size, ~~to (1) change leadership of~~scope, and ~~potentially~~effectiveness ~~combine~~of orgovernment ~~eliminate, various regulatory~~ agencies; ~~(2)~~and services.

21Political developments may result in rapid changes to legislation, public policy, and governmental operations. Several initiatives under the current administration could heighten uncertainty and volatility in both U.S. and global financial markets, potentially affecting the government's capacity to deliver services at historical levels. These shifts may also affect our ability to obtain timely guidance and support from regulatory authorities in managing current and emerging risks, including those related to climate-related events, cybersecurity, privacy, AI, quantum computing, digital assets, and public safety. Many proposed measures remain subject to legal challenges or require additional legislative approval prior to implementation. Consequently, the timing, scope, and ultimate impact of these developments are uncertain and may produce either favorable or adverse effects on our business operations, financial performance, and customer relationships.

Legislative, administrative, and judicial changes to tax laws, regulations, or case law could adversely affect our business operations and financial performance.

We are subject to income tax laws in the U.S., its individual states, and other jurisdictions in which we operate. These laws are inherently complex and open to varying interpretations by both taxpayers and taxing authorities. In determining our income tax provision, management exercises judgments and relies on estimates to interpret applicable statutes, related regulations, and case law. While we strive to apply reasonable interpretations of the tax laws in preparing our tax filings, these positions may be challenged during audits or reassessed based on evolving legal precedents and factual developments. Changes in tax legislation, regulatory guidance, or judicial rulings may adversely affect our effective tax rate, overall tax liabilities, and financial results. For example, provisions of the recently enacted One Big Beautiful Bill Act relating to charitable giving have affected the timing, deductibility, and amount of our contributions. Additionally, adjustments resulting from tax authority audits could negatively impact our financial position.

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~~alter~~We ~~the~~may ~~purpose,~~be ~~funding,~~adversely orimpacted ~~enforcement~~by ~~powers~~legal ~~of certain agencies; (3) significantly reduce the size of the federal government~~ and ~~workforce;~~governmental ~~and (4) modify, reinterpret, replace, or repeal various laws, regulations and regulatory guidance~~proceedings.

~~These~~We ~~actions~~are ~~may~~subject ~~create~~to ~~uncertainties~~risks ~~and~~arising ~~volatility~~from inlegal ~~U.S.~~claims, litigation, and ~~global~~regulatory ~~markets,~~or ~~potentially~~governmental ~~affecting~~proceedings. ~~the~~Our ~~government's~~exposure ~~ability~~ to ~~provide~~such ~~services~~matters ~~at historical levels. They~~ may ~~also~~increase ~~impact~~due ~~our ability~~ to ~~obtain~~a ~~guidance~~variety ~~and~~of ~~support~~factors, ~~from~~including ~~the~~economic ~~government~~pressures inaffecting ~~addressing~~customers ~~existing~~ and ~~emerging risks~~counterparties, ~~such~~a asrise ~~climate~~in ~~change,~~claims ~~cyber attacks, financial privacy, artificial intelligence,~~ and ~~public safety. Many of these~~ actions ~~are~~related ~~being~~to ~~legally~~fraudulent ~~challenged~~schemes orinvolving ~~require~~our ~~further~~customers, ~~legislative~~the ~~action before~~ implementation. ~~The~~of ~~extent~~new ~~and~~regulations ~~timing~~under ofrecently ~~these~~enacted ~~changes are uncertain~~legislation, aschanges ~~are~~in ~~their~~political ~~potential~~leadership ~~impacts~~and priorities, ~~whether~~and ~~beneficial~~heightened orenforcement ~~adverse,~~and onlegal ~~our~~actions ~~business,~~targeting financial ~~performance, and customers~~institutions.

~~Legislative~~These proceedings may result in material adverse effects on our financial condition, ~~administrative~~operating results, ~~and~~or ~~judicial~~ability ~~changes~~to conduct business. Potential consequences include unfavorable judgments, settlements, fines, civil money penalties, injunctions, operational restrictions, or other forms of relief. Although we maintain insurance coverage intended to ~~tax~~mitigate ~~laws~~financial exposure related to legal defense, ~~regulations~~settlements, and ~~case~~awards, ~~law~~such ~~may~~coverage ~~adversely~~is ~~impact~~subject ~~our~~to ~~business~~deductibles and ~~financial~~policy ~~performance~~limits and may not fully offset all associated costs.

WeParticipation ~~are~~in ~~subject~~legal toor ~~the~~regulatory ~~income~~matters—regardless ~~tax laws~~ of ~~the~~outcome—can ~~U.S.,~~also ~~its~~negatively ~~states,~~impact ~~and~~our ~~other~~reputation ~~jurisdictions where we conduct business. These laws are complex~~ and ~~subject~~divert ~~to different interpretations by the taxpayer and the various taxing authorities. In determining the provision for income taxes,~~ management ~~makes~~attention ~~judgments~~from ~~and~~core ~~estimates~~business ~~about the application of these inherently complex laws, related regulations, and case law~~operations. ~~In the process of preparing our tax returns~~Moreover, ~~management attempts to make reasonable interpretations of~~ the ~~tax~~financial ~~laws.~~services ~~These~~industry ~~interpretations~~has ~~are~~experienced ~~subject~~a tonotable ~~challenge~~increase ~~by the tax authorities upon audit or to reinterpretation based on management’s ongoing assessment of facts and evolving case law. Changes~~ in ~~tax~~settlement ~~laws~~amounts, ~~regulations,~~which orhas ~~case~~adversely ~~law~~affected ~~may~~our ~~result~~ability ~~in an adverse impact~~ to ~~our~~obtain ~~effective~~insurance ~~tax~~coverage ~~rate,~~for ~~tax~~certain ~~obligations~~claims, ~~and~~raised ~~financial~~deductible ~~results. Additionally~~thresholds, ~~challenges~~and ~~made~~driven byup ~~tax~~premium ~~authorities~~costs. ~~during~~As ana ~~audit may~~ result, ~~in adjustments to~~ our ~~tax~~financial ~~return~~performance ~~filings,~~is ~~resulting~~increasingly insusceptible ~~similar~~to adverse ~~impacts~~outcomes tofrom ~~our~~legal ~~financial position~~proceedings.

WeGiven the inherent uncertainty in forecasting the timing and financial impact of litigation and enforcement actions, adverse effects may occur sporadically and could be ~~adversely~~significant. ~~affected~~Additionally, byregulatory ~~legal~~enforcement actions may influence our supervisory and ~~governmental~~CRA ~~proceedings~~ratings, potentially limiting or restricting certain business activities.

WeThe ~~are~~corporate ~~subject to risks associated with legal claims, litigation,~~ and ~~regulatory~~securities ~~and~~laws other government proceedings. Our exposure to these proceedings may increase as a result of stresses on customers, counterparties, and others arising from the past or current economic environments, more frequent claims and actions resulting from fraud schemes perpetrated by or involving our customers, new regulations promulgated under recently enacted statutes, the creation of new examination and enforcement bodies, changes in administration and other political developments, and enforcement and legal actions against banking organizations. Any such matters may result in material adverse consequences to our results of operations, financial condition, or ability to conduct our business, including adverse judgments, settlements, fines, penalties (e.g., civil money penalties under applicable ~~banking laws), injunctions, restrictions on our business activities, or other relief. We maintain insurance coverage~~ to ~~mitigate~~us ~~the financial risk of defense costs, settlements, and awards, but the coverage is subject to deductibles and limits of coverage. Our involvement in any such matters, even if the matters~~ are ~~ultimately~~less ~~determined~~developed inthan ~~our~~those ~~favor,~~governing ~~could~~state-chartered ~~also cause significant harm to our reputation and divert management attention from the operation of our business. In general~~corporations, ~~the~~which ~~amounts~~may ~~paid~~impact ~~by financial institutions in settlement of proceedings or investigations have been increasing dramatically. This has affected and will continue to adversely affect (1)~~ our ability to ~~obtain~~execute ~~insurance~~corporate ~~coverage~~transactions ~~for~~efficiently ~~certain claims, (2) our deductible levels,~~ and ~~(3) the cost of premiums associated with our coverage~~effectively. ~~Consequently, our financial results are subject to greater risk of adverse outcomes from legal claims.~~

~~Due~~Our tocorporate ~~the~~affairs ~~difficulty~~are ingoverned ~~predicting~~by the ~~timing~~National ofBank Act, ~~and~~with ~~damages~~related orregulations ~~penalties~~administered ~~associated~~by ~~with,~~ the ~~resolution~~OCC. ofIn ~~legal~~matters ~~claims~~related to securities laws, itthe isOCC ~~possible~~enforces ~~that~~its ~~adverse~~own ~~financial~~securities ~~impacts~~offering ~~from~~framework ~~litigation~~applicable ~~could~~to ~~occur~~national ~~sporadically~~banks and ~~could~~their besecurities ~~significant~~issuances. ~~In addition~~Accordingly, ~~any enforcement matters could impact~~ our ~~supervisory~~compliance ~~and~~with ~~CRA~~the ~~ratings,~~Exchange ~~which~~Act ~~may~~is ~~restrict~~governed orand ~~limit~~enforced ~~our~~by ~~activities~~the OCC.

~~The~~State corporate statutes—such as those of Utah—are widely recognized, regularly updated through legislative processes, and often informed by model corporate law frameworks. Similarly, the federal securities ~~laws~~law ~~governing~~regime usestablished ~~are~~under ~~less~~the ~~developed~~Securities ~~than~~Act ~~those~~and ~~for~~the ~~state-chartered~~Exchange ~~corporations~~Act, ~~potentially~~along ~~impacting~~with ~~our~~the ~~ability~~SEC’s tocomprehensive ~~execute~~regulatory ~~corporate~~infrastructure, ~~transactions~~is ~~efficiently~~broadly ~~and~~utilized ~~optimally~~by publicly traded companies.

~~Our~~The ~~corporate~~OCC’s ~~affairs~~statutory ~~are~~and ~~governed~~regulatory byframeworks, ~~the~~however, ~~National~~have ~~Bank~~been ~~Act,~~applied ~~and~~relatively ~~related~~infrequently ~~regulations~~to ~~are~~publicly ~~administered~~traded bybanking institutions and remain less developed than the ~~OCC.~~corporate Asand securities law regimes applicable to ~~securities~~other ~~laws~~public companies. While specific risks associated with operating under these frameworks are outlined below, the current lack of clarity and maturity in the OCC's ~~maintains~~approach ~~its~~may ~~own~~introduce ~~securities~~uncertainty ~~offering~~in ~~framework~~the ~~applicable~~application toof ~~national~~these ~~banks~~rules ~~and~~to ~~their~~corporate or securities-related ~~offerings,~~matters. ~~and~~This uncertainty could hinder our ~~compliance~~ability ~~with~~to ~~the~~execute ~~Exchange~~transactions ~~Act~~efficiently, isoptimally, ~~governed~~or ~~and~~in ~~enforced~~some bycases, ~~the~~at ~~OCC~~all.

22Differences between the requirements of the National Bank Act and applicable state laws governing mergers could hinder our ability to execute acquisitions as efficiently or advantageously as bank holding companies and other financial institutions.

Unlike state corporate law, the National Bank Act requires shareholder approval for all mergers involving a national bank and another national or state-chartered bank, without providing exceptions for certain “minor” transactions—such as mergers between a parent company and its subsidiary, or transactions where an acquiring entity issues shares below a specified threshold to an unaffiliated party. Additionally, the National Bank Act and its implementing regulations may introduce complexities in structuring acquisitions involving nonbank entities.

These distinctions may adversely affect the ability of the Bank, and other institutions governed by the National Bank Act, to execute acquisition transactions efficiently. Furthermore, the requirement for shareholder approval in

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~~State~~all ~~corporate~~merger ~~codes,~~scenarios ~~including~~may ~~that~~place ofus ~~Utah,~~at ~~are~~a ~~widely~~competitive ~~recognized,~~disadvantage ~~updated~~in bycertain ~~legislative action from time-to-time~~circumstances, ~~and~~particularly ~~may~~when becompeting ~~based~~against oninstitutions and influenced by model statutes. The federal securities law regime established by the Securities Act and the Exchange Act and the SEC’s extensive and well-developed framework thereunder are widely used by public companies. The OCC’s statutory and regulatory frameworks have been used by publicly traded banking organizations relatively rarely and are not assubject ~~well developed as the corporate and securities law frameworks applicable~~ to ~~other~~similar ~~public corporations. While certain specific risks associated with operating under these frameworks are described below~~constraints, ~~unless~~whose ~~and~~proposals ~~until these frameworks are further developed and established over time, the uncertainty of how these frameworks might apply to any given corporate or securities matters~~ may ~~prevent~~proceed uswithout ~~from~~such ~~effecting transactions in an efficient and optimal manner or perhaps at all~~conditions.

~~Differences~~We ~~between~~are ~~the~~subject ~~National~~to ~~Bank~~restrictions ~~Act~~on ~~and~~permissible ~~state~~activities, ~~law~~which ~~requirements~~limit ~~regarding~~the ~~mergers~~scope ~~could~~of ~~hinder~~business ~~our~~we ~~ability~~can toconduct ~~execute acquisitions as efficiently~~ and ~~advantageously~~may ascomplicate ~~bank~~the ~~holding~~acquisition ~~companies~~of or other financial institutions.

~~Unlike~~Under ~~state~~applicable ~~corporate~~laws ~~law~~and regulations, ~~the~~banks ~~National~~and ~~Bank~~bank ~~Act~~holding ~~requires~~companies ~~shareholder~~are ~~approval~~generally ofrestricted ~~all~~to ~~mergers~~engaging ~~between~~in aactivities ~~national bank~~ and ~~another~~making ~~national~~investments orthat ~~state~~are ~~bank~~closely ~~and~~related ~~does~~to ~~not~~banking ~~allow~~or ~~for~~are ~~exceptions~~financial in ~~the~~nature. ~~case~~The scope of ~~various~~permissible ~~“minor”~~financial ~~mergers,~~activities ~~such~~is asdefined aunder ~~parent~~the ~~company’s~~Gramm-Leach-Bliley ~~merger~~Act, with abanks ~~subsidiary~~subject orto anmore ~~acquirer’s~~limited ~~merger~~authorities ~~with~~than anbank ~~unaffiliated~~holding ~~entity~~companies. inNotably, ~~which~~bank ~~the~~holding ~~shares~~companies ~~issued~~may byengage ~~the~~in ~~acquirer~~insurance dounderwriting ~~not~~and ~~exceed~~merchant abanking ~~designated~~activities, ~~percentage.~~whereas ~~The~~banks ~~National~~are ~~Bank~~generally ~~Act~~restricted ~~and~~from ~~related~~these ~~regulations~~lines ~~may~~of ~~also~~business, ~~complicate~~although ~~the~~insurance ~~structuring~~agency, ofbroker-dealer, ~~certain~~and ~~nonbank~~investment ~~acquisitions~~advisory activities remain permissible.

~~These~~Our ~~differences~~structure ~~could~~as ~~adversely~~a ~~affect~~standalone ~~the~~bank, ~~ability~~without ofa ~~the~~bank ~~Bank~~holding ~~and~~company, ~~other~~may ~~banks~~present ~~registered~~challenges ~~under~~in ~~the~~pursuing ~~National~~future ~~Bank~~acquisitions ~~Act~~of tofinancial ~~efficiently~~institutions ~~consummate~~that ~~acquisition~~engage ~~transactions.~~in Inactivities ~~addition,~~permitted ~~such~~only ~~differences~~for ~~could~~bank ~~make~~holding uscompanies. ~~less~~This ~~competitive~~structural asdistinction acould ~~potential~~limit ~~acquirer in certain circumstances given that~~ our ~~acquisition~~strategic ~~proposal~~ability ~~may~~to beexpand ~~conditioned~~into oncertain ~~shareholder~~financial ~~approval~~services ~~while~~sectors, ~~our~~potentially ~~competitors’~~placing ~~proposals~~us ~~will~~at ~~not have such~~ a ~~condition~~competitive disadvantage.

We are subject to restrictions on permissible activities, which limit the types of business we may conduct and may complicate acquisitions of other financial companies.

Under applicable laws and regulations, bank holding companies and banks are generally limited to business activities and investments that are related to banking or are financial in nature. The range of permissible financial activities is set forth in the Gramm-Leach-Bliley Act and is more limited for banks than for bank holding company organizations. The differences relate mainly to insurance underwriting (but not insurance agency activities) and merchant banking (but not broker-dealer and investment advisory activities). The fact that we do not have a bank holding company could make future acquisitions of financial institutions with such operations more challenging.

REPUTATIONAL RISK

~~We face various reputational risk issues arising from operational~~Operational, regulatory, compliance, and legal risks may harm our business and brands.

Any of the risks ~~described~~outlined in ~~this~~the Risk Factors section may ~~give~~result ~~rise~~in harm to ~~adverse~~our ~~publicity~~business and ~~other~~brands, ~~expressions~~including of negative publicity, unfavorable public ~~opinion~~perception, increased regulatory scrutiny, ~~and~~deterioration ~~damaged~~of stakeholder relationships, ~~among~~or other ~~reputational~~adverse ~~risks~~effects.

OTHER RISKS

Wars, international trade policies and disputes, geopolitical conflicts, and retaliatory measures imposed by the U.S. and other countries, —including the responses to such ~~measures,~~ actions—may significantly disrupt both domestic and foreign economies and markets.

~~Wars~~Recent geopolitical tensions—including wars, international trade ~~policies and~~ disputes, and ~~other~~evolving ~~geopolitical~~global conflicts ~~in recent years,~~ —have ~~created~~introduced ~~increasing~~heightened risks ~~for~~to global markets, trade dynamics, economic ~~conditions~~stability, ~~cybersecurity,~~ and ~~similar concerns~~cybersecurity. ~~For~~These ~~example,~~developments ~~these conflicts~~ have affected, and ~~could~~may continue to affect, the availability and ~~price~~pricing of commodities and products, ~~adversely~~thereby ~~affecting~~disrupting supply chains and ~~increasing~~contributing to inflationary pressures;. ~~the~~Additionally, ~~value~~they ofhave ~~currencies~~affected currency valuations, interest rates, and other ~~components of~~ financial ~~markets;~~market ~~and~~indicators, ~~lead~~while toincreasing ~~increased~~the ~~risks~~likelihood of ~~events such as~~ cyberattacks that could result in ~~severe~~significant costs and operational disruptions tofor ~~governmental~~governments ~~entities~~ and ~~companies~~businesses ~~and their operations~~alike. The impact of these conflicts and any retaliatory ~~measures~~actions isremains ~~continually~~fluid ~~evolving~~ and ~~cannot be predicted with certainty~~unpredictable. ItWe isexpect ~~likely~~ that ~~these~~such ~~conflicts~~geopolitical instability will continue to affect the global political ~~order~~landscape and ~~global~~exert influence over both international and domestic markets for athe ~~substantial~~foreseeable ~~period of time~~future.

23Although our operations have not been materially disrupted to date, future developments—such as cyberattacks targeting the U.S., the Bank, our customers, or our suppliers—could pose substantial challenges to our ability to conduct business effectively.

Diverging and evolving policy, legal, regulatory, and political developments—and differing stakeholder views—related to governance, environmental, social, and other sustainability matters may subject us to potentially conflicting requirements and expectations, which could negatively affect our business and harm our brands.

There has been increased focus among policymakers, investors, and other stakeholders on corporate practices related to environmental, social, and other sustainability matters. For example, recent executive orders issued by the current administration aim to restrict or prohibit certain corporate diversity initiatives and limit the consideration of environmental and social factors by financial institutions in customer‑related decisions.

Given the differing viewpoints among stakeholders on these issues, we face increased legal, regulatory, and operational risks. We may be unable to meet the conflicting expectations of all key stakeholders, which could

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~~While~~adversely ~~these~~affect ~~events~~our ~~have~~business, ~~not~~operational ~~materially~~results, ~~interrupted~~and ~~our~~brands. ~~operations~~Evolving policy, ~~these~~legal, orregulatory, ~~future~~and political developments—as ~~resulting~~well ~~from~~as ~~these~~changing ~~conflicts,~~investor ~~such~~and asregulatory ~~cyberattacks~~expectations—may onrequire ~~the~~adjustments ~~U.S.,~~to ~~the~~our ~~Bank~~business practices, ~~our~~strategies, ~~customers~~or commitments and may increase compliance, operational, or ~~our~~other ~~suppliers~~costs. Certain states have enacted or proposed laws addressing climate change and other sustainability issues, ~~could~~including ~~make~~climate‑related itdisclosure ~~difficult~~requirements. toOther ~~conduct~~states ~~business~~have proposed or adopted laws or actions restricting the consideration of environmental and social factors in state investments and contracting.

~~Stakeholder~~In ~~views~~addition, ~~and~~in ~~developments~~August ~~related~~2025, toPresident ~~environmental~~Trump ~~and~~signed ~~social~~Executive ~~issues~~Order ~~could~~14331, ~~lead~~“Guaranteeing Fair Banking Access for All Americans,” which states that financial services should not be denied based on constitutionally or ~~require~~statutorily usprotected tobeliefs, ~~restrict~~affiliations, or ~~modify~~political ~~certain~~views. ~~business~~The ~~activities~~Executive ~~and~~Order ~~negatively~~directs ~~affect~~the ~~our~~Treasury ~~business~~Secretary and ~~reputation~~federal banking regulators to address politicized or unlawful debanking activities.

~~There~~These ~~has~~and ~~been~~other anlaws, ~~increased focus by politicians~~regulations, ~~investors~~guidance, and ~~other~~expectations—many ~~stakeholders~~of ~~regarding~~which ~~practices~~may ~~related~~have tobroad ~~environmental~~or ~~and~~extraterritorial ~~social~~application—have ~~issues. For example~~subjected, ~~the~~and ~~new~~may ~~administration~~continue ~~has~~to ~~issued~~subject, ~~executive~~us ~~orders designed~~ to ~~prohibit~~additional or ~~limit~~conflicting ~~certain~~requirements ~~activities~~across ~~often~~the ~~referred~~jurisdictions toin aswhich ~~“diversity,~~we ~~equity,~~operate. ~~and~~Such ~~inclusion”~~developments bycould ~~government~~negatively ~~agencies,~~affect ~~federal~~our ~~contractors,~~business and ~~others.~~brands, ~~Due~~increase toregulatory, ~~the~~compliance, ~~varying~~credit, ~~perspectives~~and ~~among~~operational ~~stakeholders~~risks, onraise ~~these~~associated ~~issues~~costs, ~~we face an increased risk that any action~~ or ~~inaction~~limit on our ~~part~~ability ~~may~~to beoperate ~~perceived~~in ~~negatively~~certain ~~by some stakeholders, potentially adversely impacting our business and reputation~~jurisdictions.

~~Investor~~For ~~and~~more ~~regulatory expectations could eventually lead us to restrict or modify certain business practices. Additionally~~information, ~~our~~see ~~operations~~“Other ~~could~~Regulations ~~be adversely impacted by federal, state,~~ and ~~local~~Proposals” ~~laws~~in ~~and~~Supervision ~~regulations addressing environmental~~ and ~~social~~Regulation issues. For example, some states have recently enacted or considered laws prohibiting financial institutions from limiting services to specific types of businesses if they also engage with governmental entities in those states. Depending on ~~the~~page ~~wording and implementation of these laws, our risk management capabilities could be adversely impacted~~12. ~~These environmental and social regulations may conflict with other state and federal laws, potentially increasing our costs or limiting our ability to operate in certain jurisdictions.~~

~~Evolving~~Prolonged ~~regulatory~~congressional ~~and~~negotiations ~~social~~in ~~focus on climate change may impose additional requirements on companies~~Washington, ~~including~~D.C. ~~financial institutions,~~ regarding ~~the~~government ~~measurement,~~funding ~~management,~~ and ~~disclosure of climate-~~related ~~risks~~issues ~~and~~introduce ~~associated~~additional ~~lending~~volatility ~~and~~into ~~investment~~the ~~activities~~U. ~~New and potentially conflicting state and federal laws and policies on climate change may increase regulatory, compliance, credit, and reputational risks and costs~~S. ~~Additionally, transitioning to a lower-carbon~~ economy ~~could expose us to other risks~~, ~~such~~particularly asaffecting ~~our~~capital ~~customers’~~and ~~susceptibility~~credit tomarkets ~~commodity price volatility, increased insurance costs or lack of access to insurance,~~ and ~~shifts in~~ the ~~market~~banking ~~for carbon-related products and services~~industry. ~~For more information, see “Other Regulations & Proposals” in Supervision and Regulation on page 11.~~

~~Protracted~~Legislative ~~congressional~~efforts ~~negotiations~~to enact comprehensive, long-term appropriations have encountered significant challenges in ~~Washington~~recent years, ~~D.C.~~thereby ~~regarding~~increasing the risk of a federal government ~~funding~~shutdown. These fiscal uncertainties, along with the continued growth of the national debt and ~~other~~ongoing ~~issues~~congressional deliberations over fiscal policy and budget discipline, may lead to adverse outcomes, including potential downgrades to the U.S. credit rating or even a default. Such developments could introduce additional volatility ~~into~~across the U.S. economy, ~~particularly~~with ~~affecting~~potential effects on capital and credit markets, ~~and~~ the banking industry, financial markets, and the interest rate environment, among other unforeseen consequences.

~~The~~In U.S. government is currently operating under a continuing resolution that provides short-term appropriations. Efforts to pass spending bills for long-term government funding have proven challenging, increasing the ~~risk~~event of a federal government shutdown. ~~Concurrently,~~or ~~the~~related ~~national debt continues to grow as Congress struggles to formulate a plan for greater~~ fiscal ~~responsibility. These circumstances may result in downgrades in the U.S. credit rating or defaults~~disruption, ~~introducing additional volatility into~~ the ~~U.S.~~Bank ~~economy. This~~ could ~~impact~~experience ~~capital~~material ~~and~~adverse ~~credit~~effects ~~markets,~~on ~~the~~its ~~banking~~liquidity ~~industry~~position, ~~financial~~operating ~~markets~~margins, ~~and~~overall ~~interest~~financial ~~rates~~condition, ~~among~~and ~~other~~results ~~unforeseen~~of ~~consequences~~operations. InThe ~~such~~recent angovernment ~~event,~~shutdown during the ~~Bank’s~~third ~~liquidity,~~quarter ~~operating~~of ~~margins,~~2025 ~~financial~~did ~~condition,~~not ~~and~~have ~~results~~a ofsignificant ~~operations~~impact ~~could~~on beour ~~materially~~operations ~~and~~or ~~adversely~~financial ~~affected~~performance.

ITEM 1B. UNRESOLVED STAFF COMMENTS

There ~~are~~were no unresolved written comments ~~that~~from ~~were~~the ~~received~~staff ~~from~~of the SEC or the OCC ~~staff~~issued 180 days or more before the end of our fiscal year ~~relating~~that pertained to our periodic or current reports filed under the Exchange Act.

ITEM 1C. CYBERSECURITY

Cybersecurity risk is the ~~risk~~potential offor adverse impacts toon the confidentiality, integrity, and availability of data that is owned, stored, or processed by the Bank orand the ~~accompanying~~associated communications and information technology systems. The ~~number~~frequency and sophistication of attempts to disrupt or ~~penetrate~~gain unauthorized access to our systems and those of our suppliers—commonly ~~continues to grow. These attempts are often~~ referred to as hacking, cybersecurity fraud, ~~cyberattacks,~~ or ~~other~~cyberattacks—continues ~~similar~~to ~~names~~grow.

24Oversight of cybersecurity risk is provided by the Board and managed through the Bank’s multiple lines of defense. This includes front-line bankers, operations teams, Enterprise Risk Management (“ERM”), and internal audit functions. Cybersecurity risk is governed under an established ERM framework, which incorporates key risk indicators, enterprise-wide standards, internal controls, and self-assessments aligned with established ERM policies. These elements are subject to ongoing evaluation and are systematically measured and reported to both Board-level and senior management-level risk committees. These committees are responsible for reviewing and responding to the findings to support effective risk mitigation and governance.

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~~Cybersecurity~~The ~~risk~~ROC is ~~overseen~~responsible byfor ~~the~~reviewing ~~Board~~management ~~and~~reports ~~the~~concerning ~~Bank’s~~enterprise-wide ~~multiple~~risk ~~lines~~management ~~of defense~~activities, including ~~front-line~~those ~~bankers,~~related ~~operations~~to ~~teams, Enterprise Risk Management (“ERM”), and internal audit~~cybersecurity. ~~Information~~As ~~security~~part ~~risk~~of isits ~~managed~~governance ~~in accordance with an established ERM framework~~role, ~~which~~the ~~includes~~ROC ~~elements~~conducts ~~such~~an asannual ~~key~~review ~~risk indicators, enterprise standards, controls,~~ and ~~self-assessments~~approval ~~that~~of ~~comply~~the ~~with~~Bank's ~~established~~cybersecurity ~~ERM~~ policies. ~~These~~and ~~elements~~programs. ~~are~~It ~~regularly~~also ~~assessed,~~receives ~~measured,~~regular ~~and~~updates ~~reported~~on tokey ~~Board-level~~risk ~~and~~indicators, ~~Bank~~emerging ~~senior~~threat ~~management-level~~trends, ~~risk~~remediation ~~committees~~efforts, and ~~those~~significant ~~committees~~operational ~~review such reports~~events.

The ROC isprovides ~~responsible~~ongoing ~~for reviewing~~ reports ~~from management related~~ to ~~enterprise-wide~~the ~~risk~~Board ~~management~~regarding ~~efforts,~~its ~~including cybersecurity risks. As part of this~~ oversight, ~~the ROC conducts an annual review and approval of information security policies and programs~~activities, ~~and~~including ~~receives~~those ~~regular~~pertaining ~~updates~~to ~~on key risk indicators, threat trends, risk remediation activities, and operational events~~cybersecurity. ~~The~~To ~~ROC~~support ~~regularly~~these ~~reports on this oversight~~efforts, ~~including~~management ~~cybersecurity,~~utilizes toa ~~the~~combination ~~Board.~~of ~~Management employs multiple~~ real-time and ~~interval-based~~periodic monitoring and reporting mechanisms designed to ~~detect~~identify and respond to cybersecurity incidents,. ~~and~~External third-party resources may also ~~engage~~be ~~third~~engaged ~~parties~~ to ~~assist~~enhance indetection ~~these~~and ~~efforts~~response capabilities. Documented escalation procedures are ~~regularly~~routinely tested through tabletop exercises and other simulation activities,. ~~including~~These procedures include timely notification to executive management ~~during~~in the event of qualifying cybersecurity incidents.

~~Management~~Responsibility ~~directly~~for ~~responsible~~the ~~for~~direct ~~assessing~~assessment, ~~measuring~~measurement, and ~~managing~~management of cybersecurity risks ~~include~~resides within the ~~Chief~~Bank's Information Security ~~Officer~~and ~~(“CISO”)~~Technology and Operations functions. These areas are led by the Chief ~~Technology~~Information ~~and~~Security ~~Operations~~ Officer (“~~CTOO~~CISO”). ~~The~~and ~~current~~the ~~CISO~~Chief ~~has~~Technology ~~more~~and ~~than~~Operations 20Officer, ~~years~~who ofcollectively ~~technology~~bring ~~leadership~~extensive experience, ~~including significant direct involvement~~ in cybersecurity, ~~efforts~~technology, ~~and~~operations, ~~holds~~risk ~~multiple~~management, ~~industry~~and ~~certifications.~~audit, ~~The~~supported ~~current~~by ~~CTOO~~experienced ~~has~~teams ~~more than 25 years~~ of ~~experience in audit~~cybersecurity, ~~risk~~engineering, operations, and ~~technology~~risk ~~leadership,~~professionals. ~~including~~These ~~previous~~teams ~~roles~~participate asin ~~Chief~~ongoing ~~Audit~~training, ~~Executive~~education, and ~~Director~~industry ofcertification ~~Bank~~programs ~~Operations.~~to ~~The~~maintain ~~CISO~~the ~~and~~skills ~~CTOO~~necessary ~~regularly report cybersecurity risk information~~ to ~~the~~address ~~Board~~evolving orcybersecurity ~~a Board committee~~threats.

WeThe ~~engage~~Information ~~multiple~~Security ~~independent~~function ~~third~~is ~~parties~~responsible ~~and~~for ~~cyber~~establishing ~~experts to assess our information security programs~~ and ~~practices.~~maintaining ~~These~~the ~~assessments~~Bank’s ~~include~~cybersecurity framework, ~~but~~including ~~are~~threat ~~not limited to~~monitoring, ~~framework~~vulnerability ~~maturity assessments~~management, ~~blind~~incident ~~penetration testing~~response, ~~technology~~and ~~health~~alignment ~~checks,~~with ~~cyber~~applicable ~~skill~~regulatory and ~~staffing~~industry ~~assessments,~~standards. ~~externally~~The ~~facilitated~~Technology ~~tabletop~~and ~~exercises,~~Operations ~~external~~function ~~cyber~~oversees ~~legal~~the ~~counsel~~design, ~~briefings~~resilience, and ~~strategic~~control ~~assessments.~~environment ~~Findings~~of ~~from~~the ~~these~~Bank’s ~~assessments~~technology ~~are~~infrastructure ~~regularly reviewed with management~~ and ~~the~~operational ~~ROC. Additionally~~processes, weintegrating ~~participate in various~~ cybersecurity ~~industry~~considerations ~~forums~~into ~~and~~enterprise ~~have~~systems, ~~access~~change tomanagement, ~~law~~and ~~enforcement~~business ~~analysis~~continuity ~~regarding current threats~~planning.

~~Our~~These ~~supply~~functions ~~chain~~operate ~~risk~~within ~~management~~a ~~practices~~structured ~~include~~governance ~~risk~~framework ~~assessments of suppliers, particularly regarding cybersecurity. We monitor our suppliers using commercially available services~~ that ~~provide~~includes ~~real-time~~defined ~~security scoring of supplier technology services~~policies, ~~threat~~independent ~~intelligence,~~risk ~~financial intelligence~~oversight, ~~geopolitical~~internal ~~risk~~audit ~~intelligence~~review, and ~~other~~formal ~~cybersecurity-related~~reporting ~~considerations~~routines. ~~Regular~~Cybersecurity ~~reviews~~risk ~~are~~assessments, ~~performed~~key torisk ~~monitor~~indicators, ~~changes~~incident inreporting, ~~our~~and ~~suppliers’~~control ~~cybersecurity~~effectiveness ~~risk~~metrics ~~posture.~~are ~~Continuous~~regularly ~~threat~~escalated ~~intelligence~~to ~~monitoring~~senior ismanagement ~~also~~and ~~conducted~~provided to ~~identify~~the ~~potential~~Board ~~cybersecurity~~or ~~incidents~~its ~~involving~~designated ~~third~~committees ~~parties. We strive~~ to ~~negotiate~~support ~~appropriate~~effective ~~cybersecurity provisions in our contracts with suppliers~~oversight.

~~Upon~~To enhance the ~~occurrence~~effectiveness of aour cybersecurity ~~incident~~program, ~~whether~~we ~~identified~~engage ~~internally~~multiple orindependent ~~through~~ third-party ~~cybersecurity~~experts ~~notifications,~~to weevaluate ~~assess~~our ~~the~~cybersecurity ~~incident’s~~program ~~criticality~~ and ~~potential~~practices. ~~materiality~~These ~~and~~evaluations ~~disclosure.~~encompass ~~This~~a ~~evaluation~~range ~~considers~~of ~~various factors~~activities, including ~~service~~framework ~~availability~~maturity assessments, ~~operational~~blind ~~impact~~penetration testing, ~~reputational~~technology ~~consequences~~health checks, ~~regulatory~~cyber skill and ~~legal~~staffing ~~implications~~reviews, ~~data~~externally ~~sensitivity~~facilitated tabletop exercises, legal briefings from external cyber counsel, and ~~direct~~strategic ~~financial~~risk ~~impact~~assessments. The ~~CISO~~results ~~continuously~~of ~~monitors~~ these ~~criteria~~assessments toare ~~determine~~regularly ~~the~~reviewed ~~incident's~~with ~~potential~~senior ~~impact,~~management ~~individually~~and orthe ~~in aggregate~~ROC. WeAdditionally, ~~have~~we ~~established~~actively ~~escalation~~participate ~~procedures~~in tovarious ~~promptly~~cybersecurity ~~inform~~industry ~~senior~~forums and ~~executive~~maintain ~~management,~~access ~~the~~to ~~Board~~law ~~(or~~enforcement ~~relevant~~intelligence ~~subcommittees),~~to ~~and~~stay ~~regulators,~~informed ~~based~~of onemerging ~~the~~threats ~~incident's criticality~~ and ~~materiality~~trends.

AtOur ~~December 31,~~supply ~~2024,~~chain ~~risks~~risk ~~from~~management ~~cybersecurity~~framework ~~threats,~~incorporates ~~including~~cybersecurity-focused ~~those~~assessments ~~arising~~of ~~from~~third-party ~~any~~vendors. ~~previous~~We ~~cybersecurity~~utilize ~~incidents,~~commercially ~~have~~available ~~not~~services ~~materially~~intended ~~impacted~~to ~~our~~continuously ~~business~~monitor ~~strategy~~suppliers, ~~results~~leveraging ofreal-time ~~operations,~~security orscoring ~~financial~~of ~~condition.~~supplier ~~Management~~technology ~~has~~services, ~~evaluated~~threat ~~known~~intelligence, ~~cybersecurity~~financial ~~incidents~~and ~~for~~geopolitical ~~potential~~risk ~~materiality~~analysis, and ~~disclosure~~other ~~using~~cybersecurity-related ~~formal,~~metrics. ~~documented~~Regular ~~processes~~reviews ~~and~~are ~~has~~conducted ~~determined~~to ~~that~~assess ~~there~~changes ~~have~~in ~~been~~suppliers’ nocybersecurity ~~material~~risk ~~cybersecurity~~profiles. ~~incidents~~Additionally, ~~either~~ongoing ~~individually~~threat orintelligence monitoring is performed in ~~aggregate.~~an Weeffort ~~acknowledge~~to ~~that~~detect ~~future~~potential cybersecurity incidents ~~could~~involving ~~potentially~~third ~~have~~parties. aWe ~~material~~also ~~adverse~~strive ~~effect~~to oninclude ~~our~~robust ~~organization,~~cybersecurity ~~despite~~provisions ~~our~~in ~~efforts~~supplier contracts to ~~prevent or~~ mitigate ~~such~~associated ~~events~~risks.

~~For~~In ~~additional~~the ~~discussion~~event ~~regarding~~of a cybersecurity ~~risks~~incident—whether identified internally or through third-party notifications—we conduct a structured assessment to determine the incident’s criticality, ~~see~~potential ~~“Cybersecurity~~materiality, ~~Risk”~~and indisclosure ~~Risk~~requirements. ~~Factors~~This onevaluation ~~page~~considers 19multiple factors, including service availability, operational disruption, reputational impact, regulatory and legal implications, sensitivity of affected data, and direct financial consequences.

25The CISO continuously monitors these criteria to assess the potential impact of each incident, both individually and in aggregate. Established escalation protocols facilitate timely notification to senior and executive management, the Board or its relevant committees, and regulators, based on the severity and materiality of the incident.

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At December 31, 2025, cybersecurity threats— including those arising from prior incidents—did not have a material impact on our business strategy, results of operations, or financial condition. Management has applied formal, documented processes designed to evaluate known cybersecurity incidents for materiality and disclosure, and has concluded that no incidents to date have met the threshold for materiality, either individually or in aggregate.

Nonetheless, we acknowledge that future cybersecurity incidents may have a material adverse effect, despite ongoing efforts to prevent or mitigate such events. For additional information regarding cybersecurity risks, see “Cybersecurity Risk” in Risk Factors on page 21.

ITEM 2. PROPERTIES

At December 31, ~~2024~~2025, we operated ~~404~~a total of 407 branches, ~~with~~comprising ~~275~~278 owned locations and 129 leased premises. ~~Additionally,~~Our ~~our~~corporate headquarters, located in Salt Lake City, Utah, is also leased. Annual rental ~~payments~~obligations under long-term ~~leases~~lease ~~for~~agreements ~~leased premises~~ are ~~determined~~calculated bybased on various ~~formulas and~~ factors, including operating ~~costs~~expenses, maintenance costs, and applicable taxes. ~~For additional information regarding leases and rental payments, see Note 8 of the Notes to Consolidated Financial Statements.~~

For additional information regarding lease arrangements and rental payments, see Note 8 of the Notes to Consolidated Financial Statements.

ITEM 3. LEGAL PROCEEDINGS

The information contained in Note 16 of the Notes to Consolidated Financial Statements is incorporated by reference herein.

ITEM 4. MINE SAFETY DISCLOSURES

None.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

PREFERRED STOCK

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, ~~and~~each ~~with~~carrying a liquidation preference of $1,000 per share. At December 31, ~~2024~~2025, 66,139 shares of Series A preferred stock were outstanding.

In December 2024, we ~~fully~~completed ~~redeemed~~ the full redemption of all outstanding shares of ~~our~~ Series G, I, and J preferred stock, ~~for~~resulting in a cash payment of approximately $374 million. The redemption resulted in a one-time reduction toof approximately $6 million in net earnings applicable to common shareholders ~~of approximately $6 million~~, ~~arising~~reflecting ~~from~~ the recognition of previously capitalized preferred stock issuance costs. ~~See Note 14 of the Notes to Consolidated Financial Statements for further information regarding our preferred stock.~~

For more information regarding our preferred stock, see Note 14 of the Notes to Consolidated Financial Statements.

COMMON STOCK

Market Information

Our common stock is ~~traded~~listed on ~~the National Association of Securities Dealers Automated Quotations (“~~NASDAQ”) ~~Global Select Market~~ under the ticker symbol “ZION.” On February 3 9, ~~2025~~2026, the closing price of our common stock on NASDAQ was $5665.2516 per share.

Equity Capital and Dividends

As of February 3 9, ~~2025~~2026, there were 3,~~427~~313 registered shareholders of record of our common stock. InThis ~~January~~figure ~~2025,~~does ~~the~~not ~~Board~~reflect ~~declared~~the aactual ~~dividend~~number of ~~$0.43~~beneficial ~~per~~owners ~~common~~of ~~share,~~the ~~payable~~Bank's onstock. ~~February~~In 20January 2026, ~~2025 to shareholders of record at~~ the ~~close~~Board ofdeclared ~~business~~a ~~on February 13, 2025.~~

~~Share Repurchases~~28

During the first quarter of 2024, we repurchased 0.9 million common shares outstanding for $35 million at an average price of $39.32 per share. The amounts repurchased during the third and fourth quarters of 2024 were related to shares acquired in connection with our stock compensation plan.

In February 2025, we received the necessary approvals to repurchase up to $40 million of common shares outstanding during the fiscal year 2025. For more information regarding our common stock activity, see the Consolidated Statement of Changes in Shareholders’ Equity on page 93.

The following schedule summarizes our share repurchases by quarter for the year ended December 31, 2024:

2024 SHARE REPURCHASES

Period	Total numberof shares purchased 1	Averageprice paidper share		Shares purchased as part of publicly announced plans
First quarter	890,167	$	39.32		890,167
Second quarter	—	—			—
Third quarter	2,799	49.62			—
October	346	50.93			—
November	7,413	60.35			—
December	—	—			—
Fourth quarter total	7,759	59.93			—
Total 2024	900,725	$	39.53		890,167

1 Includes 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 cost upon the exercise of stock options.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

quarterly dividend of $0.45 per common share, payable on February 19, 2026, to shareholders of record at the close of business on February 12, 2026.

Share Repurchases

In February 2025, we publicly announced a plan to repurchase up to $40 million of common shares outstanding during the fiscal year 2025, all of which were repurchased in the first quarter of 2025. We also acquired $1 million of shares during the first quarter in connection with our stock compensation plan. Repurchases in the third quarter of 2025 were limited to shares acquired solely in connection with our stock compensation plan.

The following schedule summarizes our share repurchases by quarter for the year ended December 31, 2025:

2025 SHARE REPURCHASES


Period	Total number of shares purchased 1	Average price paid per share		Shares purchased as part of publicly announced plans

First quarter	771,368	$	53.62	747,268
Second quarter	—	—		—
Third quarter	1,876	56.45		—



Fourth quarter	—	—		—
Total 2025	773,244	$	53.63	747,268

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

In January 2026, we publicly announced a plan to repurchase up to $75 million of common shares outstanding during the first quarter of 2026. For more information regarding our common stock activity, see the Consolidated Statement of Changes in Shareholders’ Equity on page 93.

Performance Graph

The following stock performance graph ~~compares~~illustrates the five-year cumulative total return of our common stock, compared with the Standard and Poor’s (“S&P”) 500 Index, the S&P MidCap 400 Index, and the Keefe, Bruyette & Woods, Inc. (“KBW”) Regional Bank Index (“KRX”). During the first quarter of 2024, we were removed from the S&P 500 Index and added to the S&P MidCap 400 Index. The KRX is a modified market capitalization-weighted regional bank and thrift stock index developed and published by KBW, a nationally recognized brokerage and investment banking firm specializing in bank stocks. The index is composed of 50 geographically diverse stocks representing regional banks or thrifts. The stock performance graph is based upon an initial investment of $100 on December 31, 2019 and assumes reinvestment of dividends.

During the first quarter of 2024, we were removed from the S&P 500 Index and added to the S&P MidCap 400 Index. The KRX is a modified market capitalization-weighted index comprising geographically diverse regional bank and thrift stocks. It is developed and published by KBW, a nationally recognized brokerage and investment banking firm specializing in financial institutions.

The following performance graph is based on a $100 investment made on December 31, 2020, and assumes the reinvestment of all dividends.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

PERFORMANCE GRAPH FOR ZIONS BANCORPORATION, N.A.

INDEXED COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN

	2019	2020	2021	2022	2023	2024
	2020	2021	2022	2023	2024	2025
Zions Bancorporation, N.A.	100.0	86149.81	~~129~~119.53	~~103~~111.6	96142.9	~~124~~159.15
KBW Regional Bank Index	100.0	91136.37	~~124~~127.82	~~116~~126.17	~~115~~143.74	~~131~~152.07
S&P 500	100.0	~~118~~128.47	~~152~~105.34	~~124~~133.70	~~157~~166.53	196.80
S&P MidCap 400	100.0	~~113~~124.6	~~141~~108.63	~~123~~126.10	143.25	~~163~~154.13

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

The information contained in Item 12 of this Form 10-K is incorporated by reference herein.

ITEM 6. RESERVED

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Key Corporate Objectives

WeOur ~~conduct~~strategic ~~our~~objective ~~operations~~is ~~primarily~~to ~~through~~achieve ~~seven~~balanced ~~separately~~growth ~~managed~~in ~~and~~customers, ~~geographically~~pre‑tax ~~defined~~net ~~affiliates~~income, ~~each~~and ~~with~~shareholder ~~its~~returns. ~~own~~We ~~local~~provide ~~branding~~a wide range of business products and ~~management~~related ~~teams.~~services ~~These~~to ~~affiliate~~a ~~banks~~broad ~~are~~customer ~~supported~~base, bywhich anhelps ~~enterprise~~create ~~operating~~balance, ~~segment~~diversify ~~(referred~~risks, toand assupport the ~~“Other”~~communities ~~segment)~~we ~~that~~serve. ~~provides~~While ~~governance~~all ~~and~~business ~~risk~~lines ~~management,~~play ~~allocates~~an ~~capital,~~important ~~establishes~~role ~~strategic~~in ~~objectives~~generating long‑term value, ~~and~~our ~~includes~~strategy ~~centralized~~is ~~technology,~~centered ~~back-office~~on ~~functions,~~five ~~and~~key ~~certain~~growth ~~lines~~areas: ofcommercial banking, small business ~~not~~banking, ~~operated~~capital ~~through~~markets, ~~our~~wealth ~~affiliate~~management, ~~banks~~and consumer banking.

~~Our~~These ~~efforts~~growth ~~and~~areas ~~resources~~ are ~~focused~~supported onby ~~achieving~~six strategic ~~growth~~enablers ~~and~~that ~~profitability~~guide ~~objectives.~~effective ~~This~~execution ~~includes~~across ~~delivering~~the high-quality products and services and strengthening relationships with our commercial, small business, and consumer customers. Serving as a trusted advisor for our business customers and supporting their operational needs generally provides us with a major source of relatively stable deposits.organization:

We1.People ~~strive~~and toEmpowerment ~~achieve~~— ~~balanced~~We ~~growth~~prioritize inemployee ~~customers,~~development ~~pre-provision~~by ~~net~~investing ~~revenue~~in ~~(“PPNR”),~~training ~~profitability,~~programs and ~~shareholder~~providing ~~returns.~~our ~~Our~~teams ~~focus~~with isthe ontools ~~five~~and ~~strategic~~resources ~~growth~~necessary ~~areas:~~to ~~commercial,~~enhance ~~small~~their ~~business, capital markets, wealth management, and consumer~~capabilities.

To2.Technology ~~achieve~~— ~~our~~We ~~growth~~invest ~~and~~in ~~profitability~~innovative ~~objectives,~~technologies weto ~~invest~~improve inoperational ~~six~~efficiency ~~key~~and ~~areas,~~enable ~~referred~~us to asremain ~~“strategic enablers”:~~competitive.

13.~~People~~Marketing ~~and~~— ~~Empowerment~~We —implement wetargeted ~~invest~~marketing instrategies ~~training~~to strengthen our ~~employees~~local ~~and~~brands, ~~providing~~attract ~~them~~new ~~with~~clients, ~~the~~deepen ~~tools~~existing relationships, and ~~resources~~enhance tooverall ~~build~~customer ~~their capabilities;~~engagement.

24.~~Technology~~Operational Excellence — weWe invest in ~~innovative~~and ~~technologies~~support toongoing ~~make~~improvements usto ~~more~~safely ~~efficient~~ and ~~enable~~securely usdeliver value to ~~remain~~our ~~competitive;~~customers.

~~3.Marketing — we invest in marketing strategies to strengthen our local brands, attract new clients, deepen existing relationships, and enhance customer engagement;~~30

4.Operational Excellence — we invest in and support ongoing improvements to safely and securely deliver value to our customers;

5.Risk Management — we engage in risk management practices to ensure prudent risk-taking and appropriate oversight; and

6.Data and Analytics — we invest in relevant enterprise data and analytic tools to support local execution and informed decision making.

RESULTS OF OPERATIONS

Our Financial Performance

This section and other sections provide information about our 2024 financial performance, compared with the prior year. For more information about our results of operations for 2023 compared with 2022, see the respective sections in MD&A included in our 2023 Form 10-K. Growth rates of 100% or more are considered not meaningful (“NM”) as they generally reflect a low starting point.

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5.Risk Management — We apply disciplined risk management practices to promote prudent decision-making and maintain appropriate oversight.

6.Data and Analytics — We invest in relevant enterprise data and analytic tools to enable informed decision-making and support localized execution.

We allocate resources to achieve our growth and profitability objectives by delivering high‑quality products and services and by strengthening our customer relationships. Serving as a trusted advisor and supporting customers’ operational needs contributes to relatively stable deposits and ongoing relationship growth.

Key strategic initiatives focus on supporting commercial customer growth, expanding small business lending, enhancing capital markets capabilities, broadening access to wealth management services, and strengthening consumer deposit relationships. Collectively, these initiatives are critical to sustaining long-term growth and stability.

As previously described, we operate through seven separately managed affiliate banks supported by an enterprise‑level “Other” segment. This organizational model is central to achieving our strategic objectives by enabling local decision‑making and strong customer focus at the affiliate level, while maintaining disciplined governance, risk management, capital allocation, and shared technology and operations at the enterprise level.

RESULTS OF OPERATIONS

Our Financial Performance

This section, along with other sections of this report, presents information regarding our 2025 financial performance, compared with the prior year. For more information about our 2024 results compared with 2023, see the relevant sections of MD&A included in our 2024 Form 10-K. Growth rates equal to or exceeding 100% are designated as not meaningful (“NM”), as they typically result from a low base period.

Net Earnings Applicable to Common Shareholders

(in millions)

Diluted EPS

Adjusted PPNR

(in millions) 1

Efficiency ratio1

1 For information on non-GAAP financial measures, see page 8384.

Our financial performance ~~for~~in ~~2024,~~2025 ~~relative~~reflected tosolid growth compared with the prior year, ~~reflected~~with ~~growth~~notable increases in net earnings ~~and~~applicable to common shareholders, diluted earnings per share (“EPS”), ~~with~~and ~~modest deterioration in~~ adjusted pre-provision net revenue (“PPNR”). Diluted EPS ~~was~~increased to $46.9501, ~~compared~~up ~~with~~21% from $4.3595 in ~~2023~~2024, ~~and~~driven ~~benefited~~by ~~from~~higher anet ~~lower~~interest ~~provision~~income ~~for~~and ~~credit~~noninterest ~~losses~~income, ~~higher~~partially offset by increased noninterest ~~income~~expense. The efficiency ratio improved to 62.6%, ~~and~~compared ~~lower~~with 64.2% in the prior year, reflecting positive operating leverage as adjusted taxable-equivalent revenue outpaced adjusted noninterest ~~expenses~~expense.

•Net interest income ~~remained~~increased ~~relatively~~$197 ~~flat~~million, asor ~~higher~~8%, ~~earning~~compared ~~asset~~with ~~yields~~the ~~were~~prior ~~offset~~year byperiod. ~~higher~~This ~~funding~~growth ~~costs.~~was ~~Net~~primarily ~~interest~~driven ~~income~~by ~~was~~lower ~~also~~funding ~~impacted~~costs byand ~~increases~~favorable shifts in the composition of average interest-earning assets. ~~and~~As ~~interest-bearing~~a ~~liabilities.~~result, ~~The~~the net interest margin (“NIM”) ~~decreased~~improved ~~slightly~~ to 3.0021%, compared with 3.0200%.

~~◦Average interest-earning assets increased $480 million, or 1%, as growth in average loans and leases and average money market investments was largely offset by a decline in average securities.~~31

◦Average interest-bearing liabilities increased $4.2 billion, or 8%, as an increase in average interest-bearing deposits was partially offset by a decrease in average borrowed funds.

◦Total loans and leases increased $1.6 billion, or 3%, primarily due to growth in the consumer 1-4 family residential mortgage, home equity credit lines, and commercial and industrial loan portfolios.

◦Total deposits increased $1.3 billion, or 2%, primarily due to an increase in interest-bearing deposits, partially offset by a decrease in noninterest-bearing deposits. Customer deposits (excluding brokered deposits) increased $663 million, or 1%.

•The provision for credit losses was $72 million in 2024, compared with $132 million in 2023.

•Customer-related noninterest income increased $19 million, or 3%, driven largely by increases in capital markets fees and commercial account fees, partially offset by decreases in loan-related fees and card fees. Increases in noncustomer-related noninterest income were primarily due to increases in net securities gains and credit valuation adjustments (“CVA”)on client-related interest rate swaps, partially offset by a decline in dividends on FHLB stock.

•Noninterest expense decreased $51 million, or 2%. Deposit insurance and regulatory expense decreased $78 million, largely due to a $90 million accrual associated with the FDIC special assessment during the prior year. This decrease was partially offset by increases in technology, telecom, and information processing expense, and salaries and employee benefits expense. The efficiency ratio was 64.2%, compared with 62.9%, due to an increase in adjusted noninterest expense.

•Net loan and lease charge-offs totaled $60 million, or 0.10%, of average loans and leases, compared with $36 million, or 0.06%, in 2023. The increase in charge-offs was largely due to a single commercial and industrial loan. The ratio of allowance for credit losses (“ACL”) to total loans and leases was 1.25%, compared with 1.26%.

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~~•Nonperforming~~◦Average interest-earning assets ~~totaled~~increased $~~298~~689 million, or ~~0.50~~1%, ofprimarily ~~total~~due ~~loans~~to ~~and~~an ~~leases~~increase ~~and~~in ~~other~~average ~~real~~loans ~~estate~~and ~~owned (“OREO”), compared with $228 million, or 0~~leases.~~39%.~~ ~~The~~This ~~increase~~growth ~~in nonperforming assets~~ was ~~primarily~~partially ~~due~~offset toby adeclines ~~small number of loans~~ in ~~the~~average ~~commercial~~securities and ~~industrial~~average ~~and~~money ~~term~~market ~~commercial real estate (“CRE”) portfolios~~investments.

~~•Classified~~◦Average ~~loans~~interest-bearing ~~totaled~~liabilities ~~$2.9~~increased ~~billion, or 4.83%, of total loans and leases, compared with~~ $~~825~~178 million, or ~~1.43%.~~less ~~The~~than ~~increase in classified loans was primarily in the multifamily and industrial CRE loan portfolios~~1%, ~~largely~~ due to an ~~increased emphasis in risk grading on current cash flows, and less emphasis on the adequacy of collateral values and the strength of guarantors and sponsors. The~~ increase in ~~classified~~both ~~loans~~average ~~was~~borrowed ~~also~~funds ~~attributable to weaker performance, particularly for 2021~~ and ~~2022~~average ~~construction loan vintages, as borrowers missed projections due to longer~~interest-~~than-anticipated~~bearing ~~lease-up periods, rent concessions, elevated costs, and higher interest rates~~deposits.

•~~Total~~The ~~borrowed~~provision ~~funds,~~for ~~consisting~~credit ~~primarily~~losses ofremained ~~secured~~flat ~~borrowings,~~at ~~decreased~~ $~~139~~72 million, ~~or 3%, as a decline~~ in ~~security~~both ~~repurchase~~2025 ~~agreements~~and was partially offset by an increase in long-term debt. The increase in long-term debt was due to the issuance of $500 million of 6.82% Fixed-to-Floating Subordinated Notes due 2035, partially offset by the redemption of $88 million of 6.95% Fixed-to-Floating Subordinated Notes due 2028 during the fourth quarter of 2024.

•~~Preferred~~Customer-related ~~stock~~noninterest ~~decreased~~income increased $~~374~~23 million, ~~due~~or to4%, primarily driven by higher retail and business banking fees, capital markets fees and income, and loan-related fees and income. Excluding the ~~redemption~~impact of ~~the~~net ~~outstanding~~credit ~~shares~~valuation ofadjustment ~~our~~(“CVA”), ~~Series~~customer-related Gnoninterest income increased $32 million, Ior 5%, ~~and~~benefiting Jfrom ~~preferred~~increased ~~stock~~capital ~~during~~markets ~~the~~customer ~~fourth~~swap ~~quarter~~fee ofrevenue ~~2024~~and investment banking advisory fees.

•Noncustomer-related noninterest income increased $35 million, or 57%, mainly due to an increase in net securities gains, largely resulting from valuation adjustments within our Small Business Investment Company (“SBIC”) investment portfolio.

•Noninterest expense increased $92 million, or 4%. primarily due to higher salaries and employee benefits, along with increases in other noninterest expenses, marketing and business development costs, and technology, telecom, and information processing expenses. The increase in marketing and business development expense was largely due to a $15 million contribution to our charitable foundation, which will fund donations over the next three years that otherwise would have been nondeductible under recent tax law changes effective January 1, 2026. These increases were partially offset by lower deposit insurance and regulatory expenses.

•Total loans and leases increased $1.5 billion, or 3%, primarily due to growth in the commercial and industrial, term CRE, and consumer 1-4 family residential loan portfolios.

◦Net loan and lease charge-offs totaled $89 million, or 0.15% of average loans and leases, compared with $60 million, or 0.10%, in 2024. The increase was primarily driven by a $50 million loss associated with two related commercial loans during the third quarter of 2025.

◦Nonperforming assets totaled $320 million, or 0.52% of total loans and leases and other real estate owned (“OREO”), compared with $298 million, or 0.50% in 2024. Nonperforming assets remained primarily concentrated in the commercial and industrial, term CRE, and consumer 1-4 family residential loan portfolios. Classified loans totaled $2.4 billion, or 3.91% of total loans and leases, compared with $2.9 billion, or 4.83% in the prior year.

•Total deposits decreased $579 million, or 1%. Interest-bearing deposits declined primarily due to a reduction in brokered deposits. This decline was partially offset by an increase in noninterest-bearing demand deposits, largely resulting from the migration of a consumer interest-bearing product into a new noninterest-bearing offering. Customer deposits, excluding brokered deposits, totaled $71.8 billion, compared with $71.2 billion in the prior year.

•Total borrowed funds decreased $206 million, or 4%, compared with the prior year. This decline was primarily driven by a reduction in short-term advances from the FHLB, partially offset by the issuance of $500 million in 4.70% Fixed-to-Floating Senior Notes during the third quarter of 2025.

The following schedule presents additional selected financial highlights:

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SELECTED FINANCIAL HIGHLIGHTS

(Dollar amounts in millions, except per share amounts)	~~2024~~2025/~~2023 Change~~2024Change		~~2024~~2025		~~2023~~2024		~~2022~~2023
For the Year
Net interest income	—8	%	$	2,~~430~~627	$	2,~~438~~430	$	2,~~520~~438
Noninterest income	38	%	~~700~~758		~~677~~700		~~632~~677
Total net revenue	—8	%	3,~~130~~385		3,~~115~~130		3,~~152~~115
Provision for credit losses	~~(45)~~—	%	72		~~132~~72		~~122~~132
Noninterest expense	~~(2)~~4	%	2,~~046~~138		2,~~097~~046		12,~~878~~097
Pre-provision net revenue 1	715	%	1,~~129~~293		1,~~059~~129		1,~~311~~059
Adjusted pre-provision net revenue 1	~~(3)~~12	%	1,~~131~~266		1,~~170~~131		1,~~312~~170
Net income	15	%	~~784~~899		~~680~~784		~~907~~680
Net earnings applicable to common shareholders	1421	%	~~737~~895		~~648~~737		~~878~~648
Per Common Share
Net earnings – diluted	1421	%	46.9501		4.3595		54.7935
Tangible book value at year-end 1	2021	%	3340.8579		2833.3085		2228.7930
Market price – end	248	%	5458.2554		4354.8725		4943.1687
Market price – high	15(4)	%	6360.2277		5563.2022		7555.4420
Market price – low	NM4	%	3739.7632		1837.2676		4518.2126
At Year-End
Assets	2—	%	88,~~775~~990		8788,~~203~~775		8987,~~545~~203
Loans and leases, net of unearned income and fees	3	%	5960,~~410~~917		5759,~~779~~410		5557,~~653~~779
Deposits	2(1)	%	7675,~~223~~644		7476,~~961~~223		7174,~~652~~961
Common equity	1517	%	67,~~058~~114		56,~~251~~058		45,~~453~~251
Performance Ratios
Return on average assets			01.8800%		0.7788%		10.0177%
Return on average common equity			13.17%		13.41%		1613.04%
Return on average tangible common equity 1			16.26%		1716.32%		1917.83%
Net interest margin			3.0021%		3.0200%		3.0602%
Net charge-offs to average loans and leases			0.1015%		0.0610%		0.0706%
Total allowance for credit losses to loans and leases outstanding			1.2519%		1.2625%		1.1426%
Capital Ratios at Year-End
Common equity Tier 1 capital			1011.95%		10.39%		910.83%
Tier 1 leverage			89.30%		8.3%		78.73%
Tangible common equity 1			56.79%		45.97%		34.89%
Other Selected Information
Weighted average diluted common shares outstanding (in thousands)	—	%	147,~~215~~157		147,~~756~~215		~~150~~147,~~271~~756
Bank common shares repurchased (in thousands)	(616)	%	~~890~~747		~~947~~890		~~3,563~~947
Dividends declared	16	%	$	1.6676	$	1.6466	$	1.5864
Common dividend payout ratio 2			3329.64%		3733.86%		2737.38%
Capital distributed as a percentage of net earnings applicable to common shareholders 3			3834%		4638%		5046%
Efficiency ratio 1			64.2%		62.9%		58.8%
Efficiency ratio 1, 4			62.6%		64.2%		62.9%

1 See “Non-GAAP Financial Measures” on page 8384 for more information.

2 The common dividend payout ratio is ~~equal~~calculated toby dividing the total common dividends paid ~~divided~~ by the net earnings applicable to common shareholders.

3 This ratio is ~~the~~calculated by adding common dividends paid ~~plus~~and share repurchases for the year, ~~divided~~then dividing the total by net earnings applicable to common shareholders.

324 Excluding the $15 million charitable contribution, the efficiency ratio for 2025 would have been 62.2%.

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Net Interest Income and Net Interest Margin

Net interest income, which is the difference between interest earned on interest-earning assets and interest paid on interest-bearing liabilities, ~~represented~~accounted for 78% of our net revenue (the sum of net interest income and noninterest income) in both ~~2024~~2025 and ~~2023~~2024. The NIM is calculated as net interest income as a percentage of average interest-earning assets.

NET INTEREST INCOME AND NET INTEREST MARGIN

Amount change

Percent change

Amount change

Percent change

(Dollar amounts in millions)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Interest and fees on loans 1

3,~~514~~501

~~318~~(13)

10—

3,~~196~~514

~~1,084~~318

5110

23,~~112~~196

Interest on money market investments

~~230~~186

42(44)

22(19)

~~188~~230

~~107~~42

NM22

81188

Interest on securities

~~549~~497

(1452)

(29)

~~563~~549

51(14)

10(2)

~~512~~563

Total interest income

4,~~293~~184

~~346~~(109)

9(3)

34,~~947~~293

~~1,242~~346

469

23,~~705~~947

Interest on deposits

1,~~540~~250

~~477~~(290)

45(19)

1,~~063~~540

~~993~~477

NM45

701,063

Interest on short- and long-term borrowings

~~323~~307

(~~123~~16)

(285)

~~446~~323

~~331~~(123)

NM(28)

~~115~~446

Total interest expense

1,~~863~~557

~~354~~(306)

23(16)

1,~~509~~863

~~1,324~~354

NM23

~~185~~1,509

Net interest income

2,~~430~~627

~~(8)~~197

—8

2,~~438~~430

(828)

~~(3)~~—

2,~~520~~438

Average interest-earning assets

8283,~~464~~153

~~480~~689

8182,~~984~~464

~~(1,654)~~480

~~(2)~~1

8381,~~638~~984

Average interest-bearing liabilities

56,~~061~~239

~~4,185~~178

8—

5156,~~876~~061

94,~~738~~185

238

4251,~~138~~876

bps

Net interest margin 2

3.0021

~~(2)~~21

3.0200

(42)

3.0602

1 Includes interest income recoveries of $610 million, $46 million, and $94 million for the respective years ~~ended~~presented.

2 Taxable-equivalent rates used where applicable.

Net interest income ~~remained~~increased ~~relatively~~$197 ~~flat~~million, ~~year~~or ~~over year~~8%, asrelative ~~higher~~to ~~yields~~the onsame ~~interest-earning~~prior ~~assets~~year ~~were~~period, ~~offset~~primarily bydue ~~increased~~to lower funding costs. ~~Net~~The ~~interest~~increase ~~income~~ was ~~also~~further ~~impacted~~supported by ~~increases~~a favorable shift in the composition of average interest-earning assets, reflecting growth in higher-yielding loans and ~~interest~~a decline in lower-~~bearing~~yielding ~~liabilities~~securities and money market investments. ~~The~~As ~~NIM~~a ~~was~~result, the net interest margin improved to 3.0021% in ~~2024~~2025, compared with 3.0200% in ~~2023~~2024.

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

3334

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The yield on average interest-earning assets, ~~increased~~net 40of hedging activity, declined 17 basis points (“bps”) in ~~2024~~2025, ~~reflecting~~compared ~~higher~~with ~~interest~~the ~~rates~~prior ~~and~~year, areflecting ~~favorable~~lower ~~mix~~interest ~~change~~rates. toThe ~~higher~~net ~~yielding~~yield ~~assets,~~on as average loans and leases ~~and~~decreased ~~average~~22 bps, ~~money~~while ~~market~~the ~~investments~~net ~~increased,~~yield ~~while~~on average securities ~~decreased~~declined 11 bps. ~~The~~Additionally, the yield on average ~~loans~~money ~~and~~market ~~leases~~investments ~~increased~~decreased 3796 ~~basis~~bps, ~~points~~as ~~and~~ the ~~yield~~short-term onnature ~~both~~of ~~average~~these ~~securities~~assets ~~and~~resulted ~~average~~in ~~money~~quicker ~~market~~repricing ~~investments~~in ~~increased~~the 19declining ~~basis~~interest ~~points~~rate environment.

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

The total cost of deposits ~~increased~~decreased 6039 ~~basis points~~bps, and the rate paid on total deposits and interest-bearing liabilities ~~increased~~decreased 4136 ~~basis~~bps ~~points~~ in ~~2024~~2025, compared with the prior year, reflecting the ~~higher~~lower interest rate environment. ~~and~~The arates ~~decrease~~paid inon ~~noninterest~~interest-bearing deposits. ~~The~~and ~~rate paid on~~ total borrowed funds decreased 459 ~~basis~~bps ~~points~~and 34 bps, respectively.

Average interest-earning assets increased $~~480~~689 million, or 1%, from the prior year, as ~~growth~~an increase in average loans and leases ~~and average money market investments,~~ was partially offset by adecreases ~~decline~~ in average securities and average money market investments.

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Average loans and leases increased $1.89 billion, or 3%, to $5860.54 billion, primarily due to growth in average consumer and commercial ~~real estate~~ loans. Average securities decreased $21.02 billion, or 97%, to $1918.64 billion, ~~primarily~~largely due to principal reductions, net of reinvestments. The continued paydown of lower-yielding securities—consistent with the portfolio runoff that began in 2023—has improved the overall asset mix and contributed to a higher net interest margin.

Average interest-bearing liabilities increased $~~4.2~~178 ~~billion~~million, or 8less than 1%, from the prior year,. ~~largely~~This increase was primarily driven by an increase in average ~~interest-bearing~~borrowed ~~deposits~~funds, ~~and~~reflecting ~~decreases~~an increase in ~~average~~long-term ~~noninterest~~debt, partially offset by declines in short-~~bearing~~term ~~deposits~~borrowings and ~~average~~security ~~borrowed~~repurchase ~~funds~~agreements.

Average deposits increased $~~1.9~~113 ~~billion~~million, or 3less than 1%, to $74.89 billion. Average interest-bearing deposits increased $~~6.5~~52 ~~billion~~million, orwhile ~~15%,~~average ~~primarily due to customer deposit growth and migration to interest-bearing deposit products in response to the higher interest rate environment. Average~~ noninterest-bearing deposits ~~decreased~~increased $~~4.6~~61 ~~billion~~million, orrepresenting ~~16%, and represented~~ 34% of total deposits in ~~2024,~~both ~~compared~~2025 ~~with~~and ~~41% in 2023~~2024. ~~Average borrowed funds, consisting primarily of secured borrowings, decreased $2.3 billion, or 27%, to $6.4 billion, primarily due to a decline in security repurchase agreements.~~

For more information on our investment securities portfolio and borrowed funds, and how we manage liquidity risk, refer to the “Investment Securities Portfolio” section on page 50 and the “Liquidity Risk Management” section on page 73. For further discussion on the effects of market rates on net interest income and our approach to managing interest rate risk, refer to the “Interest Rate and Market Risk Management” section on page 70.36

The following schedule presents the average balances, the amount of interest earned or paid, and the applicable yields for interest-earning assets, as well as the rates paid on interest-bearing liabilities:

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~~AVERAGE~~Average ~~BALANCE~~borrowed ~~SHEETS~~funds, ~~YIELDS~~primarily composed of secured borrowings, ~~AND~~increased ~~RATES~~$126 million, or 2%, to $6.5 billion. This growth was driven by an increase in long-term debt, partially offset by declines in short-term advances from the FRB and security repurchase agreements. The increase in long-term debt reflects the issuance of $500 million in 4.70% Fixed-to-Floating Senior Notes in August 2025.

	Year Ended December 31,
	2024						2023						2022
(In millions)	Average balance		Interest		Yield/Rate 1		Average balance		Interest		Yield/Rate 1		Average balance		Interest		Yield/Rate 1
ASSETS
Money market investments:
Interest-bearing deposits	$	1,970	$	106	5.40	%	$	2,163	$	112	5.18	%	$	3,066	$	27	0.87	%
Federal funds sold and securities purchased under agreements to resell	2,203		124		5.62		1,358		76		5.57		2,482		54		2.16
Total money market investments	4,173		230		5.52		3,521		188		5.33		5,548		81		1.45
Trading securities	36		2		4.41		53		1		2.86		322		16		4.79
Investment securities:
Available-for-sale	9,621		332		3.46		10,900		331		3.03		23,132		461		1.99
Held-to-maturity	10,017		224		2.23		10,731		240		2.24		1,999		47		2.36
Total investment securities	19,638		556		2.83		21,631		571		2.64		25,131		508		2.02
Loans held for sale	70		4		NM		39		2		NM		39		1		NM
Loans and leases: 2
Commercial	30,671		1,842		6.01		30,519		1,679		5.50		29,225		1,194		4.09
Commercial real estate	13,532		967		7.14		13,023		908		6.98		12,251		544		4.44
Consumer	14,344		737		5.14		13,198		639		4.84		11,122		398		3.58
Total loans and leases	58,547		3,546		6.06		56,740		3,226		5.69		52,598		2,136		4.06
Total interest-earning assets	82,464		4,338		5.26		81,984		3,988		4.86		83,638		2,742		3.28
Cash and due from banks	714						662						621
Allowance for credit losses on loans and debt securities	(689)						(632)						(514)
Goodwill and intangibles	1,055						1,062						1,022
Other assets	5,279						5,579						4,908
Total assets	$	88,823					$	88,655					$	89,675
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market	$	38,796	$	1,022	2.63		$	34,135	$	650	1.90		$	37,045	$	61	0.16
Time	10,898		518		4.75		9,028		413		4.58		1,594		9		0.58
Total interest-bearing deposits	49,694		1,540		3.10		43,163		1,063		2.46		38,639		70		0.18
Borrowed funds:
Federal funds purchased and security repurchase agreements	1,309		68		5.19		3,380		169		4.98		1,531		38		2.49
Other short-term borrowings	4,458		218		4.90		4,741		241		5.08		1,263		46		3.65
Long-term debt	600		37		6.07		592		36		6.09		705		31		4.28
Total borrowed funds	6,367		323		5.07		8,713		446		5.11		3,499		115		3.27
Total interest-bearing liabilities	56,061		1,863		3.32		51,876		1,509		2.91		42,138		185		0.44
Noninterest-bearing demand deposits	25,066						29,703						39,890
Other liabilities	1,643						1,797						1,735
Total liabilities	82,770						83,376						83,763
Shareholders’ equity:
Preferred equity	423						440						440
Common equity	5,630						4,839						5,472
Total shareholders’ equity	6,053						5,279						5,912
Total liabilities and shareholders’ equity	$	88,823					$	88,655					$	89,675
Spread on average interest-bearing funds					1.94	%					1.95	%					2.84	%
Impact of net noninterest-bearing sources of funds					1.06	%					1.07	%					0.22	%
Net interest margin			$	2,475	3.00	%			$	2,479	3.02	%			$	2,557	3.06	%
Memo: total cost of deposits					2.06	%					1.46	%					0.09	%
Memo: total deposits and interest-bearing liabilities	$	81,127	1,863		2.28	%	$	81,579	1,509		1.87	%	$	82,028	185		0.23	%

For more information on our investment securities portfolio and borrowed funds, and how we manage liquidity risk, refer to the “Investment Securities Portfolio” section on page 50 and the “Liquidity Risk Management” section on page 75. For further discussion of the effects of market rates on net interest income and how we manage interest rate risk, refer to the “Interest Rate and Market Risk Management” section on page 72.

The following schedule summarizes the average balances, the amount of interest earned or paid, and the applicable yields for interest-earning assets, as well as the cost of interest-bearing liabilities:

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CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS, AND RATES


	Year Ended December 31,
	2025						2024						2023
(Dollar amounts in millions)	Average balance		Interest		Yield/ Rate 1		Average balance		Interest		Yield/ Rate 1		Average balance		Interest		Yield/ Rate 1
ASSETS
Money market investments:
Interest-bearing deposits	$	1,671	$	73	4.37	%	$	1,970	$	106	5.40	%	$	2,163	$	112	5.18	%
Federal funds sold and securities purchased under agreements to resell	2,420		113		4.70		2,203		124		5.62		1,358		76		5.57
Total money market investments	4,091		186		4.56		4,173		230		5.52		3,521		188		5.33
Trading securities	114		5		4.62		36		2		4.41		53		1		2.86
Investment securities:
Available-for-sale	9,109		295		3.24		9,621		332		3.46		10,900		331		3.03
Held-to-maturity	9,250		204		2.21		10,017		224		2.23		10,731		240		2.24
Total investment securities	18,359		499		2.72		19,638		556		2.83		21,631		571		2.64
Loans held for sale	168		10		NM		70		4		NM		39		2		NM
Loans and leases: 2
Commercial	31,389		1,846		5.88		30,671		1,842		6.01		30,519		1,679		5.50
Commercial real estate	13,562		890		6.55		13,532		967		7.14		13,023		908		6.98
Consumer	15,470		794		5.14		14,344		737		5.14		13,198		639		4.84
Total loans and leases	60,421		3,530		5.84		58,547		3,546		6.06		56,740		3,226		5.69
Total interest-earning assets	83,153		4,230		5.09		82,464		4,338		5.26		81,984		3,988		4.86
Cash and due from banks	715						714						662
Allowance for credit losses on loans and debt securities	(687)						(689)						(632)
Goodwill and intangibles	1,084						1,055						1,062
Other assets	5,289						5,279						5,579
Total assets	$	89,554					$	88,823					$	88,655
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market	$	39,253	$	842	2.14		$	38,796	$	1,022	2.63		$	34,135	$	650	1.90
Time	10,493		408		3.89		10,898		518		4.75		9,028		413		4.58

Total interest-bearing deposits	49,746		1,250		2.51		49,694		1,540		3.10		43,163		1,063		2.46
Borrowed funds:
Federal funds purchased and security repurchase agreements	1,117		47		4.28		1,309		68		5.19		3,380		169		4.98
Other short-term borrowings	4,223		188		4.46		4,458		218		4.90		4,741		241		5.08
Long-term debt	1,153		72		6.16		600		37		6.07		592		36		6.09
Total borrowed funds	6,493		307		4.73		6,367		323		5.07		8,713		446		5.11
Total interest-bearing liabilities	56,239		1,557		2.77		56,061		1,863		3.32		51,876		1,509		2.91
Noninterest-bearing demand deposits	25,127						25,066						29,703

Other liabilities	1,592						1,643						1,797
Total liabilities	82,958						82,770						83,376
Shareholders’ equity:
Preferred equity	66						423						440
Common equity	6,530						5,630						4,839


Total shareholders’ equity	6,596						6,053						5,279
Total liabilities and shareholders’ equity	$	89,554					$	88,823					$	88,655
Spread on average interest-bearing funds					2.32	%					1.94	%					1.95	%
Impact of net noninterest-bearing sources of funds					0.89	%					1.06	%					1.07	%
Net interest margin			$	2,673	3.21	%			$	2,475	3.00	%			$	2,479	3.02	%
Memo: total cost of deposits	$	74,873	1,250		1.67	%	$	74,760	1,540		2.06	%	$	72,866	1,063		1.46	%
Memo: total deposits and interest-bearing liabilities	$	81,366	1,557		1.92	%	$	81,127	1,863		2.28	%	$	81,579	1,509		1.87	%

1 Taxable-equivalent rates used where applicable.

2 Net of unamortized purchase premiums, discounts, and deferred loan fees and costs.

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The following schedule ~~presents~~summarizes year-over-year changes in net interest income on a fully taxable-equivalent basis for the ~~years~~periods ~~indicated~~presented. For ~~the~~ yield calculations, average loan balances include the principal amounts of nonaccrual and restructured loans. Interest payments received on nonaccrual loans are not recognized as interest income; instead, ~~but~~they are applied as reductions to the ~~principal~~ outstanding principal. Additionally, interest on modified loans is generally accrued at the modified rates.

In ~~the~~analyzing ~~analysis of~~ changes in taxable-equivalent net interest income ~~attributed~~attributable to volume and rate, ~~changes~~variances are primarily allocated to volume, with the following exceptions: (1) when both volume and rate increase, the variance is allocated proportionately tobetween ~~both~~the ~~volume~~two factors, and ~~rate;~~(2) when the rate increases and volume decreases, the variance is allocated to rate.

ANALYSIS OF CHANGES IN TAXABLE-EQUIVALENT NET INTEREST INCOME

	2024 over 2023						2023 over 2022
	2025 over 2024						2024 over 2023
	Changes due to				Total changes		Changes due to				Total changes
(In millions)	Volume		Rate1				Volume		Rate1
INTEREST-EARNING ASSETS
Money market investments:
Interest-bearing deposits	$	(1013)	$	4(20)	$	(633)	$	(810)	$	934	$	85(6)
Federal funds sold and securities purchased under agreements to resell	489		—(20)		48(11)		~~(25)~~48		47—		2248
Total money market investments	38(4)		4(40)		42(44)		~~(33)~~38		~~140~~4		~~107~~42
Trading securities	—3		1—		13		~~(8)~~—		~~(7)~~1		~~(15)~~1
Securities:
Available-for-sale	(3917)		40(20)		1(37)		(~~244~~39)		~~114~~40		~~(130)~~1
Held-to-maturity	(1517)		(13)		(1620)		~~195~~(15)		(21)		~~193~~(16)
Total securities	(5434)		39(23)		(1557)		(4954)		~~112~~39		63(15)
Loans held for sale	210		—(4)		26		—2		1—		12
Loans and leases2
Commercial	843		~~155~~(39)		~~163~~4		568		~~429~~155		~~485~~163
Commercial real estate	374		22(81)		59(77)		3637		~~328~~22		~~364~~59
Consumer	57		41—		9857		8457		~~157~~41		~~241~~98
Total loans and leases	~~102~~104		~~218~~(120)		~~320~~(16)		~~176~~102		~~914~~218		~~1,090~~320
Total interest-earning assets	8879		~~262~~(187)		~~350~~(108)		8688		~~1,160~~262		~~1,246~~350
INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Saving and money market	9712		~~275~~(192)		~~372~~(180)		~~(6)~~97		~~595~~275		~~589~~372
Time	89(16)		16(94)		~~105~~(110)		~~163~~89		~~241~~16		~~404~~105
Total interest-bearing deposits	~~186~~(4)		~~291~~(286)		~~477~~(290)		~~157~~186		~~836~~291		~~993~~477
Borrowed funds:
Federal funds purchased and security repurchase agreements	(~~104~~9)		3(12)		(~~101~~21)		72(104)		593		~~131~~(101)
Other short-term borrowings	(1411)		(919)		(2330)		~~171~~(14)		24(9)		~~195~~(23)
Long-term debt	135		—		135		~~(6)~~1		11—		51
Total borrowed funds	~~(117)~~15		(631)		(~~123~~16)		~~237~~(117)		94(6)		~~331~~(123)
Total interest-bearing liabilities	6911		~~285~~(317)		~~354~~(306)		~~394~~69		~~930~~285		~~1,324~~354
Change in taxable-equivalent net interest income	$	1968	$	~~(23)~~130	$	~~(4)~~198	$	~~(308)~~19	$	~~230~~(23)	$	(784)

1 Taxable-equivalent rates used where applicable.

2 Net of unearned income and fees, net of related costs. Loans include nonaccrual and modified loans.

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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 ~~recorded~~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 $~~741~~724 million at December 31, ~~2024~~2025, compared with $~~729~~741 million at December 31, ~~2023~~2024. The ~~increase~~decrease in the ACL primarily reflects ~~credit~~lower ~~quality deterioration and higher~~ reserves associated with CRE portfolio-specific risks ~~including commercial real estate~~, partially offset by ~~improvements~~more inadverse economic ~~forecasts~~scenarios and increased growth in loans and commitments. The ratio of ACL to total loans and leases was 1.2519% at December 31, ~~2024~~2025, compared with 1.2625% at December 31, ~~2023~~2024. The following schedule illustrates the primary drivers of changes in the ACL compared with the prior year.

The provision for credit losses, which includes both the provision for loan and lease losses and the provision for unfunded lending commitments, was $72 million in 2024, compared with $132 million in 2023. The provision for securities losses was less than $1 million during 2024 and 2023.40

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~~The~~Our ~~bar chart above illustrates the broad categories of changes in the~~ ACL ~~from the prior year period. To~~ estimate ~~current~~is ~~expected~~derived ~~losses,~~using ~~we use~~ econometric loss models that incorporate multiple economic scenarios, ~~reflecting~~including optimistic, baseline, and stressed ~~economic~~ conditions. ~~The~~These ~~results derived from these~~ scenarios are weighted to ~~produce~~determine the overall credit loss estimate., ~~Management~~and management may adjust the ~~weights~~weightings tobased ~~reflect~~on ~~their~~its assessment of current economic conditions and reasonable and supportable forecasts. The schedule above summarizes the key drivers of the year-over-year change in the ACL, reflecting the combined effect of economic forecasts, credit quality trends and portfolio-specific risks, and portfolio composition.

The second bar ~~represents~~reflects the impact of changes in ~~these~~ economic forecasts and current economic conditions, ~~including~~incorporating management’s judgment onin ~~the~~determining ~~weighting of~~ the ~~economic~~scenario ~~forecasts~~weightings ~~during~~for the current ~~quarter~~period. These changes ~~contributed~~resulted toin a $~~146~~58 million ~~decrease~~increase in the ACL ~~from~~compared with the prior year, primarily driven by the increased weighting assigned to more adverse economic scenarios.

The third bar ~~represents~~captures changes in credit quality factors, ~~and~~including ~~includes~~ risk grade migration, portfolio-specific risks, and specific reserves ~~against~~on loans. ~~Combined~~Collectively, these factors contributed to a $~~158~~78 million ~~increase~~decrease in the ACL, ~~driven~~ largely driven by ~~deterioration~~reduced inCRE ~~credit quality and an increased focus on certain~~ portfolio-specific risks~~, including commercial real estate~~.

The fourth bar represents the effect of changes in ~~our~~the composition of the loan portfolio ~~composition~~, including ~~changes~~shifts in loan balances and mix, the aging of the portfolio, and other qualitative risk factors. ~~During~~These ~~2024,~~ changes resulted in ~~loan~~a ~~portfolio~~$3 ~~composition~~million ~~offset~~increase in the ~~effects~~ACL, ofprimarily driven by $1.65 billion in period-~~ending~~end loan growth, ~~resulting~~partially inoffset noby ~~significant~~changes ~~impact~~in on the ~~ACL~~loan portfolio mix.

~~See~~The ~~“Credit~~provision ~~Quality”~~for oncredit ~~page~~losses, 66which includes both the provision for loan and ~~Note~~lease 6losses ofand the ~~Notes~~provision tofor ~~Consolidated~~unfunded ~~Financial~~lending ~~Statements~~commitments, ~~for~~was ~~more~~$72 ~~information~~million onin ~~how~~both we2025 ~~determine~~and ~~the~~2024. ~~appropriate~~The ~~level~~provision offor ~~the~~securities ~~ALLL~~losses ~~and~~was ~~the~~less ~~RULC~~than $1 million during each of those years.

For more information regarding the methodology used to determine the appropriate levels of the ALLL and RULC, see Note 6 of the Notes to Consolidated Financial Statements.

Noninterest Income

Noninterest income ~~represents~~is comprised of revenue ~~earned~~generated from products and services that ~~generally~~typically ~~have~~do nonot bear an associated interest rate or yield. ~~and~~It is ~~classified~~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~~, and mark-to-market adjustments on certain derivatives~~.

~~Total~~Noninterest ~~noninterest~~ income ~~increased~~accounted ~~$23~~for ~~million, or 3~~22%, inof ~~2024,~~total ~~relative~~net torevenue (the ~~prior~~sum ~~year.~~of ~~Noninterest~~net interest income ~~represented~~and ~~22%~~noninterest ofincome) ~~our net revenue~~ in both ~~2024~~2025 and ~~2023~~2024. In 2025, noninterest income increased $58 million, or 8%, relative to the prior year. The following schedule presents a comparison of the major components of noninterest income:

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NONINTEREST INCOME

(Dollar amounts in millions)	~~2024~~2025		Amount change		Percent change		~~2023~~2024		Amount change		Percent change		~~2022~~2023
Commercial account fees	$	~~182~~185	$	83	52	%	$	~~174~~182	$	158	95	%	$	~~159~~174
Card fees	9695		(51)		(51)		~~101~~96		(35)		(35)		~~104~~101
Retail and business banking fees	6775		18		212		6667		~~(7)~~1		~~(10)~~2		7366
Loan-related fees and income	7075		~~(9)~~5		~~(11)~~7		7970		(19)		(111)		8079
Capital markets fees	110		29		36		81		(2)		(2)		83
Capital markets fees and income 1	116		6		5		110		33		43		77
Wealth management fees	5857		—(1)		—(2)		58		3—		5—		5558
Other customer-related fees	5659		~~(5)~~3		~~(8)~~5		6156		1(5)		2(8)		6061
Customer-related noninterest income	~~639~~662		1923		34		~~620~~639		623		14		~~614~~616
Fair value and nonhedge derivative income (loss)	—		4		NM		(4)		(20)		NM		16
Dividends and other income	44		2		5		42		(15)		(26)		57
Dividends and other income	42		(15)		(26)		57		40		NM		17
Securities gains (losses), net	52		33		NM		19		15		NM		4
Securities gains (losses), net	19		15		NM		4		19		NM		(15)
Noncustomer-related noninterest income	96		35		57		61		—		NM		61
Noncustomer-related noninterest income	61		4		7		57		39		NM		18
Total noninterest income	$	758	$	58	8		$	700	$	23	3		$	677
Total noninterest income	$	700	$	23	3		$	677	$	45	7		$	632
Adjusted customer-related noninterest income 2	$	671	$	32	5		$	639	$	19	3		$	620

1 Effective the first quarter of 2025, capital markets fees and income include the net CVA, which was previously disclosed under noncustomer-related noninterest income as fair value and nonhedge derivative income.

2 Net of CVA. For information on non-GAAP financial measures, see page 84.

Customer-related Noninterest Income

Consistent with our key corporate objectives, we ~~focus~~prioritize onstrengthening ~~expanding~~ and ~~supporting~~expanding both new and existing relationships by ~~providing~~delivering high-quality products and services to ~~our~~ commercial, small business, and consumer customers, thereby benefiting noninterest income through enhanced service offerings.

Customer-related noninterest income increased $1923 million, or 34%, in ~~2024~~2025, ~~relative~~compared towith the prior year. Key drivers ~~impacting~~of ~~customer-related~~this ~~revenue~~growth included:

•~~Capital~~Retail ~~markets~~and business banking fees increased $298 million, or 3612%, ~~driven~~mainly bydue ~~expanded~~to ~~real~~an ~~estate~~increase ~~capital~~in ~~markets~~overdraft ~~activity as well as increased swap fees, loan syndication fees,~~ and ~~foreign~~deposit ~~exchange~~service fees.

•~~Commercial~~Capital ~~account~~markets fees increased $86 million, or 5%,. ~~largely~~Excluding ~~due~~the toimpact anof ~~increase~~net inCVA, ~~account~~capital ~~analysis~~markets fees and income increased $15 million, ~~partially~~or ~~offset~~14%, bybenefiting ~~decreases~~from inhigher ~~merchant~~customer ~~fees~~swap fee revenue and ~~treasury~~increased ~~management~~investment ~~sweep~~banking advisory fees.

•Loan-related fees and income ~~decreased~~increased $95 million, or 117%, primarily due to ~~higher~~increased ~~gains on~~ loan sales ~~in the prior year and a decline in loan servicing income resulting from the sale of associated mortgage servicing rights in 2023~~activity.

•~~Card~~Commercial account fees ~~decreased~~increased $53 million, or 52%, ~~primarily~~largely due to ~~declines~~an increase in ~~commercial~~account ~~and~~analysis ~~business~~fees, ~~bankcard~~partially ~~interchange~~offset by a decrease in merchant fees.

•Other customer-related fees decreased $5 million, or 8%, mainly due to a decrease in miscellaneous income, including fees associated with compliance and other support services to pharmacies and healthcare providers.

Noncustomer-related Noninterest Income

Noncustomer-related noninterest income increased $435 million, or 757%, in ~~2024~~2025, relative to the prior year. ~~Key~~Net ~~drivers~~securities ~~impacting~~gains ~~noncustomer-related~~increased ~~revenue~~$33 ~~included:~~million, largely attributable to valuation adjustments within our SBIC investment portfolio.

~~•Net securities gains increased $15 million, largely due to valuation adjustments in our Small Business Investment Company (“SBIC”) investment portfolio.~~42

•Fair value and nonhedge derivative income increased $4 million due to credit valuation adjustments on client-related interest rate swaps.

•Dividends and other income decreased $15 million, primarily due to a decline in dividends on FHLB stock, as well as gains in the prior year associated with the sale of bank-owned property.

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Noninterest Expense

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

NONINTEREST EXPENSE

(Dollar amounts in millions)	~~2024~~2025		Amount change		Percent change		~~2023~~2024		Amount change		Percent change		~~2022~~2023
Salaries and employee benefits	$	1,~~287~~350	$	1263	15	%	$	1,~~275~~287	$	4012	31	%	$	1,~~235~~275
Technology, telecom, and information processing	~~260~~276		2016		86		~~240~~260		3120		158		~~209~~240
Occupancy and equipment, net	~~161~~166		15		13		~~160~~161		81		51		~~152~~160
Professional and legal services	6461		2(3)		3(5)		6264		52		93		5762
Marketing and business development	4564		~~(1)~~19		~~(2)~~42		4645		7(1)		18(2)		3946
Deposit insurance and regulatory expense	9164		(7827)		(4630)		~~169~~91		~~119~~(78)		NM(46)		50169
Credit-related expense	25		~~(1)~~—		~~(4)~~—		2625		(41)		(134)		3026
Other real estate expense, net	(12)		(1)		NM		—(1)		(1)		NM		1—
Other	~~114~~134		~~(5)~~20		~~(4)~~18		~~119~~114		14(5)		13(4)		~~105~~119
Total noninterest expense	$	2,~~046~~138	$	~~(51)~~92	~~(2)~~4		$	2,~~097~~046	$	~~219~~(51)	12(2)		$	12,~~878~~097
Adjusted noninterest expense (non-GAAP)	$	2,~~025~~122	$	3997	25		$	12,~~986~~025	$	~~110~~39	62		$	1,~~876~~986

Noninterest expense ~~decreased~~increased $5192 million, or 24%, in ~~2024,~~2025. ~~primarily~~Salaries ~~due to a $78 million decrease in deposit insurance~~ and ~~regulatory~~benefits expense, ~~driven~~accounted byfor aapproximately ~~$90~~63% ~~million accrual associated with the FDIC special assessment during the fourth quarter~~ of ~~2023.~~total ~~Technology,~~noninterest ~~telecom, and information processing~~ expense ~~increased $20 million, or 8%, primarily due to increases~~ in ~~software~~both ~~amortization~~2025 ~~expenses associated with the replacement of our core loan~~ and ~~deposit banking systems, as well as other related application software, license, and maintenance expenses~~2024. ~~For~~The ~~additional~~following ~~information~~schedule onpresents the ~~replacement~~major components of ~~our~~salaries ~~core loan~~ and ~~deposit~~employee ~~banking~~benefits ~~systems, see “Premises, Equipment, and Software” on page 54.~~expense:

Salaries and benefits expense represented approximately 63% and 61% of total noninterest expense in 2024 and 2023, respectively. The following schedule presents the major components of salaries and employee benefits expense:

SALARIES AND EMPLOYEE BENEFITS

(Dollar amounts in millions)	~~2024~~2025		Amount change		Percent change		~~2023~~2024		Amount change		Percent change		~~2022~~2023
Salaries and bonuses	$	1,~~061~~120	$	459	—6	%	$	1,~~057~~061	$	294	3—	%	$	1,~~028~~057
Employee benefits:
Employee health and insurance	~~105~~104		5(1)		5(1)		~~100~~105		75		85		93100
Retirement and profit sharing	4952		~~(2)~~3		~~(4)~~6		5149		(12)		(24)		5251
Payroll taxes and other fringe benefits	7274		52		73		6772		5		87		6267
Total employee benefits	~~226~~230		84		42		~~218~~226		118		54		~~207~~218
Total salaries and employee benefits	$	1,~~287~~350	$	1263	15		$	1,~~275~~287	$	4012	31		$	1,~~235~~275
Full-time equivalent employees at December 31	9,~~406~~195		(~~273~~211)		(32)		9,~~679~~406		(~~310~~273)		(3)		9,~~989~~679

~~Total~~Salaries ~~salaries~~ and employee benefits expense increased $1263 million, or 15%, primarily due to aincreased ~~decline~~incentive incompensation ~~capitalized~~accruals ~~salaries~~reflecting ~~related~~improved ~~to reduced software development activities~~profitability, asalong ~~well~~with as higher ~~benefits accruals, partially offset by a decrease in~~ base salaries. ~~Excluding~~and ~~the~~severance ~~effect~~costs. ofAt ~~capitalized~~December 31, ~~salaries~~2025, ~~total~~we ~~salaries and benefits expense remained relatively flat compared with the prior year. We~~ had 9,~~406~~195 full-time equivalent employees ~~at December 31~~, ~~2024,~~representing a decrease of approximately 32% ~~relative~~compared towith the prior year.

~~Adjusted~~Other ~~noninterest~~drivers ~~expense~~impacting ~~increased~~total ~~$39 million, or 2%. The efficiency ratio was 64.2%, compared with 62.9%, due to the aforementioned increase in adjusted~~ noninterest expense. ~~For information on non-GAAP financial measures, see page 83.~~included:

41•Other noninterest expense increased $20 million, primarily due to higher subscription costs, success fee accrual adjustments related to SBIC investments, impairment of certain long-lived assets, and legal settlement reserves.

•Marketing and business development expense increased $19 million, largely attributable to a $15 million donation to our charitable foundation, which will be used over the next three years to make charitable donations that otherwise would have been nondeductible as a result of recent tax law changes that became effective on January 1, 2026.

•Technology, telecom, and information processing expense increased $16 million, primarily driven by higher costs associated with application software, licensing, and maintenance.

These increases were partially offset by a $27 million reduction in deposit insurance and regulatory expense, primarily due to updated FDIC special assessment estimates.

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Adjusted noninterest expense increased $97 million, or 5%, primarily due to the same factors noted above. The efficiency ratio improved to 62.6%, compared with 64.2%, reflecting positive operating leverage as adjusted taxable-equivalent revenue outpaced adjusted noninterest expense. Excluding the $15 million charitable contribution, adjusted noninterest expense for 2025 would have been $2.11 billion, resulting in an efficiency ratio of 62.2%. For information on non-GAAP financial measures, see page 84.

Technology Spend

~~Consistent~~We ~~with our key corporate objectives, we~~ invest in technology initiatives designed to improve our products and services, ~~make~~increase usour ~~more~~operational ~~efficient~~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 ~~non-cash~~ 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).

The following schedule presents the composition of our technology spend:

TECHNOLOGY SPEND

(In millions)	2024		Amount change		Percent change		2023		Amount change		Percent change		2022
(Dollar amounts in millions)	2025		Amount change		Percent change		2024		Amount change		Percent change		2023
Technology, telecom, and information processing expense	$	~~260~~276	$	2016	86	%	$	~~240~~260	$	3120	158	%	$	~~209~~240
Less: related non-cash amortization and depreciation	(7978)		~~(8)~~1		11(1)		(7179)		(178)		3111		(5471)
Other technology-related expense	~~251~~253		192		81		~~232~~251		2619		138		~~206~~232
Capitalized technology investments	3459		~~(48)~~25		~~(59)~~74		8234		(848)		(959)		9082
Total technology spend	$	~~466~~510	$	~~(17)~~44	~~(4)~~9		$	~~483~~466	$	32(17)	7(4)		$	~~451~~483

Total technology spend ~~decreased~~increased $1744 million, or 49%, ~~relative~~compared towith the prior year,. asThis ~~the aforementioned~~ increase inwas ~~technology,~~driven ~~telecom,~~by ~~and~~higher ~~information~~capitalized ~~processing~~technology ~~expense~~investments ~~and~~associated anwith ~~increase~~lending inand ~~other~~customer-focused technology~~-related~~ ~~expense~~initiatives. ~~were~~In ~~more~~addition, ~~than offset by a decrease in certain capitalized~~ technology, ~~investments~~telecom, asand ~~the~~information ~~final~~processing ~~phase~~expense ofincreased, ~~our~~largely ~~multi-year~~reflecting ~~project~~the topreviously ~~replace~~noted ~~substantially~~increases ~~all of our~~ in~~-scope~~ ~~core~~application ~~loan~~software, licensing, and ~~deposit~~maintenance ~~banking systems was completed in July 2024~~costs.

Income Taxes

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

INCOME TAXES

(Dollar amounts in millions)	~~2024~~2025			~~2023~~2024			~~2022~~2023
Income before income taxes	$	1,~~012~~175		$	~~886~~1,012		$	~~1,152~~886
Income tax expense	~~228~~276			~~206~~228			~~245~~206
Effective tax rate	2223.5		%	2322.35		%	2123.3		%

The effective tax ~~rates~~rate ~~for~~was ~~the~~23.5%, ~~periods~~22.5%, ~~presented~~and ~~above~~23.3%, ~~were~~for ~~reduced~~the byyears ~~nontaxable~~ended ~~municipal~~2025, ~~interest~~2024, ~~income~~ and ~~nontaxable~~2023, ~~income~~respectively. ~~from~~For ~~certain~~more ~~bank-owned~~information ~~life~~about ~~insurance~~the ~~policies~~factors ~~(“BOLI”).~~affecting ~~However,~~our ~~they~~effective ~~were~~tax ~~increased~~rate, by the ~~nondeductibility~~significant components of ~~certain~~our ~~FDIC~~DTAs ~~premiums,~~and ~~certain executive compensation~~DTLs, and ~~other~~unrecognized ~~fringe~~tax benefits. ~~The~~related ~~higher~~to ~~effective~~uncertain tax ~~rates~~positions, ~~for~~see ~~2024~~Note ~~and~~20 ~~2023~~of ~~were primarily attributed to higher nondeductible FDIC premium expense (excluding~~ the ~~deductible~~Notes ~~special assessments) and nondeductible interest expense related~~ to ~~certain~~Consolidated ~~municipal~~Financial ~~loans and securities~~Statements.

Investments in technology initiatives, low-income housing, and municipal securities during 2024, 2023, and 2022, generated tax credits and nontaxable income, which benefited the effective tax rate for each respective year. Additionally, the effective tax rate for 2024 benefited from a reduction in the reserve for uncertain tax positions related to credits on technology initiatives, as various statutes of limitations expired.44

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AtPreferred ~~December 31,~~Stock 2024 and 2023, we reported a net DTA of $0.9 billion and $1.0 billion, respectively. The reduction in the net DTA was primarily attributed to a decrease in unrealized losses in accumulated other comprehensive income (“AOCI”) associated with investment securities and derivative instruments.Dividends

NoPreferred ~~valuation~~stock ~~allowance~~dividends ~~was~~totaled ~~recorded~~$4 atmillion ~~December 31~~in 2025, $41 million in 2024, and ~~December 31,~~$32 million in 2023. ~~For~~The ~~more~~decrease ~~information~~from ~~about~~ the ~~factors~~prior ~~influencing~~year ~~our~~was ~~effective~~due ~~tax~~to ~~rate,~~the ~~significant~~redemption ~~components~~of the outstanding shares of our ~~DTAs~~Series ~~and~~G, ~~DTLs~~I, and ~~unrecognized~~J ~~tax~~preferred ~~benefits~~stock ~~for~~during ~~uncertain~~the ~~tax~~fourth ~~positions~~quarter of 2024. For further details, see Note 2014 of the Notes to Consolidated Financial Statements.

~~Preferred~~Operating ~~Stock~~Segment ~~Dividends and Redemption~~Results

~~Preferred~~As ~~stock~~described ~~dividends~~under ~~totaled~~Item ~~$41~~1. ~~million~~Business inon ~~2024~~page 5, ~~$32~~we ~~million~~manage inour ~~2023,~~operations ~~and~~through ~~$29~~seven ~~million~~affiliate inbanks—Zions ~~2022.~~Bank, ~~The~~CB&T, ~~increase~~Amegy, ~~was~~NBAZ, ~~primarily~~NSB, ~~driven~~Vectra, byand ~~changes~~TCBW—which inconstitute ~~the~~our ~~timing~~primary ~~and~~operating ~~rates~~segments. ofEach ~~dividend~~affiliate ~~payments~~operates ~~for~~in ~~certain~~distinct ~~series~~geographic ofmarkets ~~preferred~~under ~~stock.~~its Inown ~~December~~local ~~2024,~~brand weand ~~fully~~management ~~redeemed~~team. ~~the~~The ~~outstanding~~affiliate ~~shares~~banks ofare ~~our~~supported ~~Series~~by G,an I,enterprise‑level ~~and~~“Other” Jsegment, ~~preferred~~which ~~stock~~provides governance and ~~paid~~risk ~~all~~oversight, ~~declared~~capital ~~and~~allocation, ~~unpaid~~strategic ~~dividends.~~objectives, ~~For~~centralized ~~further~~technology ~~details~~infrastructure, ~~see~~back‑office ~~Note~~operations, 14and ofcertain ~~the~~business ~~Notes~~lines tothat ~~Consolidated~~are ~~Financial~~not ~~Statements~~managed through the affiliate structure.

~~Business~~Centrally ~~Segment~~provided ~~Results~~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 process to measure segment performance. This methodology is subject to ongoing refinement. For more information regarding operating segment performance, see Note 22 of the Notes to Consolidated Financial Statements.

WeSelected ~~manage~~financial ~~our~~information ~~operations~~for ~~through seven affiliate banks located in different geographic markets,~~ each ~~with~~operating ~~its~~segment ~~own~~is ~~local~~presented ~~branding and management team~~below. ~~These~~Ratios ~~affiliate~~are ~~banks~~calculated ~~constitute~~using ~~our~~amounts ~~primary~~in ~~business~~thousands. ~~segments~~All ~~and~~references ~~include:~~to ~~Zions~~domestic ~~Bank,~~deposits ~~California~~by ~~Bank~~state &are ~~Trust~~based ~~(“CB&T”),~~on ~~Amegy~~FDIC ~~Bank~~deposit ~~(“Amegy”),~~market ~~National~~share ~~Bank~~data offor ~~Arizona~~full-service ~~(“NBAZ”),~~institutions ~~Nevada~~with ~~State~~at ~~Bank~~least ~~(“NSB”),~~three ~~Vectra~~branches ~~Bank~~as ~~Colorado (“Vectra”), and The Commerce Bank~~ of ~~Washington~~June ~~(“TCBW”). We emphasize local authority~~30, ~~responsibility, pricing, and customization of certain products that are designed to maximize customer satisfaction, strengthen community relations, and improve profitability and shareholder returns~~2025.

Our affiliate banks are supported by an enterprise operating segment (referred to as the “Other” segment) that provides governance and risk management, allocates capital, establishes strategic objectives, and includes centralized technology, back-office functions, and certain lines of business not operated through our affiliate banks. The cost of centrally provided services is allocated to each business segment based on estimated or actual usage of those services. Capital is allocated according to the risk-weighted assets held by each business segment.

We employ an internal funds transfer pricing (“FTP”) allocation process to report the results of operations of our business segments. This process is subject to ongoing changes and refinements. For more performance information related to our business segments, including the Other segment, see Note 22 of the Notes to Consolidated Financial Statements.

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Zions Bank

Zions Bank, is headquartered in Salt Lake City, Utah~~. At December 31~~, ~~2024, Zions Bank~~ operated 92 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. Asat ~~measured~~December 31, by2025. Based on domestic ~~deposits~~deposit market share in these states, Zions Bank ~~was~~ranked as the second largest full-service commercial bank in Utah and the ~~fourth~~fifth largest in Idaho. ~~The~~ FDIC deposit market share data for Wyoming at June 30, ~~2024~~2025 ~~for Zions Bank in Wyoming~~ was not considered meaningful.

ZIONS BANK SELECTED FINANCIAL INFORMATION

(Dollar amounts in millions)	~~2024~~2025			Amount change		Percent change		~~2023~~2024			Amount change		Percent change		~~2022~~2023
SELECTED INCOME STATEMENT DATA
Net interest income	$	~~692~~738		$	~~(6)~~46	~~(1)~~7	%	$	~~698~~692		$	(286)	(41)	%	$	~~726~~698
Provision for credit losses	~~(8)~~14			~~(28)~~22		NM		20(8)			(2328)		~~(53)~~NM		4320
Noninterest income	~~187~~190			~~(5)~~3		~~(3)~~2		~~192~~187			6(5)		(3)		~~186~~192
Noninterest expense	~~571~~570			(111)		~~(2)~~—		~~582~~571			84(11)		17(2)		~~498~~582
Income (loss) before income taxes	~~316~~344			28		109		~~288~~316			~~(83)~~28		~~(22)~~10		~~371~~288
SELECTED BALANCE SHEET DATA (at year end)
Loans:
Commercial	8,~~255~~093			(~~269~~162)		(32)		8,~~524~~255			~~424~~(269)		5(3)		8,~~100~~524
Commercial real estate	2,~~783~~961			62178		26		2,~~721~~783			~~(130)~~62		~~(5)~~2		2,~~851~~721
Consumer	3,~~820~~990			~~278~~170		84		3,~~542~~820			~~557~~278		198		23,~~985~~542
Total loans	1415,~~858~~044			71186		—1		14,~~787~~858			~~851~~71		6—		1314,~~936~~787
Total deposits	21,~~324~~155			~~632~~(169)		3(1)		2021,~~692~~324			~~(691)~~632		(3)		2120,~~383~~692
CREDIT QUALITY
Net loan and lease charge-offs (recoveries)	$	~~(3)~~8		~~(22)~~11		NM		$	19(3)		(1022)		~~(34)~~NM		$	2919
Ratio of net charge-offs (recoveries) to average loans and leases	(0.~~02)~~05		%					(0.1302)		%					0.2213		%
Allowance for credit losses	$	~~154~~161		~~(3)~~7		~~(2)~~5		$	~~157~~154		2(3)		1(2)		$	~~155~~157
Ratio of allowance for credit losses to net loans and leases, at year end	1.0407		%					1.1004		%					1.1710		%
Nonperforming assets	$	2958		329		12NM		$	2629		~~(10)~~3		~~(28)~~12		$	3626
Ratio of nonperforming assets to net loans and leases and other real estate owned	0.2039		%					0.1820		%					0.2618		%

4445

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California Bank & Trust

California Bank & Trust, is headquartered in San Diego, California~~. At December 31~~, ~~2024, CB&T~~ operated 7577 branches inacross California. Asat ~~measured~~December 31, by2025. Based on domestic ~~deposits~~deposit market share in the state, CB&T ~~was~~ranked as the ~~15th~~13th largest full-service commercial bank in California.

In January 2025, Southern California experienced devastating wildfires. Our credit losses were insignificant, primarily due to adequate insurance coverage and our limited residential credit exposure in the affected areas.

In late March 2025, we purchased four FirstBank Coachella Valley, California branches and their associated deposit and loan accounts. In addition to the four branches, the purchase included approximately $630 million in deposits and $420 million in consumer and commercial loans.

CALIFORNIA BANK AND TRUST SELECTED FINANCIAL INFORMATION

(Dollar amounts in millions)	~~2024~~2025			Amount change		Percent change		~~2023~~2024			Amount change		Percent change		~~2022~~2023
SELECTED INCOME STATEMENT DATA
Net interest income	$	~~584~~647		$	~~(18)~~63	~~(3)~~11	%	$	~~602~~584		$	10(18)	2(3)	%	$	~~592~~602
Provision for credit losses	4253			~~(2)~~11		~~(5)~~26		4442			(52)		(105)		4944
Noninterest income	~~121~~126			5		4		~~116~~121			25		24		~~114~~116
Noninterest expense	~~403~~433			~~(8)~~30		~~(2)~~7		~~411~~403			71(8)		21(2)		~~340~~411
Income (loss) before income taxes	~~260~~287			~~(3)~~27		~~(1)~~10		~~263~~260			(543)		(171)		~~317~~263
SELECTED BALANCE SHEET DATA (at year end)
Loans:
Commercial	7,~~295~~572			~~(30)~~277		—4		7,~~325~~295			(~~116~~30)		~~(2)~~—		7,~~441~~325
Commercial real estate	4,~~244~~228			(9816)		~~(2)~~—		4,~~342~~244			~~164~~(98)		4(2)		4,~~178~~342
Consumer	3,~~040~~641			~~530~~601		2120		23,~~510~~040			~~243~~530		1121		2,~~267~~510
Total loans	1415,~~579~~441			~~402~~862		36		14,~~177~~579			~~291~~402		23		1314,~~886~~177
Total deposits	1415,~~529~~868			~~(505)~~1,339		~~(3)~~9		1514,~~034~~529			~~263~~(505)		2(3)		1415,~~771~~034
CREDIT QUALITY
Net loan and lease charge-offs (recoveries)	$	4358		3315		NM35		$	1043		733		NM		$	310
Ratio of net charge-offs (recoveries) to average loans and leases	0.3038		%					0.0730		%					0.0207		%
Allowance for credit losses	$	~~167~~153		5(14)		3(8)		$	~~162~~167		405		333		$	~~122~~162
Ratio of allowance for credit losses to net loans and leases, at year end	1.1701		%					1.1517		%					01.9315		%
Nonperforming assets	$	~~101~~105		194		234		$	82101		5719		NM23		$	2582
Ratio of nonperforming assets to net loans and leases and other real estate owned	0.6968		%					0.5869		%					0.1858		%

On September 23, 2024, we announced that we entered into an agreement to purchase four FirstBank Coachella Valley, California branches and their associated deposit and loan accounts. In addition to the four branches, the purchase includes approximately $700 million in deposits and $400 million in commercial and consumer loans. These amounts are subject to change. The transaction is expected to be completed in the first quarter of 2025, subject to customary closing conditions.

In January 2025, Southern California experienced devastating wildfires. We anticipate minimal credit losses due to insurance coverage and our limited residential credit exposure in the affected areas.

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Amegy Bank

Amegy Bank, is headquartered in Houston, Texas~~. At December 31~~, ~~2024, Amegy~~ operated 7576 branches inacross Texas. Asat ~~measured~~December 31, by2025. Based on domestic ~~deposits~~deposit market share in the state, Amegy ~~was~~ranked as the eighth largest full-service commercial bank in Texas.

AMEGY BANK SELECTED FINANCIAL INFORMATION

(Dollar amounts in millions)	2024			Amount change		Percent change		2023			Amount change		Percent change		2022
SELECTED INCOME STATEMENT DATA
Net interest income	$	496		$	39	9	%	$	457		$	(48)	(10)	%	$	505
Provision for credit losses	22			7		47		15			10		NM		5
Noninterest income	175			(9)		(5)		184			19		12		165
Noninterest expense	456			3		1		453			98		28		355
Income (loss) before income taxes	193			20		12		173			(137)		(44)		310
SELECTED BALANCE SHEET DATA (at year end)
Loans:
Commercial	7,851			589		8		7,262			(90)		(1)		7,352
Commercial real estate	2,438			290		14		2,148			171		9		1,977
Consumer	3,585			(2)		—		3,587			156		5		3,431
Total loans	13,874			877		7		12,997			237		2		12,760
Total deposits	15,349			(42)		—		15,391			1,304		9		14,087
CREDIT QUALITY
Net loan and lease charge-offs (recoveries)	$	4		(1)		(20)		$	5		2		67		$	3
Ratio of net charge-offs (recoveries) to average loans and leases	0.03		%					0.04		%					0.02		%
Allowance for credit losses	$	141		2		1		$	139		17		14		$	122
Ratio of allowance for credit losses to net loans and leases, at year end	1.05		%					1.08		%					1.01		%
Nonperforming assets	$	76		41		NM		$	35		(24)		(41)		$	59
Ratio of nonperforming assets to net loans and leases and other real estate owned	0.55		%					0.27		%					0.46		%

Table of Contents

ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

AMEGY BANK SELECTED FINANCIAL INFORMATION


(Dollar amounts in millions)	2025			Amount change		Percent change		2024			Amount change		Percent change		2023
SELECTED INCOME STATEMENT DATA
Net interest income	$	565		$	69	14	%	$	496		$	39	9	%	$	457
Provision for credit losses	8			(14)		(64)		22			7		47		15
Noninterest income	189			14		8		175			(9)		(5)		184
Noninterest expense	465			9		2		456			3		1		453
Income (loss) before income taxes	281			88		46		193			20		12		173
SELECTED BALANCE SHEET DATA (at year end)
Loans:
Commercial	8,458			607		8		7,851			589		8		7,262
Commercial real estate	2,462			24		1		2,438			290		14		2,148
Consumer	3,545			(40)		(1)		3,585			(2)		—		3,587
Total loans	14,465			591		4		13,874			877		7		12,997
Total deposits	15,319			(30)		—		15,349			(42)		—		15,391
CREDIT QUALITY
Net loan and lease charge-offs (recoveries)	$	5		1		25		$	4		(1)		(20)		$	5
Ratio of net charge-offs (recoveries) to average loans and leases	0.04		%					0.03		%					0.04		%
Allowance for credit losses	$	159		18		13		$	141		2		1		$	139
Ratio of allowance for credit losses to net loans and leases, at year end	1.12		%					1.05		%					1.08		%
Nonperforming assets	$	58		(18)		(24)		$	76		41		NM		$	35
Ratio of nonperforming assets to net loans and leases and other real estate owned	0.40		%					0.55		%					0.27		%

National Bank of Arizona

National Bank of Arizona, is headquartered in Phoenix, Arizona~~. At December 31~~, ~~2024, NBAZ~~ operated 56 branches inacross Arizona. Asat ~~measured~~December 31, by2025. Based on domestic ~~deposits~~deposit market share in the state, NBAZ ~~was~~ranked as the fifth largest full-service commercial bank in Arizona.

NATIONAL BANK OF ARIZONA SELECTED FINANCIAL INFORMATION

(Dollar amounts in millions)

~~2024~~2025

Amount change

Percent change

~~2023~~2024

Amount change

Percent change

~~2022~~2023

SELECTED INCOME STATEMENT DATA

Net interest income

~~245~~262

~~(4)~~17

~~(2)~~7

~~249~~245

7(4)

3(2)

~~242~~249

Provision for credit losses

17(14)

13(31)

417

~~(7)~~13

~~(64)~~NM

114

Noninterest income

4344

4043

~~(8)~~3

~~(17)~~8

4840

Noninterest expense

~~196~~195

2(1)

(1)

~~194~~196

272

161

~~167~~194

Income (loss) before income taxes

75125

~~(16)~~50

~~(18)~~67

9175

(2116)

(1918)

~~112~~91

SELECTED BALANCE SHEET DATA (at year end)

Loans:

Commercial

2,~~496~~530

~~(101)~~34

~~(4)~~1

2,~~597~~496

73(101)

3(4)

2,~~524~~597

Commercial real estate

1,~~732~~560

(39172)

(210)

1,~~771~~732

~~259~~(39)

17(2)

1,~~512~~771

Consumer

1,~~416~~501

~~157~~85

126

1,~~259~~416

~~177~~157

1612

1,~~082~~259

Total loans

5,~~644~~591

17(53)

—(1)

5,~~627~~644

~~509~~17

10—

5,~~118~~627

Total deposits

6,~~884~~968

3984

6,~~845~~884

~~(449)~~39

~~(6)~~1

76,~~294~~845

CREDIT QUALITY

Net loan and lease charge-offs (recoveries)

Filing Compare · ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/