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Here are 1-3 brief analogies for Zions Bancorp NA (ZION):

• Like a smaller U.S. Bancorp, specifically focused on providing banking services across the Western U.S. states.
• Think of it as the Truist Financial Corporation for the Western U.S., offering a wide range of banking and related services.

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Here are the major services offered by Zions Bancorp NA (ZION):

• Corporate Banking: Provides banking and related services tailored for corporate clients.
• Commercial Banking: Offers financial services, with a focus on small and medium-sized businesses.
• Commercial Real Estate Banking: Delivers specialized banking services for commercial real estate transactions and development.
• Municipal and Public Finance: Provides financial solutions and services to municipalities and public entities.
• Retail Banking: Encompasses services for individual customers, including checking, savings, and residential mortgages.
• Trust Services: Manages assets and provides fiduciary services on behalf of individuals and institutions.
• Wealth Management and Private Client Banking: Offers personalized financial planning, investment management, and banking services for affluent clients.
• Capital Markets Products and Services: Provides access to financial markets and related products for clients.

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Zions Bancorp NA serves a diverse customer base, providing a range of banking and financial services. Based on the services described, its major customers fall into the following categories:

• Businesses (Corporate, Commercial, and Small-to-Medium-sized): This category includes corporations, small- and medium-sized businesses that utilize services such as corporate banking, commercial banking, and commercial real estate banking.
• Individuals (Retail and Wealth Management): This comprises individual clients who use retail banking services (including checking, savings, and residential mortgages), as well as high-net-worth individuals and families seeking wealth management and private client banking services.
• Government and Public Entities: This category includes municipalities and other public institutions that leverage the company's municipal and public finance services.

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Harris H. Simmons
Chairman and Chief Executive Officer

Harris H. Simmons has served as Chairman and CEO of Zions Bancorporation, N.A. since 2002 and as president and chief executive officer since 1990. He began his career with Zions in 1970 and has held various positions within Zions First National Bank and Zions Bancorporation for over 40 years, including president and chief executive officer of Zions First National Bank before 1998. Mr. Simmons is also a director of National Life Group and O.C. Tanner Co. He previously served as chairman of the American Bankers Association. He earned his undergraduate degree from the University of Utah and an M.B.A. from Harvard University.

R. Ryan Richards
Executive Vice President and Chief Financial Officer

R. Ryan Richards assumed the role of Executive Vice President and Chief Financial Officer of Zions Bancorporation in April 2024. Prior to this, he served as the company's corporate controller for three years, beginning in May 2021, overseeing areas such as accounting policy, SEC and bank regulatory reporting, and corporate tax. His previous experience includes serving as chief accounting officer and director of investor relations at Truist Financial Corporation, and corporate controller at SunTrust Banks, Inc. Mr. Richards also held positions at the Financial Accounting Standards Board and KPMG L.L.P. He contributed as a Member of the Secretariat for the Basel Committee on Banking Supervision, a Senior Policy Analyst at the Federal Reserve Board, and a Project Manager at the International Accounting Standards Board. He holds a Bachelor of Business Administration in Accounting and a Master of Science in Finance from Texas A&M University.

Scott J. McLean
President and Chief Operating Officer

Scott J. McLean is the President and Chief Operating Officer of Zions Bancorporation. He was appointed President in March 2014, following his tenure as CEO of Amegy Bank, an affiliate of Zions, from 2009 to 2014. Mr. McLean has over 40 years of banking experience and has led 10 different companies. Before joining Amegy in 2002, he spent 23 years with Texas Commerce Bank/JPMorgan Chase, where he held various executive positions. These roles included president of JPMorgan Chase in Houston from 1998 to 2001, CEO of Texas Commerce Bank in Greenway Plaza (1982-1985), president in Dallas (1985-1993), and CEO in El Paso (1993-1997). He earned a bachelor's degree from Southern Methodist University and an M.B.A. from Northwestern University's J.L. Kellogg Graduate School of Management.

Jennifer Smith
Chief Technology and Operations Officer

Jennifer Smith serves as the Chief Technology and Operations Officer of Zions Bancorporation. She is also an Executive Vice President and Chief Information Officer for the company.

Rena Miller
General Counsel and Corporate Secretary

Rena Miller became General Counsel and Corporate Secretary of Zions Bancorporation on April 1, 2024. She has held legal roles with Zions Bancorporation for 14 years, including serving as deputy general counsel since 2015. Prior to her time at Zions, Ms. Miller was of counsel to Mrs. Fields Famous Brands, LLC and worked at Jones Waldo Holbrook & McDonough in Salt Lake City. She holds bachelor's and master's degrees, as well as a J.D. degree, from the University of Utah.

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The primary risks for Zions Bancorp NA (ZION) include challenges related to credit quality and asset performance, the impact of economic and interest rate volatility, and ongoing cybersecurity and technological threats.

1. Credit Risk and Asset Quality

Zions Bancorp faces significant credit risk, highlighted by a recent $50 million loan write-down in October 2025 due to "apparent misrepresentations and contractual defaults by two of its borrowers." This event raised concerns regarding the company's underwriting and risk management practices. The bank's exposure to sectors such as oil and gas also presents a risk, as deterioration in energy prices could lead to increased loan losses. Furthermore, general macroeconomic challenges have the potential to worsen credit quality, decrease demand for loans, and result in higher charge-offs. The commercially oriented loan portfolio, although diversified, remains susceptible to risks associated with borrower creditworthiness, fluctuations in cash flow, and collateral valuation.

2. Economic and Interest Rate Volatility

The company operates in an environment where economic downturns, recessions, and shifts in interest rates can materially affect its revenues, expenses, and the valuation of its assets and liabilities. Increased volatility in the interest rate market specifically complicates asset-liability management and could elevate debt service costs if rates rise. Conversely, potential cuts in federal interest rates could negatively impact the bank's net interest income growth.

3. Cybersecurity and Technological Risks

As the financial services industry undergoes rapid technological transformation, Zions Bancorp must navigate the dual challenges of adopting new technologies while simultaneously defending against sophisticated cybersecurity threats. Although the company has not yet reported material impacts from cybersecurity incidents, the potential for future events to adversely affect business operations, customer trust, and operational integrity remains a significant concern.

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• Digital-only banks (Neobanks): These challenger banks operate without physical branches, offering lower fees, enhanced digital user experiences, and faster services. This business model directly threatens Zions Bancorp's traditional branch-heavy retail and small-to-medium-sized business banking segments by appealing to customers seeking convenient, tech-first financial solutions.
• Specialized Fintech Companies: Numerous financial technology companies are unbundling traditional banking services. Examples include platforms like Square, PayPal, and Stripe for payment processing, which compete with Zions' commercial banking and capital markets offerings for small businesses. Online lending platforms offer quicker and often more convenient alternatives to traditional bank loans for consumers and businesses, while robo-advisors threaten Zions' trust and wealth management services by providing low-cost, automated investment solutions.
• Big Tech Companies Entering Financial Services: Large technology companies such as Apple, Google, and Amazon are leveraging their extensive user bases, data, and technological capabilities to offer financial products. This includes services like payment solutions (e.g., Apple Pay, Google Pay), credit products (e.g., Apple Card), and small business lending (e.g., Amazon Lending), posing a significant competitive threat across various segments of Zions Bancorp's operations due to their scale and integration into daily consumer and business life.

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Zions Bancorp NA (symbol: ZION) operates in various banking and related services across several Western U.S. states. The addressable market sizes for its main products and services in the U.S. are as follows:

• Corporate Banking Services: The U.S. commercial banking market, which encompasses corporate banking, is estimated at USD 765.53 billion in 2026. This market is projected to reach USD 954.48 billion by 2031.
• Commercial Banking (including small- and medium-sized businesses): Banks made over $328 billion in loans to small businesses throughout the U.S. in 2023. The broader U.S. commercial banking market size, which includes small and medium enterprises, is estimated at USD 765.53 billion in 2026.
• Commercial Real Estate Banking Services: Total commercial real estate mortgage borrowing and lending in the U.S. was estimated at $498 billion in 2024. The U.S. Commercial Real Estate Market size is estimated at USD 1.74 trillion in 2026.
• Municipal and Public Finance Services: The U.S. municipal bond market had $4.4 trillion outstanding as of the third quarter of 2025. States, cities, universities, and other non-profits borrowed over $500 billion through the municipal bond market in 2025.
• Retail Banking (including Residential Mortgages): The United States retail banking market stands at USD 0.87 trillion in 2025. For residential mortgages, the total single-family mortgage origination volume in the U.S. is expected to increase to $2.2 trillion in 2026.
• Trust Services: The U.S. trust and corporate service market was valued at US$ 13.86 billion in 2024. This market is projected to surpass US$ 20.05 billion by 2033.
• Wealth Management and Private Client Banking Services: The wealth management industry in the U.S. represents approximately $62 trillion in assets under management (AUM) and is expected to grow to $85 trillion in AUM by 2028. The United States private banking market is valued at USD 59.54 billion in 2025.
• Capital Markets Products and Services: The U.S. investment banking market stands at USD 54.74 billion in 2025.

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Expected Drivers of Future Revenue Growth for Zions Bancorp NA (ZION)

Over the next 2-3 years, Zions Bancorp NA (ZION) is expected to drive revenue growth through several key initiatives and market dynamics:

1. Net Interest Income (NII) Expansion and Net Interest Margin (NIM) Improvement: Zions Bancorp anticipates a moderate increase in net interest income for 2026, supported by expected Federal Reserve rate cuts. This growth is further bolstered by an improved funding mix from customer deposit initiatives, which has reduced reliance on short-term borrowings, leading to an expanded net interest margin for eight consecutive quarters, reaching 3.31% in Q4 2025. The favorable earning asset and interest-bearing liability remix, coupled with growth in loans and deposits, is also expected to contribute to a moderately increasing NII in 2026.
2. Commercial and Small Business Loan Growth: The company projects a slight increase in overall loan growth, with a primary focus on commercial loans. Management targets low single-digit average loan growth. Specifically, commercial lending is expected to be the main driver of loan growth in 2026, with commercial real estate also contributing, while consumer loan balances are anticipated to remain relatively stable. This growth is supported by targeted commercial expansion in key markets and an intensified focus on small business banking.
3. Growth in Customer-Related Fee Income: Zions Bancorp expects customer-related fee income to moderately increase for the full year 2026 compared to 2025. This growth is projected to be led by capital markets, followed by loan-related fees, with broad-based growth across other categories due to increased activity. Management specifically anticipates capital markets fees to remain a key driver of fee income growth in 2026, building on an impressive 24% year-over-year increase in adjusted capital markets fee income in 2025. The company also aims to boost noninterest income by scaling fee-generating businesses such as treasury, card and merchant services, wealth management, and equipment finance.
4. Strategic Expansion in High-Growth Western Markets: A core component of Zions Bancorp's growth strategy involves targeted expansion in high-growth Western markets. The company's focus is on demographically advantaged Western MSAs, including Texas, Arizona, Utah, Nevada, Colorado, and California, leveraging its local brands to capture population and commercial expansion. While opportunistic small acquisitions may occur, the priority is on organic growth and reducing customer acquisition costs to improve the efficiency ratio. For example, the acquisition of four California branches in Q2 2025 is expected to boost loans and deposits in that region.
5. Positive Operating Leverage and Efficiency Gains: Zions Bancorp anticipates achieving positive operating leverage in 2026, estimated at around 100 to 150 basis points. This is expected to be driven by prudent expense management while investing in revenue-generating initiatives. The company has been refocusing on profitable organic growth and digital upgrades across its 11-state Western footprint. Technology-driven strategies and data investments are expected to enhance client retention, boost fee income, and improve efficiency, with data investments targeting a 10–15% uplift in relationship profitability and a 5–10% reduction in credit decision cycle time within 24 months.

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Capital Allocation Decisions for Zions Bancorp NA (ZION) (2021-2025)

Share Repurchases

• Zions Bancorporation's board authorized a share repurchase of up to $75 million of common stock for the first quarter of 2026.
• For fiscal year 2025, the company's board authorized a share repurchase of up to $40 million, with approximately $41.4 million in shares actually repurchased at an average price of $53.63.
• In 2024, Zions Bancorporation announced a new share repurchase plan, authorizing the buyback of up to $35 million worth of shares.
• The company repurchased 0.9 million shares during the first nine months of 2023.

Share Issuance

• Shares outstanding have generally declined over the past few years, with 0.147 billion shares outstanding as of December 31, 2025, representing a 0.04% decline from 2024 and a 1.67% decline from 2022 to 2023.
• In 2024, Zions Bancorporation redeemed $374 million of higher-cost preferred shares and issued $500 million of subordinated debt to optimize its capital structure.

Capital Expenditures

• Specific dollar values for capital expenditures were not explicitly available in the provided information.