Zions Bancorporation NA at Goldman Sachs U.S. Financial Services Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Ryan Nash - Goldman Sachs - Analyst : So Harris, obviously, there's been a lot going on out there. We had tariffs. We had the government shutdown, mixed numbers on jobs. It feels like the Fed is still in an easing cycle. So lots of different things going on in the macro. I guess given that as background, maybe sort of how you're feeling about how the bank is positioned for this environment that we're about to enter.

Question: Ryan Nash - Goldman Sachs - Analyst : So I guess just as a follow-up, as you're out talking to clients, what are you hearing in terms of sentiment across your different geographies? And any differences in terms of size or location?

Question: Ryan Nash - Goldman Sachs - Analyst : So you seem to have a relatively positive tone. I know you don't like to provide mid-quarter updates, so I'll get this out of the way quickly. But just given all that's been happening over the course of the quarter, government shutdown/reopening, movements in the macro. Any trends that you're seeing in the market, whether it's willingness to borrow, deposit, competition, or activity that has changed over in the last 60 days? And I would say, despite loans shrinking in the third quarter, you sounded pretty upbeat as we move into the end of the year. So any thoughts on how things have shifted (multiple speakers)

Question: Ryan Nash - Goldman Sachs - Analyst : So I guess given that, as you said, the guide had been for slightly to moderately, now you're saying it could be moderately or maybe, I'll call it, mid-single-digits. Maybe just talk about what's driving the improvement in commercial? Is it greater borrowing from small businesses? Is it larger corporates seeing more confidence? What are sort of the areas where you're starting to seeing that pick up in activity that's giving you more confidence around that? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 6:40PM, ZION.OQ - Zions Bancorporation NA at Goldman Sachs U.S. Financial Services Conference

Question: Ryan Nash - Goldman Sachs - Analyst : So an area that's kind of gone in and out of favor for Zions in terms of growth has been commercial real estate, right? And obviously, over the last few years, as the market has been focused on office and multifamily, it's been less of a focus. And obviously, we've seen things like private credit and the like coming into the market. Just maybe just talk about your expectations or your view on the growth of that asset class. And what are you seeing from alternative forms of capital there? And is it impacting the way you approach the business?

Question: Ryan Nash - Goldman Sachs - Analyst : So you guys have had -- despite limited loan growth, you've had lots of success in terms of driving revenue growth, right? And we've seen the net interest margin expand seven straight quarters, up almost 40 basis points over that time. Talk about what's driving that? How are you thinking about it going forward? And can this momentum continue in the most updated rate environment? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 6:40PM, ZION.OQ - Zions Bancorporation NA at Goldman Sachs U.S. Financial Services Conference

Question: Ryan Nash - Goldman Sachs - Analyst : You talked a little bit about deposits and funding costs. I mean, I think historically, you had a big advantage over peers in terms of your deposit cost, annual overall funding, that narrowed during the regional banking crisis, and you've been working to improve that over time. I think you're back having lower overall funding costs. As we progress through the cycle, how do you think about your funding costs in particular deposit costs relative to peers? And can we see that advantage sort of widen out again as it had been before all the noise in the banking environment?

Question: Ryan Nash - Goldman Sachs - Analyst : Yeah. So maybe one last question to round out the balance sheet and rates and the like. If I look at your recent disclosures, the bank still appears relatively asset sensitive based on your emergent disclosure. Maybe just talk about your position and given how where rates are, have you thought about the benefits of doing more hedging versus less in terms of shifting the overall positioning of the balance sheet? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 6:40PM, ZION.OQ - Zions Bancorporation NA at Goldman Sachs U.S. Financial Services Conference

Question: Ryan Nash - Goldman Sachs - Analyst : So let's shift gears and talk a little bit about fee income and some of the growth initiatives. Zions, like a lot of banks, I think it's growing in 3 main areas: capital markets, wealth and payments. Maybe just spend a little bit of time talking about each, where you and your evolution? What type of growth businesses should these be versus history? And really, what are your points of

Question: Ryan Nash - Goldman Sachs - Analyst : So I think back over the years, the bank has kind of gone back and forth on making lots of investments to grow, then there have been periods of time you've been in cost-cutting mode, just given what's happening in the environment. I guess, maybe talk about where we are now and now that we've become later in your tech transformation, including the completion of future car, what are the next big areas of investment for the bank that we should all be thinking about?

Question: Ryan Nash - Goldman Sachs - Analyst : When you think about those areas that you just talked about, technology, producers, marketing, maybe just expand a little bit about how do you think about the payback on these investments? Should they start showing up in revenues over the short to medium term?

Question: Ryan Nash - Goldman Sachs - Analyst : Got it. So when I think about the financial performance, you guys have been, for a period of time, been very good about generating positive operating leverage. I think you were talking about 100 to 200 four quarters out. More recently, I think you're just talking about positive operating leverage. But just broadly, how are you thinking about the pace of operating leverage and that is achievable for the bank on a sustained basis? And maybe just talk about how you think about the drivers and what sounds like it's going to be an improving environment?

Question: Ryan Nash - Goldman Sachs - Analyst : You set to burn out.

Question: Ryan Nash - Goldman Sachs - Analyst : Absolutely. So maybe shifting gears to capital, capital allocation. You obviously have strong stated ratios. The adjusted ratios have been improving. And I think you guys have talked about reaching peer levels, hopefully in about a 12-month timeframe. I guess a couple of different questions. One, talk about capital priorities. Two, maybe just talk about how you're viewing what the binding constraint is for you right now? And then third, how do you balance getting to peer levels and maybe taking a little bit longer versus being opportunistic and using some of the capital to buy back shares while they're cheaper?

Question: Ryan Nash - Goldman Sachs - Analyst : I guess maybe as a follow-up. So in the presentation before you Bill Demchak from P&C, we're saying that tangible book value dilution earn back, you think are the wrong metrics that I think all of us are focused on. Maybe just talk about the parameters that you focus on, whether you do like a dilution, earn back or any financial metrics that could get investors comfortable that you used to think about if you were to engage in doing some tuck-in M&A like it sounds like the focus would be?

Question: Ryan Nash - Goldman Sachs - Analyst : So last quarter was sort of highlighted by two losses related to the Cantor group. And obviously, that and others shift the markets a bit, thankfully, things have calm down. As you've had time to review what happened, I think you were going to review with external parties, anything that you could have done differently, how do you think about any further risk in your portfolio? And are you confident now that you could say this truly was a one-off?

Question: Ryan Nash - Goldman Sachs - Analyst : Harris, anything on the regulatory agenda for a bank your size? Clearly, things have eased up from an M&A perspective. But I mean, you're usually pretty in tune with what's going on in Washington. Anything that's happened there and is changing the way you think about either approaching investing or thresholds or anything of that nature?

Question: Ryan Nash - Goldman Sachs - Analyst : Maybe two last questions in the last minute or two here. So the bank is putting up solid returns. We've seen lots of peers come out with medium-term return targets. I know it's never been sort of a hallmark of Zions. I'm just curious, have you given any thoughts to any medium-term goals, whether efficiency or ROA or DC, any thoughts on how you view this?

Question: Ryan Nash - Goldman Sachs - Analyst : Now is as good a time as ever.

Question: Ryan Nash - Goldman Sachs - Analyst : So I guess, Harris, you and I had talked -- we've gone back and forth about whether you're going to start with prepared remarks, we went right into Q&A. And I guess in the last minute here, anything you'd like to leave us with in terms of what you think misperceptions of the bank, the way the bank's position that the market is underappreciating into 2026?

Question: Ryan Nash - Goldman Sachs - Analyst : Awesome. On that note, please join me in thanking Harris.