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美國

證券和交易委員會

華盛頓特區 20549

表格 10-Q

☒ 根據1934年證券交易法第13或15(d)節的季度報告 截至季度結束日期的財務報告和 或

☐根據1934年證券交易所法第13或15(d)條，過渡報告過渡期從__________到_____________

佣金檔案號 001-12307

西方銀行公司，國家協會

(根據其章程規定的註冊人準確名稱)

美國 美國			87-0189025
（國家或其他管轄區的 公司成立或組織）			（聯邦稅號 唯一識別號碼）
南主街一號
鹽湖城， 猶他州			84133-1109
(主要行政辦公室地址)			(郵政編碼)

公司電話號碼，包括區號：（801) 844-8208

在法案第12(b)條的規定下注冊的證券：

每種類別的證券			交易符號			名稱爲每個註冊的交易所:
普通股，每股面值0.001美元			錫安			納斯達克股票市場有限責任公司
每股存託憑證代表1/40股權益份額
A系列浮動利率非累積永續優先股			ZIONP			納斯達克股票交易所有限責任公司
G系列固定/浮動利率非累積永續優先股			ZIONO			納斯達克股票交易所有限責任公司
6.95%固定至浮動利率次級票據，到期日爲2028年9月15日			ZIONL			納斯達克股票交易所有限責任公司

請勾選以下內容。申報人是否（1）在過去12個月內（或申報人需要報告這些報告的時間較短的期間內）已提交證券交易法規定的第13或15（d）條要求提交的所有報告；以及（2）過去90天內已被要求提交此類報告。    是的  ý    否  ¨

請勾選以下內容。申報人是否已在過去12個月內（或申報人需要提交此類文件的時間較短的期間內）逐個以電子方式提交了根據規則405提交的互動數據文件。這章的交易中規定。    是的  ý    否  ¨

請在交易所法規則120.2規定的「大型加速申報人」、「加速申報人」、「小型報告公司」和「新興成長公司」的定義中選中相應選項。

大型加速報告人 ý 加速申報人 ¨ 非加速報告人¨ 小型報告公司 ☐ 新興成長公司 ¨

如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ¨

請勾選以下內容。申報人是否是外殼公司（根據證券交易法規則12b-2定義）。    是  ¨    否  ý

請註明在最新適用日期時本發行人每種普通股的流通股數。

2024年10月31日普通股份流通數量： 147,711,218 股票

1

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錫安斯銀行股份有限公司、國家協會及其子公司

目錄

						頁面
第一部分。基本報表信息
項目 1。			基本報表(未經審計)			40
			合併資產負債表			40
			綜合收益表			41
			綜合收益的合併報表（虧損）			42
			股東權益變動表			42
			合併現金流量表			44
			合併財務報表附註			45
項目 2。			分銷計劃			4
項目3。			有關市場風險的定量和定性披露			86
項目4。			控制和程序			87
第二部分。其他信息
項目1。			法律訴訟			87
項目1A。			風險因素			87
項目2。			未註冊的股票股權銷售和籌款用途			87
項目5。			其他信息			87
項目6。			展示資料			88
簽名						89

2

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目錄

錫安斯銀行股份有限公司、國家協會及其子公司

首字母縮略詞和縮寫詞術語表

ACL			信用損失準備			HECL			Home Equity Credit Line
可供出售金融資產			可供出售證券			保留至到期			持有至到期投資證券
貸款和租賃損失撥備			貸款及租賃損失撥備			IPO			首次公開募股
Amegy			Zions Bancorporation的分支機構Amegy銀行			LIHTC			低收入住房稅收抵免
未實現其他綜合收益			累積其他綜合收益或損失			LTV			貸款價值比
會計準則更新			會計準則更新			納斯達克			全國證券經紀商協會自動報價
銀行擁有壽險賠償金的權利			銀行擁有的壽險			NBAZ			National Bank of Arizona, a division of Zions Bancorporation, National Association
基本點			基礎點			NIM			淨利息收益率
銀行長期融資計劃			銀行期限資金計劃			NM			不具意義
CB&T			加州銀行與信託，Zions Bancorporation國家協會下屬部門			NSB			內華達州銀行，Zions Bancorporation國家協會下屬部門
CLTV			綜合貸款價值比率			OCC運用其專業知識爲每個終端用戶應用程序提供最適合性能要求的電纜和連接產品及集成解決方案。 OCC的解決方案涵蓋廣泛的應用範圍-從商業，企業網絡，數據中心，住宅和校園安裝到爲軍事，工業，採礦業，石化和廣播應用以及無線運營商市場定製產品到惡劣環境，包括。			華盛頓特區，郵編20219
CODM（首席運營決策人）			首席運營決策者			收益			其他全面收益或損失
房地產			商業房地產業			OREO			其他房地產擁有權
遞延稅資產			遞延所得稅資產			資產負債管理			比例攤銷方法
遞延稅負債			遞延所得稅負債			PEI			股權投資
EaR			風險收益			PPNR			稅前淨收益
每股收益			每股收益			IFRS 16對2023年Q3和2022年Q3的影響如下： （i）分別減少$1,352和$1,309的SG＆A費用，其中包括對使用權利（「ROU」）資產的折舊影響，減去租金支付不包括在SG＆A費用中的影響；（ii）分別增加$1,214和$1,186的利息費用，因爲這些租賃負債在期間內必須記錄利息費用，（iii）分別有$36和$33遞延所得稅影響，根據對ROU資產和租賃負債餘額的稅務屬性計算而來。IFRS 16對2023年截至日期和2022年截至日期的影響如下：（i）分別減少了$3,885和$4,262的SG＆A費用，其中包括對ROU資產折舊的影響，減去租金支付不包括在SG＆A費用中的影響；（ii）分別增加$3,508和$3,582的利息費用，因爲這些租賃負債在期間內必須記錄利息費用，（iii）分別有$99和$180的遞延所得稅影響，基於記錄的ROU資產和租賃負債餘額的稅務屬性。			租賃權使用權
股東權益的經濟價值			美國小型企業管理局			RULC			未撥款放款承諾準備金
FASB			財務會計準則委員會			標普			標普公司
聯邦存款保險公司			聯邦存款保險公司			SBA			小型企業投資公司
FHLB			聯邦住房貸款銀行			SBIC			小型企業投資公司
fair isaac			Fair Isaac (紐交所: FICO) (以及其共同子公司，本報告中也可能稱爲「我們」、「我們的」或「FICO」的公司)。我們成立於1956年，認爲數據可以被巧妙地使用，來提升業務決策。今天，FICO的軟件和廣泛使用的FICO®得分將分析操作化，使超過			美國證券交易委員會（"SEC"）			證券交易委員會
聯邦儲備委員會			聯邦儲備委員會			TCBW			The Commerce Bank of Washington，爲錫安斯銀行國家協會的一部分
FTP			所有基金類型轉移定價			美國			美國
GAAP			公認會計原則			維克特拉			維克特拉科羅拉多銀行，錫安斯銀行國家協會旗下部門
GCF			一般抵押資金			錫安斯銀行			錫安斯銀行，錫安斯銀行國家協會旗下部門

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目錄

錫安斯銀行股份有限公司、國家協會及其子公司

部分I. 財務信息

項目2. 管理討論與分析財務狀況和業績

前瞻性信息

該季度報告包含根據1995年《私人證券訴訟改革法案》中定義的「前瞻性聲明」。這些聲明基於管理層對未來事件或決定的當前期望和假設，所有這些都受已知和未知的風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果、業績或成就、行業趨勢以及結果或監管結論與所表達或暗示的結果大相徑庭。前瞻性聲明包括但不限於：

•關於Zions Bancorporation, National Association及其子公司（統稱爲「Zions Bancorporation, N.A.」、「銀行」、「我們」、「我們的」、「我們」）的信念、計劃、目標、宗旨、目標、承諾、設計、指導方針、期望、預期及未來的財務狀況、運營結果和業績的聲明；

•以“可能”、“或許”、“可以”、“繼續”、“可能”、“應該”、“會”、“相信”、“期待”、“估計”、“預測”、“預期”、“打算”、“目標”、“承諾”、“設計”、“計劃”、“項目”、“將會”以及其否定形式及類似詞彙和表達方式開頭或結尾的陳述。

前瞻性陳述並不保證未來結果，也不應被視為管理層在任何後續日期的觀點。實際結果和結果可能與所呈現的有重大差異。儘管以下清單並不全面，但可能導致重大差異的重要因素包括：

•我們的貸款和證券投資組合的質量與組成，以及我們的存款的質量與組成;

•一般行業、政治和經濟環境的變化，包括通脹加劇、經濟增速放緩或衰退，以及其他經濟挑戰；利率和參考利率的變化可能對我們的營業收入和支出、資產和負債的價值，以及資本和流動性的可得性和成本產生不利影響；經濟狀況惡化可能導致增加的貸款和租賃損失；

•新實施和提議的法規對我們及銀行行業的影響，以及適用法律的變化和不確定性，財政、貨幣、監管、交易及稅收政策，以及政府、機構、中央銀行和類似組織所採取的行動，包括那些導致營業收入減少；銀行費用、保險評估和資本標準增加；以及其他監管要求；

•競爭壓力和其他可能影響我們業務各方面的因素，例如我們產品和服務的定價及需求，以及我們招募和留住人才的能力；

•技術進步、數字商務、人工智能etf以及其他創新對銀行行業板塊的影響；

•我們完成項目和倡議的能力，以及執行我們的戰略計劃、管理風險、控制薪酬及其他開支，並實現我們的業務目標；

•我們有能力發展和維護科技、資訊安全系統和控制措施，以防範詐騙、網絡安全和隱私風險；

•我們能夠對供應商進行適當監管，以幫助我們防止或減輕因依賴於第三方而影響我們及我們客戶的不當表現、系統故障或網絡及其他事件所帶來的影響，這些第三方提供各種產品和服務。

•自然災害、流行病、災難事件及其他緊急情況和事件，以及它們對我們和我們的客戶在業務、運營和社區上的影響，包括日益困難及高昂的成本以取得財產、汽車、業務及其他保險產品；

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目錄

辛辛那提民族协会及其附属公司

•政府和社會對環保母基、社會和治理問題的回應，包括對氣候變化相關問題的回應；

•證券和資本市場的行為，包括波動性、市場流動性的變化以及我們籌集資本的能力；

•我們所記錄的商譽有可能出現減值，這可能對我們的盈餘和股東權益產生不利影響；

•銀行關閉或其他銀行不利發展對一般投資者對銀行的穩定性和流動性的影響；

•負面資訊和其他對我們、其他銀行、銀行行業或其他方面所表達的負面公共意見，可能會對我們及銀行行業的聲譽產生不利影響；

•漫長的國會談判和政壇僵局，涉及政府資金和其他問題，包括那些增加政府關門、降低美國（"U.S."）信用評級或其他經濟干擾風險的議題；以及

•戰爭和地緣政治衝突的影響，例如目前俄羅斯與烏克蘭之間的戰爭、中東戰爭，以及未來可能發生的其他地方性、國家性或國際性災難、危機或衝突。

有可能導致我們實際結果、業績或成就、行業趨勢或監管結果與前瞻性陳述中所表達或暗示的結果有重大差異的因素，詳見我們2023年10-K表格及隨後向證券交易委員會（“SEC”）提交的申報文件，在我們的網站（www.zionsbancorporation.com）和SEC官網（www.sec.gov）提供。

我們警告不要過度依賴前瞻性陳述，因為該等陳述僅反映我們的觀點於其發布之日。除非法律要求，我們特別否認有義務更新任何因素或公開宣布對任何前瞻性陳述進行修訂，以反映未來事件或發展。

營業成果報告

以下比較是針對本季度與相同前年同期進行的，除非另有說明。與相同前年期間相比，本年至今期間變化的原因一般與本季迄今比較一致，除非另有說明。增長率為100%或以上則被視為無意義（“NM”），因為它們通常反映了一個較低的起點。

2024年第三季度財務表現

適用於普通股股東的淨收益 (以百萬為單位)

稀釋每股盈餘

調整後的PPNR （以百萬為單位） 1

效率比率 1

1 有關非公認會計原則財務指標的資訊，請參見第38頁.

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目錄

辛辛那提民族协会及其附属公司

執行摘要

我們2024年第三季度的財務業績反映出我們的凈利息收益率（“NIM”）持續改善，凈壞帳損失低，客戶存款和貸款增長，資本市場手續費收入創下紀錄季度，但某些信用質量指標惡化。稀釋每股收益（“EPS”）為1.37美元，與2023年第三季度的1.13美元相比，因為更高的凈利息收入和較低的信用損失準備部分抵消了較低的非利息收入。

•凈利息收益增加了3500萬美元，相對於前一年同期增長了6%，因較高的賺取資產收益部分抵消了較高的籌資成本。凈利息收益也受到平均利息收入資產增長的影響。凈利息收益率為3.03%，較2.93%高。

◦平均利息收入資產增加了22億美元，增長了3%，因為平均貨幣市場投資和平均貸款及租賃的增長部分抵消了平均證券的下降。

◦平均軸承負債增加了43億美元，或8%，主要是由於平均軸承存款和平均所有基金类型的增加推動的。

◦總貸款及租賃增加20億美元，或3%，主要是由於消費者1-4戶家庭住宅抵押貸款及商業和工業貸款組合的增長。

◦總存款增加31900萬美元，因為利息軸承存款的增長部分抵消了非利息軸承活期存款的減少。客戶存款（不包括經紀存款）增長17億美元，或2%，達到705億美元，而688億美元。

•信用損失的準備金為1300萬美元，而上年同期為4100萬美元。

•與客戶相關的非利息收益增加了$400萬，或3％，主要是由於資本市場費用和商業賬戶費用增加，部分抵消了貸款相關費用和收入的下降。 非與客戶相關的非利息收益減少主要是由於客戶相關利率互換的信用估值調整以及聯邦家庭貸款銀行（“FHLB”）股票的分紅減少。

•非利息開支增加了600萬美元，或1%。工資和員工福利開支增加，主要是由於與減少的軟件開發活動相關的資本化工資減少，而科技、電信和信息處理開支主要由於應用軟件、許可證和維護費用的增加。這些增加部分被其他開支的減少所抵消，包括專業和法律服務以及佔用和設備開支。

•淨貸款和租賃核銷金額為300萬美元，佔平均貸款和租賃的0.02%，較去年同期的1400萬美元，佔0.10%。信貸損失準備金（“ACL”）與總貸款和租賃的比率為1.25%，較1.30%。

•不良資產總額為36800萬美元，佔總貸款和租賃及其他房地產業的0.62%，相比之下為21900萬美元，佔0.38%。增加主要是由於商業、工業及定期商業房地產（"CRE"）投資組合中少量貸款所致。

•分類貸款總額為21億美元，佔總貸款及租賃的3.55%，相比之下為76900萬美元，佔1.35%。增長主要來自多家庭商業房地產貸款組合，這主要是由於風險評估方法的變化，更加重視當前現金流，因為這是償還的主要來源，而對抵押品價值和擔保人及贊助商的實力則相對減少了重視。分類貸款的增長還源於表現較弱，特別是在2021年和2022年的施工貸款中，借款人因為租賃低於預期、租金讓步、高企的成本以及利率期貨上升而未能達到預期。

•全部借款資金，主要由安全借款組成，從前一年同季減少14億美元，佔29%，主要是由於安全回購協議的減少。

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辛辛那提民族协会及其附属公司

凈利息收益和凈利息收益率

凈利息收入及凈利息收益率

			截至三個月 九月三十日，												金額變動						百分比變化						九個月結束 九月三十日，												金額變動						百分比變化
(金額以百萬美元計算)			2024						2023																		2024						2023
貸款利息和費用 1			$	899					$	831					$	68					8		%				$	2,641					$	2,348					$	293					12		%
貨幣市場投資利息			67						35						32						91						170						140						30						21
證券利息			138						144						(6)						(4)						420						419						1						—
利息收入總額			1,104						1,010						94						9						3,231						2,907						324						11
存入資金的利息			403						366						37						10						1,169						668						501						75
短期和長期借款利息			81						59						22						37						259						384						(125)						(33)
總利息費用			484						425						59						14						1,428						1,052						376						36
淨利息收入			$	620					$	585					$	35					6						$	1,803					$	1,855					$	(52)					(3)
平均利息收入資產			$	82,894					$	80,678					$	2,216					3		%				$	82,204					$	82,325					$	(121)					—		%
平均利息負債			$	56,628					$	52,312					$	4,316					8						$	55,854					$	51,271					$	4,583					9
															基點																								基點
利息賺取資產的收益率 2			5.35		%				5.02		%				33												5.30		%				4.77		%				53
為總存款和支付利息負債的利率 2			2.36		%				2.10		%				26												2.34		%				1.75		%				59
總存款成本 2			2.14		%				1.92		%				22												2.10		%				1.24		%				86
凈利息收益率 2			3.03		%				2.93		%				10												2.98		%				3.06		%				(8)

1 其中包括截至三個月及截至九個月的利息收入回收分別為$1,000,000和$5,000,000。 分別為2024年9月30日和2023年。

2 適用時使用應納稅當量利率。

息差收入佔我們2024年第三季營業收入（息差收入加息差收入以外收入）的大約78%和76%，分別較2023年增加了3,500萬美元，或6%，而且相較於前一年同期，收益資產的定價超過資金成本的增加。息差收入也受到平均收益資產增長的影響。淨息差收入為3.03%，與2.93%相比。

2024年第三季，平均利息資產收益率為5.35％，較上升33個基點（“bps”），反映利率期貨上升以及對較高收益資產有利的組合變化，因為平均證券減少，平均貸款和平均貨幣市場投資增加。平均貸款和租賃收益率上升31個bps至6.15％，而平均證券收益率在2024年第三季上升13個bps至2.86％。

總存款及利息軸承負債的利率為2.36%，而去年同期則為2.10%；總存款的成本為2.14%，而去年則為1.92%，這反映了較高的利率環境及減少的非利息軸承存款。

平均利息收入資產較上一年同期增加了22億美元，增長了3%，因為平均貨幣市場投資增加了23億美元，平均貸款和租賃增加了17億美元，部分抵銷了平均證券下降18億美元。平均證券減少主要是由於本金減少。

平均利息負債增加了$43億，或8%，與前年同期相比，主要由於平均存款額增加了$25億，主要是由於客戶存款增長以及$18億的平均基金借款增加。 主要由於短期借貸增加，平均借入基金增加了。

截至2024年9月30日的九個月間，淨利息收入較去年同期減少5200萬美元，下降了3%，因為較高的資金成本超過了較高的收益資產收益率。

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

The following charts further illustrate the changes in average interest-earning assets and average interest-bearing liabilities:

Average loans and leases increased $1.7 billion, or 3%, to $58.7 billion, primarily due to growth in average consumer and commercial real estate loans. Average securities decreased $1.8 billion, or 9%, to $19.4 billion, primarily due to principal reductions.

Average deposits decreased $0.7 billion, or 1%, to $75.0 billion at an average cost of 2.14%, from $75.7 billion at an average cost of 1.92% in the third quarter of 2023. Average noninterest-bearing deposits decreased $3.2 billion, or 11%, relative to the prior year quarter, and were relatively flat compared with the ending balance at June 30, 2024, reflecting stabilization during the current quarter. Average noninterest-bearing deposits decreased to 33% of total deposits, compared with 37% during the same prior year period.

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

Average borrowed funds, consisting primarily of secured borrowings, increased $1.8 billion, or 39%, to $6.3 billion, primarily due to increased short-term borrowings, including advances under the Bank Term Funding Program (“BTFP”).

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 17 and the “Liquidity Risk Management” section on page 34. 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 31.

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

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ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)			Three Months Ended September 30, 2024																		Three Months Ended September 30, 2023
(Dollar amounts in millions)			Average balance						Interest						Yield/ Rate 1						Average balance						Interest						Yield/ Rate 1
ASSETS
Money market investments:
Interest-bearing deposits			$	2,457					$	34					5.53		%				$	1,539					$	21					5.52		%
Federal funds sold and securities purchased under agreements to resell			2,258						33						5.82						874						14						6.13
Total money market investments			4,715						67						5.67						2,413						35						5.74
Trading securities			32						1						4.18						20						—						4.65
Investment securities:
Available-for-sale			9,442						84						3.53						10,606						87						3.24
Held-to-maturity			9,936						55						2.22						10,625						59						2.21
Total investment securities			19,378						139						2.86						21,231						146						2.73
Loans held for sale			104						2						NM						46						1						NM
Loans and leases: 2
Commercial			30,671						473						6.14						30,535						438						5.69
Commercial real estate			13,523						245						7.23						13,016						234						7.14
Consumer			14,471						189						5.18						13,417						167						4.92
Total loans and leases			58,665						907						6.15						56,968						839						5.84
Total interest-earning assets			82,894						1,116						5.35						80,678						1,021						5.02
Cash and due from banks			703																		712
Allowance for credit losses on loans and debt securities			(699)																		(651)
Goodwill and intangibles			1,054																		1,061
Other assets			5,218																		5,523
Total assets			$	89,170																	$	87,323
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market			$	39,031					$	266					2.72		%				$	35,346					$	215					2.42		%
Time			11,275						137						4.81						12,424						151						4.81
Total interest-bearing deposits			50,306						403						3.19						47,770						366						3.04
Borrowed funds:
Federal funds and security repurchase agreements			1,072						14						5.33						1,770						24						5.31
Other short-term borrowings			4,704						58						4.89						2,233						27						4.95
Long-term debt			546						9						5.91						539						8						5.37
Total borrowed funds			6,322						81						5.06						4,542						59						5.14
Total interest-bearing liabilities			56,628						484						3.40						52,312						425						3.22
Noninterest-bearing demand deposits			24,723																		27,873
Other liabilities			1,641																		1,760
Total liabilities			82,992																		81,945
Shareholders’ equity:
Preferred equity			440																		440
Common equity			5,738																		4,938
Total shareholders’ equity			6,178																		5,378
Total liabilities and shareholders’ equity			$	89,170																	$	87,323
Spread on average interest-bearing funds															1.95		%																1.80		%
Net impact of noninterest-bearing sources of funds															1.08		%																1.13		%
Net interest margin									$	632					3.03		%										$	596					2.93		%
Memo: cost of total deposits															2.14		%																1.92		%
Memo: total deposits and interest-bearing liabilities			$	81,351					484						2.36		%				$	80,185					425						2.10		%

1 Taxable-equivalent rates used where applicable.

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

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			Nine Months Ended September 30, 2024																		Nine Months Ended September 30, 2023
(Dollar amounts in millions)			Average balance						Interest						Yield/ Rate 1						Average balance						Interest						Yield/ Rate 1
ASSETS
Money market investments:
Interest-bearing deposits			$	1,940					$	81					5.59		%				$	2,356					$	90					5.10		%
Federal funds sold and securities purchased under agreements to resell			2,037						89						5.86						1,242						50						5.41
Total money market investments			3,977						170						5.72						3,598						140						5.21
Trading securities			35						1						4.42						58						1						2.43
Investment securities:
Available-for-sale			9,725						256						3.52						11,199						243						2.89
Held-to-maturity			10,110						169						2.24						10,826						181						2.24
Total investment securities			19,835						425						2.87						22,025						424						2.57
Loans held for sale			68						3						NM						41						2						NM
Loans and leases
Commercial			30,553						1,383						6.05						30,620						1,236						5.40
Commercial real estate			13,538						734						7.24						12,942						668						6.90
Consumer			14,198						548						5.15						13,041						467						4.78
Total loans and leases			58,289						2,665						6.11						56,603						2,371						5.60
Total interest-earning assets			82,204						3,264						5.30						82,325						2,938						4.77
Cash and due from banks			701																		636
Allowance for credit losses on loans and debt securities			(693)																		(615)
Goodwill and intangibles			1,056																		1,063
Other assets			5,305																		5,556
Total assets			$	88,573																	$	88,965
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market			$	38,471					$	785					2.73		%				$	32,852					$	390					1.59		%
Time			10,601						384						4.83						8,319						278						4.46
Total interest-bearing deposits			49,072						1,169						3.18						41,171						668						2.17
Borrowed funds:
Federal funds and security repurchase agreements			1,328						53						5.37						3,921						145						4.92
Other short-term borrowings			4,910						181						4.94						5,570						211						5.07
Long-term debt			544						25						5.96						609						28						6.10
Total borrowed funds			6,782						259						5.11						10,100						384						5.08
Total interest-bearing liabilities			55,854						1,428						3.41						51,271						1,052						2.74
Noninterest-bearing demand deposits			25,136																		30,665
Other liabilities			1,650																		1,798
Total liabilities			82,640																		83,734
Shareholders’ equity:
Preferred equity			440																		440
Common equity			5,493																		4,791
Total shareholders’ equity			5,933																		5,231
Total liabilities and shareholders’ equity			$	88,573																	$	88,965
Spread on average interest-bearing funds															1.89		%																2.03		%
Net impact of noninterest-bearing sources of funds															1.09		%																1.03		%
Net interest margin									$	1,836					2.98		%										$	1,886					3.06		%
Memo: cost of total deposits															2.10		%																1.24		%
Memo: total deposits and interest-bearing liabilities			$	80,990					1,428						2.34		%				$	81,936					1,052						1.75		%

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 Allowance and Provision for Credit Losses

The allowance for credit losses (“ACL”) is the combination of 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 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 $736 million at September 30, 2024, and was relatively flat compared with $738 million at September 30, 2023. The slight decrease in the ACL primarily reflects improvements in economic forecasts and declines in unfunded lending commitments related to construction lending, partially offset by increases associated with declines in credit quality, incremental reserves associated with portfolio-specific risks including CRE, average loan growth of $1.7 billion, and changes in our loan portfolio composition. The ratio of ACL to total loans and leases was 1.25% at September 30, 2024, compared with 1.30% at September 30, 2023.

The provision for credit losses, which is the combination of both the provision for loan and lease losses and the provision for unfunded lending commitments, was $13 million, compared with $41 million in the third quarter of 2023. The provision for securities losses was less than $1 million during both the third quarter of 2024 and 2023.

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The bar chart above illustrates the broad categories of change in the ACL from the prior year period. To estimate current expected losses, we use econometric loss models that include multiple economic scenarios that reflect optimistic, baseline, and stressed economic conditions. The results derived using these economic scenarios are weighted to produce the credit loss estimate. Management may adjust the weights to reflect their assessment of current conditions and reasonable and supportable forecasts. The second bar represents changes in these economic forecasts and current economic conditions, including management's judgment of the weighting of the economic forecasts during the current quarter. These changes contributed to a $199 million decrease in the ACL from the prior year quarter.

The third bar represents changes in credit quality factors and includes risk grade migration, portfolio-specific risks, and specific reserves against loans, which, when combined, contributed to a $163 million increase in the ACL, driven largely by declines in credit quality and an increased focus on certain portfolio-specific risks, including commercial real estate.

The fourth bar represents changes in our loan portfolio composition, including changes in loan balances and mix, the aging of the portfolio, and other qualitative risk factors; all of which contributed to a $34 million increase in the ACL.

See “Credit Risk Management” on page 21 and Note 6 in our 2023 Form 10-K for more information on how we determine the appropriate level of the ALLL and the RULC.

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Noninterest Income

Noninterest income represents revenue earned from products and services that generally have no associated interest rate or yield and is classified as either customer-related or noncustomer-related. Customer-related noninterest income excludes items such as securities gains and losses, dividends, insurance-related income, and mark-to-market adjustments on certain derivatives.

Noninterest income accounted for approximately 22% and 24% of our net revenue (net interest income plus noninterest income) during the third quarter of 2024 and 2023, respectively, and decreased $8 million, or 4%, relative to the prior year quarter. The following schedule presents a comparison of the major components of noninterest income:

NONINTEREST INCOME

			Three Months Ended September 30,												Amount change						Percent change						Nine Months Ended September 30,												Amount change						Percent change
(Dollar amounts in millions)			2024						2023																		2024						2023
Commercial account fees			$	46					$	43					$	3					7		%				$	135					$	131					$	4					3		%
Card fees			24						26						(2)						(8)						72						75						(3)						(4)
Retail and business banking fees			18						17						1						6						50						49						1						2
Loan-related fees and income			17						23						(6)						(26)						50						63						(13)						(21)
Capital markets fees			28						18						10						56						73						62						11						18
Wealth management fees			14						15						(1)						(7)						44						44						—						—
Other customer-related fees			14						15						(1)						(7)						42						46						(4)						(9)
Customer-related noninterest income			161						157						4						3						466						470						(4)						(1)
Fair value and nonhedge derivative income			(3)						7						(10)						NM						(3)						5						(8)						NM
Dividends and other income (loss)			5						12						(7)						(58)						33						49						(16)						(33)
Securities gains (losses), net			9						4						5						NM						11						5						6						NM
Noncustomer-related noninterest income			11						23						(12)						(52)						41						59						(18)						(31)
Total noninterest income			$	172					$	180					$	(8)					(4)						$	507					$	529					$	(22)					(4)

Customer-related Noninterest Income

Customer-related noninterest income increased $4 million, or 3%, compared with the prior year period. Capital markets fees increased $10 million, largely due to increased swap fees, loan syndication fees, and expanded real estate capital markets activity, and commercial account fees increased $3 million. These increases were partially offset by a $6 million decrease in loan-related fees and income, primarily due to higher gains on loan sales in the prior year period and a decline in loan servicing income resulting from the sale of associated mortgage servicing rights in the third quarter of 2023.

Noncustomer-related Noninterest Income

Noncustomer-related noninterest income decreased $12 million from the prior year quarter. Fair value and nonhedge derivative income decreased $10 million, primarily due to credit valuation adjustments on client-related interest rate swaps, and dividends and other income decreased $7 million, primarily due to a decline in dividends on FHLB stock. These decreases were partially offset by an increase of $5 million in net securities gains, largely due to valuation adjustments in our Small Business Investment Company (“SBIC”) investment portfolio.

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Noninterest Expense

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

NONINTEREST EXPENSE

			Three Months Ended September 30,												Amount change						Percent change						Nine Months Ended September 30,												Amount change						Percent change
(Dollar amounts in millions)			2024						2023																		2024						2023
Salaries and employee benefits			$	317					$	311					$	6					2		%				$	966					$	974					$	(8)					(1)		%
Technology, telecom, and information processing			66						62						4						6						194						175						19						11
Occupancy and equipment, net			40						42						(2)						(5)						119						122						(3)						(2)
Professional and legal services			14						16						(2)						(13)						47						45						2						4
Marketing and business development			12						10						2						20						35						35						—						—
Deposit insurance and regulatory expense			19						20						(1)						(5)						74						60						14						23
Credit-related expense			6						6						—						—						19						19						—						—
Other real estate expense, net			—						—						—						NM						(1)						—						(1)						NM
Other			28						29						(1)						(3)						84						86						(2)						(2)
Total noninterest expense			$	502					$	496					$	6					1						$	1,537					$	1,516					$	21					1
Adjusted noninterest expense (non-GAAP)			$	499					$	493					$	6					1		%				$	1,516					$	1,496					$	20					1		%

Total noninterest expense increased $6 million, or 1%, relative to the prior year quarter. Salaries and employee benefits expense increased $6 million, or 2%, primarily due to a decline in capitalized salaries related to reduced software development activities, as well as higher benefits accruals, and an additional business day during the current quarter. Technology, telecom, and information processing expense increased $4 million, or 6%, primarily due to increases in application software, license, and maintenance expenses. These increases were partially offset by decreases in other expenses including professional and legal services associated with reduced technology-related consulting services and occupancy and equipment expenses.

Adjusted noninterest expense increased $6 million, or 1%. The efficiency ratio was 62.5%, compared with 64.4%, due to an increase in adjusted taxable-equivalent revenue. For information on non-GAAP financial measures, see page 38.

For the nine months ended September 30, 2024, noninterest expense increased $21 million, or 1%, relative to the same prior year period. Technology, telecom, and information processing expense increased $19 million, or 11%, primarily due to increases in software amortization expenses associated with the replacement of substantially all of our in-scope core loan and deposit banking systems. Deposit insurance and regulatory expense increased $14 million, or 23%, driven largely by a $13 million accrual associated with an updated special assessment estimate by the Federal Deposit Insurance Corporation (“FDIC”) during the first quarter of 2024. These increases were partially offset by a decrease of $8 million, or 1%, in salaries and employee benefits expense, primarily due to higher severance expense and incentive compensation accruals in the prior year period.

Technology Spend

Consistent with our strategic objectives, we invest in technologies that will make us more efficient and enable us to remain competitive. We generally consider these investments as technology spend, which represents expenditures associated with technology-related investments, operations, systems, and infrastructure, and includes current period expenses presented on the consolidated statement of income, as well as capitalized investments, net of related amortization and depreciation, presented on the consolidated balance sheet. Technology spend is reported as a combination of the following:

•Technology, telecom, and information processing expense — includes expenses related to application software, licensing, and maintenance; related amortization; telecommunications; and data processing;

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•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 purchased or internally developed software, less related amortization or depreciation.

The following schedule presents the composition of our technology spend:

TECHNOLOGY SPEND

			Three Months Ended September 30,												Amount change						Percent change						Nine Months Ended September 30,												Amount change						Percent change
(Dollar amounts in millions)			2024						2023																		2024						2023
Technology, telecom, and information processing expense			$	66					$	62					$	4					6		%				$	194					$	175					$	19					11		%
Other technology-related expense			62						59						3						5						188						169						19						11
Technology investments			7						22						(15)						(68)						26						71						(45)						(63)
Less: related amortization and depreciation			(19)						(21)						2						(10)						(59)						(51)						(8)						16
Total technology spend			$	116					$	122					$	(6)					(5)						$	349					$	364					$	(15)					(4)

Total technology spend decreased $6 million, or 5%, relative to the prior year quarter, as the aforementioned increase in technology, telecom, and information processing expense and an increase in other technology-related expense was more than offset by a decrease in certain technology investments, as the final phase of our multi-year project to replace substantially all of our in-scope core loan and deposit banking systems was completed in July 2024.

Income Taxes

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

INCOME TAXES

			Three Months Ended September 30,												Nine Months Ended September 30,
(Dollar amounts in millions)			2024						2023						2024						2023
Income before income taxes			$	277					$	228					$	742					$	736
Income tax expense			63						53						174						182
Effective tax rate			22.7		%				23.2		%				23.5		%				24.7		%

The effective tax rate was 22.7% and 23.2% for the three months ended September 30, 2024 and 2023, respectively. See Note 12 of the Notes to Consolidated Financial Statements for more information about the factors that impacted the income tax rates, as well as information about deferred income tax assets and liabilities.

Preferred Stock Dividends

Preferred stock dividends totaled $10 million and $7 million for the third quarter of 2024 and 2023, respectively. The increase was primarily due to changes in the timing and rates of dividend payments for certain series of preferred stock.

BALANCE SHEET ANALYSIS

Interest-Earning Assets

Interest-earning assets have associated interest rates or yields, and generally consist of loans and leases, securities, and money market investments. We strive to maintain a high level of interest-earning assets relative to total assets. For more information regarding the average balances, associated revenue generated, and the respective yields of our interest-earning assets, see the Consolidated Average Balance Sheet on page 10.

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Investment Securities Portfolio

We invest in securities to actively manage liquidity and interest rate risk and to generate interest income. We primarily own securities that can readily provide us cash and liquidity through secured borrowing agreements without the need to sell the securities. Our fixed-rate securities portfolio helps balance the inherent interest rate mismatch between loans and deposits and protects the economic value of shareholders’ equity. At both September 30, 2024 and December 31, 2023, the estimated duration of our investment securities portfolio, which measures price sensitivity to interest rate changes, was 3.6 percent.

For information about our borrowing capacity associated with our investment securities portfolio and how we manage our liquidity risk, refer to the “Liquidity Risk Management” section on page 34. See also Note 3 and Note 5 of the Notes to Consolidated Financial Statements for more information on fair value measurements and the accounting for our investment securities portfolio.

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

INVESTMENT SECURITIES PORTFOLIO

			September 30, 2024																		December 31, 2023
(In millions)			Par Value						Amortized cost						Fair value						Par Value						Amortized cost						Fair value
Available-for-sale
U.S. Treasury securities			$	580					$	580					$	490					$	585					$	585					$	492
U.S. Government agencies and corporations:
Agency securities			483						478						458						669						663						630
Agency guaranteed mortgage-backed securities			7,854						7,914						6,869						8,460						8,530						7,291
Small Business Administration loan-backed securities			453						483						465						535						571						546
Municipal securities			1,155						1,251						1,189						1,269						1,385						1,318
Other debt securities			25						25						24						25						25						23
Total available-for-sale			10,550						10,731						9,495						11,543						11,759						10,300
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities			149						149						144						93						93						87
Agency guaranteed mortgage-backed securities			11,226						9,384						9,570						11,966						9,935						10,041
Municipal securities			324						324						310						354						354						338
Total held-to-maturity			11,699						9,857						10,024						12,413						10,382						10,466
Total investment securities			$	22,249					$	20,588					$	19,519					$	23,956					$	22,141					$	20,766

The amortized cost of total investment securities decreased $1.6 billion, or 7%, from December 31, 2023, largely due to principal reductions. Approximately 7% of the total investment securities were floating-rate instruments at both September 30, 2024 and December 31, 2023. Additionally, at September 30, 2024, we had $3.6 billion of pay-fixed swaps designated as fair value hedges against fixed-rate available-for-sale (“AFS”) securities that effectively convert the fixed interest income to a floating rate on the hedged portion of the securities.

At September 30, 2024, our AFS investment securities portfolio included $181 million of net premium that was distributed across the various security categories. Total taxable-equivalent premium amortization for our total investment securities portfolio was $17 million for the third quarter of 2024, compared with $20 million for the same prior year period.

Refer to the “Interest Rate Risk Management” section on page 31, the “Capital Management” section on page 35, and Note 5 of the Notes to Consolidated Financial Statements for more discussion regarding our investment securities portfolio, swaps, and related unrealized gains and losses.

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Municipal Investments and Extensions of Credit

We support our communities by providing products and services to state and local governments (“municipalities”), including deposit services, loans, and investment banking services. We also invest in securities issued by municipalities. Our municipal lending products generally include loans in which the debt service is repaid from general funds or pledged revenues of the municipal entity, or to private commercial entities or 501(c)(3) not-for-profit entities utilizing a pass-through municipal entity to achieve favorable tax treatment.

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

MUNICIPAL INVESTMENTS AND EXTENSIONS OF CREDIT

(In millions)			September 30, 2024						December 31, 2023
Loans and leases			$	4,270					$	4,302
Unfunded lending commitments			438						231
Trading securities			68						48
Available-for-sale securities			1,189						1,318
Held-to-maturity securities			324						354
Total			$	6,289					$	6,253

Our municipal loans and securities are primarily associated with municipalities located within our geographic footprint. The municipal loan and lease portfolio is primarily secured by general obligations of municipal entities, real estate, revenue pledges, or equipment. At September 30, 2024, we had a small number of municipal loans on nonaccrual totaling $11 million; we had no municipal loans on nonaccrual at December 31, 2023. These loans were to private commercial entities utilizing a pass-through municipal entity to achieve favorable tax treatment.

Municipal securities are internally graded, similar to loans, using risk-grading systems which vary based on the size and type of credit risk exposure. The internal risk grades assigned to our municipal securities follow our definitions of Pass, Special Mention, and Substandard, which are consistent with published definitions of regulatory risk classifications. At September 30, 2024, all municipal securities were graded as Pass. See Notes 5 and 6 of the Notes to Consolidated Financial Statements for additional information about the credit quality of these municipal loans and securities.

Loan and Lease Portfolio

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

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LOAN AND LEASE PORTFOLIO

			September 30, 2024												December 31, 2023
(Dollar amounts in millions)			Amount						% of total loans						Amount						% of total loans
Commercial:
Commercial and industrial			$	16,757					28.5		%				$	16,684					28.9		%
Leasing			377						0.6						383						0.7
Owner-occupied			9,381						15.9						9,219						16.0
Municipal			4,270						7.3						4,302						7.4
Total commercial			30,785						52.3						30,588						53.0
Commercial real estate:
Construction and land development			2,833						4.8						2,669						4.6
Term			10,650						18.1						10,702						18.5
Total commercial real estate			13,483						22.9						13,371						23.1
Consumer:
Home equity credit line			3,543						6.0						3,356						5.8
1-4 family residential			9,489						16.1						8,415						14.6
Construction and other consumer real estate			997						1.7						1,442						2.5
Bankcard and other revolving plans			461						0.8						474						0.8
Other			126						0.2						133						0.2
Total consumer			14,616						24.8						13,820						23.9
Total loans and leases			$	58,884					100.0		%				$	57,779					100.0		%

During the first nine months of 2024, the loan and lease portfolio increased $1.1 billion, or 2%, to $58.9 billion at September 30, 2024. Loan growth was primarily in the consumer 1-4 family residential mortgage portfolio. At September 30, 2024 and December 31, 2023, the ratio of loans and leases to total assets was 68% and 66%, respectively. The largest loan category was commercial and industrial loans, which constituted 29% of our total loan portfolio for both time periods.

Other Noninterest-Bearing Investments

Other noninterest-bearing investments are equity investments that are held primarily for capital appreciation, dividends, or for certain regulatory requirements. The following schedule summarizes our related investments:

OTHER NONINTEREST-BEARING INVESTMENTS

(Dollar amounts in millions)			September 30, 2024						December 31, 2023						Amount change						Percent change
Bank-owned life insurance			$	560					$	553					$	7					1		%
Federal Home Loan Bank stock			56						79						(23)						(29)
Federal Reserve stock			65						65						—						—
Farmer Mac stock			27						24						3						13
SBIC investments			202						190						12						6
Other			36						39						(3)						(8)
Total other noninterest-bearing investments			$	946					$	950					$	(4)					—

Other noninterest-bearing investments decreased $4 million during the first nine months of 2024, primarily due to a decrease in FHLB stock, partially offset by higher valuation adjustments in our SBIC investment portfolio. We are required to invest approximately 4% of our FHLB borrowings in FHLB stock to maintain our borrowing capacity. The decrease in period-end FHLB activity stock was due to a decline in short-term FHLB borrowings.

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Premises, Equipment, and Software

We continue to invest in technology to modernize our financial systems. In July 2024, we successfully completed the final phase of our multi-year project to replace our core loan and deposit banking systems. We have now transitioned substantially all of our commercial, commercial real estate, and consumer loans, as well as our deposit accounts to a modern, integrated core system, which allows us to deliver improved experiences to our customers and gain incremental operational efficiencies.

The following schedule summarizes the capitalized costs associated with our core system replacement project, which are amortized using a useful life of ten years:

CAPITALIZED COSTS ASSOCIATED WITH THE CORE SYSTEM REPLACEMENT PROJECT

			September 30, 2024
(In millions)			Phase 1						Phase 2						Phase 3						Total
Total amount of capitalized costs, less accumulated amortization			$	16					$	39					$	216					$	271
End of scheduled amortization period			Q2 2027						Q1 2029						Q2 2033

Deposits

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

DEPOSIT PORTFOLIO

			September 30, 2024																		December 31, 2023
(Dollar amounts in millions)			Amount						% of total deposits																		Amount						% of total deposits
Deposits by type
Noninterest-bearing demand			$	24,973					33.0		%																$	26,244					35.0		%
Interest-bearing:
Savings and money market			39,215						51.8																		38,663						51.6
Time			6,333						8.3																		5,619						7.5
Brokered			5,197						6.9																		4,435						5.9
Total deposits			$	75,718					100.0		%																$	74,961					100.0		%
Deposit-related metrics
Estimated amount of insured deposits			$	42,656					56		%																$	41,777					56		%
Estimated amount of uninsured deposits			33,062						44																		33,184						44
Estimated amount of collateralized deposits 1			2,762						4																		3,979						5
Loan-to-deposit ratio			78%																								77%

1 Includes both insured and uninsured deposits.

Total deposits increased $757 million, or 1%, from December 31, 2023, as a $2.0 billion increase in interest-bearing deposits was partially offset by a $1.3 billion decrease in noninterest-bearing demand deposits. At both September 30, 2024 and December 31, 2023, customer deposits (excluding brokered deposits) totaled $70.5 billion, and included approximately $7.3 billion and $6.8 billion, respectively, of reciprocal deposits.

At September 30, 2024, the estimated total amount of uninsured deposits was $33.1 billion, or 44%, of total deposits, compared with $33.2 billion, or 44%, at December 31, 2023. Our loan-to-deposit ratio was 78%, compared with 77% for the same respective time periods. See “Liquidity Risk Management” on page 34 for additional information on liquidity, including the ratio of available liquidity to uninsured deposits.

RISK MANAGEMENT

Risk management is an integral part of our operations and is a key determinant of our overall performance. We employ various strategies to prudently manage the risks to which our operations are exposed, including credit risk, market and interest rate risk, liquidity risk, strategic and business risk, operational risk, technology risk,

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cybersecurity risk, capital/financial reporting risk, legal/compliance risk (including regulatory risk), and reputational risk. These risks are overseen by various management committees, including the Enterprise Risk Management Committee. For a more comprehensive discussion of these risks, see “Risk Factors” in our 2023 Form 10-K.

Credit Risk Management

Credit risk is the possibility of loss from the failure of a borrower, guarantor, or another obligor to fully perform under the terms of a credit-related contract. Credit risk arises primarily from our lending activities, as well as from off-balance sheet credit instruments. Credit policies, credit risk management, and credit examination functions inform and support the oversight of credit risk. Our credit policies emphasize strong underwriting standards and early detection of potential problem credits in order to develop and implement action plans on a timely basis to mitigate potential losses. These formal credit policies and procedures provide us with a framework for consistent underwriting and a basis for sound credit decisions at the local banking affiliate level.

Our business activity is conducted primarily within the geographic footprint of our banking affiliates. We strive to avoid the risk of undue concentrations of credit in any particular industry, collateral type, location, or with any individual customer or counterparty. For a more comprehensive discussion of our credit risk management, see “Credit Risk Management” in our 2023 Form 10-K.

U.S. Government Agency Guaranteed Loans

We participate in various guaranteed lending programs sponsored by U.S. government agencies, such as the Small Business Administration (“SBA”), Federal Housing Authority, U.S. Department of Veterans Affairs, Export-Import Bank of the U.S., and the U.S. Department of Agriculture. At September 30, 2024, $548 million of related loans were guaranteed, primarily by the SBA. The following schedule presents the composition of U.S. government agency guaranteed loans:

U.S. GOVERNMENT AGENCY GUARANTEED LOANS

(Dollar amounts in millions)			September 30, 2024						Percent guaranteed						December 31, 2023						Percent guaranteed
Commercial			$	670					78		%				$	664					80		%
Commercial real estate			24						79						24						79
Consumer			4						100						4						100
Total loans			$	698					79						$	692					80

Commercial Lending

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

COMMERCIAL LENDING PORTFOLIO

			September 30, 2024												December 31, 2023
(Dollar amounts in millions)			Amount						% of total  commercial loans						Amount						% of total  commercial loans						Amount change						Percent change
Commercial:
Commercial and industrial			$	16,757					54.4		%				$	16,684					54.5		%				$	73					0.4		%
Leasing			377						1.2						383						1.3						(6)						(1.6)
Owner-occupied			9,381						30.5						9,219						30.1						162						1.8
Municipal			4,270						13.9						4,302						14.1						(32)						(0.7)
Total commercial			$	30,785					100.0		%				$	30,588					100.0		%				$	197					0.6

Our commercial loans span various industries and generally mature within a one-to-five-year period with applicable amortization based on the underlying collateral and guarantees. Commercial loans are typically structured as seasonal, term, working capital, or bridge loans in the form of revolving and non-revolving lines of credit, amortizing term loans, guidance facilities, and single-payment loans. These loans include covenants requiring borrowers to provide regular financial reporting to measure leverage, debt service coverage, and liquidity. At

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September 30, 2024, approximately 70% of our commercial lending portfolio was variable rate, and approximately 10% of these variable-rate loans were swapped with our customers to a fixed rate.

Underwriting of commercial loans is primarily based on analyses of management, financial performance, industry, sponsorship (if applicable), and transaction structure, with credit enhancements typically provided by collateral and guarantees from the owners or sponsors. Prospective cash flows are subjected to various downside scenario analyses, including revenue decline, margin compression, and interest rate movements.

The following schedule presents the geography distribution of our commercial lending portfolio. For commercial loans, geographies are based on the location of the primary borrower.

COMMERCIAL LENDING BY GEOGRAPHY

			September 30, 2024																		December 31, 2023
(Dollar amounts in millions)			Amount						% of total						Nonaccrual loans												Amount						% of total						Nonaccrual loans
Commercial
Arizona			$	2,277					7.4		%				$	5											$	2,237					7.3		%				$	7
California			6,091						19.8						57												6,106						20.0						50
Colorado			1,935						6.3						23												1,970						6.4						3
Nevada			1,339						4.4						12												1,230						4.0						11
Texas			7,233						23.5						75												7,070						23.1						13
Utah/Idaho			6,294						20.4						6												6,353						20.8						12
Washington/Oregon			1,428						4.6						32												1,339						4.4						8
Other 1			4,188						13.6						5												4,283						14.0						—
Total commercial			$	30,785					100.0		%				$	215											$	30,588					100.0		%				$	104

1 No other geography exceeds 2.7% for September 30, 2024 and December 31, 2023, respectively.

The following schedule presents an industry distribution of our commercial lending portfolio. Industry classification is based on the North American Industry Classification System.

COMMERCIAL LENDING BY INDUSTRY

			September 30, 2024																		December 31, 2023
(Dollar amounts in millions)			Amount						% of total						Nonaccrual loans												Amount						% of total						Nonaccrual loans
Real estate, rental and leasing			$	3,003					9.7		%				$	7											$	2,946					9.6		%				$	1
Retail trade			2,913						9.5						39												2,995						9.8						2
Finance and insurance			2,863						9.3						1												2,918						9.5						—
Healthcare and social assistance			2,453						8.0						35												2,527						8.3						8
Manufacturing			2,304						7.5						8												2,190						7.2						15
Public Administration			2,115						6.9						—												2,279						7.5						—
Wholesale trade			1,992						6.5						2												1,850						6.0						3
Transportation and warehousing			1,515						4.9						7												1,499						4.9						3
Utilities 1			1,406						4.6						6												1,409						4.6						10
Educational services			1,301						4.2						—												1,298						4.2						—
Construction			1,280						4.2						27												1,355						4.4						7
Hospitality and food services			1,267						4.1						1												1,180						3.9						1
Other services (except Public Administration)			1,103						3.6						3												1,047						3.4						2
Mining, quarrying, and oil and gas extraction			1,094						3.5						15												1,133						3.7						—
Professional, scientific, and technical services			1,084						3.5						30												1,010						3.3						10
Other 2			3,092						10.0						34												2,952						9.7						42
Total			$	30,785					100.0		%				$	215											$	30,588					100.0		%				$	104

1 Includes primarily utilities, power, and renewable energy.

2 No other industry group exceeds 3.5% and 3.3% for September 30, 2024 and December 31, 2023, respectively.

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Commercial Real Estate Lending

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

COMMERCIAL REAL ESTATE LENDING PORTFOLIO

			September 30, 2024												December 31, 2023
(Dollar amounts in millions)			Amount						% of total  CRE loans						Amount						% of total  CRE loans						Amount change						Percent change
Commercial real estate:
Construction and land development			$	2,833					21.0		%				$	2,669					20.0		%				$	164					6.1		%
Term			10,650						79.0						10,702						80.0						(52)						(0.5)
Total commercial real estate			$	13,483					100.0		%				$	13,371					100.0		%				$	112					0.8

Term CRE loans generally mature within a three- to seven-year period and consist of full, partial, and non-recourse guarantee structures. Typical term CRE loan structures include annually tested operating covenants that require loan rebalancing based on minimum debt service coverage, debt yield, or loan-to-value (“LTV”) tests. Construction and land development loans generally mature in 18 to 36 months and contain full or partial recourse guarantee structures with one- to five-year extension options or roll-to-perm options that often result in term loans. At September 30, 2024, approximately 86% of our CRE loan portfolio was variable-rate, and approximately 21% of these variable-rate loans were swapped with our customers to a fixed rate.

Underwriting on commercial properties is primarily based on the economic viability of the project with significant consideration given to the creditworthiness and experience of the sponsor. We generally require that the owner’s equity be included prior to any advances. Remargining requirements (required equity infusions upon a decline in value or cash flow of the collateral) are often included in the loan agreement along with guarantees of the sponsor.

Real estate appraisals are performed in accordance with regulatory guidelines. In some cases, reports from automated valuation services are used or internal evaluations are performed. An appraisal is ordered and reviewed prior to loan closing, and a new appraisal or evaluation is generally ordered when market conditions indicate a potential decline in the value of the collateral, or when the loan is either modified, renewed, or deteriorates to a certain level of credit weakness. CRE LTVs are calculated by dividing the outstanding loan balance by the estimated collateral value from the most current appraisal. At September 30, 2024, the weighted average LTV ratio for our term CRE portfolio was less than 60%.

For a more comprehensive discussion of CRE loans and our underwriting, see “Commercial Real Estate Loans” in our 2023 Form 10-K. The following schedule presents the geography distribution of our commercial real estate lending portfolio. Geographies are based on the location of the primary collateral.

COMMERCIAL REAL ESTATE LENDING BY GEOGRAPHY

			September 30, 2024																		December 31, 2023
(Dollar amounts in millions)			Amount						% of total						Nonaccrual loans												Amount						% of total						Nonaccrual loans
Commercial real estate
Arizona			$	1,808					13.4		%				$	—											$	1,726					12.9		%				$	1
California			3,609						26.7						59												3,865						28.9						50
Colorado			724						5.4						—												709						5.3						—
Nevada			1,155						8.6						—												1,072						8.0						—
Texas			2,539						18.8						10												2,385						17.8						10
Utah/Idaho			2,129						15.8						—												2,214						16.6						—
Washington/Oregon			1,088						8.1						—												1,004						7.5						—
Other			431						3.2						—												396						3.0						—
Total commercial real estate			$	13,483					100.0		%				$	69											$	13,371					100.0		%				$	61

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

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COMMERCIAL REAL ESTATE LENDING BY COLLATERAL TYPE

			September 30, 2024																		December 31, 2023
(Dollar amounts in millions)			Amount						% of total						Nonaccrual loans												Amount						% of total						Nonaccrual loans
Commercial property
Multifamily			$	3,904					29.0		%				$	1											$	3,709					27.7		%				$	1
Industrial			3,027						22.4						—												3,062						22.9						1
Office			1,867						13.9						58												1,984						14.8						48
Retail			1,524						11.3						—												1,503						11.2						1
Hospitality			642						4.8						8												688						5.2						9
Land			236						1.7						—												211						1.6						—
Other 1			1,613						11.9						—												1,682						12.6						—
Residential property 2
Single family			327						2.4						2												287						2.1						1
Land			100						0.8						—												90						0.7						—
Condo/Townhome			26						0.2						—												37						0.3						—
Other 1			217						1.6						—												118						0.9						—
Total			$	13,483					100.0		%				$	69											$	13,371					100.0		%				$	61

1 Included in the total amount of the “Other” commercial and residential categories was approximately $356 million and $202 million of unsecured loans at September 30, 2024 and December 31, 2023, respectively.

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

As previously discussed, our commercial real estate lending portfolio is diversified across geography and collateral type, with the largest concentration in multifamily. We provide additional analysis of our multifamily and office CRE portfolios below in view of increased investor interest in those collateral types in recent periods.

Multifamily CRE

At September 30, 2024 and December 31, 2023, our multifamily CRE loan portfolio totaled $3.9 billion and $3.7 billion, representing 29% and 28% of the total CRE loan portfolio, respectively. Approximately 33% of the multifamily CRE loan portfolio is scheduled to mature in the next 12 months. We believe that most of these borrowers will be able to refinance at maturity through the Bank, or other lenders, as a result of the cash flows from the properties, acceptable LTVs, equity levels, and guarantor support. The following schedule presents the composition of our multifamily CRE loan portfolio and other related credit quality metrics:

MULTIFAMILY CRE LOAN PORTFOLIO

(Dollar amounts in millions)			September 30, 2024						December 31, 2023
Multifamily CRE
Construction and land development			$	1,128					$	902
Term			2,776						2,807
Total multifamily CRE			$	3,904					$	3,709
Credit quality metrics
Criticized loan ratio			17.2		%				6.1		%
Classified loan ratio 1			12.8		%				0.5		%
Nonaccrual loan ratio			—		%				—		%
Delinquency ratio			0.1		%				—		%
Annualized ratio of multifamily CRE net charge-offs (recoveries) to average loans			—		%				—		%
Ratio of allowance for credit losses to multifamily CRE loans, at period end			2.38		%				1.70		%
Weighted average LTV for multifamily term CRE loans			57		%				61		%

1 For the first nine months of 2024, multifamily CRE classified loan balances significantly increased. See the “Classified Loans” section below on page 29 for more information about changes in these related balances.

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The following schedules present our multifamily CRE loan portfolio by collateral location for the periods presented:

MULTIFAMILY CRE LOAN PORTFOLIO BY COLLATERAL LOCATION

						September 30, 2024
						Loan Type
(Dollar amounts in millions)						Construction and land development						Term						Total						% of total						Nonaccrual loans
Multifamily CRE
Arizona						$	196					$	284					$	480					12.3		%				$	—
California						145						931						1,076						27.6						1
Colorado						112						59						171						4.4						—
Nevada						112						173						285						7.3						—
Texas						357						720						1,077						27.6						—
Utah/Idaho						92						312						404						10.3						—
Washington/Oregon						114						234						348						8.9						—
Other 1						—						63						63						1.6						—
Total multifamily CRE						$	1,128					$	2,776					$	3,904					100.0		%				$	1

						December 31, 2023
						Loan Type
(Dollar amounts in millions)						Construction and land development						Term						Total						% of total						Nonaccrual loans
Multifamily CRE
Arizona						$	118					$	322					$	440					11.9		%				$	—
California						183						994						1,177						31.7						1
Colorado						46						90						136						3.7						—
Nevada						40						188						228						6.1						—
Texas						359						578						937						25.3						—
Utah/Idaho						44						345						389						10.4						—
Washington/Oregon						112						228						340						9.2						—
Other 1						—						62						62						1.7						—
Total multifamily CRE						$	902					$	2,807					$	3,709					100.0		%				$	1

1 Other included $55 million of multifamily loans with collateral located in New Mexico at both September 30, 2024 and December 31, 2023.

Office CRE

At September 30, 2024 and December 31, 2023, our office CRE loan portfolio totaled $1.9 billion and $2.0 billion, representing 14% and 15% of the total CRE loan portfolio, respectively. Approximately 39% of the office CRE loan portfolio is scheduled to mature in the next 12 months. We believe that most of these borrowers will be able to refinance at maturity through the Bank, or other lenders, as a result of the cash flows from the properties, acceptable LTVs, equity levels, and guarantor support. The following schedule presents the composition of our office CRE loan portfolio and other related credit quality metrics:

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OFFICE CRE LOAN PORTFOLIO

(Dollar amounts in millions)			September 30, 2024						December 31, 2023
Office CRE
Construction and land development			$	112					$	191
Term			1,755						1,793
Total office CRE			$	1,867					$	1,984
Credit quality metrics
Criticized loan ratio			9.7		%				11.9		%
Classified loan ratio			7.7		%				8.9		%
Nonaccrual loan ratio			3.1		%				2.4		%
Delinquency ratio			1.2		%				2.3		%
Annualized ratio of office CRE net charge-offs (recoveries) to average loans			—		%				0.2		%
Ratio of allowance for credit losses to office CRE loans, at period end			3.91		%				3.80		%
Weighted average LTV for office term CRE loans			56		%				53		%

The following schedules present our office CRE loan portfolio by collateral location for the periods presented:

OFFICE CRE LOAN PORTFOLIO BY COLLATERAL LOCATION

						September 30, 2024
						Loan Type
(Dollar amounts in millions)						Construction and land development						Term						Total						% of total						Nonaccrual loans
Office CRE
Arizona						$	—					$	274					$	274					14.7		%				$	—
California						38						343						381						20.4						57
Colorado						—						58						58						3.1						—
Nevada						11						78						89						4.8						—
Texas						6						205						211						11.3						1
Utah/Idaho						34						481						515						27.6						—
Washington/Oregon						23						287						310						16.6						—
Other 1						—						29						29						1.5						—
Total office CRE						$	112					$	1,755					$	1,867					100.0		%				$	58

						December 31, 2023
						Loan Type
(Dollar amounts in millions)						Construction and land development						Term						Total						% of total						Nonaccrual loans
Office CRE
Arizona						$	—					$	281					$	281					14.2		%				$	—
California						64						412						476						24.0						48
Colorado						—						92						92						4.6						—
Nevada						2						86						88						4.4						—
Texas						22						179						201						10.1						—
Utah/Idaho						29						488						517						26.1						—
Washington/Oregon						74						226						300						15.1						—
Other 1						—						29						29						1.5						—
Total office CRE						$	191					$	1,793					$	1,984					100.0		%				$	48

1 Other included $17 million of office CRE loans with collateral located in Georgia at both September 30, 2024 and December 31, 2023.

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Consumer Lending

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

CONSUMER LENDING PORTFOLIO

			September 30, 2024												December 31, 2023
(Dollar amounts in millions)			Amount						% of total  consumer loans						Amount						% of total  consumer loans						Amount change						Percent change
Consumer:
Home equity credit line			$	3,543					24.2		%				$	3,356					24.3		%				$	187					5.6		%
1-4 family residential			9,489						64.9						8,415						60.9						1,074						12.8
Construction and other consumer real estate			997						6.8						1,442						10.4						(445)						(30.9)
Bankcard and other revolving plans			461						3.2						474						3.4						(13)						(2.7)
Other			126						0.9						133						1.0						(7)						(5.3)
Total consumer			$	14,616					100.0		%				$	13,820					100.0		%				$	796					5.8

1-4 Family Residential Mortgages

We originate first-lien residential home mortgage loans considered to be of prime quality. At September 30, 2024, our 1-4 family residential mortgage loan portfolio totaled $9.5 billion, or 65%, of our total consumer loan portfolio, compared with $8.4 billion, or 61%, at December 31, 2023. Approximately 91% and 93% of our 1-4 family residential mortgage loan portfolio was variable-rate for the same respective time periods. We generally hold variable-rate loans in our portfolio and sell “conforming” fixed-rate loans to third parties, including Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, for which we make representations and warranties that the loans meet certain underwriting and collateral documentation standards.

Home Equity Credit Lines

We also originate home equity credit lines (“HECLs”). At September 30, 2024 and December 31, 2023, our HECL portfolio totaled $3.5 billion and $3.4 billion, respectively. Approximately 37% and 39% of our HECLs were secured by first liens for the same respective time periods.

At September 30, 2024, loans representing less than 1% of the outstanding balance in the HECL portfolio were estimated to have combined loan-to-value (“CLTV”) ratios above 100%. An estimated CLTV ratio is the ratio of our loan plus any prior lien amounts divided by the estimated current collateral value. At origination, underwriting standards for the HECL portfolio generally include a maximum 80% CLTV with a Fair Isaac Corporation (“FICO”) credit score greater than 700.

Approximately 92% of our HECL portfolio is still in the draw period, and about 21% of those loans are scheduled to begin amortizing within the next five years. We believe the risk of loss and borrower default in the event of a loan becoming fully amortizing and the effect of significant interest rate changes is low, given the rate shock analysis performed at origination. The ratio of HECL net charge-offs (recoveries) for the trailing twelve months to average balances at September 30, 2024 and December 31, 2023, was (0.01)% and 0.05%, respectively. See Note 6 of the Notes to Consolidated Financial Statements for additional information on the credit quality of the HECL portfolio.

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The following schedule presents the geography distribution of our consumer lending portfolio. Geographies are based on the location of the primary borrower.

CONSUMER LENDING BY GEOGRAPHY

			September 30, 2024																		December 31, 2023
(Dollar amounts in millions)			Amount						% of total						Nonaccrual loans												Amount						% of total						Nonaccrual loans
Consumer
Arizona			$	1,323					9.1		%				$	5											$	1,208					8.7		%				$	4
California			2,980						20.4						15												2,683						19.4						13
Colorado			1,356						9.3						9												1,292						9.3						7
Nevada			1,277						8.7						8												1,204						8.7						5
Texas			3,701						25.3						23												3,698						26.9						17
Utah/Idaho			3,413						23.4						14												3,188						23.1						10
Washington/Oregon			210						1.4						—												211						1.5						—
Other			356						2.4						5												336						2.4						1
Total consumer			$	14,616					100.0		%				$	79											$	13,820					100.0		%				$	57

Credit Quality

We monitor credit quality by analyzing various factors, including (among others) nonperforming status, internal risk grades, and net charge-offs, all of which are used in our overall evaluation of the adequacy of our ACL. See Note 6 of the Notes to Consolidated Financial Statements for more information on these factors and the ACL.

Nonperforming Assets

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

NONPERFORMING ASSETS

(Dollar amounts in millions)			September 30, 2024												December 31, 2023
Nonaccrual loans 1			$	363											$	222
Other real estate owned 2			5												6
Total nonperforming assets			$	368											$	228
Ratio of nonperforming assets to net loans and leases1 and other real estate owned 2			0.62		%										0.39		%
Accruing loans past due 90 days or more			$	7											$	3
Ratio of accruing loans past due 90 days or more to loans and leases 1			0.01		%										0.01		%
Nonaccrual loans1 and accruing loans past due 90 days or more			$	370											$	225
Ratio of nonperforming assets1 and accruing loans past due 90 days or more to loans and leases1 and other real estate owned 2			0.64		%										0.40		%
Accruing loans past due 30-89 days			$	89											$	86

1 Includes loans held for sale.

2 Does not include banking premises held for sale.

Nonperforming assets totaled $368 million, or 0.62%, of total loans and leases and other real estate owned at September 30, 2024, compared with $228 million, or 0.39%, at December 31, 2023. The increase was primarily due to a small number of loans in the commercial and industrial and term CRE portfolios.

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Classified Loans

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

CLASSIFIED LOANS

(Dollar amounts in millions)			September 30, 2024												December 31, 2023
Commercial			$	964											$	482
Commercial real estate			1,042												280
Consumer			87												63
Total classified loans			$	2,093											$	825
Ratio of classified loans to total loans and leases			3.55		%										1.43		%

Classified loans totaled $2.1 billion, or 3.55%, of total loans and leases, at September 30, 2024, compared with $825 million, or 1.43%, at December 31, 2023. The increase was primarily in the multifamily CRE loan portfolio, largely due to a change in approach to risk grading that places more emphasis on current cash flow, which is the primary source of repayment, and less emphasis on the adequacy of collateral values and the strength of guarantors and sponsors. The increase in classified loans was also attributable to weaker performance, particularly for 2021 and 2022 construction loan vintages, as borrowers missed projections due to lower-than-anticipated leasing, rent concessions, elevated costs, and higher interest rates. Our CRE loan portfolio continues to benefit from strong underwriting, supported by high borrower equity and guarantor support.

Allowance for Credit Losses

The ACL, which consists of the ALLL and the RULC, represents our estimate of current expected credit losses

related to the loan and lease portfolio and unfunded lending commitments as of the balance sheet date.

We estimate current expected credit losses, which include considerations of historical credit loss experience, current conditions, and standard economic forecasts, all of which inform the quantitative portion of our ACL. We also consider qualitative and environmental factors that may indicate losses may differ from levels estimated by our quantitative models. The impact of these factors on our ACL may change from quarter to quarter.

During recent quarters, the qualitative portion of the ACL has increased primarily due to (1) economic uncertainty, which caused us to increase the weights on recessionary economic forecasts, and (2) portfolio-specific risks, which caused us to use stressed economic forecasts for certain portfolios, particularly CRE.

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The following schedule presents the changes in the ACL and certain credit-related metrics:

CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES

(Dollar amounts in millions)			Nine Months Ended September 30, 2024						Twelve Months Ended December 31, 2023						Nine Months Ended September 30, 2023
Loans and leases outstanding			$	58,884					$	57,779					$	56,893
Average loans and leases outstanding:
Commercial			30,553						30,519						30,620
Commercial real estate			13,538						13,023						12,942
Consumer			14,198						13,198						13,041
Total average loans and leases outstanding			$	58,289					$	56,740					$	56,603
Allowance for loan and lease losses:
Balance at beginning of period			$	684					$	572					$	572
Provision for loan losses			34						148						136
Charge-offs:
Commercial			30						45						35
Commercial real estate			11						3						3
Consumer			9						14						11
Total			50						62						49
Recoveries:
Commercial			19						20						17
Commercial real estate			3						—						—
Consumer			4						6						5
Total			26						26						22
Net loan and lease charge-offs			24						36						27
Balance at end of period			$	694					$	684					$	681
Reserve for unfunded lending commitments:
Balance at beginning of period			$	45					$	61					$	61
Provision for unfunded lending commitments			(3)						(16)						(4)
Balance at end of period			$	42					$	45					$	57
Total allowance for credit losses:
Allowance for loan and lease losses			$	694					$	684					$	681
Reserve for unfunded lending commitments			42						45						57
Total allowance for credit losses			$	736					$	729					$	738
Ratio of allowance for credit losses to net loans and leases, at period end			1.25		%				1.26		%				1.30		%
Ratio of allowance for credit losses to nonaccrual loans, at period end			203		%				328		%				371		%
Ratio of allowance for credit losses to nonaccrual loans and accruing loans past due 90 days or more, at period end			199		%				324		%				343		%
Ratio of total net charge-offs to average loans and leases 1			0.05		%				0.06		%				0.06		%
Ratio of commercial net charge-offs to average commercial loans 1			0.05		%				0.08		%				0.08		%
Ratio of commercial real estate net charge-offs to average commercial real estate loans 1			0.08		%				0.02		%				0.03		%
Ratio of consumer net charge-offs to average consumer loans 1			0.05		%				0.06		%				0.06		%

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

See “The Allowance and Provision for Credit Losses” section on page 12 for more discussion on changes in the ACL, and see Note 6 of the Notes to Consolidated Financial Statements for additional information related to the ACL and credit trends experienced in each portfolio segment.

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Interest Rate and Market Risk Management

Interest rate and market risk is the risk of losses to current or future earnings and capital from changes in interest rates and other market conditions. Because we engage in transactions involving various financial products, we are exposed to interest rate and market risk. For a more comprehensive discussion of our interest rate and market risk management, see “Interest Rate and Market Risk Management” in our 2023 Form 10-K.

We strive to position the Bank for interest rate changes and manage the balance sheet sensitivity to reduce the volatility of both net interest income and economic value of equity (“EVE”). With the recent higher interest rate environment, customer deposit behavior has deviated from the trends observed during the relatively low interest rate period over the prior 15 years. As a result, customers have been more inclined to (1) move deposits to nonbanking products, such as money market mutual funds, that offer higher interest rates, and (2) reduce their balances in noninterest-bearing accounts. Observed changes in deposit behavior have been incorporated into our deposit models used in managing interest rate risk, giving more weight to the recently observed behavior, and increased both the deposit beta for interest-bearing products and the percentage of noninterest-bearing deposits assumed to migrate to interest-bearing products. Changes to models are independently reviewed by our Model Risk Management function.

We generally have granular deposit funding, and much of this funding is in the form of demand deposits with no maturity, which contractually can be withdrawn at any time. Rather than using contractual maturities, our interest rate risk model uses dynamically modeled behavioral assumptions based on historical behavior and future projections. Because many deposits from household and business accounts have proven to be stable over time and less sensitive to rate changes, their duration is generally longer than the duration of our loan portfolio. As such, we have historically been “asset-sensitive” — meaning that our assets are expected to reprice faster or more significantly than our liabilities. We regularly use interest rate swaps, investment in fixed-rate securities, and funding strategies to manage our interest rate risk. These strategies collectively have muted the expected sensitivity of net interest income to changes in interest rates. Asset sensitivity measures depend upon the assumptions we use for deposit runoff and repricing behavior. Our models are particularly sensitive to these assumptions about the rate of such behavior.

We also assume a correlation, referred to as a “deposit beta,” with respect to interest-bearing deposits, wherein the rates paid to customers change at a different pace when compared with changes in average benchmark interest rates. Generally, certificates of deposit are assumed to have a high correlation, while interest-bearing checking accounts are assumed to have a lower correlation.

The following schedule presents deposit duration assumptions discussed previously:

DEPOSIT ASSUMPTIONS

						September 30, 2024																		December 31, 2023
Product						Effective duration (-200 bps)						Effective duration (unchanged)						Effective duration (+200 bps)						Effective duration (-200 bps)						Effective duration (unchanged)						Effective duration (+200 bps)
Demand deposits						4.4%						3.1%						2.8%						4.0%						3.5%						3.2%
Money market						3.2%						1.5%						1.4%						3.0%						1.5%						1.4%
Savings and interest-bearing checking						2.5%						2.1%						1.8%						2.7%						2.2%						1.9%

The effective duration of the deposits increases as market rates decline due to the inability to reprice as deposits approach their floor.

As noted previously, we utilize derivatives to manage interest rate risk. The following schedule presents derivatives that are designated in qualifying hedging relationships at September 30, 2024. Included are the average outstanding derivative notional amounts for each period presented and the weighted average fixed-rate paid or received for each category of cash flow and fair value hedge. See Note 7 of the Notes to Consolidated Financial Statements for additional information regarding the impact of these hedging relationships on interest income and expense.

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DERIVATIVES DESIGNATED IN QUALIFYING HEDGING RELATIONSHIPS

			2024						2025																								2026																		4Q26 - 1Q27						4Q27 - 3Q28
(Dollar amounts in millions)			Fourth Quarter						First Quarter						Second Quarter						Third Quarter						Fourth Quarter						First Quarter						Second Quarter						Third Quarter
Cash flow hedges
Cash flow hedges of assets 1
Average outstanding notional			$	350					$	350					$	350					$	350					$	300					$	133					$	100					$	100					$	100					$	—
Weighted-average fixed-rate received			2.34		%				2.34		%				2.34		%				2.34		%				2.13		%				1.67		%				1.65		%				1.65		%				1.65		%				—		%
Cash flow hedges of liabilities 2
Average outstanding notional			$	500					$	500					$	500					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Weighted-average fixed-rate paid			3.67		%				3.67		%				3.67		%				—		%				—		%				—		%				—		%				—		%				—		%				—		%
			2024						2025						2026						2027						2028						2029						2030						2031						2032						2033
Fair value hedges
Fair value hedges of assets 3
Average outstanding notional			$	4,468					$	4,558					$	4,562					$	4,558					$	2,428					$	1,049					$	1,044					$	1,037					$	1,001					$	973
Weighted-average fixed-rate paid			3.23		%				3.21		%				3.21		%				3.21		%				2.47		%				1.84		%				1.83		%				1.83		%				1.83		%				1.82		%

1 Cash flow hedges of assets consist of receive-fixed swaps hedging pools of floating-rate loans. The longest dated cash flow hedge matures in February 2027. Amounts for 2027 have not been prorated to reflect this hedge maturing during the period.

2 Cash flow hedges of liabilities consist of a pay-fixed swap hedging rolling FHLB advances. This swap matures in May 2025.

3 Fair value asset hedges consist of pay-fixed swaps hedging fixed-rate AFS securities and fixed-rate commercial loans, as further discussed in Note 7 of the Notes to Consolidated Financial Statements. Increasing notional amounts in 2025 are due to forward starting swaps.

At September 30, 2024, we had $117 million of net losses deferred in accumulated other comprehensive income (loss) (“AOCI”) related to terminated cash flow hedges. Amounts deferred in AOCI from terminated cash flow hedges will be amortized into interest income on a straight-line basis through the original maturity dates of the hedges as long as the hedged forecasted transactions continue to be expected to occur. For more information on amounts deferred in AOCI related to terminated cash flow hedges, see “Interest Rate and Market Risk Management” in our 2023 Form 10-K.

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

Incorporating our deposit assumptions and the impact of derivatives in qualifying hedging relationships previously discussed, the following schedule presents earnings at risk (“EaR”), or the percentage change in 12-month forward-looking net interest income, and our estimated percentage change in EVE. Both EaR and EVE are based on a static balance sheet size under instantaneous parallel interest rate changes ranging from -200 bps to +200 bps. These measures highlight the sensitivity to changes in interest rates across various scenarios; the outcomes are not intended to be forecasts of expected net interest income.

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

						September 30, 2024																														December 31, 2023
						Parallel shift in rates (in bps) 1																														Parallel shift in rates (in bps) 1
Repricing scenario						-200						-100						0						+100						+200						-200						-100						0						+100						+200
Earnings at Risk (EaR)						(5.7)		%				(2.7)		%				—		%				2.5		%				5.1		%				(5.6)		%				(2.5)		%				—		%				2.4		%				4.9		%
Economic Value of Equity (EVE)						8.7		%				2.9		%				—		%				(1.9)		%				(4.4)		%				6.6		%				2.8		%				—		%				(1.4)		%				(3.3)		%

1 Assumes rates cannot go below zero in the negative rate shifts.

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The asset sensitivity, as measured by EaR, increased during the first nine months of 2024, due to securities redemptions, swap maturities, and assumption changes that reduced the projected runoff of noninterest-bearing deposits. Under our current deposit assumptions, interest rate risk remains within policy limits. For interest-bearing deposits with indeterminable maturities, the weighted average modeled beta is 55%.

Prepayment assumptions are an important factor in how we manage interest rate risk. Certain assets in our portfolio, such as 1-4 family residential mortgages and mortgage-backed securities, can be prepaid at any time by the borrower, which may significantly affect our expected cash flows. At September 30, 2024, lifetime prepayment speeds were estimated to be 15.8% for loans, which reflects an acceleration of prepayments upon rate reset for adjustable rate loans, and 7.1% for mortgage-backed securities.

The EaR analysis focuses on parallel rate shocks across the term structure of benchmark interest rates. In a non-parallel rate scenario, where short-term rates decline 200 bps, but long-term rates are unchanged, the EaR is comparable to the parallel rate scenario of similar rate shock.

If interest rates were to follow the rate path implied by the forward curve at September 30, 2024, modeled net interest income would increase in the third quarter of 2025 by an additional 1.4%, when compared to the third quarter of 2024. For a -100 bps and +100 bps parallel interest rate shock to the implied forward rate path, the cumulative net interest income sensitivity would be between (0.8)% and 3.1%, respectively.

Our focus on business banking also plays a significant role in determining the nature of our asset-liability management posture. At September 30, 2024, $27.4 billion of our commercial and CRE loans were scheduled to reprice in the next six months. For these variable-rate loans, we have executed $350 million of cash flow hedges by receiving fixed rates on interest rate swaps. At September 30, 2024, we also had $4.0 billion of variable-rate consumer loans scheduled to reprice in the next six months. The impact on asset sensitivity from commercial or consumer loans with floors has become insignificant as rates have risen. See Notes 3 and 7 of the Notes to Consolidated Financial Statements for additional information regarding derivative instruments.

Fixed Income

We are exposed to market risk through changes in fair value. This includes market risk for trading securities and for interest rate swaps used to hedge interest rate risk. We underwrite municipal and corporate securities. We also trade municipal, agency, and treasury securities. This underwriting and trading activity exposes us to a risk of loss arising from adverse changes in the prices of these fixed-income securities.

Changes in the fair value of AFS securities and in interest rate swaps that qualify as cash flow hedges are included in AOCI for each financial reporting period. For more discussion regarding investment securities and AOCI, see the “Capital Management” section on page 35. See also Note 5 of the Notes to Consolidated Financial Statements for further information regarding the accounting for investment securities.

Equity Investments

Through our equity investment activities, we own equity securities that are publicly traded. In addition, we own equity securities in governmental entities and companies, e.g., Federal Reserve (“FRB”) and the FHLB, that are not publicly traded. For more information regarding our equity investments, see “Interest Rate and Market Risk Management” in our 2023 Form 10-K.

We hold both direct and indirect investments in predominantly pre-public companies, primarily through various SBIC venture capital funds as a strategy to provide beneficial financing, growth, and expansion opportunities to diverse businesses generally in communities within our geographic footprint. Our equity exposure to these investments was approximately $202 million and $190 million at September 30, 2024 and December 31, 2023, respectively. On occasion, some of the companies within our SBIC investment may issue an initial public offering (“IPO”). In this case, the fund is generally subject to a lockout period before we can liquidate the investment, which can introduce additional market risk. See Note 3 of the Notes to Consolidated Financial Statements for additional information regarding the valuation of our SBIC investments.

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Liquidity Risk Management

Liquidity refers to our ability to meet our cash, contractual, and collateral obligations, and to manage both expected and unexpected cash flows without adversely impacting our operations or financial strength. We manage our liquidity to provide funds for our customers’ credit needs, our anticipated financial and contractual obligations, and other corporate activities. Sources of liquidity primarily include deposits, borrowings, equity, and paydowns of assets, such as loans and investment securities. For more information on our liquidity risk management practices, see “Liquidity Risk Management” in our 2023 Form 10-K.

We have pledged collateral to the FRB’s primary credit facility (or discount window) and to the BTFP, which provide additional contingent funding sources outside the normal operating hours of the FHLB and the General Collateral Funding (“GCF”) program. The BTFP offered loans of up to one year in length to eligible depository institutions pledging U.S. Treasuries, agency debt and government mortgage-backed securities, and other qualifying assets as collateral. The availability of advances under the program ended in mid-March 2024.

For the first nine months of 2024, the primary sources of cash came from a decrease in investment securities, an increase in deposits, and net cash provided by operating activities. Uses of cash during the same period primarily included a decrease in short-term borrowings, an increase in loans and leases, and dividends paid on common and preferred stock. Cash payments for interest reflected in operating expenses were $1.4 billion and $913 million for the first nine months of 2024 and 2023, respectively.

The FHLB and FRB have been, and continue to be, a significant source of back-up liquidity and funding. We are a member of the FHLB of Des Moines, which allows member banks to borrow against eligible loans and securities to satisfy liquidity and funding requirements. We are required to invest in FHLB and FRB stock to maintain our borrowing capacity. At September 30, 2024, our total investment in FHLB and FRB stock was $56 million and $65 million, respectively, compared with $79 million and $65 million at December 31, 2023.

At September 30, 2024, loans with a carrying value of $23.3 billion and $17.3 billion, compared with $24.8 billion and $11.5 billion at December 31, 2023, were pledged at the FHLB and FRB, respectively, as collateral for current and potential borrowings.

At September 30, 2024 and December 31, 2023, investment securities with a carrying value of $18.6 billion and $20.5 billion, respectively, were pledged as collateral for potential borrowings. For the same time periods, these pledged securities included $8.9 billion and $9.5 billion for available use through the GCF and other repo programs, $5.2 billion and $5.5 billion to the FRB and FHLB, and $4.5 billion and $5.5 billion to secure collateralized public and trust deposits, advances, and for other purposes.

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

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AVAILABLE LIQUIDITY

			September 30, 2024																														December 31, 2023
(Dollar amounts in billions)			FHLB						FRB 1						GCF 2						BTFP						Total						FHLB						FRB 1						GCF						BTFP						Total
Total borrowing capacity			$	15.5					$	17.2					$	9.1					$	1.5					$	43.3					$	16.6					$	9.8					$	9.6					$	5.8					$	41.8
Borrowings outstanding			1.1						—						—						1.5						2.6						1.6						—						1.8						—						3.4
Remaining capacity, at period end			14.4						17.2						9.1						—						40.7						15.0						9.8						7.8						5.8						38.4
Cash and due from banks																											1.1																														0.7
Interest-bearing deposits 3																											1.3																														1.5
Total available liquidity																											$	43.1																													$	40.6
Ratio of available liquidity to uninsured deposits																											130		%																												122		%

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

2 Includes $42 million pledged for available use through other repo programs.

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

At September 30, 2024 and December 31, 2023, our total available liquidity was $43.1 billion, compared with $40.6 billion, respectively. At September 30, 2024, we had sources of liquidity that exceeded our uninsured deposits without the need to sell any investment securities.

Credit Ratings

General financial market and economic conditions impact our access to, and cost of, external financing. Access to funding markets is also directly affected by the credit ratings we receive from various rating agencies. The ratings not only influence the costs associated with borrowings, but can also influence the sources of the borrowings. All of the credit rating agencies rate our debt at an investment-grade level.

The following schedule presents our credit ratings:

CREDIT RATINGS

as of October 31, 2024:

Rating agency

Outlook

Long-term issuer/senior debt rating

Subordinated debt rating

Short-term debt rating

Kroll

Stable

A-

BBB+

K2

S&P

Negative

BBB+

BBB

NR

Fitch

Stable

BBB+

BBB

F2

Moody's

Stable

Baa2

NR

P2

Capital Management

A strong capital position is vital to the achievement of our key corporate objectives, our continued profitability, and to promoting depositor and investor confidence. We seek to (1) maintain sufficient capital to support the current needs and growth of our businesses, consistent with our assessment of their potential to create value for shareholders, and (2) fulfill responsibilities to depositors and bondholders while managing capital distributions to shareholders through dividends and repurchases of common stock.

We utilize stress testing as an important mechanism to inform our decisions on the appropriate level of capital, based upon actual and hypothetically stressed economic conditions, including the FRB’s supervisory severely adverse scenario. The timing and amount of capital actions are subject to various factors, including our financial performance, business needs, prevailing and anticipated economic conditions, and the results of our internal stress testing, as well as Board and Office of the Comptroller of the Currency (“OCC”) approval. Shares may be repurchased occasionally in the open market or through privately negotiated transactions. For a more comprehensive discussion of our capital risk management, see “Capital Management” in our 2023 Form 10-K.

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SHAREHOLDERS' EQUITY

(Dollar amounts in millions)			September 30, 2024						December 31, 2023						Amount change						Percent change
Shareholders’ equity:
Preferred stock			$	440					$	440					$	—					—		%
Common stock and additional paid-in capital			1,717						1,731						(14)						(1)
Retained earnings			6,564						6,212						352						6
Accumulated other comprehensive loss			(2,336)						(2,692)						356						13
Total shareholders' equity			$	6,385					$	5,691					$	694					12

Total shareholders’ equity increased $694 million, or 12%, to $6.4 billion at September 30, 2024, compared with $5.7 billion at December 31, 2023. The AOCI balance was a loss of $2.3 billion at September 30, 2024, and largely reflects a decline in the fair value of fixed-rate AFS securities as a result of changes in interest rates, and includes $1.9 billion ($1.4 billion after tax) of unrealized losses on the securities previously transferred from AFS to held-to-maturity (“HTM”). When compared to December 31, 2023, AOCI improved $356 million, primarily due to $147 million in unrealized loss amortization associated with the securities transferred from AFS to HTM, and $137 million primarily related to paydowns on AFS securities. AOCI was also impacted by a $72 million decrease in unrealized losses and other adjustments associated with derivative instruments used for risk management purposes.

Absent any sales or credit impairment of the AFS securities, the unrealized losses will not be recognized in earnings. We do not intend to sell any securities with unrealized losses. Although changes in AOCI are reflected in shareholders’ equity, they are currently excluded from regulatory capital, and therefore do not impact our regulatory ratios. For more discussion on our investment securities portfolio and related unrealized gains and losses, see Note 5 of the Notes to Consolidated Financial Statements.

CAPITAL DISTRIBUTIONS

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions, except share amounts)			2024						2023						2024						2023
Capital distributions:
Preferred dividends paid			$	10					$	7					$	31					$	22
Total capital distributed to preferred shareholders			10						7						31						22
Common dividends paid			61						61						184						184
Bank common stock repurchased 1			—						—						35						50
Total capital distributed to common shareholders			61						61						219						234
Total capital distributed to preferred and common shareholders			$	71					$	68					$	250					$	256
Weighted average diluted common shares outstanding (in thousands)			147,150						147,653						147,202						147,794
Common shares outstanding, at period end (in thousands)			147,699						148,146						147,699						148,146

1 Includes amounts related to the common shares acquired from our publicly announced plans and those acquired in connection with our stock compensation plan. Shares were acquired from employees to pay for their payroll taxes and stock option exercise cost upon the exercise of stock options.

Pursuant to the OCC’s “Earnings Limitation Rule,” our dividend payments are restricted to an amount equal to the sum of the total of (1) our net income for that year, and (2) retained earnings for the preceding two years, unless the OCC approves the declaration and payment of dividends in excess of such amount. As of October 1, 2024, we had $1.4 billion of retained net profits available for distribution.

During the third quarter of 2024, we paid dividends on preferred stock of $10 million and dividends on common stock of $61 million, or $0.41 per share. In November 2024, the Board declared a regular quarterly dividend of $0.43 per common share, payable on November 21, 2024 to shareholders of record on November 14, 2024. See Note 9 of the Notes to Consolidated Financial Statements for additional information about our capital management actions.

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Basel III

We are subject to Basel III capital requirements that include certain minimum regulatory capital ratios. At September 30, 2024, we exceeded all capital adequacy requirements under the Basel III capital rules. Based on our internal stress testing and other assessments of capital adequacy, we believe we hold capital sufficiently in excess of internal and regulatory requirements for well-capitalized banks. See “Supervision and Regulation” and Note 15 of our 2023 Form 10-K for more information about our compliance with the Basel III capital requirements. The following schedule presents our capital amounts, capital ratios, and other selected performance ratios:

CAPITAL AMOUNTS AND RATIOS

(Dollar amounts in millions)			September 30, 2024						December 31, 2023						September 30, 2023
Basel III risk-based capital amounts:
Common equity tier 1 capital			$	7,206					$	6,863					$	6,803
Tier 1 risk-based			7,646						7,303						7,242
Total risk-based			8,890						8,553						8,500
Risk-weighted assets			67,305						66,934						66,615
Basel III risk-based capital ratios:
Common equity tier 1 capital ratio			10.7		%				10.3		%				10.2		%
Tier 1 risk-based ratio			11.4						10.9						10.9
Total risk-based ratio			13.2						12.8						12.8
Tier 1 leverage ratio			8.6						8.3						8.3
Other ratios:
Average equity to average assets (three months ended)			6.9		%				6.2		%				6.2		%
Return on average common equity (three months ended)			14.1						9.2						13.5
Return on average tangible common equity (three months ended) 1			17.4						11.8						17.3
Tangible equity ratio 1			6.2						5.4						4.9
Tangible common equity ratio 1			5.7						4.9						4.4

1 See “Non-GAAP Financial Measures” on page 38 for more information regarding these ratios.

Estimated common equity tier 1 (“CET1”) capital was $7.2 billion, an increase of 6%, compared with $6.8 billion in the prior year period. The estimated CET1 capital ratio was 10.7%, compared with 10.2%. Our tangible common equity ratio increased to 5.7%, compared with 4.4%, primarily due to an increase in retained earnings and reduced unrealized losses in AOCI. For more information on non-GAAP financial measures, see page 38.

Recent Regulatory Developments

During the third quarter of 2023, federal bank regulators issued a proposal to implement the Basel Committee on Banking Supervision’s finalization of the post-crisis bank regulatory capital reforms. The proposal, commonly referred to as the “Basel III Endgame,” would significantly revise the capital requirements applicable to large banking organizations, defined as those with total assets of $100 billion or more, and would potentially impact our current and future capital planning, including share repurchase activity. At September 30, 2024, we had $87.0 billion in total assets and do not currently qualify as a large banking organization. We continue to evaluate the potential impact of the proposal, as we expect it is more likely than not we would become subject to this proposal in the future, were it to be finalized in its current form.

Federal bank regulators also issued proposals that would (1) expand a long-term debt requirement to all banks with total assets of $100 billion or more, and (2) revise requirements for resolution planning. For more information about these regulatory proposals and their potential impact, see “Recent Regulatory Developments” in the Supervision and Regulation section of our 2023 Form 10-K.

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NON-GAAP FINANCIAL MEASURES

This Form 10-Q presents non-GAAP financial measures, in addition to generally accepted accounting principles (“GAAP”) financial measures. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. We consider these adjustments to be relevant to ongoing operating results and provide a meaningful basis for period-to-period comparisons. We use these non-GAAP financial measures to assess our performance and financial position. We believe that presenting these non-GAAP financial measures allows investors to assess our performance on the same basis as that applied by our management and the financial services industry.

Non-GAAP financial measures have inherent limitations and are not necessarily comparable to similar financial measures that may be presented by other financial services companies. Although non-GAAP financial measures are frequently used by stakeholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

Tangible Common Equity and Related Measures

Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets and their related amortization. We believe these non-GAAP measures provide useful information about our use of shareholders’ equity and provide a basis for evaluating the performance of a business more consistently, whether acquired or developed internally.

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (NON-GAAP)

						Three Months Ended
(Dollar amounts in millions)						September 30, 2024						June 30, 2024												September 30, 2023
Net earnings applicable to common shareholders (GAAP)						$	204					$	190											$	168
Adjustment, net of tax:
Amortization of core deposit and other intangibles						1						1												1
Net earnings applicable to common shareholders, net of tax			(a)			$	205					$	191											$	169
Average common equity (GAAP)						$	5,738					$	5,450											$	4,938
Average goodwill and intangibles						(1,054)						(1,056)												(1,061)
Average tangible common equity (non-GAAP)			(b)			$	4,684					$	4,394											$	3,877
Number of days in quarter			(c)			92						91												92
Number of days in year			(d)			366						366												365
Return on average tangible common equity (non-GAAP) 1			(a/b/c)*d			17.4		%				17.5		%										17.3		%

1 Excluding the effect of AOCI from average tangible common equity would result in associated returns of 11.4%, 10.9%, and 9.9% for the periods presented, respectively.

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

(Dollar amounts in millions, except shares and per share amounts)						September 30, 2024						June 30, 2024												September 30, 2023
Total shareholders’ equity (GAAP)						$	6,385					$	6,025											$	5,315
Goodwill and intangibles						(1,053)						(1,055)												(1,060)
Tangible equity (non-GAAP)			(a)			5,332						4,970												4,255
Preferred stock						(440)						(440)												(440)
Tangible common equity (non-GAAP)			(b)			$	4,892					$	4,530											$	3,815
Total assets (GAAP)						$	87,032					$	87,606											$	87,269
Goodwill and intangibles						(1,053)						(1,055)												(1,060)
Tangible assets (non-GAAP)			(c)			$	85,979					$	86,551											$	86,209
Common shares outstanding (in thousands)			(d)			147,699						147,684												148,146
Tangible equity ratio (non-GAAP)			(a/c)			6.2		%				5.7		%										4.9		%
Tangible common equity ratio (non-GAAP)			(b/c)			5.7		%				5.2		%										4.4		%
Tangible book value per common share (non-GAAP)			(b/d)			$	33.12					$	30.67											$	25.75

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Efficiency Ratio and Adjusted Pre-Provision Net Revenue

The efficiency ratio is a measure of operating expense relative to revenue. We believe the efficiency ratio provides useful information regarding the cost of generating revenue. We make adjustments to exclude certain items that are not generally expected to recur frequently, as identified in the subsequent schedule, which we believe allows for more consistent comparability across periods. Adjusted noninterest expense provides a measure as to how we are managing our expenses. Adjusted pre-provision net revenue (“PPNR”) enables management and others to assess our ability to generate capital. Taxable-equivalent net interest income allows us to assess the comparability of revenue arising from both taxable and tax-exempt sources.

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

						Three Months Ended																		Nine Months Ended												Year Ended
(Dollar amounts in millions)						September 30, 2024						June 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023						December 31, 2023
Noninterest expense (GAAP)			(a)			$	502					$	509					$	496					$	1,537					$	1,516					$	2,097
Adjustments:
Severance costs						1						1						—						2						14						14
Other real estate expense, net						—						(1)						—						(1)						—						—
Amortization of core deposit and other intangibles						2						1						2						5						5						6
Restructuring costs						—						—						1						—						1						1
SBIC investment success fee accrual						—						1						—						1						—						—
FDIC special assessment						—						1						—						14						—						90
Total adjustments			(b)			3						3						3						21						20						111
Adjusted noninterest expense (non-GAAP)			(c)=(a-b)			$	499					$	506					$	493					$	1,516					$	1,496					$	1,986
Net interest income (GAAP)			(d)			$	620					$	597					$	585					$	1,803					$	1,855					$	2,438
Fully taxable-equivalent adjustments			(e)			12						11						11						33						31						41
Taxable-equivalent net interest income (non-GAAP)			(f)=(d+e)			632						608						596						1,836						1,886						2,479
Noninterest income (GAAP)			g			172						179						180						507						529						677
Combined income (non-GAAP)			(h)=(f+g)			804						787						776						2,343						2,415						3,156
Adjustments:
Fair value and nonhedge derivative gains (losses)						(3)						(1)						7						(3)						5						(4)
Securities gains (losses), net						9						4						4						11						5						4
Total adjustments			(i)			6						3						11						8						10						—
Adjusted taxable-equivalent revenue (non-GAAP)			(j)=(h-i)			$	798					$	784					$	765					$	2,335					$	2,405					$	3,156
Pre-provision net revenue (non-GAAP)			(h)-(a)			$	302					$	278					$	280					$	806					$	899					$	1,059
Adjusted PPNR (non-GAAP)			(j)-(c)			299						278						272						819						909						1,170
Efficiency ratio (non-GAAP) 1			(c/j)			62.5		%				64.5		%				64.4		%				64.9		%				62.2		%				62.9		%

1 Excluding both the $9 million gain on sale of our Enterprise Retirement Solutions business and the $4 million gain on sale of a bank-owned property (recorded in dividends and other income), the efficiency ratio for the three months ended June 30, 2024 would have been 65.6%.

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ITEM 1.    FINANCIAL STATEMENTS (Unaudited)

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands)			September 30, 2024						December 31, 2023
			(Unaudited)
ASSETS
Cash and due from banks			$	1,114					$	716
Money market investments:
Interest-bearing deposits			1,253						1,488
Federal funds sold and securities purchased under agreements to resell			986						937
Trading securities, at fair value			68						48
Investment securities:
Available-for-sale, at fair value			9,495						10,300
Held-to-maturity, at amortized cost (fair value: $10,024 and $10,466)			9,857						10,382
Total investment securities			19,352						20,682
Loans held for sale (includes $58 and $43 of loans carried at fair value)			97						53
Loans and leases, net of unearned income and fees			58,884						57,779
Less allowance for loan and lease losses			694						684
Loans held for investment, net of allowance			58,190						57,095
Other noninterest-bearing investments			946						950
Premises, equipment and software, net			1,372						1,400
Goodwill and intangibles			1,053						1,059
Other real estate owned			5						6
Other assets			2,596						2,769
Total assets			$	87,032					$	87,203
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand			$	24,973					$	26,244
Interest-bearing:
Savings and money market			39,242						38,721
Time			11,503						9,996
Total deposits			75,718						74,961
Federal funds and other short-term borrowings			2,919						4,379
Long-term debt			548						542
Reserve for unfunded lending commitments			42						45
Other liabilities			1,420						1,585
Total liabilities			80,647						81,512
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares			440						440
Common stock ($0.001 par value; authorized 350,000 shares; issued and outstanding 147,699 and 148,153 shares) and additional paid-in capital			1,717						1,731
Retained earnings			6,564						6,212
Accumulated other comprehensive income (loss)			(2,336)						(2,692)
Total shareholders’ equity			6,385						5,691
Total liabilities and shareholders’ equity			$	87,032					$	87,203

See accompanying notes to consolidated financial statements.

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CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions, except shares and per share amounts)			2024						2023						2024						2023
Interest income:
Interest and fees on loans			$	899					$	831					$	2,641					$	2,348
Interest on money market investments			67						35						170						140
Interest on securities			138						144						420						419
Total interest income			1,104						1,010						3,231						2,907
Interest expense:
Interest on deposits			403						366						1,169						668
Interest on short- and long-term borrowings			81						59						259						384
Total interest expense			484						425						1,428						1,052
Net interest income			620						585						1,803						1,855
Provision for credit losses:
Provision for loan and lease losses			1						44						34						136
Provision for unfunded lending commitments			12						(3)						(3)						(4)
Total provision for credit losses			13						41						31						132
Net interest income after provision for credit losses			607						544						1,772						1,723
Noninterest income:
Commercial account fees			46						43						135						131
Card fees			24						26						72						75
Retail and business banking fees			18						17						50						49
Loan-related fees and income			17						23						50						63
Capital markets fees			28						18						73						62
Wealth management fees			14						15						44						44
Other customer-related fees			14						15						42						46
Customer-related noninterest income			161						157						466						470
Fair value and nonhedge derivative income			(3)						7						(3)						5
Dividends and other income (loss)			5						12						33						49
Securities gains (losses), net			9						4						11						5
Total noninterest income			172						180						507						529
Noninterest expense:
Salaries and employee benefits			317						311						966						974
Technology, telecom, and information processing			66						62						194						175
Occupancy and equipment, net			40						42						119						122
Professional and legal services			14						16						47						45
Marketing and business development			12						10						35						35
Deposit insurance and regulatory expense			19						20						74						60
Credit-related expense			6						6						19						19
Other real estate expense, net			—						—						(1)						—
Other			28						29						84						86
Total noninterest expense			502						496						1,537						1,516
Income before income taxes			277						228						742						736
Income taxes			63						53						174						182
Net income			214						175						568						554
Preferred stock dividends			(10)						(7)						(31)						(22)
Net earnings applicable to common shareholders			$	204					$	168					$	537					$	532
Weighted average common shares outstanding during the period:
Basic shares (in thousands)			147,138						147,648						147,197						147,784
Diluted shares (in thousands)			147,150						147,653						147,202						147,794
Net earnings per common share:
Basic			$	1.37					$	1.13					$	3.61					$	3.57
Diluted			1.37						1.13						3.61						3.57

See accompanying notes to consolidated financial statements.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2024						2023						2024						2023
Net income for the period			$	214					$	175					$	568					$	554
Other comprehensive income (loss), net of tax:
Net unrealized holding gains (losses) on investment securities			139						(161)						137						(170)
Unrealized loss amortization associated with the securities transferred from AFS to HTM			51						56						147						159
Net unrealized gains on other noninterest-bearing investments			—						1						1						1
Net unrealized holding gains (losses) on derivative instruments			2						(6)						1						15
Reclassification adjustment for decrease in interest income recognized in earnings on derivative instruments			21						32						70						99
Other comprehensive income (loss), net of tax			213						(78)						356						104
Comprehensive income			$	427					$	97					$	924					$	658

See accompanying notes to consolidated financial statements.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

(In millions, except shares and per share amounts)			Preferred stock						Common stock shares  (in thousands)						Accumulated paid-in capital						Retained earnings						Accumulated other comprehensive income (loss)						Total shareholders’ equity
Balance at June 30, 2024			$	440					147,684						$	1,713					$	6,421					$	(2,549)					$	6,025
Net income for the period																					214												214
Other comprehensive income, net of tax																											213						213
Bank common stock repurchased									(3)																								—
Net activity under employee plans and related tax benefits									18						4																		4
Dividends on preferred stock																					(10)												(10)
Dividends on common stock, $0.41 per share																					(61)												(61)
Balance at September 30, 2024			$	440					147,699						$	1,717					$	6,564					$	(2,336)					$	6,385
Balance at June 30, 2023			$	440					148,144						$	1,722					$	6,051					$	(2,930)					$	5,283
Net income for the period																					175												175
Other comprehensive loss, net of tax																											(78)						(78)
Net activity under employee plans and related tax benefits									2						4																		4
Dividends on preferred stock																					(7)												(7)
Dividends on common stock, $0.41 per share																					(61)												(61)
Change in deferred compensation																					(1)												(1)
Balance at September 30, 2023			$	440					148,146						$	1,726					$	6,157					$	(3,008)					$	5,315

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(In millions, except shares and per share amounts)			Preferred stock						Common stock shares  (in thousands)						Accumulated paid-in capital						Retained earnings						Accumulated other comprehensive income (loss)						Total shareholders’ equity
Balance at December 31, 2023			$	440					148,153						$	1,731					$	6,212					$	(2,692)					$	5,691
Net income for the period																					568												568
Other comprehensive income, net of tax																											356						356
Bank common stock repurchased									(893)						(35)																		(35)
Net activity under employee plans and related tax benefits									439						21																		21
Dividends on preferred stock																					(31)												(31)
Dividends on common stock, $1.23 per share																					(184)												(184)
Change in deferred compensation																					(1)												(1)
Balance at September 30, 2024			$	440					147,699						$	1,717					$	6,564					$	(2,336)					$	6,385
Balance at December 31, 2022			$	440					148,664						$	1,754					$	5,811					$	(3,112)					$	4,893
Net income for the period																					554												554
Other comprehensive income, net of tax																											104						104
Cumulative effect adjustment, due to adoption of ASU 2022-02, net of tax																					2												2
Bank common stock repurchased									(953)						(50)																		(50)
Net activity under employee plans and related tax benefits									435						22																		22
Dividends on preferred stock																					(22)												(22)
Dividends on common stock, $1.23 per share																					(184)												(184)
Change in deferred compensation																					(4)												(4)
Balance at September 30, 2023			$	440					148,146						$	1,726					$	6,157					$	(3,008)					$	5,315

See accompanying notes to consolidated financial statements.

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CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In millions)						Nine Months Ended September 30,
												2024						2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the period												$	568					$	554
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses												31						132
Depreciation and amortization												95						108
Share-based compensation												28						28
Deferred income tax expense												3						21
Net (increase) decrease in trading securities												(20)						434
Net decrease (increase) in loans held for sale												2						(10)
Change in other liabilities												(188)						(260)
Change in other assets												136						74
Other, net												(24)						49
Net cash provided by operating activities												631						1,130
CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease in money market investments												186						636
Proceeds from maturities and paydowns of investment securities held-to-maturity												776						811
Purchases of investment securities held-to-maturity												(62)						(40)
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale												1,527						1,846
Purchases of investment securities available-for-sale												(528)						(484)
Net change in loans and leases												(1,130)						(1,241)
Purchases and sales of other noninterest-bearing investments												21						207
Purchases of premises and equipment												(69)						(84)
Other, net												5						(19)
Net cash provided by investing activities												726						1,632
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits												757						3,747
Net change in short-term borrowed funds												(1,460)						(6,071)
Redemption of long-term debt												—						(128)
Proceeds from the issuance of common stock												1						2
Dividends paid on common and preferred stock												(215)						(211)
Bank common stock repurchased												(35)						(50)
Other, net												(7)						(8)
Net cash used in financing activities												(959)						(2,719)
Net increase in cash and due from banks												398						43
Cash and due from banks at beginning of period												716						657
Cash and due from banks at end of period												$	1,114					$	700
Cash paid for interest												$	1,423					$	913
Net cash paid for income taxes												131						233
Noncash activities:
Loans held for investment reclassified to loans held for sale, net												144						67

See accompanying notes to consolidated financial statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

September 30, 2024

1. BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Zions Bancorporation, National Association and its majority-owned subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation have been included. References to GAAP, including standards promulgated by the Financial Accounting Standards Board (“FASB”), are made according to sections of the Accounting Standards Codification.

The results of operations for the three and nine months ended September 30, 2024 and 2023 are not necessarily indicative of the results that may be expected in future periods. In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying Notes. Actual results could differ from those estimates. For further information, refer to the consolidated financial statements and accompanying footnotes included in our 2023 Form 10-K.

We evaluated events that occurred between September 30, 2024 and the date the accompanying financial statements were issued, and determined that there were no material events that would require adjustments to our consolidated financial statements or significant disclosure in the accompanying Notes.

Zions Bancorporation, N.A. is a commercial bank headquartered in Salt Lake City, Utah. We provide a wide range of banking products and related services in 11 Western and Southwestern states through seven separately managed bank divisions, which we refer to as “affiliates,” or “affiliate banks,” each with its own local branding and management team. These include Zions Bank, in Utah, Idaho, and Wyoming; California Bank & Trust (“CB&T”); Amegy Bank (“Amegy”), in Texas; National Bank of Arizona (“NBAZ”); Nevada State Bank (“NSB”); Vectra Bank Colorado (“Vectra”), in Colorado and New Mexico; and The Commerce Bank of Washington (“TCBW”) which operates under that name in Washington and under the name The Commerce Bank of Oregon in Oregon.

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2. RECENT ACCOUNTING PRONOUNCEMENTS

Standard

Description

Effective date

Effect on the financial statements or other significant matters

Standards not yet adopted by the Bank as of September 30, 2024

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

This Accounting Standards Update (“ASU”) expands operating segment disclosures and requires all segment disclosures to be reported in both annual and interim periods. The new standard requires disclosure of the following: •Significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) for reportable segments; •The title and position of the CODM as well as how the CODM uses the reported measure(s) of profit and loss to assess segment performance; and •“Other segment items” by reportable segment and a description of its composition.

Annual periods beginning January 1, 2024; Interim periods beginning January 1, 2025

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

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

This ASU expands tax disclosures to provide more information to better assess how an entity’s operations, related tax risks, and tax planning affect its tax rate and prospects for future cash flows. The enhancements in this ASU require that an entity disaggregate income taxes paid and income (or loss) from continuing operations before tax expense (or benefit), and income tax expense (or benefit) from continuing operations. The new standard requires disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold.

January 1, 2025

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

Standards adopted by the Bank during 2024

ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

This ASU clarifies that contractual restrictions prohibiting the sale of an equity security are not considered part of the unit of account of the equity security, and therefore, are not considered in measuring fair value. The amendments clarify that an entity cannot recognize and measure a contractual sale restriction as a separate unit of account. The amendments in this ASU also require additional qualitative and quantitative disclosures for equity securities subject to contractual sale restrictions.

January 1, 2024

We adopted the new standard on January 1, 2024. The adoption of this standard did not have a material effect on our financial statements.

ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)

This ASU expands the optional use of the proportional amortization method (“PAM”), previously limited to investments in low-income housing tax credit (“LIHTC”) structures, to any eligible equity investments made primarily for the purpose of receiving income tax credit and other tax benefits when certain criteria are met. PAM results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense (benefit). This ASU allows for an accounting policy election to apply PAM on a tax-credit-program-by-tax-credit-program basis. The ASU also includes additional disclosure requirements about equity investments accounted for using PAM.

January 1, 2024

We adopted the new standard on January 1, 2024. The adoption of this standard did not have a material effect on our financial statements.

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3. FAIR VALUE

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. For more information about our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 3 of our 2023 Form 10-K.

Fair Value Hierarchy

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

(In millions)			September 30, 2024
			Level 1						Level 2						Level 3						Total
ASSETS
Trading securities			$	—					$	68					$	—					$	68
Available-for-sale securities:
U.S. Treasury, agencies, and corporations			490						7,792												8,282
Municipal securities									1,189												1,189
Other debt securities									24												24
Total available-for-sale			490						9,005						—						9,495
Loans held for sale									58												58
Other noninterest-bearing investments:
Bank-owned life insurance									560												560
Private equity investments 1			3												105						108
Other assets:
Agriculture loan servicing															19						19
Deferred compensation plan assets			139																		139
Derivatives									382												382
Total assets			$	632					$	10,073					$	124					$	10,829
LIABILITIES
Securities sold, not yet purchased			$	4					$	—					$	—					$	4
Other liabilities:
Derivatives									295												295
Total liabilities			$	4					$	295					$	—					$	299

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

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(In millions)			December 31, 2023
			Level 1						Level 2						Level 3						Total
ASSETS
Trading securities			$	—					$	48					$	—					$	48
Available-for-sale securities:
U.S. Treasury, agencies, and corporations			492						8,467												8,959
Municipal securities									1,318												1,318
Other debt securities									23												23
Total available-for-sale			492						9,808						—						10,300
Loans held for sale									43												43
Other noninterest-bearing investments:
Bank-owned life insurance									553												553
Private equity investments 1			3												92						95
Other assets:
Agriculture loan servicing															19						19
Deferred compensation plan assets			124																		124
Derivatives									420												420
Total assets			$	619					$	10,872					$	111					$	11,602
LIABILITIES
Securities sold, not yet purchased			$	65					$	—					$	—					$	65
Other liabilities:
Derivatives									333												333
Total liabilities			$	65					$	333					$	—					$	398

1 The Level 1 PEIs generally relate to the portion of our SBIC investments and other similar investments that are publicly traded.

Fair Value Option for Certain Loans Held for Sale

We have elected the fair value option for certain commercial real estate (“CRE”) loans that are intended for sale to a third-party conduit for securitization and are hedged with derivative instruments. Electing the fair value option reduces the accounting volatility that would otherwise result from the asymmetry created by accounting for the loans held for sale at the lower of cost or fair value and the derivatives at fair value, without the complexity of applying hedge accounting. These loans are included in “Loans held for sale” on the consolidated balance sheet, and associated fair value gains and losses are included in “Capital markets fees” on the consolidated statement of income, while accrued interest is included in “Interest and fees on loans.”

At September 30, 2024 and December 31, 2023, we had $58 million and $43 million of loans measured at fair value ($58 million and $43 million par value), respectively. During the first nine months of 2024 and 2023, we recognized approximately $10 million and $3 million of net gains from loan sales and valuation adjustments of loans carried at fair value and the associated derivatives, respectively.

Level 3 Valuations

Our Level 3 financial instruments include PEIs and agriculture loan servicing. For additional information regarding our Level 3 financial instruments, including the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2023 Form 10-K.

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Roll-forward of Level 3 Fair Value Measurements

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

			Level 3 Instruments
			Three Months Ended																														Nine Months Ended
			September 30, 2024												September 30, 2023																								September 30, 2024												September 30, 2023
(In millions)			Private equity investments						Ag loan servicing						Private equity investments						Ag loan servicing																														Private equity investments						Ag loan servicing						Private equity investments						Ag loan servicing
Balance at beginning of period			$	101					$	20					$	84					$	17																													$	92					$	19					$	81					$	14
Unrealized securities gains (losses), net			5						—						2						—																														7						—						(1)						—
Other noninterest income (expense)			—						(1)						—						—																														—						—						—						4
Purchases			1						—						3						—																														10						—						9						(1)
Cost of investments sold			(2)						—						—						—																														(4)						—						—						—
Transfers out			—						—						—						—																														—						—						—						—
Balance at end of period			$	105					$	19					$	89					$	17																													$	105					$	19					$	89					$	17

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

(In millions)			Three Months Ended												Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Securities gains (losses), net			$	(2)					$	—					$	(1)					$	—

Nonrecurring Fair Value Measurements

Certain assets and liabilities may be measured at fair value on a nonrecurring basis, including impaired loans that have been measured based on the fair value of the underlying collateral, other real estate owned (“OREO”), and equity investments without readily determinable fair values. Nonrecurring fair value adjustments generally include changes in value resulting from observable price changes for equity investments without readily determinable fair values, write-downs of individual assets, or the application of lower of cost or fair value accounting. At September 30, 2024, we had approximately $1 million of collateral-dependent loans marked to fair value and classified in Level 2. During the third quarter of 2024, we recognized $1 million of losses from fair value changes related to these loans. For additional information regarding assets and liabilities measured at fair value on a nonrecurring basis, see Note 3 of our 2023 Form 10-K.

Fair Value of Certain Financial Instruments

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

			September 30, 2024																		December 31, 2023
(In millions)			Carrying value						Fair value						Level						Carrying value						Fair value						Level
Financial assets:
Held-to-maturity investment securities			$	9,857					$	10,024					2						$	10,382					$	10,466					2
Loans and leases (including loans held for sale), net of allowance			58,287						55,905						3						57,148						54,832						3
Financial liabilities:
Time deposits			11,503						11,497						2						9,996						9,964						2
Long-term debt			548						533						2						542						494						2

The preceding schedule does not include certain financial instruments that are recorded at fair value on a recurring basis, as well as certain financial assets and liabilities for which the carrying value approximates fair value. For

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additional information regarding the financial instruments within the scope of this disclosure, and the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2023 Form 10-K.

4. OFFSETTING ASSETS AND LIABILITIES

The following schedules present gross and net information for selected financial instruments on the balance sheet:

						September 30, 2024
																								Gross amounts not offset on the balance sheet
(In millions)						Gross amounts recognized						Gross amounts offset on the balance sheet						Net amounts presented on the balance sheet						Financial instruments						Cash collateral received/pledged						Net amount
Assets:
Federal funds sold and securities purchased under agreements to resell						$	986					$	—					$	986					$	—					$	—					$	986
Derivatives (included in other assets)						382						—						382						(92)						(192)						98
Total assets						$	1,368					$	—					$	1,368					$	(92)					$	(192)					$	1,084
Liabilities:
Federal funds and other short-term borrowings						$	2,919					$	—					$	2,919					$	—					$	—					$	2,919
Derivatives (included in other liabilities)						295						—						295						(92)						(3)						200
Total liabilities						$	3,214					$	—					$	3,214					$	(92)					$	(3)					$	3,119

						December 31, 2023
																								Gross amounts not offset on the balance sheet
(In millions)						Gross amounts recognized						Gross amounts offset on the balance sheet						Net amounts presented on the balance sheet						Financial instruments						Cash collateral received/pledged						Net amount
Assets:
Federal funds sold and securities purchased under agreements to resell						$	1,170					$	(233)					$	937					$	—					$	—					$	937
Derivatives (included in other assets)						420						—						420						(31)						(357)						32
Total assets						$	1,590					$	(233)					$	1,357					$	(31)					$	(357)					$	969
Liabilities:
Federal funds and other short-term borrowings						$	4,612					$	(233)					$	4,379					$	—					$	—					$	4,379
Derivatives (included in other liabilities)						333						—						333						(31)						(1)						301
Total liabilities						$	4,945					$	(233)					$	4,712					$	(31)					$	(1)					$	4,680

Security repurchase and reverse repurchase agreements are offset, when applicable, on the balance sheet according to master netting agreements. Security repurchase agreements are included in “Federal funds and other short-term borrowings” on the consolidated balance sheet. Derivative instruments may be offset under their master netting agreements; however, for accounting purposes, we present these items on a gross basis on our balance sheet. See Note 7 for further information regarding derivative instruments.

5. INVESTMENT SECURITIES

Investment securities are classified as available-for-sale (“AFS”) or held-to-maturity (“HTM”). AFS securities are carried at fair value, and changes in fair value (unrealized gains and losses) are reported as net increases or decreases to accumulated other comprehensive income (“AOCI”), net of related taxes. HTM securities, which management has the intent and ability to hold until maturity, are carried at amortized cost. The amortized cost represents the original cost of the investment, adjusted for related amortization or accretion of any purchase premiums or discounts, and for any impairment losses, including credit-related impairment.

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The carrying values of our investment securities do not include accrued interest receivables of $54 million and $65 million at September 30, 2024 and December 31, 2023, respectively. These receivables are included in “Other assets” on the consolidated balance sheet.

When a security is transferred from AFS to HTM, the difference between its amortized cost basis and fair value at the date of transfer is amortized as a yield adjustment through interest income, and the fair value at the date of transfer results in either a premium or discount to the amortized cost basis of the HTM securities. The amortization of unrealized gains or losses reported in AOCI will offset the effect of the amortization of the premium or discount in interest income that is created by the transfer. The discount associated with securities previously transferred from AFS to HTM was $1.9 billion ($1.4 billion after tax) at September 30, 2024, compared with $2.1 billion ($1.5 billion after tax) at December 31, 2023.

See Notes 3 and 5 of our 2023 Form 10-K for more information regarding our process to estimate the fair value and accounting for our investment securities, respectively. The following schedule presents the amortized cost and estimated fair values of our AFS and HTM securities:

			September 30, 2024
(In millions)			Amortized cost						Gross unrealized gains 1						Gross unrealized losses						Estimated fair value
Available-for-sale
U.S. Treasury securities			$	580					$	—					$	90					$	490
U.S. Government agencies and corporations:
Agency securities			478						—						20						458
Agency guaranteed mortgage-backed securities			7,914						2						1,047						6,869
Small Business Administration loan-backed securities			483						—						18						465
Municipal securities			1,251						—						62						1,189
Other debt securities			25						—						1						24
Total available-for-sale			10,731						2						1,238						9,495
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities			149						—						5						144
Agency guaranteed mortgage-backed securities			9,384						215						29						9,570
Municipal securities			324						—						14						310
Total held-to-maturity			9,857						215						48						10,024
Total investment securities			$	20,588					$	217					$	1,286					$	19,519

			December 31, 2023
(In millions)			Amortized cost						Gross unrealized gains 1						Gross unrealized losses						Estimated fair value
Available-for-sale
U.S. Treasury securities			$	585					$	—					$	93					$	492
U.S. Government agencies and corporations:
Agency securities			663						—						33						630
Agency guaranteed mortgage-backed securities			8,530						—						1,239						7,291
Small Business Administration loan-backed securities			571						—						25						546
Municipal securities			1,385						—						67						1,318
Other debt securities			25						—						2						23
Total available-for-sale			11,759						—						1,459						10,300
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities			93						—						6						87
Agency guaranteed mortgage-backed securities			9,935						156						50						10,041
Municipal securities			354						—						16						338
Total held-to-maturity			10,382						156						72						10,466
Total investment securities			$	22,141					$	156					$	1,531					$	20,766

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

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Maturities

The following schedule presents the amortized cost and weighted average yields of debt securities by remaining contractual maturity of principal payments at September 30, 2024, and does not incorporate interest rate resets and fair value hedges. The remaining contractual principal maturities do not reflect the duration of the portfolio, which would incorporate amortization and expected prepayments; the effects of which result in measured durations shorter than contractual maturities.

			September 30, 2024
			Total debt securities												Due in one year or less												Due after one year through five years												Due after five years through ten years												Due after ten years
(Dollar amounts in millions)			Amortized cost						Average yield						Amortized cost						Average yield						Amortized cost						Average yield						Amortized cost						Average yield						Amortized cost						Average yield
Available-for-sale
U.S. Treasury securities			$	580					3.16		%				$	179					4.98		%				$	—					—		%				$	—					—		%				$	401					2.35		%
U.S. Government agencies and corporations:
Agency securities			478						3.10						43						3.59						107						3.10						194						2.96						134						3.14
Agency guaranteed mortgage-backed securities			7,914						2.03						16						1.17						108						1.92						1,372						2.11						6,418						2.02
Small Business Administration loan-backed securities			483						5.23						1						6.02						12						6.38						133						4.26						337						5.57
Municipal securities 1			1,251						2.25						166						2.99						362						2.61						682						1.87						41						2.31
Other debt securities			25						8.78						—						—						10						9.51						—						—						15						8.29
Total available-for-sale securities			10,731						2.32						405						3.87						599						2.77						2,381						2.23						7,346						2.23
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities			149						4.19						—						—						—						—						—						—						149						4.19
Agency guaranteed mortgage-backed securities			9,384						1.85						—						—						—						—						42						1.90						9,342						1.85
Municipal securities 1			324						3.20						33						3.23						136						3.01						140						3.31						15						3.92
Total held-to-maturity securities			9,857						1.93						33						3.23						136						3.01						182						2.98						9,506						1.89
Total investment securities			$	20,588					2.13						$	438					3.82						$	735					2.81						$	2,563					2.28						$	16,852					2.04

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

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

			September 30, 2024
			Less than 12 months												12 months or more												Total
(In millions)			Gross unrealized losses						Estimated fair value						Gross unrealized losses						Estimated fair value						Gross unrealized losses						Estimated fair value
Available-for-sale
U.S. Treasury securities			$	—					$	—					$	90					$	311					$	90					$	311
U.S. Government agencies and corporations:
Agency securities			—						1						20						445						20						446
Agency guaranteed mortgage-backed securities			—						2						1,047						6,579						1,047						6,581
Small Business Administration loan-backed securities			—						4						18						412						18						416
Municipal securities			—						27						62						1,071						62						1,098
Other			—						—						1						14						1						14
Total available-for-sale investment securities			$	—					$	34					$	1,238					$	8,832					$	1,238					$	8,866

			December 31, 2023
			Less than 12 months												12 months or more												Total
(In millions)			Gross unrealized losses						Estimated  fair  value						Gross unrealized losses						Estimated  fair  value						Gross unrealized losses						Estimated  fair  value
Available-for-sale
U.S. Treasury securities			$	—					$	—					$	93					$	308					$	93					$	308
U.S. Government agencies and corporations:
Agency securities			—						5						33						605						33						610
Agency guaranteed mortgage-backed securities			71						312						1,168						6,902						1,239						7,214
Small Business Administration loan-backed securities			—						4						25						484						25						488
Municipal securities			2						229						65						1,061						67						1,290
Other			—						—						2						13						2						13
Total available-for-sale investment securities			$	73					$	550					$	1,386					$	9,373					$	1,459					$	9,923

At September 30, 2024 and December 31, 2023, approximately 2,589 and 2,998 AFS investment securities were in an unrealized loss position, respectively.

Impairment

On a quarterly basis, we review our investment securities portfolio for the presence of impairment on an individual security basis. For additional information on our policy and impairment evaluation process for investment securities, see Note 5 of our 2023 Form 10-K.

AFS Impairment

We did not recognize any impairment on our AFS investment securities portfolio during the first nine months of both 2024 and 2023. Unrealized losses primarily relate to higher interest rates subsequent to the purchase of securities and are not attributable to credit; as such, absent any future sales, we would expect to receive the full principal value at maturity. At September 30, 2024, we had not initiated any sales of AFS securities, nor did we have an intent to sell any identified securities with unrealized losses. We do not believe it is more likely than not that we would be required to sell such securities before recovery of their amortized cost basis.

HTM Impairment

For HTM securities, the allowance for credit losses (“ACL”) is assessed consistent with the approach described in Note 6 for loans and leases measured at amortized cost. At September 30, 2024, the ACL on HTM securities was less than $1 million, all HTM securities were risk-graded as “Pass” in terms of credit quality, and none were considered past due.

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Investment Securities Gains and Losses Recognized in Income

The following schedule presents investment securities gains and losses recognized in income:

			Three Months Ended September 30,																								Nine Months Ended September 30,
			2024												2023												2024												2023
(In millions)			Gross gains						Gross losses						Gross gains						Gross losses						Gross gains						Gross losses						Gross gains						Gross losses
Available-for-sale			$	—					$	—					$	—					$	—					$	—					$	—					$	72					$	73

The following schedule presents interest income by investment security type:

			Three Months Ended September 30,
			2024																		2023
(In millions)			Taxable						Nontaxable						Total						Taxable						Nontaxable						Total
Available-for-sale			$	75					$	8					$	83					$	76					$	9					$	85
Held-to-maturity			54						1						55						58						1						59
Total investment securities			$	129					$	9					$	138					$	134					$	10					$	144

			Nine Months Ended September 30,
			2024																		2023
(In millions)			Taxable						Nontaxable						Total						Taxable						Nontaxable						Total
Available-for-sale			$	227					$	24					$	251					$	214					$	23					$	237
Held-to-maturity			165						3						168						178						3						181
Total investment securities			$	392					$	27					$	419					$	392					$	26					$	418

6. LOANS, LEASES, AND ALLOWANCE FOR CREDIT LOSSES

Loans, Leases, and Loans Held for Sale

Loans and leases are summarized as follows according to major portfolio segment and specific loan class:

(In millions)			September 30, 2024						December 31, 2023
Loans held for sale			$	97					$	53
Commercial:
Commercial and industrial			$	16,757					$	16,684
Leasing			377						383
Owner-occupied			9,381						9,219
Municipal			4,270						4,302
Total commercial			30,785						30,588
Commercial real estate:
Construction and land development			2,833						2,669
Term			10,650						10,702
Total commercial real estate			13,483						13,371
Consumer:
Home equity credit line			3,543						3,356
1-4 family residential			9,489						8,415
Construction and other consumer real estate			997						1,442
Bankcard and other revolving plans			461						474
Other			126						133
Total consumer			14,616						13,820
Total loans and leases			$	58,884					$	57,779

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Loans and leases are measured and presented at their amortized cost basis, which includes net unamortized purchase premiums, discounts, and deferred loan fees and costs totaling $35 million and $37 million at September 30, 2024 and December 31, 2023, respectively. Amortized cost basis does not include accrued interest receivables of $289 million and $299 million at September 30, 2024 and December 31, 2023, respectively. These receivables are included in “Other assets” on the consolidated balance sheet.

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

Land acquisition and development loans included in the construction and land development loan portfolio were $233 million at September 30, 2024 and $219 million at December 31, 2023.

Loans with a carrying value of $40.6 billion at September 30, 2024 and $36.3 billion at December 31, 2023 have been pledged at the Federal Reserve (“FRB”) and the Federal Home Loan Bank (“FHLB”) of Des Moines as collateral for current and potential borrowings.

At the time of origination, we determine the classification of loans as either held for investment or held for sale. Loans held for sale are measured at fair value or the lower of cost or fair value and primarily consist of (1) commercial real estate loans that are sold into securitization entities, and (2) conforming residential mortgages that are generally sold to U.S. government agencies. The following schedule presents loans added to, or sold from, the held for sale category during the periods presented:

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2024						2023						2024						2023
Loans added to held for sale			$	289					$	183					$	688					$	489
Loans sold from held for sale			304						204						644						480

Occasionally, we have continuing involvement in the sold loans in the form of servicing rights or guarantees. The principal balance of sold loans for which we retain servicing was $582 million and $431 million at September 30, 2024 and December 31, 2023, respectively. Income from sold loans, excluding servicing, was $2 million and $5 million for the three and nine months ended September 30, 2024, and $8 million and $15 million for the three and nine months ended September 30, 2023, respectively. Other income from loans sold includes fair value adjustments on loans that are included in “Capital markets fees” on the consolidated statement of income.

Allowance for Credit Losses

The allowance for credit losses (“ACL”), which consists of the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”), represents our estimate of current expected credit losses related to the loan and lease portfolio and unfunded lending commitments as of the balance sheet date. For additional information regarding our policies and methodologies used to estimate the ACL, see Note 6 of our 2023 Form 10-K.

The ACL for AFS and HTM debt securities is estimated separately from loans. For HTM securities, the ACL is estimated consistent with the approach for loans measured at amortized cost. See Note 5 of our 2023 Form 10-K for further discussion of our methodology used to estimate the ACL on AFS and HTM debt securities.

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Changes in the ACL are summarized as follows:

			Three Months Ended September 30, 2024
(In millions)			Commercial						Commercial real estate						Consumer						Total
Allowance for loan losses
Balance at beginning of period			$	302					$	300					$	94					$	696
Provision for loan losses			7						(13)						7						1
Gross loan and lease charge-offs			12						—						3						15
Recoveries			9						2						1						12
Net loan and lease charge-offs (recoveries)			3						(2)						2						3
Balance at end of period			$	306					$	289					$	99					$	694
Reserve for unfunded lending commitments
Balance at beginning of period			$	16					$	7					$	7					$	30
Provision for unfunded lending commitments			4						5						3						12
Balance at end of period			$	20					$	12					$	10					$	42
Total allowance for credit losses at end of period
Allowance for loan losses			$	306					$	289					$	99					$	694
Reserve for unfunded lending commitments			20						12						10						42
Total allowance for credit losses			$	326					$	301					$	109					$	736

			Nine Months Ended September 30, 2024
(In millions)			Commercial						Commercial real estate						Consumer						Total
Allowance for loan losses
Balance at beginning of period			$	302					$	241					$	141					$	684
Provision for loan losses			15						56						(37)						34
Gross loan and lease charge-offs			30						11						9						50
Recoveries			19						3						4						26
Net loan and lease charge-offs (recoveries)			11						8						5						24
Balance at end of period			$	306					$	289					$	99					$	694
Reserve for unfunded lending commitments
Balance at beginning of period			$	19					$	17					$	9					$	45
Provision for unfunded lending commitments			1						(5)						1						(3)
Balance at end of period			$	20					$	12					$	10					$	42
Total allowance for credit losses at end of period
Allowance for loan losses			$	306					$	289					$	99					$	694
Reserve for unfunded lending commitments			20						12						10						42
Total allowance for credit losses			$	326					$	301					$	109					$	736

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			Three Months Ended September 30, 2023
(In millions)			Commercial						Commercial real estate						Consumer						Total
Allowance for loan losses
Balance at beginning of period			$	323					$	181					$	147					$	651
Provision for loan losses			3						44						(3)						44
Gross loan and lease charge-offs			12						3						5						20
Recoveries			5						—						1						6
Net loan and lease charge-offs (recoveries)			7						3						4						14
Balance at end of period			$	319					$	222					$	140					$	681
Reserve for unfunded lending commitments
Balance at beginning of period			$	20					$	29					$	11					$	60
Provision for unfunded lending commitments			1						(1)						(3)						(3)
Balance at end of period			$	21					$	28					$	8					$	57
Total allowance for credit losses at end of period
Allowance for loan losses			$	319					$	222					$	140					$	681
Reserve for unfunded lending commitments			21						28						8						57
Total allowance for credit losses			$	340					$	250					$	148					$	738

			Nine Months Ended September 30, 2023
(In millions)			Commercial						Commercial real estate						Consumer						Total
Allowance for loan losses
Balance at December 31, 2022			$	300					$	156					$	119					$	575
Adjustment for change in accounting standard			—						(4)						1						(3)
Balance at beginning of period			300						152						120						572
Provision for loan losses			37						73						26						136
Gross loan and lease charge-offs			35						3						11						49
Recoveries			17						—						5						22
Net loan and lease charge-offs (recoveries)			18						3						6						27
Balance at end of period			$	319					$	222					$	140					$	681
Reserve for unfunded lending commitments
Balance at beginning of period			$	16					$	33					$	12					$	61
Provision for unfunded lending commitments			5						(5)						(4)						(4)
Balance at end of period			$	21					$	28					$	8					$	57
Total allowance for credit losses at end of period
Allowance for loan losses			$	319					$	222					$	140					$	681
Reserve for unfunded lending commitments			21						28						8						57
Total allowance for credit losses			$	340					$	250					$	148					$	738

Nonaccrual Loans

Loans are generally placed on nonaccrual status when payment in full of principal and interest is not expected, or the loan is 90 days or more past due as to principal or interest, unless the loan is both well-secured and in the process of collection. Factors we consider in determining whether a loan is placed on nonaccrual include delinquency status, collateral value, borrower or guarantor financial statement information, bankruptcy status, and other information which would indicate that the full and timely collection of interest and principal is uncertain.

A nonaccrual loan may be returned to accrual status when (1) all delinquent interest and principal become current in accordance with the terms of the loan agreement, (2) the loan, if secured, is well-secured, (3) the borrower has paid according to the contractual terms for a minimum of six months, and (4) an analysis of the borrower indicates a reasonable assurance of the borrower's ability and willingness to maintain payments.

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The amortized cost basis of nonaccrual loans is summarized as follows:

			September 30, 2024
			Amortized cost basis												Total amortized cost basis
(In millions)			with no allowance						with allowance												Related allowance
Commercial:
Commercial and industrial			$	27					$	146					$	173					$	25
Leasing			—						2						2						—
Owner-occupied			13						16						29						1
Municipal			5						6						11						2
Total commercial			45						170						215						28
Commercial real estate:
Construction and land development			—						2						2						—
Term			38						29						67						2
Total commercial real estate			38						31						69						2
Consumer:
Home equity credit line			4						26						30						6
1-4 family residential			12						35						47						4
Bankcard and other revolving plans			—						1						1						1
Other			—						1						1						—
Total consumer			16						63						79						11
Total			$	99					$	264					$	363					$	41

			December 31, 2023
			Amortized cost basis												Total amortized cost basis
(In millions)			with no allowance						with allowance												Related allowance
Commercial:
Commercial and industrial			$	11					$	71					$	82					$	30
Leasing			—						2						2						1
Owner-occupied			12						8						20						1
Total commercial			23						81						104						32
Commercial real estate:
Construction and land development			22						—						22						—
Term			37						2						39						1
Total commercial real estate			59						2						61						1
Consumer:
Home equity credit line			1						16						17						5
1-4 family residential			8						32						40						5
Total consumer			9						48						57						10
Total			$	91					$	131					$	222					$	43

For accruing loans, interest is accrued and interest payments are recognized into interest income according to the contractual loan agreement. For nonaccruing loans, the accrual of interest is discontinued, any uncollected or accrued interest is reversed from interest income in a timely manner (generally within one month), and any payments received on these loans are not recognized into interest income, but are applied as a reduction to the principal outstanding. When the collectability of the amortized cost basis for a nonaccrual loan is no longer in doubt, then interest payments may be recognized in interest income on a cash basis. For the three and nine months ended September 30, 2024 and 2023, there was no interest income recognized on a cash basis during the period the loans were on nonaccrual.

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The amount of accrued interest receivables reversed from interest income during the periods presented is summarized by loan portfolio segment as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2024						2023						2024						2023
Commercial			$	5					$	2					$	10					$	7
Commercial real estate			1						2						4						2
Consumer			1						—						3						1
Total			$	7					$	4					$	17					$	10

Past Due Loans

Closed-end loans with payments scheduled monthly are reported as past due when the borrower is in arrears for two or more monthly payments. Similarly, open-end credits, such as bankcard and other revolving credit plans, are reported as past due when the minimum payment has not been made for two or more billing cycles. Other multi-payment obligations (i.e., quarterly, semi-annual, etc.), single payment, and demand notes, are reported as past due when either principal or interest is due and unpaid for a period of 30 days or more.

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

			September 30, 2024
(In millions)			Current						30-89 days past due						90+ days past due						Total past due						Total loans						Accruing loans 90+ days past due						Nonaccrual loans that are current 1
Commercial:
Commercial and industrial			$	16,691					$	35					$	31					$	66					$	16,757					$	6					$	140
Leasing			376						1						—						1						377						—						1
Owner-occupied			9,359						15						7						22						9,381						—						17
Municipal			4,243						27						—						27						4,270						—						11
Total commercial			30,669						78						38						116						30,785						6						169
Commercial real estate:
Construction and land development			2,828						3						2						5						2,833						—						—
Term			10,616						3						31						34						10,650						—						37
Total commercial real estate			13,444						6						33						39						13,483						—						37
Consumer:
Home equity credit line			3,521						12						10						22						3,543						—						15
1-4 family residential			9,450						10						29						39						9,489						—						15
Construction and other consumer real estate			996						1						—						1						997						—						—
Bankcard and other revolving plans			457						3						1						4						461						1						—
Other			125						1						—						1						126						—						1
Total consumer			14,549						27						40						67						14,616						1						31
Total			$	58,662					$	111					$	111					$	222					$	58,884					$	7					$	237

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			December 31, 2023
(In millions)			Current						30-89 days past due						90+ days past due						Total past due						Total loans						Accruing loans 90+ days past due						Nonaccrual loans that are current 1
Commercial:
Commercial and industrial			$	16,631					$	38					$	15					$	53					$	16,684					$	1					$	65
Leasing			381						2						—						2						383						—						—
Owner-occupied			9,206						11						2						13						9,219						1						18
Municipal			4,301						1						—						1						4,302						—						—
Total commercial			30,519						52						17						69						30,588						2						83
Commercial real estate:
Construction and land development			2,645						2						22						24						2,669						—						—
Term			10,661						14						27						41						10,702						—						3
Total commercial real estate			13,306						16						49						65						13,371						—						3
Consumer:
Home equity credit line			3,334						17						5						22						3,356						—						9
1-4 family residential			8,375						17						23						40						8,415						—						13
Construction and other consumer real estate			1,442						—						—						—						1,442						—						—
Bankcard and other revolving plans			468						5						1						6						474						1						—
Other			132						1						—						1						133						—						—
Total consumer			13,751						40						29						69						13,820						1						22
Total			$	57,576					$	108					$	95					$	203					$	57,779					$	3					$	108

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

Credit Quality Indicators

In addition to the nonaccrual and past due criteria, we also analyze loans using loan risk-grading systems, which vary based on the size and type of credit risk exposure. The internal risk grades assigned to loans follow our definition of Pass, Special Mention, Substandard, and Doubtful, which are consistent with published definitions of regulatory risk classifications.

•Pass — A Pass asset is higher-quality and does not fit any of the other categories described below. The likelihood of loss is considered low.

•Special Mention — A Special Mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in our credit position at some future date.

•Substandard — A Substandard asset is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have well-defined weaknesses and are characterized by the distinct possibility that we may sustain some loss if deficiencies are not corrected.

•Doubtful — A Doubtful asset has all the weaknesses inherent in a Substandard asset with the added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable.

The amount of loans classified as Doubtful totaled $20 million at September 30, 2024; we had no loans classified as Doubtful at December 31, 2023.

For consumer loans and for CRE loans with commitments greater than $1 million, we generally assign internal risk grades similar to those described previously based on automated rules that depend on refreshed credit scores, payment performance, and other risk indicators. These are generally assigned either a Pass, Special Mention, or Substandard grade, and are reviewed as we identify information that might warrant a grade change.

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The following schedule presents the amortized cost basis of loans and leases categorized by year of origination and by credit quality classification as monitored by management.

			September 30, 2024
			Term loans																		Revolving loans amortized cost basis			Revolving loans converted to term loans amortized cost basis
			Amortized cost basis by year of origination
(In millions)			2024			2023			2022			2021			2020			Prior									Total
Commercial:
Commercial and industrial
Pass			$	1,707		$	2,281		$	1,741		$	918		$	473		$	752		$	8,000		$	135		$	16,007
Special Mention			16			12			38			18			3			16			72			3			178
Accruing Substandard			29			58			138			20			2			22			127			3			399
Nonaccrual			5			13			47			18			1			8			77			4			173
Total commercial and industrial			1,757			2,364			1,964			974			479			798			8,276			145			16,757
Leasing
Pass			73			85			104			33			18			47			—			—			360
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			1			3			8			2			1			—			—			—			15
Nonaccrual			—			—			2			—			—			—			—			—			2
Total leasing			74			88			114			35			19			47			—			—			377
Owner-occupied
Pass			934			1,080			1,715			1,789			923			2,220			253			51			8,965
Special Mention			—			1			17			8			1			11			17			—			55
Accruing Substandard			5			26			73			50			28			142			3			5			332
Nonaccrual			5			1			1			1			—			15			6			—			29
Total owner-occupied			944			1,108			1,806			1,848			952			2,388			279			56			9,381
Municipal
Pass			443			486			949			979			578			789			4			18			4,246
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			13			—			—			—			—			—			—			13
Nonaccrual			3			—			—			5			—			3			—			—			11
Total municipal			446			499			949			984			578			792			4			18			4,270
Total commercial			3,221			4,059			4,833			3,841			2,028			4,025			8,559			219			30,785
Commercial real estate:
Construction and land development
Pass			289			732			729			52			1			10			660			67			2,540
Special Mention			13			—			9			37			—			—			—			—			59
Accruing Substandard			11			19			102			100			—			—			—			—			232
Nonaccrual			—			—			—			—			—			—			2			—			2
Total construction and land development			313			751			840			189			1			10			662			67			2,833
Term
Pass			1,108			1,360			2,271			1,460			1,113			1,843			274			163			9,592
Special Mention			72			14			64			30			46			24			—			—			250
Accruing Substandard			189			66			274			153			13			35			1			10			741
Nonaccrual			—			—			22			—			—			11			—			34			67
Total term			1,369			1,440			2,631			1,643			1,172			1,913			275			207			10,650
Total commercial real estate			1,682			2,191			3,471			1,832			1,173			1,923			937			274			13,483

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			September 30, 2024
			Term loans																		Revolving loans amortized cost basis			Revolving loans converted to term loans amortized cost basis
			Amortized cost basis by year of origination
(In millions)			2024			2023			2022			2021			2020			Prior									Total
Consumer:
Home equity credit line
Pass			—			—			—			—			—			—			3,412			96			3,508
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			5			—			5
Nonaccrual			—			—			—			—			—			—			23			7			30
Total home equity credit line			—			—			—			—			—			—			3,440			103			3,543
1-4 family residential
Pass			697			842			2,810			1,884			944			2,264			—			—			9,441
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			1			—			—			1
Nonaccrual			—			3			8			7			2			27			—			—			47
Total 1-4 family residential			697			845			2,818			1,891			946			2,292			—			—			9,489
Construction and other consumer real estate
Pass			95			251			583			57			8			3			—			—			997
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total construction and other consumer real estate			95			251			583			57			8			3			—			—			997
Bankcard and other revolving plans
Pass			—			—			—			—			—			—			457			1			458
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			2			—			2
Nonaccrual			—			—			—			—			—			—			1			—			1
Total bankcard and other revolving plans			—			—			—			—			—			—			460			1			461
Other consumer
Pass			46			39			25			10			3			2			—			—			125
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			1			—			—			—			—			—			—			1
Total other consumer			46			40			25			10			3			2			—			—			126
Total consumer			838			1,136			3,426			1,958			957			2,297			3,900			104			14,616
Total loans			$	5,741		$	7,386		$	11,730		$	7,631		$	4,158		$	8,245		$	13,396		$	597		$	58,884

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			December 31, 2023
			Term loans																		Revolving loans amortized cost basis			Revolving loans converted to term loans amortized cost basis
			Amortized cost basis by year of origination
(In millions)			2023			2022			2021			2020			2019			Prior									Total
Commercial:
Commercial and industrial
Pass			$	2,654		$	2,420		$	1,204		$	639		$	494		$	598		$	7,973		$	151		$	16,133
Special Mention			8			98			34			2			20			37			103			—			302
Accruing Substandard			11			18			7			2			19			8			99			3			167
Nonaccrual			5			36			1			2			11			1			21			5			82
Total commercial and industrial			2,678			2,572			1,246			645			544			644			8,196			159			16,684
Leasing
Pass			104			125			47			29			45			18			—			—			368
Special Mention			2			9			1			1			—			—			—			—			13
Accruing Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			2			—			—			—			—			—			—			2
Total leasing			106			136			48			30			45			18			—			—			383
Owner-occupied
Pass			1,080			1,945			2,020			1,002			721			1,907			212			52			8,939
Special Mention			2			5			17			5			17			15			—			—			61
Accruing Substandard			10			31			29			21			16			90			2			—			199
Nonaccrual			—			1			1			7			3			8			—			—			20
Total owner-occupied			1,092			1,982			2,067			1,035			757			2,020			214			52			9,219
Municipal
Pass			601			1,080			1,069			623			382			512			—			3			4,270
Special Mention			7			—			—			—			—			6			—			—			13
Accruing Substandard			8			—			6			3			1			1			—			—			19
Nonaccrual			—			—			—			—			—			—			—			—			—
Total municipal			616			1,080			1,075			626			383			519			—			3			4,302
Total commercial			4,492			5,770			4,436			2,336			1,729			3,201			8,410			214			30,588
Commercial real estate:
Construction and land development
Pass			553			938			355			56			7			4			518			127			2,558
Special Mention			—			—			29			30			—			—			—			—			59
Accruing Substandard			23			2			—			5			—			—			—			—			30
Nonaccrual			—			—			—			—			21			—			1			—			22
Total construction and land development			576			940			384			91			28			4			519			127			2,669
Term
Pass			1,861			2,385			1,833			1,449			804			1,438			238			110			10,118
Special Mention			55			108			65			78			44			6			—			—			356
Accruing Substandard			79			18			12			16			5			24			—			35			189
Nonaccrual			—			26			—			—			3			10			—			—			39
Total term			1,995			2,537			1,910			1,543			856			1,478			238			145			10,702
Total commercial real estate			2,571			3,477			2,294			1,634			884			1,482			757			272			13,371

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			December 31, 2023
			Term loans																		Revolving loans amortized cost basis			Revolving loans converted to term loans amortized cost basis
			Amortized cost basis by year of origination
(In millions)			2023			2022			2021			2020			2019			Prior									Total
Consumer:
Home equity credit line
Pass			—			—			—			—			—			—			3,237			97			3,334
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			4			1			5
Nonaccrual			—			—			—			—			—			—			15			2			17
Total home equity credit line			—			—			—			—			—			—			3,256			100			3,356
1-4 family residential
Pass			814			2,264			1,823			988			594			1,891			—			—			8,374
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			1			—			—			1
Nonaccrual			—			3			3			3			4			27			—			—			40
Total 1-4 family residential			814			2,267			1,826			991			598			1,919			—			—			8,415
Construction and other consumer real estate
Pass			212			1,002			200			15			7			6			—			—			1,442
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total construction and other consumer real estate			212			1,002			200			15			7			6			—			—			1,442
Bankcard and other revolving plans
Pass			—			—			—			—			—			—			471			1			472
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			2			—			2
Nonaccrual			—			—			—			—			—			—			—			—			—
Total bankcard and other revolving plans			—			—			—			—			—			—			473			1			474
Other consumer
Pass			66			37			18			6			4			2			—			—			133
Special Mention			—			—			—			—			—			—			—			—			—
Accruing Substandard			—			—			—			—			—			—			—			—			—
Nonaccrual			—			—			—			—			—			—			—			—			—
Total other consumer			66			37			18			6			4			2			—			—			133
Total consumer			1,092			3,306			2,044			1,012			609			1,927			3,729			101			13,820
Total loans			$	8,155		$	12,553		$	8,774		$	4,982		$	3,222		$	6,610		$	12,896		$	587		$	57,779

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

			Three Months Ended September 30, 2024
			Term loans																		Revolving loans gross charge-offs			Revolving loans converted to term loans gross charge-offs
			Gross charge-offs by year of loan origination
(In millions)			2024			2023			2022			2021			2020			Prior									Total
Commercial:
Commercial and industrial			$	—		$	1		$	4		$	—		$	—		$	1		$	4		$	1		$	11
Owner-occupied			—			—			1			—			—			—			—			—			1
Total commercial			—			1			5			—			—			1			4			1			12
Consumer:
Home equity credit line			—			—			—			—			—			—			1			—			1
Bankcard and other revolving plans			—			—			—			—			—			—			2			—			2
Total consumer			—			—			—			—			—			—			3			—			3
Total gross charge-offs			$	—		$	1		$	5		$	—		$	—		$	1		$	7		$	1		$	15
			Nine Months Ended September 30, 2024
			Term loans																		Revolving loans gross charge-offs			Revolving loans converted to term loans gross charge-offs
			Gross charge-offs by year of loan origination
(In millions)			2024			2023			2022			2021			2020			Prior									Total
Commercial:
Commercial and industrial			$	—		$	3		$	8		$	2		$	—		$	4		$	10		$	2		$	29
Owner-occupied			—			—			1			—			—			—			—			—			1
Total commercial			—			3			9			2			—			4			10			2			30
Commercial real estate:
Term			—			7			4			—			—			—			—			—			11
Consumer:
Home equity credit line			—			—			—			—			—			—			1			—			1
1-4 family residential			—			—			—			—			—			1			—			—			1
Bankcard and other revolving plans			—			—			—			—			—			—			6			—			6
Other			—			—			—			—			—			1			—			—			1
Total consumer			—			—			—			—			—			2			7			—			9
Total gross charge-offs			$	—		$	10		$	13		$	2		$	—		$	6		$	17		$	2		$	50

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			Three Months Ended September 30, 2023
			Term loans																		Revolving loans gross charge-offs			Revolving loans converted to term loans gross charge-offs
			Gross charge-offs by year of loan origination
(In millions)			2023			2022			2021			2020			2019			Prior									Total
Commercial:
Commercial and industrial			$	1		$	4		$	—		$	—		$	—		$	—		$	7		$	—		$	12
Commercial real estate:
Construction and land development			—			—			—			—			1			—			—			—			1
Term			—			2			—			—			—			—			—			—			2
Total commercial real estate			—			2			—			—			1			—			—			—			3
Consumer:
Home equity credit line			—			—			—			—			—			—			3			—			3
Bankcard and other revolving plans			—			—			—			—			—			—			2			—			2
Total consumer			—			—			—			—			—			—			5			—			5
Total gross charge-offs			$	1		$	6		$	—		$	—		$	1		$	—		$	12		$	—		$	20
			Nine Months Ended September 30, 2023
			Term loans																		Revolving loans gross charge-offs			Revolving loans converted to term loans gross charge-offs
			Gross charge-offs by year of loan origination
(In millions)			2023			2022			2021			2020			2019			Prior									Total
Commercial:
Commercial and industrial			$	1		$	10		$	5		$	—		$	—		$	1		$	16		$	2		$	35
Commercial real estate:
Construction and land development			—			—			—			—			1			—			—			—			1
Term			—			2			—			—			—			—			—			—			2
Total commercial real estate			—			2			—			—			1			—			—			—			3
Consumer:
Home equity credit line			—			—			—			—			—			—			3			—			3
1-4 family residential			—			—			—			—			—			2			—			—			2
Bankcard and other revolving plans			—			—			—			—			—			—			6			—			6
Total consumer			—			—			—			—			—			2			9			—			11
Total gross charge-offs			$	1		$	12		$	5		$	—		$	1		$	3		$	25		$	2		$	49

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Loan Modifications

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

We consider many factors in determining whether to agree to a loan modification and we seek a solution that will both minimize potential loss to us and attempt to help the borrower. We evaluate borrowers’ current and forecasted future cash flows, their ability and willingness to make current contractual or proposed modified payments, the value of the underlying collateral (if applicable), the possibility of obtaining additional security or guarantees, and the potential costs related to a repossession or foreclosure and the subsequent sale of the collateral.

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

On an ongoing basis, we monitor the performance of all modified loans according to their modified terms. The amortized cost of modified loans that had a payment default during the three and nine months ended September 30, 2024, which were still in default at period end, and were within 12 months or less of being modified was approximately $5 million for both periods, primarily commercial real estate loans, and less than $1 million for both the three and nine months ended September 30, 2023, respectively.

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

			Three Months Ended September 30, 2024
			Amortized cost associated with the following modification types:
(Dollar amounts in millions)			Interest rate reduction						Maturity or term extension						Principal forgiveness						Payment deferral												Multiple modification types 1						Total 2						Percentage of total loans 3
Commercial:
Commercial and industrial			$	9					$	11					$	—					$	1											$	13					$	34					0.2		%
Commercial real estate:
Construction and land development			—						5						—						—												—						5						0.2
Term			—						33						—						—												36						69						0.6
Total commercial real estate			—						38						—						—												36						74						0.5
Total			$	9					$	49					$	—					$	1											$	49					$	108					0.2

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			Nine Months Ended September 30, 2024
			Amortized cost associated with the following modification types:
(Dollar amounts in millions)			Interest rate reduction						Maturity or term extension						Principal forgiveness						Payment deferral						Multiple modification types 1						Total 2						Percentage of total loans 3
Commercial:
Commercial and industrial			$	9					$	44					$	—					$	2					$	22					$	77					0.5		%
Owner-occupied			—						1						—						—						—						1						—
Municipal			—						3						—						—						—						3						0.1
Total commercial			9						48						—						2						22						81						0.3
Commercial real estate:
Construction and land development			—						7						—						—						—						7						0.2
Term			—						110						—						—						36						146						1.4
Total commercial real estate			—						117						—						—						36						153						1.1
Consumer:
Home equity credit line			—						—						—						—						1						1						—
1-4 family residential			—						—						2						—						2						4						—
Other			—						1						—						—						—						1						0.8
Total consumer			—						1						2						—						3						6						—
Total			$	9					$	166					$	2					$	2					$	61					$	240					0.4

			Three Months Ended September 30, 2023
			Amortized cost associated with the following modification types:
(Dollar amounts in millions)			Interest rate reduction						Maturity or term extension						Principal forgiveness						Payment deferral												Multiple modification types 1						Total 2						Percentage of total loans 3
Commercial:
Commercial and industrial			$	—					$	35					$	—					$	1											$	—					$	36					0.2		%
Owner-occupied			—						3						—						—												—						3						—
Total commercial			—						38						—						1												—						39						0.1
Commercial real estate:
Construction and land development			—						—						—						—												—						—						—
Term			—						83						—						—												—						83						0.8
Total commercial real estate			—						83						—						—												—						83						0.6
Consumer:
1-4 family residential			—						—						—						—												1						1						—
Total			$	—					$	121					$	—					$	1											$	1					$	123					0.2

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			Nine Months Ended September 30, 2023
			Amortized cost associated with the following modification types:
(Dollar amounts in millions)			Interest rate reduction						Maturity or term extension						Principal forgiveness						Payment deferral												Multiple modification types 1						Total 2						Percentage of total loans 3
Commercial:
Commercial and industrial			$	—					$	63					$	—					$	1											$	—					$	64					0.4		%
Owner-occupied			4						8						—						—												—						12						0.1
Total commercial			4						71						—						1												—						76						0.3
Commercial real estate:
Construction and land development			—						23						—						—												—						23						0.9
Term			—						141						—						—												—						141						1.3
Total commercial real estate			—						164						—						—												—						164						1.2
Consumer:
1-4 family residential			—						—						1						—												1						2						—
Bankcard and other revolving plans			—						1						—						—												—						1						0.2
Total consumer			—						1						1						—												1						3						—
Total			$	4					$	236					$	1					$	1											$	1					$	243					0.4

1 Includes modifications that resulted from a combination of interest rate reduction, maturity or term extension, principal forgiveness, and payment deferral modifications.

2 Unfunded lending commitments related to loans modified to borrowers experiencing financial difficulty totaled $8 million and $10 million at September 30, 2024 and September 30, 2023, respectively.

3 Amounts less than 0.05% are rounded to zero.

The financial impact of loan modifications to borrowers experiencing financial difficulty is summarized in the following schedules:

			Three Months Ended September 30, 2024												Nine Months Ended September 30, 2024
			Weighted-average interest rate reduction (in percentage points)						Weighted-average term extension (in months)												Weighted-average interest rate reduction (in percentage points)						Weighted-average term extension (in months)
Commercial:
Commercial and industrial			0.3		%				5												0.4		%				7
Owner-occupied			—						0												—						3
Municipal			—						0												—						61
Total commercial			0.3						5												0.4						9
Commercial real estate:
Construction and land development			—						8												—						1
Term			0.2						3												0.2						10
Total commercial real estate			0.2						8												0.2						10
Consumer:
Home equity credit line			—						0												6.8						44
1-4 family residential			—						0												1.3						78
Other			—						0												—						71
Total consumer			—						0												8.0						67
Total weighted average financial impact			0.3						7												0.4						11

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			Three Months Ended September 30, 2023												Nine Months Ended September 30, 2023
			Weighted-average interest rate reduction (in percentage points)						Weighted-average term extension (in months)												Weighted-average interest rate reduction (in percentage points)						Weighted-average term extension (in months)
Commercial:
Commercial and industrial			—		%				16												—		%				12
Owner-occupied			—						2												4.4						13
Total commercial			—						14												4.4						12
Commercial real estate:
Construction and land development			—						0												—						5
Term			—						21												—						17
Total commercial real estate			—						21												—						16
Consumer: 1
1-4 family residential			—						217												—						153
Bankcard and other revolving plans			—						0												—						63
Total consumer			—						217												—						117
Total weighted average financial impact			—						19												4.4						16

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

Loan modifications to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2024 and 2023 resulted in less than $1 million of principal forgiveness for each respective period.

The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after October 1, 2023 through September 30, 2024, presented by portfolio segment and loan class:

			September 30, 2024
(In millions)			Current						30-89 days past due						90+ days past due						Total past due						Total amortized cost of loans
Commercial:
Commercial and industrial			$	76					$	4					$	3					$	7					$	83
Owner-occupied			6						—						—						—						6
Municipal			3						8						—						8						11
Total commercial			85						12						3						15						100
Commercial real estate:
Construction and land development			24						—						2						2						26
Term			170						—						5						5						175
Total commercial real estate			194						—						7						7						201
Consumer:
Home equity credit line			1						—						—						—						1
1-4 family residential			4						—						—						—						4
Other			1						—						—						—						1
Total consumer			6						—						—						—						6
Total			$	285					$	12					$	10					$	22					$	307

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The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after January 1, 2023, the date we adopted ASU 2022-02, through September 30, 2023, presented by portfolio segment and loan class:

			September 30, 2023
(In millions)			Current						30-89 days past due						90+ days past due						Total past due						Total amortized cost of loans
Commercial:
Commercial and industrial			$	64					$	—					$	—					$	—					$	64
Owner-occupied			9						3						—						3						12
Total commercial			73						3						—						3						76
Commercial real estate:
Construction and land development			23						—						—						—						23
Term			128						13						—						13						141
Total commercial real estate			151						13						—						13						164
Consumer:
1-4 family residential			2						—						—						—						2
Bankcard and other revolving plans			1						—						—						—						1
Total consumer			3						—						—						—						3
Total			$	227					$	16					$	—					$	16					$	243

Collateral-Dependent Loans

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

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

			September 30, 2024
(Dollar amounts in millions)			Amortized cost						Major types of collateral						Weighted average LTV 1
Commercial:
Commercial and industrial			$	12					Accounts Receivable						61		%
Owner-occupied			4						Retail Facility						82
Municipal			5						Multifamily Apartments						177
Total commercial			21
Commercial real estate:
Construction and land development			2						Lots / Homes						122
Term			57						Office Building						92
Total commercial real estate			59
Consumer:
Home equity credit line			3						Single Family Residential						38
Total			$	83

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			December 31, 2023
(Dollar amounts in millions)			Amortized cost						Major types of collateral						Weighted average LTV 1
Commercial:
Owner-occupied			$	7					Hospital						17		%
Commercial real estate:
Construction and land development			22						Office Building						92
Term			28						Office Building						87
Total commercial real estate			50
Total			$	57

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

Foreclosed Residential Real Estate

At September 30, 2024, the amount of foreclosed residential real estate property totaled $2 million; we had no foreclosed residential real estate property at December 31, 2023. The amortized cost basis of consumer mortgage loans collateralized by residential real estate property that were in the process of foreclosure was $8 million and $11 million for the same periods, respectively.

7. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Objectives and Accounting

Our primary objective for using derivatives is to manage interest rate risk. We use derivatives to stabilize forecasted interest income from variable-rate assets and to modify the coupon or the duration of fixed-rate financial assets or liabilities. We also assist clients with their risk management needs through the use of derivatives. Cash receipts and payments from derivatives designated in qualifying hedging relationships are classified in the same category as the cash flows from the items being hedged in the statement of cash flows, and cash flows from undesignated derivatives are classified as operating activities. For a more detailed discussion of the use of and accounting policies regarding derivative instruments, see Note 7 of our 2023 Form 10-K.

Fair Value Hedges of Liabilities — During the second quarter of 2023, we terminated our remaining receive-fixed interest rate swap with a notional amount of $500 million that had been designated in a qualifying fair value hedge relationship of fixed-rate debt. The receive-fixed interest rate swap effectively converted the interest on our fixed-rate debt to floating until it was terminated. Prior to termination, changes in the fair value of derivatives designated as fair value hedges of debt were offset by changes in the fair value of the hedged debt instruments. The unamortized hedge basis adjustments resulting from the terminated hedging relationship are being amortized over the remaining life of the fixed-rate debt.

Fair Value Hedges of Assets — Fair value hedges of fixed-rate assets effectively convert the fixed interest income to a floating rate on the hedged portion of the assets. Changes in fair value of derivatives designated as fair value hedges of fixed-rate financial assets were largely offset by changes in the value of the hedged assets, as shown in the schedules on the following pages. At September 30, 2024, we had pay-fixed, receive-floating interest rate swaps with an aggregate notional amount of $3.6 billion designated as fair value hedges of fixed-rate AFS securities. We had pay-fixed swaps with an additional $1.0 billion of aggregate notional designated as hedges of fixed-rate commercial loans.

Cash Flow Hedges — Cash flow hedges of variable-rate assets and liabilities effectively convert the variable interest receipts and payments to fixed. At September 30, 2024, we had receive-fixed, pay-floating interest rate swaps with an aggregate notional amount of $350 million designated as cash flow hedges of pools of floating-rate commercial loans. Additionally, at September 30, 2024, we had one pay-fixed, receive-floating interest rate swap with a notional amount of $500 million designated as a cash flow hedge of the variability in the interest payments on certain FHLB advances. Changes in the fair value of qualifying cash flow hedges during the quarter were recorded in AOCI as shown in the schedule below. The amounts deferred in AOCI are reclassified into earnings in the periods in which

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the hedged interest receipts or payments occur (i.e., when the hedged forecasted transactions affect earnings). At September 30, 2024, there was $117 million of losses deferred in AOCI related to terminated cash flow hedges that are expected to be fully reclassified into earnings by October 2027.

Collateral and Credit Risk

Exposure to credit risk arises from the possibility of nonperformance by counterparties. No significant losses on derivative instruments have occurred as a result of counterparty nonperformance. For more information on how we incorporate counterparty credit risk in derivative valuations, see Note 3 of our 2023 Form 10-K. For additional discussion of collateral and the associated credit risk related to our derivative contracts, see Note 7 of our 2023 Form 10-K.

Our derivative contracts require us to pledge collateral for derivatives that are in a net liability position at a given balance sheet date. Certain of these derivative contracts contain credit risk-related contingent features that include the requirement to maintain a minimum debt credit rating. We may be required to pledge additional collateral if a credit risk-related feature were triggered, such as a downgrade of our credit rating. In past situations, counterparties have not generally required that additional collateral be pledged when provided for by the contractual terms. At September 30, 2024, the fair value of our derivative liabilities was $295 million, for which we were required to pledge cash collateral of $4 million in the normal course of business. If our credit rating were downgraded one notch by either Standard & Poor’s (“S&P”) or Moody’s at September 30, 2024, there would likely be no additional collateral required to be pledged.

Derivative Amounts

The following schedule presents information regarding notional amounts and recorded gross fair values at September 30, 2024 and December 31, 2023, and the related gain (loss) of derivative instruments:

			September 30, 2024																		December 31, 2023
			Notional amount						Fair value												Notional amount						Fair value
(In millions)									Other assets						Other liabilities												Other assets						Other liabilities
Derivatives designated as hedging instruments:
Cash flow hedges of floating-rate assets:
Receive-fixed interest rate swaps			$	350					$	—					$	—					$	1,450					$	—					$	—
Cash flow hedges of floating-rate liabilities:
Pay-fixed interest rate swaps			500						—						—						500						—						—
Fair value hedges:
Asset hedges: Pay-fixed interest rate swaps			4,568						69						—						4,571						78						—
Total derivatives designated as hedging instruments			5,418						69						—						6,521						78						—
Derivatives not designated as hedging instruments:
Customer interest rate derivatives 1			15,950						308						292						14,375						337						330
Other interest rate derivatives			1,030						1						—						1,001						1						—
Foreign exchange derivatives			260						3						3						216						3						3
Purchased credit derivatives			53						1						—						35						1						—
Total derivatives not designated as hedging instruments			17,293						313						295						15,627						342						333
Total derivatives			$	22,711					$	382					$	295					$	22,148					$	420					$	333

1 Customer interest rate derivatives include both customer-facing derivatives as well as offsetting derivatives facing other dealer banks. The fair value of these derivatives include a net credit valuation adjustment of $5 million and $9 million, reducing the fair value of the liability at September 30, 2024, and December 31, 2023, respectively.

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The amount of derivative gains/(losses) from cash flow and fair value hedges that were deferred in other comprehensive income (“OCI”) or recognized in earnings for the three and nine months ended September 30, 2024 and 2023 is presented in the schedules below.

			Three Months Ended September 30, 2024
(In millions)			Effective portion of derivative gain/(loss) deferred in AOCI												Amount of gain/(loss) reclassified from AOCI into income						Interest on fair value hedges						Hedge ineffectiveness/AOCI reclass due to missed forecast
Cash flow hedges of floating-rate assets:1
Receive-fixed interest rate swaps			$	5											$	(30)					$	—					$	—
Cash flow hedges of floating-rate liabilities:
Pay-fixed interest rate swaps			(2)												2						—						—
Fair value hedges:2
Debt hedges: Receive-fixed interest rate swaps			—												—						(2)						—
Asset hedges: Pay-fixed interest rate swaps			—												—						24						—
Total derivatives designated as hedging instruments			$	3											$	(28)					$	22					$	—

			Nine Months Ended September 30, 2024
(In millions)			Effective portion of derivative gain/(loss) deferred in AOCI												Amount of gain/(loss) reclassified from AOCI into income						Interest on fair value hedges						Hedge ineffectiveness/AOCI reclass due to missed forecast
Cash flow hedges of floating-rate assets: 1
Receive-fixed interest rate swaps			$	(2)											$	(99)					$	—					$	—
Cash flow hedges of floating-rate liabilities:
Pay-fixed interest rate swaps			3												6						—						—
Fair value hedges: 2
Debt hedges: Receive-fixed interest rate swaps			—												—						(5)						—
Asset hedges: Pay-fixed interest rate swaps			—												—						70						—
Total derivatives designated as hedging instruments			$	1											$	(93)					$	65					$	—

			Three Months Ended September 30, 2023
(In millions)			Effective portion of derivative gain/(loss) deferred in AOCI												Amount of gain/(loss) reclassified from AOCI into income						Interest on fair value hedges						Hedge ineffectiveness/AOCI reclass due to missed forecast
Cash flow hedges of floating-rate assets:1
Receive-fixed interest rate swaps			$	7											$	(41)					$	—					$	—
Cash flow hedges of floating-rate liabilities:
Pay-fixed interest rate swaps			(3)												2						—						—
Fair value hedges: 2
Debt hedges: Receive-fixed interest rate swaps			—												—						(2)						—
Asset hedges: Pay-fixed interest rate swaps			—												—						20						(1)
Total derivatives designated as hedging instruments			$	4											$	(39)					$	18					$	(1)

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			Nine Months Ended September 30, 2023
(In millions)			Effective portion of derivative gain/(loss) deferred in AOCI												Amount of gain/(loss) reclassified from AOCI into income						Interest on fair value hedges						Hedge ineffectiveness/AOCI reclass due to missed forecast
Cash flow hedges of floating-rate assets: 1
Receive-fixed interest rate swaps			$	24											$	(131)					$	—					$	—
Cash flow hedges of floating-rate liabilities:
Pay-fixed interest rate swaps			8												3						—						—
Fair value hedges: 2
Debt hedges: Receive-fixed interest rate swaps			—												—						(8)						—
Asset hedges: Pay-fixed interest rate swaps			—												—						36						(1)
Total derivatives designated as hedging instruments			$	32											$	(128)					$	28					$	(1)

1 For the 12 months following September 30, 2024, we estimate that $73 million of losses will be reclassified from AOCI into interest income, compared with an estimate of $133 million of losses at September 30, 2023.

2 We had total cumulative unamortized basis adjustments from terminated fair value hedges of debt of $41 million and $48 million at September 30, 2024 and 2023, respectively. We had $3 million of cumulative unamortized basis adjustments from terminated fair value hedges of assets at both September 30, 2024 and 2023. Interest on fair value hedges presented above includes the amortization of the remaining unamortized basis adjustments.

The amount of gains/(losses) recognized from derivatives not designated as accounting hedges is summarized as follows:

			Other Noninterest Income/(Expense)
(In millions)			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
Derivatives not designated as hedging instruments:
Customer-facing interest rate derivatives			$	4					$	17					$	11					$	22
Other interest rate derivatives			(2)						(1)						1						4
Foreign exchange derivatives			8						22						8						22
Purchased credit derivatives			—						—						—						(1)
Total derivatives not designated as hedging instruments			$	10					$	38					$	20					$	47

The following schedule presents derivatives used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the periods presented:

			Gains/(losses) recorded in income
			Three Months Ended September 30, 2024																		Three Months Ended September 30, 2023
(In millions)			Derivatives						Hedged items						Total income statement impact						Derivatives						Hedged items						Total income statement impact
Debt: Receive-fixed interest rate swaps 1, 2			$	—					$	—					$	—					$	—					$	—					$	—
Assets: Pay-fixed interest rate swaps 1, 2			(166)						166						—						144						(145)						(1)

			Gains/(losses) recorded in income
			Nine Months Ended September 30, 2024																		Nine Months Ended September 30, 2023
(In millions)			Derivatives						Hedged items						Total income statement impact						Derivatives						Hedged items						Total income statement impact
Debt: Receive-fixed interest rate swaps 1, 2			$	—					$	—					$	—					$	14					$	(14)					$	—
Assets: Pay-fixed interest rate swaps 1, 2			(47)						47						—						171						(172)						(1)

1 Consists of hedges of benchmark interest rate risk of fixed-rate long-term debt, fixed-rate AFS securities, and fixed-rate commercial loans. Gains and losses were recorded in interest expense or income consistent with the hedged items.

2 The income/expense for derivatives does not reflect interest income/expense from periodic accruals and payments to be consistent with the presentation of the gains/(losses) on the hedged items.

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The following schedule provides information regarding basis adjustments for hedged items:

			Par value of hedged assets												Carrying amount of the hedged assets 1												Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item
(In millions)			September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Fixed-rate assets 2			$	11,489					$	12,389					$	11,190					$	12,209					$	299					$	(180)

1 Carrying amounts exclude (1) issuance and purchase discounts or premiums, (2) unamortized issuance and acquisition costs, and (3) amounts related to terminated fair value hedges.

2 These amounts include the amortized cost basis of defined portfolios of AFS securities and commercial loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the defined portfolio anticipated to be outstanding for the designated hedged period. At September 30, 2024, the amortized cost basis of the defined portfolios used in these hedging relationships was $10.4 billion; the cumulative basis adjustment associated with these hedging relationships was $48 million; and the notional amounts of the designated hedging instruments were $3.5 billion.

8. LEASES

We have operating and finance leases for branches, corporate offices, and data centers. At September 30, 2024, we had 409 branches, of which 279 are owned and 130 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 to 2062, and some lease arrangements include options to extend or terminate the leases.

All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We include ROU assets for operating leases and finance leases in “Other assets” and “Premises, equipment and software, net” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “Other liabilities” and “Long-term debt.” For more information about our lease policies, see Note 8 of our 2023 Form 10-K.

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

(Dollar amounts in millions)			September 30, 2024						December 31, 2023
Operating leases
ROU assets, net of amortization			$	164					$	172
Lease liabilities			187						198
Finance leases
ROU assets, net of amortization			3						3
Lease liabilities			4						4
Weighted average remaining lease term (years)
Operating leases			8.6						8.7
Finance leases			15.8						16.5
Weighted average discount rate
Operating leases			3.6		%				3.4		%
Finance leases			3.1						3.1

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The following schedule presents additional information related to lease expense:

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2024						2023						2024						2023
Lease expense:
Operating lease expense			$	10					$	11					$	30					$	32
Other expenses associated with operating leases 1			16						16						46						46
Total lease expense			$	26					$	27					$	76					$	78
Related cash disbursements from operating leases			$	11					$	11					$	33					$	36

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

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

(In millions)			Total undiscounted lease payments
2024 1			$	11
2025			39
2026			35
2027			25
2028			20
Thereafter			93
Total			$	223

1 Contractual maturities for the three months remaining in 2024.

We enter into certain lease agreements where we are the lessor of real estate. Real estate leases are made from bank-owned and subleased property to generate cash flow from the property, including from leasing vacant suites in which we occupy portions of the building. Operating lease income was $3 million for both the third quarter of 2024 and 2023, and $10 million and $11 million for the first nine months of 2024 and 2023, respectively.

We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $377 million and $383 million at September 30, 2024 and December 31, 2023, respectively. We recorded income of $5 million and $4 million on these leases for the third quarter of 2024 and 2023, respectively, and $14 million and $12 million for the first nine months of 2024 and 2023, respectively.

9. LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY

Long-Term Debt

The long-term debt carrying values presented on the consolidated balance sheet represent the par value of the debt, adjusted for any unamortized premium or discount, unamortized debt issuance costs, and basis adjustments for interest rate swaps designated as fair value hedges.

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

LONG-TERM DEBT

(In millions)			September 30, 2024						December 31, 2023
Subordinated notes 1			$	544					$	538
Finance lease obligations			4						4
Total			$	548					$	542

1 The change in the subordinated notes balance is primarily due to a fair value hedge accounting adjustment. See also Note 7.

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Shareholders' Equity

Our common stock is traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. At September 30, 2024, there were 147.7 million shares of $0.001 par value common stock outstanding. Common stock and additional paid-in capital was $1.7 billion at both September 30, 2024 and December 31, 2023.

The AOCI balance was a loss of $2.3 billion at September 30, 2024, and largely reflects a decline in the fair value of fixed-rate AFS securities as a result of changes in interest rates, and includes $1.9 billion ($1.4 billion after tax) of unrealized losses on the securities previously transferred from AFS to HTM. The following schedule presents the changes in AOCI by major component:

(In millions)			Net unrealized gains/(losses) on investment securities						Net unrealized gains/(losses) on derivatives and other						Pension and post-retirement						Total
Nine Months Ended September 30, 2024
Balance at December 31, 2023			$	(2,526)					$	(165)					$	(1)					$	(2,692)
Other comprehensive income before reclassifications, net of tax			137						2						—						139
Amounts reclassified from AOCI, net of tax			147						70						—						217
Other comprehensive income			284						72						—						356
Balance at September 30, 2024			$	(2,242)					$	(93)					$	(1)					$	(2,336)
Income tax expense included in OCI			$	93					$	24					$	—					$	117
Nine Months Ended September 30, 2023
Balance at December 31, 2022			$	(2,800)					$	(311)					$	(1)					$	(3,112)
Other comprehensive income (loss) before reclassifications, net of tax			(170)						19						—						(151)
Amounts reclassified from AOCI, net of tax			159						96						—						255
Other comprehensive income (loss)			(11)						115						—						104
Balance at September 30, 2023			$	(2,811)					$	(196)					$	(1)					$	(3,008)
Income tax expense (benefit) included in OCI (loss)			$	(4)					$	38					$	—					$	34

						Amounts reclassified from AOCI
(In millions)						Three Months Ended September 30,												Nine Months Ended September 30,
AOCI components						2024						2023						2024						2023									Affected line item on statement of income
Net unrealized gains (losses) on investment securities						$	(67)					$	(74)					$	(195)					$	(210)											Securities gains (losses), net
Less: Income tax expense (benefit)						(16)						(18)						(48)						(51)
Total						$	(51)					$	(56)					$	(147)					$	(159)
Net unrealized gains (losses) on derivative instruments						$	(28)					$	(39)					$	(93)					$	(128)											Interest and fees on loans; Interest on short- and long-term borrowings
Less: Income tax expense (benefit)						(7)						(10)						(23)						(32)
Total						$	(21)					$	(29)					$	(70)					$	(96)

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10. COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES

Commitments and Guarantees

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

(In millions)			September 30, 2024						December 31, 2023
Unfunded lending commitments 1			$	28,306					$	28,940
Standby letters of credit:
Financial			552						548
Performance			245						206
Commercial letters of credit			18						22
Mortgage-backed security purchase agreements 2			—						66
Total unfunded commitments			$	29,121					$	29,782

1 Net of participations.

2 Represents agreements with Farmer Mac to purchase securities backed by certain agricultural mortgage loans.

For more information about these commitments and guarantees including their terms and collateral requirements, see Note 16 of our 2023 Form 10-K.

Legal Matters

We are involved in various legal proceedings or governmental inquiries, which may include litigation in court and arbitral proceedings, as well as investigations, examinations, and other actions brought or considered by governmental and self-regulatory agencies. Litigation may relate to lending, deposit and other customer relationships, vendor and contractual issues, employee matters, intellectual property matters, personal injuries and torts, regulatory and legal compliance, and other matters. While most matters relate to individual claims, we are also subject to putative class action claims and similar broader claims. Proceedings, investigations, examinations, and other actions brought or considered by governmental and self-regulatory agencies may relate to our banking, investment advisory, trust, securities, and other products and services; our customers’ involvement in money laundering, fraud, securities violations and other illicit activities or our policies and practices relating to such customer activities; and our compliance with the broad range of banking, securities and other laws and regulations applicable to us. At any given time, we may be in the process of responding to subpoenas, requests for documents, data and testimony relating to such matters and engaging in discussions to resolve the matters.

At September 30, 2024, we were subject to the following material litigation:

•Two civil cases, Lifescan, Inc. and Johnson & Johnson Health Care Services v. Jeffrey Smith, et. al., brought against us in the United States District Court for the District of New Jersey in December 2017, and Roche Diagnostics and Roche Diabetes Care Inc. v. Jeffrey C. Smith, et. al., brought against us in the United States District Court for the District of New Jersey in March 2019. In these cases, certain manufacturers and distributors of medical products seek to hold us liable for allegedly fraudulent practices of a borrower of the Bank who filed for bankruptcy protection in 2017. No trial has been set.

•In the matter of Streck and Ariza v. Zions Bancorporation, N.A., an arbitration matter pending before the American Arbitration Association, related to an employment dispute brought by two former employees alleging damages arising from claims of alleged gender discrimination, retaliation, and constructive discharge. The case is in the dispositive motion phase.

At least quarterly, we review outstanding and new legal matters, utilizing then-available information. In accordance with applicable accounting guidance, if we determine that a loss from a matter is probable and the amount of the loss can be reasonably estimated, we establish an accrual for the loss. In the absence of such a determination, no accrual is made. Once established, accruals are adjusted to reflect developments relating to the matters.

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In our review, we also assess whether we can determine the range of reasonably possible losses for significant matters in which we are unable to determine that the likelihood of a loss is remote. Because of the difficulty of predicting the outcome of legal matters, discussed subsequently, we are able to meaningfully estimate such a range only for a limited number of matters. Based on information available at September 30, 2024, we estimated that the aggregate range of reasonably possible losses for those matters to be from zero to approximately $10 million in excess of amounts accrued. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate. Those matters for which a meaningful estimate is not possible are not included within this estimated range and, therefore, this estimated range does not represent our maximum loss exposure.

Based on our current knowledge, we believe that our estimated liability for litigation and other legal actions and claims, reflected in our accruals and determined in accordance with applicable accounting guidance, is adequate and that liabilities in excess of the amounts currently accrued, if any, arising from litigation and other legal actions and claims for which an estimate as previously described is possible, will not have a material impact on our financial condition, results of operations, or cash flows. However, in light of the significant uncertainties involved in these matters, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to our financial condition, results of operations, or cash flows for any given reporting period.

Any estimate or determination relating to the future resolution of litigation, arbitration, governmental or self-regulatory examinations, investigations or actions or similar matters is inherently uncertain and involves significant judgment. This is particularly true in the early stages of a legal matter, when legal issues and facts have not been well articulated, reviewed, analyzed, and vetted through discovery, preparation for trial or hearings, substantive and productive mediation or settlement discussions, or other actions. It is also particularly true with respect to class action and similar claims involving multiple defendants, matters with complex procedural requirements or substantive issues or novel legal theories, and examinations, investigations and other actions conducted or brought by governmental and self-regulatory agencies, in which the normal adjudicative process is not applicable. Accordingly, we usually are unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the course of a legal matter, sometimes not until a number of years have elapsed. Accordingly, our judgments and estimates relating to claims will change from time to time in light of developments and actual outcomes will differ from our estimates. These differences may be material.

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11. REVENUE FROM CONTRACTS WITH CUSTOMERS

We recognize noninterest income from certain contracts with customers when the contractual performance obligations are satisfied. See Note 17 of our 2023 Form 10-K for more information about our revenue from contracts with customers.

Disaggregation of Revenue

The following schedule presents revenue from contracts with customers and a reconciliation to total noninterest income by operating business segment for the three months ended September 30, 2024 and 2023:

			Zions Bank												CB&T												Amegy
(In millions)			2024						2023						2024						2023						2024						2023
Commercial account fees			$	15					$	14					$	8					$	8					$	15					$	14
Card fees			12						13						5						5						8						8
Retail and business banking fees			5						5						3						3						4						3
Capital markets fees			—						—						—						—						—						—
Wealth management fees			5						7						1						1						4						4
Other customer-related fees			2						2						2						2						1						2
Total noninterest income from contracts with customers			39						41						19						19						32						31
Customer-related noninterest income from other sources			7						6						10						7						10						12
Total customer-related noninterest income			46						47						29						26						42						43
Noncustomer-related noninterest income			—						2						2						2						2						3
Total noninterest income			$	46					$	49					$	31					$	28					$	44					$	46
			NBAZ												NSB												Vectra
(In millions)			2024						2023						2024						2023						2024						2023
Commercial account fees			$	3					$	2					$	3					$	3					$	2					$	2
Card fees			4						4						4						4						2						3
Retail and business banking fees			2						2						3						3						1						1
Capital markets fees			—						—						—						—						—						—
Wealth management fees			1						1						2						1						1						—
Other customer-related fees			—						—						—						—						1						1
Total noninterest income from contracts with customers			10						9						12						11						7						7
Customer-related noninterest income from other sources			1						1						—						1						—						1
Total customer-related noninterest income			11						10						12						12						7						8
Noncustomer-related noninterest income			—						—						—						—						—						—
Total noninterest income			$	11					$	10					$	12					$	12					$	7					$	8
			TCBW												Other												Consolidated Bank
(In millions)			2024						2023						2024						2023						2024						2023
Commercial account fees			$	1					$	1					$	(1)					$	(1)					$	46					$	43
Card fees			—						1						1						(1)						36						37
Retail and business banking fees			—						—						(1)						—						17						17
Capital markets fees			—						—						2						1						2						1
Wealth management fees			—						—						(1)						—						13						14
Other customer-related fees			—						—						8						7						14						14
Total noninterest income from contracts with customers			1						2						8						6						128						126
Customer-related noninterest income from other sources			1						—						4						3						33						31
Total customer-related noninterest income			2						2						12						9						161						157
Noncustomer-related noninterest income			—						—						7						16						11						23
Total noninterest income			$	2					$	2					$	19					$	25					$	172					$	180

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The following schedule presents revenue from contracts with customers and a reconciliation to total noninterest income by operating business segment for the nine months ended September 30, 2024 and 2023:

			Zions Bank												CB&T												Amegy
(In millions)			2024						2023						2024						2023						2024						2023
Commercial account fees			$	42					$	42					$	23					$	24					$	44					$	42
Card fees			38						39						14						15						23						24
Retail and business banking fees			14						14						9						8						10						10
Capital markets fees			—						—						—						—						—						—
Wealth management fees			16						19						3						3						13						13
Other customer-related fees			7						6						6						6						5						5
Total noninterest income from contracts with customers			117						120						55						56						95						94
Customer-related noninterest income from other sources			16						19						26						26						25						29
Total customer-related noninterest income			133						139						81						82						120						123
Noncustomer-related noninterest income			3						9						6						5						8						20
Total noninterest income			$	136					$	148					$	87					$	87					$	128					$	143
			NBAZ												NSB												Vectra
(In millions)			2024						2023						2024						2023						2024						2023
Commercial account fees			$	8					$	7					$	10					$	9					$	5					$	5
Card fees			11						11						12						12						8						7
Retail and business banking fees			6						6						7						7						3						3
Capital markets fees			—						—						—						—						—						—
Wealth management fees			3						3						4						4						1						1
Other customer-related fees			1						1						1						1						3						3
Total noninterest income from contracts with customers			29						28						34						33						20						19
Customer-related noninterest income from other sources			2						2						1						1						—						2
Total customer-related noninterest income			31						30						35						34						20						21
Noncustomer-related noninterest income			—						1						5						—						—						—
Total noninterest income			$	31					$	31					$	40					$	34					$	20					$	21
			TCBW												Other												Consolidated Bank
(In millions)			2024						2023						2024						2023						2024						2023
Commercial account fees			$	2					$	2					$	1					$	—					$	135					$	131
Card fees			1						1						1						1						108						110
Retail and business banking fees			—						—						1						1						50						49
Capital markets fees			—						—						4						2						4						2
Wealth management fees			—						—						—						(2)						40						41
Other customer-related fees			1						1						17						22						41						45
Total noninterest income from contracts with customers			4						4						24						24						378						378
Customer-related noninterest income from other sources			2						1						16						12						88						92
Total customer-related noninterest income			6						5						40						36						466						470
Noncustomer-related noninterest income			—						—						19						24						41						59
Total noninterest income			$	6					$	5					$	59					$	60					$	507					$	529

Revenue from contracts with customers did not generate significant contract assets and liabilities. Contract receivables are included in “Other assets” on the consolidated balance sheet. Payment terms vary by services offered, and the timing between completion of performance obligations and payment is generally not significant.

12. INCOME TAXES

The effective income tax rate was 22.7% for the third quarter of 2024, compared with 23.2% for the third quarter of 2023. The effective tax rates for the first nine months of 2024 and 2023 were 23.5% and 24.7%, respectively. The tax rates during both periods were reduced by nontaxable municipal interest income and nontaxable income from

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certain bank-owned life insurance (“BOLI”), and were increased by the nondeductibility of Federal Deposit Insurance Corporation (“FDIC”) premiums, certain executive compensation plans, and other fringe benefits. The FDIC insurance premiums are nondeductible, whereas the FDIC special assessments are tax deductible.

At September 30, 2024 and December 31, 2023, we had a net deferred tax asset (“DTA”) totaling $879 million and $1.0 billion, respectively. The net DTA or deferred tax liability (“DTL”) is included in either “Other assets” or “Other liabilities,” respectively, on the consolidated balance sheet.

We evaluate DTAs on a regular basis to determine whether a valuation allowance is required. In conducting this evaluation, we consider all available evidence, both positive and negative, based on the more-likely-than-not criteria that such assets will be realized. This evaluation includes, but is not limited to, the following:

•Future reversals of existing DTLs — These DTLs have a reversal pattern generally consistent with DTAs and are used to realize the DTAs.

•Tax planning strategies — We have considered prudent and feasible tax planning strategies that we would implement to preserve the value of the DTAs, if necessary.

•Future projected taxable income — We expect future taxable income will offset the reversal of remaining net DTAs.

Based on this evaluation, we concluded that a valuation allowance was not required at both September 30, 2024 and December 31, 2023.

13. NET EARNINGS PER COMMON SHARE

The following schedule presents basic and diluted net earnings per common share based on the weighted average outstanding shares:

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions, except shares and per share amounts)			2024						2023						2024						2023
Basic:
Net income			$	214					$	175					$	568					$	554
Less common and preferred dividends			71						68						215						206
Undistributed earnings			143						107						353						348
Less undistributed earnings applicable to nonvested shares			2						1						4						3
Undistributed earnings applicable to common shares			141						106						349						345
Distributed earnings applicable to common shares			61						61						182						182
Total earnings applicable to common shares			$	202					$	167					$	531					$	527
Weighted average common shares outstanding (in thousands)			147,138						147,648						147,197						147,784
Net earnings per common share			$	1.37					$	1.13					$	3.61					$	3.57
Diluted:
Total earnings applicable to common shares			$	202					$	167					$	531					$	527
Weighted average common shares outstanding (in thousands)			147,138						147,648						147,197						147,784
Dilutive effect of stock options (in thousands)			12						5						5						10
Weighted average diluted common shares outstanding (in thousands)			147,150						147,653						147,202						147,794
Net earnings per common share			$	1.37					$	1.13					$	3.61					$	3.57

The following schedule presents the weighted average stock awards that were anti-dilutive and not included in the calculation of diluted earnings per share:

			Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)			2024						2023						2024						2023
Restricted stock and restricted stock units			1,696						1,398						1,652						1,385
Stock options			1,065						1,441						1,338						1,401

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14. OPERATING SEGMENT INFORMATION

We manage our operations with a primary focus on geographic area. We conduct our operations primarily through seven separately managed affiliate banks, each with its own local branding and management team, including Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington. These affiliate banks comprise our primary business segments. Performance assessment and resource allocation are based upon this geographic structure. 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.

We allocate the cost of centrally provided services to the business segments based upon estimated or actual usage of those services. We also allocate capital based on the risk-weighted assets held at each business segment. We use an internal funds transfer pricing (“FTP”) allocation process to report results of operations for business segments. This process is subject to change and refinement over time. Total average loans and deposits presented for the business segments include insignificant intercompany amounts between business segments and may also include deposits with the “Other” segment.

At September 30, 2024, Zions Bank operated 95 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. CB&T operated 75 branches in California. Amegy operated 76 branches in Texas. NBAZ operated 56 branches in Arizona. NSB operated 43 branches in Nevada. Vectra operated 34 branches in Colorado and one branch in New Mexico. TCBW operated two branches in Washington and one branch in Oregon.

On September 23, 2024, we announced that we have entered into an agreement to purchase four FirstBank Coachella Valley, California branches and their associated deposit and loan accounts. These branches will be operated by our CB&T affiliate bank. 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 and regulatory approval.

Transactions between business segments are primarily conducted at fair value, resulting in profits that are eliminated for reporting consolidated results of operations. The following schedule presents average loans, average deposits, and income before income taxes because we use these metrics when evaluating performance and making decisions pertaining to the business segments. The condensed statement of income identifies the components of income and expense which affect the operating amounts presented in the “Other” segment.

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The following schedule presents selected operating segment information for the three months ended September 30, 2024 and 2023:

			Zions Bank												CB&T												Amegy
(In millions)			2024						2023						2024						2023						2024						2023
SELECTED INCOME STATEMENT DATA
Net interest income			$	178					$	167					$	150					$	143					$	130					$	107
Provision for credit losses			11						1						—						24						4						7
Net interest income after provision for credit losses			167						166						150						119						126						100
Noninterest income			46						49						31						28						44						46
Noninterest expense			140						130						100						91						111						93
Income (loss) before income taxes			$	73					$	85					$	81					$	56					$	59					$	53
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans			$	14,762					$	14,382					$	14,315					$	14,195					$	13,531					$	12,892
Total average deposits			21,386						20,041						14,643						14,335						14,633						13,997
			NBAZ												NSB												Vectra
(In millions)			2024						2023						2024						2023						2024						2023
SELECTED INCOME STATEMENT DATA
Net interest income			$	62					$	66					$	51					$	46					$	38					$	36
Provision for credit losses			7						3						(14)						7						2						(1)
Net interest income after provision for credit losses			55						63						65						39						36						37
Noninterest income			11						10						12						12						7						8
Noninterest expense			49						44						44						40						34						32
Income (loss) before income taxes			$	17					$	29					$	33					$	11					$	9					$	13
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans			$	5,647					$	5,364					$	3,520					$	3,420					$	4,106					$	4,011
Total average deposits			6,904						7,002						7,156						7,059						3,531						3,463
			TCBW												Other												Consolidated Bank
(In millions)			2024						2023						2024						2023						2024						2023
SELECTED INCOME STATEMENT DATA
Net interest income			$	16					$	15					$	(5)					$	5					$	620					$	585
Provision for credit losses			2						2						1						(2)						13						41
Net interest income after provision for credit losses			14						13						(6)						7						607						544
Noninterest income			2						2						19						25						172						180
Noninterest expense			8						6						16						60						502						496
Income (loss) before income taxes			$	8					$	9					$	(3)					$	(28)					$	277					$	228
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans			$	1,833					$	1,697					$	951					$	1,007					$	58,665					$	56,968
Total average deposits			1,148						1,138						5,628						8,608						75,029						75,643

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The following schedule presents selected operating segment information for the nine months ended September 30, 2024 and 2023:

			Zions Bank												CB&T												Amegy
(In millions)			2024						2023						2024						2023						2024						2023
SELECTED INCOME STATEMENT DATA
Net interest income			$	514					$	530					$	434					$	454					$	362					$	346
Provision for credit losses			(7)						32						17						39						22						30
Net interest income after provision for credit losses			521						498						417						415						340						316
Noninterest income			136						148						87						87						128						143
Noninterest expense			432						403						304						277						340						291
Income (loss) before income taxes			$	225					$	243					$	200					$	225					$	128					$	168
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans			$	14,792					$	14,205					$	14,203					$	14,122					$	13,331					$	12,872
Total average deposits			21,010						20,058						14,530						14,103						14,705						13,055
			NBAZ												NSB												Vectra
(In millions)			2024						2023						2024						2023						2024						2023
SELECTED INCOME STATEMENT DATA
Net interest income			$	181					$	194					$	147					$	145					$	111					$	115
Provision for credit losses			11						7						(12)						18						(3)						5
Net interest income after provision for credit losses			170						187						159						127						114						110
Noninterest income			31						31						40						34						20						21
Noninterest expense			147						136						133						123						104						99
Income (loss) before income taxes			$	54					$	82					$	66					$	38					$	30					$	32
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans			$	5,631					$	5,253					$	3,525					$	3,392					$	4,078					$	3,997
Total average deposits			6,897						7,018						7,187						6,887						3,486						3,479
			TCBW												Other												Consolidated Bank
(In millions)			2024						2023						2024						2023						2024						2023
SELECTED INCOME STATEMENT DATA
Net interest income			$	46					$	46					$	8					$	25					$	1,803					$	1,855
Provision for credit losses			6						4						(3)						(3)						31						132
Net interest income after provision for credit losses			40						42						11						28						1,772						1,723
Noninterest income			6						5						59						60						507						529
Noninterest expense			24						18						53						169						1,537						1,516
Income (loss) before income taxes			$	22					$	29					$	17					$	(81)					$	742					$	736
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans			$	1,772					$	1,699					$	957					$	1,063					$	58,289					$	56,603
Total average deposits			1,126						1,206						5,267						6,030						74,208						71,836

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

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ITEM 4. CONTROLS AND PROCEDURES

Our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures at September 30, 2024. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at September 30, 2024. There were no changes in our internal control over financial reporting during the third quarter of 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information contained in Note 10 of the Notes to Consolidated Financial Statements is incorporated by reference herein.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors as previously disclosed in Part I, Item 1A. Risk Factors in our 2023 Form 10-K.

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

Period						Total number of shares purchased 1												Average price paid per share						Total number of shares purchased as part of publicly announced plans or programs												Approximate dollar value of shares that may yet be  purchased under the plan (in millions)
July									2,706									$	49.60								—												$	—
August									93									50.24									—												—
September									—									—									—												—
Third quarter 2024									2,799									49.62									—												—

1 Includes common shares acquired in connection with our stock compensation plan. Shares were acquired from employees to         pay for their payroll taxes and stock option exercise cost upon the exercise of stock options under provisions of an employee share-based compensation plan.

ITEM 5. OTHER INFORMATION

None of our directors or officers have adopted, modified, or terminated a Rule 10b5-1(c) trading arrangement during the three months ended September 30, 2024. Our directors and officers participate in certain of our benefits plans such as our Omnibus Incentive Plan and Payshelter 401(k) and Employee Stock Ownership Plan, and may from time to time make elections to have shares withheld to cover withholding taxes or pay the exercise price of options granted thereunder, which elections may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements as defined in Item 408(c) of Regulation S-K.

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ITEM 6. EXHIBITS

a.Exhibits

Exhibit Number						Description
3.1						Second Amended and Restated Articles of Association of Zions Bancorporation, National Association, incorporated by reference to Exhibit 3.1 of Form 8-K filed on October 2, 2018.			*
3.2						Second Amended and Restated Bylaws of Zions Bancorporation, National Association, incorporated by reference to Exhibit 3.2 of Form 8-K filed on April 4, 2019.			*
10.1						Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, Restated and Amended effective August 23, 2024 (filed herewith).
31.1						Certification by Chief Executive Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith).
31.2						Certification by Chief Financial Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith).
32						Certification by Chief Executive Officer and Chief Financial Officer required by Sections 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m) and 18 U.S.C. Section 1350 (furnished herewith).
101						Pursuant to Rules 405 and 406 of Regulation S-T, the following information is formatted in Inline XBRL (i) the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, (ii) the Consolidated Statements of Income for the three and nine months ended September 30, 2024 and September 30, 2023, (iii) the Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and September 30, 2023, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2024 and September 30, 2023, (v) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and September 30, 2023, and (vi) the Notes to Consolidated Financial Statements (filed herewith).
104						The cover page from this Quarterly Report on Form 10-Q, formatted as Inline XBRL.

* Incorporated by reference

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

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SIGNATURES

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

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

Date: November 7, 2024

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