SEC Form 11-K filed by Zions Bancorporation N.A.

6/24/24 4:16:45 PM ET

Major Banks

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11-K 1 a11-k2023401kplan.htm 2023 PAYSHELTER 401(K) PLAN - FORM 11-K Document


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11-K

[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ___________ to ___________

COMMISSION FILE NUMBER 001-12307

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

ZIONS BANCORPORATION, NATIONAL ASSOCIATION One South Main, 15th Floor Salt Lake City, Utah 84133

INDEX


		Page

(a)	Financial Statements and Supplemental Schedules – Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan	F-1

(b)	Signatures	F-2

(c)	Exhibit 23 - Consent of Independent Registered Public Accounting Firm	F-3

Financial Statements and Supplemental Schedules

Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

As of December 31, 2023 and 2022 and for the

Year Ended December 31, 2023

with Report of Independent Registered Public Accounting Firm

F-1

Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

Financial Statements and Supplemental Schedules

As of December 31, 2023 and 2022 and for the

Year Ended December 31, 2023

Contents


Report of Independent Registered Public Accounting Firm

Financial Statements

Statements of Net Assets Available for Benefits			1
Statement of Changes in Net Assets Available for Benefits			2
Notes to Financial Statements			3

Supplemental Schedules

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)			12
Schedule H, Line 4j – Schedule of Reportable Transactions			14

Report of Independent Registered Public Accounting Firm

To the Plan Participants and the Plan Administrator of Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan (the Plan) as of December 31, 2023 and 2022, and the related statement of changes in net assets available for benefits for the year ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2023 and 2022, and the changes in its net assets available for benefits for the year ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Schedules Required by ERISA

The accompanying supplemental schedules of assets (held at end of year) as of December 31, 2023, and reportable transactions for the year then ended (referred to as the “supplemental schedules”), have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedules is the responsibility of the Plan’s management. Our audit procedures included determining whether

the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Ernst & Young LLP

We have served as the Plan’s auditor since 2000.

Salt Lake City, Utah

June 24, 2024

Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

Statements of Net Assets Available for Benefits


	December 31,
	2023		2022
Assets
Investments at fair value:
Zions Bancorporation, N.A. common stock	$	317,121,737	$	326,780,651
Common collective trusts	591,929,309		479,516,638
Registered investment companies	713,748,200		642,602,668
	1,622,799,246		1,448,899,957
Receivables:
Participant and employer contributions	17,862,305		10,603,853
Notes receivable from participants	22,243,271		19,305,911
	40,105,576		29,909,764
Net assets available for benefits	$	1,662,904,822	$	1,478,809,721



See accompanying notes to financial statements.

Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

Statement of Changes in Net Assets Available for Benefits


Year Ended December 31, 2023

Additions to/(deductions from) net assets attributable to:

Investment income:
Net appreciation in fair value of investments	$	155,825,338
Interest and dividends	30,184,203

Contributions:
Participant	66,358,598
Employer	61,166,312
Rollovers	7,173,004
Total additions	320,707,455

Benefits paid directly to participants	(136,612,354)

Net increase	184,095,101

Net assets available for benefits:
Beginning of year	1,478,809,721
End of year	$	1,662,904,822

See accompanying notes to financial statements.

Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

Notes to Financial Statements

1. DESCRIPTION OF PLAN

The following description of the Zions Bancorporation, N.A. Payshelter 401(k) and Employee Stock Ownership Plan (“the Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

General

The Plan is a single employer defined contribution plan designed to provide retirement benefits for eligible employees under a salary reduction arrangement with a specified employer matching contribution and a discretionary noncontributory profit sharing feature. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). From time to time, the Plan has been restated and amended. Fidelity Management Trust Company (“Fidelity”) is the trustee of the Plan. Zions Bancorporation, National Association (“the Bank”, “Zions Bancorporation, N.A.”) is the Plan sponsor. The Bank’s Benefits Committee (“the Benefits Committee”) administers the Plan.

Eligibility

Participation in the Plan through employee salary deferral is voluntary. Any nonexcluded employee (as defined in the Plan provisions) at least 21 years of age is eligible to participate. To be eligible for the noncontributory profit sharing feature, participants must meet other criteria, including 1,000 hours of service and be employed on December 31st.

A matching contribution is provided to participants after completing at least one year of employment, measured from the date of hire. Matching contributions begin after the employee satisfies the one year employment condition and is based on the salary reduction contributions made after that date.

Contributions

Participants may contribute up to 80% of their pretax annual compensation subject to the annual maximum allowable participant contribution, which was $22,500 for 2023 and $20,500 for 2022. Under applicable law, participants attaining the age of 50 during or prior to 2023 are eligible to make catch-up contributions. The Bank provides a matching contribution of 100% for the first 3% of the participant’s eligible compensation and 50% for the next 3%. Effective January 1, 2023, the Plan was amended to allow participants to make after-tax contributions to the plan. The amendment also allows participants to be able to convert all or a portion of certain vested account balances in the Plan to a Roth contribution source.

The 401(k) plan also has a noncontributory profit-sharing feature that is discretionary and may range from 0% to 3.5% of eligible compensation based upon the Bank's performance according to a formula approved annually by the Board of Directors. Contributions under the noncontributory profit sharing feature are discretionary and are based on the Bank’s return on average common equity, as defined, for the Plan year.

These contributions are approved and made subsequent to the end of the Plan year. For the 2023 Plan year, $16,270,606 was contributed in February 2024. The profit sharing contribution was funded using $408,701 of employee forfeitures and $15,861,905 in cash from the Bank. For the 2022 Plan year, $19,376,802 was contributed in February 2023. The profit sharing contribution was funded using $488,760 of employee forfeitures, $10,442,024 of excess pension funds and $8,446,018 in cash from the Bank. The cash contribution from the Bank increased employer contributions in the Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2023 and 2022 and employer contributions receivable in the Statements of Net Assets Available for Benefits as of December 31, 2023 and 2022.

The Plan allows for Roth 401(k) contributions consistent with the requirements of §402A of the Internal Revenue Code (the “Code”). Such contributions include rollovers from other Roth deferral accounts as described in Code §402A(e)(1) and only to the extent the rollovers are permitted under Code §402(c). Roth contributions are treated as elective deferrals at the option of the participant for all purposes under the Plan, including determination and allocation of the Bank’s matching contributions.

The Plan allows rollovers by participants from nonaffiliated qualifying plans.

Participant Accounts

Each participant’s fund account is credited with the participant’s contributions and allocations of the Bank’s contributions and Plan earnings. Investment income or loss is allocated based on the investment shares held in the participant’s account in relation to the total investment shares of the Plan. However, income or loss from trading of the Bank’s common stock, which is done on a real-time basis, is identified and allocated directly to the participant’s account without regard to the allocation process. Administrative expenses are included in "Benefits paid directly to participants" in the Statement of Changes in Net Assets Available for Benefits and were $858,436 in 2023.

Vesting and Payment of Benefits

Participant and Bank matching contributions, plus investment earnings, are immediately vested. Bank contributions under the noncontributory profit sharing feature vest according to the following schedule:


Years of vesting service						Percent vested

Less than 2						None
2						20%
3						40%
4						60%
5 or more						100%

A year of vesting service is determined by the length of time an individual is an employee. Fractional years are rounded to the nearest one twelfth of a year. Periods of service are based on full calendar months, crediting an employee with a full month if the employee works at least one hour of service during the month.

Nonvested amounts forfeited by terminated participants are first used to reduce the Bank’s profit sharing contributions. If profit sharing contributions are not made during a given Plan year, any amounts forfeited may be used at the Bank’s election to reduce the Bank’s matching contribution, offset administrative expenses, allocate directly to participants’ accounts, or any combination of the foregoing.

Participants are 100% vested if employed by the Bank when normal retirement age is attained. Distributions are eligible to be paid upon death, disability, retirement, or termination of employment, or may be paid earlier subject to Plan provisions. Distributions are made in shares, cash, or a combination of the two, depending on the participant’s investment options.

Investment Options

Participant contributions can be directed subject to Plan provisions into various Plan investment options, including the Bank’s common stock. The Bank’s matching contribution is made in cash and is invested according to each participants's investment election. Participants may diversify to other Plan investments up to 100% of their existing investments in the Bank's common stock received as Bank matching contributions from prior years. The noncontributory profit sharing contribution is invested in the Bank's common stock purchased in the open market. However, three years of participation in the Plan are required before participants can diversify their investments in the Bank's common stock resulting from the Bank's profit sharing contributions.

Participant Loans

Participants may borrow from their fund accounts in amounts from $1,000 up to the lesser of $50,000 or 50% of their vested account balance, as defined. Loan terms cannot exceed five years, or ten years if used for the purchase of a primary residence. The loans

are funded through liquidation of participant investments and are repaid at a specified rate of interest through direct payroll deductions.

Plan Termination

Although the Bank has not expressed any intent to do so, it has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. If the Plan were terminated, each participant would become 100% vested and would receive a distribution of assets equal to the value of the participant’s account.

Plan Amendments

The Eighth Amendment clarified certain language under the Plan related to post-termination compensation and amended the Plan to allow Participants to make after-tax contributions to the Plan, and for Participants to be able convert all or a portion of certain vested account balances in the Plan to a Roth contribution source. This amendment was executed on December 20, 2022.

The Fourth Amendment created a suspense account in the Plan into which excess pension funding would be transferred. The amendment details the rules by which the suspense account must operate. The excess pension funds were used ratably over three years to partially fund profit sharing contributions to the Plan. This Amendment was executed on September 11, 2020.

The Fifth Amendment eliminates any provision in the Plan that may otherwise permit the acquisition of employer securities through an exempt loan transaction or the allocation of employer securities to participant accounts that could be released from a suspense account maintained for that purpose. This amendment was executed on September 11, 2020.

The Sixth Amendment provides earlier eligibility for "safe harbor" matching contributions under the Plan and to allow employees that have completed one year of employment to receive matching contributions for deferrals made following the one year anniversary of their hire date. This amendment was executed on September 11, 2020.

The Seventh Amendment conforms the plan to the applicable provisions of the final regulations governing hardship distributions and removes the requirement that employer matching contributions be made in employer securities. This amendment was executed on December 23, 2020.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements are prepared using the accrual basis of accounting under U.S generally accepted accounting principles (“GAAP”).

Investment Valuation, Income Recognition and Benefit Payments

Investments are reported at fair value. Purchases and sales of investments are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Benefits are recorded when paid. Net appreciation/depreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.

Notes Receivable from Participants

Notes receivable from participants represent participant loans recorded at their unpaid principal balance plus any accrued interest. Interest income on notes receivable from participants is recorded when earned. Amounts included in interest and dividends in the Statement of Changes in Net Assets Available for Benefits was $1,240,620 in 2023 and $907,843 in 2022. Loan documentation and processing fees are charged to the participants’ accounts. No allowance for credit losses was recorded at December 31, 2023 or 2022. If a participant ceases to make loan repayments and the recordkeeper deems the participant loan to be in default, the amount of the defaulted loan is recorded as a distribution.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Concentration of Investments

The Plan’s Net Assets Available for Benefits at December 31, 2023 and 2022 include investments in the Bank’s common stock of $317,121,737 (7,219,250 shares) and $326,780,651 (6,641,601 shares), respectively. These investments represent a 4.9% and 4.5% ownership of the Bank’s outstanding common stock at December 31, 2023 and 2022, respectively.

Recently Issued Accounting Pronouncements

There have been no recent accounting pronouncements and developments that would significantly impact the financial statements or operations.

Subsequent Events

The Plan evaluated subsequent events through June 24, 2024, the date the financial statements were available to be issued.

3. INVESTMENTS

As trustee of the Plan, Fidelity holds the Plan’s investments and executes all investment transactions.

The Plan’s investment activity in the Bank’s common stock for 2023 includes nonparticipant-directed and participant-directed transactions. Because the investment activity cannot be split between these types of transactions, the entire investment is reflected as nonparticipant-directed in the following schedule.

Significant changes in net assets during 2023 and 2022 relating to transactions of the Bank’s common stock are as follows:


	December 31,
	2023		2022

Net Depreciation in fair value	$	(29,468,807)	$	(94,034,584)
Dividends	11,661,498		10,178,684
Interest on loans	65,940		38,518
Contributions	23,743,124		26,290,004
Net transfers to other investments	468,104		(7,723,648)
Benefits paid directly to participants	(16,128,773)		(22,846,154)
Net Decrease in Bank common stock	(9,658,914)		(88,097,180)
Bank common stock at beginning of year	326,780,651		414,877,831
Bank common stock at end of year	$	317,121,737	$	326,780,651

4. 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. To measure fair value, a hierarchy has been established that prioritizes the use of observable inputs over unobservable inputs. This hierarchy uses the following three levels of inputs to measure the fair value of assets and liabilities:

Level 1 – Quoted prices in active markets for identical assets or liabilities in active markets that the Plan has the ability to access. For the Plan, Level 1 includes the Company’s common stock, registered investment companies and a portion of common collective trusts.

Level 2 – Observable inputs other than Level 1 including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in less active markets, observable inputs other than quoted prices that are used in the valuation of an asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 – Unobservable inputs supported by little or no market activity for financial instruments whose value is determined by pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following describes the assets and the valuation methodologies used to measure their fair value:

Bank common stock – Shares of the Bank’s common stock are valued at the last reported sales price on the last business day of the Plan year in the active market where individual securities are traded.

Common collective trusts – The Plan holds the Fidelity Managed Income Portfolio II – Class 4. The fund is a stable value fund designed to deliver safety and stability by preserving principal while earning interest income. Participation units in the fund are valued at the net asset value (“NAV”) as the practical expedient as determined by the issuer of the fund. The Plan also holds target date common collective trusts whose fair market value is readily determinable by the quoted market prices of the underlying assets held in the trusts.

Registered investment companies – These mutual funds are valued at quoted market prices for shares held by the Plan at year-end.

Assets measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows at December 31, 2023 and 2022:


	December 31, 2023
	Level 1		Level 2		Level 3		Total

Zions Bancorporation, N.A. common stock	$	317,121,737	$	—	$	—	$	317,121,737
Registered investment companies	713,748,200						713,748,200
Common collective trusts	516,711,351						516,711,351

Total	$	1,547,581,288	$	—	$	—	1,547,581,288

Investments that use NAV							75,217,958
Total investments							$	1,622,799,246


	December 31, 2022
(In millions)	Level 1		Level 2		Level 3		Total

Zions Bancorporation, N.A. common stock	$	326,780,651	$	—	$	—	$	326,780,651
Registered investment companies	642,602,668						642,602,668
Common collective trusts	377,445,158						377,445,158

Total	1,346,828,477		$	—	$	—	1,346,828,477

Investments that use NAV							102,071,480
Total investments							$	1,448,899,957

No transfers occurred between Levels 1, 2, or 3 during 2023.

As shown in the preceding schedules, the fair value hierarchy excludes investments in a common collective trust which are based upon the NAV. The following presents additional information as of December 31, 2023 and 2022 for the common collective trust fund whose fair value is based on NAV per share:

Fair value
at December 31,

Investment

Unfunded commitments

Redemption

2023:

75,217,958

Common collective trust fund

None

Any business day, subject to certain restrictions.

2022:

102,071,480

Common collective trust fund

None

Any business day, subject to certain restrictions.

5. TRANSACTIONS WITH PARTIES-IN-INTEREST

During 2023, the Plan received dividends from the Bank’s common stock it held of $11,661,498. Purchases and sales of the Bank’s common stock in 2023 were $64,039,710 and $44,363,489, respectively. The amount of purchases included $27,543,960 of exchanges that were made by participants from other investments in the Plan during 2023.

As of December 31, 2023 and 2022, the Plan’s assets include $551,919,872 and $475,966,898, respectively, of investment assets that are issued and managed by affiliates of Fidelity, the Trustee of the Plan.

6. RISKS AND UNCERTAINTIES

The Plan invests in various investment securities including Zions Bancorporation, N.A. common stock. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

7. INCOME TAX STATUS

The Plan has received a determination letter from the Internal Revenue Service (IRS) dated July 26, 2017, stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the plan was restated and amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan, as restated and amended, is qualified and the related trust is tax-exempt.

Plan management evaluates any uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2023, there are no uncertain tax positions taken, or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions.

The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any tax periods.

Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

EIN: 87-0227400 Plan: 006

December 31, 2023

(a)

(b)
Identity of Issue, Borrower,
Lessor, or Similar Party

(d)
Cost of Assets (1)

(e)
Current Value

INVESTMENTS

Zions Bancorporation, N.A. common stock

ZIONS BANCORPORATION, N.A.

COMMON STOCK (7,219,250 shares)

274,219,794

317,121,737

Common collective trusts

FIDELITY INVESTMENTS

MANAGED INCOME PORTFOLIO II CL 2 (92 units)

FIDELITY INVESTMENTS

MANAGED INCOME PORTFOLIO II CL 4 (75,217,866 units)

75,217,866

75,217,958

Lifecycle and Other

VANGUARD

TARGET RETIREMENT INC (240,966 shares)

10,171,164

VANGUARD

TARGET RETIREMENT 2020 (713,740 shares)

31,054,827

VANGUARD

TARGET RETIREMENT 2025 (1,194,186 shares)

53,917,487

VANGUARD

TARGET RETIREMENT 2030 (1,599,637 shares)

73,855,228

VANGUARD

TARGET RETIREMENT 2035 (1,234,671 shares)

59,659,293

VANGUARD

TARGET RETIREMENT 2040 (1,413,732 shares)

72,510,309

VANGUARD

TARGET RETIREMENT 2045 (1,146,646 shares)

60,852,481

VANGUARD

TARGET RETIREMENT 2050 (981,413 shares)

52,741,157

VANGUARD

TARGET RETIREMENT 2055 (334,612 shares)

24,085,369

VANGUARD

TARGET RETIREMENT 2060 (234,119 shares)

13,300,317

VANGUARD

TARGET RETIREMENT 2065 (119,470 shares)

4,180,267

JANUS HENDERSON

ENTERPRISE III (5,218,967 shares)

60,383,452

516,711,351

591,929,309

Registered investment companies

Domestic

PIMCO FUNDS

TOTAL RETURN INSTITUTIONAL (4,776,567 shares)

41,317,307

VANGUARD

SELECTED VALUE (1,240,637 shares)

35,854,422

VANGUARD

MID CAP INDEX INSTITUTIONAL (562,348 shares)

35,787,846

VANGUARD

SMALL CAP INDEX INSTITUTIONAL (298,413 shares)

30,494,824

AMERICAN BEACON

LG CAP VAL R6 (1,646,073 shares)

42,336,989

ALLSPRING

SPECIAL SMALL CAP VALUE IS (417,792 shares)

17,254,805

FIDELITY INVESTMENTS

BALANCED K (1,276,071 shares)

34,364,597

FIDELITY INVESTMENTS

U.S. BOND INDEX (2,388,406 shares)

24,911,079

FIDELITY INVESTMENTS

500 INDEX INSTITUTIONAL (1,033,345 shares)

171,008,218

FIDELITY INVESTMENTS

GOVT OBLIGATIONS MM (41,508,718 shares)

41,508,718

Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (continued)

EIN: 87-0227400 Plan: 006

December 31, 2023

(a)

(b)
Identity of Issue, Borrower,
Lessor, or Similar Party

(d)
Cost of Assets (1)

(e)
Current Value

FIDELITY INVESTMENTS

SMALL CAP GR K6 (1,229,218 shares)

18,524,312

FIDELITY INVESTMENTS

CONTRA POOL CL A (4,478,025 shares)

150,640,758

644,003,875

International

BLACKROCK

EMERGING MKT K (563,072 shares)

13,660,124

T. ROWE PRICE

SPECTRUM INTERNATIONAL EQ I (759,103 shares)

10,430,074

AMERICAN FUNDS

EUROPACIFIC GROWTH R6 (181,168 shares)

9,909,895

FIDELITY INVESTMENTS

INTERNATIONAL INDEX (754,894 shares)

35,744,232

69,744,325

713,748,200

1,622,799,246

RECEIVABLES

Notes receivable from participants

Interest rates ranging from 4.25% to 9.5%, with maturities through November 2033

22,243,271

Indicates party-in-interest to the Plan.

(1)

Only provided for nonparticipant-directed investments.

Zions Bancorporation, N.A. Payshelter 401(k) and

Employee Stock Ownership Plan

Schedule H, Line 4j – Schedule of Reportable Transactions

EIN: 87-0227400 Plan: 006

Year Ended December 31, 2023


(a) Identity of Party Involved	(b) Description of Assets	(c) Purchase Price		(d) Selling Price		(g) Cost of Asset		(h) Current Value of Asset on Trans- action Date			(i) Net Gain (Loss)

Category 3 – Any transaction within the plan year involving securities of the same issue if within the plan year any series of transactions with respect to such securities amount in the aggregate to more than 5% of the current value of the plan assets

Zions Bancorporation, N.A.	Common Stock	$	64,039,710	$	—	$	64,039,710		$	64,039,710	$	—

Zions Bancorporation, N.A.	Common Stock	—		44,363,489		45,498,111			44,363,489		(1,134,622)

No category 1, 2 or 4 reportable transactions occurred during 2023. Columns (e) and (f) are not applicable.

SIGNATURES

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


			Zions Bancorporation, N.A. Payshelter 401(K) and Employee Stock Ownership Plan

June 24, 2024


			By:			/s/ R. Ryan Richards
			Name:			R. RYAN RICHARDS,
						Executive Vice President and Chief Financial Officer of Zions Bancorporation, National Association

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Date	Price Target	Rating	Analyst
9/30/2024	$54.00	Underweight → Equal-Weight	Morgan Stanley
7/25/2024		Buy → Hold	Argus
4/10/2024	$47.00	Hold	Deutsche Bank
1/5/2024	$51.00 → $46.00	Buy → Hold	Truist
12/15/2023	$45.00	Outperform → Neutral	Robert W. Baird
11/21/2023	$37.00	Buy → Neutral	Citigroup
10/6/2023	$34.00	Neutral	Piper Sandler
9/29/2023	$42.00	Buy	Citigroup

SEC Form 11-K filed by Zions Bancorporation N.A.

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Recent Analyst Ratings for $ZION

$ZION Large Ownership Changes

This live feed shows all institutional transactions in real time.

Amendment: SEC Form SC 13G/A filed by Zions Bancorporation N.A.

SEC Form SC 13G/A filed by Zions Bancorporation N.A. (Amendment)

SEC Form SC 13G/A filed by Zions Bancorporation N.A. (Amendment)

$ZION SEC Filings

Zions Bancorporation N.A. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

SEC Form 10-Q filed by Zions Bancorporation N.A.

Zions Bancorporation N.A. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

$ZION Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

Zions Bancorp upgraded by Morgan Stanley with a new price target

Zions Bancorp downgraded by Argus

Deutsche Bank initiated coverage on Zions Bancorp with a new price target

$ZION Market Insights

Live Market Insights

This Lululemon Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Thursday

Argus Research Downgrades Zions Bancorp to Hold

Analyst Scoreboard: 11 Ratings For Zions Bancorp

$ZION Leadership Updates

Live Leadership Updates

Super Micro Computer and Deckers Outdoor Set to Join S&P 500; Others to Join S&P 100, S&P MidCap 400 and S&P SmallCap 600

California Bank & Trust Appoints Daisy Stall as Executive Vice President, Entertainment Finance Director

$ZION Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

Executive Vice President Smith Jennifer Anne sold $234,427 worth of shares (4,385 units at $53.46), decreasing direct ownership by 15% to 24,714 units (SEC Form 4)

SEC Form 4 filed by Director Skonnard Aaron

SEC Form 4 filed by Director Huang Claire A

$ZION Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

$ZION Press Releases

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Simmons Harris H bought $154,160 worth of shares (4,000 units at $38.54), increasing direct ownership by 0.31% to 1,312,987 units (SEC Form 4)

Simmons Harris H bought $140,350 worth of shares (3,600 units at $38.99), increasing direct ownership by 0.29% to 1,261,866 units (SEC Form 4)

ZIONS BANCORPORATION'S BOARD DECLARES DIVIDENDS ON COMMON AND PREFERRED STOCK

Zions Bancorporation, National Association Reports Third Quarter Financial Results

ZIONS BANCORPORATION TO PRESENT AT THE BANCANALYSTS ASSOCIATION OF BOSTON CONFERENCE

$ZION Financials

Live finance-specific insights

ZIONS BANCORPORATION'S BOARD DECLARES DIVIDENDS ON COMMON AND PREFERRED STOCK

Zions Bancorporation, National Association Reports Third Quarter Financial Results

ZIONS BANCORPORATION'S BOARD DECLARES DIVIDENDS ON COMMON AND PREFERRED STOCK

Recent Analyst Ratings for
$ZION

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Large Ownership Changes

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SEC Filings

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Analyst Ratings

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Market Insights

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Leadership Updates

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Insider Trading

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Insider Purchases

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Press Releases

$ZION
Financials