Press Release Dated July 20, 2006

EXHIBIT 99.1

***FOR IMMEDIATE RELEASE***

For: ZIONS BANCORPORATION	Contact: Clark Hinckley
One South Main, Suite 1134	Tel: (801) 524-4787
Salt Lake City, Utah	July 20, 2006
Harris H. Simmons
Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS RECORD EARNINGS OF

$1.35 PER DILUTED SHARE FOR SECOND QUARTER 2006

SALT LAKE CITY, July 20, 2006 – Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported second quarter net income of $145.3 million, or $1.35 per diluted share. Net income and earnings per share increased 22.3% and 3.8%, respectively, over the $118.8 million, or $1.30 per diluted share for the second quarter of 2005. The return on average common equity was 13.20% for the second quarter of 2006, up from 12.92% for the first quarter of 2006. The second quarter of 2006 includes after-tax merger related expense of $5.6 million ($0.05 per diluted share) related to the acquisition of Amegy Bancorporation, Inc. (“Amegy”) and the related systems conversion. All comparisons to the 2005 periods reflect the effects of the Amegy acquisition.

“We are pleased to again report record quarterly earnings, driven by very strong loan growth, a relatively stable net interest margin, and continued excellent credit quality,” said Harris H. Simmons, chairman and chief executive officer. “On balance sheet loans and leases grew $1.5 billion during the quarter, a record amount of growth, as economic activity remained strong throughout most of the West and Southwest,” continued Simmons. “During the quarter, we also completed the conversion of Amegy Bank systems, and anticipate that this conversion will result in improved efficiencies going forward.”

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ZIONS BANCORPORATION

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July 20, 2006

Year-to-date net income for 2006 increased 23.5% to $282.9 million or $2.62 per diluted share compared to $229.0 million, or $2.50 per diluted share for the same period of 2005. The return on average common equity for the first six months of 2006 was 13.06% compared to 16.20% for the first six months of 2005.

Strong Loan Growth

On-balance-sheet net loans and leases were $32.7 billion at June 30, 2006, an increase of approximately $1.5 billion (19.8% annualized) from $31.1 billion at March 31, 2006, and an increase of 37.2% from $23.8 billion at June 30, 2005. Loan growth during the second quarter was in the commercial and commercial real estate categories and was widely diversified geographically.

Deposit Growth

Total deposits at June 30, 2006 increased $382 million to $33.3 billion, an annualized increase of 4.6% from $32.9 billion at March 31, 2006, and increased 36.3% over the balances reported one year ago. Core deposits decreased $327 million during the quarter to $29.9 billion compared to $30.2 billion at March 31, 2006. However, noninterest-bearing demand deposits increased $211 million or 8.5% annualized during the quarter. Decreases in other deposit categories were offset by growth in large time deposits.

Net Interest Income

Taxable-equivalent net interest income for the quarter was $442.3 million compared to $428.8 million for the first quarter of 2006 and $336.1 million for the second quarter of 2005. For the second quarter of 2006, the net interest margin was 4.64% compared to 4.69% for the first quarter of 2006 and 4.60% for the second quarter of 2005. The decreased net interest margin for the quarter resulted mainly from the robust loan growth being funded primarily by time deposits and Federal Home Loan Bank advances and other short-term borrowings.

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ZIONS BANCORPORATION

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July 20, 2006

Noninterest Income

For the second quarter of 2006, noninterest income increased 7.2% to $137.8 million compared with $128.5 million for the first quarter of 2006, and 30.0% compared with $105.9 million for the second quarter of 2005. Service charges and fees on deposit accounts for the second quarter of 2006 increased $1.4 million or 13.7% annualized over the first quarter of 2006 and $10.0 million or 31.9% over the second quarter of 2005. Other service charges, commissions and fees were higher compared to the first quarter of 2006, reflecting increased investment, fiscal agent, and debit card interchange fees.

Noninterest Expense

Noninterest expense for the second quarter of 2006 was $333.3 million compared to $324.5 million for the first quarter of 2006 and $242.0 million for the second quarter of 2005. The largest component of noninterest expense, salaries and employee benefits, was essentially unchanged from the first quarter of 2006 and includes $4.1 million of stock option compensation expense compared to $3.9 million of stock option compensation expense in the first quarter of 2006.

Merger related expense was $8.9 million for the second quarter of 2006 compared to $6.8 million for the first quarter of 2006 and consists of systems conversion and employee-related costs for the Amegy acquisition. During the second quarter, the Company identified certain merger related expenses that were not properly classified during the first quarter. These expenses amounted to $1.1 million and were reclassified for the first quarter from other expense categories.

The efficiency ratio for the second quarter of 2006 was 57.5% compared to 58.2% for the first quarter of 2006 and 54.8% for the second quarter of 2005.

Asset Quality

Nonperforming assets declined to $73.5 million at June 30, 2006 from $96.6 million at March 31, 2006. As a result, the ratio of nonperforming assets to net loans and leases and other real estate owned improved to 0.22% at June 30, 2006 from 0.31% at both March 31, 2006 and June 30, 2005.

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ZIONS BANCORPORATION

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July 20, 2006

For the second quarter of 2006, net loan and lease charge-offs were $9.8 million or 0.12% annualized of average loans. This compares with $11.7 million or 0.15% annualized for the first quarter of 2006 and $3.9 million or 0.07% annualized for the second quarter of 2005. The provision for loan losses was $17.0 million for the second quarter of 2006 compared to $14.5 million for the first quarter of 2006 and $11.4 million for the second quarter of 2005. The increased provision for the quarter was mainly the result of the Company’s strong loan growth. The combined provisions for loan losses and unfunded lending commitments were $16.8 million for the second quarter of 2006, $14.2 million for the first quarter of 2006, and $12.5 million for the second quarter of 2005.

At June 30, 2006, the allowance for loan losses as a percentage of net loans and leases was 1.07%, compared to 1.10% at March 31, 2006 and 1.18% at June 30, 2005. At June 30, 2006, the allowance was 606.6% of nonperforming loans. The combined allowances for credit losses (allowance for loan losses plus the allowance for unfunded lending commitments) of $366.1 million were 1.12% of net loans and leases at the end of the second quarter of 2006.

Capital Management

The Company’s tangible common equity ratio was 5.54% at June 30, 2006 compared to 5.51% at March 31, 2006 and 6.98% at June 30, 2005. Retained earnings increased by $107.0 million during the second quarter, partially offset by a decrease in accumulated other comprehensive income of $25.2 million, while total assets increased by $1.8 billion.

Weighted average common and common-equivalent shares outstanding for the second quarter of 2006 were 107,883,374 compared to 107,724,724 for the first quarter of 2006 and 91,610,296 for the second quarter of 2005. Common shares outstanding at June 30, 2006 were 106,611,731 compared to 106,070,045 at March 31, 2006 and 90,062,646 at June 30, 2005. The increase year over year results primarily from the issuance of 14,351,115 common shares for the Amegy acquisition and for the quarter from the exercise of stock options.

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ZIONS BANCORPORATION

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July 20, 2006

Conference Call

Zions will host a conference call to discuss these second quarter results at 5:30 p.m. ET this afternoon (July 20, 2006). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-866-362-4666 and entering the passcode 97090116, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation Web site at www.zionsbancorporation.com. A replay of the call will be available from approximately 7:30 p.m. ET on Thursday, July 20 through midnight ET on Thursday, July 27, by dialing 1-888-286-8010 and entering the passcode 93617284. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation

Zions Bancorporation is one of the nation’s premier financial services companies, consisting of a collection of great banks in select high growth markets. Zions operates its banking businesses under local management teams and community identities through over 450 offices and approximately 600 ATMs in ten states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. The Company is a national leader in Small Business Administration lending and public finance advisory services. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

Statements in this news release that are based on other than historical data are forward-looking, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations or forecasts of future events. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability

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ZIONS BANCORPORATION

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July 20, 2006

to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

In addition, the following factors relating to the Company’s acquisition of Amegy, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the combination of the businesses of Zions Bancorporation and Amegy Bancorporation, Inc. may take longer, be more difficult, time consuming or costly to accomplish than expected; (2) the expected growth opportunities and cost savings from the merger may not be fully realized or may take longer to realize than expected; and (3) operating costs, customer losses and business disruption resulting from the merger, including adverse effects on relationships with employees, may be greater than expected.

Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the 2005 Annual Report on Form 10-K of Zions Bancorporation filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site ( http://www.sec.gov ).

The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

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ZIONS BANCORPORATION AND SUBSIDIARIES

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FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended								Six Months Ended
(In thousands, except per share and ratio data)	June 30,								June 30,
	2006			2005			% Change		2006			2005			% Change
EARNINGS
Taxable-equivalent net interest income	$	442,261		$	336,088		31.59	%	$	871,085		$	656,208		32.75	%
Taxable-equivalent revenue		580,020			442,020		31.22	%		1,137,332			865,038		31.48	%
Net interest income		436,327			330,928		31.85	%		859,174			645,879		33.02	%
Noninterest income		137,759			105,932		30.04	%		266,247			208,830		27.49	%
Provision for loan losses		17,022			11,417		49.09	%		31,534			20,800		51.61	%
Noninterest expense		333,276			242,046		37.69	%		657,731			481,283		36.66	%
Income before income taxes and minority interest		223,788			183,397		22.02	%		436,156			352,626		23.69	%
Income taxes		78,821			66,330		18.83	%		154,079			126,079		22.21	%
Minority interest		(343	)		(1,743	)	(80.32	)%		(866	)		(2,497	)	(65.32	)%
Net income		145,310			118,810		22.30	%		282,943			229,044		23.53	%

PER COMMON SHARE
Net income (diluted)		1.35			1.30		3.85	%		2.62			2.50		4.80	%
Dividends		0.36			0.36		-			0.72			0.72		-
Book value										41.72			32.62		27.90	%

SELECTED RATIOS
Return on average assets		1.33	%		1.47	%				1.32	%		1.44	%
Return on average common equity		13.20	%		16.56	%				13.06	%		16.20	%
Efficiency ratio		57.46	%		54.76	%				57.83	%		55.64	%
Net interest margin		4.64	%		4.60	%				4.66	%		4.57	%

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended								Six Months Ended
(In thousands, except share and ratio data)	June 30,								June 30,
	2006			2005			% Change		2006			2005			% Change
AVERAGE BALANCES
Total assets	$	43,782,622		$	32,510,692		34.67	%	$	43,217,571		$	32,182,658		34.29	%
Securities		5,876,065			5,091,552		15.41	%		5,974,333			5,141,496		16.20	%
Net loans and leases		31,900,053			23,330,670		36.73	%		31,188,372			23,004,945		35.57	%
Goodwill		1,884,192			638,932		194.90	%		1,885,862			640,758		194.32	%
Core deposit and other intangibles		185,281			53,011		249.51	%		190,885			54,822		248.19	%
Total deposits		32,175,202			23,787,985		35.26	%		32,099,667			23,507,308		36.55	%
Core deposits (1)		29,303,520			22,248,291		31.71	%		29,378,174			22,044,385		33.27	%
Minority interest		28,486			24,726		15.21	%		28,355			24,787		14.39	%
Shareholders' equity		4,414,775			2,877,374		53.43	%		4,368,301			2,851,269		53.21	%

Weighted average common and common-
equivalent shares outstanding		107,883,374			91,610,296		17.76	%		107,866,829			91,596,314		17.76	%

AT PERIOD END
Total assets									$	45,142,086		$	32,875,294		37.31	%
Securities										5,797,079			4,904,799		18.19	%
Net loans and leases										32,682,335			23,821,563		37.20	%
Sold loans being serviced (2)										3,003,101			2,910,182		3.19	%
Allowance for loan losses										348,475			281,428		23.82	%
Allowance for unfunded lending commitments										17,592			15,395		14.27	%
Goodwill										1,881,256			638,933		194.44	%
Core deposit and other intangibles										177,692			51,397		245.72	%
Total deposits										33,254,210			24,398,535		36.30	%
Core deposits (1)										29,851,896			22,840,557		30.70	%
Minority interest										28,619			24,665		16.03	%
Shareholders' equity										4,447,330			2,937,908		51.38	%

Common shares outstanding										106,611,731			90,062,646		18.38	%

Average equity to average assets		10.08	%		8.85	%				10.11	%		8.86	%
Common dividend payout		26.37	%		27.37	%				27.02	%		28.42	%
Tangible common equity ratio										5.54	%		6.98	%
Nonperforming assets										73,475			73,680		(0.28	)%
Accruing loans past due 90 days or more										29,434			13,183		123.27	%
Nonperforming assets to net loans and leases
and other real estate owned at period end										0.22	%		0.31	%

(1)	Amount consists of total deposits excluding time deposits $100,000 and over.
(2)	Amount represents the outstanding balance of loans sold and being serviced by the Company, excluding conforming
	first mortgage residential real estate loans.

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
(In thousands, except per share and ratio data)	June 30,			March 31,			December 31,			September 30,			June 30,
	2006						2005
EARNINGS
Taxable-equivalent net interest income	$	442,261		$	428,824		$	380,316		$	345,826		$	336,088
Taxable-equivalent revenue		580,020			557,312			497,943			456,321			442,020
Net interest income		436,327			422,847			374,819			340,652			330,928
Noninterest income		137,759			128,488			117,627			110,495			105,932
Provision for loan losses		17,022			14,512			10,116			12,107			11,417
Noninterest expense		333,276			324,455			283,789			247,718			242,046
Impairment loss on goodwill		-			-			602			-			-
Income before income taxes and minority interest		223,788			212,368			197,939			191,322			183,397
Income taxes		78,821			75,258			69,139			68,200			66,330
Minority interest		(343	)		(523	)		693			152			(1,743	)
Net income		145,310			137,633			128,107			122,970			118,810

PER COMMON SHARE
Net income (diluted)		1.35			1.28			1.32			1.34			1.30
Dividends		0.36			0.36			0.36			0.36			0.36
Book value		41.72			40.95			40.30			33.30			32.62

SELECTED RATIOS
Return on average assets		1.33	%		1.31	%		1.38	%		1.47	%		1.47	%
Return on average common equity		13.20	%		12.92	%		14.82	%		16.41	%		16.56	%
Efficiency ratio		57.46	%		58.22	%		56.99	%		54.29	%		54.76	%
Net interest margin		4.64	%		4.69	%		4.62	%		4.59	%		4.60	%

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
(In thousands, except share and ratio data)	June 30,			March 31,			December 31,			September 30,			June 30,
	2006						2005
AVERAGE BALANCES
Total assets	$	43,782,622		$	42,646,242		$	36,780,719		$	33,218,477		$	32,510,692
Securities		5,876,065			6,073,692			5,352,093			4,993,735			5,091,552
Net loans and leases		31,900,053			30,468,784			25,982,873			24,009,024			23,330,670
Goodwill		1,884,192			1,887,551			1,060,381			638,957			638,932
Core deposit and other intangibles		185,281			196,551			101,593			52,276			53,011
Total deposits		32,175,202			32,023,293			27,605,309			24,807,387			23,787,985
Core deposits (1)		29,303,520			29,453,658			25,467,323			23,029,389			22,248,291
Minority interest		28,486			28,223			27,079			26,220			24,726
Shareholders' equity		4,414,775			4,321,311			3,428,605			2,972,615			2,877,374

Weighted average common and common-
equivalent shares outstanding		107,883,374			107,724,724			96,963,446			91,605,279			91,610,296

AT PERIOD END
Total assets	$	45,142,086		$	43,318,029		$	42,779,639		$	33,422,701		$	32,875,294
Securities		5,797,079			5,984,115			6,057,212			4,992,339			4,904,799
Net loans and leases		32,682,335			31,140,326			30,126,936			23,930,017			23,821,563
Sold loans being serviced (2)		3,003,101			3,183,992			3,382,603			3,561,818			2,910,182
Allowance for loan losses		348,475			341,261			338,399			287,237			281,428
Allowance for unfunded lending commitments		17,592			17,841			18,120			15,830			15,395
Goodwill		1,881,256			1,884,225			1,887,588			639,120			638,933
Core deposit and other intangibles		177,692			188,384			199,166			47,670			51,397
Total deposits		33,254,210			32,872,708			32,642,408			25,399,741			24,398,535
Core deposits (1)		29,851,896			30,179,291			30,127,812			23,507,531			22,840,557
Minority interest		28,619			28,895			27,551			26,719			24,665
Shareholders' equity		4,447,330			4,343,816			4,237,264			2,999,173			2,937,908

Common shares outstanding		106,611,731			106,070,045			105,147,562			90,067,016			90,062,646

Average equity to average assets		10.08	%		10.13	%		9.32	%		8.95	%		8.85	%
Common dividend payout		26.37	%		27.71	%		25.50	%		26.47	%		27.37	%
Tangible common equity ratio		5.54	%		5.51	%		5.28	%		7.06	%		6.98	%
Nonperforming assets		73,475			96,556			89,063			83,101			73,680
Accruing loans past due 90 days or more		29,434			10,299			17,153			15,836			13,183
Nonperforming assets to net loans and leases
and other real estate owned at period end		0.22	%		0.31	%		0.30	%		0.35	%		0.31	%

(1)	Amount consists of total deposits excluding time deposits $100,000 and over.
(2)	Amount represents the outstanding balance of loans sold and being serviced by the Company, excluding conforming
	first mortgage residential real estate loans.

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CONSOLIDATED BALANCE SHEETS

	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except share amounts)	2006			2006			2005			2005			2005
	(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
ASSETS
Cash and due from banks	$	1,773,829		$	1,584,857		$	1,706,590		$	1,109,202		$	1,232,527
Money market investments:
Interest-bearing deposits		87,512			51,942			22,179			13,350			11,004
Federal funds sold		262,959			178,406			414,281			460,167			52,327
Security resell agreements		225,160			238,762			230,282			528,763			537,327
Investment securities:
Held to maturity, at cost (approximate market value $620,786,
$633,784, $642,258, $641,737 and $651,936)		639,593			644,212			649,791			642,687			649,888
Available for sale, at market		5,086,840			5,187,979			5,305,859			3,997,593			3,972,829
Trading account, at market (includes $50,684, $34,340,
$43,444, $141,535 and $102,916 transferred as collateral
under repurchase agreements)		70,646			151,924			101,562			352,059			282,082
		5,797,079			5,984,115			6,057,212			4,992,339			4,904,799
Loans:
Loans held for sale		248,948			311,655			256,236			213,223			207,123
Loans and leases		32,576,017			30,958,190			29,996,022			23,823,715			23,718,150
		32,824,965			31,269,845			30,252,258			24,036,938			23,925,273
Less:
Unearned income and fees, net of related costs		142,630			129,519			125,322			106,921			103,710
Allowance for loan losses		348,475			341,261			338,399			287,237			281,428
Loans and leases, net of allowance		32,333,860			30,799,065			29,788,537			23,642,780			23,540,135

Other noninterest-bearing investments		993,379			971,569			938,515			708,368			698,968
Premises and equipment, net		574,154			565,327			564,745			410,800			409,488
Goodwill		1,881,256			1,884,225			1,887,588			639,120			638,933
Core deposit and other intangibles		177,692			188,384			199,166			47,670			51,397
Other real estate owned		16,024			24,964			19,966			15,176			11,070
Other assets		1,019,182			846,413			950,578			854,966			787,319
	$	45,142,086		$	43,318,029		$	42,779,639		$	33,422,701		$	32,875,294

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand	$	10,163,834		$	9,953,003		$	9,953,833		$	7,725,179		$	7,577,450
Interest-bearing:
Savings and money market		15,814,128			16,354,901			16,055,754			13,442,012			13,195,200
Time under $100,000		2,030,717			1,959,351			1,938,789			1,554,064			1,468,017
Time $100,000 and over		3,402,314			2,693,417			2,514,596			1,892,210			1,557,978
Foreign		1,843,217			1,912,036			2,179,436			786,276			599,890
		33,254,210			32,872,708			32,642,408			25,399,741			24,398,535

Securities sold, not yet purchased		27,388			55,577			64,654			331,891			291,353
Federal funds purchased		1,397,694			1,484,049			1,255,662			1,262,646			1,593,010
Security repurchase agreements		1,169,296			1,096,420			1,027,658			756,631			755,676
Other liabilities		789,222			677,495			592,599			571,583			544,691
Commercial paper		245,126			153,286			167,188			149,089			75,393
Federal Home Loan Bank advances and other borrowings:
One year or less		1,216,848			4,264			18,801			13,063			314,643
Over one year		133,450			134,043			234,488			226,482			227,039
Long-term debt		2,432,903			2,467,476			2,511,366			1,685,683			1,712,381
Total liabilities		40,666,137			38,945,318			38,514,824			30,396,809			29,912,721

Minority interest		28,619			28,895			27,551			26,719			24,665

Shareholders' equity:
Capital stock:
Preferred stock, without par value; authorized
3,000,000 shares; issued and outstanding, none		-			-			-			-			-
Common stock, without par value; authorized 350,000,000
shares; issued and outstanding 106,611,731, 106,070,045,
105,147,562, 90,067,016 and 90,062,646 shares		2,218,711			2,197,245			2,156,732			971,002			961,510
Retained earnings		2,386,369			2,279,383			2,179,885			2,084,439			1,994,015
Accumulated other comprehensive loss		(148,327	)		(123,099	)		(83,043	)		(52,088	)		(12,905	)
Deferred compensation		(9,423	)		(9,713	)		(16,310	)		(4,180	)		(4,712	)
Total shareholders' equity		4,447,330			4,343,816			4,237,264			2,999,173			2,937,908
	$	45,142,086		$	43,318,029		$	42,779,639		$	33,422,701		$	32,875,294

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 12

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(In thousands, except per share amounts)	June 30,			March 31,			December 31,		September 30,		June 30,
	2006			2006			2005		2005		2005
Interest income:
Interest and fees on loans	$	591,139		$	542,784		$	458,429	$	406,319	$	380,233
Interest on loans held for sale		4,055			4,046			3,131		2,462		2,618
Lease financing		4,496			4,130			4,010		3,980		4,023
Interest on money market investments		5,910			5,847			13,280		7,723		6,041
Interest on securities:
Held to maturity – taxable		2,209			2,215			1,866		1,827		1,833
Held to maturity – nontaxable		5,683			5,531			5,948		6,066		6,008
Available for sale – taxable		68,995			69,104			56,267		49,339		49,102
Available for sale – nontaxable		2,119			2,339			1,433		808		834
Trading account		1,995			2,074			4,038		4,753		5,044
Total interest income		686,601			638,070			548,402		483,277		455,736

Interest expense:
Interest on savings and money market deposits		97,131			86,623			71,093		59,539		49,236
Interest on time and foreign deposits		67,424			59,485			43,740		31,536		24,557
Interest on short-term borrowings		43,475			27,978			24,155		23,213		24,152
Interest on long-term debt		42,244			41,137			34,595		28,337		26,863
Total interest expense		250,274			215,223			173,583		142,625		124,808

Net interest income		436,327			422,847			374,819		340,652		330,928
Provision for loan losses		17,022			14,512			10,116		12,107		11,417
Net interest income after provision for loan losses		419,305			408,335			364,703		328,545		319,511

Noninterest income:
Service charges and fees on deposit accounts		41,414			40,038			34,375		32,233		31,406
Loan sales and servicing income		14,921			15,468			21,315		21,649		16,790
Other service charges, commissions and fees		43,718			39,931			32,973		28,877		28,132
Trust and investment management income		5,312			4,696			4,489		3,923		4,604
Income from securities conduit		8,492			8,406			8,977		8,553		8,617
Dividends and other investment income		9,946			9,209			7,642		6,954		7,436
Market making, trading and nonhedge derivative income		5,444			4,425			1,352		4,069		6,509
Equity securities gains (losses), net		(1,764	)		550			1,764		1,089		(2,778	)
Fixed income securities gains (losses), net		5,156			251			423		276		(1,187	)
Other		5,120			5,514			4,317		2,872		6,403
Total noninterest income		137,759			128,488			117,627		110,495		105,932

Noninterest expense:
Salaries and employee benefits		185,643			185,855			154,942		142,590		138,244
Occupancy, net		24,549			24,081			21,388		19,048		18,504
Furniture and equipment		22,737			23,004			19,032		16,979		16,260
Legal and professional services		9,005			8,509			10,012		8,575		7,967
Postage and supplies		8,646			7,715			7,043		6,510		6,798
Advertising		6,814			5,985			6,061		5,875		5,335
Impairment losses on long-lived assets		-			1,304			2,500		-		-
Restructuring charges		-			17			2,351		-		-
Merger related expense		8,906			6,807			3,103		207		-
Amortization of core deposit and other intangibles		10,692			10,693			6,092		3,684		3,696
Provision for unfunded lending commitments		(249	)		(279	)		277		435		1,042
Other		56,533			50,764			50,988		43,815		44,200
Total noninterest expense		333,276			324,455			283,789		247,718		242,046

Impairment loss on goodwill		-			-			602		-		-

Income before income taxes and minority interest		223,788			212,368			197,939		191,322		183,397
Income taxes		78,821			75,258			69,139		68,200		66,330
Minority interest		(343	)		(523	)		693		152		(1,743	)
Net income	$	145,310		$	137,633		$	128,107	$	122,970	$	118,810

Weighted average shares outstanding during the period:
Basic shares		106,001			105,472			95,002		89,980		89,846
Diluted shares		107,883			107,725			96,963		91,605		91,610

Net income per common share:
Basic	$	1.37		$	1.30		$	1.35	$	1.37	$	1.32
Diluted		1.35			1.28			1.32		1.34		1.30

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 13

CONSOLIDATED STATEMENTS OF INCOME (Continued)

(Unaudited)

	Six Months Ended
(In thousands, except per share amounts)	June 30,
	2006			2005
Interest income:
Interest and fees on loans	$	1,133,923		$	731,168
Interest on loans held for sale		8,101			4,221
Lease financing		8,626			8,089
Interest on money market investments		11,757			10,679
Interest on securities:
Held to maturity – taxable		4,424			3,638
Held to maturity – nontaxable		11,214			11,991
Available for sale – taxable		138,099			96,022
Available for sale – nontaxable		4,458			1,690
Trading account		4,069			11,079
Total interest income		1,324,671			878,577

Interest expense:
Interest on savings and money market deposits		183,754			89,972
Interest on time and foreign deposits		126,909			44,444
Interest on short-term borrowings		71,453			44,781
Interest on long-term debt		83,381			53,501
Total interest expense		465,497			232,698

Net interest income		859,174			645,879
Provision for loan losses		31,534			20,800
Net interest income after provision for loan losses		827,640			625,079

Noninterest income:
Service charges and fees on deposit accounts		81,452			62,188
Loan sales and servicing income		30,389			34,858
Other service charges, commissions and fees		83,649			54,785
Trust and investment management income		10,008			8,071
Income from securities conduit		16,898			17,436
Dividends and other investment income		19,155			15,444
Market making, trading and nonhedge derivative income		9,869			10,293
Equity securities losses, net		(1,214	)		(4,165	)
Fixed income securities gains, net		5,407			146
Other		10,634			9,774
Total noninterest income		266,247			208,830

Noninterest expense:
Salaries and employee benefits		371,498			276,370
Occupancy, net		48,630			36,957
Furniture and equipment		45,741			32,179
Legal and professional services		17,514			16,217
Postage and supplies		16,361			13,286
Advertising		12,799			9,428
Impairment losses on long-lived assets		1,304			633
Restructuring charges		17			92
Merger related expense		15,713			-
Amortization of core deposit and other intangibles		21,385			7,129
Provision for unfunded lending commitments		(528	)		2,713
Other		107,297			86,279
Total noninterest expense		657,731			481,283

Income before income taxes and minority interest		436,156			352,626
Income taxes		154,079			126,079
Minority interest		(866	)		(2,497	)
Net income	$	282,943		$	229,044

Weighted average shares outstanding during the period:
Basic shares		105,738			89,861
Diluted shares		107,867			91,596

Net income per common share:
Basic	$	2.68		$	2.55
Diluted		2.62			2.50

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 14

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

AND COMPREHENSIVE INCOME

(Unaudited)

							Accumulated
							other						Total
	Common			Retained			comprehensive			Deferred			shareholders'
(In thousands)	stock			earnings			income (loss)			compensation			equity

Balance, December 31, 2005	$	2,156,732		$	2,179,885		$	(83,043	)	$	(16,310	)	$	4,237,264
Comprehensive income:
Net income for the period					282,943									282,943
Other comprehensive loss, net of tax:
Net realized and unrealized holding losses
on investments and retained interests								(31,281	)
Foreign currency translation								543
Reclassification for net realized gains
on investments recorded in operations								(1,456	)
Net unrealized losses on derivative instruments								(33,090	)
Other comprehensive loss								(65,284	)					(65,284	)
Total comprehensive income														217,659
Stock redeemed and retired		(1,338	)											(1,338	)
Net stock options exercised		63,449												63,449
Reversal of deferred compensation, adoption
of SFAS 123R		(11,111	)								11,111			-
Share-based compensation		10,979												10,979
Cash dividends – common, $.72 per share					(76,459	)								(76,459	)
Change in deferred compensation											(4,224	)		(4,224	)
Balance, June 30, 2006	$	2,218,711		$	2,386,369		$	(148,327	)	$	(9,423	)	$	4,447,330


Balance, December 31, 2004	$	972,065		$	1,830,064		$	(7,932	)	$	(4,218	)	$	2,789,979
Comprehensive income:
Net income for the period					229,044									229,044
Other comprehensive loss, net of tax:
Net realized and unrealized holding gains
on investments and retained interests								2,790
Foreign currency translation								(1,123	)
Reclassification for net realized gains
on investments recorded in operations								(153	)
Net unrealized losses on derivative instruments								(6,487	)
Other comprehensive loss								(4,973	)					(4,973	)
Total comprehensive income														224,071
Stock redeemed and retired		(80,058	)											(80,058	)
Net stock options exercised and restricted stock issued		69,503												69,503
Cash dividends – common, $.72 per share					(65,093	)								(65,093	)
Change in deferred compensation											(494	)		(494	)
Balance, June 30, 2005	$	961,510		$	1,994,015		$	(12,905	)	$	(4,712	)	$	2,937,908

Total comprehensive income for the three months ended June 30, 2006 and 2005 was $120,082 and $156,629, respectively.

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 15

Nonperforming Assets
(Unaudited)

(In thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2006			2006			2005			2005			2005

Nonaccrual loans	$	57,249		$	71,376		$	68,717		$	67,248		$	61,871
Restructured loans		202			216			380			677			739
Other real estate owned		16,024			24,964			19,966			15,176			11,070
Total	$	73,475		$	96,556		$	89,063		$	83,101		$	73,680
% of net loans and leases* and other real
estate owned		0.22	%		0.31	%		0.30	%		0.35	%		0.31	%

Accruing loans past due 90 days or more	$	29,434		$	10,299		$	17,153		$	15,836		$	13,183

% of net loans and leases*		0.09	%		0.03	%		0.06	%		0.07	%		0.06	%

*Includes loans held for sale.

Allowances for Credit Losses
(Unaudited)

	Three Months Ended
(In thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2006			2006			2005			2005			2005
Allowance for Loan Losses
Balance at beginning of period	$	341,261		$	338,399		$	287,237		$	281,428		$	273,906
Allowance of company acquired		-			-			49,217			-			-
Add:
Provision for losses		17,022			14,512			10,116			12,107			11,417
Deduct:
Loan and lease charge-offs		(16,082	)		(15,609	)		(12,168	)		(10,883	)		(8,633	)
Recoveries		6,274			3,959			3,997			4,585			4,738
Net loan and lease charge-offs		(9,808	)		(11,650	)		(8,171	)		(6,298	)		(3,895	)
Balance at end of period	$	348,475		$	341,261		$	338,399		$	287,237		$	281,428

Ratio of allowance for loan losses to net loans
and leases outstanding at period end		1.07	%		1.10	%		1.12	%		1.20	%		1.18	%

Ratio of allowance for loan losses to nonperforming
loans at period end		606.56	%		476.67	%		489.74	%		422.87	%		449.49	%

Allowance for Unfunded Lending Commitments
Balance at beginning of period	$	17,841		$	18,120		$	15,830		$	15,395		$	14,353
Allowance of company acquired		-			-			2,013			-			-
Provision charged (credited) against earnings		(249	)		(279	)		277			435			1,042
Balance at end of period	$	17,592		$	17,841		$	18,120		$	15,830		$	15,395

Total Allowances for Credit Losses
Allowance for loan losses	$	348,475		$	341,261		$	338,399		$	287,237		$	281,428
Allowance for unfunded lending commitments		17,592			17,841			18,120			15,830			15,395
Total allowances for credit losses	$	366,067		$	359,102		$	356,519		$	303,067		$	296,823

Ratio of total allowances for credit losses to net loans
and leases outstanding at period end		1.12	%		1.15	%		1.18	%		1.27	%		1.25	%

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 16

Sold Loans Being Serviced
(Unaudited)

	Three Months Ended
(In thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2006			2006			2005			2005			2005

Balance at beginning of period	$	3,183,992		$	3,382,603		$	3,561,818		$	2,910,182		$	2,995,630
New loans sold		82,553			59,417			100,273			880,808			120,091
Payments and other reductions		(263,444	)		(258,028	)		(279,488	)		(229,172	)		(205,539	)
Balance at end of period	$	3,003,101		$	3,183,992		$	3,382,603		$	3,561,818		$	2,910,182


Loan Balances By Portfolio Type
(Unaudited)

(In millions)	June 30,			March 31,			December 31,			September 30,			June 30,
	2006			2006			2005			2005			2005

Loans held for sale	$	249		$	312		$	256		$	213		$	207

Commercial lending:
Commercial and industrial		7,539			7,261			7,192			4,885			4,760
Leasing		407			383			373			359			361
Owner occupied		5,574			5,159			4,825			4,063			4,341
Total commercial lending		13,520			12,803			12,390			9,307			9,462

Commercial real estate:
Construction and land development		6,958			6,292			6,065			4,471			4,091
Term		4,981			4,847			4,640			4,051			4,118
Total commercial real estate		11,939			11,139			10,705			8,522			8,209

Consumer:
Home equity credit line and other
consumer real estate		1,963			1,892			1,831			1,659			1,709
1-4 family residential		4,244			4,191			4,130			3,574			3,564
Bankcard and other revolving plans		279			254			207			195			208
Other		453			464			537			437			468
Total consumer		6,939			6,801			6,705			5,865			5,949

Foreign loans		3			3			5			5			5

Other receivables		175			212			191			125			93
Total loans	$	32,825		$	31,270		$	30,252		$	24,037		$	23,925

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 17

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended							Three Months Ended
	June 30, 2006							June 30, 2005
(In thousands)	Average			Amount of		Average		Average			Amount of		Average
	balance			interest (1)		rate		balance			interest (1)		rate
ASSETS
Money market investments	$	475,278		$	5,910	4.99	%	$	862,354		$	6,041	2.81	%
Securities:
Held to maturity		644,555			10,952	6.82	%		641,161			11,076	6.93	%
Available for sale		5,067,450			72,255	5.72	%		3,941,109			50,385	5.13	%
Trading account		164,060			1,995	4.88	%		509,282			5,044	3.97	%
Total securities		5,876,065			85,202	5.82	%		5,091,552			66,505	5.24	%

Loans:
Loans held for sale		266,126			4,055	6.11	%		198,547			2,618	5.29	%
Net loans and leases (2)		31,633,927			597,368	7.57	%		23,132,123			385,732	6.69	%
Total loans and leases		31,900,053			601,423	7.56	%		23,330,670			388,350	6.68	%
Total interest-earning assets		38,251,396			692,535	7.26	%		29,284,576			460,896	6.31	%
Cash and due from banks		1,441,444							1,076,691
Allowance for loan losses		(345,408	)						(278,262	)
Goodwill		1,884,192							638,932
Core deposit and other intangibles		185,281							53,011
Other assets		2,365,717							1,735,744
Total assets	$	43,782,622						$	32,510,692

LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	5,194,174			17,158	1.32	%	$	4,325,868			8,453	0.78	%
Money market		10,671,342			79,973	3.01	%		8,755,133			40,783	1.87	%
Time under $100,000		1,985,853			17,472	3.53	%		1,452,392			9,420	2.60	%
Time $100,000 and over		2,871,682			29,098	4.06	%		1,539,694			11,528	3.00	%
Foreign		1,868,060			20,854	4.48	%		554,042			3,609	2.61	%
Total interest-bearing deposits		22,591,111			164,555	2.92	%		16,627,129			73,793	1.78	%
Borrowed funds:
Securities sold, not yet purchased		62,404			706	4.54	%		509,818			4,733	3.72	%
Federal funds purchased and security
repurchase agreements		2,804,139			29,807	4.26	%		2,347,220			15,263	2.61	%
Commercial paper		217,033			2,760	5.10	%		160,609			1,246	3.11	%
FHLB advances and other borrowings:
One year or less		800,800			10,202	5.11	%		378,659			2,910	3.08	%
Over one year		133,885			2,059	6.17	%		227,318			2,863	5.05	%
Long-term debt		2,476,188			40,185	6.51	%		1,691,507			24,000	5.69	%
Total borrowed funds		6,494,449			85,719	5.29	%		5,315,131			51,015	3.85	%
Total interest-bearing liabilities		29,085,560			250,274	3.45	%		21,942,260			124,808	2.28	%
Noninterest-bearing deposits		9,584,091							7,160,856
Other liabilities		669,710							505,476
Total liabilities		39,339,361							29,608,592
Minority interest		28,486							24,726
Total shareholders' equity		4,414,775							2,877,374
Total liabilities and shareholders' equity	$	43,782,622						$	32,510,692

Spread on average interest-bearing funds						3.81	%						4.03	%
Taxable-equivalent net interest income and
net yield on interest-earning assets				$	442,261	4.64	%				$	336,088	4.60	%

(1)	Taxable-equivalent rates used where applicable.
(2)	Net of unearned income and fees, net of related costs. Loans include nonaccrual and restructured loans.

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 18

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Six Months Ended							Six Months Ended
	June 30, 2006							June 30, 2005
(In thousands)	Average			Amount of		Average		Average			Amount of		Average
	balance			interest (1)		rate		balance			interest (1)		rate
ASSETS
Money market investments	$	493,398		$	11,757	4.81	%	$	839,375		$	10,679	2.57	%
Securities:
Held to maturity		638,366			21,676	6.85	%		639,249			22,086	6.97	%
Available for sale		5,169,446			144,957	5.65	%		3,945,609			98,622	5.04	%
Trading account		166,521			4,069	4.93	%		556,638			11,079	4.01	%
Total securities		5,974,333			170,702	5.76	%		5,141,496			131,787	5.17	%

Loans:
Loans held for sale		269,359			8,101	6.06	%		192,084			4,221	4.43	%
Net loans and leases (2)		30,919,013			1,146,022	7.47	%		22,812,861			742,219	6.56	%
Total loans and leases		31,188,372			1,154,123	7.46	%		23,004,945			746,440	6.54	%
Total interest-earning assets		37,656,103			1,336,582	7.16	%		28,985,816			888,906	6.18	%
Cash and due from banks		1,489,642							1,047,569
Allowance for loan losses		(343,094	)						(275,803	)
Goodwill		1,885,862							640,758
Core deposit and other intangibles		190,885							54,822
Other assets		2,338,173							1,729,496
Total assets	$	43,217,571						$	32,182,658

LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,924,167			30,343	1.24	%	$	4,312,341			16,000	0.75	%
Money market		11,015,663			153,411	2.81	%		8,832,113			73,972	1.69	%
Time under $100,000		1,971,262			33,334	3.41	%		1,434,241			17,457	2.45	%
Time $100,000 and over		2,721,493			52,420	3.88	%		1,462,923			20,826	2.87	%
Foreign		1,923,369			41,155	4.31	%		501,812			6,161	2.48	%
Total interest-bearing deposits		22,555,954			310,663	2.78	%		16,543,430			134,416	1.64	%
Borrowed funds:
Securities sold, not yet purchased		59,881			1,337	4.50	%		508,873			9,243	3.66	%
Federal funds purchased and security
repurchase agreements		2,739,205			54,973	4.05	%		2,379,959			28,415	2.41	%
Commercial paper		199,282			4,842	4.90	%		152,889			2,177	2.87	%
FHLB advances and other borrowings:
One year or less		407,519			10,301	5.10	%		352,330			4,946	2.83	%
Over one year		163,893			4,584	5.64	%		227,590			5,702	5.05	%
Long-term debt		2,489,693			78,797	6.38	%		1,691,118			47,799	5.70	%
Total borrowed funds		6,059,473			154,834	5.15	%		5,312,759			98,282	3.73	%
Total interest-bearing liabilities		28,615,427			465,497	3.28	%		21,856,189			232,698	2.15	%
Noninterest-bearing deposits		9,543,713							6,963,878
Other liabilities		661,775							486,535
Total liabilities		38,820,915							29,306,602
Minority interest		28,355							24,787
Total shareholders' equity		4,368,301							2,851,269
Total liabilities and shareholders' equity	$	43,217,571						$	32,182,658

Spread on average interest-bearing funds						3.88	%						4.03	%
Taxable-equivalent net interest income and
net yield on interest-earning assets				$	871,085	4.66	%				$	656,208	4.57	%

(1)	Taxable-equivalent rates used where applicable.
(2)	Net of unearned income and fees, net of related costs. Loans include nonaccrual and restructured loans.

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