-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RtvXr80oaRHQf6hwVNpL2ILqUFWGxtSGYlgt3thR3KvNPv2F2nQyZuEWkGJz+YAX mLwv8F7VJSSpLnm9tcuyrg== 0000109380-07-000009.txt : 20070123 0000109380-07-000009.hdr.sgml : 20070123 20070123161031 ACCESSION NUMBER: 0000109380-07-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070123 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070123 DATE AS OF CHANGE: 20070123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZIONS BANCORPORATION /UT/ CENTRAL INDEX KEY: 0000109380 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 870227400 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12307 FILM NUMBER: 07546653 BUSINESS ADDRESS: STREET 1: ONE SOUTH MAIN STREET STREET 2: SUITE 1134 CITY: SALT LAKE CITY STATE: UT ZIP: 84111 BUSINESS PHONE: 8015244787 MAIL ADDRESS: STREET 1: ONE SOUTH MAIN STREET STREET 2: SUITE 1134 CITY: SALT LAKE CITY STATE: UT ZIP: 84111 FORMER COMPANY: FORMER CONFORMED NAME: ZIONS UTAH BANCORPORATION DATE OF NAME CHANGE: 19870615 FORMER COMPANY: FORMER CONFORMED NAME: ZIONS FIRST NATIONAL INVESTMENT CO DATE OF NAME CHANGE: 19660921 8-K 1 form8k.htm ZIONS BANCORPORATION FORM 8-K JANUARY 23, 2007 ZIONS BANCORPORATION FORM 8-K JANUARY 23, 2007
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 23, 2007

ZIONS BANCORPORATION
(Exact name of registrant as specified in its charter)

UTAH
  
001-12307
  
87-0227400
(State of Incorporation)
  
(Commission File Number)
  
(IRS Employer Identification No.)

ONE SOUTH MAIN, SUITE 1500,
SALT LAKE CITY, UTAH
  
84111
(Address of principal executive offices)
  
(Zip Code)

Registrant’s telephone number, including area code 801-524-4787

N/A
 
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))
 

Item 2.02    Results of Operations and Financial Condition.

On January 23, 2007, Zions Bancorporation (“the Company”) announced its financial results for the quarter ended December 31, 2006. The press release announcing the financial results for the quarter ended December 31, 2006 is furnished as Exhibit 99.1 and incorporated herein by reference.

The information in this Current Report on Form 8-K, including the exhibit, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended.


Item 9.01    Financial Statements and Exhibits.
 
          (c)  Exhibits.
 
          The following exhibit is furnished as part of this Current Report on Form 8-K:
 
          Exhibit 99.1 Press Release dated January 23, 2007
 
 
 
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 hereunto duly authorized.

     
  ZIONS BANCORPORATION
 
 		  
 		  
 
Date: January 23, 2007 By:   /s/ Doyle L. Arnold
 
 
Vice Chairman and
Chief Financial Officer

 
 EX-99.1 2 ex99_1.htm PRESS RELEASE DATED JANUARY 23, 2007 PRESS RELEASE DATED JANUARY 23, 2007
EXHIBIT 99.1
 

***FOR IMMEDIATE RELEASE***

 
For: ZIONS BANCORPORATION Contact: Clark Hinckley
One South Main, Suite 1500 Tel: (801) 524-4787
Salt Lake City, Utah January 23, 2007
Harris H. Simmons  
Chairman/Chief Executive Officer
 


ZIONS BANCORPORATION REPORTS EARNINGS OF $1.32 PER
DILUTED COMMON SHARE FOR FOURTH QUARTER 2006

Record Annual Earnings of $5.36 per Diluted Common Share for 2006

SALT LAKE CITY, January 23, 2007 - Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported fourth quarter net earnings applicable to common shareholders of $142.7 million, an increase of 11.4% over the $128.1 million for the fourth quarter of 2005. Net earnings per diluted common share of $1.32 for the fourth quarter of 2006 were unchanged from the fourth quarter of 2005. The return on average common equity was 12.08% for the fourth quarter of 2006 compared to 13.41% for the third quarter of 2006.

Net earnings applicable to common shareholders for 2006 increased 20.7% to $579.3 million or $5.36 per diluted share compared to $480.1 million or $5.16 per diluted share for 2005. The return on average common equity for 2006 was 12.89% compared to 15.86% for 2005.

All comparisons to the 2005 periods reflect the impact of the Company’s acquisition of Amegy Bancorporation, Inc., which was completed in December 2005.
 
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ZIONS BANCORPORATION
Press Release – Page 2
January 23, 2007
 
Fourth Quarter 2006 Key Performance Drivers
·  
Loan growth of nearly $1.0 billion, 11.4% annualized from third quarter.
·  
Deposit growth of $1.3 billion, including core deposit growth of $652 million (8.7% annualized from third quarter).
·  
Net interest margin of 4.60%, up two basis points from third quarter.
·  
Continued improvement in efficiency ratio.
·  
Continued excellent credit quality.

“Not only was this an excellent quarter, but the year 2006 was a great year for Zions Bancorporation,” stated Harris Simmons, chairman and chief executive officer. “The Company produced organic loan growth of over 15%, maintained a high and stable net interest margin in a difficult rate environment, maintained consistently high credit quality, and earned a record $579.3 million.”

As previously disclosed in a Form 8-K filed on January 11, 2007, earnings for the fourth quarter of 2006 were unfavorably impacted by the following three items:

·  
The Company recognized a pretax loss of $10.9 million ($0.06 per diluted share) during the quarter on a $17.1 million participation in an equipment lease by its National Bank of Arizona affiliate. The loss resulted from an alleged accounting fraud at a water bottling company. The $6.2 million estimated value of the related equipment was recorded as “Other Assets” and included in nonperforming assets.

·  
The Company incurred pretax costs of $7.3 million ($0.04 per diluted share) during the quarter for the call premium on the early redemption of $176.3 million of 8.536% trust preferred debt issued by Zions Institutional Capital Trust A. Redemption of this debt is expected to reduce pretax interest expense by approximately $14.5 million annually.

·  
The Company declared a preferred stock dividend of $3.8 million ($0.04 per diluted share) in December 2006 subsequent to the issuance of $240 million of Series A Preferred Stock. The preferred stock dividend reduced earnings applicable to common shareholders. Terms of the preferred stock required the Company to declare the full quarterly dividend and set aside the funds before the Company could repurchase common shares under the $400 million repurchase authorization announced on December 11, 2006.

- more -
ZIONS BANCORPORATION
Press Release – Page 3
January 23, 2007
 
Loan Growth
On-balance-sheet net loans and leases were $34.7 billion at December 31, 2006, an increase of approximately $1.0 billion or 11.4% annualized from $33.7 billion at September 30, 2006, and an increase of 15.1% from $30.1 billion at December 31, 2005. Loan growth during the fourth quarter was concentrated in the commercial lending category principally at Zions Bank and Amegy Bank of Texas.

Deposit Growth
Total deposits at December 31, 2006 increased $1.3 billion to $35.0 billion, an annualized increase of 15.9%, from $33.6 billion at September 30, 2006, and increased 7.2% over the balances reported one year ago. Core deposits increased $652 million, or 8.7% annualized, during the quarter to $30.7 billion compared to $30.0 billion at September 30, 2006, and increased $552 million, or 1.8%, compared to $30.1 billion at December 31, 2005. Average noninterest-bearing demand deposits were essentially unchanged from the prior quarter. The quarterly increase in total deposits included approximately $270 million of time deposits placed by The Stockmen’s Bank with two affiliate banks of the Company in October 2006. The Company’s acquisition of Stockmen’s was announced on September 11, 2006 and was completed on January 17, 2007.

Net Interest Income
Net interest income for the fourth quarter of 2006 increased $12.5 million, or 11.1% annualized, to $459.0 million compared to $446.5 million for the third quarter of 2006, and increased $84.2 million, or 22.5%, compared to $374.8 million for the fourth quarter of 2005. Taxable-equivalent net interest income for the fourth quarter of 2006 was $465.3 million compared to $452.6 million for the third
 
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ZIONS BANCORPORATION
Press Release – Page 4
January 23, 2007
 
quarter of 2006 and $380.3 million for the fourth quarter of 2005. For the fourth quarter of 2006, the net interest margin was 4.60% compared to 4.58% for the third quarter of 2006 and 4.62% for the fourth quarter of 2005. In addition, the net interest spread for the fourth quarter of 2006 was essentially unchanged from the third quarter of 2006.

Noninterest Income
For the fourth quarter of 2006, noninterest income was $139.9 million compared to $145.3 million for the third quarter of 2006 and $117.6 million for the fourth quarter of 2005. The decrease in the fourth quarter is primarily due to the decrease from $12.9 million for the third quarter to $6.3 million for the fourth quarter in gains on venture capital investments included in equity securities gains. However, net of minority interest, income taxes, and other expenses, venture capital investments increased net income by $2.5 million for the fourth quarter of 2006 compared to $1.7 million for the third quarter. Loan sales and servicing income for the fourth quarter included a pretax impairment charge of $1.9 million on retained interests from certain previous small business loan securitizations due to accelerated prepayment speeds; a $4.1 million pretax impairment charge for similar reasons was included in the third quarter 2006 results.

Noninterest Expense
Noninterest expense for the fourth quarter of 2006 was $342.9 million compared to $330.0 million for the third quarter of 2006 and $283.8 million for the fourth quarter of 2005. The increase is primarily due to the $7.3 million in debt extinguishment costs previously discussed. Salaries and employee benefits for the fourth quarter were favorably impacted by approximately $5 million as a result of lower medical costs in the Company’s HDHP/HSA health plans, and cost adjustments to bonus and other employee benefit plans.

The efficiency ratio for the fourth quarter of 2006 was 56.7% compared to 55.2% for the third quarter of 2006 and 57.0% for the fourth quarter of 2005. Exclusive of the $7.3 million debt extinguishment costs, the efficiency ratio for the fourth quarter would be 55.5%. The efficiency ratio for the third quarter of
 
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ZIONS BANCORPORATION
Press Release – Page 5
January 23, 2007
 
2006 was favorably impacted by the full amount of venture capital gains previously discussed. When adjusted to exclude from revenue the related minority interest, the efficiency ratio would have been 56.1% for the third quarter.

Asset Quality
Nonperforming assets were $82.0 million at December 31, 2006 and include the $6.2 million of equipment previously discussed. This compares to $74.8 million at September 30, 2006 and $89.1 million at December 31, 2005. The ratio of nonperforming assets to net loans and leases and other real estate owned was 0.24% at December 31, 2006 compared to 0.22% at September 30, 2006 and 0.30% at December 31, 2005.

For the fourth quarter of 2006, net loan and lease charge-offs were $17.9 million or 0.21% annualized of average loans, which include the $10.9 million loss on equipment lease previously discussed. This compares with $6.5 million or 0.08% annualized for the third quarter of 2006 and $8.2 million or 0.13% annualized for the fourth quarter of 2005. For the year 2006, net loan and lease charge-offs were $45.8 million or 0.14% of average loans compared to $25.0 million or 0.10% for 2005.

The provision for loan losses was $26.7 million for the fourth quarter of 2006 compared to $14.4 million for the third quarter of 2006 and $10.1 million for the fourth quarter of 2005. The provision in excess of net charge-offs for the quarter was mainly the result of the Company’s continued strong loan growth. The combined provisions for loan losses and unfunded lending commitments were $27.4 million for the fourth quarter of 2006, $15.4 million for the third quarter of 2006, and $10.4 million for the fourth quarter of 2005. The combined provisions for the year 2006 were $73.8 million compared to $46.4 million for 2005.

At December 31, 2006, the allowance for loan losses as a percentage of net loans and leases was 1.05% compared to 1.06% at September 30, 2006 and 1.12% at December 31, 2005. At December 31, 2006, the allowance was 548.5% of nonperforming loans. The combined allowances for credit losses
 
- more -
ZIONS BANCORPORATION
Press Release – Page 6
January 23, 2007
 
(allowance for loan losses plus the allowance for unfunded lending commitments) were $384.5 million or 1.11% of net loans and leases at December 31, 2006 and $356.5 million or 1.18% at December 31, 2005.

Capital Management
In December 2006 the Company resumed its stock repurchase plan, which had been suspended since July 2005 because of the Amegy acquisition. Under the $400 million repurchase authorization, the Company repurchased 308,359 common shares for $24.9 million during December 2006 at an average price of $81.05 per share.

As previously discussed, the Company declared a preferred stock dividend of $3.8 million in December 2006 for the quarterly dividend through and to be paid on March 15, 2007.

The Company’s tangible equity ratio, which includes the impact of the perpetual noncumulative preferred stock, was 6.51% at December 31, 2006 compared to 5.92% at September 30, 2006 and 5.28% at December 31, 2005. The increase is mainly due to the issuance of the preferred stock in December 2006, increased retained earnings during the quarter, and a reduction in the accumulated other comprehensive loss. The Company’s tangible common equity ratio was 5.98% at December 31, 2006 compared to 5.92% at September 30, 2006 and 5.28% at December 31, 2005.

Weighted average common and common-equivalent shares outstanding for the fourth quarter of 2006 were 108,221,096 compared to 108,061,423 for the third quarter of 2006 and 96,963,446 for the fourth quarter of 2005. Common shares outstanding at December 31, 2006 were 106,720,884 compared to 106,804,606 at September 30, 2006 and 105,147,562 at December 31, 2005.
 
- more -
ZIONS BANCORPORATION
Press Release – Page 7
January 23, 2007
 
Acquisition
The previously disclosed acquisition of The Stockmen’s Bancorp, Inc., headquartered in Kingman, Arizona, was approved by regulators and by Stockmen’s shareholders, and was completed on January 17, 2007. The Company issued 2.6 million shares of its common stock to Stockmen's shareholders in completing this acquisition.
 
Conference Call
Zions will host a conference call to discuss these fourth quarter results at 5:30 p.m. ET this afternoon (January 23, 2007). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-866-700-7477 and entering the passcode 34521752, 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 Tuesday, January 23, through midnight ET on Tuesday, January 30, by dialing 1-888-286-8010 and entering the passcode 50495881. 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 500 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
 
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ZIONS BANCORPORATION
Press Release – Page 8
January 23, 2007
 
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 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.

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.
 
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 9
FINANCIAL HIGHLIGHTS
(Unaudited)

 
Three Months Ended
  
Years Ended
(In thousands, except per share and ratio data)
December 31,
  
December 31,
 
2006
  
2005
  
% Change
  
2006
  
2005
  
% Change
EARNINGS
                                       
Taxable-equivalent net interest income
$
465,267
    
$
380,316
    
22.34
%
  
$
1,788,958
    
$
1,382,350
    
29.41
%
Taxable-equivalent revenue
  
605,148
      
497,943
   
21.53
%
    
2,340,167
      
1,819,303
   
28.63
%
Net interest income
  
459,039
     
374,819
   
22.47
%
    
1,764,724
     
1,361,350
   
29.63
%
Noninterest income
  
139,881
     
117,627
   
18.92
%
    
551,209
     
436,953
   
26.15
%
Provision for loan losses
  
26,675
     
10,116
   
163.69
%
    
72,572
     
43,023
   
68.68
%
Noninterest expense
  
342,926
     
283,789
   
20.84
%
    
1,330,437
     
1,012,791
   
31.36
%
Impairment loss on goodwill
  
-
     
602
   
(100.00)
%
    
-
     
602
   
(100.00)
%
Income before income taxes and minority interest
  
229,319
     
197,939
   
15.85
%
    
912,924
     
741,887
   
23.05
%
Income taxes
  
80,081
     
69,139
   
15.83
%
    
317,950
     
263,418
   
20.70
%
Minority interest
 
2,730
     
693
   
293.94
%
    
11,849
     
(1,652
)
  
817.25
%
Net income
  
146,508
     
128,107
   
14.36
%
    
583,125
     
480,121
   
21.45
%
Net earnings applicable to common shareholders
  
142,673
     
128,107
   
11.37
%
    
579,290
     
480,121
   
20.66
%
                                           
PER COMMON SHARE
                                         
Net earnings (diluted)
  
1.32
     
1.32
   
-
     
5.36
     
5.16
   
3.88
%
Dividends
  
0.39
     
0.36
   
8.33
%
    
1.47
     
1.44
   
2.08
%
Book value per common share
                        
44.48
     
40.30
   
10.37
%
                                           
SELECTED RATIOS
                                          
Return on average assets
  
1.27
%
    
1.38
%
          
1.32
%
    
1.43
%
      
Return on average common equity
  
12.08
%
    
14.82
%
          
12.89
%
    
15.86
%
      
Efficiency ratio
  
56.67
%
    
56.99
%
          
56.85
%
    
55.67
%
      
Net interest margin
  
4.60
%
    
4.62
%
          
4.63
%
    
4.58
%
      

- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 10
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)

 
Three Months Ended
  
Years Ended
(In thousands, except share and ratio data)
December 31,
  
December 31,
 
2006
  
2005
  
% Change
  
2006
  
2005
 
% Change
AVERAGE BALANCES
                                          
Total assets
$
45,818,165
    
$
36,780,719
    
24.57
%
  
$
44,241,772
    
$
33,602,704
    
31.66
%
Securities
  
5,627,906
     
5,352,093
   
5.15
%
    
5,793,985
     
5,157,334
   
12.34
%
Net loans and leases
  
34,059,617
     
25,982,873
   
31.08
%
    
32,395,359
     
24,008,629
   
34.93
%
Goodwill
  
1,895,860
     
1,060,381
   
78.79
%
    
1,887,335
     
746,072
   
152.97
%
Core deposit and other intangibles
  
168,547
     
101,593
   
65.90
%
    
181,316
     
65,969
   
174.85
%
Total deposits
  
33,853,608
     
27,605,309
   
22.63
%
    
32,759,623
     
24,867,920
   
31.73
%
Core deposits (1)
  
29,763,841
     
25,467,323
   
16.87
%
    
29,487,936
     
23,155,428
   
27.35
%
Minority interest
  
40,471
     
27,079
   
49.46
%
    
33,803
     
25,726
   
31.40
%
Shareholders' equity:
                                          
Preferred equity
  
65,216
     
-
   
-
     
16,438
     
-
   
-
 
Common equity
  
4,685,507
     
3,428,605
   
36.66
%
    
4,493,042
     
3,027,375
   
48.41
%
                                           
Weighted average common and common-
                                          
equivalent shares outstanding
  
108,221,096
     
96,963,446
   
11.61
%
    
108,028,075
     
92,993,915
   
16.17
%
                                           
AT PERIOD END
                                          
Total assets
                      
$
46,970,226
    
$
42,779,639
    
9.80
%
Securities
                        
5,767,467
     
6,057,212
   
(4.78)
%
Net loans and leases
                        
34,667,556
     
30,126,936
   
15.07
%
Sold loans being serviced (2)
                        
2,586,451
     
3,382,603
   
(23.54)
%
Allowance for loan losses
                        
365,150
     
338,399
   
7.91
%
Allowance for unfunded lending commitments
                        
19,368
     
18,120
   
6.89
%
Goodwill
                       
1,900,517
     
1,887,588
   
0.68
%
Core deposit and other intangibles
                        
162,134
     
199,166
   
(18.59)
%
Total deposits
                        
34,981,746
     
32,642,408
   
7.17
%
Core deposits (1)
                        
30,679,690
     
30,127,812
   
1.83
%
Minority interest
                        
42,791
     
27,551
   
55.32
%
Shareholders' equity:
                                          
Preferred equity
                        
240,000
     
-
   
-
 
Common equity
                        
4,747,023
     
4,237,264
   
12.03
%
                                           
Common shares outstanding
                        
106,720,884
     
105,147,562
   
1.50
%
                                           
Average equity to average assets
  
10.37
%
    
9.32
%
          
10.19
%
    
9.01
%
      
Common dividend payout
 
29.51
%
    
25.50
%
          
27.10
%
    
27.14
%
      
Tangible equity ratio
                        
6.51
%
    
5.28
%
      
Nonperforming assets
                        
81,994
     
89,063
   
(7.94)
%
Accruing loans past due 90 days or more
                        
43,727
     
17,153
   
154.92
%
Nonperforming assets to net loans and leases
                                          
and other real estate owned at period end
                        
0.24
%
    
0.30
%
      

(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. 
 
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 11
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)

 
Three Months Ended
(In thousands, except per share and ratio data)
December 31,
  
September 30,
  
June 30,
  
March 31,
  
December 31,
 
2006
  
2005
EARNINGS
                           
Taxable-equivalent net interest income
$
465,267
    
$
452,606
    
$
442,261
    
$
428,824
    
$
380,316
  
Taxable-equivalent revenue
  
605,148
      
597,935
     
579,772
     
557,312
     
497,943
 
Net interest income
  
459,039
     
446,511
     
436,327
     
422,847
     
374,819
 
Noninterest income
  
139,881
     
145,329
     
137,511
     
128,488
     
117,627
 
Provision for loan losses
  
26,675
     
14,363
     
17,022
     
14,512
     
10,116
 
Noninterest expense
  
342,926
     
330,028
     
333,028
     
324,455
     
283,789
 
Impairment loss on goodwill
  
-
     
-
     
-
     
-
     
602
 
Income before income taxes and minority interest
  
229,319
     
247,449
     
223,788
     
212,368
     
197,939
 
Income taxes
  
80,081
     
83,790
     
78,821
     
75,258
     
69,139
 
Minority interest
 
2,730
     
9,985
     
(343
)
    
(523
)
    
693
 
Net income
  
146,508
     
153,674
     
145,310
     
137,633
     
128,107
 
Net earnings applicable to common shareholders
  
142,673
     
153,674
     
145,310
     
137,633
     
128,107
 
                                       
PER COMMON SHARE
                                     
Net earnings (diluted)
  
1.32
     
1.42
     
1.35
     
1.28
     
1.32
 
Dividends
  
0.39
     
0.36
     
0.36
     
0.36
     
0.36
 
Book value per common share
  
44.48
     
43.47
     
41.72
     
40.95
     
40.30
 
                                       
SELECTED RATIOS
                                      
Return on average assets
  
1.27
%
    
1.36
%
    
1.33
%
    
1.31
%
    
1.38
%
Return on average common equity
  
12.08
%
    
13.41
%
    
13.20
%
    
12.92
%
    
14.82
%
Efficiency ratio
  
56.67
%
    
55.19
%
    
57.44
%
    
58.22
%
    
56.99
%
Net interest margin
  
4.60
%
    
4.58
%
    
4.64
%
    
4.69
%
    
4.62
%

- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 12
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)

 
Three Months Ended
(In thousands, except share and ratio data)
December 31,
  
September 30,
  
June 30,
  
March 31,
  
December 31,
 
2006
  
2005
AVERAGE BALANCES
                                      
Total assets
$
45,818,165
    
$
44,680,382
    
$
43,782,622
    
$
42,646,242
    
$
36,780,719
  
Securities
  
5,627,906
     
5,605,249
     
5,876,065
     
6,073,692
     
5,352,093
 
Net loans and leases
  
34,059,617
     
33,105,716
     
31,900,053
     
30,468,784
     
25,982,873
 
Goodwill
  
1,895,860
     
1,881,708
     
1,884,192
     
1,887,551
     
1,060,381
 
Core deposit and other intangibles
  
168,547
     
175,259
     
185,281
     
196,551
     
101,593
 
Total deposits
  
33,853,608
     
32,964,029
     
32,175,202
     
32,023,293
     
27,605,309
 
Core deposits (1)
  
29,763,841
     
29,427,975
     
29,303,520
     
29,453,658
     
25,467,323
 
Minority interest
  
40,471
     
37,854
     
28,486
     
28,223
     
27,079
 
Shareholders' equity:
                                      
Preferred equity
  
65,216
     
-
     
-
     
-
     
-
 
Common equity
  
4,685,507
     
4,545,990
     
4,414,775
     
4,321,311
     
3,428,605
 
                                       
Weighted average common and common-
                                      
equivalent shares outstanding
108,221,096
     
108,061,423
     
107,883,374
     
107,724,724
     
96,963,446
 
                                       
AT PERIOD END
                                      
Total assets
$
46,970,226
    
$
45,777,747
    
$
45,142,086
    
$
43,318,029
    
$
42,779,639
  
Securities
  
5,767,467
     
5,817,571
     
5,797,079
     
5,984,115
     
6,057,212
 
Net loans and leases
  
34,667,556
     
33,706,110
     
32,682,335
     
31,140,326
     
30,126,936
 
Sold loans being serviced (2)
  
2,586,451
     
2,796,644
     
3,003,101
     
3,183,992
     
3,382,603
 
Allowance for loan losses
  
365,150
     
356,342
     
348,475
     
341,261
     
338,399
 
Allowance for unfunded lending commitments
  
19,368
     
18,637
     
17,592
     
17,841
     
18,120
 
Goodwill
 
1,900,517
     
1,884,328
     
1,881,256
     
1,884,225
     
1,887,588
 
Core deposit and other intangibles
  
162,134
     
168,135
     
177,692
     
188,384
     
199,166
 
Total deposits
  
34,981,746
     
33,640,991
     
33,254,210
     
32,872,708
     
32,642,408
 
Core deposits (1)
  
30,679,690
     
30,027,827
     
29,851,896
     
30,179,291
     
30,127,812
 
Minority interest
  
42,791
     
41,158
     
28,619
     
28,895
     
27,551
 
Shareholders' equity:
                                      
Preferred equity
  
240,000
     
-
     
-
     
-
     
-
 
Common equity
  
4,747,023
     
4,643,166
     
4,447,330
     
4,343,816
     
4,237,264
 
                                       
Common shares outstanding
  
106,720,884
     
106,804,606
     
106,611,731
     
106,070,045
     
105,147,562
 
                                       
Average equity to average assets
  
10.37
%
    
10.17
%
    
10.08
%
    
10.13
%
    
9.32
%
Common dividend payout
 
29.51
%
    
25.00
%
    
26.37
%
    
27.71
%
    
25.50
%
Tangible equity ratio
  
6.51
%
    
5.92
%
    
5.54
%
    
5.51
%
    
5.28
%
Nonperforming assets
  
81,994
     
74,815
     
73,475
     
96,556
     
89,063
 
Accruing loans past due 90 days or more
  
43,727
     
20,407
     
29,434
     
10,299
     
17,153
 
Nonperforming assets to net loans and leases
                                      
and other real estate owned at period end
  
0.24
%
    
0.22
%
    
0.22
%
    
0.31
%
    
0.30
%

(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.
 
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 13
CONSOLIDATED BALANCE SHEETS

 
December 31,
  
September 30,
  
June 30,
  
March 31,
  
December 31,
(In thousands, except share amounts)
2006
  
2006
  
2006
  
2006
  
2005
 
(Unaudited)
  
(Unaudited)
  
(Unaudited)
  
(Unaudited)
        
ASSETS
                                      
Cash and due from banks
$
1,938,810
    
$
1,616,910
    
$
1,773,829
    
$
1,584,857
    
$
1,706,590
  
Money market investments:
                                      
Interest-bearing deposits
  
43,203
     
39,882
     
87,512
     
51,942
     
22,179
 
Federal funds sold
  
55,658
     
72,036
     
262,959
     
178,406
     
414,281
 
Security resell agreements
  
270,415
     
272,643
     
225,160
     
238,762
     
230,282
 
Investment securities:
                                      
Held to maturity, at cost (approximate market value $648,828,
                                      
$655,170, $620,786, $633,784 and $642,258)
  
653,124
     
662,547
     
639,593
     
644,212
     
649,791
 
Available for sale, at market
  
5,050,907
     
5,062,409
     
5,086,840
     
5,187,979
     
5,305,859
 
Trading account, at market (includes $34,494, $60,331,
                                      
$50,684, $34,340 and $43,444 transferred as collateral
                                      
under repurchase agreements)
  
63,436
     
92,615
     
70,646
     
151,924
     
101,562
 
   
5,767,467
     
5,817,571
     
5,797,079
     
5,984,115
     
6,057,212
 
Loans:
                                      
Loans held for sale
 
252,818
     
268,305
     
248,948
     
311,655
     
256,236
 
Loans and leases
  
34,566,118
     
33,583,499
     
32,576,017
     
30,958,190
     
29,996,022
 
   
34,818,936
     
33,851,804
     
32,824,965
     
31,269,845
     
30,252,258
 
Less:
                                      
Unearned income and fees, net of related costs
  
151,380
     
145,694
     
142,630
     
129,519
     
125,322
 
Allowance for loan losses
  
365,150
     
356,342
     
348,475
     
341,261
     
338,399
 
Loans and leases, net of allowance
  
34,302,406
     
33,349,768
     
32,333,860
     
30,799,065
     
29,788,537
 
                                       
Other noninterest-bearing investments
  
1,022,383
     
1,005,989
     
993,379
     
971,569
     
938,515
 
Premises and equipment, net
  
609,472
     
587,807
     
574,154
     
565,327
     
564,745
 
Goodwill
  
1,900,517
     
1,884,328
     
1,881,256
     
1,884,225
     
1,887,588
 
Core deposit and other intangibles
  
162,134
     
168,135
     
177,692
     
188,384
     
199,166
 
Other real estate owned
  
9,250
     
9,986
     
16,024
     
24,964
     
19,966
 
Other assets
  
888,511
     
952,692
     
1,019,182
     
846,413
     
950,578
 
 
$
46,970,226
    
$
45,777,747
    
$
45,142,086
    
$
43,318,029
    
$
42,779,639
  
                                       
LIABILITIES AND SHAREHOLDERS' EQUITY
                                      
Deposits:
                                      
Noninterest-bearing demand
$
10,010,310
    
$
9,750,064
    
$
10,163,834
    
$
9,953,003
    
$
9,953,833
  
Interest-bearing:
                                      
Savings and money market
  
15,858,887
     
15,824,048
     
15,814,128
     
16,354,901
     
16,055,754
 
Time under $100,000
  
2,257,967
     
2,154,894
     
2,030,717
     
1,959,351
     
1,938,789
 
Time $100,000 and over
  
4,302,056
     
3,613,164
     
3,402,314
     
2,693,417
     
2,514,596
 
Foreign
  
2,552,526
     
2,298,821
     
1,843,217
     
1,912,036
     
2,179,436
 
   
34,981,746
     
33,640,991
     
33,254,210
     
32,872,708
     
32,642,408
 
                                       
Securities sold, not yet purchased
  
50,416
     
53,802
     
27,388
     
55,577
     
64,654
 
Federal funds purchased
  
1,993,483
     
2,286,561
     
1,397,694
     
1,484,049
     
1,255,662
 
Security repurchase agreements
  
934,057
     
1,108,771
     
1,169,296
     
1,096,420
     
1,027,658
 
Other liabilities
  
747,499
     
657,657
     
789,222
     
677,495
     
592,599
 
Commercial paper
  
220,507
     
265,769
     
245,126
     
153,286
     
167,188
 
Federal Home Loan Bank advances and other borrowings:
                                      
One year or less
  
517,925
     
313,259
     
1,216,848
     
4,264
     
18,801
 
Over one year
  
137,058
     
132,854
     
133,450
     
134,043
     
234,488
 
Long-term debt
  
2,357,721
     
2,633,759
     
2,432,903
     
2,467,476
     
2,511,366
 
Total liabilities
  
41,940,412
     
41,093,423
     
40,666,137
     
38,945,318
     
38,514,824
 
                                       
Minority interest
  
42,791
     
41,158
     
28,619
     
28,895
     
27,551
 
                                       
Shareholders' equity:
                                      
Capital stock:
                                      
Preferred stock, without par value, authorized 3,000,000 shares:
                                      
Series A (liquidation preference $1,000 per share); issued
                                      
and outstanding 240,000 shares
  
240,000
     
-
     
-
     
-
     
-
 
Common stock, without par value; authorized 350,000,000
                                      
shares; issued and outstanding 106,720,884, 106,804,606,
                                      
106,611,731, 106,070,045 and 105,147,562 shares
  
2,230,303
     
2,240,458
     
2,218,711
     
2,197,245
     
2,156,732
 
Retained earnings
  
2,602,189
     
2,501,625
     
2,386,369
     
2,279,383
     
2,179,885
 
Accumulated other comprehensive loss
  
(75,849
)
    
(89,292
)
    
(148,327
)
    
(123,099
)
    
(83,043
)
Deferred compensation
  
(9,620
)
    
(9,625
)
    
(9,423
)
    
(9,713
)
    
(16,310
)
Total shareholders' equity
  
4,987,023
     
4,643,166
     
4,447,330
     
4,343,816
     
4,237,264
 
 
$
46,970,226
    
$
45,777,747
    
$
45,142,086
    
$
43,318,029
    
$
42,779,639
  
 
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 14
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

 
Three Months Ended
(In thousands, except per share amounts)
December 31,
  
September 30,
  
June 30,
  
March 31,
  
December 31,
 
2006
  
2006
  
2006
  
2006
  
2005
Interest income:
                            
Interest and fees on loans
$
665,791
    
$
638,610
    
$
591,139
    
$
542,784
    
$
458,429
  
Interest on loans held for sale
  
4,066
     
4,275
     
4,055
     
4,046
     
3,131
 
Lease financing
  
4,974
     
4,690
     
4,496
     
4,130
     
4,010
 
Interest on money market investments
  
6,116
     
6,241
      
5,925
     
6,432
     
13,280
 
Interest on securities:
                                      
Held to maturity – taxable
  
2,220
     
2,217
     
2,209
     
2,215
     
1,866
 
Held to maturity – nontaxable
  
5,963
     
5,732
     
5,683
     
5,531
     
5,948
 
Available for sale – taxable
  
68,075
     
66,078
     
68,995
     
69,104
     
56,267
 
Available for sale – nontaxable
  
2,083
     
2,089
     
2,119
     
2,339
     
1,433
 
Trading account
  
2,009
     
1,621
     
1,995
     
2,074
     
4,038
 
Total interest income
  
761,297
     
731,553
     
686,616
     
638,655
     
548,402
 
                                       
Interest expense:
                                      
Interest on savings and money market deposits
  
112,105
     
109,410
     
97,131
     
86,623
     
71,093
 
Interest on time and foreign deposits
  
102,025
     
86,635
     
67,424
     
59,485
     
43,740
 
Interest on short-term borrowings
  
45,504
      
46,778
     
43,490
      
28,563 
      
24,155
 
Interest on long-term debt
  
42,624
     
42,219
     
42,244
     
41,137
     
34,595
 
Total interest expense
  
302,258
     
285,042
      
250,289
     
215,808
     
173,583
 
                                       
Net interest income
  
459,039
     
446,511
     
436,327
     
422,847
     
374,819
 
Provision for loan losses
  
26,675
     
14,363
     
17,022
     
14,512
     
10,116
 
Net interest income after provision for loan losses
  
432,364
     
432,148
     
419,305
     
408,335
     
364,703
 
                                       
Noninterest income:
                                      
Service charges and fees on deposit accounts
  
43,201
     
41,991
     
41,414
     
40,038
     
34,375
 
Loan sales and servicing income
  
12,332
     
10,972
     
15,058
     
15,468
     
21,315
 
Other service charges, commissions and fees
  
45,604
     
44,711
     
42,779
     
39,931
     
32,973
 
Trust and investment management income
  
6,116
     
5,549
     
5,312
     
4,696
     
4,489
 
Income from securities conduit
  
7,567
     
7,741
     
8,492
     
8,406
     
8,977
 
Dividends and other investment income
  
10,360
     
10,403
     
9,946
     
9,209
     
7,642
 
Market making, trading and nonhedge derivative income
  
4,991
     
3,641
     
5,444
     
4,425
     
1,352
 
Equity securities gains (losses), net
  
5,875
     
13,180
     
(1,764
)
    
550
     
1,764
 
Fixed income securities gains (losses), net
  
(554
)
    
1,563
     
5,156
     
251
     
423
 
Other
 
4,389
     
5,578
     
5,674
     
5,514
     
4,317
 
Total noninterest income
  
139,881
     
145,329
     
137,511
     
128,488
     
117,627
 
                                       
Noninterest expense:
                                      
Salaries and employee benefits
  
189,627
     
190,554
     
185,643
     
185,855
     
154,942
 
Occupancy, net
  
25,170
     
25,807
     
24,549
     
24,081
     
21,388
 
Furniture and equipment
 
22,623
     
20,361
     
22,737
     
23,004
     
19,032
 
Legal and professional services
  
11,234
     
11,386
     
9,005
     
8,509
     
10,012
 
Postage and supplies
  
8,402
     
8,313
     
8,646
     
7,715
     
7,043
 
Advertising
  
7,100
     
6,566
     
6,814
     
5,985
     
6,061
 
Debt extinguishment cost
  
7,261
     
-
     
-
     
-
     
-
 
Impairment losses on long-lived assets
  
-
     
-
     
-
     
1,304
     
2,500
 
Restructuring charges
  
-
     
-
     
-
     
17
     
2,351
 
Merger related expense
  
2,199
     
2,549
     
8,906
     
6,807
     
3,103
 
Amortization of core deposit and other intangibles
  
10,899
     
10,716
     
10,692
     
10,693
     
6,092
 
Provision for unfunded lending commitments
  
731
     
1,045
     
(249
)
    
(279
)
    
277
 
Other
 
57,680
     
52,731
     
56,285
     
50,764
     
50,988
 
Total noninterest expense
  
342,926
     
330,028
     
333,028
     
324,455
     
283,789
 
                                       
Impairment loss on goodwill
  
-
     
-
     
-
     
-
     
602
 
                                       
Income before income taxes and minority interest
  
229,319
     
247,449
     
223,788
     
212,368
     
197,939
 
Income taxes
  
80,081
     
83,790
     
78,821
     
75,258
     
69,139
 
Minority interest
  
2,730
     
9,985
     
(343
)
    
(523
)
    
693
 
Net income
 
146,508
     
153,674
     
145,310
     
137,633
     
128,107
 
Preferred stock dividend
  
3,835
     
-
     
-
     
-
     
-
 
Net earnings applicable to common shareholders
$
142,673
    
$
153,674
    
$
145,310
    
$
137,633
    
$
128,107
  
                                       
Weighted average common shares outstanding during the period:
                           
Basic shares
  
106,457
     
106,285
     
106,001
     
105,472
     
95,002
 
Diluted shares
  
108,221
     
108,061
     
107,883
     
107,725
     
96,963
 
                                       
Net earnings per common share:
                                      
Basic
$
1.34
    
$
1.45
    
$
1.37
    
$
1.30
    
$
1.35
  
Diluted
  
1.32
     
1.42
     
1.35
     
1.28
     
1.32
 
 
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 15
CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)
(Unaudited)

 
Years Ended
(In thousands, except per share amounts)
December 31,
 
2006
  
2005
Interest income:
              
Interest and fees on loans
$
2,438,324
    
$
1,595,916
  
Interest on loans held for sale
  
16,442
     
9,814
 
Lease financing
  
18,290
     
16,079
 
Interest on money market investments
  
24,714
     
31,682
 
Interest on securities:
              
Held to maturity – taxable
  
8,861
     
7,331
 
Held to maturity – nontaxable
  
22,909
     
24,005
 
Available for sale – taxable
  
272,252
     
201,628
 
Available for sale – nontaxable
  
8,630
     
3,931
 
Trading account
  
7,699
     
19,870
 
Total interest income
  
2,818,121
     
1,910,256
 
               
Interest expense:
              
Interest on savings and money market deposits
  
405,269
     
220,604
 
Interest on time and foreign deposits
  
315,569
     
119,720
 
Interest on short-term borrowings
  
164,335
     
92,149
 
Interest on long-term debt
  
168,224
     
116,433
 
Total interest expense
  
1,053,397
     
548,906
 
               
Net interest income
  
1,764,724
     
1,361,350
 
Provision for loan losses
  
72,572
     
43,023
 
Net interest income after provision for loan losses
  
1,692,152
     
1,318,327
 
               
Noninterest income:
              
Service charges and fees on deposit accounts
  
166,644
     
128,796
 
Loan sales and servicing income
  
54,193
     
77,822
 
Other service charges, commissions and fees
  
172,662
     
116,635
 
Trust and investment management income
  
21,673
     
16,483
 
Income from securities conduit
  
32,206
     
34,966
 
Dividends and other investment income
  
39,918
     
30,040
 
Market making, trading and nonhedge derivative income
  
18,501
     
15,714
 
Equity securities gains (losses), net
  
17,841
     
(1,312
)
Fixed income securities gains, net
  
6,416
     
845
 
Other
 
21,155
     
16,964
 
Total noninterest income
  
551,209
     
436,953
 
               
Noninterest expense:
              
Salaries and employee benefits
  
751,679
     
573,902
 
Occupancy, net
  
99,607
     
77,393
 
Furniture and equipment
 
88,725
     
68,190
 
Legal and professional services
  
40,134
     
34,804
 
Postage and supplies
  
33,076
     
26,839
 
Advertising
  
26,465
     
21,364
 
Debt extinguishment cost
  
7,261
     
-
 
Impairment losses on long-lived assets
  
1,304
     
3,133
 
Restructuring charges
  
17
     
2,443
 
Merger related expense
  
20,461
     
3,310
 
Amortization of core deposit and other intangibles
  
43,000
     
16,905
 
Provision for unfunded lending commitments
  
1,248
     
3,425
 
Other
 
217,460
     
181,083
 
Total noninterest expense
  
1,330,437
     
1,012,791
 
               
Impairment loss on goodwill
  
-
     
602
 
               
Income before income taxes and minority interest
  
912,924
     
741,887
 
Income taxes
  
317,950
     
263,418
 
Minority interest
  
11,849
     
(1,652
)
Net income
 
583,125
     
480,121
 
Preferred stock dividend
  
3,835
     
-
 
Net earnings applicable to common shareholders
$
579,290
    
$
480,121
  
               
Weighted average common shares outstanding during the period:
   
Basic shares
  
106,057
     
91,187
 
Diluted shares
  
108,028
     
92,994
 
               
Net earnings per common share:
              
Basic
$
5.46
    
$
5.27
  
Diluted
  
5.36
     
5.16
 

- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 16
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
AND COMPREHENSIVE INCOME
(Unaudited)

                   
Accumulated
            
                   
other
        
Total
 
Preferred
 
Common
 
Retained
 
comprehensive
 
Deferred
  
shareholders'
(In thousands)
stock
 
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
                  
583,125
                     
583,125
 
Other comprehensive income, net of tax:
                                              
Net realized and unrealized holding losses
                                              
on investments and retained interests
                          
(7,684
)
                
Foreign currency translation
                          
715
                 
Reclassification for net realized gains
                                              
on investments recorded in operations
                          
(630
)
                
Net unrealized gains on derivative instruments
                          
8,548
                 
Pension and postretirement
                          
6,245
                 
Other comprehensive income
                          
7,194
             
7,194
 
Total comprehensive income
                                          
590,319
 
Issuance of preferred stock
  
240,000
     
(4,167
)
                            
235,833
 
Stock redeemed and retired
          
(26,483
)
                            
(26,483
)
Net stock options exercised
          
91,647
                             
91,647
 
Reclassification of deferred compensation, adoption
                                              
of SFAS 123R
          
(11,111
)
                    
11,111
     
-
 
Share-based compensation
          
23,685
                             
23,685
 
Dividend declared on preferred stock
                  
(3,835
)
                    
(3,835
)
Cash dividends on common stock, $1.47 per share
                  
(156,986
)
                    
(156,986
)
Change in deferred compensation
                                  
(4,421
)
    
(4,421
)
Balance, December 31, 2006
$
240,000
    
$
2,230,303
    
$
2,602,189
    
$
(75,849
)
  
$
(9,620
)
  
$
4,987,023
  
                                               
                                               
Balance, December 31, 2004
$
-
    
$
972,065
    
$
1,830,064
    
$
(7,932
)
  
$
(4,218
)
  
$
2,789,979
  
Comprehensive income:
                                              
Net income
                  
480,121
                     
480,121
 
Other comprehensive loss, net of tax:
                                              
Net realized and unrealized holding losses
                                              
on investments and retained interests
                          
(28,380
)
                
Foreign currency translation
                          
(1,507
)
                
Reclassification for net realized gains
                                              
on investments recorded in operations
                          
(659
)
                
Net unrealized losses on derivative instruments
                          
(40,771
)
                
Minimum pension liability
                          
(3,794
)
                
Other comprehensive loss
                          
(75,111
)
            
(75,111
)
Total comprehensive income
                                          
405,010
 
Stock redeemed and retired
          
(82,211
)
                            
(82,211
)
Net stock options exercised and restricted stock issued
  
 113,290
 
                            
 113,290
 
Common and restricted stock issued and stock options
                                      
assumed in acquisition
          
1,153,588
                     
(3,906
)
    
1,149,682
 
Cash dividends on common stock, $1.44 per share
                  
(130,300
)
                    
(130,300
)
Change in deferred compensation
                                  
(8,186
)
    
(8,186
)
Balance, December 31, 2005
$
-
    
$
2,156,732
    
$
2,179,885
    
$
(83,043
)
  
$
(16,310
)
  
$
4,237,264
  
 
Total comprehensive income for the three months ended December 31, 2006 and 2005 was $159,951 and $97,152, respectively.
 
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 17

Nonperforming Assets
                            
(Unaudited)
                            
                             
(In thousands)
December 31,
  
September 30,
  
June 30,
  
March 31,
  
December 31,
 
2006
  
2006
  
2006
  
2006
  
2005
                                       
Nonaccrual loans
$
66,405
    
$
64,650
    
$
57,249
    
$
71,376
    
$
68,717
  
Restructured loans
  
164
     
179
     
202
     
216
     
380
 
Other real estate owned
  
9,250
     
9,986
     
16,024
     
24,964
     
19,966
 
Other assets
  
6,175
     
-
     
-
     
-
     
-
 
Total
$
81,994
    
$
74,815
    
$
73,475
    
$
96,556
    
$
89,063
  
% of net loans and leases* and other real
                                      
estate owned
 
0.24
%
    
0.22
%
    
0.22
%
    
0.31
%
    
0.30
%
                                       
Accruing loans past due 90 days or more
$
43,727
    
$
20,407
    
$
29,434
    
$
10,299
    
$
17,153
  
                                       
% of net loans and leases*
  
0.13
%
    
0.06
%
    
0.09
%
    
0.03
%
    
0.06
%
                                       
*Includes loans held for sale.
                                      
 
Allowances for Credit Losses
                            
(Unaudited)
                            
                             
 
Three Months Ended
(In thousands)
December 31,
  
September 30,
  
June 30,
  
March 31,
  
December 31,
 
2006
  
2006
  
2006
  
2006
  
2005
Allowance for Loan Losses
                                      
Balance at beginning of period
$
356,342
    
$
348,475
    
$
341,261
    
$
338,399
    
$
287,237
  
Allowance of company acquired
  
-
     
-
     
-
     
-
     
49,217
 
Add:
                                      
Provision for losses
  
26,675
     
14,363
     
17,022
     
14,512
     
10,116
 
Deduct:
                                      
Loan and lease charge-offs
  
(23,219
)
    
(10,882
)
    
(16,082
)
    
(15,609
)
    
(12,168
)
Recoveries
 
5,352
     
4,386
     
6,274
     
3,959
     
3,997
 
Net loan and lease charge-offs
  
(17,867
)
    
(6,496
)
    
(9,808
)
    
(11,650
)
    
(8,171
)
Balance at end of period
$
365,150
    
$
356,342
    
$
348,475
    
$
341,261
    
$
338,399
  
                                       
Ratio of allowance for loan losses to net loans
                                      
and leases outstanding at period end
  
1.05
%
    
1.06
%
    
1.07
%
    
1.10
%
    
1.12
%
                                       
Ratio of allowance for loan losses to nonperforming
                                      
loans at period end
  
548.53
%
    
549.66
%
    
606.56
%
    
476.67
%
    
489.74
%
                                       
Allowance for Unfunded Lending Commitments
                                      
Balance at beginning of period
$
18,637
    
$
17,592
    
$
17,841
    
$
18,120
    
$
15,830
  
Allowance of company acquired
  
-
     
-
     
-
     
-
     
2,013
 
Provision charged (credited) against earnings
  
731
     
1,045
     
(249
)
    
(279
)
    
277
 
Balance at end of period
$
19,368
    
$
18,637
    
$
17,592
    
$
17,841
    
$
18,120
  
                                       
Total Allowances for Credit Losses
                                      
Allowance for loan losses
$
365,150
    
$
356,342
    
$
348,475
    
$
341,261
    
$
338,399
  
Allowance for unfunded lending commitments
  
19,368
     
18,637
     
17,592
     
17,841
     
18,120
 
Total allowances for credit losses
$
384,518
    
$
374,979
    
$
366,067
    
$
359,102
    
$
356,519
  
                                       
Ratio of total allowances for credit losses to net loans
                                      
and leases outstanding at period end
  
1.11
%
    
1.11
%
    
1.12
%
    
1.15
%
    
1.18
%

- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 18
 
Sold Loans Being Serviced
                            
(Unaudited)
                            
                                       
 
Three Months Ended
(In thousands)
December 31,
  
September 30,
  
June 30,
  
March 31,
  
December 31,
 
2006
  
2006
  
2006
  
2006
  
2005
                                       
Balance at beginning of period
$
2,796,644
    
$
3,003,101
    
$
3,183,992
    
$
3,382,603
    
$
3,561,818
  
New loans sold
  
30,061
     
46,073
     
82,553
     
59,417
     
100,273
 
Payments and other reductions
  
(240,254
)
    
(252,530
)
    
(263,444
)
    
(258,028
)
    
(279,488
)
Balance at end of period
$
2,586,451
    
$
2,796,644
    
$
3,003,101
    
$
3,183,992
    
$
3,382,603
  
 


Loan Balances By Portfolio Type
                            
(Unaudited)
                            
                             
(In millions)
December 31,
  
September 30,
  
June 30,
  
March 31,
  
December 31,
 
2006
  
2006
  
2006
  
2006
  
2005
                             
Loans held for sale
$
253
    
$
268
    
$
249
    
$
312
    
$
256
  
                                       
Commercial lending:
                                      
Commercial and industrial
  
8,422
     
7,846
     
7,539
     
7,261
     
7,192
 
Leasing
  
443
     
420
     
407
     
383
     
373
 
Owner occupied
  
6,260
     
5,855
     
5,574
     
5,159
     
4,825
 
Total commercial lending
  
15,125
     
14,121
     
13,520
     
12,803
     
12,390
 
                                       
Commercial real estate:
                                      
Construction and land development
  
7,483
      
7,362
     
6,958
     
6,292
     
6,065
 
Term
  
4,952
     
4,960
     
4,981
     
4,847
     
4,640
 
Total commercial real estate
  
12,435
      
12,322
     
11,939
     
11,139
     
10,705
 
                                       
Consumer:
                                      
Home equity credit line and other
                                      
consumer real estate
  
1,850
      
1,944
     
1,963
     
1,892
     
1,831
 
1-4 family residential
  
4,192
     
4,255
     
4,244
     
4,191
     
4,130
 
Bankcard and other revolving plans
  
295
     
281
     
279
     
254
     
207
 
Other
  
457
     
458
     
453
     
464
     
537
 
Total consumer
  
6,794
     
6,938
     
6,939
     
6,801
     
6,705
 
                                       
Foreign loans
  
3
     
3
     
3
     
3
     
5
 
                                       
Other receivables
  
209
     
200
     
175
     
212
     
191
 
Total loans
$
34,819
    
$
33,852
    
$
32,825
    
$
31,270
    
$
30,252
  

- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 19
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)

 
Three Months Ended
  
Three Months Ended
 
December 31, 2006
  
December 31, 2005
(In thousands)
Average
  
Amount of
 
Average
Average
  
Amount of
 
Average
 
balance
  
interest (1)
  
rate
  
balance
  
interest (1)
  
rate
ASSETS
                                          
Money market investments
$
467,033
    
$
6,116
    
5.20
%
  
$
1,353,731
    
$
13,280
    
3.89
%
Securities:
                                          
Held to maturity
  
660,467
     
11,394
   
6.84
%
    
635,567
     
11,017
   
6.88
%
Available for sale
  
4,809,132
     
71,280
   
5.88
%
    
4,325,232
     
58,472
   
5.36
%
Trading account
  
158,307
     
2,009
   
5.03
%
    
391,294
     
4,038
   
4.09
%
Total securities
  
5,627,906
     
84,683
   
5.97
%
    
5,352,093
     
73,527
   
5.45
%
                                           
Loans:
                                          
Loans held for sale
 
246,423
     
4,066
   
6.55
%
    
245,826
     
3,131
   
5.05
%
Net loans and leases (2)
  
33,813,194
     
672,660
   
7.89
%
    
25,737,047
     
463,961
   
7.15
%
Total loans and leases
  
34,059,617
     
676,726
   
7.88
%
    
25,982,873
     
467,092
   
7.13
%
Total interest-earning assets
  
40,154,556
     
767,525
   
7.58
%
    
32,688,697
     
553,899
   
6.72
%
Cash and due from banks
  
1,464,577
                   
1,270,102
               
Allowance for loan losses
  
(360,374
)
                  
(304,802
)
              
Goodwill
  
1,895,860
                   
1,060,381
               
Core deposit and other intangibles
  
168,547
                   
101,593
               
Other assets
  
2,494,999
                   
1,964,748
               
Total assets
$
45,818,165
                  
$
36,780,719
                
                                           
LIABILITIES
                                          
Interest-bearing deposits:
                                          
Savings and NOW
$
5,362,348
      
23,728
   
1.76
%
  
$
4,418,715
      
11,170
   
1.00
%
Money market
  
10,334,568
     
88,377
   
3.39
%
    
9,844,688
     
59,923
   
2.41
%
Time under $100,000
  
2,222,540
     
23,463
   
4.19
%
    
1,699,425
     
13,335
   
3.11
%
Time $100,000 and over
  
4,089,767
     
49,334
   
4.79
%
    
2,137,986
     
18,880
   
3.50
%
Foreign
  
2,365,573
     
29,228
   
4.90
%
    
1,221,988
     
11,525
   
3.74
%
Total interest-bearing deposits
  
24,374,796
     
214,130
   
3.49
%
    
19,322,802
     
114,833
   
2.36
%
Borrowed funds:
                                          
Securities sold, not yet purchased
  
79,354
     
943
   
4.71
%
    
377,368
     
3,742
   
3.93
%
Federal funds purchased and security
                                          
repurchase agreements
  
3,143,895
     
37,717
   
4.76
%
    
2,283,851
     
18,796
   
3.27
%
Commercial paper
  
233,536
     
3,220
   
5.47
%
    
146,332
     
1,535
   
4.16
%
FHLB advances and other borrowings:
                                          
One year or less
  
267,207
     
3,624
   
5.38
%
    
9,610
     
82
   
3.39
%
Over one year
  
133,263
     
2,165
   
6.45
%
    
229,069
     
2,907
   
5.03
%
Long-term debt
  
2,526,925
     
40,459
   
6.35
%
    
2,057,797
     
31,688
   
6.11
%
Total borrowed funds
  
6,384,180
     
88,128
   
5.48
%
    
5,104,027
     
58,750
   
4.57
%
Total interest-bearing liabilities
  
30,758,976
     
302,258
   
3.90
%
    
24,426,829
     
173,583
   
2.82
%
Noninterest-bearing deposits
  
9,478,812
                   
8,282,507
               
Other liabilities
  
789,183
                   
615,699
               
Total liabilities
  
41,026,971
                   
33,325,035
               
Minority interest
  
40,471
                   
27,079
               
Shareholders' equity:
                                          
Preferred equity
  
65,216
                   
-
               
Common equity
  
4,685,507
                   
3,428,605
               
Total shareholders' equity
  
4,750,723
                   
3,428,605
               
Total liabilities and shareholders' equity
$
45,818,165
                  
$
36,780,719
                
                                           
Spread on average interest-bearing funds
                
3.68
%
                  
3.90
%
Taxable-equivalent net interest income and
                                          
net yield on interest-earning assets
        
$
465,267
    
4.60
%
          
$
380,316
    
4.62
%

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

- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 20
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)

 
Year Ended
  
Year Ended
 
December 31, 2006
  
December 31, 2005
(In thousands)
Average
  
Amount of
  
Average
 
Average
  
Amount of
  
Average
 
balance
  
interest (1)
  
rate
  
balance
  
interest (1)
  
rate
ASSETS
                                          
Money market investments
$
478,692
    
$
24,714
    
5.16
%
  
$
988,323
    
$
31,682
    
3.21
%
Securities:
                                          
Held to maturity
  
645,342
     
44,106
   
6.83
%
    
638,950
     
44,262
   
6.93
%
Available for sale
  
4,991,846
     
285,529
   
5.72
%
    
4,021,478
     
207,676
   
5.16
%
Trading account
  
156,797
     
7,699
   
4.91
%
    
496,906
     
19,870
   
4.00
%
Total securities
  
5,793,985
     
337,334
   
5.82
%
    
5,157,334
     
271,808
   
5.27
%
                                           
Loans:
                                          
Loans held for sale
 
261,103
     
16,442
   
6.30
%
    
204,523
     
9,814
   
4.80
%
Net loans and leases (2)
  
32,134,256
     
2,463,865
   
7.67
%
    
23,804,106
     
1,617,952
   
6.80
%
Total loans and leases
  
32,395,359
     
2,480,307
   
7.66
%
    
24,008,629
     
1,627,766
   
6.78
%
Total interest-earning assets
  
38,668,036
     
2,842,355
   
7.35
%
    
30,154,286
     
1,931,256
   
6.40
%
Cash and due from banks
  
1,475,405
                   
1,122,747
               
Allowance for loan losses
  
(349,567
)
                  
(285,285
)
              
Goodwill
  
1,887,335
                   
746,072
               
Core deposit and other intangibles
  
181,316
                   
65,969
               
Other assets
  
2,379,247
                   
1,798,915
               
Total assets
$
44,241,772
                  
$
33,602,704
                
                                           
LIABILITIES
                                          
Interest-bearing deposits:
                                          
Savings and NOW
$
5,128,939
      
75,294
   
1.47
%
  
$
4,346,572
      
36,668
   
0.84
%
Money market
  
10,720,697
     
329,975
   
3.08
%
    
9,131,214
     
183,936
   
2.01
%
Time under $100,000
  
2,065,506
     
77,461
   
3.75
%
    
1,523,251
     
41,733
   
2.74
%
Time $100,000 and over
  
3,271,687
     
142,630
   
4.36
%
    
1,712,492
     
54,660
   
3.19
%
Foreign
  
2,065,234
     
95,478
   
4.62
%
    
737,282
     
23,327
   
3.16
%
Total interest-bearing deposits
  
23,252,063
     
720,838
   
3.10
%
    
17,450,811
     
340,324
   
1.95
%
Borrowed funds:
                                          
Securities sold, not yet purchased
  
65,490
     
2,995
   
4.57
%
    
474,428
     
17,645
   
3.72
%
Federal funds purchased and security
                                          
repurchase agreements
  
2,837,708
     
124,647
   
4.39
%
    
2,307,041
     
63,579
   
2.76
%
Commercial paper
  
219,747
     
11,437
   
5.20
%
    
148,804
     
5,006
   
3.36
%
FHLB advances and other borrowings:
                                          
One year or less
  
479,272
     
25,256
   
5.27
%
    
204,262
     
5,919
   
2.90
%
Over one year
  
148,417
     
8,608
   
5.80
%
    
227,760
     
11,494
   
5.05
%
Long-term debt
  
2,491,316
     
159,616
   
6.41
%
    
1,786,177
     
104,939
   
5.88
%
Total borrowed funds
  
6,241,950
     
332,559
   
5.33
%
    
5,148,472
     
208,582
   
4.05
%
Total interest-bearing liabilities
  
29,494,013
     
1,053,397
   
3.57
%
    
22,599,283
     
548,906
   
2.43
%
Noninterest-bearing deposits
  
9,507,560
                   
7,417,109
               
Other liabilities
  
696,916
                   
533,211
               
Total liabilities
  
39,698,489
                   
30,549,603
               
Minority interest
  
33,803
                   
25,726
               
Shareholders' equity:
                                          
Preferred equity
  
16,438
                   
-
               
Common equity
  
4,493,042
                   
3,027,375
               
Total shareholders' equity
  
4,509,480
                   
3,027,375
               
Total liabilities and shareholders' equity
$
44,241,772
                  
$
33,602,704
                
                                           
Spread on average interest-bearing funds
                
3.78
%
                  
3.97
%
Taxable-equivalent net interest income and
                                          
net yield on interest-earning assets
        
$
1,788,958
    
4.63
%
          
$
1,382,350
    
4.58
%

 (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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