EXHIBIT 99.1

***FOR IMMEDIATE RELEASE***

For:  ZIONS BANCORPORATION	Contact: Clark Hinckley
One South Main, 15th Floor	Tel: (801) 524-4787
Salt Lake City, Utah	July 17, 2008
Harris H. Simmons
Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS EARNINGS OF $0.65

PER DILUTED COMMON SHARE FOR SECOND QUARTER 2008

SALT LAKE CITY, July 17, 2008 – Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported second quarter net earnings applicable to common shareholders of $69.7 million, or $0.65 per diluted common share, compared to $155.6 million or $1.43 per diluted common share for the second quarter of 2007. The return on average common equity was 5.53% compared to 12.50% for the second quarter of 2007.

Second Quarter 2008 Key Performance Highlights Compared to First Quarter 2008

  ● Loan growth of $1.1 billion, excluding $897 million resulting from purchases of Lockhart securities related to loan securitizations.

  ● Average core deposit growth of $0.3 billion.

  ● Net interest margin of 4.18%, down 5 basis points, primarily due to increased nonperforming assets.

  ● Credit quality:

Provision for loan losses of $114.2 million or 1.13% annualized of average loans, up $21.9 million from $92.3 million.

Net loan and lease charge-offs of $67.8 million or 0.67% annualized of average loans, up $17.0 million from $50.8 million.

Nonperforming assets of $697.4 million or 1.66% of net loans and leases and other real estate owned, up $263.1 million from $434.3 million.

  ● Impairment losses on securities of $38.8 million pretax, or $0.22 per diluted share.

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“In what continues to be a turbulent and difficult environment in which a number of financial institutions have posted losses, we are pleased that our banks continue to be profitable and well-capitalized,” said Harris H. Simmons, chairman and chief executive officer. “Our core business is strong, our balance sheet remains healthy, and our net credit costs remain very reasonable compared to the industry even as we continue to strengthen our reserves.”

Year-to-date net earnings applicable to common shareholders were $174.0 million, or $1.63 per diluted common share, compared to $305.3 million, or $2.78 per diluted common share for the same period in 2007. The return on average common equity for the first six months of 2008 was 6.86% compared to 12.38% for the first six months of 2007.

Loan Growth

On-balance-sheet net loans and leases were $41.9 billion at June 30, 2008. Excluding the $897 million of loans from Lockhart, this represents an increase of approximately $1.1 billion or 10.7% annualized from $39.9 billion at March 31, 2008, and an increase of approximately $4.2 billion or 11.4% from $36.8 billion at June 30, 2007. The $897 million of loans resulted from the purchase of certain securities from Lockhart Funding LLC, an off-balance sheet commercial paper conduit sponsored by Zions Bank. The purchase of these securities was required by the Liquidity Agreement between Lockhart and Zions Bank when MBIA Inc. was downgraded below AA-. These securities were backed by loans originated or underwritten by Zions Bank and at June 30, 2008 are reflected on the Company’s balance sheet primarily as owner occupied commercial loans. Organic loan growth during the quarter was concentrated primarily in commercial lending and secondarily in commercial term real estate loans, principally at Zions Bank and Amegy Bank of Texas. Construction and land development loans declined over $300 million in California, Arizona and Nevada during the quarter, partially offset by growth in Texas.

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Deposits

Average core deposits for the second quarter of 2008 increased $0.3 billion or 3.7% annualized to $32.4 billion compared to $32.1 billion for the first quarter of 2008 and increased $1.6 billion or 5.0% compared to $30.9 billion for the second quarter of 2007. Average core deposit growth for the quarter was concentrated in money market, savings, and noninterest-bearing demand deposit accounts. Average total deposits for the second quarter of 2008 increased $0.2 billion to $36.8 billion or 2.0% annualized compared to $36.6 billion for the first quarter of 2008, and increased $0.8 billion or 2.3% compared to $36.0 billion for the second quarter of 2007. Average noninterest-bearing demand deposits for the second quarter of 2008 were $9.1 billion compared to $9.0 billion for the first quarter of 2008 and $9.6 billion for the second quarter of 2007.

Net Interest Income

The net interest margin was 4.18% for the second quarter of 2008 compared to 4.23% for the first quarter of 2008 and 4.53% for the second quarter of 2007. The decreased net interest margin for the second quarter of 2008 was driven by the increase in nonperforming assets during the quarter. The effect of commercial paper purchased from Lockhart on the net interest margin was a reduction of approximately 9 basis points for the second quarter of 2008 and 11 basis points for the first quarter of 2008.

Net interest income for the second quarter of 2008 decreased $1.7 million or 1.4% annualized to $484.7 million compared to $486.5 million for the first quarter of 2008, and increased $15.4 million or 3.3% compared to $469.3 million for the second quarter of 2007. Taxable-equivalent net interest income for the second quarter of 2008 decreased $2.0 million or 1.6% annualized to $490.6 million compared to $492.5 million for the first quarter of 2008, and increased $14.5 million or 3.1% from $476.1 million for the second quarter of 2007.

Asset Quality

Nonperforming assets were $697.4 million at June 30, 2008 compared to $434.3 million at March 31, 2008 and $95.4 million at June 30, 2007. This increase is being driven primarily by deterioration in

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residential real estate acquisition, development and construction exposures in the Southwest, and by some weakening in Utah residential construction and commercial and industrial portfolios. The Company has not seen meaningful deterioration in credit quality in other major loan types or geographies. The ratio of nonperforming assets to net loans and leases and other real estate owned was 1.66% at June 30, 2008 compared to 1.09% at March 31, 2008 and 0.26% at June 30, 2007.

Net loan and lease charge-offs for the second quarter of 2008 were $67.8 million or 0.67% annualized of average loans. This compares with $50.8 million or 0.52% annualized of average loans for the first quarter of 2008 and $8.7 million or 0.10% annualized of average loans for the second quarter of 2007. The increase in charge-offs largely was driven by declining collateral values on residential acquisition, development, and construction loans in the Southwest and in Utah.

The provision for loan losses was $114.2 million for the second quarter of 2008 compared to $92.3 million for the first quarter of 2008 and $17.8 million for the second quarter of 2007. The provision for the second quarter of 2008 was 1.13% annualized of average loans and was $46.4 million in excess of net loan and lease charge-offs. The combined provisions for loan losses and unfunded lending commitments were $115.9 million for the second quarter of 2008, $95.9 million for the first quarter of 2008, and $19.0 million for the second quarter of 2007.

The allowance for loan losses as a percentage of net loans and leases was 1.31% at June 30, 2008, 1.26% at March 31, 2008, and 1.03% at June 30, 2007. The total allowance and reserve for credit losses (allowance for loan losses plus the reserve for unfunded lending commitments) was $575.8 million at June 30, 2008 compared to $526.4 million at March 31, 2008 and $401.5 million at June 30, 2007.

Investment Securities

The Company recognized other-than-temporary impairment (“OTTI”) during the second quarter of 2008 of approximately $38.8 million pretax, or $0.22 per diluted share, compared to $46.0 million of impairment and valuation losses during the first quarter of 2008. Approximately $28.7 million of the amount resulted from write-downs of two ABS CDOs and one bank and insurance income note initially

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deemed to have OTTI this quarter. The remaining $10.1 million resulted from write-downs of six REIT trust preferred CDOs and one bank and insurance income note for which OTTI had previously been recognized. OTTI for the two bank and insurance income notes amounted to $3.4 million this quarter. As of June 30, 2008, approximately $3.8 million of fair value remained on bank and insurance income notes. The impairment for the quarter was based on an ongoing valuation review of the investment securities portfolio.

During the second quarter of 2008, the Company reassessed the classification of certain asset-backed and trust preferred CDOs. On April 28, 2008, the Company reclassified approximately $1.2 billion at fair value of these available-for-sale securities to held-to-maturity. The related unrealized pretax loss of approximately $273 million included in accumulated other comprehensive income (“OCI”) remained in OCI and is being amortized as a yield adjustment through earnings over the remaining terms of the securities. No gain or loss was recognized at the time of reclassification. The Company considers the held-to-maturity classification to be more appropriate because it has the ability and the intent to hold these securities to maturity.

Lockhart Funding

On June 23, 2008, Zions Bank purchased $787 million of securities from Lockhart. The purchase was pursuant to the Liquidity Agreement that Zions Bank provides for Lockhart and resulted from an investment downgrade by Moody’s Investor Service on MBIA Inc., which insured the securities. The purchases comprised the entire remaining small business loan securitizations created by Zions Bank and held by Lockhart. No gain or loss was recognized on these purchases. Upon dissolution of the securitization trusts (including $87 million of related securities owned by the Parent), the Company recorded $897 million of loans on its balance sheet including $23 million of premium. After this purchase, Lockhart held approximately $862 million of securities at June 30, 2008.

The Company has also purchased asset-backed commercial paper (“CP”) from Lockhart and held approximately $493 million of this CP on its balance sheet at June 30, 2008, which was down from $1,227 million at March 31, 2008 and $710 million at December 31, 2007. The amount of Lockhart

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commercial paper included in money market investments on the Company’s average balance sheet was approximately $1,091 million for the second quarter of 2008, $1,202 million for the first quarter of 2008, and $763 million for the fourth quarter of 2007. These purchases were made to provide liquidity to Lockhart due to ongoing contraction and disruptions in the markets for asset-backed CP.

Noninterest Income

Noninterest income for the second quarter of 2008 was $72.4 million compared to $111.0 million for the first quarter of 2008 and $141.3 million for the second quarter of 2007. The amount for the second quarter of 2008 includes impairment losses on securities of $38.8 million compared to $46.0 million of impairment and valuation losses in the first quarter of 2008. Fair value and nonhedge derivative income decreased $23.6 million during the quarter, primarily because of decreases in the fair value of nonhedge derivatives due to decreasing spreads between LIBOR and prime rates. Net equity securities gains decreased $18.2 million compared to the first quarter mainly because of $8.2 million of net losses on venture capital investments during the quarter and the $12.4 million Visa gain included in the first quarter. Net of related minority interest of $5.7 million, income taxes and other expenses, the venture capital losses decreased net income for the quarter by approximately $1.8 million, or $0.02 per diluted common share.

Noninterest Expense

Noninterest expense for the second quarter of 2008 was $354.4 million compared to $350.1 million for the first quarter of 2008 and $347.6 million for the second quarter of 2007. While salaries and employee benefits decreased from the first quarter primarily because of reduced payroll taxes and employee-related accrual adjustments, other noninterest expense increased compared to the first quarter mainly because of the $5.6 million reversal of the Visa indemnification accrual during the first quarter.

The efficiency ratio was 63.0% for the second quarter of 2008 compared to 58.0% for the first quarter of 2008 and 56.3% for the second quarter of 2007.

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Income Taxes

Income tax expense for the second quarter of 2008 included a benefit of $5.9 million due to a state settlement that allowed the Company to reduce its liability and related interest for uncertain tax positions under the provisions of FIN 48.

Capital Management

Tangible equity declined by $46 million at June 30, 2008 compared to March 31, 2008. The Company’s tangible equity ratio was 5.97% at June 30, 2008 compared to 6.20% at March 31, 2008 and 6.52% at June 30, 2007. The decrease from the previous quarter is mainly due to loan growth, reduced earnings, and the decrease in OCI. At June 30, 2008, regulatory Tier 1 and total risk-based capital increased to $3,685 million and $5,732 million from $3,646 million and $5,644 million at March 31, 2008, respectively. On a pro forma basis including the effect of the preferred stock issued in early July, regulatory capital ratios are estimated to be approximately flat compared to March 31, 2008.

Weighted average common and common-equivalent shares outstanding for the second quarter of 2008 were 106,711,948 compared to 106,722,000 for the first quarter of 2008 and 109,123,735 for the second quarter of 2007. Common shares outstanding at June 30, 2008 were 107,518,975 compared to 107,139,188 at March 31, 2008 and 108,034,079 at June 30, 2007.

Subsequent Event

On July 2, 2008, the Company completed a $46.7 million offering of 9.50% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock. The amount of the offering sold by the Company’s broker-dealer subsidiary was in line with expectations. The stock may be redeemed by the Company after five years. The tangible equity ratio at June 30, 2008 would have been 6.06% if the proceeds of the preferred stock offering were included.

Conference Call

Zions will host a conference call to discuss these second quarter results at 5:30 p.m. ET this afternoon (July 17, 2008). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-800-884-5695 (international: 617-786-2960) and entering the passcode 38253318, or via on-demand

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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 7:30 p.m. ET on Thursday, July 17, through midnight ET on Thursday, July 24, by dialing 1-888-286-8010 (international: 617-801-6888) and entering the passcode 71581191. 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 Western and Southwestern 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 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, including changes in asset-backed commercial paper markets and valuations in structured securities and other assets; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and

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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 2007 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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FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended									Six Months Ended
(In thousands, except per share and ratio data)	June 30,									June 30,
	2008			2007			% Change			2008			2007			% Change
EARNINGS
Taxable-equivalent net interest income	$	490,587		$	476,060			3.05	%	$	983,124		$	939,781			4.61	%
Taxable-equivalent revenue		562,959			617,401			(8.82	)%		1,166,496			1,226,536			(4.90	)%
Net interest income		484,743			469,347			3.28	%		971,201			926,430			4.83	%
Noninterest income		72,372			141,341			(48.80	)%		183,372			286,755			(36.05	)%
Provision for loan losses		114,192			17,763			542.86	%		206,474			26,874			668.30	%
Noninterest expense		354,417			347,612			1.96	%		704,520			699,591			0.70	%
Income before income taxes and minority interest		88,506			245,313			(63.92	)%		243,579			486,720			(49.96	)%
Income taxes		22,037			86,065			(74.39	)%		71,933			174,919			(58.88	)%
Minority interest		(5,729	)		34		nm				(7,301	)		(671	)		988.08	%
Net income		72,198			159,214			(54.65	)%		178,947			312,472			(42.73	)%
Net earnings applicable to common shareholders		69,744			155,607			(55.18	)%		174,040			305,262			(42.99	)%
PER COMMON SHARE
Net earnings (diluted)		0.65			1.43			(54.55	)%		1.63			2.78			(41.37	)%
Dividends		0.43			0.43			-			0.86			0.82			4.88	%
Book value per common share											46.82			46.14			1.47	%
SELECTED RATIOS
Return on average assets		0.54	%		1.33	%					0.68	%		1.32	%
Return on average common equity		5.53	%		12.50	%					6.86	%		12.38	%
Efficiency ratio		62.96	%		56.30	%					60.40	%		57.04	%
Net interest margin		4.18	%		4.53	%					4.20	%		4.52	%

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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,
	2008			2007			% Change			2008			2007			% Change
AVERAGE BALANCES
Total assets	$	53,293,375		$	47,921,787			11.21	%	$	53,103,599		$	47,754,384			11.20	%
Total interest-earning assets		47,202,577			42,151,667			11.98	%		47,028,006			41,924,964			12.17	%
Securities		4,866,421			5,426,896			(10.33	)%		5,103,854			5,611,351			(9.04	)%
Net loans and leases		40,512,249			36,142,957			12.09	%		39,982,279			35,776,561			11.76	%
Goodwill		2,009,517			2,012,270			(0.14	)%		2,009,497			1,998,096			0.57	%
Core deposit and other intangibles		137,675			188,843			(27.10	)%		142,019			191,469			(25.83	)%
Total deposits		36,774,214			35,964,203			2.25	%		36,684,444			35,575,016			3.12	%
Core deposits (1)		32,429,773			30,873,001			5.04	%		32,281,560			30,617,110			5.44	%
Minority interest		27,244			35,009			(22.18	)%		28,960			37,859			(23.51	)%
Shareholders' equity:
Preferred equity		240,000			240,000			-			240,000			240,000			-
Common equity		5,070,047			4,993,383			1.54	%		5,098,334			4,973,999			2.50	%
Weighted average common and common-
equivalent shares outstanding		106,711,948			109,123,735			(2.21	)%		106,719,923			109,638,577			(2.66	)%
AT PERIOD END
Total assets										$	54,630,883		$	48,691,445			12.20	%
Total interest-earning assets											47,920,419			42,721,118			12.17	%
Securities											4,784,185			5,289,180			(9.55	)%
Net loans and leases											41,872,977			36,788,205			13.82	%
Sold loans being serviced (2)											513,623			2,201,897			(76.67	)%
Allowance for loan losses											548,958			380,295			44.35	%
Reserve for unfunded lending commitments											26,838			21,222			26.46	%
Goodwill											2,009,511			2,013,314			(0.19	)%
Core deposit and other intangibles											132,481			180,867			(26.75	)%
Total deposits											37,607,995			36,185,572			3.93	%
Core deposits (1)											33,505,626			31,303,578			7.03	%
Minority interest											25,528			32,094			(20.46	)%
Shareholders' equity:
Preferred equity											240,000			240,000			-
Common equity											5,033,530			4,984,702			0.98	%
Common shares outstanding											107,518,975			108,034,079			(0.48	)%
Average equity to average assets		9.96	%		10.92	%					10.05	%		10.92	%
Common dividend payout		66.23	%		29.88	%					52.98	%		29.24	%
Tangible equity ratio											5.97	%		6.52	%
Nonperforming assets										$	697,432		$	95,398			631.08	%
Accruing loans past due 90 days or more											108,934			47,782			127.98	%
Nonperforming assets to net loans and leases
and other real estate owned at period end											1.66	%		0.26	%

(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,
	2008			2008			2007			2007			2007
EARNINGS
Taxable-equivalent net interest income	$	490,587		$	492,537		$	485,157		$	483,115		$	476,060
Taxable-equivalent revenue		562,959			603,537			464,923			628,938			617,401
Net interest income		484,743			486,458			478,885			476,637			469,347
Noninterest income		72,372			111,000			(20,234	)		145,823			141,341
Provision for loan losses		114,192			92,282			69,982			55,354			17,763
Noninterest expense		354,417			350,103			352,966			352,031			347,612
Income before income taxes and minority interest		88,506			155,073			35,703			215,075			245,313
Income taxes (benefit)		22,037			49,896			(11,035	)		71,853			86,065
Minority interest		(5,729	)		(1,572	)		1,197			7,490			34
Net income		72,198			106,749			45,541			135,732			159,214
Net earnings applicable to common shareholders		69,744			104,296			42,198			131,962			155,607
PER COMMON SHARE
Net earnings (diluted)		0.65			0.98			0.39			1.22			1.43
Dividends		0.43			0.43			0.43			0.43			0.43
Book value per common share		46.82			47.49			47.17			46.92			46.14
SELECTED RATIOS
Return on average assets		0.54	%		0.81	%		0.35	%		1.10	%		1.33	%
Return on average common equity		5.53	%		8.18	%		3.29	%		10.50	%		12.50	%
Efficiency ratio		62.96	%		58.01	%		75.92	%		55.97	%		56.30	%
Net interest margin		4.18	%		4.23	%		4.27	%		4.44	%		4.53	%

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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,
	2008			2008			2007			2007			2007
AVERAGE BALANCES
Total assets	$	53,293,375		$	52,913,823		$	50,941,152		$	48,903,319		$	47,921,787
Total interest-earning assets		47,202,577			46,853,435			45,106,413			43,200,858			42,151,667
Securities		4,866,421			5,341,287			5,188,980			5,221,722			5,426,896
Net loans and leases		40,512,249			39,452,309			38,450,974			37,194,850			36,142,957
Goodwill		2,009,517			2,009,477			2,009,022			2,015,532			2,012,270
Core deposit and other intangibles		137,675			146,363			162,679			177,864			188,843
Total deposits		36,774,214			36,594,674			36,381,125			35,756,600			35,964,203
Core deposits (1)		32,429,773			32,133,347			31,863,057			31,067,905			30,873,001
Minority interest		27,244			30,676			32,343			37,527			35,009
Shareholders' equity:
Preferred equity		240,000			240,000			240,000			240,000			240,000
Common equity		5,070,047			5,126,621			5,094,138			4,987,275			4,993,383
Weighted average common and common-
equivalent shares outstanding		106,711,948			106,722,000			106,902,983			107,879,963			109,123,735
AT PERIOD END
Total assets	$	54,630,883		$	53,408,293		$	52,947,414		$	50,044,686		$	48,691,445
Total interest-earning assets		47,920,419			46,962,949			46,448,887			44,104,956			42,721,118
Securities		4,784,185			5,002,207			5,860,900			5,261,057			5,289,180
Net loans and leases		41,872,977			39,905,755			39,087,779			37,822,259			36,788,205
Sold loans being serviced (2)		513,623			1,489,490			1,885,132			2,022,142			2,201,897
Allowance for loan losses		548,958			501,283			459,376			418,165			380,295
Reserve for unfunded lending commitments		26,838			25,148			21,530			21,394			21,222
Goodwill		2,009,511			2,009,517			2,009,513			2,021,519			2,013,314
Core deposit and other intangibles		132,481			140,672			149,493			172,140			180,867
Total deposits		37,607,995			37,516,337			36,922,753			35,774,713			36,185,572
Core deposits (1)		33,505,626			32,968,328			32,531,165			31,239,069			31,303,578
Minority interest		25,528			30,413			30,939			37,411			32,094
Shareholders' equity:
Preferred equity		240,000			240,000			240,000			240,000			240,000
Common equity		5,033,530			5,087,801			5,052,800			5,016,980			4,984,702
Common shares outstanding		107,518,975			107,139,188			107,116,505			106,934,360			108,034,079
Average equity to average assets		9.96	%		10.14	%		10.47	%		10.69	%		10.92	%
Common dividend payout		66.23	%		44.11	%		108.88	%		34.96	%		29.88	%
Tangible equity ratio		5.97	%		6.20	%		6.17	%		6.40	%		6.52	%
Nonperforming assets	$	697,432		$	434,293		$	283,854		$	196,575		$	95,398
Accruing loans past due 90 days or more		108,934			84,637			77,419			64,516			47,782
Nonperforming assets to net loans and leases
and other real estate owned at period end		1.66	%		1.09	%		0.73	%		0.52	%		0.26	%

(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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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 14

CONSOLIDATED BALANCE SHEETS

	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except share amounts)	2008			2008			2007			2007			2007
	(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
ASSETS
Cash and due from banks	$	1,751,724		$	1,660,539		$	1,855,155		$	1,481,238		$	1,640,946
Money market investments:
Interest-bearing deposits and commercial paper		504,314			1,243,860			726,446			513,395			39,881
Federal funds sold		274,456			121,892			102,225			23,567			120,959
Security resell agreements		484,487			689,235			671,537			484,678			482,893
Investment securities:
Held-to-maturity, at adjusted cost (approximate fair value
$1,730,104, $704,156, $702,148, $686,026 and $685,521)		1,914,833			701,658			704,441			695,842			702,189
Available-for-sale, at fair value		2,817,682			4,259,742			5,134,610			4,549,721			4,564,183
Trading account, at fair value (includes $463, $0, $741, $22 and
$1,745 transferred as collateral under repurchase agreements)		51,670			40,807			21,849			15,494			22,808
		4,784,185			5,002,207			5,860,900			5,261,057			5,289,180
Loans:
Loans held for sale		158,509			208,529			207,943			200,653			226,041
Loans and leases		41,874,224			39,855,365			39,044,163			37,778,228			36,715,752
		42,032,733			40,063,894			39,252,106			37,978,881			36,941,793
Less:
Unearned income and fees, net of related costs		159,756			158,139			164,327			156,622			153,588
Allowance for loan losses		548,958			501,283			459,376			418,165			380,295
Loans and leases, net of allowance		41,324,019			39,404,472			38,628,403			37,404,094			36,407,910
Other noninterest-bearing investments		1,153,933			1,114,902			1,034,412			1,043,475			972,830
Premises and equipment, net		656,013			657,183			655,712			658,294			648,731
Goodwill		2,009,511			2,009,517			2,009,513			2,021,519			2,013,314
Core deposit and other intangibles		132,481			140,672			149,493			172,140			180,867
Other real estate owned		125,186			36,476			15,201			11,973			10,646
Other assets		1,430,574			1,327,338			1,238,417			969,256			883,288
	$	54,630,883		$	53,408,293		$	52,947,414		$	50,044,686		$	48,691,445
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand	$	9,735,265		$	9,464,122		$	9,618,300		$	9,322,668		$	9,857,638
Interest-bearing:
Savings and NOW		4,590,767			4,661,963			4,507,837			4,365,600			4,368,184
Money market		11,175,844			10,716,328			10,304,225			10,446,015			10,344,110
Internet money market		2,211,557			2,270,059			2,163,014			1,707,544			1,544,031
Time under $100,000		2,466,082			2,564,434			2,562,363			2,599,595			2,535,881
Time $100,000 and over		4,102,369			4,548,009			4,391,588			4,535,644			4,881,994
Foreign		3,326,111			3,291,422			3,375,426			2,797,647			2,653,734
		37,607,995			37,516,337			36,922,753			35,774,713			36,185,572
Securities sold, not yet purchased		46,376			184,522			224,269			21,036			28,456
Federal funds purchased		2,379,055			1,817,587			2,463,460			2,391,805			2,221,887
Security repurchase agreements		1,010,325			1,144,178			1,298,112			1,070,702			1,061,598
Other liabilities		555,812			620,528			644,375			560,853			602,173
Commercial paper		137,200			164,657			297,850			411,007			228,607
Federal Home Loan Bank advances and other borrowings:
One year or less		4,799,143			3,890,087			3,181,990			2,037,644			664,509
Over one year		129,474			127,006			127,612			128,218			128,832
Long-term debt		2,666,445			2,585,177			2,463,254			2,354,317			2,313,015
Total liabilities		49,331,825			48,050,079			47,623,675			44,750,295			43,434,649
Minority interest		25,528			30,413			30,939			37,411			32,094
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			240,000			240,000			240,000			240,000
Common stock, without par value; authorized 350,000,000
shares; issued and outstanding 107,518,975, 107,139,188,
107,116,505, 106,934,360 and 108,034,079 shares		2,224,455			2,219,905			2,212,237			2,200,228			2,279,722
Retained earnings		2,981,062			2,957,511			2,910,692			2,914,439			2,828,613
Accumulated other comprehensive income (loss)		(158,325	)		(76,429	)		(58,835	)		(86,914	)		(112,840	)
Deferred compensation		(13,662	)		(13,186	)		(11,294	)		(10,773	)		(10,793	)
Total shareholders' equity		5,273,530			5,327,801			5,292,800			5,256,980			5,224,702
	$	54,630,883		$	53,408,293		$	52,947,414		$	50,044,686		$	48,691,445

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 15

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(In thousands, except per share amounts)	June 30,			March 31,			December 31,			September 30,			June 30,
	2008			2008			2007			2007			2007
Interest income:
Interest and fees on loans	$	643,111		$	688,439		$	727,185		$	724,598		$	697,022
Interest on loans held for sale		2,699			3,017			2,975			3,695			4,322
Lease financing		5,767			5,818			5,782			5,461			5,234
Interest on money market investments		12,313			19,028			18,760			10,841			7,756
Interest on securities:
Held-to-maturity – taxable		15,730			2,455			2,387			2,343			2,064
Held-to-maturity – nontaxable		6,224			6,429			6,430			6,402			6,227
Available-for-sale – taxable		35,059			62,356			61,459			61,248			63,825
Available-for-sale – nontaxable		1,870			1,892			2,070			2,274			2,398
Trading account		159			681			471			880			766
Total interest income		722,932			790,115			827,519			817,742			789,614
Interest expense:
Interest on savings and money market deposits		80,144			103,987			125,382			123,586			117,295
Interest on time and foreign deposits		83,460			106,222			119,242			119,781			120,445
Interest on short-term borrowings		43,255			63,134			67,601			59,034			43,369
Interest on long-term borrowings		31,330			30,314			36,409			38,704			39,158
Total interest expense		238,189			303,657			348,634			341,105			320,267
Net interest income		484,743			486,458			478,885			476,637			469,347
Provision for loan losses		114,192			92,282			69,982			55,354			17,763
Net interest income after provision for loan losses		370,551			394,176			408,903			421,283			451,584
Noninterest income:
Service charges and fees on deposit accounts		51,067			49,585			48,130			46,919			45,116
Other service charges, commissions and fees		42,362			41,981			44,405			44,471			42,311
Trust and wealth management income		10,284			9,693			10,151			9,040			9,125
Capital markets and foreign exchange		12,196			10,397			10,632			11,325			11,900
Dividends and other investment income		10,409			12,910			13,830			14,720			11,271
Loan sales and servicing income		8,516			7,810			8,640			11,607			8,998
Income from securities conduit		1,043			2,581			2,472			3,221			5,968
Fair value and nonhedge derivative income (loss)		(19,789	)		3,787			(7,034	)		(9,391	)		924
Equity securities gains (losses), net		(8,121	)		10,068			1,349			11,072			100
Fixed income securities gains (losses), net		78			1,775			(753	)		58			13
Impairment losses on investment securities and valuation
losses on securities purchased from Lockhart Funding		(38,761	)		(45,989	)		(158,208	)		-			-
Other		3,088			6,402			6,152			2,781			5,615
Total noninterest income		72,372			111,000			(20,234	)		145,823			141,341
Noninterest expense:
Salaries and employee benefits		201,291			209,354			191,141			204,488			198,668
Occupancy, net		27,364			26,799			27,312			27,203			26,334
Furniture and equipment		25,610			23,738			24,917			23,996			24,272
Legal and professional services		11,566			7,880			12,132			10,918			11,242
Postage and supplies		8,536			9,789			9,416			10,024			9,025
Advertising		7,520			6,351			6,322			6,624			7,517
Merger related expense		281			307			687			682			1,491
Amortization of core deposit and other intangibles		8,191			8,820			10,459			11,495			11,812
Provision for unfunded lending commitments		1,690			3,618			136			172			1,222
Other		62,368			53,447			70,444			56,429			56,029
Total noninterest expense		354,417			350,103			352,966			352,031			347,612
Income before income taxes and minority interest		88,506			155,073			35,703			215,075			245,313
Income taxes (benefit)		22,037			49,896			(11,035	)		71,853			86,065
Minority interest		(5,729	)		(1,572	)		1,197			7,490			34
Net income		72,198			106,749			45,541			135,732			159,214
Preferred stock dividend		2,454			2,453			3,343			3,770			3,607
Net earnings applicable to common shareholders	$	69,744		$	104,296		$	42,198		$	131,962		$	155,607
Weighted average common shares outstanding during the period:
Basic shares		106,595			106,514			106,454			106,814			107,803
Diluted shares		106,712			106,722			106,903			107,880			109,124
Net earnings per common share:
Basic	$	0.65		$	0.98		$	0.40		$	1.24		$	1.44
Diluted		0.65			0.98			0.39			1.22			1.43

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 16

CONSOLIDATED STATEMENTS OF INCOME (Continued)

(Unaudited)

	Six Months Ended
(In thousands, except per share amounts)	June 30,
	2008			2007
Interest income:
Interest and fees on loans	$	1,331,550		$	1,371,599
Interest on loans held for sale		5,716			8,197
Lease financing		11,585			10,440
Interest on money market investments		31,341			14,098
Interest on securities:
Held-to-maturity – taxable		18,185			4,267
Held-to-maturity – nontaxable		12,653			12,318
Available-for-sale – taxable		97,415			132,332
Available-for-sale – nontaxable		3,762			4,856
Trading account		840			1,958
Total interest income		1,513,047			1,560,065
Interest expense:
Interest on savings and money market deposits		184,131			230,398
Interest on time and foreign deposits		189,682			233,330
Interest on short-term borrowings		106,389			92,061
Interest on long-term borrowings		61,644			77,846
Total interest expense		541,846			633,635
Net interest income		971,201			926,430
Provision for loan losses		206,474			26,874
Net interest income after provision for loan losses		764,727			899,556
Noninterest income:
Service charges and fees on deposit accounts		100,652			88,501
Other service charges, commissions and fees		84,343			81,688
Trust and wealth management income		19,977			17,341
Capital markets and foreign exchange		22,593			21,631
Dividends and other investment income		23,319			22,364
Loan sales and servicing income		16,326			18,256
Income from securities conduit		3,624			12,483
Fair value and nonhedge derivative income (loss)		(16,002	)		2,169
Equity securities gains, net		1,947			5,298
Fixed income securities gains, net		1,853			3,714
Impairment losses on investment securities and valuation
losses on securities purchased from Lockhart Funding		(84,750	)		-
Other		9,490			13,310
Total noninterest income		183,372			286,755
Noninterest expense:
Salaries and employee benefits		410,645			404,255
Occupancy, net		54,163			52,923
Furniture and equipment		49,348			47,539
Legal and professional services		19,446			20,779
Postage and supplies		18,325			17,072
Advertising		13,871			13,974
Merger related expense		588			3,897
Amortization of core deposit and other intangibles		17,011			22,941
Provision for unfunded lending commitments		5,308			1,528
Other		115,815			114,683
Total noninterest expense		704,520			699,591
Income before income taxes and minority interest		243,579			486,720
Income taxes		71,933			174,919
Minority interest		(7,301	)		(671	)
Net income		178,947			312,472
Preferred stock dividend		4,907			7,210
Net earnings applicable to common shareholders	$	174,040		$	305,262
Weighted average common shares outstanding during the period:
Basic shares		106,554			108,107
Diluted shares		106,720			109,639
Net earnings per common share:
Basic	$	1.63		$	2.82
Diluted		1.63			2.78

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 17

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

AND COMPREHENSIVE INCOME

(Unaudited)

								Accumulated
								other						Total
	Preferred		Common		Retained			comprehensive			Deferred			shareholders'
(In thousands, except per share amounts)	stock		stock		earnings			income (loss)			compensation			equity
Balance, December 31, 2007	$	240,000	$	2,212,237	$	2,910,692		$	(58,835	)	$	(11,294	)	$	5,292,800
Cumulative effect of change in accounting principle,
adoption of SFAS 159						(11,471	)		11,471						-
Comprehensive income:
Net income for the period						106,749									106,749
Other comprehensive gain (loss), net of tax:
Net realized and unrealized holding losses
on investments and retained interests									(130,066	)
Foreign currency translation									(1	)
Reclassification for net realized losses
on investments recorded in operations									27,301
Net unrealized gains on derivative instruments									73,701
Other comprehensive loss									(29,065	)					(29,065	)
Total comprehensive income															77,684
Net stock issued under employee plans
and related tax benefits				7,668											7,668
Dividends declared on preferred stock						(2,453	)								(2,453	)
Dividends on common stock, $.43 per share						(46,006	)								(46,006	)
Change in deferred compensation												(1,892	)		(1,892	)
Balance, March 31, 2008		240,000		2,219,905		2,957,511			(76,429	)		(13,186	)		5,327,801
Comprehensive loss:
Net income for the period						72,198									72,198
Other comprehensive gain (loss), net of tax:
Net realized and unrealized holding losses
on investments and retained interests									(40,336	)
Foreign currency translation									2
Reclassification for net realized losses
on investments recorded in operations									23,816
Net unrealized losses on derivative instruments									(66,112	)
Pension and postretirement									734
Other comprehensive loss									(81,896	)					(81,896	)
Total comprehensive loss															(9,698	)
Stock issued under dividend reinvestment plan				632											632
Net stock issued under employee plans
and related tax benefits				3,918											3,918
Dividends declared on preferred stock						(2,454	)								(2,454	)
Dividends on common stock, $.43 per share						(46,193	)								(46,193	)
Change in deferred compensation												(476	)		(476	)
Balance, June 30, 2008	$	240,000	$	2,224,455	$	2,981,062		$	(158,325	)	$	(13,662	)	$	5,273,530

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 18

INVESTMENT SECURITIES PORTFOLIO

As of June 30, 2008

(Unaudited)

			Net					Net
			unrealized					unrealized
			gains (losses)					gains (losses)			Estimated
	Amortized		recognized			Carrying		not recognized			fair
(In thousands)	cost		in OCI (1)			value		in OCI (1)			value
HELD-TO-MATURITY:
Municipal securities	$	692,956	$	-		$	692,956	$	(5,178	)	$	687,778
Asset-backed securities:
Trust preferred securities – banks and insurance
A rated		1,201,208		(196,582	)		1,004,626		(138,814	)		865,812
BBB rated		174,600		(44,893	)		129,707		(20,397	)		109,310
		1,375,808		(241,475	)		1,134,333		(159,211	)		975,122
Trust preferred securities – real estate investment trusts
AA rated		17,681		(4,916	)		12,765		(4,764	)		8,001
A rated		18,212		(3,900	)		14,312		(4,313	)		9,999
		35,893		(8,816	)		27,077		(9,077	)		18,000
Other
AAA rated		42,203		(156	)		42,047		(12,739	)		29,308
A rated		22,622		(11,996	)		10,626		1,318			11,944
BBB rated		8,577		(1,283	)		7,294		158			7,452
		73,402		(13,435	)		59,967		(11,263	)		48,704
Other debt securities		500		-			500		-			500
		2,178,559		(263,726	)		1,914,833		(184,729	)		1,730,104
AVAILABLE-FOR-SALE:
U.S. Treasury securities		40,403		677			41,080					41,080
U.S. Government agencies and corporations:
Agency securities		424,614		(386	)		424,228					424,228
Agency guaranteed mortgage-backed securities		428,458		3,493			431,951					431,951
Small Business Administration loan-backed securities		723,224		(17,158	)		706,066					706,066
Municipal securities		200,587		627			201,214					201,214
Asset-backed securities:
Trust preferred securities – banks and insurance
AAA rated		664,238		(57,215	)		607,023					607,023
A rated		53,504		(10,746	)		42,758					42,758
BBB rated		7,000		(1,843	)		5,157					5,157
Not rated		28,819		3,163			31,982					31,982
		753,561		(66,641	)		686,920					686,920
Trust preferred securities – real estate investment trusts
Noninvestment grade		44,326		(3,637	)		40,689					40,689
Small business loan-backed		12,622		51			12,673					12,673
Other
AAA rated		42,808		(2,701	)		40,107					40,107
AA rated		47,877		(5,237	)		42,640					42,640
BBB rated		3,791		(159	)		3,632					3,632
Noninvestment grade		17,967		(493	)		17,474					17,474
		112,443		(8,590	)		103,853					103,853
		2,740,238		(91,564	)		2,648,674					2,648,674
Other securities:
Mutual funds and stock		169,008		-			169,008					169,008
		2,909,246		(91,564	)		2,817,682					2,817,682
Total	$	5,087,805	$	(355,290	)	$	4,732,515	$	(184,729	)	$	4,547,786

(1)  Other comprehensive income. All amounts reported are pretax. 

Ratings categories include entire range. For example, "A rated" includes A+, A and A-. 

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 19

Nonperforming Assets
(Unaudited)
(In thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2008			2008			2007			2007			2007
Nonaccrual loans	$	570,101		$	387,717		$	258,513		$	174,315		$	82,314
Restructured loans		2,145			10,100			10,140			10,287			2,438
Other real estate owned		125,186			36,476			15,201			11,973			10,646
Total	$	697,432		$	434,293		$	283,854		$	196,575		$	95,398
% of net loans and leases* and other real
estate owned		1.66	%		1.09	%		0.73	%		0.52	%		0.26	%
Accruing loans past due 90 days or more	$	108,934		$	84,637		$	77,419		$	64,516		$	47,782
% of net loans and leases*		0.26	%		0.21	%		0.20	%		0.17	%		0.13	%
*Includes loans held for sale.

Allowance and Reserve for Credit Losses
(Unaudited)
	Three Months Ended
(In thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2008			2008			2007			2007			2007
Allowance for Loan Losses
Balance at beginning of period	$	501,283		$	459,376		$	418,165		$	380,295		$	371,213
Allowance of company acquired		-			-			-			578			-
Allowance of branches sold		-			-			(2,034	)		-			-
Allowance associated with repurchased
securitized loans		1,301			425			-			-			-
Add:
Provision for losses		114,192			92,282			69,982			55,354			17,763
Deduct:
Loan and lease charge-offs		(75,378	)		(53,751	)		(30,023	)		(20,815	)		(13,767	)
Recoveries		7,560			2,951			3,286			2,753			5,086
Net loan and lease charge-offs		(67,818	)		(50,800	)		(26,737	)		(18,062	)		(8,681	)
Balance at end of period	$	548,958		$	501,283		$	459,376		$	418,165		$	380,295
Ratio of allowance for loan losses to net loans
and leases outstanding at period end		1.31	%		1.26	%		1.18	%		1.11	%		1.03	%
Ratio of allowance for loan losses to nonperforming
loans at period end		95.93	%		126.01	%		170.99	%		226.52	%		448.72	%
Reserve for Unfunded Lending Commitments
Balance at beginning of period	$	25,148		$	21,530		$	21,394		$	21,222		$	20,000
Provision charged against earnings		1,690			3,618			136			172			1,222
Balance at end of period	$	26,838		$	25,148		$	21,530		$	21,394		$	21,222
Total Allowance and Reserve for Credit Losses
Allowance for loan losses	$	548,958		$	501,283		$	459,376		$	418,165		$	380,295
Reserve for unfunded lending commitments		26,838			25,148			21,530			21,394			21,222
Total allowance and reserve for credit losses	$	575,796		$	526,431		$	480,906		$	439,559		$	401,517

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 20

Sold Loans Being Serviced
(Unaudited)
	Three Months Ended
(In thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2008			2008			2007			2007			2007
Balance at beginning of period	$	1,489,490		$	1,885,132		$	2,022,142		$	2,201,897		$	2,401,355
New loans sold		28,853			14,773			25,234			8,162			19,173
Loans repurchased		(874,100	)		(283,204	)		-			-			-
Payments and other reductions		(130,620	)		(127,211	)		(162,244	)		(187,917	)		(218,631	)
Balance at end of period	$	513,623		$	1,489,490		$	1,885,132		$	2,022,142		$	2,201,897

Loan Balances By Portfolio Type
(Unaudited)
(In millions)	June 30,		March 31,		December 31,		September 30,		June 30,
	2008		2008		2007		2007		2007
Loans held for sale	$	159	$	209	$	208	$	201	$	226
Commercial lending:
Commercial and industrial		10,590		10,031		9,811		9,260		8,922
Leasing		492		494		503		474		450
Owner occupied		8,912		7,910		7,545		7,347		7,123
Total commercial lending		19,994		18,435		17,859		17,081		16,495
Commercial real estate:
Construction and land development		8,264		8,368		8,315		8,322		7,963
Term		5,939		5,569		5,335		5,054		5,084
Total commercial real estate		14,203		13,937		13,650		13,376		13,047
Consumer:
Home equity credit line and other
consumer real estate		2,387		2,247		2,203		2,107		2,042
1-4 family residential		4,172		4,158		4,206		4,178		4,134
Bankcard and other revolving plans		332		316		347		299		306
Other		431		434		452		467		456
Total consumer		7,322		7,155		7,208		7,051		6,938
Foreign loans		25		26		26		27		12
Other receivables		330		302		301		243		224
Total loans	$	42,033	$	40,064	$	39,252	$	37,979	$	36,942

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 21

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended								Three Months Ended
	June 30, 2008								March 31, 2008
(In thousands)	Average			Amount of		Average			Average			Amount of		Average
	balance			interest (1)		rate			balance			interest (1)		rate
ASSETS
Money market investments	$	1,823,907		$	12,313		2.72	%	$	2,059,839		$	19,028		3.72	%
Securities:
Held-to-maturity		1,532,818			25,305		6.64	%		700,302			12,346		7.09	%
Available-for-sale		3,295,056			37,936		4.63	%		4,599,258			65,267		5.71	%
Trading account		38,547			159		1.66	%		41,727			681		6.56	%
Total securities		4,866,421			63,400		5.24	%		5,341,287			78,294		5.90	%
Loans:
Loans held for sale		186,592			2,699		5.82	%		214,498			3,017		5.66	%
Net loans and leases (2)		40,325,657			650,364		6.49	%		39,237,811			695,855		7.13	%
Total loans and leases		40,512,249			653,063		6.48	%		39,452,309			698,872		7.12	%
Total interest-earning assets		47,202,577			728,776		6.21	%		46,853,435			796,194		6.83	%
Cash and due from banks		1,320,584								1,417,356
Allowance for loan losses		(516,908	)							(476,614	)
Goodwill		2,009,517								2,009,477
Core deposit and other intangibles		137,675								146,363
Other assets		3,139,930								2,963,806
Total assets	$	53,293,375							$	52,913,823
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,651,117			8,776		0.76	%	$	4,519,149			10,469		0.93	%
Money market		10,752,743			54,707		2.05	%		10,552,299			72,320		2.76	%
Internet money market		2,200,695			16,661		3.04	%		2,218,181			21,198		3.84	%
Time under $100,000		2,513,620			23,276		3.72	%		2,578,166			27,165		4.24	%
Time $100,000 and over		4,344,441			40,462		3.75	%		4,461,327			49,074		4.42	%
Foreign		3,254,872			19,722		2.44	%		3,290,090			29,983		3.67	%
Total interest-bearing deposits		27,717,488			163,604		2.37	%		27,619,212			210,209		3.06	%
Borrowed funds:
Securities sold, not yet purchased		33,299			414		5.00	%		33,577			333		3.99	%
Federal funds purchased and security
repurchase agreements		2,999,084			14,569		1.95	%		3,314,956			24,206		2.94	%
Commercial paper		148,946			1,222		3.30	%		205,520			2,332		4.56	%
FHLB advances and other borrowings:
One year or less		4,701,020			27,050		2.31	%		4,082,208			36,263		3.57	%
Over one year		129,079			1,840		5.73	%		127,291			1,825		5.77	%
Long-term debt		2,632,660			29,490		4.51	%		2,504,618			28,489		4.57	%
Total borrowed funds		10,644,088			74,585		2.82	%		10,268,170			93,448		3.66	%
Total interest-bearing liabilities		38,361,576			238,189		2.50	%		37,887,382			303,657		3.22	%
Noninterest-bearing deposits		9,056,726								8,975,462
Other liabilities		537,782								653,682
Total liabilities		47,956,084								47,516,526
Minority interest		27,244								30,676
Shareholders' equity:
Preferred equity		240,000								240,000
Common equity		5,070,047								5,126,621
Total shareholders' equity		5,310,047								5,366,621
Total liabilities and shareholders' equity	$	53,293,375							$	52,913,823
Spread on average interest-bearing funds							3.71	%							3.61	%
Taxable-equivalent net interest income and
net yield on interest-earning assets				$	490,587		4.18	%				$	492,537		4.23	%

(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 22

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Six Months Ended								Six Months Ended
	June 30, 2008								June 30, 2007
(In thousands)	Average			Amount of		Average			Average			Amount of		Average
	balance			interest (1)		rate			balance			interest (1)		rate
ASSETS
Money market investments	$	1,941,873		$	31,341		3.25	%	$	537,052		$	14,098		5.29	%
Securities:
Held-to-maturity		1,116,560			37,651		6.78	%		667,690			23,218		7.01	%
Available-for-sale		3,947,157			103,203		5.26	%		4,870,033			139,803		5.79	%
Trading account		40,137			840		4.21	%		73,628			1,958		5.36	%
Total securities		5,103,854			141,694		5.58	%		5,611,351			164,979		5.93	%
Loans:
Loans held for sale		200,545			5,716		5.73	%		251,959			8,197		6.56	%
Net loans and leases (2)		39,781,734			1,346,219		6.81	%		35,524,602			1,386,142		7.87	%
Total loans and leases		39,982,279			1,351,935		6.80	%		35,776,561			1,394,339		7.86	%
Total interest-earning assets		47,028,006			1,524,970		6.52	%		41,924,964			1,573,416		7.57	%
Cash and due from banks		1,368,970								1,539,549
Allowance for loan losses		(496,761	)							(375,060	)
Goodwill		2,009,497								1,998,096
Core deposit and other intangibles		142,019								191,469
Other assets		3,051,868								2,475,366
Total assets	$	53,103,599							$	47,754,384
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,585,133			19,245		0.84	%	$	4,510,711			20,239		0.90	%
Money market		10,652,521			127,027		2.40	%		10,246,270			174,829		3.44	%
Internet money market		2,209,438			37,859		3.45	%		1,403,946			35,330		5.07	%
Time under $100,000		2,545,893			50,441		3.98	%		2,476,444			53,108		4.32	%
Time $100,000 and over		4,402,884			89,536		4.09	%		4,957,906			119,282		4.85	%
Foreign		3,272,481			49,705		3.05	%		2,503,163			60,940		4.91	%
Total interest-bearing deposits		27,668,350			373,813		2.72	%		26,098,440			463,728		3.58	%
Borrowed funds:
Securities sold, not yet purchased		33,438			747		4.49	%		36,086			808		4.52	%
Federal funds purchased and security
repurchase agreements		3,157,020			38,775		2.47	%		2,978,728			70,855		4.80	%
Commercial paper		177,233			3,554		4.03	%		186,481			5,012		5.42	%
FHLB advances and other borrowings:
One year or less		4,391,614			63,313		2.90	%		578,845			15,386		5.36	%
Over one year		128,185			3,665		5.75	%		132,846			3,824		5.80	%
Long-term debt		2,568,639			57,979		4.54	%		2,370,213			74,022		6.30	%
Total borrowed funds		10,456,129			168,033		3.23	%		6,283,199			169,907		5.45	%
Total interest-bearing liabilities		38,124,479			541,846		2.86	%		32,381,639			633,635		3.95	%
Noninterest-bearing deposits		9,016,094								9,476,576
Other liabilities		595,732								644,311
Total liabilities		47,736,305								42,502,526
Minority interest		28,960								37,859
Shareholders' equity:
Preferred equity		240,000								240,000
Common equity		5,098,334								4,973,999
Total shareholders' equity		5,338,334								5,213,999
Total liabilities and shareholders' equity	$	53,103,599							$	47,754,384
Spread on average interest-bearing funds							3.66	%							3.62	%
Taxable-equivalent net interest income and
net yield on interest-earning assets				$	983,124		4.20	%				$	939,781		4.52	%

(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 23

Net Income by Business Segment
(Unaudited)
							Six Months
	Three Months Ended						Ended
(In thousands)	June 30,			March 31,			June 30,
	2008			2008			2008
Zions First National Bank	$	25,875		$	57,295		$	83,170
California Bank & Trust		25,027			22,349			47,376
Amegy Corporation		28,666			24,639			53,305
National Bank of Arizona		5,084			7,982			13,066
Nevada State Bank		4,094			13,509			17,603
Vectra Bank Colorado		3,422			5,624			9,046
The Commerce Bank of Washington		3,542			3,295			6,837
Other		(23,512	)		(27,944	)		(51,456	)
	$	72,198		$	106,749		$	178,947

Actual and Pro Forma Capital Ratios – Consolidated
(Unaudited)
	Zions Bancorporation
								Pro Forma				Regulatory
	March 31,			June 30,				June 30,				Well-
	2008			2008				2008				Capitalized
Tangible equity		6.20	%		5.97	%			6.06	%		na
Tier 1 capital (to average assets)		7.18	%		7.20	%	(1)		7.29	%	(2)		5.00	%
Tier 1 capital (to risk-weighted assets)		7.64	%		7.50	%	(1)		7.59	%	(2)		6.00	%
Total capital (to risk-weighted assets)		11.83	%		11.70	%	(1)		11.79	%	(2)		10.00	%

(1)	Preliminary estimate.
(2)	Estimated including the $46.7 million of preferred stock issued July 2008.

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