zion_8k.htm

0000109380-08-000177.txt : 20081016 0000109380-08-000177.hdr.sgml : 20081016 20081016161138 ACCESSION NUMBER: 0000109380-08-000177 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20081016 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081016 DATE AS OF CHANGE: 20081016 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: 0507 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12307 FILM NUMBER: 081127499 BUSINESS ADDRESS: STREET 1: ONE SOUTH MAIN STREET STREET 2: 15TH FLOOR CITY: SALT LAKE CITY STATE: UT ZIP: 84111 BUSINESS PHONE: 8015244787 MAIL ADDRESS: STREET 1: ONE SOUTH MAIN STREET STREET 2: 15TH FLOOR 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 zion_8k.htm FORM 8-K zion_8k.htm

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) October 16, 2008

ZIONS BANCORPORATION

(Exact name of registrant as specified in its charter)

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

ONE SOUTH MAIN, 15th FLOOR, SALT LAKE CITY, UTAH		84133
(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 October 16, 2008, Zions Bancorporation (“the Company”) announced its financial results for the quarter ended September 30, 2008. The press release announcing the financial results for the quarter ended September 30, 2008 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.

(d) Exhibits.

The following exhibit is furnished as part of this Current Report on Form 8-K:

Exhibit 99.1 Press Release dated October 16, 2008

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

October 16, 2008	By:	/s/ Doyle L. Arnold
	Name:	Doyle L. Arnold
	Title:	Vice Chairman and Chief Financial Officer

EX-99.1 2 ex99_1.htm PRESS RELEASE ex99_1.htm

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	October 16, 2008
Harris H. Simmons
Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS EARNINGS OF $0.31

PER DILUTED COMMON SHARE FOR THIRD QUARTER 2008

SALT LAKE CITY, October 16, 2008 – Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported third quarter net earnings applicable to common shareholders of $33.4 million, or $0.31 per diluted common share, compared to $132.0 million or $1.22 per diluted common share for the third quarter of 2007. The return on average common equity was 2.59% compared to 10.50% for the third quarter of 2007.

Third Quarter 2008 Highlights

Issued $250 million of common stock and $47 million of preferred stock while keeping total loans unchanged, resulting in a tangible equity ratio of 6.60%, up from 5.97% at the end of the prior quarter.

Invited by the FDIC to bid on and successfully acquired all of the $737 million of insured deposits of the failed Silver State Bank, headquartered in Henderson, Nevada.

Continued to build loan loss reserves in a very uncertain credit environment by providing $156.6 million for loan losses versus net charge-offs of $95.3 million.

Increased net interest income to $492.0 million in spite of higher average nonperforming assets, lower yields on loans, and increased money market rates, resulting in a net interest margin of 4.13%, down 5 basis points from the prior quarter.

Recorded impairment losses on securities of $28.0 million pretax, or $0.16 per diluted share.

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ZIONS BANCORPORATION

Press Release – Page 2

October 16, 2008

“This past quarter will be remembered as one that resulted in significant changes in the financial services industry, both in the United States and abroad,” said Harris H. Simmons, chairman and chief executive officer. “While we are not immune to the problems of the industry, our core business remains remarkably strong and our balance sheet remains healthy. We strengthened our capital, built our loan loss reserves, and increased our liquidity during the quarter. We continue to be profitable and well-capitalized during a time when the industry has experienced severe financial stress.”

Year-to-date net earnings applicable to common shareholders were $207.4 million, or $1.93 per diluted common share, compared to $437.2 million, or $4.01 per diluted common share for the same period in 2007. The return on average common equity for the first nine months of 2008 was 5.42% compared to 11.74% for the first nine months of 2007.

Loans

On-balance-sheet net loans and leases of $41.9 billion at September 30, 2008 were unchanged from the balance at June 30, 2008, and increased approximately $4.1 billion or 10.7% from $37.8 billion at September 30, 2007. The Company actively managed loan growth during the quarter in accordance with its stated desire to conserve capital and build capital ratios in the current uncertain economic environment. The growth of loan volumes in certain geographies, particularly Texas, was offset by declines in other markets.

Deposits

Average core deposits for the third quarter of 2008 increased $0.8 billion or 10.8% annualized to $33.2 billion compared to $32.4 billion for the second quarter of 2008, and increased $2.2 billion or 7.1% compared to $31.0 billion for the third quarter of 2007. Excluding the average balances of the Silver State Bank deposits, the increase for the third quarter of 2008 was $0.7 billion or 9.0% annualized compared to the second quarter of 2008. Average core deposit growth for the quarter was concentrated in money market accounts. Average total deposits for the third quarter of 2008 increased $0.5 billion to $37.3 billion or 6.0% annualized compared to $36.8 billion for the second quarter of 2008, and increased $1.5 billion or 4.4% compared to $35.8 billion for the third quarter of 2007. Excluding the average

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ZIONS BANCORPORATION

Press Release – Page 3

October 16, 2008

balances of the Silver State Bank deposits, the increase for the third quarter of 2008 was $0.4 billion or 4.3% annualized compared to the second quarter of 2008.

Net Interest Income

The net interest margin was 4.13% for the third quarter of 2008 compared to 4.18% for the second quarter of 2008 and 4.44% for the third quarter of 2007. The decreased net interest margin for the third quarter of 2008 was driven by higher average nonperforming assets, lower yields on loans, and increased money market rates. The effect of commercial paper purchased from Lockhart on the net interest margin was a reduction of approximately 5 basis points for the third quarter of 2008 and 9 basis points for the second quarter of 2008.

Net interest income for the third quarter of 2008 increased $7.3 million or 6.0% annualized to $492.0 million compared to $484.7 million for the second quarter of 2008, and increased $15.4 million or 3.2% compared to $476.6 million for the third quarter of 2007.

Asset Quality

Nonperforming assets were $924.4 million at September 30, 2008 compared to $697.4 million at June 30, 2008 and $196.6 million at September 30, 2007. This increase is being driven primarily by deterioration in residential real estate acquisition, development and construction exposures in the Southwest, and by continued weakening in Utah residential construction and commercial and industrial portfolios. The ratio of nonperforming assets to net loans and leases and other real estate owned was 2.20% at September 30, 2008 compared to 1.66% at June 30, 2008 and 0.52% at September 30, 2007.

Net loan and lease charge-offs for the third quarter of 2008 were $95.3 million or 0.91% annualized of average loans. This compares with $67.8 million or 0.67% annualized of average loans for the second quarter of 2008 and $18.1 million or 0.19% annualized of average loans for the third 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.

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ZIONS BANCORPORATION

Press Release – Page 4

October 16, 2008

The provision for loan losses was $156.6 million for the third quarter of 2008 compared to $114.2 million for the second quarter of 2008 and $55.4 million for the third quarter of 2007. The provision for the third quarter of 2008 was 1.49% annualized of average loans and was $61.3 million in excess of net loan and lease charge-offs.

The allowance for loan losses as a percentage of net loans and leases was 1.45% at September 30, 2008, 1.31% at June 30, 2008, and 1.11% at September 30, 2007. The allowance of $609.4 million at September 30, 2008 provided a coverage of 1.6 years on an annualized basis of net loan and lease charge-offs for the third quarter of 2008.

Investment Securities

The Company recognized other-than-temporary impairment (“OTTI”) during the third quarter of 2008 of approximately $28.0 million pretax, or $0.16 per diluted share, compared to $38.8 million during the second quarter of 2008. OTTI during the third quarter of 2008 consisted of:

$19.2 million for three bank and insurance trust preferred CDOs

$1.3 million for two bank and insurance income notes (OTTI also taken in previous quarters)

$4.1 million for three REIT trust preferred CDOs (OTTI also taken in previous quarters)

$3.4 million for two ABS CDOs

Net unrealized pretax losses recognized in accumulated other comprehensive income (“OCI”) at September 30, 2008 were $248.5 million for held-to-maturity (“HTM”) securities and $145.8 million for available-for-sale (“AFS”) securities. This compares with $263.7 million and $91.6 million, respectively, at June 30, 2008. The decrease in the amount of unrealized losses in OCI for HTM securities resulted primarily from approximately $14 million pretax recognized as OTTI for the quarter. The net combined decrease in GAAP capital from the effects of the changes in these amounts and OTTI during the third quarter of 2008 was approximately $42 million.

Lockhart Funding

At September 30, 2008, the Company held approximately $557 million of asset-backed commercial paper purchased from Lockhart. This compares to $493 million at June 30, 2008 and $1,227 million at

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ZIONS BANCORPORATION

Press Release – Page 5

October 16, 2008

March 31, 2008. The amount of Lockhart commercial paper included in money market investments on the Company’s average balance sheet was approximately $597 million for the third quarter of 2008, compared to $1,091 million for the second quarter of 2008 and $1,202 million for the first quarter of 2008.

Noninterest Income

Noninterest income for the third quarter of 2008 was $89.6 million compared to $72.4 million for the second quarter of 2008 and $145.8 million for the third quarter of 2007. The amount for the third quarter of 2008 includes impairment losses on securities of $28.0 million compared to $38.8 million for the second quarter of 2008. Fair value and nonhedge derivative loss was $(26.2) 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 for the quarter were $13.0 million, an increase of $21.1 million from the second quarter primarily because of $5.3 million of net gains on venture capital investments compared to losses of $8.2 million during the second quarter, and $7.6 million of net realized gains on certain of the Company’s noninterest-bearing equity investments. Net of related minority interest of $3.8 million, income taxes and other expenses, the venture capital investments contributed approximately $0.8 million to net income for the quarter, or $0.01 per diluted common share, compared to decreasing net income for the second quarter of 2008 by $0.02 per diluted common share.

Noninterest Expense

Noninterest expense for the third quarter of 2008 was $372.3 million compared to $354.4 million for the second quarter of 2008 and $352.0 million for the third quarter of 2007. The increase to other noninterest expense during the third quarter included $5.8 million of other real estate owned expenses.

The efficiency ratio was 63.4% for the third quarter of 2008 compared to 63.0% for the second quarter of 2008 and 56.0% for the third quarter of 2007.

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ZIONS BANCORPORATION

Press Release – Page 6

October 16, 2008

Capital Management

During September 8-10, 2008, the Company issued $250 million of new common stock consisting of 7,194,079 shares at an average price of $34.75 per share. Net of issuance costs and fees, this added $244.9 million to common equity. The registered sales took place through the previously announced ATM Equity Offering(SM) Sales Agreement with Merrill Lynch.

On July 2, 2008, the Company completed a $47 million offering of 9.50% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock. The offering was sold by Zions Direct, Inc., the Company’s broker-dealer subsidiary.

Tangible equity increased by $291 million at September 30, 2008 compared to June 30, 2008. The Company’s tangible equity ratio was 6.60% at September 30, 2008 compared to 5.97% at June 30, 2008 and 6.40% at September 30, 2007. The increase from the second quarter of 2008 is mainly due to the previously mentioned issuances of common and preferred stock. At September 30, 2008, estimated regulatory Tier 1 risk-based capital and total risk-based capital were $3,982 million and $6,073 million compared to $3,685 million and $5,732 million at June 30, 2008, respectively. Estimated ratios at September 30, 2008 for Tier 1 risk-based capital and total risk-based capital were 8.09% and 12.33% compared to 7.45% and 11.58% at June 30, 2008, respectively.

Weighted average common and common-equivalent shares outstanding for the third quarter of 2008 were 108,497,464 compared to 106,711,948 for the second quarter of 2008 and 107,879,963 for the third quarter of 2007. Common shares outstanding at September 30, 2008 were 115,302,598 compared to 107,518,975 at June 30, 2008 and 106,934,360 at September 30, 2007. The increase for the third quarter resulted from the common stock issuance previously discussed.

Acquisition

Effective September 5, 2008, the Company acquired from the FDIC the insured deposits and certain assets of Silver State Bank, headquartered in Henderson, Nevada. The acquisition was made through the Company’s Nevada State Bank and National Bank of Arizona subsidiaries and included approximately $737 million of deposits and $67 million of assets.

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ZIONS BANCORPORATION

Press Release – Page 7

October 16, 2008

Conference Call

Zions will host a conference call to discuss these third quarter results at 5:30 p.m. ET this afternoon (October 16, 2008). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-800-706-7741 (international: 617-614-3471) and entering the passcode 78345522, 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 7:30 p.m. ET on Thursday, October 16, through midnight ET on Thursday, October 23, by dialing 1-888-286-8010 (international: 617-801-6888) and entering the passcode 36333463. 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

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ZIONS BANCORPORATION

Press Release – Page 8

October 16, 2008

to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either internationally, 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 governmental policies and programs resulting from general economic and financial market conditions; changes in interest and funding 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 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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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 9

FINANCIAL HIGHLIGHTS

(Unaudited)


	Three Months Ended									Nine Months Ended
(In thousands, except per share and ratio data)	September 30,									September 30,
	2008			2007			% Change			2008			2007			% Change
EARNINGS
Taxable-equivalent net interest income	$	497,822		$	483,115			3.04	%	$	1,480,946		$	1,422,896			4.08	%
Taxable-equivalent revenue		587,432			628,938			(6.60	)%		1,753,928			1,855,474			(5.47	)%
Net interest income		492,003			476,637			3.22	%		1,463,204			1,403,067			4.29	%
Noninterest income		89,610			145,823			(38.55	)%		272,982			432,578			(36.89	)%
Provision for loan losses		156,606			55,354			182.92	%		363,080			82,228			341.55	%
Noninterest expense		372,276			352,031			5.75	%		1,076,796			1,051,622			2.39	%
Income before income taxes and minority interest		52,731			215,075			(75.48	)%		296,310			701,795			(57.78	)%
Income taxes		11,214			71,853			(84.39	)%		83,147			246,772			(66.31	)%
Minority interest		3,757			7,490			(49.84	)%		(3,544	)		6,819			(151.97	)%
Net income		37,760			135,732			(72.18	)%		216,707			448,204			(51.65	)%
Net earnings applicable to common shareholders		33,351			131,962			(74.73	)%		207,391			437,224			(52.57	)%

PER COMMON SHARE
Net earnings (diluted)		0.31			1.22			(74.59	)%		1.93			4.01			(51.87	)%
Dividends		0.43			0.43			-			1.29			1.25			3.20	%
Book value per common share											45.78			46.92			(2.43	)%

SELECTED RATIOS
Return on average assets		0.28	%		1.10	%					0.54	%		1.24	%
Return on average common equity		2.59	%		10.50	%					5.42	%		11.74	%
Efficiency ratio		63.37	%		55.97	%					61.39	%		56.68	%
Net interest margin		4.13	%		4.44	%					4.18	%		4.49	%

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Press Release – Page 10

FINANCIAL HIGHLIGHTS (continued)

(Unaudited)

	Three Months Ended									Nine Months Ended
(In thousands, except share and ratio data)	September 30,									September 30,
	2008			2007			% Change			2008			2007			% Change
AVERAGE BALANCES
Total assets	$	54,279,760		$	48,903,319			10.99	%	$	53,498,514		$	48,141,571			11.13	%
Total interest-earning assets		47,984,725			43,200,858			11.07	%		47,349,240			42,354,935			11.79	%
Securities		4,582,727			5,221,722			(12.24	)%		4,928,877			5,480,047			(10.06	)%
Net loans and leases		41,984,123			37,194,850			12.88	%		40,654,431			36,254,519			12.14	%
Goodwill		2,009,509			2,015,532			(0.30	)%		2,009,501			2,003,972			0.28	%
Core deposit and other intangibles		132,167			177,864			(25.69	)%		138,711			186,884			(25.78	)%
Total deposits		37,321,656			35,756,600			4.38	%		36,898,398			35,636,209			3.54	%
Core deposits (1)		33,227,950			31,017,730			7.13	%		32,547,862			30,692,123			6.05	%
Minority interest		29,949			37,527			(20.19	)%		29,292			37,747			(22.40	)%
Shareholders' equity:
Preferred equity		282,500			240,000			17.71	%		254,270			240,000			5.95	%
Common equity		5,123,399			4,987,275			2.73	%		5,106,750			4,978,473			2.58	%

Weighted average common and common-
equivalent shares outstanding		108,497,464			107,879,963			0.57	%		107,333,422			109,059,322			(1.58	)%

AT PERIOD END
Total assets										$	53,974,168		$	50,044,686			7.85	%
Total interest-earning assets											47,656,065			44,104,956			8.05	%
Securities											4,755,359			5,261,057			(9.61	)%
Net loans and leases											41,887,693			37,822,259			10.75	%
Allowance for loan losses											609,433			418,165			45.74	%
Reserve for unfunded lending commitments											23,574			21,394			10.19	%
Goodwill											2,009,504			2,021,519			(0.59	)%
Core deposit and other intangibles											133,989			172,140			(22.16	)%
Total deposits											38,590,901			35,774,713			7.87	%
Core deposits (1)											33,854,963			31,170,466			8.61	%
Minority interest											30,288			37,411			(19.04	)%
Shareholders' equity:
Preferred equity											286,949			240,000			19.56	%
Common equity											5,279,078			5,016,980			5.22	%

Common shares outstanding											115,302,598			106,934,360			7.83	%

Average equity to average assets		9.96	%		10.69	%					10.02	%		10.84	%
Common dividend payout		138.44	%		34.96	%					66.72	%		30.96	%
Tangible equity ratio											6.60	%		6.40	%
Nonperforming assets										$	924,442		$	196,575			370.27	%
Accruing loans past due 90 days or more											97,831			64,516			51.64	%
Nonperforming assets to net loans and leases
and other real estate owned at period end											2.20	%		0.52	%


(1) Amount consists of total deposits excluding brokered deposits and time deposits $100,000 and over.

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Press Release – Page 11

FINANCIAL HIGHLIGHTS (continued)

(Unaudited)

	Three Months Ended
(In thousands, except per share and ratio data)	September 30,			June 30,			March 31,			December 31,			September 30,
	2008			2008			2008			2007			2007
EARNINGS
Taxable-equivalent net interest income	$	497,822		$	490,587		$	492,537		$	485,157		$	483,115
Taxable-equivalent revenue		587,432			562,959			603,537			464,923			628,938
Net interest income		492,003			484,743			486,458			478,885			476,637
Noninterest income		89,610			72,372			111,000			(20,234	)		145,823
Provision for loan losses		156,606			114,192			92,282			69,982			55,354
Noninterest expense		372,276			354,417			350,103			352,966			352,031
Income before income taxes and minority interest		52,731			88,506			155,073			35,703			215,075
Income taxes (benefit)		11,214			22,037			49,896			(11,035	)		71,853
Minority interest		3,757			(5,729	)		(1,572	)		1,197			7,490
Net income		37,760			72,198			106,749			45,541			135,732
Net earnings applicable to common shareholders		33,351			69,744			104,296			42,198			131,962

PER COMMON SHARE
Net earnings (diluted)		0.31			0.65			0.98			0.39			1.22
Dividends		0.43			0.43			0.43			0.43			0.43
Book value per common share		45.78			46.82			47.49			47.17			46.92

SELECTED RATIOS
Return on average assets		0.28	%		0.54	%		0.81	%		0.35	%		1.10	%
Return on average common equity		2.59	%		5.53	%		8.18	%		3.29	%		10.50	%
Efficiency ratio		63.37	%		62.96	%		58.01	%		75.92	%		55.97	%
Net interest margin		4.13	%		4.18	%		4.23	%		4.27	%		4.44	%

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Press Release – Page 12

FINANCIAL HIGHLIGHTS (continued)

(Unaudited)

	Three Months Ended
(In thousands, except share and ratio data)	September 30,			June 30,			March 31,			December 31,			September 30,
	2008			2008			2008			2007			2007
AVERAGE BALANCES
Total assets	$	54,279,760		$	53,293,375		$	52,913,823		$	50,941,152		$	48,903,319
Total interest-earning assets		47,984,725			47,202,577			46,853,435			45,106,413			43,200,858
Securities		4,582,727			4,866,421			5,341,287			5,188,980			5,221,722
Net loans and leases		41,984,123			40,512,249			39,452,309			38,450,974			37,194,850
Goodwill		2,009,509			2,009,517			2,009,477			2,009,022			2,015,532
Core deposit and other intangibles		132,167			137,675			146,363			162,679			177,864
Total deposits		37,321,656			36,774,214			36,594,674			36,381,125			35,756,600
Core deposits (1)		33,227,950			32,353,472			32,054,693			31,785,110			31,017,730
Minority interest		29,949			27,244			30,676			32,343			37,527
Shareholders' equity:
Preferred equity		282,500			240,000			240,000			240,000			240,000
Common equity		5,123,399			5,070,047			5,126,621			5,094,138			4,987,275

Weighted average common and common-
equivalent shares outstanding		108,497,464			106,711,948			106,722,000			106,902,983			107,879,963

AT PERIOD END
Total assets	$	53,974,168		$	54,630,883		$	53,408,293		$	52,947,414		$	50,044,686
Total interest-earning assets		47,656,065			47,920,419			46,962,949			46,448,887			44,104,956
Securities		4,755,359			4,784,185			5,002,207			5,860,900			5,261,057
Net loans and leases		41,887,693			41,872,977			39,905,755			39,087,779			37,822,259
Allowance for loan losses		609,433			548,958			501,283			459,376			418,165
Reserve for unfunded lending commitments		23,574			26,838			25,148			21,530			21,394
Goodwill		2,009,504			2,009,511			2,009,517			2,009,513			2,021,519
Core deposit and other intangibles		133,989			132,481			140,672			149,493			172,140
Total deposits		38,590,901			37,607,995			37,516,337			36,922,753			35,774,713
Core deposits (1)		33,854,963			33,381,382			32,891,096			32,454,221			31,170,466
Minority interest		30,288			25,528			30,413			30,939			37,411
Shareholders' equity:
Preferred equity		286,949			240,000			240,000			240,000			240,000
Common equity		5,279,078			5,033,530			5,087,801			5,052,800			5,016,980

Common shares outstanding		115,302,598			107,518,975			107,139,188			107,116,505			106,934,360

Average equity to average assets		9.96	%		9.96	%		10.14	%		10.47	%		10.69	%
Common dividend payout		138.44	%		66.23	%		44.11	%		108.88	%		34.96	%
Tangible equity ratio		6.60	%		5.97	%		6.20	%		6.17	%		6.40	%
Nonperforming assets	$	924,442		$	697,432		$	434,293		$	283,854		$	196,575
Accruing loans past due 90 days or more		97,831			108,934			84,637			77,419			64,516
Nonperforming assets to net loans and leases
and other real estate owned at period end		2.20	%		1.66	%		1.09	%		0.73	%		0.52	%


(1) Amount consists of total deposits excluding brokered deposits and time deposits $100,000 and over.

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 13

CONSOLIDATED BALANCE SHEETS

	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands, except share amounts)	2008			2008			2008			2007			2007
	(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)
ASSETS
Cash and due from banks	$	1,441,957		$	1,751,724		$	1,660,539		$	1,855,155		$	1,481,238
Money market investments:
Interest-bearing deposits and commercial paper		568,875			504,314			1,243,860			726,446			513,395
Federal funds sold		274,129			274,456			121,892			102,225			23,567
Security resell agreements		170,009			484,487			689,235			671,537			484,678
Investment securities:
Held-to-maturity, at adjusted cost (approximate fair value
$1,587,006, $1,730,104, $704,156, $702,148 and $686,026)		1,917,354			1,914,833			701,658			704,441			695,842
Available-for-sale, at fair value		2,792,236			2,817,682			4,259,742			5,134,610			4,549,721
Trading account, at fair value (includes $531, $463, $0,
$741 and $22 transferred as collateral
under repurchase agreements)		45,769			51,670			40,807			21,849			15,494
		4,755,359			4,784,185			5,002,207			5,860,900			5,261,057
Loans:
Loans held for sale		152,095			158,509			208,529			207,943			200,653
Loans and leases		41,876,371			41,874,224			39,855,365			39,044,163			37,778,228
		42,028,466			42,032,733			40,063,894			39,252,106			37,978,881
Less:
Unearned income and fees, net of related costs		140,773			159,756			158,139			164,327			156,622
Allowance for loan losses		609,433			548,958			501,283			459,376			418,165
Loans and leases, net of allowance		41,278,260			41,324,019			39,404,472			38,628,403			37,404,094

Other noninterest-bearing investments		1,170,367			1,153,933			1,114,902			1,034,412			1,043,475
Premises and equipment, net		675,480			656,013			657,183			655,712			658,294
Goodwill		2,009,504			2,009,511			2,009,517			2,009,513			2,021,519
Core deposit and other intangibles		133,989			132,481			140,672			149,493			172,140
Other real estate owned		156,817			125,186			36,476			15,201			11,973
Other assets		1,339,422			1,430,574			1,327,338			1,238,417			969,256
	$	53,974,168		$	54,630,883		$	53,408,293		$	52,947,414		$	50,044,686

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand	$	9,413,484		$	9,735,265		$	9,464,122		$	9,618,300		$	9,322,668
Interest-bearing:
Savings and NOW		4,341,873			4,590,767			4,661,963			4,507,837			4,365,600
Money market		11,703,163			11,175,844			10,716,328			10,304,225			10,446,015
Internet money market		2,384,125			2,211,557			2,270,059			2,163,014			1,707,544
Time under $100,000		2,954,116			2,466,082			2,564,434			2,562,363			2,599,595
Time $100,000 and over		4,468,225			4,102,369			4,548,009			4,391,588			4,535,644
Foreign		3,325,915			3,326,111			3,291,422			3,375,426			2,797,647
		38,590,901			37,607,995			37,516,337			36,922,753			35,774,713

Securities sold, not yet purchased		29,528			46,376			184,522			224,269			21,036
Federal funds purchased		1,179,197			2,379,055			1,817,587			2,463,460			2,391,805
Security repurchase agreements		734,379			1,010,325			1,144,178			1,298,112			1,070,702
Other liabilities		649,672			555,812			620,528			644,375			560,853
Commercial paper		40,493			137,200			164,657			297,850			411,007
Federal Home Loan Bank advances and other borrowings:
One year or less		4,455,234			4,799,143			3,890,087			3,181,990			2,037,644
Over one year		128,855			129,474			127,006			127,612			128,218
Long-term debt		2,569,594			2,666,445			2,585,177			2,463,254			2,354,317
Total liabilities		48,377,853			49,331,825			48,050,079			47,623,675			44,750,295

Minority interest		30,288			25,528			30,413			30,939			37,411

Shareholders' equity:
Capital stock:
Preferred stock, without par value, authorized 3,000,000 shares:
Series A and C (liquidation preference $1,000 per share); issued
and outstanding 240,000 and 46,949 shares		286,949			240,000			240,000			240,000			240,000
Common stock, without par value; authorized 350,000,000
shares; issued and outstanding 115,302,598, 107,518,975
107,139,188, 107,116,505 and 106,934,360 shares		2,482,517			2,224,455			2,219,905			2,212,237			2,200,228
Retained earnings		2,968,242			2,981,062			2,957,511			2,910,692			2,914,439
Accumulated other comprehensive income (loss)		(157,305	)		(158,325	)		(76,429	)		(58,835	)		(86,914	)
Deferred compensation		(14,376	)		(13,662	)		(13,186	)		(11,294	)		(10,773	)
Total shareholders' equity		5,566,027			5,273,530			5,327,801			5,292,800			5,256,980
	$	53,974,168		$	54,630,883		$	53,408,293		$	52,947,414		$	50,044,686

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 14

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(In thousands, except per share amounts)	September 30,			June 30,			March 31,			December 31,			September 30,
	2008			2008			2008			2007			2007
Interest income:
Interest and fees on loans	$	663,677		$	643,111		$	688,439		$	727,185		$	724,598
Interest on loans held for sale		1,916			2,699			3,017			2,975			3,695
Lease financing		5,515			5,767			5,818			5,782			5,461
Interest on money market investments		9,267			12,313			19,028			18,760			10,841
Interest on securities:
Held-to-maturity – taxable		21,780			15,730			2,455			2,387			2,343
Held-to-maturity – nontaxable		6,319			6,224			6,429			6,430			6,402
Available-for-sale – taxable		25,044			35,059			62,356			61,459			61,248
Available-for-sale – nontaxable		1,697			1,870			1,892			2,070			2,274
Trading account		437			159			681			471			880
Total interest income		735,652			722,932			790,115			827,519			817,742

Interest expense:
Interest on savings and money market deposits		90,720			80,144			103,987			125,382			123,586
Interest on time and foreign deposits		74,837			83,460			106,222			119,242			119,781
Interest on short-term borrowings		47,518			43,255			63,134			67,601			59,034
Interest on long-term borrowings		30,574			31,330			30,314			36,409			38,704
Total interest expense		243,649			238,189			303,657			348,634			341,105

Net interest income		492,003			484,743			486,458			478,885			476,637
Provision for loan losses		156,606			114,192			92,282			69,982			55,354
Net interest income after provision for loan losses		335,397			370,551			394,176			408,903			421,283

Noninterest income:
Service charges and fees on deposit accounts		53,695			51,067			49,585			48,130			46,919
Other service charges, commissions and fees		42,794			42,362			41,981			44,405			44,471
Trust and wealth management income		8,865			10,284			9,693			10,151			9,040
Capital markets and foreign exchange		12,257			12,196			10,397			10,632			11,325
Dividends and other investment income		7,042			10,409			12,910			13,830			14,720
Loan sales and servicing income		3,633			8,516			7,810			8,640			11,607
Income from securities conduit		336			1,043			2,581			2,472			3,221
Fair value and nonhedge derivative income (loss)		(26,155	)		(19,789	)		3,787			(7,034	)		(9,391	)
Equity securities gains (losses), net		12,971			(8,121	)		10,068			1,349			11,072
Fixed income securities gains (losses), net		135			78			1,775			(753	)		58
Impairment losses on investment securities and valuation
losses on securities purchased from Lockhart Funding		(28,022	)		(38,761	)		(45,989	)		(158,208	)		-
Other		2,059			3,088			6,402			6,152			2,781
Total noninterest income		89,610			72,372			111,000			(20,234	)		145,823

Noninterest expense:
Salaries and employee benefits		208,995			201,291			209,354			191,141			204,488
Occupancy, net		30,552			27,364			26,799			27,312			27,203
Furniture and equipment		24,281			25,610			23,738			24,917			23,996
Legal and professional services		11,297			11,566			7,880			12,132			10,918
Postage and supplies		9,257			8,536			9,789			9,416			10,024
Advertising		6,782			7,520			6,351			6,322			6,624
Impairment losses on long-lived assets		2,239			-			-			-			-
Merger related expense		384			281			307			687			682
Amortization of core deposit and other intangibles		8,096			8,191			8,820			10,459			11,495
Provision for unfunded lending commitments		(3,264	)		1,690			3,618			136			172
Other		73,657			62,368			53,447			70,444			56,429
Total noninterest expense		372,276			354,417			350,103			352,966			352,031

Income before income taxes and minority interest		52,731			88,506			155,073			35,703			215,075
Income taxes (benefit)		11,214			22,037			49,896			(11,035	)		71,853
Minority interest		3,757			(5,729	)		(1,572	)		1,197			7,490
Net income		37,760			72,198			106,749			45,541			135,732
Preferred stock dividend		4,409			2,454			2,453			3,343			3,770
Net earnings applicable to common shareholders	$	33,351		$	69,744		$	104,296		$	42,198		$	131,962

Weighted average common shares outstanding during the period:
Basic shares		108,407			106,595			106,514			106,454			106,814
Diluted shares		108,497			106,712			106,722			106,903			107,880

Net earnings per common share:
Basic	$	0.31		$	0.65		$	0.98		$	0.40		$	1.24
Diluted		0.31			0.65			0.98			0.39			1.22

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 15

CONSOLIDATED STATEMENTS OF INCOME (continued)

(Unaudited)

	Nine Months Ended
(In thousands, except per share amounts)	September 30,
	2008			2007
Interest income:
Interest and fees on loans	$	1,995,227		$	2,096,197
Interest on loans held for sale		7,632			11,892
Lease financing		17,100			15,901
Interest on money market investments		40,608			24,939
Interest on securities:
Held-to-maturity – taxable		39,965			6,610
Held-to-maturity – nontaxable		18,972			18,720
Available-for-sale – taxable		122,459			193,580
Available-for-sale – nontaxable		5,459			7,130
Trading account		1,277			2,838
Total interest income		2,248,699			2,377,807

Interest expense:
Interest on savings and money market deposits		274,851			353,984
Interest on time and foreign deposits		264,519			353,111
Interest on short-term borrowings		153,907			151,095
Interest on long-term borrowings		92,218			116,550
Total interest expense		785,495			974,740

Net interest income		1,463,204			1,403,067
Provision for loan losses		363,080			82,228
Net interest income after provision for loan losses		1,100,124			1,320,839

Noninterest income:
Service charges and fees on deposit accounts		154,347			135,420
Other service charges, commissions and fees		127,137			126,159
Trust and wealth management income		28,842			26,381
Capital markets and foreign exchange		34,850			32,956
Dividends and other investment income		30,361			37,084
Loan sales and servicing income		19,959			29,863
Income from securities conduit		3,960			15,704
Fair value and nonhedge derivative income (loss)		(42,157	)		(7,222	)
Equity securities gains, net		14,918			16,370
Fixed income securities gains, net		1,988			3,772
Impairment losses on investment securities and valuation
losses on securities purchased from Lockhart Funding		(112,772	)		-
Other		11,549			16,091
Total noninterest income		272,982			432,578

Noninterest expense:
Salaries and employee benefits		619,640			608,743
Occupancy, net		84,715			80,126
Furniture and equipment		73,629			71,535
Legal and professional services		30,743			31,697
Postage and supplies		27,582			27,096
Advertising		20,653			20,598
Impairment losses on long-lived assets		2,239			-
Merger related expense		972			4,579
Amortization of core deposit and other intangibles		25,107			34,436
Provision for unfunded lending commitments		2,044			1,700
Other		189,472			171,112
Total noninterest expense		1,076,796			1,051,622

Income before income taxes and minority interest		296,310			701,795
Income taxes		83,147			246,772
Minority interest		(3,544	)		6,819
Net income		216,707			448,204
Preferred stock dividend		9,316			10,980
Net earnings applicable to common shareholders	$	207,391		$	437,224

Weighted average common shares outstanding during the period:
Basic shares		107,176			107,671
Diluted shares		107,333			109,059

Net earnings per common share:
Basic	$	1.94		$	4.06
Diluted		1.93			4.01

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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, 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 income (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 income (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

Comprehensive income:
Net income for the period							37,760									37,760
Other comprehensive income, net of tax:
Net realized and unrealized holding losses
on investments and retained interests										(40,454	)
Foreign currency translation										(53	)
Reclassification for net realized losses
on investments recorded in operations										16,012
Net unrealized gains on derivative instruments										25,515
Other comprehensive income										1,020						1,020
Total comprehensive income																38,780
Issuance of preferred stock		46,949		(503	)											46,446
Issuance of common stock				244,889												244,889
Stock issued under dividend reinvestment plan				629												629
Net stock issued under employee plans
and related tax benefits				13,047												13,047
Dividends declared on preferred stock							(4,409	)								(4,409	)
Dividends on common stock, $.43 per share							(46,171	)								(46,171	)
Change in deferred compensation													(714	)		(714	)
Balance, September 30, 2008	$	286,949	$	2,482,517		$	2,968,242		$	(157,305	)	$	(14,376	)	$	5,566,027

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Press Release – Page 17

INVESTMENT SECURITIES PORTFOLIO

As of September 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	$	696,372	$	-		$	696,372	$	(3,320	)	$	693,052
Asset-backed securities:
Trust preferred securities – banks and insurance
AA rated		1,930		(105	)		1,825		(707	)		1,118
A rated		1,196,147		(194,025	)		1,002,122		(283,525	)		718,597
BBB rated		163,413		(32,439	)		130,974		(35,460	)		95,514
		1,361,490		(226,569	)		1,134,921		(319,692	)		815,229
Trust preferred securities – real estate investment trusts
AAA rated		17,699		(4,873	)		12,826		(890	)		11,936
A rated		18,254		(3,870	)		14,384		(1,879	)		12,505
		35,953		(8,743	)		27,210		(2,769	)		24,441
Other
AAA rated		41,087		(129	)		40,958		(10,588	)		30,370
AA rated		8,369		(1,200	)		7,169		1,483			8,652
A rated		22,622		(11,898	)		10,724		4,538			15,262
		72,078		(13,227	)		58,851		(4,567	)		54,284
		2,165,893		(248,539	)		1,917,354		(330,348	)		1,587,006

AVAILABLE-FOR-SALE:
U.S. Treasury securities		40,992		884			41,876					41,876
U.S. Government agencies and corporations:
Agency securities		456,821		258			457,079					457,079
Agency guaranteed mortgage-backed securities		410,269		4,050			414,319					414,319
Small Business Administration loan-backed securities		696,409		(14,502	)		681,907					681,907
Municipal securities		179,132		301			179,433					179,433
Asset-backed securities:
Trust preferred securities – banks and insurance
AAA rated		661,382		(96,967	)		564,415					564,415
A rated		48,363		(14,636	)		33,727					33,727
BBB rated		7,000		(2,666	)		4,334					4,334
Not rated		27,272		321			27,593					27,593
		744,017		(113,948	)		630,069					630,069
Trust preferred securities – real estate investment trusts
BBB rated		13,209		1,230			14,439					14,439
Noninvestment grade		27,040		(3,093	)		23,947					23,947
		40,249		(1,863	)		38,386					38,386
Small business loan-backed		12,623		82			12,705					12,705
Other
AAA rated		41,889		(4,609	)		37,280					37,280
AA rated		48,008		(15,342	)		32,666					32,666
BBB rated		3,356		(1,146	)		2,210					2,210
Noninvestment grade		14,499		-			14,499					14,499
		107,752		(21,097	)		86,655					86,655
		2,688,264		(145,835	)		2,542,429					2,542,429
Other securities:
Mutual funds and stock		249,807		-			249,807					249,807
		2,938,071		(145,835	)		2,792,236					2,792,236
Total	$	5,103,964	$	(394,374	)	$	4,709,590	$	(330,348	)	$	4,379,242

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

Ratings categories include entire range. For example, "A rated" includes A+, A and A-. Split rated securities with two ratings are categorized at the higher of the rating levels. If three ratings exist, classification is at the common or middle rating level.

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 18

Nonperforming Assets

(Unaudited)

(In thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
	2008			2008			2008			2007			2007

Nonaccrual loans	$	765,522		$	570,101		$	387,717		$	258,513		$	174,315
Restructured loans		2,103			2,145			10,100			10,140			10,287
Other real estate owned		156,817			125,186			36,476			15,201			11,973
Total	$	924,442		$	697,432		$	434,293		$	283,854		$	196,575
% of net loans and leases* and other real
estate owned		2.20	%		1.66	%		1.09	%		0.73	%		0.52	%

Accruing loans past due 90 days or more	$	97,831		$	108,934		$	84,637		$	77,419		$	64,516

% of net loans and leases*		0.23	%		0.26	%		0.21	%		0.20	%		0.17	%

*Includes loans held for sale.


Allowance and Reserve for Credit Losses
(Unaudited)

	Three Months Ended
(In thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
	2008			2008			2008			2007			2007
Allowance for Loan Losses
Balance at beginning of period	$	548,958		$	501,283		$	459,376		$	418,165		$	380,295
Allowance of company acquired		-			-			-			-			578
Allowance of branches sold		-			-			-			(2,034	)		-
Allowance associated with repurchased
securitized loans and loans sold		(804	)		1,301			425			-			-
Add:
Provision for losses		156,606			114,192			92,282			69,982			55,354
Deduct:
Loan and lease charge-offs		(100,241	)		(75,378	)		(53,751	)		(30,023	)		(20,815	)
Recoveries		4,914			7,560			2,951			3,286			2,753
Net loan and lease charge-offs		(95,327	)		(67,818	)		(50,800	)		(26,737	)		(18,062	)
Balance at end of period	$	609,433		$	548,958		$	501,283		$	459,376		$	418,165

Ratio of allowance for loan losses to net loans
and leases outstanding at period end		1.45	%		1.31	%		1.26	%		1.18	%		1.11	%

Ratio of allowance for loan losses to nonperforming
loans at period end		79.39	%		95.93	%		126.01	%		170.99	%		226.52	%

Reserve for Unfunded Lending Commitments
Balance at beginning of period	$	26,838		$	25,148		$	21,530		$	21,394		$	21,222
Provision charged (credited) against earnings		(3,264	)		1,690			3,618			136			172
Balance at end of period	$	23,574		$	26,838		$	25,148		$	21,530		$	21,394

Total Allowance and Reserve for Credit Losses
Allowance for loan losses	$	609,433		$	548,958		$	501,283		$	459,376		$	418,165
Reserve for unfunded lending commitments		23,574			26,838			25,148			21,530			21,394
Total allowance and reserve for credit losses	$	633,007		$	575,796		$	526,431		$	480,906		$	439,559

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 19

Loan Balances By Portfolio Type

(Unaudited)


(In millions)	September 30,		June 30,		March 31,		December 31,		September 30,
	2008		2008		2008		2007		2007

Loans held for sale	$	152	$	159	$	209	$	208	$	201

Commercial lending:
Commercial and industrial		11,351		11,247		10,626		10,407		9,767
Leasing		451		492		494		503		474
Owner occupied		8,782		8,912		7,910		7,545		7,347
Total commercial lending		20,584		20,651		19,030		18,455		17,588

Commercial real estate:
Construction and land development		7,812		7,891		7,937		7,869		7,828
Term		6,079		5,939		5,569		5,334		5,054
Total commercial real estate		13,891		13,830		13,506		13,203		12,882

Consumer:
Home equity credit line		1,899		1,794		1,674		1,608		1,546
1-4 family residential		3,892		3,914		3,920		3,975		3,969
Construction and other consumer real estate		769		852		910		945		972
Bankcard and other revolving plans		360		332		316		347		299
Other		411		436		440		460		473
Total consumer		7,331		7,328		7,260		7,335		7,259

Foreign loans		70		65		59		51		49
Total loans	$	42,028	$	42,033	$	40,064	$	39,252	$	37,979

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 20

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended								Three Months Ended
	September 30, 2008								June 30, 2008
(In thousands)	Average			Amount of		Average			Average			Amount of		Average
	balance			interest (1)		rate			balance			interest (1)		rate
ASSETS
Money market investments	$	1,417,875		$	9,267		2.60	%	$	1,823,907		$	12,313		2.72	%
Securities:
Held-to-maturity		1,918,436			31,502		6.53	%		1,532,818			25,305		6.64	%
Available-for-sale		2,621,756			27,654		4.20	%		3,295,056			37,936		4.63	%
Trading account		42,535			437		4.09	%		38,547			159		1.66	%
Total securities		4,582,727			59,593		5.17	%		4,866,421			63,400		5.24	%

Loans:
Loans held for sale		160,026			1,916		4.76	%		186,592			2,699		5.82	%
Net loans and leases (2)		41,824,097			670,695		6.38	%		40,325,657			650,364		6.49	%
Total loans and leases		41,984,123			672,611		6.37	%		40,512,249			653,063		6.48	%
Total interest-earning assets		47,984,725			741,471		6.15	%		47,202,577			728,776		6.21	%
Cash and due from banks		1,424,407								1,320,584
Allowance for loan losses		(562,518	)							(516,908	)
Goodwill		2,009,509								2,009,517
Core deposit and other intangibles		132,167								137,675
Other assets		3,291,470								3,139,930
Total assets	$	54,279,760							$	53,293,375

LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,248,715			8,285		0.78	%	$	4,651,117			8,776		0.76	%
Money market		11,552,968			62,571		2.15	%		10,752,743			54,707		2.05	%
Internet money market		2,327,315			19,864		3.40	%		2,200,695			16,661		3.04	%
Time under $100,000		2,675,894			21,898		3.26	%		2,513,620			23,276		3.72	%
Time $100,000 and over		3,929,454			32,918		3.33	%		4,344,441			40,462		3.75	%
Foreign		3,397,729			20,021		2.34	%		3,254,872			19,722		2.44	%
Total interest-bearing deposits		28,132,075			165,557		2.34	%		27,717,488			163,604		2.37	%
Borrowed funds:
Securities sold, not yet purchased		30,966			393		5.05	%		33,299			414		5.00	%
Federal funds purchased and security
repurchase agreements		2,284,997			10,246		1.78	%		2,999,084			14,569		1.95	%
Commercial paper		74,596			577		3.08	%		148,946			1,222		3.30	%
FHLB advances and other borrowings:
One year or less		5,765,265			36,302		2.50	%		4,701,020			27,050		2.31	%
Over one year		129,162			1,856		5.72	%		129,079			1,840		5.73	%
Long-term debt		2,662,046			28,718		4.29	%		2,632,660			29,490		4.51	%
Total borrowed funds		10,947,032			78,092		2.84	%		10,644,088			74,585		2.82	%
Total interest-bearing liabilities		39,079,107			243,649		2.48	%		38,361,576			238,189		2.50	%
Noninterest-bearing deposits		9,189,581								9,056,726
Other liabilities		575,224								537,782
Total liabilities		48,843,912								47,956,084
Minority interest		29,949								27,244
Shareholders' equity:
Preferred equity		282,500								240,000
Common equity		5,123,399								5,070,047
Total shareholders' equity		5,405,899								5,310,047
Total liabilities and shareholders' equity	$	54,279,760							$	53,293,375

Spread on average interest-bearing funds							3.67	%							3.71	%
Taxable-equivalent net interest income and
net yield on interest-earning assets				$	497,822		4.13	%				$	490,587		4.18	%

(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 21

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Nine Months Ended								Nine Months Ended
	September 30, 2008								September 30, 2007
(In thousands)	Average			Amount of		Average			Average			Amount of		Average
	balance			interest (1)		rate			balance			interest (1)		rate
ASSETS
Money market investments	$	1,765,932		$	40,608		3.07	%	$	620,369		$	24,939		5.37	%
Securities:
Held-to-maturity		1,385,803			69,153		6.67	%		679,113			35,410		6.97	%
Available-for-sale		3,502,132			130,857		4.99	%		4,732,689			204,549		5.78	%
Trading account		40,942			1,277		4.17	%		68,245			2,838		5.56	%
Total securities		4,928,877			201,287		5.46	%		5,480,047			242,797		5.92	%

Loans:
Loans held for sale		186,940			7,632		5.45	%		246,360			11,892		6.45	%
Net loans and leases (2)		40,467,491			2,016,914		6.66	%		36,008,159			2,118,008		7.86	%
Total loans and leases		40,654,431			2,024,546		6.65	%		36,254,519			2,129,900		7.85	%
Total interest-earning assets		47,349,240			2,266,441		6.39	%		42,354,935			2,397,636		7.57	%
Cash and due from banks		1,387,584								1,499,900
Allowance for loan losses		(518,840	)							(380,121	)
Goodwill		2,009,501								2,003,972
Core deposit and other intangibles		138,711								186,884
Other assets		3,132,318								2,476,001
Total assets	$	53,498,514							$	48,141,571

LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,472,175			27,530		0.82	%	$	4,452,344			30,181		0.91	%
Money market		10,954,861			189,598		2.31	%		10,320,360			267,985		3.47	%
Internet money market		2,249,017			57,723		3.43	%		1,476,561			55,818		5.05	%
Time under $100,000		2,589,543			72,339		3.73	%		2,510,342			81,939		4.36	%
Time $100,000 and over		4,243,922			122,454		3.85	%		4,867,183			176,992		4.86	%
Foreign		3,314,535			69,726		2.81	%		2,570,641			94,180		4.90	%
Total interest-bearing deposits		27,824,053			539,370		2.59	%		26,197,431			707,095		3.61	%
Borrowed funds:
Securities sold, not yet purchased		32,608			1,140		4.67	%		30,892			1,060		4.59	%
Federal funds purchased and security
repurchase agreements		2,864,224			49,021		2.29	%		3,104,079			110,978		4.78	%
Commercial paper		142,771			4,131		3.86	%		222,523			9,075		5.45	%
FHLB advances and other borrowings:
One year or less		4,852,840			99,615		2.74	%		759,780			29,982		5.28	%
Over one year		128,513			5,521		5.74	%		131,393			5,686		5.79	%
Long-term debt		2,600,002			86,697		4.45	%		2,356,434			110,864		6.29	%
Total borrowed funds		10,620,958			246,125		3.10	%		6,605,101			267,645		5.42	%
Total interest-bearing liabilities		38,445,011			785,495		2.73	%		32,802,532			974,740		3.97	%
Noninterest-bearing deposits		9,074,345								9,438,778
Other liabilities		588,846								644,041
Total liabilities		48,108,202								42,885,351
Minority interest		29,292								37,747
Shareholders' equity:
Preferred equity		254,270								240,000
Common equity		5,106,750								4,978,473
Total shareholders' equity		5,361,020								5,218,473
Total liabilities and shareholders' equity	$	53,498,514							$	48,141,571

Spread on average interest-bearing funds							3.66	%							3.60	%
Taxable-equivalent net interest income and
net yield on interest-earning assets				$	1,480,946		4.18	%				$	1,422,896		4.49	%

(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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