ex99_1.htm

Exhibit 99.1

***FOR IMMEDIATE RELEASE***

For: ZIONS BANCORPORATION Contact: James Abbott

One South Main, 15th Floor Tel: (801) 524-4787

Salt Lake City, Utah July 20, 2009

Harris H. Simmons

Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS 2009 SECOND QUARTER

RESULTS WITH STRONG IMPROVEMENT IN CAPITAL LEVELS

SALT LAKE CITY, July 20, 2009 – Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported a second quarter net loss applicable to common shareholders of $40.7 million or $0.35 per diluted share, compared to a net loss of $852.3 million (which included nonoperating goodwill impairment of $634.0 million) or $7.47 per diluted share for the first quarter of 2009.

Second Quarter 2009 Highlights

Positives:

Tangible common equity ratio of 5.66% at June 30, 2009 compared to 5.26% at March 31, 2009, which includes the impact of previously announced capital actions of $511 million.

Average noninterest-bearing demand deposits increased $0.8 billion or 32% annualized from first quarter.

Net interest margin of 4.09% compared to 3.93% in first quarter.

Build-up of the allowance for loan losses, with ratio to net loans of 3.08% compared to 2.03% in first quarter; ratio of total allowance and reserve for credit losses to net loans increased to 3.23%.

Continuing challenges:

Net loan charge-offs of $347.5 million (including one credit for $47.5 million on which a substantial recovery is expected) compared to $151.7 million in first quarter.

Nonperforming lending related assets of $1.9 billion (excluding FDIC-supported assets); ratio to net loans and other real estate owned of 4.68% compared to 3.96% in first quarter.

Credit-related OTTI on CDO securities of $42.0 million compared to $82.7 million in first quarter.

- more -

ZIONS BANCORPORATION

Press Release – Page 2

July 20, 2009

“As we continue to progress through this difficult economic period, we are pleased to have been able to significantly increase key capital ratios while at the same time substantially building our reserves for problem credits this quarter,” said Harris H. Simmons, chairman and chief executive officer. “We are further encouraged by the particularly strong growth of our highest quality deposits. This, along with the reduction in excessive cash balances which had been carried at a negative spread has strengthened our net interest margin. Finally, we are pleased that a major U.S. consulting firm, based on a survey of business customers, recently reported that Zions ranks as one of the best among leading U.S. banks for customer service, willingness to lend, and treasury management products,” Simmons added.

Asset Quality

The provision for loan losses was $762.7 million for the second quarter of 2009 compared to $297.6 million for the first quarter of 2009 and $114.2 million for the second quarter of 2008. The provision for the second quarter of 2009 was 7.44% annualized of average loans excluding FDIC-supported assets and was $415.2 million in excess of net loan and lease charge-offs. The increased provision resulted from continued deterioration in commercial real estate and commercial and industrial loan portfolios, re-estimation of certain of the Company’s loss reserve factors based on a newly updated migration analysis reflecting more recent loss experience, and to incorporate the possibility of a more protracted credit cycle.

The allowance for loan losses as a percentage of net loans and leases excluding FDIC-supported assets was 3.08% at June 30, 2009 compared to 2.03% at March 31, 2009 and 1.32% at June 30, 2008. Based on March 31, 2009 (the latest available) industry peer group data, this allowance level would rank in the top quartile. The combined allowance for loan losses and reserve for unfunded lending commitments was $1,308.7 million, or 3.23% of net loans and leases excluding FDIC-supported assets at June 30, 2009, compared to 2.16% at March 31, 2009 and 1.38% at June 30, 2008.

- more -

ZIONS BANCORPORATION

Press Release – Page 3

July 20, 2009

Nonperforming lending related assets were $2,059.3 million at June 30, 2009 ($1,922.6 million excluding FDIC-supported assets) compared to $1,754.8 million at March 31, 2009 and $695.3 million at June 30, 2008. The ratio of nonperforming lending related assets excluding FDIC-supported assets to net loans and leases and other real estate owned was 4.68% at June 30, 2009 compared to 3.96% at March 31, 2009 and 1.66% at June 30, 2008.

Net loan and lease charge-offs for the second quarter of 2009 were $347.5 million or 3.39% annualized of average loans excluding FDIC-supported assets. This compares with $151.7 million or 1.47% annualized of average loans for the first quarter of 2009 and $67.8 million or 0.67% annualized of average loans for the second quarter of 2008. One large credit on which a substantial recovery is expected accounted for 46 bp of the ratio of net loan and lease charge-offs to average loans for the second quarter of 2009. Construction-related credits accounted for another 168 bp.

Capital Management

During June 2009, as previously disclosed, the Company announced several actions to enhance its tangible common equity. The net effect of these actions added $511 million to tangible common equity and 99 bp to the tangible common equity ratio during the quarter as follows:


			Effect on
			Second quarter net
			earnings applicable to						Tangible
			common shareholders				Diluted		common equity
(Dollars in millions, except per share amounts)			Pretax		After-tax		EPS		Amount		Ratio (bp)

	1.	Subordinated debt modification	$	305.0	$	188.4
	2.	Recognition of deferred gains on terminated swaps		161.3		99.6
				466.3		288.0	$	2.48	$	288.0		56
	3.	Gain recognized in equity for conversion option								45.3		9
	4.	Preferred stock redemption				52.4		0.45		54.2		10
	5.	Common equity ongoing issuances								123.7		24
					$	340.4	$	2.93	$	511.2		99

Subordinated debt modification – The Company exchanged approximately $0.2 billion of subordinated notes for new notes with the same terms. The remaining $1.2 billion of subordinated notes were modified to permit conversion on a par for par basis into either the Company’s Series A or Series C preferred stock. Net of issuance costs and debt discount on the previous debt, the pretax gain recognized in earnings from this debt modification was approximately $305.0 million.

- more -

ZIONS BANCORPORATION

Press Release – Page 4

July 20, 2009

Recognition of deferred gains on terminated swaps – The Company recognized deferred gains of approximately $161.3 million pretax on terminated swaps related to the subordinated debt that was modified.

Gain recognized in equity for conversion option – The Company recognized directly in equity a $45.3 million after-tax gain for the conversion option of the modified debt.

Tender offer of Series A preferred stock – The Company purchased 4,020,435 depositary shares (each share representing a 1/40th ownership interest in a share of preferred stock) at a price of $11.50 per depositary share, or an aggregate amount of $46.4 million including accrued dividends. At a $25 per depositary share liquidation preference, the purchase reduced the $240 million carrying value of the Series A preferred stock by approximately $100.5 million. Net of related costs, the redemption resulted in a $52.4 million increase to retained earnings.

Common equity ongoing issuances – The Company issued approximately $123.7 million of new common stock net of issuance costs, which consisted of 9,177,658 shares at an average price of $13.79 per share. The Company has stated that it expects to issue the balance of the announced $250 million in the next two quarters.

The tangible common equity ratio was 5.66% at June 30, 2009 compared to 5.26% at March 31, 2009 and 5.51% at June 30, 2008. The increase from the first quarter reflects the impact of the capital actions previously discussed, which was partially offset by the effect of operating items, including the provision for loan losses, and the reclassification of securities subsequently discussed.

The estimated Tier 1 common to risk-weighted assets ratio was 6.07% at June 30, 2009 and was 5.73% at March 31, 2009.

- more -

ZIONS BANCORPORATION

Press Release – Page 5

July 20, 2009

Acquisition Related Gains

As previously disclosed, two of the Company’s banking subsidiaries acquired failed financial institutions from the FDIC during the first and second quarters of 2009. California Bank & Trust acquired Alliance Bank on February 6, 2009 and Nevada State Bank acquired Great Basin Bank on April 17, 2009. The acquired loans in both acquisitions involved loss sharing agreements with the FDIC. During the second quarter of 2009, these subsidiaries recognized acquisition related gains totaling $23.0 million, after applying the provisions of SFAS No. 141 (revised 2007) that was adopted on January 1, 2009.

Loans

On-balance-sheet net loans and leases of $41.4 billion at June 30, 2009 decreased approximately $0.5 billion or 5.1% annualized from $41.9 billion at March 31, 2009, and decreased approximately $0.3 billion or 0.8% from $41.7 billion at June 30, 2008.

Deposits

Average total deposits for the second quarter of 2009 increased $0.8 billion or 7.9% annualized to $42.9 billion compared to $42.1 billion for the first quarter of 2009, and increased $6.2 billion or 16.8% compared to $36.8 billion for the second quarter of 2008. Average noninterest-bearing demand deposits increased $0.8 billion or 32.0% annualized to $10.7 billion compared to $9.9 billion for the first quarter of 2009, which was used to reduce more expensive sources of funding.

Net Interest Income

The net interest margin was 4.09% for the second quarter of 2009 compared to 3.93% for the first quarter of 2009 and 4.18% for the second quarter of 2008. The improvement in the net interest margin for the second quarter of 2009 was primarily due to lower rates on deposits, a more favorable funding mix, and reduction of short-term lower yielding assets. The Company continues to pursue strategies to reduce higher cost deposits in order to reduce short-term, low-yielding assets.

- more -

ZIONS BANCORPORATION

Press Release – Page 6

July 20, 2009

Investment Securities

During the second quarter of 2009, the Company recognized in earnings impairment and valuation losses on CDOs of $53.7 million, or $0.28 per diluted share, compared to $283.1 million during the first quarter of 2009. The second quarter losses consisted of the following:

$42.0 million of credit-related other-than-temporary impairment (“OTTI”), which includes:

$18.3 million for bank and insurance trust preferred CDOs

$18.6 million for REIT trust preferred CDOs

$5.1 million for other CDOs

$11.7 million of valuation losses on securities purchased, which includes:

$6.2 million for securities purchased from Lockhart Funding LLC, prior to fully consolidating Lockhart in June 2009

$5.5 million for additional valuation adjustments to auction rate securities previously purchased from customers

The Company recognized OTTI according to new accounting guidance adopted during the first quarter of 2009. Credit-related OTTI is recognized currently in earnings while noncredit-related OTTI on securities not expected to be sold is recognized in other comprehensive income (“OCI”).

The primary driver of OTTI in the second quarter of 2009 for bank and insurance trust preferred CDOs was an increased rate of new bank deferrals rather than an increase of actual defaults compared to previously predicted defaults.

During the second quarter of 2009 subsequent to ratings downgrades, the Company reclassified approximately $557 million at fair value of held-to-maturity securities to available-for-sale. No gain or loss was recognized in earnings at the time of reclassification. However, pretax fair value adjustments of $120.8 million on these securities were recorded in OCI, which reduced the tangible common equity ratio by 14 bp.

Noninterest Income

Noninterest income for the second quarter of 2009 was $585.3 million compared to a loss of $145.3 million for the first quarter of 2009 and income of $72.4 million for the second quarter of 2008.

- more -

ZIONS BANCORPORATION

Press Release – Page 7

July 20, 2009

Excluding the previously discussed impairment and valuation losses on securities, the gains on debt modification and terminated swaps, and the acquisition related gains, for the first and second quarters of 2009, noninterest income was $149.7 million for the second quarter of 2009 and $137.8 million for the first quarter of 2009.

Capital markets income increased during the second quarter of 2009 as the Company experienced strength in its securities trading and public finance businesses. Dividends and other investment income decreased primarily due to losses of approximately $5.5 million at two investment funds. Fair value and nonhedge derivative income was $20.3 million during the second quarter of 2009 compared to $4.0 million during the first quarter of 2009. The increase primarily reflects the recognition of hedge ineffectiveness and net changes in credit valuation adjustments on derivatives.

Noninterest Expense

Noninterest expense for the second quarter of 2009 was $419.5 million compared to $376.2 million for the first quarter of 2009 and $354.4 million for the second quarter of 2008. Salaries and employee benefits declined compared to the first quarter; approximately $4.3 million and $1.8 million of severance costs were included in the second and first quarters, respectively. FTEs have been reduced by 3.4% from December 31, 2008 even after adding personnel from FDIC-assisted acquisitions. Other real estate expense increased to $23.7 million during the second quarter of 2009 compared to $18.3 million during the first quarter of 2009. FDIC premiums were $42.3 million for the second quarter of 2009 compared to $14.2 million for the first quarter of 2009; the second quarter premiums included a special assessment of $24.2 million. Other noninterest expense included $5.1 million of debt extinguishment costs primarily for certain long-term FHLB debt and $7.9 million for the provision for unfunded lending commitments compared to $1.8 million in the first quarter of 2009.

- more -

ZIONS BANCORPORATION

Press Release – Page 8

July 20, 2009

Subsequent Event

On July 17, 2009, Zions’ subsidiary, California Bank & Trust (“CB&T”), entered into a purchase and assumption agreement with the FDIC as receiver of the failed Vineyard Bank in Southern California. CB&T is acquiring most of the assets and liabilities of Vineyard in a “whole bank” transaction, with loss sharing. Vineyard has approximately $1.6 billion of assets, including $1.4 billion of loans, $1.5 billion of deposits and 16 branches that are mostly located in the “Inland Empire” area. CB&T conducted due diligence on the loan portfolio. Under the terms of the bid, CB&T will purchase most of Vineyard’s assets at a discount of $242 million to stated value. The FDIC will bear 80% of the first $465 million of loan losses, and 95% of any loan losses above that amount, as provided in the purchase and assumption agreement. The transaction is estimated to be nondilutive to Zions’ tangible common equity ratio and approximately 6 to 9 basis points accretive to risk-based capital ratios as a result of a pretax gain on the purchase, which is estimated to be greater than $100 million and will be recognized in the third quarter of 2009. The transaction is expected to be approximately $0.04 to $0.06 per share accretive to earnings on an annualized basis thereafter.

Conference Call

Zions will host a conference call to discuss these second quarter results at 5:30 p.m. ET this afternoon (July 20, 2009). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-800-706-7745 (international: 617-614-3472) and entering the passcode 81536894, 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 8:30 p.m. ET on Monday, July 20, 2009, until midnight ET on Monday, July 27, 2009, by dialing 1-888-286-8010 (international: 617-801-6888) and entering the passcode 77926352. 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 approximately 500 offices 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.

- more -

ZIONS BANCORPORATION

Press Release – Page 9

July 20, 2009

Forward-Looking Information

Statements in this earnings 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 internationally, nationally or locally in areas in which the Company conducts its operations, including changes in securities 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 2008 Annual Report on Form 10-K of Zions Bancorporation filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov).

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

- more -

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

	Three Months Ended									Six Months Ended
(In thousands, except per share and ratio data)	June 30,									June 30,
	2009			2008			% Change			2009			2008			% Change
EARNINGS
Taxable-equivalent net interest income	$	499,432		$	490,587			1.80	%	$	980,102		$	983,124			(0.31	)%
Taxable-equivalent revenue		1,084,776			562,959			92.69	%		1,420,184			1,166,496			21.75	%
Net interest income		493,688			484,743			1.85	%		968,463			971,201			(0.28	)%
Noninterest income		585,344			72,372			708.80	%		440,082			183,372			139.99	%
Provision for loan losses		762,654			114,192			567.87	%		1,060,278			206,474			413.52	%
Noninterest expense		419,469			354,417			18.35	%		795,674			704,520			12.94	%
Impairment loss on goodwill		-			-						633,992			-
Income (loss) before income taxes		(103,091	)		88,506			(216.48	)%		(1,081,399	)		243,579			(543.96	)%
Income taxes (benefit)		(34,239	)		22,037			(255.37	)%		(185,966	)		71,933			(358.53	)%
Net income (loss)		(68,852	)		66,469			(203.59	)%		(895,433	)		171,646			(621.67	)%
Net loss applicable to noncontrolling interests		(1,209	)		(5,729	)		(78.90	)%		(1,749	)		(7,301	)		(76.04	)%
Net income (loss) applicable to controlling interest		(67,643	)		72,198			(193.69	)%		(893,684	)		178,947			(599.41	)%
Net earnings (loss) applicable to common shareholders		(40,672	)		69,744			(158.32	)%		(892,999	)		174,040			(613.10	)%

PER COMMON SHARE
Net earnings (loss) (diluted)		(0.35	)		0.65			(153.85	)%		(7.77	)		1.62			(579.63	)%
Dividends		0.04			0.43			(90.70	)%		0.08			0.86			(90.70	)%
Book value per common share											32.50			46.82			(30.59	)%

SELECTED RATIOS
Return on average assets		(0.50	)%		0.54	%					(3.29	)%		0.68	%
Return on average common equity		(4.06	)%		5.53	%					(40.27	)%		6.86	%
Efficiency ratio		38.67	%		62.96	%					56.03	%		60.40	%
Net interest margin		4.09	%		4.18	%					4.01	%		4.20	%

- more -

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

	Three Months Ended									Six Months Ended
(In thousands, except share and ratio data)	June 30,									June 30,
	2009			2008			% Change			2009			2008			% Change
AVERAGE BALANCES
Total assets	$	54,070,154		$	53,293,375			1.46	%	$	54,731,243		$	53,103,599			3.07	%
Total interest-earning assets		49,018,640			47,202,577			3.85	%		49,298,298			47,028,006			4.83	%
Securities		4,907,115			4,866,421			0.84	%		4,697,746			5,103,854			(7.96	)%
Net loans and leases		41,910,940			40,325,657			3.93	%		41,899,844			39,781,734			5.32	%
Goodwill		1,017,382			2,009,517			(49.37	)%		1,334,043			2,009,497			(33.61	)%
Core deposit and other intangibles		125,768			137,675			(8.65	)%		126,261			142,019			(11.10	)%
Total deposits		42,958,798			36,774,214			16.82	%		42,546,019			36,684,444			15.98	%
Shareholders’ equity:
Preferred equity		1,587,752			240,000			561.56	%		1,585,717			240,000			560.72	%
Common equity		4,016,134			5,070,047			(20.79	)%		4,472,023			5,098,334			(12.28	)%
Noncontrolling interests		25,268			27,244			(7.25	)%		26,487			28,960			(8.54	)%

Weighted average common and common-
equivalent shares outstanding		115,908,127			106,711,948			8.62	%		115,012,123			106,696,919			7.79	%

AT PERIOD END
Total assets										$	52,874,957		$	54,630,883			(3.21	)%
Total interest-earning assets											48,024,659			47,920,419			0.22	%
Securities											4,920,445			4,784,185			2.85	%
Net loans and leases											41,399,533			41,714,468			(0.75	)%
Allowance for loan losses											1,248,055			548,958			127.35	%
Reserve for unfunded lending commitments											60,688			26,838			126.13	%
Goodwill											1,017,385			2,009,511			(49.37	)%
Core deposit and other intangibles											121,675			132,481			(8.16	)%
Total deposits											42,644,172			37,607,995			13.39	%
Shareholders’ equity:
Preferred equity											1,491,730			240,000			521.55	%
Common equity											4,066,202			5,033,530			(19.22	)%
Noncontrolling interests											24,021			25,528			(5.90	)%

Common shares outstanding											125,095,328			107,518,975			16.35	%

Average equity to average assets		10.41	%		10.01	%					11.12	%		10.11	%
Common dividend payout	na				66.23	%				na				52.98	%
Tangible common equity ratio											5.66	%		5.51	%
Tangible equity ratio											8.59	%		6.01	%

Nonperforming assets, excluding FDIC-supported assets										$	1,922,557		$	695,287			176.51	%
Ratio of nonperforming assets, excluding FDIC-supported
assets, to net loans and leases and other real estate owned											4.68	%		1.66	%
Accruing loans past due 90 days or more, excluding
FDIC-supported assets										$	178,300		$	108,934			63.68	%

- more -

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

(In thousands, except per share and ratio data)	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2009			2009			2008			2008			2008
EARNINGS
Taxable-equivalent net interest income	$	499,432		$	480,670		$	514,422		$	497,822		$	490,587
Taxable-equivalent revenue		1,084,776			335,408			432,132			587,432			562,959
Net interest income		493,688			474,775			508,442			492,003			484,743
Noninterest income		585,344			(145,262	)		(82,290	)		89,610			72,372
Provision for loan losses		762,654			297,624			285,189			156,606			114,192
Noninterest expense		419,469			376,205			398,167			372,276			354,417
Impairment loss on goodwill		-			633,992			353,804			-			-
Income (loss) before income taxes		(103,091	)		(978,308	)		(611,008	)		52,731			88,506
Income taxes (benefit)		(34,239	)		(151,727	)		(126,512	)		11,214			22,037
Net income (loss)		(68,852	)		(826,581	)		(484,496	)		41,517			66,469
Net income (loss) applicable to noncontrolling interests		(1,209	)		(540	)		(1,520	)		3,757			(5,729	)
Net income (loss) applicable to controlling interest		(67,643	)		(826,041	)		(482,976	)		37,760			72,198
Net earnings (loss) applicable to common shareholders		(40,672	)		(852,327	)		(498,084	)		33,351			69,744

PER COMMON SHARE
Net earnings (loss) (diluted)		(0.35	)		(7.47	)		(4.37	)		0.31			0.65
Dividends		0.04			0.04			0.32			0.43			0.43
Book value per common share		32.50			34.39			42.65			45.78			46.82

SELECTED RATIOS
Return on average assets		(0.50	)%		(6.05	)%		(3.52	)%		0.28	%		0.54	%
Return on average common equity		(4.06	)%		(70.07	)%		(38.77	)%		2.59	%		5.53	%
Efficiency ratio		38.67	%		112.16	%		92.14	%		63.37	%		62.96	%
Net interest margin		4.09	%		3.93	%		4.20	%		4.13	%		4.18	%

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 13
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)

(In thousands, except share and ratio data)	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2009			2009			2008			2008			2008
AVERAGE BALANCES
Total assets	$	54,070,154		$	55,399,675		$	54,546,364		$	54,279,760		$	53,293,375
Total interest-earning assets		49,018,640			49,581,062			48,708,673			47,984,725			47,202,577
Securities		4,907,115			4,486,050			4,516,559			4,582,727			4,866,421
Net loans and leases		41,910,940			41,888,624			41,769,536			41,824,097			40,325,657
Goodwill		1,017,382			1,654,222			1,720,536			2,009,509			2,009,517
Core deposit and other intangibles		125,768			126,759			130,703			132,167			137,675
Total deposits		42,958,798			42,128,652			39,580,867			37,321,656			36,774,214
Shareholders' equity:
Preferred equity		1,587,752			1,583,659			961,072			282,500			240,000
Common equity		4,016,134			4,932,977			5,110,430			5,123,399			5,070,047
Noncontrolling interests		25,268			27,720			28,751			29,949			27,244

Weighted average common and common-
equivalent shares outstanding		115,908,127			114,106,164			114,065,100			108,497,464			106,711,948

AT PERIOD END
Total assets	$	52,874,957		$	54,545,012		$	55,092,791		$	53,974,168		$	54,630,883
Total interest-earning assets		48,024,659			49,267,000			49,071,281			47,656,065			47,920,419
Securities		4,920,445			4,800,957			4,509,308			4,755,359			4,784,185
Net loans and leases		41,399,533			41,932,315			41,658,738			41,735,598			41,714,468
Allowance for loan losses		1,248,055			832,878			686,999			609,433			548,958
Reserve for unfunded lending commitments		60,688			52,761			50,934			23,574			26,838
Goodwill		1,017,385			1,034,465			1,651,377			2,009,504			2,009,511
Core deposit and other intangibles		121,675			124,585			125,935			133,989			132,481
Total deposits		42,644,172			43,307,233			41,316,496			38,590,901			37,607,995
Shareholders' equity:
Preferred equity		1,491,730			1,587,027			1,581,834			286,949			240,000
Common equity		4,066,202			3,965,979			4,919,862			5,279,078			5,033,530
Noncontrolling interests		24,021			26,828			27,320			30,288			25,528

Common shares outstanding		125,095,328			115,335,668			115,344,813			115,302,598			107,518,975

Average equity to average assets		10.41	%		11.81	%		11.18	%		10.01	%		10.01	%
Common dividend payout	na			na			na				138.44	%		66.23	%
Tangible common equity ratio		5.66	%		5.26	%		5.89	%		6.05	%		5.51	%
Tangible equity ratio		8.59	%		8.28	%		8.91	%		6.66	%		6.01	%

Nonperforming assets, excluding FDIC-supported assets	$	1,922,557		$	1,647,913		$	1,138,375		$	922,339		$	695,287
Ratio of nonperforming assets, excluding FDIC-supported
assets, to net loans and leases and other real estate owned		4.68	%		3.96	%		2.71	%		2.19	%		1.66	%
Accruing loans past due 90 days or more, excluding
FDIC-supported assets	$	178,300		$	88,035		$	129,567		$	97,831		$	108,934

- more -

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)	2009			2009			2008			2008			2008
	(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
ASSETS
Cash and due from banks	$	1,229,205		$	1,321,972		$	1,475,976		$	1,441,957		$	1,751,724
Money market investments:
Interest-bearing deposits and commercial paper		1,005,060			1,952,555			2,332,759			568,875			504,314
Federal funds sold		390,619			13,277			83,451			274,129			274,456
Security resell agreements		57,476			305,111			286,707			170,009			484,487
Investment securities:
Held-to-maturity, at adjusted cost (approximate fair value
$891,186, $1,361,460, $1,443,555, $1,587,006, and $1,730,104)		937,942			1,648,971			1,790,989			1,917,354			1,914,833
Available-for-sale, at fair value		3,903,895			3,086,788			2,676,255			2,792,236			2,817,682
Trading account, at fair value (includes $0, $0, $538, $531,
and $463 transferred as collateral under repurchase agreements)		78,608			65,198			42,064			45,769			51,670
		4,920,445			4,800,957			4,509,308			4,755,359			4,784,185

Loans held for sale		251,526			262,785			200,318			152,095			158,509

Loans:
Loans and leases excluding FDIC-supported assets		40,654,802			41,220,610			41,791,237			41,876,371			41,874,224
FDIC-supported assets		874,773			836,454
		41,529,575			42,057,064			41,791,237			41,876,371			41,874,224
Less:
Unearned income and fees, net of related costs		130,042			124,749			132,499			140,773			159,756
Allowance for loan losses		1,248,055			832,878			686,999			609,433			548,958
Loans and leases, net of allowance		40,151,478			41,099,437			40,971,739			41,126,165			41,165,510

Other noninterest-bearing investments		1,046,131			1,051,956			1,044,092			1,170,367			1,153,933
Premises and equipment, net		703,613			701,742			687,096			675,480			656,013
Goodwill		1,017,385			1,034,465			1,651,377			2,009,504			2,009,511
Core deposit and other intangibles		121,675			124,585			125,935			133,989			132,481
Other real estate owned		293,857			226,634			191,792			156,817			125,186
Other assets		1,686,487			1,649,536			1,532,241			1,339,422			1,430,574
	$	52,874,957		$	54,545,012		$	55,092,791		$	53,974,168		$	54,630,883

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	11,142,017		$	10,517,910		$	9,683,385		$	9,413,484		$	9,735,265
Interest-bearing:
Savings and NOW		4,949,711			4,710,899			4,452,919			4,341,873			4,590,767
Money market		17,276,743			18,103,564			16,826,846			14,087,288			13,387,401
Time under $100,000		2,845,893			3,112,864			2,974,566			2,954,116			2,466,082
Time $100,000 and over		4,455,225			4,647,015			4,756,218			4,468,225			4,102,369
Foreign		1,974,583			2,214,981			2,622,562			3,325,915			3,326,111
		42,644,172			43,307,233			41,316,496			38,590,901			37,607,995

Securities sold, not yet purchased		51,109			39,892			35,657			29,528			46,376
Federal funds purchased		1,169,809			1,213,970			965,835			1,179,197			2,379,055
Security repurchase agreements		565,975			551,686			899,751			734,379			1,010,325
Other liabilities		597,543			578,768			669,111			649,672			555,812
Commercial paper		1,019			984			15,451			40,493			137,200
Federal Home Loan Bank advances and other borrowings:
One year or less		47,152			429,655			2,039,853			4,690,784			5,003,057
Over one year		18,882			127,680			128,253			128,855			129,474
Long-term debt		2,197,343			2,715,310			2,493,368			2,334,044			2,462,531
Total liabilities		47,293,004			48,965,178			48,563,775			48,377,853			49,331,825

Shareholders’ equity:
Preferred stock, without par value, authorized 3,000,000 shares		1,491,730			1,587,027			1,581,834			286,949			240,000
Common stock, without par value; authorized 350,000,000
shares; issued and outstanding 125,095,328, 115,335,668,
115,344,813, 115,302,598 and 107,518,975 shares		2,779,896			2,607,541			2,599,916			2,482,517			2,224,455
Retained earnings		1,668,608			1,713,897			2,433,363			2,968,242			2,981,062
Accumulated other comprehensive income (loss)		(368,164	)		(340,727	)		(98,958	)		(157,305	)		(158,325	)
Deferred compensation		(14,138	)		(14,732	)		(14,459	)		(14,376	)		(13,662	)
Controlling interest shareholders’ equity		5,557,932			5,553,006			6,501,696			5,566,027			5,273,530
Noncontrolling interests		24,021			26,828			27,320			30,288			25,528
Total shareholders’ equity		5,581,953			5,579,834			6,529,016			5,596,315			5,299,058
	$	52,874,957		$	54,545,012		$	55,092,791		$	53,974,168		$	54,630,883

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 15
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

(In thousands, except per share amounts)	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2009			2009			2008			2008			2008
Interest income:
Interest and fees on loans	$	583,590		$	579,852		$	650,885		$	663,677		$	643,111
Interest on loans held for sale		3,082			2,756			2,442			1,916			2,699
Lease financing		4,735			4,593			4,999			5,515			5,767
Interest on money market investments		1,543			3,376			7,172			9,267			12,313
Interest on securities:
Held-to-maturity – taxable		9,367			18,908			22,317			21,780			15,730
Held-to-maturity – nontaxable		5,796			6,265			6,396			6,319			6,224
Available-for-sale – taxable		26,982			21,703			28,680			25,044			35,059
Available-for-sale – nontaxable		1,778			1,678			1,711			1,697			1,870
Trading account		823			571			598			437			159
Total interest income		637,696			639,702			725,200			735,652			722,932

Interest expense:
Interest on savings and money market deposits		64,949			74,553			95,717			90,720			80,144
Interest on time and foreign deposits		52,577			62,679			77,806			74,837			83,460
Interest on short-term borrowings		3,661			6,020			20,368			50,164			45,070
Interest on long-term borrowings		22,821			21,675			22,867			27,928			29,515
Total interest expense		144,008			164,927			216,758			243,649			238,189

Net interest income		493,688			474,775			508,442			492,003			484,743
Provision for loan losses		762,654			297,624			285,189			156,606			114,192
Net interest income after provision for loan losses		(268,966	)		177,151			223,253			335,397			370,551

Noninterest income:
Service charges and fees on deposit accounts		51,833			52,788			52,641			53,695			51,067
Other service charges, commissions and fees		40,291			38,227			40,532			42,794			42,362
Trust and wealth management income		8,750			7,165			8,910			8,865			10,284
Capital markets and foreign exchange		16,311			13,204			15,048			12,257			12,196
Dividends and other investment income		2,684			8,408			16,001			7,042			10,409
Loan sales and servicing income		7,040			5,851			4,420			3,633			8,516
Income (loss) from securities conduit		(149	)		1,235			1,542			336			1,043
Fair value and nonhedge derivative income (loss)		20,316			4,004			(5,819	)		(26,155	)		(19,789	)
Equity securities gains (losses), net		(619	)		2,763			(14,125	)		12,971			(8,121	)
Fixed income securities gains (losses), net		1,444			195			(1,139	)		135			78
Impairment losses on investment securities:
Impairment losses on investment securities		(71,515	)		(165,616	)		(196,472	)		(28,022	)		(38,761	)
Noncredit-related losses on securities not expected to
be sold (recognized in other comprehensive income)		29,546			82,943
Net impairment losses on investment securities		(41,969	)		(82,673	)		(196,472	)		(28,022	)		(38,761	)
Valuation losses on securities purchased		(11,701	)		(200,391	)		(7,868	)		-			-
Gains on swap termination and debt modification		466,333
Acquisition related gains		22,977
Other		1,803			3,962			4,039			2,059			3,088
Total noninterest income		585,344			(145,262	)		(82,290	)		89,610			72,372

Noninterest expense:
Salaries and employee benefits		202,420			204,161			190,861			208,995			201,291
Occupancy, net		26,651			28,327			29,460			30,552			27,364
Furniture and equipment		24,870			24,999			26,507			24,281			25,610
Other real estate expense		23,748			18,343			40,124			7,126			1,290
Legal and professional services		9,497			8,543			14,774			11,297			11,566
Postage and supplies		8,036			8,410			9,873			9,257			8,536
Advertising		5,678			7,148			10,078			6,782			7,520
FDIC premiums		42,329			14,171			5,745			5,286			4,624
Amortization of core deposit and other intangibles		7,078			6,886			8,055			8,096			8,191
Other		69,162			55,217			62,690			60,604			58,425
Total noninterest expense		419,469			376,205			398,167			372,276			354,417

Impairment loss on goodwill		-			633,992			353,804			-			-

Income (loss) before income taxes		(103,091	)		(978,308	)		(611,008	)		52,731			88,506
Income taxes (benefit)		(34,239	)		(151,727	)		(126,512	)		11,214			22,037
Net income (loss)		(68,852	)		(826,581	)		(484,496	)		41,517			66,469
Net income (loss) applicable to noncontrolling interests		(1,209	)		(540	)		(1,520	)		3,757			(5,729	)
Net income (loss) applicable to controlling interest		(67,643	)		(826,041	)		(482,976	)		37,760			72,198
Preferred stock dividends		(25,447	)		(26,286	)		(15,108	)		(4,409	)		(2,454	)
Preferred stock redemption		52,418
Net earnings (loss) applicable to common shareholders	$	(40,672	)	$	(852,327	)	$	(498,084	)	$	33,351		$	69,744

Weighted average common shares outstanding during the period:
Basic shares		115,908			114,106			114,065			108,407			106,595
Diluted shares		115,908			114,106			114,065			108,497			106,712

Net earnings (loss) per common share:
Basic	$	(0.35	)	$	(7.47	)	$	(4.37	)	$	0.31		$	0.65
Diluted		(0.35	)		(7.47	)		(4.37	)		0.31			0.65

- more -

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,
	2009			2008
Interest income:
Interest and fees on loans	$	1,163,442		$	1,331,550
Interest on loans held for sale		5,838			5,716
Lease financing		9,328			11,585
Interest on money market investments		4,919			31,341
Interest on securities:
Held-to-maturity – taxable		28,275			18,185
Held-to-maturity – nontaxable		12,061			12,653
Available-for-sale – taxable		48,685			97,415
Available-for-sale – nontaxable		3,456			3,762
Trading account		1,394			840
Total interest income		1,277,398			1,513,047

Interest expense:
Interest on savings and money market deposits		139,502			184,131
Interest on time and foreign deposits		115,256			189,682
Interest on short-term borrowings		9,681			108,343
Interest on long-term borrowings		44,496			59,690
Total interest expense		308,935			541,846

Net interest income		968,463			971,201
Provision for loan losses		1,060,278			206,474
Net interest income after provision for loan losses		(91,815	)		764,727

Noninterest income:
Service charges and fees on deposit accounts		104,621			100,652
Other service charges, commissions and fees		78,518			84,343
Trust and wealth management income		15,915			19,977
Capital markets and foreign exchange		29,515			22,593
Dividends and other investment income		11,092			23,319
Loan sales and servicing income		12,891			16,326
Income from securities conduit		1,086			3,624
Fair value and nonhedge derivative income (loss)		24,320			(16,002	)
Equity securities gains, net		2,144			1,947
Fixed income securities gains, net		1,639			1,853
Impairment losses on investment securities:
Impairment losses on investment securities		(237,131	)		(79,546	)
Noncredit-related losses on securities not expected to
be sold (recognized in other comprehensive income)		112,489
Net impairment losses on investment securities		(124,642	)		(79,546	)
Valuation losses on securities purchased		(212,092	)		(5,204	)
Gains on swap termination and debt modification		466,333
Acquisition related gains		22,977
Other		5,765			9,490
Total noninterest income		440,082			183,372

Noninterest expense:
Salaries and employee benefits		406,581			410,645
Occupancy, net		54,978			54,163
Furniture and equipment		49,869			49,348
Other real estate expense		42,091			3,128
Legal and professional services		18,040			19,446
Postage and supplies		16,446			18,325
Advertising		12,826			13,871
FDIC premiums		56,500			8,827
Amortization of core deposit and other intangibles		13,964			17,011
Other		124,379			109,756
Total noninterest expense		795,674			704,520

Impairment loss on goodwill		633,992			-

Income (loss) before income taxes		(1,081,399	)		243,579
Income taxes (benefit)		(185,966	)		71,933
Net income (loss)		(895,433	)		171,646
Net loss applicable to noncontrolling interests		(1,749	)		(7,301	)
Net income (loss) applicable to controlling interest		(893,684	)		178,947
Preferred stock dividends		(51,733	)		(4,907	)
Preferred stock redemption		52,418
Net earnings (loss) applicable to common shareholders	$	(892,999	)	$	174,040

Weighted average common shares outstanding during the period:
Basic shares		115,012			106,554
Diluted shares		115,012			106,697

Net earnings (loss) per common share:
Basic	$	(7.77	)	$	1.62
Diluted		(7.77	)		1.62

- more -

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			Noncontrolling			shareholders’
(In thousands, except per share amounts)	stock			stock		earnings			income (loss)			compensation			interests			equity

Balance, December 31, 2008	$	1,581,834		$	2,599,916	$	2,433,363		$	(98,958	)	$	(14,459	)	$	27,320		$	6,529,016
Cumulative effect of change in accounting principle,
adoption of FSP FAS 115-2 and 124-2							137,462			(137,462	)								-
Comprehensive loss:
Net loss for the period							(826,041	)								(540	)		(826,581	)
Other comprehensive income (loss), net of tax:
Net realized and unrealized holding losses
on investments and retained interests										(83,553	)
Reclassification for net realized losses
on investments recorded in operations										38,862
Noncredit-related impairment losses on
securities not expected to be sold										(49,928	)
Accretion of securities with noncredit-related
impairment losses not expected to be sold										896
Net unrealized losses on derivative instruments										(10,584	)
Other comprehensive loss										(104,307	)								(104,307	)
Total comprehensive loss																			(930,888	)
Dividends on preferred stock		5,193					(26,286	)											(21,093	)
Net stock issued under employee
plans and related tax benefits					7,625														7,625
Dividends on common stock, $.04 per share							(4,601	)											(4,601	)
Change in deferred compensation													(273	)					(273	)
Other changes in noncontrolling interests																48			48
Balance, March 31, 2009		1,587,027			2,607,541		1,713,897			(340,727	)		(14,732	)		26,828			5,579,834

Comprehensive loss:
Net loss for the period							(67,643	)								(1,209	)		(68,852	)
Other comprehensive income (loss), net of tax:
Net realized and unrealized holding gains
on investments and retained interests										5,041
Reclassification for net realized losses
on investments recorded in operations										24,434
Noncredit-related impairment losses on
securities not expected to be sold										(17,855	)
Accretion of securities with noncredit-related
impairment losses not expected to be sold										35
Net unrealized losses on derivative instruments										(39,092	)
Other comprehensive loss										(27,437	)								(27,437	)
Total comprehensive loss																			(96,289	)
Preferred stock redemption		(100,511	)		1,763		52,418												(46,330	)
Dividends on preferred stock		5,214					(25,447	)											(20,233	)
Issuance of common stock					123,741														123,741
Subordinated debt modification					45,326														45,326
Net stock issued under employee
plans and related tax benefits					1,525														1,525
Dividends on common stock, $.04 per share							(4,617	)											(4,617	)
Change in deferred compensation													594						594
Other changes in noncontrolling interests																(1,598	)		(1,598	)
Balance, June 30, 2009	$	1,491,730		$	2,779,896	$	1,668,608		$	(368,164	)	$	(14,138	)	$	24,021		$	5,581,953

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 18
INVESTMENT SECURITIES PORTFOLIO
ASSET-BACKED SECURITIES CLASSIFIED AT HIGHEST CREDIT RATING*
As of June 30, 2009
(Unaudited)					Net					Net
					unrealized					unrealized
					gains (losses)					gains (losses)			Estimated
	Par		Amortized		recognized			Carrying		not recognized			fair
(In thousands)	value		cost		in OCI 1			value		in OCI 1			value

HELD-TO-MATURITY:
Municipal securities	$	674,524	$	671,671	$	-		$	671,671	$	(272	)	$	671,399
Asset-backed securities:
Trust preferred securities – banks and insurance
A rated		11,378		11,378		(1,397	)		9,981		(1,250	)		8,731
A rated – OTTI/PIK’d 2		551		549		(105	)		444		-			444
BBB rated		16,698		16,699		(1,895	)		14,804		(2,031	)		12,773
Noninvestment grade		236,820		236,666		(22,419	)		214,247		(35,223	)		179,024
		265,447		265,292		(25,816	)		239,476		(38,504	)		200,972
Other
AAA rated		4,334		4,147		(90	)		4,057		(309	)		3,748
A rated		3,831		3,243		(1,012	)		2,231		559			2,790
BBB rated		18,000		16,615		(55	)		16,560		(8,116	)		8,444
Noninvestment grade – OTTI/PIK’d 2		12,413		8,481		(4,634	)		3,847		(112	)		3,735
		38,578		32,486		(5,791	)		26,695		(7,978	)		18,717
Other debt securities		100		100		-			100		(2	)		98
		978,649		969,549		(31,607	)		937,942		(46,756	)		891,186

AVAILABLE-FOR-SALE:
U.S. Treasury securities		25,653		25,113		732			25,845					25,845
U.S. Government agencies and corporations:
Agency securities		290,084		290,504		5,874			296,378					296,378
Agency guaranteed mortgage-backed securities		410,168		411,180		9,504			420,684					420,684
Small Business Administration loan-backed securities		786,872		834,883		(22,353	)		812,530					812,530
Municipal securities		257,441		251,029		1,804			252,833					252,833
Asset-backed securities:
Trust preferred securities – banks and insurance
AAA rated		86,348		85,601		(10,311	)		75,290					75,290
AA rated		639,284		479,247		5,234			484,481					484,481
A rated		367,315		356,311		(113,497	)		242,814					242,814
BBB rated		169,696		145,482		(37,446	)		108,036					108,036
Not rated		26,020		25,003		(3,988	)		21,015					21,015
Noninvestment grade		386,103		379,813		(118,546	)		261,267					261,267
Noninvestment grade – OTTI/PIK’d 2		786,218		702,300		(359,039	)		343,261					343,261
		2,460,984		2,173,757		(637,593	)		1,536,164					1,536,164
Trust preferred securities – real estate investment trusts
Noninvestment grade		45,000		33,890		(12,460	)		21,430					21,430
Noninvestment grade – OTTI/PIK’d 2		50,000		42,855		(29,705	)		13,150					13,150
		95,000		76,745		(42,165	)		34,580					34,580
Auction rate securities
AAA rated		181,625		167,209		(1,447	)		165,762					165,762
A rated		7,300		4,678		789			5,467					5,467
		188,925		171,887		(658	)		171,229					171,229
Other
AAA rated		59,255		56,437		(11,544	)		44,893					44,893
AA rated		3,495		1,987		196			2,183					2,183
BBB rated		53,724		50,810		(13,184	)		37,626					37,626
Noninvestment grade		27,617		23,943		(14,773	)		9,170					9,170
Noninvestment grade – OTTI/PIK’d 2		74,012		28,806		(15,349	)		13,457					13,457
		218,103		161,983		(54,654	)		107,329					107,329
		4,733,230		4,397,081		(739,509	)		3,657,572					3,657,572
Other securities:
Mutual funds and stock		246,323		246,323		-			246,323					246,323
		4,979,553		4,643,404		(739,509	)		3,903,895					3,903,895
Total	$	5,958,202	$	5,612,953	$	(771,116	)	$	4,841,837	$	(46,756	)	$	4,795,081

* Ratings categories include entire range. For example, “A rated” includes A+, A and A-. Split rated securities with more than one rating are categorized at the
highest rating level.

1 Other comprehensive income. All amounts reported are pretax.
2 Consists of securities determined to have Other Than Temporary Impairment (“OTTI”) and/or securities whose most recent interest payment was capitalized as
opposed to being paid in cash, as permitted under the terms of the security. This capitalization feature is known as Payment In Kind (“PIK”) and where exercised
the security is called PIK’d.

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 19
INVESTMENT SECURITIES PORTFOLIO
ASSET-BACKED SECURITIES CLASSIFIED AT LOWEST CREDIT RATING*
As of June 30, 2009
(Unaudited)					Net					Net
					unrealized					unrealized
					gains (losses)					gains (losses)			Estimated
	Par		Amortized		recognized			Carrying		not recognized			fair
(In thousands)	value		cost		in OCI 1			value		in OCI 1			value

HELD-TO-MATURITY:
Municipal securities	$	674,524	$	671,671	$	-		$	671,671	$	(272	)	$	671,399
Asset-backed securities:
Trust preferred securities – banks and insurance
Noninvestment grade		264,896		264,743		(25,711	)		239,032		(38,504	)		200,528
Noninvestment grade – OTTI/PIK’d 2		551		549		(105	)		444		-			444
		265,447		265,292		(25,816	)		239,476		(38,504	)		200,972
Other
AAA rated		4,334		4,147		(90	)		4,057		(309	)		3,748
Noninvestment grade		21,831		19,858		(1,067	)		18,791		(7,557	)		11,234
Noninvestment grade – OTTI/PIK’d 2		12,413		8,481		(4,634	)		3,847		(112	)		3,735
		38,578		32,486		(5,791	)		26,695		(7,978	)		18,717
Other debt securities		100		100		-			100		(2	)		98
		978,649		969,549		(31,607	)		937,942		(46,756	)		891,186

AVAILABLE-FOR-SALE:
U.S. Treasury securities		25,653		25,113		732			25,845					25,845
U.S. Government agencies and corporations:
Agency securities		290,084		290,504		5,874			296,378					296,378
Agency guaranteed mortgage-backed securities		410,168		411,180		9,504			420,684					420,684
Small Business Administration loan-backed securities		786,872		834,883		(22,353	)		812,530					812,530
Municipal securities		257,441		251,029		1,804			252,833					252,833
Asset-backed securities:
Trust preferred securities – banks and insurance
AAA rated		5,779		5,779		(140	)		5,639					5,639
AA rated		65,040		64,550		(8,884	)		55,666					55,666
A rated		149,401		121,423		3,529			124,952					124,952
BBB rated		257,649		180,886		14,630			195,516					195,516
Not rated		26,020		25,003		(3,988	)		21,015					21,015
Noninvestment grade		1,170,877		1,073,816		(283,701	)		790,115					790,115
Noninvestment grade – OTTI/PIK’d 2		786,218		702,300		(359,039	)		343,261					343,261
		2,460,984		2,173,757		(637,593	)		1,536,164					1,536,164
Trust preferred securities – real estate investment trusts
Noninvestment grade		45,000		33,890		(12,460	)		21,430					21,430
Noninvestment grade – OTTI/PIK’d 2		50,000		42,855		(29,705	)		13,150					13,150
		95,000		76,745		(42,165	)		34,580					34,580
Auction rate securities
AAA rated		174,825		161,023		(1,291	)		159,732					159,732
BBB rated		7,300		4,678		789			5,467					5,467
Noninvestment grade		6,800		6,186		(156	)		6,030					6,030
		188,925		171,887		(658	)		171,229					171,229
Other
AAA rated		30,134		28,146		(8,538	)		19,608					19,608
AA rated		5,164		5,164		(787	)		4,377					4,377
A rated		7,621		6,901		365			7,266					7,266
BBB rated		5,919		4,395		(1,242	)		3,153					3,153
Noninvestment grade		95,253		88,571		(29,103	)		59,468					59,468
Noninvestment grade – OTTI/PIK’d 2		74,012		28,806		(15,349	)		13,457					13,457
		218,103		161,983		(54,654	)		107,329					107,329
		4,733,230		4,397,081		(739,509	)		3,657,572					3,657,572
Other securities:
Mutual funds and stock		246,323		246,323		-			246,323					246,323
		4,979,553		4,643,404		(739,509	)		3,903,895					3,903,895
Total	$	5,958,202	$	5,612,953	$	(771,116	)	$	4,841,837	$	(46,756	)	$	4,795,081

* Ratings categories include entire range. For example, “A rated” includes A+, A and A-. Split rated securities with more than one rating are categorized at the
lowest rating level.

1 Other comprehensive income. All amounts reported are pretax.
2 Consists of securities determined to have Other Than Temporary Impairment (“OTTI”) and/or securities whose most recent interest payment was capitalized as
opposed to being paid in cash, as permitted under the terms of the security. This capitalization feature is known as Payment In Kind (“PIK”) and where exercised
the security is called PIK’d.

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 20

Nonperforming Lending Related Assets
(Unaudited)

	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)	2009			2009			2008			2008			2008

Nonaccrual loans	$	1,628,700		$	1,421,279		$	946,583		$	765,522		$	570,101
Other real estate owned		293,857			226,634			191,792			156,817			125,186
Nonperforming assets, excluding FDIC-supported assets		1,922,557			1,647,913			1,138,375			922,339			695,287
FDIC-supported assets 1		136,775			106,910			-			-			-
Total nonperforming assets	$	2,059,332		$	1,754,823		$	1,138,375		$	922,339		$	695,287

Ratio of nonperforming assets, excluding FDIC-supported
assets, to net loans and leases 2 and other real estate owned		4.68	%		3.96	%		2.71	%		2.19	%		1.66	%

Ratio of nonperforming assets to net loans and leases 2
and other real estate owned		4.91	%		4.14	%		2.71	%		2.19	%		1.66	%

Accruing loans past due 90 days or more, excluding
FDIC-supported assets	$	178,300		$	88,035		$	129,567		$	97,831		$	108,934
Accruing loans past due 90 days or more		196,531			112,400			129,567			97,831			108,934

Ratio of accruing loans past due 90 day or more, excluding
FDIC-supported assets, to net loans and leases		0.44	%		0.21	%		0.31	%		0.23	%		0.26	%

Ratio of accruing loans past due 90 day or more to net
loans and leases		0.47	%		0.27	%		0.31	%		0.23	%		0.26	%

1 FDIC-supported assets represent assets acquired from the FDIC subject to a loss sharing agreement.
2 Includes loans held for sale.

Allowance and Reserve for Credit Losses
(Unaudited)

(In thousands)	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2009			2009			2008			2008			2008
Allowance for Loan Losses
Balance at beginning of period	$	832,878		$	686,999		$	609,433		$	548,958		$	501,283
Allowance associated with purchased
securitized loans and loans sold		-			-			30			(804	)		1,301
Add:
Provision for losses		762,654			297,624			285,189			156,606			114,192
Deduct:
Loan and lease charge-offs		(353,226	)		(157,691	)		(185,317	)		(100,241	)		(75,378	)
Recoveries		5,749			5,946			5,601			4,914			7,560
Net loan and lease charge-offs		(347,477	)		(151,745	)		(179,716	)		(95,327	)		(67,818	)
Reclassification to reserve for unfunded
lending commitments		-			-			(27,937	)		-			-
Balance at end of period	$	1,248,055		$	832,878		$	686,999		$	609,433		$	548,958

Ratio of allowance for loan losses to net loans
and leases, excluding FDIC-supported assets,
outstanding at period end		3.08	%		2.03	%		1.65	%		1.46	%		1.32	%

Ratio of allowance for loan losses to nonperforming
loans, excluding FDIC-supported assets, at period end		76.63	%		58.60	%		72.58	%		79.61	%		96.29	%

Reserve for Unfunded Lending Commitments
Balance at beginning of period	$	52,761		$	50,934		$	23,574		$	26,838		$	25,148
Reclassification from allowance for loan losses		-			-			27,937			-			-
Provision charged (credited) against earnings		7,927			1,827			(577	)		(3,264	)		1,690
Balance at end of period	$	60,688		$	52,761		$	50,934		$	23,574		$	26,838

Total Allowance and Reserve for Credit Losses
Allowance for loan losses	$	1,248,055		$	832,878		$	686,999		$	609,433		$	548,958
Reserve for unfunded lending commitments		60,688			52,761			50,934			23,574			26,838
Total allowance and reserve for credit losses	$	1,308,743		$	885,639		$	737,933		$	633,007		$	575,796

Ratio of total allowance and reserve for credit losses
to net loans and leases outstanding, excluding
FDIC-supported assets, at period end		3.23	%		2.16	%		1.77	%		1.52	%		1.38	%

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 21

Loan Balances By Portfolio Type
(Unaudited)
	June 30,		March 31,		December 31,		September 30,		June 30,
(In millions)	2009		2009		2008		2008		2008

Commercial lending:
Commercial and industrial	$	10,588	$	10,958	$	11,447	$	11,351	$	11,247
Leasing		423		401		431		451		492
Owner occupied		8,782		8,769		8,743		8,782		8,912
Total commercial lending		19,793		20,128		20,621		20,584		20,651

Commercial real estate:
Construction and land development		6,848		7,265		7,516		7,812		7,891
Term		6,795		6,559		6,196		6,079		5,939
Total commercial real estate		13,643		13,824		13,712		13,891		13,830

Consumer:
Home equity credit line		2,086		2,058		2,005		1,899		1,794
1-4 family residential		3,781		3,817		3,877		3,892		3,914
Construction and other consumer real estate		599		666		774		769		852
Bankcard and other revolving plans		344		327		374		360		332
Other		342		358		385		411		436
Total consumer		7,152		7,226		7,415		7,331		7,328

Foreign loans		67		43		43		70		65

FDIC-supported assets 1		875		836
Total loans	$	41,530	$	42,057	$	41,791	$	41,876	$	41,874

1 FDIC-supported assets represent assets acquired from the FDIC subject to loss sharing agreements and include expected
reimbursements from the FDIC of approximately $81 million.

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 22
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)
	Three Months Ended								Three Months Ended
(In thousands)	June 30, 2009								March 31, 2009
	Average			Amount of		Average			Average			Amount of		Average
	balance			interest 1		rate			balance			interest 1		rate
ASSETS
Money market investments	$	1,944,332		$	1,543		0.32	%	$	2,961,701		$	3,376		0.46	%
Securities:
Held-to-maturity		1,491,322			18,284		4.92	%		1,786,617			28,546		6.48	%
Available-for-sale		3,336,239			29,717		3.57	%		2,643,327			24,285		3.73	%
Trading account		79,554			823		4.15	%		56,106			571		4.13	%
Total securities		4,907,115			48,824		3.99	%		4,486,050			53,402		4.83	%

Loans held for sale		256,253			3,082		4.82	%		244,687			2,756		4.57	%

Loans:
Net loans and leases excluding FDIC-supported assets 2		40,991,516			579,070		5.67	%		41,383,829			579,020		5.67	%
FDIC-supported assets		919,424			10,921		4.76	%		504,795			7,043		5.66	%
Total loans and leases		41,910,940			589,991		5.65	%		41,888,624			586,063		5.67	%
Total interest-earning assets		49,018,640			643,440		5.26	%		49,581,062			645,597		5.28	%
Cash and due from banks		1,236,641								1,364,473
Allowance for loan losses		(876,064	)							(714,642	)
Goodwill		1,017,382								1,654,222
Core deposit and other intangibles		125,768								126,759
Other assets		3,547,787								3,387,801
Total assets	$	54,070,154							$	55,399,675

LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,931,024		$	5,292		0.43	%	$	4,529,097		$	5,799		0.52	%
Money market		17,787,662			59,657		1.35	%		17,480,861			68,754		1.60	%
Time under $100,000		2,942,319			19,254		2.62	%		3,103,857			21,793		2.85	%
Time $100,000 and over		4,628,867			28,475		2.47	%		4,753,453			33,486		2.86	%
Foreign		1,972,503			4,848		0.99	%		2,356,293			7,400		1.27	%
Total interest-bearing deposits		32,262,375			117,526		1.46	%		32,223,561			137,232		1.73	%
Borrowed funds:
Securities sold, not yet purchased		47,804			637		5.34	%		33,469			439		5.32	%
Federal funds purchased and security
repurchase agreements		2,047,532			1,591		0.31	%		2,333,675			1,850		0.32	%
Commercial paper		2,589			10		1.55	%		3,383			14		1.68	%
FHLB advances and other borrowings:
One year or less		150,960			1,423		3.78	%		935,108			3,717		1.61	%
Over one year		35,777			476		5.34	%		127,942			1,803		5.72	%
Long-term debt		2,717,284			22,345		3.30	%		2,659,678			19,872		3.03	%
Total borrowed funds		5,001,946			26,482		2.12	%		6,093,255			27,695		1.84	%
Total interest-bearing liabilities		37,264,321			144,008		1.55	%		38,316,816			164,927		1.75	%
Noninterest-bearing deposits		10,696,423								9,905,091
Other liabilities		480,256								633,412
Total liabilities		48,441,000								48,855,319
Shareholders’ equity:
Preferred equity		1,587,752								1,583,659
Common equity		4,016,134								4,932,977
Controlling interest shareholders’ equity		5,603,886								6,516,636
Noncontrolling interests		25,268								27,720
Total shareholders’ equity		5,629,154								6,544,356
Total liabilities and shareholders’ equity	$	54,070,154							$	55,399,675

Spread on average interest-bearing funds							3.71	%							3.53	%
Taxable-equivalent net interest income and
net yield on interest-earning assets				$	499,432		4.09	%				$	480,670		3.93	%

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

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 23
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)
	Six Months Ended								Six Months Ended
(In thousands)	June 30, 2009								June 30, 2008
	Average			Amount of		Average			Average			Amount of		Average
	balance			interest 1		rate			balance			interest 1		rate
ASSETS
Money market investments	$	2,450,206		$	4,919		0.40	%	$	1,941,873		$	31,341		3.25	%
Securities:
Held-to-maturity		1,638,154			46,830		5.76	%		1,116,560			37,651		6.78	%
Available-for-sale		2,991,697			54,002		3.64	%		3,947,157			103,203		5.26	%
Trading account		67,895			1,394		4.14	%		40,137			840		4.21	%
Total securities		4,697,746			102,226		4.39	%		5,103,854			141,694		5.58	%

Loans held for sale		250,502			5,838		4.70	%		200,545			5,716		5.73	%

Loans:
Net loans and leases excluding FDIC-supported assets 2		41,186,589			1,158,090		5.67	%		39,781,734			1,346,219		6.81	%
FDIC-supported assets		713,255			17,964		5.08	%		-			-
Total loans and leases		41,899,844			1,176,054		5.66	%		39,781,734			1,346,219		6.81	%
Total interest-earning assets		49,298,298			1,289,037		5.27	%		47,028,006			1,524,970		6.52	%
Cash and due from banks		1,300,204								1,368,970
Allowance for loan losses		(795,799	)							(496,761	)
Goodwill		1,334,043								2,009,497
Core deposit and other intangibles		126,261								142,019
Other assets		3,468,236								3,051,868
Total assets	$	54,731,243							$	53,103,599

LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,731,171		$	11,091		0.47	%	$	4,585,133		$	19,245		0.84	%
Money market		17,635,109			128,411		1.47	%		12,861,959			164,886		2.58	%
Time under $100,000		3,022,642			41,047		2.74	%		2,545,893			50,441		3.98	%
Time $100,000 and over		4,690,816			61,961		2.66	%		4,402,884			89,536		4.09	%
Foreign		2,163,338			12,248		1.14	%		3,272,481			49,705		3.05	%
Total interest-bearing deposits		32,243,076			254,758		1.59	%		27,668,350			373,813		2.72	%
Borrowed funds:
Securities sold, not yet purchased		40,676			1,076		5.33	%		33,438			747		4.49	%
Federal funds purchased and security
repurchase agreements		2,189,813			3,441		0.32	%		3,157,020			38,775		2.47	%
Commercial paper		2,984			24		1.62	%		177,233			3,554		4.03	%
FHLB advances and other borrowings:
One year or less		540,868			5,140		1.92	%		4,473,306			65,267		2.93	%
Over one year		81,605			2,279		5.63	%		128,185			3,665		5.75	%
Long-term debt		2,688,640			42,217		3.17	%		2,486,947			56,025		4.53	%
Total borrowed funds		5,544,586			54,177		1.97	%		10,456,129			168,033		3.23	%
Total interest-bearing liabilities		37,787,662			308,935		1.65	%		38,124,479			541,846		2.86	%
Noninterest-bearing deposits		10,302,943								9,016,094
Other liabilities		556,411								595,732
Total liabilities		48,647,016								47,736,305
Shareholders’ equity:
Preferred equity		1,585,717								240,000
Common equity		4,472,023								5,098,334
Controlling interest shareholders’ equity		6,057,740								5,338,334
Noncontrolling interests		26,487								28,960
Total shareholders’ equity		6,084,227								5,367,294
Total liabilities and shareholders’ equity	$	54,731,243							$	53,103,599

Spread on average interest-bearing funds							3.62	%							3.66	%
Taxable-equivalent net interest income and
net yield on interest-earning assets				$	980,102		4.01	%				$	983,124		4.20	%

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

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 24

Capital Ratios
(Unaudited)
	June 30,	March 31,		June 30,
	2009	2009		2008

Tangible common equity ratio	5.66%		5.26%		5.51%
Tangible equity ratio	8.59%		8.28%		6.01%

Risk-based capital ratios1:
Tier 1 risk-based capital	9.64%		9.43%		7.45%
Total risk-based capital	12.84%		13.39%		11.58%

1 Ratios for June 30, 2009 are estimates.

# # #