EXHIBIT 99.1                        

***FOR IMMEDIATE RELEASE***

For: ZIONS BANCORPORATION	Contact: James Abbott
One South Main, 15th Floor	Tel: (801) 844-7637
Salt Lake City, Utah	July 20, 2015
Harris H. Simmons
Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS SECOND QUARTER 2015 RESULTS

SALT LAKE CITY, July 20, 2015 – Zions Bancorporation (NASDAQ: ZION) (“Zions” or “the Company”) today reported second quarter net income of $14.0 million and a net loss applicable to common shareholders of $(1.1) million, or $(0.01) per diluted common share. During the second quarter, the Company sold the remaining portfolio of its collateralized debt obligation (“CDO”) securities and recognized a one-time pretax loss of approximately $137 million, or $0.42 after-tax per diluted common share. Shareholders’ equity was not adversely affected as the loss had been previously recognized in accumulated other comprehensive income (“AOCI”). Excluding the loss, net earnings applicable to common shareholders was $83.4 million, or $0.41 per diluted common share, for the second quarter of 2015, compared to $75.3 million, or $0.37 per diluted common share, for the first quarter of 2015.

Second Quarter 2015 Highlights

• Credit quality metrics were generally stable with a decrease in nonaccruing loans and a slight increase in classified loans from the prior quarter. Annualized net charge-offs were 0.11% of average loans. The overall effect contributed to a $0.6 million provision for loan losses.

• Total noninterest expense was $404 million during the second quarter and $802 million year-to date. Certain one-time and seasonal expenses during the second quarter of 2015 were partially offset by other expense credits, including insurance recoveries of $9.2 million. The Company is maintaining its commitment to hold noninterest expenses below $1.6 billion in 2015 and 2016.

• Loan balances, excluding energy-related loans, increased $128 million during the second quarter compared to a $25 million increase during the first quarter calculated on the same basis. Energy-related loans declined $284 million linked quarter. Overall, net loans and leases declined $156 million during the second quarter.

- more -

ZIONS BANCORPORATION

Press Release – Page 2

July 20, 2015

• Net interest income increased slightly from the prior quarter; however, the net interest margin declined 4 basis points to 3.18%, primarily driven by an increased concentration of cash and securities. Loan yields were generally stable with the prior quarter.

• Noninterest income, excluding securities gains and losses, increased due to continued success in sales of treasury management products and credit card fee growth.

• Total deposits increased at an annualized rate of 6.8% during the second quarter, led by strength in noninterest-bearing deposits.

“We are pleased to have completed the disposition of the remaining collateralized debt obligations in our securities portfolio during the second quarter, a move which both reduces risk and will allow us to deploy the cash received in more productive and profitable earning assets,” said Harris H. Simmons, chairman and chief executive officer. “We are also encouraged by the Company’s continued low credit costs. Although the effects of the energy price decline are not yet fully manifest, we are encouraged with the results of the spring borrowing base redetermination process, the strength of the capital markets in recapitalizing a substantial number of energy companies, and other factors – including strong portfolio management by our energy lending team – which contributed to linked-quarter stability in nonaccrual energy loans.”

Mr. Simmons continued, “Total loan growth was the major soft spot of the quarter, although much of that was primarily attributable to higher prepayment rates within the energy sector.” Mr. Simmons concluded, “Finally, I am very appreciative of the great work being performed by so many of my colleagues throughout Zions Bancorporation with respect to the various initiatives we’ve undertaken to simplify our organizational structure and increase our productivity. We are fully committed to achieving the goals we announced during the quarter.”

Loans

Net loans and leases held for investment decreased $156 million, or 0.4%, to $40.0 billion at June 30, 2015 from $40.2 billion at March 31, 2015. The decrease was primarily attributable to commercial and industrial loans, including a quarterly decline of $284 million in energy-related loans primarily at Amegy Bank. This decrease was consistent with expectations of reduced loan volume within the energy industry and was a contributing factor in maintaining relatively stable classified loan balances. Excluding energy-related loans, net loans and leases increased $128 million during the quarter, compared to $25 million during the prior quarter. The Company’s exposure to commercial real estate declined slightly from the prior quarter due to elevated paydowns and payoffs.

- more -

ZIONS BANCORPORATION

Press Release – Page 3

July 20, 2015

Average loans and leases held for investment of $40.1 billion during the second quarter of 2015 decreased slightly from $40.2 billion during the first quarter. Unfunded lending commitments were $17.6 billion at June 30, 2015, compared to $17.5 billion at March 31, 2015.

Energy-Related Exposure

The following table presents the distribution of energy-related loans by customer market segment:

ENERGY-RELATED EXPOSURE*				% of total loans					% of total loans					% of total loans
(In millions)	June 30, 2015					March 31, 2015					December 31, 2014
Loans and leases
Oil and gas-related		$	2,883	7.2	%		$	3,157	7.9	%		$	3,073	7.7	%
Alternative energy		222					232					225
Total loans and leases		3,105					3,389					3,298
Unfunded lending commitments		2,403					2,451					2,731
Total credit exposure		$	5,508				$	5,840				$	6,029
Private equity investments		$	13				$	20				$	21

Distribution of oil and gas-related balances
Upstream – exploration and production	33	%	34	%	34	%
Midstream – marketing and transportation	20	%	21	%	19	%
Downstream – refining	5	%	4	%	4	%
Other non-services	3	%	2	%	2	%
Oilfield services	30	%	30	%	31	%
Energy service manufacturing	9	%	9	%	10	%
Total loans and leases	100	%	100	%	100	%

* Because many borrowers operate in multiple businesses, judgment has been applied in characterizing a borrower as energy-related, including a particular segment of energy-related activity, e.g., upstream or downstream.

The Company’s overall balance of oil and gas-related loans decreased 9% to $2.9 billion. Exploration and production balances declined approximately 12%, and energy services loan balances declined approximately 8% from the prior quarter.

As a result of the second quarter spring redetermination of exploration and production energy loan borrowing bases, most borrowing bases declined, although some remained unchanged or expanded. The Company’s assessment of credit quality of the energy loan portfolio was consistent with the first quarter. The results of the shared national credit exam are reflected in the Company’s financial statements.

At June 30, 2015, approximately $66 million, or 2.1%, of the energy-related loan balances were nonaccruing, compared to $65 million, or 1.9%, at March 31, 2015. Approximately 87% of energy-related nonaccruing loans were current at June 30, 2015, compared to 93% at March 31, 2015. Classified energy-related loans were $325 million at June 30, 2015, compared to $295 million at March 31, 2015.

- more -

ZIONS BANCORPORATION

Press Release – Page 4

July 20, 2015

Asset Quality

Credit quality was generally stable when comparing the second quarter to the first. Nonperforming assets declined to $386 million at June 30, 2015 from $399 million at March 31, 2015. Classified loans increased slightly to $1.29 billion at June 30, 2015 from $1.27 billion at March 31, 2015. The ratio of nonperforming assets to loans and leases and other real estate owned declined to 0.96% at June 30, 2015, compared to 0.99% at March 31, 2015. Net charge-offs were $11 million in the second quarter, or an annualized 0.11% of average loans. The allowance for credit losses declined $13 million to $689 million, which was 1.72% of loans and leases at June 30, 2015, compared to $702 million, or 1.75% of loans and leases at March 31, 2015.

Deposits

Total deposits increased $814 million to $48.9 billion at June 30, 2015, compared to $48.1 billion at March 31, 2015, resulting primarily from increased noninterest-bearing deposits. Average total deposits increased $641 million to $48.1 billion for the second quarter of 2015, compared to $47.5 billion for the first quarter of 2015.

Shareholders’ Equity

Tangible book value per common share improved to $26.95 at June 30, 2015, compared to $26.64 at March 31, 2015. Compared to June 30, 2014, tangible book value per common share improved by approximately 7.2%.

The estimated Basel III common equity tier 1 (“CET1”) capital ratio on a 2015 phase-in basis was 11.91% at June 30, 2015. As was previously announced, due to the sale of the remainder of its CDO portfolio, the Company experienced a reduction of its risk-weighted assets. However, regulatory agencies recently published a frequently-asked question document regarding the risk weighting of certain construction and land development loans. As a result of its review of the FAQ, the Company increased the risk-weighting of the portion of its construction and land development portfolio characterized as high volatility commercial real estate (“HVCRE”), which resulted in an increase of risk-weighted assets of approximately $0.75 billion at June 30, 2015. The Company’s HVCRE interpretation includes loans on construction projects that have greater than 15% cash equity, are completed and cash flowing, but have not been converted to a “permanent loan.” On this basis, the CET1 capital ratio was estimated to be 11.76% at March 31, 2015. Although the risk weighting of these loans was adjusted, the risk profile of these loans is not materially different than was previously reported; only 1% of construction and land development loans are on nonaccrual status, unchanged from the prior quarter, and the Company has experienced net recoveries on such loans for several consecutive quarters.

Accumulated other comprehensive income (loss) improved to $(35) million at June 30, 2015 from $(115) million at March 31, 2015, primarily as a result of the CDO sales.

- more -

ZIONS BANCORPORATION

Press Release – Page 5

July 20, 2015

Net Interest Income

Net interest income increased to $424 million in the second quarter of 2015 from $417 million in the first quarter of 2015. The increase resulted primarily from an additional day of income. The net interest margin decreased to 3.18% in the second quarter of 2015, compared to 3.22% in the first quarter of 2015, primarily due to an increased concentration of cash and securities. During the quarter, as it executes its strategy to improve yields on interest earning assets, the Company increased its government agency residential mortgage backed securities by $583 million and increased its interest rate swap portfolio by approximately $438 million.

Noninterest Income

Excluding the losses from sales of CDOs, noninterest income for the second quarter of 2015 was $137 million, compared to $122 million for the first quarter of 2015. Service charges and fees on deposit accounts and other service charges, commissions and fees increased 4.1% during the first half of 2015 compared to the first half of 2014. The increases were primarily driven by credit card and interchange fees, mortgage loan fees, and interest rate swap management fees. Other noninterest income included a $2.4 million gain related to a branch sale.

During the second quarter of 2015, the Company received approximately $13 million in paydowns and payoffs on its CDO portfolio and by mid-June the Company sold its remaining portfolio of CDO securities ($574 million amortized cost), resulting in net realized pretax losses of approximately $137 million. These sales were accretive to shareholders’ equity as the realized losses were somewhat less than the unrealized losses recorded in AOCI at March 31, 2015.

Noninterest Expense

Noninterest expense for the second quarter of 2015 was $404 million, compared to $397 million for the first quarter of 2015 and $406 million for the second quarter of 2014. Salaries and employee benefits increased by $7.6 million as a result of annual incentive stock awards and variable compensation accruals driven by price changes in the Company’s common stock. Other noninterest expense declined primarily due to $9.2 million in insurance recoveries.

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss these second quarter results at 5:30 p.m. ET this afternoon (July 20, 2015). Media representatives, analysts, investors, and the public are invited to join this discussion by calling 253-237-1247 (domestic and international) and entering the passcode 71960337, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

- more -

ZIONS BANCORPORATION

Press Release – Page 6

July 20, 2015

About Zions Bancorporation

Zions Bancorporation is one of the nation’s premier financial services companies, consisting of a collection of great banks in select Western markets. Zions operates its banking businesses under local management teams and community identities in 11 Western and Southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Company is a national leader in Small Business Administration lending and received 24 “Excellence” awards by Greenwich Associates for the 2014 survey. 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 zionsbancorporation.com.

Forward-Looking Information

Statements in this press release that are based on other than historical data or that express the Company’s expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Company’s expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, 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 press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include the actual amount and duration of declines in the price of oil and gas as well as other factors discussed in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov).

Except as required by law, 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

Press Release – Page 7

July 20, 2015

FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended
(In thousands, except share, per share, and ratio data)	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
BALANCE SHEET
Loans and leases, net of allowance	$	39,414,609		$	39,560,101		$	39,458,995		$	39,129,295		$	38,954,172
Total assets	58,365,459			57,555,931			57,208,874			55,458,870			55,111,275
Deposits	48,937,124			48,123,360			47,848,075			46,266,562			45,672,140
Total shareholders’ equity	7,530,175			7,454,298			7,369,530			7,322,159			6,700,090
STATEMENT OF INCOME
Net interest income	$	423,704		$	417,346		$	430,430		$	416,819		$	416,284
Taxable-equivalent net interest income	428,015			421,581			434,789			420,850			420,202
Provision for loan losses	566			(1,494		)	11,587			(54,643		)	(54,416		)
Total noninterest income	421			121,822			129,396			116,071			124,849
Total noninterest expense	404,100			397,461			422,666			438,536			406,027
Net earnings (loss) applicable to common shareholders	(1,100		)	75,279			66,761			79,127			104,490
PER COMMON SHARE
Net earnings (loss) per diluted common share	$	(0.01	)	$	0.37		$	0.33		$	0.40		$	0.56
Dividends	0.06			0.04			0.04			0.04			0.04
Book value per common share 1	32.03			31.74			31.35			31.14			30.77
Tangible book value per common share 1	26.95			26.64			26.23			26.00			25.13
SELECTED RATIOS
Return on average assets	0.10		%	0.66		%	0.57		%	0.69		%	0.87		%
Return on average common equity	(0.07		)%	4.77		%	4.06		%	5.10		%	7.30		%
Tangible return on avg tangible common equity	0.03		%	5.80		%	4.95		%	6.19		%	9.07		%
Net interest margin	3.18		%	3.22		%	3.25		%	3.20		%	3.29		%
Efficiency ratio	71.4		%	72.3		%	74.1		%	73.0		%	73.3		%
Ratio of nonperforming lending-related assets to loans and leases and other real estate owned	0.96		%	0.99		%	0.81		%	0.84		%	0.95		%
Annualized ratio of net loan and lease charge-offs to average loans	0.11		%	(0.17		)%	0.17		%	0.11		%	0.06		%
Ratio of total allowance for credit losses to loans and leases outstanding 1	1.72		%	1.75		%	1.71		%	1.74		%	1.95		%
Capital Ratios 1
Tangible common equity ratio	9.58		%	9.58		%	9.48		%	9.70		%	8.60		%
Basel III: 2
Common equity tier 1 capital	11.91		%	11.76		%
Tier 1 leverage	11.67		%	11.75		%
Tier 1 risk-based capital	14.15		%	13.93		%
Total risk-based capital	16.20		%	15.98		%
Basel I:
Tier 1 common equity							11.92		%	11.86		%	10.45		%
Tier 1 leverage							11.82		%	11.87		%	11.00		%
Tier 1 risk-based capital							14.47		%	14.43		%	13.00		%
Total risk-based capital							16.27		%	16.28		%	14.90		%
Weighted average common and common-equivalent shares outstanding	202,887,762			202,944,209			203,277,500			197,271,076			185,286,329
Common shares outstanding 1	203,740,914			203,192,991			203,014,903			202,898,491			185,112,965

¹  At period end.

²  Basel III capital ratios became effective January 1, 2015 and are based on a 2015 phase-in. The ratios at June 30, 2015 and March 31, 2015 are estimates; the March 31, 2015 ratios vary from previous disclosures as the Company refines its calculation methodology. See previous discussion in this press release under “Shareholders’ Equity.”

- more -

ZIONS BANCORPORATION

Press Release – Page 8

July 20, 2015

CONSOLIDATED BALANCE SHEETS

(In thousands, except shares)	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
	(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
ASSETS
Cash and due from banks	$	758,238		$	720,858		$	841,942		$	585,672		$	1,381,262
Money market investments:
Interest-bearing deposits	7,661,311			6,791,762			7,178,097			7,467,884			6,389,222
Federal funds sold and security resell agreements	1,404,246			1,519,352			1,386,291			355,844			478,535
Investment securities:
Held-to-maturity, at adjusted cost (approximate fair value $578,327, $602,355, $677,196, $642,529, and $643,926)	570,869			590,950			647,252			609,758			615,104
Available-for-sale, at fair value	4,652,415			4,450,502			3,844,248			3,563,408			3,462,809
Trading account, at fair value	74,519			71,392			70,601			55,419			56,572
	5,297,803			5,112,844			4,562,101			4,228,585			4,134,485
Loans held for sale	152,448			128,946			132,504			109,139			164,374
Loans and leases, net of unearned income and fees	40,023,984			40,180,114			40,063,658			39,739,572			39,630,079
Less allowance for loan losses	609,375			620,013			604,663			610,277			675,907
Loans, net of allowance	39,414,609			39,560,101			39,458,995			39,129,295			38,954,172
Other noninterest-bearing investments	863,443			870,125			865,950			855,743			854,978
Premises and equipment, net	856,577			844,900			829,809			811,127			803,214
Goodwill	1,014,129			1,014,129			1,014,129			1,014,129			1,014,129
Core deposit and other intangibles	20,843			23,162			25,520			28,160			30,826
Other real estate owned	13,269			17,256			18,916			27,418			27,725
Other assets	908,543			952,496			894,620			845,874			878,353
	$	58,365,459		$	57,555,931		$	57,208,874		$	55,458,870		$	55,111,275
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	21,557,584		$	20,854,630		$	20,529,124		$	19,771,631		$	19,611,516
Interest-bearing:
Savings and money market	24,744,288			24,540,927			24,583,636			23,742,911			23,308,114
Time	2,263,146			2,344,818			2,406,924			2,441,756			2,500,303
Foreign	372,106			382,985			328,391			310,264			252,207
	48,937,124			48,123,360			47,848,075			46,266,562			45,672,140
Federal funds and other short-term borrowings	227,124			203,597			244,223			191,798			258,401
Long-term debt	1,050,938			1,089,321			1,092,282			1,113,677			1,933,136
Reserve for unfunded lending commitments	79,961			82,287			81,076			79,377			95,472
Other liabilities	540,137			603,068			573,688			485,297			452,036
Total liabilities	50,835,284			50,101,633			49,839,344			48,136,711			48,411,185
Shareholders’ equity:
Preferred stock, without par value, authorized 4,400,000 shares	1,004,032			1,004,032			1,004,011			1,004,006			1,004,006
Common stock, without par value; authorized 350,000,000 shares; issued and outstanding 203,740,914, 203,192,991, 203,014,903, 202,898,491, and 185,112,965 shares	4,738,272			4,728,556			4,723,855			4,717,295			4,192,136
Retained earnings	1,823,043			1,836,619			1,769,705			1,711,785			1,640,785
Accumulated other comprehensive income (loss)	(35,172		)	(114,909		)	(128,041		)	(110,927		)	(136,837		)
Total shareholders’ equity	7,530,175			7,454,298			7,369,530			7,322,159			6,700,090
	$	58,365,459		$	57,555,931		$	57,208,874		$	55,458,870		$	55,111,275

- more -

ZIONS BANCORPORATION

Press Release – Page 9

July 20, 2015

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(In thousands, except per share amounts)	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Interest income:
Interest and fees on loans	$	420,642		$	415,755		$	431,084		$	430,416		$	433,802
Interest on money market investments	5,785			5,218			5,913			5,483			4,888
Interest on securities	28,809			27,473			24,963			24,377			24,502
Total interest income	455,236			448,446			461,960			460,276			463,192
Interest expense:
Interest on deposits	12,321			12,104			12,548			12,313			12,096
Interest on short- and long-term borrowings	19,211			18,996			18,982			31,144			34,812
Total interest expense	31,532			31,100			31,530			43,457			46,908
Net interest income	423,704			417,346			430,430			416,819			416,284
Provision for loan losses	566			(1,494		)	11,587			(54,643		)	(54,416		)
Net interest income after provision for loan losses	423,138			418,840			418,843			471,462			470,700
Noninterest income:
Service charges and fees on deposit accounts	41,616			41,194			42,224			43,468			41,400
Other service charges, commissions and fees	51,705			47,486			50,130			51,639			47,959
Wealth management income	8,160			7,615			8,078			7,438			7,980
Loan sales and servicing income	8,382			7,706			7,134			7,592			7,332
Capital markets and foreign exchange	7,275			5,501			6,266			5,400			5,875
Dividends and other investment income	9,343			9,372			16,479			11,324			7,995
Fair value and nonhedge derivative income (loss)	1,844			(1,088		)	(961		)	44			(1,934		)
Equity securities gains, net	4,839			3,353			9,606			440			2,513
Fixed income securities gains (losses), net	(138,436		)	(239		)	(11,620		)	(13,901		)	5,026
Other	5,693			922			2,060			2,627			703
Total noninterest income	421			121,822			129,396			116,071			124,849
Noninterest expense:
Salaries and employee benefits	251,133			243,519			238,731			245,518			238,760
Occupancy, net	30,095			29,339			29,962			28,495			28,939
Furniture, equipment and software	31,247			29,713			30,858			28,524			27,986
Other real estate expense	(445		)	374			(3,467		)	875			(266		)
Credit-related expense	8,106			5,939			7,518			6,508			7,161
Provision for unfunded lending commitments	(2,326		)	1,211			1,699			(16,095		)	6,779
Professional and legal services	13,110			11,483			26,257			16,588			12,171
Advertising	6,511			6,975			5,805			6,094			6,803
FDIC premiums	8,609			8,119			8,031			8,204			8,017
Amortization of core deposit and other intangibles	2,318			2,358			2,640			2,665			2,736
Debt extinguishment cost	2,395			—			—			44,422			—
Other	53,347			58,431			74,632			66,738			66,941
Total noninterest expense	404,100			397,461			422,666			438,536			406,027
Income before income taxes	19,459			143,201			125,573			148,997			189,522
Income taxes	5,499			51,176			43,759			53,109			69,972
Net income	13,960			92,025			81,814			95,888			119,550
Preferred stock dividends	(15,060		)	(16,746		)	(15,053		)	(16,761		)	(15,060		)
Net earnings (loss) applicable to common shareholders	$	(1,100	)	$	75,279		$	66,761		$	79,127		$	104,490
Weighted average common shares outstanding during the period:
Basic shares	202,888			202,603			202,783			196,687			184,668
Diluted shares	202,888			202,944			203,278			197,271			185,286
Net earnings (loss) per common share:
Basic	$	(0.01	)	$	0.37		$	0.33		$	0.40		$	0.56
Diluted	(0.01		)	0.37			0.33			0.40			0.56

- more -

ZIONS BANCORPORATION

Press Release – Page 10

July 20, 2015

Note: FDIC-supported/PCI loans previously disclosed separately at September 30, 2014 and June 30, 2014 have been reclassified to their respective loan segments and classes due to declining materiality. Subsequent schedules presented herein reflect, as applicable, these reclassifications.

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions)	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Commercial:
Commercial and industrial		$	13,111		$	13,264		$	13,163		$	12,874		$	12,789
Leasing		402			407			409			405			415
Owner occupied		7,277			7,310			7,351			7,430			7,499
Municipal		589			555			521			518			522
Total commercial		21,379			21,536			21,444			21,227			21,225
Commercial real estate:
Construction and land development		2,062			2,045			1,986			1,895			2,343
Term		8,058			8,088			8,127			8,259			8,093
Total commercial real estate		10,120			10,133			10,113			10,154			10,436
Consumer:
Home equity credit line		2,348			2,315			2,321			2,266			2,215
1-4 family residential		5,194			5,213			5,201			5,156			4,830
Construction and other consumer real estate		372			373			371			350			339
Bankcard and other revolving plans		409			407			401			389			381
Other		202			203			213			198			204
Total consumer		8,525			8,511			8,507			8,359			7,969
Total loans		$	40,024		$	40,180		$	40,064		$	39,740		$	39,630

Nonperforming Assets

(Unaudited)

(Amounts in thousands)	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Nonaccrual loans	$	372,830		$	382,066		$	306,648		$	307,230		$	351,447
Other real estate owned	13,269			17,256			18,916			27,418			27,725
Total nonperforming assets	$	386,099		$	399,322		$	325,564		$	334,648		$	379,172
Ratio of nonperforming assets to loans1 and leases and other real estate owned	0.96		%	0.99		%	0.81		%	0.84		%	0.95		%
Accruing loans past due 90 days or more	$	27,204		$	31,552		$	29,228		$	30,755		$	46,769
Ratio of accruing loans past due 90 days or more to loans1 and leases	0.07		%	0.08		%	0.07		%	0.08		%	0.12		%
Nonaccrual loans and accruing loans past due 90 days or more	$	400,034		$	413,618		$	335,876		$	337,985		$	398,216
Ratio of nonaccrual loans and accruing loans past due 90 days or more to loans1 and leases	1.00		%	1.03		%	0.84		%	0.85		%	1.00		%
Accruing loans past due 30-89 days	$	124,955		$	97,242		$	86,488		$	89,081		$	108,083
Restructured loans included in nonaccrual loans	118,358			110,364			97,779			109,673			103,157
Restructured loans on accrual	180,146			199,065			245,550			264,994			320,206
Classified loans	1,293,022			1,268,981			1,147,106			1,187,407			1,304,077

¹ Includes loans held for sale.

- more -

ZIONS BANCORPORATION

Press Release – Page 11

July 20, 2015

Allowance for Credit Losses

(Unaudited)

	Three Months Ended
(Amounts in thousands)	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Allowance for Loan Losses
Balance at beginning of period	$	620,013		$	604,663		$	610,277		$	675,907		$	736,953
Add:
Provision for losses	566			(1,494		)	11,587			(54,643		)	(54,416		)
Adjustment for FDIC-supported/PCI loans	38			(38		)	(19		)	(25		)	(444		)
Deduct:
Gross loan and lease charge-offs	(31,048		)	(20,188		)	(35,544		)	(26,471		)	(23,400		)
Recoveries	19,806			37,070			18,362			15,509			17,214
Net loan and lease (charge-offs) recoveries	(11,242		)	16,882			(17,182		)	(10,962		)	(6,186		)
Balance at end of period	$	609,375		$	620,013		$	604,663		$	610,277		$	675,907
Ratio of allowance for loan losses to loans and leases, at period end	1.52		%	1.54		%	1.51		%	1.54		%	1.71		%
Ratio of allowance for loan losses to nonperforming loans, at period end	163.45		%	162.28		%	197.18		%	198.64		%	192.32		%
Annualized ratio of net loan and lease charge-offs to average loans	0.11		%	(0.17		)%	0.17		%	0.11		%	0.06		%
Reserve for Unfunded Lending Commitments
Balance at beginning of period	$	82,287		$	81,076		$	79,377		$	95,472		$	88,693
Provision charged (credited) to earnings	(2,326		)	1,211			1,699			(16,095		)	6,779
Balance at end of period	$	79,961		$	82,287		$	81,076		$	79,377		$	95,472
Total Allowance for Credit Losses
Allowance for loan losses	$	609,375		$	620,013		$	604,663		$	610,277		$	675,907
Reserve for unfunded lending commitments	79,961			82,287			81,076			79,377			95,472
Total allowance for credit losses	$	689,336		$	702,300		$	685,739		$	689,654		$	771,379
Ratio of total allowance for credit losses to loans and leases outstanding, at period end	1.72		%	1.75		%	1.71		%	1.74		%	1.95		%

- more -

ZIONS BANCORPORATION

Press Release – Page 12

July 20, 2015

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions)	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Loans held for sale		$	—		$	—		$	—		$	—		$	29
Commercial:
Commercial and industrial		165			163			106			88			83
Leasing		—			—			—			1			1
Owner occupied		89			98			87			98			101
Municipal		1			1			1			8			9
Total commercial		255			262			194			195			194
Commercial real estate:
Construction and land development		20			22			24			25			24
Term		44			38			25			30			44
Total commercial real estate		64			60			49			55			68
Consumer:
Home equity credit line		9			10			12			12			11
1-4 family residential		43			48			50			43			45
Construction and other consumer real estate		1			2			2			2			2
Bankcard and other revolving plans		1			—			—			—			1
Other		—			—			—			—			1
Total consumer		54			60			64			57			60
Subtotal nonaccrual loans		373			382			307			307			322
Total nonaccrual loans		$	373		$	382		$	307		$	307		$	351

Net Charge-Offs by Portfolio Type

(Unaudited)

	Three Months Ended
(In millions)	June 30, 2015				March 31, 2015				December 31, 2014				September 30, 2014				June 30, 2014
Commercial:
Commercial and industrial		$	13			$	(5	)		$	18			$	9			$	7
Leasing		—				—				—				—				—
Owner occupied		(3		)		—				—				2				(2		)
Municipal		—				—				—				—				—
Total commercial		10				(5		)		18				11				5
Commercial real estate:
Construction and land development		(1		)		(3		)		(1		)		(2		)		(3		)
Term		2				(10		)		(1		)		2				3
Total commercial real estate		1				(13		)		(2		)		—				—
Consumer:
Home equity credit line		—				(1		)		—				—				1
1-4 family residential		—				1				1				(1		)		(1		)
Construction and other consumer real estate		—				—				—				—				—
Bankcard and other revolving plans		1				1				—				1				1
Other		(1		)		—				—				—				—
Total consumer loans		—				1				1				—				1
Total net charge-offs (recoveries)		$	11			$	(17	)		$	17			$	11			$	6

- more -

ZIONS BANCORPORATION

Press Release – Page 13

July 20, 2015

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended
	June 30, 2015					March 31, 2015					December 31, 2014
(In thousands)	Average balance			Average yield/rate		Average balance			Average yield/rate		Average balance			Average yield/rate
ASSETS
Money market investments	$	8,414,602		0.28	%	$	8,013,355		0.26	%	$	8,712,588		0.27	%
Securities:
Held-to-maturity	583,349			5.06	%	632,927			5.12	%	634,973			4.97	%
Available-for-sale	4,585,760			1.99	%	4,080,004			2.06	%	3,676,403			1.98	%
Trading account	76,706			3.19	%	69,910			3.47	%	69,323			3.02	%
Total securities	5,245,815			2.35	%	4,782,841			2.49	%	4,380,699			2.43	%
Loans held for sale	115,377			3.48	%	105,279			3.52	%	115,372			3.53	%
Loans and leases 1	40,131,334			4.22	%	40,179,007			4.21	%	39,845,470			4.31	%
Total interest-earning assets	53,907,128			3.42	%	53,080,482			3.46	%	53,054,129			3.49	%
Cash and due from banks	591,347					743,618					764,518
Allowance for loan losses	(621,348		)			(609,233		)			(607,317		)
Goodwill	1,014,129					1,014,129					1,014,129
Core deposit and other intangibles	22,135					24,355					26,848
Other assets	2,564,121					2,564,199					2,692,339
Total assets	$	57,477,512				$	56,817,550				$	56,944,646
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market	$	24,514,516		0.16	%	$	24,214,265		0.16	%	$	24,089,519		0.16	%
Time	2,300,593			0.43	%	2,372,492			0.43	%	2,426,878			0.45	%
Foreign	325,640			0.14	%	351,873			0.14	%	325,013			0.15	%
Total interest-bearing deposits	27,140,749			0.18	%	26,938,630			0.18	%	26,841,410			0.19	%
Borrowed funds:
Federal funds and other short-term borrowings	214,287			0.14	%	219,747			0.14	%	205,507			0.13	%
Long-term debt	1,081,785			7.10	%	1,091,706			7.03	%	1,102,673			6.81	%
Total borrowed funds	1,296,072			5.95	%	1,311,453			5.87	%	1,308,180			5.76	%
Total interest-bearing liabilities	28,436,821			0.44	%	28,250,083			0.45	%	28,149,590			0.44	%
Noninterest-bearing deposits	20,984,073					20,545,395					20,706,849
Other liabilities	559,722					612,752					563,014
Total liabilities	49,980,616					49,408,230					49,419,453
Shareholders’ equity:
Preferred equity	1,004,031					1,004,015					1,004,006
Common equity	6,492,865					6,405,305					6,521,187
Total shareholders’ equity	7,496,896					7,409,320					7,525,193
Total liabilities and shareholders’ equity	$	57,477,512				$	56,817,550				$	56,944,646
Spread on average interest-bearing funds				2.98	%				3.01	%				3.05	%
Net yield on interest-earning assets				3.18	%				3.22	%				3.25	%

¹ Net of unearned income and fees, net of related costs. Loans include nonaccrual and restructured loans.

- more -

ZIONS BANCORPORATION

Press Release – Page 14

July 20, 2015

GAAP to Non-GAAP Reconciliations

(Unaudited)

(In thousands, except per share amounts)	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Tangible Book Value per Common Share
Total shareholders’ equity (GAAP)	$	7,530,175		$	7,454,298		$	7,369,530		$	7,322,159		$	6,700,090
Preferred stock	(1,004,032		)	(1,004,032		)	(1,004,011		)	(1,004,006		)	(1,004,006		)
Goodwill	(1,014,129		)	(1,014,129		)	(1,014,129		)	(1,014,129		)	(1,014,129		)
Core deposit and other intangibles	(20,843		)	(23,162		)	(25,520		)	(28,160		)	(30,826		)
Tangible common equity (non-GAAP) (a)	$	5,491,171		$	5,412,975		$	5,325,870		$	5,275,864		$	4,651,129
Common shares outstanding (b)	203,741			203,193			203,015			202,898			185,113
Tangible book value per common share (non-GAAP) (a/b)	$	26.95		$	26.64		$	26.23		$	26.00		$	25.13
	Three Months Ended
(Dollar amounts in thousands)	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Tangible Return on Average Tangible Common Equity
Net earnings (loss) applicable to common shareholders (GAAP)	$	(1,100	)	$	75,279		$	66,761		$	79,127		$	104,490
Adjustments, net of tax:
Amortization of core deposit and other intangibles	1,472			1,496			1,676			1,690			1,735
Net earnings applicable to common shareholders, excluding the effects of the adjustments, net of tax (non-GAAP) (a)	$	372		$	76,775		$	68,437		$	80,817		$	106,225
Average common equity (GAAP)	$	6,492,865		$	6,405,305		$	6,521,187		$	6,221,344		$	5,744,696
Average goodwill	(1,014,129		)	(1,014,129		)	(1,014,129		)	(1,014,129		)	(1,014,129		)
Average core deposit and other intangibles	(22,135		)	(24,355		)	(26,848		)	(29,535		)	(32,234		)
Average tangible common equity (non-GAAP) (b)	$	5,456,601		$	5,366,821		$	5,480,210		$	5,177,680		$	4,698,333
Number of days in quarter (c)	91			90			92			92			91
Number of days in year (d)	365			365			365			365			365
Tangible return on average tangible common equity (non-GAAP) (a/b/c*d)	0.03		%	5.80		%	4.95		%	6.19		%	9.07		%

- more -

ZIONS BANCORPORATION

Press Release – Page 15

July 20, 2015

	Three Months Ended
(Dollar amounts in thousands)	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Efficiency Ratio
Noninterest expense (GAAP) (a)	$	404,100		$	397,461		$	422,666		$	438,536		$	406,027
Adjustments:
Severance costs	1,707			2,253			1,747			4,919			1,215
Other real estate expense	(445		)	374			(3,467		)	875			(266		)
Provision for unfunded lending commitments	(2,326		)	1,211			1,699			(16,095		)	6,779
Debt extinguishment cost	2,395			—			—			44,422			—
Amortization of core deposit and other intangibles	2,318			2,358			2,640			2,665			2,736
Restructuring costs	650			—			—			—			—
Total adjustments	4,299			6,196			2,619			36,786			10,464
Add-back of adjustments (b)	(4,299		)	(6,196		)	(2,619		)	(36,786		)	(10,464		)
Adjusted noninterest expense (non-GAAP) (a+b)=(c)	$	399,801		$	391,265		$	420,047		$	401,750		$	395,563
Taxable-equivalent net interest income (GAAP) (d)	$	428,015		$	421,581		$	434,789		$	420,850		$	420,202
Noninterest income (GAAP) (e)	421			121,822			129,396			116,071			124,849
Adjustments:
Fair value and nonhedge derivative income (loss)	1,844			(1,088		)	(961		)	44			(1,934		)
Equity securities gains, net	4,839			3,353			9,606			440			2,513
Fixed income securities gains (losses), net	(138,436		)	(239		)	(11,620		)	(13,901		)	5,026
Total adjustments	(131,753		)	2,026			(2,975		)	(13,417		)	5,605
Add-back of adjustments (f)	131,753			(2,026		)	2,975			13,417			(5,605		)
Adjusted taxable-equivalent net interest income and noninterest income (non-GAAP) (d+e+f)=(g)	$	560,189		$	541,377		$	567,160		$	550,338		$	539,446
Efficiency ratio (c/g)	71.4		%	72.3		%	74.1		%	73.0		%	73.3		%

This press release presents the non-GAAP financial measures previously shown. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results.

The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period and company-to-company comparisons, which will assist regulators, investors, and analysts in analyzing the operating results or financial position of the Company and in predicting future performance. These non-GAAP financial measures are used by management to assess the performance of the Company’s business or its financial position for evaluating bank reporting segment performance, for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting these non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by stakeholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

# # #