8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)			July 25, 2017
ZIONS BANCORPORATION
(Exact name of registrant as specified in its charter)
Utah		001-12307			87-0227400
(State or other jurisdiction of incorporation)		(Commission File Number)			(I.R.S. Employer Identification No.)
One South Main, 15th Floor, Salt Lake City, Utah					84133
(Address of principal executive offices)					(Zip Code)
Registrant’s telephone number, including area code				801-844-7637
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Item 2.02Results of Operations and Financial Condition.

On July 25, 2017, Zions Bancorporation (“the Company”) announced its financial results for the quarter ended June 30, 2017 and its intent to host a conference call to discuss such results at 5:30 p.m. Eastern Time on July 25, 2017. The press release announcing the financial results for the quarter ended June 30, 2017 is furnished as Exhibit 99.1 and incorporated herein by reference. A presentation to be used in conjunction with the conference call regarding the Company’s second quarter financial results is furnished as Exhibit 99.2 and incorporated herein by reference.

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

Item 9.01Financial Statements and Exhibits.

(d)    Exhibits.

The following exhibits are furnished as part of this Current Report on Form 8-K:

Exhibit 99.1    Press Release dated July 25, 2017 (furnished herewith).

Exhibit 99.2    Earnings Release Presentation dated July 25, 2017 (furnished herewith).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ZIONS BANCORPORATION
By:	/s/ Paul E. Burdiss
Name:	Paul E. Burdiss
Title:	Executive Vice President and Chief Financial Officer

Date: July 25, 2017

EX-99.1

ZIONS BANCORPORATION

Press Release – Page 1

July 25, 2017

Zions Bancorporation     One South Main Salt Lake City, UT 84133 July 25, 2017 www.zionsbancorporation.com

Second Quarter 2017 Financial Results: FOR IMMEDIATE RELEASE

Investor and Media Contact: James Abbott (801) 844-7637

Zions Bancorporation Reports: 2Q17 Net Earnings¹ of $154 million, diluted EPS of $0.73

compared with 1Q17 Net Earnings¹ of $129 million, diluted EPS of $0.61,
and 2Q16 Net Earnings¹ of $91 million, diluted EPS of $0.44

SECOND QUARTER RESULTS

$0.73	$154 million	3.52%	12.3%
Earnings per diluted common share	Net Earnings 1	Net interest margin (“NIM”)	Common Equity Tier 1

SECOND QUARTER HIGHLIGHTS
Net Interest Income and Net Interest Margin	•	Net interest income was $528 million, up 14% from 2Q16
	•	NIM was 3.52% compared with 3.39% in 2Q16
Operating Performance2	•	Pre-provision net revenue ("PPNR") was $264 million, up 23% from 2Q16
	•	Adjusted PPNR² was $268 million, up 27% from 2Q16
	•	Noninterest expense was $405 million, compared with $382 million in 2Q16
	•	Adjusted noninterest expense² was $399 million, compared with $385 million in 2Q16
	•	Efficiency ratio² was 59.8%, compared with 64.6% for 2Q16
Loans and Credit Quality	•	Net loans and leases were $43.7 billion, compared with $42.5 billion at June 30, 2016
	•	Provision for credit losses was $10 million, compared with $31 million in 2Q16
	•	Net charge-offs were $7 million, compared with $39 million in 2Q16
Capital Returns	•	Tangible return on average tangible common equity² was 10.2%, compared with 6.3% in 2Q16
	•	Common stock repurchases of $45 million during the quarter
	•	Diluted common shares were 208.2 million, compared with 204.5 million in 2Q16
Notable Items	•	Interest income recoveries of $16 million from four loans in 2Q17
	•	The tax rate in 2Q17 was 32.3% and is expected to be 34% to 35% for the rest of 2017
	•	Preferred stock redemption of $144 million resulted in a $2 million reduction to net earnings applicable to common shareholders

CEO COMMENTARY

Harris H. Simmons, Chairman and CEO, commented, "We are encouraged with the solid results of the second quarter. Loan growth exceeded expectations and was diversified across commercial and consumer categories and also by geography. We experienced continued strong revenue growth, and expenses – both interest expense from deposits and operating expense – were well-controlled, resulting in a solid increase in pre-provision net revenue. Credit costs improved substantially over prior periods, and we expect such costs to remain low for the foreseeable future." Mr. Simmons concluded, "We are particularly enthusiastic about our ability to return substantial capital to shareholders over the next several quarters, which should contribute to further improvement in return on equity."

OPERATING PERFORMANCE²

¹ Net Earnings is net earnings applicable to common shareholders.
² For information on non-GAAP financial measures and why the Company presents these numbers, see pages 16-19. Included in these non-GAAP financial measures are the key metrics to which Zions announced it would hold itself accountable in its June 1, 2015 efficiency initiative, and to which executive compensation is tied.

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ZIONS BANCORPORATION

Press Release – Page 2

July 25, 2017

RESULTS OF OPERATIONS

Net Interest Income
							2Q17 - 1Q17				2Q17 - 2Q16
(In millions)	2Q17		1Q17		2Q16		$		%		$		%
Interest and fees on loans	$	469	$	433	$	434	$	36	8.3	%	$	35	8.1	%
Interest on money market investments	5		4		5		1		25.0		—		—
Interest on securities	84		78		48		6		7.7		36		75.0
Total interest income	558		515		487		43		8.3		71		14.6
Interest on deposits	14		13		12		1		7.7		2		16.7
Interest on short and long-term borrowings	16		13		10		3		23.1		6		60.0
Total interest expense	30		26		22		4		15.4		8		36.4
Net interest income	$	528	$	489	$	465	$	39	8.0		$	63	13.5

Net interest income increased to $528 million in the second quarter of 2017 from $489 million in the first quarter of 2017. The 8% increase in net interest income was due to a $36 million increase in interest and fees on loans resulting from loan growth in commercial and consumer loans, increases in short-term interest rates, the recent increases to the investment securities portfolio and several large interest income recoveries. The Company recognized $16 million from interest income recoveries related to four loans in the second quarter. Recovered interest income in the second quarter was $6 million from commercial and industrial loans and $10 million from commercial real estate loans. Interest expense increased $4 million during the quarter primarily due to an increase in wholesale borrowings.

The net interest margin increased to 3.52% in the second quarter of 2017, compared with 3.38% in the first quarter of 2017, primarily as a result of a strong 24 bps increase in the loan yield partially offset by a slight increase in the cost of deposits during the quarter. The loan yield in the second quarter of 2017 increased to 4.38% from 4.14% in the first quarter of 2017; approximately 15 bps of the increase was from the previously mentioned interest income recoveries, with the remaining 9 bps of the increase attributable to the recent increases in short-term interest rates.

Noninterest Income
									2Q17 - 1Q17					2Q17 - 2Q16
(In millions)	2Q17			1Q17		2Q16			$			%		$			%
Service charges and fees on deposit accounts	$	43		$	42	$	42		$	1		2.4	%	$	1		2.4	%
Other service charges, commissions and fees	56			49		52			7			14.3		4			7.7
Wealth management income	10			10		9			—			—		1			11.1
Loan sales and servicing income	6			7		10			(1		)	(14.3	)	(4		)	(40.0	)
Capital markets and foreign exchange	6			7		5			(1		)	(14.3	)	1			20.0
Customer-related fees	121			115		118			6			5.2		3			2.5
Dividends and other investment income	10			12		6			(2		)	(16.7	)	4			66.7
Securities gains, net	2			5		3			(3		)	(60.0	)	(1		)	(33.3	)
Other	(1		)	—		(1		)	(1		)	NM		—			—
Total noninterest income	$	132		$	132	$	126		$	—		—		$	6		4.8

Total noninterest income for the second quarter of 2017 remained flat at $132 million compared with the first quarter of 2017. Customer-related fees increased by $6 million in the second quarter of 2017 due to a $7 million

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ZIONS BANCORPORATION

Press Release – Page 3

July 25, 2017

increase in other service charges, commissions and fees which was primarily driven by increased sales of interest rate swaps and lending-related fees. The increase in customer-related fees from the first quarter of 2017 was offset by declines in investment income and securities gains as a result of first quarter increases in market values of the Company’s Small Business Investment Company (“SBIC”) investments that did not recur in similar magnitudes in the second quarter of 2017. Customer-related fees increased by $3 million compared with the second quarter of 2016, primarily due to the same items that impacted the change from the first quarter of 2017.

Noninterest Expense
									2Q17 - 1Q17					2Q17 - 2Q16
(In millions)	2Q17		1Q17			2Q16			$			%		$		%
Salaries and employee benefits	$	242	$	262		$	241		$	(20	)	(7.6	)%	$	1	0.4	%
Occupancy, net	32		33			30			(1		)	(3.0	)	2		6.7
Furniture, equipment and software, net	32		32			31			—			—		1		3.2
Other real estate expense, net	—		—			(1		)	—			NM		1		100.0
Credit-related expense	8		8			6			—			—		2		33.3
Provision for unfunded lending commitments	3		(5		)	(4		)	8			160.0		7		175.0
Professional and legal services	13		14			12			(1		)	(7.1	)	1		8.3
Advertising	6		5			5			1			20.0		1		20.0
FDIC premiums	13		12			10			1			8.3		3		30.0
Amortization of core deposit and other intangibles	2		2			2			—			—		—		—
Other	54		51			50			3			5.9		4		8.0
Total noninterest expense	$	405	$	414		$	382		$	(9	)	(2.2	)	$	23	6.0
Adjusted noninterest expense 1	$	399	$	411		$	385		$	(12	)	(2.9	)%	$	14	3.6	%

¹  For information on non-GAAP financial measures see pages 16-19.

Noninterest expense for the second quarter of 2017 was $405 million, compared with $414 million for the first quarter of 2017, and $382 million for the second quarter of 2016. The 2% decline in total noninterest expense from the first quarter of 2017 was driven by a $20 million decrease in salaries and employee benefits, partially offset by an $8 million increase in the provision for unfunded lending commitments.

• The decline in salaries and employee benefits during the second quarter relative to the prior quarter was primarily due to factors that are seasonally high in the first quarter, such as payroll tax expense, stock-based compensation, retirement plan contribution matching and $5 million of severance in the first quarter of 2017 that did not recur in the second quarter.

• Healthcare costs increased $2 million from the prior quarter and are expected to remain higher throughout the year, consistent with the current quarter level.

• Other noninterest expense increased $3 million from the prior quarter, primarily attributable to the sharing of revenue with the FDIC from previously discussed interest income recoveries on loans purchased from the FDIC, per the company’s 2009 agreement.

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ZIONS BANCORPORATION

Press Release – Page 4

July 25, 2017

Noninterest expense increased by $23 million from the the second quarter of 2016 primarily due to an increase in the provision for unfunded lending commitments, the aforementioned FDIC revenue sharing agreement, and an increase in FDIC premiums due a higher deposit base and the recent change in deposit insurance assessments as a result of the Dodd-Frank Act.

The Company is committed to its expense and efficiency ratio goals for 2017, which are to hold adjusted noninterest expense growth to 2-3% in 2017, and to achieve an efficiency ratio in the low 60s. For information on non-GAAP measures see pages 16-19.

BALANCE SHEET ANALYSIS

Asset Quality
										2Q17 - 1Q17					2Q17 - 2Q16
(In millions)	2Q17			1Q17			2Q16			bps					bps
Ratio of nonperforming assets to loans and leases and other real estate owned	1.12		%	1.37		%	1.30		%	(25		)			(18		)
Annualized ratio of net loan and lease charge-offs to average loans	0.06			0.43			0.37			(37		)			(31		)
Ratio of total allowance for credit losses to loans and leases outstanding	1.39			1.41			1.58			(2		)			(19		)
										$			%		$			%
Classified loans	$	1,317		$	1,464		$	1,610		$	(147	)	(10.0	)%	$	(293	)	(18.2	)%
Nonperforming assets	$	490		$	588		$	555		$	(98	)	(16.7	)%	$	(65	)	(11.7	)%
Provision for credit losses	$	10		$	18		$	31		$	(8	)	(44.4	)%	$	(21	)	(67.7	)%

Asset quality remained strong and improved for the entire loan portfolio when compared with the prior quarter and the same prior year period, primarily due to an improvement in the oil and gas-related loan portfolio highlighted by decreases in classified and nonperforming assets. Classified loans and nonperforming assets for the oil and gas-related loans decreased $249 million and $37 million, respectively, from the second quarter of 2016.

The Company provided $10 million for credit losses during the second quarter of 2017, compared with $18 million during the first quarter of 2017 and $31 million for the second quarter of 2016. The $10 million provision was positively affected by several large loan recoveries recorded during the second quarter of 2017. The allowance for credit losses was $607 million at June 30, 2017, compared with $673 million million at June 30, 2016, which was 1.39% and 1.58% of loans and leases, respectively. The allowance for credit losses for oil and gas-related loans decreased during the second quarter of 2017, but continues to exceed 8% of the portfolio.

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ZIONS BANCORPORATION

Press Release – Page 5

July 25, 2017

Loans and Leases
							2Q17 - 1Q17					2Q17 - 2Q16
(In millions)	2Q17		1Q17		2Q16		$			%		$			%
Loans held for sale	$	53	$	128	$	147	$	(75	)	(58.6	)%	$	(94	)	(63.9	)
Loans and leases:
Commercial	22,203		21,556		21,928		647			3.0		275			1.3
Commercial real estate	11,198		11,206		11,318		(8		)	(0.1	)	(120		)	(1.1	)
Consumer	10,282		9,980		9,255		302			3.0		1,027			11.1
Loans and leases, net of unearned income and fees	43,683		42,742		42,501		941			2.2		1,182			2.8
Less allowance for loan losses	544		544		608		—			—		(64		)	(10.5	)
Loans held for investment, net of allowance	$	43,139	$	42,198	$	41,893	$	941		2.2		$	1,246		3.0

Loans and leases, net of unearned income and fees, increased $941 million, or 2.2% (8.8% on an annualized basis based on second quarter growth) to $43.7 billion at June 30, 2017from $42.7 billion at March 31, 2017. During the second quarter of 2017, commercial loans increased $647 million and consumer loans increased $302 million, predominantly in 1-4 family residential loans. Unfunded lending commitments were stable at $19.3 billion at June 30, 2017, compared with $19.4 billion at March 31, 2017.

Deposits
							2Q17 - 1Q17					2Q17 - 2Q16
(In millions)	2Q17		1Q17		2Q16		$			%		$			%
Noninterest-bearing demand	$	24,172	$	24,410	$	22,277	$	(238	)	(1.0	)%	$	1,895		8.5	%
Interest-bearing:
Savings and money market	25,165		26,071		25,540		(906		)	(3.5	)	(375		)	(1.5	)
Time	3,041		2,994		2,336		47			1.6		705			30.2
Foreign	—		—		118		—			NM		(118		)	(100.0	)
Total deposits	$	52,378	$	53,475	$	50,271	$	(1,097	)	(2.1	)	$	2,107		4.2

Total deposits declined by $1.1 billion, or 2.1%, to $52.4 billion at June 30, 2017 from $53.5 billion at March 31, 2017, but increased by $2.1 billion, or 4.2%, from $50.3 billion at June 30, 2016. Average total deposits remained relatively flat and were $52.3 billion for the second quarter of 2017 compared with $52.2 billion for the first quarter of 2017. Average noninterest bearing deposits increased slightly to $23.8 billion for the second quarter of 2017, compared with $23.5 billion for the first quarter of 2017, and were 46% of average total deposits.

Shareholders’ Equity
									2Q17 - 1Q17					2Q17 - 2Q16
(In millions)	2Q17			1Q17			2Q16		$			%		$			%
Shareholders’ equity:
Preferred Stock	$	566		$	710		$	710	$	(144	)	(20.3	)%	$	(144	)	(20.3	)%
Common Stock	4,660			4,696			4,783		(36		)	(0.8	)	(123		)	(2.6	)
Retained earnings	2,572			2,435			2,110		137			5.6		462			21.9
Accumulated other comprehensive income (loss)	(49		)	(111		)	23		62			55.9		(72		)	(313.0	)
Total shareholders' equity	$	7,749		$	7,730		$	7,626	$	19		0.2		$	123		1.6

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ZIONS BANCORPORATION

Press Release – Page 6

July 25, 2017

During the second quarter of 2017, the Company continued its common stock buyback program and repurchased $45 million of common stock during the quarter at an average price of $40.99 per share, and has repurchased $180 million of common stock since July 1, 2016 at an average price of $35.66 per share. Despite the share repurchases during the past four quarters, the weighted average diluted shares increased by 3.6 million compared with the second quarter of 2016 primarily due to the dilutive impact of warrants that have been outstanding since 2008 (“TARP” warrants - NASDAQ: ZIONZ) and 2010 (NASDAQ: ZIONW).

Preferred stock decreased by $144 million during the second quarter of 2017 as a result of the Company redeeming all outstanding shares of its 7.90% Series F Non-Cumulative Perpetual Preferred Stock. The total one-time reduction to net earnings applicable to common shareholders associated with the preferred stock redemption was $2 million. Preferred dividends are expected to be $7.5 million for the third quarter of 2017 and first quarter of 2018 and $9.6 million for the fourth quarter of 2017 and the second quarter of 2018.

Tangible book value per common share increased to $30.50 at June 30, 2017, compared with $29.61 at March 31, 2017. The estimated Basel III common equity tier 1 (“CET1”) capital ratio was 12.3% at June 30, 2017 compared with 12.2% at March 31, 2017; Basel III capital ratios are based on the applicable phase-in periods, however, the fully phased-in ratio is not substantially different. For information on non-GAAP measures see pages 16-19.

On June 28, the Board of Governors of the Federal Reserve System notified Zions that the Federal Reserve did not object to Zions’ board-approved 2017 capital plan. Zions’ capital plan for the period spanning July 1, 2017 through June 30, 2018 includes the following capital actions:

• Increasing the common dividend to $0.24 per share by Q2 2018, following the path of:

◦ $0.12 per share in Q3 2017

◦ $0.16 per share in Q4 2017

◦ $0.20 per share in Q1 2018

◦ $0.24 per share in Q2 2018

◦ The schedule above is indicative of approximately $140 million in total common dividends over the four-quarter period.

• Up to $465 million of common stock redemption.

Capital actions are subject to final approval by Zions Bancorporation's board of directors, and may be influenced by, among other things, actual earnings performance, business needs and prevailing economic conditions.

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ZIONS BANCORPORATION

Press Release – Page 7

July 25, 2017

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 25, 2017). 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 52517783, 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.

About Zions Bancorporation

Zions Bancorporation is one of the nation's premier financial services companies with total assets exceeding $65 billion. Zions operates under local management teams and distinct brands in 11 western 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 public finance advisory services, and is a consistent top recipient of Greenwich Excellence awards in banking. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands 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 or intentions regarding 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 presentation. 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, our ability to meet our efficiency and noninterest expense goals, the rate of change of interest sensitive assets and liabilities relative to changes in benchmark interest rates 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.

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ZIONS BANCORPORATION

Press Release – Page 8

July 25, 2017

FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended
(In millions, except share, per share, and ratio data)	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
BALANCE SHEET1
Loans held for investment, net of allowance	$	43,139		$	42,198		$	42,082		$	41,943		$	41,893
Total assets	65,446			65,463			63,239			61,039			59,643
Deposits	52,378			53,475			53,236			50,849			50,271
Total shareholders’ equity	7,749			7,730			7,634			7,679			7,626
STATEMENT OF INCOME
Net earnings applicable to common shareholders	$	154		$	129		$	125		$	117		$	91
Net interest income	528			489			480			469			465
Taxable-equivalent net interest income 2	537			497			488			476			471
Total noninterest income	132			132			128			145			126
Total noninterest expense	405			414			404			403			382
Adjusted pre-provision net revenue 2	268			213			217			209			211
Provision for loan losses	7			23			(3		)	19			35
Provision for unfunded lending commitments	3			(5		)	3			(3		)	(4		)
Provision for credit losses	10			18			—			16			31
PER COMMON SHARE
Net earnings per diluted common share	$	0.73		$	0.61		$	0.60		$	0.57		$	0.44
Dividends	0.08			0.08			0.08			0.08			0.06
Book value per common share 1	35.54			34.65			34.09			34.19			33.72
Tangible book value per common share 1, 2	30.50			29.61			29.06			29.16			28.72
SELECTED RATIOS AND OTHER DATA
Return on average assets	1.03		%	0.88		%	0.88		%	0.84		%	0.77		%
Return on average common equity	8.65		%	7.48		%	7.11		%	6.66		%	5.32		%
Tangible return on average tangible common equity 2	10.2		%	8.8		%	8.4		%	7.9		%	6.3		%
Net interest margin	3.52		%	3.38		%	3.37		%	3.36		%	3.39		%
Efficiency ratio 2	59.8		%	65.9		%	64.5		%	65.9		%	64.6		%
Effective tax rate	32.3		%	24.5		%	33.8		%	33.9		%	34.5		%
Ratio of nonperforming assets to loans and leases and other real estate owned	1.12		%	1.37		%	1.34		%	1.37		%	1.30		%
Annualized ratio of net loan and lease charge-offs to average loans	0.06		%	0.43		%	0.25		%	0.28		%	0.37		%
Ratio of total allowance for credit losses to loans and leases outstanding 1	1.39		%	1.41		%	1.48		%	1.55		%	1.58		%
Full-time equivalent employees	10,074			10,004			10,057			9,968			10,064
CAPITAL RATIOS 1
Tangible common equity ratio	9.57		%	9.31		%	9.49		%	9.91		%	10.05		%
Basel III: 3
Common equity tier 1 capital	12.3		%	12.2		%	12.1		%	12.0		%	12.0		%
Tier 1 leverage	10.5		%	10.8		%	11.1		%	11.3		%	11.3		%
Tier 1 risk-based capital	13.4		%	13.6		%	13.5		%	13.5		%	13.4		%
Total risk-based capital	15.1		%	15.3		%	15.2		%	15.3		%	15.5		%
Risk-weighted assets	50,599			50,016			49,937			49,318			49,017
Weighted average common and common-equivalent shares outstanding (in thousands)	208,183			210,405			205,446			204,714			204,536
Common shares outstanding (in thousands) 1	202,131			202,595			203,085			203,850			205,104

¹  At period end.

²  For information on non-GAAP financial measures see pages 16-19.

³  Basel III capital ratios became effective January 1, 2015 and are based on the applicable phase-in periods. Current period ratios and amounts represent estimates.

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ZIONS BANCORPORATION

Press Release – Page 9

July 25, 2017

CONSOLIDATED BALANCE SHEETS

(In millions, shares in thousands)	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016		June 30, 2016
	(Unaudited)			(Unaudited)						(Unaudited)		(Unaudited)
ASSETS
Cash and due from banks	$	481		$	566		$	737		$	553	$	560
Money market investments:
Interest-bearing deposits	1,167			1,761			1,411			1,489		2,155
Federal funds sold and security resell agreements	427			363			568			1,676		620
Investment securities:
Held-to-maturity, at amortized cost (approximate fair value $774, $803, $850, $718, and $721)	775			815			868			715		713
Available-for-sale, at fair value	15,341			15,606			13,372			10,358		9,477
Trading account, at fair value	61			40			115			108		119
	16,177			16,461			14,355			11,181		10,309
Loans held for sale	53			128			172			160		147
Loans and leases, net of unearned income and fees	43,683			42,742			42,649			42,540		42,501
Less allowance for loan losses	544			544			567			597		608
Loans held for investment, net of allowance	43,139			42,198			42,082			41,943		41,893
Other noninterest-bearing investments	1,012			973			884			894		851
Premises, equipment and software, net	1,069			1,047			1,020			987		956
Goodwill	1,014			1,014			1,014			1,014		1,014
Core deposit and other intangibles	5			7			8			10		12
Other real estate owned	4			3			4			8		8
Other assets	898			942			984			1,124		1,118
	$	65,446		$	65,463		$	63,239		$	61,039	$	59,643
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	24,172		$	24,410		$	24,115		$	22,711	$	22,277
Interest-bearing:
Savings and money market	25,165			26,071			26,364			25,503		25,540
Time	3,041			2,994			2,757			2,516		2,336
Foreign	—			—			—			119		118
	52,378			53,475			53,236			50,849		50,271
Federal funds and other short-term borrowings	4,342			3,137			827			1,116		271
Long-term debt	383			383			535			570		699
Reserve for unfunded lending commitments	63			60			65			62		65
Other liabilities	531			678			942			763		711
Total liabilities	57,697			57,733			55,605			53,360		52,017
Shareholders’ equity:
Preferred stock, without par value, authorized 4,400 shares	566			710			710			710		710
Common stock, without par value; authorized 350,000 shares; issued and outstanding 202,131, 202,595, 203,085, 203,850, and 205,104 shares	4,660			4,696			4,725			4,748		4,783
Retained earnings	2,572			2,435			2,321			2,212		2,110
Accumulated other comprehensive income (loss)	(49		)	(111		)	(122		)	9		23
Total shareholders’ equity	7,749			7,730			7,634			7,679		7,626
	$	65,446		$	65,463		$	63,239		$	61,039	$	59,643

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ZIONS BANCORPORATION

Press Release – Page 10

July 25, 2017

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(In millions, except share and per share amounts)	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Interest income:
Interest and fees on loans	$	469		$	433		$	438		$	437		$	434
Interest on money market investments	5			4			4			5			5
Interest on securities	84			78			59			49			48
Total interest income	558			515			501			491			487
Interest expense:
Interest on deposits	14			13			13			13			12
Interest on short- and long-term borrowings	16			13			8			9			10
Total interest expense	30			26			21			22			22
Net interest income	528			489			480			469			465
Provision for loan losses	7			23			(3		)	19			35
Net interest income after provision for loan losses	521			466			483			450			430
Noninterest income:
Service charges and fees on deposit accounts	43			42			43			45			42
Other service charges, commissions and fees	56			49			52			54			52
Wealth management income	10			10			11			10			9
Loan sales and servicing income	6			7			6			11			10
Capital markets and foreign exchange	6			7			6			6			5
Customer-related fees	121			115			118			126			118
Dividends and other investment income	10			12			4			9			6
Securities gains (losses), net	2			5			(3		)	8			3
Other	(1		)	—			9			2			(1		)
Total noninterest income	132			132			128			145			126
Noninterest expense:
Salaries and employee benefits	242			262			241			242			241
Occupancy, net	32			33			32			33			30
Furniture, equipment and software, net	32			32			33			29			31
Other real estate expense, net	—			—			—			—			(1		)
Credit-related expense	8			8			7			7			6
Provision for unfunded lending commitments	3			(5		)	3			(3		)	(4		)
Professional and legal services	13			14			17			14			12
Advertising	6			5			5			6			5
FDIC premiums	13			12			11			12			10
Amortization of core deposit and other intangibles	2			2			2			2			2
Other	54			51			53			61			50
Total noninterest expense	405			414			404			403			382
Income before income taxes	248			184			207			192			174
Income taxes	80			45			70			65			60
Net income	168			139			137			127			114
Preferred stock dividends	(12		)	(10		)	(12		)	(10		)	(13		)
Preferred stock redemption	(2		)	—			—			—			(10		)
Net earnings applicable to common shareholders	$	154		$	129		$	125		$	117		$	91
Weighted average common shares outstanding during the period:
Basic shares (in thousands)	201,822			202,347			202,886			204,312			204,236
Diluted shares (in thousands)	208,183			210,405			205,446			204,714			204,536
Net earnings per common share:
Basic	$	0.76		$	0.63		$	0.61		$	0.57		$	0.44
Diluted	0.73			0.61			0.60			0.57			0.44

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ZIONS BANCORPORATION

Press Release – Page 11

July 25, 2017

Loan Balances Held for Investment by Portfolio Type

(Unaudited)

(In millions)	June 30, 2017		March 31, 2017		December 31, 2016		September 30, 2016		June 30, 2016
Commercial:
Commercial and industrial	$	13,850	$	13,368	$	13,452	$	13,543	$	13,757
Leasing	387		404		423		439		426
Owner occupied	7,095		6,973		6,962		6,889		6,989
Municipal	871		811		778		753		756
Total commercial	22,203		21,556		21,615		21,624		21,928
Commercial real estate:
Construction and land development	2,186		2,123		2,019		2,147		2,088
Term	9,012		9,083		9,322		9,303		9,230
Total commercial real estate	11,198		11,206		11,341		11,450		11,318
Consumer:
Home equity credit line	2,697		2,638		2,645		2,581		2,507
1-4 family residential	6,359		6,185		5,891		5,785		5,680
Construction and other consumer real estate	560		517		486		453		419
Bankcard and other revolving plans	478		459		481		458		460
Other	188		181		190		189		189
Total consumer	10,282		9,980		9,693		9,466		9,255
Loans and leases, net of unearned income and fees	$	43,683	$	42,742	$	42,649	$	42,540	$	42,501

Nonperforming Assets

(Unaudited)

(In millions)	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Nonaccrual loans1	$	486		$	585		$	569		$	579		$	547
Other real estate owned	4			3			4			8			8
Total nonperforming assets	$	490		$	588		$	573		$	587		$	555
Ratio of nonperforming assets to loans1 and leases and other real estate owned	1.12		%	1.37		%	1.34		%	1.37		%	1.30		%
Accruing loans past due 90 days or more	$	19		$	30		$	36		$	29		$	29
Ratio of accruing loans past due 90 days or more to loans1 and leases	0.04		%	0.07		%	0.08		%	0.07		%	0.07		%
Nonaccrual loans and accruing loans past due 90 days or more	$	505		$	615		$	605		$	608		$	576
Ratio of nonaccrual loans and accruing loans past due 90 days or more to loans1 and leases	1.15		%	1.43		%	1.41		%	1.42		%	1.35		%
Accruing loans past due 30-89 days	$	98		$	137		$	126		$	164		$	133
Restructured loans included in nonaccrual loans	137			131			100			125			143
Restructured loans on accrual	167			167			151			170			172
Classified loans	1,317			1,464			1,577			1,615			1,610

¹ Includes loans held for sale.

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ZIONS BANCORPORATION

Press Release – Page 12

July 25, 2017

Allowance for Credit Losses

(Unaudited)

	Three Months Ended
(In millions)	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Allowance for Loan Losses
Balance at beginning of period	$	544		$	567		$	597		$	608		$	612
Add:
Provision for losses	7			23			(3		)	19			35
Deduct:
Gross loan and lease charge-offs	(35		)	(57		)	(38		)	(54		)	(58		)
Recoveries	28			11			11			24			19
Net loan and lease charge-offs	(7		)	(46		)	(27		)	(30		)	(39		)
Balance at end of period	$	544		$	544		$	567		$	597		$	608
Ratio of allowance for loan losses to loans1 and leases, at period end	1.25		%	1.27		%	1.33		%	1.40		%	1.43		%
Ratio of allowance for loan losses to nonaccrual loans1 at period end	115		%	99		%	107		%	109		%	114		%
Annualized ratio of net loan and lease charge-offs to average loans	0.06		%	0.43		%	0.25		%	0.28		%	0.37		%
Reserve for Unfunded Lending Commitments
Balance at beginning of period	$	60		$	65		$	62		$	65		$	69
Provision charged (credited) to earnings	3			(5		)	3			(3		)	(4		)
Balance at end of period	$	63		$	60		$	65		$	62		$	65
Total Allowance for Credit Losses
Allowance for loan losses	$	544		$	544		$	567		$	597		$	608
Reserve for unfunded lending commitments	63			60			65			62			65
Total allowance for credit losses	$	607		$	604		$	632		$	659		$	673
Ratio of total allowance for credit losses to loans1 and leases outstanding, at period end	1.39		%	1.41		%	1.48		%	1.55		%	1.58		%

¹ Does not include loans held for sale.

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ZIONS BANCORPORATION

Press Release – Page 13

July 25, 2017

Nonaccrual Loans by Portfolio Type

(Unaudited)

(In millions)	June 30, 2017		March 31, 2017		December 31, 2016		September 30, 2016		June 30, 2016
Loans held for sale	$	12	$	34	$	40	$	29	$	13
Commercial:
Commercial and industrial	$	278	$	358	$	354	$	387	$	341
Leasing	10		13		14		14		14
Owner occupied	86		89		74		66		69
Municipal	1		1		1		1		1
Total commercial	375		461		443		468		425
Commercial real estate:
Construction and land development	6		7		7		4		5
Term	37		38		29		28		51
Total commercial real estate	43		45		36		32		56
Consumer:
Home equity credit line	11		9		11		11		12
1-4 family residential	43		35		36		36		39
Construction and other consumer real estate	1		1		2		1		1
Bankcard and other revolving plans	—		—		1		2		1
Other	1		—		—		—		—
Total consumer	56		45		50		50		53
Total nonaccrual loans	$	486	$	585	$	569	$	579	$	547

Net Charge-Offs by Portfolio Type

(Unaudited)

(In millions)	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Commercial:
Commercial and industrial	$	11		$	45		$	25		$	33		$	32
Leasing	—			—			—			—			—
Owner occupied	2			1			(1		)	—			—
Municipal	—			—			—			—			—
Total commercial	13			46			24			33			32
Commercial real estate:
Construction and land development	(8		)	(2		)	—			(1		)	(1		)
Term	—			1			1			(5		)	7
Total commercial real estate	(8		)	(1		)	1			(6		)	6
Consumer:
Home equity credit line	1			(1		)	—			1			—
1-4 family residential	—			(1		)	—			—			(1		)
Construction and other consumer real estate	—			—			—			—			—
Bankcard and other revolving plans	1			3			2			2			2
Other	—			—			—			—			—
Total consumer loans	2			1			2			3			1
Total net charge-offs (recoveries)	$	7		$	46		$	27		$	30		$	39

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ZIONS BANCORPORATION

Press Release – Page 14

July 25, 2017

Oil and Gas Related Exposure¹ 

(Unaudited)

	June 30, 2017			March 31, 2017			June 30, 2016			2Q17 - 1Q17					2Q17 - 2Q16
(In millions)										$			%		$			%
Loans and leases
Upstream – exploration and production	$	709		$	685		$	831		$	24		4	%	$	(122	)	(15	)%
Midstream – marketing and transportation	622			603			658			19			3		(36		)	(5	)
Downstream – refining	103			108			131			(5		)	(5	)	(28		)	(21	)
Other non-services	37			38			45			(1		)	(3	)	(8		)	(18	)
Oilfield services	455			466			712			(11		)	(2	)	(257		)	(36	)
Oil and gas service manufacturing	136			161			193			(25		)	(16	)	(57		)	(30	)
Total loan and lease balances 2	2,062			2,061			2,570			1			—		(508		)	(20	)
Unfunded lending commitments	1,855			1,886			1,823			(31		)	(2	)	32			2
Total oil and gas credit exposure	$	3,917		$	3,947		$	4,393		$	(30	)	(1	)	$	(476	)	(11	)
Private equity investments	$	4		$	6		$	6		$	(2	)	(33	)	$	(2	)	(33	)
Credit quality measures 2
Criticized loan ratio	33.1		%	38.0		%	37.8		%
Classified loan ratio	27.2		%	30.4		%	31.5		%
Nonaccrual loan ratio	12.1		%	14.8		%	11.1		%
Ratio of nonaccrual loans that are current	84.7		%	73.1		%	89.2		%
Net charge-off ratio, annualized 3	3.1		%	2.6		%	5.6		%

¹  Because many borrowers operate in multiple businesses, judgment has been applied in characterizing a borrower as oil and gas-related, including a particular segment of oil and gas-related activity, e.g., upstream or downstream; typically, 50% of revenues coming from the oil and gas sector is used as a guide.

² Total loan and lease balances and the credit quality measures do not include oil and gas loans held for sale at period end.

³  Calculated as the ratio of annualized net charge-offs to the beginning loan balances for each respective period.

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ZIONS BANCORPORATION

Press Release – Page 15

July 25, 2017

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended
	June 30, 2017					March 31, 2017					June 30, 2016
(In millions)	Average balance			Average yield/rate 1		Average balance			Average yield/rate 1		Average balance			Average yield/rate 1
ASSETS
Money market investments	$	1,572		1.20	%	$	1,983		0.93	%	$	4,045		0.55	%
Securities:
Held-to-maturity	788			3.97	%	847			3.90	%	669			4.46	%
Available-for-sale	15,386			2.11	%	14,024			2.14	%	8,853			1.93	%
Trading account	79			3.43	%	61			3.75	%	78			3.88	%
Total securities	16,253			2.20	%	14,932			2.24	%	9,600			2.13	%
Loans held for sale	100			3.23	%	132			3.22	%	126			3.52	%
Loans held for investment 2:
Commercial	21,885			4.44	%	21,606			4.22	%	21,934			4.20	%
Commercial real estate	11,236			4.74	%	11,241			4.27	%	11,169			4.31	%
Consumer	10,122			3.83	%	9,719			3.82	%	9,005			3.88	%
Total loans held for investment	43,243			4.38	%	42,566			4.14	%	42,108			4.16	%
Total interest-earning assets	61,168			3.72	%	59,613			3.56	%	55,879			3.55	%
Cash and due from banks	795					974					521
Allowance for loan losses	(546		)			(566		)			(606		)
Goodwill	1,014					1,014					1,014
Core deposit and other intangibles	6					8					14
Other assets	2,974					2,952					2,724
Total assets	$	65,411				$	63,995				$	59,546
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
Savings and money market	$	25,467		0.14	%	$	25,896		0.14	%	$	25,780		0.14	%
Time	3,048			0.66	%	2,856			0.59	%	2,192			0.46	%
Foreign	—					—			—	%	139			0.28	%
Total interest-bearing deposits	28,515			0.20	%	28,752			0.19	%	28,111			0.17	%
Borrowed funds:
Federal funds and other short-term borrowings	4,302			0.94	%	2,924			0.71	%	547			0.24	%
Long-term debt	383			5.77	%	521			5.92	%	790			5.05	%
Total borrowed funds	4,685			1.34	%	3,445			1.50	%	1,337			3.08	%
Total interest-bearing liabilities	33,200			0.36	%	32,197			0.33	%	29,448			0.30	%
Noninterest-bearing deposits	23,819					23,460					21,839
Other liabilities	565					632					597
Total liabilities	57,584					56,289					51,884
Shareholders’ equity:
Preferred equity	684					710					779
Common equity	7,143					6,996					6,883
Total shareholders’ equity	7,827					7,706					7,662
Total liabilities and shareholders’ equity	$	65,411				$	63,995				$	59,546
Spread on average interest-bearing funds				3.36	%				3.23	%				3.25	%
Net yield on interest-earning assets				3.52	%				3.38	%				3.39	%

¹ Rates are calculated using amounts in thousands and taxable-equivalent rates used where applicable.

² Net of unearned income and fees, net of related costs. Loans include nonaccrual and restructured loans.

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ZIONS BANCORPORATION

Press Release – Page 16

July 25, 2017

GAAP to Non-GAAP Reconciliations

(Unaudited)

This press release presents non-GAAP financial measures, in addition to GAAP financial measures, to provide investors with additional information. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are presented in the following schedules. The Company considers these adjustments to be relevant to ongoing operating results and provide a meaningful base for period-to-period and company-to-company comparisons. These non-GAAP financial measures are used by management to assess the performance and financial position of the Company and for presentations of Company performance to investors. The Company further believes that presenting these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as that applied by management.

Non-GAAP financial measures have inherent limitations, and are not required to be uniformly applied by individual entities. 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.

The following are the non-GAAP financial measures presented in this press relese and a discussion of why management uses these non-GAAP measures:

Tangible Book Value per Common Share – this schedule also includes “tangible common equity.” Tangible book value per common share is a non-GAAP financial measure that management believes provides additional useful information about the level of tangible equity in relation to outstanding shares of common stock. Management believes the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income.

Tangible Return on Average Tangible Common Equity – this schedule also includes “net earnings applicable to common shareholders, excluding the effects of the adjustments, net of tax” and “average tangible common equity.” Tangible return on average tangible common equity is a non-GAAP financial measure that management believes provides useful information about the Company’s use of equity. Management believes the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income.

Efficiency Ratio – this schedule also includes “adjusted noninterest expense,” “taxable-equivalent net interest income,” “adjusted tax-equivalent revenue,” and “adjusted pre-provision net revenue (“PPNR”).” The methodology of determining the efficiency ratio may differ among companies. Management makes adjustments to exclude certain items as identified in the subsequent schedule which management believes allows for more consistent comparability among periods. Management believes the efficiency ratio provides useful information regarding the cost of generating revenue. Adjusted noninterest expense provides a measure as to how well the Company is managing its expenses, and adjusted PPNR enables management and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle. Taxable-equivalent net interest income allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The efficiency ratio and adjusted noninterest expense are the key metrics to which the Company announced it would hold itself accountable in its June 1, 2015 efficiency initiative, and to which executive compensation is tied.

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ZIONS BANCORPORATION

Press Release – Page 17

July 25, 2017

GAAP to Non-GAAP Reconciliations

(Unaudited)

(In millions, except shares and per share amounts)		June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Tangible Book Value per Common Share
Total shareholders’ equity (GAAP)		$	7,749		$	7,730		$	7,634		$	7,679		$	7,626
Preferred stock		(566		)	(710		)	(710		)	(710		)	(710		)
Goodwill		(1,014		)	(1,014		)	(1,014		)	(1,014		)	(1,014		)
Core deposit and other intangibles		(5		)	(7		)	(8		)	(10		)	(12		)
Tangible common equity (non-GAAP)	(a)	$	6,164		$	5,999		$	5,902		$	5,945		$	5,890
Common shares outstanding (in thousands)	(b)	202,131			202,595			203,085			203,850			205,104
Tangible book value per common share (non-GAAP)	(a/b)	$	30.50		$	29.61		$	29.06		$	29.16		$	28.72
		Three Months Ended
(Dollar amounts in millions)		June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Tangible Return on Average Tangible Common Equity
Net earnings applicable to common shareholders (GAAP)		$	154		$	129		$	125		$	117		$	91
Adjustments, net of tax:
Amortization of core deposit and other intangibles		1			1			1			1			1
Net earnings applicable to common shareholders, excluding the effects of the adjustments, net of tax (non-GAAP)	(a)	$	155		$	130		$	126		$	118		$	92
Average common equity (GAAP)		$	7,143		$	6,996		$	6,998		$	6,986		$	6,883
Average goodwill		(1,014		)	(1,014		)	(1,014		)	(1,014		)	(1,014		)
Average core deposit and other intangibles		(6		)	(8		)	(10		)	(11		)	(14		)
Average tangible common equity (non-GAAP)	(b)	$	6,123		$	5,974		$	5,974		$	5,961		$	5,855
Number of days in quarter	(c)	91			90			92			92			91
Number of days in year	(d)	365			365			366			366			366
Tangible return on average tangible common equity (non-GAAP)	(a/b/c)*d	10.2		%	8.8		%	8.4		%	7.9		%	6.3		%

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ZIONS BANCORPORATION

Press Release – Page 18

July 25, 2017

GAAP to Non-GAAP Reconciliations

(Unaudited)

		Three Months Ended
(In millions)		June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016
Efficiency Ratio
Noninterest expense (GAAP)	(a)	$	405		$	414		$	404		$	403		$	382
Adjustments:
Severance costs		—			5			1			—			—
Other real estate expense		—			—			—			—			(1		)
Provision for unfunded lending commitments		3			(5		)	3			(3		)	(4		)
Debt extinguishment cost		—			—			—			—			—
Amortization of core deposit and other intangibles		2			2			2			2			2
Restructuring costs 1		1			1			3			—			—
Total adjustments	(b)	6			3			9			(1		)	(3		)
Adjusted noninterest expense (non-GAAP)	(a-b)=(c)	$	399		$	411		$	395		$	404		$	385
Net interest income (GAAP)	(d)	$	528		$	489		$	480		$	469		$	465
Fully taxable-equivalent adjustments	(e)	9			8			8			7			6
Taxable-equivalent net interest income (non-GAAP)	(d+e)=(f)	537			497			488			476			471
Noninterest income (GAAP)	(g)	132			132			128			145			126
Combined income	(f+g)=(h)	669			629			616			621			597
Adjustments:
Fair value and nonhedge derivative income (loss)		—			—			7			—			(2		)
Securities gains (losses), net		2			5			(3		)	8			3
Total adjustments	(i)	2			5			4			8			1
Adjusted taxable-equivalent revenue (non-GAAP)	(h-i)=(j)	$	667		$	624		$	612		$	613		$	596
Pre-provision net revenue (PPNR)	(h)-(a)	$	264		$	215		$	212		$	218		$	215
Adjusted PPNR (non-GAAP)	(j-c)	268			213			217			209			211
Efficiency ratio (non-GAAP)	(c/j)	59.8		%	65.9		%	64.5		%	65.9		%	64.6		%

¹ The restructuring costs in the fourth quarter of 2016 are primarily related to the termination of the Zions Direct auction platform and changes to create a simplified lending approach for our business banking customers.

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ZIONS BANCORPORATION

Press Release – Page 19

July 25, 2017

		Six Months Ended
(In millions)		June 30, 2017				June 30, 2016
Efficiency Ratio
Noninterest expense (GAAP)	(a)	$	819			$	777
Adjustments:
Severance costs		5			7	4
Other real estate expense		—				(2		)
Provision for unfunded lending commitments		(2		)		(10		)
Debt extinguishment cost		—				—
Amortization of core deposit and other intangibles		3			4	4
Restructuring costs 1		2			2	1
Total adjustments	(b)	8				(3		)
Adjusted noninterest expense (non-GAAP)	(a-b)=(c)	$	811			$	780
Net interest income (GAAP)	(d)	$	1,017			$	918
Fully taxable-equivalent adjustments	(e)	17				11
Taxable-equivalent net interest income (non-GAAP)	(d+e)=(f)	1,034				929
Noninterest income (GAAP)	(g)	264				242
Combined income	(f+g)=(h)	1,298				1,171
Adjustments:
Fair value and nonhedge derivative income (loss)		(1		)		(4		)
Securities gains (losses), net		7				2
Total adjustments	(i)	6				(2		)
Adjusted taxable-equivalent revenue (non-GAAP)	(h-i)=(j)	$	1,292			$	1,173
Pre-provision net revenue (PPNR)	(h)-(a)	$	479			$	394
Adjusted PPNR (non-GAAP)	(j-c)	481				393
Efficiency ratio (non-GAAP)	(c/j)	62.8		%		66.5		%

¹ The restructuring costs in the fourth quarter of 2016 are primarily related to the termination of the Zions Direct auction platform and changes to create a simplified lending approach for our business banking customers.

# # #

EX-99.2

Second Quarter 2017 Financial Review July 25, 2017

2 Forward-Looking Statements and Use of Non-GAAP Financial Measures Statements in this presentation 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 or intentions regarding 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 presentation. 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, our ability to meet our efficiency and noninterest expense goals, the rate of change of interest sensitive assets and liabilities relative to changes in benchmark interest rates 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. This document contains several references to non-GAAP measures, including pre-provision net revenue and the “efficiency ratio,” which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions’ management compensation and are used in Zions’ strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A full reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

 Strong growth in EPS: Diluted earnings per share increased substantially from the year-ago period, to $0.73 in 2Q17 from $0.44  Strong growth in adjusted pre-provision net revenue (1): 27% growth over year-ago period • An 11.9% year-over-year increase in adjusted revenue (1) • A 3.6% year-over-year increase in adjusted noninterest expense (1)  Tracking on the efficiency initiative: • Efficiency ratio equaled 59.8% in 2Q17, an improvement from 64.6% in the year ago period • Committed to “low 60s” for 2017 • Noninterest expense (NIE) increased 6% from the year ago period, while adjusted NIE increased 3.6% • Compared to the prior quarter, NIE decreased 2% primarily driven by a decrease in salaries and employee benefits which are seasonally higher in the first quarter  Loans & Deposits: • Loans increased $941 million from the prior quarter, an increase of 2.2% from increases primarily in C&I loans and 1-4 family residential loans • Average deposits increased slightly from the prior quarter; period-end deposits decreased 2.1% from the prior quarter • Cost of total deposits increased slightly compared to the prior quarter, to 11 basis points from 10  Healthy and improving credit quality: Classified loans declined 10% from prior quarter  Successful implementation of the first of three planned modules of the core loan and deposit processing systems replacement project  Improved returns on capital are leading to improved returns of capital 3 Second Quarter 2017 Key Performance Indicators Continued PPNR growth and improved profitability (1) Adjusted for items such as severance, provision for unfunded lending commitments, securities gains and losses and debt extinguishment costs. See Appendix for GAAP to non-GAAP reconciliation tables. (2) All domestic and foreign banks, NSA, as published by the Federal Reserve in the H.8 report

Pre-Provision Net Revenue Adjusted Pre-Provision Net Revenue (1) 4 Strong improvement driven by active balance sheet management, loan growth, expense control, and the benefit of higher benchmark interest rates (1) Adjusted for items such as severance, provision for unfunded lending commitments, securities gains and losses and debt extinguishment costs. See Appendix for GAAP to non-GAAP reconciliation table. ($mm) $0 $50 $100 $150 $200 $250 $300 2Q16 3Q16 4Q16 1Q17 2Q17  Adjusted pre-provision net revenue has strengthened measurably over the past year, up 27%  Excluding interest income recoveries on four larger loans in 2Q17, adjusted PPNR was up 19%  Persistent improvement driven by success on multiple fronts:  Loan growth  Improved return on liquid assets  Customer-related fee income growth  Solid expense control Additionally, revenue benefited from increases in benchmark interest rates  This positive trend is expected to continue in the near term

74.1% 69.6% 64.6% 65.9% 64.5% 65.9% 59.8% 55% 60% 65% 70% 75% 4Q14 4Q15 2Q16 3Q16 4Q16 1Q17 2Q17 Efficiency Ratio Efficiency Ratio (1) 5 Substantial improvement driven by both revenue growth and expense control (1) Defined as noninterest expenses as a percentage of net revenue, adjusted for items such as severance, provision for unfunded lending commitments, securities gains and losses and debt extinguishment costs. See Appendix for GAAP to non-GAAP reconciliation table.  The efficiency ratio dropped in the quarter to 59.8% (2Q17), declining 7.4 percentage points from 64.6% in the year-ago period  Excluding interest income recoveries on four loans, the ratio was approximately 61%  Solid progress on the efficiency ratio driven by factors previously mentioned, while investing substantially in enabling technology  Remain committed to driving the efficiency ratio to the low 60s for 2017 4Q14 shown to depict progress since embarking upon the efficiency initiative

Total Loan and Deposit Growth Total Loans Total Deposits 6 Moderate balance sheet growth is expected to be a key driver of Zions’ positive operating leverage  Period-end loans held for investment increased $941 million or 8.8% (annualized) from prior quarter  Average deposits increased slightly from the prior quarter, while period-end deposits declined somewhat  Loan growth substantially funded with cash deployment, cash flow from securities and increased wholesale borrowings ($mm) $35,000 $37,000 $39,000 $41,000 $43,000 $45,000 2Q16 3Q16 4Q16 1Q17 2Q17 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $45,000 $47,000 $49,000 $51,000 $53,000 $55,000 2Q16 3Q16 4Q16 1Q17 2Q17 Total Deposits ($) NIB Deposits (%) ($mm) NIB = Noninterest Bearing

Credit Quality 7 Key Credit Quality Ratios Credit quality remains healthy and is improving  Key Credit Metrics:  Classified loans were 3.0% of loans  Down 10% from the first quarter  Down 18% from the prior year  NPAs were 1.1% of loans  Down 17% from the first quarter  Down 12% from the prior year  Annualized NCOs were 0.06% of average loans for the quarter  Allowance for credit losses remains strong at 1.39% of total loans and leases  1.2x coverage of NPAs  21.7x coverage of annualized NCOs 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 2Q16 3Q16 4Q16 1Q17 2Q17 Classified / Loans NPAs / Loans NCOs / Loans (ann.) Note: Net Charge-offs/Loans ratio is annualized for all periods shown

Profitability 8 Zions’ profitability is improving  Return on assets has improved steadily since announcing the efficiency initiative  Return on tangible common equity continues to improve, to 10.2% in 2Q17 from 6.3% a year ago  Excluding noted interest recoveries and tax adjustments, the 2Q17 ROA and ROTCE were 0.94% and 9.2%, respectively Return on Assets 0.77% 0.84% 0.88% 0.88% 1.03% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% 0.9% 1.0% 1.1% 2Q16 3Q16 4Q16 1Q17 2Q17 Return on Tangible Common Equity 6.3% 7.9% 8.4% 8.8% 10.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2Q16 3Q16 4Q16 1Q17 2Q17

Financial Results 9 Solid and improving fundamental performance Three Months Ended (Dollar amounts in millions, except per share data) Jun 30, 2017 Mar 31, 2017 Jun 30, 2016 Earnings Results: Diluted Earnings Per Share $ 0.73 $ 0.61 $ 0.44 Net Earnings Applicable to Common Shareholders 154 129 91 Net Interest Income 528 489 465 Noninterest Income 132 132 126 Noninterest Expense 405 414 382 Pre-Provision Net Revenue (1) 268 213 211 Provision for Credit Losses 10 18 31 Ratios: Return on Assets(2) 1.03 % 0.88 % 0.77 % Return on Common Equity(3) 8.65 % 7.48 % 5.32 % Return on Tangible Common Equity(3) 10.2 % 8.8 % 6.3 % Net Interest Margin 3.52 % 3.38 % 3.39 % Yield on Loans 4.38 % 4.14 % 4.16 % Yield on Securities 2.20 % 2.24 % 2.13 % Average Cost of Total Deposits(4) 0.11 % 0.10 % 0.10 % Efficiency Ratio (1) 59.8 % 65.9 % 64.6 % Effective Tax Rate 32.3 % 24.5 % 34.5 % Ratio of Nonperforming Assets to Loans, Leases and OREO 1.12 % 1.37 % 1.30 % Annualized Ratio of Net Loan and Lease Charge-offs to Average Loans 0.06 % 0.43 % 0.37 % Basel III Common Equity Tier 1 12.3 % 12.2 % 12.0 % (1) Adjusted for items such as severance, provision for unfunded lending commitments, securities gains and losses and debt extinguishment costs. See Appendix for GAAP to non-GAAP reconciliation tables. (2) Net Income before Preferred Dividends or redemption costs used in the numerator (3) Net Income Applicable to Common used in the numerator (4) Includes noninterest-bearing deposits

 Net interest income growth continued its positive trajectory, increasing 14% over the year-ago period  Excluding loan recovery income in 2Q17, net interest income increased 10% over the prior year period  On a linked quarter basis, net interest income increased by $39 million from 1Q17  Majority of the increase attributable to interest and fees on loans from  Loan growth in commercial and consumer loans  $16 million of interest income from loan recoveries on four loans  Approximately $10 million from the Federal Reserve Board’s increase in the federal funds target rate Net Interest Income Net Interest Income 10 Growth due primarily to deployment of cash into securities, balance sheet growth and higher interest rates coupled with stable deposit costs ($mm) $400 $425 $450 $475 $500 $525 $550 2Q16 3Q16 4Q16 1Q17 2Q17

Active Balance Sheet Management 11 Short to medium duration portfolio; minimal duration extension risk Total Securities (end of period balances) ($ billion) $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 2Q16 3Q16 4Q16 1Q17 2Q17 Municipal & Other Securities SBA Loan-Backed Securities Agency Securities Agency MBS Securities  Added net $5.9 billion of securities during last 12 months  Securities portfolio duration  Current rate environment: ~3.2 years  200 bps parallel increase in interest rates from current interest rates: ~3.2 years  Expect generally stable investment portfolio size over the near term

C&I (ex-O&G) 4.8% Owner Occupied (ex-NRE) 5.2% C&D 4.7% Term CRE (ex- NRE) -0.8% 1-4 Family 12.0% National Real Estate -16.1% O&G -19.8% Home Equity 7.6% Other 14.9% -30% -20% -10% 0% 10% 20% 30% Loan Growth by Type 12 Moderate to strong loan growth achieved in targeted growth categories Year-over-Year Loan Growth Total Loans: +2.8%  Loan growth predominantly in Residential Mortgage (1-4 Family) and C&I  Decline in National Real Estate (NRE) and Oil and Gas (O&G)  Stable (O&G) in 2Q17 vs. 1Q17 Over the next four quarters, we expect moderate total loan growth, driven by:  Strong growth in 1-4 Family  Moderate growth in C&I, Construction and Land Development (C&D) and Owner- Occupied commercial loans  Continued attrition in NRE Note: National Real Estate (NRE) is a division of Zions Bank (which is a division of ZB, N.A.) with a focus on small business loans with low LTV ratios, which generally are in line with SBA 504 program parameters. “Other” loans includes municipal and other consumer loan categories. Note: Bubble size indicates relative proportion of loan portfolio as of 2Q17.

Loans 71% Securities 27% Cash 2% Net Interest Income Drivers 13 2017 rate hikes expected to benefit net interest income in the near term Net Interest Margin (NIM) Avg Earning Asset Mix  Relative to the prior quarter, the 2Q17 NIM was 3.52%, up 14 basis points  Yield on loans increased to 4.38% from 4.14% Excl. $16 million of interest income from four loan recoveries, the yield increased to 4.23%, and the NIM increased to 3.42%  Securities yield decreased 4 bps to 2.20%  Cost of deposits increased slightly to 11 bps annualized. 3.39% 3.36% 3.37% 3.38% 3.52% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 2Q16 3Q16 4Q16 1Q17 2Q17 Loan Yield Securities Yield Interest Expense Net Interest Margin Cash Yield 2Q16 Loans 76% Securities 17% Cash 7% 2Q17 Short Term Resets or Maturities (loans only) Percent of Loans Hedges (swaps, floors) Net Percentage of Portfolio (1) Prime and 1M Libor 47% -5% 42% 2-3M Libor 4% -- 4% 4-12M Libor 4% -- 4% Other Lns <12 months 10% 1% 11% Longer-term Resets or Maturities 1-5 years 24% 1% 25% 5+ years 11% -- 11% (1) Net percentage column sums to 97% due primarily to 3% of total loans that have interest rate floors which are in the money (floor rate > index+spread rate); these $1.2 billion of loans with floors have a weighted average "in the money" amount of 53 basis points. After giving effect to potential future rate hikes, loans with floors would no longer be subject to the floors and would begin to reset with the relevant indices and therefore the 97% total at June 30, 2017 would increase to/towards 100%. Because the dates at which the floors would no longer be in effect are not certain (subject to future Federal Reserve monetary policy decisions), the timing of such cannot be reflected in the chart.

 Over the past year Zions has reduced its net interest income sensitivity  Much of the reduction in rate sensitivity was due to securities purchases during 2016 and early 2017; as of 2Q17, interest income from securities was an annualized $185 million more than 4Q15  Zions updated its NII sensitivity model in 2Q17; both the historical and new model are shown for comparative purposes  Zions and the peer median experienced a cumulative 44% and 46% deposit beta during 2004-5 rate cycle, respectively, although for the first 200 bps the beta for Zions and Peers was 19% and 24%, respectively Interest Rate Sensitivity and Historical Deposit Beta 14 Zions has partially reduced asset sensitivity in exchange for current income Source: Company filings and SNL Financial. Cumulative full cycle beta includes one full year for deposit costs to catch up to the changes in the benchmark rates Modeled Annual Change in a +200bps Interest Rate Environment(1) Historical Model Fast Slow ∆ in NII <1% 8% Beta of Total Deposits 46% 32% New Model ∆ in NII 6% Beta of Total Deposits 37% (1) 12-month simulated impact using a static-sized balance sheet and a parallel shift in the yield curve, and is based on statistical analysis relating pricing and deposit migration to benchmark rates (e.g. LIBOR, U.S. Treasuries). “Fast” refers to an assumption that deposit rates and volumes will adjust at a faster speed. “Slow” refers to an assumption that deposit rates and volumes will adjust at a more moderate speed. Net Interest Income Sensitivity 0.0 1.0 2.0 3.0 4.0 5.0 6.0 20 00 Q 4 20 01 Q 1 20 01 Q 2 20 01 Q 3 20 01 Q 4 20 02 Q 1 20 02 Q 2 20 02 Q 3 20 02 Q 4 20 03 Q 1 20 03 Q 2 20 03 Q 3 20 03 Q 4 20 04 Q 1 20 04 Q 2 20 04 Q 3 20 04 Q 4 20 05 Q 1 20 05 Q 2 20 05 Q 3 20 05 Q 4 20 06 Q 1 20 06 Q 2 20 06 Q 3 ZION Cost of Total Deposits Peer Median Cost of Total Deposits FF Target Rate 2000-2006 Rate Cycle Percent

118 126 118 115 121 $0 $20 $40 $60 $80 $100 $120 $140 2Q16 3Q16 4Q16 1Q17 2Q17  Customer-related fee income increased 5% from 1Q17, primarily due to:  $7 million increase in other service charges, commissions and fees driven by increased sales of interest rate swaps and lending-related fees  Increases also seen in bank card related income and wealth management  Partially offset by declines in dividends and other investment income and securities gains as a result of a lesser increase in the market value of the Company’s Small Business Investment Company (“SBIC”) investments from 1Q17  Targeted growth includes treasury management (including commercial card), mortgage, and wealth management Noninterest Income 15 Continued focus on fee income – targeting mid-single digit annual growth (1) Reflects total customer-related noninterest income, which excludes items such as fair value and non-hedge derivative income, securities gains (losses), and other items, as detailed in the Noninterest Income table located in the earnings release. Customer-Related Fee Income (1) ($mm)

Noninterest Expense ($ millions) 382 403 404 414 405 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 2Q16 3Q16 4Q16 1Q17 2Q17 Noninterest Expense 16 Expense controls have resulted in improved profitability  Total NIE decreased 2% versus the prior quarter and increased 6% from the year-ago period;  Adjusted NIE increased 4% from a year ago due in part to an increase in revenue shared with FDIC on purchased credit impaired loans (included in “other noninterest expense) and an increase in FDIC insurance premiums  Compared to the prior quarter, 2Q17 included  a $20 million decrease in salaries and employee benefits (seasonal in nature)  an $8 million increase in the provision for unfunded lending commitments  a $3 million increase in the revenue sharing arrangement with the FDIC  Expect to hold adjusted noninterest expense growth between 2% and 3% for FY17 vs. FY16  Reflects expected increase in technology expenditure  Talent acquisition and retention  Normal salary adjustments

 Continue to Achieve Positive Operating Leverage  Maintain annual mid-single digit loan growth rates while holding strong CRE concentration limits  Moderately reduce the Company’s interest rate sensitivity by:  Active investment portfolio management  Continue to increase market share in residential mortgage  Target mid-single digit growth rates in customer-related fee income  Maintain expense controls: expect noninterest expense to increase between 2% and 3% in FY17 vs. FY16  Maintain continued alignment of incentive compensation to profitability improvement objectives 17 2017-2018 Objectives: Growth Through Simplification and Focus Capital Action 3Q16A- 2Q17A 3Q17-2Q18 Plan Common Dividend $0.32 per share / ~$65 million $0.72 per share / ~$140 million Share Repurchase $180 million Up to $465 million  Implement Technology Upgrade Strategies  Increase the Return on and of Capital  Improvements in operating leverage lead to stronger returns on capital  Improvements to risk profile and risk management expected to lead to increasing returns of capital  Execute on our Community Bank Model – doing business on a “Local” basis

Next 12-Month Outlook Summary (2Q18E, vs. 2Q17A) 18 Outlook Comments Moderately Increasing • Over the next 12 months, we expect continued strong growth from residential mortgage, moderate growth in C&I and CRE Moderately Increasing • Excluding $16 million of interest recoveries from four loans in 2Q17 from the reported level, the outlook for NII is “moderately increasing” • Expect continued increases in loans, continued benefit from recent rate hikes and limited increase in funding costs Stable to Slightly Increasing • Expect loan loss provisions to be generally stable to slightly increasing, subject to energy prices not experiencing significant declines from current prices Moderately Increasing • Customer-related fees excludes securities gains, dividends Slightly to Moderately Increasing • FY17 adjusted NIE expected to be 2% to 3% higher than FY16 • Excluding adoption of 2017 stock-based compensation accounting guidance, the effective tax rate expected to remain 34-35% • Expect preferred dividend to be $34 million • Diluted shares may experience some volatility due to the effect of outstanding warrants and the avg. price of ZION shares. Customer-Related Fees Loan Balances Net Interest Income (Excluding $16MM interest recoveries) Loan Loss Provision Tax Rate Preferred Dividends & Diluted Shares Adjusted Noninterest Expense

 Impact of Warrants  Oil & Gas (O&G) Portfolio Detail  Credit Quality Metrics, O&G and Ex-O&G  Retail Commercial Real Estate, Retail C&I Loans  Loan Growth by Bank Brand and Loan Type  Zion’s Announced Financial Targets  GAAP to Non-GAAP Reconciliation 19 Appendix

 Zions has two tranches of warrants outstanding (ZIONZ and ZIONW), both of which are currently in the money  Dilution is calculated using the treasury method of accounting, which relies upon the following assumptions:  Warrants are exercised at the beginning of the period  Issuer uses proceeds from exercise to repurchase shares at the average market price during period  Net shares issued = shares issued from warrant exercise – shares repurchased Impact of Warrants Dilutive Impact Sensitivity Reflects potential dilution given various average common stock share prices over any given period 20 Potential dilution is expected to be slight to moderate, depending upon future stock price (mm) 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% - 2 4 6 8 10 12 $35 $36 $37 $38 $39 $40 $41 $42 $43 $44 $45 $46 $47 $48 $49 $50 Dilutive shares (mm) % Dilution Note: Analysis utilizes current warrant strike price and warrant multiplier. For more details, please see Zionsbancorporation.com → Stock Information → Warrant Information, or the prospectus supplement from September 2010, which can be found on the SEC’s website.

21 Note: Because many borrowers operate in multiple businesses, judgment has been applied in characterizing a borrower as oil and gas- related, including a particular segment of oil and gas-related activity, e.g., upstream or downstream; typically, 50% of revenues coming from the oil and gas sector is used as a guide. (1) Calculated as the ratio of annualized net charge-offs for each respective period to loan balances at each period end. Oil & Gas (O&G) Portfolio Detail (In millions) 2Q17 1Q17 $ Change % Change 2Q16 Loans and leases: Upstream - exploration and production $ 709 34% $ 685 33% $ 24 4% $ 831 Midstream – marketing and transportation 622 30% 603 29% 19 3% 658 Downstream – refining 103 5% 108 5% (5) -5% 131 Other non-services 37 2% 38 2% (1) -3% 45 Oilfield services 455 22% 466 23% (11) -2% 712 Oil and gas service manufacturing 136 7% 161 8% (25) -16% 193 Total loan and lease balances 2,062 100% 2,061 100% 1 0% 2,570 Unfunded lending commitments 1,855 1,886 (31) -2% 1,823 Total oil and gas credit exposure $ 3,917 $ 3,947 $ (30) -1% $ 4,393 Private equity investments $ 4 $ 6 $ (2) -33% $ 6 Credit Quality Measures Criticized loan ratio 33.1% 38.0% 37.8% Classified loan ratio 27.2% 30.4% 31.5% Nonaccrual loan ratio 12.1% 14.8% 11.1% Ratio of nonaccrual loans that are current 84.7% 73.1% 89.2% Net charge-offs, annualized(1) 3.1% 2.7% 5.8%

Credit Quality: Oil & Gas (O&G) and Non-O&G 22 Key Credit Quality Ratios O&G credit quality remains challenged, but improving. Ex-O&G credit quality remains very good. Note: Net Charge-offs/Loans ratio is annualized for all periods shown. NM: not meaningful -5% 5% 15% 25% 35% 45% 2Q16 3Q16 4Q16 1Q17 2Q17 Criticized / Loans Classifieds / Loans Nonperforming Assets / Loans Net Charge-offs / Loans O&G Non-O&G Criticized Loans $102 million decline, 5th consecutive linked quarter decrease since cycle began 2.9% of loans, declining slightly from 3.0% in 1Q17 Classified Loans $65 million decline, 4th consecutive linked quarter decrease since the cycle began 1.8% of loans Nonperforming Assets $56 million decline Declined to 0.57% from 0.69% in 1Q17 NCO /average loans (annualized) 3.1% -0.01% Allowance for credit losses 8.3% of O&G Balances 1.05% of total loans and leases Coverage of NPAs 0.7x 1.8x Coverage of Annualized NCOs 2.7x NM -5% 5% 15% 25% 35% 45% 2Q16 3Q16 4Q16 1Q17 2Q17 O&G Non-O&G

 O&G Loan Loss Expectation  O&G loan losses are expected to decline substantially over the next 12 months as compared to the last 12 months (1)  Most of the expected loss is likely to come from services loans  55% of classified O&G loans are from services loans  72% of O&G losses incurred since Sep 30, 2014 are from services loans  Healthy sponsor support has resulted in loss levels that were lower than otherwise would have been experienced  Improved borrower and sponsor sentiment in late 2016 and early 2017 vs early 2016  Strong Reserve Against O&G Loans  Zions’ O&G allowance for credit losses is:  8.3% of O&G loan balances  25% of criticized O&G loan balances 23 Oil & Gas Loss Outlook and Reserve The outlook is improving for the O&G portfolio (1) Assuming oil and gas commodity prices remain relatively stable; LTM NCOs were $148 million.

Retail CRE Summary - Credit Metrics 24 Balanced Retail CRE portfolio with emphasis on stand alone and neighborhood retail Note: Data as of 2Q17  Retail CRE average loan balance < $2.0MM  Retail portfolio metrics:  > 90% occupied  Loan-to-value of ~ 55%  Debt Service Coverage of ~ 2.00x  Granular tenant mix; little exposure to national tenants with announced bankruptcies  Significant guarantor support on construction, rebalance provisions on term CRE Retail Summary 2Q17 Balance Outstanding $1.87B Retail as Percent of Total CRE 16.7% Percent Criticized 0.9% Percent Construction 7.6% By Property Type (Percent of Retail Portfolio) Neighborhood Strip Center 51% Stand Alone / Single Tenant 30% Regional Mall 19% Retail Portfolio Metrics(1) % of Multi-Tenant Collateral with < 75% occupancy and < 1.25x actual Debt Service Coverage 1.8% (1) Term CRE Retail, Balances > $500M (94% of total term)

Retail CRE Summary – Regional Malls 25 Limited exposure to Regional Malls; performing portfolio Note: Data as of 2Q17  During recession, the Bank’s retail and regional malls performed poorly – high criticized, delinquent and non- accrual levels; stable today.  Current - limited concentration levels / exposure to regional malls; closely monitoring the portfolio  Current regional mall exposure is stable, with high occupancies and Debt Service Coverage Ratios.

Retail CRE Summary - Location and Collateral Type 26 Footprint based lending with Term loan emphasis Note: Data as of 2Q17  93% of portfolio is in the Bank’s footprint states  Since recent recession, Zions identified specific retail types as a concern, thus limiting exposure to shadow anchor retail and regional malls  Retail CRE bank clients have national and regional tenant relationships  Community bank model results in < 20% of the bank’s CRE retail loans and < 10% of construction secured by regional malls  No “spec” retail construction

82% 18% More Insulated Less Insulated Retail C&I Summary 27 The portfolio is stable, with limited exposure to national brick and mortar retailers  Retail C&I loans (defined by NAICS codes) total $2.3B and represent exposure to the overall retail industry;  More insulated (82%) includes auto dealers, gas stations, grocery stores, building material suppliers, and similar companies.  Less insulated (18%) includes those providing products widely available both on-line and through traditional brick and mortal channels.  Limited exposure to national, legacy brick and mortar retailers.  Majority of borrowers defined as less insulated are smaller, niche companies, with on-line and other non-brick-and-mortar distribution channels.  Over the past year, total exposure increased 3%;  More Insulated loans increased by 5%  Less Insulated loans decreased by 2%.  Portfolio credit quality deteriorated slightly during 2016, however has generally improved the last two quarters. C&I Retail Loan by Segment Retail C&I History Note: Data as of 2Q17

Retail C&I Summary - Total 28 Total Retail C&I is dominated by Term Debt secured by Real Estate or Dealer Flooring  Approximately half of the Total Retail C&I balances ($2.2 billion) are secured by real estate, primarily auto dealers, gas stations and grocery stores.  Flooring lines of credit (those secured by new and used autos) account for another 18% of balances.  Unsecured exposure accounts for only 4% of Retail C&I balances  Of the total exposure, approximately 2/3rds is term, primarily real estate exposure.  Exposure is centered at ZFNB, which is primarily dealer flooring. Retail C&I Revolving vs Term Retail C&I Collateral Types Retail C&I By Affiliate Note: Data as of 2Q17

Retail C&I Summary – More Insulated 29  More Insulated (80%; $1.9 billion) includes auto dealers, gas stations, supermarkets, home improvement, and non-store retailers.  Approximately half of the More Insulated exposure is real estate secured with another 23% dealer flooring lines.  Only 3% is unsecured.  Approximately 2/3rds of the More Insulated exposure is term.  Approximately 2/3rds of the revolving exposure is dealer flooring lines. More Insulated is dominated by Term Debt secured by Real Estate or Dealer Flooring More Insulated Sub-sectors More Insulated History More Insulated by Collateral Types ($ Thousands) Description Balance Commitment Motor Vehicle & Parts Dealers 1,049,690 1,211,313 Gas Stations/Convenience Stores 399,522 516,511 Supermarkets 167,480 227,616 Home Improvement 128,729 173,680 Non-store Retailers 116,976 163,045 Total 1,862,397 2,292,166 Note: Data as of 2Q-17.

Retail C&I Summary – Less Insulated 30  Less insulated (20%; $403 million) includes those providing products widely available both on-line and through traditional brick and mortal channels.  Limited exposure to national, legacy brick and mortar retailers.  Majority of borrowers defined as less insulated are smaller, niche companies, with on-line and other non-brick-and-mortar distribution channels.  Nearly half of the exposure is real estate secured.  Only 8% of the Less Insulated exposure is unsecured.  Approximately 3/4ths of the exposure is term. Less Insulated by Collateral Types Less Insulated Sub-sectors Less Insulated is dominated by Term Debt secured by Real Estate ($ Thousands) Less Insulated History Note: Data as of 2Q-17. Description Balance Commitment Home Furnishings 131,561 167,797 Miscel neous Store Retailers 74,558 112,880 Electronics & Appliance 59,822 109,837 Specialty Retailers 52,328 61,901 Apparel & Footware 51,710 68,844 Drug Stores 29,557 44,880 General Merchandise 6,030 12,431 Total 405,566 578,570

31 Loan Growth by Bank Brand and Loan Type Note: National Real Estate (NRE) is a division of Zions Bank with a focus on small business loans with low LTV ratios, which generally are in line with SBA 504 program parameters. “Other” loans includes municipal and other consumer loan categories. Totals shown above may not foot due to rounding. Year over Year Loan Growth (2Q17 vs. 2Q16) Linked Quarter Loan Growth (2Q17 vs. 1Q17) (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW ZBNA Other Total C&I (ex-Oil & Gas) (163) 277 170 199 8 27 44 - 562 Owner occupied (ex-NRE) 5 112 163 39 (36) 4 12 - 299 CRE C&D 42 32 (62) 27 25 6 27 - 97 CRE Term (ex-NRE) 185 42 (258) (133) 14 35 45 - (70) 1-4 Family 61 386 (3) 16 7 43 2 167 679 National Real Estate (339) - - - - - - - (339) Energy (Oil & Gas) 59 (548) - - - (19) - - (508) Home Equity (28) 48 55 19 30 58 8 - 190 Other 92 37 98 30 26 (14) - 3 272 Total net loans (86) 386 163 197 74 140 138 170 1,182 (in millions) Zions Bank Amegy CB&T NBAZ NSB Vectra CBW ZBNA Other Total C&I (ex-Oil & Gas) 7 257 91 117 (4) 10 (13) - 465 Owner occupied (ex-NRE) 36 32 86 7 (5) 10 5 - 171 CRE C&D 8 8 (9) 29 (1) 18 11 - 64 CRE Term (ex-NRE) 47 20 (15) (106) (1) (2) 12 - (45) 1-4 Family 25 113 3 1 14 4 1 12 173 National Real Estate (74) - - - - - - - (74) Energy (Oil & Gas) 54 (57) - 3 - - - - - Home Equity 2 11 21 4 5 12 4 - 59 Other 43 14 79 11 12 (35) 3 1 128 Total net loans 148 398 256 66 20 17 23 13 941

Zions’ Announced Financial Targets 32 On June 1, 2015 Zions announced several financial targets, including: 2H15 FY16 FY17 Hold to below $1.58 (2) billion Hold to below $1.58 (1) billion Slightly above $1.58 (1) billion On Track ≤70% <66% Low 60s On Track 50% >80% 100% On Track 100% -- -- -- -- -- -- -- -- Lower by ~$20 million vs. 2014A Expected to beat by $10mm+ Adjusted Noninterest Expense1 Gross Cost Savings of $120 million Pay Off High Cost Subordinated Debt Preferred Equity Dividends Efficiency Ratio (1) Adjusted for items such as severance, provision for unfunded lending commitments, securities gains and losses and debt extinguishment costs. See Appendix for GAAP to non-GAAP reconciliation tables. (2) Reduced by $20 million from original stated target of “less than $1.60 billion,” driven by an accounting adjustment made in 1Q16 which effectively re-categorized corporate card rewards program expense from a separate line item to now be netted against its associated revenue.       

33 GAAP to Non-GAAP Reconciliation (Amounts in millions) 2Q17 1Q17 4Q16 3Q16 2Q16 Efficiency Ratio Noninterest expense (GAAP) (1) (a) $ 405 $ 414 $ 404 $ 403 $ 382 Adjustments: Severance costs - 5 1 - - Other real estate expense - - - - (1) Provision for unfunded lending commitments 3 (5) 3 (3) (4) Debt extinguishment cost - - - - - Amortization of core deposit and other intangibles 2 2 2 2 2 Restructuring costs 1 1 3 - - Total adjustments (b) 6 3 9 (1) (3) Adjusted noninterest expense (non-GAAP) (a) - (b) = (c) 399 411 395 404 385 Net Interest Income (GAAP) (d) 528 489 480 469 465 Fully taxable-equivalent adjustments (e) 9 8 8 7 6 Taxable-equivalent net interest income (non-GAAP) (d) + (e) = (f) 537 497 488 476 471 Noninterest income (GAAP) (1) (g) 132 132 128 145 126 Combined income (f) + (g) = (h) 669 629 616 621 597 Adjustments: Fair value and nonhedge derivative income (loss) - - 7 - (2) Equity securities gains (losses), net 2 5 (3) 8 3 Total adjustments (i) 2 5 4 8 1 Adjusted taxable-equivalent revenue (non-GAAP) (h) - (i) = (j) 667 624 612 613 596 Pre-provision net revenue (PPNR), as reported (h) – (a) $ 264 $ 215 $ 212 $ 218 $ 215 Adjusted pre-provision net revenue (PPNR) (j) - (c) $ 268 $ 213 $ 217 $ 209 $ 211 Efficiency Ratio (1) (c) / (j) 59.8 % 65.9 % 64.5 % 65.9 % 64.6 %

34 GAAP to Non-GAAP Reconciliation $ In millions except per share amounts 2Q17 1Q17 4Q16 3Q16 2Q16 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense (1) $405 $414 $404 $403 $382 LESS adjustments: Severance costs - 5 1 - - Other real estate expense - - - - (1) Provision for unfunded lending commitments 3 (5) 3 (3) (4) Debt extinguishment cost - - - - - Amortization of core deposit and other intangibles 2 2 2 2 2 Restructuring costs 1 1 3 - - (b) Total adjustments 6 3 9 (1) (3) (a-b)=(c) Adjusted noninterest expense $399 $411 $395 $404 $385 (d) Net interest income 528 489 480 469 465 (e) Fully taxable-equivalent adjustments 9 8 8 7 6 (d+e)=(f) Taxable-equivalent net interest income (TENII) 537 497 488 476 471 (g) Noninterest Income 132 132 128 145 126 (f+g)=(h) Combined Income $669 $629 $616 $621 $597 LESS adjustments: Fair value and nonhedge derivative income (loss) - - 7 - (2) Securities gains (losses), net 2 5 (3) 8 3 (i) Total adjustments 2 5 4 8 1 (h-i)=(j) Adjusted revenue $667 $624 $612 $613 $596 (j-c) Adjusted pre-provision net revenue (PPNR) $268 $213 $217 $209 $211 Net Earnings Applicable to Common Shareholders (NEAC) (k) Net earnings applicable to common 154 129 - 125 117 91 (l) Diluted Shares 208,183 210,405 205,446 204,714 204,536 GAAP EPS 0.73 0.61 0.60 0.57 0.44 PLUS Adjustments: Adjustments to noninterest expense 6 3 54 124 47 Adjustments to revenue 2 5 - 177 95 Tax effect for adjustments (38%) (3) (3) (21) (115) (54) Preferred stock redemption (2) - - - (10) (m) Total adjustments 3 5 33 186 78 (k+m)=(n) Adjusted net earnings applicable to common (NEAC) $157 $134 $158 $303 $169 (n)/(l) Adjusted EPS 0.75 0.64 0.77 1.48 0.83 (o) Average assets 65,411 63,995 61,746 60,062 59,546 (p) Average tangible common equity 6,123 5,974 5,974 5,961 5,855 Profitability (n)/(o) Adjusted Return on Assets 0.24% 0.21% 0.26% 0.50% 0.28% (n)/(p) Adjusted Return on Tangible Common Equity 2.56% 2.24% 2.64% 5.08% 2.89% (c)/(j) Efficiency Ratio 59.8% 65.9% 64.5% 65.9% 64.6%