8-K

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

January 23, 2003 (January 23, 2003)

Date of Report (Date of earliest event reported)

Zions Bancorporation

(Exact name of registrant as specified in its charter)

Utah	0-2610	87-0227400
(State of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One South Main, Suite 1134, Salt Lake City, Utah	84111
(Address of principal executive offices)	(Zip Code)

(801) 524-4787

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

The information in this Current Report on Form 8-K, including the exhibits, is furnished pursuant to Item 9 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 Zions Bancorporation (the “Company”) under the Securities Act of 1933, as amended.

Item 9.      Regulation FD Disclosure.

A copy of the press release issued January 23, 2003 by the Registrant announcing Fourth Quarter 2002 earnings is furnished under Item 9 of this Current Report on Form 8-K as Exhibit 99.

Exhibit Number	Description
99	Press Release dated January 23, 2003

2

SIGNATURE

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/    Doyle L. Arnold
	Name:  Doyle L. Arnold
	Title:  Executive Vice President Chief Financial Officer

Date:  January 23, 2003

3

EX-99

***FOR IMMEDIATE RELEASE***

FOR: ZIONS BANCORPORATION	Contact: Clark Hinckley
One South Main, Suite 1134	Tel: (801) 524-4787
Salt Lake City, Utah	January 23, 2003
Harris H. Simmons
President/Chief Executive Officer

ZIONS BANCORPORATION REPORTS 2002 FOURTH

QUARTER EARNINGS OF $0.96 PER DILUTED SHARE;

$0.92 FROM CONTINUING OPERATIONS

SALT LAKE CITY, January 23, 2003 – Zions Bancorporation (“Zions” or “the Company”) (Nasdaq: ZION) today reported fourth-quarter net income of $87.5 million, or $0.96 per diluted share. Net income and earnings per share increased 21.7% and 23.1%, respectively over the $71.9 million, or $0.78 per share earned for the fourth quarter of 2001. Income for the fourth quarter of 2001, as adjusted for the add back of goodwill amortization (under Statement of Financial Accounting Standards (“SFAS”) No. 142) not included in 2002 earnings, was $80.4 million, or $0.87 per share. Net income for the fourth quarter of 2002 compared to net income, as adjusted, for the fourth quarter of 2001 increased 8.8% and per share increased 10.3%.

Income from continuing operations for the quarter was $84.1 million, or $0.92 per diluted share. Income from discontinued operations for the quarter was $3.4 million or $0.04 per diluted share. During the quarter the Company completed the sale of a subsidiary, Phaos Technology Corp. Phaos was included in discontinued operations as part of the restructuring efforts initiated during the third quarter of 2002. The sale resulted in the recognition of a $5.3 million income tax benefit that is included in results of discontinued operations. Excluding the income tax benefit, results of discontinued operations would have been a loss of $1.9 million or $0.02 per diluted share.

“We are pleased with the solid performance of the Company this quarter,” remarked Harris H. Simmons, Chairman and Chief Executive Officer, “particularly in light of the continued soft economy in the western United States. Loan growth has continued to slow, and we have been cautious about aggressively growing our portfolio in the current economic environment. However, we are especially pleased that credit quality indicators have improved. We anticipate that credit quality will remain stable or improve going forward.”

For the year 2002 net income was $256.3 million or $2.78 per diluted share, net of an adjustment for the cumulative effect of an accounting change resulting from the adoption of SFAS No. 142 of $32.4 million ($0.35 per share). Income for 2002 before the cumulative effect adjustment was $288.6 million,

-more-

ZIONS BANCORPORATION

Press Release—Page 2

January 23, 2003

or $3.13 per share. Income for 2001, before a reduction for a cumulative effect adjustment (from SFAS No. 133) and adjusted for the add back of goodwill amortization, was $323.2 million, or $3.51 per share.

Earning Assets and Funding

At December 31, 2002, on-balance-sheet and sold and serviced loans increased 7.8% to $21.5 billion from the balances reported one year ago, and 3.4% annualized from balances reported in the third quarter of 2002. During the quarter ending December 31, 2002, the Company closed its acquisition of Frontier State Bank in Arizona. Excluding the $52.0 million of loans acquired in this acquisition, on-balance-sheet and sold and serviced loans increased 7.5% from the balances reported one year ago, and 2.4% annualized from the balances reported in the third quarter of 2002.

Also, in December the Company repurchased at fair value previously securitized receivables, including $361.7 million of auto loans and $68.5 million of credit card receivables, which amounts became part of the on-balance-sheet totals. On-balance-sheet loan totals increased 10.0% from the balances reported one year ago, and 15.7% annualized from balances reported in the third quarter of 2002. Excluding the impact of the acquired Frontier loans and the re-acquired securitized loans, on-balance-sheet loans increased 7.2% from the balances reported one year ago, and 5.2% annualized from balances reported in the third quarter of 2002.

Deposits increased 12.8% to $20.1 billion over the balances reported one year ago, and 13.4% annualized from balances reported in the third quarter 2002. Excluding $88.0 million of deposits acquired in the Frontier acquisition, deposits increased 12.3% over the balances reported at year end 2001, and 11.6% annualized from the balances reported in the third quarter of 2002. Core deposits, which exclude time deposits over $100,000, increased 15.8% year-over-year, and at an annualized rate of 15.7% in the quarter. Excluding $80.2 million of acquired Frontier core deposits, the increases were 15.3% year-over-year and 13.9% annualized for the quarter.

Since deposits grew much faster than loan assets during the period, non-loan assets grew more rapidly than loans. In particular, average money market investments were $1,727 million during the quarter ending December 31, 2002, an increase of 56.2% from $1,106 million during the third quarter of 2002, and an increase of 93.7% from $892 million during the fourth quarter of 2001. Money market investments constituted 7.3% of average total interest-earning assets during the quarter ending

-more-

ZIONS BANCORPORATION

Press Release—Page 3

January 23, 2003

December 31, 2002, an increase from 4.7% for the third quarter of 2002, and 4.1% for the fourth quarter of 2001.

Net Interest Income

For the quarter, taxable-equivalent net interest income increased 2.8% to $264.2 million compared to the fourth quarter of 2001. For the fourth quarter of 2002, the net interest margin was 4.41%, compared to 4.53% for the third quarter of 2002, and 4.66% for the fourth quarter of 2001. This margin decline in the fourth quarter of 2002 is due largely to the change in the mix of interest-earning assets toward lower-yielding money market instruments as deposit growth exceeded loan growth.

Noninterest Income

For the fourth quarter of 2002, noninterest income increased $4.8 million or 4.7% to $106.6 million compared to the fourth quarter of 2001. The increase included growth in service charges on deposit accounts of 10.9% and other service charges, commissions and fees of 7.2%. Loan sales and servicing income decreased $7.5 million compared to the fourth quarter of 2001, and increased $4.3 million from the third quarter of 2002. As previously disclosed, the fourth quarter of 2001 included a gain on sale of SBA 504 loans of $12.1 million.

For the year 2002 the Company recognized equity securities losses of $25.3 million compared to gains of $37.2 million for the year 2001. The year 2002 includes losses related to venture capital investments and a write-down of a minority interest in an investment banking firm that totaled $28.7 million. The year 2001 included gains of $70.8 million from previously disclosed transactions related to a nonpublic investment of the Company and losses of $39.6 million related to venture capital investments.

Noninterest Expense

For the fourth quarter of 2002, noninterest expense was $218.8 million, as compared to $205.7 million for the fourth quarter of 2001, excluding goodwill amortization, an increase of 6.4%. Excluding discontinued operations, restructuring and impairment charges and amortization of intangibles, the efficiency ratio for the fourth quarter of 2002 was 57.7%. The comparable efficiency ratio for the fourth quarter of 2001, which included the operations later discontinued, was 58.3%.

Asset Quality

The ratio of nonperforming assets to total loans and other real estate was 0.61% at December 31, 2002,

-more-

ZIONS BANCORPORATION

Press Release—Page 4

January 23, 2003

compared to 0.72% at September 30, 2002 and 0.69% at December 31, 2001. For the fourth quarter of 2002, net loan and lease losses were $12.5 million or 0.27% annualized of average loans, compared to $21.3 million or 0.46% annualized for the third quarter of 2002 and $18.2 million or 0.43% annualized for the fourth quarter of 2001. At $279.6 million on December 31, 2002, the allowance for loan losses was 1.47% of total loans and 332% of nonperforming loans.

Provision for Loan Losses

For the fourth quarter of 2002 the provision for loan losses was $15.8 million compared to $22.3 million provided during the third quarter of 2002 and $26.7 million provided during the fourth quarter of 2001. For the year 2002 the provision was $71.9 million compared to $73.2 million for 2001. In addition, during the fourth quarter of 2002 the Company’s allowance for loan losses was increased by $1.0 million from the acquisition of Frontier State Bank, and by $9.9 million from the repurchase of securitized loans, which amounts did not flow through the income statement. The provision reflects management’s evaluation of its various portfolios, statistical trends and other economic factors, and its desire to maintain a strong coverage of nonperforming assets in a continued uncertain economic environment in the markets in which it operates.

Capital Management

During the fourth quarter of 2002, Zions repurchased 753,708 shares of common stock at an average price of $39.49 per share. Year-to-date the Company repurchased 2,388,881 shares at an average price of $47.39. As of December 31, 2002, the Company had $27.6 million remaining in its currently authorized share repurchase program. Weighted average common and common equivalent shares outstanding for the fourth quarter of 2002 were 91,073,433, compared to 92,017,388 for the third quarter of 2002 and 92,685,437 for the fourth quarter of 2001.

During the fourth quarter of 2002 the Company recorded a charge to other comprehensive income related to minimum pension liability requirements, which reduced capital by $23.4 million.

The Company’s tangible common equity ratio was 6.06% at December 31, 2002 compared to 6.09% at September 30, 2002 and 5.98% at December 31, 2001.

The Company recently announced that its Board of Directors approved an increase in its quarterly dividend to $0.21 per common share, payable February 26, 2003 to shareholders of record on February 12, 2003.

-more-

ZIONS BANCORPORATION

Press Release—Page 5

January 23, 2003

Conference Call

Zions will host a conference call to discuss these fourth quarter results at 5:30 p.m. EST this afternoon (January 23, 2003). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-888-840-6363, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation Web site at www.zionsbancorporation.com. A replay of the call will be available from approximately 8:30 p.m. EST on Thursday, January 23 through midnight EST on Tuesday, January 28, by dialing 1-800-642-1687 and entering the conference ID number (7525759). The webcast of the conference call will also be archived and available through Friday, January 31.

About Zions Bancorporation

Zions Bancorporation is one of the nation’s premier financial services companies, consisting of a collection of great banks in select high growth markets. Under local management teams and community identities, Zions operates over 400 full-service banking offices in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Utah and Washington. In addition, Zions is a national leader in SBA lending, public finance advisory services, agricultural finance and electronic bond trading. The Company is included in the S&P 500 Index. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

This news release contains statements regarding the projected performance of Zions and its subsidiaries. These statements constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act. Actual results of achievements may differ materially from the projections provided in this release since such projections involve significant known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: competitive pressures among financial institutions increasing significantly; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; and legislation or regulatory changes which adversely affect the ability of the combined Company to conduct business combinations or new operations. The Company disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

-more-

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release—Page 6

FINANCIAL HIGHLIGHTS

(Unaudited)

(In thousands, except per share and ratio data)	Three Months Ended December 31,								Years Ended December 31,
	2002			2001			% Change		2002			2001			% Change
EARNINGS (3)										(Adjusted)(2)
Taxable-equivalent net interest income	$	264,187		$	256,931		2.82	%	$	1,056,434		$	970,005		8.91	%
Net interest income		258,582			251,795		2.70	%		1,035,142			949,764		8.99	%
Noninterest income		106,568			101,776		4.71	%		376,814			412,188		(8.58	)%
Provision for loan losses		15,775			26,714		(40.95	)%		71,879			73,191		(1.79	)%
Noninterest expense		218,808			214,046		2.22	%		858,928			836,093		2.73	%
Income before income taxes and minority interest		130,567			112,811		15.74	%		481,149			452,668		6.29	%
Income taxes		46,958			39,051		20.25	%		167,702			161,867		3.60	%
Minority interest		(449	)		(1,160	)	(61.29	)%		(3,660	)		(7,798	)	(53.06	)%
Income from continuing operations		84,058			74,920		12.20	%		317,107			298,599		6.20	%
Income (loss) from discontinued operations		3,437			(3,034	)	(213.28	)%		(28,460	)		(8,420	)	238.00	%
Cumulative effect adjustments		—			—					(32,369	)		(7,159	)	352.14	%
Net income		87,495			71,886		21.71	%		256,278			283,020		(9.45	)%
Income before cumulative effect, as adjusted (1)		87,495			80,440		8.77	%		288,647			323,235		(10.70	)%
Net income, as adjusted (1)		87,495			80,440		8.77	%		256,278			316,076		(18.92	)%
PER COMMON SHARE (3)
Net income (diluted)		0.96			0.78		23.08	%		2.78			3.07		(9.45	)%
Income from continuing operations (diluted), as adjusted (1)		0.92			0.90		2.22	%		3.44			3.57		(3.64	)%
Income (loss) from discontinued operations (diluted), as adjusted (1)		0.04			(0.03	)	(233.33	)%		(0.31	)		(0.06	)	416.67	%
Income before cumulative effect (diluted), as adjusted (1)		0.96			0.87		10.34	%		3.13			3.51		(10.83	)%
Net income (diluted), as adjusted (1)		0.96			0.87		10.34	%		2.78			3.43		(18.95	)%
Dividends		0.20			0.20		—			0.80			0.80		—
Book value										26.17			24.74		5.78	%
SELECTED RATIOS (1)
Return on average assets		1.29	%		1.28	%				0.97	%		1.33	%
Return on average common equity		14.64	%		14.16	%				10.95	%		14.83	%
Efficiency ratio		60.03	%		59.14	%				63.40	%		59.16	%
Net interest margin		4.41	%		4.66	%				4.56	%		4.64	%

(1) Adjusted according to SFAS No. 142 for the add back of goodwill amortization, net of income tax benefit.

(2) Adjusted according to SFAS No. 142 for the impairment to goodwill and reflected as a cumulative effect adjustment, net of income tax benefit.

(3) Adjusted according to SFAS No. 144 for discontinued operations, net of income tax benefit.

-more-

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release—Page 7

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

(In thousands, except share and ratio data)	Three Months Ended December 31,								Years Ended December 31,
	2002			2001			% Change		2002			2001			% Change
AVERAGE BALANCES
Total assets	$	26,933,868		$	24,899,883		8.17	%	$	26,296,521		$	23,819,514		10.40	%
Securities		3,686,626			4,103,800		(10.17	)%		3,862,703			3,971,701		(2.74	)%
Net loans and leases		18,378,151			16,878,995		8.88	%		18,113,979			16,014,974		13.11	%
Goodwill		732,292			790,313		(7.34	)%		743,957			702,620		5.88	%
Core deposit and other intangibles		86,368			114,926		(24.85	)%		98,478			101,276		(2.76	)%
Total deposits		19,637,467			17,736,835		10.72	%		18,601,496			16,754,293		11.03	%
Minority interest		22,276			14,810		50.41	%		21,116			29,411		(28.20	)%
Shareholders' equity		2,371,372			2,253,096		5.25	%		2,341,443			2,131,284		9.86	%
Weighted average common and common-equivalent shares outstanding		91,073,433			92,685,437		(1.74	)%		92,079,311			92,173,913		(0.10	)%
AT PERIOD END
Total assets										26,565,689			24,304,164		9.31	%
Securities										3,635,951			3,466,357		4.89	%
Net loans and leases										19,039,843			17,310,838		9.99	%
Sold loans being serviced										2,476,490			2,648,270		(6.49	)%
Allowance for loan losses										279,593			260,483		7.34	%
Goodwill										730,031			770,763		(5.28	)%
Core deposit and other intangibles										82,920			109,148		(24.03	)%
Total deposits										20,131,980			17,841,690		12.84	%
Minority interest										22,677			16,322		38.94	%
Shareholders' equity										2,373,843			2,280,869		4.08	%
Common shares outstanding										90,717,692			92,208,736		(1.62	)%
Average equity to average assets		8.80	%		9.05	%				8.90	%		8.95	%
Common dividend payout		20.79	%		25.67	%				28.58	%		26.11	%
Nonperforming assets										115,730			120,372		(3.86	)%
Loans past due 90 days or more										37,408			46,201		(19.03	)%
Nonperforming assets to net loans and leases, other real estate owned and other nonperforming assets at period end										0.61	%		0.69	%

-more-

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release—Page 8

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
(In thousands, except per share and ratio data)	December 31,			September 30,			June 30,			March 31,			December 31,
	2002												2001
EARNINGS (3)											(Adjusted)(2)
Taxable-equivalent net interest income	$	264,187		$	266,660		$	264,282		$	261,305		$	256,931
Net interest income		258,582			261,306			259,044			256,210			251,795
Noninterest income		106,568			74,815			101,605			93,826			101,776
Provision for loan losses		15,775			22,309			15,705			18,090			26,714
Noninterest expense		218,808			219,158			215,708			205,254			214,046
Income before income taxes and minority interest		130,567			94,654			129,236			126,692			112,811
Income taxes		46,958			31,772			44,947			44,025			39,051
Minority interest		(449	)		(2,486	)		(575	)		(150	)		(1,160	)
Income from continuing operations		84,058			65,368			84,864			82,817			74,920
Income (loss) from discontinued operations		3,437			(25,922	)		(2,789	)		(3,186	)		(3,034	)
Cumulative effect adjustment		—			—			—			(32,369	)		—
Net income		87,495			39,446			82,075			47,262			71,886
Income before cumulative effect, as adjusted (1)		87,495			39,446			82,075			79,631			80,440
Net income, as adjusted (1)		87,495			39,446			82,075			47,262			80,440
PER COMMON SHARE (3)
Net income (diluted)		0.96			0.43			0.89			0.51			0.78
Income from continuing operations (diluted), as adjusted (1)		0.92			0.71			0.92			0.89			0.90
Income (loss) from discontinued operations (diluted), as adjusted (1)		0.04			(0.28	)		(0.03	)		(0.03	)		(0.03	)
Income before cumulative effect (diluted), as adjusted (1)		0.96			0.43			0.89			0.86			0.87
Net income (diluted), as adjusted (1)		0.96			0.43			0.89			0.51			0.87
Dividends		0.20			0.20			0.20			0.20			0.20
Book value		26.17			25.86			25.49			24.82			24.74
SELECTED RATIOS (1)
Return on average assets		1.29	%		0.59	%		1.26	%		0.75	%		1.28	%
Return on average common equity		14.64	%		6.51	%		14.21	%		8.44	%		14.16	%
Efficiency ratio		60.03	%		74.23	%		60.51	%		59.48	%		59.14	%
Net interest margin		4.41	%		4.53	%		4.61	%		4.70	%		4.66	%

(1) Adjusted according to SFAS No. 142 for the add back of goodwill amortization, net of income tax benefit.

(2) Adjusted according to SFAS No. 142 for the impairment to goodwill and reflected as a cumulative effect adjustment, net of income tax benefit.

(3) Adjusted according to SFAS No. 144 for discontinued operations, net of income tax benefit.

-more-

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release—Page 9

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
(In thousands, except per share and ratio data)	December 31,			September 30,			June 30,			March 31,			December 31,
	2002												2001
AVERAGE BALANCES											(Adjusted)(2)
Total assets	$	26,933,868		$	26,429,054		$	26,128,886		$	25,679,029		$	24,899,883
Securities		3,686,626			3,788,158			3,901,341			4,079,827			4,103,800
Net loans and leases		18,378,151			18,442,768			18,083,224			17,538,937			16,878,995
Goodwill		732,292			772,439			735,622			735,194			790,313
Core deposit and other intangibles		86,368			98,032			102,544			107,202			114,926
Total deposits		19,637,467			18,851,300			18,217,798			17,675,111			17,736,835
Minority interest		22,276			22,234			21,354			18,546			14,810
Shareholders' equity		2,371,372			2,404,871			2,317,029			2,270,697			2,253,096
Weighted average common and common—equivalent shares outstanding		91,073,433			92,017,388			92,628,770			92,813,828			92,685,437
AT PERIOD END
Total assets	$	26,565,689		$	26,289,314		$	25,734,714		$	24,804,578		$	24,304,164
Securities		3,635,951			3,426,574			3,609,416			3,503,789			3,466,357
Net loans and leases		19,039,843			18,321,351			18,452,554			17,854,168			17,310,838
Sold loans being serviced (1)		2,476,490			3,012,780			2,543,887			2,526,076			2,648,270
Allowance for loan losses		279,593			265,406			264,432			264,107			260,483
Goodwill		730,031			724,353			736,524			734,334			770,763
Core deposit and other intangibles		82,920			82,146			100,003			104,576			109,148
Total deposits		20,131,980			19,481,032			18,788,429			18,000,342			17,841,690
Minority interest		22,677			23,028			22,782			20,769			16,322
Shareholders' equity		2,373,843			2,357,601			2,337,278			2,283,000			2,280,869
Common shares outstanding		90,717,692			91,154,578			91,701,887			91,986,436			92,208,736
Average equity to average assets		8.80	%		9.10	%		8.87	%		8.84	%		9.05	%
Common dividend payout		20.79	%		46.39	%		22.36	%		38.93	%		25.67	%
Nonperforming assets		115,730			131,969			115,513			131,154			120,372
Loans past due 90 days or more		37,408			35,443			32,332			37,371			46,201
Nonperforming assets to net loans and leases, other real estate owned and other nonperforming assets at period end		0.61	%		0.72	%		0.63	%		0.73	%		0.69	%

(1) The decrease from September 30, 2002 reflects the repurchase from securitizations of $68.5 million of credit card receivables and $361.7 million of auto loans.

(2) Adjusted according to SFAS No. 142 for the impairment to goodwill, net of income tax benefit.

-more-

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release—Page 10

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share amounts)	December 31, 2002		December 31, 2001
ASSETS
Cash and due from banks	$	1,087,296	$	978,609
Money market investments:
Interest-bearing deposits		1,690		2,780
Federal funds sold		96,077		57,653
Security resell agreements		444,995		222,147
Investment securities:
Held to maturity, at cost (approximate market value $0 and $79,752)		—		79,546
Available for sale, at market		3,304,341		3,283,915
Trading account, at market (includes $110,886 and $87,612 transferred as collateral under repurchase agreements)		331,610		102,896
		3,635,951		3,466,357
Loans:
Loans held for sale		289,499		297,959
Loans, leases and other receivables		18,843,006		17,115,485
		19,132,505		17,413,444
Less:
Unearned income and fees, net of related costs		92,662		102,606
Allowance for loan losses		279,593		260,483
Net loans		18,760,250		17,050,355
Noninterest bearing investments		601,641		615,500
Premises and equipment, net		393,630		368,076
Goodwill		730,031		770,763
Core deposit and other intangibles		82,920		109,148
Other real estate owned		31,608		10,302
Other assets		699,600		652,474
	$	26,565,689	$	24,304,164
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand	$	5,117,458	$	4,480,669
Interest-bearing:
Savings and money market		11,654,258		9,507,817
Time under $100,000		1,766,844		2,055,087
Time $100,000 and over		1,402,189		1,664,829
Foreign		191,231		133,288
		20,131,980		17,841,690
Securities sold, not yet purchased		203,838		87,255
Federal funds purchased		819,807		1,203,764
Security repurchase agreements		861,177		933,973
Accrued liabilities		535,044		428,225
Commercial paper		291,566		309,000
Federal Home Loan Bank advances and other borrowings:
One year or less		15,554		181,266
Over one year		240,698		240,458
Long-term debt		1,069,505		781,342
Total liabilities		24,169,169		22,006,973
Minority interest		22,677		16,322
Shareholders' equity:
Capital stock:
Preferred stock, without par value; authorized 3,000,000 shares; issued and outstanding, none		—		—
Common stock, without par value; authorized 350,000,000 shares; issued and outstanding 90,717,692 and 92,208,736 shares		1,034,888		1,111,214
Accumulated other comprehensive income		46,214		59,951
Retained earnings		1,292,741		1,109,704
Total shareholders' equity		2,373,843		2,280,869
	$	26,565,689	$	24,304,164

-more-

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release—Page 11

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)	Three Months Ended December 31,						Years Ended December 31,
	2002			2001			2002			2001
Interest income:
Interest and fees on loans	$	300,737		$	309,675		$	1,227,358		$	1,292,955
Interest on loans held for sale		2,708			3,933			9,437			13,080
Lease financing		4,641			5,970			20,589			22,805
Interest on money market investments		6,222			4,836			18,625			34,879
Interest on securities:
Held to maturity – taxable		—			836			2,292			3,361
Available for sale – taxable		28,825			38,997			128,622			169,224
Available for sale – nontaxable		7,066			6,453			26,889			24,713
Trading account		5,428			5,682			22,107			30,903
Total interest income		355,627			376,382			1,455,919			1,591,920
Interest expense:
Interest on savings and money market deposits		40,163			45,805			164,594			251,570
Interest on time and foreign deposits		24,523			41,690			114,128			187,712
Interest on borrowed funds		32,359			37,092			142,055			202,874
Total interest expense		97,045			124,587			420,777			642,156
Net interest income		258,582			251,795			1,035,142			949,764
Provision for loan losses		15,775			26,714			71,879			73,191
Net interest income after provision for loan losses		242,807			225,081			963,263			876,573
Noninterest income:
Service charges on deposit accounts		30,840			27,812			118,994			101,033
Loan sales and servicing income		24,087			31,599			70,153			96,754
Other service charges, commissions and fees		20,346			18,971			81,175			72,996
Trust income		4,454			4,710			18,479			18,298
Income from securities conduit		6,467			3,672			20,317			12,262
Dividends and other investment income		8,866			7,851			35,469			28,299
Market making, trading and nonhedge derivative income		7,701			5,335			39,029			34,136
Equity securities gains (losses), net		(48	)		(2,920	)		(25,316	)		37,239
Fixed income securities gains (losses), net		(29	)		159			358			(3,781	)
Other		3,884			4,587			18,156			14,952
Total noninterest income		106,568			101,776			376,814			412,188
Noninterest expense:
Salaries and employee benefits		119,320			108,725			478,028			432,937
Occupancy, net		17,464			17,076			68,627			63,600
Furniture and equipment		15,667			16,283			63,429			60,830
Legal and professional services		7,464			7,337			25,347			30,532
Postage and supplies		7,121			7,227			27,582			27,753
Advertising		4,644			5,200			20,577			22,344
Merger related expense		—			1,175			—			7,348
Restructuring charges		658			—			3,349			—
Impairment losses on long-lived assets		965			—			4,942			—
Amortization of goodwill		—			8,375			—			31,526
Amortization of core deposit and other intangibles		3,371			3,425			13,379			12,770
Other		42,134			39,223			153,668			146,453
Total noninterest expense		218,808			214,046			858,928			836,093
Income from continuing operations before income taxes and minority interest		130,567			112,811			481,149			452,668
Income taxes		46,958			39,051			167,702			161,867
Minority interest		(449	)		(1,160	)		(3,660	)		(7,798	)
Income from continuing operations		84,058			74,920			317,107			298,599

-more-

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release—Page 12

CONSOLIDATED STATEMENTS OF INCOME (Continued)

(Unaudited)

(In thousands, except per share amounts)	Three Months Ended December 31,						Years Ended December 31,
	2002			2001			2002			2001
Discontinued operations (2):
Loss from operations of discontinued subsidiaries		(3,179	)		(5,584	)		(18,304	)		(12,487	)
Impairment losses		—			—			(28,691	)		—
Income tax benefit		(6,616	)		(2,550	)		(18,535	)		(4,067	)
Income (loss) on discontinued operations		3,437			(3,034	)		(28,460	)		(8,420	)
Income before cumulative effect of change in accounting principle		87,495			71,886			288,647			290,179
Cumulative effect of change in accounting principle, net of tax (1)		—			—			(32,369	)		(7,159	)
Net income	$	87,495		$	71,886		$	256,278		$	283,020
Income before cumulative effect, as adjusted	$	87,495		$	80,440		$	288,647		$	323,235
Net income, as adjusted	$	87,495		$	80,440		$	256,278		$	316,076
Weighted average shares outstanding during the period:
Basic shares		90,943			92,036			91,566			91,202
Diluted shares		91,073			92,685			92,079			92,174
Net income per common share:
Basic:
Income from continuing operations	$	0.92		$	0.81		$	3.46		$	3.27
Income (loss) on discontinued operations (2)		0.04			(0.03	)		(0.31	)		(0.09	)
Income before cumulative effect of change in accounting principle		0.96			0.78			3.15			3.18
Add back—goodwill amortization net of income tax benefit		—			0.09			—			0.36
Income before cumulative effect of change in accounting principle, as adjusted		0.96			0.87			3.15			3.54
Cumulative effect of change in accounting principle (1)		—			—			(0.35	)		(0.08	)
Net income, as adjusted	$	0.96		$	0.87		$	2.80		$	3.46
Diluted:
Income from continuing operations	$	0.92		$	0.81		$	3.44		$	3.24
Income (loss) on discontinued operations (2)		0.04			(0.03	)		(0.31	)		(0.09	)
Income before cumulative effect of change in accounting principle		0.96			0.78			3.13			3.15
Add back—goodwill amortization net of income tax benefit		—			0.09			—			0.36
Income before cumulative effect of change in accounting principle, as adjusted		0.96			0.87			3.13			3.51
Cumulative effect of change in accounting principle (1)		—			—			(0.35	)		(0.08	)
Net income, as adjusted	$	0.96		$	0.87		$	2.78		$	3.43

(1) For the year ended December 31, 2001, the cumulative effect adjustment relates to the adoption of Statement of Financial Accounting Standards ("SFAS") No. 133, net of income tax benefit of $4,521. For the year ended December 31, 2002, the cumulative effect adjustment relates to the impairment in carrying value of the Company's investment in certain of its e-commerce subsidiaries, measured as of January 1, 2002, net of income tax benefit of $2,676. This adjustment resulted from the completion of the required impairment tests of goodwill as provided under SFAS No. 142, which became effective for the Company beginning January 1, 2002.

(2) During the third quarter of 2002, the Company determined that its plan to discontinue the operations of the e-commerce subsidiaries discussed in Note (1) met the held for sale and discontinued operations criteria of SFAS No. 144, which became effective for the Company beginning January 1, 2002. Additional impairment losses for these subsidiaries were recorded in the third quarter and included with discontinued operations.

-more-

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release—Page 13

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

	Year Ended December 31, 2002
				Accumulated Other Comprehensive Income (Loss)
(In thousands)	Common Stock			Net Unrealized Gains (Losses) on Investments and Retained Interests			Net Unrealized Gains (Losses) on Derivative Instruments			Minimum Pension Liability			Subtotal			Retained Earnings			Total Shareholders' Equity
Balance, January 1, 2002	$	1,111,214		$	31,774		$	28,177					$	59,951		$	1,109,704		$	2,280,869
Comprehensive income:
Net income																	256,278			256,278
Other comprehensive income, net of tax:
Net realized and unrealized holding losses during the year, net of income tax benefit of $1,880					(3,035	)								(3,035	)
Reclassification for net realized losses recorded in operations, net of income tax benefit of $9,546					15,412									15,412
Net unrealized losses on derivative instruments, net of reclassification to operations of $34,916 and income tax benefit of $1,708								(2,757	)					(2,757	)
Minimum pension liability, net of income tax benefit of $14,468										$	(23,357	)		(23,357	)
Other comprehensive income (loss)					12,377			(2,757	)		(23,357	)		(13,737	)					(13,737	)
Total comprehensive income																				242,541
Cash dividends—common, $.80 per share																	(73,241	)		(73,241	)
Issuance of common shares for acquisitions		17,048																		17,048
Stock redeemed and retired		(113,215	)																	(113,215	)
Stock options exercised, net of shares tendered and retired		19,841																		19,841
Balance, December 31, 2002	$	1,034,888		$	44,151		$	25,420		$	(23,357	)	$	46,214		$	1,292,741		$	2,373,843
	Year Ended December 31, 2001
				Accumulated Other Comprehensive Income (Loss)
(In thousands)	Common Stock			Net Unrealized Gains (Losses) on Investments and Retained Interests			Net Unrealized Gains on Derivative Instruments			Minimum Pension Liability			Subtotal			Retained Earnings			Total Shareholders' Equity
Balance, January 1, 2001	$	907,604		$	(3,644	)							$	(3,644	)	$	874,884		$	1,778,844
Comprehensive income:
Net income																	283,020			283,020
Other comprehensive income, net of tax:
Net realized and unrealized holding gains during the year, net of income tax expense of $20,859					33,675									33,675
Reclassification for net realized gains recorded in operations, net of income tax expense of $7,132					(11,516	)								(11,516	)
Net unrealized gains on derivative instruments, net of reclassification to operations of $20,757 and income tax expense of $4,281							$	6,911						6,911
Cumulative effect of change in accounting principle, adoption of FASB Statement No. 133, net of income tax expense of $21,245					13,259			21,266						34,525
Other comprehensive income					35,418			28,177						63,595						63,595
Total comprehensive income																				346,615
Cash dividends—common, $.80 per share																	(73,899	)		(73,899	)
Issuance of common shares for acquisitions		231,295															25,699			256,994
Stock redeemed and retired		(46,462	)																	(46,462	)
Stock options exercised, net of shares tendered and retired		18,777																		18,777
Balance, December 31, 2001	$	1,111,214		$	31,774		$	28,177					$	59,951		$	1,109,704		$	2,280,869

Total comprehensive income for the three months ended December 31, 2002 and 2001 was $48,348 and $57,219 respectively.

-more-

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release—Page 14

Sold Loans Being Serviced

(Unaudited)

(In thousands)	Three Months Ended December 31, 2002			Three Months Ended September 30, 2002			Three Months Ended June 30, 2002			Three Months Ended March 31, 2002			Three Months Ended December 31, 2001
Balance at beginning of the period	$	3,012,780		$	2,543,887		$	2,526,076		$	2,648,270		$	2,256,379
Add:
New loans sold		137,507			742,419			284,888			178,705			673,924
Deduct:
Loans repurchased		(430,164	)		—			—			—			—
Payments and other reductions		(243,633	)		(273,526	)		(267,077	)		(300,899	)		(282,033	)
Balance at end of the period	$	2,476,490		$	3,012,780		$	2,543,887		$	2,526,076		$	2,648,270
Nonperforming Assets
(Unaudited)
(In thousands)	December 31, 2002			September 30, 2002			June 30, 2002			March 31, 2002			December 31, 2001
Nonaccrual loans	$	82,006		$	117,211		$	100,344		$	116,246		$	108,637
Restructured loans		2,116			2,133			1,355			1,418			1,433
Other real estate owned and other nonperforming assets		31,608			12,625			13,814			13,490			10,302
Total	$	115,730		$	131,969		$	115,513		$	131,154		$	120,372
% of net loans and leases*, other real estate owned and other nonperforming assets		0.61	%		0.72	%		0.63	%		0.73	%		0.69	%
Accruing loans past due 90 days or more	$	37,408		$	35,443		$	32,332		$	37,371		$	46,201
% of net loans and leases*		0.20	%		0.19	%		0.18	%		0.21	%		0.27	%
*Includes loans held for sale.
Allowance for Loan Losses
(Unaudited)
(In thousands)	Three Months Ended December 31, 2002			Three Months Ended September 30, 2002			Three Months Ended June 30, 2002			Three Months Ended March 31, 2002			Three Months Ended December 31, 2001
Balance at beginning of the period	$	265,406		$	264,432		$	264,107		$	260,483		$	245,862
Add:
Allowance for loan losses of companies acquired		1,010			—			—			—			6,106
Allowance for securitized loans repurchased		9,874			—			—			—			—
Provision for losses		15,775			22,309			15,705			18,090			26,714
Deduct:
Loan and lease charge-offs		(21,570	)		(25,240	)		(18,734	)		(18,788	)		(22,533	)
Recoveries		9,098			3,905			3,354			4,322			4,334
Net loan and lease charge-offs		(12,472	)		(21,335	)		(15,380	)		(14,466	)		(18,199	)
Balance at end of the period	$	279,593		$	265,406		$	264,432		$	264,107		$	260,483
Ratio of allowance for loan losses to net loans and leases outstanding at period end		1.47	%		1.45	%		1.43	%		1.48	%		1.50	%
Ratio of allowance for loan losses to nonperforming loans at period end		332.37	%		222.39	%		260.01	%		224.46	%		236.65	%

-more-

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release—Page 15

LOAN BALANCES BY PORTFOLIO TYPE

(Unaudited)

(In millions)	December 31, 2002		Net Loans Originated			Loans Repurchased and Acquired (1)		September 30, 2002		June 30, 2002		March 31, 2002		December 31, 2001
Types
Loans held for sale	$	289	$	39		$	—	$	250	$	165	$	207	$	298
Commercial lending:
Commercial and industrial		4,124		107			7		4,010		3,990		3,893		3,921
Leasing		384		(2	)		—		386		409		408		421
Owner occupied		3,018		153			8		2,857		3,030		2,520		2,344
Total commercial lending		7,526		258			15		7,253		7,429		6,821		6,686
Commercial real estate:
Construction		2,947		(141	)		8		3,080		2,968		2,939		2,874
Term		3,175		92			—		3,083		3,071		3,227		3,027
Total commercial real estate		6,122		(49	)		8		6,163		6,039		6,166		5,901
Consumer:
Home equity credit line		651		(31	)		3		679		582		454		401
1-4 family residential		3,209		(31	)		18		3,222		3,380		3,374		3,173
Bankcard and other revolving plans		205		13			69		123		121		116		126
Other		1,000		—			369		631		743		726		707
Total consumer		5,065		(49	)		459		4,655		4,826		4,670		4,407
Foreign loans		5		(20	)		—		25		25		24		14
Other receivables		126		56			—		70		68		69		107
Total loans	$	19,133	$	235		$	482	$	18,416	$	18,552	$	17,957	$	17,413

(1) Includes $68.5 million and $361.7 million, respectively, in credit card receivables and auto loans repurchased from securitizations. Also includes $52.0 million in loans acquired in the acquisition of Frontier State Bank.

-more-

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release—Page 16

COMMERCIAL REAL ESTATE PORTFOLIO BY PROPERTY TYPE AND COLLATERAL LOCATION

REPRESENTS PERCENTAGES BASED UPON OUTSTANDING TOTAL LOANS AS OF SEPTEMBER 30, 2002

(Unaudited)

Collateral Location	Arizona		Northern California		Southern California		Nevada		Colorado		Utah		Washington		Other		Total		Product as % Loan Type		Product as % Total CRE
Commercial Term
Industrial	1.17	%	0.46	%	2.59	%	0.04	%	0.18	%	0.25	%	0.09	%	0.20	%	4.99	%	9.8	%	5.0	%
Office	2.35	%	1.05	%	2.89	%	3.08	%	1.74	%	1.51	%	0.40	%	0.47	%	13.49	%	26.6	%	13.5	%
Retail	1.96	%	1.35	%	3.71	%	1.17	%	0.86	%	0.38	%	0.04	%	0.78	%	10.24	%	20.2	%	10.2	%
Hotel/Motel	0.99	%	0.58	%	1.30	%	0.71	%	0.51	%	1.04	%	0.06	%	1.63	%	6.82	%	13.5	%	6.8	%
A&D	0.36	%	0.15	%	0.09	%	0.19	%	0.32	%	0.15	%	0.15	%	0.18	%	1.59	%	3.1	%	1.6	%
Medical	0.55	%	0.00	%	0.75	%	0.66	%	0.12	%	0.05	%	0.00	%	0.03	%	2.17	%	4.3	%	2.2	%
Recreation/Restaurant	0.49	%	0.25	%	0.21	%	0.18	%	0.09	%	0.08	%	0.00	%	0.04	%	1.34	%	2.6	%	1.3	%
Multifamily	0.57	%	0.19	%	1.42	%	0.62	%	0.52	%	0.57	%	0.09	%	0.55	%	4.53	%	8.9	%	4.5	%
Other	0.77	%	0.52	%	1.27	%	0.88	%	0.46	%	0.75	%	0.06	%	0.78	%	5.48	%	10.8	%	5.5	%
Total Commercial Term	9.22	%	4.55	%	14.23	%	7.53	%	4.78	%	4.78	%	0.90	%	4.66	%	50.66	%	100.0	%	50.7	%
Residential Construction
Single Family Housing	3.55	%	0.86	%	3.16	%	0.76	%	3.05	%	3.27	%	0.56	%	1.28	%	16.49	%	33.4	%	16.5	%
Land Acquisition & Development	1.99	%	1.13	%	2.03	%	0.15	%	0.51	%	0.22	%	0.16	%	0.34	%	6.54	%	13.3	%	6.5	%
Total Residential Construction	5.53	%	1.99	%	5.20	%	0.91	%	3.56	%	3.49	%	0.72	%	1.62	%	23.03	%	46.7	%	23.0	%
Commercial Construction
Industrial	0.49	%	0.00	%	0.32	%	0.29	%	0.41	%	0.20	%	0.01	%	0.25	%	1.98	%	4.0	%	2.0	%
Office	0.67	%	0.81	%	1.91	%	0.78	%	0.35	%	0.92	%	1.27	%	0.21	%	6.91	%	14.0	%	6.9	%
Retail	1.82	%	0.12	%	1.76	%	2.43	%	0.10	%	1.49	%	0.26	%	0.16	%	8.14	%	16.5	%	8.1	%
Hotel/Motel	0.00	%	0.44	%	0.26	%	0.25	%	0.15	%	0.17	%	0.43	%	0.18	%	1.89	%	3.8	%	1.9	%
A&D	0.53	%	0.15	%	0.26	%	0.68	%	0.10	%	0.21	%	0.11	%	0.05	%	2.08	%	4.2	%	2.1	%
Medical	0.21	%	0.00	%	0.18	%	0.20	%	0.00	%	0.06	%	0.00	%	0.01	%	0.66	%	1.3	%	0.7	%
Recreation/Restaurant	0.03	%	0.00	%	0.19	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.22	%	0.4	%	0.2	%
Other	0.04	%	0.00	%	0.40	%	0.20	%	0.18	%	0.01	%	0.17	%	0.05	%	1.06	%	2.2	%	1.1	%
Apartments	0.63	%	0.11	%	1.50	%	0.00	%	0.56	%	0.00	%	0.09	%	0.49	%	3.38	%	6.8	%	3.4	%
Total Commercial Construction	4.42	%	1.63	%	6.78	%	4.83	%	1.85	%	3.07	%	2.33	%	1.41	%	26.32	%	53.3	%	26.3	%
TOTAL CONSTRUCTION	9.96	%	3.62	%	11.98	%	5.74	%	5.41	%	6.56	%	3.05	%	3.03	%	49.34	%	100.0	%	49.3	%
TOTAL CRE	19.18	%	8.17	%	26.22	%	13.27	%	10.19	%	11.35	%	3.95	%	7.68	%	100.00	%

Excludes approximately $202 million of unsecured loans outstanding but related to the real estate industry.

-more-

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release—Page 17

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended December 31, 2002							Three Months Ended December 31, 2001
(In thousands)	Average Balance			Amount of Interest(1)		Average Rate		Average Balance			Amount of Interest(1)		Average Rate
ASSETS
Money market investments	$	1,726,978		$	6,222	1.43	%	$	891,556		$	4,846	2.16	%
Securities:
Held to maturity		—			—				69,546			836	4.77	%
Available for sale		3,136,698			39,696	5.02	%		3,396,087			48,925	5.72	%
Trading account		549,928			5,428	3.92	%		638,167			5,682	3.53	%
Total securities		3,686,626			45,124	4.86	%		4,103,800			55,443	5.36	%
Loans:
Loans held for sale		264,333			2,708	4.06	%		271,511			3,933	5.75	%
Net loans and leases (2)		18,113,818			307,178	6.73	%		16,607,484			317,280	7.58	%
Total loans		18,378,151			309,886	6.69	%		16,878,995			321,213	7.55	%
Total interest-earning assets		23,791,755			361,232	6.02	%		21,874,351			381,502	6.92	%
Cash and due from banks		961,196							814,480
Allowance for loan losses		(270,119	)						(249,898	)
Goodwill		732,292							790,313
Core deposit and other intangibles		86,368							114,926
Other assets		1,632,376							1,555,711
Total assets	$	26,933,868						$	24,899,883
LIABILITIES
Interest-bearing deposits:
Savings and NOW deposits	$	2,705,831			6,339	0.93	%	$	2,233,733			6,858	1.22	%
Money market super NOW deposits		8,695,620			33,824	1.54	%		7,394,172			38,947	2.09	%
Time under $100,000		1,826,479			13,085	2.84	%		1,779,489			19,942	4.45	%
Time $100,000 and over		1,419,399			11,078	3.10	%		1,977,893			21,373	4.29	%
Foreign deposits		114,982			360	1.24	%		101,144			375	1.47	%
Total interest-bearing deposits		14,762,311			64,686	1.74	%		13,486,431			87,495	2.57	%
Borrowed funds:
Securities sold, not yet purchased		415,557			4,326	4.13	%		326,298			3,605	4.38	%
Federal funds purchased and security repurchase agreements		2,177,815			6,894	1.26	%		2,619,876			13,087	1.98	%
Commercial paper		345,894			1,658	1.90	%		374,564			2,591	2.74	%
FHLB advances and other borrowings:
One year or less		189,734			999	2.09	%		190,833			1,764	3.67	%
Over one year		240,941			3,128	5.15	%		241,618			3,139	5.15	%
Long-term debt		1,045,917			15,354	5.82	%		704,045			12,890	7.26	%
Total borrowed funds		4,415,858			32,359	2.91	%		4,457,234			37,076	3.30	%
Total interest-bearing liabilities		19,178,169			97,045	2.01	%		17,943,665			124,571	2.75	%
Noninterest-bearing deposits		4,875,156							4,250,404
Other liabilities		486,895							437,908
Total liabilities		24,540,220							22,631,977
Minority interest		22,276							14,810
Total shareholders' equity		2,371,372							2,253,096
Total liabilities and shareholders' equity	$	26,933,868						$	24,899,883
Spread on average interest-bearing funds						4.01	%						4.17	%
Net interest income and net yield on interest-earning assets				$	264,187	4.41	%				$	256,931	4.66	%

(1) Taxable-equivalent rates used where applicable.

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

-more-

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release—Page 18

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Year Ended December 31, 2002							Year Ended December 31, 2001
(In thousands)	Average Balance			Amount of Interest (1)		Average Rate		Average Balance			Amount of Interest (1)		Average Rate
ASSETS
Money market investments	$	1,199,539		$	18,625	1.55	%	$	924,316		$	34,911	3.78	%
Securities:
Held to maturity		42,895			2,292	5.34	%		56,205			3,361	5.98	%
Available for sale		3,209,262			169,990	5.30	%		3,268,530			207,244	6.34	%
Trading account		610,546			22,107	3.62	%		646,966			30,903	4.78	%
Total securities		3,862,703			194,389	5.03	%		3,971,701			241,508	6.08	%
Loans:
Loans held for sale		209,905			9,437	4.50	%		220,304			13,080	5.94	%
Net loans and leases (2)		17,904,074			1,254,760	7.01	%		15,794,670			1,322,669	8.37	%
Total loans		18,113,979			1,264,197	6.98	%		16,014,974			1,335,749	8.34	%
Total interest-earning assets		23,176,221			1,477,211	6.37	%		20,910,991			1,612,168	7.71	%
Cash and due from banks		938,510							820,654
Allowance for loan losses		(266,638	)						(228,580	)
Goodwill		743,957							702,620
Core deposit and other intangibles		98,478							101,276
Other assets		1,605,993							1,512,553
Total assets	$	26,296,521						$	23,819,514
LIABILITIES
Interest-bearing deposits:
Savings and NOW deposits	$	2,555,019			26,516	1.04	%	$	2,059,928			32,251	1.57	%
Money market super NOW deposits		8,021,182			138,078	1.72	%		7,038,552			219,319	3.12	%
Time under $100,000		1,910,922			62,136	3.25	%		1,984,299			98,227	4.95	%
Time $100,000 and over		1,486,702			50,481	3.40	%		1,658,528			86,537	5.22	%
Foreign deposits		106,053			1,511	1.42	%		105,665			2,948	2.79	%
Total interest-bearing deposits		14,079,878			278,722	1.98	%		12,846,972			439,282	3.42	%
Borrowed funds:
Securities sold, not yet purchased		393,963			16,413	4.17	%		339,801			17,039	5.01	%
Federal funds purchased and security repurchase agreements		2,528,157			39,121	1.55	%		2,668,398			95,922	3.59	%
Commercial paper		358,591			7,479	2.09	%		336,074			14,444	4.30	%
FHLB advances and other borrowings:
One year or less		533,008			10,266	1.93	%		403,512			21,673	5.37	%
Over one year		240,448			12,444	5.18	%		203,368			11,061	5.44	%
Long-term debt		873,814			56,332	6.45	%		568,772			42,742	7.51	%
Total borrowed funds		4,927,981			142,055	2.88	%		4,519,925			202,881	4.49	%
Total interest-bearing liabilities		19,007,859			420,777	2.21	%		17,366,897			642,163	3.70	%
Noninterest-bearing deposits		4,521,618							3,907,321
Other liabilities		404,485							384,601
Total liabilities		23,933,962							21,658,819
Minority interest		21,116							29,411
Total shareholders' equity		2,341,443							2,131,284
Total liabilities and shareholders' equity	$	26,296,521						$	23,819,514
Spread on average interest-bearing funds						4.16	%						4.01	%
Net interest income and net yield on interest-earning assets				$	1,056,434	4.56	%				$	970,005	4.64	%

(1) Taxable-equivalent rates used where applicable.

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

# # # # # # # #