EXHIBIT 99.1

***FOR IMMEDIATE RELEASE***

For: ZIONS BANCORPORATION	Contact: Clark Hinckley
One South Main, Suite 1134	Tel: (801) 524-4787
Salt Lake City, Utah	October 20, 2005
Harris H. Simmons
Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS RECORD EARNINGS OF

$1.34 PER DILUTED SHARE FOR THIRD QUARTER 2005

SALT LAKE CITY, October 20, 2005 – Zions Bancorporation (“Zions” or “the Company”) (Nasdaq: ZION) today reported third quarter net income of $123.0 million, or $1.34 per diluted share. Net income and earnings per share increased 20.0% and 18.6%, respectively, over the $102.5 million, or $1.13 per diluted share for the third quarter of 2004. The return on average common equity was 16.41% in the third quarter of 2005, up from 15.23% for the same period in 2004.

“We are pleased to once again report record quarterly earnings,” said Harris H. Simmons, chairman and chief executive officer. “We continued to experience solid loan and deposit growth while maintaining a stable net interest margin. Credit quality remained strong and our efficiency ratio continued to improve.”

“Subsequent to quarter-end, shareholders of Amegy Bancorporation voted in favor of the merger between Amegy and Zions. We anticipate closing this acquisition during the fourth quarter and look forward to welcoming Amegy’s talented employees and excellent customers into the Zions family,” added Mr. Simmons.

Year-to-date net income for 2005 increased 16.9% to $352.0 million or $3.84 per diluted share compared to $301.0 million, or $3.31 per diluted share for the same period of 2004. The return on average common equity for the first nine months of 2005 was 16.27% compared to 15.32% for the first nine months of 2004.

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October 20, 2005

Loan and Deposit Growth

Average net loans and leases for the third quarter of 2005 increased at an annualized rate of 11.6% when compared to the second quarter of 2005. On-balance-sheet net loans and leases at September 30, 2005 were $23.9 billion, an increase of 0.5% (1.8% annualized) from the balance of $23.8 billion at June 30, 2005 and 11.3% from $21.5 billion at September 30, 2004. During September 2005, a total of $745 million of loans were removed from the Company’s balance sheet in a small business loan securitization completed by Zions First National Bank. If the loans had not been sold, on-balance-sheet loans and leases at September 30, 2005 would have increased approximately 14.3% annualized from June 30, 2005 and 14.7% from September 30, 2004.

Total deposits at the end of the third quarter increased at an annualized rate of 16.4% from the balances reported at June 30, 2005 to $25.4 billion, and increased 9.6% over the balances reported one year ago. Core deposits increased 7.4% year-over-year, and 11.7%, annualized, for the quarter. Average total deposits increased at an annualized rate of 17.0% when compared to the second quarter of 2005.

Net Interest Income

Taxable-equivalent net interest income for the quarter was $345.8 million, an increase of 16.7% compared to $296.4 million for the third quarter of 2004. The improvement reflects the year-over-year loan and deposit growth coupled with an improved net interest margin. For the third quarter of 2005, the net interest margin was 4.59% compared to 4.60% for the second quarter of 2005 and 4.20% for the third quarter of 2004.

Noninterest Income

For the third quarter of 2005, noninterest income was $111.2 million, an increase from $106.6 million for the second quarter of 2005, but a decrease compared to $113.2 million earned during the third quarter of 2004.

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October 20, 2005

Loan sales and servicing income for the third quarter of 2005 increased $4.9 million compared with the second quarter of 2005. The increase included the results of the previously discussed small business loan securitization, which generated a gain on sale of $2.6 million, and increased gains from a revolving home equity securitization. Market making, trading and nonhedge derivative income decreased $2.4 million compared with the second quarter of 2005 and increased $1.6 million compared with the third quarter of 2004. The decrease from the second quarter included decreases of $1.5 million in nonhedge derivative income and $0.9 million in trading income. Net equity securities gains (losses), which include gains and losses from venture capital investments, were $1.1 million for the third quarter of 2005, $(2.8) million for the second quarter of 2005, and $4.3 million for the third quarter of 2004. Other noninterest income decreased compared with the second quarter of 2005 due primarily to a $2.3 million gain on the sale of a branch by Zions First National Bank recognized during the second quarter.

Noninterest Expense

Noninterest expense for the third quarter of 2005 was $248.5 million, compared to $242.7 million for the second quarter of 2005 and $232.8 million for the third quarter of 2004. Salaries and employee benefits were up 3.1% from the second quarter of 2005 and up 6.7% from the third quarter of 2004. The increases were mainly the result of increased accruals for performance-based bonus and incentive plans.

The efficiency ratio was 54.4% for the third quarter of 2005, compared with 54.8% for the second quarter of 2005 and 56.8% for the third quarter of 2004.

Asset Quality

The ratio of nonperforming assets to net loans and leases and other real estate owned was 0.35% at September 30, 2005, reflecting continued high levels of credit quality in the Company’s portfolios. This ratio compares to 0.31% at June 30, 2005 and 0.42% at September 30, 2004.

For the third quarter of 2005, net loan and lease charge-offs were $6.3 million or 0.10% annualized of average loans. This compares with $3.9 million or 0.07% annualized for the second quarter of 2005 and $10.0 million or 0.19% annualized for the third quarter of 2004. At September 30, 2005, the allowance

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October 20, 2005

for loan losses as a percentage of net loans and leases was 1.20%, compared to 1.18% at June 30, 2005 and 1.25% at September 30, 2004. In addition, at September 30, 2005 the allowance was 422.9% of nonperforming loans. The combined allowances for credit losses (allowance for loan losses plus the allowance for unfunded lending commitments) of $303.1 million were 1.27% of net loans and leases at the end of the third quarter 2005.

The combined provisions for loan losses and unfunded lending commitments for the third quarter of 2005 were $12.5 million, the same as the second quarter of 2005 and up from $10.3 million provided in the third quarter of 2004.

Capital Management

On July 6, 2005, Zions announced that it had suspended the repurchase of shares of its common stock in conjunction with its pending acquisition of Amegy Bancorporation. Prior to the suspension, Zions repurchased 10,000 shares of its common stock during the third quarter at an average price of $73.70 per share, for a total of $0.7 million. For the nine months ended September 30, 2005, the Company repurchased 1,159,522 shares at an average per share price of $69.64 for a total of $80.7 million.

Weighted average common and common-equivalent shares outstanding for the third quarter of 2005 were 91,605,279 compared to 91,610,296 for the second quarter of 2005 and 90,956,674 for the third quarter of 2004.

The tangible common equity ratio was 7.06% at September 30, 2005, 6.98% at June 30, 2005 and 6.74% at September 30, 2004. The Company expects this ratio will be diluted to less than 6.0% upon the close of its pending acquisition of Amegy Bancorporation, and anticipates that its common stock buyback program will remain suspended until the Company achieves a tangible common equity ratio of at least 6.25%.

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October 20, 2005

Subsequent Event

On October 11, 2005, the shareholders of Amegy Bancorporation, Inc. approved a definitive agreement under which Zions will acquire Amegy. Upon completion of the transaction, Amegy will operate under its current name, charter and management as a separate Zions banking subsidiary. The merger is subject to regulatory approval and is expected to close during the fourth quarter of this year.

Conference Call

Zions will host a conference call to discuss these third quarter results at 5:30 p.m. ET this afternoon (October 20, 2005). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-866-314-9013 and entering the passcode (43856796), 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 7:30 p.m. ET on Thursday, October 20 through midnight ET on Thursday, October 27, by dialing 1-888-286-8010 and entering the passcode (68110262). The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation

Zions Bancorporation is one of the nation’s premier financial services companies, consisting of a collection of great banks in select high growth markets. Zions operates its banking businesses under local management teams and community identities through nearly 400 offices and 500 ATMs in eight Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Utah and Washington. The Company is a national leader in Small Business Administration lending and public finance advisory services. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

Statements in this news release that are based on other than historical data are forward-looking, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations or forecasts of future events. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might

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October 20, 2005

cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

In addition, the following factors relating to the Company’s proposed acquisition of Amegy Bancorporation, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the businesses of Zions Bancorporation and Amegy Bancorporation, Inc. may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; (2) the expected growth opportunities and cost savings from the merger may not be fully realized or may take longer to realize than expected; (3) operating costs, customer losses and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; and (4) governmental approvals of the merger may not be obtained or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the 2004 Annual Reports on Form 10-K of Zions Bancorporation and Amegy Bancorporation, Inc. filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov).

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

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FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended September 30,							Nine Months Ended September 30,
(In thousands, except per share and ratio data)	2005			2004			% Change	2005			2004			% Change
EARNINGS
Taxable-equivalent net interest income	$	345,826		$	296,384		16.68 %	$	1,002,034		$	867,519		15.51 %
Taxable-equivalent revenue		457,075			409,540		11.61 %		1,322,831			1,200,113		10.23 %
Net interest income		340,652			291,115		17.02 %		986,531			851,434		15.87 %
Noninterest income		111,249			113,156		(1.69)%		320,797			332,594		(3.55)%
Provision for loan losses		12,107			9,363		29.31 %		32,907			30,908		6.47 %
Noninterest expense		248,472			232,813		6.73 %		730,473			685,127		6.62 %
Impairment loss on goodwill		–			602		(100.00)%		–			602		(100.00)%
Income before income taxes and minority interest		191,322			161,493		18.47 %		543,948			467,391		16.38 %
Income taxes		68,200			58,140		17.30 %		194,279			167,485		16.00 %
Minority interest		152			858		(82.28)%		(2,345	)		(1,100	)	113.18 %
Net income		122,970			102,495		19.98 %		352,014			301,006		16.95 %
PER COMMON SHARE
Net income (diluted)		1.34			1.13		18.58 %		3.84			3.31		16.01 %
Dividends		0.36			0.32		12.50 %		1.08			0.94		14.89 %
Book value									33.30			30.39		9.58 %
SELECTED RATIOS
Return on average assets		1.47	%		1.30	%			1.45	%		1.31	%
Return on average common equity		16.41	%		15.23	%			16.27	%		15.32	%
Efficiency ratio		54.36	%		56.85	%			55.22	%		57.09	%
Net interest margin		4.59	%		4.20	%			4.57	%		4.21	%

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
(In thousands, except share and ratio data)	2005		2004		% Change	2005		2004		% Change
AVERAGE BALANCES
Total assets	$  33,218,477		$  31,368,578		5.90 %	$  32,531,725		$  30,746,329		5.81 %
Securities	4,993,735		5,232,188		(4.56)%	5,091,701		5,181,732		(1.74)%
Net loans and leases	24,009,024		21,220,481		13.14 %	23,343,316		20,770,913		12.38 %
Goodwill	638,957		645,462		(1.01)%	640,151		649,751		(1.48)%
Core deposit and other intangibles	52,276		62,923		(16.92)%	53,964		66,622		(19.00)%
Total deposits	24,807,387		22,729,540		9.14 %	23,945,430		21,754,978		10.07 %
Core deposits (1)	23,029,389		21,463,026		7.30 %	22,376,328		20,521,173		9.04 %
Minority interest	26,220		23,791		10.21 %	25,270		22,456		12.53 %
Shareholders’ equity	2,972,615		2,677,404		11.03 %	2,892,162		2,625,039		10.18 %
Weighted average common and common-equivalent shares outstanding	91,605,279		90,956,674		0.71 %	91,606,315		90,819,586		0.87 %
AT PERIOD END
Total assets						$  33,422,701		$  30,731,040		8.76 %
Securities						4,992,339		5,058,691		(1.31)%
Net loans and leases						23,930,017		21,507,043		11.27 %
Sold loans being serviced (2)						3,561,818		3,152,924		12.97 %
Allowance for loan losses						287,237		269,413		6.62 %
Allowance for unfunded lending commitments						15,830		12,030		31.59 %
Goodwill						639,120		642,645		(0.55)%
Core deposit and other intangibles						47,670		57,665		(17.33)%
Total deposits						25,399,741		23,165,131		9.65 %
Core deposits (1)						23,507,531		21,883,851		7.42 %
Minority interest						26,719		24,481		9.14 %
Shareholders’ equity						2,999,173		2,724,261		10.09 %
Common shares outstanding						90,067,016		89,638,753		0.48 %
Average equity to average assets	8.95	%	8.54	%		8.89	%	8.54	%
Common dividend payout	26.47	%	28.10	%		27.74	%	28.49	%
Tangible common equity ratio						7.06	%	6.74	%
Nonperforming assets						83,101		91,105		(8.79)%
Accruing loans past due 90 days or more						15,836		18,182		(12.90)%
Nonperforming assets to net loans and leases and other real estate owned at period end						0.35	%	0.42	%

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

(2) Amount represents the outstanding balance of loans sold and being serviced by the Company, excluding conforming first mortgage residential real estate loans.

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,		September 30,
(In thousands, except per share and ratio data)	2005									2004
EARNINGS
Taxable-equivalent net interest income	$	345,826		$	336,088		$	320,120		$  314,558		$	296,384
Taxable-equivalent revenue		457,075			442,640			423,116		413,505			409,540
Net interest income		340,652			330,928			314,951		309,384			291,115
Noninterest income		111,249			106,552			102,996		98,947			113,156
Provision for loan losses		12,107			11,417			9,383		13,159			9,363
Noninterest expense		248,472			242,666			239,335		238,172			232,813
Impairment loss on goodwill		–			–			–		–			602
Income before income taxes and minority interest		191,322			183,397			169,229		157,000			161,493
Income taxes		68,200			66,330			59,749		52,641			58,140
Minority interest		152			(1,743	)		(754	)	(622	)		858
Net income		122,970			118,810			110,234		104,981			102,495
PER COMMON SHARE
Net income (diluted)		1.34			1.30			1.20		1.15			1.13
Dividends		0.36			0.36			0.36		0.32			0.32
Book value		33.30			32.62			31.39		31.06			30.39
SELECTED RATIOS
Return on average assets		1.47	%		1.47	%		1.40	%	1.33	%		1.30	%
Return on average common equity		16.41	%		16.56	%		15.83	%	15.13	%		15.23	%
Efficiency ratio		54.36	%		54.82	%		56.56	%	57.60	%		56.85	%
Net interest margin		4.59	%		4.60	%		4.53	%	4.43	%		4.20	%

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands, except share and ratio data)	2005									2004
AVERAGE BALANCES
Total assets	$	33,218,477		$	32,510,692		$	31,850,979		$	31,501,478		$	31,368,578
Securities		4,993,735			5,091,552			5,191,995			5,255,624			5,232,188
Net loans and leases		24,009,024			23,330,670			22,675,601			21,866,761			21,220,481
Goodwill		638,957			638,932			642,604			642,646			645,462
Core deposit and other intangibles		52,276			53,011			56,653			58,956			62,923
Total deposits		24,807,387			23,787,985			23,223,512			23,144,944			22,729,540
Core deposits (1)		23,029,389			22,248,291			21,838,213			21,871,018			21,463,026
Minority interest		26,220			24,726			24,849			23,176			23,791
Shareholders’ equity		2,972,615			2,877,374			2,824,874			2,760,077			2,677,404
Weighted average common and common-equivalent shares outstanding		91,605,279			91,610,296			91,493,962			91,342,328			90,956,674
AT PERIOD END
Total assets	$	33,422,701		$	32,875,294		$	31,883,486		$	31,469,834		$	30,731,040
Securities		4,992,339			4,904,799			4,940,487			5,121,215			5,058,691
Net loans and leases		23,930,017			23,821,563			22,967,269			22,627,121			21,507,043
Sold loans being serviced (2)		3,561,818			2,910,182			2,995,630			3,065,909			3,152,924
Allowance for loan losses		287,237			281,428			273,906			271,117			269,413
Allowance for unfunded lending commitments		15,830			15,395			14,353			12,682			12,030
Goodwill		639,120			638,933			638,933			642,645			642,645
Core deposit and other intangibles		47,670			51,397			52,007			55,440			57,665
Total deposits		25,399,741			24,398,535			23,879,088			23,292,261			23,165,131
Core deposits (1)		23,507,531			22,840,557			22,421,174			21,998,152			21,883,851
Minority interest		26,719			24,665			26,338			23,359			24,481
Shareholders’ equity		2,999,173			2,937,908			2,821,766			2,789,979			2,724,261
Common shares outstanding		90,067,016			90,062,646			89,891,146			89,829,947			89,638,753
Average equity to average assets		8.95	%		8.85	%		8.87	%		8.76	%		8.54	%
Common dividend payout		26.47	%		27.37	%		29.55	%		27.48	%		28.10	%
Tangible common equity ratio		7.06	%		6.98	%		6.83	%		6.80	%		6.74	%
Nonperforming assets		83,101			73,680			76,089			84,286			91,105
Accruing loans past due 90 days or more		15,836			13,183			20,160			16,375			18,182
Nonperforming assets to net loans and leases and other real estate owned at period end		0.35	%		0.31	%		0.33	%		0.37	%		0.42	%

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

(2) Amount represents the outstanding balance of loans sold and being serviced by the Company, excluding conforming first mortgage residential real estate loans.

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CONSOLIDATE BALANCE SHEETS

(In thousands, except share amounts)	September 30, 2005		June 30, 2005		December 31, 2004		September 30, 2004
	(Unaudited)		(Unaudited)				(Unaudited)
ASSETS
Cash and due from banks	$	1,109,202	$	1,232,527	$	850,998	$	1,066,516
Money market investments:
Interest-bearing deposits		13,350		11,004		1,251		2,893
Federal funds sold		460,167		52,327		130,086		106,957
Security resell agreements		528,763		537,327		461,750		698,569
Investment securities:
Held to maturity, at cost (approximate market value $641,264, $649,808, $641,783 and $640,462)		642,687		649,888		641,659		639,372
Available for sale, at market		3,997,593		3,972,829		4,189,486		3,986,046
Trading account, at market (includes $141,535, $102,916, $163,248 and $120,825 transferred as collateral under repurchase agreements)		352,059		282,082		290,070		433,273
		4,992,339		4,904,799		5,121,215		5,058,691
Loans:
Loans held for sale		213,223		207,123		196,736		151,199
Loans and leases		23,823,715		23,718,150		22,535,344		21,459,920
		24,036,938		23,925,273		22,732,080		21,611,119
Less:
Unearned income and fees, net of related costs		106,921		103,710		104,959		104,076
Allowance for loan losses		287,237		281,428		271,117		269,413
Loans and leases, net of allowance		23,642,780		23,540,135		22,356,004		21,237,630
Other noninterest-bearing investments		708,368		698,968		665,198		666,214
Premises and equipment, net		410,800		409,488		409,210		404,226
Goodwill		639,120		638,933		642,645		642,645
Core deposit and other intangibles		47,670		51,397		55,440		57,665
Other real estate owned		15,176		11,070		11,877		14,222
Other assets		854,966		787,319		764,160		774,812
	$	33,422,701	$	32,875,294	$	31,469,834	$	30,731,040
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	7,725,179	$	7,577,450	$	6,821,528	$	6,656,856
Interest-bearing:
Savings and money market		13,442,012		13,195,200		13,349,347		13,446,840
Time under $100,000		1,554,064		1,468,017		1,387,784		1,388,649
Time $100,000 and over		1,892,210		1,557,978		1,294,109		1,281,280
Foreign		786,276		599,890		439,493		391,506
		25,399,741		24,398,535		23,292,261		23,165,131
Securities sold, not yet purchased		331,891		291,353		309,893		376,150
Federal funds purchased		1,262,646		1,593,010		1,841,092		1,069,430
Security repurchase agreements		756,631		755,676		683,984		723,000
Other liabilities		571,583		544,691		429,129		539,694
Commercial paper		149,089		75,393		165,447		168,344
Federal Home Loan Bank advances and other borrowings:
One year or less		13,063		314,643		15,949		18,106
Over one year		226,482		227,039		228,152		228,733
Long-term debt		1,685,683		1,712,381		1,690,589		1,693,710
Total liabilities		30,396,809		29,912,721		28,656,496		27,982,298
Minority interest		26,719		24,665		23,359		24,481
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 90,067,016, 90,062,646, 89,829,947 and 89,638,753 shares		971,002		961,510		972,065		965,166
Retained earnings		2,084,439		1,994,015		1,830,064		1,753,934
Accumulated other comprehensive income (loss)		(52,088)		(12,905)		(7,932)		9,240
Cost of shares held in trust for deferred compensation and other		(4,180)		(4,712)		(4,218)		(4,079)
Total shareholders’ equity		2,999,173		2,937,908		2,789,979		2,724,261
	$	33,422,701	$	32,875,294	$	31,469,834	$	30,731,040

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Press Release – Page 12

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
(In thousands, except per share amounts)	2005		2005		2004		2005		2004
Interest income:
Interest and fees on loans	$	406,319	$	380,233	$	311,927	$	1,137,487	$	896,633
Interest on loans held for sale		2,462		2,618		932		6,683		3,595
Lease financing		3,980		4,023		4,213		12,069		12,652
Interest on money market investments		7,723		6,041		4,994		18,402		11,529
Interest on securities:
Held to maturity – taxable		1,827		1,833		1,765		5,465		3,724
Held to maturity – nontaxable		6,066		6,008		6,000		18,057		12,770
Available for sale – taxable		49,339		49,102		39,784		145,361		114,822
Available for sale – nontaxable		808		834		897		2,498		8,197
Trading account		4,753		5,044		8,884		15,832		23,227
Total interest income		483,277		455,736		379,396		1,361,854		1,087,149
Interest expense:
Interest on savings and money market deposits		59,539		49,236		33,048		149,511		85,988
Interest on time and foreign deposits		31,536		24,557		15,692		75,980		43,825
Interest on borrowed funds		51,550		51,015		39,541		149,832		105,902
Total interest expense		142,625		124,808		88,281		375,323		235,715
Net interest income		340,652		330,928		291,115		986,531		851,434
Provision for loan losses		12,107		11,417		9,363		32,907		30,908
Net interest income after provision for loan losses		328,545		319,511		281,752		953,624		820,526
Noninterest income:
Service charges and fees on deposit accounts		32,233		31,406		33,486		94,421		99,660
Loan sales and servicing income		21,649		16,790		21,633		56,507		60,504
Other service charges, commissions and fees		28,983		28,205		27,137		83,903		78,675
Trust and investment management income		3,817		4,531		3,718		11,753		12,590
Income from securities conduit		8,553		8,617		9,104		25,989		26,682
Dividends and other investment income		6,954		7,436		7,157		22,398		23,797
Market making, trading and nonhedge derivative income		4,069		6,509		2,454		14,362		14,650
Equity securities gains (losses), net		1,089		(2,778)		4,277		(3,076)		(5,056)
Fixed income securities gains (losses), net		276		(1,187)		307		422		2,444
Other		3,626		7,023		3,883		14,118		18,648
Total noninterest income		111,249		106,552		113,156		320,797		332,594
Noninterest expense:
Salaries and employee benefits		142,590		138,244		133,609		418,960		393,241
Occupancy, net		19,048		18,504		18,734		56,005		55,205
Furniture and equipment		16,979		16,260		16,612		49,158		49,328
Legal and professional services		8,575		7,967		6,568		24,792		23,675
Postage and supplies		6,510		6,798		6,290		19,796		19,247
Advertising		5,875		5,335		4,789		15,303		14,817
Impairment losses on long-lived assets		–		–		–		633		712
Restructuring charges		–		–		370		92		436
Merger related expense		207		–		–		207		–
Amortization of core deposit and other intangibles		3,684		3,696		3,682		10,813		10,686
Provision for unfunded lending commitments		435		1,042		932		3,148		(185)
Other		44,569		44,820		41,227		131,566		117,965
Total noninterest expense		248,472		242,666		232,813		730,473		685,127
Impairment loss on goodwill		–		–		602		–		602
Income before income taxes and minority interest		191,322		183,397		161,493		543,948		467,391
Income taxes		68,200		66,330		58,140		194,279		167,485
Minority interest		152		(1,743)		858		(2,345)		(1,100)
Net income	$	122,970	$	118,810	$	102,495	$	352,014	$	301,006
Weighted average shares outstanding during the period:
Basic shares		89,980		89,846		89,617		89,901		89,643
Diluted shares		91,605		91,610		90,957		91,606		90,820
Net income per common share:
Basic	$	1.37	$	1.32	$	1.14	$	3.92	$	3.36
Diluted		1.34		1.30		1.13		3.84		3.31

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 13

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY AND COMPREHENSIVE INCOME

(Unaudited)

	Nine Months Ended September 30, 2005
					Accumulated Other Comprehensive Income (Loss)
(In thousands)	Common Stock		Retained Earnings		Net Unrealized Gains (Losses) on Investments, Retained Interests and Other		Net Unrealized Losses on Derivative Instruments		Minimum Pension Liability		Subtotal		Cost of Shares Held in Trust for Deferred Compensation and Other		Total Shareholders’ Equity
Balance, December 31, 2004	$	972,065	$	1,830,064	$	19,774		$  (9,493)		$  (18,213)		$    (7,932)		$  (4,218)	$	2,789,979
Comprehensive income:
Net income for the period				352,014												352,014
Other comprehensive income, net of tax:
Net realized and unrealized holding losses during the period, net of income tax benefit of $5,650						(9,122)						(9,122)
Foreign currency translation						(1,313)						(1,313)
Reclassification for net realized gains recorded in operations, net of income tax expense of $200						(323)						(323)
Net unrealized losses on derivative instruments, net of reclassification to operations of $10,618 and income tax benefit of $20,991								(33,398)				(33,398)
Other comprehensive loss						(10,758)		(33,398)		–		(44,156)				(44,156)
Total comprehensive income																307,858
Stock redeemed and retired		(80,795)														(80,795)
Restricted stock issued (2,000 shares) and stock options exercised (1,395,250 shares), net of shares tendered and retired		79,732														79,732
Cash dividends – common, $1.08 per share				(97,639)												(97,639)
Cost of shares held in trust for deferred compensation and other														38		38
Balance, September 30, 2005	$	971,002	$	2,084,439	$	9,016	$	(42,891)	$	(18,213)	$	(52,088)	$	(4,180)	$	2,999,173
	Nine Months Ended September 30, 2004
					Accumulated Other Comprehensive Income (Loss)
(In thousands)	Common Stock		Retained Earnings		Net Unrealized Gains (Losses) on Investments, Retained Interests and Other		Net Unrealized Gains (Losses) on Derivative Instruments		Minimum Pension Liability		Subtotal		Cost of Shares Held in Trust for Deferred Compensation		Total Shareholders’ Equity
Balance, December 31, 2003	$	985,904	$	1,538,677	$	24,015	$	10,716		$  (15,690)	$	19,041		$  (3,599)	$	2,540,023
Comprehensive income:
Net income for the period				301,006												301,006
Other comprehensive income, net of tax:
Net realized and unrealized holding gains during the period, net of income tax expense of $438						473						473
Reclassification for net realized gains recorded in operations, net of income tax expense of $1,218						(1,967)						(1,967)
Net unrealized losses on derivative instruments, net of reclassification to operations of $35,040 and income tax benefit of $5,093								(8,307)				(8,307)
Other comprehensive loss						(1,494)		(8,307)		–		(9,801)				(9,801)
Total comprehensive income																291,205
Stock redeemed and retired		(79,881)														(79,881)
Stock options exercised (1,145,556 shares), net of shares tendered and retired		59,143														59,143
Cash dividends – common, $.94 per share				(85,749)												(85,749)
Cost of shares held in trust for deferred compensation														(480)		(480)
Balance, September 30, 2004	$	965,166	$	1,753,934	$	22,521	$	2,409	$	(15,690)	$	9,240	$	(4,079)	$	2,724,261

Total comprehensive income for the three months ended September 30, 2005 and 2004 was $83,787 and $125,973, respectively.

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Press Release – Page 14

Nonperforming Assets

(Unaudited)

(In thousands)	September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004
Nonaccrual loans	$	67,248		$	61,871		$	65,199		$	71,763		$	76,361
Restructured loans		677			739			624			646			522
Other real estate owned		15,176			11,070			10,266			11,877			14,222
Total	$	83,101		$	73,680		$	76,089		$	84,286		$	91,105
% of net loans and leases* and other real estate owned		0.35	%		0.31	%		0.33	%		0.37	%		0.42	%
Accruing loans past due 90 days or more	$	15,836		$	13,183		$	20,160		$	16,375		$	18,182
% of net loans and leases*		0.07	%		0.06	%		0.09	%		0.07	%		0.08	%
*Includes loans held for sale.
Allowances for Credit Losses
(Unaudited)
	Three Months Ended
(In thousands)	September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004
Allowance for Loan Losses
Balance at beginning of period	$	281,428		$	273,906		$	271,117		$	269,413		$	271,554
Allowance of branches sold		–			–			–			–			(1,549	)
Add:
Provision for losses		12,107			11,417			9,383			13,159			9,363
Deduct:
Loan and lease charge-offs		(10,883	)		(8,633	)		(11,085	)		(20,024	)		(13,617	)
Recoveries		4,585			4,738			4,491			8,569			3,662
Net loan and lease charge-offs		(6,298	)		(3,895	)		(6,594	)		(11,455	)		(9,955	)
Balance at end of period	$	287,237		$	281,428		$	273,906		$	271,117		$	269,413
Ratio of allowance for loan losses to net loans and leases outstanding at period end		1.20	%		1.18	%		1.19	%		1.20	%		1.25	%
Ratio of allowance for loan losses to nonperforming loans at period end		422.87	%		449.49	%		416.13	%		374.42	%		350.42	%
Allowance for Unfunded Lending Commitments
Balance at beginning of period	$	15,395		$	14,353		$	12,682		$	12,030		$	11,098
Provision charged against earnings		435			1,042			1,671			652			932
Balance at end of period	$	15,830		$	15,395		$	14,353		$	12,682		$	12,030
Total Allowances for Credit Losses
Allowance for loan losses	$	287,237		$	281,428		$	273,906		$	271,117		$	269,413
Allowance for unfunded lending commitments		15,830			15,395			14,353			12,682			12,030
Total allowances for credit losses	$	303,067		$	296,823		$	288,259		$	283,799		$	281,443
Ratio of total allowances for credit losses to net loans and leases outstanding at period end		1.27	%		1.25	%		1.26	%		1.25	%		1.31	%

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Press Release – Page 15

Sold Loans Being Serviced (Unaudited)
	Three Months Ended
(In thousands)	September 30, 2005			June 30, 2005		March 31, 2005		December 31, 2004		September 30, 2004
Balance at beginning of period	$	2,910,182		$	2,995,630	$	3,065,909	$	3,152,924	$	2,643,927
New loans sold		880,808			120,091		98,772		83,175		703,809
Payments and other reductions		(229,172)			(205,539)		(169,051)		(170,190)		(194,812)
Balance at end of period	$	3,561,818		$	2,910,182	$	2,995,630	$	3,065,909	$	3,152,924
Loan Balances By Portfolio Type (Unaudited)
(In millions)	September 30, 2005			June 30, 2005		March 31, 2005		December 31, 2004		September 30, 2004
Loans held for sale	$	213		$	207	$	197	$	197	$	151
Commercial lending:
Commercial and industrial		4,885			4,760		4,604		4,643		4,474
Leasing		359			361		359		370		374
Owner occupied		4,063	(1)		4,341		4,036		3,790		3,472
Total commercial lending		9,307			9,462		8,999		8,803		8,320
Commercial real estate:
Construction		4,435			4,074		3,779		3,536		3,289
Term		4,051	(1)		4,118		4,032		3,998		3,804
Total commercial real estate		8,486			8,192		7,811		7,534		7,093
Consumer:
Home equity credit line		1,041			1,134		1,099		1,104		1,026
1-4 family residential		4,229			4,156		4,155		4,234		4,118
Bankcard and other revolving plans		194			208		211		225		217
Other		437			468		490		532		573
Total consumer		5,901			5,966		5,955		6,095		5,934
Foreign loans		5			5		5		5		4
Other receivables		125			93		103		98		109
Total loans	$	24,037		$	23,925	$	23,070	$	22,732	$	21,611

(1) Decreases from June 30, 2005 reflect $745 million of loans removed in conjunction with a small business loan securitization.

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Press Release – Page 16

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended September 30, 2005						Three Months Ended September 30, 2004
(In thousands)	Average Balance		Amount of Interest (1)		Average Rate		Average Balance		Amount of Interest (1)		Average Rate
ASSETS
Money market investments	$	915,954	$	7,723	3.35	%	$	1,605,277	$	4,994	1.24	%
Securities:
Held to maturity		641,745		11,159	6.90	%		640,207		10,996	6.83	%
Available for sale		3,866,988		50,582	5.19	%		3,753,811		41,164	4.36	%
Trading account		485,002		4,753	3.89	%		838,170		8,884	4.22	%
Total securities		4,993,735		66,494	5.28	%		5,232,188		61,044	4.64	%
Loans:
Loans held for sale		187,692		2,462	5.20	%		124,000		932	2.99	%
Net loans and leases (2)		23,821,332		411,772	6.86	%		21,096,481		317,695	5.99	%
Total loans and leases		24,009,024		414,234	6.85	%		21,220,481		318,627	5.97	%
Total interest-earning assets		29,918,713		488,451	6.48	%		28,057,946		384,665	5.45	%
Cash and due from banks		1,123,297						1,038,432
Allowance for loan losses		(284,423)						(272,463)
Goodwill		638,957						645,462
Core deposit and other intangibles		52,276						62,923
Other assets		1,769,657						1,836,278
Total assets	$	33,218,477					$	31,368,578
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	3,404,743		7,756	0.90	%	$	3,379,890		5,359	0.63	%
Money market super NOW		9,943,220		51,783	2.07	%		9,821,968		27,689	1.12	%
Time under $100,000		1,522,194		10,941	2.85	%		1,407,490		6,773	1.91	%
Time $100,000 and over		1,777,998		14,954	3.34	%		1,266,514		7,557	2.37	%
Foreign		715,838		5,641	3.13	%		409,644		1,362	1.32	%
Total interest-bearing deposits		17,363,993		91,075	2.08	%		16,285,506		48,740	1.19	%
Borrowed funds:
Securities sold, not yet purchased		503,722		4,660	3.67	%		708,342		7,135	4.01	%
Federal funds purchased and security repurchase agreements		2,186,773		16,368	2.97	%		2,397,862		7,959	1.32	%
Commercial paper		143,239		1,294	3.58	%		191,767		756	1.57	%
FHLB advances and other borrowings:
One year or less		107,606		891	3.29	%		154,593		519	1.34	%
Over one year		226,786		2,885	5.05	%		229,703		2,928	5.07	%
Long-term debt		1,701,575		25,452	5.93	%		1,697,356		20,244	4.74	%
Total borrowed funds		4,869,701		51,550	4.20	%		5,379,623		39,541	2.92	%
Total interest-bearing liabilities		22,233,694		142,625	2.55	%		21,665,129		88,281	1.62	%
Noninterest-bearing deposits		7,443,394						6,444,034
Other liabilities		542,554						558,220
Total liabilities		30,219,642						28,667,383
Minority interest		26,220						23,791
Total shareholders’ equity		2,972,615						2,677,404
Total liabilities and shareholders’ equity	$	33,218,477					$	31,368,578
Spread on average interest-bearing funds					3.93	%					3.83	%
Taxable-equivalent net interest income and net yield on interest-earning assets			$	345,826	4.59	%			$	296,384	4.20	%

(1) Taxable-equivalent rates used where applicable.

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

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Press Release – Page 17

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Nine Months Ended September 30, 2005						Nine Months Ended September 30, 2004
(In thousands)	Average Balance		Amount of Interest (1)		Average Rate		Average Balance		Amount of Interest (1)		Average Rate
ASSETS
Money market investments	$	865,182	$	18,402	2.84	%	$	1,576,519	$	11,529	0.98	%
Securities:
Held to maturity		640,090		33,245	6.94	%		453,902		23,370	6.88	%
Available for sale		3,919,114		149,204	5.09	%		3,956,116		127,433	4.30	%
Trading account		532,497		15,832	3.98	%		771,714		23,227	4.02	%
Total securities		5,091,701		198,281	5.21	%		5,181,732		174,030	4.49	%
Loans:
Loans held for sale		190,604		6,683	4.69	%		157,452		3,595	3.05	%
Net loans and leases (2)		23,152,712		1,153,991	6.66	%		20,613,461		914,080	5.92	%
Total loans and leases		23,343,316		1,160,674	6.65	%		20,770,913		917,675	5.90	%
Total interest-earning assets		29,300,199		1,377,357	6.29	%		27,529,164		1,103,234	5.35	%
Cash and due from banks		1,073,089						1,000,655
Allowance for loan losses		(278,708)						(271,782)
Goodwill		640,151						649,751
Core deposit and other intangibles		53,964						66,622
Other assets		1,743,030						1,771,919
Total assets	$	32,531,725					$	30,746,329
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	3,392,567		20,640	0.81	%	$	3,338,766		15,398	0.62	%
Money market super NOW		9,820,469		128,871	1.75	%		9,316,936		70,590	1.01	%
Time under $100,000		1,463,881		28,398	2.59	%		1,449,637		20,195	1.86	%
Time $100,000 and over		1,569,102		35,780	3.05	%		1,233,805		21,015	2.28	%
Foreign		573,938		11,802	2.75	%		317,667		2,615	1.10	%
Total interest-bearing deposits		16,819,957		225,491	1.79	%		15,656,811		129,813	1.11	%
Borrowed funds:
Securities sold, not yet purchased		507,137		13,903	3.67	%		659,441		19,152	3.88	%
Federal funds purchased and security repurchase agreements		2,314,856		44,783	2.59	%		2,750,202		21,375	1.04	%
Commercial paper		149,637		3,471	3.10	%		205,559		2,057	1.34	%
FHLB advances and other borrowings:
One year or less		269,859		5,837	2.89	%		332,646		2,825	1.13	%
Over one year		227,319		8,587	5.05	%		230,338		8,758	5.08	%
Long-term debt		1,694,642		73,251	5.78	%		1,648,176		51,735	4.19	%
Total borrowed funds		5,163,450		149,832	3.88	%		5,826,362		105,902	2.43	%
Total interest-bearing liabilities		21,983,407		375,323	2.28	%		21,483,173		235,715	1.47	%
Noninterest-bearing deposits		7,125,473						6,098,167
Other liabilities		505,413						517,494
Total liabilities		29,614,293						28,098,834
Minority interest		25,270						22,456
Total shareholders' equity		2,892,162						2,625,039
Total liabilities and shareholders' equity	$	32,531,725					$	30,746,329
Spread on average interest-bearing funds					4.01	%					3.88	%
Taxable-equivalent net interest income and net yield on interest-earning assets			$	1,002,034	4.57	%			$	867,519	4.21	%

(1) Taxable-equivalent rates used where applicable.

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

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