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	January 24, 2006
Harris H. Simmons
Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS EARNINGS OF

$1.32 PER DILUTED SHARE FOR FOURTH QUARTER 2005

SALT LAKE CITY, January 24, 2006 – Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported fourth-quarter net income of $128.1 million, or $1.32 per diluted share. Net income and earnings per diluted share increased 22.0% and 14.8% over the $105.0 million, or $1.15 per diluted share reported for the fourth quarter of 2004. The return on average common equity was 14.82% in the fourth quarter of 2005 compared to 15.13% for the same period in 2004. The Company’s acquisition of Amegy Bancorporation, Inc. (“Amegy”) closed on December 3, 2005; results of operations for the fourth quarter and year 2005 include one month of results from Amegy. The fourth quarter of 2005 also includes after-tax merger-related expenses of $1.9 million related to the Amegy purchase, after-tax charges of $1.8 million for a restructuring of the Company’s trading operations and a related goodwill impairment loss, and an after-tax impairment loss of $1.5 million on capitalized management software used at Zions.

Net income for 2005 was a record $480.1 million, or $5.16 per diluted share. Net income and earnings per diluted share increased 18.3% and 15.4% over the $406.0 million, or $4.47 per diluted share reported for 2004. The return on average common equity for 2005 was 15.86%, compared to 15.27% for 2004.

“We are pleased to report record earnings for the quarter and the year, fueled by continued strong loan and deposit growth,” said Harris Simmons, chairman and chief executive officer.

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January 24, 2006

“We completed the acquisition of Amegy Bancorporation in December and we extend a warm welcome to the outstanding employees and customers of Amegy.”

Strong Loan and Deposit Growth

On-balance-sheet net loans and leases at December 31, 2005 were $30.1 billion. Excluding $5.4 billion of Amegy loans at December 31, 2005, net loans and leases increased at an annualized rate of 13.5% from $23.9 billion at September 30, 2005. Excluding Amegy loans at December 31, 2005, net loans and leases increased 9.3% from the $22.6 billion outstanding at December 31, 2004. Zions experienced strong loan growth during the fourth quarter in commercial and commercial real estate loan categories; this growth was diversified geographically.

Total deposits for the fourth quarter of 2005 increased to $32.6 billion. Excluding $6.9 billion of Amegy deposits at December 31, 2005, total deposits increased at an annualized rate of 5.3% during the fourth quarter and 10.5% from December 31, 2004. Excluding Amegy core deposits at December 31, 2005, core deposits increased 5.0% annualized for the quarter and 8.2% year over year.

Amegy continued to experience strong loan and deposit growth during the quarter. (Additional financial information regarding Amegy may be found on page 12.)

Net Interest Income

Taxable-equivalent net interest income for the fourth quarter of 2005 was $380.3 million, an increase of 20.9% compared to $314.6 million for the fourth quarter of 2004. The increase reflects the previously discussed loan and deposit growth, the acquisition of Amegy and an improved net interest margin. For the fourth quarter of 2005, the net interest margin was 4.62%, compared to 4.59% for the third quarter of 2005 and 4.43% for the fourth quarter of 2004.

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January 24, 2006

Noninterest Income

For the fourth quarter of 2005, noninterest income increased 6.1% to $118.0 million compared with $111.2 million for the third quarter of 2005, and 19.3% compared with $98.9 million for the fourth quarter of 2004. The increases in total and individual categories of noninterest income for the fourth quarter of 2005 compared to the third quarter of 2005 were mainly due to the Amegy acquisition.

Significant changes in other noninterest income categories for the fourth quarter compared to the third quarter of 2005 not resulting from the Amegy acquisition are as follows. Deposit service charges decreased $1.3 million from the third quarter of 2005, excluding Amegy service charges of $3.4 million. The decrease was primarily a result of higher earnings credit rates on commercial transaction accounts as market interest rates rose. Excluding $0.6 million of trading income at Amegy, market making, trading and nonhedge derivative income declined $3.3 million from the third quarter of 2005. The decrease included a $0.9 million decline in trading income and a $2.4 million decrease in nonhedge derivative income, mainly due to decreases in fair values of the derivatives. During the quarter, Zions closed its London trading office and substantially reduced the size of its trading assets in response to continued narrow margins in its odd-lot electronic bond trading business.

Noninterest Expense

Noninterest expense for the fourth quarter of 2005 was $284.2 million compared to $248.5 million for the third quarter of 2005, and $238.2 million for the fourth quarter of 2004. The fourth quarter of 2005 includes $21.8 million of Amegy nonmerger expenses, merger related expense of $3.1 million, an impairment loss of $2.5 million on capitalized management software used at Zions, and restructuring charges of $2.4 million related to trading operations. Increases in other individual categories of noninterest expense for the fourth quarter of 2005 compared to the third quarter of 2005 are primarily due to the acquisition of Amegy.

The efficiency ratio for the fourth quarter of 2005 was 57.0% compared to 54.4% for the third quarter of 2005 and 57.6% for the fourth quarter of 2004. This deterioration in the efficiency ratio reflects higher

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January 24, 2006

cash noninterest expenses and amortization of intangibles, both related to the acquisition of Amegy. For the year 2005, the efficiency ratio was 55.7%, down significantly from 57.2% for 2004.

Asset Quality

The ratio of nonperforming assets to net loans and leases and other real estate owned improved to 0.30% at December 31, 2005, compared to 0.35% at September 30, 2005 and 0.37% at December 31, 2004.

Net loan and lease charge-offs were $8.2 million or 0.13% of average loans on an annualized basis for the fourth quarter of 2005. This compares with $6.3 million or 0.10%, annualized for the third quarter of 2005 and $11.5 million or 0.21%, annualized for the fourth quarter of 2004. For the year 2005 net loan and lease charge-offs were $25.0 million or 0.10% of average loans compared to $39.4 million or 0.19% for 2004.

At December 31, 2005, the allowance for loan losses as a percentage of net loans and leases was 1.12%, a decrease from 1.20% at both September 30, 2005 and December 31, 2004. The decrease was mainly the result of the Amegy acquisition. Amegy’s allowance for loan losses as a percentage of net loans and leases was 0.92% at December 31, 2005. The allowance for loan losses at December 31, 2005 was 489.7% of nonperforming loans. The combined allowances for credit losses (allowance for loan losses plus the allowance for unfunded lending commitments) of $356.5 million were 1.18% of net loans and leases at year-end 2005.

The combined provisions for loan losses and unfunded lending commitments for the fourth quarter of 2005 were $10.4 million compared to $12.5 million during the third quarter of 2005 and $13.8 million for the fourth quarter of 2004. The combined provisions for the year 2005 were $46.4 million compared to $44.5 million for 2004.

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January 24, 2006

Capital Management

In July 2005 Zions announced that it had suspended the repurchase of shares of its common stock in conjunction with its pending acquisition of Amegy. For the year ended December 31, 2005, the Company repurchased under its approved repurchase program 1,159,522 shares at an average per share price of $69.64 for a total of $80.7 million.

The Company’s tangible common equity ratio was 5.29% at December 31, 2005, compared to 7.06% at September 30, 2005 and 6.80% at December 31, 2004. The decrease in this ratio is mainly due to the acquisition of Amegy and the related financing. The Company anticipates that its common stock buyback program will remain suspended until the Company achieves a tangible common equity ratio of at least 6.25%.

Weighted average common and common-equivalent shares outstanding for the fourth quarter of 2005 were 96,963,446 compared to 91,605,279 for the third quarter of 2005 and 91,342,328 for the fourth quarter of 2004. Common shares outstanding at December 31, 2005 were 105,147,562 compared to 90,067,016 shares at September 30, 2005 and 89,829,947 shares at December 31, 2004. Common and common-equivalent shares at December 31, 2005 were 107,248,445 shares. The increases in weighted average common and common-equivalent shares and outstanding common shares during the fourth quarter of 2005 resulted mainly from the issuance of 14,351,115 common shares in the Amegy acquisition.

Other

During the quarter the Company capitalized and opened The Commerce Bank of Oregon in Portland, Oregon, under the leadership of new CEO Michael Paul. The Commerce Bank of Oregon had a de minimus impact on the Company’s balance sheet and income statement for the quarter and year ending December 31, 2005.

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January 24, 2006

Conference Call

Zions will host a conference call to discuss these fourth quarter results at 5:30 p.m. ET this afternoon (January 24, 2006). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-866-800-8652 and entering the passcode (92816693), 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 Tuesday, January 24 through midnight ET on Tuesday, January 31, by dialing 1-888-286-8010 and entering the passcode (77876944). The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation

Zions Bancorporation is one of the nation’s premier financial services companies, consisting of a collection of great banks in select high growth markets. Zions operates its banking businesses under local management teams and community identities through approximately 470 offices and 600 ATMs in ten states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. The Company is a national leader in Small Business Administration lending and public finance advisory services. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com.

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 cause such differences include, but are not limited to: the Company’s ability

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January 24, 2006

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 acquisition of Amegy, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the combination of the businesses of Zions Bancorporation and Amegy Bancorporation, Inc. 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; and (3) operating costs, customer losses and business disruption resulting from the merger, including adverse effects on relationships with employees, may be greater than expected.

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 December 31,							Years Ended December 31,
(In thousands, except per share and ratio data)	2005			2004			% Change	2005			2004			% Change
EARNINGS
Taxable-equivalent net interest income	$	380,316		$	314,558		20.90 %	$	1,382,350		$	1,182,077		16.94 %
Taxable-equivalent revenue		498,362			413,505		20.52 %		1,821,193			1,613,618		12.86 %
Net interest income		374,819			309,384		21.15 %		1,361,350			1,160,818		17.28 %
Noninterest income		118,046			98,947		19.30 %		438,843			431,541		1.69 %
Provision for loan losses		10,116			13,159		(23.12)%		43,023			44,067		(2.37)%
Noninterest expense		284,208			238,172		19.33 %		1,014,681			923,299		9.90 %
Impairment loss on goodwill		602			–		–		602			602		–
Income before income taxes and minority interest		197,939			157,000		26.08 %		741,887			624,391		18.82 %
Income taxes		69,139			52,641		31.34 %		263,418			220,126		19.67 %
Minority interest		693			(622	)	(211.41)%		(1,652	)		(1,722	)	(4.07)%
Net income		128,107			104,981		22.03 %		480,121			405,987		18.26 %
PER COMMON SHARE
Net income (diluted)		1.32			1.15		14.78 %		5.16			4.47		15.44 %
Dividends		0.36			0.32		12.50 %		1.44			1.26		14.29 %
Book value									40.30			31.06		29.75 %
SELECTED RATIOS
Return on average assets		1.38	%		1.33	%			1.43	%		1.31	%
Return on average common equity		14.82	%		15.13	%			15.86	%		15.27	%
Efficiency ratio		57.03	%		57.60	%			55.72	%		57.22	%
Net interest margin		4.62	%		4.43	%			4.58	%		4.27	%

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended December 31,					Years Ended December 31,
(In thousands, except share and ratio data)	2005		2004		% Change	2005		2004		% Change
AVERAGE BALANCES
Total assets	$  36,780,719		$  31,501,478		16.76 %	$  33,602,704		$  30,936,148		8.62 %
Securities	5,352,093		5,255,624		1.84 %	5,157,334		5,200,306		(0.83)%
Net loans and leases	25,982,873		21,866,761		18.82 %	24,008,629		21,046,372		14.07 %
Goodwill	1,060,381		642,646		65.00 %	746,072		647,965		15.14 %
Core deposit and other intangibles	101,593		58,956		72.32 %	65,969		64,695		1.97 %
Total deposits	27,605,309		23,144,944		19.27 %	24,867,920		22,104,368		12.50 %
Core deposits (1)	25,467,323		21,871,018		16.44 %	23,155,428		20,860,478		11.00 %
Minority interest	27,079		23,176		16.84 %	25,726		22,637		13.65 %
Shareholders’ equity	3,428,605		2,760,077		24.22 %	3,027,375		2,658,983		13.85 %
Weighted average common and common-equivalent shares outstanding	96,963,446		91,342,328		6.15 %	92,993,915		90,881,570		2.32 %
AT PERIOD END
Total assets						$  42,771,336		$  31,469,834		35.91 %
Securities						6,049,443		5,121,215		18.13 %
Net loans and leases						30,126,936		22,627,121		33.15 %
Sold loans being serviced (2)						3,382,603		3,065,909		10.33 %
Allowance for loan losses						338,399		271,117		24.82 %
Allowance for unfunded lending commitments						18,120		12,682		42.88 %
Goodwill						1,887,588		642,645		193.72 %
Core deposit and other intangibles						199,166		55,440		259.25 %
Total deposits						32,642,408		23,292,261		40.14 %
Core deposits (1)						30,105,312		21,998,152		36.85 %
Minority interest						27,551		23,359		17.95 %
Shareholders’ equity						4,237,264		2,789,979		51.87 %
Common shares outstanding						105,147,562		89,829,947		17.05 %
Average equity to average assets	9.32	%	8.76	%		9.01	%	8.60	%
Common dividend payout	25.50	%	27.48	%		27.14	%	28.23	%
Tangible common equity ratio						5.29	%	6.80	%
Nonperforming assets						89,063		84,286		5.67 %
Accruing loans past due 90 days or more						17,153		16,375		4.75 %
Nonperforming assets to net loans and leases and other real estate owned at period end						0.30	%	0.37	%

(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
	December 31,			September 30,			June 30,			March 31,		December 31,
(In thousands, except per share and ratio data)	2005											2004
EARNINGS
Taxable-equivalent net interest income	$	380,316		$	345,826		$	336,088		$  320,120		$	314,558
Taxable-equivalent revenue		498,362			457,075			442,640		423,116			413,505
Net interest income		374,819			340,652			330,928		314,951			309,384
Noninterest income		118,046			111,249			106,552		102,996			98,947
Provision for loan losses		10,116			12,107			11,417		9,383			13,159
Noninterest expense		284,208			248,472			242,666		239,335			238,172
Impairment loss on goodwill		602			–			–		–			–
Income before income taxes and minority interest		197,939			191,322			183,397		169,229			157,000
Income taxes		69,139			68,200			66,330		59,749			52,641
Minority interest		693			152			(1,743	)	(754	)		(622	)
Net income		128,107			122,970			118,810		110,234			104,981
PER COMMON SHARE
Net income (diluted)		1.32			1.34			1.30		1.20			1.15
Dividends		0.36			0.36			0.36		0.36			0.32
Book value		40.30			33.30			32.62		31.39			31.06
SELECTED RATIOS
Return on average assets		1.38	%		1.47	%		1.47	%	1.40	%		1.33	%
Return on average common equity		14.82	%		16.41	%		16.56	%	15.83	%		15.13	%
Efficiency ratio		57.03	%		54.36	%		54.82	%	56.56	%		57.60	%
Net interest margin		4.62	%		4.59	%		4.60	%	4.53	%		4.43	%

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
(In thousands, except share and ratio data)	2005												2004
AVERAGE BALANCES
Total assets	$	36,780,719		$	33,218,477		$	32,510,692		$	31,850,979		$	31,501,478
Securities		5,352,093			4,993,735			5,091,552			5,191,995			5,255,624
Net loans and leases		25,982,873			24,009,024			23,330,670			22,675,601			21,866,761
Goodwill		1,060,381			638,957			638,932			642,604			642,646
Core deposit and other intangibles		101,593			52,276			53,011			56,653			58,956
Total deposits		27,605,309			24,807,387			23,787,985			23,223,512			23,144,944
Core deposits (1)		25,467,323			23,029,389			22,248,291			21,838,213			21,871,018
Minority interest		27,079			26,220			24,726			24,849			23,176
Shareholders’ equity		3,428,605			2,972,615			2,877,374			2,824,874			2,760,077
Weighted average common and common-equivalent shares outstanding		96,963,446			91,605,279			91,610,296			91,493,962			91,342,328
AT PERIOD END
Total assets	$	42,771,336		$	33,422,701		$	32,875,294		$	31,883,486		$	31,469,834
Securities		6,049,443			4,992,339			4,904,799			4,940,487			5,121,215
Net loans and leases		30,126,936			23,930,017			23,821,563			22,967,269			22,627,121
Sold loans being serviced (2)		3,382,603			3,561,818			2,910,182			2,995,630			3,065,909
Allowance for loan losses		338,399			287,237			281,428			273,906			271,117
Allowance for unfunded lending commitments		18,120			15,830			15,395			14,353			12,682
Goodwill		1,887,588			639,120			638,933			638,933			642,645
Core deposit and other intangibles		199,166			47,670			51,397			52,007			55,440
Total deposits		32,642,408			25,399,741			24,398,535			23,879,088			23,292,261
Core deposits (1)		30,105,312			23,507,531			22,840,557			22,421,174			21,998,152
Minority interest		27,551			26,719			24,665			26,338			23,359
Shareholders’ equity		4,237,264			2,999,173			2,937,908			2,821,766			2,789,979
Common shares outstanding		105,147,562			90,067,016			90,062,646			89,891,146			89,829,947
Average equity to average assets		9.32	%		8.95	%		8.85	%		8.87	%		8.76	%
Common dividend payout		25.50	%		26.47	%		27.37	%		29.55	%		27.48	%
Tangible common equity ratio		5.29	%		7.06	%		6.98	%		6.83	%		6.80	%
Nonperforming assets		89,063			83,101			73,680			76,089			84,286
Accruing loans past due 90 days or more		17,153			15,836			13,183			20,160			16,375
Nonperforming assets to net loans and leases and other real estate owned at period end		0.30	%		0.35	%		0.31	%		0.33	%		0.37	%

(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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IMPACT OF AMEGY ACQUISITION ON SELECTED

BALANCE SHEET AND INCOME STATEMENT ITEMS

	Zions without Amegy											Amegy			Zions and Amegy
(In thousands)	September 30, 2005			December 31, 2005			Increase (Decrease)			% Change		December 31, 2005			December 31, 2005
BALANCE SHEET
Cash and due from banks	$	1,109,202		$	1,257,336		$	148,134		13.36	%	$	449,254		$	1,706,590
Investment securities		4,992,339			4,886,863			(105,476	)	(2.11	)%		1,162,580			6,049,443
Gross loans		24,036,938			24,848,049			811,111		3.37	%		5,404,209			30,252,258
Allowance for loan losses		287,237			288,988			1,751		0.61	%		49,411			338,399
Loans and leases, net of allowance		23,642,780			24,448,483			805,703		3.41	%		5,340,054			29,788,537
Goodwill		639,120			639,518			398		0.06	%		1,248,070			1,887,588
Core deposit and other intangibles		47,670			43,749			(3,921	)	(8.23	)%		155,417			199,166
Deposits
Noninterest-bearing demand		7,725,179			7,808,396			83,217		1.08	%		2,122,937			9,931,333
Savings and money market		13,442,012			13,656,878			214,866		1.60	%		2,398,876			16,055,754
Time		3,446,274			3,478,882			32,608		0.95	%		997,003			4,475,885
Foreign		786,276			793,242			6,966		0.89	%		1,386,194			2,179,436
Total deposits		25,399,741			25,737,398			337,657		1.33	%		6,905,010			32,642,408
OTHER
Nonperforming assets		83,101			71,820			(11,281	)	(13.58	)%		17,243			89,063
Accruing loans past due 90 days or more		15,836			12,111			(3,725	)	(23.52	)%		5,042			17,153
	Zions without Amegy											Amegy			Zions and Amegy
	Three Months Ended											Month Ended December 31, 2005			Three Months Ended December 31, 2005
	September 30, 2005			December 31, 2005			Increase (Decrease)			% Change
INCOME STATEMENT
Net interest income	$	340,652		$	349,361		$	8,709		2.56	%	$	25,458		$	374,819
Noninterest income		111,249			109,053			(2,196	)	(1.97	)%		8,993			118,046
Noninterest expense		248,472			260,471			11,999		4.83	%		23,737			284,208
OTHER
Net interest margin		4.59	%		4.67	%							4.44	%		4.62	%
Net interest margin – full year					4.60	%										4.58	%

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 13

CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
ASSETS
Cash and due from banks	$	1,706,590		$	1,109,202		$	1,232,527		$	1,085,482		$	850,998
Money market investments:
Interest-bearing deposits		22,179			13,350			11,004			16,821			1,251
Federal funds sold		414,281			460,167			52,327			35,070			130,086
Security resell agreements		230,282			528,763			537,327			548,173			461,750
Investment securities:
Held to maturity, at cost (approximate market value $646,678, $641,264, $649,808, $629,684 and $641,783)		649,791			642,687			649,888			635,774			641,659
Available for sale, at market		5,298,090			3,997,593			3,972,829			4,001,244			4,189,486
Trading account, at market (includes $43,444, $141,535, $102,916, $114,302 and $163,248 transferred as collateral under repurchase agreements)		101,562			352,059			282,082			303,469			290,070
		6,049,443			4,992,339			4,904,799			4,940,487			5,121,215
Loans:
Loans held for sale		256,236			213,223			207,123			196,994			196,736
Loans and leases		29,996,022			23,823,715			23,718,150			22,872,786			22,535,344
		30,252,258			24,036,938			23,925,273			23,069,780			22,732,080
Less:
Unearned income and fees, net of related costs		125,322			106,921			103,710			102,511			104,959
Allowance for loan losses		338,399			287,237			281,428			273,906			271,117
Loans and leases, net of allowance		29,788,537			23,642,780			23,540,135			22,693,363			22,356,004
Other noninterest-bearing investments		938,515			708,368			698,968			690,922			665,198
Premises and equipment, net		564,745			410,800			409,488			407,262			409,210
Goodwill		1,887,588			639,120			638,933			638,933			642,645
Core deposit and other intangibles		199,166			47,670			51,397			52,007			55,440
Other real estate owned		19,966			15,176			11,070			10,266			11,877
Other assets		950,044			854,966			787,319			764,700			764,160
	$	42,771,336		$	33,422,701		$	32,875,294		$	31,883,486		$	31,469,834
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	9,931,333		$	7,725,179		$	7,577,450		$	7,189,420		$	6,821,528
Interest-bearing:
Savings and money market		16,055,754			13,442,012			13,195,200			13,312,525			13,349,347
Time under $100,000		1,938,789			1,554,064			1,468,017			1,422,582			1,387,784
Time $100,000 and over		2,537,096			1,892,210			1,557,978			1,457,914			1,294,109
Foreign		2,179,436			786,276			599,890			496,647			439,493
		32,642,408			25,399,741			24,398,535			23,879,088			23,292,261
Securities sold, not yet purchased		64,654			331,891			291,353			297,591			309,893
Federal funds purchased		1,255,662			1,262,646			1,593,010			1,314,927			1,841,092
Security repurchase agreements		1,027,658			756,631			755,676			714,154			683,984
Other liabilities		584,296			571,583			544,691			624,593			429,129
Commercial paper		167,188			149,089			75,393			142,190			165,447
Federal Home Loan Bank advances and other borrowings:
One year or less		18,801			13,063			314,643			161,270			15,949
Over one year		234,488			226,482			227,039			227,595			228,152
Long-term debt		2,511,366			1,685,683			1,712,381			1,673,974			1,690,589
Total liabilities		38,506,521			30,396,809			29,912,721			29,035,382			28,656,496
Minority interest		27,551			26,719			24,665			26,338			23,359
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 105,147,562, 90,067,016, 90,062,646, 89,891,146 and 89,829,947 shares		2,156,732			971,002			961,510			969,739			972,065
Retained earnings		2,179,885			2,084,439			1,994,015			1,907,727			1,830,064
Accumulated other comprehensive loss		(83,043	)		(52,088	)		(12,905	)		(50,724	)		(7,932	)
Deferred compensation		(16,310	)		(4,180	)		(4,712	)		(4,976	)		(4,218	)
Total shareholders’ equity		4,237,264			2,999,173			2,937,908			2,821,766			2,789,979
	$	42,771,336		$	33,422,701		$	32,875,294		$	31,883,486		$	31,469,834

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Press Release – Page 14

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(In thousands, except per share amounts)	December 31, 2005		September 30, 2005		June 30, 2005		March 31, 2005		December 31, 2004
Interest income:
Interest and fees on loans	$	458,429	$	406,319	$	380,233	$	350,935	$	333,088
Interest on loans held for sale		3,131		2,462		2,618		1,603		1,443
Lease financing		4,010		3,980		4,023		4,066		4,187
Interest on money market investments		13,280		7,723		6,041		4,638		4,826
Interest on securities:
Held to maturity – taxable		1,866		1,827		1,833		1,805		1,743
Held to maturity – nontaxable		5,948		6,066		6,008		5,983		5,972
Available for sale – taxable		56,267		49,339		49,102		46,920		45,799
Available for sale – nontaxable		1,433		808		834		856		865
Trading account		4,038		4,753		5,044		6,035		6,388
Total interest income		548,402		483,277		455,736		422,841		404,311
Interest expense:
Interest on savings and money market deposits		71,093		59,539		49,236		40,736		35,201
Interest on time and foreign deposits		43,740		31,536		24,557		19,887		17,352
Interest on borrowed funds		58,750		51,550		51,015		47,267		42,374
Total interest expense		173,583		142,625		124,808		107,890		94,927
Net interest income		374,819		340,652		330,928		314,951		309,384
Provision for loan losses		10,116		12,107		11,417		9,383		13,159
Net interest income after provision for loan losses		364,703		328,545		319,511		305,568		296,225
Noninterest income:
Service charges and fees on deposit accounts		34,375		32,233		31,406		30,782		32,023
Loan sales and servicing income		21,315		21,649		16,790		18,068		18,577
Other service charges, commissions and fees		33,178		28,983		28,205		26,715		25,931
Trust and investment management income		4,284		3,817		4,531		3,405		4,387
Income from securities conduit		8,977		8,553		8,617		8,819		8,503
Dividends and other investment income		7,642		6,954		7,436		8,008		8,015
Market making, trading and nonhedge derivative income		1,352		4,069		6,509		3,784		2,915
Equity securities gains (losses), net		1,764		1,089		(2,778)		(1,387)		(4,709)
Fixed income securities gains (losses), net		423		276		(1,187)		1,333		66
Other		4,736		3,626		7,023		3,469		3,239
Total noninterest income		118,046		111,249		106,552		102,996		98,947
Noninterest expense:
Salaries and employee benefits		154,942		142,590		138,244		138,126		138,062
Occupancy, net		21,388		19,048		18,504		18,453		18,511
Furniture and equipment		19,032		16,979		16,260		15,919		16,453
Legal and professional services		10,012		8,575		7,967		8,250		8,715
Postage and supplies		7,043		6,510		6,798		6,488		6,432
Advertising		6,061		5,875		5,335		4,093		4,930
Impairment losses on long-lived assets		2,500		–		–		633		–
Restructuring charges		2,351		–		–		92		632
Merger related expense		3,103		207		–		–		–
Amortization of core deposit and other intangibles		6,092		3,684		3,696		3,433		3,443
Provision for unfunded lending commitments		277		435		1,042		1,671		652
Other		51,407		44,569		44,820		42,177		40,342
Total noninterest expense		284,208		248,472		242,666		239,335		238,172
Impairment loss on goodwill		602		–		–		–		–
Income before income taxes and minority interest		197,939		191,322		183,397		169,229		157,000
Income taxes		69,139		68,200		66,330		59,749		52,641
Minority interest		693		152		(1,743)		(754)		(622)
Net income	$	128,107	$	122,970	$	118,810	$	110,234	$	104,981
Weighted average shares outstanding during the period:
Basic shares		95,002		89,980		89,846		89,877		89,721
Diluted shares		96,963		91,605		91,610		91,494		91,342
Net income per common share:
Basic	$	1.35	$	1.37	$	1.32	$	1.23	$	1.17
Diluted		1.32		1.34		1.30		1.20		1.15

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Press Release – Page 15

CONSOLIDATED STATEMENTS OF INCOME (Continued)

(Unaudited)

	Years Ended December 31,
(In thousands, except per share amounts)	2005			2004
Interest income:
Interest and fees on loans	$	1,595,916		$	1,229,721
Interest on loans held for sale		9,814			5,038
Lease financing		16,079			16,839
Interest on money market investments		31,682			16,355
Interest on securities:
Held to maturity – taxable		7,331			5,467
Held to maturity – nontaxable		24,005			18,742
Available for sale – taxable		201,628			160,621
Available for sale – nontaxable		3,931			9,062
Trading account		19,870			29,615
Total interest income		1,910,256			1,491,460
Interest expense:
Interest on savings and money market deposits		220,604			121,189
Interest on time and foreign deposits		119,720			61,177
Interest on borrowed funds		208,582			148,276
Total interest expense		548,906			330,642
Net interest income		1,361,350			1,160,818
Provision for loan losses		43,023			44,067
Net interest income after provision for loan losses		1,318,327			1,116,751
Noninterest income:
Service charges and fees on deposit accounts		128,796			131,683
Loan sales and servicing income		77,822			79,081
Other service charges, commissions and fees		117,081			104,606
Trust and investment management income		16,037			16,977
Income from securities conduit		34,966			35,185
Dividends and other investment income		30,040			31,812
Market making, trading and nonhedge derivative income		15,714			17,565
Equity securities losses, net		(1,312	)		(9,765	)
Fixed income securities gains, net		845			2,510
Other		18,854			21,887
Total noninterest income		438,843			431,541
Noninterest expense:
Salaries and employee benefits		573,902			531,303
Occupancy, net		77,393			73,716
Furniture and equipment		68,190			65,781
Legal and professional services		34,804			32,390
Postage and supplies		26,839			25,679
Advertising		21,364			19,747
Impairment losses on long-lived assets		3,133			712
Restructuring charges		2,443			1,068
Merger related expense		3,310			–
Amortization of core deposit and other intangibles		16,905			14,129
Provision for unfunded lending commitments		3,425			467
Other		182,973			158,307
Total noninterest expense		1,014,681			923,299
Impairment loss on goodwill		602			602
Income before income taxes and minority interest		741,887			624,391
Income taxes		263,418			220,126
Minority interest		(1,652	)		(1,722	)
Net income	$	480,121		$	405,987
Weighted average shares outstanding during the period:
Basic shares		91,187			89,663
Diluted shares		92,994			90,882
Net income per common share:
Basic	$	5.27		$	4.53
Diluted		5.16			4.47

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Press Release – Page 16

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY AND COMPREHENSIVE INCOME

(Unaudited)

(In thousands)	Common     Stock			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Deferred Compensation			Total Shareholders’ Equity
Balance, December 31, 2004	$	972,065		$	1,830,064		$	(7,932	)	$	(4,218	)	$	2,789,979
Comprehensive income:
Net income					480,121									480,121
Other comprehensive loss, net of tax:
Net realized and unrealized holding losses on investments and retained interests								(28,380	)
Foreign currency translation								(1,507	)
Reclassification for net realized gains on investments recorded in operations								(659	)
Net unrealized losses on derivative instruments								(40,771	)
Minimum pension liability								(3,794	)
Other comprehensive loss								(75,111	)					(75,111	)
Total comprehensive income														405,010
Stock redeemed and retired		(82,211	)											(82,211	)
Restricted stock issued and net stock options exercised		113,290												113,290
Common and restricted stock issued and stock options assumed in acquisition		1,153,588									(3,906	)		1,149,682
Cash dividends – common, $1.44 per share					(130,300	)								(130,300	)
Change in deferred compensation											(8,186	)		(8,186	)
Balance, December 31, 2005	$	2,156,732		$	2,179,885		$	(83,043	)	$	(16,310	)	$	4,237,264
Balance, December 31, 2003	$	985,904		$	1,538,677		$	19,041		$	(3,599	)	$	2,540,023
Comprehensive income:
Net income					405,987									405,987
Other comprehensive loss, net of tax:
Net realized and unrealized holding losses on on investments and retained interests								(3,622	)
Foreign currency translation								803
Reclassification for net realized gains on investments recorded in operations								(1,422	)
Net unrealized losses on derivative instruments								(20,209	)
Minimum pension liability								(2,523	)
Other comprehensive loss								(26,973	)					(26,973	)
Total comprehensive income														379,014
Stock redeemed and retired		(104,881	)											(104,881	)
Net stock options exercised		91,042												91,042
Cash dividends – common, $1.26 per share					(114,600	)								(114,600	)
Change in deferred compensation											(619	)		(619	)
Balance, December 31, 2004	$	972,065		$	1,830,064		$	(7,932	)	$	(4,218	)	$	2,789,979

Total comprehensive income for the three months ended December 31, 2005 and 2004 was $97,152 and $87,809, respectively.

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Press Release – Page 17

Nonperforming Assets

(Unaudited)

(In thousands)	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004
Nonaccrual loans	$	68,717		$	67,248		$	61,871		$	65,199		$	71,763
Restructured loans		380			677			739			624			646
Other real estate owned		19,966			15,176			11,070			10,266			11,877
Total	$	89,063		$	83,101		$	73,680		$	76,089		$	84,286
% of net loans and leases* and other real estate owned		0.30	%		0.35	%		0.31	%		0.33	%		0.37	%
Accruing loans past due 90 days or more	$	17,153		$	15,836		$	13,183		$	20,160		$	16,375
% of net loans and leases*		0.06	%		0.07	%		0.06	%		0.09	%		0.07	%
*Includes loans held for sale.
Allowances for Credit Losses
(Unaudited)
	Three Months Ended
(In thousands)	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004
Allowance for Loan Losses
Balance at beginning of period	$	287,237		$	281,428		$	273,906		$	271,117		$	269,413
Allowance of company acquired		49,217			–			–			–			–
Add:
Provision for losses		10,116			12,107			11,417			9,383			13,159
Deduct:
Loan and lease charge-offs		(12,168	)		(10,883	)		(8,633	)		(11,085	)		(20,024	)
Recoveries		3,997			4,585			4,738			4,491			8,569
Net loan and lease charge-offs		(8,171	)		(6,298	)		(3,895	)		(6,594	)		(11,455	)
Balance at end of period	$	338,399		$	287,237		$	281,428		$	273,906		$	271,117
Ratio of allowance for loan losses to net loans and leases outstanding at period end		1.12	%		1.20	%		1.18	%		1.19	%		1.20	%
Ratio of allowance for loan losses to nonperforming loans at period end		489.74	%		422.87	%		449.49	%		416.13	%		374.42	%
Allowance for Unfunded Lending Commitments
Balance at beginning of period	$	15,830		$	15,395		$	14,353		$	12,682		$	12,030
Allowance of company acquired		2,013			–			–			–			–
Provision charged against earnings		277			435			1,042			1,671			652
Balance at end of period	$	18,120		$	15,830		$	15,395		$	14,353		$	12,682
Total Allowances for Credit Losses
Allowance for loan losses	$	338,399		$	287,237		$	281,428		$	273,906		$	271,117
Allowance for unfunded lending commitments		18,120			15,830			15,395			14,353			12,682
Total allowances for credit losses	$	356,519		$	303,067		$	296,823		$	288,259		$	283,799
Ratio of total allowances for credit losses to net loans and leases outstanding at period end		1.18	%		1.27	%		1.25	%		1.26	%		1.25	%

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Press Release – Page 18

Sold Loans Being Serviced (Unaudited)
	Three Months Ended
(In thousands)	December 31, 2005		September 30, 2005		June 30, 2005		March 31, 2005		December 31, 2004
Balance at beginning of period	$	3,561,818	$	2,910,182	$	2,995,630	$	3,065,909	$	3,152,924
New loans sold		100,273		880,808		120,091		98,772		83,175
Payments and other reductions		(279,488)		(229,172)		(205,539)		(169,051)		(170,190)
Balance at end of period	$	3,382,603	$	3,561,818	$	2,910,182	$	2,995,630	$	3,065,909
Loan Balances By Portfolio Type (Unaudited)
(In millions)	December 31, 2005 (1)		September 30, 2005		June 30, 2005		March 31, 2005		December 31, 2004
Loans held for sale	$	165	$	213	$	207	$	197	$	197
Commercial lending:
Commercial and industrial		4,990		4,885		4,760		4,604		4,643
Leasing		373		359		361		359		370
Owner occupied		4,451		4,063		4,341		4,036		3,790
Total commercial lending		9,814		9,307		9,462		8,999		8,803
Commercial real estate:
Construction		4,635		4,435		4,074		3,779		3,536
Term		4,205		4,051		4,118		4,032		3,998
Total commercial real estate		8,840		8,486		8,192		7,811		7,534
Consumer:
Home equity credit line		1,099		1,041		1,134		1,099		1,104
1-4 family residential		4,150		4,229		4,156		4,155		4,234
Bankcard and other revolving plans		192		194		208		211		225
Other		434		437		468		490		532
Total consumer		5,875		5,901		5,966		5,955		6,095
Foreign loans		4		5		5		5		5
Other receivables		150		125		93		103		98
Total loans	$	24,848	$	24,037	$	23,925	$	23,070	$	22,732

(1) Excludes $5,404 million of Amegy gross loans as of December 31, 2005, for which loan detail in these categories is not yet available.

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CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended December 31, 2005						Three Months Ended December 31, 2004
(In thousands)	Average Balance		Amount of Interest (1)		Average Rate		Average Balance		Amount of Interest (1)		Average Rate
ASSETS
Money market investments	$	1,353,731	$	13,280	3.89	%	$	1,125,352	$	4,826	1.71	%
Securities:
Held to maturity		635,567		11,017	6.88	%		636,886		10,931	6.83	%
Available for sale		4,325,232		58,472	5.36	%		4,003,565		47,130	4.68	%
Trading account		391,294		4,038	4.09	%		615,173		6,388	4.13	%
Total securities		5,352,093		73,527	5.45	%		5,255,624		64,449	4.88	%
Loans:
Loans held for sale		245,826		3,131	5.05	%		165,377		1,443	3.47	%
Net loans and leases (2)		25,737,047		463,961	7.15	%		21,701,384		338,767	6.21	%
Total loans and leases		25,982,873		467,092	7.13	%		21,866,761		340,210	6.19	%
Total interest-earning assets		32,688,697		553,899	6.72	%		28,247,737		409,485	5.77	%
Cash and due from banks		1,270,102						1,099,638
Allowance for loan losses		(304,802)						(271,965)
Goodwill		1,060,381						642,646
Core deposit and other intangibles		101,593						58,956
Other assets		1,964,748						1,724,466
Total assets	$	36,780,719					$	31,501,478
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,418,715		11,170	1.00	%	$	4,274,329		6,288	0.59	%
Money market		9,844,688		59,923	2.41	%		9,023,226		28,913	1.27	%
Time under $100,000		1,699,425		13,335	3.11	%		1,397,896		7,329	2.09	%
Time $100,000 and over		2,137,986		18,880	3.50	%		1,273,926		8,236	2.57	%
Foreign		1,221,988		11,525	3.74	%		397,344		1,787	1.79	%
Total interest-bearing deposits		19,322,802		114,833	2.36	%		16,366,721		52,553	1.28	%
Borrowed funds:
Securities sold, not yet purchased		377,368		3,742	3.93	%		523,512		5,014	3.81	%
Federal funds purchased and security repurchase agreements		2,283,851		18,796	3.27	%		2,480,174		10,869	1.74	%
Commercial paper		146,332		1,535	4.16	%		185,059		971	2.09	%
FHLB advances and other borrowings:
One year or less		9,610		82	3.39	%		10,538		48	1.81	%
Over one year		229,069		2,907	5.03	%		228,417		2,912	5.07	%
Long-term debt		2,057,797		31,688	6.11	%		1,692,124		22,560	5.30	%
Total borrowed funds		5,104,027		58,750	4.57	%		5,119,824		42,374	3.29	%
Total interest-bearing liabilities		24,426,829		173,583	2.82	%		21,486,545		94,927	1.76	%
Noninterest-bearing deposits		8,282,507						6,778,223
Other liabilities		615,699						453,457
Total liabilities		33,325,035						28,718,225
Minority interest		27,079						23,176
Total shareholders’ equity		3,428,605						2,760,077
Total liabilities and shareholders’ equity	$	36,780,719					$	31,501,478
Spread on average interest-bearing funds					3.90	%					4.01	%
Taxable-equivalent net interest income and net yield on interest-earning assets			$	380,316	4.62	%			$	314,558	4.43	%

(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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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 20

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Year Ended December 31, 2005							Year Ended December 31, 2004
(In thousands)	Average Balance			Amount of Interest (1)		Average Rate		Average Balance			Amount of Interest (1)		Average Rate
ASSETS
Money market investments	$	988,323		$	31,682	3.21	%	$	1,463,111		$	16,355	1.12	%
Securities:
Held to maturity		638,950			44,262	6.93	%		499,898			34,301	6.86	%
Available for sale		4,021,478			207,676	5.16	%		3,968,043			174,563	4.40	%
Trading account		496,906			19,870	4.00	%		732,365			29,615	4.04	%
Total securities		5,157,334			271,808	5.27	%		5,200,306			238,479	4.59	%
Loans:
Loans held for sale		204,523			9,814	4.80	%		159,444			5,038	3.16	%
Net loans and leases (2)		23,804,106			1,617,952	6.80	%		20,886,928			1,252,847	6.00	%
Total loans and leases		24,008,629			1,627,766	6.78	%		21,046,372			1,257,885	5.98	%
Total interest-earning assets		30,154,286			1,931,256	6.40	%		27,709,789			1,512,719	5.46	%
Cash and due from banks		1,122,747							1,025,536
Allowance for loan losses		(285,285	)						(271,828	)
Goodwill		746,072							647,965
Core deposit and other intangibles		65,969							64,695
Other assets		1,798,915							1,759,991
Total assets	$	33,602,704						$	30,936,148
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,346,572			36,668	0.84	%	$	4,245,026			24,430	0.58	%
Money market		9,131,214			183,936	2.01	%		8,572,016			96,759	1.13	%
Time under $100,000		1,523,251			41,733	2.74	%		1,436,631			27,524	1.92	%
Time $100,000 and over		1,712,492			54,660	3.19	%		1,243,890			29,251	2.35	%
Foreign		737,282			23,327	3.16	%		337,695			4,402	1.30	%
Total interest-bearing deposits		17,450,811			340,324	1.95	%		15,835,258			182,366	1.15	%
Borrowed funds:
Securities sold, not yet purchased		474,428			17,645	3.72	%		625,273			24,166	3.86	%
Federal funds purchased and security repurchase agreements		2,307,041			63,579	2.76	%		2,682,326			32,244	1.20	%
Commercial paper		148,804			5,006	3.36	%		200,406			3,028	1.51	%
FHLB advances and other borrowings:
One year or less		204,262			5,919	2.90	%		251,679			2,873	1.14	%
Over one year		227,760			11,494	5.05	%		229,855			11,670	5.08	%
Long-term debt		1,786,177			104,939	5.88	%		1,659,223			74,295	4.48	%
Total borrowed funds		5,148,472			208,582	4.05	%		5,648,762			148,276	2.62	%
Total interest-bearing liabilities		22,599,283			548,906	2.43	%		21,484,020			330,642	1.54	%
Noninterest-bearing deposits		7,417,109							6,269,110
Other liabilities		533,211							501,398
Total liabilities		30,549,603							28,254,528
Minority interest		25,726							22,637
Total shareholders’ equity		3,027,375							2,658,983
Total liabilities and shareholders’ equity	$	33,602,704						$	30,936,148
Spread on average interest-bearing funds						3.97	%						3.92	%
Taxable-equivalent net interest income and net yield on interest-earning assets				$	1,382,350	4.58	%				$	1,182,077	4.27	%

(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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