8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 20, 2006

ZIONS BANCORPORATION

(Exact name of registrant as specified in its charter)

UTAH	0-2610	87-0227400
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
ONE SOUTH MAIN, SUITE 1134, SALT LAKE CITY, UTAH		84111
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code 801-524-4787

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 20, 2006, Zions Bancorporation (“the Company”) announced its financial results for the quarter ended March 31, 2006. The press release announcing the financial results for the quarter ended March 31, 2006 is furnished as Exhibit 99.1 and incorporated herein by reference.

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

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(c)    Exhibits.

The following exhibit is furnished as part of this Current Report on Form 8-K:

Exhibit 99.1    Press Release dated April 20, 2006

S I G N A T U R E S

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: Title:	Doyle L. Arnold Vice Chairman and Chief Financial Officer

Date: April 20, 2006

EX-99.1

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	April 20, 2006
Harris H. Simmons
Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS EARNINGS OF

$1.28 PER DILUTED SHARE FOR FIRST QUARTER 2006

Reported Earnings Include Impact of Merger Related Expenses

and Adoption of SFAS 123R

SALT LAKE CITY, April 20, 2006 – Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported first-quarter net income of $137.6 million, or $1.28 per diluted share. Net income and earnings per diluted share increased 24.9% and 6.7% over the $110.2 million, or $1.20 per diluted share reported for the first quarter of 2005. The return on average common equity was 12.92% in the first quarter of 2006 compared to 15.83% for the same period in 2005.

Results of operations for the first quarter of 2006 include Amegy Corporation (“Amegy”), which was acquired by Zions on December 3, 2005; results of operations for the fourth quarter of 2005 include one month of Amegy. The first quarter of 2006 includes after-tax merger related expenses of $3.6 million ($.03 per diluted share) related to the Amegy acquisition and related systems conversion efforts.

Effective January 1, 2006, the Company adopted SFAS No. 123 (revised 2004) Share-Based Payment (“SFAS 123R”) using the “modified prospective” method. The after-tax effect of the adoption on earnings for the first quarter of 2006 was to reduce net income by $2.8 million or $.03 per diluted share.

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ZIONS BANCORPORATION

Press Release – Page 2

April 20, 2006

“We are very pleased to report strong quarterly earnings driven by continued strength in loan growth and in the net interest margin,” said Harris H. Simmons, chairman and chief executive officer. “The integration of Amegy is well under way,” continued Mr. Simmons. “We expect to see additional expense savings in future quarters resulting from the successful conversion of Amegy systems and further integration of corporate functions.”

Strong Loan and Deposit Growth

On-balance-sheet net loans and leases at March 31, 2006 were $31.1 billion, an annualized increase of 13.5% from $30.1 billion at December 31, 2005, and an increase of 35.6% from $23.0 billion at March 31, 2005. Zions experienced strong loan growth during the first quarter in commercial and commercial real estate loan categories; this growth was diversified geographically.

Total period-end deposits for the first quarter of 2006 increased to $32.9 billion, an annualized increase of 2.8% from $32.6 billion at December 31, 2005, and an increase of 37.7% from $23.9 billion at March 31, 2005. Noninterest-bearing demand deposits at March 31, 2006 were essentially unchanged from December 31, 2005. Savings and money market deposit period-end balances increased to $16.4 billion, an annualized increase of 7.5% from $16.1 billion at December 31, 2005.

Loan and deposit totals at March 31, 2006 and December 31, 2005 include Amegy, which was acquired in December 2005.

Net Interest Income

Taxable-equivalent net interest income for the first quarter of 2006 was $428.8 million, an increase of 34.0% compared to $320.1 million for the first quarter of 2005. The increase reflects the acquisition of Amegy, the previously discussed loan and deposit growth, and an improved net interest margin. For the first quarter of 2006, the net interest margin was 4.69%, compared to 4.62% for the fourth quarter of 2005 and 4.53% for the first quarter of 2005.

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ZIONS BANCORPORATION

Press Release – Page 3

April 20, 2006

Noninterest Income

For the first quarter of 2006, noninterest income increased 10.1% to $129.9 million compared with $118.0 million for the fourth quarter of 2005, and 26.2% compared with $103.0 million for the first quarter of 2005. The increases in total and individual categories of noninterest income for the first quarter of 2006 compared to the fourth and first quarters of 2005 were mainly due to the Amegy acquisition.

Loan sales and servicing income declined by approximately $5.8 million in the first quarter of 2006 compared to the fourth quarter of 2005 due to decreased loans sales during the quarter and the impact of rising rates on excess servicing income.

Noninterest Expense

Noninterest expense for the first quarter of 2006 was $325.9 million compared to $284.2 million for the fourth quarter of 2005, and $239.3 million for the first quarter of 2005. The first quarter of 2006 includes pretax merger related expense of $5.7 million compared to $3.1 million for the fourth quarter of 2005. The first quarter of 2006 also includes $3.9 million of compensation expense from the adoption of SFAS 123R. Increases in other individual categories of noninterest expense for the first quarter of 2006 compared to the fourth quarter of 2005 are primarily due to the acquisition of Amegy.

The efficiency ratio for the first quarter of 2006 was 58.3% compared to 57.0% for the fourth quarter of 2005 and 56.6% for the first quarter of 2005. This deterioration in the efficiency ratio reflects higher noninterest expenses, including merger related expenses and amortization of intangibles, both related to the acquisition of Amegy.

Asset Quality

The ratio of nonperforming assets to net loans and leases and other real estate owned was 0.31% at March 31, 2006, compared to 0.30% at December 31, 2005 and 0.33% at March 31, 2005.

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ZIONS BANCORPORATION

Press Release – Page 4

April 20, 2006

Net loan and lease charge-offs were $11.7 million or 0.15% of average loans on an annualized basis for the first quarter of 2006. This compares with $8.2 million or 0.13%, annualized for the fourth quarter of 2005 and $6.6 million or 0.12%, annualized for the first quarter of 2005.

At March 31 2006, the allowance for loan losses as a percentage of net loans and leases was 1.10%, a decrease from 1.12% at December 31, 2005 and 1.19 % at March 31, 2005. The decreased percentages at March 31, 2006 and December 31, 2005 compared to March 31, 2005 were mainly the result of the Amegy acquisition. Amegy’s allowance for loan losses as a percentage of net loans and leases was 0.94% at March 31, 2006 and 0.92% at December 31, 2005. The allowance for loan losses at March 31, 2006 was 476.7% of nonperforming loans. The combined allowances for credit losses (allowance for loan losses plus the allowance for unfunded lending commitments) of $359.1 million were 1.15% of net loans and leases at March 31, 2006.

The combined provisions for loan losses and unfunded lending commitments for the first quarter of 2006 were $14.2 million compared to $10.4 million for the fourth quarter of 2005 and $11.1 million for the first quarter of 2005. The increase was primarily driven by strong loan growth during the quarter.

Capital Management

The Company’s tangible common equity ratio was 5.51% at March 31, 2006, compared to 5.28% at December 31, 2005 and 6.83% at March 31, 2005. Weighted average common and common-equivalent shares outstanding for the first quarter of 2006 were 107,724,724 compared to 96,963,446 for the fourth quarter of 2005 and 91,493,962 for the first quarter of 2005. Common shares outstanding at March 31, 2006 were 106,070,045 compared to 105,147,562 shares at December 31, 2005 and 89,891,146 shares at March 31, 2005. The increases in weighted average common and common-equivalent shares and outstanding common shares resulted mainly from the issuance of 14,351,115 common shares in the Amegy acquisition in December 2005. The increase in outstanding shares during the first quarter of 2006 resulted mainly from the exercise of stock options.

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ZIONS BANCORPORATION

Press Release – Page 5

April 20, 2006

Conference Call

Zions will host a conference call to discuss these first quarter results at 5:30 p.m. ET this afternoon (April 20, 2006). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-866-203-2528 and entering the passcode 28551692, 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, April 20 through midnight ET on Thursday, April 27, by dialing 1-888-286-8010 and entering the passcode 95924347. 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 over 450 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 to successfully execute its business plans and achieve its objectives; changes in general economic and

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ZIONS BANCORPORATION

Press Release – Page 6

April 20, 2006

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 2005 Annual Report on Form 10-K of Zions Bancorporation 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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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 7

FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended March 31,
(In thousands, except per share and ratio data)	2006		2005		% Change
EARNINGS
Taxable-equivalent net interest income	$	428,824	$	320,120	33.96 %
Taxable-equivalent revenue		558,755		423,116	32.06 %
Net interest income		422,847		314,951	34.26 %
Noninterest income		129,931		102,996	26.15 %
Provision for loan losses		14,512		9,383	54.66 %
Noninterest expense		325,898		239,335	36.17 %
Income before income taxes and minority interest		212,368		169,229	25.49 %
Income taxes		75,258		59,749	25.96 %
Minority interest		(523)		(754)	(30.64)%
Net income		137,633		110,234	24.86 %
PER COMMON SHARE
Net income (diluted)		1.28		1.20	6.67 %
Dividends		0.36		0.36	–
Book value		40.95		31.39	30.46 %
SELECTED RATIOS
Return on average assets		1.31%		1.40%
Return on average common equity		12.92%		15.83%
Efficiency ratio		58.33%		56.56%
Net interest margin		4.69%		4.53%

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Press Release – Page 8

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended March 31,
(In thousands, except share and ratio data)	2006		2005		% Change
AVERAGE BALANCES
Total assets		$  42,646,242		$  31,850,979	33.89 %
Securities		6,073,692		5,191,995	16.98 %
Net loans and leases		30,468,784		22,675,601	34.37 %
Goodwill		1,887,551		642,604	193.73 %
Core deposit and other intangibles		196,551		56,653	246.94 %
Total deposits		32,023,293		23,223,512	37.89 %
Core deposits (1)		29,453,658		21,838,213	34.87 %
Minority interest		28,223		24,849	13.58 %
Shareholders’ equity		4,321,311		2,824,874	52.97 %
Weighted average common and common-equivalent shares outstanding		107,724,724		91,493,962	17.74 %
AT PERIOD END
Total assets	$	43,318,029	$	31,883,486	35.86 %
Securities		5,984,115		4,940,487	21.12 %
Net loans and leases		31,140,326		22,967,269	35.59 %
Sold loans being serviced (2)		3,183,992		2,995,630	6.29 %
Allowance for loan losses		341,261		273,906	24.59 %
Allowance for unfunded lending commitments		17,841		14,353	24.30 %
Goodwill		1,884,225		638,933	194.90 %
Core deposit and other intangibles		188,384		52,007	262.23 %
Total deposits		32,872,708		23,879,088	37.66 %
Core deposits (1)		30,179,291		22,421,174	34.60 %
Minority interest		28,895		26,338	9.71 %
Shareholders’ equity		4,343,816		2,821,766	53.94 %
Common shares outstanding		106,070,045		89,891,146	18.00 %
Average equity to average assets		10.13%		8.87%
Common dividend payout		27.71%		29.55%
Tangible common equity ratio		5.51%		6.83%
Nonperforming assets		96,556		76,089	26.90 %
Accruing loans past due 90 days or more		10,299		20,160	(48.91)%
Nonperforming assets to net loans and leases and other real estate owned at period end		0.31%		0.33%

(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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Press Release – Page 9

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
	March 31,	December 31,	September 30,	June 30,	March 31,
(In thousands, except per share and ratio data)	2006	2005
EARNINGS
Taxable-equivalent net interest income	$  428,824	$  380,316	$  345,826	$  336,088	$  320,120
Taxable-equivalent revenue	558,755	498,362	457,075	442,640	423,116
Net interest income	422,847	374,819	340,652	330,928	314,951
Noninterest income	129,931	118,046	111,249	106,552	102,996
Provision for loan losses	14,512	10,116	12,107	11,417	9,383
Noninterest expense	325,898	284,208	248,472	242,666	239,335
Impairment loss on goodwill	–	602	–	–	–
Income before income taxes and minority interest	212,368	197,939	191,322	183,397	169,229
Income taxes	75,258	69,139	68,200	66,330	59,749
Minority interest	(523)	693	152	(1,743)	(754)
Net income	137,633	128,107	122,970	118,810	110,234
PER COMMON SHARE
Net income (diluted)	1.28	1.32	1.34	1.30	1.20
Dividends	0.36	0.36	0.36	0.36	0.36
Book value	40.95	40.30	33.30	32.62	31.39
SELECTED RATIOS
Return on average assets	1.31%	1.38%	1.47%	1.47%	1.40%
Return on average common equity	12.92%	14.82%	16.41%	16.56%	15.83%
Efficiency ratio	58.33%	57.03%	54.36%	54.82%	56.56%
Net interest margin	4.69%	4.62%	4.59%	4.60%	4.53%

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands, except share and ratio data)	2006		2005
AVERAGE BALANCES
Total assets	$	42,646,242	$	36,780,719	$	33,218,477	$	32,510,692	$	31,850,979
Securities		6,073,692		5,352,093		4,993,735		5,091,552		5,191,995
Net loans and leases		30,468,784		25,982,873		24,009,024		23,330,670		22,675,601
Goodwill		1,887,551		1,060,381		638,957		638,932		642,604
Core deposit and other intangibles		196,551		101,593		52,276		53,011		56,653
Total deposits		32,023,293		27,605,309		24,807,387		23,787,985		23,223,512
Core deposits (1)		29,453,658		25,467,323		23,029,389		22,248,291		21,838,213
Minority interest		28,223		27,079		26,220		24,726		24,849
Shareholders’ equity		4,321,311		3,428,605		2,972,615		2,877,374		2,824,874
Weighted average common and common-equivalent shares outstanding		107,724,724		96,963,446		91,605,279		91,610,296		91,493,962
AT PERIOD END
Total assets	$	43,318,029	$	42,779,639	$	33,422,701	$	32,875,294	$	31,883,486
Securities		5,984,115		6,057,212		4,992,339		4,904,799		4,940,487
Net loans and leases		31,140,326		30,126,936		23,930,017		23,821,563		22,967,269
Sold loans being serviced (2)		3,183,992		3,382,603		3,561,818		2,910,182		2,995,630
Allowance for loan losses		341,261		338,399		287,237		281,428		273,906
Allowance for unfunded lending commitments		17,841		18,120		15,830		15,395		14,353
Goodwill		1,884,225		1,887,588		639,120		638,933		638,933
Core deposit and other intangibles		188,384		199,166		47,670		51,397		52,007
Total deposits		32,872,708		32,642,408		25,399,741		24,398,535		23,879,088
Core deposits (1)		30,179,291		30,127,812		23,507,531		22,840,557		22,421,174
Minority interest		28,895		27,551		26,719		24,665		26,338
Shareholders’ equity		4,343,816		4,237,264		2,999,173		2,937,908		2,821,766
Common shares outstanding		106,070,045		105,147,562		90,067,016		90,062,646		89,891,146
Average equity to average assets		10.13%		9.32%		8.95%		8.85%		8.87%
Common dividend payout		27.71%		25.50%		26.47%		27.37%		29.55%
Tangible common equity ratio		5.51%		5.28%		7.06%		6.98%		6.83%
Nonperforming assets		96,556		89,063		83,101		73,680		76,089
Accruing loans past due 90 days or more		10,299		17,153		15,836		13,183		20,160
Nonperforming assets to net loans and leases and other real estate owned at period end		0.31%		0.30%		0.35%		0.31%		0.33%

(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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Press Release – Page 11

CONSOLIDATE BALANCE SHEETS

(In thousands, except share amounts)	March 31, 2006		December 31, 2005		September 30, 2005		June 30, 2005		March 31, 2005
	(Unaudited)				(Unaudited)		(Unaudited)		(Unaudited)
ASSETS
Cash and due from banks	$	1,584,857	$	1,706,590	$	1,109,202	$	1,232,527	$	1,085,482
Money market investments:
Interest-bearing deposits		51,942		22,179		13,350		11,004		16,821
Federal funds sold		178,406		414,281		460,167		52,327		35,070
Security resell agreements		238,762		230,282		528,763		537,327		548,173
Investment securities:
Held to maturity, at cost (approximate market value $633,784, $642,258, $641,737, $651,936 and $629,684)		644,212		649,791		642,687		649,888		635,774
Available for sale, at market		5,187,979		5,305,859		3,997,593		3,972,829		4,001,244
Trading account, at market (includes $34,340, $43,444, $141,535, $102,916 and $114,302 transferred as collateral under repurchase agreements)		151,924		101,562		352,059		282,082		303,469
		5,984,115		6,057,212		4,992,339		4,904,799		4,940,487
Loans:
Loans held for sale		311,655		256,236		213,223		207,123		196,994
Loans and leases		30,958,190		29,996,022		23,823,715		23,718,150		22,872,786
		31,269,845		30,252,258		24,036,938		23,925,273		23,069,780
Less:
Unearned income and fees, net of related costs		129,519		125,322		106,921		103,710		102,511
Allowance for loan losses		341,261		338,399		287,237		281,428		273,906
Loans and leases, net of allowance		30,799,065		29,788,537		23,642,780		23,540,135		22,693,363
Other noninterest-bearing investments		971,569		938,515		708,368		698,968		690,922
Premises and equipment, net		565,327		564,745		410,800		409,488		407,262
Goodwill		1,884,225		1,887,588		639,120		638,933		638,933
Core deposit and other intangibles		188,384		199,166		47,670		51,397		52,007
Other real estate owned		24,964		19,966		15,176		11,070		10,266
Other assets		846,413		950,578		854,966		787,319		764,700
	$	43,318,029	$	42,779,639	$	33,422,701	$	32,875,294	$	31,883,486
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	9,953,003	$	9,953,833	$	7,725,179	$	7,577,450	$	7,189,420
Interest-bearing:
Savings and money market		16,354,901		16,055,754		13,442,012		13,195,200		13,312,525
Time under $100,000		1,959,351		1,938,789		1,554,064		1,468,017		1,422,582
Time $100,000 and over		2,693,417		2,514,596		1,892,210		1,557,978		1,457,914
Foreign		1,912,036		2,179,436		786,276		599,890		496,647
		32,872,708		32,642,408		25,399,741		24,398,535		23,879,088
Securities sold, not yet purchased		55,577		64,654		331,891		291,353		297,591
Federal funds purchased		1,484,049		1,255,662		1,262,646		1,593,010		1,314,927
Security repurchase agreements		1,096,420		1,027,658		756,631		755,676		714,154
Other liabilities		677,495		592,599		571,583		544,691		624,593
Commercial paper		153,286		167,188		149,089		75,393		142,190
Federal Home Loan Bank advances and other borrowings:
One year or less		4,264		18,801		13,063		314,643		161,270
Over one year		134,043		234,488		226,482		227,039		227,595
Long-term debt		2,467,476		2,511,366		1,685,683		1,712,381		1,673,974
Total liabilities		38,945,318		38,514,824		30,396,809		29,912,721		29,035,382
Minority interest		28,895		27,551		26,719		24,665		26,338
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 106,070,045, 105,147,562, 90,067,016, 90,062,646 and 89,891,146 shares		2,227,914		2,156,732		971,002		961,510		969,739
Retained earnings		2,279,383		2,179,885		2,084,439		1,994,015		1,907,727
Accumulated other comprehensive loss		(123,099)		(83,043)		(52,088)		(12,905)		(50,724)
Deferred compensation		(40,382)		(16,310)		(4,180)		(4,712)		(4,976)
Total shareholders’ equity		4,343,816		4,237,264		2,999,173		2,937,908		2,821,766
	$	43,318,029	$	42,779,639	$	33,422,701	$	32,875,294	$	31,883,486

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Press Release – Page 12

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(In thousands, except per share amounts)	March 31, 2006		December 31, 2005		September 30, 2005		June 30, 2005		March 31, 2005
Interest income:
Interest and fees on loans	$	542,784	$	458,429	$	406,319	$	380,233	$	350,935
Interest on loans held for sale		4,046		3,131		2,462		2,618		1,603
Lease financing		4,130		4,010		3,980		4,023		4,066
Interest on money market investments		5,847		13,280		7,723		6,041		4,638
Interest on securities:
Held to maturity – taxable		2,215		1,866		1,827		1,833		1,805
Held to maturity – nontaxable		5,531		5,948		6,066		6,008		5,983
Available for sale – taxable		69,104		56,267		49,339		49,102		46,920
Available for sale – nontaxable		2,339		1,433		808		834		856
Trading account		2,074		4,038		4,753		5,044		6,035
Total interest income		638,070		548,402		483,277		455,736		422,841
Interest expense:
Interest on savings and money market deposits		86,623		71,093		59,539		49,236		40,736
Interest on time and foreign deposits		59,485		43,740		31,536		24,557		19,887
Interest on short-term borrowings		27,978		24,155		23,213		24,152		20,629
Interest on long-term debt		41,137		34,595		28,337		26,863		26,638
Total interest expense		215,223		173,583		142,625		124,808		107,890
Net interest income		422,847		374,819		340,652		330,928		314,951
Provision for loan losses		14,512		10,116		12,107		11,417		9,383
Net interest income after provision for loan losses		408,335		364,703		328,545		319,511		305,568
Noninterest income:
Service charges and fees on deposit accounts		40,038		34,375		32,233		31,406		30,782
Loan sales and servicing income		15,468		21,315		21,649		16,790		18,068
Other service charges, commissions and fees		40,271		33,178		28,983		28,205		26,715
Trust and investment management income		4,356		4,284		3,817		4,531		3,405
Income from securities conduit		8,406		8,977		8,553		8,617		8,819
Dividends and other investment income		9,209		7,642		6,954		7,436		8,008
Market making, trading and nonhedge derivative income		4,425		1,352		4,069		6,509		3,784
Equity securities gains (losses), net		550		1,764		1,089		(2,778)		(1,387)
Fixed income securities gains (losses), net		251		423		276		(1,187)		1,333
Other		6,957		4,736		3,626		7,023		3,469
Total noninterest income		129,931		118,046		111,249		106,552		102,996
Noninterest expense:
Salaries and employee benefits		186,053		154,942		142,590		138,244		138,126
Occupancy, net		24,092		21,388		19,048		18,504		18,453
Furniture and equipment		23,119		19,032		16,979		16,260		15,919
Legal and professional services		8,918		10,012		8,575		7,967		8,250
Postage and supplies		8,116		7,043		6,510		6,798		6,488
Advertising		6,146		6,061		5,875		5,335		4,093
Impairment losses on long-lived assets		1,304		2,500		–		–		633
Restructuring charges		17		2,351		–		–		92
Merger related expense		5,723		3,103		207		–		–
Amortization of core deposit and other intangibles		10,693		6,092		3,684		3,696		3,433
Provision for unfunded lending commitments		(279)		277		435		1,042		1,671
Other		51,996		51,407		44,569		44,820		42,177
Total noninterest expense		325,898		284,208		248,472		242,666		239,335
Impairment loss on goodwill		–		602		–		–		–
Income before income taxes and minority interest		212,368		197,939		191,322		183,397		169,229
Income taxes		75,258		69,139		68,200		66,330		59,749
Minority interest		(523)		693		152		(1,743)		(754)
Net income	$	137,633	$	128,107	$	122,970	$	118,810	$	110,234
Weighted average shares outstanding during the period:
Basic shares		105,472		95,002		89,980		89,846		89,877
Diluted shares		107,725		96,963		91,605		91,610		91,494
Net income per common share:
Basic	$	1.30	$	1.35	$	1.37	$	1.32	$	1.23
Diluted		1.28		1.32		1.34		1.30		1.20

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 13

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, 2005	$	2,156,732	$	2,179,885	$	(83,043)	$	(16,310)	$	4,237,264
Comprehensive income:
Net income for the period				137,633						137,633
Other comprehensive loss, net of tax:
Net realized and unrealized holding losses on investments and retained interests						(19,962)
Foreign currency translation						64
Reclassification for net realized gains on investments recorded in operations						(28)
Net unrealized losses on derivative instruments						(20,130)
Other comprehensive loss						(40,056)				(40,056)
Total comprehensive income										97,577
Stock redeemed and retired		(28)								(28)
Fair value of nonvested stock options, adoption of SFAS 123R		21,307						(21,307)		–
Restricted stock issued and net stock options exercised		49,903								49,903
Cash dividends – common, $.36 per share				(38,135)						(38,135)
Change in deferred compensation								(2,765)		(2,765)
Balance, March 31, 2006	$	2,227,914	$	2,279,383	$	(123,099)	$	(40,382)	$	4,343,816
Balance, December 31, 2004	$	972,065	$	1,830,064	$	(7,932)	$	(4,218)	$	2,789,979
Comprehensive income:
Net income for the period				110,234						110,234
Other comprehensive loss, net of tax:
Net realized and unrealized holding losses on investments and retained interests						(10,557)
Foreign currency translation						(413)
Reclassification for net realized gains on investments recorded in operations						(885)
Net unrealized losses on derivative instruments						(30,937)
Other comprehensive loss						(42,792)				(42,792)
Total comprehensive income										67,442
Stock redeemed and retired		(30,070)								(30,070)
Net stock options exercised		27,744								27,744
Cash dividends – common, $.36 per share				(32,571)						(32,571)
Change in deferred compensation								(758)		(758)
Balance, March 31, 2005	$	969,739	$	1,907,727	$	(50,724)	$	(4,976)	$	2,821,766

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Press Release – Page 14

Nonperforming Assets

(Unaudited)

(In thousands)	March 31, 2006		December 31, 2005		September 30, 2005		June 30, 2005		March 31, 2005
Nonaccrual loans	$	71,376	$	68,717	$	67,248	$	61,871	$	65,199
Restructured loans		216		380		677		739		624
Other real estate owned		24,964		19,966		15,176		11,070		10,266
Total	$	96,556	$	89,063	$	83,101	$	73,680	$	76,089
% of net loans and leases* and other real estate owned		0.31%		0.30%		0.35%		0.31%		0.33%
Accruing loans past due 90 days or more	$	10,299	$	17,153	$	15,836	$	13,183	$	20,160
% of net loans and leases*		0.03%		0.06%		0.07%		0.06%		0.09%
*Includes loans held for sale.
Allowances for Credit Losses
(Unaudited)
	Three Months Ended
(In thousands)	March 31, 2006		December 31, 2005		September 30, 2005		June 30, 2005		March 31, 2005
Allowance for Loan Losses
Balance at beginning of period	$	338,399	$	287,237	$	281,428	$	273,906	$	271,117
Allowance of company acquired		–		49,217		–		–		–
Add:
Provision for losses		14,512		10,116		12,107		11,417		9,383
Deduct:
Loan and lease charge-offs		(15,609)		(12,168)		(10,883)		(8,633)		(11,085)
Recoveries		3,959		3,997		4,585		4,738		4,491
Net loan and lease charge-offs		(11,650)		(8,171)		(6,298)		(3,895)		(6,594)
Balance at end of period	$	341,261	$	338,399	$	287,237	$	281,428	$	273,906
Ratio of allowance for loan losses to net loans and leases outstanding at period end		1.10%		1.12%		1.20%		1.18%		1.19%
Ratio of allowance for loan losses to nonperforming loans at period end		476.67%		489.74%		422.87%		449.49%		416.13%
Allowance for Unfunded Lending Commitments
Balance at beginning of period	$	18,120	$	15,830	$	15,395	$	14,353	$	12,682
Allowance of company acquired		–		2,013		–		–		–
Provision charged (credited) against earnings		(279)		277		435		1,042		1,671
Balance at end of period	$	17,841	$	18,120	$	15,830	$	15,395	$	14,353
Total Allowances for Credit Losses
Allowance for loan losses	$	341,261	$	338,399	$	287,237	$	281,428	$	273,906
Allowance for unfunded lending commitments		17,841		18,120		15,830		15,395		14,353
Total allowances for credit losses	$	359,102	$	356,519	$	303,067	$	296,823	$	288,259
Ratio of total allowances for credit losses to net loans and leases outstanding at period end		1.15%		1.18%		1.27%		1.25%		1.26%

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Press Release – Page 15

Sold Loans Being Serviced (Unaudited)
	Three Months Ended
(In thousands)	March 31, 2006		December 31, 2005		September 30, 2005		June 30, 2005		March 31, 2005
Balance at beginning of period	$	3,382,603	$	3,561,818	$	2,910,182	$	2,995,630	$	3,065,909
New loans sold		59,417		100,273		880,808		120,091		98,772
Payments and other reductions		(258,028)		(279,488)		(229,172)		(205,539)		(169,051)
Balance at end of period	$	3,183,992	$	3,382,603	$	3,561,818	$	2,910,182	$	2,995,630
Loan Balances By Portfolio Type (Unaudited)
(In millions)	March 31, 2006		December 31, 2005		September 30, 2005		June 30, 2005		March 31, 2005
Loans held for sale	$	312	$	256	$	213	$	207	$	197
Commercial lending:
Commercial and industrial		7,261		7,192		4,885		4,760		4,604
Leasing		383		373		359		361		359
Owner occupied		5,159		4,825		4,063		4,341		4,036
Total commercial lending		12,803		12,390		9,307		9,462		8,999
Commercial real estate:
Construction and land development (1)		6,292		6,065		4,471		4,091		3,792
Term		4,847		4,640		4,051		4,118		4,032
Total commercial real estate		11,139		10,705		8,522		8,209		7,824
Consumer:
Home equity credit line and other consumer real estate (1)		1,892		1,831		1,659		1,709		1,621
1-4 family residential (1)		4,191		4,130		3,574		3,564		3,620
Bankcard and other revolving plans		254		207		195		208		211
Other		464		537		437		468		490
Total consumer		6,801		6,705		5,865		5,949		5,942
Foreign loans		3		5		5		5		5
Other receivables		212		191		125		93		103
Total loans	$	31,270	$	30,252	$	24,037	$	23,925	$	23,070

(1) Certain balances at the end of periods previous to March 31, 2006 have been reclassified between construction and land development, home equity credit line and other consumer real estate, and 1-4 family residential to conform with the current presentation.

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Press Release – Page 16

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended March 31, 2006					Three Months Ended March 31, 2005
(In thousands)	Average Balance		Amount of Interest (1)		Average Rate	Average Balance		Amount of Interest (1)		Average Rate
ASSETS
Money market investments	$	511,719	$	5,847	4.63%	$	816,141	$	4,638	2.30%
Securities:
Held to maturity		632,108		10,724	6.88%		637,316		11,010	7.01%
Available for sale		5,272,575		72,702	5.59%		3,950,159		48,237	4.95%
Trading account		169,009		2,074	4.98%		604,520		6,035	4.05%
Total securities		6,073,692		85,500	5.71%		5,191,995		65,282	5.10%
Loans:
Loans held for sale		272,628		4,046	6.02%		185,549		1,603	3.50%
Net loans and leases (2)		30,196,156		548,654	7.37%		22,490,052		356,487	6.43%
Total loans and leases		30,468,784		552,700	7.36%		22,675,601		358,090	6.40%
Total interest-earning assets		37,054,195		644,047	7.05%		28,683,737		428,010	6.05%
Cash and due from banks		1,538,376					1,018,123
Allowance for loan losses		(340,754)					(273,317)
Goodwill		1,887,551					642,604
Core deposit and other intangibles		196,551					56,653
Other assets		2,310,323					1,723,179
Total assets	$	42,646,242				$	31,850,979
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,651,160		13,185	1.15%	$	4,298,664		7,547	0.71%
Money market		11,363,810		73,438	2.62%		8,909,948		33,189	1.51%
Time under $100,000		1,956,509		15,862	3.29%		1,415,888		8,037	2.30%
Time $100,000 and over		2,569,635		23,322	3.68%		1,385,299		9,298	2.72%
Foreign		1,979,293		20,301	4.16%		449,002		2,552	2.31%
Total interest-bearing deposits		22,520,407		146,108	2.63%		16,458,801		60,623	1.49%
Borrowed funds:
Securities sold, not yet purchased		57,330		631	4.46%		507,917		4,510	3.60%
Federal funds purchased and security repurchase agreements		2,673,550		25,166	3.82%		2,413,062		13,152	2.21%
Commercial paper		181,334		2,082	4.66%		145,083		931	2.60%
FHLB advances and other borrowings:
One year or less		9,868		99	4.07%		325,708		2,036	2.54%
Over one year		194,234		2,525	5.27%		227,865		2,839	5.05%
Long-term debt		2,503,348		38,612	6.26%		1,690,725		23,799	5.71%
Total borrowed funds		5,619,664		69,115	4.99%		5,310,360		47,267	3.61%
Total interest-bearing liabilities		28,140,071		215,223	3.10%		21,769,161		107,890	2.01%
Noninterest-bearing deposits		9,502,886					6,764,711
Other liabilities		653,751					467,384
Total liabilities		38,296,708					29,001,256
Minority interest		28,223					24,849
Total shareholders’ equity		4,321,311					2,824,874
Total liabilities and shareholders’ equity	$	42,646,242				$	31,850,979
Spread on average interest-bearing funds					3.95%					4.04%
Taxable-equivalent net interest income and net yield on interest-earning assets			$	428,824	4.69%			$	320,120	4.53%

(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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