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) October 18, 2007

ZIONS BANCORPORATION

(Exact name of registrant as specified in its charter)

Utah	001-12307	87-0227400
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

One South Main, 15th Floor, Salt Lake City, Utah	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 October 18, 2007, Zions Bancorporation (“the Company”) announced its financial results for the quarter ended September 30, 2007. The press release announcing the financial results for the quarter ended September 30, 2007 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.

(d) Exhibits.

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

                     Exhibit 99.1    Press Release dated October 18, 2007

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

Date: October 18, 2007

EX-99.1

EXHIBIT 99.1

***FOR IMMEDIATE RELEASE***

For: ZIONS BANCORPORATION	Contact: Clark Hinckley
One South Main, 15th Floor	Tel: (801) 524-4787
Salt Lake City, Utah	October 18, 2007
Harris H. Simmons
Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS EARNINGS OF $1.22

PER DILUTED COMMON SHARE FOR THIRD QUARTER 2007

SALT LAKE CITY, October 18, 2007 – Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported third quarter net earnings applicable to common shareholders of $132.0 million, or $1.22 per diluted common share, compared to $153.7 million or $1.42 per diluted common share for the third quarter of 2006. The return on average common equity was 10.50% compared to 12.50% for the second quarter of 2007 and 13.41% for the third quarter of 2006.

Comparisons to 2006 include the impact of the Company’s acquisition of The Stockmen’s Bancorp, Inc., which became effective January 17, 2007.

Third Quarter 2007 Key Performance Highlights Compared to Second Quarter 2007

• Loan growth of $1.0 billion.

• Increased credit costs:

Provision for loan losses of $55.4 million, up $37.6 million.

Net loan and lease charge-offs of $18.1 million, up $9.4 million.

Nonperforming assets of $196.6 million, up $101.2 million.

• Net interest margin of 4.44%, down nine basis points.

• Average core deposits increased slightly; average total and demand deposits decreased slightly.

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ZIONS BANCORPORATION

Press Release – Page 2

October 18, 2007

“We were pleased by the strength of loan growth during the quarter. Unfortunately, these positive results were overshadowed by the effects of weaker credit conditions in the Southwestern residential real estate development markets, as well as lagging low-cost deposit growth.” said Harris H. Simmons, chairman and chief executive officer.

Year-to-date net earnings applicable to common shareholders were $437.2 million or $4.01 per diluted common share compared to $436.6 million or $4.04 per diluted common share for the same period in 2006. The return on average common equity for the first nine months of 2007 was 11.74% compared to 13.18% for the first nine months of 2006.

Loan Growth

On-balance-sheet net loans and leases were $37.8 billion at September 30, 2007, an increase of approximately $1.0 billion or 11.2% annualized from $36.8 billion at June 30, 2007, and an increase of approximately $4.1 billion or 12.2% from $33.7 billion at September 30, 2006. Loan growth during the quarter was concentrated primarily in the commercial lending and secondarily in the commercial real estate categories, principally at Zions Bank, Amegy Bank of Texas, and Vectra Bank Colorado.

Deposits

Average core deposits for the third quarter of 2007 increased $0.2 billion or 2.5% annualized to $31.1 billion compared to $30.9 billion for the second quarter of 2007 and increased $1.6 billion or 5.6% compared to $29.4 billion for the third quarter of 2006. Average noninterest-bearing demand deposits for the third quarter of 2007 were $9.4 billion compared to $9.6 billion for the second quarter of 2007. Average total deposits for the third quarter of 2007 decreased to $35.8 billion compared to $36.0 billion for the second quarter of 2007 and increased $2.8 billion or 8.5% compared to $33.0 billion for the third quarter of 2006.

Net Interest Income

Net interest income for the third quarter of 2007 increased $7.3 million or 6.2% annualized to $476.6 million compared to $469.3 million for the second quarter of 2007, and increased $30.1 million or 6.7% compared to $446.5 million for the third quarter of 2006. Taxable-equivalent net interest income for the

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ZIONS BANCORPORATION

Press Release – Page 3

October 18, 2007

third quarter of 2007 increased $7.1 million or 5.9% annualized to $483.1 million compared to $476.1 million for the second quarter of 2007, and increased $30.5 million or 6.7% from $452.6 million for the third quarter of 2006.

During the third quarter of 2007, the Company purchased asset-backed commercial paper from Lockhart Funding, LLC, a qualifying special-purpose entity sponsored by Zions Bank. The amount of commercial paper included in money market investments on the Company’s average balance sheet for the third quarter was approximately $232 million. The amount of the purchased commercial paper outstanding at September 30, 2007 was approximately $500 million. These purchases were made to provide liquidity to Lockhart during the recent disruptions in the credit markets. As of October 17, 2007, the amount of purchased commercial paper had decreased to approximately $174 million.

The net interest margin was 4.44% for the third quarter of 2007 compared to 4.53% for the second quarter of 2007 and 4.58% for the third quarter of 2006. The decrease in the net interest margin during the quarter primarily resulted from the decline in average noninterest-bearing deposit balances and from the strong loan growth being funded mainly by increased nondeposit borrowings. The net interest margin was not meaningfully impacted during the quarter by the Federal Reserve’s reduction in September of its targeted Federal Funds rate.

Noninterest Income

Noninterest income for the third quarter of 2007 was $145.8 million compared to $141.3 million for the second quarter of 2007 and $145.3 million for the third quarter of 2006. Loan sales and servicing income increased during the quarter primarily due to the absence of pretax impairment charges on retained interests from certain previous small business loan securitizations. Income from securities conduit decreased $2.7 million primarily because of the higher cost of asset-backed commercial paper. Dividends and other investment income increased $3.4 million primarily due to increased income from investments accounted for on the equity method. Trading and nonhedge derivative income decreased $10.4 million primarily because of decreases in the fair value of nonhedge derivatives due to the decreasing spreads between LIBOR and prime rates. Net equity securities gains increased during the quarter primarily because of $11.1 million of net gains on venture capital investments. Net of related

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ZIONS BANCORPORATION

Press Release – Page 4

October 18, 2007

minority interest of $7.5 million, income taxes and other expenses, the gains from consolidated venture capital investments increased net income by approximately $1.9 million, or $0.02 per diluted common share.

Noninterest Expense

Noninterest expense for the third quarter of 2007 was $352.0 million compared to $347.6 million for the second quarter of 2007 and $330.0 million for the third quarter of 2006. The efficiency ratio for the third quarter of 2007 was 56.0% compared to 56.3% for the second quarter of 2007 and 55.2% for the third quarter of 2006. Adjusted for the effect of limited liability company minority interest, the effective income tax rate was 34.6% for the third quarter of 2007 compared to 35.1% for the second quarter of 2007.

Asset Quality

Nonperforming assets were $196.6 million at September 30, 2007 compared to $95.4 million at June 30, 2007 and $74.8 million at September 30, 2006, primarily reflecting continuing weakness in residential development and construction activity in the Southwest. The ratio of nonperforming assets to net loans and leases and other real estate owned was 0.52% at September 30, 2007 compared to 0.26% at June 30, 2007 and 0.22% at September 30, 2006.

Net loan and lease charge-offs for the third quarter of 2007 were $18.1 million or 0.19% annualized of average loans. This compares with $8.7 million or 0.10% annualized of average loans for the second quarter of 2007 and $6.5 million or 0.08% annualized of average loans for the third quarter of 2006.

The provision for loan losses was $55.4 million for the third quarter of 2007 compared to $17.8 million for the second quarter of 2007 and $14.4 million for the third quarter of 2006. The combined provisions for loan losses and unfunded lending commitments were $55.5 million for the third quarter of 2007, $19.0 million for the second quarter of 2007, and $15.4 million for the third quarter of 2006.

The allowance for loan losses as a percentage of net loans and leases was 1.11% at September 30, 2007,

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ZIONS BANCORPORATION

Press Release – Page 5

October 18, 2007

1.03% at June 30, 2007 and 1.06% at September 30, 2006. The allowance was 226.5% of nonperforming loans at September 30, 2007. The combined allowances for credit losses (allowance for loan losses plus the allowance for unfunded lending commitments) were $439.6 million or 1.16% of net loans and leases at September 30, 2007 compared to $401.5 million or 1.09% at June 30, 2007 and $375.0 million or 1.11% at September 30, 2006.

Capital Management

Under its stock repurchase plan, the Company repurchased 1,194,296 common shares for $90.0 million during the third quarter of 2007 at an average price of $75.37 per share. The Company has not repurchased any shares since August 16, 2007. At September 30, 2007, approximately $56.3 million remained under the current $400 million repurchase authorization. For the first nine months of 2007, the Company repurchased approximately 3.9 million common shares. Approximately 2.6 million shares were issued in January 2007 for the Stockmen’s acquisition.

The Company’s tangible equity ratio was 6.40% at September 30, 2007 compared to 6.52% at June 30, 2007 and 5.92% at September 30, 2006. The decrease from the previous quarter is primarily due to loan growth, share repurchases, and reduced earnings partially offset by reductions in accumulated other comprehensive loss.

Weighted average common and common-equivalent shares outstanding for the third quarter of 2007 were 107,879,963 compared to 109,123,735 for the second quarter of 2007 and 108,061,423 for the third quarter of 2006. Common shares outstanding at September 30, 2007 were 106,934,360 compared to 108,034,079 at June 30, 2007 and 106,804,606 at September 30, 2006. The decrease for the quarter was mainly due to share repurchases.

Other Events

As previously announced, effective September 6, 2007, the Company’s Amegy Bank of Texas subsidiary completed its acquisition of Intercontinental Bank Shares Corporation, located in San Antonio, Texas. Approximately $58 million in loans and $105 million in deposits, including $98 million in core deposits, were added to the Company’s balance sheet.

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ZIONS BANCORPORATION

Press Release – Page 6

October 18, 2007

During the third quarter of 2007, the Company successfully completed the systems conversion of its California Bank & Trust subsidiary.

Conference Call

Zions will host a conference call to discuss these third quarter results at 5:30 p.m. ET this afternoon (October 18, 2007). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-800-510-9836 (international: 617-614-3670) and entering the passcode 62946441, 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 18, through midnight ET on Thursday, October 25, by dialing 1-888-286-8010 (international: 617-801-6888) and entering the passcode 30695070. 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 500 offices and approximately 600 ATMs in ten Western and Southwestern 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

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ZIONS BANCORPORATION

Press Release – Page 7

October 18, 2007

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 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.

Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the 2006 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 8

FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
(In thousands, except per share and ratio data)	2007		2006		% Change	2007		2006		% Change
EARNINGS
Taxable-equivalent net interest income	$	483,115	$	452,606	6.74 %	$	1,422,896	$	1,323,691	7.49 %
Taxable-equivalent revenue		628,938		597,935	5.19 %		1,855,474		1,735,019	6.94 %
Net interest income		476,637		446,511	6.75 %		1,403,067		1,305,685	7.46 %
Noninterest income		145,823		145,329	0.34 %		432,578		411,328	5.17 %
Provision for loan losses		55,354		14,363	285.39 %		82,228		45,897	79.16 %
Noninterest expense		352,031		330,028	6.67 %		1,051,622		987,511	6.49 %
Income before income taxes and minority interest		215,075		247,449	(13.08)%		701,795		683,605	2.66 %
Income taxes		71,853		83,790	(14.25)%		246,772		237,869	3.74 %
Minority interest		7,490		9,985	(24.99)%		6,819		9,119	(25.22)%
Net income		135,732		153,674	(11.68)%		448,204		436,617	2.65 %
Net earnings applicable to common shareholders		131,962		153,674	(14.13)%		437,224		436,617	0.14 %
PER COMMON SHARE
Net earnings (diluted)		1.22		1.42	(14.08)%		4.01		4.04	(0.74)%
Dividends		0.43		0.36	19.44 %		1.25		1.08	15.74 %
Book value per common share							46.92		43.47	7.94 %
SELECTED RATIOS
Return on average assets		1.10%		1.36%			1.24%		1.34%
Return on average common equity		10.50%		13.41%			11.74%		13.18%
Efficiency ratio		55.97%		55.19%			56.68%		56.92%
Net interest margin		4.44%		4.58%			4.49%		4.64%

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Press Release – Page 9

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
(In thousands, except share and ratio data)	2007		2006		% Change	2007		2006		% Change
AVERAGE BALANCES
Total assets	$	48,903,319	$	44,680,382	9.45 %	$	48,141,571	$	43,710,533	10.14 %
Securities		5,221,722		5,605,249	(6.84)%		5,480,047		5,849,953	(6.32)%
Net loans and leases		37,194,850		33,105,716	12.35 %		36,254,519		31,834,510	13.88 %
Goodwill		2,015,532		1,881,708	7.11 %		2,003,972		1,884,462	6.34 %
Core deposit and other intangibles		177,864		175,259	1.49 %		186,884		185,619	0.68 %
Total deposits		35,756,600		32,964,029	8.47 %		35,636,209		32,390,954	10.02 %
Core deposits (1)		31,067,905		29,427,975	5.57 %		30,769,026		29,394,957	4.67 %
Minority interest		37,527		37,854	(0.86)%		37,747		31,556	19.62 %
Shareholders' equity:
Preferred equity		240,000		–	–		240,000		–	–
Common equity		4,987,275		4,545,990	9.71 %		4,978,473		4,428,182	12.43 %
Weighted average common and common-equivalent shares outstanding		107,879,963		108,061,423	(0.17)%		109,059,322		107,949,894	1.03 %
AT PERIOD END
Total assets						$	50,044,686	$	45,777,747	9.32 %
Securities							5,261,057		5,817,571	(9.57)%
Net loans and leases							37,822,259		33,706,110	12.21 %
Sold loans being serviced (2)							2,022,142		2,796,644	(27.69)%
Allowance for loan losses							418,165		356,342	17.35 %
Allowance for unfunded lending commitments							21,394		18,637	14.79 %
Goodwill							2,021,519		1,884,328	7.28 %
Core deposit and other intangibles							172,140		168,135	2.38 %
Total deposits							35,774,713		33,640,991	6.34 %
Core deposits (1)							31,239,069		30,027,827	4.03 %
Minority interest							37,411		41,158	(9.10)%
Shareholders' equity:
Preferred equity							240,000		–	–
Common equity							5,016,980		4,643,166	8.05 %
Common shares outstanding							106,934,360		106,804,606	0.12 %
Average equity to average assets		10.69%		10.17%			10.84%		10.13%
Common dividend payout		34.96%		25.00%			30.96%		26.31%
Tangible equity ratio							6.40%		5.92%
Nonperforming assets							196,575		74,815	162.75 %
Accruing loans past due 90 days or more							64,516		20,407	216.15 %
Nonperforming assets to net loans and leases and other real estate owned at period end							0.52%		0.22%

(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
(In thousands, except per share and ratio data)	September 30, 2007		June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006
EARNINGS
Taxable-equivalent net interest income	$	483,115	$	476,060	$	463,721	$	465,267	$	452,606
Taxable-equivalent revenue		628,938		617,401		609,135		605,148		597,935
Net interest income		476,637		469,347		457,083		459,039		446,511
Noninterest income		145,823		141,341		145,414		139,881		145,329
Provision for loan losses		55,354		17,763		9,111		26,675		14,363
Noninterest expense		352,031		347,612		351,979		342,926		330,028
Income before income taxes and minority interest		215,075		245,313		241,407		229,319		247,449
Income taxes		71,853		86,065		88,854		80,081		83,790
Minority interest		7,490		34		(705)		2,730		9,985
Net income		135,732		159,214		153,258		146,508		153,674
Net earnings applicable to common shareholders		131,962		155,607		149,655		142,673		153,674
PER COMMON SHARE
Net earnings (diluted)		1.22		1.43		1.36		1.32		1.42
Dividends		0.43		0.43		0.39		0.39		0.36
Book value per common share		46.92		46.14		46.04		44.48		43.47
SELECTED RATIOS
Return on average assets		1.10%		1.33%		1.31%		1.27%		1.36%
Return on average common equity		10.50%		12.50%		12.25%		12.08%		13.41%
Efficiency ratio		55.97%		56.30%		57.78%		56.67%		55.19%
Net interest margin		4.44%		4.53%		4.51%		4.60%		4.58%

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
(In thousands, except share and ratio data)	September 30, 2007		June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006
AVERAGE BALANCES
Total assets	$	48,903,319	$	47,921,787	$	47,478,985	$	45,818,165	$	44,680,382
Securities		5,221,722		5,426,896		5,797,856		5,627,906		5,605,249
Net loans and leases		37,194,850		36,142,957		35,406,094		34,059,617		33,105,716
Goodwill		2,015,532		2,012,270		1,983,765		1,895,860		1,881,708
Core deposit and other intangibles		177,864		188,843		194,124		168,547		175,259
Total deposits		35,756,600		35,964,203		35,181,504		33,853,608		32,964,029
Core deposits (1)		31,067,905		30,873,001		30,358,375		29,763,841		29,427,975
Minority interest		37,527		35,009		40,741		40,471		37,854
Shareholders' equity:
Preferred equity		240,000		240,000		240,000		65,216		–
Common equity		4,987,275		4,993,383		4,954,400		4,685,507		4,545,990
Weighted average common and common-equivalent shares outstanding		107,879,963		109,123,735		110,106,637		108,221,096		108,061,423
AT PERIOD END
Total assets	$	50,044,686	$	48,691,445	$	48,558,866	$	46,970,226	$	45,777,747
Securities		5,261,057		5,289,180		5,608,927		5,767,467		5,817,571
Net loans and leases		37,822,259		36,788,205		35,944,848		34,667,556		33,706,110
Sold loans being serviced (2)		2,022,142		2,201,897		2,401,355		2,586,451		2,796,644
Allowance for loan losses		418,165		380,295		371,213		365,150		356,342
Allowance for unfunded lending commitments		21,394		21,222		20,000		19,368		18,637
Goodwill		2,021,519		2,013,314		2,011,889		1,900,517		1,884,328
Core deposit and other intangibles		172,140		180,867		192,677		162,134		168,135
Total deposits		35,774,713		36,185,572		36,325,739		34,981,746		33,640,991
Core deposits (1)		31,239,069		31,303,578		31,238,791		30,679,690		30,027,827
Minority interest		37,411		32,094		38,691		42,791		41,158
Shareholders' equity:
Preferred equity		240,000		240,000		240,000		240,000		–
Common equity		5,016,980		4,984,702		5,021,170		4,747,023		4,643,166
Common shares outstanding		106,934,360		108,034,079		109,052,149		106,720,884		106,804,606
Average equity to average assets		10.69%		10.92%		10.94%		10.37%		10.17%
Common dividend payout		34.96%		29.88%		28.57%		29.51%		25.00%
Tangible equity ratio		6.40%		6.52%		6.59%		6.51%		5.92%
Nonperforming assets		196,575		95,398		82,524		81,994		74,815
Accruing loans past due 90 days or more		64,516		47,782		56,880		43,727		20,407
Nonperforming assets to net loans and leases and other real estate owned at period end		0.52%		0.26%		0.23%		0.24%		0.22%

(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 12

CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)	September 30, 2007		June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006
	(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
ASSETS
Cash and due from banks	$	1,481,238	$	1,640,946	$	1,574,519	$	1,938,810	$	1,616,910
Money market investments:
Interest-bearing deposits and commercial paper		513,395		39,881		17,325		43,203		39,882
Federal funds sold		23,567		120,959		527,691		55,658		72,036
Security resell agreements		484,678		482,893		439,722		270,415		272,643
Investment securities:
Held to maturity, at cost (approximate market value $686,026, $685,521, $663,474, $648,828 and $655,170)		695,842		702,189		667,269		653,124		662,547
Available for sale, at market		4,549,721		4,564,183		4,909,220		5,050,907		5,062,409
Trading account, at market (includes $22, $1,745, $1,095, $34,494 and $60,331 transferred as collateral under repurchase agreements)		15,494		22,808		32,438		63,436		92,615
		5,261,057		5,289,180		5,608,927		5,767,467		5,817,571
Loans:
Loans held for sale		200,653		226,041		266,880		252,818		268,305
Loans and leases		37,778,228		36,715,752		35,832,061		34,566,118		33,583,499
		37,978,881		36,941,793		36,098,941		34,818,936		33,851,804
Less:
Unearned income and fees, net of related costs		156,622		153,588		154,093		151,380		145,694
Allowance for loan losses		418,165		380,295		371,213		365,150		356,342
Loans and leases, net of allowance		37,404,094		36,407,910		35,573,635		34,302,406		33,349,768
Other noninterest-bearing investments		1,043,475		972,830		988,015		1,022,383		1,005,989
Premises and equipment, net		658,294		648,731		645,391		609,472		587,807
Goodwill		2,021,519		2,013,314		2,011,889		1,900,517		1,884,328
Core deposit and other intangibles		172,140		180,867		192,677		162,134		168,135
Other real estate owned		11,973		10,646		9,682		9,250		9,986
Other assets		969,256		883,288		969,393		888,511		952,692
	$	50,044,686	$	48,691,445	$	48,558,866	$	46,970,226	$	45,777,747
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	9,322,668	$	9,857,638	$	9,761,255	$	10,010,310	$	9,750,064
Interest-bearing:
Savings and money market		14,811,615		14,712,294		15,003,091		14,673,478		14,706,943
Internet money market		1,707,544		1,544,031		1,464,535		1,185,409		1,117,105
Time under $100,000		2,599,595		2,535,881		2,485,720		2,257,967		2,154,894
Time $100,000 and over		4,535,644		4,881,994		5,086,948		4,302,056		3,613,164
Foreign		2,797,647		2,653,734		2,524,190		2,552,526		2,298,821
		35,774,713		36,185,572		36,325,739		34,981,746		33,640,991
Securities sold, not yet purchased		21,036		28,456		190,878		175,993		53,802
Federal funds purchased		2,391,805		2,221,887		2,132,682		1,993,483		2,286,561
Security repurchase agreements		1,070,702		1,061,598		924,922		934,057		1,108,771
Other liabilities		560,853		602,173		662,589		621,922		657,657
Commercial paper		411,007		228,607		186,978		220,507		265,769
Federal Home Loan Bank advances and other borrowings:
One year or less		2,037,644		664,509		323,598		517,925		313,259
Over one year		128,218		128,832		129,446		137,058		132,854
Long-term debt		2,354,317		2,313,015		2,382,173		2,357,721		2,633,759
Total liabilities		44,750,295		43,434,649		43,259,005		41,940,412		41,093,423
Minority interest		37,411		32,094		38,691		42,791		41,158
Shareholders’ equity:
Capital stock:
Preferred stock, without par value, authorized 3,000,000 shares:
Series A (liquidation preference $1,000 per share); issued and outstanding 240,000 shares		240,000		240,000		240,000		240,000		–
Common stock, without par value; authorized 350,000,000 shares; issued and outstanding 106,934,360, 108,034,079, 109,052,149, 106,720,884 and 106,804,606 shares		2,200,228		2,279,722		2,381,509		2,230,303		2,240,458
Retained earnings		2,914,439		2,828,613		2,719,502		2,602,189		2,501,625
Accumulated other comprehensive loss		(86,914)		(112,840)		(69,257)		(75,849)		(89,292)
Deferred compensation		(10,773)		(10,793)		(10,584)		(9,620)		(9,625)
Total shareholders’ equity		5,256,980		5,224,702		5,261,170		4,987,023		4,643,166
	$	50,044,686	$	48,691,445	$	48,558,866	$	46,970,226	$	45,777,747

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 13

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(In thousands, except per share amounts)	September 30, 2007			June 30, 2007		March 31, 2007			December 31, 2006			September 30, 2006
Interest income:
Interest and fees on loans	$	724,598		$	697,022	$	674,577		$	665,791		$	638,610
Interest on loans held for sale		3,695			4,322		3,875			4,066			4,275
Lease financing		5,461			5,234		5,206			4,974			4,690
Interest on money market investments		10,841			7,756		6,342			6,116			6,241
Interest on securities:
Held to maturity – taxable		2,343			2,064		2,203			2,220			2,217
Held to maturity – nontaxable		6,402			6,227		6,091			5,963			5,732
Available for sale – taxable		61,248			63,825		68,507			68,075			66,078
Available for sale – nontaxable		2,274			2,398		2,458			2,083			2,089
Trading account		880			766		1,192			2,009			1,621
Total interest income		817,742			789,614		770,451			761,297			731,553
Interest expense:
Interest on savings and money market deposits		123,586			117,295		113,103			112,105			109,410
Interest on time and foreign deposits		119,781			120,445		112,885			102,025			86,635
Interest on short-term borrowings		59,034			43,369		48,692			45,504			46,778
Interest on long-term debt		38,704			39,158		38,688			42,624			42,219
Total interest expense		341,105			320,267		313,368			302,258			285,042
Net interest income		476,637			469,347		457,083			459,039			446,511
Provision for loan losses		55,354			17,763		9,111			26,675			14,363
Net interest income after provision for loan losses		421,283			451,584		447,972			432,364			432,148
Noninterest income:
Service charges and fees on deposit accounts		46,919			45,116		43,385			41,628			40,478
Loan sales and servicing income		11,607			8,998		9,258			12,332			10,972
Other service charges, commissions and fees		51,623			49,911		45,153			45,645			45,025
Trust and wealth management income		9,040			9,125		8,216			8,057			7,147
Income from securities conduit		3,221			5,968		6,515			7,567			7,741
Dividends and other investment income		14,720			11,271		11,093			10,360			10,403
Trading and nonhedge derivative income (loss)		(5,218	)		5,224		5,200			4,991			3,641
Equity securities gains, net		11,072			100		5,198			5,875			13,180
Fixed income securities gains (losses), net		58			13		3,701			(554	)		1,563
Other		2,781			5,615		7,695			3,980			5,179
Total noninterest income		145,823			141,341		145,414			139,881			145,329
Noninterest expense:
Salaries and employee benefits		204,488			198,668		205,587			189,627			190,554
Occupancy, net		27,203			26,334		26,589			25,170			25,807
Furniture and equipment		23,996			24,272		23,267			22,623			20,361
Legal and professional services		10,918			11,242		9,537			11,234			11,386
Postage and supplies		10,024			9,025		8,047			8,402			8,313
Advertising		6,624			7,517		6,457			7,100			6,566
Debt extinguishment cost		–			–		89			7,261			–
Merger related expense		682			1,491		2,406			2,199			2,549
Amortization of core deposit and other intangibles		11,495			11,812		11,129			10,899			10,716
Provision for unfunded lending commitments		172			1,222		306			731			1,045
Other		56,429			56,029		58,565			57,680			52,731
Total noninterest expense		352,031			347,612		351,979			342,926			330,028
Income before income taxes and minority interest		215,075			245,313		241,407			229,319			247,449
Income taxes		71,853			86,065		88,854			80,081			83,790
Minority interest		7,490			34		(705	)		2,730			9,985
Net income		135,732			159,214		153,258			146,508			153,674
Preferred stock dividend		3,770			3,607		3,603			3,835			–
Net earnings applicable to common shareholders	$	131,962		$	155,607	$	149,655		$	142,673		$	153,674
Weighted average common shares outstanding during the period:
Basic shares		106,814			107,803		108,414			106,457			106,285
Diluted shares		107,880			109,124		110,107			108,221			108,061
Net earnings per common share:
Basic	$	1.24		$	1.44	$	1.38		$	1.34		$	1.45
Diluted		1.22			1.43		1.36			1.32			1.42

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 14

CONSOLIDATED STATEMENTS OF INCOME (Continued)

(Unaudited)

	Nine Months Ended September 30,
(In thousands, except per share amounts)	2007		2006
Interest income:
Interest and fees on loans	$	2,096,197	$	1,772,533
Interest on loans held for sale		11,892		12,376
Lease financing		15,901		13,316
Interest on money market investments		24,939		18,598
Interest on securities:
Held to maturity – taxable		6,610		6,641
Held to maturity – nontaxable		18,720		16,946
Available for sale – taxable		193,580		204,177
Available for sale – nontaxable		7,130		6,547
Trading account		2,838		5,690
Total interest income		2,377,807		2,056,824
Interest expense:
Interest on savings and money market deposits		353,984		293,164
Interest on time and foreign deposits		353,111		213,544
Interest on short-term borrowings		151,095		118,831
Interest on long-term debt		116,550		125,600
Total interest expense		974,740		751,139
Net interest income		1,403,067		1,305,685
Provision for loan losses		82,228		45,897
Net interest income after provision for loan losses		1,320,839		1,259,788
Noninterest income:
Service charges and fees on deposit accounts		135,420		119,146
Loan sales and servicing income		29,863		41,861
Other service charges, commissions and fees		146,687		126,122
Trust and wealth management income		26,381		21,913
Income from securities conduit		15,704		24,639
Dividends and other investment income		37,084		29,558
Trading and nonhedge derivative income		5,206		13,510
Equity securities gains, net		16,370		11,966
Fixed income securities gains, net		3,772		6,970
Other		16,091		15,643
Total noninterest income		432,578		411,328
Noninterest expense:
Salaries and employee benefits		608,743		562,052
Occupancy, net		80,126		74,437
Furniture and equipment		71,535		66,102
Legal and professional services		31,697		28,900
Postage and supplies		27,096		24,674
Advertising		20,598		19,365
Debt extinguishment cost		89		–
Impairment losses on long-lived assets		–		1,304
Merger related expense		4,579		18,262
Amortization of core deposit and other intangibles		34,436		32,101
Provision for unfunded lending commitments		1,700		517
Other		171,023		159,797
Total noninterest expense		1,051,622		987,511
Income before income taxes and minority interest		701,795		683,605
Income taxes		246,772		237,869
Minority interest		6,819		9,119
Net income		448,204		436,617
Preferred stock dividend		10,980		–
Net earnings applicable to common shareholders	$	437,224	$	436,617
Weighted average common shares outstanding during the period:
Basic shares		107,671		105,922
Diluted shares		109,059		107,950
Net earnings per common share:
Basic	$	4.06	$	4.12
Diluted		4.01		4.04

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Press Release – Page 15

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY AND COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except per share amounts)	Preferred stock		Common stock		Retained earnings		Accumulated other comprehensive income (loss)		Deferred compensation		Total shareholders' equity
Balance, December 31, 2006	$	240,000	$	2,230,303	$	2,602,189	$	(75,849)	$	(9,620)	$	4,987,023
Cumulative effect of change in accounting principle, adoption of FIN 48						10,408						10,408
Comprehensive income:
Net income for the period						448,204						448,204
Other comprehensive loss, net of tax:
Net realized and unrealized holding losses on investments and retained interests								(49,338)
Foreign currency translation								12
Reclassification for net realized gains on investments recorded in operations								(3,889)
Net unrealized gains on derivative instruments								42,150
Other comprehensive loss								(11,065)				(11,065)
Total comprehensive income												437,139
Stock redeemed and retired				(321,974)								(321,974)
Net stock options exercised				66,795								66,795
Common stock issued in acquisition				206,075								206,075
Share-based compensation				19,029								19,029
Dividends declared on preferred stock						(10,980)						(10,980)
Cash dividends on common stock, $1.25 per share						(135,382)						(135,382)
Change in deferred compensation										(1,153)		(1,153)
Balance, September 30, 2007	$	240,000	$	2,200,228	$	2,914,439	$	(86,914)	$	(10,773)	$	5,256,980
Balance, December 31, 2005	$	–	$	2,156,732	$	2,179,885	$	(83,043)	$	(16,310)	$	4,237,264
Comprehensive income:
Net income for the period						436,617						436,617
Other comprehensive loss, net of tax:
Net realized and unrealized holding losses on investments and retained interests								(11,134)
Foreign currency translation								646
Reclassification for net realized gains on investments recorded in operations								(2,424)
Net unrealized gains on derivative instruments								6,663
Other comprehensive loss								(6,249)				(6,249)
Total comprehensive income												430,368
Stock redeemed and retired				(1,439)								(1,439)
Net stock options exercised				79,014								79,014
Reclassification of deferred compensation, adoption of SFAS 123R				(11,111)						11,111		–
Share-based compensation				17,262								17,262
Cash dividends on common stock, $1.08 per share						(114,877)						(114,877)
Change in deferred compensation										(4,426)		(4,426)
Balance, September 30, 2006	$	–	$	2,240,458	$	2,501,625	$	(89,292)	$	(9,625)	$	4,643,166

Total comprehensive income for the three months ended September 30, 2007 and 2006 was $161,658 and $212,709, respectively.

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Press Release – Page 16

Nonperforming Assets

(Unaudited)

(In thousands)	September 30, 2007		June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006
Nonaccrual loans	$	174,315	$	82,314	$	69,580	$	66,405	$	64,650
Restructured loans		10,287		2,438		132		164		179
Other real estate owned		11,973		10,646		9,682		9,250		9,986
Other assets		–		–		3,130		6,175		–
Total	$	196,575	$	95,398	$	82,524	$	81,994	$	74,815
% of net loans and leases* and other real estate owned		0.52%		0.26%		0.23%		0.24%		0.22%
Accruing loans past due 90 days or more	$	64,516	$	47,782	$	56,880	$	43,727	$	20,407
% of net loans and leases*		0.17%		0.13%		0.16%		0.13%		0.06%
*Includes loans held for sale.
Allowances for Credit Losses (Unaudited)
	Three Months Ended
(In thousands)	September 30, 2007		June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006
Allowance for Loan Losses
Balance at beginning of period	$	380,295	$	371,213	$	365,150	$	356,342	$	348,475
Allowance of company acquired		578		–		7,061		–		–
Add:
Provision for losses		55,354		17,763		9,111		26,675		14,363
Deduct:
Loan and lease charge-offs		(20,815)		(13,767)		(14,079)		(23,219)		(10,882)
Recoveries		2,753		5,086		3,970		5,352		4,386
Net loan and lease charge-offs		(18,062)		(8,681)		(10,109)		(17,867)		(6,496)
Balance at end of period	$	418,165	$	380,295	$	371,213	$	365,150	$	356,342
Ratio of allowance for loan losses to net loans and leases outstanding at period end		1.11%		1.03%		1.03%		1.05%		1.06%
Ratio of allowance for loan losses to nonperforming loans at period end		226.52%		448.72%		532.50%		548.53%		549.66%
Allowance for Unfunded Lending Commitments
Balance at beginning of period	$	21,222	$	20,000	$	19,368	$	18,637	$	17,592
Allowance of company acquired		–		–		326		–		–
Provision charged against earnings		172		1,222		306		731		1,045
Balance at end of period	$	21,394	$	21,222	$	20,000	$	19,368	$	18,637
Total Allowances for Credit Losses
Allowance for loan losses	$	418,165	$	380,295	$	371,213	$	365,150	$	356,342
Allowance for unfunded lending commitments		21,394		21,222		20,000		19,368		18,637
Total allowances for credit losses	$	439,559	$	401,517	$	391,213	$	384,518	$	374,979
Ratio of total allowances for credit losses to net loans and leases outstanding at period end		1.16%		1.09%		1.09%		1.11%		1.11%

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Press Release – Page 17

Sold Loans Being Serviced

(Unaudited)

	Three Months Ended
(In thousands)	September 30, 2007		June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006
Balance at beginning of period	$	2,201,897	$	2,401,355	$	2,586,451	$	2,796,644	$	3,003,101
New loans sold		8,162		19,173		10,931		30,061		46,073
Payments and other reductions		(187,917)		(218,631)		(196,027)		(240,254)		(252,530)
Balance at end of period	$	2,022,142	$	2,201,897	$	2,401,355	$	2,586,451	$	2,796,644
Loan Balances By Portfolio Type (Unaudited)
(In millions)	September 30, 2007		June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006
Loans held for sale	$	201	$	226	$	267	$	253	$	268
Commercial lending:
Commercial and industrial		9,260		8,922		8,420		8,422		7,846
Leasing		474		450		447		443		420
Owner occupied		7,347		7,123		6,867		6,260		5,855
Total commercial lending		17,081		16,495		15,734		15,125		14,121
Commercial real estate:
Construction and land development		8,396		8,037		7,739		7,483		7,362
Term		5,054		5,084		5,215		4,952		4,960
Total commercial real estate		13,450		13,121		12,954		12,435		12,322
Consumer:
Home equity credit line and other consumer real estate		2,033		1,968		1,935		1,850		1,944
1-4 family residential		4,178		4,134		4,176		4,192		4,255
Bankcard and other revolving plans		299		306		289		295		281
Other		467		456		465		457		458
Total consumer		6,977		6,864		6,865		6,794		6,938
Foreign loans		27		12		3		3		3
Other receivables		243		224		276		209		200
Total loans	$	37,979	$	36,942	$	36,099	$	34,819	$	33,852

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 18

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended September 30, 2007					Three Months Ended June 30, 2007
(In thousands)	Average balance		Amount of interest (1)		Average rate	Average balance		Amount of interest (1)		Average rate
ASSETS
Money market investments	$	784,286	$	10,841	5.48%	$	581,814	$	7,756	5.35%
Securities:
Held to maturity		701,587		12,192	6.89%		666,283		11,644	7.01%
Available for sale		4,462,480		64,746	5.76%		4,707,154		67,514	5.75%
Trading account		57,655		880	6.06%		53,459		766	5.75%
Total securities		5,221,722		77,818	5.91%		5,426,896		79,924	5.91%
Loans:
Loans held for sale		235,345		3,695	6.23%		254,693		4,322	6.81%
Net loans and leases (2)		36,959,505		731,866	7.86%		35,888,264		704,325	7.87%
Total loans and leases		37,194,850		735,561	7.85%		36,142,957		708,647	7.86%
Total interest-earning assets		43,200,858		824,220	7.57%		42,151,667		796,327	7.58%
Cash and due from banks		1,421,895					1,494,407
Allowance for loan losses		(390,078)					(375,388)
Goodwill		2,015,532					2,012,270
Core deposit and other intangibles		177,864					188,843
Other assets		2,477,248					2,449,988
Total assets	$	48,903,319				$	47,921,787
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,337,513		9,942	0.91%	$	4,511,110		10,179	0.91%
Money market		10,466,124		93,156	3.53%		10,245,788		88,578	3.47%
Internet money market		1,619,423		20,488	5.02%		1,484,748		18,538	5.01%
Time under $100,000		2,577,033		28,831	4.44%		2,518,631		27,382	4.36%
Time $100,000 and over		4,688,695		57,710	4.88%		5,091,202		61,864	4.87%
Foreign		2,703,397		33,240	4.88%		2,561,459		31,199	4.89%
Total interest-bearing deposits		26,392,185		243,367	3.66%		26,412,938		237,740	3.61%
Borrowed funds:
Securities sold, not yet purchased		20,673		252	4.84%		18,426		227	4.94%
Federal funds purchased and security repurchase agreements		3,350,693		40,123	4.75%		2,962,417		35,378	4.79%
Commercial paper		293,432		4,063	5.49%		194,134		2,647	5.47%
FHLB advances and other borrowings:
One year or less		1,115,750		14,596	5.19%		384,648		5,117	5.34%
Over one year		128,534		1,862	5.75%		129,147		1,853	5.75%
Long-term debt		2,329,325		36,842	6.28%		2,366,050		37,305	6.32%
Total borrowed funds		7,238,407		97,738	5.36%		6,054,822		82,527	5.47%
Total interest-bearing liabilities		33,630,592		341,105	4.02%		32,467,760		320,267	3.96%
Noninterest-bearing deposits		9,364,415					9,551,265
Other liabilities		643,510					634,370
Total liabilities		43,638,517					42,653,395
Minority interest		37,527					35,009
Shareholders' equity:
Preferred equity		240,000					240,000
Common equity		4,987,275					4,993,383
Total shareholders' equity		5,227,275					5,233,383
Total liabilities and shareholders' equity	$	48,903,319				$	47,921,787
Spread on average interest-bearing funds					3.55%					3.62%
Taxable-equivalent net interest income and net yield on interest-earning assets			$	483,115	4.44%			$	476,060	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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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 19

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Nine Months Ended September 30, 2007					Nine Months Ended September 30, 2006
(In thousands)	Average balance		Amount of interest (1)		Average rate	Average balance		Amount of interest (1)		Average rate
ASSETS
Money market investments	$	620,369	$	24,939	5.37%	$	482,621	$	18,598	5.15%
Securities:
Held to maturity		679,113		35,410	6.97%		640,245		32,712	6.83%
Available for sale		4,732,689		204,549	5.78%		5,053,420		214,249	5.67%
Trading account		68,245		2,838	5.56%		156,288		5,690	4.87%
Total securities		5,480,047		242,797	5.92%		5,849,953		252,651	5.77%
Loans:
Loans held for sale		246,360		11,892	6.45%		266,050		12,376	6.22%
Net loans and leases (2)		36,008,159		2,118,008	7.86%		31,568,460		1,791,205	7.59%
Total loans and leases		36,254,519		2,129,900	7.85%		31,834,510		1,803,581	7.57%
Total interest-earning assets		42,354,935		2,397,636	7.57%		38,167,084		2,074,830	7.27%
Cash and due from banks		1,499,900					1,479,054
Allowance for loan losses		(380,121)					(345,925)
Goodwill		2,003,972					1,884,462
Core deposit and other intangibles		186,884					185,619
Other assets		2,476,001					2,340,239
Total assets	$	48,141,571				$	43,710,533
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,452,344		30,181	0.91%	$	4,157,492		21,338	0.69%
Money market		10,320,360		267,985	3.47%		10,815,031		240,367	2.97%
Internet money market		1,476,561		55,818	5.05%		928,579		31,459	4.53%
Time under $100,000		2,510,342		81,939	4.36%		2,012,586		53,998	3.59%
Time $100,000 and over		4,867,183		176,992	4.86%		2,995,997		93,296	4.16%
Foreign		2,570,641		94,180	4.90%		1,964,021		66,250	4.51%
Total interest-bearing deposits		26,197,431		707,095	3.61%		22,873,706		506,708	2.96%
Borrowed funds:
Securities sold, not yet purchased		30,892		1,060	4.59%		60,818		2,052	4.51%
Federal funds purchased and security repurchase agreements		3,104,079		110,978	4.78%		2,734,524		86,930	4.25%
Commercial paper		222,523		9,075	5.45%		215,100		8,217	5.11%
FHLB advances and other borrowings:
One year or less		759,780		29,982	5.28%		550,737		21,632	5.25%
Over one year		131,393		5,686	5.79%		153,524		6,443	5.61%
Long-term debt		2,356,434		110,864	6.29%		2,479,316		119,157	6.43%
Total borrowed funds		6,605,101		267,645	5.42%		6,194,019		244,431	5.28%
Total interest-bearing liabilities		32,802,532		974,740	3.97%		29,067,725		751,139	3.45%
Noninterest-bearing deposits		9,438,778					9,517,248
Other liabilities		644,041					665,822
Total liabilities		42,885,351					39,250,795
Minority interest		37,747					31,556
Shareholders’ equity:
Preferred equity		240,000					–
Common equity		4,978,473					4,428,182
Total shareholders’ equity		5,218,473					4,428,182
Total liabilities and shareholders’ equity	$	48,141,571				$	43,710,533
Spread on average interest-bearing funds					3.60%					3.82%
Taxable-equivalent net interest income and net yield on interest-earning assets			$	1,422,896	4.49%			$	1,323,691	4.64%

(1) Taxable-equivalent rates used where applicable.

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

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