Zions Bancorporation, National Association (ZION) 8-K Zions Bancorporation Reports Earnings of $1.32 Per

EXHIBIT 99.1

***FOR IMMEDIATE RELEASE***

For: ZIONS BANCORPORATION	Contact: Clark Hinckley
One South Main, Suite 1500	Tel: (801) 524-4787
Salt Lake City, Utah	January 23, 2007
Harris H. Simmons
Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS EARNINGS OF $1.32 PER

DILUTED COMMON SHARE FOR FOURTH QUARTER 2006

Record Annual Earnings of $5.36 per Diluted Common Share for 2006

SALT LAKE CITY, January 23, 2007 - Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported fourth quarter net earnings applicable to common shareholders of $142.7 million, an increase of 11.4% over the $128.1 million for the fourth quarter of 2005. Net earnings per diluted common share of $1.32 for the fourth quarter of 2006 were unchanged from the fourth quarter of 2005. The return on average common equity was 12.08% for the fourth quarter of 2006 compared to 13.41% for the third quarter of 2006.

Net earnings applicable to common shareholders for 2006 increased 20.7% to $579.3 million or $5.36 per diluted share compared to $480.1 million or $5.16 per diluted share for 2005. The return on average common equity for 2006 was 12.89% compared to 15.86% for 2005.

All comparisons to the 2005 periods reflect the impact of the Company’s acquisition of Amegy Bancorporation, Inc., which was completed in December 2005.

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ZIONS BANCORPORATION

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January 23, 2007

Fourth Quarter 2006 Key Performance Drivers

·   Loan growth of nearly $1.0 billion, 11.4% annualized from third quarter.

·   Deposit growth of $1.3 billion, including core deposit growth of $652 million (8.7% annualized from third quarter).

·   Net interest margin of 4.60%, up two basis points from third quarter.

·   Continued improvement in efficiency ratio.

·   Continued excellent credit quality.

“Not only was this an excellent quarter, but the year 2006 was a great year for Zions Bancorporation,” stated Harris Simmons, chairman and chief executive officer. “The Company produced organic loan growth of over 15%, maintained a high and stable net interest margin in a difficult rate environment, maintained consistently high credit quality, and earned a record $579.3 million.”

As previously disclosed in a Form 8-K filed on January 11, 2007, earnings for the fourth quarter of 2006 were unfavorably impacted by the following three items:

·   The Company recognized a pretax loss of $10.9 million ($0.06 per diluted share) during the quarter on a $17.1 million participation in an equipment lease by its National Bank of Arizona affiliate. The loss resulted from an alleged accounting fraud at a water bottling company. The $6.2 million estimated value of the related equipment was recorded as “Other Assets” and included in nonperforming assets.

·   The Company incurred pretax costs of $7.3 million ($0.04 per diluted share) during the quarter for the call premium on the early redemption of $176.3 million of 8.536% trust preferred debt issued by Zions Institutional Capital Trust A. Redemption of this debt is expected to reduce pretax interest expense by approximately $14.5 million annually.

·   The Company declared a preferred stock dividend of $3.8 million ($0.04 per diluted share) in December 2006 subsequent to the issuance of $240 million of Series A Preferred Stock. The preferred stock dividend reduced earnings applicable to common shareholders. Terms of the preferred stock required the Company to declare the full quarterly dividend and set aside the funds before the Company could repurchase common shares under the $400 million repurchase authorization announced on December 11, 2006.

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ZIONS BANCORPORATION

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January 23, 2007

Loan Growth

On-balance-sheet net loans and leases were $34.7 billion at December 31, 2006, an increase of approximately $1.0 billion or 11.4% annualized from $33.7 billion at September 30, 2006, and an increase of 15.1% from $30.1 billion at December 31, 2005. Loan growth during the fourth quarter was concentrated in the commercial lending category principally at Zions Bank and Amegy Bank of Texas.

Deposit Growth

Total deposits at December 31, 2006 increased $1.3 billion to $35.0 billion, an annualized increase of 15.9%, from $33.6 billion at September 30, 2006, and increased 7.2% over the balances reported one year ago. Core deposits increased $652 million, or 8.7% annualized, during the quarter to $30.7 billion compared to $30.0 billion at September 30, 2006, and increased $552 million, or 1.8%, compared to $30.1 billion at December 31, 2005. Average noninterest-bearing demand deposits were essentially unchanged from the prior quarter. The quarterly increase in total deposits included approximately $270 million of time deposits placed by The Stockmen’s Bank with two affiliate banks of the Company in October 2006. The Company’s acquisition of Stockmen’s was announced on September 11, 2006 and was completed on January 17, 2007.

Net Interest Income

Net interest income for the fourth quarter of 2006 increased $12.5 million, or 11.1% annualized, to $459.0 million compared to $446.5 million for the third quarter of 2006, and increased $84.2 million, or 22.5%, compared to $374.8 million for the fourth quarter of 2005. Taxable-equivalent net interest income for the fourth quarter of 2006 was $465.3 million compared to $452.6 million for the third

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ZIONS BANCORPORATION

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January 23, 2007

quarter of 2006 and $380.3 million for the fourth quarter of 2005. For the fourth quarter of 2006, the net interest margin was 4.60% compared to 4.58% for the third quarter of 2006 and 4.62% for the fourth quarter of 2005. In addition, the net interest spread for the fourth quarter of 2006 was essentially unchanged from the third quarter of 2006.

Noninterest Income

For the fourth quarter of 2006, noninterest income was $139.9 million compared to $145.3 million for the third quarter of 2006 and $117.6 million for the fourth quarter of 2005. The decrease in the fourth quarter is primarily due to the decrease from $12.9 million for the third quarter to $6.3 million for the fourth quarter in gains on venture capital investments included in equity securities gains. However, net of minority interest, income taxes, and other expenses, venture capital investments increased net income by $2.5 million for the fourth quarter of 2006 compared to $1.7 million for the third quarter. Loan sales and servicing income for the fourth quarter included a pretax impairment charge of $1.9 million on retained interests from certain previous small business loan securitizations due to accelerated prepayment speeds; a $4.1 million pretax impairment charge for similar reasons was included in the third quarter 2006 results.

Noninterest Expense

Noninterest expense for the fourth quarter of 2006 was $342.9 million compared to $330.0 million for the third quarter of 2006 and $283.8 million for the fourth quarter of 2005. The increase is primarily due to the $7.3 million in debt extinguishment costs previously discussed. Salaries and employee benefits for the fourth quarter were favorably impacted by approximately $5 million as a result of lower medical costs in the Company’s HDHP/HSA health plans, and cost adjustments to bonus and other employee benefit plans.

The efficiency ratio for the fourth quarter of 2006 was 56.7% compared to 55.2% for the third quarter of 2006 and 57.0% for the fourth quarter of 2005. Exclusive of the $7.3 million debt extinguishment costs, the efficiency ratio for the fourth quarter would be 55.5%. The efficiency ratio for the third quarter of

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ZIONS BANCORPORATION

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January 23, 2007

2006 was favorably impacted by the full amount of venture capital gains previously discussed. When adjusted to exclude from revenue the related minority interest, the efficiency ratio would have been 56.1% for the third quarter.

Asset Quality

Nonperforming assets were $82.0 million at December 31, 2006 and include the $6.2 million of equipment previously discussed. This compares to $74.8 million at September 30, 2006 and $89.1 million at December 31, 2005. The ratio of nonperforming assets to net loans and leases and other real estate owned was 0.24% at December 31, 2006 compared to 0.22% at September 30, 2006 and 0.30% at December 31, 2005.

For the fourth quarter of 2006, net loan and lease charge-offs were $17.9 million or 0.21% annualized of average loans, which include the $10.9 million loss on equipment lease previously discussed. This compares with $6.5 million or 0.08% annualized for the third quarter of 2006 and $8.2 million or 0.13% annualized for the fourth quarter of 2005. For the year 2006, net loan and lease charge-offs were $45.8 million or 0.14% of average loans compared to $25.0 million or 0.10% for 2005.

The provision for loan losses was $26.7 million for the fourth quarter of 2006 compared to $14.4 million for the third quarter of 2006 and $10.1 million for the fourth quarter of 2005. The provision in excess of net charge-offs for the quarter was mainly the result of the Company’s continued strong loan growth. The combined provisions for loan losses and unfunded lending commitments were $27.4 million for the fourth quarter of 2006, $15.4 million for the third quarter of 2006, and $10.4 million for the fourth quarter of 2005. The combined provisions for the year 2006 were $73.8 million compared to $46.4 million for 2005.

At December 31, 2006, the allowance for loan losses as a percentage of net loans and leases was 1.05% compared to 1.06% at September 30, 2006 and 1.12% at December 31, 2005. At December 31, 2006, the allowance was 548.5% of nonperforming loans. The combined allowances for credit losses

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ZIONS BANCORPORATION

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January 23, 2007

(allowance for loan losses plus the allowance for unfunded lending commitments) were $384.5 million or 1.11% of net loans and leases at December 31, 2006 and $356.5 million or 1.18% at December 31, 2005.

Capital Management

In December 2006 the Company resumed its stock repurchase plan, which had been suspended since July 2005 because of the Amegy acquisition. Under the $400 million repurchase authorization, the Company repurchased 308,359 common shares for $24.9 million during December 2006 at an average price of $81.05 per share.

As previously discussed, the Company declared a preferred stock dividend of $3.8 million in December 2006 for the quarterly dividend through and to be paid on March 15, 2007.

The Company’s tangible equity ratio, which includes the impact of the perpetual noncumulative preferred stock, was 6.51% at December 31, 2006 compared to 5.92% at September 30, 2006 and 5.28% at December 31, 2005. The increase is mainly due to the issuance of the preferred stock in December 2006, increased retained earnings during the quarter, and a reduction in the accumulated other comprehensive loss. The Company’s tangible common equity ratio was 5.98% at December 31, 2006 compared to 5.92% at September 30, 2006 and 5.28% at December 31, 2005.

Weighted average common and common-equivalent shares outstanding for the fourth quarter of 2006 were 108,221,096 compared to 108,061,423 for the third quarter of 2006 and 96,963,446 for the fourth quarter of 2005. Common shares outstanding at December 31, 2006 were 106,720,884 compared to 106,804,606 at September 30, 2006 and 105,147,562 at December 31, 2005.

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ZIONS BANCORPORATION

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January 23, 2007

Acquisition

The previously disclosed acquisition of The Stockmen’s Bancorp, Inc., headquartered in Kingman, Arizona, was approved by regulators and by Stockmen’s shareholders, and was completed on January 17, 2007. The Company issued 2.6 million shares of its common stock to Stockmen's shareholders in completing this acquisition.

Conference Call

Zions will host a conference call to discuss these fourth quarter results at 5:30 p.m. ET this afternoon (January 23, 2007). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-866-700-7477 and entering the passcode 34521752, 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 23, through midnight ET on Tuesday, January 30, by dialing 1-888-286-8010 and entering the passcode 50495881. 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 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

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ZIONS BANCORPORATION

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January 23, 2007

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 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 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

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FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended								Years Ended
(In thousands, except per share and ratio data)	December 31,								December 31,
	2006			2005			% Change		2006			2005			% Change
EARNINGS
Taxable-equivalent net interest income	$	465,267		$	380,316		22.34	%	$	1,788,958		$	1,382,350		29.41	%
Taxable-equivalent revenue		605,148			497,943		21.53	%		2,340,167			1,819,303		28.63	%
Net interest income		459,039			374,819		22.47	%		1,764,724			1,361,350		29.63	%
Noninterest income		139,881			117,627		18.92	%		551,209			436,953		26.15	%
Provision for loan losses		26,675			10,116		163.69	%		72,572			43,023		68.68	%
Noninterest expense		342,926			283,789		20.84	%		1,330,437			1,012,791		31.36	%
Impairment loss on goodwill		-			602		(100.00)	%		-			602		(100.00)	%
Income before income taxes and minority interest		229,319			197,939		15.85	%		912,924			741,887		23.05	%
Income taxes		80,081			69,139		15.83	%		317,950			263,418		20.70	%
Minority interest		2,730			693		293.94	%		11,849			(1,652	)	817.25	%
Net income		146,508			128,107		14.36	%		583,125			480,121		21.45	%
Net earnings applicable to common shareholders		142,673			128,107		11.37	%		579,290			480,121		20.66	%
PER COMMON SHARE
Net earnings (diluted)		1.32			1.32		-			5.36			5.16		3.88	%
Dividends		0.39			0.36		8.33	%		1.47			1.44		2.08	%
Book value per common share										44.48			40.30		10.37	%
SELECTED RATIOS
Return on average assets		1.27	%		1.38	%				1.32	%		1.43	%
Return on average common equity		12.08	%		14.82	%				12.89	%		15.86	%
Efficiency ratio		56.67	%		56.99	%				56.85	%		55.67	%
Net interest margin		4.60	%		4.62	%				4.63	%		4.58	%

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ZIONS BANCORPORATION AND SUBSIDIARIES

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended								Years Ended
(In thousands, except share and ratio data)	December 31,								December 31,
	2006			2005			% Change		2006			2005			% Change
AVERAGE BALANCES
Total assets	$	45,818,165		$	36,780,719		24.57	%	$	44,241,772		$	33,602,704		31.66	%
Securities		5,627,906			5,352,093		5.15	%		5,793,985			5,157,334		12.34	%
Net loans and leases		34,059,617			25,982,873		31.08	%		32,395,359			24,008,629		34.93	%
Goodwill		1,895,860			1,060,381		78.79	%		1,887,335			746,072		152.97	%
Core deposit and other intangibles		168,547			101,593		65.90	%		181,316			65,969		174.85	%
Total deposits		33,853,608			27,605,309		22.63	%		32,759,623			24,867,920		31.73	%
Core deposits (1)		29,763,841			25,467,323		16.87	%		29,487,936			23,155,428		27.35	%
Minority interest		40,471			27,079		49.46	%		33,803			25,726		31.40	%
Shareholders' equity:
Preferred equity		65,216			-		-			16,438			-		-
Common equity		4,685,507			3,428,605		36.66	%		4,493,042			3,027,375		48.41	%
Weighted average common and common-
equivalent shares outstanding		108,221,096			96,963,446		11.61	%		108,028,075			92,993,915		16.17	%
AT PERIOD END
Total assets									$	46,970,226		$	42,779,639		9.80	%
Securities										5,767,467			6,057,212		(4.78)	%
Net loans and leases										34,667,556			30,126,936		15.07	%
Sold loans being serviced (2)										2,586,451			3,382,603		(23.54)	%
Allowance for loan losses										365,150			338,399		7.91	%
Allowance for unfunded lending commitments										19,368			18,120		6.89	%
Goodwill										1,900,517			1,887,588		0.68	%
Core deposit and other intangibles										162,134			199,166		(18.59)	%
Total deposits										34,981,746			32,642,408		7.17	%
Core deposits (1)										30,679,690			30,127,812		1.83	%
Minority interest										42,791			27,551		55.32	%
Shareholders' equity:
Preferred equity										240,000			-		-
Common equity										4,747,023			4,237,264		12.03	%
Common shares outstanding										106,720,884			105,147,562		1.50	%
Average equity to average assets		10.37	%		9.32	%				10.19	%		9.01	%
Common dividend payout		29.51	%		25.50	%				27.10	%		27.14	%
Tangible equity ratio										6.51	%		5.28	%
Nonperforming assets										81,994			89,063		(7.94)	%
Accruing loans past due 90 days or more										43,727			17,153		154.92	%
Nonperforming assets to net loans and leases
and other real estate owned at period end										0.24	%		0.30	%

(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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ZIONS BANCORPORATION AND SUBSIDIARIES

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
(In thousands, except per share and ratio data)	December 31,			September 30,			June 30,			March 31,			December 31,
	2006												2005
EARNINGS
Taxable-equivalent net interest income	$	465,267		$	452,606		$	442,261		$	428,824		$	380,316
Taxable-equivalent revenue		605,148			597,935			579,772			557,312			497,943
Net interest income		459,039			446,511			436,327			422,847			374,819
Noninterest income		139,881			145,329			137,511			128,488			117,627
Provision for loan losses		26,675			14,363			17,022			14,512			10,116
Noninterest expense		342,926			330,028			333,028			324,455			283,789
Impairment loss on goodwill		-			-			-			-			602
Income before income taxes and minority interest		229,319			247,449			223,788			212,368			197,939
Income taxes		80,081			83,790			78,821			75,258			69,139
Minority interest		2,730			9,985			(343	)		(523	)		693
Net income		146,508			153,674			145,310			137,633			128,107
Net earnings applicable to common shareholders		142,673			153,674			145,310			137,633			128,107
PER COMMON SHARE
Net earnings (diluted)		1.32			1.42			1.35			1.28			1.32
Dividends		0.39			0.36			0.36			0.36			0.36
Book value per common share		44.48			43.47			41.72			40.95			40.30
SELECTED RATIOS
Return on average assets		1.27	%		1.36	%		1.33	%		1.31	%		1.38	%
Return on average common equity		12.08	%		13.41	%		13.20	%		12.92	%		14.82	%
Efficiency ratio		56.67	%		55.19	%		57.44	%		58.22	%		56.99	%
Net interest margin		4.60	%		4.58	%		4.64	%		4.69	%		4.62	%

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
(In thousands, except share and ratio data)	December 31,			September 30,			June 30,			March 31,			December 31,
	2006												2005
AVERAGE BALANCES
Total assets	$	45,818,165		$	44,680,382		$	43,782,622		$	42,646,242		$	36,780,719
Securities		5,627,906			5,605,249			5,876,065			6,073,692			5,352,093
Net loans and leases		34,059,617			33,105,716			31,900,053			30,468,784			25,982,873
Goodwill		1,895,860			1,881,708			1,884,192			1,887,551			1,060,381
Core deposit and other intangibles		168,547			175,259			185,281			196,551			101,593
Total deposits		33,853,608			32,964,029			32,175,202			32,023,293			27,605,309
Core deposits (1)		29,763,841			29,427,975			29,303,520			29,453,658			25,467,323
Minority interest		40,471			37,854			28,486			28,223			27,079
Shareholders' equity:
Preferred equity		65,216			-			-			-			-
Common equity		4,685,507			4,545,990			4,414,775			4,321,311			3,428,605
Weighted average common and common-
equivalent shares outstanding		108,221,096			108,061,423			107,883,374			107,724,724			96,963,446
AT PERIOD END
Total assets	$	46,970,226		$	45,777,747		$	45,142,086		$	43,318,029		$	42,779,639
Securities		5,767,467			5,817,571			5,797,079			5,984,115			6,057,212
Net loans and leases		34,667,556			33,706,110			32,682,335			31,140,326			30,126,936
Sold loans being serviced (2)		2,586,451			2,796,644			3,003,101			3,183,992			3,382,603
Allowance for loan losses		365,150			356,342			348,475			341,261			338,399
Allowance for unfunded lending commitments		19,368			18,637			17,592			17,841			18,120
Goodwill		1,900,517			1,884,328			1,881,256			1,884,225			1,887,588
Core deposit and other intangibles		162,134			168,135			177,692			188,384			199,166
Total deposits		34,981,746			33,640,991			33,254,210			32,872,708			32,642,408
Core deposits (1)		30,679,690			30,027,827			29,851,896			30,179,291			30,127,812
Minority interest		42,791			41,158			28,619			28,895			27,551
Shareholders' equity:
Preferred equity		240,000			-			-			-			-
Common equity		4,747,023			4,643,166			4,447,330			4,343,816			4,237,264
Common shares outstanding		106,720,884			106,804,606			106,611,731			106,070,045			105,147,562
Average equity to average assets		10.37	%		10.17	%		10.08	%		10.13	%		9.32	%
Common dividend payout		29.51	%		25.00	%		26.37	%		27.71	%		25.50	%
Tangible equity ratio		6.51	%		5.92	%		5.54	%		5.51	%		5.28	%
Nonperforming assets		81,994			74,815			73,475			96,556			89,063
Accruing loans past due 90 days or more		43,727			20,407			29,434			10,299			17,153
Nonperforming assets to net loans and leases
and other real estate owned at period end		0.24	%		0.22	%		0.22	%		0.31	%		0.30	%

(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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CONSOLIDATED BALANCE SHEETS

	December 31,			September 30,			June 30,			March 31,			December 31,
(In thousands, except share amounts)	2006			2006			2006			2006			2005
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
ASSETS
Cash and due from banks	$	1,938,810		$	1,616,910		$	1,773,829		$	1,584,857		$	1,706,590
Money market investments:
Interest-bearing deposits		43,203			39,882			87,512			51,942			22,179
Federal funds sold		55,658			72,036			262,959			178,406			414,281
Security resell agreements		270,415			272,643			225,160			238,762			230,282
Investment securities:
Held to maturity, at cost (approximate market value $648,828,
$655,170, $620,786, $633,784 and $642,258)		653,124			662,547			639,593			644,212			649,791
Available for sale, at market		5,050,907			5,062,409			5,086,840			5,187,979			5,305,859
Trading account, at market (includes $34,494, $60,331,
$50,684, $34,340 and $43,444 transferred as collateral
under repurchase agreements)		63,436			92,615			70,646			151,924			101,562
		5,767,467			5,817,571			5,797,079			5,984,115			6,057,212
Loans:
Loans held for sale		252,818			268,305			248,948			311,655			256,236
Loans and leases		34,566,118			33,583,499			32,576,017			30,958,190			29,996,022
		34,818,936			33,851,804			32,824,965			31,269,845			30,252,258
Less:
Unearned income and fees, net of related costs		151,380			145,694			142,630			129,519			125,322
Allowance for loan losses		365,150			356,342			348,475			341,261			338,399
Loans and leases, net of allowance		34,302,406			33,349,768			32,333,860			30,799,065			29,788,537
Other noninterest-bearing investments		1,022,383			1,005,989			993,379			971,569			938,515
Premises and equipment, net		609,472			587,807			574,154			565,327			564,745
Goodwill		1,900,517			1,884,328			1,881,256			1,884,225			1,887,588
Core deposit and other intangibles		162,134			168,135			177,692			188,384			199,166
Other real estate owned		9,250			9,986			16,024			24,964			19,966
Other assets		888,511			952,692			1,019,182			846,413			950,578
	$	46,970,226		$	45,777,747		$	45,142,086		$	43,318,029		$	42,779,639
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand	$	10,010,310		$	9,750,064		$	10,163,834		$	9,953,003		$	9,953,833
Interest-bearing:
Savings and money market		15,858,887			15,824,048			15,814,128			16,354,901			16,055,754
Time under $100,000		2,257,967			2,154,894			2,030,717			1,959,351			1,938,789
Time $100,000 and over		4,302,056			3,613,164			3,402,314			2,693,417			2,514,596
Foreign		2,552,526			2,298,821			1,843,217			1,912,036			2,179,436
		34,981,746			33,640,991			33,254,210			32,872,708			32,642,408
Securities sold, not yet purchased		50,416			53,802			27,388			55,577			64,654
Federal funds purchased		1,993,483			2,286,561			1,397,694			1,484,049			1,255,662
Security repurchase agreements		934,057			1,108,771			1,169,296			1,096,420			1,027,658
Other liabilities		747,499			657,657			789,222			677,495			592,599
Commercial paper		220,507			265,769			245,126			153,286			167,188
Federal Home Loan Bank advances and other borrowings:
One year or less		517,925			313,259			1,216,848			4,264			18,801
Over one year		137,058			132,854			133,450			134,043			234,488
Long-term debt		2,357,721			2,633,759			2,432,903			2,467,476			2,511,366
Total liabilities		41,940,412			41,093,423			40,666,137			38,945,318			38,514,824
Minority interest		42,791			41,158			28,619			28,895			27,551
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			-			-			-			-
Common stock, without par value; authorized 350,000,000
shares; issued and outstanding 106,720,884, 106,804,606,
106,611,731, 106,070,045 and 105,147,562 shares		2,230,303			2,240,458			2,218,711			2,197,245			2,156,732
Retained earnings		2,602,189			2,501,625			2,386,369			2,279,383			2,179,885
Accumulated other comprehensive loss		(75,849	)		(89,292	)		(148,327	)		(123,099	)		(83,043	)
Deferred compensation		(9,620	)		(9,625	)		(9,423	)		(9,713	)		(16,310	)
Total shareholders' equity		4,987,023			4,643,166			4,447,330			4,343,816			4,237,264
	$	46,970,226		$	45,777,747		$	45,142,086		$	43,318,029		$	42,779,639

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 14

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(In thousands, except per share amounts)	December 31,			September 30,		June 30,			March 31,			December 31,
	2006			2006		2006			2006			2005
Interest income:
Interest and fees on loans	$	665,791		$	638,610	$	591,139		$	542,784		$	458,429
Interest on loans held for sale		4,066			4,275		4,055			4,046			3,131
Lease financing		4,974			4,690		4,496			4,130			4,010
Interest on money market investments		6,116			6,241		5,925			6,432			13,280
Interest on securities:
Held to maturity – taxable		2,220			2,217		2,209			2,215			1,866
Held to maturity – nontaxable		5,963			5,732		5,683			5,531			5,948
Available for sale – taxable		68,075			66,078		68,995			69,104			56,267
Available for sale – nontaxable		2,083			2,089		2,119			2,339			1,433
Trading account		2,009			1,621		1,995			2,074			4,038
Total interest income		761,297			731,553		686,616			638,655			548,402
Interest expense:
Interest on savings and money market deposits		112,105			109,410		97,131			86,623			71,093
Interest on time and foreign deposits		102,025			86,635		67,424			59,485			43,740
Interest on short-term borrowings		45,504			46,778		43,490			28,563			24,155
Interest on long-term debt		42,624			42,219		42,244			41,137			34,595
Total interest expense		302,258			285,042		250,289			215,808			173,583
Net interest income		459,039			446,511		436,327			422,847			374,819
Provision for loan losses		26,675			14,363		17,022			14,512			10,116
Net interest income after provision for loan losses		432,364			432,148		419,305			408,335			364,703
Noninterest income:
Service charges and fees on deposit accounts		43,201			41,991		41,414			40,038			34,375
Loan sales and servicing income		12,332			10,972		15,058			15,468			21,315
Other service charges, commissions and fees		45,604			44,711		42,779			39,931			32,973
Trust and investment management income		6,116			5,549		5,312			4,696			4,489
Income from securities conduit		7,567			7,741		8,492			8,406			8,977
Dividends and other investment income		10,360			10,403		9,946			9,209			7,642
Market making, trading and nonhedge derivative income		4,991			3,641		5,444			4,425			1,352
Equity securities gains (losses), net		5,875			13,180		(1,764	)		550			1,764
Fixed income securities gains (losses), net		(554	)		1,563		5,156			251			423
Other		4,389			5,578		5,674			5,514			4,317
Total noninterest income		139,881			145,329		137,511			128,488			117,627
Noninterest expense:
Salaries and employee benefits		189,627			190,554		185,643			185,855			154,942
Occupancy, net		25,170			25,807		24,549			24,081			21,388
Furniture and equipment		22,623			20,361		22,737			23,004			19,032
Legal and professional services		11,234			11,386		9,005			8,509			10,012
Postage and supplies		8,402			8,313		8,646			7,715			7,043
Advertising		7,100			6,566		6,814			5,985			6,061
Debt extinguishment cost		7,261			-		-			-			-
Impairment losses on long-lived assets		-			-		-			1,304			2,500
Restructuring charges		-			-		-			17			2,351
Merger related expense		2,199			2,549		8,906			6,807			3,103
Amortization of core deposit and other intangibles		10,899			10,716		10,692			10,693			6,092
Provision for unfunded lending commitments		731			1,045		(249	)		(279	)		277
Other		57,680			52,731		56,285			50,764			50,988
Total noninterest expense		342,926			330,028		333,028			324,455			283,789
Impairment loss on goodwill		-			-		-			-			602
Income before income taxes and minority interest		229,319			247,449		223,788			212,368			197,939
Income taxes		80,081			83,790		78,821			75,258			69,139
Minority interest		2,730			9,985		(343	)		(523	)		693
Net income		146,508			153,674		145,310			137,633			128,107
Preferred stock dividend		3,835			-		-			-			-
Net earnings applicable to common shareholders	$	142,673		$	153,674	$	145,310		$	137,633		$	128,107
Weighted average common shares outstanding during the period:
Basic shares		106,457			106,285		106,001			105,472			95,002
Diluted shares		108,221			108,061		107,883			107,725			96,963
Net earnings per common share:
Basic	$	1.34		$	1.45	$	1.37		$	1.30		$	1.35
Diluted		1.32			1.42		1.35			1.28			1.32

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 15

CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)

(Unaudited)

	Years Ended
(In thousands, except per share amounts)	December 31,
	2006		2005
Interest income:
Interest and fees on loans	$	2,438,324	$	1,595,916
Interest on loans held for sale		16,442		9,814
Lease financing		18,290		16,079
Interest on money market investments		24,714		31,682
Interest on securities:
Held to maturity – taxable		8,861		7,331
Held to maturity – nontaxable		22,909		24,005
Available for sale – taxable		272,252		201,628
Available for sale – nontaxable		8,630		3,931
Trading account		7,699		19,870
Total interest income		2,818,121		1,910,256
Interest expense:
Interest on savings and money market deposits		405,269		220,604
Interest on time and foreign deposits		315,569		119,720
Interest on short-term borrowings		164,335		92,149
Interest on long-term debt		168,224		116,433
Total interest expense		1,053,397		548,906
Net interest income		1,764,724		1,361,350
Provision for loan losses		72,572		43,023
Net interest income after provision for loan losses		1,692,152		1,318,327
Noninterest income:
Service charges and fees on deposit accounts		166,644		128,796
Loan sales and servicing income		54,193		77,822
Other service charges, commissions and fees		172,662		116,635
Trust and investment management income		21,673		16,483
Income from securities conduit		32,206		34,966
Dividends and other investment income		39,918		30,040
Market making, trading and nonhedge derivative income		18,501		15,714
Equity securities gains (losses), net		17,841		(1,312	)
Fixed income securities gains, net		6,416		845
Other		21,155		16,964
Total noninterest income		551,209		436,953
Noninterest expense:
Salaries and employee benefits		751,679		573,902
Occupancy, net		99,607		77,393
Furniture and equipment		88,725		68,190
Legal and professional services		40,134		34,804
Postage and supplies		33,076		26,839
Advertising		26,465		21,364
Debt extinguishment cost		7,261		-
Impairment losses on long-lived assets		1,304		3,133
Restructuring charges		17		2,443
Merger related expense		20,461		3,310
Amortization of core deposit and other intangibles		43,000		16,905
Provision for unfunded lending commitments		1,248		3,425
Other		217,460		181,083
Total noninterest expense		1,330,437		1,012,791
Impairment loss on goodwill		-		602
Income before income taxes and minority interest		912,924		741,887
Income taxes		317,950		263,418
Minority interest		11,849		(1,652	)
Net income		583,125		480,121
Preferred stock dividend		3,835		-
Net earnings applicable to common shareholders	$	579,290	$	480,121
Weighted average common shares outstanding during the period:
Basic shares		106,057		91,187
Diluted shares		108,028		92,994
Net earnings per common share:
Basic	$	5.46	$	5.27
Diluted		5.36		5.16

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 16

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

AND COMPREHENSIVE INCOME

(Unaudited)

									Accumulated
									other						Total
	Preferred		Common			Retained			comprehensive			Deferred			shareholders'
(In thousands)	stock		stock			earnings			income (loss)			compensation			equity
Balance, December 31, 2005	$	-	$	2,156,732		$	2,179,885		$	(83,043	)	$	(16,310	)	$	4,237,264
Comprehensive income:
Net income							583,125									583,125
Other comprehensive income, net of tax:
Net realized and unrealized holding losses
on investments and retained interests										(7,684	)
Foreign currency translation										715
Reclassification for net realized gains
on investments recorded in operations										(630	)
Net unrealized gains on derivative instruments										8,548
Pension and postretirement										6,245
Other comprehensive income										7,194						7,194
Total comprehensive income																590,319
Issuance of preferred stock		240,000		(4,167	)											235,833
Stock redeemed and retired				(26,483	)											(26,483	)
Net stock options exercised				91,647												91,647
Reclassification of deferred compensation, adoption
of SFAS 123R				(11,111	)								11,111			-
Share-based compensation				23,685												23,685
Dividend declared on preferred stock							(3,835	)								(3,835	)
Cash dividends on common stock, $1.47 per share							(156,986	)								(156,986	)
Change in deferred compensation													(4,421	)		(4,421	)
Balance, December 31, 2006	$	240,000	$	2,230,303		$	2,602,189		$	(75,849	)	$	(9,620	)	$	4,987,023
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	)
Net stock options exercised and restricted stock issued				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 on common stock, $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

Total comprehensive income for the three months ended December 31, 2006 and 2005 was $159,951 and $97,152, respectively.

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 17

Nonperforming Assets
(Unaudited)
(In thousands)	December 31,			September 30,			June 30,			March 31,			December 31,
	2006			2006			2006			2006			2005
Nonaccrual loans	$	66,405		$	64,650		$	57,249		$	71,376		$	68,717
Restructured loans		164			179			202			216			380
Other real estate owned		9,250			9,986			16,024			24,964			19,966
Other assets		6,175			-			-			-			-
Total	$	81,994		$	74,815		$	73,475		$	96,556		$	89,063
% of net loans and leases* and other real
estate owned		0.24	%		0.22	%		0.22	%		0.31	%		0.30	%
Accruing loans past due 90 days or more	$	43,727		$	20,407		$	29,434		$	10,299		$	17,153
% of net loans and leases*		0.13	%		0.06	%		0.09	%		0.03	%		0.06	%
*Includes loans held for sale.

Allowances for Credit Losses
(Unaudited)
	Three Months Ended
(In thousands)	December 31,			September 30,			June 30,			March 31,			December 31,
	2006			2006			2006			2006			2005
Allowance for Loan Losses
Balance at beginning of period	$	356,342		$	348,475		$	341,261		$	338,399		$	287,237
Allowance of company acquired		-			-			-			-			49,217
Add:
Provision for losses		26,675			14,363			17,022			14,512			10,116
Deduct:
Loan and lease charge-offs		(23,219	)		(10,882	)		(16,082	)		(15,609	)		(12,168	)
Recoveries		5,352			4,386			6,274			3,959			3,997
Net loan and lease charge-offs		(17,867	)		(6,496	)		(9,808	)		(11,650	)		(8,171	)
Balance at end of period	$	365,150		$	356,342		$	348,475		$	341,261		$	338,399
Ratio of allowance for loan losses to net loans
and leases outstanding at period end		1.05	%		1.06	%		1.07	%		1.10	%		1.12	%
Ratio of allowance for loan losses to nonperforming
loans at period end		548.53	%		549.66	%		606.56	%		476.67	%		489.74	%
Allowance for Unfunded Lending Commitments
Balance at beginning of period	$	18,637		$	17,592		$	17,841		$	18,120		$	15,830
Allowance of company acquired		-			-			-			-			2,013
Provision charged (credited) against earnings		731			1,045			(249	)		(279	)		277
Balance at end of period	$	19,368		$	18,637		$	17,592		$	17,841		$	18,120
Total Allowances for Credit Losses
Allowance for loan losses	$	365,150		$	356,342		$	348,475		$	341,261		$	338,399
Allowance for unfunded lending commitments		19,368			18,637			17,592			17,841			18,120
Total allowances for credit losses	$	384,518		$	374,979		$	366,067		$	359,102		$	356,519
Ratio of total allowances for credit losses to net loans
and leases outstanding at period end		1.11	%		1.11	%		1.12	%		1.15	%		1.18	%

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 18

Sold Loans Being Serviced
(Unaudited)
	Three Months Ended
(In thousands)	December 31,			September 30,			June 30,			March 31,			December 31,
	2006			2006			2006			2006			2005
Balance at beginning of period	$	2,796,644		$	3,003,101		$	3,183,992		$	3,382,603		$	3,561,818
New loans sold		30,061			46,073			82,553			59,417			100,273
Payments and other reductions		(240,254	)		(252,530	)		(263,444	)		(258,028	)		(279,488	)
Balance at end of period	$	2,586,451		$	2,796,644		$	3,003,101		$	3,183,992		$	3,382,603

Loan Balances By Portfolio Type
(Unaudited)
(In millions)	December 31,		September 30,		June 30,		March 31,		December 31,
	2006		2006		2006		2006		2005
Loans held for sale	$	253	$	268	$	249	$	312	$	256
Commercial lending:
Commercial and industrial		8,422		7,846		7,539		7,261		7,192
Leasing		443		420		407		383		373
Owner occupied		6,260		5,855		5,574		5,159		4,825
Total commercial lending		15,125		14,121		13,520		12,803		12,390
Commercial real estate:
Construction and land development		7,483		7,362		6,958		6,292		6,065
Term		4,952		4,960		4,981		4,847		4,640
Total commercial real estate		12,435		12,322		11,939		11,139		10,705
Consumer:
Home equity credit line and other
consumer real estate		1,850		1,944		1,963		1,892		1,831
1-4 family residential		4,192		4,255		4,244		4,191		4,130
Bankcard and other revolving plans		295		281		279		254		207
Other		457		458		453		464		537
Total consumer		6,794		6,938		6,939		6,801		6,705
Foreign loans		3		3		3		3		5
Other receivables		209		200		175		212		191
Total loans	$	34,819	$	33,852	$	32,825	$	31,270	$	30,252

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 19

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended							Three Months Ended
	December 31, 2006							December 31, 2005
(In thousands)	Average			Amount of		Average		Average			Amount of		Average
	balance			interest (1)		rate		balance			interest (1)		rate
ASSETS
Money market investments	$	467,033		$	6,116	5.20	%	$	1,353,731		$	13,280	3.89	%
Securities:
Held to maturity		660,467			11,394	6.84	%		635,567			11,017	6.88	%
Available for sale		4,809,132			71,280	5.88	%		4,325,232			58,472	5.36	%
Trading account		158,307			2,009	5.03	%		391,294			4,038	4.09	%
Total securities		5,627,906			84,683	5.97	%		5,352,093			73,527	5.45	%
Loans:
Loans held for sale		246,423			4,066	6.55	%		245,826			3,131	5.05	%
Net loans and leases (2)		33,813,194			672,660	7.89	%		25,737,047			463,961	7.15	%
Total loans and leases		34,059,617			676,726	7.88	%		25,982,873			467,092	7.13	%
Total interest-earning assets		40,154,556			767,525	7.58	%		32,688,697			553,899	6.72	%
Cash and due from banks		1,464,577							1,270,102
Allowance for loan losses		(360,374	)						(304,802	)
Goodwill		1,895,860							1,060,381
Core deposit and other intangibles		168,547							101,593
Other assets		2,494,999							1,964,748
Total assets	$	45,818,165						$	36,780,719
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	5,362,348			23,728	1.76	%	$	4,418,715			11,170	1.00	%
Money market		10,334,568			88,377	3.39	%		9,844,688			59,923	2.41	%
Time under $100,000		2,222,540			23,463	4.19	%		1,699,425			13,335	3.11	%
Time $100,000 and over		4,089,767			49,334	4.79	%		2,137,986			18,880	3.50	%
Foreign		2,365,573			29,228	4.90	%		1,221,988			11,525	3.74	%
Total interest-bearing deposits		24,374,796			214,130	3.49	%		19,322,802			114,833	2.36	%
Borrowed funds:
Securities sold, not yet purchased		79,354			943	4.71	%		377,368			3,742	3.93	%
Federal funds purchased and security
repurchase agreements		3,143,895			37,717	4.76	%		2,283,851			18,796	3.27	%
Commercial paper		233,536			3,220	5.47	%		146,332			1,535	4.16	%
FHLB advances and other borrowings:
One year or less		267,207			3,624	5.38	%		9,610			82	3.39	%
Over one year		133,263			2,165	6.45	%		229,069			2,907	5.03	%
Long-term debt		2,526,925			40,459	6.35	%		2,057,797			31,688	6.11	%
Total borrowed funds		6,384,180			88,128	5.48	%		5,104,027			58,750	4.57	%
Total interest-bearing liabilities		30,758,976			302,258	3.90	%		24,426,829			173,583	2.82	%
Noninterest-bearing deposits		9,478,812							8,282,507
Other liabilities		789,183							615,699
Total liabilities		41,026,971							33,325,035
Minority interest		40,471							27,079
Shareholders' equity:
Preferred equity		65,216							-
Common equity		4,685,507							3,428,605
Total shareholders' equity		4,750,723							3,428,605
Total liabilities and shareholders' equity	$	45,818,165						$	36,780,719
Spread on average interest-bearing funds						3.68	%						3.90	%
Taxable-equivalent net interest income and
net yield on interest-earning assets				$	465,267	4.60	%				$	380,316	4.62	%

(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							Year Ended
	December 31, 2006							December 31, 2005
(In thousands)	Average			Amount of		Average		Average			Amount of		Average
	balance			interest (1)		rate		balance			interest (1)		rate
ASSETS
Money market investments	$	478,692		$	24,714	5.16	%	$	988,323		$	31,682	3.21	%
Securities:
Held to maturity		645,342			44,106	6.83	%		638,950			44,262	6.93	%
Available for sale		4,991,846			285,529	5.72	%		4,021,478			207,676	5.16	%
Trading account		156,797			7,699	4.91	%		496,906			19,870	4.00	%
Total securities		5,793,985			337,334	5.82	%		5,157,334			271,808	5.27	%
Loans:
Loans held for sale		261,103			16,442	6.30	%		204,523			9,814	4.80	%
Net loans and leases (2)		32,134,256			2,463,865	7.67	%		23,804,106			1,617,952	6.80	%
Total loans and leases		32,395,359			2,480,307	7.66	%		24,008,629			1,627,766	6.78	%
Total interest-earning assets		38,668,036			2,842,355	7.35	%		30,154,286			1,931,256	6.40	%
Cash and due from banks		1,475,405							1,122,747
Allowance for loan losses		(349,567	)						(285,285	)
Goodwill		1,887,335							746,072
Core deposit and other intangibles		181,316							65,969
Other assets		2,379,247							1,798,915
Total assets	$	44,241,772						$	33,602,704
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	5,128,939			75,294	1.47	%	$	4,346,572			36,668	0.84	%
Money market		10,720,697			329,975	3.08	%		9,131,214			183,936	2.01	%
Time under $100,000		2,065,506			77,461	3.75	%		1,523,251			41,733	2.74	%
Time $100,000 and over		3,271,687			142,630	4.36	%		1,712,492			54,660	3.19	%
Foreign		2,065,234			95,478	4.62	%		737,282			23,327	3.16	%
Total interest-bearing deposits		23,252,063			720,838	3.10	%		17,450,811			340,324	1.95	%
Borrowed funds:
Securities sold, not yet purchased		65,490			2,995	4.57	%		474,428			17,645	3.72	%
Federal funds purchased and security
repurchase agreements		2,837,708			124,647	4.39	%		2,307,041			63,579	2.76	%
Commercial paper		219,747			11,437	5.20	%		148,804			5,006	3.36	%
FHLB advances and other borrowings:
One year or less		479,272			25,256	5.27	%		204,262			5,919	2.90	%
Over one year		148,417			8,608	5.80	%		227,760			11,494	5.05	%
Long-term debt		2,491,316			159,616	6.41	%		1,786,177			104,939	5.88	%
Total borrowed funds		6,241,950			332,559	5.33	%		5,148,472			208,582	4.05	%
Total interest-bearing liabilities		29,494,013			1,053,397	3.57	%		22,599,283			548,906	2.43	%
Noninterest-bearing deposits		9,507,560							7,417,109
Other liabilities		696,916							533,211
Total liabilities		39,698,489							30,549,603
Minority interest		33,803							25,726
Shareholders' equity:
Preferred equity		16,438							-
Common equity		4,493,042							3,027,375
Total shareholders' equity		4,509,480							3,027,375
Total liabilities and shareholders' equity	$	44,241,772						$	33,602,704
Spread on average interest-bearing funds						3.78	%						3.97	%
Taxable-equivalent net interest income and
net yield on interest-earning assets				$	1,788,958	4.63	%				$	1,382,350	4.58	%

(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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