Zions Bancorporation, National Association (ZION) 8-K Zions Bancorporation Reports Earnings of $0.16

Exhibit 99.1

***FOR IMMEDIATE RELEASE***

For:  ZIONS BANCORPORATION	Contact: James Abbott
One South Main, 15th Floor	Tel: (801) 524-4787
Salt Lake City, Utah	July 18, 2011
Harris H. Simmons
Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS EARNINGS OF $0.16

PER DILUTED COMMON SHARE FOR SECOND QUARTER 2011

SALT LAKE CITY, July 18, 2011 – Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported second quarter net earnings applicable to common shareholders of $29.0 million or $0.16 per diluted common share, compared to $14.8 million or $0.08 per diluted share for the first quarter of 2011. Excluding the noncash effects of the discount amortization on convertible subordinated debt and additional accretion on acquired loans, net earnings were $82.4 million or $0.45 per diluted share for the second quarter of 2011 compared to $52.6 million or $0.29 per diluted share for the first quarter of 2011.

Second Quarter 2011 Highlights

· Net loans and leases grew $278 million compared to a decline of $202 million during the first quarter.

· Major credit indicators improved, thus the provision for loan losses declined to $1.3 million from $60 million in the first quarter.

· Net charge-offs declined 20% to $113 million compared to $141 million in the first quarter.

· The net interest margin decreased to 3.62% from 3.76% in the first quarter, due to the higher level of subordinated debt conversions this quarter. The core net interest margin was stable at 4.07% compared to 4.06% in the first quarter.

· The estimated Tier 1 common to risk-weighted assets ratio was 9.32%, unchanged from the first quarter.

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ZIONS BANCORPORATION

Press Release – Page 2

July 18, 2011

“We are pleased with the progress made in the second quarter. We saw continued broad-based improvement in credit quality metrics, and we saw modest growth in our loan portfolio, with commercial and consumer loan growth more than offsetting a modest decline in commercial real estate loans,” said Harris H. Simmons, chairman and chief executive officer. Mr. Simmons continued, “We experienced continued strengthening of our funding mix, with average checking deposits increasing nearly $500 million during the quarter.” Mr. Simmons concluded, “We are sanguine about our opportunities – we expect profitability to continue to strengthen and note that our relatively strong capital and funding ratios position us to take advantage of lending opportunities as they arise.”

Loans

Net loans and leases of $36.82 billion at June 30, 2011 increased approximately $278 million or 0.8% from $36.55 billion at March 31, 2011, compared to a $202 million decline during the first quarter of 2011. The strongest growth was in the energy portfolio at Amegy and in residential mortgages in selected markets.

Certain FDIC-supported loans continue to experience better performance than previously forecasted. The expectation of higher cash flows from this portfolio exceeding original forecasts results in a higher rate of accretion in loan balances and the recognition of additional interest income. The estimated effect on the financial statements of this higher accretion and the corresponding impact on the FDIC indemnification asset are summarized as follows:

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ZIONS BANCORPORATION

Press Release – Page 3

July 18, 2011

(In thousands)	June 30,			March 31,			December 31,
	2011			2011			2010
Balance sheet:
Change in assets – increase (decrease):
FDIC-supported loans	$	21,467		$	19,257		$	19,006
FDIC indemnification asset (included in other assets)		(14,975	)		(13,088	)		(15,205	)
Balance at end of period:
FDIC-supported loans		853,937			912,881			971,377
FDIC indemnification asset (included in other assets)		150,557			172,170			195,515
	Three Months Ended
	June 30,			March 31,			December 31,
	2011			2011			2010
Statement of income:
Interest income:
Interest and fees on loans	$	21,467		$	19,257		$	19,006
Noninterest expense:
Other noninterest expense		14,975			13,088			15,205
Net increase in pretax income	$	6,492		$	6,169		$	3,801

Asset Quality

Net loan and lease charge-offs were $113 million for the second quarter of 2011 compared to $141 million for the first quarter of 2011. Net charge-offs declined in nearly all major loan portfolio segments across all subsidiary banks.

Classified loans decreased approximately 12% to $2.68 billion at June 30, 2011 compared to $3.05 billion at March 31, 2011, which were down 11% from the previous quarter. Classified loans that are current as to principal and interest were approximately 69% for the second quarter of 2011 compared to 68% for the first quarter of 2011.

Nonperforming lending-related assets declined approximately 10% to $1.51 billion at June 30, 2011 from $1.68 billion at March 31, 2011. Additions to nonperforming lending-related assets declined to $263 million during the second quarter of 2011 compared to $337 million during the first quarter of 2011. Nonaccrual loans declined approximately 10% to $1.27 billion at June 30, 2011 from $1.41 billion at March 31, 2011. Nonaccrual loans that are current were approximately 38% of the balance at June 30, 2011 compared to 34% at March 31, 2011. Accruing loans past due 30 days or more declined approximately 18% to $301 million at June 30, 2011 compared to $366 million at March 31, 2011. Other real estate owned declined approximately 11% to $239 million at June 30, 2011 compared to $269 million at March 31, 2011.

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ZIONS BANCORPORATION

Press Release – Page 4

July 18, 2011

The ratio of nonperforming lending-related assets to net loans and leases and other real estate owned was 4.06% at June 30, 2011 compared to 4.54% at March 31, 2011.

The provision for loan losses declined to $1.3 million for the second quarter of 2011 from $60 million for the first quarter of 2011. The allowance for loan losses declined to $1.24 billion at June 30, 2011 compared to $1.35 billion at March 31, 2011. As a percentage of net loans and leases, the allowance was 3.36% at June 30, 2011 compared to 3.69% at March 31, 2011. The allowance for credit losses was $1.34 billion, or 3.63% of net loans and leases at June 30, 2011, compared to $1.45 billion, or 3.97% of net loans and leases at March 31, 2011.

Capital Transactions

Effective May 16, 2011, $138.5 million of convertible subordinated debt was converted into depositary shares each representing a 1/40th interest in a share of the Company’s preferred stock. This conversion added 138,269 shares of Series C and 200 shares of Series A to the Company’s preferred stock. Accelerated discount amortization on the converted debt increased interest expense by a pretax noncash amount of approximately $61.4 million ($50.0 million after-tax) in the second quarter of 2011, compared to $41.0 million ($33.3 million after-tax) in the first quarter of 2011.

The estimated Tier 1 common to risk-weighted assets ratio was 9.32% at June 30, 2011, unchanged from March 31, 2011.

Deposits

Average total deposits for the second quarter of 2011 increased $296 million or 0.7% to $40.88 billion compared to $40.59 billion for the first quarter of 2011. The increase was primarily caused by the higher level of average noninterest-bearing demand deposits for the second quarter of 2011, which was $14.16 billion compared to $13.67 billion for the first quarter of 2011. The ratio of loans to deposits was 89.7% at June 30, 2011 compared to 90.3% at March 31, 2011.

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ZIONS BANCORPORATION

Press Release – Page 5

July 18, 2011

Net Interest Margin

The net interest margin decreased to 3.62% in the second quarter of 2011 compared to 3.76% in the first quarter of 2011, primarily due to the higher level of accelerated discount amortization (53 bp compared to 36 bp in the first quarter). The core net interest margin, adjusted for the amortization on convertible subordinated debt and accretion on acquired loans, was 4.07% in the second quarter compared to 4.06% in the first quarter. Cash and investments in interest-bearing deposits increased to $5.96 billion at June 30, 2011 compared to $5.64 billion at March 31, 2011, which had an adverse effect on the net interest margin.

Investment Securities

During the second quarter of 2011, the Company recognized credit-related net impairment losses on CDOs of $5.2 million or $0.02 per diluted share, compared to $3.1 million or $0.01 per diluted share during the first quarter of 2011. CDOs for which the underlying collateral is predominantly bank trust preferred securities comprised $1.64 billion of the $2.26 billion in amortized cost of the CDO portfolio at June 30, 2011. The following table shows the changes in carrying value for bank and insurance trust preferred CDOs at June 30, 2011 compared to March 31, 2011 according to original ratings:

(Amounts in millions)
	June 30, 2011												% of carrying				Change
Original	Par				Amortized cost				Carrying value				value to par				6/30/11
ratings	Amount		%		Amount		%		Amount		%		6/30/11		3/31/11		vs 3/31/11
AAA	$	994		50%	$	863		53%	$	643		69%		65%		59%		6%
A		948		47%		740		45%		285		30%		30%		37%		-7%
BBB		67		3%		34		2%		6		1%		9%		16%		-7%
	$	2,009		100%	$	1,637		100%	$	934		100%		47%		48%		-1%

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ZIONS BANCORPORATION

Press Release – Page 6

July 18, 2011

For original AAA-rated securities, limited trading activity continued this quarter at generally higher prices than seen last quarter. For original A- and BBB-rated securities, changes in CDO valuations were attributable to an increase in the limited trading activity, which provided additional market-based information to estimate fair value. During the second quarter, the Company sold $95.4 million in amortized cost ($185.2 million par amount) of original AAA-rated CDO securities for a $4.1 million loss. The aggregate sale price exceeded modeled fair value. The sales included bank and insurance CDO securities with $69.1 million in amortized cost ($120 million par amount) sold at a gain.

Noninterest Income and Noninterest Expense

Noninterest income for the second quarter of 2011 was $128.3 million compared to $134.1 million in the first quarter of 2011. The decline in the second quarter of 2011 compared to the first quarter primarily resulted from the $18.9 million gain on FDIC-supported loans recognized in the first quarter. The more significant increases in the second quarter compared to the first quarter were in dividends and other investment income, which included several miscellaneous gains, loan sales and servicing income, and fair value and nonhedge derivative income.

Noninterest expense for the second quarter of 2011 was $416.3 million compared to $408.4 million for the first quarter of 2011. Significant changes from the first quarter included increased salaries and employee benefits from share-based awards and adjustments to benefit-related accruals, an increased expense impact from the change in the negative provision for unfunded lending commitments, and increased other noninterest expense from reductions to the FDIC indemnification asset. These changes were offset by decreases in OREO expense and FDIC premiums. The reduced level of FDIC premiums resulted from changes in the FDIC’s assessment formula.

Impact of Durbin Amendment

On June 29, 2011, the Federal Reserve enacted the Durbin Amendment of The Dodd-Frank Act which will limit debit card interchange fees charged by banks. The Company estimates the annual negative impact on bankcard fees to be approximately $35 million to $40 million pretax, beginning in the fourth quarter of 2011, before the impact of any offsetting pricing actions on deposit accounts or other products and services.

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ZIONS BANCORPORATION

Press Release – Page 7

July 18, 2011

Conference Call

Zions will host a conference call to discuss these second quarter results at 5:30 p.m. ET this afternoon (July 18, 2011). Media representatives, analysts and the public are invited to listen to this discussion by calling 253-237-1247 (domestic and international) and entering the passcode 78952461, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at www.zionsbancorporation.com. A replay of the call will be available from approximately 7:30 p.m. ET on Monday, July 18, 2011, until midnight ET on Monday, July 25, 2011, by dialing 706-645-9291 (domestic and international) and entering the passcode 78952461. 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 Western markets. Zions operates its banking businesses under local management teams and community identities through approximately 500 offices in 10 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 press release that are based on other than historical data or that express the Company’s expectations regarding future events or determinations 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 or determinations. These forward-looking statements are not guarantees of future performance or determinations, 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 press release. Factors that might cause such differences include, but are not limited to:

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ZIONS BANCORPORATION

Press Release – Page 8

July 18, 2011

the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either internationally, nationally or locally in areas in which the Company conducts its operations, including changes in securities markets and valuations in structured securities and other assets; changes in governmental policies and programs resulting from general economic and financial market conditions; changes in interest and funding rates; continuing consolidation in the financial services industry; new private and governmental legal actions or changes in existing private and governmental legal actions; 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 (including The Dodd-Frank Wall Street Reform and Consumer Protection Act); and changes in accounting policies, procedures or determinations 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 Zions Bancorporation’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov).

Except as required by law, 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 9
FINANCIAL HIGHLIGHTS
(Unaudited)
	Three Months Ended
(In thousands, except per share and ratio data)	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010
PER COMMON SHARE
Dividends	$	0.01		$	0.01		$	0.01		$	0.01		$	0.01
Book value per common share		24.88			24.93			25.12			26.07			26.63
Tangible common equity per common share		18.95			18.96			19.09			19.81			20.19
SELECTED RATIOS
Return on average assets		0.57	%		0.42	%		(0.56	)%		(0.36	)%		(0.87	)%
Return on average common equity		2.53	%		1.29	%		(9.51	)%		(6.94	)%		(12.41	)%
Net interest margin		3.62	%		3.76	%		3.49	%		3.84	%		3.58	%
Capital Ratios
Tangible common equity ratio		6.95	%		7.01	%		6.99	%		7.03	%		6.86	%
Tangible equity ratio		11.58	%		11.36	%		11.10	%		10.78	%		10.40	%
Average equity to average assets		13.42	%		13.25	%		12.80	%		12.40	%		11.59	%
Risk-Based Capital Ratios1:
Tier 1 common to risk-weighted assets		9.32	%		9.32	%		8.95	%		8.66	%		7.91	%
Tier 1 leverage		13.44	%		13.14	%		12.56	%		12.00	%		11.80	%
Tier 1 risk-based capital		15.80	%		15.46	%		14.78	%		13.97	%		12.63	%
Total risk-based capital		17.94	%		17.77	%		17.15	%		16.54	%		15.25	%
Taxable-equivalent net interest income	$	421,226		$	429,231		$	412,001		$	457,172		$	418,953
Weighted average common and common-
equivalent shares outstanding		182,728,185			181,997,687			178,097,851			172,864,619			161,810,017
Common shares outstanding		184,311,290			183,854,486			182,784,086			177,202,340			173,331,281
1 Ratios for June 30, 2011 are estimates.

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ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 10
CONSOLIDATED BALANCE SHEETS
	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except share amounts)	2011			2011			2010			2010			2010
	(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
ASSETS
Cash and due from banks	$	1,035,028		$	949,140		$	924,126		$	1,060,646		$	1,068,755
Money market investments:
Interest-bearing deposits		4,924,992			4,689,323			4,576,008			4,468,778			4,861,871
Federal funds sold and security resell agreements		123,132			67,197			130,305			116,458			103,674
Investment securities:
Held-to-maturity, at adjusted cost (approximate fair value
$762,998, $758,169, $788,354, $783,362, and $802,370)		829,702			820,636			840,642			841,573			852,606
Available-for-sale, at fair value		4,084,963			4,130,342			4,205,742			3,295,864			3,416,448
Trading account, at fair value		51,152			56,549			48,667			42,811			85,707
		4,965,817			5,007,527			5,095,051			4,180,248			4,354,761
Loans held for sale		158,943			195,055			206,286			217,409			189,376
Loans:
Loans and leases excluding FDIC-supported loans		36,092,361			35,753,638			35,896,395			36,579,470			36,920,355
FDIC-supported loans		853,937			912,881			971,377			1,089,926			1,208,362
		36,946,298			36,666,519			36,867,772			37,669,396			38,128,717
Less:
Unearned income and fees, net of related costs		122,721			120,725			120,341			120,037			125,779
Allowance for loan losses		1,237,733			1,349,800			1,440,341			1,529,955			1,563,753
Loans and leases, net of allowance		35,585,844			35,195,994			35,307,090			36,019,404			36,439,185
Other noninterest-bearing investments		858,678			858,958			858,367			858,402			866,970
Premises and equipment, net		722,600			721,487			720,985			719,592			705,372
Goodwill		1,015,161			1,015,161			1,015,161			1,015,161			1,015,161
Core deposit and other intangibles		77,346			82,199			87,898			94,128			100,425
Other real estate owned		238,990			268,876			299,577			356,923			413,336
Other assets		1,654,883			1,756,791			1,814,032			1,940,627			2,028,409
	$	51,361,414		$	50,807,708		$	51,034,886		$	51,047,776		$	52,147,295
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	14,475,383		$	13,790,615		$	13,653,929		$	13,264,415		$	14,071,456
Interest-bearing:
Savings and NOW		6,555,306			6,494,013			6,362,138			6,394,964			6,030,986
Money market		14,948,065			14,874,507			15,090,833			15,398,157			15,562,664
Time under $100,000		1,782,573			1,859,005			1,941,211			2,037,318			2,155,366
Time $100,000 and over		1,992,836			2,085,487			2,232,238			2,417,779			2,509,479
Foreign		1,437,067			1,488,807			1,654,651			1,447,507			1,683,925
		41,191,230			40,592,434			40,935,000			40,960,140			42,013,876
Securities sold, not yet purchased		42,709			101,406			42,548			41,943			81,511
Federal funds purchased and security repurchase agreements		630,058			727,764			722,258			738,551			892,025
Other short-term borrowings		147,945			182,167			166,394			236,507			218,589
Long-term debt		1,879,669			1,913,083			1,942,622			1,939,395			1,934,410
Reserve for unfunded lending commitments		100,264			102,168			111,708			97,899			96,795
Other liabilities		456,448			444,099			467,142			538,750			488,987
Total liabilities		44,448,323			44,063,121			44,387,672			44,553,185			45,726,193
Shareholders’ equity:
Preferred stock, without par value, authorized 4,400,000 shares		2,329,370			2,162,399			2,056,672			1,875,463			1,806,877
Common stock, without par value; authorized 350,000,000
shares; issued and outstanding 184,311,290, 183,854,486,
182,784,086, 177,202,340, and 173,331,281 shares		4,158,369			4,178,369			4,163,619			4,070,963			3,964,140
Retained earnings		931,345			904,247			889,284			1,001,559			1,083,845
Accumulated other comprehensive income (loss)		(504,491	)		(499,163	)		(461,296	)		(452,553	)		(433,020	)
Controlling interest shareholders’ equity		6,914,593			6,745,852			6,648,279			6,495,432			6,421,842
Noncontrolling interests		(1,502	)		(1,265	)		(1,065	)		(841	)		(740	)
Total shareholders’ equity		6,913,091			6,744,587			6,647,214			6,494,591			6,421,102
	$	51,361,414		$	50,807,708		$	51,034,886		$	51,047,776		$	52,147,295

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ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 11
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
	Three Months Ended
(In thousands, except per share amounts)	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010
Interest income:
Interest and fees on loans	$	523,741		$	518,157		$	539,452		$	550,489		$	547,662
Interest on money market investments		3,199			2,843			3,419			3,487			2,601
Interest on securities:
Held-to-maturity		9,009			8,664			8,149			6,063			11,300
Available-for-sale		22,179			22,276			22,472			21,353			21,518
Trading account		538			452			546			542			657
Total interest income		558,666			552,392			574,038			581,934			583,738
Interest expense:
Interest on deposits		34,257			36,484			40,915			46,368			52,753
Interest on short-term borrowings		1,783			2,180			2,442			3,566			3,486
Interest on long-term debt		106,454			89,872			123,813			80,125			114,153
Total interest expense		142,494			128,536			167,170			130,059			170,392
Net interest income		416,172			423,856			406,868			451,875			413,346
Provision for loan losses		1,330			60,000			173,242			184,668			228,663
Net interest income after provision for loan losses		414,842			363,856			233,626			267,207			184,683
Noninterest income:
Service charges and fees on deposit accounts		42,878			44,530			46,498			49,733			51,909
Other service charges, commissions and fees		43,958			41,685			41,124			41,780			43,395
Trust and wealth management income		7,179			6,754			6,512			6,310			7,021
Capital markets and foreign exchange		8,358			7,214			10,309			8,055			10,733
Dividends and other investment income		17,239			8,028			7,621			8,874			8,879
Loan sales and servicing income		9,836			6,013			8,943			8,390			5,617
Fair value and nonhedge derivative income (loss)		4,195			1,220			292			(16,755	)		(1,552	)
Equity securities gains (losses), net		(1,636	)		897			(246	)		(1,082	)		(1,500	)
Fixed income securities gains (losses), net		(2,396	)		(59	)		841			8,428			530
Impairment losses on investment securities:
Impairment losses on investment securities		(6,339	)		(3,105	)		(15,243	)		(73,082	)		(19,557	)
Noncredit-related losses on securities not expected to
be sold (recognized in other comprehensive income)		1,181			-			2,923			49,370			1,497
Net impairment losses on investment securities		(5,158	)		(3,105	)		(12,320	)		(23,712	)		(18,060	)
Other		3,896			20,966			3,665			20,179			2,441
Total noninterest income		128,349			134,143			113,239			110,200			109,413
Noninterest expense:
Salaries and employee benefits		222,138			215,010			207,288			207,947			205,776
Occupancy, net		27,588			28,010			27,957			29,292			27,822
Furniture and equipment		26,153			25,662			24,771			25,591			25,703
Other real estate expense		17,903			24,167			25,467			44,256			42,444
Credit related expense		17,124			14,913			19,284			17,438			17,658
Provision for unfunded lending commitments		(1,904	)		(9,540	)		13,809			1,104			483
Legal and professional services		8,432			6,689			11,372			9,305			8,887
Advertising		5,962			6,911			7,099			5,575			5,772
FDIC premiums		15,232			24,101			25,636			25,706			26,438
Amortization of core deposit and other intangibles		4,855			5,701			6,230			6,296			6,414
Other		72,773			66,751			74,443			83,534			62,958
Total noninterest expense		416,256			408,375			443,356			456,044			430,355
Income (loss) before income taxes		126,935			89,624			(96,491	)		(78,637	)		(136,259	)
Income taxes (benefit)		54,325			37,033			(24,097	)		(31,180	)		(22,898	)
Net income (loss)		72,610			52,591			(72,394	)		(47,457	)		(113,361	)
Net income (loss) applicable to noncontrolling interests		(265	)		(226	)		(194	)		(132	)		(368	)
Net income (loss) applicable to controlling interest		72,875			52,817			(72,200	)		(47,325	)		(112,993	)
Preferred stock dividends		(43,837	)		(38,050	)		(38,087	)		(33,144	)		(25,342	)
Preferred stock redemption		-			-			-			-			3,107
Net earnings (loss) applicable to common shareholders	$	29,038		$	14,767		$	(110,287	)	$	(80,469	)	$	(135,228	)
Weighted average common shares outstanding during the period:
Basic shares		182,472			181,707			178,098			172,865			161,810
Diluted shares		182,728			181,998			178,098			172,865			161,810
Net earnings (loss) per common share:
Basic	$	0.16		$	0.08		$	(0.62	)	$	(0.47	)	$	(0.84	)
Diluted		0.16			0.08			(0.62	)		(0.47	)		(0.84	)

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ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 12
Loan Balances By Portfolio Type
(Unaudited)
(In millions)	June 30,		March 31,		December 31,		September 30,		June 30,
	2011		2011		2010		2010		2010
Commercial:
Commercial and industrial	$	9,573	$	9,276	$	9,167	$	9,152	$	9,149
Leasing		406		409		410		402		442
Owner occupied		8,427		8,252		8,218		8,345		8,334
Municipal		449		435		439		334		321
Total commercial		18,855		18,372		18,234		18,233		18,246
Commercial real estate:
Construction and land development		2,757		2,955		3,499		4,206		4,484
Term		7,722		7,857		7,650		7,550		7,567
Total commercial real estate		10,479		10,812		11,149		11,756		12,051
Consumer:
Home equity credit line		2,140		2,120		2,142		2,157		2,139
1-4 family residential		3,801		3,620		3,499		3,509		3,549
Construction and other consumer real estate		308		324		343		366		380
Bankcard and other revolving plans		280		276		297		287		285
Other		229		230		233		271		271
Total consumer		6,758		6,570		6,514		6,590		6,624
FDIC-supported loans 1		854		913		971		1,090		1,208
Total loans	$	36,946	$	36,667	$	36,868	$	37,669	$	38,129
1 FDIC-supported loans represent loans acquired from the FDIC subject to loss sharing agreements.

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ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 13
Nonperforming Lending-Related Assets
(Unaudited)
(Amounts in thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010
Nonaccrual loans	$	1,243,304		$	1,379,521		$	1,492,869		$	1,809,570		$	1,962,313
Other real estate owned		192,234			225,005			259,614			304,498			364,954
Nonperforming lending-related assets, excluding
FDIC-supported assets		1,435,538			1,604,526			1,752,483			2,114,068			2,327,267
FDIC-supported nonaccrual loans		30,414			32,935			35,837			126,634			171,764
FDIC-supported other real estate owned		46,756			43,871			39,963			52,425			48,382
FDIC-supported nonperforming assets		77,170			76,806			75,800			179,059			220,146
Total nonperforming lending-related assets	$	1,512,708		$	1,681,332		$	1,828,283		$	2,293,127		$	2,547,413
Ratio of nonperforming lending-related assets to net loans
and leases 1 and other real estate owned		4.06	%		4.54	%		4.91	%		6.01	%		6.60	%
Accruing loans past due 90 days or more, excluding
FDIC-supported loans	$	19,195		$	14,830		$	23,218		$	74,829		$	131,773
FDIC-supported loans past due 90 days or more		89,554			94,715			118,760			9,689			5,483
Ratio of accruing loans past due 90 days or more to
net loans and leases 1		0.29	%		0.30	%		0.38	%		0.22	%		0.36	%
Nonaccrual loans and accruing loans past due 90 days or more	$	1,382,467		$	1,522,001		$	1,670,684		$	2,020,722		$	2,271,333
Ratio of nonaccrual loans and accruing loans past due
90 days or more to net loans and leases 1		3.74	%		4.14	%		4.52	%		5.35	%		5.95	%
Accruing loans past due 30-89 days, excluding
FDIC-supported loans	$	170,789		$	233,601		$	262,714		$	303,472		$	317,666
FDIC-supported loans past due 30-89 days		21,520			22,492			27,203			8,919			27,180
Restructured loans included in nonaccrual loans		324,077			344,024			367,135			354,434			339,113
Restructured loans on accrual		393,602			366,440			388,006			334,416			288,388
Classified loans, excluding FDIC-supported loans		2,675,741			3,045,509			3,408,312			4,437,871			4,877,653
1 Includes loans held for sale.

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ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 14
Allowance for Credit Losses
(Unaudited)
	Three Months Ended
(Amounts in thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010
Allowance for Loan Losses
Balance at beginning of period	$	1,349,800		$	1,440,341		$	1,529,955		$	1,563,753		$	1,581,577
Add:
Provision for losses		1,330			60,000			173,242			184,668			228,663
Change in allowance covered by FDIC indemnification		(175	)		(9,048	)		(11,930	)		17,190			8,748
Deduct:
Gross loan and lease charge-offs		(142,444	)		(167,968	)		(282,803	)		(263,673	)		(279,025	)
Net charge-offs recoverable from FDIC		13			4,534			5,884			5,674			629
Recoveries		29,209			21,941			25,993			22,343			23,161
Net loan and lease charge-offs		(113,222	)		(141,493	)		(250,926	)		(235,656	)		(255,235	)
Balance at end of period	$	1,237,733		$	1,349,800		$	1,440,341		$	1,529,955		$	1,563,753
Ratio of allowance for loan losses to net loans and
leases, at period end		3.36	%		3.69	%		3.92	%		4.07	%		4.11	%
Ratio of allowance for loan losses to nonperforming
loans, at period end		97.17	%		95.56	%		94.22	%		79.02	%		73.28	%
Annualized ratio of net loan and lease charge-offs to
average loans		1.23	%		1.54	%		2.71	%		2.50	%		2.64	%
Reserve for Unfunded Lending Commitments
Balance at beginning of period	$	102,168		$	111,708		$	97,899		$	96,795		$	96,312
Provision charged (credited) to earnings		(1,904	)		(9,540	)		13,809			1,104			483
Balance at end of period	$	100,264		$	102,168		$	111,708		$	97,899		$	96,795
Total Allowance for Credit Losses
Allowance for loan losses	$	1,237,733		$	1,349,800		$	1,440,341		$	1,529,955		$	1,563,753
Reserve for unfunded lending commitments		100,264			102,168			111,708			97,899			96,795
Total allowance for credit losses	$	1,337,997		$	1,451,968		$	1,552,049		$	1,627,854		$	1,660,548
Ratio of total allowance for credit losses
to net loans and leases outstanding, at period end		3.63	%		3.97	%		4.22	%		4.34	%		4.37	%

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ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 15
Nonaccrual Loans By Portfolio Type
(Excluding FDIC-Supported Loans)
(Unaudited)
(In millions)	June 30,		March 31,			December 31,			September 30,			June 30,
	2011		2011			2010			2010			2010
Loans held for sale	$	17	$	21		$	-		$	-		$	-
Commercial:
Commercial and industrial		186		213			224			284			318
Leasing		1		1			1			2			8
Owner occupied		314		317			342			414			438
Municipal		6		2			2			-			-
Total commercial		507		533			569			700			764
Commercial real estate:
Construction and land development		344		399			494			660			744
Term		233		270			264			263			281
Total commercial real estate		577		669			758			923			1,025
Consumer:
Home equity credit line		13		13			14			16			13
1-4 family residential		110		119			125			145			136
Construction and other consumer real estate		16		21			24			22			20
Bankcard and other revolving plans		-		-			1			1			1
Other		3		4			2			3			3
Total consumer		142		157			166			187			173
Total nonaccrual loans	$	1,243	$	1,380		$	1,493		$	1,810		$	1,962
Net Charge-Offs By Portfolio Type
	Three Months Ended
(In millions)	June 30,		March 31,			December 31,			September 30,			June 30,
	2011		2011			2010			2010			2010
Commercial:
Commercial and industrial	$	18	$	31		$	55		$	72		$	52
Leasing		-		-			3			3			-
Owner occupied		19		22			43			32			35
Municipal		-		-			-			-			-
Total commercial		37		53			101			107			87
Commercial real estate:
Construction and land development		37		48			80			71			99
Term		18		22			44			31			39
Total commercial real estate		55		70			124			102			138
Consumer:
Home equity credit line		6		6			9			6			7
1-4 family residential		11		8			14			15			14
Construction and other consumer real estate		2		4			2			7			6
Bankcard and other revolving plans		2		3			3			2			2
Other		-		2			3			3			2
Total consumer loans		21		23			31			33			31
Charge-offs recoverable from FDIC		-		(5	)		(5	)		(6	)		(1	)
Total net charge-offs	$	113	$	141		$	251		$	236		$	255

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ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 16
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)
	Three Months Ended						Three Months Ended						Three Months Ended
	June 30, 2011						March 31, 2011						December 31, 2010
(In thousands)	Average			Average			Average			Average			Average			Average
	balance			rate			balance			rate			balance			rate
ASSETS
Money market investments	$	4,792,704			0.27	%	$	4,513,934			0.26	%	$	5,022,668			0.27	%
Securities:
Held-to-maturity		821,768			5.51	%		833,000			5.38	%		832,125			5.06	%
Available-for-sale		4,031,836			2.27	%		4,107,003			2.28	%		3,639,181			2.53	%
Trading account		60,894			3.54	%		49,769			3.68	%		60,898			3.56	%
Total securities		4,914,498			2.83	%		4,989,772			2.81	%		4,532,204			3.01	%
Loans held for sale		144,048			4.25	%		160,073			4.06	%		212,822			4.49	%
Loans:
Net loans and leases excluding FDIC-supported loans 1		35,960,395			5.47	%		35,715,679			5.51	%		36,046,889			5.56	%
FDIC-supported loans		879,290			15.65	%		952,078			14.13	%		1,033,999			13.08	%
Total loans and leases		36,839,685			5.71	%		36,667,757			5.74	%		37,080,888			5.77	%
Total interest-earning assets		46,690,935			4.84	%		46,331,536			4.88	%		46,848,582			4.90	%
Cash and due from banks		1,036,501						1,078,869						1,071,389
Allowance for loan losses		(1,321,098	)					(1,423,701	)					(1,504,034	)
Goodwill		1,015,161						1,015,161						1,015,161
Core deposit and other intangibles		79,950						85,372						91,338
Other assets		3,490,867						3,617,747						3,784,589
Total assets	$	50,992,316					$	50,704,984					$	51,307,025
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	6,548,676			0.29	%	$	6,401,249			0.30	%	$	6,488,349			0.31	%
Money market		14,827,231			0.48	%		15,018,892			0.51	%		15,229,655			0.55	%
Time under $100,000		1,835,172			0.94	%		1,909,259			1.02	%		2,001,693			1.13	%
Time $100,000 and over		2,019,469			1.02	%		2,147,502			1.09	%		2,316,452			1.15	%
Foreign		1,490,636			0.58	%		1,438,979			0.58	%		1,526,859			0.61	%
Total interest-bearing deposits		26,721,184			0.51	%		26,915,881			0.55	%		27,563,008			0.59	%
Borrowed funds:
Securities sold, not yet purchased		37,989			4.16	%		32,054			4.34	%		28,785			4.45	%
Federal funds purchased and security
repurchase agreements		660,017			0.12	%		703,976			0.13	%		800,891			0.14	%
Other short-term borrowings		169,574			2.81	%		173,349			3.76	%		186,500			3.92	%
Long-term debt		1,897,887			22.50	%		1,939,921			18.79	%		1,952,428			25.16	%
Total borrowed funds		2,765,467			15.70	%		2,849,300			13.10	%		2,968,604			16.87	%
Total interest-bearing liabilities		29,486,651			1.94	%		29,765,181			1.75	%		30,531,612			2.17	%
Noninterest-bearing deposits		14,163,514						13,672,638						13,607,309
Other liabilities		499,072						548,101						601,253
Total liabilities		44,149,237						43,985,920						44,740,174
Shareholders’ equity:
Preferred equity		2,246,088						2,077,555						1,966,098
Common equity		4,598,336						4,642,639						4,601,598
Controlling interest shareholders’ equity		6,844,424						6,720,194						6,567,696
Noncontrolling interests		(1,345	)					(1,130	)					(845	)
Total shareholders’ equity		6,843,079						6,719,064						6,566,851
Total liabilities and shareholders’ equity	$	50,992,316					$	50,704,984					$	51,307,025
Spread on average interest-bearing funds					2.90	%					3.13	%					2.73	%
Taxable-equivalent net interest income and
net yield on interest-earning assets					3.62	%					3.76	%					3.49	%
1 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 17
GAAP to Non-GAAP Reconciliation
(Unaudited)
		Three Months Ended
		June 30, 2011						March 31, 2011
(Amounts in thousands)					Diluted						Diluted
		Amount			EPS			Amount			EPS
1.	Net Earnings Excluding the Effects of the Discount Amortization on
	Convertible Subordinated Debt and Additional Accretion on Acquired Loans
	Net earnings applicable to common shareholders (GAAP)	$	29,038		$	0.16		$	14,767		$	0.08
	Addback for the impact of:
	Discount amortization on convertible subordinated debt		7,064			0.04			8,101			0.05
	Accelerated discount amortization on convertible subordinated debt		50,037			0.27			33,322			0.18
	Additional accretion of interest income on acquired loans, net of expense		(3,781	)		(0.02	)		(3,575	)		(0.02	)
	Net earnings excluding the effects of the discount amortization on convertible
	subordinated debt and additional accretion on acquired loans (non-GAAP)	$	82,358		$	0.45		$	52,615		$	0.29
		Three Months Ended
		June 30, 2011						March 31, 2011
2.	Core Net Interest Margin
	Net interest margin as reported (GAAP)		3.62%						3.76%
	Addback for the impact on net interest margin of:
	Discount amortization on convertible subordinated debt		0.10%						0.11%
	Accelerated discount amortization on convertible subordinated debt		0.53%						0.36%
	Additional accretion of interest income on acquired loans		-0.18%						-0.17%
	Core net interest margin (non-GAAP)		4.07%						4.06%

This Press Release presents two non-GAAP financial measures: 1. Net earnings excluding the effects of the discount amortization on convertible subordinated debt and additional accretion on acquired loans, and 2. Core net interest margin. Both of these non-GAAP financial measures exclude the effects of the following adjustments:  (i) periodic discount amortization on convertible subordinated debt; (ii) accelerated discount amortization on convertible subordinated debt which has been converted; and (iii) additional accretion of interest income on acquired loans based on increased projected cash flows (net of related expense in 1.).

The identified adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results.

The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period and company-to-company comparisons, which will assist investors and analysts in analyzing the operating results of the Company and in predicting future performance. These non-GAAP financial measures are used by management and the Board of Directors to assess the performance of the Company’s business for evaluating bank reporting segment performance, for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting these non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management and the Board of Directors.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analyses of results reported under GAAP.

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