Zions Bancorporation, National Association (ZION) 8-K Financial statements and exhibits

***FOR IMMEDIATE RELEASE***

FOR: ZIONS BANCORPORATION	Contact: Clark Hinckley
One South Main, Suite 1134	Tel: (801) 524-4787
Salt Lake City, Utah	April 17, 2003
Harris H. Simmons
Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS 2003 FIRST

QUARTER EARNINGS OF $0.97 PER DILUTED SHARE

SALT LAKE CITY, April 17, 2003 – Zions Bancorporation (“Zions” or “the Company”) (Nasdaq: ZION) today reported first-quarter net income of $87.7 million, or $0.97 per diluted share. Net income for the first quarter of 2002 was $47.3 million, or $0.51 per share. Net income for the first quarter of 2002 included an adjustment of $32.4 million ($0.35 per share) that reduced earnings for the cumulative effect of an accounting change resulting from the adoption of SFAS No. 142 and a loss from discontinued operations of $3.2 million ($0.03) per share. Income from continuing operations was $87.4 million, or $0.96 per diluted share, for the first quarter of 2003, an increase of 5.5% and 7.9%, respectively, over income from continuing operations of $82.8 million, or $0.89 per share for the first quarter of 2002.

“We are pleased to again report a solid quarter with no major unusual items,” said Harris H. Simmons, Chairman and Chief Executive Officer. “We are particularly pleased with the progress made on reducing the expense-to-revenue ratio, and in managing the net interest margin during a period of low interest rates and continued deposit inflows. Although loan growth was slow during the quarter, this was not unexpected, and we are pleased with our continued strong credit quality performance in a difficult economic environment.”

Loan and Deposit Growth

Loan growth for the quarter was weak reflecting the soft economy and the Company’s caution regarding aggressive loan growth in the current economic environment. On-balance-sheet net loans and leases at March 31, 2003 were $19.1 billion, an increase of 7.2% from March 31, 2002 and an annualized increase of 1.9% from December 31, 2002. On balance sheet and sold loans being serviced were $21.5 billion at March 31, 2003, an increase of 5.7% from March 31, 2002 and an annualized increase of 0.3% from balances reported at year-end.

Deposit growth for the quarter continued to be very strong. Deposits increased 15.6% over the balances reported one year ago to $20.8 billion, and increased 13.3% annualized from balances reported at year-

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ZIONS BANCORPORATION

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April 17, 2003

end 2002. Core deposits, which exclude time deposits $100,000 and over, increased 18.4% year-over-year, and at an annualized rate of 16.2% for the quarter.

Net Interest Income

For the quarter, taxable-equivalent net interest income of $272.0 million increased 4.1% compared to $261.3 million for the first quarter of 2002. For the first quarter of 2003, the net interest margin was 4.54%, compared to 4.41% for the fourth quarter of 2002, and 4.70% for the first quarter of 2002.

Noninterest Income

For the first quarter of 2003, noninterest income increased 2.7% to $96.3 million compared to $93.8 million for the first quarter of 2002. Excluding equity securities gains (losses), noninterest income for the first quarter of 2003 increased 9.7% from the first quarter of 2002. Noninterest income for the first quarter of 2003 includes $6.7 million of losses from investments made by venture capital funds (partially offset by $0.8 million of gains realized on the sale of marketable equity securities) compared to gains of $0.6 million for the first quarter of 2002. Net of minority interest and income taxes, the results of the venture capital funds reduced net income by $3.0 million ($.03 per share) in the first quarter of 2003.

Noninterest Expense

For the first quarter of 2003, noninterest expense was $214.0 million, a decrease of 2.2% from noninterest expense of $218.8 million for the fourth quarter of 2002, and an increase of 4.2% from $205.3 million of noninterest expense for the first quarter of 2002. The efficiency ratio for the first quarter of 2003 was 58.1% compared to 60.0% for the fourth quarter of 2002 and 59.5% for the first quarter of 2002. Excluding discontinued operations, restructuring and impairment charges and amortization of intangibles, the efficiency ratio for the first quarter of 2003 was 57.1% compared to 57.7% for the fourth quarter of 2002. The comparable efficiency ratio for the first quarter of 2002, but including the operations later discontinued, was 58.2%.

Asset Quality

The ratio of nonperforming assets to total loans and other real estate improved to 0.56% at March 31, 2003 compared to 0.61% at December 31, 2002 and 0.73% at March 31, 2002. For the first quarter of 2003, net loan and lease losses were $16.6 million or 0.35% annualized of average loans, compared to $12.5 million or 0.27% annualized for the fourth quarter of 2002 and $14.5 million or 0.33% annualized

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April 17, 2003

for the first quarter of 2002. At $280.5 million on March 31, 2003, the allowance for loan losses was 1.47% of total loans and 315% of nonperforming loans.

Provision for Loan Losses

For the first quarter of 2003, the provision for loan losses was $17.6 million compared to $15.8 million provided during the fourth quarter of 2002 and $18.1 million provided during the first quarter of 2002. The provision reflects management’s evaluation of its various portfolios, statistical trends and other economic factors, and its desire to maintain a strong coverage of nonperforming assets in a continued uncertain economic environment in the markets in which it operates.

Capital Management

During the first quarter of 2003, Zions repurchased 578,480 shares of common stock at an average price of $41.88 per share. As of March 31, 2003, the Company had $3.4 million remaining in its currently authorized share repurchase program. Weighted average common and common equivalent shares outstanding for the first quarter of 2003 were 90,647,613, compared to 91,073,433 for the fourth quarter of 2002 and 92,813,828 for the first quarter of 2002.

The Company’s tangible common equity ratio was 6.07% at March 31, 2003 compared to 6.06% at December 31, 2002 and 6.03% at March 31, 2002.

Conference Call

Zions will host a conference call to discuss these first quarter results at 5:30 p.m. EDT this afternoon (April 17, 2003). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-800-399-0126, 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 8 p.m. EDT on Thursday, April 17 through midnight EDT on Thursday, April 24, by dialing 1-800-642-1687 and entering the passcode (9536342). The webcast of the conference call will also be archived and available until May 2.

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. Under local management teams and community identities, Zions operates over 400 full-service banking offices in Arizona, California, Colorado, Idaho,

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ZIONS BANCORPORATION

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April 17, 2003

Nevada, New Mexico, Utah and Washington. In addition, Zions is a national leader in SBA lending, public finance advisory services, agricultural finance and electronic bond trading. The Company is included in the S&P 500 Index. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

This news release contains statements regarding the projected performance of Zions and its subsidiaries. These statements constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act. Actual results of achievements may differ materially from the projections provided in this release since such projections involve significant known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: competitive pressures among financial institutions increasing significantly; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; and legislation or regulatory changes which adversely affect the ability of the combined Company to conduct business combinations or new operations. The Company disclaims any obligation to update such factors or to publicly announce the results of any 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)

(In thousands, except per share and ratio data)	Three Months Ended March 31,
	2003			2002			% Change
EARNINGS
Taxable-equivalent net interest income	$	271,980		$	261,305		4.09	%
Net interest income		266,208			256,210		3.90	%
Noninterest income		96,339			93,826		2.68	%
Provision for loan losses		17,550			18,090		(2.99	)%
Noninterest expense		213,964			205,254		4.24	%
Income before income taxes and minority interest		131,033			126,692		3.43	%
Income taxes		46,394			44,025		5.38	%
Minority interest		(2,737	)		(150	)	1,724.67	%
Income from continuing operations		87,376			82,817		5.50	%
Income (loss) on discontinued operations		328			(3,186	)	110.30	%
Cumulative effect of change in accounting principle		—			(32,369	)	100.00	%
Net income		87,704			47,262		85.57	%
PER COMMON SHARE
Net income (diluted)		0.97			0.51		90.20	%
Income from continuing operations (diluted)		0.96			0.89		7.87	%
Income (loss) on discontinued operations (diluted)		0.01			(0.03	)	133.33	%
Dividends		0.21			0.20		5.00	%
Book value		26.74			24.82		7.74	%
SELECTED RATIOS
Return on average assets		1.30	%		0.75	%
Return on average common equity		14.81	%		8.44	%
Efficiency ratio		58.11	%		59.48	%
Net interest margin		4.54	%		4.70	%

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

(In thousands, except share and ratio data)	Three Months Ended March 31,
	2003			2002			% Change
AVERAGE BALANCES
Total assets	$	27,313,646		$	25,679,029		6.37	%
Securities		3,911,833			4,079,827		(4.12	)%
Net loans and leases		18,964,880			17,538,937		8.13	%
Goodwill		730,101			735,194		(0.69	)%
Core deposit and other intangibles		81,731			107,202		(23.76	)%
Total deposits		19,918,741			17,675,111		12.69	%
Minority interest		22,981			18,546		23.91	%
Shareholders' equity		2,402,132			2,270,697		5.79	%
Weighted average common and common – equivalent shares outstanding		90,647,613			92,813,828		(2.33	)%
AT PERIOD END
Total assets	$	27,208,734		$	24,804,578		9.69	%
Securities		3,664,417			3,503,789		4.58	%
Net loans and leases		19,130,918			17,854,168		7.15	%
Sold loans being serviced		2,401,930			2,526,076		(4.91	)%
Allowance for loan losses		280,533			264,107		6.22	%
Goodwill		730,069			734,334		(0.58	)%
Core deposit and other intangibles		79,368			104,576		(24.10	)%
Total deposits		20,801,005			18,000,342		15.56	%
Minority interest		23,285			20,769		12.11	%
Shareholders' equity		2,412,504			2,283,000		5.67	%
Common shares outstanding		90,215,449			91,986,436		(1.93	)%
Average equity to average assets		8.79	%		8.84	%
Common dividend payout		21.70	%		38.93	%
Nonperforming assets		107,381			131,154		(18.13	)%
Loans past due 90 days or more		49,806			37,371		33.27	%
Nonperforming assets to net loans and leases, other real estate owned and other nonperforming assets at period end		0.56	%		0.73	%

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
(In thousands, except per share and ratio data)	March 31,			December 31,			September 30,			June 30,			March 31,
	2003			2002
EARNINGS
Taxable-equivalent net interest income	$	271,980		$	264,187		$	266,660		$	264,282		$	261,305
Net interest income		266,208			258,582			261,306			259,044			256,210
Noninterest income		96,339			106,568			74,815			101,605			93,826
Provision for loan losses		17,550			15,775			22,309			15,705			18,090
Noninterest expense		213,964			218,808			219,158			215,708			205,254
Income before income taxes and minority interest		131,033			130,567			94,654			129,236			126,692
Income taxes		46,394			46,958			31,772			44,947			44,025
Minority interest		(2,737	)		(449	)		(2,486	)		(575	)		(150	)
Income from continuing operations		87,376			84,058			65,368			84,864			82,817
Income (loss) on discontinued operations		328			3,437			(25,922	)		(2,789	)		(3,186	)
Cumulative effect of change in accounting principle		—			—			—			—			(32,369	)
Net income		87,704			87,495			39,446			82,075			47,262
PER COMMON SHARE
Net income (diluted)		0.97			0.96			0.43			0.89			0.51
Income from continuing operations (diluted)		0.96			0.92			0.71			0.92			0.89
Income (loss) on discontinued operations (diluted)		0.01			0.04			(0.28	)		(0.03	)		(0.03	)
Dividends		0.21			0.20			0.20			0.20			0.20
Book value		26.74			26.17			25.86			25.49			24.82
SELECTED RATIOS
Return on average assets		1.30	%		1.29	%		0.59	%		1.26	%		0.75	%
Return on average common equity		14.81	%		14.64	%		6.51	%		14.21	%		8.44	%
Efficiency ratio		58.11	%		60.03	%		74.23	%		60.51	%		59.48	%
Net interest margin		4.54	%		4.41	%		4.53	%		4.61	%		4.70	%

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
(In thousands, except share and ratio data)	March 31,			December 31,			September 30,			June 30,			March 31,
	2003			2002
AVERAGE BALANCES
Total assets	$	27,313,646		$	26,933,868		$	26,429,054		$	26,128,886		$	25,679,029
Securities		3,911,833			3,686,626			3,788,158			3,901,341			4,079,827
Net loans and leases		18,964,880			18,378,151			18,442,768			18,083,224			17,538,937
Goodwill		730,101			732,292			772,439			735,622			735,194
Core deposit and other intangibles		81,731			86,368			98,032			102,544			107,202
Total deposits		19,918,741			19,637,467			18,851,300			18,217,798			17,675,111
Minority interest		22,981			22,276			22,234			21,354			18,546
Shareholders' equity		2,402,132			2,371,372			2,404,871			2,317,029			2,270,697
Weighted average common and common – equivalent shares outstanding		90,647,613			91,073,433			92,017,388			92,628,770			92,813,828
AT PERIOD END
Total assets	$	27,208,734		$	26,565,689		$	26,289,314		$	25,734,714		$	24,804,578
Securities		3,664,417			3,635,951			3,426,574			3,609,416			3,503,789
Net loans and leases		19,130,918			19,039,843			18,321,351			18,452,554			17,854,168
Sold loans being serviced		2,401,930			2,476,490			3,012,780			2,543,887			2,526,076
Allowance for loan losses		280,533			279,593			265,406			264,432			264,107
Goodwill		730,069			730,031			724,353			736,524			734,334
Core deposit and other intangibles		79,368			82,920			82,146			100,003			104,576
Total deposits		20,801,005			20,131,980			19,481,032			18,788,429			18,000,342
Minority interest		23,285			22,677			23,028			22,782			20,769
Shareholders' equity		2,412,504			2,373,843			2,357,601			2,337,278			2,283,000
Common shares outstanding		90,215,449			90,717,692			91,154,578			91,701,887			91,986,436
Average equity to average assets		8.79	%		8.80	%		9.10	%		8.87	%		8.84	%
Common dividend payout		21.70	%		20.79	%		46.39	%		22.36	%		38.93	%
Nonperforming assets		107,381			115,730			131,969			115,513			131,154
Loans past due 90 days or more		49,806			37,408			35,443			32,332			37,371
Nonperforming assets to net loans and leases, other real estate owned and other nonperforming assets at period end		0.56	%		0.61	%		0.72	%		0.63	%		0.73	%

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CONSOLIDATED BALANCE SHEETS

	March 31, 2003		December 31, 2002		March 31, 2002
(In thousands, except share amounts)	(Unaudited)				(Unaudited)
ASSETS
Cash and due from banks	$	1,087,910		1,087,296		906,611
Money market investments:
Interest-bearing deposits		1,189		1,690		5,238
Federal funds sold		454,168		96,077		38,752
Security resell agreements		693,623		444,995		287,101
Investment securities:
Held to maturity, at cost (approximate market value $0, $0, and $79,651)		—		—		78,584
Available for sale, at market		3,328,412		3,304,341		3,140,897
Trading account, at market (includes $197,257, $110,886, and $95,870 transferred as collateral under repurchase agreements)		336,005		331,610		284,308
		3,664,417		3,635,951		3,503,789
Loans:
Loans held for sale		227,101		289,499		206,758
Loans, leases and other receivables		18,994,438		18,843,006		17,750,667
		19,221,539		19,132,505		17,957,425
Less:
Unearned income and fees, net of related costs		90,621		92,662		103,257
Allowance for loan losses		280,533		279,593		264,107
Net loans		18,850,385		18,760,250		17,590,061
Other noninterest bearing investments		595,238		601,641		651,771
Premises and equipment, net		401,827		393,630		370,472
Goodwill		730,069		730,031		734,334
Core deposit and other intangibles		79,368		82,920		104,576
Other real estate owned		18,231		31,608		13,490
Other assets		632,309		699,600		598,383
	$	27,208,734	$	26,565,689	$	24,804,578
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand	$	5,296,261	$	5,117,458	$	4,418,020
Interest-bearing:
Savings and money market		12,303,049		11,654,258		10,007,607
Time under $100,000		1,693,752		1,766,844		1,926,131
Time $100,000 and over		1,314,220		1,402,189		1,540,183
Foreign		193,723		191,231		108,401
		20,801,005		20,131,980		18,000,342
Securities sold, not yet purchased		221,936		203,838		188,894
Federal funds purchased		841,237		819,807		1,297,094
Security repurchase agreements		791,360		861,177		788,908
Accrued liabilities		479,778		535,044		450,323
Commercial paper		276,640		291,566		315,389
Federal Home Loan Bank advances and other borrowings:
One year or less		6,602		15,554		437,467
Over one year		239,958		240,698		241,219
Long-term debt		1,114,429		1,069,505		781,173
Total liabilities		24,772,945		24,169,169		22,500,809
Minority interest		23,285		22,677		20,769
Shareholders' equity:
Capital stock:
Preferred stock, without par value; authorized 3,000,000 shares; issued and outstanding, none		—		—		—
Common stock, without par value; authorized 350,000,000 shares; issued and outstanding 90,215,449, 90,717,692, and 91,986,436 shares		1,012,532		1,034,888		1,092,735
Accumulated other comprehensive income		38,558		46,214		51,700
Retained earnings		1,361,414		1,292,741		1,138,565
Total shareholders' equity		2,412,504		2,373,843		2,283,000
	$	27,208,734	$	26,565,689	$	24,804,578

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CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended March 31,
(In thousands, except per share amounts)	2003			2002
Interest income:
Interest and fees on loans	$	297,349		$	305,705
Interest on loans held for sale		2,505			2,736
Lease financing		4,534			5,668
Interest on money market investments		3,937			3,679
Interest on securities:
Held to maturity – taxable		—			798
Available for sale – taxable		28,220			34,628
Available for sale – nontaxable		7,293			6,342
Trading account		5,561			5,434
Total interest income		349,399			364,990
Interest expense:
Interest on savings and money market deposits		32,629			38,455
Interest on time and foreign deposits		20,988			33,390
Interest on borrowed funds		29,574			36,935
Total interest expense		83,191			108,780
Net interest income		266,208			256,210
Provision for loan losses		17,550			18,090
Net interest income after provision for loan losses		248,658			238,120
Noninterest income:
Service charges on deposit accounts		31,412			28,420
Loan sales and servicing income		18,467			6,926
Other service charges, commissions and fees		20,589			19,637
Trust income		5,128			4,413
Income from securities conduit		6,866			4,139
Dividends and other investment income		5,997			8,207
Market making, trading and nonhedge derivative income		9,872			15,435
Equity securities gains (losses), net		(5,904	)		621
Fixed income securities gains (losses), net		135			43
Other		3,777			5,985
Total noninterest income		96,339			93,826
Noninterest expense:
Salaries and employee benefits		123,586			113,885
Occupancy, net		16,847			16,649
Furniture and equipment		15,783			16,228
Legal and professional services		4,922			5,602
Postage and supplies		6,665			7,164
Advertising		3,980			5,663
Amortization of core deposit and other intangibles		3,551			3,335
Other		38,630			36,728
Total noninterest expense		213,964			205,254
Income from continuing operations before income taxes and minority interest		131,033			126,692
Income taxes		46,394			44,025
Minority interest		(2,737	)		(150	)
Income from continuing operations		87,376			82,817

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CONSOLIDATED STATEMENTS OF INCOME (Continued)

(Unaudited)

	Three Months Ended March 31,
(In thousands, except per share amounts)	2003		2002
Discontinued operations:
Income (loss) from operations of discontinued subsidiaries	$	552	$	(5,176	)
Income taxes (benefit)		224		(1,990	)
Income (loss) on discontinued operations		328		(3,186	)
Income before cumulative effect of change in accounting principle		87,704		79,631
Cumulative effect of change in accounting principle, net of tax		—		(32,369	)
Net income	$	87,704	$	47,262
Weighted average shares outstanding during the period:
Basic shares		90,529		92,055
Diluted shares		90,648		92,814
Net income per common share:
Basic:
Income from continuing operations	$	0.96	$	0.90
Income (loss) on discontinued operations		0.01		(0.03	)
Cumulative effect of change in accounting principle		—		(0.35	)
Net income	$	0.97	$	0.52
Diluted:
Income from continuing operations	$	0.96	$	0.89
Income (loss) on discontinued operations		0.01		(0.03	)
Cumulative effect of change in accounting principle		—		(0.35	)
Net income	$	0.97	$	0.51

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

	Three Months Ended March 31, 2003
				Accumulated Other Comprehensive Income (Loss)
(In thousands)	Common Stock			Net Unrealized Gains (Losses) on Investments and Retained Interests			Net Unrealized Gains on Derivative Instruments			Minimum Pension Liability			Subtotal			Retained Earnings			Total Shareholders' Equity
Balance, January 1, 2003	$	1,034,888		$	44,151		$	25,420		$	(23,357	)	$	46,214		$	1,292,741		$	2,373,843
Comprehensive income:
Net income for the period																	87,704			87,704
Other comprehensive income, net of tax:
Net realized and unrealized holding losses during the period, net of income tax benefit of $5,516					(8,905	)								(8,905	)
Reclassification for net realized gains recorded in operations, net of income tax expense of $350					(565	)								(565	)
Net unrealized gains on derivative instruments, net of reclassification to operations of $9,575 and income tax expense of $1,090								1,814						1,814
Other comprehensive income (loss)					(9,470	)		1,814						(7,656	)					(7,656	)
Total comprehensive income																				80,048
Cash dividends – common, $.21 per share																	(19,031	)		(19,031	)
Stock redeemed and retired		(24,227	)																	(24,227	)
Stock options exercised, net of shares tendered and retired		1,871																		1,871
Balance, March 31, 2003	$	1,012,532		$	34,681		$	27,234		$	(23,357	)	$	38,558		$	1,361,414		$	2,412,504
	Three Months Ended March 31, 2002
				Accumulated Other Comprehensive Income (Loss)
(In thousands)	Common Stock			Net Unrealized Gains (Losses) on Investments and Retained Interests			Net Unrealized Gains (Losses) on Derivative Instruments			Minimum Pension Liability			Subtotal			Retained Earnings			Total Shareholders' Equity
Balance, January 1, 2002	$	1,111,214		$	31,774		$	28,177					$	59,951		$	1,109,704		$	2,280,869
Comprehensive income:
Net income for the period																	47,262			47,262
Other comprehensive income, net of tax:
Net realized and unrealized holding gains during the period, net of income tax expense of $640					1,033									1,033
Reclassification for net realized gains recorded in operations, net of income tax expense of $16					(27	)								(27	)
Net unrealized losses on derivative instruments, net of reclassification to operations of $13,285 and income tax benefit of $5,734								(9,257	)					(9,257	)
Other comprehensive income (loss)					1,006			(9,257	)					(8,251	)					(8,251	)
Total comprehensive income																				39,011
Cash dividends – common, $.20 per share																	(18,401	)		(18,401	)
Stock redeemed and retired		(25,302	)																	(25,302	)
Stock options exercised, net of shares tendered and retired		6,823																		6,823
Balance, March 31, 2002	$	1,092,735		$	32,780		$	18,920					$	51,700		$	1,138,565		$	2,283,000

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 13

Sold Loans Being Serviced

(Unaudited)

(In thousands)	Three Months Ended March 31, 2003			Three Months Ended December 31, 2002			Three Months Ended September 30, 2002			Three Months Ended June 30, 2002			Three Months Ended March 31, 2002
Balance at beginning of the period	$	2,476,490		$	3,012,780		$	2,543,887		$	2,526,076		$	2,648,270
Add:
New loans sold		98,091			137,507			742,419			284,888			178,705
Deduct:
Loans repurchased		—			(430,164	)		—			—			—
Payments and other reductions		(172,651	)		(243,633	)		(273,526	)		(267,077	)		(300,899	)
Balance at end of the period	$	2,401,930		$	2,476,490		$	3,012,780		$	2,543,887		$	2,526,076
Nonperforming Assets
(Unaudited)
(In thousands)	March 31, 2003			December 31, 2002			September 30, 2002			June 30, 2002			March 31, 2002
Nonaccrual loans	$	87,042		$	82,006		$	117,211		$	100,344		$	116,246
Restructured loans		2,108			2,116			2,133			1,355			1,418
Other real estate owned and other nonperforming assets		18,231			31,608			12,625			13,814			13,490
Total	$	107,381		$	115,730		$	131,969		$	115,513		$	131,154
% of net loans and leases*, other real estate owned and other nonperforming assets		0.56	%		0.61	%		0.72	%		0.63	%		0.73	%
Accruing loans past due 90 days or more	$	49,806		$	37,408		$	35,443		$	32,332		$	37,371
% of net loans and leases*		0.26	%		0.20	%		0.19	%		0.18	%		0.21	%
* Includes loans held for sale.
Allowance for Loan Losses
(Unaudited)
(In thousands)	Three Months Ended March 31, 2003			Three Months Ended December 31, 2002			Three Months Ended September 30, 2002			Three Months Ended June 30, 2002			Three Months Ended March 31, 2002
Balance at beginning of the period	$	279,593		$	265,406		$	264,432		$	264,107		$	260,483
Add:
Allowance for loan losses of companies acquired		—			1,010			—			—			—
Allowance for securitized loans repurchased		—			9,874			—			—			—
Provision for losses		17,550			15,775			22,309			15,705			18,090
Deduct:
Loan and lease charge-offs		(19,639	)		(21,570	)		(25,240	)		(18,734	)		(18,788	)
Recoveries		3,029			9,098			3,905			3,354			4,322
Net loan and lease charge-offs		(16,610	)		(12,472	)		(21,335	)		(15,380	)		(14,466	)
Balance at end of the period	$	280,533		$	279,593		$	265,406		$	264,432		$	264,107
Ratio of allowance for loan losses to net loans and leases outstanding at period end		1.47	%		1.47	%		1.45	%		1.43	%		1.48	%
Ratio of allowance for loan losses to nonperforming loans at period end		314.68	%		332.37	%		222.39	%		260.01	%		224.46	%

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 14

LOAN BALANCES BY PORTFOLIO TYPE

(Unaudited)

(In millions)	March 31, 2003		December 31, 2002		September 30, 2002		June 30, 2002		March 31, 2002
Types
Loans held for sale		227		289		250		165		207
Commercial lending:
Commercial and industrial		4,052		4,124		4,010		3,990		3,893
Leasing		372		384		386		409		408
Owner occupied		3,182		3,018		2,857		3,030		2,520
Total commercial lending		7,606		7,526		7,253		7,429		6,821
Commercial real estate:
Construction		2,991		2,947		3,080		2,968		2,939
Term		3,293		3,175		3,083		3,071		3,227
Total commercial real estate		6,284		6,122		6,163		6,039		6,166
Consumer:
Home equity credit line		703		651		679		582		454
1-4 family residential		3,191		3,209		3,222		3,380		3,374
Bankcard and other revolving plans (1)		182		205		123		121		116
Other (2)		934		1,000		631		743		726
Total consumer		5,010		5,065		4,655		4,826		4,670
Foreign loans		20		5		25		25		24
Other receivables		75		126		70		68		69
Total loans	$	19,222	$	19,133	$	18,416	$	18,552	$	17,957

(1) The increase in Bankcard and other revolving plans from 09/30/02 to 12/31/02 includes $68.5 million in credit card receivables repurchased from securitizations.

(2) The increase in Other consumer loans from 09/30/02 to 12/31/02 includes $361.7 million in auto loans repurchased from securitizations.

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 15

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended March 31, 2003							Three Months Ended March 31, 2002
(In thousands)	Average Balance			Amount of Interest (1)		Average Rate		Average Balance			Amount of Interest (1)		Average Rate
ASSETS
Money market investments	$	1,402,979		$	3,937	1.14	%	$	930,734		$	3,686	1.61	%
Securities:
Held to maturity		—			—				79,143			798	4.09	%
Available for sale		3,259,889			39,440	4.91	%		3,349,833			44,385	5.37	%
Trading account		651,944			5,561	3.46	%		650,851			5,434	3.39	%
Total securities		3,911,833			45,001	4.67	%		4,079,827			50,617	5.03	%
Loans:
Loans held for sale		250,388			2,505	4.06	%		214,328			2,736	5.18	%
Net loans and leases (2)		18,714,492			303,728	6.58	%		17,324,609			313,048	7.33	%
Total loans and leases		18,964,880			306,233	6.55	%		17,538,937			315,784	7.30	%
Total interest-earning assets		24,279,692			355,171	5.93	%		22,549,498			370,087	6.66	%
Cash and due from banks		910,849							976,923
Allowance for loan losses		(281,264	)						(264,053	)
Goodwill		730,101							735,194
Core deposit and other intangibles		81,731							107,202
Other assets		1,592,537							1,574,265
Total assets	$	27,313,646						$	25,679,029
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	2,768,128			5,015	0.73	%	$	2,351,800			6,074	1.05	%
Money market super NOW		9,044,349			27,614	1.24	%		7,348,527			32,381	1.79	%
Time under $100,000		1,741,121			11,225	2.61	%		2,024,253			18,484	3.70	%
Time $100,000 and over		1,321,938			9,265	2.84	%		1,592,229			14,518	3.70	%
Foreign		189,535			498	1.07	%		101,258			388	1.55	%
Total interest-bearing deposits		15,065,071			53,617	1.44	%		13,418,067			71,845	2.17	%
Borrowed funds:
Securities sold, not yet purchased		481,990			4,654	3.92	%		392,271			3,702	3.83	%
Federal funds purchased and security repurchase agreements		2,422,087			6,447	1.08	%		3,127,698			12,893	1.67	%
Commercial paper		293,259			1,120	1.55	%		357,147			1,886	2.14	%
FHLB advances and other borrowings:
One year or less		7,178			34	1.92	%		394,901			1,809	1.86	%
Over one year		240,245			3,151	5.32	%		227,508			2,832	5.05	%
Long-term debt		1,099,333			14,168	5.23	%		793,828			13,815	7.06	%
Total borrowed funds		4,544,092			29,574	2.64	%		5,293,353			36,937	2.83	%
Total interest-bearing liabilities		19,609,163			83,191	1.72	%		18,711,420			108,782	2.36	%
Noninterest-bearing deposits		4,853,670							4,257,044
Other liabilities		425,700							421,322
Total liabilities		24,888,533							23,389,786
Minority interest		22,981							18,546
Total shareholders' equity		2,402,132							2,270,697
Total liabilities and shareholders' equity	$	27,313,646						$	25,679,029
Spread on average interest-bearing funds						4.21	%						4.30	%
Taxable-equivalent net interest income and net yield on interest-earning assets				$	271,980	4.54	%				$	261,305	4.70	%

(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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