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

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Exhibit 99.1

***FOR IMMEDIATE RELEASE***

For: ZIONS BANCORPORATION	Contact: Clark Hinckley
One South Main, Suite 1134	Tel: (801) 524-4787
Salt Lake City, Utah	April 20, 2004
Harris H. Simmons Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS 2004 FIRST
QUARTER EARNINGS OF $1.10 PER DILUTED SHARE

Record Earnings Driven by Loan and Deposit Growth and Reduced Credit Costs

        SALT LAKE CITY, April 20, 2004—Zions Bancorporation ("Zions" or "the Company") (Nasdaq: ZION) today reported first-quarter net income of $99.7 million, or $1.10 per diluted share. Net income and earnings per share increased 13.6% and 13.4%, respectively, over the $87.7 million, or $0.97 per diluted share for the first quarter of 2003. The return on average common equity was 15.54% in the first quarter of 2004, up from 14.81% for the same period in 2003.

        "We are pleased to once again report record quarterly earnings," stated Harris H. Simmons, chairman and chief executive officer. "The strong earnings were driven by solid loan and deposit growth and reduced credit costs. We saw strong loan growth in Arizona and Nevada and improvements in California and Utah. We also had strong deposit growth in most states," added Simmons. "We are particularly pleased with the significant reduction in net charge-offs. We began the year with a strong balance sheet, an improved expense structure, and excellent credit quality, and are well positioned to take advantage of improving economic conditions."

Loan and Deposit Growth

        Growth in loans for the quarter improved from the levels that were experienced in the last half of 2003. On-balance-sheet net loans and leases at March 31, 2004 were $20.6 billion, an increase of 3.5% (14.1% annualized) from the December 31, 2003 balance of $19.9 billion, and 7.8% from $19.1 billion at March 31, 2003. Loan growth in percentage terms remained strong in Arizona and Nevada, adding $178 million in on-balance sheet loans. In addition, loan growth in Utah and California showed substantial improvement. In dollar terms, the largest loan growth was in Zions First National Bank and California Bank & Trust, which on a combined basis added approximately $568 million to the portfolio. However, approximately $127.5 million of the growth in California related to the purchase of adjustable rate mortgages.

        On-balance sheet loans and sold loans being serviced were $23.3 billion at March 31, 2004, an increase of 8.3% from March 31, 2003 and an annualized increase of 11.0% from balances reported at year-end 2003.

        Total deposits at the end of the first quarter increased 3.3% over the balances reported one year ago to $21.5 billion, and increased at an annualized rate of 11.3% from the balances reported at year-end 2003. Core deposits increased 4.1% year-over-year, and 12.5%, annualized, for the quarter. Offsetting a portion of the deposit growth was the close of the first of two planned sales of branches in Colorado, which reduced deposits by $50.9 million. In addition, the mix of deposits continued to improve during the first quarter with time deposits being replaced by demand, savings and money market deposits.

Net Interest Income

        Taxable-equivalent net interest income of $287.6 million increased 5.7% for the quarter compared to $272.0 million for the first quarter of 2003, reflecting the previously discussed loan and deposit growth, which was partially offset by the effects of a slightly lower net interest margin. The taxable-equivalent adjustments to net interest income for the first quarter of 2004 and 2003 were $5.4 million and $5.8 million, respectively.

        For the first quarter of 2004, the net interest margin was 4.32%, compared to 4.39% for the fourth quarter of 2003, and 4.54% for the first quarter of 2003. The lower margin was primarily the result of the persistent low interest rate environment that has challenged the Company since early 2003. The Company believes that downward pressure on margins in the coming quarters may continue.

Noninterest Income

        For the first quarter of 2004, noninterest income increased 10.1% to $106.1 million compared with $96.4 million for the first quarter of 2003, and 3.2% compared to $102.8 million for the fourth quarter of 2003. "Other" noninterest income for the first quarter of 2004 includes $3.7 million from a litigation settlement, $1.5 million from the sale of certain personal trust accounts in Arizona, and a $1 million gain on the sale of a building in California. Noninterest income for the first quarter also includes $4.0 million in net losses on venture capital and other equity investments, while for the same period in 2003 net losses were $5.9 million. Adjusted for minority interest and income taxes, these losses reduced net income by $3.2 million and $2.5 million in the first quarters of 2004 and 2003, respectively. Loan sales and servicing income declined $3.2 million from the fourth quarter of 2003 due primarily to higher levels of prepayments, reduced residential mortgage originations and a lower volume of sold loans being serviced.

Noninterest Expense

        Noninterest expense for the first quarter of 2004 was $222.3 million, an increase of 3.9% from $214.0 million for the first quarter of 2003, and 2.0% from the $218.0 million in the fourth quarter of 2003. The efficiency ratio for the first quarter of 2004 was 56.48%, compared to 58.11% for the first quarter of 2003 and 56.38% for the fourth quarter of 2003. The level of the efficiency ratio continues to reflect the Company's commitment to control costs and seek areas for enhancing operating efficiencies.

Asset Quality

        The ratio of nonperforming assets to net loans and leases and other real estate owned was 0.53% at March 31, 2004, compared to 0.49% at December 31, 2003 and 0.56% at March 31, 2003. Substantially all of the increase in nonperforming assets is attributable to a single nonaccrual loan that is secured by real estate and is 90% guaranteed by the U.S. Government.

        For the first quarter of 2004, net loan and lease losses were $8.0 million or 0.16% annualized of average loans. This compares with $16.6 million or 0.34% annualized for the fourth quarter of 2003 and $16.6 million or 0.35% annualized for the first quarter of 2003. At $271.2 million on March 31, 2004, the allowance for loan losses was 1.32% of total loans and 294% of nonperforming loans. In addition, the allowance for unfunded lending commitments decreased to $10.5 million at March 31, 2004 from $12.2 million at December 31, 2003.

        The provision for loan losses for the first quarter of 2004 was $11.2 million compared to $16.0 million that was provided during the fourth quarter of 2003 and $17.6 million for the first quarter of 2003. The provision for loan losses is the amount of expense that, based on management's judgment, is required to maintain the allowance for loan losses at an adequate level. In determining an adequate

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level for the allowance, management performs periodic evaluations of the Company's various portfolios, the levels of actual loan losses, and statistical trends and other economic factors.

Capital Management

        During the first quarter of 2004, Zions repurchased 505,055 shares of its common stock at an average price of $59.15 per share. As of March 31, 2004, the Company had $25.0 million remaining in its currently authorized share repurchase program.

        Weighted average common and common-equivalent shares outstanding for the first quarter of 2004 were 90,905,218, compared to 91,407,363 for the fourth quarter of 2003 and 90,647,613 for the first quarter of 2003. The decrease in shares from year-end 2003 reflects the effects of both the stock repurchases for the quarter and the lower average stock price on the equivalent shares, which together more than offset shares issued from option exercises.

        The Company's tangible common equity ratio was 6.56% at March 31, 2004, compared to 6.53% at December 31, 2003 and 6.07% at March 31, 2003.

Subsequent Event

        On April 7, 2004, the Company completed the previously announced purchase of Van der Moolen UK Ltd. The new operations will conduct business as Zions Bank International Ltd.

Conference Call

        Zions will host a conference call to discuss these first quarter results at 5:30 p.m. EDT this afternoon (April 20, 2004). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-800-901-5231, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation Web site atwww.zionsbancorporation.com. A replay of the call will be available from approximately 7:30 p.m. EDT on Tuesday, April 20 through midnight EDT on Tuesday, April 27, by dialing 1-888-286-8010 and entering the passcode (68729976). The webcast of the conference call will also be archived and available until May 20.

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 approximately 400 full-service banking offices in Arizona, California, Colorado, Idaho, 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 atwww.zionsbancorporation.com.

Forward-Looking Information

        Statements in this news release that are based on other than historical data are forward-looking, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations or forecasts of future events. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: 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

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industry; new litigation or changes in existing litigation; increased competitive 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. 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
FINANCIAL HIGHLIGHTS
(Unaudited)

	Three Months Ended March 31,
(In thousands, except per share and ratio data)	2004			2003			% Change
EARNINGS
Taxable-equivalent net interest income	$	287,614		$	271,980		5.75	%
Net interest income		282,183			266,208		6.00	%
Noninterest income		106,050			96,361		10.05	%
Provision for loan losses		11,244			17,550		(35.93	)%
Noninterest expense		222,338			213,986		3.90	%
Income before income taxes and minority interest		154,651			131,033		18.02	%
Income taxes		54,714			46,394		17.93	%
Minority interest		268			(2,737	)	(109.79	)%
Income from continuing operations		99,669			87,376		14.07	%
Income on discontinued operations		–			328		(100.00	)%
Net income		99,669			87,704		13.64	%
PER COMMON SHARE
Net income (diluted)		1.10			0.97		13.40	%
Income from continuing operations (diluted)		1.10			0.96		14.58	%
Income on discontinued operations (diluted)		–			0.01		(100.00	)%
Dividends		0.30			0.21		42.86	%
Book value		29.23			26.74		9.31	%
SELECTED RATIOS
Return on average assets		1.34	%		1.30	%
Return on average common equity		15.54	%		14.81	%
Efficiency ratio		56.48	%		58.11	%
Net interest margin		4.32	%		4.54	%

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ZIONS BANCORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)

	Three Months Ended March 31,
(In thousands, except share and ratio data)	2004			2003			% Change
AVERAGE BALANCES
Total assets	$	29,822,933		$	27,313,646		9.19	%
Securities		5,087,878			3,911,833		30.06	%
Net loans and leases		20,117,675			18,964,880		6.08	%
Goodwill		653,678			730,101		(10.47	)%
Core deposit and other intangibles		69,953			81,731		(14.41	)%
Total deposits		20,883,922			19,918,741		4.85	%
Core deposits (1)		19,680,319			18,596,803		5.83	%
Minority interest		21,812			22,981		(5.09	)%
Shareholders' equity		2,578,879			2,402,132		7.36	%
Weighted average common and common-equivalent shares outstanding		90,905,218			90,647,613		0.28	%
AT PERIOD END
Total assets	$	29,789,703		$	27,208,734		9.49	%
Securities		4,857,025			3,664,417		32.55	%
Net loans and leases		20,620,718			19,130,918		7.79	%
Sold loans being serviced (2)		2,707,128			2,401,930		12.71	%
Allowance for loan losses		271,226			280,533		(3.32	)%
Goodwill		649,354			730,069		(11.06	)%
Core deposit and other intangibles		65,245			79,368		(17.79	)%
Total deposits		21,485,880			20,801,005		3.29	%
Core deposits (1)		20,283,721			19,486,785		4.09	%
Minority interest		23,847			23,285		2.41	%
Shareholders' equity		2,621,965			2,412,504		8.68	%
Common shares outstanding		89,693,704			90,215,449		(0.58	)%
Average equity to average assets		8.65	%		8.79	%
Common dividend payout		28.26	%		21.70	%
Nonperforming assets		109,487			107,381		1.96	%
Loans past due 90 days or more		26,307			49,806		(47.18	)%
Nonperforming assets to net loans and leases and other real estate owned at period end		0.53	%		0.56	%

(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
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,
	2004			2003
EARNINGS
Taxable-equivalent net interest income	$	287,614		$	283,866		$	282,776		$	279,794		$	271,980
Net interest income		282,183			278,254			277,079			273,953			266,208
Noninterest income		106,050			102,753			190,176			100,805			96,361
Provision for loan losses		11,244			15,980			18,260			18,150			17,550
Noninterest expense		222,338			217,967			245,506			216,403			213,986
Impairment loss on goodwill		–			–			75,628			–			–
Income before income taxes and minority interest		154,651			147,060			127,861			140,205			131,033
Income taxes		54,714			51,890			66,511			48,956			46,394
Minority interest		268			(440	)		(2,849	)		(1,159	)		(2,737	)
Income from continuing operations		99,669			95,610			64,199			92,408			87,376
Income (loss) on discontinued operations		–			–			(2,115	)		17			328
Net income		99,669			95,610			62,084			92,425			87,704
PER COMMON SHARE
Net income (diluted)		1.10			1.05			0.68		��	1.02			0.97
Income from continuing operations (diluted)		1.10			1.05			0.71			1.02			0.96
Income (loss) on discontinued operations (diluted)		–			–			(0.03	)		–			0.01
Dividends		0.30			0.30			0.30			0.21			0.21
Book value		29.23			28.27			27.66			27.63			26.74
SELECTED RATIOS
Return on average assets		1.34	%		1.32	%		0.86	%		1.32	%		1.30	%
Return on average common equity		15.54	%		15.05	%		9.89	%		15.07	%		14.81	%
Efficiency ratio		56.48	%		56.38	%		52.08	%		56.96	%		58.11	%
Net interest margin		4.32	%		4.39	%		4.39	%		4.50	%		4.54	%

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ZIONS BANCORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)

	Three Months Ended
(In thousands, except share and ratio data)	March 31,			December 31,			September 30,			June 30,			March 31,
	2004			2003
AVERAGE BALANCES
Total assets	$	29,822,933		$	28,761,614		$	28,696,504		$	28,021,084		$	27,313,646
Securities		5,087,878			4,858,930			4,644,337			4,360,357			3,911,833
Net loans and leases		20,117,675			19,539,294			19,577,780			19,207,484			18,964,880
Goodwill		653,678			654,151			729,149			730,067			730,101
Core deposit and other intangibles		69,953			72,499			76,457			79,314			81,731
Total deposits		20,883,922			20,782,912			20,425,204			19,874,701			19,918,741
Core deposits (1)		19,680,319			19,521,067			19,129,253			18,594,105			18,596,803
Minority interest		21,812			20,297			20,930			22,991			22,981
Shareholders' equity		2,578,879			2,520,280			2,489,613			2,459,145			2,402,132
Weighted average common and common-equivalent shares outstanding		90,905,218			91,407,363			90,810,743			90,586,065			90,647,613
AT PERIOD END
Total assets	$	29,789,703		$	28,558,238		$	27,604,188		$	27,805,628		$	27,208,734
Securities		4,857,025			4,818,017			4,339,956			4,228,260			3,664,417
Net loans and leases		20,620,718			19,920,361			19,434,101			19,439,822			19,130,918
Sold loans being serviced (2)		2,707,128			2,782,175			2,894,638			2,367,751			2,401,930
Allowance for loan losses		271,226			268,506			281,311			281,486			280,533
Goodwill		649,354			654,152			654,161			730,069			730,069
Core deposit and other intangibles		65,245			68,747			72,265			75,817			79,368
Total deposits		21,485,880			20,896,695			20,874,124			20,625,170			20,801,005
Core deposits (1)		20,283,721			19,669,582			19,546,495			19,322,067			19,486,785
Minority interest		23,847			19,776			20,216			22,995			23,285
Shareholders' equity		2,621,965			2,540,023			2,485,971			2,479,421			2,412,504
Common shares outstanding		89,693,704			89,840,638			89,864,022			89,724,846			90,215,449
Average equity to average assets		8.65	%		8.76	%		8.68	%		8.78	%		8.79	%
Common dividend payout		28.26	%		28.24	%		43.39	%		20.47	%		21.70	%
Nonperforming assets		109,487			97,964			109,566			119,371			107,381
Loans past due 90 days or more		26,307			24,231			36,752			35,055			49,806
Nonperforming assets to net loans and leases and other real estate owned at period end		0.53	%		0.49	%		0.56	%		0.61	%		0.56	%

(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
CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)				March 31, 2004			December 31, 2003			March 31, 2003
				(Unaudited)						(Unaudited)
ASSETS
Cash and due from banks				$	1,058,735		$	1,119,351		$	1,087,910
Money market investments:
	Interest-bearing deposits				1,388			884			1,189
	Federal funds sold				62,817			54,850			454,168
	Security resell agreements				770,109			512,960			693,623
Investment securities:
	Held to maturity, at cost (approximate market value $607,119, $0 and $0)				605,292			–			–
	Available for sale, at market				3,867,883			4,437,793			3,328,412
	Trading account, at market (includes $160,122, $211,943 and $197,257 transferred as collateral under repurchase agreements)				383,850			380,224			336,005
					4,857,025			4,818,017			3,664,417
Loans:
	Loans held for sale				185,126			176,886			227,101
	Loans, leases and other receivables				20,528,993			19,839,755			18,994,438
					20,714,119			20,016,641			19,221,539
	Less:
		Unearned income and fees, net of related costs			93,401			96,280			90,621
		Allowance for loan losses			271,226			268,506			280,533
			Net loans		20,349,492			19,651,855			18,850,385
Other noninterest bearing investments					605,642			584,377			595,238
Premises and equipment, net					404,247			407,825			401,827
Goodwill					649,354			654,152			730,069
Core deposit and other intangibles					65,245			68,747			79,368
Other real estate owned					17,217			18,596			18,231
Other assets					948,432			666,624			632,309
				$	29,789,703		$	28,558,238		$	27,208,734
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
	Noninterest-bearing demand			$	6,117,345		$	5,882,929		$	5,296,261
	Interest-bearing:
		Savings and money market			12,443,178			12,044,499			12,303,049
		Time under $100,000			1,453,064			1,507,628			1,693,752
		Time $100,000 and over			1,202,159			1,227,113			1,314,220
		Foreign			270,134			234,526			193,723
					21,485,880			20,896,695			20,801,005
Securities sold, not yet purchased					355,978			263,379			221,936
Federal funds purchased					1,324,972			1,370,619			841,237
Security repurchase agreements					930,425			841,170			791,360
Other liabilities					701,321			442,020			479,778
Commercial paper					190,525			126,144			276,640
Federal Home Loan Bank advances and other borrowings:
	One year or less				315,976			215,354			6,602
	Over one year				230,772			231,440			239,958
Long-term debt					1,608,042			1,611,618			1,114,429
		Total liabilities			27,143,891			25,998,439			24,772,945
Minority interest					23,847			19,776			23,285
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 89,693,704, 89,840,638 and 90,215,449 shares			973,506			985,904			1,012,532
	Retained earnings				1,610,176			1,538,677			1,361,414
	Accumulated other comprehensive income				42,226			19,041			38,558
	Shares held in trust for deferred compensation, at cost				(3,943	)		(3,599	)		–
		Total shareholders' equity			2,621,965			2,540,023			2,412,504
				$	29,789,703		$	28,558,238		$	27,208,734

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ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

				Three Months Ended
(In thousands, except per share amounts)				March 31, 2004			December 31, 2003			March 31, 2003
Interest income:
	Interest and fees on loans			$	291,137		$	289,555		$	297,349
	Interest on loans held for sale				1,280			1,545			2,505
	Lease financing				4,209			4,368			4,534
	Interest on money market investments				3,458			2,701			3,937
	Interest on securities:
		Held to maturity—taxable			228			–			–
		Held to maturity—nontaxable			898			–			–
		Available for sale—taxable			37,869			35,000			28,220
		Available for sale—nontaxable			6,092			7,286			7,293
		Trading account			6,212			6,605			5,561
			Total interest income		351,383			347,060			349,399
Interest expense:
	Interest on savings and money market deposits				25,470			25,530			32,629
	Interest on time and foreign deposits				14,042			15,245			20,988
	Interest on borrowed funds				29,688			28,031			29,574
			Total interest expense		69,200			68,806			83,191
			Net interest income		282,183			278,254			266,208
Provision for loan losses					11,244			15,980			17,550
			Net interest income after provision for loan losses		270,939			262,274			248,658
Noninterest income:
	Service charges and fees on deposit accounts				32,755			32,580			31,412
	Loan sales and servicing income				18,412			21,597			19,431
	Other service charges, commissions and fees				22,359			20,930			19,647
	Trust and investment management income				4,075			5,516			5,128
	Income from securities conduit				8,698			8,145			6,866
	Dividends and other investment income				8,095			7,672			5,997
	Market making, trading and nonhedge derivative income				6,124			4,386			9,872
	Equity securities losses, net				(4,031	)		(1,254	)		(5,904	)
	Fixed income securities gains (losses), net				(83	)		529			135
	Other				9,646			2,652			3,777
			Total noninterest income		106,050			102,753			96,361
Noninterest expense:
	Salaries and employee benefits				130,278			122,725			123,586
	Occupancy, net				17,813			17,987			16,847
	Furniture and equipment				15,948			17,166			15,783
	Legal and professional services				7,214			8,062			4,922
	Postage and supplies				6,648			6,143			6,665
	Advertising				4,842			5,103			3,980
	Impairment losses on long-lived assets				184			118			22
	Amortization of core deposit and other intangibles				3,503			3,519			3,551
	Other				35,908			37,144			38,630
			Total noninterest expense		222,338			217,967			213,986
			Income from continuing operations before income taxes and minority interest		154,651			147,060			131,033
Income taxes					54,714			51,890			46,394
Minority interest					268			(440	)		(2,737	)
			Income from continuing operations		99,669			95,610			87,376

10

ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Continued)
(Unaudited)

				Three Months Ended
(In thousands, except per share amounts)				March 31, 2004		December 31, 2003		March 31, 2003
Discontinued operations:
	Income from operations of discontinued subsidiaries			$	–	$	–	$	552
	Income taxes				–		–		224
			Income on discontinued operations		–		–		328
			Net income	$	99,669	$	95,610	$	87,704
Weighted average shares outstanding during the period:
	Basic shares				89,724		89,913		90,529
	Diluted shares				90,905		91,407		90,648
Net income per common share:
	Basic:
		Income from continuing operations		$	1.11	$	1.06	$	0.96
		Income on discontinued operations			–		–		0.01
			Net income	$	1.11	$	1.06	$	0.97
	Diluted:
		Income from continuing operations		$	1.10	$	1.05	$	0.96
		Income on discontinued operations			–		–		0.01
			Net income	$	1.10	$	1.05	$	0.97

11

ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
    AND COMPREHENSIVE INCOME
(Unaudited)

			Three Months Ended March 31, 2004
									Accumulated Other Comprehensive Income (Loss)
(In thousands)			Common Stock			Retained Earnings			Net Unrealized Gains on Investments and Retained Interests		Net Unrealized Gains on Derivative Instruments		Minimum Pension Liability			Subtotal		Shares Held in Trust for Deferred Compensation			Total Shareholders' Equity
Balance, December 31, 2003			$	985,904		$	1,538,677		$	24,015	$	10,716	$	(15,690	)	$	19,041	$	(3,599	)	$	2,540,023
Comprehensive income:
	Net income for the period						99,669															99,669
	Other comprehensive income, net of tax:
		Net realized and unrealized holding gains during the period, net of income tax expense of $7,604								12,275							12,275
		Reclassification for net realized losses recorded in operations, net of income tax benefit of $25								41							41
		Net unrealized gains on derivative instruments, net of reclassification to operations of $12,276 and income tax expense of $7,026										10,869					10,869
		Other comprehensive income								12,316		10,869		–			23,185					23,185
	Total comprehensive income																					122,854
Stock redeemed and retired				(29,874	)																	(29,874	)
Stock options exercised, net of shares tendered and retired				17,476																		17,476
Cash dividends—common, $.30 per share							(28,170	)														(28,170	)
Cost of shares held in trust for deferred compensation																			(344	)		(344	)
Balance, March 31, 2004			$	973,506		$	1,610,176		$	36,331	$	21,585	$	(15,690	)	$	42,226	$	(3,943	)	$	2,621,965

			Three Months Ended March 31, 2003
									Accumulated Other Comprehensive Income (Loss)
(In thousands)			Common Stock			Retained Earnings			Net Unrealized Gains (Losses) on Investments and Retained Interests			Net Unrealized Gains on Derivative Instruments		Minimum Pension Liability			Subtotal			Shares Held in Trust for Deferred Compensation		Total Shareholders' Equity
Balance, December 31, 2002			$	1,034,888		$	1,292,741		$	44,151		$	25,420	$	(23,357	)	$	46,214		$	–	$	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
Stock redeemed and retired				(24,227	)																		(24,227	)
Stock options exercised, net of shares tendered and retired				1,871																			1,871
Cash dividends—common, $.21 per share							(19,031	)															(19,031	)
Balance, March 31, 2003			$	1,012,532		$	1,361,414		$	34,681		$	27,234	$	(23,357	)	$	38,558		$	–	$	2,412,504

12

ZIONS BANCORPORATION AND SUBSIDIARIES

Sold Loans Being Serviced
(Unaudited)

	Three Months Ended
(In thousands)	March 31, 2004			December 31, 2003			September 30, 2003			June 30, 2003			March 31, 2003
Balance at beginning of period	$	2,782,175		$	2,894,638		$	2,367,751		$	2,401,930		$	2,476,490
New loans sold		90,770			107,373			715,534			142,666			98,091
Payments and other reductions		(165,817	)		(219,836	)		(188,647	)		(176,845	)		(172,651	)
Balance at end of period	$	2,707,128		$	2,782,175		$	2,894,638		$	2,367,751		$	2,401,930

Nonperforming Assets
(Unaudited)

(In thousands)	March 31, 2004			December 31, 2003			September 30, 2003			June 30, 2003			March 31, 2003
Nonaccrual loans	$	91,698		$	78,170		$	80,110		$	98,843		$	87,042
Restructured loans		572			1,198			2,032			2,523			2,108
Other real estate owned		17,217			18,596			27,424			18,005			18,231
Total	$	109,487		$	97,964		$	109,566		$	119,371		$	107,381
% of net loans and leases* and other real estate owned		0.53	%		0.49	%		0.56	%		0.61	%		0.56	%
Accruing loans past due 90 days or more	$	26,307		$	24,231		$	36,752		$	35,055		$	49,806
% of net loans and leases*		0.13	%		0.12	%		0.19	%		0.18	%		0.26	%

*    Includes loans held for sale.

Allowance for Loan Losses
(Unaudited)

			Three Months Ended
(In thousands)			March 31, 2004			December 31, 2003			September 30, 2003			June 30, 2003			March 31, 2003
Balance at beginning of period			$	268,506		$	281,311		$	281,486		$	280,533		$	279,593
Allowance of branches sold				(518	)		–			–			–			–
Add:
	Provision for losses			11,244			15,980			18,260			18,150			17,550
Deduct:
	Loan and lease charge-offs			(11,483	)		(22,436	)		(22,286	)		(21,242	)		(19,639	)
	Recoveries			3,477			5,866			3,851			4,045			3,029
		Net loan and lease charge-offs		(8,006	)		(16,570	)		(18,435	)		(17,197	)		(16,610	)
Reclassification of allowance for unfunded lending commitments				–			(12,215	)		–			–			–
Balance at end of period			$	271,226		$	268,506		$	281,311		$	281,486		$	280,533
Ratio of allowance for loan losses to net loans and leases outstanding at period end				1.32	%		1.35	%		1.45	%		1.45	%		1.47	%
Ratio of allowance for loan losses to nonperforming loans at period end				293.95	%		338.31	%		342.47	%		277.69	%		314.68	%

Allowance for Unfunded Lending Commitments
(Unaudited)

	Three Months Ended
(In thousands)	March 31, 2004			December 31, 2003
Balance at beginning of period	$	12,215		$	–
Reclassification of allowance for loan losses		–			12,215
Provision charged (credited) against earnings		(1,739	)		–
Balance at end of period	$	10,476		$	12,215

13

ZIONS BANCORPORATION AND SUBSIDIARIES
LOAN BALANCES BY PORTFOLIO TYPE
(Unaudited)

(In millions)			March 31, 2004		December 31, 2003		September 30, 2003		June 30, 2003		March 31, 2003
Loans held for sale			$	185	$	177	$	216	$	236	$	227
Commercial lending:
	Commercial and industrial			4,204		4,111		4,102		4,071		4,052
	Leasing			363		377		378		391		372
	Owner occupied			3,465		3,295		3,062		3,353		3,182
		Total commercial lending		8,032		7,783		7,542		7,815		7,606
Commercial real estate:
	Construction			2,916		2,867		2,907		2,983		2,991
	Term			3,646		3,426		3,316		3,326		3,293
		Total commercial real estate		6,562		6,293		6,223		6,309		6,284
Consumer:
	Home equity credit line			892		838		780		762		703
	1-4 family residential			4,057		3,874		3,675		3,275		3,191
	Bankcard and other revolving plans			183		198		188		186		182
	Other			697		749		797		867		934
		Total consumer		5,829		5,659		5,440		5,090		5,010
Foreign loans				15		15		15		17		20
Other receivables				91		90		93		67		75
		Total loans	$	20,714	$	20,017	$	19,529	$	19,534	$	19,222

14

ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)

			Three Months Ended March 31, 2004							Three Months Ended March 31, 2003
(In thousands)			Average Balance			Amount of Interest (1)		Average Rate		Average Balance			Amount of Interest (1)		Average Rate
ASSETS
Money market investments			$	1,579,080		$	3,458	0.88	%	$	1,402,979		$	3,937	1.14	%
Securities:
	Held to maturity			96,933			1,610	6.68	%		–			–
	Available for sale			4,289,578			47,241	4.43	%		3,259,889			39,440	4.91	%
	Trading account			701,367			6,212	3.56	%		651,944			5,561	3.46	%
		Total securities		5,087,878			55,063	4.35	%		3,911,833			45,001	4.67	%
Loans:
	Loans held for sale			174,044			1,280	2.96	%		250,388			2,505	4.06	%
	Net loans and leases (2)			19,943,631			297,013	5.99	%		18,714,492			303,728	6.58	%
		Total loans and leases		20,117,675			298,293	5.96	%		18,964,880			306,233	6.55	%
Total interest-earning assets				26,784,633			356,814	5.36	%		24,279,692			355,171	5.93	%
Cash and due from banks				972,001							910,849
Allowance for loan losses				(271,243	)						(281,264	)
Goodwill				653,678							730,101
Core deposit and other intangibles				69,953							81,731
Other assets				1,613,911							1,592,537
		Total assets	$	29,822,933						$	27,313,646
LIABILITIES
Interest-bearing deposits:
	Savings and NOW		$	3,268,670			4,956	0.61	%	$	2,768,128			5,015	0.73	%
	Money market super NOW			8,937,344			20,514	0.92	%		9,044,349			27,614	1.24	%
	Time under $100,000			1,493,380			6,883	1.85	%		1,741,121			11,225	2.61	%
	Time $100,000 and over			1,203,603			6,628	2.21	%		1,321,938			9,265	2.84	%
	Foreign			257,521			531	0.83	%		189,535			498	1.07	%
		Total interest-bearing deposits		15,160,518			39,512	1.05	%		15,065,071			53,617	1.44	%
Borrowed funds:
	Securities sold, not yet purchased			578,368			5,481	3.81	%		481,990			4,654	3.92	%
	Federal funds purchased and security repurchase agreements			2,868,401			6,382	0.89	%		2,422,087			6,447	1.08	%
	Commercial paper			235,508			723	1.23	%		293,259			1,120	1.55	%
	FHLB advances and other borrowings:
		One year or less		426,569			1,163	1.10	%		7,178			34	1.92	%
		Over one year		230,894			2,920	5.09	%		240,245			3,151	5.32	%
	Long-term debt			1,596,120			13,019	3.28	%		1,099,333			14,168	5.23	%
		Total borrowed funds		5,935,860			29,688	2.01	%		4,544,092			29,574	2.64	%
Total interest-bearing liabilities				21,096,378			69,200	1.32	%		19,609,163			83,191	1.72	%
Noninterest-bearing deposits				5,723,404							4,853,670
Other liabilities				402,460							425,700
Total liabilities				27,222,242							24,888,533
Minority interest				21,812							22,981
Total shareholders' equity				2,578,879							2,402,132
		Total liabilities and shareholders' equity	$	29,822,933						$	27,313,646
Spread on average interest-bearing funds								4.04	%						4.21	%
Taxable-equivalent net interest income and net yield on interest-earning assets						$	287,614	4.32	%				$	271,980	4.54	%

(1)

Taxable-equivalent rates used where applicable.

(2)

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

15

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ZIONS BANCORPORATION REPORTS 2004 FIRST QUARTER EARNINGS OF $1.10 PER DILUTED SHARE