Zions Bancorporation, National Association (ZION) 8-K Results of Operations and Financial Condition

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	July 21, 2005
Harris H. Simmons
Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS RECORD EARNINGS OF

$1.30 PER DILUTED SHARE FOR SECOND QUARTER 2005

SALT LAKE CITY, July 21, 2005 – Zions Bancorporation (“Zions” or “the Company”) (Nasdaq: ZION) today reported second quarter net income of $118.8 million, or $1.30 per diluted share. Net income and earnings per share increased 20.2% and 19.3%, respectively, over the $98.8 million, or $1.09 per diluted share for the second quarter of 2004. The return on average common equity was 16.56% in the second quarter of 2005, up from 15.18% for the same period in 2004.

“We are pleased to once again report record quarterly earnings,” said Harris H. Simmons, chairman and chief executive officer. “Our banks continued to generate solid loan and deposit growth while maintaining very high credit quality. An expanded net interest margin and careful expense management also contributed to the strong earnings performance.”

Year-to-date net income for 2005 increased 15.4% to $229.0 million or $2.50 per diluted share compared to $198.5 million, or $2.19 per diluted share for the same period of 2004. The return on average common equity for the first six months of 2005 was 16.20% compared to 15.36% for the first six months of 2004.

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ZIONS BANCORPORATION

Press Release – Page 2

July 21, 2005

Loan and Deposit Growth

On-balance-sheet net loans and leases at June 30, 2005 were $23.8 billion, an increase of 3.7% (14.9% annualized) from the balance of $23.0 billion at March 31, 2005 and 10.8% from $21.5 billion at June 30, 2004. Average net loans and leases for the second quarter of 2005 increased at an annualized rate of 11.6% when compared to the prior quarter.

Total deposits at the end of the second quarter increased at an annualized rate of 8.7% from the balances reported at March 31, 2005 to $24.4 billion, and increased 8.6% over the balances reported one year ago. Core deposits increased 7.7% year-over-year, and 7.5%, annualized, for the quarter. Average total deposits increased at an annualized rate of 9.7% when compared to the first quarter of 2005.

Net Interest Income

Taxable-equivalent net interest income for the quarter was $336.1 million, an increase of 17.4% compared to $286.3 million for the second quarter of 2004. The improvement reflects the year-over-year loan and deposit growth coupled with an improved net interest margin. For the second quarter of 2005, the net interest margin was 4.60% compared to 4.53% for the first quarter of 2005 and 4.15% for the second quarter of 2004. The net interest margin strengthened primarily from solid loan growth funded by core deposits – mainly demand deposits.

Noninterest Income

For the second quarter of 2005, noninterest income was $106.6 million, an increase of 3.5% from $103.0 million for the first quarter of 2005 but a decrease of 3.7% compared to $110.6 million for the second quarter of 2004. Loan sales and servicing income for the second quarter decreased $1.3 million compared with the first quarter of 2005 primarily as a result of a decision to sell fewer small business loans. Other service charges, commissions and fees were higher compared to the first quarter of 2005, reflecting increased investment fees.

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ZIONS BANCORPORATION

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July 21, 2005

Market making, trading and nonhedge derivative income increased $2.7 million compared with the first quarter of 2005 and $0.4 million compared with the second quarter of 2004. The increase from the first quarter included $2.2 million in nonhedge derivative income and also a $0.5 million improvement in trading income. Other noninterest income increased $3.8 million compared with the first quarter of 2005 due primarily to a $2.3 million gain on the sale of a branch by Zions First National Bank and $0.8 million increase in sales of scanners by NetDeposit (a subsidiary of Zions that develops and markets Check 21 software). Net fixed income securities losses for the quarter include an impairment loss of $1.6 million on a security that was repurchased from Lockhart Funding, LLC, in accordance with the terms of the Lockhart Liquidity Facility. For information on Lockhart Funding, LLC, see page 100 in Zions’ 2004 Annual Report.

Noninterest Expense

Noninterest expense for the second quarter of 2005 was $242.7 million, compared to $239.3 million for the first quarter of 2005 and $230.0 million for the second quarter of 2004. Salaries and employee benefits were essentially unchanged from the first quarter of 2005 but up 6.9% compared to the prior year. The increase over the prior year was caused mainly by increased accruals for performance-based bonus and incentive plans.

The efficiency ratio was 54.8% for the second quarter of 2005, compared with 56.6% for the first quarter of 2005 and 57.9% for the second quarter of 2004.

Asset Quality

The ratio of nonperforming assets to net loans and leases and other real estate owned was 0.31% at June 30, 2005, reflecting continued high levels of credit quality in the Company’s portfolios. This ratio improved from 0.33% at March 31, 2005 and 0.50% at June 30, 2004.

For the second quarter of 2005, net loan and lease charge-offs were $3.9 million or 0.07% annualized of average loans. This compares with $6.6 million or 0.12% annualized for the first quarter of 2005 and

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ZIONS BANCORPORATION

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July 21, 2005

$10.0 million or 0.19% annualized for the second quarter of 2004. At June 30, 2005, the allowance for loan losses as a percentage of net loans and leases was 1.18%, compared to 1.19% at March 31, 2005 and 1.26% at June 30, 2004. In addition, at June 30, 2005 the allowance was 449.5% of nonperforming loans. The combined allowances for credit losses (allowance for loan losses plus the allowance for unfunded lending commitments) of $296.8 million were 1.25% of net loans and leases at the end of the second quarter 2005.

The combined provisions for credit losses for the second quarter of 2005 were $12.5 million compared to $11.1 million and $10.9 million for the first quarter of 2005 and second quarter 2004, respectively. The combined provisions include the provision for loan losses and the provision for unfunded lending commitments.

Capital Management

During the second quarter of 2005, Zions repurchased 713,001 shares of its common stock at an average price of $70.04 per share, for a total of $49.9 million. For the six months ended June 30, 2005, the Company repurchased 1,149,522 shares at an average per share price of $69.60 for a total of $80.0 million. As of June 30, 2005, the Company had $60.0 million remaining in its currently authorized share repurchase program. On July 6, 2005, Zions announced that it had suspended the repurchase of shares in conjunction with its pending acquisition of Amegy Bancorporation (see “Subsequent Event”).

Weighted average common and common-equivalent shares outstanding for the second quarter of 2005 were 91,610,296 compared to 91,493,962 for the first quarter of 2005 and 90,658,259 for the second quarter of 2004. The increase in shares from the first quarter 2005 reflects the effects on common and common-equivalent shares of restricted stock grants that were made in the second quarter, along with a higher average share price and shares issued from option exercises, all of which were partially offset by the stock repurchases for the quarter.

The Company’s tangible common equity ratio was 6.98% at June 30, 2005, 6.83% at March 31, 2005 and 6.37% at June 30, 2004.

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ZIONS BANCORPORATION

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July 21, 2005

Subsequent Event

On July 6, 2005, the Company and Amegy Bancorporation, Inc. issued a joint press release announcing that the two companies had signed a definitive agreement under which Zions will acquire Amegy. Upon completion of the transaction, Amegy will operate under its current name, charter and management as a separate Zions banking subsidiary. The merger is subject to regulatory approval and also approval by the shareholders of Amegy and is expected to close during the fourth quarter of this year.

Conference Call

Zions will host a conference call to discuss these second quarter results at 5:30 p.m. ET this afternoon (July 21, 2005). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-800-591-6930 and entering the passcode (92935538), 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. ET on Thursday, July 21 through midnight ET on Thursday, July 28, by dialing 1-888-286-8010 and entering the passcode (22066180). The webcast of the conference call will also be archived and available for thirty days.

About Zions Bancorporation

Zions Bancorporation is one of the nation’s premier financial services companies, consisting of a collection of great banks in select high growth markets. Zions operates its banking businesses under local management teams and community identities through nearly 400 offices and 500 ATMs in eight Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Utah and Washington. The Company is a national leader in Small Business Administration lending, public finance advisory services and electronic bond trading. 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 atwww.zionsbancorporation.com.

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ZIONS BANCORPORATION

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July 21, 2005

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: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

In addition, the following factors relating to the Company’s proposed acquisition of Amegy Bancorporation, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the businesses of Zions Bancorporation and Amegy Bancorporation, Inc. may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; (2) the expected growth opportunities and cost savings from the merger may not be fully realized or may take longer to realize than expected; (3) operating costs, customer losses and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; (4) governmental approvals of the merger may not be obtained or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; and (5) the stockholders of Amegy Bancorporation, Inc. may fail to approve the merger.

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ZIONS BANCORPORATION

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July 21, 2005

Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the 2004 Annual Reports on Form 10-K of Zions Bancorporation and Amegy Bancorporation, Inc. filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov).

The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

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ZIONS BANCORPORATION AND SUBSIDIARIES

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FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended June 30,							Six Months Ended June 30,
(In thousands, except per share and ratio data)	2005			2004			% Change	2005			2004			% Change
EARNINGS
Taxable-equivalent net interest income	$	336,088		$	286,282		17.40 %	$	656,208		$	571,135		14.90 %
Taxable-equivalent revenue		442,640			396,909		11.52 %		865,756			790,573		9.51 %
Net interest income		330,928			280,897		17.81 %		645,879			560,319		15.27 %
Noninterest income		106,552			110,627		(3.68)%		209,548			219,438		(4.51)%
Provision for loan losses		11,417			10,301		10.83 %		20,800			21,545		(3.46)%
Noninterest expense		242,666			229,976		5.52 %		482,001			452,314		6.56 %
Income before income taxes and minority interest		183,397			151,247		21.26 %		352,626			305,898		15.28 %
Income taxes		66,330			54,631		21.41 %		126,079			109,345		15.30 %
Minority interest		(1,743	)		(2,226	)	(21.70)%		(2,497	)		(1,958	)	27.53 %
Net income		118,810			98,842		20.20 %		229,044			198,511		15.38 %
PER COMMON SHARE
Net income (diluted)		1.30			1.09		19.27 %		2.50			2.19		14.16 %
Dividends		0.36			0.32		12.50 %		0.72			0.62		16.13 %
Book value									32.62			29.37		11.07 %
SELECTED RATIOS
Return on average assets		1.47	%		1.28	%			1.44	%		1.31	%
Return on average common equity		16.56	%		15.18	%			16.20	%		15.36	%
Efficiency ratio		54.82	%		57.94	%			55.67	%		57.21	%
Net interest margin		4.60	%		4.15	%			4.57	%		4.21	%

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ZIONS BANCORPORATION AND SUBSIDIARIES

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended June 30,							Six Months Ended June 30,
(In thousands, except share and ratio data)	2005			2004			% Change	2005			2004			% Change
AVERAGE BALANCES
Total assets	$	32,510,692		$	31,040,639		4.74 %	$	32,182,658		$	30,431,786		5.75 %
Securities		5,091,552			5,224,576		(2.55)%		5,141,496			5,156,227		(0.29)%
Net loans and leases		23,330,670			20,969,643		11.26 %		23,004,945			20,543,659		11.98 %
Goodwill		638,932			650,160		(1.73)%		640,758			651,919		(1.71)%
Core deposit and other intangibles		53,011			67,031		(20.92)%		54,822			68,492		(19.96)%
Total deposits		23,787,985			21,640,762		9.92 %		23,507,308			21,262,342		10.56 %
Core deposits (1)		22,248,291			20,409,823		9.01 %		22,044,385			20,045,071		9.97 %
Minority interest		24,726			21,750		13.68 %		24,787			21,781		13.80 %
Shareholders’ equity		2,877,374			2,618,259		9.90 %		2,851,269			2,598,569		9.72 %
Weighted average common and common-equivalent shares outstanding		91,610,296			90,658,259		1.05 %		91,596,314			90,803,003		0.87 %
AT PERIOD END
Total assets								$	32,875,294		$	30,894,325		6.41 %
Securities									4,904,799			5,028,173		(2.45)%
Net loans and leases									23,821,563			21,497,058		10.81 %
Sold loans being serviced (2)									2,910,182			2,643,927		10.07 %
Allowance for loan losses									281,428			271,554		3.64 %
Allowance for unfunded lending commitments									15,395			11,098		38.72 %
Goodwill									638,933			650,557		(1.79)%
Core deposit and other intangibles									51,397			62,221		(17.40)%
Total deposits									24,398,535			22,470,488		8.58 %
Core deposits (1)									22,840,557			21,198,263		7.75 %
Minority interest									24,665			21,721		13.55 %
Shareholders’ equity									2,937,908			2,636,451		11.43 %
Common shares outstanding									90,062,646			89,752,384		0.35 %
Average equity to average assets		8.85	%		8.43	%			8.86	%		8.54	%
Common dividend payout		27.37	%		29.12	%			28.42	%		28.69	%
Tangible common equity ratio									6.98	%		6.37	%
Nonperforming assets									73,680			106,750		(30.98)%
Accruing loans past due 90 days or more									13,183			18,109		(27.20)%
Nonperforming assets to net loans and leases and other real estate owned at period end									0.31	%		0.50	%

(1) Amount consists of total deposits excluding time deposits $100,000 and over.

(2) Amount represents the outstanding balance of loans sold and being serviced by the Company, excluding conforming first mortgage residential real estate loans.

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ZIONS BANCORPORATION AND SUBSIDIARIES

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,		June 30,
(In thousands, except per share and ratio data)	2005						2004
EARNINGS
Taxable-equivalent net interest income	$	336,088		$	320,120		$	314,558		$  296,384		$	286,282
Taxable-equivalent revenue		442,640			423,116			413,505		409,540			396,909
Net interest income		330,928			314,951			309,384		291,115			280,897
Noninterest income		106,552			102,996			98,947		113,156			110,627
Provision for loan losses		11,417			9,383			13,159		9,363			10,301
Noninterest expense		242,666			239,335			238,172		232,813			229,976
Impairment loss on goodwill		–			–			–		602			–
Income before income taxes and minority interest		183,397			169,229			157,000		161,493			151,247
Income taxes		66,330			59,749			52,641		58,140			54,631
Minority interest		(1,743	)		(754	)		(622	)	858			(2,226	)
Net income		118,810			110,234			104,981		102,495			98,842
PER COMMON SHARE
Net income (diluted)		1.30			1.20			1.15		1.13			1.09
Dividends		0.36			0.36			0.32		0.32			0.32
Book value		32.62			31.39			31.06		30.39			29.37
SELECTED RATIOS
Return on average assets		1.47	%		1.40	%		1.33	%	1.30	%		1.28	%
Return on average common equity		16.56	%		15.83	%		15.13	%	15.23	%		15.18	%
Efficiency ratio		54.82	%		56.56	%		57.60	%	56.85	%		57.94	%
Net interest margin		4.60	%		4.53	%		4.43	%	4.20	%		4.15	%

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ZIONS BANCORPORATION AND SUBSIDIARIES

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FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except share and ratio data)	2005						2004
AVERAGE BALANCES
Total assets	$	32,510,692		$	31,850,979		$	31,501,478		$	31,368,578		$	31,040,639
Securities		5,091,552			5,191,995			5,255,624			5,232,188			5,224,576
Net loans and leases		23,330,670			22,675,601			21,866,761			21,220,481			20,969,643
Goodwill		638,932			642,604			642,646			645,462			650,160
Core deposit and other intangibles		53,011			56,653			58,956			62,923			67,031
Total deposits		23,787,985			23,223,512			23,144,944			22,729,540			21,640,762
Core deposits (1)		22,248,291			21,838,213			21,871,018			21,463,026			20,409,823
Minority interest		24,726			24,849			23,176			23,791			21,750
Shareholders’ equity		2,877,374			2,824,874			2,760,077			2,677,404			2,618,259
Weighted average common and common-equivalent shares outstanding		91,610,296			91,493,962			91,342,328			90,956,674			90,658,259
AT PERIOD END
Total assets	$	32,875,294		$	31,883,486		$	31,469,834		$	30,731,040		$	30,894,325
Securities		4,904,799			4,940,487			5,121,215			5,058,691			5,028,173
Net loans and leases		23,821,563			22,967,269			22,627,121			21,507,043			21,497,058
Sold loans being serviced (2)		2,910,182			2,995,630			3,065,909			3,152,924			2,643,927
Allowance for loan losses		281,428			273,906			271,117			269,413			271,554
Allowance for unfunded lending commitments		15,395			14,353			12,682			12,030			11,098
Goodwill		638,933			638,933			642,645			642,645			650,557
Core deposit and other intangibles		51,397			52,007			55,440			57,665			62,221
Total deposits		24,398,535			23,879,088			23,292,261			23,165,131			22,470,488
Core deposits (1)		22,840,557			22,421,174			21,998,152			21,883,851			21,198,263
Minority interest		24,665			26,338			23,359			24,481			21,721
Shareholders’ equity		2,937,908			2,821,766			2,789,979			2,724,261			2,636,451
Common shares outstanding		90,062,646			89,891,146			89,829,947			89,638,753			89,752,384
Average equity to average assets		8.85	%		8.87	%		8.76	%		8.54	%		8.43	%
Common dividend payout		27.37	%		29.55	%		27.48	%		28.10	%		29.12	%
Tangible common equity ratio		6.98	%		6.83	%		6.80	%		6.74	%		6.37	%
Nonperforming assets		73,680			76,089			84,286			91,105			106,750
Accruing loans past due 90 days or more		13,183			20,160			16,375			18,182			18,109
Nonperforming assets to net loans and leases and other real estate owned at period end		0.31	%		0.33	%		0.37	%		0.42	%		0.50	%

(1) Amount consists of total deposits excluding time deposits $100,000 and over.

(2) Amount represents the outstanding balance of loans sold and being serviced by the Company, excluding conforming first mortgage residential real estate loans.

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ZIONS BANCORPORATION AND SUBSIDIARIES

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CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)	June 30, 2005		March 31, 2005		December 31, 2004		June 30, 2004
	(Unaudited)		(Unaudited)				(Unaudited)
ASSETS
Cash and due from banks	$	1,232,527	$	1,085,482	$	850,998	$	1,124,832
Money market investments:
Interest-bearing deposits		11,004		16,821		1,251		3,767
Federal funds sold		52,327		35,070		130,086		57,115
Security resell agreements		537,327		548,173		461,750		770,139
Investment securities:
Held to maturity, at cost (approximate market value $649,808, $629,684, $641,783 and $634,127)		649,888		635,774		641,659		642,504
Available for sale, at market		3,972,829		4,001,244		4,189,486		3,784,086
Trading account, at market (includes $102,916, $114,302, $163,248 and $369,883 transferred as collateral under repurchase agreements)		282,082		303,469		290,070		601,583
		4,904,799		4,940,487		5,121,215		5,028,173
Loans:
Loans held for sale		207,123		196,994		196,736		140,982
Loans and leases		23,718,150		22,872,786		22,535,344		21,457,499
		23,925,273		23,069,780		22,732,080		21,598,481
Less:
Unearned income and fees, net of related costs		103,710		102,511		104,959		101,423
Allowance for loan losses		281,428		273,906		271,117		271,554
Loans and leases, net of allowance		23,540,135		22,693,363		22,356,004		21,225,504
Other noninterest-bearing investments		698,968		690,922		665,198		640,471
Premises and equipment, net		409,488		407,262		409,210		402,203
Goodwill		638,933		638,933		642,645		650,557
Core deposit and other intangibles		51,397		52,007		55,440		62,221
Other real estate owned		11,070		10,266		11,877		13,590
Other assets		787,319		764,700		764,160		915,753
	$	32,875,294	$	31,883,486	$	31,469,834	$	30,894,325
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	7,577,450	$	7,189,420	$	6,821,528	$	6,585,035
Interest-bearing:
Savings and money market		13,195,200		13,312,525		13,349,347		12,838,974
Time under $100,000		1,468,017		1,422,582		1,387,784		1,419,984
Time $100,000 and over		1,557,978		1,457,914		1,294,109		1,272,225
Foreign		599,890		496,647		439,493		354,270
		24,398,535		23,879,088		23,292,261		22,470,488
Securities sold, not yet purchased		291,353		297,591		309,893		517,176
Federal funds purchased		1,593,010		1,314,927		1,841,092		1,056,695
Security repurchase agreements		755,676		714,154		683,984		1,024,427
Other liabilities		544,691		624,593		429,129		607,676
Commercial paper		75,393		142,190		165,447		188,612
Federal Home Loan Bank advances and other borrowings:
One year or less		314,643		161,270		15,949		416,630
Over one year		227,039		227,595		228,152		230,128
Long-term debt		1,712,381		1,673,974		1,690,589		1,724,321
Total liabilities		29,912,721		29,035,382		28,656,496		28,236,153
Minority interest		24,665		26,338		23,359		21,721
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 90,062,646, 89,891,146, 89,829,947 and 89,752,384 shares		961,510		969,739		972,065		974,479
Retained earnings		1,994,015		1,907,727		1,830,064		1,680,240
Accumulated other comprehensive loss		(12,905)		(50,724)		(7,932)		(14,238)
Cost of shares held in trust for deferred compensation and other		(4,712)		(4,976)		(4,218)		(4,030)
Total shareholders’ equity		2,937,908		2,821,766		2,789,979		2,636,451
	$	32,875,294	$	31,883,486	$	31,469,834	$	30,894,325

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Press Release – Page 13

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30, 2005		March 31, 2005		June 30, 2004		June 30,
(In thousands, except per share amounts)							2005		2004
Interest income:
Interest and fees on loans	$	380,233	$	350,935	$	296,330	$	731,168	$	584,706
Interest on loans held for sale		2,618		1,603		1,383		4,221		2,663
Lease financing		4,023		4,066		4,230		8,089		8,439
Interest on money market investments		6,041		4,638		3,077		10,679		6,535
Interest on securities:
Held to maturity – taxable		1,833		1,805		1,731		3,638		1,959
Held to maturity – nontaxable		6,008		5,983		5,872		11,991		6,770
Available for sale – taxable		49,102		46,920		37,169		96,022		75,038
Available for sale – nontaxable		834		856		1,208		1,690		7,300
Trading account		5,044		6,035		8,131		11,079		14,343
Total interest income		455,736		422,841		359,131		878,577		707,753
Interest expense:
Interest on savings and money market deposits		49,236		40,736		27,470		89,972		52,940
Interest on time and foreign deposits		24,557		19,887		14,091		44,444		28,133
Interest on borrowed funds		51,015		47,267		36,673		98,282		66,361
Total interest expense		124,808		107,890		78,234		232,698		147,434
Net interest income		330,928		314,951		280,897		645,879		560,319
Provision for loan losses		11,417		9,383		10,301		20,800		21,545
Net interest income after provision for loan losses		319,511		305,568		270,596		625,079		538,774
Noninterest income:
Service charges and fees on deposit accounts		31,406		30,782		33,419		62,188		66,174
Loan sales and servicing income		16,790		18,068		20,459		34,858		38,871
Other service charges, commissions and fees		28,205		26,715		26,418		54,920		51,538
Trust and investment management income		4,531		3,405		4,797		7,936		8,872
Income from securities conduit		8,617		8,819		8,880		17,436		17,578
Dividends and other investment income		7,436		8,008		8,545		15,444		16,640
Market making, trading and nonhedge derivative income		6,509		3,784		6,072		10,293		12,196
Equity securities losses, net		(2,778)		(1,387)		(5,302)		(4,165)		(9,333)
Fixed income securities gains (losses), net		(1,187)		1,333		2,220		146		2,137
Other		7,023		3,469		5,119		10,492		14,765
Total noninterest income		106,552		102,996		110,627		209,548		219,438
Noninterest expense:
Salaries and employee benefits		138,244		138,126		129,354		276,370		259,632
Occupancy, net		18,504		18,453		18,658		36,957		36,471
Furniture and equipment		16,260		15,919		16,768		32,179		32,716
Legal and professional services		7,967		8,250		9,893		16,217		17,107
Postage and supplies		6,798		6,488		6,309		13,286		12,957
Advertising		5,335		4,093		5,186		9,428		10,028
Impairment losses on long-lived assets		–		633		528		633		712
Restructuring charges		–		92		–		92		–
Amortization of core deposit and other intangibles		3,696		3,433		3,501		7,129		7,004
Provision for unfunded lending commitments		1,042		1,671		622		2,713		(1,117)
Other		44,820		42,177		39,157		86,997		76,804
Total noninterest expense		242,666		239,335		229,976		482,001		452,314
Income before income taxes and minority interest		183,397		169,229		151,247		352,626		305,898
Income taxes		66,330		59,749		54,631		126,079		109,345
Minority interest		(1,743)		(754)		(2,226)		(2,497)		(1,958)
Net income	$	118,810	$	110,234	$	98,842	$	229,044	$	198,511
Weighted average shares outstanding during the period:
Basic shares		89,846		89,877		89,589		89,861		89,657
Diluted shares		91,610		91,494		90,658		91,596		90,803
Net income per common share:
Basic	$	1.32	$	1.23	$	1.10	$	2.55	$	2.21
Diluted		1.30		1.20		1.09		2.50		2.19

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Press Release – Page 14

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY AND COMPREHENSIVE INCOME

(Unaudited)

	Six Months Ended June 30, 2005
					Accumulated Other Comprehensive Income (Loss)
(In thousands)	Common Stock		Retained Earnings		Net Unrealized Gains (Losses) on Investments, Retained Interests and Other		Net Unrealized Losses on Derivative Instruments		Minimum Pension Liability		Subtotal		Cost of Shares Held in Trust for Deferred Compensation and Other		Total Shareholders’ Equity
Balance, December 31, 2004	$	972,065	$	1,830,064	$	19,774	$	(9,493)		$  (18,213)	$	(7,932)		$  (4,218)	$	2,789,979
Comprehensive income:
Net income for the period				229,044												229,044
Other comprehensive income, net of tax:
Net realized and unrealized holding gains during the period, net of income tax expense of $1,728						2,790						2,790
Foreign currency translation						(1,123)						(1,123)
Reclassification for net realized gains recorded in operations, net of income tax expense of $94						(153)						(153)
Net unrealized losses on derivative instruments, net of reclassification to operations of $10,832 and income tax benefit of $4,074								(6,487)				(6,487)
Other comprehensive income (loss)						1,514		(6,487)		–		(4,973)				(4,973)
Total comprehensive income																224,071
Stock redeemed and retired		(80,058)														(80,058)
Restricted stock issued and stock options exercised, net of shares tendered and retired		69,503														69,503
Cash dividends – common, $.72 per share				(65,093)												(65,093)
Cost of shares held in trust for deferred compensation and other														(494)		(494)
Balance, June 30, 2005	$	961,510	$	1,994,015	$	21,288	$	(15,980)	$	(18,213)		$  (12,905)	$	(4,712)	$	2,937,908
	Six Months Ended June 30, 2004
					Accumulated Other Comprehensive Income (Loss)
(In thousands)	Common Stock		Retained Earnings		Net Unrealized Gains (Losses) on Investments, Retained Interests and Other		Net Unrealized Gains (Losses) on Derivative Instruments		Minimum Pension Liability		Subtotal		Cost of 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				198,511												198,511
Other comprehensive income, net of tax:
Net realized and unrealized holding losses during the period, net of income tax benefit of $4,739						(7,610)						(7,610)
Reclassification for net realized gains recorded in operations, net of income tax expense of $723						(1,167)						(1,167)
Net unrealized losses on derivative instruments, net of reclassification to operations of $24,505 and income tax benefit of $15,447								(24,502)				(24,502)
Other comprehensive loss						(8,777)		(24,502)		–		(33,279)				(33,279)
Total comprehensive income																165,232
Stock redeemed and retired		(54,881)														(54,881)
Stock options exercised, net of shares tendered and retired		43,456														43,456
Cash dividends – common, $.62 per share				(56,948)												(56,948)
Cost of shares held in trust for deferred compensation														(431)		(431)
Balance, June 30, 2004	$	974,479	$	1,680,240	$	15,238	$	(13,786)	$	(15,690)	$	(14,238)	$	(4,030)	$	2,636,451

Total comprehensive income for the three months ended June 30, 2005 and 2004 was $156,629 and $42,378, respectively.

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Press Release – Page 15

Nonperforming Assets (Unaudited)
(In thousands)	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004
Nonaccrual loans	$	61,871		$	65,199		$	71,763		$	76,361		$	92,597
Restructured loans		739			624			646			522			563
Other real estate owned		11,070			10,266			11,877			14,222			13,590
Total	$	73,680		$	76,089		$	84,286		$	91,105		$	106,750
% of net loans and leases* and other real estate owned		0.31	%		0.33	%		0.37	%		0.42	%		0.50	%
Accruing loans past due 90 days or more	$	13,183		$	20,160		$	16,375		$	18,182		$	18,109
% of net loans and leases*		0.06	%		0.09	%		0.07	%		0.08	%		0.08	%
*Includes loans held for sale.
Allowances for Credit Losses (Unaudited)
	Three Months Ended
(In thousands)	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004
Allowance for Loan Losses
Balance at beginning of period	$	273,906		$	271,117		$	269,413		$	271,554		$	271,226
Allowance of branches sold		–			–			–			(1,549	)		–
Add:
Provision for losses		11,417			9,383			13,159			9,363			10,301
Deduct:
Loan and lease charge-offs		(8,633	)		(11,085	)		(20,024	)		(13,617	)		(14,530	)
Recoveries		4,738			4,491			8,569			3,662			4,557
Net loan and lease charge-offs		(3,895	)		(6,594	)		(11,455	)		(9,955	)		(9,973	)
Balance at end of period	$	281,428		$	273,906		$	271,117		$	269,413		$	271,554
Ratio of allowance for loan losses to net loans and leases outstanding at period end		1.18	%		1.19	%		1.20	%		1.25	%		1.26	%
Ratio of allowance for loan losses to nonperforming loans at period end		449.49	%		416.13	%		374.42	%		350.42	%		291.49	%
Allowance for Unfunded Lending Commitments
Balance at beginning of period	$	14,353		$	12,682		$	12,030		$	11,098		$	10,476
Provision charged against earnings		1,042			1,671			652			932			622
Balance at end of period	$	15,395		$	14,353		$	12,682		$	12,030		$	11,098
Total Allowances for Credit Losses
Allowance for loan losses	$	281,428		$	273,906		$	271,117		$	269,413		$	271,554
Allowance for unfunded lending commitments		15,395			14,353			12,682			12,030			11,098
Total allowances for credit losses	$	296,823		$	288,259		$	283,799		$	281,443		$	282,652
Ratio of total allowances for credit losses to net loans and leases outstanding at period end		1.25	%		1.26	%		1.25	%		1.31	%		1.31	%

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Press Release – Page 16

Sold Loans Being Serviced (Unaudited)
	Three Months Ended
(In thousands)	June 30, 2005		March 31, 2005		December 31, 2004		September 30, 2004		June 30, 2004
Balance at beginning of period	$	2,995,630	$	3,065,909	$	3,152,924	$	2,643,927	$	2,707,128
New loans sold		120,091		98,772		83,175		703,809		118,018
Payments and other reductions		(205,539)		(169,051)		(170,190)		(194,812)		(181,219)
Balance at end of period	$	2,910,182	$	2,995,630	$	3,065,909	$	3,152,924	$	2,643,927
Loan Balances By Portfolio Type
(Unaudited)
(In millions)	June 30, 2005		March 31, 2005		December 31, 2004		September 30, 2004		June 30, 2004
Loans held for sale	$	207	$	197	$	197	$	151	$	141
Commercial lending:
Commercial and industrial		4,760		4,604		4,643		4,474		4,398
Leasing		361		359		370		374		381
Owner occupied		4,341		4,036		3,790		3,472		3,708
Total commercial lending		9,462		8,999		8,803		8,320		8,487
Commercial real estate:
Construction		4,074		3,779		3,536		3,289		3,062
Term		4,118		4,032		3,998		3,804		3,862
Total commercial real estate		8,192		7,811		7,534		7,093		6,924
Consumer:
Home equity credit line		1,134		1,099		1,104		1,026		965
1-4 family residential		4,156		4,155		4,234		4,118		4,170
Bankcard and other revolving plans		208		211		225		217		183
Other		468		490		532		573		647
Total consumer		5,966		5,955		6,095		5,934		5,965
Foreign loans		5		5		5		4		6
Other receivables		93		103		98		109		75
Total loans	$	23,925	$	23,070	$	22,732	$	21,611	$	21,598

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Press Release – Page 17

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended June 30, 2005					Three Months Ended June 30, 2004
(In thousands)	Average Balance		Amount of Interest (1)		Average Rate	Average Balance		Amount of Interest (1)		Average Rate
ASSETS
Money market investments	$	862,354	$	6,041	2.81%	$	1,544,884	$	3,077	0.80%
Securities:
Held to maturity		641,161		11,076	6.93%		622,519		10,764	6.95%
Available for sale		3,941,109		50,385	5.13%		3,827,182		39,028	4.10%
Trading account		509,282		5,044	3.97%		774,875		8,131	4.22%
Total securities		5,091,552		66,505	5.24%		5,224,576		57,923	4.46%
Loans:
Loans held for sale		198,547		2,618	5.29%		174,680		1,383	3.18%
Net loans and leases (2)		23,132,123		385,732	6.69%		20,794,963		302,133	5.84%
Total loans and leases		23,330,670		388,350	6.68%		20,969,643		303,516	5.82%
Total interest-earning assets		29,284,576		460,896	6.31%		27,739,103		364,516	5.29%
Cash and due from banks		1,076,691					991,117
Allowance for loan losses		(278,262)					(271,633)
Goodwill		638,932					650,160
Core deposit and other intangibles		53,011					67,031
Other assets		1,735,744					1,864,861
Total assets	$	32,510,692				$	31,040,639
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	3,385,042		6,799	0.81%	$	3,367,286		5,083	0.61%
Money market super NOW		9,695,959		42,437	1.76%		9,185,946		22,387	0.98%
Time under $100,000		1,452,392		9,420	2.60%		1,448,504		6,539	1.82%
Time $100,000 and over		1,539,694		11,528	3.00%		1,230,939		6,830	2.23%
Foreign		554,042		3,609	2.61%		284,825		722	1.02%
Total interest-bearing deposits		16,627,129		73,793	1.78%		15,517,500		41,561	1.08%
Borrowed funds:
Securities sold, not yet purchased		509,818		4,733	3.72%		691,076		6,536	3.80%
Federal funds purchased and security repurchase agreements		2,347,220		15,263	2.61%		2,988,215		7,034	0.95%
Commercial paper		160,609		1,246	3.11%		189,554		578	1.23%
FHLB advances and other borrowings:
One year or less		378,659		2,910	3.08%		418,733		1,143	1.10%
Over one year		227,318		2,863	5.05%		230,424		2,910	5.08%
Long-term debt		1,691,507		24,000	5.69%		1,650,512		18,472	4.50%
Total borrowed funds		5,315,131		51,015	3.85%		6,168,514		36,673	2.39%
Total interest-bearing liabilities		21,942,260		124,808	2.28%		21,686,014		78,234	1.45%
Noninterest-bearing deposits		7,160,856					6,123,262
Other liabilities		505,476					591,354
Total liabilities		29,608,592					28,400,630
Minority interest		24,726					21,750
Total shareholders’ equity		2,877,374					2,618,259
Total liabilities and shareholders’ equity	$	32,510,692				$	31,040,639
Spread on average interest-bearing funds					4.03%					3.84%
Taxable-equivalent net interest income and net yield on interest-earning assets			$	336,088	4.60%			$	286,282	4.15%

(1) Taxable-equivalent rates used where applicable.

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

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ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 18

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Six Months Ended June 30, 2005					Six Months Ended June 30, 2004
(In thousands)	Average Balance		Amount of Interest (1)		Average Rate	Average Balance		Amount of Interest (1)		Average Rate
ASSETS
Money market investments	$	839,375	$	10,679	2.57%	$	1,561,982	$	6,535	0.84%
Securities:
Held to maturity		639,249		22,086	6.97%		359,726		12,374	6.92%
Available for sale		3,945,609		98,622	5.04%		4,058,380		86,269	4.27%
Trading account		556,638		11,079	4.01%		738,121		14,343	3.91%
Total securities		5,141,496		131,787	5.17%		5,156,227		112,986	4.41%
Loans:
Loans held for sale		192,084		4,221	4.43%		174,362		2,663	3.07%
Net loans and leases (2)		22,812,861		742,219	6.56%		20,369,297		596,385	5.89%
Total loans and leases		23,004,945		746,440	6.54%		20,543,659		599,048	5.86%
Total interest-earning assets		28,985,816		888,906	6.18%		27,261,868		718,569	5.30%
Cash and due from banks		1,047,569					981,559
Allowance for loan losses		(275,803)					(271,438)
Goodwill		640,758					651,919
Core deposit and other intangibles		54,822					68,492
Other assets		1,729,496					1,739,386
Total assets	$	32,182,658				$	30,431,786
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	3,386,378		12,884	0.77%	$	3,317,978		10,039	0.61%
Money market super NOW		9,758,076		77,088	1.59%		9,061,645		42,901	0.95%
Time under $100,000		1,434,241		17,457	2.45%		1,470,942		13,422	1.83%
Time $100,000 and over		1,462,923		20,826	2.87%		1,217,271		13,458	2.22%
Foreign		501,812		6,161	2.48%		271,173		1,253	0.93%
Total interest-bearing deposits		16,543,430		134,416	1.64%		15,339,009		81,073	1.06%
Borrowed funds:
Securities sold, not yet purchased		508,873		9,243	3.66%		634,722		12,017	3.81%
Federal funds purchased and security repurchase agreements		2,379,959		28,415	2.41%		2,928,308		13,416	0.92%
Commercial paper		152,889		2,177	2.87%		212,531		1,301	1.23%
FHLB advances and other borrowings:
One year or less		352,330		4,946	2.83%		422,651		2,306	1.10%
Over one year		227,590		5,702	5.05%		230,659		5,830	5.08%
Long-term debt		1,691,118		47,799	5.70%		1,623,316		31,491	3.90%
Total borrowed funds		5,312,759		98,282	3.73%		6,052,187		66,361	2.21%
Total interest-bearing liabilities		21,856,189		232,698	2.15%		21,391,196		147,434	1.39%
Noninterest-bearing deposits		6,963,878					5,923,333
Other liabilities		486,535					496,907
Total liabilities		29,306,602					27,811,436
Minority interest		24,787					21,781
Total shareholders’ equity		2,851,269					2,598,569
Total liabilities and shareholders’ equity	$	32,182,658				$	30,431,786
Spread on average interest-bearing funds					4.03%					3.91%
Taxable-equivalent net interest income and net yield on interest-earning assets			$	656,208	4.57%			$	571,135	4.21%

(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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