Zions Bancorporation, National Association (ZION) 8-K Zions Bancorporation Reports Record Earnings of $1.43

EXHIBIT 99.1

***FOR IMMEDIATE RELEASE***

For: ZIONS BANCORPORATION	Contact: Clark Hinckley
One South Main, 15th Floor	Tel: (801) 524-4787
Salt Lake City, Utah	July 19, 2007
Harris H. Simmons
Chairman/Chief Executive Officer

ZIONS BANCORPORATION REPORTS RECORD EARNINGS OF $1.43

PER DILUTED COMMON SHARE FOR SECOND QUARTER 2007

SALT LAKE CITY, July 19, 2007 – Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported second quarter net earnings applicable to common shareholders of $155.6 million, or $1.43 per diluted common share, an increase of 7.1% and 5.9%, respectively, over the $145.3 million or $1.35 per diluted common share for the second quarter of 2006. The return on average common equity was 12.50% compared to 12.25% for the first quarter of 2007 and 13.20% for the second quarter of 2006.

Comparisons to 2006 include the impact of the Company’s acquisition of The Stockmen’s Bancorp, Inc., which became effective January 17, 2007.

Second Quarter 2007 Key Performance Highlights Compared to First Quarter 2007

• Loan growth of $843 million.

• Net interest margin of 4.53%, up two basis points.

• Efficiency ratio of 56.3%, an improvement of 150 basis points.

• Core deposits and noninterest-bearing demand deposits increased slightly.

• Provision for loan losses of $17.8 million compared to $9.1 million.

- more -

ZIONS BANCORPORATION

Press Release – Page 2

July 19, 2007

“In spite of ongoing weakness in residential construction and sales in our Southwestern markets, loan growth this quarter was reasonably solid, led by our Texas and Intermountain West markets. We are pleased that core deposit balances appear to have stabilized, and by the strength in our net interest margin this quarter,” said Harris H. Simmons, chairman and chief executive officer.

Year-to-date net earnings applicable to common shareholders increased 7.9% to $305.3 million or $2.78 per diluted common share compared to $282.9 million or $2.62 per diluted common share for the same period in 2006. The return on average common equity for the first six months of 2007 was 12.38% compared to 13.06% for the first six months of 2006.

Loan Growth

On-balance-sheet net loans and leases were $36.8 billion at June 30, 2007, an increase of approximately $0.8 billion or 9.4% annualized from $35.9 billion at March 31, 2007, and an increase of approximately $4.1 billion or 12.6% from $32.7 billion at June 30, 2006. Loan growth during the quarter was concentrated primarily in the commercial and commercial real estate categories principally at Zions Bank, Amegy Bank of Texas, and Vectra Bank Colorado.

Deposits

Core deposits at June 30, 2007 increased slightly to $31.3 billion compared to $31.2 billion at March 31, 2007, and increased $1.5 billion or 4.9% compared to $29.9 billion at June 30, 2006. Average core deposits were $30.9 billion for the second quarter of 2007 compared to $30.4 billion for the first quarter of 2007 and $29.3 billion for the second quarter of 2006. Noninterest-bearing demand deposits increased slightly to $9.9 billion at June 30, 2007 compared to $9.8 billion at March 31, 2007. Average noninterest-bearing demand deposits were $9.6 billion for the second quarter of 2007 compared to $9.4 billion for the first quarter of 2007.

Total deposits at June 30, 2007 decreased slightly to $36.2 billion from $36.3 billion at March 31, 2007, and increased $2.9 billion or 8.8% from $33.3 billion at June 30, 2006.

- more -

ZIONS BANCORPORATION

Press Release – Page 3

July 19, 2007

Net Interest Income

Net interest income for the second quarter of 2007 increased $12.3 million or 10.7% annualized to $469.3 million compared to $457.1 million for the first quarter of 2007, and increased $33.0 million or 7.6% compared to $436.3 million for the second quarter of 2006. Taxable-equivalent net interest income for the second quarter of 2007 was $476.1 million compared to $463.7 million for the first quarter of 2007 and $442.3 million for the second quarter of 2006. The net interest margin was 4.53% for the second quarter of 2007 compared to 4.51% for the first quarter of 2007 and 4.64% for the second quarter of 2006.

Noninterest Income

Noninterest income for the second quarter of 2007 was $141.3 million compared to $145.4 million for the first quarter of 2007 and $137.5 million for the second quarter of 2006. Loan sales and servicing income for the second quarter included a pretax impairment charge of $5.1 million on retained interests from certain previous small business loan securitizations due to accelerated prepayment speeds and increased interest rates. A pretax impairment charge of $4.2 million was included in the first quarter of 2007. Other service charges, commissions and fees were higher during the second quarter of 2007 mainly because of increased debit card interchange, ATM and public finance fees. Net securities gains were de minimis during the second quarter of 2007 compared to $8.9 million during the first quarter of 2007.

Noninterest Expense

Noninterest expense for the second quarter of 2007 was $347.6 million compared to $352.0 million for the first quarter of 2007 and $333.0 million for the second quarter of 2006. Salaries and employee benefits decreased during the quarter mainly because of lower payroll taxes and reduced employee incentive expense compared to the first quarter.

The efficiency ratio for the second quarter of 2007 was 56.3% compared to 57.8% for the first quarter of 2007 and 57.4% for the second quarter of 2006.

- more -

ZIONS BANCORPORATION

Press Release – Page 4

July 19, 2007

From May 4-7, 2007, the Company successfully conducted an auction of its patent-pending ESOARS securities. As allowed by SFAS No. 123R,Share-Based Payment, the Company used the results of that auction to value its employee stock options issued on May 4. The value established was $12.06 per option, which the Company estimates is approximately 14% below its Black-Scholes model valuation on that date.

Asset Quality

Nonperforming assets were $95.4 million at June 30, 2007 compared to $82.5 million at March 31, 2007 and $73.5 million at June 30, 2006. The ratio of nonperforming assets to net loans and leases and other real estate owned was 0.26% at June 30, 2007 compared to 0.23% at March 31, 2007 and 0.22% at June 30, 2006.

Net loan and lease charge-offs for the second quarter of 2007 were $8.7 million or 0.10% annualized of average loans. This compares with $10.1 million or 0.11% annualized of average loans for the first quarter of 2007 and $9.8 million or 0.12% annualized of average loans for the second quarter of 2006.

The provision for loan losses was $17.8 million for the second quarter of 2007 compared to $9.1 million for the first quarter of 2007 and $17.0 million for the second quarter of 2006. The amount of the provision reflects the combined impact of loan growth and some softening in certain credit quality measures. The combined provisions for loan losses and unfunded lending commitments were $19.0 million for the second quarter of 2007, $9.4 million for the first quarter of 2007, and $16.8 million for the second quarter of 2006.

The allowance for loan losses as a percentage of net loans and leases was 1.03% at both June 30, 2007 and March 31, 2007 and 1.07% at June 30, 2006. The allowance was 448.7% of nonperforming loans at June 30, 2007. The combined allowances for credit losses (allowance for loan losses plus the allowance for unfunded lending commitments) were $401.5 million or 1.09% of net loans and leases at June 30, 2007 compared to $391.2 million or 1.09% at March 31, 2007 and $366.1 million or 1.12% at June 30, 2006.

- more -

ZIONS BANCORPORATION

Press Release – Page 5

July 19, 2007

Capital Management

The Company repurchased 1,528,718 common shares for $125.9 million during the second quarter of 2007 at an average price of $82.34 per share. At June 30, 2007, approximately $146.3 million remained under the current $400 million repurchase authorization.

The Company’s tangible equity ratio was 6.52% at June 30, 2007 compared to 6.59% at March 31, 2007 and 5.54% at June 30, 2006. The increase year over year includes the effect of the issuance of $240 million of preferred stock in December 2006.

Weighted average common and common-equivalent shares outstanding for the second quarter of 2007 were 109,123,735 compared to 110,106,637 for the first quarter of 2007 and 107,883,374 for the second quarter of 2006. Common shares outstanding at June 30, 2007 were 108,034,079 compared to 109,052,149 at March 31, 2007 and 106,611,731 at June 30, 2006. The decrease for the quarter was mainly due to share repurchases and the increase year over year was primarily due to the issuance of approximately 2.6 million shares for the Stockmen’s acquisition.

Acquisitions and Divestitures

In June 2007, the Company’s Amegy Bank of Texas subsidiary entered into a definitive merger agreement to acquire Intercontinental Bank Shares Corporation, located in San Antonio, Texas. The acquisition is expected to close in the third quarter 2007 and is estimated to add approximately $53 million in loans and $96 million in deposits to the Company’s balance sheet.

Also in June 2007, the Company’s National Bank of Arizona subsidiary entered into an agreement to sell the 11 California branches included with the Stockmen’s acquisition. The sale, expected to close in the fourth quarter 2007, will include approximately $171 million of loans and $209 million of deposits.

- more -

ZIONS BANCORPORATION

Press Release – Page 6

July 19, 2007

Conference Call

Zions will host a conference call to discuss these second quarter results at 5:30 p.m. ET this afternoon (July 19, 2007). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-800-299-8538 and entering the passcode 20642485, 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 19, through midnight ET on Thursday, July 26, by dialing 1-888-286-8010 and entering the passcode 76178428. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation

Zions Bancorporation is one of the nation’s premier financial services companies, consisting of a collection of great banks in select high growth markets. Zions operates its banking businesses under local management teams and community identities through over 500 offices and approximately 600 ATMs in ten Western and Southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. The Company is a national leader in Small Business Administration lending and public finance advisory services. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to subsidiary banks can be accessed 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: 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

- more -

ZIONS BANCORPORATION

Press Release – Page 7

July 19, 2007

operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the 2006 Annual Report on Form 10-K of Zions Bancorporation filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov ).

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

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 8

FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands, except per share and ratio data)	2007		2006		% Change	2007		2006		% Change
EARNINGS
Taxable-equivalent net interest income	$	476,060	$	442,261	7.64%	$	939,781	$	871,085	7.89 %
Taxable-equivalent revenue		617,401		579,772	6.49%		1,226,536		1,137,084	7.87 %
Net interest income		469,347		436,327	7.57%		926,430		859,174	7.83 %
Noninterest income		141,341		137,511	2.79%		286,755		265,999	7.80 %
Provision for loan losses		17,763		17,022	4.35%		26,874		31,534	(14.78)%
Noninterest expense		347,612		333,028	4.38%		699,591		657,483	6.40 %
Income before income taxes and minority interest		245,313		223,788	9.62%		486,720		436,156	11.59 %
Income taxes		86,065		78,821	9.19%		174,919		154,079	13.53 %
Minority interest		34		(343)	109.91%		(671)		(866)	22.52 %
Net income		159,214		145,310	9.57%		312,472		282,943	10.44 %
Net earnings applicable to common shareholders		155,607		145,310	7.09%		305,262		282,943	7.89 %
PER COMMON SHARE
Net earnings (diluted)		1.43		1.35	5.93%		2.78		2.62	6.11 %
Dividends		0.43		0.36	19.44%		0.82		0.72	13.89 %
Book value per common share							46.14		41.72	10.59 %
SELECTED RATIOS
Return on average assets		1.33%		1.33%			1.32%		1.32%
Return on average common equity		12.50%		13.20%			12.38%		13.06%
Efficiency ratio		56.30%		57.44%			57.04%		57.82%
Net interest margin		4.53%		4.64%			4.52%		4.66%

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 9

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended June 30,								Six Months Ended June 30,
(In thousands, except share and ratio data)	2007			2006			% Change		2007			2006			% Change
AVERAGE BALANCES
Total assets	$	47,921,787		$	43,782,622		9.45	%	$	47,754,384		$	43,217,571		10.50	%
Securities		5,426,896			5,876,065		(7.64)	%		5,611,351			5,974,333		(6.08)	%
Net loans and leases		36,142,957			31,900,053		13.30	%		35,776,561			31,188,372		14.71	%
Goodwill		2,012,270			1,884,192		6.80	%		1,998,096			1,885,862		5.95	%
Core deposit and other intangibles		188,843			185,281		1.92	%		191,469			190,885		0.31	%
Total deposits		35,964,203			32,175,202		11.78	%		35,575,016			32,099,667		10.83	%
Core deposits (1)		30,873,001			29,303,520		5.36	%		30,617,110			29,378,174		4.22	%
Minority interest		35,009			28,486		22.90	%		37,859			28,355		33.52	%
Shareholders’ equity:
Preferred equity		240,000			–		–			240,000			–		–
Common equity		4,993,383			4,414,775		13.11	%		4,973,999			4,368,301		13.87	%
Weighted average common and common-equivalent shares outstanding		109,123,735			107,883,374		1.15	%		109,638,577			107,866,829		1.64	%
AT PERIOD END
Total assets									$	48,691,445		$	45,142,086		7.86	%
Securities										5,289,180			5,797,079		(8.76)	%
Net loans and leases										36,788,205			32,682,335		12.56	%
Sold loans being serviced (2)										2,201,897			3,003,101		(26.68)	%
Allowance for loan losses										380,295			348,475		9.13	%
Allowance for unfunded lending commitments										21,222			17,592		20.63	%
Goodwill										2,013,314			1,881,256		7.02	%
Core deposit and other intangibles										180,867			177,692		1.79	%
Total deposits										36,185,572			33,254,210		8.82	%
Core deposits (1)										31,303,578			29,851,896		4.86	%
Minority interest										32,094			28,619		12.14	%
Shareholders’ equity:
Preferred equity										240,000			–		–
Common equity										4,984,702			4,447,330		12.08	%
Common shares outstanding										108,034,079			106,611,731		1.33	%
Average equity to average assets		10.92	%		10.08	%				10.92	%		10.11	%
Common dividend payout		29.88	%		26.37	%				29.24	%		27.02	%
Tangible equity ratio										6.52	%		5.54	%
Nonperforming assets										95,398			73,475		29.84	%
Accruing loans past due 90 days or more										47,782			29,434		62.34	%
Nonperforming assets to net loans and leases and other real estate owned at period end										0.26	%		0.22	%

(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.

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 10

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
(In thousands, except per share and ratio data)	June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006		June 30, 2006
EARNINGS
Taxable-equivalent net interest income	$	476,060	$	463,721	$	465,267	$	452,606	$	442,261
Taxable-equivalent revenue		617,401		609,135		605,148		597,935		579,772
Net interest income		469,347		457,083		459,039		446,511		436,327
Noninterest income		141,341		145,414		139,881		145,329		137,511
Provision for loan losses		17,763		9,111		26,675		14,363		17,022
Noninterest expense		347,612		351,979		342,926		330,028		333,028
Income before income taxes and minority interest		245,313		241,407		229,319		247,449		223,788
Income taxes		86,065		88,854		80,081		83,790		78,821
Minority interest		34		(705)		2,730		9,985		(343)
Net income		159,214		153,258		146,508		153,674		145,310
Net earnings applicable to common shareholders		155,607		149,655		142,673		153,674		145,310
PER COMMON SHARE
Net earnings (diluted)		1.43		1.36		1.32		1.42		1.35
Dividends		0.43		0.39		0.39		0.36		0.36
Book value per common share		46.14		46.04		44.48		43.47		41.72
SELECTED RATIOS
Return on average assets		1.33%		1.31%		1.27%		1.36%		1.33%
Return on average common equity		12.50%		12.25%		12.08%		13.41%		13.20%
Efficiency ratio		56.30%		57.78%		56.67%		55.19%		57.44%
Net interest margin		4.53%		4.51%		4.60%		4.58%		4.64%

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 11

FINANCIAL HIGHLIGHTS (Continued)

(Unaudited)

	Three Months Ended
(In thousands, except share and ratio data)	June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006		June 30, 2006
AVERAGE BALANCES
Total assets	$	47,921,787	$	47,478,985	$	45,818,165	$	44,680,382	$	43,782,622
Securities		5,426,896		5,797,856		5,627,906		5,605,249		5,876,065
Net loans and leases		36,142,957		35,406,094		34,059,617		33,105,716		31,900,053
Goodwill		2,012,270		1,983,765		1,895,860		1,881,708		1,884,192
Core deposit and other intangibles		188,843		194,124		168,547		175,259		185,281
Total deposits		35,964,203		35,181,504		33,853,608		32,964,029		32,175,202
Core deposits (1)		30,873,001		30,358,375		29,763,841		29,427,975		29,303,520
Minority interest		35,009		40,741		40,471		37,854		28,486
Shareholders’ equity:
Preferred equity		240,000		240,000		65,216		–		–
Common equity		4,993,383		4,954,400		4,685,507		4,545,990		4,414,775
Weighted average common and common-equivalent shares outstanding		109,123,735		110,106,637		108,221,096		108,061,423		107,883,374
AT PERIOD END
Total assets	$	48,691,445	$	48,558,866	$	46,970,226	$	45,777,747	$	45,142,086
Securities		5,289,180		5,608,927		5,767,467		5,817,571		5,797,079
Net loans and leases		36,788,205		35,944,848		34,667,556 ��		33,706,110		32,682,335
Sold loans being serviced (2)		2,201,897		2,401,355		2,586,451		2,796,644		3,003,101
Allowance for loan losses		380,295		371,213		365,150		356,342		348,475
Allowance for unfunded lending commitments		21,222		20,000		19,368		18,637		17,592
Goodwill		2,013,314		2,011,889		1,900,517		1,884,328		1,881,256
Core deposit and other intangibles		180,867		192,677		162,134		168,135		177,692
Total deposits		36,185,572		36,325,739		34,981,746		33,640,991		33,254,210
Core deposits (1)		31,303,578		31,238,791		30,679,690		30,027,827		29,851,896
Minority interest		32,094		38,691		42,791		41,158		28,619
Shareholders’ equity:
Preferred equity		240,000		240,000		240,000		–		–
Common equity		4,984,702		5,021,170		4,747,023		4,643,166		4,447,330
Common shares outstanding		108,034,079		109,052,149		106,720,884		106,804,606		106,611,731
Average equity to average assets		10.92%		10.94%		10.37%		10.17%		10.08%
Common dividend payout		29.88%		28.57%		29.51%		25.00%		26.37%
Tangible equity ratio		6.52%		6.59%		6.51%		5.92%		5.54%
Nonperforming assets		95,398		82,524		81,994		74,815		73,475
Accruing loans past due 90 days or more		47,782		56,880		43,727		20,407		29,434
Nonperforming assets to net loans and leases and other real estate owned at period end		0.26%		0.23%		0.24%		0.22%		0.22%

(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.

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 12

CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)	June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006		June 30, 2006
	(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
ASSETS
Cash and due from banks	$	1,640,946	$	1,574,519	$	1,938,810	$	1,616,910	$	1,773,829
Money market investments:
Interest-bearing deposits		39,881		17,325		43,203		39,882		87,512
Federal funds sold		120,959		527,691		55,658		72,036		262,959
Security resell agreements		482,893		439,722		270,415		272,643		225,160
Investment securities:
Held to maturity, at cost (approximate market value $685,521, $663,474, $648,828, $655,170 and $620,786)		702,189		667,269		653,124		662,547		639,593
Available for sale, at market		4,564,183		4,909,220		5,050,907		5,062,409		5,086,840
Trading account, at market (includes $1,745, $1,095, $34,494, $60,331 and $50,684 transferred as collateral under repurchase agreements)		22,808		32,438		63,436		92,615		70,646
		5,289,180		5,608,927		5,767,467		5,817,571		5,797,079
Loans:
Loans held for sale		226,041		266,880		252,818		268,305		248,948
Loans and leases		36,715,752		35,832,061		34,566,118		33,583,499		32,576,017
		36,941,793		36,098,941		34,818,936		33,851,804		32,824,965
Less:
Unearned income and fees, net of related costs		153,588		154,093		151,380		145,694		142,630
Allowance for loan losses		380,295		371,213		365,150		356,342		348,475
Loans and leases, net of allowance		36,407,910		35,573,635		34,302,406		33,349,768		32,333,860
Other noninterest-bearing investments		972,830		988,015		1,022,383		1,005,989		993,379
Premises and equipment, net		648,731		645,391		609,472		587,807		574,154
Goodwill		2,013,314		2,011,889		1,900,517		1,884,328		1,881,256
Core deposit and other intangibles		180,867		192,677		162,134		168,135		177,692
Other real estate owned		10,646		9,682		9,250		9,986		16,024
Other assets		883,288		969,393		888,511		952,692		1,019,182
	$	48,691,445	$	48,558,866	$	46,970,226	$	45,777,747	$	45,142,086
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	9,857,638	$	9,761,255	$	10,010,310	$	9,750,064	$	10,163,834
Interest-bearing:
Savings and money market		14,712,294		15,003,091		14,673,478		14,706,943		14,870,507
Internet money market		1,544,031		1,464,535		1,185,409		1,117,105		943,621
Time under $100,000		2,535,881		2,485,720		2,257,967		2,154,894		2,030,717
Time $100,000 and over		4,881,994		5,086,948		4,302,056		3,613,164		3,402,314
Foreign		2,653,734		2,524,190		2,552,526		2,298,821		1,843,217
		36,185,572		36,325,739		34,981,746		33,640,991		33,254,210
Securities sold, not yet purchased		28,456		190,878		175,993		53,802		27,388
Federal funds purchased		2,221,887		2,132,682		1,993,483		2,286,561		1,397,694
Security repurchase agreements		1,061,598		924,922		934,057		1,108,771		1,169,296
Other liabilities		602,173		662,589		621,922		657,657		789,222
Commercial paper		228,607		186,978		220,507		265,769		245,126
Federal Home Loan Bank advances and other borrowings:
One year or less		664,509		323,598		517,925		313,259		1,216,848
Over one year		128,832		129,446		137,058		132,854		133,450
Long-term debt		2,313,015		2,382,173		2,357,721		2,633,759		2,432,903
Total liabilities		43,434,649		43,259,005		41,940,412		41,093,423		40,666,137
Minority interest		32,094		38,691		42,791		41,158		28,619
Shareholders’ equity:
Capital stock:
Preferred stock, without par value, authorized 3,000,000 shares:
Series A (liquidation preference $1,000 per share); issued and outstanding 240,000 shares		240,000		240,000		240,000		–		–
Common stock, without par value; authorized 350,000,000 shares; issued and outstanding 108,034,079, 109,052,149, 106,720,884, 106,804,606 and 106,611,731 shares		2,279,722		2,381,509		2,230,303		2,240,458		2,218,711
Retained earnings		2,828,613		2,719,502		2,602,189		2,501,625		2,386,369
Accumulated other comprehensive loss		(112,840)		(69,257)		(75,849)		(89,292)		(148,327)
Deferred compensation		(10,793)		(10,584)		(9,620)		(9,625)		(9,423)
Total shareholders’ equity		5,224,702		5,261,170		4,987,023		4,643,166		4,447,330
	$	48,691,445	$	48,558,866	$	46,970,226	$	45,777,747	$	45,142,086

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 13

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(In thousands, except per share amounts)	June 30, 2007		March 31, 2007			December 31, 2006			September 30, 2006		June 30, 2006
Interest income:
Interest and fees on loans	$	697,022	$	674,577		$	665,791		$	638,610	$	591,139
Interest on loans held for sale		4,322		3,875			4,066			4,275		4,055
Lease financing		5,234		5,206			4,974			4,690		4,496
Interest on money market investments		7,756		6,342			6,116			6,241		5,925
Interest on securities:
Held to maturity – taxable		2,064		2,203			2,220			2,217		2,209
Held to maturity – nontaxable		6,227		6,091			5,963			5,732		5,683
Available for sale – taxable		63,825		68,507			68,075			66,078		68,995
Available for sale – nontaxable		2,398		2,458			2,083			2,089		2,119
Trading account		766		1,192			2,009			1,621		1,995
Total interest income		789,614		770,451			761,297			731,553		686,616
Interest expense:
Interest on savings and money market deposits		117,295		113,103			112,105			109,410		97,131
Interest on time and foreign deposits		120,445		112,885			102,025			86,635		67,424
Interest on short-term borrowings		43,369		48,692			45,504			46,778		43,490
Interest on long-term debt		39,158		38,688			42,624			42,219		42,244
Total interest expense		320,267		313,368			302,258			285,042		250,289
Net interest income		469,347		457,083			459,039			446,511		436,327
Provision for loan losses		17,763		9,111			26,675			14,363		17,022
Net interest income after provision for loan losses		451,584		447,972			432,364			432,148		419,305
Noninterest income:
Service charges and fees on deposit accounts		45,116		43,385			41,628			40,478		40,059
Loan sales and servicing income		8,998		9,258			12,332			10,972		15,421
Other service charges, commissions and fees		49,911		45,153			45,645			45,025		42,165
Trust and wealth management income		9,125		8,216			8,057			7,147		7,291
Income from securities conduit		5,968		6,515			7,567			7,741		8,492
Dividends and other investment income		11,271		11,093			10,360			10,403		9,946
Trading and nonhedge derivative income		5,224		5,200			4,991			3,641		5,444
Equity securities gains (losses), net		100		5,198			5,875			13,180		(1,764	)
Fixed income securities gains (losses), net		13		3,701			(554	)		1,563		5,156
Other		5,615		7,695			3,980			5,179		5,301
Total noninterest income		141,341		145,414			139,881			145,329		137,511
Noninterest expense:
Salaries and employee benefits		198,668		205,587			189,627			190,554		185,643
Occupancy, net		26,334		26,589			25,170			25,807		24,549
Furniture and equipment		24,272		23,267			22,623			20,361		22,737
Legal and professional services		11,242		9,537			11,234			11,386		9,005
Postage and supplies		9,025		8,047			8,402			8,313		8,646
Advertising		7,517		6,457			7,100			6,566		6,814
Debt extinguishment cost		–		89			7,261			–		–
Merger related expense		1,491		2,406			2,199			2,549		8,906
Amortization of core deposit and other intangibles		11,812		11,129			10,899			10,716		10,692
Provision for unfunded lending commitments		1,222		306			731			1,045		(249	)
Other		56,029		58,565			57,680			52,731		56,285
Total noninterest expense		347,612		351,979			342,926			330,028		333,028
Income before income taxes and minority interest		245,313		241,407			229,319			247,449		223,788
Income taxes		86,065		88,854			80,081			83,790		78,821
Minority interest		34		(705	)		2,730			9,985		(343	)
Net income		159,214		153,258			146,508			153,674		145,310
Preferred stock dividend		3,607		3,603			3,835			–		–
Net earnings applicable to common shareholders	$	155,607	$	149,655		$	142,673		$	153,674	$	145,310
Weighted average common shares outstanding during the period:
Basic shares		107,803		108,414			106,457			106,285		106,001
Diluted shares		109,124		110,107			108,221			108,061		107,883
Net earnings per common share:
Basic	$	1.44	$	1.38		$	1.34		$	1.45	$	1.37
Diluted		1.43		1.36			1.32			1.42		1.35

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 14

CONSOLIDATED STATEMENTS OF INCOME (Continued)

(Unaudited)

	Six Months Ended June 30,
(In thousands, except per share amounts)	2007			2006
Interest income:
Interest and fees on loans	$	1,371,599		$	1,133,923
Interest on loans held for sale		8,197			8,101
Lease financing		10,440			8,626
Interest on money market investments		14,098			12,357
Interest on securities:
Held to maturity – taxable		4,267			4,424
Held to maturity – nontaxable		12,318			11,214
Available for sale – taxable		132,332			138,099
Available for sale – nontaxable		4,856			4,458
Trading account		1,958			4,069
Total interest income		1,560,065			1,325,271
Interest expense:
Interest on savings and money market deposits		230,398			183,754
Interest on time and foreign deposits		233,330			126,909
Interest on short-term borrowings		92,061			72,053
Interest on long-term debt		77,846			83,381
Total interest expense		633,635			466,097
Net interest income		926,430			859,174
Provision for loan losses		26,874			31,534
Net interest income after provision for loan losses		899,556			827,640
Noninterest income:
Service charges and fees on deposit accounts		88,501			78,668
Loan sales and servicing income		18,256			30,889
Other service charges, commissions and fees		95,064			81,097
Trust and wealth management income		17,341			14,766
Income from securities conduit		12,483			16,898
Dividends and other investment income		22,364			19,155
Trading and nonhedge derivative income		10,424			9,869
Equity securities gains (losses), net		5,298			(1,214	)
Fixed income securities gains, net		3,714			5,407
Other		13,310			10,464
Total noninterest income		286,755			265,999
Noninterest expense:
Salaries and employee benefits		404,255			371,498
Occupancy, net		52,923			48,630
Furniture and equipment		47,539			45,741
Legal and professional services		20,779			17,514
Postage and supplies		17,072			16,361
Advertising		13,974			12,799
Debt extinguishment cost		89			–
Impairment losses on long-lived assets		–			1,304
Merger related expense		3,897			15,713
Amortization of core deposit and other intangibles		22,941			21,385
Provision for unfunded lending commitments		1,528			(528	)
Other		114,594			107,066
Total noninterest expense		699,591			657,483
Income before income taxes and minority interest		486,720			436,156
Income taxes		174,919			154,079
Minority interest		(671	)		(866	)
Net income		312,472			282,943
Preferred stock dividend		7,210			–
Net earnings applicable to common shareholders	$	305,262		$	282,943
Weighted average common shares outstanding during the period:
Basic shares		108,107			105,738
Diluted shares		109,639			107,867
Net earnings per common share:
Basic	$	2.82		$	2.68
Diluted		2.78			2.62

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 15

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY AND COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except per share amounts)	Preferred stock		Common stock		Retained earnings		Accumulated other comprehensive income (loss)		Deferred compensation		Total shareholders’ equity
Balance, December 31, 2006	$	240,000	$	2,230,303	$	2,602,189	$	(75,849)	$	(9,620)	$	4,987,023
Cumulative effect of change in accounting principle, adoption of FIN 48						10,408						10,408
Comprehensive income:
Net income for the period						312,472						312,472
Other comprehensive loss, net of tax:
Net realized and unrealized holding losses on investments and retained interests								(15,672)
Foreign currency translation								5
Reclassification for net realized gains on investments recorded in operations								(3,854)
Net unrealized losses on derivative instruments								(17,470)
Other comprehensive loss								(36,991)				(36,991)
Total comprehensive income												275,481
Stock redeemed and retired				(231,845)								(231,845)
Net stock options exercised				62,518								62,518
Common stock issued in acquisition				206,075								206,075
Share-based compensation				12,671								12,671
Dividends declared on preferred stock						(7,210)						(7,210)
Cash dividends on common stock, $.82 per share						(89,246)						(89,246)
Change in deferred compensation										(1,173)		(1,173)
Balance, June 30, 2007	$	240,000	$	2,279,722	$	2,828,613	$	(112,840)	$	(10,793)	$	5,224,702
Balance, December 31, 2005	$	–	$	2,156,732	$	2,179,885	$	(83,043)	$	(16,310)	$	4,237,264
Comprehensive income:
Net income for the period						282,943						282,943
Other comprehensive loss, net of tax:
Net realized and unrealized holding losses on investments and retained interests								(31,281)
Foreign currency translation								543
Reclassification for net realized gains on investments recorded in operations								(1,456)
Net unrealized losses on derivative instruments								(33,090)
Other comprehensive loss								(65,284)				(65,284)
Total comprehensive income												217,659
Stock redeemed and retired				(1,338)								(1,338)
Net stock options exercised				63,449								63,449
Reclassification of deferred compensation, adoption of SFAS 123R				(11,111)						11,111		–
Share-based compensation				10,979								10,979
Cash dividends on common stock, $.72 per share						(76,459)						(76,459)
Change in deferred compensation										(4,224)		(4,224)
Balance, June 30, 2006	$	–	$	2,218,711	$	2,386,369	$	(148,327)	$	(9,423)	$	4,447,330

Total comprehensive income for the three months ended June 30, 2007 and 2006 was $115,631 and $120,082, respectively.

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 16

Nonperforming Assets

(Unaudited)

(In thousands)	June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006		June 30, 2006
Nonaccrual loans	$	82,314	$	69,580	$	66,405	$	64,650	$	57,249
Restructured loans		2,438		132		164		179		202
Other real estate owned		10,646		9,682		9,250		9,986		16,024
Other assets		–		3,130		6,175		–		–
Total	$	95,398	$	82,524	$	81,994	$	74,815	$	73,475
% of net loans and leases* and other real estate owned		0.26%		0.23%		0.24%		0.22%		0.22%
Accruing loans past due 90 days or more	$	47,782	$	56,880	$	43,727	$	20,407	$	29,434
% of net loans and leases*		0.13%		0.16%		0.13%		0.06%		0.09%
*Includes loans held for sale.
Allowances for Credit Losses (Unaudited)
	Three Months Ended
(In thousands)	June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006		June 30, 2006
Allowance for Loan Losses
Balance at beginning of period	$	371,213	$	365,150	$	356,342	$	348,475	$	341,261
Allowance of company acquired		–		7,061		–		–		–
Add:
Provision for losses		17,763		9,111		26,675		14,363		17,022
Deduct:
Loan and lease charge-offs		(13,767)		(14,079)		(23,219)		(10,882)		(16,082)
Recoveries		5,086		3,970		5,352		4,386		6,274
Net loan and lease charge-offs		(8,681)		(10,109)		(17,867)		(6,496)		(9,808)
Balance at end of period	$	380,295	$	371,213	$	365,150	$	356,342	$	348,475
Ratio of allowance for loan losses to net loans and leases outstanding at period end		1.03%		1.03%		1.05%		1.06%		1.07%
Ratio of allowance for loan losses to nonperforming loans at period end		448.72%		532.50%		548.53%		549.66%		606.56%
Allowance for Unfunded Lending Commitments
Balance at beginning of period	$	20,000	$	19,368	$	18,637	$	17,592	$	17,841
Allowance of company acquired		–		326		–		–		–
Provision charged (credited) against earnings		1,222		306		731		1,045		(249)
Balance at end of period	$	21,222	$	20,000	$	19,368	$	18,637	$	17,592
Total Allowances for Credit Losses
Allowance for loan losses	$	380,295	$	371,213	$	365,150	$	356,342	$	348,475
Allowance for unfunded lending commitments		21,222		20,000		19,368		18,637		17,592
Total allowances for credit losses	$	401,517	$	391,213	$	384,518	$	374,979	$	366,067
Ratio of total allowances for credit losses to net loans and leases outstanding at period end		1.09%		1.09%		1.11%		1.11%		1.12%

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 17

Sold Loans Being Serviced

(Unaudited)

	Three Months Ended
(In thousands)	June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006		June 30, 2006
Balance at beginning of period	$	2,401,355	$	2,586,451	$	2,796,644	$	3,003,101	$	3,183,992
New loans sold		19,173		10,931		30,061		46,073		82,553
Payments and other reductions		(218,631)		(196,027)		(240,254)		(252,530)		(263,444)
Balance at end of period	$	2,201,897	$	2,401,355	$	2,586,451	$	2,796,644	$	3,003,101
Loan Balances By Portfolio Type (Unaudited)
(In millions)	June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006		June 30, 2006
Loans held for sale	$	226	$	267	$	253	$	268	$	249
Commercial lending:
Commercial and industrial		8,922		8,420		8,422		7,846		7,539
Leasing		450		447		443		420		407
Owner occupied		7,123		6,867		6,260		5,855		5,574
Total commercial lending		16,495		15,734		15,125		14,121		13,520
Commercial real estate:
Construction and land development		8,037		7,739		7,483		7,362		6,958
Term		5,084		5,215		4,952		4,960		4,981
Total commercial real estate		13,121		12,954		12,435		12,322		11,939
Consumer:
Home equity credit line and other consumer real estate		1,968		1,935		1,850		1,944		1,963
1-4 family residential		4,134		4,176		4,192		4,255		4,244
Bankcard and other revolving plans		306		289		295		281		279
Other		456		465		457		458		453
Total consumer		6,864		6,865		6,794		6,938		6,939
Foreign loans		12		3		3		3		3
Other receivables		224		276		209		200		175
Total loans	$	36,942	$	36,099	$	34,819	$	33,852	$	32,825

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 18

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended June 30, 2007					Three Months Ended June 30, 2006
(In thousands)	Average balance		Amount of interest (1)		Average rate	Average balance		Amount of interest (1)		Average rate
ASSETS
Money market investments	$	581,814	$	7,756	5.35%	$	475,278	$	5,925	5.00%
Securities:
Held to maturity		666,283		11,644	7.01%		644,555		10,952	6.82%
Available for sale		4,707,154		67,514	5.75%		5,067,450		72,255	5.72%
Trading account		53,459		766	5.75%		164,060		1,995	4.88%
Total securities		5,426,896		79,924	5.91%		5,876,065		85,202	5.82%
Loans:
Loans held for sale		254,693		4,322	6.81%		266,126		4,055	6.11%
Net loans and leases (2)		35,888,264		704,325	7.87%		31,633,927		597,368	7.57%
Total loans and leases		36,142,957		708,647	7.86%		31,900,053		601,423	7.56%
Total interest-earning assets		42,151,667		796,327	7.58%		38,251,396		692,550	7.26%
Cash and due from banks		1,494,407					1,441,444
Allowance for loan losses		(375,388)					(345,408)
Goodwill		2,012,270					1,884,192
Core deposit and other intangibles		188,843					185,281
Other assets		2,449,988					2,365,717
Total assets	$	47,921,787				$	43,782,622
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,511,110		10,179	0.91%	$	4,305,509		7,250	0.68%
Money market		10,245,788		88,578	3.47%		10,637,528		79,587	3.00%
Internet money market		1,484,748		18,538	5.01%		922,479		10,294	4.48%
Time under $100,000		2,518,631		27,382	4.36%		1,985,853		17,472	3.53%
Time $100,000 and over		5,091,202		61,864	4.87%		2,871,682		29,098	4.06%
Foreign		2,561,459		31,199	4.89%		1,868,060		20,854	4.48%
Total interest-bearing deposits		26,412,938		237,740	3.61%		22,591,111		164,555	2.92%
Borrowed funds:
Securities sold, not yet purchased		18,426		227	4.94%		62,404		706	4.54%
Federal funds purchased and security repurchase agreements		2,962,417		35,378	4.79%		2,804,139		29,822	4.27%
Commercial paper		194,134		2,647	5.47%		217,033		2,760	5.10%
FHLB advances and other borrowings:
One year or less		384,648		5,117	5.34%		800,800		10,202	5.11%
Over one year		129,147		1,853	5.75%		133,885		2,059	6.17%
Long-term debt		2,366,050		37,305	6.32%		2,476,188		40,185	6.51%
Total borrowed funds		6,054,822		82,527	5.47%		6,494,449		85,734	5.29%
Total interest-bearing liabilities		32,467,760		320,267	3.96%		29,085,560		250,289	3.45%
Noninterest-bearing deposits		9,551,265					9,584,091
Other liabilities		634,370					669,710
Total liabilities		42,653,395					39,339,361
Minority interest		35,009					28,486
Shareholders’ equity:
Preferred equity		240,000					–
Common equity		4,993,383					4,414,775
Total shareholders’ equity		5,233,383					4,414,775
Total liabilities and shareholders’ equity	$	47,921,787				$	43,782,622
Spread on average interest-bearing funds					3.62%					3.81%
Taxable-equivalent net interest income and net yield on interest-earning assets			$	476,060	4.53%			$	442,261	4.64%

(1) Taxable-equivalent rates used where applicable.

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

- more -

ZIONS BANCORPORATION AND SUBSIDIARIES

Press Release – Page 19

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Six Months Ended June 30, 2007					Six Months Ended June 30, 2006
(In thousands)	Average balance		Amount of interest (1)		Average rate	Average balance		Amount of interest (1)		Average rate
ASSETS
Money market investments	$	537,052	$	14,098	5.29%	$	493,398	$	12,357	5.05%
Securities:
Held to maturity		667,690		23,218	7.01%		638,366		21,676	6.85%
Available for sale		4,870,033		139,803	5.79%		5,169,446		144,957	5.65%
Trading account		73,628		1,958	5.36%		166,521		4,069	4.93%
Total securities		5,611,351		164,979	5.93%		5,974,333		170,702	5.76%
Loans:
Loans held for sale		251,959		8,197	6.56%		269,359		8,101	6.06%
Net loans and leases (2)		35,524,602		1,386,142	7.87%		30,919,013		1,146,022	7.47%
Total loans and leases		35,776,561		1,394,339	7.86%		31,188,372		1,154,123	7.46%
Total interest-earning assets		41,924,964		1,573,416	7.57%		37,656,103		1,337,182	7.16%
Cash and due from banks		1,539,549					1,489,642
Allowance for loan losses		(375,060)					(343,094)
Goodwill		1,998,096					1,885,862
Core deposit and other intangibles		191,469					190,885
Other assets		2,475,366					2,338,173
Total assets	$	47,754,384				$	43,217,571
LIABILITIES
Interest-bearing deposits:
Savings and NOW	$	4,510,711		20,239	0.90%	$	4,083,875		12,375	0.61%
Money market		10,246,270		174,829	3.44%		10,979,884		152,637	2.80%
Internet money market		1,403,946		35,330	5.07%		876,071		18,742	4.31%
Time under $100,000		2,476,444		53,108	4.32%		1,971,262		33,334	3.41%
Time $100,000 and over		4,957,906		119,282	4.85%		2,721,493		52,420	3.88%
Foreign		2,503,163		60,940	4.91%		1,923,369		41,155	4.31%
Total interest-bearing deposits		26,098,440		463,728	3.58%		22,555,954		310,663	2.78%
Borrowed funds:
Securities sold, not yet purchased		36,086		808	4.52%		59,881		1,337	4.50%
Federal funds purchased and security repurchase agreements		2,978,728		70,855	4.80%		2,739,205		55,573	4.09%
Commercial paper		186,481		5,012	5.42%		199,282		4,842	4.90%
FHLB advances and other borrowings:
One year or less		578,845		15,386	5.36%		407,519		10,301	5.10%
Over one year		132,846		3,824	5.80%		163,893		4,584	5.64%
Long-term debt		2,370,213		74,022	6.30%		2,489,693		78,797	6.38%
Total borrowed funds		6,283,199		169,907	5.45%		6,059,473		155,434	5.17%
Total interest-bearing liabilities		32,381,639		633,635	3.95%		28,615,427		466,097	3.28%
Noninterest-bearing deposits		9,476,576					9,543,713
Other liabilities		644,311					661,775
Total liabilities		42,502,526					38,820,915
Minority interest		37,859					28,355
Shareholders’ equity:
Preferred equity		240,000					–
Common equity		4,973,999					4,368,301
Total shareholders’ equity		5,213,999					4,368,301
Total liabilities and shareholders’ equity	$	47,754,384				$	43,217,571
Spread on average interest-bearing funds					3.62%					3.88%
Taxable-equivalent net interest income and net yield on interest-earning assets			$	939,781	4.52%			$	871,085	4.66%

(1) Taxable-equivalent rates used where applicable.

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

# # # # # # #