1
EXHIBIT 99.2
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------
FORM 11-K
-----------------------
ANNUAL REPORT
Pursuant to Section 15(d) Of The
Securities Exchange Act of 1934
For the Year Ended December 31, 1996
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
ZIONS BANCORPORATION
One South Main, Suite 1380
Salt Lake City, Utah 84111
2
ITEM 1. CHANGES IN THE PLAN
The Plan was completely amended and restated as of October 1, 1992, with certain
provisions retroactively effective as of January 1, 1989. In 1994, the Plan was
amended for the purpose of maintaining its qualification under Internal Revenue
Code pursuant to the Tax Reform Act of 1986 and, in order to conform the Plan to
the requirements of the Unemployment Compensation Act of 1992 and the Omnibus
Budget Reconciliation Act of 1993 and to facilitate the merger of the National
Bank of Arizona Savings and Retirement Plan and the Rio Salado Bancorp. Inc.
Retirement Plan into the Plan. No changes were made in the Plan during the year
1996.
ITEM 2. CHANGES IN INVESTMENT POLICY
The Plan maintains four separate types of investment funds: (i) company
securities, which consists of Company stock and short-term investments pending
the acquisition of Company securities; (ii) Fidelity mutual fund, which invests
primarily in a diversified portfolio of U.S. common stocks, which are invested
to track closely with the Standard and Poors 500 index; (iii) money market fund,
which consists of, but is not limited to, certificates of deposit, commercial
paper, and U.S. Treasury bills; and (iv) fixed income fund, which invests
primarily in government, mortgage, and corporate bonds. No material changes were
made during the year 1996 in the policy with respect to the kind of securities
and other investments in which funds held under the Plan may be invested.
ITEM 3. CONTRIBUTIONS UNDER THE PLAN
The Company's contributions are measured by reference to employee contributions
and are not discretionary.
ITEM 4. PARTICIPATING EMPLOYEES
There were 1,647 participating employees in the Plan on December 31, 1996.
ITEM 5. ADMINISTRATION OF THE PLAN
(a) Zions Bancorporation is the Plan administrator. The Company's Board of
Directors has appointed an Administrative Committee consisting of six
persons. The Committee has full power and authority to administer the Plan
and to interpret its provisions. The present members of the Committee and
their positions held are:
Member Position - Company
------------------------ ------------------------------------------------
Clark B. Hinckley, Senior Vice President of Zions Bancorporation
Chairman
Harris H. Simmons President and Chief Executive Officer of Zions
Bancorporation
Dale M. Gibbons Senior Vice President of Zions Bancorporation
Peter K. Ellison Executive Vice President of Zions First
National Bank
W. David Hemingway Executive Vice President of Zions First
National Bank
Richard G. Crandall Vice President of Zions First National Bank
Russell W. Miller President of Zions Insurance Agency, Inc.
The address of each fiduciary listed above is One South Main, Suite 1380,
Salt Lake City, Utah 84111.
(b) No compensation is paid to the Committee members by the Plan. All expenses
of the Plan and its administration are paid by the Company.
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ITEM 6. CUSTODIAN OF INVESTMENTS
(a) Zions First National Bank, One South Main, Suite 1380, Salt Lake City, Utah
84111 is the custodian and trustee.
(b) The custodian and trustee receive no compensation from the Plan.
ITEM 7. REPORTS TO PARTICIPATING EMPLOYEES
Participating employees are furnished an annual statement reflecting the status
of their accounts as of the end of the fiscal year.
ITEM 8. INVESTMENT OF FUNDS
As elected by participants, approximately seventy-seven percent of the assets of
the Plan are invested in securities of the Company, approximately thirteen
percent in the Fidelity mutual fund, approximately eight percent in the money
market fund, and approximately two percent invested in the fixed income fund.
ITEM 9. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
Report of Independent Auditors
Statements of Net Assets Available for Benefits - December 31,
1996 and 1995
Statements of Changes in Net Assets Available for Benefits -
Years ended December 31, 1996, 1995, and 1994
Notes to Financial Statements
Schedules - Schedules I, II, and III have been omitted for the reasons
that they are not required or are not applicable, or the required
information is shown in the financial statements or notes thereto.
(b) Exhibits - None
4
Independent Auditors' Report
The Trust Committee
Zions Bancorporation Employee
Investment Savings Plan:
We have audited the accompanying statements of net assets available for benefits
of Zions Bancorporation Employee Investment Savings Plan as of December 31, 1996
and 1995, and the related statements of changes in net assets available for
benefits for each of the years in the three-year period ended December 31, 1996.
These financial statements are the responsibility of the plan administrator. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
plan administrator, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of Zions
Bancorporation Employee Investment Savings Plan as of December 31, 1996 and
1995, and the changes in net assets available for benefits for each of the years
in the three-year period ended December 31, 1996, in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of Assets Held
For Investment Purposes and Reportable Transactions for the year ended December
31, 1996, are presented for the purpose of additional analysis and are not a
required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules have been subjected to the auditing procedures
applied in the audit of the basic 1996 financial statements and, in our opinion,
are fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
KPMG Peat Marwick LLP
Salt Lake City, Utah
March 7, 1997
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ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Statements of Net Assets Available for Benefits
December 31, 1996 and 1995
1996 1995
-------------- --------------
Assets:
Cash $ 23,258 4,141
Investments, at market value:
Zions Bancorporation common stock (approximate cost
$12,542,694 in 1996 and $11,002,757 in 1995) 48,439,248 37,962,263
Fidelity mutual fund (approximate cost of
$8,098,504 in 1996 and $6,069,309 in 1995) 8,316,142 6,699,731
Money market fund 4,682,245 4,348,941
Fixed income fund (approximate cost of $1,078,544
in 1996 and $1,092,604 in 1995) 1,067,450 1,099,843
Short-term investments 58,356 15,875
-------------- --------------
62,563,441 50,126,653
Contributions receivable:
Employees 18,581 57,845
Zions Bancorporation 3,883 12,172
Participant loans receivable 1,366,918 1,357,794
Dividends receivable 647,356 193,950
Interest receivable 20,340 18,357
Due from Zions Bancorporation -- 2,439
-------------- --------------
Total assets 64,643,777 51,773,351
Liabilities:
Accounts payable -- 1,118
Excess contribution refunds 145,645 140,969
-------------- --------------
Total liabilities 145,645 142,087
-------------- --------------
Net assets available for benefits $ 64,498,132 51,631,264
============== ==============
See accompanying notes to financial statements.
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ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Statements of Changes in Net Assets Available for Benefits
Years ended December 31, 1996, 1995, and 1994
1996 1995 1994
------------- ------------- -------------
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in market
value of investments $ 11,544,479 22,676,536 (718,781)
Dividends 732,045 826,171 692,270
Capital gain distributions 560,791 645,849 121,543
Interest 361,768 312,332 244,470
------------- ------------- -------------
13,199,083 24,460,888 339,502
------------- ------------- -------------
Contributions:
Employees 2,049,269 1,639,255 1,614,117
Zions Bancorporation 430,015 341,868 336,444
Plan rollovers:
Nonaffiliated plans 342,799 1,050,327 368,721
Affiliated plan 183,050 -- --
------------- ------------- -------------
3,005,133 3,031,450 2,319,282
------------- ------------- -------------
Total additions 16,204,216 27,492,338 2,658,784
Deductions from net assets attributed to
benefits paid directly to participants 3,337,348 4,562,431 1,802,449
------------- ------------- -------------
Net increase 12,866,868 22,929,907 856,335
Net assets available for benefits:
Beginning of year 51,631,264 28,701,357 27,845,022
------------- ------------- -------------
End of year $ 64,498,132 51,631,264 28,701,357
============= ============= =============
See accompanying notes to financial statements.
7
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1996, 1995, and 1994
(1) Description of the Plan
Zions Bancorporation Employee Investment Savings Plan (the Plan) is a
single employer contributory plan that is designed to provide retirement
benefits for eligible employees under a pretax salary reduction (deferral)
arrangement and, if employees so elect, an opportunity to acquire stock
ownership in Zions Bancorporation (the Company). The Plan is subject to
the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
(2) Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by
the Plan in the preparation of its financial statements:
(a) Basis of Presentation
The Plan's financial statements are presented on the accrual basis of
accounting.
In preparing the financial statements, the Company is required to
make estimates and assumptions that affect the reported amounts of
assets and liabilities as of the date of the statement of net assets
available for benefits and additions to and deductions from net
assets for the period. Actual results could differ from those
estimates. Certain amounts in prior years financial statements have
been reclassified to conform to the 1996 presentation.
(b) Investments
Investments in common stock of Zions Bancorporation, Fidelity mutual
fund, and fixed income fund shares are carried at market value in the
accompanying financial statements. The investments in the money
market fund and short-term investments represent cash equivalents.
Purchases and sales of investments are recorded on a settlement-date
basis which does not materially differ from using the trade-date
basis required by generally accepted accounting principles.
(c) Cost of Administration
All costs of administration are absorbed by the Company.
(3) Eligibility
Participation in the Plan is voluntary. An employee is eligible to become
a participant on January 1 or July 1, whichever coincides with, or
immediately follows, the latter of the date on which the employee
completes at least 1,000 hours of service during 12 continuous months and
attains the age of 21. At December 31, 1996 and 1995, there were 1,647 and
1,687 participants, respectively, in the Plan.
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2
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(4) Employee and Company Contributions
Participants may elect to contribute one to fifteen percent of their
compensation to the Employee Investment Savings Plan, limited by
participant contributions made to the Zions Bancorporation Employee Stock
Savings Plan. The contributions are invested in one or more of the
following investment options: (i) the Company's stock, (ii) the Fidelity
mutual fund, (iii) a money market fund, and (iv) a fixed income fund. The
Company contributes an amount equal to 25 percent of the contribution made
by each participant up to ten percent of their compensation with no match
made on contributions in excess thereof. The maximum amount a participant
may contribute to the Plan in a calendar year is the lesser of fifteen
percent of their compensation, or $9,500 for 1996.
(5) Allocation of Income or Loss
Net appreciation (depreciation) in market value of investments, dividends,
interest income, and capital gains are allocated to each participant's
account in proportion to the investment shares held in that participant's
account to the total investment shares held in the Plan.
(6) Vesting and Payment of Benefits
Employee contributions and the employees' share of the Company
contributions are 100 percent vested at all times. Benefits are paid upon
death, disability, retirement, or earlier, subject to certain
restrictions. Benefits are paid in shares of stock and/or cash pursuant to
the nature of the investment vehicle selected by the participant.
(7) Income Taxes
The Plan obtained its latest determination letter on June 5, 1996, in
which the Internal Revenue Service (IRS) stated that the Plan, as then
designed, was in compliance with the applicable requirements of the
Internal Revenue Code. The Plan has not been amended since receiving the
determination letter.
(8) Investments
The investments in common stock of the Company and the Fidelity mutual
fund, consist of 465,762 and 473,050 shares and 377,320 and 324,599 shares
at December 31, 1996 and 1995, respectively. The investment in the fixed
income fund consists of 50,855 and 50,942 shares at December 31, 1996 and
1995, respectively.
The net appreciation (depreciation) in market value for each of the years
in the three-year period ended December 31, 1996, in comparison to the
market value at the beginning of each year is as follows:
Investment 1996 1995 1994
-------------- -------------- --------------
Zions Bancorporation common stock $ 11,090,943 21,983,923 (601,351)
Fidelity mutual fund 478,254 625,633 (56,687)
Fixed income fund (24,718) 66,980 (60,743)
-------------- -------------- --------------
Net appreciation
(depreciation) in market value $ 11,544,479 22,676,536 (718,781)
============== ============== ==============
9
3
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
(9) Plan Amendments
The Plan became effective on January 1, 1984, and has been amended and
restated at various times thereafter. The Plan was completely amended and
restated as of October 1, 1992. In addition, the Plan was amended in 1994
to include employees from recently acquired National Bank of Arizona and
Rio Salado Bancorp. Amendment provisions include the following:
(a) Participant Contributions
Participants can elect a pretax reduction from one percent to a
maximum of fifteen percent of total compensation as a participant
contribution, depending in part on the extent to which the
participant contributes to the Zions Bancorporation Employee Stock
Savings Plan.
(b) Company Contributions
Matching contributions are made by the Company on behalf of each
participant in the amount of 25 percent of participant contributions
(note 4), but not in excess of ten percent of compensation.
(c) Participant Elections
Participants may change quarterly investment elections for funds
already invested in their accounts.
(d) Investment Options
The Plan maintains four separate types of investment funds: (i)
company securities, which consists of Company stock; (ii) Fidelity
mutual fund, which invests primarily in a diversified portfolio of
U.S. common stocks, which are invested to track closely with the
Standard and Poors 500 index; (iii) money market fund, which consists
of, but is not limited to, certificates of deposit, commercial paper,
and U.S. treasury bills; and (iv) fixed income fund, which invests
primarily in government, mortgage, and corporate bonds.
(e) Participant Loans
Beginning October 1, 1992, a participant who is an active employee
may apply for and obtain a loan of up to 50 percent of the eligible
amounts in their account. Loan terms may not exceed five years and
must be secured by the participant's account. Loan repayment is made
through payroll deduction.
10
4
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(10) Financial Information by Fund Type
Financial information by fund type as of, December 31, 1996 and 1995, and
for each of the years in the three-year period ended December 31, 1996 are
as follows:
Statement of Net Assets Available for Benefits by Fund Type
December 31, 1996
Zions
Bancorp- Partici-
oration Fidelity Money Fixed pant
common stock mutual fund market income loans Total
----------- ----------- ----------- ----------- ----------- -----------
Assets:
Cash $ 20,157 -- -- -- 3,101 23,258
Investments, at market value:
Zions Bancorporation common stock 48,439,248 -- -- -- -- 48,439,248
Fidelity mutual fund -- 8,316,142 -- -- -- 8,316,142
Money market fund -- -- 4,682,245 -- -- 4,682,245
Fixed income fund -- -- -- 1,067,450 -- 1,067,450
Short-term
investments 33,112 23,166 -- 2,078 -- 58,356
----------- ----------- ----------- ----------- ----------- -----------
48,472,360 8,339,308 4,682,245 1,069,528 3,101 62,563,441
Contributions receivable:
Employees 5,442 8,986 2,195 1,958 -- 18,581
Zions Bancorporation 1,112 1,911 508 352 -- 3,883
Participant loans receivable -- -- -- -- 1,366,918 1,366,918
Dividends receivable -- 647,356 -- -- -- 647,356
Interest receivable 86 127 20,098 29 -- 20,340
----------- ----------- ----------- ----------- ----------- -----------
Total assets 48,499,157 8,997,688 4,705,046 1,071,867 1,370,019 64,643,777
Liabilities:
Excess contribution refunds 54,658 59,471 24,887 6,629 -- 145,645
----------- ----------- ----------- ----------- ----------- -----------
Total liabilities 54,658 59,471 24,887 6,629 -- 145,645
----------- ----------- ----------- ----------- ----------- -----------
Net assets available for benefits $48,444,499 8,938,217 4,680,159 1,065,238 1,370,019 64,498,132
=========== =========== =========== =========== =========== ===========
11
5
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(10) Financial Information by Fund Type (continued)
Statement of Net Assets Available for Benefits by Fund Type
December 31, 1995
Zions
Bancorp-
ration Partici-
common Fidelity Money Fixed pant
stock mutual fund market income loans Total
------------ ------------- ------------- ----------- ----------- ------------
Assets:
Cash $ 1,110 1,785 1,246 - - 4,141
Investments, at market value:
Zions Bancorporation
common stock 37,962,263 - - - - 37,962,263
Fidelity mutual fund - 6,699,731 - - - 6,699,731
Money market fund - - 4,348,941 - - 4,348,941
Fixed income fund - - - 1,099,843 - 1,099,843
Short-term investments 15,875 - - - - 15,875
------------ ------------- ------------- ----------- ----------- ------------
37,978,138 6,699,731 4,348,941 1,099,843 - 50,126,653
Contributions receivable:
Employees 22,448 25,300 7,244 2,853 - 57,845
Zions Bancorporation 4,619 5,356 1,647 550 - 12,172
Participant loans receivable 16,960 2,634 4,451 1,238 1,332,511 1,357,794
Dividends receivable 193,950 - - - - 193,950
Interest receivable 126 45 18,164 22 - 18,357
Due from Zions Bancorporation - - - 2,439 - 2,439
------------ ------------- ------------- ----------- ----------- ------------
Total assets 38,217,351 6,734,851 4,381,693 1,106,945 1,332,511 51,773,351
Liabilities:
Accounts payable - - - 1,118 - 1,118
Excess contribution refunds 50,567 67,562 11,975 10,865 - 140,969
------------ ------------- ------------- ----------- ----------- ------------
Total liabilities 50,567 67,562 11,975 11,983 - 142,087
------------ ------------- ------------- ----------- ----------- ------------
Net assets available for
benefits $ 38,166,784 6,667,289 4,369,718 1,094,962 1,332,511 51,631,264
============ ============= ============= =========== =========== ============
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6
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(10) Financial Information by Fund Type (continued)
Statement of Changes in Net Assets Available for Benefits by Fund Type
Year ended December 31, 1996
Zions
Bancorp-
oration Fidelity Partici-
common mutual Money Fixed pant
stock fund market income loans Total
------------- ------------ ------------ ----------- ----------- -------------
Additions to net assets
attributed to:
Investment income:
Net appreciation in
(depreciation) market
value of investments $11,090,943 478,254 - (24,718) - 11,544,479
Dividends 581,303 75,331 - 75,411 - 732,045
Capital gain
distributions - 560,791 - - - 560,791
Interest 1,972 1,695 222,032 456 135,613 361,768
------------- ------------ ------------ ----------- ----------- -------------
11,674,218 1,116,071 222,032 51,149 135,613 13,199,083
------------- ------------ ------------ ----------- ----------- -------------
Contributions:
Employees 829,922 898,971 220,000 100,376 - 2,049,269
Zions Bancorporation 172,015 188,689 51,176 18,135 - 430,015
Plan rollovers 250,017 80,839 15,152 179,841 - 525,849
------------- ------------ ------------ ----------- ----------- -------------
1,251,954 1,168,499 286,328 298,352 - 3,005,133
------------- ------------ ------------ ----------- ----------- -------------
Principal loan payments 462,897 119,887 131,170 25,426 (739,380) -
------------- ------------ ------------ ----------- ----------- -------------
Total additions 13,389,069 2,404,457 639,530 374,927 (603,767) 16,204,216
Deductions from net assets
attributed to:
Benefits paid directly
to participants 2,332,669 453,309 317,861 137,634 95,875 3,337,348
Loans disbursed 465,087 179,736 81,083 11,244 (737,150) -
------------- ------------ ------------ ----------- ----------- -------------
Total deductions 2,797,756 633,045 398,944 148,878 (641,275) 3,337,348
------------- ------------ ------------ ----------- ----------- -------------
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7
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(10) Financial Information by Fund Type (continued)
Zions
Bancorp-
oration Fidelity Partici-
common mutual Money Fixed pant
stock fund market income loans Total
------------- ------------ ------------ ----------- ----------- -------------
Interfund transfers $ (313,598) 499,516 69,855 (255,773) - -
------------- ------------ ------------ ----------- ----------- -------------
Net increase
(decrease) 10,277,715 2,270,928 310,441 (29,724) 37,508 12,866,868
Net assets available
for benefits:
Beginning of year 38,166,784 6,667,289 4,369,718 1,094,962 1,332,511 51,631,264
============= ============ ============ =========== =========== =============
End of year $48,444,499 8,938,217 4,680,159 1,065,238 1,370,019 64,498,132
============= ============ ============ =========== =========== =============
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8
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(10) Financial Information by Fund Type (continued)
Statement of Changes in Net Assets Available for Benefits by Fund Type
Year ended December 31, 1995
Zions
Bancorp-
oration Partici-
common Fidelity Money Fixed pant
stock mutual fund market income loans Total
------------- ------------ ------------ ---------- ------------ ------------
Additions to net assets
attributed to:
Investment income:
Net appreciation
in market value
of investments $ 21,983,923 625,633 - 66,980 - 22,676,536
Dividends 690,743 83,833 - 51,595 - 826,171
Capital gain
distributions - 645,183 - 666 - 645,849
Interest 70,994 12,278 226,088 2,972 - 312,332
----------- ---------- ---------- -------- --------- -----------
22,745,660 1,366,927 226,088 122,213 - 24,460,888
----------- ---------- ---------- -------- --------- -----------
Contributions:
Employees 630,280 698,809 231,990 78,176 - 1,639,255
Zions Bancorporation 126,185 148,775 54,166 12,742 - 341,868
Plan rollovers 598,919 164,479 260,825 26,104 - 1,050,327
----------- ---------- ---------- -------- --------- -----------
1,355,384 1,012,063 546,981 117,022 - 3,031,450
----------- ---------- ---------- -------- --------- -----------
Principal loan payments 527,843 60,499 96,658 10,522 (695,522) -
----------- ---------- ---------- -------- --------- -----------
Total additions 24,628,887 2,439,489 869,727 249,757 (695,522) 27,492,338
Deductions from net
assets attributed to:
Benefits paid
directly to 2,793,649 787,468 846,207 135,107 - 4,562,431
participants
Loans disbursed 327,738 135,213 126,318 12,750 (602,019) -
----------- ---------- ---------- -------- --------- -----------
Total deductions 3,121,387 922,681 972,525 147,857 (602,019) 4,562,431
----------- ---------- ---------- -------- --------- -----------
15
9
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(10) Financial Information by Fund Type (continued)
Zions
Bancorp-
oration Fidelity Partici-
common mutual Money Fixed pant
stock fund market income loans Total
------------ ---------- ---------- --------- --------- -----------
Interfund transfers $ 1,984,548 (762,242) (839,181) (383,125) - -
------------ --------- --------- --------- --------- -----------
Net increase
(decrease) 19,522,952 2,279,050 736,383 485,025 (93,503) 22,929,907
Net assets available
for benefits:
Beginning of year 18,643,832 4,388,239 3,633,335 609,937 1,426,014 28,701,357
============ ========= ========= ========= ========= ===========
End of year $ 38,166,784 6,667,289 4,369,718 1,094,962 1,332,511 51,631,264
============ ========= ========= ========= ========= ===========
16
10
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(10) Financial Information by Fund Type (continued)
Statement of Changes in Net Assets Available for Benefits by Fund Type
Year ended December 31, 1994
Zions
Bancorp-
oration Fidelity Partici-
common mutual Money Fixed pant
stock fund market income loans Total
------------- ------------ ------------ ---------- ----------- -------------
Additions to net assets
attributed to:
Investment income:
Net depreciation in
market value of
investments $ (601,351) (56,643) - (60,787) - (718,781)
Dividends 593,018 57,136 - 42,116 - 692,270
Capital gain
distributions - 120,212 - 1,331 - 121,543
Interest 68,982 9,197 164,795 1,496 - 244,470
---------- --------- ------- ------- -------- ---------
60,649 129,902 164,795 (15,844) - 339,502
---------- --------- ------- ------- -------- ---------
Contributions:
Employees 593,429 680,345 270,190 70,153 - 1,614,117
Zions Bancorporation 115,064 147,082 62,914 11,384 - 336,444
Plan rollovers 175,680 66,006 103,216 23,819 - 368,721
---------- --------- ------- ------- -------- ---------
884,173 893,433 436,320 105,356 - 2,319,282
---------- --------- ------- ------- -------- ---------
Principal loan payments 313,442 34,364 65,872 2,042 (415,720) -
---------- --------- ------- ------- -------- ---------
Total additions 1,258,264 1,057,699 666,987 91,554 (415,720) 2,658,784
Deductions from net
assets attributed to:
Benefits paid directly
to participants 1,139,005 276,006 341,951 45,487 - 1,802,449
Loans disbursed 335,345 20,480 112,062 32,624 (500,511) -
---------- ---------- ------- ------- -------- ---------
Total deductions 1,474,350 296,486 454,013 78,111 (500,511) 1,802,449
---------- ---------- ------- ------- -------- ---------
17
11
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(10) Financial Information by Fund Type (continued)
Zions
Bancorp-
oration Fidelity Partici-
common mutual Money market Fixed pant
stock fund income loans Total
------------- ------------ ------------ ---------- ----------- -------------
Interfund transfers $ 108,654 (101,433) 64,079 (71,300) - -
----------- -------- --------- -------- --------- ----------
Net increase
(decrease) (324,740) 862,646 148,895 84,743 84,791 856,335
Net assets available
for benefits:
Beginning of year 18,968,572 3,525,593 3,484,440 525,194 1,341,223 27,845,022
=========== ========= ========= ======== ========= ==========
End of year $18,643,832 4,388,239 3,633,335 609,937 1,426,014 28,701,357
=========== ========= ========= ======== ========= ==========
18
12
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Line 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
Shares/ Approxi- Market
Units held Description mate cost value
- ------------- -------------------------------------------------------------- -------------- -----------
465,762 Zions Bancorporation common stock $12,542,694 48,439,248
377,320 Fidelity mutual fund 8,098,504 8,316,142
50,855 Fixed income fund 1,078,544 1,067,450
----------- ----------
21,719,742 57,822,840
----------- ----------
Money market fund 4,682,245 4,682,245
Short-term investments 58,356 58,356
----------- ----------
4,740,601 4,740,601
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19
13
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Line 27d - Schedule of Reportable Transactions
Year ended December 31, 1996
Shares
purchased Cost
-------------- -------------
Purchase of investments-
Zions Bancorporation common stock 32,662 $ 2,609,794