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, 1997
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
1997.
ITEM 2. CHANGES IN INVESTMENT POLICY
During 1997 the Plan increased the number of investment fund types it maintains
from four to nine. The separate types of investment funds maintained by the Plan
are as follows: (I) Company securities, which consists of Company common stock
and short-term investments pending the acquisition of Company securities; (ii)
Accessor Growth Portfolio, which seeks capital growth by investing primarily in
companies and industries from the 500 U.S. issuers with the largest market
capitalization and well-established records of growth in profits and earnings;
(iii) Accessor Value and Income Portfolio, which seeks a high level of current
income and capital growth by investing primarily in companies and industries
from the 500 U.S. issuers with the largest market capitalization and attractive
valuation levels; (iv) Accessor Small to Mid Cap Portfolio which seeks capital
growth by investing primarily in equity securities of small-to-medium-sized
companies with high growth potential; (v) Accessor International Equity
Portfolio which seeks the growth of capital by investing primarily in equity
securities of companies domiciled in countries other than the United States;
(vi) Accessor Intermediate Fixed-Income Portfolio which seeks the generation of
current income by investing in fixed-income securities; (vii) Accessor
Short-Intermediate Fixed-Income Portfolio which seeks preservation of capital
and generation of current income by investing primarily in fixed-income
securities, including government bonds, corporate bonds and mortgage-backed
securities; (viii) Accessor Mortgage Securities Portfolio which seeks a high
level of current income by investing in mortgage-related securities; and (ix)
U.S. Government Money Portfolio which seeks maximum current income consistent
with the preservation of principal and liquidity, investing primarily in
short-term obligations issued by or guaranteed by the U.S. Government, its
agencies or instrumentalities.
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 3,240 participating employees in the Plan on December 31, 1997.
3
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, Chairman Senior Vice President of Zions Bancorporation
Harris H. Simmons President and Chief Executive Officer of Zions Bancorporation
Dale M. Gibbons Executive Vice President of Zions Bancorporation
Peter K. Ellison Executive Vice President of Zions First National Bank
W. David Hemingway Executive Vice President of Zions Bancorporation
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.
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-eight percent of the assets of
the Plan are invested in securities of the Company, and approximately twenty
percent in Accessor Funds.
4
ITEM 9. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
Independent Auditors' Report
Statements of Net Assets Available for Benefits - December 31, 1997 and
1996
Statements of Changes in Net Assets Available for Benefits - Years
ended December 31, 1997, 1996, and 1995
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
5
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, 1997
and 1996, 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, 1997.
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, 1997 and
1996, and the changes in net assets available for benefits for each of the years
in the three-year period ended December 31, 1997, 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, 1997, 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 1997 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
March 13, 1998
6
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Statements of Net Assets Available for Benefits
December 31, 1997 and 1996
1997 1996
------------ ------------
Assets:
Cash $ 101,589 23,258
Investments, at market value:
Zions Bancorporation common stock (approximate cost
$17,287,725 in 1997 and $12,542,694 in 1996) 83,746,551 48,439,248
Fidelity mutual fund (approximate cost of $-0- in 1997
and $8,098,504 in 1996) -- 8,316,142
Money market fund -- 4,682,245
Fixed income fund (approximate cost of $-0- in 1997
and $1,078,544 in 1996) -- 1,067,450
Accessor funds (approximate cost of $21,575,897 in 1997
and $-0- in 1996) 21,787,158 --
Short-term investments 34,522 58,356
------------ ------------
105,669,820 62,586,699
Contributions receivable:
Employees 35,855 18,581
Zions Bancorporation 6,737 3,883
Participant loans receivable 1,581,233 1,366,918
Dividends receivable 221,478 647,356
Interest receivable 3,227 20,340
Wires receivable 10,679 --
------------ ------------
Total assets 107,529,029 64,643,777
Liabilities:
Accounts payable 40,483 --
Excess contribution refunds -- 145,645
------------ ------------
Total liabilities 40,483 145,645
------------ ------------
Net assets available for benefits $107,488,546 64,498,132
============ ============
See accompanying notes to financial statements.
7
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Statements of Changes in Net Assets Available for Benefits
Years ended December 31, 1997, 1996, and 1995
1997 1996 1995
------------ ------------ ------------
Additions to net assets attributed to:
Investment income:
Net appreciation in market value of investments $ 36,818,202 11,544,479 22,676,536
Dividends 3,053,076 732,045 826,171
Capital gain distributions -- 560,791 645,849
Interest 279,067 361,768 312,332
------------ ------------ ------------
40,150,345 13,199,083 24,460,888
------------ ------------ ------------
Contributions:
Employees 2,715,037 2,049,269 1,639,255
Zions Bancorporation 543,577 430,015 341,868
Plan rollovers:
Nonaffiliated plans 4,132,145 342,799 1,050,327
Affiliated plan -- 183,050 --
------------ ------------ ------------
7,390,759 3,005,133 3,031,450
------------ ------------ ------------
Total additions 47,541,104 16,204,216 27,492,338
Deductions from net assets attributed to
benefits paid directly to participants 4,550,690 3,337,348 4,562,431
------------ ------------ ------------
Net increase 42,990,414 12,866,868 22,929,907
Net assets available for benefits:
Beginning of year 64,498,132 51,631,264 28,701,357
------------ ------------ ------------
End of year $107,488,546 64,498,132 51,631,264
============ ============ ============
See accompanying notes to financial statements.
8
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1997, 1996, and 1995
(1) Description of the Plan
(a) General
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.
(b) 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, 1997
and 1996, there were 3,240 and 1,647 participants, respectively,
in the Plan.
(c) 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 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 1997.
(d) Allocation of Income or Loss
Investment income is 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.
(e) 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.
9
2
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(f) Investment Options
As of December 31, 1997, the Plan maintains two separate types of
investment funds: (i) Company securities, which consist of Company
stock; and (ii) Accessor Funds, which invests primarily in a
diversified portfolio of U.S. common stocks, government, mortgage,
and corporate bonds, and other short-term investments. During 1997
Fidelity mutual fund, money market fund, and fixed income fund
investment options were replaced with the Accessor Funds, which
contain eight investment options.
(g) 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.
(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.
(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.
10
3
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(3) Income Taxes
The Plan obtained its latest determination letter on June 5, 1996, in
which the Internal Revenue Service 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.
(4) Investments
The investments in common stock of the Company and the Fidelity mutual
fund, consist of 1,845,654 and 1,863,048 shares and -0- and 377,320
shares at December 31, 1997 and 1996, respectively. The investment in the
fixed income fund consists of -0- and 50,855 shares and the investment in
the Accessor Funds consists of 3,460,159 and -0- shares at December 31,
1997 and 1996, respectively.
The net appreciation in market value for each of the years in the
three-year period ended December 31, 1997, in comparison to the market
value at the beginning of each year is as follows:
Investment 1997 1996 1995
------------ ------------ ------------
Zions Bancorporation common stock $ 35,955,118 11,090,943 21,983,923
Fidelity mutual fund 2,009,330 478,254 625,633
Fixed income fund 10,674 (24,718) 66,980
Accessor fund (1,156,920) -- --
------------ ------------ ------------
Net appreciation in market value $ 36,818,202 11,544,479 22,676,536
============ ============ ============
11
4
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(5) Financial Information by Fund Type
Financial information by fund type as of December 31, 1997 and 1996, and
for each of the years in the three-year period ended December 31, 1997,
are as follows:
Statement of Net Assets Available for Benefits by Fund Type
December 31, 1997
Zions
Bancorp-
oration Partici-
common pant Accessor
stock loans funds Total
----------- ----------- ----------- -----------
Assets:
Cash $ 39 47,005 54,545 101,589
Investments, at market value:
Zions Bancorporation common stock 83,746,551 -- -- 83,746,551
Accessor fund -- 21,787,158 21,787,158
Short-term investments 34,522 -- -- 34,522
----------- ----------- ----------- -----------
83,781,112 47,005 21,841,703 105,669,820
Contributions receivable:
Employees 15,626 -- 20,229 35,855
Zions Bancorporation 3,049 -- 3,688 6,737
Participant loans receivable -- 1,581,233 -- 1,581,233
Dividends receivable 221,478 -- -- 221,478
Interest receivable 818 2,409 -- 3,227
Wires receivable -- 10,679 10,679
----------- --------- ---------- -----------
Total assets 84,022,083 1,630,647 21,876,299 107,529,029
Liabilities - accounts payable 21,847 1,810 16,826 40,483
----------- --------- ---------- -----------
Net assets available for benefits $84,000,236 1,628,837 21,859,473 107,488,546
=========== =========== =========== ===========
12
5
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(5) Financial Information by Fund Type (continued)
Statement of Net Assets Available for Benefits by Fund Type
December 31, 1996
Zions
Bancorp-
oration Fidelity Partici-
common mutual Money Fixed pant
stock 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 -- 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
----------- ----------- ----------- ----------- ----------- -----------
Net assets available for benefits $48,444,499 8,938,217 4,680,159 1,065,238 1,370,019 64,498,132
=========== =========== =========== =========== =========== ===========
13
6
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(5) Financial Information by Fund Type (continued)
Statement of Changes in Net Assets Available for Benefits by Fund Type
Year ended December 31, 1997
Zions
Bancorp-
oration Fidelity Partici-
common mutual Money Fixed pant
stock fund market income loans
------------ ------------ ------------ ------------ ------------
Additions to net assets
attributed to:
Investment income:
Net appreciation
(depreciation) in
market value of
investments $ 35,955,118 2,009,330 -- 10,674 --
Dividends 1,081,318 -- -- 39,451 --
Interest 6,377 665 137,608 721 132,316
------------ ------------ ------------ ------------ ------------
37,042,813 2,009,995 137,608 50,846 132,316
------------ ------------ ------------ ------------ ------------
Contributions:
Employees 1,209,640 597,263 137,829 65,191 --
Zions Bancorporation 256,049 129,112 12,726 11,954 --
Plan rollovers 1,559,859 102,668 38,611 39,018 --
------------ ------------ ------------ ------------ ------------
3,025,548 829,043 189,166 116,163 --
------------ ------------ ------------ ------------ ------------
Principal loan payments 455,302 74,763 42,000 3,000 (716,095)
------------ ------------ ------------ ------------ ------------
Total additions 40,523,663 2,913,801 368,774 170,009 (583,779)
Deductions from net assets attributed to:
Benefits paid directly to
participants 3,069,345 242,982 199,921 51,330 99,474
Loans disbursed 552,521 169,997 69,472 -- (942,071)
------------ ------------ ------------ ------------ ------------
Total deductions 3,621,866 412,979 269,393 51,330 (842,597)
------------ ------------ ------------ ------------ ------------
Interfund transfers (1,346,059) (11,439,039) (4,779,540) (1,183,917) --
------------ ------------ ------------ ------------ ------------
Net increase
(decrease) 35,555,738 (8,938,217) (4,680,159) (1,065,238) 258,818
Net assets available for benefits:
Beginning of year 48,444,499 8,938,217 4,680,159 1,065,238 1,370,019
------------ ------------ ------------ ------------ ------------
End of year $ 84,000,237 -- -- -- 1,628,837
============ ============ ============ ============ ============
Accessor
funds* Total
------------ ------------
Additions to net assets
attributed to:
Investment income:
Net appreciation
(depreciation) in
market value of
investments (1,156,920) 36,818,202
Dividends 1,932,307 3,053,076
Interest 1,380 279,067
------------ ------------
776,767 40,150,345
------------ ------------
Contributions:
Employees 705,114 2,715,037
Zions Bancorporation 133,736 543,577
Plan rollovers 2,391,989 4,132,145
------------ ------------
3,230,839 7,390,759
------------ ------------
Principal loan payments 141,030 --
------------ ------------
Total additions 4,148,636 47,541,104
Deductions from net assets attributed to:
Benefits paid directly to
participants 887,638 4,550,690
Loans disbursed 150,081 --
------------ ------------
Total deductions 1,037,719 4,550,690
------------ ------------
Interfund transfers 18,748,555 --
------------ ------------
Net increase
(decrease) 21,859,472 42,990,414
Net assets available for benefits:
Beginning of year -- 64,498,132
------------ ------------
End of year 21,859,472 107,488,546
============ ============
* Accessor funds shown in detail at note 6.
14
7
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(5) 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 funds market income loans
------------ ------------ ------------ ------------ ------------
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in
market value of investments $ 11,090,943 478,254 -- (24,718) --
Dividends 581,303 75,331 -- 75,411 --
Capital gain distributions -- 560,791 -- -- --
Interest 1,972 1,695 222,032 456 135,613
------------ ------------ ------------ ------------ ------------
11,674,218 1,116,071 222,032 51,149 135,613
------------ ------------ ------------ ------------ ------------
Contributions:
Employees 829,922 898,971 220,000 100,376 --
Zions Bancorporation 172,015 188,689 51,176 18,135 --
Plan rollovers 250,017 80,839 15,152 179,841 --
------------ ------------ ------------ ------------ ------------
1,251,954 1,168,499 286,328 298,352 --
------------ ------------ ------------ ------------ ------------
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)
Deductions from net assets attributed to:
Benefits paid directly to participants 2,332,669 453,309 317,861 137,634 95,875
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)
------------ ------------ ------------ ------------ ------------
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
Net assets available for benefits:
Beginning of year 38,166,784 6,667,289 4,369,718 1,094,962 1,332,511
------------ ------------ ------------ ------------ ------------
End of year $ 48,444,499 8,938,217 4,680,159 1,065,238 1,370,019
============ ============ ============ ============ ============
Total
------------
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in
market value of investments 11,544,479
Dividends 732,045
Capital gain distributions 560,791
Interest 361,768
------------
13,199,083
------------
Contributions:
Employees 2,049,269
Zions Bancorporation 430,015
Plan rollovers 525,849
------------
3,005,133
------------
Principal loan payments --
------------
Total additions 16,204,216
Deductions from net assets attributed to:
Benefits paid directly to participants 3,337,348
Loans disbursed --
------------
Total deductions 3,337,348
------------
Interfund transfers --
------------
Net increase (decrease) 12,866,868
Net assets available for benefits:
Beginning of year 51,631,264
------------
End of year 64,498,132
============
15
8
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(5) 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-
oraton Fidelity
common mutual Money Fixed Participant
stock fund market income loans
------------ ------------ ------------ ------------ ------------
Additions to net assets attributed to:
Investment income:
Net appreciation in market value of
investments $ 21,983,923 625,633 -- 66,980 --
Dividends 690,743 83,833 -- 51,595 --
Capital gain distributions -- 645,183 -- 666 --
Interest 70,994 12,278 226,088 2,972 --
------------ ------------ ------------ ------------ ------------
22,745,660 1,366,927 226,088 122,213 --
------------ ------------ ------------ ------------ ------------
Contributions:
Employees 630,280 698,809 231,990 78,176 --
Zions Bancorporation 126,185 148,775 54,166 12,742 --
Plan rollovers 598,919 164,479 260,825 26,104 --
------------ ------------ ------------ ------------ ------------
1,355,384 1,012,063 546,981 117,022 --
------------ ------------ ------------ ------------ ------------
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)
Deductions from net assets attributed to:
Benefits paid directly to participants 2,793,649 787,468 846,207 135,107 --
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)
------------ ------------ ------------ ------------ ------------
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)
Net assets available for benefits:
Beginning of year 18,643,832 4,388,239 3,633,335 609,937 1,426,014
------------ ------------ ------------ ------------ ------------
End of year $ 38,166,784 6,667,289 4,369,718 1,094,962 1,332,511
============ ============ ============ ============ ============
Total
------------
Additions to net assets attributed to:
Investment income:
Net appreciation in market value of
investments 22,676,536
Dividends 826,171
Capital gain distributions 645,849
Interest 312,332
------------
24,460,888
------------
Contributions:
Employees 1,639,255
Zions Bancorporation 341,868
Plan rollovers 1,050,327
------------
3,031,450
------------
Principal loan payments --
------------
Total additions 27,492,338
Deductions from net assets attributed to:
Benefits paid directly to participants 4,562,431
Loans disbursed --
------------
Total deductions 4,562,431
------------
Interfund transfers --
------------
Net increase (decrease) 22,929,907
Net assets available for benefits:
Beginning of year 28,701,357
------------
End of year 51,631,264
============
16
9
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Notes to Financial Statements
(6) Financial Information by Accessor Funds Investment Option
Statement of Changes in Accessor Funds Net Assets Available
for Benefits by Investment Option
Year ended December 31, 1997
Inter-
Value Inter- mediate
and Small to national fixed Mortgage
Growth income mid-cap equity income securities
---------- ---------- ---------- ---------- ---------- ----------
Additions to net assets
attributed to:
Investment income $ 118,302 220,511 394,169 (157,230) 17,908 110,284
Contributions 652,443 465,441 575,766 454,634 175,634 421,771
Principal loan
payments 36,217 16,821 26,259 22,879 3,549 11,886
---------- ---------- ---------- ---------- ---------- ----------
Total
additions 806,962 702,773 996,194 320,283 197,091 543,941
Deductions from net assets attributed to:
Benefits paid
directly to
participants 108,867 31,295 47,247 44,652 13,516 33,046
Loans disbursed 38,541 17,901 27,944 24,347 3,777 12,649
---------- ---------- ---------- ---------- ---------- ----------
Total deductions
147,408 49,196 75,191 68,999 17,293 45,695
---------- ---------- ---------- ---------- ---------- ----------
Interfund transfers 3,620,877 2,732,600 3,192,599 2,477,724 1,047,455 2,572,749
---------- ---------- ---------- ---------- ---------- ----------
Net increase 4,280,431 3,386,177 4,113,602 2,729,008 1,227,253 3,070,995
Net assets available for benefits:
Beginning of year -- -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
End of year $4,280,431 3,386,177 4,113,602 2,729,008 1,227,253 3,070,995
========== ========== ========== ========== ========== ==========
Short-
term Fidelity
inter- U.S.
mediate govern-
fixed ment
income reserves Total
---------- ---------- ----------
Additions to net assets
attributed to:
Investment income 18,387 54,436 776,767
Contributions 91,294 393,856 3,230,839
Principal loan
payments 2,411 21,008 141,030
---------- ---------- ----------
Total
additions 112,092 469,300 4,148,636
Deductions from net assets attributed to:
Benefits paid
directly to
participants 730 608,285 887,638
Loans disbursed 2,566 22,356 150,081
---------- ---------- ----------
Total deductions
3,296 630,641 1,037,719
---------- ---------- ----------
Interfund transfers 532,988 2,571,563 18,748,555
---------- ---------- ----------
Net increase 641,784 2,410,222 21,859,472
Net assets available for benefits:
Beginning of year -- -- --
---------- ---------- ----------
End of year 641,784 2,410,222 21,859,472
========== ========== ==========
17
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1997
Shares/ Approxi-
Units held Description mate cost Market value
---------------- ---------------------------------------------------- ------------ -------------
* 1,845,654 Zions Bancorporation common stock, without par value $ 46,246,903 83,746,551
3,460,159 Accessor Funds 21,575,897 21,787,158
----------- ------------
67,822,800 105,533,709
Short-term investments 34,522 34,522
------------ ------------
$ 67,857,322 105,568,231
============ ===========
* Party in interest
18
ZIONS BANCORPORATION
EMPLOYEE INVESTMENT SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Year ended December 31, 1997
Shares
purchased Cost
---------- ----------
Purchase of investments -
Zions Bancorporation common stock, without par value 155,848 $6,679,057
Short-term investment fund 7,811,654 7,811,654
Units Selling
distributed Cost price Net gain
----------- ---- ----- --------
Distribution of investments -
Zions Bancorporation common stock, without par value 96,477 $2,873,309 4,471,941 1,598,632
Fidelity Disciplined Equity Fund 467,032 9,493,266 12,394,759 2,901,493
Zions Bancorporation money market account 5,621,301 5,621,301 5,621,301 --
Short-term investment fund 7,810,244 7,810,244 7,810,244 --