Summary of ZIONS BANCORPORATION /UT/

Item 2.02 Results of Operations and Financial Condition.

The Company adopted FSP FAS 115-2 and FAS 124-2 issued by the FASB on April 9, 2009, effective for the reporting period ending March 31, 2009. This new guidance requires that credit related other-than-temporary impairment (OTTI) be recognized in earnings while noncredit-related OTTI on securities not expected to be sold is recognized in other comprehensive income. On April 20, 2009, Zions Bancorporation reported results for the first quarter of 2009 which included impairment losses on investment securities of $131.9 million, including noncredit-related losses on securities not expected to be sold (recognized in other comprehensive income) of $82.9 million and credit-related losses of $49.0 million (reflected as an expense in the statement of operations).

Upon review of the application of this newly adopted accounting guidance with regard to certain previously impaired REIT trust preferred CDOs, the Company has adjusted certain amounts previously reported. The Company's Form 10-Q being filed today includes the following changes:

       $ thousands(except
       EPS)                 As Reported on 4/20/2009 As Filed in Form 10-Q
       Impairment losses on
       investment
       securities                          (131,915)             (165,616)
       Noncredit-related
       losses recognized in
       OCI)                                   82,943                82,943
       Net impairment
       losses on investment
       securities                           (48,972)              (82,673)

       Net income (loss)
       applicable to common
       shareholders                        (832,200)             (852,327)
       Net earnings (loss)
       per common share                      ($7.27)               ($7.47)
       Retained earnings                   1,734,024             1,713,897
       Accumulated other
       comprehensive income
       (loss)                              (361,537)             (340,727)

Total shareholders' equity and the tangible common equity ratio remain essentially unchanged.

The Company's risk-based capital ratios improved somewhat from the estimates disclosed on April 20, 2009:

                                       Estimate as
                                       Reported on
                                         4/20/2009 As Filed in Form 10-Q
          Tier 1 risk-based
          capital ratio                      9.33%                 9.43%
          Total risk-based
          capital ratio                     13.23%                13.39%