SALT LAKE CITY, April 17 /PRNewswire-FirstCall/ -- Zions Bancorporation
(Nasdaq: ZION) ("Zions" or "the Company") today reported first quarter net
earnings applicable to common shareholders of $104.3 million, or $0.98 per
diluted common share, compared to $149.7 million or $1.36 per diluted common
share for the first quarter of 2007. The return on average common equity was
8.18% compared to 12.25% for the first quarter of 2007.
First Quarter 2008 Key Performance Highlights Compared to Fourth Quarter
2007
-- Loan growth of $0.8 billion, including $283 million resulting from
purchases of Lockhart securities related to loan securitizations.
-- Average core deposit growth of $0.3 billion.
-- Net interest income of $486.5 million, up $7.6 million or 6.4%
annualized; net interest margin of 4.23%, down 4 basis points.
-- Credit quality:
Provision for loan losses of $92.3 million, up $22.3 million from
$70.0 million.
Net loan and lease charge-offs of $50.8 million, up $24.1 million
from $26.7 million.
Nonperforming assets of $434.3 million, up $150.4 million from
$283.9 million.
-- Impairment and valuation losses on securities of $46.0 million pretax,
or $0.27 per diluted share.
-- Net Visa IPO gain and litigation accrual reversal of $18.0 million
pretax, or $0.10 per diluted share.
"Our subsidiary banks in California, Arizona, and Nevada continued to see
their performance impacted by the extremely soft residential housing market in
those states," said Harris H. Simmons, chairman and chief executive officer.
"While the general economy is slowing in other markets, our banks in Texas,
the Intermountain West, and the Pacific Northwest continued to see growth and
relatively strong performance. Our continued focus on conserving capital and
managing interest rate risk resulted in remarkably stable capital ratios and
net interest margin, in spite of a very challenging environment," added
Simmons.
Loan Growth
On-balance-sheet net loans and leases were $39.9 billion at March 31,
2008, an increase of approximately $0.8 billion or 8.4% annualized from
$39.1 billion at December 31, 2007, and an increase of approximately
$4.0 billion or 11.0% from $35.9 billion at March 31, 2007. This increase
includes $283 million of loans resulting from the purchase of certain
securities from Lockhart Funding LLC, an off-balance sheet commercial paper
conduit sponsored by Zions Bank, as discussed subsequently. These securities
were backed by loans originated or purchased by Zions Bank and came back on
the Company's balance sheet primarily as owner occupied commercial loans. Loan
growth during the quarter was concentrated primarily in commercial lending and
secondarily in commercial term real estate loans, principally at Zions Bank
and Amegy Bank of Texas. Construction and land development loans declined
meaningfully in California, Arizona and Nevada during the quarter, offset by
growth in Texas.
Deposits
Average core deposits for the first quarter of 2008 increased $0.3 billion
or 3.4% annualized to $32.1 billion compared to $31.9 billion for the fourth
quarter of 2007 and increased $1.8 billion or 5.8% compared to $30.4 billion
for the first quarter of 2007. Core deposit growth was concentrated in
Internet money market, savings, and money market accounts. Average total
deposits for the first quarter of 2008 increased $0.2 billion to $36.6 billion
or 2.3% annualized compared to $36.4 billion for the fourth quarter of 2007,
and increased $1.4 billion or 4.0% compared to $35.2 billion for the first
quarter of 2007. Average noninterest-bearing demand deposits for the first
quarter of 2008 were $9.0 billion compared to $9.3 billion for the fourth
quarter of 2007 and $9.4 billion for the first quarter of 2007.
Net Interest Income
Net interest income for the first quarter of 2008 increased
$7.6 million or 6.4% annualized to $486.5 million compared to $478.9 million
for the fourth quarter of 2007, and increased $29.4 million or 6.4% compared
to $457.1 million for the first quarter of 2007. Taxable-equivalent net
interest income for the first quarter of 2008 increased $7.4 million or 6.1%
annualized to $492.5 million compared to $485.2 million for the fourth quarter
of 2007, and increased $28.8 million or 6.2% from $463.7 million for the first
quarter of 2007.
The net interest margin was 4.23% for the first quarter of 2008 compared
to 4.27% for the fourth quarter of 2007 and 4.51% for the first quarter of
2007. The effect of commercial paper purchased from Lockhart on the net
interest margin was a reduction of approximately 11 basis points for the first
quarter of 2008 and 6 basis points for the fourth quarter of 2007.
Asset Quality
Nonperforming assets were $434.3 million at March 31, 2008 compared to
$283.9 million at December 31, 2007 and $82.5 million at March 31, 2007. This
increase is primarily due to weakness in residential development and
construction activity in the Southwest that started in the latter half of 2007
and began to show signs of deterioration in Utah/Idaho during the first
quarter of 2008. The ratio of nonperforming assets to net loans and leases and
other real estate owned was 1.09% at March 31, 2008 compared to 0.73% at
December 31, 2007 and 0.23% at March 31, 2007.
Net loan and lease charge-offs for the first quarter of 2008 were
$50.8 million or 0.52% annualized of average loans. This compares with
$26.7 million or 0.28% annualized of average loans for the fourth quarter of
2007 and $10.1 million or 0.11% annualized of average loans for the first
quarter of 2007. The increase in charge-offs largely was driven by declining
collateral values on residential acquisition, development and construction
loans in the Southwest.
The provision for loan losses was $92.3 million for the first quarter of
2008 compared to $70.0 million for the fourth quarter of 2007 and $9.1 million
for the first quarter of 2007. The combined provisions for loan losses and
unfunded lending commitments were $95.9 million for the first quarter of 2008,
$70.1 million for the fourth quarter of 2007, and $9.4 million for the first
quarter of 2007.
The allowance for loan losses as a percentage of net loans and leases was
1.26% at March 31, 2008, 1.18% at December 31, 2007, and 1.03% at March 31,
2007. The allowance was 126.0% of nonperforming loans at March 31, 2008. The
total allowance and reserve for credit losses (allowance for loan losses plus
the reserve for unfunded lending commitments) was $526.4 million or 1.32% of
net loans and leases at March 31, 2008 compared to $480.9 million or 1.23% at
December 31, 2007 and $391.2 million or 1.09% at March 31, 2007.
Available-For-Sale Securities and Lockhart Funding
The Company recognized other-than-temporary impairment ("OTTI") during the
first quarter of 2008 of approximately $40.8 million pretax, or $0.24 per
diluted share, mainly for certain available-for-sale trust preferred REIT
CDOs. Of this, $7.8 million resulted from a determination of additional value
impairment on seven securities with OTTI in the fourth quarter of 2007, while
$33.0 million resulted from three additional securities deemed to have OTTI in
the first quarter of 2008. This impairment was based on an ongoing valuation
review of the investment securities portfolio. OTTI during the fourth quarter
of 2007 for certain REIT CDOs was $108.6 million.
During the first quarter of 2008, Zions Bank purchased certain securities
at fair value from Lockhart. The purchases amounted to approximately
$280 million at book value and were made pursuant to a liquidity agreement.
The resulting pretax loss was approximately $5.2 million, or $0.03 per diluted
share. The purchase of approximately $275 million of these securities was due
to the inability of Lockhart to issue a sufficient amount of commercial paper
and $5 million was related to an investment that was downgraded. The
securities purchased included $200 million of small business loan
securitizations created by Zions Bank. No gain or loss was recognized on the
purchase of these loan securitizations. Upon dissolution of the securitization
trusts (including $83 million of related securities owned by the Parent), the
Company recorded $283 million of loans on its balance sheet. Securities
purchased from Lockhart during the fourth quarter of 2007 amounted to
approximately $895 million, of which $55 million related to investment
downgrades, and resulted in a pretax loss of approximately $49.6 million.
Lockhart has approximately $1.75 billion of securities at March 31, 2008.
The Company has also purchased asset-backed commercial paper from Lockhart
which resulted in on-balance sheet holdings of approximately $1,227 million at
March 31, 2008, $710 million at December 31, 2007, and $500 million at
September 30, 2007. The amount of Lockhart commercial paper included in money
market investments on the Company's average balance sheet was approximately
$1,202 million for the first quarter of 2008, $763 million for the fourth
quarter of 2007, and $232 million for the third quarter of 2007. These
purchases were made to provide liquidity to Lockhart due to ongoing
contraction and disruptions in the credit markets.
Visa IPO Gain and Accrual Reversal
During the first quarter of 2008, the Company's subsidiary banks recorded
an aggregate pretax cash gain of approximately $12.4 million from the partial
redemption of their equity interests in Visa Inc. The redemption approximated
39% of the subsidiary banks' equity interests. In addition, the Company
reversed approximately $5.6 million during the first quarter of its
$8.1 million fourth quarter 2007 accrual for indemnification liabilities
related to certain Visa litigation. The combined pretax benefit to first
quarter earnings from these events was $18.0 million, or $0.10 per diluted
share.
Noninterest Income
Noninterest income for the first quarter of 2008 was $111.0 million
compared to $(20.2) million for the fourth quarter of 2007 and $145.4 million
for the first quarter of 2007. The amounts for the first quarter of 2008 and
the fourth quarter of 2007 were adversely affected by impairment and valuation
losses on securities of $46.0 million and $158.2 million, respectively.
Excluding these losses, noninterest income was $157.0 million for the first
quarter of 2008 and $138.0 million for the fourth quarter of 2007. Noninterest
income for the first quarter of 2008 includes the previously discussed
$12.4 million Visa IPO gain which is included in equity securities gains. Fair
value and nonhedge derivative income (loss) increased $10.8 million for the
quarter primarily because of nonhedge derivative income of $3.9 million
compared to losses of $7.4 million during the fourth quarter of 2007.
Noninterest Expense
Noninterest expense for the first quarter of 2008 was $350.1 million
compared to $353.0 million for the fourth quarter of 2007 and $352.0 million
for the first quarter of 2007. Salaries and employee benefits increased from
the fourth quarter of 2007 primarily because of reductions to bonus, long-term
incentive, and profit sharing accruals during the fourth quarter of 2007 and
due to increased payroll taxes during the first quarter of 2008. Other
noninterest expense decreased $17.0 million mainly due to the first quarter
reversal of much of the fourth quarter 2007 Visa indemnification accrual.
The efficiency ratio was 58.0% for the first quarter of 2008 compared to
75.9% for the fourth quarter of 2007 and 57.8% for the first quarter of 2007.
Excluding impairment and valuation losses on securities, and the Visa IPO gain
and indemnification accruals, the efficiency ratio was 55.8% for the first
quarter of 2008 and 55.3% for the fourth quarter of 2007.
Adoption of New Accounting Standards
Effective January 1, 2008, the Company adopted Statement of Financial
Accounting Standards ("SFAS") No. 157, Fair Value Measurements, and SFAS No.
159, The Fair Value Option for Financial Assets and Financial Liabilities.
Both Standards address the application of fair value accounting and reporting.
The cumulative effect of adopting SFAS 159 decreased retained earnings at
January 1, 2008 by $11.5 million. As previously reported, the Company elected
to apply SFAS 159 to one available-for-sale REIT CDO security and three
retained interests on selected small business loan securitizations. During the
first quarter of 2008, the net change in fair value decreased earnings by
approximately $0.6 million, consisting of a $2.3 million fair value decrease
for the REIT CDO security and a $1.7 million increase for the retained
interests.
Capital Management
The Company's tangible equity ratio was 6.20% at March 31, 2008 compared
to 6.17% at December 31, 2007 and 6.59% at March 31, 2007.
Weighted average common and common-equivalent shares outstanding for the
first quarter of 2008 were 106,722,000 compared to 106,902,983 for the fourth
quarter of 2007 and 110,106,637 for the first quarter of 2007. Common shares
outstanding at March 31, 2008 were 107,139,188 compared to 107,116,505 at
December 31, 2007 and 109,052,149 at March 31, 2007.
The Company has not repurchased any common shares since August 16, 2007
and does not anticipate a resumption of share repurchases in the near term.
Conference Call
Zions will host a conference call to discuss these first quarter results
at 5:30 p.m. ET this afternoon (April 17, 2008). Media representatives,
analysts and the public are invited to listen to this discussion by calling
1-800-901-5213 (international: 617-786-2962) and entering the passcode
89314682, or via on-demand webcast. A link to the webcast will be available on
the Zions Bancorporation Web site at http://www.zionsbancorporation.com. A
replay of the call will be available from 7:30 p.m. ET on Thursday, April 17,
through midnight ET on Thursday, April 24, by dialing 1-888-286-8010
(international: 617-801-6888) and entering the passcode 25643975. 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 at http://www.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 operations, including changes in asset-backed commercial paper
markets and valuations in structured securities and other assets; 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
2007 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.
ZIONS BANCORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
(In thousands, except per share and ratio data) March 31,
2008 2007 % Change
EARNINGS
Taxable-equivalent net interest income $492,537 $463,721 6.21 %
Taxable-equivalent revenue 603,537 609,135 (0.92)%
Net interest income 486,458 457,083 6.43 %
Noninterest income 111,000 145,414 (23.67)%
Provision for loan losses 92,282 9,111 912.86 %
Noninterest expense 350,103 351,979 (0.53)%
Income before income taxes and minority
interest 155,073 241,407 (35.76)%
Income taxes 49,896 88,854 (43.84)%
Minority interest (1,572) (705) 122.98 %
Net income 106,749 153,258 (30.35)%
Net earnings applicable to common
shareholders 104,296 149,655 (30.31)%
PER COMMON SHARE
Net earnings (diluted) 0.98 1.36 (27.94)%
Dividends 0.43 0.39 10.26 %
Book value per common share 47.49 46.04 3.15 %
SELECTED RATIOS
Return on average assets 0.81% 1.31%
Return on average common equity 8.18% 12.25%
Efficiency ratio 58.01% 57.78%
Net interest margin 4.23% 4.51%
ZIONS BANCORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
Three Months Ended
(In thousands, except share and ratio data) March 31,
2008 2007 % Change
AVERAGE BALANCES
Total assets $52,913,823 $47,585,120 11.20 %
Total interest-earning assets 46,853,435 41,695,743 12.37 %
Securities 5,341,287 5,797,856 (7.87)%
Net loans and leases 39,452,309 35,406,094 11.43 %
Goodwill 2,009,477 1,983,765 1.30 %
Core deposit and other intangibles 146,363 194,124 (24.60)%
Total deposits 36,594,674 35,181,504 4.02 %
Core deposits (1) 32,133,347 30,358,375 5.85 %
Minority interest 30,676 40,741 (24.70)%
Shareholders' equity:
Preferred equity 240,000 240,000 -
Common equity 5,126,621 4,954,400 3.48 %
Weighted average common and
common-equivalent shares outstanding 106,722,000 110,106,637 (3.07)%
AT PERIOD END
Total assets $53,408,293 $48,558,866 9.99 %
Total interest-earning assets 46,962,949 42,538,513 10.40 %
Securities 5,002,207 5,608,927 (10.82)%
Net loans and leases 39,905,755 35,944,848 11.02 %
Sold loans being serviced (2) 1,489,490 2,401,355 (37.97)%
Allowance for loan losses 501,283 371,213 35.04 %
Reserve for unfunded lending commitments 25,148 20,000 25.74 %
Goodwill 2,009,517 2,011,889 (0.12)%
Core deposit and other intangibles 140,672 192,677 (26.99)%
Total deposits 37,516,337 36,325,739 3.28 %
Core deposits (1) 32,968,328 31,238,791 5.54 %
Minority interest 30,413 38,691 (21.40)%
Shareholders' equity:
Preferred equity 240,000 240,000 -
Common equity 5,087,801 5,021,170 1.33 %
Common shares outstanding 107,139,188 109,052,149 (1.75)%
Average equity to average assets 10.14% 10.92%
Common dividend payout 44.11% 28.57%
Tangible equity ratio 6.20% 6.59%
Nonperforming assets $434,293 $82,524 426.26 %
Accruing loans past due 90 days or more 84,637 56,880 48.80 %
Nonperforming assets to net loans and
leases and other real estate owned
at period end 1.09% 0.23%
(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.
ZIONS BANCORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
(In thousands, except Three Months Ended
per share and ratio data) March 31, Dec. 31, Sept. 30, June 30, March 31,
2008 2007 2007 2007 2007
EARNINGS
Taxable-equivalent net
interest income $492,537 $485,157 $483,115 $476,060 $463,721
Taxable-equivalent
revenue 603,537 464,923 628,938 617,401 609,135
Net interest income 486,458 478,885 476,637 469,347 457,083
Noninterest income 111,000 (20,234) 145,823 141,341 145,414
Provision for loan
losses 92,282 69,982 55,354 17,763 9,111
Noninterest expense 350,103 352,966 352,031 347,612 351,979
Income before income
taxes and minority
interest 155,073 35,703 215,075 245,313 241,407
Income taxes (benefit) 49,896 (11,035) 71,853 86,065 88,854
Minority interest (1,572) 1,197 7,490 34 (705)
Net income 106,749 45,541 135,732 159,214 153,258
Net earnings applicable
to common shareholders 104,296 42,198 131,962 155,607 149,655
PER COMMON SHARE
Net earnings (diluted) 0.98 0.39 1.22 1.43 1.36
Dividends 0.43 0.43 0.43 0.43 0.39
Book value per common
share 47.49 47.17 46.92 46.14 46.04
SELECTED RATIOS
Return on average assets 0.81% 0.35% 1.10% 1.33% 1.31%
Return on average common
equity 8.18% 3.29% 10.50% 12.50% 12.25%
Efficiency ratio 58.01% 75.92% 55.97% 56.30% 57.78%
Net interest margin 4.23% 4.27% 4.44% 4.53% 4.51%
ZIONS BANCORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
(In thousands, except share and Three Months Ended
ratio data) March 31, December 31, September 30,
2008 2007 2007
AVERAGE BALANCES
Total assets $52,913,823 $50,941,152 $48,903,319
Total interest-earning assets 46,853,435 45,106,413 43,200,858
Securities 5,341,287 5,188,980 5,221,722
Net loans and leases 39,452,309 38,450,974 37,194,850
Goodwill 2,009,477 2,009,022 2,015,532
Core deposit and other intangibles 146,363 162,679 177,864
Total deposits 36,594,674 36,381,125 35,756,600
Core deposits (1) 32,133,347 31,863,057 31,067,905
Minority interest 30,676 32,343 37,527
Shareholders' equity:
Preferred equity 240,000 240,000 240,000
Common equity 5,126,621 5,094,138 4,987,275
Weighted average common and
common-equivalent shares
outstanding 106,722,000 106,902,983 107,879,963
AT PERIOD END
Total assets $53,408,293 $52,947,414 $50,044,686
Total interest-earning assets 46,962,949 46,448,887 44,104,956
Securities 5,002,207 5,860,900 5,261,057
Net loans and leases 39,905,755 39,087,779 37,822,259
Sold loans being serviced (2) 1,489,490 1,885,132 2,022,142
Allowance for loan losses 501,283 459,376 418,165
Reserve for unfunded lending
commitments 25,148 21,530 21,394
Goodwill 2,009,517 2,009,513 2,021,519
Core deposit and other intangibles 140,672 149,493 172,140
Total deposits 37,516,337 36,922,753 35,774,713
Core deposits (1) 32,968,328 32,531,165 31,239,069
Minority interest 30,413 30,939 37,411
Shareholders' equity:
Preferred equity 240,000 240,000 240,000
Common equity 5,087,801 5,052,800 5,016,980
Common shares outstanding 107,139,188 107,116,505 106,934,360
Average equity to average assets 10.14% 10.47% 10.69%
Common dividend payout 44.11% 108.88% 34.96%
Tangible equity ratio 6.20% 6.17% 6.40%
Nonperforming assets $434,293 $283,854 $196,575
Accruing loans past due
90 days or more 84,637 77,419 64,516
Nonperforming assets to net loans and
leases and other real estate owned at
period end 1.09% 0.73% 0.52%
ZIONS BANCORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
Three Months Ended
(In thousands, except share and ratio data) June 30, March 31,
2007 2007
AVERAGE BALANCES
Total assets $47,921,787 $47,585,120
Total interest-earning assets 42,151,667 41,695,743
Securities 5,426,896 5,797,856
Net loans and leases 36,142,957 35,406,094
Goodwill 2,012,270 1,983,765
Core deposit and other intangibles 188,843 194,124
Total deposits 35,964,203 35,181,504
Core deposits (1) 30,873,001 30,358,375
Minority interest 35,009 40,741
Shareholders' equity:
Preferred equity 240,000 240,000
Common equity 4,993,383 4,954,400
Weighted average common and
common-equivalent shares
outstanding 109,123,735 110,106,637
AT PERIOD END
Total assets $48,691,445 $48,558,866
Total interest-earning assets 42,721,118 42,538,513
Securities 5,289,180 5,608,927
Net loans and leases 36,788,205 35,944,848
Sold loans being serviced (2) 2,201,897 2,401,355
Allowance for loan losses 380,295 371,213
Reserve for unfunded lending commitments 21,222 20,000
Goodwill 2,013,314 2,011,889
Core deposit and other intangibles 180,867 192,677
Total deposits 36,185,572 36,325,739
Core deposits (1) 31,303,578 31,238,791
Minority interest 32,094 38,691
Shareholders' equity:
Preferred equity 240,000 240,000
Common equity 4,984,702 5,021,170
Common shares outstanding 108,034,079 109,052,149
Average equity to average assets 10.92% 10.92%
Common dividend payout 29.88% 28.57%
Tangible equity ratio 6.52% 6.59%
Nonperforming assets $95,398 $82,524
Accruing loans past due 90 days or more 47,782 56,880
Nonperforming assets to net loans and leases
and other real estate owned at period end 0.26% 0.23%
(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.
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, December 31, September 30,
(In thousands, except share amounts) 2008 2007 2007
(Unaudited) (Unaudited)
ASSETS
Cash and due from banks $1,660,539 $1,855,155 $1,481,238
Money market investments:
Interest-bearing deposits and
commercial paper 1,243,860 726,446 513,395
Federal funds sold 121,892 102,225 23,567
Security resell agreements 689,235 671,537 484,678
Investment securities:
Held-to-maturity, at cost
(approximate fair value
$704,156, $702,148, $686,026,
$685,521 and $663,474) 701,658 704,441 695,842
Available-for-sale, at fair value 4,259,742 5,134,610 4,549,721
Trading account, at fair value
(includes $0, $741, $22, $1,745
and $1,095 transferred as collateral
under repurchase agreements) 40,807 21,849 15,494
5,002,207 5,860,900 5,261,057
Loans:
Loans held for sale 208,529 207,943 200,653
Loans and leases 39,855,365 39,044,163 37,778,228
40,063,894 39,252,106 37,978,881
Less:
Unearned income and fees, net of
related costs 158,139 164,327 156,622
Allowance for loan losses 501,283 459,376 418,165
Loans and leases, net of
allowance 39,404,472 38,628,403 37,404,094
Other noninterest-bearing investments 1,114,902 1,034,412 1,043,475
Premises and equipment, net 657,183 655,712 658,294
Goodwill 2,009,517 2,009,513 2,021,519
Core deposit and other intangibles 140,672 149,493 172,140
Other real estate owned 36,476 15,201 11,973
Other assets (includes $38,788
measured at fair value at
March 31, 2008) 1,327,338 1,238,417 969,256
$53,408,293 $52,947,414 $50,044,686
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $9,464,122 $9,618,300 $9,322,668
Interest-bearing:
Savings and NOW 4,661,963 4,507,837 4,365,600
Money market 10,716,328 10,304,225 10,446,015
Internet money market 2,270,059 2,163,014 1,707,544
Time under $100,000 2,564,434 2,562,363 2,599,595
Time $100,000 and over 4,548,009 4,391,588 4,535,644
Foreign 3,291,422 3,375,426 2,797,647
37,516,337 36,922,753 35,774,713
Securities sold, not yet purchased 184,522 224,269 21,036
Federal funds purchased 1,817,587 2,463,460 2,391,805
Security repurchase agreements 1,144,178 1,298,112 1,070,702
Other liabilities 620,528 644,375 560,853
Commercial paper 164,657 297,850 411,007
Federal Home Loan Bank advances and
other borrowings:
One year or less 3,890,087 3,181,990 2,037,644
Over one year 127,006 127,612 128,218
Long-term debt 2,585,177 2,463,254 2,354,317
Total liabilities 48,050,079 47,623,675 44,750,295
Minority interest 30,413 30,939 37,411
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
107,139,188, 107,116,505,
106,934,360, 108,034,079 and
109,052,149 shares 2,219,905 2,212,237 2,200,228
Retained earnings 2,957,511 2,910,692 2,914,439
Accumulated other comprehensive
income (loss) (76,429) (58,835) (86,914)
Deferred compensation (13,186) (11,294) (10,773)
Total shareholders' equity 5,327,801 5,292,800 5,256,980
$53,408,293 $52,947,414 $50,044,686
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, March 31,
(In thousands, except share amounts) 2007 2007
(Unaudited) (Unaudited)
ASSETS
Cash and due from banks $1,640,946 $1,574,519
Money market investments:
Interest-bearing deposits and
commercial paper 39,881 17,325
Federal funds sold 120,959 527,691
Security resell agreements 482,893 439,722
Investment securities:
Held-to-maturity, at cost (approximate
fair value $704,156, $702,148, $686,026,
$685,521 and $663,474) 702,189 667,269
Available-for-sale, at fair value 4,564,183 4,909,220
Trading account, at fair value
(includes $0, $741, $22, $1,745 and
$1,095 transferred as collateral
under repurchase agreements) 22,808 32,438
5,289,180 5,608,927
Loans:
Loans held for sale 226,041 266,880
Loans and leases 36,715,752 35,832,061
36,941,793 36,098,941
Less:
Unearned income and fees, net of
related costs 153,588 154,093
Allowance for loan losses 380,295 371,213
Loans and leases, net of allowance 36,407,910 35,573,635
Other noninterest-bearing investments 972,830 988,015
Premises and equipment, net 648,731 645,391
Goodwill 2,013,314 2,011,889
Core deposit and other intangibles 180,867 192,677
Other real estate owned 10,646 9,682
Other assets (includes $38,788 measured at
fair value at March 31, 2008) 883,288 969,393
$48,691,445 $48,558,866
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $9,857,638 $9,761,255
Interest-bearing:
Savings and NOW 4,368,184 4,578,007
Money market 10,344,110 10,425,084
Internet money market 1,544,031 1,464,535
Time under $100,000 2,535,881 2,485,720
Time $100,000 and over 4,881,994 5,086,948
Foreign 2,653,734 2,524,190
36,185,572 36,325,739
Securities sold, not yet purchased 28,456 190,878
Federal funds purchased 2,221,887 2,132,682
Security repurchase agreements 1,061,598 924,922
Other liabilities 602,173 662,589
Commercial paper 228,607 186,978
Federal Home Loan Bank advances and
other borrowings:
One year or less 664,509 323,598
Over one year 128,832 129,446
Long-term debt 2,313,015 2,382,173
Total liabilities 43,434,649 43,259,005
Minority interest 32,094 38,691
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
Common stock, without par value;
authorized 350,000,000
shares; issued and outstanding
107,139,188, 107,116,505,
106,934,360, 108,034,079 and
109,052,149 shares 2,279,722 2,381,509
Retained earnings 2,828,613 2,719,502
Accumulated other comprehensive
income (loss) (112,840) (69,257)
Deferred compensation (10,793) (10,584)
Total shareholders' equity 5,224,702 5,261,170
$48,691,445 $48,558,866
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share Three Months Ended
amounts) March 31, December 31, September 30,
2008 2007 2007
Interest income:
Interest and fees on loans $688,439 $727,185 $724,598
Interest on loans held for sale 3,017 2,975 3,695
Lease financing 5,818 5,782 5,461
Interest on money market investments 19,028 18,760 10,841
Interest on securities:
Held-to-maturity - taxable 2,455 2,387 2,343
Held-to-maturity - nontaxable 6,429 6,430 6,402
Available-for-sale - taxable 62,356 61,459 61,248
Available-for-sale - nontaxable 1,892 2,070 2,274
Trading account 681 471 880
Total interest income 790,115 827,519 817,742
Interest expense:
Interest on savings and money
market deposits 103,987 125,382 123,586
Interest on time and foreign deposits 106,222 119,242 119,781
Interest on short-term borrowings 63,134 67,601 59,034
Interest on long-term borrowings 30,314 36,409 38,704
Total interest expense 303,657 348,634 341,105
Net interest income 486,458 478,885 476,637
Provision for loan losses 92,282 69,982 55,354
Net interest income after
provision for loan losses 394,176 408,903 421,283
Noninterest income:
Service charges and fees on deposit
accounts 49,585 48,130 46,919
Other service charges, commissions
and fees 41,981 44,405 44,471
Trust and wealth management income 9,693 10,151 9,040
Capital markets and foreign exchange 10,397 10,632 11,325
Dividends and other investment income 12,910 13,830 14,720
Loan sales and servicing income 7,810 8,640 11,607
Income from securities conduit 2,581 2,472 3,221
Fair value and nonhedge derivative
income (loss) 3,787 (7,034) (9,391)
Equity securities gains, net 10,068 1,349 11,072
Fixed income securities gains
(losses), net 1,775 (753) 58
Impairment losses on available-for-sale
securities and valuation losses on
securities purchased from
Lockhart Funding (45,989) (158,208) -
Other 6,402 6,152 2,781
Total noninterest income 111,000 (20,234) 145,823
Noninterest expense:
Salaries and employee benefits 209,354 191,141 204,488
Occupancy, net 26,799 27,312 27,203
Furniture and equipment 23,738 24,917 23,996
Legal and professional services 7,880 12,132 10,918
Postage and supplies 9,789 9,416 10,024
Advertising 6,351 6,322 6,624
Merger related expense 307 687 682
Amortization of core deposit and other
intangibles 8,820 10,459 11,495
Provision for unfunded lending
commitments 3,618 136 172
Other 53,447 70,444 56,429
Total noninterest expense 350,103 352,966 352,031
Income before income taxes and
minority interest 155,073 35,703 215,075
Income taxes (benefit) 49,896 (11,035) 71,853
Minority interest (1,572) 1,197 7,490
Net income 106,749 45,541 135,732
Preferred stock dividend 2,453 3,343 3,770
Net earnings applicable to
common shareholders $104,296 $42,198 $131,962
Weighted average common shares
outstanding during the period:
Basic shares 106,514 106,454 106,814
Diluted shares 106,722 106,903 107,880
Net earnings per common share:
Basic $0.98 $0.40 $1.24
Diluted 0.98 0.39 1.22
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
(In thousands, except per share amounts) June 30, March 31,
2007 2007
Interest income:
Interest and fees on loans $697,022 $674,577
Interest on loans held for sale 4,322 3,875
Lease financing 5,234 5,206
Interest on money market investments 7,756 6,342
Interest on securities:
Held-to-maturity - taxable 2,064 2,203
Held-to-maturity - nontaxable 6,227 6,091
Available-for-sale - taxable 63,825 68,507
Available-for-sale - nontaxable 2,398 2,458
Trading account 766 1,192
Total interest income 789,614 770,451
Interest expense:
Interest on savings and money market deposits 117,295 113,103
Interest on time and foreign deposits 120,445 112,885
Interest on short-term borrowings 43,369 48,692
Interest on long-term borrowings 39,158 38,688
Total interest expense 320,267 313,368
Net interest income 469,347 457,083
Provision for loan losses 17,763 9,111
Net interest income after provision for
loan losses 451,584 447,972
Noninterest income:
Service charges and fees on deposit accounts 45,116 43,385
Other service charges, commissions and fees 42,311 39,377
Trust and wealth management income 9,125 8,216
Capital markets and foreign exchange 11,900 9,731
Dividends and other investment income 11,271 11,093
Loan sales and servicing income 8,998 9,258
Income from securities conduit 5,968 6,515
Fair value and nonhedge derivative income (loss) 924 1,245
Equity securities gains, net 100 5,198
Fixed income securities gains (losses), net 13 3,701
Impairment losses on available-for-sale
securities and valuation losses on securities
purchased from Lockhart Funding - -
Other 5,615 7,695
Total noninterest income 141,341 145,414
Noninterest expense:
Salaries and employee benefits 198,668 205,587
Occupancy, net 26,334 26,589
Furniture and equipment 24,272 23,267
Legal and professional services 11,242 9,537
Postage and supplies 9,025 8,047
Advertising 7,517 6,457
Merger related expense 1,491 2,406
Amortization of core deposit and other
intangibles 11,812 11,129
Provision for unfunded lending commitments 1,222 306
Other 56,029 58,654
Total noninterest expense 347,612 351,979
Income before income taxes and minority
interest 245,313 241,407
Income taxes (benefit) 86,065 88,854
Minority interest 34 (705)
Net income 159,214 153,258
Preferred stock dividend 3,607 3,603
Net earnings applicable to common
shareholders $155,607 $149,655
Weighted average common shares outstanding
during the period:
Basic shares 107,803 108,414
Diluted shares 109,124 110,107
Net earnings per common share:
Basic $1.44 $1.38
Diluted 1.43 1.36
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
AND COMPREHENSIVE INCOME
(Unaudited)
Preferred Common Retained
(In thousands, except per share amounts) stock stock earnings
Balance, December 31, 2007 $240,000 $2,212,237 $2,910,692
Cumulative effect of change in
accounting principle, adoption of
SFAS 159 (11,471)
Comprehensive income:
Net income for the period 106,749
Other comprehensive loss, net of tax:
Net realized and unrealized holding
losses on investments and retained
interests
Foreign currency translation
Reclassification for net realized
losses on investments recorded in
operations
Net unrealized gains on derivative
instruments
Other comprehensive loss
Total comprehensive income
Stock redeemed and retired (237)
Net stock options exercised 1,203
Share-based compensation 6,702
Dividends declared on preferred stock (2,453)
Cash dividends on common stock,
$.43 per share (46,006)
Change in deferred compensation
Balance, March 31, 2008 $240,000 $2,219,905 $2,957,511
Balance, December 31, 2006 $240,000 $2,230,303 $2,602,189
Cumulative effect of change in
accounting principle,
adoption of FIN 48 10,408
Comprehensive income:
Net income for the period 153,258
Other comprehensive income, net of tax:
Net realized and unrealized holding
losses on investments and retained
interests
Reclassification for net realized
gains on investments recorded in
operations
Net unrealized gains on derivative
instruments
Other comprehensive income
Total comprehensive income
Stock redeemed and retired (103,242)
Net stock options exercised 42,139
Common stock issued in acquisition 206,075
Share-based compensation 6,234
Dividends declared on preferred stock (3,603)
Cash dividends on common stock,
$.39 per share (42,750)
Change in deferred compensation
Balance, March 31, 2007 $240,000 $2,381,509 $2,719,502
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
AND COMPREHENSIVE INCOME
(Unaudited)
Accumulated
other Total
(In thousands, except per share comprehensive Deferred shareholders'
amounts) income (loss) compensation equity
Balance, December 31, 2007 $(58,835) $(11,294) $5,292,800
Cumulative effect of change in
accounting principle,
adoption of SFAS 159 11,471 -
Comprehensive income:
Net income for the period 106,749
Other comprehensive loss,
net of tax:
Net realized and unrealized holding
losses on investments and retained
interests (130,066)
Foreign currency translation (1)
Reclassification for net realized
losses on investments recorded
in operations 27,301
Net unrealized gains on derivative
instruments 73,701
Other comprehensive loss (29,065) (29,065)
Total comprehensive income 77,684
Stock redeemed and retired (237)
Net stock options exercised 1,203
Share-based compensation 6,702
Dividends declared on preferred stock (2,453)
Cash dividends on common stock,
$.43 per share (46,006)
Change in deferred compensation (1,892) (1,892)
Balance, March 31, 2008 $(76,429) $(13,186) $5,327,801
Balance, December 31, 2006 $(75,849) $(9,620) $4,987,023
Cumulative effect of change in
accounting principle,
adoption of FIN 48 10,408
Comprehensive income:
Net income for the period 153,258
Other comprehensive income,
net of tax:
Net realized and unrealized
holding losses on investments
and retained interests (1,503)
Reclassification for net realized
gains on investments recorded in
operations (3,845)
Net unrealized gains on derivative
instruments 11,940
Other comprehensive income 6,592 6,592
Total comprehensive income 159,850
Stock redeemed and retired (103,242)
Net stock options exercised 42,139
Common stock issued in acquisition 206,075
Share-based compensation 6,234
Dividends declared on preferred stock (3,603)
Cash dividends on common stock,
$.39 per share (42,750)
Change in deferred compensation (964) (964)
Balance, March 31, 2007 $(69,257) $(10,584) $5,261,170
ZIONS BANCORPORATION AND SUBSIDIARIES
Nonperforming Assets
(Unaudited)
(In thousands) March 31, December 31, September 30, June 30, March 31,
2008 2007 2007 2007 2007
Nonaccrual loans $387,717 $258,513 $174,315 $82,314 $69,580
Restructured loans 10,100 10,140 10,287 2,438 132
Other real estate
owned 36,476 15,201 11,973 10,646 9,682
Other assets - - - - 3,130
Total $434,293 $283,854 $196,575 $95,398 $82,524
% of net loans
and leases*
and other real
estate owned 1.09% 0.73% 0.52% 0.26% 0.23%
Accruing loans
past due 90
days or more $84,637 $77,419 $64,516 $47,782 $56,880
% of net loans
and leases* 0.21% 0.20% 0.17% 0.13% 0.16%
* Includes loans held for sale.
Allowance and Reserve for Credit Losses
(Unaudited)
Three Months Ended
(In thousands) March 31, December 31, September 30, June 30, March 31,
2008 2007 2007 2007 2007
Allowance for Loan
Losses
Balance at beginning
of period $459,376 $418,165 $380,295 $371,213 $365,150
Allowance of
company acquired - - 578 - 7,061
Allowance of
branches sold - (2,034) - - -
Allowance associated
with repurchased
securitized loans 425 - - - -
Add:
Provision for
losses 92,282 69,982 55,354 17,763 9,111
Deduct:
Loan and lease
charge-offs (53,751) (30,023) (20,815) (13,767) (14,079)
Recoveries 2,951 3,286 2,753 5,086 3,970
Net loan
and lease
charge-offs (50,800) (26,737) (18,062) (8,681) (10,109)
Balance at end of
period $501,283 $459,376 $418,165 $380,295 $371,213
Ratio of allowance
for loan losses to
net loans and leases
outstanding at
period end 1.26% 1.18% 1.11% 1.03% 1.03%
Ratio of allowance
for loan losses
to nonperforming
loans at period
end 126.01% 170.99% 226.52% 448.72% 532.50%
Reserve for Unfunded
Lending Commitments
Balance at beginning
of period $21,530 $21,394 $21,222 $20,000 $19,368
Reserve of company
acquired - - - - 326
Provision charged
against earnings 3,618 136 172 1,222 306
Balance at end of
period $25,148 $21,530 $21,394 $21,222 $20,000
Total Allowance and
Reserve for Credit
Losses
Allowance for loan
losses $501,283 $459,376 $418,165 $380,295 $371,213
Reserve for unfunded
lending commitments 25,148 21,530 21,394 21,222 20,000
Total allowance and
reserve for credit
losses $526,431 $480,906 $439,559 $401,517 $391,213
Ratio of total
allowance and
reserve for credit
losses to net
loans and leases
outstanding at
period end 1.32% 1.23% 1.16% 1.09% 1.09%
ZIONS BANCORPORATION AND SUBSIDIARIES
Sold Loans Being Serviced
(Unaudited)
Three Months Ended
(In thousands) March 31, Dec. 31, Sept. 30, June 30, March 31,
2008 2007 2007 2007 2007
Balance at
beginning of
period $1,885,132 $2,022,142 $2,201,897 $2,401,355 $2,586,451
New loans sold 14,773 25,234 8,162 19,173 10,931
Loans repurchased (283,204) - - - -
Payments and other
reductions (127,211) (162,244) (187,917) (218,631) (196,027)
Balance at end
of period $1,489,490 $1,885,132 $2,022,142 $2,201,897 $2,401,355
Loan Balances By Portfolio Type
(Unaudited)
(In millions) March 31, Dec. 31, Sept. 30, June 30, March 31,
2008 2007 2007 2007 2007
Loans held for sale $209 $208 $201 $226 $267
Commercial lending:
Commercial and
industrial 10,031 9,811 9,260 8,922 8,420
Leasing 494 503 474 450 447
Owner occupied 7,910 7,545 7,347 7,123 6,867
Total commercial
lending 18,435 17,859 17,081 16,495 15,734
Commercial real estate:
Construction and
land development 8,368 8,315 8,322 7,963 7,739
Term 5,569 5,335 5,054 5,084 5,215
Total commercial
real estate 13,937 13,650 13,376 13,047 12,954
Consumer:
Home equity credit
line and other
consumer real estate 2,247 2,203 2,107 2,042 1,935
1-4 family
residential 4,158 4,206 4,178 4,134 4,176
Bankcard and other
revolving plans 316 347 299 306 289
Other 434 452 467 456 465
Total consumer 7,155 7,208 7,051 6,938 6,865
Foreign loans 26 26 27 12 3
Other receivables 302 301 243 224 276
Total loans $40,064 $39,252 $37,979 $36,942 $36,099
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)
Three Months Ended
March 31, 2008
(In thousands) Average Amount of Average
balance interest (1) rate
ASSETS
Money market investments $2,059,839 $19,028 3.72%
Securities:
Held-to-maturity 700,302 12,346 7.09%
Available-for-sale 4,599,258 65,267 5.71%
Trading account 41,727 681 6.56%
Total securities 5,341,287 78,294 5.90%
Loans:
Loans held for sale 214,498 3,017 5.66%
Net loans and leases (2) 39,237,811 695,855 7.13%
Total loans and leases 39,452,309 698,872 7.12%
Total interest-earning assets 46,853,435 796,194 6.83%
Cash and due from banks 1,417,356
Allowance for loan losses (476,614)
Goodwill 2,009,477
Core deposit and other intangibles 146,363
Other assets 2,963,806
Total assets $52,913,823
LIABILITIES
Interest-bearing deposits:
Savings and NOW $4,519,149 10,469 0.93%
Money market 10,552,299 72,320 2.76%
Internet money market 2,218,181 21,198 3.84%
Time under $100,000 2,578,166 27,165 4.24%
Time $100,000 and over 4,461,327 49,074 4.42%
Foreign 3,290,090 29,983 3.67%
Total interest-bearing deposits 27,619,212 210,209 3.06%
Borrowed funds:
Securities sold, not yet purchased 33,577 333 3.99%
Federal funds purchased and security
repurchase agreements 3,314,956 24,206 2.94%
Commercial paper 205,520 2,332 4.56%
FHLB advances and other borrowings:
One year or less 4,082,208 36,263 3.57%
Over one year 127,291 1,825 5.77%
Long-term debt 2,504,618 28,489 4.57%
Total borrowed funds 10,268,170 93,448 3.66%
Total interest-bearing liabilities 37,887,382 303,657 3.22%
Noninterest-bearing deposits 8,975,462
Other liabilities 653,682
Total liabilities 47,516,526
Minority interest 30,676
Shareholders' equity:
Preferred equity 240,000
Common equity 5,126,621
Total shareholders' equity 5,366,621
Total liabilities and shareholders'
equity $52,913,823
Spread on average interest-bearing funds 3.61%
Taxable-equivalent net interest income and
net yield on interest-earning assets $492,537 4.23%
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)
Three Months Ended
December 31, 2007
(In thousands) Average Amount of Average
balance interest (1) rate
ASSETS
Money market investments $1,466,459 $18,760 5.08%
Securities:
Held-to-maturity 699,216 12,279 6.97%
Available-for-sale 4,449,346 64,644 5.76%
Trading account 40,418 471 4.62%
Total securities 5,188,980 77,394 5.92%
Loans:
Loans held for sale 195,597 2,975 6.03%
Net loans and leases (2) 38,255,377 734,662 7.62%
Total loans and leases 38,450,974 737,637 7.61%
Total interest-earning assets 45,106,413 833,791 7.33%
Cash and due from banks 1,407,714
Allowance for loan losses (424,413)
Goodwill 2,009,022
Core deposit and other intangibles 162,679
Other assets 2,679,737
Total assets $50,941,152
LIABILITIES
Interest-bearing deposits:
Savings and NOW $4,415,558 11,219 1.01%
Money market 10,440,278 90,141 3.43%
Internet money market 2,011,599 24,022 4.74%
Time under $100,000 2,582,100 28,783 4.42%
Time $100,000 and over 4,518,068 54,210 4.76%
Foreign 3,123,521 36,249 4.60%
Total interest-bearing deposits 27,091,124 244,624 3.58%
Borrowed funds:
Securities sold, not yet purchased 26,643 299 4.45%
Federal funds purchased and security
repurchase agreements 3,528,741 37,528 4.22%
Commercial paper 356,835 4,795 5.33%
FHLB advances and other borrowings:
One year or less 2,106,015 24,979 4.71%
Over one year 127,898 1,851 5.74%
Long-term debt 2,389,808 34,558 5.74%
Total borrowed funds 8,535,940 104,010 4.83%
Total interest-bearing liabilities 35,627,064 348,634 3.88%
Noninterest-bearing deposits 9,290,001
Other liabilities 657,606
Total liabilities 45,574,671
Minority interest 32,343
Shareholders' equity:
Preferred equity 240,000
Common equity 5,094,138
Total shareholders' equity 5,334,138
Total liabilities and shareholders'
equity $50,941,152
Spread on average interest-bearing funds 3.45%
Taxable-equivalent net interest income and
net yield on interest-earning assets $485,157 4.27%
(1) Taxable-equivalent rates used where applicable.
(2) Net of unearned income and fees, net of related costs. Loans include
nonaccrual and restructured loans.
SOURCE Zions Bancorporation
Contact: Clark Hinckley of Zions Bancorporation, +1-801-524-4787