EX-99 3 earnings-8kexb.txt ZIONS CONSOLIDATED STATEMENTS OF INCOME ZIONS BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended ------------------------------------------------------------- (In thousands, except per share amounts) March 31, December 31, September 30, June 30, March 31, 2002 2001 2001 2001 2001 --------- --------- --------- --------- --------- Interest income: Interest and fees on loans .............................. $ 305,705 $ 309,675 $ 329,761 $ 331,947 $ 321,572 Interest on loans held for sale ......................... 2,736 3,933 2,905 3,158 3,084 Lease financing ......................................... 5,668 5,970 5,918 5,897 5,020 Interest on money market investments .................... 3,686 4,846 8,400 11,451 10,214 Interest on securities: Held to maturity - taxable ........................... 798 836 744 796 985 Held to maturity - nontaxable ........................ -- -- -- -- -- Available for sale - taxable ......................... 34,628 38,997 40,347 40,904 48,976 Available for sale - nontaxable ...................... 6,342 6,453 6,137 6,059 6,064 Trading account ...................................... 5,434 5,682 7,026 7,197 10,998 --------- --------- --------- --------- --------- Total interest income ............................. 364,997 376,392 401,238 407,409 406,913 --------- --------- --------- --------- --------- Interest expense: Interest on savings and money market deposits ........... 38,455 45,805 59,842 68,868 77,055 Interest on time and foreign deposits ................... 33,390 41,690 46,609 52,883 46,530 Interest on borrowed funds .............................. 36,937 37,076 47,674 50,640 67,491 --------- --------- --------- --------- --------- Total interest expense ............................ 108,782 124,571 154,125 172,391 191,076 --------- --------- --------- --------- --------- Net interest income ............................... 256,215 251,821 247,113 235,018 215,837 Provision for loan losses .................................. 18,090 26,714 21,470 12,235 12,772 --------- --------- --------- --------- --------- Net interest income after provision for loan losses 238,125 225,107 225,643 222,783 203,065 --------- --------- --------- --------- --------- Noninterest income: Service charges on deposit accounts ..................... 28,420 27,812 25,762 25,379 22,080 Loan sales and servicing income ......................... 6,926 31,599 23,383 22,177 19,595 Other service charges, commissions and fees ............. 21,190 22,135 19,341 19,358 17,534 Trust income ............................................ 4,413 4,710 4,158 4,655 4,775 Income from securities conduit .......................... 4,139 3,672 4,542 3,320 728 Underwriting, trading and nonhedge derivative income .... 15,435 5,335 7,892 6,867 14,042 Equity securities gains (losses), net ................... 621 (2,920) 10,267 2,038 27,854 Fixed income securities gains (losses), net ............. 43 159 158 278 (4,376) Other ................................................... 14,611 12,405 13,041 10,002 9,628 --------- --------- --------- --------- --------- Total noninterest income .......................... 95,798 104,907 108,544 94,074 111,860 --------- --------- --------- --------- --------- Noninterest expense: Salaries and employee benefits .......................... 117,474 113,169 114,279 106,887 107,115 Occupancy, net .......................................... 16,853 17,312 16,434 15,776 14,567 Furniture and equipment ................................. 16,362 16,413 15,822 14,650 14,256 Other real estate expense ............................... 701 823 1,149 222 182 Legal and professional services ......................... 6,652 8,086 10,004 6,320 7,615 Supplies ................................................ 3,749 3,850 3,909 4,086 2,919 Postage ................................................. 3,460 3,425 3,299 3,269 3,108 Advertising ............................................. 5,864 5,502 5,035 6,378 5,869 Merger-related expense .................................. -- 1,175 4,345 734 2,537 FDIC premiums ........................................... 787 808 825 830 735 Amortization of goodwill ................................ -- 8,809 9,031 8,903 7,142 Amortization of core deposit and other intangibles ...... 4,571 5,087 4,686 3,253 2,566 Other ................................................... 35,934 38,328 34,616 34,783 34,879 --------- --------- --------- --------- --------- Total noninterest expense ......................... 212,407 222,787 223,434 206,091 203,490 --------- --------- --------- --------- --------- Income before income taxes ........................ 121,516 107,227 110,753 110,766 111,435 Income taxes ............................................... 42,035 36,501 41,207 38,954 41,138 --------- --------- --------- --------- --------- Income before minority interest and cumulative effect of change in accounting principle ........ 79,481 70,726 69,546 71,812 70,297 Minority interest .......................................... (150) (1,160) (3,251) (1,783) (1,604) --------- --------- --------- --------- --------- Income before cumulative effect of change in accounting principle ......................... 79,631 71,886 72,797 73,595 71,901 Cumulative effect of change in accounting principle, adoption of FASB Statement No. 133, net of income tax benefit of $4,521 ............................. -- -- -- -- (7,159) --------- --------- --------- --------- --------- Net income ........................................ $ 79,631 $ 71,886 $ 72,797 $ 73,595 $ 64,742 ========= ========= ========= ========= ========= Income before cumulative effect, as adjusted ...... $ 79,631 $ 80,440 $ 81,549 $ 82,250 $ 78,996 ========= ========= ========= ========= ========= Net income, as adjusted ........................... $ 79,631 $ 80,440 $ 81,549 $ 82,250 $ 71,837 ========= ========= ========= ========= =========
ZIONS BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Continued) (Unaudited)
Three Months Ended ------------------------------------------------------------- (In thousands, except per share amounts) March 31, December 31, September 30, June 30, March 31, 2002 2001 2001 2001 2001 --------- --------- --------- --------- --------- Weighted average shares outstanding during the period: Basic shares ...................................... 92,055 92,036 92,306 92,165 88,247 Diluted shares .................................... 92,814 92,685 93,509 93,210 89,495 Net income per common share: Basic: Income before cumulative effect of change in accounting principle ............................... $ 0.87 $ 0.78 $ 0.79 $ 0.80 $ 0.81 Add back - goodwill amortization net of income tax benefit ........................................ -- 0.09 0.09 0.09 0.08 --------- --------- --------- --------- --------- Income before cumulative effect of change in accounting principle, as adjusted ............... 0.87 0.87 0.88 0.89 0.89 Cumulative effect of change in accounting principle, adoption of FASB Statement No. 133 ................. -- -- -- -- (0.08) --------- --------- --------- --------- --------- Net income, as adjusted .............................. $ 0.87 $ 0.87 $ 0.88 $ 0.89 $ 0.81 ========= ========= ========= ========= ========= Diluted: Income before cumulative effect of change in accounting principle ............................... $ 0.86 $ 0.78 $ 0.78 $ 0.79 $ 0.80 Add back - goodwill amortization net of income tax benefit ........................................ -- 0.09 0.09 0.09 0.08 --------- --------- --------- --------- --------- Income before cumulative effect of change in accounting principle, as adjusted ............... 0.86 0.87 0.87 0.88 0.88 Cumulative effect of change in accounting principle, adoption of FASB Statement No. 133 ................. -- -- -- -- (0.08) --------- --------- --------- --------- --------- Net income, as adjusted .............................. $ 0.86 $ 0.87 $ 0.87 $ 0.88 $ 0.80 ========= ========= ========= ========= =========