0000109380-14-000205.txt : 20141020 0000109380-14-000205.hdr.sgml : 20141020 20141020164313 ACCESSION NUMBER: 0000109380-14-000205 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20141020 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141020 DATE AS OF CHANGE: 20141020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZIONS BANCORPORATION /UT/ CENTRAL INDEX KEY: 0000109380 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 870227400 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12307 FILM NUMBER: 141164260 BUSINESS ADDRESS: STREET 1: ONE SOUTH MAIN STREET STREET 2: 15TH FLOOR CITY: SALT LAKE CITY STATE: UT ZIP: 84111 BUSINESS PHONE: 8015244787 MAIL ADDRESS: STREET 1: ONE SOUTH MAIN STREET STREET 2: 15TH FLOOR CITY: SALT LAKE CITY STATE: UT ZIP: 84111 FORMER COMPANY: FORMER CONFORMED NAME: ZIONS UTAH BANCORPORATION DATE OF NAME CHANGE: 19870615 FORMER COMPANY: FORMER CONFORMED NAME: ZIONS FIRST NATIONAL INVESTMENT CO DATE OF NAME CHANGE: 19660921 8-K 1 a3q20148-kcoverpage.htm 8-K 3Q2014 8-K Cover Page




 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
October 20, 2014
ZIONS BANCORPORATION
(Exact name of registrant as specified in its charter)
Utah
001-12307
87-0227400
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)

One South Main, 15th Floor, Salt Lake City, Utah
84133
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
801-844-7637
 
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))







Item 2.02    Results of Operations and Financial Condition.

On October 20, 2014, Zions Bancorporation (“the Company”) announced its financial results for the quarter ended September 30, 2014. The press release announcing the financial results for the quarter ended September 30, 2014 is filed as Exhibit 99.1 and incorporated herein by reference.


Item 8.01    Other Events.

The information provided in this Item 8.01 is incorporated by reference to Item 2.02 of this Current Report on Form 8-K, including the exhibit.


Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits.

The following exhibit is filed as part of this Current Report on Form 8-K:

Exhibit 99.1    Press Release dated October 20, 2014




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
ZIONS BANCORPORATION
 
 
 
 
 
 
 
By:
/s/ Doyle L. Arnold
 
Name:
Doyle L. Arnold
 
Title:
Vice Chairman and Chief Financial Officer
                    

Date: October 20, 2014




EX-99.1 2 a3q20148-kex991.htm EXHIBIT 3Q2014 8-K Ex 99.1

    
EXHIBIT 99.1                        





***FOR IMMEDIATE RELEASE***

For: ZIONS BANCORPORATION
 
 
 
 
Contact: James Abbott
One South Main, 15th Floor
 
 
 
 
Tel: (801) 844-7637
Salt Lake City, Utah
 
 
 
 
October 20, 2014
Harris H. Simmons
 
 
 
 
 
Chairman/Chief Executive Officer
 
 
 
 
 


ZIONS BANCORPORATION REPORTS EARNINGS OF $0.40
PER DILUTED COMMON SHARE FOR THIRD QUARTER 2014

SALT LAKE CITY, October 20, 2014 – Zions Bancorporation (NASDAQ: ZION) (“Zions” or “the Company”) today reported third quarter net earnings applicable to common shareholders of $79.1 million, or $0.40 per diluted common share, compared to $104.5 million, or $0.56 per diluted share for the second quarter of 2014, and $209.7 million, or $1.12 per diluted share for the third quarter of 2013. Earnings per share this quarter were adversely impacted by debt extinguishment costs ($0.14 per share) and net losses on sales of securities ($0.06 per share), offset by reserve releases ($0.22 per share). In comparison, earnings per share benefited from reserve releases ($0.16 per share) in the second quarter of 2014, and from the redemption of Series C preferred stock ($0.68 per share) in the third quarter of 2013.

During the third quarter of 2014, the Company undertook considerable actions to reduce risk and enhance capital levels, both on an as-reported basis and under hypothetical stress test scenarios. Actions included:
•
Issuance of $525 million of common stock
•
Reduction of $835 million par amount of long-term debt through tender offers, early calls, and maturities
•
Reduction of $447 million in construction and land development loans through conversions to term, syndications, and increased participations
•
Sales of $174 million and paydowns of $32 million of collateralized debt obligations (“CDOs”)



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ZIONS BANCORPORATION
Press Release – Page 2
October 20, 2014

Third Quarter 2014 Highlights
•
Credit quality continued to improve as nonperforming lending-related assets declined 12% linked quarter and classified loans declined 7% linked quarter. These and other improvements in credit quality metrics contributed to negative provisions of $55 million for loans and $16 million for unfunded lending commitments.
•
Net interest income of $417 million this quarter was essentially unchanged from the prior quarter.
•
The estimated Tier 1 common equity ratio increased to 11.88% at September 30, 2014 from 10.45% at June 30, 2014, resulting primarily from the capital and risk management actions previously discussed.

“We accomplished a number of actions this quarter designed to significantly improve the capital and risk profile of the Company, and Zions now has one of the strongest capital ratios of all the large U.S. banks.  Additionally, by materially reducing expensive and unneeded debt, we improved future pretax earnings by more than $50 million annually,” said Harris H. Simmons, chairman and chief executive officer.  “At the same time, we are pleased that the underlying performance of our franchise continued to strengthen – the credit quality metrics remain among the best of the large U.S. banks.  Finally, although operating expenses increased moderately, we remain sanguine with the progress of overhauling our core operating and accounting systems, and the ultimate efficiencies that should result from such efforts.”

Loans
Net loans and leases held for investment increased $110 million, or 0.3%, to $39.7 billion at September 30, 2014 from $39.6 billion at June 30, 2014. Increases of $691 million primarily included (1) $326 million in 1-4 family residential loans, which included a purchase of $249 million of high quality jumbo ARMs in our Western states footprint from another bank and (2) $197 million in term commercial real estate loans. The increases were partially offset by $581 million of decreases, which included managed reductions of $447 million in construction and land development loans that included conversions to term, syndications, and participations for portfolio concentration risk management purposes.

Average loans and leases of $39.6 billion during the third quarter of 2014 were essentially unchanged from the second quarter. Unfunded lending commitments were $17.2 billion at September 30, 2014, compared to $17.5 billion at June 30, 2014.

Deposits
Total deposits increased $595 million to $46.3 billion at September 30, 2014, compared to $45.7 billion at June 30, 2014, primarily due to increases in commercial account balances. Average total deposits for the third quarter of 2014 increased $832 million, or 2%, to $46.3 billion, compared to $45.5 billion for the second quarter of 2014. The ratio of average loans to average deposits was 85.5% for the third quarter of 2014, compared to 87.0% for the second quarter of 2014.

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ZIONS BANCORPORATION
Press Release – Page 3
October 20, 2014


Debt and Shareholders’ Equity
On September 29, 2014, through tender offers, the Company completed the purchase of $500 million par amount, or 56%, of its 4.0% and 4.5% senior notes maturing in June 2016, March 2017, and June 2023. Debt extinguishment costs of approximately $44 million included $34 million of early tender premiums. During the third quarter of 2014, approximately $335 million of other senior and subordinated notes matured or were redeemed under an early call provision. As a result of these debt redemptions, the total amount of long-term debt outstanding declined to $1.1 billion at September 30, 2014 from $1.9 billion at June 30, 2014 and $2.3 billion at September 30, 2013.

On July 28, 2014, the Company issued $525 million of common stock, which was $125 million more than the Company proposed in its 2014 resubmitted Capital Plan. The issuance consisted of approximately 17.6 million shares at a price of $29.80 per share and, after issuance costs, added a net amount of approximately $516 million to Tier 1 common capital.

Tangible book value per common share improved by approximately 3% compared to the prior quarter, increasing to $26.00 from $25.13. Compared to the year-ago period, tangible book value per common share improved by approximately 12%.

The estimated Tier 1 common equity ratio was 11.88% at September 30, 2014, compared to 10.45% at June 30, 2014.

Investment Securities
During the third quarter, the Company sold approximately $239 million par amount of CDO securities ($174 million amortized cost), resulting in realized losses of $19 million. Continued improvement in market prices resulted in securities being sold at amounts generally exceeding their fair values at June 30, 2014, and in some cases, exceeding the Company’s amortized cost. Gains on paydowns of CDO securities were approximately $5 million during the third quarter, essentially the same amount as the second quarter. The Company did not record any other-than-temporary impairment (“OTTI”) on its investment securities in the third or second quarters of 2014.

Net Interest Income
Net interest income of $417 million for the third quarter of 2014 was essentially unchanged from the second quarter of 2014. Declines in interest and fees on loans were offset by lower interest expense on long-term debt. The net interest margin decreased to 3.20% in the third quarter of 2014, compared to 3.29% in the second quarter of 2014. The net interest margin was negatively affected by higher average cash balances of approximately $1 billion held

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ZIONS BANCORPORATION
Press Release – Page 4
October 20, 2014

until the large repayments of debt late in the quarter, and by lower gross income of approximately $5 million on FDIC-supported/PCI loans, which continues to decline due to the runoff of the portfolio.

Noninterest Income
Noninterest income for the third quarter of 2014 was $116 million, compared to $125 million for the second quarter of 2014. The decrease was due primarily to $19 million of net losses on sales of CDO securities, as previously discussed, which did not occur in the prior quarter. Other changes included an increase of $3 million in dividends and other investment income, primarily from the Company’s investment in Farmer Mac and from proceeds on BOLI policies. Service charges and fees on deposit accounts, and other service charges, commissions and fees increased by approximately $6 million during the third quarter compared to the prior quarter.

Noninterest Expense
Noninterest expense for the third quarter of 2014 was $439 million compared to $406 million for the second quarter of 2014. The most significant change was a $44 million expense in the third quarter associated with debt extinguishment, as previously discussed, which did not occur in the prior quarter. Additionally, the provision for unfunded lending commitments declined to a negative $16 million in the third quarter from $7 million in the prior quarter, attributable to improved credit quality metrics, as discussed later. The Company also incurred $8 million of incremental expenses in the third quarter associated with the technology projects to replace the Company’s core loan, deposit, and accounting systems, which costs are included primarily in salary and employee benefits and professional and legal services.

Salaries and employee benefits increased to $246 million from $239 million in the prior quarter. Severance costs included in salaries and employee benefits were $5 million in the third quarter, up from $1 million in the prior quarter. The increased severance costs were attributable to identified staff reductions planned for the second half of 2015 to streamline loan operations as part of the technology replacement project.

Professional and legal services increased by $4 million in the third quarter compared to the prior quarter, also due to the technology replacement project.

Asset Quality
Credit quality continued to improve as nonperforming lending-related assets declined 12% to $335 million at September 30, 2014 from $379 million at June 30, 2014. Classified loans were $1.1 billion at September 30, 2014, compared to $1.2 billion at June 30, 2014. The ratio of nonperforming lending-related assets to loans and leases and other real estate owned decreased to 0.84% at September 30, 2014, compared to 0.95% at June 30, 2014.


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ZIONS BANCORPORATION
Press Release – Page 5
October 20, 2014

Net loan and lease charge-offs were $11 million in the third quarter of 2014, compared to $6 million in the second quarter of 2014. Recoveries were $15 million in the third quarter, compared to $17 million in the second quarter. Gross loan and lease charge-offs were $26 million in the third quarter, compared to $23 million in the second quarter.

The provision for credit losses consists of the provision for loan losses (negative $55 million in the third quarter) plus the provision for unfunded lending commitments (negative $16 million in the third quarter). The negative provision for loan losses in the third quarter is consistent with the amount in the second quarter. Both negative provisions this quarter reflect the continued improvement in portfolio-specific credit quality metrics, sustained improvement in broader economic and credit quality indicators, and the portfolio concentration actions described previously. The allowance for credit losses was $690 million, or 1.74%, of loans and leases at September 30, 2014, compared to $771 million, or 1.95%, of loans and leases at June 30, 2014.

Conference Call
Zions will host a conference call to discuss these third quarter results at 5:30 p.m. ET this afternoon (October 20, 2014). Media representatives, analysts and the public are invited to listen to this discussion by calling 253-237-1247 (domestic and international) and entering the passcode 6233688, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at www.zionsbancorporation.com. 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 Western markets. Zions operates its banking businesses under local management teams and community identities in 11 Western and Southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Company is a national leader in Small Business Administration lending and public finance advisory services, and received 12 “Excellence” awards by Greenwich Associates for the 2013 survey. 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 www.zionsbancorporation.com.

Forward-Looking Information
Statements in this press release that are based on other than historical data or that express the Company’s expectations regarding future events or determinations 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 or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management’s views as of any subsequent date.

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ZIONS BANCORPORATION
Press Release – Page 6
October 20, 2014

Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov).

Except as required by law, 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.

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ZIONS BANCORPORATION
Press Release – Page 7
October 20, 2014

FINANCIAL HIGHLIGHTS
(Unaudited)
 
Three Months Ended
(In thousands, except share, per share, and ratio data)
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
September 30,
2013
PER COMMON SHARE
 
 
 
 
 
 
 
 
 
Dividends
$
0.04

 
$
0.04

 
$
0.04

 
$
0.04

 
$
0.04

Book value per common share 1
31.14

 
30.77

 
30.19

 
29.57

 
28.87

Tangible book value per common share 1
26.00

 
25.13

 
24.53

 
23.88

 
23.16

 
 
 
 
 
 
 
 
 
 
SELECTED RATIOS
 
 
 
 
 
 
 
 
 
Return on average assets
0.68
%
 
0.87
%
 
0.74
%
 
(0.30
)%
 
0.80
%
Return on average common equity
5.05
%
 
7.30
%
 
5.52
%
 
(4.51
)%
 
16.03
%
Tangible return on average tangible common equity
6.19
%
 
9.07
%
 
6.96
%
 
(5.45
)%
 
20.34
%
Net interest margin
3.20
%
 
3.29
%
 
3.31
%
 
3.33
 %
 
3.22
%
 
 
 
 
 
 
 
 
 
 
Capital Ratios
 
 
 
 
 
 
 
 
 
Tangible common equity ratio 1
9.70
%
 
8.60
%
 
8.24
%
 
8.02
 %
 
7.90
%
Tangible equity ratio 1
11.54
%
 
10.46
%
 
10.06
%
 
9.85
 %
 
9.75
%
Average equity to average assets
12.87
%
 
12.26
%
 
11.90
%
 
11.20
 %
 
12.39
%
 
 
 
 
 
 
 
 
 
 
Risk-Based Capital Ratios 1,2
 
 
 
 
 
 
 
 
 
Tier 1 common equity
11.88
%
 
10.45
%
 
10.56
%
 
10.18
 %
 
10.47
%
Tier 1 leverage
11.87
%
 
11.00
%
 
10.71
%
 
10.48
 %
 
10.63
%
Tier 1 risk-based capital
14.45
%
 
13.00
%
 
13.19
%
 
12.77
 %
 
13.10
%
Total risk-based capital
16.31
%
 
14.90
%
 
15.11
%
 
14.67
 %
 
14.82
%
 
 
 
 
 
 
 
 
 
 
Taxable-equivalent net interest income
$
420,850

 
$
420,202

 
$
420,305

 
$
435,714

 
$
419,236

 
 
 
 
 
 
 
 
 
 
Weighted average common and common-equivalent shares outstanding
197,271,076

 
185,286,329

 
185,122,844

 
184,208,544

 
184,742,414

Common shares outstanding 1
202,898,491

 
185,112,965

 
184,895,182

 
184,677,696

 
184,600,005


1 At period end.
2 Ratios for September 30, 2014 are estimates.


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ZIONS BANCORPORATION
Press Release – Page 8
October 20, 2014

CONSOLIDATED BALANCE SHEETS
(In thousands, except shares)
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
September 30,
2013
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
 
 
(Unaudited)
ASSETS
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
588,691

 
$
1,384,131

 
$
1,341,319

 
$
1,175,083

 
$
1,365,082

Money market investments:
 
 
 
 
 
 
 
 
 
Interest-bearing deposits
7,464,865

 
6,386,353

 
8,157,837

 
8,175,048

 
8,180,639

Federal funds sold and security resell agreements
355,844

 
478,535

 
379,947

 
282,248

 
209,070

Investment securities:
 
 
 
 
 
 
 
 
 
Held-to-maturity, at adjusted cost (approximate fair value $642,529, $643,926, $635,379, $609,547, and $727,908)
609,758

 
615,104

 
606,279

 
588,981

 
777,849

Available-for-sale, at fair value
3,563,408

 
3,462,809

 
3,423,205

 
3,701,886

 
3,333,889

Trading account, at fair value
55,419

 
56,572

 
56,172

 
34,559

 
38,278

 
4,228,585

 
4,134,485

 
4,085,656

 
4,325,426

 
4,150,016

 
 
 
 
 
 
 
 
 
 
Loans held for sale
109,139

 
164,374

 
126,344

 
171,328

 
114,810

 
 
 
 
 
 
 
 
 
 
Loans and leases, net of unearned income and fees
39,739,795

 
39,630,363

 
39,198,136

 
39,043,365

 
38,272,730

Less allowance for loan losses
610,277

 
675,907

 
736,953

 
746,291

 
797,523

Loans, net of allowance
39,129,518

 
38,954,456

 
38,461,183

 
38,297,074

 
37,475,207

 
 
 
 
 
 
 
 
 
 
Other noninterest-bearing investments
855,743

 
854,978

 
848,775

 
855,642

 
851,349

Premises and equipment, net
811,127

 
803,214

 
785,519

 
726,372

 
720,365

Goodwill
1,014,129

 
1,014,129

 
1,014,129

 
1,014,129

 
1,014,129

Core deposit and other intangibles
28,160

 
30,826

 
33,562

 
36,444

 
39,667

Other real estate owned
27,418

 
27,725

 
39,248

 
46,105

 
66,381

Other assets
845,651

 
878,069

 
807,325

 
926,228

 
1,001,597

 
$
55,458,870

 
$
55,111,275

 
$
56,080,844

 
$
56,031,127

 
$
55,188,312

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
Noninterest-bearing demand
$
19,770,405

 
$
19,609,990

 
$
19,257,889

 
$
18,758,753

 
$
18,566,137

Interest-bearing:
 
 
 
 
 
 
 
 
 
Savings and money market
23,742,911

 
23,308,114

 
23,097,351

 
23,029,928

 
22,806,132

Time
2,441,756

 
2,500,303

 
2,528,735

 
2,593,038

 
2,689,688

Foreign
310,264

 
252,207

 
1,648,111

 
1,980,161

 
1,607,409

 
46,265,336

 
45,670,614

 
46,532,086

 
46,361,880

 
45,669,366

 
 
 
 
 
 
 
 
 
 
Federal funds and other short-term borrowings
191,798

 
258,401

 
279,837

 
340,348

 
273,774

Long-term debt
1,113,677

 
1,933,136

 
2,158,701

 
2,273,575

 
2,304,301

Reserve for unfunded lending commitments
79,377

 
95,472

 
88,693

 
89,705

 
84,147

Other liabilities
486,523

 
453,562

 
435,311

 
501,056

 
523,915

Total liabilities
48,136,711

 
48,411,185

 
49,494,628

 
49,566,564

 
48,855,503

 
 
 
 
 
 
 
 
 
 
Shareholders’ equity:
 
 
 
 
 
 
 
 
 
Preferred stock, without par value, authorized 4,400,000 shares
1,004,006

 
1,004,006

 
1,003,970

 
1,003,970

 
1,003,970

Common stock, without par value; authorized 350,000,000 shares; issued and outstanding 202,898,491, 185,112,965, 184,895,182, 184,677,696, and 184,600,005 shares
4,717,295

 
4,192,136

 
4,185,513

 
4,179,024

 
4,172,887

Retained earnings
1,711,785

 
1,640,785

 
1,542,195

 
1,473,670

 
1,540,455

Accumulated other comprehensive income (loss)
(110,927
)
 
(136,837
)
 
(145,462
)
 
(192,101
)
 
(384,503
)
Total shareholders’ equity
7,322,159

 
6,700,090

 
6,586,216

 
6,464,563

 
6,332,809

 
$
55,458,870

 
$
55,111,275

 
$
56,080,844

 
$
56,031,127

 
$
55,188,312


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ZIONS BANCORPORATION
Press Release – Page 9
October 20, 2014

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
Three Months Ended
(In thousands, except per share amounts)
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
September 30,
2013
Interest income:
 
 
 
 
 
 
 
 
 
Interest and fees on loans
$
430,415

 
$
433,801

 
$
434,344

 
$
458,493

 
$
442,366

Interest on money market investments
5,483

 
4,888

 
5,130

 
5,985

 
6,175

Interest on securities
24,377

 
24,502

 
28,094

 
25,539

 
24,866

Total interest income
460,275

 
463,191

 
467,568

 
490,017

 
473,407

 
 
 
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
 
 
 
 
Interest on deposits
12,313

 
12,096

 
12,779

 
13,622

 
14,506

Interest on short- and long-term borrowings
31,144

 
34,812

 
38,324

 
44,360

 
43,380

Total interest expense
43,457

 
46,908

 
51,103

 
57,982

 
57,886

 
 
 
 
 
 
 
 
 
 
Net interest income
416,818

 
416,283

 
416,465

 
432,035

 
415,521

Provision for loan losses
(54,643
)
 
(54,416
)
 
(610
)
 
(30,538
)
 
(5,573
)
Net interest income after provision for loan losses
471,461

 
470,699

 
417,075

 
462,573

 
421,094

 
 
 
 
 
 
 
 
 
 
Noninterest income:
 
 
 
 
 
 
 
 
 
Service charges and fees on deposit accounts
44,941

 
42,873

 
42,594

 
43,729

 
44,701

Other service charges, commissions and fees
51,005

 
47,513

 
43,519

 
46,877

 
45,977

Wealth management income
7,438

 
7,980

 
7,077

 
8,067

 
7,120

Capital markets and foreign exchange
5,361

 
5,842

 
5,000

 
6,516

 
7,309

Dividends and other investment income
11,324

 
7,995

 
7,864

 
9,898

 
12,101

Loan sales and servicing income
6,793

 
6,335

 
6,474

 
5,155

 
8,464

Fair value and nonhedge derivative income (loss)
44

 
(1,934
)
 
(8,539
)
 
(5,347
)
 
(4,403
)
Equity securities gains, net
440

 
2,513

 
912

 
314

 
3,165

Fixed income securities gains (losses), net
(13,901
)
 
5,026

 
30,914

 
(6,624
)
 
1,580

Impairment losses on investment securities:
 
 
 
 
 
 
 
 
 
Impairment losses on investment securities
—

 
—

 
(27
)
 
(141,733
)
 
(10,470
)
Noncredit-related losses on securities not expected to be sold (recognized in other comprehensive income)
—

 
—

 
—

 
—

 
1,403

Net impairment losses on investment securities
—

 
—

 
(27
)
 
(141,733
)
 
(9,067
)
Other
2,627

 
707

 
2,531

 
1,998

 
5,243

Total noninterest income (loss)
116,072

 
124,850

 
138,319

 
(31,150
)
 
122,190

 
 
 
 
 
 
 
 
 
 
Noninterest expense:
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
245,520

 
238,764

 
233,406

 
226,616

 
229,185

Occupancy, net
28,495

 
28,939

 
28,305

 
28,733

 
28,230

Furniture, equipment and software
28,524

 
27,986

 
27,944

 
27,450

 
26,560

Other real estate expense
875

 
(266
)
 
1,607

 
(1,024
)
 
(831
)
Credit-related expense
6,475

 
7,139

 
6,906

 
6,509

 
7,265

Provision for unfunded lending commitments
(16,095
)
 
6,779

 
(1,012
)
 
5,558

 
(19,935
)
Professional and legal services
16,588

 
12,171

 
10,995

 
23,886

 
16,462

Advertising
6,094

 
6,803

 
6,398

 
5,571

 
6,091

FDIC premiums
8,204

 
8,017

 
7,922

 
8,789

 
9,395

Amortization of core deposit and other intangibles
2,665

 
2,736

 
2,882

 
3,224

 
3,570

Debt extinguishment cost
44,422

 
—

 
—

 
79,910

 
—

Other
66,769

 
66,959

 
72,710

 
79,528

 
64,671

Total noninterest expense
438,536

 
406,027

 
398,063

 
494,750

 
370,663

 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
148,997

 
189,522

 
157,331

 
(63,327
)
 
172,621

Income taxes (benefit)
53,109

 
69,972

 
56,121

 
(21,855
)
 
61,107

Net income (loss)
95,888

 
119,550

 
101,210

 
(41,472
)
 
111,514

Preferred stock dividends
(16,761
)
 
(15,060
)
 
(25,020
)
 
(17,965
)
 
(27,507
)
Preferred stock redemption
—

 
—

 
—

 
—

 
125,700

Net earnings (loss) applicable to common shareholders
$
79,127

 
$
104,490

 
$
76,190

 
$
(59,437
)
 
$
209,707

 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding during the period:
 
 
 
 
 
 
 
 
Basic shares
196,687

 
184,668

 
184,440

 
184,209

 
184,112

Diluted shares
197,271

 
185,286

 
185,123

 
184,209

 
184,742

 
 
 
 
 
 
 
 
 
 
Net earnings (loss) per common share:
 
 
 
 
 
 
 
 
 
Basic
$
0.40

 
$
0.56

 
$
0.41

 
$
(0.32
)
 
$
1.13

Diluted
0.40

 
0.56

 
0.41

 
(0.32
)
 
1.12


- more -

ZIONS BANCORPORATION
Press Release – Page 10
October 20, 2014

Loan Balances Held for Investment by Portfolio Type
(Unaudited)
(In millions)
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
September 30,
2013
Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
 
$
12,897

 
 
 
$
12,805

 
 
 
$
12,512

 
 
 
$
12,481

 
 
 
$
11,904

 
Leasing
 
405

 
 
 
415

 
 
 
389

 
 
 
388

 
 
 
375

 
Owner occupied
 
7,334

 
 
 
7,387

 
 
 
7,348

 
 
 
7,437

 
 
 
7,379

 
Municipal
 
518

 
 
 
522

 
 
 
482

 
 
 
449

 
 
 
449

 
Total commercial
 
21,154

 
 
 
21,129

 
 
 
20,731

 
 
 
20,755

 
 
 
20,107

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
1,893

 
 
 
2,340

 
 
 
2,264

 
 
 
2,183

 
 
 
2,240

 
Term
 
8,166

 
 
 
7,969

 
 
 
8,080

 
 
 
8,006

 
 
 
7,929

 
Total commercial real estate
 
10,059

 
 
 
10,309

 
 
 
10,344

 
 
 
10,189

 
 
 
10,169

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Home equity credit line
 
2,255

 
 
 
2,204

 
 
 
2,165

 
 
 
2,133

 
 
 
2,124

 
1-4 family residential
 
5,153

 
 
 
4,827

 
 
 
4,796

 
 
 
4,737

 
 
 
4,637

 
Construction and other consumer real estate
 
350

 
 
 
338

 
 
 
330

 
 
 
325

 
 
 
321

 
Bankcard and other revolving plans
 
389

 
 
 
376

 
 
 
361

 
 
 
356

 
 
 
332

 
Other
 
190

 
 
 
196

 
 
 
186

 
 
 
198

 
 
 
208

 
Total consumer
 
8,337

 
 
 
7,941

 
 
 
7,838

 
 
 
7,749

 
 
 
7,622

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FDIC-supported/PCI loans 1
 
190

 
 
 
251

 
 
 
285

 
 
 
350

 
 
 
375

 
Total loans
 
$
39,740

 
 
 
$
39,630

 
 
 
$
39,198

 
 
 
$
39,043

 
 
 
$
38,273

 
1 FDIC-supported loans represent loans acquired from the FDIC subject to loss sharing agreements.


FDIC-Supported/PCI Loans – Effect of Higher Accretion
and Impact on FDIC Indemnification Asset
(Unaudited)
 
Three Months Ended
(In thousands)
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
September 30,
2013
Balance sheet:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in assets from reestimation of cash
flows – increase (decrease):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FDIC-supported/PCI loans
 
$
7,696

 
 
 
$
11,701

 
 
 
$
18,453

 
 
 
$
28,502

 
 
 
$
15,018

 
FDIC indemnification asset
 
(5,935
)
 
 
 
(9,314
)
 
 
 
(15,972
)
 
 
 
(19,934
)
 
 
 
(12,965
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at end of period:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FDIC-supported/PCI loans (included in loans and leases)
 
190,441

 
 
 
250,568

 
 
 
285,313

 
 
 
350,271

 
 
 
374,861

 
FDIC indemnification asset (included in other assets)
 
759

 
 
 
5,777

 
 
 
13,184

 
 
 
26,411

 
 
 
41,771

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
(In thousands)
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
September 30,
2013
Statement of income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and fees on loans
 
$
7,696

 
 
 
$
11,701

 
 
 
$
18,453

 
 
 
$
28,502

 
 
 
$
15,018

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other noninterest expense
 
5,935

 
 
 
9,314

 
 
 
15,972

 
 
 
19,934

 
 
 
12,965

 
Net increase in pretax income
 
$
1,761

 
 
 
$
2,387

 
 
 
$
2,481

 
 
 
$
8,568

 
 
 
$
2,053

 

- more -

ZIONS BANCORPORATION
Press Release – Page 11
October 20, 2014

Nonperforming Lending-Related Assets
(Unaudited)

(Amounts in thousands)
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
September 30,
2013
 
 
 
 
 
 
 
 
 
 
Nonaccrual loans
$
306,716

 
$
349,415

 
$
397,549

 
$
402,219

 
$
466,795

Other real estate owned
24,762

 
26,498

 
37,841

 
42,817

 
58,295

Nonperforming lending-related assets, excluding FDIC-supported/PCI assets
331,478

 
375,913

 
435,390

 
445,036

 
525,090

 
 
 
 
 
 
 
 
 
 
FDIC-supported/PCI nonaccrual loans
514

 
2,032

 
4,117

 
4,394

 
4,744

FDIC-supported/PCI other real estate owned
2,656

 
1,227

 
1,407

 
3,288

 
8,086

FDIC-supported/PCI nonperforming
lending-related assets
3,170

 
3,259

 
5,524

 
7,682

 
12,830

Total nonperforming lending-related assets
$
334,648

 
$
379,172

 
$
440,914

 
$
452,718

 
$
537,920

 
 
 
 
 
 
 
 
 
 
Ratio of nonperforming lending-related assets to
loans 1 and leases and other real estate owned
0.84
%
 
0.95
%
 
1.12
%
 
1.15
%
 
1.40
%
 
 
 
 
 
 
 
 
 
 
Accruing loans past due 90 days or more, excluding FDIC-supported/PCI loans
$
10,330

 
$
13,728

 
$
6,661

 
$
9,957

 
$
9,398

Accruing FDIC-supported/PCI loans past due 90 days or more
20,425

 
33,041

 
31,529

 
30,391

 
22,450

Ratio of accruing loans past due 90 days or more to loans 1 and leases
0.08
%
 
0.12
%
 
0.10
%
 
0.10
%
 
0.08
%
 
 
 
 
 
 
 
 
 
 
Nonaccrual loans and accruing loans past due 90 days or more
$
337,985

 
$
398,216

 
$
439,856

 
$
446,961

 
$
503,387

Ratio of nonaccrual loans and accruing loans past due 90 days or more to loans 1 and leases
0.85
%
 
1.00
%
 
1.12
%
 
1.14
%
 
1.31
%
 
 
 
 
 
 
 
 
 
 
Accruing loans past due 30 - 89 days, excluding FDIC-supported/PCI loans
$
85,288

 
$
100,851

 
$
110,566

 
$
104,760

 
$
85,128

Accruing FDIC-supported/PCI loans past due
30 - 89 days
3,793

 
7,232

 
3,839

 
11,752

 
10,983

 
 
 
 
 
 
 
 
 
 
Restructured loans included in nonaccrual loans
109,673

 
103,157

 
130,534

 
136,135

 
166,573

Restructured loans on accrual
264,994

 
320,206

 
318,886

 
345,299

 
384,793

 
 
 
 
 
 
 
 
 
 
Classified loans, excluding FDIC-supported/PCI loans
1,135,826

 
1,225,993

 
1,295,976

 
1,240,148

 
1,432,806


1 Includes loans held for sale.

- more -

ZIONS BANCORPORATION
Press Release – Page 12
October 20, 2014

Allowance for Credit Losses
(Unaudited)

 
Three Months Ended
(Amounts in thousands)
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
September 30,
2013
Allowance for Loan Losses
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
675,907

 
$
736,953

 
$
746,291

 
$
797,523

 
$
813,912

Add:
 
 
 
 
 
 
 
 
 
Provision for losses
(54,643
)
 
(54,416
)
 
(610
)
 
(30,538
)
 
(5,573
)
Adjustment for FDIC-supported/PCI loans
(25
)
 
(444
)
 
(817
)
 
(1,481
)
 
(2,118
)
Deduct:
 
 
 
 
 
 
 
 
 
Gross loan and lease charge-offs
(26,471
)
 
(23,400
)
 
(20,795
)
 
(37,405
)
 
(22,826
)
Recoveries
15,509

 
17,214

 
12,884

 
18,192

 
14,128

Net loan and lease charge-offs
(10,962
)
 
(6,186
)
 
(7,911
)
 
(19,213
)
 
(8,698
)
Balance at end of period
$
610,277

 
$
675,907

 
$
736,953

 
$
746,291

 
$
797,523

 
 
 
 
 
 
 
 
 
 
Ratio of allowance for loan losses to loans and leases, at period end
1.54
%
 
1.71
%
 
1.88
%
 
1.91
%
 
2.08
%
 
 
 
 
 
 
 
 
 
 
Ratio of allowance for loan losses to nonperforming loans, at period end
198.64
%
 
192.32
%
 
183.47
%
 
183.54
%
 
169.13
%
 
 
 
 
 
 
 
 
 
 
Annualized ratio of net loan and lease charge-offs to average loans
0.11
%
 
0.06
%
 
0.08
%
 
0.20
%
 
0.09
%
 
 
 
 
 
 
 
 
 
 
Reserve for Unfunded Lending Commitments
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
95,472

 
$
88,693

 
$
89,705

 
$
84,147

 
$
104,082

Provision charged (credited) to earnings
(16,095
)
 
6,779

 
(1,012
)
 
5,558

 
(19,935
)
Balance at end of period
$
79,377

 
$
95,472

 
$
88,693

 
$
89,705

 
$
84,147

 
 
 
 
 
 
 
 
 
 
Total Allowance for Credit Losses
 
 
 
 
 
 
 
 
 
Allowance for loan losses
$
610,277

 
$
675,907

 
$
736,953

 
$
746,291

 
$
797,523

Reserve for unfunded lending commitments
79,377

 
95,472

 
88,693

 
89,705

 
84,147

Total allowance for credit losses
$
689,654

 
$
771,379

 
$
825,646

 
$
835,996

 
$
881,670

 
 
 
 
 
 
 
 
 
 
Ratio of total allowance for credit losses to loans and leases outstanding, at period end
1.74
%
 
1.95
%
 
2.11
%
 
2.14
%
 
2.30
%




- more -

ZIONS BANCORPORATION
Press Release – Page 13
October 20, 2014

Nonaccrual Loans by Portfolio Type
(Excluding FDIC-Supported/PCI Loans)
(Unaudited)
(In millions)
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
September 30,
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans held for sale
 
$
—

 
 
 
$
29

 
 
 
$
—

 
 
 
$
—

 
 
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
 
88

 
 
 
83

 
 
 
109

 
 
 
98

 
 
 
100

 
Leasing
 
1

 
 
 
1

 
 
 
1

 
 
 
1

 
 
 
1

 
Owner occupied
 
98

 
 
 
101

 
 
 
127

 
 
 
136

 
 
 
158

 
Municipal
 
8

 
 
 
9

 
 
 
10

 
 
 
10

 
 
 
10

 
Total commercial
 
195

 
 
 
194

 
 
 
247

 
 
 
245

 
 
 
269

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
25

 
 
 
23

 
 
 
29

 
 
 
29

 
 
 
65

 
Term
 
30

 
 
 
44

 
 
 
59

 
 
 
60

 
 
 
61

 
Total commercial real estate
 
55

 
 
 
67

 
 
 
88

 
 
 
89

 
 
 
126

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Home equity credit line
 
12

 
 
 
11

 
 
 
10

 
 
 
9

 
 
 
8

 
1-4 family residential
 
43

 
 
 
45

 
 
 
48

 
 
 
53

 
 
 
58

 
Construction and other consumer real estate
 
2

 
 
 
2

 
 
 
3

 
 
 
4

 
 
 
4

 
Bankcard and other revolving plans
 
—

 
 
 
1

 
 
 
1

 
 
 
1

 
 
 
1

 
Other
 
—

 
 
 
—

 
 
 
1

 
 
 
1

 
 
 
1

 
Total consumer
 
57

 
 
 
59

 
 
 
63

 
 
 
68

 
 
 
72

 
Subtotal nonaccrual loans
 
307

 
 
 
320

 
 
 
398

 
 
 
402

 
 
 
467

 
Total nonaccrual loans
 
$
307

 
 
 
$
349

 
 
 
$
398

 
 
 
$
402

 
 
 
$
467

 

Net Charge-Offs by Portfolio Type
(Unaudited)
 
Three Months Ended
(In millions)
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
September 30,
2013
Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
 
$
9

 
 
 
$
7

 
 
 
$
1

 
 
 
$
15

 
 
 
$
2

 
Leasing
 
—

 
 
 
—

 
 
 
(1
)
 
 
 
—

 
 
 
—

 
Owner occupied
 
2

 
 
 
(2
)
 
 
 
2

 
 
 
1

 
 
 
2

 
Municipal
 
—

 
 
 
—

 
 
 
—

 
 
 
—

 
 
 
—

 
Total commercial
 
11

 
 
 
5

 
 
 
2

 
 
 
16

 
 
 
4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
(2
)
 
 
 
(3
)
 
 
 
(2
)
 
 
 
(3
)
 
 
 
(1
)
 
Term
 
2

 
 
 
3

 
 
 
7

 
 
 
5

 
 
 
3

 
Total commercial real estate
 
—

 
 
 
—

 
 
 
5

 
 
 
2

 
 
 
2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Home equity credit line
 
—

 
 
 
1

 
 
 
—

 
 
 
—

 
 
 
1

 
1-4 family residential
 
(1
)
 
 
 
(1
)
 
 
 
1

 
 
 
—

 
 
 
1

 
Construction and other consumer real estate
 
—

 
 
 
—

 
 
 
(1
)
 
 
 
—

 
 
 
—

 
Bankcard and other revolving plans
 
1

 
 
 
—

 
 
 
2

 
 
 
1

 
 
 
1

 
Other
 
—

 
 
 
1

 
 
 
(1
)
 
 
 
—

 
 
 
—

 
Total consumer loans
 
—

 
 
 
1

 
 
 
1

 
 
 
1

 
 
 
3

 
Total net charge-offs
 
$
11

 
 
 
$
6

 
 
 
$
8

 
 
 
$
19

 
 
 
$
9

 

- more -

ZIONS BANCORPORATION
Press Release – Page 14
October 20, 2014

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)
 
Three Months Ended
 
September 30, 2014
 
June 30, 2014
 
March 31, 2014
(In thousands)
Average balance
 
Average
rate
 
Average balance
 
Average
rate
 
Average balance
 
Average
rate
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Money market investments
$
8,489,153

 
0.26
%
 
$
7,500,554

 
0.26
%
 
$
8,137,123

 
0.26
%
Securities:
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity
612,244

 
5.13
%
 
600,392

 
5.37
%
 
587,473

 
5.65
%
Available-for-sale
3,383,618

 
2.10
%
 
3,355,710

 
2.12
%
 
3,470,983

 
2.48
%
Trading account
50,970

 
3.14
%
 
66,929

 
3.39
%
 
58,543

 
3.34
%
Total securities
4,046,832

 
2.57
%
 
4,023,031

 
2.63
%
 
4,116,999

 
2.95
%
 
 
 
 
 
 
 
 
 
 
 
 
Loans held for sale
124,347

 
3.76
%
 
113,569

 
3.61
%
 
157,170

 
3.61
%
 
 
 
 
 
 
 
 
 
 
 
 
Loans 1:
 
 
 
 
 
 
 
 
 
 
 
Loans and leases
39,370,925

 
4.24
%
 
39,271,351

 
4.28
%
 
38,805,192

 
4.30
%
FDIC-supported/PCI loans
196,864

 
19.60
%
 
272,762

 
23.01
%
 
319,695

 
29.35
%
Total loans
39,567,789

 
4.33
%
 
39,544,113

 
4.41
%
 
39,124,887

 
4.51
%
Total interest-earning assets
52,228,121

 
3.53
%
 
51,181,267

 
3.66
%
 
51,536,179

 
3.71
%
Cash and due from banks
861,798

 
 
 
922,421

 
 
 
1,040,906

 
 
Allowance for loan losses
(674,590
)
 
 
 
(734,517
)
 
 
 
(745,671
)
 
 
Goodwill
1,014,129

 
 
 
1,014,129

 
 
 
1,014,129

 
 
Core deposit and other intangibles
29,535

 
 
 
32,234

 
 
 
35,072

 
 
Other assets
2,668,896

 
 
 
2,620,739

 
 
 
2,552,965

 
 
Total assets
$
56,127,889

 
 
 
$
55,036,273

 
 
 
$
55,433,580

 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposits:
 
 
 
 
 
 
 
 
 
 
 
Savings and money market
$
23,637,158

 
0.16
%
 
$
23,479,755

 
0.15
%
 
$
22,908,201

 
0.16
%
Time
2,466,552

 
0.45
%
 
2,507,489

 
0.47
%
 
2,560,283

 
0.49
%
Foreign
254,549

 
0.16
%
 
258,234

 
0.17
%
 
1,751,910

 
0.20
%
Total interest-bearing deposits
26,358,259

 
0.19
%
 
26,245,478

 
0.18
%
 
27,220,394

 
0.19
%
Borrowed funds:
 
 
 
 
 
 
 
 
 
 
 
Federal funds and other short-term borrowings
176,383

 
0.12
%
 
261,011

 
0.10
%
 
249,043

 
0.11
%
Long-term debt
1,878,247

 
6.57
%
 
2,038,810

 
6.84
%
 
2,237,457

 
6.93
%
Total borrowed funds
2,054,630

 
6.01
%
 
2,299,821

 
6.07
%
 
2,486,500

 
6.25
%
Total interest-bearing liabilities
28,412,889

 
0.61
%
 
28,545,299

 
0.66
%
 
29,706,894

 
0.70
%
Noninterest-bearing deposits
19,932,040

 
 
 
19,212,574

 
 
 
18,557,992

 
 
Other liabilities
557,604

 
 
 
529,716

 
 
 
569,361

 
 
Total liabilities
48,902,533

 
 
 
48,287,589

 
 
 
48,834,247

 
 
Shareholders’ equity:
 
 
 
 
 
 
 
 
 
 
 
Preferred equity
1,004,012

 
 
 
1,003,988

 
 
 
1,003,970

 
 
Common equity
6,221,344

 
 
 
5,744,696

 
 
 
5,595,363

 
 
Total shareholders’ equity
7,225,356

 
 
 
6,748,684

 
 
 
6,599,333

 
 
Total liabilities and shareholders’ equity
$
56,127,889

 
 
 
$
55,036,273

 
 
 
$
55,433,580

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Spread on average interest-bearing funds
 
 
2.92
%
 
 
 
3.00
%
 
 
 
3.01
%
 
 
 
 
 
 
 
 
 
 
 
 
Net yield on interest-earning assets
 
 
3.20
%
 
 
 
3.29
%
 
 
 
3.31
%
1 Net of unearned income and fees, net of related costs. Loans include nonaccrual and restructured loans.

- more -

ZIONS BANCORPORATION
Press Release – Page 15
October 20, 2014

CDO Investments – Selected Information Stratified into Performing
Tranches Without Credit Impairment and Nonperforming Tranches
 
 
September 30, 2014
 
 
 
 
 
 
 
 
 
 
Net unrealized (losses) gains recognized in AOCI 1
 
Weighted average discount rate 2
 
% of carrying value
to par
(Amounts in millions)
 
No. of
tranches
 
Par
amount
 
Amortized
cost
 
Carrying
value
 
 
Performing CDOs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Predominantly bank CDOs
 
19

 
$
497

 
$
462

 
$
379

 
 
$
(83
)
 
 
4.6
%
 
76%
Insurance CDOs
 
2

 
41

 
39

 
40

 
 
1

 
 
1.4
%
 
98%
Total performing CDOs
 
21

 
538

 
501

 
419

 
 
(82
)
 
 
4.3
%
 
78%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonperforming CDOs 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CDOs credit impaired prior to last 12 months
 
16

 
363

 
237

 
168

 
 
(69
)
 
 
3.8
%
 
46%
CDOs credit impaired during last 12 months
 
3

 
31

 
25

 
18

 
 
(7
)
 
 
4.9
%
 
58%
Total nonperforming CDOs
 
19

 
394

 
262

 
186

 
 
(76
)
 
 
3.9
%
 
47%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total CDOs
 
40

 
$
932

 
$
763

 
$
605

 
 
$
(158
)
 
 
4.1
%
 
65%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Amounts presented are pretax.
2 Margin over related LIBOR index.
3 Defined as either deferring current interest (“PIKing”) or OTTI.

CDO Investments – Changes in Selected Information
 
 
Changes from June 30, 2014 to September 30, 2014
 
 
 
 
 
 
 
 
 
 
Decrease (increase) in net unrealized losses recognized in AOCI
 
Weighted average discount rate
 
% of carrying value to par
(Amounts in millions)
 
No. of
tranches
 
Par
amount
 
Amortized
cost
 
Carrying
value
 
 
 
Performing CDOs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Predominantly bank CDOs
 
(4
)
 
$
(142
)
 
$
(118
)
 
$
(99
)
 
 
$
19

 
 
(0.6
)%
 
1
%
Insurance CDOs
 
—

 
(1
)
 
(1
)
 
(1
)
 
 
—

 
 
0.1
 %
 
—
%
Total performing CDOs
 
(4
)
 
(143
)
 
(119
)
 
(100
)
 
 
19

 
 
(0.6
)%
 
2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonperforming CDOs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CDOs credit impaired prior to last 12 months
 
(5
)
 
(97
)
 
(59
)
 
(41
)
 
 
18

 
 
(0.7
)%
 
1
%
CDOs credit impaired during last 12 months
 
(2
)
 
(36
)
 
(29
)
 
(20
)
 
 
9

 
 
(0.6
)%
 
1
%
Total nonperforming CDOs
 
(7
)
 
(133
)
 
(88
)
 
(61
)
 
 
27

 
 
(0.7
)%
 
—
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total CDOs
 
(11
)
 
$
(276
)
 
$
(207
)
 
$
(161
)
 
 
$
46

 
 
(0.7
)%
 
2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


- more -

ZIONS BANCORPORATION
Press Release – Page 16
October 20, 2014

GAAP to Non-GAAP Reconciliations
(Unaudited)
(Amounts in thousands)
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
September 30,
2013
Tangible Book Value per Common Share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity (GAAP)
$
7,322,159

 
$
6,700,090

 
$
6,586,216

 
$
6,464,563

 
$
6,332,809

Preferred stock
(1,004,006
)
 
(1,004,006
)
 
(1,003,970
)
 
(1,003,970
)
 
(1,003,970
)
Goodwill
(1,014,129
)
 
(1,014,129
)
 
(1,014,129
)
 
(1,014,129
)
 
(1,014,129
)
Core deposit and other intangibles
(28,160
)
 
(30,826
)
 
(33,562
)
 
(36,444
)
 
(39,667
)
Tangible common equity (non-GAAP) (a)
$
5,275,864

 
$
4,651,129

 
$
4,534,555

 
$
4,410,020

 
$
4,275,043

 
 
 
 
 
 
 
 
 
 
Common shares outstanding (b)
202,898

 
185,113

 
184,895

 
184,678

 
184,600

 
 
 
 
 
 
 
 
 
 
Tangible book value per common share (non-GAAP) (a/b)
$
26.00

 
$
25.13

 
$
24.53

 
$
23.88

 
$
23.16

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
(Amounts in thousands)
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
September 30,
2013
Tangible Return on Average Tangible Common Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings (loss) applicable to common shareholders (GAAP)
$
79,127

 
$
104,490

 
$
76,190

 
$
(59,437
)
 
$
209,707

 
 
 
 
 
 
 
 
 
 
Adjustments, net of tax:
 
 
 
 
 
 
 
 
 
Amortization of core deposit and other intangibles
1,690

 
1,735

 
1,827

 
2,046

 
2,268

Net earnings (loss) applicable to common shareholders, excluding the effects of the adjustments, net of tax (non-GAAP) (a)
$
80,817

 
$
106,225

 
$
78,017

 
$
(57,391
)
 
$
211,975

 
 
 
 
 
 
 
 
 
 
Average common equity (GAAP)
$
6,221,344

 
$
5,744,696

 
$
5,595,363

 
$
5,233,422

 
$
5,190,073

Average goodwill
(1,014,129
)
 
(1,014,129
)
 
(1,014,129
)
 
(1,014,129
)
 
(1,014,129
)
Average core deposit and other intangibles
(29,535
)
 
(32,234
)
 
(35,072
)
 
(38,137
)
 
(41,751
)
Average tangible common equity (non-GAAP) (b)
$
5,177,680

 
$
4,698,333

 
$
4,546,162

 
$
4,181,156

 
$
4,134,193

 
 
 
 
 
 
 
 
 
 
Number of days in quarter (c)
92

 
91

 
90

 
92

 
92

Number of days in year (d)
365

 
365

 
365

 
365

 
365

 
 
 
 
 
 
 
 
 
 
Tangible return on average tangible common equity (non-GAAP) (a/b/c*d)
6.19
%
 
9.07
%
 
6.96
%
 
(5.45
)%
 
20.34
%

This press release presents the non-GAAP financial measures previously shown. The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results.
The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period and company-to-company comparisons, which will assist investors and analysts in analyzing the operating results of the Company and in predicting future performance. These non-GAAP financial measures are used by management and the Board of Directors to assess the performance of the Company’s business for evaluating bank reporting segment performance, for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting these non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management and the Board of Directors.
Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by stakeholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

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