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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Zions Bancorporation NA | NASDAQ:ZION | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.32 | 0.73% | 44.13 | 43.62 | 44.35 | 44.19 | 43.02 | 43.18 | 1,158,621 | 23:59:15 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
|
Washington, D.C. 20549
|
|
FORM 11-K
|
|
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended
December 31, 2015
|
|
OR
|
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[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ___________ to ___________
|
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COMMISSION FILE NUMBER 001-12307
|
|
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
|
|
ZIONS BANCORPORATION PAYSHELTER 401(K) AND
EMPLOYEE STOCK OWNERSHIP PLAN
|
|
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
|
|
ZIONS BANCORPORATION
One South Main, 15
th
Floor
Salt Lake City, Utah 84133
|
|
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Page
|
|
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(a)
|
Financial Statements and Supplemental Schedules –
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
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F-1
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|
|
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(b)
|
Signatures
|
F-2
|
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(c)
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Exhibit 23 – Consent of Independent Registered
Public Accounting Firm
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F-3
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Report of Independent Registered Public Accounting Firm
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Financial Statements
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Statements of Net Assets Available for Benefits
|
1
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Statement of Changes in Net Assets Available for Benefits
|
2
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Notes to Financial Statements
|
3
|
|
|
|
|
Supplemental Schedules
|
|
|
|
|
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Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
|
15
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Schedule H, Line 4j – Schedule of Reportable Transactions
|
17
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December 31,
|
||||||
|
2015
|
|
2014
|
||||
Assets
|
|
|
|
||||
Investments at fair value:
|
|
|
|
||||
Zions Bancorporation common stock
|
$
|
229,005,214
|
|
|
$
|
243,032,770
|
|
Common collective trust fund
|
78,159,500
|
|
|
78,467,298
|
|
||
Registered investment companies
|
523,828,195
|
|
|
520,754,644
|
|
||
Real estate joint venture and money market funds
|
75,590
|
|
|
87,979
|
|
||
|
831,068,499
|
|
|
842,342,691
|
|
||
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|
|
|
||||
Receivables:
|
|
|
|
||||
Participant and employer contributions
|
7,393,979
|
|
|
13,321,815
|
|
||
Notes receivable from participants
|
17,756,969
|
|
|
18,227,352
|
|
||
|
25,150,948
|
|
|
31,549,167
|
|
||
Net assets reflecting all investments at fair value
|
856,219,447
|
|
|
873,891,858
|
|
||
|
|
|
|
||||
Adjustment from fair value to contract value for fully benefit-responsive investment contracts held in common collective trust fund
|
(557,139
|
)
|
|
(1,129,340
|
)
|
||
Net assets available for benefits
|
$
|
855,662,308
|
|
|
$
|
872,762,518
|
|
|
|
|
|
||||
|
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|
|
||||
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|
||||
See accompanying notes to financial statements.
|
|
|
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Additions to/(deductions from) net assets attributable to:
|
|
||
|
|
||
Investment income:
|
|
||
Net depreciation in fair value of investments
|
$
|
(37,201,568
|
)
|
Interest and dividends
|
29,087,842
|
|
|
|
|
||
Contributions:
|
|
||
Participant
|
51,124,988
|
|
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Employer
|
31,637,097
|
|
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Rollovers
|
4,408,012
|
|
|
|
|
||
Benefits paid directly to participants
|
(96,156,581
|
)
|
|
|
|
||
Net decrease
|
(17,100,210
|
)
|
|
|
|
||
Net assets available for benefits:
|
|
||
Beginning of year
|
872,762,518
|
|
|
End of year
|
$
|
855,662,308
|
|
|
|
||
|
|
||
|
|
||
See accompanying notes to financial statements.
|
Years of vesting service
|
|
Percent vested
|
|
Years of vesting service
|
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Percent vested
|
|
|
|
|
|
|
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Less than 2
|
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None
|
|
4
|
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60%
|
2
|
|
20%
|
|
5 or more
|
|
100%
|
3
|
|
40%
|
|
|
|
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
|
|
|
||||
Zions Bancorporation common stock
|
$
|
229,005,214
|
|
|
$
|
243,032,770
|
|
Fidelity Managed Income Portfolio II – Class 2
|
78,159,500
|
|
|
78,467,298
|
|
||
Fidelity Contrafund K
|
56,781,756
|
|
|
56,153,268
|
|
Zions Bancorporation common stock
|
$
|
(8,335,595
|
)
|
Registered investment companies
and real estate joint venture
|
(28,865,973
|
)
|
|
|
$
|
(37,201,568
|
)
|
Net depreciation in fair value
|
$
|
(8,335,595
|
)
|
Interest and dividends
|
1,889,465
|
|
|
Contributions
|
40,274,958
|
|
|
Net transfers to other investments
|
(26,549,785
|
)
|
|
Benefits paid directly to participants
|
(21,306,599
|
)
|
|
Net decrease in net assets
|
(14,027,556
|
)
|
|
|
|
||
Net assets at beginning of year
|
243,032,770
|
|
|
Net assets at end of year
|
$
|
229,005,214
|
|
Level 1
|
Quoted prices in active markets for identical assets or liabilities that the Plan has the ability to access. For the Plan, Level 1 includes the Company’s common stock and registered investment companies.
|
Level 2
|
Observable inputs other than Level 1 including quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:
|
Level 3
|
Unobservable inputs for the asset or liability (i.e., supported by little or no market activity) whose value is determined by pricing models, discounted cash flow methodologies, or similar techniques. Level 3 inputs include management’s own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). For the Plan, Level 3 includes the real estate joint venture.
|
|
|
December 31, 2015
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Zions Bancorporation common stock
|
$
|
229,005,214
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
229,005,214
|
|
|
Common collective trust fund
|
|
|
|
78,159,500
|
|
|
|
|
78,159,500
|
|
||||||
Registered investment companies:
|
|
|
|
|
|
|
|
|||||||||
Domestic
|
|
348,562,399
|
|
|
|
|
|
|
348,562,399
|
|
||||||
International
|
|
38,410,868
|
|
|
|
|
|
|
38,410,868
|
|
||||||
Lifecycle
|
|
136,854,928
|
|
|
|
|
|
|
136,854,928
|
|
||||||
|
|
523,828,195
|
|
|
|
|
|
|
523,828,195
|
|
||||||
Money market funds
|
|
|
|
75,590
|
|
|
|
|
75,590
|
|
||||||
|
|
$
|
752,833,409
|
|
|
$
|
78,235,090
|
|
|
$
|
—
|
|
|
$
|
831,068,499
|
|
|
|
December 31, 2014
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Zions Bancorporation common stock
|
$
|
243,032,770
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
243,032,770
|
|
|
Common collective trust fund
|
|
|
|
78,467,298
|
|
|
|
|
78,467,298
|
|
||||||
Registered investment companies:
|
|
|
|
|
|
|
|
|||||||||
Domestic
|
|
359,247,978
|
|
|
|
|
|
|
359,247,978
|
|
||||||
International
|
|
39,715,146
|
|
|
|
|
|
|
39,715,146
|
|
||||||
Lifecycle
|
|
121,791,520
|
|
|
|
|
|
|
121,791,520
|
|
||||||
|
|
520,754,644
|
|
|
|
|
|
|
520,754,644
|
|
||||||
Real estate joint venture
|
|
|
|
|
|
87,979
|
|
|
87,979
|
|
||||||
|
|
$
|
763,787,414
|
|
|
$
|
78,467,298
|
|
|
$
|
87,979
|
|
|
$
|
842,342,691
|
|
Fair value
at December 31,
|
|
Investment
|
|
Unfunded commitments
|
|
Redemption
|
||||
|
|
|
|
|
|
|
|
|
||
2015:
|
|
$
|
78,159,500
|
|
|
Common collective trust fund
|
|
none
|
|
Any business day, subject to certain restrictions; however, actual redemption values may vary from recorded amounts at December 31, 2015 (see previous discussion).
|
2014:
|
|
$
|
78,467,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
||||||
|
|
2015
|
|
2014
|
||||
Net assets available for benefits in accompanying financial statements
|
|
$
|
855,662,308
|
|
|
$
|
872,762,518
|
|
Add adjustment between fair value and contract value related to fully benefit-responsive investment contracts held in common collective trust fund
|
|
557,139
|
|
|
1,129,340
|
|
||
Net assets in Form 5500
|
|
$
|
856,219,447
|
|
|
$
|
873,891,858
|
|
Net decrease in statement of changes in net assets available
for benefits
|
|
$
|
(17,100,210
|
)
|
|
|
|
||
Adjustment between fair value and contract value related to fully benefit-responsive investment contracts held in common collective trust fund:
|
|
|
||
|
|
|
||
Less: Amount at December 31, 2014
|
|
(1,129,340
|
)
|
|
Add: Amount at December 31, 2015
|
|
557,139
|
|
|
Net income in Form 5500
|
|
$
|
(17,672,411
|
)
|
(a)
|
|
(b)
Identity of Issue, Borrower,
Lessor, or Similar Party
|
|
(c)
Description of Investment
|
|
(d)
Cost of Remain-
ing Assets (1)
|
|
(e)
Current Value
|
|||||
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
|
|
International
|
|
|
|
|
|
|
|||||
|
|
OAKMARK
|
|
INTERNATIONAL I (473,682 shares)
|
|
|
|
$
|
10,117,842
|
|
|||
|
|
AMERICAN FUNDS
|
|
EUROPACIFIC GROWTH R6 (103,985 shares)
|
|
4,712,598
|
|
||||||
|
|
BLACKROCK FUNDS
|
|
INTERNATIONAL OPPS INSTITUTIONAL (216,919 shares)
|
|
6,978,277
|
|
||||||
|
|
LOOMIS SAYLES FUNDS
|
|
GLOBAL BOND INSTITUTIONAL (126,024 shares)
|
|
1,870,200
|
|
||||||
|
|
MORGAN STANLEY
|
|
INST INTERNATIONAL REAL ESTATE (119,840 shares)
|
|
2,242,214
|
|
||||||
*
|
|
|
FIDELITY INVESTMENTS
|
|
SPARTAN INTERNATIONAL INDEX (347,613 shares)
|
|
12,489,737
|
|
|||||
|
|
|
|
|
|
|
|
38,410,868
|
|
||||
|
|
Lifecycle
|
|
|
|
|
|
|
|||||
|
|
VANGUARD
|
|
TARGET RETIREMENT 2010 (306,032 shares)
|
|
7,614,084
|
|
||||||
|
|
VANGUARD
|
|
TARGET RETIREMENT 2015 (587,149 shares)
|
|
8,355,126
|
|
||||||
|
|
VANGUARD
|
|
TARGET RETIREMENT 2020 (1,094,685 shares)
|
|
29,720,700
|
|
||||||
|
|
VANGUARD
|
|
TARGET RETIREMENT 2025 (1,266,003 shares)
|
|
19,774,971
|
|
||||||
|
|
VANGUARD
|
|
TARGET RETIREMENT 2030 (781,300 shares)
|
|
21,657,626
|
|
||||||
|
|
VANGUARD
|
|
TARGET RETIREMENT 2035 (668,733 shares)
|
|
11,261,457
|
|
||||||
|
|
VANGUARD
|
|
TARGET RETIREMENT 2040 (663,763 shares)
|
|
18,884,047
|
|
||||||
|
|
VANGUARD
|
|
TARGET RETIREMENT 2045 (517,898 shares)
|
|
9,208,220
|
|
||||||
|
|
VANGUARD
|
|
TARGET RETIREMENT 2050 (280,207 shares)
|
|
7,983,084
|
|
||||||
|
|
VANGUARD
|
|
TARGET RETIREMENT 2055 (69,059 shares)
|
|
2,129,087
|
|
||||||
|
|
VANGUARD
|
|
TARGET RETIREMENT 2060 (9,795 shares)
|
|
266,526
|
|
||||||
|
|
|
|
|
|
|
|
136,854,928
|
|
||||
|
|
|
|
|
|
|
|
523,828,195
|
|
||||
|
|
|
|
|
|
|
|
|
|||||
*
|
|
|
FIDELITY INVESTMENTS
|
PRIME INST MONEY MARKET FUND (75,590 shares)
|
|
75,590
|
|
||||||
|
|
|
|
|
|
|
|
$
|
831,068,499
|
|
|||
|
|
|
|
|
|
|
|
|
|||||
|
|
RECEIVABLES
|
|
|
|
|
|
|
|||||
*
|
|
|
Notes receivable from participants
|
Interest rates ranging from 4.25% to 9.25%, with maturities through November 2025
|
|
|
|
$
|
17,756,969
|
|
|||
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
*
|
|
|
Indicates party-in-interest to the Plan.
|
|
|
|
|
||||||
(1
|
)
|
|
Only provided for nonparticipant-directed investments.
|
|
|
|
|
|
ZIONS BANCORPORATION PAYSHELTER 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN
|
|
By:
|
/s/ Paul E. Burdiss
|
|
Name:
|
PAUL E. BURDISS,
|
|
|
Executive Vice President and Chief Financial Officer of Zions Bancorporation
|
1 Year Zions Bancorporation NA Chart |
1 Month Zions Bancorporation NA Chart |
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