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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.90 | 2.11% | 43.62 | 42.72 | 44.19 | 44.17 | 43.235 | 43.69 | 2,095,638 | 01:00:00 |
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) | April 20, 2015 | ||||
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)) |
ZIONS BANCORPORATION | ||
By: | /s/ Doyle L. Arnold | |
Name: | Doyle L. Arnold | |
Title: | Vice Chairman and Chief Financial Officer |
For: ZIONS BANCORPORATION | Contact: James Abbott | ||||
One South Main, 15th Floor | Tel: (801) 844-7637 | ||||
Salt Lake City, Utah | April 20, 2015 | ||||
Harris H. Simmons | |||||
Chairman/Chief Executive Officer |
• | Credit quality metrics remained in line with expectations. However, as expected, energy-related nonperforming and classified loans increased and are expected to increase further in a continued low energy price environment. The Company experienced $17 million in net recoveries on loans. |
• | Total noninterest expenses improved to $397 million from $423 million in the prior quarter due in part to reduced costs from CCAR preparation. |
• | Net interest income declined somewhat, due primarily to fewer days of income and lower yields on loans as a result of continued pricing pressure on loan production particularly for larger commercial loans. |
• | The estimated Basel III common equity tier 1 capital ratio at March 31, 2015 was 11.81% on a 2015 phase-in basis, essentially unchanged from 11.82% at December 31, 2014. |
ENERGY-RELATED EXPOSURE* | % of total loans | % of total loans | % of total loans | |||||||||||||||||||||||
(In millions) | March 31, 2015 | December 31, 2014 | September 30, 2014 | |||||||||||||||||||||||
Loans and leases | ||||||||||||||||||||||||||
Oil and gas-related | $ | 3,157 | 7.9 | % | $ | 3,073 | 7.7 | % | $ | 2,992 | 7.5 | % | ||||||||||||||
Alternative energy | 232 | 225 | 208 | |||||||||||||||||||||||
Total loans and leases | 3,389 | 3,298 | 3,200 | |||||||||||||||||||||||
Unfunded commitments to extend credit | 2,451 | 2,731 | 2,659 | |||||||||||||||||||||||
Total credit exposure | $ | 5,840 | $ | 6,029 | $ | 5,859 | ||||||||||||||||||||
Private equity investments | $ | 20 | $ | 21 | $ | 20 |
Distribution of oil and gas-related balances | |||||||||||||||||
Upstream – exploration and production | 34 | % | 34 | % | 36 | % | |||||||||||
Midstream – marketing and transportation | 21 | % | 19 | % | 19 | % | |||||||||||
Downstream – refining | 4 | % | 4 | % | 3 | % | |||||||||||
Other non-services | 2 | % | 2 | % | 1 | % | |||||||||||
Oilfield services | 30 | % | 31 | % | 30 | % | |||||||||||
Energy service manufacturing | 9 | % | 10 | % | 11 | % | |||||||||||
Total loans and leases | 100 | % | 100 | % | 100 | % |
* | Because many borrowers operate in multiple businesses, judgment has been applied in characterizing a borrower as energy-related, including a particular segment of energy-related activity, e.g., upstream or downstream. The September 30, 2014 and December 31, 2014 numbers in the preceding table have been adjusted to remove certain credits which, upon review, were determined not to be energy-related. |
Three Months Ended | |||||||||||||||||||
(In thousands, except share, per share, and ratio data) | March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||
BALANCE SHEET | |||||||||||||||||||
Loans and leases, net of allowance | $ | 39,560,101 | $ | 39,458,995 | $ | 39,129,295 | $ | 38,954,172 | $ | 38,460,917 | |||||||||
Total assets | 57,555,931 | 57,208,874 | 55,458,870 | 55,111,275 | 56,080,844 | ||||||||||||||
Deposits | 48,123,360 | 47,848,075 | 46,266,562 | 45,672,140 | 46,533,305 | ||||||||||||||
Total shareholders’ equity | 7,454,298 | 7,369,530 | 7,322,159 | 6,700,090 | 6,586,216 | ||||||||||||||
STATEMENT OF INCOME | |||||||||||||||||||
Net interest income | $ | 417,346 | $ | 430,430 | $ | 416,819 | $ | 416,284 | $ | 416,471 | |||||||||
Taxable-equivalent net interest income | 421,581 | 434,789 | 420,850 | 420,202 | 420,305 | ||||||||||||||
Provision for loan losses | (1,494 | ) | 11,587 | (54,643 | ) | (54,416 | ) | (610 | ) | ||||||||||
Total noninterest income | 121,822 | 129,396 | 116,071 | 124,849 | 138,313 | ||||||||||||||
Total noninterest expense | 397,461 | 422,666 | 438,536 | 406,027 | 398,063 | ||||||||||||||
Net earnings applicable to common shareholders | 75,279 | 66,761 | 79,127 | 104,490 | 76,190 | ||||||||||||||
PER COMMON SHARE | |||||||||||||||||||
Net earnings per diluted common share | $ | 0.37 | $ | 0.33 | $ | 0.40 | $ | 0.56 | $ | 0.41 | |||||||||
Dividends | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||||||||||||
Book value per common share 1 | 31.74 | 31.35 | 31.14 | 30.77 | 30.19 | ||||||||||||||
Tangible book value per common share 1 | 26.64 | 26.23 | 26.00 | 25.13 | 24.53 | ||||||||||||||
SELECTED RATIOS | |||||||||||||||||||
Return on average assets | 0.66 | % | 0.57 | % | 0.69 | % | 0.87 | % | 0.74 | % | |||||||||
Return on average common equity | 4.77 | % | 4.06 | % | 5.10 | % | 7.30 | % | 5.52 | % | |||||||||
Tangible return on average tangible common equity | 5.80 | % | 4.95 | % | 6.19 | % | 9.07 | % | 6.96 | % | |||||||||
Net interest margin | 3.22 | % | 3.25 | % | 3.20 | % | 3.29 | % | 3.31 | % | |||||||||
Ratio of nonperforming lending-related assets to loans and leases and other real estate owned | 0.99 | % | 0.81 | % | 0.84 | % | 0.95 | % | 1.12 | % | |||||||||
Annualized ratio of net loan and lease charge-offs to average loans | (0.17 | )% | 0.17 | % | 0.11 | % | 0.06 | % | 0.08 | % | |||||||||
Ratio of total allowance for credit losses to loans and leases outstanding 1 | 1.75 | % | 1.71 | % | 1.74 | % | 1.95 | % | 2.11 | % | |||||||||
Capital Ratios 1 | |||||||||||||||||||
Tangible common equity ratio | 9.58 | % | 9.48 | % | 9.70 | % | 8.60 | % | 8.24 | % | |||||||||
Basel III: 2,3 | |||||||||||||||||||
Common equity tier 1 capital | 11.81 | % | 11.82 | % | |||||||||||||||
Tier 1 leverage | 11.77 | % | 11.59 | % | |||||||||||||||
Tier 1 risk-based capital | 13.99 | % | 14.03 | % | |||||||||||||||
Total risk-based capital | 16.04 | % | 16.08 | % | |||||||||||||||
Basel I: | |||||||||||||||||||
Tier 1 common equity | 11.92 | % | 11.86 | % | 10.45 | % | 10.56 | % | |||||||||||
Tier 1 leverage | 11.82 | % | 11.87 | % | 11.00 | % | 10.71 | % | |||||||||||
Tier 1 risk-based capital | 14.47 | % | 14.43 | % | 13.00 | % | 13.19 | % | |||||||||||
Total risk-based capital | 16.27 | % | 16.28 | % | 14.90 | % | 15.11 | % | |||||||||||
Weighted average common and common-equivalent shares outstanding | 202,944,209 | 203,277,500 | 197,271,076 | 185,286,329 | 185,122,844 | ||||||||||||||
Common shares outstanding 1 | 203,192,991 | 203,014,903 | 202,898,491 | 185,112,965 | 184,895,182 |
1 | At period end. |
2 | Ratios for March 31, 2015 are estimates. |
3 | Basel III capital ratios became effective January 1, 2015 and are based on a 2015 phase-in. December 31, 2014 ratios are pro forma. |
(In thousands, except shares) | March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks | $ | 720,858 | $ | 841,942 | $ | 585,672 | $ | 1,381,262 | $ | 1,338,930 | |||||||||
Money market investments: | |||||||||||||||||||
Interest-bearing deposits | 6,791,762 | 7,178,097 | 7,467,884 | 6,389,222 | 8,160,226 | ||||||||||||||
Federal funds sold and security resell agreements | 1,519,352 | 1,386,291 | 355,844 | 478,535 | 379,947 | ||||||||||||||
Investment securities: | |||||||||||||||||||
Held-to-maturity, at adjusted cost (approximate fair value $602,355, $677,196, $642,529, $643,926, and $635,379) | 590,950 | 647,252 | 609,758 | 615,104 | 606,279 | ||||||||||||||
Available-for-sale, at fair value | 4,450,502 | 3,844,248 | 3,563,408 | 3,462,809 | 3,423,205 | ||||||||||||||
Trading account, at fair value | 71,392 | 70,601 | 55,419 | 56,572 | 56,172 | ||||||||||||||
5,112,844 | 4,562,101 | 4,228,585 | 4,134,485 | 4,085,656 | |||||||||||||||
Loans held for sale | 128,946 | 132,504 | 109,139 | 164,374 | 126,344 | ||||||||||||||
Loans and leases, net of unearned income and fees | 40,180,114 | 40,063,658 | 39,739,572 | 39,630,079 | 39,197,870 | ||||||||||||||
Less allowance for loan losses | 620,013 | 604,663 | 610,277 | 675,907 | 736,953 | ||||||||||||||
Loans, net of allowance | 39,560,101 | 39,458,995 | 39,129,295 | 38,954,172 | 38,460,917 | ||||||||||||||
Other noninterest-bearing investments | 870,125 | 865,950 | 855,743 | 854,978 | 848,775 | ||||||||||||||
Premises and equipment, net | 844,900 | 829,809 | 811,127 | 803,214 | 785,519 | ||||||||||||||
Goodwill | 1,014,129 | 1,014,129 | 1,014,129 | 1,014,129 | 1,014,129 | ||||||||||||||
Core deposit and other intangibles | 23,162 | 25,520 | 28,160 | 30,826 | 33,562 | ||||||||||||||
Other real estate owned | 17,256 | 18,916 | 27,418 | 27,725 | 39,248 | ||||||||||||||
Other assets | 952,496 | 894,620 | 845,874 | 878,353 | 807,591 | ||||||||||||||
$ | 57,555,931 | $ | 57,208,874 | $ | 55,458,870 | $ | 55,111,275 | $ | 56,080,844 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest-bearing demand | $ | 20,854,630 | $ | 20,529,124 | $ | 19,771,631 | $ | 19,611,516 | $ | 19,259,108 | |||||||||
Interest-bearing: | |||||||||||||||||||
Savings and money market | 24,540,927 | 24,583,636 | 23,742,911 | 23,308,114 | 23,097,351 | ||||||||||||||
Time | 2,344,818 | 2,406,924 | 2,441,756 | 2,500,303 | 2,528,735 | ||||||||||||||
Foreign | 382,985 | 328,391 | 310,264 | 252,207 | 1,648,111 | ||||||||||||||
48,123,360 | 47,848,075 | 46,266,562 | 45,672,140 | 46,533,305 | |||||||||||||||
Federal funds and other short-term borrowings | 203,597 | 244,223 | 191,798 | 258,401 | 279,837 | ||||||||||||||
Long-term debt | 1,089,321 | 1,092,282 | 1,113,677 | 1,933,136 | 2,158,701 | ||||||||||||||
Reserve for unfunded lending commitments | 82,287 | 81,076 | 79,377 | 95,472 | 88,693 | ||||||||||||||
Other liabilities | 603,068 | 573,688 | 485,297 | 452,036 | 434,092 | ||||||||||||||
Total liabilities | 50,101,633 | 49,839,344 | 48,136,711 | 48,411,185 | 49,494,628 | ||||||||||||||
Shareholders’ equity: | |||||||||||||||||||
Preferred stock, without par value, authorized 4,400,000 shares | 1,004,032 | 1,004,011 | 1,004,006 | 1,004,006 | 1,003,970 | ||||||||||||||
Common stock, without par value; authorized 350,000,000 shares; issued and outstanding 203,192,991, 203,014,903, 202,898,491, 185,112,965, and 184,895,182 shares | 4,728,556 | 4,723,855 | 4,717,295 | 4,192,136 | 4,185,513 | ||||||||||||||
Retained earnings | 1,836,619 | 1,769,705 | 1,711,785 | 1,640,785 | 1,542,195 | ||||||||||||||
Accumulated other comprehensive income (loss) | (114,909 | ) | (128,041 | ) | (110,927 | ) | (136,837 | ) | (145,462 | ) | |||||||||
Total shareholders’ equity | 7,454,298 | 7,369,530 | 7,322,159 | 6,700,090 | 6,586,216 | ||||||||||||||
$ | 57,555,931 | $ | 57,208,874 | $ | 55,458,870 | $ | 55,111,275 | $ | 56,080,844 |
Three Months Ended | |||||||||||||||||||
(In thousands, except per share amounts) | March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||
Interest income: | |||||||||||||||||||
Interest and fees on loans | $ | 415,755 | $ | 431,084 | $ | 430,416 | $ | 433,802 | $ | 434,350 | |||||||||
Interest on money market investments | 5,218 | 5,913 | 5,483 | 4,888 | 5,130 | ||||||||||||||
Interest on securities | 27,473 | 24,963 | 24,377 | 24,502 | 28,094 | ||||||||||||||
Total interest income | 448,446 | 461,960 | 460,276 | 463,192 | 467,574 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Interest on deposits | 12,104 | 12,548 | 12,313 | 12,096 | 12,779 | ||||||||||||||
Interest on short- and long-term borrowings | 18,996 | 18,982 | 31,144 | 34,812 | 38,324 | ||||||||||||||
Total interest expense | 31,100 | 31,530 | 43,457 | 46,908 | 51,103 | ||||||||||||||
Net interest income | 417,346 | 430,430 | 416,819 | 416,284 | 416,471 | ||||||||||||||
Provision for loan losses | (1,494 | ) | 11,587 | (54,643 | ) | (54,416 | ) | (610 | ) | ||||||||||
Net interest income after provision for loan losses | 418,840 | 418,843 | 471,462 | 470,700 | 417,081 | ||||||||||||||
Noninterest income: | |||||||||||||||||||
Service charges and fees on deposit accounts | 41,194 | 42,224 | 43,468 | 41,400 | 41,199 | ||||||||||||||
Other service charges, commissions and fees | 47,486 | 50,130 | 51,639 | 47,959 | 44,250 | ||||||||||||||
Wealth management income | 7,615 | 8,078 | 7,438 | 7,980 | 7,077 | ||||||||||||||
Loan sales and servicing income | 7,706 | 7,134 | 7,592 | 7,332 | 7,096 | ||||||||||||||
Capital markets and foreign exchange | 5,501 | 6,266 | 5,400 | 5,875 | 5,043 | ||||||||||||||
Dividends and other investment income | 9,372 | 16,479 | 11,324 | 7,995 | 7,864 | ||||||||||||||
Fair value and nonhedge derivative income (loss) | (1,088 | ) | (961 | ) | 44 | (1,934 | ) | (8,539 | ) | ||||||||||
Equity securities gains, net | 3,353 | 9,606 | 440 | 2,513 | 912 | ||||||||||||||
Fixed income securities gains (losses), net | (239 | ) | (11,620 | ) | (13,901 | ) | 5,026 | 30,914 | |||||||||||
Impairment losses on investment securities | — | — | — | — | (27 | ) | |||||||||||||
Less amounts recognized in other comprehensive income | — | — | — | — | — | ||||||||||||||
Net impairment losses on investment securities | — | — | — | — | (27 | ) | |||||||||||||
Other | 922 | 2,060 | 2,627 | 703 | 2,524 | ||||||||||||||
Total noninterest income | 121,822 | 129,396 | 116,071 | 124,849 | 138,313 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||
Salaries and employee benefits | 243,519 | 238,731 | 245,518 | 238,760 | 233,402 | ||||||||||||||
Occupancy, net | 29,339 | 29,962 | 28,495 | 28,939 | 28,305 | ||||||||||||||
Furniture, equipment and software | 29,713 | 30,858 | 28,524 | 27,986 | 27,944 | ||||||||||||||
Other real estate expense | 374 | (3,467 | ) | 875 | (266 | ) | 1,607 | ||||||||||||
Credit-related expense | 5,939 | 7,518 | 6,508 | 7,161 | 6,947 | ||||||||||||||
Provision for unfunded lending commitments | 1,211 | 1,699 | (16,095 | ) | 6,779 | (1,012 | ) | ||||||||||||
Professional and legal services | 11,483 | 26,257 | 16,588 | 12,171 | 10,995 | ||||||||||||||
Advertising | 6,975 | 5,805 | 6,094 | 6,803 | 6,398 | ||||||||||||||
FDIC premiums | 8,119 | 8,031 | 8,204 | 8,017 | 7,922 | ||||||||||||||
Amortization of core deposit and other intangibles | 2,358 | 2,640 | 2,665 | 2,736 | 2,882 | ||||||||||||||
Debt extinguishment cost | — | — | 44,422 | — | — | ||||||||||||||
Other | 58,431 | 74,632 | 66,738 | 66,941 | 72,673 | ||||||||||||||
Total noninterest expense | 397,461 | 422,666 | 438,536 | 406,027 | 398,063 | ||||||||||||||
Income before income taxes | 143,201 | 125,573 | 148,997 | 189,522 | 157,331 | ||||||||||||||
Income taxes | 51,176 | 43,759 | 53,109 | 69,972 | 56,121 | ||||||||||||||
Net income | 92,025 | 81,814 | 95,888 | 119,550 | 101,210 | ||||||||||||||
Preferred stock dividends | (16,746 | ) | (15,053 | ) | (16,761 | ) | (15,060 | ) | (25,020 | ) | |||||||||
Net earnings applicable to common shareholders | $ | 75,279 | $ | 66,761 | $ | 79,127 | $ | 104,490 | $ | 76,190 | |||||||||
Weighted average common shares outstanding during the period: | |||||||||||||||||||
Basic shares | 202,603 | 202,783 | 196,687 | 184,668 | 184,440 | ||||||||||||||
Diluted shares | 202,944 | 203,278 | 197,271 | 185,286 | 185,123 | ||||||||||||||
Net earnings per common share: | |||||||||||||||||||
Basic | $ | 0.37 | $ | 0.33 | $ | 0.40 | $ | 0.56 | $ | 0.41 | |||||||||
Diluted | 0.37 | 0.33 | 0.40 | 0.56 | 0.41 |
(In millions) | March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 13,264 | $ | 13,163 | $ | 12,874 | $ | 12,789 | $ | 12,493 | |||||||||||||||||||
Leasing | 407 | 409 | 405 | 415 | 390 | ||||||||||||||||||||||||
Owner occupied | 7,310 | 7,351 | 7,430 | 7,499 | 7,460 | ||||||||||||||||||||||||
Municipal | 555 | 521 | 518 | 522 | 482 | ||||||||||||||||||||||||
Total commercial | 21,536 | 21,444 | 21,227 | 21,225 | 20,825 | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||
Construction and land development | 2,045 | 1,986 | 1,895 | 2,343 | 2,267 | ||||||||||||||||||||||||
Term | 8,088 | 8,127 | 8,259 | 8,093 | 8,239 | ||||||||||||||||||||||||
Total commercial real estate | 10,133 | 10,113 | 10,154 | 10,436 | 10,506 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity credit line | 2,315 | 2,321 | 2,266 | 2,215 | 2,177 | ||||||||||||||||||||||||
1-4 family residential | 5,213 | 5,201 | 5,156 | 4,830 | 4,800 | ||||||||||||||||||||||||
Construction and other consumer real estate | 373 | 371 | 350 | 339 | 330 | ||||||||||||||||||||||||
Bankcard and other revolving plans | 407 | 401 | 389 | 381 | 365 | ||||||||||||||||||||||||
Other | 203 | 213 | 198 | 204 | 195 | ||||||||||||||||||||||||
Total consumer | 8,511 | 8,507 | 8,359 | 7,969 | 7,867 | ||||||||||||||||||||||||
Total loans | $ | 40,180 | $ | 40,064 | $ | 39,740 | $ | 39,630 | $ | 39,198 |
(Amounts in thousands) | March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||
Nonaccrual loans | $ | 382,066 | $ | 306,648 | $ | 307,230 | $ | 351,447 | $ | 401,666 | |||||||||
Other real estate owned | 17,256 | 18,916 | 27,418 | 27,725 | 39,248 | ||||||||||||||
Total nonperforming lending-related assets | $ | 399,322 | $ | 325,564 | $ | 334,648 | $ | 379,172 | $ | 440,914 | |||||||||
Ratio of nonperforming lending-related assets to loans1 and leases and other real estate owned | 0.99 | % | 0.81 | % | 0.84 | % | 0.95 | % | 1.12 | % | |||||||||
Accruing loans past due 90 days or more | $ | 31,552 | $ | 29,228 | $ | 30,755 | $ | 46,769 | $ | 38,190 | |||||||||
Ratio of accruing loans past due 90 days or more to loans1 and leases | 0.08 | % | 0.07 | % | 0.08 | % | 0.12 | % | 0.10 | % | |||||||||
Nonaccrual loans and accruing loans past due 90 days or more | $ | 413,618 | $ | 335,876 | $ | 337,985 | $ | 398,216 | $ | 439,856 | |||||||||
Ratio of nonaccrual loans and accruing loans past due 90 days or more to loans1 and leases | 1.03 | % | 0.84 | % | 0.85 | % | 1.00 | % | 1.12 | % | |||||||||
Accruing loans past due 30-89 days | $ | 97,242 | $ | 86,488 | $ | 89,081 | $ | 108,083 | $ | 114,405 | |||||||||
Restructured loans included in nonaccrual loans | 110,364 | 97,779 | 109,673 | 103,157 | 130,534 | ||||||||||||||
Restructured loans on accrual | 199,065 | 245,550 | 264,994 | 320,206 | 318,886 | ||||||||||||||
Classified loans | 1,268,981 | 1,147,106 | 1,187,407 | 1,304,077 | 1,379,501 |
Three Months Ended | |||||||||||||||||||
(Amounts in thousands) | March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||
Balance at beginning of period | $ | 604,663 | $ | 610,277 | $ | 675,907 | $ | 736,953 | $ | 746,291 | |||||||||
Add: | |||||||||||||||||||
Provision for losses | (1,494 | ) | 11,587 | (54,643 | ) | (54,416 | ) | (610 | ) | ||||||||||
Adjustment for FDIC-supported/PCI loans | (38 | ) | (19 | ) | (25 | ) | (444 | ) | (817 | ) | |||||||||
Deduct: | |||||||||||||||||||
Gross loan and lease charge-offs | (20,188 | ) | (35,544 | ) | (26,471 | ) | (23,400 | ) | (20,795 | ) | |||||||||
Recoveries | 37,070 | 18,362 | 15,509 | 17,214 | 12,884 | ||||||||||||||
Net loan and lease (charge-offs) recoveries | 16,882 | (17,182 | ) | (10,962 | ) | (6,186 | ) | (7,911 | ) | ||||||||||
Balance at end of period | $ | 620,013 | $ | 604,663 | $ | 610,277 | $ | 675,907 | $ | 736,953 | |||||||||
Ratio of allowance for loan losses to loans and leases, at period end | 1.54 | % | 1.51 | % | 1.54 | % | 1.71 | % | 1.88 | % | |||||||||
Ratio of allowance for loan losses to nonperforming loans, at period end | 162.28 | % | 197.18 | % | 198.64 | % | 192.32 | % | 183.47 | % | |||||||||
Annualized ratio of net loan and lease charge-offs to average loans | (0.17 | )% | 0.17 | % | 0.11 | % | 0.06 | % | 0.08 | % | |||||||||
Reserve for Unfunded Lending Commitments | |||||||||||||||||||
Balance at beginning of period | $ | 81,076 | $ | 79,377 | $ | 95,472 | $ | 88,693 | $ | 89,705 | |||||||||
Provision charged (credited) to earnings | 1,211 | 1,699 | (16,095 | ) | 6,779 | (1,012 | ) | ||||||||||||
Balance at end of period | $ | 82,287 | $ | 81,076 | $ | 79,377 | $ | 95,472 | $ | 88,693 | |||||||||
Total Allowance for Credit Losses | |||||||||||||||||||
Allowance for loan losses | $ | 620,013 | $ | 604,663 | $ | 610,277 | $ | 675,907 | $ | 736,953 | |||||||||
Reserve for unfunded lending commitments | 82,287 | 81,076 | 79,377 | 95,472 | 88,693 | ||||||||||||||
Total allowance for credit losses | $ | 702,300 | $ | 685,739 | $ | 689,654 | $ | 771,379 | $ | 825,646 | |||||||||
Ratio of total allowance for credit losses to loans and leases outstanding, at period end | 1.75 | % | 1.71 | % | 1.74 | % | 1.95 | % | 2.11 | % |
(In millions) | March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | 29 | $ | — | |||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial and industrial | 163 | 106 | 88 | 83 | 111 | ||||||||||||||||||||||||
Leasing | — | — | 1 | 1 | 1 | ||||||||||||||||||||||||
Owner occupied | 98 | 87 | 98 | 101 | 128 | ||||||||||||||||||||||||
Municipal | 1 | 1 | 8 | 9 | 10 | ||||||||||||||||||||||||
Total commercial | 262 | 194 | 195 | 194 | 250 | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||
Construction and land development | 22 | 24 | 25 | 24 | 29 | ||||||||||||||||||||||||
Term | 38 | 25 | 30 | 44 | 60 | ||||||||||||||||||||||||
Total commercial real estate | 60 | 49 | 55 | 68 | 89 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity credit line | 10 | 12 | 12 | 11 | 10 | ||||||||||||||||||||||||
1-4 family residential | 48 | 50 | 43 | 45 | 48 | ||||||||||||||||||||||||
Construction and other consumer real estate | 2 | 2 | 2 | 2 | 3 | ||||||||||||||||||||||||
Bankcard and other revolving plans | — | — | — | 1 | 1 | ||||||||||||||||||||||||
Other | — | — | — | 1 | 1 | ||||||||||||||||||||||||
Total consumer | 60 | 64 | 57 | 60 | 63 | ||||||||||||||||||||||||
Subtotal nonaccrual loans | 382 | 307 | 307 | 322 | 402 | ||||||||||||||||||||||||
Total nonaccrual loans | $ | 382 | $ | 307 | $ | 307 | $ | 351 | $ | 402 |
Three Months Ended | |||||||||||||||||||||||||||||
(In millions) | March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | (5 | ) | $ | 18 | $ | 9 | $ | 7 | $ | 1 | ||||||||||||||||||
Leasing | — | — | — | — | (1 | ) | |||||||||||||||||||||||
Owner occupied | — | — | 2 | (2 | ) | 2 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | ||||||||||||||||||||||||
Total commercial | (5 | ) | 18 | 11 | 5 | 2 | |||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||
Construction and land development | (3 | ) | (1 | ) | (2 | ) | (3 | ) | (2 | ) | |||||||||||||||||||
Term | (10 | ) | (1 | ) | 2 | 3 | 7 | ||||||||||||||||||||||
Total commercial real estate | (13 | ) | (2 | ) | — | — | 5 | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity credit line | (1 | ) | — | — | 1 | — | |||||||||||||||||||||||
1-4 family residential | 1 | 1 | (1 | ) | (1 | ) | 1 | ||||||||||||||||||||||
Construction and other consumer real estate | — | — | — | — | (1 | ) | |||||||||||||||||||||||
Bankcard and other revolving plans | 1 | — | 1 | 1 | 2 | ||||||||||||||||||||||||
Other | — | — | — | — | (1 | ) | |||||||||||||||||||||||
Total consumer loans | 1 | 1 | — | 1 | 1 | ||||||||||||||||||||||||
Total net charge-offs (recoveries) | $ | (17 | ) | $ | 17 | $ | 11 | $ | 6 | $ | 8 |
Three Months Ended | ||||||||||||||||||||
March 31, 2015 | December 31, 2014 | September 30, 2014 | ||||||||||||||||||
(In thousands) | Average balance | Average rate | Average balance | Average rate | Average balance | Average rate | ||||||||||||||
ASSETS | ||||||||||||||||||||
Money market investments | $ | 8,013,355 | 0.26 | % | $ | 8,712,588 | 0.27 | % | $ | 8,492,772 | 0.26 | % | ||||||||
Securities: | ||||||||||||||||||||
Held-to-maturity | 632,927 | 5.12 | % | 634,973 | 4.97 | % | 612,244 | 5.13 | % | |||||||||||
Available-for-sale | 4,080,004 | 2.06 | % | 3,676,403 | 1.98 | % | 3,383,618 | 2.10 | % | |||||||||||
Trading account | 69,910 | 3.47 | % | 69,323 | 3.02 | % | 50,970 | 3.14 | % | |||||||||||
Total securities | 4,782,841 | 2.49 | % | 4,380,699 | 2.43 | % | 4,046,832 | 2.57 | % | |||||||||||
Loans held for sale | 105,279 | 3.52 | % | 115,372 | 3.53 | % | 124,347 | 3.76 | % | |||||||||||
Loans and leases 1 | 40,179,007 | 4.21 | % | 39,845,470 | 4.31 | % | 39,567,425 | 4.33 | % | |||||||||||
Total interest-earning assets | 53,080,482 | 3.46 | % | 53,054,129 | 3.49 | % | 52,231,376 | 3.53 | % | |||||||||||
Cash and due from banks | 743,618 | 764,518 | 858,179 | |||||||||||||||||
Allowance for loan losses | (609,233 | ) | (607,317 | ) | (674,590 | ) | ||||||||||||||
Goodwill | 1,014,129 | 1,014,129 | 1,014,129 | |||||||||||||||||
Core deposit and other intangibles | 24,355 | 26,848 | 29,535 | |||||||||||||||||
Other assets | 2,564,199 | 2,692,339 | 2,669,260 | |||||||||||||||||
Total assets | $ | 56,817,550 | $ | 56,944,646 | $ | 56,127,889 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Savings and money market | $ | 24,214,265 | 0.16 | % | $ | 24,089,519 | 0.16 | % | $ | 23,637,158 | 0.16 | % | ||||||||
Time | 2,372,492 | 0.43 | % | 2,426,878 | 0.45 | % | 2,466,552 | 0.45 | % | |||||||||||
Foreign | 351,873 | 0.14 | % | 325,013 | 0.15 | % | 254,549 | 0.16 | % | |||||||||||
Total interest-bearing deposits | 26,938,630 | 0.18 | % | 26,841,410 | 0.19 | % | 26,358,259 | 0.19 | % | |||||||||||
Borrowed funds: | ||||||||||||||||||||
Federal funds and other short-term borrowings | 219,747 | 0.14 | % | 205,507 | 0.13 | % | 176,383 | 0.12 | % | |||||||||||
Long-term debt | 1,091,706 | 7.03 | % | 1,102,673 | 6.81 | % | 1,878,247 | 6.57 | % | |||||||||||
Total borrowed funds | 1,311,453 | 5.87 | % | 1,308,180 | 5.76 | % | 2,054,630 | 6.01 | % | |||||||||||
Total interest-bearing liabilities | 28,250,083 | 0.45 | % | 28,149,590 | 0.44 | % | 28,412,889 | 0.61 | % | |||||||||||
Noninterest-bearing deposits | 20,545,395 | 20,706,849 | 19,933,228 | |||||||||||||||||
Other liabilities | 612,752 | 563,014 | 556,416 | |||||||||||||||||
Total liabilities | 49,408,230 | 49,419,453 | 48,902,533 | |||||||||||||||||
Shareholders’ equity: | ||||||||||||||||||||
Preferred equity | 1,004,015 | 1,004,006 | 1,004,012 | |||||||||||||||||
Common equity | 6,405,305 | 6,521,187 | 6,221,344 | |||||||||||||||||
Total shareholders’ equity | 7,409,320 | 7,525,193 | 7,225,356 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 56,817,550 | $ | 56,944,646 | $ | 56,127,889 | ||||||||||||||
Spread on average interest-bearing funds | 3.01 | % | 3.05 | % | 2.92 | % | ||||||||||||||
Net yield on interest-earning assets | 3.22 | % | 3.25 | % | 3.20 | % |
(In thousands, except per share amounts) | March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||
Tangible Book Value per Common Share | |||||||||||||||||||
Total shareholders’ equity (GAAP) | $ | 7,454,298 | $ | 7,369,530 | $ | 7,322,159 | $ | 6,700,090 | $ | 6,586,216 | |||||||||
Preferred stock | (1,004,032 | ) | (1,004,011 | ) | (1,004,006 | ) | (1,004,006 | ) | (1,003,970 | ) | |||||||||
Goodwill | (1,014,129 | ) | (1,014,129 | ) | (1,014,129 | ) | (1,014,129 | ) | (1,014,129 | ) | |||||||||
Core deposit and other intangibles | (23,162 | ) | (25,520 | ) | (28,160 | ) | (30,826 | ) | (33,562 | ) | |||||||||
Tangible common equity (non-GAAP) (a) | $ | 5,412,975 | $ | 5,325,870 | $ | 5,275,864 | $ | 4,651,129 | $ | 4,534,555 | |||||||||
Common shares outstanding (b) | 203,193 | 203,015 | 202,898 | 185,113 | 184,895 | ||||||||||||||
Tangible book value per common share (non-GAAP) (a/b) | $ | 26.64 | $ | 26.23 | $ | 26.00 | $ | 25.13 | $ | 24.53 | |||||||||
Three Months Ended | |||||||||||||||||||
(Dollar amounts in thousands) | March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||
Tangible Return on Average Tangible Common Equity | |||||||||||||||||||
Net earnings applicable to common shareholders (GAAP) | $ | 75,279 | $ | 66,761 | $ | 79,127 | $ | 104,490 | $ | 76,190 | |||||||||
Adjustments, net of tax: | |||||||||||||||||||
Amortization of core deposit and other intangibles | 1,496 | 1,676 | 1,690 | 1,735 | 1,827 | ||||||||||||||
Net earnings applicable to common shareholders, excluding the effects of the adjustments, net of tax (non-GAAP) (a) | $ | 76,775 | $ | 68,437 | $ | 80,817 | $ | 106,225 | $ | 78,017 | |||||||||
Average common equity (GAAP) | $ | 6,405,305 | $ | 6,521,187 | $ | 6,221,344 | $ | 5,744,696 | $ | 5,595,363 | |||||||||
Average goodwill | (1,014,129 | ) | (1,014,129 | ) | (1,014,129 | ) | (1,014,129 | ) | (1,014,129 | ) | |||||||||
Average core deposit and other intangibles | (24,355 | ) | (26,848 | ) | (29,535 | ) | (32,234 | ) | (35,072 | ) | |||||||||
Average tangible common equity (non-GAAP) (b) | $ | 5,366,821 | $ | 5,480,210 | $ | 5,177,680 | $ | 4,698,333 | $ | 4,546,162 | |||||||||
Number of days in quarter (c) | 90 | 92 | 92 | 91 | 90 | ||||||||||||||
Number of days in year (d) | 365 | 365 | 365 | 365 | 365 | ||||||||||||||
Tangible return on average tangible common equity (non-GAAP) (a/b/c*d) | 5.80 | % | 4.95 | % | 6.19 | % | 9.07 | % | 6.96 | % |
1 Year Zions Bancorporation NA Chart |
1 Month Zions Bancorporation NA Chart |
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