Zions Bancorporation, National Association (ZION)
Filed: 20 Jul 09, 12:00am
Exhibit 99.1
***FOR IMMEDIATE RELEASE***
For: ZIONS BANCORPORATION & #160; Contact: James Abbott
One South Main, 15th Floor 0; Tel: (801) 524-4787
Salt Lake City, Utah ; July 20, 2009
Harris H. Simmons
Chairman/Chief Executive Officer
ZIONS BANCORPORATION REPORTS 2009 SECOND QUARTER
RESULTS WITH STRONG IMPROVEMENT IN CAPITAL LEVELS
SALT LAKE CITY, July 20, 2009 – Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the Company”) today reported a second quarter net loss applicable to common shareholders of $40.7 million or $0.35 per diluted share, compared to a net loss of $852.3 million (which included nonoperating goodwill impairment of $634.0 million) or $7.47 per diluted share for the first quarter of 2009.
Second Quarter 2009 Highlights
Positives:
| · | Tangible common equity ratio of 5.66% at June 30, 2009 compared to 5.26% at March 31, 2009, which includes the impact of previously announced capital actions of $511 million. |
| · | Average noninterest-bearing demand deposits increased $0.8 billion or 32% annualized from first quarter. |
| · | Net interest margin of 4.09% compared to 3.93% in first quarter. |
| · | Build-up of the allowance for loan losses, with ratio to net loans of 3.08% compared to 2.03% in first quarter; ratio of total allowance and reserve for credit losses to net loans increased to 3.23%. |
Continuing challenges:
| · | Net loan charge-offs of $347.5 million (including one credit for $47.5 million on which a substantial recovery is expected) compared to $151.7 million in first quarter. |
| · | Nonperforming lending related assets of $1.9 billion (excluding FDIC-supported assets); ratio to net loans and other real estate owned of 4.68% compared to 3.96% in first quarter. |
| · | Credit-related OTTI on CDO securities of $42.0 million compared to $82.7 million in first quarter. |
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ZIONS BANCORPORATION
Press Release – Page 2
July 20, 2009
“As we continue to progress through this difficult economic period, we are pleased to have been able to significantly increase key capital ratios while at the same time substantially building our reserves for problem credits this quarter,” said Harris H. Simmons, chairman and chief executive officer. “We are further encouraged by the particularly strong growth of our highest quality deposits. This, along with the reduction in excessive cash balances which had been carried at a negative spread has strengthened our net interest margin. Finally, we are pleased that a major U.S. consulting firm, based on a survey of business customers, recently reported that Zions ranks as one of the best among leading U.S. banks for customer service, willingness to lend, and treasury management products,” Simmons added.
Asset Quality
The provision for loan losses was $762.7 million for the second quarter of 2009 compared to $297.6 million for the first quarter of 2009 and $114.2 million for the second quarter of 2008. The provision for the second quarter of 2009 was 7.44% annualized of average loans excluding FDIC-supported assets and was $415.2 million in excess of net loan and lease charge-offs. The increased provision resulted from continued deterioration in commercial real estate and commercial and industrial loan portfolios, re-estimation of certain of the Company’s loss reserve factors based on a newly updated migration analysis reflecting more recent loss experience, and to incorporate the possibility of a more protracted credit cycle.
The allowance for loan losses as a percentage of net loans and leases excluding FDIC-supported assets was 3.08% at June 30, 2009 compared to 2.03% at March 31, 2009 and 1.32% at June 30, 2008. Based on March 31, 2009 (the latest available) industry peer group data, this allowance level would rank in the top quartile. The combined allowance for loan losses and reserve for unfunded lending commitments was $1,308.7 million, or 3.23% of net loans and leases excluding FDIC-supported assets at June 30, 2009, compared to 2.16% at March 31, 2009 and 1.38% at June 30, 2008.
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ZIONS BANCORPORATION
Press Release – Page 3
July 20, 2009
Nonperforming lending related assets were $2,059.3 million at June 30, 2009 ($1,922.6 million excluding FDIC-supported assets) compared to $1,754.8 million at March 31, 2009 and $695.3 million at June 30, 2008. The ratio of nonperforming lending related assets excluding FDIC-supported assets to net loans and leases and other real estate owned was 4.68% at June 30, 2009 compared to 3.96% at March 31, 2009 and 1.66% at June 30, 2008.
Net loan and lease charge-offs for the second quarter of 2009 were $347.5 million or 3.39% annualized of average loans excluding FDIC-supported assets. This compares with $151.7 million or 1.47% annualized of average loans for the first quarter of 2009 and $67.8 million or 0.67% annualized of average loans for the second quarter of 2008. One large credit on which a substantial recovery is expected accounted for 46 bp of the ratio of net loan and lease charge-offs to average loans for the second quarter of 2009. Construction-related credits accounted for another 168 bp.
Capital Management
During June 2009, as previously disclosed, the Company announced several actions to enhance its tangible common equity. The net effect of these actions added $511 million to tangible common equity and 99 bp to the tangible common equity ratio during the quarter as follows:
| Effect on | |||||||||||||||||||||||
| Second quarter net | |||||||||||||||||||||||
| earnings applicable to | Tangible | ||||||||||||||||||||||
| common shareholders | Diluted | common equity | |||||||||||||||||||||
| (Dollars in millions, except per share amounts) | Pretax | After-tax | EPS | Amount | Ratio (bp) | ||||||||||||||||||
| 1. | Subordinated debt modification | $ | 305.0 | $ | 188.4 | ||||||||||||||||||
| 2. | Recognition of deferred gains on terminated swaps | 161.3 | 99.6 | ||||||||||||||||||||
| 466.3 | 288.0 | $ | 2.48 | $ | 288.0 | 56 | |||||||||||||||||
| 3. | Gain recognized in equity for conversion option | 45.3 | 9 | ||||||||||||||||||||
| 4. | Preferred stock redemption | 52.4 | 0.45 | 54.2 | 10 | ||||||||||||||||||
| 5. | Common equity ongoing issuances | 123.7 | 24 | ||||||||||||||||||||
| $ | 340.4 | $ | 2.93 | $ | 511.2 | 99 | |||||||||||||||||
| 1. | Subordinated debt modification – The Company exchanged approximately $0.2 billion of subordinated notes for new notes with the same terms. The remaining $1.2 billion of subordinated notes were modified to permit conversion on a par for par basis into either the Company’s Series A or Series C preferred stock. Net of issuance costs and debt discount on the previous debt, the pretax gain recognized in earnings from this debt modification was approximately $305.0 million. |
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ZIONS BANCORPORATION
Press Release – Page 4
July 20, 2009
| 2. | Recognition of deferred gains on terminated swaps – The Company recognized deferred gains of approximately $161.3 million pretax on terminated swaps related to the subordinated debt that was modified. |
| 3. | Gain recognized in equity for conversion option – The Company recognized directly in equity a $45.3 million after-tax gain for the conversion option of the modified debt. |
| 4. | Tender offer of Series A preferred stock – The Company purchased 4,020,435 depositary shares (each share representing a 1/40th ownership interest in a share of preferred stock) at a price of $11.50 per depositary share, or an aggregate amount of $46.4 million including accrued dividends. At a $25 per depositary share liquidation preference, the purchase reduced the $240 million carrying value of the Series A preferred stock by approximately $100.5 million. Net of related costs, the redemption resulted in a $52.4 million increase to retained earnings. |
| 5. | Common equity ongoing issuances – The Company issued approximately $123.7 million of new common stock net of issuance costs, which consisted of 9,177,658 shares at an average price of $13.79 per share. The Company has stated that it expects to issue the balance of the announced $250 million in the next two quarters. |
The tangible common equity ratio was 5.66% at June 30, 2009 compared to 5.26% at March 31, 2009 and 5.51% at June 30, 2008. The increase from the first quarter reflects the impact of the capital actions previously discussed, which was partially offset by the effect of operating items, including the provision for loan losses, and the reclassification of securities subsequently discussed.
The estimated Tier 1 common to risk-weighted assets ratio was 6.07% at June 30, 2009 and was 5.73% at March 31, 2009.
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ZIONS BANCORPORATION
Press Release – Page 5
July 20, 2009
Acquisition Related Gains
As previously disclosed, two of the Company’s banking subsidiaries acquired failed financial institutions from the FDIC during the first and second quarters of 2009. California Bank & Trust acquired Alliance Bank on February 6, 2009 and Nevada State Bank acquired Great Basin Bank on April 17, 2009. The acquired loans in both acquisitions involved loss sharing agreements with the FDIC. During the second quarter of 2009, these subsidiaries recognized acquisition related gains totaling $23.0 million, after applying the provisions of SFAS No. 141 (revised 2007) that was adopted on January 1, 2009.
Loans
On-balance-sheet net loans and leases of $41.4 billion at June 30, 2009 decreased approximately $0.5 billion or 5.1% annualized from $41.9 billion at March 31, 2009, and decreased approximately $0.3 billion or 0.8% from $41.7 billion at June 30, 2008.
Deposits
Average total deposits for the second quarter of 2009 increased $0.8 billion or 7.9% annualized to $42.9 billion compared to $42.1 billion for the first quarter of 2009, and increased $6.2 billion or 16.8% compared to $36.8 billion for the second quarter of 2008. Average noninterest-bearing demand deposits increased $0.8 billion or 32.0% annualized to $10.7 billion compared to $9.9 billion for the first quarter of 2009, which was used to reduce more expensive sources of funding.
Net Interest Income
The net interest margin was 4.09% for the second quarter of 2009 compared to 3.93% for the first quarter of 2009 and 4.18% for the second quarter of 2008. The improvement in the net interest margin for the second quarter of 2009 was primarily due to lower rates on deposits, a more favorable funding mix, and reduction of short-term lower yielding assets. The Company continues to pursue strategies to reduce higher cost deposits in order to reduce short-term, low-yielding assets.
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ZIONS BANCORPORATION
Press Release – Page 6
July 20, 2009
Investment Securities
During the second quarter of 2009, the Company recognized in earnings impairment and valuation losses on CDOs of $53.7 million, or $0.28 per diluted share, compared to $283.1 million during the first quarter of 2009. The second quarter losses consisted of the following:
| · | $42.0 million of credit-related other-than-temporary impairment (“OTTI”), which includes: |
| · | $18.3 million for bank and insurance trust preferred CDOs |
| · | $18.6 million for REIT trust preferred CDOs |
| · | $5.1 million for other CDOs |
| · | $11.7 million of valuation losses on securities purchased, which includes: |
| · | $6.2 million for securities purchased from Lockhart Funding LLC, prior to fully consolidating Lockhart in June 2009 |
| · | $5.5 million for additional valuation adjustments to auction rate securities previously purchased from customers |
The Company recognized OTTI according to new accounting guidance adopted during the first quarter of 2009. Credit-related OTTI is recognized currently in earnings while noncredit-related OTTI on securities not expected to be sold is recognized in other comprehensive income (“OCI”).
The primary driver of OTTI in the second quarter of 2009 for bank and insurance trust preferred CDOs was an increased rate of new bank deferrals rather than an increase of actual defaults compared to previously predicted defaults.
During the second quarter of 2009 subsequent to ratings downgrades, the Company reclassified approximately $557 million at fair value of held-to-maturity securities to available-for-sale. No gain or loss was recognized in earnings at the time of reclassification. However, pretax fair value adjustments of $120.8 million on these securities were recorded in OCI, which reduced the tangible common equity ratio by 14 bp.
Noninterest Income
Noninterest income for the second quarter of 2009 was $585.3 million compared to a loss of $145.3 million for the first quarter of 2009 and income of $72.4 million for the second quarter of 2008.
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ZIONS BANCORPORATION
Press Release – Page 7
July 20, 2009
Excluding the previously discussed impairment and valuation losses on securities, the gains on debt modification and terminated swaps, and the acquisition related gains, for the first and second quarters of 2009, noninterest income was $149.7 million for the second quarter of 2009 and $137.8 million for the first quarter of 2009.
Capital markets income increased during the second quarter of 2009 as the Company experienced strength in its securities trading and public finance businesses. Dividends and other investment income decreased primarily due to losses of approximately $5.5 million at two investment funds. Fair value and nonhedge derivative income was $20.3 million during the second quarter of 2009 compared to $4.0 million during the first quarter of 2009. The increase primarily reflects the recognition of hedge ineffectiveness and net changes in credit valuation adjustments on derivatives.
Noninterest Expense
Noninterest expense for the second quarter of 2009 was $419.5 million compared to $376.2 million for the first quarter of 2009 and $354.4 million for the second quarter of 2008. Salaries and employee benefits declined compared to the first quarter; approximately $4.3 million and $1.8 million of severance costs were included in the second and first quarters, respectively. FTEs have been reduced by 3.4% from December 31, 2008 even after adding personnel from FDIC-assisted acquisitions. Other real estate expense increased to $23.7 million during the second quarter of 2009 compared to $18.3 million during the first quarter of 2009. FDIC premiums were $42.3 million for the second quarter of 2009 compared to $14.2 million for the first quarter of 2009; the second quarter premiums included a special assessment of $24.2 million. Other noninterest expense included $5.1 million of debt extinguishment costs primarily for certain long-term FHLB debt and $7.9 million for the provision for unfunded lending commitments compared to $1.8 million in the first quarter of 2009.
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ZIONS BANCORPORATION
Press Release – Page 8
July 20, 2009
Subsequent Event
On July 17, 2009, Zions’ subsidiary, California Bank & Trust (“CB&T”), entered into a purchase and assumption agreement with the FDIC as receiver of the failed Vineyard Bank in Southern California. CB&T is acquiring most of the assets and liabilities of Vineyard in a “whole bank” transaction, with loss sharing. Vineyard has approximately $1.6 billion of assets, including $1.4 billion of loans, $1.5 billion of deposits and 16 branches that are mostly located in the “Inland Empire” area. CB&T conducted due diligence on the loan portfolio. Under the terms of the bid, CB&T will purchase most of Vineyard’s assets at a discount of $242 million to stated value. The FDIC will bear 80% of the first $465 million of loan losses, and 95% of any loan losses above that amount, as provided in the purchase and assumption agreement. The transaction is estimated to be nondilutive to Zions’ tangible common equity ratio and approximately 6 to 9 basis points accretive to risk-based capital ratios as a result of a pretax gain on the purchase, which is estimated to be greater than $100 million and will be recognized in the third quarter of 2009. The transaction is expected to be approximately $0.04 to $0.06 per share accretive to earnings on an annualized basis thereafter.
Conference Call
Zions will host a conference call to discuss these second quarter results at 5:30 p.m. ET this afternoon (July 20, 2009). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-800-706-7745 (international: 617-614-3472) and entering the passcode 81536894, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation Web site at www.zionsbancorporation.com. A replay of the call will be available from 8:30 p.m. ET on Monday, July 20, 2009, until midnight ET on Monday, July 27, 2009, by dialing 1-888-286-8010 (international: 617-801-6888) and entering the passcode 77926352. The webcast of the conference call will also be archived and available for 30 days.
About Zions Bancorporation
Zions Bancorporation is one of the nation’s premier financial services companies, consisting of a collection of great banks in select high growth markets. Zions operates its banking businesses under local management teams and community identities through approximately 500 offices in ten Western and Southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. The Company is a national leader in Small Business Administration lending and public finance advisory services. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com.
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ZIONS BANCORPORATION
Press Release – Page 9
July 20, 2009
Forward-Looking Information
Statements in this earnings release that are based on other than historical data are forward-looking, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations or forecasts of future events. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either internationally, nationally or locally in areas in which the Company conducts its operations, including changes in securities markets and valuations in structured securities and other assets; changes in governmental policies and programs resulting from general economic and financial market conditions; changes in interest and funding rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.
Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the 2008 Annual Report on Form 10-K of Zions Bancorporation filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov).
The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.
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| Press Release – Page 10 | ||||||||||||||||||||||||
| FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| (In thousands, except per share and ratio data) | June 30, | June 30, | ||||||||||||||||||||||
| 2009 | 2008 | % Change | 2009 | 2008 | % Change | |||||||||||||||||||
| EARNINGS | ||||||||||||||||||||||||
| Taxable-equivalent net interest income | $ | 499,432 | $ | 490,587 | 1.80 | % | $ | 980,102 | $ | 983,124 | (0.31 | )% | ||||||||||||
| Taxable-equivalent revenue | 1,084,776 | 562,959 | 92.69 | % | 1,420,184 | 1,166,496 | 21.75 | % | ||||||||||||||||
| Net interest income | 493,688 | 484,743 | 1.85 | % | 968,463 | 971,201 | (0.28 | )% | ||||||||||||||||
| Noninterest income | 585,344 | 72,372 | 708.80 | % | 440,082 | 183,372 | 139.99 | % | ||||||||||||||||
| Provision for loan losses | 762,654 | 114,192 | 567.87 | % | 1,060,278 | 206,474 | 413.52 | % | ||||||||||||||||
| Noninterest expense | 419,469 | 354,417 | 18.35 | % | 795,674 | 704,520 | 12.94 | % | ||||||||||||||||
| Impairment loss on goodwill | - | - | 633,992 | - | ||||||||||||||||||||
| Income (loss) before income taxes | (103,091 | ) | 88,506 | (216.48 | )% | (1,081,399 | ) | 243,579 | (543.96 | )% | ||||||||||||||
| Income taxes (benefit) | (34,239 | ) | 22,037 | (255.37 | )% | (185,966 | ) | 71,933 | (358.53 | )% | ||||||||||||||
| Net income (loss) | (68,852 | ) | 66,469 | (203.59 | )% | (895,433 | ) | 171,646 | (621.67 | )% | ||||||||||||||
| Net loss applicable to noncontrolling interests | (1,209 | ) | (5,729 | ) | (78.90 | )% | (1,749 | ) | (7,301 | ) | (76.04 | )% | ||||||||||||
| Net income (loss) applicable to controlling interest | (67,643 | ) | 72,198 | (193.69 | )% | (893,684 | ) | 178,947 | (599.41 | )% | ||||||||||||||
| Net earnings (loss) applicable to common shareholders | (40,672 | ) | 69,744 | (158.32 | )% | (892,999 | ) | 174,040 | (613.10 | )% | ||||||||||||||
| PER COMMON SHARE | ||||||||||||||||||||||||
| Net earnings (loss) (diluted) | (0.35 | ) | 0.65 | (153.85 | )% | (7.77 | ) | 1.62 | (579.63 | )% | ||||||||||||||
| Dividends | 0.04 | 0.43 | (90.70 | )% | 0.08 | 0.86 | (90.70 | )% | ||||||||||||||||
| Book value per common share | 32.50 | 46.82 | (30.59 | )% | ||||||||||||||||||||
| SELECTED RATIOS | ||||||||||||||||||||||||
| Return on average assets | (0.50 | )% | 0.54 | % | (3.29 | )% | 0.68 | % | ||||||||||||||||
| Return on average common equity | (4.06 | )% | 5.53 | % | (40.27 | )% | 6.86 | % | ||||||||||||||||
| Efficiency ratio | 38.67 | % | 62.96 | % | 56.03 | % | 60.40 | % | ||||||||||||||||
| Net interest margin | 4.09 | % | 4.18 | % | 4.01 | % | 4.20 | % | ||||||||||||||||
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| Press Release – Page 11 | ||||||||||||||||||||||||
| FINANCIAL HIGHLIGHTS (Continued) | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| (In thousands, except share and ratio data) | June 30, | June 30, | ||||||||||||||||||||||
| 2009 | 2008 | % Change | 2009 | 2008 | % Change | |||||||||||||||||||
| AVERAGE BALANCES | ||||||||||||||||||||||||
| Total assets | $ | 54,070,154 | $ | 53,293,375 | 1.46 | % | $ | 54,731,243 | $ | 53,103,599 | 3.07 | % | ||||||||||||
| Total interest-earning assets | 49,018,640 | 47,202,577 | 3.85 | % | 49,298,298 | 47,028,006 | 4.83 | % | ||||||||||||||||
| Securities | 4,907,115 | 4,866,421 | 0.84 | % | 4,697,746 | 5,103,854 | (7.96 | )% | ||||||||||||||||
| Net loans and leases | 41,910,940 | 40,325,657 | 3.93 | % | 41,899,844 | 39,781,734 | 5.32 | % | ||||||||||||||||
| Goodwill | 1,017,382 | 2,009,517 | (49.37 | )% | 1,334,043 | 2,009,497 | (33.61 | )% | ||||||||||||||||
| Core deposit and other intangibles | 125,768 | 137,675 | (8.65 | )% | 126,261 | 142,019 | (11.10 | )% | ||||||||||||||||
| Total deposits | 42,958,798 | 36,774,214 | 16.82 | % | 42,546,019 | 36,684,444 | 15.98 | % | ||||||||||||||||
| Shareholders’ equity: | ||||||||||||||||||||||||
Preferred equity | 1,587,752 | 240,000 | 561.56 | % | 1,585,717 | 240,000 | 560.72 | % | ||||||||||||||||
Common equity | 4,016,134 | 5,070,047 | (20.79 | )% | 4,472,023 | 5,098,334 | (12.28 | )% | ||||||||||||||||
Noncontrolling interests | 25,268 | 27,244 | (7.25 | )% | 26,487 | 28,960 | (8.54 | )% | ||||||||||||||||
| Weighted average common and common- | ||||||||||||||||||||||||
| equivalent shares outstanding | 115,908,127 | 106,711,948 | 8.62 | % | 115,012,123 | 106,696,919 | 7.79 | % | ||||||||||||||||
| AT PERIOD END | ||||||||||||||||||||||||
| Total assets | $ | 52,874,957 | $ | 54,630,883 | (3.21 | )% | ||||||||||||||||||
| Total interest-earning assets | 48,024,659 | 47,920,419 | 0.22 | % | ||||||||||||||||||||
| Securities | 4,920,445 | 4,784,185 | 2.85 | % | ||||||||||||||||||||
| Net loans and leases | 41,399,533 | 41,714,468 | (0.75 | )% | ||||||||||||||||||||
| Allowance for loan losses | 1,248,055 | 548,958 | 127.35 | % | ||||||||||||||||||||
| Reserve for unfunded lending commitments | 60,688 | 26,838 | 126.13 | % | ||||||||||||||||||||
| Goodwill | 1,017,385 | 2,009,511 | (49.37 | )% | ||||||||||||||||||||
| Core deposit and other intangibles | 121,675 | 132,481 | (8.16 | )% | ||||||||||||||||||||
| Total deposits | 42,644,172 | 37,607,995 | 13.39 | % | ||||||||||||||||||||
| Shareholders’ equity: | ||||||||||||||||||||||||
Preferred equity | 1,491,730 | 240,000 | 521.55 | % | ||||||||||||||||||||
Common equity | 4,066,202 | 5,033,530 | (19.22 | )% | ||||||||||||||||||||
Noncontrolling interests | 24,021 | 25,528 | (5.90 | )% | ||||||||||||||||||||
| Common shares outstanding | 125,095,328 | 107,518,975 | 16.35 | % | ||||||||||||||||||||
| Average equity to average assets | 10.41 | % | 10.01 | % | 11.12 | % | 10.11 | % | ||||||||||||||||
| Common dividend payout | na | 66.23 | % | na | 52.98 | % | ||||||||||||||||||
| Tangible common equity ratio | 5.66 | % | 5.51 | % | ||||||||||||||||||||
| Tangible equity ratio | 8.59 | % | 6.01 | % | ||||||||||||||||||||
| Nonperforming assets, excluding FDIC-supported assets | $ | 1,922,557 | $ | 695,287 | 176.51 | % | ||||||||||||||||||
| Ratio of nonperforming assets, excluding FDIC-supported | ||||||||||||||||||||||||
| assets, to net loans and leases and other real estate owned | 4.68 | % | 1.66 | % | ||||||||||||||||||||
| Accruing loans past due 90 days or more, excluding | ||||||||||||||||||||||||
| FDIC-supported assets | $ | 178,300 | $ | 108,934 | 63.68 | % | ||||||||||||||||||
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| Press Release – Page 12 | ||||||||||||||||||||
| FINANCIAL HIGHLIGHTS (Continued) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (In thousands, except per share and ratio data) | Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2009 | 2009 | 2008 | 2008 | 2008 | ||||||||||||||||
| EARNINGS | ||||||||||||||||||||
| Taxable-equivalent net interest income | $ | 499,432 | $ | 480,670 | $ | 514,422 | $ | 497,822 | $ | 490,587 | ||||||||||
| Taxable-equivalent revenue | 1,084,776 | 335,408 | 432,132 | 587,432 | 562,959 | |||||||||||||||
| Net interest income | 493,688 | 474,775 | 508,442 | 492,003 | 484,743 | |||||||||||||||
| Noninterest income | 585,344 | (145,262 | ) | (82,290 | ) | 89,610 | 72,372 | |||||||||||||
| Provision for loan losses | 762,654 | 297,624 | 285,189 | 156,606 | 114,192 | |||||||||||||||
| Noninterest expense | 419,469 | 376,205 | 398,167 | 372,276 | 354,417 | |||||||||||||||
| Impairment loss on goodwill | - | 633,992 | 353,804 | - | - | |||||||||||||||
| Income (loss) before income taxes | (103,091 | ) | (978,308 | ) | (611,008 | ) | 52,731 | 88,506 | ||||||||||||
| Income taxes (benefit) | (34,239 | ) | (151,727 | ) | (126,512 | ) | 11,214 | 22,037 | ||||||||||||
| Net income (loss) | (68,852 | ) | (826,581 | ) | (484,496 | ) | 41,517 | 66,469 | ||||||||||||
| Net income (loss) applicable to noncontrolling interests | (1,209 | ) | (540 | ) | (1,520 | ) | 3,757 | (5,729 | ) | |||||||||||
| Net income (loss) applicable to controlling interest | (67,643 | ) | (826,041 | ) | (482,976 | ) | 37,760 | 72,198 | ||||||||||||
| Net earnings (loss) applicable to common shareholders | (40,672 | ) | (852,327 | ) | (498,084 | ) | 33,351 | 69,744 | ||||||||||||
| PER COMMON SHARE | ||||||||||||||||||||
| Net earnings (loss) (diluted) | (0.35 | ) | (7.47 | ) | (4.37 | ) | 0.31 | 0.65 | ||||||||||||
| Dividends | 0.04 | 0.04 | 0.32 | 0.43 | 0.43 | |||||||||||||||
| Book value per common share | 32.50 | 34.39 | 42.65 | 45.78 | 46.82 | |||||||||||||||
| SELECTED RATIOS | ||||||||||||||||||||
| Return on average assets | (0.50 | )% | (6.05 | )% | (3.52 | )% | 0.28 | % | 0.54 | % | ||||||||||
| Return on average common equity | (4.06 | )% | (70.07 | )% | (38.77 | )% | 2.59 | % | 5.53 | % | ||||||||||
| Efficiency ratio | 38.67 | % | 112.16 | % | 92.14 | % | 63.37 | % | 62.96 | % | ||||||||||
| Net interest margin | 4.09 | % | 3.93 | % | 4.20 | % | 4.13 | % | 4.18 | % | ||||||||||
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| ZIONS BANCORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
| Press Release – Page 13 | ||||||||||||||||||||
| FINANCIAL HIGHLIGHTS (Continued) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (In thousands, except share and ratio data) | Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2009 | 2009 | 2008 | 2008 | 2008 | ||||||||||||||||
| AVERAGE BALANCES | ||||||||||||||||||||
| Total assets | $ | 54,070,154 | $ | 55,399,675 | $ | 54,546,364 | $ | 54,279,760 | $ | 53,293,375 | ||||||||||
| Total interest-earning assets | 49,018,640 | 49,581,062 | 48,708,673 | 47,984,725 | 47,202,577 | |||||||||||||||
| Securities | 4,907,115 | 4,486,050 | 4,516,559 | 4,582,727 | 4,866,421 | |||||||||||||||
| Net loans and leases | 41,910,940 | 41,888,624 | 41,769,536 | 41,824,097 | 40,325,657 | |||||||||||||||
| Goodwill | 1,017,382 | 1,654,222 | 1,720,536 | 2,009,509 | 2,009,517 | |||||||||||||||
| Core deposit and other intangibles | 125,768 | 126,759 | 130,703 | 132,167 | 137,675 | |||||||||||||||
| Total deposits | 42,958,798 | 42,128,652 | 39,580,867 | 37,321,656 | 36,774,214 | |||||||||||||||
| Shareholders' equity: | ||||||||||||||||||||
Preferred equity | 1,587,752 | 1,583,659 | 961,072 | 282,500 | 240,000 | |||||||||||||||
Common equity | 4,016,134 | 4,932,977 | 5,110,430 | 5,123,399 | 5,070,047 | |||||||||||||||
Noncontrolling interests | 25,268 | 27,720 | 28,751 | 29,949 | 27,244 | |||||||||||||||
| Weighted average common and common- | ||||||||||||||||||||
| equivalent shares outstanding | 115,908,127 | 114,106,164 | 114,065,100 | 108,497,464 | 106,711,948 | |||||||||||||||
| AT PERIOD END | ||||||||||||||||||||
| Total assets | $ | 52,874,957 | $ | 54,545,012 | $ | 55,092,791 | $ | 53,974,168 | $ | 54,630,883 | ||||||||||
| Total interest-earning assets | 48,024,659 | 49,267,000 | 49,071,281 | 47,656,065 | 47,920,419 | |||||||||||||||
| Securities | 4,920,445 | 4,800,957 | 4,509,308 | 4,755,359 | 4,784,185 | |||||||||||||||
| Net loans and leases | 41,399,533 | 41,932,315 | 41,658,738 | 41,735,598 | 41,714,468 | |||||||||||||||
| Allowance for loan losses | 1,248,055 | 832,878 | 686,999 | 609,433 | 548,958 | |||||||||||||||
| Reserve for unfunded lending commitments | 60,688 | 52,761 | 50,934 | 23,574 | 26,838 | |||||||||||||||
| Goodwill | 1,017,385 | 1,034,465 | 1,651,377 | 2,009,504 | 2,009,511 | |||||||||||||||
| Core deposit and other intangibles | 121,675 | 124,585 | 125,935 | 133,989 | 132,481 | |||||||||||||||
| Total deposits | 42,644,172 | 43,307,233 | 41,316,496 | 38,590,901 | 37,607,995 | |||||||||||||||
| Shareholders' equity: | ||||||||||||||||||||
Preferred equity | 1,491,730 | 1,587,027 | 1,581,834 | 286,949 | 240,000 | |||||||||||||||
Common equity | 4,066,202 | 3,965,979 | 4,919,862 | 5,279,078 | 5,033,530 | |||||||||||||||
Noncontrolling interests | 24,021 | 26,828 | 27,320 | 30,288 | 25,528 | |||||||||||||||
| Common shares outstanding | 125,095,328 | 115,335,668 | 115,344,813 | 115,302,598 | 107,518,975 | |||||||||||||||
| Average equity to average assets | 10.41 | % | 11.81 | % | 11.18 | % | �� | 10.01 | % | 10.01 | % | |||||||||
| Common dividend payout | na | na | na | 138.44 | % | 66.23 | % | |||||||||||||
| Tangible common equity ratio | 5.66 | % | 5.26 | % | 5.89 | % | 6.05 | % | 5.51 | % | ||||||||||
| Tangible equity ratio | 8.59 | % | 8.28 | % | 8.91 | % | 6.66 | % | 6.01 | % | ||||||||||
| Nonperforming assets, excluding FDIC-supported assets | $ | 1,922,557 | $ | 1,647,913 | $ | 1,138,375 | $ | 922,339 | $ | 695,287 | ||||||||||
| Ratio of nonperforming assets, excluding FDIC-supported | ||||||||||||||||||||
| assets, to net loans and leases and other real estate owned | 4.68 | % | 3.96 | % | 2.71 | % | 2.19 | % | 1.66 | % | ||||||||||
| Accruing loans past due 90 days or more, excluding | ||||||||||||||||||||
| FDIC-supported assets | $ | 178,300 | $ | 88,035 | $ | 129,567 | $ | 97,831 | $ | 108,934 | ||||||||||
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| ZIONS BANCORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
| Press Release – Page 14 | ||||||||||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| (In thousands, except share amounts) | 2009 | 2009 | 2008 | 2008 | 2008 | |||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | $ | 1,229,205 | $ | 1,321,972 | $ | 1,475,976 | $ | 1,441,957 | $ | 1,751,724 | ||||||||||
| Money market investments: | ||||||||||||||||||||
Interest-bearing deposits and commercial paper | 1,005,060 | 1,952,555 | 2,332,759 | 568,875 | 504,314 | |||||||||||||||
Federal funds sold | 390,619 | 13,277 | 83,451 | 274,129 | 274,456 | |||||||||||||||
Security resell agreements | 57,476 | 305,111 | 286,707 | 170,009 | 484,487 | |||||||||||||||
| Investment securities: | ||||||||||||||||||||
Held-to-maturity, at adjusted cost (approximate fair value | ||||||||||||||||||||
$891,186, $1,361,460, $1,443,555, $1,587,006, and $1,730,104) | 937,942 | 1,648,971 | 1,790,989 | 1,917,354 | 1,914,833 | |||||||||||||||
Available-for-sale, at fair value | 3,903,895 | 3,086,788 | 2,676,255 | 2,792,236 | 2,817,682 | |||||||||||||||
Trading account, at fair value (includes $0, $0, $538, $531, | ||||||||||||||||||||
and $463 transferred as collateral under repurchase agreements) | 78,608 | 65,198 | 42,064 | 45,769 | 51,670 | |||||||||||||||
| 4,920,445 | 4,800,957 | 4,509,308 | 4,755,359 | 4,784,185 | ||||||||||||||||
| Loans held for sale | 251,526 | 262,785 | 200,318 | 152,095 | 158,509 | |||||||||||||||
| Loans: | ||||||||||||||||||||
Loans and leases excluding FDIC-supported assets | 40,654,802 | 41,220,610 | 41,791,237 | 41,876,371 | 41,874,224 | |||||||||||||||
FDIC-supported assets | 874,773 | 836,454 | ||||||||||||||||||
| 41,529,575 | 42,057,064 | 41,791,237 | 41,876,371 | 41,874,224 | ||||||||||||||||
Less: | ||||||||||||||||||||
Unearned income and fees, net of related costs | 130,042 | 124,749 | 132,499 | 140,773 | 159,756 | |||||||||||||||
Allowance for loan losses | 1,248,055 | 832,878 | 686,999 | 609,433 | 548,958 | |||||||||||||||
Loans and leases, net of allowance | 40,151,478 | 41,099,437 | 40,971,739 | 41,126,165 | 41,165,510 | |||||||||||||||
| Other noninterest-bearing investments | 1,046,131 | 1,051,956 | 1,044,092 | 1,170,367 | 1,153,933 | |||||||||||||||
| Premises and equipment, net | 703,613 | 701,742 | 687,096 | 675,480 | 656,013 | |||||||||||||||
| Goodwill | 1,017,385 | 1,034,465 | 1,651,377 | 2,009,504 | 2,009,511 | |||||||||||||||
| Core deposit and other intangibles | 121,675 | 124,585 | 125,935 | 133,989 | 132,481 | |||||||||||||||
| Other real estate owned | 293,857 | 226,634 | 191,792 | 156,817 | 125,186 | |||||||||||||||
| Other assets | 1,686,487 | 1,649,536 | 1,532,241 | 1,339,422 | 1,430,574 | |||||||||||||||
| $ | 52,874,957 | $ | 54,545,012 | $ | 55,092,791 | $ | 53,974,168 | $ | 54,630,883 | |||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 11,142,017 | $ | 10,517,910 | $ | 9,683,385 | $ | 9,413,484 | $ | 9,735,265 | ||||||||||
Interest-bearing: | ||||||||||||||||||||
Savings and NOW | 4,949,711 | 4,710,899 | 4,452,919 | 4,341,873 | 4,590,767 | |||||||||||||||
Money market | 17,276,743 | 18,103,564 | 16,826,846 | 14,087,288 | 13,387,401 | |||||||||||||||
Time under $100,000 | 2,845,893 | 3,112,864 | 2,974,566 | 2,954,116 | 2,466,082 | |||||||||||||||
Time $100,000 and over | 4,455,225 | 4,647,015 | 4,756,218 | 4,468,225 | 4,102,369 | |||||||||||||||
Foreign | 1,974,583 | 2,214,981 | 2,622,562 | 3,325,915 | 3,326,111 | |||||||||||||||
| 42,644,172 | 43,307,233 | 41,316,496 | 38,590,901 | 37,607,995 | ||||||||||||||||
| Securities sold, not yet purchased | 51,109 | 39,892 | 35,657 | 29,528 | 46,376 | |||||||||||||||
| Federal funds purchased | 1,169,809 | 1,213,970 | 965,835 | 1,179,197 | 2,379,055 | |||||||||||||||
| Security repurchase agreements | 565,975 | 551,686 | 899,751 | 734,379 | 1,010,325 | |||||||||||||||
| Other liabilities | 597,543 | 578,768 | 669,111 | 649,672 | 555,812 | |||||||||||||||
| Commercial paper | 1,019 | 984 | 15,451 | 40,493 | 137,200 | |||||||||||||||
| Federal Home Loan Bank advances and other borrowings: | ||||||||||||||||||||
One year or less | 47,152 | 429,655 | 2,039,853 | 4,690,784 | 5,003,057 | |||||||||||||||
Over one year | 18,882 | 127,680 | 128,253 | 128,855 | 129,474 | |||||||||||||||
| Long-term debt | 2,197,343 | 2,715,310 | 2,493,368 | 2,334,044 | 2,462,531 | |||||||||||||||
Total liabilities | 47,293,004 | 48,965,178 | 48,563,775 | 48,377,853 | 49,331,825 | |||||||||||||||
| Shareholders’ equity: | ||||||||||||||||||||
Preferred stock, without par value, authorized 3,000,000 shares | 1,491,730 | 1,587,027 | 1,581,834 | 286,949 | 240,000 | |||||||||||||||
Common stock, without par value; authorized 350,000,000 | ||||||||||||||||||||
shares; issued and outstanding 125,095,328, 115,335,668, | ||||||||||||||||||||
115,344,813, 115,302,598 and 107,518,975 shares | 2,779,896 | 2,607,541 | 2,599,916 | 2,482,517 | 2,224,455 | |||||||||||||||
| Retained earnings | 1,668,608 | 1,713,897 | 2,433,363 | 2,968,242 | 2,981,062 | |||||||||||||||
| Accumulated other comprehensive income (loss) | (368,164 | ) | (340,727 | ) | (98,958 | ) | (157,305 | ) | (158,325 | ) | ||||||||||
| Deferred compensation | (14,138 | ) | (14,732 | ) | (14,459 | ) | (14,376 | ) | (13,662 | ) | ||||||||||
Controlling interest shareholders’ equity | 5,557,932 | 5,553,006 | 6,501,696 | 5,566,027 | 5,273,530 | |||||||||||||||
| Noncontrolling interests | 24,021 | 26,828 | 27,320 | 30,288 | 25,528 | |||||||||||||||
Total shareholders’ equity | 5,581,953 | 5,579,834 | 6,529,016 | 5,596,315 | 5,299,058 | |||||||||||||||
| $ | 52,874,957 | $ | 54,545,012 | $ | 55,092,791 | $ | 53,974,168 | $ | 54,630,883 | |||||||||||
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| ZIONS BANCORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
| Press Release – Page 15 | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (In thousands, except per share amounts) | Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2009 | 2009 | 2008 | 2008 | 2008 | ||||||||||||||||
| Interest income: | ||||||||||||||||||||
Interest and fees on loans | $ | 583,590 | $ | 579,852 | $ | 650,885 | $ | 663,677 | $ | 643,111 | ||||||||||
Interest on loans held for sale | 3,082 | 2,756 | 2,442 | 1,916 | 2,699 | |||||||||||||||
Lease financing | 4,735 | 4,593 | 4,999 | 5,515 | 5,767 | |||||||||||||||
Interest on money market investments | 1,543 | 3,376 | 7,172 | 9,267 | 12,313 | |||||||||||||||
Interest on securities: | ||||||||||||||||||||
Held-to-maturity – taxable | 9,367 | 18,908 | 22,317 | 21,780 | 15,730 | |||||||||||||||
Held-to-maturity – nontaxable | 5,796 | 6,265 | 6,396 | 6,319 | 6,224 | |||||||||||||||
Available-for-sale – taxable | 26,982 | 21,703 | 28,680 | 25,044 | 35,059 | |||||||||||||||
Available-for-sale – nontaxable | 1,778 | 1,678 | 1,711 | 1,697 | 1,870 | |||||||||||||||
Trading account | 823 | 571 | 598 | 437 | 159 | |||||||||||||||
Total interest income | 637,696 | 639,702 | 725,200 | 735,652 | 722,932 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
Interest on savings and money market deposits | 64,949 | 74,553 | 95,717 | 90,720 | 80,144 | |||||||||||||||
Interest on time and foreign deposits | 52,577 | 62,679 | 77,806 | 74,837 | 83,460 | |||||||||||||||
Interest on short-term borrowings | 3,661 | 6,020 | 20,368 | 50,164 | 45,070 | |||||||||||||||
Interest on long-term borrowings | 22,821 | 21,675 | 22,867 | 27,928 | 29,515 | |||||||||||||||
Total interest expense | 144,008 | 164,927 | 216,758 | 243,649 | 238,189 | |||||||||||||||
Net interest income | 493,688 | 474,775 | 508,442 | 492,003 | 484,743 | |||||||||||||||
| Provision for loan losses | 762,654 | 297,624 | 285,189 | 156,606 | 114,192 | |||||||||||||||
Net interest income after provision for loan losses | (268,966 | ) | 177,151 | 223,253 | 335,397 | 370,551 | ||||||||||||||
| Noninterest income: | ||||||||||||||||||||
Service charges and fees on deposit accounts | 51,833 | 52,788 | 52,641 | 53,695 | 51,067 | |||||||||||||||
Other service charges, commissions and fees | 40,291 | 38,227 | 40,532 | 42,794 | 42,362 | |||||||||||||||
Trust and wealth management income | 8,750 | 7,165 | 8,910 | 8,865 | 10,284 | |||||||||||||||
Capital markets and foreign exchange | 16,311 | 13,204 | 15,048 | 12,257 | 12,196 | |||||||||||||||
Dividends and other investment income | 2,684 | 8,408 | 16,001 | 7,042 | 10,409 | |||||||||||||||
Loan sales and servicing income | 7,040 | 5,851 | 4,420 | 3,633 | 8,516 | |||||||||||||||
Income (loss) from securities conduit | (149 | ) | 1,235 | 1,542 | 336 | 1,043 | ||||||||||||||
Fair value and nonhedge derivative income (loss) | 20,316 | 4,004 | (5,819 | ) | (26,155 | ) | (19,789 | ) | ||||||||||||
Equity securities gains (losses), net | (619 | ) | 2,763 | (14,125 | ) | 12,971 | (8,121 | ) | ||||||||||||
Fixed income securities gains (losses), net | 1,444 | 195 | (1,139 | ) | 135 | 78 | ||||||||||||||
Impairment losses on investment securities: | ||||||||||||||||||||
Impairment losses on investment securities | (71,515 | ) | (165,616 | ) | (196,472 | ) | (28,022 | ) | (38,761 | ) | ||||||||||
Noncredit-related losses on securities not expected to | ||||||||||||||||||||
be sold (recognized in other comprehensive income) | 29,546 | 82,943 | ||||||||||||||||||
Net impairment losses on investment securities | (41,969 | ) | (82,673 | ) | (196,472 | ) | (28,022 | ) | (38,761 | ) | ||||||||||
Valuation losses on securities purchased | (11,701 | ) | (200,391 | ) | (7,868 | ) | - | - | ||||||||||||
Gains on swap termination and debt modification | 466,333 | |||||||||||||||||||
Acquisition related gains | 22,977 | |||||||||||||||||||
Other | 1,803 | 3,962 | 4,039 | 2,059 | 3,088 | |||||||||||||||
Total noninterest income | 585,344 | (145,262 | ) | (82,290 | ) | 89,610 | 72,372 | |||||||||||||
| Noninterest expense: | ||||||||||||||||||||
Salaries and employee benefits | 202,420 | 204,161 | 190,861 | 208,995 | 201,291 | |||||||||||||||
Occupancy, net | 26,651 | 28,327 | 29,460 | 30,552 | 27,364 | |||||||||||||||
Furniture and equipment | 24,870 | 24,999 | 26,507 | 24,281 | 25,610 | |||||||||||||||
Other real estate expense | 23,748 | 18,343 | 40,124 | 7,126 | 1,290 | |||||||||||||||
Legal and professional services | 9,497 | 8,543 | 14,774 | 11,297 | 11,566 | |||||||||||||||
Postage and supplies | 8,036 | 8,410 | 9,873 | 9,257 | 8,536 | |||||||||||||||
Advertising | 5,678 | 7,148 | 10,078 | 6,782 | 7,520 | |||||||||||||||
FDIC premiums | 42,329 | 14,171 | 5,745 | 5,286 | 4,624 | |||||||||||||||
Amortization of core deposit and other intangibles | 7,078 | 6,886 | 8,055 | 8,096 | 8,191 | |||||||||||||||
Other | 69,162 | 55,217 | 62,690 | 60,604 | 58,425 | |||||||||||||||
Total noninterest expense | 419,469 | 376,205 | 398,167 | 372,276 | 354,417 | |||||||||||||||
| Impairment loss on goodwill | - | 633,992 | 353,804 | - | - | |||||||||||||||
Income (loss) before income taxes | (103,091 | ) | (978,308 | ) | (611,008 | ) | 52,731 | 88,506 | ||||||||||||
| Income taxes (benefit) | (34,239 | ) | (151,727 | ) | (126,512 | ) | 11,214 | 22,037 | ||||||||||||
Net income (loss) | (68,852 | ) | (826,581 | ) | (484,496 | ) | 41,517 | 66,469 | ||||||||||||
| Net income (loss) applicable to noncontrolling interests | (1,209 | ) | (540 | ) | (1,520 | ) | 3,757 | (5,729 | ) | |||||||||||
Net income (loss) applicable to controlling interest | (67,643 | ) | (826,041 | ) | (482,976 | ) | 37,760 | 72,198 | ||||||||||||
| Preferred stock dividends | (25,447 | ) | (26,286 | ) | (15,108 | ) | (4,409 | ) | (2,454 | ) | ||||||||||
| Preferred stock redemption | 52,418 | |||||||||||||||||||
Net earnings (loss) applicable to common shareholders | $ | (40,672 | ) | $ | (852,327 | ) | $ | (498,084 | ) | $ | 33,351 | $ | 69,744 | |||||||
| Weighted average common shares outstanding during the period: | ||||||||||||||||||||
Basic shares | 115,908 | 114,106 | 114,065 | 108,407 | 106,595 | |||||||||||||||
Diluted shares | 115,908 | 114,106 | 114,065 | 108,497 | 106,712 | |||||||||||||||
| Net earnings (loss) per common share: | ||||||||||||||||||||
Basic | $ | (0.35 | ) | $ | (7.47 | ) | $ | (4.37 | ) | $ | 0.31 | $ | 0.65 | |||||||
Diluted | (0.35 | ) | (7.47 | ) | (4.37 | ) | 0.31 | 0.65 | ||||||||||||
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| ZIONS BANCORPORATION AND SUBSIDIARIES | ||||||||
| Press Release – Page 16 | ||||||||
| CONSOLIDATED STATEMENTS OF INCOME (Continued) | ||||||||
| (Unaudited) | ||||||||
| Six Months Ended | ||||||||
| (In thousands, except per share amounts) | June 30, | |||||||
| 2009 | 2008 | |||||||
| Interest income: | ||||||||
Interest and fees on loans | $ | 1,163,442 | $ | 1,331,550 | ||||
Interest on loans held for sale | 5,838 | 5,716 | ||||||
Lease financing | 9,328 | 11,585 | ||||||
Interest on money market investments | 4,919 | 31,341 | ||||||
Interest on securities: | ||||||||
Held-to-maturity – taxable | 28,275 | 18,185 | ||||||
Held-to-maturity – nontaxable | 12,061 | 12,653 | ||||||
Available-for-sale – taxable | 48,685 | 97,415 | ||||||
Available-for-sale – nontaxable | 3,456 | 3,762 | ||||||
Trading account | 1,394 | 840 | ||||||
Total interest income | 1,277,398 | 1,513,047 | ||||||
| Interest expense: | ||||||||
Interest on savings and money market deposits | 139,502 | 184,131 | ||||||
Interest on time and foreign deposits | 115,256 | 189,682 | ||||||
Interest on short-term borrowings | 9,681 | 108,343 | ||||||
Interest on long-term borrowings | 44,496 | 59,690 | ||||||
Total interest expense | 308,935 | 541,846 | ||||||
Net interest income | 968,463 | 971,201 | ||||||
| Provision for loan losses | 1,060,278 | 206,474 | ||||||
Net interest income after provision for loan losses | (91,815 | ) | 764,727 | |||||
| Noninterest income: | ||||||||
Service charges and fees on deposit accounts | 104,621 | 100,652 | ||||||
Other service charges, commissions and fees | 78,518 | 84,343 | ||||||
Trust and wealth management income | 15,915 | 19,977 | ||||||
Capital markets and foreign exchange | 29,515 | 22,593 | ||||||
Dividends and other investment income | 11,092 | 23,319 | ||||||
Loan sales and servicing income | 12,891 | 16,326 | ||||||
Income from securities conduit | 1,086 | 3,624 | ||||||
Fair value and nonhedge derivative income (loss) | 24,320 | (16,002 | ) | |||||
Equity securities gains, net | 2,144 | 1,947 | ||||||
Fixed income securities gains, net | 1,639 | 1,853 | ||||||
Impairment losses on investment securities: | ||||||||
Impairment losses on investment securities | (237,131 | ) | (79,546 | ) | ||||
Noncredit-related losses on securities not expected to | ||||||||
be sold (recognized in other comprehensive income) | 112,489 | |||||||
Net impairment losses on investment securities | (124,642 | ) | (79,546 | ) | ||||
Valuation losses on securities purchased | (212,092 | ) | (5,204 | ) | ||||
Gains on swap termination and debt modification | 466,333 | |||||||
Acquisition related gains | 22,977 | |||||||
Other | 5,765 | 9,490 | ||||||
Total noninterest income | 440,082 | 183,372 | ||||||
| Noninterest expense: | ||||||||
Salaries and employee benefits | 406,581 | 410,645 | ||||||
Occupancy, net | 54,978 | 54,163 | ||||||
Furniture and equipment | 49,869 | 49,348 | ||||||
Other real estate expense | 42,091 | 3,128 | ||||||
Legal and professional services | 18,040 | 19,446 | ||||||
Postage and supplies | 16,446 | 18,325 | ||||||
Advertising | 12,826 | 13,871 | ||||||
FDIC premiums | 56,500 | 8,827 | ||||||
Amortization of core deposit and other intangibles | 13,964 | 17,011 | ||||||
Other | 124,379 | 109,756 | ||||||
Total noninterest expense | 795,674 | 704,520 | ||||||
| Impairment loss on goodwill | 633,992 | - | ||||||
Income (loss) before income taxes | (1,081,399 | ) | 243,579 | |||||
| Income taxes (benefit) | (185,966 | ) | 71,933 | |||||
Net income (loss) | (895,433 | ) | 171,646 | |||||
| Net loss applicable to noncontrolling interests | (1,749 | ) | (7,301 | ) | ||||
Net income (loss) applicable to controlling interest | (893,684 | ) | 178,947 | |||||
| Preferred stock dividends | (51,733 | ) | (4,907 | ) | ||||
| Preferred stock redemption | 52,418 | |||||||
Net earnings (loss) applicable to common shareholders | $ | (892,999 | ) | $ | 174,040 | |||
| Weighted average common shares outstanding during the period: | ||||||||
Basic shares | 115,012 | 106,554 | ||||||
Diluted shares | 115,012 | 106,697 | ||||||
| Net earnings (loss) per common share: | ||||||||
Basic | $ | (7.77 | ) | $ | 1.62 | |||
Diluted | (7.77 | ) | 1.62 | |||||
- more -
| ZIONS BANCORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||||||||
| Press Release – Page 17 | ||||||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||
| AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||
| (Unaudited) | Accumulated | |||||||||||||||||||||||||||
| �� | other | Total | ||||||||||||||||||||||||||
| Preferred | Common | Retained | comprehensive | Deferred | Noncontrolling | shareholders’ | ||||||||||||||||||||||
| (In thousands, except per share amounts) | stock | stock | earnings | income (loss) | compensation | interests | equity | |||||||||||||||||||||
| Balance, December 31, 2008 | $ | 1,581,834 | $ | 2,599,916 | $ | 2,433,363 | $ | (98,958 | ) | $ | (14,459 | ) | $ | 27,320 | $ | 6,529,016 | ||||||||||||
| Cumulative effect of change in accounting principle, | ||||||||||||||||||||||||||||
adoption of FSP FAS 115-2 and 124-2 | 137,462 | (137,462 | ) | - | ||||||||||||||||||||||||
| Comprehensive loss: | ||||||||||||||||||||||||||||
Net loss for the period | (826,041 | ) | (540 | ) | (826,581 | ) | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||
Net realized and unrealized holding losses | ||||||||||||||||||||||||||||
on investments and retained interests | (83,553 | ) | ||||||||||||||||||||||||||
Reclassification for net realized losses | ||||||||||||||||||||||||||||
on investments recorded in operations | 38,862 | |||||||||||||||||||||||||||
Noncredit-related impairment losses on | ||||||||||||||||||||||||||||
securities not expected to be sold | (49,928 | ) | ||||||||||||||||||||||||||
Accretion of securities with noncredit-related | ||||||||||||||||||||||||||||
impairment losses not expected to be sold | 896 | |||||||||||||||||||||||||||
Net unrealized losses on derivative instruments | (10,584 | ) | ||||||||||||||||||||||||||
Other comprehensive loss | (104,307 | ) | (104,307 | ) | ||||||||||||||||||||||||
Total comprehensive loss | (930,888 | ) | ||||||||||||||||||||||||||
| Dividends on preferred stock | 5,193 | (26,286 | ) | (21,093 | ) | |||||||||||||||||||||||
| Net stock issued under employee | ||||||||||||||||||||||||||||
| plans and related tax benefits | 7,625 | 7,625 | ||||||||||||||||||||||||||
| Dividends on common stock, $.04 per share | (4,601 | ) | (4,601 | ) | ||||||||||||||||||||||||
| Change in deferred compensation | (273 | ) | (273 | ) | ||||||||||||||||||||||||
| Other changes in noncontrolling interests | 48 | 48 | ||||||||||||||||||||||||||
| Balance, March 31, 2009 | 1,587,027 | 2,607,541 | 1,713,897 | (340,727 | ) | (14,732 | ) | 26,828 | 5,579,834 | |||||||||||||||||||
| Comprehensive loss: | ||||||||||||||||||||||||||||
Net loss for the period | (67,643 | ) | (1,209 | ) | (68,852 | ) | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||
Net realized and unrealized holding gains | ||||||||||||||||||||||||||||
on investments and retained interests | 5,041 | |||||||||||||||||||||||||||
Reclassification for net realized losses | ||||||||||||||||||||||||||||
on investments recorded in operations | 24,434 | |||||||||||||||||||||||||||
Noncredit-related impairment losses on | ||||||||||||||||||||||||||||
securities not expected to be sold | (17,855 | ) | ||||||||||||||||||||||||||
Accretion of securities with noncredit-related | ||||||||||||||||||||||||||||
impairment losses not expected to be sold | 35 | |||||||||||||||||||||||||||
Net unrealized losses on derivative instruments | (39,092 | ) | ||||||||||||||||||||||||||
Other comprehensive loss | (27,437 | ) | (27,437 | ) | ||||||||||||||||||||||||
Total comprehensive loss | (96,289 | ) | ||||||||||||||||||||||||||
| Preferred stock redemption | (100,511 | ) | 1,763 | 52,418 | (46,330 | ) | ||||||||||||||||||||||
| Dividends on preferred stock | 5,214 | (25,447 | ) | (20,233 | ) | |||||||||||||||||||||||
| Issuance of common stock | 123,741 | 123,741 | ||||||||||||||||||||||||||
| Subordinated debt modification | 45,326 | 45,326 | ||||||||||||||||||||||||||
| Net stock issued under employee | ||||||||||||||||||||||||||||
plans and related tax benefits | 1,525 | 1,525 | ||||||||||||||||||||||||||
| Dividends on common stock, $.04 per share | (4,617 | ) | (4,617 | ) | ||||||||||||||||||||||||
| Change in deferred compensation | 594 | 594 | ||||||||||||||||||||||||||
| Other changes in noncontrolling interests | (1,598 | ) | (1,598 | ) | ||||||||||||||||||||||||
| Balance, June 30, 2009 | $ | 1,491,730 | $ | 2,779,896 | $ | 1,668,608 | $ | (368,164 | ) | $ | (14,138 | ) | $ | 24,021 | $ | 5,581,953 | ||||||||||||
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| ZIONS BANCORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||||
| Press Release – Page 18 | ||||||||||||||||||||||||
| INVESTMENT SECURITIES PORTFOLIO | ||||||||||||||||||||||||
| ASSET-BACKED SECURITIES CLASSIFIED AT HIGHEST CREDIT RATING* | ||||||||||||||||||||||||
| As of June 30, 2009 | ||||||||||||||||||||||||
| (Unaudited) | Net | Net | ||||||||||||||||||||||
| unrealized | unrealized | |||||||||||||||||||||||
| gains (losses) | gains (losses) | Estimated | ||||||||||||||||||||||
| Par | Amortized | recognized | Carrying | not recognized | fair | |||||||||||||||||||
| (In thousands) | value | cost | in OCI 1 | value | in OCI 1 | value | ||||||||||||||||||
| HELD-TO-MATURITY: | ||||||||||||||||||||||||
| Municipal securities | $ | 674,524 | $ | 671,671 | $ | - | $ | 671,671 | $ | (272 | ) | $ | 671,399 | |||||||||||
| Asset-backed securities: | ||||||||||||||||||||||||
Trust preferred securities – banks and insurance | ||||||||||||||||||||||||
A rated | 11,378 | 11,378 | (1,397 | ) | 9,981 | (1,250 | ) | 8,731 | ||||||||||||||||
A rated – OTTI/PIK’d 2 | 551 | 549 | (105 | ) | 444 | - | 444 | |||||||||||||||||
BBB rated | 16,698 | 16,699 | (1,895 | ) | 14,804 | (2,031 | ) | 12,773 | ||||||||||||||||
Noninvestment grade | 236,820 | 236,666 | (22,419 | ) | 214,247 | (35,223 | ) | 179,024 | ||||||||||||||||
| 265,447 | 265,292 | (25,816 | ) | 239,476 | (38,504 | ) | 200,972 | |||||||||||||||||
Other | ||||||||||||||||||||||||
AAA rated | 4,334 | 4,147 | (90 | ) | 4,057 | (309 | ) | 3,748 | ||||||||||||||||
A rated | 3,831 | 3,243 | (1,012 | ) | 2,231 | 559 | 2,790 | |||||||||||||||||
BBB rated | 18,000 | 16,615 | (55 | ) | 16,560 | (8,116 | ) | 8,444 | ||||||||||||||||
Noninvestment grade – OTTI/PIK’d 2 | 12,413 | 8,481 | (4,634 | ) | 3,847 | (112 | ) | 3,735 | ||||||||||||||||
| 38,578 | 32,486 | (5,791 | ) | 26,695 | (7,978 | ) | 18,717 | |||||||||||||||||
| Other debt securities | 100 | 100 | - | 100 | (2 | ) | 98 | |||||||||||||||||
| 978,649 | 969,549 | (31,607 | ) | 937,942 | (46,756 | ) | 891,186 | |||||||||||||||||
| AVAILABLE-FOR-SALE: | ||||||||||||||||||||||||
| U.S. Treasury securities | 25,653 | 25,113 | 732 | 25,845 | 25,845 | |||||||||||||||||||
| U.S. Government agencies and corporations: | ||||||||||||||||||||||||
Agency securities | 290,084 | 290,504 | 5,874 | 296,378 | 296,378 | |||||||||||||||||||
Agency guaranteed mortgage-backed securities | 410,168 | 411,180 | 9,504 | 420,684 | 420,684 | |||||||||||||||||||
Small Business Administration loan-backed securities | 786,872 | 834,883 | (22,353 | ) | 812,530 | 812,530 | ||||||||||||||||||
| Municipal securities | 257,441 | 251,029 | 1,804 | 252,833 | 252,833 | |||||||||||||||||||
| Asset-backed securities: | ||||||||||||||||||||||||
Trust preferred securities – banks and insurance | ||||||||||||||||||||||||
AAA rated | 86,348 | 85,601 | (10,311 | ) | 75,290 | 75,290 | ||||||||||||||||||
AA rated | 639,284 | 479,247 | 5,234 | 484,481 | 484,481 | |||||||||||||||||||
A rated | 367,315 | 356,311 | (113,497 | ) | 242,814 | 242,814 | ||||||||||||||||||
BBB rated | 169,696 | 145,482 | (37,446 | ) | 108,036 | 108,036 | ||||||||||||||||||
Not rated | 26,020 | 25,003 | (3,988 | ) | 21,015 | 21,015 | ||||||||||||||||||
Noninvestment grade | 386,103 | 379,813 | (118,546 | ) | 261,267 | 261,267 | ||||||||||||||||||
Noninvestment grade – OTTI/PIK’d 2 | 786,218 | 702,300 | (359,039 | ) | 343,261 | 343,261 | ||||||||||||||||||
| 2,460,984 | 2,173,757 | (637,593 | ) | 1,536,164 | 1,536,164 | |||||||||||||||||||
Trust preferred securities – real estate investment trusts | ||||||||||||||||||||||||
Noninvestment grade | 45,000 | 33,890 | (12,460 | ) | 21,430 | 21,430 | ||||||||||||||||||
Noninvestment grade – OTTI/PIK’d 2 | 50,000 | 42,855 | (29,705 | ) | 13,150 | 13,150 | ||||||||||||||||||
| 95,000 | 76,745 | (42,165 | ) | 34,580 | 34,580 | |||||||||||||||||||
Auction rate securities | ||||||||||||||||||||||||
AAA rated | 181,625 | 167,209 | (1,447 | ) | 165,762 | 165,762 | ||||||||||||||||||
A rated | 7,300 | 4,678 | 789 | 5,467 | 5,467 | |||||||||||||||||||
| 188,925 | 171,887 | (658 | ) | 171,229 | 171,229 | |||||||||||||||||||
Other | ||||||||||||||||||||||||
AAA rated | 59,255 | 56,437 | (11,544 | ) | 44,893 | 44,893 | ||||||||||||||||||
AA rated | 3,495 | 1,987 | 196 | 2,183 | 2,183 | |||||||||||||||||||
BBB rated | 53,724 | 50,810 | (13,184 | ) | 37,626 | 37,626 | ||||||||||||||||||
Noninvestment grade | 27,617 | 23,943 | (14,773 | ) | 9,170 | 9,170 | ||||||||||||||||||
Noninvestment grade – OTTI/PIK’d 2 | 74,012 | 28,806 | (15,349 | ) | 13,457 | 13,457 | ||||||||||||||||||
| 218,103 | 161,983 | (54,654 | ) | 107,329 | 107,329 | |||||||||||||||||||
| 4,733,230 | 4,397,081 | (739,509 | ) | 3,657,572 | 3,657,572 | |||||||||||||||||||
| Other securities: | ||||||||||||||||||||||||
Mutual funds and stock | 246,323 | 246,323 | - | 246,323 | 246,323 | |||||||||||||||||||
| 4,979,553 | 4,643,404 | (739,509 | ) | 3,903,895 | 3,903,895 | |||||||||||||||||||
| Total | $ | 5,958,202 | $ | 5,612,953 | $ | (771,116 | ) | $ | 4,841,837 | $ | (46,756 | ) | $ | 4,795,081 | ||||||||||
| * Ratings categories include entire range. For example, “A rated” includes A+, A and A-. Split rated securities with more than one rating are categorized at the | ||||||||||||||||||||||||
| highest rating level. | ||||||||||||||||||||||||
1 Other comprehensive income. All amounts reported are pretax. | ||||||||||||||||||||||||
2 Consists of securities determined to have Other Than Temporary Impairment (“OTTI”) and/or securities whose most recent interest payment was capitalized as | ||||||||||||||||||||||||
| opposed to being paid in cash, as permitted under the terms of the security. This capitalization feature is known as Payment In Kind (“PIK”) and where exercised | ||||||||||||||||||||||||
| the security is called PIK’d. | ||||||||||||||||||||||||
- more -
| ZIONS BANCORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||||
| Press Release – Page 19 | ||||||||||||||||||||||||
| INVESTMENT SECURITIES PORTFOLIO | ||||||||||||||||||||||||
| ASSET-BACKED SECURITIES CLASSIFIED AT LOWEST CREDIT RATING* | ||||||||||||||||||||||||
| As of June 30, 2009 | ||||||||||||||||||||||||
| (Unaudited) | Net | Net | ||||||||||||||||||||||
| unrealized | unrealized | |||||||||||||||||||||||
| gains (losses) | gains (losses) | Estimated | ||||||||||||||||||||||
| Par | Amortized | recognized | Carrying | not recognized | fair | |||||||||||||||||||
| (In thousands) | value | cost | in OCI 1 | value | in OCI 1 | value | ||||||||||||||||||
| HELD-TO-MATURITY: | ||||||||||||||||||||||||
| Municipal securities | $ | 674,524 | $ | 671,671 | $ | - | $ | 671,671 | $ | (272 | ) | $ | 671,399 | |||||||||||
| Asset-backed securities: | ||||||||||||||||||||||||
Trust preferred securities – banks and insurance | ||||||||||||||||||||||||
Noninvestment grade | 264,896 | 264,743 | (25,711 | ) | 239,032 | (38,504 | ) | 200,528 | ||||||||||||||||
Noninvestment grade – OTTI/PIK’d 2 | 551 | 549 | (105 | ) | 444 | - | 444 | |||||||||||||||||
| 265,447 | 265,292 | (25,816 | ) | 239,476 | (38,504 | ) | 200,972 | |||||||||||||||||
Other | ||||||||||||||||||||||||
AAA rated | 4,334 | 4,147 | (90 | ) | 4,057 | (309 | ) | 3,748 | ||||||||||||||||
Noninvestment grade | 21,831 | 19,858 | (1,067 | ) | 18,791 | (7,557 | ) | 11,234 | ||||||||||||||||
Noninvestment grade – OTTI/PIK’d 2 | 12,413 | 8,481 | (4,634 | ) | 3,847 | (112 | ) | 3,735 | ||||||||||||||||
| 38,578 | 32,486 | (5,791 | ) | 26,695 | (7,978 | ) | 18,717 | |||||||||||||||||
| Other debt securities | 100 | 100 | - | 100 | (2 | ) | 98 | |||||||||||||||||
| 978,649 | 969,549 | (31,607 | ) | 937,942 | (46,756 | ) | 891,186 | |||||||||||||||||
| AVAILABLE-FOR-SALE: | ||||||||||||||||||||||||
| U.S. Treasury securities | 25,653 | 25,113 | 732 | 25,845 | 25,845 | |||||||||||||||||||
| U.S. Government agencies and corporations: | ||||||||||||||||||||||||
Agency securities | 290,084 | 290,504 | 5,874 | 296,378 | 296,378 | |||||||||||||||||||
Agency guaranteed mortgage-backed securities | 410,168 | 411,180 | 9,504 | 420,684 | 420,684 | |||||||||||||||||||
Small Business Administration loan-backed securities | 786,872 | 834,883 | (22,353 | ) | 812,530 | 812,530 | ||||||||||||||||||
| Municipal securities | 257,441 | 251,029 | 1,804 | 252,833 | 252,833 | |||||||||||||||||||
| Asset-backed securities: | ||||||||||||||||||||||||
Trust preferred securities – banks and insurance | ||||||||||||||||||||||||
AAA rated | 5,779 | 5,779 | (140 | ) | 5,639 | 5,639 | ||||||||||||||||||
AA rated | 65,040 | 64,550 | (8,884 | ) | 55,666 | 55,666 | ||||||||||||||||||
A rated | 149,401 | 121,423 | 3,529 | 124,952 | 124,952 | |||||||||||||||||||
BBB rated | 257,649 | 180,886 | 14,630 | 195,516 | 195,516 | |||||||||||||||||||
Not rated | 26,020 | 25,003 | (3,988 | ) | 21,015 | 21,015 | ||||||||||||||||||
Noninvestment grade | 1,170,877 | 1,073,816 | (283,701 | ) | 790,115 | 790,115 | ||||||||||||||||||
Noninvestment grade – OTTI/PIK’d 2 | 786,218 | 702,300 | (359,039 | ) | 343,261 | 343,261 | ||||||||||||||||||
| 2,460,984 | 2,173,757 | (637,593 | ) | 1,536,164 | 1,536,164 | |||||||||||||||||||
Trust preferred securities – real estate investment trusts | ||||||||||||||||||||||||
Noninvestment grade | 45,000 | 33,890 | (12,460 | ) | 21,430 | 21,430 | ||||||||||||||||||
Noninvestment grade – OTTI/PIK’d 2 | 50,000 | 42,855 | (29,705 | ) | 13,150 | 13,150 | ||||||||||||||||||
| 95,000 | 76,745 | (42,165 | ) | 34,580 | 34,580 | |||||||||||||||||||
Auction rate securities | ||||||||||||||||||||||||
AAA rated | 174,825 | 161,023 | (1,291 | ) | 159,732 | 159,732 | ||||||||||||||||||
BBB rated | 7,300 | 4,678 | 789 | 5,467 | 5,467 | |||||||||||||||||||
Noninvestment grade | 6,800 | 6,186 | (156 | ) | 6,030 | 6,030 | ||||||||||||||||||
| 188,925 | 171,887 | (658 | ) | 171,229 | 171,229 | |||||||||||||||||||
Other | ||||||||||||||||||||||||
AAA rated | 30,134 | 28,146 | (8,538 | ) | 19,608 | 19,608 | ||||||||||||||||||
AA rated | 5,164 | 5,164 | (787 | ) | 4,377 | 4,377 | ||||||||||||||||||
A rated | 7,621 | 6,901 | 365 | 7,266 | 7,266 | |||||||||||||||||||
BBB rated | 5,919 | 4,395 | (1,242 | ) | 3,153 | 3,153 | ||||||||||||||||||
Noninvestment grade | 95,253 | 88,571 | (29,103 | ) | 59,468 | 59,468 | ||||||||||||||||||
Noninvestment grade – OTTI/PIK’d 2 | 74,012 | 28,806 | (15,349 | ) | 13,457 | 13,457 | ||||||||||||||||||
| 218,103 | 161,983 | (54,654 | ) | 107,329 | 107,329 | |||||||||||||||||||
| 4,733,230 | 4,397,081 | (739,509 | ) | 3,657,572 | 3,657,572 | |||||||||||||||||||
| Other securities: | ||||||||||||||||||||||||
Mutual funds and stock | 246,323 | 246,323 | - | 246,323 | 246,323 | |||||||||||||||||||
| 4,979,553 | 4,643,404 | (739,509 | ) | 3,903,895 | 3,903,895 | |||||||||||||||||||
| Total | $ | 5,958,202 | $ | 5,612,953 | $ | (771,116 | ) | $ | 4,841,837 | $ | (46,756 | ) | $ | 4,795,081 | ||||||||||
| * Ratings categories include entire range. For example, “A rated” includes A+, A and A-. Split rated securities with more than one rating are categorized at the | ||||||||||||||||||||||||
| lowest rating level. | ||||||||||||||||||||||||
1 Other comprehensive income. All amounts reported are pretax. | ||||||||||||||||||||||||
2 Consists of securities determined to have Other Than Temporary Impairment (“OTTI”) and/or securities whose most recent interest payment was capitalized as | ||||||||||||||||||||||||
| opposed to being paid in cash, as permitted under the terms of the security. This capitalization feature is known as Payment In Kind (“PIK”) and where exercised | ||||||||||||||||||||||||
| the security is called PIK’d. | ||||||||||||||||||||||||
- more -
| ZIONS BANCORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
| Press Release – Page 20 | ||||||||||||||||||||
| Nonperforming Lending Related Assets | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| (In thousands) | 2009 | 2009 | 2008 | 2008 | 2008 | |||||||||||||||
| Nonaccrual loans | $ | 1,628,700 | $ | 1,421,279 | $ | 946,583 | $ | 765,522 | $ | 570,101 | ||||||||||
| Other real estate owned | 293,857 | 226,634 | 191,792 | 156,817 | 125,186 | |||||||||||||||
Nonperforming assets, excluding FDIC-supported assets | 1,922,557 | 1,647,913 | 1,138,375 | 922,339 | 695,287 | |||||||||||||||
FDIC-supported assets 1 | 136,775 | 106,910 | - | - | - | |||||||||||||||
Total nonperforming assets | $ | 2,059,332 | $ | 1,754,823 | $ | 1,138,375 | $ | 922,339 | $ | 695,287 | ||||||||||
| Ratio of nonperforming assets, excluding FDIC-supported | ||||||||||||||||||||
assets, to net loans and leases 2 and other real estate owned | 4.68 | % | 3.96 | % | 2.71 | % | 2.19 | % | 1.66 | % | ||||||||||
Ratio of nonperforming assets to net loans and leases 2 | ||||||||||||||||||||
| and other real estate owned | 4.91 | % | 4.14 | % | 2.71 | % | 2.19 | % | 1.66 | % | ||||||||||
| Accruing loans past due 90 days or more, excluding | ||||||||||||||||||||
| FDIC-supported assets | $ | 178,300 | $ | 88,035 | $ | 129,567 | $ | 97,831 | $ | 108,934 | ||||||||||
| Accruing loans past due 90 days or more | 196,531 | 112,400 | 129,567 | 97,831 | 108,934 | |||||||||||||||
| Ratio of accruing loans past due 90 day or more, excluding | ||||||||||||||||||||
| FDIC-supported assets, to net loans and leases | 0.44 | % | 0.21 | % | 0.31 | % | 0.23 | % | 0.26 | % | ||||||||||
| Ratio of accruing loans past due 90 day or more to net | ||||||||||||||||||||
| loans and leases | 0.47 | % | 0.27 | % | 0.31 | % | 0.23 | % | 0.26 | % | ||||||||||
1 FDIC-supported assets represent assets acquired from the FDIC subject to a loss sharing agreement. | ||||||||||||||||||||
2 Includes loans held for sale. | ||||||||||||||||||||
| Allowance and Reserve for Credit Losses | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (In thousands) | Three Months Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2009 | 2009 | 2008 | 2008 | 2008 | ||||||||||||||||
| Allowance for Loan Losses | ||||||||||||||||||||
| Balance at beginning of period | $ | 832,878 | $ | 686,999 | $ | 609,433 | $ | 548,958 | $ | 501,283 | ||||||||||
| Allowance associated with purchased | ||||||||||||||||||||
securitized loans and loans sold | - | - | 30 | (804 | ) | 1,301 | ||||||||||||||
| Add: | ||||||||||||||||||||
Provision for losses | 762,654 | 297,624 | 285,189 | 156,606 | 114,192 | |||||||||||||||
| Deduct: | ||||||||||||||||||||
Loan and lease charge-offs | (353,226 | ) | (157,691 | ) | (185,317 | ) | (100,241 | ) | (75,378 | ) | ||||||||||
Recoveries | 5,749 | 5,946 | 5,601 | 4,914 | 7,560 | |||||||||||||||
Net loan and lease charge-offs | (347,477 | ) | (151,745 | ) | (179,716 | ) | (95,327 | ) | (67,818 | ) | ||||||||||
Reclassification to reserve for unfunded | ||||||||||||||||||||
lending commitments | - | - | (27,937 | ) | - | - | ||||||||||||||
| Balance at end of period | $ | 1,248,055 | $ | 832,878 | $ | 686,999 | $ | 609,433 | $ | 548,958 | ||||||||||
| Ratio of allowance for loan losses to net loans | ||||||||||||||||||||
and leases, excluding FDIC-supported assets, | ||||||||||||||||||||
outstanding at period end | 3.08 | % | 2.03 | % | 1.65 | % | 1.46 | % | 1.32 | % | ||||||||||
| Ratio of allowance for loan losses to nonperforming | ||||||||||||||||||||
loans, excluding FDIC-supported assets, at period end | 76.63 | % | 58.60 | % | 72.58 | % | 79.61 | % | 96.29 | % | ||||||||||
| Reserve for Unfunded Lending Commitments | ||||||||||||||||||||
| Balance at beginning of period | $ | 52,761 | $ | 50,934 | $ | 23,574 | $ | 26,838 | $ | 25,148 | ||||||||||
| Reclassification from allowance for loan losses | - | - | 27,937 | - | - | |||||||||||||||
| Provision charged (credited) against earnings | 7,927 | 1,827 | (577 | ) | (3,264 | ) | 1,690 | |||||||||||||
| Balance at end of period | $ | 60,688 | $ | 52,761 | $ | 50,934 | $ | 23,574 | $ | 26,838 | ||||||||||
| Total Allowance and Reserve for Credit Losses | ||||||||||||||||||||
| Allowance for loan losses | $ | 1,248,055 | $ | 832,878 | $ | 686,999 | $ | 609,433 | $ | 548,958 | ||||||||||
| Reserve for unfunded lending commitments | 60,688 | 52,761 | 50,934 | 23,574 | 26,838 | |||||||||||||||
| Total allowance and reserve for credit losses | $ | 1,308,743 | $ | 885,639 | $ | 737,933 | $ | 633,007 | $ | 575,796 | ||||||||||
| Ratio of total allowance and reserve for credit losses | ||||||||||||||||||||
to net loans and leases outstanding, excluding | ||||||||||||||||||||
FDIC-supported assets, at period end | 3.23 | % | 2.16 | % | 1.77 | % | 1.52 | % | 1.38 | % | ||||||||||
- more -
| ZIONS BANCORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
| Press Release – Page 21 | ||||||||||||||||||||
| Loan Balances By Portfolio Type | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| (In millions) | 2009 | 2009 | 2008 | 2008 | 2008 | |||||||||||||||
| Commercial lending: | ||||||||||||||||||||
Commercial and industrial | $ | 10,588 | $ | 10,958 | $ | 11,447 | $ | 11,351 | $ | 11,247 | ||||||||||
Leasing | 423 | 401 | 431 | 451 | 492 | |||||||||||||||
Owner occupied | 8,782 | 8,769 | 8,743 | 8,782 | 8,912 | |||||||||||||||
Total commercial lending | 19,793 | 20,128 | 20,621 | 20,584 | 20,651 | |||||||||||||||
| Commercial real estate: | ||||||||||||||||||||
Construction and land development | 6,848 | 7,265 | 7,516 | 7,812 | 7,891 | |||||||||||||||
Term | 6,795 | 6,559 | 6,196 | 6,079 | 5,939 | |||||||||||||||
Total commercial real estate | 13,643 | 13,824 | 13,712 | 13,891 | 13,830 | |||||||||||||||
| Consumer: | ||||||||||||||||||||
Home equity credit line | 2,086 | 2,058 | 2,005 | 1,899 | 1,794 | |||||||||||||||
1-4 family residential | 3,781 | 3,817 | 3,877 | 3,892 | 3,914 | |||||||||||||||
Construction and other consumer real estate | 599 | 666 | 774 | 769 | 852 | |||||||||||||||
Bankcard and other revolving plans | 344 | 327 | 374 | 360 | 332 | |||||||||||||||
Other | 342 | 358 | 385 | 411 | 436 | |||||||||||||||
Total consumer | 7,152 | 7,226 | 7,415 | 7,331 | 7,328 | |||||||||||||||
| Foreign loans | 67 | 43 | 43 | 70 | 65 | |||||||||||||||
FDIC-supported assets 1 | 875 | 836 | ||||||||||||||||||
Total loans | $ | 41,530 | $ | 42,057 | $ | 41,791 | $ | 41,876 | $ | 41,874 | ||||||||||
1 FDIC-supported assets represent assets acquired from the FDIC subject to loss sharing agreements and include expected | ||||||||||||||||||||
| reimbursements from the FDIC of approximately $81 million. | ||||||||||||||||||||
- more -
| ZIONS BANCORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||||
| Press Release – Page 22 | ||||||||||||||||||||||||
| CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||||||||||||
| (In thousands) | June 30, 2009 | March 31, 2009 | ||||||||||||||||||||||
| Average | Amount of | Average | Average | Amount of | Average | |||||||||||||||||||
| balance | interest 1 | rate | balance | interest 1 | rate | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Money market investments | $ | 1,944,332 | $ | 1,543 | 0.32 | % | $ | 2,961,701 | $ | 3,376 | 0.46 | % | ||||||||||||
| Securities: | ||||||||||||||||||||||||
Held-to-maturity | 1,491,322 | 18,284 | 4.92 | % | 1,786,617 | 28,546 | 6.48 | % | ||||||||||||||||
Available-for-sale | 3,336,239 | 29,717 | 3.57 | % | 2,643,327 | 24,285 | 3.73 | % | ||||||||||||||||
Trading account | 79,554 | 823 | 4.15 | % | 56,106 | 571 | 4.13 | % | ||||||||||||||||
Total securities | 4,907,115 | 48,824 | 3.99 | % | 4,486,050 | 53,402 | 4.83 | % | ||||||||||||||||
| Loans held for sale | 256,253 | 3,082 | 4.82 | % | 244,687 | 2,756 | 4.57 | % | ||||||||||||||||
| Loans: | ||||||||||||||||||||||||
Net loans and leases excluding FDIC-supported assets 2 | 40,991,516 | 579,070 | 5.67 | % | 41,383,829 | 579,020 | 5.67 | % | ||||||||||||||||
FDIC-supported assets | 919,424 | 10,921 | 4.76 | % | 504,795 | 7,043 | 5.66 | % | ||||||||||||||||
Total loans and leases | 41,910,940 | 589,991 | 5.65 | % | 41,888,624 | 586,063 | 5.67 | % | ||||||||||||||||
Total interest-earning assets | 49,018,640 | 643,440 | 5.26 | % | 49,581,062 | 645,597 | 5.28 | % | ||||||||||||||||
Cash and due from banks | 1,236,641 | 1,364,473 | ||||||||||||||||||||||
Allowance for loan losses | (876,064 | ) | (714,642 | ) | ||||||||||||||||||||
Goodwill | 1,017,382 | 1,654,222 | ||||||||||||||||||||||
Core deposit and other intangibles | 125,768 | 126,759 | ||||||||||||||||||||||
Other assets | 3,547,787 | 3,387,801 | ||||||||||||||||||||||
Total assets | $ | 54,070,154 | $ | 55,399,675 | ||||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||
Savings and NOW | $ | 4,931,024 | $ | 5,292 | 0.43 | % | $ | 4,529,097 | $ | 5,799 | 0.52 | % | ||||||||||||
Money market | 17,787,662 | 59,657 | 1.35 | % | 17,480,861 | 68,754 | 1.60 | % | ||||||||||||||||
Time under $100,000 | 2,942,319 | 19,254 | 2.62 | % | 3,103,857 | 21,793 | 2.85 | % | ||||||||||||||||
Time $100,000 and over | 4,628,867 | 28,475 | 2.47 | % | 4,753,453 | 33,486 | 2.86 | % | ||||||||||||||||
Foreign | 1,972,503 | 4,848 | 0.99 | % | 2,356,293 | 7,400 | 1.27 | % | ||||||||||||||||
Total interest-bearing deposits | 32,262,375 | 117,526 | 1.46 | % | 32,223,561 | 137,232 | 1.73 | % | ||||||||||||||||
| Borrowed funds: | ||||||||||||||||||||||||
Securities sold, not yet purchased | 47,804 | 637 | 5.34 | % | 33,469 | 439 | 5.32 | % | ||||||||||||||||
Federal funds purchased and security | ||||||||||||||||||||||||
repurchase agreements | 2,047,532 | 1,591 | 0.31 | % | 2,333,675 | 1,850 | 0.32 | % | ||||||||||||||||
Commercial paper | 2,589 | 10 | 1.55 | % | 3,383 | 14 | 1.68 | % | ||||||||||||||||
FHLB advances and other borrowings: | ||||||||||||||||||||||||
One year or less | 150,960 | 1,423 | 3.78 | % | 935,108 | 3,717 | 1.61 | % | ||||||||||||||||
Over one year | 35,777 | 476 | 5.34 | % | 127,942 | 1,803 | 5.72 | % | ||||||||||||||||
Long-term debt | 2,717,284 | 22,345 | 3.30 | % | 2,659,678 | 19,872 | 3.03 | % | ||||||||||||||||
Total borrowed funds | 5,001,946 | 26,482 | 2.12 | % | 6,093,255 | 27,695 | 1.84 | % | ||||||||||||||||
Total interest-bearing liabilities | 37,264,321 | 144,008 | 1.55 | % | 38,316,816 | 164,927 | 1.75 | % | ||||||||||||||||
Noninterest-bearing deposits | 10,696,423 | 9,905,091 | ||||||||||||||||||||||
Other liabilities | 480,256 | 633,412 | ||||||||||||||||||||||
Total liabilities | 48,441,000 | 48,855,319 | ||||||||||||||||||||||
| Shareholders’ equity: | ||||||||||||||||||||||||
Preferred equity | 1,587,752 | 1,583,659 | ||||||||||||||||||||||
Common equity | 4,016,134 | 4,932,977 | ||||||||||||||||||||||
Controlling interest shareholders’ equity | 5,603,886 | 6,516,636 | ||||||||||||||||||||||
Noncontrolling interests | 25,268 | 27,720 | ||||||||||||||||||||||
Total shareholders’ equity | 5,629,154 | 6,544,356 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 54,070,154 | $ | 55,399,675 | ||||||||||||||||||||
| Spread on average interest-bearing funds | 3.71 | % | 3.53 | % | ||||||||||||||||||||
| Taxable-equivalent net interest income and | ||||||||||||||||||||||||
net yield on interest-earning assets | $ | 499,432 | 4.09 | % | $ | 480,670 | 3.93 | % | ||||||||||||||||
1 Taxable-equivalent rates used where applicable. | ||||||||||||||||||||||||
2 Net of unearned income and fees, net of related costs. Loans include nonaccrual and restructured loans. | ||||||||||||||||||||||||
- more -
| ZIONS BANCORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||||
| Press Release – Page 23 | ||||||||||||||||||||||||
| CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| Six Months Ended | Six Months Ended | |||||||||||||||||||||||
| (In thousands) | June 30, 2009 | June 30, 2008 | ||||||||||||||||||||||
| Average | Amount of | Average | Average | Amount of | Average | |||||||||||||||||||
| balance | interest 1 | rate | balance | interest 1 | rate | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Money market investments | $ | 2,450,206 | $ | 4,919 | 0.40 | % | $ | 1,941,873 | $ | 31,341 | 3.25 | % | ||||||||||||
| Securities: | ||||||||||||||||||||||||
Held-to-maturity | 1,638,154 | 46,830 | 5.76 | % | 1,116,560 | 37,651 | 6.78 | % | ||||||||||||||||
Available-for-sale | 2,991,697 | 54,002 | 3.64 | % | 3,947,157 | 103,203 | 5.26 | % | ||||||||||||||||
Trading account | 67,895 | 1,394 | 4.14 | % | 40,137 | 840 | 4.21 | % | ||||||||||||||||
Total securities | 4,697,746 | 102,226 | 4.39 | % | 5,103,854 | 141,694 | 5.58 | % | ||||||||||||||||
| Loans held for sale | 250,502 | 5,838 | 4.70 | % | 200,545 | 5,716 | 5.73 | % | ||||||||||||||||
| Loans: | ||||||||||||||||||||||||
Net loans and leases excluding FDIC-supported assets 2 | 41,186,589 | 1,158,090 | 5.67 | % | 39,781,734 | 1,346,219 | 6.81 | % | ||||||||||||||||
FDIC-supported assets | 713,255 | 17,964 | 5.08 | % | - | - | ||||||||||||||||||
Total loans and leases | 41,899,844 | 1,176,054 | 5.66 | % | 39,781,734 | 1,346,219 | 6.81 | % | ||||||||||||||||
Total interest-earning assets | 49,298,298 | 1,289,037 | 5.27 | % | 47,028,006 | 1,524,970 | 6.52 | % | ||||||||||||||||
Cash and due from banks | 1,300,204 | 1,368,970 | ||||||||||||||||||||||
Allowance for loan losses | (795,799 | ) | (496,761 | ) | ||||||||||||||||||||
Goodwill | 1,334,043 | 2,009,497 | ||||||||||||||||||||||
Core deposit and other intangibles | 126,261 | 142,019 | ||||||||||||||||||||||
Other assets | 3,468,236 | 3,051,868 | ||||||||||||||||||||||
Total assets | $ | 54,731,243 | $ | 53,103,599 | ||||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||
Savings and NOW | $ | 4,731,171 | $ | 11,091 | 0.47 | % | $ | 4,585,133 | $ | 19,245 | 0.84 | % | ||||||||||||
Money market | 17,635,109 | 128,411 | 1.47 | % | 12,861,959 | 164,886 | 2.58 | % | ||||||||||||||||
Time under $100,000 | 3,022,642 | 41,047 | 2.74 | % | 2,545,893 | 50,441 | 3.98 | % | ||||||||||||||||
Time $100,000 and over | 4,690,816 | 61,961 | 2.66 | % | 4,402,884 | 89,536 | 4.09 | % | ||||||||||||||||
Foreign | 2,163,338 | 12,248 | 1.14 | % | 3,272,481 | 49,705 | 3.05 | % | ||||||||||||||||
Total interest-bearing deposits | 32,243,076 | 254,758 | 1.59 | % | 27,668,350 | 373,813 | 2.72 | % | ||||||||||||||||
| Borrowed funds: | ||||||||||||||||||||||||
Securities sold, not yet purchased | 40,676 | 1,076 | 5.33 | % | 33,438 | 747 | 4.49 | % | ||||||||||||||||
Federal funds purchased and security | ||||||||||||||||||||||||
repurchase agreements | 2,189,813 | 3,441 | 0.32 | % | 3,157,020 | 38,775 | 2.47 | % | ||||||||||||||||
Commercial paper | 2,984 | 24 | 1.62 | % | 177,233 | 3,554 | 4.03 | % | ||||||||||||||||
FHLB advances and other borrowings: | ||||||||||||||||||||||||
One year or less | 540,868 | 5,140 | 1.92 | % | 4,473,306 | 65,267 | 2.93 | % | ||||||||||||||||
Over one year | 81,605 | 2,279 | 5.63 | % | 128,185 | 3,665 | 5.75 | % | ||||||||||||||||
Long-term debt | 2,688,640 | 42,217 | 3.17 | % | 2,486,947 | 56,025 | 4.53 | % | ||||||||||||||||
Total borrowed funds | 5,544,586 | 54,177 | 1.97 | % | 10,456,129 | 168,033 | 3.23 | % | ||||||||||||||||
| Total interest-bearing liabilities | 37,787,662 | 308,935 | 1.65 | % | 38,124,479 | 541,846 | 2.86 | % | ||||||||||||||||
| Noninterest-bearing deposits | 10,302,943 | 9,016,094 | ||||||||||||||||||||||
| Other liabilities | 556,411 | 595,732 | ||||||||||||||||||||||
Total liabilities | 48,647,016 | 47,736,305 | ||||||||||||||||||||||
| Shareholders’ equity: | ||||||||||||||||||||||||
Preferred equity | 1,585,717 | 240,000 | ||||||||||||||||||||||
Common equity | 4,472,023 | 5,098,334 | ||||||||||||||||||||||
Controlling interest shareholders’ equity | 6,057,740 | 5,338,334 | ||||||||||||||||||||||
Noncontrolling interests | 26,487 | 28,960 | ||||||||||||||||||||||
Total shareholders’ equity | 6,084,227 | 5,367,294 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 54,731,243 | $ | 53,103,599 | ||||||||||||||||||||
| Spread on average interest-bearing funds | 3.62 | % | 3.66 | % | ||||||||||||||||||||
| Taxable-equivalent net interest income and | ||||||||||||||||||||||||
net yield on interest-earning assets | $ | 980,102 | 4.01 | % | $ | 983,124 | 4.20 | % | ||||||||||||||||
1 Taxable-equivalent rates used where applicable. | ||||||||||||||||||||||||
2 Net of unearned income and fees, net of related costs. Loans include nonaccrual and restructured loans. | ||||||||||||||||||||||||
- more -
| ZIONS BANCORPORATION AND SUBSIDIARIES | |||||||||
| Press Release – Page 24 | |||||||||
| Capital Ratios | |||||||||
| (Unaudited) | |||||||||
| June 30, | March 31, | June 30, | |||||||
| 2009 | 2009 | 2008 | |||||||
| Tangible common equity ratio | 5.66% | 5.26% | 5.51% | ||||||
| Tangible equity ratio | 8.59% | 8.28% | 6.01% | ||||||
Risk-based capital ratios1: | |||||||||
Tier 1 risk-based capital | 9.64% | 9.43% | 7.45% | ||||||
Total risk-based capital | 12.84% | 13.39% | 11.58% | ||||||
1 Ratios for June 30, 2009 are estimates. | |||||||||
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