EXHIBIT 99.1
***FOR IMMEDIATE RELEASE***
For: ZIONS BANCORPORATION | Contact: Clark Hinckley | |||
One South Main, Suite 1134 | Tel: (801) 524-4787 | |||
Salt Lake City, Utah | October 20, 2005 | |||
Harris H. Simmons | ||||
Chairman/Chief Executive Officer |
ZIONS BANCORPORATION REPORTS RECORD EARNINGS OF
$1.34 PER DILUTED SHARE FOR THIRD QUARTER 2005
SALT LAKE CITY, October 20, 2005 – Zions Bancorporation (“Zions” or “the Company”) (Nasdaq: ZION) today reported third quarter net income of $123.0 million, or $1.34 per diluted share. Net income and earnings per share increased 20.0% and 18.6%, respectively, over the $102.5 million, or $1.13 per diluted share for the third quarter of 2004. The return on average common equity was 16.41% in the third quarter of 2005, up from 15.23% for the same period in 2004.
“We are pleased to once again report record quarterly earnings,” said Harris H. Simmons, chairman and chief executive officer. “We continued to experience solid loan and deposit growth while maintaining a stable net interest margin. Credit quality remained strong and our efficiency ratio continued to improve.”
“Subsequent to quarter-end, shareholders of Amegy Bancorporation voted in favor of the merger between Amegy and Zions. We anticipate closing this acquisition during the fourth quarter and look forward to welcoming Amegy’s talented employees and excellent customers into the Zions family,” added Mr. Simmons.
Year-to-date net income for 2005 increased 16.9% to $352.0 million or $3.84 per diluted share compared to $301.0 million, or $3.31 per diluted share for the same period of 2004. The return on average common equity for the first nine months of 2005 was 16.27% compared to 15.32% for the first nine months of 2004.
- more -
ZIONS BANCORPORATION
Press Release – Page 2
October 20, 2005
Loan and Deposit Growth
Average net loans and leases for the third quarter of 2005 increased at an annualized rate of 11.6% when compared to the second quarter of 2005. On-balance-sheet net loans and leases at September 30, 2005 were $23.9 billion, an increase of 0.5% (1.8% annualized) from the balance of $23.8 billion at June 30, 2005 and 11.3% from $21.5 billion at September 30, 2004. During September 2005, a total of $745 million of loans were removed from the Company’s balance sheet in a small business loan securitization completed by Zions First National Bank. If the loans had not been sold, on-balance-sheet loans and leases at September 30, 2005 would have increased approximately 14.3% annualized from June 30, 2005 and 14.7% from September 30, 2004.
Total deposits at the end of the third quarter increased at an annualized rate of 16.4% from the balances reported at June 30, 2005 to $25.4 billion, and increased 9.6% over the balances reported one year ago. Core deposits increased 7.4% year-over-year, and 11.7%, annualized, for the quarter. Average total deposits increased at an annualized rate of 17.0% when compared to the second quarter of 2005.
Net Interest Income
Taxable-equivalent net interest income for the quarter was $345.8 million, an increase of 16.7% compared to $296.4 million for the third quarter of 2004. The improvement reflects the year-over-year loan and deposit growth coupled with an improved net interest margin. For the third quarter of 2005, the net interest margin was 4.59% compared to 4.60% for the second quarter of 2005 and 4.20% for the third quarter of 2004.
Noninterest Income
For the third quarter of 2005, noninterest income was $111.2 million, an increase from $106.6 million for the second quarter of 2005, but a decrease compared to $113.2 million earned during the third quarter of 2004.
- more -
ZIONS BANCORPORATION
Press Release – Page 3
October 20, 2005
Loan sales and servicing income for the third quarter of 2005 increased $4.9 million compared with the second quarter of 2005. The increase included the results of the previously discussed small business loan securitization, which generated a gain on sale of $2.6 million, and increased gains from a revolving home equity securitization. Market making, trading and nonhedge derivative income decreased $2.4 million compared with the second quarter of 2005 and increased $1.6 million compared with the third quarter of 2004. The decrease from the second quarter included decreases of $1.5 million in nonhedge derivative income and $0.9 million in trading income. Net equity securities gains (losses), which include gains and losses from venture capital investments, were $1.1 million for the third quarter of 2005, $(2.8) million for the second quarter of 2005, and $4.3 million for the third quarter of 2004. Other noninterest income decreased compared with the second quarter of 2005 due primarily to a $2.3 million gain on the sale of a branch by Zions First National Bank recognized during the second quarter.
Noninterest Expense
Noninterest expense for the third quarter of 2005 was $248.5 million, compared to $242.7 million for the second quarter of 2005 and $232.8 million for the third quarter of 2004. Salaries and employee benefits were up 3.1% from the second quarter of 2005 and up 6.7% from the third quarter of 2004. The increases were mainly the result of increased accruals for performance-based bonus and incentive plans.
The efficiency ratio was 54.4% for the third quarter of 2005, compared with 54.8% for the second quarter of 2005 and 56.8% for the third quarter of 2004.
Asset Quality
The ratio of nonperforming assets to net loans and leases and other real estate owned was 0.35% at September 30, 2005, reflecting continued high levels of credit quality in the Company’s portfolios. This ratio compares to 0.31% at June 30, 2005 and 0.42% at September 30, 2004.
For the third quarter of 2005, net loan and lease charge-offs were $6.3 million or 0.10% annualized of average loans. This compares with $3.9 million or 0.07% annualized for the second quarter of 2005 and $10.0 million or 0.19% annualized for the third quarter of 2004. At September 30, 2005, the allowance
- more -
ZIONS BANCORPORATION
Press Release – Page 4
October 20, 2005
for loan losses as a percentage of net loans and leases was 1.20%, compared to 1.18% at June 30, 2005 and 1.25% at September 30, 2004. In addition, at September 30, 2005 the allowance was 422.9% of nonperforming loans. The combined allowances for credit losses (allowance for loan losses plus the allowance for unfunded lending commitments) of $303.1 million were 1.27% of net loans and leases at the end of the third quarter 2005.
The combined provisions for loan losses and unfunded lending commitments for the third quarter of 2005 were $12.5 million, the same as the second quarter of 2005 and up from $10.3 million provided in the third quarter of 2004.
Capital Management
On July 6, 2005, Zions announced that it had suspended the repurchase of shares of its common stock in conjunction with its pending acquisition of Amegy Bancorporation. Prior to the suspension, Zions repurchased 10,000 shares of its common stock during the third quarter at an average price of $73.70 per share, for a total of $0.7 million. For the nine months ended September 30, 2005, the Company repurchased 1,159,522 shares at an average per share price of $69.64 for a total of $80.7 million.
Weighted average common and common-equivalent shares outstanding for the third quarter of 2005 were 91,605,279 compared to 91,610,296 for the second quarter of 2005 and 90,956,674 for the third quarter of 2004.
The tangible common equity ratio was 7.06% at September 30, 2005, 6.98% at June 30, 2005 and 6.74% at September 30, 2004. The Company expects this ratio will be diluted to less than 6.0% upon the close of its pending acquisition of Amegy Bancorporation, and anticipates that its common stock buyback program will remain suspended until the Company achieves a tangible common equity ratio of at least 6.25%.
- more -
ZIONS BANCORPORATION
Press Release – Page 5
October 20, 2005
Subsequent Event
On October 11, 2005, the shareholders of Amegy Bancorporation, Inc. approved a definitive agreement under which Zions will acquire Amegy. Upon completion of the transaction, Amegy will operate under its current name, charter and management as a separate Zions banking subsidiary. The merger is subject to regulatory approval and is expected to close during the fourth quarter of this year.
Conference Call
Zions will host a conference call to discuss these third quarter results at 5:30 p.m. ET this afternoon (October 20, 2005). Media representatives, analysts and the public are invited to listen to this discussion by calling 1-866-314-9013 and entering the passcode (43856796), or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation Web site atwww.zionsbancorporation.com. A replay of the call will be available from approximately 7:30 p.m. ET on Thursday, October 20 through midnight ET on Thursday, October 27, by dialing 1-888-286-8010 and entering the passcode (68110262). 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 nearly 400 offices and 500 ATMs in eight Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, 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 atwww.zionsbancorporation.com.
Forward-Looking Information
Statements in this news 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
- more -
ZIONS BANCORPORATION
Press Release – Page 6
October 20, 2005
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 nationally or locally in areas in which the Company conducts its operations; changes in interest 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.
In addition, the following factors relating to the Company’s proposed acquisition of Amegy Bancorporation, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the businesses of Zions Bancorporation and Amegy Bancorporation, Inc. may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; (2) the expected growth opportunities and cost savings from the merger may not be fully realized or may take longer to realize than expected; (3) operating costs, customer losses and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; and (4) governmental approvals of the merger may not be obtained or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the 2004 Annual Reports on Form 10-K of Zions Bancorporation and Amegy Bancorporation, Inc. 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.
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 7
FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
(In thousands, except per share and ratio data) | 2005 | 2004 | % Change | 2005 | 2004 | % Change | ||||||||||||||
EARNINGS | ||||||||||||||||||||
Taxable-equivalent net interest income | $ | 345,826 | $ | 296,384 | 16.68 % | $ | 1,002,034 | $ | 867,519 | 15.51 % | ||||||||||
Taxable-equivalent revenue | 457,075 | 409,540 | 11.61 % | 1,322,831 | 1,200,113 | 10.23 % | ||||||||||||||
Net interest income | 340,652 | 291,115 | 17.02 % | 986,531 | 851,434 | 15.87 % | ||||||||||||||
Noninterest income | 111,249 | 113,156 | (1.69)% | 320,797 | 332,594 | (3.55)% | ||||||||||||||
Provision for loan losses | 12,107 | 9,363 | 29.31 % | 32,907 | 30,908 | 6.47 % | ||||||||||||||
Noninterest expense | 248,472 | 232,813 | 6.73 % | 730,473 | 685,127 | 6.62 % | ||||||||||||||
Impairment loss on goodwill | – | 602 | (100.00)% | – | 602 | (100.00)% | ||||||||||||||
Income before income taxes and minority interest | 191,322 | 161,493 | 18.47 % | 543,948 | 467,391 | 16.38 % | ||||||||||||||
Income taxes | 68,200 | 58,140 | 17.30 % | 194,279 | 167,485 | 16.00 % | ||||||||||||||
Minority interest | 152 | 858 | (82.28)% | (2,345 | ) | (1,100 | ) | 113.18 % | ||||||||||||
Net income | 122,970 | 102,495 | 19.98 % | 352,014 | 301,006 | 16.95 % | ||||||||||||||
PER COMMON SHARE | ||||||||||||||||||||
Net income (diluted) | 1.34 | 1.13 | 18.58 % | 3.84 | 3.31 | 16.01 % | ||||||||||||||
Dividends | 0.36 | 0.32 | 12.50 % | 1.08 | 0.94 | 14.89 % | ||||||||||||||
Book value | 33.30 | 30.39 | 9.58 % | |||||||||||||||||
SELECTED RATIOS | ||||||||||||||||||||
Return on average assets | 1.47 | % | 1.30 | % | 1.45 | % | 1.31 | % | ||||||||||||
Return on average common equity | 16.41 | % | 15.23 | % | 16.27 | % | 15.32 | % | ||||||||||||
Efficiency ratio | 54.36 | % | 56.85 | % | 55.22 | % | 57.09 | % | ||||||||||||
Net interest margin | 4.59 | % | 4.20 | % | 4.57 | % | 4.21 | % |
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 8
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands, except share and ratio data) | 2005 | 2004 | % Change | 2005 | 2004 | % Change | ||||||||||
AVERAGE BALANCES | ||||||||||||||||
Total assets | $ 33,218,477 | $ 31,368,578 | 5.90 % | $ 32,531,725 | $ 30,746,329 | 5.81 % | ||||||||||
Securities | 4,993,735 | 5,232,188 | (4.56)% | 5,091,701 | 5,181,732 | (1.74)% | ||||||||||
Net loans and leases | 24,009,024 | 21,220,481 | 13.14 % | 23,343,316 | 20,770,913 | 12.38 % | ||||||||||
Goodwill | 638,957 | 645,462 | (1.01)% | 640,151 | 649,751 | (1.48)% | ||||||||||
Core deposit and other intangibles | 52,276 | 62,923 | (16.92)% | 53,964 | 66,622 | (19.00)% | ||||||||||
Total deposits | 24,807,387 | 22,729,540 | 9.14 % | 23,945,430 | 21,754,978 | 10.07 % | ||||||||||
Core deposits (1) | 23,029,389 | 21,463,026 | 7.30 % | 22,376,328 | 20,521,173 | 9.04 % | ||||||||||
Minority interest | 26,220 | 23,791 | 10.21 % | 25,270 | 22,456 | 12.53 % | ||||||||||
Shareholders’ equity | 2,972,615 | 2,677,404 | 11.03 % | 2,892,162 | 2,625,039 | 10.18 % | ||||||||||
Weighted average common and common-equivalent shares outstanding | 91,605,279 | 90,956,674 | 0.71 % | 91,606,315 | 90,819,586 | 0.87 % | ||||||||||
AT PERIOD END | ||||||||||||||||
Total assets | $ 33,422,701 | $ 30,731,040 | 8.76 % | |||||||||||||
Securities | 4,992,339 | 5,058,691 | (1.31)% | |||||||||||||
Net loans and leases | 23,930,017 | 21,507,043 | 11.27 % | |||||||||||||
Sold loans being serviced (2) | 3,561,818 | 3,152,924 | 12.97 % | |||||||||||||
Allowance for loan losses | 287,237 | 269,413 | 6.62 % | |||||||||||||
Allowance for unfunded lending commitments | 15,830 | 12,030 | 31.59 % | |||||||||||||
Goodwill | 639,120 | 642,645 | (0.55)% | |||||||||||||
Core deposit and other intangibles | 47,670 | 57,665 | (17.33)% | |||||||||||||
Total deposits | 25,399,741 | 23,165,131 | 9.65 % | |||||||||||||
Core deposits (1) | 23,507,531 | 21,883,851 | 7.42 % | |||||||||||||
Minority interest | 26,719 | 24,481 | 9.14 % | |||||||||||||
Shareholders’ equity | 2,999,173 | 2,724,261 | 10.09 % | |||||||||||||
Common shares outstanding | 90,067,016 | 89,638,753 | 0.48 % | |||||||||||||
Average equity to average assets | 8.95 | % | 8.54 | % | 8.89 | % | 8.54 | % | ||||||||
Common dividend payout | 26.47 | % | 28.10 | % | 27.74 | % | 28.49 | % | ||||||||
Tangible common equity ratio | 7.06 | % | 6.74 | % | ||||||||||||
Nonperforming assets | 83,101 | 91,105 | (8.79)% | |||||||||||||
Accruing loans past due 90 days or more | 15,836 | 18,182 | (12.90)% | |||||||||||||
Nonperforming assets to net loans and leases and other real estate owned at period end | 0.35 | % | 0.42 | % |
(1) | Amount consists of total deposits excluding time deposits $100,000 and over. |
(2) | Amount represents the outstanding balance of loans sold and being serviced by the Company, excluding conforming first mortgage residential real estate loans. |
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 9
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
Three Months Ended | |||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
(In thousands, except per share and ratio data) | 2005 | 2004 | |||||||||||||||||
EARNINGS | |||||||||||||||||||
Taxable-equivalent net interest income | $ | 345,826 | $ | 336,088 | $ | 320,120 | $ 314,558 | $ | 296,384 | ||||||||||
Taxable-equivalent revenue | 457,075 | 442,640 | 423,116 | 413,505 | 409,540 | ||||||||||||||
Net interest income | 340,652 | 330,928 | 314,951 | 309,384 | 291,115 | ||||||||||||||
Noninterest income | 111,249 | 106,552 | 102,996 | 98,947 | 113,156 | ||||||||||||||
Provision for loan losses | 12,107 | 11,417 | 9,383 | 13,159 | 9,363 | ||||||||||||||
Noninterest expense | 248,472 | 242,666 | 239,335 | 238,172 | 232,813 | ||||||||||||||
Impairment loss on goodwill | – | – | – | – | 602 | ||||||||||||||
Income before income taxes and minority interest | 191,322 | 183,397 | 169,229 | 157,000 | 161,493 | ||||||||||||||
Income taxes | 68,200 | 66,330 | 59,749 | 52,641 | 58,140 | ||||||||||||||
Minority interest | 152 | (1,743 | ) | (754 | ) | (622 | ) | 858 | |||||||||||
Net income | 122,970 | 118,810 | 110,234 | 104,981 | 102,495 | ||||||||||||||
PER COMMON SHARE | |||||||||||||||||||
Net income (diluted) | 1.34 | 1.30 | 1.20 | 1.15 | 1.13 | ||||||||||||||
Dividends | 0.36 | 0.36 | 0.36 | 0.32 | 0.32 | ||||||||||||||
Book value | 33.30 | 32.62 | 31.39 | 31.06 | 30.39 | ||||||||||||||
SELECTED RATIOS | |||||||||||||||||||
Return on average assets | 1.47 | % | 1.47 | % | 1.40 | % | 1.33 | % | 1.30 | % | |||||||||
Return on average common equity | 16.41 | % | 16.56 | % | 15.83 | % | 15.13 | % | 15.23 | % | |||||||||
Efficiency ratio | 54.36 | % | 54.82 | % | 56.56 | % | 57.60 | % | 56.85 | % | |||||||||
Net interest margin | 4.59 | % | 4.60 | % | 4.53 | % | 4.43 | % | 4.20 | % |
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 10
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
Three Months Ended | ||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
(In thousands, except share and ratio data) | 2005 | 2004 | ||||||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||
Total assets | $ | 33,218,477 | $ | 32,510,692 | $ | 31,850,979 | $ | 31,501,478 | $ | 31,368,578 | ||||||||||
Securities | 4,993,735 | 5,091,552 | 5,191,995 | 5,255,624 | 5,232,188 | |||||||||||||||
Net loans and leases | 24,009,024 | 23,330,670 | 22,675,601 | 21,866,761 | 21,220,481 | |||||||||||||||
Goodwill | 638,957 | 638,932 | 642,604 | 642,646 | 645,462 | |||||||||||||||
Core deposit and other intangibles | 52,276 | 53,011 | 56,653 | 58,956 | 62,923 | |||||||||||||||
Total deposits | 24,807,387 | 23,787,985 | 23,223,512 | 23,144,944 | 22,729,540 | |||||||||||||||
Core deposits (1) | 23,029,389 | 22,248,291 | 21,838,213 | 21,871,018 | 21,463,026 | |||||||||||||||
Minority interest | 26,220 | 24,726 | 24,849 | 23,176 | 23,791 | |||||||||||||||
Shareholders’ equity | 2,972,615 | 2,877,374 | 2,824,874 | 2,760,077 | 2,677,404 | |||||||||||||||
Weighted average common and | 91,605,279 | 91,610,296 | 91,493,962 | 91,342,328 | 90,956,674 | |||||||||||||||
AT PERIOD END | ||||||||||||||||||||
Total assets | $ | 33,422,701 | $ | 32,875,294 | $ | 31,883,486 | $ | 31,469,834 | $ | 30,731,040 | ||||||||||
Securities | 4,992,339 | 4,904,799 | 4,940,487 | 5,121,215 | 5,058,691 | |||||||||||||||
Net loans and leases | 23,930,017 | 23,821,563 | 22,967,269 | 22,627,121 | 21,507,043 | |||||||||||||||
Sold loans being serviced (2) | 3,561,818 | 2,910,182 | 2,995,630 | 3,065,909 | 3,152,924 | |||||||||||||||
Allowance for loan losses | 287,237 | 281,428 | 273,906 | 271,117 | 269,413 | |||||||||||||||
Allowance for unfunded lending commitments | 15,830 | 15,395 | 14,353 | 12,682 | 12,030 | |||||||||||||||
Goodwill | 639,120 | 638,933 | 638,933 | 642,645 | 642,645 | |||||||||||||||
Core deposit and other intangibles | 47,670 | 51,397 | 52,007 | 55,440 | 57,665 | |||||||||||||||
Total deposits | 25,399,741 | 24,398,535 | 23,879,088 | 23,292,261 | 23,165,131 | |||||||||||||||
Core deposits (1) | 23,507,531 | 22,840,557 | 22,421,174 | 21,998,152 | 21,883,851 | |||||||||||||||
Minority interest | 26,719 | 24,665 | 26,338 | 23,359 | 24,481 | |||||||||||||||
Shareholders’ equity | 2,999,173 | 2,937,908 | 2,821,766 | 2,789,979 | 2,724,261 | |||||||||||||||
Common shares outstanding | 90,067,016 | 90,062,646 | 89,891,146 | 89,829,947 | 89,638,753 | |||||||||||||||
Average equity to average assets | 8.95 | % | 8.85 | % | 8.87 | % | 8.76 | % | 8.54 | % | ||||||||||
Common dividend payout | 26.47 | % | 27.37 | % | 29.55 | % | 27.48 | % | 28.10 | % | ||||||||||
Tangible common equity ratio | 7.06 | % | 6.98 | % | 6.83 | % | 6.80 | % | 6.74 | % | ||||||||||
Nonperforming assets | 83,101 | 73,680 | 76,089 | 84,286 | 91,105 | |||||||||||||||
Accruing loans past due 90 days or more | 15,836 | 13,183 | 20,160 | 16,375 | 18,182 | |||||||||||||||
Nonperforming assets to net loans and leases and | 0.35 | % | 0.31 | % | 0.33 | % | 0.37 | % | 0.42 | % |
(1) | Amount consists of total deposits excluding time deposits $100,000 and over. |
(2) | Amount represents the outstanding balance of loans sold and being serviced by the Company, excluding conforming first mortgage residential real estate loans. |
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 11
CONSOLIDATE BALANCE SHEETS
(In thousands, except share amounts) | September 30, 2005 | June 30, 2005 | December 31, 2004 | September 30, 2004 | ||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 1,109,202 | $ | 1,232,527 | $ | 850,998 | $ | 1,066,516 | ||||
Money market investments: | ||||||||||||
Interest-bearing deposits | 13,350 | 11,004 | 1,251 | 2,893 | ||||||||
Federal funds sold | 460,167 | 52,327 | 130,086 | 106,957 | ||||||||
Security resell agreements | 528,763 | 537,327 | 461,750 | 698,569 | ||||||||
Investment securities: | ||||||||||||
Held to maturity, at cost (approximate market value $641,264, $649,808, $641,783 and $640,462) | 642,687 | 649,888 | 641,659 | 639,372 | ||||||||
Available for sale, at market | 3,997,593 | 3,972,829 | 4,189,486 | 3,986,046 | ||||||||
Trading account, at market (includes $141,535, $102,916, $163,248 and $120,825 transferred as collateral under repurchase agreements) | 352,059 | 282,082 | 290,070 | 433,273 | ||||||||
4,992,339 | 4,904,799 | 5,121,215 | 5,058,691 | |||||||||
Loans: | ||||||||||||
Loans held for sale | 213,223 | 207,123 | 196,736 | 151,199 | ||||||||
Loans and leases | 23,823,715 | 23,718,150 | 22,535,344 | 21,459,920 | ||||||||
24,036,938 | 23,925,273 | 22,732,080 | 21,611,119 | |||||||||
Less: | ||||||||||||
Unearned income and fees, net of related costs | 106,921 | 103,710 | 104,959 | 104,076 | ||||||||
Allowance for loan losses | 287,237 | 281,428 | 271,117 | 269,413 | ||||||||
Loans and leases, net of allowance | 23,642,780 | 23,540,135 | 22,356,004 | 21,237,630 | ||||||||
Other noninterest-bearing investments | 708,368 | 698,968 | 665,198 | 666,214 | ||||||||
Premises and equipment, net | 410,800 | 409,488 | 409,210 | 404,226 | ||||||||
Goodwill | 639,120 | 638,933 | 642,645 | 642,645 | ||||||||
Core deposit and other intangibles | 47,670 | 51,397 | 55,440 | 57,665 | ||||||||
Other real estate owned | 15,176 | 11,070 | 11,877 | 14,222 | ||||||||
Other assets | 854,966 | 787,319 | 764,160 | 774,812 | ||||||||
$ | 33,422,701 | $ | 32,875,294 | $ | 31,469,834 | $ | 30,731,040 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand | $ | 7,725,179 | $ | 7,577,450 | $ | 6,821,528 | $ | 6,656,856 | ||||
Interest-bearing: | ||||||||||||
Savings and money market | 13,442,012 | 13,195,200 | 13,349,347 | 13,446,840 | ||||||||
Time under $100,000 | 1,554,064 | 1,468,017 | 1,387,784 | 1,388,649 | ||||||||
Time $100,000 and over | 1,892,210 | 1,557,978 | 1,294,109 | 1,281,280 | ||||||||
Foreign | 786,276 | 599,890 | 439,493 | 391,506 | ||||||||
25,399,741 | 24,398,535 | 23,292,261 | 23,165,131 | |||||||||
Securities sold, not yet purchased | 331,891 | 291,353 | 309,893 | 376,150 | ||||||||
Federal funds purchased | 1,262,646 | 1,593,010 | 1,841,092 | 1,069,430 | ||||||||
Security repurchase agreements | 756,631 | 755,676 | 683,984 | 723,000 | ||||||||
Other liabilities | 571,583 | 544,691 | 429,129 | 539,694 | ||||||||
Commercial paper | 149,089 | 75,393 | 165,447 | 168,344 | ||||||||
Federal Home Loan Bank advances and other borrowings: | ||||||||||||
One year or less | 13,063 | 314,643 | 15,949 | 18,106 | ||||||||
Over one year | 226,482 | 227,039 | 228,152 | 228,733 | ||||||||
Long-term debt | 1,685,683 | 1,712,381 | 1,690,589 | 1,693,710 | ||||||||
Total liabilities | 30,396,809 | 29,912,721 | 28,656,496 | 27,982,298 | ||||||||
Minority interest | 26,719 | 24,665 | 23,359 | 24,481 | ||||||||
Shareholders’ equity: | ||||||||||||
Capital stock: | ||||||||||||
Preferred stock, without par value; authorized 3,000,000 shares; issued and outstanding, none | – | ��� | – | – | ||||||||
Common stock, without par value; authorized 350,000,000 shares; issued and outstanding 90,067,016, 90,062,646, 89,829,947 and 89,638,753 shares | 971,002 | 961,510 | 972,065 | 965,166 | ||||||||
Retained earnings | 2,084,439 | 1,994,015 | 1,830,064 | 1,753,934 | ||||||||
Accumulated other comprehensive income (loss) | (52,088) | (12,905) | (7,932) | 9,240 | ||||||||
Cost of shares held in trust for deferred compensation and other | (4,180) | (4,712) | (4,218) | (4,079) | ||||||||
Total shareholders’ equity | 2,999,173 | 2,937,908 | 2,789,979 | 2,724,261 | ||||||||
$ | 33,422,701 | $ | 32,875,294 | $ | 31,469,834 | $ | 30,731,040 | |||||
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 12
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||
(In thousands, except per share amounts) | 2005 | 2005 | 2004 | 2005 | 2004 | ||||||||||
Interest income: | |||||||||||||||
Interest and fees on loans | $ | 406,319 | $ | 380,233 | $ | 311,927 | $ | 1,137,487 | $ | 896,633 | |||||
Interest on loans held for sale | 2,462 | 2,618 | 932 | 6,683 | 3,595 | ||||||||||
Lease financing | 3,980 | 4,023 | 4,213 | 12,069 | 12,652 | ||||||||||
Interest on money market investments | 7,723 | 6,041 | 4,994 | 18,402 | 11,529 | ||||||||||
Interest on securities: | |||||||||||||||
Held to maturity – taxable | 1,827 | 1,833 | 1,765 | 5,465 | 3,724 | ||||||||||
Held to maturity – nontaxable | 6,066 | 6,008 | 6,000 | 18,057 | 12,770 | ||||||||||
Available for sale – taxable | 49,339 | 49,102 | 39,784 | 145,361 | 114,822 | ||||||||||
Available for sale – nontaxable | 808 | 834 | 897 | 2,498 | 8,197 | ||||||||||
Trading account | 4,753 | 5,044 | 8,884 | 15,832 | 23,227 | ||||||||||
Total interest income | 483,277 | 455,736 | 379,396 | 1,361,854 | 1,087,149 | ||||||||||
Interest expense: | |||||||||||||||
Interest on savings and money market deposits | 59,539 | 49,236 | 33,048 | 149,511 | 85,988 | ||||||||||
Interest on time and foreign deposits | 31,536 | 24,557 | 15,692 | 75,980 | 43,825 | ||||||||||
Interest on borrowed funds | 51,550 | 51,015 | 39,541 | 149,832 | 105,902 | ||||||||||
Total interest expense | 142,625 | 124,808 | 88,281 | 375,323 | 235,715 | ||||||||||
Net interest income | 340,652 | 330,928 | 291,115 | 986,531 | 851,434 | ||||||||||
Provision for loan losses | 12,107 | 11,417 | 9,363 | 32,907 | 30,908 | ||||||||||
Net interest income after provision for loan losses | 328,545 | 319,511 | 281,752 | 953,624 | 820,526 | ||||||||||
Noninterest income: | |||||||||||||||
Service charges and fees on deposit accounts | 32,233 | 31,406 | 33,486 | 94,421 | 99,660 | ||||||||||
Loan sales and servicing income | 21,649 | 16,790 | 21,633 | 56,507 | 60,504 | ||||||||||
Other service charges, commissions and fees | 28,983 | 28,205 | 27,137 | 83,903 | 78,675 | ||||||||||
Trust and investment management income | 3,817 | 4,531 | 3,718 | 11,753 | 12,590 | ||||||||||
Income from securities conduit | 8,553 | 8,617 | 9,104 | 25,989 | 26,682 | ||||||||||
Dividends and other investment income | 6,954 | 7,436 | 7,157 | 22,398 | 23,797 | ||||||||||
Market making, trading and nonhedge derivative income | 4,069 | 6,509 | 2,454 | 14,362 | 14,650 | ||||||||||
Equity securities gains (losses), net | 1,089 | (2,778) | 4,277 | (3,076) | (5,056) | ||||||||||
Fixed income securities gains (losses), net | 276 | (1,187) | 307 | 422 | 2,444 | ||||||||||
Other | 3,626 | 7,023 | 3,883 | 14,118 | 18,648 | ||||||||||
Total noninterest income | 111,249 | 106,552 | 113,156 | 320,797 | 332,594 | ||||||||||
Noninterest expense: | |||||||||||||||
Salaries and employee benefits | 142,590 | 138,244 | 133,609 | 418,960 | 393,241 | ||||||||||
Occupancy, net | 19,048 | 18,504 | 18,734 | 56,005 | 55,205 | ||||||||||
Furniture and equipment | 16,979 | 16,260 | 16,612 | 49,158 | 49,328 | ||||||||||
Legal and professional services | 8,575 | 7,967 | 6,568 | 24,792 | 23,675 | ||||||||||
Postage and supplies | 6,510 | 6,798 | 6,290 | 19,796 | 19,247 | ||||||||||
Advertising | 5,875 | 5,335 | 4,789 | 15,303 | 14,817 | ||||||||||
Impairment losses on long-lived assets | – | – | – | 633 | 712 | ||||||||||
Restructuring charges | – | – | 370 | 92 | 436 | ||||||||||
Merger related expense | 207 | – | – | 207 | – | ||||||||||
Amortization of core deposit and other intangibles | 3,684 | 3,696 | 3,682 | 10,813 | 10,686 | ||||||||||
Provision for unfunded lending commitments | 435 | 1,042 | 932 | 3,148 | (185) | ||||||||||
Other | 44,569 | 44,820 | 41,227 | 131,566 | 117,965 | ||||||||||
Total noninterest expense | 248,472 | 242,666 | 232,813 | 730,473 | 685,127 | ||||||||||
Impairment loss on goodwill | – | – | 602 | – | 602 | ||||||||||
Income before income taxes and minority interest | 191,322 | 183,397 | 161,493 | 543,948 | 467,391 | ||||||||||
Income taxes | 68,200 | 66,330 | 58,140 | 194,279 | 167,485 | ||||||||||
Minority interest | 152 | (1,743) | 858 | (2,345) | (1,100) | ||||||||||
Net income | $ | 122,970 | $ | 118,810 | $ | 102,495 | $ | 352,014 | $ | 301,006 | |||||
Weighted average shares outstanding during the period: | |||||||||||||||
Basic shares | 89,980 | 89,846 | 89,617 | 89,901 | 89,643 | ||||||||||
Diluted shares | 91,605 | 91,610 | 90,957 | 91,606 | 90,820 | ||||||||||
Net income per common share: | |||||||||||||||
Basic | $ | 1.37 | $ | 1.32 | $ | 1.14 | $ | 3.92 | $ | 3.36 | |||||
Diluted | 1.34 | 1.30 | 1.13 | 3.84 | 3.31 |
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 13
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY AND COMPREHENSIVE INCOME
(Unaudited)
Nine Months Ended September 30, 2005 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
(In thousands)
| Common Stock | Retained Earnings | Net Unrealized Gains (Losses) on Investments, Retained Interests and Other | Net Unrealized Losses on Derivative Instruments | Minimum Pension Liability | Subtotal | Cost of Shares Held in Trust for Deferred Compensation and Other | Total Shareholders’ Equity | ||||||||||||||||
Balance, December 31, 2004 | $ | 972,065 | $ | 1,830,064 | $ | 19,774 | $ (9,493) | $ (18,213) | $ (7,932) | $ (4,218) | $ | 2,789,979 | ||||||||||||
Comprehensive income: | ||||||||||||||||||||||||
Net income for the period | 352,014 | 352,014 | ||||||||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||||
Net realized and unrealized holding losses during the period, net of income tax benefit of $5,650 | (9,122) | (9,122) | ||||||||||||||||||||||
Foreign currency translation | (1,313) | (1,313) | ||||||||||||||||||||||
Reclassification for net realized gains recorded in operations, net of income tax expense of $200 | (323) | (323) | ||||||||||||||||||||||
Net unrealized losses on derivative instruments, net of reclassification to operations of $10,618 and income tax benefit of $20,991 | (33,398) | (33,398) | ||||||||||||||||||||||
Other comprehensive loss | (10,758) | (33,398) | – | (44,156) | (44,156) | |||||||||||||||||||
Total comprehensive income | 307,858 | |||||||||||||||||||||||
Stock redeemed and retired | (80,795) | (80,795) | ||||||||||||||||||||||
Restricted stock issued (2,000 shares) and stock options exercised (1,395,250 shares), net of shares tendered and retired | 79,732 | 79,732 | ||||||||||||||||||||||
Cash dividends – common, $1.08 per share | (97,639) | (97,639) | ||||||||||||||||||||||
Cost of shares held in trust for deferred compensation and other | 38 | 38 | ||||||||||||||||||||||
Balance, September 30, 2005 | $ | 971,002 | $ | 2,084,439 | $ | 9,016 | $ | (42,891) | $ | (18,213) | $ | (52,088) | $ | (4,180) | $ | 2,999,173 | ||||||||
Nine Months Ended September 30, 2004 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
(In thousands)
| Common Stock | Retained Earnings | Net Unrealized Gains (Losses) on Investments, Retained Interests and Other | Net Unrealized Gains (Losses) on Derivative Instruments | Minimum Pension Liability | Subtotal | Cost of Shares Held in Trust for Deferred Compensation | Total Shareholders’ Equity | ||||||||||||||||
Balance, December 31, 2003 | $ | 985,904 | $ | 1,538,677 | $ | 24,015 | $ | 10,716 | $ (15,690) | $ | 19,041 | $ (3,599) | $ | 2,540,023 | ||||||||||
Comprehensive income: | ||||||||||||||||||||||||
Net income for the period | 301,006 | 301,006 | ||||||||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||||
Net realized and unrealized holding gains during the period, net of income tax expense of $438 | 473 | 473 | ||||||||||||||||||||||
Reclassification for net realized gains recorded in operations, net of income tax expense of $1,218 | (1,967) | (1,967) | ||||||||||||||||||||||
Net unrealized losses on derivative instruments, net of reclassification to operations of $35,040 and income tax benefit of $5,093 | (8,307) | (8,307) | ||||||||||||||||||||||
Other comprehensive loss | (1,494) | (8,307) | – | (9,801) | (9,801) | |||||||||||||||||||
Total comprehensive income | 291,205 | |||||||||||||||||||||||
Stock redeemed and retired | (79,881) | (79,881) | ||||||||||||||||||||||
Stock options exercised (1,145,556 shares), net of shares tendered and retired | 59,143 | 59,143 | ||||||||||||||||||||||
Cash dividends – common, $.94 per share | (85,749) | (85,749) | ||||||||||||||||||||||
Cost of shares held in trust for deferred compensation | (480) | (480) | ||||||||||||||||||||||
Balance, September 30, 2004 | $ | 965,166 | $ | 1,753,934 | $ | 22,521 | $ | 2,409 | $ | (15,690) | $ | 9,240 | $ | (4,079) | $ | 2,724,261 | ||||||||
Total comprehensive income for the three months ended September 30, 2005 and 2004 was $83,787 and $125,973, respectively.
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 14
Nonperforming Assets
(Unaudited)
(In thousands) | September 30, 2005 | June 30, 2005 | March 31, 2005 | December 31, 2004 | September 30, 2004 | |||||||||||||||
Nonaccrual loans | $ | 67,248 | $ | 61,871 | $ | 65,199 | $ | 71,763 | $ | 76,361 | ||||||||||
Restructured loans | 677 | 739 | 624 | 646 | 522 | |||||||||||||||
Other real estate owned | 15,176 | 11,070 | 10,266 | 11,877 | 14,222 | |||||||||||||||
Total | $ | 83,101 | $ | 73,680 | $ | 76,089 | $ | 84,286 | $ | 91,105 | ||||||||||
% of net loans and leases* and other real estate owned | 0.35 | % | 0.31 | % | 0.33 | % | 0.37 | % | 0.42 | % | ||||||||||
Accruing loans past due 90 days or more | $ | 15,836 | $ | 13,183 | $ | 20,160 | $ | 16,375 | $ | 18,182 | ||||||||||
% of net loans and leases* | 0.07 | % | 0.06 | % | 0.09 | % | 0.07 | % | 0.08 | % | ||||||||||
*Includes loans held for sale. | ||||||||||||||||||||
Allowances for Credit Losses | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(In thousands) | September 30, 2005 | June 30, 2005 | March 31, 2005 | December 31, 2004 | September 30, 2004 | |||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||
Balance at beginning of period | $ | 281,428 | $ | 273,906 | $ | 271,117 | $ | 269,413 | $ | 271,554 | ||||||||||
Allowance of branches sold | – | – | – | – | (1,549 | ) | ||||||||||||||
Add: | ||||||||||||||||||||
Provision for losses | 12,107 | 11,417 | 9,383 | 13,159 | 9,363 | |||||||||||||||
Deduct: | ||||||||||||||||||||
Loan and lease charge-offs | (10,883 | ) | (8,633 | ) | (11,085 | ) | (20,024 | ) | (13,617 | ) | ||||||||||
Recoveries | 4,585 | 4,738 | 4,491 | 8,569 | 3,662 | |||||||||||||||
Net loan and lease charge-offs | (6,298 | ) | (3,895 | ) | (6,594 | ) | (11,455 | ) | (9,955 | ) | ||||||||||
Balance at end of period | $ | 287,237 | $ | 281,428 | $ | 273,906 | $ | 271,117 | $ | 269,413 | ||||||||||
Ratio of allowance for loan losses to net loans and leases outstanding at period end | 1.20 | % | 1.18 | % | 1.19 | % | 1.20 | % | 1.25 | % | ||||||||||
Ratio of allowance for loan losses to nonperforming loans at period end | 422.87 | % | 449.49 | % | 416.13 | % | 374.42 | % | 350.42 | % | ||||||||||
Allowance for Unfunded Lending Commitments | ||||||||||||||||||||
Balance at beginning of period | $ | 15,395 | $ | 14,353 | $ | 12,682 | $ | 12,030 | $ | 11,098 | ||||||||||
Provision charged against earnings | 435 | 1,042 | 1,671 | 652 | 932 | |||||||||||||||
Balance at end of period | $ | 15,830 | $ | 15,395 | $ | 14,353 | $ | 12,682 | $ | 12,030 | ||||||||||
Total Allowances for Credit Losses | ||||||||||||||||||||
Allowance for loan losses | $ | 287,237 | $ | 281,428 | $ | 273,906 | $ | 271,117 | $ | 269,413 | ||||||||||
Allowance for unfunded lending commitments | 15,830 | 15,395 | 14,353 | 12,682 | 12,030 | |||||||||||||||
Total allowances for credit losses | $ | 303,067 | $ | 296,823 | $ | 288,259 | $ | 283,799 | $ | 281,443 | ||||||||||
Ratio of total allowances for credit losses to net loans and leases outstanding at period end | 1.27 | % | 1.25 | % | 1.26 | % | 1.25 | % | 1.31 | % |
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 15
Sold Loans Being Serviced (Unaudited) | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
(In thousands) | September 30, 2005 | June 30, 2005 | March 31, 2005 | December 31, 2004 | September 30, 2004 | |||||||||||||||||
Balance at beginning of period | $ | 2,910,182 | $ | 2,995,630 | $ | 3,065,909 | $ | 3,152,924 | $ | 2,643,927 | ||||||||||||
New loans sold | 880,808 | 120,091 | 98,772 | 83,175 | 703,809 | |||||||||||||||||
Payments and other reductions | (229,172) | (205,539) | (169,051) | (170,190) | (194,812) | |||||||||||||||||
Balance at end of period | $ | 3,561,818 | $ | 2,910,182 | $ | 2,995,630 | $ | 3,065,909 | $ | 3,152,924 | ||||||||||||
Loan Balances By Portfolio Type (Unaudited) | ||||||||||||||||||||||
(In millions) | September 30, 2005 | June 30, 2005 | March 31, 2005 | December 31, 2004 | September 30, 2004 | |||||||||||||||||
Loans held for sale | $ | 213 | $ | 207 | $ | 197 | $ | 197 | $ | 151 | ||||||||||||
Commercial lending: | ||||||||||||||||||||||
Commercial and industrial | 4,885 | 4,760 | 4,604 | 4,643 | 4,474 | |||||||||||||||||
Leasing | 359 | 361 | 359 | 370 | 374 | |||||||||||||||||
Owner occupied | 4,063 | (1) | 4,341 | 4,036 | 3,790 | 3,472 | ||||||||||||||||
Total commercial lending | 9,307 | 9,462 | 8,999 | 8,803 | 8,320 | |||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||
Construction | 4,435 | 4,074 | 3,779 | 3,536 | 3,289 | |||||||||||||||||
Term | 4,051 | (1) | 4,118 | 4,032 | 3,998 | 3,804 | ||||||||||||||||
Total commercial real estate | 8,486 | 8,192 | 7,811 | 7,534 | 7,093 | |||||||||||||||||
Consumer: | ||||||||||||||||||||||
Home equity credit line | 1,041 | 1,134 | 1,099 | 1,104 | 1,026 | |||||||||||||||||
1-4 family residential | 4,229 | 4,156 | 4,155 | 4,234 | 4,118 | |||||||||||||||||
Bankcard and other revolving plans | 194 | 208 | 211 | 225 | 217 | |||||||||||||||||
Other | 437 | 468 | 490 | 532 | 573 | |||||||||||||||||
Total consumer | 5,901 | 5,966 | 5,955 | 6,095 | 5,934 | |||||||||||||||||
Foreign loans | 5 | 5 | 5 | 5 | 4 | |||||||||||||||||
Other receivables | 125 | 93 | 103 | 98 | 109 | |||||||||||||||||
Total loans | $ | 24,037 | $ | 23,925 | $ | 23,070 | $ | 22,732 | $ | 21,611 | ||||||||||||
(1) | Decreases from June 30, 2005 reflect $745 million of loans removed in conjunction with a small business loan securitization. |
- more -
ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 16
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)
Three Months Ended September 30, 2005 | Three Months Ended September 30, 2004 | |||||||||||||||||
(In thousands) | Average Balance | Amount of Interest (1) | Average Rate | Average Balance | Amount of Interest (1) | Average Rate | ||||||||||||
ASSETS | ||||||||||||||||||
Money market investments | $ | 915,954 | $ | 7,723 | 3.35 | % | $ | 1,605,277 | $ | 4,994 | 1.24 | % | ||||||
Securities: | ||||||||||||||||||
Held to maturity | 641,745 | 11,159 | 6.90 | % | 640,207 | 10,996 | 6.83 | % | ||||||||||
Available for sale | 3,866,988 | 50,582 | 5.19 | % | 3,753,811 | 41,164 | 4.36 | % | ||||||||||
Trading account | 485,002 | 4,753 | 3.89 | % | 838,170 | 8,884 | 4.22 | % | ||||||||||
Total securities | 4,993,735 | 66,494 | 5.28 | % | 5,232,188 | 61,044 | 4.64 | % | ||||||||||
Loans: | ||||||||||||||||||
Loans held for sale | 187,692 | 2,462 | 5.20 | % | 124,000 | 932 | 2.99 | % | ||||||||||
Net loans and leases (2) | 23,821,332 | 411,772 | 6.86 | % | 21,096,481 | 317,695 | 5.99 | % | ||||||||||
Total loans and leases | 24,009,024 | 414,234 | 6.85 | % | 21,220,481 | 318,627 | 5.97 | % | ||||||||||
Total interest-earning assets | 29,918,713 | 488,451 | 6.48 | % | 28,057,946 | 384,665 | 5.45 | % | ||||||||||
Cash and due from banks | 1,123,297 | 1,038,432 | ||||||||||||||||
Allowance for loan losses | (284,423) | (272,463) | ||||||||||||||||
Goodwill | 638,957 | 645,462 | ||||||||||||||||
Core deposit and other intangibles | 52,276 | 62,923 | ||||||||||||||||
Other assets | 1,769,657 | 1,836,278 | ||||||||||||||||
Total assets | $ | 33,218,477 | $ | 31,368,578 | ||||||||||||||
LIABILITIES | ||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||
Savings and NOW | $ | 3,404,743 | 7,756 | 0.90 | % | $ | 3,379,890 | 5,359 | 0.63 | % | ||||||||
Money market super NOW | 9,943,220 | 51,783 | 2.07 | % | 9,821,968 | 27,689 | 1.12 | % | ||||||||||
Time under $100,000 | 1,522,194 | 10,941 | 2.85 | % | 1,407,490 | 6,773 | 1.91 | % | ||||||||||
Time $100,000 and over | 1,777,998 | 14,954 | 3.34 | % | 1,266,514 | 7,557 | 2.37 | % | ||||||||||
Foreign | 715,838 | 5,641 | 3.13 | % | 409,644 | 1,362 | 1.32 | % | ||||||||||
Total interest-bearing deposits | 17,363,993 | 91,075 | 2.08 | % | 16,285,506 | 48,740 | 1.19 | % | ||||||||||
Borrowed funds: | ||||||||||||||||||
Securities sold, not yet purchased | 503,722 | 4,660 | 3.67 | % | 708,342 | 7,135 | 4.01 | % | ||||||||||
Federal funds purchased and security | 2,186,773 | 16,368 | 2.97 | % | 2,397,862 | 7,959 | 1.32 | % | ||||||||||
Commercial paper | 143,239 | 1,294 | 3.58 | % | 191,767 | 756 | 1.57 | % | ||||||||||
FHLB advances and other borrowings: | ||||||||||||||||||
One year or less | 107,606 | 891 | 3.29 | % | 154,593 | 519 | 1.34 | % | ||||||||||
Over one year | 226,786 | 2,885 | 5.05 | % | 229,703 | 2,928 | 5.07 | % | ||||||||||
Long-term debt | 1,701,575 | 25,452 | 5.93 | % | 1,697,356 | 20,244 | 4.74 | % | ||||||||||
Total borrowed funds | 4,869,701 | 51,550 | 4.20 | % | 5,379,623 | 39,541 | 2.92 | % | ||||||||||
Total interest-bearing liabilities | 22,233,694 | 142,625 | 2.55 | % | 21,665,129 | 88,281 | 1.62 | % | ||||||||||
Noninterest-bearing deposits | 7,443,394 | 6,444,034 | ||||||||||||||||
Other liabilities | 542,554 | 558,220 | ||||||||||||||||
Total liabilities | 30,219,642 | 28,667,383 | ||||||||||||||||
Minority interest | 26,220 | 23,791 | ||||||||||||||||
Total shareholders’ equity | 2,972,615 | 2,677,404 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 33,218,477 | $ | 31,368,578 | ||||||||||||||
Spread on average interest-bearing funds | 3.93 | % | 3.83 | % | ||||||||||||||
Taxable-equivalent net interest income and net yield on interest-earning assets | $ | 345,826 | 4.59 | % | $ | 296,384 | 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 17
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)
Nine Months Ended September 30, 2005 | Nine Months Ended September 30, 2004 | |||||||||||||||||
(In thousands) | Average Balance | Amount of Interest (1) | Average Rate | Average Balance | Amount of Interest (1) | Average Rate | ||||||||||||
ASSETS | ||||||||||||||||||
Money market investments | $ | 865,182 | $ | 18,402 | 2.84 | % | $ | 1,576,519 | $ | 11,529 | 0.98 | % | ||||||
Securities: | ||||||||||||||||||
Held to maturity | 640,090 | 33,245 | 6.94 | % | 453,902 | 23,370 | 6.88 | % | ||||||||||
Available for sale | 3,919,114 | 149,204 | 5.09 | % | 3,956,116 | 127,433 | 4.30 | % | ||||||||||
Trading account | 532,497 | 15,832 | 3.98 | % | 771,714 | 23,227 | 4.02 | % | ||||||||||
Total securities | 5,091,701 | 198,281 | 5.21 | % | 5,181,732 | 174,030 | 4.49 | % | ||||||||||
Loans: | ||||||||||||||||||
Loans held for sale | 190,604 | 6,683 | 4.69 | % | 157,452 | 3,595 | 3.05 | % | ||||||||||
Net loans and leases (2) | 23,152,712 | 1,153,991 | 6.66 | % | 20,613,461 | 914,080 | 5.92 | % | ||||||||||
Total loans and leases | 23,343,316 | 1,160,674 | 6.65 | % | 20,770,913 | 917,675 | 5.90 | % | ||||||||||
Total interest-earning assets | 29,300,199 | 1,377,357 | 6.29 | % | 27,529,164 | 1,103,234 | 5.35 | % | ||||||||||
Cash and due from banks | 1,073,089 | 1,000,655 | ||||||||||||||||
Allowance for loan losses | (278,708) | (271,782) | ||||||||||||||||
Goodwill | 640,151 | 649,751 | ||||||||||||||||
Core deposit and other intangibles | 53,964 | 66,622 | ||||||||||||||||
Other assets | 1,743,030 | 1,771,919 | ||||||||||||||||
Total assets | $ | 32,531,725 | $ | 30,746,329 | ||||||||||||||
LIABILITIES | ||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||
Savings and NOW | $ | 3,392,567 | 20,640 | 0.81 | % | $ | 3,338,766 | 15,398 | 0.62 | % | ||||||||
Money market super NOW | 9,820,469 | 128,871 | 1.75 | % | 9,316,936 | 70,590 | 1.01 | % | ||||||||||
Time under $100,000 | 1,463,881 | 28,398 | 2.59 | % | 1,449,637 | 20,195 | 1.86 | % | ||||||||||
Time $100,000 and over | 1,569,102 | 35,780 | 3.05 | % | 1,233,805 | 21,015 | 2.28 | % | ||||||||||
Foreign | 573,938 | 11,802 | 2.75 | % | 317,667 | 2,615 | 1.10 | % | ||||||||||
Total interest-bearing deposits | 16,819,957 | 225,491 | 1.79 | % | 15,656,811 | 129,813 | 1.11 | % | ||||||||||
Borrowed funds: | ||||||||||||||||||
Securities sold, not yet purchased | 507,137 | 13,903 | 3.67 | % | 659,441 | 19,152 | 3.88 | % | ||||||||||
Federal funds purchased and security | 2,314,856 | 44,783 | 2.59 | % | 2,750,202 | 21,375 | 1.04 | % | ||||||||||
Commercial paper | 149,637 | 3,471 | 3.10 | % | 205,559 | 2,057 | 1.34 | % | ||||||||||
FHLB advances and other borrowings: | ||||||||||||||||||
One year or less | 269,859 | 5,837 | 2.89 | % | 332,646 | 2,825 | 1.13 | % | ||||||||||
Over one year | 227,319 | 8,587 | 5.05 | % | 230,338 | 8,758 | 5.08 | % | ||||||||||
Long-term debt | 1,694,642 | 73,251 | 5.78 | % | 1,648,176 | 51,735 | 4.19 | % | ||||||||||
Total borrowed funds | 5,163,450 | 149,832 | 3.88 | % | 5,826,362 | 105,902 | 2.43 | % | ||||||||||
Total interest-bearing liabilities | 21,983,407 | 375,323 | 2.28 | % | 21,483,173 | 235,715 | 1.47 | % | ||||||||||
Noninterest-bearing deposits | 7,125,473 | 6,098,167 | ||||||||||||||||
Other liabilities | 505,413 | 517,494 | ||||||||||||||||
Total liabilities | 29,614,293 | 28,098,834 | ||||||||||||||||
Minority interest | 25,270 | 22,456 | ||||||||||||||||
Total shareholders' equity | 2,892,162 | 2,625,039 | ||||||||||||||||
Total liabilities and shareholders' equity | $ | 32,531,725 | $ | 30,746,329 | ||||||||||||||
Spread on average interest-bearing funds | 4.01 | % | 3.88 | % | ||||||||||||||
Taxable-equivalent net interest income and net yield on interest-earning assets | $ | 1,002,034 | 4.57 | % | $ | 867,519 | 4.21 | % | ||||||||||
(1) | Taxable-equivalent rates used where applicable. |
(2) | Net of unearned income and fees, net of related costs. Loans include nonaccrual and restructured loans. |
#######