Zions Bancorporation, National Association (ZION) 10-K2007 FY Annual report

Filed: 28 Feb 08, 12:00am

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New words: ABCP, ABS, ACH, Additionally, advertising, aerospace, affirmed, Altogether, Ambac, AML, antifraud, apparent, ARB, ARM, August, Baal, backed, backing, BBB, bioscience, bringing, brokered, BSA, bubble, builder, buy, casino, CDO, CEO, cessation, clearer, contemplation, countered, CP, criminal, cycle, death, dedicated, deepened, deeper, deeply, delayed, detracted, diminished, dissolution, distressed, downtown, downturn, driver, drove, dynamic, elevated, emphasize, enlarged, Epic, evasion, eventual, exam, explored, extremely, fallen, fallout, FDICIA, FINRA, fit, Fitch, FR, Franchise, FTE, GAAP, gaming, hardware, Hatch, healthy, heavier, heavily, hit, homebuilder, hotel, household, hypothecated, illiquidity, immaterial, impede, impeded, inclusion, increasingly, indemnification, indemnify, infringing, input, instability, intense, Intercept, Intercon, Intercontinental, IPO, labor, lax, led, lesser, light, lost, lulled, managerial, marketplace, mathematical, matrix, MBIA, MBS, Measurementsand, Median, merit, mid, midst, monoline, monthly, negotiable, noncumulative, nondefaulted, nontaxable, Obstruct, OCI, older, opposed, OTTI, outpaced, plummeted, prepublic, rapid, rapidly, raw, reaction, receivership, recession, reclaim, REIT, reluctance, repossessed, request, resolution, resolved, reversal, reversed, roughly, run, scrutiny, Secrecy, sharply, shortly, shrink, signify, slip, slowly, slump, sought, Southwest, spillover, stagnant, stemming, stopped, stream, stronger, struggling, subprime, suite, summer, tapered, Terrorism, tight, trend, trimming, true, truth, turmoil, twelve, understood, unemployment, uniform, unplanned, unprecedented, unrestricted, unsettled, unsustainable, unwilling, velocity, virtual, Virtually, Visa, Visitor, waiver, weak, weaken, weakened, weakening, Whitney, wholesale, widening, withdrawn, worsen, worsening, ZMSC

Removed: cover, deal, House, lose, President, registrant, satisfactory, Senate, student, tendered, territorial, thrift, underwriter

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EXHIBIT 12

RATIOS OF EARNINGS TO FIXED CHARGES

AND EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

The following table sets forth certain information regarding our consolidated ratios of earnings to fixed charges and earnings to fixed charges and preferred stock dividend. Fixed charges represent interest expense, a portion of rent expense representative of interest, trust-preferred securities related expense and amortization of debt issuance costs.


	Year ended December 31,
(In thousands, except ratio amounts)	2007			2006		2005		2004		2003
Fixed Charges:
Interest expense excluding deposits	$	346,022		303,689		195,169		143,447		116,606
Portion of rents representative of an interest factor		17,994		17,182		13,871		13,528		12,825

Fixed charges excluding interest on deposits		364,016		320,871		209,040		156,975		129,431
Interest on deposits		977,352		749,708		353,737		187,195		187,288

Fixed charges including interest on deposits	$	1,341,368		1,070,579		562,777		344,170		316,719

Fixed Charges and Preferred Stock Dividend:
Interest expense excluding deposits	$	346,022		303,689		195,169		143,447		116,606
Portion of rents representative of an interest factor		17,994		17,182		13,871		13,528		12,825
Preferred stock dividend requirement		21,157		5,927		–		–		–

Fixed charges and preferred stock dividends excluding interest on deposits		385,173		326,798		209,040		156,975		129,431
Interest on deposits		977,352		749,708		353,737		187,195		187,288

Fixed charges and preferred stock dividends including interest on deposits	$	1,362,525		1,076,506		562,777		344,170		316,719

Earnings:
Income from continuing operations before income taxes	$	737,498		912,924		741,887		624,391		546,159
Equity in undistributed earnings of unconsolidated subsidiaries		(11,731	)	(5,800	)	(7,161	)	(6,943	)	(8,748	)
Fixed charges excluding interest on deposits		364,016		320,871		209,040		156,975		129,431

Earnings excluding interest on deposits		1,089,783		1,227,995		943,766		774,423		666,842
Interest on deposits		977,352		749,708		353,737		187,195		187,288

Earnings including interest on deposits	$	2,067,135		1,977,703		1,297,503		961,618		854,130

Ratio of earnings to fixed charges:
Excluding interest on deposits		2.99		3.83		4.51		4.93		5.15
Including interest on deposits		1.54		1.85		2.31		2.79		2.70

Ratio of earnings to fixed charges and preferred stock dividends:
Excluding interest on deposits		2.83		3.76		4.51		4.93		5.15
Including interest on deposits		1.52		1.84		2.31		2.79		2.70

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