- Zions Bancorporation reported a net loss of $832.2 million or $7.29 per share for Q1 2009, driven largely by a $634 million non-cash goodwill impairment at Amegy Bank and $249 million in impairment and valuation losses on securities.
- Key factors contributing to the loss included building loan loss reserves by $146 million, a decline in net interest margin to 3.93%, and acquiring failed bank Alliance Bank's assets.
- However, the company extended $3.8 billion in new credit in Q1, loan charge-offs declined from Q4, and its capital ratios remained above regulatory requirements despite the reported loss.
Merrill Lynch reported a net loss of $4.6 billion for Q2 2008 compared to net earnings of $2 billion in Q2 2007. Key drivers of the loss included $3.5 billion in losses from US super senior ABS CDOs and $2.9 billion in credit valuation adjustments from hedges with financial guarantors. Merrill Lynch completed the sale of its stake in Bloomberg for $4.4 billion and announced an expected sale of Financial Data Services for over $3.5 billion to bolster its capital position. Core businesses performed well but revenue declined to negative $2.1 billion from $9.5 billion last year due to losses in fixed income currencies and commodities.
Whitney Holding Corporation reported a net loss of $11.1 million for the first quarter of 2009 compared to a profit of $8.2 million in the previous quarter. The loss was attributed to lower net interest income from margin compression, higher credit costs from rising delinquencies, and increased expenses. Total loans declined by $129 million from the previous quarter due to weak demand. However, the company's capital position remained strong with a tangible common equity ratio of 6.68% at the end of the first quarter.
- Marshall & Ilsley Corporation reported a net loss of $0.50 per share for Q2 2009, compared to a net loss of $1.52 per share in Q2 2008.
- It aggressively addressed problem loans by writing down credits and strengthening its balance sheet, including a $468M loan loss provision and boosting its allowance to loans ratio to 2.83%.
- Financial results were impacted by a $49.2M FDIC insurance assessment, $82.7M in securities gains, an $18M tax benefit, and $25M in dividends paid to the U.S. Treasury.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an improvement from $527 million in the third quarter of 2008. Revenue was $28.8 billion, a record level for the year to date. Credit costs remained high at $2 billion added to consumer credit reserves, bringing the total to $31.5 billion. The firm's capital levels were strengthened with Tier 1 Common Capital reaching $101 billion, or 8.2% of the total. While signs of stability were seen in consumer credit, continued uncertainty remains around the economy. JPMorgan Chase aims to continue investing in its businesses through the challenging environment.
Associated Banc-Corp reported first quarter earnings of $0.28 per share, up from $0.11 in the fourth quarter of 2008. Net income was $35.4 million, up from $13.6 million in the previous quarter. Total deposits grew to $15.9 billion, up 4.7% from the previous quarter. The company reduced its quarterly dividend to $0.05 per share to preserve capital during economic uncertainty.
- JPMorgan Chase reported net income of $9.1 billion for Q3 2019, up 8% from the prior year. Revenue was $30.1 billion, up 8%, driven by growth in consumer and investment banking.
- Consumer & Community Banking revenue was $14.3 billion, up 7%, helped by higher deposits and auto/credit card volumes, though home lending revenue fell due to loan sales.
- Corporate & Investment Bank revenue was $9.3 billion, up 6%, with record investment banking fees and strong fixed income markets, though equity markets fell.
JPMorgan Chase reported second quarter 2010 net income of $4.8 billion, up significantly from $2.7 billion in the second quarter of 2009. Revenue was $25.6 billion. While most businesses performed solidly with reduced credit costs, returns in consumer lending remained unacceptable. The bank maintained strong capital and liquidity positions. Looking ahead, Dimon noted regulatory reforms could impact clients and businesses, and implementation will require careful coordination.
The Investment Bank generated strong net income of $2.5 billion on revenue of $8.3 billion in 1Q10. Fixed Income Markets revenue was $5.5 billion, up 12% year-over-year. Retail Financial Services reported a net loss of $131 million compared to net income of $474 million in 1Q09, driven by a $1.3 billion net loss in the Real Estate Portfolios. Card Services reported a net loss of $303 million compared to a net loss of $547 million in 1Q09, as credit costs declined but remained elevated.
Merrill Lynch reported a net loss of $4.6 billion for Q2 2008 compared to net earnings of $2 billion in Q2 2007. Key drivers of the loss included $3.5 billion in losses from US super senior ABS CDOs and $2.9 billion in credit valuation adjustments from hedges with financial guarantors. Merrill Lynch completed the sale of its stake in Bloomberg for $4.4 billion and announced an expected sale of Financial Data Services for over $3.5 billion to bolster its capital position. Core businesses performed well but revenue declined to negative $2.1 billion from $9.5 billion last year due to losses in fixed income currencies and commodities.
Whitney Holding Corporation reported a net loss of $11.1 million for the first quarter of 2009 compared to a profit of $8.2 million in the previous quarter. The loss was attributed to lower net interest income from margin compression, higher credit costs from rising delinquencies, and increased expenses. Total loans declined by $129 million from the previous quarter due to weak demand. However, the company's capital position remained strong with a tangible common equity ratio of 6.68% at the end of the first quarter.
- Marshall & Ilsley Corporation reported a net loss of $0.50 per share for Q2 2009, compared to a net loss of $1.52 per share in Q2 2008.
- It aggressively addressed problem loans by writing down credits and strengthening its balance sheet, including a $468M loan loss provision and boosting its allowance to loans ratio to 2.83%.
- Financial results were impacted by a $49.2M FDIC insurance assessment, $82.7M in securities gains, an $18M tax benefit, and $25M in dividends paid to the U.S. Treasury.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an improvement from $527 million in the third quarter of 2008. Revenue was $28.8 billion, a record level for the year to date. Credit costs remained high at $2 billion added to consumer credit reserves, bringing the total to $31.5 billion. The firm's capital levels were strengthened with Tier 1 Common Capital reaching $101 billion, or 8.2% of the total. While signs of stability were seen in consumer credit, continued uncertainty remains around the economy. JPMorgan Chase aims to continue investing in its businesses through the challenging environment.
Associated Banc-Corp reported first quarter earnings of $0.28 per share, up from $0.11 in the fourth quarter of 2008. Net income was $35.4 million, up from $13.6 million in the previous quarter. Total deposits grew to $15.9 billion, up 4.7% from the previous quarter. The company reduced its quarterly dividend to $0.05 per share to preserve capital during economic uncertainty.
- JPMorgan Chase reported net income of $9.1 billion for Q3 2019, up 8% from the prior year. Revenue was $30.1 billion, up 8%, driven by growth in consumer and investment banking.
- Consumer & Community Banking revenue was $14.3 billion, up 7%, helped by higher deposits and auto/credit card volumes, though home lending revenue fell due to loan sales.
- Corporate & Investment Bank revenue was $9.3 billion, up 6%, with record investment banking fees and strong fixed income markets, though equity markets fell.
JPMorgan Chase reported second quarter 2010 net income of $4.8 billion, up significantly from $2.7 billion in the second quarter of 2009. Revenue was $25.6 billion. While most businesses performed solidly with reduced credit costs, returns in consumer lending remained unacceptable. The bank maintained strong capital and liquidity positions. Looking ahead, Dimon noted regulatory reforms could impact clients and businesses, and implementation will require careful coordination.
The Investment Bank generated strong net income of $2.5 billion on revenue of $8.3 billion in 1Q10. Fixed Income Markets revenue was $5.5 billion, up 12% year-over-year. Retail Financial Services reported a net loss of $131 million compared to net income of $474 million in 1Q09, driven by a $1.3 billion net loss in the Real Estate Portfolios. Card Services reported a net loss of $303 million compared to a net loss of $547 million in 1Q09, as credit costs declined but remained elevated.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
JPMorgan Chase reported first quarter 2010 net income of $3.3 billion, up from $2.1 billion in the first quarter of 2009. The Investment Bank generated strong results driven by fixed income markets revenue. Retail Financial Services reported a net loss due to high credit costs, though Retail Banking saw higher profits. While credit costs remained elevated, the firm saw signs of stabilization and improvement in some consumer credit portfolios.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
Fulton Financial Corporation reported a 80.6% decrease in net income for Q1 2009 compared to Q1 2008, mainly due to a $38.8 million increase in loan loss provisions and $5 million in preferred stock dividends. Total assets increased 2.7% to $16.5 billion while loans increased 5.4% and deposits grew 13.6%. However, net interest margin declined to 3.45% from 3.58% in Q1 2008 due to higher deposit costs and lower asset yields. Non-performing assets rose to 1.63% of assets from 0.90% in Q1 2008 as the economic downturn negatively impacted loan quality.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
Bank of America acquired Merrill Lynch in a $50 billion deal in September 2008 during the financial crisis. Merrill Lynch was struggling with huge losses from subprime mortgage exposures. The deal was hastily completed in 2 days under pressure from the government. While it stabilized markets initially, losses for both companies mounted in subsequent months. Bank of America's stock lost over 90% of its value. Merrill Lynch continued facing lawsuits over mortgage securities. The long-term impact of the deal remains unclear given Merrill Lynch's volatile financial performance in addressing huge prior write-offs.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the retail bank seeing increased mortgage production and deposit margins. Credit costs declined across most businesses from reduced net charge-offs.
Top 6 reasons why businesses should use FacebookMinter Dial
The top five reasons why businesses should be using Facebook. It is essentially for those who still are hesitating. This presentation was created with animations and music (not available on Slideshare I'm afraid). This presentation is the antidote to the "Why NOT to join Facebook" posted previously. Updated since Open Graph...
- Texas Capital Bancshares reported financial results for Q1 2009 with net income available to common shareholders of $5.2 million, down 35% from Q1 2008. Earnings per share were $0.17, down 43% from the prior year.
- Key metrics like return on equity and return on assets declined from the prior year due to higher stockholders' equity and a challenging economic environment that has increased non-performing loans.
- Non-performing assets rose significantly, with non-accrual loans reaching $50.7 million, up from $13.6 million in Q1 2008. The company recorded an $8.5 million provision for loan losses.
First Cash Financial Services reported first quarter 2009 earnings per share of $0.32 from continuing operations, exceeding analyst estimates. Total earnings per share were $0.38. The company opened 18 new stores, reaffirmed full-year 2009 EPS guidance of $1.36-$1.38, and expects to open 55-60 new stores in Mexico for the year.
- Crane Co.'s net sales decreased 18% in Q1 2009 compared to Q1 2008, with declines across all business segments. Net income declined 52% over the same period.
- As of March 31, 2009, Crane Co.'s cash and cash equivalents totaled $210 million, accounts receivable was $325 million, and order backlog for aerospace and electronics was $396 million.
- In Q1 2009, Crane Co. generated $15 million in cash from operating activities. However, it used $21 million in cash for financing activities, including paying dividends and reacquiring shares.
- Intel reported first quarter revenue of $7.1 billion, down 13% from the previous quarter and 26% from the previous year.
- Gross margin was 46%, down 7 points from the previous quarter.
- Operating income was $670 million, down 56% from the previous quarter.
- Net income was $647 million, up 176% from the previous quarter.
Weatherford International reported first quarter 2009 results. Income from continuing operations was $186 million, or $0.27 per diluted share, excluding costs related to investigations and restructuring. Revenue was $2.26 billion, a 3% increase over first quarter 2008. North America revenue declined 23% due to a 27% drop in rig count, while international revenue rose 28% against a 2% decline in rig count. The company hosted a conference call to discuss the results.
Chevron issued an interim update for the third quarter of 2009. It reported that earnings are expected to be higher than the second quarter due to significantly higher upstream earnings from increased crude oil prices and $400 million in gains from asset sales and tax items. Downstream results are expected to be relatively flat. Production increased in the U.S. due to ramp-up at a Gulf of Mexico field, but decreased internationally due to disruptions in Nigeria. Crude oil and natural gas realizations increased in the U.S. and internationally. Refining margins were mixed between regions.
This document is Quidel Corporation's quarterly report filed with the SEC for the quarter ended September 30, 2009. It provides financial statements and disclosures including the consolidated balance sheet, income statement, cash flow statement, and notes. Key details include total revenues of $56.2M for the quarter and $97.7M year-to-date, net income of $14.9M for the quarter and $12.8M year-to-date, and cash and cash equivalents of $60.3M as of September 30, 2009.
S&T Bancorp reported a net loss of $3.1 million for Q1 2009 compared to net income of $14.9 million for Q1 2008. This was primarily due to a significant increase in loan loss provisions from $1.3 million to $21.4 million. Nonperforming loans increased substantially from $42.5 million to $92 million. The CEO commented that they are working closely with commercial customers experiencing difficulties due to the deteriorating economy, but that increasing reserves was prudent given current conditions.
Bank of Hawaii Corporation reported first quarter 2009 diluted earnings per share of $0.75, down from $1.18 in the first quarter of 2008. Net income was $36.0 million, down from $57.2 million in the first quarter of 2008. The board declared a dividend of $0.45 per share. Total assets increased to $11.45 billion as of March 31, 2009, up from $10.82 billion a year earlier, as deposits grew strongly.
- Columbia Banking System reported net income of $419,000 for Q1 2009, down significantly from $11.0 million in Q1 2008, due to a higher provision for loan losses from economic deterioration.
- Non-performing assets increased to $121.7 million from $15.0 million in Q1 2008, primarily in residential construction and commercial real estate loans.
- The company remains well-capitalized and focused on expense control while navigating challenging economic conditions.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
JPMorgan Chase reported first quarter 2010 net income of $3.3 billion, up from $2.1 billion in the first quarter of 2009. The Investment Bank generated strong results driven by fixed income markets revenue. Retail Financial Services reported a net loss due to high credit costs, though Retail Banking saw higher profits. While credit costs remained elevated, the firm saw signs of stabilization and improvement in some consumer credit portfolios.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
Fulton Financial Corporation reported a 80.6% decrease in net income for Q1 2009 compared to Q1 2008, mainly due to a $38.8 million increase in loan loss provisions and $5 million in preferred stock dividends. Total assets increased 2.7% to $16.5 billion while loans increased 5.4% and deposits grew 13.6%. However, net interest margin declined to 3.45% from 3.58% in Q1 2008 due to higher deposit costs and lower asset yields. Non-performing assets rose to 1.63% of assets from 0.90% in Q1 2008 as the economic downturn negatively impacted loan quality.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
Bank of America acquired Merrill Lynch in a $50 billion deal in September 2008 during the financial crisis. Merrill Lynch was struggling with huge losses from subprime mortgage exposures. The deal was hastily completed in 2 days under pressure from the government. While it stabilized markets initially, losses for both companies mounted in subsequent months. Bank of America's stock lost over 90% of its value. Merrill Lynch continued facing lawsuits over mortgage securities. The long-term impact of the deal remains unclear given Merrill Lynch's volatile financial performance in addressing huge prior write-offs.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the retail bank seeing increased mortgage production and deposit margins. Credit costs declined across most businesses from reduced net charge-offs.
Top 6 reasons why businesses should use FacebookMinter Dial
The top five reasons why businesses should be using Facebook. It is essentially for those who still are hesitating. This presentation was created with animations and music (not available on Slideshare I'm afraid). This presentation is the antidote to the "Why NOT to join Facebook" posted previously. Updated since Open Graph...
- Texas Capital Bancshares reported financial results for Q1 2009 with net income available to common shareholders of $5.2 million, down 35% from Q1 2008. Earnings per share were $0.17, down 43% from the prior year.
- Key metrics like return on equity and return on assets declined from the prior year due to higher stockholders' equity and a challenging economic environment that has increased non-performing loans.
- Non-performing assets rose significantly, with non-accrual loans reaching $50.7 million, up from $13.6 million in Q1 2008. The company recorded an $8.5 million provision for loan losses.
First Cash Financial Services reported first quarter 2009 earnings per share of $0.32 from continuing operations, exceeding analyst estimates. Total earnings per share were $0.38. The company opened 18 new stores, reaffirmed full-year 2009 EPS guidance of $1.36-$1.38, and expects to open 55-60 new stores in Mexico for the year.
- Crane Co.'s net sales decreased 18% in Q1 2009 compared to Q1 2008, with declines across all business segments. Net income declined 52% over the same period.
- As of March 31, 2009, Crane Co.'s cash and cash equivalents totaled $210 million, accounts receivable was $325 million, and order backlog for aerospace and electronics was $396 million.
- In Q1 2009, Crane Co. generated $15 million in cash from operating activities. However, it used $21 million in cash for financing activities, including paying dividends and reacquiring shares.
- Intel reported first quarter revenue of $7.1 billion, down 13% from the previous quarter and 26% from the previous year.
- Gross margin was 46%, down 7 points from the previous quarter.
- Operating income was $670 million, down 56% from the previous quarter.
- Net income was $647 million, up 176% from the previous quarter.
Weatherford International reported first quarter 2009 results. Income from continuing operations was $186 million, or $0.27 per diluted share, excluding costs related to investigations and restructuring. Revenue was $2.26 billion, a 3% increase over first quarter 2008. North America revenue declined 23% due to a 27% drop in rig count, while international revenue rose 28% against a 2% decline in rig count. The company hosted a conference call to discuss the results.
Chevron issued an interim update for the third quarter of 2009. It reported that earnings are expected to be higher than the second quarter due to significantly higher upstream earnings from increased crude oil prices and $400 million in gains from asset sales and tax items. Downstream results are expected to be relatively flat. Production increased in the U.S. due to ramp-up at a Gulf of Mexico field, but decreased internationally due to disruptions in Nigeria. Crude oil and natural gas realizations increased in the U.S. and internationally. Refining margins were mixed between regions.
This document is Quidel Corporation's quarterly report filed with the SEC for the quarter ended September 30, 2009. It provides financial statements and disclosures including the consolidated balance sheet, income statement, cash flow statement, and notes. Key details include total revenues of $56.2M for the quarter and $97.7M year-to-date, net income of $14.9M for the quarter and $12.8M year-to-date, and cash and cash equivalents of $60.3M as of September 30, 2009.
S&T Bancorp reported a net loss of $3.1 million for Q1 2009 compared to net income of $14.9 million for Q1 2008. This was primarily due to a significant increase in loan loss provisions from $1.3 million to $21.4 million. Nonperforming loans increased substantially from $42.5 million to $92 million. The CEO commented that they are working closely with commercial customers experiencing difficulties due to the deteriorating economy, but that increasing reserves was prudent given current conditions.
Bank of Hawaii Corporation reported first quarter 2009 diluted earnings per share of $0.75, down from $1.18 in the first quarter of 2008. Net income was $36.0 million, down from $57.2 million in the first quarter of 2008. The board declared a dividend of $0.45 per share. Total assets increased to $11.45 billion as of March 31, 2009, up from $10.82 billion a year earlier, as deposits grew strongly.
- Columbia Banking System reported net income of $419,000 for Q1 2009, down significantly from $11.0 million in Q1 2008, due to a higher provision for loan losses from economic deterioration.
- Non-performing assets increased to $121.7 million from $15.0 million in Q1 2008, primarily in residential construction and commercial real estate loans.
- The company remains well-capitalized and focused on expense control while navigating challenging economic conditions.
- CoBiz Financial announced a preliminary net loss of $14.6 million for Q1 2009 compared to a net income of $1.6 million in Q1 2008. This was driven by a $33.9 million loan loss provision.
- Nonperforming assets increased to $52.5 million from $47 million in Q4 2008. The allowance for loan losses increased to 3.16% of total loans.
- Net interest margin expanded to 4.38% from 4.15% in Q4 2008. However, noninterest income decreased due to soft insurance, investment advisory, and investment banking markets.
JPMorgan Chase reported first quarter 2010 net income of $3.3 billion, up from $2.1 billion in the first quarter of 2009. The Investment Bank generated strong results driven by fixed income markets revenue. Retail Financial Services reported a net loss due to high credit costs, though Retail Banking saw higher profits. While credit costs remained elevated, the firm saw signs of stabilization and improvement in some consumer credit portfolios.
Hancock Holding Company reported a 69% increase in first quarter 2009 net income compared to fourth quarter 2008. Net income was $14.0 million for first quarter 2009, up from $8.3 million in fourth quarter 2008. Compared to first quarter 2008, net income was down 30%. Non-performing assets increased to $44.3 million as of March 31, 2009, with non-accrual loans rising to $38.3 million. However, net charge-offs declined 53 basis points from fourth quarter 2008 to 0.67% of average loans. Overall, while asset quality issues continue to impact results, the company showed improvement in key metrics compared to previous quarters.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
Federated Investors reported financial results for Q1 2009 with the following key details:
- Total managed assets reached a record high of $409.2 billion as of March 31, 2009.
- Net bond fund sales topped $1 billion for the first quarter of 2009, marking the best quarter for net fixed-income sales in over five years.
- Earnings per share were $0.34 for Q1 2009 compared to $0.54 in Q1 2008, with net income of $35.1 million compared to $55.8 million previously.
- Susquehanna Bancshares reported net income of $1.9 million for Q1 2009, down significantly from $28 million in Q1 2008, due to a rise in loan loss provisions and FDIC insurance costs.
- Loans grew 10% year-over-year led by increases in commercial and real estate loans. Deposits grew 3% while net interest margin declined.
- Non-performing assets rose to 1.73% of total loans and OREO from 1.03% a year earlier as charge-offs increased and credit quality deteriorated in the economic downturn.
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from the first quarter of 2007. Earnings per share were $0.68 compared to $1.34 in the prior year. The Investment Bank saw significant declines in revenue and increased credit losses. Retail Financial Services also reported an increased provision for credit losses related to deteriorating home equity and subprime mortgage portfolios. However, the firm maintained a strong capital position with a Tier 1 capital ratio of 8.3%. JPMorgan also announced the planned acquisition of Bear Stearns during the quarter to enhance client services.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Net revenues were $2.9 billion, down 69% due to write-downs related to ABS CDOs and credit valuation adjustments on hedges with financial guarantors. Global Wealth Management achieved record quarterly net revenues of $3.6 billion, up 8% year-over-year, driven by strong fee growth. Merrill Lynch intends to reduce headcount by 4,000 employees to lower costs by $800 million annually. The firm remains well capitalized with $82 billion in excess liquidity.
CIT Group reported a loss of $1.30 per share for the first quarter of 2009, with results impacted by high credit costs including loan loss reserves, and margin compression from tight credit markets. CIT made progress transferring assets into CIT Bank and raising over $700 million in deposits, while estimated capital ratios were 9.3% for Tier 1 and 13.0% for Total Capital. New business volume was $2.4 billion for the quarter, down from prior periods, reflecting weak market conditions. Credit quality deteriorated, with non-accrual loans up and net charge-offs increased to 2.78% of average loans. Expenses declined from prior periods due to restructuring.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an increase from $527 million in third quarter 2008. Revenue was $28.8 billion, a record year-to-date. Credit costs remained high at $31.5 billion and the firm added $2 billion to consumer credit reserves. The firm's capital levels were strengthened with Tier 1 Common at $101 billion and ratios of 8.2% and 10.2% respectively. While signs of credit stability emerged, continued uncertainty led to higher reserves. The firm's strong capital position will enable continued investment despite this uncertainty.
Pacific Continental Corporation reported financial results for the first quarter of 2009. Net income was $2.9 million, down from $3.1 million in the first quarter of 2008. Operating revenue increased 12.2% to $14.2 million due to stable net interest margin and growth in average earning assets. Nonperforming assets increased to $16.2 million from $7.7 million due to additions of residential construction and development loans. The company raised $9.6 million in capital through a private stock placement and saw record growth in core deposits.
- Cascade Financial reported a net loss of $4.8 million for Q1 2009 compared to earnings of $2.6 million in Q1 2008, due to increasing its provision for loan losses to $13.9 million.
- Checking deposits grew 83% year-over-year to a record level, while total loans increased 8% to $1.25 billion despite a slowdown in new loan originations.
- Nonperforming loans rose to represent 4.05% of total loans as the weak housing market continued to present challenges, leading to a higher allowance for loan losses.
- The company remained well capitalized with strong capital ratios, while continuing to focus on residential and small business lending to
City National Corp reported first quarter 2009 net income of $7.5 million, down from $44 million in first quarter 2008. Earnings per share were $0.04 compared to $0.91 in first quarter 2008. Total deposits reached a record high of $13.7 billion, up 16% from first quarter 2008. However, revenue was down 16% from first quarter 2008 due to declines in wealth management fees and securities losses. The board approved a quarterly dividend of $0.10 per share, down from the previous $0.25, reflecting current economic conditions. Credit quality continued to weaken in the first quarter as real estate values declined and unemployment rose in key markets.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. While credit costs were high at $10 billion, record firmwide revenue was generated. The Investment Bank achieved record revenue and net income through strong performance in debt and equity markets. Retail Banking saw growth in deposits and checking accounts due to the Washington Mutual integration. The balance sheet remained strong with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion. JPMorgan Chase continued lending activities and foreclosure prevention efforts during the quarter.
Sovereign Bancorp reported financial results for the fourth quarter and full year of 2007. For Q4, the company reported a net loss of $1.6 billion compared to a net loss of $129 million in Q4 2006, primarily due to goodwill impairments. For the full year, Sovereign reported a net loss of $1.3 billion compared to net income of $137 million in 2006. The company is taking steps to strengthen its capital position such as discontinuing its dividend and reducing expenses. Sovereign's non-performing loans increased and net interest margin expanded in Q4.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
Similar to Q1 2009 Earning Report of Zions Bancorporation (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
This document is TRC Companies Inc's annual report on Form 10-K for the fiscal year ending June 30, 2009. It provides an overview of the company's business operations, financial highlights, services offered, clients, competition, backlog, employees, contracts with government agencies, regulatory matters, properties, legal proceedings, and financial data. Key information includes descriptions of TRC's engineering, environmental and construction management services, major clients in transportation, energy and development sectors, and discussions of financial results, market risks, and legal cases.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
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Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
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Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
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Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
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Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
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How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
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Q1 2009 Earning Report of Zions Bancorporation
1. ***FOR IMMEDIATE RELEASE***
For: ZIONS BANCORPORATION Contact: Clark Hinckley
One South Main, 15th Floor Tel: (801) 524-4787
Salt Lake City, Utah April 20, 2009
Harris H. Simmons
Chairman/Chief Executive Officer
ZIONS BANCORPORATION REPORTS 2009 FIRST QUARTER
LOSS DRIVEN LARGELY BY NONCASH GOODWILL IMPAIRMENT
Company Builds Loan Loss Reserves by $146 Million
While Net Loan Charge-offs Decline
SALT LAKE CITY, April 20, 2009 – Zions Bancorporation (Nasdaq: ZION) (“Zions” or “the
Company”) today reported a first quarter loss from core banking operations of $0.39 per diluted
common share, excluding impairment and valuation losses on securities of $1.35 per diluted share and
noncash charges from goodwill impairment of $5.55 per diluted share. Including these charges, the first
quarter net loss applicable to common shareholders was $832.2 million, or $7.29 per diluted share.
First Quarter 2009 Highlights
• Net loan charge-offs of $151.7 million compared to $179.7 million in the fourth quarter.
• Provision for loan loss reserves of $297.6 million compared to $285.2 million in the fourth
quarter.
• Net interest margin of 3.93% compared to 4.20% in the fourth quarter, as the Company had on
average about $3 billion in short-term investments during the quarter.
• Impairment and valuation losses on securities of $249 million, of which $182 million related to
purchases of AAA and AA-rated securities from Lockhart that were downgraded.
• Noncash goodwill impairment loss of $634 million at Amegy Bank reducing its goodwill by
51%.
• Total gross extensions of credit of $3.8 billion, of which $1.9 billion were new loans (excluding
loans acquired from Alliance Bank).
- more -
2. ZIONS BANCORPORATION
Press Release – Page 2
April 20, 2009
“In what continues to be perhaps the most difficult economic environment in over half a century, our
balance sheet remains strong, with record levels of liquidity,” said Harris H. Simmons, chairman and
chief executive officer. “After several quarters of significant increases, net loan charge-offs actually
declined this quarter. And over the past two quarters we have reduced the goodwill on our balance sheet
by nearly 50%. While these noncash goodwill impairments impact reported earnings, they have no
impact on regulatory and tangible capital ratios,” Simmons added. “In addition, we continue to
successfully serve our customers and, in fact, extended $3.8 billion of credit during the quarter, of which
$1.9 billion were new loans to credit-worthy individuals and businesses. This continued lending is
important to our customers because it helps them manage in this very challenging environment and, in
turn, will bolster the overall economy.”
Acquisition of Alliance Bank
On February 6, 2009, the Company’s California Bank & Trust subsidiary acquired the approximately
$1.1 billion of assets of the failed Alliance Bank headquartered in Culver City, California from the
FDIC as receiver, including the entire loan portfolio, $1.0 billion of deposits, and five branches. In
addition to the excess of assets over liabilities, CB&T received approximately $10 million in cash from
the FDIC and entered into a loss sharing agreement in which the FDIC generally will assume 80% of the
first $275 million of credit losses and 95% of the credit losses in excess of $275 million. As a result of
the loss sharing agreement, the acquired assets are presented in the Company’s balance sheet as “FDIC-
supported assets.”
Loans
On-balance-sheet net loans and leases of $41.9 billion at March 31, 2009 increased approximately $0.2
billion or 2.6% annualized from $41.7 billion at December 31, 2008, and increased approximately $2.2
billion or 5.6% from $39.7 billion at March 31, 2008. The presentation of on-balance sheet net loans and
leases excludes loans held for sale for all periods presented. Excluding the $0.8 billion of loans from
Alliance at March 31, 2009, on-balance sheet net loans and leases decreased approximately $0.6 billion
or 5.4% annualized during the quarter due to pay-downs and charge-offs.
- more -
3. ZIONS BANCORPORATION
Press Release – Page 3
April 20, 2009
Deposits
Average total deposits for the first quarter of 2009 increased $2.5 billion or 25.7% annualized to $42.1
billion compared to $39.6 billion for the fourth quarter of 2008, and increased $5.5 billion or 15.1%
compared to $36.6 billion for the first quarter of 2008. Excluding the average deposits from Alliance for
the quarter, average total deposits increased $2.0 billion or 20.6% annualized for the first quarter. The
growth occurred across most deposit types. Average noninterest-bearing demand deposits increased $0.5
billion or 23.6% annualized to $9.9 billion compared to $9.4 billion for the fourth quarter of 2008,
including $93.1 million of average demand deposits from Alliance. The growth in deposits was used to
reduce short-term FHLB advances and other borrowings by $1.6 billion to $0.4 billion at March 31,
2009.
Net Interest Income
The net interest margin was 3.93% for the first quarter of 2009 compared to 4.20% for the fourth quarter
of 2008 and 4.23% for the first quarter of 2008. The spread between loan yields and deposit rates
remained essentially unchanged from the fourth quarter. The decreased net interest margin for the first
quarter of 2009 compared to the fourth quarter of 2008 was driven primarily by an increase in the
Company’s liquidity position accompanied by a significant decrease in yields on short-term
investments, and by the increase in nonaccrual loans. On average during the quarter, the Company had
approximately $3 billion of short-term investments including approximately $1 billion held by the
Parent.
Net interest income for the first quarter of 2009 decreased $33.6 million to $474.8 million compared to
$508.4 million for the fourth quarter of 2008, and decreased $11.7 million or 2.4% compared to $486.5
million for the first quarter of 2008.
As of March 31, 2009, the Company estimates that its available borrowing capacity from the Federal
Reserve and the FHLB approximates one-third of its deposits.
- more -
4. ZIONS BANCORPORATION
Press Release – Page 4
April 20, 2009
Impairment Loss on Goodwill
The Company recognized an impairment loss on goodwill during the first quarter of 2009 of $634.0
million or $5.55 per diluted share compared to $353.8 million during the fourth quarter of 2008. The
first quarter impairment loss was at Amegy Bank of Texas, which has $616 million of goodwill
remaining after this impairment. This loss primarily reflects declines in market values of peer banks in
Texas and a weaker economic outlook in that state. The loss is a noncash accounting adjustment to the
Company’s balance sheet that does not affect regulatory and tangible capital ratios. The goodwill
impairment losses during the last two quarters have reduced the amount of the Company’s goodwill by
approximately $1.0 billion, or half of the balance at September 30, 2008.
Asset Quality
Nonperforming assets were $1,770.2 million at March 31, 2009 ($1,663.2 million excluding FDIC-
supported assets) compared to $1,140.5 million at December 31, 2008 and $434.3 million at March 31,
2008. The increase related mainly to commercial real estate loans primarily in Nevada, Arizona and
Texas and to commercial and industrial loans primarily in Utah. The ratio of nonperforming assets
excluding FDIC-supported assets to net loans and leases and other real estate owned was 4.00% at
March 31, 2009 compared to 2.71% at December 31, 2008 and 1.09% at March 31, 2008.
Net loan and lease charge-offs for the first quarter of 2009 were $151.7 million or 1.47% annualized of
average loans excluding FDIC-supported assets. This compares with $179.7 million or 1.72%
annualized of average loans for the fourth quarter of 2008 and $50.8 million or 0.52% annualized of
average loans for the first quarter of 2008.
The provision for loan losses was $297.6 million for the first quarter of 2009 compared to $285.2
million for the fourth quarter of 2008 and $92.3 million for the first quarter of 2008. The provision for
the first quarter of 2009 was 2.88% annualized of average loans excluding FDIC-supported assets and
was $145.9 million in excess of net loan and lease charge-offs.
The allowance for loan losses as a percentage of net loans and leases excluding FDIC-supported assets
- more -
5. ZIONS BANCORPORATION
Press Release – Page 5
April 20, 2009
was 2.03% at March 31, 2009 compared to 1.65% at December 31, 2008 and 1.26% at March 31, 2008.
The combined allowance for loan losses and the reserve for unfunded lending commitments was $885.6
million, or 2.16% of net loans and leases excluding FDIC-supported assets at March 31, 2009, compared
to 1.77% at December 31, 2008 and 1.33% at March 31, 2008. The $0.8 billion of loans from Alliance
were recorded at fair value without a corresponding allowance for loan losses, and as noted, are
supported by a loss sharing agreement with the FDIC.
Investment Securities and Lockhart Funding
During the first quarter of 2009, the Company recognized losses on investment securities of $249.4
million. These losses consisted of other-than-temporary impairment (“OTTI”) of $49.0 million or $0.26
per diluted share, and valuation losses on securities purchased of $200.4 million or $1.09 per diluted
share, which included $181.7 million from Lockhart Funding LLC and $18.7 million from the purchase
of auction rate securities from customers.
The Company recognized OTTI during the first quarter of 2009 according to FSP FAS 115-2 and FAS
124-2 issued by the FASB on April 9, 2009. This new guidance requires that credit-related OTTI be
recognized in earnings while noncredit-related OTTI on securities not expected to be sold is recognized
in other comprehensive income (“OCI”). The credit-related OTTI recognized in earnings during the first
quarter of $49.0 million related to securities newly deemed OTTI and to securities previously adjusted
for OTTI as follows:
• $29.7 million for bank and insurance trust preferred CDOs (10 newly deemed OTTI, seven
previous)
• $1.0 million for bank and insurance income notes (two newly deemed OTTI, two previous)
• $15.5 million for REIT trust preferred CDOs (four previous)
• $2.8 million for ABS CDOs (three previous)
Noncredit-related OTTI on securities not expected to be sold of $82.9 million ($49.9 million after-tax)
was recognized in OCI during the first quarter of 2009. Also under the new guidance, the Company
reclassified the noncredit-related portion of OTTI losses previously recognized in earnings during 2008
and the fourth quarter of 2007. The $137.5 million after-tax amount was reflected as a cumulative effect
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6. ZIONS BANCORPORATION
Press Release – Page 6
April 20, 2009
adjustment that increased retained earnings and decreased accumulated OCI. This reclassification had a
positive impact on regulatory capital and no impact on tangible common equity.
The $181.7 million of valuation losses on securities purchased resulted from purchases by Zions Bank
from Lockhart of $537 million of AAA and AA-rated securities that were downgraded. As disclosed in a
previous SEC filing, Lockhart had remaining assets of approximately $186 million at March 31, 2009
compared to $738 million at December 31, 2008. Lockhart’s diminished size will make it difficult to
maintain a viable off-balance sheet commercial paper securities conduit. Accordingly, Zions Bank
expects to acquire the remaining assets of Lockhart sometime during the second quarter of 2009. The
fair value of Lockhart’s assets at March 31, 2009 was approximately $180 million. The effects of these
security purchases and the potential acquisition of the remaining Lockhart securities on the Company’s
tangible common equity ratio are discussed subsequently.
The remaining $18.7 million of valuation losses on securities purchased resulted from our voluntary
purchase of all of the $255.3 million of auction rate securities previously sold to customers of certain of
the Company’s subsidiaries.
Noninterest Income
Total noninterest income for the first quarter of 2009 was $(111.6) million compared to $(82.3) million
for the fourth quarter of 2008 and $111.0 million for the first quarter of 2008. The amount for the first
quarter of 2009 includes the previously discussed impairment and valuation losses on securities of
$249.4 million compared to $204.3 million for the fourth quarter of 2008.
Fair value and nonhedge derivative income was $4.0 million during the first quarter compared to a loss
of $5.8 million during the fourth quarter. The increase primarily reflects a reduced loss compared to the
fourth quarter on a CDO security elected under the fair value option and net changes in credit valuation
adjustments on derivatives.
Net equity securities gains (losses) were $1.9 million for the first quarter compared to $(14.1) million
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7. ZIONS BANCORPORATION
Press Release – Page 7
April 20, 2009
for the fourth quarter. The fourth quarter loss included an $11.0 million impairment on Federal
Agricultural Mortgage Corporation stock.
Noninterest Expense
Noninterest expense for the first quarter of 2009 was $376.2 million compared to $398.2 million for the
fourth quarter of 2008 and $350.1 million for the first quarter of 2008. Salaries and employee benefits
declined $5.2 million or 2.5% compared to the first quarter of 2008, but increased from the fourth
quarter of 2008 due to increased payroll taxes and to adjustments in the fourth quarter for certain
employee benefit and variable compensation accruals. Other real estate expenses decreased $21.8
million from the fourth quarter of 2008 and FDIC premiums increased $8.4 million.
Capital Management
The Company’s tangible common equity ratio was 5.26% at March 31, 2009 compared to 5.89% at
December 31, 2008 and 5.73% at March 31, 2008. The decrease of 63 basis points during the first
quarter consisted primarily of 21 basis points from the purchases of securities from Lockhart, 10 basis
points from the acquisition of Alliance Bank, and 23 basis points for the decline of securities’ fair values
in OCI.
The tangible equity ratio was 8.28% at March 31, 2009 compared to 8.91% at December 31, 2008 and
6.26% at March 31, 2008. At March 31, 2009, estimated regulatory Tier 1 risk-based capital and total
risk-based capital were $5,204 million and $7,374 million compared to $5,269 million and $7,386
million at December 31, 2008, respectively. Estimated ratios at March 31, 2009 for Tier 1 risk-based
capital and total risk-based capital were 9.33% and 13.23% compared to 10.22% and 14.32% at
December 31, 2008, respectively.
Weighted average common and common-equivalent shares outstanding for the first quarter of 2009 were
114,106,164 compared to 114,065,100 for the fourth quarter of 2008 and 106,687,211 for the first
quarter of 2008. Common shares outstanding at March 31, 2009 were 115,335,668 compared to
115,344,813 at December 31, 2008 and 107,139,188 at March 31, 2008.
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8. ZIONS BANCORPORATION
Press Release – Page 8
April 20, 2009
Conference Call
Zions will host a conference call to discuss these first quarter results at 5:30 p.m. ET this afternoon
(April 20, 2009). Media representatives, analysts and the public are invited to listen to this discussion by
calling 1-800-261-3417 (international: 617-614-3673) and entering the passcode 21991094, 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 6:30 p.m. ET on Monday,
April 20, 2009, until midnight ET on Monday, April 27, 2009, by dialing 1-888-286-8010 (international:
617-801-6888) and entering the passcode 84841441. 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 513 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.
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 cause such differences include, but are not limited to: the Company’s ability
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9. ZIONS BANCORPORATION
Press Release – Page 9
April 20, 2009
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 asset-backed commercial paper 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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10. ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 10
FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
(In thousands, except per share and ratio data) March 31,
2009 2008 % Change
EARNINGS
Taxable-equivalent net interest income $ 480,670 $ 492,537 (2.41)%
Taxable-equivalent revenue 369,109 603,537 (38.84)%
Net interest income 474,775 486,458 (2.40)%
Noninterest income (111,561) 111,000 (200.51)%
Provision for loan losses 297,624 92,282 222.52 %
Noninterest expense 376,205 350,103 7.46 %
Impairment loss on goodwill 633,992 -
Income (loss) before income taxes (944,607) 155,073 (709.14)%
Income taxes (benefit) (138,153) 49,896 (376.88)%
Net income (loss) (806,454) 105,177 (866.76)%
Net income (loss) applicable to noncontrolling interests (540) (1,572) (65.65)%
Net income (loss) applicable to controlling interest (805,914) 106,749 (854.96)%
Net earnings (loss) applicable to common shareholders (832,200) 104,296 (897.92)%
PER COMMON SHARE
Net earnings (loss) (diluted) (7.29) 0.97 (851.55)%
Dividends 0.04 0.43 (90.70)%
Book value per common share 34.38 47.49 (27.61)%
SELECTED RATIOS
Return on average assets (5.90)% 0.81 %
Return on average common equity (68.42)% 8.18 %
Efficiency ratio 101.92 % 58.01 %
Net interest margin 3.93 % 4.23 %
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11. ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 11
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
Three Months Ended
(In thousands, except share and ratio data) March 31,
2009 2008 % Change
AVERAGE BALANCES
Total assets $ 55,399,675 $ 52,913,823 4.70 %
Total interest-earning assets 49,581,062 46,853,435 5.82 %
Securities 4,486,050 5,341,287 (16.01)%
Net loans and leases 41,888,624 39,237,811 6.76 %
Goodwill 1,654,222 2,009,477 (17.68)%
Core deposit and other intangibles 126,759 146,363 (13.39)%
Total deposits 42,128,652 36,594,674 15.12 %
Shareholders’ equity:
Preferred equity 1,583,659 240,000 559.86 %
Common equity 4,932,969 5,126,621 (3.78)%
Noncontrolling interests 27,720 30,676 (9.64)%
Weighted average common and common-
equivalent shares outstanding 114,106,164 106,687,211 6.95 %
AT PERIOD END
Total assets $ 54,544,329 $ 53,408,293 2.13 %
Total interest-earning assets 49,267,000 46,962,949 4.91 %
Securities 4,800,957 5,002,207 (4.02)%
Net loans and leases 41,932,315 39,697,226 5.63 %
Allowance for loan losses 832,878 501,283 66.15 %
Reserve for unfunded lending commitments 52,761 25,148 109.80 %
Goodwill 1,034,465 2,009,517 (48.52)%
Core deposit and other intangibles 124,585 140,672 (11.44)%
Total deposits 43,307,233 37,516,337 15.44 %
Shareholders’ equity:
Preferred equity 1,587,027 240,000 561.26 %
Common equity 3,965,296 5,087,801 (22.06)%
Noncontrolling interests 26,828 30,413 (11.79)%
Common shares outstanding 115,335,668 107,139,188 7.65 %
Average equity to average assets 11.81% 10.20%
Common dividend payout na 44.11%
Tangible common equity ratio 5.26% 5.73%
Tangible equity ratio 8.28% 6.26%
Nonperforming assets, excluding covered assets $ 1,663,246 $ 434,293 282.98 %
Ratio of nonperforming assets, excluding FDIC-supported
assets, to net loans and leases and other real estate owned 4.00% 1.09%
Accruing loans past due 90 days or more, excluding
FDIC-supported assets $ 88,035 $ 84,637 4.01 %
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12. ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 12
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
Three Months Ended
(In thousands, except per share and ratio data) March 31, December 31, September 30, June 30, March 31,
2009 2008 2008 2008 2008
EARNINGS
Taxable-equivalent net interest income $ 480,670 $ 514,422 $ 497,822 $ 490,587 $ 492,537
Taxable-equivalent revenue 369,109 432,132 587,432 562,959 603,537
Net interest income 474,775 508,442 492,003 484,743 486,458
Noninterest income (111,561) (82,290) 89,610 72,372 111,000
Provision for loan losses 297,624 285,189 156,606 114,192 92,282
Noninterest expense 376,205 398,167 372,276 354,417 350,103
Impairment loss on goodwill 633,992 353,804 - - -
Income (loss) before income taxes (944,607) (611,008) 52,731 88,506 155,073
Income taxes (benefit) (138,153) (126,512) 11,214 22,037 49,896
Net income (loss) (806,454) (484,496) 41,517 66,469 105,177
Net income (loss) applicable to noncontrolling interests (540) (1,520) 3,757 (5,729) (1,572)
Net income (loss) applicable to controlling interest (805,914) (482,976) 37,760 72,198 106,749
Net earnings (loss) applicable to common shareholders (832,200) (498,084) 33,351 69,744 104,296
PER COMMON SHARE
Net earnings (loss) (diluted) (7.29) (4.37) 0.31 0.65 0.97
Dividends 0.04 0.32 0.43 0.43 0.43
Book value per common share 34.38 42.65 45.78 46.82 47.49
SELECTED RATIOS
Return on average assets (5.90)% (3.52)% 0.28 % 0.54 % 0.81 %
Return on average common equity (68.42)% (38.77)% 2.59 % 5.53 % 8.18 %
Efficiency ratio 101.92 % 92.14 % 63.37 % 62.96 % 58.01 %
Net interest margin 3.93 % 4.20 % 4.13 % 4.18 % 4.23 %
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13. ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 13
FINANCIAL HIGHLIGHTS (Continued)
(Unaudited)
Three Months Ended
(In thousands, except share and ratio data) March 31, December 31, September 30, June 30, March 31,
2009 2008 2008 2008 2008
AVERAGE BALANCES
Total assets $ 55,399,675 $ 54,546,364 $ 54,279,760 $ 53,293,375 $ 52,913,823
Total interest-earning assets 49,581,062 48,708,673 47,984,725 47,202,577 46,853,435
Securities 4,486,050 4,516,559 4,582,727 4,866,421 5,341,287
Net loans and leases 41,888,624 41,769,536 41,824,097 40,325,657 39,237,811
Goodwill 1,654,222 1,720,536 2,009,509 2,009,517 2,009,477
Core deposit and other intangibles 126,759 130,703 132,167 137,675 146,363
Total deposits 42,128,652 39,580,867 37,321,656 36,774,214 36,594,674
Shareholders’ equity:
Preferred equity 1,583,659 961,072 282,500 240,000 240,000
Common equity 4,932,969 5,110,430 5,123,399 5,070,047 5,126,621
Noncontrolling interests 27,720 28,751 29,949 27,244 30,676
Weighted average common and common-
equivalent shares outstanding 114,106,164 114,065,100 108,497,464 106,711,948 106,687,211
AT PERIOD END
Total assets $ 54,544,329 $ 55,092,791 $ 53,974,168 $ 54,630,883 $ 53,408,293
Total interest-earning assets 49,267,000 49,071,281 47,656,065 47,920,419 46,962,949
Securities 4,800,957 4,509,308 4,755,359 4,784,185 5,002,207
Net loans and leases 41,932,315 41,658,738 41,735,598 41,714,468 39,697,226
Allowance for loan losses 832,878 686,999 609,433 548,958 501,283
Reserve for unfunded lending commitments 52,761 50,934 23,574 26,838 25,148
Goodwill 1,034,465 1,651,377 2,009,504 2,009,511 2,009,517
Core deposit and other intangibles 124,585 125,935 133,989 132,481 140,672
Total deposits 43,307,233 41,316,496 38,590,901 37,607,995 37,516,337
Shareholders’ equity:
Preferred equity 1,587,027 1,581,834 286,949 240,000 240,000
Common equity 3,965,296 4,919,862 5,279,078 5,033,530 5,087,801
Noncontrolling interests 26,828 27,320 30,288 25,528 30,413
Common shares outstanding 115,335,668 115,344,813 115,302,598 107,518,975 107,139,188
Average equity to average assets 11.81% 11.18% 10.01% 10.01% 10.20%
Common dividend payout na na 138.44% 66.23% 44.11%
Tangible common equity ratio 5.26% 5.89% 6.05% 5.51% 5.73%
Tangible equity ratio 8.28% 8.91% 6.66% 6.01% 6.26%
Nonperforming assets, excluding FDIC-supported assets $ 1,663,246 $ 1,140,461 $ 924,442 $ 697,432 $ 434,293
Ratio of nonperforming assets, excluding FDIC-supported
assets, to net loans and leases and other real estate owned 4.00% 2.71% 2.20% 1.66% 1.09%
Accruing loans past due 90 days or more, excluding
FDIC-supported assets $ 88,035 $ 129,567 $ 97,831 $ 108,934 $ 84,637
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14. ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 14
CONSOLIDATED BALANCE SHEETS
March 31, December 31, September 30, June 30, March 31,
(In thousands, except share amounts) 2009 2008 2008 2008 2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 1,321,972 $ 1,475,976 $ 1,441,957 $ 1,751,724 $ 1,660,539
Money market investments:
Interest-bearing deposits and commercial paper 1,952,555 2,332,759 568,875 504,314 1,243,860
Federal funds sold 13,277 83,451 274,129 274,456 121,892
Security resell agreements 305,111 286,707 170,009 484,487 689,235
Investment securities:
Held-to-maturity, at adjusted cost (approximate fair value
$1,361,460, $1,443,555, $1,587,006, $1,730,104 and $704,156) 1,648,971 1,790,989 1,917,354 1,914,833 701,658
Available-for-sale, at fair value 3,086,788 2,676,255 2,792,236 2,817,682 4,259,742
Trading account, at fair value (includes $0, $538, $531,
$463 and $0 transferred as collateral
under repurchase agreements) 65,198 42,064 45,769 51,670 40,807
4,800,957 4,509,308 4,755,359 4,784,185 5,002,207
Loans held for sale 262,785 200,318 152,095 158,509 208,529
Loans:
Loans and leases excluding FDIC-supported assets 41,220,610 41,791,237 41,876,371 41,874,224 39,855,365
FDIC-supported assets 836,454
42,057,064 41,791,237 41,876,371 41,874,224 39,855,365
Less:
Unearned income and fees, net of related costs 124,749 132,499 140,773 159,756 158,139
Allowance for loan losses 832,878 686,999 609,433 548,958 501,283
Loans and leases, net of allowance 41,099,437 40,971,739 41,126,165 41,165,510 39,195,943
Other noninterest-bearing investments 1,051,956 1,044,092 1,170,367 1,153,933 1,114,902
Premises and equipment, net 701,742 687,096 675,480 656,013 657,183
Goodwill 1,034,465 1,651,377 2,009,504 2,009,511 2,009,517
Core deposit and other intangibles 124,585 125,935 133,989 132,481 140,672
Other real estate owned 226,634 191,792 156,817 125,186 36,476
Other assets 1,648,853 1,532,241 1,339,422 1,430,574 1,327,338
$ 54,544,329 $ 55,092,791 $ 53,974,168 $ 54,630,883 $ 53,408,293
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 10,517,910 $ 9,683,385 $ 9,413,484 $ 9,735,265 $ 9,464,122
Interest-bearing:
Savings and NOW 4,710,899 4,452,919 4,341,873 4,590,767 4,661,963
Money market 18,103,564 16,826,846 14,087,288 13,387,401 12,986,387
Time under $100,000 3,112,864 2,974,566 2,954,116 2,466,082 2,564,434
Time $100,000 and over 4,647,015 4,756,218 4,468,225 4,102,369 4,548,009
Foreign 2,214,981 2,622,562 3,325,915 3,326,111 3,291,422
43,307,233 41,316,496 38,590,901 37,607,995 37,516,337
Securities sold, not yet purchased 39,892 35,657 29,528 46,376 184,522
Federal funds purchased 1,213,970 965,835 1,179,197 2,379,055 1,817,587
Security repurchase agreements 551,686 899,751 734,379 1,010,325 1,144,178
Other liabilities 578,768 669,111 649,672 555,812 620,528
Commercial paper 984 15,451 40,493 137,200 164,657
Federal Home Loan Bank advances and other borrowings:
One year or less 429,655 2,039,853 4,690,784 5,003,057 3,956,775
Over one year 127,680 128,253 128,855 129,474 127,006
Long-term debt 2,715,310 2,493,368 2,334,044 2,462,531 2,518,489
Total liabilities 48,965,178 48,563,775 48,377,853 49,331,825 48,050,079
Shareholders’ equity:
Preferred stock, without par value, authorized 3,000,000 shares 1,587,027 1,581,834 286,949 240,000 240,000
Common stock, without par value; authorized 350,000,000
shares; issued and outstanding 115,335,668, 115,344,813,
115,302,598, 107,518,975 and 107,139,188 shares 2,607,541 2,599,916 2,482,517 2,224,455 2,219,905
Retained earnings 1,734,024 2,433,363 2,968,242 2,981,062 2,957,511
Accumulated other comprehensive income (loss) (361,537) (98,958) (157,305) (158,325) (76,429)
Deferred compensation (14,732) (14,459) (14,376) (13,662) (13,186)
Controlling interest shareholders’ equity 5,552,323 6,501,696 5,566,027 5,273,530 5,327,801
Noncontrolling interests 26,828 27,320 30,288 25,528 30,413
Total shareholders’ equity 5,579,151 6,529,016 5,596,315 5,299,058 5,358,214
$ 54,544,329 $ 55,092,791 $ 53,974,168 $ 54,630,883 $ 53,408,293
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15. ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 15
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
(In thousands, except per share amounts) March 31, December 31, September 30, June 30, March 31,
2009 2008 2008 2008 2008
Interest income:
Interest and fees on loans $ 579,852 $ 650,885 $ 663,677 $ 643,111 $ 688,439
Interest on loans held for sale 2,756 2,442 1,916 2,699 3,017
Lease financing 4,593 4,999 5,515 5,767 5,818
Interest on money market investments 3,376 7,172 9,267 12,313 19,028
Interest on securities:
Held-to-maturity – taxable 18,908 22,317 21,780 15,730 2,455
Held-to-maturity – nontaxable 6,265 6,396 6,319 6,224 6,429
Available-for-sale – taxable 21,703 28,680 25,044 35,059 62,356
Available-for-sale – nontaxable 1,678 1,711 1,697 1,870 1,892
Trading account 571 598 437 159 681
Total interest income 639,702 725,200 735,652 722,932 790,115
Interest expense:
Interest on savings and money market deposits 74,553 95,717 90,720 80,144 103,987
Interest on time and foreign deposits 62,679 77,806 74,837 83,460 106,222
Interest on short-term borrowings 6,020 20,368 50,164 45,070 63,273
Interest on long-term borrowings 21,675 22,867 27,928 29,515 30,175
Total interest expense 164,927 216,758 243,649 238,189 303,657
Net interest income 474,775 508,442 492,003 484,743 486,458
Provision for loan losses 297,624 285,189 156,606 114,192 92,282
Net interest income after provision for loan losses 177,151 223,253 335,397 370,551 394,176
Noninterest income:
Service charges and fees on deposit accounts 52,788 52,641 53,695 51,067 49,585
Other service charges, commissions and fees 38,227 40,532 42,794 42,362 41,981
Trust and wealth management income 7,165 8,910 8,865 10,284 9,693
Capital markets and foreign exchange 13,204 15,048 12,257 12,196 10,397
Dividends and other investment income 9,310 16,001 7,042 10,409 12,910
Loan sales and servicing income 5,851 4,420 3,633 8,516 7,810
Income from securities conduit 1,235 1,542 336 1,043 2,581
Fair value and nonhedge derivative income (loss) 4,004 (5,819) (26,155) (19,789) 3,787
Equity securities gains (losses), net 1,861 (14,125) 12,971 (8,121) 10,068
Fixed income securities gains (losses), net 195 (1,139) 135 78 1,775
Impairment losses on investment securities:
Impairment losses on investment securities (131,915) (196,472) (28,022) (38,761) (40,785)
Noncredit-related losses on securities not expected to
be sold (recognized in other comprehensive income) 82,943
Net impairment losses on investment securities (48,972) (196,472) (28,022) (38,761) (40,785)
Valuation losses on securities purchased (200,391) (7,868) - - (5,204)
Other 3,962 4,039 2,059 3,088 6,402
Total noninterest income (111,561) (82,290) 89,610 72,372 111,000
Noninterest expense:
Salaries and employee benefits 204,161 190,861 208,995 201,291 209,354
Occupancy, net 28,327 29,460 30,552 27,364 26,799
Furniture and equipment 24,999 26,507 24,281 25,610 23,738
Other real estate expense 18,343 40,124 7,126 1,290 1,838
Legal and professional services 8,543 14,774 11,297 11,566 7,880
Postage and supplies 8,410 9,873 9,257 8,536 9,789
Advertising 7,148 10,078 6,782 7,520 6,351
FDIC premiums 14,171 5,745 5,286 4,624 4,203
Impairment losses on long-lived assets - 895 2,239 - -
Merger related expense 277 636 384 281 307
Amortization of core deposit and other intangibles 6,886 8,055 8,096 8,191 8,820
Other 54,940 61,159 57,981 58,144 51,024
Total noninterest expense 376,205 398,167 372,276 354,417 350,103
Impairment loss on goodwill 633,992 353,804 - - -
Income (loss) before income taxes (944,607) (611,008) 52,731 88,506 155,073
Income taxes (benefit) (138,153) (126,512) 11,214 22,037 49,896
Net income (loss) (806,454) (484,496) 41,517 66,469 105,177
Net income (loss) applicable to noncontrolling interests (540) (1,520) 3,757 (5,729) (1,572)
Net income (loss) applicable to controlling interest (805,914) (482,976) 37,760 72,198 106,749
Preferred stock dividends 26,286 15,108 4,409 2,454 2,453
Net earnings (loss) applicable to common shareholders $ (832,200) $ (498,084) $ 33,351 $ 69,744 $ 104,296
Weighted average common shares outstanding during the period:
Basic shares 114,106 114,065 108,407 106,595 106,514
Diluted shares 114,106 114,065 108,497 106,712 106,687
Net earnings (loss) per common share:
Basic $ (7.29) $ (4.37) $ 0.31 $ 0.65 $ 0.97
Diluted (7.29) (4.37) 0.31 0.65 0.97
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16. ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 16
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) earnings income (loss) compensation interests equity
stock stock
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 (805,914) (540) (806,454)
Other comprehensive income (loss), net of tax:
Net realized and unrealized holding losses
on investments and retained interests (93,563)
Reclassification for net realized losses
on investments recorded in operations 28,062
Noncredit-related impairment losses on debt
securities not expected to be sold (49,928)
Amortization of debt securities with noncredit-related
impairment losses not expected to be sold 896
Net unrealized losses on derivative instruments (10,584)
Other comprehensive loss (125,117) (125,117)
Total comprehensive loss (931,571)
Net stock issued under employee
plans and related tax benefits 7,625 7,625
Dividends on preferred stock 5,193 (26,286) (21,093)
Dividends on common stock, $.04 per share (4,601) (4,601)
Change in deferred compensation (273) (273)
Activity in noncontrolling interests 48 48
Balance, March 31, 2009 $ 1,587,027 $ 2,607,541 $ 1,734,024 $ (361,537) $ (14,732) $ 26,828 $ 5,579,151
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17. ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 17
INVESTMENT SECURITIES PORTFOLIO
ASSET-BACKED SECURITIES CLASSIFIED AT HIGHEST CREDIT RATING*
As of March 31, 2009 1
(Unaudited) Net Net
unrealized unrealized
gains (losses) gains (losses) Estimated
Par Amortized recognized Carrying not recognized fair
2
in OCI 2
in OCI
(In thousands) value cost value value
HELD-TO-MATURITY:
Municipal securities $ 682,646 $ 679,709 $ - $ 679,709 $ (2,100) $ 677,609
Asset-backed securities:
Trust preferred securities – banks and insurance
AA rated
A rated 11,929 11,930 (1,440) 10,490 (2,315) 8,175
BBB rated 22,874 22,899 (2,240) 20,659 (5,209) 15,450
Noninvestment grade 1,229,704 1,189,768 (337,475) 852,293 (247,857) 604,436
1,264,507 1,224,597 (341,155) 883,442 (255,381) 628,061
Trust preferred securities – real estate investment trusts
Noninvestment grade 45,000 36,055 (8,599) 27,456 (9,036) 18,420
45,000 36,055 (8,599) 27,456 (9,036) 18,420
Other
AAA rated 23,407 21,777 (168) 21,609 (8,383) 13,226
AA rated 4,100 3,466 (1,096) 2,370 586 2,956
A rated 21,000 19,072 47 19,119 (11,378) 7,741
BBB rated 25,000 22,622 (11,704) 10,918 (1,761) 9,157
Noninvestment grade 12,619 9,437 (5,189) 4,248 (56) 4,192
86,126 76,374 (18,110) 58,264 (20,992) 37,272
Other debt securities 100 100 - 100 (2) 98
2,078,379 2,016,835 (367,864) 1,648,971 (287,511) 1,361,460
AVAILABLE-FOR-SALE:
U.S. Treasury securities 27,546 26,977 888 27,865 27,865
U.S. Government agencies and corporations:
Agency securities 305,018 305,317 2,702 308,019 308,019
Agency guaranteed mortgage-backed securities 463,849 465,285 8,887 474,172 474,172
Small Business Administration loan-backed securities 636,656 682,179 (26,395) 655,784 655,784
Municipal securities 244,937 241,444 2,416 243,860 243,860
Asset-backed securities:
Trust preferred securities – banks and insurance
AAA rated 86,707 85,950 (12,344) 73,606 73,606
AA rated 642,514 481,164 (51,334) 429,830 429,830
A rated 367,646 356,541 (146,079) 210,462 210,462
BBB rated 163,696 139,360 (34,822) 104,538 104,538
Not rated 26,020 25,003 (9,994) 15,009 15,009
Noninvestment grade 179,766 147,618 (82,083) 65,535 65,535
1,466,349 1,235,636 (336,656) 898,980 898,980
Trust preferred securities – real estate investment trusts
Noninvestment grade 145,000 92,889 (71,870) 21,019 21,019
145,000 92,889 (71,870) 21,019 21,019
Auction rate securities
AAA rated 178,375 167,037 - 167,037 167,037
A rated 7,300 4,660 - 4,660 4,660
Noninvestment grade 6,800 6,183 - 6,183 6,183
192,475 177,880 - 177,880 177,880
Other
AAA rated 61,540 58,449 (16,295) 42,154 42,154
AA rated 3,669 2,083 (221) 1,862 1,862
A rated 50,000 48,277 (12,287) 35,990 35,990
BBB rated 6,146 4,650 (1,995) 2,655 2,655
Noninvestment grade 49,012 10,441 (3,758) 6,683 6,683
170,367 123,900 (34,556) 89,344 89,344
3,652,197 3,351,507 (454,584) 2,896,923 2,896,923
Other securities:
Mutual funds and stock 189,865 189,865 - 189,865 189,865
3,842,062 3,541,372 (454,584) 3,086,788 3,086,788
Total $ 5,920,441 $ 5,558,207 $ (822,448) $ 4,735,759 $ (287,511) $ 4,448,248
* Ratings categories include entire range. For example, quot;A ratedquot; includes A+, A and A-. Split rated securities with more than one rating are categorized at the highest
rating level.
1
Schedule reflects ratings as of April 16, 2009.
2
Other comprehensive income. All amounts reported are pretax.
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18. ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 18
INVESTMENT SECURITIES PORTFOLIO
ASSET-BACKED SECURITIES CLASSIFIED AT LOWEST CREDIT RATING*
As of March 31, 2009 1
(Unaudited) Net Net
unrealized unrealized
gains (losses) gains (losses) Estimated
Par Amortized recognized Carrying not recognized fair
in OCI 2 in OCI 2
(In thousands) value cost value value
HELD-TO-MATURITY:
Municipal securities $ 682,646 $ 679,709 $ - $ 679,709 $ (2,100) $ 677,609
Asset-backed securities:
Trust preferred securities – banks and insurance
Noninvestment grade 1,264,507 1,224,597 (341,155) 883,442 (255,381) 628,061
1,264,507 1,224,597 (341,155) 883,442 (255,381) 628,061
Trust preferred securities – real estate investment trusts
Noninvestment grade 45,000 36,055 (8,599) 27,456 (9,036) 18,420
45,000 36,055 (8,599) 27,456 (9,036) 18,420
Other
AA rated 5,407 5,171 (112) 5,059 (147) 4,912
Noninvestment grade 80,719 71,203 (17,998) 53,205 (20,845) 32,360
86,126 76,374 (18,110) 58,264 (20,992) 37,272
Other debt securities 100 100 - 100 (2) 98
2,078,379 2,016,835 (367,864) 1,648,971 (287,511) 1,361,460
AVAILABLE-FOR-SALE:
U.S. Treasury securities 27,546 26,977 888 27,865 27,865
U.S. Government agencies and corporations:
Agency securities 305,018 305,317 2,702 308,019 308,019
Agency guaranteed mortgage-backed securities 463,849 465,285 8,887 474,172 474,172
Small Business Administration loan-backed securities 636,656 682,179 (26,395) 655,784 655,784
Municipal securities 244,937 241,444 2,416 243,860 243,860
Asset-backed securities:
Trust preferred securities – banks and insurance
AAA rated 5,947 5,947 (79) 5,868 5,868
AA rated 141,379 133,313 (9,614) 123,699 123,699
A rated 149,604 121,394 (5,410) 115,984 115,984
BBB rated 257,771 180,563 (8,229) 172,334 172,334
Not rated 26,020 25,003 (9,994) 15,009 15,009
Noninvestment grade 885,628 769,416 (303,330) 466,086 466,086
1,466,349 1,235,636 (336,656) 898,980 898,980
Trust preferred securities – real estate investment trusts
Noninvestment grade 145,000 92,889 (71,870) 21,019 21,019
145,000 92,889 (71,870) 21,019 21,019
Auction rate securities
AAA rated 178,375 167,037 - 167,037 167,037
A rated 4,300 1,793 - 1,793 1,793
Noninvestment grade 9,800 9,050 - 9,050 9,050
192,475 177,880 - 177,880 177,880
Other
AAA rated 39,905 36,924 (11,154) 25,770 25,770
AA rated 5,299 5,299 (1,242) 4,057 4,057
BBB rated 56,358 53,032 (14,105) 38,927 38,927
Noninvestment grade 68,805 28,645 (8,055) 20,590 20,590
170,367 123,900 (34,556) 89,344 89,344
3,652,197 3,351,507 (454,584) 2,896,923 2,896,923
Other securities:
Mutual funds and stock 189,865 189,865 - 189,865 189,865
3,842,062 3,541,372 (454,584) 3,086,788 3,086,788
Total $ 5,920,441 $ 5,558,207 $ (822,448) $ 4,735,759 $ (287,511) $ 4,448,248
* Ratings categories include entire range. For example, quot;A ratedquot; includes A+, A and A-. Split rated securities with more than one rating are categorized at the lowest
rating level.
1
Schedule reflects ratings as of April 16, 2009.
2
Other comprehensive income. All amounts reported are pretax.
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19. ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 19
Nonperforming Assets
(Unaudited)
(In thousands) March 31, December 31, September 30, June 30, March 31,
2009 2008 2008 2008 2008
Nonaccrual loans $ 1,421,279 $ 946,583 $ 765,522 $ 570,101 $ 387,717
Restructured loans 15,333 2,086 2,103 2,145 10,100
Other real estate owned 226,634 191,792 156,817 125,186 36,476
Nonperforming assets, excluding FDIC-supported assets 1,663,246 1,140,461 924,442 697,432 434,293
1
FDIC-supported assets 106,910 - - - -
Total nonperforming assets $ 1,770,156 $ 1,140,461 $ 924,442 $ 697,432 $ 434,293
Ratio of nonperforming assets, excluding FDIC-supported assets,
2
to net loans and leases and other real estate owned 4.00% 2.71% 2.20% 1.66% 1.09%
2
Ratio of nonperforming assets to net loans and leases
and other real estate owned 4.17% 2.71% 2.20% 1.66% 1.09%
Accruing loans past due 90 days or more, excluding
FDIC-supported assets $ 88,035 $ 129,567 $ 97,831 $ 108,934 $ 84,637
Accruing loans past due 90 days or more 112,400 129,567 97,831 108,934 84,637
Ratio of accruing loans past due 90 day or more, excluding
2
FDIC-supported assets, to net loans and leases 0.21% 0.31% 0.23% 0.26% 0.21%
Ratio of accruing loans past due 90 day or more to net
2
loans and leases 0.27% 0.31% 0.23% 0.26% 0.21%
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)
Three Months Ended
(In thousands) March 31, December 31, September 30, June 30, March 31,
2009 2008 2008 2008 2008
Allowance for Loan Losses
Balance at beginning of period $ 686,999 $ 609,433 $ 548,958 $ 501,283 $ 459,376
Allowance associated with purchased
securitized loans and loans sold - 30 (804) 1,301 425
Add:
Provision for losses 297,624 285,189 156,606 114,192 92,282
Deduct:
Loan and lease charge-offs (157,691) (185,317) (100,241) (75,378) (53,751)
Recoveries 5,946 5,601 4,914 7,560 2,951
Net loan and lease charge-offs (151,745) (179,716) (95,327) (67,818) (50,800)
Reclassification to reserve for unfunded
lending commitments - (27,937) - - -
Balance at end of period $ 832,878 $ 686,999 $ 609,433 $ 548,958 $ 501,283
Ratio of allowance for loan losses to net loans
and leases, excluding FDIC-supported assets,
outstanding at period end 2.03% 1.65% 1.46% 1.32% 1.26%
Ratio of allowance for loan losses to nonperforming
loans, excluding FDIC-supported assets, at period end 57.98% 72.42% 79.39% 95.93% 126.01%
Reserve for Unfunded Lending Commitments
Balance at beginning of period $ 50,934 $ 23,574 $ 26,838 $ 25,148 $ 21,530
Reclassification from allowance for loan losses - 27,937 - - -
Provision charged (credited) against earnings 1,827 (577) (3,264) 1,690 3,618
Balance at end of period $ 52,761 $ 50,934 $ 23,574 $ 26,838 $ 25,148
Total Allowance and Reserve for Credit Losses
Allowance for loan losses $ 832,878 $ 686,999 $ 609,433 $ 548,958 $ 501,283
Reserve for unfunded lending commitments 52,761 50,934 23,574 26,838 25,148
Total allowance and reserve for credit losses $ 885,639 $ 737,933 $ 633,007 $ 575,796 $ 526,431
Ratio of total allowance and reserve for credit losses
to net loans and leases outstanding, excluding
FDIC-supported assets, at period end 2.16% 1.77% 1.52% 1.38% 1.33%
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20. ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 20
Loan Balances By Portfolio Type
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(amounts in millions) 2009 2008 2008 2008 2008
Commercial lending:
Commercial and industrial $ 10,958 $ 11,447 $ 11,351 $ 11,247 $ 10,626
Leasing 401 431 451 492 494
Owner occupied 8,769 8,743 8,782 8,912 7,910
Total commercial lending 20,128 20,621 20,584 20,651 19,030
Commercial real estate:
Construction and land development 7,265 7,516 7,812 7,891 7,937
Term 6,559 6,196 6,079 5,939 5,569
Total commercial real estate 13,824 13,712 13,891 13,830 13,506
Consumer:
Home equity credit line 2,058 2,005 1,899 1,794 1,674
1-4 family residential 3,817 3,877 3,892 3,914 3,920
Construction and other consumer real estate 666 774 769 852 910
Bankcard and other revolving plans 327 374 360 332 316
Other 358 385 411 436 440
Total consumer 7,226 7,415 7,331 7,328 7,260
Foreign loans 43 43 70 65 59
1
FDIC-supported assets 836
Total loans $ 42,057 $ 41,791 $ 41,876 $ 41,874 $ 39,855
1
FDIC-supported assets represent assets acquired from the FDIC subject to a loss sharing agreement and include expected
reimbursements from the FDIC of approximately $159 million.
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21. ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 21
CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
(Unaudited)
Three Months Ended Three Months Ended
March 31, 2009 December 31, 2008
(In thousands) Average Amount of Average Average Amount of Average
1
interest 1
balance interest rate balance rate
ASSETS
Money market investments $ 2,961,701 $ 3,376 0.46% $ 2,253,528 $ 7,172 1.27%
Securities:
Held-to-maturity 1,786,617 28,546 6.48% 1,905,766 32,157 6.71%
Available-for-sale 2,643,327 24,285 3.73% 2,563,569 31,313 4.86%
Trading account 56,106 571 4.13% 47,224 598 5.04%
Total securities 4,486,050 53,402 4.83% 4,516,559 64,068 5.64%
Loans held for sale 244,687 2,756 4.57% 169,050 2,442 5.75%
Loans:
Net loans and leases excluding FDIC-supported assets (2) 41,383,829 579,020 5.67% 41,769,536 657,498 6.26%
FDIC-supported assets 504,795 7,043 5.66%
Total loans and leases 41,888,624 586,063 5.67% 41,769,536 657,498 6.26%
Total interest-earning assets 49,581,062 645,597 5.28% 48,708,673 731,180 5.97%
Cash and due from banks 1,364,473 1,359,684
Allowance for loan losses (714,642) (627,268)
Goodwill 1,654,222 1,720,536
Core deposit and other intangibles 126,759 130,703
Other assets 3,387,801 3,254,036
Total assets $ 55,399,675 $ 54,546,364
LIABILITIES
Interest-bearing deposits:
Savings and NOW $ 4,529,097 5,799 0.52% $ 4,368,768 8,008 0.73%
Money market 17,480,861 68,754 1.60% 15,331,993 87,709 2.28%
Time under $100,000 3,103,857 21,793 2.85% 3,008,645 23,855 3.15%
Time $100,000 and over 4,753,453 33,486 2.86% 4,794,768 39,464 3.27%
Foreign 2,356,293 7,400 1.27% 2,723,174 14,487 2.12%
Total interest-bearing deposits 32,223,561 137,232 1.73% 30,227,348 173,523 2.28%
Borrowed funds:
Securities sold, not yet purchased 33,469 439 5.32% 32,930 434 5.24%
Federal funds purchased and security
repurchase agreements 2,333,675 1,850 0.32% 2,344,500 4,289 0.73%
Commercial paper 3,383 14 1.68% 10,844 81 2.97%
FHLB advances and other borrowings:
One year or less 935,108 3,717 1.61% 3,422,389 15,564 1.81%
Over one year 127,942 1,803 5.72% 128,557 1,848 5.72%
Long-term debt 2,659,678 19,872 3.03% 2,379,407 21,019 3.51%
Total borrowed funds 6,093,255 27,695 1.84% 8,318,627 43,235 2.07%
Total interest-bearing liabilities 38,316,816 164,927 1.75% 38,545,975 216,758 2.24%
Noninterest-bearing deposits 9,905,091 9,353,519
Other liabilities 633,420 546,617
Total liabilities 48,855,327 48,446,111
Shareholders’ equity:
Preferred equity 1,583,659 961,072
Common equity 4,932,969 5,110,430
Controlling interest shareholders’ equity 6,516,628 6,071,502
Noncontrolling interests 27,720 28,751
Total shareholders’ equity 6,544,348 6,100,253
Total liabilities and shareholders’ equity $ 55,399,675 $ 54,546,364
Spread on average interest-bearing funds 3.53% 3.73%
Taxable-equivalent net interest income and
net yield on interest-earning assets $ 480,670 3.93% $ 514,422 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.
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22. ZIONS BANCORPORATION AND SUBSIDIARIES
Press Release – Page 22
Capital Ratios
(Unaudited)
March 31, December 31, March 31,
2009 2008 2008
Tangible common equity ratio 5.26% 5.89% 5.73%
Tangible equity ratio 8.28% 8.91% 6.26%
Risk-based capital ratios1:
Tier 1 risk-based capital 9.33% 10.22% 7.64%
Total risk-based capital 13.23% 14.32% 11.83%
1
Ratios for March 31, 2009 are estimates.
GAAP to Non-GAAP Reconciliation
(Unaudited)
Three Months Ended
March 31, 2009
Diluted
EPS1
(In millions, except per share data) Amount
Net earnings (loss) applicable to common shareholders $ (832.2) $ (7.29)
Addback:
Impairment and valuation losses on securities, net of tax 153.9 1.35
Impairment loss on goodwill, net of tax 633.0 5.55
Income (loss) from core banking operations (non-GAAP) $ (45.3) $ (0.39)
1
Per diluted common share after-tax based on the first quarter weighted average shares.
The first page of this Press Release presents computations of earnings excluding impairment and valuation losses on
securities and an impairment loss on goodwill (hereinafter collectively referred to as ‘impairment losses’). The
impairment losses are included in financial results presented in accordance with generally accepted accounting
principles (GAAP). Zions believes the exclusion of these impairment losses in expressing earnings, including “Income
(loss) from core banking operations,” provides a meaningful base for period-to-period and company-to-company
comparisons, which management believes will assist investors in analyzing the operating results of the Company and
predicting future performance. This non-GAAP financial measure is also used by management to assess the
performance of Zions’ business, because management does not consider these impairment losses to be relevant to
ongoing operating results. Management and the Board of Directors utilize these non-GAAP financial measures for the
following purposes:
• Evaluation of bank reporting segment performance
• Presentations of Company performance to investors
Zions believes that presenting these non-GAAP financial measures will permit investors to assess the performance of
the Company on the same basis as that applied by management and the Board of Directors.
Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited.
Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they
have limitations as analytical tools, and should not be considered in isolation or as a substitute for analyses of results as
reported under GAAP. In particular, a measure of earnings that excludes these impairment losses does not represent the
amount that effectively accrues directly to shareholders (i.e., these impairment losses are a reduction in earnings and
shareholders’ equity).
###