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Page
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•
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statements with respect to the beliefs, plans, objectives, goals, guidelines, expectations, anticipations, future financial condition, results of operations, and performance of Zions Bancorporation (“the Parent”) and its subsidiaries (collectively “the Company,” “Zions,” “we,” “our,” “us”); and
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•
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statements preceded by, followed by, or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” or similar expressions.
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•
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the Company’s ability to successfully execute its business plans, manage its risks, and achieve its objectives;
|
•
|
changes in local, national and international political and economic conditions, including without limitation the political and economic effects of the recent economic crisis, delay of recovery from that crisis, economic and fiscal conditions in the United States and other countries, potential or actual downgrades in ratings of sovereign debt issued by the United States and other countries, and other major developments, including wars, military actions, and terrorist attacks;
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•
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changes in financial market conditions, either internationally, nationally or locally in areas in which the Company conducts its operations, including without limitation, rates of business formation and growth, commercial and residential real estate development, and real estate prices;
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•
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changes in markets for equity, fixed-income, commercial paper and other securities, including availability, market liquidity levels, and pricing;
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•
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changes in interest rates, the quality and composition of the Company’s loan and securities portfolios, demand for loan products, deposit flows and competition;
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•
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acquisitions and integration of acquired businesses;
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•
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increases in the levels of losses, customer bankruptcies, bank failures, claims, and assessments;
|
•
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changes in fiscal, monetary, regulatory, trade and tax policies and laws, and regulatory assessments and fees, including policies of the U.S. Department of Treasury, the OCC, the Board of Governors of the Federal Reserve Board System, and the FDIC;
|
•
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the impact of executive compensation rules under the Dodd-Frank Act and banking regulations which may impact the ability of the Company and other U.S. financial institutions to retain and recruit executives and other personnel necessary for their businesses and competitiveness;
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•
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the impact of the Dodd-Frank Act and of new Basel III international standards, and rules and regulations thereunder, on our required regulatory capital and yet to be promulgated liquidity levels, governmental assessments on us, the scope of business activities in which we may engage, the manner in which we engage in such activities, the fees we may charge for certain products and services, and other matters affected by the Dodd-Frank Act and these international standards;
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•
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the need for the Company to meet expectations established by bank regulatory agencies under their broad supervisory, examination, and enforcement panels, which expectations are often not publicly articulated in written regulations or guidance.
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•
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continuing consolidation in the financial services industry;
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•
|
new legal claims against the Company, including litigation, arbitration and proceedings brought by governmental or self-regulatory agencies, or changes in existing legal matters;
|
•
|
success in gaining regulatory approvals, when required;
|
•
|
changes in consumer spending and savings habits;
|
•
|
increased competitive challenges and expanding product and pricing pressures among financial institutions;
|
•
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inflation and deflation;
|
•
|
technological changes and the Company’s implementation of new technologies;
|
•
|
the Company’s ability to develop and maintain secure and reliable information technology systems;
|
•
|
legislation or regulatory changes which adversely affect the Company’s operations or business;
|
•
|
the Company’s ability to comply with applicable laws and regulations;
|
•
|
changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; and
|
•
|
costs of deposit insurance and changes with respect to FDIC insurance coverage levels.
|
ABS
|
Asset-Backed Security
|
CLTV
|
Combined Loan-to-Value Ratio
|
ACL
|
Allowance for Credit Losses
|
CMC
|
Capital Management Committee
|
AFS
|
Available-for-Sale
|
COSO
|
Committee of Sponsoring Organizations
of the Treadway Commission
|
ALCO
|
Asset/Liability Committee
|
CFPB
|
Consumer Financial Protection Bureau
|
ALLL
|
Allowance for Loan and Lease Losses
|
CFTC
|
Commodity Futures Trading Commission
|
Amegy
|
Amegy Corporation
|
CPP
|
Capital Purchase Program
|
AOCI
|
Accumulated Other Comprehensive Income
|
CRA
|
Community Reinvestment Act
|
ASC
|
Accounting Standards Codification
|
CRE
|
Commercial Real Estate
|
ASU
|
Accounting Standards Update
|
CSV
|
Cash Surrender Value
|
ATM
|
Automated Teller Machine
|
DB
|
Deutsche Bank AG
|
BCBS
|
Basel Committee on Banking Supervision
|
DBRS
|
Dominion Bond Rating Service
|
BCF
|
Beneficial Conversion Feature
|
DDA
|
Demand Deposit Account
|
BHC Act
|
Bank Holding Company Act
|
Dodd-Frank Act
|
Dodd-Frank Wall Street Reform and Consumer Protection Act
|
bps
|
basis points
|
DTA
|
Deferred Tax Asset
|
BSA
|
Bank Secrecy Act
|
ERMC
|
Enterprise Risk Management Committee
|
CB&T
|
California Bank & Trust
|
FAMC
|
Federal Agricultural Mortgage Corporation,
or “Farmer Mac”
|
CCAR
|
Comprehensive Capital Analysis and Review
|
FASB
|
Financial Accounting Standards Board
|
CDO
|
Collateralized Debt Obligation
|
FDIC
|
Federal Deposit Insurance Corporation
|
CDR
|
Constant Default Rate
|
FDICIA
|
Federal Deposit Insurance Corporation Improvement Act
|
CET1
|
Common Equity Tier 1 (Basel III)
|
FHLB
|
Federal Home Loan Bank
|
•
|
the requirements applicable to large bank holding companies (those with consolidated assets of greater than $50 billion) be more stringent than those applicable to other financial companies;
|
•
|
standards applicable to bank holding companies be no less stringent than those applied to insured depository institutions; and
|
•
|
bank regulatory agencies implement countercyclical elements in their capital requirements.
|
•
|
The assessment base for federal deposit insurance was changed to consolidated assets less tangible capital instead of the amount of insured deposits.
|
•
|
The federal prohibition on the payment of interest on business transaction accounts was repealed.
|
•
|
The FRB was authorized to issue regulations governing debit card interchange fees (although the FRB’s enacted regulation to limit interchange fees charged for debit card transactions to no more than 21 cents per transaction and 5 bps multiplied by the value of the transaction was successfully challenged by retailers in a U.S. District Court as being overly generous – a ruling that is currently under appeal).
|
•
|
4.5% CET1 to risk-weighted assets;
|
•
|
6.0% Tier 1 capital (i.e., CET1 plus Additional Tier 1) to risk-weighted assets;
|
•
|
8.0% Total capital (i.e., Tier 1 plus Tier 2) to risk-weighted assets; and
|
•
|
4.0% Tier 1 capital to average consolidated assets as reported on consolidated financial statements (known as the “leverage ratio”).
|
•
|
Requirements that the Parent serve as a source of strength for its subsidiary banks. The FRB has a policy that a bank holding company is expected to act as a source of financial and managerial strength to each of its subsidiary banks and, under appropriate circumstances, to commit resources to support each subsidiary bank. The Dodd-Frank Act codifies this policy as a statutory requirement. In addition, the regulators may order an assessment of the Parent if the capital of one of its subsidiary banks were to fall below capital levels required by the regulators.
|
•
|
Limitations on dividends payable by subsidiaries. A significant portion of the Parent’s cash, which is used to pay dividends on our common and preferred stock and to pay principal and interest on our debt obligations, is derived from dividends paid by the Parent’s subsidiary banks. These dividends are subject to various legal and regulatory restrictions. See Note 19 of the Notes to Consolidated Financial Statements.
|
•
|
Limitations on dividends payable to shareholders. The Parent’s ability to pay dividends on both its common and preferred stock may be subject to regulatory restrictions. See discussion under “Liquidity Management Actions” on page 85.
|
•
|
Cross-guarantee requirements. All of the Parent’s subsidiary banks are insured by the FDIC. Each commonly controlled FDIC-insured bank can be held liable for any losses incurred, or reasonably expected to be incurred, by the FDIC due to another commonly controlled FDIC-insured bank being placed into receivership, and for any assistance provided by the FDIC to another commonly controlled FDIC-insured bank that is subject to certain conditions indicating that receivership is likely to occur in the absence of regulatory assistance.
|
•
|
Safety and soundness requirements. Federal and state laws require that our banks be operated in a safe and sound manner. We are subject to additional safety and soundness standards prescribed in the Federal Deposit Insurance Corporate Improvement Act of 1991, including standards related to internal controls, information
|
•
|
Requirements for approval of acquisitions and activities and restrictions on other activities. Prior approval of the FRB is required under the BHC Act for a financial holding company to acquire or hold more than a 5% voting interest in any bank, to acquire substantially all the assets of a bank or to merge with another financial or bank holding company. The BHC Act also requires approval for certain nonbanking acquisitions, restricts the activities of bank holding companies that are not financial holding companies to banking, managing or controlling banks and other activities that the FRB has determined to be so closely related to banking as to be a proper incident thereto, and restricts the nonbanking activities of a financial holding company to those that are permitted for financial holding companies or that have been determined by the FRB to be financial in nature, incidental to financial activities, or complementary to a financial activity. Laws and regulations governing national and state-chartered banks contain similar provisions concerning acquisitions and activities.
|
•
|
Limitations on the amount of loans to a borrower and its affiliates.
|
•
|
Limitations on transactions with affiliates. The Dodd-Frank Act significantly expanded the coverage and scope of the limitations on affiliate transactions within a banking organization.
|
•
|
Restrictions on the nature and amount of any investments and ability to underwrite certain securities.
|
•
|
Requirements for opening of branches and the acquisition of other financial entities.
|
•
|
Fair lending and truth in lending requirements to provide equal access to credit and to protect consumers in credit transactions.
|
•
|
Broker-dealer and investment advisory regulations. Certain of our subsidiaries are broker-dealers that engage in securities underwriting and other broker-dealer activities. These companies are registered with the SEC and are members of FINRA. Certain other subsidiaries are registered investment advisers under the Investment Advisers Act of 1940, as amended, and as such are supervised by the SEC. They are also subject to various U.S. federal and state laws and regulations. These laws and regulations generally grant supervisory agencies broad administrative powers, including the power to limit or restrict the carrying on of business for failure to comply with such laws.
|
•
|
Provisions of the GLB Act and other federal and state laws dealing with privacy for nonpublic personal information of individual customers.
|
•
|
CRA requirements. The CRA requires banks to help serve the credit needs in their communities, including providing credit to low and moderate income individuals. If the Company or its subsidiaries fail to adequately serve their communities, penalties may be imposed including denials of applications to add branches, relocate, add subsidiaries and affiliates, and merge with or purchase other financial institutions.
|
•
|
Anti-money laundering regulations. The BSA, Title III of the Uniting and Strengthening of America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA Patriot Act”), and other federal laws require financial institutions to assist U.S. Government agencies in detecting and preventing money laundering and other illegal acts by maintaining policies, procedures and controls designed to detect and report money laundering, terrorist financing, and other suspicious activity.
|
•
|
open-market operations in U.S. Government and other securities;
|
•
|
adjustment of the discount rates or cost of bank borrowings from the FRB;
|
•
|
imposing or changing reserve requirements against bank deposits;
|
•
|
term auction facilities collateralized by bank loans; and
|
•
|
other programs to purchase assets and inject liquidity directly in various segments of the economy.
|
•
|
affects the levels of capital and liquidity with which the Company must operate and how it plans capital and liquidity levels (including a phased-in elimination of the Company’s existing trust preferred securities as Tier 1 capital);
|
•
|
subjects the Company to new and/or higher fees paid to various regulatory entities, including but not limited to deposit insurance fees to the FDIC;
|
•
|
impacts the Company’s ability to invest in certain types of entities or engage in certain activities;
|
•
|
impacts a number of the Company’s business strategies;
|
•
|
requires us to develop substantial heightened risk management policies and infrastructure;
|
•
|
regulates the pricing of certain of our products and services and restricts the revenue that the Company generates from certain businesses;
|
•
|
subjects the Company to new capital planning actions, including stress testing or similar actions and timing expectations for capital-raising;
|
•
|
subjects the Company to supervision by the CFPB, with very broad rule-making and enforcement authorities;
|
•
|
grants authority to state agencies to enforce state and federal laws against national banks;
|
•
|
subjects the Company to new and different litigation and regulatory enforcement risks; and
|
•
|
limits the manner in which compensation is paid to executive officers and employees generally.
|
|
|
2013
|
|
2012
|
||||||||||||
|
|
High
|
|
Low
|
|
High
|
|
Low
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
1st Quarter
|
|
$
|
25.86
|
|
|
$
|
21.56
|
|
|
$
|
22.81
|
|
|
$
|
16.40
|
|
2nd Quarter
|
|
29.41
|
|
|
23.10
|
|
|
21.55
|
|
|
17.45
|
|
||||
3rd Quarter
|
|
31.40
|
|
|
26.79
|
|
|
21.68
|
|
|
17.58
|
|
||||
4th Quarter
|
|
30.13
|
|
|
26.89
|
|
|
22.66
|
|
|
19.03
|
|
|
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
2013
|
|
$
|
0.01
|
|
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
$
|
0.04
|
|
2012
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
Period
|
|
Total number
of shares
repurchased
1
|
|
Average
price paid
per share
|
|
Total number of shares
purchased as part of
publicly announced
plans or programs
|
|
Approximate dollar
value of shares that
may yet be purchased
under the plan
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
October
|
|
|
1,860
|
|
|
|
$
|
27.40
|
|
|
|
—
|
|
|
|
|
$
|
—
|
|
|
November
|
|
|
550
|
|
|
|
28.25
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||
December
|
|
|
140
|
|
|
|
29.20
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||
Fourth quarter
|
|
|
2,550
|
|
|
|
27.68
|
|
|
|
—
|
|
|
|
|
|
|
|
|
2008
|
|
2009
|
|
2010
|
|
2011
|
|
2012
|
|
2013
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Zions Bancorporation
|
|
100.0
|
|
|
52.7
|
|
|
99.6
|
|
|
67.0
|
|
|
88.4
|
|
|
124.3
|
|
KBW Bank Index
|
|
100.0
|
|
|
98.3
|
|
|
121.3
|
|
|
93.2
|
|
|
123.8
|
|
|
170.5
|
|
S&P 500
|
|
100.0
|
|
|
126.5
|
|
|
145.5
|
|
|
148.6
|
|
|
172.3
|
|
|
228.0
|
|
FINANCIAL HIGHLIGHTS
|
|||||||||||||||||||||||
(Dollar amounts in millions, except per share amounts)
|
|
2013/2012 Change
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|||||||||||
For the Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net interest income
|
|
-2
|
%
|
|
$
|
1,696.3
|
|
|
$
|
1,731.9
|
|
|
$
|
1,756.2
|
|
|
$
|
1,714.3
|
|
|
$
|
1,885.6
|
|
Noninterest income
|
|
-20
|
%
|
|
337.4
|
|
|
419.9
|
|
|
498.2
|
|
|
453.6
|
|
|
816.0
|
|
|||||
Total revenue
|
|
-5
|
%
|
|
2,033.7
|
|
|
2,151.8
|
|
|
2,254.4
|
|
|
2,167.9
|
|
|
2,701.6
|
|
|||||
Provision for loan losses
|
|
-713
|
%
|
|
(87.1
|
)
|
|
14.2
|
|
|
74.5
|
|
|
852.7
|
|
|
2,017.1
|
|
|||||
Noninterest expense
|
|
+7
|
%
|
|
1,714.4
|
|
|
1,595.0
|
|
|
1,658.6
|
|
|
1,718.3
|
|
|
1,671.3
|
|
|||||
Impairment loss on goodwill
|
|
-100
|
%
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|
636.2
|
|
|||||
Income (loss) before income taxes
|
|
-25
|
%
|
|
406.4
|
|
|
541.6
|
|
|
521.3
|
|
|
(403.1
|
)
|
|
(1,623.0
|
)
|
|||||
Income taxes (benefit)
|
|
-26
|
%
|
|
142.9
|
|
|
193.4
|
|
|
198.6
|
|
|
(106.8
|
)
|
|
(401.3
|
)
|
|||||
Net income (loss)
|
|
-24
|
%
|
|
263.5
|
|
|
348.2
|
|
|
322.7
|
|
|
(296.3
|
)
|
|
(1,221.7
|
)
|
|||||
Net income (loss) applicable to noncontrolling interests
|
|
-77
|
%
|
|
(0.3
|
)
|
|
(1.3
|
)
|
|
(1.1
|
)
|
|
(3.6
|
)
|
|
(5.6
|
)
|
|||||
Net income (loss) applicable to controlling interest
|
|
-25
|
%
|
|
263.8
|
|
|
349.5
|
|
|
323.8
|
|
|
(292.7
|
)
|
|
(1,216.1
|
)
|
|||||
Net earnings (loss) applicable to common shareholders
|
|
+65
|
%
|
|
294.0
|
|
|
178.6
|
|
|
153.4
|
|
|
(412.5
|
)
|
|
(1,234.4
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net earnings (loss) – diluted
|
|
+63
|
%
|
|
1.58
|
|
|
0.97
|
|
|
0.83
|
|
|
(2.48
|
)
|
|
(9.92
|
)
|
|||||
Net earnings (loss) – basic
|
|
+63
|
%
|
|
1.58
|
|
|
0.97
|
|
|
0.83
|
|
|
(2.48
|
)
|
|
(9.92
|
)
|
|||||
Dividends declared
|
|
+225
|
%
|
|
0.13
|
|
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
|
0.10
|
|
|||||
Book value
1
|
|
+11
|
%
|
|
29.57
|
|
|
26.73
|
|
|
25.02
|
|
|
25.12
|
|
|
27.85
|
|
|||||
Market price – end
|
|
|
|
29.96
|
|
|
21.40
|
|
|
16.28
|
|
|
24.23
|
|
|
12.83
|
|
||||||
Market price – high
|
|
|
|
31.40
|
|
|
22.81
|
|
|
25.60
|
|
|
30.29
|
|
|
25.52
|
|
||||||
Market price – low
|
|
|
|
21.56
|
|
|
16.40
|
|
|
13.18
|
|
|
12.88
|
|
|
5.90
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
At Year-End
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Assets
|
|
+1
|
%
|
|
56,031
|
|
|
55,512
|
|
|
53,149
|
|
|
51,035
|
|
|
51,123
|
|
|||||
Net loans and leases
|
|
+4
|
%
|
|
39,043
|
|
|
37,665
|
|
|
37,258
|
|
|
36,830
|
|
|
40,260
|
|
|||||
Deposits
|
|
—
|
%
|
|
46,362
|
|
|
46,133
|
|
|
42,876
|
|
|
40,935
|
|
|
41,841
|
|
|||||
Long-term debt
|
|
-3
|
%
|
|
2,274
|
|
|
2,337
|
|
|
1,954
|
|
|
1,943
|
|
|
2,033
|
|
|||||
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred equity
|
|
-11
|
%
|
|
1,004
|
|
|
1,128
|
|
|
2,377
|
|
|
2,057
|
|
|
1,503
|
|
|||||
Common equity
|
|
+11
|
%
|
|
5,461
|
|
|
4,924
|
|
|
4,608
|
|
|
4,591
|
|
|
4,190
|
|
|||||
Noncontrolling interests
|
|
+100
|
%
|
|
—
|
|
|
(3
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
17
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Return on average assets
|
|
|
|
0.48
|
%
|
|
0.66
|
%
|
|
0.63
|
%
|
|
(0.57
|
)%
|
|
(2.25
|
)%
|
||||||
Return on average common equity
|
|
|
|
5.73
|
%
|
|
3.76
|
%
|
|
3.32
|
%
|
|
(9.26
|
)%
|
|
(28.35
|
)%
|
||||||
Tangible return on average tangible common equity
|
|
|
|
7.44
|
%
|
|
5.18
|
%
|
|
4.72
|
%
|
|
(11.88
|
)%
|
|
(18.93
|
)%
|
||||||
Net interest margin
|
|
|
|
3.36
|
%
|
|
3.57
|
%
|
|
3.77
|
%
|
|
3.70
|
%
|
|
3.91
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Capital Ratios
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Equity to assets
|
|
|
|
11.54
|
%
|
|
10.90
|
%
|
|
13.14
|
%
|
|
13.02
|
%
|
|
11.17
|
%
|
||||||
Tier 1 common
|
|
|
|
10.18
|
%
|
|
9.80
|
%
|
|
9.57
|
%
|
|
8.95
|
%
|
|
6.73
|
%
|
||||||
Tier 1 leverage
|
|
|
|
10.48
|
%
|
|
10.96
|
%
|
|
13.40
|
%
|
|
12.56
|
%
|
|
10.38
|
%
|
||||||
Tier 1 risk-based capital
|
|
|
|
12.77
|
%
|
|
13.38
|
%
|
|
16.13
|
%
|
|
14.78
|
%
|
|
10.53
|
%
|
||||||
Total risk-based capital
|
|
|
|
14.67
|
%
|
|
15.05
|
%
|
|
18.06
|
%
|
|
17.15
|
%
|
|
13.28
|
%
|
||||||
Tangible common equity
|
|
|
|
8.02
|
%
|
|
7.09
|
%
|
|
6.77
|
%
|
|
6.99
|
%
|
|
6.12
|
%
|
||||||
Tangible equity
|
|
|
|
9.85
|
%
|
|
9.15
|
%
|
|
11.33
|
%
|
|
11.10
|
%
|
|
9.16
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Selected Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Average common and common-equivalent shares
(in thousands)
|
|
|
|
184,297
|
|
|
183,236
|
|
|
182,605
|
|
|
166,054
|
|
|
124,443
|
|
||||||
Common dividend payout ratio
|
|
|
|
8.20
|
%
|
|
4.14
|
%
|
|
4.80
|
%
|
|
na
|
|
|
na
|
|
||||||
Full-time equivalent employees
|
|
|
|
10,452
|
|
|
10,368
|
|
|
10,606
|
|
|
10,524
|
|
|
10,529
|
|
||||||
Commercial banking offices
|
|
|
|
469
|
|
|
480
|
|
|
486
|
|
|
495
|
|
|
491
|
|
1
|
At year-end.
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
As of December 31, 2013, the Company was the 17
th
largest domestic bank holding company in terms of deposits and is included in the S&P 500 and NASDAQ Financial 100 indices.
|
•
|
At December 31, 2013, the Company operated banking businesses through 469 domestic branches in ten Western and Southwestern states.
|
•
|
The Company ranked in the top 10 nationally for loans provided to small businesses, under both the Small Business Administration’s 7(a) and 504 programs.
|
•
|
The Company has been awarded numerous “Excellence” awards by Greenwich Associates, having received 12 awards for the 2013 survey.
|
•
|
Revenues and profits are primarily derived from commercial customers.
|
•
|
The Company also provides public finance, wealth management and brokerage services.
|
•
|
focus on growth markets;
|
•
|
maintain a sustainable competitive advantage over large national and global banks by keeping many decisions that affect customers local;
|
•
|
maintain a sustainable competitive advantage over community banks through superior products, productivity, efficiency, and a lower cost of capital; and
|
•
|
centralize and standardize policies and oversight of key risks, technology and operations.
|
•
|
GDP growth in our footprint has exceeded nominal U.S. GDP by an average of 1.3% per year (compounded) over the last ten years; i.e., from 2002-2012, nominal U.S. GDP grew by 3.8%, while nominal GDP in Zions’ footprint (weighted by December 31, 2013 assets) grew by 5.1%.
|
•
|
Job creation within the Zions’ footprint has greatly exceeded the national rate during the past ten years. U.S. nonfarm payroll jobs increased by 5.0% during the last ten years; however, job creation in Zions’ footprint increased by 13.6%.
|
•
|
branding and marketing strategies;
|
•
|
product offerings and pricing;
|
•
|
credit decisions (within the limits of established corporate policy); and
|
•
|
relationship management strategies and the integration of various business lines.
|
•
|
We use the combined scale of all of our banking operations to create a broad product offering;
|
•
|
Our larger capital base and breadth of product offerings allows us to lend to business customers of a wide range of sizes, from small businesses to large companies;
|
•
|
For certain products for which economies of scale are believed to be critical, the Company “manufactures” the product centrally or is able to obtain services from third-party vendors at lower costs due to volume-driven pricing power; and
|
•
|
Our combined size and diversification affords us superior access to the capital markets for debt and equity financing; over the long term, this advantage has historically, and should in the future, result in a lower cost of capital than our subsidiary banks could achieve on their own.
|
•
|
The Company conducts regular stress testing of the loan portfolio using multiple economic scenarios. Such tests help to identify pockets of risk and enable management to reduce risk.
|
•
|
The Company oversees credit risk using a single credit policy and specialists in business, commercial real estate’ consumer lending, and in concentration risk management.
|
•
|
The Company regularly measures interest rate and liquidity risk and uses capital markets instruments to adjust risks to stay within Board-approved levels.
|
•
|
The Company centrally monitors and oversees operational risk. Centralized internal audit, credit examination, and compliance functions test compliance with established policies.
|
•
|
The Company improved its profitability, generating a 7.44% tangible return on average tangible common equity compared to 5.18% in 2012. Two major items had a significant adverse impact on profitability during the year: 1) extinguishment expense related to high-cost debt that was redeemed during 2013, and 2) net impairment losses on investment securities. Together, these items reduced after-tax earnings by approximately $174.2 million. One major item had a significant favorable impact on profitability – the preferred stock redemption of $126 million associated with the call of Zions’ Series C preferred stock.
|
•
|
Tier 1 common (“T1C”) capital plus reserves for credit losses improved and now ranks at or above peer medians (see Chart 1). We made significant additional progress toward reducing the cost of our capital and debt. In 2013, we fully redeemed our high-cost Series C preferred stock which had a carrying value of $926 million. To redeem the Series C preferred stock, we issued lower-cost Series G, H, I and J preferred shares. As a result of these actions, we estimate that preferred dividends in 2014 will be approximately $72 million, compared to preferred dividends paid of $95 million in 2013. Our T1C capital ratio further improved to 10.18% at December 31, 2013. We successfully tendered for $258 million of expensive senior notes and $250 million of expensive subordinated debt; in both instances, the cost of replacement debt was significantly lower.
|
•
|
Asset quality improved significantly; nonperforming lending-related assets declined 39% in 2013 (see Chart 2), and net charge-offs declined to $52 million in 2013 from $155 million in 2012. As a result, credit costs, including other real estate expense and credit-related expense, declined 50%.
|
•
|
Loans, our primary revenue driver, increased on a net basis by $1.4 billion, or 3.7%, compared to December 31, 2012, including increases of $1.2 billion in commercial and industrial, $387 million in 1-4 family residential, and $244 million in construction and land development loans. This loan growth came despite the net run-off of $152 million in owner occupied loans, $57 million in commercial real estate term loans, and $178 million in FDIC-supported loans. Unfunded lending commitments increased $1.9 billion in 2013, which is expected to result in improved loan growth in 2014.
|
•
|
Despite a difficult interest rate environment and modest loan growth, we successfully maintained relatively stable net interest income in 2013 compared to 2012 (see Chart 3).
|
•
|
AOCI improved by $254 million, due in large measure to improved market values for the Company’s CDO securities and reduction of impairment losses on investment securities.
|
•
|
Our net interest margin declined to 3.36% from 3.57% in 2012, but continued to remain reasonably strong relative to other peer banks. This decline was predominantly due to the substantial increase in low-yielding money market investments, which was driven by a strong increase in noninterest-bearing demand deposits. Additional pressure on the NIM in 2013 was also due to loan maturities and resets. Many loans that were originated in prior years had higher rates than market rates during 2013, and thus when such loans mature or the rates reset, the yield frequently declines compared to the prior yield.
|
•
|
Redemption expenses of high-cost debt weighed significantly on profitability. The high cost of debt is a byproduct of our efforts to stabilize the Company’s capital base and funding during the recent recession. While significant debt refinancing activities were completed in 2013, some additional relatively expensive debt that matures in 2014 and 2015 remains.
|
•
|
While some credit quality ratios, such as net charge-offs as a percentage of average loans, have improved to prerecession levels, other ratios, such as nonperforming lending-related assets as a percentage of loans and other real estate owned, are still elevated compared to long-term averages.
|
•
|
Net impairment losses on investment securities were $165 million in 2013. Of this amount, $137.1 million was related to planned CDO sales. The CDOs were sold during the first quarter of 2014 at prices higher than their market prices during the recent recession.
|
•
|
Increase the loan growth rate, primarily through continued strong business lending and additional growth in residential mortgage lending.
|
•
|
Further reduce nonaccrual and classified loans.
|
•
|
Increase fee income through changes to product pricing, improved product distribution, and improved cross sales.
|
•
|
Manage noninterest expenses.
|
Driver
|
|
2013
|
|
2012
|
|
Change
better/(worse)
|
|||||
|
|
|
|
|
|
|
|||||
|
|
(Amounts in billions)
|
|
|
|||||||
Average net loans and leases
|
|
$
|
38.1
|
|
|
$
|
37.0
|
|
|
3
|
%
|
Average money market investments
|
|
8.8
|
|
|
7.9
|
|
|
11
|
%
|
||
Average noninterest-bearing deposits
|
|
18.0
|
|
|
16.7
|
|
|
8
|
%
|
||
Average total deposits
|
|
45.3
|
|
|
43.4
|
|
|
4
|
%
|
||
|
|
|
|
|
|
|
|||||
|
|
(Amounts in millions)
|
|
|
|||||||
Net interest income
|
|
$
|
1,696.3
|
|
|
$
|
1,731.9
|
|
|
(2
|
)%
|
Provision for loan losses
|
|
(87.1
|
)
|
|
14.2
|
|
|
nm
|
|
||
Net impairment losses on investment securities
|
|
(165.1
|
)
|
|
(104.1
|
)
|
|
(59
|
)%
|
||
Other noninterest income
|
|
502.5
|
|
|
524.0
|
|
|
(4
|
)%
|
||
Noninterest expense
|
|
1,714.4
|
|
|
1,596.0
|
|
|
(7
|
)%
|
||
|
|
|
|
|
|
|
|||||
Nonaccrual loans
1
|
|
406
|
|
|
648
|
|
|
37
|
%
|
||
|
|
|
|
|
|
|
|||||
Net interest margin
|
|
3.36
|
%
|
|
3.57
|
%
|
|
(21)bps
|
|
||
Ratio of nonperforming lending-related assets to net loans and leases and other real estate owned
2
|
|
1.15
|
%
|
|
1.96
|
%
|
|
81 bps
|
|
||
Ratio of total allowance for credit losses to net loans and leases outstanding
|
|
2.14
|
%
|
|
2.66
|
%
|
|
52 bps
|
|
||
Tier 1 common capital ratio
|
|
10.18
|
%
|
|
9.80
|
%
|
|
38 bps
|
|
•
|
selection of comparable publicly traded companies based on location, size, and business focus and composition;
|
•
|
selection of market comparable acquisition transactions based on location, size, business focus and composition, and date of the transaction;
|
•
|
the discount rate, which is based on Zions estimate of its cost of capital, applied to future cash flows;
|
•
|
the potential future earnings and cash flows of the reporting unit;
|
•
|
the relative weight given to the valuations derived by the three methods described; and
|
•
|
the control premium associated with reporting units.
|
•
|
$125.7 million benefit from preferred stock redemption;
|
•
|
$101.4 million decrease in the provision for loan losses;
|
•
|
$75.4 million reduction in preferred stock dividends;
|
•
|
$21.5 million decrease in the provision for unfunded lending commitments; and
|
•
|
$18.0 million decline in other real estate expense.
|
•
|
$120.2 million increase in debt extinguishment cost;
|
•
|
$61.1 million increase in net impairment losses on investment securities;
|
•
|
$35.6 million decrease in net interest income;
|
•
|
$27.3 million increase in salaries and employee benefits; and
|
•
|
$25.3 million increase in other noninterest expense.
|
•
|
$60.3 million decrease in the provision for loan losses;
|
•
|
$57.8 million decrease in other real estate expense;
|
•
|
$20.5 million decrease in FDIC premiums;
|
•
|
$13.4 million increase in dividends and other investment income; and
|
•
|
$11.9 million increase in loan sales and servicing income.
|
•
|
$70.4 million increase in net impairment losses on investment securities;
|
•
|
$24.2 million decrease in net interest income;
|
•
|
$16.8 million increase in fair value and nonhedge derivative loss;
|
•
|
$16.5 million decrease in other noninterest income; and
|
•
|
$13.7 million increase in the provision for unfunded lending commitments.
|
•
|
lower yields on loans, excluding FDIC-supported loans, and AFS investment securities; and
|
•
|
increased balance of low-yielding money market investments.
|
•
|
lower yields on long-term debt and deposit funding; and
|
•
|
higher yields on FDIC-supported loans.
|
•
|
lower yields on loans; and
|
•
|
increased balance of low-yielding money market investments.
|
•
|
decreased accelerated amortization on convertible subordinated debt; and
|
•
|
lower cost of funding due to continued favorable change in the mix of funding sources and rates.
|
•
|
the fair value discount on the debt; and
|
•
|
the value of the beneficial conversion feature which added the right of the debt holder to convert the debt into preferred stock.
|
|
|
2013
|
|
2012
|
||||||||||||||||||
(Amounts in millions)
|
|
Average
balance
|
|
Amount of
interest
1
|
|
Average
rate
|
|
Average
balance
|
|
Amount of
interest
1
|
|
Average
rate
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Money market investments
|
|
$
|
8,848
|
|
|
$
|
23.4
|
|
|
0.26
|
%
|
|
$
|
7,930
|
|
|
$
|
21.1
|
|
|
0.27
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Held-to-maturity
|
|
762
|
|
|
37.4
|
|
|
4.91
|
|
|
774
|
|
|
42.3
|
|
|
5.47
|
|
||||
Available-for-sale
|
|
3,107
|
|
|
72.2
|
|
|
2.32
|
|
|
3,047
|
|
|
94.2
|
|
|
3.09
|
|
||||
Trading account
|
|
32
|
|
|
1.0
|
|
|
3.29
|
|
|
24
|
|
|
0.7
|
|
|
3.13
|
|
||||
Total securities
|
|
3,901
|
|
|
110.6
|
|
|
2.84
|
|
|
3,845
|
|
|
137.2
|
|
|
3.57
|
|
||||
Loans held for sale
|
|
149
|
|
|
5.4
|
|
|
3.58
|
|
|
187
|
|
|
6.6
|
|
|
3.51
|
|
||||
Loans
2
:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases
|
|
37,677
|
|
|
1,701.1
|
|
|
4.51
|
|
|
36,400
|
|
|
1,796.1
|
|
|
4.93
|
|
||||
FDIC-supported loans
|
|
430
|
|
|
116.4
|
|
|
27.08
|
|
|
637
|
|
|
95.9
|
|
|
15.06
|
|
||||
Total loans
|
|
38,107
|
|
|
1,817.5
|
|
|
4.77
|
|
|
37,037
|
|
|
1,892.0
|
|
|
5.11
|
|
||||
Total interest-earning assets
|
|
51,005
|
|
|
1,956.9
|
|
|
3.84
|
|
|
48,999
|
|
|
2,056.9
|
|
|
4.20
|
|
||||
Cash and due from banks
|
|
1,016
|
|
|
|
|
|
|
1,102
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
|
(830
|
)
|
|
|
|
|
|
(986
|
)
|
|
|
|
|
||||||||
Goodwill
|
|
1,014
|
|
|
|
|
|
|
1,015
|
|
|
|
|
|
||||||||
Core deposit and other intangibles
|
|
44
|
|
|
|
|
|
|
60
|
|
|
|
|
|
||||||||
Other assets
|
|
2,693
|
|
|
|
|
|
|
3,089
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
54,942
|
|
|
|
|
|
|
$
|
53,279
|
|
|
|
|
|
||||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Saving and money market
|
|
$
|
22,891
|
|
|
39.7
|
|
|
0.17
|
|
|
$
|
22,061
|
|
|
52.3
|
|
|
0.24
|
|
||
Time
|
|
2,792
|
|
|
15.9
|
|
|
0.57
|
|
|
3,208
|
|
|
23.1
|
|
|
0.72
|
|
||||
Foreign
|
|
1,662
|
|
|
3.3
|
|
|
0.20
|
|
|
1,493
|
|
|
4.7
|
|
|
0.31
|
|
||||
Total interest-bearing deposits
|
27,345
|
|
|
58.9
|
|
|
0.22
|
|
|
26,762
|
|
|
80.1
|
|
|
0.30
|
|
|||||
Borrowed funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal funds purchased and other short-term borrowings
|
|
278
|
|
|
0.3
|
|
|
0.11
|
|
|
499
|
|
|
1.4
|
|
|
0.28
|
|
||||
Long-term debt
|
|
2,274
|
|
|
185.9
|
|
|
8.17
|
|
|
2,234
|
|
|
225.2
|
|
|
10.08
|
|
||||
Total borrowed funds
|
|
2,552
|
|
|
186.2
|
|
|
7.29
|
|
|
2,733
|
|
|
226.6
|
|
|
8.29
|
|
||||
Total interest-bearing liabilities
|
|
29,897
|
|
|
245.1
|
|
|
0.82
|
|
|
29,495
|
|
|
306.7
|
|
|
1.04
|
|
||||
Noninterest-bearing deposits
|
|
17,971
|
|
|
|
|
|
|
16,668
|
|
|
|
|
|
||||||||
Other liabilities
|
|
586
|
|
|
|
|
|
|
605
|
|
|
|
|
|
||||||||
Total liabilities
|
|
48,454
|
|
|
|
|
|
|
46,768
|
|
|
|
|
|
||||||||
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred equity
|
|
1,360
|
|
|
|
|
|
|
1,768
|
|
|
|
|
|
||||||||
Common equity
|
|
5,130
|
|
|
|
|
|
|
4,745
|
|
|
|
|
|
||||||||
Controlling interest shareholders’ equity
|
6,490
|
|
|
|
|
|
|
6,513
|
|
|
|
|
|
|||||||||
Noncontrolling interests
|
|
(2
|
)
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
||||||||
Total shareholders’ equity
|
|
6,488
|
|
|
|
|
|
|
6,511
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
54,942
|
|
|
|
|
|
|
$
|
53,279
|
|
|
|
|
|
|||||||
Spread on average interest-bearing funds
|
|
|
|
|
3.02
|
%
|
|
|
|
|
|
3.16
|
%
|
|||||||||
Taxable-equivalent net interest income and net yield on interest-earning assets
|
|
|
$
|
1,711.8
|
|
|
3.36
|
%
|
|
|
|
$
|
1,750.2
|
|
|
3.57
|
%
|
2011
|
|
2010
|
|
2009
|
|||||||||||||||||||||||||||
Average
balance
|
|
Amount of
interest
1
|
|
Average
rate
|
|
Average
balance
|
|
Amount of
interest
1
|
|
Average
rate
|
|
Average
balance
|
|
Amount of
interest
1
|
|
Average
rate
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$
|
5,356
|
|
|
$
|
13.8
|
|
|
0.26
|
%
|
|
$
|
4,085
|
|
|
$
|
11.0
|
|
|
0.27
|
%
|
|
$
|
2,380
|
|
|
$
|
7.9
|
|
|
0.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
818
|
|
|
44.7
|
|
|
5.47
|
|
|
866
|
|
|
44.3
|
|
|
5.12
|
|
|
1,263
|
|
|
66.9
|
|
|
5.29
|
|
||||||
3,895
|
|
|
89.6
|
|
|
2.30
|
|
|
3,416
|
|
|
91.5
|
|
|
2.68
|
|
|
3,313
|
|
|
104.2
|
|
|
3.14
|
|
||||||
58
|
|
|
2.0
|
|
|
3.45
|
|
|
61
|
|
|
2.2
|
|
|
3.64
|
|
|
75
|
|
|
2.7
|
|
|
3.65
|
|
||||||
4,771
|
|
|
136.3
|
|
|
2.86
|
|
|
4,343
|
|
|
138.0
|
|
|
3.18
|
|
|
4,651
|
|
|
173.8
|
|
|
3.73
|
|
||||||
146
|
|
|
5.7
|
|
|
3.94
|
|
|
187
|
|
|
8.9
|
|
|
4.78
|
|
|
226
|
|
|
11.0
|
|
|
4.88
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
36,041
|
|
|
1,924.5
|
|
|
5.34
|
|
|
37,116
|
|
|
2,056.1
|
|
|
5.54
|
|
|
40,511
|
|
|
2,269.7
|
|
|
5.60
|
|
||||||
856
|
|
|
128.5
|
|
|
15.01
|
|
|
1,210
|
|
|
114.4
|
|
|
9.46
|
|
|
1,058
|
|
|
64.4
|
|
|
6.09
|
|
||||||
36,897
|
|
|
2,053.0
|
|
|
5.56
|
|
|
38,326
|
|
|
2,170.5
|
|
|
5.66
|
|
|
41,569
|
|
|
2,334.1
|
|
|
5.62
|
|
||||||
47,170
|
|
|
2,208.8
|
|
|
4.68
|
|
|
46,941
|
|
|
2,328.4
|
|
|
4.96
|
|
|
48,826
|
|
|
2,526.8
|
|
|
5.17
|
|
||||||
1,056
|
|
|
|
|
|
|
1,214
|
|
|
|
|
|
|
1,245
|
|
|
|
|
|
||||||||||||
(1,272
|
)
|
|
|
|
|
|
(1,556
|
)
|
|
|
|
|
|
(1,105
|
)
|
|
|
|
|
||||||||||||
1,015
|
|
|
|
|
|
|
1,015
|
|
|
|
|
|
|
1,174
|
|
|
|
|
|
||||||||||||
78
|
|
|
|
|
|
|
101
|
|
|
|
|
|
|
125
|
|
|
|
|
|
||||||||||||
3,363
|
|
|
|
|
|
|
3,912
|
|
|
|
|
|
|
3,783
|
|
|
|
|
|
||||||||||||
$
|
51,410
|
|
|
|
|
|
|
$
|
51,627
|
|
|
|
|
|
|
$
|
54,048
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$
|
21,476
|
|
|
84.8
|
|
|
0.39
|
|
|
$
|
22,039
|
|
|
126.5
|
|
|
0.57
|
|
|
$
|
22,548
|
|
|
238.0
|
|
|
1.06
|
|
|||
3,750
|
|
|
35.6
|
|
|
0.95
|
|
|
4,747
|
|
|
59.8
|
|
|
1.26
|
|
|
7,235
|
|
|
168.0
|
|
|
2.32
|
|
||||||
1,515
|
|
|
8.1
|
|
|
0.53
|
|
|
1,626
|
|
|
9.8
|
|
|
0.60
|
|
|
2,011
|
|
|
18.7
|
|
|
0.93
|
|
||||||
26,741
|
|
|
128.5
|
|
|
0.48
|
|
|
28,412
|
|
|
196.1
|
|
|
0.69
|
|
|
31,794
|
|
|
424.7
|
|
|
1.34
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
832
|
|
|
6.7
|
|
|
0.80
|
|
|
1,149
|
|
|
12.5
|
|
|
1.09
|
|
|
2,269
|
|
|
14.7
|
|
|
0.65
|
|
||||||
1,913
|
|
|
297.2
|
|
|
15.54
|
|
|
1,980
|
|
|
383.8
|
|
|
19.38
|
|
|
2,438
|
|
|
178.4
|
|
|
7.32
|
|
||||||
2,745
|
|
|
303.9
|
|
|
11.07
|
|
|
3,129
|
|
|
396.3
|
|
|
12.67
|
|
|
4,707
|
|
|
193.1
|
|
|
4.10
|
|
||||||
29,486
|
|
|
432.4
|
|
|
1.47
|
|
|
31,541
|
|
|
592.4
|
|
|
1.88
|
|
|
36,501
|
|
|
617.8
|
|
|
1.69
|
|
||||||
14,531
|
|
|
|
|
|
|
13,318
|
|
|
|
|
|
|
11,053
|
|
|
|
|
|
||||||||||||
523
|
|
|
|
|
|
|
576
|
|
|
|
|
|
|
558
|
|
|
|
|
|
||||||||||||
44,540
|
|
|
|
|
|
|
45,435
|
|
|
|
|
|
|
48,112
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
2,257
|
|
|
|
|
|
|
1,732
|
|
|
|
|
|
|
1,558
|
|
|
|
|
|
||||||||||||
4,614
|
|
|
|
|
|
|
4,452
|
|
|
|
|
|
|
4,354
|
|
|
|
|
|
||||||||||||
6,871
|
|
|
|
|
|
|
6,184
|
|
|
|
|
|
|
5,912
|
|
|
|
|
|
||||||||||||
(1
|
)
|
|
|
|
|
|
8
|
|
|
|
|
|
|
24
|
|
|
|
|
|
||||||||||||
6,870
|
|
|
|
|
|
|
6,192
|
|
|
|
|
|
|
5,936
|
|
|
|
|
|
||||||||||||
$
|
51,410
|
|
|
|
|
|
|
$
|
51,627
|
|
|
|
|
|
|
$
|
54,048
|
|
|
|
|
|
|||||||||
|
|
|
|
3.21
|
%
|
|
|
|
|
|
3.08
|
%
|
|
|
|
|
|
3.48
|
%
|
||||||||||||
|
|
$
|
1,776.4
|
|
|
3.77
|
%
|
|
|
|
$
|
1,736.0
|
|
|
3.70
|
%
|
|
|
|
$
|
1,909.0
|
|
|
3.91
|
%
|
|
|
2013 over 2012
|
|
2012 over 2011
|
||||||||||||||||||||
|
|
Changes due to
|
|
Total changes
|
|
Changes due to
|
|
Total changes
|
||||||||||||||||
(In millions)
|
|
Volume
|
|
Rate
1
|
|
|
Volume
|
|
Rate
1
|
|
||||||||||||||
INTEREST-EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market investments
|
|
$
|
2.7
|
|
|
$
|
(0.4
|
)
|
|
$
|
2.3
|
|
|
$
|
6.7
|
|
|
$
|
0.6
|
|
|
$
|
7.3
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Held-to-maturity
|
|
(0.6
|
)
|
|
(4.3
|
)
|
|
(4.9
|
)
|
|
(2.4
|
)
|
|
—
|
|
|
(2.4
|
)
|
||||||
Available-for-sale
|
|
1.5
|
|
|
(23.5
|
)
|
|
(22.0
|
)
|
|
(19.5
|
)
|
|
24.1
|
|
|
4.6
|
|
||||||
Trading account
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|
(1.1
|
)
|
|
(0.2
|
)
|
|
(1.3
|
)
|
||||||
Total securities
|
|
1.2
|
|
|
(27.8
|
)
|
|
(26.6
|
)
|
|
(23.0
|
)
|
|
23.9
|
|
|
0.9
|
|
||||||
Loans held for sale
|
|
(1.3
|
)
|
|
0.1
|
|
|
(1.2
|
)
|
|
1.5
|
|
|
(0.6
|
)
|
|
0.9
|
|
||||||
Loans
2
:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and leases
|
|
59.5
|
|
|
(154.5
|
)
|
|
(95.0
|
)
|
|
19.3
|
|
|
(147.7
|
)
|
|
(128.4
|
)
|
||||||
FDIC-supported loans
|
|
(31.2
|
)
|
|
51.7
|
|
|
20.5
|
|
|
(32.9
|
)
|
|
0.3
|
|
|
(32.6
|
)
|
||||||
Total loans
|
|
28.3
|
|
|
(102.8
|
)
|
|
(74.5
|
)
|
|
(13.6
|
)
|
|
(147.4
|
)
|
|
(161.0
|
)
|
||||||
Total interest-earning assets
|
|
30.9
|
|
|
(130.9
|
)
|
|
(100.0
|
)
|
|
(28.4
|
)
|
|
(123.5
|
)
|
|
(151.9
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
INTEREST-BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Saving and money market
|
|
2.3
|
|
|
(14.9
|
)
|
|
(12.6
|
)
|
|
0.8
|
|
|
(33.3
|
)
|
|
(32.5
|
)
|
||||||
Time
|
|
(2.4
|
)
|
|
(4.8
|
)
|
|
(7.2
|
)
|
|
(3.9
|
)
|
|
(8.6
|
)
|
|
(12.5
|
)
|
||||||
Foreign
|
|
0.3
|
|
|
(1.7
|
)
|
|
(1.4
|
)
|
|
—
|
|
|
(3.4
|
)
|
|
(3.4
|
)
|
||||||
Total interest-bearing deposits
|
0.2
|
|
|
(21.4
|
)
|
|
(21.2
|
)
|
|
(3.1
|
)
|
|
(45.3
|
)
|
|
(48.4
|
)
|
|||||||
Borrowed funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal funds purchased and other short-term borrowings
|
|
(0.2
|
)
|
|
(0.9
|
)
|
|
(1.1
|
)
|
|
(0.9
|
)
|
|
(4.4
|
)
|
|
(5.3
|
)
|
||||||
Long-term debt
|
|
3.3
|
|
|
(42.6
|
)
|
|
(39.3
|
)
|
|
32.4
|
|
|
(104.4
|
)
|
|
(72.0
|
)
|
||||||
Total borrowed funds
|
|
3.1
|
|
|
(43.5
|
)
|
|
(40.4
|
)
|
|
31.5
|
|
|
(108.8
|
)
|
|
(77.3
|
)
|
||||||
Total interest-bearing liabilities
|
|
3.3
|
|
|
(64.9
|
)
|
|
(61.6
|
)
|
|
28.4
|
|
|
(154.1
|
)
|
|
(125.7
|
)
|
||||||
Change in taxable-equivalent net interest income
|
$
|
27.6
|
|
|
$
|
(66.0
|
)
|
|
$
|
(38.4
|
)
|
|
$
|
(56.8
|
)
|
|
$
|
30.6
|
|
|
$
|
(26.2
|
)
|
(Amounts in millions)
|
|
2013
|
|
Percent change
|
|
2012
|
|
Percent change
|
|
2011
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Service charges and fees on deposit accounts
|
|
$
|
176.3
|
|
|
(0.1
|
)%
|
|
$
|
176.4
|
|
|
1.1
|
%
|
|
$
|
174.4
|
|
Other service charges, commissions and fees
|
|
181.5
|
|
|
4.1
|
|
|
174.4
|
|
|
(6.2
|
)
|
|
185.9
|
|
|||
Trust and wealth management income
|
|
29.9
|
|
|
5.3
|
|
|
28.4
|
|
|
6.4
|
|
|
26.7
|
|
|||
Capital markets and foreign exchange
|
|
28.1
|
|
|
4.9
|
|
|
26.8
|
|
|
(14.6
|
)
|
|
31.4
|
|
|||
Dividends and other investment income
|
|
46.1
|
|
|
(17.4
|
)
|
|
55.8
|
|
|
31.6
|
|
|
42.4
|
|
|||
Loan sales and servicing income
|
|
35.3
|
|
|
(11.8
|
)
|
|
40.0
|
|
|
42.3
|
|
|
28.1
|
|
|||
Fair value and nonhedge derivative loss
|
|
(18.2
|
)
|
|
16.5
|
|
|
(21.8
|
)
|
|
(336.0
|
)
|
|
(5.0
|
)
|
|||
Equity securities gains, net
|
|
8.5
|
|
|
(24.8
|
)
|
|
11.3
|
|
|
73.8
|
|
|
6.5
|
|
|||
Fixed income securities gains (losses), net
|
|
(2.9
|
)
|
|
(114.8
|
)
|
|
19.6
|
|
|
64.7
|
|
|
11.9
|
|
|||
Impairment losses on investment securities:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Impairment losses on investment securities
|
|
(188.6
|
)
|
|
(13.4
|
)
|
|
(166.3
|
)
|
|
(115.1
|
)
|
|
(77.3
|
)
|
|||
Noncredit-related losses on securities not expected to
|
|
|
|
|
|
|
|
|
|
|
||||||||
be sold (recognized in other comprehensive income)
|
|
23.5
|
|
|
(62.2
|
)
|
|
62.2
|
|
|
42.7
|
|
|
43.6
|
|
|||
Net impairment losses on investment securities
|
|
(165.1
|
)
|
|
(58.6
|
)
|
|
(104.1
|
)
|
|
(208.9
|
)
|
|
(33.7
|
)
|
|||
Other
|
|
17.9
|
|
|
36.6
|
|
|
13.1
|
|
|
(55.7
|
)
|
|
29.6
|
|
|||
Total
|
|
$
|
337.4
|
|
|
(19.6
|
)
|
|
$
|
419.9
|
|
|
(15.7
|
)
|
|
$
|
498.2
|
|
(Amounts in millions)
|
|
2013
|
|
Percent change
|
|
2012
|
|
Percent change
|
|
2011
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nonhedge derivative income (loss)
|
|
$
|
(0.5
|
)
|
|
66.7
|
%
|
|
$
|
(1.5
|
)
|
|
(122.1
|
)%
|
|
$
|
6.8
|
|
Total return swap
|
|
(21.8
|
)
|
|
(0.5
|
)
|
|
(21.7
|
)
|
|
(102.8
|
)
|
|
(10.7
|
)
|
|||
Derivative fair value credit adjustments
|
|
4.1
|
|
|
192.9
|
|
|
1.4
|
|
|
227.3
|
|
|
(1.1
|
)
|
|||
Total
|
|
$
|
(18.2
|
)
|
|
16.5
|
|
|
$
|
(21.8
|
)
|
|
(336.0
|
)
|
|
$
|
(5.0
|
)
|
(Amounts in millions)
|
|
2013
|
|
Percent change
|
|
2012
|
|
Percent change
|
|
2011
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits
|
|
$
|
912.9
|
|
|
3.1
|
%
|
|
$
|
885.7
|
|
|
1.3
|
%
|
|
$
|
874.3
|
|
Occupancy, net
|
|
112.3
|
|
|
(0.5
|
)
|
|
112.9
|
|
|
0.4
|
|
|
112.5
|
|
|||
Furniture and equipment
|
|
106.6
|
|
|
(2.2
|
)
|
|
109.0
|
|
|
3.1
|
|
|
105.7
|
|
|||
Other real estate expense
|
|
1.7
|
|
|
(91.4
|
)
|
|
19.7
|
|
|
(74.6
|
)
|
|
77.6
|
|
|||
Credit-related expense
|
|
33.6
|
|
|
(33.5
|
)
|
|
50.5
|
|
|
(18.0
|
)
|
|
61.6
|
|
|||
Provision for unfunded lending commitments
|
|
(17.1
|
)
|
|
(488.6
|
)
|
|
4.4
|
|
|
147.3
|
|
|
(9.3
|
)
|
|||
Professional and legal services
|
|
68.0
|
|
|
29.5
|
|
|
52.5
|
|
|
34.6
|
|
|
39.0
|
|
|||
Advertising
|
|
23.4
|
|
|
(8.9
|
)
|
|
25.7
|
|
|
(5.5
|
)
|
|
27.2
|
|
|||
FDIC premiums
|
|
38.0
|
|
|
(12.4
|
)
|
|
43.4
|
|
|
(32.1
|
)
|
|
63.9
|
|
|||
Amortization of core deposit and other intangibles
|
|
14.4
|
|
|
(15.3
|
)
|
|
17.0
|
|
|
(15.4
|
)
|
|
20.1
|
|
|||
Debt extinguishment cost
|
|
120.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other
|
|
300.4
|
|
|
9.2
|
|
|
275.2
|
|
|
(3.8
|
)
|
|
286.0
|
|
|||
Total
|
|
$
|
1,714.4
|
|
|
7.4
|
|
|
$
|
1,596.0
|
|
|
(3.8
|
)
|
|
$
|
1,658.6
|
|
(Dollar amounts in millions)
|
|
2013
|
|
Percent change
|
|
|
2012
|
|
Percent change
|
|
|
2011
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Salaries and bonuses
|
|
$
|
773.4
|
|
|
3.7
|
%
|
|
|
$
|
745.7
|
|
|
1.6
|
%
|
|
|
$
|
733.7
|
|
Employee benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Employee health and insurance
|
|
48.9
|
|
|
0.6
|
|
|
|
48.6
|
|
|
(1.0
|
)
|
|
|
49.1
|
|
|||
Retirement
|
|
39.0
|
|
|
(4.4
|
)
|
|
|
40.8
|
|
|
(4.0
|
)
|
|
|
42.5
|
|
|||
Payroll taxes and other
|
|
51.6
|
|
|
2.0
|
|
|
|
50.6
|
|
|
3.3
|
|
|
|
49.0
|
|
|||
Total benefits
|
|
139.5
|
|
|
(0.4
|
)
|
|
|
140.0
|
|
|
(0.4
|
)
|
|
|
140.6
|
|
|||
Total salaries and employee benefits
|
|
$
|
912.9
|
|
|
3.1
|
|
|
|
$
|
885.7
|
|
|
1.3
|
|
|
|
$
|
874.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Full-time equivalent (“FTE”) employees at December 31
|
|
10,452
|
|
|
0.8
|
|
|
|
10,368
|
|
|
(2.2
|
)
|
|
|
10,606
|
|
•
|
increased loan balances;
|
•
|
declining credit-related costs including reduced provisions for loan losses; and
|
•
|
increased customer deposits invested in low-yielding cash-equivalent assets.
|
(Amounts in millions)
|
|
Zions Bank
|
|
CB&T
|
|
Amegy
|
||||||||||||||||||||||||
|
2013
|
2012
|
2011
|
|
2013
|
2012
|
2011
|
|
2013
|
2012
|
2011
|
|||||||||||||||||||
KEY FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total assets
|
|
$
|
18,590
|
|
$
|
17,930
|
|
$
|
17,531
|
|
|
$
|
10,923
|
|
$
|
11,069
|
|
$
|
10,894
|
|
|
$
|
13,705
|
|
$
|
13,119
|
|
$
|
12,282
|
|
Total deposits
|
|
16,257
|
|
15,575
|
|
14,905
|
|
|
9,327
|
|
9,483
|
|
9,192
|
|
|
11,198
|
|
10,706
|
|
9,731
|
|
|||||||||
Net income (loss)
|
|
224.6
|
|
189.3
|
|
150.5
|
|
|
140.1
|
|
127.1
|
|
134.4
|
|
|
130.5
|
|
166.7
|
|
161.6
|
|
|||||||||
Net interest margin
|
|
3.55
|
%
|
4.04
|
%
|
4.53
|
%
|
|
4.73
|
%
|
4.71
|
%
|
5.17
|
%
|
|
3.23
|
%
|
3.44
|
%
|
3.95
|
%
|
|||||||||
RISK-BASED CAPITAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Tier 1 leverage
|
|
10.02
|
%
|
10.58
|
%
|
11.59
|
%
|
|
10.75
|
%
|
10.37
|
%
|
10.96
|
%
|
|
12.09
|
%
|
12.03
|
%
|
14.41
|
%
|
|||||||||
Tier 1 risk-based capital
|
|
13.32
|
%
|
12.96
|
%
|
13.37
|
%
|
|
12.40
|
%
|
12.92
|
%
|
13.81
|
%
|
|
13.61
|
%
|
13.91
|
%
|
15.99
|
%
|
|||||||||
Total risk-based capital
|
|
14.52
|
%
|
14.17
|
%
|
14.61
|
%
|
|
13.65
|
%
|
14.18
|
%
|
15.08
|
%
|
|
14.86
|
%
|
15.17
|
%
|
17.26
|
%
|
|||||||||
CREDIT QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Provision for loan losses
|
|
$
|
(40.5
|
)
|
$
|
88.3
|
|
$
|
128.3
|
|
|
$
|
(16.7
|
)
|
$
|
(7.9
|
)
|
$
|
(9.5
|
)
|
|
$
|
4.2
|
|
$
|
(63.9
|
)
|
$
|
(37.4
|
)
|
Net loan and lease charge-offs
|
|
19.7
|
|
74.4
|
|
179.5
|
|
|
(4.1
|
)
|
19.8
|
|
53.9
|
|
|
23.8
|
|
4.6
|
|
71.4
|
|
|||||||||
Ratio of net charge-offs to average loans and leases
|
|
0.16
|
%
|
0.60
|
%
|
1.41
|
%
|
|
(0.05
|
)%
|
0.24
|
%
|
0.65
|
%
|
|
0.27
|
%
|
0.06
|
%
|
0.91
|
%
|
|||||||||
Allowance for loan losses
|
|
$
|
290
|
|
$
|
350
|
|
$
|
336
|
|
|
$
|
123
|
|
$
|
146
|
|
$
|
186
|
|
|
$
|
144
|
|
$
|
164
|
|
$
|
233
|
|
Ratio of allowance for loan losses to net loans and leases, at year-end
|
|
2.37
|
%
|
2.80
|
%
|
2.64
|
%
|
|
1.43
|
%
|
1.77
|
%
|
2.22
|
%
|
|
1.57
|
%
|
1.94
|
%
|
2.89
|
%
|
|||||||||
Nonperforming lending-related assets
|
|
$
|
143.7
|
|
$
|
259.0
|
|
$
|
287.6
|
|
|
$
|
109.9
|
|
$
|
150.7
|
|
$
|
200.2
|
|
|
$
|
79.9
|
|
$
|
138.8
|
|
$
|
248.4
|
|
Ratio of nonperforming lending-related assets to net loans and leases and other real estate owned
|
|
1.16
|
%
|
2.05
|
%
|
2.23
|
%
|
|
1.28
|
%
|
1.82
|
%
|
2.37
|
%
|
|
0.86
|
%
|
1.63
|
%
|
3.07
|
%
|
|||||||||
Accruing loans past due 90 days or more
|
|
$
|
2.0
|
|
$
|
2.6
|
|
$
|
5.1
|
|
|
$
|
36.9
|
|
$
|
54.2
|
|
$
|
79.7
|
|
|
$
|
0.3
|
|
$
|
3.4
|
|
$
|
4.8
|
|
Ratio of accruing loan past due 90 days or more to net loans and leases
|
|
0.02
|
%
|
0.02
|
%
|
0.04
|
%
|
|
0.43
|
%
|
0.66
|
%
|
0.95
|
%
|
|
—
|
%
|
0.04
|
%
|
0.06
|
%
|
(Amounts in millions)
|
NBAZ
|
|
NSB
|
|
Vectra
|
|
TCBW
|
||||||||||||||||||||||||||||||||
2013
|
2012
|
2011
|
|
2013
|
2012
|
2011
|
|
2013
|
2012
|
2011
|
|
2013
|
2012
|
2011
|
|||||||||||||||||||||||||
KEY FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total assets
|
$
|
4,579
|
|
$
|
4,575
|
|
$
|
4,485
|
|
|
$
|
3,980
|
|
$
|
4,061
|
|
$
|
4,100
|
|
|
$
|
2,571
|
|
$
|
2,511
|
|
$
|
2,341
|
|
|
$
|
943
|
|
$
|
961
|
|
$
|
874
|
|
Total deposits
|
3,931
|
|
3,874
|
|
3,731
|
|
|
3,590
|
|
3,604
|
|
3,546
|
|
|
2,178
|
|
2,164
|
|
2,004
|
|
|
793
|
|
791
|
|
693
|
|
||||||||||||
Net income (loss)
|
43.9
|
|
30.9
|
|
25.5
|
|
|
18.8
|
|
21.8
|
|
46.6
|
|
|
21.4
|
|
18.9
|
|
(10.1
|
)
|
|
7.7
|
|
7.9
|
|
2.7
|
|
||||||||||||
Net interest margin
|
3.76
|
%
|
4.00
|
%
|
4.14
|
%
|
|
2.99
|
%
|
3.19
|
%
|
3.41
|
%
|
|
4.26
|
%
|
4.82
|
%
|
4.92
|
%
|
|
3.24
|
%
|
3.25
|
%
|
3.52
|
%
|
||||||||||||
RISK-BASED CAPITAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Tier 1 leverage
|
11.54
|
%
|
12.12
|
%
|
13.65
|
%
|
|
8.86
|
%
|
10.30
|
%
|
11.70
|
%
|
|
12.02
|
%
|
11.52
|
%
|
11.01
|
%
|
|
10.23
|
%
|
9.39
|
%
|
10.10
|
%
|
||||||||||||
Tier 1 risk-based capital
|
13.33
|
%
|
14.53
|
%
|
17.71
|
%
|
|
15.10
|
%
|
18.94
|
%
|
21.58
|
%
|
|
13.02
|
%
|
12.32
|
%
|
12.52
|
%
|
|
12.90
|
%
|
12.30
|
%
|
13.63
|
%
|
||||||||||||
Total risk-based capital
|
14.59
|
%
|
15.79
|
%
|
18.98
|
%
|
|
16.38
|
%
|
20.22
|
%
|
22.89
|
%
|
|
14.28
|
%
|
13.58
|
%
|
13.79
|
%
|
|
14.15
|
%
|
13.56
|
%
|
14.90
|
%
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
CREDIT QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Provision for loan losses
|
$
|
(15.0
|
)
|
$
|
(0.6
|
)
|
$
|
9.6
|
|
|
$
|
(12.0
|
)
|
$
|
(9.6
|
)
|
$
|
(38.3
|
)
|
|
$
|
(4.9
|
)
|
$
|
7.0
|
|
$
|
14.0
|
|
|
$
|
(1.8
|
)
|
$
|
0.4
|
|
$
|
7.8
|
|
Net loan and lease charge-offs
|
6.2
|
|
14.0
|
|
54.4
|
|
|
3.1
|
|
29.8
|
|
55.1
|
|
|
2.5
|
|
9.1
|
|
32.5
|
|
|
0.7
|
|
2.7
|
|
9.0
|
|
||||||||||||
Ratio of net charge-offs to average loans and leases
|
0.17
|
%
|
0.41
|
%
|
1.66
|
%
|
|
0.14
|
%
|
1.38
|
%
|
2.32
|
%
|
|
0.12
|
%
|
0.45
|
%
|
1.77
|
%
|
|
0.12
|
%
|
0.48
|
%
|
1.55
|
%
|
||||||||||||
Allowance for loan losses
|
$
|
62
|
|
$
|
83
|
|
$
|
98
|
|
|
$
|
75
|
|
$
|
90
|
|
$
|
132
|
|
|
$
|
42
|
|
$
|
49
|
|
$
|
51
|
|
|
$
|
9
|
|
$
|
12
|
|
$
|
14
|
|
Ratio of allowance for loan losses to net loans and leases, at year-end
|
1.67
|
%
|
2.31
|
%
|
2.96
|
%
|
|
3.25
|
%
|
4.30
|
%
|
5.89
|
%
|
|
1.83
|
%
|
2.30
|
%
|
2.67
|
%
|
|
1.46
|
%
|
2.06
|
%
|
2.49
|
%
|
||||||||||||
Nonperforming lending-related assets
|
$
|
49.1
|
|
$
|
70.9
|
|
$
|
130.1
|
|
|
$
|
29.5
|
|
$
|
73.1
|
|
$
|
114.7
|
|
|
$
|
34.4
|
|
$
|
42.3
|
|
$
|
70.7
|
|
|
$
|
5.4
|
|
$
|
10.7
|
|
$
|
12.0
|
|
Ratio of nonperforming lending-related assets to net loans and leases and other real estate owned
|
1.31
|
%
|
1.94
|
%
|
3.89
|
%
|
|
1.28
|
%
|
3.47
|
%
|
5.07
|
%
|
|
1.50
|
%
|
1.93
|
%
|
3.61
|
%
|
|
0.85
|
%
|
1.88
|
%
|
2.12
|
%
|
||||||||||||
Accruing loans past due 90 days or more
|
$
|
0.1
|
|
$
|
0.6
|
|
$
|
3.9
|
|
|
$
|
0.7
|
|
$
|
0.9
|
|
$
|
0.1
|
|
|
$
|
0.3
|
|
$
|
—
|
|
$
|
0.1
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Ratio of accruing loans past due 90 days or more to net loans and leases
|
—
|
%
|
0.02
|
%
|
0.12
|
%
|
|
0.03
|
%
|
0.04
|
%
|
0.01
|
%
|
|
0.01
|
%
|
—
|
%
|
—
|
%
|
|
—
|
%
|
—
|
%
|
—
|
%
|
|
|
December 31, 2013
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||||||||||||||||||||
(In millions)
|
|
Amortized
cost
|
|
Carrying
value
|
|
Estimated
fair
value
|
|
Amortized
cost
|
|
Carrying
value
|
|
Estimated
fair
value
|
|
Amortized
cost
|
|
Carrying
value
|
|
Estimated
fair
value
|
||||||||||||||||||
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Municipal securities
|
|
$
|
551
|
|
|
$
|
551
|
|
|
$
|
558
|
|
|
$
|
525
|
|
|
$
|
525
|
|
|
$
|
537
|
|
|
$
|
565
|
|
|
$
|
565
|
|
|
$
|
572
|
|
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Trust preferred securities – banks and insurance
|
80
|
|
|
38
|
|
|
51
|
|
|
255
|
|
|
213
|
|
|
126
|
|
|
263
|
|
|
222
|
|
|
144
|
|
||||||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
19
|
|
|
12
|
|
|
24
|
|
|
21
|
|
|
14
|
|
|||||||||
|
|
631
|
|
|
589
|
|
|
609
|
|
|
802
|
|
|
757
|
|
|
675
|
|
|
852
|
|
|
808
|
|
|
730
|
|
|||||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
U.S. Treasury securities
|
1
|
|
|
2
|
|
|
2
|
|
|
104
|
|
|
105
|
|
|
105
|
|
|
4
|
|
|
5
|
|
|
5
|
|
||||||||||
U.S. Government agencies and corporations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Agency securities
|
|
518
|
|
|
519
|
|
|
519
|
|
|
109
|
|
|
113
|
|
|
113
|
|
|
153
|
|
|
158
|
|
|
158
|
|
|||||||||
Agency guaranteed mortgage-backed securities
|
309
|
|
|
317
|
|
|
317
|
|
|
407
|
|
|
425
|
|
|
425
|
|
|
535
|
|
|
553
|
|
|
553
|
|
||||||||||
Small Business Administration loan-backed securities
|
|
1,203
|
|
|
1,221
|
|
|
1,221
|
|
|
1,124
|
|
|
1,153
|
|
|
1,153
|
|
|
1,153
|
|
|
1,161
|
|
|
1,161
|
|
|||||||||
Municipal securities
|
|
65
|
|
|
66
|
|
|
66
|
|
|
75
|
|
|
76
|
|
|
76
|
|
|
121
|
|
|
122
|
|
|
122
|
|
|||||||||
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Trust preferred securities – banks and insurance
|
1,508
|
|
|
1,239
|
|
|
1,239
|
|
|
1,596
|
|
|
949
|
|
|
949
|
|
|
1,794
|
|
|
930
|
|
|
930
|
|
||||||||||
Trust preferred securities – real estate investment trusts
|
23
|
|
|
23
|
|
|
23
|
|
|
41
|
|
|
16
|
|
|
16
|
|
|
40
|
|
|
19
|
|
|
19
|
|
||||||||||
Auction rate securities
|
|
7
|
|
|
7
|
|
|
7
|
|
|
7
|
|
|
7
|
|
|
7
|
|
|
71
|
|
|
70
|
|
|
70
|
|
|||||||||
Other
|
|
28
|
|
|
28
|
|
|
28
|
|
|
26
|
|
|
19
|
|
|
19
|
|
|
65
|
|
|
50
|
|
|
50
|
|
|||||||||
|
|
3,662
|
|
|
3,422
|
|
|
3,422
|
|
|
3,489
|
|
|
2,863
|
|
|
2,863
|
|
|
3,936
|
|
|
3,068
|
|
|
3,068
|
|
|||||||||
Mutual funds and other
|
|
287
|
|
|
280
|
|
|
280
|
|
|
228
|
|
|
228
|
|
|
228
|
|
|
163
|
|
|
163
|
|
|
163
|
|
|||||||||
|
|
3,949
|
|
|
3,702
|
|
|
3,702
|
|
|
3,717
|
|
|
3,091
|
|
|
3,091
|
|
|
4,099
|
|
|
3,231
|
|
|
3,231
|
|
|||||||||
Total
|
|
$
|
4,580
|
|
|
$
|
4,291
|
|
|
$
|
4,311
|
|
|
$
|
4,519
|
|
|
$
|
3,848
|
|
|
$
|
3,766
|
|
|
$
|
4,951
|
|
|
$
|
4,039
|
|
|
$
|
3,961
|
|
|
|
December 31, 2013
|
|
% of carrying value to par
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Net unrealized losses recognized in AOCI
1
|
|
Weighted average discount rate
2
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
No. of
tranches
|
|
Par
amount
|
|
Amortized
cost
|
|
Carrying
value
|
|
|
December 31,
|
|
|
||||||||||||||||||
(Dollar amounts in millions)
|
|
|
|
|
|
|
2013
|
|
2012
|
|
Change
|
||||||||||||||||||||
Performing CDOs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Predominantly bank CDOs
|
|
23
|
|
|
$
|
687
|
|
|
$
|
617
|
|
|
$
|
499
|
|
|
$
|
(118
|
)
|
|
5.6
|
%
|
|
73
|
%
|
|
66
|
%
|
|
7
|
%
|
Insurance-only CDOs
|
|
22
|
|
|
433
|
|
|
413
|
|
|
346
|
|
|
(67
|
)
|
|
4.9
|
|
|
80
|
|
|
72
|
|
|
8
|
|
||||
Other CDOs
|
|
3
|
|
|
43
|
|
|
26
|
|
|
26
|
|
|
—
|
|
|
10.6
|
|
|
60
|
|
|
70
|
|
|
(10
|
)
|
||||
Total performing CDOs
|
|
48
|
|
|
1,163
|
|
|
1,056
|
|
|
871
|
|
|
(185
|
)
|
|
5.5
|
|
|
75
|
|
|
68
|
|
|
7
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Nonperforming CDOs
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
CDOs credit impaired prior to last 12 months
|
|
32
|
|
|
614
|
|
|
369
|
|
|
285
|
|
|
(84
|
)
|
|
7.0
|
|
|
46
|
|
|
30
|
|
|
16
|
|
||||
CDOs credit impaired during last 12 months
|
|
23
|
|
|
448
|
|
|
187
|
|
|
147
|
|
|
(40
|
)
|
|
6.5
|
|
|
33
|
|
|
25
|
|
|
8
|
|
||||
Total nonperforming CDOs
|
|
55
|
|
|
1,062
|
|
|
556
|
|
|
432
|
|
|
(124
|
)
|
|
6.8
|
|
|
41
|
|
|
26
|
|
|
15
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total CDOs
|
|
103
|
|
|
$
|
2,225
|
|
|
$
|
1,612
|
|
|
$
|
1,303
|
|
|
$
|
(309
|
)
|
|
6.1
|
|
|
59
|
|
|
49
|
|
|
10
|
|
|
|
December 31, 2012
|
|
% of carrying value to par
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Net unrealized losses recognized in AOCI
1
|
|
Weighted average discount rate
2
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
No. of
tranches
|
|
Par
amount
|
|
Amortized
cost
|
|
Carrying
value
|
|
|
December 31,
|
|
|
||||||||||||||||||
(Dollar amounts in millions)
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change
|
||||||||||||||||||||
Performing CDOs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Predominantly bank CDOs
|
|
28
|
|
|
$
|
811
|
|
|
$
|
727
|
|
|
$
|
538
|
|
|
$
|
(189
|
)
|
|
7.8
|
%
|
|
66
|
%
|
|
64
|
%
|
|
2
|
%
|
Insurance-only CDOs
|
|
22
|
|
|
454
|
|
|
449
|
|
|
327
|
|
|
(122
|
)
|
|
8.6
|
|
|
72
|
|
|
79
|
|
|
(7
|
)
|
||||
Other CDOs
|
|
6
|
|
|
54
|
|
|
43
|
|
|
38
|
|
|
(5
|
)
|
|
9.4
|
|
|
70
|
|
|
76
|
|
|
(6
|
)
|
||||
Total performing CDOs
|
|
56
|
|
|
1,319
|
|
|
1,219
|
|
|
903
|
|
|
(316
|
)
|
|
8.1
|
|
|
68
|
|
|
69
|
|
|
(1
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Nonperforming CDOs
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
CDOs credit impaired prior to last 12 months
|
|
18
|
|
|
369
|
|
|
251
|
|
|
109
|
|
|
(142
|
)
|
|
10.7
|
|
|
30
|
|
|
18
|
|
|
12
|
|
||||
CDOs credit impaired during last 12 months
|
|
39
|
|
|
732
|
|
|
441
|
|
|
181
|
|
|
(260
|
)
|
|
9.6
|
|
|
25
|
|
|
12
|
|
|
13
|
|
||||
Total nonperforming CDOs
|
|
57
|
|
|
1,101
|
|
|
692
|
|
|
290
|
|
|
(402
|
)
|
|
10.0
|
|
|
26
|
|
|
16
|
|
|
10
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total CDOs
|
|
113
|
|
|
$
|
2,420
|
|
|
$
|
1,911
|
|
|
$
|
1,193
|
|
|
$
|
(718
|
)
|
|
9.0
|
|
|
49
|
|
|
47
|
|
|
2
|
|
|
|
|
December 31, 2013
|
||||||||||||||||
(Dollar amounts in millions)
|
|
No. of securities
|
|
Par
amount
|
|
Amortized cost
|
|
Fair
value
|
|||||||||||
Year-to-date rating changes
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Upgrade
|
|
|
37
|
|
|
|
$
|
979
|
|
|
|
$
|
862
|
|
|
|
$
|
662
|
|
No change
|
|
|
56
|
|
|
|
1,109
|
|
|
|
697
|
|
|
|
603
|
|
|||
Downgrade
|
|
|
2
|
|
|
|
17
|
|
|
|
4
|
|
|
|
4
|
|
|||
|
|
|
95
|
|
|
|
$
|
2,105
|
|
|
|
$
|
1,563
|
|
|
|
$
|
1,269
|
|
2
|
Weighted average percentage of collateral that is defaulted due to bank failures, or deferring payment as allowed under the terms of the security, including a 0% recovery rate on defaulted collateral and a credit-specific probability of default on deferring collateral which ranges from 2.18% to 100%.
|
6
|
Prepayment rate for small banks increased to 7.5% per year for the first two years and to 5% per year thereafter through maturity.
|
|
|
|
|
|
Total
|
|
Credit OTTI loss
|
|
Valuation losses
1
|
|||||||||||||||||||||||
(Dollar amounts in millions)
|
Number
of securities
|
|
% of
portfolio
|
|
Par
value
|
|
Amortized
cost
|
|
Estimated
fair value
|
|
Unrealized
gain (loss)
|
|
Current
year
|
|
Life-to-
date
|
|
Life-to-
date
|
|||||||||||||||
Original ratings of securities, no credit OTTI recognized:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Original AAA
|
20
|
|
31.6
|
%
|
|
$
|
631
|
|
|
$
|
578
|
|
|
$
|
452
|
|
|
$
|
(126
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(71
|
)
|
Original A
|
15
|
|
16.7
|
|
|
333
|
|
|
319
|
|
|
261
|
|
|
(58
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Original BBB
|
5
|
|
2.3
|
|
|
46
|
|
|
43
|
|
|
34
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total Non-OTTI
|
|
|
50.6
|
|
|
1,010
|
|
|
940
|
|
|
747
|
|
|
(193
|
)
|
|
—
|
|
|
—
|
|
|
(71
|
)
|
|||||||
Original ratings of securities, credit OTTI recognized:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Original AAA
|
1
|
|
2.5
|
|
|
50
|
|
|
43
|
|
|
28
|
|
|
(15
|
)
|
|
—
|
|
|
(5
|
)
|
|
(2
|
)
|
|||||||
Original A
|
45
|
|
44.4
|
|
|
885
|
|
|
485
|
|
|
391
|
|
|
(94
|
)
|
|
(25
|
)
|
|
(309
|
)
|
|
—
|
|
|||||||
Original BBB
|
4
|
|
2.5
|
|
|
50
|
|
|
5
|
|
|
6
|
|
|
1
|
|
|
(1
|
)
|
|
(44
|
)
|
|
—
|
|
|||||||
Total OTTI
|
|
|
49.4
|
|
|
985
|
|
|
533
|
|
|
425
|
|
|
(108
|
)
|
|
(26
|
)
|
|
(358
|
)
|
|
(2
|
)
|
|||||||
Total below-investment-grade bank and insurance CDOs
|
|
100.0
|
%
|
|
$
|
1,995
|
|
|
$
|
1,473
|
|
|
$
|
1,172
|
|
|
$
|
(301
|
)
|
|
$
|
(26
|
)
|
|
$
|
(358
|
)
|
|
$
|
(73
|
)
|
|
|
Average amount of each security held
1
|
||||||||||||||
(In millions)
|
|
Par
value
|
|
Amortized
cost
|
|
Estimated
fair value
|
|
Unrealized
loss
|
||||||||
Original ratings of securities, no credit OTTI recognized:
|
|
|
|
|
|
|
|
|
||||||||
Original AAA
|
|
$
|
30
|
|
|
$
|
28
|
|
|
$
|
22
|
|
|
$
|
(6
|
)
|
Original A
|
|
14
|
|
|
14
|
|
|
11
|
|
|
(3
|
)
|
||||
Original BBB
|
|
9
|
|
|
9
|
|
|
7
|
|
|
(2
|
)
|
||||
Original ratings of securities, credit OTTI recognized:
|
|
|
|
|
|
|
|
|
||||||||
Original AAA
|
|
50
|
|
|
43
|
|
|
28
|
|
|
(15
|
)
|
||||
Original A
|
|
16
|
|
|
9
|
|
|
7
|
|
|
(2
|
)
|
||||
Original BBB
|
|
13
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
Current
lowest
rating
|
|
# of issuers
in collateral
pool
|
|
# of issuers
currently
performing
1
|
|
% of original
collateral
defaulted
2
|
|
% of original
collateral
deferring
3
|
|
Subordination as a % of
performing collateral
4
|
|
Collateral- ization %
5
|
|
Present value of expected
cash flows discounted at
effective rate as a % of par
6
|
|
Lifetime
additional
assumed incurred loss
from performing
collateral
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Original ratings of securities, no credit related OTTI:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Original AAA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Best
|
BB
|
|
20
|
|
18
|
|
2.6
|
%
|
|
1.5
|
%
|
|
69.0
|
%
|
|
608.3
|
%
|
|
100
|
%
|
|
—
|
%
|
Weighted average
|
|
|
|
|
|
17.7
|
|
|
7.3
|
|
|
42.4
|
|
|
244.4
|
|
|
100
|
|
|
11.2
|
|
|
Worst
|
CC
|
|
30
|
|
14
|
|
28.7
|
|
|
18.1
|
|
|
9.5
|
|
|
141.2
|
|
|
100
|
|
|
15.2
|
|
Original A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Best
|
B
|
|
30
|
|
30
|
|
—
|
|
|
—
|
|
|
292.0
|
|
|
307.9
|
|
|
100
|
|
|
11.9
|
|
Weighted average
|
|
|
|
|
|
1.5
|
|
|
4.8
|
|
|
22.9
|
|
|
160.4
|
|
|
100
|
|
|
13.1
|
|
|
Worst
|
CC
|
|
6
|
|
5
|
|
4.0
|
|
|
9.3
|
|
|
14.1
|
|
|
134.4
|
|
|
100
|
|
|
14.9
|
|
Original BBB
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Best
|
CCC
|
|
30
|
|
30
|
|
—
|
|
|
—
|
|
|
20.9
|
|
|
353.5
|
|
|
100
|
|
|
11.9
|
|
Weighted average
|
|
|
|
|
|
1.3
|
|
|
3.8
|
|
|
14.1
|
|
|
285.4
|
|
|
100
|
|
|
13.5
|
|
|
Worst
|
CC
|
|
20
|
|
17
|
|
4.0
|
|
|
9.3
|
|
|
8.2
|
|
|
240.2
|
|
|
100
|
|
|
14.8
|
|
Original ratings of securities, credit-related OTTI:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Original AAA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Single security
|
CCC
|
|
40
|
|
26
|
|
22.5
|
|
|
9.0
|
|
|
33.7
|
|
|
235.7
|
|
|
99
|
|
|
10.2
|
|
Original A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Best
|
CC
|
|
25
|
|
23
|
|
—
|
|
|
—
|
|
|
60.0
|
|
|
102.4
|
|
|
100
|
|
|
—
|
|
Weighted average
|
|
|
|
|
|
11.4
|
|
|
7.9
|
|
|
(16.5
|
)
|
|
64.7
|
|
|
76
|
|
|
12.6
|
|
|
Worst
|
C
|
|
3
|
|
—
|
|
22.5
|
|
|
23.3
|
|
|
(96.9
|
)
|
|
13.1
|
|
|
29
|
|
|
16.6
|
|
Original BBB
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Best
|
C
|
|
38
|
|
32
|
|
10.9
|
|
|
4.7
|
|
|
(7.3
|
)
|
|
37.4
|
|
|
52
|
|
|
8.1
|
|
Weighted average
|
|
|
|
|
|
17.2
|
|
|
7.1
|
|
|
(20.7
|
)
|
|
(147.4
|
)
|
|
31
|
|
|
11.5
|
|
|
Worst
|
C
|
|
18
|
|
9
|
|
22.5
|
|
|
9.0
|
|
|
(70.2
|
)
|
|
(282.2
|
)
|
|
13
|
|
|
13.4
|
|
1
|
Excludes both defaulted issuers and issuers that have elected to defer payment of current interest.
|
2
|
Collateral is identified as defaulted
due to either of nonpayment by end of allowable deferral period, bankruptcy, or
when a regulator closes an issuing bank.
|
3
|
Collateral is identified as deferring when the Company becomes aware that an issuer has announced or elected to defer interest payment on trust preferred debt.
|
|
Total securities
|
|
Within one year
|
|
After one but within five years
|
|
After five but within ten years
|
|
After ten years
|
|||||||||||||||||||||||||
(Amounts in millions)
|
Amount
|
|
Yield*
|
|
Amount
|
|
Yield*
|
|
Amount
|
|
Yield*
|
|
Amount
|
|
Yield*
|
|
Amount
|
|
Yield*
|
|||||||||||||||
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Municipal securities
|
$
|
551
|
|
|
5.7
|
%
|
|
$
|
53
|
|
|
4.6
|
%
|
|
$
|
197
|
|
|
5.2
|
%
|
|
$
|
135
|
|
|
6.0
|
%
|
|
$
|
166
|
|
|
6.5
|
%
|
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Trust preferred securities – banks and insurance
|
80
|
|
|
2.4
|
|
|
1
|
|
|
2.5
|
|
|
1
|
|
|
2.5
|
|
|
2
|
|
|
2.7
|
|
|
76
|
|
|
2.4
|
|
|||||
|
631
|
|
|
5.3
|
|
|
54
|
|
|
4.6
|
|
|
198
|
|
|
5.2
|
|
|
137
|
|
|
5.9
|
|
|
242
|
|
|
5.2
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. Treasury securities
|
1
|
|
|
8.3
|
|
|
1
|
|
|
8.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||||||
U.S. Government agencies and corporations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Agency securities
|
518
|
|
|
1.7
|
|
|
66
|
|
|
1.7
|
|
|
196
|
|
|
1.7
|
|
|
145
|
|
|
1.7
|
|
|
111
|
|
|
1.7
|
|
|||||
Agency guaranteed mortgage-backed securities
|
309
|
|
|
2.7
|
|
|
44
|
|
|
2.7
|
|
|
121
|
|
|
2.7
|
|
|
77
|
|
|
2.7
|
|
|
67
|
|
|
2.7
|
|
|||||
Small Business Administration loan-backed securities
|
1,203
|
|
|
2.2
|
|
|
240
|
|
|
2.2
|
|
|
580
|
|
|
2.2
|
|
|
263
|
|
|
2.2
|
|
|
120
|
|
|
2.2
|
|
|||||
Municipal securities
|
65
|
|
|
6.2
|
|
|
2
|
|
|
4.7
|
|
|
32
|
|
|
5.6
|
|
|
20
|
|
|
7.1
|
|
|
11
|
|
|
6.8
|
|
|||||
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Trust preferred securities – banks and insurance
|
1,508
|
|
|
3.5
|
|
|
91
|
|
|
3.2
|
|
|
212
|
|
|
3.4
|
|
|
208
|
|
|
3.5
|
|
|
997
|
|
|
3.6
|
|
|||||
Trust preferred securities – real estate investment trusts
|
23
|
|
|
0.7
|
|
|
—
|
|
|
|
|
2
|
|
|
0.7
|
|
|
5
|
|
|
0.7
|
|
|
16
|
|
|
0.8
|
|
||||||
Auction rate securities
|
7
|
|
|
1.9
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
7
|
|
|
1.9
|
|
||||||||
Other
|
28
|
|
|
1.3
|
|
|
2
|
|
|
3.6
|
|
|
9
|
|
|
1.2
|
|
|
7
|
|
|
1.1
|
|
|
10
|
|
|
1.2
|
|
|||||
|
3,662
|
|
|
2.8
|
|
|
446
|
|
|
2.4
|
|
|
1,152
|
|
|
2.5
|
|
|
725
|
|
|
2.6
|
|
|
1,339
|
|
|
3.2
|
|
|||||
Mutual funds and other
|
287
|
|
|
1.4
|
|
|
287
|
|
|
1.4
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
||||||||
|
3,949
|
|
|
2.7
|
|
|
733
|
|
|
2.0
|
|
|
1,152
|
|
|
2.5
|
|
|
725
|
|
|
2.6
|
|
|
1,339
|
|
|
3.2
|
|
|||||
Total
|
$
|
4,580
|
|
|
3.0
|
|
|
$
|
787
|
|
|
2.2
|
|
|
$
|
1,350
|
|
|
2.9
|
|
|
$
|
862
|
|
|
3.2
|
|
|
$
|
1,581
|
|
|
3.5
|
|
(In millions)
|
2013
|
|
2012
|
||||
|
|
|
|
||||
Change in intent:
|
|
|
|
||||
Securities prohibited under Volcker Rule
|
$
|
43.2
|
|
|
$
|
—
|
|
Securities allowable under Volcker Rule
|
93.9
|
|
|
—
|
|
||
Model and assumption change
|
7.2
|
|
|
83.5
|
|
||
Prepayments
|
—
|
|
|
6.2
|
|
||
Credit deterioration
|
20.8
|
|
|
14.4
|
|
||
|
|
|
|
||||
|
$
|
165.1
|
|
|
$
|
104.1
|
|
|
|
December 31, 2013
|
|
2013
|
|
2014
|
||||||||||||||||||
(Amounts in millions)
|
|
Par value
|
|
Amortized cost
|
|
Carrying value
|
|
Loss recorded in fourth quarter
|
|
Sales proceeds
|
|
Gain realized
|
||||||||||||
Performing CDOs
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Insurance CDOs
|
|
$
|
71
|
|
|
$
|
55
|
|
|
$
|
55
|
|
|
$
|
(16
|
)
|
|
$
|
55
|
|
|
$
|
—
|
|
Other CDOs
|
|
43
|
|
|
26
|
|
|
26
|
|
|
(8
|
)
|
|
28
|
|
|
3
|
|
||||||
Total performing CDOs
|
|
114
|
|
|
81
|
|
|
81
|
|
|
(24
|
)
|
|
83
|
|
|
3
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nonperforming CDOs
1
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Credit impairment prior to last 12 months
|
|
291
|
|
|
123
|
|
|
123
|
|
|
(53
|
)
|
|
153
|
|
|
29
|
|
||||||
Credit impairment during last 12 months
|
|
226
|
|
|
78
|
|
|
78
|
|
|
(60
|
)
|
|
111
|
|
|
33
|
|
||||||
Total nonperforming CDOs
|
|
517
|
|
|
201
|
|
|
201
|
|
|
(113
|
)
|
|
264
|
|
|
62
|
|
||||||
Total
|
|
$
|
631
|
|
|
$
|
282
|
|
|
$
|
282
|
|
|
$
|
(137
|
)
|
|
$
|
347
|
|
|
$
|
65
|
|
|
December 31,
|
||||||
(In millions)
|
2013
|
|
2012
|
||||
|
|
|
|
||||
Loans and leases
|
$
|
449
|
|
|
$
|
494
|
|
Held-to-maturity – municipal securities
|
551
|
|
|
525
|
|
||
Available-for-sale – municipal securities
|
66
|
|
|
75
|
|
||
Available-for-sale – auction rate securities
|
7
|
|
|
7
|
|
||
Trading account – municipal securities
|
27
|
|
|
21
|
|
||
Unused commitments to extend credit
|
17
|
|
|
40
|
|
||
Total direct exposure to municipalities
|
$
|
1,117
|
|
|
$
|
1,162
|
|
|
December 31, 2013
|
|
|
|
December 31,
|
||||||||||||||||||||||||||
(In millions)
|
One year or less
|
|
One year through five years
|
|
Over five years
|
|
Total
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial and industrial
|
$
|
7,123
|
|
|
$
|
4,118
|
|
|
$
|
1,240
|
|
|
$
|
12,481
|
|
|
$
|
11,257
|
|
|
$
|
10,448
|
|
|
$
|
9,198
|
|
|
$
|
9,653
|
|
Leasing
|
53
|
|
|
259
|
|
|
76
|
|
|
388
|
|
|
423
|
|
|
380
|
|
|
365
|
|
|
409
|
|
||||||||
Owner occupied
|
359
|
|
|
1,367
|
|
|
5,711
|
|
|
7,437
|
|
|
7,589
|
|
|
8,159
|
|
|
8,212
|
|
|
8,745
|
|
||||||||
Municipal
|
37
|
|
|
81
|
|
|
331
|
|
|
449
|
|
|
494
|
|
|
441
|
|
|
438
|
|
|
355
|
|
||||||||
Total commercial
|
7,572
|
|
|
5,825
|
|
|
7,358
|
|
|
20,755
|
|
|
19,763
|
|
|
19,428
|
|
|
18,213
|
|
|
19,162
|
|
||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Construction and land development
|
821
|
|
|
1,219
|
|
|
143
|
|
|
2,183
|
|
|
1,939
|
|
|
2,265
|
|
|
3,558
|
|
|
5,535
|
|
||||||||
Term
|
1,070
|
|
|
3,165
|
|
|
3,771
|
|
|
8,006
|
|
|
8,063
|
|
|
7,883
|
|
|
7,564
|
|
|
7,240
|
|
||||||||
Total commercial real estate
|
1,891
|
|
|
4,384
|
|
|
3,914
|
|
|
10,189
|
|
|
10,002
|
|
|
10,148
|
|
|
11,122
|
|
|
12,775
|
|
||||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Home equity credit line
|
31
|
|
|
87
|
|
|
2,015
|
|
|
2,133
|
|
|
2,178
|
|
|
2,187
|
|
|
2,145
|
|
|
2,138
|
|
||||||||
1-4 family residential
|
14
|
|
|
136
|
|
|
4,587
|
|
|
4,737
|
|
|
4,350
|
|
|
3,921
|
|
|
3,504
|
|
|
3,647
|
|
||||||||
Construction and other consumer real estate
|
148
|
|
|
11
|
|
|
166
|
|
|
325
|
|
|
321
|
|
|
306
|
|
|
342
|
|
|
458
|
|
||||||||
Bankcard and other revolving plans
|
119
|
|
|
144
|
|
|
93
|
|
|
356
|
|
|
307
|
|
|
291
|
|
|
297
|
|
|
341
|
|
||||||||
Other
|
25
|
|
|
149
|
|
|
24
|
|
|
198
|
|
|
216
|
|
|
226
|
|
|
236
|
|
|
294
|
|
||||||||
Total consumer
|
337
|
|
|
527
|
|
|
6,885
|
|
|
7,749
|
|
|
7,372
|
|
|
6,931
|
|
|
6,524
|
|
|
6,878
|
|
||||||||
FDIC-supported loans
|
96
|
|
|
163
|
|
|
91
|
|
|
350
|
|
|
528
|
|
|
751
|
|
|
971
|
|
|
1,445
|
|
||||||||
Total net loans
|
$
|
9,896
|
|
|
$
|
10,899
|
|
|
$
|
18,248
|
|
|
$
|
39,043
|
|
|
$
|
37,665
|
|
|
$
|
37,258
|
|
|
$
|
36,830
|
|
|
$
|
40,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans maturing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
With fixed interest rates
|
$
|
1,223
|
|
|
$
|
3,978
|
|
|
$
|
3,483
|
|
|
$
|
8,684
|
|
|
|
|
|
|
|
|
|
||||||||
With variable interest rates
|
8,673
|
|
|
6,921
|
|
|
14,765
|
|
|
30,359
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
9,896
|
|
|
$
|
10,899
|
|
|
$
|
18,248
|
|
|
$
|
39,043
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
||||||
(In millions)
|
2013
|
|
2012
|
||||
|
|
|
|
||||
Bank-owned life insurance
|
$
|
466
|
|
|
$
|
456
|
|
Federal Home Loan Bank stock
|
105
|
|
|
109
|
|
||
Federal Reserve stock
|
121
|
|
|
123
|
|
||
SBIC investments
|
61
|
|
|
46
|
|
||
Non-SBIC investment funds and other
|
98
|
|
|
107
|
|
||
Trust preferred securities
|
5
|
|
|
14
|
|
||
|
$
|
856
|
|
|
$
|
855
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||
(Amounts in millions)
|
Amount
|
|
% of
total loans
|
|
Amount
|
|
% of
total loans
|
||||||
Commercial:
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
12,481
|
|
|
32.0
|
%
|
|
$
|
11,257
|
|
|
29.9
|
%
|
Leasing
|
388
|
|
|
1.0
|
|
|
423
|
|
|
1.1
|
|
||
Owner occupied
|
7,437
|
|
|
19.0
|
|
|
7,589
|
|
|
20.1
|
|
||
Municipal
|
449
|
|
|
1.2
|
|
|
494
|
|
|
1.3
|
|
||
Total commercial
|
20,755
|
|
|
53.2
|
|
|
19,763
|
|
|
52.4
|
|
||
Commercial real estate:
|
|
|
|
|
|
|
|
||||||
Construction and land development
|
2,183
|
|
|
5.6
|
|
|
1,939
|
|
|
5.1
|
|
||
Term
|
8,006
|
|
|
20.5
|
|
|
8,063
|
|
|
21.4
|
|
||
Total commercial real estate
|
10,189
|
|
|
26.1
|
|
|
10,002
|
|
|
26.5
|
|
||
Consumer:
|
|
|
|
|
|
|
|
||||||
Home equity credit line
|
2,133
|
|
|
5.5
|
|
|
2,178
|
|
|
5.8
|
|
||
1-4 family residential
|
4,737
|
|
|
12.1
|
|
|
4,350
|
|
|
11.6
|
|
||
Construction and other consumer real estate
|
325
|
|
|
0.8
|
|
|
321
|
|
|
0.9
|
|
||
Bankcard and other revolving plans
|
356
|
|
|
0.9
|
|
|
307
|
|
|
0.8
|
|
||
Other
|
198
|
|
|
0.5
|
|
|
216
|
|
|
0.6
|
|
||
Total consumer
|
7,749
|
|
|
19.8
|
|
|
7,372
|
|
|
19.7
|
|
||
FDIC-supported loans
|
350
|
|
|
0.9
|
|
|
528
|
|
|
1.4
|
|
||
Total net loans
|
$
|
39,043
|
|
|
100.0
|
%
|
|
$
|
37,665
|
|
|
100.0
|
%
|
|
Inception through
December 31, 2013 |
||||||||||
(In millions)
|
Total actual net losses
|
|
Threshold
|
||||||||
|
|
|
|
|
|
|
|
||||
Alliance Bank
|
|
$
|
165
|
|
|
|
|
$
|
275
|
|
|
Great Basin Bank
|
|
11
|
|
|
|
|
40
|
|
|
||
Vineyard Bank
|
|
194
|
|
|
|
|
465
|
|
|
||
|
|
$
|
370
|
|
|
|
|
$
|
780
|
|
|
(Amounts in millions)
|
December 31,
2013
|
|
Percent
guaranteed
|
|
December 31,
2012
|
|
Percent
guaranteed
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial
|
|
$
|
552
|
|
|
|
|
75
|
%
|
|
|
|
$
|
567
|
|
|
|
|
74
|
%
|
|
Commercial real estate
|
|
17
|
|
|
|
|
76
|
|
|
|
|
20
|
|
|
|
|
76
|
|
|
||
Consumer
|
|
4
|
|
|
|
|
100
|
|
|
|
|
3
|
|
|
|
|
100
|
|
|
||
Total loans excluding FDIC-supported loans
|
$
|
573
|
|
|
|
|
76
|
|
|
|
|
$
|
590
|
|
|
|
|
75
|
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||
(Amounts in millions)
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
|
|
|
|
|
|
|
|
||||||
Real estate, rental and leasing
|
$
|
2,937
|
|
|
14.1
|
%
|
|
$
|
2,782
|
|
|
14.1
|
%
|
Mining, quarrying and oil and gas extraction
|
2,205
|
|
|
10.6
|
|
|
1,992
|
|
|
10.1
|
|
||
Manufacturing
|
2,181
|
|
|
10.5
|
|
|
1,999
|
|
|
10.1
|
|
||
Retail trade
|
1,737
|
|
|
8.4
|
|
|
1,661
|
|
|
8.4
|
|
||
Wholesale trade
|
1,464
|
|
|
7.1
|
|
|
1,521
|
|
|
7.7
|
|
||
Healthcare and social assistance
|
1,211
|
|
|
5.8
|
|
|
1,205
|
|
|
6.1
|
|
||
Finance and insurance
|
1,168
|
|
|
5.6
|
|
|
1,093
|
|
|
5.5
|
|
||
Transportation and warehousing
|
1,074
|
|
|
5.2
|
|
|
1,001
|
|
|
5.1
|
|
||
Professional, scientific and technical services
|
928
|
|
|
4.5
|
|
|
968
|
|
|
4.9
|
|
||
Construction
|
925
|
|
|
4.5
|
|
|
1,016
|
|
|
5.1
|
|
||
Accommodation and food services
|
799
|
|
|
3.8
|
|
|
786
|
|
|
4.0
|
|
||
Other
1
|
4,126
|
|
|
19.9
|
|
|
3,739
|
|
|
18.9
|
|
||
Total
|
$
|
20,755
|
|
|
100.0
|
%
|
|
$
|
19,763
|
|
|
100.0
|
%
|
(Amounts in millions)
|
|
|
|
Collateral Location
|
|
% of total CRE
|
|
% of loan type
|
|||||||||||||||||||||||||||||
Loan type
|
|
Balance
1
|
|
Arizona
|
|
Northern
California
|
|
Southern
California
|
|
Nevada
|
|
Colorado
|
|
Texas
|
|
Utah/
Idaho
|
|
Wash-ington
|
|
Other
|
|
|
|||||||||||||||
Commercial term
|
|||||||||||||||||||||||||||||||||||||
Industrial
|
|
|
|
1.64
|
%
|
|
1.43
|
%
|
|
2.46
|
%
|
|
0.58
|
%
|
|
0.51
|
%
|
|
0.96
|
%
|
|
0.90
|
%
|
|
0.32
|
%
|
|
0.95
|
%
|
|
9.75
|
%
|
|
12.34
|
%
|
||
Office
|
|
|
|
1.94
|
|
|
1.65
|
|
|
4.15
|
|
|
0.76
|
|
|
1.04
|
|
|
1.29
|
|
|
3.76
|
|
|
0.46
|
|
|
0.80
|
|
|
15.85
|
|
|
20.03
|
|
||
Retail
|
|
|
|
2.11
|
|
|
1.15
|
|
|
3.98
|
|
|
1.54
|
|
|
0.72
|
|
|
2.70
|
|
|
1.34
|
|
|
0.25
|
|
|
1.46
|
|
|
15.25
|
|
|
19.27
|
|
||
Hotel/motel
|
|
|
|
1.72
|
|
|
0.78
|
|
|
1.38
|
|
|
0.66
|
|
|
0.75
|
|
|
1.34
|
|
|
1.23
|
|
|
0.18
|
|
|
2.20
|
|
|
10.24
|
|
|
12.98
|
|
||
Acquisition/development
|
|
0.02
|
|
|
0.09
|
|
|
0.57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.16
|
|
|
—
|
|
|
0.02
|
|
|
0.86
|
|
|
1.09
|
|
||||
Golf course
|
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
||
Medical
|
|
|
|
0.59
|
|
|
0.10
|
|
|
0.52
|
|
|
0.73
|
|
|
0.03
|
|
|
0.44
|
|
|
0.32
|
|
|
0.07
|
|
|
0.12
|
|
|
2.92
|
|
|
3.71
|
|
||
Recreation/restaurant
|
|
|
0.44
|
|
|
0.07
|
|
|
0.66
|
|
|
0.17
|
|
|
0.05
|
|
|
0.27
|
|
|
0.19
|
|
|
0.11
|
|
|
0.40
|
|
|
2.36
|
|
|
2.98
|
|
|||
Multifamily
|
|
|
|
1.65
|
|
|
1.05
|
|
|
5.27
|
|
|
0.26
|
|
|
0.80
|
|
|
2.57
|
|
|
1.27
|
|
|
0.42
|
|
|
0.82
|
|
|
14.11
|
|
|
17.83
|
|
||
Other
|
|
|
|
0.85
|
|
|
0.65
|
|
|
1.80
|
|
|
0.76
|
|
|
0.73
|
|
|
0.44
|
|
|
1.39
|
|
|
0.24
|
|
|
0.87
|
|
|
7.73
|
|
|
9.76
|
|
||
Total
|
|
$
|
7,893
|
|
|
10.97
|
|
|
6.97
|
|
|
20.79
|
|
|
5.46
|
|
|
4.63
|
|
|
10.01
|
|
|
10.56
|
|
|
2.05
|
|
|
7.64
|
|
|
79.08
|
|
|
100.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Residential construction and land development
|
|||||||||||||||||||||||||||||||||||||
Single family housing
|
|
0.19
|
|
|
0.34
|
|
|
1.14
|
|
|
0.05
|
|
|
0.26
|
|
|
1.05
|
|
|
0.08
|
|
|
0.09
|
|
|
0.06
|
|
|
3.26
|
|
|
48.08
|
|
||||
Acquisition/development
|
|
0.34
|
|
|
0.03
|
|
|
0.46
|
|
|
0.02
|
|
|
0.04
|
|
|
0.83
|
|
|
0.50
|
|
|
0.01
|
|
|
—
|
|
|
2.23
|
|
|
33.51
|
|
||||
Loan lot investor
|
|
|
|
0.07
|
|
|
0.01
|
|
|
0.07
|
|
|
—
|
|
|
0.02
|
|
|
0.07
|
|
|
0.27
|
|
|
0.01
|
|
|
0.07
|
|
|
0.59
|
|
|
8.76
|
|
||
Condo
|
|
|
|
—
|
|
|
—
|
|
|
0.56
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
|
—
|
|
|
0.07
|
|
|
0.65
|
|
|
9.65
|
|
||
Total
|
|
671
|
|
|
0.60
|
|
|
0.38
|
|
|
2.23
|
|
|
0.07
|
|
|
0.32
|
|
|
1.96
|
|
|
0.86
|
|
|
0.11
|
|
|
0.20
|
|
|
6.73
|
|
|
100.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commercial construction and land development
|
|||||||||||||||||||||||||||||||||||||
Industrial
|
|
|
|
0.15
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
|
0.03
|
|
|
0.65
|
|
|
0.05
|
|
|
0.01
|
|
|
—
|
|
|
0.90
|
|
|
6.40
|
|
||
Office
|
|
|
|
—
|
|
|
0.18
|
|
|
0.44
|
|
|
0.06
|
|
|
0.10
|
|
|
0.26
|
|
|
0.47
|
|
|
0.07
|
|
|
—
|
|
|
1.58
|
|
|
11.14
|
|
||
Retail
|
|
|
|
0.04
|
|
|
0.13
|
|
|
0.02
|
|
|
0.08
|
|
|
0.04
|
|
|
0.30
|
|
|
0.73
|
|
|
—
|
|
|
—
|
|
|
1.34
|
|
|
9.40
|
|
||
Hotel/motel
|
|
|
|
0.10
|
|
|
0.05
|
|
|
0.19
|
|
|
—
|
|
|
—
|
|
|
0.23
|
|
|
0.04
|
|
|
—
|
|
|
—
|
|
|
0.61
|
|
|
4.29
|
|
||
Acquisition/development
|
|
0.26
|
|
|
0.14
|
|
|
0.30
|
|
|
0.21
|
|
|
0.39
|
|
|
0.60
|
|
|
0.54
|
|
|
0.06
|
|
|
0.03
|
|
|
2.53
|
|
|
17.84
|
|
||||
Medical
|
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.02
|
|
|
0.06
|
|
|
0.09
|
|
|
—
|
|
|
—
|
|
|
0.18
|
|
|
1.24
|
|
||
Recreation
|
|
|
|
0.03
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.02
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
|
0.06
|
|
|
0.34
|
|
||
Multifamily
|
|
|
|
0.43
|
|
|
0.23
|
|
|
1.67
|
|
|
0.39
|
|
|
0.73
|
|
|
1.18
|
|
|
1.16
|
|
|
0.26
|
|
|
0.28
|
|
|
6.33
|
|
|
44.66
|
|
||
Other
|
|
|
|
0.05
|
|
|
0.01
|
|
|
0.03
|
|
|
0.23
|
|
|
0.03
|
|
|
0.07
|
|
|
0.14
|
|
|
—
|
|
|
0.10
|
|
|
0.66
|
|
|
4.69
|
|
||
Total
|
|
1,415
|
|
|
1.07
|
|
|
0.75
|
|
|
2.65
|
|
|
0.97
|
|
|
1.34
|
|
|
3.37
|
|
|
3.23
|
|
|
0.40
|
|
|
0.41
|
|
|
14.19
|
|
|
100.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total construction and land development
|
|
2,086
|
|
|
1.67
|
|
|
1.13
|
|
|
4.88
|
|
|
1.04
|
|
|
1.66
|
|
|
5.33
|
|
|
4.09
|
|
|
0.51
|
|
|
0.61
|
|
|
20.92
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total commercial real estate
|
|
$
|
9,979
|
|
|
12.64
|
|
|
8.10
|
|
|
25.67
|
|
|
6.50
|
|
|
6.29
|
|
|
15.34
|
|
|
14.65
|
|
|
2.56
|
|
|
8.25
|
|
|
100.00
|
|
|
|
(Amounts in millions)
|
|
Collateral Location
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Loan type
|
|
As of
date
|
|
Arizona
|
|
Northern
California
|
|
Southern
California
|
|
Nevada
|
|
Colorado
|
|
Texas
|
|
Utah/
Idaho
|
|
Wash-ington
|
|
Other
1
|
|
Total
|
|
% of
total
CRE
|
|||||||||||||||||||||
Commercial term
|
|||||||||||||||||||||||||||||||||||||||||||||
Balance outstanding
|
|
12/31/2013
|
|
$
|
1,121
|
|
|
$
|
700
|
|
|
$
|
2,095
|
|
|
$
|
557
|
|
|
$
|
463
|
|
|
$
|
1,041
|
|
|
$
|
1,058
|
|
|
$
|
207
|
|
|
$
|
764
|
|
|
$
|
8,006
|
|
|
78.6
|
%
|
% of loan type
|
|
|
|
14.0
|
%
|
|
8.7
|
%
|
|
26.2
|
%
|
|
7.0
|
%
|
|
5.8
|
%
|
|
13.0
|
%
|
|
13.2
|
%
|
|
2.6
|
%
|
|
9.5
|
%
|
|
100.0
|
%
|
|
|
|||||||||||
Delinquency rates
2
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
30-89 days
|
|
12/31/2013
|
|
0.3
|
%
|
|
—
|
|
|
0.2
|
%
|
|
0.7
|
%
|
|
—
|
|
|
0.2
|
%
|
|
0.1
|
%
|
|
—
|
|
|
0.4
|
%
|
|
0.2
|
%
|
|
|
|||||||||||
|
|
12/31/2012
|
|
0.2
|
%
|
|
0.1
|
%
|
|
0.1
|
%
|
|
0.2
|
%
|
|
—
|
|
|
0.1
|
%
|
|
0.2
|
%
|
|
1.3
|
%
|
|
1.6
|
%
|
|
0.3
|
%
|
|
|
|||||||||||
≥ 90 days
|
|
12/31/2013
|
|
—
|
|
|
0.5
|
%
|
|
0.4
|
%
|
|
—
|
|
|
—
|
|
|
0.3
|
%
|
|
0.1
|
%
|
|
—
|
|
|
0.5
|
%
|
|
0.2
|
%
|
|
|
|||||||||||
|
|
12/31/2012
|
|
0.3
|
%
|
|
1.3
|
%
|
|
0.5
|
%
|
|
0.8
|
%
|
|
0.7
|
%
|
|
0.5
|
%
|
|
0.1
|
%
|
|
—
|
|
|
2.1
|
%
|
|
0.7
|
%
|
|
|
|||||||||||
Accruing loans past due 90 days or more
|
|
12/31/2013
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
|
|
|
|
12/31/2012
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||||||
Nonaccrual loans
|
|
12/31/2013
|
|
7
|
|
|
4
|
|
|
13
|
|
|
8
|
|
|
1
|
|
|
7
|
|
|
6
|
|
|
1
|
|
|
13
|
|
|
60
|
|
|
|
|||||||||||
|
|
12/31/2012
|
|
10
|
|
|
9
|
|
|
19
|
|
|
14
|
|
|
11
|
|
|
8
|
|
|
4
|
|
|
3
|
|
|
47
|
|
|
125
|
|
|
|
|||||||||||
Residential construction and land development
|
|||||||||||||||||||||||||||||||||||||||||||||
Balance outstanding
|
|
12/31/2013
|
|
$
|
63
|
|
|
$
|
40
|
|
|
$
|
253
|
|
|
$
|
7
|
|
|
$
|
32
|
|
|
$
|
199
|
|
|
$
|
88
|
|
|
$
|
11
|
|
|
$
|
20
|
|
|
$
|
713
|
|
|
7.0
|
%
|
% of loan type
|
|
|
|
8.8
|
%
|
|
5.6
|
%
|
|
35.6
|
%
|
|
1.0
|
%
|
|
4.5
|
%
|
|
27.9
|
%
|
|
12.3
|
%
|
|
1.5
|
%
|
|
2.8
|
%
|
|
100.0
|
%
|
|
|
|||||||||||
Delinquency rates
2
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
30-89 days
|
|
12/31/2013
|
|
1.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
%
|
|
|
|||||||||||
|
|
12/31/2012
|
|
0.6
|
%
|
|
1.0
|
%
|
|
0.4
|
%
|
|
10.7
|
%
|
|
4.9
|
%
|
|
7.9
|
%
|
|
0.2
|
%
|
|
—
|
|
|
—
|
|
|
3.1
|
%
|
|
|
|||||||||||
≥ 90 days
|
|
12/31/2013
|
|
—
|
|
|
—
|
|
|
0.1
|
%
|
|
—
|
|
|
—
|
|
|
3.0
|
%
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.9
|
%
|
|
|
|||||||||||
|
|
12/31/2012
|
|
0.7
|
%
|
|
—
|
|
|
0.2
|
%
|
|
—
|
|
|
0.5
|
%
|
|
6.7
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.4
|
%
|
|
|
|||||||||||
Accruing loans past due 90 days or more
|
|
12/31/2013
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
12/31/2012
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
|
|||||||||||
Nonaccrual loans
|
|
12/31/2013
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
|
|||||||||||
|
|
12/31/2012
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
|
|||||||||||
Commercial construction and land development
|
|||||||||||||||||||||||||||||||||||||||||||||
Balance outstanding
|
|
12/31/2013
|
|
$
|
105
|
|
|
$
|
77
|
|
|
$
|
269
|
|
|
$
|
96
|
|
|
$
|
136
|
|
|
$
|
367
|
|
|
$
|
326
|
|
|
$
|
42
|
|
|
$
|
52
|
|
|
$
|
1,470
|
|
|
14.4
|
%
|
% of loan type
|
|
|
|
7.1
|
%
|
|
5.2
|
%
|
|
18.3
|
%
|
|
6.5
|
%
|
|
9.3
|
%
|
|
25.0
|
%
|
|
22.2
|
%
|
|
2.9
|
%
|
|
3.5
|
%
|
|
100.0
|
%
|
|
|
|||||||||||
Delinquency rates
2
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
30-89 days
|
|
12/31/2013
|
|
0.7
|
%
|
|
0.8
|
%
|
|
0.5
|
%
|
|
4.9
|
%
|
|
—
|
|
|
0.3
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.6
|
%
|
|
|
|||||||||||
|
|
12/31/2012
|
|
2.4
|
%
|
|
—
|
|
|
—
|
|
|
27.9
|
%
|
|
0.4
|
%
|
|
2.0
|
%
|
|
2.3
|
%
|
|
—
|
|
|
7.3
|
%
|
|
3.1
|
%
|
|
|
|||||||||||
≥ 90 days
|
|
12/31/2013
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.5
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
%
|
|
|
|||||||||||
|
|
12/31/2012
|
|
—
|
|
|
2.6
|
%
|
|
0.1
|
%
|
|
0.2
|
%
|
|
—
|
|
|
4.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.6
|
%
|
|
|
|||||||||||
Accruing loans past due 90 days or more
|
|
12/31/2013
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
12/31/2012
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||||||
Nonaccrual loans
|
|
12/31/2013
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
|
|||||||||||
|
|
12/31/2012
|
|
—
|
|
|
1
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
29
|
|
|
14
|
|
|
3
|
|
|
—
|
|
|
69
|
|
|
|
|||||||||||
Total construction and land development
|
|
12/31/2013
|
|
$
|
168
|
|
|
$
|
117
|
|
|
$
|
522
|
|
|
$
|
103
|
|
|
$
|
168
|
|
|
$
|
566
|
|
|
$
|
414
|
|
|
$
|
53
|
|
|
$
|
72
|
|
|
$
|
2,183
|
|
|
|
|
Total commercial real estate
|
|
12/31/2013
|
|
$
|
1,289
|
|
|
$
|
817
|
|
|
$
|
2,617
|
|
|
$
|
660
|
|
|
$
|
631
|
|
|
$
|
1,607
|
|
|
$
|
1,472
|
|
|
$
|
260
|
|
|
$
|
836
|
|
|
$
|
10,189
|
|
|
100.0
|
%
|
|
||||||||||||||||||||||||
(In millions)
|
|
|
December 31, 2013
|
|
|
|
December 31, 2012
|
|
||||||||||||||||
Year of
origination
|
|
Outstanding
balance
|
|
Total
commitments
|
|
Outstanding
balance
|
|
Total
commitments
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2013
|
|
|
$
|
161
|
|
|
|
|
$
|
331
|
|
|
|
|
|
|
|
|
|
|
||||
2012
|
|
|
103
|
|
|
|
|
208
|
|
|
|
|
$
|
117
|
|
|
|
|
$
|
234
|
|
|
||
2011
|
|
|
74
|
|
|
|
|
154
|
|
|
|
|
97
|
|
|
|
|
182
|
|
|
||||
2010
|
|
|
51
|
|
|
|
|
101
|
|
|
|
|
68
|
|
|
|
|
122
|
|
|
||||
2009
|
|
|
54
|
|
|
|
|
109
|
|
|
|
|
65
|
|
|
|
|
125
|
|
|
||||
2008
|
|
|
126
|
|
|
|
|
208
|
|
|
|
|
158
|
|
|
|
|
250
|
|
|
||||
2007 and prior
|
|
|
491
|
|
|
|
|
1,006
|
|
|
|
|
608
|
|
|
|
|
1,205
|
|
|
||||
Total
|
|
|
$
|
1,060
|
|
|
|
|
$
|
2,117
|
|
|
|
|
$
|
1,113
|
|
|
|
|
$
|
2,118
|
|
|
|
|
Percentage of HECL portfolio
|
||||
|
|
December 31,
|
||||
CLTV
|
|
2013
|
|
2012
|
||
|
|
|
|
|
||
>100%
|
|
7
|
%
|
|
14
|
%
|
90-100%
|
|
5
|
|
|
9
|
|
80-89%
|
|
10
|
|
|
13
|
|
< 80%
|
|
78
|
|
|
64
|
|
|
|
100
|
%
|
|
100
|
%
|
(Amounts in millions)
|
|
December 31,
|
||||||||||||||||||
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||
Nonaccrual loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans held for sale
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
|
98
|
|
|
91
|
|
|
127
|
|
|
224
|
|
|
319
|
|
|||||
Leasing
|
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
11
|
|
|||||
Owner occupied
|
|
136
|
|
|
206
|
|
|
239
|
|
|
342
|
|
|
474
|
|
|||||
Municipal
|
|
10
|
|
|
9
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development
|
|
29
|
|
|
108
|
|
|
220
|
|
|
494
|
|
|
825
|
|
|||||
Term
|
|
60
|
|
|
125
|
|
|
156
|
|
|
264
|
|
|
228
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate
|
|
66
|
|
|
89
|
|
|
121
|
|
|
163
|
|
|
162
|
|
|||||
Other
|
|
2
|
|
|
2
|
|
|
3
|
|
|
3
|
|
|
4
|
|
|||||
Nonaccrual loans, excluding FDIC-supported loans
|
|
402
|
|
|
631
|
|
|
886
|
|
|
1,493
|
|
|
2,023
|
|
|||||
Other real estate owned:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial properties
|
|
16
|
|
|
45
|
|
|
58
|
|
|
99
|
|
|
85
|
|
|||||
Developed land
|
|
6
|
|
|
10
|
|
|
4
|
|
|
6
|
|
|
14
|
|
|||||
Land
|
|
6
|
|
|
8
|
|
|
17
|
|
|
33
|
|
|
35
|
|
|||||
Residential:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
1-4 family
|
|
5
|
|
|
8
|
|
|
19
|
|
|
53
|
|
|
50
|
|
|||||
Developed land
|
|
9
|
|
|
14
|
|
|
21
|
|
|
50
|
|
|
119
|
|
|||||
Land
|
|
1
|
|
|
5
|
|
|
10
|
|
|
18
|
|
|
33
|
|
|||||
Other real estate owned, excluding FDIC-supported assets
|
|
43
|
|
|
90
|
|
|
129
|
|
|
259
|
|
|
336
|
|
|||||
Total nonperforming lending-related assets, excluding FDIC-supported assets
|
|
445
|
|
|
721
|
|
|
1,015
|
|
|
1,752
|
|
|
2,359
|
|
|||||
FDIC-supported nonaccrual loans
|
|
4
|
|
|
17
|
|
|
25
|
|
|
36
|
|
|
356
|
|
|||||
FDIC-supported other real estate owned
|
|
3
|
|
|
8
|
|
|
24
|
|
|
40
|
|
|
54
|
|
|||||
FDIC-supported nonperforming lending-related assets
|
|
7
|
|
|
25
|
|
|
49
|
|
|
76
|
|
|
410
|
|
|||||
Total nonperforming lending-related assets
|
|
$
|
452
|
|
|
$
|
746
|
|
|
$
|
1,064
|
|
|
$
|
1,828
|
|
|
$
|
2,769
|
|
Ratio of nonperforming lending-related assets to net loans and leases
1
and other real estate owned
|
|
1.15
|
%
|
|
1.96
|
%
|
|
2.83
|
%
|
|
4.90
|
%
|
|
6.78
|
%
|
|||||
Accruing loans past due 90 days or more:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
$
|
3
|
|
|
$
|
6
|
|
|
$
|
8
|
|
|
$
|
11
|
|
|
$
|
53
|
|
Commercial real estate
|
|
5
|
|
|
1
|
|
|
7
|
|
|
7
|
|
|
33
|
|
|||||
Consumer
|
|
2
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
21
|
|
|||||
Total excluding FDIC-supported loans
|
|
10
|
|
|
10
|
|
|
19
|
|
|
23
|
|
|
107
|
|
|||||
FDIC-supported accruing loans past due 90 days or more
|
|
30
|
|
|
52
|
|
|
75
|
|
|
119
|
|
|
56
|
|
|||||
Total
|
|
$
|
40
|
|
|
$
|
62
|
|
|
$
|
94
|
|
|
$
|
142
|
|
|
$
|
163
|
|
Ratio of accruing loans past due 90 days or more to net loans and leases
1
|
|
0.10
|
%
|
|
0.16
|
%
|
|
0.25
|
%
|
|
0.38
|
%
|
|
0.40
|
%
|
|
December 31,
|
||||||
(In millions)
|
2013
|
|
2012
|
||||
|
|
|
|
||||
Restructured loans – accruing
|
$
|
345
|
|
|
$
|
407
|
|
Restructured loans – nonaccruing
|
136
|
|
|
216
|
|
||
Total
|
$
|
481
|
|
|
$
|
623
|
|
|
December 31,
|
||||||
(In millions)
|
2013
|
|
2012
|
||||
|
|
|
|
||||
Balance at beginning of year
|
$
|
623
|
|
|
$
|
744
|
|
New identified TDRs and principal increases
|
213
|
|
|
321
|
|
||
Payments and payoffs
|
(271
|
)
|
|
(249
|
)
|
||
Charge-offs
|
(18
|
)
|
|
(32
|
)
|
||
No longer reported as TDRs
|
(28
|
)
|
|
(65
|
)
|
||
Sales and other
|
(38
|
)
|
|
(96
|
)
|
||
Balance at end of year
|
$
|
481
|
|
|
$
|
623
|
|
(Amounts in millions)
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||
Loans and leases outstanding on December 31, (net of unearned income)
|
|
$39,043
|
|
$37,665
|
|
$37,258
|
|
$36,830
|
|
$40,260
|
||||||||||
Average loans and leases outstanding, (net of unearned income)
|
|
$38,107
|
|
$37,037
|
|
$36,897
|
|
$38,326
|
|
$41,569
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at beginning of year
|
|
$
|
896
|
|
|
$
|
1,052
|
|
|
$
|
1,442
|
|
|
$
|
1,532
|
|
|
$
|
688
|
|
Provision charged against earnings
|
|
(87
|
)
|
|
14
|
|
|
75
|
|
|
853
|
|
|
2,017
|
|
|||||
Adjustment for FDIC-supported loans
|
|
(11
|
)
|
|
(15
|
)
|
|
(9
|
)
|
|
40
|
|
|
2
|
|
|||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
(76
|
)
|
|
(121
|
)
|
|
(241
|
)
|
|
(417
|
)
|
|
(373
|
)
|
|||||
Commercial real estate
|
|
(26
|
)
|
|
(85
|
)
|
|
(229
|
)
|
|
(517
|
)
|
|
(713
|
)
|
|||||
Consumer
|
|
(29
|
)
|
|
(61
|
)
|
|
(90
|
)
|
|
(140
|
)
|
|
(170
|
)
|
|||||
Total
|
|
(131
|
)
|
|
(267
|
)
|
|
(560
|
)
|
|
(1,074
|
)
|
|
(1,256
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
41
|
|
|
56
|
|
|
55
|
|
|
35
|
|
|
51
|
|
|||||
Commercial real estate
|
|
25
|
|
|
42
|
|
|
35
|
|
|
44
|
|
|
21
|
|
|||||
Consumer
|
|
13
|
|
|
14
|
|
|
14
|
|
|
12
|
|
|
9
|
|
|||||
Total
|
|
79
|
|
|
112
|
|
|
104
|
|
|
91
|
|
|
81
|
|
|||||
Net loan and lease charge-offs
|
|
(52
|
)
|
|
(155
|
)
|
|
(456
|
)
|
|
(983
|
)
|
|
(1,175
|
)
|
|||||
Balance at end of year
|
|
$
|
746
|
|
|
$
|
896
|
|
|
$
|
1,052
|
|
|
$
|
1,442
|
|
|
$
|
1,532
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of net charge-offs to average loans and leases
|
|
0.14
|
%
|
|
0.42
|
%
|
|
1.24
|
%
|
|
2.56
|
%
|
|
2.83
|
%
|
|||||
Ratio of allowance for loan losses to net loans and leases, on December 31,
|
|
1.91
|
%
|
|
2.38
|
%
|
|
2.82
|
%
|
|
3.92
|
%
|
|
3.81
|
%
|
|||||
Ratio of allowance for loan losses to nonperforming loans, on December 31,
|
|
183.54
|
%
|
|
138.25
|
%
|
|
115.43
|
%
|
|
94.32
|
%
|
|
64.40
|
%
|
|||||
Ratio of allowance for loan losses to nonaccrual loans and accruing loans past due 90 days or more, on December 31,
|
|
166.97
|
%
|
|
126.22
|
%
|
|
104.67
|
%
|
|
86.31
|
%
|
|
60.27
|
%
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|||||||||||||||||||||||||||||||||||
|
% of total loans
|
|
Allocation of allowance
|
|
% of total loans
|
|
Allocation of allowance
|
|
% of total loans
|
|
Allocation of allowance
|
|
% of total loans
|
|
Allocation of allowance
|
|
% of total loans
|
|
Allocation of allowance
|
|||||||||||||||||||||||||
(Amounts in millions)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Loan segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial
|
53.2
|
%
|
|
|
$
|
465
|
|
|
|
52.4
|
%
|
|
|
$
|
511
|
|
|
|
52.1
|
%
|
|
|
$
|
630
|
|
|
|
49.5
|
%
|
|
|
$
|
763
|
|
|
|
47.6
|
%
|
|
|
$
|
614
|
|
|
Commercial real estate
|
26.1
|
|
|
|
213
|
|
|
|
26.5
|
|
|
|
277
|
|
|
|
27.3
|
|
|
|
276
|
|
|
|
30.2
|
|
|
|
487
|
|
|
|
31.8
|
|
|
|
753
|
|
|
|||||
Consumer
|
19.8
|
|
|
|
61
|
|
|
|
19.7
|
|
|
|
96
|
|
|
|
18.6
|
|
|
|
123
|
|
|
|
17.7
|
|
|
|
154
|
|
|
|
17.0
|
|
|
|
165
|
|
|
|||||
FDIC-supported loans
|
0.9
|
|
|
|
7
|
|
|
|
1.4
|
|
|
|
12
|
|
|
|
2.0
|
|
|
|
23
|
|
|
|
2.6
|
|
|
|
38
|
|
|
|
3.6
|
|
|
|
—
|
|
|
|||||
Total
|
100.0
|
%
|
|
|
$
|
746
|
|
|
|
100.0
|
%
|
|
|
$
|
896
|
|
|
|
100.0
|
%
|
|
|
$
|
1,052
|
|
|
|
100.0
|
%
|
|
|
$
|
1,442
|
|
|
|
100.0
|
%
|
|
|
$
|
1,532
|
|
|
•
|
recommending policies to the Enterprise Risk Management Committee (“ERMC”) and administering ERMC-approved policies that govern and limit the Company’s exposure to all interest rate and market risks, including policies that are designed to limit the Company’s adverse exposure to changes in interest rates;
|
•
|
approving procedures that support the Board-approved policies;
|
•
|
approving all material interest rate risk management strategies, including all hedging strategies and actions taken pursuant to managing interest rate risk and monitoring risk positions against approved limits;
|
•
|
approving limits and all financial derivative positions taken at both the Parent and subsidiaries for the purpose of hedging the Company’s interest rate and market risks;
|
•
|
providing the basis for integrated balance sheet, net interest income, and liquidity management;
|
•
|
calculating the estimated market value of each class of assets, liabilities, and net equity, given defined interest rate scenarios;
|
•
|
managing the Company’s exposure to changes in net interest income and estimated market value of equity due to interest rate fluctuations;
|
•
|
quantifying the effects of hedging instruments on the market value of equity and on net interest income under defined interest rate scenarios; and
|
•
|
reporting timely all policy limit violations to the Chief Risk Officer, who reports them to the Board of Directors.
|
Parallel change in interest rates
|
|
Trigger decline in MVE
|
|
Risk capacity decline in MVE
|
||
|
|
|
|
|
||
+/- 100 bps
|
|
3
|
%
|
|
4
|
%
|
+/- 200 bps
|
|
6
|
%
|
|
8
|
%
|
+/- 300 bps
|
|
9
|
%
|
|
12
|
%
|
|
|
As of December 31, 2013
|
||||||||||
|
|
Fast
|
|
Slow
|
||||||||
Product
|
|
Effective duration (base)
|
|
Effective duration (+200 bps)
|
|
Effective duration (base)
|
|
Effective duration (+200 bps)
|
||||
|
|
|
|
|
|
|
|
|
||||
Demand deposits
|
|
1.57
|
%
|
|
1.77
|
%
|
|
2.44
|
%
|
|
2.84
|
%
|
Money market
|
|
0.77
|
%
|
|
0.74
|
%
|
|
1.15
|
%
|
|
1.10
|
%
|
Savings and interest on checking
|
|
2.92
|
%
|
|
2.78
|
%
|
|
3.47
|
%
|
|
3.03
|
%
|
|
|
As of December 31, 2013
|
||||||||||
Repricing scenario
|
|
-100 bps
|
|
+100 bps
|
|
+200 bps
|
|
+300 bps
|
||||
|
|
|
|
|
|
|
|
|
||||
Fast
|
|
(2.8
|
)%
|
|
5.7
|
%
|
|
12.0
|
%
|
|
18.1
|
%
|
Slow
|
|
(2.9
|
)%
|
|
7.0
|
%
|
|
14.5
|
%
|
|
21.8
|
%
|
|
|
As of December 31, 2012
|
||||||||||
Repricing scenario
|
|
-100 bps
|
|
+100 bps
|
|
+200 bps
|
|
+300 bps
|
||||
|
|
|
|
|
|
|
|
|
||||
Fast
|
|
(1.8
|
)%
|
|
3.9
|
%
|
|
9.8
|
%
|
|
16.7
|
%
|
Slow
|
|
(2.0
|
)%
|
|
5.0
|
%
|
|
12.1
|
%
|
|
20.2
|
%
|
|
|
As of December 31, 2013
|
||||||||||
Repricing scenario
|
|
-100 bps
|
|
+100 bps
|
|
+200 bps
|
|
+300 bps
|
||||
|
|
|
|
|
|
|
|
|
||||
Fast
|
|
0.6
|
%
|
|
1.1
|
%
|
|
2.6
|
%
|
|
3.3
|
%
|
Slow
|
|
(3.5
|
)%
|
|
6.2
|
%
|
|
13.0
|
%
|
|
18.4
|
%
|
|
|
As of December 31, 2012
|
||||||||||
Repricing scenario
|
|
-100 bps
|
|
+100 bps
|
|
+200 bps
|
|
+300 bps
|
||||
|
|
|
|
|
|
|
|
|
||||
Fast
|
|
0.7
|
%
|
|
1.7
|
%
|
|
3.9
|
%
|
|
6.3
|
%
|
Slow
|
|
(2.8
|
)%
|
|
4.9
|
%
|
|
10.6
|
%
|
|
16.0
|
%
|
•
|
a 1.6% year-over-year increase in noninterest-bearing demand deposits, with the majority of the increase being invested in short-term money market assets;
|
•
|
the redemption of preferred stock from cash reserves;
|
•
|
changes in the modeling assumptions for capturing balloon payments;
|
•
|
changes to prepayment assumptions; and
|
•
|
changes in deposit behavior assumptions.
|
(In millions)
|
One year or less
|
|
Over one year through three years
|
|
Over three years through five years
|
|
Over five years
|
|
Indeterminable maturity
1
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits
|
$
|
2,217
|
|
|
$
|
428
|
|
|
$
|
200
|
|
|
$
|
1
|
|
|
|
$
|
43,516
|
|
|
|
$
|
46,362
|
|
Commitments to extend credit
|
4,417
|
|
|
5,745
|
|
|
3,183
|
|
|
2,829
|
|
|
|
|
|
|
16,174
|
|
|||||||
Standby letters of credit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial
|
526
|
|
|
155
|
|
|
5
|
|
|
94
|
|
|
|
|
|
|
780
|
|
|||||||
Performance
|
118
|
|
|
33
|
|
|
8
|
|
|
|
|
|
|
|
|
159
|
|
||||||||
Commercial letters of credit
|
75
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
80
|
|
|||||||||
Commitments to make venture and other noninterest-bearing investments
2
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
28
|
|
||||||||||
Securities sold, not yet purchased
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
74
|
|
||||||||||
Federal funds purchased and security repurchase agreements
|
267
|
|
|
|
|
|
|
|
|
|
|
|
|
267
|
|
||||||||||
Long-term debt
3
|
461
|
|
|
598
|
|
|
444
|
|
|
767
|
|
|
|
|
|
|
2,270
|
|
|||||||
Operating leases, net of subleases
|
44,857
|
|
|
87,527
|
|
|
69,257
|
|
|
135,869
|
|
|
|
|
|
|
337,510
|
|
|||||||
Unrecognized tax benefits, ASC 740
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
2
|
|
||||||||||
|
$
|
53,040
|
|
|
$
|
94,488
|
|
|
$
|
73,097
|
|
|
$
|
139,565
|
|
|
|
$
|
43,516
|
|
|
|
$
|
403,706
|
|
1
|
Indeterminable maturity deposits include noninterest-bearing demand, savings and money market, and non-time foreign.
|
2
|
Commitments to make venture and other noninterest-bearing investments do not have defined maturity dates. They have therefore been considered due on demand, maturing in one year or less.
|
3
|
The maturities on long-term borrowings do not include the associated hedges.
|
Rating agency
|
|
Outlook
|
|
Long-term issuer/senior debt rating
|
|
Subordinated debt rating
|
|
|
|
|
|
|
|
S&P
|
|
Stable
|
|
BBB-
|
|
BB+
|
Moody’s
|
|
Stable
|
|
Ba1
|
|
Ba2
|
Fitch
|
|
Positive
|
|
BBB-
|
|
BB+
|
DBRS
|
|
Stable
|
|
BBB (low)
|
|
BB (high)
|
Kroll
|
|
Stable
|
|
BBB
|
|
BBB-
|
•
|
Setting overall capital targets within the Board-approved capital policy, monitoring performance compared to the Company’s Capital Policy limits, and recommending changes to capital including dividends, common stock repurchases, subordinated debt, and changes in major strategies to maintain the Company and its subsidiary banks at well capitalized levels;
|
•
|
Maintaining an adequate capital cushion to withstand adverse stress events while continuing to meet the lending needs of its customers, and to provide reasonable assurance of continued access to wholesale funding, consistent with fiduciary responsibilities to depositors and bondholders; and
|
•
|
Reviewing agency ratings of the Parent and its subsidiary banks and establishing target ratings.
|
•
|
Maintain sufficient capital to support current needs;
|
•
|
Maintain an adequate capital cushion to withstand future adverse stress events while continuing to meet borrowing needs of its customers; and
|
•
|
Meet fiduciary responsibilities to depositors and bondholders while managing capital distributions to shareholders through dividends and repurchases of common stock so as to be consistent with Federal Reserve guidelines SR 09-04 and 12 U.S.C §§ 56 and 60.
|
|
December 31,
|
|||||||
|
2013
|
|
2012
|
|
2011
|
|||
|
|
|
|
|
|
|||
Tangible common equity ratio
|
8.02
|
%
|
|
7.09
|
%
|
|
6.77
|
%
|
Tangible equity ratio
|
9.85
|
%
|
|
9.15
|
%
|
|
11.33
|
%
|
Average equity to average assets
|
11.81
|
%
|
|
12.22
|
%
|
|
13.36
|
%
|
Risk-based capital ratios:
|
|
|
|
|
|
|||
Tier 1 common
|
10.18
|
%
|
|
9.80
|
%
|
|
9.57
|
%
|
Tier 1 leverage
|
10.48
|
%
|
|
10.96
|
%
|
|
13.40
|
%
|
Tier 1 risk-based
|
12.77
|
%
|
|
13.38
|
%
|
|
16.13
|
%
|
Total risk-based
|
14.67
|
%
|
|
15.05
|
%
|
|
18.06
|
%
|
|
|
|
|
|
|
|||
Return on average common equity
|
5.73
|
%
|
|
3.76
|
%
|
|
3.32
|
%
|
Tangible return on average tangible common equity
|
7.44
|
%
|
|
5.18
|
%
|
|
4.72
|
%
|
•
|
4.5% CET1 to risk-weighted assets.
|
•
|
6.0% Tier 1 capital (i.e., CET1 plus Additional Tier 1) to risk-weighted assets.
|
•
|
8.0% Total capital (i.e., Tier 1 plus Tier 2) to risk-weighted assets.
|
•
|
4.0% Tier 1 capital to average consolidated assets as reported on consolidated financial statements (known as the “leverage ratio”).
|
|
December 31,
|
||||||||||
(Amounts in millions)
|
2013
|
|
2012
|
|
2011
|
||||||
|
|
|
|
|
|
||||||
Controlling interest shareholders’ equity (GAAP)
|
$
|
6,465
|
|
|
$
|
6,052
|
|
|
$
|
6,985
|
|
Accumulated other comprehensive loss
|
192
|
|
|
446
|
|
|
592
|
|
|||
Nonqualifying goodwill and intangibles
|
(1,050
|
)
|
|
(1,065
|
)
|
|
(1,083
|
)
|
|||
Disallowed deferred tax assets
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other regulatory adjustments
|
(6
|
)
|
|
3
|
|
|
4
|
|
|||
Qualifying trust preferred securities
|
163
|
|
|
448
|
|
|
448
|
|
|||
Tier 1 capital (regulatory)
|
5,764
|
|
|
5,884
|
|
|
6,946
|
|
|||
Qualifying trust preferred securities
|
(163
|
)
|
|
(448
|
)
|
|
(448
|
)
|
|||
Preferred stock
|
(1,004
|
)
|
|
(1,128
|
)
|
|
(2,377
|
)
|
|||
Tier 1 common capital (non-GAAP)
|
$
|
4,597
|
|
|
$
|
4,308
|
|
|
$
|
4,121
|
|
|
|
|
|
|
|
||||||
Risk-weighted assets (regulatory)
|
$
|
45,146
|
|
|
$
|
43,970
|
|
|
$
|
43,077
|
|
Tier 1 common capital to risk-weighted assets (non-GAAP)
|
10.18
|
%
|
|
9.80
|
%
|
|
9.57
|
%
|
|
Year Ended December 31,
|
||||||||||
(Amounts in millions)
|
2012
|
|
2012
|
|
2011
|
||||||
|
|
|
|
|
|
||||||
Net earnings applicable to common shareholders (GAAP)
|
$
|
294.0
|
|
|
$
|
178.6
|
|
|
$
|
153.4
|
|
Adjustments, net of tax:
|
|
|
|
|
|
||||||
Impairment loss on goodwill
|
—
|
|
|
0.6
|
|
|
—
|
|
|||
Amortization of core deposit and other intangibles
|
9.1
|
|
|
10.8
|
|
|
12.7
|
|
|||
Net earnings applicable to common shareholders, excluding the effects of the adjustments, net of tax (non-GAAP) (a)
|
$
|
303.1
|
|
|
$
|
190.0
|
|
|
$
|
166.1
|
|
|
|
|
|
|
|
||||||
Average common equity (GAAP)
|
$
|
5,130
|
|
|
$
|
4,745
|
|
|
$
|
4,614
|
|
Average goodwill
|
(1,014
|
)
|
|
(1,015
|
)
|
|
(1,015
|
)
|
|||
Average core deposit and other intangibles
|
(44
|
)
|
|
(59
|
)
|
|
(77
|
)
|
|||
Average tangible common equity (non-GAAP) (b)
|
$
|
4,072
|
|
|
$
|
3,671
|
|
|
$
|
3,522
|
|
|
|
|
|
|
|
||||||
Tangible return on average tangible common equity (non-GAAP) (a/b)
|
7.44
|
%
|
|
5.18
|
%
|
|
4.72
|
%
|
(Amounts in millions)
|
December 31,
|
||||||||||
2013
|
|
2012
|
|
2011
|
|||||||
|
|
|
|
|
|
||||||
Total shareholders’ equity (GAAP)
|
$
|
6,465
|
|
|
$
|
6,049
|
|
|
$
|
6,983
|
|
Goodwill
|
(1,014
|
)
|
|
(1,014
|
)
|
|
(1,015
|
)
|
|||
Core deposit and other intangibles
|
(36
|
)
|
|
(51
|
)
|
|
(68
|
)
|
|||
Tangible equity (non-GAAP) (a)
|
5,415
|
|
|
4,984
|
|
|
5,900
|
|
|||
Preferred stock
|
(1,004
|
)
|
|
(1,128
|
)
|
|
(2,377
|
)
|
|||
Noncontrolling interests
|
—
|
|
|
3
|
|
|
2
|
|
|||
Tangible common equity (non-GAAP) (b)
|
$
|
4,411
|
|
|
$
|
3,859
|
|
|
$
|
3,525
|
|
Total assets (GAAP)
|
$
|
56,031
|
|
|
$
|
55,512
|
|
|
$
|
53,149
|
|
Goodwill
|
(1,014
|
)
|
|
(1,014
|
)
|
|
(1,015
|
)
|
|||
Core deposit and other intangibles
|
(36
|
)
|
|
(51
|
)
|
|
(68
|
)
|
|||
Tangible assets (non-GAAP) (c)
|
$
|
54,981
|
|
|
$
|
54,447
|
|
|
$
|
52,066
|
|
Tangible equity ratio (a/c)
|
9.85
|
%
|
|
9.15
|
%
|
|
11.33
|
%
|
|||
Tangible common equity ratio (b/c)
|
8.02
|
%
|
|
7.09
|
%
|
|
6.77
|
%
|
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
|
|||||||
(In thousands, except shares)
|
December 31,
|
||||||
2013
|
|
2012
|
|||||
ASSETS
|
|
|
|
||||
Cash and due from banks
|
$
|
1,175,083
|
|
|
$
|
1,841,907
|
|
Money market investments:
|
|
|
|
||||
Interest-bearing deposits
|
8,175,048
|
|
|
5,978,978
|
|
||
Federal funds sold and security resell agreements
|
282,248
|
|
|
2,775,354
|
|
||
Investment securities:
|
|
|
|
||||
Held-to-maturity, at adjusted cost (approximate fair value $609,547 and $674,741)
|
588,981
|
|
|
756,909
|
|
||
Available-for-sale, at fair value
|
3,701,886
|
|
|
3,091,310
|
|
||
Trading account, at fair value
|
34,559
|
|
|
28,290
|
|
||
|
4,325,426
|
|
|
3,876,509
|
|
||
|
|
|
|
||||
Loans held for sale
|
171,328
|
|
|
251,651
|
|
||
Loans, net of unearned income and fees:
|
|
|
|
||||
Loans and leases
|
38,693,094
|
|
|
37,137,006
|
|
||
FDIC-supported loans
|
350,271
|
|
|
528,241
|
|
||
|
39,043,365
|
|
|
37,665,247
|
|
||
Less allowance for loan losses
|
746,291
|
|
|
896,087
|
|
||
Loans, net of allowance
|
38,297,074
|
|
|
36,769,160
|
|
||
|
|
|
|
||||
Other noninterest-bearing investments
|
855,642
|
|
|
855,462
|
|
||
Premises and equipment, net
|
726,372
|
|
|
708,882
|
|
||
Goodwill
|
1,014,129
|
|
|
1,014,129
|
|
||
Core deposit and other intangibles
|
36,444
|
|
|
50,818
|
|
||
Other real estate owned
|
46,105
|
|
|
98,151
|
|
||
Other assets
|
926,228
|
|
|
1,290,917
|
|
||
|
$
|
56,031,127
|
|
|
$
|
55,511,918
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Noninterest-bearing demand
|
$
|
18,758,753
|
|
|
$
|
18,469,458
|
|
Interest-bearing:
|
|
|
|
||||
Savings and money market
|
23,029,928
|
|
|
22,896,624
|
|
||
Time
|
2,593,038
|
|
|
2,962,931
|
|
||
Foreign
|
1,980,161
|
|
|
1,804,060
|
|
||
|
46,361,880
|
|
|
46,133,073
|
|
||
Securities sold, not yet purchased
|
73,606
|
|
|
26,735
|
|
||
Federal funds purchased and security repurchase agreements
|
266,742
|
|
|
320,478
|
|
||
Other short-term borrowings
|
—
|
|
|
5,409
|
|
||
Long-term debt
|
2,273,575
|
|
|
2,337,113
|
|
||
Reserve for unfunded lending commitments
|
89,705
|
|
|
106,809
|
|
||
Other liabilities
|
501,056
|
|
|
533,660
|
|
||
Total liabilities
|
49,566,564
|
|
|
49,463,277
|
|
||
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
||||
Preferred stock, without par value, authorized 4,400,000 shares
|
1,003,970
|
|
|
1,128,302
|
|
||
Common stock, without par value; authorized 350,000,000 shares; issued
and outstanding 184,677,696 and 184,199,198 shares
|
4,179,024
|
|
|
4,166,109
|
|
||
Retained earnings
|
1,473,670
|
|
|
1,203,815
|
|
||
Accumulated other comprehensive income (loss)
|
(192,101
|
)
|
|
(446,157
|
)
|
||
Controlling interest shareholders’ equity
|
6,464,563
|
|
|
6,052,069
|
|
||
Noncontrolling interests
|
—
|
|
|
(3,428
|
)
|
||
Total shareholders’ equity
|
6,464,563
|
|
|
6,048,641
|
|
||
|
$
|
56,031,127
|
|
|
$
|
55,511,918
|
|
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
|
|||||||||||
(In thousands, except shares and per share amounts)
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
Interest income:
|
|
|
|
|
|
||||||
Interest and fees on loans
|
$
|
1,814,600
|
|
|
$
|
1,889,884
|
|
|
$
|
2,049,928
|
|
Interest on money market investments
|
23,363
|
|
|
21,080
|
|
|
13,832
|
|
|||
Interest on securities:
|
|
|
|
|
|
||||||
Held-to-maturity
|
31,280
|
|
|
34,751
|
|
|
35,716
|
|
|||
Available-for-sale
|
71,107
|
|
|
92,261
|
|
|
87,105
|
|
|||
Trading account
|
1,055
|
|
|
746
|
|
|
2,000
|
|
|||
Total interest income
|
1,941,405
|
|
|
2,038,722
|
|
|
2,188,581
|
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Interest on deposits
|
58,913
|
|
|
80,146
|
|
|
128,479
|
|
|||
Interest on short-term borrowings
|
313
|
|
|
1,406
|
|
|
6,685
|
|
|||
Interest on long-term debt
|
185,851
|
|
|
225,230
|
|
|
297,232
|
|
|||
Total interest expense
|
245,077
|
|
|
306,782
|
|
|
432,396
|
|
|||
Net interest income
|
1,696,328
|
|
|
1,731,940
|
|
|
1,756,185
|
|
|||
Provision for loan losses
|
(87,136
|
)
|
|
14,227
|
|
|
74,532
|
|
|||
Net interest income after provision for loan losses
|
1,783,464
|
|
|
1,717,713
|
|
|
1,681,653
|
|
|||
Noninterest income:
|
|
|
|
|
|
||||||
Service charges and fees on deposit accounts
|
176,339
|
|
|
176,401
|
|
|
174,435
|
|
|||
Other service charges, commissions and fees
|
181,473
|
|
|
174,420
|
|
|
185,836
|
|
|||
Trust and wealth management income
|
29,913
|
|
|
28,402
|
|
|
26,683
|
|
|||
Capital markets and foreign exchange
|
28,051
|
|
|
26,810
|
|
|
31,407
|
|
|||
Dividends and other investment income
|
46,062
|
|
|
55,825
|
|
|
42,428
|
|
|||
Loan sales and servicing income
|
35,293
|
|
|
39,929
|
|
|
28,072
|
|
|||
Fair value and nonhedge derivative loss
|
(18,152
|
)
|
|
(21,782
|
)
|
|
(4,980
|
)
|
|||
Equity securities gains, net
|
8,520
|
|
|
11,253
|
|
|
6,511
|
|
|||
Fixed income securities gains (losses), net
|
(2,898
|
)
|
|
19,544
|
|
|
11,868
|
|
|||
Impairment losses on investment securities:
|
|
|
|
|
|
||||||
Impairment losses on investment securities
|
(188,606
|
)
|
|
(166,257
|
)
|
|
(77,325
|
)
|
|||
Noncredit-related losses on securities not expected to be sold (recognized in other comprehensive income)
|
23,472
|
|
|
62,196
|
|
|
43,642
|
|
|||
Net impairment losses on investment securities
|
(165,134
|
)
|
|
(104,061
|
)
|
|
(33,683
|
)
|
|||
Other
|
17,940
|
|
|
13,129
|
|
|
29,607
|
|
|||
Total noninterest income
|
337,407
|
|
|
419,870
|
|
|
498,184
|
|
|||
Noninterest expense:
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
912,918
|
|
|
885,661
|
|
|
874,293
|
|
|||
Occupancy, net
|
112,303
|
|
|
112,947
|
|
|
112,537
|
|
|||
Furniture, equipment and software
|
106,629
|
|
|
108,990
|
|
|
105,703
|
|
|||
Other real estate expense
|
1,712
|
|
|
19,723
|
|
|
77,570
|
|
|||
Credit-related expense
|
33,653
|
|
|
50,518
|
|
|
61,629
|
|
|||
Provision for unfunded lending commitments
|
(17,104
|
)
|
|
4,387
|
|
|
(9,286
|
)
|
|||
Professional and legal services
|
67,968
|
|
|
52,509
|
|
|
38,992
|
|
|||
Advertising
|
23,362
|
|
|
25,720
|
|
|
27,164
|
|
|||
FDIC premiums
|
38,019
|
|
|
43,401
|
|
|
63,918
|
|
|||
Amortization of core deposit and other intangibles
|
14,375
|
|
|
17,010
|
|
|
20,070
|
|
|||
Debt extinguishment cost
|
120,192
|
|
|
—
|
|
|
—
|
|
|||
Other
|
300,412
|
|
|
275,151
|
|
|
285,974
|
|
|||
Total noninterest expense
|
1,714,439
|
|
|
1,596,017
|
|
|
1,658,564
|
|
|||
Income before income taxes
|
406,432
|
|
|
541,566
|
|
|
521,273
|
|
|||
Income taxes
|
142,977
|
|
|
193,416
|
|
|
198,583
|
|
|||
Net income
|
263,455
|
|
|
348,150
|
|
|
322,690
|
|
|||
Net loss applicable to noncontrolling interests
|
(336
|
)
|
|
(1,366
|
)
|
|
(1,114
|
)
|
|||
Net income applicable to controlling interest
|
263,791
|
|
|
349,516
|
|
|
323,804
|
|
|||
Preferred stock dividends
|
(95,512
|
)
|
|
(170,885
|
)
|
|
(170,414
|
)
|
|||
Preferred stock redemption
|
125,700
|
|
|
—
|
|
|
—
|
|
|||
Net earnings applicable to common shareholders
|
$
|
293,979
|
|
|
$
|
178,631
|
|
|
$
|
153,390
|
|
Weighted average common shares outstanding during the year:
|
|
|
|
|
|
||||||
Basic shares
|
183,844
|
|
|
183,081
|
|
|
182,393
|
|
|||
Diluted shares
|
184,297
|
|
|
183,236
|
|
|
182,605
|
|
|||
Net earnings per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
1.58
|
|
|
$
|
0.97
|
|
|
$
|
0.83
|
|
Diluted
|
1.58
|
|
|
0.97
|
|
|
0.83
|
|
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|||||||||||
(In thousands)
|
Year Ended December 31,
|
||||||||||
2013
|
|
2012
|
|
2011
|
|||||||
|
|
|
|
|
|
||||||
Net income
|
$
|
263,455
|
|
|
$
|
348,150
|
|
|
$
|
322,690
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Net unrealized holding gains (losses) on investment securities
|
141,399
|
|
|
129,330
|
|
|
(77,280
|
)
|
|||
Noncredit-related impairment losses on securities not expected to be sold
|
(13,751
|
)
|
|
(38,406
|
)
|
|
(26,481
|
)
|
|||
Reclassification to earnings for realized net fixed income securities losses (gains)
|
1,775
|
|
|
(12,204
|
)
|
|
(7,392
|
)
|
|||
Reclassification to earnings for net credit-related impairment losses on investment securities
|
99,903
|
|
|
63,564
|
|
|
20,244
|
|
|||
Accretion of securities with noncredit-related impairment losses not expected to be sold
|
1,258
|
|
|
6,863
|
|
|
410
|
|
|||
Net unrealized holding gains (losses) on derivative instruments
|
(431
|
)
|
|
247
|
|
|
1,355
|
|
|||
Reclassification adjustment for increase in interest income recognized in earnings on derivative instruments
|
(1,580
|
)
|
|
(7,857
|
)
|
|
(22,653
|
)
|
|||
Pension and postretirement
|
25,483
|
|
|
4,390
|
|
|
(18,991
|
)
|
|||
Other comprehensive income (loss)
|
254,056
|
|
|
145,927
|
|
|
(130,788
|
)
|
|||
Comprehensive income
|
517,511
|
|
|
494,077
|
|
|
191,902
|
|
|||
Comprehensive loss applicable to noncontrolling interests
|
(336
|
)
|
|
(1,366
|
)
|
|
(1,114
|
)
|
|||
Comprehensive income applicable to controlling interest
|
$
|
517,847
|
|
|
$
|
495,443
|
|
|
$
|
193,016
|
|
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSO
LIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
|
||||||||||||||||||||||||||||||
(In thousands, except shares
and per share amounts)
|
Preferred
stock
|
|
Common stock
|
|
Retained earnings
|
|
Accumulated
other
comprehensive income (loss)
|
|
Noncontrolling interests
|
|
Total
shareholders’ equity
|
|||||||||||||||||||
Shares
|
|
Amount
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2010
|
$
|
2,056,672
|
|
|
182,784,086
|
|
|
$
|
4,163,619
|
|
|
$
|
889,284
|
|
|
|
$
|
(461,296
|
)
|
|
|
|
$
|
(1,065
|
)
|
|
|
$
|
6,647,214
|
|
Net income (loss)
|
|
|
|
|
|
|
323,804
|
|
|
|
|
|
|
|
(1,114
|
)
|
|
|
322,690
|
|
||||||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
|
|
|
(130,788
|
)
|
|
|
|
|
|
|
(130,788
|
)
|
|||||||||||
Subordinated debt converted to preferred stock
|
299,248
|
|
|
|
|
(43,139
|
)
|
|
|
|
|
|
|
|
|
|
|
|
256,109
|
|
||||||||||
Issuance of common stock
|
|
|
1,067,540
|
|
|
25,048
|
|
|
|
|
|
|
|
|
|
|
|
|
25,048
|
|
||||||||||
Net activity under employee plans and related tax benefits
|
|
|
283,762
|
|
|
17,714
|
|
|
|
|
|
|
|
|
|
|
|
|
17,714
|
|
||||||||||
Dividends on preferred stock
|
21,640
|
|
|
|
|
|
|
(170,414
|
)
|
|
|
|
|
|
|
|
|
|
(148,774
|
)
|
||||||||||
Dividends on common stock, $0.04 per share
|
|
|
|
|
|
|
(7,361
|
)
|
|
|
|
|
|
|
|
|
|
(7,361
|
)
|
|||||||||||
Change in deferred compensation
|
|
|
|
|
|
|
1,277
|
|
|
|
|
|
|
|
|
|
|
1,277
|
|
|||||||||||
Other changes in noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99
|
|
|
|
99
|
|
|||||||||||
Balance at December 31, 2011
|
2,377,560
|
|
|
184,135,388
|
|
|
4,163,242
|
|
|
1,036,590
|
|
|
|
(592,084
|
)
|
|
|
|
(2,080
|
)
|
|
|
6,983,228
|
|
||||||
Net income (loss)
|
|
|
|
|
|
|
349,516
|
|
|
|
|
|
|
|
(1,366
|
)
|
|
|
348,150
|
|
||||||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
|
|
|
145,927
|
|
|
|
|
|
|
|
145,927
|
|
|||||||||||
Issuance of preferred stock
|
143,750
|
|
|
|
|
(2,408
|
)
|
|
|
|
|
|
|
|
|
|
|
|
141,342
|
|
||||||||||
Preferred stock redemption
|
(1,542,500
|
)
|
|
|
|
3,830
|
|
|
(3,830
|
)
|
|
|
|
|
|
|
|
|
|
(1,542,500
|
)
|
|||||||||
Subordinated debt converted to preferred stock
|
104,796
|
|
|
|
|
(15,232
|
)
|
|
|
|
|
|
|
|
|
|
|
|
89,564
|
|
||||||||||
Net activity under employee plans and related tax benefits
|
|
|
63,810
|
|
|
16,677
|
|
|
|
|
|
|
|
|
|
|
|
|
16,677
|
|
||||||||||
Dividends on preferred stock
|
44,696
|
|
|
|
|
|
|
(170,885
|
)
|
|
|
|
|
|
|
|
|
|
(126,189
|
)
|
||||||||||
Dividends on common stock, $0.04 per share
|
|
|
|
|
|
|
(7,392
|
)
|
|
|
|
|
|
|
|
|
|
(7,392
|
)
|
|||||||||||
Change in deferred compensation
|
|
|
|
|
|
|
(184
|
)
|
|
|
|
|
|
|
|
|
|
(184
|
)
|
|||||||||||
Other changes in noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18
|
|
|
|
18
|
|
|||||||||||
Balance at December 31, 2012
|
1,128,302
|
|
|
184,199,198
|
|
|
4,166,109
|
|
|
1,203,815
|
|
|
|
(446,157
|
)
|
|
|
|
(3,428
|
)
|
|
|
6,048,641
|
|
||||||
Net income (loss)
|
|
|
|
|
|
|
263,791
|
|
|
|
|
|
|
|
(336
|
)
|
|
|
263,455
|
|
||||||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
|
254,056
|
|
|
|
|
|
|
|
254,056
|
|
|||||||||||
Issuance of preferred stock
|
800,000
|
|
|
|
|
(15,682
|
)
|
|
|
|
|
|
|
|
|
|
|
|
784,318
|
|
||||||||||
Preferred stock redemption
|
(925,748
|
)
|
|
|
|
580
|
|
|
125,700
|
|
|
|
|
|
|
|
|
|
|
(799,468
|
)
|
|||||||||
Subordinated debt converted to preferred stock
|
1,416
|
|
|
|
|
(206
|
)
|
|
|
|
|
|
|
|
|
|
|
|
1,210
|
|
||||||||||
Net activity under employee plans and related tax benefits
|
|
|
478,498
|
|
|
32,389
|
|
|
|
|
|
|
|
|
|
|
|
|
32,389
|
|
||||||||||
Dividends on preferred stock
|
|
|
|
|
|
|
(95,512
|
)
|
|
|
|
|
|
|
|
|
|
(95,512
|
)
|
|||||||||||
Dividends on common stock, $0.13 per share
|
|
|
|
|
|
|
(24,094
|
)
|
|
|
|
|
|
|
|
|
|
(24,094
|
)
|
|||||||||||
Change in deferred compensation
|
|
|
|
|
|
|
(30
|
)
|
|
|
|
|
|
|
|
|
|
(30
|
)
|
|||||||||||
Other changes in noncontrolling interests
|
|
|
|
|
(4,166
|
)
|
|
|
|
|
|
|
|
|
3,764
|
|
|
|
(402
|
)
|
||||||||||
Balance at December 31, 2013
|
$
|
1,003,970
|
|
|
184,677,696
|
|
|
$
|
4,179,024
|
|
|
$
|
1,473,670
|
|
|
|
$
|
(192,101
|
)
|
|
|
|
$
|
—
|
|
|
|
$
|
6,464,563
|
|
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||||||
(In thousands)
|
Year Ended December 31,
|
||||||||||
2013
|
|
2012
|
|
2011
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
263,455
|
|
|
$
|
348,150
|
|
|
$
|
322,690
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
||||||
Debt extinguishment cost
|
120,192
|
|
|
—
|
|
|
—
|
|
|||
Net impairment losses on investment securities, goodwill, and long-lived assets
|
165,134
|
|
|
106,545
|
|
|
35,686
|
|
|||
Provision for credit losses
|
(104,240
|
)
|
|
18,614
|
|
|
65,246
|
|
|||
Depreciation and amortization
|
130,616
|
|
|
185,185
|
|
|
240,485
|
|
|||
Deferred income tax expense (benefit)
|
(60,117
|
)
|
|
9,788
|
|
|
115,604
|
|
|||
Net decrease (increase) in trading securities
|
(6,286
|
)
|
|
11,983
|
|
|
8,394
|
|
|||
Net decrease (increase) in loans held for sale
|
116,624
|
|
|
(31,445
|
)
|
|
50,696
|
|
|||
Net write-downs of and gains/losses from sales of other real estate owned
|
(3,681
|
)
|
|
17,166
|
|
|
58,676
|
|
|||
Change in other liabilities
|
(2,051
|
)
|
|
27,439
|
|
|
19,370
|
|
|||
Change in other assets
|
255,564
|
|
|
71,772
|
|
|
153,592
|
|
|||
Other, net
|
1,356
|
|
|
(29,002
|
)
|
|
(1,691
|
)
|
|||
Net cash provided by operating activities
|
876,566
|
|
|
736,195
|
|
|
1,068,748
|
|
|||
|
|
|
|
|
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Net decrease (increase) in money market investments
|
297,036
|
|
|
(1,631,278
|
)
|
|
(2,416,741
|
)
|
|||
Proceeds from maturities and paydowns of investment securities
held-to-maturity
|
130,938
|
|
|
128,278
|
|
|
101,893
|
|
|||
Purchases of investment securities held-to-maturity
|
(155,328
|
)
|
|
(86,790
|
)
|
|
(69,171
|
)
|
|||
Proceeds from sales, maturities, and paydowns of investment securities
available-for-sale
|
1,104,010
|
|
|
1,212,047
|
|
|
2,206,881
|
|
|||
Purchases of investment securities available-for-sale
|
(1,325,704
|
)
|
|
(932,034
|
)
|
|
(1,423,141
|
)
|
|||
Proceeds from sales of loans and leases
|
17,748
|
|
|
66,223
|
|
|
17,609
|
|
|||
Net loan and lease originations
|
(1,506,233
|
)
|
|
(792,025
|
)
|
|
(1,185,688
|
)
|
|||
Net purchases of premises and equipment
|
(88,580
|
)
|
|
(68,894
|
)
|
|
(77,669
|
)
|
|||
Proceeds from sales of other real estate owned
|
110,058
|
|
|
204,818
|
|
|
362,495
|
|
|||
Net cash received from (paid for) divestitures
|
3,786
|
|
|
(19,901
|
)
|
|
—
|
|
|||
Other, net
|
19,109
|
|
|
40,014
|
|
|
19,407
|
|
|||
Net cash used in investing activities
|
(1,393,160
|
)
|
|
(1,879,542
|
)
|
|
(2,464,125
|
)
|
|||
|
|
|
|
|
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Net increase in deposits
|
228,807
|
|
|
3,286,823
|
|
|
1,940,697
|
|
|||
Net change in short-term funds borrowed
|
(12,274
|
)
|
|
(370,264
|
)
|
|
(208,541
|
)
|
|||
Proceeds from issuance of long-term debt
|
646,408
|
|
|
757,610
|
|
|
106,065
|
|
|||
Repayments of long-term debt
|
(832,122
|
)
|
|
(372,891
|
)
|
|
(8,663
|
)
|
|||
Debt extinguishment cost paid
|
(45,812
|
)
|
|
—
|
|
|
—
|
|
|||
Cash paid for preferred stock redemptions
|
(799,468
|
)
|
|
(1,542,500
|
)
|
|
—
|
|
|||
Proceeds from the issuance of common and preferred stock
|
794,143
|
|
|
143,240
|
|
|
25,686
|
|
|||
Dividends paid on common and preferred stock
|
(119,660
|
)
|
|
(133,581
|
)
|
|
(156,135
|
)
|
|||
Other, net
|
(10,252
|
)
|
|
(7,533
|
)
|
|
(3,508
|
)
|
|||
Net cash provided by (used in) financing activities
|
(150,230
|
)
|
|
1,760,904
|
|
|
1,695,601
|
|
|||
Net increase (decrease) in cash and due from banks
|
(666,824
|
)
|
|
617,557
|
|
|
300,224
|
|
|||
Cash and due from banks at beginning of year
|
1,841,907
|
|
|
1,224,350
|
|
|
924,126
|
|
|||
Cash and due from banks at end of year
|
$
|
1,175,083
|
|
|
$
|
1,841,907
|
|
|
$
|
1,224,350
|
|
|
|
|
|
|
|
||||||
Cash paid for interest
|
$
|
191,897
|
|
|
$
|
214,673
|
|
|
$
|
263,338
|
|
Net cash paid for income taxes
|
181,318
|
|
|
183,348
|
|
|
3,743
|
|
1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
2.
|
CERTAIN RECENT ACCOUNTING PRONOUNCEMENTS
|
3.
|
MERGER AND ACQUISITION ACTIVITY
|
4.
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
Noncash activities are summarized as follows:
|
||||||||||||
(In thousands)
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
|||||||
|
|
|
|
|
|
|
||||||
Loans transferred to other real estate owned
|
|
$
|
60,749
|
|
|
$
|
172,018
|
|
|
$
|
301,454
|
|
Loans and leases transferred to loans held for sale
|
|
36,301
|
|
|
—
|
|
|
31,936
|
|
|||
Beneficial conversion feature transferred from common stock to preferred stock as a result of subordinated debt conversions
|
|
206
|
|
|
15,232
|
|
|
43,139
|
|
|||
Subordinated debt converted to preferred stock
|
|
1,210
|
|
|
89,564
|
|
|
256,109
|
|
|||
Preferred stock transferred to common stock as a result of the Series C preferred stock redemption
|
|
580
|
|
|
—
|
|
|
—
|
|
|||
Preferred stock/beneficial conversion feature transferred to retained earnings as result of the Series C preferred stock redemption
|
|
125,700
|
|
|
—
|
|
|
—
|
|
|||
Amortized cost of HTM securities transferred to AFS securities
|
|
181,915
|
|
|
—
|
|
|
—
|
|
5.
|
CASH AND MONEY MARKET INVESTMENTS
|
|
|
December 31, 2013
|
||||||||||||||||||||||
(In thousands)
|
|
|
|
|
|
|
|
Gross amounts not offset in the balance sheet
|
|
|
||||||||||||||
Description
|
|
Gross amounts recognized
|
|
Gross amounts offset in the balance sheet
|
|
Net amounts presented in the balance sheet
|
|
Financial instruments
|
|
Cash collateral received/pledged
|
|
Net amount
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal funds sold and security resell agreements
|
|
$
|
282,248
|
|
|
$
|
—
|
|
|
$
|
282,248
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
282,248
|
|
Derivatives (included in other assets)
|
|
65,683
|
|
|
—
|
|
|
65,683
|
|
|
(11,650
|
)
|
|
2,210
|
|
|
56,243
|
|
||||||
|
|
$
|
347,931
|
|
|
$
|
—
|
|
|
$
|
347,931
|
|
|
$
|
(11,650
|
)
|
|
$
|
2,210
|
|
|
$
|
338,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal funds purchased and security repurchase agreements
|
|
$
|
266,742
|
|
|
$
|
—
|
|
|
$
|
266,742
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
266,742
|
|
Derivatives (included in other liabilities)
|
|
68,397
|
|
|
—
|
|
|
68,397
|
|
|
(11,650
|
)
|
|
(26,997
|
)
|
|
29,750
|
|
||||||
|
|
$
|
335,139
|
|
|
$
|
—
|
|
|
$
|
335,139
|
|
|
$
|
(11,650
|
)
|
|
$
|
(26,997
|
)
|
|
$
|
296,492
|
|
|
|
December 31, 2012
|
||||||||||||||||||||||
(In thousands)
|
|
|
|
|
|
|
|
Gross amounts not offset in the balance sheet
|
|
|
||||||||||||||
Description
|
|
Gross amounts recognized
|
|
Gross amounts offset in the balance sheet
|
|
Net amounts presented in the balance sheet
|
|
Financial instruments
|
|
Cash collateral received/pledged
|
|
Net amount
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal funds sold and security resell agreements
|
|
$
|
3,675,354
|
|
|
$
|
(900,000
|
)
|
|
$
|
2,775,354
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,775,354
|
|
Derivatives (included in other assets)
|
|
86,214
|
|
|
—
|
|
|
86,214
|
|
|
(409
|
)
|
|
—
|
|
|
85,805
|
|
||||||
|
|
$
|
3,761,568
|
|
|
$
|
(900,000
|
)
|
|
$
|
2,861,568
|
|
|
$
|
(409
|
)
|
|
$
|
—
|
|
|
$
|
2,861,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal funds purchased and security repurchase agreements
|
|
$
|
1,220,478
|
|
|
$
|
(900,000
|
)
|
|
$
|
320,478
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
320,478
|
|
Derivatives (included in other liabilities)
|
|
92,259
|
|
|
—
|
|
|
92,259
|
|
|
(409
|
)
|
|
(81,683
|
)
|
|
10,167
|
|
||||||
|
|
$
|
1,312,737
|
|
|
$
|
(900,000
|
)
|
|
$
|
412,737
|
|
|
$
|
(409
|
)
|
|
$
|
(81,683
|
)
|
|
$
|
330,645
|
|
6.
|
INVESTMENT SECURITIES
|
|
December 31, 2013
|
||||||||||||||||||||||||||
|
|
|
Recognized in OCI
1
|
|
|
|
Not recognized in OCI
|
|
|
||||||||||||||||||
(In thousands)
|
Amortized
cost
|
|
Gross
unrealized
gains
|
|
Gross
unrealized
losses
|
|
Carrying
value
|
|
Gross
unrealized
gains
|
|
Gross
unrealized
losses
|
|
Estimated
fair
value
|
||||||||||||||
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Municipal securities
|
$
|
551,055
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
551,055
|
|
|
$
|
11,295
|
|
|
$
|
4,616
|
|
|
$
|
557,734
|
|
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Trust preferred securities – banks and insurance
|
79,419
|
|
|
—
|
|
|
41,593
|
|
|
37,826
|
|
|
15,195
|
|
|
1,308
|
|
|
51,713
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other debt securities
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|||||||
|
630,574
|
|
|
—
|
|
|
41,593
|
|
|
588,981
|
|
|
26,490
|
|
|
5,924
|
|
|
609,547
|
|
|||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. Treasury securities
|
1,442
|
|
|
104
|
|
|
—
|
|
|
1,546
|
|
|
|
|
|
|
1,546
|
|
|||||||||
U.S. Government agencies and corporations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Agency securities
|
517,905
|
|
|
1,920
|
|
|
901
|
|
|
518,924
|
|
|
|
|
|
|
518,924
|
|
|||||||||
Agency guaranteed mortgage-backed securities
|
308,687
|
|
|
9,926
|
|
|
1,237
|
|
|
317,376
|
|
|
|
|
|
|
317,376
|
|
|||||||||
Small Business Administration loan-backed securities
|
1,202,901
|
|
|
21,129
|
|
|
2,771
|
|
|
1,221,259
|
|
|
|
|
|
|
1,221,259
|
|
|||||||||
Municipal securities
|
65,425
|
|
|
1,329
|
|
|
490
|
|
|
66,264
|
|
|
|
|
|
|
66,264
|
|
|||||||||
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Trust preferred securities – banks and insurance
|
1,508,224
|
|
|
13,439
|
|
|
282,843
|
|
|
1,238,820
|
|
|
|
|
|
|
1,238,820
|
|
|||||||||
Trust preferred securities – real estate investment trusts
|
22,996
|
|
|
—
|
|
|
—
|
|
|
22,996
|
|
|
|
|
|
|
22,996
|
|
|||||||||
Auction rate securities
|
6,507
|
|
|
118
|
|
|
26
|
|
|
6,599
|
|
|
|
|
|
|
6,599
|
|
|||||||||
Other
|
27,540
|
|
|
359
|
|
|
—
|
|
|
27,899
|
|
|
|
|
|
|
27,899
|
|
|||||||||
|
3,661,627
|
|
|
48,324
|
|
|
288,268
|
|
|
3,421,683
|
|
|
|
|
|
|
3,421,683
|
|
|||||||||
Mutual funds and other
|
287,603
|
|
|
21
|
|
|
7,421
|
|
|
280,203
|
|
|
|
|
|
|
280,203
|
|
|||||||||
|
3,949,230
|
|
|
48,345
|
|
|
295,689
|
|
|
3,701,886
|
|
|
|
|
|
|
3,701,886
|
|
|||||||||
Total
|
$
|
4,579,804
|
|
|
$
|
48,345
|
|
|
$
|
337,282
|
|
|
$
|
4,290,867
|
|
|
|
|
|
|
$
|
4,311,433
|
|
|
December 31, 2012
|
||||||||||||||||||||||||||
|
|
|
Recognized in OCI
1
|
|
|
|
Not recognized in OCI
|
|
|
||||||||||||||||||
(In thousands)
|
Amortized
cost
|
|
Gross
unrealized
gains
|
|
Gross
unrealized
losses
|
|
Carrying
value
|
|
Gross
unrealized
gains
|
|
Gross
unrealized
losses
|
|
Estimated
fair
value
|
||||||||||||||
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Municipal securities
|
$
|
524,738
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
524,738
|
|
|
$
|
12,837
|
|
|
$
|
709
|
|
|
$
|
536,866
|
|
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Trust preferred securities – banks and insurance
|
255,647
|
|
|
—
|
|
|
42,964
|
|
|
212,683
|
|
|
114
|
|
|
86,596
|
|
|
126,201
|
|
|||||||
Other
|
21,858
|
|
|
—
|
|
|
2,470
|
|
|
19,388
|
|
|
709
|
|
|
8,523
|
|
|
11,574
|
|
|||||||
Other debt securities
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|||||||
|
802,343
|
|
|
—
|
|
|
45,434
|
|
|
756,909
|
|
|
13,660
|
|
|
95,828
|
|
|
674,741
|
|
|||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. Treasury securities
|
104,313
|
|
|
211
|
|
|
—
|
|
|
104,524
|
|
|
|
|
|
|
104,524
|
|
|||||||||
U.S. Government agencies and corporations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Agency securities
|
108,814
|
|
|
3,959
|
|
|
116
|
|
|
112,657
|
|
|
|
|
|
|
112,657
|
|
|||||||||
Agency guaranteed mortgage-backed securities
|
406,928
|
|
|
18,598
|
|
|
16
|
|
|
425,510
|
|
|
|
|
|
|
425,510
|
|
|||||||||
Small Business Administration loan-backed securities
|
1,124,322
|
|
|
29,245
|
|
|
639
|
|
|
1,152,928
|
|
|
|
|
|
|
1,152,928
|
|
|||||||||
Municipal securities
|
75,344
|
|
|
2,622
|
|
|
1,970
|
|
|
75,996
|
|
|
|
|
|
|
75,996
|
|
|||||||||
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Trust preferred securities – banks and insurance
|
1,596,156
|
|
|
16,687
|
|
|
663,451
|
|
|
949,392
|
|
|
|
|
|
|
949,392
|
|
|||||||||
Trust preferred securities – real estate investment trusts
|
40,485
|
|
|
—
|
|
|
24,082
|
|
|
16,403
|
|
|
|
|
|
|
16,403
|
|
|||||||||
Auction rate securities
|
6,504
|
|
|
79
|
|
|
68
|
|
|
6,515
|
|
|
|
|
|
|
6,515
|
|
|||||||||
Other
|
25,614
|
|
|
701
|
|
|
6,941
|
|
|
19,374
|
|
|
|
|
|
|
19,374
|
|
|||||||||
|
3,488,480
|
|
|
72,102
|
|
|
697,283
|
|
|
2,863,299
|
|
|
|
|
|
|
2,863,299
|
|
|||||||||
Mutual funds and other
|
228,469
|
|
|
194
|
|
|
652
|
|
|
228,011
|
|
|
|
|
|
|
228,011
|
|
|||||||||
|
3,716,949
|
|
|
72,296
|
|
|
697,935
|
|
|
3,091,310
|
|
|
|
|
|
|
3,091,310
|
|
|||||||||
Total
|
$
|
4,519,292
|
|
|
$
|
72,296
|
|
|
$
|
743,369
|
|
|
$
|
3,848,219
|
|
|
|
|
|
|
$
|
3,766,051
|
|
1
|
The gross unrealized losses recognized in OCI on HTM securities resulted from a previous transfer of AFS securities
|
|
Held-to-maturity
|
|
Available-for-sale
|
||||||||||||
(In thousands)
|
Amortized
cost
|
|
Estimated
fair
value
|
|
Amortized
cost
|
|
Estimated
fair
value
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Due in one year or less
|
$
|
53,489
|
|
|
$
|
53,200
|
|
|
$
|
446,742
|
|
|
$
|
434,528
|
|
Due after one year through five years
|
197,830
|
|
|
202,553
|
|
|
1,151,262
|
|
|
1,126,669
|
|
||||
Due after five years through ten years
|
136,754
|
|
|
134,360
|
|
|
724,261
|
|
|
702,395
|
|
||||
Due after ten years
|
242,501
|
|
|
219,434
|
|
|
1,339,362
|
|
|
1,158,091
|
|
||||
|
$
|
630,574
|
|
|
$
|
609,547
|
|
|
$
|
3,661,627
|
|
|
$
|
3,421,683
|
|
|
December 31, 2012
|
|||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
|||||||||||||||||||
(In thousands)
|
Gross unrealized losses
|
|
Estimated fair
value
|
|
Gross unrealized losses
|
|
Estimated fair
value
|
|
Gross unrealized losses
|
|
Estimated fair
value
|
|||||||||||||
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Municipal securities
|
$
|
630
|
|
|
$
|
42,613
|
|
|
$
|
79
|
|
|
$
|
5,910
|
|
|
$
|
709
|
|
|
$
|
48,523
|
|
|
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Trust preferred securities – banks and insurance
|
—
|
|
|
—
|
|
|
129,560
|
|
|
126,019
|
|
|
129,560
|
|
|
126,019
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
10,993
|
|
|
10,904
|
|
|
10,993
|
|
|
10,904
|
|
|||||||
Other debt securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
630
|
|
|
42,613
|
|
|
140,632
|
|
|
142,833
|
|
|
141,262
|
|
|
185,446
|
|
|||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
U.S. Government agencies and corporations:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Agency securities
|
35
|
|
|
18,633
|
|
|
81
|
|
|
6,916
|
|
|
116
|
|
|
25,549
|
|
|||||||
Agency guaranteed mortgage-backed securities
|
10
|
|
|
6,032
|
|
|
6
|
|
|
629
|
|
|
16
|
|
|
6,661
|
|
|||||||
Small Business Administration loan-backed securities
|
91
|
|
|
15,199
|
|
|
548
|
|
|
69,011
|
|
|
639
|
|
|
84,210
|
|
|||||||
Municipal securities
|
61
|
|
|
4,898
|
|
|
1,909
|
|
|
11,768
|
|
|
1,970
|
|
|
16,666
|
|
|||||||
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Trust preferred securities – banks and insurance
|
—
|
|
|
—
|
|
|
663,451
|
|
|
765,421
|
|
|
663,451
|
|
|
765,421
|
|
|||||||
Trust preferred securities – real estate investment trusts
|
—
|
|
|
—
|
|
|
24,082
|
|
|
16,403
|
|
|
24,082
|
|
|
16,403
|
|
|||||||
Auction rate securities
|
—
|
|
|
—
|
|
|
68
|
|
|
2,459
|
|
|
68
|
|
|
2,459
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
6,941
|
|
|
15,234
|
|
|
6,941
|
|
|
15,234
|
|
|||||||
|
197
|
|
|
44,762
|
|
|
697,086
|
|
|
887,841
|
|
|
697,283
|
|
|
932,603
|
|
|||||||
Mutual funds and other
|
652
|
|
|
112,324
|
|
|
—
|
|
|
—
|
|
|
652
|
|
|
112,324
|
|
|||||||
|
849
|
|
|
157,086
|
|
|
697,086
|
|
|
887,841
|
|
|
697,935
|
|
|
1,044,927
|
|
|||||||
Total
|
$
|
1,479
|
|
|
$
|
199,699
|
|
|
$
|
837,718
|
|
|
$
|
1,030,674
|
|
|
$
|
839,197
|
|
|
$
|
1,230,373
|
|
1)
|
Market yield requirements for bank CDO securities remain elevated. The financial crisis and economic downturn resulted in significant utilization of both the unique five-year deferral option, which each collateral issuer maintains during the life of the CDO, and the payment in kind feature described subsequently. The resulting increase in the rate of return demanded by the market for trust preferred CDOs remains substantially higher than the contractual interest rates. Virtually all structured asset-backed security (“ABS”) fair values, including bank CDOs, deteriorated significantly during the crisis, generally reaching a low in mid-2009. Prices for some structured products have since rebounded as the crucial unknowns related to value became resolved and as trading increased in these securities. Unlike other structured products, CDO tranches backed by bank trust preferred securities continue to be characterized by considerable uncertainty surrounding collateral behavior, specifically including, but not limited to, prepayments; the future number, size and timing of bank failures; holding company bankruptcies; and allowed deferrals and subsequent resumption of payment or default due to nonpayment of contractual interest.
|
2)
|
Structural features of the collateral make these CDO tranches difficult for market participants to model. The first feature unique to bank CDOs is the interest deferral feature previously noted. Throughout the crisis starting in 2008, certain banks within our CDO pools have exercised this prerogative. The extent to which these deferrals are likely to either transition to default or, alternatively, come current prior to the five-year deadline is extremely difficult for market participants to assess.
|
3)
|
Ratings are generally below-investment-grade for even some of the most senior tranches that originally were rated AAA or the equivalent. Ratings on a number of CDO tranches vary significantly among rating agencies. The presence of a below-investment-grade rating by even a single rating agency will severely limit the pool of buyers, which causes greater illiquidity and therefore most likely a higher implicit discount rate/lower price with regard to that CDO tranche.
|
4)
|
There is a lack of consistent disclosure by each CDO’s trustee of the identity of collateral issuers; in addition, complex structures make projecting tranche return profiles difficult for nonspecialists in the product.
|
5)
|
At purchase, the expectation of cash flow variability was limited. As a result of the crisis, we have seen extreme variability of collateral performance both compared to expectations and between different pools.
|
(In thousands)
|
2013
|
|
2012
|
|
2011
|
||||||
|
|
|
|
|
|
||||||
HTM
|
$
|
16,114
|
|
|
$
|
16,718
|
|
|
$
|
20,945
|
|
AFS
|
7,358
|
|
|
45,478
|
|
|
22,697
|
|
|||
|
$
|
23,472
|
|
|
$
|
62,196
|
|
|
$
|
43,642
|
|
7.
|
LOANS AND ALLOWANCE FOR CREDIT LOSSES
|
|
December 31,
|
||||||
(In thousands)
|
2013
|
|
2012
|
||||
|
|
|
|
||||
Loans held for sale
|
$
|
171,328
|
|
|
$
|
251,651
|
|
Commercial:
|
|
|
|
||||
Commercial and industrial
|
$
|
12,481,083
|
|
|
$
|
11,256,945
|
|
Leasing
|
387,929
|
|
|
422,513
|
|
||
Owner occupied
|
7,437,195
|
|
|
7,589,082
|
|
||
Municipal
|
449,418
|
|
|
494,183
|
|
||
Total commercial
|
20,755,625
|
|
|
19,762,723
|
|
||
Commercial real estate:
|
|
|
|
||||
Construction and land development
|
2,182,821
|
|
|
1,939,413
|
|
||
Term
|
8,005,837
|
|
|
8,062,819
|
|
||
Total commercial real estate
|
10,188,658
|
|
|
10,002,232
|
|
||
Consumer:
|
|
|
|
||||
Home equity credit line
|
2,133,120
|
|
|
2,177,680
|
|
||
1-4 family residential
|
4,736,665
|
|
|
4,350,329
|
|
||
Construction and other consumer real estate
|
324,922
|
|
|
321,235
|
|
||
Bankcard and other revolving plans
|
356,240
|
|
|
306,428
|
|
||
Other
|
197,864
|
|
|
216,379
|
|
||
Total consumer
|
7,748,811
|
|
|
7,372,051
|
|
||
FDIC-supported loans
|
350,271
|
|
|
528,241
|
|
||
Total loans
|
$
|
39,043,365
|
|
|
$
|
37,665,247
|
|
•
|
Asset quality trends
|
•
|
Risk management and loan administration practices
|
•
|
Risk identification practices
|
•
|
Effect of changes in the nature and volume of the portfolio
|
•
|
Existence and effect of any portfolio concentrations
|
•
|
National economic and business conditions
|
•
|
Regional and local economic and business conditions
|
•
|
Data availability and applicability
|
•
|
Effects of other external factors
|
|
December 31, 2013
|
||||||||||||||||||
(In thousands)
|
Commercial
|
|
Commercial
real estate
|
|
Consumer
|
|
FDIC-
supported
1
|
|
Total
|
||||||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at beginning of year
|
$
|
510,908
|
|
|
$
|
276,976
|
|
|
$
|
95,656
|
|
|
$
|
12,547
|
|
|
$
|
896,087
|
|
Additions:
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for loan losses
|
(5,640
|
)
|
|
(63,544
|
)
|
|
(19,100
|
)
|
|
1,148
|
|
|
(87,136
|
)
|
|||||
Adjustment for FDIC-supported loans
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,237
|
)
|
|
(11,237
|
)
|
|||||
Deductions:
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross loan and lease charge-offs
|
(75,434
|
)
|
|
(24,609
|
)
|
|
(28,960
|
)
|
|
(1,794
|
)
|
|
(130,797
|
)
|
|||||
Recoveries
|
35,311
|
|
|
24,540
|
|
|
13,269
|
|
|
6,254
|
|
|
79,374
|
|
|||||
Net loan and lease charge-offs
|
(40,123
|
)
|
|
(69
|
)
|
|
(15,691
|
)
|
|
4,460
|
|
|
(51,423
|
)
|
|||||
Balance at end of year
|
$
|
465,145
|
|
|
$
|
213,363
|
|
|
$
|
60,865
|
|
|
$
|
6,918
|
|
|
$
|
746,291
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserve for unfunded lending commitments
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at beginning of year
|
$
|
67,374
|
|
|
$
|
37,852
|
|
|
$
|
1,583
|
|
|
$
|
—
|
|
|
$
|
106,809
|
|
Provision charged (credited) to earnings
|
(19,029
|
)
|
|
(367
|
)
|
|
2,292
|
|
|
—
|
|
|
(17,104
|
)
|
|||||
Balance at end of year
|
$
|
48,345
|
|
|
$
|
37,485
|
|
|
$
|
3,875
|
|
|
$
|
—
|
|
|
$
|
89,705
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total allowance for credit losses
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses
|
$
|
465,145
|
|
|
$
|
213,363
|
|
|
$
|
60,865
|
|
|
$
|
6,918
|
|
|
$
|
746,291
|
|
Reserve for unfunded lending commitments
|
48,345
|
|
|
37,485
|
|
|
3,875
|
|
|
—
|
|
|
89,705
|
|
|||||
Total allowance for credit losses
|
$
|
513,490
|
|
|
$
|
250,848
|
|
|
$
|
64,740
|
|
|
$
|
6,918
|
|
|
$
|
835,996
|
|
|
December 31, 2012
|
||||||||||||||||||
(In thousands)
|
Commercial
|
|
Commercial
real estate
|
|
Consumer
|
|
FDIC-
supported
1
|
|
Total
|
||||||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at beginning of year
|
$
|
561,351
|
|
|
$
|
343,747
|
|
|
$
|
123,115
|
|
|
$
|
23,472
|
|
|
$
|
1,051,685
|
|
Additions:
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for loan losses
|
16,808
|
|
|
(18,982
|
)
|
|
18,389
|
|
|
(1,988
|
)
|
|
14,227
|
|
|||||
Adjustment for FDIC-supported loans
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,542
|
)
|
|
(14,542
|
)
|
|||||
Deductions:
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross loan and lease charge-offs
|
(117,506
|
)
|
|
(82,944
|
)
|
|
(60,273
|
)
|
|
(6,466
|
)
|
|
(267,189
|
)
|
|||||
Recoveries
|
50,255
|
|
|
35,155
|
|
|
14,425
|
|
|
12,071
|
|
|
111,906
|
|
|||||
Net loan and lease charge-offs
|
(67,251
|
)
|
|
(47,789
|
)
|
|
(45,848
|
)
|
|
5,605
|
|
|
(155,283
|
)
|
|||||
Balance at end of year
|
$
|
510,908
|
|
|
$
|
276,976
|
|
|
$
|
95,656
|
|
|
$
|
12,547
|
|
|
$
|
896,087
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserve for unfunded lending commitments
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at beginning of year
|
$
|
77,232
|
|
|
$
|
23,572
|
|
|
$
|
1,618
|
|
|
$
|
—
|
|
|
$
|
102,422
|
|
Provision charged (credited) to earnings
|
(9,858
|
)
|
|
14,280
|
|
|
(35
|
)
|
|
—
|
|
|
4,387
|
|
|||||
Balance at end of year
|
$
|
67,374
|
|
|
$
|
37,852
|
|
|
$
|
1,583
|
|
|
$
|
—
|
|
|
$
|
106,809
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total allowance for credit losses
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses
|
$
|
510,908
|
|
|
$
|
276,976
|
|
|
$
|
95,656
|
|
|
$
|
12,547
|
|
|
$
|
896,087
|
|
Reserve for unfunded lending commitments
|
67,374
|
|
|
37,852
|
|
|
1,583
|
|
|
—
|
|
|
106,809
|
|
|||||
Total allowance for credit losses
|
$
|
578,282
|
|
|
$
|
314,828
|
|
|
$
|
97,239
|
|
|
$
|
12,547
|
|
|
$
|
1,002,896
|
|
|
December 31, 2012
|
||||||||||||||||||
(In thousands)
|
Commercial
|
|
Commercial
real estate
|
|
Consumer
|
|
FDIC-
supported
|
|
Total
|
||||||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
$
|
30,587
|
|
|
$
|
22,295
|
|
|
$
|
13,758
|
|
|
$
|
—
|
|
|
$
|
66,640
|
|
Collectively evaluated for impairment
|
480,321
|
|
|
254,681
|
|
|
81,898
|
|
|
422
|
|
|
817,322
|
|
|||||
Purchased loans with evidence of credit deterioration
|
—
|
|
|
—
|
|
|
—
|
|
|
12,125
|
|
|
12,125
|
|
|||||
Total
|
$
|
510,908
|
|
|
$
|
276,976
|
|
|
$
|
95,656
|
|
|
$
|
12,547
|
|
|
$
|
896,087
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Outstanding loan balances
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
$
|
353,380
|
|
|
$
|
437,647
|
|
|
$
|
112,320
|
|
|
$
|
1,149
|
|
|
$
|
904,496
|
|
Collectively evaluated for impairment
|
19,409,343
|
|
|
9,564,585
|
|
|
7,259,731
|
|
|
57,896
|
|
|
36,291,555
|
|
|||||
Purchased loans with evidence of credit deterioration
|
—
|
|
|
—
|
|
|
—
|
|
|
469,196
|
|
|
469,196
|
|
|||||
Total
|
$
|
19,762,723
|
|
|
$
|
10,002,232
|
|
|
$
|
7,372,051
|
|
|
$
|
528,241
|
|
|
$
|
37,665,247
|
|
|
December 31, 2012
|
||||||||||||||||||||||||||
(In thousands)
|
Current
|
|
30-89 days
past due
|
|
90+ days
past due
|
|
Total
past due
|
|
Total
loans
|
|
Accruing
loans
90+ days
past due
|
|
Nonaccrual
loans
that are
current
1
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial
|
$
|
11,124,639
|
|
|
$
|
73,555
|
|
|
$
|
58,751
|
|
|
$
|
132,306
|
|
|
$
|
11,256,945
|
|
|
$
|
4,013
|
|
|
$
|
32,389
|
|
Leasing
|
421,590
|
|
|
115
|
|
|
808
|
|
|
923
|
|
|
422,513
|
|
|
—
|
|
|
—
|
|
|||||||
Owner occupied
|
7,447,083
|
|
|
56,504
|
|
|
85,495
|
|
|
141,999
|
|
|
7,589,082
|
|
|
1,822
|
|
|
100,835
|
|
|||||||
Municipal
|
494,183
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
494,183
|
|
|
—
|
|
|
9,234
|
|
|||||||
Total commercial
|
19,487,495
|
|
|
130,174
|
|
|
145,054
|
|
|
275,228
|
|
|
19,762,723
|
|
|
5,835
|
|
|
142,458
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
1,836,284
|
|
|
66,139
|
|
|
36,990
|
|
|
103,129
|
|
|
1,939,413
|
|
|
853
|
|
|
50,044
|
|
|||||||
Term
|
7,984,819
|
|
|
24,730
|
|
|
53,270
|
|
|
78,000
|
|
|
8,062,819
|
|
|
107
|
|
|
54,546
|
|
|||||||
Total commercial real estate
|
9,821,103
|
|
|
90,869
|
|
|
90,260
|
|
|
181,129
|
|
|
10,002,232
|
|
|
960
|
|
|
104,590
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
2,169,722
|
|
|
4,036
|
|
|
3,922
|
|
|
7,958
|
|
|
2,177,680
|
|
|
—
|
|
|
8,846
|
|
|||||||
1-4 family residential
|
4,282,611
|
|
|
24,060
|
|
|
43,658
|
|
|
67,718
|
|
|
4,350,329
|
|
|
1,423
|
|
|
21,945
|
|
|||||||
Construction and other consumer real estate
|
314,931
|
|
|
4,344
|
|
|
1,960
|
|
|
6,304
|
|
|
321,235
|
|
|
395
|
|
|
2,500
|
|
|||||||
Bankcard and other revolving plans
|
302,587
|
|
|
2,439
|
|
|
1,402
|
|
|
3,841
|
|
|
306,428
|
|
|
1,010
|
|
|
721
|
|
|||||||
Other
|
213,930
|
|
|
1,411
|
|
|
1,038
|
|
|
2,449
|
|
|
216,379
|
|
|
107
|
|
|
275
|
|
|||||||
Total consumer loans
|
7,283,781
|
|
|
36,290
|
|
|
51,980
|
|
|
88,270
|
|
|
7,372,051
|
|
|
2,935
|
|
|
34,287
|
|
|||||||
FDIC-supported loans
|
454,333
|
|
|
12,407
|
|
|
61,501
|
|
|
73,908
|
|
|
528,241
|
|
|
52,033
|
|
|
7,393
|
|
|||||||
Total
|
$
|
37,046,712
|
|
|
$
|
269,740
|
|
|
$
|
348,795
|
|
|
$
|
618,535
|
|
|
$
|
37,665,247
|
|
|
$
|
61,763
|
|
|
$
|
288,728
|
|
|
December 31, 2013
|
||||||||||||||||||||||
(In thousands)
|
Pass
|
|
Special
Mention
|
|
Sub-
standard
|
|
Doubtful
|
|
Total
loans
|
|
Total
allowance
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
11,807,825
|
|
|
$
|
303,598
|
|
|
$
|
360,391
|
|
|
$
|
9,269
|
|
|
$
|
12,481,083
|
|
|
|
||
Leasing
|
380,268
|
|
|
2,050
|
|
|
5,611
|
|
|
—
|
|
|
387,929
|
|
|
|
|||||||
Owner occupied
|
6,827,464
|
|
|
184,328
|
|
|
425,403
|
|
|
—
|
|
|
7,437,195
|
|
|
|
|||||||
Municipal
|
439,432
|
|
|
—
|
|
|
9,986
|
|
|
—
|
|
|
449,418
|
|
|
|
|||||||
Total commercial
|
19,454,989
|
|
|
489,976
|
|
|
801,391
|
|
|
9,269
|
|
|
20,755,625
|
|
|
$
|
465,145
|
|
|||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
2,107,828
|
|
|
15,010
|
|
|
59,983
|
|
|
—
|
|
|
2,182,821
|
|
|
|
|||||||
Term
|
7,569,472
|
|
|
172,856
|
|
|
263,509
|
|
|
—
|
|
|
8,005,837
|
|
|
|
|||||||
Total commercial real estate
|
9,677,300
|
|
|
187,866
|
|
|
323,492
|
|
|
—
|
|
|
10,188,658
|
|
|
213,363
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity credit line
|
2,111,475
|
|
|
—
|
|
|
21,645
|
|
|
—
|
|
|
2,133,120
|
|
|
|
|||||||
1-4 family residential
|
4,668,841
|
|
|
—
|
|
|
67,824
|
|
|
—
|
|
|
4,736,665
|
|
|
|
|||||||
Construction and other consumer real estate
|
313,881
|
|
|
—
|
|
|
11,041
|
|
|
—
|
|
|
324,922
|
|
|
|
|||||||
Bankcard and other revolving plans
|
353,618
|
|
|
—
|
|
|
2,622
|
|
|
—
|
|
|
356,240
|
|
|
|
|||||||
Other
|
196,770
|
|
|
—
|
|
|
1,094
|
|
|
—
|
|
|
197,864
|
|
|
|
|||||||
Total consumer loans
|
7,644,585
|
|
|
—
|
|
|
104,226
|
|
|
—
|
|
|
7,748,811
|
|
|
60,865
|
|
||||||
FDIC-supported loans
|
232,893
|
|
|
22,532
|
|
|
94,846
|
|
|
—
|
|
|
350,271
|
|
|
6,918
|
|
||||||
Total
|
$
|
37,009,767
|
|
|
$
|
700,374
|
|
|
$
|
1,323,955
|
|
|
$
|
9,269
|
|
|
$
|
39,043,365
|
|
|
$
|
746,291
|
|
|
December 31, 2012
|
||||||||||||||||||||||
(In thousands)
|
Pass
|
|
Special
Mention
|
|
Sub-
standard
|
|
Doubtful
|
|
Total
loans
|
|
Total
allowance
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
10,717,594
|
|
|
$
|
198,645
|
|
|
$
|
336,230
|
|
|
$
|
4,476
|
|
|
$
|
11,256,945
|
|
|
|
||
Leasing
|
419,482
|
|
|
226
|
|
|
2,805
|
|
|
—
|
|
|
422,513
|
|
|
|
|||||||
Owner occupied
|
6,833,923
|
|
|
138,539
|
|
|
612,011
|
|
|
4,609
|
|
|
7,589,082
|
|
|
|
|||||||
Municipal
|
453,193
|
|
|
31,756
|
|
|
9,234
|
|
|
—
|
|
|
494,183
|
|
|
|
|||||||
Total commercial
|
18,424,192
|
|
|
369,166
|
|
|
960,280
|
|
|
9,085
|
|
|
19,762,723
|
|
|
$
|
510,908
|
|
|||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
1,648,215
|
|
|
57,348
|
|
|
233,374
|
|
|
476
|
|
|
1,939,413
|
|
|
|
|||||||
Term
|
7,433,789
|
|
|
237,201
|
|
|
388,914
|
|
|
2,915
|
|
|
8,062,819
|
|
|
|
|||||||
Total commercial real estate
|
9,082,004
|
|
|
294,549
|
|
|
622,288
|
|
|
3,391
|
|
|
10,002,232
|
|
|
276,976
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity credit line
|
2,138,693
|
|
|
85
|
|
|
38,897
|
|
|
5
|
|
|
2,177,680
|
|
|
|
|||||||
1-4 family residential
|
4,234,426
|
|
|
4,316
|
|
|
111,063
|
|
|
524
|
|
|
4,350,329
|
|
|
|
|||||||
Construction and other consumer real estate
|
313,499
|
|
|
218
|
|
|
7,518
|
|
|
—
|
|
|
321,235
|
|
|
|
|||||||
Bankcard and other revolving plans
|
298,665
|
|
|
23
|
|
|
7,740
|
|
|
—
|
|
|
306,428
|
|
|
|
|||||||
Other
|
209,293
|
|
|
3,211
|
|
|
3,875
|
|
|
—
|
|
|
216,379
|
|
|
|
|||||||
Total consumer loans
|
7,194,576
|
|
|
7,853
|
|
|
169,093
|
|
|
529
|
|
|
7,372,051
|
|
|
95,656
|
|
||||||
FDIC-supported loans
|
327,609
|
|
|
24,980
|
|
|
175,652
|
|
|
—
|
|
|
528,241
|
|
|
12,547
|
|
||||||
Total
|
$
|
35,028,381
|
|
|
$
|
696,548
|
|
|
$
|
1,927,313
|
|
|
$
|
13,005
|
|
|
$
|
37,665,247
|
|
|
$
|
896,087
|
|
|
December 31, 2013
|
|
Year Ended
December 31, 2013 |
|
||||||||||||||||||||||||
(In thousands)
|
Unpaid
principal
balance
|
|
Recorded investment
|
|
Total
recorded
investment
|
|
Related
allowance
|
|
Average
recorded
investment
|
|
Interest
income recognized |
|
||||||||||||||||
with no
allowance
|
|
with
allowance
|
|
|
|
|||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial
|
$
|
178,281
|
|
|
$
|
30,092
|
|
|
$
|
126,692
|
|
|
$
|
156,784
|
|
|
$
|
23,687
|
|
|
$
|
185,895
|
|
|
$
|
3,572
|
|
|
Owner occupied
|
151,499
|
|
|
50,361
|
|
|
88,584
|
|
|
138,945
|
|
|
13,900
|
|
|
216,218
|
|
|
3,620
|
|
|
|||||||
Total commercial
|
329,780
|
|
|
80,453
|
|
|
215,276
|
|
|
295,729
|
|
|
37,587
|
|
|
402,113
|
|
|
7,192
|
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
85,440
|
|
|
19,206
|
|
|
50,744
|
|
|
69,950
|
|
|
3,483
|
|
|
134,540
|
|
|
4,013
|
|
|
|||||||
Term
|
171,826
|
|
|
34,258
|
|
|
112,330
|
|
|
146,588
|
|
|
7,981
|
|
|
286,389
|
|
|
6,686
|
|
|
|||||||
Total commercial real estate
|
257,266
|
|
|
53,464
|
|
|
163,074
|
|
|
216,538
|
|
|
11,464
|
|
|
420,929
|
|
|
10,699
|
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
17,547
|
|
|
12,568
|
|
|
2,200
|
|
|
14,768
|
|
|
178
|
|
|
13,380
|
|
|
385
|
|
|
|||||||
1-4 family residential
|
95,613
|
|
|
38,775
|
|
|
42,132
|
|
|
80,907
|
|
|
10,276
|
|
|
100,283
|
|
|
1,581
|
|
|
|||||||
Construction and other consumer real estate
|
4,713
|
|
|
2,643
|
|
|
933
|
|
|
3,576
|
|
|
175
|
|
|
6,218
|
|
|
148
|
|
|
|||||||
Bankcard and other revolving plans
|
726
|
|
|
726
|
|
|
—
|
|
|
726
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,770
|
|
|
—
|
|
|
|||||||
Total consumer loans
|
118,599
|
|
|
54,712
|
|
|
45,265
|
|
|
99,977
|
|
|
10,629
|
|
|
121,651
|
|
|
2,114
|
|
|
|||||||
FDIC-supported loans
|
404,308
|
|
|
83,917
|
|
|
228,392
|
|
|
312,309
|
|
|
6,526
|
|
|
384,402
|
|
|
112,082
|
|
1
|
|||||||
Total
|
$
|
1,109,953
|
|
|
$
|
272,546
|
|
|
$
|
652,007
|
|
|
$
|
924,553
|
|
|
$
|
66,206
|
|
|
$
|
1,329,095
|
|
|
$
|
132,087
|
|
|
|
December 31, 2012
|
|
Year Ended
December 31, 2012 |
|
||||||||||||||||||||||||
(In thousands)
|
Unpaid
principal
balance
|
|
Recorded investment
|
|
Total
recorded
investment
|
|
Related
allowance
|
|
Average
recorded
investment
|
|
Interest
income recognized |
|
||||||||||||||||
with no
allowance
|
|
with
allowance
|
|
|
||||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial
|
$
|
176,521
|
|
|
$
|
27,035
|
|
|
$
|
119,780
|
|
|
$
|
146,815
|
|
|
$
|
12,198
|
|
|
$
|
199,238
|
|
|
$
|
3,557
|
|
|
Owner occupied
|
210,319
|
|
|
79,413
|
|
|
106,282
|
|
|
185,695
|
|
|
17,105
|
|
|
262,511
|
|
|
2,512
|
|
|
|||||||
Total commercial
|
386,840
|
|
|
106,448
|
|
|
226,062
|
|
|
332,510
|
|
|
29,303
|
|
|
461,749
|
|
|
6,069
|
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
182,385
|
|
|
67,241
|
|
|
85,855
|
|
|
153,096
|
|
|
5,178
|
|
|
274,226
|
|
|
4,785
|
|
|
|||||||
Term
|
310,242
|
|
|
70,718
|
|
|
187,112
|
|
|
257,830
|
|
|
16,725
|
|
|
410,901
|
|
|
7,298
|
|
|
|||||||
Total commercial real estate
|
492,627
|
|
|
137,959
|
|
|
272,967
|
|
|
410,926
|
|
|
21,903
|
|
|
685,127
|
|
|
12,083
|
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
14,339
|
|
|
8,055
|
|
|
3,444
|
|
|
11,499
|
|
|
297
|
|
|
2,766
|
|
|
42
|
|
|
|||||||
1-4 family residential
|
108,934
|
|
|
42,602
|
|
|
49,867
|
|
|
92,469
|
|
|
12,921
|
|
|
107,118
|
|
|
1,629
|
|
|
|||||||
Construction and other consumer real estate
|
7,054
|
|
|
2,710
|
|
|
3,085
|
|
|
5,795
|
|
|
517
|
|
|
9,697
|
|
|
188
|
|
|
|||||||
Bankcard and other revolving plans
|
287
|
|
|
—
|
|
|
287
|
|
|
287
|
|
|
1
|
|
|
24
|
|
|
—
|
|
|
|||||||
Other
|
2,454
|
|
|
1,832
|
|
|
175
|
|
|
2,007
|
|
|
22
|
|
|
1,055
|
|
|
—
|
|
|
|||||||
Total consumer loans
|
133,068
|
|
|
55,199
|
|
|
56,858
|
|
|
112,057
|
|
|
13,758
|
|
|
120,660
|
|
|
1,859
|
|
|
|||||||
FDIC-supported loans
|
895,804
|
|
|
275,187
|
|
|
195,158
|
|
|
470,345
|
|
|
12,125
|
|
|
622,125
|
|
|
89,921
|
|
1
|
|||||||
Total
|
$
|
1,908,339
|
|
|
$
|
574,793
|
|
|
$
|
751,045
|
|
|
$
|
1,325,838
|
|
|
$
|
77,089
|
|
|
$
|
1,889,661
|
|
|
$
|
109,932
|
|
|
1
|
The balance of interest income recognized results primarily from accretion of interest income on impaired FDIC-supported loans.
|
|
December 31, 2013
|
||||||||||||||||||||||||||
|
Recorded investment resulting from the following modification types:
|
|
|
||||||||||||||||||||||||
(In thousands)
|
Interest
rate below
market
|
|
Maturity
or term
extension
|
|
Principal
forgiveness
|
|
Payment
deferral
|
|
Other
1
|
|
Multiple
modification
types
2
|
|
Total
|
||||||||||||||
Accruing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial
|
$
|
1,143
|
|
|
$
|
9,848
|
|
|
$
|
11,491
|
|
|
$
|
3,217
|
|
|
$
|
4,308
|
|
|
$
|
53,117
|
|
|
$
|
83,124
|
|
Owner occupied
|
22,841
|
|
|
1,482
|
|
|
987
|
|
|
1,291
|
|
|
9,659
|
|
|
23,576
|
|
|
59,836
|
|
|||||||
Total commercial
|
23,984
|
|
|
11,330
|
|
|
12,478
|
|
|
4,508
|
|
|
13,967
|
|
|
76,693
|
|
|
142,960
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
1,067
|
|
|
8,231
|
|
|
—
|
|
|
1,063
|
|
|
4,119
|
|
|
28,295
|
|
|
42,775
|
|
|||||||
Term
|
7,542
|
|
|
9,241
|
|
|
190
|
|
|
3,783
|
|
|
14,932
|
|
|
61,024
|
|
|
96,712
|
|
|||||||
Total commercial real estate
|
8,609
|
|
|
17,472
|
|
|
190
|
|
|
4,846
|
|
|
19,051
|
|
|
89,319
|
|
|
139,487
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
743
|
|
|
—
|
|
|
9,438
|
|
|
—
|
|
|
323
|
|
|
332
|
|
|
10,836
|
|
|||||||
1-4 family residential
|
2,628
|
|
|
997
|
|
|
6,814
|
|
|
643
|
|
|
3,083
|
|
|
35,869
|
|
|
50,034
|
|
|||||||
Construction and other consumer real estate
|
128
|
|
|
329
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
1,514
|
|
|
1,982
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total consumer loans
|
3,499
|
|
|
1,326
|
|
|
16,263
|
|
|
643
|
|
|
3,406
|
|
|
37,715
|
|
|
62,852
|
|
|||||||
Total accruing
|
36,092
|
|
|
30,128
|
|
|
28,931
|
|
|
9,997
|
|
|
36,424
|
|
|
203,727
|
|
|
345,299
|
|
|||||||
Nonaccruing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial
|
2,028
|
|
|
6,989
|
|
|
—
|
|
|
473
|
|
|
8,948
|
|
|
10,395
|
|
|
28,833
|
|
|||||||
Owner occupied
|
3,020
|
|
|
1,489
|
|
|
1,043
|
|
|
1,593
|
|
|
10,482
|
|
|
14,927
|
|
|
32,554
|
|
|||||||
Total commercial
|
5,048
|
|
|
8,478
|
|
|
1,043
|
|
|
2,066
|
|
|
19,430
|
|
|
25,322
|
|
|
61,387
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
11,699
|
|
|
1,555
|
|
|
—
|
|
|
—
|
|
|
5,303
|
|
|
8,617
|
|
|
27,174
|
|
|||||||
Term
|
2,126
|
|
|
—
|
|
|
—
|
|
|
1,943
|
|
|
315
|
|
|
14,861
|
|
|
19,245
|
|
|||||||
Total commercial real estate
|
13,825
|
|
|
1,555
|
|
|
—
|
|
|
1,943
|
|
|
5,618
|
|
|
23,478
|
|
|
46,419
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
—
|
|
|
—
|
|
|
1,036
|
|
|
—
|
|
|
221
|
|
|
—
|
|
|
1,257
|
|
|||||||
1-4 family residential
|
4,315
|
|
|
1,396
|
|
|
1,606
|
|
|
—
|
|
|
3,901
|
|
|
14,109
|
|
|
25,327
|
|
|||||||
Construction and other consumer real estate
|
4
|
|
|
1,260
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
229
|
|
|
1,493
|
|
|||||||
Bankcard and other revolving plans
|
—
|
|
|
252
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
252
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total consumer loans
|
4,319
|
|
|
2,908
|
|
|
2,642
|
|
|
—
|
|
|
4,122
|
|
|
14,338
|
|
|
28,329
|
|
|||||||
Total nonaccruing
|
23,192
|
|
|
12,941
|
|
|
3,685
|
|
|
4,009
|
|
|
29,170
|
|
|
63,138
|
|
|
136,135
|
|
|||||||
Total
|
$
|
59,284
|
|
|
$
|
43,069
|
|
|
$
|
32,616
|
|
|
$
|
14,006
|
|
|
$
|
65,594
|
|
|
$
|
266,865
|
|
|
$
|
481,434
|
|
|
December 31, 2012
|
||||||||||||||||||||||||||
|
Recorded investment resulting from the following modification types:
|
|
|
||||||||||||||||||||||||
(In thousands)
|
Interest
rate below
market
|
|
Maturity
or term
extension
|
|
Principal
forgiveness
|
|
Payment
deferral
|
|
Other
1
|
|
Multiple
modification
types
2
|
|
Total
|
||||||||||||||
Accruing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial
|
$
|
5,388
|
|
|
$
|
6,139
|
|
|
$
|
—
|
|
|
$
|
3,585
|
|
|
$
|
17,647
|
|
|
$
|
44,684
|
|
|
$
|
77,443
|
|
Owner occupied
|
20,963
|
|
|
12,104
|
|
|
—
|
|
|
4,013
|
|
|
9,305
|
|
|
13,598
|
|
|
59,983
|
|
|||||||
Total commercial
|
26,351
|
|
|
18,243
|
|
|
—
|
|
|
7,598
|
|
|
26,952
|
|
|
58,282
|
|
|
137,426
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
1,718
|
|
|
9,868
|
|
|
2
|
|
|
59
|
|
|
8,432
|
|
|
30,248
|
|
|
50,327
|
|
|||||||
Term
|
30,118
|
|
|
1,854
|
|
|
8,433
|
|
|
3,807
|
|
|
32,302
|
|
|
82,809
|
|
|
159,323
|
|
|||||||
Total commercial real estate
|
31,836
|
|
|
11,722
|
|
|
8,435
|
|
|
3,866
|
|
|
40,734
|
|
|
113,057
|
|
|
209,650
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
744
|
|
|
—
|
|
|
5,965
|
|
|
—
|
|
|
300
|
|
|
218
|
|
|
7,227
|
|
|||||||
1-4 family residential
|
2,665
|
|
|
1,324
|
|
|
5,923
|
|
|
147
|
|
|
3,319
|
|
|
36,199
|
|
|
49,577
|
|
|||||||
Construction and other consumer real estate
|
147
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
641
|
|
|
2,354
|
|
|
3,142
|
|
|||||||
Other
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
4
|
|
|||||||
Total consumer loans
|
3,556
|
|
|
1,327
|
|
|
11,888
|
|
|
147
|
|
|
4,261
|
|
|
38,771
|
|
|
59,950
|
|
|||||||
Total accruing
|
61,743
|
|
|
31,292
|
|
|
20,323
|
|
|
11,611
|
|
|
71,947
|
|
|
210,110
|
|
|
407,026
|
|
|||||||
Nonaccruing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial
|
318
|
|
|
5,667
|
|
|
—
|
|
|
480
|
|
|
2,035
|
|
|
17,379
|
|
|
25,879
|
|
|||||||
Owner occupied
|
3,822
|
|
|
4,816
|
|
|
654
|
|
|
4,701
|
|
|
7,643
|
|
|
7,803
|
|
|
29,439
|
|
|||||||
Total commercial
|
4,140
|
|
|
10,483
|
|
|
654
|
|
|
5,181
|
|
|
9,678
|
|
|
25,182
|
|
|
55,318
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
18,255
|
|
|
1,308
|
|
|
—
|
|
|
—
|
|
|
1,807
|
|
|
68,481
|
|
|
89,851
|
|
|||||||
Term
|
3,042
|
|
|
536
|
|
|
—
|
|
|
2,645
|
|
|
9,389
|
|
|
17,718
|
|
|
33,330
|
|
|||||||
Total commercial real estate
|
21,297
|
|
|
1,844
|
|
|
—
|
|
|
2,645
|
|
|
11,196
|
|
|
86,199
|
|
|
123,181
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
—
|
|
|
—
|
|
|
4,008
|
|
|
—
|
|
|
131
|
|
|
143
|
|
|
4,282
|
|
|||||||
1-4 family residential
|
4,697
|
|
|
5,637
|
|
|
4,048
|
|
|
—
|
|
|
1,693
|
|
|
14,240
|
|
|
30,315
|
|
|||||||
Construction and other consumer real estate
|
7
|
|
|
1,671
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
243
|
|
|
1,921
|
|
|||||||
Bankcard and other revolving plans
|
—
|
|
|
287
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
287
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
172
|
|
|
—
|
|
|
—
|
|
|
172
|
|
|||||||
Total consumer loans
|
4,704
|
|
|
7,595
|
|
|
8,056
|
|
|
172
|
|
|
1,824
|
|
|
14,626
|
|
|
36,977
|
|
|||||||
Total nonaccruing
|
30,141
|
|
|
19,922
|
|
|
8,710
|
|
|
7,998
|
|
|
22,698
|
|
|
126,007
|
|
|
215,476
|
|
|||||||
Total
|
$
|
91,884
|
|
|
$
|
51,214
|
|
|
$
|
29,033
|
|
|
$
|
19,609
|
|
|
$
|
94,645
|
|
|
$
|
336,117
|
|
|
$
|
622,502
|
|
|
|
Year Ended
December 31,
|
|
||||||
(In thousands)
|
|
2013
|
|
2012
|
|
||||
Commercial:
|
|
|
|
|
|
||||
Commercial and industrial
|
|
$
|
(1
|
)
|
|
$
|
(287
|
)
|
|
Owner occupied
|
|
(4,672
|
)
|
|
(1,612
|
)
|
|
||
Total commercial
|
|
(4,673
|
)
|
|
(1,899
|
)
|
|
||
Commercial real estate:
|
|
|
|
|
|
||||
Construction and land development
|
|
(1,342
|
)
|
|
(1,069
|
)
|
|
||
Term
|
|
(8,908
|
)
|
|
(6,664
|
)
|
|
||
Total commercial real estate
|
|
(10,250
|
)
|
|
(7,733
|
)
|
|
||
Consumer:
|
|
|
|
|
|
||||
Home equity credit line
|
|
(121
|
)
|
|
(86
|
)
|
|
||
1-4 family residential
|
|
(14,980
|
)
|
|
(16,164
|
)
|
|
||
Construction and other consumer real estate
|
|
(433
|
)
|
|
(674
|
)
|
|
||
Total consumer loans
|
|
(15,534
|
)
|
|
(16,924
|
)
|
|
||
Total decrease to interest income
1
|
|
$
|
(30,457
|
)
|
|
$
|
(26,556
|
)
|
|
1
|
Calculated based on the difference between the modified rate and the premodified rate applied to the recorded investment.
|
(In thousands)
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||||||||||||
|
Accruing
|
|
Nonaccruing
|
|
Total
|
|
Accruing
|
|
Nonaccruing
|
|
Total
|
|||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,816
|
|
|
$
|
1,816
|
|
Owner occupied
|
|
—
|
|
|
430
|
|
|
430
|
|
|
159
|
|
|
679
|
|
|
838
|
|
||||||
Total commercial
|
|
—
|
|
|
430
|
|
|
430
|
|
|
159
|
|
|
2,495
|
|
|
2,654
|
|
||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
|
—
|
|
|
1,676
|
|
|
1,676
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Term
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total commercial real estate
|
|
—
|
|
|
1,676
|
|
|
1,676
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity credit line
|
|
—
|
|
|
342
|
|
|
342
|
|
|
—
|
|
|
336
|
|
|
336
|
|
||||||
1-4 family residential
|
|
—
|
|
|
2,592
|
|
|
2,592
|
|
|
—
|
|
|
8,085
|
|
|
8,085
|
|
||||||
Total consumer loans
|
|
—
|
|
|
2,934
|
|
|
2,934
|
|
|
—
|
|
|
8,421
|
|
|
8,421
|
|
||||||
Total
|
|
$
|
—
|
|
|
$
|
5,040
|
|
|
$
|
5,040
|
|
|
$
|
159
|
|
|
$
|
10,916
|
|
|
$
|
11,075
|
|
|
December 31,
|
||||||
(In thousands)
|
2013
|
|
2012
|
||||
|
|
|
|
||||
Commercial
|
$
|
150,191
|
|
|
$
|
227,414
|
|
Commercial real estate
|
233,720
|
|
|
382,068
|
|
||
Consumer
|
28,608
|
|
|
41,398
|
|
||
Outstanding balance
|
$
|
412,519
|
|
|
$
|
650,880
|
|
|
|
|
|
||||
Carrying amount
|
$
|
311,797
|
|
|
$
|
472,040
|
|
ALLL
|
6,478
|
|
|
12,077
|
|
||
Carrying amount, net
|
$
|
305,319
|
|
|
$
|
459,963
|
|
(In thousands)
|
2013
|
|
2012
|
||||
|
|
|
|
||||
Balance at beginning of year
|
$
|
134,461
|
|
|
$
|
184,679
|
|
Accretion
|
(111,951
|
)
|
|
(89,849
|
)
|
||
Reclassification from nonaccretable difference
|
36,467
|
|
|
30,632
|
|
||
Disposals and other
|
18,551
|
|
|
8,999
|
|
||
Balance at end of year
|
$
|
77,528
|
|
|
$
|
134,461
|
|
(In thousands)
|
2013
|
|
2012
|
||||
|
|||||||
|
|
|
|
||||
Balance at beginning of year
|
$
|
90,929
|
|
|
$
|
133,810
|
|
Amounts filed with the FDIC and collected or in process
|
21,302
|
|
|
17,004
|
|
||
Net change in asset balance due to reestimation of projected cash flows
1
|
(85,820
|
)
|
|
(59,885
|
)
|
||
Balance at end of year
|
$
|
26,411
|
|
|
$
|
90,929
|
|
1
|
Negative amounts result from the accretion of loan balances based on increases in cash flow estimates on the underlying indemnified loans.
|
8.
|
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||||||||||||
|
Notional
amount
|
|
Fair value
|
|
Notional
amount
|
|
Fair value
|
||||||||||||||||
(In thousands)
|
Other
assets
|
|
Other
liabilities
|
|
Other
assets
|
|
Other
liabilities
|
||||||||||||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flow hedges
1
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
$
|
100,000
|
|
|
$
|
202
|
|
|
$
|
583
|
|
|
$
|
150,000
|
|
|
$
|
1,188
|
|
|
$
|
—
|
|
Total derivatives designated as hedging instruments
|
100,000
|
|
|
202
|
|
|
583
|
|
|
150,000
|
|
|
1,188
|
|
|
—
|
|
||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
65,850
|
|
|
420
|
|
|
421
|
|
|
98,524
|
|
|
1,043
|
|
|
1,047
|
|
||||||
Interest rate swaps for customers
2
|
2,902,776
|
|
|
55,447
|
|
|
54,688
|
|
|
2,607,603
|
|
|
79,579
|
|
|
82,926
|
|
||||||
Foreign exchange
|
751,066
|
|
|
9,614
|
|
|
8,643
|
|
|
520,696
|
|
|
4,404
|
|
|
3,159
|
|
||||||
Total return swap
|
1,159,686
|
|
|
—
|
|
|
4,062
|
|
|
1,159,686
|
|
|
—
|
|
|
5,127
|
|
||||||
Total derivatives not designated as hedging instruments
|
4,879,378
|
|
|
65,481
|
|
|
67,814
|
|
|
4,386,509
|
|
|
85,026
|
|
|
92,259
|
|
||||||
Total derivatives
|
$
|
4,979,378
|
|
|
$
|
65,683
|
|
|
$
|
68,397
|
|
|
$
|
4,536,509
|
|
|
$
|
86,214
|
|
|
$
|
92,259
|
|
|
Year Ended December 31, 2013
|
|
Year Ended December 31, 2012
|
||||||||||||||||||||||||||||
|
Amount of derivative gain (loss) recognized/reclassified
|
||||||||||||||||||||||||||||||
(In thousands)
|
OCI
|
|
Reclassified
from AOCI
to interest
income
|
|
Noninterest
income
(expense)
|
|
Offset to
interest
expense
|
|
OCI
|
|
Reclassified
from AOCI
to interest
income
|
|
Noninterest
income
(expense)
|
|
Offset to
interest
expense
|
||||||||||||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Asset derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash flow hedges
1
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swaps
|
$
|
(225
|
)
|
|
$
|
2,647
|
|
|
|
|
|
|
$
|
390
|
|
|
$
|
13,062
|
|
|
|
|
|
||||||||
|
(225
|
)
|
|
2,647
|
|
3
|
|
|
|
|
|
390
|
|
|
13,062
|
|
3
|
|
|
|
|
||||||||||
Liability derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fair value hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Terminated swaps on long-term debt
|
|
|
|
|
|
|
$
|
3,120
|
|
|
|
|
|
|
|
|
$
|
3,054
|
|
||||||||||||
Total derivatives designated as hedging instruments
|
(225
|
)
|
|
2,647
|
|
|
|
|
|
3,120
|
|
|
390
|
|
|
13,062
|
|
|
|
|
|
3,054
|
|
||||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swaps
|
|
|
|
|
$
|
(493
|
)
|
|
|
|
|
|
|
|
$
|
(1,467
|
)
|
|
|
||||||||||||
Interest rate swaps for customers
2
|
|
|
|
|
10,918
|
|
|
|
|
|
|
|
|
7,858
|
|
|
|
||||||||||||||
Basis swaps
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
18
|
|
|
|
||||||||||||||
Futures contracts
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
(13
|
)
|
|
|
||||||||||||||
Foreign exchange
|
|
|
|
|
9,190
|
|
|
|
|
|
|
|
|
8,628
|
|
|
|
||||||||||||||
Total return swap
|
|
|
|
|
(21,753
|
)
|
|
|
|
|
|
|
|
(21,707
|
)
|
|
|
||||||||||||||
Total derivatives not designated as hedging instruments
|
|
|
|
|
(2,136
|
)
|
|
|
|
|
|
|
|
(6,683
|
)
|
|
|
||||||||||||||
Total derivatives
|
$
|
(225
|
)
|
|
$
|
2,647
|
|
|
$
|
(2,136
|
)
|
|
$
|
3,120
|
|
|
$
|
390
|
|
|
$
|
13,062
|
|
|
$
|
(6,683
|
)
|
|
$
|
3,054
|
|
1)
|
The Company built on its fair valuation process for the underlying CDO portfolio and utilized those same projected cash flows to quantify the extent and timing of payments to be received from the Trustee related to each CDO and in the aggregate. For valuation purposes, we assumed that a market participant would cancel the TRS at the first opportunity if the TRS did not have a positive value based on the best estimates of cash flows through maturity. Consequently, the fair value approximated the amount of required payments up to the earliest termination date.
|
2)
|
A valuation from a market participant in possession of all relevant terms and costs of the TRS structure.
|
9.
|
PREMISES AND EQUIPMENT
|
(In thousands)
|
December 31,
|
||||||
2013
|
|
2012
|
|||||
|
|
|
|
||||
Land
|
$
|
185,119
|
|
|
$
|
184,762
|
|
Buildings
|
509,151
|
|
|
497,449
|
|
||
Furniture, equipment and software
|
664,556
|
|
|
622,170
|
|
||
Leasehold improvements
|
129,056
|
|
|
121,953
|
|
||
Total
|
1,487,882
|
|
|
1,426,334
|
|
||
Less accumulated depreciation and amortization
|
761,510
|
|
|
717,452
|
|
||
Net book value
|
$
|
726,372
|
|
|
$
|
708,882
|
|
10.
|
GOODWILL AND OTHER INTANGIBLE ASSETS
|
|
|
Gross carrying amount
|
|
Accumulated amortization
|
|
Net carrying amount
|
||||||||||||||||||
(In thousands)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Core deposit intangibles
|
|
$
|
180,290
|
|
|
$
|
180,290
|
|
|
$
|
(146,557
|
)
|
|
$
|
(133,628
|
)
|
|
$
|
33,733
|
|
|
$
|
46,662
|
|
Customer relationships and other intangibles
|
|
29,064
|
|
|
29,064
|
|
|
(26,353
|
)
|
|
(24,908
|
)
|
|
2,711
|
|
|
4,156
|
|
||||||
|
|
$
|
209,354
|
|
|
$
|
209,354
|
|
|
$
|
(172,910
|
)
|
|
$
|
(158,536
|
)
|
|
$
|
36,444
|
|
|
$
|
50,818
|
|
(In thousands)
|
|
Zions Bank
|
|
CB&T
|
|
Amegy
|
|
Other
|
|
Consolidated Company
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at December 31, 2011
|
|
$
|
19,514
|
|
|
$
|
379,024
|
|
|
$
|
615,591
|
|
|
$
|
1,000
|
|
|
$
|
1,015,129
|
|
Impairment losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,000
|
)
|
|
(1,000
|
)
|
|||||
Balance at December 31, 2012
|
|
19,514
|
|
|
379,024
|
|
|
615,591
|
|
|
—
|
|
|
1,014,129
|
|
|||||
Impairment losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Balance at December 31, 2013
|
|
$
|
19,514
|
|
|
$
|
379,024
|
|
|
$
|
615,591
|
|
|
$
|
—
|
|
|
$
|
1,014,129
|
|
11.
|
DEPOSITS
|
(In thousands)
|
|
|
||
|
|
|
||
2014
|
|
$
|
2,216,605
|
|
2015
|
|
265,984
|
|
|
2016
|
|
161,620
|
|
|
2017
|
|
86,903
|
|
|
2018
|
|
113,534
|
|
|
Thereafter
|
|
663
|
|
|
|
|
$
|
2,845,309
|
|
12.
|
SHORT-TERM BORROWINGS
|
(Amounts in thousands)
|
|
2013
|
|
2012
|
|
2011
|
||||||
Federal funds purchased:
|
|
|
|
|
|
|
||||||
Average amount outstanding
|
|
$
|
150,217
|
|
|
$
|
280,859
|
|
|
$
|
312,730
|
|
Weighted average rate
|
|
0.15
|
%
|
|
0.19
|
%
|
|
0.20
|
%
|
|||
Highest month-end balance
|
|
$
|
206,450
|
|
|
$
|
560,674
|
|
|
$
|
361,217
|
|
Year-end balance
|
|
129,131
|
|
|
175,468
|
|
|
214,224
|
|
|||
Weighted average rate on outstandings at year-end
|
|
0.14
|
%
|
|
0.13
|
%
|
|
0.20
|
%
|
|||
|
|
|
|
|
|
|
||||||
Security repurchase agreements:
|
|
|
|
|
|
|
||||||
Average amount outstanding
|
|
$
|
124,929
|
|
|
$
|
190,365
|
|
|
$
|
340,015
|
|
Weighted average rate
|
|
0.05
|
%
|
|
0.04
|
%
|
|
0.05
|
%
|
|||
Highest month-end balance
|
|
$
|
137,611
|
|
|
$
|
264,187
|
|
|
$
|
393,874
|
|
Year-end balance
|
|
137,611
|
|
|
145,010
|
|
|
393,874
|
|
|||
Weighted average rate on outstandings at year-end
|
|
0.05
|
%
|
|
0.04
|
%
|
|
0.06
|
%
|
|||
|
|
|
|
|
|
|
||||||
Federal funds purchased and security repurchase agreements at year-end
|
|
$
|
266,742
|
|
|
$
|
320,478
|
|
|
$
|
608,098
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2013
|
|
2012
|
||||
|
|
|
|
|
||||
Senior medium-term notes
|
|
$
|
—
|
|
|
$
|
4,951
|
|
Commercial paper
|
|
—
|
|
|
—
|
|
||
Other
|
|
—
|
|
|
458
|
|
||
|
|
$
|
—
|
|
|
$
|
5,409
|
|
13.
|
LONG-TERM DEBT
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2013
|
|
2012
|
||||
|
|
|
|
|
||||
Junior subordinated debentures related to trust preferred securities
|
|
$
|
168,043
|
|
|
$
|
461,858
|
|
Convertible subordinated notes
|
|
184,147
|
|
|
308,468
|
|
||
Subordinated notes
|
|
443,231
|
|
|
217,175
|
|
||
Senior notes
|
|
1,454,779
|
|
|
1,325,630
|
|
||
FHLB advances
|
|
22,736
|
|
|
23,300
|
|
||
Capital lease obligations and other
|
|
639
|
|
|
682
|
|
||
|
|
$
|
2,273,575
|
|
|
$
|
2,337,113
|
|
(Amounts in thousands)
|
|
Balance
|
|
Coupon rate
1
|
|
Maturity
|
||
|
|
|
|
|
|
|
||
Amegy Statutory Trust I
|
|
$
|
51,547
|
|
|
3mL+2.85% (3.09%)
|
|
Dec 2033
|
Amegy Statutory Trust II
|
|
36,083
|
|
|
3mL+1.90% (2.14%)
|
|
Oct 2034
|
|
Amegy Statutory Trust III
|
|
61,856
|
|
|
3mL+1.78% (2.02%)
|
|
Dec 2034
|
|
Stockmen’s Statutory Trust II
|
|
7,732
|
|
|
3mL+3.15% (3.40%)
|
|
Mar 2033
|
|
Stockmen’s Statutory Trust III
|
|
7,732
|
|
|
3mL+2.89% (3.13%)
|
|
Mar 2034
|
|
Intercontinental Statutory Trust I
|
|
3,093
|
|
|
3mL+2.85% (3.09%)
|
|
Mar 2034
|
|
|
|
$
|
168,043
|
|
|
|
|
|
1
|
Designation of “3mL” is three-month LIBOR; effective interest rate at the beginning of the accrual period commencing on or before
December 31, 2013
is shown in parenthesis.
|
(Amounts in thousands)
|
|
Convertible
subordinated notes
|
|
Subordinated notes
|
|
|
||||||||||||
Coupon rate
|
|
Balance
|
|
Par amount
|
|
Balance
|
|
Par amount
|
|
Maturity
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
5.65%
|
|
$
|
70,218
|
|
|
$
|
75,704
|
|
|
$
|
30,494
|
|
|
$
|
30,173
|
|
|
May 2014
|
6.00%
|
|
60,107
|
|
|
79,292
|
|
|
33,697
|
|
|
32,366
|
|
|
Sep 2015
|
||||
5.50%
|
|
53,822
|
|
|
71,595
|
|
|
54,149
|
|
|
52,078
|
|
|
Nov 2015
|
||||
5.65%
|
|
|
|
|
|
162,000
|
|
|
162,000
|
|
|
Nov 2023
|
||||||
6.95%
|
|
|
|
|
|
87,891
|
|
|
87,891
|
|
|
Sep 2028
|
||||||
3mL+1.25% (1.50%)
|
1
|
|
|
|
|
75,000
|
|
|
75,000
|
|
2
|
Sep 2014
|
||||||
|
|
$
|
184,147
|
|
|
$
|
226,591
|
|
|
$
|
443,231
|
|
|
$
|
439,508
|
|
|
|
1
|
Designation of “3mL” is three-month LIBOR; effective interest rate at the beginning of the accrual period commencing on or before
December 31, 2013
is shown in parenthesis.
|
2
|
Issued by Amegy
.
|
(In thousands)
|
|
2013
|
|
2012
|
|
2011
|
||||||
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
$
|
149,333
|
|
|
$
|
224,206
|
|
|
$
|
385,831
|
|
Discount amortization on convertible subordinated debt
|
|
(48,378
|
)
|
|
(43,341
|
)
|
|
(46,021
|
)
|
|||
Accelerated discount amortization on convertible subordinated debt
|
|
(368
|
)
|
|
(31,532
|
)
|
|
(115,604
|
)
|
|||
Accelerated discount amortization resulting from tender offer for debt repurchases (subsequently discussed)
|
|
(58,143
|
)
|
|
—
|
|
|
—
|
|
|||
Total amortization
|
|
(106,889
|
)
|
|
(74,873
|
)
|
|
(161,625
|
)
|
|||
Balance at end of year
|
|
$
|
42,444
|
|
|
$
|
149,333
|
|
|
$
|
224,206
|
|
(Amounts in thousands)
|
|
|
|
|
||||||
Coupon rate
|
|
Balance
|
|
Par amount
|
|
Maturity
|
||||
|
|
|
|
|
|
|
||||
7.75%
|
|
$
|
235,382
|
|
|
$
|
240,769
|
|
|
September 2014
|
4.0%
|
|
196,103
|
|
|
198,448
|
|
|
June 2016
|
||
4.5%
|
|
388,467
|
|
|
400,000
|
|
|
March 2017
|
||
4.5%
|
|
299,199
|
|
|
300,000
|
|
|
June 2023
|
||
2.55% - 5.50%
|
|
335,628
|
|
|
335,881
|
|
|
Feb 2014 - Nov 2019
|
||
|
|
$
|
1,454,779
|
|
|
|
|
|
(In thousands)
|
|
Consolidated
|
|
Parent only
|
||||
|
|
|
|
|
||||
2014
|
|
$
|
460,825
|
|
|
$
|
385,771
|
|
2015
|
|
279,538
|
|
|
279,482
|
|
||
2016
|
|
318,057
|
|
|
318,004
|
|
||
2017
|
|
405,923
|
|
|
405,865
|
|
||
2018
|
|
38,346
|
|
|
38,285
|
|
||
Thereafter
|
|
767,073
|
|
|
591,400
|
|
||
|
|
$
|
2,269,762
|
|
|
$
|
2,018,807
|
|
14.
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
Statement of income (SI) Balance sheet
(BS)
|
|
|
||||||||||
(In thousands)
|
|
Amounts reclassified from AOCI
1
|
|
|
|
|||||||||||
Details about AOCI components
|
|
2013
|
|
2012
|
|
2011
|
|
|
Affected line item
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Net realized gains (losses) on investment securities
|
|
$
|
(2,898
|
)
|
|
$
|
19,544
|
|
|
$
|
11,868
|
|
|
SI
|
|
Fixed income securities gains (losses), net
|
Income tax expense (benefit)
|
|
(1,123
|
)
|
|
7,340
|
|
|
4,476
|
|
|
|
|
|
|||
|
|
(1,775
|
)
|
|
12,204
|
|
|
7,392
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized losses on investment
securities
|
|
(164,732
|
)
|
|
(103,720
|
)
|
|
(32,914
|
)
|
|
SI
|
|
Net impairment losses on investment securities
|
|||
Income tax benefit
|
|
(64,829
|
)
|
|
(40,156
|
)
|
|
(12,670
|
)
|
|
|
|
|
|||
|
|
(99,903
|
)
|
|
(63,564
|
)
|
|
(20,244
|
)
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||
Accretion of securities with noncredit-related impairment losses not expected to be sold
|
|
(2,106
|
)
|
|
(11,351
|
)
|
|
(665
|
)
|
|
BS
|
|
Investment securities, held-to-maturity
|
|||
Deferred income taxes
|
|
848
|
|
|
4,488
|
|
|
255
|
|
|
BS
|
|
Other assets
|
|||
|
|
$
|
(102,936
|
)
|
|
$
|
(58,223
|
)
|
|
$
|
(13,262
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized gains on derivative instruments
|
|
$
|
2,647
|
|
|
$
|
13,062
|
|
|
$
|
37,273
|
|
|
SI
|
|
Interest and fees on loans
|
Income tax expense
|
|
1,067
|
|
|
5,220
|
|
|
15,019
|
|
|
|
|
|
|||
|
|
$
|
1,580
|
|
|
$
|
7,842
|
|
|
$
|
22,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amortization of net actuarial loss
|
|
$
|
(8,127
|
)
|
|
$
|
(8,983
|
)
|
|
$
|
(5,149
|
)
|
|
SI
|
|
Salaries and employee benefits
|
Amortization of prior service credit
|
|
27
|
|
|
120
|
|
|
120
|
|
|
SI
|
|
Salaries and employee benefits
|
|||
Income tax benefit
|
|
(3,194
|
)
|
|
(3,497
|
)
|
|
(1,979
|
)
|
|
|
|
|
|||
|
|
$
|
(4,906
|
)
|
|
$
|
(5,366
|
)
|
|
$
|
(3,050
|
)
|
|
|
|
|
15.
|
INCOME TAXES
|
(In thousands)
|
|
2013
|
|
2012
|
|
2011
|
||||||
Federal:
|
|
|
|
|
|
|
||||||
Current
|
|
$
|
173,418
|
|
|
$
|
185,404
|
|
|
$
|
62,810
|
|
Deferred
|
|
(51,475
|
)
|
|
(20,086
|
)
|
|
106,902
|
|
|||
|
|
121,943
|
|
|
165,318
|
|
|
169,712
|
|
|||
State:
|
|
|
|
|
|
|
||||||
Current
|
|
29,676
|
|
|
(1,775
|
)
|
|
20,169
|
|
|||
Deferred
|
|
(8,642
|
)
|
|
29,873
|
|
|
8,702
|
|
|||
|
|
21,034
|
|
|
28,098
|
|
|
28,871
|
|
|||
|
|
$
|
142,977
|
|
|
$
|
193,416
|
|
|
$
|
198,583
|
|
(In thousands)
|
|
2013
|
|
2012
|
|
2011
|
||||||
|
|
|
|
|
|
|
||||||
Income tax expense at statutory federal rate
|
|
$
|
142,251
|
|
|
$
|
189,548
|
|
|
$
|
182,446
|
|
State income taxes, net
|
|
13,672
|
|
|
18,264
|
|
|
18,766
|
|
|||
Other nondeductible expenses
|
|
2,574
|
|
|
11,291
|
|
|
24,361
|
|
|||
Nontaxable income
|
|
(17,071
|
)
|
|
(20,137
|
)
|
|
(19,691
|
)
|
|||
Tax credits and other taxes
|
|
(2,628
|
)
|
|
(3,172
|
)
|
|
(5,977
|
)
|
|||
Other
|
|
4,179
|
|
|
(2,378
|
)
|
|
(1,322
|
)
|
|||
|
|
$
|
142,977
|
|
|
$
|
193,416
|
|
|
$
|
198,583
|
|
(In thousands)
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
|||||
Gross deferred tax assets:
|
|
|
|
|
||||
Book loan loss deduction in excess of tax
|
|
$
|
315,025
|
|
|
$
|
372,206
|
|
Pension and postretirement
|
|
16,380
|
|
|
33,105
|
|
||
Deferred compensation
|
|
85,846
|
|
|
79,921
|
|
||
Other real estate owned
|
|
7,099
|
|
|
16,306
|
|
||
Security investments and derivative fair value adjustments
|
|
155,900
|
|
|
247,770
|
|
||
Net operating losses, capital losses and tax credits
|
|
6,111
|
|
|
36,600
|
|
||
FDIC-supported transactions
|
|
10,488
|
|
|
—
|
|
||
Other
|
|
44,450
|
|
|
42,324
|
|
||
|
|
641,299
|
|
|
828,232
|
|
||
Valuation allowance
|
|
(4,261
|
)
|
|
(4,261
|
)
|
||
Total deferred tax assets
|
|
637,038
|
|
|
823,971
|
|
||
|
|
|
|
|
||||
Gross deferred tax liabilities:
|
|
|
|
|
||||
Core deposits and purchase accounting
|
|
(13,556
|
)
|
|
(24,185
|
)
|
||
Premises and equipment, due to differences in depreciation
|
|
(13,014
|
)
|
|
(16,258
|
)
|
||
FHLB stock dividends
|
|
(12,668
|
)
|
|
(13,423
|
)
|
||
Leasing operations
|
|
(94,637
|
)
|
|
(111,265
|
)
|
||
Prepaid expenses
|
|
(8,909
|
)
|
|
(7,057
|
)
|
||
Prepaid pension reserves
|
|
(16,909
|
)
|
|
(18,350
|
)
|
||
Subordinated debt modification
|
|
(148,820
|
)
|
|
(185,733
|
)
|
||
Deferred loan fees
|
|
(21,591
|
)
|
|
(21,209
|
)
|
||
FDIC-supported transactions
|
|
—
|
|
|
(17,957
|
)
|
||
Other
|
|
(2,553
|
)
|
|
(2,929
|
)
|
||
Total deferred tax liabilities
|
|
(332,657
|
)
|
|
(418,366
|
)
|
||
Net deferred tax assets
|
|
$
|
304,381
|
|
|
$
|
405,605
|
|
(In thousands)
|
|
2013
|
|
2012
|
|
2011
|
||||||
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
$
|
2,385
|
|
|
$
|
13,722
|
|
|
$
|
15,366
|
|
Tax positions related to current year:
|
|
|
|
|
|
|
||||||
Additions
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Reductions
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Tax positions related to prior years:
|
|
|
|
|
|
|
||||||
Additions
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Reductions
|
|
—
|
|
|
(11,337
|
)
|
|
—
|
|
|||
Settlements with taxing authorities
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Lapses in statutes of limitations
|
|
—
|
|
|
—
|
|
|
(1,644
|
)
|
|||
Balance at end of year
|
|
$
|
2,385
|
|
|
$
|
2,385
|
|
|
$
|
13,722
|
|
16.
|
NET EARNINGS PER COMMON SHARE
|
(In thousands, except shares and per share amounts)
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
|||||||
Basic:
|
|
|
|
|
|
|
||||||
Net income applicable to controlling interest
|
|
$
|
263,791
|
|
|
$
|
349,516
|
|
|
$
|
323,804
|
|
Less common and preferred dividends
|
|
(6,094
|
)
|
|
178,277
|
|
|
177,775
|
|
|||
Undistributed earnings
|
|
269,885
|
|
|
171,239
|
|
|
146,029
|
|
|||
Less undistributed earnings applicable to nonvested shares
|
|
2,832
|
|
|
1,600
|
|
|
1,300
|
|
|||
Undistributed earnings applicable to common shares
|
|
267,053
|
|
|
169,639
|
|
|
144,729
|
|
|||
Distributed earnings applicable to common shares
|
|
23,916
|
|
|
7,321
|
|
|
7,292
|
|
|||
Total earnings applicable to common shares
|
|
$
|
290,969
|
|
|
$
|
176,960
|
|
|
$
|
152,021
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding
|
|
183,844
|
|
|
183,081
|
|
|
182,393
|
|
|||
|
|
|
|
|
|
|
||||||
Net earnings per common share
|
|
$
|
1.58
|
|
|
$
|
0.97
|
|
|
$
|
0.83
|
|
|
|
|
|
|
|
|
||||||
Diluted:
|
|
|
|
|
|
|
||||||
Total earnings applicable to common shares
|
|
$
|
290,969
|
|
|
$
|
176,960
|
|
|
$
|
152,021
|
|
Additional undistributed earnings allocated to incremental shares
|
|
—
|
|
|
—
|
|
|
41
|
|
|||
Diluted earnings applicable to common shares
|
|
$
|
290,969
|
|
|
$
|
176,960
|
|
|
$
|
152,062
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding
|
|
183,844
|
|
|
183,081
|
|
|
182,393
|
|
|||
Additional weighted average dilutive shares
|
|
453
|
|
|
155
|
|
|
212
|
|
|||
Weighted average diluted common shares outstanding
|
|
184,297
|
|
|
183,236
|
|
|
182,605
|
|
|||
|
|
|
|
|
|
|
||||||
Net earnings per common share
|
|
$
|
1.58
|
|
|
$
|
0.97
|
|
|
$
|
0.83
|
|
17.
|
SHARE-BASED COMPENSATION
|
(In thousands)
|
|
2013
|
|
2012
|
|
2011
|
||||||
|
|
|
|
|
|
|
||||||
Compensation expense
|
|
$
|
28,052
|
|
|
$
|
31,533
|
|
|
$
|
29,019
|
|
Reduction of income tax expense
|
|
9,123
|
|
|
10,724
|
|
|
9,768
|
|
|
|
2013
|
|
2012
|
|
2011
|
||||||
Weighted average of fair value for options granted
|
|
$
|
6.79
|
|
|
$
|
4.88
|
|
|
$
|
5.78
|
|
Weighted average assumptions used:
|
|
|
|
|
|
|
||||||
Expected dividend yield
|
|
1.3
|
%
|
|
1.5
|
%
|
|
1.0
|
%
|
|||
Expected volatility
|
|
32.5
|
%
|
|
35.0
|
%
|
|
30.0
|
%
|
|||
Risk-free interest rate
|
|
0.78
|
%
|
|
0.67
|
%
|
|
1.46
|
%
|
|||
Expected life (in years)
|
|
4.5
|
|
|
4.5
|
|
|
4.5
|
|
|
|
Outstanding stock options
|
|
Exercisable stock options
|
|||||||||||||||
|
|
Number of shares
|
|
Weighted average exercise price
|
|
Weighted average remaining contractual life (years)
|
|
||||||||||||
Exercise price range
|
|
|
|
Number of shares
|
|
Weighted average exercise price
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
$0.32 to $19.99
|
|
1,006,608
|
|
|
$
|
17.39
|
|
|
|
4.5
|
1
|
|
479,584
|
|
|
$
|
15.81
|
|
|
$20.00 to $24.99
|
|
1,170,680
|
|
|
23.84
|
|
|
|
3.8
|
|
|
925,953
|
|
|
23.86
|
|
|||
$25.00 to $29.99
|
|
1,637,911
|
|
|
27.68
|
|
|
|
4.5
|
|
|
637,000
|
|
|
27.96
|
|
|||
$30.00 to $39.99
|
|
10,000
|
|
|
32.45
|
|
|
|
1.5
|
|
|
10,000
|
|
|
32.45
|
|
|||
$40.00 to $44.99
|
|
14,000
|
|
|
41.69
|
|
|
|
1.8
|
|
|
14,000
|
|
|
41.69
|
|
|||
$45.00 to $49.99
|
|
1,303,896
|
|
|
47.28
|
|
|
|
1.4
|
|
|
1,303,896
|
|
|
47.28
|
|
|||
$50.00 to $59.99
|
|
136,531
|
|
|
57.90
|
|
|
|
1.0
|
|
|
136,531
|
|
|
57.90
|
|
|||
$60.00 to $79.99
|
|
124,817
|
|
|
68.44
|
|
|
|
0.8
|
|
|
124,817
|
|
|
68.44
|
|
|||
$80.00 to $81.99
|
|
36,500
|
|
|
80.65
|
|
|
|
2.3
|
|
|
36,500
|
|
|
80.65
|
|
|||
$82.00 to $83.38
|
|
433,647
|
|
|
83.25
|
|
|
|
0.6
|
|
|
433,647
|
|
|
83.25
|
|
|||
|
|
5,874,590
|
|
|
35.54
|
|
|
|
3.2
|
1
|
|
|
4,101,928
|
|
|
40.40
|
|
1
|
The weighted average remaining contractual life excludes
21,252
stock options without a fixed expiration date that were obtained with the Amegy acquisition. They expire between the date of termination and one year from the date of termination, depending upon certain circumstances.
|
|
Number of shares
|
|
Weighted average issue price
|
|||
|
|
|
|
|||
Nonvested restricted shares at December 31, 2010
|
1,611,643
|
|
|
$
|
26.30
|
|
Issued
|
616,234
|
|
|
23.43
|
|
|
Vested
|
(569,794
|
)
|
|
30.43
|
|
|
Forfeited
|
(258,229
|
)
|
|
24.23
|
|
|
Nonvested restricted shares at December 31, 2011
|
1,399,854
|
|
|
23.74
|
|
|
Issued
|
87,480
|
|
|
17.57
|
|
|
Vested
|
(582,361
|
)
|
|
25.34
|
|
|
Forfeited
|
(53,737
|
)
|
|
22.83
|
|
|
Nonvested restricted shares at December 31, 2012
|
851,236
|
|
|
22.07
|
|
|
Issued
|
56,774
|
|
|
24.55
|
|
|
Vested
|
(452,743
|
)
|
|
21.80
|
|
|
Forfeited
|
(44,317
|
)
|
|
24.31
|
|
|
Nonvested restricted shares at December 31, 2013
|
410,950
|
|
|
22.46
|
|
|
Number of restricted stock units
|
|
Weighted average grant price
|
|||
|
|
|
|
|||
Restricted stock units at December 31, 2010
|
—
|
|
|
$
|
—
|
|
Granted
|
146,165
|
|
|
23.69
|
|
|
Restricted stock units at December 31, 2011
|
146,165
|
|
|
23.69
|
|
|
Granted
|
726,779
|
|
|
18.29
|
|
|
Vested
|
(34,885
|
)
|
|
22.46
|
|
|
Forfeited
|
(15,306
|
)
|
|
20.22
|
|
|
Restricted stock units at December 31, 2012
|
822,753
|
|
|
19.04
|
|
|
Granted
|
949,418
|
|
|
25.99
|
|
|
Vested
|
(160,580
|
)
|
|
20.17
|
|
|
Forfeited
|
(89,553
|
)
|
|
20.13
|
|
|
Restricted stock units at December 31, 2013
|
1,522,038
|
|
|
23.19
|
|
18.
|
COMMITMENTS, GUARANTEES, CONTINGENT LIABILITIES, AND RELATED PARTIES
|
|
December 31,
|
||||||
(In thousands)
|
2013
|
|
2012
|
||||
|
|
|
|
||||
Commitments to extend credit
|
$
|
16,174,326
|
|
|
$
|
14,277,347
|
|
Standby letters of credit:
|
|
|
|
||||
Financial
|
779,811
|
|
|
774,427
|
|
||
Performance
|
159,485
|
|
|
190,029
|
|
||
Commercial letters of credit
|
80,218
|
|
|
91,978
|
|
||
Total unfunded lending commitments
|
$
|
17,193,840
|
|
|
$
|
15,333,781
|
|
(in thousands)
|
|
|
||
2014
|
|
$
|
44,857
|
|
2015
|
|
44,815
|
|
|
2016
|
|
42,712
|
|
|
2017
|
|
37,071
|
|
|
2018
|
|
32,186
|
|
|
Thereafter
|
|
135,869
|
|
|
|
|
$
|
337,510
|
|
•
|
a complaint relating to our banking relationships with customers that allegedly engaged in wrongful telemarketing practices in which the plaintiff seeks a trebled monetary award under the federal RICO Act,
Reyes v. Zions First National Bank, et. al.
, pending in the United States District Court for the Eastern District of Pennsylvania; and
|
•
|
a complaint arising from our banking relationships with Frederick Berg and a number of investment funds controlled by him using the “Meridian” brand name, in which the liquidating trustee for the funds seeks an award from us, on the basis of aiding and abetting and other claims, for monetary damages suffered by victims of a fraud allegedly perpetrated by Berg,
In re Consolidated Meridian Funds a/k/a Meridian Investors Trust, Mark Calvert as Liquidating Trustee, et. al. vs. Zions Bancorporation and The Commerce Bank of Washington, N.A.
, pending in the United States Bankruptcy Court for the Western District of Washington.
|
•
|
possible money laundering activities of a customer of one of our subsidiary banks and the anti-money laundering practices of that bank (conducted by the United States Attorneys Office for the Southern District of New York); and
|
•
|
the practices of our subsidiary, Zions Bank; our former subsidiary, NetDeposit, LLC; and possibly other of our affiliates relating primarily to payment processing for allegedly fraudulent telemarketers and other customer types (conducted by the Department of Justice).
|
19.
|
REGULATORY MATTERS
|
|
Actual
|
|
To be well capitalized
|
||||||||||
(Amounts in thousands)
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
As of December 31, 2013:
|
|
|
|
|
|
|
|
||||||
Total capital (to risk-weighted assets)
|
|
|
|
|
|
|
|
||||||
The Company
|
$
|
6,621,539
|
|
|
14.67
|
%
|
|
$
|
4,514,553
|
|
|
10.00
|
%
|
Zions First National Bank
|
1,997,525
|
|
|
14.52
|
|
|
1,375,347
|
|
|
10.00
|
|
||
California Bank & Trust
|
1,252,860
|
|
|
13.65
|
|
|
917,950
|
|
|
10.00
|
|
||
Amegy Bank N.A.
|
1,714,314
|
|
|
14.86
|
|
|
1,153,382
|
|
|
10.00
|
|
||
Tier 1 capital (to risk-weighted assets)
|
|
|
|
|
|
|
|
||||||
The Company
|
5,763,463
|
|
|
12.77
|
|
|
2,708,732
|
|
|
6.00
|
|
||
Zions First National Bank
|
1,831,720
|
|
|
13.32
|
|
|
825,208
|
|
|
6.00
|
|
||
California Bank & Trust
|
1,137,848
|
|
|
12.40
|
|
|
550,770
|
|
|
6.00
|
|
||
Amegy Bank N.A.
|
1,569,696
|
|
|
13.61
|
|
|
692,029
|
|
|
6.00
|
|
||
Tier 1 capital (to average assets)
|
|
|
|
|
|
|
|
||||||
The Company
|
5,763,463
|
|
|
10.48
|
|
|
na
|
|
|
na
1
|
|
||
Zions First National Bank
|
1,831,720
|
|
|
10.02
|
|
|
913,592
|
|
|
5.00
|
|
||
California Bank & Trust
|
1,137,848
|
|
|
10.75
|
|
|
529,067
|
|
|
5.00
|
|
||
Amegy Bank N.A.
|
1,569,696
|
|
|
12.09
|
|
|
649,387
|
|
|
5.00
|
|
||
|
|
|
|
|
|
|
|
As of December 31, 2012:
|
|
|
|
|
|
|
|
||||||
Total capital (to risk-weighted assets)
|
|
|
|
|
|
|
|
||||||
The Company
|
$
|
6,616,521
|
|
|
15.05
|
%
|
|
$
|
4,396,983
|
|
|
10.00
|
%
|
Zions First National Bank
|
2,034,662
|
|
|
14.17
|
|
|
1,435,690
|
|
|
10.00
|
|
||
California Bank & Trust
|
1,222,822
|
|
|
14.18
|
|
|
862,218
|
|
|
10.00
|
|
||
Amegy Bank N.A.
|
1,598,708
|
|
|
15.17
|
|
|
1,054,110
|
|
|
10.00
|
|
||
Tier 1 capital (to risk-weighted assets)
|
|
|
|
|
|
|
|
||||||
The Company
|
5,883,669
|
|
|
13.38
|
|
|
2,638,190
|
|
|
6.00
|
|
||
Zions First National Bank
|
1,861,218
|
|
|
12.96
|
|
|
861,414
|
|
|
6.00
|
|
||
California Bank & Trust
|
1,114,315
|
|
|
12.92
|
|
|
517,331
|
|
|
6.00
|
|
||
Amegy Bank N.A.
|
1,466,001
|
|
|
13.91
|
|
|
632,466
|
|
|
6.00
|
|
||
Tier 1 capital (to average assets)
|
|
|
|
|
|
|
|
||||||
The Company
|
5,883,669
|
|
|
10.96
|
|
|
na
|
|
|
na
1
|
|
||
Zions First National Bank
|
1,861,218
|
|
|
10.58
|
|
|
879,719
|
|
|
5.00
|
|
||
California Bank & Trust
|
1,114,315
|
|
|
10.37
|
|
|
537,534
|
|
|
5.00
|
|
||
Amegy Bank N.A.
|
1,466,001
|
|
|
12.03
|
|
|
609,319
|
|
|
5.00
|
|
1
|
There is no Tier 1 leverage ratio component in the definition of a well capitalized bank holding company
.
|
20.
|
RETIREMENT PLANS
|
|
|
Pension
|
|
Supplemental
Retirement
|
|
Postretirement
|
||||||||||||||||||
(In thousands)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Benefit obligation at beginning of year
|
|
$
|
191,208
|
|
|
$
|
184,141
|
|
|
$
|
11,234
|
|
|
$
|
11,357
|
|
|
$
|
1,129
|
|
|
$
|
1,149
|
|
Service cost
|
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
36
|
|
||||||
Interest cost
|
|
6,885
|
|
|
7,558
|
|
|
404
|
|
|
460
|
|
|
41
|
|
|
47
|
|
||||||
Actuarial (gain) loss
|
|
(16,341
|
)
|
|
9,693
|
|
|
(426
|
)
|
|
481
|
|
|
(53
|
)
|
|
(27
|
)
|
||||||
Settlements
|
|
96
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Benefits paid
|
|
(12,756
|
)
|
|
(10,213
|
)
|
|
(936
|
)
|
|
(1,064
|
)
|
|
(87
|
)
|
|
(76
|
)
|
||||||
Benefit obligation at end of year
|
|
169,092
|
|
|
191,208
|
|
|
10,276
|
|
|
11,234
|
|
|
1,062
|
|
|
1,129
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in fair value of plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of plan assets at beginning of year
|
|
157,082
|
|
|
147,444
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Actual return on plan assets
|
|
27,579
|
|
|
19,851
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Employer contributions
|
|
—
|
|
|
—
|
|
|
936
|
|
|
1,064
|
|
|
87
|
|
|
76
|
|
||||||
Benefits paid
|
|
(12,756
|
)
|
|
(10,213
|
)
|
|
(936
|
)
|
|
(1,064
|
)
|
|
(87
|
)
|
|
(76
|
)
|
||||||
Fair value of plan assets at end of year
|
|
171,905
|
|
|
157,082
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Funded status
|
|
$
|
2,813
|
|
|
$
|
(34,126
|
)
|
|
$
|
(10,276
|
)
|
|
$
|
(11,234
|
)
|
|
$
|
(1,062
|
)
|
|
$
|
(1,129
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amounts recognized in balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset (liability) for pension/postretirement benefits
|
$
|
2,813
|
|
|
$
|
(34,126
|
)
|
|
$
|
(10,276
|
)
|
|
$
|
(11,234
|
)
|
|
$
|
(1,062
|
)
|
|
$
|
(1,129
|
)
|
|
Accumulated other comprehensive income (loss)
|
(39,082
|
)
|
|
(80,743
|
)
|
|
(1,968
|
)
|
|
(2,587
|
)
|
|
354
|
|
|
526
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accumulated other comprehensive income (loss) consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net gain (loss)
|
|
$
|
(39,082
|
)
|
|
$
|
(80,743
|
)
|
|
$
|
(1,918
|
)
|
|
$
|
(2,412
|
)
|
|
$
|
354
|
|
|
$
|
376
|
|
Prior service credit (cost)
|
|
—
|
|
|
—
|
|
|
(50
|
)
|
|
(175
|
)
|
|
—
|
|
|
150
|
|
||||||
|
|
$
|
(39,082
|
)
|
|
$
|
(80,743
|
)
|
|
$
|
(1,968
|
)
|
|
$
|
(2,587
|
)
|
|
$
|
354
|
|
|
$
|
526
|
|
(In thousands)
|
|
Pension
|
|
Supplemental Retirement
|
|
Postretirement
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Net gain (loss)
|
|
$
|
(3,187
|
)
|
|
|
$
|
(33
|
)
|
|
|
|
$
|
71
|
|
|
Prior service credit (cost)
|
|
—
|
|
|
|
(50
|
)
|
|
|
|
—
|
|
|
|||
|
|
$
|
(3,187
|
)
|
|
|
$
|
(83
|
)
|
|
|
|
$
|
71
|
|
|
|
|
Pension
|
|
Supplemental
Retirement
|
|
Postretirement
|
||||||||||||||||||||||||||||||
(In thousands)
|
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Service cost
|
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
100
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32
|
|
|
$
|
36
|
|
|
$
|
32
|
|
Interest cost
|
|
6,885
|
|
|
7,558
|
|
|
8,336
|
|
|
404
|
|
|
460
|
|
|
558
|
|
|
41
|
|
|
47
|
|
|
54
|
|
|||||||||
Expected return on plan assets
|
|
(12,109
|
)
|
|
(11,308
|
)
|
|
(12,443
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Amortization of net actuarial (gain) loss
|
8,132
|
|
|
9,184
|
|
|
5,290
|
|
|
70
|
|
|
(114
|
)
|
|
(16
|
)
|
|
(75
|
)
|
|
(87
|
)
|
|
(125
|
)
|
||||||||||
Amortization of prior service (credit) cost
|
|
|
|
|
|
|
124
|
|
|
124
|
|
|
124
|
|
|
(151
|
)
|
|
(244
|
)
|
|
(244
|
)
|
|||||||||||||
Settlement loss
|
|
1,814
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
||||||||||||||
Net periodic benefit cost (credit)
|
|
$
|
4,722
|
|
|
$
|
5,463
|
|
|
$
|
1,283
|
|
|
$
|
598
|
|
|
$
|
470
|
|
|
$
|
666
|
|
|
$
|
(153
|
)
|
|
$
|
(248
|
)
|
|
$
|
(283
|
)
|
|
2013
|
|
2012
|
|
2011
|
|||
Used to determine benefit obligation at year-end:
|
|
|
|
|
|
|||
Discount rate
|
4.60
|
%
|
|
3.75
|
%
|
|
4.25
|
%
|
Rate of compensation increase
1
|
na
|
|
3.50
|
|
|
3.50
|
|
|
Used to determine net periodic benefit cost for the years ended December 31:
|
|
|
|
|
|
|||
Discount rate
|
3.75
|
|
|
4.25
|
|
|
5.20
|
|
Expected long-term return on plan assets
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
Rate of compensation increase
|
3.50
|
|
|
3.50
|
|
|
3.50
|
|
1
|
As previously discussed, the pension plan became fully frozen effective July 1, 2013 by a plan amendment that eliminated the remaining grandfather provisions. This action eliminated the need to continue using the rate of compensation increase assumption as of December 31, 2013.
|
(In thousands)
|
|
Pension
|
|
Supplemental Retirement
|
|
Postretirement
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
2014
|
|
$
|
10,338
|
|
|
|
$
|
2,056
|
|
|
|
|
$
|
96
|
|
|
2015
|
|
9,822
|
|
|
|
833
|
|
|
|
|
100
|
|
|
|||
2016
|
|
9,547
|
|
|
|
1,073
|
|
|
|
|
105
|
|
|
|||
2017
|
|
10,133
|
|
|
|
799
|
|
|
|
|
109
|
|
|
|||
2018
|
|
10,543
|
|
|
|
794
|
|
|
|
|
106
|
|
|
|||
Years 2019 - 2023
|
|
53,674
|
|
|
|
3,642
|
|
|
|
|
451
|
|
|
(Amounts in thousands)
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
%
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
%
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Company common stock
|
|
$
|
8,098
|
|
|
|
|
|
|
$
|
8,098
|
|
|
5
|
|
|
$
|
6,890
|
|
|
|
|
|
|
$
|
6,890
|
|
|
4
|
|
||||||||
Mutual funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Equity
|
|
—
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
4,407
|
|
|
|
|
|
|
4,407
|
|
|
3
|
|
||||||||||||
Debt
|
|
6,559
|
|
|
|
|
|
|
6,559
|
|
|
4
|
|
|
6,848
|
|
|
|
|
|
|
6,848
|
|
|
4
|
|
||||||||||||
Insurance company pooled separate accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Equity investments
|
|
|
|
$
|
102,603
|
|
|
|
|
102,603
|
|
|
60
|
|
|
|
|
$
|
85,938
|
|
|
|
|
85,938
|
|
|
55
|
|
||||||||||
Debt investments
|
|
|
|
29,091
|
|
|
|
|
29,091
|
|
|
17
|
|
|
|
|
27,566
|
|
|
|
|
27,566
|
|
|
18
|
|
||||||||||||
Real estate
|
|
|
|
7,680
|
|
|
|
|
7,680
|
|
|
4
|
|
|
|
|
6,875
|
|
|
|
|
6,875
|
|
|
4
|
|
||||||||||||
Guaranteed deposit account
|
|
|
|
|
|
$
|
12,582
|
|
|
12,582
|
|
|
7
|
|
|
|
|
|
|
$
|
13,869
|
|
|
13,869
|
|
|
9
|
|
||||||||||
Limited partnerships
|
|
|
|
|
|
5,292
|
|
|
5,292
|
|
|
3
|
|
|
|
|
|
|
4,689
|
|
|
4,689
|
|
|
3
|
|
||||||||||||
|
|
$
|
14,657
|
|
|
$
|
139,374
|
|
|
$
|
17,874
|
|
|
$
|
171,905
|
|
|
100
|
|
|
$
|
18,145
|
|
|
$
|
120,379
|
|
|
$
|
18,558
|
|
|
$
|
157,082
|
|
|
100
|
|
Principal valuation techniques
|
|
Significant unobservable inputs
|
|
Range (weighted average)
of significant input values
|
||
|
|
|
|
|
|
|
For the underlying investments – reported fair values when available for market traded investments; when not applicable, discounted cash flows under an income approach using U.S. Treasury rates and spreads based on cash flow timing and quality of assets.
|
|
Earnings at guaranteed crediting rate
|
|
Gross guaranteed crediting rate must be greater than or equal to contractual minimum crediting rate
|
||
|
Composite market value factor
|
|
December 31,
|
|
|
|
|
|
2013
|
|
0.988035 - 1.073235 (actual = 1.05329)
|
||
|
|
|
|
2012
|
|
1.029720 - 1.119776 (actual = 1.08063)
|
|
|
Level 3 Instruments
1
|
||||||||||||||||||||||
|
|
Year Ended December 31,
|
||||||||||||||||||||||
|
|
2013
|
|
2012
|
||||||||||||||||||||
(In thousands)
|
|
Guaranteed deposit account
|
|
Limited partnerships
|
|
Guaranteed deposit account
|
|
Limited partnerships
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of year
|
|
|
$
|
13,869
|
|
|
|
|
$
|
4,689
|
|
|
|
|
$
|
12,476
|
|
|
|
|
$
|
4,149
|
|
|
Net increases (decreases) included in plan statement of change in net assets available for benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net operating fees and expenses
|
|
|
(346
|
)
|
|
|
|
(83
|
)
|
|
|
|
(362
|
)
|
|
|
|
(59
|
)
|
|
||||
Net appreciation (depreciation) in fair value of investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Realized
|
|
|
—
|
|
|
|
|
(74
|
)
|
|
|
|
—
|
|
|
|
|
(98
|
)
|
|
||||
Unrealized
|
|
|
(398
|
)
|
|
|
|
732
|
|
|
|
|
372
|
|
|
|
|
542
|
|
|
||||
Interest and dividends
|
|
|
486
|
|
|
|
|
—
|
|
|
|
|
525
|
|
|
|
|
—
|
|
|
||||
Purchases
|
|
|
11,722
|
|
|
|
|
760
|
|
|
|
|
11,070
|
|
|
|
|
1,005
|
|
|
||||
Sales
|
|
|
(12,751
|
)
|
|
|
|
—
|
|
|
|
|
(10,212
|
)
|
|
|
|
—
|
|
|
||||
Settlements
|
|
|
—
|
|
|
|
|
(732
|
)
|
|
|
|
—
|
|
|
|
|
(850
|
)
|
|
||||
Balance at end of year
|
|
|
$
|
12,582
|
|
|
|
|
$
|
5,292
|
|
|
|
|
$
|
13,869
|
|
|
|
|
$
|
4,689
|
|
|
21.
|
FAIR VALUE
|
|
December 31, 2013
|
||||||||||||||
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Investment securities:
|
|
|
|
|
|
|
|
||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury, agencies and corporations
|
|
|
|
$
|
2,059,105
|
|
|
|
|
$
|
2,059,105
|
|
|||
Municipal securities
|
|
|
55,602
|
|
|
$
|
10,662
|
|
|
66,264
|
|
||||
Asset-backed securities:
|
|
|
|
|
|
|
|
||||||||
Trust preferred – banks and insurance
|
|
|
|
|
|
1,238,820
|
|
|
1,238,820
|
|
|||||
Trust preferred – real estate investment trusts
|
|
|
|
|
22,996
|
|
|
22,996
|
|
||||||
Auction rate
|
|
|
|
|
6,599
|
|
|
6,599
|
|
||||||
Other (including ABS CDOs)
|
|
|
2,099
|
|
|
25,800
|
|
|
27,899
|
|
|||||
Mutual funds and other
|
$
|
259,750
|
|
|
20,453
|
|
|
|
|
280,203
|
|
||||
|
259,750
|
|
|
2,137,259
|
|
|
1,304,877
|
|
|
3,701,886
|
|
||||
Trading account
|
|
|
34,559
|
|
|
|
|
34,559
|
|
||||||
Other noninterest-bearing investments:
|
|
|
|
|
|
|
|
||||||||
Bank-owned life insurance
|
|
|
466,428
|
|
|
|
|
466,428
|
|
||||||
Private equity
|
|
|
4,822
|
|
|
82,410
|
|
|
87,232
|
|
|||||
Other assets:
|
|
|
|
|
|
|
|
||||||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Interest rate related and other
|
|
|
1,100
|
|
|
|
|
1,100
|
|
||||||
Interest rate swaps for customers
|
|
|
55,447
|
|
|
|
|
55,447
|
|
||||||
Foreign currency exchange contracts
|
9,614
|
|
|
|
|
|
|
9,614
|
|
||||||
|
9,614
|
|
|
56,547
|
|
|
|
|
66,161
|
|
|||||
|
$
|
269,364
|
|
|
$
|
2,699,615
|
|
|
$
|
1,387,287
|
|
|
$
|
4,356,266
|
|
LIABILITIES
|
|
|
|
|
|
|
|
||||||||
Securities sold, not yet purchased
|
$
|
73,606
|
|
|
|
|
|
|
|
$
|
73,606
|
|
|||
Other liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Interest rate related and other
|
|
|
$
|
1,004
|
|
|
|
|
1,004
|
|
|||||
Interest rate swaps for customers
|
|
|
54,688
|
|
|
|
|
54,688
|
|
||||||
Foreign currency exchange contracts
|
8,643
|
|
|
|
|
|
|
8,643
|
|
||||||
Total return swap
|
|
|
|
|
$
|
4,062
|
|
|
4,062
|
|
|||||
|
8,643
|
|
|
55,692
|
|
|
4,062
|
|
|
68,397
|
|
||||
Other
|
|
|
|
|
241
|
|
|
241
|
|
||||||
|
$
|
82,249
|
|
|
$
|
55,692
|
|
|
$
|
4,303
|
|
|
$
|
142,244
|
|
|
December 31, 2012
|
||||||||||||||
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Investment securities:
|
|
|
|
|
|
|
|
||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury, agencies and corporations
|
$
|
102,982
|
|
|
$
|
1,692,637
|
|
|
|
|
$
|
1,795,619
|
|
||
Municipal securities
|
|
|
59,445
|
|
|
$
|
16,551
|
|
|
75,996
|
|
||||
Asset-backed securities:
|
|
|
|
|
|
|
|
||||||||
Trust preferred – banks and insurance
|
|
|
121
|
|
|
949,271
|
|
|
949,392
|
|
|||||
Trust preferred – real estate investment trusts
|
|
|
|
|
16,403
|
|
|
16,403
|
|
||||||
Auction rate
|
|
|
|
|
6,515
|
|
|
6,515
|
|
||||||
Other (including ABS CDOs)
|
|
|
4,214
|
|
|
15,160
|
|
|
19,374
|
|
|||||
Mutual funds and other
|
219,214
|
|
|
8,797
|
|
|
|
|
228,011
|
|
|||||
|
322,196
|
|
|
1,765,214
|
|
|
1,003,900
|
|
|
3,091,310
|
|
||||
Trading account
|
|
|
28,290
|
|
|
|
|
28,290
|
|
||||||
Other noninterest-bearing investments:
|
|
|
|
|
|
|
|
||||||||
Bank-owned life insurance
|
|
|
455,719
|
|
|
|
|
455,719
|
|
||||||
Private equity
|
|
|
5,132
|
|
|
64,223
|
|
|
69,355
|
|
|||||
Other assets:
|
|
|
|
|
|
|
|
||||||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Interest rate related and other
|
|
|
2,850
|
|
|
|
|
2,850
|
|
||||||
Interest rate swaps for customers
|
|
|
79,579
|
|
|
|
|
79,579
|
|
||||||
Foreign currency exchange contracts
|
4,404
|
|
|
|
|
|
|
4,404
|
|
||||||
|
4,404
|
|
|
82,429
|
|
|
|
|
86,833
|
|
|||||
|
$
|
326,600
|
|
|
$
|
2,336,784
|
|
|
$
|
1,068,123
|
|
|
$
|
3,731,507
|
|
LIABILITIES
|
|
|
|
|
|
|
|
||||||||
Securities sold, not yet purchased
|
$
|
26,735
|
|
|
|
|
|
|
|
$
|
26,735
|
|
|||
Other liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Interest rate related and other
|
|
|
$
|
1,142
|
|
|
|
|
1,142
|
|
|||||
Interest rate swaps for customers
|
|
|
82,926
|
|
|
|
|
82,926
|
|
||||||
Foreign currency exchange contracts
|
3,159
|
|
|
|
|
|
|
3,159
|
|
||||||
Total return swap
|
|
|
|
|
$
|
5,127
|
|
|
5,127
|
|
|||||
|
3,159
|
|
|
84,068
|
|
|
5,127
|
|
|
92,354
|
|
||||
Other
|
|
|
|
|
124
|
|
|
124
|
|
||||||
|
$
|
29,894
|
|
|
$
|
84,068
|
|
|
$
|
5,251
|
|
|
$
|
119,213
|
|
|
Level 3 Instruments
|
||||||||||||||||||||||||||||||
|
Year Ended December 31, 2013
|
||||||||||||||||||||||||||||||
(In thousands)
|
Municipal
securities
|
|
Trust
preferred – banks and insurance
|
|
Trust
preferred
– REIT
|
|
Auction
rate
|
|
Other
asset-backed
|
|
Private
equity
investments
|
|
Derivatives
|
|
Other
liabilities
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 31, 2012
|
$
|
16,551
|
|
|
$
|
949,271
|
|
|
$
|
16,403
|
|
|
$
|
6,515
|
|
|
$
|
15,160
|
|
|
$
|
64,223
|
|
|
$
|
(5,127
|
)
|
|
$
|
(124
|
)
|
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Statement of income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Accretion of purchase discount on securities available-for-sale
|
41
|
|
|
3,166
|
|
|
254
|
|
|
3
|
|
|
82
|
|
|
|
|
|
|
|
|||||||||||
Dividends and other investment income
|
|
|
|
|
|
|
|
|
|
|
6,662
|
|
|
|
|
|
|||||||||||||||
Fair value and nonhedge derivative loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(21,753
|
)
|
|
|
|||||||||||||||
Equity securities gains, net
|
|
|
|
|
|
|
|
|
|
|
3,732
|
|
|
|
|
|
|||||||||||||||
Fixed income securities gains (losses), net
|
239
|
|
|
(3,160
|
)
|
|
(201
|
)
|
|
|
|
|
55
|
|
|
|
|
|
|
|
|||||||||||
Net impairment losses on investment securities
|
|
|
(136,221
|
)
|
|
(17,430
|
)
|
|
|
|
(11,080
|
)
|
|
|
|
|
|
|
|||||||||||||
Other noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(117
|
)
|
|||||||||||||||
Other comprehensive
income (loss)
|
1,540
|
|
|
377,357
|
|
|
24,081
|
|
|
81
|
|
|
6,950
|
|
|
|
|
|
|
|
|||||||||||
Purchases
|
|
|
|
|
|
|
|
|
|
|
10,548
|
|
|
|
|
|
|||||||||||||||
Sales
|
|
|
(66,303
|
)
|
|
(111
|
)
|
|
|
|
(1
|
)
|
|
(2,244
|
)
|
|
|
|
|
||||||||||||
Redemptions and paydowns
|
(7,709
|
)
|
|
(60,989
|
)
|
|
|
|
|
|
|
(5,780
|
)
|
|
(511
|
)
|
|
22,818
|
|
|
|
||||||||||
Reclassifications
|
|
|
175,699
|
|
|
|
|
|
|
20,414
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2013
|
$
|
10,662
|
|
|
$
|
1,238,820
|
|
|
$
|
22,996
|
|
|
$
|
6,599
|
|
|
$
|
25,800
|
|
|
$
|
82,410
|
|
|
$
|
(4,062
|
)
|
|
$
|
(241
|
)
|
|
Level 3 Instruments
|
||||||||||||||||||||||||||||||
|
Year Ended December 31, 2012
|
||||||||||||||||||||||||||||||
(In thousands)
|
Municipal
securities
|
|
Trust
preferred – banks and insurance
|
|
Trust
preferred
– REIT
|
|
Auction
rate
|
|
Other
asset-backed
|
|
Private
equity
investments
|
|
Derivatives
|
|
Other
liabilities
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 31, 2011
|
$
|
17,381
|
|
|
$
|
929,356
|
|
|
$
|
18,645
|
|
|
$
|
70,020
|
|
|
$
|
43,546
|
|
|
$
|
62,327
|
|
|
$
|
(5,422
|
)
|
|
$
|
(86
|
)
|
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Statement of income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Accretion of purchase discount on securities available-for-sale
|
102
|
|
|
7,126
|
|
|
224
|
|
|
4
|
|
|
232
|
|
|
|
|
|
|
|
|||||||||||
Dividends and other investment income
|
|
|
|
|
|
|
|
|
|
|
10,399
|
|
|
|
|
|
|||||||||||||||
Fair value and nonhedge derivative loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(21,707
|
)
|
|
|
|||||||||||||||
Equity securities gains, net
|
|
|
|
|
|
|
|
|
|
|
11,478
|
|
|
|
|
|
|||||||||||||||
Fixed income securities gains (losses), net
|
9
|
|
|
20,906
|
|
|
|
|
4,161
|
|
|
(5,762
|
)
|
|
|
|
|
|
|
||||||||||||
Net impairment losses on investment securities
|
|
|
(96,707
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(38
|
)
|
|||||||||||||||
Other comprehensive
income (loss)
|
(291
|
)
|
|
218,001
|
|
|
(2,466
|
)
|
|
1,330
|
|
|
8,343
|
|
|
|
|
|
|
|
|||||||||||
Purchases
|
|
|
|
|
|
|
|
|
|
|
9,043
|
|
|
|
|
|
|||||||||||||||
Sales
|
|
|
|
|
|
|
|
|
|
|
(15,872
|
)
|
|
|
|
|
|||||||||||||||
Redemptions and paydowns
|
(650
|
)
|
|
(129,411
|
)
|
|
|
|
(69,000
|
)
|
|
(31,199
|
)
|
|
(13,152
|
)
|
|
22,002
|
|
|
|
||||||||||
Balance at December 31, 2012
|
$
|
16,551
|
|
|
$
|
949,271
|
|
|
$
|
16,403
|
|
|
$
|
6,515
|
|
|
$
|
15,160
|
|
|
$
|
64,223
|
|
|
$
|
(5,127
|
)
|
|
$
|
(124
|
)
|
(In thousands)
|
Year Ended
December 31,
|
||||||
2013
|
|
2012
|
|||||
|
|
|
|
||||
Dividends and other investment income
|
$
|
(133
|
)
|
|
$
|
1,635
|
|
Equity securities gains (losses), net
|
(2,452
|
)
|
|
10,359
|
|
||
Fixed income securities gains (losses), net
|
(3,067
|
)
|
|
19,314
|
|
|
Level 3 Instruments
|
||||||||
|
Quantitative information at December 31, 2013
|
||||||||
(Dollar amounts in thousands)
|
Fair value
|
|
Principal valuation techniques
|
|
Significant unobservable inputs
|
|
Range of inputs
(% annually)
|
||
Asset-backed securities:
|
|
|
|
|
|
|
|
||
Trust preferred – predominantly banks
|
$
|
921,819
|
|
|
Discounted cash flow
Market comparables |
|
Constant prepayment rate
|
|
until 2016 – 5.50% to 20.73%
|
|
|
|
|
|
|
|
2016 to maturity – 3.0%
|
||
|
|
|
|
|
Constant default rate
|
|
yr 1 – 0.30% to 1.94%
|
||
|
|
|
|
|
|
|
yrs 2-5 – 0.49% to 1.14%
|
||
|
|
|
|
|
|
|
yrs 6 to maturity – 0.58% to 0.65%
|
||
|
|
|
|
|
Loss given default
|
|
100%
|
||
|
|
|
|
|
Loss given deferral
|
|
14.39% to 100%
|
||
|
|
|
|
|
Discount rate
(spread over forward LIBOR) |
|
5.6% to 7.7%
|
||
|
|
|
|
|
|
|
|
||
Trust preferred – predominantly insurance
|
346,390
|
|
|
Discounted cash flow
Market comparables |
|
Constant prepayment rate
|
|
until maturity – 5.0%
|
|
|
|
|
|
|
Constant default rate
|
|
yr 1 – 0.38% to 1.03%
|
||
|
|
|
|
|
|
|
yrs 2-5 – 0.53% to 0.89%
|
||
|
|
|
|
|
|
|
yrs 6 to maturity – 0.50% to 0.55%
|
||
|
|
|
|
|
Loss given default
|
|
100%
|
||
|
|
|
|
|
Loss given deferral
|
|
2.18% to 30.13%
|
||
|
|
|
|
|
Discount rate
(spread over forward LIBOR) |
|
3.72% to 6.49%
|
||
|
|
|
|
|
|
|
|
||
Trust preferred – individual banks
|
22,324
|
|
|
Market comparables
|
|
Yield
|
|
6.6% to 7.8%
|
|
|
|
|
|
|
Price
|
|
81.25% to 109.6%
|
||
|
|
|
|
|
|
|
|
||
Trust preferred – real estate investment trust
|
22,996
|
|
|
Discounted cash flow
Market comparables |
|
Constant prepayment rate
|
|
until maturity – 0.0%
|
|
|
|
|
|
|
Constant default rate
|
|
yr 1 – 4.1% to 10.6%
|
||
|
|
|
|
|
|
|
yrs 2-3 – 4.6% to 5.5%
|
||
|
|
|
|
|
|
|
yrs 4-6 – 1.0%
|
||
|
|
|
|
|
|
|
yrs 7 to maturity – 0.50%
|
||
|
|
|
|
|
Loss given default
|
|
60% to 100%
|
||
|
|
|
|
|
Discount rate
(spread over forward LIBOR) |
|
5.5% to 15%
|
||
|
|
|
|
|
|
|
|
||
Other (predominantly ABS CDOs)
|
25,800
|
|
|
Discounted cash flow
|
|
Constant default rate
|
|
0.01% to 100%
|
|
|
|
|
|
|
Loss given default
|
|
70% to 92%
|
||
|
|
|
|
|
Discount rate
(spread over forward LIBOR) |
|
9% to 22%
|
|
Level 3 Instruments
|
||||||||
|
Quantitative information at December 31, 2012
|
||||||||
(Dollar amounts in thousands)
|
Fair value
|
|
Principal valuation techniques
|
|
Significant unobservable inputs
|
|
Range of inputs
(% annually)
|
||
Asset-backed securities:
|
|
|
|
|
|
|
|
||
Trust preferred – predominantly banks
|
$
|
798,458
|
|
|
Discounted cash flow
Market comparables |
|
Constant prepayment rate
|
|
until 2016 – 10.0% to 21.24%
|
|
|
|
|
|
|
|
2016 to maturity – 3.0%
|
||
|
|
|
|
|
Constant default rate
|
|
yr 1 – 0.30% to 1.97%
|
||
|
|
|
|
|
|
|
yrs 2-5 – 0.47% to 0.67%
|
||
|
|
|
|
|
|
|
yrs 6 to maturity – 0.58% to 0.68%
|
||
|
|
|
|
|
Loss given default
|
|
100%
|
||
|
|
|
|
|
Loss given deferral
|
|
9.69% to 100%
|
||
|
|
|
|
|
Discount rate
(spread over forward LIBOR) |
|
7.7% to 13.4%
|
||
|
|
|
|
|
|
|
|
||
Trust preferred – predominantly insurance
|
256,104
|
|
|
Discounted cash flow
Market comparables |
|
Constant prepayment rate
|
|
until maturity – 4.5%
|
|
|
|
|
|
|
Constant default rate
|
|
yr 1 – 0.30% to 0.32%
|
||
|
|
|
|
|
|
|
yrs 2-5 – 0.47% to 0.50%
|
||
|
|
|
|
|
|
|
yrs 6 to maturity – 0.50% to 0.54%
|
||
|
|
|
|
|
Loss given default
|
|
100%
|
||
|
|
|
|
|
Loss given deferral
|
|
2.18%
|
||
|
|
|
|
|
Discount rate
(spread over forward LIBOR) |
|
3.75% to 16.21%
|
||
|
|
|
|
|
|
|
|
||
Trust preferred – individual banks
|
20,910
|
|
|
Market comparables
|
|
Yield
|
|
9.4% to 9.7%
|
|
|
|
|
|
|
Price
|
|
73.1% to 108.0%
|
||
|
|
|
|
|
|
|
|
||
Trust preferred – real estate investment trust
|
16,403
|
|
|
Discounted cash flow
Market comparables |
|
Constant prepayment rate
|
|
until maturity – 0.0%
|
|
|
|
|
|
|
Constant default rate
|
|
yr 1 – 5.1% to 8.6%
|
||
|
|
|
|
|
|
|
yrs 2-3 – 4.2% to 7.1%
|
||
|
|
|
|
|
|
|
yrs 4-6 – 1.0%
|
||
|
|
|
|
|
|
|
yrs 7 to maturity – 0.50%
|
||
|
|
|
|
|
Loss given default
|
|
60% to 100%
|
||
|
|
|
|
|
Discount rate
(spread over forward LIBOR) |
|
6.5% to 23%
|
||
|
|
|
|
|
|
|
|
||
Other (predominantly ABS CDOs)
|
15,160
|
|
|
Discounted cash flow
|
|
Constant default rate
|
|
0.01% to 100%
|
|
|
|
|
|
|
Loss given default
|
|
70% to 92%
|
||
|
|
|
|
|
Discount rate
(spread over forward LIBOR) |
|
9% to 22%
|
(In thousands)
|
Fair value at December 31, 2013
|
|
Gains (losses) from
fair value changes
Year Ended
December 31, 2013
|
||||||||||||||||||
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
HTM securities adjusted for OTTI
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,483
|
|
|
$
|
8,483
|
|
|
|
$
|
(403
|
)
|
|
Private equity investments, carried at cost
|
—
|
|
|
—
|
|
|
13,270
|
|
|
13,270
|
|
|
|
(5,700
|
)
|
|
|||||
Impaired loans
|
—
|
|
|
11,765
|
|
|
—
|
|
|
11,765
|
|
|
|
(1,575
|
)
|
|
|||||
Other real estate owned
|
—
|
|
|
24,684
|
|
|
—
|
|
|
24,684
|
|
|
|
(13,158
|
)
|
|
|||||
|
$
|
—
|
|
|
$
|
36,449
|
|
|
$
|
21,753
|
|
|
$
|
58,202
|
|
|
|
$
|
(20,836
|
)
|
|
(In thousands)
|
Fair value at December 31, 2012
|
|
Gains (losses) from
fair value changes Year Ended December 31, 2012
|
||||||||||||||||||
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
HTM securities adjusted for OTTI
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,524
|
|
|
$
|
23,524
|
|
|
|
$
|
(7,423
|
)
|
|
Private equity investments, carried at cost
|
—
|
|
|
—
|
|
|
13,520
|
|
|
13,520
|
|
|
|
(2,176
|
)
|
|
|||||
Impaired loans
|
—
|
|
|
44,448
|
|
|
—
|
|
|
44,448
|
|
|
|
(4,300
|
)
|
|
|||||
Other real estate owned
|
—
|
|
|
58,954
|
|
|
—
|
|
|
58,954
|
|
|
|
(20,641
|
)
|
|
|||||
|
$
|
—
|
|
|
$
|
103,402
|
|
|
$
|
37,044
|
|
|
$
|
140,446
|
|
|
|
$
|
(34,540
|
)
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||||||||
(Amounts in thousands)
|
Carrying
value
|
|
Estimated
fair value
|
|
Level
|
|
Carrying
value
|
|
Estimated
fair value
|
|
Level
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
HTM investment securities
|
$
|
588,981
|
|
|
$
|
609,547
|
|
|
3
|
|
$
|
756,909
|
|
|
$
|
674,741
|
|
|
3
|
Loans and leases (including loans held for sale), net of allowance
|
38,468,402
|
|
|
38,088,242
|
|
|
3
|
|
37,020,811
|
|
|
37,024,198
|
|
|
3
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Time deposits
|
2,593,038
|
|
|
2,602,955
|
|
|
2
|
|
2,962,931
|
|
|
2,988,714
|
|
|
2
|
||||
Foreign deposits
|
1,980,161
|
|
|
1,979,805
|
|
|
2
|
|
1,804,060
|
|
|
1,803,625
|
|
|
2
|
||||
Other short-term borrowings
|
—
|
|
|
—
|
|
|
2
|
|
5,409
|
|
|
5,421
|
|
|
2
|
||||
Long-term debt (less fair value hedges)
|
2,269,762
|
|
|
2,423,643
|
|
|
2
|
|
2,329,323
|
|
|
2,636,422
|
|
|
2
|
22.
|
OPERATING SEGMENT INFORMATION
|
(In millions)
|
Zions Bank
|
|
CB&T
|
|
Amegy
|
||||||||||||||||||||||||||||||
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
|||||||||||||||||||
CONDENSED INCOME STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net interest income
|
$
|
595.0
|
|
|
$
|
657.1
|
|
|
$
|
683.3
|
|
|
$
|
469.0
|
|
|
$
|
466.7
|
|
|
$
|
506.9
|
|
|
$
|
381.5
|
|
|
$
|
371.5
|
|
|
$
|
391.2
|
|
Provision for loan losses
|
(40.5
|
)
|
|
88.3
|
|
|
128.3
|
|
|
(16.7
|
)
|
|
(7.9
|
)
|
|
(9.5
|
)
|
|
4.2
|
|
|
(63.9
|
)
|
|
(37.4
|
)
|
|||||||||
Net interest income after provision for loan losses
|
635.5
|
|
|
568.8
|
|
|
555.0
|
|
|
485.7
|
|
|
474.6
|
|
|
516.4
|
|
|
377.3
|
|
|
435.4
|
|
|
428.6
|
|
|||||||||
Net impairment losses on investment securities
|
(7.7
|
)
|
|
(3.2
|
)
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Loss on sale of investment securities to Parent
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.2
|
)
|
|
(43.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other noninterest income
|
199.9
|
|
|
221.4
|
|
|
219.2
|
|
|
79.3
|
|
|
75.3
|
|
|
105.4
|
|
|
146.4
|
|
|
156.1
|
|
|
138.4
|
|
|||||||||
Noninterest expense
|
481.4
|
|
|
493.1
|
|
|
547.4
|
|
|
352.4
|
|
|
330.2
|
|
|
355.0
|
|
|
333.4
|
|
|
340.2
|
|
|
324.9
|
|
|||||||||
Income (loss) before income taxes
|
346.3
|
|
|
293.9
|
|
|
226.5
|
|
|
212.6
|
|
|
210.5
|
|
|
222.4
|
|
|
190.3
|
|
|
251.3
|
|
|
242.1
|
|
|||||||||
Income tax expense (benefit)
|
121.7
|
|
|
104.6
|
|
|
76.0
|
|
|
72.5
|
|
|
83.4
|
|
|
88.0
|
|
|
59.8
|
|
|
84.6
|
|
|
80.5
|
|
|||||||||
Net income (loss)
|
$
|
224.6
|
|
|
$
|
189.3
|
|
|
$
|
150.5
|
|
|
$
|
140.1
|
|
|
$
|
127.1
|
|
|
$
|
134.4
|
|
|
$
|
130.5
|
|
|
$
|
166.7
|
|
|
$
|
161.6
|
|
YEAR-END BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total assets
|
$
|
18,590
|
|
|
$
|
17,930
|
|
|
$
|
17,531
|
|
|
$
|
10,923
|
|
|
$
|
11,069
|
|
|
$
|
10,894
|
|
|
$
|
13,705
|
|
|
$
|
13,119
|
|
|
$
|
12,282
|
|
Cash and due from banks
|
363
|
|
|
650
|
|
|
416
|
|
|
157
|
|
|
205
|
|
|
175
|
|
|
437
|
|
|
754
|
|
|
406
|
|
|||||||||
Money market investments
|
3,888
|
|
|
2,855
|
|
|
2,198
|
|
|
1,108
|
|
|
1,449
|
|
|
1,090
|
|
|
2,551
|
|
|
2,308
|
|
|
2,222
|
|
|||||||||
Total securities
|
1,520
|
|
|
1,273
|
|
|
1,460
|
|
|
331
|
|
|
350
|
|
|
335
|
|
|
362
|
|
|
439
|
|
|
475
|
|
|||||||||
Total loans
|
12,259
|
|
|
12,490
|
|
|
12,751
|
|
|
8,574
|
|
|
8,259
|
|
|
8,392
|
|
|
9,217
|
|
|
8,450
|
|
|
8,031
|
|
|||||||||
Total deposits
|
16,257
|
|
|
15,575
|
|
|
14,905
|
|
|
9,327
|
|
|
9,483
|
|
|
9,192
|
|
|
11,198
|
|
|
10,706
|
|
|
9,731
|
|
|||||||||
Shareholder’s equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Preferred equity
|
280
|
|
|
280
|
|
|
480
|
|
|
162
|
|
|
162
|
|
|
262
|
|
|
226
|
|
|
251
|
|
|
488
|
|
|||||||||
Common equity
|
1,523
|
|
|
1,519
|
|
|
1,379
|
|
|
1,342
|
|
|
1,322
|
|
|
1,270
|
|
|
1,845
|
|
|
1,725
|
|
|
1,630
|
|
|||||||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total shareholder’s equity
|
1,803
|
|
|
1,799
|
|
|
1,859
|
|
|
1,504
|
|
|
1,484
|
|
|
1,532
|
|
|
2,071
|
|
|
1,976
|
|
|
2,118
|
|
(In millions)
|
|
|
NSB
|
|
Vectra
|
|||||||||||||||||||||||||||||||
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
||||||||||||||||||||
CONDENSED INCOME STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net interest income
|
$
|
163.0
|
|
|
$
|
167.7
|
|
|
$
|
172.1
|
|
|
$
|
113.6
|
|
—
|
|
$
|
123.4
|
|
|
$
|
135.0
|
|
|
$
|
102.7
|
|
|
$
|
108.7
|
|
|
$
|
104.3
|
|
Provision for loan losses
|
(15.0
|
)
|
|
(0.6
|
)
|
|
9.6
|
|
|
(12.0
|
)
|
—
|
|
(9.6
|
)
|
|
(38.3
|
)
|
|
(4.9
|
)
|
|
7.0
|
|
|
14.0
|
|
|||||||||
Net interest income after provision for loan losses
|
178.0
|
|
|
168.3
|
|
|
162.5
|
|
|
125.6
|
|
|
133.0
|
|
|
173.3
|
|
|
107.6
|
|
|
101.7
|
|
|
90.3
|
|
||||||||||
Net impairment losses on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.3
|
)
|
—
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.6
|
)
|
|
(0.8
|
)
|
|||||||||
Loss on sale of investment securities to Parent
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28.9
|
)
|
|||||||||
Other noninterest income
|
35.0
|
|
|
32.1
|
|
|
34.4
|
|
|
37.8
|
|
—
|
|
33.7
|
|
|
37.4
|
|
|
24.6
|
|
|
25.3
|
|
|
21.7
|
|
|||||||||
Noninterest expense
|
142.7
|
|
|
152.5
|
|
|
154.7
|
|
|
131.8
|
|
|
133.6
|
|
|
139.3
|
|
|
99.5
|
|
|
98.3
|
|
|
100.7
|
|
||||||||||
Income (loss) before income taxes
|
70.3
|
|
|
47.9
|
|
|
42.2
|
|
|
28.3
|
|
|
33.1
|
|
|
71.4
|
|
|
32.6
|
|
|
28.1
|
|
|
(18.4
|
)
|
||||||||||
Income tax expense (benefit)
|
26.4
|
|
|
17.0
|
|
|
16.7
|
|
|
9.5
|
|
|
11.3
|
|
|
24.8
|
|
|
11.2
|
|
|
9.2
|
|
|
(8.3
|
)
|
||||||||||
Net income (loss)
|
$
|
43.9
|
|
|
$
|
30.9
|
|
|
$
|
25.5
|
|
|
$
|
18.8
|
|
|
$
|
21.8
|
|
|
$
|
46.6
|
|
|
$
|
21.4
|
|
|
$
|
18.9
|
|
|
$
|
(10.1
|
)
|
|
YEAR-END BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total assets
|
$
|
4,579
|
|
|
$
|
4,575
|
|
|
$
|
4,485
|
|
|
$
|
3,980
|
|
|
$
|
4,061
|
|
|
$
|
4,100
|
|
|
$
|
2,571
|
|
|
$
|
2,511
|
|
|
$
|
2,341
|
|
|
Cash and due from banks
|
77
|
|
|
86
|
|
|
71
|
|
|
79
|
|
|
59
|
|
|
73
|
|
|
51
|
|
|
58
|
|
|
55
|
|
||||||||||
Money market investments
|
220
|
|
|
385
|
|
|
604
|
|
|
710
|
|
|
1,031
|
|
|
905
|
|
|
6
|
|
|
31
|
|
|
52
|
|
||||||||||
Total securities
|
362
|
|
|
263
|
|
|
271
|
|
|
774
|
|
|
742
|
|
|
748
|
|
|
166
|
|
|
187
|
|
|
227
|
|
||||||||||
Total loans
|
3,724
|
|
|
3,604
|
|
|
3,304
|
|
|
2,297
|
|
|
2,100
|
|
|
2,235
|
|
|
2,278
|
|
|
2,128
|
|
|
1,914
|
|
||||||||||
Total deposits
|
3,931
|
|
|
3,874
|
|
|
3,731
|
|
|
3,590
|
|
|
3,604
|
|
|
3,546
|
|
|
2,178
|
|
|
2,164
|
|
|
2,004
|
|
||||||||||
Shareholder’s equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Preferred equity
|
120
|
|
|
180
|
|
|
305
|
|
|
50
|
|
|
140
|
|
|
260
|
|
|
70
|
|
|
70
|
|
|
70
|
|
||||||||||
Common equity
|
418
|
|
|
399
|
|
|
350
|
|
|
317
|
|
|
298
|
|
|
273
|
|
|
246
|
|
|
224
|
|
|
200
|
|
||||||||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Total shareholder’s equity
|
538
|
|
|
579
|
|
|
655
|
|
|
367
|
|
|
438
|
|
|
533
|
|
|
316
|
|
|
294
|
|
|
270
|
|
(In millions)
|
TCBW
|
|
Other
|
|
Consolidated Company
|
|||||||||||||||||||||||||||||||
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
||||||||||||||||||||
CONDENSED INCOME STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net interest income
|
$
|
27.3
|
|
|
$
|
27.4
|
|
|
$
|
29.6
|
|
—
|
|
$
|
(155.8
|
)
|
|
$
|
(190.6
|
)
|
|
$
|
(266.2
|
)
|
|
$
|
1,696.3
|
|
|
$
|
1,731.9
|
|
|
$
|
1,756.2
|
|
Provision for loan losses
|
(1.8
|
)
|
|
0.4
|
|
|
7.8
|
|
—
|
|
(0.4
|
)
|
|
0.5
|
|
|
—
|
|
|
(87.1
|
)
|
|
14.2
|
|
|
74.5
|
|
|||||||||
Net interest income after provision for
loan losses
|
29.1
|
|
|
27.0
|
|
|
21.8
|
|
|
(155.4
|
)
|
|
(191.1
|
)
|
|
(266.2
|
)
|
|
1,783.4
|
|
|
1,717.7
|
|
|
1,681.7
|
|
||||||||||
Net impairment losses on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
(154.0
|
)
|
|
(100.3
|
)
|
|
(32.1
|
)
|
|
(165.1
|
)
|
|
(104.1
|
)
|
|
(33.7
|
)
|
|||||||||
Loss on sale of investment securities to Parent
|
(2.7
|
)
|
|
—
|
|
|
(4.8
|
)
|
—
|
|
2.7
|
|
|
9.2
|
|
|
77.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other noninterest income
|
4.1
|
|
|
3.8
|
|
|
3.5
|
|
—
|
|
(24.6
|
)
|
|
(23.7
|
)
|
|
(28.1
|
)
|
|
502.5
|
|
|
524.0
|
|
|
531.9
|
|
|||||||||
Noninterest expense
|
18.8
|
|
|
18.9
|
|
|
16.7
|
|
—
|
|
154.4
|
|
|
29.2
|
|
|
19.9
|
|
|
1,714.4
|
|
|
1,596.0
|
|
|
1,658.6
|
|
|||||||||
Income (loss) before income taxes
|
11.7
|
|
|
11.9
|
|
|
3.8
|
|
—
|
|
(485.7
|
)
|
|
(335.1
|
)
|
|
(268.7
|
)
|
|
406.4
|
|
|
541.6
|
|
|
521.3
|
|
|||||||||
Income tax expense (benefit)
|
4.0
|
|
|
4.0
|
|
|
1.1
|
|
—
|
|
(162.2
|
)
|
|
(120.7
|
)
|
|
(80.2
|
)
|
|
142.9
|
|
|
193.4
|
|
|
198.6
|
|
|||||||||
Net income (loss)
|
$
|
7.7
|
|
|
$
|
7.9
|
|
|
$
|
2.7
|
|
—
|
|
$
|
(323.5
|
)
|
|
$
|
(214.4
|
)
|
|
$
|
(188.5
|
)
|
|
$
|
263.5
|
|
|
$
|
348.2
|
|
|
$
|
322.7
|
|
YEAR-END BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total assets
|
$
|
943
|
|
|
$
|
961
|
|
|
$
|
874
|
|
—
|
|
$
|
740
|
|
|
$
|
1,286
|
|
|
$
|
642
|
|
|
$
|
56,031
|
|
|
$
|
55,512
|
|
|
$
|
53,149
|
|
Cash and due from banks
|
28
|
|
|
22
|
|
|
28
|
|
|
(17
|
)
|
|
8
|
|
|
—
|
|
|
1,175
|
|
|
1,842
|
|
|
1,224
|
|
||||||||||
Money market investments
|
181
|
|
|
251
|
|
|
143
|
|
|
(207
|
)
|
|
444
|
|
|
(91
|
)
|
|
8,457
|
|
|
8,754
|
|
|
7,123
|
|
||||||||||
Total securities
|
91
|
|
|
104
|
|
|
126
|
|
|
719
|
|
|
519
|
|
|
437
|
|
|
4,325
|
|
|
3,877
|
|
|
4,079
|
|
||||||||||
Total loans
|
630
|
|
|
571
|
|
|
562
|
|
—
|
|
64
|
|
|
63
|
|
|
69
|
|
|
39,043
|
|
|
37,665
|
|
|
37,258
|
|
|||||||||
Total deposits
|
793
|
|
|
791
|
|
|
693
|
|
—
|
|
(912
|
)
|
|
(64
|
)
|
|
(926
|
)
|
|
46,362
|
|
|
46,133
|
|
|
42,876
|
|
|||||||||
Shareholder’s equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Preferred equity
|
3
|
|
|
3
|
|
|
15
|
|
—
|
|
93
|
|
|
42
|
|
|
497
|
|
|
1,004
|
|
|
1,128
|
|
|
2,377
|
|
|||||||||
Common equity
|
87
|
|
|
82
|
|
|
75
|
|
—
|
|
(317
|
)
|
|
(645
|
)
|
|
(569
|
)
|
|
5,461
|
|
|
4,924
|
|
|
4,608
|
|
|||||||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
(3
|
)
|
|
(2
|
)
|
|
—
|
|
|
(3
|
)
|
|
(2
|
)
|
|||||||||
Total shareholder’s equity
|
90
|
|
|
85
|
|
|
90
|
|
—
|
|
(224
|
)
|
|
(606
|
)
|
|
(74
|
)
|
|
6,465
|
|
|
6,049
|
|
|
6,983
|
|
23.
|
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
|
|
|
Quarters
|
|
|
||||||||||||||||
(In thousands, except per share amounts)
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
Year
|
||||||||||
2013:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross interest income
|
|
$
|
484,748
|
|
|
$
|
493,233
|
|
|
$
|
473,407
|
|
|
$
|
490,017
|
|
|
$
|
1,941,405
|
|
Net interest income
|
|
418,115
|
|
|
430,657
|
|
|
415,521
|
|
|
432,035
|
|
|
1,696,328
|
|
|||||
Provision for loan losses
|
|
(29,035
|
)
|
|
(21,990
|
)
|
|
(5,573
|
)
|
|
(30,538
|
)
|
|
(87,136
|
)
|
|||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net impairment losses on investment securities
|
|
(10,117
|
)
|
|
(4,217
|
)
|
|
(9,067
|
)
|
|
(141,733
|
)
|
|
(165,134
|
)
|
|||||
Investment securities gains (losses), net
|
|
6,131
|
|
|
1,056
|
|
|
4,745
|
|
|
(6,310
|
)
|
|
5,622
|
|
|||||
Other noninterest income
|
|
125,205
|
|
|
128,309
|
|
|
126,512
|
|
|
116,893
|
|
|
496,919
|
|
|||||
Noninterest expense
|
|
397,348
|
|
|
451,678
|
|
|
370,663
|
|
|
494,750
|
|
|
1,714,439
|
|
|||||
Income before income taxes (benefit)
|
|
171,021
|
|
|
126,117
|
|
|
172,621
|
|
|
(63,327
|
)
|
|
406,432
|
|
|||||
Net income (loss)
|
|
110,387
|
|
|
83,026
|
|
|
111,514
|
|
|
(41,472
|
)
|
|
263,455
|
|
|||||
Net income (loss) applicable to controlling interest
|
|
110,723
|
|
|
83,026
|
|
|
111,514
|
|
|
(41,472
|
)
|
|
263,791
|
|
|||||
Preferred stock dividends
|
|
(22,399
|
)
|
|
(27,641
|
)
|
|
(27,507
|
)
|
|
(17,965
|
)
|
|
(95,512
|
)
|
|||||
Preferred stock redemption
|
|
—
|
|
|
—
|
|
|
—
|
|
|
125,700
|
|
|
125,700
|
|
|||||
Net earnings (loss) applicable to common shareholders
|
|
88,324
|
|
|
55,385
|
|
|
209,707
|
|
|
(59,437
|
)
|
|
293,979
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
0.48
|
|
|
$
|
0.30
|
|
|
$
|
1.13
|
|
|
$
|
(0.32
|
)
|
|
$
|
1.58
|
|
Diluted
|
|
0.48
|
|
|
0.30
|
|
|
1.12
|
|
|
(0.32
|
)
|
|
1.58
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2012:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross interest income
|
|
$
|
518,877
|
|
|
$
|
512,588
|
|
|
$
|
509,000
|
|
|
$
|
498,257
|
|
|
$
|
2,038,722
|
|
Net interest income
|
|
437,478
|
|
|
426,344
|
|
|
438,161
|
|
|
429,957
|
|
|
1,731,940
|
|
|||||
Provision for loan losses
|
|
15,664
|
|
|
10,853
|
|
|
(1,889
|
)
|
|
(10,401
|
)
|
|
14,227
|
|
|||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net impairment losses on investment securities
|
|
(10,209
|
)
|
|
(7,308
|
)
|
|
(2,736
|
)
|
|
(83,808
|
)
|
|
(104,061
|
)
|
|||||
Investment securities gains, net
|
|
9,865
|
|
|
5,626
|
|
|
5,729
|
|
|
9,577
|
|
|
30,797
|
|
|||||
Other noninterest income
|
|
112,164
|
|
|
130,347
|
|
|
122,233
|
|
|
128,390
|
|
|
493,134
|
|
|||||
Noninterest expense
|
|
392,372
|
|
|
401,656
|
|
|
394,975
|
|
|
407,014
|
|
|
1,596,017
|
|
|||||
Income before income taxes
|
|
141,262
|
|
|
142,500
|
|
|
170,301
|
|
|
87,503
|
|
|
541,566
|
|
|||||
Net income
|
|
89,403
|
|
|
91,464
|
|
|
109,597
|
|
|
57,686
|
|
|
348,150
|
|
|||||
Net income applicable to controlling interest
|
|
89,676
|
|
|
91,737
|
|
|
109,851
|
|
|
58,252
|
|
|
349,516
|
|
|||||
Preferred stock dividends
|
|
(64,187
|
)
|
|
(36,522
|
)
|
|
(47,529
|
)
|
|
(22,647
|
)
|
|
(170,885
|
)
|
|||||
Net earnings applicable to common shareholders
|
|
25,489
|
|
|
55,215
|
|
|
62,322
|
|
|
35,605
|
|
|
178,631
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
0.14
|
|
|
$
|
0.30
|
|
|
$
|
0.34
|
|
|
$
|
0.19
|
|
|
$
|
0.97
|
|
Diluted
|
|
0.14
|
|
|
0.30
|
|
|
0.34
|
|
|
0.19
|
|
|
0.97
|
|
24.
|
PARENT COMPANY FINANCIAL INFORMATION
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2013
|
|
2012
|
||||
ASSETS
|
|
|
|
|
||||
Cash and due from banks
|
|
$
|
902,697
|
|
|
$
|
2,001
|
|
Interest-bearing deposits
|
|
72
|
|
|
75,808
|
|
||
Security resell agreements
|
|
—
|
|
|
575,000
|
|
||
Investment securities:
|
|
|
|
|
||||
Held-to-maturity, at adjusted cost (approximate fair value $31,422 and $22,112)
|
|
17,359
|
|
|
22,679
|
|
||
Available-for-sale, at fair value
|
|
675,895
|
|
|
461,665
|
|
||
Loans, net of allowance for loan losses of $0 and $23
|
|
—
|
|
|
1,277
|
|
||
Other noninterest-bearing investments
|
|
37,154
|
|
|
50,799
|
|
||
Investments in subsidiaries:
|
|
|
|
|
||||
Commercial banks and bank holding company
|
|
6,700,315
|
|
|
6,668,881
|
|
||
Other operating companies
|
|
31,535
|
|
|
36,516
|
|
||
Nonoperating – ZMFU II, Inc.
1
|
|
44,511
|
|
|
43,012
|
|
||
Other assets
|
|
278,392
|
|
|
311,093
|
|
||
|
|
$
|
8,687,930
|
|
|
$
|
8,248,731
|
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
||||
Other liabilities
|
|
$
|
200,729
|
|
|
$
|
106,159
|
|
Short-term borrowings:
|
|
|
|
|
||||
Due to others
|
|
—
|
|
|
4,951
|
|
||
Subordinated debt to affiliated trusts
|
|
15,464
|
|
|
309,278
|
|
||
Long-term debt:
|
|
|
|
|
||||
Due to affiliates
|
|
17
|
|
|
—
|
|
||
Due to others
|
|
2,007,157
|
|
|
1,776,274
|
|
||
Total liabilities
|
|
2,223,367
|
|
|
2,196,662
|
|
||
Shareholders’ equity:
|
|
|
|
|
||||
Preferred stock
|
|
1,003,970
|
|
|
1,128,302
|
|
||
Common stock
|
|
4,179,024
|
|
|
4,166,109
|
|
||
Retained earnings
|
|
1,473,670
|
|
|
1,203,815
|
|
||
Accumulated other comprehensive loss
|
|
(192,101
|
)
|
|
(446,157
|
)
|
||
Total shareholders’ equity
|
|
6,464,563
|
|
|
6,052,069
|
|
||
|
|
$
|
8,687,930
|
|
|
$
|
8,248,731
|
|
1
|
ZMFU II, Inc. is a wholly-owned nonoperating subsidiary whose sole purpose is to hold a portfolio of municipal bonds, loans and leases.
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2013
|
|
2012
|
|
2011
|
||||||
Interest income:
|
|
|
|
|
|
|
||||||
Commercial bank subsidiaries
|
|
$
|
757
|
|
|
$
|
836
|
|
|
$
|
2,519
|
|
Other subsidiaries and affiliates
|
|
105
|
|
|
386
|
|
|
63
|
|
|||
Loans and securities
|
|
17,764
|
|
|
18,993
|
|
|
13,640
|
|
|||
Total interest income
|
|
18,626
|
|
|
20,215
|
|
|
16,222
|
|
|||
Interest expense:
|
|
|
|
|
|
|
||||||
Affiliated trusts
|
|
8,483
|
|
|
24,053
|
|
|
24,027
|
|
|||
Other borrowed funds
|
|
171,304
|
|
|
195,195
|
|
|
274,843
|
|
|||
Total interest expense
|
|
179,787
|
|
|
219,248
|
|
|
298,870
|
|
|||
Net interest loss
|
|
(161,161
|
)
|
|
(199,033
|
)
|
|
(282,648
|
)
|
|||
Provision for loan losses
|
|
(23
|
)
|
|
(10
|
)
|
|
(38
|
)
|
|||
Net interest loss after provision for loan losses
|
|
(161,138
|
)
|
|
(199,023
|
)
|
|
(282,610
|
)
|
|||
|
|
|
|
|
|
|
||||||
Other income:
|
|
|
|
|
|
|
||||||
Dividends from consolidated subsidiaries:
|
|
|
|
|
|
|
||||||
Commercial banks and bank holding company
|
|
421,406
|
|
|
246,606
|
|
|
71,350
|
|
|||
Other operating companies
|
|
200
|
|
|
5,440
|
|
|
14,151
|
|
|||
Nonoperating – ZMFU II, Inc.
|
|
—
|
|
|
50,000
|
|
|
—
|
|
|||
Equity and fixed income securities gains (losses), net
|
|
(7,332
|
)
|
|
86
|
|
|
426
|
|
|||
Net impairment losses on investment securities
|
|
(95,637
|
)
|
|
(74,153
|
)
|
|
(26,810
|
)
|
|||
Other income (loss)
|
|
(8,397
|
)
|
|
(6,562
|
)
|
|
4,203
|
|
|||
|
|
310,240
|
|
|
221,417
|
|
|
63,320
|
|
|||
Expenses:
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
|
26,014
|
|
|
20,507
|
|
|
19,033
|
|
|||
Debt extinguishment cost
|
|
120,192
|
|
|
—
|
|
|
—
|
|
|||
Other operating expenses
|
|
1,436
|
|
|
395
|
|
|
4,176
|
|
|||
|
|
147,642
|
|
|
20,902
|
|
|
23,209
|
|
|||
Income (loss) before income taxes and undistributed
income/loss of consolidated subsidiaries
|
|
1,460
|
|
|
1,492
|
|
|
(242,499
|
)
|
|||
Income tax benefit
|
|
(133,798
|
)
|
|
(108,541
|
)
|
|
(104,395
|
)
|
|||
Income (loss) before equity in undistributed income/loss of consolidated subsidiaries
|
|
135,258
|
|
|
110,033
|
|
|
(138,104
|
)
|
|||
Equity in undistributed income (loss) of consolidated subsidiaries:
|
|
|
|
|
|
|||||||
Commercial banks and bank holding company
|
|
132,906
|
|
|
304,559
|
|
|
488,806
|
|
|||
Other operating companies
|
|
(4,887
|
)
|
|
(15,561
|
)
|
|
(27,687
|
)
|
|||
Nonoperating – ZMFU II, Inc.
|
|
514
|
|
|
(49,515
|
)
|
|
789
|
|
|||
Net income
|
|
263,791
|
|
|
349,516
|
|
|
323,804
|
|
|||
Preferred stock dividends
|
|
(95,512
|
)
|
|
(170,885
|
)
|
|
(170,414
|
)
|
|||
Preferred stock redemption
|
|
125,700
|
|
|
—
|
|
|
—
|
|
|||
Net earnings loss applicable to common shareholders
|
|
$
|
293,979
|
|
|
$
|
178,631
|
|
|
$
|
153,390
|
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2013
|
|
2012
|
|
2011
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
263,791
|
|
|
$
|
349,516
|
|
|
$
|
323,804
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
||||||
Undistributed net income of consolidated subsidiaries
|
(128,533
|
)
|
|
(239,483
|
)
|
|
(461,908
|
)
|
||||
Net impairment losses on investment securities
|
|
95,637
|
|
|
74,153
|
|
|
26,810
|
|
|||
Debt Extinguishment cost
|
|
120,192
|
|
|
—
|
|
|
—
|
|
|||
Other, net
|
|
69,098
|
|
|
4,376
|
|
|
27,505
|
|
|||
Net cash provided by (used in) operating activities
|
|
420,185
|
|
|
188,562
|
|
|
(83,789
|
)
|
|||
|
|
|
|
|
|
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
||||||
Net decrease (increase) in money market investments
|
|
650,736
|
|
|
305,668
|
|
|
(408,811
|
)
|
|||
Collection of advances to subsidiaries
|
|
10,000
|
|
|
23,190
|
|
|
6,425
|
|
|||
Advances to subsidiaries
|
|
(10,000
|
)
|
|
(23,000
|
)
|
|
(6,250
|
)
|
|||
Proceeds from sales and maturities of investment securities
|
|
27,916
|
|
|
5,433
|
|
|
1,259,262
|
|
|||
Purchases of investment securities
|
|
(4,858
|
)
|
|
(3,980
|
)
|
|
(575,887
|
)
|
|||
Decrease of investment in subsidiaries
|
|
175,000
|
|
|
764,290
|
|
|
113,834
|
|
|||
Other, net
|
|
10,642
|
|
|
3,814
|
|
|
9,642
|
|
|||
Net cash provided by investing activities
|
|
859,436
|
|
|
1,075,415
|
|
|
398,215
|
|
|||
|
|
|
|
|
|
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
||||||
Net change in short-term funds borrowed
|
|
(3,368
|
)
|
|
(110,995
|
)
|
|
(165,500
|
)
|
|||
Proceeds from issuance of long-term debt
|
|
646,408
|
|
|
757,610
|
|
|
101,821
|
|
|||
Repayments of long-term debt
|
|
(835,031
|
)
|
|
(372,312
|
)
|
|
(117,975
|
)
|
|||
Debt extinguishment cost paid
|
|
(45,812
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of preferred stock
|
|
784,318
|
|
|
141,342
|
|
|
—
|
|
|||
Proceeds from issuance of common stock
|
|
9,825
|
|
|
1,898
|
|
|
25,686
|
|
|||
Cash paid for preferred stock redemptions
|
|
(799,468
|
)
|
|
(1,542,500
|
)
|
|
—
|
|
|||
Dividends paid on preferred stock
|
|
(95,512
|
)
|
|
(126,189
|
)
|
|
(148,774
|
)
|
|||
Dividends paid on common stock
|
|
(24,148
|
)
|
|
(7,392
|
)
|
|
(7,361
|
)
|
|||
Other, net
|
|
(16,137
|
)
|
|
(3,449
|
)
|
|
(4,160
|
)
|
|||
Net cash used in financing activities
|
|
(378,925
|
)
|
|
(1,261,987
|
)
|
|
(316,263
|
)
|
|||
Net increase (decrease) in cash and due from banks
|
|
900,696
|
|
|
1,990
|
|
|
(1,837
|
)
|
|||
Cash and due from banks at beginning of year
|
|
2,001
|
|
|
11
|
|
|
1,848
|
|
|||
Cash and due from banks at end of year
|
|
$
|
902,697
|
|
|
$
|
2,001
|
|
|
$
|
11
|
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
|
|
(a)
|
|
(b)
|
|
(c)
|
||||||||||
Plan category
1
|
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
|
Weighted average exercise price of outstanding options, warrants and rights
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity compensation plan approved by security holders
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Zions Bancorporation 2005 Stock Option and Incentive Plan
|
|
5,633,157
|
|
|
|
|
$
|
34.64
|
|
|
|
|
5,696,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Zions Bancorporation 1996 Non-Employee Directors Stock Option Plan
|
|
32,000
|
|
|
|
|
56.94
|
|
|
|
|
—
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Zions Bancorporation Key Employee Incentive Stock Option Plan
|
|
2,638
|
|
|
|
|
56.59
|
|
|
|
|
—
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total
|
|
|
5,667,795
|
|
|
|
|
|
|
|
|
5,696,668
|
|
|
1
|
The schedule does not include information for equity compensation plans assumed by the Company in mergers. A total of 206,795 shares of common stock with a weighted average exercise price of $56.49 were issuable upon exercise of options granted under plans assumed in mergers and outstanding as of
December 31, 2013
. The Company cannot grant additional awards under these assumed plans. Column (a) also excludes 410,950 shares of unvested restricted stock and 1,522,038 restricted stock units (each unit representing the right to one share of common stock).
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
(a)
|
(1) Financial statements – The following consolidated financial statements of Zions Bancorporation and subsidiaries are filed as part of this Form10-K under Item 8, Financial Statements and Supplementary Data:
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
3.1
|
|
Restated Articles of Incorporation of Zions Bancorporation dated November 8, 1993, incorporated by reference to Exhibit 3.1 of Form S-4 filed on November 22, 1993.
|
*
|
|
|
|
|
3.2
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation dated April 30, 1997 (filed herewith).
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
3.3
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation dated April 24, 1998, incorporated by reference to Exhibit 3.3 of Form 10-Q for the quarter ended March 31, 2009.
|
*
|
|
|
|
|
3.4
|
|
Articles of Amendment to Restated Articles of Incorporation of Zions Bancorporation dated April 25, 2001, incorporated by reference to Exhibit 3.6 of Form S-4 filed July 13, 2001.
|
*
|
|
|
|
|
3.5
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation, dated December 5, 2006, incorporated by reference to Exhibit 3.5 of Form 10-K for the year ended December 31, 2011.
|
*
|
|
|
|
|
3.6
|
|
Articles of Merger of The Stockmen’s Bancorp, Inc. with and into Zions Bancorporation, effective January 17, 2007, incorporated by reference to Exhibit 3.6 of Form 10-Q for the quarter ended March 31, 2012.
|
*
|
|
|
|
|
3.7
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation, dated July 7, 2008 (filed herewith).
|
|
|
|
|
|
3.8
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation, dated November 12, 2008 (filed herewith).
|
|
|
|
|
|
3.9
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation, dated June 30, 2009, incorporated by reference to Exhibit 3.1 of Form 8-K filed July 2, 2009.
|
*
|
|
|
|
|
3.10
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation dated June 30, 2009, incorporated by reference to Exhibit 3.10 of Form 10-Q for the quarter ended June 30, 2009.
|
*
|
|
|
|
|
3.11
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation dated June 1, 2010, incorporated by reference to Exhibit 3.1 of Form 8-K filed June 3, 2010.
|
*
|
|
|
|
|
3.12
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation dated June 14, 2010, incorporated by reference to Exhibit 3.1 of Form 8-K filed June 15, 2010.
|
*
|
|
|
|
|
3.13
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation with respect to the Series F Fixed-Rate Non-Cumulative Perpetual Preferred Stock, dated May 4, 2012, incorporated by reference to Exhibit 3.1 of Form 8-K filed May 5, 2012.
|
*
|
|
|
|
|
3.14
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation with respect to the Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock, dated February 5, 2013, incorporated by reference to Exhibit 3.1 of Form 8-K filed February 7, 2013.
|
*
|
|
|
|
|
3.15
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation with respect to the Series H Fixed-Rate Non-Cumulative Perpetual Preferred Stock, dated April 29, 2013, incorporated by reference to Exhibit 3.1 of Form 8-K filed May 3, 2013.
|
*
|
|
|
|
|
3.16
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation with respect to the Series I Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock, dated May 17, 2013, incorporated by reference to Exhibit 3.1 of Form 8-K filed May 21, 2013.
|
*
|
|
|
|
|
3.17
|
|
Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation with respect to the Series J Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock, dated August 8, 2013, incorporated by reference to Exhibit 3.1 of Form 8-K filed August 13, 2013.
|
*
|
|
|
|
|
3.18
|
|
Restated Bylaws of Zions Bancorporation dated November 8, 2011, incorporated by reference to Exhibit 3.13 of Form 10-Q for the quarter ended September 30, 2011.
|
*
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
4.1
|
|
Senior Debt Indenture dated September 10, 2002 between Zions Bancorporation and The Bank of New York Mellon Trust Company, N.A. as successor to J.P. Morgan Trust Company, N.A., as trustee, with respect to senior debt securities of Zions Bancorporation, incorporated by reference to Exhibit 4.1 of Form 10-K for the year ended December 31, 2011.
|
*
|
|
|
|
|
4.2
|
|
Subordinated Debt Indenture dated September 10, 2002 between Zions Bancorporation and The Bank of New York Mellon Trust Company, N.A. as successor to J.P. Morgan Trust Company, N.A., as trustee, with respect to subordinated debt securities of Zions Bancorporation, incorporated by reference to Exhibit 4.2 of Form 10-K for the year ended December 31, 2011.
|
*
|
|
|
|
|
4.3
|
|
Junior Subordinated Indenture dated August 21, 2002 between Zions Bancorporation and The Bank of New York Mellon Trust Company, N.A. as successor to J.P. Morgan Trust Company, N.A., as trustee, with respect to junior subordinated debentures of Zions Bancorporation, incorporated by reference to Exhibit 4.3 of Form 10-K for the year ended December 31, 2011.
|
*
|
|
|
|
|
4.4
|
|
Warrant to purchase up to 5,789,909 shares of Common Stock, issued on November 14, 2008 (filed herewith).
|
|
|
|
|
|
4.5
|
|
Warrant Agreement, between Zions Bancorporation and Zions First National Bank, and Warrant Certificate, incorporated by reference to Exhibit 4.1 of Form 10-Q for the quarter ended September 30, 2010.
|
*
|
|
|
|
|
10.1
|
|
Zions Bancorporation 2011-2013 Value Sharing Plan, incorporated by reference to Exhibit 10.2 of Form 10-K for the year ended December 31, 2011.
|
*
|
|
|
|
|
10.2
|
|
Zions Bancorporation 2012-2014 Value Sharing Plan, incorporated by reference to Exhibit 10.3 of Form 10-K for the year ended December 31, 2012.
|
*
|
|
|
|
|
10.3
|
|
Zions Bancorporation 2013-2015 Value Sharing Plan, incorporated by reference to Exhibit 10.4 of Form 10-K for the quarter ended September 30, 2013.
|
*
|
|
|
|
|
10.4
|
|
2012 Management Incentive Compensation Plan, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended June 30, 2012.
|
*
|
|
|
|
|
10.5
|
|
Zions Bancorporation Third Restated and Revised Deferred Compensation Plan, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended September 30, 2013.
|
*
|
|
|
|
|
10.6
|
|
Zions Bancorporation Fourth Restated Deferred Compensation Plan for Directors, incorporated by reference to Exhibit 10.2 of Form 10-Q for the quarter ended September 30, 2013.
|
*
|
|
|
|
|
10.7
|
|
Amended and Restated Amegy Bancorporation, Inc. Non-Employee Directors Deferred Fee Plan, incorporated by reference to Exhibit 10.3 of Form 10-Q for the quarter ended September 30, 2013.
|
*
|
|
|
|
|
10.8
|
|
Zions Bancorporation First Restated Excess Benefit Plan, incorporated by reference to Exhibit 10.9 of Form 10-K for the year ended December 31, 2008.
|
*
|
|
|
|
|
10.9
|
|
Trust Agreement establishing the Zions Bancorporation Deferred Compensation Plan Trust by and between Zions Bancorporation and Cigna Bank & Trust Company, FSB effective October 1, 2002, incorporated by reference to Exhibit 10.9 of Form 10-K for the year ended December 31, 2012.
|
*
|
|
|
|
|
10.10
|
|
Amendment to the Trust Agreement establishing the Zions Bancorporation Deferred Compensation Plan Trust by and between Zions Bancorporation and Cigna Bank & Trust Company, FSB substituting Prudential Bank & Trust, FSB as the trustee, incorporated by reference to Exhibit 10.12 of Form 10-K for the year ended December 31, 2010.
|
*
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
10.11
|
|
Amendment to Trust Agreement Establishing the Zions Bancorporation Deferred Compensation Plans Trust, effective September 1, 2006, incorporated by reference to Exhibit 10.11 of Form 10-K for the year ended December 31, 2012.
|
*
|
|
|
|
|
10.12
|
|
Fifth Amendment to Trust Agreement between Fidelity Management Trust Company and Zions Bancorporation for the Deferred Compensation Plans, incorporated by reference to Exhibit 10.5 of Form 10-Q for the quarter September 30, 2013.
|
*
|
|
|
|
|
10.13
|
|
Zions Bancorporation Deferred Compensation Plans Master Trust between Zions Bancorporation and Fidelity Management Trust Company, effective September 1, 2006, incorporated by reference to Exhibit 10.12 of Form 10-K for the year ended December 31, 2012.
|
*
|
|
|
|
|
10.14
|
|
Revised schedule C to Zions Bancorporation Deferred Compensation Plans Master Trust between Zions Bancorporation and Fidelity Management Trust Company, effective September 13, 2006, incorporated by reference to Exhibit 10.13 of Form 10-K for the year ended December 31, 2012.
|
*
|
|
|
|
|
10.15
|
|
Third Amendment to the Zions Bancorporation Deferred Compensation Plans Master Trust agreement between Zions Bancorporation and Fidelity Management Trust Company, dated June 13, 2012, incorporated by reference to Exhibit 10.6 of Form 10-Q for the quarter ended June 30, 2012.
|
*
|
|
|
|
|
10.16
|
|
Zions Bancorporation Restated Pension Plan effective January 1, 2002, including amendments adopted through December 31, 2010, incorporated by reference to Exhibit 10.16 of Form 10-K for the year ended December 31, 2010.
|
*
|
|
|
|
|
10.17
|
|
First amendment to the Zions Bancorporation Pension Plan, dated June 28, 2013, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended June 30, 2013.
|
*
|
|
|
|
|
10.18
|
|
Zions Bancorporation Executive Management Pension Plan, incorporated by reference to Exhibit 10.20 of Form 10-K for the year ended December 31, 2008.
|
*
|
|
|
|
|
10.19
|
|
Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, Restated and Amended effective January 1, 2002, including amendments adopted thru December 31, 2010, incorporated by reference to Exhibit 10.18 of Form 10-K for the year ended December 31, 2010.
|
*
|
|
|
|
|
10.20
|
|
First Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, dated November 14, 2012, incorporated by reference to Exhibit 10.18 of Form 10-K for the year ended December 31, 2012.
|
*
|
|
|
|
|
10.21
|
|
Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated July 3, 2006, incorporated by reference to Exhibit 10.19 of Form 10-K for the year ended December 31, 2012.
|
*
|
|
|
|
|
10.22
|
|
First Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated April 5, 2010, incorporated by reference to Exhibit 10.2 of Form 10-Q for the quarter ended June 30, 2010.
|
*
|
|
|
|
|
10.23
|
|
Second Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated April 5, 2010, incorporated by reference to Exhibit 10.2 of Form 10-Q for the quarter ended June 30, 2010.
|
*
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
10.24
|
|
Third Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated April 30, 2010, incorporated by reference to Exhibit 10.3 of Form 10-Q for the quarter ended June 30, 2010.
|
*
|
|
|
|
|
10.25
|
|
Amended and Restated Zions Bancorporation Key Employee Incentive Stock Option Plan, incorporated by reference to Exhibit 10.38 of Form 10-K for the year ended December 31, 2009.
|
*
|
|
|
|
|
10.26
|
|
Amended and Restated Zions Bancorporation 1996 Non-Employee Directors Stock Option Plan (filed herewith).
|
|
|
|
|
|
10.27
|
|
Amended and Restated Zions Bancorporation 2005 Stock Option and Incentive Plan, incorporated by reference to Exhibit 10.2 of Form 10-Q for the quarter ended June 30, 2012.
|
*
|
|
|
|
|
10.28
|
|
Standard Stock Option Award Agreement, Zions Bancorporation 2005 Stock Option and Incentive Plan, incorporated by reference to Exhibit 10.3 of Form 10-Q for the quarter ended June 30, 2012.
|
*
|
|
|
|
|
10.29
|
|
Standard Restricted Stock Award Agreement, Zions Bancorporation 2005 Stock Option and Incentive Plan, incorporated by reference to Exhibit 10.4 of Form 10-Q for the quarter ended June 30, 2012.
|
*
|
|
|
|
|
10.30
|
|
Standard Restricted Stock Unit Award Agreement, Zions Bancorporation 2005 Stock Option and Incentive Plan, incorporated by reference to Exhibit 10.5 of Form 10-Q for the quarter ended June 30, 2012.
|
*
|
|
|
|
|
10.31
|
|
Standard Directors Stock Option Award Agreement, Zions Bancorporation 2005 Stock Option and Incentive Plan, incorporated by reference to Exhibit 10.29 of Form 10-K for the year ended December 31, 2010.
|
*
|
|
|
|
|
10.32
|
|
Standard Directors Restricted Stock Award Agreement, Zions Bancorporation 2005 Stock Option and Incentive Plan, incorporated by reference to Exhibit 10.4 of Form 10-Q for the quarter ended June 30, 2009.
|
*
|
|
|
|
|
10.33
|
|
Standard Directors Restricted Stock Unit Award Agreement, Zions Bancorporation 2005 Stock Option and Incentive Plan, incorporated by reference to Exhibit 10.28 of Form 10-K for the year ended December 31, 2011.
|
*
|
|
|
|
|
10.34
|
|
Form of Performance Stock Option Award Agreement, 2005 Stock Option and Incentive Plan, incorporated by reference to Exhibit 10.6 of Form 10-Q for the quarter ended September 30, 2013.
|
*
|
|
|
|
|
10.35
|
|
Form of Performance Restricted Stock Unit Award Agreement, 2005 Stock Option and Incentive Plan, incorporated by reference to Exhibit 10.7 of Form 10-Q for the quarter ended September 30, 2013.
|
*
|
|
|
|
|
10.36
|
|
Amegy Bancorporation (formerly Southwest Bancorporation of Texas, Inc.) 1996 Stock Option Plan, as amended and restated as of June 4, 2002 (filed herewith).
|
|
|
|
|
|
10.37
|
|
Amegy Bancorporation 2004 (formerly Southwest Bancorporation of Texas, Inc.) Omnibus Incentive Plan, incorporated by reference to Exhibit 10.47 of Form 10-K for the year ended December 31, 2009.
|
*
|
|
|
|
|
10.38
|
|
Form of Change in Control Agreement between the Company and Certain Executive Officers, incorporated by reference to Exhibit 10.37 of Form 10-K for the year ended December 31, 2012.
|
*
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
10.39
|
|
Addendum to Change in Control Agreement, incorporated by reference to Exhibit 10.43 of Form 10-K for the year ended December 31, 2008.
|
*
|
|
|
|
|
10.40
|
|
Form of Change in Control Agreement between the Company and Dallas E. Haun, dated May 23, 2008, incorporated by reference to Exhibit 10.52 of Form 10-K for the year ended December 31, 2008.
|
*
|
|
|
|
|
12
|
|
Ratio of Earnings to Fixed Charges (filed herewith).
|
|
|
|
|
|
21
|
|
List of Subsidiaries of Zions Bancorporation (filed herewith).
|
|
|
|
|
|
23
|
|
Consent of Independent Registered Public Accounting Firm (filed herewith).
|
|
|
|
|
|
31.1
|
|
Certification by Chief Executive Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith).
|
|
|
|
|
|
31.2
|
|
Certification by Chief Financial Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith).
|
|
|
|
|
|
32
|
|
Certification by Chief Executive Officer and Chief Financial Officer required by Sections 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m) and 18 U.S.C. Section 1350 (furnished herewith).
|
|
|
|
|
|
101
|
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets as of December 31, 2013 and December 31, 2012, (ii) the Consolidated Statements of Income for the years ended December 31, 2013, December 31, 2012, and December 31, 2011, (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2013, December 31, 2012, and December 31, 2011, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2013, December 31, 2012, and December 31, 2011, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2013, December 31, 2012, and December 31, 2011 and (vi) the Notes to Consolidated Financial Statements (filed herewith).
|
|
By
|
/s/ Harris H. Simmons
|
|
HARRIS H. SIMMONS, Chairman,
President and Chief Executive Officer
|
/s/ Harris H. Simmons
|
|
/s/ Doyle L. Arnold
|
HARRIS H. SIMMONS, Director, Chairman, President and Chief Executive Officer
(Principal Executive Officer)
|
|
DOYLE L. ARNOLD, Vice Chairman and
Chief Financial Officer
(Principal Financial Officer)
|
/s/ Alexander J. Hume
|
|
/s/ Jerry C. Atkin
|
ALEXANDER J. HUME, Controller
(Principal Accounting Officer)
|
|
JERRY C. ATKIN, Director
|
/s/ R. D. Cash
|
|
/s/ Patricia Frobes
|
R. D. CASH, Director
|
|
PATRICIA FROBES, Director
|
/s/ J. David Heaney
|
|
/s/ Roger B. Porter
|
J. DAVID HEANEY, Director
|
|
ROGER B. PORTER, Director
|
/s/ Stephen D. Quinn
|
|
/s/ L. E. Simmons
|
STEPHEN D. QUINN, Director
|
|
L. E. SIMMONS, Director
|
/s/ Steven C. Wheelwright
|
|
/s/ Shelley Thomas Williams
|
STEVEN C. WHEELWRIGHT, Director
|
|
SHELLEY THOMAS WILLIAMS, Director
|
1.
|
The name of the Corporation is Zions Bancorporation.
|
2.
|
By this amendment (the “Amendment”), Article VIII of the Restated Articles of Incorporation of the Corporation is hereby amended to read in its entirety as follows:
|
|
(A)
|
350,000,000 shares of Common Stock, without par value, which shares shall be entitled to one vote per share; and
|
|
(B)
|
3,000,000 shares of Preferred Stock, without par value.
|
|
(i)
|
the rate of dividend;
|
|
(ii)
|
the price at and the terms and conditions on which shares may be redeemed;
|
|
(iii)
|
the amount payable upon shares in event of involuntary liquidation;
|
|
(iv)
|
the amount payable upon shares in event of voluntary liquidation;
|
|
(v)
|
sinking fund provisions for the redemption or purchase of shares;
|
|
(vi)
|
the terms and conditions on which shares may be converted, if the shares of any series are issued with the privilege of conversion; and
|
|
(vii)
|
such other variations in the relative rights and preferences of such shares which at the time of the establishment of such series are not prohibited by law.
|
|
|
|
ZIONS BANCORPORATION
|
||
|
|
|
By:
|
|
/s/ Doyle L. Arnold
|
Name:
|
|
Doyle L. Arnold
|
Title:
|
|
Vice Chairman and Chief Financial Officer
|
1.
|
The name of the Corporation is Zions Bancorporation.
|
2.
|
By this amendment (the “Amendment”), the following text is hereby added as a new Section 6 to Article VIII of the Restated Articles of Incorporation of the Corporation:
|
|
|
|
ZIONS BANCORPORATION
|
||
|
|
|
By:
|
|
/s/ Doyle L. Arnold
|
Name:
|
|
Doyle L. Arnold
|
Title:
|
|
Vice Chairman and CFO
|
|
|
|
TO:
|
|
[Company]
|
|
|
|
RE:
|
|
Election to Purchase Common Stock
|
|
|
|
Holder:
|
|
|
By:
|
|
|
Name:
|
|
|
Title:
|
|
|
|
|
|
ZIONS BANCORPORATION
|
||
|
|
|
By:
|
|
/s/ Harris H. Simmons
|
Name:
|
|
Harris H. Simmons
|
Title:
|
|
Chief Executive Officer
|
|
||
Attest:
|
||
|
|
|
By:
|
|
/s/ Jennifer R. Jolley
|
Name:
|
|
Jennifer R. Jolley
|
Title:
|
|
Assistant Secretary
|
(Dollar amounts in thousands)
|
|
Year ended December 31,
|
||||||||||||||||||
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense excluding deposits
|
|
$
|
185,391
|
|
|
$
|
225,482
|
|
|
$
|
303,769
|
|
|
$
|
395,961
|
|
|
$
|
191,496
|
|
Portion of rents representative of an interest factor
|
|
19,468
|
|
|
19,568
|
|
|
19,285
|
|
|
19,886
|
|
|
19,720
|
|
|||||
Fixed charges excluding interest on deposits
|
|
204,859
|
|
|
245,050
|
|
|
323,054
|
|
|
415,847
|
|
|
211,216
|
|
|||||
Interest on deposits
|
|
59,686
|
|
|
81,300
|
|
|
128,627
|
|
|
196,495
|
|
|
426,298
|
|
|||||
Fixed charges including interest on deposits
|
|
$
|
264,545
|
|
|
$
|
326,350
|
|
|
$
|
451,681
|
|
|
$
|
612,342
|
|
|
$
|
637,514
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges and preferred stock dividends:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense excluding deposits
|
|
$
|
185,391
|
|
|
$
|
225,482
|
|
|
$
|
303,769
|
|
|
$
|
395,961
|
|
|
$
|
191,496
|
|
Portion of rents representative of an interest factor
|
|
19,468
|
|
|
19,568
|
|
|
19,285
|
|
|
19,886
|
|
|
19,720
|
|
|||||
Preferred stock dividend requirement
|
|
147,281
|
|
|
265,450
|
|
|
274,928
|
|
|
122,884
|
|
|
102,969
|
|
|||||
Fixed charges and preferred stock dividends excluding interest on deposits
|
|
352,140
|
|
|
510,500
|
|
|
597,982
|
|
|
538,731
|
|
|
314,185
|
|
|||||
Interest on deposits
|
|
59,686
|
|
|
81,300
|
|
|
128,627
|
|
|
196,495
|
|
|
426,298
|
|
|||||
Fixed charges and preferred stock dividends including interest on deposits
|
|
$
|
411,826
|
|
|
$
|
591,800
|
|
|
$
|
726,609
|
|
|
$
|
735,226
|
|
|
$
|
740,483
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations before income taxes
|
|
$
|
406,432
|
|
|
$
|
541,566
|
|
|
$
|
521,273
|
|
|
$
|
(403,168
|
)
|
|
$
|
(1,623,020
|
)
|
Equity in undistributed earnings of unconsolidated subsidiaries
|
|
(11,066
|
)
|
|
(13,983
|
)
|
|
(5,956
|
)
|
|
(6,757
|
)
|
|
(6,785
|
)
|
|||||
Fixed charges excluding interest on deposits
|
|
204,859
|
|
|
245,050
|
|
|
323,054
|
|
|
415,847
|
|
|
211,216
|
|
|||||
Earnings excluding interest on deposits
|
|
600,225
|
|
|
772,633
|
|
|
838,371
|
|
|
5,922
|
|
|
(1,418,589
|
)
|
|||||
Interest on deposits
|
|
59,686
|
|
|
81,300
|
|
|
128,627
|
|
|
196,495
|
|
|
426,298
|
|
|||||
Earnings including interest on deposits
|
|
$
|
659,911
|
|
|
$
|
853,933
|
|
|
$
|
966,998
|
|
|
$
|
202,417
|
|
|
$
|
(992,291
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Excluding interest on deposits
|
|
2.93
|
|
|
3.15
|
|
|
2.60
|
|
|
(a)
|
|
|
(a)
|
|
|||||
Including interest on deposits
|
|
2.49
|
|
|
2.62
|
|
|
2.14
|
|
|
(a)
|
|
|
(a)
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges and preferred stock dividends:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Excluding interest on deposits
|
|
1.70
|
|
|
1.51
|
|
|
1.40
|
|
|
(a)
|
|
|
(a)
|
|
|||||
Including interest on deposits
|
|
1.60
|
|
|
1.44
|
|
|
1.33
|
|
|
(a)
|
|
|
(a)
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(a) Ratio is less than one; earnings are inadequate to cover fixed charges. The dollar amount of the coverage deficiency for the affected periods is presented is presented below. The amount is the same whether including or excluding interest on deposits:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Coverage deficiency – earnings to fixed charges
|
|
|
|
|
|
|
|
$
|
(409,925
|
)
|
|
$
|
(1,629,805
|
)
|
||||||
Coverage deficiency – earnings to fixed charges and preferred stock dividends
|
|
|
|
|
|
|
|
(532,809
|
)
|
|
(1,732,774
|
)
|
SUBSIDIARY
|
STATE OR JURISDICTION OF
INCORPORATION/ORGANIZATION
|
|
|
Zions First National Bank
|
Federally chartered doing business in Utah and Idaho
|
|
|
California Bank & Trust
|
California
|
|
|
Amegy Corporation
|
Texas
|
|
|
National Bank of Arizona
|
Federally chartered doing business in Arizona
|
|
|
Nevada State Bank
|
Nevada
|
|
|
Vectra Bank Colorado, National Association
|
Federally chartered doing business in Colorado and New Mexico
|
|
|
The Commerce Bank of Washington, National Association
|
Federally chartered doing business in Washington
|
|
|
The Commerce Bank of Oregon
|
Oregon
|
|
|
Cash Access, Inc.
|
Utah
|
|
|
Great Western Financial Corporation
|
Utah
|
|
|
PPS Data, LLC
|
Nevada
|
|
|
Stockmen’s (AZ) Statutory Trust II (not consolidated)
|
Connecticut
|
|
|
Stockmen’s (AZ) Statutory Trust III (not consolidated)
|
Connecticut
|
|
|
Welman Holdings, Inc.
|
Utah
|
|
|
Zions Insurance Agency, Inc.
|
Utah
|
|
|
Zions Management Services Company
|
Utah
|
|
|
ZMFU II, Inc.
|
Utah
|
(i)
|
Registration Statement (Form S-8 No. 333-36205) and related Prospectus pertaining to Zions Bancorporation Employee Investment Savings Plan, now known as the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan;
|
(ii)
|
Registration Statement (Form S-8 No. 333-74179) and related Prospectus pertaining to Zions Bancorporation 1996 Non-Employee Directors Stock Option Plan;
|
(iii)
|
Registration Statement (Form S-8 No. 333-79699) and related Prospectus pertaining to Zions Key Employee Incentive Stock Option Plan;
|
(iv)
|
Registration Statement (Form S-8 No. 333-124696) and related Prospectus pertaining to Zions Bancorporation 2005 Stock Option and Incentive Plan;
|
(v)
|
Registration Statement (Form S-8 No. 333-130222) and related Prospectus pertaining to Amegy Bancorporation 1989 Stock Option Plan, Amegy Bancorporation 1993 Stock Option Plan, as Amended and Restated, Amegy Bancorporation 1996 Stock Option Plan, as Amended and Restated, Amegy Bancorporation 1993 Stock Option and Incentive Plan, Amegy Bancorporation Amended and Restated Non-Employee Directors Deferred Fee Plan, and Amegy Bancorporation 2004 Omnibus Incentive Plan; and
|
(vi)
|
Registration Statement (Form S-3 No. 333-173299) and related Prospectus pertaining to the offering of debt and equity securities of Zions Bancorporation;
|
1.
|
I have reviewed this annual report on Form 10-K of Zions Bancorporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Harris H. Simmons
|
|
Harris H. Simmons, Chairman, President and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Zions Bancorporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Doyle L. Arnold
|
|
Doyle L. Arnold, Vice Chairman and
Chief Financial Officer
|
|
/s/ Harris H. Simmons
|
|
|
Name:
|
Harris H. Simmons
|
|
Title:
|
Chairman, President and Chief Executive Officer
|
|
|
|
|
/s/ Doyle L. Arnold
|
|
|
Name:
|
Doyle L. Arnold
|
|
Title:
|
Vice Chairman and Chief Financial Officer
|