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Page
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•
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statements with respect to the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and 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,” “target,” “commit,” “design,” “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, including its restructuring and efficiency initiatives and its tender offers for certain of its preferred stock;
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•
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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 imbalances 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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changes in financial and commodity market prices and 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, real estate prices, and oil and gas-related commodity 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, including the actual amount and duration of declines in the price of oil and gas;
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•
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any impairment of our goodwill or other intangibles, or any adjustment of valuation allowances on our deferred tax assets due to adverse changes in the economic environment, declining operations of the reporting unit, or other factors;
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•
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changes in markets for debt, equity, and 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 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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•
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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, the FDIC, the SEC, and the CFPB;
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•
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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 American 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 Basel III, and rules and regulations thereunder, on our required regulatory capital and liquidity levels, governmental assessments on us (including, but not limited to, the Federal Reserve reviews of our annual capital plan), 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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continuing consolidation in the financial services industry;
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•
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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;
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•
|
changes in consumer spending and savings habits;
|
•
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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 FASB or regulatory agencies; and
|
•
|
costs of deposit insurance and changes with respect to FDIC insurance coverage levels.
|
ASC
|
Accounting Standards Codification
|
CMC
|
Capital Management Committee
|
ASU
|
Accounting Standards Update
|
CSV
|
Cash Surrender Value
|
AOCI
|
Accumulated Other Comprehensive Income
|
CDO
|
Collateralized Debt Obligation
|
ARM
|
Adjustable Rate Mortgage
|
CLTV
|
Combined Loan-to-Value Ratio
|
ACL
|
Allowance for Credit Losses
|
CRE
|
Commercial Real Estate
|
ALLL
|
Allowance for Loan and Lease Losses
|
COSO
|
Committee of Sponsoring Organizations of the Treadway Commission
|
Amegy
|
Amegy Bank, a division of ZB, N.A.
|
CET1
|
Common Equity Tier 1 (Basel III)
|
ALCO
|
Asset/Liability Committee
|
CRA
|
Community Reinvestment Act
|
ATM
|
Automated Teller Machine
|
CCAR
|
Comprehensive Capital Analysis and Review
|
AFS
|
Available-for-Sale
|
CFPB
|
Consumer Financial Protection Bureau
|
BHC Act
|
Bank Holding Company Act
|
CAC
|
Credit Administration Committee
|
BOLI
|
Bank-Owned Life Insurance
|
CSA
|
Credit Support Annex
|
bps
|
basis points
|
DTA
|
Deferred Tax Asset
|
BCF
|
Beneficial Conversion Feature
|
DFAST
|
Dodd-Frank Annual Stress Test
|
CB&T
|
California Bank & Trust, a division of ZB, N.A.
|
Dodd-Frank Act
|
Dodd-Frank Wall Street Reform and Consumer Protection Act
|
ITEM 1.
|
BUSINESS
|
•
|
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.
|
•
|
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 bank. The FRB has a policy that a bank holding company is expected to act as a source of financial and managerial strength to its subsidiary bank and, under appropriate circumstances, to commit resources to support the subsidiary bank. The Dodd-Frank Act codifies this policy as a statutory requirement.
|
•
|
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 to the Parent by its subsidiary bank. These dividends are subject to various legal and regulatory restrictions. See Note 18 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, including the requirement that they be included in a stress test and capital plan to which the FRB has not objected. See discussion under “Liquidity Management Actions” on page 69.
|
•
|
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 FDICIA, including standards related to internal controls, information systems, internal audit, loan documentation, credit underwriting, interest rate exposure, asset growth and compensation, as well as other operational and management standards deemed appropriate by the federal banking agencies. The safety and soundness requirements give bank regulatory agencies significant latitude in their supervisory authority over us.
|
•
|
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
|
•
|
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.
|
•
|
Community Reinvestment Art (“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 our bank subsidiary fails to adequately serve its 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 Bank Secrecy Act, 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.
|
ITEM 1A.
|
RISK FACTORS
|
•
|
affects the levels of capital and liquidity with which the Company must operate and how it plans capital and liquidity levels;
|
•
|
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 incur the cost of developing 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 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 and amount in which compensation is paid to executive officers and employees generally.
|
ITEM 1B.
|
UNRESOLVED STAFF COMMENTS
|
ITEM 2.
|
PROPERTIES
|
ITEM 3.
|
LEGAL PROCEEDINGS
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
|
|
2015
|
|
2014
|
||||||||||||
|
|
High
|
|
Low
|
|
High
|
|
Low
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
1st Quarter
|
|
$
|
28.72
|
|
|
$
|
23.72
|
|
|
$
|
33.33
|
|
|
$
|
27.82
|
|
2nd Quarter
|
|
33.03
|
|
|
26.20
|
|
|
31.87
|
|
|
27.65
|
|
||||
3rd Quarter
|
|
32.42
|
|
|
26.42
|
|
|
30.89
|
|
|
27.44
|
|
||||
4th Quarter
|
|
31.18
|
|
|
26.22
|
|
|
29.93
|
|
|
25.02
|
|
|
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
2015
|
|
$
|
0.04
|
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
2014
|
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
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
|
|
|
942
|
|
|
|
$
|
27.84
|
|
|
|
—
|
|
|
|
|
$
|
—
|
|
|
November
|
|
|
7,176
|
|
|
|
29.97
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||
December
|
|
|
100
|
|
|
|
30.22
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||
Fourth quarter
|
|
|
8,218
|
|
|
|
29.73
|
|
|
|
—
|
|
|
|
|
|
|
1
|
Represents common shares acquired from employees in connection with the Company’s stock compensation plan. Shares were acquired from employees to pay for their payroll taxes and stock option exercise cost upon the vesting of restricted stock and restricted stock units, and the exercise of stock options, under the “withholding shares” provision of an employee share-based compensation plan.
|
|
|
2010
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Zions Bancorporation
|
|
100.0
|
|
|
67.3
|
|
|
88.7
|
|
|
124.7
|
|
|
119.4
|
|
|
115.2
|
|
KBW Bank Index
|
|
100.0
|
|
|
76.8
|
|
|
102.2
|
|
|
140.8
|
|
|
154.0
|
|
|
154.7
|
|
S&P 500
|
|
100.0
|
|
|
102.1
|
|
|
118.4
|
|
|
156.8
|
|
|
178.2
|
|
|
180.7
|
|
ITEM 6.
|
SELECTED FINANCIAL DATA
|
FINANCIAL HIGHLIGHTS
|
|||||||||||||||||||||||
(Dollar amounts in millions, except per share amounts)
|
|
2015/2014 Change
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|||||||||||
For the Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net interest income
|
|
+2
|
%
|
|
$
|
1,715.3
|
|
|
$
|
1,680.0
|
|
|
$
|
1,696.3
|
|
|
$
|
1,731.9
|
|
|
$
|
1,756.2
|
|
Noninterest income
|
|
-26
|
%
|
|
377.1
|
|
|
508.6
|
|
|
337.4
|
|
|
419.9
|
|
|
498.2
|
|
|||||
Total revenue
|
|
-4
|
%
|
|
2,092.4
|
|
|
2,188.6
|
|
|
2,033.7
|
|
|
2,151.8
|
|
|
2,254.4
|
|
|||||
Provision for loan losses
|
|
+141
|
%
|
|
40.0
|
|
|
(98.1
|
)
|
|
(87.1
|
)
|
|
14.2
|
|
|
74.5
|
|
|||||
Noninterest expense
|
|
-4
|
%
|
|
1,600.5
|
|
|
1,665.3
|
|
|
1,714.4
|
|
|
1,595
|
|
|
1,658.6
|
|
|||||
Impairment loss on goodwill
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|||||
Income before income taxes
|
|
-27
|
%
|
|
451.9
|
|
|
621.4
|
|
|
406.4
|
|
|
541.6
|
|
|
521.3
|
|
|||||
Income taxes
|
|
-36
|
%
|
|
142.4
|
|
|
222.9
|
|
|
142.9
|
|
|
193.4
|
|
|
198.6
|
|
|||||
Net income
|
|
-22
|
%
|
|
309.5
|
|
|
398.5
|
|
|
263.5
|
|
|
348.2
|
|
|
322.7
|
|
|||||
Net loss applicable to noncontrolling interests
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
(1.3
|
)
|
|
(1.1
|
)
|
|||||
Net income applicable to controlling interest
|
|
-22
|
%
|
|
309.5
|
|
|
398.5
|
|
|
263.8
|
|
|
349.5
|
|
|
323.8
|
|
|||||
Net earnings applicable to common shareholders
|
|
-24
|
%
|
|
246.6
|
|
|
326.6
|
|
|
294.0
|
|
|
178.6
|
|
|
153.4
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net earnings – diluted
|
|
-29
|
%
|
|
1.20
|
|
|
1.68
|
|
|
1.58
|
|
|
0.97
|
|
|
0.83
|
|
|||||
Net earnings – basic
|
|
-29
|
%
|
|
1.20
|
|
|
1.68
|
|
|
1.58
|
|
|
0.97
|
|
|
0.83
|
|
|||||
Dividends declared
|
|
+38
|
%
|
|
0.22
|
|
|
0.16
|
|
|
0.13
|
|
|
0.04
|
|
|
0.04
|
|
|||||
Book value
1
|
|
+4
|
%
|
|
32.67
|
|
|
31.35
|
|
|
29.57
|
|
|
26.73
|
|
|
25.02
|
|
|||||
Market price – end
|
|
|
|
27.30
|
|
|
28.51
|
|
|
29.96
|
|
|
21.40
|
|
|
16.28
|
|
||||||
Market price – high
|
|
|
|
33.03
|
|
|
33.33
|
|
|
31.40
|
|
|
22.81
|
|
|
25.60
|
|
||||||
Market price – low
|
|
|
|
23.72
|
|
|
25.02
|
|
|
21.56
|
|
|
16.40
|
|
|
13.18
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
At Year-End
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Assets
|
|
+4
|
%
|
|
59,670
|
|
|
57,209
|
|
|
56,031
|
|
|
55,512
|
|
|
53,149
|
|
|||||
Net loans and leases
|
|
+1
|
%
|
|
40,650
|
|
|
40,064
|
|
|
39,043
|
|
|
37,670
|
|
|
37,257
|
|
|||||
Deposits
|
|
+5
|
%
|
|
50,374
|
|
|
47,848
|
|
|
46,363
|
|
|
46,134
|
|
|
42,878
|
|
|||||
Long-term debt
|
|
-25
|
%
|
|
817
|
|
|
1,092
|
|
|
2,274
|
|
|
2,337
|
|
|
1,954
|
|
|||||
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred equity
|
|
-17
|
%
|
|
829
|
|
|
1,004
|
|
|
1,004
|
|
|
1,128
|
|
|
2,377
|
|
|||||
Common equity
|
|
+5
|
%
|
|
6,679
|
|
|
6,366
|
|
|
5,461
|
|
|
4,924
|
|
|
4,608
|
|
|||||
Noncontrolling interests
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(2
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Return on average assets
|
|
|
|
0.53
|
%
|
|
0.71
|
%
|
|
0.48
|
%
|
|
0.66
|
%
|
|
0.63
|
%
|
||||||
Return on average common equity
|
|
|
|
3.75
|
%
|
|
5.42
|
%
|
|
5.73
|
%
|
|
3.76
|
%
|
|
3.32
|
%
|
||||||
Tangible return on average tangible common equity
|
|
|
4.55
|
%
|
|
6.70
|
%
|
|
7.44
|
%
|
|
5.18
|
%
|
|
4.72
|
%
|
|||||||
Net interest margin
|
|
|
|
3.19
|
%
|
|
3.26
|
%
|
|
3.36
|
%
|
|
3.57
|
%
|
|
3.77
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Capital Ratios
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Equity to assets
|
|
|
|
12.58
|
%
|
|
12.88
|
%
|
|
11.54
|
%
|
|
10.90
|
%
|
|
13.14
|
%
|
||||||
Common equity tier 1 (Basel III), tier 1 common (Basel I)
2
|
|
12.22
|
%
|
|
11.92
|
%
|
|
10.18
|
%
|
|
9.80
|
%
|
|
9.57
|
%
|
||||||||
Tier 1 leverage
2
|
|
|
|
11.26
|
%
|
|
11.82
|
%
|
|
10.48
|
%
|
|
10.96
|
%
|
|
13.40
|
%
|
||||||
Tier 1 risk-based capital
2
|
|
|
|
14.08
|
%
|
|
14.47
|
%
|
|
12.77
|
%
|
|
13.38
|
%
|
|
16.13
|
%
|
||||||
Total risk-based capital
2
|
|
|
|
16.12
|
%
|
|
16.27
|
%
|
|
14.67
|
%
|
|
15.05
|
%
|
|
18.06
|
%
|
||||||
Tangible common equity
|
|
|
|
9.63
|
%
|
|
9.48
|
%
|
|
8.02
|
%
|
|
7.09
|
%
|
|
6.77
|
%
|
||||||
Tangible equity
|
|
|
|
11.05
|
%
|
|
11.27
|
%
|
|
9.85
|
%
|
|
9.15
|
%
|
|
11.33
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Selected Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Average common and common-equivalent shares
(in thousands)
|
|
|
|
203,698
|
|
|
192,789
|
|
|
184,297
|
|
|
183,236
|
|
|
182,605
|
|
||||||
Common dividend payout ratio
|
|
|
|
18.30
|
%
|
|
9.56
|
%
|
|
8.20
|
%
|
|
4.14
|
%
|
|
4.80
|
%
|
||||||
Full-time equivalent employees
|
|
|
|
10,200
|
|
|
10,462
|
|
|
10,452
|
|
|
10,368
|
|
|
10,606
|
|
||||||
Commercial banking offices
|
|
|
|
450
|
|
|
460
|
|
|
469
|
|
|
480
|
|
|
486
|
|
1
|
At year-end.
|
2
|
For 2015, ratios are based on Basel III. For years prior to 2015, ratios are based on Basel I.
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
As of December 31, 2015, the Company was the 23rd 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, 2015, the Company had banking operations through 450 domestic branches in eleven Western and Southwestern states. Additionally, the Company currently has, and is further developing, numerous online product offerings to support customer banking preferences in the digital era of banking.
|
•
|
The Company has been awarded numerous “Excellence” awards by Greenwich Associates, having received 31 awards for the 2015 survey; only four U.S. banks have been awarded more than 10 excellence awards since the inception of the survey.
|
•
|
The Company has been awarded numerous “Best Brand Awards” for Small Business and Middle Market Banking in 2015 and 2014. The Company has also been awarded numerous national and several regional “Excellence” awards for Small Business and Middle Market Banking in 2014.
|
•
|
The long term strategy of the Company is driven by four key factors:
|
◦
|
We focus our banking business in geographies representing growth markets in the Western United States.
|
◦
|
We strive to maintain a local community bank-like approach for customer-facing elements of our business by giving a significant degree of autonomy in product offerings and pricing to our regional management teams. Management believes this provides a meaningful competitive advantage over larger national banks whose loan and deposit products are often homogeneous.
|
◦
|
Relative to smaller community banks, we believe the Company generally achieves greater economies of scale and stronger risk management. We believe that scale gives us superior access to capital markets, more robust treasury management and other product capabilities than smaller community banks.
|
◦
|
We centralize or oversee centrally many non-customer facing operations, such as risk and capital management, and technology and back office operations.
|
•
|
During 2015, we took significant actions to positively improve the Company’s risk profile, including selling the remaining CDO portfolio, purchasing HQLA securities, reducing long term debt and preferred stock, and reducing our oil and gas-related credit exposure.
|
•
|
In December 2015, the Company consolidated its various banking charters into a single charter in order to simplify the corporate structure and remove associated costs; however, we will continue to emphasize our locally-oriented leadership structure and the power of our strong local brands in each market we serve.
|
•
|
The Company announced in 2015 various initiatives designed to substantially improve profitability and announced in 2013 various initiatives to substantially upgrade its technology platform.
|
•
|
The Company’s various measures of capital, credit quality, and liquidity generally rank within the top quartile of regional bank peers.
|
•
|
Revenues and profits are primarily derived from commercial customers and the Company also emphasizes mortgage banking, wealth management and brokerage services.
|
•
|
Consolidation of bank charters from seven to one while maintaining local leadership, local product pricing, and local brands. The consolidation of the bank charters occurred on December 31, 2015.
|
•
|
Creation of a Chief Banking Officer position, with responsibility for retail banking, wealth management, and residential mortgage lending.
|
•
|
Consolidation of risk functions and other non-customer facing operations, while emphasizing local credit decision making.
|
•
|
Investment in building technology to meet the demands of a rapidly changing information technology environment.
|
•
|
Achieve an adjusted efficiency ratio in the low 60s by fiscal year 2017, driven by expense and revenue initiatives detailed below; the announced target assumes a slight increase in interest rates. Our efficiency ratio for the second half of 2015 was 69.6%, which met our goal to keep the efficiency ratio less than 70% during the second half of 2015. We are committed to achieving an efficiency ratio of less than 66% in 2016. See “GAAP to Non-GAAP Reconciliations” on page 76 for more information regarding the calculation of the adjusted efficiency ratio.
|
•
|
Increase returns on tangible common equity over the long term to double digit levels. For the fourth quarter of 2015, the tangible return on average tangible common equity was 6.20%, compared to 6.05% for the third quarter 2015, and 4.95% for the fourth quarter of 2014 (see “GAAP to Non-GAAP Reconciliations” on page 76 for more information regarding the calculation of the tangible return on average tangible common equity).
|
•
|
Maintain adjusted noninterest expense below $1.6 billion in 2015 and 2016, although increasing somewhat in 2017; this target excludes those same expense items excluded in arriving at the efficiency ratio (see “GAAP to Non-GAAP Reconciliations” on page 76 for more information regarding the calculation of the efficiency ratio). For 2015 adjusted noninterest expense was $1.58 billion and we are committed to keeping noninterest expense below $1.6 billion in 2016.
|
•
|
Achieve annual gross pretax cost savings of $120 million from operational expense initiatives by fiscal year 2017, which include overhauling technology, consolidating legal charters, and improving operating efficiency across the Company. At year-end 2015 we had achieved more than 50% of the $120 million of cost savings.
|
•
|
We reduced risk by selling the remaining non-core securities CDO portfolio, which is expected to improve the Company’s results under stressful economic conditions.
|
•
|
We improved our earning asset mix with the purchase of HQLA securities of $4.8 billion while maintaining asset sensitivity. This boosted current earnings significantly as compared to the alternative of holding the deposits in cash. This action also should improve the Company’s revenue stability under stressful economic conditions.
|
•
|
We reduced long term debt by $275 million, or 25%, which reduced interest expense, and tendered $176 million of preferred stock which improved net earnings to common shareholders.
|
•
|
We actively managed oil and gas-related credit exposure, resulting in a reduction of approximately $1 billion, or 17%, during 2015.
|
•
|
Loan growth – Loans increased on a net basis by $586 million, or 1.5%, compared to December 31, 2014, including increases of $387 million in CRE term loans and $181 million in 1-4 family residential loans. We continued to manage the concentration of construction and land development loans, which declined by $144 million during 2015. We also continued to experience runoff and attrition in our National Real Estate group
|
•
|
Net Interest Margin (“NIM”) – Our NIM declined to 3.19% in 2015 from 3.26% in 2014, which was primarily due to a reduction in FDIC-supported loan income as that portfolio continues to wind down, competitive pricing pressure, and improvement in the underlying quality of our borrowers’ financial condition. Nevertheless, our NIM continued to remain reasonably strong relative to other peer banks.
|
•
|
Energy credit quality – The overall credit quality of our loan portfolio remained strong, but, as expected, the credit quality of our oil and gas-related portfolio deteriorated. At December 31, 2015, approximately $66.2 million, or 2.5%, of the oil and gas-related loan balances were nonaccruing, compared to approximately $16.6 million, or 0.5% at December 31, 2014. As part of our risk management efforts, we reduced our total oil and gas-related credit exposure to $4.8 billion, a reduction of approximately $1 billion, or 17%, during 2015.
|
•
|
Stabilize and improve NIM by continuing to incrementally deploy the Company’s excess cash into higher-yielding, short-to-medium duration HQLA, which was begun in the latter half of 2014.
|
•
|
Act on our commitment to achieve an efficiency ratio of less than 66% and hold adjusted noninterest expense below $1.6 billion in 2016 through expense management discipline.
|
•
|
Focus on revenue growth opportunities by continuing to:
|
◦
|
emphasize loan growth, particularly through continued strong business lending and additional growth in residential mortgage lending; and
|
◦
|
further increase fee income.
|
•
|
Reduce the percentage of preferred equity and possibly further reduce debt;
|
•
|
Increase the return on- and of-capital to shareholders.
|
•
|
Maintain strong levels of asset quality. We expect oil and gas loans to experience some further deterioration, although losses are currently expected to be manageable; however, we expect credit quality metrics in other segments of the loan portfolio to remain relatively stable.
|
•
|
Accelerate positive operating leverage from:
|
◦
|
further investment and implementation in previously announced major upgrades to the Company’s systems; and
|
◦
|
streamlining and simplifying operations as a result of the efficiency initiatives and charter consolidation.
|
Driver
|
|
2015
|
|
2014
|
|
Change
better/(worse)
|
|||||
|
|
|
|
|
|
|
|||||
|
|
(Amounts in billions)
|
|
|
|||||||
Average net loans and leases
|
|
$
|
40.2
|
|
|
$
|
39.5
|
|
|
2
|
%
|
Average money market investments
|
|
8.3
|
|
|
8.2
|
|
|
1
|
%
|
||
Average total securities
|
|
5.8
|
|
|
4.1
|
|
|
41
|
%
|
||
Average noninterest-bearing deposits
|
|
21.4
|
|
|
19.6
|
|
|
9
|
%
|
||
Average total deposits
|
|
48.6
|
|
|
46.3
|
|
|
5
|
%
|
||
|
|
|
|
|
|
|
|||||
|
|
(Amounts in millions)
|
|
|
|||||||
Net interest income
|
|
$
|
1,715.3
|
|
|
$
|
1,680.0
|
|
|
2
|
%
|
Provision for loan losses
|
|
40.0
|
|
|
(98.1
|
)
|
|
(141
|
)%
|
||
Noninterest income
|
|
377.1
|
|
|
508.6
|
|
|
(26
|
)%
|
||
Noninterest expense
|
|
1,600.5
|
|
|
1,665.3
|
|
|
4
|
%
|
||
|
|
|
|
|
|
|
|||||
Nonaccrual loans
|
|
350
|
|
|
307
|
|
|
(14
|
)%
|
||
|
|
|
|
|
|
|
|||||
Net interest margin
|
|
3.19
|
%
|
|
3.26
|
%
|
|
(7)bps
|
|
||
Ratio of nonperforming lending-related assets to net loans and leases and other real estate owned
1
|
|
0.87
|
%
|
|
0.81
|
%
|
|
(6)bps
|
|
||
Ratio of total allowance for credit losses to net loans and leases outstanding
|
|
1.68
|
%
|
|
1.71
|
%
|
|
3 bps
|
|
|
|
2015
|
|
2014
|
||||||||||||||||||
(Amounts in millions)
|
|
Average
balance
|
|
Amount of
interest
1
|
|
Average
rate
|
|
Average
balance
|
|
Amount of
interest
1
|
|
Average
rate
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Money market investments
|
|
$
|
8,252
|
|
|
$
|
23.2
|
|
|
0.28
|
%
|
|
$
|
8,215
|
|
|
$
|
21.4
|
|
|
0.26
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Held-to-maturity
|
|
581
|
|
|
29.5
|
|
|
5.08
|
|
|
609
|
|
|
32.1
|
|
|
5.27
|
|
||||
Available-for-sale
|
|
5,181
|
|
|
100.0
|
|
|
1.93
|
|
|
3,472
|
|
|
75.3
|
|
|
2.17
|
|
||||
Trading account
|
|
64
|
|
|
2.2
|
|
|
3.46
|
|
|
61
|
|
|
2.0
|
|
|
3.22
|
|
||||
Total securities
|
|
5,826
|
|
|
131.7
|
|
|
2.26
|
|
|
4,142
|
|
|
109.4
|
|
|
2.64
|
|
||||
Loans held for sale
|
|
125
|
|
|
4.5
|
|
|
3.61
|
|
|
128
|
|
|
4.6
|
|
|
3.63
|
|
||||
Loans and leases
2
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
21,419
|
|
|
903.2
|
|
|
4.22
|
|
|
21,125
|
|
|
922.6
|
|
|
4.37
|
|
||||
Commercial Real Estate
|
|
10,178
|
|
|
453.5
|
|
|
4.46
|
|
|
10,337
|
|
|
483.7
|
|
|
4.68
|
|
||||
Consumer
|
|
8,574
|
|
|
335.3
|
|
|
3.91
|
|
|
8,060
|
|
|
327.5
|
|
|
4.06
|
|
||||
Total Loans and leases
|
|
40,171
|
|
|
1,692.0
|
|
|
4.21
|
|
|
39,522
|
|
|
1,733.8
|
|
|
4.39
|
|
||||
Total interest-earning assets
|
|
54,374
|
|
|
1,851.4
|
|
|
3.40
|
|
|
52,007
|
|
|
1,869.2
|
|
|
3.59
|
|
||||
Cash and due from banks
|
|
642
|
|
|
|
|
|
|
894
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
|
(607
|
)
|
|
|
|
|
|
(690
|
)
|
|
|
|
|
||||||||
Goodwill
|
|
1,014
|
|
|
|
|
|
|
1,014
|
|
|
|
|
|
||||||||
Core deposit and other intangibles
|
|
21
|
|
|
|
|
|
|
31
|
|
|
|
|
|
||||||||
Other assets
|
|
2,606
|
|
|
|
|
|
|
2,634
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
58,050
|
|
|
|
|
|
|
$
|
55,890
|
|
|
|
|
|
||||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Saving and money market
|
|
$
|
24,619
|
|
|
38.8
|
|
|
0.16
|
|
|
$
|
23,532
|
|
|
37.0
|
|
|
0.16
|
|
||
Time
|
|
2,274
|
|
|
9.8
|
|
|
0.43
|
|
|
2,490
|
|
|
11.5
|
|
|
0.46
|
|
||||
Foreign
|
|
379
|
|
|
0.7
|
|
|
0.18
|
|
|
642
|
|
|
1.2
|
|
|
0.18
|
|
||||
Total interest-bearing deposits
|
|
27,272
|
|
|
49.3
|
|
|
0.18
|
|
|
26,664
|
|
|
49.7
|
|
|
0.19
|
|
||||
Borrowed funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal funds purchased and other short-term borrowings
|
|
235
|
|
|
0.4
|
|
|
0.14
|
|
|
223
|
|
|
0.3
|
|
|
0.11
|
|
||||
Long-term debt
|
|
1,021
|
|
|
68.5
|
|
|
6.71
|
|
|
1,811
|
|
|
123.0
|
|
|
6.79
|
|
||||
Total borrowed funds
|
|
1,256
|
|
|
68.9
|
|
|
5.48
|
|
|
2,034
|
|
|
123.3
|
|
|
6.06
|
|
||||
Total interest-bearing liabilities
|
|
28,528
|
|
|
118.2
|
|
|
0.41
|
|
|
28,698
|
|
|
173.0
|
|
|
0.60
|
|
||||
Noninterest-bearing deposits
|
|
21,366
|
|
|
|
|
|
|
19,610
|
|
|
|
|
|
||||||||
Other liabilities
|
|
592
|
|
|
|
|
|
|
554
|
|
|
|
|
|
||||||||
Total liabilities
|
|
50,486
|
|
|
|
|
|
|
48,862
|
|
|
|
|
|
||||||||
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred equity
|
|
983
|
|
|
|
|
|
|
1,004
|
|
|
|
|
|
||||||||
Common equity
|
|
6,581
|
|
|
|
|
|
|
6,024
|
|
|
|
|
|
||||||||
Controlling interest shareholders’ equity
|
|
7,564
|
|
|
|
|
|
|
7,028
|
|
|
|
|
|
||||||||
Noncontrolling interests
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
||||||||
Total shareholders’ equity
|
|
7,564
|
|
|
|
|
|
|
7,028
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
|
$
|
58,050
|
|
|
|
|
|
|
$
|
55,890
|
|
|
|
|
|
||||||
Spread on average interest-bearing funds
|
|
|
|
|
|
2.99
|
%
|
|
|
|
|
|
2.99
|
%
|
||||||||
Taxable-equivalent net interest income and net yield on interest-earning assets
|
|
|
|
$
|
1,733.2
|
|
|
3.19
|
%
|
|
|
|
$
|
1,696.2
|
|
|
3.26
|
%
|
2013
|
|
2012
|
|
2011
|
|||||||||||||||||||||||||||
Average
balance
|
|
Amount of
interest
1
|
|
Average
rate
|
|
Average
balance
|
|
Amount of
interest
1
|
|
Average
rate
|
|
Average
balance
|
|
Amount of
interest
1
|
|
Average
rate
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$
|
8,850
|
|
|
$
|
23.4
|
|
|
0.26
|
%
|
|
$
|
7,931
|
|
|
$
|
21.1
|
|
|
0.27
|
%
|
|
$
|
5,357
|
|
|
$
|
13.8
|
|
|
0.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
762
|
|
|
37.4
|
|
|
4.91
|
|
|
774
|
|
|
42.3
|
|
|
5.47
|
|
|
818
|
|
|
44.7
|
|
|
5.47
|
|
||||||
3,107
|
|
|
72.2
|
|
|
2.32
|
|
|
3,047
|
|
|
94.2
|
|
|
3.09
|
|
|
3,895
|
|
|
89.6
|
|
|
2.30
|
|
||||||
32
|
|
|
1.1
|
|
|
3.29
|
|
|
24
|
|
|
0.7
|
|
|
3.13
|
|
|
58
|
|
|
2.0
|
|
|
3.45
|
|
||||||
3,901
|
|
|
110.7
|
|
|
2.84
|
|
|
3,845
|
|
|
137.2
|
|
|
3.57
|
|
|
4,771
|
|
|
136.3
|
|
|
2.86
|
|
||||||
147
|
|
|
5.3
|
|
|
3.64
|
|
|
186
|
|
|
6.6
|
|
|
3.53
|
|
|
146
|
|
|
5.7
|
|
|
3.94
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
20,186
|
|
|
940.8
|
|
|
4.66
|
|
|
19,394
|
|
|
991.6
|
|
|
5.11
|
|
|
19,006
|
|
|
1,074.4
|
|
|
5.65
|
|
||||||
10,386
|
|
|
556.4
|
|
|
5.36
|
|
|
10,533
|
|
|
575.6
|
|
|
5.47
|
|
|
11,088
|
|
|
644.5
|
|
|
5.81
|
|
||||||
7,537
|
|
|
320.4
|
|
|
4.25
|
|
|
7,110
|
|
|
325.0
|
|
|
4.57
|
|
|
6,802
|
|
|
334.1
|
|
|
4.91
|
|
||||||
38,109
|
|
|
1,817.6
|
|
|
4.77
|
|
|
37,037
|
|
|
1,892.2
|
|
|
5.11
|
|
|
36,896
|
|
|
2,053.0
|
|
|
5.56
|
|
||||||
51,007
|
|
|
1,957.0
|
|
|
3.84
|
|
|
48,999
|
|
|
2,057.1
|
|
|
4.20
|
|
|
47,170
|
|
|
2,208.8
|
|
|
4.68
|
|
||||||
1,014
|
|
|
|
|
|
|
1,101
|
|
|
|
|
|
|
1,055
|
|
|
|
|
|
||||||||||||
(830
|
)
|
|
|
|
|
|
(986
|
)
|
|
|
|
|
|
(1,272
|
)
|
|
|
|
|
||||||||||||
1,014
|
|
|
|
|
|
|
1,015
|
|
|
|
|
|
|
1,015
|
|
|
|
|
|
||||||||||||
44
|
|
|
|
|
|
|
60
|
|
|
|
|
|
|
78
|
|
|
|
|
|
||||||||||||
2,693
|
|
|
|
|
|
|
3,090
|
|
|
|
|
|
|
3,364
|
|
|
|
|
|
||||||||||||
$
|
54,942
|
|
|
|
|
|
|
$
|
53,279
|
|
|
|
|
|
|
$
|
51,410
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$
|
22,891
|
|
|
39.8
|
|
|
0.17
|
|
|
$
|
22,061
|
|
|
52.3
|
|
|
0.24
|
|
|
$
|
21,476
|
|
|
84.8
|
|
|
0.39
|
|
|||
2,792
|
|
|
15.8
|
|
|
0.57
|
|
|
3,208
|
|
|
23.1
|
|
|
0.72
|
|
|
3,750
|
|
|
35.6
|
|
|
0.95
|
|
||||||
1,662
|
|
|
3.3
|
|
|
0.20
|
|
|
1,493
|
|
|
4.7
|
|
|
0.31
|
|
|
1,515
|
|
|
8.1
|
|
|
0.53
|
|
||||||
27,345
|
|
|
58.9
|
|
|
0.22
|
|
|
26,762
|
|
|
80.1
|
|
|
0.30
|
|
|
26,741
|
|
|
128.5
|
|
|
0.48
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
278
|
|
|
0.3
|
|
|
0.11
|
|
|
499
|
|
|
1.4
|
|
|
0.28
|
|
|
832
|
|
|
6.7
|
|
|
0.80
|
|
||||||
2,274
|
|
|
185.9
|
|
|
8.17
|
|
|
2,234
|
|
|
225.2
|
|
|
10.08
|
|
|
1,913
|
|
|
297.2
|
|
|
15.54
|
|
||||||
2,552
|
|
|
186.2
|
|
|
7.29
|
|
|
2,733
|
|
|
226.6
|
|
|
8.29
|
|
|
2,745
|
|
|
303.9
|
|
|
11.07
|
|
||||||
29,897
|
|
|
245.1
|
|
|
0.82
|
|
|
29,495
|
|
|
306.7
|
|
|
1.04
|
|
|
29,486
|
|
|
432.4
|
|
|
1.47
|
|
||||||
17,974
|
|
|
|
|
|
|
16,669
|
|
|
|
|
|
|
14,533
|
|
|
|
|
|
||||||||||||
583
|
|
|
|
|
|
|
604
|
|
|
|
|
|
|
521
|
|
|
|
|
|
||||||||||||
48,454
|
|
|
|
|
|
|
46,768
|
|
|
|
|
|
|
44,540
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
1,360
|
|
|
|
|
|
|
1,768
|
|
|
|
|
|
|
2,257
|
|
|
|
|
|
||||||||||||
5,130
|
|
|
|
|
|
|
4,745
|
|
|
|
|
|
|
4,614
|
|
|
|
|
|
||||||||||||
6,490
|
|
|
|
|
|
|
6,513
|
|
|
|
|
|
|
6,871
|
|
|
|
|
|
||||||||||||
(2
|
)
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
||||||||||||
6,488
|
|
|
|
|
|
|
6,511
|
|
|
|
|
|
|
6,870
|
|
|
|
|
|
||||||||||||
$
|
54,942
|
|
|
|
|
|
|
$
|
53,279
|
|
|
|
|
|
|
$
|
51,410
|
|
|
|
|
|
|||||||||
|
|
|
|
3.02
|
%
|
|
|
|
|
|
3.16
|
%
|
|
|
|
|
|
3.21
|
%
|
||||||||||||
|
|
$
|
1,711.9
|
|
|
3.36
|
%
|
|
|
|
$
|
1,750.4
|
|
|
3.57
|
%
|
|
|
|
$
|
1,776.4
|
|
|
3.77
|
%
|
|
|
2015 over 2014
|
|
2014 over 2013
|
||||||||||||||||||||
|
|
Changes due to
|
|
Total changes
|
|
Changes due to
|
|
Total changes
|
||||||||||||||||
(In millions)
|
|
Volume
|
|
Rate
1
|
|
|
Volume
|
|
Rate
1
|
|
||||||||||||||
INTEREST-EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market investments
|
|
$
|
0.1
|
|
|
$
|
1.7
|
|
|
$
|
1.8
|
|
|
$
|
(1.6
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(2.0
|
)
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Held-to-maturity
|
|
(1.4
|
)
|
|
(1.2
|
)
|
|
(2.6
|
)
|
|
(7.5
|
)
|
|
2.2
|
|
|
(5.3
|
)
|
||||||
Available-for-sale
|
|
33.0
|
|
|
(8.3
|
)
|
|
24.7
|
|
|
7.9
|
|
|
(4.8
|
)
|
|
3.1
|
|
||||||
Trading account
|
|
—
|
|
|
0.2
|
|
|
0.2
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
||||||
Total securities
|
|
31.6
|
|
|
(9.3
|
)
|
|
22.3
|
|
|
1.3
|
|
|
(2.6
|
)
|
|
(1.3
|
)
|
||||||
Loans held for sale
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(0.7
|
)
|
|
—
|
|
|
(0.7
|
)
|
||||||
Loans and leases
2
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
11.7
|
|
|
(31.1
|
)
|
|
(19.4
|
)
|
|
40.5
|
|
|
(58.7
|
)
|
|
(18.2
|
)
|
||||||
Commercial Real Estate
|
|
(7.5
|
)
|
|
(22.7
|
)
|
|
(30.2
|
)
|
|
(2.4
|
)
|
|
(70.3
|
)
|
|
(72.7
|
)
|
||||||
Consumer
|
|
20.1
|
|
|
(12.3
|
)
|
|
7.8
|
|
|
21.5
|
|
|
(14.4
|
)
|
|
7.1
|
|
||||||
Total loans and leases
|
|
24.3
|
|
|
(66.1
|
)
|
|
(41.8
|
)
|
|
59.6
|
|
|
(143.4
|
)
|
|
(83.8
|
)
|
||||||
Total interest-earning assets
|
|
55.9
|
|
|
(73.7
|
)
|
|
(17.8
|
)
|
|
58.6
|
|
|
(146.4
|
)
|
|
(87.8
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
INTEREST-BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Saving and money market
|
|
1.2
|
|
|
0.6
|
|
|
1.8
|
|
|
0.3
|
|
|
(3.1
|
)
|
|
(2.8
|
)
|
||||||
Time
|
|
(0.9
|
)
|
|
(0.8
|
)
|
|
(1.7
|
)
|
|
(1.3
|
)
|
|
(3.0
|
)
|
|
(4.3
|
)
|
||||||
Foreign
|
|
(0.5
|
)
|
|
—
|
|
|
(0.5
|
)
|
|
(1.8
|
)
|
|
(0.3
|
)
|
|
(2.1
|
)
|
||||||
Total interest-bearing deposits
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.4
|
)
|
|
(2.8
|
)
|
|
(6.4
|
)
|
|
(9.2
|
)
|
||||||
Borrowed funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal funds purchased and other short-term borrowings
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Long-term debt
|
|
(53.0
|
)
|
|
(1.5
|
)
|
|
(54.5
|
)
|
|
(31.4
|
)
|
|
(31.5
|
)
|
|
(62.9
|
)
|
||||||
Total borrowed funds
|
|
(53.0
|
)
|
|
(1.4
|
)
|
|
(54.4
|
)
|
|
(31.4
|
)
|
|
(31.5
|
)
|
|
(62.9
|
)
|
||||||
Total interest-bearing liabilities
|
|
(53.2
|
)
|
|
(1.6
|
)
|
|
(54.8
|
)
|
|
(34.2
|
)
|
|
(37.9
|
)
|
|
(72.1
|
)
|
||||||
Change in taxable-equivalent net interest income
|
|
$
|
109.1
|
|
|
$
|
(72.1
|
)
|
|
$
|
37.0
|
|
|
$
|
92.8
|
|
|
$
|
(108.5
|
)
|
|
$
|
(15.7
|
)
|
(Amounts in millions)
|
|
2015
|
|
Percent change
|
|
2014
|
|
Percent change
|
|
2013
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Service charges and fees on deposit accounts
|
|
$
|
168.4
|
|
|
0.1
|
%
|
|
$
|
168.3
|
|
|
(1.6
|
)%
|
|
$
|
171.0
|
|
Other service charges, commissions and fees
|
|
206.8
|
|
|
6.6
|
|
|
194.0
|
|
|
5.4
|
|
|
184.0
|
|
|||
Wealth management income
|
|
31.2
|
|
|
2.0
|
|
|
30.6
|
|
|
2.3
|
|
|
29.9
|
|
|||
Capital markets and foreign exchange
|
|
25.7
|
|
|
13.7
|
|
|
22.6
|
|
|
(19.6
|
)
|
|
28.1
|
|
|||
Dividends and other investment income
|
|
30.1
|
|
|
(31.0
|
)
|
|
43.6
|
|
|
(5.4
|
)
|
|
46.1
|
|
|||
Loan sales and servicing income
|
|
30.7
|
|
|
5.5
|
|
|
29.1
|
|
|
(23.6
|
)
|
|
38.1
|
|
|||
Fair value and nonhedge derivative loss
|
|
(0.1
|
)
|
|
99.1
|
|
|
(11.4
|
)
|
|
37.4
|
|
|
(18.2
|
)
|
|||
Equity securities gains, net
|
|
11.9
|
|
|
(11.9
|
)
|
|
13.5
|
|
|
58.8
|
|
|
8.5
|
|
|||
Fixed income securities gains (losses), net
|
|
(138.7
|
)
|
|
(1,433.7
|
)
|
|
10.4
|
|
|
458.6
|
|
|
(2.9
|
)
|
|||
Impairment losses on investment securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
(188.6
|
)
|
|||
Less amounts recognized in other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100.0
|
)
|
|
23.5
|
|
|||
Net impairment losses on investment securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
(165.1
|
)
|
|||
Other
|
|
11.1
|
|
|
40.5
|
|
|
7.9
|
|
|
(55.9
|
)
|
|
17.9
|
|
|||
Total
|
|
$
|
377.1
|
|
|
(25.9
|
)
|
|
$
|
508.6
|
|
|
50.7
|
|
|
$
|
337.4
|
|
(Amounts in millions)
|
|
2015
|
|
Percent change
|
|
2014
|
|
Percent change
|
|
2013
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits
|
|
$
|
972.7
|
|
|
1.7
|
%
|
|
$
|
956.4
|
|
|
4.8
|
%
|
|
$
|
912.9
|
|
Occupancy, net
|
|
119.5
|
|
|
3.3
|
|
|
115.7
|
|
|
3.0
|
|
|
112.3
|
|
|||
Furniture, equipment and software
|
|
123.2
|
|
|
6.9
|
|
|
115.3
|
|
|
8.2
|
|
|
106.6
|
|
|||
Other real estate expense
|
|
(0.6
|
)
|
|
50.0
|
|
|
(1.2
|
)
|
|
(170.6
|
)
|
|
1.7
|
|
|||
Credit-related expense
|
|
28.5
|
|
|
1.4
|
|
|
28.1
|
|
|
(16.9
|
)
|
|
33.8
|
|
|||
Provision for unfunded lending commitments
|
|
(6.2
|
)
|
|
27.9
|
|
|
(8.6
|
)
|
|
49.7
|
|
|
(17.1
|
)
|
|||
Professional and legal services
|
|
50.4
|
|
|
(23.6
|
)
|
|
66.0
|
|
|
(2.9
|
)
|
|
68.0
|
|
|||
Advertising
|
|
25.3
|
|
|
0.8
|
|
|
25.1
|
|
|
7.3
|
|
|
23.4
|
|
|||
FDIC premiums
|
|
34.4
|
|
|
6.8
|
|
|
32.2
|
|
|
(15.3
|
)
|
|
38.0
|
|
|||
Amortization of core deposit and other intangibles
|
|
9.3
|
|
|
(14.7
|
)
|
|
10.9
|
|
|
(24.3
|
)
|
|
14.4
|
|
|||
Debt extinguishment cost
|
|
2.5
|
|
|
(94.4
|
)
|
|
44.4
|
|
|
(63.1
|
)
|
|
120.2
|
|
|||
Other
|
|
241.5
|
|
|
(14.1
|
)
|
|
281.0
|
|
|
(6.4
|
)
|
|
300.2
|
|
|||
Total
|
|
$
|
1,600.5
|
|
|
(3.9
|
)
|
|
$
|
1,665.3
|
|
|
(2.9
|
)
|
|
$
|
1,714.4
|
|
(Dollar amounts in millions)
|
|
2015
|
|
Percent change
|
|
|
2014
|
|
Percent change
|
|
|
2013
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Salaries and bonuses
|
|
$
|
828.5
|
|
|
1.8
|
%
|
|
|
$
|
814.2
|
|
|
5.3
|
%
|
|
|
$
|
773.4
|
|
Employee benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Employee health and insurance
|
|
58.1
|
|
|
7.8
|
|
|
|
53.9
|
|
|
10.2
|
|
|
|
48.9
|
|
|||
Retirement
|
|
33.4
|
|
|
(4.6
|
)
|
|
|
35.0
|
|
|
(10.3
|
)
|
|
|
39.0
|
|
|||
Payroll taxes and other
|
|
52.7
|
|
|
(1.1
|
)
|
|
|
53.3
|
|
|
3.3
|
|
|
|
51.6
|
|
|||
Total benefits
|
|
144.2
|
|
|
1.4
|
|
|
|
142.2
|
|
|
1.9
|
|
|
|
139.5
|
|
|||
Total salaries and employee benefits
|
|
$
|
972.7
|
|
|
1.7
|
|
|
|
$
|
956.4
|
|
|
4.8
|
|
|
|
$
|
912.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Full-time equivalent employees at December 31
|
|
10,200
|
|
|
(2.5
|
)
|
|
|
10,462
|
|
|
0.1
|
|
|
|
10,452
|
|
•
|
increased loan balances, primarily at CB&T, NBAZ, and Vectra;
|
•
|
improvements in credit quality, which, with the exception of oil and gas-related exposures, resulted in reductions of the ALLL; and
|
•
|
increased growth in customer deposit balances, primarily at CB&T, NSB and Vectra.
|
(Amounts in millions)
|
|
Zions Bank
|
|
Amegy
|
|
CB&T
|
||||||||||||||||||||||||
|
2015
|
2014
|
2013
|
|
2015
|
2014
|
2013
|
|
2015
|
2014
|
2013
|
|||||||||||||||||||
KEY FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total assets
|
|
$
|
19,744
|
|
$
|
19,079
|
|
$
|
18,590
|
|
|
$
|
14,062
|
|
$
|
13,888
|
|
$
|
13,620
|
|
|
$
|
12,187
|
|
$
|
11,340
|
|
$
|
10,923
|
|
Total deposits
|
|
16,900
|
|
16,633
|
|
16,257
|
|
|
11,634
|
|
11,491
|
|
11,199
|
|
|
10,520
|
|
9,707
|
|
9,328
|
|
|||||||||
Net income applicable to controlling interests
|
|
149.4
|
|
220.4
|
|
224.6
|
|
|
44.8
|
|
93.2
|
|
127.4
|
|
|
106.2
|
|
101.3
|
|
140.1
|
|
|||||||||
Net interest margin
|
|
3.31
|
%
|
3.40
|
%
|
3.55
|
%
|
|
3.16
|
%
|
3.12
|
%
|
3.27
|
%
|
|
3.62
|
%
|
4.05
|
%
|
4.73
|
%
|
|||||||||
CREDIT QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Provision for loan losses
|
|
$
|
(28.3
|
)
|
$
|
(58.5
|
)
|
$
|
(40.5
|
)
|
|
$
|
91.3
|
|
$
|
32.2
|
|
$
|
4.2
|
|
|
$
|
(4.4
|
)
|
$
|
(20.1
|
)
|
$
|
(16.7
|
)
|
Net loan and lease charge-offs
|
|
10.3
|
|
13.0
|
|
19.7
|
|
|
22.2
|
|
22.8
|
|
23.8
|
|
|
10.1
|
|
5.5
|
|
(4.1
|
)
|
|||||||||
Ratio of net charge-offs to average loans and leases
|
|
0.08
|
%
|
0.11
|
%
|
0.16
|
%
|
|
0.22
|
%
|
0.24
|
%
|
0.27
|
%
|
|
0.12
|
%
|
0.06
|
%
|
(0.05
|
)%
|
|||||||||
Allowance for loan losses
|
|
$
|
180
|
|
$
|
219
|
|
$
|
290
|
|
|
$
|
223
|
|
$
|
154
|
|
$
|
144
|
|
|
$
|
81
|
|
$
|
96
|
|
$
|
123
|
|
Ratio of allowance for loan losses to net loans and leases, at year-end
|
|
1.46
|
%
|
1.78
|
%
|
2.37
|
%
|
|
2.20
|
%
|
1.53
|
%
|
1.57
|
%
|
|
0.92
|
%
|
1.13
|
%
|
1.43
|
%
|
|||||||||
Nonperforming lending-related assets
|
|
$
|
108.9
|
|
$
|
82.6
|
|
$
|
143.7
|
|
|
$
|
115.7
|
|
$
|
78.8
|
|
$
|
79.9
|
|
|
$
|
42.3
|
|
$
|
88.7
|
|
$
|
109.9
|
|
Ratio of nonperforming lending-related assets to net loans and leases and other real estate owned
|
|
0.88
|
%
|
0.67
|
%
|
1.16
|
%
|
|
1.14
|
%
|
0.78
|
%
|
0.86
|
%
|
|
0.48
|
%
|
1.04
|
%
|
1.28
|
%
|
|||||||||
Accruing loans past due 90 days or more
|
|
$
|
4.3
|
|
$
|
2.2
|
|
$
|
2.0
|
|
|
$
|
2.5
|
|
$
|
1.7
|
|
$
|
0.3
|
|
|
$
|
24.1
|
|
$
|
24.7
|
|
$
|
36.9
|
|
Ratio of accruing loan past due 90 days or more to net loans and leases
|
|
0.03
|
%
|
0.02
|
%
|
0.02
|
%
|
|
0.02
|
%
|
0.02
|
%
|
—
|
%
|
|
0.27
|
%
|
0.29
|
%
|
0.43
|
%
|
(Amounts in millions)
|
NBAZ
|
|
NSB
|
|
Vectra
|
|
TCBW
|
||||||||||||||||||||||||||||||||
2015
|
2014
|
2013
|
|
2015
|
2014
|
2013
|
|
2015
|
2014
|
2013
|
|
2015
|
2014
|
2013
|
|||||||||||||||||||||||||
KEY FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total assets
|
$
|
5,024
|
|
$
|
4,771
|
|
$
|
4,579
|
|
|
$
|
4,441
|
|
$
|
4,096
|
|
$
|
3,980
|
|
|
$
|
3,310
|
|
$
|
2,999
|
|
$
|
2,571
|
|
|
$
|
1,198
|
|
$
|
970
|
|
$
|
1,010
|
|
Total deposits
|
4,369
|
|
4,133
|
|
3,931
|
|
|
4,035
|
|
3,690
|
|
3,590
|
|
|
2,889
|
|
2,591
|
|
2,178
|
|
|
986
|
|
816
|
|
845
|
|
||||||||||||
Net income applicable to controlling interests
|
42.0
|
|
46.5
|
|
43.9
|
|
|
31.5
|
|
22.3
|
|
18.8
|
|
|
15.7
|
|
21.4
|
|
21.4
|
|
|
14.2
|
|
1.0
|
|
7.9
|
|
||||||||||||
Net interest margin
|
3.43
|
%
|
3.67
|
%
|
3.76
|
%
|
|
2.78
|
%
|
2.95
|
%
|
2.99
|
%
|
|
3.40
|
%
|
3.99
|
%
|
4.26
|
%
|
|
3.09
|
%
|
3.42
|
%
|
3.31
|
%
|
||||||||||||
CREDIT QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Provision for loan losses
|
$
|
7.9
|
|
$
|
(21.5
|
)
|
$
|
(15.0
|
)
|
|
$
|
(28.3
|
)
|
$
|
(20.9
|
)
|
$
|
(12.0
|
)
|
|
$
|
4.7
|
|
$
|
(8.4
|
)
|
$
|
(4.9
|
)
|
|
$
|
(2.9
|
)
|
$
|
(0.9
|
)
|
$
|
(2.3
|
)
|
Net loan and lease charge-offs
|
10.1
|
|
0.4
|
|
6.2
|
|
|
(17.3
|
)
|
0.2
|
|
3.1
|
|
|
3.7
|
|
0.9
|
|
2.5
|
|
|
(0.4
|
)
|
(0.6
|
)
|
0.2
|
|
||||||||||||
Ratio of net charge-offs to average loans and leases
|
0.26
|
%
|
0.01
|
%
|
0.17
|
%
|
|
(0.74
|
)%
|
0.01
|
%
|
0.14
|
%
|
|
0.16
|
%
|
0.04
|
%
|
0.12
|
%
|
|
(0.05
|
)%
|
(0.08
|
)%
|
0.03
|
%
|
||||||||||||
Allowance for loan losses
|
$
|
38
|
|
$
|
40
|
|
$
|
62
|
|
|
$
|
43
|
|
$
|
54
|
|
$
|
75
|
|
|
$
|
33
|
|
$
|
32
|
|
$
|
42
|
|
|
$
|
8
|
|
$
|
10
|
|
$
|
10
|
|
Ratio of allowance for loan losses to net loans and leases, at year-end
|
0.97
|
%
|
1.07
|
%
|
1.67
|
%
|
|
1.87
|
%
|
2.22
|
%
|
3.25
|
%
|
|
1.34
|
%
|
1.39
|
%
|
1.83
|
%
|
|
1.08
|
%
|
1.42
|
%
|
1.51
|
%
|
||||||||||||
Nonperforming lending-related assets
|
$
|
46.8
|
|
$
|
28.8
|
|
$
|
49.1
|
|
|
$
|
19.2
|
|
$
|
21.2
|
|
$
|
29.5
|
|
|
$
|
22.8
|
|
$
|
19.1
|
|
$
|
34.4
|
|
|
$
|
1.3
|
|
$
|
6.4
|
|
$
|
6.2
|
|
Ratio of nonperforming lending-related assets to net loans and leases and other real estate owned
|
1.20
|
%
|
0.77
|
%
|
1.31
|
%
|
|
0.84
|
%
|
0.88
|
%
|
1.28
|
%
|
|
0.92
|
%
|
0.82
|
%
|
1.50
|
%
|
|
0.18
|
%
|
0.90
|
%
|
0.90
|
%
|
||||||||||||
Accruing loans past due 90 days or more
|
$
|
0.1
|
|
$
|
0.1
|
|
$
|
0.1
|
|
|
$
|
—
|
|
$
|
0.5
|
|
$
|
0.7
|
|
|
$
|
1.0
|
|
$
|
—
|
|
$
|
0.3
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Ratio of accruing loans past due 90 days or more to net loans and leases
|
—
|
%
|
—
|
%
|
—
|
%
|
|
—
|
%
|
0.02
|
%
|
0.03
|
%
|
|
0.04
|
%
|
—
|
%
|
0.01
|
%
|
|
—
|
%
|
—
|
%
|
—
|
%
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||||||||||||||
(In millions)
|
Par Value
|
|
Amortized
cost
|
|
Carrying
value
|
|
Estimated
fair
value
|
|
Par Value
|
|
Amortized
cost
|
|
Carrying
value
|
|
Estimated
fair
value
|
||||||||||||||||
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Municipal securities
|
$
|
546
|
|
|
$
|
546
|
|
|
$
|
546
|
|
|
$
|
552
|
|
|
$
|
608
|
|
|
$
|
608
|
|
|
$
|
608
|
|
|
$
|
620
|
|
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Trust preferred securities – banks and insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89
|
|
|
79
|
|
|
39
|
|
|
57
|
|
||||||||
|
546
|
|
|
546
|
|
|
546
|
|
|
552
|
|
|
697
|
|
|
687
|
|
|
647
|
|
|
677
|
|
||||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. Government agencies and corporations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Agency securities
|
1,233
|
|
|
1,232
|
|
|
1,233
|
|
|
1,233
|
|
|
606
|
|
|
607
|
|
|
601
|
|
|
601
|
|
||||||||
Agency guaranteed mortgage-backed securities
|
3,810
|
|
|
3,965
|
|
|
3,936
|
|
|
3,936
|
|
|
899
|
|
|
935
|
|
|
945
|
|
|
945
|
|
||||||||
Small Business Administration loan-backed securities
|
1,741
|
|
|
1,933
|
|
|
1,931
|
|
|
1,931
|
|
|
1,400
|
|
|
1,544
|
|
|
1,552
|
|
|
1,552
|
|
||||||||
Municipal securities
|
387
|
|
|
417
|
|
|
419
|
|
|
419
|
|
|
187
|
|
|
189
|
|
|
189
|
|
|
189
|
|
||||||||
Other
|
25
|
|
|
25
|
|
|
23
|
|
|
23
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Trust preferred securities – banks and insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
659
|
|
|
538
|
|
|
415
|
|
|
415
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
6
|
|
|
6
|
|
|
6
|
|
||||||||
|
7,196
|
|
|
7,572
|
|
|
7,542
|
|
|
7,542
|
|
|
3,758
|
|
|
3,819
|
|
|
3,708
|
|
|
3,708
|
|
||||||||
Mutual funds and other
|
101
|
|
|
101
|
|
|
101
|
|
|
101
|
|
|
137
|
|
|
137
|
|
|
136
|
|
|
136
|
|
||||||||
|
7,297
|
|
|
7,673
|
|
|
7,643
|
|
|
7,643
|
|
|
3,895
|
|
|
3,956
|
|
|
3,844
|
|
|
3,844
|
|
||||||||
Total
|
$
|
7,843
|
|
|
$
|
8,219
|
|
|
$
|
8,189
|
|
|
$
|
8,195
|
|
|
$
|
4,592
|
|
|
$
|
4,643
|
|
|
$
|
4,491
|
|
|
$
|
4,521
|
|
|
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
|
$
|
546
|
|
|
5.0
|
%
|
|
$
|
64
|
|
|
3.4
|
%
|
|
$
|
199
|
|
|
4.4
|
%
|
|
$
|
153
|
|
|
5.8
|
%
|
|
$
|
130
|
|
|
5.7
|
%
|
|
546
|
|
|
5.0
|
|
|
64
|
|
|
3.4
|
|
|
199
|
|
|
4.4
|
|
|
153
|
|
|
5.8
|
|
|
130
|
|
|
5.7
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. Government agencies and corporations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Agency securities
|
1,232
|
|
|
2.2
|
|
|
106
|
|
|
2.3
|
|
|
346
|
|
|
2.3
|
|
|
595
|
|
|
2.0
|
|
|
185
|
|
|
2.6
|
|
|||||
Agency guaranteed mortgage-backed securities
|
3,965
|
|
|
2.2
|
|
|
534
|
|
|
2.1
|
|
|
1,507
|
|
|
2.1
|
|
|
1,359
|
|
|
2.1
|
|
|
565
|
|
|
2.3
|
|
|||||
Small Business Administration loan-backed securities
|
1,933
|
|
|
2.1
|
|
|
387
|
|
|
2.1
|
|
|
922
|
|
|
2.1
|
|
|
442
|
|
|
2.1
|
|
|
182
|
|
|
2.2
|
|
|||||
Municipal securities
|
417
|
|
|
2.9
|
|
|
13
|
|
|
2.1
|
|
|
157
|
|
|
2.5
|
|
|
211
|
|
|
3.1
|
|
|
36
|
|
|
3.3
|
|
|||||
Other
|
25
|
|
|
5.6
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
25
|
|
|
5.6
|
|
||||||||
|
7,572
|
|
|
2.2
|
|
|
1,040
|
|
|
2.1
|
|
|
2,932
|
|
|
2.2
|
|
|
2,607
|
|
|
2.1
|
|
|
993
|
|
|
2.5
|
|
|||||
Mutual funds and other
|
101
|
|
|
0.3
|
|
|
101
|
|
|
0.3
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
||||||||
|
7,673
|
|
|
2.2
|
|
|
1,141
|
|
|
2.0
|
|
|
2,932
|
|
|
2.2
|
|
|
2,607
|
|
|
2.1
|
|
|
993
|
|
|
2.5
|
|
|||||
Total
|
$
|
8,219
|
|
|
2.4
|
|
|
$
|
1,205
|
|
|
2.1
|
|
|
$
|
3,131
|
|
|
2.3
|
|
|
$
|
2,760
|
|
|
2.3
|
|
|
$
|
1,123
|
|
|
2.8
|
|
|
December 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
|
|
|
|
||||
Loans and leases
|
$
|
676
|
|
|
$
|
521
|
|
Held-to-maturity – municipal securities
|
546
|
|
|
608
|
|
||
Available-for-sale – municipal securities
|
419
|
|
|
189
|
|
||
Available-for-sale – auction rate securities
|
—
|
|
|
5
|
|
||
Trading account – municipal securities
|
33
|
|
|
53
|
|
||
Unfunded lending commitments
|
119
|
|
|
58
|
|
||
Total direct exposure to municipalities
|
$
|
1,793
|
|
|
$
|
1,434
|
|
|
December 31, 2015
|
|
December 31,
|
||||||||||||||||||||||||||||
(In millions)
|
One year or less
|
|
One year through five years
|
|
Over five years
|
|
Total
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial and industrial
|
$
|
7,560
|
|
|
$
|
4,267
|
|
|
$
|
1,384
|
|
|
$
|
13,211
|
|
|
$
|
13,163
|
|
|
$
|
12,459
|
|
|
$
|
11,215
|
|
|
$
|
10,422
|
|
Leasing
|
29
|
|
|
323
|
|
|
90
|
|
|
442
|
|
|
409
|
|
|
388
|
|
|
422
|
|
|
380
|
|
||||||||
Owner occupied
|
467
|
|
|
1,231
|
|
|
5,452
|
|
|
7,150
|
|
|
7,351
|
|
|
7,568
|
|
|
7,781
|
|
|
8,394
|
|
||||||||
Municipal
|
85
|
|
|
127
|
|
|
464
|
|
|
676
|
|
|
521
|
|
|
449
|
|
|
494
|
|
|
441
|
|
||||||||
Total commercial
|
8,141
|
|
|
5,948
|
|
|
7,390
|
|
|
21,479
|
|
|
21,444
|
|
|
20,864
|
|
|
19,912
|
|
|
19,637
|
|
||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Construction and land development
|
711
|
|
|
1,055
|
|
|
76
|
|
|
1,842
|
|
|
1,986
|
|
|
2,193
|
|
|
1,969
|
|
|
2,315
|
|
||||||||
Term
|
1,292
|
|
|
3,619
|
|
|
3,603
|
|
|
8,514
|
|
|
8,127
|
|
|
8,203
|
|
|
8,362
|
|
|
8,310
|
|
||||||||
Total commercial real estate
|
2,003
|
|
|
4,674
|
|
|
3,679
|
|
|
10,356
|
|
|
10,113
|
|
|
10,396
|
|
|
10,331
|
|
|
10,625
|
|
||||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Home equity credit line
|
60
|
|
|
41
|
|
|
2,316
|
|
|
2,417
|
|
|
2,321
|
|
|
2,147
|
|
|
2,197
|
|
|
2,210
|
|
||||||||
1-4 family residential
|
12
|
|
|
117
|
|
|
5,253
|
|
|
5,382
|
|
|
5,201
|
|
|
4,742
|
|
|
4,363
|
|
|
3,932
|
|
||||||||
Construction and other consumer real estate
|
225
|
|
|
33
|
|
|
127
|
|
|
385
|
|
|
371
|
|
|
325
|
|
|
322
|
|
|
306
|
|
||||||||
Bankcard and other revolving plans
|
286
|
|
|
17
|
|
|
141
|
|
|
444
|
|
|
401
|
|
|
361
|
|
|
312
|
|
|
298
|
|
||||||||
Other
|
15
|
|
|
148
|
|
|
24
|
|
|
187
|
|
|
213
|
|
|
208
|
|
|
233
|
|
|
249
|
|
||||||||
Total consumer
|
598
|
|
|
356
|
|
|
7,861
|
|
|
8,815
|
|
|
8,507
|
|
|
7,783
|
|
|
7,427
|
|
|
6,995
|
|
||||||||
Total net loans
|
$
|
10,742
|
|
|
$
|
10,978
|
|
|
$
|
18,930
|
|
|
$
|
40,650
|
|
|
$
|
40,064
|
|
|
$
|
39,043
|
|
|
$
|
37,670
|
|
|
$
|
37,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans maturing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
With fixed interest rates
|
$
|
1,228
|
|
|
$
|
3,706
|
|
|
$
|
3,490
|
|
|
$
|
8,424
|
|
|
|
|
|
|
|
|
|
||||||||
With variable interest rates
|
9,514
|
|
|
7,272
|
|
|
15,440
|
|
|
32,226
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
10,742
|
|
|
$
|
10,978
|
|
|
$
|
18,930
|
|
|
$
|
40,650
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
|
|
|
|
||||
Bank-owned life insurance
|
$
|
486
|
|
|
$
|
476
|
|
Federal Home Loan Bank stock
|
68
|
|
|
104
|
|
||
Federal Reserve stock
|
123
|
|
|
121
|
|
||
FARMAC stock
|
25
|
|
|
26
|
|
||
SBIC investments
|
113
|
|
|
86
|
|
||
Non-SBIC investment funds
|
24
|
|
|
44
|
|
||
Others
|
9
|
|
|
9
|
|
||
|
$
|
848
|
|
|
$
|
866
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||
(Amounts in millions)
|
Amount
|
|
% of
total loans
|
|
Amount
|
|
% of
total loans
|
||||||
Commercial:
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
13,211
|
|
|
32.5
|
%
|
|
$
|
13,163
|
|
|
32.9
|
%
|
Leasing
|
442
|
|
|
1.1
|
|
|
409
|
|
|
1.0
|
|
||
Owner occupied
|
7,150
|
|
|
17.6
|
|
|
7,351
|
|
|
18.3
|
|
||
Municipal
|
676
|
|
|
1.7
|
|
|
521
|
|
|
1.3
|
|
||
Total commercial
|
21,479
|
|
|
52.9
|
|
|
21,444
|
|
|
53.5
|
|
||
Commercial real estate:
|
|
|
|
|
|
|
|
||||||
Construction and land development
|
1,842
|
|
|
4.5
|
|
|
1,986
|
|
|
5.0
|
|
||
Term
|
8,514
|
|
|
21.0
|
|
|
8,127
|
|
|
20.3
|
|
||
Total commercial real estate
|
10,356
|
|
|
25.5
|
|
|
10,113
|
|
|
25.3
|
|
||
Consumer:
|
|
|
|
|
|
|
|
||||||
Home equity credit line
|
2,417
|
|
|
5.9
|
|
|
2,321
|
|
|
5.8
|
|
||
1-4 family residential
|
5,382
|
|
|
13.2
|
|
|
5,201
|
|
|
13.0
|
|
||
Construction and other consumer real estate
|
385
|
|
|
0.9
|
|
|
371
|
|
|
0.9
|
|
||
Bankcard and other revolving plans
|
444
|
|
|
1.1
|
|
|
401
|
|
|
1.0
|
|
||
Other
|
187
|
|
|
0.5
|
|
|
213
|
|
|
0.5
|
|
||
Total consumer
|
8,815
|
|
|
21.6
|
|
|
8,507
|
|
|
21.2
|
|
||
Total net loans
|
$
|
40,650
|
|
|
100.0
|
%
|
|
$
|
40,064
|
|
|
100.0
|
%
|
(Amounts in millions)
|
December 31,
2015
|
|
Percent
guaranteed
|
|
December 31,
2014
|
|
Percent
guaranteed
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial
|
|
$
|
536
|
|
|
|
|
76
|
%
|
|
|
|
$
|
539
|
|
|
|
|
76
|
%
|
|
Commercial real estate
|
|
17
|
|
|
|
|
77
|
|
|
|
|
19
|
|
|
|
|
77
|
|
|
||
Consumer
|
|
16
|
|
|
|
|
90
|
|
|
|
|
17
|
|
|
|
|
86
|
|
|
||
Total loans
|
|
$
|
569
|
|
|
|
|
76
|
|
|
|
|
$
|
575
|
|
|
|
|
76
|
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||
(Amounts in millions)
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
|
|
|
|
|
|
|
|
||||||
Real estate, rental and leasing
|
$
|
2,355
|
|
|
11.0
|
%
|
|
$
|
2,418
|
|
|
11.4
|
%
|
Manufacturing
|
2,338
|
|
|
10.9
|
|
|
2,305
|
|
|
10.7
|
|
||
Retail trade
|
2,025
|
|
|
9.4
|
|
|
1,924
|
|
|
9.0
|
|
||
Mining, quarrying and oil and gas extraction
|
1,820
|
|
|
8.5
|
|
|
2,277
|
|
|
10.6
|
|
||
Wholesale trade
|
1,644
|
|
|
7.6
|
|
|
1,638
|
|
|
7.6
|
|
||
Healthcare and social assistance
|
1,361
|
|
|
6.3
|
|
|
1,347
|
|
|
6.3
|
|
||
Finance and insurance
|
1,325
|
|
|
6.2
|
|
|
1,168
|
|
|
5.5
|
|
||
Transportation and warehousing
|
1,219
|
|
|
5.7
|
|
|
1,294
|
|
|
6.0
|
|
||
Construction
|
1,087
|
|
|
5.1
|
|
|
1,027
|
|
|
4.8
|
|
||
Accommodation and food services
|
964
|
|
|
4.5
|
|
|
911
|
|
|
4.2
|
|
||
Other services (except Public Administration)
|
862
|
|
|
4.0
|
|
|
830
|
|
|
3.9
|
|
||
Professional, scientific and technical services
|
860
|
|
|
4.0
|
|
|
884
|
|
|
4.1
|
|
||
Utilities
1
|
775
|
|
|
3.6
|
|
|
576
|
|
|
2.7
|
|
||
Other
2
|
2,844
|
|
|
13.2
|
|
|
2,845
|
|
|
13.2
|
|
||
Total
|
$
|
21,479
|
|
|
100.0
|
%
|
|
$
|
21,444
|
|
|
100.0
|
%
|
1
|
Includes primarily utilities, power, and renewable energy.
|
2
|
No other industry group exceeds 3%.
|
|
|
|
|
|
% of total oil and gas- related
|
|
|
|
|
|
% of total oil and gas- related
|
||||||
(Amounts in millions)
|
December 31, 2015
|
|
|
December 31, 2014
|
|
||||||||||||
Loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Upstream – exploration and production
|
|
$
|
817
|
|
|
|
31
|
%
|
|
|
$
|
1,052
|
|
|
|
34
|
%
|
Midstream – marketing and transportation
|
|
621
|
|
|
|
23
|
|
|
|
579
|
|
|
|
19
|
|
||
Downstream – refining
|
|
127
|
|
|
|
5
|
|
|
|
110
|
|
|
|
4
|
|
||
Other non-services
|
|
44
|
|
|
|
2
|
|
|
|
55
|
|
|
|
2
|
|
||
Oilfield services
|
|
784
|
|
|
|
30
|
|
|
|
971
|
|
|
|
31
|
|
||
Energy service manufacturing
|
|
229
|
|
|
|
9
|
|
|
|
306
|
|
|
|
10
|
|
||
Total loan and lease balances
|
|
2,622
|
|
|
|
100
|
%
|
|
|
3,073
|
|
|
|
100
|
%
|
||
Unfunded lending commitments
|
|
2,151
|
|
|
|
|
|
|
2,700
|
|
|
|
|
||||
Total oil and gas credit exposure
|
|
$
|
4,773
|
|
|
|
|
|
|
$
|
5,773
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Private equity investments
|
|
$
|
13
|
|
|
|
|
|
|
$
|
21
|
|
|
|
|
Credit quality measures
|
|
|
|
||
Criticized loan ratio
|
30.3
|
%
|
|
7.5
|
%
|
Classified loan ratio
|
19.7
|
%
|
|
4.3
|
%
|
Nonperforming loan ratio
|
2.5
|
%
|
|
0.5
|
%
|
Net charge-off ratio, annualized
2
|
3.6
|
%
|
|
—
|
%
|
1
|
Because many borrowers operate in multiple businesses, judgment has been applied in characterizing a borrower as oil and gas-related, including a particular segment of oil and gas-related activity, e.g., upstream or downstream.
|
2
|
Calculated as the ratio of annualized net charge-offs from the fourth quarters of 2015 and 2014, respectively, to loan balances at period end 2015 and 2014, respectively.
|
(Amounts in millions)
|
|
Collateral Location
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Loan type
|
|
As of
date
|
|
Arizona
|
|
California
|
|
Colorado
|
|
Nevada
|
|
Texas
|
|
Utah/
Idaho
|
|
Wash-ington
|
|
Other
1
|
|
Total
|
|
% of
total
CRE
|
|||||||||||||||||||
Commercial term
|
|||||||||||||||||||||||||||||||||||||||||
Balance outstanding
|
|
12/31/2015
|
|
$
|
1,094
|
|
|
$
|
2,933
|
|
|
$
|
408
|
|
|
$
|
550
|
|
|
$
|
1,409
|
|
|
$
|
1,243
|
|
|
$
|
268
|
|
|
$
|
609
|
|
|
$
|
8,514
|
|
|
82.2
|
%
|
% of loan type
|
|
|
|
12.8
|
%
|
|
34.4
|
%
|
|
4.8
|
%
|
|
6.5
|
%
|
|
16.5
|
%
|
|
14.6
|
%
|
|
3.2
|
%
|
|
7.2
|
%
|
|
100.0
|
%
|
|
|
||||||||||
Delinquency rates:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
30-89 days
|
|
12/31/2015
|
|
0.1
|
%
|
|
0.1
|
%
|
|
0.3
|
%
|
|
0.1
|
%
|
|
0.1
|
%
|
|
—
|
%
|
|
0.2
|
%
|
|
0.2
|
%
|
|
0.1
|
%
|
|
|
||||||||||
|
|
12/31/2014
|
|
—
|
%
|
|
0.1
|
%
|
|
—
|
%
|
|
0.4
|
%
|
|
—
|
%
|
|
0.6
|
%
|
|
0.3
|
%
|
|
0.2
|
%
|
|
0.2
|
%
|
|
|
||||||||||
≥ 90 days
|
|
12/31/2015
|
|
—
|
%
|
|
0.5
|
%
|
|
1.6
|
%
|
|
0.1
|
%
|
|
0.1
|
%
|
|
0.2
|
%
|
|
1.0
|
%
|
|
0.9
|
%
|
|
0.4
|
%
|
|
|
||||||||||
|
|
12/31/2014
|
|
0.1
|
%
|
|
0.6
|
%
|
|
—
|
%
|
|
0.6
|
%
|
|
0.1
|
%
|
|
0.3
|
%
|
|
0.3
|
%
|
|
1.0
|
%
|
|
0.4
|
%
|
|
|
||||||||||
Accruing loans past due 90 days or more
|
|
12/31/2015
|
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
22
|
|
|
|
|
|
|
12/31/2014
|
|
—
|
|
|
12
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
20
|
|
|
|
||||||||||
Nonaccrual loans
|
|
12/31/2015
|
|
17
|
|
|
4
|
|
|
8
|
|
|
3
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
6
|
|
|
40
|
|
|
|
||||||||||
|
|
12/31/2014
|
|
2
|
|
|
8
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
10
|
|
|
25
|
|
|
|
||||||||||
Residential construction and land development
|
|||||||||||||||||||||||||||||||||||||||||
Balance outstanding
|
|
12/31/2015
|
|
$
|
15
|
|
|
$
|
316
|
|
|
$
|
68
|
|
|
$
|
1
|
|
|
$
|
232
|
|
|
$
|
59
|
|
|
$
|
16
|
|
|
$
|
2
|
|
|
$
|
709
|
|
|
6.9
|
%
|
% of loan type
|
|
|
|
2.1
|
%
|
|
44.6
|
%
|
|
9.6
|
%
|
|
0.1
|
%
|
|
32.7
|
%
|
|
8.3
|
%
|
|
2.3
|
%
|
|
0.3
|
%
|
|
100.0
|
%
|
|
|
||||||||||
Delinquency rates:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
30-89 days
|
|
12/31/2015
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.3
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.1
|
%
|
|
|
||||||||||
|
|
12/31/2014
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
|
||||||||||
≥ 90 days
|
|
12/31/2015
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.5
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.2
|
%
|
|
|
||||||||||
|
|
12/31/2014
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.6
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.8
|
%
|
|
|
||||||||||
Accruing loans past due 90 days or more
|
|
12/31/2015
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
12/31/2014
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
||||||||||
Nonaccrual loans
|
|
12/31/2015
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
|
||||||||||
|
|
12/31/2014
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
|
||||||||||
Commercial construction and land development
|
|||||||||||||||||||||||||||||||||||||||||
Balance outstanding
|
|
12/31/2015
|
|
$
|
83
|
|
|
$
|
212
|
|
|
$
|
78
|
|
|
$
|
33
|
|
|
$
|
482
|
|
|
$
|
173
|
|
|
$
|
28
|
|
|
$
|
44
|
|
|
$
|
1,133
|
|
|
10.9
|
%
|
% of loan type
|
|
|
|
7.3
|
%
|
|
18.7
|
%
|
|
6.9
|
%
|
|
2.9
|
%
|
|
42.5
|
%
|
|
15.3
|
%
|
|
2.5
|
%
|
|
3.9
|
%
|
|
100.0
|
%
|
|
|
||||||||||
Delinquency rates:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
30-89 days
|
|
12/31/2015
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.1
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
|
||||||||||
|
|
12/31/2014
|
|
—
|
%
|
|
0.5
|
%
|
|
0.1
|
%
|
|
—
|
%
|
|
0.2
|
%
|
|
0.1
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.2
|
%
|
|
|
||||||||||
≥ 90 days
|
|
12/31/2015
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.7
|
%
|
|
0.4
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.4
|
%
|
|
|
||||||||||
|
|
12/31/2014
|
|
—
|
%
|
|
0.8
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.9
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.5
|
%
|
|
|
||||||||||
Accruing loans past due 90 days or more
|
|
12/31/2015
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
12/31/2014
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
||||||||||
Nonaccrual loans
|
|
12/31/2015
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
|
||||||||||
|
|
12/31/2014
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
|
||||||||||
Total construction and land development
|
|
12/31/2015
|
|
$
|
98
|
|
|
$
|
528
|
|
|
$
|
146
|
|
|
$
|
34
|
|
|
$
|
714
|
|
|
$
|
232
|
|
|
$
|
44
|
|
|
$
|
46
|
|
|
$
|
1,842
|
|
|
|
|
Total commercial real estate
|
|
12/31/2015
|
|
$
|
1,192
|
|
|
$
|
3,461
|
|
|
$
|
554
|
|
|
$
|
584
|
|
|
$
|
2,123
|
|
|
$
|
1,475
|
|
|
$
|
312
|
|
|
$
|
655
|
|
|
$
|
10,356
|
|
|
100.0
|
%
|
1
|
No other geography exceeds $101 million for all three loan types.
|
2
|
Delinquency rates include nonaccrual loans.
|
|
December 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
|
|
|
|
||||
Secured by first deeds of trust
|
$
|
1,267
|
|
|
$
|
1,201
|
|
Secured by second (or junior) liens
|
1,149
|
|
|
1,120
|
|
||
Total
|
$
|
2,416
|
|
|
$
|
2,321
|
|
(Amounts in millions)
|
|
December 31,
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Nonaccrual loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans held for sale
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
|
164
|
|
|
106
|
|
|
101
|
|
|
94
|
|
|
130
|
|
|||||
Leasing
|
|
4
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|||||
Owner occupied
|
|
74
|
|
|
87
|
|
|
137
|
|
|
207
|
|
|
242
|
|
|||||
Municipal
|
|
1
|
|
|
1
|
|
|
10
|
|
|
9
|
|
|
—
|
|
|||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development
|
|
7
|
|
|
24
|
|
|
29
|
|
|
108
|
|
|
221
|
|
|||||
Term
|
|
40
|
|
|
25
|
|
|
60
|
|
|
137
|
|
|
173
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate
|
|
59
|
|
|
64
|
|
|
66
|
|
|
89
|
|
|
122
|
|
|||||
Other
|
|
1
|
|
|
—
|
|
|
2
|
|
|
3
|
|
|
3
|
|
|||||
Nonaccrual loans
|
|
350
|
|
|
307
|
|
|
406
|
|
|
648
|
|
|
911
|
|
|||||
Other real estate owned:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial properties
|
|
5
|
|
|
11
|
|
|
16
|
|
|
51
|
|
|
63
|
|
|||||
Developed land
|
|
—
|
|
|
—
|
|
|
6
|
|
|
10
|
|
|
4
|
|
|||||
Land
|
|
1
|
|
|
2
|
|
|
6
|
|
|
8
|
|
|
19
|
|
|||||
Residential:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
1-4 family
|
|
1
|
|
|
4
|
|
|
8
|
|
|
8
|
|
|
35
|
|
|||||
Developed land
|
|
—
|
|
|
2
|
|
|
9
|
|
|
15
|
|
|
22
|
|
|||||
Land
|
|
—
|
|
|
—
|
|
|
1
|
|
|
6
|
|
|
10
|
|
|||||
Other real estate owned
|
|
7
|
|
|
19
|
|
|
46
|
|
|
98
|
|
|
153
|
|
|||||
Total nonperforming lending-related assets
|
|
$
|
357
|
|
|
$
|
326
|
|
|
$
|
452
|
|
|
$
|
746
|
|
|
$
|
1,064
|
|
Ratio of nonperforming lending-related assets to net loans and leases
1
and other real estate owned
|
|
0.87
|
%
|
|
0.81
|
%
|
|
1.15
|
%
|
|
1.96
|
%
|
|
2.83
|
%
|
|||||
Accruing loans past due 90 days or more:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
$
|
7
|
|
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
24
|
|
|
$
|
30
|
|
Commercial real estate
|
|
22
|
|
|
20
|
|
|
29
|
|
|
32
|
|
|
55
|
|
|||||
Consumer
|
|
3
|
|
|
1
|
|
|
3
|
|
|
6
|
|
|
9
|
|
|||||
Total
|
|
$
|
32
|
|
|
$
|
29
|
|
|
$
|
40
|
|
|
$
|
62
|
|
|
$
|
94
|
|
Ratio of accruing loans past due 90 days or more to net loans and leases
1
|
|
0.08
|
%
|
|
0.07
|
%
|
|
0.10
|
%
|
|
0.16
|
%
|
|
0.25
|
%
|
1
|
Includes loans held for sale.
|
|
December 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
|
|
|
|
||||
Restructured loans – accruing
|
$
|
194
|
|
|
$
|
245
|
|
Restructured loans – nonaccruing
|
103
|
|
|
98
|
|
||
Total
|
$
|
297
|
|
|
$
|
343
|
|
(In millions)
|
2015
|
|
2014
|
||||
|
|
|
|
||||
Balance at beginning of year
|
$
|
343
|
|
|
$
|
481
|
|
New identified TDRs and principal increases
|
140
|
|
|
81
|
|
||
Payments and payoffs
|
(156
|
)
|
|
(149
|
)
|
||
Charge-offs
|
(12
|
)
|
|
(16
|
)
|
||
No longer reported as TDRs
|
(13
|
)
|
|
(36
|
)
|
||
Sales and other
|
(5
|
)
|
|
(18
|
)
|
||
Balance at end of year
|
$
|
297
|
|
|
$
|
343
|
|
(Amounts in millions)
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Loans and leases outstanding on December 31, (net of unearned income)
|
|
$
|
40,650
|
|
|
$
|
40,064
|
|
|
$
|
39,043
|
|
|
$
|
37,670
|
|
|
$
|
37,257
|
|
Average loans and leases outstanding, (net of unearned income)
|
|
$
|
40,171
|
|
|
$
|
39,522
|
|
|
$
|
38,109
|
|
|
$
|
37,037
|
|
|
$
|
36,896
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at beginning of year
|
|
$
|
605
|
|
|
$
|
746
|
|
|
$
|
896
|
|
|
$
|
1,052
|
|
|
$
|
1,442
|
|
Provision charged against earnings
|
|
40
|
|
|
(98
|
)
|
|
(87
|
)
|
|
14
|
|
|
75
|
|
|||||
Adjustment for FDIC-supported/PCI loans
|
|
—
|
|
|
(1
|
)
|
|
(11
|
)
|
|
(15
|
)
|
|
(9
|
)
|
|||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
(111
|
)
|
|
(77
|
)
|
|
(76
|
)
|
|
(121
|
)
|
|
(241
|
)
|
|||||
Commercial real estate
|
|
(14
|
)
|
|
(15
|
)
|
|
(26
|
)
|
|
(85
|
)
|
|
(229
|
)
|
|||||
Consumer
|
|
(14
|
)
|
|
(14
|
)
|
|
(29
|
)
|
|
(61
|
)
|
|
(90
|
)
|
|||||
Total
|
|
(139
|
)
|
|
(106
|
)
|
|
(131
|
)
|
|
(267
|
)
|
|
(560
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
55
|
|
|
41
|
|
|
41
|
|
|
56
|
|
|
55
|
|
|||||
Commercial real estate
|
|
35
|
|
|
12
|
|
|
25
|
|
|
42
|
|
|
35
|
|
|||||
Consumer
|
|
10
|
|
|
11
|
|
|
13
|
|
|
14
|
|
|
14
|
|
|||||
Total
|
|
100
|
|
|
64
|
|
|
79
|
|
|
112
|
|
|
104
|
|
|||||
Net loan and lease charge-offs
|
|
(39
|
)
|
|
(42
|
)
|
|
(52
|
)
|
|
(155
|
)
|
|
(456
|
)
|
|||||
Balance at end of year
|
|
$
|
606
|
|
|
$
|
605
|
|
|
$
|
746
|
|
|
$
|
896
|
|
|
$
|
1,052
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of net charge-offs to average loans and leases
|
|
0.10
|
%
|
|
0.11
|
%
|
|
0.14
|
%
|
|
0.42
|
%
|
|
1.24
|
%
|
|||||
Ratio of allowance for loan losses to net loans and leases, on December 31,
|
|
1.49
|
%
|
|
1.51
|
%
|
|
1.91
|
%
|
|
2.38
|
%
|
|
2.82
|
%
|
|||||
Ratio of allowance for loan losses to nonperforming loans, on December 31,
|
|
173.23
|
%
|
|
197.18
|
%
|
|
183.54
|
%
|
|
138.25
|
%
|
|
115.43
|
%
|
|||||
Ratio of allowance for loan losses to nonaccrual loans and accruing loans past due 90 days or more, on December 31,
|
|
158.70
|
%
|
|
180.03
|
%
|
|
166.97
|
%
|
|
126.22
|
%
|
|
104.67
|
%
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|||||||||||||||||||||||||||||||||||
(Amounts in millions)
|
% 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
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
Loan segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial
|
52.9
|
%
|
|
|
$
|
454
|
|
|
|
53.5
|
%
|
|
|
$
|
413
|
|
|
|
53.5
|
%
|
|
|
$
|
469
|
|
|
|
52.9
|
%
|
|
|
$
|
521
|
|
|
|
52.7
|
%
|
|
|
$
|
578
|
|
|
Commercial real estate
|
25.5
|
|
|
|
114
|
|
|
|
25.3
|
|
|
|
145
|
|
|
|
26.6
|
|
|
|
216
|
|
|
|
27.4
|
|
|
|
277
|
|
|
|
28.5
|
|
|
|
347
|
|
|
|||||
Consumer
|
21.6
|
|
|
|
38
|
|
|
|
21.2
|
|
|
|
47
|
|
|
|
19.9
|
|
|
|
61
|
|
|
|
19.7
|
|
|
|
98
|
|
|
|
18.8
|
|
|
|
127
|
|
|
|||||
Total
|
100.0
|
%
|
|
|
$
|
606
|
|
|
|
100.0
|
%
|
|
|
$
|
605
|
|
|
|
100.0
|
%
|
|
|
$
|
746
|
|
|
|
100.0
|
%
|
|
|
$
|
896
|
|
|
|
100.0
|
%
|
|
|
$
|
1,052
|
|
|
Parallel change in interest rates
|
|
Trigger decline in EVE
|
|
Risk capacity decline in EVE
|
||
|
|
|
|
|
||
+/- 200 bps
|
|
8
|
%
|
|
10
|
%
|
+/- 400 bps
|
|
21
|
%
|
|
25
|
%
|
|
|
December 31, 2015
|
||||||||||
|
|
Fast
|
|
Slow
|
||||||||
Product
|
|
Effective duration (unchanged)
|
|
Effective duration (+200 bps)
|
|
Effective duration (unchanged)
|
|
Effective duration (+200 bps)
|
||||
|
|
|
|
|
|
|
|
|
||||
Demand deposits
|
|
1.9
|
%
|
|
1.2
|
%
|
|
2.2
|
%
|
|
2.0
|
%
|
Money market
|
|
1.4
|
%
|
|
1.1
|
%
|
|
1.8
|
%
|
|
1.5
|
%
|
Savings and interest-on-checking
|
|
2.5
|
%
|
|
1.7
|
%
|
|
3.0
|
%
|
|
2.5
|
%
|
|
|
December 31, 2015
|
|||||||||||||
|
|
Parallel shift in rates (in basis points)
1
|
|||||||||||||
Repricing scenario
|
|
-100
|
|
0
|
|
+100
|
|
+200
|
|
+300
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Fast
|
|
(4.2
|
)%
|
|
—
|
%
|
|
5.0
|
%
|
|
8.6
|
%
|
|
11.1
|
%
|
Slow
|
|
(5.0
|
)%
|
|
—
|
%
|
|
8.0
|
%
|
|
15.5
|
%
|
|
22.2
|
%
|
1
|
Assumes rates cannot go below zero in the negative rate shift.
|
|
|
December 31, 2014
|
|||||||||||||
|
|
Parallel shift in rates (in basis points)
1
|
|||||||||||||
Repricing scenario
|
|
-100
|
|
0
|
|
+100
|
|
+200
|
|
+300
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Fast
|
|
(2.6
|
)%
|
|
—
|
%
|
|
7.8
|
%
|
|
14.1
|
%
|
|
18.7
|
%
|
Slow
|
|
(3.0
|
)%
|
|
—
|
%
|
|
10.7
|
%
|
|
20.7
|
%
|
|
29.6
|
%
|
1
|
Assumes rates cannot go below zero in the negative rate shift.
|
|
|
December 31, 2015
|
|||||||||||||
|
|
Parallel shift in rates (in basis points)
1
|
|||||||||||||
Repricing scenario
|
|
-100 bps
|
|
0 bps
|
|
+100 bps
|
|
+200 bps
|
|
+300 bps
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Fast
|
|
(1.8
|
)%
|
|
—
|
%
|
|
0.4
|
%
|
|
(1.3
|
)%
|
|
(4.5
|
)%
|
Slow
|
|
(1.1
|
)%
|
|
—
|
%
|
|
3.9
|
%
|
|
6.1
|
%
|
|
7.2
|
%
|
1
|
Assumes rates cannot go below zero in the negative rate shift.
|
|
|
December 31, 2014
|
|||||||||||||
|
|
Parallel shift in rates (in basis points)
1
|
|||||||||||||
Repricing scenario
|
|
-100 bps
|
|
0 bps
|
|
+100 bps
|
|
+200 bps
|
|
+300 bps
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Fast
|
|
(0.8
|
)%
|
|
—
|
%
|
|
2.4
|
%
|
|
3.1
|
%
|
|
2.2
|
%
|
Slow
|
|
(2.4
|
)%
|
|
—
|
%
|
|
5.1
|
%
|
|
9.0
|
%
|
|
11.4
|
%
|
1
|
Assumes rates cannot go below zero in the negative rate shift.
|
(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
|
$
|
1,668
|
|
|
$
|
377
|
|
|
$
|
197
|
|
|
$
|
1
|
|
|
|
$
|
48,131
|
|
|
|
$
|
50,374
|
|
Commitments to extend credit
|
4,916
|
|
|
5,045
|
|
|
3,674
|
|
|
3,535
|
|
|
|
—
|
|
|
|
17,170
|
|
||||||
Standby letters of credit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial
|
512
|
|
|
43
|
|
|
5
|
|
|
102
|
|
|
|
—
|
|
|
|
662
|
|
||||||
Performance
|
172
|
|
|
34
|
|
|
11
|
|
|
—
|
|
|
|
—
|
|
|
|
217
|
|
||||||
Commercial letters of credit
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
18
|
|
||||||
Commitments to make venture and other noninterest-bearing investments
2
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
22
|
|
||||||
Federal funds and other short-term borrowings
|
347
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
347
|
|
||||||
Long-term debt
|
88
|
|
|
173
|
|
|
—
|
|
|
556
|
|
|
|
—
|
|
|
|
817
|
|
||||||
Operating leases, net of subleases
|
45
|
|
|
83
|
|
|
60
|
|
|
102
|
|
|
|
—
|
|
|
|
290
|
|
||||||
Unrecognized tax benefits
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
5
|
|
||||||
|
$
|
7,793
|
|
|
$
|
5,755
|
|
|
$
|
3,947
|
|
|
$
|
4,296
|
|
|
|
$
|
48,131
|
|
|
|
$
|
69,922
|
|
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.
|
Rating agency
|
|
Outlook
|
|
Long-term issuer/senior debt rating
|
|
Short-term debt rating
|
|
|
|
|
|
|
|
S&P
|
|
Stable
|
|
BBB
|
|
A-2
|
Moody’s
|
|
Positive
|
|
Baa1
|
|
P-2
|
Fitch
|
|
Stable
|
|
BBB-
|
|
F3
|
Rating agency
|
|
Outlook
|
|
Long-term issuer/senior debt rating
|
|
Subordinated debt rating
|
|
|
|
|
|
|
|
S&P
|
|
Stable
|
|
BBB-
|
|
BB+
|
Moody’s
|
|
Positive
|
|
Ba1
|
|
Ba1
|
Fitch
|
|
Stable
|
|
BBB-
|
|
BB+
|
DBRS
|
|
Positive
|
|
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 bank 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 ZB, N.A., 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.
|
|
2015
|
|
2014
|
|
2013
|
|||
|
|
|
|
|
|
|||
Tangible common equity ratio
|
9.63
|
%
|
|
9.48
|
%
|
|
8.02
|
%
|
Tangible equity ratio
|
11.05
|
%
|
|
11.27
|
%
|
|
9.85
|
%
|
Average equity to average assets
|
13.03
|
%
|
|
12.57
|
%
|
|
11.81
|
%
|
|
|
|
|
|
|
|||
Basel III risk-based capital ratios
1
:
|
|
|
|
|
|
|||
Common equity tier 1 capital
|
12.22
|
%
|
|
|
|
|
||
Tier I leverage
|
11.26
|
%
|
|
|
|
|
||
Tier 1 risk-based
|
14.08
|
%
|
|
|
|
|
||
Total risk-based
|
16.12
|
%
|
|
|
|
|
||
|
|
|
|
|
|
|||
Basel 1 risk-based capital ratios:
|
|
|
|
|
|
|||
Tier 1 common
|
|
|
11.92
|
%
|
|
10.18
|
%
|
|
Tier 1 leverage
|
|
|
11.82
|
%
|
|
10.48
|
%
|
|
Tier 1 risk-based
|
|
|
14.47
|
%
|
|
12.77
|
%
|
|
Total risk-based
|
|
|
16.27
|
%
|
|
14.67
|
%
|
|
|
|
|
|
|
|
|||
Return on average common equity
|
3.75
|
%
|
|
5.42
|
%
|
|
5.73
|
%
|
Tangible return on average tangible common equity
|
4.55
|
%
|
|
6.70
|
%
|
|
7.44
|
%
|
1
|
Basel III capital ratios became effective January 1, 2015 and are based upon a 2015 phase-in.
|
|
|
||||||
(Amounts in millions)
|
2014
|
|
2013
|
||||
|
|
|
|
||||
Total shareholders’ equity (GAAP)
|
$
|
7,370
|
|
|
$
|
6,465
|
|
Accumulated other comprehensive loss
|
128
|
|
|
192
|
|
||
Nonqualifying goodwill and intangibles
|
(1,040
|
)
|
|
(1,050
|
)
|
||
Disallowed deferred tax assets
|
—
|
|
|
—
|
|
||
Other regulatory adjustments
|
(1
|
)
|
|
(6
|
)
|
||
Qualifying trust preferred securities
|
163
|
|
|
163
|
|
||
Tier 1 capital (regulatory)
|
6,620
|
|
|
5,764
|
|
||
Qualifying trust preferred securities
|
(163
|
)
|
|
(163
|
)
|
||
Preferred stock
|
(1,004
|
)
|
|
(1,004
|
)
|
||
Tier 1 common capital (non-GAAP)
|
$
|
5,453
|
|
|
$
|
4,597
|
|
|
|
|
|
||||
Risk-weighted assets (regulatory)
|
$
|
45,738
|
|
|
$
|
45,146
|
|
Tier 1 common capital to risk-weighted assets (non-GAAP)
|
11.92
|
%
|
|
10.18
|
%
|
|
|
Year Ended December 31,
|
||||||||||
(Amounts in millions)
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
|
||||||
Net earnings applicable to common shareholders (GAAP)
|
|
$
|
246.6
|
|
|
$
|
326.6
|
|
|
$
|
294.0
|
|
Adjustments, net of tax:
|
|
|
|
|
|
|
||||||
Amortization of core deposit and other intangibles
|
|
5.9
|
|
|
6.9
|
|
|
9.1
|
|
|||
Net earnings applicable to common shareholders, excluding the effects of the adjustments, net of tax (non-GAAP)
|
(a)
|
$
|
252.5
|
|
|
$
|
333.5
|
|
|
$
|
303.1
|
|
|
|
|
|
|
|
|
||||||
Average common equity (GAAP)
|
|
$
|
6,581
|
|
|
$
|
6,024
|
|
|
$
|
5,130
|
|
Average goodwill
|
|
(1,014
|
)
|
|
(1,014
|
)
|
|
(1,014
|
)
|
|||
Average core deposit and other intangibles
|
|
(21
|
)
|
|
(31
|
)
|
|
(44
|
)
|
|||
Average tangible common equity (non-GAAP
|
(b)
|
$
|
5,546
|
|
|
$
|
4,979
|
|
|
$
|
4,072
|
|
|
|
|
|
|
|
|
||||||
Tangible return on average tangible common equity (non-GAAP)
|
(a/b)
|
4.55
|
%
|
|
6.70
|
%
|
|
7.44
|
%
|
|
|
Three Months Ended
|
||||||||||
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
(Amounts in millions)
|
|
2015
|
|
2015
|
|
2014
|
||||||
|
|
|
|
|
|
|
||||||
Net earnings applicable to common shareholders (GAAP)
|
|
$
|
88.2
|
|
|
$
|
84.2
|
|
|
$
|
66.7
|
|
Adjustments, net of tax:
|
|
|
|
|
|
|
||||||
Amortization of core deposit and other intangibles
|
|
1.4
|
|
|
1.5
|
|
|
1.7
|
|
|||
Net earnings applicable to common shareholders, excluding the effects of the adjustments, net of tax (non-GAAP)
|
(a)
|
$
|
89.6
|
|
|
$
|
85.7
|
|
|
$
|
68.4
|
|
|
|
|
|
|
|
|
||||||
Average common equity (GAAP)
|
|
$
|
6,766
|
|
|
$
|
6,656
|
|
|
$
|
6,521
|
|
Average goodwill
|
|
(1,014
|
)
|
|
(1,014
|
)
|
|
(1,014
|
)
|
|||
Average core deposit and other intangibles
|
|
(18
|
)
|
|
(20
|
)
|
|
(27
|
)
|
|||
Average tangible common equity (non-GAAP
|
(b)
|
$
|
5,734
|
|
|
$
|
5,622
|
|
|
$
|
5,480
|
|
|
|
|
|
|
|
|
||||||
Number of days in quarter
|
(c)
|
92
|
|
92
|
|
92
|
||||||
Number of days in year
|
(d)
|
365
|
|
365
|
|
365
|
||||||
|
|
|
|
|
|
|
||||||
Tangible return on average tangible common equity (non-GAAP)
|
(a/b/c*d)
|
6.20
|
%
|
|
6.05
|
%
|
|
4.95
|
%
|
(Amounts in millions)
|
|
|
Six Months Ended December 31, 2015
|
|
2015
|
|
2014
|
||||||
|
|
|
|
|
|
|
|
||||||
Noninterest expense (GAAP)
|
(a)
|
|
$
|
798,925
|
|
|
$
|
1,600,486
|
|
|
$
|
1,665,292
|
|
Adjustments:
|
|
|
|
|
|
|
|
||||||
Severance costs
|
|
|
7,045
|
|
|
11,005
|
|
|
8,644
|
|
|||
Other real estate expense, net
|
|
|
(576
|
)
|
|
(647
|
)
|
|
(1,251
|
)
|
|||
Provision for unfunded lending commitments
|
|
|
(5,123
|
)
|
|
(6,238
|
)
|
|
(8,629
|
)
|
|||
Debt extinguishment cost
|
|
|
135
|
|
|
2,530
|
|
|
44,422
|
|
|||
Amortization of core deposit and other intangibles
|
|
|
4,571
|
|
|
9,247
|
|
|
10,923
|
|
|||
Restructuring costs
|
|
|
2,407
|
|
|
3,852
|
|
|
—
|
|
|||
Total adjustments
|
|
|
8,459
|
|
|
19,749
|
|
|
54,109
|
|
|||
|
|
|
|
|
|
|
|
||||||
Add-back of adjustments
|
(b)
|
|
(8,459
|
)
|
|
(19,749
|
)
|
|
(54,109
|
)
|
|||
Adjusted noninterest expense (non-GAAP)
|
(a+b)=(c)
|
|
$
|
790,466
|
|
|
$
|
1,580,737
|
|
|
$
|
1,611,183
|
|
|
|
|
|
|
|
|
|
||||||
Taxable-equivalent net interest income (GAAP)
|
(d)
|
|
$
|
883,562
|
|
|
$
|
1,733,158
|
|
|
$
|
1,696,146
|
|
Noninterest income (GAAP)
|
(e)
|
|
254,877
|
|
|
377,120
|
|
|
508,629
|
|
|||
Adjustments:
|
|
|
|
|
|
|
|
||||||
Fair value and nonhedge derivative loss
|
|
|
(867
|
)
|
|
(111
|
)
|
|
(11,390
|
)
|
|||
Equity securities gains, net
|
|
|
3,683
|
|
|
11,875
|
|
|
13,471
|
|
|||
Fixed income securities gains (losses), net
|
|
|
(60
|
)
|
|
(138,735
|
)
|
|
10,419
|
|
|||
Total adjustments
|
|
|
2,756
|
|
|
(126,971
|
)
|
|
12,500
|
|
|||
|
|
|
|
|
|
|
|
||||||
Add-back of adjustments
|
(f)
|
|
(2,756
|
)
|
|
126,971
|
|
|
(12,500
|
)
|
|||
Adjusted taxable-equivalent net interest income and noninterest income (non-GAAP)
|
(d+e+f)=(g)
|
|
$
|
1,135,683
|
|
|
$
|
2,237,249
|
|
|
$
|
2,192,275
|
|
|
|
|
|
|
|
|
|
||||||
Efficiency ratio
|
(c/g)
|
|
69.6
|
%
|
|
70.7
|
%
|
|
73.5
|
%
|
•
|
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 projections of 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.
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
|
|||||||
(In thousands, except shares)
|
December 31,
|
||||||
2015
|
|
2014
|
|||||
ASSETS
|
|
|
|
||||
Cash and due from banks
|
$
|
798,319
|
|
|
$
|
841,942
|
|
Money market investments:
|
|
|
|
||||
Interest-bearing deposits
|
6,108,124
|
|
|
7,178,097
|
|
||
Federal funds sold and security resell agreements
|
619,758
|
|
|
1,386,291
|
|
||
Investment securities:
|
|
|
|
||||
Held-to-maturity, at adjusted cost (approximate fair value $552,088 and $677,196)
|
545,648
|
|
|
647,252
|
|
||
Available-for-sale, at fair value
|
7,643,116
|
|
|
3,844,248
|
|
||
Trading account, at fair value
|
48,168
|
|
|
70,601
|
|
||
|
8,236,932
|
|
|
4,562,101
|
|
||
|
|
|
|
||||
Loans held for sale
|
149,880
|
|
|
132,504
|
|
||
|
|
|
|
||||
Loans and leases, net of unearned income and fees
|
40,649,542
|
|
|
40,063,658
|
|
||
Less allowance for loan losses
|
606,048
|
|
|
604,663
|
|
||
Loans, net of allowance
|
40,043,494
|
|
|
39,458,995
|
|
||
|
|
|
|
||||
Other noninterest-bearing investments
|
848,144
|
|
|
865,950
|
|
||
Premises and equipment, net
|
905,462
|
|
|
829,809
|
|
||
Goodwill
|
1,014,129
|
|
|
1,014,129
|
|
||
Core deposit and other intangibles
|
16,272
|
|
|
25,520
|
|
||
Other real estate owned
|
7,092
|
|
|
18,916
|
|
||
Other assets
|
921,919
|
|
|
894,620
|
|
||
|
$
|
59,669,525
|
|
|
$
|
57,208,874
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Noninterest-bearing demand
|
$
|
22,276,664
|
|
|
$
|
20,529,124
|
|
Interest-bearing:
|
|
|
|
||||
Savings and money market
|
25,672,356
|
|
|
24,583,636
|
|
||
Time
|
2,130,680
|
|
|
2,406,924
|
|
||
Foreign
|
294,391
|
|
|
328,391
|
|
||
|
50,374,091
|
|
|
47,848,075
|
|
||
|
|
|
|
||||
Federal funds and other short-term borrowings
|
346,987
|
|
|
244,223
|
|
||
Long-term debt
|
817,348
|
|
|
1,092,282
|
|
||
Reserve for unfunded lending commitments
|
74,838
|
|
|
81,076
|
|
||
Other liabilities
|
548,742
|
|
|
573,688
|
|
||
Total liabilities
|
52,162,006
|
|
|
49,839,344
|
|
||
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
||||
Preferred stock, without par value, authorized 4,400,000 shares
|
828,490
|
|
|
1,004,011
|
|
||
Common stock, without par value; authorized 350,000,000 shares; issued
and outstanding 204,417,093 and 203,014,903 shares
|
4,766,731
|
|
|
4,723,855
|
|
||
Retained earnings
|
1,966,910
|
|
|
1,769,705
|
|
||
Accumulated other comprehensive income (loss)
|
(54,612
|
)
|
|
(128,041
|
)
|
||
Total shareholders’ equity
|
7,507,519
|
|
|
7,369,530
|
|
||
|
$
|
59,669,525
|
|
|
$
|
57,208,874
|
|
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
|
|||||||||||
(In thousands, except per share amounts)
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Interest income:
|
|
|
|
|
|
||||||
Interest and fees on loans
|
$
|
1,686,220
|
|
|
$
|
1,729,652
|
|
|
$
|
1,814,631
|
|
Interest on money market investments
|
23,165
|
|
|
21,414
|
|
|
23,363
|
|
|||
Interest on securities
|
124,086
|
|
|
101,936
|
|
|
103,442
|
|
|||
Total interest income
|
1,833,471
|
|
|
1,853,002
|
|
|
1,941,436
|
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Interest on deposits
|
49,344
|
|
|
49,736
|
|
|
58,913
|
|
|||
Interest on short- and long-term borrowings
|
68,867
|
|
|
123,262
|
|
|
186,164
|
|
|||
Total interest expense
|
118,211
|
|
|
172,998
|
|
|
245,077
|
|
|||
Net interest income
|
1,715,260
|
|
|
1,680,004
|
|
|
1,696,359
|
|
|||
Provision for loan losses
|
40,035
|
|
|
(98,082
|
)
|
|
(87,136
|
)
|
|||
Net interest income after provision for loan losses
|
1,675,225
|
|
|
1,778,086
|
|
|
1,783,495
|
|
|||
Noninterest income:
|
|
|
|
|
|
||||||
Service charges and fees on deposit accounts
|
168,451
|
|
|
168,291
|
|
|
171,036
|
|
|||
Other service charges, commissions and fees
|
206,786
|
|
|
193,978
|
|
|
183,961
|
|
|||
Wealth management income
|
31,224
|
|
|
30,573
|
|
|
29,913
|
|
|||
Loan sales and servicing income
|
30,731
|
|
|
29,154
|
|
|
38,113
|
|
|||
Capital markets and foreign exchange
|
25,655
|
|
|
22,584
|
|
|
28,051
|
|
|||
Dividends and other investment income
|
30,150
|
|
|
43,662
|
|
|
46,062
|
|
|||
Fair value and nonhedge derivative loss
|
(111
|
)
|
|
(11,390
|
)
|
|
(18,152
|
)
|
|||
Equity securities gains, net
|
11,875
|
|
|
13,471
|
|
|
8,520
|
|
|||
Fixed income securities gains (losses), net
|
(138,735
|
)
|
|
10,419
|
|
|
(2,898
|
)
|
|||
Impairment losses on investment securities
|
—
|
|
|
(27
|
)
|
|
(188,606
|
)
|
|||
Less amounts recognized in other comprehensive income
|
—
|
|
|
—
|
|
|
23,472
|
|
|||
Net impairment losses on investment securities
|
—
|
|
|
(27
|
)
|
|
(165,134
|
)
|
|||
Other
|
11,094
|
|
|
7,914
|
|
|
17,904
|
|
|||
Total noninterest income
|
377,120
|
|
|
508,629
|
|
|
337,376
|
|
|||
Noninterest expense:
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
972,712
|
|
|
956,411
|
|
|
912,902
|
|
|||
Occupancy, net
|
119,529
|
|
|
115,701
|
|
|
112,303
|
|
|||
Furniture, equipment and software
|
123,196
|
|
|
115,312
|
|
|
106,629
|
|
|||
Other real estate expense
|
(647
|
)
|
|
(1,251
|
)
|
|
1,712
|
|
|||
Credit-related expense
|
28,541
|
|
|
28,134
|
|
|
33,795
|
|
|||
Provision for unfunded lending commitments
|
(6,238
|
)
|
|
(8,629
|
)
|
|
(17,104
|
)
|
|||
Professional and legal services
|
50,421
|
|
|
66,011
|
|
|
67,968
|
|
|||
Advertising
|
25,314
|
|
|
25,100
|
|
|
23,362
|
|
|||
FDIC premiums
|
34,422
|
|
|
32,174
|
|
|
38,019
|
|
|||
Amortization of core deposit and other intangibles
|
9,247
|
|
|
10,923
|
|
|
14,375
|
|
|||
Debt extinguishment cost
|
2,530
|
|
|
44,422
|
|
|
120,192
|
|
|||
Other
|
241,459
|
|
|
280,984
|
|
|
300,286
|
|
|||
Total noninterest expense
|
1,600,486
|
|
|
1,665,292
|
|
|
1,714,439
|
|
|||
Income before income taxes
|
451,859
|
|
|
621,423
|
|
|
406,432
|
|
|||
Income taxes
|
142,388
|
|
|
222,961
|
|
|
142,977
|
|
|||
Net income
|
309,471
|
|
|
398,462
|
|
|
263,455
|
|
|||
Net loss applicable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(336
|
)
|
|||
Net income applicable to controlling interest
|
309,471
|
|
|
398,462
|
|
|
263,791
|
|
|||
Preferred stock dividends
|
(62,857
|
)
|
|
(71,894
|
)
|
|
(95,512
|
)
|
|||
Preferred stock redemption
|
—
|
|
|
—
|
|
|
125,700
|
|
|||
Net earnings applicable to common shareholders
|
$
|
246,614
|
|
|
$
|
326,568
|
|
|
$
|
293,979
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding during the year:
|
|
|
|
|
|
||||||
Basic shares
|
203,265
|
|
|
192,207
|
|
|
183,844
|
|
|||
Diluted shares
|
203,698
|
|
|
192,789
|
|
|
184,297
|
|
|||
Net earnings per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
1.20
|
|
|
$
|
1.68
|
|
|
$
|
1.58
|
|
Diluted
|
1.20
|
|
|
1.68
|
|
|
1.58
|
|
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|||||||||||
(In thousands)
|
Year Ended December 31,
|
||||||||||
2015
|
|
2014
|
|
2013
|
|||||||
|
|
|
|
|
|
||||||
Net income
|
$
|
309,471
|
|
|
$
|
398,462
|
|
|
$
|
263,455
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
||||||
Net unrealized holding gains (losses) on investment securities
|
(23,409
|
)
|
|
82,204
|
|
|
145,902
|
|
|||
Reclassification of HTM securities to AFS securities
|
10,938
|
|
|
—
|
|
|
—
|
|
|||
Noncredit-related impairment losses on investment securities not expected to be sold
|
—
|
|
|
—
|
|
|
(13,751
|
)
|
|||
Reclassification to earnings for realized net fixed income securities losses (gains)
|
86,023
|
|
|
(6,447
|
)
|
|
1,775
|
|
|||
Reclassification to earnings for net credit-related impairment losses on investment securities
|
—
|
|
|
17
|
|
|
99,903
|
|
|||
Accretion of securities with noncredit-related impairment losses not expected to be sold
|
—
|
|
|
1,111
|
|
|
1,258
|
|
|||
Net unrealized losses on other noninterest-bearing investments
|
(2,552
|
)
|
|
(390
|
)
|
|
(4,503
|
)
|
|||
Net unrealized holding gains (losses) on derivative instruments
|
7,455
|
|
|
2,664
|
|
|
(431
|
)
|
|||
Reclassification adjustment for increase in interest income recognized in earnings on derivative instruments
|
(5,583
|
)
|
|
(1,605
|
)
|
|
(1,580
|
)
|
|||
Pension and postretirement
|
557
|
|
|
(13,494
|
)
|
|
25,483
|
|
|||
Other comprehensive income
|
73,429
|
|
|
64,060
|
|
|
254,056
|
|
|||
Comprehensive income
|
382,900
|
|
|
462,522
|
|
|
517,511
|
|
|||
Comprehensive loss applicable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(336
|
)
|
|||
Comprehensive income applicable to controlling interest
|
$
|
382,900
|
|
|
$
|
462,522
|
|
|
$
|
517,847
|
|
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, 2012
|
$
|
1,128,302
|
|
|
184,199,198
|
|
|
$
|
4,166,109
|
|
|
$
|
1,203,815
|
|
|
|
$
|
(446,157
|
)
|
|
|
|
$
|
(3,428
|
)
|
|
|
$
|
6,048,641
|
|
Net income (loss) applicable to controlling interest
|
|
|
|
|
|
|
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
|
|
||||||
Net income
|
|
|
|
|
|
|
398,462
|
|
|
|
|
|
|
|
|
|
|
|
398,462
|
|
||||||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
|
64,060
|
|
|
|
|
|
|
|
64,060
|
|
|||||||||||
Issuance of common stock
|
|
|
|
17,617,450
|
|
|
515,856
|
|
|
|
|
|
|
|
|
|
|
|
|
515,856
|
|
|||||||||
Subordinated debt converted to preferred stock
|
41
|
|
|
|
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
34
|
|
||||||||||
Net activity under employee plans and related tax benefits
|
|
|
719,757
|
|
|
28,982
|
|
|
|
|
|
|
|
|
|
|
|
|
28,982
|
|
||||||||||
Dividends on preferred stock
|
|
|
|
|
|
|
|
(71,894
|
)
|
|
|
|
|
|
|
|
|
|
(71,894
|
)
|
||||||||||
Dividends on common stock, $0.16 per share
|
|
|
|
|
|
|
(31,216
|
)
|
|
|
|
|
|
|
|
|
|
(31,216
|
)
|
|||||||||||
Change in deferred compensation
|
|
|
|
|
|
|
683
|
|
|
|
|
|
|
|
|
|
|
683
|
|
|||||||||||
Balance at December 31, 2014
|
1,004,011
|
|
|
203,014,903
|
|
|
4,723,855
|
|
|
1,769,705
|
|
|
|
(128,041
|
)
|
|
|
|
—
|
|
|
|
7,369,530
|
|
||||||
Net income
|
|
|
|
|
|
|
309,471
|
|
|
|
|
|
|
|
|
|
|
|
309,471
|
|
||||||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
|
73,429
|
|
|
|
|
|
|
|
73,429
|
|
|||||||||||
Preferred stock redemption
|
(175,669
|
)
|
|
|
|
3,069
|
|
|
(3,449
|
)
|
|
|
|
|
|
|
|
|
|
(176,049
|
)
|
|||||||||
Subordinated debt converted to preferred stock
|
148
|
|
|
|
|
(44
|
)
|
|
|
|
|
|
|
|
|
|
|
|
104
|
|
||||||||||
Net activity under employee plans and related tax benefits
|
|
|
1,402,190
|
|
|
39,851
|
|
|
|
|
|
|
|
|
|
|
|
|
39,851
|
|
||||||||||
Dividends on preferred stock
|
|
|
|
|
|
|
(62,857
|
)
|
|
|
|
|
|
|
|
|
|
(62,857
|
)
|
|||||||||||
Dividends on common stock, $0.22 per share
|
|
|
|
|
|
|
(45,133
|
)
|
|
|
|
|
|
|
|
|
|
(45,133
|
)
|
|||||||||||
Change in deferred compensation
|
|
|
|
|
|
|
(827
|
)
|
|
|
|
|
|
|
|
|
|
(827
|
)
|
|||||||||||
Balance at December 31, 2015
|
$
|
828,490
|
|
|
204,417,093
|
|
|
$
|
4,766,731
|
|
|
$
|
1,966,910
|
|
|
|
$
|
(54,612
|
)
|
|
|
|
$
|
—
|
|
|
|
$
|
7,507,519
|
|
ZIONS BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||||||
(In thousands)
|
Year Ended December 31,
|
||||||||||
2015
|
|
2014
|
|
2013
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
309,471
|
|
|
$
|
398,462
|
|
|
$
|
263,455
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
||||||
Debt extinguishment cost
|
2,530
|
|
|
44,422
|
|
|
120,192
|
|
|||
Net impairment losses on investment securities and long-lived assets
|
250
|
|
|
27
|
|
|
165,134
|
|
|||
Provision for credit losses
|
33,797
|
|
|
(106,711
|
)
|
|
(104,240
|
)
|
|||
Depreciation and amortization
|
151,088
|
|
|
128,648
|
|
|
130,616
|
|
|||
Fixed income securities losses (gains), net
|
138,735
|
|
|
(10,419
|
)
|
|
2,898
|
|
|||
Deferred income tax expense (benefit)
|
(29,803
|
)
|
|
25,938
|
|
|
(60,117
|
)
|
|||
Net decrease (increase) in trading securities
|
22,453
|
|
|
(36,045
|
)
|
|
(6,286
|
)
|
|||
Net decrease (increase) in loans held for sale
|
(5,978
|
)
|
|
38,610
|
|
|
75,058
|
|
|||
Change in other liabilities
|
(5,759
|
)
|
|
42,636
|
|
|
(1,949
|
)
|
|||
Change in other assets
|
(67,260
|
)
|
|
(50,956
|
)
|
|
255,569
|
|
|||
Other, net
|
(14,355
|
)
|
|
(20,291
|
)
|
|
(5,223
|
)
|
|||
Net cash provided by operating activities
|
535,169
|
|
|
454,321
|
|
|
835,107
|
|
|||
|
|
|
|
|
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Net decrease (increase) in money market investments
|
1,836,506
|
|
|
(105,066
|
)
|
|
295,640
|
|
|||
Proceeds from maturities and paydowns of investment securities
held-to-maturity
|
123,178
|
|
|
108,404
|
|
|
130,938
|
|
|||
Purchases of investment securities held-to-maturity
|
(61,036
|
)
|
|
(164,704
|
)
|
|
(155,328
|
)
|
|||
Proceeds from sales, maturities, and paydowns of investment securities
available-for-sale
|
1,681,280
|
|
|
1,779,327
|
|
|
1,104,010
|
|
|||
Purchases of investment securities available-for-sale
|
(5,513,366
|
)
|
|
(1,794,525
|
)
|
|
(1,325,704
|
)
|
|||
Net change in loans and leases
|
(633,644
|
)
|
|
(1,079,151
|
)
|
|
(1,446,924
|
)
|
|||
Purchases of premises and equipment
|
(157,361
|
)
|
|
(175,799
|
)
|
|
(88,580
|
)
|
|||
Proceeds from sales of other real estate owned
|
24,806
|
|
|
54,056
|
|
|
110,058
|
|
|||
Other, net
|
48,919
|
|
|
34,916
|
|
|
22,895
|
|
|||
Net cash used in investing activities
|
(2,650,718
|
)
|
|
(1,342,542
|
)
|
|
(1,352,995
|
)
|
|||
|
|
|
|
|
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Net increase in deposits
|
2,526,016
|
|
|
1,485,192
|
|
|
228,705
|
|
|||
Net change in short-term funds borrowed
|
102,764
|
|
|
(96,125
|
)
|
|
(12,274
|
)
|
|||
Proceeds from issuance of long-term debt
|
—
|
|
|
—
|
|
|
646,408
|
|
|||
Repayments of long-term debt
|
(287,752
|
)
|
|
(1,223,275
|
)
|
|
(832,122
|
)
|
|||
Debt extinguishment costs paid
|
(2,530
|
)
|
|
(35,435
|
)
|
|
(45,812
|
)
|
|||
Cash paid for preferred stock redemptions
|
(175,669
|
)
|
|
—
|
|
|
(799,468
|
)
|
|||
Proceeds from the issuances of common and preferred stock
|
22,392
|
|
|
526,438
|
|
|
794,143
|
|
|||
Dividends paid on common and preferred stock
|
(108,055
|
)
|
|
(96,130
|
)
|
|
(119,660
|
)
|
|||
Other, net
|
(5,240
|
)
|
|
(3,559
|
)
|
|
(10,252
|
)
|
|||
Net cash provided by (used in) financing activities
|
2,071,926
|
|
|
557,106
|
|
|
(150,332
|
)
|
|||
Net decrease in cash and due from banks
|
(43,623
|
)
|
|
(331,115
|
)
|
|
(668,220
|
)
|
|||
Cash and due from banks at beginning of year
|
841,942
|
|
|
1,173,057
|
|
|
1,841,277
|
|
|||
Cash and due from banks at end of year
|
$
|
798,319
|
|
|
$
|
841,942
|
|
|
$
|
1,173,057
|
|
|
|
|
|
|
|
||||||
Cash paid for interest
|
$
|
101,623
|
|
|
$
|
152,783
|
|
|
$
|
191,897
|
|
Net cash paid for income taxes
|
131,665
|
|
|
182,954
|
|
|
181,318
|
|
1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
2.
|
RECENT ACCOUNTING PRONOUNCEMENTS
|
3.
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
Noncash activities are summarized as follows:
|
||||||||||||
(In thousands)
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
|||||||
|
|
|
|
|
|
|
||||||
Loans and leases transferred to other real estate owned
|
|
$
|
11,924
|
|
|
$
|
25,189
|
|
|
$
|
60,749
|
|
Loans and leases reclassified as loans held for sale
|
|
5,048
|
|
|
(26,272
|
)
|
|
36,301
|
|
|||
Adjusted cost of HTM securities reclassified to AFS securities
|
|
79,276
|
|
|
—
|
|
|
181,915
|
|
|||
Preferred stock/beneficial conversion feature transferred to retained earnings as result of the Series C preferred stock redemption
|
|
—
|
|
|
—
|
|
|
125,700
|
|
4.
|
OFFSETTING ASSETS AND LIABILITIES
|
|
|
December 31, 2015
|
||||||||||||||||||||||
(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
|
|
$
|
619,758
|
|
|
$
|
—
|
|
|
$
|
619,758
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
619,758
|
|
Derivatives (included in other assets)
|
|
77,638
|
|
|
—
|
|
|
77,638
|
|
|
(5,916
|
)
|
|
—
|
|
|
71,722
|
|
||||||
|
|
$
|
697,396
|
|
|
$
|
—
|
|
|
$
|
697,396
|
|
|
$
|
(5,916
|
)
|
|
$
|
—
|
|
|
$
|
691,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal funds and other short-term borrowings
|
|
$
|
346,987
|
|
|
$
|
—
|
|
|
$
|
346,987
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
346,987
|
|
Derivatives (included in other liabilities)
|
|
72,568
|
|
|
—
|
|
|
72,568
|
|
|
(5,916
|
)
|
|
(61,134
|
)
|
|
5,518
|
|
||||||
|
|
$
|
419,555
|
|
|
$
|
—
|
|
|
$
|
419,555
|
|
|
$
|
(5,916
|
)
|
|
$
|
(61,134
|
)
|
|
$
|
352,505
|
|
|
|
December 31, 2014
|
||||||||||||||||||||||
(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
|
|
$
|
1,386,291
|
|
|
$
|
—
|
|
|
$
|
1,386,291
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,386,291
|
|
Derivatives (included in other assets)
|
|
66,420
|
|
|
—
|
|
|
66,420
|
|
|
(3,845
|
)
|
|
(18
|
)
|
|
62,557
|
|
||||||
|
|
$
|
1,452,711
|
|
|
$
|
—
|
|
|
$
|
1,452,711
|
|
|
$
|
(3,845
|
)
|
|
$
|
(18
|
)
|
|
$
|
1,448,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal funds and other short-term borrowings
|
|
$
|
244,223
|
|
|
$
|
—
|
|
|
$
|
244,223
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
244,223
|
|
Derivatives (included in other liabilities)
|
|
66,064
|
|
|
—
|
|
|
66,064
|
|
|
(3,845
|
)
|
|
(57,547
|
)
|
|
4,672
|
|
||||||
|
|
$
|
310,287
|
|
|
$
|
—
|
|
|
$
|
310,287
|
|
|
$
|
(3,845
|
)
|
|
$
|
(57,547
|
)
|
|
$
|
248,895
|
|
5.
|
INVESTMENTS
|
|
December 31, 2015
|
||||||||||||||
(In thousands)
|
Amortized
cost
|
|
Gross
unrealized
gains
|
|
Gross
unrealized
losses
|
|
Estimated
fair
value
|
||||||||
Held-to-maturity
|
|
|
|
|
|
|
|
||||||||
Municipal securities
|
$
|
545,648
|
|
|
$
|
11,218
|
|
|
$
|
4,778
|
|
|
$
|
552,088
|
|
|
|
|
|
|
|
|
|
||||||||
Available-for-sale
|
|
|
|
|
|
|
|
||||||||
U.S. Government agencies and corporations:
|
|
|
|
|
|
|
|
||||||||
Agency securities
|
1,231,740
|
|
|
4,313
|
|
|
2,658
|
|
|
1,233,395
|
|
||||
Agency guaranteed mortgage-backed securities
|
3,964,593
|
|
|
7,919
|
|
|
36,037
|
|
|
3,936,475
|
|
||||
Small Business Administration loan-backed securities
|
1,932,817
|
|
|
12,602
|
|
|
14,445
|
|
|
1,930,974
|
|
||||
Municipal securities
|
417,374
|
|
|
2,177
|
|
|
856
|
|
|
418,695
|
|
||||
Other debt securities
|
25,454
|
|
|
152
|
|
|
2,665
|
|
|
22,941
|
|
||||
|
7,571,978
|
|
|
27,163
|
|
|
56,661
|
|
|
7,542,480
|
|
||||
Money market mutual funds and other
|
100,612
|
|
|
61
|
|
|
37
|
|
|
100,636
|
|
||||
|
7,672,590
|
|
|
27,224
|
|
|
56,698
|
|
|
7,643,116
|
|
||||
Total
|
$
|
8,218,238
|
|
|
$
|
38,442
|
|
|
$
|
61,476
|
|
|
$
|
8,195,204
|
|
|
December 31, 2014
|
||||||||||||||||||||||||||
|
|
|
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
|
$
|
607,675
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
607,675
|
|
|
$
|
13,018
|
|
|
$
|
804
|
|
|
$
|
619,889
|
|
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Trust preferred securities – banks and insurance
|
79,276
|
|
|
—
|
|
|
39,699
|
|
|
39,577
|
|
|
18,393
|
|
|
663
|
|
|
57,307
|
|
|||||||
|
686,951
|
|
|
—
|
|
|
39,699
|
|
|
647,252
|
|
|
31,411
|
|
|
1,467
|
|
|
677,196
|
|
|||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. Government agencies and corporations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Agency securities
|
607,523
|
|
|
1,572
|
|
|
8,343
|
|
|
600,752
|
|
|
|
|
|
|
600,752
|
|
|||||||||
Agency guaranteed mortgage-backed securities
|
935,164
|
|
|
12,132
|
|
|
2,105
|
|
|
945,191
|
|
|
|
|
|
|
945,191
|
|
|||||||||
Small Business Administration loan-backed securities
|
1,544,710
|
|
|
16,446
|
|
|
8,891
|
|
|
1,552,265
|
|
|
|
|
|
|
1,552,265
|
|
|||||||||
Municipal securities
|
189,059
|
|
|
1,143
|
|
|
945
|
|
|
189,257
|
|
|
|
|
|
|
189,257
|
|
|||||||||
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Trust preferred securities – banks and insurance
|
537,589
|
|
|
103
|
|
|
121,984
|
|
|
415,708
|
|
|
|
|
|
|
415,708
|
|
|||||||||
Other
|
5,252
|
|
|
207
|
|
|
7
|
|
|
5,452
|
|
|
|
|
|
|
5,452
|
|
|||||||||
|
3,819,297
|
|
|
31,603
|
|
|
142,275
|
|
|
3,708,625
|
|
|
|
|
|
|
3,708,625
|
|
|||||||||
Mutual funds and other
|
136,591
|
|
|
76
|
|
|
1,044
|
|
|
135,623
|
|
|
|
|
|
|
135,623
|
|
|||||||||
|
3,955,888
|
|
|
31,679
|
|
|
143,319
|
|
|
3,844,248
|
|
|
|
|
|
|
3,844,248
|
|
|||||||||
Total
|
$
|
4,642,839
|
|
|
$
|
31,679
|
|
|
$
|
183,018
|
|
|
$
|
4,491,500
|
|
|
|
|
|
|
$
|
4,521,444
|
|
1
|
The gross unrealized losses recognized in OCI on HTM securities resulted from a previous transfer of AFS securities to HTM and from OTTI.
|
|
Held-to-maturity
|
|
Available-for-sale
|
||||||||||||
(In thousands)
|
Amortized
cost
|
|
Estimated
fair
value
|
|
Amortized
cost
|
|
Estimated
fair
value
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Due in one year or less
|
$
|
64,213
|
|
|
$
|
64,453
|
|
|
$
|
1,040,087
|
|
|
$
|
1,036,107
|
|
Due after one year through five years
|
198,818
|
|
|
202,124
|
|
|
2,932,469
|
|
|
2,921,436
|
|
||||
Due after five years through ten years
|
153,325
|
|
|
156,676
|
|
|
2,606,838
|
|
|
2,597,827
|
|
||||
Due after ten years
|
129,292
|
|
|
128,835
|
|
|
992,584
|
|
|
987,110
|
|
||||
|
$
|
545,648
|
|
|
$
|
552,088
|
|
|
$
|
7,571,978
|
|
|
$
|
7,542,480
|
|
|
December 31, 2015
|
||||||||||||||||||||||
|
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
|
$
|
4,521
|
|
|
$
|
122,197
|
|
|
$
|
257
|
|
|
$
|
13,812
|
|
|
$
|
4,778
|
|
|
$
|
136,009
|
|
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trust preferred securities – banks and insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
4,521
|
|
|
122,197
|
|
|
257
|
|
|
13,812
|
|
|
4,778
|
|
|
136,009
|
|
||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government agencies and corporations:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency securities
|
2,176
|
|
|
559,196
|
|
|
482
|
|
|
131,615
|
|
|
2,658
|
|
|
690,811
|
|
||||||
Agency guaranteed mortgage-backed securities
|
34,583
|
|
|
3,639,824
|
|
|
1,454
|
|
|
65,071
|
|
|
36,037
|
|
|
3,704,895
|
|
||||||
Small Business Administration loan-backed securities
|
5,348
|
|
|
567,365
|
|
|
9,097
|
|
|
535,376
|
|
|
14,445
|
|
|
1,102,741
|
|
||||||
Municipal securities
|
735
|
|
|
102,901
|
|
|
121
|
|
|
5,733
|
|
|
856
|
|
|
108,634
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
2,665
|
|
|
12,337
|
|
|
2,665
|
|
|
12,337
|
|
||||||
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Trust preferred securities – banks and insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Auction rate securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
42,842
|
|
|
4,869,286
|
|
|
13,819
|
|
|
750,132
|
|
|
56,661
|
|
|
5,619,418
|
|
||||||
Mutual funds and other
|
37
|
|
|
35,488
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
35,488
|
|
||||||
|
42,879
|
|
|
4,904,774
|
|
|
13,819
|
|
|
750,132
|
|
|
56,698
|
|
|
5,654,906
|
|
||||||
Total
|
$
|
47,400
|
|
|
$
|
5,026,971
|
|
|
$
|
14,076
|
|
|
$
|
763,944
|
|
|
$
|
61,476
|
|
|
$
|
5,790,915
|
|
|
December 31, 2014
|
|||||||||||||||||||||||
|
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
|
$
|
527
|
|
|
$
|
62,762
|
|
|
$
|
277
|
|
|
$
|
14,003
|
|
|
$
|
804
|
|
|
$
|
76,765
|
|
|
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Trust preferred securities – banks and insurance
|
53
|
|
|
122
|
|
|
40,309
|
|
|
57,186
|
|
|
40,362
|
|
|
57,308
|
|
|||||||
|
580
|
|
|
62,884
|
|
|
40,586
|
|
|
71,189
|
|
|
41,166
|
|
|
134,073
|
|
|||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
U.S. Government agencies and corporations:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Agency securities
|
4,510
|
|
|
295,694
|
|
|
3,833
|
|
|
101,188
|
|
|
8,343
|
|
|
396,882
|
|
|||||||
Agency guaranteed mortgage-backed securities
|
1,914
|
|
|
425,114
|
|
|
191
|
|
|
12,124
|
|
|
2,105
|
|
|
437,238
|
|
|||||||
Small Business Administration loan-backed securities
|
5,869
|
|
|
495,817
|
|
|
3,022
|
|
|
175,523
|
|
|
8,891
|
|
|
671,340
|
|
|||||||
Municipal securities
|
258
|
|
|
36,551
|
|
|
687
|
|
|
4,616
|
|
|
945
|
|
|
41,167
|
|
|||||||
Asset-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Trust preferred securities – banks and insurance
|
—
|
|
|
—
|
|
|
121,984
|
|
|
405,605
|
|
|
121,984
|
|
|
405,605
|
|
|||||||
Auction rate securities
|
7
|
|
|
1,607
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
1,607
|
|
|||||||
|
12,558
|
|
|
1,254,783
|
|
|
129,717
|
|
|
699,056
|
|
|
142,275
|
|
|
1,953,839
|
|
|||||||
Mutual funds and other
|
1,044
|
|
|
71,907
|
|
|
—
|
|
|
—
|
|
|
1,044
|
|
|
71,907
|
|
|||||||
|
13,602
|
|
|
1,326,690
|
|
|
129,717
|
|
|
699,056
|
|
|
143,319
|
|
|
2,025,746
|
|
|||||||
Total
|
$
|
14,182
|
|
|
$
|
1,389,574
|
|
|
$
|
170,303
|
|
|
$
|
770,245
|
|
|
$
|
184,485
|
|
|
$
|
2,159,819
|
|
1
|
Relates to securities not previously impaired.
|
2
|
Relates to additional impairment on securities previously impaired.
|
(In thousands)
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
||||||
HTM
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,114
|
|
AFS
|
—
|
|
|
—
|
|
|
7,358
|
|
|||
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,472
|
|
(In thousands)
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||||||||||||||
|
Taxable
|
|
Nontaxable
|
|
Total
|
|
Taxable
|
|
Nontaxable
|
|
Total
|
|
Taxable
|
|
Nontaxable
|
|
Total
|
||||||||||||||||||
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Held-to-maturity
|
$
|
12,777
|
|
|
$
|
10,892
|
|
|
$
|
23,669
|
|
|
$
|
14,770
|
|
|
$
|
11,264
|
|
|
$
|
26,034
|
|
|
$
|
19,905
|
|
|
$
|
11,375
|
|
|
$
|
31,280
|
|
Available-for-sale
|
94,877
|
|
|
3,326
|
|
|
98,203
|
|
|
71,365
|
|
|
2,558
|
|
|
73,923
|
|
|
69,061
|
|
|
2,046
|
|
|
71,107
|
|
|||||||||
Trading
|
2,214
|
|
|
—
|
|
|
2,214
|
|
|
1,979
|
|
|
—
|
|
|
1,979
|
|
|
1,055
|
|
|
—
|
|
|
1,055
|
|
|||||||||
|
$
|
109,868
|
|
|
$
|
14,218
|
|
|
$
|
124,086
|
|
|
$
|
88,114
|
|
|
$
|
13,822
|
|
|
$
|
101,936
|
|
|
$
|
90,021
|
|
|
$
|
13,421
|
|
|
$
|
103,442
|
|
6.
|
LOANS AND ALLOWANCE FOR CREDIT LOSSES
|
|
December 31,
|
||||||
(In thousands)
|
2015
|
|
2014
|
||||
|
|
|
|
||||
Loans held for sale
|
$
|
149,880
|
|
|
$
|
132,504
|
|
Commercial:
|
|
|
|
||||
Commercial and industrial
|
$
|
13,211,481
|
|
|
$
|
13,162,955
|
|
Leasing
|
441,666
|
|
|
408,974
|
|
||
Owner occupied
|
7,150,028
|
|
|
7,351,548
|
|
||
Municipal
|
675,839
|
|
|
520,887
|
|
||
Total commercial
|
21,479,014
|
|
|
21,444,364
|
|
||
Commercial real estate:
|
|
|
|
||||
Construction and land development
|
1,841,502
|
|
|
1,986,408
|
|
||
Term
|
8,514,401
|
|
|
8,126,600
|
|
||
Total commercial real estate
|
10,355,903
|
|
|
10,113,008
|
|
||
Consumer:
|
|
|
|
||||
Home equity credit line
|
2,416,357
|
|
|
2,321,150
|
|
||
1-4 family residential
|
5,382,099
|
|
|
5,200,882
|
|
||
Construction and other consumer real estate
|
385,240
|
|
|
370,542
|
|
||
Bankcard and other revolving plans
|
443,780
|
|
|
401,352
|
|
||
Other
|
187,149
|
|
|
212,360
|
|
||
Total consumer
|
8,814,625
|
|
|
8,506,286
|
|
||
Total loans
|
$
|
40,649,542
|
|
|
$
|
40,063,658
|
|
•
|
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, 2015
|
||||||||||||||
(In thousands)
|
Commercial
|
|
Commercial
real estate
|
|
Consumer
|
|
Total
|
||||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of year
|
$
|
412,514
|
|
|
$
|
145,009
|
|
|
$
|
47,140
|
|
|
$
|
604,663
|
|
Additions:
|
|
|
|
|
|
|
|
||||||||
Provision for loan losses
|
96,995
|
|
|
(51,777
|
)
|
|
(5,183
|
)
|
|
40,035
|
|
||||
Adjustment for FDIC-supported/PCI loans
|
(57
|
)
|
|
57
|
|
|
5
|
|
|
5
|
|
||||
Deductions:
|
|
|
|
|
|
|
|
||||||||
Gross loan and lease charge-offs
|
(110,437
|
)
|
|
(14,194
|
)
|
|
(14,298
|
)
|
|
(138,929
|
)
|
||||
Recoveries
|
55,262
|
|
|
34,897
|
|
|
10,115
|
|
|
100,274
|
|
||||
Net loan and lease (charge-offs) recoveries
|
(55,175
|
)
|
|
20,703
|
|
|
(4,183
|
)
|
|
(38,655
|
)
|
||||
Balance at end of year
|
$
|
454,277
|
|
|
$
|
113,992
|
|
|
$
|
37,779
|
|
|
$
|
606,048
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for unfunded lending commitments
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of year
|
$
|
58,931
|
|
|
$
|
21,517
|
|
|
$
|
628
|
|
|
$
|
81,076
|
|
Provision credited to earnings
|
(1,235
|
)
|
|
(4,991
|
)
|
|
(12
|
)
|
|
(6,238
|
)
|
||||
Balance at end of year
|
$
|
57,696
|
|
|
$
|
16,526
|
|
|
$
|
616
|
|
|
$
|
74,838
|
|
|
|
|
|
|
|
|
|
||||||||
Total allowance for credit losses
|
|
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
$
|
454,277
|
|
|
$
|
113,992
|
|
|
$
|
37,779
|
|
|
$
|
606,048
|
|
Reserve for unfunded lending commitments
|
57,696
|
|
|
16,526
|
|
|
616
|
|
|
74,838
|
|
||||
Total allowance for credit losses
|
$
|
511,973
|
|
|
$
|
130,518
|
|
|
$
|
38,395
|
|
|
$
|
680,886
|
|
|
December 31, 2014
|
||||||||||||||
(In thousands)
|
Commercial
|
|
Commercial
real estate
|
|
Consumer
|
|
Total
|
||||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of year
|
$
|
469,213
|
|
|
$
|
216,012
|
|
|
$
|
61,066
|
|
|
$
|
746,291
|
|
Additions:
|
|
|
|
|
|
|
|
||||||||
Provision for loan losses
|
(19,691
|
)
|
|
(67,825
|
)
|
|
(10,566
|
)
|
|
(98,082
|
)
|
||||
Adjustment for FDIC-supported/PCI loans
|
(1,209
|
)
|
|
—
|
|
|
(96
|
)
|
|
(1,305
|
)
|
||||
Deductions:
|
|
|
|
|
|
|
|
||||||||
Gross loan and lease charge-offs
|
(76,345
|
)
|
|
(15,322
|
)
|
|
(14,543
|
)
|
|
(106,210
|
)
|
||||
Recoveries
|
40,546
|
|
|
12,144
|
|
|
11,279
|
|
|
63,969
|
|
||||
Net loan and lease charge-offs
|
(35,799
|
)
|
|
(3,178
|
)
|
|
(3,264
|
)
|
|
(42,241
|
)
|
||||
Balance at end of year
|
$
|
412,514
|
|
|
$
|
145,009
|
|
|
$
|
47,140
|
|
|
$
|
604,663
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for unfunded lending commitments
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of year
|
$
|
48,345
|
|
|
$
|
37,485
|
|
|
$
|
3,875
|
|
|
$
|
89,705
|
|
Provision charged (credited) to earnings
|
10,586
|
|
|
(15,968
|
)
|
|
(3,247
|
)
|
|
(8,629
|
)
|
||||
Balance at end of year
|
$
|
58,931
|
|
|
$
|
21,517
|
|
|
$
|
628
|
|
|
$
|
81,076
|
|
|
|
|
|
|
|
|
|
||||||||
Total allowance for credit losses
|
|
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
$
|
412,514
|
|
|
$
|
145,009
|
|
|
$
|
47,140
|
|
|
$
|
604,663
|
|
Reserve for unfunded lending commitments
|
58,931
|
|
|
21,517
|
|
|
628
|
|
|
81,076
|
|
||||
Total allowance for credit losses
|
$
|
471,445
|
|
|
$
|
166,526
|
|
|
$
|
47,768
|
|
|
$
|
685,739
|
|
|
December 31, 2015
|
||||||||||||||
(In thousands)
|
Commercial
|
|
Commercial
real estate
|
|
Consumer
|
|
Total
|
||||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
$
|
36,909
|
|
|
$
|
3,154
|
|
|
$
|
9,462
|
|
|
$
|
49,525
|
|
Collectively evaluated for impairment
|
417,295
|
|
|
110,417
|
|
|
27,866
|
|
|
555,578
|
|
||||
Purchased loans with evidence of credit deterioration
|
73
|
|
|
421
|
|
|
451
|
|
|
945
|
|
||||
Total
|
$
|
454,277
|
|
|
$
|
113,992
|
|
|
$
|
37,779
|
|
|
$
|
606,048
|
|
|
|
|
|
|
|
|
|
||||||||
Outstanding loan balances
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
$
|
289,629
|
|
|
$
|
107,341
|
|
|
$
|
92,605
|
|
|
$
|
489,575
|
|
Collectively evaluated for impairment
|
21,129,125
|
|
|
10,193,840
|
|
|
8,712,079
|
|
|
40,035,044
|
|
||||
Purchased loans with evidence of credit deterioration
|
60,260
|
|
|
54,722
|
|
|
9,941
|
|
|
124,923
|
|
||||
Total
|
$
|
21,479,014
|
|
|
$
|
10,355,903
|
|
|
$
|
8,814,625
|
|
|
$
|
40,649,542
|
|
|
December 31, 2014
|
||||||||||||||
(In thousands)
|
Commercial
|
|
Commercial
real estate
|
|
Consumer
|
|
Total
|
||||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
$
|
28,627
|
|
|
$
|
4,027
|
|
|
$
|
9,059
|
|
|
$
|
41,713
|
|
Collectively evaluated for impairment
|
382,552
|
|
|
140,090
|
|
|
37,508
|
|
|
560,150
|
|
||||
Purchased loans with evidence of credit deterioration
|
1,335
|
|
|
892
|
|
|
573
|
|
|
2,800
|
|
||||
Total
|
$
|
412,514
|
|
|
$
|
145,009
|
|
|
$
|
47,140
|
|
|
$
|
604,663
|
|
|
|
|
|
|
|
|
|
||||||||
Outstanding loan balances
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
$
|
259,207
|
|
|
$
|
167,435
|
|
|
$
|
95,267
|
|
|
$
|
521,909
|
|
Collectively evaluated for impairment
|
21,105,217
|
|
|
9,861,862
|
|
|
8,395,371
|
|
|
39,362,450
|
|
||||
Purchased loans with evidence of credit deterioration
|
79,940
|
|
|
83,711
|
|
|
15,648
|
|
|
179,299
|
|
||||
Total
|
$
|
21,444,364
|
|
|
$
|
10,113,008
|
|
|
$
|
8,506,286
|
|
|
$
|
40,063,658
|
|
|
December 31, 2014
|
||||||||||||||||||||||||||
(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
|
$
|
13,092,731
|
|
|
$
|
28,295
|
|
|
$
|
41,929
|
|
|
$
|
70,224
|
|
|
$
|
13,162,955
|
|
|
$
|
4,677
|
|
|
$
|
64,385
|
|
Leasing
|
408,724
|
|
|
225
|
|
|
25
|
|
|
250
|
|
|
408,974
|
|
|
—
|
|
|
270
|
|
|||||||
Owner occupied
|
7,275,842
|
|
|
29,182
|
|
|
46,524
|
|
|
75,706
|
|
|
7,351,548
|
|
|
3,334
|
|
|
39,649
|
|
|||||||
Municipal
|
520,887
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
520,887
|
|
|
—
|
|
|
1,056
|
|
|||||||
Total commercial
|
21,298,184
|
|
|
57,702
|
|
|
88,478
|
|
|
146,180
|
|
|
21,444,364
|
|
|
8,011
|
|
|
105,360
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
1,972,206
|
|
|
2,711
|
|
|
11,491
|
|
|
14,202
|
|
|
1,986,408
|
|
|
92
|
|
|
12,481
|
|
|||||||
Term
|
8,082,940
|
|
|
14,415
|
|
|
29,245
|
|
|
43,660
|
|
|
8,126,600
|
|
|
19,700
|
|
|
13,787
|
|
|||||||
Total commercial real estate
|
10,055,146
|
|
|
17,126
|
|
|
40,736
|
|
|
57,862
|
|
|
10,113,008
|
|
|
19,792
|
|
|
26,268
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
2,309,967
|
|
|
4,503
|
|
|
6,680
|
|
|
11,183
|
|
|
2,321,150
|
|
|
1
|
|
|
1,779
|
|
|||||||
1-4 family residential
|
5,163,610
|
|
|
12,416
|
|
|
24,856
|
|
|
37,272
|
|
|
5,200,882
|
|
|
318
|
|
|
20,599
|
|
|||||||
Construction and other consumer real estate
|
359,723
|
|
|
9,675
|
|
|
1,144
|
|
|
10,819
|
|
|
370,542
|
|
|
160
|
|
|
608
|
|
|||||||
Bankcard and other revolving plans
|
397,882
|
|
|
2,425
|
|
|
1,045
|
|
|
3,470
|
|
|
401,352
|
|
|
946
|
|
|
80
|
|
|||||||
Other
|
211,560
|
|
|
644
|
|
|
156
|
|
|
800
|
|
|
212,360
|
|
|
—
|
|
|
84
|
|
|||||||
Total consumer loans
|
8,442,742
|
|
|
29,663
|
|
|
33,881
|
|
|
63,544
|
|
|
8,506,286
|
|
|
1,425
|
|
|
23,150
|
|
|||||||
Total
|
$
|
39,796,072
|
|
|
$
|
104,491
|
|
|
$
|
163,095
|
|
|
$
|
267,586
|
|
|
$
|
40,063,658
|
|
|
$
|
29,228
|
|
|
$
|
154,778
|
|
1
|
Represents nonaccrual loans not past due more than 30 days; however, full payment of principal and interest is still not expected.
|
|
December 31, 2015
|
||||||||||||||||||||||
(In thousands)
|
Pass
|
|
Special
mention
|
|
Sub-
standard
|
|
Doubtful
|
|
Total
loans
|
|
Total
allowance
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
12,007,076
|
|
|
$
|
399,847
|
|
|
$
|
804,403
|
|
|
$
|
155
|
|
|
$
|
13,211,481
|
|
|
|
||
Leasing
|
411,131
|
|
|
5,166
|
|
|
25,369
|
|
|
—
|
|
|
441,666
|
|
|
|
|||||||
Owner occupied
|
6,720,052
|
|
|
139,784
|
|
|
290,192
|
|
|
—
|
|
|
7,150,028
|
|
|
|
|||||||
Municipal
|
663,903
|
|
|
—
|
|
|
11,936
|
|
|
—
|
|
|
675,839
|
|
|
|
|||||||
Total commercial
|
19,802,162
|
|
|
544,797
|
|
|
1,131,900
|
|
|
155
|
|
|
21,479,014
|
|
|
$
|
454,277
|
|
|||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
1,786,610
|
|
|
42,348
|
|
|
12,544
|
|
|
—
|
|
|
1,841,502
|
|
|
|
|||||||
Term
|
8,319,348
|
|
|
47,245
|
|
|
139,036
|
|
|
8,772
|
|
|
8,514,401
|
|
|
|
|||||||
Total commercial real estate
|
10,105,958
|
|
|
89,593
|
|
|
151,580
|
|
|
8,772
|
|
|
10,355,903
|
|
|
113,992
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity credit line
|
2,404,635
|
|
|
—
|
|
|
11,722
|
|
|
—
|
|
|
2,416,357
|
|
|
|
|||||||
1-4 family residential
|
5,325,519
|
|
|
—
|
|
|
56,580
|
|
|
—
|
|
|
5,382,099
|
|
|
|
|||||||
Construction and other consumer real estate
|
381,738
|
|
|
—
|
|
|
3,502
|
|
|
—
|
|
|
385,240
|
|
|
|
|||||||
Bankcard and other revolving plans
|
440,282
|
|
|
—
|
|
|
3,498
|
|
|
—
|
|
|
443,780
|
|
|
|
|||||||
Other
|
186,836
|
|
|
—
|
|
|
313
|
|
|
—
|
|
|
187,149
|
|
|
|
|||||||
Total consumer loans
|
8,739,010
|
|
|
—
|
|
|
75,615
|
|
|
—
|
|
|
8,814,625
|
|
|
37,779
|
|
||||||
Total
|
$
|
38,647,130
|
|
|
$
|
634,390
|
|
|
$
|
1,359,095
|
|
|
$
|
8,927
|
|
|
$
|
40,649,542
|
|
|
$
|
606,048
|
|
|
December 31, 2014
|
||||||||||||||||||||||
(In thousands)
|
Pass
|
|
Special
mention
|
|
Sub-
standard
|
|
Doubtful
|
|
Total
loans
|
|
Total
allowance
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
12,515,846
|
|
|
$
|
209,215
|
|
|
$
|
426,002
|
|
|
$
|
11,892
|
|
|
$
|
13,162,955
|
|
|
|
||
Leasing
|
399,032
|
|
|
4,868
|
|
|
5,074
|
|
|
—
|
|
|
408,974
|
|
|
|
|||||||
Owner occupied
|
6,844,310
|
|
|
168,423
|
|
|
338,815
|
|
|
—
|
|
|
7,351,548
|
|
|
|
|||||||
Municipal
|
518,513
|
|
|
1,318
|
|
|
1,056
|
|
|
—
|
|
|
520,887
|
|
|
|
|||||||
Total commercial
|
20,277,701
|
|
|
383,824
|
|
|
770,947
|
|
|
11,892
|
|
|
21,444,364
|
|
|
$
|
412,514
|
|
|||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
1,925,685
|
|
|
8,464
|
|
|
52,259
|
|
|
—
|
|
|
1,986,408
|
|
|
|
|||||||
Term
|
7,802,571
|
|
|
96,347
|
|
|
223,324
|
|
|
4,358
|
|
|
8,126,600
|
|
|
|
|||||||
Total commercial real estate
|
9,728,256
|
|
|
104,811
|
|
|
275,583
|
|
|
4,358
|
|
|
10,113,008
|
|
|
145,009
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity credit line
|
2,304,352
|
|
|
—
|
|
|
16,798
|
|
|
—
|
|
|
2,321,150
|
|
|
|
|||||||
1-4 family residential
|
5,138,660
|
|
|
—
|
|
|
62,222
|
|
|
—
|
|
|
5,200,882
|
|
|
|
|||||||
Construction and other consumer real estate
|
367,932
|
|
|
—
|
|
|
2,610
|
|
|
—
|
|
|
370,542
|
|
|
|
|||||||
Bankcard and other revolving plans
|
399,446
|
|
|
—
|
|
|
1,906
|
|
|
—
|
|
|
401,352
|
|
|
|
|||||||
Other
|
211,811
|
|
|
—
|
|
|
549
|
|
|
—
|
|
|
212,360
|
|
|
|
|||||||
Total consumer loans
|
8,422,201
|
|
|
—
|
|
|
84,085
|
|
|
—
|
|
|
8,506,286
|
|
|
47,140
|
|
||||||
Total
|
$
|
38,428,158
|
|
|
$
|
488,635
|
|
|
$
|
1,130,615
|
|
|
$
|
16,250
|
|
|
$
|
40,063,658
|
|
|
$
|
604,663
|
|
|
December 31, 2015
|
|
Year Ended
December 31, 2015 |
||||||||||||||||||||||||
(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
|
$
|
272,161
|
|
|
$
|
44,190
|
|
|
$
|
163,729
|
|
|
$
|
207,919
|
|
|
$
|
30,538
|
|
|
$
|
153,756
|
|
|
$
|
7,506
|
|
Owner occupied
|
141,526
|
|
|
83,024
|
|
|
43,243
|
|
|
126,267
|
|
|
5,486
|
|
|
125,777
|
|
|
12,450
|
|
|||||||
Municipal
|
1,430
|
|
|
951
|
|
|
—
|
|
|
951
|
|
|
—
|
|
|
994
|
|
|
—
|
|
|||||||
Total commercial
|
415,117
|
|
|
128,165
|
|
|
206,972
|
|
|
335,137
|
|
|
36,024
|
|
|
280,527
|
|
|
19,956
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
22,791
|
|
|
5,076
|
|
|
9,558
|
|
|
14,634
|
|
|
618
|
|
|
16,192
|
|
|
6,410
|
|
|||||||
Term
|
142,239
|
|
|
82,864
|
|
|
34,361
|
|
|
117,225
|
|
|
2,604
|
|
|
111,074
|
|
|
16,971
|
|
|||||||
Total commercial real estate
|
165,030
|
|
|
87,940
|
|
|
43,919
|
|
|
131,859
|
|
|
3,222
|
|
|
127,266
|
|
|
23,381
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
27,064
|
|
|
18,980
|
|
|
5,319
|
|
|
24,299
|
|
|
243
|
|
|
22,050
|
|
|
1,547
|
|
|||||||
1-4 family residential
|
74,009
|
|
|
29,540
|
|
|
41,155
|
|
|
70,695
|
|
|
8,736
|
|
|
96,482
|
|
|
2,616
|
|
|||||||
Construction and other consumer real estate
|
2,741
|
|
|
989
|
|
|
1,014
|
|
|
2,003
|
|
|
173
|
|
|
2,288
|
|
|
123
|
|
|||||||
Bankcard and other revolving plans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
102
|
|
|||||||
Other
|
3,187
|
|
|
36
|
|
|
2,570
|
|
|
2,606
|
|
|
299
|
|
|
3,781
|
|
|
838
|
|
|||||||
Total consumer loans
|
107,001
|
|
|
49,545
|
|
|
50,058
|
|
|
99,603
|
|
|
9,451
|
|
|
124,602
|
|
|
5,226
|
|
|||||||
Total
|
$
|
687,148
|
|
|
$
|
265,650
|
|
|
$
|
300,949
|
|
|
$
|
566,599
|
|
|
$
|
48,697
|
|
|
$
|
532,395
|
|
|
$
|
48,563
|
|
|
December 31, 2014
|
|
Year Ended
December 31, 2014 |
||||||||||||||||||||||||
(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
|
$
|
185,520
|
|
|
$
|
43,257
|
|
|
$
|
103,565
|
|
|
$
|
146,822
|
|
|
$
|
22,852
|
|
|
$
|
185,947
|
|
|
$
|
10,803
|
|
Owner occupied
|
198,231
|
|
|
83,179
|
|
|
86,382
|
|
|
169,561
|
|
|
6,087
|
|
|
233,361
|
|
|
18,221
|
|
|||||||
Municipal
|
1,535
|
|
|
1,056
|
|
|
—
|
|
|
1,056
|
|
|
—
|
|
|
9,208
|
|
|
—
|
|
|||||||
Total commercial
|
385,286
|
|
|
127,492
|
|
|
189,947
|
|
|
317,439
|
|
|
28,939
|
|
|
428,516
|
|
|
29,024
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
60,993
|
|
|
16,500
|
|
|
26,977
|
|
|
43,477
|
|
|
1,773
|
|
|
61,068
|
|
|
6,384
|
|
|||||||
Term
|
203,788
|
|
|
96,351
|
|
|
63,740
|
|
|
160,091
|
|
|
2,345
|
|
|
238,507
|
|
|
31,144
|
|
|||||||
Total commercial real estate
|
264,781
|
|
|
112,851
|
|
|
90,717
|
|
|
203,568
|
|
|
4,118
|
|
|
299,575
|
|
|
37,528
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
30,209
|
|
|
14,798
|
|
|
11,883
|
|
|
26,681
|
|
|
437
|
|
|
25,909
|
|
|
2,426
|
|
|||||||
1-4 family residential
|
86,575
|
|
|
37,096
|
|
|
35,831
|
|
|
72,927
|
|
|
8,494
|
|
|
81,526
|
|
|
2,058
|
|
|||||||
Construction and other consumer real estate
|
3,902
|
|
|
1,449
|
|
|
1,410
|
|
|
2,859
|
|
|
233
|
|
|
3,167
|
|
|
155
|
|
|||||||
Bankcard and other revolving plans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
22
|
|
|||||||
Other
|
6,580
|
|
|
—
|
|
|
5,254
|
|
|
5,254
|
|
|
133
|
|
|
7,585
|
|
|
1,665
|
|
|||||||
Total consumer loans
|
127,266
|
|
|
53,343
|
|
|
54,378
|
|
|
107,721
|
|
|
9,297
|
|
|
118,189
|
|
|
6,326
|
|
|||||||
Total
|
$
|
777,333
|
|
|
$
|
293,686
|
|
|
$
|
335,042
|
|
|
$
|
628,728
|
|
|
$
|
42,354
|
|
|
$
|
846,280
|
|
|
$
|
72,878
|
|
|
December 31, 2015
|
||||||||||||||||||||||||||
|
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
|
$
|
202
|
|
|
$
|
3,236
|
|
|
$
|
13
|
|
|
$
|
100
|
|
|
$
|
23,207
|
|
|
$
|
34,473
|
|
|
$
|
61,231
|
|
Owner occupied
|
1,999
|
|
|
681
|
|
|
929
|
|
|
—
|
|
|
9,879
|
|
|
16,339
|
|
|
29,827
|
|
|||||||
Total commercial
|
2,201
|
|
|
3,917
|
|
|
942
|
|
|
100
|
|
|
33,086
|
|
|
50,812
|
|
|
91,058
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
94
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,698
|
|
|
9,792
|
|
|||||||
Term
|
4,696
|
|
|
638
|
|
|
166
|
|
|
976
|
|
|
2,249
|
|
|
20,833
|
|
|
29,558
|
|
|||||||
Total commercial real estate
|
4,790
|
|
|
638
|
|
|
166
|
|
|
976
|
|
|
2,249
|
|
|
30,531
|
|
|
39,350
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
192
|
|
|
2,147
|
|
|
9,763
|
|
|
—
|
|
|
164
|
|
|
3,155
|
|
|
15,421
|
|
|||||||
1-4 family residential
|
2,669
|
|
|
353
|
|
|
6,747
|
|
|
433
|
|
|
3,440
|
|
|
32,903
|
|
|
46,545
|
|
|||||||
Construction and other consumer real estate
|
174
|
|
|
384
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,152
|
|
|
1,710
|
|
|||||||
Total consumer loans
|
3,035
|
|
|
2,884
|
|
|
16,510
|
|
|
433
|
|
|
3,604
|
|
|
37,210
|
|
|
63,676
|
|
|||||||
Total accruing
|
10,026
|
|
|
7,439
|
|
|
17,618
|
|
|
1,509
|
|
|
38,939
|
|
|
118,553
|
|
|
194,084
|
|
|||||||
Nonaccruing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial
|
28
|
|
|
455
|
|
|
—
|
|
|
1,879
|
|
|
3,577
|
|
|
49,617
|
|
|
55,556
|
|
|||||||
Owner occupied
|
685
|
|
|
1,669
|
|
|
—
|
|
|
724
|
|
|
34
|
|
|
16,335
|
|
|
19,447
|
|
|||||||
Municipal
|
—
|
|
|
951
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
951
|
|
|||||||
Total commercial
|
713
|
|
|
3,075
|
|
|
—
|
|
|
2,603
|
|
|
3,611
|
|
|
65,952
|
|
|
75,954
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
—
|
|
|
333
|
|
|
—
|
|
|
—
|
|
|
3,156
|
|
|
208
|
|
|
3,697
|
|
|||||||
Term
|
1,844
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,960
|
|
|
5,203
|
|
|
10,007
|
|
|||||||
Total commercial real estate
|
1,844
|
|
|
333
|
|
|
—
|
|
|
—
|
|
|
6,116
|
|
|
5,411
|
|
|
13,704
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
7
|
|
|
500
|
|
|
1,400
|
|
|
54
|
|
|
—
|
|
|
233
|
|
|
2,194
|
|
|||||||
1-4 family residential
|
—
|
|
|
275
|
|
|
2,052
|
|
|
136
|
|
|
1,180
|
|
|
7,299
|
|
|
10,942
|
|
|||||||
Construction and other consumer real estate
|
—
|
|
|
101
|
|
|
17
|
|
|
48
|
|
|
—
|
|
|
44
|
|
|
210
|
|
|||||||
Bankcard and other revolving plans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total consumer loans
|
7
|
|
|
876
|
|
|
3,469
|
|
|
238
|
|
|
1,180
|
|
|
7,576
|
|
|
13,346
|
|
|||||||
Total nonaccruing
|
2,564
|
|
|
4,284
|
|
|
3,469
|
|
|
2,841
|
|
|
10,907
|
|
|
78,939
|
|
|
103,004
|
|
|||||||
Total
|
$
|
12,590
|
|
|
$
|
11,723
|
|
|
$
|
21,087
|
|
|
$
|
4,350
|
|
|
$
|
49,846
|
|
|
$
|
197,492
|
|
|
$
|
297,088
|
|
|
December 31, 2014
|
||||||||||||||||||||||||||
|
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
|
$
|
2,611
|
|
|
$
|
6,509
|
|
|
$
|
18
|
|
|
$
|
3,203
|
|
|
$
|
3,855
|
|
|
$
|
34,585
|
|
|
$
|
50,781
|
|
Owner occupied
|
19,981
|
|
|
1,124
|
|
|
960
|
|
|
1,251
|
|
|
10,960
|
|
|
17,505
|
|
|
51,781
|
|
|||||||
Total commercial
|
22,592
|
|
|
7,633
|
|
|
978
|
|
|
4,454
|
|
|
14,815
|
|
|
52,090
|
|
|
102,562
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
521
|
|
|
19,854
|
|
|
20,375
|
|
|||||||
Term
|
7,328
|
|
|
9,027
|
|
|
179
|
|
|
3,153
|
|
|
2,546
|
|
|
39,007
|
|
|
61,240
|
|
|||||||
Total commercial real estate
|
7,328
|
|
|
9,027
|
|
|
179
|
|
|
3,153
|
|
|
3,067
|
|
|
58,861
|
|
|
81,615
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
742
|
|
|
70
|
|
|
11,320
|
|
|
—
|
|
|
166
|
|
|
1,281
|
|
|
13,579
|
|
|||||||
1-4 family residential
|
2,425
|
|
|
552
|
|
|
6,828
|
|
|
446
|
|
|
753
|
|
|
34,719
|
|
|
45,723
|
|
|||||||
Construction and other consumer real estate
|
290
|
|
|
422
|
|
|
42
|
|
|
90
|
|
|
—
|
|
|
1,227
|
|
|
2,071
|
|
|||||||
Total consumer loans
|
3,457
|
|
|
1,044
|
|
|
18,190
|
|
|
536
|
|
|
919
|
|
|
37,227
|
|
|
61,373
|
|
|||||||
Total accruing
|
33,377
|
|
|
17,704
|
|
|
19,347
|
|
|
8,143
|
|
|
18,801
|
|
|
148,178
|
|
|
245,550
|
|
|||||||
Nonaccruing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial
|
442
|
|
|
576
|
|
|
—
|
|
|
611
|
|
|
5,199
|
|
|
20,410
|
|
|
27,238
|
|
|||||||
Owner occupied
|
2,714
|
|
|
1,219
|
|
|
—
|
|
|
883
|
|
|
2,852
|
|
|
12,040
|
|
|
19,708
|
|
|||||||
Municipal
|
—
|
|
|
1,056
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,056
|
|
|||||||
Total commercial
|
3,156
|
|
|
2,851
|
|
|
—
|
|
|
1,494
|
|
|
8,051
|
|
|
32,450
|
|
|
48,002
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and land development
|
11,080
|
|
|
68
|
|
|
—
|
|
|
93
|
|
|
3,300
|
|
|
6,427
|
|
|
20,968
|
|
|||||||
Term
|
2,851
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
277
|
|
|
4,607
|
|
|
7,735
|
|
|||||||
Total commercial real estate
|
13,931
|
|
|
68
|
|
|
—
|
|
|
93
|
|
|
3,577
|
|
|
11,034
|
|
|
28,703
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity credit line
|
—
|
|
|
—
|
|
|
420
|
|
|
203
|
|
|
—
|
|
|
399
|
|
|
1,022
|
|
|||||||
1-4 family residential
|
3,378
|
|
|
1,029
|
|
|
1,951
|
|
|
191
|
|
|
3,527
|
|
|
9,413
|
|
|
19,489
|
|
|||||||
Construction and other consumer real estate
|
—
|
|
|
463
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|
563
|
|
|||||||
Total consumer loans
|
3,378
|
|
|
1,492
|
|
|
2,371
|
|
|
394
|
|
|
3,527
|
|
|
9,912
|
|
|
21,074
|
|
|||||||
Total nonaccruing
|
20,465
|
|
|
4,411
|
|
|
2,371
|
|
|
1,981
|
|
|
15,155
|
|
|
53,396
|
|
|
97,779
|
|
|||||||
Total
|
$
|
53,842
|
|
|
$
|
22,115
|
|
|
$
|
21,718
|
|
|
$
|
10,124
|
|
|
$
|
33,956
|
|
|
$
|
201,574
|
|
|
$
|
343,329
|
|
1
|
Includes TDRs that resulted from other modification types including, but not limited to, a legal judgment awarded on different terms, a bankruptcy plan confirmed on different terms, a settlement that includes the delivery of collateral in exchange for debt reduction, etc.
|
2
|
Includes TDRs that resulted from a combination of any of the previous modification types.
|
(In thousands)
|
|
2015
|
|
2014
|
||||
Commercial:
|
|
|
|
|
||||
Commercial and industrial
|
|
$
|
(261
|
)
|
|
$
|
(84
|
)
|
Owner occupied
|
|
(279
|
)
|
|
(519
|
)
|
||
Total commercial
|
|
(540
|
)
|
|
(603
|
)
|
||
Commercial real estate:
|
|
|
|
|
||||
Construction and land development
|
|
(90
|
)
|
|
(197
|
)
|
||
Term
|
|
(378
|
)
|
|
(573
|
)
|
||
Total commercial real estate
|
|
(468
|
)
|
|
(770
|
)
|
||
Consumer:
|
|
|
|
|
||||
Home equity credit line
|
|
(2
|
)
|
|
(5
|
)
|
||
1-4 family residential
|
|
(1,037
|
)
|
|
(1,130
|
)
|
||
Construction and other consumer real estate
|
|
(27
|
)
|
|
(32
|
)
|
||
Total consumer loans
|
|
(1,066
|
)
|
|
(1,167
|
)
|
||
Total decrease to interest income
1
|
|
$
|
(2,074
|
)
|
|
$
|
(2,540
|
)
|
1
|
Calculated based on the difference between the modified rate and the premodified rate applied to the recorded investment.
|
(In thousands)
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||||||
|
Accruing
|
|
Nonaccruing
|
|
Total
|
|
Accruing
|
|
Nonaccruing
|
|
Total
|
|||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
$
|
883
|
|
|
$
|
116
|
|
|
$
|
999
|
|
|
$
|
—
|
|
|
$
|
1,008
|
|
|
$
|
1,008
|
|
Owner occupied
|
|
—
|
|
|
1,684
|
|
|
1,684
|
|
|
—
|
|
|
378
|
|
|
378
|
|
||||||
Total commercial
|
|
883
|
|
|
1,800
|
|
|
2,683
|
|
|
—
|
|
|
1,386
|
|
|
1,386
|
|
||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Term
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total commercial real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity credit line
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
201
|
|
|
201
|
|
||||||
1-4 family residential
|
|
—
|
|
|
722
|
|
|
722
|
|
|
192
|
|
|
310
|
|
|
502
|
|
||||||
Construction and other consumer real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
55
|
|
||||||
Total consumer loans
|
|
—
|
|
|
722
|
|
|
722
|
|
|
192
|
|
|
566
|
|
|
758
|
|
||||||
Total
|
|
$
|
883
|
|
|
$
|
2,522
|
|
|
$
|
3,405
|
|
|
$
|
192
|
|
|
$
|
1,952
|
|
|
$
|
2,144
|
|
|
December 31,
|
||||||
(In thousands)
|
2015
|
|
2014
|
||||
|
|
|
|
||||
Commercial
|
$
|
72,440
|
|
|
$
|
104,942
|
|
Commercial real estate
|
65,167
|
|
|
118,217
|
|
||
Consumer
|
11,082
|
|
|
17,910
|
|
||
Outstanding balance
|
$
|
148,689
|
|
|
$
|
241,069
|
|
|
|
|
|
||||
Carrying amount
|
$
|
125,029
|
|
|
$
|
179,299
|
|
Less ALLL
|
945
|
|
|
2,800
|
|
||
Carrying amount, net
|
$
|
124,084
|
|
|
$
|
176,499
|
|
(In thousands)
|
2015
|
|
2014
|
||||
|
|
|
|
||||
Balance at beginning of year
|
$
|
45,055
|
|
|
$
|
77,528
|
|
Accretion
|
(40,077
|
)
|
|
(58,140
|
)
|
||
Reclassification from nonaccretable difference
|
22,190
|
|
|
17,647
|
|
||
Disposals and other
|
12,635
|
|
|
8,020
|
|
||
Balance at end of year
|
$
|
39,803
|
|
|
$
|
45,055
|
|
7.
|
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||||||
|
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
|
$
|
1,387,500
|
|
|
$
|
5,461
|
|
|
$
|
956
|
|
|
$
|
275,000
|
|
|
$
|
1,508
|
|
|
$
|
123
|
|
Total derivatives designated as hedging instruments
|
1,387,500
|
|
|
5,461
|
|
|
956
|
|
|
275,000
|
|
|
1,508
|
|
|
123
|
|
||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
40,314
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Interest rate swaps for customers
2
|
3,256,190
|
|
|
51,353
|
|
|
53,843
|
|
|
2,770,052
|
|
|
48,287
|
|
|
50,669
|
|
||||||
Foreign exchange
|
463,064
|
|
|
20,824
|
|
|
17,761
|
|
|
443,721
|
|
|
16,625
|
|
|
15,272
|
|
||||||
Total derivatives not designated as hedging instruments
|
3,759,568
|
|
|
72,177
|
|
|
71,612
|
|
|
3,213,773
|
|
|
64,912
|
|
|
65,941
|
|
||||||
Total derivatives
|
$
|
5,147,068
|
|
|
$
|
77,638
|
|
|
$
|
72,568
|
|
|
$
|
3,488,773
|
|
|
$
|
66,420
|
|
|
$
|
66,064
|
|
|
Year Ended December 31, 2015
|
|
Year Ended December 31, 2014
|
||||||||||||||||||||||||||||
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash flow hedges:
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swaps
|
$
|
12,124
|
|
|
$
|
9,004
|
|
|
|
|
|
|
$
|
4,361
|
|
|
$
|
2,594
|
|
|
|
|
|
||||||||
|
12,124
|
|
|
9,004
|
|
3
|
|
|
|
|
|
4,361
|
|
|
2,594
|
|
3
|
|
|
|
|
||||||||||
Fair value hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Terminated swaps on long-term debt
|
|
|
|
|
|
|
$
|
1,504
|
|
|
|
|
|
|
|
|
$
|
2,309
|
|
||||||||||||
Total derivatives designated as hedging instruments
|
12,124
|
|
|
9,004
|
|
|
|
|
|
1,504
|
|
|
4,361
|
|
|
2,594
|
|
|
|
|
|
2,309
|
|
||||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swaps
|
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
$
|
355
|
|
|
|
||||||||||||
Interest rate swaps for customers
2
|
|
|
|
|
7,438
|
|
|
|
|
|
|
|
|
467
|
|
|
|
||||||||||||||
Futures contracts
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
—
|
|
|
|
||||||||||||||
Foreign exchange
|
|
|
|
|
9,519
|
|
|
|
|
|
|
|
|
8,344
|
|
|
|
||||||||||||||
Total return swap
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
(7,894
|
)
|
|
|
||||||||||||||
Total derivatives not designated as hedging instruments
|
|
|
|
|
16,959
|
|
|
|
|
|
|
|
|
1,272
|
|
|
|
||||||||||||||
Total derivatives
|
$
|
12,124
|
|
|
$
|
9,004
|
|
|
$
|
16,959
|
|
|
$
|
1,504
|
|
|
$
|
4,361
|
|
|
$
|
2,594
|
|
|
$
|
1,272
|
|
|
$
|
2,309
|
|
1
|
Amounts recognized in OCI and reclassified from AOCI represent the effective portion of the derivative gain (loss).
|
2
|
Amounts include both the customer swaps and the offsetting derivative contracts.
|
3
|
Amounts of
$9.0 million
for
2015
and
$2.6 million
for
2014
are the amounts of reclassification to earnings presented in the tabular changes of AOCI in Note 13.
|
8.
|
PREMISES AND EQUIPMENT
|
(In thousands)
|
December 31,
|
||||||
2015
|
|
2014
|
|||||
|
|
|
|
||||
Land
|
$
|
229,693
|
|
|
$
|
233,300
|
|
Buildings
|
598,643
|
|
|
551,603
|
|
||
Furniture and equipment
|
459,975
|
|
|
458,703
|
|
||
Leasehold improvements
|
138,765
|
|
|
133,624
|
|
||
Software
|
295,428
|
|
|
239,670
|
|
||
Total
|
1,722,504
|
|
|
1,616,900
|
|
||
Less accumulated depreciation and amortization
|
817,042
|
|
|
787,091
|
|
||
Net book value
|
$
|
905,462
|
|
|
$
|
829,809
|
|
9.
|
GOODWILL AND OTHER INTANGIBLE ASSETS
|
|
|
Gross carrying amount
|
|
Accumulated amortization
|
|
Net carrying amount
|
||||||||||||||||||
(In thousands)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Core deposit intangibles
|
|
$
|
166,518
|
|
|
$
|
170,688
|
|
|
$
|
(151,157
|
)
|
|
$
|
(146,842
|
)
|
|
$
|
15,361
|
|
|
$
|
23,846
|
|
Customer relationships and other intangibles
|
|
28,014
|
|
|
28,014
|
|
|
(27,103
|
)
|
|
(26,340
|
)
|
|
911
|
|
|
1,674
|
|
||||||
Total
|
|
$
|
194,532
|
|
|
$
|
198,702
|
|
|
$
|
(178,260
|
)
|
|
$
|
(173,182
|
)
|
|
$
|
16,272
|
|
|
$
|
25,520
|
|
(In thousands)
|
|
Zions Bank
|
|
CB&T
|
|
Amegy
|
|
Consolidated Company
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2013
|
|
$
|
19,514
|
|
|
$
|
379,024
|
|
|
$
|
615,591
|
|
|
$
|
1,014,129
|
|
Impairment losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at December 31, 2014
|
|
19,514
|
|
|
379,024
|
|
|
615,591
|
|
|
1,014,129
|
|
||||
Impairment losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at December 31, 2015
|
|
$
|
19,514
|
|
|
$
|
379,024
|
|
|
$
|
615,591
|
|
|
$
|
1,014,129
|
|
10.
|
DEPOSITS
|
(In thousands)
|
|
|
||
|
|
|
||
2016
|
|
$
|
1,667,431
|
|
2017
|
|
248,709
|
|
|
2018
|
|
128,548
|
|
|
2019
|
|
86,471
|
|
|
2020
|
|
110,674
|
|
|
Thereafter
|
|
973
|
|
|
Total
|
|
$
|
2,242,806
|
|
11.
|
SHORT-TERM BORROWINGS
|
(Amounts in thousands)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Federal funds purchased
|
|
|
|
|
|
|
||||||
Average amount outstanding
|
|
$
|
105,910
|
|
|
$
|
104,358
|
|
|
$
|
150,217
|
|
Weighted average rate
|
|
0.18
|
%
|
|
0.17
|
%
|
|
0.15
|
%
|
|||
Highest month-end balance
|
|
122,461
|
|
|
124,093
|
|
|
206,450
|
|
|||
Year-end balance
|
|
111,263
|
|
|
100,193
|
|
|
129,131
|
|
|||
Weighted average rate on outstandings at year-end
|
|
0.25
|
%
|
|
0.15
|
%
|
|
0.14
|
%
|
|||
|
|
|
|
|
|
|
||||||
Security repurchase agreements
|
|
|
|
|
|
|
||||||
Average amount outstanding
|
|
127,358
|
|
|
116,190
|
|
|
124,929
|
|
|||
Weighted average rate
|
|
0.11
|
%
|
|
0.06
|
%
|
|
0.05
|
%
|
|||
Highest month-end balance
|
|
205,566
|
|
|
156,710
|
|
|
137,611
|
|
|||
Year-end balance
|
|
205,566
|
|
|
118,600
|
|
|
137,611
|
|
|||
Weighted average rate on outstandings at year-end
|
|
0.15
|
%
|
|
0.13
|
%
|
|
0.05
|
%
|
|||
|
|
|
|
|
|
|
||||||
Other short-term borrowings
, year-end balances
|
|
|
|
|
|
|
||||||
Securities sold, not yet purchased
|
|
30,158
|
|
|
24,230
|
|
|
73,606
|
|
|||
Other
|
|
—
|
|
|
1,200
|
|
|
—
|
|
|||
Total federal funds and other short-term borrowings
|
|
$
|
346,987
|
|
|
$
|
244,223
|
|
|
$
|
340,348
|
|
12.
|
LONG-TERM DEBT
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2015
|
|
2014
|
||||
|
|
|
|
|
||||
Junior subordinated debentures related to trust preferred securities
|
|
$
|
164,950
|
|
|
$
|
168,043
|
|
Convertible subordinated notes
|
|
—
|
|
|
132,838
|
|
||
Subordinated notes
|
|
249,891
|
|
|
335,798
|
|
||
Senior notes
|
|
401,595
|
|
|
432,385
|
|
||
FHLB advances
|
|
—
|
|
|
22,156
|
|
||
Capital lease obligations
|
|
912
|
|
|
1,062
|
|
||
Total
|
|
$
|
817,348
|
|
|
$
|
1,092,282
|
|
(Amounts in thousands)
|
|
Balance
|
|
Coupon rate
1
|
|
Maturity
|
||
|
|
|
|
|
|
|
||
Amegy Statutory Trust I
|
|
$
|
51,547
|
|
|
3mL+2.85% (3.38%)
|
|
Dec 2033
|
Amegy Statutory Trust II
|
|
36,083
|
|
|
3mL+1.90% (2.22%)
|
|
Oct 2034
|
|
Amegy Statutory Trust III
|
|
61,856
|
|
|
3mL+1.78% (2.29%)
|
|
Dec 2034
|
|
Stockmen’s Statutory Trust II
|
|
7,732
|
|
|
3mL+3.15% (3.75%)
|
|
Mar 2033
|
|
Stockmen’s Statutory Trust III
|
|
7,732
|
|
|
3mL+2.89% (3.42%)
|
|
Mar 2034
|
|
Total
|
|
$
|
164,950
|
|
|
|
|
|
1
|
Designation of “3mL” is three-month LIBOR; effective interest rate at the beginning of the accrual period commencing on or before
December 31, 2015
is shown in parenthesis.
|
(Amounts in thousands)
|
|
Subordinated notes
|
|
|
||||||
Coupon rate
|
|
Balance
|
|
Par amount
|
|
Maturity
|
||||
|
|
|
|
|
|
|
||||
5.65%
|
|
$
|
162,000
|
|
|
$
|
162,000
|
|
|
Nov 2023
|
6.95%
|
|
87,891
|
|
|
87,891
|
|
|
Sep 2028
|
||
Total
|
|
$
|
249,891
|
|
|
$
|
249,891
|
|
|
|
(Amounts in thousands)
|
|
Senior notes
|
|
|
||||||
Coupon rate
|
|
Balance
|
|
Par amount
|
|
Maturity
|
||||
|
|
|
|
|
|
|
||||
4.00%
|
|
$
|
88,210
|
|
|
$
|
89,360
|
|
|
Jun 2016
|
4.50%
|
|
160,950
|
|
|
163,857
|
|
|
Mar 2017
|
||
4.50%
|
|
141,328
|
|
|
145,231
|
|
|
Jun 2023
|
||
3.60%
|
|
11,107
|
|
|
11,108
|
|
|
July 2018
|
||
Total
|
|
$
|
401,595
|
|
|
$
|
409,556
|
|
|
|
(Amounts in thousands)
|
|
2015
|
|
2014
|
||||||||||
Note type
|
|
Coupon rate
|
|
Par amount
|
|
Coupon rate
|
|
Par amount
|
||||||
|
|
|
|
|
|
|
|
|
||||||
Trust preferred
|
|
3mL + 2.85%
|
|
|
$
|
3,093
|
|
|
|
|
|
|||
Convertible subordinated notes
|
|
|
|
|
|
5.65
|
%
|
|
$
|
75,674
|
|
|||
|
|
6.00
|
%
|
|
79,276
|
|
|
|
|
|
||||
|
|
5.50
|
%
|
|
71,592
|
|
|
|
|
|
||||
|
|
|
|
150,868
|
|
|
|
|
75,674
|
|
||||
Subordinated notes
|
|
|
|
|
|
5.65
|
%
|
|
30,173
|
|
||||
|
|
|
|
|
|
3mL+1.25%
|
|
|
75,000
|
|
||||
|
|
6.00
|
%
|
|
32,366
|
|
|
|
|
|
||||
|
|
5.50
|
%
|
|
52,078
|
|
|
|
|
|
||||
|
|
|
|
84,444
|
|
|
|
|
105,173
|
|
||||
Senior notes
|
|
|
|
|
|
7.75
|
%
|
|
240,769
|
|
||||
|
|
|
|
|
|
4.0%, 4.5%
|
|
|
499,980
|
|
||||
|
|
|
|
|
|
3.50
|
%
|
|
50,000
|
|
||||
|
|
|
|
|
|
2.55% - 5.50%
|
|
|
247,512
|
|
||||
|
|
3.30% - 3.70%
|
|
27,281
|
|
|
|
|
|
|||||
|
|
|
|
27,281
|
|
|
|
|
1,038,261
|
|
||||
FHLB Advances
|
|
|
|
22,009
|
|
|
|
|
|
|||||
Total
|
|
|
|
$
|
287,695
|
|
|
|
|
$
|
1,219,108
|
|
(In thousands)
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
|
||||||
Early tender premiums
|
|
$
|
2,395
|
|
|
$
|
33,971
|
|
|
$
|
45,812
|
|
Write-offs of unamortized debt discount and issuance costs and fees
|
|
135
|
|
|
10,451
|
|
|
74,380
|
|
|||
Total
|
|
$
|
2,530
|
|
|
$
|
44,422
|
|
|
$
|
120,192
|
|
(In thousands)
|
|
Consolidated
|
|
Parent only
|
||||
|
|
|
|
|
||||
2016
|
|
$
|
88,382
|
|
|
$
|
88,210
|
|
2017
|
|
161,147
|
|
|
160,951
|
|
||
2018
|
|
11,332
|
|
|
11,107
|
|
||
2019
|
|
259
|
|
|
—
|
|
||
2020
|
|
60
|
|
|
—
|
|
||
Thereafter
|
|
556,168
|
|
|
556,168
|
|
||
Total
|
|
$
|
817,348
|
|
|
$
|
816,436
|
|
13.
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
Statement of Income (SI) Balance Sheet
(BS)
|
|
|
||||||||||
(In thousands)
|
|
Amounts reclassified from AOCI
1
|
|
|
|
|||||||||||
Details about AOCI components
|
|
2015
|
|
2014
|
|
2013
|
|
|
Affected line item
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Net realized gains (losses) on investment securities
|
|
$
|
(138,735
|
)
|
|
$
|
10,419
|
|
|
$
|
(2,898
|
)
|
|
SI
|
|
Fixed income securities gains (losses), net
|
Income tax expense (benefit)
|
|
(52,712
|
)
|
|
3,971
|
|
|
(1,123
|
)
|
|
|
|
|
|||
|
|
(86,023
|
)
|
|
6,448
|
|
|
(1,775
|
)
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized losses on investment
securities
|
|
—
|
|
|
(27
|
)
|
|
(164,732
|
)
|
|
SI
|
|
Net impairment losses on investment securities
|
|||
Income tax benefit
|
|
—
|
|
|
(10
|
)
|
|
(64,829
|
)
|
|
|
|
|
|||
|
|
—
|
|
|
(17
|
)
|
|
(99,903
|
)
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||
Accretion of securities with noncredit-related impairment losses not expected to be sold
|
|
—
|
|
|
(1,878
|
)
|
|
(2,106
|
)
|
|
BS
|
|
Investment securities, held-to-maturity
|
|||
Deferred income taxes
|
|
—
|
|
|
767
|
|
|
848
|
|
|
BS
|
|
Other assets
|
|||
|
|
$
|
(86,023
|
)
|
|
$
|
5,320
|
|
|
$
|
(102,936
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized gains on derivative instruments
|
|
$
|
9,004
|
|
|
$
|
2,594
|
|
|
$
|
2,647
|
|
|
SI
|
|
Interest and fees on loans
|
Income tax expense
|
|
3,421
|
|
|
989
|
|
|
1,067
|
|
|
|
|
|
|||
|
|
$
|
5,583
|
|
|
$
|
1,605
|
|
|
$
|
1,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amortization of net actuarial loss
|
|
$
|
(5,996
|
)
|
|
$
|
(2,843
|
)
|
|
$
|
(8,127
|
)
|
|
SI
|
|
Salaries and employee benefits
|
Amortization of prior service credit (cost)
|
|
—
|
|
|
(50
|
)
|
|
27
|
|
|
SI
|
|
Salaries and employee benefits
|
|||
Income tax benefit
|
|
(2,278
|
)
|
|
(1,103
|
)
|
|
(3,194
|
)
|
|
|
|
|
|||
|
|
$
|
(3,718
|
)
|
|
$
|
(1,790
|
)
|
|
$
|
(4,906
|
)
|
|
|
|
|
1
|
Negative reclassification amounts indicate decreases to earnings in the statement of income and increases to balance sheet assets. The opposite applies to positive reclassification amounts.
|
14.
|
INCOME TAXES
|
(In thousands)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Federal:
|
|
|
|
|
|
|
||||||
Current
|
|
$
|
158,164
|
|
|
$
|
178,450
|
|
|
$
|
173,418
|
|
Deferred
|
|
(31,843
|
)
|
|
14,277
|
|
|
(51,475
|
)
|
|||
|
|
126,321
|
|
|
192,727
|
|
|
121,943
|
|
|||
State:
|
|
|
|
|
|
|
||||||
Current
|
|
14,027
|
|
|
18,573
|
|
|
29,676
|
|
|||
Deferred
|
|
2,040
|
|
|
11,661
|
|
|
(8,642
|
)
|
|||
|
|
16,067
|
|
|
30,234
|
|
|
21,034
|
|
|||
|
|
$
|
142,388
|
|
|
$
|
222,961
|
|
|
$
|
142,977
|
|
(In thousands)
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
|
||||||
Income tax expense at statutory federal rate
|
|
$
|
158,151
|
|
|
$
|
217,498
|
|
|
$
|
142,251
|
|
State income taxes including credits, net
|
|
10,443
|
|
|
19,652
|
|
|
13,672
|
|
|||
Other nondeductible expenses
|
|
3,205
|
|
|
2,949
|
|
|
2,574
|
|
|||
Nontaxable income
|
|
(20,397
|
)
|
|
(17,869
|
)
|
|
(17,071
|
)
|
|||
Tax credits and other taxes
|
|
(2,926
|
)
|
|
(1,717
|
)
|
|
(2,628
|
)
|
|||
Other
|
|
(6,088
|
)
|
|
2,448
|
|
|
4,179
|
|
|||
|
|
$
|
142,388
|
|
|
$
|
222,961
|
|
|
$
|
142,977
|
|
(In thousands)
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
|||||
Gross deferred tax assets:
|
|
|
|
|
||||
Book loan loss deduction in excess of tax
|
|
$
|
254,223
|
|
|
$
|
258,488
|
|
Pension and postretirement
|
|
24,749
|
|
|
25,142
|
|
||
Deferred compensation
|
|
91,665
|
|
|
93,023
|
|
||
Security investments and derivative fair value adjustments
|
|
11,254
|
|
|
22,440
|
|
||
Net operating losses, capital losses and tax credits
|
|
4,659
|
|
|
5,442
|
|
||
FDIC-supported transactions
|
|
9,157
|
|
|
15,636
|
|
||
Other
|
|
46,016
|
|
|
46,521
|
|
||
|
|
441,723
|
|
|
466,692
|
|
||
Valuation allowance
|
|
(4,261
|
)
|
|
(4,261
|
)
|
||
Total deferred tax assets
|
|
437,462
|
|
|
462,431
|
|
||
|
|
|
|
|
||||
Gross deferred tax liabilities:
|
|
|
|
|
||||
Core deposits and purchase accounting
|
|
(3,392
|
)
|
|
(6,559
|
)
|
||
Premises and equipment, due to differences in depreciation
|
|
(10,588
|
)
|
|
(10,361
|
)
|
||
FHLB stock dividends
|
|
(10,042
|
)
|
|
(12,376
|
)
|
||
Leasing operations
|
|
(85,255
|
)
|
|
(76,148
|
)
|
||
Prepaid expenses
|
|
(9,001
|
)
|
|
(9,337
|
)
|
||
Prepaid pension reserves
|
|
(18,087
|
)
|
|
(18,491
|
)
|
||
Mortgage servicing
|
|
(6,845
|
)
|
|
(5,834
|
)
|
||
Subordinated debt modification
|
|
(46,451
|
)
|
|
(64,030
|
)
|
||
Deferred loan fees
|
|
(23,723
|
)
|
|
(22,774
|
)
|
||
Equity investments
|
|
(21,037
|
)
|
|
(12,262
|
)
|
||
Total deferred tax liabilities
|
|
(234,421
|
)
|
|
(238,172
|
)
|
||
Net deferred tax assets
|
|
$
|
203,041
|
|
|
$
|
224,259
|
|
(In thousands)
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
$
|
3,255
|
|
|
$
|
2,385
|
|
|
$
|
2,385
|
|
Tax positions related to current year:
|
|
|
|
|
|
|
||||||
Additions
|
|
786
|
|
|
—
|
|
|
—
|
|
|||
Reductions
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Tax positions related to prior years:
|
|
|
|
|
|
|
||||||
Additions
|
|
1,407
|
|
|
870
|
|
|
—
|
|
|||
Reductions
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements with taxing authorities
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Lapses in statutes of limitations
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at end of year
|
|
$
|
5,448
|
|
|
$
|
3,255
|
|
|
$
|
2,385
|
|
15.
|
NET EARNINGS PER COMMON SHARE
|
(In thousands, except per share amounts)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Basic:
|
|
|
|
|
|
|
||||||
Net income applicable to controlling interest
|
|
$
|
309,471
|
|
|
$
|
398,462
|
|
|
$
|
263,791
|
|
Less common and preferred dividends
|
|
107,990
|
|
|
103,111
|
|
|
(6,094
|
)
|
|||
Undistributed earnings
|
|
201,481
|
|
|
295,351
|
|
|
269,885
|
|
|||
Less undistributed earnings applicable to nonvested shares
|
|
1,836
|
|
|
2,933
|
|
|
2,832
|
|
|||
Undistributed earnings applicable to common shares
|
|
199,645
|
|
|
292,418
|
|
|
267,053
|
|
|||
Distributed earnings applicable to common shares
|
|
44,816
|
|
|
30,983
|
|
|
23,916
|
|
|||
Total earnings applicable to common shares
|
|
$
|
244,461
|
|
|
$
|
323,401
|
|
|
$
|
290,969
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding
|
|
203,265
|
|
|
192,207
|
|
|
183,844
|
|
|||
|
|
|
|
|
|
|
||||||
Net earnings per common share
|
|
$
|
1.20
|
|
|
$
|
1.68
|
|
|
$
|
1.58
|
|
|
|
|
|
|
|
|
||||||
Diluted:
|
|
|
|
|
|
|
||||||
Total earnings applicable to common shares
|
|
$
|
244,461
|
|
|
$
|
323,401
|
|
|
$
|
290,969
|
|
Additional undistributed earnings allocated to incremental shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Diluted earnings applicable to common shares
|
|
$
|
244,461
|
|
|
$
|
323,401
|
|
|
$
|
290,969
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding
|
|
203,265
|
|
|
192,207
|
|
|
183,844
|
|
|||
Additional weighted average dilutive shares
|
|
433
|
|
|
582
|
|
|
453
|
|
|||
Weighted average diluted common shares outstanding
|
|
203,698
|
|
|
192,789
|
|
|
184,297
|
|
|||
|
|
|
|
|
|
|
||||||
Net earnings per common share
|
|
$
|
1.20
|
|
|
$
|
1.68
|
|
|
$
|
1.58
|
|
16.
|
SHARE-BASED COMPENSATION
|
(In thousands)
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
|
||||||
Compensation expense
|
|
$
|
24,974
|
|
|
$
|
23,632
|
|
|
$
|
28,052
|
|
Reduction of income tax expense
|
|
8,284
|
|
|
7,767
|
|
|
9,123
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Weighted average of fair value for options granted
|
|
$
|
6.17
|
|
|
$
|
6.10
|
|
|
$
|
6.79
|
|
Weighted average assumptions used:
|
|
|
|
|
|
|
||||||
Expected dividend yield
|
|
1.3
|
%
|
|
1.3
|
%
|
|
1.3
|
%
|
|||
Expected volatility
|
|
25.0
|
%
|
|
25.1
|
%
|
|
32.5
|
%
|
|||
Risk-free interest rate
|
|
1.57
|
%
|
|
1.55
|
%
|
|
0.78
|
%
|
|||
Expected life (in years)
|
|
5.0
|
|
|
5.0
|
|
|
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
|
|
552,618
|
|
|
$
|
17.20
|
|
|
|
2.6
|
1
|
|
552,618
|
|
|
$
|
17.20
|
|
$20.00 to $24.99
|
|
709,462
|
|
|
23.84
|
|
|
|
1.9
|
|
|
700,060
|
|
|
23.83
|
|
||
$25.00 to $29.99
|
|
2,344,883
|
|
|
28.35
|
|
|
|
5.3
|
|
|
772,369
|
|
|
27.88
|
|
||
$30.00 to $44.99
|
|
52,379
|
|
|
30.10
|
|
|
|
4.3
|
|
|
17,459
|
|
|
30.10
|
|
||
$45.00 to $59.99
|
|
70,200
|
|
|
47.10
|
|
|
|
2.2
|
|
|
70,200
|
|
|
47.10
|
|
||
$60.00 to $79.99
|
|
2,553
|
|
|
72.08
|
|
|
|
1.1
|
|
|
2,553
|
|
|
72.08
|
|
||
$80.00 to $81.99
|
|
36,000
|
|
|
80.65
|
|
|
|
0.3
|
|
|
36,000
|
|
|
80.65
|
|
||
$82.00 to $83.38
|
|
36,000
|
|
|
83.38
|
|
|
|
1.4
|
|
|
36,000
|
|
|
83.38
|
|
||
|
|
3,804,095
|
|
|
27.30
|
|
|
|
4.1
|
1
|
|
2,187,259
|
|
|
26.35
|
|
1
|
The weighted average remaining contractual life excludes
21,252
stock options without a fixed expiration date that were assumed 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, 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
|
|
|
Issued
|
16,670
|
|
|
28.87
|
|
|
Vested
|
(256,890
|
)
|
|
23.23
|
|
|
Forfeited
|
(9,510
|
)
|
|
23.68
|
|
|
Nonvested restricted shares at December 31, 2014
|
161,220
|
|
|
21.82
|
|
|
Issued
|
22,441
|
|
|
29.02
|
|
|
Vested
|
(123,161
|
)
|
|
22.32
|
|
|
Forfeited
|
(1,130
|
)
|
|
23.54
|
|
|
Nonvested restricted shares at December 31, 2015
|
59,370
|
|
|
23.49
|
|
|
Number of restricted stock units
|
|
Weighted average grant price
|
|||
|
|
|
|
|||
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
|
|
|
Granted
|
727,300
|
|
|
28.81
|
|
|
Vested
|
(416,755
|
)
|
|
22.26
|
|
|
Forfeited
|
(63,163
|
)
|
|
25.48
|
|
|
Restricted stock units at December 31, 2014
|
1,769,420
|
|
|
25.64
|
|
|
Granted
|
790,929
|
|
|
29.06
|
|
|
Vested
|
(673,385
|
)
|
|
24.78
|
|
|
Forfeited
|
(88,421
|
)
|
|
27.17
|
|
|
Restricted stock units at December 31, 2015
|
1,798,543
|
|
|
27.39
|
|
17.
|
COMMITMENTS, GUARANTEES, CONTINGENT LIABILITIES, AND RELATED PARTIES
|
|
December 31,
|
||||||
(In thousands)
|
2015
|
|
2014
|
||||
|
|
|
|
||||
Net unfunded commitments to extend credit
1
|
$
|
17,169,785
|
|
|
$
|
16,658,757
|
|
Standby letters of credit:
|
|
|
|
||||
Financial
|
661,554
|
|
|
745,895
|
|
||
Performance
|
216,843
|
|
|
183,482
|
|
||
Commercial letters of credit
|
18,447
|
|
|
32,144
|
|
||
Total unfunded lending commitments
|
$
|
18,066,629
|
|
|
$
|
17,620,278
|
|
1
|
Net of participations.
|
•
|
a class action case,
Reyes v. Zions First National Bank, et. al.,
which was brought in the United States District Court for the Eastern District of Pennsylvania in early 2010. This case relates to our banking relationships with customers that allegedly engaged in wrongful telemarketing practices. The plaintiff is seeking a trebled monetary award under the federal RICO Act. In the third quarter of 2013, the District Court denied the plaintiff’s motion for class certification in the Reyes case. The plaintiff appealed the District Court decision to the Third Circuit Court of Appeals. In the third quarter of 2015, the Third Circuit vacated the District Court’s decision denying class certification and remanded the matter to the District Court with instructions to reconsider the class certification determination in light of particular standards articulated by the Third Circuit in its opinion. Following the Third Circuit’s decision, the parties participated in mediation sessions in the fourth quarter of 2015 and the first quarter of 2016. We do not know whether these discussions will result in a settlement.
|
•
|
a governmental inquiry into possible money laundering activities of one of our bank customers and our anti-money laundering practices relating to that customer (conducted by the United States Attorney’s Office for the Southern District of New York). Our first contact with the United States Attorney’s Office relating to this matter occurred in early 2012. We are unclear about the status of this inquiry.
|
•
|
a governmental inquiry into our payment processing practices relating primarily to certain allegedly fraudulent telemarketers and other customer types (conducted by the Department of Justice). Similar inquiries directed towards banks unrelated to us have resulted in a number of enforcement actions. Our first contact with the
|
•
|
a civil suit,
Liu Aifang, et al. v. Velocity VIII, et al.
, brought against us in the United States District Court for the Central District of California in April 2015. The case relates to our banking relationships with customers who were approved promoters of an EB-5 Visa Immigrant Investment Program that allegedly misappropriated investors’ funds. On September 30, 2015, the Court granted in part and denied in part our Motion to Dismiss Plaintiffs’ claims. The Plaintiffs’ remaining claims assert negligence and that the bank aided and abetted the promoter customers’ conversion of the investors’ funds deposited with us. Discovery is ongoing and trial is scheduled for June 2016.
|
18.
|
REGULATORY MATTERS
|
|
December 31, 2015
|
|
To be well-capitalized
|
||||||||||
(Amounts in thousands)
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
Transitional Basis Basel III Regulatory Capital Rules
|
|
|
|
|
|
|
|
||||||
Total capital (to risk-weighted assets)
|
|
|
|
|
|
|
|
||||||
The Company
|
$
|
7,535,760
|
|
|
16.12
|
%
|
|
$
|
4,674,725
|
|
|
10.00
|
%
|
ZB, National Association
|
6,918,312
|
|
|
14.84
|
|
|
4,661,581
|
|
|
10.00
|
|
||
Tier 1 capital (to risk-weighted assets)
|
|
|
|
|
|
|
|
||||||
The Company
|
6,580,326
|
|
|
14.08
|
|
|
3,739,780
|
|
|
8.00
|
|
||
ZB, National Association
|
6,334,391
|
|
|
13.59
|
|
|
3,729,265
|
|
|
8.00
|
|
||
Common equity tier 1 capital (Basel III)
|
|
|
|
|
|
|
|
||||||
The Company
|
5,711,836
|
|
|
12.22
|
|
|
3,038,571
|
|
|
6.50
|
|
||
ZB, National Association
|
5,503,491
|
|
|
11.81
|
|
|
3,030,028
|
|
|
6.50
|
|
||
Tier 1 capital (to average assets)
|
|
|
|
|
|
|
|
||||||
The Company
|
6,580,326
|
|
|
11.26
|
|
|
na
|
|
|
na
1
|
|
||
ZB, National Association
|
6,334,391
|
|
|
10.97
|
|
|
2,886,732
|
|
|
5.00
|
|
1
|
There is no Tier 1 leverage ratio component in the definition of a well-capitalized bank holding company
.
|
|
December 31, 2014
|
|
To be well-capitalized
|
||||||||||
(Amounts in thousands)
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
Basel I Regulatory Capital Rule
|
|
|
|
|
|
|
|
||||||
Total capital (to risk-weighted assets)
|
|
|
|
|
|
|
|
||||||
The Company
|
$
|
7,443,301
|
|
|
16.27
|
%
|
|
$
|
4,573,768
|
|
|
10.00
|
%
|
Zions Bank
|
2,108,904
|
|
|
15.27
|
|
|
1,381,243
|
|
|
10.00
|
|
||
California Bank & Trust
|
1,286,095
|
|
|
14.18
|
|
|
906,915
|
|
|
10.00
|
|
||
Amegy Bank
|
1,741,586
|
|
|
14.09
|
|
|
1,236,244
|
|
|
10.00
|
|
||
Tier 1 capital (to risk-weighted assets)
|
|
|
|
|
|
|
|
||||||
The Company
|
6,620,282
|
|
|
14.47
|
|
|
2,744,261
|
|
|
6.00
|
|
||
Zions Bank
|
1,942,856
|
|
|
14.07
|
|
|
828,746
|
|
|
6.00
|
|
||
California Bank & Trust
|
1,179,129
|
|
|
13.00
|
|
|
544,149
|
|
|
6.00
|
|
||
Amegy Bank
|
1,586,686
|
|
|
12.83
|
|
|
741,747
|
|
|
6.00
|
|
||
Tier 1 capital (to average assets)
|
|
|
|
|
|
|
|
||||||
The Company
|
6,620,282
|
|
|
11.82
|
|
|
na
|
|
|
na
1
|
|
||
Zions Bank
|
1,942,856
|
|
|
10.52
|
|
|
923,193
|
|
|
5.00
|
|
||
California Bank & Trust
|
1,179,129
|
|
|
10.78
|
|
|
547,086
|
|
|
5.00
|
|
||
Amegy Bank
|
1,586,686
|
|
|
11.79
|
|
|
672,996
|
|
|
5.00
|
|
1
|
There is no Tier 1 leverage ratio component in the definition of a well-capitalized bank holding company
.
|
19.
|
RETIREMENT PLANS
|
(In thousands)
|
|
Pension
|
|
Supplemental
Retirement
|
|
Postretirement
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|||||||||||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Benefit obligation at beginning of year
|
|
$
|
185,944
|
|
|
$
|
169,092
|
|
|
$
|
10,595
|
|
|
$
|
10,276
|
|
|
$
|
1,067
|
|
|
$
|
1,062
|
|
Service cost
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
31
|
|
||||||
Interest cost
|
|
7,094
|
|
|
7,468
|
|
|
403
|
|
|
454
|
|
|
40
|
|
|
47
|
|
||||||
Actuarial (gain) loss
|
|
(8,085
|
)
|
|
20,859
|
|
|
(226
|
)
|
|
738
|
|
|
(121
|
)
|
|
19
|
|
||||||
Benefits paid
|
|
(11,745
|
)
|
|
(11,475
|
)
|
|
(778
|
)
|
|
(873
|
)
|
|
(65
|
)
|
|
(92
|
)
|
||||||
Benefit obligation at end of year
|
|
173,208
|
|
|
185,944
|
|
|
9,994
|
|
|
10,595
|
|
|
954
|
|
|
1,067
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in fair value of plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of plan assets at beginning of year
|
|
170,199
|
|
|
171,905
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Actual return on plan assets
|
|
(1,136
|
)
|
|
9,769
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Employer contributions
|
|
—
|
|
|
—
|
|
|
778
|
|
|
873
|
|
|
65
|
|
|
92
|
|
||||||
Benefits paid
|
|
(11,745
|
)
|
|
(11,475
|
)
|
|
(778
|
)
|
|
(873
|
)
|
|
(65
|
)
|
|
(92
|
)
|
||||||
Fair value of plan assets at end of year
|
|
157,318
|
|
|
170,199
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Funded status
|
|
$
|
(15,890
|
)
|
|
$
|
(15,745
|
)
|
|
$
|
(9,994
|
)
|
|
$
|
(10,595
|
)
|
|
$
|
(954
|
)
|
|
$
|
(1,067
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amounts recognized in balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liability for pension/postretirement benefits
|
|
$
|
(15,890
|
)
|
|
$
|
(15,745
|
)
|
|
$
|
(9,994
|
)
|
|
$
|
(10,595
|
)
|
|
$
|
(954
|
)
|
|
$
|
(1,067
|
)
|
Accumulated other comprehensive income (loss)
|
|
(60,067
|
)
|
|
(60,581
|
)
|
|
(2,288
|
)
|
|
(2,637
|
)
|
|
(332
|
)
|
|
264
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accumulated other comprehensive income (loss) consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net gain (loss)
|
|
$
|
(60,067
|
)
|
|
$
|
(60,581
|
)
|
|
$
|
(2,288
|
)
|
|
$
|
(2,637
|
)
|
|
$
|
(332
|
)
|
|
$
|
264
|
|
(In thousands)
|
|
Pension
|
|
Supplemental Retirement
|
|
Postretirement
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Net gain (loss)
|
|
$
|
(6,638
|
)
|
|
|
$
|
(117
|
)
|
|
|
|
$
|
66
|
|
|
|
|
Pension
|
|
Supplemental
Retirement
|
|
Postretirement
|
||||||||||||||||||||||||||||||
(In thousands)
|
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Service cost
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33
|
|
|
$
|
31
|
|
|
$
|
32
|
|
Interest cost
|
|
7,094
|
|
|
7,468
|
|
|
6,885
|
|
|
403
|
|
|
454
|
|
|
404
|
|
|
40
|
|
|
47
|
|
|
41
|
|
|||||||||
Expected return on plan assets
|
|
(12,360
|
)
|
|
(13,305
|
)
|
|
(12,109
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Amortization of net actuarial (gain) loss
|
|
5,926
|
|
|
2,895
|
|
|
8,132
|
|
|
123
|
|
|
19
|
|
|
70
|
|
|
(53
|
)
|
|
(71
|
)
|
|
(75
|
)
|
|||||||||
Amortization of prior service (credit) cost
|
|
|
|
|
|
|
|
—
|
|
|
50
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
(151
|
)
|
||||||||||||
Settlement loss
|
|
—
|
|
|
—
|
|
|
1,814
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
||||||||||||
Net periodic benefit cost (credit)
|
|
$
|
660
|
|
|
$
|
(2,942
|
)
|
|
$
|
4,722
|
|
|
$
|
526
|
|
|
$
|
523
|
|
|
$
|
598
|
|
|
$
|
20
|
|
|
$
|
7
|
|
|
$
|
(153
|
)
|
|
2015
|
|
2014
|
|
2013
|
|||
Used to determine benefit obligation at year-end:
|
|
|
|
|
|
|||
Discount rate
|
4.20
|
%
|
|
3.95
|
%
|
|
4.60
|
%
|
Rate of compensation increase
1
|
na
|
|
na
|
|
na
|
|||
Used to determine net periodic benefit cost for the years ended December 31:
|
|
|
|
|
|
|||
Discount rate
|
3.95
|
|
|
4.60
|
|
|
3.75
|
|
Expected long-term return on plan assets
|
7.50
|
|
|
8.00
|
|
|
8.00
|
|
Rate of compensation increase
1
|
na
|
|
na
|
|
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
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
2016
|
|
$
|
9,876
|
|
|
|
$
|
1,870
|
|
|
|
|
$
|
80
|
|
|
2017
|
|
10,307
|
|
|
|
845
|
|
|
|
|
93
|
|
|
|||
2018
|
|
10,373
|
|
|
|
838
|
|
|
|
|
98
|
|
|
|||
2019
|
|
10,253
|
|
|
|
871
|
|
|
|
|
98
|
|
|
|||
2020
|
|
10,702
|
|
|
|
819
|
|
|
|
|
102
|
|
|
|||
Years 2021 - 2025
|
|
53,028
|
|
|
|
3,459
|
|
|
|
|
445
|
|
|
(Amounts in thousands)
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
%
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
%
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Company common stock
|
|
$
|
6,482
|
|
|
|
|
|
|
$
|
6,482
|
|
|
4
|
|
|
$
|
7,560
|
|
|
|
|
|
|
$
|
7,560
|
|
|
4
|
|
||||||||
Mutual funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Debt
|
|
5,250
|
|
|
|
|
|
|
5,250
|
|
|
4
|
|
|
6,047
|
|
|
|
|
|
|
6,047
|
|
|
4
|
|
||||||||||||
Insurance company pooled separate accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Equity investments
|
|
|
|
$
|
88,355
|
|
|
|
|
88,355
|
|
|
56
|
|
|
|
|
$
|
97,094
|
|
|
|
|
97,094
|
|
|
57
|
|
||||||||||
Debt investments
|
|
|
|
31,659
|
|
|
|
|
31,659
|
|
|
20
|
|
|
|
|
33,167
|
|
|
|
|
33,167
|
|
|
19
|
|
||||||||||||
Real estate
|
|
|
|
9,909
|
|
|
|
|
9,909
|
|
|
6
|
|
|
|
|
8,611
|
|
|
|
|
8,611
|
|
|
5
|
|
||||||||||||
Guaranteed deposit account
|
|
|
|
|
|
$
|
9,484
|
|
|
9,484
|
|
|
6
|
|
|
|
|
|
|
$
|
11,515
|
|
|
11,515
|
|
|
7
|
|
||||||||||
Limited partnerships
|
|
|
|
|
|
6,179
|
|
|
6,179
|
|
|
4
|
|
|
|
|
|
|
6,205
|
|
|
6,205
|
|
|
4
|
|
||||||||||||
|
|
$
|
11,732
|
|
|
$
|
129,923
|
|
|
$
|
15,663
|
|
|
$
|
157,318
|
|
|
100
|
|
|
$
|
13,607
|
|
|
$
|
138,872
|
|
|
$
|
17,720
|
|
|
$
|
170,199
|
|
|
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
|
|
At December 31,
|
|||
|
|
2015
|
|
0.995927 - 1.049539 (actual = 1.042254)
|
||
|
|
|
2014
|
|
1.018148 - 1.081039 (actual = 1.063133)
|
Investment
|
|
Unfunded commitments
(in thousands, approximately)
|
|
Redemption
|
||||||
|
|
Frequency
|
|
Notice period
|
||||||
|
|
|
|
|
|
|
|
|
||
Pooled separate accounts
|
|
|
na
|
|
|
Daily
|
|
< $1 million, 1 day
>= $1 million, 3 days
|
||
|
|
|
|
|
|
|
|
|||
Limited partnerships
|
|
|
$
|
1,600
|
|
|
|
Investments in these limited partnerships are illiquid and voluntary withdrawal is prohibited.
|
||
|
|
|
|
|
|
|
|
Level 3 Instruments
|
||||||||||||||||||||||
|
|
Year Ended December 31,
|
||||||||||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||||||||||
(In thousands)
|
|
Guaranteed deposit account
|
|
Limited partnerships
|
|
Guaranteed deposit account
|
|
Limited partnerships
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of year
|
|
|
$
|
11,515
|
|
|
|
|
$
|
6,205
|
|
|
|
|
$
|
12,582
|
|
|
|
|
$
|
5,292
|
|
|
Net increases (decreases) included in plan statement of change in net assets available for benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net operating fees and expenses
|
|
|
(376
|
)
|
|
|
|
(88
|
)
|
|
|
|
(267
|
)
|
|
|
|
(93
|
)
|
|
||||
Net appreciation (depreciation) in fair value of investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Realized
|
|
|
—
|
|
|
|
|
539
|
|
|
|
|
—
|
|
|
|
|
211
|
|
|
||||
Unrealized
|
|
|
(628
|
)
|
|
|
|
157
|
|
|
|
|
375
|
|
|
|
|
925
|
|
|
||||
Interest and dividends
|
|
|
284
|
|
|
|
|
—
|
|
|
|
|
359
|
|
|
|
|
—
|
|
|
||||
Purchases
|
|
|
10,428
|
|
|
|
|
1,110
|
|
|
|
|
9,995
|
|
|
|
|
1,014
|
|
|
||||
Sales
|
|
|
(11,739
|
)
|
|
|
|
—
|
|
|
|
|
(11,529
|
)
|
|
|
|
—
|
|
|
||||
Settlements
|
|
|
—
|
|
|
|
|
(1,744
|
)
|
|
|
|
—
|
|
|
|
|
(1,144
|
)
|
|
||||
Balance at end of year
|
|
|
$
|
9,484
|
|
|
|
|
$
|
6,179
|
|
|
|
|
$
|
11,515
|
|
|
|
|
$
|
6,205
|
|
|
20.
|
FAIR VALUE
|
(In thousands)
|
December 31, 2015
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Investment securities:
|
|
|
|
|
|
|
|
||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury, agencies and corporations
|
$
|
—
|
|
|
$
|
7,100,844
|
|
|
$
|
—
|
|
|
$
|
7,100,844
|
|
Municipal securities
|
|
|
418,695
|
|
|
|
|
|
418,695
|
|
|||||
Other debt securities
|
|
|
22,941
|
|
|
|
|
|
22,941
|
|
|||||
Money market mutual funds and other
|
61,807
|
|
|
38,829
|
|
|
|
|
100,636
|
|
|||||
|
61,807
|
|
|
7,581,309
|
|
|
—
|
|
|
7,643,116
|
|
||||
Trading account
|
|
|
48,168
|
|
|
|
|
48,168
|
|
||||||
Other noninterest-bearing investments:
|
|
|
|
|
|
|
|
||||||||
Bank-owned life insurance
|
|
|
485,978
|
|
|
|
|
485,978
|
|
||||||
Private equity investments
|
|
|
|
|
|
120,027
|
|
|
120,027
|
|
|||||
Other assets:
|
|
|
|
|
|
|
|
||||||||
Agriculture loan servicing and interest-only strips
|
|
|
|
|
13,514
|
|
|
13,514
|
|
||||||
Deferred compensation plan assets
|
84,570
|
|
|
|
|
|
|
84,570
|
|
||||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Interest rate related and other
|
|
|
5,966
|
|
|
|
|
5,966
|
|
||||||
Interest rate swaps for customers
|
|
|
51,353
|
|
|
|
|
51,353
|
|
||||||
Foreign currency exchange contracts
|
20,824
|
|
|
|
|
|
|
20,824
|
|
||||||
|
20,824
|
|
|
57,319
|
|
|
|
|
78,143
|
|
|||||
|
$
|
167,201
|
|
|
$
|
8,172,774
|
|
|
$
|
133,541
|
|
|
$
|
8,473,516
|
|
LIABILITIES
|
|
|
|
|
|
|
|
||||||||
Securities sold, not yet purchased
|
$
|
30,158
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,158
|
|
Other liabilities:
|
|
|
|
|
|
|
|
||||||||
Deferred compensation plan obligations
|
84,570
|
|
|
|
|
|
|
84,570
|
|
||||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Interest rate related and other
|
|
|
835
|
|
|
|
|
835
|
|
||||||
Interest rate swaps for customers
|
|
|
53,843
|
|
|
|
|
53,843
|
|
||||||
Foreign currency exchange contracts
|
17,761
|
|
|
|
|
|
|
17,761
|
|
||||||
|
17,761
|
|
|
54,678
|
|
|
—
|
|
|
72,439
|
|
||||
Other
|
|
|
|
|
|
|
|
—
|
|
||||||
|
$
|
132,489
|
|
|
$
|
54,678
|
|
|
$
|
—
|
|
|
$
|
187,167
|
|
(In thousands)
|
December 31, 2014
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Investment securities:
|
|
|
|
|
|
|
|
||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury, agencies and corporations
|
$
|
—
|
|
|
$
|
3,098,208
|
|
|
$
|
—
|
|
|
$
|
3,098,208
|
|
Municipal securities
|
|
|
185,093
|
|
|
4,164
|
|
|
189,257
|
|
|||||
Asset-backed securities:
|
|
|
|
|
|
|
|
||||||||
Trust preferred – banks and insurance
|
|
|
22,701
|
|
|
393,007
|
|
|
415,708
|
|
|||||
Auction rate
|
|
|
|
|
4,761
|
|
|
4,761
|
|
||||||
Other
|
|
|
666
|
|
|
25
|
|
|
691
|
|
|||||
Money market mutual funds and other
|
105,348
|
|
|
30,275
|
|
|
|
|
135,623
|
|
|||||
|
105,348
|
|
|
3,336,943
|
|
|
401,957
|
|
|
3,844,248
|
|
||||
Trading account
|
|
|
70,601
|
|
|
|
|
70,601
|
|
||||||
Other noninterest-bearing investments:
|
|
|
|
|
|
|
|
||||||||
Bank-owned life insurance
|
|
|
476,290
|
|
|
|
|
476,290
|
|
||||||
Private equity investments
|
|
|
|
|
|
97,649
|
|
|
97,649
|
|
|||||
Other assets:
|
|
|
|
|
|
|
|
|
|||||||
Agriculture loan servicing and interest-only strips
|
|
|
|
|
12,227
|
|
|
12,227
|
|
||||||
Deferred compensation plan assets
|
88,878
|
|
|
|
|
|
|
88,878
|
|
||||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Interest rate related and other
|
|
|
1,508
|
|
|
|
|
1,508
|
|
||||||
Interest rate swaps for customers
|
|
|
48,287
|
|
|
|
|
48,287
|
|
||||||
Foreign currency exchange contracts
|
16,625
|
|
|
|
|
|
|
16,625
|
|
||||||
|
16,625
|
|
|
49,795
|
|
|
|
|
66,420
|
|
|||||
|
$
|
210,851
|
|
|
$
|
3,933,629
|
|
|
$
|
511,833
|
|
|
$
|
4,656,313
|
|
LIABILITIES
|
|
|
|
|
|
|
|
||||||||
Securities sold, not yet purchased
|
$
|
24,230
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
24,230
|
|
Other liabilities:
|
|
|
|
|
|
|
|
|
|||||||
Deferred compensation plan obligations
|
88,878
|
|
|
|
|
|
|
88,878
|
|
||||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Interest rate related and other
|
|
|
297
|
|
|
|
|
297
|
|
||||||
Interest rate swaps for customers
|
|
|
50,669
|
|
|
|
|
50,669
|
|
||||||
Foreign currency exchange contracts
|
15,272
|
|
|
|
|
|
|
15,272
|
|
||||||
|
15,272
|
|
|
50,966
|
|
|
—
|
|
|
66,238
|
|
||||
Other
|
|
|
|
|
13
|
|
|
13
|
|
||||||
|
$
|
128,380
|
|
|
$
|
50,966
|
|
|
$
|
13
|
|
|
$
|
179,359
|
|
|
Level 3 Instruments
|
||||||||||||||||||||||
|
Year Ended December 31, 2015
|
||||||||||||||||||||||
(In thousands)
|
Municipal
securities |
|
Trust
preferred – banks and insurance |
|
Other
|
|
Private
equity investments |
|
Ag loan svcg and int-only strips
|
|
Derivatives
and other liabilities |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at December 31, 2014
|
$
|
4,164
|
|
|
$
|
393,007
|
|
|
$
|
4,761
|
|
|
$
|
97,649
|
|
|
$
|
12,227
|
|
|
$
|
(12
|
)
|
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Statement of income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accretion of purchase discount on securities available-for-sale
|
3
|
|
|
471
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Dividends and other investment loss
|
|
|
|
|
|
|
(3,657
|
)
|
|
|
|
|
|||||||||||
Equity securities gains, net
|
|
|
|
|
|
|
7,270
|
|
|
|
|
|
|||||||||||
Fixed income securities losses, net
|
(344
|
)
|
|
(136,691
|
)
|
|
(606
|
)
|
|
|
|
|
|
|
|||||||||
Other noninterest income
|
|
|
|
|
|
|
|
|
1,480
|
|
|
|
|||||||||||
Other noninterest expense
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|||||||||||
Other comprehensive income (loss)
|
687
|
|
|
141,547
|
|
|
(74
|
)
|
|
|
|
|
|
|
|||||||||
Fair Value of HTM securities reclassified as AFS
|
|
|
57,308
|
|
|
|
|
|
|
|
|
|
|||||||||||
Purchases
|
|
|
|
|
|
|
24,898
|
|
|
993
|
|
|
|
||||||||||
Sales
|
(2,651
|
)
|
|
(440,055
|
)
|
|
(4,081
|
)
|
|
(4,107
|
)
|
|
|
|
|
||||||||
Redemptions and paydowns
|
(1,859
|
)
|
|
(15,587
|
)
|
|
|
|
|
(2,026
|
)
|
|
(1,186
|
)
|
|
|
|
||||||
Balance at December 31, 2015
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
120,027
|
|
|
$
|
13,514
|
|
|
$
|
—
|
|
|
Level 3 Instruments
|
||||||||||||||||||||||||||||||
|
Year Ended December 31, 2014
|
||||||||||||||||||||||||||||||
(In thousands)
|
Municipal
securities |
|
Trust
preferred – banks and insurance |
|
Trust
preferred – REIT 1 |
|
Auction
rate |
|
Other
asset-backed |
|
Private
equity investments |
|
Ag loan svcg and int-only strips
|
|
Derivatives
and other liabilities |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 31, 2013
|
$
|
10,662
|
|
|
$
|
1,238,820
|
|
|
$
|
22,996
|
|
|
$
|
6,599
|
|
|
$
|
25,800
|
|
|
$
|
82,410
|
|
|
$
|
8,852
|
|
|
$
|
(4,303
|
)
|
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Statement of income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Accretion of purchase discount on securities available-for-sale
|
32
|
|
|
2,151
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Dividends and other investment income
|
|
|
|
|
|
|
|
|
|
|
3,976
|
|
|
|
|
|
|||||||||||||||
Fair value and nonhedge derivative loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,894
|
)
|
|||||||||||||||
Equity securities gains, net
|
|
|
|
|
|
|
|
|
|
|
5,869
|
|
|
|
|
|
|||||||||||||||
Fixed income securities gains (losses), net
|
126
|
|
|
(3,097
|
)
|
|
1,399
|
|
|
50
|
|
|
10,917
|
|
|
|
|
|
|
|
|||||||||||
Other noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
857
|
|
|
|
|||||||||||||||
Other noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
228
|
|
|||||||||||||||
Other comprehensive income (loss)
|
(376
|
)
|
|
146,303
|
|
|
|
|
|
(19
|
)
|
|
(15
|
)
|
|
|
|
|
|
|
|||||||||||
Purchases
|
|
|
|
|
|
|
|
|
|
|
21,768
|
|
|
3,351
|
|
|
|
||||||||||||||
Sales
|
(5,679
|
)
|
|
(818,647
|
)
|
|
(24,395
|
)
|
|
(922
|
)
|
|
(36,670
|
)
|
|
(10,448
|
)
|
|
|
|
|
||||||||||
Redemptions and paydowns
|
(601
|
)
|
|
(103,330
|
)
|
|
|
|
(950
|
)
|
|
(7
|
)
|
|
(5,926
|
)
|
|
(833
|
)
|
|
11,956
|
|
|||||||||
Transfers to Level 2
|
|
|
(69,193
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at December 31, 2014
|
$
|
4,164
|
|
|
$
|
393,007
|
|
|
$
|
—
|
|
|
$
|
4,761
|
|
|
$
|
25
|
|
|
$
|
97,649
|
|
|
$
|
12,227
|
|
|
$
|
(13
|
)
|
1
|
Real Estate Investment Trust
|
(In thousands)
|
Year Ended
December 31,
|
||||||
2015
|
|
2014
|
|||||
|
|
|
|
||||
Dividends and other investment income (loss)
|
$
|
(2
|
)
|
|
$
|
518
|
|
Equity securities losses, net
|
(11,311
|
)
|
|
—
|
|
||
Fixed income securities gains (losses), net
|
(137,641
|
)
|
|
9,395
|
|
(In thousands)
|
Fair value at December 31, 2015
|
|
Gains (losses) from
fair value changes
Year Ended
December 31, 2015
|
||||||||||||||||||
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Private equity investments, carried at cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,707
|
|
|
$
|
10,707
|
|
|
|
$
|
(5,119
|
)
|
|
Impaired loans
|
—
|
|
|
10,991
|
|
|
—
|
|
|
10,991
|
|
|
|
(12,039
|
)
|
|
|||||
Other real estate owned
|
—
|
|
|
2,388
|
|
|
—
|
|
|
2,388
|
|
|
|
(2,467
|
)
|
|
|||||
|
$
|
—
|
|
|
$
|
13,379
|
|
|
$
|
10,707
|
|
|
$
|
24,086
|
|
|
|
$
|
(19,625
|
)
|
|
(In thousands)
|
Fair value at December 31, 2014
|
|
Gains (losses) from
fair value changes Year Ended December 31, 2014
|
||||||||||||||||||
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Private equity investments, carried at cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,454
|
|
|
$
|
23,454
|
|
|
|
$
|
(2,527
|
)
|
|
Impaired loans
|
—
|
|
|
19,453
|
|
|
—
|
|
|
19,453
|
|
|
|
(9,776
|
)
|
|
|||||
Other real estate owned
|
—
|
|
|
8,034
|
|
|
—
|
|
|
8,034
|
|
|
|
(6,784
|
)
|
|
|||||
|
$
|
—
|
|
|
$
|
27,487
|
|
|
$
|
23,454
|
|
|
$
|
50,941
|
|
|
|
$
|
(19,087
|
)
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||
(Amounts in thousands)
|
Carrying
value
|
|
Estimated
fair value
|
|
Level
|
|
Carrying
value
|
|
Estimated
fair value
|
|
Level
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
HTM investment securities
|
$
|
545,648
|
|
|
$
|
552,088
|
|
|
2
|
|
$
|
647,252
|
|
|
$
|
677,196
|
|
|
3
|
Loans and leases (including loans held for sale), net of allowance
|
40,193,374
|
|
|
39,535,365
|
|
|
3
|
|
39,591,499
|
|
|
39,426,141
|
|
|
3
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Time deposits
|
2,130,680
|
|
|
2,129,742
|
|
|
2
|
|
2,406,924
|
|
|
2,408,550
|
|
|
2
|
||||
Foreign deposits
|
294,391
|
|
|
294,321
|
|
|
2
|
|
328,391
|
|
|
328,447
|
|
|
2
|
||||
Long-term debt (less fair value hedges)
|
817,348
|
|
|
838,796
|
|
|
2
|
|
1,090,778
|
|
|
1,159,287
|
|
|
2
|
21.
|
OPERATING SEGMENT INFORMATION
|
(In millions)
|
Zions Bank
|
|
Amegy
|
|
CB&T
|
||||||||||||||||||||||||||||||
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||
CONDENSED INCOME STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net interest income
|
$
|
583.0
|
|
|
$
|
581.4
|
|
|
$
|
595.0
|
|
|
$
|
398.0
|
|
|
$
|
386.8
|
|
|
$
|
386.5
|
|
|
$
|
390.8
|
|
|
$
|
412.5
|
|
|
$
|
469.0
|
|
Provision for loan losses
|
(28.3
|
)
|
|
(58.5
|
)
|
|
(40.5
|
)
|
|
91.3
|
|
|
32.2
|
|
|
4.2
|
|
|
(4.4
|
)
|
|
(20.1
|
)
|
|
(16.7
|
)
|
|||||||||
Net interest income after provision for loan losses
|
611.3
|
|
|
639.9
|
|
|
635.5
|
|
|
306.7
|
|
|
354.6
|
|
|
382.3
|
|
|
395.2
|
|
|
432.6
|
|
|
485.7
|
|
|||||||||
Net impairment losses on investment securities
|
—
|
|
|
—
|
|
|
(7.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Loss on sale of investment securities to Parent
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other noninterest income
|
136.3
|
|
|
206.4
|
|
|
199.9
|
|
|
137.9
|
|
|
140.4
|
|
|
137.0
|
|
|
74.1
|
|
|
53.9
|
|
|
79.3
|
|
|||||||||
Noninterest expense
|
514.7
|
|
|
494.3
|
|
|
481.4
|
|
|
379.8
|
|
|
357.3
|
|
|
333.3
|
|
|
295.9
|
|
|
321.3
|
|
|
352.4
|
|
|||||||||
Income (loss) before income taxes and minority interest
|
232.9
|
|
|
352.0
|
|
|
346.3
|
|
|
64.8
|
|
|
137.7
|
|
|
186.0
|
|
|
173.4
|
|
|
165.2
|
|
|
212.6
|
|
|||||||||
Income tax expense (benefit)
|
82.6
|
|
|
130.4
|
|
|
121.7
|
|
|
20.0
|
|
|
44.5
|
|
|
58.6
|
|
|
67.2
|
|
|
63.9
|
|
|
72.5
|
|
|||||||||
Net income (loss)
|
150.3
|
|
|
221.6
|
|
|
224.6
|
|
|
44.8
|
|
|
93.2
|
|
|
127.4
|
|
|
106.2
|
|
|
101.3
|
|
|
140.1
|
|
|||||||||
Net income (loss) applicable to noncontrolling interests
|
0.9
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Net income (loss) applicable to controlling interest
|
$
|
149.4
|
|
|
$
|
220.4
|
|
|
$
|
224.6
|
|
|
$
|
44.8
|
|
|
$
|
93.2
|
|
|
$
|
127.4
|
|
|
$
|
106.2
|
|
|
$
|
101.3
|
|
|
$
|
140.1
|
|
YEAR-END BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total assets
|
$
|
19,744
|
|
|
$
|
19,079
|
|
|
$
|
18,590
|
|
|
$
|
14,062
|
|
|
$
|
13,888
|
|
|
$
|
13,620
|
|
|
$
|
12,187
|
|
|
$
|
11,340
|
|
|
$
|
10,923
|
|
Cash and due from banks
|
375
|
|
|
385
|
|
|
362
|
|
|
228
|
|
|
219
|
|
|
407
|
|
|
56
|
|
|
85
|
|
|
157
|
|
|||||||||
Money market investments
|
1,118
|
|
|
3,384
|
|
|
3,890
|
|
|
2,072
|
|
|
2,199
|
|
|
2,551
|
|
|
1,814
|
|
|
1,670
|
|
|
1,108
|
|
|||||||||
Total securities
|
5,103
|
|
|
2,331
|
|
|
1,520
|
|
|
465
|
|
|
277
|
|
|
362
|
|
|
714
|
|
|
296
|
|
|
331
|
|
|||||||||
Total loans
|
12,334
|
|
|
12,251
|
|
|
12,259
|
|
|
10,115
|
|
|
10,077
|
|
|
9,217
|
|
|
8,832
|
|
|
8,530
|
|
|
8,574
|
|
|||||||||
Total deposits
|
16,900
|
|
|
16,633
|
|
|
16,257
|
|
|
11,634
|
|
|
11,491
|
|
|
11,199
|
|
|
10,520
|
|
|
9,707
|
|
|
9,328
|
|
|||||||||
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Preferred equity
|
280
|
|
|
280
|
|
|
280
|
|
|
226
|
|
|
226
|
|
|
226
|
|
|
162
|
|
|
162
|
|
|
162
|
|
|||||||||
Common equity
|
1,693
|
|
|
1,615
|
|
|
1,523
|
|
|
2,030
|
|
|
1,998
|
|
|
1,988
|
|
|
1,424
|
|
|
1,390
|
|
|
1,342
|
|
|||||||||
Noncontrolling interests
|
32
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total shareholders’ equity
|
2,005
|
|
|
1,906
|
|
|
1,803
|
|
|
2,256
|
|
|
2,224
|
|
|
2,214
|
|
|
1,586
|
|
|
1,552
|
|
|
1,504
|
|
(In millions)
|
NBAZ
|
|
NSB
|
|
Vectra
|
||||||||||||||||||||||||||||||
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||
CONDENSED INCOME STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net interest income
|
$
|
160.6
|
|
|
$
|
162.0
|
|
|
$
|
163.0
|
|
|
$
|
112.9
|
|
|
$
|
112.9
|
|
|
$
|
113.6
|
|
|
$
|
103.7
|
|
|
$
|
102.1
|
|
|
$
|
102.7
|
|
Provision for loan losses
|
7.9
|
|
|
(21.5
|
)
|
|
(15.0
|
)
|
|
(28.3
|
)
|
|
(20.9
|
)
|
|
(12.0
|
)
|
|
4.7
|
|
|
(8.4
|
)
|
|
(4.9
|
)
|
|||||||||
Net interest income after provision for loan losses
|
152.7
|
|
|
183.5
|
|
|
178.0
|
|
|
141.2
|
|
|
133.8
|
|
|
125.6
|
|
|
99.0
|
|
|
110.5
|
|
|
107.6
|
|
|||||||||
Net impairment losses on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.3
|
)
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|||||||||
Loss on sale of investment securities to Parent
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other noninterest income
|
38.6
|
|
|
36.0
|
|
|
35.0
|
|
|
35.7
|
|
|
32.2
|
|
|
37.8
|
|
|
21.0
|
|
|
19.9
|
|
|
24.6
|
|
|||||||||
Noninterest expense
|
131.5
|
|
|
145.1
|
|
|
142.7
|
|
|
129.5
|
|
|
132.8
|
|
|
131.8
|
|
|
97.2
|
|
|
98.3
|
|
|
99.5
|
|
|||||||||
Income (loss) before income taxes and minority interest
|
59.8
|
|
|
74.4
|
|
|
70.3
|
|
|
47.4
|
|
|
33.2
|
|
|
28.3
|
|
|
22.8
|
|
|
32.1
|
|
|
32.6
|
|
|||||||||
Income tax expense (benefit)
|
17.8
|
|
|
27.9
|
|
|
26.4
|
|
|
15.9
|
|
|
10.9
|
|
|
9.5
|
|
|
7.1
|
|
|
10.7
|
|
|
11.2
|
|
|||||||||
Net income (loss)
|
42.0
|
|
|
46.5
|
|
|
43.9
|
|
|
31.5
|
|
|
22.3
|
|
|
18.8
|
|
|
15.7
|
|
|
21.4
|
|
|
21.4
|
|
|||||||||
Net income (loss) applicable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Net income (loss) applicable to controlling interest
|
$
|
42.0
|
|
|
$
|
46.5
|
|
|
$
|
43.9
|
|
|
$
|
31.5
|
|
|
$
|
22.3
|
|
|
$
|
18.8
|
|
|
$
|
15.7
|
|
|
$
|
21.4
|
|
|
$
|
21.4
|
|
YEAR-END BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total assets
|
$
|
5,024
|
|
|
$
|
4,771
|
|
|
$
|
4,579
|
|
|
$
|
4,441
|
|
|
$
|
4,096
|
|
|
$
|
3,980
|
|
|
$
|
3,310
|
|
|
$
|
2,999
|
|
|
$
|
2,571
|
|
Cash and due from banks
|
80
|
|
|
51
|
|
|
77
|
|
|
54
|
|
|
51
|
|
|
79
|
|
|
32
|
|
|
28
|
|
|
51
|
|
|||||||||
Money market investments
|
238
|
|
|
371
|
|
|
221
|
|
|
1,036
|
|
|
655
|
|
|
710
|
|
|
475
|
|
|
407
|
|
|
6
|
|
|||||||||
Total securities
|
601
|
|
|
395
|
|
|
362
|
|
|
920
|
|
|
831
|
|
|
774
|
|
|
274
|
|
|
179
|
|
|
166
|
|
|||||||||
Total loans
|
3,909
|
|
|
3,750
|
|
|
3,724
|
|
|
2,285
|
|
|
2,421
|
|
|
2,297
|
|
|
2,468
|
|
|
2,320
|
|
|
2,278
|
|
|||||||||
Total deposits
|
4,369
|
|
|
4,133
|
|
|
3,931
|
|
|
4,035
|
|
|
3,690
|
|
|
3,590
|
|
|
2,889
|
|
|
2,591
|
|
|
2,178
|
|
|||||||||
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Preferred equity
|
85
|
|
|
85
|
|
|
120
|
|
|
50
|
|
|
50
|
|
|
50
|
|
|
25
|
|
|
25
|
|
|
70
|
|
|||||||||
Common equity
|
522
|
|
|
481
|
|
|
418
|
|
|
330
|
|
|
332
|
|
|
317
|
|
|
331
|
|
|
315
|
|
|
246
|
|
|||||||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total shareholders’ equity
|
607
|
|
|
566
|
|
|
538
|
|
|
380
|
|
|
382
|
|
|
367
|
|
|
356
|
|
|
340
|
|
|
316
|
|
(In millions)
|
TCBW
|
|
Other
|
|
Consolidated Company
|
||||||||||||||||||||||||||||||
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||
CONDENSED INCOME STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net interest income
|
$
|
30.2
|
|
|
$
|
31.5
|
|
|
$
|
30.1
|
|
|
$
|
(63.9
|
)
|
|
$
|
(109.2
|
)
|
|
$
|
(163.6
|
)
|
|
$
|
1,715.3
|
|
|
$
|
1,680.0
|
|
|
$
|
1,696.3
|
|
Provision for loan losses
|
(2.9
|
)
|
|
(0.9
|
)
|
|
(2.3
|
)
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
40.0
|
|
|
(98.1
|
)
|
|
(87.1
|
)
|
|||||||||
Net interest income after provision for
loan losses
|
33.1
|
|
|
32.4
|
|
|
32.4
|
|
|
(63.9
|
)
|
|
(109.2
|
)
|
|
(163.7
|
)
|
|
1,675.3
|
|
|
1,778.1
|
|
|
1,783.4
|
|
|||||||||
Net impairment losses on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(154.0
|
)
|
|
—
|
|
|
—
|
|
|
(165.1
|
)
|
|||||||||
Loss on sale of investment securities to Parent
|
—
|
|
|
—
|
|
|
(2.7
|
)
|
|
—
|
|
|
—
|
|
|
2.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other noninterest income
|
4.8
|
|
|
2.5
|
|
|
4.6
|
|
|
(71.3
|
)
|
|
17.3
|
|
|
(15.7
|
)
|
|
377.1
|
|
|
508.6
|
|
|
502.5
|
|
|||||||||
Noninterest expense
|
16.5
|
|
|
33.4
|
|
|
22.2
|
|
|
35.4
|
|
|
82.8
|
|
|
151.1
|
|
|
1,600.5
|
|
|
1,665.3
|
|
|
1,714.4
|
|
|||||||||
Income (loss) before income taxes and minority interest
|
21.4
|
|
|
1.5
|
|
|
12.1
|
|
|
(170.6
|
)
|
|
(174.7
|
)
|
|
(481.8
|
)
|
|
451.9
|
|
|
621.4
|
|
|
406.4
|
|
|||||||||
Income tax expense (benefit)
|
7.2
|
|
|
0.5
|
|
|
4.2
|
|
|
(75.4
|
)
|
|
(65.9
|
)
|
|
(161.2
|
)
|
|
142.4
|
|
|
222.9
|
|
|
142.9
|
|
|||||||||
Net income (loss)
|
14.2
|
|
|
1.0
|
|
|
7.9
|
|
|
(95.2
|
)
|
|
(108.8
|
)
|
|
(320.6
|
)
|
|
309.5
|
|
|
398.5
|
|
|
263.5
|
|
|||||||||
Net income (loss) applicable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
|
(1.2
|
)
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|||||||||
Net income (loss) applicable to controlling interest
|
$
|
14.2
|
|
|
$
|
1.0
|
|
|
$
|
7.9
|
|
|
$
|
(94.3
|
)
|
|
$
|
(107.6
|
)
|
|
$
|
(320.3
|
)
|
|
$
|
309.5
|
|
|
$
|
398.5
|
|
|
$
|
263.8
|
|
YEAR-END BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total assets
|
$
|
1,198
|
|
|
$
|
970
|
|
|
$
|
1,010
|
|
|
$
|
(296
|
)
|
|
$
|
66
|
|
|
$
|
758
|
|
|
$
|
59,670
|
|
|
$
|
57,209
|
|
|
$
|
56,031
|
|
Cash and due from banks
|
22
|
|
|
34
|
|
|
31
|
|
|
(49
|
)
|
|
(11
|
)
|
|
9
|
|
|
798
|
|
|
842
|
|
|
1,173
|
|
|||||||||
Money market investments
|
349
|
|
|
123
|
|
|
182
|
|
|
(374
|
)
|
|
(245
|
)
|
|
(209
|
)
|
|
6,728
|
|
|
8,564
|
|
|
8,459
|
|
|||||||||
Total securities
|
110
|
|
|
83
|
|
|
93
|
|
|
50
|
|
|
170
|
|
|
717
|
|
|
8,237
|
|
|
4,562
|
|
|
4,325
|
|
|||||||||
Total loans
|
704
|
|
|
713
|
|
|
689
|
|
|
3
|
|
|
2
|
|
|
5
|
|
|
40,650
|
|
|
40,064
|
|
|
39,043
|
|
|||||||||
Total deposits
|
986
|
|
|
816
|
|
|
845
|
|
|
(959
|
)
|
|
(1,213
|
)
|
|
(965
|
)
|
|
50,374
|
|
|
47,848
|
|
|
46,363
|
|
|||||||||
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Preferred equity
|
3
|
|
|
3
|
|
|
3
|
|
|
(2
|
)
|
|
173
|
|
|
93
|
|
|
829
|
|
|
1,004
|
|
|
1,004
|
|
|||||||||
Common equity
|
116
|
|
|
103
|
|
|
101
|
|
|
233
|
|
|
132
|
|
|
(474
|
)
|
|
6,679
|
|
|
6,366
|
|
|
5,461
|
|
|||||||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total shareholders’ equity
|
119
|
|
|
106
|
|
|
104
|
|
|
199
|
|
|
294
|
|
|
(381
|
)
|
|
7,508
|
|
|
7,370
|
|
|
6,465
|
|
22.
|
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
|
|
|
Quarters
|
|
|
||||||||||||||||
(In thousands, except per share amounts)
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
Year
|
||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross interest income
|
|
$
|
448,446
|
|
|
$
|
455,236
|
|
|
$
|
456,230
|
|
|
$
|
473,559
|
|
|
$
|
1,833,471
|
|
Net interest income
|
|
417,346
|
|
|
423,704
|
|
|
425,377
|
|
|
448,833
|
|
|
1,715,260
|
|
|||||
Provision for loan losses
|
|
(1,494
|
)
|
|
566
|
|
|
18,262
|
|
|
22,701
|
|
|
40,035
|
|
|||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities gains (losses), net
|
|
3,114
|
|
|
(133,597
|
)
|
|
3,577
|
|
|
46
|
|
|
(126,860
|
)
|
|||||
Other noninterest income
|
|
118,708
|
|
|
134,018
|
|
|
127,236
|
|
|
124,018
|
|
|
503,980
|
|
|||||
Noninterest expense
|
|
397,461
|
|
|
404,100
|
|
|
396,149
|
|
|
402,776
|
|
|
1,600,486
|
|
|||||
Income before income taxes
|
|
143,201
|
|
|
19,459
|
|
|
141,779
|
|
|
147,420
|
|
|
451,859
|
|
|||||
Net income
|
|
92,025
|
|
|
13,960
|
|
|
100,999
|
|
|
102,487
|
|
|
309,471
|
|
|||||
Preferred stock dividends
|
|
(16,746
|
)
|
|
(15,060
|
)
|
|
(16,761
|
)
|
|
(14,290
|
)
|
|
(62,857
|
)
|
|||||
Net earnings (loss) applicable to common shareholders
|
|
75,279
|
|
|
(1,100
|
)
|
|
84,238
|
|
|
88,197
|
|
|
246,614
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
0.37
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.41
|
|
|
$
|
0.43
|
|
|
$
|
1.20
|
|
Diluted
|
|
0.37
|
|
|
(0.01
|
)
|
|
0.41
|
|
|
0.43
|
|
|
1.20
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross interest income
|
|
$
|
467,574
|
|
|
$
|
463,192
|
|
|
$
|
460,276
|
|
|
$
|
461,960
|
|
|
$
|
1,853,002
|
|
Net interest income
|
|
416,471
|
|
|
416,284
|
|
|
416,819
|
|
|
430,430
|
|
|
1,680,004
|
|
|||||
Provision for loan losses
|
|
(610
|
)
|
|
(54,416
|
)
|
|
(54,643
|
)
|
|
11,587
|
|
|
(98,082
|
)
|
|||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net impairment losses on investment securities
|
|
(27
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27
|
)
|
|||||
Investment securities gains (losses), net
|
|
31,826
|
|
|
7,539
|
|
|
(13,461
|
)
|
|
(2,014
|
)
|
|
23,890
|
|
|||||
Other noninterest income
|
|
106,514
|
|
|
117,310
|
|
|
129,532
|
|
|
131,410
|
|
|
484,766
|
|
|||||
Noninterest expense
|
|
398,063
|
|
|
406,027
|
|
|
438,536
|
|
|
422,666
|
|
|
1,665,292
|
|
|||||
Income before income taxes
|
|
157,331
|
|
|
189,522
|
|
|
148,997
|
|
|
125,573
|
|
|
621,423
|
|
|||||
Net income
|
|
101,210
|
|
|
119,550
|
|
|
95,888
|
|
|
81,814
|
|
|
398,462
|
|
|||||
Preferred stock dividends
|
|
(25,020
|
)
|
|
(15,060
|
)
|
|
(16,761
|
)
|
|
(15,053
|
)
|
|
(71,894
|
)
|
|||||
Net earnings applicable to common shareholders
|
|
76,190
|
|
|
104,490
|
|
|
79,127
|
|
|
66,761
|
|
|
326,568
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
0.41
|
|
|
$
|
0.56
|
|
|
$
|
0.40
|
|
|
$
|
0.33
|
|
|
$
|
1.68
|
|
Diluted
|
|
0.41
|
|
|
0.56
|
|
|
0.40
|
|
|
0.33
|
|
|
1.68
|
|
23.
|
PARENT COMPANY FINANCIAL INFORMATION
|
(In thousands)
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
|||||
ASSETS
|
|
|
|
|
||||
Cash and due from banks
|
|
$
|
18,375
|
|
|
$
|
23,774
|
|
Interest-bearing deposits
|
|
775,649
|
|
|
1,007,916
|
|
||
Security resell agreements
|
|
100,000
|
|
|
—
|
|
||
Investment securities:
|
|
|
|
|
||||
Held-to-maturity, at adjusted cost (approximate fair value $0 and $34,691)
|
|
—
|
|
|
17,292
|
|
||
Available-for-sale, at fair value
|
|
45,168
|
|
|
130,964
|
|
||
Other noninterest-bearing investments
|
|
28,178
|
|
|
33,577
|
|
||
Investments in subsidiaries:
|
|
|
|
|
||||
Commercial bank
|
|
7,312,654
|
|
|
7,094,597
|
|
||
Other subsidiaries
|
|
84,010
|
|
|
94,681
|
|
||
Receivables from subsidiaries:
|
|
|
|
|
||||
Other subsidiaries
|
|
60
|
|
|
15,060
|
|
||
Other assets
|
|
83,710
|
|
|
106,233
|
|
||
|
|
$
|
8,447,804
|
|
|
$
|
8,524,094
|
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
||||
Other liabilities
|
|
$
|
123,849
|
|
|
$
|
85,480
|
|
Subordinated debt to affiliated trusts
|
|
164,950
|
|
|
168,043
|
|
||
Long-term debt:
|
|
|
|
|
||||
Due to affiliates
|
|
—
|
|
|
20
|
|
||
Due to others
|
|
651,486
|
|
|
901,021
|
|
||
Total liabilities
|
|
940,285
|
|
|
1,154,564
|
|
||
Shareholders’ equity:
|
|
|
|
|
||||
Preferred stock
|
|
828,490
|
|
|
1,004,011
|
|
||
Common stock
|
|
4,766,731
|
|
|
4,723,855
|
|
||
Retained earnings
|
|
1,966,910
|
|
|
1,769,705
|
|
||
Accumulated other comprehensive loss
|
|
(54,612
|
)
|
|
(128,041
|
)
|
||
Total shareholders’ equity
|
|
7,507,519
|
|
|
7,369,530
|
|
||
|
|
$
|
8,447,804
|
|
|
$
|
8,524,094
|
|
(In thousands)
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
|||||||
Interest income:
|
|
|
|
|
|
|
||||||
Commercial bank
|
|
$
|
1,162
|
|
|
$
|
1,489
|
|
|
$
|
862
|
|
Other subsidiaries
|
|
3
|
|
|
16
|
|
|
—
|
|
|||
Other loans and securities
|
|
3,014
|
|
|
10,900
|
|
|
17,764
|
|
|||
Total interest income
|
|
4,179
|
|
|
12,405
|
|
|
18,626
|
|
|||
Interest expense:
|
|
|
|
|
|
|
||||||
Affiliated trusts
|
|
4,308
|
|
|
4,265
|
|
|
12,202
|
|
|||
Other borrowed funds
|
|
63,665
|
|
|
117,700
|
|
|
172,480
|
|
|||
Total interest expense
|
|
67,973
|
|
|
121,965
|
|
|
184,682
|
|
|||
Net interest loss
|
|
(63,794
|
)
|
|
(109,560
|
)
|
|
(166,056
|
)
|
|||
Provision for loan losses
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|||
Net interest loss after provision for loan losses
|
|
(63,794
|
)
|
|
(109,560
|
)
|
|
(166,033
|
)
|
|||
|
|
|
|
|
|
|
||||||
Other income:
|
|
|
|
|
|
|
||||||
Dividends from consolidated subsidiaries:
|
|
|
|
|
|
|
||||||
Commercial bank
|
|
233,853
|
|
|
236,012
|
|
|
421,406
|
|
|||
Other subsidiaries
|
|
100
|
|
|
400
|
|
|
200
|
|
|||
Equity and fixed income securities gains (losses), net
|
|
37,161
|
|
|
300,275
|
|
|
(7,332
|
)
|
|||
Net impairment losses on investment securities
|
|
—
|
|
|
—
|
|
|
(95,637
|
)
|
|||
Other income (loss)
|
|
12,512
|
|
|
6,475
|
|
|
(8,285
|
)
|
|||
|
|
283,626
|
|
|
543,162
|
|
|
310,352
|
|
|||
Expenses:
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
|
24,674
|
|
|
17,457
|
|
|
26,014
|
|
|||
Debt extinguishment cost
|
|
135
|
|
|
44,422
|
|
|
120,192
|
|
|||
Other operating expenses
|
|
10,473
|
|
|
10,559
|
|
|
1,436
|
|
|||
|
|
35,282
|
|
|
72,438
|
|
|
147,642
|
|
|||
Income (loss) before income taxes and undistributed
income (loss) of consolidated subsidiaries
|
|
184,550
|
|
|
361,164
|
|
|
(3,323
|
)
|
|||
Income tax expense (benefit)
|
|
(27,140
|
)
|
|
55,865
|
|
|
(135,472
|
)
|
|||
Income before equity in undistributed income of consolidated subsidiaries
|
|
211,690
|
|
|
305,299
|
|
|
132,149
|
|
|||
Equity in undistributed income (loss) of consolidated subsidiaries:
|
|
|
|
|
|
|||||||
Commercial bank
|
|
108,350
|
|
|
97,673
|
|
|
129,562
|
|
|||
Other subsidiaries
|
|
(10,569
|
)
|
|
(4,510
|
)
|
|
2,080
|
|
|||
Net income
|
|
309,471
|
|
|
398,462
|
|
|
263,791
|
|
|||
Preferred stock dividends
|
|
(62,857
|
)
|
|
(71,894
|
)
|
|
(95,512
|
)
|
|||
Preferred stock redemption
|
|
—
|
|
|
—
|
|
|
125,700
|
|
|||
Net earnings applicable to common shareholders
|
|
$
|
246,614
|
|
|
$
|
326,568
|
|
|
$
|
293,979
|
|
(In thousands)
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
309,471
|
|
|
$
|
398,462
|
|
|
$
|
263,791
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Undistributed net income of consolidated subsidiaries
|
|
(97,781
|
)
|
|
(93,163
|
)
|
|
(131,642
|
)
|
|||
Net impairment losses on investment securities
|
|
—
|
|
|
—
|
|
|
95,637
|
|
|||
Debt extinguishment cost
|
|
135
|
|
|
44,422
|
|
|
120,192
|
|
|||
Other, net
|
|
78,580
|
|
|
149,280
|
|
|
69,394
|
|
|||
Net cash provided by operating activities
|
|
290,405
|
|
|
499,001
|
|
|
417,372
|
|
|||
|
|
|
|
|
|
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
||||||
Net decrease (increase) in money market investments
|
|
132,267
|
|
|
(1,007,844
|
)
|
|
650,736
|
|
|||
Collection of advances to subsidiaries
|
|
56,000
|
|
|
15,000
|
|
|
10,000
|
|
|||
Advances to subsidiaries
|
|
(41,000
|
)
|
|
(30,060
|
)
|
|
(10,000
|
)
|
|||
Proceeds from sales and maturities of investment securities
|
|
124,419
|
|
|
372,357
|
|
|
27,916
|
|
|||
Purchases of investment securities
|
|
(46,851
|
)
|
|
—
|
|
|
(4,858
|
)
|
|||
Decrease of investment in subsidiaries
|
|
15,000
|
|
|
6,310
|
|
|
175,000
|
|
|||
Other, net
|
|
4,010
|
|
|
24,319
|
|
|
10,642
|
|
|||
Net cash provided by (used in) investing activities
|
|
243,845
|
|
|
(619,918
|
)
|
|
859,436
|
|
|||
|
|
|
|
|
|
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
||||||
Net change in short-term funds borrowed
|
|
—
|
|
|
—
|
|
|
(3,368
|
)
|
|||
Proceeds from issuance of long-term debt
|
|
—
|
|
|
—
|
|
|
646,408
|
|
|||
Repayments of long-term debt
|
|
(271,120
|
)
|
|
(1,147,641
|
)
|
|
(835,031
|
)
|
|||
Debt extinguishment cost paid
|
|
(135
|
)
|
|
(35,435
|
)
|
|
(45,812
|
)
|
|||
Proceeds from issuance of preferred stock
|
|
—
|
|
|
—
|
|
|
784,318
|
|
|||
Proceeds from issuance of common stock
|
|
22,392
|
|
|
526,438
|
|
|
9,825
|
|
|||
Cash paid for preferred stock redemptions
|
|
(175,669
|
)
|
|
—
|
|
|
(799,468
|
)
|
|||
Dividends paid on preferred stock
|
|
(62,857
|
)
|
|
(64,868
|
)
|
|
(95,512
|
)
|
|||
Dividends paid on common stock
|
|
(45,198
|
)
|
|
(31,262
|
)
|
|
(24,148
|
)
|
|||
Other, net
|
|
(7,062
|
)
|
|
(5,619
|
)
|
|
(16,137
|
)
|
|||
Net cash used in financing activities
|
|
(539,649
|
)
|
|
(758,387
|
)
|
|
(378,925
|
)
|
|||
Net increase (decrease) in cash and due from banks
|
|
(5,399
|
)
|
|
(879,304
|
)
|
|
897,883
|
|
|||
Cash and due from banks at beginning of year
|
|
23,774
|
|
|
903,078
|
|
|
5,195
|
|
|||
Cash and due from banks at end of year
|
|
$
|
18,375
|
|
|
$
|
23,774
|
|
|
$
|
903,078
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
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 2015 Omnibus Incentive Plan
|
|
720,199
|
|
|
|
|
$
|
29.01
|
|
|
|
|
7,523,768
|
|
|
1
|
Column (a) excludes 59,370 shares of unvested restricted stock, 1,798,543 restricted stock units (each unit representing the right to one share of common stock), and 3,062,644 shares of common stock issuable upon the exercise of stock options, with a weighted average exercise price of $27.06, granted under the prior plan. The schedule also excludes 21,252 shares of common stock issuable upon the exercise of stock options, with a weighted average exercise price of $5.02, granted under plans assumed in mergers that are outstanding.
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
ITEM 15.
|
EXHIBITS, FINANCIAL STATEMENT SCHEDULES
|
(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 July 8, 2014, incorporated by reference to Exhibit 3.1 of Form 8-K/A filed on July 18, 2014.
|
*
|
|
|
|
|
3.2
|
|
Restated Bylaws of Zions Bancorporation dated February 27, 2015, incorporated by reference to Exhibit 3.2 of Form 10-Q for the quarter ended March 31, 2015.
|
*
|
|
|
|
|
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.
|
*
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
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, incorporated by reference to Exhibit 4.4 of Form 10-K for the year ended December 31, 2013.
|
*
|
|
|
|
|
4.5
|
|
Warrant Agreement, between Zions Bancorporation and Zions First National Bank (now known as ZB, N.A.), 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 2012-2014 Value Sharing Plan, incorporated by reference to Exhibit 10.3 of Form 10-K for the year ended December 31, 2012.
|
*
|
|
|
|
|
10.2
|
|
Zions Bancorporation 2013-2015 Value Sharing Plan, incorporated by reference to Exhibit 10.4 of Form 10-Q for the quarter ended September 30, 2013.
|
*
|
|
|
|
|
10.3
|
|
Zions Bancorporation 2014-2016 Value Sharing Plan, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended September 30, 2014.
|
*
|
|
|
|
|
10.4
|
|
Zions Bancorporation 2015-2017 Value Sharing Plan, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended March 31, 2015.
|
*
|
|
|
|
|
10.5
|
|
2012 Management Incentive Compensation Plan, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended June 30, 2012.
|
*
|
|
|
|
|
10.6
|
|
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.
|
*
|
|
|
|
|
10.7
|
|
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.
|
*
|
|
|
|
|
10.8
|
|
Amendment to the Zions Bancorporation Fourth Restated Deferred Compensation Plan for Directors (filed herewith).
|
|
|
|
|
|
10.9
|
|
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.
|
*
|
|
|
|
|
10.10
|
|
Zions Bancorporation First Restated Excess Benefit Plan, incorporated by reference to Exhibit 10.8 of Form 10-K for the year ended December 31, 2014.
|
*
|
|
|
|
|
10.11
|
|
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.
|
*
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
10.12
|
|
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.
|
*
|
|
|
|
|
10.13
|
|
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.
|
*
|
|
|
|
|
10.14
|
|
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.
|
*
|
|
|
|
|
10.15
|
|
Sixth Amendment to Trust Agreement between Fidelity Management Trust Company and Zions Bancorporation for the Deferred Compensation Plans, dated August 17, 2015, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter September 30, 2015.
|
*
|
|
|
|
|
10.16
|
|
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.
|
*
|
|
|
|
|
10.17
|
|
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.
|
*
|
|
|
|
|
10.18
|
|
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.
|
*
|
|
|
|
|
10.19
|
|
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.
|
*
|
|
|
|
|
10.20
|
|
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.
|
*
|
|
|
|
|
10.21
|
|
Zions Bancorporation Executive Management Pension Plan, incorporated by reference to Exhibit 10.18 of Form 10-K for the year ended December 31, 2014.
|
*
|
|
|
|
|
10.22
|
|
Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, Restated and Amended effective January 1, 2002, including amendments adopted through December 31, 2010, incorporated by reference to Exhibit 10.18 of Form 10-K for the year ended December 31, 2010.
|
*
|
|
|
|
|
10.23
|
|
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.
|
*
|
|
|
|
|
10.24
|
|
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.
|
*
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
10.25
|
|
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 (filed herewith).
|
|
|
|
|
|
10.26
|
|
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 (filed herewith).
|
|
|
|
|
|
10.27
|
|
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 (filed herewith).
|
|
|
|
|
|
10.28
|
|
Fourth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated October 1, 2014, incorporated by reference to Exhibit 10.25 of Form 10-K for the year ended December 31, 2014.
|
*
|
|
|
|
|
10.29
|
|
Fifth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated October 1, 2014, incorporated by reference to Exhibit 10.26 of Form 10-K for the year ended December 31, 2014.
|
*
|
|
|
|
|
10.30
|
|
Sixth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated August 17, 2015, incorporated by reference to Exhibit 10.2 of Form 10-Q for the quarter ended September 30, 2015.
|
*
|
|
|
|
|
10.31
|
|
Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.1 of Form S-8 filed on July 1, 2015.
|
*
|
|
|
|
|
10.32
|
|
Form of Standard Restricted Stock Award Agreement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.3 of Form S-8 filed on July 1, 2015.
|
*
|
|
|
|
|
10.33
|
|
Form of Standard Restricted Stock Unit Award Agreement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.4 of Form S-8 filed on July 1, 2015.
|
*
|
|
|
|
|
10.34
|
|
Form of Standard Stock Option Award Agreement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.6 of Form S-8 filed on July 1, 2015.
|
*
|
|
|
|
|
10.35
|
|
Form of Standard Directors Stock Award Agreement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.7 of Form S-8 filed on July 1, 2015.
|
*
|
|
|
|
|
10.36
|
|
Form of Restricted Stock Award Agreement subject to holding requirement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.2 of Form S-8 filed on July 1, 2015.
|
*
|
|
|
|
|
10.37
|
|
Form of Restricted Stock Unit Agreement subject to holding requirement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.5 of Form S-8 filed on July 1, 2015.
|
*
|
|
|
|
|
10.38
|
|
Amegy Bancorporation 2004 (formerly Southwest Bancorporation of Texas, Inc.) Omnibus Incentive Plan (filed herewith).
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
10.39
|
|
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.
|
*
|
|
|
|
|
10.40
|
|
Addendum to Change in Control Agreement, incorporated by reference to Exhibit 10.38 of Form 10-K for the year ended December 31, 2014.
|
*
|
|
|
|
|
10.41
|
|
Form of Change in Control Agreement between the Company and Dallas E. Haun, dated May 23, 2008, incorporated by reference to Exhibit 10.39 of Form 10-K for the year ended December 31, 2014.
|
*
|
|
|
|
|
12
|
|
Ratios of Earnings to Fixed Charges and Earnings to Fixed Charges and Preferred Dividends (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, 2015 and December 31, 2014, (ii) the Consolidated Statements of Income for the years ended December 31, 2015, December 31, 2014, and December 31, 2013, (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, December 31, 2014, and December 31, 2013, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2015, December 31, 2014, and December 31, 2013, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2015, December 31, 2014, and December 31, 2013 and (vi) the Notes to Consolidated Financial Statements (filed herewith).
|
|
By
|
/s/ Harris H. Simmons
|
|
HARRIS H. SIMMONS, Chairman
and Chief Executive Officer
|
/s/ Harris H. Simmons
|
|
/s/ Paul E. Burdiss
|
HARRIS H. SIMMONS, Director, Chairman
and Chief Executive Officer
(Principal Executive Officer)
|
|
PAUL E. BURDISS, Executive Vice President
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/ John C. Erickson
|
|
/s/ Patricia Frobes
|
JOHN C. ERICKSON, Director
|
|
PATRICIA FROBES, Director
|
/s/ Suren K. Gupta
|
|
/s/ J. David Heaney
|
SUREN K. GUPTA, Director
|
|
J. DAVID HEANEY, Director
|
/s/ Vivian S. Lee
|
|
/s/ Edward F. Murphy
|
VIVIAN S. LEE, Director
|
|
EDWARD F. MURPHY, Director
|
/s/ Roger B. Porter
|
|
/s/ Stephen D. Quinn
|
ROGER B. PORTER, Director
|
|
STEPHEN D. QUINN, Director
|
/s/ L. E. Simmons
|
|
/s/ Steven C. Wheelwright
|
L. E. SIMMONS, Director
|
|
STEVEN C. WHEELWRIGHT, Director
|
/s/ Shelley Thomas Williams
|
|
|
SHELLEY THOMAS WILLIAMS, Director
|
|
|
Effective Date
|
Applicable Prices
|
||||||||||||||
$5
|
$10
|
$15
|
$20
|
$25
|
$30
|
$35
|
$40
|
$45
|
$50
|
$60
|
$75
|
$100
|
$150
|
$200
|
|
5/22/2010
|
0.0479
|
0.1427
|
0.2294
|
0.3025
|
0.3634
|
0.4147
|
0.4581
|
0.4111
|
0.3416
|
0.2884
|
0.2131
|
0.1440
|
0.0825
|
0.0297
|
0.0069
|
5/22/2011
|
0.0363
|
0.1208
|
0.2042
|
0.2769
|
0.3389
|
0.3917
|
0.4369
|
0.3917
|
0.3238
|
0.2721
|
0.1995
|
0.1337
|
0.0759
|
0.0272
|
0.0064
|
5/22/2012
|
0.0259
|
0.0989
|
0.1776
|
0.2494
|
0.3122
|
0.3665
|
0.4136
|
0.3702
|
0.3042
|
0.2542
|
0.1845
|
0.1223
|
0.0686
|
0.0244
|
0.0059
|
5/22/2013
|
0.0169
|
0.0773
|
0.1499
|
0.2199
|
0.2831
|
0.3389
|
0.3878
|
0.3464
|
0.2824
|
0.2343
|
0.1680
|
0.1099
|
0.0608
|
0.0214
|
0.0052
|
5/22/2014
|
0.0098
|
0.0565
|
0.1212
|
0.1882
|
0.2512
|
0.3083
|
0.3591
|
0.3200
|
0.2581
|
0.2122
|
0.1498
|
0.0962
|
0.0523
|
0.0182
|
0.0045
|
5/22/2015
|
0.0046
|
0.0373
|
0.0920
|
0.1543
|
0.2162
|
0.2742
|
0.3270
|
0.2902
|
0.2309
|
0.1874
|
0.1295
|
0.0812
|
0.0432
|
0.0149
|
0.0037
|
5/22/2016
|
0.0016
|
0.0208
|
0.0630
|
0.1182
|
0.1775
|
0.2357
|
0.2904
|
0.2563
|
0.1999
|
0.1594
|
0.1068
|
0.0650
|
0.0337
|
0.0116
|
0.0030
|
5/22/2017
|
0.0003
|
0.0085
|
0.0358
|
0.0803
|
0.1344
|
0.1917
|
0.2480
|
0.2169
|
0.1641
|
0.1272
|
0.0815
|
0.0474
|
0.0240
|
0.0085
|
0.0023
|
5/22/2018
|
0.0000
|
0.0017
|
0.0133
|
0.0420
|
0.0862
|
0.1398
|
0.1970
|
0.1694
|
0.1214
|
0.0896
|
0.0531
|
0.0292
|
0.0148
|
0.0056
|
0.0016
|
5/22/2019
|
0.0000
|
0.0000
|
0.0011
|
0.0094
|
0.0334
|
0.0753
|
0.1305
|
0.1076
|
0.0675
|
0.0443
|
0.0226
|
0.0121
|
0.0069
|
0.0029
|
0.0009
|
11/22/2019
|
0.0000
|
0.0000
|
0.0000
|
0.0009
|
0.0089
|
0.0353
|
0.0845
|
0.0652
|
0.0333
|
0.0186
|
0.0088
|
0.0055
|
0.0034
|
0.0015
|
0.0005
|
5/22/2020
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
EP
1
= EP
0
|
×
|
OS
0
|
OS
1
|
EP
0
|
=
|
the Exercise Price in effect immediately prior to the Close of Business on the Ex-Date for such dividend or distribution, or immediately prior to the Open of Business on the effective date of such subdivision or combination, as the case may be;
|
EP
1
|
=
|
the Exercise Price in effect immediately after the Close of Business on the Ex-Date for such dividend or distribution, or immediately after the Open of Business on the effective date of such subdivision or combination, as the case may be;
|
OS
0
|
=
|
the number of shares of Common Stock outstanding immediately prior to the Close of Business on the Ex-Date for such dividend or distribution, or immediately prior to the Open of Business on the effective date of such subdivision or combination, as the case may be; and
|
OS
1
|
=
|
the number of shares of Common Stock that would be outstanding immediately after giving effect to such dividend or distribution or immediately after the effective date of such subdivision or combination, as the case may be.
|
EP
1
= EP
0
|
×
|
OS
0
+ Y
|
OS
0
+ X
|
EP
0
|
=
|
the Exercise Price in effect immediately prior to the Close of Business on the Ex-Date for such distribution;
|
EP
1
|
=
|
the Exercise Price in effect immediately after the Close of Business on the Ex-Date for such distribution;
|
OS
0
|
=
|
the number of shares of Common Stock outstanding immediately prior to the Close of Business on the Ex-Date for such distribution;
|
X
|
=
|
the total number of shares of Common Stock issuable pursuant to such options, rights or warrants; and
|
Y
|
=
|
the number of shares of Common Stock equal to the quotient of (A) the aggregate price payable to exercise such rights, options or warrants divided by (B) the average of the Closing Sale Prices of Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such distribution.
|
|
|
|
EP
1
= EP
0
|
×
|
SP
0
- FMV
|
SP
0
|
EP
0
|
=
|
the Exercise Price in effect immediately prior to the Close of Business on the Ex-Date for such distribution;
|
EP
1
|
=
|
the Exercise Price in effect immediately after the Close of Business on the Ex-Date for such distribution;
|
SP
0
|
=
|
the average of the Closing Sale Prices of Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Date for such distribution; and
|
FMV
|
=
|
the fair market value (as determined in good faith by the Board of Directors) of the shares of Capital Stock, evidences of indebtedness, assets or property distributed with respect to each outstanding share of Common Stock as of the Close of Business on the Ex-Date for such distribution.
|
EP
1
= EP
0
|
×
|
MP
0
|
FMV + MP
0
|
EP
0
|
=
|
the Exercise Price in effect immediately prior to the Close of Business on the Ex-Date for the Spin-Off;
|
EP
1
|
=
|
the Exercise Price in effect immediately after the Close of Business on the Ex-Date for the Spin-Off;
|
FMV
|
=
|
the average of the Closing Sale Prices of the Capital Stock or similar equity interests distributed to holders of Common Stock applicable to one share of Common Stock over the first 10 consecutive Trading Day period commencing on, and including, the Ex-Date for the Spin-Off (the “
Valuation Period
”); and
|
MP
0
|
=
|
the average of the Closing Sale Prices of the Common Stock over the Valuation Period.
|
EP
1
= EP
0
|
×
|
SP
0
- C
|
SP
0
|
EP
0
|
=
|
the Exercise Price in effect immediately prior to the Close of Business on the Ex-Date for such dividend or distribution;
|
EP
1
|
=
|
the Exercise Price in effect immediately after the Close of Business on the Ex-Date for such dividend or distribution;
|
SP
0
|
=
|
the average of the Closing Sale Prices of Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Date for such distribution; and
|
C
|
=
|
the amount in Cash per share that the Company distributes to holders of Common Stock for such dividend or distribution minus the Dividend Threshold Amount.
|
|
|
|
EP
1
= EP
0
|
×
|
OS
0
x SP
1
|
AC + (OS
1
x SP1 )
|
EP
0
|
=
|
the Exercise Price in effect immediately prior to the Open of Business on the Trading Day next succeeding the Offer Expiration Date;
|
EP
1
|
=
|
the Exercise Price in effect immediately after the Open of Business on the Trading Day next succeeding the Offer Expiration Date;
|
AC
|
=
|
the aggregate value of all Cash and any other consideration (as determined in good faith by the Board of Directors) paid or payable for shares purchased in such tender or exchange offer;
|
OS
0
|
=
|
the number of shares of Common Stock outstanding immediately prior to the time (the “Offer Expiration Time”) such tender offer or exchange offer expires (prior to giving effect to such tender offer or exchange offer);
|
OS
1
|
=
|
the number of shares of Common Stock outstanding immediately after the Offer Expiration Time (after giving effect to such tender offer or exchange offer); and
|
SP
1
|
=
|
the average of the Closing Sale Prices of Common Stock over the Measurement Period.
|
By:
|
/s/ Doyle L. Arnold
Name: Doyle L. Arnold Title: Vice Chairman and Chief Financial Officer |
By:
|
/s/ Shelene Brown
Name: Shelene Brown Title: Assistant Vice President |
No. _______________
|
CUSIP No. 989701 115
|
|
|
By:
|
Name: Title: |
Dated:
|
|
|
(Registered Warrantholder)
|
|
|
|
By:
|
|
Authorized Signature
|
|
Address:
|
|
Telephone:
|
Date
|
Amount of increase
in Number of Warrants evidenced by this Global Warrant |
Amount of decrease
in Number of Warrants evidenced by this Global Warrant |
Number of
Warrants evidenced by this Global Warrant following such decrease or increase |
Signature of
authorized signatory |
|
|
|
|
|
|
|
|
|
|
By:
|
Name: Title: |
(1)
|
Effective as of the close of business on April 5, 2010,
amending the investment options section of Schedule C,
Investment Options
, for the Zions Bancorporation Restated Deferred Compensation Plan, to delete the reference to Zions Common Stock Fund and replace it with Zions Common (Unitized) Stock Fund (frozen to all transactions).
|
(2)
|
Effective as of the close of business on April 5, 2010,
amending the investment options section of Schedule C,
Investment Options
, for the Zions Bancorporation Restated Deferred Compensation Plan, to delete the reference to Zions Preferred Stock Fund and replace it with Zions Preferred (Unitized) Stock Fund (frozen to all transactions).
|
(3)
|
Effective April 12, 2010
, amending Section 1,
Definitions
, to delete subsections (c) Available Liquidity, (e) Closing Price, and (ff) Specified Hierarchy, in their entirety, and re-lettering all subsequent subsections accordingly.
|
(4)
|
Effective April 12, 2010
, amending Section 1,
Definitions
, to delete subsection (hh) Zions Common Stock, and (ii) Zions Preferred Stock, in their entirety, and replace them with new subsections (hh), (ii), (jj), and (kk), as follows:
|
(1)
|
Zions Common Stock
|
(ii)
|
Zions Preferred Stock A
|
(a)
|
Zions Preferred Stock B
|
(a)
|
Zions Preferred Stock C
|
(5)
|
Effective April 12, 2010
, amending Section 1,
Definitions
, delete subsection (jj) Zions Common Stock Fund, and (ll) Zions Preferred Stock Fund, in their entirety, and replace them with new subsections (ll), (mm), (nn), and (oo), as follows:
|
(5)
|
Zions Common Stock Fund
|
(mm)
|
Zions Preferred Stock A Fund
|
(a)
|
Zions Preferred Stock B Fund
|
(a)
|
Zions Preferred Stock C Fund
|
(6)
|
Effective April 12, 2010
, amending Section 5,
Investment of Trust
, to remove subsections 5(f) Zions Common Stock in the
Zions Bancorporation Restated Deferred Compensation Plan
, and 5(g)
Zions Preferred Stock in the Zions Bancorporation Restated Deferred Compensation Plan
, in their entirety, and replacing them with a new subsection 5(f)
Zions Common Stock and Zions Preferred Stock in the Zions Bancorporation Restated Deferred Compensation Plan
, as follows:
|
(6)
|
Zions Common Stock and Zions Preferred Stock in the Zions Bancorporation Restated Deferred Compensation Plan
.
|
(i)
|
Acquisition Limit.
|
(ii)
|
Duty.
|
(iii)
|
Purchases and Sales of Zions Common Stock and/or Zions Preferred Stock for Batch Activity.
|
(iv)
|
Purchases and Sales of Zions Common Stock or Zions Preferred Stock for Participant-Initiated Exchanges (Real Time Trading).
|
(v)
|
Use of an Affiliated Broker.
|
(vi)
|
Securities Law Reports.
|
(vii)
|
Voting and Tender Offers.
|
(viii)
|
General.
|
(ix)
|
Conversion.
|
(x)
|
Nasdaq Subscriber Agreement.
|
(7)
|
Effective April 12, 2010
, amending Section 5,
Investment of Trust
, to restate subsection 5(h)
Zions Common Stock in the Zions Bancorporation Restated Deferred Compensation Plan for Directors and the Restated Amegy Bancorporation, Inc. Non-Employees Directors Deferred Fee Plan
, as a new subsection (g), in its entirety, and re-lettering all subsequent subsections accordingly, as follows:
|
(7)
|
Zions Common Stock in the Zions Bancorporation Restated Deferred Compensation Plan for Directors and the Restated Amegy Bancorporation, Inc. Non-Employees Directors Deferred Fee Plan
.
|
(i)
|
Acquisition Limit.
|
(ii)
|
Duty.
|
(iii)
|
Purchases and Sales of Zions Common Stock for Batch Activity.
|
(iv)
|
Purchases and Sales of Zions Common Stock for Participant-Initiated Exchanges (Real Time Trading).
|
(v)
|
Use of an Affiliated Broker.
|
(vi)
|
Securities Law Reports.
|
(vii)
|
Voting and Tender Offers.
|
(viii)
|
General.
|
(ix)
|
Conversion.
|
(x)
|
Nasdaq Subscriber Agreement.
|
(8)
|
Effective April 12, 2010,
amending Schedule B,
Fee Schedule
, to add a Zions Common and Preferred Stock Administration Fee section, as follows:
|
|
|
|
Zions Common and Preferred Stock Administration Fee:
|
|
Waived.
|
(9)
|
Effective after the close of business on April 12, 2010
, amending the investment options section of Schedule C,
Investment Options
, for the Zions Bancorporation Restated Deferred Compensation Plan, to delete the following:
|
|
�
|
|
Zions Common (Unitized) Stock Fund (frozen to all transactions)
|
|
�
|
|
Zions Preferred (Unitized) Stock Fund (frozen to all transactions)
|
(10)
|
Effective April 13, 2010
, amending the investment options section of Schedule C,
Investment Options
, for the Zions Bancorporation Restated Deferred Compensation Plan, to add the following:
|
|
�
|
|
Zions Common Stock Fund (Real Time Trading option)
|
|
�
|
|
Zions Preferred Stock A Fund (Real Time Trading option)
|
|
�
|
|
Zions Preferred Stock B Fund (Real Time Trading option)
|
|
�
|
|
Zions Preferred Stock C Fund (Real Time Trading option)
|
|
|
|
|
|
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ZIONS BANCORPORATION
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FIDELITY MANAGEMENT TRUST COMPANY
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By:
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/s/ Diana M. Andersen
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3/30/2010
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By:
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/s/ S. Nick
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5/7/2010
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Authorized Signatory
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Date
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FMTC Authorized Signatory
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Date
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(1)
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Effective as of the close of business on April 5, 2010,
amending the investment options section of Schedule C,
Investment Options
, to delete the reference to the Zions Stock Fund (frozen to new investment elections and exchanges in) and replace it with Zions Common (Unitized) Stock Fund (frozen to all transactions).
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(2)
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Effective April 12, 2010
, amending Section 1,
Definitions
, to delete subsections (c) Available Liquidity, (e) Closing Price, and (jj) Specified Hierarchy, in their entirety, and re-lettering all subsequent subsections accordingly.
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(3)
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Effective April 12, 2010
, amending Section 1,
Definitions
, to restate subsection (jj) Stock Fund, in its entirety, as follows:
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(3)
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Stock Fund
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(4)
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Effective April 12, 2010
, amending and restating Section 5(e),
Sponsor Stock
, in its entirety, as follows:
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(4)
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Sponsor Stock.
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(i)
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Acquisition Limit.
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(ii)
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Fiduciary Duty.
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(iii)
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Purchases and Sales of Sponsor Stock for Batch Activity.
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(iv)
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Purchases and Sales of Sponsor Stock for Participant-Initiated Exchanges (Real Time Trading).
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(v)
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Use of an Affiliated Broker.
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(vi)
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Securities Law Reports.
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(vii)
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Voting and Tender Offers.
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(viii)
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General.
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(ix)
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Conversion.
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(x)
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Nasdaq Subscriber Agreement.
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(5)
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Effective April 12, 2010
, amending Schedule B,
Fee Schedule
, to add a Stock Administration Fee section, as follows:
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(6)
|
Effective after the close of business on April 12, 2010
, amending the investment options section of Schedule C,
Investment Options
, to delete the following:
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�
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Zions Common (Unitized) Stock Fund (frozen to all transactions)
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(7)
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Effective April 13, 2010
, amending the investment options section of Schedule C,
Investment Options
, to add the following:
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�
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Zions Common Stock Fund (Real Time Trading option)
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(8)
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Effective April 12, 2010, amending to remove Schedule G,
Available Liquidity Procedures for United Stock Fund
, in its entirety, and re-lettering all subsequent Schedules accordingly.
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ZIONS BANCORPORATION
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FIDELITY MANAGEMENT TRUST COMPANY
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By:
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/s/ Diana M. Andersen
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3/30/2010
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By:
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/s/ S. Nick
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5/7/2010
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Authorized Signatory
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Date
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FMTC Authorized Signatory
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Date
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(1)
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Effective April 12, 2010
, amending Section 5(e)(vii)(A), Voting, to restate subsection (2), in its entirety, as follows:
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ZIONS BANCORPORATION
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FIDELITY MANAGEMENT TRUST COMPANY
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By:
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/s/ Diana M. Andersen
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4/9/2010
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By:
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/s/ S. Nick
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5/7/2010
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Authorized Signatory
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Date
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FMTC Authorized Signatory
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Date
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Article 1. Establishment, Purpose, and Duration
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1
|
Article 2. Definitions
|
1
|
Article 3. Administration
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6
|
Article 4. Shares Subject to the Plan and Maximum Awards
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6
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Article 5. Eligibility and Participation
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8
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Article 6. Stock Options
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8
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Article 7. Stock Appreciation Rights
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10
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Article 8. Restricted Stock and Restricted Stock Units
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12
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Article 9. Performance Units/Performance Shares
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13
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Article 10. Cash-Based Awards and Other Stock-Based Awards
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14
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Article 11. Performance Measures
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14
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Article 12. Covered Employee Annual Incentive Award
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16
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Article 13. Nonemployee Director Awards
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16
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Article 14. Dividend Equivalents
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16
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Article 15. Beneficiary Designation
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16
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Article 16. Deferrals
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16
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Article 17. Rights of Participants
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16
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Article 18. Change of Control
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17
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Article 19. Amendment, Modification, Suspension, and Termination
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18
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Article 20. Withholding
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19
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Article 21. Successors
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19
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Article 22. General Provisions
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19
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2.1
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“Affiliate”
means any corporation, partnership, limited liability company or partnership, association, trust or other entity or organization which, directly or indirectly, controls, is controlled by, or is under common control with, the Company. For purposes of the preceding sentence, “control (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i) to vote more than fifty percent (50%) of the securities having ordinary voting power for the election of directors of the controlled entity or organization, or (ii) to direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of voting securities or by contract or otherwise.
|
2.2
|
“Annual Award Limit” or “Annual Award Limits”
have the meaning set forth in Section 3.3.
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2.3
|
“Award”
means, individually or collectively, a grant under this Plan of Cash-Based Awards, Nonqualified Stock Options, Incentive Stock Options
,
SARs, Restricted Stock, Restricted Stock Units, Performance
|
2.4
|
“Award Agreement”
means either (i) a written agreement entered into by the Company and a Participant setting forth the terms and provisions applicable to an Award granted under this Plan, or (ii) a written statement issued by the Company to a Participant describing the terms and provisions of such Award.
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2.5
|
“Beneficial Owner”
or
“Beneficial Ownership”
shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act.
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2.6
|
“Board”
or
“Board of Directors”
means the Board of Directors of the Company.
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2.7
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“Cash-Based Award”
means an Award granted to a Participant as described in Article 10.
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2.8
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“Change of Control”
means any of the following events:
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2.9
|
“Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time.
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2.10
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“Committee”
means the compensation committee of the Board, or any other committee designated by the Board to administer this Plan. The members of the Committee shall be appointed from time to time by and shall serve at the discretion of the Board.
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2.11
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“Company”
means Southwest Bancorporation of Texas, Inc., a Texas corporation, and any successor thereto as provided in Article 21 herein.
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2.12
|
“Covered Employee”
means a Participant who is a “covered employee,” as defined in Code Section 162(m) and the regulations promulgated under Code Section 162(m), or any successor statute.
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2.13
|
“Covered Employee Annual Incentive Award”
means an Award granted to a Covered Employee as described in Article 12.
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2.14
|
“Director”
means any individual who is a member of the Board of Directors of the Company.
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2.15
|
“Effective Date”
has the meaning set forth in Section 1.1.
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2.16
|
“Employee”
means any employee of the Company, its Affiliates, and/or Subsidiaries.
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2.17
|
“Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.
|
2.18
|
“Extraordinary Items”
means (i) extraordinary, unusual, and/or nonrecurring items of gain or loss; (ii) gains or losses on the disposition of a business; (iii) changes in tax or accounting regulations or laws; or (iv) the effect of a merger or acquisition, all of which must be identified in the audited financial statements, including footnotes, or Management Discussion and Analysis section of the Company’s annual report.
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2.19
|
“Fair Market Value”
or
“FMV”
means a price that is based on the opening, closing, actual, high, low, or average selling prices of a Share reported on the National Market System of NASDAQ (“NASDAQ”), or other established stock exchange (or exchanges) on the applicable date, the preceding trading day, the next succeeding trading day, or an average of trading days, as determined by the Committee in its discretion. Unless the Committee determines otherwise, if the Shares are traded over the counter at the time a determination of its Fair Market Value is required to be made hereunder, its Fair Market Value shall be deemed to be equal to the average between the reported high and low or closing bid and asked prices of a Share on the most recent date, either preceding or succeeding, on which Shares were publicly traded. In the event Shares are not publicly traded at the time a determination of their value is required to be made hereunder, the determination of their Fair Market Value shall be made by the Committee in such manner
|
2.20
|
“Full Value Award”
means an Award other than in the form of an ISO
,
NQSO, or SAR, and which is settled by the issuance of Shares.
|
2.21
|
“Freestanding SAR”
means an SAR that is granted independently of any Options, as described in Article 7.
|
2.22
|
“Grant Price”
means the price established at the time of grant of a SAR pursuant to Article 7, used to determine whether there is any payment due upon exercise of the SAR.
|
2.23
|
“Incentive Stock Option” or “ISO”
means an Option to purchase Shares granted under Article 6 to an Employee and that is designated as an Incentive Stock Option and that is intended to meet the requirements of Code Section 422, or any successor provision.
|
2.24
|
“Insider”
shall mean an individual who is, on the relevant date, an officer, Director, or more than ten percent (10%) Beneficial Owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, as determined by the Board in accordance with Section 16 of the Exchange Act.
|
2.25
|
“Net Income”
means the consolidated net income after taxes for the Plan Year, as reported in the Company’s annual report to shareholders or as otherwise reported to shareholders.
|
2.26
|
“Nonemployee Director”
means a Director who is not an Employee.
|
2.27
|
“Nonemployee Director Award”
means any NQSO, SAR, or Full Value Award granted, whether singly, in combination, or in tandem, to a Participant who is a Nonemployee Director pursuant to such applicable terms, conditions, and limitations as the Board or Committee may establish in accordance with this Plan.
|
2.28
|
“Nonqualified Stock Option”
or
“NQSO”
means an Option that is not intended to meet the requirements of Code Section 422, or that otherwise does not meet such requirements.
|
2.29
|
“Option”
means an Incentive Stock Option or a Nonqualified Stock Option, as described in Article 6.
|
2.30
|
“Option Price”
means the price at which a Share may be purchased by a Participant pursuant to an Option.
|
2.31
|
“Other Stock-Based Award”
means an equity-based or equity-related Award not otherwise described by the terms of this Plan, granted pursuant to Article 10.
|
2.32
|
“Participant”
means any eligible person as set forth in Article 5 to whom an Award is granted.
|
2.33
|
“Performance-Based Compensation”
means compensation under an Award that satisfies the requirements of Section 162(m) of the Code for deductibility of remuneration paid to Covered Employees.
|
2.34
|
“Performance Measures”
means measures as described in Article 11 on which the performance goals are based and which are approved by the Company’s shareholders pursuant to this Plan in order to qualify Awards as Performance-Based Compensation.
|
2.35
|
“Performance Period”
means the period of time during which the performance goals must be met in order to determine the degree of payout and/or vesting with respect to an Award.
|
2.36
|
“Performance Share”
means an Award granted to a Participant, as described in Article 9.
|
2.37
|
“Performance Unit”
means an Award granted to a Participant, as described in Article 9.
|
2.38
|
“Period of Restriction”
means the period when Restricted Stock or Restricted Stock Units are subject to a substantial risk of forfeiture (based on the passage of time, the achievement of performance goals, or upon the occurrence of other events as determined by the Committee, in its discretion), as provided in Article 8.
|
2.39
|
“Person”
shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof.
|
2.40
|
“Plan”
means the Southwest Bancorporation of Texas, Inc.’s 2004
Omnibus Incentive Plan.
|
2.41
|
“Plan Year”
means the calendar year
.
|
2.42
|
“Prior Plans”
means the Company’s 1996 Stock Option Plan, Amended and Restated as of June 4, 2002, 1989 Stock Option Plan, Amended and Restated as of May 29, 1998, 1993 Stock Option Plan, Amended and Restated as of May 29, 1998, and the Restricted Stock Plan.
|
2.43
|
“Restricted Stock
” means an Award granted to a Participant pursuant to Article 8.
|
2.44
|
“Restricted Stock Unit”
means an Award granted to a Participant pursuant to Article 8, except no Shares are actually awarded to the Participant on the date of grant.
|
2.45
|
“Share”
means a share of common stock of the Company, $1.00
par value per share.
|
2.46
|
“Stock Appreciation Right”
or “
SAR
” means an Award, designated as a SAR, pursuant to the terms of Article 7 herein.
|
2.47
|
“Subsidiary”
means any corporation or other entity, whether domestic or foreign, in which the Company has or obtains, directly or indirectly, a proprietary interest of more than fifty percent (50%) by reason of stock ownership or otherwise.
|
2.48
|
“Tandem SAR”
means an SAR that is granted in connection with a related Option pursuant to Article 7 herein, the exercise of which shall require forfeiture of the right to purchase a Share under the related Option (and when a Share is purchased under the Option, the Tandem SAR shall similarly be canceled).
|
2.49
|
“Ten Percent Stockholder”
means an individual, who, at the time the applicable Option is granted, owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, any Affiliate or any Subsidiary. An individual shall be considered as owning the stock owned, directly or indirectly, by or for this brothers and sisters (whether by the whole or half blood), spouse, ancestors, and lineal descendants; and stock owned, directly or indirectly, by or for a corporation, partnership, estate, or trust, shall be considered as being owned proportionately by or for its stockholders, partners, or beneficiaries.
|
2.50
|
“Third Party Service Provider”
means any consultant, agent, advisor, or independent contractor who renders services to the Company, a Subsidiary, or an Affiliate that (a) are not in connection with the offer
|
(c)
|
Restricted Stock or Restricted Stock Units
: The maximum aggregate grant with respect to Awards of Restricted Stock or Restricted Stock Units in any one Plan Year to any one Participant shall be one hundred fifty thousand (150,000) Shares plus the amount of the Participant’s unused applicable Annual Award Limit for Restricted Stock or Restricted Stock Units as of the close of the previous Plan Year.
|
(d)
|
Performance Units or Performance Shares
: The maximum aggregate Award of Performance Units or Performance Shares that a Participant may receive in any one Plan Year shall be one hundred fifty thousand (150,000) Shares, or equal to the value of one hundred fifty thousand (150,000) Shares determined as of the date of vesting or payout, as applicable plus the amount of the Participant’s unused applicable Annual Award Limit for Performance Units or Performance Shares as of the close of the previous Plan Year.
|
(e)
|
Cash-Based Awards
: The maximum aggregate amount awarded or credited with respect to Cash-Based Awards to any one Participant in any one Plan Year may not exceed the value of one hundred fifty thousand (150,000) Shares determined as of the date of vesting or payout, as applicable plus the amount of the Participant’s unused applicable Annual Award Limit for Cash-Based Awards as of the close of the previous Plan Year.
|
(f)
|
Covered Employee Annual Incentive Award.
The maximum aggregate amount awarded or credited in any one Plan Year with respect to a Covered Employee Annual Incentive Award shall be determined in accordance with Article 12.
|
(g)
|
Other Stock-Based Awards.
The maximum aggregate grant with respect to other Stock-Based Awards pursuant to Section 10.2 in any one Plan Year to any one Participant shall be one hundred fifty thousand (150,000) Shares plus the amount of the Participant’s unused applicable Annual Award Limit Other Stock-Based Awards as of the close of the previous Plan Year.
|
(a)
|
Net earnings or net income (before or after taxes);
|
(b)
|
Earnings per share;
|
(c)
|
Net sales growth;
|
(d)
|
Net operating profit;
|
(e)
|
Return measures (including, but not limited to, return on assets, capital, equity, or sales);
|
(f)
|
Cash flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on capital);
|
(g)
|
Earnings before or after taxes, interest, depreciation, and/or amortization;
|
(h)
|
Gross or operating margins;
|
(i)
|
Productivity ratios;
|
(j)
|
Share price (including, but not limited to, growth measures and total shareholder return);
|
(k)
|
Expense targets;
|
(l)
|
Margins;
|
(m)
|
Operating efficiency or efficiency ratios;
|
(n)
|
Market share;
|
(o)
|
Customer satisfaction; and
|
(p)
|
Economic Value Added (EVA
®
).
|
(b)
|
Any Period of Restriction and restrictions imposed on Restricted Stock or Restricted Stock Units shall lapse;
|
(c)
|
The incentive pool used to determine Covered Employee Annual Incentive Awards shall be based on the Net Income of the Plan Year immediately preceding the year of the Change of Control, or such other method of payment as may be determined by the Committee at the time of the Award or thereafter but prior to the Change of Control;
|
(d)
|
The target payout opportunities attainable under all outstanding Awards of performance-based Restricted Stock, performance-based Restricted Stock Units, Performance Units, and Performance Shares, shall be deemed to have been fully earned based on targeted performance being attained as of the effective date of the Change of Control;
|
(i)
|
The vesting of all Awards denominated in Shares shall be accelerated as of the effective date of the Change of Control, and shall be paid out to Participants within thirty (30) days following the effective date of the Change of Control. The Committee has the authority to pay all or any portion of the value of the Shares in cash;
|
(ii)
|
Awards denominated in cash shall be paid to Participants in cash within thirty (30) days following the effective date of the Change of Control; and
|
(e)
|
Upon a Change of Control, unless otherwise specifically provided in a written agreement entered into between the Participant and the Company, the Committee shall pay out all Cash-Based Awards and Other Stock-Based Awards.
|
(f)
|
Subject to the acceleration of vesting of outstanding Options, the Committee, in its discretion, may provide that in the event of a Change of Control pursuant to Section 2.8(a), (b), (c), or (e), no later than ten (10) days after the approval by the shareholders of the Company of such merger, consolidation, reorganization, sale, lease, or exchange or assets or dissolution or such election of directors, or in the event of a Change of Control pursuant to Section 2.8(d), no later than thirty (30) days after the occurrence of such Change of Control, that (i) Options may be exercised in full only for a limited period of time on or before a specified date (before or after such Change of Control) fixed by the Committee, after which specified date all unexercised Options and all rights of the Participants thereunder shall terminate, or (ii) require the mandatory surrender to the Company by selected Participants of some or all of the outstanding Options held by such
|
(g)
|
For the purpose of Section 18.1(f)(ii), “Change of Control Value” shall equal the amount determined in clause (i), (ii), or (iii), whichever is applicable, as follows: (i) the per Share price offered to shareholders of the Company in any such merger, consolidation, reorganization, sale of assets, or dissolution transaction, (ii) the price per Share offered to shareholders of the Company in any tender offer or exchange offer whereby a Change of Control takes place, or (iii) if such Change of Control occurs other than pursuant to a tender or exchange offer, the Fair Market Value per Share of the Shares in which such Options being surrendered are exercisable, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Options. In the event that the consideration offered to shareholders of the Company in any transaction described in Section 2.8 consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other than cash.
|
(a)
|
The Committee may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but shall not be limited to, termination of employment for cause, termination of the Participant’s provision of services to the Company, Affiliate, and/or Subsidiary, violation of material Company, Affiliate, and/or Subsidiary policies, breach of noncompetition, confidentiality, or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company, its Affiliates, and/or its Subsidiaries.
|
(b)
|
If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, or if the Participant is one of the persons subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, the Participant shall reimburse the Company the amount of any payment in settlement of an Award earned or accrued during the twelve-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever just occurred) of the financial document embodying such financial reporting requirement.
|
(a)
|
Obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and
|
(b)
|
Completion of any registration or other qualification of the Shares under any applicable national or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable.
|
(a)
|
Determine which Affiliates and Subsidiaries shall be covered by the Plan;
|
(b)
|
Determine which Employees, Directors and/or Third Party Service Providers outside the United States are eligible to participate in the Plan;
|
(c)
|
Modify the terms and conditions of any Award granted to Employees, Director
s
and/or Third Party Service Provider
s
outside the United States to comply with applicable foreign laws;
|
(Dollar amounts in thousands)
|
|
Year ended December 31,
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense excluding deposits
|
|
$
|
68,651
|
|
|
$
|
123,175
|
|
|
$
|
185,391
|
|
|
$
|
225,482
|
|
|
$
|
303,769
|
|
Portion of rents representative of an interest factor
|
|
20,836
|
|
|
19,732
|
|
|
19,468
|
|
|
19,568
|
|
|
19,285
|
|
|||||
Fixed charges excluding interest on deposits
|
|
89,487
|
|
|
142,907
|
|
|
204,859
|
|
|
245,050
|
|
|
323,054
|
|
|||||
Interest on deposits
|
|
49,560
|
|
|
49,823
|
|
|
59,686
|
|
|
81,300
|
|
|
128,627
|
|
|||||
Fixed charges including interest on deposits
|
|
$
|
139,047
|
|
|
$
|
192,730
|
|
|
$
|
264,545
|
|
|
$
|
326,350
|
|
|
$
|
451,681
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges and preferred stock dividends:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense excluding deposits
|
|
$
|
68,651
|
|
|
$
|
123,175
|
|
|
$
|
185,391
|
|
|
$
|
225,482
|
|
|
$
|
303,769
|
|
Portion of rents representative of an interest factor
|
|
20,836
|
|
|
19,732
|
|
|
19,468
|
|
|
19,568
|
|
|
19,285
|
|
|||||
Preferred stock dividend requirement
|
|
91,778
|
|
|
112,123
|
|
|
147,281
|
|
|
265,450
|
|
|
274,928
|
|
|||||
Fixed charges and preferred stock dividends excluding interest on deposits
|
|
181,265
|
|
|
255,030
|
|
|
352,140
|
|
|
510,500
|
|
|
597,982
|
|
|||||
Interest on deposits
|
|
49,560
|
|
|
49,823
|
|
|
59,686
|
|
|
81,300
|
|
|
128,627
|
|
|||||
Fixed charges and preferred stock dividends including interest on deposits
|
|
$
|
230,825
|
|
|
$
|
304,853
|
|
|
$
|
411,826
|
|
|
$
|
591,800
|
|
|
$
|
726,609
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations before income taxes
|
|
$
|
451,859
|
|
|
$
|
621,423
|
|
|
$
|
406,432
|
|
|
$
|
541,566
|
|
|
$
|
521,273
|
|
Equity in undistributed earnings of unconsolidated subsidiaries
|
|
(4,757
|
)
|
|
(7,996
|
)
|
|
(11,066
|
)
|
|
(13,983
|
)
|
|
(5,956
|
)
|
|||||
Fixed charges excluding interest on deposits
|
|
89,487
|
|
|
142,907
|
|
|
204,859
|
|
|
245,050
|
|
|
323,054
|
|
|||||
Earnings excluding interest on deposits
|
|
536,589
|
|
|
756,334
|
|
|
600,225
|
|
|
772,633
|
|
|
838,371
|
|
|||||
Interest on deposits
|
|
49,560
|
|
|
49,823
|
|
|
59,686
|
|
|
81,300
|
|
|
128,627
|
|
|||||
Earnings including interest on deposits
|
|
$
|
586,149
|
|
|
$
|
806,157
|
|
|
$
|
659,911
|
|
|
$
|
853,933
|
|
|
$
|
966,998
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Excluding interest on deposits
|
|
6.00
|
|
|
5.29
|
|
|
2.93
|
|
|
3.15
|
|
|
2.60
|
|
|||||
Including interest on deposits
|
|
4.22
|
|
|
4.18
|
|
|
2.49
|
|
|
2.62
|
|
|
2.14
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges and preferred stock dividends:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Excluding interest on deposits
|
|
2.96
|
|
|
2.97
|
|
|
1.70
|
|
|
1.51
|
|
|
1.40
|
|
|||||
Including interest on deposits
|
|
2.54
|
|
|
2.64
|
|
|
1.60
|
|
|
1.44
|
|
|
1.33
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
SUBSIDIARY
|
STATE OR JURISDICTION OF
INCORPORATION/ORGANIZATION
|
|
|
ZB, National Association
|
Federally chartered doing business in Utah, Idaho, Wyoming, Texas, California, Arizona, Nevada, Colorado, New Mexico, Washington, and Oregon
|
|
|
Amegy Holding Texas, Incorporated
|
Texas
|
|
|
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
|
|
|
SWBT (TX) Statutory Trust I (not consolidated)
|
Connecticut
|
|
|
SWBT (TX) Statutory Trust II (not consolidated)
|
Connecticut
|
|
|
SWBT (TX) Statutory Trust III (not consolidated)
|
Connecticut
|
|
|
Welman Holdings, Inc.
|
Utah
|
|
|
Zions Insurance Agency, Inc.
|
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. 333-205422) and related Prospectus pertaining to Zions Bancorporation 2015 Omnibus Incentive Plan;
|
(iii)
|
Registration Statement (Form S-8 No. 333-130222) and related Prospectus pertaining to Amegy Bancorporation 1989 Stock Option Plan, Amegy Bancorporation 1993 Stock Option and Incentive Plan, and Amegy Bancorporation Amended and Restated Non-Employee Directors Deferred Fee Plan; and
|
(iv)
|
Registration Statement (Form S-3 No. 333-195408) 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 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/ Paul E. Burdiss
|
|
Paul E. Burdiss, Executive Vice President and
Chief Financial Officer
|
|
/s/ Harris H. Simmons
|
|
|
Name:
|
Harris H. Simmons
|
|
Title:
|
Chairman and Chief Executive Officer
|
|
|
|
|
/s/ Paul E. Burdiss
|
|
|
Name:
|
Paul E. Burdiss
|
|
Title:
|
Executive Vice President and Chief Financial Officer
|