Stock Market Earnings ZION Bancorp Earnings Huge Miss

Date: 1/24/201

Stock Market Earnings ZION Bancorp Earnings Huge Miss.Zions Bancorp misses by $0.25 (ZION) 23.75 -0.56 : Reports Q4 (Dec) loss of $0.62 per share, $0.25 worse than the Thomson Reuters consensus of ($0.37). The net interest margin declined to 3.49% from 3.84% in the third quarter, primarily due to the larger amount of subordinated debt conversion this quarter. The core net interest margin increased to 4.07% compared to 4.03% in the third quarter.

The estimated Tier 1 common to risk-weighted assets ratio improved to 9.08% from 8.66% in the third quarter. Nonperforming lending-related assets declined 20% to $1,828.3 million at December 31, 2010 from $2,293.1 million at September 30, 2010. The provision for loan losses declined to $173.2 million for the fourth quarter of 2010 from $184.7 million for the third quarter of 2010.

The allowance for loan losses declined to $1,440.3 million at December 31, 2010 compared to $1,530.0 million at September 30, 2010. As a percentage of net loans and leases, the allowance was 3.92% at December 31, 2010 compared to 4.07% at September 30, 2010. The allowance for credit losses was $1,552.0 million, or 4.22% of net loans and leases at December 31, 2010, compared to $1,627.9 million, or 4.34% at September 30, 2010.

The Company experienced net loan growth in commercial lending during the fourth quarter of 2010 for the first time since late 2008.

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