Profile: Zions Bancorporation (ZION.OQ)
20 Dec 2013
Zions Bancorporation, incorporated on April 25, 1955, is a financial holding company. The Company focuses on providing community banking services by its core business lines of small and medium-sized business and corporate banking; commercial and residential development, construction and term lending; retail banking; treasury cash management and related products and services; residential mortgage; trust and wealth management, and investment activities. The Company owns and operates eight commercial banks with a total of 480 domestic branches in 10 western and southwestern states as of December 31, 2012. The Company provides a range of banking and related services through its banking and other subsidiaries, primarily in Utah, California, Texas, Arizona, Nevada, Colorado, Idaho, Washington, and Oregon. As of December 31, 2012, net loans and leases accounted for 67.9% of total assets. At December 31, 2012, total deposits included $37 million of brokered deposits.
The Company is engaged in home equity credit line lending. At December 31, 2012, the Company’s Home Equity Credit Line (HECL) portfolio totaled $2.2 billion. The Company engages in the underwriting and trading of United States agency, municipal securities. The banks provide a variety of commercial and retail banking and mortgage lending products and services. They also provide a range of personal banking services to individuals, including home mortgages, bankcard, other installment loans, home equity lines of credit, checking accounts, savings accounts, time certificates of deposits of various types and maturities, trust services, safe deposit facilities, direct deposit, and round the clock Automated Teller Machine (ATM) access. In addition, certain banking subsidiaries provide services to market segments through their Women’s Financial, Private Client Services, and Executive Banking Groups. The Company also offers wealth management services through various subsidiaries, including Contango and Western National Trust Company, and online and traditional brokerage services through Zions Direct and Amegy Investments. The Company has built specialized lines of business in capital markets and public finance, and is in SBA lending. Through its eight banking subsidiaries, the Company provides small business administration (SBA 7(a)) loans to small businesses throughout the United States and is a provider of SBA 504 financing in the nation. The Company owns an equity interest in the Federal Agricultural Mortgage Corporation (Farmer Mac). The Company is engaged in municipal finance advisory and underwriting services.
The banks provide a variety of commercial and retail banking and mortgage lending products and services. As of December 31, 2012, net loans and leases accounted for 67.9% of total assets. As of December 31, 2012, the Company’s loan portfolio included commercial and industrial loans, Commercial real estate loans, consumer loans and Federal Deposit Insurance Corporation (FDIC) loans.
The Company invests in securities to generate revenues. As of December 31, 2012, the Company’s investment portfolio consisted of held-to-maturity and available-for-sale securities. Its held-to-maturity securities included municipal securities, asset-backed securities and trust preferred securities. Its available-for-sale securities included United States treasury securities, United States Government agencies and corporations, municipal securities, asset-backed securities, and mutual funds and other.
Deposits, both interest-bearing and noninterest-bearing, are a primary source of funding for the Company. Core deposits at December 31, 2012, which exclude time deposits larger than $100,000 and brokered deposits were $3,688 million. Demand and savings and money market deposits comprised 89.7% of total deposits at December 31, 2012. At December 31, 2012, total deposits included $37 million of brokered deposits. At December 31, 2012 the Company had a de minimus amount of long-term borrowings outstanding with the federal home loan bank (FHLB) of approximately $23 million. At December 31, 2012, the subsidiary banks’ total investment in FHLB stock was approximately $109 million.
15TH FLOOR, One South Main Stree
SALT LAKE CITY UT 84111