News Column

Zions Bancorp slides to 4Q loss on charges

January 27, 2014

SALT LAKE CITY (AP) Zions Bancorp said Monday that it slid to a loss in the fourth quarter, as the regional bank company booked hefty charges related to losses on investment securities and other one-time items. The results disappointed investors, who sent the Salt Lake City company's shares down nearly 5 percent in after-hours trading. For the October-December quarter, Zions loss after paying preferred dividends was $59.4 million , or 32 cents per share, compared with net income of $35.6 million , or 19 cents per share, in the prior-year quarter. Analysts polled by FactSet were expecting, on average, earnings of 42 cents per share. The latest quarter included $222 million in charges related to debt extinguishment costs and losses on collateralized debt obligation (CDO) securities, as the company moved to reduce its risk within the CDO portfolio. Interest income fell to $490 million from $498.3 million a year earlier. But net interest income, or money earned from loans, grew to $432 million from $430 million . Meanwhile, the company declared a regular quarterly dividend of 4 cents to be paid Feb. 27 to shareholders of record on Feb. 20 . Zions' board also declared cash dividends on Series I shares to be paid on June 15 to shareholders of record on June 1 . Zions has 475 offices across Arizona , California , Colorado , Idaho , Nevada , New Mexico , Oregon , Texas , Utah and Washington . The bank's shares ended regular trading down 30 cents , or about 1 percent, to $29.93 . The stock fell $1.43 , or 4.8 percent, to $28.50 in extended trading.


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Source: Associated Press


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