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10 Banks That Still Owe TARP

Stocks in this article: RF SNV HBAN BPOP KEY FITB MI

6. Zions Bancorporation

Company Profile

Shares of Zions Bancorporation (ZION) of Salt Lake City closed at $21.06 Wednesday, returning a whopping 61% year to date, for the best price recovery among this group of 10 holding companies during 2010. The company owes $1.4 billion in TARP money.

Income Statement

Zions reported a net loss to common shareholders of $135.2 million, or 84 cents a share, for the second quarter, after a first-quarter loss of $86.5 million, or 57 cents a share, and loss of $23.8 million, or 21 cents a share, a year earlier. The decline in earnings from the first quarter reflected expenses from a security swap with Deutsche Bank (DB), which Zions said would lower its credit risk.

Balance Sheet

Total assets were $52.2 billion in total assets as of June 30, and nonperformers comprised 5.19% compared to 5.39% the previous quarter and 4.32% a year earlier. The second-quarter net charge-off ratio was 2.64% and reserves covered 4.09% of total loans as of June 30.

As of June 30, the Tier 1 leverage ratio was 11.80% and the total risk-based capital ratio was 15.25%. Zions Bancorporation's tangible common equity ratio was 6.86% according to SNL Financial. On September 21, Zions announced an offering of seven million warrants that had yet to be priced, but would each give the right purchase a common share at an exercise price of $36.63. The company also said it had raised $75 million in capital equity during the third quarter up to that point.

Stock Ratios

Shares trade at tangible book value and 46.8 times the consensus estimate of 45 cents for 2011 among analysts polled by Thomson Reuters, moving down to a far-more palatable forward P/E of 10.5 based on the consensus earnings estimate of two dollars a share for 2012..

Analyst Ratings

Among 23 analysts covering Zions Bancorporation, four have buy ratings, 18 recommend investors hold and two recommend selling the shares.

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