NEW YORK ( TheStreet) -- After a recovery in July for most stocks of large bank holding companies, August was dismal, as 49 of the 50 largest public U.S. bank and thrift holding companies saw their share prices decline.

Here are the worst stock performers among the group during August:

Company Profile

Zions Bancorporation ( ZION) is based in Salt Lake City and operates over 490 branches throughout the Western U.S. and in Texas. The company's shares declined 17% in August to close-out the month at $18.42.

Income Statement

The company reported a second-quarter loss to common shareholders of $135.2 million or 84 cents a share, following a first-quarter loss of $86.5 million, or 57 cents a share, and a net loss to common shareholders of $23.8 million, or 21 cents a share, for the second quarter of 2009.

The decline in earnings from the first quarter reflected an increase in interest expense tied a security swap with Deutsche Bank ( DB), meant to lower Zions credit risk and increase its regulatory capital ratios.

Balance Sheet

Zions Bancorporation had $52 billion in total assets as of June 30. Nonperforming assets -- loans past due 90 days or more or in nonaccrual status (less government-guaranteed balances) and repossessed real estate -- comprised 5.19% of assets as of June 30. In comparison, the U.S. banking industry's aggregate "noncurrent assets" ratio was 3.31% according to the Federal Deposit Insurance Corporation.

Zions reported a Tier 1 leverage ratio of 11.80% and a total risk-based capital ratio of 15.25% as of June 30, well above the 5% and 10% required for most banks to be considered well capitalized by regulators.

The company owes the government $1.4 billion for bailout funds received through the Troubled Assets Relief Program, or TARP.

Stock Ratios

Zions Bancorporation's shares are trading at 0.9 times book value. Among analysts polled by Thomson Reuters, the consensus is for the company to return to profitability in 2011, earning 50 cents a share, followed by earnings of $2.00 a share in 2012. The price-to-earnings ratio based on the 2011 is 38, but the shares trade at just 9 times the 2012 estimate.

Analyst Ratings

Out of 22 analysts covering Zions Bancorporation, 18 recommend holding the shares and four have buy ratings.

Company Profile

Washington Federal ( WFSL) is a thrift holding company headquartered in Seattle. The company operates 160 branches in seven western states and in Texas. Shares declined 18% during August to close Tuesday at $14.28.

Income Statement

For the second quarter, Washington Federal earned $12.7 million, or 11 cents a share, compared to $82.1 million in the first quarter, or 73 cents a share, and $2.5 million, or 3 cents a share, a year earlier.

First-quarter earnings were boosted by a $55 million after-tax gain booked after the acquisition of the failed Horizon Bank of Bellingham, Wash. in January.

Balance Sheet

Washington Federal had $13.7 billion in total assets as of June 30. Main thrift subsidiary Washington Federal Savings & Loan was strongly-capitalized, with a Tier 1 leverage ratio of 11.36% and a total risk-based capital ratio of 22.71%. The thrift's nonperforming assets ratio was 3.47$ as of June 30, although loan losses have been minimal through the credit crisis.

Stock Ratios

Shares are trading for 12.8 times the consensus earnings estimate for 2010, 12.4 times the 2011 estimate and a low 9.2 times the 2012 estimate.

Analyst Ratings

Among 11 analysts covering the shares, 7 rate Washington Federal a buy, while 4 recommend holding the shares.

Company Profile

Synovus Financial ( SNV) is headquartered in Columbus, Ga., and operates over 320 branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Shares declined 21% during August to close at $2.06 Tuesday.

Income Statement

The company reported a net loss to common shareholders of $242.6 million, or 36 cents a share, for the first quarter, following a loss of $229.8 million, or 47 cents a share, the previous quarter and a net loss of $601.2 million, or $1.82 a share, a year earlier

Balance Sheet

Synovus had $32.4 billion in total assets as of June 30. The company owes $968 million in TARP money. After raising $769 million in may through a common stock offering and an additional $266 in regulatory capital raised as part of a $334 million offering of $25 tangible equity units, comprised of a prepaid stock purchase contract and an amortizing note, the company was left in a strong capital position with a Tier 1 leverage ratio of 10.12% and a total risk-based capital ratio of 16.91% as of June 30.

The nonperforming assets ratio was 4.90% as of June 30, which was an improvement from 5.79% the previous quarter and 5.09% a year earlier, however, the company's net charge-off ratio for the second quarter was 7.15%, compared to the national aggregate net charge-off ratio of 2.74% reported by the FDIC. Synovus's net charge charge-off ratio has remained above 5% over the past year, and with nonperforming assets still at a fairly high level, the company's earnings will continue to come under pressure.

Stock Ratios

Shares trade for 0.7 times tangible book value. Since analysts project continued losses through 2011, no price/forward earnings ratios apply for those periods, however, the stock is trading at just 6.5 times the 2012 consensus earnings estimate of 32 cents a share.

Analyst Ratings

Out of 21 analysts covering Synovus, 4 have buy ratings, with 2 recommending investors sell and 15 recommending investors hold the shares.

Company Profile

Flagstar Bancorp ( FBC) is headquartered in Troy, Mich. and operates over 160 offices in Michigan, Indiana and Georgia. The stock declined 29% during August to close-out the month at $2.28.

Income Statement

The company reported a second-quarter net loss applicable to common shareholders of $97 million, or 63 cents a share, following a first-quarter loss of $81.9 million, or $1.05 a share, and loss of $76.6 million, or $3.20 a share, in the second quarter of 2009.

Balance Sheet

Flagstar had $13.7 billion in total assets as of June 30. The company owes $267 million in TARP money. Main thrift subsidiary FlagstarBank, FSB was well capitalized as of June 30, with a Tier 1 leverage ratio of 9.24% and a total risk-based capital ratio of 17.20%.

Nonperforming assets at the thrift subsidiary were a high 8.61%, although this was down from 14.59% the previous quarter. The net charge-off ratio for the second quarter was low considering the level of nonperformers, at 2.08%.

Stock Ratios

The shares are trading for a low 0.4 times tangible book value.

Analyst Ratings

Out of four analysts covering the shares, three recommend holding the shares and there is one Buy rating.

Company Profile

First BanCorp ( FBP) is the holding company for FirstBank Puerto Rico of San Juan. Shares declined 36% during August to close at 36 cents on Tuesday.

Income Statement

The company reported a second-quarter net loss to common shareholders of $96.8 million, or $1.05 a share, for the second quarter, following a loss of $113.2 million, or $1.22 a share, the previous quarter and a net loss to common shareholders of $94.8 million, or $1.03 a share, a year earlier. Elevated provisions for loan losses have been the main factor in the company's earnings performance.

Balance Sheet

FirstBanCorp had $18.1 billion in total assets as of June 30. The nonperforming assets ratio was 9.78%, down slightly from the previous quarter and the second-quarter net charge-off ratio was 3.44%.

The company is operating under a consent order from the Federal Reserve, requiring main subsidiary FirstBank Puerto Rico to achieve and maintain a Ttier 1 risk-based capital ratio of 10% and a total risk-based capital ratio of 12%. The company was in compliance with the directive on capital, since these ratios for the bank subsidiary were 11.53% and 12.83% as of June 30.

Stock Ratios

The shares are trading for just 0.07 times tangible book value, according to SNL Financial.

Analyst Ratings

Out of six analysts covering First BanCorp, there are four hold ratings, along with one buy and one sell rating.

-- Written by Philip van Doorn in Jupiter, Fla.

>To contact the writer of this article, click here: Philip van Doorn.

>To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.

>To submit a news tip, send an email to: tips@thestreet.com.
Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.