Zions posts $59.4 million fourth-quarter loss


Zions Bancorp, parent of Nevada State Bank, Monday on reported a fourth-quarter loss of $59.4 million, or 32 cents per share, compared to a profit of $35.61 million, or 19 cents per share, in the same period last year.

On average, analysts polled by Yahoo Finance expected the Salt Lake City-based company to earn 43 cents per share. The quarterly loss included impairment charges on collateralized debt obligation (CDO) securities as a result of its decision to reduce risk within its CDO portfolio.

The total impairment charges and debt extinguishment costs were $222 million pretax, or 74 cents per share after-tax. Harris Simmons, chairman and CEO of Zions, said reducing “risk in our securities portfolio, combined with continued strengthening of our capital ratios positions us well … as the economy continues to improve.”

For 2013, Zions reported earnings of $294 million, or $1.58 per share, compared with $179 million, or 97 cents per share, in 2012.

Shares of Zions fell 30 cents, or 0.99 percent, to close Monday at $29.93, while in after-hours trading Zions dropped another 46 cents, or 1.54 percent to $29.47 on the Nasdaq

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.

 

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