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Zions Sets Aside $762M for Loan Losses

SALT LAKE CITY-The locally based bank cites commercial real estate and commercial and industrial loan portfolios as primary reasons for setting aside an extra $460 million.

By Brian K. Miller | Updated on July 20, 2009

SALT LAKE CITY- Zions Bancorp has more than doubled its provision for loan losses in the second quarter due in large part to commercial real estate. The news was part of the locally based public bank’s second quarter report, released Monday, in which it reported a $40.7-million ($0.35-per-share) quarterly loss. Last year’s second quarter produced a $69.7-million ($0.65-per-share) profit.

The loss was substantially less than expected by analysts, who on average expected a loss of around $1.00 per share. Shares of Zions finished the day up $0.66 (5.7%) to $12.22. Its 52-week range is $5.90-$54.90.

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