Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31,
2016
|
|
|
|
|
|
|
|
Additions to/(deductions from) net assets attributable to:
|
|
|
|
|
|
Investment income:
|
|
|
Net appreciation in fair value of investments
|
$
|
159,406,029
|
|
|
Interest and dividends
|
22,518,613
|
|
|
|
|
|
Contributions:
|
|
|
Participant
|
51,389,185
|
|
|
Employer
|
31,837,817
|
|
|
Rollovers
|
6,159,802
|
|
|
|
|
|
Benefits paid directly to participants
|
(90,752,149
|
)
|
|
|
|
|
Net increase
|
180,559,297
|
|
|
|
|
|
Net assets available for benefits:
|
|
|
Beginning of year
|
855,662,308
|
|
|
End of year
|
$
|
1,036,221,605
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
|
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Notes to Financial Statements
December 31, 2016
1. DESCRIPTION OF PLAN
The following description of the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan (“the Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
General
The Plan is a single employer defined contribution plan designed to provide retirement benefits for eligible employees under a salary reduction arrangement with a specified employer matching contribution and a discretionary noncontributory profit sharing feature. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). From time to time, the Plan has been restated and amended. Fidelity Management Trust Company (“Fidelity”) is the trustee of the Plan. Zions Bancorporation (“the Company”) is the Plan sponsor. The Company’s Benefits Committee (“the Benefits Committee”) administers the Plan.
During 2016, the Plan was amended to permit withdrawal on an in-service basis of all voluntary contributions made to the Plan, without regard to when the contributions may have been made.
Eligibility
Participation in the Plan is voluntary. Any nonexcluded employee (as defined in the Plan provisions) at least 21 years of age is eligible to participate. To be eligible for the noncontributory profit sharing feature, participants must meet other criteria, including 1,000 hours of service.
Contributions
Participants may contribute up to 80% of their pretax annual compensation subject to the annual maximum allowable participant contribution, which was $18,000 for
2016
. Under applicable law, participants attaining the age of 50 during or prior to
2016
are eligible to make catch-up contributions. The Company provides a matching contribution of 100% for the first 3% of the participant’s compensation and 50% for the next 2%.
Contributions by the Company under the noncontributory profit sharing feature are discretionary. Contribution rates may range up to 6% of participants’ compensation based on the Company’s return on average common equity, as defined, for the Plan year.
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Notes to Financial Statements (continued)
These contributions are approved and made subsequent to the end of the Plan year. For the
2016
Plan year, the Company contributed $6,169,332 in February 2017 under this discretionary profit sharing feature. This profit sharing contribution is included in employer contributions in the statement of changes in net assets available for benefits for the year ended December 31,
2016
and employer contributions receivable in the statements of net assets available for benefits as of December 31, 2016.
Forfeitures used to offset Company contributions were $352,113 in
2016
, which was the amount of forfeitures outstanding at December 31,
2015
. At December 31,
2016
, the amount of forfeitures outstanding was $324,488.
The Plan allows for Roth 401(k) contributions consistent with the requirements of §402A of the Internal Revenue Code (“the Code”). Such contributions include rollovers from other Roth deferral accounts as described in Code §402A(e)(1) and only to the extent the rollovers are permitted under Code §402(c). Roth contributions are treated as elective deferrals at the option of the participant for all purposes under the Plan, including determination and allocation of the Company’s matching contributions.
The Plan allows rollovers by participants from nonaffiliated qualifying plans.
Participant Accounts
Each participant’s fund account is credited with the participant’s contributions and allocations of the Company’s contributions and Plan earnings. Investment income or loss is allocated based on the investment shares held in the participant’s account in relation to the total investment shares of the Plan. However, income or loss from trading of the Company’s common stock, which is done on a real-time basis, is identified and allocated directly to the participant’s account without regard to the allocation process.
Vesting and Payment of Benefits
Participant and Company matching contributions plus investment earnings are immediately vested. Company contributions under the noncontributory profit sharing feature vest according to the following schedule:
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Notes to Financial Statements (continued)
|
|
|
|
|
|
|
Years of vesting service
|
|
Percent vested
|
|
|
|
|
|
Less than 2
|
|
None
|
|
2
|
|
20%
|
|
3
|
|
40%
|
|
4
|
|
60%
|
|
5 or more
|
|
100%
|
A year of vesting service is determined by the length of time an individual is an employee. Fractional years are rounded to the nearest one twelfth of a year. Periods of service are based on full calendar months, crediting an employee with a full month if the employee works at least one hour of service during the month.
Nonvested amounts forfeited by terminated participants are used first to reduce the Company’s profit sharing contributions. If Company profit sharing contributions are not made during a given Plan year, any amounts forfeited may be used at the Company’s election to reduce the Company’s matching contribution, offset administrative expenses, allocate directly to participants’ accounts, or any combination of the foregoing. Participants are 100% vested if employed by the Company when normal retirement age is attained. Benefits are eligible to be paid upon death, disability, retirement, or termination of employment, or may be paid earlier subject to Plan provisions. Benefits are paid in shares of stock, cash, or a combination of the two, depending on the participant’s investment options.
Investment Options
Participant contributions can be directed subject to Plan provisions into various Plan investment options, including the Company’s common stock. The Company’s matching contributions and amounts contributed under the noncontributory profit sharing feature are invested in the Company’s common stock purchased in the open market. Participants may immediately diversify to other Plan investments up to 100% of their existing investments in the Company’s common stock received as Company matching contributions. However, three years of participation in the Plan is required before participants can diversify their investments in the Company’s common stock resulting from the Company’s profit sharing contributions.
Participant Loans
Participants may borrow from their fund accounts in amounts from $1,000 up to the lesser of $50,000 or 50% of their vested account balance, as defined. Loan terms cannot exceed five years, or ten years if used for the purchase of a primary residence. The loans
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Notes to Financial Statements (continued)
are secured by the balance in the participants’ accounts and are repaid at a specified rate of interest through direct payroll deductions.
Plan Termination
Although the Company has not expressed any intent to do so, it has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. If the Plan were terminated, each participant would become 100% vested and would receive a distribution of assets equal to the value of the participant’s account.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying financial statements are prepared using the accrual basis of accounting under U.S generally accepted accounting principles (“GAAP”).
Investment Valuation and Income Recognition
Investments are reported at fair value. Purchases and sales of investments are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date.
Notes Receivable from Participants
Notes receivable from participants represent participant loans recorded at their unpaid principal balance plus any accrued interest. Interest income on notes receivable from participants is recorded when earned. The amount for
2016
was $772,137 and was included in interest and dividends in the statement of changes in net assets available for benefits. Loan documentation and processing fees are charged to the participants’ accounts. No allowance for credit losses was recorded at December 31,
2016
or
2015
. If a participant ceases to make loan repayments and the Benefits Committee deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Notes to Financial Statements (continued)
Concentration of Investments
The Plan’s net assets available for benefits at December 31,
2016
and
2015
include investments in the Company’s common stock of $328,373,433 (7,604,652 shares) and $229,005,214 (8,385,957 shares), respectively. These investments represent a 3.7% and 4.1% ownership of the Company’s outstanding common stock at December 31,
2016
and
2015
, respectively.
New Accounting Pronouncements
In July 2015,
the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-12,
Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965)
. This new guidance has three parts. Under Part I, fully benefit-responsive investment contracts are measured, presented, and disclosed only at contract value. Part II eliminates the requirement to (1) disclose individual investments that represent 5 percent or more of net assets available for benefits and (2) disaggregate and disclose net appreciation or depreciation in fair value of investments by general type, either on the face of the financial statements or in the notes. Part III is not applicable to the Plan. The Plan adopted this guidance effective January 1, 2016 on a retrospective basis. The adoption of this accounting standard did not have a material effect on the Plan’s financial statements.
In May 2015, the FASB issued ASU 2015-7,
Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).
This new accounting guidance eliminates the requirement to categorize within the fair value hierarchy investments whose fair values are measured at Net Asset Value (“NAV”) using the practical expedient in ASC 820. Fair value disclosure of these investments will be made to facilitate reconciliation to amounts reported on the statements of net assets available for benefits. The Plan adopted this guidance effective January 1, 2016 on a retrospective basis. The adoption of this accounting standard did not have a material effect on the Plan’s financial statements.
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Notes to Financial Statements (continued)
3. INVESTMENTS
As trustee of the Plan, Fidelity holds the Plan’s investments and executes all investment transactions.
The Plan’s investment activity in the Company’s common stock for
2016
includes nonparticipant-directed and participant-directed transactions. Because the investment activity cannot be split between these types of transactions, the entire investment is reflected as nonparticipant-directed in the following schedule.
Significant changes in net assets during
2016
relating to transactions of the Company’s common stock are as follows:
|
|
|
|
|
|
|
|
Net appreciation in fair value
|
$
|
130,729,755
|
|
|
Dividends
|
2,299,380
|
|
|
Interest on loans
|
64,038
|
|
|
Contributions
|
34,432,556
|
|
|
Net transfers to other investments
|
(47,620,903
|
)
|
|
Benefits paid directly to participants
|
(20,536,607
|
)
|
|
Net increase in Company common stock
|
99,368,219
|
|
|
|
|
|
Company common stock at beginning of year
|
229,005,214
|
|
|
Company common stock at end of year
|
$
|
328,373,433
|
|
4. FAIR VALUE
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. To measure fair value, a hierarchy has been established that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows:
|
|
|
|
Level 1
|
Quoted prices in active markets for identical assets or liabilities that the Plan has the ability to access. For the Plan, Level 1 includes the Company’s common stock and registered investment companies.
|
|
|
|
|
Level 2
|
Observable inputs other than Level 1 that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:
|
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Notes to Financial Statements (continued)
• Quoted prices for similar assets or liabilities in active markets;
• Quoted prices for identical or similar assets or liabilities in inactive markets;
•
Observable inputs other than quoted prices that are used in the valuation of assets or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals);
•
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
|
|
|
Level 3
|
Unobservable inputs for the asset or liability (i.e., supported by little or no market activity) whose value is determined by pricing models, discounted cash flow methodologies, or similar techniques. Level 3 inputs include management’s own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).
|
The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measure in its entirety.
The following describes the assets and the valuation methodologies used to measure their fair value:
Company common stock – Shares of the Company’s common stock are valued at the last reported sales price on the last business day of the Plan year in the active market where individual securities are traded.
Common collective trust fund – This trust holds the Fidelity Managed Income Portfolio II – Class 2 fund discussed in Note 2. The fund is a stable value fund designed to deliver safety and stability by preserving principal while earning interest income. It invests in investment contracts (wrap contracts) issued by insurance companies and other financial institutions, fixed income securities (e.g., U.S. Treasury and agency bonds, corporate bonds, mortgage- and asset-backed securities, and bond funds), and money market funds. It may also invest in futures contracts, option contracts, and swap agreements. Participation units in the fund are valued at the net asset value (“NAV”) as the practical expedient as determined by the issuer of the fund.
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Notes to Financial Statements (continued)
Registered investment companies – These mutual funds are valued at quoted market prices for shares held by the Plan at year-end.
Prime institutional money market fund – Participation units in the Fidelity prime institutional money market fund are valued at the net asset value (“NAV”) as the practical expedient for fair value. The portfolio is designated as an institutional money market fund where the NAV of the fund’s shares float, fluctuating with changes in the values of the portfolio’s securities.
Assets measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows at December 31,
2016
and
2015
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Zions Bancorporation common stock
|
$
|
328,373,433
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
328,373,433
|
|
|
Registered investment companies:
|
|
|
|
|
|
|
|
|
Domestic
|
|
391,366,599
|
|
|
|
|
|
|
391,366,599
|
|
|
International
|
|
38,279,043
|
|
|
|
|
|
|
38,279,043
|
|
|
Lifecycle
|
|
164,138,748
|
|
|
|
|
|
|
164,138,748
|
|
|
Total registered investment companies
|
|
593,784,390
|
|
|
—
|
|
|
—
|
|
|
593,784,390
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
922,157,823
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
922,157,823
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments that use NAV
|
|
|
|
|
|
|
|
88,303,298
|
|
|
Net investment assets
|
|
|
|
|
|
|
|
$
|
1,010,461,121
|
|
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Notes to Financial Statements (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Zions Bancorporation common stock
|
$
|
229,005,214
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
229,005,214
|
|
|
Registered investment companies:
|
|
|
|
|
|
|
|
|
Domestic
|
|
348,562,399
|
|
|
|
|
|
|
348,562,399
|
|
|
International
|
|
38,410,868
|
|
|
|
|
|
|
38,410,868
|
|
|
Lifecycle
|
|
136,854,928
|
|
|
|
|
|
|
136,854,928
|
|
|
Total registered investment companies
|
|
523,828,195
|
|
|
—
|
|
|
—
|
|
|
523,828,195
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
752,833,409
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
752,833,409
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments that use NAV
|
|
|
|
|
|
|
|
77,677,951
|
|
|
Net investment assets
|
|
|
|
|
|
|
|
$
|
830,511,360
|
|
No transfers of investments occurred among Levels 1, 2, or 3 during 2016.
As shown in the previous schedules, the fair value hierarchy excludes investments in a common collective trust and Fidelity institutional prime money market fund which are based upon the NAV. The following presents additional information as of December 31, 2016 and 2015 for the common collective trust fund whose fair value is based on NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value
at December 31,
|
|
Investment
|
|
Unfunded commitments
|
|
Redemption
|
|
|
|
|
|
|
|
|
|
|
|
2016:
|
|
$
|
88,227,350
|
|
|
Common collective trust fund
|
|
none
|
|
Any business day, subject to certain restrictions. There are no future commitments.
|
|
2015:
|
|
$
|
77,602,361
|
|
|
|
|
|
|
5. TRANSACTIONS WITH PARTIES-IN-INTEREST
During
2016
, the Plan received dividends from the Company’s common stock it held of $2,299,380. Purchases and sales of the Company’s common stock in
2016
were $48,049,734 and $80,411,918, respectively. The amount of purchases included $10,266,376 of exchanges that were made by participants from other investments in the Plan during
2016
.
As of December 31, 2016 and 2015, the Plan’s assets include $264,341,461 and $231,143,702, respectively, of investment assets that are issued and managed by Fidelity, the Trustee of the Plan.
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Notes to Financial Statements (continued)
6. RISKS AND UNCERTAINTIES
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.
7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following reconciles net assets available for benefits in the accompanying financial statements to net assets in the Form 5500:
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
2016
|
|
2015
|
|
Net assets available for benefits in accompanying financial statements
|
$
|
1,036,221,605
|
|
|
$
|
855,662,308
|
|
|
Add adjustment between fair value and contract value related to fully benefit-responsive investment contracts held in common collective trust fund
|
—
|
|
|
557,139
|
|
|
Net assets in Form 5500
|
$
|
1,036,221,605
|
|
|
$
|
856,219,447
|
|
The following reconciles the net increase in the statement of changes in net assets available for benefits to net income in the Form 5500 for the year ended December 31,
2016
:
|
|
|
|
|
|
|
|
|
Net increase in statement of changes in net assets available
for benefits
|
|
$
|
180,559,297
|
|
|
|
|
|
|
Adjustment between fair value and contract value related to fully benefit-responsive investment contracts held in common collective trust fund:
|
|
|
|
|
|
|
|
Less: Amount at December 31, 2015
|
|
(557,139
|
)
|
|
Net income in Form 5500
|
|
$
|
180,002,158
|
|
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Notes to Financial Statements (continued)
8. INCOME TAX STATUS
The Plan has received a determination letter from the Internal Revenue Service (“IRS”) dated September 17, 2013, stating that the Plan is qualified under Section 401(a) of the Code and therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The Plan administrator has indicated that it will take the necessary steps, if any, to bring the Plan’s operations into compliance with the Code.
Plan management evaluates any uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31,
2016
, there are no uncertain tax positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions.
The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any tax periods.
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Schedule H, Line 4a – Schedule of Delinquent
Participant Contributions
EIN: 87-0227400 Plan: 006
December 31, 2016
|
|
|
|
|
|
|
Participant Contributions Transferred Late to Plan
|
|
Total that Constitute Nonexempt Prohibited Transactions
|
|
|
|
|
|
$ 1,493*
|
|
$ 1,493*
|
* The delinquent participant contributions resulted from payroll processed on January 6, 2017, that was paid on December 30, 2016. On April 7, 2017, the Company remitted the delinquent participant contributions to the Plan. The lost earnings of $33 were remitted by the Company to the Plan on June 9, 2017. The Company will file a Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, for 2016 and 2017.
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
EIN: 87-0227400 Plan: 006
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
(b)
Identity of Issue, Borrower,
Lessor, or Similar Party
|
|
(c)
Description of Investment
|
|
(d)
Cost of Assets (1)
|
|
(e)
Current Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
Zions Bancorporation common stock
|
|
|
|
|
|
*
|
|
|
ZIONS BANCORPORATION
|
COMMON STOCK (7,604,652 shares)
|
|
$
|
210,157,460
|
|
|
$
|
328,373,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common collective trust fund
|
|
|
|
|
|
*
|
|
|
FIDELITY INVESTMENTS
|
|
MANAGED INCOME PORTFOLIO II CL 2 (88,227,350 units)
|
88,227,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered investment companies
|
|
|
|
|
|
|
|
Domestic
|
|
|
|
|
|
|
|
|
|
COLUMBIA
|
|
ACORN USA Y (601,283 shares)
|
|
|
|
10,907,268
|
|
|
|
|
AMERICAN BEACON
|
|
LARGE CAP VALUE INSTITUTIONAL (1,038,865 shares)
|
|
28,631,129
|
|
|
|
|
T. ROWE PRICE
|
|
EMERGING MARKETS STOCK (206,899 shares)
|
|
6,554,561
|
|
|
|
|
VANGUARD
|
|
REIT INDEX FUND INSTITUTIONAL (546,672 shares)
|
|
9,889,292
|
|
|
|
|
PIMCO FUNDS
|
|
TOTAL RETURN INSTITUTIONAL (2,117,620 shares)
|
|
21,239,724
|
|
|
|
|
WELLS FARGO ADV
|
|
SPECIAL SMALL CAP VALUE ADMIRAL (455,174 shares)
|
|
15,403,078
|
|
|
|
|
VANGUARD
|
|
MID CAP INDEX INSTITUTIONAL (619,391 shares)
|
|
22,291,896
|
|
|
|
|
VANGUARD
|
|
SMALL CAP INDEX INSTITUTIONAL (322,075 shares)
|
|
19,894,550
|
|
|
|
|
VICTORY FUNDS
|
|
DIVERSIFIED STOCK I (320,364 shares)
|
|
5,891,494
|
|
|
|
|
LEGG MASON
|
|
CLEARBRIDGE AGGRESSIVE GROWTH (45,290 shares)
|
|
9,469,250
|
|
|
|
|
LOOMIS SAYLES FUNDS
|
|
BOND INSTITUTIONAL (637,522 shares)
|
|
|
|
8,644,802
|
|
|
|
|
PIMCO FUNDS
|
|
COMMODITY REAL RETURN INST (258,714 shares)
|
|
1,852,393
|
|
|
|
|
VANGUARD
|
|
INFLATION PROTECTED INSTITUTIONAL (587,230 shares)
|
|
6,095,442
|
|
|
|
|
VANGUARD
|
|
SELECTED VALUE (588,009 shares)
|
|
|
|
16,922,886
|
|
|
|
|
VANGUARD
|
|
SHORT-TERM INV GRADE ADMIRAL (227,676 shares)
|
|
2,420,194
|
|
|
|
|
VANGUARD
|
|
TARGET RETIREMENT INCOME (136,774 shares)
|
|
2,766,947
|
|
|
|
|
JANUS
|
|
ENTERPRISE N FUND (407,021 shares)
|
|
|
|
38,854,247
|
|
|
*
|
|
|
FIDELITY INVESTMENTS
|
|
FIDELITY INST ASSET MANAGEMENT CL 1 (5,968,602 shares)
|
|
5,968,602
|
|
|
*
|
|
|
FIDELITY INVESTMENTS
|
|
CONTRAFUND K (565,077 shares)
|
|
|
|
55,592,252
|
|
|
*
|
|
|
FIDELITY INVESTMENTS
|
|
CAPITAL & INCOME (1,248,863 shares)
|
|
|
|
12,126,461
|
|
|
*
|
|
|
FIDELITY INVESTMENTS
|
|
BALANCED K (774,917 shares)
|
|
|
|
17,063,682
|
|
|
*
|
|
|
FIDELITY INVESTMENTS
|
|
TOTAL MARKET INDEX INST (164,679 shares)
|
|
10,625,074
|
|
|
*
|
|
|
FIDELITY INVESTMENTS
|
|
500 INDEX INSTITUTIONAL (642,204 shares)
|
|
50,316,656
|
|
|
*
|
|
|
FIDELITY INVESTMENTS
|
|
U.S. BOND INDEX (1,039,575 shares)
|
|
11,944,719
|
|
|
|
|
|
|
|
|
|
|
391,366,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (continued)
EIN: 87-0227400 Plan: 006
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
(b)
Identity of Issue, Borrower,
Lessor, or Similar Party
|
|
(c)
Description of Investment
|
|
(d)
Cost of Assets (1)
|
|
(e)
Current Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
OAKMARK
|
|
INTERNATIONAL INV (445,191 shares)
|
|
|
|
$
|
10,105,828
|
|
|
|
|
AMERICAN FUNDS
|
|
EUROPACIFIC GROWTH R6 (104,059 shares)
|
|
4,686,823
|
|
|
|
|
BLACKROCK FUNDS
|
|
INTERNATIONAL OPPS INSTITUTIONAL (222,088 shares)
|
|
6,882,521
|
|
|
|
|
LOOMIS SAYLES FUNDS
|
|
GLOBAL BOND INSTITUTIONAL (141,116 shares)
|
|
2,160,488
|
|
|
|
|
MORGAN STANLEY
|
|
INST INTERNATIONAL REAL ESTATE (116,591 shares)
|
|
2,042,666
|
|
|
*
|
|
|
FIDELITY INVESTMENTS
|
|
INTERNATIONAL INDEX (350,997 shares)
|
|
12,400,717
|
|
|
|
|
|
|
|
|
|
|
38,279,043
|
|
|
|
|
Lifecycle
|
|
|
|
|
|
|
|
|
|
VANGUARD
|
|
INST TARGET RETIREMENT 2010 (319,851 shares)
|
|
6,464,182
|
|
|
|
|
VANGUARD
|
|
INST TARGET RETIREMENT 2015 (385,179 shares)
|
|
7,761,354
|
|
|
|
|
VANGUARD
|
|
INST TARGET RETIREMENT 2020 (1,618,491 shares)
|
|
32,596,411
|
|
|
|
|
VANGUARD
|
|
INST TARGET RETIREMENT 2025 (1,383,271 shares)
|
|
27,817,581
|
|
|
|
|
VANGUARD
|
|
INST TARGET RETIREMENT 2030 (1,232,654 shares)
|
|
24,714,722
|
|
|
|
|
VANGUARD
|
|
INST TARGET RETIREMENT 2035 (766,525 shares)
|
|
15,330,502
|
|
|
|
|
VANGUARD
|
|
INST TARGET RETIREMENT 2040 (1,135,462 shares)
|
|
22,641,118
|
|
|
|
|
VANGUARD
|
|
INST TARGET RETIREMENT 2045 (609,166 shares)
|
|
12,165,049
|
|
|
|
|
VANGUARD
|
|
INST TARGET RETIREMENT 2050 (536,560 shares)
|
|
10,720,462
|
|
|
|
|
VANGUARD
|
|
INST TARGET RETIREMENT 2055 (154,329 shares)
|
|
3,088,125
|
|
|
|
|
VANGUARD
|
|
INST TARGET RETIREMENT 2060 (41,983 shares)
|
|
839,242
|
|
|
|
|
|
|
|
|
|
|
164,138,748
|
|
|
|
|
|
|
|
|
|
|
593,784,390
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
|
FIDELITY INVESTMENTS
|
PRIME INST MONEY MARKET FUND (75,948 shares)
|
|
75,948
|
|
|
|
|
|
|
|
|
|
|
$
|
1,010,461,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECEIVABLES
|
|
|
|
|
|
|
|
*
|
|
|
Notes receivable from participants
|
Interest rates ranging from 4.25% to 9.25%, with maturities through December 2026
|
|
|
|
$
|
18,183,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
|
Indicates party-in-interest to the Plan.
|
|
|
|
|
|
(1
|
)
|
|
Only provided for nonparticipant-directed investments.
|
|
|
|
|
Zions Bancorporation Payshelter 401(k) and
Employee Stock Ownership Plan
Schedule H, Line 4j – Schedule of Reportable Transactions
EIN: 87-0227400 Plan: 006
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Identity of Party Involved
|
|
(b)
Description of Assets
|
|
(c)
Purchase Price
|
|
(d)
Selling
Price
|
|
(g)
Cost of
Asset
|
|
(h)
Current Value of Asset on Trans-
action Date
|
|
(i)
Net Gain (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category 3 – Any transaction within the plan year involving securities of the same issue if within the plan year any series of transactions with respect to such securities amount in the aggregate to more than 5% of the current value of the plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zions Bancorporation
|
|
Common Stock
|
|
$
|
48,049,734
|
|
|
$
|
—
|
|
|
$
|
48,049,734
|
|
|
|
$
|
48,049,734
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zions Bancorporation
|
|
Common Stock
|
|
—
|
|
|
80,411,918
|
|
|
70,551,162
|
|
|
|
80,411,918
|
|
|
|
9,860,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No category 1, 2 or 4 reportable transactions occurred during 2016.
Columns (e) and (f) are not applicable.
|
|
|
|
|
|
|
|
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Benefits Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
|
ZIONS BANCORPORATION PAYSHELTER 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN
|
June 23, 2017
|
|
|
|
|
|
|
|
By:
|
/s/ Paul E. Burdiss
|
|
|
Name:
|
PAUL E. BURDISS,
|
|
|
|
Executive Vice President and Chief Financial Officer of Zions Bancorporation
|
Zions Bancorporation NA (NASDAQ:ZION)
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From Apr 2024 to May 2024
Zions Bancorporation NA (NASDAQ:ZION)
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From May 2023 to May 2024
