BBVA Compass Bancshares, Inc. reports first quarter 2015 earnings of $141 million
- First quarter earnings increase 23 percent from prior year levels
- Total loans end the quarter at $58.8 billion, up 11 percent from prior year levels
- Total deposits increase 10 percent to $62.9 billion, driven by a 17 percent increase in low-cost interest bearing accounts and a 14 percent increase in noninterest bearing deposits
- Total revenue increases 4 percent, fueled by increases in both noninterest income and net interest income; expense growth well contained at 1 percent
- Net charge-off ratio dips to 17 basis points; nonperforming asset ratio at 77 basis points and coverage ratio remains healthy at 156 percent
HOUSTON, April 29, 2015 /PRNewswire/ -- BBVA Compass Bancshares, Inc., a Sunbelt-based bank holding company (BBVA Compass), reported today net income attributable to shareholder of $141 million for the first quarter of 2015, a 23 percent increase compared to $114 million earned during the first quarter of 2014. Return on average assets and return on average tangible equity1 for the first three months of 2015 were 0.68 percent and 8.25 percent, respectively.
"Despite the challenging interest rate environment, BBVA Compass delivered strong results highlighted by robust balance sheet growth and balanced revenue growth," said Manolo Sanchez, chairman and CEO of BBVA Compass. "Continued demand for commercial loans and residential mortgages were the primary drivers behind the 11 percent increase in total loans. While total deposits increased 10 percent, growth of low-cost deposits was even more pronounced with savings and money market deposits growing 17 percent and noninterest bearing demand deposits increasing 14 percent."
"The continued growth of our loan and deposit portfolios reflect the complement of investment banking capabilities we have added, coupled with the addition of commercial loan offices in targeted markets," Sanchez said. "Clearly these efforts, by design, have aided our ability to expand our client base while further enhancing our relationships with existing commercial customers."
Sanchez noted that total revenue increased four percent as both net interest income and noninterest income posted solid gains. Net interest income increased three percent from prior year levels and was driven by strong loan and low-cost deposit growth. Noninterest income, excluding a net gain from securities transactions and the extinguishment of FHLB advances, increased eight percent. At the same time, expenses were well contained as disciplined expense management resulted in a one percent increase in noninterest expenses.
Credit quality metrics continued to reflect a strong risk profile. Net charge-offs as a percentage of average loans dipped to 17 basis points compared to 24 basis points in the year ago quarter. Nonperforming assets as a percentage of loans, other real estate and other repossessed assets were 77 basis points compared to 95 basis points a year ago.
Total shareholder's equity ended the first quarter of 2015 at $12.2 billion, a four percent increase from $11.7 billion at the end of the first quarter of 2014. Additionally, each of the company's regulatory capital ratios remained significantly above 'well-capitalized' guidelines.
"BBVA Compass is committed to maintaining a strong capital position and the recently completed stress tests demonstrate our ability to generate retained earnings and our capacity to absorb significant stress under various severely adverse economic scenarios," Sanchez said.
During the first quarter, BBVA Compass announced a new card-issuing partnership that brings together three global brands – BBVA, American Express and the NBA – through the BBVA Compass NBA American Express® Card. The new card represents a unique offering and better reflects customers' expectations in today's digital age as the paper application and lengthy approval time has been replaced by an exclusively on-line application, instant approvals for qualified customers and around-the-clock customer service.
BBVA Compass also announced that its customers will be able to send and receive funds instantly through Dwolla, an all-digital payments network. The collaboration makes BBVA Compass the largest financial institution to use the Dwolla platform for real-time transfers, thus eliminating the wait associated with Automated Clearing House (ACH) transfers that typically can take two-to-five business days to clear.
1 Average tangible equity is a non-GAAP financial measure that we believe aids in understanding certain areas of our performance. The calculation of this measure is included on the page titled Non-GAAP Reconciliation.
About BBVA Compass
BBVA Compass Bancshares, Inc. is a Sunbelt-based bank holding company whose principal subsidiary, BBVA Compass, operates 672 branches, including 341 in Texas, 89 in Alabama, 77 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass' mobile app recently earned the Mobile Banking Leader in Functionality Award for the second consecutive year in the Javelin Strategy & Research's Mobile Banking Financial Institution Scorecard. Additional information about BBVA Compass can be found under the Investor Relations tab at www.bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com.
About BBVA Group
BBVA Compass Bancshares, Inc. is a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes. More information about the BBVA Group can be found at www.bbva.com.
On April 15, 2015, BBVA filed its annual report Form 20-F for the year ended December 31, 2014, with the Securities and Exchange Commission. A copy can be accessed on the BBVA website at http://shareholdersandinvestors.bbva.com/TLBB/tlbb/bbvair/ing/share/adrs/index.jsp. Holders of BBVA's American Depositary Receipts (ADRs) may request a hard copy of the Form 20-F for the year ended December 31, 2014, including its complete audited financial statements, free of charge. To request a copy, contact Ed Bilek at [email protected].
Forward-Looking Statements
Certain statements in this press release may contain forward-looking statements about BBVA Compass Bancshares, Inc. (the "Company") and its industry that involve substantial risks and uncertainties. The use of "we," "our" and similar terms refer to the Company. Statements other than statements of current or historical fact, including statements regarding our future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to the Company, constitute forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect the Company's views regarding future events and financial performance. Such statements are subject to risks, uncertainties, assumptions and other important factors, many of which may be beyond the Company's control, that could cause actual results to differ materially from anticipated results. If the Company's assumptions and estimates are incorrect, or if the Company becomes subject to significant limitations as the result of litigation or regulatory action, then the Company's actual results could vary materially from those expressed or implied in these forward-looking statements. The forward-looking statements are and will be based on the Company's then current views and assumptions regarding future events and speak only as of their dates made. The Company assumes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by securities law or regulation. For further information regarding risks and uncertainties associated with the Company's business, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on March 11, 2015, as updated by our subsequent SEC filings.
|
BBVA COMPASS BANCSHARES, INC. |
||||||||||||
|
(Unaudited) |
||||||||||||
|
(Dollars in thousands) |
||||||||||||
|
Three Months Ended |
% |
|||||||||||
|
2015 |
2014 |
Change |
||||||||||
|
EARNINGS SUMMARY |
||||||||||||
|
Net interest income |
$ 509,029 |
$ 495,299 |
3 |
|||||||||
|
Noninterest income [a] |
218,987 |
203,352 |
8 |
|||||||||
|
Total revenue [a] |
728,016 |
698,651 |
4 |
|||||||||
|
Investment securities gain, net |
32,832 |
16,434 |
100 |
|||||||||
|
Loss on prepayment of FHLB advances |
(2,549) |
(458) |
NM |
|||||||||
|
Provision for loan losses |
42,031 |
37,266 |
13 |
|||||||||
|
Noninterest expense |
522,719 |
518,867 |
1 |
|||||||||
|
Pretax income |
193,549 |
158,494 |
22 |
|||||||||
|
Income tax expense |
51,782 |
43,567 |
19 |
|||||||||
|
Net income |
141,767 |
114,927 |
23 |
|||||||||
|
Net income attributable to noncontrolling interests |
657 |
453 |
45 |
|||||||||
|
Net income attributable to shareholder |
$ 141,110 |
$ 114,474 |
23 |
|||||||||
|
SELECTED RATIOS |
||||||||||||
|
Return on average assets |
0.68 % |
0.64 % |
||||||||||
|
Return on average tangible equity [b] |
8.25 |
7.18 |
||||||||||
|
Average common equity to average assets |
14.24 |
15.83 |
||||||||||
|
Average loans to average total deposits |
94.67 |
94.08 |
||||||||||
|
Tier I capital ratio [c] |
10.70 |
11.30 |
||||||||||
|
Total capital ratio [c] |
12.55 |
13.39 |
||||||||||
|
Leverage ratio [c] |
8.92 |
9.88 |
||||||||||
|
Average for Three Months |
Ending Balance |
|||||||||||
|
Ended March 31, |
% |
March 31, |
% | |||||||||
|
2015 |
2014 |
Change |
2015 |
2014 |
Change | |||||||
|
BALANCE SHEET HIGHLIGHTS |
||||||||||||
|
Total loans |
$ 58,813,049 |
$ 51,943,121 |
13 |
$ 58,756,951 |
$ 52,795,787 |
11 | ||||||
|
Total investment securities |
11,386,056 |
10,196,527 |
12 |
11,475,370 |
10,027,118 |
14 | ||||||
|
Earning assets |
73,686,670 |
62,245,698 |
18 |
73,966,204 |
62,930,076 |
18 | ||||||
|
Total assets |
85,087,155 |
73,359,144 |
16 |
85,475,741 |
74,957,227 |
14 | ||||||
|
Noninterest bearing demand deposits |
17,933,517 |
15,652,987 |
15 |
18,599,702 |
16,322,699 |
14 | ||||||
|
Interest bearing transaction accounts |
31,424,229 |
27,073,002 |
16 |
31,539,717 |
27,987,795 |
13 | ||||||
|
Total transaction accounts |
49,357,746 |
42,725,989 |
16 |
50,139,419 |
44,310,494 |
13 | ||||||
|
Total deposits |
62,121,217 |
55,209,690 |
13 |
62,900,681 |
57,085,210 |
10 | ||||||
|
Shareholder's equity |
12,116,432 |
11,615,847 |
4 |
12,161,930 |
11,729,834 |
4 | ||||||
|
[a] Excludes net gain on sales of investment securities and loss on prepayment of FHLB advances. | ||||||||||||||
|
[b] Non-GAAP measure that we believe aids in understanding certain areas of our performance. The calculation of this measure is included on the page titled Non-GAAP Reconciliation. | ||||||||||||||
|
[c] Current period regulatory capital ratios are estimated. Figures for 2015 calculated using the applicable Transitional Basel III regulatory capital methodology. Figures for 2014 calculated using the applicable Basel I regulatory capital methodology in place at that time. | ||||||||||||||
|
NM = Not meaningful |
|
BBVA COMPASS BANCSHARES, INC. | ||||||||||
|
(Unaudited) | ||||||||||
|
(Dollars in Thousands) | ||||||||||
|
2015 |
2014 | |||||||||
|
March 31 |
December 31 |
September 30 |
June 30 |
March 31 | ||||||
|
NONPERFORMING ASSETS |
||||||||||
|
Nonaccrual loans [b] |
$ 357,539 |
$ 322,654 |
$ 344,937 |
$ 341,807 |
$ 388,597 | |||||
|
Loans 90 days or more past due [a] |
70,750 |
71,454 |
76,196 |
76,219 |
83,490 | |||||
|
TDRs 90 days or more past due |
820 |
1,722 |
991 |
629 |
204 | |||||
|
Total nonperforming loans [b] |
429,109 |
395,830 |
422,124 |
418,655 |
472,291 | |||||
|
Other real estate owned, net (OREO) |
17,764 |
20,600 |
17,058 |
21,113 |
25,817 | |||||
|
Other repossessed assets |
3,823 |
3,920 |
3,618 |
2,796 |
3,313 | |||||
|
Total nonperforming assets |
$ 450,696 |
$ 420,350 |
$ 442,800 |
$ 442,564 |
$ 501,421 | |||||
|
TDRs accruing and past due less than 90 days |
$ 157,252 |
$ 161,261 |
$ 170,789 |
$ 177,630 |
$ 202,075 | |||||
|
Covered loans [c] |
488,560 |
495,190 |
580,756 |
613,152 |
701,158 | |||||
|
Covered nonperforming loans [c] |
45,581 |
48,071 |
56,221 |
59,331 |
63,664 | |||||
|
Covered nonperforming assets [c] |
47,598 |
51,989 |
59,609 |
62,824 |
67,500 | |||||
|
Total nonperforming loans as a % of loans |
0.73 % |
0.69 % |
0.76 % |
0.77 % |
0.89 % | |||||
|
Total nonperforming loans as a % of loans, excluding covered loans |
0.66 |
0.61 |
0.67 |
0.67 |
0.78 | |||||
|
Total nonperforming assets as a % of total loans, other real estate, and other repossessed assets |
0.77 |
0.73 |
0.80 |
0.81 |
0.95 | |||||
|
Total nonperforming assets as a % of total loans, other real estate, and other repossessed assets, excluding covered assets |
0.69 |
0.65 |
0.70 |
0.71 |
0.83 | |||||
|
Three Months Ended | ||||||||||
|
2015 |
2014 | |||||||||
|
March 31 |
December 31 |
September 30 |
June 30 |
March 31 | ||||||
|
ALLOWANCE FOR LOAN LOSSES |
||||||||||
|
Balance at beginning of period |
$ 685,041 |
$ 695,878 |
$ 714,760 |
$ 707,665 |
$ 700,719 | |||||
|
Net charge-offs (NCO) |
25,208 |
30,751 |
22,751 |
38,157 |
30,320 | |||||
|
Provision for loan losses |
42,031 |
19,914 |
3,869 |
45,252 |
37,266 | |||||
|
Balance at end of period |
$ 701,864 |
$ 685,041 |
$ 695,878 |
$ 714,760 |
$ 707,665 | |||||
|
Allowance for loan losses as a % of total loans |
1.20 % |
1.19 % |
1.27 % |
1.32 % |
1.34 % | |||||
|
Allowance for loan losses as a % of nonperforming loans [d] |
163.56 |
173.06 |
164.85 |
170.73 |
149.84 | |||||
|
Allowance for loan losses as a % of nonperforming assets [d] |
155.73 |
162.97 |
157.15 |
161.50 |
141.13 | |||||
|
Annualized as a % of average loans: |
||||||||||
|
NCO - QTD |
0.17 |
0.22 |
0.16 |
0.28 |
0.24 | |||||
|
NCO - YTD |
0.17 |
0.22 |
0.23 |
0.26 |
0.24 | |||||
|
[a] Excludes loans classified as troubled debt restructuring (TDRs). | ||||||||||
|
[b] Includes loans held for sale. | ||||||||||
|
[c] Covered assets includes loans and OREO acquired from the FDIC subject to loss sharing agreements. | ||||||||||
|
[d] Includes loans held for sale that are on nonaccrual status. | ||||||||||
|
BBVA COMPASS BANCSHARES, INC. | ||||||||||||
|
(Unaudited) | ||||||||||||
|
(Dollars in Thousands) | ||||||||||||
|
Three Months Ended March 31, | ||||||||||||
|
2015 |
2014 | |||||||||||
|
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate | |||||||
|
YIELD/RATE ANALYSIS |
||||||||||||
|
(Taxable Equivalent Basis) |
||||||||||||
|
Assets |
||||||||||||
|
Earning assets: |
||||||||||||
|
Loans |
$ 58,813,049 |
$ 557,889 |
3.85 % |
$ 51,943,121 |
$ 520,592 |
4.06 % | ||||||
|
Investment securities available for sale [a] |
9,958,593 |
49,730 |
2.03 |
8,652,584 |
50,994 |
2.39 | ||||||
|
Investment securities held to maturity |
1,360,396 |
9,663 |
2.88 |
1,505,398 |
10,373 |
2.79 | ||||||
|
Other earning assets |
3,487,565 |
10,610 |
1.23 |
106,050 |
566 |
2.16 | ||||||
|
Total earning assets [a] |
73,619,603 |
627,892 |
3.46 |
62,207,153 |
582,525 |
3.80 | ||||||
|
Allowance for loan losses |
(691,535) |
(702,748) |
||||||||||
|
Unrealized gain (loss) on securities available for sale |
67,067 |
38,545 |
||||||||||
|
Other assets |
12,092,020 |
11,816,194 |
||||||||||
|
Total assets |
$ 85,087,155 |
$ 73,359,144 |
||||||||||
|
Liabilities and Shareholder's Equity |
||||||||||||
|
Interest bearing liabilities: |
||||||||||||
|
Interest bearing demand deposits |
$ 7,634,040 |
$ 3,037 |
0.16 |
$ 7,491,112 |
$ 2,997 |
0.16 | ||||||
|
Savings and money market accounts |
23,790,189 |
26,898 |
0.46 |
19,581,890 |
15,666 |
0.32 | ||||||
|
Certificates and other time deposits |
12,614,526 |
39,645 |
1.27 |
12,360,560 |
34,491 |
1.13 | ||||||
|
Foreign office deposits |
148,945 |
73 |
0.20 |
123,141 |
62 |
0.20 | ||||||
|
Total interest bearing deposits |
44,187,700 |
69,653 |
0.64 |
39,556,703 |
53,216 |
0.55 | ||||||
|
FHLB and other borrowings |
4,880,657 |
19,106 |
1.59 |
4,289,004 |
16,364 |
1.55 | ||||||
|
Federal funds purchased and securities sold under agreement to repurchase |
939,813 |
1,326 |
0.57 |
941,171 |
500 |
0.22 | ||||||
|
Other short-term borrowings |
3,150,252 |
10,248 |
1.32 |
12,553 |
26 |
0.84 | ||||||
|
Total interest bearing liabilities |
53,158,422 |
100,333 |
0.77 |
44,799,431 |
70,106 |
0.63 | ||||||
|
Noninterest bearing deposits |
17,933,517 |
15,652,987 |
||||||||||
|
Other noninterest bearing liabilities |
1,878,784 |
1,290,879 |
||||||||||
|
Total liabilities |
72,970,723 |
61,743,297 |
||||||||||
|
Shareholder's equity |
12,116,432 |
11,615,847 |
||||||||||
|
Total liabilities and shareholder's equity |
$ 85,087,155 |
$ 73,359,144 |
||||||||||
|
Net interest income/ net interest spread |
527,559 |
2.69 % |
512,419 |
3.17 % | ||||||||
|
Net yield on earning assets |
2.91 % |
3.34 % | ||||||||||
|
Total taxable equivalent adjustment |
18,530 |
17,120 |
||||||||||
|
Net interest income |
$ 509,029 |
$ 495,299 |
||||||||||
|
[a] Excludes adjustment for market valuation. | ||||||||||||
|
BBVA COMPASS BANCSHARES, INC. | ||||||||||||||||
|
(Unaudited) | ||||||||||||||||
|
(Dollars in Thousands) | ||||||||||||||||
|
Three Months |
Three Months Ended | |||||||||||||||
|
Ended March 31 |
% |
2015 |
2014 | |||||||||||||
|
2015 |
2014 |
Change |
March 31 |
December 31 |
September 30 |
June 30 |
March 31 | |||||||||
|
NONINTEREST INCOME |
||||||||||||||||
|
Service charges on deposit accounts |
$ 53,284 |
$ 53,391 |
— |
$ 53,284 |
$ 56,799 |
$ 57,537 |
$ 54,958 |
$ 53,391 | ||||||||
|
Card and merchant processing fees |
26,183 |
24,304 |
8 |
26,183 |
26,432 |
28,682 |
28,473 |
24,304 | ||||||||
|
Retail investment sales |
25,146 |
26,564 |
(5) |
25,146 |
25,424 |
27,645 |
28,844 |
26,564 | ||||||||
|
Investment banking and advisory fees |
30,334 |
22,196 |
37 |
30,334 |
24,228 |
18,750 |
22,280 |
22,196 | ||||||||
|
Asset management fees |
8,096 |
10,758 |
(25) |
8,096 |
10,813 |
10,666 |
10,535 |
10,758 | ||||||||
|
Corporate and correspondent investment sales |
6,259 |
8,656 |
(28) |
6,259 |
7,619 |
5,388 |
7,972 |
8,656 | ||||||||
|
Mortgage banking income |
8,159 |
4,276 |
91 |
8,159 |
5,627 |
8,498 |
6,150 |
4,276 | ||||||||
|
Bank owned life insurance |
4,788 |
3,967 |
21 |
4,788 |
5,809 |
4,603 |
4,237 |
3,967 | ||||||||
|
Other |
56,738 |
49,240 |
15 |
56,738 |
68,033 |
54,809 |
50,532 |
49,240 | ||||||||
|
218,987 |
203,352 |
8 |
218,987 |
230,784 |
216,578 |
213,981 |
203,352 | |||||||||
|
Investment securities gains, net |
32,832 |
16,434 |
100 |
32,832 |
5,434 |
9,710 |
21,464 |
16,434 | ||||||||
|
Loss on prepayment of FHLB and other borrowings |
(2,549) |
(458) |
NM |
(2,549) |
— |
143 |
— |
(458) | ||||||||
|
Total noninterest income |
$ 249,270 |
$ 219,328 |
14 |
$ 249,270 |
$ 236,218 |
$ 226,431 |
$ 235,445 |
$ 219,328 | ||||||||
|
NONINTEREST EXPENSE |
||||||||||||||||
|
Salaries, benefits and commissions |
$ 259,262 |
$ 262,569 |
(1) |
$ 259,262 |
$ 281,065 |
$ 265,334 |
$ 263,301 |
$ 262,569 | ||||||||
|
FDIC indemnification expense |
28,789 |
31,618 |
(9) |
28,789 |
34,313 |
18,748 |
30,370 |
31,618 | ||||||||
|
Professional services |
46,559 |
46,399 |
— |
46,559 |
59,027 |
52,463 |
49,790 |
46,399 | ||||||||
|
Equipment |
58,141 |
53,738 |
8 |
58,141 |
58,401 |
56,355 |
55,469 |
53,738 | ||||||||
|
Net occupancy |
39,280 |
38,957 |
1 |
39,280 |
39,865 |
39,357 |
40,200 |
38,957 | ||||||||
|
Marketing |
10,088 |
8,524 |
18 |
10,088 |
5,894 |
11,587 |
9,986 |
8,524 | ||||||||
|
Communications |
5,767 |
6,347 |
(9) |
5,767 |
6,003 |
5,964 |
6,294 |
6,347 | ||||||||
|
Amortization of intangibles |
10,687 |
12,534 |
(15) |
10,687 |
24,556 |
12,635 |
13,631 |
12,534 | ||||||||
|
Other |
64,146 |
58,181 |
10 |
64,146 |
74,357 |
70,699 |
76,221 |
58,181 | ||||||||
|
Total noninterest expense |
$ 522,719 |
$ 518,867 |
1 |
$ 522,719 |
$ 583,481 |
$ 533,142 |
$ 545,262 |
$ 518,867 | ||||||||
|
NM = Not meaningful |
||||||||||||||||
|
BBVA COMPASS BANCSHARES, INC. | ||||
|
(Unaudited) | ||||
|
(Dollars in Thousands) | ||||
|
Three Months Ended March 31, | ||||
|
2015 |
2014 | |||
|
NON-GAAP RECONCILIATION |
||||
|
Computation of Average Tangible Equity: |
||||
|
Total stockholder's equity (average) |
$ 12,116,432 |
$ 11,615,847 | ||
|
Less: Goodwill and other intangibles (average) |
5,147,582 |
5,121,550 | ||
|
Average tangible equity [B] |
$ 6,968,850 |
$ 6,494,297 | ||
|
Net income [A] |
$ 141,767 |
$ 114,927 | ||
|
Return on average tangible equity (A/B, annualized) |
8.25 % |
7.18 % | ||
|
BBVA COMPASS BANCSHARES, INC. | |||||||||||||||
|
SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited) | |||||||||||||||
|
(Dollars in Thousands) | |||||||||||||||
|
At or Quarter Ended March 31, 2015 |
|||||||||||||||
|
30-59 Days Past Due |
60-89 Days Past Due |
90 Days or More Past Due |
Nonaccrual |
Accruing TDRs |
Not Past Due or Impaired |
Total |
Net Charge Offs (Recoveries) | ||||||||
|
Commercial, financial and agricultural |
$ 7,940 |
$ 3,981 |
$ 2,901 |
$ 95,318 |
$ 9,632 |
$ 24,329,192 |
$ 24,448,964 |
$ 4,437 | |||||||
|
Real estate – construction |
5,275 |
450 |
392 |
7,781 |
2,237 |
2,309,360 |
2,325,495 |
(1,426) | |||||||
|
Commercial real estate – mortgage |
6,346 |
3,629 |
2,542 |
87,931 |
35,292 |
9,784,843 |
9,920,583 |
203 | |||||||
|
Residential real estate – mortgage |
45,893 |
17,007 |
3,195 |
107,051 |
70,299 |
13,757,423 |
14,000,868 |
927 | |||||||
|
Equity lines of credit |
10,615 |
4,602 |
1,995 |
34,597 |
- |
2,274,075 |
2,325,884 |
1,943 | |||||||
|
Equity loans |
5,387 |
1,728 |
703 |
18,313 |
40,432 |
568,732 |
635,295 |
371 | |||||||
|
Credit card |
5,004 |
3,441 |
8,618 |
- |
- |
582,967 |
600,030 |
7,834 | |||||||
|
Consumer – direct |
7,545 |
2,406 |
2,426 |
2,010 |
180 |
692,684 |
707,251 |
3,478 | |||||||
|
Consumer – indirect |
34,444 |
6,726 |
2,576 |
4,102 |
- |
3,057,685 |
3,105,533 |
6,568 | |||||||
|
Covered loans |
6,582 |
3,872 |
45,402 |
179 |
- |
432,525 |
488,560 |
873 | |||||||
|
Total loans |
$ 135,031 |
$ 47,842 |
$ 70,750 |
$ 357,282 |
$ 158,072 |
$ 57,789,486 |
$ 58,558,463 |
$ 25,208 | |||||||
|
Loans held for sale |
$ - |
$ - |
$ - |
$ 257 |
$ - |
$ 198,231 |
$ 198,488 |
$ - | |||||||
|
At or Quarter Ended December 31, 2014 |
|||||||||||||||
|
30-59 Days Past Due |
60-89 Days Past Due |
90 Days or More Past Due |
Nonaccrual |
Accruing TDRs |
Not Past Due or Impaired |
Total |
Net Charge Offs (Recoveries) | ||||||||
|
Commercial, financial and agricultural |
$ 10,829 |
$ 5,765 |
$ 1,610 |
$ 61,157 |
$ 10,127 |
$ 23,739,049 |
$ 23,828,537 |
$ 712 | |||||||
|
Real estate – construction |
1,954 |
994 |
477 |
7,964 |
2,112 |
2,141,151 |
2,154,652 |
(1,539) | |||||||
|
Commercial real estate – mortgage |
9,813 |
4,808 |
628 |
89,736 |
39,841 |
9,732,380 |
9,877,206 |
3,180 | |||||||
|
Residential real estate – mortgage |
45,279 |
16,510 |
2,598 |
108,357 |
69,408 |
13,680,504 |
13,922,656 |
3,848 | |||||||
|
Equity lines of credit |
9,929 |
4,395 |
2,679 |
32,874 |
- |
2,254,907 |
2,304,784 |
2,128 | |||||||
|
Equity loans |
6,357 |
3,268 |
997 |
19,029 |
41,197 |
564,120 |
634,968 |
755 | |||||||
|
Credit card |
5,692 |
3,921 |
9,441 |
- |
- |
611,402 |
630,456 |
8,209 | |||||||
|
Consumer – direct |
9,542 |
1,826 |
2,296 |
799 |
298 |
638,166 |
652,927 |
4,756 | |||||||
|
Consumer – indirect |
35,366 |
7,935 |
2,771 |
2,624 |
- |
2,821,712 |
2,870,408 |
8,367 | |||||||
|
Covered loans |
6,678 |
4,618 |
47,957 |
114 |
- |
435,823 |
495,190 |
335 | |||||||
|
Total loans |
$ 141,439 |
$ 54,040 |
$ 71,454 |
$ 322,654 |
$ 162,983 |
$ 56,619,214 |
$ 57,371,784 |
$ 30,751 | |||||||
|
Loans held for sale |
$ 240 |
$ - |
$ - |
$ - |
$ - |
$ 154,576 |
$ 154,816 |
$ - | |||||||
|
BBVA COMPASS BANCSHARES, INC. | |||||||||||||||
|
SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited) | |||||||||||||||
|
(Dollars in Thousands) | |||||||||||||||
|
At or Quarter Ended September 30, 2014 |
|||||||||||||||
|
30-59 Days Past Due |
60-89 Days Past Due |
90 Days or More Past Due |
Nonaccrual |
Accruing TDRs |
Not Past Due or Impaired |
Total |
Net Charge Offs (Recoveries) | ||||||||
|
Commercial, financial and agricultural |
$ 12,846 |
$ 3,261 |
$ 838 |
$ 79,577 |
$ 10,444 |
$ 22,403,990 |
$ 22,510,956 |
$ (414) | |||||||
|
Real estate – construction |
526 |
109 |
464 |
9,928 |
672 |
1,966,085 |
1,977,784 |
(977) | |||||||
|
Commercial real estate – mortgage |
7,716 |
3,129 |
3,448 |
92,718 |
43,023 |
9,348,527 |
9,498,561 |
247 | |||||||
|
Residential real estate – mortgage |
37,711 |
20,447 |
2,474 |
104,192 |
72,590 |
13,369,402 |
13,606,816 |
3,223 | |||||||
|
Equity lines of credit |
8,046 |
3,966 |
3,308 |
34,115 |
- |
2,210,126 |
2,259,561 |
2,221 | |||||||
|
Equity loans |
5,624 |
2,746 |
1,068 |
18,637 |
42,595 |
558,377 |
629,047 |
1,142 | |||||||
|
Credit card |
5,566 |
3,718 |
8,774 |
- |
- |
612,942 |
631,000 |
7,570 | |||||||
|
Consumer – direct |
7,751 |
1,678 |
1,984 |
402 |
57 |
598,108 |
609,980 |
4,482 | |||||||
|
Consumer – indirect |
30,348 |
6,379 |
1,389 |
1,596 |
- |
2,665,060 |
2,704,772 |
4,553 | |||||||
|
Covered loans |
9,741 |
4,512 |
52,449 |
3,772 |
2,399 |
507,883 |
580,756 |
704 | |||||||
|
Total loans |
$ 125,875 |
$ 49,945 |
$ 76,196 |
$ 344,937 |
$ 171,780 |
$ 54,240,500 |
$ 55,009,233 |
$ 22,751 | |||||||
|
Loans held for sale |
$ - |
$ - |
$ - |
$ - |
$ - |
$ 190,882 |
$ 190,882 |
$ - | |||||||
|
At or Quarter Ended June 30, 2014 |
|||||||||||||||
|
30-59 Days Past Due |
60-89 Days Past Due |
90 Days or More Past Due |
Nonaccrual |
Accruing TDRs |
Not Past Due or Impaired |
Total |
Net Charge Offs (Recoveries) | ||||||||
|
Commercial, financial and agricultural |
$ 8,399 |
$ 3,520 |
$ 2,311 |
$ 72,606 |
$ 10,491 |
$ 22,268,502 |
$ 22,365,829 |
$ 11,584 | |||||||
|
Real estate – construction |
923 |
418 |
1,138 |
9,401 |
2,244 |
1,778,056 |
1,792,180 |
1,070 | |||||||
|
Commercial real estate – mortgage |
5,675 |
3,358 |
221 |
88,554 |
45,836 |
9,317,448 |
9,461,092 |
4,062 | |||||||
|
Residential real estate – mortgage |
43,219 |
15,305 |
2,332 |
110,077 |
73,329 |
13,111,778 |
13,356,040 |
2,030 | |||||||
|
Equity lines of credit |
9,113 |
4,776 |
2,044 |
35,552 |
- |
2,186,966 |
2,238,451 |
6,204 | |||||||
|
Equity loans |
6,364 |
2,666 |
833 |
19,571 |
42,460 |
537,900 |
609,794 |
1,345 | |||||||
|
Credit card |
5,186 |
3,766 |
8,737 |
- |
- |
619,215 |
636,904 |
8,857 | |||||||
|
Consumer – direct |
8,859 |
1,441 |
2,194 |
282 |
67 |
551,106 |
563,949 |
4,071 | |||||||
|
Consumer – indirect |
24,633 |
4,585 |
1,231 |
1,611 |
- |
2,416,342 |
2,448,402 |
2,614 | |||||||
|
Covered loans |
7,184 |
4,182 |
55,178 |
4,153 |
3,832 |
538,623 |
613,152 |
(3,680) | |||||||
|
Total loans |
$ 119,555 |
$ 44,017 |
$ 76,219 |
$ 341,807 |
$ 178,259 |
$ 53,325,936 |
$ 54,085,793 |
$ 38,157 | |||||||
|
Loans held for sale |
$ 70 |
$ - |
$ - |
$ - |
$ - |
$ 211,809 |
$ 211,879 |
$ - | |||||||
|
BBVA COMPASS BANCSHARES, INC. | |||||||||||||||
|
SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited) | |||||||||||||||
|
(Dollars in Thousands) | |||||||||||||||
|
At or Quarter Ended March 31, 2014 |
|||||||||||||||
|
30-59 Days Past Due |
60-89 Days Past Due |
90 Days or More Past Due |
Nonaccrual |
Accruing TDRs |
Not Past Due or Impaired |
Total |
Net Charge Offs (Recoveries) | ||||||||
|
Commercial, financial and agricultural |
$ 10,240 |
$ 2,277 |
$ 1,403 |
$ 103,133 |
$ 21,244 |
$ 21,601,190 |
$ 21,739,487 |
$ (51) | |||||||
|
Real estate – construction |
3,346 |
147 |
1,337 |
10,999 |
2,436 |
1,711,285 |
1,729,550 |
(915) | |||||||
|
Commercial real estate – mortgage |
12,173 |
3,070 |
626 |
106,295 |
59,543 |
9,121,321 |
9,303,028 |
2,023 | |||||||
|
Residential real estate – mortgage |
42,003 |
15,432 |
2,632 |
107,601 |
72,043 |
12,746,663 |
12,986,374 |
6,057 | |||||||
|
Equity lines of credit |
10,249 |
9,068 |
5,285 |
33,178 |
- |
2,161,082 |
2,218,862 |
4,838 | |||||||
|
Equity loans |
8,410 |
3,970 |
825 |
20,130 |
43,078 |
540,349 |
616,762 |
2,119 | |||||||
|
Credit card |
5,742 |
4,254 |
9,965 |
- |
- |
614,305 |
634,266 |
8,679 | |||||||
|
Consumer – direct |
7,375 |
1,509 |
2,814 |
355 |
79 |
501,665 |
513,797 |
3,942 | |||||||
|
Consumer – indirect |
18,980 |
3,569 |
497 |
1,349 |
- |
2,226,493 |
2,250,888 |
3,754 | |||||||
|
Covered loans |
8,088 |
11,378 |
58,106 |
5,557 |
3,856 |
614,173 |
701,158 |
(126) | |||||||
|
Total loans |
$ 126,606 |
$ 54,674 |
$ 83,490 |
$ 388,597 |
$ 202,279 |
$ 51,838,526 |
$ 52,694,172 |
$ 30,320 | |||||||
|
Loans held for sale |
$ - |
$ - |
$ - |
$ - |
$ - |
$ 101,615 |
$ 101,615 |
$ - | |||||||
|
BBVA COMPASS BANCSHARES, INC. | |||||||||
|
BALANCE SHEET (Unaudited) | |||||||||
|
(Dollars in Thousands) | |||||||||
|
2015 |
2014 | ||||||||
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, | |||||
|
Assets: |
|||||||||
|
Cash and due from banks |
$ 3,664,182 |
$ 2,764,345 |
$ 4,643,636 |
$ 3,232,911 |
$ 4,257,226 | ||||
|
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits |
300,175 |
624,060 |
271,898 |
31,291 |
16,446 | ||||
|
Cash and cash equivalents |
3,964,357 |
3,388,405 |
4,915,534 |
3,264,202 |
4,273,672 | ||||
|
Trading account assets |
3,680,427 |
2,834,397 |
515,136 |
356,889 |
342,963 | ||||
|
Investment securities available for sale |
10,101,828 |
10,237,275 |
9,326,413 |
8,972,237 |
8,533,722 | ||||
|
Investment securities held to maturity |
1,373,542 |
1,348,354 |
1,417,985 |
1,448,192 |
1,493,396 | ||||
|
Loans held for sale |
198,488 |
154,816 |
190,882 |
211,879 |
101,615 | ||||
|
Loans |
58,558,463 |
57,371,784 |
55,009,233 |
54,085,793 |
52,694,172 | ||||
|
Allowance for loan losses |
(701,864) |
(685,041) |
(695,878) |
(714,760) |
(707,665) | ||||
|
Net loans |
57,856,599 |
56,686,743 |
54,313,355 |
53,371,033 |
51,986,507 | ||||
|
Premises and equipment, net |
1,332,539 |
1,351,479 |
1,333,008 |
1,359,750 |
1,387,812 | ||||
|
Bank owned life insurance |
694,370 |
694,335 |
695,842 |
691,445 |
687,200 | ||||
|
Goodwill |
5,046,847 |
5,046,847 |
5,060,924 |
5,076,142 |
5,077,223 | ||||
|
Other intangible assets |
60,097 |
70,784 |
82,840 |
95,475 |
107,110 | ||||
|
Other real estate owned |
17,764 |
20,600 |
17,058 |
21,113 |
25,817 | ||||
|
Other assets |
1,148,883 |
1,318,392 |
1,323,212 |
878,743 |
940,190 | ||||
|
Total assets |
$ 85,475,741 |
$ 83,152,427 |
$ 79,192,189 |
$ 75,747,100 |
$ 74,957,227 | ||||
|
Liabilities: |
|||||||||
|
Deposits: |
|||||||||
|
Noninterest bearing |
$ 18,599,702 |
$ 17,169,412 |
$ 16,979,235 |
$ 16,321,003 |
$ 16,322,699 | ||||
|
Interest bearing |
44,300,979 |
44,020,304 |
43,291,723 |
41,797,403 |
40,762,511 | ||||
|
Total deposits |
62,900,681 |
61,189,716 |
60,270,958 |
58,118,406 |
57,085,210 | ||||
|
FHLB and other borrowings |
4,919,141 |
4,809,843 |
4,551,050 |
3,958,497 |
4,257,587 | ||||
|
Federal funds purchased and securities sold under agreements to repurchase |
909,683 |
1,129,503 |
809,053 |
864,263 |
957,378 | ||||
|
Other short-term borrowings |
3,377,694 |
2,545,724 |
246,835 |
15,705 |
28,822 | ||||
|
Accrued expenses and other liabilities |
1,206,612 |
1,474,067 |
1,387,240 |
940,691 |
898,396 | ||||
|
Total liabilities |
73,313,811 |
71,148,853 |
67,265,136 |
63,897,562 |
63,227,393 | ||||
|
Shareholder's Equity: |
|||||||||
|
Common stock — $0.01 par value |
2,230 |
2,230 |
2,230 |
2,230 |
2,230 | ||||
|
Surplus |
15,278,877 |
15,285,991 |
15,333,316 |
15,383,867 |
15,383,954 | ||||
|
Retained deficit |
(3,121,071) |
(3,262,181) |
(3,364,389) |
(3,507,192) |
(3,614,263) | ||||
|
Accumulated other comprehensive loss |
(27,654) |
(51,357) |
(73,846) |
(58,295) |
(71,547) | ||||
|
Total BBVA Compass Bancshares, Inc. shareholder's equity |
12,132,382 |
11,974,683 |
11,897,311 |
11,820,610 |
11,700,374 | ||||
|
Noncontrolling interests |
29,548 |
28,891 |
29,742 |
28,928 |
29,460 | ||||
|
Total shareholder's equity |
12,161,930 |
12,003,574 |
11,927,053 |
11,849,538 |
11,729,834 | ||||
|
Total liabilities and shareholder's equity |
$ 85,475,741 |
$ 83,152,427 |
$ 79,192,189 |
$ 75,747,100 |
$ 74,957,227 | ||||
|
BBVA COMPASS BANCSHARES, INC. | |||||||||
|
INCOME STATEMENT (Unaudited) | |||||||||
|
(Dollars in Thousands) | |||||||||
|
Three Months Ended | |||||||||
|
2015 |
2014 | ||||||||
|
March 31 |
December 31 |
September 30 |
June 30 |
March 31 | |||||
|
Interest income: |
|||||||||
|
Interest and fees on loans |
$ 543,842 |
$ 547,309 |
$ 509,766 |
$ 520,516 |
$ 508,506 | ||||
|
Interest on investment securities available for sale |
48,208 |
45,786 |
48,363 |
48,253 |
49,090 | ||||
|
Interest on investment securities held to maturity |
6,702 |
6,860 |
6,862 |
7,003 |
7,246 | ||||
|
Interest on federal funds sold, securities purchased under agreements to resell and interest bearing deposits |
996 |
566 |
47 |
42 |
47 | ||||
|
Interest on trading account assets |
9,614 |
5,696 |
933 |
578 |
516 | ||||
|
Total interest income |
609,362 |
606,217 |
565,971 |
576,392 |
565,405 | ||||
|
Interest expense: |
|||||||||
|
Interest on deposits |
69,653 |
71,034 |
66,763 |
60,901 |
53,216 | ||||
|
Interest on FHLB and other borrowings |
19,106 |
20,010 |
16,399 |
16,184 |
16,364 | ||||
|
Interest on federal funds purchased and securities sold under agreements to repurchase |
1,326 |
918 |
447 |
437 |
500 | ||||
|
Interest on other short-term borrowings |
10,248 |
4,802 |
394 |
96 |
26 | ||||
|
Total interest expense |
100,333 |
96,764 |
84,003 |
77,618 |
70,106 | ||||
|
Net interest income |
509,029 |
509,453 |
481,968 |
498,774 |
495,299 | ||||
|
Provision for loan losses |
42,031 |
19,914 |
3,869 |
45,252 |
37,266 | ||||
|
Net interest income after provision for loan losses |
466,998 |
489,539 |
478,099 |
453,522 |
458,033 | ||||
|
Noninterest income: |
|||||||||
|
Service charges on deposit accounts |
53,284 |
56,799 |
57,537 |
54,958 |
53,391 | ||||
|
Card and merchant processing fees |
26,183 |
26,432 |
28,682 |
28,473 |
24,304 | ||||
|
Retail investment sales |
25,146 |
25,424 |
27,645 |
28,844 |
26,564 | ||||
|
Investment banking and advisory fees |
30,334 |
24,228 |
18,750 |
22,280 |
22,196 | ||||
|
Asset management fees |
8,096 |
10,813 |
10,666 |
10,535 |
10,758 | ||||
|
Corporate and correspondent investment sales |
6,259 |
7,619 |
5,388 |
7,972 |
8,656 | ||||
|
Mortgage banking income |
8,159 |
5,627 |
8,498 |
6,150 |
4,276 | ||||
|
Bank owned life insurance |
4,788 |
5,809 |
4,603 |
4,237 |
3,967 | ||||
|
Investment securities gains, net |
32,832 |
5,434 |
9,710 |
21,464 |
16,434 | ||||
|
Gain (loss) on prepayment of FHLB and other borrowings |
(2,549) |
— |
143 |
— |
(458) | ||||
|
Other |
56,738 |
68,033 |
54,809 |
50,532 |
49,240 | ||||
|
Total noninterest income |
249,270 |
236,218 |
226,431 |
235,445 |
219,328 | ||||
|
Noninterest expense: |
|||||||||
|
Salaries, benefits and commissions |
259,262 |
281,065 |
265,334 |
263,301 |
262,569 | ||||
|
FDIC indemnification expense |
28,789 |
34,313 |
18,748 |
30,370 |
31,618 | ||||
|
Professional services |
46,559 |
59,027 |
52,463 |
49,790 |
46,399 | ||||
|
Equipment |
58,141 |
58,401 |
56,355 |
55,469 |
53,738 | ||||
|
Net occupancy |
39,280 |
39,865 |
39,357 |
40,200 |
38,957 | ||||
|
Marketing |
10,088 |
5,894 |
11,587 |
9,986 |
8,524 | ||||
|
Communications |
5,767 |
6,003 |
5,964 |
6,294 |
6,347 | ||||
|
Amortization of intangibles |
10,687 |
24,556 |
12,635 |
13,631 |
12,534 | ||||
|
Other |
64,146 |
74,357 |
70,699 |
76,221 |
58,181 | ||||
|
Total noninterest expense |
522,719 |
583,481 |
533,142 |
545,262 |
518,867 | ||||
|
Net income before income tax expense |
193,549 |
142,276 |
171,388 |
143,705 |
158,494 | ||||
|
Income tax expense |
51,782 |
39,864 |
27,770 |
36,130 |
43,567 | ||||
|
Net income |
141,767 |
102,412 |
143,618 |
107,575 |
114,927 | ||||
|
Less: net income attributable to noncontrolling interests |
657 |
204 |
815 |
504 |
453 | ||||
|
Net income attributable to shareholder |
$ 141,110 |
$ 102,208 |
$ 142,803 |
$ 107,071 |
$ 114,474 | ||||
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SOURCE BBVA Compass Bancshares, Inc.
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