Texas (State or other jurisdiction of incorporation) | 000-55106 (Commission File Number) | 20-8948381 (IRS Employer Identification No.) | |||
2200 Post Oak Blvd. Houston, Texas (Address of principal executive offices) | 77056 (Zip Code) | ||||
(205) 297-3000 (Registrant's telephone number, including area code) Not applicable (Former name or former address, if changed since last report) |
Exhibit Number | Description | |
99.1 | Press Release of the Company dated July 30, 2014 containing financial information for the second quarter ended June 30, 2014. |
BBVA Compass Bancshares, Inc. | |
By: | /s/ Kirk P. Pressley |
Name: | Kirk P. Pressley |
Title: | Executive Vice President and Controller |
• | Total loans end the quarter at $54.3 billion, up 14 percent from prior year levels |
• | Total deposits increase 11 percent to $58.1 billion, driven by a 13 percent increase in noninterest bearing deposits |
• | Key credit quality indicators continue to strengthen; nonperforming asset ratio drops to 0.81 percent from 1.61 percent, net charge-off ratio falls to 0.26 percent |
• | Bank is No.1 with customers in American Banker’s annual reputation survey |
Contact details: | ||
Jena Moreno | Ed Bilek | |
Corporate Communications | Investor Relations | |
Tel. 713.831.5867 | Tel. 205.297.3331 | |
jena.moreno@bbvacompass.com | ed.bilek@bbvacompass.com |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||
Three Months Ended June 30, | % | Six Months Ended June 30, | % | |||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||
EARNINGS SUMMARY | ||||||||||||||||||||||
Net interest income | $ | 498,774 | $ | 510,315 | (2 | ) | $ | 994,073 | $ | 1,033,261 | (4 | ) | ||||||||||
Noninterest income [a] | 213,981 | 208,056 | 3 | 417,333 | 399,585 | 4 | ||||||||||||||||
Total revenue [a] | 712,755 | 718,371 | (1 | ) | 1,411,406 | 1,432,846 | (1 | ) | ||||||||||||||
Investment securities gain, net | 21,464 | 18,075 | 19 | 37,898 | 33,030 | 15 | ||||||||||||||||
Gain (loss) on prepayment of FHLB advances | — | 22,882 | NM | (458 | ) | 21,775 | NM | |||||||||||||||
Provision for loan losses | 45,252 | 24,237 | 87 | 82,518 | 43,852 | 88 | ||||||||||||||||
Noninterest expense | 545,262 | 554,700 | (2 | ) | 1,064,129 | 1,100,365 | (3 | ) | ||||||||||||||
Pretax income | 143,705 | 180,391 | (20 | ) | 302,199 | 343,434 | (12 | ) | ||||||||||||||
Income tax expense | 36,130 | 51,596 | (30 | ) | 79,697 | 104,103 | (23 | ) | ||||||||||||||
Net income | 107,575 | 128,795 | (16 | ) | 222,502 | 239,331 | (7 | ) | ||||||||||||||
Net income attributable to noncontrolling interests | 504 | 568 | (11 | ) | 957 | 961 | — | |||||||||||||||
Net income attributable to shareholder | $ | 107,071 | $ | 128,227 | (16 | ) | $ | 221,545 | $ | 238,370 | (7 | ) | ||||||||||
SELECTED RATIOS | ||||||||||||||||||||||
Return on average assets | 0.57 | % | 0.74 | % | 0.60 | % | 0.69 | % | ||||||||||||||
Return on average tangible equity [b] | 6.52 | 8.32 | 6.85 | 7.91 | ||||||||||||||||||
Average common equity to average assets | 15.56 | 16.22 | 15.69 | 16.09 | ||||||||||||||||||
Average loans to average total deposits | 93.70 | 89.17 | 93.89 | 88.44 | ||||||||||||||||||
Tier I capital ratio [c] | 11.27 | 12.00 | 11.27 | 12.00 | ||||||||||||||||||
Total capital ratio [c] | 13.34 | 14.32 | 13.34 | 14.32 | ||||||||||||||||||
Leverage ratio [c] | 9.68 | 9.90 | 9.68 | 9.90 | ||||||||||||||||||
[a] Excludes net gain on sales of investment securities and gain (loss) on prepayment of FHLB advances. | ||||||||||||||||||||||
[b] Excludes amortization of intangibles, net of tax, and intangible assets. | ||||||||||||||||||||||
[c] Current period regulatory capital ratios are estimated. | ||||||||||||||||||||||
NM = Not meaningful |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||||
Average for Three Months | Average for Six Months | Ending Balance | |||||||||||||||||||||||||||||||
Ended June 30, | % | Ended June 30, | % | June 30, | % | ||||||||||||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||||||||||
BALANCE SHEET HIGHLIGHTS | |||||||||||||||||||||||||||||||||
Total loans | $ | 53,924,258 | $ | 46,791,135 | 15 | $ | 52,939,163 | $ | 46,226,975 | 15 | $ | 54,297,672 | $ | 47,591,933 | 14 | ||||||||||||||||||
Total investment securities | 10,342,192 | 10,442,926 | (1 | ) | 10,269,762 | 10,325,282 | (1 | ) | 10,420,429 | 9,918,520 | 5 | ||||||||||||||||||||||
Earning assets | 64,375,186 | 57,392,898 | 12 | 63,316,324 | 56,697,347 | 12 | 64,864,449 | 57,648,938 | 13 | ||||||||||||||||||||||||
Total assets | 76,004,941 | 69,944,558 | 9 | 74,689,351 | 69,900,139 | 7 | 75,747,100 | 69,674,976 | 9 | ||||||||||||||||||||||||
Noninterest bearing demand deposits | 16,342,035 | 14,348,060 | 14 | 15,999,415 | 14,052,643 | 14 | 16,321,003 | 14,498,028 | 13 | ||||||||||||||||||||||||
Interest bearing transaction accounts | 28,211,266 | 25,948,163 | 9 | 27,645,278 | 25,919,550 | 7 | 28,629,221 | 25,926,567 | 10 | ||||||||||||||||||||||||
Total transaction accounts | 44,553,301 | 40,296,223 | 11 | 43,644,693 | 39,972,193 | 9 | 44,950,224 | 40,424,595 | 11 | ||||||||||||||||||||||||
Total deposits | 57,549,565 | 52,473,024 | 10 | 56,386,091 | 52,266,440 | 8 | 58,118,406 | 52,260,682 | 11 | ||||||||||||||||||||||||
Shareholder's equity | 11,823,834 | 11,342,874 | 4 | 11,720,415 | 11,246,421 | 4 | 11,849,538 | 11,315,076 | 5 |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
June 30 | March 31 | December 31 | September 30 | June 30 | ||||||||||||||||
NONPERFORMING ASSETS | ||||||||||||||||||||
Nonaccrual loans | $ | 341,807 | $ | 388,597 | $ | 441,718 | $ | 543,902 | $ | 589,468 | ||||||||||
Loans 90 days or more past due [a] | 76,219 | 83,490 | 82,814 | 98,035 | 121,215 | |||||||||||||||
TDRs 90 days or more past due | 629 | 204 | 1,317 | 739 | 363 | |||||||||||||||
Total nonperforming loans [b] | 418,655 | 472,291 | 525,849 | 642,676 | 711,046 | |||||||||||||||
Other real estate owned, net (OREO) | 21,113 | 25,817 | 23,228 | 41,493 | 52,798 | |||||||||||||||
Other repossessed assets | 2,796 | 3,313 | 3,360 | $ | 3,896 | $ | 3,224 | |||||||||||||
Total nonperforming assets | $ | 442,564 | $ | 501,421 | $ | 552,437 | $ | 688,065 | $ | 767,068 | ||||||||||
TDRs accruing and past due less than 90 days | $ | 177,630 | $ | 202,075 | $ | 208,391 | $ | 225,961 | $ | 243,009 | ||||||||||
Covered loans [c] | 613,152 | 701,158 | 734,190 | 832,884 | 915,755 | |||||||||||||||
Covered nonperforming loans [c] | 59,331 | 63,664 | 62,038 | 76,301 | 99,480 | |||||||||||||||
Covered nonperforming assets [c] | 62,824 | 67,500 | 66,151 | 89,620 | 118,902 | |||||||||||||||
Total nonperforming loans as a % of loans | 0.77 | % | 0.89 | % | 1.03 | % | 1.30 | % | 1.49 | % | ||||||||||
Total nonperforming loans as a % of loans, excluding covered loans | 0.67 | 0.78 | 0.93 | 1.16 | 1.31 | |||||||||||||||
Total nonperforming assets as a % of total loans, other real estate, and other repossessed assets | 0.81 | 0.95 | 1.09 | 1.39 | 1.61 | |||||||||||||||
Total nonperforming assets as a % of total loans, other real estate, and other repossessed assets, excluding covered assets | 0.71 | 0.83 | 0.97 | 1.23 | 1.39 | |||||||||||||||
[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. |
Three Months Ended | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
June 30 | March 31 | December 31 | September 30 | June 30 | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||
Balance at beginning of period | $ | 707,665 | $ | 700,719 | $ | 717,937 | $ | 723,511 | $ | 786,018 | ||||||||||
Net charge-offs (NCO) | 38,157 | 30,320 | 43,378 | 43,108 | 86,744 | |||||||||||||||
Provision for loan losses | 45,252 | 37,266 | 26,160 | 37,534 | 24,237 | |||||||||||||||
Balance at end of period | $ | 714,760 | $ | 707,665 | $ | 700,719 | $ | 717,937 | $ | 723,511 | ||||||||||
Allowance for loan losses as a % of total loans | 1.32 | % | 1.34 | % | 1.38 | % | 1.45 | % | 1.52 | % | ||||||||||
Allowance for loan losses as a % of nonperforming loans [a] | 170.73 | 149.84 | 133.25 | 111.71 | 101.75 | |||||||||||||||
Allowance for loan losses as a % of nonperforming assets [a] | 161.50 | 141.13 | 126.84 | 104.34 | 94.32 | |||||||||||||||
Annualized as a % of average loans: | ||||||||||||||||||||
NCO - QTD | 0.28 | 0.24 | 0.34 | 0.35 | 0.74 | |||||||||||||||
NCO - YTD | 0.26 | 0.24 | 0.44 | 0.47 | 0.54 | |||||||||||||||
[a] Includes loans held for sale that are on nonaccrual status. |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | |||||||||||||||||
YIELD/RATE ANALYSIS | ||||||||||||||||||||||
(Taxable Equivalent Basis) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||
Loans | $ | 53,924,258 | $ | 533,572 | 3.97 | % | $ | 46,791,135 | $ | 537,394 | 4.61 | % | ||||||||||
Investment securities available for sale [a] | 8,833,591 | 50,085 | 2.27 | 8,729,716 | 45,939 | 2.11 | ||||||||||||||||
Investment securities held to maturity | 1,463,642 | 10,066 | 2.76 | 1,550,056 | 10,843 | 2.81 | ||||||||||||||||
Other earning assets | 108,736 | 622 | 2.29 | 158,837 | 839 | 2.12 | ||||||||||||||||
Total earning assets [a] | 64,330,227 | 594,345 | 3.71 | 57,229,744 | 595,015 | 4.17 | ||||||||||||||||
Allowance for loan losses | (707,222 | ) | (770,742 | ) | ||||||||||||||||||
Unrealized gain (loss) on securities available for sale | 44,959 | 163,154 | ||||||||||||||||||||
Other assets | 12,336,977 | 13,322,402 | ||||||||||||||||||||
Total assets | $ | 76,004,941 | $ | 69,944,558 | ||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 7,244,052 | $ | 3,098 | 0.17 | $ | 6,647,469 | $ | 2,868 | 0.17 | ||||||||||||
Savings and money market accounts | 20,967,214 | 20,000 | 0.38 | 19,300,694 | 19,143 | 0.40 | ||||||||||||||||
Certificates and other time deposits | 12,876,734 | 37,748 | 1.18 | 12,052,084 | 31,699 | 1.05 | ||||||||||||||||
Foreign office deposits | 119,530 | 55 | 0.18 | 124,717 | 69 | 0.22 | ||||||||||||||||
Total interest bearing deposits | 41,207,530 | 60,901 | 0.59 | 38,124,964 | 53,779 | 0.57 | ||||||||||||||||
FHLB and other borrowings | 4,100,456 | 16,184 | 1.58 | 4,039,732 | 16,149 | 1.60 | ||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 876,593 | 437 | 0.20 | 1,016,816 | 551 | 0.22 | ||||||||||||||||
Other short-term borrowings | 17,282 | 96 | 2.23 | 15,629 | (24 | ) | (0.62 | ) | ||||||||||||||
Total interest bearing liabilities | 46,201,861 | 77,618 | 0.67 | 43,197,141 | 70,455 | 0.65 | ||||||||||||||||
Noninterest bearing deposits | 16,342,035 | 14,348,060 | ||||||||||||||||||||
Other noninterest bearing liabilities | 1,637,211 | 1,056,483 | ||||||||||||||||||||
Total liabilities | 64,181,107 | 58,601,684 | ||||||||||||||||||||
Shareholder's equity | 11,823,834 | 11,342,874 | ||||||||||||||||||||
Total liabilities and shareholder's equity | $ | 76,004,941 | $ | 69,944,558 | ||||||||||||||||||
Net interest income/ net interest spread | 516,727 | 3.04 | % | 524,560 | 3.52 | % | ||||||||||||||||
Net yield on earning assets | 3.22 | % | 3.68 | % | ||||||||||||||||||
Total taxable equivalent adjustment | 17,953 | 14,245 | ||||||||||||||||||||
Net interest income | $ | 498,774 | $ | 510,315 | ||||||||||||||||||
[a] Excludes adjustment for market valuation. |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | |||||||||||||||||
YIELD/RATE ANALYSIS | ||||||||||||||||||||||
(Taxable Equivalent Basis) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||
Loans | $ | 52,939,163 | $ | 1,054,164 | 4.02 | % | $ | 46,226,975 | $ | 1,085,417 | 4.73 | % | ||||||||||
Investment securities available for sale [a] | 8,743,587 | 101,079 | 2.33 | 8,626,071 | 95,088 | 2.22 | ||||||||||||||||
Investment securities held to maturity | 1,484,405 | 20,439 | 2.78 | 1,520,928 | 21,696 | 2.88 | ||||||||||||||||
Other earning assets | 107,399 | 1,188 | 2.23 | 145,090 | 1,619 | 2.25 | ||||||||||||||||
Total earning assets [a] | 63,274,554 | 1,176,870 | 3.75 | 56,519,064 | 1,203,820 | 4.30 | ||||||||||||||||
Allowance for loan losses | (704,997 | ) | (785,430 | ) | ||||||||||||||||||
Unrealized gain (loss) on securities available for sale | 41,770 | 178,283 | ||||||||||||||||||||
Other assets | 12,078,024 | 13,988,222 | ||||||||||||||||||||
Total assets | $ | 74,689,351 | $ | 69,900,139 | ||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 7,366,899 | 6,095 | 0.17 | $ | 6,739,604 | 5,702 | 0.17 | ||||||||||||||
Savings and money market accounts | 20,278,379 | 35,666 | 0.35 | 19,179,946 | 40,485 | 0.43 | ||||||||||||||||
Certificates and other time deposits | 12,620,073 | 72,239 | 1.15 | 12,167,267 | 63,854 | 1.06 | ||||||||||||||||
Foreign office deposits | 121,325 | 117 | 0.19 | 126,980 | 149 | 0.24 | ||||||||||||||||
Total interest bearing deposits | 40,386,676 | 114,117 | 0.57 | 38,213,797 | 110,190 | 0.58 | ||||||||||||||||
FHLB and other borrowings | 4,194,210 | 32,548 | 1.57 | 4,129,882 | 31,941 | 1.56 | ||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 908,703 | 937 | 0.21 | 1,062,802 | 1,131 | 0.21 | ||||||||||||||||
Other short-term borrowings | 14,931 | 122 | 1.65 | 13,268 | 48 | 0.73 | ||||||||||||||||
Total interest bearing liabilities | 45,504,520 | 147,724 | 0.66 | 43,419,749 | 143,310 | 0.67 | ||||||||||||||||
Noninterest bearing deposits | 15,999,415 | 14,052,643 | ||||||||||||||||||||
Other noninterest bearing liabilities | 1,465,001 | 1,181,326 | ||||||||||||||||||||
Total liabilities | 62,968,936 | 58,653,718 | ||||||||||||||||||||
Shareholder's equity | 11,720,415 | 11,246,421 | ||||||||||||||||||||
Total liabilities and shareholder's equity | $ | 74,689,351 | $ | 69,900,139 | ||||||||||||||||||
Net interest income/ net interest spread | 1,029,146 | 3.09 | % | 1,060,510 | 3.63 | % | ||||||||||||||||
Net yield on earning assets | 3.28 | % | 3.78 | % | ||||||||||||||||||
Total taxable equivalent adjustment | 35,073 | 27,249 | ||||||||||||||||||||
Net interest income | $ | 994,073 | $ | 1,033,261 | ||||||||||||||||||
[a] Excludes adjustment for market valuation. |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||
Six Months | Three Months Ended | ||||||||||||||||||||||||||||||
Ended June 30 | % | 2014 | 2013 | ||||||||||||||||||||||||||||
2014 | 2013 | Change | June 30 | March 31 | December 31 | September 30 | June 30 | ||||||||||||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 108,349 | $ | 110,372 | (2 | ) | $ | 54,958 | $ | 53,391 | $ | 56,812 | $ | 54,229 | $ | 54,884 | |||||||||||||||
Card and merchant processing fees | 52,777 | 50,737 | 4 | 28,473 | 24,304 | 25,320 | 26,132 | 26,113 | |||||||||||||||||||||||
Retail investment sales | 55,408 | 49,690 | 12 | 28,844 | 26,564 | 25,552 | 22,034 | 25,311 | |||||||||||||||||||||||
Asset management fees | 21,293 | 20,705 | 3 | 10,535 | 10,758 | 9,796 | 10,438 | 10,636 | |||||||||||||||||||||||
Corporate and correspondent investment sales | 16,628 | 18,943 | (12 | ) | 7,972 | 8,656 | 8,720 | 8,011 | 9,547 | ||||||||||||||||||||||
Mortgage banking income | 10,426 | 24,611 | (58 | ) | 6,150 | 4,276 | 3,178 | 7,610 | 13,141 | ||||||||||||||||||||||
Bank owned life insurance | 8,204 | 8,679 | (5 | ) | 4,237 | 3,967 | 4,846 | 4,222 | 4,274 | ||||||||||||||||||||||
Other | 144,248 | 115,848 | 25 | 72,812 | 71,436 | 56,850 | 78,309 | 64,150 | |||||||||||||||||||||||
417,333 | 399,585 | 4 | 213,981 | 203,352 | 191,074 | 210,985 | 208,056 | ||||||||||||||||||||||||
Investment securities gains, net | 37,898 | 33,030 | 15 | 21,464 | 16,434 | (1,659 | ) | — | 18,075 | ||||||||||||||||||||||
Gain (loss) on prepayment of FHLB and other borrowings | (458 | ) | 21,775 | NM | — | (458 | ) | — | — | 22,882 | |||||||||||||||||||||
Total noninterest income | $ | 454,773 | $ | 454,390 | — | $ | 235,445 | $ | 219,328 | $ | 189,415 | $ | 210,985 | $ | 249,013 | ||||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||||||||||||||||
Salaries, benefits and commissions | $ | 525,870 | $ | 499,228 | 5 | $ | 263,301 | $ | 262,569 | $ | 261,643 | $ | 244,373 | $ | 247,905 | ||||||||||||||||
FDIC indemnification expense | 61,988 | 156,642 | (60 | ) | 30,370 | 31,618 | 55,453 | 55,064 | 70,335 | ||||||||||||||||||||||
Professional services | 96,189 | 89,003 | 8 | 49,790 | 46,399 | 58,204 | 44,195 | 49,729 | |||||||||||||||||||||||
Equipment | 109,207 | 98,506 | 11 | 55,469 | 53,738 | 59,070 | 50,483 | 50,891 | |||||||||||||||||||||||
Net occupancy | 79,157 | 78,365 | 1 | 40,200 | 38,957 | 40,115 | 39,257 | 40,471 | |||||||||||||||||||||||
Marketing | 18,510 | 18,994 | (3 | ) | 9,986 | 8,524 | 9,212 | 9,146 | 9,926 | ||||||||||||||||||||||
Communications | 12,641 | 11,493 | 10 | 6,294 | 6,347 | 7,392 | 7,080 | 4,682 | |||||||||||||||||||||||
Amortization of intangibles | 26,165 | 31,502 | (17 | ) | 13,631 | 12,534 | 14,305 | 14,884 | 15,462 | ||||||||||||||||||||||
Other | 134,402 | 116,632 | 15 | 76,221 | 58,181 | 71,277 | 57,657 | 65,299 | |||||||||||||||||||||||
Total noninterest expense | $ | 1,064,129 | $ | 1,100,365 | (3 | ) | $ | 545,262 | $ | 518,867 | $ | 576,671 | $ | 522,139 | $ | 554,700 | |||||||||||||||
NM = Not meaningful | |||||||||||||||||||||||||||||||
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