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 April 29, 2015 containing financial information for the first quarter ended March 31, 2015. |
BBVA Compass Bancshares, Inc. | |
By: | /s/ Kirk P. Pressley |
Name: | Kirk P. Pressley |
Title: | Senior Executive Vice President and Chief Financial Officer |
◦ | 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 |
Contact details: | ||
Christina Anderson | Ed Bilek | |
Corporate Communications | Investor Relations | |
Tel. 205.524.5214 | Tel. 205.297.3331 | |
christina.anderson@bbva.com | ed.bilek@bbva.com |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | |||||||||||
Three Months Ended March 31, | % | ||||||||||
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 | |||||||||
[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) | |||||||||||||||||||||||
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 |
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 | |||||||||||||||
[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 | ||||||||||||||||||||
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 [a] | 163.56 | 173.06 | 164.85 | 170.73 | 149.84 | |||||||||||||||
Allowance for loan losses as a % of nonperforming assets [a] | 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] 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 | |||||||||||||||||||||||
Gain (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) (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 | $ | — |
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 | $ | — |
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) (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 STATEMENTS (Unaudited) (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 |