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 February 3, 2016 containing financial information for the fourth quarter and full year ended December 31, 2015. |
BBVA Compass Bancshares, Inc. | |
By: | /s/ Jonathan W. Pennington |
Name: | Jonathan W. Pennington |
Title: | Executive Vice President and Controller |
• | Total loans end the quarter at $61.4 billion, up 7 percent from prior year levels |
• | Total deposits increase 8 percent to $66.0 billion, led by a 12 percent increase in noninterest bearing deposits |
• | Credit quality metrics remain sound; net charge-off ratio 19 basis points, nonperforming loan ratio at 78 basis points and coverage ratio at 160 percent |
• | Strong business activity drives 2 percent increase in total revenue; net interest income increases 1 percent while fee-based businesses expand 4 percent |
• | Expense growth well-contained as disciplined expense management results in 2 percent decline in noninterest expenses |
(Dollars in thousands) | December 31, 2015 | December 31, 2014 | |||||||||||
Outstanding | Nonaccrual | Outstanding | Nonaccrual | ||||||||||
Exploration and production | $ | 2,040,748 | $ | 91,947 | $ | 2,257,012 | $ | 86 | |||||
Midstream | 1,355,503 | — | 950,483 | — | |||||||||
Drilling oil & support services | 266,871 | — | 242,281 | 5,400 | |||||||||
Refineries and terminals | 137,904 | 520 | 124,228 | 700 | |||||||||
Other | 39,200 | — | 38,141 | — | |||||||||
Total energy portfolio | $ | 3,840,226 | $ | 92,467 | $ | 3,612,145 | $ | 6,186 |
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 December 31, | % | Years ended December 31, | % | |||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | |||||||||||||||||
EARNINGS SUMMARY | ||||||||||||||||||||||
Net interest income | $ | 504,085 | $ | 509,453 | (1 | ) | $ | 2,012,963 | $ | 1,985,494 | 1 | |||||||||||
Noninterest income [a] | 222,467 | 230,784 | (4 | ) | 902,833 | 864,695 | 4 | |||||||||||||||
Total revenue [a] | 726,552 | 740,237 | (2 | ) | 2,915,796 | 2,850,189 | 2 | |||||||||||||||
Investment securities gain (loss), net | 14,689 | 5,434 | 170 | 81,656 | 53,042 | 54 | ||||||||||||||||
Loss on prepayment of FHLB advances | (1,898 | ) | — | NM | (8,016 | ) | (315 | ) | NM | |||||||||||||
Provision for loan losses | 76,307 | 19,914 | 283 | 193,638 | 106,301 | 82 | ||||||||||||||||
Noninterest expense | 557,885 | 583,481 | (4 | ) | 2,136,490 | 2,180,752 | (2 | ) | ||||||||||||||
Pretax income | 105,151 | 142,276 | (26 | ) | 659,308 | 615,863 | 7 | |||||||||||||||
Income tax expense | 17,505 | 39,864 | (56 | ) | 167,513 | 147,331 | 14 | |||||||||||||||
Net income | 87,646 | 102,412 | (14 | ) | 491,795 | 468,532 | 5 | |||||||||||||||
Net income attributable to noncontrolling interests | 490 | 204 | 140 | 2,228 | 1,976 | 13 | ||||||||||||||||
Net income attributable to shareholder | $ | 87,156 | $ | 102,208 | (15 | ) | $ | 489,567 | $ | 466,556 | 5 | |||||||||||
SELECTED RATIOS | ||||||||||||||||||||||
Return on average assets | 0.38 | % | 0.49 | % | 0.56 | % | 0.60 | % | ||||||||||||||
Return on average tangible equity [b] | 4.68 | 5.97 | 6.86 | 7.03 | ||||||||||||||||||
Average common equity to average assets | 13.84 | 14.52 | 13.93 | 15.28 | ||||||||||||||||||
Average loans to average total deposits | 94.05 | 92.31 | 94.70 | 93.18 | ||||||||||||||||||
Common equity tier 1 capital (CET1) [c] | 10.70 | NA | 10.70 | NA | ||||||||||||||||||
Tier I capital ratio [c] | 11.08 | 10.94 | 11.08 | 10.94 | ||||||||||||||||||
Total capital ratio [c] | 13.68 | 12.81 | 13.68 | 12.81 | ||||||||||||||||||
Leverage ratio [c] | 8.95 | 9.09 | 8.95 | 9.09 | ||||||||||||||||||
[a] Excludes net gain on sales of investment securities and gain (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 | ||||||||||||||||||||||
NA = Not applicable |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||||
Average for Three Months | Average for Year Ended | Ending Balance | |||||||||||||||||||||||||||||||
Ended December 31, | % | Ended December 31, | % | December 31, | % | ||||||||||||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | 2015 | 2014 | Change | |||||||||||||||||||||||||
BALANCE SHEET HIGHLIGHTS | |||||||||||||||||||||||||||||||||
Total loans | $ | 61,480,854 | $ | 56,419,150 | 9 | $ | 60,176,687 | $ | 54,423,885 | 11 | $ | 61,394,666 | $ | 57,526,600 | 7 | ||||||||||||||||||
Total investment securities | 12,186,839 | 11,023,444 | 11 | 11,750,984 | 10,541,348 | 11 | 12,373,196 | 11,585,629 | 7 | ||||||||||||||||||||||||
Earning assets | 77,968,352 | 69,447,957 | 12 | 76,288,144 | 65,574,287 | 16 | 78,071,231 | 72,344,332 | 8 | ||||||||||||||||||||||||
Total assets | 90,341,119 | 82,702,903 | 9 | 88,282,486 | 77,520,755 | 14 | 89,965,080 | 83,152,427 | 8 | ||||||||||||||||||||||||
Noninterest bearing demand deposits | 19,805,668 | 17,473,984 | 13 | 19,015,802 | 16,633,240 | 14 | 19,290,266 | 17,169,412 | 12 | ||||||||||||||||||||||||
Interest bearing transaction accounts | 31,976,145 | 30,695,786 | 4 | 31,374,727 | 28,896,496 | 9 | 32,620,096 | 31,176,846 | 5 | ||||||||||||||||||||||||
Total transaction accounts | 51,781,813 | 48,169,770 | 7 | 50,390,529 | 45,529,736 | 11 | 51,910,362 | 48,346,258 | 7 | ||||||||||||||||||||||||
Total deposits | 65,368,720 | 61,116,755 | 7 | 63,541,384 | 58,407,635 | 9 | 65,980,530 | 61,189,716 | 8 | ||||||||||||||||||||||||
Shareholder's equity | 12,576,042 | 12,005,933 | 5 | 12,311,963 | 11,841,999 | 4 | 12,577,284 | 12,003,574 | 5 |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||
NONPERFORMING ASSETS | ||||||||||||||||||||
Nonaccrual loans [a] | $ | 407,045 | $ | 380,930 | $ | 395,350 | $ | 357,539 | $ | 322,654 | ||||||||||
Loans 90 days or more past due [b] | 68,629 | 73,588 | 69,710 | 70,750 | 71,454 | |||||||||||||||
TDRs 90 days or more past due | 874 | 678 | 1,224 | 820 | 1,722 | |||||||||||||||
Total nonperforming loans [a] | 476,548 | 455,196 | 466,284 | 429,109 | 395,830 | |||||||||||||||
Other real estate owned, net (OREO) | 20,862 | 23,762 | 20,188 | 17,764 | 20,600 | |||||||||||||||
Other repossessed assets | 8,774 | 3,331 | 4,255 | 3,823 | $ | 3,920 | ||||||||||||||
Total nonperforming assets | $ | 506,184 | $ | 482,289 | $ | 490,727 | $ | 450,696 | $ | 420,350 | ||||||||||
TDRs accruing and past due less than 90 days | $ | 150,038 | $ | 154,397 | $ | 155,592 | $ | 157,252 | $ | 161,261 | ||||||||||
Covered loans [c] | 440,961 | 458,066 | 473,842 | 488,560 | 495,190 | |||||||||||||||
Covered nonperforming loans [c] | 38,106 | 43,192 | 44,664 | 45,581 | 48,071 | |||||||||||||||
Covered nonperforming assets [c] | 40,216 | 45,569 | 47,085 | 47,598 | 51,989 | |||||||||||||||
Total nonperforming loans as a % of loans | 0.78 | % | 0.75 | % | 0.77 | % | 0.73 | % | 0.69 | % | ||||||||||
Total nonperforming loans as a % of loans, excluding covered loans | 0.72 | 0.68 | 0.71 | 0.66 | 0.61 | |||||||||||||||
Total nonperforming assets as a % of total loans, other real estate, and other repossessed assets | 0.82 | 0.79 | 0.81 | 0.77 | 0.73 | |||||||||||||||
Total nonperforming assets as a % of total loans, other real estate, and other repossessed assets, excluding covered assets | 0.76 | 0.72 | 0.74 | 0.69 | 0.65 | |||||||||||||||
[a] Includes loans held for sale. | ||||||||||||||||||||
[b] Excludes loans classified as troubled debt restructurings (TDRs). | ||||||||||||||||||||
[c] Covered assets includes loans and OREO acquired from the FDIC subject to loss sharing agreements. |
Three Months Ended | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||
Balance at beginning of period | $ | 722,122 | $ | 721,471 | $ | 701,864 | $ | 685,041 | $ | 695,878 | ||||||||||
Net charge-offs (NCO) | 35,756 | 28,500 | 26,542 | 25,208 | 30,751 | |||||||||||||||
Provision for loan losses | 76,307 | 29,151 | 46,149 | 42,031 | 19,914 | |||||||||||||||
Balance at end of period | $ | 762,673 | $ | 722,122 | $ | 721,471 | $ | 701,864 | $ | 685,041 | ||||||||||
Allowance for loan losses as a % of total loans | 1.24 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.19 | % | ||||||||||
Allowance for loan losses as a % of nonperforming loans [a] | 160.04 | 158.64 | 154.73 | 163.56 | 173.06 | |||||||||||||||
Allowance for loan losses as a % of nonperforming assets [a] | 150.67 | 149.73 | 147.02 | 155.73 | 162.97 | |||||||||||||||
Annualized as a % of average loans: | ||||||||||||||||||||
NCO - QTD | 0.23 | 0.19 | 0.18 | 0.17 | 0.22 | |||||||||||||||
NCO - YTD | 0.19 | 0.18 | 0.18 | 0.17 | 0.22 | |||||||||||||||
[a] Includes loans held for sale that are on nonaccrual status. |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||
Three Months Ended December 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 | $ | 61,480,854 | $ | 561,790 | 3.63 | % | $ | 56,419,150 | $ | 561,422 | 3.95 | % | ||||||||||
Investment securities available for sale [a] | 10,848,801 | 49,186 | 1.80 | 9,583,937 | 47,503 | 1.97 | ||||||||||||||||
Investment securities held to maturity | 1,337,393 | 10,003 | 2.97 | 1,394,926 | 9,835 | 2.80 | ||||||||||||||||
Other earning assets | 4,300,659 | 14,649 | 1.35 | 2,005,363 | 6,262 | 1.24 | ||||||||||||||||
Total earning assets [a] | 77,967,707 | 635,628 | 3.23 | 69,403,376 | 625,022 | 3.57 | ||||||||||||||||
Allowance for loan losses | (734,031 | ) | (692,839 | ) | ||||||||||||||||||
Unrealized gain (loss) on securities available for sale | 645 | 44,581 | ||||||||||||||||||||
Other assets | 13,106,798 | 13,947,785 | ||||||||||||||||||||
Total assets | $ | 90,341,119 | $ | 82,702,903 | ||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 7,033,106 | $ | 3,143 | 0.18 | $ | 7,311,384 | $ | 2,920 | 0.16 | ||||||||||||
Savings and money market accounts | 24,943,039 | 23,871 | 0.38 | 23,384,402 | 27,750 | 0.47 | ||||||||||||||||
Certificates and other time deposits | 13,455,462 | 44,263 | 1.31 | 12,783,269 | 40,280 | 1.25 | ||||||||||||||||
Foreign office deposits | 131,445 | 65 | 0.20 | 163,716 | 84 | 0.20 | ||||||||||||||||
Total interest bearing deposits | 45,563,052 | 71,342 | 0.62 | 43,642,771 | 71,034 | 0.65 | ||||||||||||||||
FHLB and other borrowings | 5,580,514 | 22,920 | 1.63 | 4,799,343 | 20,010 | 1.65 | ||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 732,968 | 2,856 | 1.55 | 1,084,679 | 918 | 0.34 | ||||||||||||||||
Other short-term borrowings | 4,104,587 | 15,774 | 1.52 | 1,448,610 | 4,802 | 1.32 | ||||||||||||||||
Total interest bearing liabilities | 55,981,121 | 112,892 | 0.80 | 50,975,403 | 96,764 | 0.75 | ||||||||||||||||
Noninterest bearing deposits | 19,805,668 | 17,473,984 | ||||||||||||||||||||
Other noninterest bearing liabilities | 1,978,288 | 2,247,583 | ||||||||||||||||||||
Total liabilities | 77,765,077 | 70,696,970 | ||||||||||||||||||||
Shareholder's equity | 12,576,042 | 12,005,933 | ||||||||||||||||||||
Total liabilities and shareholder's equity | $ | 90,341,119 | $ | 82,702,903 | ||||||||||||||||||
Net interest income/ net interest spread | 522,736 | 2.43 | % | 528,258 | 2.82 | % | ||||||||||||||||
Net yield on earning assets | 2.66 | % | 3.02 | % | ||||||||||||||||||
Total taxable equivalent adjustment | 18,651 | 18,805 | ||||||||||||||||||||
Net interest income | $ | 504,085 | $ | 509,453 | ||||||||||||||||||
[a] Excludes adjustment for market valuation. |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||
Years Ended December 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 | $ | 60,176,687 | $ | 2,221,093 | 3.69 | % | $ | 54,423,885 | $ | 2,139,429 | 3.93 | % | ||||||||||
Investment securities available for sale [a] | 10,358,764 | 195,769 | 1.89 | 9,052,396 | 198,732 | 2.20 | ||||||||||||||||
Investment securities held to maturity | 1,359,013 | 39,785 | 2.93 | 1,447,636 | 40,145 | 2.77 | ||||||||||||||||
Other earning assets | 4,360,473 | 56,544 | 0.01 | 609,054 | 8,434 | 0.01 | ||||||||||||||||
Total earning assets [a] | 76,254,937 | 2,513,191 | 3.30 | 65,532,971 | 2,386,740 | 3.64 | ||||||||||||||||
Allowance for loan losses | (714,157 | ) | (703,902 | ) | ||||||||||||||||||
Unrealized gain (loss) on securities available for sale | 33,207 | 41,316 | ||||||||||||||||||||
Other assets | 12,708,499 | 12,650,370 | ||||||||||||||||||||
Total assets | $ | 88,282,486 | $ | 77,520,755 | ||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 7,218,956 | 12,011 | 0.17 | $ | 7,280,418 | 11,986 | 0.16 | ||||||||||||||
Savings and money market accounts | 24,155,771 | 94,336 | 0.39 | 21,616,078 | 87,672 | 0.41 | ||||||||||||||||
Certificates and other time deposits | 12,989,789 | 167,809 | 1.29 | 12,745,974 | 151,997 | 1.19 | ||||||||||||||||
Foreign office deposits | 161,066 | 322 | 0.20 | 131,925 | 259 | 0.20 | ||||||||||||||||
Total interest bearing deposits | 44,525,582 | 274,478 | 0.62 | 41,774,395 | 251,914 | 0.60 | ||||||||||||||||
FHLB and other borrowings | 5,701,974 | 89,988 | 1.58 | 4,254,352 | 68,957 | 1.62 | ||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 807,677 | 8,390 | 1.04 | 935,439 | 2,302 | 0.25 | ||||||||||||||||
Other short-term borrowings | 4,006,716 | 52,442 | 1.31 | 385,461 | 5,318 | 1.38 | ||||||||||||||||
Total interest bearing liabilities | 55,041,949 | 425,298 | 0.77 | 47,349,647 | 328,491 | 0.69 | ||||||||||||||||
Noninterest bearing deposits | 19,015,802 | 16,633,240 | ||||||||||||||||||||
Other noninterest bearing liabilities | 1,912,772 | 1,695,869 | ||||||||||||||||||||
Total liabilities | 75,970,523 | 65,678,756 | ||||||||||||||||||||
Shareholder's equity | 12,311,963 | 11,841,999 | ||||||||||||||||||||
Total liabilities and shareholder's equity | $ | 88,282,486 | $ | 77,520,755 | ||||||||||||||||||
Net interest income/ net interest spread | 2,087,893 | 2.53 | % | 2,058,249 | 2.95 | % | ||||||||||||||||
Net yield on earning assets | 2.74 | % | 3.14 | % | ||||||||||||||||||
Total taxable equivalent adjustment | 74,930 | 72,755 | ||||||||||||||||||||
Net interest income | $ | 2,012,963 | $ | 1,985,494 | ||||||||||||||||||
[a] Excludes adjustment for market valuation. |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||
Year Ended | Three Months Ended | ||||||||||||||||||||||||||||||
December 31, | % | 2015 | 2014 | ||||||||||||||||||||||||||||
2015 | 2014 | Change | December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 216,248 | $ | 222,685 | (3 | ) | $ | 54,357 | $ | 54,917 | $ | 53,690 | $ | 53,284 | $ | 56,799 | |||||||||||||||
Card and merchant processing fees | 112,818 | 107,891 | 5 | 28,900 | 29,024 | 28,711 | 26,183 | 26,432 | |||||||||||||||||||||||
Retail investment sales | 101,614 | 108,477 | (6 | ) | 24,040 | 26,055 | 26,373 | 25,146 | 25,424 | ||||||||||||||||||||||
Investment banking and advisory fees | 105,235 | 87,454 | 20 | 20,260 | 17,842 | 36,799 | 30,334 | 24,228 | |||||||||||||||||||||||
Asset management fees | 33,194 | 42,772 | (22 | ) | 8,745 | 7,918 | 8,435 | 8,096 | 10,813 | ||||||||||||||||||||||
Corporate and correspondent investment sales | 30,000 | 29,635 | 1 | 9,710 | 6,047 | 7,984 | 6,259 | 7,619 | |||||||||||||||||||||||
Mortgage banking income | 27,258 | 24,551 | 11 | 5,989 | 554 | 12,556 | 8,159 | 5,627 | |||||||||||||||||||||||
Bank owned life insurance | 18,662 | 18,616 | — | 5,135 | 4,345 | 4,394 | 4,788 | 5,809 | |||||||||||||||||||||||
Other | 257,804 | 222,614 | 16 | 65,331 | 79,938 | 55,797 | 56,738 | 68,033 | |||||||||||||||||||||||
902,833 | 864,695 | 4 | 222,467 | 226,640 | 234,739 | 218,987 | 230,784 | ||||||||||||||||||||||||
Investment securities gains, net | 81,656 | 53,042 | 54 | 14,689 | 6,736 | 27,399 | 32,832 | 5,434 | |||||||||||||||||||||||
Loss on prepayment of FHLB and other borrowings | (8,016 | ) | (315 | ) | NM | (1,898 | ) | — | (3,569 | ) | (2,549 | ) | — | ||||||||||||||||||
Total noninterest income | $ | 976,473 | $ | 917,422 | 6 | $ | 235,258 | $ | 233,376 | $ | 258,569 | $ | 249,270 | $ | 236,218 | ||||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||||||||||||||||
Salaries, benefits and commissions | $ | 1,071,196 | $ | 1,072,269 | — | $ | 274,863 | $ | 268,362 | $ | 268,709 | $ | 259,262 | $ | 281,065 | ||||||||||||||||
FDIC indemnification expense | 55,129 | 115,049 | (52 | ) | 5,460 | 8,461 | 12,419 | 28,789 | 34,313 | ||||||||||||||||||||||
Professional services | 216,325 | 207,679 | 4 | 63,863 | 54,784 | 51,119 | 46,559 | 59,027 | |||||||||||||||||||||||
Equipment | 230,960 | 223,963 | 3 | 57,493 | 58,151 | 57,175 | 58,141 | 58,401 | |||||||||||||||||||||||
Net occupancy | 160,309 | 158,379 | 1 | 41,122 | 39,525 | 40,382 | 39,280 | 39,865 | |||||||||||||||||||||||
Marketing | 41,770 | 35,991 | 16 | 9,440 | 10,624 | 11,618 | 10,088 | 5,894 | |||||||||||||||||||||||
Communications | 21,980 | 24,608 | (11 | ) | 5,286 | 5,682 | 5,245 | 5,767 | 6,003 | ||||||||||||||||||||||
Amortization of intangibles | 39,208 | 50,856 | (23 | ) | 9,125 | 9,507 | 9,889 | 10,687 | 24,556 | ||||||||||||||||||||||
Other | 299,613 | 291,958 | 3 | 91,233 | 81,154 | 63,080 | 64,146 | 74,357 | |||||||||||||||||||||||
Total noninterest expense | $ | 2,136,490 | $ | 2,180,752 | (2 | ) | $ | 557,885 | $ | 536,250 | $ | 519,636 | $ | 522,719 | $ | 583,481 | |||||||||||||||
NM = Not meaningful | |||||||||||||||||||||||||||||||
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
NON-GAAP RECONCILIATION | ||||||||||||||
Computation of Average Tangible Equity: | ||||||||||||||
Total stockholder's equity (average) | $ | 12,576,042 | 12,005,933 | $ | 12,311,963 | 11,841,999 | ||||||||
Less: Goodwill and other intangibles (average) | 5,139,183 | 5,198,332 | 5,146,362 | 5,175,940 | ||||||||||
Average tangible equity [B] | $ | 7,436,859 | 6,807,601 | $ | 7,165,601 | 6,666,059 | ||||||||
Net income [A] | $ | 87,646 | 102,208 | $ | 491,795 | 466,556 | ||||||||
Return on average tangible equity ([A]/[B], annualized) | 4.68 | % | 5.97 | % | 6.86 | % | 7.03 | % |
BBVA COMPASS BANCSHARES, INC SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||
At or Quarter Ended December 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 | $ | 8,197 | $ | 4,215 | $ | 3,567 | $ | 161,591 | $ | 9,402 | $ | 25,835,402 | $ | 26,022,374 | $ | 3,345 | |||||||||||||||
Real estate – construction | 2,864 | 91 | 421 | 5,908 | 2,247 | 2,342,722 | 2,354,253 | (423 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 3,843 | 1,461 | 2,237 | 69,953 | 33,904 | 10,341,882 | 10,453,280 | 1,260 | |||||||||||||||||||||||
Residential real estate – mortgage | 47,323 | 19,540 | 1,961 | 113,234 | 67,343 | 13,743,884 | 13,993,285 | 1,269 | |||||||||||||||||||||||
Equity lines of credit | 8,263 | 4,371 | 2,883 | 35,023 | — | 2,369,275 | 2,419,815 | 1,382 | |||||||||||||||||||||||
Equity loans | 6,356 | 2,194 | 704 | 15,614 | 37,108 | 518,828 | 580,804 | 238 | |||||||||||||||||||||||
Credit card | 5,563 | 4,622 | 9,718 | — | — | 607,456 | 627,359 | 7,299 | |||||||||||||||||||||||
Consumer – direct | 7,648 | 3,801 | 3,537 | 561 | 908 | 920,416 | 936,871 | 6,126 | |||||||||||||||||||||||
Consumer – indirect | 73,438 | 17,167 | 5,629 | 5,027 | — | 3,393,821 | 3,495,082 | 14,548 | |||||||||||||||||||||||
Covered loans | 4,862 | 3,454 | 37,972 | 134 | — | 394,539 | 440,961 | 712 | |||||||||||||||||||||||
Total loans | $ | 168,357 | $ | 60,916 | $ | 68,629 | $ | 407,045 | $ | 150,912 | $ | 60,468,225 | $ | 61,324,084 | $ | 35,756 | |||||||||||||||
Loans held for sale | $ | 227 | $ | — | $ | — | $ | — | $ | — | $ | 70,355 | $ | 70,582 | $ | — |
At or Quarter Ended September 30, 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 | $ | 15,300 | $ | 3,930 | $ | 5,202 | $ | 130,370 | $ | 9,635 | $ | 25,471,882 | $ | 25,636,319 | $ | 3,990 | |||||||||||||||
Real estate – construction | 1,565 | 117 | 426 | 5,712 | 2,247 | 2,305,284 | 2,315,351 | (426 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 4,887 | 732 | 5,607 | 85,975 | 33,837 | 10,493,594 | 10,624,632 | 437 | |||||||||||||||||||||||
Residential real estate – mortgage | 47,936 | 15,450 | 1,230 | 103,492 | 71,102 | 13,658,513 | 13,897,723 | (299 | ) | ||||||||||||||||||||||
Equity lines of credit | 8,988 | 4,675 | 2,411 | 33,436 | — | 2,326,898 | 2,376,408 | 2,087 | |||||||||||||||||||||||
Equity loans | 6,485 | 1,807 | 985 | 15,104 | 37,785 | 549,982 | 612,148 | 384 | |||||||||||||||||||||||
Credit card | 5,949 | 3,621 | 8,322 | — | — | 592,090 | 609,982 | 6,675 | |||||||||||||||||||||||
Consumer – direct | 16,433 | 1,988 | 2,153 | 635 | 469 | 833,311 | 854,989 | 6,194 | |||||||||||||||||||||||
Consumer – indirect | 60,018 | 12,901 | 4,213 | 6,053 | — | 2,818,418 | 2,901,603 | 8,970 | |||||||||||||||||||||||
Covered loans | 4,303 | 3,347 | 43,039 | 153 | — | 407,224 | 458,066 | 488 | |||||||||||||||||||||||
Total loans | $ | 171,864 | $ | 48,568 | $ | 73,588 | $ | 380,930 | $ | 155,075 | $ | 59,457,196 | $ | 60,287,221 | $ | 28,500 | |||||||||||||||
Loans held for sale | $ | 416 | $ | 380 | $ | — | $ | — | $ | — | $ | 633,362 | $ | 634,158 | $ | — |
At or Quarter Ended June 30, 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 | $ | 18,524 | $ | 7,037 | $ | 3,149 | $ | 147,051 | $ | 9,693 | $ | 24,767,734 | $ | 24,953,188 | $ | 1,869 | |||||||||||||||
Real estate – construction | 148 | 512 | 1,157 | 7,777 | 2,212 | 2,425,025 | 2,436,831 | (2,106 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 7,916 | 1,348 | 2,853 | 78,569 | 34,389 | 10,200,605 | 10,325,680 | 671 | |||||||||||||||||||||||
Residential real estate – mortgage | 45,487 | 14,926 | 1,703 | 106,179 | 71,357 | 13,963,891 | 14,203,543 | 1,487 | |||||||||||||||||||||||
Equity lines of credit | 7,833 | 4,370 | 2,515 | 33,757 | — | 2,304,225 | 2,352,700 | 3,608 | |||||||||||||||||||||||
Equity loans | 5,202 | 1,553 | 1,147 | 16,175 | 38,998 | 576,051 | 639,126 | (585 | ) | ||||||||||||||||||||||
Credit card | 4,840 | 3,361 | 7,672 | — | — | 576,496 | 592,369 | 7,542 | |||||||||||||||||||||||
Consumer – direct | 7,247 | 2,190 | 2,176 | 853 | 167 | 767,735 | 780,368 | 6,311 | |||||||||||||||||||||||
Consumer – indirect | 47,676 | 8,895 | 2,810 | 4,853 | — | 3,185,345 | 3,249,579 | 7,593 | |||||||||||||||||||||||
Covered loans | 5,930 | 3,640 | 44,528 | 136 | — | 419,608 | 473,842 | 152 | |||||||||||||||||||||||
Total loans | $ | 150,803 | $ | 47,832 | $ | 69,710 | $ | 395,350 | $ | 156,816 | $ | 59,186,715 | $ | 60,007,226 | $ | 26,542 | |||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 195,616 | $ | 195,616 | $ | — |
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. BALANCE SHEET (Unaudited) (In Thousands) | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
Assets: | |||||||||||||||||||
Cash and due from banks | $ | 4,121,944 | $ | 3,898,257 | $ | 3,353,177 | $ | 3,664,182 | $ | 2,764,345 | |||||||||
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 330,948 | 479,207 | 512,244 | 300,175 | 624,060 | ||||||||||||||
Cash and cash equivalents | 4,452,892 | 4,377,464 | 3,865,421 | 3,964,357 | 3,388,405 | ||||||||||||||
Trading account assets | 4,138,132 | 4,193,506 | 4,879,125 | 3,680,427 | 2,834,397 | ||||||||||||||
Investment securities available for sale | 11,050,520 | 10,803,660 | 10,392,484 | 10,101,828 | 10,237,275 | ||||||||||||||
Investment securities held to maturity | 1,322,676 | 1,357,801 | 1,375,075 | 1,373,542 | 1,348,354 | ||||||||||||||
Loans held for sale | 70,582 | 634,158 | 195,616 | 198,488 | 154,816 | ||||||||||||||
Loans | 61,324,084 | 60,287,221 | 60,007,226 | 58,558,463 | 57,371,784 | ||||||||||||||
Allowance for loan losses | (762,673 | ) | (722,122 | ) | (721,471 | ) | (701,864 | ) | (685,041 | ) | |||||||||
Net loans | 60,561,411 | 59,565,099 | 59,285,755 | 57,856,599 | 56,686,743 | ||||||||||||||
Premises and equipment, net | 1,320,163 | 1,309,009 | 1,315,020 | 1,332,539 | 1,351,479 | ||||||||||||||
Bank owned life insurance | 700,285 | 697,023 | 698,773 | 694,370 | 694,335 | ||||||||||||||
Goodwill | 5,043,197 | 5,060,197 | 5,060,161 | 5,046,847 | 5,046,847 | ||||||||||||||
Other intangible assets | 31,576 | 40,701 | 50,208 | 60,097 | 70,784 | ||||||||||||||
Other real estate owned | 20,862 | 23,762 | 20,188 | 17,764 | 20,600 | ||||||||||||||
Other assets | 1,252,784 | 1,297,620 | 1,332,923 | 1,148,883 | 1,318,392 | ||||||||||||||
Total assets | $ | 89,965,080 | $ | 89,360,000 | $ | 88,470,749 | $ | 85,475,741 | $ | 83,152,427 | |||||||||
Liabilities: | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest bearing | $ | 19,290,266 | $ | 19,060,016 | $ | 19,048,273 | $ | 18,599,702 | $ | 17,169,412 | |||||||||
Interest bearing | 46,690,264 | 45,432,380 | 43,451,096 | 44,300,979 | 44,020,304 | ||||||||||||||
Total deposits | 65,980,530 | 64,492,396 | 62,499,369 | 62,900,681 | 61,189,716 | ||||||||||||||
FHLB and other borrowings | 5,438,620 | 6,216,425 | 6,778,066 | 4,919,141 | 4,809,843 | ||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 750,154 | 639,259 | 623,400 | 909,683 | 1,129,503 | ||||||||||||||
Other short-term borrowings | 4,032,644 | 4,167,897 | 4,982,154 | 3,377,694 | 2,545,724 | ||||||||||||||
Accrued expenses and other liabilities | 1,185,848 | 1,463,688 | 1,360,698 | 1,206,612 | 1,474,067 | ||||||||||||||
Total liabilities | 77,387,796 | 76,979,665 | 76,243,687 | 73,313,811 | 71,148,853 | ||||||||||||||
Shareholder’s Equity: | |||||||||||||||||||
Preferred Stock | 229,475 | — | — | — | — | ||||||||||||||
Common stock — $0.01 par value | 2,230 | 2,230 | 2,230 | 2,230 | 2,230 | ||||||||||||||
Surplus | 15,188,474 | 15,246,072 | 15,245,414 | 15,278,877 | 15,285,991 | ||||||||||||||
Retained deficit | (2,772,614 | ) | (2,859,770 | ) | (2,985,011 | ) | (3,121,071 | ) | (3,262,181 | ) | |||||||||
Accumulated other comprehensive loss | (99,307 | ) | (37,789 | ) | (64,672 | ) | (27,654 | ) | (51,357 | ) | |||||||||
Total BBVA Compass Bancshares, Inc. shareholder’s equity | 12,548,258 | 12,350,743 | 12,197,961 | 12,132,382 | 11,974,683 | ||||||||||||||
Noncontrolling interests | 29,026 | 29,592 | 29,101 | 29,548 | 28,891 | ||||||||||||||
Total shareholder’s equity | 12,577,284 | 12,380,335 | 12,227,062 | 12,161,930 | 12,003,574 | ||||||||||||||
Total liabilities and shareholder’s equity | $ | 89,965,080 | $ | 89,360,000 | $ | 88,470,749 | $ | 85,475,741 | $ | 83,152,427 |
BBVA COMPASS BANCSHARES INCOME STATEMENTS (Unaudited) (In Thousands) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||||||
Interest income: | |||||||||||||||||||
Interest and fees on loans | $ | 546,392 | $ | 540,517 | $ | 531,394 | $ | 543,842 | $ | 547,309 | |||||||||
Interest on investment securities available for sale | 49,066 | 46,646 | 48,204 | 48,208 | 45,786 | ||||||||||||||
Interest on investment securities held to maturity | 6,870 | 6,953 | 6,924 | 6,702 | 6,860 | ||||||||||||||
Interest on federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 1,591 | 1,659 | 1,362 | 996 | 566 | ||||||||||||||
Interest on trading account assets | 13,058 | 14,431 | 13,832 | 9,614 | 5,696 | ||||||||||||||
Total interest income | 616,977 | 610,206 | 601,716 | 609,362 | 606,217 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Interest on deposits | 71,342 | 68,282 | 65,201 | 69,653 | 71,034 | ||||||||||||||
Interest on FHLB and other borrowings | 22,920 | 20,422 | 27,540 | 19,106 | 20,010 | ||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 2,856 | 2,506 | 1,702 | 1,326 | 918 | ||||||||||||||
Interest on other short-term borrowings | 15,774 | 11,129 | 15,291 | 10,248 | 4,802 | ||||||||||||||
Total interest expense | 112,892 | 102,339 | 109,734 | 100,333 | 96,764 | ||||||||||||||
Net interest income | 504,085 | 507,867 | 491,982 | 509,029 | 509,453 | ||||||||||||||
Provision for loan losses | 76,307 | 29,151 | 46,149 | 42,031 | 19,914 | ||||||||||||||
Net interest income after provision for loan losses | 427,778 | 478,716 | 445,833 | 466,998 | 489,539 | ||||||||||||||
Noninterest income: | |||||||||||||||||||
Service charges on deposit accounts | 54,357 | 54,917 | 53,690 | 53,284 | 56,799 | ||||||||||||||
Card and merchant processing fees | 28,900 | 29,024 | 28,711 | 26,183 | 26,432 | ||||||||||||||
Retail investment sales | 24,040 | 26,055 | 26,373 | 25,146 | 25,424 | ||||||||||||||
Investment banking and advisory fees | 20,260 | 17,842 | 36,799 | 30,334 | 24,228 | ||||||||||||||
Asset management fees | 8,745 | 7,918 | 8,435 | 8,096 | 10,813 | ||||||||||||||
Corporate and correspondent investment sales | 9,710 | 6,047 | 7,984 | 6,259 | 7,619 | ||||||||||||||
Mortgage banking income | 5,989 | 554 | 12,556 | 8,159 | 5,627 | ||||||||||||||
Bank owned life insurance | 5,135 | 4,345 | 4,394 | 4,788 | 5,809 | ||||||||||||||
Investment securities gains, net | 14,689 | 6,736 | 27,399 | 32,832 | 5,434 | ||||||||||||||
Loss on prepayment of FHLB and other borrowings | (1,898 | ) | — | (3,569 | ) | (2,549 | ) | — | |||||||||||
Other | 65,331 | 79,938 | 55,797 | 56,738 | 68,033 | ||||||||||||||
Total noninterest income | 235,258 | 233,376 | 258,569 | 249,270 | 236,218 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||
Salaries, benefits and commissions | 274,863 | 268,362 | 268,709 | 259,262 | 281,065 | ||||||||||||||
FDIC indemnification expense | 5,460 | 8,461 | 12,419 | 28,789 | 34,313 | ||||||||||||||
Professional services | 63,863 | 54,784 | 51,119 | 46,559 | 59,027 | ||||||||||||||
Equipment | 57,493 | 58,151 | 57,175 | 58,141 | 58,401 | ||||||||||||||
Net occupancy | 41,122 | 39,525 | 40,382 | 39,280 | 39,865 | ||||||||||||||
Marketing | 9,440 | 10,624 | 11,618 | 10,088 | 5,894 | ||||||||||||||
Communications | 5,286 | 5,682 | 5,245 | 5,767 | 6,003 | ||||||||||||||
Amortization of intangibles | 9,125 | 9,507 | 9,889 | 10,687 | 24,556 | ||||||||||||||
Other | 91,233 | 81,154 | 63,080 | 64,146 | 74,357 | ||||||||||||||
Total noninterest expense | 557,885 | 536,250 | 519,636 | 522,719 | 583,481 | ||||||||||||||
Net income before income tax expense | 105,151 | 175,842 | 184,766 | 193,549 | 142,276 | ||||||||||||||
Income tax expense | 17,505 | 50,110 | 48,116 | 51,782 | 39,864 | ||||||||||||||
Net income | 87,646 | 125,732 | 136,650 | 141,767 | 102,412 | ||||||||||||||
Less: net income attributable to noncontrolling interests | 490 | 491 | 590 | 657 | 204 | ||||||||||||||
Net income attributable to shareholder | $ | 87,156 | $ | 125,241 | $ | 136,060 | $ | 141,110 | $ | 102,208 |
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