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 1, 2017 containing financial information for the fourth quarter and full year ended December 31, 2016. |
BBVA Compass Bancshares, Inc. | |
By: | /s/ Jonathan W. Pennington |
Name: | Jonathan W. Pennington |
Title: | Executive Vice President and Controller |
• | Total revenue growth balanced as both net interest income and noninterest income post 5 percent gains |
• | Net interest income increases $28 million from prior year levels and $17 million from 3Q16 levels |
• | Percentage net interest margin increases 22 basis points from year ago quarter and 5 basis points from 3Q16 levels |
• | Noninterest income totals $261 million, up $12 million from year ago levels |
• | Expenses well contained in the quarter; down 1 percent from prior year |
• | Continued focus on targeted balance sheet growth and spread management |
▪ | Average total loans of $61.5 billion up 2 percent on a year-to-date basis |
◦ | Newly funded customer loans of $14.5 billion for the full-year of 2016 |
▪ | Average total deposits of $67.9 billion up $4.4 billion, or 7 percent, from prior year |
◦ | Deposit growth fueled by 8 percent increase in noninterest bearing deposits |
◦ | Noninterest bearing deposits represent 30.2 percent of total deposits |
• | Significant decline in nonperforming energy loans leads to improved credit quality metrics |
▪ | Nonperforming loan ratio at 1.63 percent, down 28 basis points from 3Q16; excluding energy portfolio at 1.05 percent |
▪ | Net charge-off ratio at 40 basis points for the quarter; 37 basis points for full-year |
▪ | Allowance to loan ratio at 1.40 percent and coverage ratio at 85 percent |
• | Strong capital position and focused on capital optimization |
▪ | Regulatory capital ratios1 remain significantly above “well-capitalized” guidelines |
▪ | Common Equity Tier 1 capital ratio (phased-in)1 increases to 11.49 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 December 31, | % | Years Ended December 31, | % | |||||||||||||||||||
2016 | 2015[d] | Change | 2016 | 2015[d] | Change | |||||||||||||||||
EARNINGS SUMMARY | ||||||||||||||||||||||
Net interest income | $ | 531,752 | $ | 504,089 | 5 | $ | 2,067,681 | $ | 2,012,977 | 3 | ||||||||||||
Noninterest income [a] | 261,053 | 249,407 | 5 | 1,026,232 | 1,005,734 | 2 | ||||||||||||||||
Total revenue [a] | 792,805 | 753,496 | 5 | 3,093,913 | 3,018,711 | 2 | ||||||||||||||||
Investment securities gain (loss), net | — | 14,689 | (100 | ) | 30,037 | 81,656 | (63 | ) | ||||||||||||||
Loss on prepayment of FHLB advances | (295 | ) | (1,898 | ) | (84 | ) | (295 | ) | (8,016 | ) | (96 | ) | ||||||||||
Provision for loan losses | 37,564 | 76,307 | (51 | ) | 302,589 | 193,638 | 56 | |||||||||||||||
Goodwill impairment | 59,901 | 17,000 | 252 | 59,901 | 17,000 | 252 | ||||||||||||||||
Noninterest expense | 554,169 | 561,695 | (1 | ) | 2,243,621 | 2,197,853 | 2 | |||||||||||||||
Pretax income | 140,876 | 111,285 | 27 | 517,544 | 683,860 | (24 | ) | |||||||||||||||
Income tax expense | 51,473 | 19,637 | 162 | 146,021 | 176,502 | (17 | ) | |||||||||||||||
Net income | 89,403 | 91,648 | (2 | ) | 371,523 | 507,358 | (27 | ) | ||||||||||||||
Net income attributable to noncontrolling interests | 441 | 490 | (10 | ) | 2,010 | 2,228 | (10 | ) | ||||||||||||||
Net income attributable to BBVA Compass Bancshares, Inc. | $ | 88,962 | $ | 91,158 | (2 | ) | $ | 369,513 | $ | 505,130 | (27 | ) | ||||||||||
SELECTED RATIOS | ||||||||||||||||||||||
Return on average assets | 0.40 | % | 0.40 | % | 0.41 | % | 0.57 | % | ||||||||||||||
Return on average tangible equity [b] | 4.51 | 4.85 | 4.82 | 7.02 | ||||||||||||||||||
Average common equity to average assets | 14.39 | 13.88 | 13.82 | 13.97 | ||||||||||||||||||
Average loans to average total deposits | 89.24 | 94.05 | 90.58 | 94.71 | ||||||||||||||||||
Common equity tier 1 capital (CET1) [c] | 11.49 | 10.70 | 11.49 | 10.70 | ||||||||||||||||||
Tier I capital ratio [c] | 11.85 | 11.08 | 11.85 | 11.08 | ||||||||||||||||||
Total capital ratio [c] | 14.31 | 13.68 | 14.31 | 13.68 | ||||||||||||||||||
Leverage ratio [c] | 9.45 | 8.95 | 9.45 | 8.95 | ||||||||||||||||||
[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. | ||||||||||||||||||||||
[d] Prior period financial information has been retrospectively adjusted to include the historical activity of the money business service subsidiaries purchased from BBVA Bancomer USA, Inc in June 2016. | ||||||||||||||||||||||
NM = Not meaningful | ||||||||||||||||||||||
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, | % | ||||||||||||||||||||||||||||
2016 | 2015[d] | Change | 2016 | 2015[d] | Change | 2016 | 2015[d] | Change | |||||||||||||||||||||||||
BALANCE SHEET HIGHLIGHTS | |||||||||||||||||||||||||||||||||
Total loans | $ | 60,428,830 | $ | 61,480,854 | (2 | ) | $ | 61,505,935 | $ | 60,176,687 | 2 | $ | 60,223,112 | $ | 61,394,666 | (2 | ) | ||||||||||||||||
Total investment securities | 12,800,050 | 12,186,839 | 5 | 12,607,031 | 11,750,984 | 7 | 12,868,272 | 12,373,196 | 4 | ||||||||||||||||||||||||
Earning assets | 78,691,897 | 80,941,804 | (3 | ) | 81,335,489 | 79,042,874 | 3 | 77,989,196 | 78,074,188 | — | |||||||||||||||||||||||
Total assets | 88,639,855 | 90,441,599 | (2 | ) | 91,064,360 | 88,389,179 | 3 | 87,079,953 | 90,068,538 | (3 | ) | ||||||||||||||||||||||
Noninterest bearing demand deposits | 20,926,593 | 19,806,936 | 6 | 20,556,608 | 19,016,212 | 8 | 20,332,792 | 19,291,533 | 5 | ||||||||||||||||||||||||
Interest bearing transaction accounts | 32,835,469 | 31,976,145 | 3 | 32,789,385 | 31,374,727 | 5 | 33,518,871 | 32,620,096 | 3 | ||||||||||||||||||||||||
Total transaction accounts | 53,762,062 | 51,783,081 | 4 | 53,345,993 | 50,390,939 | 6 | 53,851,663 | 51,911,629 | 4 | ||||||||||||||||||||||||
Total deposits | 67,718,213 | 65,369,958 | 4 | 67,904,564 | 63,538,900 | 7 | 67,279,533 | 65,981,766 | 2 | ||||||||||||||||||||||||
Shareholder's equity | 12,982,707 | 12,628,872 | 3 | 12,818,572 | 12,368,866 | 4 | 12,750,707 | 12,624,709 | 1 |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||
NONPERFORMING ASSETS | ||||||||||||||||||||
Nonaccrual loans [a] | $ | 921,042 | $ | 1,086,018 | $ | 1,026,592 | $ | 819,034 | $ | 407,045 | ||||||||||
Loans 90 days or more past due [b] | 61,542 | 65,525 | 60,320 | 60,490 | 68,629 | |||||||||||||||
TDRs 90 days or more past due | 589 | 618 | 998 | 491 | 874 | |||||||||||||||
Total nonperforming loans [a] | 983,173 | 1,152,161 | 1,087,910 | 880,015 | 476,548 | |||||||||||||||
Other real estate owned, net (OREO) | 21,112 | 21,670 | 18,225 | 17,877 | 20,862 | |||||||||||||||
Other repossessed assets | 7,587 | 6,900 | 9,380 | 8,601 | $ | 8,774 | ||||||||||||||
Total nonperforming assets | $ | 1,011,872 | $ | 1,180,731 | $ | 1,115,515 | $ | 906,493 | $ | 506,184 | ||||||||||
TDRs accruing and past due less than 90 days | $ | 110,733 | $ | 116,941 | $ | 118,222 | $ | 120,316 | $ | 150,038 | ||||||||||
Total nonperforming loans as a % of loans | 1.63 | % | 1.91 | % | 1.76 | % | 1.41 | % | 0.78 | % | ||||||||||
Total nonperforming assets as a % of total loans, other real estate, and other repossessed assets | 1.68 | 1.96 | 1.80 | 1.46 | 0.82 | |||||||||||||||
[a] Includes loans held for sale. | ||||||||||||||||||||
[b] Excludes loans classified as troubled debt restructurings (TDRs). |
Three Months Ended | ||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||
Balance at beginning of period | $ | 862,080 | $ | 843,051 | $ | 822,440 | $ | 762,673 | $ | 722,122 | ||||||||||
Net charge-offs (NCO) | 61,351 | 46,078 | 66,062 | 53,478 | 35,756 | |||||||||||||||
Provision for loan losses | 37,564 | 65,107 | 86,673 | 113,245 | 76,307 | |||||||||||||||
Balance at end of period | $ | 838,293 | $ | 862,080 | $ | 843,051 | $ | 822,440 | $ | 762,673 | ||||||||||
Allowance for loan losses as a % of total loans | 1.40 | % | 1.43 | % | 1.37 | % | 1.32 | % | 1.24 | % | ||||||||||
Allowance for loan losses as a % of nonperforming loans [c] | 85.26 | 74.82 | 77.49 | 93.46 | 160.04 | |||||||||||||||
Allowance for loan losses as a % of nonperforming assets [c] | 82.85 | 73.01 | 75.58 | 90.73 | 150.67 | |||||||||||||||
Annualized as a % of average loans: | ||||||||||||||||||||
NCO - QTD | 0.40 | 0.30 | 0.43 | 0.35 | 0.23 | |||||||||||||||
NCO - YTD | 0.37 | 0.36 | 0.39 | 0.35 | 0.19 | |||||||||||||||
[c] Includes loans held for sale that are on nonaccrual status. |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||||||||||||||
Recorded Investment | Total Commitment | Nonaccrual | Recorded Investment | Total Commitment | Nonaccrual | Recorded Investment | Total Commitment | Nonaccrual | ||||||||||||||||||||||||||||
ENERGY PORTFOLIO | ||||||||||||||||||||||||||||||||||||
Exploration and production | $ | 1,654,565 | $ | 4,182,861 | $ | 308,096 | $ | 1,722,052 | $ | 4,244,802 | $ | 511,520 | $ | 2,040,748 | $ | 5,186,887 | $ | 91,947 | ||||||||||||||||||
Midstream | 1,199,844 | 3,230,513 | 11,298 | 1,207,650 | 3,209,931 | 11,552 | 1,355,503 | 3,293,216 | — | |||||||||||||||||||||||||||
Drilling oil and support services | 263,770 | 467,908 | 66,811 | 261,748 | 468,728 | 64,771 | 266,871 | 554,782 | — | |||||||||||||||||||||||||||
Refineries and terminals | 128,010 | 262,618 | 339 | 130,689 | 254,130 | 383 | 137,904 | 211,258 | 520 | |||||||||||||||||||||||||||
Other | — | — | — | — | — | — | 39,200 | 109,782 | — | |||||||||||||||||||||||||||
Total energy portfolio | $ | 3,246,189 | $ | 8,143,900 | $ | 386,544 | $ | 3,322,139 | $ | 8,177,591 | $ | 588,226 | $ | 3,840,226 | $ | 9,355,925 | $ | 92,467 | ||||||||||||||||||
December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||||||||||||||
As a % of Energy Loans | As a % of Total Loans | As a % of Energy Loans | As a % of Total Loans | As a % of Energy Loans | As a % of Total Loans | |||||||||||||||||||||||||||||||
ENERGY PORTFOLIO | ||||||||||||||||||||||||||||||||||||
Exploration and production | 51.0 | % | 2.7 | % | 51.8 | % | 2.9 | % | 53.2 | % | 3.4 | % | ||||||||||||||||||||||||
Midstream | 37.0 | 2.0 | 36.4 | 2.0 | 35.3 | 2.2 | ||||||||||||||||||||||||||||||
Drilling oil and support services | 8.1 | 0.4 | 7.9 | 0.4 | 6.9 | 0.4 | ||||||||||||||||||||||||||||||
Refineries and terminals | 3.9 | 0.2 | 3.9 | 0.2 | 3.6 | 0.2 | ||||||||||||||||||||||||||||||
Other | — | — | — | — | 1.0 | 0.1 | ||||||||||||||||||||||||||||||
Total energy portfolio | 100.0 | % | 5.4 | % | 100.0 | % | 5.5 | % | 100.0 | % | 6.3 | % |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||||
2016 | 2015[c] | |||||||||||||||||||||
Average Balance | Income/Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/Rate | |||||||||||||||||
YIELD/RATE ANALYSIS | ||||||||||||||||||||||
(Taxable Equivalent Basis) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||
Loans | $ | 60,428,830 | $ | 575,195 | 3.79 | % | $ | 61,480,854 | $ | 561,790 | 3.63 | % | ||||||||||
Investment securities available for sale [a] | 11,648,240 | 60,930 | 2.08 | 10,848,801 | 49,186 | 1.80 | ||||||||||||||||
Investment securities held to maturity | 1,219,537 | 9,650 | 3.15 | 1,337,393 | 10,003 | 2.97 | ||||||||||||||||
Other earning assets [b] | 5,463,017 | 20,819 | 1.52 | 7,274,111 | 14,653 | 0.80 | ||||||||||||||||
Total earning assets [a] | 78,759,624 | 666,594 | 3.37 | 80,941,159 | 635,632 | 3.12 | ||||||||||||||||
Allowance for loan losses | (866,885 | ) | (734,031 | ) | ||||||||||||||||||
Unrealized gain (loss) on securities available for sale | (67,727 | ) | 645 | |||||||||||||||||||
Other assets | 10,814,843 | 10,233,826 | ||||||||||||||||||||
Total assets | $ | 88,639,855 | $ | 90,441,599 | ||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 7,429,395 | $ | 4,772 | 0.26 | $ | 7,033,106 | $ | 3,143 | 0.18 | ||||||||||||
Savings and money market accounts | 25,406,074 | 23,671 | 0.37 | 24,943,039 | 23,871 | 0.38 | ||||||||||||||||
Certificates and other time deposits | 13,865,231 | 45,353 | 1.30 | 13,455,432 | 44,263 | 1.31 | ||||||||||||||||
Foreign office deposits | 90,920 | 50 | 0.22 | 131,445 | 65 | 0.20 | ||||||||||||||||
Total interest bearing deposits | 46,791,620 | 73,846 | 0.63 | 45,563,022 | 71,342 | 0.62 | ||||||||||||||||
FHLB and other borrowings | 3,281,743 | 23,825 | 2.89 | 5,580,514 | 22,920 | 1.63 | ||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 101,168 | 4,640 | 18.25 | 732,968 | 2,856 | 1.55 | ||||||||||||||||
Other short-term borrowings | 3,381,697 | 12,963 | 1.52 | 4,104,587 | 15,774 | 1.52 | ||||||||||||||||
Total interest bearing liabilities | 53,556,228 | 115,274 | 0.86 | 55,981,091 | 112,892 | 0.80 | ||||||||||||||||
Noninterest bearing deposits | 20,926,593 | 19,806,936 | ||||||||||||||||||||
Other noninterest bearing liabilities | 1,174,327 | 2,024,700 | ||||||||||||||||||||
Total liabilities | 75,657,148 | 77,812,727 | ||||||||||||||||||||
Shareholder's equity | 12,982,707 | 12,628,872 | ||||||||||||||||||||
Total liabilities and shareholder's equity | $ | 88,639,855 | $ | 90,441,599 | ||||||||||||||||||
Net interest income/ net interest spread | 551,320 | 2.51 | % | 522,740 | 2.32 | % | ||||||||||||||||
Net yield on earning assets | 2.78 | % | 2.56 | % | ||||||||||||||||||
Total taxable equivalent adjustment | 19,568 | 18,651 | ||||||||||||||||||||
Net interest income | $ | 531,752 | $ | 504,089 | ||||||||||||||||||
[a] Excludes adjustment for market valuation. | ||||||||||||||||||||||
[b] Beginning in 2016, interest bearing deposits with the Federal Reserve are included in earning assets. In prior periods, these balances were included with cash and due from banks in the cash and cash equivalents line, consistent with the Consolidated Balance Sheet presentation. Prior periods have been reclassified to conform to current period presentation. | ||||||||||||||||||||||
[c] Prior period financial information has been retrospectively adjusted to include the historical activity of the money business service subsidiaries purchased from BBVA Bancomer USA, Inc in June 2016. |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2016 | 2015[c] | |||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | |||||||||||||||||
YIELD/RATE ANALYSIS | ||||||||||||||||||||||
(Taxable Equivalent Basis) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||
Loans | $ | 61,505,935 | $ | 2,303,017 | 3.74 | % | $ | 60,176,687 | $ | 2,221,093 | 3.69 | % | ||||||||||
Investment securities available for sale [a] | 11,356,093 | 192,183 | 1.69 | 10,358,764 | 195,769 | 1.89 | ||||||||||||||||
Investment securities held to maturity | 1,256,687 | 38,943 | 3.10 | 1,359,013 | 39,785 | 2.93 | ||||||||||||||||
Other earning assets [b] | 7,222,523 | 74,755 | 1.04 | 7,115,203 | 56,558 | 0.79 | ||||||||||||||||
Total earning assets [a] | 81,341,238 | 2,608,898 | 3.21 | 79,009,667 | 2,513,205 | 3.18 | ||||||||||||||||
Allowance for loan losses | (834,310 | ) | (714,157 | ) | ||||||||||||||||||
Unrealized gain (loss) on securities available for sale | (5,749 | ) | 33,207 | |||||||||||||||||||
Other assets | 10,563,181 | 10,060,462 | ||||||||||||||||||||
Total assets | $ | 91,064,360 | $ | 88,389,179 | ||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 7,042,165 | 16,639 | 0.24 | $ | 7,218,956 | 12,011 | 0.17 | ||||||||||||||
Savings and money market accounts | 25,747,220 | 99,567 | 0.39 | 24,155,771 | 94,336 | 0.39 | ||||||||||||||||
Certificates and other time deposits | 14,454,532 | 188,209 | 1.30 | 12,989,759 | 167,809 | 1.29 | ||||||||||||||||
Foreign office deposits | 104,039 | 210 | 0.20 | 158,202 | 322 | 0.20 | ||||||||||||||||
Total interest bearing deposits | 47,347,956 | 304,625 | 0.64 | 44,522,688 | 274,478 | 0.62 | ||||||||||||||||
FHLB and other borrowings | 4,226,225 | 82,744 | 1.96 | 5,701,974 | 89,988 | 1.58 | ||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 451,980 | 21,165 | 4.68 | 807,677 | 8,390 | 1.04 | ||||||||||||||||
Other short-term borrowings | 3,778,752 | 54,244 | 1.44 | 4,006,716 | 52,442 | 1.31 | ||||||||||||||||
Total interest bearing liabilities | 55,804,913 | 462,778 | 0.83 | 55,039,055 | 425,298 | 0.77 | ||||||||||||||||
Noninterest bearing deposits | 20,556,608 | 19,016,212 | ||||||||||||||||||||
Other noninterest bearing liabilities | 1,884,267 | 1,965,046 | ||||||||||||||||||||
Total liabilities | 78,245,788 | 76,020,313 | ||||||||||||||||||||
Shareholder's equity | 12,818,572 | 12,368,866 | ||||||||||||||||||||
Total liabilities and shareholder's equity | $ | 91,064,360 | $ | 88,389,179 | ||||||||||||||||||
Net interest income/ net interest spread | 2,146,120 | 2.38 | % | 2,087,907 | 2.41 | % | ||||||||||||||||
Net yield on earning assets | 2.64 | % | 2.64 | % | ||||||||||||||||||
Total taxable equivalent adjustment | 78,439 | 74,930 | ||||||||||||||||||||
Net interest income | $ | 2,067,681 | $ | 2,012,977 | ||||||||||||||||||
[a] Excludes adjustment for market valuation. | ||||||||||||||||||||||
[b] Beginning in 2016, interest bearing deposits with the Federal Reserve are included in earning assets. In prior periods, these balances were included with cash and due from banks in the cash and cash equivalents line, consistent with the Consolidated Balance Sheet presentation. Prior periods have been reclassified to conform to current period presentation. | ||||||||||||||||||||||
[c] Prior period financial information has been retrospectively adjusted to include the historical activity of the money business service subsidiaries purchased from BBVA Bancomer USA, Inc in June 2016. |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||
Year Ended | Three Months Ended | ||||||||||||||||||||||||||||||
December 31, | % | 2016 | 2015[a] | ||||||||||||||||||||||||||||
2016 | 2015[a] | Change | December 31 | September 30 | June 30 | March 31[a] | December 31 | ||||||||||||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 214,294 | $ | 216,248 | (1 | ) | $ | 55,901 | $ | 55,047 | $ | 51,921 | $ | 51,425 | $ | 54,357 | |||||||||||||||
Card and merchant processing fees | 123,668 | 112,818 | 10 | 31,161 | 31,256 | 31,509 | 29,742 | 28,900 | |||||||||||||||||||||||
Retail investment sales | 102,982 | 101,614 | 1 | 23,293 | 30,137 | 26,985 | 22,567 | 24,040 | |||||||||||||||||||||||
Investment banking and advisory fees | 107,116 | 105,235 | 2 | 20,792 | 34,385 | 28,335 | 23,604 | 20,260 | |||||||||||||||||||||||
Money transfer income | 104,592 | 93,437 | 12 | 28,632 | 25,058 | 26,477 | 24,425 | 24,735 | |||||||||||||||||||||||
Asset management fees | 34,875 | 33,194 | 5 | 8,906 | 8,778 | 8,386 | 8,805 | 8,745 | |||||||||||||||||||||||
Corporate and correspondent investment sales | 24,689 | 30,000 | (18 | ) | 3,199 | 6,974 | 10,103 | 4,413 | 9,710 | ||||||||||||||||||||||
Mortgage banking income | 21,496 | 27,258 | (21 | ) | 16,086 | 8,242 | 602 | (3,434 | ) | 5,989 | |||||||||||||||||||||
Bank owned life insurance | 17,243 | 18,662 | (8 | ) | 4,202 | 4,170 | 4,455 | 4,416 | 5,135 | ||||||||||||||||||||||
Other | 275,277 | 267,268 | 3 | 68,881 | 59,718 | 67,789 | 78,889 | 67,536 | |||||||||||||||||||||||
1,026,232 | 1,005,734 | 2 | 261,053 | 263,765 | 256,562 | 244,852 | 249,407 | ||||||||||||||||||||||||
Investment securities gains, net | 30,037 | 81,656 | (63 | ) | — | — | 21,684 | 8,353 | 14,689 | ||||||||||||||||||||||
Loss on prepayment of FHLB and other borrowings | (295 | ) | (8,016 | ) | NM | (295 | ) | — | — | — | (1,898 | ) | |||||||||||||||||||
Total noninterest income | $ | 1,055,974 | $ | 1,079,374 | (2 | ) | $ | 260,758 | $ | 263,765 | $ | 278,246 | $ | 253,205 | $ | 262,198 | |||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||||||||||||||||
Salaries, benefits and commissions | $ | 1,119,676 | $ | 1,081,475 | 4 | $ | 283,609 | $ | 279,132 | $ | 277,166 | $ | 279,769 | $ | 276,647 | ||||||||||||||||
Professional services | 242,206 | 218,584 | 11 | 63,810 | 63,628 | 58,401 | 56,367 | 64,450 | |||||||||||||||||||||||
Equipment | 242,273 | 232,050 | 4 | 62,627 | 59,697 | 59,508 | 60,441 | 57,739 | |||||||||||||||||||||||
Net occupancy | 160,997 | 161,035 | — | 40,116 | 41,610 | 39,999 | 39,272 | 41,304 | |||||||||||||||||||||||
Money transfer expense | 67,474 | 60,350 | 12 | 17,426 | 16,680 | 17,768 | 15,600 | 16,334 | |||||||||||||||||||||||
Marketing | 50,549 | 41,778 | 21 | 13,018 | 13,316 | 11,506 | 12,709 | 9,447 | |||||||||||||||||||||||
Communications | 21,046 | 22,527 | (7 | ) | 5,406 | 5,002 | 5,463 | 5,175 | 5,423 | ||||||||||||||||||||||
Amortization of intangibles | 16,373 | 39,208 | (58 | ) | 4,093 | 4,093 | 4,094 | 4,093 | 9,125 | ||||||||||||||||||||||
Other | 323,027 | 340,846 | (5 | ) | 64,064 | 73,113 | 67,132 | 118,718 | 81,226 | ||||||||||||||||||||||
2,243,621 | 2,197,853 | 2 | 554,169 | 556,271 | 541,037 | 592,144 | 561,695 | ||||||||||||||||||||||||
Goodwill impairment | 59,901 | 17,000 | 252 | 59,901 | — | — | — | 17,000 | |||||||||||||||||||||||
Total noninterest expense | $ | 2,303,522 | $ | 2,214,853 | 4 | $ | 614,070 | $ | 556,271 | $ | 541,037 | $ | 592,144 | $ | 578,695 | ||||||||||||||||
NM = Not meaningful | |||||||||||||||||||||||||||||||
[a] Prior period financial information has been retrospectively adjusted to include the historical activity of the money business service subsidiaries purchased from BBVA Bancomer USA, Inc in June 2016. |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||
2016 | 2015[a] | 2016 | 2015[a] | |||||||||||
NON-GAAP RECONCILIATION | ||||||||||||||
Computation of Average Tangible Equity: | ||||||||||||||
Total stockholder's equity (average) | $ | 12,982,707 | 12,628,872 | $ | 12,818,572 | 12,368,866 | ||||||||
Less: Goodwill and other intangibles (average) | 5,101,494 | 5,139,183 | 5,107,002 | 5,146,362 | ||||||||||
Average tangible equity [B] | $ | 7,881,213 | 7,489,689 | $ | 7,711,570 | 7,222,504 | ||||||||
Net income [A] | $ | 89,403 | 91,648 | $ | 371,523 | 507,358 | ||||||||
Return on average tangible equity ([A]/[B], annualized) | 4.51 | % | 4.85 | % | 4.82 | % | 7.02 | % | ||||||
[a] Prior period financial information has been retrospectively adjusted to include the historical activity of the money business service subsidiaries purchased from BBVA Bancomer USA, Inc in June 2016. |
BBVA COMPASS BANCSHARES, INC SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||
At or Quarter Ended December 31, 2016 | |||||||||||||||||||||||||||||||
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 | $ | 23,788 | $ | 6,581 | $ | 2,891 | $ | 596,454 | $ | 8,726 | $ | 24,483,562 | $ | 25,122,002 | $ | 14,413 | |||||||||||||||
Real estate – construction | 918 | 50 | 2,007 | 1,239 | 2,393 | 2,118,709 | 2,125,316 | (383 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 3,791 | 3,474 | — | 71,921 | 4,860 | 11,126,614 | 11,210,660 | 280 | |||||||||||||||||||||||
Residential real estate – mortgage | 57,359 | 28,450 | 3,356 | 140,303 | 59,893 | 12,970,633 | 13,259,994 | 1,044 | |||||||||||||||||||||||
Equity lines of credit | 7,922 | 4,583 | 2,950 | 33,453 | — | 2,494,870 | 2,543,778 | 641 | |||||||||||||||||||||||
Equity loans | 5,615 | 1,843 | 467 | 13,635 | 34,746 | 389,403 | 445,709 | 512 | |||||||||||||||||||||||
Credit card | 6,411 | 5,042 | 10,954 | — | — | 582,474 | 604,881 | 9,680 | |||||||||||||||||||||||
Consumer – direct | 13,338 | 4,563 | 4,482 | 789 | 704 | 1,230,765 | 1,254,641 | 15,343 | |||||||||||||||||||||||
Consumer – indirect | 85,198 | 22,833 | 7,197 | 5,926 | — | 3,013,794 | 3,134,948 | 19,902 | |||||||||||||||||||||||
Covered loans | 7,311 | 1,351 | 27,238 | 730 | — | 322,704 | 359,334 | (81 | ) | ||||||||||||||||||||||
Total loans | $ | 211,651 | $ | 78,770 | $ | 61,542 | $ | 864,450 | $ | 111,322 | $ | 58,733,528 | $ | 60,061,263 | $ | 61,351 | |||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | 56,592 | $ | — | $ | 105,257 | $ | 161,849 | $ | — |
At or Quarter Ended September 30, 2016 | |||||||||||||||||||||||||||||||
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 | $ | 72,328 | $ | 4,400 | $ | 5,320 | $ | 850,075 | $ | 9,283 | $ | 23,897,662 | $ | 24,839,068 | $ | 8,936 | |||||||||||||||
Real estate – construction | 522 | 1,062 | 2,782 | 1,214 | 3,315 | 2,206,377 | 2,215,272 | (206 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 7,614 | 369 | 783 | 63,593 | 5,141 | 11,284,130 | 11,361,630 | (372 | ) | ||||||||||||||||||||||
Residential real estate – mortgage | 56,204 | 21,200 | 3,929 | 117,243 | 63,008 | 13,195,851 | 13,457,435 | 560 | |||||||||||||||||||||||
Equity lines of credit | 8,173 | 4,477 | 2,417 | 32,642 | — | 2,446,759 | 2,494,468 | 601 | |||||||||||||||||||||||
Equity loans | 5,567 | 1,694 | 353 | 13,198 | 36,053 | 422,510 | 479,375 | 18 | |||||||||||||||||||||||
Credit card | 5,696 | 4,264 | 10,175 | — | — | 579,727 | 599,862 | 8,460 | |||||||||||||||||||||||
Consumer – direct | 12,099 | 4,725 | 4,191 | 765 | 759 | 1,164,288 | 1,186,827 | 12,884 | |||||||||||||||||||||||
Consumer – indirect | 73,045 | 20,165 | 7,070 | 7,019 | — | 3,088,936 | 3,196,235 | 15,197 | |||||||||||||||||||||||
Covered loans | 4,075 | 3,844 | 28,505 | 269 | — | 344,418 | 381,111 | — | |||||||||||||||||||||||
Total loans | $ | 245,323 | $ | 66,200 | $ | 65,525 | $ | 1,086,018 | $ | 117,559 | $ | 58,630,658 | $ | 60,211,283 | $ | 46,078 | |||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 101,843 | $ | 101,843 | $ | — |
At or Quarter Ended June 30, 2016 | |||||||||||||||||||||||||||||||
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 | $ | 8,750 | $ | 4,499 | $ | 4,175 | $ | 797,066 | $ | 9,333 | $ | 25,552,413 | $ | 26,376,236 | $ | 31,773 | |||||||||||||||
Real estate – construction | 1,675 | 1,195 | 2,064 | 1,983 | 2,650 | 2,117,823 | 2,127,390 | (1,094 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 3,495 | 535 | — | 62,381 | 5,603 | 11,184,061 | 11,256,075 | 1,684 | |||||||||||||||||||||||
Residential real estate – mortgage | 51,319 | 18,866 | 1,286 | 109,805 | 64,341 | 13,251,401 | 13,497,018 | 471 | |||||||||||||||||||||||
Equity lines of credit | 7,279 | 3,996 | 1,565 | 34,043 | — | 2,418,631 | 2,465,514 | 854 | |||||||||||||||||||||||
Equity loans | 4,378 | 1,214 | 568 | 14,254 | 36,485 | 456,090 | 512,989 | (19 | ) | ||||||||||||||||||||||
Credit card | 5,588 | 3,768 | 9,056 | — | — | 590,475 | 608,887 | 8,127 | |||||||||||||||||||||||
Consumer – direct | 10,319 | 4,670 | 3,354 | 540 | 808 | 1,070,803 | 1,090,494 | 9,924 | |||||||||||||||||||||||
Consumer – indirect | 69,575 | 17,053 | 5,324 | 6,360 | — | 3,248,374 | 3,346,686 | 13,027 | |||||||||||||||||||||||
Covered loans | 5,124 | 4,115 | 32,928 | 160 | — | 356,327 | 398,654 | 1,315 | |||||||||||||||||||||||
Total loans | $ | 167,502 | $ | 59,911 | $ | 60,320 | $ | 1,026,592 | $ | 119,220 | $ | 60,246,398 | $ | 61,679,943 | $ | 66,062 | |||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 108,432 | $ | 108,432 | $ | — |
At or Quarter Ended March 31, 2016 | |||||||||||||||||||||||||||||||
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 | $ | 17,837 | $ | 9,947 | $ | 3,012 | $ | 568,154 | $ | 9,545 | $ | 26,255,552 | $ | 26,864,047 | $ | 18,057 | |||||||||||||||
Real estate – construction | 4,345 | 827 | 415 | 5,712 | 2,664 | 2,393,548 | 2,407,511 | (302 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 7,865 | 829 | 807 | 71,889 | 5,425 | 10,560,579 | 10,647,394 | 22 | |||||||||||||||||||||||
Residential real estate – mortgage | 42,126 | 18,321 | 1,507 | 117,602 | 65,173 | 13,345,540 | 13,590,269 | 961 | |||||||||||||||||||||||
Equity lines of credit | 8,959 | 3,779 | 1,010 | 33,991 | — | 2,385,631 | 2,433,370 | 2,215 | |||||||||||||||||||||||
Equity loans | 7,027 | 1,447 | 443 | 13,925 | 37,132 | 487,593 | 547,567 | 606 | |||||||||||||||||||||||
Credit card | 4,876 | 3,850 | 9,413 | — | — | 587,166 | 605,305 | 8,190 | |||||||||||||||||||||||
Consumer – direct | 8,239 | 3,201 | 2,951 | 682 | 868 | 979,711 | 995,652 | 8,711 | |||||||||||||||||||||||
Consumer – indirect | 61,460 | 11,916 | 4,149 | 6,386 | — | 3,505,845 | 3,589,756 | 14,769 | |||||||||||||||||||||||
Covered loans | 5,147 | 2,152 | 36,783 | 693 | — | 379,044 | 423,819 | 249 | |||||||||||||||||||||||
Total loans | $ | 167,881 | $ | 56,269 | $ | 60,490 | $ | 819,034 | $ | 120,807 | $ | 60,880,209 | $ | 62,104,690 | $ | 53,478 | |||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 96,784 | $ | 96,784 | $ | — |
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 | $ | — |
BBVA COMPASS BANCSHARES, INC. BALANCE SHEET (Unaudited) (In Thousands) | |||||||||||||||||||
2016 | 2015[a] | ||||||||||||||||||
December 31 | September 30 | June 30 | March 31[a] | December 31 | |||||||||||||||
Assets: | |||||||||||||||||||
Cash and due from banks | $ | 1,284,261 | $ | 1,130,610 | $ | 1,581,187 | $ | 1,108,416 | $ | 1,125,673 | |||||||||
Interest bearing funds with the Federal Reserve | 1,830,078 | 2,923,813 | 3,248,576 | 4,027,867 | 3,040,207 | ||||||||||||||
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 137,447 | 372,268 | 319,644 | 233,411 | 330,948 | ||||||||||||||
Cash and cash equivalents | 3,251,786 | 4,426,691 | 5,149,407 | 5,369,694 | 4,496,828 | ||||||||||||||
Trading account assets | 3,144,600 | 4,051,461 | 4,355,025 | 4,358,533 | 4,138,132 | ||||||||||||||
Investment securities available for sale | 11,665,055 | 11,516,885 | 11,359,159 | 11,265,797 | 11,050,520 | ||||||||||||||
Investment securities held to maturity | 1,203,217 | 1,240,850 | 1,258,253 | 1,267,953 | 1,322,676 | ||||||||||||||
Loans held for sale | 161,849 | 101,843 | 108,432 | 96,784 | 70,582 | ||||||||||||||
Loans | 60,061,263 | 60,211,283 | 61,679,943 | 62,104,690 | 61,324,084 | ||||||||||||||
Allowance for loan losses | (838,293 | ) | (862,080 | ) | (843,051 | ) | (822,440 | ) | (762,673 | ) | |||||||||
Net loans | 59,222,970 | 59,349,203 | 60,836,892 | 61,282,250 | 60,561,411 | ||||||||||||||
Premises and equipment, net | 1,300,054 | 1,287,457 | 1,290,738 | 1,297,539 | 1,322,378 | ||||||||||||||
Bank owned life insurance | 711,939 | 712,422 | 708,143 | 704,254 | 700,285 | ||||||||||||||
Goodwill | 4,983,296 | 5,043,197 | 5,043,197 | 5,043,197 | 5,043,197 | ||||||||||||||
Other intangible assets | 15,203 | 19,296 | 23,389 | 27,483 | 31,576 | ||||||||||||||
Other assets | 1,419,984 | 1,607,533 | 1,620,521 | 1,507,305 | 1,330,953 | ||||||||||||||
Total assets | $ | 87,079,953 | $ | 89,356,838 | $ | 91,753,156 | $ | 92,220,789 | $ | 90,068,538 | |||||||||
Liabilities: | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest bearing | $ | 20,332,792 | $ | 20,585,598 | $ | 20,132,164 | $ | 20,416,248 | $ | 19,291,533 | |||||||||
Interest bearing | 46,946,741 | 47,001,739 | 47,618,154 | 48,503,973 | 46,690,233 | ||||||||||||||
Total deposits | 67,279,533 | 67,587,337 | 67,750,318 | 68,920,221 | 65,981,766 | ||||||||||||||
FHLB and other borrowings | 3,001,551 | 3,671,861 | 5,098,048 | 4,383,454 | 5,438,620 | ||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 39,052 | 165,573 | 386,343 | 893,786 | 750,154 | ||||||||||||||
Other short-term borrowings | 2,802,977 | 3,591,223 | 4,352,428 | 3,924,781 | 4,032,644 | ||||||||||||||
Accrued expenses and other liabilities | 1,206,133 | 1,521,654 | 1,439,023 | 1,375,370 | 1,240,645 | ||||||||||||||
Total liabilities | 74,329,246 | 76,537,648 | 79,026,160 | 79,497,612 | 77,443,829 | ||||||||||||||
Shareholder’s Equity: | |||||||||||||||||||
Preferred Stock | 229,475 | 229,475 | 229,475 | 229,475 | 229,475 | ||||||||||||||
Common stock — $0.01 par value | 2,230 | 2,230 | 2,230 | 2,230 | 2,230 | ||||||||||||||
Surplus | 14,985,673 | 15,020,937 | 15,022,974 | 15,152,077 | 15,160,267 | ||||||||||||||
Retained deficit | (2,327,440 | ) | (2,416,402 | ) | (2,536,230 | ) | (2,658,214 | ) | (2,696,953 | ) | |||||||||
Accumulated other comprehensive loss | (168,252 | ) | (46,644 | ) | (20,500 | ) | (31,945 | ) | (99,336 | ) | |||||||||
Total BBVA Compass Bancshares, Inc. shareholder’s equity | 12,721,686 | 12,789,596 | 12,697,949 | 12,693,623 | 12,595,683 | ||||||||||||||
Noncontrolling interests | 29,021 | 29,594 | 29,047 | 29,554 | 29,026 | ||||||||||||||
Total shareholder’s equity | 12,750,707 | 12,819,190 | 12,726,996 | 12,723,177 | 12,624,709 | ||||||||||||||
Total liabilities and shareholder’s equity | $ | 87,079,953 | $ | 89,356,838 | $ | 91,753,156 | $ | 92,220,789 | $ | 90,068,538 | |||||||||
[a] Prior period financial information has been retrospectively adjusted to include the historical activity of the money business service subsidiaries purchased from BBVA Bancomer USA, Inc in June 2016. |
BBVA COMPASS BANCSHARES INCOME STATEMENTS (Unaudited) (In Thousands) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
2016 | 2015[a] | ||||||||||||||||||
December 31 | September 30 | June 30 | March 31[a] | December 31 | |||||||||||||||
Interest income: | |||||||||||||||||||
Interest and fees on loans | $ | 558,680 | $ | 557,996 | $ | 559,170 | $ | 561,083 | $ | 546,392 | |||||||||
Interest on investment securities available for sale | 60,868 | 48,382 | 36,442 | 46,197 | 49,066 | ||||||||||||||
Interest on investment securities held to maturity | 6,664 | 6,675 | 6,759 | 6,795 | 6,870 | ||||||||||||||
Interest on federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 7,664 | 4,563 | 4,346 | 4,366 | 1,595 | ||||||||||||||
Interest on trading account assets | 13,150 | 12,926 | 13,412 | 14,321 | 13,058 | ||||||||||||||
Total interest income | 647,026 | 630,542 | 620,129 | 632,762 | 616,981 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Interest on deposits | 73,846 | 76,031 | 76,933 | 77,815 | 71,342 | ||||||||||||||
Interest on FHLB and other borrowings | 23,825 | 21,315 | 19,592 | 18,012 | 22,920 | ||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 4,640 | 4,934 | 5,434 | 6,157 | 2,856 | ||||||||||||||
Interest on other short-term borrowings | 12,963 | 13,453 | 13,932 | 13,896 | 15,774 | ||||||||||||||
Total interest expense | 115,274 | 115,733 | 115,891 | 115,880 | 112,892 | ||||||||||||||
Net interest income | 531,752 | 514,809 | 504,238 | 516,882 | 504,089 | ||||||||||||||
Provision for loan losses | 37,564 | 65,107 | 86,673 | 113,245 | 76,307 | ||||||||||||||
Net interest income after provision for loan losses | 494,188 | 449,702 | 417,565 | 403,637 | 427,782 | ||||||||||||||
Noninterest income: | |||||||||||||||||||
Service charges on deposit accounts | 55,901 | 55,047 | 51,921 | 51,425 | 54,357 | ||||||||||||||
Card and merchant processing fees | 31,161 | 31,256 | 31,509 | 29,742 | 28,900 | ||||||||||||||
Retail investment sales | 23,293 | 30,137 | 26,985 | 22,567 | 24,040 | ||||||||||||||
Investment banking and advisory fees | 20,792 | 34,385 | 28,335 | 23,604 | 20,260 | ||||||||||||||
Money transfer income | 28,632 | 25,058 | 26,477 | 24,425 | 24,735 | ||||||||||||||
Asset management fees | 8,906 | 8,778 | 8,386 | 8,805 | 8,745 | ||||||||||||||
Corporate and correspondent investment sales | 3,199 | 6,974 | 10,103 | 4,413 | 9,710 | ||||||||||||||
Mortgage banking income | 16,086 | 8,242 | 602 | (3,434 | ) | 5,989 | |||||||||||||
Bank owned life insurance | 4,202 | 4,170 | 4,455 | 4,416 | 5,135 | ||||||||||||||
Investment securities gains, net | — | — | 21,684 | 8,353 | 14,689 | ||||||||||||||
Loss on prepayment of FHLB and other borrowings | (295 | ) | — | — | — | (1,898 | ) | ||||||||||||
Other | 68,881 | 59,718 | 67,789 | 78,889 | 67,536 | ||||||||||||||
Total noninterest income | 260,758 | 263,765 | 278,246 | 253,205 | 262,198 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||
Salaries, benefits and commissions | 283,609 | 279,132 | 277,166 | 279,769 | 276,647 | ||||||||||||||
Professional services | 63,810 | 63,628 | 58,401 | 56,367 | 64,450 | ||||||||||||||
Equipment | 62,627 | 59,697 | 59,508 | 60,441 | 57,739 | ||||||||||||||
Net occupancy | 40,116 | 41,610 | 39,999 | 39,272 | 41,304 | ||||||||||||||
Money transfer expense | 17,426 | 16,680 | 17,768 | 15,600 | 16,334 | ||||||||||||||
Marketing | 13,018 | 13,316 | 11,506 | 12,709 | 9,447 | ||||||||||||||
Communications | 5,406 | 5,002 | 5,463 | 5,175 | 5,423 | ||||||||||||||
Amortization of intangibles | 4,093 | 4,093 | 4,094 | 4,093 | 9,125 | ||||||||||||||
Goodwill impairment | 59,901 | — | — | — | 17,000 | ||||||||||||||
Other | 64,064 | 73,113 | 67,132 | 118,718 | 81,226 | ||||||||||||||
Total noninterest expense | 614,070 | 556,271 | 541,037 | 592,144 | 578,695 | ||||||||||||||
Net income before income tax expense | 140,876 | 157,196 | 154,774 | 64,698 | 111,285 | ||||||||||||||
Income tax expense | 51,473 | 36,845 | 32,272 | 25,431 | 19,637 | ||||||||||||||
Net income | 89,403 | 120,351 | 122,502 | 39,267 | 91,648 | ||||||||||||||
Less: net income attributable to noncontrolling interests | 441 | 523 | 518 | 528 | 490 | ||||||||||||||
Net income attributable to BBVA Compass Bancshares, Inc. | $ | 88,962 | $ | 119,828 | $ | 121,984 | $ | 38,739 | $ | 91,158 | |||||||||
[a] Prior period financial information has been retrospectively adjusted to include the historical activity of the money business service subsidiaries purchased from BBVA Bancomer USA, Inc in June 2016. |