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) |
BBVA Compass Bancshares, Inc. | |
By: | /s/ Jonathan W. Pennington |
Name: | Jonathan W. Pennington |
Title: | Executive Vice President and Controller |
• | Quarterly net income totals $130 million; includes $60 million (pre-tax) of provision expense related to Hurricanes Harvey and Irma |
◦ | Net income up 8 percent from a year ago and 45 percent on a year-to-date basis |
◦ | Return on average assets and return on average tangible equity1 for the quarter were 0.59 percent and 6.40 percent, respectively |
• | Total revenue increases 8 percent from prior year levels and 6 percent (annualized) from 2Q17 levels |
◦ | Net interest income (NII) increases $75 million or 14 percent from a year ago |
◦ | Net interest margin (FTE) increases 51 basis points from prior year and up 47 basis points on a year-to-date basis |
• | Noninterest expense growth well contained at 3 percent, flat on a year-to-date basis |
• | Positive operating leverage leads to record quarterly operating income1 of $273 million, up 23 percent from 3Q16 levels and 22 percent on a year-to-date basis |
• | Strong loan pipeline results in targeted balance sheet growth |
◦ | Average total loans of $60.3 billion down 1 percent from prior year but up 2 percent (annualized) on a linked quarter basis |
◦ | Newly funded customer loans of $12.5 billion in 2017, up 13 percent from year ago levels |
◦ | Average total deposits of $65.6 billion down 4 percent from prior year |
▪ | Average noninterest bearing deposits up 2 percent |
▪ | Noninterest bearing deposits represent 32 percent of average total deposits |
• | Key credit quality indicators show continued improvement |
◦ | Nonaccrual loans drop 12 percent from 2Q17 levels led by a 17 percent decline in energy portfolio nonaccrual loans |
◦ | Nonperforming loan ratio at 1.18 percent, down 19 basis points from 2Q17 |
◦ | Allowance to loan ratio at 1.41 percent and coverage ratio at 119 percent |
Contact details: | ||
Christina Anderson | Ed Bilek | |
External 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 September 30, | % | Nine Months Ended September 30, | % | |||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
EARNINGS SUMMARY | ||||||||||||||||||||||
Net interest income | $ | 589,361 | $ | 514,809 | 14 | $ | 1,726,622 | $ | 1,535,929 | 12 | ||||||||||||
Noninterest income [a] | 254,761 | 263,765 | (3 | ) | 745,773 | 765,179 | (3 | ) | ||||||||||||||
Total revenue [a] | 844,122 | 778,574 | 8 | 2,472,395 | 2,301,108 | 7 | ||||||||||||||||
Investment securities gain, net | 3,033 | — | NM | 3,033 | 30,037 | (90 | ) | |||||||||||||||
Provision for loan losses | 103,434 | 65,107 | 59 | 228,858 | 265,025 | (14 | ) | |||||||||||||||
Noninterest expense | 573,962 | 556,271 | 3 | 1,695,759 | 1,689,452 | — | ||||||||||||||||
Pretax income | 169,759 | 157,196 | 8 | 550,811 | 376,668 | 46 | ||||||||||||||||
Income tax expense | 39,308 | 36,845 | 7 | 142,097 | 94,548 | 50 | ||||||||||||||||
Net income | 130,451 | 120,351 | 8 | 408,714 | 282,120 | 45 | ||||||||||||||||
Net income attributable to noncontrolling interests | 584 | 523 | 12 | 1,458 | 1,569 | (7 | ) | |||||||||||||||
Net income attributable to BBVA Compass Bancshares, Inc. | $ | 129,867 | $ | 119,828 | 8 | $ | 407,256 | $ | 280,551 | 45 | ||||||||||||
SELECTED RATIOS | ||||||||||||||||||||||
Return on average assets | 0.59 | % | 0.53 | % | 0.62 | % | 0.41 | % | ||||||||||||||
Return on average tangible equity [b] | 6.40 | 6.21 | 6.87 | 4.92 | ||||||||||||||||||
Average common equity to average assets | 14.74 | 13.84 | 14.56 | 13.64 | ||||||||||||||||||
Average loans to average total deposits | 91.89 | 89.82 | 90.93 | 91.03 | ||||||||||||||||||
Common equity tier I capital (CET1) [c] | 12.07 | 11.28 | 12.07 | 11.28 | ||||||||||||||||||
Tier I capital ratio [c] | 12.43 | 11.64 | 12.43 | 11.64 | ||||||||||||||||||
Total capital ratio [c] | 14.64 | 14.18 | 14.64 | 14.18 | ||||||||||||||||||
Leverage ratio [c] | 10.00 | 9.08 | 10.00 | 9.08 | ||||||||||||||||||
[a] Excludes net gain on sales of investment securities. | ||||||||||||||||||||||
[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. | ||||||||||||||||||||||
NM = Not meaningful |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||||
Average for Three Months | Average for Nine Months | Ending Balance | |||||||||||||||||||||||||||||||
Ended September 30, | % | Ended September 30, | % | September 30, | % | ||||||||||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||||||||
BALANCE SHEET HIGHLIGHTS | |||||||||||||||||||||||||||||||||
Total loans | $ | 60,271,504 | $ | 61,060,433 | (1 | ) | $ | 60,166,823 | $ | 61,867,590 | (3 | ) | $ | 60,392,987 | $ | 60,313,126 | — | ||||||||||||||||
Total investment securities | 13,363,707 | 12,648,198 | 6 | 13,122,371 | 12,542,222 | 5 | 13,345,681 | 12,757,735 | 5 | ||||||||||||||||||||||||
Earning assets | 77,344,927 | 81,064,638 | (5 | ) | 77,927,326 | 82,045,061 | (5 | ) | 76,768,653 | 77,257,835 | (1 | ) | |||||||||||||||||||||
Total assets | 87,299,979 | 90,900,339 | (4 | ) | 87,482,356 | 91,878,427 | (5 | ) | 85,683,660 | 89,356,838 | (4 | ) | |||||||||||||||||||||
Noninterest bearing demand deposits | 21,072,789 | 20,715,562 | 2 | 20,922,150 | 20,432,380 | 2 | 21,094,235 | 20,585,598 | 2 | ||||||||||||||||||||||||
Interest bearing transaction accounts | 32,108,141 | 32,487,598 | (1 | ) | 32,689,955 | 32,773,911 | — | 32,637,845 | 32,706,487 | — | |||||||||||||||||||||||
Total transaction accounts | 53,180,930 | 53,203,160 | — | 53,612,105 | 53,206,291 | 1 | 53,732,080 | 53,292,085 | 1 | ||||||||||||||||||||||||
Total deposits | 65,589,724 | 67,979,739 | (4 | ) | 66,166,611 | 67,967,135 | (3 | ) | 67,213,567 | 67,587,337 | (1 | ) | |||||||||||||||||||||
Total shareholder's equity | 13,130,915 | 12,810,740 | 2 | 12,997,116 | 12,763,461 | 2 | 13,115,903 | 12,819,190 | 2 |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||||
NONPERFORMING ASSETS | ||||||||||||||||||||
Nonaccrual loans [a] | $ | 666,812 | $ | 760,313 | $ | 825,988 | $ | 921,042 | $ | 1,086,018 | ||||||||||
Loans 90 days or more past due [b] | 43,049 | 59,434 | 65,617 | 61,542 | 65,525 | |||||||||||||||
TDRs 90 days or more past due | 963 | 969 | 1,185 | 589 | 618 | |||||||||||||||
Total nonperforming loans [a] | 710,824 | 820,716 | 892,790 | 983,173 | 1,152,161 | |||||||||||||||
Other real estate owned, net (OREO) | 22,012 | 22,965 | 25,113 | 21,112 | 21,670 | |||||||||||||||
Other repossessed assets | 11,443 | 12,298 | 9,540 | 7,587 | 6,900 | |||||||||||||||
Total nonperforming assets | $ | 744,279 | $ | 855,979 | $ | 927,443 | $ | 1,011,872 | $ | 1,180,731 | ||||||||||
TDRs accruing and past due less than 90 days | $ | 95,521 | $ | 97,088 | $ | 128,558 | $ | 110,733 | $ | 116,941 | ||||||||||
Total nonperforming loans as a % of loans | 1.18 | % | 1.37 | % | 1.49 | % | 1.63 | % | 1.91 | % | ||||||||||
Total nonperforming assets as a % of total loans, other real estate, and other repossessed assets | 1.23 | 1.43 | 1.55 | 1.68 | 1.96 | |||||||||||||||
[a] Includes loans held for sale. | ||||||||||||||||||||
[b] Excludes loans classified as troubled debt restructuring (TDRs). |
Three Months Ended | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||
Balance at beginning of period | $ | 816,952 | $ | 834,106 | $ | 838,293 | $ | 862,080 | $ | 843,051 | ||||||||||
Net charge-offs (NCO) | 71,267 | 62,439 | 84,326 | 61,351 | 46,078 | |||||||||||||||
Provision for loan losses | 103,434 | 45,285 | 80,139 | 37,564 | 65,107 | |||||||||||||||
Balance at end of period | $ | 849,119 | $ | 816,952 | $ | 834,106 | $ | 838,293 | $ | 862,080 | ||||||||||
Allowance for loan losses as a % of total loans | 1.41 | % | 1.36 | % | 1.40 | % | 1.40 | % | 1.43 | % | ||||||||||
Allowance for loan losses as a % of nonperforming loans [c] | 119.46 | 99.54 | 93.43 | 85.26 | 74.82 | |||||||||||||||
Allowance for loan losses as a % of nonperforming assets [c] | 114.09 | 95.44 | 89.94 | 82.85 | 73.01 | |||||||||||||||
Annualized as a % of average loans: | ||||||||||||||||||||
NCO - QTD | 0.47 | 0.42 | 0.57 | 0.40 | 0.30 | |||||||||||||||
NCO - YTD | 0.48 | 0.49 | 0.57 | 0.37 | 0.36 | |||||||||||||||
[c] Includes loans held for sale that are on nonaccrual status. |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2016 | ||||||||||||||||||||||||||||||||||
Recorded Investment | Total Commitment | Nonaccrual | Recorded Investment | Total Commitment | Nonaccrual | Recorded Investment | Total Commitment | Nonaccrual | ||||||||||||||||||||||||||||
ENERGY PORTFOLIO | ||||||||||||||||||||||||||||||||||||
Exploration and production | $ | 1,630,303 | $ | 4,080,635 | $ | 178,449 | $ | 1,654,565 | $ | 4,182,861 | $ | 308,096 | $ | 1,722,052 | $ | 4,244,802 | $ | 511,520 | ||||||||||||||||||
Midstream | 976,845 | 3,011,822 | — | 1,199,844 | 3,230,513 | 11,298 | 1,207,650 | 3,209,931 | 11,552 | |||||||||||||||||||||||||||
Drilling oil and support services | 179,636 | 373,389 | 2,350 | 263,770 | 467,908 | 66,811 | 261,748 | 468,728 | 64,771 | |||||||||||||||||||||||||||
Refineries and terminals | 165,453 | 266,081 | 205 | 128,010 | 262,618 | 339 | 130,689 | 254,130 | 383 | |||||||||||||||||||||||||||
Total energy portfolio | $ | 2,952,237 | $ | 7,731,927 | $ | 181,004 | $ | 3,246,189 | $ | 8,143,900 | $ | 386,544 | $ | 3,322,139 | $ | 8,177,591 | $ | 588,226 | ||||||||||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2016 | ||||||||||||||||||||||||||||||||||
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 | 55.2 | % | 2.7 | % | 51.0 | % | 2.7 | % | 51.8 | % | 2.9 | % | ||||||||||||||||||||||||
Midstream | 33.1 | 1.6 | 37.0 | 2.0 | 36.4 | 2.0 | ||||||||||||||||||||||||||||||
Drilling oil and support services | 6.1 | 0.3 | 8.1 | 0.4 | 7.9 | 0.4 | ||||||||||||||||||||||||||||||
Refineries and terminals | 5.6 | 0.3 | 3.9 | 0.2 | 3.9 | 0.2 | ||||||||||||||||||||||||||||||
Total energy portfolio | 100.0 | % | 4.9 | % | 100.0 | % | 5.4 | % | 100.0 | % | 5.5 | % |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | |||||||||||||||||
YIELD/RATE ANALYSIS | ||||||||||||||||||||||
(Taxable Equivalent Basis) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||
Loans | $ | 60,271,504 | $ | 642,670 | 4.23 | % | $ | 61,060,433 | $ | 574,748 | 3.74 | % | ||||||||||
Investment securities available for sale [a] | 12,317,271 | 53,939 | 1.74 | 11,373,321 | 48,450 | 1.69 | ||||||||||||||||
Investment securities held to maturity | 1,122,893 | 10,088 | 3.56 | 1,249,282 | 9,701 | 3.09 | ||||||||||||||||
Other earning assets [b] [c] | 3,709,716 | 17,804 | 1.90 | 7,356,007 | 17,490 | 0.95 | ||||||||||||||||
Total earning assets [a] | 77,421,384 | 724,501 | 3.71 | 81,039,043 | 650,389 | 3.19 | ||||||||||||||||
Allowance for loan losses | (821,227 | ) | (848,067 | ) | ||||||||||||||||||
Unrealized gain (loss) on securities available for sale | (76,457 | ) | 25,595 | |||||||||||||||||||
Other assets | 10,776,279 | 10,683,768 | ||||||||||||||||||||
Total assets | $ | 87,299,979 | $ | 90,900,339 | ||||||||||||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 7,557,010 | $ | 6,819 | 0.36 | $ | 6,824,519 | $ | 4,077 | 0.24 | ||||||||||||
Savings and money market accounts | 24,551,131 | 27,962 | 0.45 | 25,663,079 | 24,395 | 0.38 | ||||||||||||||||
Certificates and other time deposits | 12,408,794 | 40,302 | 1.29 | 14,670,360 | 47,507 | 1.29 | ||||||||||||||||
Foreign office deposits | — | — | — | 106,219 | 52 | 0.19 | ||||||||||||||||
Total interest bearing deposits | 44,516,935 | 75,083 | 0.67 | 47,264,177 | 76,031 | 0.64 | ||||||||||||||||
FHLB and other borrowings | 5,053,340 | 29,904 | 2.35 | 4,121,742 | 21,315 | 2.06 | ||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase [c] | 52,034 | 4,623 | 35.25 | 232,451 | 4,934 | 8.44 | ||||||||||||||||
Other short-term borrowings | 1,386,329 | 3,641 | 1.04 | 3,737,212 | 13,453 | 1.43 | ||||||||||||||||
Total interest bearing liabilities | 51,008,638 | 113,251 | 0.88 | 55,355,582 | 115,733 | 0.83 | ||||||||||||||||
Noninterest bearing deposits | 21,072,789 | 20,715,562 | ||||||||||||||||||||
Other noninterest bearing liabilities | 2,087,637 | 2,018,455 | ||||||||||||||||||||
Total liabilities | 74,169,064 | 78,089,599 | ||||||||||||||||||||
Shareholder's equity | 13,130,915 | 12,810,740 | ||||||||||||||||||||
Total liabilities and shareholder's equity | $ | 87,299,979 | $ | 90,900,339 | ||||||||||||||||||
Net interest income/ net interest spread | 611,250 | 2.83 | % | 534,656 | 2.36 | % | ||||||||||||||||
Net yield on earning assets | 3.13 | % | 2.62 | % | ||||||||||||||||||
Total taxable equivalent adjustment | 21,889 | 19,847 | ||||||||||||||||||||
Net interest income | $ | 589,361 | $ | 514,809 | ||||||||||||||||||
[a] Excludes adjustment for market valuation. | ||||||||||||||||||||||
[b] Beginning in the fourth quarter of 2016, interest bearing deposits with the Federal Reserve are included in earning assets. Previous to this change, these balances were included with cash and due from banks in the cash and cash equivalents line, consistent with the Condensed Consolidated Balance Sheet presentation. Prior periods have been reclassified to conform to current period presentation. | ||||||||||||||||||||||
[c] Yield/rate reflects impact of balance sheet offsetting. |
Nine Months Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | |||||||||||||||||
YIELD/RATE ANALYSIS | ||||||||||||||||||||||
(Taxable Equivalent Basis) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||
Loans | $ | 60,166,823 | $ | 1,859,740 | 4.13 | % | $ | 61,867,590 | $ | 1,727,822 | 3.73 | % | ||||||||||
Investment securities available for sale [a] | 12,082,938 | 164,483 | 1.82 | 11,258,000 | 131,253 | 1.56 | ||||||||||||||||
Investment securities held to maturity | 1,141,894 | 29,620 | 3.47 | 1,269,161 | 29,293 | 3.08 | ||||||||||||||||
Other earning assets [b] [c] | 4,638,132 | 59,220 | 1.71 | 7,635,249 | 53,936 | 0.94 | ||||||||||||||||
Total earning assets [a] | 78,029,787 | 2,113,063 | 3.62 | 82,030,000 | 1,942,304 | 3.16 | ||||||||||||||||
Allowance for loan losses | (835,915 | ) | (823,372 | ) | ||||||||||||||||||
Unrealized gain (loss) on securities available for sale | (102,461 | ) | 15,061 | |||||||||||||||||||
Other assets | 10,390,945 | 10,656,738 | ||||||||||||||||||||
Total assets | $ | 87,482,356 | $ | 91,878,427 | ||||||||||||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 7,863,401 | $ | 19,211 | 0.33 | $ | 6,912,147 | $ | 11,867 | 0.23 | ||||||||||||
Savings and money market accounts | 24,826,554 | 72,643 | 0.39 | 25,861,764 | 75,896 | 0.39 | ||||||||||||||||
Certificates and other time deposits | 12,554,506 | 119,447 | 1.27 | 14,652,400 | 142,856 | 1.30 | ||||||||||||||||
Foreign office deposits | — | — | — | 108,444 | 160 | 0.20 | ||||||||||||||||
Total interest bearing deposits | 45,244,461 | 211,301 | 0.62 | 47,534,755 | 230,779 | 0.65 | ||||||||||||||||
FHLB and other borrowings | 4,115,511 | 71,422 | 2.32 | 4,543,350 | 58,919 | 1.73 | ||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase [c] | 64,676 | 16,462 | 34.03 | 569,772 | 16,525 | 3.87 | ||||||||||||||||
Other short-term borrowings | 2,239,427 | 24,233 | 1.45 | 3,912,069 | 41,281 | 1.41 | ||||||||||||||||
Total interest bearing liabilities | 51,664,075 | 323,418 | 0.84 | 56,559,946 | 347,504 | 0.82 | ||||||||||||||||
Noninterest bearing deposits | 20,922,150 | 20,432,380 | ||||||||||||||||||||
Other noninterest bearing liabilities | 1,899,015 | 2,122,640 | ||||||||||||||||||||
Total liabilities | 74,485,240 | 79,114,966 | ||||||||||||||||||||
Shareholder's equity | 12,997,116 | 12,763,461 | ||||||||||||||||||||
Total liabilities and shareholder's equity | $ | 87,482,356 | $ | 91,878,427 | ||||||||||||||||||
Net interest income/ net interest spread | 1,789,645 | 2.78 | % | 1,594,800 | 2.34 | % | ||||||||||||||||
Net yield on earning assets | 3.07 | % | 2.60 | % | ||||||||||||||||||
Total taxable equivalent adjustment | 63,023 | 58,871 | ||||||||||||||||||||
Net interest income | $ | 1,726,622 | $ | 1,535,929 | ||||||||||||||||||
[a] Excludes adjustment for market valuation. | ||||||||||||||||||||||
[b] Beginning in the fourth quarter of 2016, interest bearing deposits with the Federal Reserve are included in earning assets. Previous to this change, these balances were included with cash and due from banks in the cash and cash equivalents line, consistent with the Condensed Consolidated Balance Sheet presentation. Prior periods have been reclassified to conform to current period presentation. | ||||||||||||||||||||||
[c] Yield/rate reflects impact of balance sheet offsetting. |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||
Nine Months | Three Months Ended | ||||||||||||||||||||||||||||||
Ended September 30, | % | 2017 | 2016 | ||||||||||||||||||||||||||||
2017 | 2016 | Change | September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 166,040 | $ | 158,393 | 5 | $ | 55,953 | $ | 54,919 | $ | 55,168 | $ | 55,901 | $ | 55,047 | ||||||||||||||||
Card and merchant processing fees | 94,749 | 92,507 | 2 | 32,297 | 32,460 | 29,992 | 31,161 | 31,256 | |||||||||||||||||||||||
Retail investment sales | 82,876 | 79,689 | 4 | 26,817 | 28,588 | 27,471 | 23,293 | 30,137 | |||||||||||||||||||||||
Investment banking and advisory fees | 78,744 | 86,324 | (9 | ) | 30,500 | 19,943 | 28,301 | 20,792 | 34,385 | ||||||||||||||||||||||
Money transfer income | 77,408 | 75,960 | 2 | 24,881 | 27,330 | 25,197 | 28,632 | 25,058 | |||||||||||||||||||||||
Asset management fees | 30,162 | 25,969 | 16 | 10,336 | 10,055 | 9,771 | 8,906 | 8,778 | |||||||||||||||||||||||
Corporate and correspondent investment sales | 26,249 | 21,490 | 22 | 5,145 | 12,189 | 8,915 | 3,199 | 6,974 | |||||||||||||||||||||||
Mortgage banking | 9,636 | 5,410 | 78 | 3,450 | 3,316 | 2,870 | 16,086 | 8,242 | |||||||||||||||||||||||
Bank owned life insurance | 12,711 | 13,041 | (3 | ) | 4,322 | 4,220 | 4,169 | 4,202 | 4,170 | ||||||||||||||||||||||
Other | 167,198 | 206,396 | (19 | ) | 61,060 | 53,305 | 52,833 | 68,881 | 59,718 | ||||||||||||||||||||||
745,773 | 765,179 | (3 | ) | 254,761 | 246,325 | 244,687 | 261,053 | 263,765 | |||||||||||||||||||||||
Investment securities gains, net | 3,033 | 30,037 | (90 | ) | 3,033 | — | — | — | — | ||||||||||||||||||||||
Loss on prepayment of FHLB and other borrowings, net | — | — | — | — | — | — | (295 | ) | — | ||||||||||||||||||||||
Total noninterest income | $ | 748,806 | $ | 795,216 | (6 | ) | $ | 257,794 | $ | 246,325 | $ | 244,687 | $ | 260,758 | $ | 263,765 | |||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||||||||||||||||
Salaries, benefits and commissions | $ | 835,825 | $ | 836,067 | — | $ | 279,384 | $ | 288,426 | $ | 268,015 | $ | 283,609 | $ | 279,132 | ||||||||||||||||
Professional services | 187,422 | 178,396 | 5 | 64,775 | 64,840 | 57,807 | 63,810 | 63,628 | |||||||||||||||||||||||
Equipment | 184,691 | 179,646 | 3 | 60,656 | 62,405 | 61,630 | 62,627 | 59,697 | |||||||||||||||||||||||
Net occupancy | 125,568 | 120,881 | 4 | 42,227 | 41,240 | 42,101 | 40,116 | 41,610 | |||||||||||||||||||||||
Money transfer expense | 50,069 | 50,048 | — | 15,938 | 17,807 | 16,324 | 17,426 | 16,680 | |||||||||||||||||||||||
Marketing | 44,270 | 37,531 | 18 | 14,996 | 15,729 | 13,545 | 13,018 | 13,316 | |||||||||||||||||||||||
Communications | 15,584 | 15,640 | — | 5,084 | 5,281 | 5,219 | 5,406 | 5,002 | |||||||||||||||||||||||
Amortization of intangibles | 7,575 | 12,280 | (38 | ) | 2,525 | 2,525 | 2,525 | 4,093 | 4,093 | ||||||||||||||||||||||
Goodwill impairment | — | — | — | — | — | — | 59,901 | — | |||||||||||||||||||||||
Other | 244,755 | 258,963 | (5 | ) | 88,377 | 74,232 | 82,146 | 64,064 | 73,113 | ||||||||||||||||||||||
Total noninterest expense | $ | 1,695,759 | $ | 1,689,452 | — | $ | 573,962 | $ | 572,485 | $ | 549,312 | $ | 614,070 | $ | 556,271 |
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
NON-GAAP RECONCILIATION | ||||||||||||||||
Computation of Operating Income: | ||||||||||||||||
Net interest income (GAAP) | $ | 589,361 | $ | 514,809 | $ | 1,726,622 | $ | 1,535,929 | ||||||||
Plus: noninterest income (GAAP) | 257,794 | 263,765 | 748,806 | 795,216 | ||||||||||||
Less: noninterest expense (GAAP) | 573,962 | 556,271 | 1,695,759 | 1,689,452 | ||||||||||||
Operating income (non-GAAP) | $ | 273,193 | $ | 222,303 | $ | 779,669 | $ | 641,693 | ||||||||
Computation of Average Tangible Equity: | ||||||||||||||||
Total stockholder's equity (average) | $ | 13,130,915 | $ | 12,810,740 | $ | 12,997,116 | 12,763,461 | |||||||||
Less: Goodwill and other intangibles (average) | 5,041,385 | 5,101,819 | 5,045,419 | 5,108,852 | ||||||||||||
Average tangible equity [B] | $ | 8,089,530 | $ | 7,708,921 | $ | 7,951,697 | 7,654,609 | |||||||||
Net income [A] | $ | 130,451 | $ | 120,351 | $ | 408,714 | $ | 282,120 | ||||||||
Return on average tangible equity ([A]/[B], annualized) | 6.40 | % | 6.21 | % | 6.87 | % | 4.92 | % |
BBVA COMPASS BANCSHARES, INC SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited) (In Thousands) | |||||||||||||||||||||||||||||||
At or Quarter Ended September 30, 2017 | |||||||||||||||||||||||||||||||
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 | $ | 51,581 | $ | 6,351 | $ | 6,072 | $ | 324,071 | $ | 1,259 | $ | 24,702,608 | $ | 25,091,942 | $ | 14,695 | |||||||||||||||
Real estate – construction | 661 | 94 | 2,955 | 1,877 | 106 | 2,241,451 | 2,247,144 | (29 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 21,324 | 1,089 | 3,686 | 108,040 | 4,645 | 11,203,594 | 11,342,378 | 7,707 | |||||||||||||||||||||||
Residential real estate – mortgage | 57,582 | 32,606 | 2,558 | 175,490 | 59,086 | 13,071,181 | 13,398,503 | 1,717 | |||||||||||||||||||||||
Equity lines of credit | 11,118 | 4,824 | 2,179 | 34,416 | 237 | 2,564,538 | 2,617,312 | 179 | |||||||||||||||||||||||
Equity loans | 3,470 | 1,798 | 840 | 11,305 | 30,574 | 335,389 | 383,376 | (7 | ) | ||||||||||||||||||||||
Credit card | 6,832 | 4,777 | 10,692 | — | — | 568,674 | 590,975 | 10,591 | |||||||||||||||||||||||
Consumer – direct | 17,563 | 6,796 | 5,209 | 2,746 | 577 | 1,571,505 | 1,604,396 | 18,281 | |||||||||||||||||||||||
Consumer – indirect | 81,534 | 23,070 | 8,858 | 8,867 | — | 2,916,849 | 3,039,178 | 18,133 | |||||||||||||||||||||||
Covered loans | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total loans | $ | 251,665 | $ | 81,405 | $ | 43,049 | $ | 666,812 | $ | 96,484 | $ | 59,175,789 | $ | 60,315,204 | $ | 71,267 | |||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 77,783 | $ | 77,783 | $ | — |
At or Quarter Ended June 30, 2017 | |||||||||||||||||||||||||||||||
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 | $ | 32,398 | $ | 6,532 | $ | 4,770 | $ | 448,565 | $ | 766 | $ | 24,117,488 | $ | 24,610,519 | $ | 20,047 | |||||||||||||||
Real estate – construction | 4,829 | 474 | 2,251 | 1,993 | 110 | 2,279,166 | 2,288,823 | (797 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 8,966 | 10,138 | 3,617 | 117,893 | 4,725 | 11,375,494 | 11,520,833 | (1,386 | ) | ||||||||||||||||||||||
Residential real estate – mortgage | 54,911 | 31,227 | 3,043 | 141,482 | 59,490 | 12,789,171 | 13,079,324 | 1,404 | |||||||||||||||||||||||
Equity lines of credit | 8,560 | 4,933 | 1,630 | 29,347 | 236 | 2,535,194 | 2,579,900 | 795 | |||||||||||||||||||||||
Equity loans | 4,109 | 1,202 | 320 | 11,015 | 32,110 | 346,093 | 394,849 | 209 | |||||||||||||||||||||||
Credit card | 5,446 | 4,015 | 11,738 | — | — | 555,621 | 576,820 | 10,678 | |||||||||||||||||||||||
Consumer – direct | 16,134 | 6,032 | 4,187 | 706 | 620 | 1,419,967 | 1,447,646 | 16,899 | |||||||||||||||||||||||
Consumer – indirect | 75,605 | 18,189 | 5,681 | 8,964 | — | 2,952,843 | 3,061,282 | 14,590 | |||||||||||||||||||||||
Covered loans | 3,438 | 308 | 22,197 | 348 | — | 294,873 | 321,164 | — | |||||||||||||||||||||||
Total loans | $ | 214,396 | $ | 83,050 | $ | 59,434 | $ | 760,313 | $ | 98,057 | $ | 58,665,910 | $ | 59,881,160 | $ | 62,439 | |||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 74,558 | $ | 74,558 | $ | — |
At or Quarter Ended March 31, 2017 | |||||||||||||||||||||||||||||||
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 | $ | 22,472 | $ | 11,804 | $ | 4,405 | $ | 540,407 | $ | 31,644 | $ | 24,049,936 | $ | 24,660,668 | $ | 39,411 | |||||||||||||||
Real estate – construction | 487 | 25 | 3,640 | 1,028 | 114 | 2,222,111 | 2,227,405 | (57 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 13,872 | 1,226 | 4,602 | 89,908 | 4,821 | 11,284,392 | 11,398,821 | (741 | ) | ||||||||||||||||||||||
Residential real estate – mortgage | 61,234 | 22,337 | 2,653 | 140,342 | 58,867 | 12,832,343 | 13,117,776 | 1,195 | |||||||||||||||||||||||
Equity lines of credit | 9,144 | 3,619 | 1,478 | 32,675 | — | 2,513,579 | 2,560,495 | 1,166 | |||||||||||||||||||||||
Equity loans | 5,105 | 1,592 | 376 | 12,626 | 33,635 | 367,028 | 420,362 | 848 | |||||||||||||||||||||||
Credit card | 6,262 | 4,719 | 12,453 | — | — | 546,877 | 570,311 | 9,818 | |||||||||||||||||||||||
Consumer – direct | 12,025 | 4,866 | 4,874 | 637 | 662 | 1,306,178 | 1,329,242 | 16,818 | |||||||||||||||||||||||
Consumer – indirect | 68,851 | 16,161 | 7,463 | 7,955 | — | 2,978,318 | 3,078,748 | 15,899 | |||||||||||||||||||||||
Covered loans | 6,448 | 3,479 | 23,673 | 410 | — | 307,929 | 341,939 | (31 | ) | ||||||||||||||||||||||
Total loans | $ | 205,900 | $ | 69,828 | $ | 65,617 | $ | 825,988 | $ | 129,743 | $ | 58,408,691 | $ | 59,705,767 | $ | 84,326 | |||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 74,741 | $ | 74,741 | $ | — |
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 | $ | — |
BBVA COMPASS BANCSHARES, INC. BALANCE SHEET (Unaudited) (In Thousands) | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||||||||||||||
Assets: | |||||||||||||||||||
Cash and due from banks | $ | 1,145,745 | $ | 1,073,646 | $ | 1,093,797 | $ | 1,284,261 | $ | 1,130,610 | |||||||||
Interest bearing funds with the Federal Reserve | 2,400,533 | 2,120,285 | 2,669,135 | 1,830,078 | 2,923,813 | ||||||||||||||
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 188,380 | 182,215 | 197,000 | 137,447 | 372,268 | ||||||||||||||
Cash and cash equivalents | 3,734,658 | 3,376,146 | 3,959,932 | 3,251,786 | 4,426,691 | ||||||||||||||
Trading account assets | 572,104 | 2,651,083 | 2,892,254 | 3,144,600 | 4,051,461 | ||||||||||||||
Investment securities available for sale | 12,268,309 | 12,142,844 | 11,846,618 | 11,665,055 | 11,516,885 | ||||||||||||||
Investment securities held to maturity | 1,077,372 | 1,143,171 | 1,158,785 | 1,203,217 | 1,240,850 | ||||||||||||||
Loans held for sale | 77,783 | 74,558 | 74,741 | 161,849 | 101,843 | ||||||||||||||
Loans | 60,315,204 | 59,881,160 | 59,705,767 | 60,061,263 | 60,211,283 | ||||||||||||||
Allowance for loan losses | (849,119 | ) | (816,952 | ) | (834,106 | ) | (838,293 | ) | (862,080 | ) | |||||||||
Net loans | 59,466,085 | 59,064,208 | 58,871,661 | 59,222,970 | 59,349,203 | ||||||||||||||
Premises and equipment, net | 1,226,747 | 1,253,516 | 1,273,226 | 1,300,054 | 1,287,457 | ||||||||||||||
Bank owned life insurance | 720,693 | 718,938 | 715,883 | 711,939 | 712,422 | ||||||||||||||
Goodwill | 4,983,296 | 4,983,296 | 4,983,296 | 4,983,296 | 5,043,197 | ||||||||||||||
Other assets | 1,556,613 | 1,596,159 | 1,532,837 | 1,435,187 | 1,626,829 | ||||||||||||||
Total assets | $ | 85,683,660 | $ | 87,003,919 | $ | 87,309,233 | $ | 87,079,953 | $ | 89,356,838 | |||||||||
Liabilities: | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest bearing | $ | 21,094,235 | $ | 21,000,630 | $ | 21,476,890 | $ | 20,332,792 | $ | 20,585,598 | |||||||||
Interest bearing | 46,119,332 | 44,616,750 | 46,052,748 | 46,946,741 | 47,001,739 | ||||||||||||||
Total deposits | 67,213,567 | 65,617,380 | 67,529,638 | 67,279,533 | 67,587,337 | ||||||||||||||
FHLB and other borrowings | 3,956,041 | 4,789,494 | 2,993,222 | 3,001,551 | 3,671,861 | ||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 44,761 | 31,619 | 71,559 | 39,052 | 165,573 | ||||||||||||||
Other short-term borrowings | 327,539 | 2,435,260 | 2,642,539 | 2,802,977 | 3,591,223 | ||||||||||||||
Accrued expenses and other liabilities | 1,025,849 | 1,140,536 | 1,186,776 | 1,206,133 | 1,521,654 | ||||||||||||||
Total liabilities | 72,567,757 | 74,014,289 | 74,423,734 | 74,329,246 | 76,537,648 | ||||||||||||||
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 | 14,912,412 | 14,916,198 | 14,982,125 | 14,985,673 | 15,020,937 | ||||||||||||||
Retained deficit | (1,920,184 | ) | (2,050,051 | ) | (2,207,060 | ) | (2,327,440 | ) | (2,416,402 | ) | |||||||||
Accumulated other comprehensive loss | (137,583 | ) | (137,131 | ) | (150,781 | ) | (168,252 | ) | (46,644 | ) | |||||||||
Total BBVA Compass Bancshares, Inc. shareholder’s equity | 13,086,350 | 12,960,721 | 12,855,989 | 12,721,686 | 12,789,596 | ||||||||||||||
Noncontrolling interests | 29,553 | 28,909 | 29,510 | 29,021 | 29,594 | ||||||||||||||
Total shareholder’s equity | 13,115,903 | 12,989,630 | 12,885,499 | 12,750,707 | 12,819,190 | ||||||||||||||
Total liabilities and shareholder’s equity | $ | 85,683,660 | $ | 87,003,919 | $ | 87,309,233 | $ | 87,079,953 | $ | 89,356,838 |
BBVA COMPASS BANCSHARES, INC. INCOME STATEMENTS (Unaudited) (In Thousands) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||||||||||||||
Interest income: | |||||||||||||||||||
Interest and fees on loans | $ | 623,884 | $ | 607,375 | $ | 574,712 | $ | 558,680 | $ | 557,996 | |||||||||
Interest on investment securities available for sale | 53,930 | 55,590 | 54,878 | 60,868 | 48,382 | ||||||||||||||
Interest on investment securities held to maturity | 6,994 | 6,821 | 6,639 | 6,664 | 6,675 | ||||||||||||||
Interest on federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 11,557 | 12,049 | 9,262 | 7,664 | 4,563 | ||||||||||||||
Interest on trading account assets | 6,247 | 9,805 | 10,297 | 13,150 | 12,926 | ||||||||||||||
Total interest income | 702,612 | 691,640 | 655,788 | 647,026 | 630,542 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Interest on deposits | 75,083 | 65,914 | 70,304 | 73,846 | 76,031 | ||||||||||||||
Interest on FHLB and other borrowings | 29,904 | 22,450 | 19,068 | 23,825 | 21,315 | ||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 4,623 | 6,942 | 4,897 | 4,640 | 4,934 | ||||||||||||||
Interest on other short-term borrowings | 3,641 | 10,506 | 10,086 | 12,963 | 13,453 | ||||||||||||||
Total interest expense | 113,251 | 105,812 | 104,355 | 115,274 | 115,733 | ||||||||||||||
Net interest income | 589,361 | 585,828 | 551,433 | 531,752 | 514,809 | ||||||||||||||
Provision for loan losses | 103,434 | 45,285 | 80,139 | 37,564 | 65,107 | ||||||||||||||
Net interest income after provision for loan losses | 485,927 | 540,543 | 471,294 | 494,188 | 449,702 | ||||||||||||||
Noninterest income: | |||||||||||||||||||
Service charges on deposit accounts | 55,953 | 54,919 | 55,168 | 55,901 | 55,047 | ||||||||||||||
Card and merchant processing fees | 32,297 | 32,460 | 29,992 | 31,161 | 31,256 | ||||||||||||||
Retail investment sales | 26,817 | 28,588 | 27,471 | 23,293 | 30,137 | ||||||||||||||
Investment banking and advisory fees | 30,500 | 19,943 | 28,301 | 20,792 | 34,385 | ||||||||||||||
Money transfer income | 24,881 | 27,330 | 25,197 | 28,632 | 25,058 | ||||||||||||||
Asset management fees | 10,336 | 10,055 | 9,771 | 8,906 | 8,778 | ||||||||||||||
Corporate and correspondent investment sales | 5,145 | 12,189 | 8,915 | 3,199 | 6,974 | ||||||||||||||
Mortgage banking | 3,450 | 3,316 | 2,870 | 16,086 | 8,242 | ||||||||||||||
Bank owned life insurance | 4,322 | 4,220 | 4,169 | 4,202 | 4,170 | ||||||||||||||
Investment securities gains, net | 3,033 | — | — | — | — | ||||||||||||||
Loss on prepayment of FHLB and other borrowings | — | — | — | (295 | ) | — | |||||||||||||
Other | 61,060 | 53,305 | 52,833 | 68,881 | 59,718 | ||||||||||||||
Total noninterest income | 257,794 | 246,325 | 244,687 | 260,758 | 263,765 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||
Salaries, benefits and commissions | 279,384 | 288,426 | 268,015 | 283,609 | 279,132 | ||||||||||||||
Professional services | 64,775 | 64,840 | 57,807 | 63,810 | 63,628 | ||||||||||||||
Equipment | 60,656 | 62,405 | 61,630 | 62,627 | 59,697 | ||||||||||||||
Net occupancy | 42,227 | 41,240 | 42,101 | 40,116 | 41,610 | ||||||||||||||
Money transfer expense | 15,938 | 17,807 | 16,324 | 17,426 | 16,680 | ||||||||||||||
Marketing | 14,996 | 15,729 | 13,545 | 13,018 | 13,316 | ||||||||||||||
Communications | 5,084 | 5,281 | 5,219 | 5,406 | 5,002 | ||||||||||||||
Amortization of intangibles | 2,525 | 2,525 | 2,525 | 4,093 | 4,093 | ||||||||||||||
Goodwill impairment | — | — | — | 59,901 | — | ||||||||||||||
Other | 88,377 | 74,232 | 82,146 | 64,064 | 73,113 | ||||||||||||||
Total noninterest expense | 573,962 | 572,485 | 549,312 | 614,070 | 556,271 | ||||||||||||||
Net income before income tax expense | 169,759 | 214,383 | 166,669 | 140,876 | 157,196 | ||||||||||||||
Income tax expense | 39,308 | 56,943 | 45,846 | 51,473 | 36,845 | ||||||||||||||
Net income | 130,451 | 157,440 | 120,823 | 89,403 | 120,351 | ||||||||||||||
Less: net income attributable to noncontrolling interests | 584 | 431 | 443 | 441 | 523 | ||||||||||||||
Net income attributable to BBVA Compass Bancshares, Inc. | $ | 129,867 | $ | 157,009 | $ | 120,380 | $ | 88,962 | $ | 119,828 |