BBVA Compass reports earnings of $364 million for the first nine months of 2014
- Total loans end the quarter at $55.2 billion, up 12 percent from prior year levels
- Total deposits increase 15 percent to $60.3 billion, driven by an 18 percent increase in interest bearing transaction accounts
- Key credit quality metrics show continued improvement; nonperforming asset ratio drops to 0.80 percent from 1.39 percent and net charge-off ratio declines to 0.23 percent
- Bank successfully completes offering of $1 billion of senior notes during the quarter, marks first debt issuance in seven years
- Third quarter earnings increase 29% from prior year
HOUSTON, Oct. 29, 2014 /PRNewswire/ -- BBVA Compass Bancshares, Inc., a Sunbelt-based bank holding company (BBVA Compass), reported today net income attributable to shareholder of $364 million for the first nine months of 2014, a 4 percent increase compared to $349 million for the first nine months of 2013. Return on average assets and return on average tangible equity1 for the first nine months of 2014 were 0.65 percent and 7.41 percent, respectively.
Net income attributable to shareholder for the third quarter of 2014 was $143 million, a 29 percent increase from the $111 million earned during the third quarter of 2013. Return on average assets and return on average tangible equity1 for the third quarter of 2014 were 0.73 percent and 8.48 percent, respectively.
"BBVA Compass' strong financial performance this quarter is tied to our focus on our customers and our ability to quickly adapt to meet their rapidly changing needs," said Manolo Sanchez, chairman and CEO of BBVA Compass. "Loan and deposit growth was diversified across both commercial and consumer portfolios, with total loans increasing 12 percent and total deposits increasing 15 percent. Low interest rates are still impeding revenue growth throughout our industry, but we're well-positioned to benefit when they increase. Our efforts to diversify and expand our fee-based businesses are evident as well, with noninterest income rising 4 percent."
Sanchez said improving operational efficiencies, disciplined expense management and maintaining sound risk standards are essential during this challenging interest rate environment. Accordingly, total noninterest expenses declined 2 percent year-over-year. Credit quality metrics experienced further improvement as nonperforming assets as a percentage of loans, other real estate and other repossessed assets dropped to 0.80 percent and net charge-offs as a percentage of average loans dipped to 23 basis points compared to 47 basis points for the first nine months of 2013.
Total shareholder's equity ended the third quarter of 2014 at $11.9 billion, a 4 percent increase from third quarter 2013 levels.
"Each of our regulatory capital ratios remains significantly above 'well-capitalized' levels," Sanchez said. "The results of our mid-cycle stress test required under the Dodd-Frank Act provide further evidence of our commitment to maintaining a strong capital position."
During the quarter, BBVA Compass also further enhanced its liquidity position and diversified its funding base by issuing $1 billion of senior bank notes. The offerings included $400 million of 3-year, 1.8750% unsecured senior notes and $600 million of 5-year, 2.750% unsecured senior notes. This marked the bank's first debt offering in seven years, with orders peaking at $2.5 billion during the offering period.
1 Average tangible equity is a non-GAAP financial 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.
About BBVA Compass
BBVA Compass Bancshares, Inc. is a Sunbelt-based bank holding company whose lead subsidiary, BBVA Compass, operates 673 branches, including 342 in Texas, 89 in Alabama, 77 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration and recently earned the top ranking with customers in American Banker's 2014 annual reputation survey of the top 25 largest U.S. retail banks. Additional information about BBVA Compass can be found under the Investor Relations tab at www.bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com.
About BBVA Group
BBVA Compass Bancshares, Inc. is a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes. More information about the BBVA Group can be found at www.bbva.com.
Forward-Looking Statements
Certain statements in this press release may contain forward-looking statements about the Company and its industry that involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding our future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to the Company, constitute forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect the Company's views regarding future events and financial performance. Such statements are subject to risks, uncertainties, assumptions and other important factors, many of which may be beyond the Company's control, that could cause actual results to differ materially from anticipated results. If the Company's assumptions and estimates are incorrect, or if the Company becomes subject to significant limitations as the result of litigation or regulatory action, then the Company's actual results could vary materially from those expressed or implied in these forward-looking statements. The forward-looking statements are and will be based on the Company's then current views and assumptions regarding future events and speak only as of their dates made. The Company assumes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by securities law. For further information regarding risks and uncertainties associated with the Company's business, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on March 28, 2014, as updated by our subsequent SEC filings.
| BBVA COMPASS BANCSHARES, INC. |
||||||||||||||||||
| (Unaudited) |
||||||||||||||||||
| (Dollars in thousands) |
||||||||||||||||||
| Three Months Ended |
% |
Nine Months Ended |
% |
|||||||||||||||
| 2014 |
2013 |
Change |
2014 |
2013 |
Change |
|||||||||||||
| EARNINGS SUMMARY |
||||||||||||||||||
| Net interest income |
$ 481,968 |
$ 501,911 |
(4) |
$ 1,476,041 |
$ 1,535,172 |
(4) |
||||||||||||
| Noninterest income [a] |
216,578 |
210,985 |
3 |
633,911 |
610,570 |
4 |
||||||||||||
| Total revenue [a] |
698,546 |
712,896 |
(2) |
2,109,952 |
2,145,742 |
(2) |
||||||||||||
| Investment securities gain, net |
9,710 |
— |
NM |
47,608 |
33,030 |
44 |
||||||||||||
| Gain (loss) on prepayment of FHLB advances |
143 |
— |
NM |
(315) |
21,775 |
NM |
||||||||||||
| Provision for loan losses |
3,869 |
37,534 |
(90) |
86,387 |
81,386 |
6 |
||||||||||||
| Noninterest expense |
533,142 |
522,139 |
2 |
1,597,271 |
1,622,504 |
(2) |
||||||||||||
| Pretax income |
171,388 |
153,223 |
12 |
473,587 |
496,657 |
(5) |
||||||||||||
| Income tax expense |
27,770 |
41,930 |
(34) |
107,467 |
146,033 |
(26) |
||||||||||||
| Net income |
143,618 |
111,293 |
29 |
366,120 |
350,624 |
4 |
||||||||||||
| Net income attributable to noncontrolling interests |
815 |
647 |
26 |
1,772 |
1,608 |
10 |
||||||||||||
| Net income attributable to shareholder |
$ 142,803 |
$ 110,646 |
29 |
$ 364,348 |
$ 349,016 |
4 |
||||||||||||
| SELECTED RATIOS |
||||||||||||||||||
| Return on average assets |
0.73 % |
0.64 % |
0.65 % |
0.67 % |
||||||||||||||
| Return on average tangible equity [b] |
8.48 |
7.08 |
7.41 |
7.63 |
||||||||||||||
| Average common equity to average assets |
15.30 |
16.39 |
15.56 |
16.19 |
||||||||||||||
| Average loans to average total deposits |
92.75 |
94.04 |
93.49 |
90.32 |
||||||||||||||
| Tier I capital ratio [c] |
11.25 |
11.83 |
11.25 |
11.83 |
||||||||||||||
| Total capital ratio [c] |
13.31 |
14.10 |
13.31 |
14.10 |
||||||||||||||
| Leverage ratio [c] |
9.58 |
10.16 |
9.58 |
10.16 |
||||||||||||||
| Average for Three Months |
Average for Nine Months |
Ending Balance |
||||||||||||||||
| Ended September 30, |
% |
Ended September 30, |
% |
September 30, |
% |
|||||||||||||
| 2014 |
2013 |
Change |
2014 |
2013 |
Change |
2014 |
2013 |
Change |
||||||||||
| BALANCE SHEET HIGHLIGHTS |
||||||||||||||||||
| Total loans |
$ 55,349,649 |
$ 48,822,516 |
13 |
$ 53,751,488 |
$ 47,101,663 |
14 |
$ 55,200,115 |
$ 49,458,966 |
12 |
|||||||||
| Total investment securities |
10,593,570 |
9,837,170 |
8 |
10,378,884 |
10,160,790 |
2 |
10,744,398 |
9,813,436 |
9 |
|||||||||
| Earning assets |
66,142,913 |
58,815,172 |
12 |
64,268,874 |
57,411,046 |
12 |
66,503,180 |
59,384,525 |
12 |
|||||||||
| Total assets |
77,909,087 |
69,325,343 |
12 |
75,774,391 |
69,706,435 |
9 |
79,192,189 |
70,087,078 |
13 |
|||||||||
| Noninterest bearing demand deposits |
17,039,477 |
14,731,694 |
16 |
16,349,912 |
14,281,481 |
14 |
16,979,235 |
15,068,999 |
13 |
|||||||||
| Interest bearing transaction accounts |
29,558,841 |
25,709,134 |
15 |
28,290,142 |
25,848,641 |
9 |
30,283,451 |
25,657,859 |
18 |
|||||||||
| Total transaction accounts |
46,598,318 |
40,440,828 |
15 |
44,640,054 |
40,130,122 |
11 |
47,262,686 |
40,726,858 |
16 |
|||||||||
| Total deposits |
59,675,681 |
51,916,791 |
15 |
57,494,671 |
52,148,609 |
10 |
60,270,958 |
52,242,409 |
15 |
|||||||||
| Shareholder's equity |
11,917,267 |
11,361,991 |
5 |
11,786,754 |
11,285,368 |
4 |
11,927,053 |
11,421,396 |
4 |
|||||||||
| [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. |
||||||||||||||||||
| NM = Not meaningful |
| BBVA COMPASS BANCSHARES, INC. |
||||||||||
| (Unaudited) |
||||||||||
| (Dollars in Thousands) |
||||||||||
| 2014 |
2013 |
|||||||||
| September 30 |
June 30 |
March 31 |
December 31 |
September 30 |
||||||
| NONPERFORMING ASSETS |
||||||||||
| Nonaccrual loans |
$ 344,937 |
$ 341,807 |
$ 388,597 |
$ 441,718 |
$ 543,902 |
|||||
| Loans 90 days or more past due [a] |
76,196 |
76,219 |
83,490 |
82,814 |
98,035 |
|||||
| TDRs 90 days or more past due |
991 |
629 |
204 |
1,317 |
739 |
|||||
| Total nonperforming loans [b] |
422,124 |
418,655 |
472,291 |
525,849 |
642,676 |
|||||
| Other real estate owned, net (OREO) |
17,058 |
21,113 |
25,817 |
23,228 |
41,493 |
|||||
| Other repossessed assets |
3,618 |
2,796 |
3,313 |
3,360 |
3,896 |
|||||
| Total nonperforming assets |
$ 442,800 |
$ 442,564 |
$ 501,421 |
$ 552,437 |
$ 688,065 |
|||||
| TDRs accruing and past due less than 90 days |
$ 170,789 |
$ 177,630 |
$ 202,075 |
$ 208,391 |
$ 225,961 |
|||||
| Covered loans [c] |
580,756 |
613,152 |
701,158 |
734,190 |
832,884 |
|||||
| Covered nonperforming loans [c] |
56,221 |
59,331 |
63,664 |
62,038 |
76,301 |
|||||
| Covered nonperforming assets [c] |
59,609 |
62,824 |
67,500 |
66,151 |
89,620 |
|||||
| Total nonperforming loans as a % of loans |
0.76 % |
0.77 % |
0.89 % |
1.03 % |
1.30 % |
|||||
| Total nonperforming loans as a % of loans, excluding covered loans |
0.67 |
0.67 |
0.78 |
0.93 |
1.16 |
|||||
| Total nonperforming assets as a % of total loans, other real estate, and other repossessed assets |
0.80 |
0.81 |
0.95 |
1.09 |
1.39 |
|||||
| Total nonperforming assets as a % of total loans, other real estate, and other repossessed assets, excluding covered assets |
0.70 |
0.71 |
0.83 |
0.97 |
1.23 |
|||||
| Three Months Ended |
||||||||||
| 2014 |
2013 |
|||||||||
| September 30 |
June 30 |
March 31 |
December 31 |
September 30 |
||||||
| ALLOWANCE FOR LOAN LOSSES |
||||||||||
| Balance at beginning of period |
$ 714,760 |
$ 707,665 |
$ 700,719 |
$ 717,937 |
$ 723,511 |
|||||
| Net charge-offs (NCO) |
22,751 |
38,157 |
30,320 |
43,378 |
43,108 |
|||||
| Provision for loan losses |
3,869 |
45,252 |
37,266 |
26,160 |
37,534 |
|||||
| Balance at end of period |
$ 695,878 |
$ 714,760 |
$ 707,665 |
$ 700,719 |
$ 717,937 |
|||||
| Allowance for loan losses as a % of total loans |
1.27 % |
1.32 % |
1.34 % |
1.38 % |
1.45 % |
|||||
| Allowance for loan losses as a % of nonperforming loans [d] |
164.85 |
170.73 |
149.84 |
133.25 |
111.71 |
|||||
| Allowance for loan losses as a % of nonperforming assets [d] |
157.15 |
161.50 |
141.13 |
126.84 |
104.34 |
|||||
| Annualized as a % of average loans: |
||||||||||
| NCO - QTD |
0.16 |
0.28 |
0.24 |
0.34 |
0.35 |
|||||
| NCO - YTD |
0.23 |
0.26 |
0.24 |
0.44 |
0.47 |
|||||
| [a] Excludes loans classified as troubled debt restructuring (TDRs). |
||||||||||
| [b] Includes loans held for sale. |
||||||||||
| [c] Covered assets includes loans and OREO acquired from the FDIC subject to loss sharing agreements. |
||||||||||
| [d] Includes loans held for sale that are on nonaccrual status. |
||||||||||
| BBVA COMPASS BANCSHARES, INC. |
||||||||||||
| (Unaudited) |
||||||||||||
| (Dollars in Thousands) |
||||||||||||
| Three Months Ended September 30, |
||||||||||||
| 2014 |
2013 |
|||||||||||
| Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
|||||||
| YIELD/RATE ANALYSIS |
||||||||||||
| (Taxable Equivalent Basis) |
||||||||||||
| Assets |
||||||||||||
| Earning assets: |
||||||||||||
| Loans |
$ 55,349,649 |
$ 523,843 |
3.75 % |
$ 48,822,516 |
$ 528,926 |
4.30 % |
||||||
| Investment securities available for sale [a] |
9,128,401 |
50,150 |
2.18 |
8,249,468 |
43,797 |
2.11 |
||||||
| Investment securities held to maturity |
1,428,009 |
9,871 |
2.74 |
1,582,196 |
11,051 |
2.77 |
||||||
| Other earning assets |
199,694 |
984 |
1.95 |
155,486 |
937 |
2.39 |
||||||
| Total earning assets [a] |
66,105,753 |
584,848 |
3.51 |
58,809,666 |
584,711 |
3.94 |
||||||
| Allowance for loan losses |
(712,811) |
(723,496) |
||||||||||
| Unrealized gain (loss) on securities available for sale |
37,160 |
5,506 |
||||||||||
| Other assets |
12,478,985 |
11,233,667 |
||||||||||
| Total assets |
$ 77,909,087 |
$ 69,325,343 |
||||||||||
| Liabilities and Shareholders' Equity |
||||||||||||
| Interest bearing liabilities: |
||||||||||||
| Interest bearing demand deposits |
$ 7,079,309 |
$ 2,971 |
0.17 |
$ 6,575,743 |
$ 2,735 |
0.17 |
||||||
| Savings and money market accounts |
22,479,532 |
24,256 |
0.43 |
19,133,391 |
15,596 |
0.32 |
||||||
| Certificates and other time deposits |
12,956,374 |
39,478 |
1.21 |
11,372,640 |
31,647 |
1.10 |
||||||
| Foreign office deposits |
120,989 |
58 |
0.19 |
103,323 |
53 |
0.20 |
||||||
| Total interest bearing deposits |
42,636,204 |
66,763 |
0.62 |
37,185,097 |
50,031 |
0.53 |
||||||
| FHLB and other borrowings |
3,827,684 |
16,399 |
1.70 |
4,304,941 |
17,129 |
1.58 |
||||||
| Federal funds purchased and securities sold under agreement to repurchase |
838,802 |
447 |
0.21 |
831,754 |
446 |
0.21 |
||||||
| Other short-term borrowings |
51,290 |
394 |
3.05 |
11,519 |
39 |
1.34 |
||||||
| Total interest bearing liabilities |
47,353,980 |
84,003 |
0.70 |
42,333,311 |
67,645 |
0.63 |
||||||
| Noninterest bearing deposits |
17,039,477 |
14,731,694 |
||||||||||
| Other noninterest bearing liabilities |
1,598,363 |
898,347 |
||||||||||
| Total liabilities |
65,991,820 |
57,963,352 |
||||||||||
| Shareholder's equity |
11,917,267 |
11,361,991 |
||||||||||
| Total liabilities and shareholder's equity |
$ 77,909,087 |
$ 69,325,343 |
||||||||||
| Net interest income/ net interest spread |
500,845 |
2.81 % |
517,066 |
3.31 % |
||||||||
| Net yield on earning assets |
3.01 % |
3.49 % |
||||||||||
| Total taxable equivalent adjustment |
18,877 |
15,155 |
||||||||||
| Net interest income |
$ 481,968 |
$ 501,911 |
||||||||||
| [a] Excludes adjustment for market valuation. |
||||||||||||
| BBVA COMPASS BANCSHARES, INC. |
||||||||||||
| (Unaudited) |
||||||||||||
| (Dollars in Thousands) |
||||||||||||
| Nine Months Ended September 30, |
||||||||||||
| 2014 |
2013 |
|||||||||||
| Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
|||||||
| YIELD/RATE ANALYSIS |
||||||||||||
| (Taxable Equivalent Basis) |
||||||||||||
| Assets |
||||||||||||
| Earning assets: |
||||||||||||
| Loans |
$ 53,751,488 |
$ 1,578,007 |
3.93 % |
$ 47,101,663 |
$ 1,614,343 |
4.58 % |
||||||
| Investment securities available for sale [a] |
8,873,269 |
151,229 |
2.28 |
8,499,157 |
138,884 |
2.18 |
||||||
| Investment securities held to maturity |
1,465,399 |
30,310 |
2.77 |
1,541,575 |
32,747 |
2.84 |
||||||
| Other earning assets |
138,502 |
2,172 |
2.10 |
148,593 |
2,556 |
2.30 |
||||||
| Total earning assets [a] |
64,228,658 |
1,761,718 |
3.67 |
57,290,988 |
1,788,530 |
4.17 |
||||||
| Allowance for loan losses |
(707,630) |
(764,558) |
||||||||||
| Unrealized gain (loss) on securities available for sale |
40,216 |
120,058 |
||||||||||
| Other assets |
12,213,147 |
13,059,947 |
||||||||||
| Total assets |
$ 75,774,391 |
$ 69,706,435 |
||||||||||
| Liabilities and Shareholders' Equity |
||||||||||||
| Interest bearing liabilities: |
||||||||||||
| Interest bearing demand deposits |
$ 7,269,983 |
9,066 |
0.17 |
$ 6,684,384 |
8,437 |
0.17 |
||||||
| Savings and money market accounts |
21,020,159 |
59,922 |
0.38 |
19,164,257 |
56,081 |
0.39 |
||||||
| Certificates and other time deposits |
12,733,405 |
111,717 |
1.17 |
11,899,480 |
95,501 |
1.07 |
||||||
| Foreign office deposits |
121,212 |
175 |
0.19 |
119,007 |
202 |
0.23 |
||||||
| Total interest bearing deposits |
41,144,759 |
180,880 |
0.59 |
37,867,128 |
160,221 |
0.57 |
||||||
| FHLB and other borrowings |
4,070,692 |
48,947 |
1.61 |
4,188,876 |
49,070 |
1.57 |
||||||
| Federal funds purchased and securities sold under agreement to repurchase |
885,147 |
1,384 |
0.21 |
984,940 |
1,577 |
0.21 |
||||||
| Other short-term borrowings |
27,183 |
516 |
2.54 |
12,679 |
87 |
0.92 |
||||||
| Total interest bearing liabilities |
46,127,781 |
231,727 |
0.67 |
43,053,623 |
210,955 |
0.66 |
||||||
| Noninterest bearing deposits |
16,349,912 |
14,281,481 |
||||||||||
| Other noninterest bearing liabilities |
1,509,944 |
1,085,963 |
||||||||||
| Total liabilities |
63,987,637 |
58,421,067 |
||||||||||
| Shareholder's equity |
11,786,754 |
11,285,368 |
||||||||||
| Total liabilities and shareholder's equity |
$ 75,774,391 |
$ 69,706,435 |
||||||||||
| Net interest income/ net interest spread |
1,529,991 |
3.00 % |
1,577,575 |
3.51 % |
||||||||
| Net yield on earning assets |
3.18 % |
3.68 % |
||||||||||
| Total taxable equivalent adjustment |
53,950 |
42,403 |
||||||||||
| Net interest income |
$ 1,476,041 |
$ 1,535,172 |
||||||||||
| [a] Excludes adjustment for market valuation. |
||||||||||||
| BBVA COMPASS BANCSHARES, INC. |
|||||||||||||||||
| (Unaudited) |
|||||||||||||||||
| (Dollars in Thousands) |
|||||||||||||||||
| Nine Months |
Three Months Ended |
||||||||||||||||
| Ended September 30 |
% |
2014 |
2013 |
||||||||||||||
| 2014 |
2013 |
Change |
September 30 |
June 30 |
March 31 |
December 31 |
September 30 |
||||||||||
| NONINTEREST INCOME |
|||||||||||||||||
| Service charges on deposit accounts |
$ 165,886 |
$ 164,601 |
1 |
$ 57,537 |
$ 54,958 |
$ 53,391 |
$ 56,812 |
$ 54,229 |
|||||||||
| Card and merchant processing fees |
81,459 |
76,869 |
6 |
28,682 |
28,473 |
24,304 |
25,320 |
26,132 |
|||||||||
| Retail investment sales |
83,053 |
71,724 |
16 |
27,645 |
28,844 |
26,564 |
25,552 |
22,034 |
|||||||||
| Investment banking and advisory fees |
63,226 |
33,646 |
88 |
18,750 |
22,280 |
22,196 |
13,958 |
21,382 |
|||||||||
| Asset management fees |
31,959 |
31,143 |
3 |
10,666 |
10,535 |
10,758 |
9,796 |
10,438 |
|||||||||
| Corporate and correspondent investment sales |
22,016 |
26,954 |
(18) |
5,388 |
7,972 |
8,656 |
8,720 |
8,011 |
|||||||||
| Mortgage banking income |
18,924 |
32,221 |
(41) |
8,498 |
6,150 |
4,276 |
3,178 |
7,610 |
|||||||||
| Bank owned life insurance |
12,807 |
12,901 |
(1) |
4,603 |
4,237 |
3,967 |
4,846 |
4,222 |
|||||||||
| Other |
154,581 |
160,511 |
(4) |
54,809 |
50,532 |
49,240 |
42,892 |
56,927 |
|||||||||
| 633,911 |
610,570 |
4 |
216,578 |
213,981 |
203,352 |
191,074 |
210,985 |
||||||||||
| Investment securities gains, net |
47,608 |
33,030 |
44 |
9,710 |
21,464 |
16,434 |
(1,659) |
— |
|||||||||
| Gain (loss) on prepayment of FHLB and other borrowings |
(315) |
21,775 |
NM |
143 |
— |
(458) |
— |
— |
|||||||||
| Total noninterest income |
$ 681,204 |
$ 665,375 |
2 |
$ 226,431 |
$ 235,445 |
$ 219,328 |
$ 189,415 |
$ 210,985 |
|||||||||
| NONINTEREST EXPENSE |
|||||||||||||||||
| Salaries, benefits and commissions |
$ 791,204 |
$ 743,601 |
6 |
$ 265,334 |
$ 263,301 |
$ 262,569 |
$ 261,643 |
$ 244,373 |
|||||||||
| FDIC indemnification expense |
80,736 |
211,706 |
(62) |
18,748 |
30,370 |
31,618 |
55,453 |
55,064 |
|||||||||
| Professional services |
148,652 |
133,198 |
12 |
52,463 |
49,790 |
46,399 |
58,204 |
44,195 |
|||||||||
| Equipment |
165,562 |
148,989 |
11 |
56,355 |
55,469 |
53,738 |
59,070 |
50,483 |
|||||||||
| Net occupancy |
118,514 |
117,622 |
1 |
39,357 |
40,200 |
38,957 |
40,115 |
39,257 |
|||||||||
| Marketing |
30,097 |
28,140 |
7 |
11,587 |
9,986 |
8,524 |
9,212 |
9,146 |
|||||||||
| Communications |
18,605 |
18,573 |
- |
5,964 |
6,294 |
6,347 |
7,392 |
7,080 |
|||||||||
| Amortization of intangibles |
38,800 |
46,386 |
(16) |
12,635 |
13,631 |
12,534 |
14,305 |
14,884 |
|||||||||
| Other |
205,101 |
174,289 |
18 |
70,699 |
76,221 |
58,181 |
71,277 |
57,657 |
|||||||||
| Total noninterest expense |
$ 1,597,271 |
$ 1,622,504 |
(2) |
$ 533,142 |
$ 545,262 |
$ 518,867 |
$ 576,671 |
$ 522,139 |
|||||||||
| NM = Not meaningful |
|||||||||||||||||
| BBVA COMPASS BANCSHARES, INC. |
||||||||
| (Unaudited) |
||||||||
| (Dollars in Thousands) |
||||||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
| 2014 |
2013 |
2014 |
2013 |
|||||
| NON-GAAP RECONCILIATION |
||||||||
| Computation of Average Tangible Equity: |
||||||||
| Total stockholder's equity |
$ 11,917,267 |
$ 11,361,991 |
$ 11,786,754 |
$ 11,285,368 |
||||
| Less: Goodwill and other intangibles |
5,198,332 |
5,127,981 |
5,176,840 |
5,138,095 |
||||
| Tangible common equity |
$ 6,718,935 |
$ 6,234,010 |
$ 6,609,914 |
$ 6,147,273 |
||||
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SOURCE BBVA Compass
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