HOUSTON, July 31, 2019 /PRNewswire/ --
- Revenue: Total revenue increased 3 percent from a year ago. Growth was balanced as net interest income increased 3 percent and noninterest income increased 5 percent
- Efficiency: Noninterest expense growth well contained at 3 percent and, coupled with revenue growth, resulted in positive operating leverage with operating income1 rising 4 percent and the efficiency ratio1 improving to 62.50 percent
- Credit quality: Nonperforming loan ratio at 1.26 percent and coverage ratio at 123 percent. Net charge-offs at 90 basis points in the quarter primarily as a result of three commercial credits and continued seasoning in select consumer portfolios. Provision expense exceeds net charge-offs and allowance to loans ratio remains stout at 1.54 percent
- Capital and liquidity: The CET1 ratio rose 60 basis points to 12.57 percent2 while the Liquidity Coverage Ratio (LCR) ended the quarter at 144 percent
BBVA USA Bancshares, Inc., a Sunbelt-based bank holding company (BBVA), reported today net income of $160 million for the second quarter of 2019 compared to earnings of $184 million in the second quarter of 2018. Return on average assets and return on average tangible equity1 for the second quarter of 2019 were 0.69 percent and 7.34 percent, respectively.
Net income for the first six months of 2019 totaled $301 million compared to earnings of $393 million for the first six months of 2018. Return on average assets and return on average tangible equity1 for the first six months of 2019 were 0.65 percent and 7.00 percent, respectively.
"Our results for the second quarter reflect top-line revenue growth and well managed cost containment that enabled us to achieve another quarter of positive operating leverage," said Javier Rodríguez Soler, president and CEO of BBVA USA. "The flattening of the yield curve, market volatility and expectations that the Federal Reserve will take actions to lower interest rates this year continue to place pressure on net interest margin and we have taken steps to better position ourselves for this type of environment. While certainly challenging, we remain focused on executing our digital transformation strategy aimed at building our capabilities, expanding our product offerings, using technology to improve efficiency and delivering an amazing customer experience to our customers."
Total revenue for the quarter was $944 million, an increase of $31 million or 3 percent from second quarter 2018 levels and $12 million or 5 percent (annualized) from first quarter 2019 levels, excluding securities gains. Net interest income totaled $660 million, up $16 million or 3 percent from $643 million from the second quarter of 2018 while declining $23 million on a linked quarter basis. The percent net interest margin in the second quarter of 2019 was 3.24 percent, a decline of 6 basis points from the second quarter of 2018 and 17 basis points on a linked quarter basis.
Noninterest income for the quarter totaled $284 million, up $14 million or 5 percent from the second quarter of 2018 and up $27 million compared to the first quarter of 2019. The increase in fee income was broad based, driven by card and merchant processing fees (+14 percent), asset management fees (+8 percent), money transfer income (+6 percent), service charges on deposit accounts (+5 percent) and investment services sales fees (+5 percent). On a linked quarter basis, each of these fee-based businesses experienced positive growth, while increased activity during the quarter resulted in a rebound in investment banking and advisory fees and mortgage banking income.
A focus on maintaining strong expense controls continued in the quarter with noninterest expenses rising 3 percent year-over-year and 3 percent on a year-to-date basis. Positive operating leverage resulted in operating income1 of $346 million in the quarter, a 4 percent increase compared to the second quarter of 2018, while operating income1 on a year-to-date basis is up 8 percent. The efficiency ratio1 in the quarter improved to 62.50 percent and on a year-to-date basis has improved 75 basis points to 62.04 percent.
With respect to the balance sheet, total loans for the second quarter of 2019 were $63.4 billion compared to $63.3 billion at the end of the second quarter of 2018. During the first quarter of 2019, approximately $1.2 billion commercial loans were transferred to loans held for sale and the sale was completed during the second quarter. Adjusting for the sale of these loans, the year-over-year increase in total loans was 2 percent, reflecting tempered activity in both the commercial and consumer portfolios.
Total deposits at the end of the second quarter of 2019 were $72.6 billion, a 3 percent increase from the $70.1 billion at the end of the second quarter of 2018. Noninterest bearing demand deposits declined 4 percent, reflecting customers continuing to shift from demand deposits into interest bearing accounts. Conversely, interest bearing transaction accounts (savings, money market and interest bearing checking accounts) increased 8 percent compared to a year ago. At the end of the second quarter of 2019, the loan to deposit ratio stood at 87.34 percent while the Liquidity Coverage Ratio (LCR) was 144 percent, well above and fully compliant with the regulatory requirement.
Nonperforming loans as a percentage of total loans ended the quarter at 1.26 percent compared to 1.34 percent at the end of the first quarter of 2019 and 1.11 percent at the end of the second quarter of 2018. The decrease in nonperforming loans during the quarter was primarily due to the charge-off of three commercial credits. Net charge-offs as a percentage of average loans were 90 basis points in the quarter compared to 63 basis points in the first quarter of 2019 and 40 basis points in the second quarter of 2018. The increase in net charge-offs reflects the aforementioned commercial credits as well as continued charge-offs in certain consumer loan portfolios, as expected, where corrective action has been taken to mitigate future losses. Provision expense in the quarter was $155 million, exceeding net charge-offs by $12 million. The allowance for loan losses as a percentage of total loans ended the quarter at 1.54 percent, up from 1.52 percent at the end of the first quarter of 2019 and 1.36 percent at the end of the second quarter of 2018. The coverage ratio of nonperforming loans ended the quarter at 123 percent.
Total shareholder's equity at the end of the second quarter of 2019 totaled $13.9 billion, a 5 percent increase from the $13.2 billion at the end of the second quarter of 2018. The CET1 ratio stood at 12.57 percent2 at the end of the second quarter of 2019, up 23 basis points from the end of the first quarter of 2019 and 60 basis points from the end of the second quarter of 2018. All of BBVA's regulatory capital ratios2 continue to significantly exceed the requirements under "well capitalized" guidelines.
During the second quarter, BBVA Compass RealTime ARP™ was named the 2019 Innovator in Cash Management by Global Finance Magazine as part of the publication's annual The Innovators 2019 awards. The award comes less than a year from when the product was initially launched in July 2018. The launch also included the introduction of BBVA Compass RealTime Positive Pay™, another milestone in the bank's digital narrative.
BBVA was recognized once again by Javelin Strategy & Research with the independent research firm naming the bank's mobile banking app and online banking service as a leader in its 2019 Mobile and Online Banking Scorecards. In Mobile Banking, the app was named a leader in both the Customer Service and Ease of Use categories. For the online banking scorecard, BBVA earned an award as a 'Leader' in the Financial Fitness category. For the U.S. unit's mobile banking app, this year's result marks the sixth year in a row the app has been honored, while its online banking service was previously honored - again as a leader in Financial Fitness - in Javelin's 2017 scorecard.
1 Return on average tangible equity, operating income and efficiency ratio are Non-GAAP financial measures we believe aid in understanding certain areas of our performance. The calculation of these measures is included on the page titled Non-GAAP Reconciliation.
2 Regulatory capital ratios at June 30, 2019, are estimated.
For more BBVA news visit, www.bbva.com and the U.S. Newsroom.
Additional news updates can be found via Twitter and Instagram.
For more financial information about BBVA in the U.S., visit bbvausa.investorroom.com.
About BBVA
BBVA Group
BBVA (NYSE: BBVA) is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market and is the largest financial institution in Mexico. It has leading franchises in South America and the Sunbelt Region of the United States. It is also the leading shareholder in Turkey's BBVA Garanti. BBVA's purpose is to bring the age of opportunities to everyone, based on our customers' real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: Customer comes first, we think big and we are one team. BBVA's responsible banking model aspires to achieve a more inclusive and sustainable society.
On March 28, 2019, BBVA filed its annual report on Form 20-F for the year ended December 31, 2018, with the U.S. Securities and Exchange Commission. A copy can be accessed on the BBVA website at https://shareholdersandinvestors.bbva.com/the-share/adrs-english/. Holders of BBVA's American Depositary Receipts (ADRs) may request a hard copy of the Form 20-F for the year ended December 31, 2018, including complete audited financial statements, free of charge. To request a copy, contact Ed Bilek at [email protected].
BBVA USA
In the U.S., BBVA is a Sunbelt-based financial institution that operates 642 branches, including 330 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 17 in New Mexico. The bank 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 (6th). In the U.S., BBVA has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 8th nationally in terms of dollar volume of SBA loans originated in fiscal year 2018.
Forward-Looking Statements
Certain statements in this press release may contain forward-looking statements about BBVA USA Bancshares, Inc. (the "Company") and its industry that involve substantial risks and uncertainties. The use of "we," "our" and similar terms refer to the Company. 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 or regulation. 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 February 28, 2019, as updated by our subsequent SEC filings.
BBVA USA BANCSHARES, INC. |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||
Three Months Ended June 30, |
% |
Six Months Ended June 30, |
% |
|||||||||||||||
2019 |
2018 |
Change |
2019 |
2018 |
Change |
|||||||||||||
EARNINGS SUMMARY |
||||||||||||||||||
Net interest income |
$ 659,749 |
$ 643,499 |
3 |
$ 1,342,838 |
$ 1,266,104 |
6 |
||||||||||||
Noninterest income [a] |
284,281 |
270,019 |
5 |
533,083 |
527,844 |
1 |
||||||||||||
Total revenue [a] |
944,030 |
913,518 |
3 |
1,875,921 |
1,793,948 |
5 |
||||||||||||
Investment securities gain, net |
— |
— |
NM |
8,958 |
— |
NM |
||||||||||||
Provision for loan losses |
155,018 |
91,280 |
70 |
337,310 |
148,309 |
127 |
||||||||||||
Noninterest expense |
598,314 |
579,545 |
3 |
1,180,287 |
1,142,458 |
3 |
||||||||||||
Pretax income |
190,698 |
242,693 |
(21) |
367,282 |
503,181 |
(27) |
||||||||||||
Income tax expense |
30,512 |
58,295 |
(48) |
66,115 |
110,093 |
(40) |
||||||||||||
Net income |
160,186 |
184,398 |
(13) |
301,167 |
393,088 |
(23) |
||||||||||||
Net income attributable to noncontrolling interests |
599 |
595 |
1 |
1,155 |
1,056 |
9 |
||||||||||||
Net income attributable to BBVA USA Bancshares, Inc. |
$ 159,587 |
$ 183,803 |
(13) |
$ 300,012 |
$ 392,032 |
(23) |
||||||||||||
SELECTED RATIOS |
||||||||||||||||||
Return on average assets |
0.69 % |
0.83 % |
0.65 % |
0.90 % |
||||||||||||||
Return on average tangible equity [b] |
7.34 |
9.05 |
7.00 |
9.77 |
||||||||||||||
Efficiency ratio [b] |
62.50 |
62.56 |
62.04 |
62.79 |
||||||||||||||
Average common equity to average assets |
14.47 |
14.56 |
14.43 |
14.59 |
||||||||||||||
Average loans to average total deposits |
88.13 |
90.62 |
89.40 |
90.12 |
||||||||||||||
Common equity tier I capital (CET1) [c] |
12.57 |
11.97 |
12.57 |
11.97 |
||||||||||||||
Tier I capital ratio [c] |
12.91 |
12.31 |
12.91 |
12.31 |
||||||||||||||
Total capital ratio [c] |
15.08 |
14.49 |
15.08 |
14.49 |
||||||||||||||
Leverage ratio [c] |
9.99 |
10.05 |
9.99 |
10.05 |
||||||||||||||
Average for Three Months |
Average for Six Months |
Ending Balance |
||||||||||||||||
Ended June 30, |
% |
Ended June 30, |
% |
June 30, |
% |
|||||||||||||
2019 |
2018 |
Change |
2019 |
2018 |
Change |
2019 |
2018 |
Change |
||||||||||
BALANCE SHEET HIGHLIGHTS |
||||||||||||||||||
Total loans |
$ 64,056,915 |
$ 63,202,826 |
1 |
$ 64,765,717 |
$ 62,704,406 |
3 |
$ 63,402,090 |
$ 63,343,018 |
— |
|||||||||
Total debt securities |
13,625,034 |
13,332,825 |
2 |
13,696,513 |
13,263,113 |
3 |
13,923,433 |
13,491,910 |
3 |
|||||||||
Earning assets |
83,152,459 |
79,538,657 |
5 |
82,829,544 |
79,078,356 |
5 |
82,741,439 |
79,922,849 |
4 |
|||||||||
Total assets |
93,452,839 |
89,032,051 |
5 |
93,220,648 |
88,404,964 |
5 |
92,184,045 |
88,754,662 |
4 |
|||||||||
Noninterest bearing demand deposits |
20,286,244 |
21,281,715 |
(5) |
20,234,941 |
21,430,981 |
(6) |
20,646,209 |
21,433,218 |
(4) |
|||||||||
Interest bearing transaction accounts |
36,948,180 |
33,808,453 |
9 |
36,429,106 |
33,765,439 |
8 |
36,967,442 |
34,350,824 |
8 |
|||||||||
Total transaction accounts |
57,234,424 |
55,090,168 |
4 |
56,664,047 |
55,196,420 |
3 |
57,613,651 |
55,784,042 |
3 |
|||||||||
Total deposits |
72,687,054 |
69,744,181 |
4 |
72,446,783 |
69,579,904 |
4 |
72,588,810 |
70,147,708 |
3 |
|||||||||
Total shareholder's equity |
13,782,011 |
13,217,831 |
4 |
13,711,724 |
13,154,476 |
4 |
13,870,723 |
13,190,644 |
5 |
|||||||||
[a] Excludes net gain on sales of investment securities. |
||||||||||||||||||
[b] 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. |
||||||||||||||||||
[c] Current period regulatory capital ratios are estimated. |
||||||||||||||||||
NM = Not meaningful |
||||||||||||||||||
BBVA USA BANCSHARES, INC. |
||||||||||
(Unaudited) |
||||||||||
(Dollars in Thousands) |
||||||||||
2019 |
2018 |
|||||||||
June 30 |
March 31 |
December 31 |
September 30 |
June 30 |
||||||
NONPERFORMING ASSETS |
||||||||||
Nonaccrual loans [a] |
$732,696 |
$806,644 |
$ 751,486 |
$ 628,159 |
$662,991 |
|||||
Loans 90 days or more past due [b] |
64,337 |
63,880 |
59,549 |
44,765 |
39,143 |
|||||
TDRs 90 days or more past due |
304 |
370 |
411 |
444 |
491 |
|||||
Total nonperforming loans [a] |
797,337 |
870,894 |
811,446 |
673,368 |
702,625 |
|||||
Other real estate owned, net (OREO) |
13,752 |
14,983 |
16,869 |
18,706 |
16,499 |
|||||
Other repossessed assets |
13,040 |
11,225 |
12,031 |
9,875 |
13,117 |
|||||
Total nonperforming assets |
$824,129 |
$897,102 |
$ 840,346 |
$ 701,949 |
$732,241 |
|||||
TDRs accruing and past due less than 90 days |
$112,383 |
$111,671 |
$ 109,190 |
$ 92,606 |
$ 99,251 |
|||||
Total nonperforming loans as a % of loans |
1.26 % |
1.34 % |
1.24 % |
1.04 % |
1.11 % |
|||||
Total nonperforming assets as a % of total loans, other real estate, and other repossessed assets |
1.30 |
1.38 |
1.29 |
1.09 |
1.16 |
|||||
Three Months Ended |
||||||||||
2019 |
2018 |
|||||||||
June 30 |
March 31 |
December 31 |
September 30 |
June 30 |
||||||
ALLOWANCE FOR LOAN LOSSES |
||||||||||
Balance at beginning of period |
$966,022 |
$885,242 |
$ 875,393 |
$ 860,000 |
$832,071 |
|||||
Net charge-offs (NCO) |
143,380 |
101,512 |
112,298 |
79,571 |
63,351 |
|||||
Provision for loan losses |
155,018 |
182,292 |
122,147 |
94,964 |
91,280 |
|||||
Balance at end of period |
$977,660 |
$966,022 |
$ 885,242 |
$ 875,393 |
$860,000 |
|||||
Allowance for loan losses as a % of total loans |
1.54 % |
1.52 % |
1.36 % |
1.36 % |
1.36 % |
|||||
Allowance for loan losses as a % of nonperforming loans [c] |
122.62 |
110.92 |
109.09 |
130.00 |
122.40 |
|||||
Allowance for loan losses as a % of nonperforming assets [c] |
118.63 |
107.68 |
105.34 |
124.71 |
117.45 |
|||||
Annualized as a % of average loans: |
||||||||||
NCO - QTD |
0.90 |
0.63 |
0.68 |
0.49 |
0.40 |
|||||
NCO - YTD |
0.77 |
0.63 |
0.51 |
0.45 |
0.42 |
|||||
[a] Includes loans held for sale. |
||||||||||
[b] Excludes loans classified as troubled debt restructuring (TDRs). |
||||||||||
[c] Includes loans held for sale that are on nonaccrual status. |
||||||||||
BBVA USA BANCSHARES, INC. |
||||||||||||
(Unaudited) |
||||||||||||
(Dollars in Thousands) |
||||||||||||
Three Months Ended June 30, |
||||||||||||
2019 |
2018 |
|||||||||||
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
|||||||
YIELD/RATE ANALYSIS |
||||||||||||
(Taxable Equivalent Basis) |
||||||||||||
Assets |
||||||||||||
Earning assets: |
||||||||||||
Loans |
$64,056,915 |
$799,680 |
5.01 % |
$63,202,826 |
$722,346 |
4.58 % |
||||||
Debt securities available for sale [a] |
8,983,280 |
45,125 |
2.01 |
11,535,569 |
53,792 |
1.87 |
||||||
Debt securities held to maturity |
4,744,584 |
34,458 |
2.91 |
2,088,717 |
14,521 |
2.79 |
||||||
Other earning assets [b] |
5,470,510 |
36,424 |
2.67 |
3,003,006 |
15,840 |
2.12 |
||||||
Total earning assets [a] |
83,255,289 |
915,687 |
4.41 |
79,830,118 |
806,499 |
4.05 |
||||||
Allowance for loan losses |
(974,772) |
(840,557) |
||||||||||
Unrealized loss on debt securities available for sale |
(102,830) |
(291,461) |
||||||||||
Other assets |
11,275,152 |
10,333,951 |
||||||||||
Total assets |
$93,452,839 |
$89,032,051 |
||||||||||
Liabilities and Shareholder's Equity |
||||||||||||
Interest bearing liabilities: |
||||||||||||
Interest bearing demand deposits |
$ 9,304,889 |
$ 26,536 |
1.14 |
$ 7,944,965 |
$ 11,025 |
0.56 |
||||||
Savings and money market accounts |
27,643,291 |
88,203 |
1.28 |
25,863,488 |
48,793 |
0.76 |
||||||
Certificates and other time deposits |
15,452,630 |
87,739 |
2.28 |
14,654,013 |
56,505 |
1.55 |
||||||
Total interest bearing deposits |
52,400,810 |
202,478 |
1.55 |
48,462,466 |
116,323 |
0.96 |
||||||
FHLB and other borrowings |
4,026,581 |
34,300 |
3.42 |
3,974,769 |
31,912 |
3.22 |
||||||
Federal funds purchased and securities sold under agreement to repurchase [b] |
466,926 |
6,002 |
5.16 |
103,974 |
1,399 |
5.40 |
||||||
Other short-term borrowings |
7,402 |
100 |
5.42 |
78,402 |
567 |
2.90 |
||||||
Total interest bearing liabilities |
56,901,719 |
242,880 |
1.71 |
52,619,611 |
150,201 |
1.14 |
||||||
Noninterest bearing deposits |
20,286,244 |
21,281,715 |
||||||||||
Other noninterest bearing liabilities |
2,482,865 |
1,912,894 |
||||||||||
Total liabilities |
79,670,828 |
75,814,220 |
||||||||||
Shareholder's equity |
13,782,011 |
13,217,831 |
||||||||||
Total liabilities and shareholder's equity |
$93,452,839 |
$89,032,051 |
||||||||||
Net interest income/ net interest spread |
672,807 |
2.70 % |
656,298 |
2.91 % |
||||||||
Net yield on earning assets |
3.24 % |
3.30 % |
||||||||||
Total taxable equivalent adjustment |
13,058 |
12,799 |
||||||||||
Net interest income |
$659,749 |
$643,499 |
||||||||||
[a] Excludes adjustment for market valuation. |
||||||||||||
[b] Yield/rate reflects impact of balance sheet offsetting. |
||||||||||||
BBVA USA BANCSHARES, INC. |
||||||||||||
(Unaudited) |
||||||||||||
(Dollars in Thousands) |
||||||||||||
Six Months Ended June 30, |
||||||||||||
2019 |
2018 |
|||||||||||
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
|||||||
YIELD/RATE ANALYSIS |
||||||||||||
(Taxable Equivalent Basis) |
||||||||||||
Assets |
||||||||||||
Earning assets: |
||||||||||||
Loans |
$64,765,717 |
$1,612,095 |
5.02 % |
$62,704,406 |
$1,397,176 |
4.49 % |
||||||
Debt securities available for sale [a] |
9,450,246 |
98,647 |
2.11 |
11,480,294 |
110,397 |
1.94 |
||||||
Debt securities held to maturity |
4,391,400 |
65,223 |
3.00 |
2,042,818 |
28,423 |
2.81 |
||||||
Other earning assets [b] |
4,367,314 |
59,931 |
2.77 |
3,110,837 |
28,466 |
1.85 |
||||||
Total earning assets [a] |
82,974,677 |
1,835,896 |
4.46 |
79,338,355 |
1,564,462 |
3.98 |
||||||
Allowance for loan losses |
(942,398) |
(842,392) |
||||||||||
Unrealized loss on debt securities available for sale |
(145,133) |
(259,999) |
||||||||||
Other assets |
11,333,502 |
10,169,000 |
||||||||||
Total assets |
$93,220,648 |
$88,404,964 |
||||||||||
Liabilities and Shareholder's Equity |
||||||||||||
Interest bearing liabilities: |
||||||||||||
Interest bearing demand deposits |
$ 8,997,002 |
46,882 |
1.05 |
$ 8,069,593 |
20,606 |
0.51 |
||||||
Savings and money market accounts |
27,432,104 |
165,112 |
1.21 |
25,695,846 |
87,683 |
0.69 |
||||||
Certificates and other time deposits |
15,782,736 |
172,838 |
2.21 |
14,383,484 |
105,381 |
1.48 |
||||||
Total interest bearing deposits |
52,211,842 |
384,832 |
1.49 |
48,148,923 |
213,670 |
0.89 |
||||||
FHLB and other borrowings |
4,157,923 |
71,926 |
3.49 |
3,644,363 |
56,668 |
3.14 |
||||||
Federal funds purchased and securities sold under agreement to repurchase [b] |
439,577 |
9,749 |
4.47 |
63,330 |
1,935 |
6.16 |
||||||
Other short-term borrowings |
17,702 |
296 |
3.37 |
65,088 |
911 |
2.82 |
||||||
Total interest bearing liabilities |
56,827,044 |
466,803 |
1.66 |
51,921,704 |
273,184 |
1.06 |
||||||
Noninterest bearing deposits |
20,234,941 |
21,430,981 |
||||||||||
Other noninterest bearing liabilities |
2,446,939 |
1,897,803 |
||||||||||
Total liabilities |
79,508,924 |
75,250,488 |
||||||||||
Shareholder's equity |
13,711,724 |
13,154,476 |
||||||||||
Total liabilities and shareholder's equity |
$93,220,648 |
$88,404,964 |
||||||||||
Net interest income/ net interest spread |
1,369,093 |
2.80 % |
1,291,278 |
2.92 % |
||||||||
Net yield on earning assets |
3.33 % |
3.28 % |
||||||||||
Total taxable equivalent adjustment |
26,255 |
25,174 |
||||||||||
Net interest income |
$1,342,838 |
$1,266,104 |
||||||||||
[a] Excludes adjustment for market valuation. |
||||||||||||
[b] Yield/rate reflects impact of balance sheet offsetting. |
||||||||||||
BBVA USA BANCSHARES, INC. |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(Dollars in Thousands) |
||||||||||||||||
Six Months |
Three Months Ended |
|||||||||||||||
Ended June 30, |
% |
2019 |
2018 |
|||||||||||||
2019 |
2018 |
Change |
June 30 |
March 31 |
December 31 |
September 30 |
June 30 |
|||||||||
NONINTEREST INCOME |
||||||||||||||||
Service charges on deposit accounts |
$ 120,639 |
$ 114,742 |
5 |
$ 61,731 |
$ 58,908 |
$ 61,606 |
$ 60,325 |
$ 58,581 |
||||||||
Card and merchant processing fees |
96,357 |
83,726 |
15 |
50,355 |
46,002 |
46,982 |
44,219 |
44,048 |
||||||||
Investment services sales fees |
58,029 |
59,890 |
(3) |
31,333 |
26,696 |
24,476 |
28,286 |
29,782 |
||||||||
Investment banking and advisory fees |
39,615 |
48,442 |
(18) |
20,758 |
18,857 |
15,286 |
13,956 |
24,546 |
||||||||
Money transfer income |
47,253 |
44,608 |
6 |
25,272 |
21,981 |
23,632 |
23,441 |
23,920 |
||||||||
Corporate and correspondent investment sales |
12,499 |
28,411 |
(56) |
5,607 |
6,892 |
10,774 |
12,490 |
16,355 |
||||||||
Asset management fees |
22,634 |
21,759 |
4 |
11,867 |
10,767 |
10,909 |
11,143 |
10,989 |
||||||||
Mortgage banking |
10,807 |
16,361 |
(34) |
5,870 |
4,937 |
3,755 |
6,717 |
7,964 |
||||||||
Bank owned life insurance |
9,387 |
8,590 |
9 |
4,803 |
4,584 |
4,635 |
4,597 |
4,375 |
||||||||
Other |
115,863 |
101,315 |
14 |
66,685 |
49,178 |
68,551 |
53,285 |
49,459 |
||||||||
533,083 |
527,844 |
1 |
284,281 |
248,802 |
270,606 |
258,459 |
270,019 |
|||||||||
Investment securities gains, net |
8,958 |
— |
— |
— |
8,958 |
— |
— |
— |
||||||||
Total noninterest income |
$ 542,041 |
$ 527,844 |
3 |
$284,281 |
$257,760 |
$ 270,606 |
$ 258,459 |
$270,019 |
||||||||
NONINTEREST EXPENSE |
||||||||||||||||
Salaries, benefits and commissions |
$ 589,019 |
$ 576,292 |
2 |
$296,303 |
$292,716 |
$ 285,820 |
$ 292,679 |
$286,852 |
||||||||
Equipment |
128,032 |
127,020 |
1 |
62,638 |
65,394 |
66,806 |
63,739 |
63,660 |
||||||||
Professional services |
137,680 |
129,222 |
7 |
73,784 |
63,896 |
79,529 |
68,403 |
68,577 |
||||||||
Net occupancy |
81,057 |
83,093 |
(2) |
40,116 |
40,941 |
41,161 |
42,514 |
42,671 |
||||||||
Money transfer expense |
32,268 |
30,023 |
7 |
17,290 |
14,978 |
15,995 |
16,120 |
16,302 |
||||||||
Marketing |
26,805 |
20,601 |
30 |
16,412 |
10,393 |
15,884 |
12,381 |
11,814 |
||||||||
Communications |
11,134 |
10,514 |
6 |
5,733 |
5,401 |
9,241 |
10,827 |
5,251 |
||||||||
Other |
174,292 |
165,693 |
5 |
86,038 |
88,254 |
87,556 |
98,847 |
84,418 |
||||||||
Total noninterest expense |
$1,180,287 |
$1,142,458 |
3 |
$598,314 |
$581,973 |
$ 601,992 |
$ 605,510 |
$579,545 |
||||||||
NM = Not meaningful |
||||||||||||||||
BBVA USA BANCSHARES, INC. |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(Dollars in Thousands) |
|||||||||||||||
Six Months |
Three Months Ended |
||||||||||||||
Ended June 30, |
2019 |
2018 |
|||||||||||||
2019 |
2018 |
June 30 |
March 31 |
December 31 |
September 30 |
June 30 |
|||||||||
NON-GAAP RECONCILIATION |
|||||||||||||||
Computation of Operating Income: |
|||||||||||||||
Net interest income (GAAP) |
$ 1,342,838 |
$ 1,266,104 |
$ 659,749 |
$ 683,089 |
$ 682,188 |
$ 658,286 |
$ 643,499 |
||||||||
Plus: noninterest income (GAAP) |
542,041 |
527,844 |
284,281 |
257,760 |
270,606 |
258,459 |
270,019 |
||||||||
Less: noninterest expense (GAAP) |
1,180,287 |
1,142,458 |
598,314 |
581,973 |
601,992 |
605,510 |
579,545 |
||||||||
Operating income (non-GAAP) |
$ 704,592 |
$ 651,490 |
$ 345,716 |
$ 358,876 |
$ 350,802 |
$ 311,235 |
$ 333,973 |
||||||||
Computation of Average Tangible Equity: |
|||||||||||||||
Total stockholder's equity (average) (GAAP) |
$13,711,724 |
$13,154,476 |
$13,782,011 |
$13,640,655 |
$ 13,420,931 |
$ 13,334,169 |
$13,217,831 |
||||||||
Less: Goodwill and other intangibles (average) (GAAP) |
5,033,348 |
5,040,016 |
5,031,129 |
5,035,591 |
5,039,847 |
5,040,018 |
5,040,777 |
||||||||
Average tangible equity (non-GAAP) [B] |
$ 8,678,376 |
$ 8,114,460 |
$ 8,750,882 |
$ 8,605,064 |
$ 8,381,084 |
$ 8,294,151 |
$ 8,177,054 |
||||||||
Net income (GAAP) [A] |
$ 301,167 |
$ 393,088 |
$ 160,186 |
$ 140,981 |
$ 195,826 |
$ 174,515 |
$ 184,398 |
||||||||
Return on average tangible equity (non-GAAP) ([A]/[B], annualized) |
7.00 % |
9.77 % |
7.34 % |
6.64 % |
9.27 % |
8.35 % |
9.05 % |
||||||||
Computation of Efficiency Ratio: |
|||||||||||||||
Noninterest expense (GAAP) |
$ 1,180,287 |
$ 1,142,458 |
$ 598,314 |
$ 581,973 |
$ 601,992 |
$ 605,510 |
$ 579,545 |
||||||||
Less: securities impairment (GAAP) |
113 |
309 |
113 |
— |
— |
283 |
— |
||||||||
Total expense [A] |
$ 1,180,174 |
$ 1,142,149 |
$ 598,201 |
$ 581,973 |
$ 601,992 |
$ 605,227 |
$ 579,545 |
||||||||
Net interest income, taxable equivalent basis |
$ 1,369,093 |
$ 1,291,278 |
$ 672,807 |
$ 696,286 |
$ 695,543 |
$ 671,419 |
$ 656,298 |
||||||||
Plus: noninterest income (GAAP) |
542,041 |
527,844 |
284,281 |
257,760 |
270,606 |
258,459 |
270,019 |
||||||||
Less: investment securities gains, net (GAAP) |
8,958 |
— |
— |
8,958 |
— |
— |
— |
||||||||
Total revenue [B] |
$ 1,902,176 |
$ 1,819,122 |
$ 957,088 |
$ 945,088 |
$ 966,149 |
$ 929,878 |
$ 926,317 |
||||||||
Efficiency ratio (non-GAAP) ([A]/[B]) |
62.04 % |
62.79 % |
62.50 % |
61.58 % |
62.31 % |
65.09 % |
62.56 % |
||||||||
BBVA USA BANCSHARES, INC. |
|||||||||||||||
SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited) |
|||||||||||||||
(Dollars in Thousands) |
|||||||||||||||
At or Quarter Ended June 30, 2019 |
|||||||||||||||
30-59 Days Past Due |
60-89 Days Past Due |
90 Days or More |
Nonaccrual |
Accruing TDRs |
Not Past Due or |
Total |
Net Charge Offs |
||||||||
Commercial, financial and agricultural |
$ 49,037 |
$ 8,246 |
$ 12,785 |
$ 389,779 |
$ 19,150 |
$ 24,373,659 |
$ 24,852,656 |
$ 45,916 |
|||||||
Real estate – construction |
3,159 |
114 |
532 |
2,097 |
107 |
1,976,637 |
1,982,646 |
(477) |
|||||||
Commercial real estate – mortgage |
4,716 |
3,283 |
360 |
107,137 |
3,687 |
12,850,522 |
12,969,705 |
61 |
|||||||
Residential real estate – mortgage |
74,767 |
25,226 |
6,681 |
154,247 |
59,130 |
13,084,079 |
13,404,130 |
1,523 |
|||||||
Equity lines of credit |
12,604 |
7,972 |
3,394 |
35,356 |
— |
2,613,504 |
2,672,830 |
371 |
|||||||
Equity loans |
2,549 |
788 |
224 |
9,361 |
25,361 |
237,495 |
275,778 |
194 |
|||||||
Credit card |
11,119 |
7,007 |
18,762 |
— |
— |
841,213 |
878,101 |
16,436 |
|||||||
Consumer – direct |
36,657 |
22,986 |
14,786 |
6,926 |
5,252 |
2,390,021 |
2,476,628 |
57,142 |
|||||||
Consumer – indirect |
77,523 |
21,908 |
6,813 |
27,793 |
— |
3,665,042 |
3,799,079 |
22,214 |
|||||||
Total loans |
$ 272,131 |
$ 97,530 |
$ 64,337 |
$ 732,696 |
$ 112,687 |
$ 62,032,172 |
$ 63,311,553 |
$ 143,380 |
|||||||
Loans held for sale |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 90,537 |
$ 90,537 |
$ — |
|||||||
At or Quarter Ended March 31, 2019 |
|||||||||||||||
30-59 Days Past Due |
60-89 Days Past Due |
90 Days or More |
Nonaccrual |
Accruing TDRs |
Not Past Due or |
Total |
Net Charge Offs |
||||||||
Commercial, financial and agricultural |
$ 54,216 |
$ 17,813 |
$ 8,144 |
$ 461,029 |
$ 18,910 |
$ 24,721,818 |
$ 25,281,930 |
$ 4,743 |
|||||||
Real estate – construction |
13,582 |
1,707 |
533 |
1,298 |
111 |
1,928,116 |
1,945,347 |
(1,410) |
|||||||
Commercial real estate – mortgage |
4,679 |
322 |
1,160 |
109,447 |
3,811 |
12,835,777 |
12,955,196 |
(27) |
|||||||
Residential real estate – mortgage |
78,538 |
22,384 |
9,007 |
163,463 |
59,167 |
13,063,837 |
13,396,396 |
929 |
|||||||
Equity lines of credit |
15,355 |
4,035 |
1,471 |
34,999 |
— |
2,660,447 |
2,716,307 |
575 |
|||||||
Equity loans |
2,920 |
1,050 |
34 |
9,840 |
26,188 |
248,137 |
288,169 |
(81) |
|||||||
Credit card |
9,394 |
7,465 |
18,499 |
— |
— |
797,474 |
832,832 |
15,243 |
|||||||
Consumer – direct |
35,620 |
20,432 |
17,251 |
4,725 |
3,854 |
2,452,034 |
2,533,916 |
53,874 |
|||||||
Consumer – indirect |
78,610 |
24,600 |
7,781 |
21,843 |
— |
3,674,618 |
3,807,452 |
27,666 |
|||||||
Total loans |
$ 292,914 |
$ 99,808 |
$ 63,880 |
$ 806,644 |
$ 112,041 |
$ 62,382,258 |
$ 63,757,545 |
$ 101,512 |
|||||||
Loans held for sale |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 1,273,821 |
$ 1,273,821 |
$ — |
|||||||
BBVA USA BANCSHARES, INC. |
|||||||||||||||
SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited) |
|||||||||||||||
(Dollars in Thousands) |
|||||||||||||||
At or Quarter Ended December 31, 2018 |
|||||||||||||||
30-59 Days Past Due |
60-89 Days Past Due |
90 Days or More |
Nonaccrual |
Accruing TDRs |
Not Past Due or |
Total |
Net Charge Offs |
||||||||
Commercial, financial and agricultural |
$ 17,257 |
$ 11,784 |
$ 8,114 |
$ 400,389 |
$ 18,926 |
$ 26,105,849 |
$ 26,562,319 |
$ 38,786 |
|||||||
Real estate – construction |
218 |
8,849 |
544 |
2,851 |
116 |
1,984,959 |
1,997,537 |
(24) |
|||||||
Commercial real estate – mortgage |
11,678 |
3,375 |
2,420 |
110,144 |
3,661 |
12,885,518 |
13,016,796 |
470 |
|||||||
Residential real estate – mortgage |
80,366 |
29,852 |
5,927 |
167,099 |
57,446 |
13,081,466 |
13,422,156 |
247 |
|||||||
Equity lines of credit |
14,007 |
5,109 |
2,226 |
37,702 |
— |
2,688,173 |
2,747,217 |
(656) |
|||||||
Equity loans |
3,471 |
843 |
180 |
10,939 |
26,768 |
256,413 |
298,614 |
(35) |
|||||||
Credit card |
9,516 |
7,323 |
17,011 |
— |
— |
784,458 |
818,308 |
11,231 |
|||||||
Consumer – direct |
37,336 |
19,543 |
13,336 |
4,528 |
2,684 |
2,476,161 |
2,553,588 |
38,508 |
|||||||
Consumer – indirect |
100,434 |
32,172 |
9,791 |
17,834 |
— |
3,609,788 |
3,770,019 |
23,771 |
|||||||
Total loans |
$ 274,283 |
$ 118,850 |
$ 59,549 |
$ 751,486 |
$ 109,601 |
$ 63,872,785 |
$ 65,186,554 |
$ 112,298 |
|||||||
Loans held for sale |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 68,766 |
$ 68,766 |
$ — |
|||||||
At or Quarter Ended September 30, 2018 |
|||||||||||||||
30-59 Days Past Due |
60-89 Days Past Due |
90 Days or More |
Nonaccrual |
Accruing TDRs |
Not Past Due or |
Total |
Net Charge Offs |
||||||||
Commercial, financial and agricultural |
$ 38,512 |
$ 16,416 |
$ 9,609 |
$ 290,239 |
$ 522 |
$ 26,300,781 |
$ 26,656,079 |
$ 13,975 |
|||||||
Real estate – construction |
3,252 |
5,278 |
532 |
12,882 |
121 |
2,096,427 |
2,118,492 |
(23) |
|||||||
Commercial real estate – mortgage |
31,792 |
18,349 |
502 |
104,976 |
3,753 |
12,237,632 |
12,397,004 |
2,035 |
|||||||
Residential real estate – mortgage |
87,426 |
30,373 |
3,697 |
159,721 |
59,082 |
13,062,173 |
13,402,472 |
2,090 |
|||||||
Equity lines of credit |
13,556 |
4,298 |
1,186 |
35,125 |
— |
2,655,566 |
2,709,731 |
(19) |
|||||||
Equity loans |
2,082 |
1,042 |
241 |
10,378 |
28,383 |
266,712 |
308,838 |
45 |
|||||||
Credit card |
8,601 |
6,449 |
13,157 |
— |
— |
735,479 |
763,686 |
9,686 |
|||||||
Consumer – direct |
30,153 |
14,455 |
8,988 |
3,184 |
1,189 |
2,364,239 |
2,422,208 |
28,765 |
|||||||
Consumer – indirect |
86,310 |
23,587 |
6,853 |
11,654 |
— |
3,550,365 |
3,678,769 |
23,017 |
|||||||
Total loans |
$ 301,684 |
$ 120,247 |
$ 44,765 |
$ 628,159 |
$ 93,050 |
$ 63,269,374 |
$ 64,457,279 |
$ 79,571 |
|||||||
Loans held for sale |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 73,569 |
$ 73,569 |
$ — |
|||||||
BBVA USA BANCSHARES, INC. |
|||||||||||||||
SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited) |
|||||||||||||||
(Dollars in Thousands) |
|||||||||||||||
At or Quarter Ended June 30, 2018 |
|||||||||||||||
30-59 Days Past Due |
60-89 Days Past Due |
90 Days or More |
Nonaccrual |
Accruing TDRs |
Not Past Due or |
Total |
Net Charge Offs |
||||||||
Commercial, financial and agricultural |
$ 55,116 |
$ 12,405 |
$ 3,597 |
$ 323,287 |
$ 5,722 |
$ 26,248,260 |
$ 26,648,387 |
$ 10,567 |
|||||||
Real estate – construction |
579 |
163 |
540 |
13,289 |
125 |
2,115,565 |
2,130,261 |
287 |
|||||||
Commercial real estate – mortgage |
20,450 |
2,826 |
3,211 |
105,409 |
3,945 |
11,659,635 |
11,795,476 |
(5,505) |
|||||||
Residential real estate – mortgage |
76,693 |
27,972 |
5,026 |
162,892 |
59,940 |
13,017,967 |
13,350,490 |
1,558 |
|||||||
Equity lines of credit |
10,661 |
4,384 |
2,191 |
34,269 |
237 |
2,627,974 |
2,679,716 |
453 |
|||||||
Equity loans |
3,519 |
882 |
306 |
10,153 |
29,303 |
281,302 |
325,465 |
(443) |
|||||||
Credit card |
6,353 |
4,733 |
11,931 |
— |
— |
681,617 |
704,634 |
11,299 |
|||||||
Consumer – direct |
24,060 |
9,577 |
6,313 |
1,073 |
470 |
2,098,439 |
2,139,932 |
29,876 |
|||||||
Consumer – indirect |
79,600 |
22,616 |
6,028 |
12,619 |
— |
3,395,753 |
3,516,616 |
15,259 |
|||||||
Total loans |
$ 277,031 |
$ 85,558 |
$ 39,143 |
$ 662,991 |
$ 99,742 |
$ 62,126,512 |
$ 63,290,977 |
$ 63,351 |
|||||||
Loans held for sale |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 52,041 |
$ 52,041 |
$ — |
|||||||
BBVA USA BANCSHARES, INC. |
|||||||||
BALANCE SHEET (Unaudited) |
|||||||||
(Dollars in Thousands) |
|||||||||
2019 |
2018 |
||||||||
June 30 |
March 31 |
December 31 |
September 30 |
June 30 |
|||||
Assets: |
|||||||||
Cash and due from banks |
$ 1,027,400 |
$ 1,143,541 |
$ 1,217,319 |
$ 1,122,747 |
$ 1,138,034 |
||||
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits |
4,773,761 |
4,864,920 |
2,115,307 |
2,404,164 |
2,438,585 |
||||
Cash and cash equivalents |
5,801,161 |
6,008,461 |
3,332,626 |
3,526,911 |
3,576,619 |
||||
Trading account assets |
440,098 |
306,123 |
237,656 |
216,749 |
277,694 |
||||
Debt securities available for sale |
9,010,950 |
9,297,018 |
10,981,216 |
11,134,860 |
11,293,724 |
||||
Debt securities held to maturity |
4,912,483 |
4,575,041 |
2,885,613 |
2,490,568 |
2,198,186 |
||||
Loans held for sale |
90,537 |
1,273,821 |
68,766 |
73,569 |
52,041 |
||||
Loans |
63,311,553 |
63,757,545 |
65,186,554 |
64,457,279 |
63,290,977 |
||||
Allowance for loan losses |
(977,660) |
(966,022) |
(885,242) |
(875,393) |
(860,000) |
||||
Net loans |
62,333,893 |
62,791,523 |
64,301,312 |
63,581,886 |
62,430,977 |
||||
Premises and equipment, net |
1,105,819 |
1,125,676 |
1,152,958 |
1,155,795 |
1,170,798 |
||||
Bank owned life insurance |
745,130 |
740,764 |
736,171 |
731,527 |
728,703 |
||||
Goodwill |
4,983,296 |
4,983,296 |
4,983,296 |
4,983,296 |
4,983,296 |
||||
Other assets |
2,760,678 |
2,740,863 |
2,267,560 |
2,152,495 |
2,042,624 |
||||
Total assets |
$ 92,184,045 |
$ 93,842,586 |
$ 90,947,174 |
$ 90,047,656 |
$ 88,754,662 |
||||
Liabilities: |
|||||||||
Deposits: |
|||||||||
Noninterest bearing |
$ 20,646,209 |
$ 20,403,716 |
$ 20,183,876 |
$ 20,968,391 |
$ 21,433,218 |
||||
Interest bearing |
51,942,601 |
53,976,592 |
51,984,111 |
49,409,666 |
48,714,490 |
||||
Total deposits |
72,588,810 |
74,380,308 |
72,167,987 |
70,378,057 |
70,147,708 |
||||
FHLB and other borrowings |
4,052,969 |
4,011,160 |
3,987,590 |
5,045,302 |
4,157,284 |
||||
Federal funds purchased and securities sold under agreements to repurchase |
191,739 |
188,024 |
102,275 |
78,004 |
185,511 |
||||
Other short-term borrowings |
2,067 |
30,975 |
— |
68,714 |
81,547 |
||||
Accrued expenses and other liabilities |
1,477,737 |
1,504,582 |
1,176,793 |
1,135,092 |
991,968 |
||||
Total liabilities |
78,313,322 |
80,115,049 |
77,434,645 |
76,705,169 |
75,564,018 |
||||
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 |
14,364,527 |
14,542,166 |
14,545,849 |
14,695,197 |
14,699,773 |
||||
Retained deficit |
(768,290) |
(927,877) |
(1,107,198) |
(1,302,525) |
(1,476,614) |
||||
Accumulated other comprehensive loss |
13,508 |
(148,135) |
(186,848) |
(311,422) |
(293,323) |
||||
Total BBVA USA Bancshares, Inc. shareholder's equity |
13,841,450 |
13,697,859 |
13,483,508 |
13,312,955 |
13,161,541 |
||||
Noncontrolling interests |
29,273 |
29,678 |
29,021 |
29,532 |
29,103 |
||||
Total shareholder's equity |
13,870,723 |
13,727,537 |
13,512,529 |
13,342,487 |
13,190,644 |
||||
Total liabilities and shareholder's equity |
$ 92,184,045 |
$ 93,842,586 |
$ 90,947,174 |
$ 90,047,656 |
$ 88,754,662 |
||||
BBVA USA BANCSHARES, INC. |
|||||||||
INCOME STATEMENT (Unaudited) |
|||||||||
(Dollars in Thousands) |
|||||||||
Three Months Ended |
|||||||||
2019 |
2018 |
||||||||
June 30 |
March 31 |
December 31 |
September 30 |
June 30 |
|||||
Interest income: |
|||||||||
Interest and fees on loans |
$ 787,767 |
$ 800,488 |
$ 787,858 |
$ 751,470 |
$ 711,006 |
||||
Interest on debt securities available for sale |
45,125 |
53,522 |
59,028 |
53,201 |
53,792 |
||||
Interest on debt securities held to maturity |
33,313 |
29,495 |
19,993 |
16,110 |
13,062 |
||||
Interest on trading account assets |
601 |
539 |
704 |
833 |
924 |
||||
Interest and dividends on other earning assets |
35,823 |
22,968 |
19,340 |
17,449 |
14,916 |
||||
Total interest income |
902,629 |
907,012 |
886,923 |
839,063 |
793,700 |
||||
Interest expense: |
|||||||||
Interest on deposits |
202,478 |
182,354 |
163,722 |
139,898 |
116,323 |
||||
Interest on FHLB and other borrowings |
34,300 |
37,626 |
36,573 |
37,131 |
31,912 |
||||
Interest on federal funds purchased and securities sold under agreements to repurchase |
6,002 |
3,747 |
3,849 |
3,169 |
1,399 |
||||
Interest on other short-term borrowings |
100 |
196 |
591 |
579 |
567 |
||||
Total interest expense |
242,880 |
223,923 |
204,735 |
180,777 |
150,201 |
||||
Net interest income |
659,749 |
683,089 |
682,188 |
658,286 |
643,499 |
||||
Provision for loan losses |
155,018 |
182,292 |
122,147 |
94,964 |
91,280 |
||||
Net interest income after provision for loan losses |
504,731 |
500,797 |
560,041 |
563,322 |
552,219 |
||||
Noninterest income: |
|||||||||
Service charges on deposit accounts |
61,731 |
58,908 |
61,606 |
60,325 |
58,581 |
||||
Card and merchant processing fees |
50,355 |
46,002 |
46,982 |
44,219 |
44,048 |
||||
Investment services sales fees |
31,333 |
26,696 |
24,476 |
28,286 |
29,782 |
||||
Investment banking and advisory fees |
20,758 |
18,857 |
15,286 |
13,956 |
24,546 |
||||
Money transfer income |
25,272 |
21,981 |
23,632 |
23,441 |
23,920 |
||||
Asset management fees |
11,867 |
10,767 |
10,909 |
11,143 |
10,989 |
||||
Corporate and correspondent investment sales |
5,607 |
6,892 |
10,774 |
12,490 |
16,355 |
||||
Mortgage banking |
5,870 |
4,937 |
3,755 |
6,717 |
7,964 |
||||
Bank owned life insurance |
4,803 |
4,584 |
4,635 |
4,597 |
4,375 |
||||
Investment securities gains, net |
— |
8,958 |
— |
— |
— |
||||
Other |
66,685 |
49,178 |
68,551 |
53,285 |
49,459 |
||||
Total noninterest income |
284,281 |
257,760 |
270,606 |
258,459 |
270,019 |
||||
Noninterest expense: |
|||||||||
Salaries, benefits and commissions |
296,303 |
292,716 |
285,820 |
292,679 |
286,852 |
||||
Equipment |
62,638 |
65,394 |
66,806 |
63,739 |
63,660 |
||||
Professional services |
73,784 |
63,896 |
79,529 |
68,403 |
68,577 |
||||
Net occupancy |
40,116 |
40,941 |
41,161 |
42,514 |
42,671 |
||||
Money transfer expense |
17,290 |
14,978 |
15,995 |
16,120 |
16,302 |
||||
Marketing |
16,412 |
10,393 |
15,884 |
12,381 |
11,814 |
||||
Communications |
5,733 |
5,401 |
9,241 |
10,827 |
5,251 |
||||
Other |
86,038 |
88,254 |
87,556 |
98,847 |
84,418 |
||||
Total noninterest expense |
598,314 |
581,973 |
601,992 |
605,510 |
579,545 |
||||
Net income before income tax expense |
190,698 |
176,584 |
228,655 |
216,271 |
242,693 |
||||
Income tax expense |
30,512 |
35,603 |
32,829 |
41,756 |
58,295 |
||||
Net income |
160,186 |
140,981 |
195,826 |
174,515 |
184,398 |
||||
Less: net income attributable to noncontrolling interests |
599 |
556 |
499 |
426 |
595 |
||||
Net income attributable to BBVA USA Bancshares, Inc. |
$ 159,587 |
$ 140,425 |
$ 195,327 |
$ 174,089 |
$ 183,803 |
||||
SOURCE BBVA USA
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