Attached files
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| 8-K - 8-K - BBVA USA Bancshares, Inc. | bbvacompass033120188k.htm |
Exhibit 99.1
April 27, 2018
Total revenue up 11 percent
BBVA Compass reports record quarterly earnings for the first quarter of 2018
• | Net income reaches quarterly record of $209 million |
◦ | Net income up 73 percent from year ago quarter and 20 percent from adjusted earnings1 in the fourth quarter of 2017 |
◦ | Return on average assets and return on average tangible equity2 for the quarter were 0.96 percent and 10.51 percent, respectively |
• | Total revenue increases 11 percent from prior year levels |
◦ | Net interest income increases 13 percent compared to a year ago and 13 percent (annualized) on a linked quarter basis |
◦ | Net interest margin (FTE) increases 31 basis points from prior year and 5 basis points from fourth quarter 2017 levels |
• | Noninterest expense growth well contained at 2 percent |
• | Positive operating leverage results in record quarterly operating income2 of $318 million, an increase of 29 percent from the first quarter of 2017 |
• | Deposit growth fully funds increase in loan portfolio; loan pipeline remains strong |
◦ | Total loans of $62.3 billion up 4 percent from prior year |
◦ | Newly funded customer loans of $4.4 billion in the quarter, up 25 percent from 1Q17 levels |
◦ | Total deposits of $69.9 billion, up 4 percent from a year ago and on a linked quarter (annualized) basis |
• | Credit quality indicators show continued improvement |
◦ | Nonperforming loan ratio at 1.11 percent, down 38 basis points from 1Q17 levels and 5 basis points from year-end 2017 |
◦ | Net charge-offs ratio of 44 basis points in the quarter down from 57 basis points in 1Q17 |
◦ | Allowance to loan ratio at 1.34 percent and nonperforming loan coverage ratio rises to 120 percent compared to 93 percent at the end of the first quarter of 2017 |
1
BBVA Compass Bancshares, Inc., a Sunbelt-based bank holding company (BBVA Compass), reported today net income of $209 million for the first quarter of 2018 compared to $52 million in the fourth quarter of 2017 ($173 million1 adjusted for the impact of the Tax Cuts and Jobs Act) and $121 million earned during the first quarter of 2017. Earnings in the quarter represented a 20 percent increase from adjusted earnings1 in the fourth quarter and a 73 percent increase from year ago levels. Return on average assets and return on tangible equity2 for the first quarter of 2018 were 0.96 percent and 10.51 percent, respectively.
“Our team at BBVA Compass continued to capitalize on the positive momentum we have developed throughout our organization and allowed us to deliver record performance in multiple areas including net income,” said Onur Genç, president and CEO of BBVA Compass. “Revenue growth was strong, led by a double-digit increase in net interest income, and expenses were well-managed which allowed us to achieve positive operating leverage and record operating income. At the same time, our digital transformation efforts also met with continued success including the broader launch of our fully digital Express Personal Loan, while our award-winning mobile banking app saw a 30 percent year-over-year jump in active users3. Clearly, our digital transformation strategy is working and seeing our strategy come to life provides us the drive to continue meeting and exceeding our customers expectation for amazing experiences.”
Total revenue for the quarter was $880 million, an increase of 11 percent from the first quarter 2017. Net interest income totaled $623 million, an increase of $71 million or 13 percent from the first quarter of 2017, and an annualized increase of 13 percent from fourth quarter 2017 levels. The percent net interest margin in the first quarter of 2018 was 3.27 percent, an increase of 31 basis points from a year ago and 5 basis points from the fourth quarter of 2017. “The increase in net interest income reflects higher short-term interest rates, the asset sensitivity of our balance sheet and our focus on increasing activity while actively managing loan and deposit spreads,” noted Genç.
Noninterest income for the quarter totaled $258 million, an increase of 5 percent compared to the $245 million recorded in the first quarter of 2017. Growth in several of our fee-based businesses exceeded overall growth, led by card and merchant processing fees which climbed 32 percent year-over-year. Also noteworthy was the growth in corporate and correspondent investment sales (+35 percent), retail investment sales (+10 percent) and asset management fees (+10 percent). Expense growth was also kept in check with noninterest expenses rising just 2 percent year-over-year. Given this positive operating leverage, total operating income2 was a record $318 million, an increase of 29 percent from the first quarter of 2017.
In terms of balance sheet growth, total loans for the first quarter of 2018 were $62.3 billion, an increase of 4 percent from the $59.8 billion at the end of the first quarter of 2017. Commercial loan growth (+7 percent) continued to outpace overall loan growth while consumer loan growth accelerated, driven by increased activity in direct consumer lending (+40 percent) and credit cards (+15 percent). During the quarter, newly funded loans totaled $4.4 billion, up 25 percent compared to the pace in the year ago quarter. Equally important, deposit growth exceeded loan growth in the quarter as total deposits rose 4 percent to $69.9 billion and the loan to deposit ratio ended the quarter at 89.1 percent.
“While we are focused on increasing activity with our customers and adding new products and technology to meet their ever-changing needs, our entire organization is also committed to maintaining sound underwriting standards and a strong risk profile,” Genç noted. Nonperforming loans totaled $694 million at the end of the quarter, down 22 percent from a year ago and 3 percent from year-end 2017. As a percentage of total loans, nonperforming loans were 1.11 percent at quarter end compared to 1.49 percent at the end of the first quarter of 2017. Net charge-offs as a percentage of average loans were 44 basis points in the quarter compared to 57 basis points in the year ago quarter. The allowance for loan losses as a percentage of total loans ended the quarter at 1.34 percent while the coverage ratio of nonperforming loans rose to 120 percent compared to 93 percent in the first quarter of 2017.
“Maintaining a strong capital position is also a top priority as we expand our client base,” Genç said. Total shareholder’s equity at the end of the quarter totaled $13.1 billion, a 2 percent increase from $12.9 billion at the end of the first quarter of 2017. The CET1 ratio rose to 12.08 percent4 at the end of the first quarter of 2018, up 28 basis points from the end of the fourth quarter of 2017. Importantly, all of BBVA Compass’ regulatory capital ratios significantly exceed the requirements under “well-capitalized” guidelines.
During the first quarter, BBVA Compass announced it now offers near instantaneous decisioning and potential same day funding for both customers and non-customers with the footprint wide5 opening of the fully digital BBVA Compass Express Personal Loan. The product, which represents months of effort across the entirety of the bank, underscores BBVA Compass' drive to digital transformation and achieving excellence in customer experience.
2
BBVA Compass also announced the launch of the new BBVA Compass Rewards Card. The new credit card offers rewards to customers for every purchase they make, with no cap on earnings, and boasts an easy to understand rewards structure. When combined with BBVA Wallet, the bank's proprietary wallet app, customers can take advantage of instant reward redemption - even at the point of sale - and manage their card's security, all with the tap of a screen.
1 Adjusted net income excludes the impact of the revaluation of net deferred tax assets mandated by the Tax Cuts and Jobs Act. The calculation of this measure is included on the page titled Non-GAAP Reconciliation.
2 Return on average tangible equity and operating income are non-GAAP financial measures that we believe aid in understanding certain areas of our performance. The calculation of this measure is included on the page titled Non-GAAP Reconciliation.
3 An active user is defined as a customer who signs in to the mobile banking app at least once per month for three consecutive months.
4 Regulatory ratios at March 31, 2018, are estimated.
5 Except California
FTE - fully taxable equivalent
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 | |
3
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 649 branches, including 336 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 18 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 (6th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 6th nationally in the total number of SBA loans originated in fiscal year 2017. Additional information about BBVA Compass can be found under the Investor Relations tab at bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com.
About 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, is the largest financial institution in Mexico, it has leading franchises in South America and the Sunbelt Region of the United States; and it is also the leading shareholder in Garanti, Turkey’s biggest bank for market capitalization. Its diversified business is focused on high-growth markets and it 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. More information about BBVA Group can be found at bbva.com.
On April 5, 2018, BBVA filed its annual report on Form 20-F for the year ended December 31, 2017, 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, 2017, including complete audited financial statements, free of charge. To request a copy, contact Ed Bilek at ed.bilek@bbva.com.
Forward-Looking Statements
Certain statements in this press release may contain forward-looking statements about BBVA Compass 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, 2018, as updated by our subsequent SEC filings.
4
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | |||||||||||
Three Months Ended March 31, | % | ||||||||||
2018 | 2017 | Change | |||||||||
EARNINGS SUMMARY | |||||||||||
Net interest income | $ | 622,605 | $ | 551,433 | 13 | ||||||
Noninterest income | 257,825 | 244,687 | 5 | ||||||||
Total revenue | 880,430 | 796,120 | 11 | ||||||||
Provision for loan losses | 57,029 | 80,139 | (29 | ) | |||||||
Noninterest expense | 562,913 | 549,312 | 2 | ||||||||
Pretax income | 260,488 | 166,669 | 56 | ||||||||
Income tax expense | 51,798 | 45,846 | 13 | ||||||||
Net income | 208,690 | 120,823 | 73 | ||||||||
Net income attributable to noncontrolling interests | 461 | 443 | 4 | ||||||||
Net income attributable to BBVA Compass Bancshares, Inc. | $ | 208,229 | $ | 120,380 | 73 | ||||||
SELECTED RATIOS | |||||||||||
Return on average assets | 0.96 | % | 0.56 | % | |||||||
Return on average tangible equity [a] | 10.51 | 6.28 | |||||||||
Average common equity to average assets | 14.62 | 14.36 | |||||||||
Average loans to average total deposits | 89.61 | 89.75 | |||||||||
Common equity tier I capital (CET1) [b] | 12.08 | 11.77 | |||||||||
Tier I capital ratio [b] | 12.43 | 12.12 | |||||||||
Total capital ratio [b] | 14.67 | 14.53 | |||||||||
Leverage ratio [b] | 10.12 | 9.68 | |||||||||
[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. | |||||||||||
[b] Current period regulatory capital ratios are estimated. | |||||||||||
5
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||
Average for Three Months | Ending Balance | |||||||||||||||||||||
Ended March 31, | % | March 31, | % | |||||||||||||||||||
2018 | 2017 | Change | 2018 | 2017 | Change | |||||||||||||||||
BALANCE SHEET HIGHLIGHTS | ||||||||||||||||||||||
Total loans | $ | 62,200,448 | $ | 60,326,849 | 3 | $ | 62,284,262 | $ | 59,780,508 | 4 | ||||||||||||
Total debt securities | 13,192,627 | 12,456,852 | 6 | 13,409,881 | 12,590,545 | 7 | ||||||||||||||||
Earning assets | 78,612,940 | 78,264,483 | — | 78,733,347 | 78,364,524 | — | ||||||||||||||||
Total assets | 87,770,909 | 87,676,882 | — | 87,608,502 | 87,309,233 | — | ||||||||||||||||
Noninterest bearing demand deposits | 21,581,905 | 20,577,690 | 5 | 21,792,498 | 21,476,890 | 1 | ||||||||||||||||
Interest bearing transaction accounts | 33,721,948 | 33,409,808 | 1 | 34,344,230 | 33,978,555 | 1 | ||||||||||||||||
Total transaction accounts | 55,303,853 | 53,987,498 | 2 | 56,136,728 | 55,455,445 | 1 | ||||||||||||||||
Total deposits | 69,413,803 | 67,216,855 | 3 | 69,940,412 | 67,529,638 | 4 | ||||||||||||||||
Total shareholder's equity | 13,090,418 | 12,852,658 | 2 | 13,144,139 | 12,885,499 | 2 | ||||||||||||||||
6
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | ||||||||||||||||
NONPERFORMING ASSETS | ||||||||||||||||||||
Nonaccrual loans [a] | $ | 647,210 | $ | 658,865 | $ | 666,812 | $ | 760,313 | $ | 825,988 | ||||||||||
Loans 90 days or more past due [b] | 45,904 | 58,378 | 43,049 | 59,434 | 65,617 | |||||||||||||||
TDRs 90 days or more past due | 700 | 751 | 963 | 969 | 1,185 | |||||||||||||||
Total nonperforming loans [a] | 693,814 | 717,994 | 710,824 | 820,716 | 892,790 | |||||||||||||||
Other real estate owned, net (OREO) | 16,147 | 17,278 | 22,012 | 22,965 | 25,113 | |||||||||||||||
Other repossessed assets | 11,278 | 13,473 | 11,443 | 12,298 | 9,540 | |||||||||||||||
Total nonperforming assets | $ | 721,239 | $ | 748,745 | $ | 744,279 | $ | 855,979 | $ | 927,443 | ||||||||||
TDRs accruing and past due less than 90 days | $ | 101,285 | $ | 100,492 | $ | 95,521 | $ | 97,088 | $ | 128,558 | ||||||||||
Total nonperforming loans as a % of loans | 1.11 | % | 1.16 | % | 1.18 | % | 1.37 | % | 1.49 | % | ||||||||||
Total nonperforming assets as a % of total loans, other real estate, and other repossessed assets | 1.16 | 1.21 | 1.23 | 1.43 | 1.55 | |||||||||||||||
[a] Includes loans held for sale. | ||||||||||||||||||||
[b] Excludes loans classified as troubled debt restructuring (TDRs). | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||
Balance at beginning of period | $ | 842,760 | $ | 849,119 | $ | 816,952 | $ | 834,106 | $ | 838,293 | ||||||||||
Net charge-offs (NCO) | 67,718 | 65,194 | 71,267 | 62,439 | 84,326 | |||||||||||||||
Provision for loan losses | 57,029 | 58,835 | 103,434 | 45,285 | 80,139 | |||||||||||||||
Balance at end of period | $ | 832,071 | $ | 842,760 | $ | 849,119 | $ | 816,952 | $ | 834,106 | ||||||||||
Allowance for loan losses as a % of total loans | 1.34 | % | 1.37 | % | 1.41 | % | 1.36 | % | 1.40 | % | ||||||||||
Allowance for loan losses as a % of nonperforming loans [c] | 119.93 | 117.38 | 119.46 | 99.54 | 93.43 | |||||||||||||||
Allowance for loan losses as a % of nonperforming assets [c] | 115.37 | 112.56 | 114.09 | 95.44 | 89.94 | |||||||||||||||
Annualized as a % of average loans: | ||||||||||||||||||||
NCO - QTD | 0.44 | 0.42 | 0.47 | 0.42 | 0.57 | |||||||||||||||
NCO - YTD | 0.44 | 0.47 | 0.48 | 0.49 | 0.57 | |||||||||||||||
[c] Includes loans held for sale that are on nonaccrual status. | ||||||||||||||||||||
7
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | |||||||||||||||||
YIELD/RATE ANALYSIS | ||||||||||||||||||||||
(Taxable Equivalent Basis) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||
Loans | $ | 62,200,448 | $ | 674,830 | 4.40 | % | $ | 60,326,849 | $ | 591,704 | 3.98 | % | ||||||||||
Debt securities available for sale [a] | 11,424,405 | 56,605 | 2.01 | 11,430,056 | 52,051 | 1.85 | ||||||||||||||||
Debt securities held to maturity | 1,996,409 | 13,902 | 2.82 | 1,168,799 | 9,571 | 3.32 | ||||||||||||||||
Other earning assets [b] | 3,219,865 | 12,626 | 1.59 | 5,480,782 | 22,441 | 1.66 | ||||||||||||||||
Total earning assets [a] | 78,841,127 | 757,963 | 3.90 | 78,406,486 | 675,767 | 3.50 | ||||||||||||||||
Allowance for loan losses | (844,248 | ) | (850,362 | ) | ||||||||||||||||||
Unrealized loss on debt securities available for sale | (228,187 | ) | (142,003 | ) | ||||||||||||||||||
Other assets | 10,002,217 | 10,262,761 | ||||||||||||||||||||
Total assets | $ | 87,770,909 | $ | 87,676,882 | ||||||||||||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 8,195,605 | $ | 9,581 | 0.47 | $ | 8,190,873 | $ | 6,131 | 0.30 | ||||||||||||
Savings and money market accounts | 25,526,343 | 38,890 | 0.62 | 25,218,935 | 22,301 | 0.36 | ||||||||||||||||
Certificates and other time deposits | 14,109,950 | 48,876 | 1.40 | 13,229,357 | 41,872 | 1.28 | ||||||||||||||||
Total interest bearing deposits | 47,831,898 | 97,347 | 0.83 | 46,639,165 | 70,304 | 0.61 | ||||||||||||||||
FHLB and other borrowings | 3,310,286 | 24,756 | 3.03 | 3,167,805 | 19,068 | 2.44 | ||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase [b] | 22,235 | 536 | 9.78 | 42,855 | 4,897 | 46.34 | ||||||||||||||||
Other short-term borrowings | 51,626 | 344 | 2.70 | 2,707,802 | 10,086 | 1.51 | ||||||||||||||||
Total interest bearing liabilities | 51,216,045 | 122,983 | 0.97 | 52,557,627 | 104,355 | 0.81 | ||||||||||||||||
Noninterest bearing deposits | 21,581,905 | 20,577,690 | ||||||||||||||||||||
Other noninterest bearing liabilities | 1,882,541 | 1,688,907 | ||||||||||||||||||||
Total liabilities | 74,680,491 | 74,824,224 | ||||||||||||||||||||
Shareholder's equity | 13,090,418 | 12,852,658 | ||||||||||||||||||||
Total liabilities and shareholder's equity | $ | 87,770,909 | $ | 87,676,882 | ||||||||||||||||||
Net interest income/ net interest spread | 634,980 | 2.93 | % | 571,412 | 2.69 | % | ||||||||||||||||
Net yield on earning assets | 3.27 | % | 2.96 | % | ||||||||||||||||||
Total taxable equivalent adjustment | 12,375 | 19,979 | ||||||||||||||||||||
Net interest income | $ | 622,605 | $ | 551,433 | ||||||||||||||||||
[a] Excludes adjustment for market valuation. | ||||||||||||||||||||||
[b] Yield/rate reflects impact of balance sheet offsetting. | ||||||||||||||||||||||
8
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||
Three Months | Three Months Ended | ||||||||||||||||||||||||||||||
Ended March 31, | % | 2018 | 2017 | ||||||||||||||||||||||||||||
2018 | 2017 | Change | March 31 | December 31 | September 30 | June 30 | March 31 | ||||||||||||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 56,161 | $ | 55,168 | 2 | $ | 56,161 | $ | 56,070 | $ | 55,953 | $ | 54,919 | $ | 55,168 | ||||||||||||||||
Card and merchant processing fees | 39,678 | 29,992 | 32 | 39,678 | 33,380 | 32,297 | 32,460 | 29,992 | |||||||||||||||||||||||
Retail investment sales | 30,108 | 27,471 | 10 | 30,108 | 26,338 | 26,817 | 28,588 | 27,471 | |||||||||||||||||||||||
Investment banking and advisory fees | 23,896 | 28,301 | (16 | ) | 23,896 | 24,957 | 30,500 | 19,943 | 28,301 | ||||||||||||||||||||||
Money transfer income | 20,688 | 25,197 | (18 | ) | 20,688 | 24,101 | 24,881 | 27,330 | 25,197 | ||||||||||||||||||||||
Corporate and correspondent investment sales | 12,056 | 8,915 | 35 | 12,056 | 11,803 | 5,145 | 12,189 | 8,915 | |||||||||||||||||||||||
Asset management fees | 10,770 | 9,771 | 10 | 10,770 | 10,303 | 10,336 | 10,055 | 9,771 | |||||||||||||||||||||||
Mortgage banking | 8,397 | 2,870 | 193 | 8,397 | 4,720 | 3,450 | 3,316 | 2,870 | |||||||||||||||||||||||
Bank owned life insurance | 4,215 | 4,169 | 1 | 4,215 | 4,397 | 4,322 | 4,220 | 4,169 | |||||||||||||||||||||||
Other | 51,856 | 52,833 | (2 | ) | 51,856 | 101,100 | 61,060 | 53,305 | 52,833 | ||||||||||||||||||||||
257,825 | 244,687 | 5 | 257,825 | 297,169 | 254,761 | 246,325 | 244,687 | ||||||||||||||||||||||||
Investment securities gains, net | — | — | — | — | — | 3,033 | — | — | |||||||||||||||||||||||
Total noninterest income | $ | 257,825 | $ | 244,687 | 5 | $ | 257,825 | $ | 297,169 | $ | 257,794 | $ | 246,325 | $ | 244,687 | ||||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||||||||||||||||
Salaries, benefits and commissions | $ | 289,440 | $ | 268,015 | 8 | $ | 289,440 | $ | 296,146 | $ | 279,384 | $ | 288,426 | $ | 268,015 | ||||||||||||||||
Equipment | 63,360 | 61,630 | 3 | 63,360 | 63,200 | 60,656 | 62,405 | 61,630 | |||||||||||||||||||||||
Professional services | 60,645 | 57,807 | 5 | 60,645 | 76,068 | 64,775 | 64,840 | 57,807 | |||||||||||||||||||||||
Net occupancy | 40,422 | 42,101 | (4 | ) | 40,422 | 41,125 | 42,227 | 41,240 | 42,101 | ||||||||||||||||||||||
Money transfer expense | 13,721 | 16,324 | (16 | ) | 13,721 | 15,721 | 15,938 | 17,807 | 16,324 | ||||||||||||||||||||||
Marketing | 8,787 | 13,545 | (35 | ) | 8,787 | 7,950 | 14,996 | 15,729 | 13,545 | ||||||||||||||||||||||
Communications | 5,263 | 5,219 | 1 | 5,263 | 4,970 | 5,084 | 5,281 | 5,219 | |||||||||||||||||||||||
Other | 81,275 | 84,671 | (4 | ) | 81,275 | 110,648 | 90,902 | 76,757 | 84,671 | ||||||||||||||||||||||
Total noninterest expense | $ | 562,913 | $ | 549,312 | 2 | $ | 562,913 | $ | 615,828 | $ | 573,962 | $ | 572,485 | $ | 549,312 | ||||||||||||||||
9
BBVA COMPASS BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
NON-GAAP RECONCILIATION | ||||||||
Computation of Operating Income: | ||||||||
Net interest income (GAAP) | $ | 622,605 | $ | 551,433 | ||||
Plus: noninterest income (GAAP) | 257,825 | 244,687 | ||||||
Less: noninterest expense (GAAP) | 562,913 | 549,312 | ||||||
Operating income (non-GAAP) | $ | 317,517 | $ | 246,808 | ||||
Computation of Average Tangible Equity: | ||||||||
Total stockholder's equity (average) (GAAP) | $ | 13,090,418 | $ | 12,852,658 | ||||
Less: Goodwill and other intangibles (average) (GAAP) | 5,039,246 | 5,049,493 | ||||||
Average tangible equity (non-GAAP) [B] | $ | 8,051,172 | $ | 7,803,165 | ||||
Net income (GAAP) [A] | $ | 208,690 | $ | 120,823 | ||||
Return on average tangible equity (non-GAAP) ([A]/[B], annualized) | 10.51 | % | 6.28 | % | ||||
Three Months Ended | ||||||||
March 31, 2018 | December 31, 2017 | |||||||
Computation of Adjusted Net Income: | ||||||||
Net income (GAAP) | $ | 208,690 | $ | 52,072 | ||||
Plus: Revaluation of net deferred tax assets (GAAP) | — | 121,243 | ||||||
Adjusted net income (non-GAAP) | $ | 208,690 | $ | 173,315 | ||||
10
BBVA COMPASS BANCSHARES, INC SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited) (In Thousands) | |||||||||||||||||||||||||||||||
At or Quarter Ended March 31, 2018 | |||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Nonaccrual | Accruing TDRs | Not Past Due or Impaired | Total | Net Charge Offs (Recoveries) | ||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 15,427 | $ | 12,230 | $ | 5,420 | $ | 284,699 | $ | 5,231 | $ | 26,036,120 | $ | 26,359,127 | $ | 8,395 | |||||||||||||||
Real estate – construction | 450 | 240 | 1,918 | 14,183 | 129 | 2,139,936 | 2,156,856 | (89 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 8,552 | 3,220 | 2,229 | 115,285 | 4,182 | 11,394,819 | 11,528,287 | 114 | |||||||||||||||||||||||
Residential real estate – mortgage | 73,335 | 33,993 | 5,975 | 169,778 | 62,171 | 12,961,735 | 13,306,987 | 1,380 | |||||||||||||||||||||||
Equity lines of credit | 12,063 | 4,611 | 2,371 | 36,350 | 236 | 2,602,229 | 2,657,860 | 160 | |||||||||||||||||||||||
Equity loans | 4,495 | 983 | 379 | 11,429 | 29,546 | 297,705 | 344,537 | (69 | ) | ||||||||||||||||||||||
Credit card | 6,438 | 5,089 | 11,845 | — | — | 633,658 | 657,030 | 9,874 | |||||||||||||||||||||||
Consumer – direct | 16,919 | 8,569 | 7,929 | 4,211 | 490 | 1,818,325 | 1,856,443 | 25,412 | |||||||||||||||||||||||
Consumer – indirect | 77,153 | 21,092 | 7,838 | 11,275 | — | 3,223,376 | 3,340,734 | 22,541 | |||||||||||||||||||||||
Total loans | $ | 214,832 | $ | 90,027 | $ | 45,904 | $ | 647,210 | $ | 101,985 | $ | 61,107,903 | $ | 62,207,861 | $ | 67,718 | |||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 76,401 | $ | 76,401 | $ | — | |||||||||||||||
At or Quarter Ended December 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 | $ | 14,804 | $ | 3,753 | $ | 18,136 | $ | 310,059 | $ | 1,213 | $ | 25,401,984 | $ | 25,749,949 | $ | 13,320 | |||||||||||||||
Real estate – construction | 12,293 | 70 | 1,560 | 5,381 | 101 | 2,254,134 | 2,273,539 | (115 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 10,473 | 3,270 | 927 | 111,982 | 4,155 | 11,593,351 | 11,724,158 | 417 | |||||||||||||||||||||||
Residential real estate – mortgage | 69,474 | 34,440 | 8,572 | 173,843 | 64,898 | 13,014,520 | 13,365,747 | 290 | |||||||||||||||||||||||
Equity lines of credit | 10,956 | 7,556 | 2,259 | 34,021 | 237 | 2,598,076 | 2,653,105 | 871 | |||||||||||||||||||||||
Equity loans | 4,170 | 657 | 995 | 11,559 | 30,105 | 315,778 | 363,264 | 87 | |||||||||||||||||||||||
Credit card | 6,710 | 4,804 | 11,929 | — | — | 616,074 | 639,517 | 9,048 | |||||||||||||||||||||||
Consumer – direct | 19,766 | 7,020 | 6,712 | 2,425 | 534 | 1,653,926 | 1,690,383 | 19,551 | |||||||||||||||||||||||
Consumer – indirect | 92,017 | 26,460 | 7,288 | 9,595 | — | 3,028,746 | 3,164,106 | 21,725 | |||||||||||||||||||||||
Total loans | $ | 240,663 | $ | 88,030 | $ | 58,378 | $ | 658,865 | $ | 101,243 | $ | 60,476,589 | $ | 61,623,768 | $ | 65,194 | |||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 67,110 | $ | 67,110 | $ | — | |||||||||||||||
11
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 | |||||||||||||||||||||||
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 | $ | — | |||||||||||||||
12
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 | $ | — | |||||||||||||||
13
BBVA COMPASS BANCSHARES, INC. BALANCE SHEET (Unaudited) (In Thousands) | |||||||||||||||||||
2018 | 2017 | ||||||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||
Assets: | |||||||||||||||||||
Cash and due from banks | $ | 1,098,345 | $ | 1,313,022 | $ | 1,145,745 | $ | 1,073,646 | $ | 1,093,797 | |||||||||
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 2,424,987 | 2,769,804 | 2,588,913 | 2,302,500 | 2,866,135 | ||||||||||||||
Cash and cash equivalents | 3,523,332 | 4,082,826 | 3,734,658 | 3,376,146 | 3,959,932 | ||||||||||||||
Trading account assets | 216,465 | 220,496 | 572,104 | 2,651,083 | 2,892,254 | ||||||||||||||
Debt securities available for sale | 11,434,152 | 12,219,632 | 11,820,442 | 11,666,908 | 11,431,760 | ||||||||||||||
Debt securities held to maturity | 1,975,729 | 1,046,093 | 1,077,372 | 1,143,171 | 1,158,785 | ||||||||||||||
Loans held for sale | 76,401 | 67,110 | 77,783 | 74,558 | 74,741 | ||||||||||||||
Loans | 62,207,861 | 61,623,768 | 60,315,204 | 59,881,160 | 59,705,767 | ||||||||||||||
Allowance for loan losses | (832,071 | ) | (842,760 | ) | (849,119 | ) | (816,952 | ) | (834,106 | ) | |||||||||
Net loans | 61,375,790 | 60,781,008 | 59,466,085 | 59,064,208 | 58,871,661 | ||||||||||||||
Premises and equipment, net | 1,189,253 | 1,214,874 | 1,226,747 | 1,253,516 | 1,273,226 | ||||||||||||||
Bank owned life insurance | 724,600 | 722,596 | 720,693 | 718,938 | 715,883 | ||||||||||||||
Goodwill | 4,983,296 | 4,983,296 | 4,983,296 | 4,983,296 | 4,983,296 | ||||||||||||||
Other assets | 2,109,484 | 1,982,648 | 2,004,480 | 2,072,095 | 1,947,695 | ||||||||||||||
Total assets | $ | 87,608,502 | $ | 87,320,579 | $ | 85,683,660 | $ | 87,003,919 | $ | 87,309,233 | |||||||||
Liabilities: | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest bearing | $ | 21,792,498 | $ | 21,630,694 | $ | 21,094,235 | $ | 21,000,630 | $ | 21,476,890 | |||||||||
Interest bearing | 48,147,914 | 47,625,619 | 46,119,332 | 44,616,750 | 46,052,748 | ||||||||||||||
Total deposits | 69,940,412 | 69,256,313 | 67,213,567 | 65,617,380 | 67,529,638 | ||||||||||||||
FHLB and other borrowings | 3,322,940 | 3,959,930 | 3,956,041 | 4,789,494 | 2,993,222 | ||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 5,933 | 19,591 | 44,761 | 31,619 | 71,559 | ||||||||||||||
Other short-term borrowings | 29,999 | 17,996 | 327,539 | 2,435,260 | 2,642,539 | ||||||||||||||
Accrued expenses and other liabilities | 1,165,079 | 1,053,439 | 1,025,849 | 1,140,536 | 1,186,776 | ||||||||||||||
Total liabilities | 74,464,363 | 74,307,269 | 72,567,757 | 74,014,289 | 74,423,734 | ||||||||||||||
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 | 14,814,744 | 14,818,608 | 14,912,412 | 14,916,198 | 14,982,125 | ||||||||||||||
Retained deficit | (1,660,417 | ) | (1,868,659 | ) | (1,920,184 | ) | (2,050,051 | ) | (2,207,060 | ) | |||||||||
Accumulated other comprehensive loss | (271,431 | ) | (197,405 | ) | (137,583 | ) | (137,131 | ) | (150,781 | ) | |||||||||
Total BBVA Compass Bancshares, Inc. shareholder’s equity | 13,114,601 | 12,984,249 | 13,086,350 | 12,960,721 | 12,855,989 | ||||||||||||||
Noncontrolling interests | 29,538 | 29,061 | 29,553 | 28,909 | 29,510 | ||||||||||||||
Total shareholder’s equity | 13,144,139 | 13,013,310 | 13,115,903 | 12,989,630 | 12,885,499 | ||||||||||||||
Total liabilities and shareholder’s equity | $ | 87,608,502 | $ | 87,320,579 | $ | 85,683,660 | $ | 87,003,919 | $ | 87,309,233 | |||||||||
14
BBVA COMPASS BANCSHARES, INC. INCOME STATEMENTS (Unaudited) (In Thousands) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
2018 | 2017 | ||||||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||
Interest income: | |||||||||||||||||||
Interest and fees on loans | $ | 663,935 | $ | 641,322 | $ | 623,884 | $ | 607,375 | $ | 574,712 | |||||||||
Interest on debt securities available for sale | 56,602 | 56,883 | 50,599 | 53,159 | 51,997 | ||||||||||||||
Interest on debt securities held to maturity | 12,426 | 6,555 | 6,994 | 6,821 | 6,639 | ||||||||||||||
Interest on trading account assets | 750 | 1,005 | 6,247 | 9,805 | 10,297 | ||||||||||||||
Interest on other earning assets | 11,875 | 10,843 | 14,888 | 14,480 | 12,143 | ||||||||||||||
Total interest income | 745,588 | 716,608 | 702,612 | 691,640 | 655,788 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Interest on deposits | 97,347 | 88,016 | 75,083 | 65,914 | 70,304 | ||||||||||||||
Interest on FHLB and other borrowings | 24,756 | 22,392 | 29,904 | 22,450 | 19,068 | ||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 536 | 464 | 4,623 | 6,942 | 4,897 | ||||||||||||||
Interest on other short-term borrowings | 344 | 2,191 | 3,641 | 10,506 | 10,086 | ||||||||||||||
Total interest expense | 122,983 | 113,063 | 113,251 | 105,812 | 104,355 | ||||||||||||||
Net interest income | 622,605 | 603,545 | 589,361 | 585,828 | 551,433 | ||||||||||||||
Provision for loan losses | 57,029 | 58,835 | 103,434 | 45,285 | 80,139 | ||||||||||||||
Net interest income after provision for loan losses | 565,576 | 544,710 | 485,927 | 540,543 | 471,294 | ||||||||||||||
Noninterest income: | |||||||||||||||||||
Service charges on deposit accounts | 56,161 | 56,070 | 55,953 | 54,919 | 55,168 | ||||||||||||||
Card and merchant processing fees | 39,678 | 33,380 | 32,297 | 32,460 | 29,992 | ||||||||||||||
Retail investment sales | 30,108 | 26,338 | 26,817 | 28,588 | 27,471 | ||||||||||||||
Investment banking and advisory fees | 23,896 | 24,957 | 30,500 | 19,943 | 28,301 | ||||||||||||||
Money transfer income | 20,688 | 24,101 | 24,881 | 27,330 | 25,197 | ||||||||||||||
Corporate and correspondent investment sales | 12,056 | 11,803 | 5,145 | 12,189 | 8,915 | ||||||||||||||
Asset management fees | 10,770 | 10,303 | 10,336 | 10,055 | 9,771 | ||||||||||||||
Mortgage banking | 8,397 | 4,720 | 3,450 | 3,316 | 2,870 | ||||||||||||||
Bank owned life insurance | 4,215 | 4,397 | 4,322 | 4,220 | 4,169 | ||||||||||||||
Investment securities gains, net | — | — | 3,033 | — | — | ||||||||||||||
Other | 51,856 | 101,100 | 61,060 | 53,305 | 52,833 | ||||||||||||||
Total noninterest income | 257,825 | 297,169 | 257,794 | 246,325 | 244,687 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||
Salaries, benefits and commissions | 289,440 | 296,146 | 279,384 | 288,426 | 268,015 | ||||||||||||||
Equipment | 63,360 | 63,200 | 60,656 | 62,405 | 61,630 | ||||||||||||||
Professional services | 60,645 | 76,068 | 64,775 | 64,840 | 57,807 | ||||||||||||||
Net occupancy | 40,422 | 41,125 | 42,227 | 41,240 | 42,101 | ||||||||||||||
Money transfer expense | 13,721 | 15,721 | 15,938 | 17,807 | 16,324 | ||||||||||||||
Marketing | 8,787 | 7,950 | 14,996 | 15,729 | 13,545 | ||||||||||||||
Communications | 5,263 | 4,970 | 5,084 | 5,281 | 5,219 | ||||||||||||||
Other | 81,275 | 110,648 | 90,902 | 76,757 | 84,671 | ||||||||||||||
Total noninterest expense | 562,913 | 615,828 | 573,962 | 572,485 | 549,312 | ||||||||||||||
Net income before income tax expense | 260,488 | 226,051 | 169,759 | 214,383 | 166,669 | ||||||||||||||
Income tax expense | 51,798 | 173,979 | 39,308 | 56,943 | 45,846 | ||||||||||||||
Net income | 208,690 | 52,072 | 130,451 | 157,440 | 120,823 | ||||||||||||||
Less: net income attributable to noncontrolling interests | 461 | 547 | 584 | 431 | 443 | ||||||||||||||
Net income attributable to BBVA Compass Bancshares, Inc. | $ | 208,229 | $ | 51,525 | $ | 129,867 | $ | 157,009 | $ | 120,380 | |||||||||
15