BBVA COMPASS BANCSHARES, INC

CIK:0001409775|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income:
Interest and fees on loans	$ 606,407	$ 715,476
Interest on debt securities available for sale	24,437	(1,492)
Interest on debt securities held to maturity	63,060	41,102
Interest on trading account assets	1,021	1,122
Interest and dividends on other earning assets	5,169	42,175
Total interest income	700,094	798,383
Interest expense:
Interest on deposits	20,345	164,742
Interest on FHLB and other borrowings	14,516	21,176
Interest on federal funds purchased and securities sold under agreements to repurchase	576	22,658
Interest on other short-term borrowings	389	352
Total interest expense	35,826	208,928
Net interest income	664,268	589,455
Total provision (credit) for credit losses	(120,142)	356,991
Net interest income after provision (credit) for credit losses	784,410	232,464
Noninterest income:
Mortgage banking	14,692	17,451
Corporate and correspondent investment sales	13,683	10,717
Bank owned life insurance	4,691	4,625
Investment securities gains, net	0	19,139
Other	65,660	73,098
Total noninterest income	303,701	334,242
Noninterest expense:
Salaries, benefits and commissions	338,695	310,136
Professional services	82,002	70,220
Equipment	67,334	64,681
Net occupancy	40,903	39,843
Money transfer expense	23,332	17,136
Goodwill impairment	0	2,185,000
Other	66,724	122,044
Total noninterest expense	618,990	2,809,060
Net income (loss) before income tax expense (benefit)	469,121	(2,242,354)
Income tax expense (benefit)	83,660	(5,069)
Net income (loss)	385,461	(2,237,285)
Less: net income attributable to noncontrolling interests	581	501
Net income (loss) attributable to BBVA USA Bancshares, Inc.	384,880	(2,237,786)
Less: preferred stock dividends	3,143	4,155
Net income (loss) attributable to common shareholder	381,737	(2,241,941)
Service charges on deposit accounts
Noninterest income:
Noninterest income	54,874	61,531
Card and merchant processing fees
Noninterest income:
Noninterest income	49,245	50,091
Money transfer income
Noninterest income:
Noninterest income	32,040	24,548
Investment services sales fees
Noninterest income:
Noninterest income	29,446	34,407
Investment banking and advisory fees
Noninterest income:
Noninterest income	26,783	26,731
Asset management fees
Noninterest income:
Noninterest income	$ 12,587	$ 11,904

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities:
Net income (loss)	$ 385,461	$ (2,237,285)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	59,032	104,267
Goodwill impairment	0	2,185,000
Accretion of discount, loan fees and purchase market adjustments, net	(12,868)	(8,070)
(Credit) provision for credit losses	(120,142)	356,991
Net change in trading account assets	201,262	(535,154)
Net change in trading account liabilities	(4,685)	124,326
Originations and purchases of mortgage loans held for sale	(406,497)	(209,524)
Sale of mortgage loans held for sale	365,860	212,605
Deferred tax expense (benefit)	58,622	(66,187)
Investment securities gains, net	0	(19,139)
Net loss (gain) on sale of premises and equipment	1,726	(483)
Gain on sale of mortgage loans held for sale	(18,347)	(8,775)
Net loss on sale of other real estate and other assets	94	625
Increase in other assets	(867,468)	(7,625)
Increase (decrease) in other liabilities	729	111,425
Net cash (used in) provided by operating activities	(357,221)	2,997
Investing Activities:
Proceeds from sales of debt securities available for sale	0	607,655
Proceeds from prepayments, maturities and calls of debt securities available for sale	1,116,757	1,137,698
Purchases of debt securities available for sale	(806,301)	(769,621)
Proceeds from prepayments, maturities and calls of debt securities held to maturity	713,534	204,481
Purchases of debt securities held to maturity	(2,512,520)	(1,298,774)
Proceeds from sales of equity securities	0	16,479
Purchases of equity securities	(11,312)	(883)
Net change in loan portfolio	1,550,024	(3,702,303)
Purchases of premises and equipment	(18,075)	(25,811)
Proceeds from sales of premises and equipment	20	1,377
Proceeds from settlement of BOLI policies	3,490	442
Proceeds from sales of other real estate owned	2,166	5,301
Net cash provided by (used in) investing activities	37,783	(3,823,959)
Financing Activities:
Net increase in total deposits	112,852	2,251,788
Net increase in federal funds purchased and securities sold under agreements to repurchase	781,858	236,756
Proceeds from FHLB and other borrowings	0	1,000
Repayment of FHLB and other borrowings	(61)	(1,057)
Capital contribution	10,274	7
Preferred dividends paid	(3,143)	(4,155)
Net cash provided by financing activities	901,780	2,484,339
Net increase (decrease) in cash, cash equivalents and restricted cash	582,342	(1,336,623)
Cash, cash equivalents and restricted cash at beginning of year	14,945,395	7,156,689
Cash, cash equivalents and restricted cash at end of period	$ 15,527,737	$ 5,820,066

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Cash and due from banks	$ 1,044,788	$ 1,249,954
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits	14,097,936	13,357,954
Cash and cash equivalents	15,142,724	14,607,908
Trading account assets	561,187	762,449
Debt securities available for sale	5,408,087	5,744,919
Debt securities held to maturity, net of allowance for debt securities held to maturity losses of $1,969 and $2,178 at March 31, 2021 and December 31, 2020, respectively (fair value of $12,497,012 and $10,809,461 at March 31, 2021 and December 31, 2020, respectively)	12,339,994	10,549,945
Loans held for sale, at fair value	295,570	236,586
Loans	63,960,242	65,559,767
Allowance for loan losses	(1,498,909)	(1,679,474)
Net loans	62,461,333	63,880,293
Premises and equipment, net	1,028,385	1,055,525
Bank owned life insurance	759,219	757,943
Goodwill	2,328,296	2,328,296
Other assets	3,658,603	2,832,339
Total assets	103,983,398	102,756,203
Deposits:
Noninterest bearing	29,543,118	27,791,421
Interest bearing	56,427,836	58,066,960
Total deposits	85,970,954	85,858,381
FHLB and other borrowings	3,517,567	3,548,492
Federal funds purchased and securities sold under agreements to repurchase	966,336	184,478
Accrued expenses and other liabilities	1,509,486	1,473,490
Total liabilities	91,964,343	91,064,841
Shareholder’s Equity:
Series A Preferred stock, $.0.01 par value, liquidation preference $200,000 per share, authorized — 30,000,000 shares, issued — 1,150 at both March 31, 2021 and December 31, 2020	229,475	229,475
Common stock — $0.01 par value; authorized — 300,000,000 shares, issued — 222,963,891 shares at both March 31, 2021 and December 31, 2020	2,230	2,230
Surplus	14,039,261	14,032,205
Accumulated deficit	(2,546,271)	(2,931,151)
Accumulated other comprehensive income	264,206	329,105
Total BBVA USA Bancshares, Inc. shareholder’s equity	11,988,901	11,661,864
Noncontrolling interests	30,154	29,498
Total shareholder’s equity	12,019,055	11,691,362
Total liabilities and shareholder’s equity	$ 103,983,398	$ 102,756,203