Texas (State or other jurisdiction of incorporation) | 000-55106 (Commission File Number) | 20-8948381 (IRS Employer Identification No.) | |||
2200 Post Oak Blvd. Houston, Texas (Address of principal executive offices) | 77056 (Zip Code) | ||||
(205) 297-3000 (Registrant's telephone number, including area code) Not applicable (Former name or former address, if changed since last report) |
BBVA USA Bancshares, Inc. | |
By: | /s/ Jonathan W. Pennington |
Name: | Jonathan W. Pennington |
Title: | Executive Vice President and Controller |
• | Revenue: Total revenue decreases 6 percent in the quarter driven by decline in net interest income while full-year revenue posts 1 percent increase fueled by solid noninterest income growth |
• | Efficiency: Focus on expense management results in 2 percent increase in noninterest expenses both in the quarter and for the full year of 2019; combined with revenue growth results in record operating income1 for the year at $1.3 billion, an increase of 3 percent |
• | Goodwill impairment: Annual impairment test results in $470 million non-cash write-down of goodwill primarily as a result of the negative evolution of interest rates, particularly in the second half of 2019 |
• | Credit quality: Nonperforming loan ratio drops for third consecutive quarter to 1.06 percent while coverage ratio rises to 136 percent. Net charge-offs show improvement from the preceding two quarters and allowance to loans ratio remains stout at 1.44 percent |
• | Capital and liquidity: CET1 ratio2 rises 49 basis points to 12.49 percent while the Liquidity Coverage Ratio (LCR) was 145 percent. Goodwill impairment has no impact on regulatory capital or liquidity |
Impact of Goodwill Impairment | |||||||||||||||||||||
Dollars in thousands (unaudited) | |||||||||||||||||||||
Full Year | |||||||||||||||||||||
4Q19 | 4Q18 | % Change | 2019 | 2018 | % Change | ||||||||||||||||
Net Income (Loss): | |||||||||||||||||||||
As reported | $ | (330,705 | ) | $ | 195,826 | NM % | $ | 153,407 | $ | 763,429 | (80 | )% | |||||||||
Adjusted1 | 139,295 | 195,826 | (29 | ) | 623,407 | 763,429 | (18 | ) | |||||||||||||
ROA: | |||||||||||||||||||||
As reported | (1.37 | )% | 0.85 | % | 0.16 | % | 0.85 | % | |||||||||||||
Adjusted1 | 0.58 | 0.85 | 0.66 | 0.85 | |||||||||||||||||
ROTE:1 | |||||||||||||||||||||
As reported | (14.46 | )% | 9.27 | % | 1.73 | % | 9.28 | % | |||||||||||||
Adjusted | 6.09 | 9.27 | 7.03 | 9.28 |
Contact Details: | ||
Christina Anderson | Ed Bilek | |
External Communications | Investor Relations | |
Tel. 205.524.5214 | Tel. 205.297.3331 | |
christina.anderson@bbva.com | ed.bilek@bbva.com |
BBVA USA BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||
Three Months Ended December 31, | % | Years Ended December 31, | % | |||||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | |||||||||||||||||
EARNINGS SUMMARY | ||||||||||||||||||||||
Net interest income | $ | 623,154 | $ | 682,188 | (9 | ) | $ | 2,607,033 | $ | 2,606,578 | — | |||||||||||
Noninterest income [a] | 272,584 | 270,606 | 1 | 1,105,983 | 1,056,909 | 5 | ||||||||||||||||
Total revenue [a] | 895,738 | 952,794 | (6 | ) | 3,713,016 | 3,663,487 | 1 | |||||||||||||||
Investment securities gain, net | — | — | — | 29,961 | — | NM | ||||||||||||||||
Provision for loan losses | 119,505 | 122,147 | (2 | ) | 597,444 | 365,420 | 63 | |||||||||||||||
Goodwill impairment | 470,000 | — | NM | 470,000 | — | NM | ||||||||||||||||
Noninterest expense | 616,906 | 601,992 | 2 | 2,396,080 | 2,349,960 | 2 | ||||||||||||||||
Pretax (loss) income | (310,673 | ) | 228,655 | NM | 279,453 | 948,107 | (71 | ) | ||||||||||||||
Income tax expense | 20,032 | 32,829 | (39 | ) | 126,046 | 184,678 | (32 | ) | ||||||||||||||
Net (loss) income | $ | (330,705 | ) | $ | 195,826 | NM | $ | 153,407 | $ | 763,429 | (80 | ) | ||||||||||
Adjusted net income [b] | $ | 139,295 | $ | 195,826 | (29 | ) | $ | 623,407 | $ | 763,429 | (18 | ) | ||||||||||
SELECTED RATIOS | ||||||||||||||||||||||
Return on average assets | (1.37 | )% | 0.85 | % | 0.16 | % | 0.85 | % | ||||||||||||||
Return on average assets- adjusted [b] | 0.58 | 0.85 | 0.66 | 0.85 | ||||||||||||||||||
Return on average tangible equity [b] | (14.46 | ) | 9.27 | 1.73 | 9.28 | |||||||||||||||||
Return on average tangible equity- adjusted [b] | 6.09 | 9.27 | 7.03 | 9.28 | ||||||||||||||||||
Efficiency ratio [b] | 67.92 | 62.31 | 63.64 | 63.24 | ||||||||||||||||||
Average common equity to average assets | 14.44 | 14.41 | 14.46 | 14.52 | ||||||||||||||||||
Average loans to average total deposits | 86.29 | 91.88 | 88.04 | 90.89 | ||||||||||||||||||
Common equity tier 1 capital (CET1) [c] | 12.49 | 12.00 | 12.49 | 12.00 | ||||||||||||||||||
Tier I capital ratio [c] | 12.83 | 12.33 | 12.83 | 12.33 | ||||||||||||||||||
Total capital ratio [c] | 14.98 | 14.49 | 14.98 | 14.49 | ||||||||||||||||||
Leverage ratio [c] | 9.70 | 10.03 | 9.70 | 10.03 | ||||||||||||||||||
[a] Excludes net gain on sales of investment securities. | ||||||||||||||||||||||
[b] Non-GAAP measure that we believe aids in understanding certain areas of our performance. The calculation of this measure is included on the page titled Non-GAAP Reconciliation. | ||||||||||||||||||||||
[c] Current period regulatory capital ratios are estimated. | ||||||||||||||||||||||
NM = Not meaningful |
BBVA USA BANCSHARES, INC. (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||||
Average for Three Months | Average for Year | Ending Balance | |||||||||||||||||||||||||||||||
Ended December 31, | % | Ended December 31, | % | December 31, | % | ||||||||||||||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | 2019 | 2018 | Change | |||||||||||||||||||||||||
BALANCE SHEET HIGHLIGHTS | |||||||||||||||||||||||||||||||||
Total loans | $ | 63,956,453 | $ | 65,287,838 | (2 | ) | $ | 64,275,473 | $ | 63,761,869 | 1 | $ | 64,058,915 | $ | 65,255,320 | (2 | ) | ||||||||||||||||
Total debt securities | 13,792,727 | 13,614,503 | 1 | 13,725,672 | 13,406,533 | 2 | 14,032,351 | 13,866,829 | 1 | ||||||||||||||||||||||||
Earning assets | 85,135,405 | 81,661,049 | 4 | 83,839,035 | 80,237,817 | 4 | 84,712,261 | 81,831,522 | 4 | ||||||||||||||||||||||||
Total assets | 95,754,954 | 91,337,365 | 5 | 94,293,422 | 89,576,037 | 5 | 93,603,347 | 90,947,174 | 3 | ||||||||||||||||||||||||
Noninterest bearing demand deposits | 21,288,781 | 20,825,633 | 2 | 20,631,434 | 21,167,441 | (3 | ) | 21,850,216 | 20,183,876 | 8 | |||||||||||||||||||||||
Interest bearing transaction accounts | 39,773,454 | 34,783,054 | 14 | 37,595,208 | 34,197,814 | 10 | 41,081,638 | 36,277,316 | 13 | ||||||||||||||||||||||||
Total transaction accounts | 61,062,235 | 55,608,687 | 10 | 58,226,642 | 55,365,255 | 5 | 62,931,854 | 56,461,192 | 11 | ||||||||||||||||||||||||
Total deposits | 74,122,266 | 71,057,556 | 4 | 73,007,106 | 70,149,887 | 4 | 74,985,283 | 72,167,987 | 4 | ||||||||||||||||||||||||
Shareholder's equity | 14,090,315 | 13,420,931 | 5 | 13,894,163 | 13,266,930 | 5 | 13,386,589 | 13,512,529 | (1 | ) |
BBVA USA BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||
NONPERFORMING ASSETS | ||||||||||||||||||||
Nonaccrual loans [a] | $ | 606,843 | $ | 653,242 | $ | 732,696 | $ | 806,644 | $ | 751,486 | ||||||||||
Loans 90 days or more past due [b] | 71,126 | 67,869 | 64,337 | 63,880 | 59,549 | |||||||||||||||
TDRs 90 days or more past due | 414 | 588 | 304 | 370 | 411 | |||||||||||||||
Total nonperforming loans [a] | 678,383 | 721,699 | 797,337 | 870,894 | 811,446 | |||||||||||||||
Foreclosed real estate | 20,833 | 17,381 | 13,752 | 14,983 | 16,869 | |||||||||||||||
Other repossessed assets | 10,930 | 17,584 | 13,040 | 11,225 | 12,031 | |||||||||||||||
Total nonperforming assets | $ | 710,146 | $ | 756,664 | $ | 824,129 | $ | 897,102 | $ | 840,346 | ||||||||||
TDRs accruing and past due less than 90 days | $ | 97,901 | $ | 97,218 | $ | 112,383 | $ | 111,671 | $ | 109,190 | ||||||||||
Total nonperforming loans as a % of loans | 1.06 | % | 1.14 | % | 1.26 | % | 1.34 | % | 1.24 | % | ||||||||||
Total nonperforming assets as a % of total loans, foreclosed real estate, and other repossessed assets | 1.11 | 1.19 | 1.30 | 1.38 | 1.29 | |||||||||||||||
[a] Includes loans held for sale. | ||||||||||||||||||||
[b] Excludes loans classified as troubled debt restructurings (TDRs). |
Three Months Ended | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||
Balance at beginning of period | $ | 942,191 | $ | 977,660 | $ | 966,022 | $ | 885,242 | $ | 875,393 | ||||||||||
Net charge-offs (NCO) | 140,703 | 176,098 | 143,380 | 101,512 | 112,298 | |||||||||||||||
Provision for loan losses | 119,505 | 140,629 | 155,018 | 182,292 | 122,147 | |||||||||||||||
Balance at end of period | $ | 920,993 | $ | 942,191 | $ | 977,660 | $ | 966,022 | $ | 885,242 | ||||||||||
Allowance for loan losses as a % of total loans | 1.44 | % | 1.49 | % | 1.54 | % | 1.52 | % | 1.36 | % | ||||||||||
Allowance for loan losses as a % of nonperforming loans [c] | 135.76 | 130.55 | 122.62 | 110.92 | 109.09 | |||||||||||||||
Allowance for loan losses as a % of nonperforming assets [c] | 129.69 | 124.52 | 118.63 | 107.68 | 105.34 | |||||||||||||||
Annualized as a % of average loans: | ||||||||||||||||||||
NCO - QTD | 0.87 | 1.10 | 0.90 | 0.63 | 0.68 | |||||||||||||||
NCO - YTD | 0.88 | 0.88 | 0.77 | 0.63 | 0.51 | |||||||||||||||
[c] Includes loans held for sale that are on nonaccrual status. |
BBVA USA BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||
Average Balance | Income/Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/Rate | |||||||||||||||||
YIELD/RATE ANALYSIS | ||||||||||||||||||||||
(Taxable Equivalent Basis) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||
Loans | $ | 63,956,453 | $ | 749,428 | 4.65 | % | $ | 65,287,838 | $ | 799,829 | 4.86 | % | ||||||||||
Debt securities available for sale [a] | 7,223,333 | 33,333 | 1.83 | 11,186,986 | 59,029 | 2.09 | ||||||||||||||||
Debt securities held to maturity | 6,576,786 | 44,207 | 2.67 | 2,740,315 | 21,376 | 3.09 | ||||||||||||||||
Other earning assets [b] | 7,386,225 | 41,241 | 2.22 | 2,758,708 | 20,044 | 2.88 | ||||||||||||||||
Total earning assets [a] | 85,142,797 | 868,209 | 4.05 | 81,973,847 | 900,278 | 4.36 | ||||||||||||||||
Allowance for loan losses | (944,773 | ) | (886,426 | ) | ||||||||||||||||||
Unrealized loss on debt securities available for sale | (7,392 | ) | (312,798 | ) | ||||||||||||||||||
Other assets | 11,564,322 | 10,562,742 | ||||||||||||||||||||
Total assets | $ | 95,754,954 | $ | 91,337,365 | ||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 9,329,342 | $ | 23,648 | 1.01 | $ | 7,963,379 | $ | 15,349 | 0.76 | ||||||||||||
Savings and money market accounts | 30,444,112 | 93,114 | 1.21 | 26,819,675 | 72,530 | 1.07 | ||||||||||||||||
Certificates and other time deposits | 13,060,031 | 72,583 | 2.20 | 15,448,869 | 75,843 | 1.95 | ||||||||||||||||
Total interest bearing deposits | 52,833,485 | 189,345 | 1.42 | 50,231,923 | 163,722 | 1.29 | ||||||||||||||||
FHLB and other borrowings | 3,701,993 | 31,263 | 3.35 | 4,664,076 | 36,573 | 3.11 | ||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase [b] | 1,137,573 | 11,850 | 4.13 | 138,953 | 3,849 | 10.99 | ||||||||||||||||
Other short-term borrowings | 11,189 | 199 | 7.06 | 65,994 | 591 | 3.55 | ||||||||||||||||
Total interest bearing liabilities | 57,684,240 | 232,657 | 1.60 | 55,100,946 | 204,735 | 1.47 | ||||||||||||||||
Noninterest bearing deposits | 21,288,781 | 20,825,633 | ||||||||||||||||||||
Other noninterest bearing liabilities | 2,691,618 | 1,989,855 | ||||||||||||||||||||
Total liabilities | 81,664,639 | 77,916,434 | ||||||||||||||||||||
Shareholder's equity | 14,090,315 | 13,420,931 | ||||||||||||||||||||
Total liabilities and shareholder's equity | $ | 95,754,954 | $ | 91,337,365 | ||||||||||||||||||
Net interest income/ net interest spread | 635,552 | 2.45 | % | 695,543 | 2.89 | % | ||||||||||||||||
Net yield on earning assets | 2.96 | % | 3.37 | % | ||||||||||||||||||
Total taxable equivalent adjustment | 12,398 | 13,355 | ||||||||||||||||||||
Net interest income | $ | 623,154 | $ | 682,188 | ||||||||||||||||||
[a] Excludes adjustment for market valuation. | ||||||||||||||||||||||
[b] Yield/rate reflects impact of balance sheet offsetting. |
BBVA USA BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | |||||||||||||||||
YIELD/RATE ANALYSIS | ||||||||||||||||||||||
(Taxable Equivalent Basis) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||
Loans | $ | 64,275,473 | $ | 3,144,471 | 4.89 | % | $ | 63,761,869 | $ | 2,960,170 | 4.64 | % | ||||||||||
Debt securities available for sale [a] | 8,520,287 | 168,031 | 1.97 | 11,390,313 | 222,627 | 1.95 | ||||||||||||||||
Debt securities held to maturity | 5,281,585 | 149,505 | 2.83 | 2,298,737 | 67,347 | 2.93 | ||||||||||||||||
Other earning assets [b] | 5,837,890 | 148,187 | 2.54 | 3,069,415 | 66,792 | 2.18 | ||||||||||||||||
Total earning assets [a] | 83,915,235 | 3,610,194 | 4.30 | 80,520,334 | 3,316,936 | 4.12 | ||||||||||||||||
Allowance for loan losses | (950,306 | ) | (859,475 | ) | ||||||||||||||||||
Unrealized loss on debt securities available for sale | (76,200 | ) | (282,517 | ) | ||||||||||||||||||
Other assets | 11,404,693 | 10,197,695 | ||||||||||||||||||||
Total assets | $ | 94,293,422 | $ | 89,576,037 | ||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 9,048,948 | 95,709 | 1.06 | $ | 7,950,561 | 48,599 | 0.61 | ||||||||||||||
Savings and money market accounts | 28,546,260 | 354,286 | 1.24 | 26,247,253 | 224,009 | 0.85 | ||||||||||||||||
Certificates and other time deposits | 14,780,464 | 328,161 | 2.22 | 14,784,632 | 244,682 | 1.65 | ||||||||||||||||
Total interest bearing deposits | 52,375,672 | 778,156 | 1.49 | 48,982,446 | 517,290 | 1.06 | ||||||||||||||||
FHLB and other borrowings | 3,968,094 | 136,164 | 3.43 | 4,095,054 | 130,372 | 3.18 | ||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase [b] | 857,922 | 36,736 | 4.28 | 109,852 | 8,953 | 8.15 | ||||||||||||||||
Other short-term borrowings | 14,963 | 567 | 3.79 | 68,423 | 2,081 | 3.04 | ||||||||||||||||
Total interest bearing liabilities | 57,216,651 | 951,623 | 1.66 | 53,255,775 | 658,696 | 1.24 | ||||||||||||||||
Noninterest bearing deposits | 20,631,434 | 21,167,441 | ||||||||||||||||||||
Other noninterest bearing liabilities | 2,551,174 | 1,885,891 | ||||||||||||||||||||
Total liabilities | 80,399,259 | 76,309,107 | ||||||||||||||||||||
Shareholder's equity | 13,894,163 | 13,266,930 | ||||||||||||||||||||
Total liabilities and shareholder's equity | $ | 94,293,422 | $ | 89,576,037 | ||||||||||||||||||
Net interest income/ net interest spread | 2,658,571 | 2.64 | % | 2,658,240 | 2.88 | % | ||||||||||||||||
Net yield on earning assets | 3.17 | % | 3.30 | % | ||||||||||||||||||
Total taxable equivalent adjustment | 51,538 | 51,662 | ||||||||||||||||||||
Net interest income | $ | 2,607,033 | $ | 2,606,578 | ||||||||||||||||||
[a] Excludes adjustment for market valuation. | ||||||||||||||||||||||
[b] Yield/rate reflects impact of balance sheet offsetting. |
BBVA USA BANCSHARES, INC. (Unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||
Year Ended | Three Months Ended | ||||||||||||||||||||||||||||||
December 31, | % | 2019 | 2018 | ||||||||||||||||||||||||||||
2019 | 2018 | Change | December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 250,367 | $ | 236,673 | 6 | $ | 64,585 | $ | 65,143 | $ | 61,731 | $ | 58,908 | $ | 61,606 | ||||||||||||||||
Card and merchant processing fees | 197,547 | 174,927 | 13 | 50,805 | 50,385 | 50,355 | 46,002 | 46,982 | |||||||||||||||||||||||
Investment services sales fees | 115,446 | 112,652 | 2 | 28,130 | 29,287 | 31,333 | 26,696 | 24,476 | |||||||||||||||||||||||
Investment banking and advisory fees | 83,659 | 77,684 | 8 | 15,720 | 28,324 | 20,758 | 18,857 | 15,286 | |||||||||||||||||||||||
Money transfer income | 99,144 | 91,681 | 8 | 25,871 | 26,020 | 25,272 | 21,981 | 23,632 | |||||||||||||||||||||||
Asset management fees | 45,571 | 43,811 | 4 | 11,532 | 11,405 | 11,867 | 10,767 | 10,909 | |||||||||||||||||||||||
Corporate and correspondent investment sales | 38,561 | 51,675 | (25 | ) | 14,263 | 11,799 | 5,607 | 6,892 | 10,774 | ||||||||||||||||||||||
Mortgage banking income | 28,059 | 26,833 | 5 | 9,048 | 8,204 | 5,870 | 4,937 | 3,755 | |||||||||||||||||||||||
Bank owned life insurance | 17,479 | 17,822 | (2 | ) | 4,584 | 3,508 | 4,803 | 4,584 | 4,635 | ||||||||||||||||||||||
Other | 230,150 | 223,151 | 3 | 48,046 | 66,241 | 66,685 | 49,178 | 68,551 | |||||||||||||||||||||||
1,105,983 | 1,056,909 | 5 | 272,584 | 300,316 | 284,281 | 248,802 | 270,606 | ||||||||||||||||||||||||
Investment securities gains, net | 29,961 | — | NM | — | 21,003 | — | 8,958 | — | |||||||||||||||||||||||
Total noninterest income | $ | 1,135,944 | $ | 1,056,909 | 7 | $ | 272,584 | $ | 321,319 | $ | 284,281 | $ | 257,760 | $ | 270,606 | ||||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||||||||||||||||
Salaries, benefits and commissions | $ | 1,181,934 | $ | 1,154,791 | 2 | $ | 297,823 | $ | 295,092 | $ | 296,303 | $ | 292,716 | $ | 285,820 | ||||||||||||||||
Professional services | 292,926 | 277,154 | 6 | 82,343 | 72,903 | 73,784 | 63,896 | 79,529 | |||||||||||||||||||||||
Equipment | 256,766 | 257,565 | — | 64,826 | 63,908 | 62,638 | 65,394 | 66,806 | |||||||||||||||||||||||
Net occupancy | 166,600 | 166,768 | — | 43,302 | 42,241 | 40,116 | 40,941 | 41,161 | |||||||||||||||||||||||
Money transfer expense | 68,224 | 62,138 | 10 | 17,951 | 18,005 | 17,290 | 14,978 | 15,995 | |||||||||||||||||||||||
Marketing | 55,164 | 48,866 | 13 | 12,888 | 15,471 | 16,412 | 10,393 | 15,884 | |||||||||||||||||||||||
Communications | 21,782 | 30,582 | (29 | ) | 5,179 | 5,469 | 5,733 | 5,401 | 9,241 | ||||||||||||||||||||||
Other | 352,684 | 352,096 | — | 92,594 | 85,798 | 86,038 | 88,254 | 87,556 | |||||||||||||||||||||||
2,396,080 | 2,349,960 | 2 | 616,906 | 598,887 | 598,314 | 581,973 | 601,992 | ||||||||||||||||||||||||
Goodwill impairment | 470,000 | — | NM | 470,000 | — | — | — | — | |||||||||||||||||||||||
Total noninterest expense | $ | 2,866,080 | $ | 2,349,960 | 22 | $ | 1,086,906 | $ | 598,887 | $ | 598,314 | $ | 581,973 | $ | 601,992 |
BBVA USA BANCSHARES, INC. (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||||||||
Year Ended | Three Months Ended | |||||||||||||||||||||||||||
December 31, | 2019 | 2018 | ||||||||||||||||||||||||||
2019 | 2018 | December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||||||||
NON-GAAP RECONCILIATION | ||||||||||||||||||||||||||||
Computation of Operating Income: | ||||||||||||||||||||||||||||
Net interest income (GAAP) | $ | 2,607,033 | $ | 2,606,578 | $ | 623,154 | $ | 641,041 | $ | 659,749 | $ | 683,089 | $ | 682,188 | ||||||||||||||
Plus: noninterest income (GAAP) | 1,135,944 | 1,056,909 | 272,584 | 321,319 | 284,281 | 257,760 | 270,606 | |||||||||||||||||||||
Less: noninterest expense (GAAP) | 2,866,080 | 2,349,960 | 1,086,906 | 598,887 | 598,314 | 581,973 | 601,992 | |||||||||||||||||||||
Plus: goodwill impairment (GAAP) | 470,000 | — | 470,000 | — | — | — | — | |||||||||||||||||||||
Operating income (non-GAAP) | $ | 1,346,897 | $ | 1,313,527 | $ | 278,832 | $ | 363,473 | $ | 345,716 | $ | 358,876 | $ | 350,802 | ||||||||||||||
Computation of Average Tangible Equity: | ||||||||||||||||||||||||||||
Total stockholder's equity (average) (GAAP) | $ | 13,894,163 | $ | 13,266,930 | $ | 14,090,315 | $ | 14,056,939 | $ | 13,782,011 | $ | 13,640,655 | $ | 13,420,931 | ||||||||||||||
Less: goodwill and other intangibles (average) (GAAP) | 5,026,723 | 5,039,974 | 5,016,935 | 5,023,480 | 5,031,129 | 5,035,591 | 5,039,847 | |||||||||||||||||||||
Average tangible equity (non-GAAP) [B] | $ | 8,867,440 | $ | 8,226,956 | $ | 9,073,380 | $ | 9,033,459 | $ | 8,750,882 | $ | 8,605,064 | $ | 8,381,084 | ||||||||||||||
Net income (loss) (GAAP) [A] | $ | 153,407 | $ | 763,429 | $ | (330,705 | ) | $ | 182,945 | $ | 160,186 | $ | 140,981 | $ | 195,826 | |||||||||||||
Return on average tangible equity (non-GAAP) ([A]/[B], annualized) | 1.73 | % | 9.28 | % | (14.46 | )% | 8.03 | % | 7.34 | % | 6.64 | % | 9.27 | % | ||||||||||||||
Computation of Adjusted Net Income, Return on Average Assets and Return on Average Tangible Equity: | ||||||||||||||||||||||||||||
Net income (loss) (GAAP) | $ | 153,407 | $ | 763,429 | $ | (330,705 | ) | $ | 182,945 | $ | 160,186 | $ | 140,981 | $ | 195,826 | |||||||||||||
Plus: goodwill impairment (GAAP) | 470,000 | — | 470,000 | — | — | — | — | |||||||||||||||||||||
Adjusted net income (non-GAAP) [C] | $ | 623,407 | $ | 763,429 | $ | 139,295 | $ | 182,945 | $ | 160,186 | $ | 140,981 | $ | 195,826 | ||||||||||||||
Average assets (GAAP) [D] | $ | 94,293,422 | $ | 89,576,037 | $ | 95,754,954 | $ | 94,942,456 | $ | 93,452,839 | $ | 92,985,876 | $ | 91,337,365 | ||||||||||||||
Return on average assets - adjusted (non-GAAP) ([C]/[D], annualized) | 0.66 | % | 0.85 | % | 0.58 | % | 0.76 | % | 0.69 | % | 0.61 | % | 0.85 | % | ||||||||||||||
Return on average tangible equity - adjusted (non-GAAP) ([C]/[B], annualized) | 7.03 | 9.28 | 6.09 | 8.03 | 7.34 | 6.64 | 9.27 | |||||||||||||||||||||
Computation of Efficiency Ratio: | ||||||||||||||||||||||||||||
Noninterest expense (GAAP) | $ | 2,866,080 | $ | 2,349,960 | $ | 1,086,906 | $ | 598,887 | $ | 598,314 | $ | 581,973 | $ | 601,992 | ||||||||||||||
Less: securities and goodwill impairment (GAAP) | 470,215 | 592 | 470,102 | — | 113 | — | — | |||||||||||||||||||||
Total expense (GAAP) [E] | $ | 2,395,865 | $ | 2,349,368 | $ | 616,804 | $ | 598,887 | $ | 598,201 | $ | 581,973 | $ | 601,992 | ||||||||||||||
Net interest income, taxable equivalent basis | $ | 2,658,571 | $ | 2,658,240 | $ | 635,552 | $ | 653,926 | $ | 672,807 | 696,286 | $ | 695,543 | |||||||||||||||
Plus: noninterest income (GAAP) | 1,135,944 | 1,056,909 | 272,584 | 321,319 | 284,281 | 257,760 | 270,606 | |||||||||||||||||||||
Less: investment securities gains, net (GAAP) | 29,961 | — | — | 21,003 | — | 8,958 | — | |||||||||||||||||||||
Total revenue [F] | $ | 3,764,554 | $ | 3,715,149 | $ | 908,136 | $ | 954,242 | $ | 957,088 | $ | 945,088 | $ | 966,149 | ||||||||||||||
Efficiency ratio (non-GAAP) ([E/[F]) | 63.64 | % | 63.24 | % | 67.92 | % | 62.76 | % | 62.50 | % | 61.58 | % | 62.31 | % |
BBVA USA BANCSHARES, INC. SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited) (In Thousands) | |||||||||||||||||||||||||||||||
At or Quarter Ended December 31, 2019 | |||||||||||||||||||||||||||||||
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 | $ | 29,273 | $ | 16,462 | $ | 6,692 | $ | 268,288 | $ | 1,456 | $ | 24,110,067 | $ | 24,432,238 | $ | 37,788 | |||||||||||||||
Real estate – construction | 7,603 | 2 | 571 | 8,041 | 72 | 2,012,393 | 2,028,682 | (126 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 5,325 | 5,458 | 6,576 | 98,077 | 3,414 | 13,742,628 | 13,861,478 | (285 | ) | ||||||||||||||||||||||
Residential real estate – mortgage | 72,571 | 21,909 | 4,641 | 147,337 | 57,165 | 13,230,331 | 13,533,954 | 107 | |||||||||||||||||||||||
Equity lines of credit | 15,766 | 6,581 | 1,567 | 38,113 | — | 2,530,653 | 2,592,680 | 857 | |||||||||||||||||||||||
Equity loans | 2,856 | 1,028 | 195 | 8,651 | 23,770 | 208,468 | 244,968 | 137 | |||||||||||||||||||||||
Credit card | 11,275 | 9,214 | 22,796 | — | — | 959,080 | 1,002,365 | 16,760 | |||||||||||||||||||||||
Consumer – direct | 33,658 | 20,703 | 18,358 | 6,555 | 12,438 | 2,246,430 | 2,338,142 | 58,190 | |||||||||||||||||||||||
Consumer – indirect | 83,966 | 28,430 | 9,730 | 31,781 | — | 3,758,443 | 3,912,350 | 27,275 | |||||||||||||||||||||||
Total loans | $ | 262,293 | $ | 109,787 | $ | 71,126 | $ | 606,843 | $ | 98,315 | $ | 62,798,493 | $ | 63,946,857 | $ | 140,703 | |||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 112,058 | $ | 112,058 | $ | — |
At or Quarter Ended September 30, 2019 | |||||||||||||||||||||||||||||||
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 | $ | 30,779 | $ | 24,036 | $ | 11,179 | $ | 301,021 | $ | 1,552 | $ | 24,314,563 | $ | 24,683,130 | $ | 69,942 | |||||||||||||||
Real estate – construction | 3,831 | 185 | 532 | 1,616 | 76 | 1,999,107 | 2,005,347 | (59 | ) | ||||||||||||||||||||||
Commercial real estate – mortgage | 13,939 | 41 | 2,375 | 110,632 | 3,492 | 12,943,694 | 13,074,173 | 2,250 | |||||||||||||||||||||||
Residential real estate – mortgage | 74,796 | 22,329 | 4,778 | 153,078 | 60,537 | 13,187,809 | 13,503,327 | 1,280 | |||||||||||||||||||||||
Equity lines of credit | 11,088 | 4,616 | 2,072 | 36,879 | — | 2,563,457 | 2,618,112 | 431 | |||||||||||||||||||||||
Equity loans | 2,452 | 978 | 524 | 8,728 | 24,789 | 225,973 | 263,444 | (59 | ) | ||||||||||||||||||||||
Credit card | 10,372 | 8,092 | 20,037 | — | — | 897,646 | 936,147 | 16,398 | |||||||||||||||||||||||
Consumer – direct | 35,762 | 23,075 | 17,773 | 7,348 | 7,360 | 2,297,040 | 2,388,358 | 63,992 | |||||||||||||||||||||||
Consumer – indirect | 81,075 | 26,294 | 8,599 | 33,940 | — | 3,698,625 | 3,848,533 | 21,923 | |||||||||||||||||||||||
Total loans | $ | 264,094 | $ | 109,646 | $ | 67,869 | $ | 653,242 | $ | 97,806 | $ | 62,127,914 | $ | 63,320,571 | $ | 176,098 | |||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 134,314 | $ | 134,314 | $ | — |
At or Quarter Ended June 30, 2019 | |||||||||||||||||||||||||||||||
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 | $ | 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 Past Due | Nonaccrual | Accruing TDRs | Not Past Due or Impaired | Total | Net Charge Offs (Recoveries) | ||||||||||||||||||||||||
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 | $ | — |
At or Quarter Ended December 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 | $ | 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 | $ | — |
BBVA USA BANCSHARES, INC. BALANCE SHEET (Unaudited) (In Thousands) | |||||||||||||||||||
2019 | 2018 | ||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||||||
Assets: | |||||||||||||||||||
Cash and due from banks | $ | 1,149,734 | $ | 1,117,458 | $ | 1,027,400 | $ | 1,143,541 | $ | 1,217,319 | |||||||||
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 5,788,964 | 5,356,141 | 4,773,761 | 4,864,920 | 2,115,307 | ||||||||||||||
Cash and cash equivalents | 6,938,698 | 6,473,599 | 5,801,161 | 6,008,461 | 3,332,626 | ||||||||||||||
Trading account assets | 473,976 | 564,000 | 440,098 | 306,123 | 237,656 | ||||||||||||||
Debt securities available for sale | 7,235,305 | 7,612,590 | 9,010,950 | 9,297,018 | 10,981,216 | ||||||||||||||
Debt securities held to maturity | 6,797,046 | 6,334,634 | 4,912,483 | 4,575,041 | 2,885,613 | ||||||||||||||
Loans held for sale | 112,058 | 134,314 | 90,537 | 1,273,821 | 68,766 | ||||||||||||||
Loans | 63,946,857 | 63,320,571 | 63,311,553 | 63,757,545 | 65,186,554 | ||||||||||||||
Allowance for loan losses | (920,993 | ) | (942,191 | ) | (977,660 | ) | (966,022 | ) | (885,242 | ) | |||||||||
Net loans | 63,025,864 | 62,378,380 | 62,333,893 | 62,791,523 | 64,301,312 | ||||||||||||||
Premises and equipment, net | 1,087,698 | 1,085,635 | 1,105,819 | 1,125,676 | 1,152,958 | ||||||||||||||
Bank owned life insurance | 750,224 | 746,819 | 745,130 | 740,764 | 736,171 | ||||||||||||||
Goodwill | 4,513,296 | 4,983,296 | 4,983,296 | 4,983,296 | 4,983,296 | ||||||||||||||
Other assets | 2,669,182 | 2,600,820 | 2,760,678 | 2,740,863 | 2,267,560 | ||||||||||||||
Total assets | $ | 93,603,347 | $ | 92,914,087 | $ | 92,184,045 | $ | 93,842,586 | $ | 90,947,174 | |||||||||
Liabilities: | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest bearing | $ | 21,850,216 | $ | 21,019,303 | $ | 20,646,209 | $ | 20,403,716 | $ | 20,183,876 | |||||||||
Interest bearing | 53,135,067 | 52,550,139 | 51,942,601 | 53,976,592 | 51,984,111 | ||||||||||||||
Total deposits | 74,985,283 | 73,569,442 | 72,588,810 | 74,380,308 | 72,167,987 | ||||||||||||||
FHLB and other borrowings | 3,690,044 | 3,709,949 | 4,052,969 | 4,011,160 | 3,987,590 | ||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 173,028 | 117,421 | 191,739 | 188,024 | 102,275 | ||||||||||||||
Other short-term borrowings | — | 45 | 2,067 | 30,975 | — | ||||||||||||||
Accrued expenses and other liabilities | 1,368,403 | 1,415,612 | 1,477,737 | 1,504,582 | 1,176,793 | ||||||||||||||
Total liabilities | 80,216,758 | 78,812,469 | 78,313,322 | 80,115,049 | 77,434,645 | ||||||||||||||
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 | 14,043,727 | 14,359,966 | 14,364,527 | 14,542,166 | 14,545,849 | ||||||||||||||
Retained deficit | (917,227 | ) | (585,859 | ) | (768,290 | ) | (927,877 | ) | (1,107,198 | ) | |||||||||
Accumulated other comprehensive income (loss) | (1,072 | ) | 66,009 | 13,508 | (148,135 | ) | (186,848 | ) | |||||||||||
Total BBVA USA Bancshares, Inc. shareholder’s equity | 13,357,133 | 14,071,821 | 13,841,450 | 13,697,859 | 13,483,508 | ||||||||||||||
Noncontrolling interests | 29,456 | 29,797 | 29,273 | 29,678 | 29,021 | ||||||||||||||
Total shareholder’s equity | 13,386,589 | 14,101,618 | 13,870,723 | 13,727,537 | 13,512,529 | ||||||||||||||
Total liabilities and shareholder’s equity | $ | 93,603,347 | $ | 92,914,087 | $ | 92,184,045 | $ | 93,842,586 | $ | 90,947,174 |
BBVA USA BANCSHARES, INC. INCOME STATEMENTS (Unaudited) (In Thousands) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
2019 | 2018 | ||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||||||
Interest income: | |||||||||||||||||||
Interest and fees on loans | $ | 738,140 | $ | 771,245 | $ | 787,767 | $ | 800,488 | $ | 787,858 | |||||||||
Interest on debt securities available for sale | 33,333 | 36,051 | 45,125 | 53,522 | 59,028 | ||||||||||||||
Interest on debt securities held to maturity | 43,097 | 38,893 | 33,313 | 29,495 | 19,993 | ||||||||||||||
Interest on trading account assets | 1,326 | 487 | 601 | 539 | 704 | ||||||||||||||
Interest and dividends on other earning assets | 39,915 | 46,528 | 35,823 | 22,968 | 19,340 | ||||||||||||||
Total interest income | 855,811 | 893,204 | 902,629 | 907,012 | 886,923 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Interest on deposits | 189,345 | 203,979 | 202,478 | 182,354 | 163,722 | ||||||||||||||
Interest on FHLB and other borrowings | 31,263 | 32,975 | 34,300 | 37,626 | 36,573 | ||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 11,850 | 15,137 | 6,002 | 3,747 | 3,849 | ||||||||||||||
Interest on other short-term borrowings | 199 | 72 | 100 | 196 | 591 | ||||||||||||||
Total interest expense | 232,657 | 252,163 | 242,880 | 223,923 | 204,735 | ||||||||||||||
Net interest income | 623,154 | 641,041 | 659,749 | 683,089 | 682,188 | ||||||||||||||
Provision for loan losses | 119,505 | 140,629 | 155,018 | 182,292 | 122,147 | ||||||||||||||
Net interest income after provision for loan losses | 503,649 | 500,412 | 504,731 | 500,797 | 560,041 | ||||||||||||||
Noninterest income: | |||||||||||||||||||
Service charges on deposit accounts | 64,585 | 65,143 | 61,731 | 58,908 | 61,606 | ||||||||||||||
Card and merchant processing fees | 50,805 | 50,385 | 50,355 | 46,002 | 46,982 | ||||||||||||||
Investment services sales fees | 28,130 | 29,287 | 31,333 | 26,696 | 24,476 | ||||||||||||||
Investment banking and advisory fees | 15,720 | 28,324 | 20,758 | 18,857 | 15,286 | ||||||||||||||
Money transfer income | 25,871 | 26,020 | 25,272 | 21,981 | 23,632 | ||||||||||||||
Asset management fees | 11,532 | 11,405 | 11,867 | 10,767 | 10,909 | ||||||||||||||
Corporate and correspondent investment sales | 14,263 | 11,799 | 5,607 | 6,892 | 10,774 | ||||||||||||||
Mortgage banking income | 9,048 | 8,204 | 5,870 | 4,937 | 3,755 | ||||||||||||||
Bank owned life insurance | 4,584 | 3,508 | 4,803 | 4,584 | 4,635 | ||||||||||||||
Investment securities gains, net | — | 21,003 | — | 8,958 | — | ||||||||||||||
Other | 48,046 | 66,241 | 66,685 | 49,178 | 68,551 | ||||||||||||||
Total noninterest income | 272,584 | 321,319 | 284,281 | 257,760 | 270,606 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||
Salaries, benefits and commissions | 297,823 | 295,092 | 296,303 | 292,716 | 285,820 | ||||||||||||||
Professional services | 82,343 | 72,903 | 73,784 | 63,896 | 79,529 | ||||||||||||||
Equipment | 64,826 | 63,908 | 62,638 | 65,394 | 66,806 | ||||||||||||||
Net occupancy | 43,302 | 42,241 | 40,116 | 40,941 | 41,161 | ||||||||||||||
Money transfer expense | 17,951 | 18,005 | 17,290 | 14,978 | 15,995 | ||||||||||||||
Marketing | 12,888 | 15,471 | 16,412 | 10,393 | 15,884 | ||||||||||||||
Communications | 5,179 | 5,469 | 5,733 | 5,401 | 9,241 | ||||||||||||||
Goodwill impairment | 470,000 | — | — | — | — | ||||||||||||||
Other | 92,594 | 85,798 | 86,038 | 88,254 | 87,556 | ||||||||||||||
Total noninterest expense | 1,086,906 | 598,887 | 598,314 | 581,973 | 601,992 | ||||||||||||||
Net (loss) income before income tax expense | (310,673 | ) | 222,844 | 190,698 | 176,584 | 228,655 | |||||||||||||
Income tax expense | 20,032 | 39,899 | 30,512 | 35,603 | 32,829 | ||||||||||||||
Net (loss) income | (330,705 | ) | 182,945 | 160,186 | 140,981 | 195,826 | |||||||||||||
Less: net income attributable to noncontrolling interests | 663 | 514 | 599 | 556 | 499 | ||||||||||||||
Net (loss) income attributable to BBVA USA Bancshares, Inc. | $ | (331,368 | ) | $ | 182,431 | $ | 159,587 | $ | 140,425 | $ | 195,327 |