Exhibit

Exhibit 99.1

January 31, 2020

BBVA USA reports fourth quarter and full-year 2019 results


•	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

BBVA USA Bancshares, Inc., a Sunbelt-based bank holding company (BBVA USA), reported today a net loss of $331 million for the fourth quarter of 2019. Included in fourth quarter 2019 results is goodwill impairment (non-cash charge) totaling $470 million. Excluding the impact of this non-cash charge, adjusted net income¹ for the quarter was $139 million, a 29 percent decrease from the $196 million earned in the fourth quarter of 2018. Return on average assets and return on average tangible equity¹ for the fourth quarter of 2019 were (1.37) percent and (14.46) percent, respectively. On an adjusted basis, return on average assets¹ was 0.58 percent and return on average tangible equity¹ was 6.09 percent.

Net income for the full-year of 2019 totaled $153 million. Excluding the impact of the non-cash charge, adjusted net income¹ was $623 million, an 18 percent decrease from the $763 million earned for the full-year of 2018. Return on average assets and return on average tangible equity¹ for the full-year of 2019 were 0.16 percent and 1.73 percent, respectively. On an adjusted basis, return on average assets¹ was 0.66 percent and return on average tangible equity¹ was 7.03 percent.

The following table summarizes the impact of the goodwill impairment charge on fourth quarter and full-year 2019 results.



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

“Despite the challenging interest rate environment, we were able to post positive revenue growth, control expenses and achieve record operating income¹ of $1.3 billion in 2019,” said Javier Rodríguez Soler, president and CEO of BBVA USA. “While fourth quarter results were impacted by goodwill impairment caused by the decline in interest rates, this non-cash charge had no impact on our liquidity position, regulatory capital ratios, and the operations of our company or our ability to meet our customers’ needs.”

“As we look ahead, we are encouraged by the positive momentum experienced in the fourth quarter in terms of loan and deposit growth. Our digital transformation efforts also met with continued success and our mobile banking capabilities received further accolades, including recognition as an industry leader. Continuing to enhance our product offerings to meet our customers’ needs while striving to deliver an amazing customer experience are key components to our plans in the year ahead.”

Total revenue for the quarter was $896 million, down 6 percent from fourth quarter 2018 levels primarily as a result of a 9 percent decrease in net interest income offset, in part, by a 1 percent increase in noninterest income. The percent net interest margin in the fourth quarter of 2019 was 2.96 percent compared to 3.37 percent in the fourth quarter of 2018. For the full-year of 2019 total revenue (excluding securities gains) totaled $3.7 billion, up 1 percent from the prior year, as net interest income increased less than 1 percent and noninterest income (excluding securities gains) increased 5 percent. The percent net interest margin for 2019 was 3.17 percent compared to 3.30 percent for the full-year of 2018.

Noninterest income for the quarter totaled $273 million, a 1 percent increase from the fourth quarter of 2018. For the full-year of 2019, noninterest income (excluding securities gains) totaled $1.1 billion, up 5 percent from the full-year of 2018. Most of our fee-based business experienced positive growth including, card and merchant processing fees (+13 percent), investment banking and advisory fees (+8 percent), money transfer income (+8 percent), service charges on deposit accounts (+6 percent), mortgage banking income (+5 percent), asset management fees (+4 percent) and investment services sales fees (+2 percent). Gains on the sales of investment securities in 2019 totaled $30 million.

Maintaining strong expense controls continued to be a key area of strength during the year. Total noninterest expense, excluding the non-cash charge, during the quarter increased a modest 2 percent compared to a year ago and for the full-year of 2019 total noninterest expense, excluding goodwill impairment, was also up a modest 2 percent. The increase in revenue and focus on expense management resulted in record operating income¹ for the year of $1.3 billion, a 3 percent increase over that obtained in the full-year of 2018.

Total loans at the end of the fourth quarter of 2019 were $64.1 billion, down 2 percent from $65.3 billion at the end of the fourth quarter of 2018. During the second quarter of 2019, approximately $1.1 billion of commercial loans held for sale were sold. Adjusting for the sale of these loans, the year-over-year decrease in total loans was less than 1 percent. While overall loan growth in the year was muted, during the fourth quarter total loans were up 4 percent (annualized) compared to third quarter 2019 levels.

Total deposits at the end of the fourth quarter of 2019 were $75.0 billion, a 4 percent increase from the $72.2 billion at the end

of the fourth quarter of 2018 and an increase of 8 percent (annualized) on a linked quarter basis. Growth in lower cost deposits outpaced overall deposit growth with interest bearing transaction accounts (savings, money market and interest bearing checking accounts) up 13 percent compared to a year ago. At the same time, noninterest bearing deposits grew 8 percent compared to a year ago, while growth on a linked quarter basis was even more robust at 16 percent (annualized).The loan to deposit ratio ended the quarter at 85.43 percent compared to 90.42 percent at the end of 2018, and the LCR was 145 percent compared to 143 percent a year ago.

Nonperforming loans as a percentage of total loans ended the quarter at 1.06 percent compared to 1.14 percent at the end of the third quarter of 2019 and 1.24 percent at the end of the fourth quarter of 2018. Net charge-offs as a percentage of average total loans were 87 basis points in the quarter compared to 110 basis points in the third quarter of 2019 and 68 basis points in the fourth quarter of 2018. For the full-year of 2019, net charge-offs as a percentage of average total loans was 88 basis points compared to 51 basis points for the full-year 2018.

Provision expense in the quarter was $120 million compared to $141 million in the third quarter of 2019 and $122 million in the fourth quarter of 2018. The allowance for loan losses as a percentage of total loans ended the quarter at 1.44 percent compared to 1.49 percent at the end of the third quarter of 2019 and 1.36 percent at the end of the fourth quarter of 2018. The coverage ratio of nonperforming loans was 136 percent at the end of the quarter compared to 131 percent at the end of the third quarter of 2019 and 109 percent at the end of the fourth quarter of 2018.

Total shareholder’s equity at the end of the fourth quarter of 2019 totaled $13.4 billion, a 1 percent decrease from $13.5 billion at the end of the fourth quarter of 2018. The CET1 ratio² stood at 12.49 percent at the end of the fourth quarter of 2019, down 40 basis points from the end of the third quarter of 2019 and up 49 basis points from the end of the fourth quarter of 2018. The decrease in shareholder’s equity primarily reflects dividend payments to its sole shareholder offset, in part, by an increase in retained earnings and accumulated other comprehensive income. The decrease in the CET1 ratio² on a linked quarter basis primarily reflects a dividend payment during the quarter as goodwill impairment had no impact on regulatory capital and regulatory capital ratios.

During the fourth quarter, Business Insider named BBVA USA as a leader in its Business Insider Intelligence 2019 Mobile Banking Competitive Edge study, the third year the financial and business news company has conducted the proprietary research and the second year BBVA USA has been evaluated. BBVA USA was one of just five banks named as an overall leader in the research, which evaluated the banking features of the top 20 US banks. BBVA USA’s mobile offering garnered the designation of Leader in Offering Desirable Mobile Banking Features, a title reserved for the top five. The bank's mobile app also came in first in the sub-categories of Account Management and Transfers, with titles that include Most Desirable Mobile Banking Features for Account Management and Most Desirable Mobile Banking Features for Transfers, respectively.

BBVA USA also pledged to put nearly $15.5 billion in lending, investments and services toward supporting low- and moderate-income individuals and neighborhoods in the US over the next six years, renewing its 2014 5-year $11 billion commitment to boost economic development across all the communities in its footprint.

Over the next six years, the bank plans to originate $3 billion in mortgage loans to low- and moderate-income (LMI) homebuyers and in LMI neighborhoods, nearly $7.3 billion in small business lending, $4 billion in community development lending, and to make more than $1.1 billion in community development investments. The plan was developed with input from stakeholders on the bank's 20-member advisory board, established in 2014 to provide input, guidance and feedback on its community giving initiatives.

________________________

¹ Operating income, adjusted net income, return on average tangible equity, adjusted return on average assets and adjusted return on average tangible equity 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 December 31, 2019, are estimated.



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

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 ed.bilek@bbva.com.

BBVA USA

In the U.S., BBVA is a Sunbelt-based financial institution that operates 641 branches, including 330 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 44 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 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