Document

Noninterest income (excluding securities gains) for the quarter totaled $304 million compared to $301 million in the fourth quarter of 2020 and $315 million for the first quarter of 2020. The increase in noninterest income on a linked quarter basis was driven by an increase in investment services sales fees (+$3 million) and money transfer income (+$3 million). Other noninterest income increased on a linked quarter basis (+$10 million), primarily as a result of a valuation adjustment to investments held by our small business investment company that negatively impacted fourth quarter 2020 levels. Following a strong fourth quarter, mortgage banking slowed on a linked quarter basis (-$5 million).

During the first quarter of 2021, the company recorded provision recapture of credit losses totaling $120 million compared to provision recapture of credit losses of $81 million in the fourth quarter of 2020 and provision for credit losses of $357 million in the first quarter of 2020. The recapture of provision expense primarily reflected improvements in macroeconomic factors and forecasts. Net charge-offs as a percentage of average total loans were 38 basis points in the quarter compared to 34 basis points in the fourth quarter of 2020 and 69 basis points in the first quarter of 2020. The allowance for loan losses as a percentage of total loans at the end of the quarter was 2.34 percent compared to 2.56 percent at the end of the fourth quarter of 2020 and 2.00 percent in the year ago quarter.

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.

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 25, 2021, as updated by our subsequent SEC filings.


	Three Months Ended March 31,						%
	2021			2020			Change
EARNINGS SUMMARY
Net interest income	$	664,268		$	589,455		13
Noninterest income [a]	303,701			315,103			(4)
Total revenue [a]	967,969			904,558			7
Investment securities gain, net	—			19,139			NM

(Credit) provision for credit losses	(120,142)			356,991			(134)
Goodwill impairment	—			2,185,000			NM
Noninterest expense	618,990			624,060			(1)
Pretax income (loss)	469,121			(2,242,354)			(121)
Income tax expense (benefit)	83,660			(5,069)			(1,750)
Net income (loss)	$	385,461		$	(2,237,285)		(117)
Adjusted net income (loss) [b]	$	385,461		$	(52,285)		(837)



SELECTED RATIOS
Return on average assets	1.49		%	(9.34)		%
Return on average assets- adjusted [b]	1.49			(0.22)
Return on average tangible equity [b]	16.57			(100.27)
Return on average tangible equity- adjusted [b]	16.57			(2.34)
Efficiency ratio [b]	63.26			68.08
Average common equity to average assets	10.97			13.74
Average loans to average total deposits	76.42			86.64
Common equity tier I capital (CET1) [c]	14.23			11.97
Tier I capital ratio [c]	14.58			12.29

Total capital ratio [c]	16.79			14.62
Leverage ratio [c]	9.38			9.40
[a] Excludes net gain on sales of investment securities.
[b] Non-GAAP financial measure that we believe aids in understanding certain areas of our performance. The calculation of this measure is included on the page titled Non-GAAP Reconciliation.
[c] Current period regulatory capital ratios are estimated.
NM = Not meaningful


	Average for Three Months					Ending Balance
	Ended March 31,				%	March 31,			%
	2021		2020		Change		2021		2020		Change
BALANCE SHEET HIGHLIGHTS
Total loans	$	65,153,535	$	64,875,095	—		$	64,255,812	$	67,657,166	(5)
Total debt securities	16,746,569		13,893,355		21		17,750,050		14,222,974		25
Earning assets	96,941,424		86,504,508		12		97,469,717		87,388,951		12
Total assets	105,140,201		96,356,113		9		103,983,398		94,325,559		10
Noninterest bearing demand deposits	28,497,062		20,293,503		40		29,543,118		20,418,504		45
Interest bearing transaction accounts	52,587,472		43,676,781		20		52,659,858		46,318,129		14
Total transaction accounts	81,084,534		63,970,284		27		82,202,976		66,736,633		23
Total deposits	85,253,105		74,881,825		14		85,970,954		77,234,507		11
Total shareholder's equity	11,798,389		13,500,615		(13)		12,019,055		11,358,354		6
Total shareholder's equity - tangible [a]	9,435,176		8,973,871		5		9,649,315		8,998,814		7
[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.


	2021			2020
	March 31			December 31			September 30			June 30			March 31
NONPERFORMING ASSETS
Nonaccrual loans [a]	$	1,300,882		$	1,331,230		$	1,233,040		$	764,744		$	676,716
Loans 90 days or more past due [b]	100,405			121,570			94,072			66,163			61,774
TDRs 90 days or more past due	636			556			830			423			335
Total nonperforming loans [a]	1,401,923			1,453,356			1,327,942			831,330			738,825
Foreclosed real estate	10,965			11,448			15,051			14,871			20,642
Other repossessed assets	4,712			5,846			8,527			8,599			13,338
Total nonperforming assets	$	1,417,600		$	1,470,650		$	1,351,520		$	854,800		$	772,805

TDRs accruing and past due less than 90 days	$	199,653		$	114,334		$	114,583		$	95,788		$	97,404





Total nonperforming loans as a % of loans	2.18		%	2.21		%	2.00		%	1.21		%	1.09		%

Total nonperforming assets as a % of total loans, foreclosed real estate, and other repossessed assets	2.21			2.23			2.03			1.25			1.14

[a] Includes loans held for sale.
[b] Excludes loans classified as troubled debt restructuring (TDRs).


	Three Months Ended
	2021			2020
	March 31			December 31			September 30			June 30			March 31
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period	$	1,679,474		$	1,804,423		$	1,754,352		$	1,351,072		$	920,993
Adoption of ASC 326	—			—			—			—			184,931
Net charge-offs (NCO)	60,632			56,578			100,818			123,054			111,798
(Credit) provision for loan losses	(119,933)			(68,371)			150,889			526,334			356,946
Balance at end of period	$	1,498,909		$	1,679,474		$	1,804,423		$	1,754,352		$	1,351,072

Allowance for loan losses as a % of total loans	2.34		%	2.56		%	2.73		%	2.57		%	2.00		%
Allowance for loan losses as a % of nonperforming loans [c]	106.92			115.56			135.88			211.03			182.87
Allowance for loan losses as a % of nonperforming assets [c]	105.74			114.20			133.51			205.24			174.83

Annualized as a % of average loans:
NCO - QTD	0.38			0.34			0.59			0.72			0.69
NCO - YTD	0.38			0.59			0.67			0.71			0.69
[c] Includes loans held for sale that are on nonaccrual status.


	Three Months Ended March 31,
	2021						2020
	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
YIELD/RATE ANALYSIS
(Taxable Equivalent Basis)
Assets
Earning assets:
Loans	$	65,153,535	$	616,137	3.84	%	$	64,875,095	$	726,532	4.50	%
Debt securities available for sale [a]	5,232,378		24,437		1.89		6,669,560		(1,492)		(0.09)
Debt securities held to maturity	11,410,498		63,779		2.27		7,192,165		42,080		2.35
Other earning assets [b]	15,041,320		6,190		0.17		7,736,058		43,297		2.25
Total earning assets [a]	96,837,731		710,543		2.98		86,472,878		810,417		3.77
Allowance for credit losses	(1,666,293)						(1,064,750)
Unrealized gain on debt securities available for sale	103,693						31,630
Other assets	9,865,070						10,916,355
Total assets	$	105,140,201					$	96,356,113

Liabilities and Shareholder's Equity
Interest bearing liabilities:
Interest bearing demand deposits	$	15,392,159	$	6,173	0.16		$	11,698,488	$	24,551	0.84
Savings and money market accounts	37,195,313		8,095		0.09		31,978,293		84,792		1.07
Certificates and other time deposits	4,168,571		6,077		0.59		10,911,541		55,399		2.04

Total interest bearing deposits	56,756,043		20,345		0.15		54,588,322		164,742		1.21
FHLB and other borrowings	3,534,609		14,516		1.67		3,736,201		21,176		2.28
Federal funds purchased and securities sold under agreement to repurchase [b]	1,358,857		576		0.17		1,451,501		22,658		6.28
Other short-term borrowings	4,413		389		35.75		20,037		352		7.07
Total interest bearing liabilities	61,653,922		35,826		0.24		59,796,061		208,928		1.41
Noninterest bearing deposits	28,497,062						20,293,503
Other noninterest bearing liabilities	3,190,828						2,765,934
Total liabilities	93,341,812						82,855,498
Shareholder's equity	11,798,389						13,500,615
Total liabilities and shareholder's equity	$	105,140,201					$	96,356,113

Net interest income/ net interest spread			674,717		2.74	%			601,489		2.36	%
Net yield on earning assets					2.83	%					2.80	%

Total taxable equivalent adjustment			10,449						12,034

Net interest income			$	664,268					$	589,455
[a] Excludes adjustment for market valuation.
[b] Yield/rate reflects impact of balance sheet offsetting.


	Three Months					Three Months Ended
	Ended March 31,				%	2021		2020
	2021		2020		Change	March 31		December 31		September 30		June 30		March 31
NONINTEREST INCOME
Service charges on deposit accounts	$	54,874	$	61,531	(11)	$	54,874	$	59,309	$	54,710	$	44,233	$	61,531
Card and merchant processing fees	49,245		50,091		(2)	49,245		49,961		48,628		43,416		50,091
Investment services sales fees	29,446		34,407		(14)	29,446		26,647		26,218		24,971		34,407
Investment banking and advisory fees	26,783		26,731		—	26,783		26,291		40,013		45,061		26,731
Money transfer income	32,040		24,548		31	32,040		29,446		27,109		25,461		24,548
Corporate and correspondent investment sales	13,683		10,717		28	13,683		16,268		3,478		18,855		10,717
Asset management fees	12,587		11,904		6	12,587		12,613		12,024		11,560		11,904
Mortgage banking	14,692		17,451		(16)	14,692		19,753		13,741		23,868		17,451
Bank owned life insurance	4,691		4,625		1	4,691		5,458		4,972		5,094		4,625
Other	65,660		73,098		(10)	65,660		55,670		53,767		26,358		73,098
	303,701		315,103		(4)	303,701		301,416		284,660		268,877		315,103
Investment securities gains, net	—		19,139		NM	—		—		—		3,477		19,139

Total noninterest income	$	303,701	$	334,242	(9)	$	303,701	$	301,416	$	284,660	$	272,354	$	334,242

NONINTEREST EXPENSE
Salaries, benefits and commissions	$	338,695	$	310,136	9	$	338,695	$	301,020	$	296,708	$	251,697	$	310,136
Equipment	67,334		64,681		4	67,334		69,321		68,793		64,752		64,681
Professional services	82,002		70,220		17	82,002		80,535		78,018		78,100		70,220
Net occupancy	40,903		39,843		3	40,903		40,552		41,145		41,585		39,843
Money transfer expense	23,332		17,136		36	23,332		20,764		18,897		17,958		17,136
Marketing	5,471		11,899		(54)	5,471		10,170		9,283		8,778		11,899
Communications	4,730		5,371		(12)	4,730		5,038		5,542		5,808		5,371
Goodwill impairment	—		2,185,000		NM	—		—		—		—		2,185,000
Other	56,523		104,774		(46)	56,523		50,180		77,242		110,772		104,774
Total noninterest expense	$	618,990	$	2,809,060	(78)	$	618,990	$	577,580	$	595,628	$	579,450	$	2,809,060
NM = Not meaningful


	Three Months						Three Months Ended
	Ended March 31,						2021			2020
	2021			2020			March 31			December 31			September 30			June 30			March 31
NON-GAAP RECONCILIATION
Computation of Operating Income:
Net interest income (GAAP)	$	664,268		$	589,455		$	664,268		$	667,202		$	641,850		$	612,017		$	589,455
Plus: noninterest income (GAAP)	303,701			334,242			303,701			301,416			284,660			272,354			334,242
Less: noninterest expense (GAAP)	618,990			2,809,060			618,990			577,580			595,628			579,450			2,809,060
Plus: goodwill impairment (GAAP)	—			2,185,000			—			—			—			—			2,185,000
Operating income (non-GAAP)	$	348,979		$	299,637		$	348,979		$	391,038		$	330,882		$	304,921		$	299,637

Computation of Tangible Shareholder's Equity:
Total shareholder's equity	$	12,019,055		$	11,358,354		$	12,019,055		$	11,691,362		$	11,394,964		$	11,270,789		$	11,358,354
Less: goodwill and other intangibles (GAAP)	2,369,740			2,359,540			2,369,740			2,358,973			2,357,039			2,357,343			2,359,540
Tangible shareholder's equity (non-GAAP)	$	9,649,315		$	8,998,814		$	9,649,315		$	9,332,389		$	9,037,925		$	8,913,446		$	8,998,814

Computation of Average Tangible Equity:
Total stockholder's equity (average) (GAAP)	$	11,798,389		$	13,500,615		$	11,798,389		$	11,595,287		$	11,394,928		$	11,533,007		$	13,500,615
Less: goodwill and other intangibles (average) (GAAP)	2,363,213			4,526,744			2,363,213			2,358,697			2,357,944			2,357,132			4,526,744
Average tangible equity (non-GAAP) [B]	$	9,435,176		$	8,973,871		$	9,435,176		9,236,590			9,036,984			9,175,875			$	8,973,871
Net income (loss) (GAAP) [A]	$	385,461		$	(2,237,285)		$	385,461		$	333,817		$	166,241		$	(124,437)		$	(2,237,285)
Return on average tangible equity (non-GAAP) ([A]/[B], annualized)	16.57		%	(100.27)		%	16.57		%	14.38		%	7.32		%	(5.45)		%	(100.27)		%

Computation of Adjusted Net Income, Return on Average Assets and Return on Average Tangible Equity:
Net income (loss) (GAAP)	$	385,461		$	(2,237,285)		$	385,461		$	333,817		$	166,241		$	(124,437)		$	(2,237,285)
Plus: goodwill impairment (GAAP)	—			2,185,000			—			—			—			—			2,185,000
Adjusted net income (non-GAAP) [C]	$	385,461		$	(52,285)		$	385,461		$	333,817		$	166,241		$	(124,437)		$	(52,285)
Average assets (GAAP) [D]	$	105,140,201		$	96,356,113		$	105,140,201		$	104,835,589		$	104,282,898		$	104,204,062		$	96,356,113
Return on average assets - adjusted (non-GAAP) ([C]/[D], annualized)	1.49		%	(0.22)		%	1.49		%	1.27		%	0.63		%	(0.48)		%	(0.22)		%
Return on average tangible equity - adjusted (non-GAAP) ([C]/[B], annualized)	16.57			(2.34)			16.57			14.38			7.32			(5.45)			(2.34)

Computation of Efficiency Ratio:
Noninterest expense (GAAP)	$	618,990		$	2,809,060		$	618,990		$	577,580		$	595,628		$	579,450		$	2,809,060
Less: securities and goodwill impairment (GAAP)	—			2,185,000			—			—			—			—			2,185,000
Total expense (GAAP) [E]	$	618,990		$	624,060		$	618,990		$	577,580		$	595,628		$	579,450		$	624,060
Net interest income, taxable equivalent basis	$	674,717		$	601,489		$	674,717		$	677,798		$	652,660		$	623,242		$	601,489
Plus: noninterest income (GAAP)	303,701			334,242			303,701			301,416			284,660			272,354			334,242
Less: investment securities gains, net (GAAP)	—			19,139			—			—			—			3,477			19,139
Total revenue [F]	$	978,418		$	916,592		$	978,418		$	979,214		$	937,320		$	892,119		$	916,592
Efficiency ratio (non-GAAP) ([E]/[F])	63.26		%	68.08		%	63.26		%	58.98		%	63.55		%	64.95		%	68.08		%


	At or Quarter Ended March 31, 2021
	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Nonaccrual		Accruing TDRs		Not Past Due, Nonaccrual, or TDR		Total		Net Charge Offs (Recoveries)

Commercial, financial and agricultural	$	17,433	$	19,078	$	12,609	$	529,703	$	77,466	$	25,312,956	$	25,969,245	$	1,207
Real estate – construction	2,538		—		532		25,265		142		2,367,527		2,396,004		(151)
Commercial real estate – mortgage	703		253		7,790		418,935		26,746		12,957,845		13,412,272		18
Residential real estate – mortgage	40,315		19,696		41,590		235,441		53,568		12,433,031		12,823,641		423
Equity lines of credit	8,325		2,642		1,972		45,744		—		2,259,525		2,318,208		(228)
Equity loans	665		223		134		8,844		19,326		136,017		165,209		459
Credit card	8,378		6,442		22,847		—		—		774,575		812,242		17,932
Consumer – direct	17,028		9,438		8,339		13,098		23,041		1,726,141		1,797,085		30,159
Consumer – indirect	30,024		8,513		4,592		23,852		—		4,199,355		4,266,336		10,813
Total loans	$	125,409	$	66,285	$	100,405	$	1,300,882	$	200,289	$	62,166,972	$	63,960,242	$	60,632
Loans held for sale	$	—	$	—	$	—	$	—	$	—	$	295,570	$	295,570	$	—


	At or Quarter Ended December 31, 2020
	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	$	15,862	$	22,569	$	35,472	$	540,741	$	17,686	$	25,972,812	$	26,605,142	$	5,019
Real estate – construction	3,595		174		532		25,316		145		2,468,569		2,498,331		(2)
Commercial real estate – mortgage	2,113		2,004		1,104		442,137		910		13,117,046		13,565,314		203
Residential real estate – mortgage	49,445		20,694		45,761		235,463		53,380		12,923,031		13,327,774		1,029
Equity lines of credit	11,108		4,305		2,624		42,606		—		2,334,251		2,394,894		(795)
Equity loans	1,417		243		317		10,167		19,606		148,012		179,762		135
Credit card	12,147		10,191		21,953		—		—		837,411		881,702		14,714
Consumer – direct	24,076		17,550		8,741		10,087		23,163		1,846,106		1,929,723		28,206
Consumer – indirect	47,174		14,951		5,066		24,713		—		4,085,221		4,177,125		8,069
Total loans	$	166,937	$	92,681	$	121,570	$	1,331,230	$	114,890	$	63,732,459	$	65,559,767	$	56,578
Loans held for sale	$	—	$	—	$	—	$	—	$	—	$	236,586	$	236,586	$	—


	At or Quarter Ended September 30, 2020
	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	$	22,632	$	12,890	$	21,261	$	660,254	$	19,713	$	26,203,423	$	26,940,173	$	50,789
Real estate – construction	2,861		303		532		12,614		61		2,387,303		2,403,674		153
Commercial real estate – mortgage	19,280		3,968		1,816		275,668		1,831		13,393,237		13,695,800		98
Residential real estate – mortgage	88,035		49,344		39,728		204,442		55,132		13,027,076		13,463,757		(117)
Equity lines of credit	13,418		6,300		3,445		37,216		—		2,381,344		2,441,723		233
Equity loans	1,847		1,158		271		8,758		20,750		161,583		194,367		(195)
Credit card	9,776		7,526		16,542		—		—		873,949		907,793		18,527
Consumer – direct	25,762		11,730		6,643		9,134		17,926		1,952,501		2,023,696		24,559
Consumer – indirect	34,116		9,744		3,834		24,954		—		4,036,981		4,109,629		6,771
Total loans	$	217,727	$	102,963	$	94,072	$	1,233,040	$	115,413	$	64,417,397	$	66,180,612	$	100,818
Loans held for sale	$	—	$	—	$	—	$	—	$	—	$	253,454	$	253,454	$	—


	At or Quarter Ended June 30, 2020
	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	$	51,207	$	5,130	$	8,450	$	389,615	$	1,866	$	28,325,856	$	28,782,124	$	29,038
Real estate – construction	12,907		—		532		13,317		64		2,271,650		2,298,470		(36)
Commercial real estate – mortgage	8,592		2,190		415		117,213		1,876		13,670,383		13,800,669		8,670
Residential real estate – mortgage	70,252		22,495		13,140		169,387		54,289		13,099,576		13,429,139		182
Equity lines of credit	8,461		8,162		3,555		34,915		—		2,461,741		2,516,834		(476)
Equity loans	1,311		692		148		8,457		21,280		178,092		209,980		(120)
Credit card	6,668		7,286		22,134		—		—		929,484		965,572		20,107
Consumer – direct	19,927		10,923		11,623		7,624		16,836		2,067,175		2,134,108		42,271
Consumer – indirect	32,519		11,162		6,166		24,216		—		4,030,541		4,104,604		23,418
Total loans	$	211,844	$	68,040	$	66,163	$	764,744	$	96,211	$	67,034,498	$	68,241,500	$	123,054
Loans held for sale	$	—	$	—	$	—	$	—	$	—	$	245,851	$	245,851	$	—


	At or Quarter Ended March 31, 2020
	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	$	31,493	$	7,588	$	3,013	$	323,881	$	1,931	$	27,464,207	$	27,832,113	$	19,014
Real estate – construction	9,356		66		574		13,676		69		2,147,973		2,171,714		(13)
Commercial real estate – mortgage	13,439		5,241		912		114,839		3,333		13,715,641		13,853,405		(73)
Residential real estate – mortgage	67,938		25,187		5,744		147,058		55,116		13,144,975		13,446,018		(172)
Equity lines of credit	16,382		6,244		3,295		33,354		—		2,552,075		2,611,350		536
Equity loans	2,636		1,147		293		8,027		22,392		194,874		229,369		212
Credit card	13,230		8,932		23,707		—		—		977,503		1,023,372		19,517
Consumer – direct	34,553		19,738		15,196		7,160		14,898		2,184,500		2,276,045		51,726
Consumer – indirect	76,547		24,249		9,040		28,721		—		3,957,471		4,096,028		21,051
Total loans	$	265,574	$	98,392	$	61,774	$	676,716	$	97,739	$	66,339,219	$	67,539,414	$	111,798
Loans held for sale	$	—	$	—	$	—	$	—	$	—	$	117,752	$	117,752	$	—


	2021		2020
	March 31		December 31		September 30		June 30		March 31
Assets:
Cash and due from banks	$	1,044,788	$	1,249,954	$	1,035,307	$	1,019,127	$	1,033,733
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits	14,097,936		13,357,954		14,041,538		11,738,063		4,479,535
Cash and cash equivalents	15,142,724		14,607,908		15,076,845		12,757,190		5,513,268
Trading account assets	561,187		762,449		926,497		1,016,966		1,009,130
Debt securities available for sale	5,408,087		5,744,919		6,028,072		5,765,192		6,344,816
Debt securities held to maturity, net	12,339,994		10,549,945		9,428,931		8,693,437		7,876,266
Loans held for sale	295,570		236,586		253,454		245,851		117,752
Loans	63,960,242		65,559,767		66,180,612		68,241,500		67,539,414
Allowance for loan losses	(1,498,909)		(1,679,474)		(1,804,423)		(1,754,352)		(1,351,072)
Net loans	62,461,333		63,880,293		64,376,189		66,487,148		66,188,342
Premises and equipment, net	1,028,385		1,055,525		1,063,923		1,070,358		1,068,741
Bank owned life insurance	759,219		757,943		758,391		754,908		754,409
Goodwill	2,328,296		2,328,296		2,328,296		2,328,296		2,328,296
Other assets	3,658,603		2,832,339		3,412,324		3,148,270		3,124,539
Total assets	$	103,983,398	$	102,756,203	$	103,652,922	$	102,267,616	$	94,325,559
Liabilities:
Deposits:
Noninterest bearing	$	29,543,118	$	27,791,421	$	26,803,670	$	25,978,354	$	20,418,504
Interest bearing	56,427,836		58,066,960		59,567,362		59,448,060		56,816,003
Total deposits	85,970,954		85,858,381		86,371,032		85,426,414		77,234,507
FHLB and other borrowings	3,517,567		3,548,492		3,560,973		3,571,933		3,790,137
Federal funds purchased and securities sold under agreements to repurchase	966,336		184,478		189,474		249,481		409,784
Other short-term borrowings	—		—		—		1,619		—
Accrued expenses and other liabilities	1,509,486		1,473,490		2,136,479		1,747,380		1,532,777
Total liabilities	91,964,343		91,064,841		92,257,958		90,996,827		82,967,205
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	14,039,261		14,032,205		14,032,321		14,035,607		14,039,572
Retained deficit	(2,546,271)		(2,931,151)		(3,264,295)		(3,430,135)		(3,305,226)
Accumulated other comprehensive income	264,206		329,105		365,374		404,165		362,339
Total BBVA USA Bancshares, Inc. shareholder’s equity	11,988,901		11,661,864		11,365,105		11,241,342		11,328,390
Noncontrolling interests	30,154		29,498		29,859		29,447		29,964
Total shareholder’s equity	12,019,055		11,691,362		11,394,964		11,270,789		11,358,354
Total liabilities and shareholder’s equity	$	103,983,398	$	102,756,203	$	103,652,922	$	102,267,616	$	94,325,559


	Three Months Ended
	2021		2020
	March 31		December 31		September 30		June 30		March 31
Interest income:
Interest and fees on loans	$	606,407	$	626,900	$	644,643	$	669,767	$	715,476
Interest on debt securities available for sale	24,437		22,089		19,474		18,805		(1,492)
Interest on debt securities held to maturity	63,060		60,812		49,981		39,800		41,102
Interest on trading account assets	1,021		793		892		1,157		1,122
Interest and dividends on other earning assets	5,169		7,080		6,436		14,016		42,175
Total interest income	700,094		717,674		721,426		743,545		798,383
Interest expense:
Interest on deposits	20,345		33,945		61,147		97,279		164,742
Interest on FHLB and other borrowings	14,516		14,092		14,644		21,936		21,176
Interest on federal funds purchased and securities sold under agreements to repurchase	576		2,350		3,736		12,274		22,658
Interest on other short-term borrowings	389		85		49		39		352
Total interest expense	35,826		50,472		79,576		131,528		208,928
Net interest income	664,268		667,202		641,850		612,017		589,455
(Credit) provision for credit losses	(120,142)		(81,298)		150,977		539,459		356,991
Net interest income after (credit) provision for credit losses	784,410		748,500		490,873		72,558		232,464
Noninterest income:
Service charges on deposit accounts	54,874		59,309		54,710		44,233		61,531
Card and merchant processing fees	49,245		49,961		48,628		43,416		50,091
Investment services sales fees	29,446		26,647		26,218		24,971		34,407
Investment banking and advisory fees	26,783		26,291		40,013		45,061		26,731
Money transfer income	32,040		29,446		27,109		25,461		24,548
Corporate and correspondent investment sales	13,683		16,268		3,478		18,855		10,717
Asset management fees	12,587		12,613		12,024		11,560		11,904
Mortgage banking	14,692		19,753		13,741		23,868		17,451
Bank owned life insurance	4,691		5,458		4,972		5,094		4,625
Investment securities gains, net	—		—		—		3,477		19,139

Other	65,660		55,670		53,767		26,358		73,098
Total noninterest income	303,701		301,416		284,660		272,354		334,242
Noninterest expense:
Salaries, benefits and commissions	338,695		301,020		296,708		251,697		310,136
Equipment	67,334		69,321		68,793		64,752		64,681
Professional services	82,002		80,535		78,018		78,100		70,220
Net occupancy	40,903		40,552		41,145		41,585		39,843
Money transfer expense	23,332		20,764		18,897		17,958		17,136
Marketing	5,471		10,170		9,283		8,778		11,899
Communications	4,730		5,038		5,542		5,808		5,371
Goodwill impairment	—		—		—		—		2,185,000
Other	56,523		50,180		77,242		110,772		104,774
Total noninterest expense	618,990		577,580		595,628		579,450		2,809,060
Net income (loss) before income tax expense	469,121		472,336		179,905		(234,538)		(2,242,354)
Income tax expense (benefit)	83,660		138,519		13,664		(110,101)		(5,069)
Net income (loss)	385,461		333,817		166,241		(124,437)		(2,237,285)
Less: net income attributable to noncontrolling interests	581		673		401		472		501
Net income (loss) attributable to BBVA USA Bancshares, Inc.	$	384,880	$	333,144	$	165,840	$	(124,909)	$	(2,237,786)


Contact Details:
Christina Anderson
External Communications
Tel. 205.903.3706
christina.anderson@bbva.com