COMPASS BANCSHARES ANNOUNCES EARNINGS.BIRMINGHAM Birmingham, cities, United States Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--April 21, 1995--Compass Bancshares, Inc. today reported net income per common share of $.64 for the first quarter of 1994, an increase of 2 percent over the prior year. Net income was $24 million for the first quarter of 1995 and 1994. Return on average assets was 1.08 percent and return on average common shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was 15.93 percent for the period ended March 31, 1995. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. D. Paul Jones Paul Jones can refer to:
When a group of shareholders are persuaded to join forces and gather enough shareholder proxies to win a corporate vote. This is sometimes also referred to as a proxy battle. Notes: This term is mainly used in the context of takeovers. was both disruptive disruptive /dis·rup·tive/ (-tiv) 1. bursting apart; rending. 2. causing confusion or disorder. and costly. As a result, gains in net interest income and noninterest income compared to a year ago were offset by increased expenses. In any event, we expect to focus our full attention on achieving our goals and hope to be back on track." Compass increased its common stock dividend for the fourteenth consecutive year in February February: see month. , 1995. The increase in the indicated annual dividend to $1.12 represented a 22 percent increase over 1994 and brings the ten year compound growth rate to 13 percent. Total assets increased 16 percent to $9.2 billion at March 31, 1995, from $7.9 billion at March 31, 1994. Loans outstanding increased 11 percent to $5.9 billion at March 31, 1995, from $5.3 billion a year earlier. Deposits increased 16 percent to $7.1 billion from $6.1 billion and shareholders' equity increased 10 percent to $631 million at March 31,1995. Compass completed the acquisition of Southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. , and its bank subsidiary, The Bank of San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , in March, 1995. Total assets and banking offices by state are as follows: Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). - $5.5 billion in assets and 90 banking offices; Texas - $3.1 billion in assets and 69 banking offices; Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and - $543 million in assets and 29 banking offices. Compass Bancshares Compass Bancshares, Inc. is a privately held company based in Birmingham, Alabama. Its subsidiary, Compass Bank, is a Southwestern financial holding company with $47 billion in assets and 417 full-service banking offices in Alabama, Arizona, Colorado, Florida, New Mexico, and Texas. , Inc. has 188 banking offices in Alabama, Texas, and Florida. Shares of Compass Bancshares, Inc.'s common stock are traded in the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on national market system under the symbol CBSS CBSS Council of Baltic Sea States CBSS Craft and Boat Support System CBSS Coastal Border Surveillance System (MSSC) CBSS Closed-Breach Scavenging System (compressed air system for removing smoke from tank gun tubes) . -0-
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands except per share data)
Three Months Ended
March 31 %
1995 1994 Change
EARNINGS SUMMARY
Net interest income $ 86,721 $ 82,270 5.4
Provision for loan losses 1,300 2,278 (42.9)
Net interest income after provision 85,421 79,992 6.8
Noninterest income 26,318 19,670 33.8
Noninterest expense 74,239 62,423 18.9
Pretax income 37,500 37,239 0.7 Income tax expense 13,159 13,060 0.8 Net income $ 24,341 $ 24,179 0.7 Earnings per common share $0.64 $0.63 1.6 Primary weighted average common shares outstanding 38,190 38,132 0.2
Average for
Three Months Ended
March 31 %
BALANCE SHEET SUMMARY 1995 1994 Change
Total loans net of
unearned income $5,835,671 $5,275,053 10.63
Total investment securities 2,539,096/a 1,390,280/a 82.63
Earning assets 8,491,545/a 7,107,548/a 19.47
Total assets 9,135,772 7,686,873 18.85
Noninterest bearing deposits 1,252,425 1,183,204 5.85
Interest bearing deposits 5,842,286 4,707,446 24.11
Total deposits 7,094,711 5,890,650 20.44
Shareholders' equity 619,776 571,682 8.41
Ending
Balance
March 31 %
BALANCE SHEET SUMMARY 1995 1994 Change
Total loans net of
unearned income $5,895,209 $5,315,862 10.90
Total investment securities 2,486,639/a 1,492,903/a 66.56
Earning assets 8,507,105/a 7,305,906/a 16.44
Total assets 9,175,711 7,886,622 16.35
Noninterest bearing deposits 1,290,638 1,224,768 5.38
Interest bearing deposits 5,825,936 4,887,728 19.20
Total deposits 7,116,574 6,112,496 16.43
Shareholders' equity 631,059 574,315 9.88
1995 1994
SELECTED RATIOS 1st Qtr 4th Qtr 3rd Qtr
Average equity to
average assets 6.78 % 6.81 % 7.32 %
Average net loans to average
total deposits 82.25 80.07 87.53
Return on average assets 1.08 1.20 1.25
Return on average total equity 15.93 17.60 17.09
Book value per common share $16.58 $16.13 $15.74
1994
SELECTED RATIOS 2nd Qtr 1st Qtr
Average equity to
average assets 7.20 % 7.44 %
Average net loans to average
total deposits 86.34 89.55
Return on average assets 1.25 1.28
Return on average total equity 17.36 17.15
Book value per common share $15.29 $15.16
Prior periods have been restated to reflect poolings-of-interests.
/a Includes adjustment for market valuation on available-for-sale
securities of $(12,573), $10,749, $(7,594) and $5,479, respectively.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
1995
NONPERFORMING ASSETS Mar 31
Nonaccrual loans $ 9,919 Renegotiated loans 2,096 Other real estate, net 6,630 Total nonperforming assets $ 18,645 Loans ninety days or more past due $ 5,668 Other repossessed assets $ 161 Total nonperforming assets as a percentage of loans and ORE 0.32 %
1994
NONPERFORMING ASSETS Dec 31 Sept 30
Nonaccrual loans $11,283 $12,600 Renegotiated loans 1,428 6,257 Other real estate, net 6,980 7,947 Total nonperforming assets $19,691 $26,804 Loans ninety days or more past due $ 3,745 $ 4,098 Other repossessed assets $ 235 $ 173 Total nonperforming assets as a percentage of loans and ORE 0.34 % 0.48 %
1994
NONPERFORMING ASSETS June 30 Mar 31
Nonaccrual loans $15,150 $12,281 Renegotiated loans 6,303 6,703 Other real estate, net 9,393 18,925 Total nonperforming assets $30,846 $37,909 Loans ninety days or more past due $ 3,985 $ 4,217 Other repossessed assets $ 152 $ 203 Total nonperforming assets as a percentage of loans and ORE 0.57 % 0.71 %
1995
1st Qtr
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $108,337
Loans charged off 4,040
Loan recoveries 1,707
Net charge-offs 2,333 Balance due to acquisitions - Provision for loan losses 1,300 Balance at end of period $107,304 Allowance for loan losses as a percentage of total loans 1.82 % Allowance for loan losses as a percentage of nonperforming assets 575.51 % Annualized net charge-offs as a percentage of average total loans - QTD 0.16 % Annualized net charge-offs as a percentage of average total loans - YTD 0.16 %
1994
4th Qtr 3rd Qtr
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $110,371 $111,669
Loans charged off 4,038 4,593
Loan recoveries 1,566 2,196
Net charge-offs 2,472 2,397 Balance due to acquisitions 438 - Provision for loan losses - 1,099 Balance at end of period $108,337 $110,371 Allowance for loan losses as a percentage of total loans 1.86 % 2.00 % Allowance for loan losses as a percentage of nonperforming assets 550.19 % 411.77 % Annualized net charge-offs as a percentage of average total loans - QTD 0.17 % 0.18 % Annualized net charge-offs as a percentage of average total loans - YTD 0.15 % 0.14 %
1994
2nd Qtr 1st Qtr
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $113,283 $111,744
Loans charged off 3,773 3,186
Loan recoveries 2,132 1,637
Net charge-offs 1,641 1,549 Balance due to acquisitions - 810 Provision for loan losses 27 2,278 Balance at end of period $111,669 $113,283 Allowance for loan losses as a percentage of total loans 2.08 % 2.13 % Allowance for loan losses as a percentage of nonperforming assets 362.02 % 298.83 % Annualized net charge-offs as a percentage of average total loans - QTD 0.12 % 0.12 % Annualized net charge-offs as a percentage of average total loans - YTD 0.12 % 0.12 %
Prior periods have been restated to reflect poolings-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Three Months Ended March 31, 1995
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets
Earning assets:
Loans, net of unearned income $5,825,517 $127,180 8.85 %
Loans available for sale 10,154 180 7.20
Investment securities:
Taxable 1,748,857 33,051 7.66
Tax-exempt 87,994 2,030 9.35
--------- --------
1,836,851 35,081 7.75
Investment securities available
for sale 714,818 9,292 5.27
Other earning assets 116,778 1,971 6.85
Total earning assets 8,504,118 173,704 8.28
Allowance for loan losses (107,256)
Unrealized gain (loss) on securities
available for sale (12,573)
Cash and other assets 751,483
-----------
$9,135,772
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 824,061 5,184 2.55
Savings deposits 1,854,079 17,455 3.82
Time deposits 2,429,330 32,133 5.36
Certificates of deposit of
$100,000 or more 734,816 10,338 5.71
Federal funds purchased and
securities sold under
agreement to repurchase 756,281 10,163 5.45
Other short-term borrowings 130,840 1,860 5.77
FHLB and other borrowings 487,051 8,517 7.09
Total interest bearing
liabilities 7,216,458 85,650 4.81
Net interest spread 88,054 3.47 %
Noninterest bearing demand deposits 1,252,425
Accrued expenses and other liabilities 47,113
Shareholders' equity 619,776
----------
$9,135,772
Net yield on earning assets 4.20 %
Taxable equivalent adjustment:
Loans 536
Investment securities 783
Investment securities available for sale 7
Other earning assets 7
Total taxable equivalent adjustment 1,333
Net interest income $ 86,721
Three Months Ended March 31, 1994
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets
Earning assets:
Loans, net of unearned income $5,257,199 $105,118 8.11 %
Loans available for sale 17,854 253 5.74
Investment securities:
Taxable 479,613 10,574 8.94
Tax-exempt 102,962 2,542 10.01
----------- ---------
582,575 13,116 9.13
Investment securities available
for sale 796,956 10,795 5.49
Other earning assets 442,215 6,215 5.70
Total earning assets 7,096,799 135,497 7.74
Allowance for loan losses (113,783)
Unrealized gain (loss) on securities
available for sale 10,749
Cash and other assets 693,108
-----------
$7,686,873
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 781,950 4,465 2.32
Savings deposits 1,783,532 12,335 2.80
Time deposits 1,604,265 19,061 4.82
Certificates of deposit of
$100,000 or more 537,699 5,752 4.34
Federal funds purchased and
securities sold under
agreement to repurchase 694,383 5,347 3.12
Other short-term borrowings 159,221 1,315 3.35
FHLB and other borrowings 328,918 3,456 4.26
Total interest bearing
liabilities 5,889,968 51,731 3.56
Net interest spread 83,766 4.18 %
Noninterest bearing demand deposits 1,183,204
Accrued expenses and other liabilities 42,019
Shareholders' equity 571,682
-----------
$7,686,873
Net yield on earning assets 4.79 %
Taxable equivalent adjustment:
Loans 479
Investment securities 917
Investment securities available for sale 84
Other earning assets 16
Total taxable equivalent adjustment 1,496
Net interest income $ 82,270
Prior periods have been restated to refect poolings-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Three Months
Ended March 31 %
1995 1994 Change
NONINTEREST INCOME
Service charges on deposit accounts $12,059 $10,259 17.5 Trust fees 3,745 4,451 (15.9) Trading account profits and commissions 1,619 (3,877) NM Investment securities gains (losses), net 35 - - Other income 8,860 8,837 0.3
Total $26,318 $19,670 33.8
NONINTEREST EXPENSE Salaries and benefits $36,845 $33,047 11.5 Net occupancy expense 5,992 5,405 10.9 Equipment expense 4,779 4,933 (3.1) FDIC insurance 3,953 3,372 17.2 Other expense 22,670 15,666 44.7
Total $74,239 $62,423 18.9
NM - Not Meaningful
Prior periods have been restated to reflect poolings-of-interests.
CONTACT: Compass Bancshares, Inc., Birmingham Garrett See also: All pages beginning with Garrett Garrett is a masculine Irish, and Anglo-Saxon first name, or surname meaning "Lord of the spear", "spear brave" or "spear wielder". R. Hegel, 205/933-4272 or Ellen El·len , Mount A peak, 3,514.2 m (11,522 ft) high, of southern Utah. Laden, 205/933-3554 |
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