COMPASS BANCSHARES ANNOUNCES RECORD EARNINGS FOR FIRST SIX MONTHS OF 1996.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)--July 16, 1996--Compass Bancshares, Inc. today reported record net income per share of $1.71 for the first six months of 1996, an increase of 27 percent over the $1.35 for 1995. Net income for the first six months of 1996 was $67.4 million as compared to $53.3 million for the same period in 1995, also a 27 percent increase. Net income per share for the second quarter of 1996 was $.79 as compared to $.72 for the same period in 1995, a 10 percent increase. Net income for the second quarter was $30.6 million, an 8 percent increase over the $28.4 million for the same period of 1995. Return on average assets was 1.16 percent and return on average 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 17.41 percent for the quarter ended June June: see month. 30, 1996. D. Paul Jones Paul Jones can refer to:
"Also in the second quarter, we substantially completed our common share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program announced last February February: see month. with the shares to be used for the acquisition of CFB CFB Canadian Forces Base Bancorp, Inc. in Jacksonville, Florida “Jacksonville” redirects here. For other uses, see Jacksonville (disambiguation). Jacksonville is the largest city in the state of Florida and the county seat of Duval County. during the third quarter," Jones said. Total assets increased 9 percent to $10.8 billion at June 30, 1996, from $9.9 billion at June 30, 1995. Earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin grew to $9.9 billion from $9.1 billion, a 9 percent increase over the prior year. Period-end loans outstanding increased 9 percent to $6.8 billion from $6.3 billion. Deposits increased 19 percent to $8.7 billion from $7.3 billion and shareholders' equity increased 5 percent to $701 million at June 30, 1996, which is adjusted for $48 million in treasury stock, from $667 million at June 30, 1995. Acquisitions completed during the first half of 1996 include: Flower Mound mound, prehistoric earthwork erected over a burial place as a memorial or landmark, a defensive embankment, or a site for ceremonial or religious rites. Such structures are found in many parts of the world, but the name is applied in particular to those of North Bancshares, Inc., of Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , and its bank subsidiary, Security Bank, with assets of $46 million; Equitable equitable adj. 1) just, based on fairness and not legal technicalities. 2) refers to positive remedies (orders to do something, not money damages) employed by the courts to solve disputes or give relief. (See: equity) EQUITABLE. BankShares, Inc. and its bank subsidiary, Equitable Bank, of Dallas, Texas with assets of $184 million; Post Oak Bank of Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , with assets of $323 million; and Peoples Bancshares, Inc. of Belton, Texas Belton is a city in Bell County, Texas, United States. The population was 14,623 at the 2000 census. It is the county seat of Bell CountyGR6. Geography Belton is located at (31.058904, -97. , and its subsidiary, Peoples National Bank, with assets of $136 million. 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 190 offices in 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). , Texas, and 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 . Total assets and banking offices by state are as follows: Alabama - $5.7 billion in assets and 87 banking offices; Texas - $4.4 billion in assets and 79 banking offices; Florida - $650 million in assets and 24 banking offices. At June 30, 1996, Compass had five acquisitions pending which will increase total assets by $550 million. The pending acquisitions in Texas are: Royall Financial Corporation and its subsidiary, The Royall National Bank of Palestine Palestine, region, Asia Palestine (păl`əstīn), historic region on the eastern shore of the Mediterranean Sea, at various times comprising parts of modern Israel, the West Bank and Gaza, Jordan, and Egypt; also known as the Holy , in Palestine, Texas Palestine (pronounced ˈpæl.ɛs.tin) is a city in Anderson County, Texas, in the United States. As of the 2000 census, the city population was 17,598. , with assets of $108 million; Texas American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Bank in San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). 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. , with assets of $61 million; ProBank in Houston, Texas, with assets of $68 million; and three San Antonio, Texas, branches of Coastal Banc, ssb, with a related sale of Compass' Bay City, Texas, branch. The pending acquisition in Florida is Jacksonville-based CFB Bancorp, Inc., and its subsidiary, Community First Bank, with $313 million in assets. All pending transactions are expected to close during the third quarter of 1996 and, when completed, will increase total assets in Texas to $4.7 billion and total assets in Florida to $1.0 billion. 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 June 30 %
1996 1995 Change
EARNINGS SUMMARY
Net interest income $ 96,379 $ 88,804 8.5
Provision for loan losses 4,886 2,286 113.7
Net interest income after
provision 91,493 86,518 5.8
Noninterest income 33,984 33,095 2.7
Noninterest expense 78,046 75,491 3.4
Pretax income 47,431 44,122 7.5
Income tax expense 16,782 15,693 6.9
Net income $ 30,649 $ 28,429 7.8
Earnings per common share $ 0.79 $ 0.72 9.7
Primary weighted average
common shares outstanding 39,014 39,603 (1.5)
Six Months
Ended June 30 %
1996 1995 Change
EARNINGS SUMMARY
Net interest income $189,948 $178,066 6.7
Provision for loan losses 8,315 3,758 121.3
Net interest income after provision 181,633 174,308 4.2
Noninterest income 76,932 60,144 27.9
Noninterest expense 153,421 152,105 0.9
Pretax income 105,144 82,347 27.7
Income tax expense 37,742 29,082 29.8
Net income $ 67,402 $ 53,265 26.5
Earnings per common share $ 1.71 $ 1.35 26.7
Primary weighted average common
shares outstanding 39,409 39,528 (0.3)
Average for
Three Months
Ended June 30 %
BALANCE SHEET SUMMARY 1996 1995 Change
Total loans net of unearned
income $6,728,074 $6,135,045 9.67
Total investment securities 2,885,988(1) 2,559,157(1) 12.77
Earning assets 9,831,961(1) 8,833,231(1) 11.31
Total assets 10,582,342 9,498,214 11.41
Noninterest bearing deposits 1,434,208 1,319,567 8.69
Interest bearing deposits 6,913,435 6,020,658 14.83
Total deposits 8,347,643 7,340,225 13.72
Shareholders' equity 708,149 654,098 8.26
Average for
Six Months
Ended June 30 %
BALANCE SHEET SUMMARY 1996 1995 Change
Total loans net of unearned
income $6,593,468 $6,039,284 9.18
Total investment securities 2,850,449(1) 2,589,184(1) 10.09
Earning assets 9,665,734(1) 8,757,697(1) 10.37
Total assets 10,389,622 9,424,597 10.24
Noninterest bearing deposits 1,387,838 1,317,908 5.31
Interest bearing deposits 6,700,896 5,987,126 11.92
Total deposits 8,088,734 7,305,034 10.73
Shareholders' equity 720,918 643,794 11.98
Ending Balance
June 30 %
BALANCE SHEET SUMMARY 1996 1995 Change
Total loans net of unearned
income $6,842,835 $6,287,262 8.84
Total investment securities 2,921,506(1) 2,642,075(1) 10.58
Earning assets 9,935,245(1) 9,073,615(1) 9.50
Total assets 10,779,425 9,887,618 9.02
Noninterest bearing deposits 1,503,330 1,353,325 11.08
Interest bearing deposits 7,211,514 5,994,364 20.30
Total deposits 8,714,844 7,347,689 18.61
Shareholders' equity 701,270 666,952 5.15
1996
SELECTED RATIOS 2nd Qtr 1st Qtr
Average equity to
average assets 6.69% 7.20%
Average net loans to average
total deposits 80.60 82.49
Return on average assets 1.16 1.45
Return on average total equity 17.41 20.15
Book value per common share $ 18.31 $ 18.51
1995
SELECTED RATIOS 4th Qtr 3rd Qtr 2nd Qtr
Average equity to
average assets 6.89% 6.87% 6.89%
Average net loans to average
total deposits 82.95 85.47 83.58
Return on average assets 1.15 1.19 1.20
Return on average total equity 16.75 17.40 17.43
Book value per common share $ 18.32 $ 17.43 $ 16.92
(1) Includes adjustment for market valuation on
available-for-sale securities of $(9,210), $(5,845), $4,063,
$(9,269), $(12,785) and $(2,287), respectively. Prior periods have
been restated to reflect poolings-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
1996
NONPERFORMING ASSETS June 30 Mar 31
Nonaccrual loans $ 19,555 $ 22,479 Renegotiated loans 861 894 Other real estate, net 9,895 9,549 Total nonperforming assets $ 30,311 $ 32,922 Loans ninety days or more past due $ 4,944 $ 4,375 Other repossessed assets $ 409 $ 421 Total nonperforming assets as a percentage of loans and ORE 0.44% 0.51%
1995
NONPERFORMING ASSETS Dec 31 Sept 30 June 30
Nonaccrual loans $ 12,463 $ 12,801 $ 17,542 Renegotiated loans 1,070 1,180 1,830 Other real estate, net 9,550 9,637 6,058 Total nonperforming assets $ 23,083 $ 23,618 $ 25,430 Loans ninety days or more past due $ 5,163 $ 4,073 $ 3,578 Other repossessed assets $ 501 $ 287 $ 299 Total nonperforming assets as a percentage of loans and ORE 0.36% 0.37% 0.40%
1996
2nd Qtr 1st Qtr
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $110,420 $110,487
Loans charged off 6,463 4,496
Loan recoveries 1,537 1,107
Net charge-offs 4,926 3,389 Acquisitions/(divestitures) 5,024 (107) Provision for loan losses 4,886 3,429 Balance at end of period $115,404 $110,420 Allowance for loan losses as a percentage of total loans 1.69% 1.70% Allowance for loan losses as a percentage of nonperforming assets 380.73% 335.40% Annualized net charge-offs as a percentage of average total loans - QTD 0.29% 0.21% Annualized net charge-offs as a percentage of average total loans - YTD 0.25% 0.21%
1995
4th Qtr 3rd Qtr 2nd Qtr
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $110,345 $109,155 $109,208
Loans charged off 4,462 5,005 3,684
Loan recoveries 2,107 1,544 1,345
Net charge-offs 2,355 3,461 2,339 Acquisitions/(divestitures) - - - Provision for loan losses 2,497 4,651 2,286 Balance at end of period $110,487 $110,345 $109,155 Allowance for loan losses as a percentage of total loans 1.70% 1.73% 1.74% Allowance for loan losses as a percentage of nonperforming assets 478.65% 467.21% 429.24% Annualized net charge-offs as a percentage of average total loans - QTD 0.15% 0.22% 0.15% Annualized net charge-offs as a percentage of average total loans - YTD 0.17% 0.18% 0.16% Prior periods have been restated to reflect poolings-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Three Months Ended June 30, 1996
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets
Earning assets:
Loans, net of unearned income $ 6,712,398 $146,126 8.76%
Loans available for sale 15,676 253 6.49
Investment securities:
Taxable 652,167 11,912 7.35
Tax-exempt 84,833 1,923 9.12
---------- ---------
737,000 13,835 7.55
Investment securities available
for sale 2,158,198 34,759 6.48
Other earning assets 217,899 3,282 6.06
Total earning assets 9,841,171 198,255 8.10
Allowance for loan losses (113,046)
Unrealized gain (loss) on
securities available for sale (9,210)
Cash and other assets 863,427
----------
$10,582,342
Liabilities and Shareholders' Equity Interest bearing liabilities: Interest bearing demand deposits $ 905,331 5,290 2.35 Savings deposits 2,509,361 25,168 4.03 Time deposits 2,581,812 36,668 5.71 Certificates of deposit of $100,000 or more 916,931 12,852 5.64 Federal funds purchased and securities sold under agreement to repurchase 666,025 8,264 4.99 Other short-term borrowings 193,359 2,612 5.43 FHLB and other borrowings 609,967 10,224 6.74 Total interest bearing liabilities 8,382,786 101,078 4.85 Net interest spread 97,177 3.25%
Noninterest bearing demand
deposits 1,434,208
Accrued expenses and other
liabilities 57,199
Shareholders' equity 708,149
----------
$10,582,342
Net yield on earning assets 3.97% Taxable equivalent adjustment: Loans 30 Investment securities 721 Investment securities available for sale 21 Other earning assets 26 Total taxable equivalent adjustment 798 Net interest income $ 96,379
Three Months Ended June 30, 1995
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets
Earning assets:
Loans, net of unearned income $6,126,526 $136,673 8.95%
Loans available for sale 8,519 125 5.89
Investment securities:
Taxable 1,729,627 32,917 7.63
Tax-exempt 87,266 2,174 9.99
---------- ---------
1,816,893 35,091 7.75
Investment securities available for sale 748,109 9,906 5.31 Other earning assets 139,029 2,412 6.96
Total earning assets 8,839,076 184,207 8.36
Allowance for loan losses (108,497)
Unrealized gain (loss) on
securities available for sale (5,845)
Cash and other assets 773,480
----------
$9,498,214
Liabilities and Shareholders' Equity Interest bearing liabilities: Interest bearing demand deposits $ 832,316 5,244 2.53 Savings deposits 1,879,758 18,126 3.87 Time deposits 2,490,133 35,838 5.77 Certificates of deposit of $100,000 or more 818,451 12,343 6.05 Federal funds purchased and securities sold under agreement to repurchase 770,936 10,911 5.68 Other short-term borrowings 198,547 2,925 5.91 FHLB and other borrowings 487,399 8,720 7.18 Total interest bearing liabilities 7,477,540 94,107 5.05 Net interest spread 90,100 3.31%
Noninterest bearing demand
deposits 1,319,567
Accrued expenses and other
liabilities 47,009
Shareholders' equity 654,098
----------
$9,498,214
Net yield on earning assets 4.09% Taxable equivalent adjustment: Loans 458 Investment securities 821 Investment securities available for sale - Other earning assets 17 Total taxable equivalent adjustment 1,296 Net interest income $ 88,804 Prior periods have been restated to reflect poolings-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Six Months Ended June 30 1996
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets
Earning assets:
Loans, net of unearned income $ 6,577,402 $287,477 8.79%
Loans available for sale 16,066 503 6.29
Investment securities:
Taxable 642,223 23,372 7.32
Tax-exempt 81,844 3,794 9.32
---------- ---------
724,067 27,166 7.54
Investment securities available
for sale 2,122,319 70,128 6.64
Other earning assets 221,817 6,776 6.14
Total earning assets 9,661,671 392,050 8.16
Allowance for loan losses (111,222)
Unrealized gain (loss) on
securities available for sale 4,063
Cash and other assets 835,110
----------
$10,389,622
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 884,051 10,721 2.44
Savings deposits 2,419,177 48,703 4.05
Time deposits 2,535,641 72,568 5.76
Certificates of deposit of
$100,000 or more 862,027 24,656 5.75
Federal funds purchased and
securities sold under agreement
to repurchase 747,382 18,863 5.08
Other short-term borrowings 156,778 4,128 5.29
FHLB and other borrowings 610,856 20,485 6.74
Total interest bearing
liabilities 8,215,912 200,124 4.90
Net interest spread 191,926 3.26%
Noninterest bearing demand
deposits 1,387,838
Accrued expenses and other
liabilities 64,954
Shareholders' equity 720,918
----------
$10,389,622
Net yield on earning assets 3.99% Taxable equivalent adjustment: Loans 436 Investment securities 1,435 Investment securities available for sale 66 Other earning assets 41 Total taxable equivalent adjustment 1,978 Net interest income $189,948
Six Months Ended June 30 1995
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets
Earning assets:
Loans, net of unearned income $6,029,952 $266,469 8.91%
Loans available for sale 9,332 305 6.60
Investment securities:
Taxable 1,759,065 66,787 7.66
Tax-exempt 88,631 4,392 9.99
---------- ---------
1,847,696 71,179 7.77
Investment securities available for sale 750,757 19,323 5.19 Other earning assets 129,229 4,415 6.89
Total earning assets 8,766,966 361,691 8.32
Allowance for loan losses (108,811)
Unrealized gain (loss) on
securities available for sale (9,269)
Cash and other assets 775,711
----------
$9,424,597
Liabilities and Shareholders' Equity Interest bearing liabilities: Interest bearing demand deposits $ 840,500 10,541 2.53 Savings deposits 1,893,021 35,940 3.83 Time deposits 2,470,604 68,198 5.57 Certificates of deposit of $100,000 or more 783,001 22,822 5.88 Federal funds purchased and securities sold under agreement to repurchase 773,737 21,317 5.56 Other short-term borrowings 165,773 4,811 5.85 FHLB and other borrowings 488,707 17,307 7.14 Total interest bearing liabilities 7,415,343 180,936 4.92 Net interest spread 180,755 3.40%
Noninterest bearing demand
deposits 1,317,908
Accrued expenses and other
liabilities 47,552
Shareholders' equity 643,794
----------
$9,424,597
Net yield on earning assets 4.16% Taxable equivalent adjustment: Loans 995 Investment securities 1,663 Investment securities available for sale 7 Other earning assets 24 Total taxable equivalent adjustment 2,689 Net interest income $178,066 Prior periods have been restated to reflect poolings-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Three Months
Ended June 30 %
1996 1995 Change
NONINTEREST INCOME
Service charges on deposit
accounts $ 14,499 $ 13,644 6.3
Trust fees 3,869 4,024 (3.9)
Trading account profits (losses)
and commissions 2,878 2,558 12.5
Investment securities gains
(losses), net (28) 2,842 (101.0)
Other income 12,766 10,027 27.3
Total $ 33,984 $ 33,095 2.7
NONINTEREST EXPENSE Salaries and benefits $ 42,790 $ 38,205 12.0 Net occupancy expense 6,049 5,054 19.7 Equipment expense 5,233 5,581 (6.2) FDIC insurance 955 4,051 (76.4) Other expense 23,019 22,600 1.9
Total $ 78,046 $ 75,491 3.4
Six Months
Ended June 30 %
1996 1995 Change
NONINTEREST INCOME
Service charges on deposit accounts $ 28,269 $ 26,275 7.6 Trust fees 8,261 7,769 6.3 Trading account profits (losses) and commissions 7,005 4,177 67.7 Investment securities gains (losses), net 6,660 2,863 132.6 Other income 26,737 19,060 40.3
Total $ 76,932 $ 60,144 27.9
NONINTEREST EXPENSE Salaries and benefits $ 83,461 $ 76,190 9.5 Net occupancy expense 12,009 11,267 6.6 Equipment expense 10,667 10,544 1.2 FDIC insurance 1,608 8,102 (80.2) Other expense 45,676 46,002 (0.7)
Total $153,421 $152,105 0.9
Prior periods have been restated to reflect poolings-of-interests. CONTACT: Compass Bancshares, Inc., Birmingham Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. A. Bean, 205/558-5740 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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