COMPASS BANCSHARES ANNOUNCES RECORD 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)--July 13, 1995--Compass Bancshares, Inc. today reported record net income of $27.8 million for the second quarter of 1995, an increase of 13 percent over the $24.7 million for the prior year. Net income per share for the second quarter of 1995 increased 11 percent to $.72 from $.65 for the second quarter of 1994. Net income for the first half of 1995 was $52.1 million, a seven percent increase over the $48.9 million for the same period of 1994. Net income per share for the first six months of 1995 was $1.36 as compared to $1.28 for the same period in 1994, a six percent increase. Return on average assets was 1.20 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 17.43 percent for the quarter ended June June: see month. 30, 1995. D. Paul Jones Paul Jones can refer to:
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 , specifically growth in quality loans and in the investment securities portfolios. This growth translated into increased net interest income for the first half of the year in the face of a declining net interest margin. All things considered All Things Considered (ATC) is a news radio program in the United States, broadcast on the National Public Radio network. It was the first news program on the network, and is broadcast live worldwide through several outlets. , we are pleased with our results for the first half of 1995 and are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the remainder of the year." Total assets increased 22 percent to $9.7 billion at June 30, 1995, from $7.9 billion at June 30, 1994. Earning assets grew to $8.9 billion from $7.3 billion, a 21 percent increase over the prior year. Loans outstanding increased 15 percent to $6.2 billion from $5.4 billion. Deposits increased 16 percent to $7.2 billion from $6.2 billion and shareholders' equity increased 13 percent to $652 million at June 30, 1995. 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 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 - $5.9 billion in assets and 90 banking offices; Texas - $3.2 billion in assets and 69 banking offices; Florida - $567 million in assets and 29 banking offices. 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 %
1995 1994 Change
EARNINGS SUMMARY
Net interest income $ 86,032 $ 83,445 3.1
Provision for loan losses 2,120 27 NM
Net interest income after provision 83,912 83,418 0.6
Noninterest income 32,283 16,281 98.3
Noninterest expense 72,976 63,734 14.5
Pretax income 43,219 35,965 20.2
Income tax expense 15,412 11,269 36.8
Net income $ 27,807 $ 24,696 12.6
Earnings per common share $ 0.72 $ 0.65 10.8
Primary weighted average common
shares outstanding 38,305 38,205 0.3
Six Months
Ended June 30 %
1995 1994 Change
EARNINGS SUMMARY
Net interest income $ 172,753 $ 165,715 4.2
Provision for loan losses 3,420 2,305 48.4
Net interest income after provision 169,333 163,410 3.6
Noninterest income 58,601 35,951 63.0
Noninterest expense 147,215 126,157 16.7
Pretax income 80,719 73,204 10.3
Income tax expense 28,571 24,329 17.4
Net income $ 52,148 $ 48,875 6.7
Earnings per common share $ 1.36 $ 1.28 6.3
Primary weighted average common
shares outstanding 38,231 38,160 0.2
Average for
Three Months
Ended June 30 %
BALANCE SHEET SUMMARY 1995 1994 Change
Total loans net of unearned
income $ 6,021,065 $ 5,324,915 13.07
Total investment securities 2,484,017/a 1,721,708/a 44.28
Earning assets 8,639,648/a 7,314,748/a 18.11
Total assets 9,278,507 7,924,184 17.09
Noninterest bearing deposits 1,254,035 1,232,540 1.74
Interest bearing deposits 5,905,436 4,934,524 19.68
Total deposits 7,159,471 6,167,064 16.09
Shareholders' equity 639,948 570,439 12.19
Average for
Six Months
Ended June 30 %
BALANCE SHEET SUMMARY 1995 1994 Change
Total loans net of unearned
income $ 5,928,880 $ 5,300,121 11.86
Total investment securities 2,511,404/a 1,556,909/a 61.31
Earning assets 8,566,006/a 7,211,720/a 18.78
Total assets 9,207,534 7,806,184 17.95
Noninterest bearing deposits 1,253,234 1,208,008 3.74
Interest bearing deposits 5,874,036 4,821,613 21.83
Total deposits 7,127,270 6,029,621 18.20
Shareholders' equity 629,918 571,057 10.31
Ending
Balance
June 30 %
BALANCE SHEET SUMMARY 1995 1994 Change
Total loans net of unearned
income $ 6,170,578 $ 5,372,289 14.86
Total investment securities 2,567,856/a 1,765,524/a 45.44
Earning assets 8,871,263/a 7,308,538/a 21.38
Total assets 9,655,695 7,901,070 22.21
Noninterest bearing deposits 1,276,999 1,227,633 4.02
Interest bearing deposits 5,877,234 4,927,880 19.26
Total deposits 7,154,233 6,155,513 16.22
Shareholders' equity 652,392 579,643 12.55
1995
SELECTED RATIOS 2nd Qtr 1st Qtr
Average equity to average assets 6.90 % 6.78 %
Average net loans to average total
deposits 84.10 82.25
Return on average assets 1.20 1.08
Return on average total equity 17.43 15.93
Book value per common share $17.12 $16.58
1994
SELECTED RATIOS 4th Qtr 3rd Qtr 2nd Qtr
Average equity to average assets 6.81 % 7.32 % 7.20 %
Average net loans to average total
deposits 80.07 87.53 86.34
Return on average assets 1.20 1.25 1.25
Return on average total equity 17.60 17.09 17.36
Book value per common share $16.13 $15.74 $15.29
NM - Not Meaningful
(a) Includes adjustment for market valuation on
available-for-sale securities of $(5,802), $(5,282), $(9,169),
$2,689, $(2,254) and $(12,963), respectively.
Prior periods have been restated to reflect pooling-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
1995
NONPERFORMING ASSETS June 30 Mar 31
Nonaccrual loans $ 16,787 $ 9,919 Renegotiated loans 1,830 2,096 Other real estate, net 5,729 6,630 Total nonperforming assets $ 24,346 $ 18,645 Loans ninety days or more past due $ 3,465 $ 5,668 Other repossessed assets $ 96 $ 161 Total nonperforming assets as a percentage of loans and ORE 0.39% 0.32%
1994
NONPERFORMING ASSETS Dec 31 Sept 30 June 30
Nonaccrual loans $ 11,283 $ 12,600 $ 15,150 Renegotiated loans 1,428 6,257 6,303 Other real estate, net 6,980 7,947 9,393 Total nonperforming assets $ 19,691 $ 26,804 $ 30,846 Loans ninety days or more past due $ 3,745 $ 4,098 $ 3,985 Other repossessed assets $ 235 $ 173 $ 152 Total nonperforming assets as a percentage of loans and ORE 0.34% 0.48% 0.57%
1995
ALLOWANCE FOR LOAN LOSSES 2nd Qtr 1st Qtr
Balance at beginning of period $ 107,304 $ 108,337
Loans charged off 3,438 4,040
Loan recoveries 1,320 1,707
Net charge-offs 2,118 2,333
Balance due to acquisitions - -
Provision for loan losses 2,120 1,300
Balance at end of period $ 107,306 $ 107,304
Allowance for loan losses as a
percentage of total loans 1.74 % 1.82 %
Allowance for loan losses as a
percentage of nonperforming assets 440.75 % 575.51 %
Annualized net charge-offs as a
percentage of average total loans - QTD 0.14 % 0.16 %
Annualized net charge-offs as a
percentage of average total loans - YTD 0.15 % 0.16 %
1994
ALLOWANCE FOR LOAN LOSSES 4th Qtr 3rd Qtr 2nd Qtr
Balance at beginning of
period $ 110,371 $ 111,669 $ 113,283
Loans charged off 4,038 4,593 3,773
Loan recoveries 1,566 2,196 2,132
Net charge-offs 2,472 2,397 1,641
Balance due to acquisitions 438 - -
Provision for loan losses - 1,099 27
Balance at end of period $ 108,337 $ 110,371 $ 111,669
Allowance for loan losses as a
percentage of total loans 1.86 % 2.00 % 2.08 %
Allowance for loan losses as a
percentage of nonperforming
assets 550.19 % 411.77 % 362.02 %
Annualized net charge-offs as a
percentage of average total
loans - QTD 0.17 % 0.18 % 0.12 %
Annualized net charge-offs as a
percentage of average total
loans - YTD 0.15 % 0.14 % 0.12 %
Prior periods have been restated to reflect pooling-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
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 $ 6,012,546 $ 133,772 8.92%
Loans available for sale 8,519 125 5.89
Investment securities:
Taxable 1,692,593 32,153 7.62
Tax-exempt 85,565 1,996 9.36
------------ ---------
1,778,158 34,149 7.70
Investment securities available
for sale 711,661 9,753 5.50
Other earning assets 134,566 2,343 6.98
Total earning assets 8,645,450 180,142 8.36
Allowance for loan losses (106,590)
Unrealized gain (loss) on securities
available for sale (5,802)
Cash and other assets 745,449
-------------
$ 9,278,507
Liabilities and Shareholders' Equity Interest bearing liabilities: Interest bearing demand deposits $ 806,491 5,125 2.55 Savings deposits 1,827,133 17,780 3.90 Time deposits 2,465,960 35,549 5.78 Certificates of deposit of $100,000 or more 805,852 12,184 6.06 Federal funds purchased and securities sold under agreement to repurchase 755,144 10,668 5.67 Other short-term borrowings 193,094 2,906 6.04 FHLB and other borrowings 484,913 8,659 7.16 Total interest bearing liabilities 7,338,587 92,871 5.08 Net interest spread 87,271 3.28%
Noninterest bearing demand deposits 1,254,035
Accrued expenses and other liabilities 45,937
Shareholders' equity 639,948
-------------
$ 9,278,507
Net yield on earning assets 4.05%
Taxable equivalent adjustment: Loans 457 Investment securities 765 Investment securities available for sale - Other earning assets 17 Total taxable equivalent adjustment 1,239 Net interest income $ 86,032
Three Months Ended June 30
1994
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets
Earning assets:
Loans, net of unearned income $ 5,305,392 $ 108,750 8.22%
Loans available for sale 19,523 279 5.73
Investment securities:
Taxable 726,779 13,685 7.55
Tax-exempt 98,891 2,247 9.11
------------ ---------
825,670 15,932 7.74
Investment securities available
for sale 901,320 12,346 5.49
Other earning assets 268,125 4,628 6.92
Total earning assets 7,320,030 141,935 7.78
Allowance for loan losses (113,325)
Unrealized gain (loss) on securities
available for sale (5,282)
Cash and other assets 722,761
-------------
$ 7,924,184
Liabilities and Shareholders' Equity Interest bearing liabilities: Interest bearing demand deposits $ 784,111 4,658 2.38 Savings deposits 1,788,300 13,197 2.96 Time deposits 1,703,158 20,050 4.72 Certificates of deposit of $100,000 or more 658,955 7,143 4.35 Federal funds purchased and securities sold under agreement to repurchase 581,522 5,784 3.99 Other short-term borrowings 235,394 2,463 4.20 FHLB and other borrowings 328,753 3,792 4.63 Total interest bearing liabilities 6,080,193 57,087 3.77 Net interest spread 84,848 4.01%
Noninterest bearing demand deposits 1,232,540
Accrued expenses and other liabilities 41,012
Shareholders' equity 570,439
-------------
$ 7,924,184
Net yield on earning assets 4.65%
Taxable equivalent adjustment: Loans 479 Investment securities 862 Investment securities available for sale 50 Other earning assets 12 Total taxable equivalent adjustment 1,403 Net interest income $ 83,445
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 $ 5,919,548 $ 260,952 8.89%
Loans available for sale 9,332 305 6.60
Investment securities:
Taxable 1,720,569 65,204 7.64
Tax-exempt 86,773 4,026 9.36
------------ ---------
1,807,342 69,230 7.72
Investment securities available
for sale 713,231 19,045 5.38
Other earning assets 125,722 4,314 6.92
Total earning assets 8,575,175 353,846 8.32
Allowance for loan losses (106,921)
Unrealized gain (loss) on securities
available for sale (9,169)
Cash and other assets 748,449
-------------
$ 9,207,534
Liabilities and Shareholders' Equity Interest bearing liabilities: Interest bearing demand deposits $ 815,228 10,309 2.55 Savings deposits 1,840,532 35,235 3.86 Time deposits 2,447,746 67,682 5.58 Certificates of deposit of $100,000 or more 770,530 22,522 5.89 Federal funds purchased and securities sold under agreement to repurchase 755,710 20,831 5.56 Other short-term borrowings 162,139 4,766 5.93 FHLB and other borrowings 485,976 17,176 7.13 Total interest bearing liabilities 7,277,861 178,521 4.95 Net interest spread 175,325 3.37%
Noninterest bearing demand deposits 1,253,234
Accrued expenses and other liabilities 46,521
Shareholders' equity 629,918
-------------
$ 9,207,534
Net yield on earning assets 4.12%
Taxable equivalent adjustment: Loans 993 Investment securities 1,548 Investment securities available for sale 7 Other earning assets 24 Total taxable equivalent adjustment 2,572 Net interest income $ 172,753
Six Months Ended June 30
1994
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets
Earning assets:
Loans, net of unearned income $ 5,281,428 $ 213,868 8.17%
Loans available for sale 18,693 532 5.74
Investment securities:
Taxable 603,879 24,259 8.10
Tax-exempt 100,915 4,789 9.57
------------ ---------
704,794 29,048 8.31
Investment securities available
for sale 849,426 23,141 5.49
Other earning assets 354,690 10,843 6.16
Total earning assets 7,209,031 277,432 7.76
Allowance for loan losses (113,553)
Unrealized gain (loss) on securities
available for sale 2,689
Cash and other assets 708,017
-------------
$ 7,806,184
Liabilities and Shareholders' Equity Interest bearing liabilities: Interest bearing demand deposits $ 783,037 9,123 2.35 Savings deposits 1,785,929 25,532 2.88 Time deposits 1,653,985 39,111 4.77 Certificates of deposit of $100,000 or more 598,662 12,895 4.34 Federal funds purchased and securities sold under agreement to repurchase 637,640 11,131 3.52 Other short-term borrowings 197,518 3,778 3.86 FHLB and other borrowings 328,835 7,248 4.44 Total interest bearing liabilities 5,985,606 108,818 3.67 Net interest spread 168,614 4.09%
Noninterest bearing demand deposits 1,208,008
Accrued expenses and other liabilities 41,513
Shareholders' equity 571,057
-------------
$ 7,806,184
Net yield on earning assets 4.72% Taxable equivalent adjustment: Loans 958 Investment securities 1,779 Investment securities available for sale 134 Other earning assets 28 Total taxable equivalent adjustment 2,899 Net interest income $ 165,715
Prior periods have been restated to reflect pooling-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Three Months
Ended June 30 %
1995 1994 Change
NONINTEREST INCOME
Service charges on deposit accounts $ 13,004 $ 11,214 16.0 Trust fees 4,024 4,371 (7.9) Trading account profits (losses) and commissions 2,555 (2,388) NM Investment securities gains (losses), net 2,847 (5,063) NM Other income 9,853 8,147 20.9 Total $ 32,283 $ 16,281 98.3 NONINTEREST EXPENSE Salaries and benefits $ 37,027 $ 31,628 17.1 Net occupancy expense 4,840 5,777 (16.2) Equipment expense 5,366 4,824 11.2 FDIC insurance 3,952 3,403 16.1 Other expense 21,791 18,102 20.4 Total $ 72,976 $ 63,734 14.5
Six Months
Ended June 30 %
1995 1994 Change
NONINTEREST INCOME
Service charges on deposit accounts $ 25,063 $ 21,473 16.7 Trust fees 7,769 8,822 (11.9) Trading account profits (losses) and commissions 4,174 (6,265) NM Investment securities gains (losses), net 2,882 (5,063) NM Other income 18,713 16,984 10.2 Total $ 58,601 $ 35,951 63.0 NONINTEREST EXPENSE Salaries and benefits $ 73,872 $ 64,675 14.2 Net occupancy expense 10,832 11,182 (3.1) Equipment expense 10,145 9,757 4.0 FDIC insurance 7,905 6,775 16.7 Other expense 44,461 33,768 31.7 Total $147,215 $126,157 16.7
NM - Not Meaningful
Prior periods have been restated to reflect pooling-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 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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