Compass Bancshares Reports Record Earnings for 2000.Business Editors 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)--Jan. 18, 2001 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. (Nasdaq: 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) ) -- Net income of $240.6 million marks 13th consecutive year of record earnings -- Record EPS of $2.00, up 6% from the prior year -- Noninterest income up 23% from prior year levels -- Cash basis efficiency ratio improves to record 55.49% Compass Bancshares, Inc. (Nasdaq: CBSS) today reported record net income of $240.6 million for 2000, a seven percent increase over the $223.9 million earned during 1999. Earnings per share for 2000 increased six percent to a record $2.00 from $1.88 in the prior year. Return on average assets 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. for the full year 2000 were 1.27 percent and 18.19 percent, respectively. On a cash basis, net income for 2000 increased 10 percent to $259.6 million compared to $237 million in 1999. For the same time period, earnings per share increased nine percent to $2.16 compared to $1.99 in the prior year. Return on average assets and return on average shareholders' equity for the full year 2000 were 1.39 percent and 19.63 percent, respectively. Net income for the fourth quarter of 2000 was $60.8 million, a nine percent increase over the $55.7 million earned during the fourth quarter of 1999. For the same time period, earnings per share increased six percent to $0.50 compared to $0.47 in the prior year. On a cash basis, net income increased 11 percent to $66.3 million compared to $60 million in the prior year and earnings per share increased 10 percent to $0.55 from $0.50 for the fourth quarter of 1999. D. Paul Jones Paul Jones can refer to:
adj 1. not firm or fixed in one place; likely to move. 2. capable of undergoing spontaneous change. A nuclide in an unstable state is called radioactive. An atom in an unstable state is called excited. interest rate environment, a slowing economy and market unrest Unrest is a sociological phenomenon, for instance:
Clouds are formed when air containing water vapor is cooled below a critical temperature called the dew point and the resulting moisture condenses into of economic uncertainty remains, our franchise is well-positioned in growing Sunbelt Sunbelt Region, south and southwestern U.S. It is characterized by a warm climate, rapid population growth since 1970, and relatively conservative voting patterns. Comprising 15 states, it extends from Virginia and Florida in the southeast through Nevada in the southwest, markets and our ability to deliver innovative products and services provides us with a solid platform to sustain future growth and profitability." Jones added, "Compass' record financial performance was driven by a nine percent increase in revenue, primarily as a result of a double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. increase in noninterest income. Most of our major fee-based businesses generated good results as noninterest income, including a gain on the sale of branches in non-strategic markets, increased 23 percent from the prior year. Good revenue growth, coupled with expense management and leveraging of technology investments, improved our cash basis efficiency ratio to a record 55.49 percent for the year." "Compass' balance sheet also posted solid results. Managed loans, including the impact of securitizations and acquisitions, increased 11 percent over prior year levels. Equally important was our ability to fund loan demand through internal deposit generation. Total deposits increased eight percent, primarily as a result of a 15 percent increase in noninterest bearing deposits. Noninterest bearing deposits now represent more than 22 percent of Compass' total deposits," Jones stated. "Although net charge-offs and nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. increased from the prior year, the overall quality of our loan portfolio remains strong. Our current level of asset quality indicators remain in-line In-line Used in the context of general equities. (1) An order or market in a specific security within the inside market; 2) any announcement (earnings) that adheres closely to Wall Street analysts' expectations. with historical levels considering where we are in the economic cycle," Jones said. Compass' strategic geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. expansion into attractive high-growth markets in Sunbelt states continued in 2000. During the year, Compass completed three acquisitions in Western expansion markets and at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. had one pending transaction, which was completed earlier this month. In Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , Compass complemented its existing presence in the rapidly growing Phoenix market through the acquisition of Founders Bank of Arizona with assets of $390 million. In New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , Compass acquired Western Bancshares, Inc., the largest locally-owned bank in Albuquerque Albuquerque (ăl`bəkûr'kē), city (1990 pop. 384,736), seat of Bernalillo co., W central N.Mex., on the upper Rio Grande; inc. 1890. with more than $300 million in assets. In Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. , Compass entered the Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. market with the acquisition of MegaBank Financial Corporation with more than $300 million in assets. Shortly after year-end, Compass solidified so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. its presence in the greater Denver market through the acquisition of FirsTier Corporation, the fastest-growing independent bank in Colorado with approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $900 million in assets. Compass now operates 25 full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. banking offices in the greater Denver area with deposits of approximately $1 billion. More than 3.2 million people, 81 percent of the state's population, reside in the greater Denver area and Colorado is projected by the U.S. Census Bureau Noun 1. Census Bureau - the bureau of the Commerce Department responsible for taking the census; provides demographic information and analyses about the population of the United States Bureau of the Census to be among the seven fastest growing states over the next five years. Including the recently completed acquisition, Compass operates 340 bank offices including 117 in Texas, 87 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). , 60 in Arizona, 40 in 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 , 25 in Colorado, nine in New Mexico and two in Nebraska Nebraska (nəbrăs`kə), Great Plains state of the central United States. It is bordered by Iowa and Missouri, across the Missouri R. (E), Kansas (S), Colorado (SW), Wyoming (NW), and South Dakota (N). . Compass is among the top 40 U.S. bank holding companies by asset size and ranks among the top earners of its size based upon return on average equity. Compass holds Moody's Moody's Corporation (NYSE: MCO) is the holding company for Moody's Investors Service which performs financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. Investor Service's "Dividend Achiever" designation DESIGNATION, wills. The expression used by a testator, instead of the name of the person or the thing he is desirous to name; for example, a legacy to. the eldest son of such a person, would be a designation of the legatee. Vide 1 Rop. Leg. ch. 2. 2. for increasing dividends for at least 10 consecutive years. Compass also was recognized by Keefe, Bruyette and Woods Keefe, Bruyette & Woods, Inc. is a stock broker and an investment bank that specialises in the financial sector. The company has seven offices in the United States and one office in London. for the third consecutive year as one of the best performing banks over the past 10 years and named to its prestigious 2000 Honor Roll honor roll n. A list of names of people worthy of honor, especially: a. A list of students who have earned high grades during a specified period. b. A list of people who have served in the armed forces. . In addition, Compass was recently named to Forbes Forbes , B(ertie) C(harles) 1880-1954. American publisher and businessman who founded and edited (1916-1954) Forbes magazine. His son Malcolm Stevenson Forbes magazine "Platinum platinum (plăt`ənəm), metallic chemical element; symbol Pt; at. no. 78; at. wt. 195.08; m.p. 1,772°C;; b.p. 3,827±100°C;; sp. gr. 21.45 at 20°C;; valence +2 or +4. 400," a list of the 400 best big companies in America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. . Compass will host a live conference call and webcast at 2:00 p.m. Central Standard Time today. Additional material information, including forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information such as considerations regarding future results, may be discussed during the presentation. To participate by telephone dial 888/391-0091 or by webcast at www.compassweb.com. A copy of the presentation will be made available on our web site prior to the call. A replay of the conference call and webcast will be made available until midnight on January January: see month. 26, 2001. To access a replay of the conference call dial 800/633-8284 and enter reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. number 17551546. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 Statements in this press release regarding Compass Bancshares, Inc.'s business which are not historical facts are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the Company's Annual Report or Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the most recently ended fiscal year.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands except per share data)
Three Months
Ended December 31
----------------------- %
2000 1999 Change
-------- -------- --------
EARNINGS SUMMARY
Net interest income $173,103 $168,329 3
Noninterest income 77,238 66,869 16
-------- --------
Total revenue 250,341 235,198 6
Provision for loan losses 16,376 8,774 87
Noninterest expense 151,094 140,760 7
-------- --------
Pretax income 82,871 85,664 (3)
Income tax expense 22,092 30,013 (26)
-------- --------
Net income $ 60,779 $ 55,651 9
======== ========
Net income available to
common shareholders $ 60,779 $ 55,424 10
======== ========
Net income - cash basis $ 66,293 $ 59,968 11
======== ========
Diluted earnings per share 0.50 0.47 6
Diluted earnings per share - cash
basis (a) 0.55 0.50 10
Diluted weighted average
shares outstanding 121,474 117,760 3
Year
Ended December 31
----------------------- %
2000 1999 Change
-------- -------- ------
EARNINGS SUMMARY
Net interest income $680,800 $653,444 4
Noninterest income 298,904 242,867 23
-------- --------
Total revenue 979,704 896,311 9
Provision for loan losses 53,539 31,962 68
Noninterest expense 569,589 526,043 8
-------- --------
Pretax income 356,576 338,306 5
Income tax expense 115,985 114,404 1
-------- --------
Net income $240,591 $223,902 7
======== ========
Net income available to
common shareholders $240,591 $221,783 8
======== ========
Net income - cash basis $259,602 $236,989 10
======== ========
Diluted earnings per share 2.00 1.88 6
Diluted earnings per share - cash
basis (a) 2.16 1.99 9
Diluted weighted average
shares outstanding 120,454 117,774 2
Three Months
Ended December 31
----------------------
2000 1999
-------- --------
SELECTED RATIOS
Average common equity to
average assets 7.30 % 6.75 %
Average loans to average
total deposits 85.79 82.31
Return on average assets 1.24 1.20
Return on average common
equity 17.00 17.75
Return on average equity 17.00 17.74
Efficiency ratio (b) 59.59 58.63
Cash basis ratios:
Return on average assets 1.38 1.31
Return on average equity 18.55 19.12
Return on average tangible equity 23.50 23.50
Efficiency ratio (b) 56.85 56.33
Book value per common share $12.24 $10.50
Year
Ended December 31
----------------------
2000 1999
-------- --------
SELECTED RATIOS
Average common equity to
average assets 6.97 % 6.83 %
Average loans to average
total deposits 83.84 81.58
Return on average assets 1.27 1.25
Return on average common
equity 18.19 18.20
Return on average equity 18.19 18.19
Efficiency ratio (b) 57.94 57.76
Cash basis ratios:
Return on average assets 1.39 1.34
Return on average equity 19.63 19.25
Return on average tangible equity 24.67 22.50
Efficiency ratio (b) 55.49 55.94
Book value per common share $12.24 $10.50
Average for
Three Months
Ended December 31
-------------------------- %
2000 1999 Change
----------- ----------- ------
BALANCE SHEET HIGHLIGHTS
Total loans $11,785,611 $10,764,449 9
Total loans - managed 13,462,744 12,180,824 11
Total investment securities (c) 6,002,748 5,940,710 1
Earning assets (c) 17,852,427 16,855,537 6
Total assets 19,475,651 18,355,455 6
Noninterest bearing deposits 2,905,595 2,680,767 8
Interest bearing transaction
accounts 6,041,730 6,011,001 1
Total transaction accounts 8,947,325 8,691,768 3
Total deposits 13,737,891 13,077,988 5
Shareholders' equity 1,421,905 1,244,241 14
Average for
Year
Ended December 31
-------------------------- %
BALANCE SHEET HIGHLIGHTS 2000 1999 Change
----------- ----------- ------
Total loans $11,384,738 $10,403,838 9
Total loans - managed 12,972,495 11,590,727 12
Total investment securities (c) 5,912,421 5,879,444 1
Earning assets (c) 17,385,034 16,437,388 6
Total assets 18,963,178 17,852,787 6
Noninterest bearing deposits 2,818,452 2,581,598 9
Interest bearing transaction
accounts 6,083,565 5,923,232 3
Total transaction accounts 8,902,017 8,504,830 5
Total deposits 13,579,318 12,752,731 6
Shareholders' equity 1,322,483 1,230,875 7
Ending
Balance
December 31
-------------------------- %
BALANCE SHEET HIGHLIGHTS 2000 1999 Change
----------- ----------- ------
Total loans $11,494,510 $10,936,609 5
Total loans - managed 13,628,546 12,290,054 11
Total investment securities (c) 6,466,669 5,778,814 12
Earning assets (c) 18,103,655 16,885,065 7
Total assets 19,992,242 18,445,522 8
Noninterest bearing deposits 3,104,785 2,711,598 15
Interest bearing transaction
accounts 6,082,932 5,975,515 2
Total transaction accounts 9,187,717 8,687,113 6
Total deposits 14,033,244 13,049,599 8
Shareholders' equity 1,480,462 1,229,225 20
(a) Excludes after-tax intangible amortization.
(b) Excludes merger and integration expenses and gains on sale of
investment securities and branches.
(c) Includes adjustment for market valuation on available-for-sale
securities.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands except per share data)
Three Months Ended
-----------------------------------
2000 2000 2000
--------- --------- ---------
Dec 31 Sep 30 Jun 30
EARNINGS SUMMARY --------- --------- ---------
Net interest income $ 173,103 $ 171,290 $ 172,343
Noninterest income 77,238 75,725 80,014
--------- --------- ---------
Total revenue 250,341 247,015 252,357
Provision for loan losses 16,376 10,357 17,183
Noninterest expense 151,094 141,107 142,612
--------- --------- ---------
Pretax income 82,871 95,551 92,562
Income tax expense 22,092 32,542 31,881
--------- --------- ---------
Net income $60,779 $63,009 $60,681
========= ========= =========
Net income available to
common shareholders $60,779 $63,009 $60,681
========= ========= =========
Net income - cash basis $66,293 $67,771 $65,066
========= ========= =========
Diluted earnings per share 0.50 0.52 0.50
Diluted earnings per share - cash
basis (a) 0.55 0.56 0.54
Diluted weighted average
shares outstanding 121,474 121,398 121,432
Three Months Ended
----------------------
2000 1999
--------- ---------
Mar 31 Dec 31
EARNINGS SUMMARY --------- ---------
Net interest income $ 164,064 $ 168,329
Noninterest income 65,927 66,869
--------- ---------
Total revenue 229,991 235,198
Provision for loan losses 9,623 8,774
Noninterest expense 134,776 140,760
--------- ---------
Pretax income 85,592 85,664
Income tax expense 29,470 30,013
--------- ---------
Net income $56,122 $55,651
========= =========
Net income available to
common shareholders $56,122 $55,424
========= =========
Net income - cash basis $60,472 $59,968
========= =========
Diluted earnings per share 0.48 0.47
Diluted earnings per share - cash
basis (a) 0.51 0.50
Diluted weighted average
shares outstanding 117,450 117,760
Three Months Ended
-----------------------------------
2000 2000 2000
--------- -------- --------
Dec 31 Sep 30 Jun 30
--------- -------- --------
SELECTED RATIOS
Average common equity to
average assets 7.30 % 7.10 % 6.76 %
Average loans to average
total deposits 85.79 84.00 81.66
Return on average assets 1.24 1.30 1.30
Return on average common
equity 17.00 18.38 19.24
Return on average equity 17.00 18.38 19.24
Efficiency ratio (b) 59.59 56.90 58.03
Cash basis ratios:
Return on average assets 1.38 1.43 1.41
Return on average equity 18.55 19.77 20.63
Return on average tangible equity 23.50 25.16 25.54
Efficiency ratio (b) 56.85 54.40 55.80
Book value per common share $ 12.24 $ 11.49 $ 10.96
Three Months Ended
----------------------
2000 1999
--------- ---------
Mar 31 Dec 31
SELECTED RATIOS
Average common equity to
average assets 6.71 % 6.75 %
Average loans to average
total deposits 83.88 82.31
Return on average assets 1.23 1.20
Return on average common
equity 18.29 17.75
Return on average equity 18.29 17.74
Efficiency ratio (b) 57.14 58.63
Cash basis ratios:
Return on average assets 1.34 1.31
Return on average equity 19.71 19.12
Return on average tangible equity 24.59 23.50
Efficiency ratio (b) 54.82 56.33
Book value per common share $ 10.67 $ 10.50
(a) Excludes after-tax intangible amortization.
(b) Excludes merger and integration expenses and gains on sale of
investment securities and branches.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
2000 2000 2000
-------- -------- --------
Dec 31 Sep 30 Jun 30
-------- -------- --------
NONPERFORMING ASSETS
Nonaccrual loans $ 82,366 $ 77,245 $ 61,185
Renegotiated loans 84 91 97
Other real estate, net 13,975 12,518 10,504
-------- -------- --------
Total nonperforming assets $ 96,425 $ 89,854 $ 71,786
======== ======== ========
Loans ninety days or more
past due $ 19,367 $ 23,036 $ 19,398
Other repossessed assets 1,706 1,129 848
Total nonperforming assets as
a percentage of loans and ORE 0.84 % 0.76 % 0.63 %
2000 1999
-------- --------
Mar 31 Dec 31
-------- --------
NONPERFORMING ASSETS
Nonaccrual loans $ 70,787 $ 74,605
Renegotiated loans 102 239
Other real estate, net 10,429 7,250
-------- --------
Total nonperforming assets $ 81,318 $ 82,094
======== ========
Loans ninety days or more
past due $ 14,236 $ 13,325
Other repossessed assets 1,457 1,678
Total nonperforming assets as
a percentage of loans and ORE 0.75 % 0.75 %
Three Months Ended
-----------------------------------
2000 2000 2000
--------- -------- --------
Dec 31 Sep 30 Jun 30
--------- -------- --------
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $153,828 $150,187 $146,100
Loans charged off 19,200 14,060 20,282
Loan recoveries 2,629 3,778 3,192
-------- -------- --------
Net charge-offs 16,571 10,282 17,090
Allowance for loans acquired - 3,566 3,994
Provision for loan losses 16,376 10,357 17,183
-------- -------- --------
Balance at end of period $153,633 $153,828 $150,187
========= ======== ========
Allowance for loan losses as
a percentage of total loans 1.34 % 1.30 % 1.33 %
Allowance for loan losses as
a percentage of nonperforming
assets 159.33 171.20 209.21
Annualized net charge-offs as
a percentage of average total
loans - QTD 0.56 0.35 0.61
Annualized net charge-offs as
a percentage of average total
loans - YTD 0.47 0.44 0.48
Three Months Ended
2000 1999
-------- --------
Mar 31 Dec 31
-------- --------
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $145,890 $142,795
Loans charged off 11,894 10,788
Loan recoveries 2,481 2,622
-------- --------
Net charge-offs 9,413 8,166
Allowance for loans acquired - 2,487
Provision for loan losses 9,623 8,774
-------- --------
Balance at end of period $146,100 $145,890
======== ========
Allowance for loan losses as
a percentage of total loans 1.36 % 1.33 %
Allowance for loan losses as
a percentage of nonperforming
assets 179.67 177.71
Annualized net charge-offs as
a percentage of average total
loans - QTD 0.35 0.30
Annualized net charge-offs as
a percentage of average total
loans - YTD 0.35 0.28
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Three Months Ended December 31
--------------------------------
2000
--------------------------------
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
--------------------------------
Assets
Earning assets:
Loans $11,785,611 $269,876 9.11 %
Investment securities 1,450,680 28,565 7.83
Investment securities available
for sale 4,647,469 78,057 6.68
Other earning assets 64,068 1,073 6.66
----------- -----------
Total earning assets 17,947,828 377,571 8.37
Allowance for loan losses (153,872)
Unrealized gain (loss) on
securities available for sale (95,401)
Cash and other assets 1,777,096
-----------
$19,475,651
===========
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 123,257 722 2.33
Savings deposits 5,918,473 57,877 3.89
Time deposits 3,024,632 46,490 6.11
Certificates of deposit of
$100,000 or more 1,765,934 28,636 6.45
Federal funds purchased and
securities sold under agreement
to repurchase 1,811,905 29,749 6.53
Other short-term borrowings 143,616 2,235 6.19
FHLB and other borrowings 2,195,438 37,573 6.81
----------- -----------
Total interest bearing liabilities 14,983,255 203,282 5.40
----------- --------
Net interest spread 174,289 2.97 %
========
Noninterest bearing demand deposits 2,905,595
Accrued expenses and other liabilities 164,896
Shareholders' equity 1,421,905
-----------
$19,475,651
===========
Net yield on earning assets 3.86 %
========
Taxable equivalent adjustment:
Loans 66
Investment securities 558
Investment securities available
for sale 552
Other earning assets 10
-----------
Total taxable equivalent adjustment 1,186
-----------
Net interest income $173,103
===========
Three Months Ended December 31
--------------------------------
1999
--------------------------------
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
--------------------------------
Assets
Earning assets:
Loans $10,764,449 $233,408 8.60 %
Investment securities 1,582,055 27,325 6.85
Investment securities available
for sale 4,471,392 71,969 6.39
Other earning assets 150,378 2,170 5.73
----------- -----------
Total earning assets 16,968,274 334,872 7.83
Allowance for loan losses (144,971)
Unrealized gain (loss) on
securities available for sale (112,737)
Cash and other assets 1,644,889
-----------
$18,355,455
===========
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 200,673 812 1.61
Savings deposits 5,810,328 51,238 3.50
Time deposits 2,793,235 37,166 5.28
Certificates of deposit of
$100,000 or more 1,592,985 22,019 5.48
Federal funds purchased and
securities sold under agreement
to repurchase 1,173,639 15,266 5.16
Other short-term borrowings 217,536 3,035 5.54
FHLB and other borrowings 2,498,475 35,823 5.69
----------- -----------
Total interest bearing liabilities 14,286,871 165,359 4.59
----------- --------
Net interest spread 169,513 3.24 %
========
Noninterest bearing demand deposits 2,680,767
Accrued expenses and other liabilities 143,576
Shareholders' equity 1,244,241
-----------
$18,355,455
===========
Net yield on earning assets 3.96 %
========
Taxable equivalent adjustment:
Loans 71
Investment securities 531
Investment securities available
for sale 563
Other earning assets 19
-----------
Total taxable equivalent adjustment 1,184
-----------
Net interest income $168,329
===========
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Year Ended December 31
--------------------------------
2000
--------------------------------
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
--------------------------------
Assets
Earning assets:
Loans $11,384,738 $1,023,360 8.99 %
Investment securities 1,504,784 107,579 7.15
Investment securities available
for sale 4,555,648 300,834 6.60
Other earning assets 87,875 5,798 6.60
----------- ----------
Total earning assets 17,533,045 1,437,571 8.20
Allowance for loan losses (150,790)
Unrealized gain (loss) on
securities available for sale (148,011)
Cash and other assets 1,728,934
-----------
$18,963,178
===========
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 162,415 2,910 1.79
Savings deposits 5,921,150 225,035 3.80
Time deposits 3,029,391 175,604 5.80
Certificates of deposit of
$100,000 or more 1,647,910 100,713 6.11
Federal funds purchased and
securities sold under agreement
to repurchase 1,404,923 88,405 6.29
Other short-term borrowings 192,040 11,608 6.04
FHLB and other borrowings 2,321,339 147,769 6.37
----------- ----------
Total interest bearing liabilities 14,679,168 752,044 5.12
----------
Net interest spread 685,527 3.08 %
========
Noninterest bearing demand deposits 2,818,452
Accrued expenses and other liabilities 143,075
Shareholders' equity 1,322,483
-----------
$18,963,178
===========
Net yield on earning assets 3.91 %
========
Taxable equivalent adjustment:
Loans 186
Investment securities 2,265
Investment securities available
for sale 2,221
Other earning assets 55
----------
Total taxable equivalent adjustment 4,727
----------
Net interest income $680,800
==========
Year Ended December 31
--------------------------------
1999
--------------------------------
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
--------------------------------
Assets
Earning assets:
Loans $10,403,838 $ 874,376 8.40 %
Investment securities 1,713,867 117,578 6.86
Investment securities available
for sale 4,220,112 273,963 6.49
Other earning assets 154,106 8,605 5.58
----------- ----------
Total earning assets 16,491,923 1,274,522 7.73
Allowance for loan losses (142,008)
Unrealized gain (loss) on
securities available for sale (54,535)
Cash and other assets 1,557,407
-----------
$17,852,787
===========
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 268,503 3,970 1.48
Savings deposits 5,654,729 195,130 3.45
Time deposits 2,697,834 140,370 5.20
Certificates of deposit of
$100,000 or more 1,550,067 82,515 5.32
Federal funds purchased and
securities sold under agreement
to repurchase 1,328,211 64,115 4.83
Other short-term borrowings 178,595 9,019 5.05
FHLB and other borrowings 2,215,643 121,162 5.47
----------- ----------
Total interest bearing liabilities 13,893,582 616,281 4.44
----------- -------
Net interest spread 658,241 3.29 %
=======
Noninterest bearing demand deposits 2,581,598
Accrued expenses and other liabilities 146,732
Shareholders' equity 1,230,875
-----------
$17,852,787
===========
Net yield on earning assets 3.99 %
=======
Taxable equivalent adjustment:
Loans 386
Investment securities 2,284
Investment securities available
for sale 2,054
Other earning assets 73
-----------
Total taxable equivalent adjustment 4,797
-----------
Net interest income $ 653,444
===========
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Year
Ended December 31
-------------------- %
2000 1999 Change
NONINTEREST INCOME --------- --------- ------
Service charges on deposit accounts $ 125,656 $ 102,588 22
Asset management fees 20,090 18,586 8
Credit card service charges and fees 29,159 19,548 49
Retail investment sales 18,540 21,266 (13)
Trading account profits
and commissions 7,586 9,756 (22)
Investment securities gains, net - 2,103 (100)
Other income 97,873 69,020 42
--------- ---------
Total $ 298,904 $ 242,867 23
========= =========
NONINTEREST EXPENSE
Salaries and benefits $ 289,979 $ 271,070 7
Net occupancy expense 44,218 39,395 12
Equipment expense 50,863 43,641 17
Professional services 36,436 38,411 (5)
Amortization of intangibles 23,712 16,396 45
Merger and integration
expenses 8,893 6,787 31
Other expense 115,488 110,343 5
--------- ---------
Total $ 569,589 $ 526,043 8
========= =========
Three Months Ended
------------------------------
2000 2000 2000
------------------------------
Dec 31 Sep 30 Jun 30
NONINTEREST INCOME -------- -------- --------
Service charges on deposit accounts $ 33,437 $ 32,355 $ 31,126
Asset management fees 5,367 5,235 4,755
Credit card service charges and fees 8,486 7,851 6,867
Retail investment sales 4,308 4,455 4,442
Trading account profits
and commissions 2,411 1,840 1,156
Investment securities gains, net - - -
Other income 23,229 23,989 31,668
-------- -------- --------
Total $ 77,238 $ 75,725 $ 80,014
======== ======== ========
NONINTEREST EXPENSE
Salaries and benefits $ 76,297 $ 71,117 $ 72,016
Net occupancy expense 11,506 11,342 10,913
Equipment expense 14,917 12,721 11,796
Professional services 11,165 8,582 8,632
Amortization of intangibles 6,879 6,078 5,393
Merger and integration
expenses 1,221 2,683 2,287
Other expense 29,109 28,584 31,575
-------- -------- --------
Total $ 151,094 $ 141,107 $ 142,612
======== ======== ========
Three Months Ended
-------------------
2000 1999
-------------------
Mar 31 Dec 31
-------------------
NONINTEREST INCOME
Service charges on deposit accounts $ 28,738 $ 27,940
Asset management fees 4,733 4,766
Credit card service charges and fees 5,955 6,063
Retail investment sales 5,335 4,454
Trading account profits
and commissions 2,179 1,702
Investment securities gains, net - 5
Other income 18,987 21,939
-------- --------
Total $ 65,927 $ 66,869
======== ========
NONINTEREST EXPENSE
Salaries and benefits $ 70,549 $ 71,066
Net occupancy expense 10,457 10,359
Equipment expense 11,429 12,130
Professional services 8,057 10,286
Amortization of intangibles 5,362 5,431
Merger and integration
expenses 2,702 2,181
Other expense 26,220 29,307
-------- --------
Total $ 134,776 $140,760
======== ========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion