Compass Bancshares Reports Record First Quarter EPS of $0.85.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. . -- 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) ) --Earnings reach all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal high of $107.9 million --Balanced top-line revenue growth; total revenue up 12% --Net interest income up 12%; noninterest income increases 10% --Focused earning asset Earning asset An asset that generates income, e.g., income from rental property. growth continues; average loans increase 14% from year ago --Average deposits increase 16%; noninterest bearing deposits increase 9% from year ago --NCO ratio decreases to 0.32% from 0.42% in prior year; NPA (1) (Numbering Plan Area) The Bellcore/Telcordia telephone area code system in use in the U.S., Canada, Alaska, Hawaii and islands in the Caribbean. See NPA code. (2) (Network Professional Association, San Diego, CA, www.npanet. ratio stable at 0.30% Compass Bancshares, Inc. (Nasdaq: CBSS) today reported record earnings of $107.9 million for the first quarter of 2006, a 16 percent increase over the $93 million earned during the first quarter of 2005. For the same time period, earnings per share increased 15 percent to $0.85 from $0.74 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 first quarter of 2006 were 1.42 percent and 19.03 percent, respectively. D. Paul Jones Paul Jones can refer to:
adj. Being between 10 and 99 percent: double-digit inflation. revenue growth. Increased revenues were once again driven by solid loan production funded by healthy internal deposit generation, particularly low-cost deposits. Strong fee income growth, improved credit quality metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. and well-managed expense growth were also key components to our success. While we recognize the challenges of an uncertain economic environment, given the strength of our revenue growth and the momentum of our core businesses, we are cautiously cau·tious adj. 1. Showing or practicing caution; careful. 2. Tentative or restrained; guarded: felt a cautious optimism that the offer would be accepted. optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the remainder of 2006." Jones added, "Compass' record financial performance was fueled by a 12 percent increase in revenue as both net interest income and noninterest income posted double-digit gains. Net interest income increased 12 percent from year ago levels driven by solid loan growth and continued low-cost deposit generation. Most of our major fee-based businesses generated solid results as noninterest income increased 10 percent from prior year levels. At the same time, noninterest expense growth was well contained at 10 percent including the impact of newly opened banking offices and our acquisition of TexasBank. Our ability to continue to grow top-line revenue, coupled with good expense management, enabled us to record positive operating leverage Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. as our efficiency ratio improved 203 basis points from year ago levels." "Compass continued to experience solid balance sheet growth with average 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 increasing nine percent over prior year levels. More importantly, the growth in earning assets was driven by a 14 percent increase in average loans, offset in part by a six percent decrease in our investment securities portfolio. At the same time, our ability to fund loan demand primarily through internal deposit generation met with continued success. Average deposits increased 16 percent, including a nine percent increase in noninterest bearing deposits," Jones stated. "While our percent net interest margin increased to 3.70 percent from 3.59 percent a year ago, we recognize the challenges given a flat yield curve Flat Yield Curve A chart that shows that the yields of bonds with short maturities are equal to the yields of bonds with longer maturities. and expectations that interest rates will continue to rise. Our focus, however, remains on generating high-quality loans and continued growth of low-cost deposits. Accordingly, during the first quarter we registered a $28.7 million increase in net interest income compared to a year ago. Additionally, during the quarter we modestly repositioned our balance sheet by terminating $400 million of favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay at a gain of $14.9 million and selling $470 million of investment securities available for sale at a loss of $14.8 million. While the net cost of this transaction on the quarter was neutral, it better positions our balance sheet for the current interest rate environment." "Importantly, loan growth did not come at the expense of maintaining sound credit quality standards. Net charge-offs as a percentage of average loans showed marked improvement, decreasing to 0.32 percent compared to 0.42 percent in the first quarter of 2005. 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. as a percentage of loans and other real estate decreased to 0.30 percent compared to 0.36 percent at the end of the first quarter of 2005," Jones said. During the quarter, Compass completed the acquisition and systems conversion of Fort Worth-based TexasBanc Holding Co., the parent company of TexasBank. The largest independent commercial bank headquartered in Fort Worth, TexasBank had total assets of $1.7 billion and 22 banking centers. The combination creates a Southwestern south·west n. 1. Abbr. SW The direction or point on the mariner's compass halfway between due south and due west, or 135° west of due north. 2. An area or region lying in the southwest. 3. powerhouse A fourth-generation language from Cognos that was introduced in the late 1970s for midrange computers. It supports both character-oriented, terminal-based applications as well as Windows clients. Applications developed under PowerHouse can be imported into Cognos' Axiant client/server environment. that ranks as the fifth largest bank in Texas and ranks fourth in the Dallas-Fort Worth-Arlington metropolitan area based on deposit market share. Compass operates 409 full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. banking centers including 162 in Texas, 90 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). , 73 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). , 42 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 , 32 in Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. , and 10 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 will host a live conference call and webcast at 11:00 a.m. Central Time on April 18. 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 1-888-543-2107, passcode Compass, or by webcast at www.compassbank.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 April 25, 2006. To access a replay of the conference call dial 1-800-642-1687, conference ID 7897627. Additional information about Compass, a member of the S&P 500 Index and Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance Select Dividend Index, can be found at www.compassbank.com. "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 In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Compass Bancshares, Inc. notes that any statements in this press release, and elsewhere, that 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 that may cause the Company's actual results of operations to differ materially from expected results. For a discussion of such risks and uncertainties, see the Company's Annual Report on 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 as well as its other filings with the U.S. Securities and Exchange Commission.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands except per share data)
Three Months
Ended March 31
----------------------------
%
2006 2005 Change
--------- --------- ------
EARNINGS SUMMARY
Net interest income $ 260,261 $ 231,573 12
Noninterest income (a) 165,289 149,965 10
--------- ---------
Total revenue (a) 425,550 381,538 12
Investment securities losses, net (14,838) - -
Gain on prepayment of FHLB advances 14,893 - -
Provision for loan losses 17,112 20,273 (16)
Noninterest expense 244,370 221,872 10
--------- ---------
Pretax income 164,123 139,393 18
Income tax expense 56,214 46,409 21
--------- ---------
Net income $ 107,909 $ 92,984 16
--------- ---------
Diluted earnings per share $ 0.85 $ 0.74 15
Diluted weighted average
shares outstanding 126,793 126,388 -
Three Months
Ended March 31
--------------------
2006 2005
--------- ---------
SELECTED RATIOS
Average common equity to
average assets 7.44 % 7.35 %
Average loans to average
total deposits 106.74 108.39
Return on average assets 1.42 1.32
Return on average equity 19.03 18.00
Efficiency ratio (b) 56.66 58.69
Return on average tangible equity (c) 23.13 21.91
Book value per common share $ 19.82 $ 16.86
Allowance for loan losses as
a % of total loans 1.21 % 1.29 %
Allowance for loan losses as
a % of nonperforming loans 478.72 486.99
Average for Three Months
Ended March 31
--------------------------------
%
2006 2005 Change
----------- ----------- ------
BALANCE SHEET HIGHLIGHTS
Total loans $21,751,103 $19,013,770 14
Total loans - managed 22,946,579 20,552,800 12
Total investment securities (d) 6,752,631 7,173,465 (6)
Earning assets (d) 28,574,996 26,235,083 9
Total assets 30,916,012 28,520,080 8
Noninterest bearing demand deposits 5,909,960 5,436,172 9
Interest bearing transaction
accounts 8,062,772 7,439,431 8
Total transaction accounts 13,972,732 12,875,603 9
Total deposits (d) 20,377,276 17,542,038 16
Shareholders' equity 2,299,876 2,094,836 10
Ending Balance
March 31
--------------------------------
%
2006 2005 Change
----------- ----------- ------
BALANCE SHEET HIGHLIGHTS
Total loans $23,308,114 $19,167,027 22
Total loans - managed 24,476,005 20,674,408 18
Total investment securities (d) 6,546,014 7,194,787 (9)
Earning assets (d) 29,983,288 26,418,983 13
Total assets 32,782,179 28,798,680 14
Noninterest bearing demand deposits 6,765,908 5,728,329 18
Interest bearing transaction
accounts 9,048,992 7,431,405 22
Total transaction accounts 15,814,900 13,159,734 20
Total deposits (d) 22,128,509 17,644,139 25
Shareholders' equity 2,557,940 2,087,863 23
Period-end shares outstanding 129,060 123,827 4
(a) Excludes gain on prepayment of FHLB advances.
(b) Ratio is calculated by dividing noninterest expense less
merger and integration expense by taxable equivalent net interest
income plus noninterest income less net gains (losses) on sales of
investment securities, gains on sales of business / branches and
gain on prepayment of FHLB advances.
(c) Excludes amortization of intangibles, net of tax, and intangible
assets.
(d) Includes adjustment for market valuation.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands except per share data)
Three Months Ended
-------------------------------
2006 2005
--------- --------------------
Mar 31 Dec 31 Sep 30
--------- --------- ---------
EARNINGS SUMMARY
Net interest income $ 260,261 $ 253,825 $ 247,111
Noninterest income (a) 165,289 166,786 166,496
--------- --------- ---------
Total revenue (a) 425,550 420,611 413,607
Investment securities
gains (losses), net (14,838) - -
Gain on prepayment of FHLB advances 14,893 - -
Provision for loan losses 17,112 35,550 34,195
Noninterest expense 244,370 229,940 227,396
--------- --------- ---------
Pretax income 164,123 155,121 152,016
Income tax expense 56,214 52,983 51,296
--------- --------- ---------
Net income $ 107,909 $ 102,138 $ 100,720
--------- --------- ---------
Diluted earnings per share $ 0.85 $ 0.81 $ 0.80
Diluted weighted average
shares outstanding 126,793 126,188 126,877
Three Months Ended
--------------------
2005
--------------------
Jun 30 Mar 31
--------- ---------
EARNINGS SUMMARY
Net interest income $ 236,470 $ 231,573
Noninterest income (a) 175,352 149,965
--------- ---------
Total revenue (a) 411,822 381,538
Investment securities
gains (losses), net 79 -
Gain on prepayment of FHLB advances - -
Provision for loan losses 27,800 20,273
Noninterest expense 222,595 221,872
--------- ---------
Pretax income 161,506 139,393
Income tax expense 55,518 46,409
--------- ---------
Net income $ 105,988 $ 92,984
--------- ---------
Diluted earnings per share $ 0.83 $ 0.74
Diluted weighted average
shares outstanding 126,212 126,388
Three Months Ended
-------------------------------
2006 2005
--------- --------------------
Mar 31 Dec 31 Sep 30
--------- --------- ---------
SELECTED RATIOS
Average common equity to
average assets 7.44 % 7.32 % 7.45 %
Average loans to average
total deposits 106.74 109.05 109.58
Return on average assets 1.42 1.34 1.34
Return on average equity 19.03 18.24 18.02
Efficiency ratio (b) 56.66 54.57 54.71
Return on average tangible equity (c) 23.13 21.94 21.70
Book value per common share $ 19.82 $ 18.10 $ 17.95
Three Months Ended
--------------------
2005
--------------------
Jun 30 Mar 31
--------- ---------
SELECTED RATIOS
Average common equity to
average assets 7.37 % 7.35 %
Average loans to average
total deposits 107.17 108.39
Return on average assets 1.46 1.32
Return on average equity 19.82 18.00
Efficiency ratio (b) 53.88 58.69
Return on average tangible equity (c) 24.05 21.91
Book value per common share $ 17.61 $ 16.86
Mar 31, Dec 31, Annualized
2006 2005 % Change
----------- ----------- -----------
ENDING BALANCE SHEET
Total loans $23,308,114 $21,372,215 36
Total loans - managed 24,476,005 22,600,399 33
Total investment securities (d) 6,546,014 6,950,317 (23)
Earning assets (d) 29,983,288 28,396,710 22
Total assets 32,782,179 30,798,232 26
Noninterest bearing demand
deposits 6,765,908 6,097,881 44
Interest bearing transaction
accounts 9,048,992 7,773,212 66
Total transaction accounts 15,814,900 13,871,093 56
Total deposits (d) 22,128,509 20,384,115 34
Shareholders' equity 2,557,940 2,236,029 58
Mar 31, Dec 31, Annualized
2006 2005 % Change
----------- ----------- -----------
QUARTER AVERAGE BALANCE SHEET
Total loans $21,751,103 $21,145,075 11
Total loans - managed 22,946,579 22,398,631 10
Total investment securities (d) 6,752,631 6,846,925 (6)
Earning assets (d) 28,574,996 28,058,377 7
Total assets 30,916,012 30,352,131 7
Noninterest bearing demand
deposits 5,909,960 5,910,240 -
Interest bearing transaction
accounts 8,062,772 7,650,828 22
Total transaction accounts 13,972,732 13,561,068 12
Total deposits (d) 20,377,276 19,390,286 20
Shareholders' equity 2,299,876 2,221,018 14
(a) Excludes net gains (losses) on sales of investment securities
and gain on prepayment of FHLB advances.
(b) Ratio is calculated by dividing noninterest expense less
merger and integration expense by taxable equivalent net interest
income plus noninterest income less net gains (losses) on sales of
investment securities, gains on sales of business / branches and
gain on prepayment of FHLB advances.
(c) Excludes amortization of intangibles, net of tax, and intangible
assets.
(d) Includes adjustment for market valuation.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
2006 2005
---------- ---------------------
Mar 31 Dec 31 Sep 30
---------- ---------- ----------
NONPERFORMING ASSETS
Nonaccrual loans $ 55,716 $ 47,578 $ 50,261
Renegotiated loans 3,286 698 707
Other real estate, net 11,155 11,510 12,796
-------- -------- --------
Total nonperforming assets $ 70,157 $ 59,786 $ 63,764
-------- -------- --------
Accruing loans ninety days or more
past due $ 16,080 $ 14,539 $ 14,510
Other repossessed assets 599 763 685
Total nonperforming assets as
a % of loans and ORE 0.30 % 0.28 % 0.31 %
2005
---------------------
Jun 30 Mar 31
---------- ----------
NONPERFORMING ASSETS
Nonaccrual loans $ 51,196 $ 49,908
Renegotiated loans 716 722
Other real estate, net 15,832 18,452
---------- ----------
Total nonperforming assets $ 67,744 $ 69,082
---------- ----------
Accruing loans ninety days or more
past due $ 13,725 $ 14,257
Other repossessed assets 705 740
Total nonperforming assets as
a % of loans and ORE 0.34 % 0.36 %
Three Months Ended
--------------------------------
2006 2005
---------- ---------------------
Mar 31 Dec 31 Sep 30
---------- ---------- ----------
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $267,173 $260,512 $254,708
Net charge-offs (NCO) 17,086 28,889 28,391
Allowance acquired (transferred
to other liabilities) 15,258 - -
Provision for loan losses 17,112 35,550 34,195
---------- ---------- ----------
Balance at end of period $282,457 $267,173 $260,512
---------- ---------- ----------
Allowance for loan losses as
a % of total loans 1.21 % 1.25 % 1.25 %
Allowance for loan losses as
a % of nonperforming loans 478.72 553.43 511.13
Allowance for loan losses as
a % of nonperforming assets 402.61 446.88 408.56
Annualized as a % of average loans:
NCO - QTD 0.32 0.54 0.55
NCO - YTD 0.32 0.48 0.46
Three Months Ended
----------------------
2005
----------------------
Jun 30 Mar 31
---------- ----------
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $ 246,565 $ 258,339
Net charge-offs (NCO) 19,657 19,858
Allowance acquired (transferred
to other liabilities) - (12,189)
Provision for loan losses 27,800 20,273
---------- ----------
Balance at end of period $ 254,708 $ 246,565
---------- ----------
Allowance for loan losses as
a % of total loans 1.27 % 1.29 %
Allowance for loan losses as
a % of nonperforming loans 490.65 486.99
Allowance for loan losses as
a % of nonperforming assets 375.99 356.92
Annualized as a % of average loans:
NCO - QTD 0.40 0.42
NCO - YTD 0.41 0.42
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Three Months Ended March 31
---------------------------------
2006
---------------------------------
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
----------- ----------- -------
Assets
Earning assets:
Loans $21,751,103 $ 372,760 6.95 %
Investment securities held
to maturity 2,214,611 26,400 4.83
Investment securities available
for sale (a) 4,629,664 51,398 4.50
Other earning assets 71,262 782 4.45
----------- -----------
Total earning assets (a) 28,666,640 451,340 6.39
Allowance for loan losses (270,574)
Unrealized loss on
securities available for sale (91,644)
Other assets 2,611,590
-----------
$30,916,012
-----------
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing transaction
accounts $ 8,062,772 33,447 1.68
Time deposits 2,976,570 29,941 4.08
Certificates of deposit of
$100,000 or more (a) 3,428,226 35,913 4.25
Federal funds purchased and
securities sold under agreement
to repurchase 3,408,509 37,277 4.44
Other short-term borrowings 425,075 4,501 4.29
FHLB and other borrowings (a) 4,039,020 48,858 4.91
----------- -----------
Total interest bearing
liabilities (a) 22,340,172 189,937 3.45
----------- -----------
Net interest spread 261,403 2.94 %
-------
Noninterest bearing demand deposits 5,909,960
Other liabilities 366,004
Shareholders' equity 2,299,876
-----------
$30,916,012
-----------
Net yield on earning assets 3.70 %
-------
Taxable equivalent adjustment:
Loans 380
Investment securities held to
maturity 519
Investment securities available
for sale 233
Other earning assets 10
-----------
Total taxable equivalent
adjustment 1,142
-----------
Net interest income $ 260,261
-----------
(a) Excludes adjustment for market valuation.
Three Months Ended March 31
---------------------------------
2005
---------------------------------
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
----------- ----------- -------
Assets
Earning assets:
Loans $19,013,770 $ 269,574 5.75 %
Investment securities held
to maturity 2,707,548 32,692 4.90
Investment securities available
for sale (a) 4,488,931 46,193 4.17
Other earning assets 47,848 395 3.35
----------- -----------
Total earning assets (a) 26,258,097 348,854 5.39
Allowance for loan losses (259,692)
Unrealized loss on
securities available for sale (23,014)
Other assets 2,544,689
-----------
$28,520,080
-----------
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing transaction
accounts $ 7,439,431 13,704 0.75
Time deposits 2,355,313 18,731 3.23
Certificates of deposit of
$100,000 or more (a) 2,311,122 17,027 2.99
Federal funds purchased and
securities sold under agreement
to repurchase 4,335,767 26,192 2.45
Other short-term borrowings 135,754 532 1.59
FHLB and other borrowings (a) 4,123,069 40,193 3.95
----------- -----------
Total interest bearing
liabilities (a) 20,700,456 116,379 2.28
----------- -------
Net interest spread 232,475 3.11 %
-------
Noninterest bearing demand deposits 5,436,172
Other liabilities 288,616
Shareholders' equity 2,094,836
-----------
$28,520,080
-----------
Net yield on earning assets 3.59 %
-------
Taxable equivalent adjustment:
Loans 291
Investment securities held to
maturity 569
Investment securities available
for sale 32
Other earning assets 10
-----------
Total taxable equivalent
adjustment 902
-----------
Net interest income $ 231,573
-----------
(a) Excludes adjustment for market valuation.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Three Months
Ended March 31
------------------------------
%
2006 2005 Change
-------- -------- --------
NONINTEREST INCOME
Service charges on deposit accounts $ 72,168 $ 62,649 15
Card and merchant processing fees 25,707 21,330 21
Insurance commissions 17,604 15,724 12
Retail investment sales 9,420 8,781 7
Asset management fees 7,748 7,061 10
Corporate and correspondent
investment sales 5,229 4,120 27
Bank owned life insurance 4,903 4,240 16
Other income 22,510 25,865 (13)
-------- --------
165,289 149,770 10
Trading settlements on economic
hedge swaps - 4,703 (100)
Trading gains (losses) on economic
hedge swaps - (9,299) (100)
Investment securities
gains (losses), net (14,838) - -
Gain on prepayment of FHLB advances 14,893 - -
Gain on sale of business / branches - 4,791 (100)
-------- --------
Total noninterest income $165,344 $149,965 10
-------- --------
NONINTEREST EXPENSE
Salaries and benefits $136,010 $121,344 12
Equipment expense 21,547 20,059 7
Net occupancy expense 17,217 16,652 3
Professional services 14,904 14,080 6
Marketing expense 12,264 11,885 3
Communications expense 5,622 5,476 3
Amortization of intangibles 1,490 1,527 (2)
Merger and integration
expense 2,626 234 NM
Other expense 32,690 30,615 7
-------- --------
Total noninterest expense $244,370 $221,872 10
-------- --------
Three Months Ended
-----------------------------
2006 2005
-----------------------------
Mar 31 Dec 31 Sep 30
-------- -------- --------
NONINTEREST INCOME
Service charges on deposit accounts $ 72,168 $ 77,056 $ 78,448
Card and merchant processing fees 25,707 25,491 24,496
Insurance commissions 17,604 14,180 13,888
Retail investment sales 9,420 7,913 8,748
Asset management fees 7,748 7,596 7,386
Corporate and correspondent
investment sales 5,229 7,096 7,037
Bank owned life insurance 4,903 4,615 4,396
Other income 22,510 25,143 26,246
-------- -------- --------
165,289 169,090 170,645
Trading settlements on economic
hedge swaps - 2,150 2,829
Trading gains (losses) on economic
hedge swaps - (6,054) (6,978)
Investment securities
gains (losses), net (14,838) - -
Gain on prepayment of FHLB advances 14,893 - -
Gain on sale of business / branches - 1,600 -
-------- -------- --------
Total noninterest income $165,344 $166,786 $166,496
-------- -------- --------
NONINTEREST EXPENSE
Salaries and benefits $136,010 $124,734 $122,979
Equipment expense 21,547 20,702 21,048
Net occupancy expense 17,217 16,416 17,036
Professional services 14,904 17,252 15,154
Marketing expense 12,264 9,936 10,505
Communications expense 5,622 5,470 5,400
Amortization of intangibles 1,490 1,495 1,541
Merger and integration
expense 2,626 718 454
Other expense 32,690 33,217 33,279
-------- -------- --------
Total noninterest expense $244,370 $229,940 $227,396
-------- -------- --------
Three Months Ended
------------------
2005
-------------------
Jun 30 Mar 31
-------- --------
NONINTEREST INCOME
Service charges on deposit accounts $ 78,927 $ 62,649
Card and merchant processing fees 24,274 21,330
Insurance commissions 15,570 15,724
Retail investment sales 8,448 8,781
Asset management fees 6,646 7,061
Corporate and correspondent
investment sales 5,234 4,120
Bank owned life insurance 4,216 4,240
Other income 22,623 25,865
-------- --------
165,938 149,770
Trading settlements on economic
hedge swaps 3,716 4,703
Trading gains (losses) on economic
hedge swaps 5,698 (9,299)
Investment securities
gains (losses), net 79 -
Gain on prepayment of FHLB advances - -
Gain on sale of business / branches - 4,791
-------- --------
Total noninterest income $175,431 $149,965
-------- --------
NONINTEREST EXPENSE
Salaries and benefits $118,762 $121,344
Equipment expense 20,170 20,059
Net occupancy expense 16,833 16,652
Professional services 15,154 14,080
Marketing expense 11,476 11,885
Communications expense 5,447 5,476
Amortization of intangibles 1,588 1,527
Merger and integration
expense 235 234
Other expense 32,930 30,615
-------- --------
Total noninterest expense $222,595 $221,872
-------- --------
NM - Not meaningful
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