Compass Reports Record Third Quarter 1999 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)--Oct. 14, 1999-- 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) ): -- Quarterly net income up to 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 $55 million -- Record EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.48, up 14% from the year-ago quarter -- Robust deposit growth, up 13 % from prior year levels -- Strong internal loan growth continues, up 20% from year ago Compass Bancshares, Inc. (Nasdaq:CBSS) today reported record net income of $55 million for the third quarter of 1999, a 14 percent increase over the $48.4 million earned during the third quarter of 1998. For the same time period, diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased 14 percent to a record $0.48 compared to $0.42 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 third quarter of 1999 were 1.24 percent and 18.42 percent, respectively. On a cash basis, Compass' return on average assets was 1.33 percent and return on average shareholders' equity was 19.58 percent. For the first nine months of 1999, net income increased 14 percent to $161.7 million compared to $141.5 million for the same period last year. Diluted earnings per share for the first nine months of 1999 increased 14 percent to $1.40 from $1.23 in the first nine months of 1998. D. Paul Jones Paul Jones can refer to:
Y2K - Year 2000 ready technology and committed the resources necessary to deliver the products and services that customers want." Jones said, "Compass' record financial performance was driven by double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. revenue growth, primarily as a result of an 11 percent increase in net interest income over prior year levels. Most of our major fee-based businesses also generated good results as noninterest income, excluding securities gains, increased nine percent from the prior year. In addition, we continued to experience healthy loan growth as average loans rose 20 percent over third quarter 1998 levels, adjusted for the impact of branch purchases and securitizations." "At the same time, the strength of our 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 enabled us to fund loan demand through strong internal deposit generation as reflected by the 13 percent increase in average deposits over the prior year. Credit quality remained stable as net charge-offs were 0.30 percent of average loans and the nonperforming asset Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. ratio decreased to 0.55 percent," Jones stated. Average total assets for the third quarter of 1999 increased 14 percent to $17.7 billion from $15.5 billion for the third quarter of 1998. Average deposits for the third quarter of 1999 increased 13 percent over year ago levels to $12.8 billion, fueled by a 16 percent increase in average transaction accounts. 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 during the quarter. In July July: see month. , Compass announced plans to enter 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). with the signing of a definitive agreement to acquire 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 $285 million in assets. Albuquerque, with a population of more than 675,000, is growing at twice the national average while New Mexico 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 five fastest growing states over the next five years. The transaction, pending shareholder and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approval, is anticipated to close in the first quarter of 2000. All of Compass' and Western's computer systems have been tested and certified See certification. as Year 2000 ready. In Texas, Compass is expected to complete the acquisition of Hartland Hartland is the name of several places in the world: Canada
1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum area. 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 recently ranked Austin second in its list of "Best Places for Business and Careers" based on growth in jobs, population and economic output. Two of Compass' other key Texas markets - Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. and Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; - also were among the top ten. Including the pending acquisitions, Compass will operate 304 bank offices including 121 in Texas, 88 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). , 45 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). , 41 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 and nine in New Mexico. "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. -0-
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands except per share data)
Three Months
Ended September 30
------------------ %
1999 1998 Change
EARNINGS SUMMARY -------- -------- ------
Net interest income $163,323 $147,548 11
Noninterest income 59,120 55,927 6
-------- --------
Total revenue 222,443 203,475 9
Provision for loan losses 7,984 8,532 (6)
Noninterest expense 131,420 122,172 8
-------- --------
Pretax income 83,039 72,771 14
Income tax expense 28,018 24,389 15
-------- --------
Net income $ 55,021 $ 48,382 14
======== ========
Net income available to
common shareholders $ 54,681 $ 47,686 15
======== ========
Basic earnings per share $ 0.48 $ 0.43 12
Diluted earnings per share 0.48 0.42 14
Basic earnings per share - cash
basis 0.52 0.45 16
Diluted earnings per share - cash
basis 0.51 0.44 16
Basic weighted average
shares outstanding 113,388 110,956 2
Diluted weighted average
shares outstanding 114,586 113,765 1
Nine Months
Ended September 30
------------------ %
1999 1998 Change
EARNINGS SUMMARY -------- -------- ------
Net interest income $476,247 $427,815 11
Noninterest income 174,684 166,174 5
-------- --------
Total revenue 650,931 593,989 10
Provision for loan losses 22,808 25,127 (9)
Noninterest expense 382,075 355,262 8
-------- --------
Pretax income 246,048 213,600 15
Income tax expense 84,332 72,074 17
-------- --------
Net income $161,716 $141,526 14
======== ========
Net income available to
common shareholders $159,824 $139,439 15
======== ========
Basic earnings per share $ 1.41 $ 1.26 12
Diluted earnings per share 1.40 1.23 14
Basic earnings per share - cash
basis 1.49 1.32 13
Diluted earnings per share - cash
basis 1.47 1.28 15
Basic weighted average
shares outstanding 113,309 110,789 2
Diluted weighted average
shares outstanding 114,447 113,794 1
Three Months
Ended September 30
------------------
SELECTED RATIOS 1999 1998
Average common equity to ---- ----
average assets 6.64 % 7.21 %
Average loans to average
total deposits 81.24 85.57
Return on average assets 1.24 1.23
Return on average common
equity 18.49 16.88
Return on average equity 18.42 16.65
Efficiency ratio (b) 58.16 58.46
Cash basis ratios:
Return on average assets 1.33 1.30
Return on average equity 19.58 17.41
Return on average tangible
equity 23.01 19.36
Efficiency ratio (b) 56.21 57.12
Book value per common share $ 10.48 $ 10.24
Nine Months
Ended September 30
------------------
SELECTED RATIOS 1999 1998
Average common equity to ---- ----
average assets 6.77 % 7.21 %
Average loans to average
total deposits 81.72 86.81
Return on average assets 1.24 1.26
Return on average common
equity 18.13 17.17
Return on average equity 18.13 16.94
Efficiency ratio (b) 57.91 58.65
Cash basis ratios:
Return on average assets 1.32 1.33
Return on average equity 19.09 17.73
Return on average tangible
equity 21.88 19.83
Efficiency ratio (b) 56.26 57.29
Book value per common share $10.48 $ 10.24
Average for
Three Months
Ended September 30
--------------------------- %
BALANCE SHEET HIGHLIGHTS 1999 1998 Change
----------- ---------- ------
Total loans $10,410,055 $9,661,640 8
Total loans - managed 11,596,573 10,174,289 14
Total investment securities 5,756,299 (a) 4,447,879 (a) 29
Earning assets 16,274,751 (a) 14,278,984 (a) 14
Total assets 17,671,491 15,546,456 14
Noninterest bearing
deposits 2,558,880 2,264,690 13
Interest bearing transaction
accounts 6,026,705 5,131,358 17
Total transaction accounts 8,585,585 7,396,048 16
Total deposits 12,813,450 11,291,322 13
Shareholders' equity 1,184,967 1,152,594 3
Average for
Nine Months
Ended September 30
--------------------------- %
BALANCE SHEET HIGHLIGHTS 1999 1998 Change
----------- ---------- ------
Total loans $10,141,102 $9,686,892 5
Total loans - managed 11,250,654 9,862,468 14
Total investment securities 5,770,417 (a) 3,896,518 (a) 48
Earning assets 16,039,902 (a) 13,784,640 (a) 16
Total assets 17,399,861 15,058,444 16
Noninterest bearing
deposits 2,489,677 2,227,601 12
Interest bearing transaction
accounts 5,827,048 5,024,741 16
Total transaction accounts 8,316,725 7,252,342 15
Total deposits 12,410,206 11,158,301 11
Shareholders' equity 1,192,780 1,117,253 7
Ending
Balance
September 30
--------------------------- %
BALANCE SHEET HIGHLIGHTS 1999 1998 Change
----------- ---------- ------
Total loans $10,283,018 $9,529,642 8
Total loans - managed 11,766,285 10,357,428 14
Total investment securities 5,943,960 (a) 5,035,293 (a) 18
Earning assets 16,354,545 (a) 14,759,298 (a) 11
Total assets 17,681,373 15,969,812 11
Noninterest bearing
deposits 2,580,528 2,312,598 12
Interest bearing transaction
accounts 5,832,990 5,115,285 14
Total transaction accounts 8,413,518 7,427,883 13
Total deposits 12,744,515 11,309,193 13
Shareholders' equity 1,202,669 1,184,319 2
(a) Includes adjustment for market valuation on available-for-sale
securities.
(b) Excludes merger and integration charges.
Prior periods have been restated to reflect poolings-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands except per share data)
Three Months Ended
-----------------------------------
1999
-----------------------------------
Sep 30 June 30 Mar 31
EARNINGS SUMMARY --------- --------- ---------
Net interest income $ 163,323 $ 158,966 $ 153,958
Noninterest income 59,120 58,284 57,280
--------- --------- ---------
Total revenue 222,443 217,250 211,238
Provision for loan losses 7,984 8,389 6,435
Noninterest expense 131,420 126,696 123,959
--------- --------- ---------
Pretax income 83,039 82,165 80,844
Income tax expense 28,018 28,469 27,845
--------- --------- ---------
Net income $ 55,021 $ 53,696 $ 52,999
========= ========= =========
Net income available to
common shareholders $ 54,681 $ 53,357 $ 51,786
========= ========= =========
Basic earnings per share $ 0.48 $ 0.47 $ 0.46
Diluted earnings per share 0.48 0.47 0.45
Basic earnings per share - cash
basis 0.52 0.49 0.48
Diluted earnings per share - cash
basis 0.51 0.49 0.47
Basic weighted average
shares outstanding 113,388 113,309 113,229
Diluted weighted average
shares outstanding 114,586 114,583 114,173
Three Months Ended
----------------------
1998
----------------------
Dec 31 Sep 30
EARNINGS SUMMARY --------- ---------
Net interest income $ 151,572 $ 147,548
Noninterest income 56,326 55,927
--------- ---------
Total revenue 207,898 203,475
Provision for loan losses 13,318 8,532
Noninterest expense 135,755 122,172
--------- ---------
Pretax income 58,825 72,771
Income tax expense 19,471 24,389
--------- ---------
Net income $ 39,354 $ 48,382
========= =========
Net income available to
common shareholders $ 38,659 $ 47,686
========= =========
Basic earnings per share $ 0.34 $ 0.43
Diluted earnings per share 0.34 0.42
Basic earnings per share - cash
basis 0.36 0.45
Diluted earnings per share - cash
basis 0.36 0.44
Basic weighted average
shares outstanding 112,796 110,956
Diluted weighted average
shares outstanding 113,786 113,765
Three Months Ended
------------------------------------
1999
------------------------------------
Sep 30 June 30 Mar 31
SELECTED RATIOS ------ ------- ------
Average common equity to
average assets 6.64 % 6.80 % 6.89 %
Average loans to average
total deposits 81.24 81.96 81.98
Return on average assets 1.24 1.23 1.27
Return on average common
equity 18.49 17.96 17.95
Return on average equity 18.42 17.90 18.06
Efficiency ratio (b) 58.16 57.28 58.30
Cash basis ratios:
Return on average assets 1.33 1.31 1.33
Return on average equity 19.58 18.90 18.79
Return on average tangible
equity 23.01 21.96 20.72
Efficiency ratio (b) 56.21 55.55 57.06
Book value per common share $ 10.48 $ 10.28 $ 10.47
Three Months Ended
---------------------
1998
---------------------
Dec 31 Sep 30
SELECTED RATIOS ------ ------
Average common equity to
average assets 7.03 % 7.21 %
Average loans to average
total deposits 85.20 85.57
Return on average assets 0.95 1.23
Return on average common
equity 13.21 16.88
Return on average equity 13.12 16.65
Efficiency ratio (b) 58.18 58.46
Cash basis ratios:
Return on average assets 1.01 1.30
Return on average equity 13.85 17.41
Return on average tangible
equity 15.32 19.36
Efficiency ratio (b) 56.89 57.12
Book value per common share $ 10.30 $ 10.24
(b) Excludes merger and integration charges.
Prior periods have been restated to reflect poolings-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
1999
-----------------------------------
Sep 30 June 30 Mar 31
NONPERFORMING ASSETS -------- -------- --------
Nonaccrual loans $ 49,836 $ 55,371 $ 48,246
Renegotiated loans 297 518 523
Other real estate, net 5,997 6,454 7,304
-------- -------- --------
Total nonperforming assets $ 56,130 $ 62,343 $ 56,073
======== ======== ========
Loans ninety days or more
past due $ 11,956 $ 10,634 $ 10,171
Other repossessed assets $ 1,342 $ 1,242 $ 1,170
Total nonperforming assets as
a percentage of loans and ORE 0.55 % 0.60 % 0.57 %
1998
---------------------
Dec 31 Sep 30
NONPERFORMING ASSETS -------- --------
Nonaccrual loans $ 48,250 $ 48,642
Renegotiated loans 665 2,277
Other real estate, net 6,657 7,192
-------- --------
Total nonperforming assets $ 55,572 $ 58,111
======== ========
Loans ninety days or more
past due $ 8,699 $ 7,642
Other repossessed assets $ 1,779 $ 1,120
Total nonperforming assets as
a percentage of loans and ORE 0.55 % 0.61 %
1999
-----------------------------------
Sep 30 June 30 Mar 31
ALLOWANCE FOR LOAN LOSSES -------- -------- --------
Balance at beginning of period $139,728 $136,826 $136,677
Loans charged off 11,091 9,049 9,096
Loan recoveries 3,257 2,266 2,810
-------- -------- --------
Net charge-offs 7,834 6,783 6,286
Allowance on acquisitions - 1,296 -
Provision for loan losses 7,984 8,389 6,435
-------- -------- --------
Balance at end of period $139,878 $139,728 $136,826
======== ======== ========
Allowance for loan losses as
a percentage of total loans 1.36 % 1.34 % 1.40 %
Allowance for loan losses as
a percentage of nonperforming
assets 249.20 % 224.13 % 244.01 %
Annualized net charge-offs as
a percentage of average total
loans - QTD 0.30 % 0.27 % 0.26 %
Annualized net charge-offs as
a percentage of average total
loans - YTD 0.28 % 0.26 % 0.26 %
1998
---------------------
Dec 31 Sep 30
ALLOWANCE FOR LOAN LOSSES -------- --------
Balance at beginning of period $132,220 $132,081
Loans charged off 11,333 10,504
Loan recoveries 2,472 2,111
-------- --------
Net charge-offs 8,861 8,393
Allowance on acquisitions - -
Provision for loan losses 13,318 8,532
-------- --------
Balance at end of period $136,677 $132,220
======== ========
Allowance for loan losses as
a percentage of total loans 1.35 % 1.39 %
Allowance for loan losses as
a percentage of nonperforming
assets 245.95 % 227.53 %
Annualized net charge-offs as
a percentage of average total
loans - QTD 0.36 % 0.34 %
Annualized net charge-offs as
a percentage of average total
loans - YTD 0.35 % 0.34 %
Prior periods have been restated to reflect poolings-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Three Months Ended September 30
--------------------------------
1999
--------------------------------
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets --------------------------------
Earning assets:
Loans $10,410,055 $220,030 8.39 %
Investment securities 1,579,698 27,094 6.80
Investment securities available
for sale 4,275,147 69,559 6.46
Other earning assets 108,397 1,613 5.90
----------- -----------
Total earning assets 16,373,297 318,296 7.71
Allowance for loan losses (139,788)
Unrealized gain (loss) on
securities available for sale (98,546)
Cash and other assets 1,536,528
-----------
$17,671,491
===========
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 169,395 572 1.34
Savings deposits 5,857,310 50,452 3.42
Time deposits 2,595,032 33,839 5.17
Certificates of deposit of
$100,000 or more 1,632,833 21,822 5.30
Federal funds purchased and
securities sold under agreement
to repurchase 964,384 12,126 4.99
Other short-term borrowings 166,932 1,985 4.72
FHLB and other borrowings 2,423,197 32,964 5.40
----------- -----------
Total interest bearing liabilities 13,809,083 153,760 4.42
----------- --------
Net interest spread 164,536 3.29 %
========
Noninterest bearing demand deposits 2,558,880
Accrued expenses and other liabilities 118,561
Shareholders' equity 1,184,967
-----------
$17,671,491
Net yield on earning assets 3.99 %
========
Taxable equivalent adjustment:
Loans 92
Investment securities 527
Investment securities available
for sale 578
Other earning assets 16
-----------
Total taxable equivalent adjustment 1,213
-----------
Net interest income $163,323
===========
Three Months Ended September 30
--------------------------------
1998
--------------------------------
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets --------------------------------
Earning assets:
Loans $ 9,661,640 $212,930 8.74 %
Investment securities 1,626,523 28,774 7.02
Investment securities available
for sale 2,806,962 46,657 6.59
Other earning assets 169,465 2,557 5.99
----------- -----------
Total earning assets 14,264,590 290,918 8.09
Allowance for loan losses (132,023)
Unrealized gain (loss) on
securities available for sale 14,394
Cash and other assets 1,399,495
-----------
$15,546,456
===========
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 506,078 2,863 2.24
Savings deposits 4,625,280 42,844 3.67
Time deposits 2,757,412 38,841 5.59
Certificates of deposit of
$100,000 or more 1,137,862 16,394 5.72
Federal funds purchased and
securities sold under agreement
to repurchase 1,266,104 17,310 5.42
Other short-term borrowings 191,383 2,613 5.42
FHLB and other borrowings 1,497,471 21,478 5.69
----------- -----------
Total interest bearing liabilities 11,981,590 142,343 4.71
----------- -------
Net interest spread 148,575 3.38 %
=======
Noninterest bearing demand deposits 2,264,690
Accrued expenses and other liabilities 147,582
Shareholders' equity 1,152,594
-----------
$15,546,456
===========
Net yield on earning assets 4.13 %
=======
Taxable equivalent adjustment:
Loans 106
Investment securities 639
Investment securities available
for sale 265
Other earning assets 17
-----------
Total taxable equivalent adjustment 1,027
-----------
Net interest income $147,548
===========
Prior periods have been restated to reflect poolings-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Nine Months Ended September 30
-------------------------------
1999
-------------------------------
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets -------------------------------
Earning assets:
Loans $10,141,102 $ 631,357 8.32 %
Investment securities 1,694,559 87,267 6.89
Investment securities available
for sale 4,111,026 200,876 6.53
Other earning assets 128,383 5,461 5.69
----------- -----------
Total earning assets 16,075,070 924,961 7.69
Allowance for loan losses (138,172)
Unrealized gain (loss) on
securities available for sale (35,168)
Cash and other assets 1,498,131
-----------
$17,399,861
===========
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 269,524 3,019 1.50
Savings deposits 5,557,524 142,793 3.44
Time deposits 2,596,870 100,631 5.18
Certificates of deposit of
$100,000 or more 1,496,611 59,008 5.27
Federal funds purchased and
securities sold under agreement
to repurchase 1,366,857 48,466 4.74
Other short-term borrowings 164,138 5,913 4.82
FHLB and other borrowings 2,119,530 85,339 5.38
----------- -----------
Total interest bearing liabilities 13,571,054 445,169 4.39
----------- -------
Net interest spread 479,792 3.30 %
=======
Noninterest bearing demand deposits 2,489,677
Accrued expenses and other liabilities 146,350
Shareholders' equity 1,192,780
-----------
$17,399,861
===========
Net yield on earning assets 3.99 %
=======
Taxable equivalent adjustment:
Loans 314
Investment securities 1,683
Investment securities available
for sale 1,494
Other earning assets 54
-----------
Total taxable equivalent adjustment 3,545
-----------
Net interest income $ 476,247
===========
Nine Months Ended September 30
--------------------------------
1998
--------------------------------
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets --------------------------------
Earning assets:
Loans $ 9,686,892 $ 636,028 8.78 %
Investment securities 1,189,650 64,000 7.19
Investment securities available
for sale 2,698,590 132,213 6.55
Other earning assets 201,230 8,888 5.91
----------- ---------
Total earning assets 13,776,362 841,129 8.16
Allowance for loan losses (134,099)
Unrealized gain (loss) on
securities available for sale 8,278
Cash and other assets 1,407,903
-----------
$15,058,444
===========
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 636,540 11,287 2.37
Savings deposits 4,388,201 122,163 3.72
Time deposits 2,782,149 117,308 5.64
Certificates of deposit of
$100,000 or more 1,123,810 48,318 5.75
Federal funds purchased and
securities sold under agreement
to repurchase 1,044,276 42,101 5.39
Other short-term borrowings 171,144 6,976 5.45
FHLB and other borrowings 1,434,635 62,019 5.78
----------- -----------
Total interest bearing liabilities 11,580,755 410,172 4.74
-----------
Net interest spread 430,957 3.42 %
=======
Noninterest bearing demand deposits 2,227,601
Accrued expenses and other liabilities 132,835
Shareholders' equity 1,117,253
-----------
$15,058,444
===========
Net yield on earning assets 4.18 %
=======
Taxable equivalent adjustment:
Loans 367
Investment securities 2,044
Investment securities available
for sale 661
Other earning assets 70
-----------
Total taxable equivalent adjustment 3,142
-----------
Net interest income $ 427,815
===========
Prior periods have been restated to reflect poolings-of-interests.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Nine Months
Ended September 30
------------------ %
1999 1998 Change
NONINTEREST INCOME -------- -------- ------
Service charges on deposit accounts $ 73,985 $ 64,688 14
Asset management fees 13,820 12,256 13
Trading account profits
and commissions 8,054 10,370 (22)
Investment securities gains, net 2,098 4,234 (50)
Gain on sale of securitized loans - 4,264 NM
Retail investment sales 16,679 14,703 13
Other income 60,048 55,659 8
-------- --------
Total $174,684 $166,174 5
======== ========
NONINTEREST EXPENSE
Salaries and benefits $197,410 $185,153 7
Net occupancy expense 28,799 26,686 8
Equipment expense 31,343 28,033 12
Professional services 27,810 26,745 4
Amortization of intangibles 10,751 8,117 32
Merger and integration
related expenses 4,272 7,502 (43)
Other expense 81,690 73,026 12
-------- --------
Total $382,075 $355,262 8
======== ========
Three Months Ended
-------------------------------
1999
-------------------------------
Sep 30 June 30 Mar 31
NONINTEREST INCOME -------- -------- --------
Service charges on deposit accounts $ 26,662 $ 25,372 $ 21,951
Asset management fees 4,480 4,645 4,695
Trading account profits
and commissions 2,157 2,287 3,610
Investment securities gains, net - 35 2,063
Gain on sale of securitized loans - - -
Retail investment sales 5,674 5,818 5,187
Other income 20,147 20,127 19,774
-------- -------- --------
Total $ 59,120 $ 58,284 $ 57,280
======== ======== ========
NONINTEREST EXPENSE
Salaries and benefits $ 67,585 $ 63,084 $ 66,741
Net occupancy expense 9,989 9,356 9,454
Equipment expense 10,783 10,537 10,023
Professional services 9,496 10,186 8,128
Amortization of intangibles 4,370 3,780 2,601
Merger and integration
related expenses 1,342 1,548 1,382
Other expense 27,855 28,205 25,630
-------- -------- --------
Total $131,420 $126,696 $123,959
======== ======== ========
Three Months Ended
--------------------
1998
--------------------
Dec 31 Sep 30
NONINTEREST INCOME -------- --------
Service charges on deposit accounts $ 23,131 $ 22,606
Asset management fees 4,513 3,746
Trading account profits
and commissions 4,315 3,210
Investment securities gains, net 21 1,915
Gain on sale of securitized loans - -
Retail investment sales 4,427 5,240
Other income 19,919 19,210
-------- --------
Total $ 56,326 $ 55,927
======== ========
NONINTEREST EXPENSE
Salaries and benefits $ 64,625 $ 63,725
Net occupancy expense 8,936 9,256
Equipment expense 10,142 9,887
Professional services 9,474 9,163
Amortization of intangibles 2,696 2,699
Merger and integration
related expenses 14,236 3,749
Other expense 25,646 23,693
-------- --------
Total $135,755 $122,172
======== ========
Prior periods have been restated to reflect poolings-of-interests.
NM Not meaningful
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