Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

BBVA USA Reports First Quarter 2021 Results

HOUSTON, April 30, 2021 /PRNewswire/ -- BBVA USA Bancshares, Inc., a Sunbelt-based bank holding company (BBVA USA), reported today net income of $385 million for the first quarter of 2021 compared to net income of $334 million in the fourth quarter of 2020 and net loss of $2.2 billion in the first quarter of 2020.  Return on average assets and return on average tangible equity1 for the first quarter of 2021 were 1.49 percent and 16.57 percent, respectively.

BBVA's new logo (PRNewsfoto/BBVA)

"During the first quarter we delivered solid results while continuing to successfully navigate the challenges to our customers, communities and our employees brought about by the COVID-19 pandemic," said Javier Rodríguez Soler, president and CEO of BBVA USA. "Momentum continued in the quarter highlighted by stable revenue and well-contained expenses. At the same time, we continue to maintain strong liquidity and capital positions. We are focused on continuing to meet the challenges ahead, and subject to regulatory approval and closing, successfully integrating our operations with PNC and the opportunities that this combination will bring to our customers, our communities and our employees."

Total revenue for the first quarter was $968 million, down slightly from fourth quarter 2020 levels and up 7 percent from first quarter 2020 levels. Net interest income in the quarter totaled $664 million compared to $667 million in the fourth quarter of 2020 and $589 million in the first quarter of 2020. The percent net interest margin for the first quarter of 2021 was 2.83 percent compared to 2.78 percent in the fourth quarter of 2020 and 2.80 percent in the first quarter of 2020. The increase in net interest margin reflects the efforts to reduce deposit costs and manage the lower interest rate environment.

Noninterest income (excluding securities gains) for the quarter totaled $304 million compared to $301 million in the fourth quarter of 2020 and $315 million for the first quarter of 2020. The increase in noninterest income on a linked quarter basis was driven by an increase in investment services sales fees (+$3 million) and money transfer income (+$3 million). Other noninterest income increased on a linked quarter basis (+$10 million), primarily as a result of a valuation adjustment to investments held by the company's small business investment company that negatively impacted fourth quarter 2020 levels. Following a strong fourth quarter, mortgage banking slowed on a linked quarter basis (-$5 million).

During the first quarter of 2021 and the fourth quarter of 2020 no gains or losses were recorded on investment securities while $19 million of gains on investment securities was recorded in the first quarter of 2020.

Total noninterest expense was $619 million in the first quarter of 2021 compared to $578 million in the fourth quarter of 2020 and $624 million, excluding goodwill impairment, in the first quarter of 2020. The rise in noninterest expense was driven by an increase in salaries, benefits and commissions on a linked quarter basis.

Operating income1 in the quarter totaled $349 million, down 43 percent annualized from the fourth quarter of 2020 and up 16 percent from the first quarter 2020 levels.

Total loans at the end of the first quarter of 2021 were $64.3 billion, down 9 percent (annualized) from $65.8 billion at the end of the fourth quarter of 2020 and down 5 percent from the $67.7 billion at the end of the first quarter of 2020. During the quarter, newly funded loans totaled $4.6 billion, which was flat compared to the same time period a year ago.

Deposit growth continued in the quarter with total deposits ending the quarter at $86.0 billion, up slightly from fourth quarter of 2020 and up $8.7 billion or 11 percent compared to the first quarter of 2020. Low-cost deposits were a key driver of deposit growth as noninterest bearing deposits ended the quarter at $29.5 billion, up 26 percent (annualized) on a linked quarter basis and up $9.1 billion or 45 percent compared to the first quarter of 2020.   

As a result of deposit growth outpacing loan growth, the loan to deposit ratio ended the first quarter of 2021 at 76.4 percent compared to 77.1 percent at the end of the fourth quarter of 2020 and 86.6 percent at the end of the first quarter of 2020.

During the first quarter of 2021, the company recorded provision recapture of credit losses totaling $120 million compared to provision recapture of credit losses of $81 million in the fourth quarter of 2020 and provision for credit losses of $357 million in the first quarter of 2020. The recapture of provision expense primarily reflected improvements in macroeconomic factors and forecasts. Net charge-offs as a percentage of average total loans were 38 basis points in the quarter compared to 34 basis points in the fourth quarter of 2020 and 69 basis points in the first quarter of 2020. The allowance for loan losses as a percentage of total loans at the end of the quarter was 2.34 percent compared to 2.56 percent at the end of the fourth quarter of 2020 and 2.00 percent in the year ago quarter.

Nonperforming loans as a percentage of total loans ended the first quarter of 2021 at 2.18 percent, down from the 2.21 percent at the end of the fourth quarter of 2020 and up from the 1.09 percent at the end of the first quarter of 2020. The coverage ratio of nonperforming loans ended the quarter at 107 percent compared to 116 percent at the end of the fourth quarter of 2020 and 183 percent at the end of the first quarter of 2020. 

The CET12 ratio ended the quarter at 14.23 percent compared to 13.28 percent at the end of the fourth quarter of 2020 and 11.97 percent at the end of the first quarter of 2020. All of BBVA USA's regulatory capital ratios2 continue to exceed the requirements under "well-capitalized" guidelines.


1 

Return on average tangible equity and operating income are Non-GAAP financial measures we believe aid in understanding certain areas of our performance. The calculation of these measures is included on the page titled Non-GAAP Reconciliation.

2 

Regulatory capital ratios at March 31, 2021, are estimated.

 

For more BBVA news visit, www.bbva.com and the U.S. Newsroom.
Additional news updates can be found via Twitter and Instagram.
For more financial information about BBVA in the U.S., visit bbvausa.investorroom.com.

About BBVA 
BBVA is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America and the Sunbelt Region of the United States. It is also the leading shareholder in Turkey's Garanti BBVA. Its purpose is to bring the age of opportunities to everyone, based on our customers' real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: Customer comes first, we think big and we are one team. Its responsible banking model aspires to achieve a more inclusive and sustainable society.

BBVA USA
In the U.S., BBVA is a Sunbelt-based financial institution that operates 637 branches, including 328 in Texas, 88 in Alabama, 63 in Arizona, 61 in California, 43 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 14th nationally in terms of dollar volume of SBA loans originated in fiscal year 2019.

Forward-Looking Statements
Certain statements in this press release may contain forward-looking statements about BBVA USA Bancshares, Inc. (the "Company") and its industry that involve substantial risks and uncertainties. The use of "we," "our" and similar terms refer to the Company. Statements other than statements of current or historical fact, including statements regarding our future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to the Company, constitute forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect the Company's views regarding future events and financial performance. Such statements are subject to risks, uncertainties, assumptions and other important factors, many of which may be beyond the Company's control, that could cause actual results to differ materially from anticipated results. If the Company's assumptions and estimates are incorrect, or if the Company becomes subject to significant limitations as the result of litigation or regulatory action, then the Company's actual results could vary materially from those expressed or implied in these forward-looking statements. The forward-looking statements are and will be based on the Company's then current views and assumptions regarding future events and speak only as of their dates made. The Company assumes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by securities law or regulation. For further information regarding risks and uncertainties associated with the Company's business, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on February 25, 2021, as updated by our subsequent SEC filings.

 

BBVA USA BANCSHARES, INC.

(Unaudited)

(Dollars in thousands)









Three Months Ended March 31,

%





2021

2020

 Change 




EARNINGS SUMMARY







Net interest income

$      664,268

$      589,455

13




Noninterest income [a]

303,701

315,103

(4)




Total revenue [a]

967,969

904,558

7




Investment securities gain, net

-

19,139

 NM 




(Credit) provision for credit losses

(120,142)

356,991

(134)




Goodwill impairment

-

2,185,000

 NM 




Noninterest expense

618,990

624,060

(1)




Pretax income (loss)

469,121

(2,242,354)

(121)




Income tax expense (benefit)

83,660

(5,069)

(1,750)




Net income (loss)

$      385,461

$ (2,237,285)

(117)




Adjusted net income (loss) [b]

$      385,461

$       (52,285)

(837)











SELECTED RATIOS







Return on average assets

1.49 %

(9.34)%





Return on average assets- adjusted [b]

1.49

(0.22)





Return on average tangible equity [b]

16.57

(100.27)





Return on average tangible equity- adjusted [b]

16.57

(2.34)





Efficiency ratio [b]

63.26

68.08





Average common equity to average assets

10.97

13.74





Average loans to average total deposits

76.42

86.64





Common equity tier I capital (CET1) [c]

14.23

11.97





Tier I capital ratio [c]

14.58

12.29





Total capital ratio [c]

16.79

14.62





Leverage ratio [c]

9.38

9.40



























Average for Three Months


Ending Balance



Ended March 31,

%

March 31,

%


2021

2020

 Change 

2021

2020

Change

BALANCE SHEET HIGHLIGHTS





Total loans

$65,153,535

$64,875,095

-

$64,255,812

$67,657,166

(5)

Total debt securities

16,746,569

13,893,355

21

17,750,050

14,222,974

25

Earning assets

96,941,424

86,504,508

12

97,469,717

87,388,951

12

Total assets

105,140,201

96,356,113

9

103,983,398

94,325,559

10

Noninterest bearing demand deposits

28,497,062

20,293,503

40

29,543,118

20,418,504

45

Interest bearing transaction accounts

52,587,472

43,676,781

20

52,659,858

46,318,129

14

Total transaction accounts

81,084,534

63,970,284

27

82,202,976

66,736,633

23

Total deposits

85,253,105

74,881,825

14

85,970,954

77,234,507

11

Total shareholder's equity

11,798,389

13,500,615

(13)

12,019,055

11,358,354

6

Total shareholder's equity - tangible [b]

9,435,176

8,973,871

5

9,649,315

8,998,814

7


[a]  Excludes net gain on sales of investment securities.

[b]  Non-GAAP financial measure that we believe aids in understanding certain areas of our performance.  The calculation of this measure is included on the page titled Non-GAAP Reconciliation.

[c]  Current period regulatory capital ratios are estimated.



NM = Not meaningful









 

BBVA USA BANCSHARES, INC.

(Unaudited)

(Dollars in Thousands)








2021

2020


March 31

December 31

September 30

June 30

March 31

NONPERFORMING ASSETS






Nonaccrual loans [a]

$1,300,882

$    1,331,230

$     1,233,040

$    764,744

$    676,716

Loans 90 days or more past due [b]

100,405

121,570

94,072

66,163

61,774

TDRs 90 days or more past due

636

556

830

423

335

Total nonperforming loans [a]

1,401,923

1,453,356

1,327,942

831,330

738,825

Foreclosed real estate

10,965

11,448

15,051

14,871

20,642

Other repossessed assets

4,712

5,846

8,527

8,599

13,338

   Total nonperforming assets

$1,417,600

$    1,470,650

$     1,351,520

$    854,800

$    772,805







TDRs accruing and past due less than 90 days

$    199,653

$       114,334

$         114,583

$      95,788

$      97,404







Total nonperforming loans as a % of loans

2.18 %

2.21 %

2.00 %

1.21 %

1.09 %

Total nonperforming assets as a % of total loans, foreclosed real estate, and other repossessed assets

2.21

2.23

2.03

1.25

1.14








Three Months Ended


2021

2020


March 31

December 31

September 30

June 30

March 31

ALLOWANCE FOR LOAN LOSSES






Balance at beginning of period

$1,679,474

$    1,804,423

$     1,754,352

$1,351,072

$    920,993

Adoption of ASC 326

-

-

-

-

184,931

Net charge-offs (NCO)

60,632

56,578

100,818

123,054

111,798

(Credit) provision for loan losses

(119,933)

(68,371)

150,889

526,334

356,946

Balance at end of period

$1,498,909

$    1,679,474

$     1,804,423

$1,754,352

$1,351,072







Allowance for loan losses as a % of total loans

2.34 %

2.56 %

2.73 %

2.57 %

2.00 %

Allowance for loan losses as a % of nonperforming loans [c]

106.92

115.56

135.88

211.03

182.87

Allowance for loan losses as a % of nonperforming assets [c]

105.74

114.20

133.51

205.24

174.83







Annualized as a % of average loans:






   NCO - QTD

0.38

0.34

0.59

0.72

0.69

   NCO - YTD

0.38

0.59

0.67

0.71

0.69


[a]  Includes loans held for sale.

[b]  Excludes loans classified as troubled debt restructuring (TDRs).

[c]  Includes loans held for sale that are on nonaccrual status.

 

BBVA USA BANCSHARES, INC.

(Unaudited)

(Dollars in Thousands)









Three Months Ended March 31,


2021

2020


Average Balance

Income/ Expense

Yield/ Rate

Average Balance

Income/ Expense

Yield/ Rate

YIELD/RATE ANALYSIS







  (Taxable Equivalent Basis)







Assets







Earning assets:







   Loans

$           65,153,535

$                 616,137

3.84 %

$           64,875,095

$                 726,532

4.50 %

   Debt securities available for sale [a]

5,232,378

24,437

1.89

6,669,560

(1,492)

(0.09)

   Debt securities held to maturity

11,410,498

63,779

2.27

7,192,165

42,080

2.35

   Other earning assets [b] 

15,041,320

6,190

0.17

7,736,058

43,297

2.25

        Total earning assets [a]

96,837,731

710,543

2.98

86,472,878

810,417

3.77

Allowance for credit losses

(1,666,293)



(1,064,750)



Unrealized gain on debt securities available for sale

103,693



31,630



Other assets

9,865,070



10,916,355



Total assets

$         105,140,201



$           96,356,113










Liabilities and Shareholder's Equity







Interest bearing liabilities:







Interest bearing demand deposits

$           15,392,159

$                      6,173

0.16

$           11,698,488

$                   24,551

0.84

Savings and money market accounts

37,195,313

8,095

0.09

31,978,293

84,792

1.07

Certificates and other time deposits

4,168,571

6,077

0.59

10,911,541

55,399

2.04

 Total interest bearing deposits

56,756,043

20,345

0.15

54,588,322

164,742

1.21

FHLB and other borrowings

3,534,609

14,516

1.67

3,736,201

21,176

2.28

Federal funds purchased and securities sold under agreement to repurchase [b]

1,358,857

576

0.17

1,451,501

22,658

6.28

Other short-term borrowings

4,413

389

35.75

20,037

352

7.07

        Total interest bearing liabilities

61,653,922

35,826

0.24

59,796,061

208,928

1.41

Noninterest bearing deposits

28,497,062



20,293,503



Other noninterest bearing liabilities

3,190,828



2,765,934



Total liabilities

93,341,812



82,855,498



Shareholder's equity

11,798,389



13,500,615



Total liabilities and shareholder's equity

$         105,140,201



$           96,356,113










Net interest income/ net interest spread


674,717

2.74 %


601,489

2.36 %

Net yield on earning assets



2.83 %



2.80 %








     Total taxable equivalent adjustment


10,449



12,034









     Net interest income


$                 664,268



$                 589,455



[a] Excludes adjustment for market valuation.

[b] Yield/rate reflects impact of balance sheet offsetting.

 

BBVA USA BANCSHARES, INC.

(Unaudited)

(Dollars in Thousands)











Three Months


Three Months Ended


Ended March 31,

%

2021

2020


2021

2020

 Change 

March 31

December 31

September 30

June 30

March 31

NONINTEREST INCOME









Service charges on deposit accounts

$   54,874

$      61,531

(11)

$   54,874

$          59,309

$           54,710

$   44,233

$      61,531

Card and merchant processing fees

49,245

50,091

(2)

49,245

49,961

48,628

43,416

50,091

Investment services sales fees

29,446

34,407

(14)

29,446

26,647

26,218

24,971

34,407

Investment banking and advisory fees

26,783

26,731

-

26,783

26,291

40,013

45,061

26,731

Money transfer income

32,040

24,548

31

32,040

29,446

27,109

25,461

24,548

Corporate and correspondent investment sales

13,683

10,717

28

13,683

16,268

3,478

18,855

10,717

Asset management fees

12,587

11,904

6

12,587

12,613

12,024

11,560

11,904

Mortgage banking

14,692

17,451

(16)

14,692

19,753

13,741

23,868

17,451

Bank owned life insurance

4,691

4,625

1

4,691

5,458

4,972

5,094

4,625

Other

65,660

73,098

(10)

65,660

55,670

53,767

26,358

73,098


303,701

315,103

(4)

303,701

301,416

284,660

268,877

315,103

Investment securities gains, net

-

19,139

 NM 

-

-

-

3,477

19,139

     Total noninterest income

$303,701

$    334,242

(9)

$303,701

$       301,416

$         284,660

$272,354

$    334,242










NONINTEREST EXPENSE









Salaries, benefits and commissions

$338,695

$    310,136

9

$338,695

$       301,020

$         296,708

$251,697

$    310,136

Equipment

67,334

64,681

4

67,334

69,321

68,793

64,752

64,681

Professional services

82,002

70,220

17

82,002

80,535

78,018

78,100

70,220

Net occupancy

40,903

39,843

3

40,903

40,552

41,145

41,585

39,843

Money transfer expense

23,332

17,136

36

23,332

20,764

18,897

17,958

17,136

Marketing

5,471

11,899

(54)

5,471

10,170

9,283

8,778

11,899

Communications

4,730

5,371

(12)

4,730

5,038

5,542

5,808

5,371

Goodwill impairment

-

2,185,000

 NM 

-

-

-

-

2,185,000

Other

56,523

104,774

(46)

56,523

50,180

77,242

110,772

104,774

     Total noninterest expense

$618,990

$2,809,060

(78)

$618,990

$       577,580

$         595,628

$579,450

$2,809,060










NM = Not meaningful








 

BBVA USA BANCSHARES, INC.

(Unaudited)

(Dollars in Thousands)











Three Months


Three Months Ended


Ended March 31,


2021

2020


2021

2020


March 31

December 31

September 30

June 30

March 31

NON-GAAP RECONCILIATION









Computation of Operating Income:









Net interest income (GAAP)

$             664,268

$      589,455


$        664,268

$        667,202

$         641,850

$        612,017

$      589,455

Plus: noninterest income (GAAP)

303,701

334,242


303,701

301,416

284,660

272,354

334,242

Less: noninterest expense (GAAP)

618,990

2,809,060


618,990

577,580

595,628

579,450

2,809,060

Plus: goodwill impairment (GAAP)

-

2,185,000


-

-

-

-

2,185,000

Operating income (non-GAAP)

$             348,979

$      299,637


$        348,979

$        391,038

$         330,882

$        304,921

$      299,637










Computation of Tangible Shareholder's Equity:









Total shareholder's equity

$       12,019,055

$11,358,354


$   12,019,055

$   11,691,362

$   11,394,964

$   11,270,789

$11,358,354

Less: goodwill and other intangibles (GAAP)

2,369,740

2,359,540


2,369,740

2,358,973

2,357,039

2,357,343

2,359,540

Tangible shareholder's equity (non-GAAP)

$         9,649,315

$   8,998,814


$     9,649,315

$     9,332,389

$     9,037,925

$     8,913,446

$   8,998,814










Computation of Average Tangible Equity:









Total stockholder's equity (average) (GAAP)

$       11,798,389

$13,500,615


$   11,798,389

$   11,595,287

$   11,394,928

$   11,533,007

$13,500,615

Less: goodwill and other intangibles (average) (GAAP)

2,363,213

4,526,744


2,363,213

2,358,697

2,357,944

2,357,132

4,526,744

Average tangible equity (non-GAAP) [B]

$         9,435,176

$   8,973,871


$     9,435,176

$     9,236,590

$     9,036,984

$     9,175,875

$   8,973,871

Net income (loss) (GAAP) [A]

$             385,461

$ (2,237,285)


$        385,461

$        333,817

$         166,241

$       (124,437)

$ (2,237,285)

Return on average tangible equity (non-GAAP) ([A]/[B], annualized)

16.57 %

(100.27)%


16.57 %

14.38 %

7.32 %

(5.45)%

(100.27)%










Computation of Adjusted Net Income, Return on Average Assets and Return on Average Tangible Equity:




Net income (loss) (GAAP)

$             385,461

$ (2,237,285)


$        385,461

$        333,817

$         166,241

$       (124,437)

$ (2,237,285)

Plus: goodwill impairment (GAAP)

-

2,185,000


-

-

-

-

2,185,000

Adjusted net income (non-GAAP) [C]

$         385,461

$   (52,285)


$    385,461

$    333,817

$     166,241

$   (124,437)

$   (52,285)

Average assets (GAAP) [D]

$ 105,140,201

$96,356,113


$105,140,201

$104,835,589

$ 104,282,898

$104,204,062

$96,356,113

Return on average assets - adjusted (non-GAAP) ([C]/[D], annualized)

1.49 %

(0.22)%


1.49 %

1.27 %

0.63 %

(0.48)%

(0.22)%

Return on average tangible equity - adjusted (non-GAAP) ([C]/[B], annualized)

16.57

(2.34)


16.57

14.38

7.32

(5.45)

(2.34)










Computation of Efficiency Ratio:









Noninterest expense (GAAP)

$             618,990

$   2,809,060


$        618,990

$        577,580

$         595,628

$        579,450

$   2,809,060

Less: securities and goodwill impairment (GAAP)

-

2,185,000


-

-

-

-

2,185,000

Total expense (GAAP) [E]

$             618,990

$      624,060


$        618,990

$        577,580

$         595,628

$        579,450

$      624,060

Net interest income, taxable equivalent basis

$             674,717

$      601,489


$        674,717

$        677,798

$         652,660

$        623,242

$      601,489

Plus: noninterest income (GAAP)

303,701

334,242


303,701

301,416

284,660

272,354

334,242

Less: investment securities gains, net (GAAP)

-

19,139


-

-

-

3,477

19,139

Total revenue [F]

$             978,418

$      916,592


$        978,418

$        979,214

$         937,320

$        892,119

$      916,592

Efficiency ratio (non-GAAP) ([E]/[F])

63.26 %

68.08 %


63.26 %

58.98 %

63.55 %

64.95 %

68.08 %

 

BBVA USA BANCSHARES, INC.

SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited)

(Dollars in Thousands)












At or Quarter Ended March 31, 2021


30-59 Days Past Due

60-89 Days Past Due

90 Days or More Past Due

Nonaccrual

Accruing TDRs

Not Past Due, Nonaccrual, or TDR

Total


Net Charge Offs (Recoveries)






Commercial, financial and agricultural

$                        17,433

$                        19,078

$                         12,609

$    529,703

$             77,466

$             25,312,956

$25,969,245


$                 1,207

Real estate – construction

2,538

-

532

25,265

142

2,367,527

2,396,004


(151)

Commercial real estate –  mortgage

703

253

7,790

418,935

26,746

12,957,845

13,412,272


18

Residential real estate – mortgage

40,315

19,696

41,590

235,441

53,568

12,433,031

12,823,641


423

Equity lines of credit

8,325

2,642

1,972

45,744

-

2,259,525

2,318,208


(228)

Equity loans

665

223

134

8,844

19,326

136,017

165,209


459

Credit card

8,378

6,442

22,847

-

-

774,575

812,242


17,932

Consumer – direct

17,028

9,438

8,339

13,098

23,041

1,726,141

1,797,085


30,159

Consumer – indirect

30,024

8,513

4,592

23,852

-

4,199,355

4,266,336


10,813

Total loans

$                      125,409

$                        66,285

$                       100,405

$1,300,882

$          200,289

$             62,166,972

$63,960,242


$               60,632

Loans held for sale

$                                   -

$                                   -

$                                     -

$                 -

$                        -

$                   295,570

$      295,570


$                      -












At or Quarter Ended December 31, 2020


30-59 Days Past Due

60-89 Days Past Due

90 Days or More Past Due

Nonaccrual

Accruing TDRs

Not Past Due or Impaired

Total


Net Charge Offs (Recoveries)






Commercial, financial and agricultural

$                        15,862

$                        22,569

$                         35,472

$    540,741

$             17,686

$             25,972,812

$26,605,142


$                 5,019

Real estate – construction

3,595

174

532

25,316

145

2,468,569

2,498,331


(2)

Commercial real estate –  mortgage

2,113

2,004

1,104

442,137

910

13,117,046

13,565,314


203

Residential real estate – mortgage

49,445

20,694

45,761

235,463

53,380

12,923,031

13,327,774


1,029

Equity lines of credit

11,108

4,305

2,624

42,606

-

2,334,251

2,394,894


(795)

Equity loans

1,417

243

317

10,167

19,606

148,012

179,762


135

Credit card

12,147

10,191

21,953

-

-

837,411

881,702


14,714

Consumer – direct

24,076

17,550

8,741

10,087

23,163

1,846,106

1,929,723


28,206

Consumer – indirect

47,174

14,951

5,066

24,713

-

4,085,221

4,177,125


8,069

Total loans

$                      166,937

$                        92,681

$                       121,570

$1,331,230

$          114,890

$             63,732,459

$65,559,767


$               56,578

Loans held for sale

$                                   -

$                                   -

$                                     -

$                 -

$                        -

$                   236,586

$      236,586


$                          -











BBVA USA BANCSHARES, INC.

SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited)

(Dollars in Thousands)






At or Quarter Ended September 30, 2020


30-59 Days Past Due

60-89 Days Past Due

90 Days or More Past Due

Nonaccrual

Accruing TDRs

Not Past Due or Impaired

Total


Net Charge Offs (Recoveries)






Commercial, financial and agricultural

$                        22,632

$                        12,890

$                         21,261

$    660,254

$             19,713

$             26,203,423

$26,940,173


$               50,789

Real estate – construction

2,861

303

532

12,614

61

2,387,303

2,403,674


153

Commercial real estate –  mortgage

19,280

3,968

1,816

275,668

1,831

13,393,237

13,695,800


98

Residential real estate – mortgage

88,035

49,344

39,728

204,442

55,132

13,027,076

13,463,757


(117)

Equity lines of credit

13,418

6,300

3,445

37,216

-

2,381,344

2,441,723


233

Equity loans

1,847

1,158

271

8,758

20,750

161,583

194,367


(195)

Credit card

9,776

7,526

16,542

-

-

873,949

907,793


18,527

Consumer – direct

25,762

11,730

6,643

9,134

17,926

1,952,501

2,023,696


24,559

Consumer – indirect

34,116

9,744

3,834

24,954

-

4,036,981

4,109,629


6,771

Total loans

$                      217,727

$                      102,963

$                         94,072

$1,233,040

$          115,413

$             64,417,397

$66,180,612


$            100,818

Loans held for sale

$                                   -

$                                   -

$                                     -

$                 -

$                        -

$                   253,454

$      253,454


$                          -












At or Quarter Ended June 30, 2020


30-59 Days Past Due

60-89 Days Past Due

90 Days or More Past Due

Nonaccrual

Accruing TDRs

Not Past Due or Impaired

Total


Net Charge Offs (Recoveries)






Commercial, financial and agricultural

$                        51,207

$                          5,130

$                            8,450

$    389,615

$               1,866

$             28,325,856

$28,782,124


$               29,038

Real estate – construction

12,907

-

532

13,317

64

2,271,650

2,298,470


(36)

Commercial real estate –  mortgage

8,592

2,190

415

117,213

1,876

13,670,383

13,800,669


8,670

Residential real estate – mortgage

70,252

22,495

13,140

169,387

54,289

13,099,576

13,429,139


182

Equity lines of credit

8,461

8,162

3,555

34,915

-

2,461,741

2,516,834


(476)

Equity loans

1,311

692

148

8,457

21,280

178,092

209,980


(120)

Credit card

6,668

7,286

22,134

-

-

929,484

965,572


20,107

Consumer – direct

19,927

10,923

11,623

7,624

16,836

2,067,175

2,134,108


42,271

Consumer – indirect

32,519

11,162

6,166

24,216

-

4,030,541

4,104,604


23,418

Total loans

$                      211,844

$                        68,040

$                         66,163

$    764,744

$             96,211

$             67,034,498

$68,241,500


$            123,054

Loans held for sale

$                                   -

$                                   -

$                                     -

$                 -

$                        -

$                   245,851

$      245,851


$                          -











BBVA USA BANCSHARES, INC.

SUPPLEMENTAL LOAN PORTFOLIO INFORMATION (Unaudited)

(Dollars in Thousands)












At or Quarter Ended March 31, 2020


30-59 Days Past Due

60-89 Days Past Due

90 Days or More Past Due

Nonaccrual

Accruing TDRs

Not Past Due or Impaired

Total


Net Charge Offs (Recoveries)






Commercial, financial and agricultural

$                        31,493

$                          7,588

$                            3,013

$    323,881

$               1,931

$             27,464,207

$27,832,113


$               19,014

Real estate – construction

9,356

66

574

13,676

69

2,147,973

2,171,714


(13)

Commercial real estate –  mortgage

13,439

5,241

912

114,839

3,333

13,715,641

13,853,405


(73)

Residential real estate – mortgage

67,938

25,187

5,744

147,058

55,116

13,144,975

13,446,018


(172)

Equity lines of credit

16,382

6,244

3,295

33,354

-

2,552,075

2,611,350


536

Equity loans

2,636

1,147

293

8,027

22,392

194,874

229,369


212

Credit card

13,230

8,932

23,707

-

-

977,503

1,023,372


19,517

Consumer – direct

34,553

19,738

15,196

7,160

14,898

2,184,500

2,276,045


51,726

Consumer – indirect

76,547

24,249

9,040

28,721

-

3,957,471

4,096,028


21,051

Total loans

$                      265,574

$                        98,392

$                         61,774

$    676,716

$             97,739

$             66,339,219

$67,539,414


$            111,798

Loans held for sale

$                                   -

$                                   -

$                                     -

$                 -

$                        -

$                   117,752

$      117,752


$                          -

 

BBVA USA BANCSHARES, INC.

BALANCE SHEET (Unaudited)

(Dollars in Thousands)








2021

2020


March 31

December 31

September 30

June 30

March 31

Assets:






Cash and due from banks

$     1,044,788

$      1,249,954

$        1,035,307

$     1,019,127

$   1,033,733

Federal funds sold, securities purchased under agreements to resell and interest bearing deposits

14,097,936

13,357,954

14,041,538

11,738,063

4,479,535

Cash and cash equivalents

15,142,724

14,607,908

15,076,845

12,757,190

5,513,268

Trading account assets

561,187

762,449

926,497

1,016,966

1,009,130

Debt securities available for sale

5,408,087

5,744,919

6,028,072

5,765,192

6,344,816

Debt securities held to maturity, net

12,339,994

10,549,945

9,428,931

8,693,437

7,876,266

Loans held for sale 

295,570

236,586

253,454

245,851

117,752

Loans

63,960,242

65,559,767

66,180,612

68,241,500

67,539,414

Allowance for loan losses

(1,498,909)

(1,679,474)

(1,804,423)

(1,754,352)

(1,351,072)

Net loans

62,461,333

63,880,293

64,376,189

66,487,148

66,188,342

Premises and equipment, net

1,028,385

1,055,525

1,063,923

1,070,358

1,068,741

Bank owned life insurance

759,219

757,943

758,391

754,908

754,409

Goodwill

2,328,296

2,328,296

2,328,296

2,328,296

2,328,296

Other assets

3,658,603

2,832,339

3,412,324

3,148,270

3,124,539

Total assets

$103,983,398

$  102,756,203

$    103,652,922

$102,267,616

$ 94,325,559

Liabilities:






Deposits:






Noninterest bearing

$   29,543,118

$    27,791,421

$      26,803,670

$   25,978,354

$ 20,418,504

Interest bearing

56,427,836

58,066,960

59,567,362

59,448,060

56,816,003

Total deposits

85,970,954

85,858,381

86,371,032

85,426,414

77,234,507

FHLB and other borrowings

3,517,567

3,548,492

3,560,973

3,571,933

3,790,137

Federal funds purchased and securities sold under agreements to repurchase

966,336

184,478

189,474

249,481

409,784

Other short-term borrowings

-

-

-

1,619

-

Accrued expenses and other liabilities

1,509,486

1,473,490

2,136,479

1,747,380

1,532,777

Total liabilities

91,964,343

91,064,841

92,257,958

90,996,827

82,967,205

Shareholder's Equity:






Preferred stock

229,475

229,475

229,475

229,475

229,475

Common stock — $0.01 par value

2,230

2,230

2,230

2,230

2,230

Surplus

14,039,261

14,032,205

14,032,321

14,035,607

14,039,572

Retained deficit

(2,546,271)

(2,931,151)

(3,264,295)

(3,430,135)

(3,305,226)

Accumulated other comprehensive income

264,206

329,105

365,374

404,165

362,339

Total BBVA USA Bancshares, Inc. shareholder's equity

11,988,901

11,661,864

11,365,105

11,241,342

11,328,390

Noncontrolling interests

30,154

29,498

29,859

29,447

29,964

Total shareholder's equity

12,019,055

11,691,362

11,394,964

11,270,789

11,358,354

Total liabilities and shareholder's equity

$103,983,398

$  102,756,203

$    103,652,922

$102,267,616

$ 94,325,559

 

BBVA USA BANCSHARES, INC.

INCOME STATEMENT (Unaudited)

(Dollars in Thousands)








Three Months Ended


2021

2020


March 31

December 31

September 30

June 30

March 31

Interest income:






Interest and fees on loans

$606,407

$       626,900

$         644,643

$  669,767

$     715,476

Interest on debt securities available for sale

24,437

22,089

19,474

18,805

(1,492)

Interest on debt securities held to maturity

63,060

60,812

49,981

39,800

41,102

Interest on trading account assets

1,021

793

892

1,157

1,122

Interest and dividends on other earning assets

5,169

7,080

6,436

14,016

42,175

Total interest income

700,094

717,674

721,426

743,545

798,383

Interest expense:






Interest on deposits

20,345

33,945

61,147

97,279

164,742

Interest on FHLB and other borrowings

14,516

14,092

14,644

21,936

21,176

Interest on federal funds purchased and securities sold under agreements to repurchase

576

2,350

3,736

12,274

22,658

Interest on other short-term borrowings

389

85

49

39

352

Total interest expense

35,826

50,472

79,576

131,528

208,928

Net interest income

664,268

667,202

641,850

612,017

589,455

(Credit) provision for credit losses

(120,142)

(81,298)

150,977

539,459

356,991

Net interest income after (credit) provision for credit losses

784,410

748,500

490,873

72,558

232,464

Noninterest income:






Service charges on deposit accounts

54,874

59,309

54,710

44,233

61,531

Card and merchant processing fees

49,245

49,961

48,628

43,416

50,091

Investment services sales fees

29,446

26,647

26,218

24,971

34,407

Investment banking and advisory fees

26,783

26,291

40,013

45,061

26,731

Money transfer income

32,040

29,446

27,109

25,461

24,548

Asset management fees

12,587

12,613

12,024

11,560

11,904

Corporate and correspondent investment sales

13,683

16,268

3,478

18,855

10,717

Mortgage banking

14,692

19,753

13,741

23,868

17,451

Bank owned life insurance

4,691

5,458

4,972

5,094

4,625

Investment securities gains, net

-

-

-

3,477

19,139

Other

65,660

55,670

53,767

26,358

73,098

Total noninterest income

303,701

301,416

284,660

272,354

334,242

Noninterest expense:






Salaries, benefits and commissions

338,695

301,020

296,708

251,697

310,136

Equipment

67,334

69,321

68,793

64,752

64,681

Professional services

82,002

80,535

78,018

78,100

70,220

Net occupancy

40,903

40,552

41,145

41,585

39,843

Money transfer expense

23,332

20,764

18,897

17,958

17,136

Marketing

5,471

10,170

9,283

8,778

11,899

Communications

4,730

5,038

5,542

5,808

5,371

Goodwill impairment

-

-

-

-

2,185,000

Other

56,523

50,180

77,242

110,772

104,774

Total noninterest expense

618,990

577,580

595,628

579,450

2,809,060

Net income (loss) before income tax expense

469,121

472,336

179,905

(234,538)

(2,242,354)

Income tax expense (benefit)

83,660

138,519

13,664

(110,101)

(5,069)

Net income (loss)

385,461

333,817

166,241

(124,437)

(2,237,285)

Less: net income attributable to noncontrolling interests

581

673

401

472

501

Net income (loss) attributable to BBVA USA Bancshares, Inc.

$384,880

$       333,144

$         165,840

$(124,909)

$(2,237,786)

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/bbva-usa-reports-first-quarter-2021-results-301281234.html

SOURCE BBVA USA

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.