SEC Info - BBVA USA Bancshares, Inc. - ‘10-Q’ for 3/31/21

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		Alternative Formats (Word, et al.) And And 20 And December 31 Condensed Consolidated Balance Sheets as of Condensed Consolidated Statements of Cash Flows for the Condensed Consolidated Statements of Comprehensive Income for the three Condensed Consolidated Statements of Income for the three Condensed Consolidated Statements of Shareholder's Equity for the three Contents Controls and Procedures Defaults Upon Senior Securities Exhibits Financial Information Financial Statements (Unaudited) Item 1 Item 1A Item 2 Item 3 Item 4 Item 5 Item 6 Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations March Mine Safety Disclosures Months Ended Notes to the Unaudited Condensed Consolidated Financial Statements Other Information Part I Part II Quantitative and Qualitative Disclosures about Market Risk Risk Factors Signatures Table of Table of Contents Three Unregistered Sales of Equity Securities and Use of Proceeds 202 2020
1	1st Page – Filing Submission
"	Table of Contents
"	Table of
"	Contents
"	Part I
"	Financial Information
"	Item 1
"	Financial Statements (Unaudited)
"	Condensed Consolidated Balance Sheets as of
"	March
"	202
"	And December 31
"	2020
"	Condensed Consolidated Statements of Income for the three
"	Months Ended
"	And
"	Condensed Consolidated Statements of Comprehensive Income for the three
"	Condensed Consolidated Statements of Shareholder's Equity for the three
"	And 20
"	Condensed Consolidated Statements of Cash Flows for the
"	Three
"	Notes to the Unaudited Condensed Consolidated Financial Statements
"	Item 2
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Item 3
"	Quantitative and Qualitative Disclosures about Market Risk
"	Item 4
"	Controls and Procedures
"	Part II
"	Other Information
"	Legal Proceedings
"	Item 1A
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Defaults Upon Senior Securities
"	Mine Safety Disclosures
"	Item 5
"	Item 6
"	Exhibits
"	Signatures

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(Former name or former address, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. i Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). i Yes þ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐

Accelerated filer ☐

i Non-accelerated filer ☑ (Do not check if a smaller reporting company)

Smaller reporting company i ☐

Emerging growth company i ☐

Common Stock (par value $0.01 per share)

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this report with certain reduced disclosures as permitted by those instructions.

The following listing provides a comprehensive reference of common acronyms and terms used throughout the document:

ASU 2016-13, Financial Instruments - Credit Losses

Unless otherwise specified, the terms “we,” “us,” “our,” and the “Company” are used to refer to BBVA USA Bancshares, Inc. and its subsidiaries, or any one or more of them, as the context may require. The term “Parent” refers to BBVA USA Bancshares, Inc. The term “BBVA” refers to Banco Bilbao Vizcaya Argentaria, S.A., the parent company of BBVA USA Bancshares, Inc.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements about the Company and its industry that involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding the Company's 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, are forward-looking statements. 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. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Such factors include, but are not limited to, the following:

•Market and Liquidity Risks:

◦the COVID-19 pandemic has adversely impacted the Company's business and financial results, and the ultimate impact will depend on future developments, which are highly uncertain and cannot be predicted or modelled precisely, including the scope and duration of the pandemic and actions taken by governmental authorities in response to the pandemic;

◦national, regional and local economic conditions may be less favorable than expected, resulting in, among other things, increased charge-offs of loans, higher provisions for credit losses and/or reduced demand for the Company's services;

◦decline in real estate values or overall economic weakness could also have an adverse impact upon the value of real estate or other assets which the Company owns as a result of foreclosing a loan and its ability to realize value on such assets;

◦changes in interest rates which could affect interest rate spreads and net interest income;

◦expected replacement of LIBOR may adversely affect the Company's business;

◦disruptions to the credit and financial markets, either nationally or globally;

◦the fiscal and monetary policies of the federal government and its agencies;

◦volatile or declining oil prices could adversely affect the Company’s performance;

◦disruptions in the Company's ability to access capital markets, which may adversely affect its capital resources and liquidity;

◦changes in the creditworthiness of customers;

◦downgrades to the Company's credit ratings;

◦changes in the Company's accounting policies or in accounting standards which could materially affect how the Company reports financial results and condition;

◦the Company is subject to certain risks related to originating and selling mortgages. It may be required to repurchase mortgage loans or indemnify mortgage loan purchases as a result of breaches of representations and warranties, borrower fraud or certain breaches of its servicing agreements, and this could harm the Company's liquidity, results of operations and financial condition;

◦the Company's financial reporting controls and procedures may not prevent or detect all errors or fraud;

◦a failure by the Company to effectively manage the risks the Company faces, including credit, operational and cyber security risks;

◦the Company's heavy reliance on communications and information systems to conduct its business and reliance on third parties and affiliates to provide key components of its business infrastructure, any disruptions of which could interrupt the Company's operations or increase the costs of doing business;

◦the Company's dependence on the accuracy and completeness of information about clients and counterparties;

◦failure to control concentration risk such as loan type, industry segment, borrower type or location of the borrower or collateral;

◦increased loan losses or impairment of goodwill;

◦the Company depends on the expertise of key personnel, and if these individuals leave or change their roles without effective replacements, operations may suffer;

◦the Company may not be able to hire or retain additional qualified personnel and recruiting and compensation costs may increase as a result of turnover, both of which may increase costs and reduce profitability and may adversely impact the Company's ability to implement the Company's business strategies;

◦unpredictable natural or other disasters, which could impact the Company's customers or operations;

•Regulatory and Compliance Risks:

◦legislative, regulatory or accounting changes, which may adversely affect our business and/or competitive position, impose additional costs on the Company or cause us to change our business practices;

◦costs and effects of litigation, regulatory investigations or similar matters;

◦if the Bank's CRA rating were to decline, that could result in certain restrictions on the Company's activities;

◦the impact of consumer protection regulations, including the CFPB's residential mortgage and other regulations, which could adversely affect the Company's business, financial condition or results of operations;

◦the failure to satisfy capital adequacy and liquidity guidelines applicable to the Company;

•Strategic and Reputational Risks:

◦increased pressures from competitors (both banks and non-banks) and/or an inability by the Company to remain competitive in the financial services industry, particularly in the markets which the Company serves, and keep pace with technological changes;

◦a loss of customer deposits, which could increase the Company's funding costs;

◦negative public opinion, which could damage the Company's reputation and adversely impact business and revenues;

◦the Company’s rebranding strategy may not produce the benefits expected, may involve substantial costs and may not be favorably received by Customers;

•Risks Relating to the Company's Securities:

◦the Company is a subsidiary of the BBVA Group and activities across the BBVA Group could adversely affect the Company’s business and results of operations;

◦the Company’s Parent is a holding company and depends on its subsidiaries for liquidity in the form of dividends, distributions and other payments;

•Risks Relating to the Merger:

◦the inability to complete the merger with PNC due to the failure to satisfy conditions to completion of the merger, including receipt of required regulatory and other approvals;

◦the Company will be subject to business uncertainties and contractual restrictions while the Merger is pending; and

◦failure to complete the Merger could negatively impact the Company.

The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the time they are made and do not necessarily reflect the Company’s outlook at any other point in time. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or for any other reason. However, readers should carefully review the risk factors set forth in other reports or documents the Company files periodically with the SEC.

Item 1. Financial Statements (Unaudited)


	March 31, 2021		December 31, 2020
	(In Thousands)
Assets:
Cash and due from banks	$	i 1,044,788	$	i 1,249,954
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits	i 14,097,936		i 13,357,954
Cash and cash equivalents	i 15,142,724		i 14,607,908
Trading account assets	i 561,187		i 762,449
Debt securities available for sale	i 5,408,087		i 5,744,919
Debt securities held to maturity, net of allowance for debt securities held to maturity losses of $ i 1,969 and $ i 2,178 at March 31, 2021 and December 31, 2020, respectively (fair value of $ i 12,497,012 and $ i 10,809,461 at March 31, 2021 and December 31, 2020, respectively)	i 12,339,994		i 10,549,945
Loans held for sale, at fair value	i 295,570		i 236,586
Loans	i 63,960,242		i 65,559,767
Allowance for loan losses	( i 1,498,909)		( i 1,679,474)
Net loans	i 62,461,333		i 63,880,293
Premises and equipment, net	i 1,028,385		i 1,055,525
Bank owned life insurance	i 759,219		i 757,943
Goodwill	i 2,328,296		i 2,328,296


Other assets	i 3,658,603		i 2,832,339
Total assets	$	i 103,983,398	$	i 102,756,203
Liabilities:
Deposits:
Noninterest bearing	$	i 29,543,118	$	i 27,791,421
Interest bearing	i 56,427,836		i 58,066,960
Total deposits	i 85,970,954		i 85,858,381
FHLB and other borrowings	i 3,517,567		i 3,548,492
Federal funds purchased and securities sold under agreements to repurchase	i 966,336		i 184,478

Accrued expenses and other liabilities	i 1,509,486		i 1,473,490
Total liabilities	i 91,964,343		i 91,064,841
Shareholder’s Equity:
Series A Preferred stock — $ i i 0.01 / par value, liquidation preference $ i i 200,000 / per share
Authorized — i i 30,000,000 / shares
Issued — i i 1,150 / shares at both March 31, 2021 and December 31, 2020	i 229,475		i 229,475
Common stock — $ i i 0.01 / par value:
Authorized — i i 300,000,000 / shares
Issued — i i 222,963,891 / shares at both March 31, 2021 and December 31, 2020	i 2,230		i 2,230
Surplus	i 14,039,261		i 14,032,205
Accumulated deficit	( i 2,546,271)		( i 2,931,151)
Accumulated other comprehensive income	i 264,206		i 329,105
Total BBVA USA Bancshares, Inc. shareholder’s equity	i 11,988,901		i 11,661,864
Noncontrolling interests	i 30,154		i 29,498
Total shareholder’s equity	i 12,019,055		i 11,691,362
Total liabilities and shareholder’s equity	$	i 103,983,398	$	i 102,756,203

Three Months Ended March 31,

2021

2020

(In Thousands)

Interest income:

Interest and fees on loans

i 606,407

i 715,476

Interest on debt securities available for sale

i 24,437

( i 1,492)

Interest on debt securities held to maturity

i 63,060

i 41,102

Interest on trading account assets

i 1,021

i 1,122

Interest and dividends on other earning assets

i 5,169

i 42,175

Total interest income

i 700,094

i 798,383

Interest expense:

Interest on deposits

i 20,345

i 164,742

Interest on FHLB and other borrowings

i 14,516

i 21,176

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

i 576

i 22,658

Interest on other short-term borrowings

i 389

i 352

Total interest expense

i 35,826

i 208,928

Net interest income

i 664,268

i 589,455

Total provision (credit) for credit losses

( i 120,142)

i 356,991

Net interest income after provision (credit) for credit losses

i 784,410

i 232,464

Noninterest income:

Service charges on deposit accounts

i 54,874

i 61,531

Card and merchant processing fees

i 49,245

i 50,091

Money transfer income

i 32,040

i 24,548

Investment services sales fees

i 29,446

i 34,407

Investment banking and advisory fees

i 26,783

i 26,731

Mortgage banking

i 14,692

i 17,451

Corporate and correspondent investment sales

i 13,683

i 10,717

Asset management fees

i 12,587

i 11,904

Bank owned life insurance

i 4,691

i 4,625

Investment securities gains, net

i —

i 19,139

Other

i 65,660

i 73,098

Total noninterest income

i 303,701

i 334,242

Noninterest expense:

Salaries, benefits and commissions

i 338,695

i 310,136

Professional services

i 82,002

i 70,220

Equipment

i 67,334

i 64,681

Net occupancy

i 40,903

i 39,843

Money transfer expense

i 23,332

i 17,136

Goodwill impairment

i —

i 2,185,000

Other

i 66,724

i 122,044

Total noninterest expense

i 618,990

i 2,809,060

Net income (loss) before income tax expense (benefit)

i 469,121

( i 2,242,354)

Income tax expense (benefit)

i 83,660

( i 5,069)

Net income (loss)

i 385,461

( i 2,237,285)

Less: net income attributable to noncontrolling interests

i 581

i 501

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

i 384,880

( i 2,237,786)

Less: preferred stock dividends

i 3,143

i 4,155

Net income (loss) attributable to common shareholder

i 381,737

( i 2,241,941)

Three Months Ended March 31,

2021

2020

(In Thousands)

Net income (loss)

i 385,461

( i 2,237,285)

Other comprehensive income (loss), net of tax:

Net unrealized (losses) gains arising during period from debt securities available for sale

( i 18,139)

i 99,699

Less: reclassification adjustment for net gains on sale of debt securities available for sale in net income

i —

i 14,572

Net change in net unrealized holding (losses) gains on debt securities available for sale

( i 18,139)

i 85,127

Change in unamortized net holding gains on debt securities held to maturity

i 1,900

i 1,575

Change in unamortized non-credit related impairment on debt securities held to maturity

i 140

i 118

Net change in unamortized holding gains on debt securities held to maturity

i 2,040

i 1,693

Unrealized holding (losses) gains arising during period from cash flow hedge instruments

( i 46,089)

i 274,837

Change in defined benefit plans

( i 2,711)

i 1,754

Other comprehensive (loss) income, net of tax

( i 64,899)

i 363,411

Comprehensive income (loss)

i 320,562

( i 1,873,874)

Less: comprehensive income attributable to noncontrolling interests

i 581

i 501

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

i 319,981

( i 1,874,375)

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Preferred Stock

Common Stock

Surplus

Accumulated Deficit

Accumulated Other Comprehensive Income (Loss)

Non-Controlling Interests

Total Shareholder’s Equity

(In Thousands)

Three Months Ended March 31,

Balance, December 31, 2019

i 229,475

i 2,230

i 14,043,727

( i 917,227)

( i 1,072)

i 29,456

i 13,386,589

Cumulative effect adjustment related to ASC 326 adoption

—

( i 150,213)

—

( i 150,213)

Balance, January 1, 2020

i 229,475

i 2,230

i 14,043,727

( i 1,067,440)

( i 1,072)

i 29,456

i 13,236,376

Net (loss) income

—

( i 2,237,786)

—

i 501

( i 2,237,285)

Other comprehensive income, net of tax

—

i 363,411

—

i 363,411

Preferred stock dividends

—

( i 4,155)

—

( i 4,155)

Capital contribution

—

i 7

Balance, March 31, 2020

i 229,475

i 2,230

i 14,039,572

( i 3,305,226)

i 362,339

i 29,964

i 11,358,354

Balance, December 31, 2020

i 229,475

i 2,230

i 14,032,205

( i 2,931,151)

i 329,105

i 29,498

i 11,691,362

Net income

—

i 384,880

—

i 581

i 385,461

Other comprehensive loss, net of tax

—

( i 64,899)

—

( i 64,899)

Preferred stock dividends

—

( i 3,143)

—

( i 3,143)

Capital contribution

—

i 10,199

—

i 75

i 10,274

Balance, March 31, 2021

i 229,475

i 2,230

i 14,039,261

( i 2,546,271)

i 264,206

i 30,154

i 12,019,055

Net increase in federal funds purchased and securities sold under agreements to repurchase

Table of Contents

BBVA USA BANCSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(1) i Basis of Presentation

The accounting and reporting policies of the Company and the methods of applying those policies that materially affect the consolidated financial statements conform with U.S. GAAP and with general financial services industry practices. The accompanying unaudited consolidated financial statements include the accounts of BBVA USA Bancshares, Inc. and its subsidiaries and have been prepared in conformity with U.S. GAAP for interim financial information and in accordance with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. In the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair presentation of the condensed consolidated financial statements have been included. Operating results for the three months ended March 31, 2021, are not necessarily indicative of the results that may be expected for the year ended December 31, 2021. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

The Company has evaluated subsequent events for potential recognition and disclosure through the filing date of this Quarterly Report on Form 10-Q to determine if either recognition or disclosure of significant events or transactions is required.

Proposed Acquisition by PNC

On November 15, 2020, PNC entered into a Stock Purchase Agreement with BBVA for the purchase by PNC of i 100% of the issued and outstanding shares of the Company for $ i 11.6 billion in cash on hand in a fixed price structure. PNC is not acquiring BSI, Propel Venture Partners Fund I, L.P. and BBVA Processing Services, Inc. Immediately following the closing of the stock purchase, PNC intends to merge the Parent with and into PNC, with PNC continuing as the surviving entity. Post-closing, PNC intends to merge BBVA USA with and into PNC Bank, National Association, an indirect wholly owned subsidiary of PNC, with PNC Bank continuing as the surviving entity. The transaction is subject to regulatory approvals and certain other customary closing conditions.

i Use of Estimates in the Preparation of Consolidated Financial Statements

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, the most significant of which relate to the allowance for credit losses and goodwill impairment. Actual results could differ from those estimates. The extent to which the COVID-19 pandemic impacts the results of operations and financial condition, will depend on future developments, which are highly uncertain and cannot be predicted.

Recently Adopted Accounting Standards

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes. This ASU is effective for fiscal years beginning after December 15, 2020, and for interim periods within those fiscal years. The adoption of this standard did not have a material impact on the financial condition and results of operations of the Company.

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments in this ASU provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if

certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship.

This ASU is effective as of March 12, 2020 through December 31, 2022. The adoption of this standard had no impact as the Company has not modified any contracts, hedging relationships, or other transactions.

(2) i Debt Securities Available for Sale and Debt Securities Held to Maturity

The following tables present the adjusted cost and approximate fair value of debt securities available for sale and debt securities held to maturity.

March 31, 2021

Gross Unrealized

Amortized Cost

Gains

Losses

Fair Value

(In Thousands)

Debt securities available for sale:

U.S. Treasury and other U.S. government agencies

i 2,041,182

i 37,301

i 14,273

i 2,064,210

Agency mortgage-backed securities

i 774,456

i 25,452

i 2,104

i 797,804

Agency collateralized mortgage obligations

i 2,503,150

i 42,993

i 631

i 2,545,512

States and political subdivisions

i 545

i 16

i —

i 561

Total

i 5,319,333

i 105,762

i 17,008

i 5,408,087

Debt securities held to maturity:

U.S. Treasury and other U.S. government agencies

i 2,550,157

i 93,298

i 23,886

i 2,619,569

Agency mortgage-backed securities

i 921,354

i —

i 17,323

i 904,031

Collateralized mortgage obligations:

Agency

i 8,353,460

i 125,129

i 44,685

i 8,433,904

Non-agency

i 27,319

i 6,047

i 53

i 33,313

Asset-backed securities and other

i 45,437

i 1,472

i 419

i 46,490

States and political subdivisions (1)

i 444,236

i 16,387

i 918

i 459,705

Total

i 12,341,963

i 242,333

i 87,284

i 12,497,012

(1)The Company recorded an allowance of $ i 2 million at March 31, 2021, related to state and political subdivisions, which is not included in the table above.

December 31, 2020

Gross Unrealized

Amortized Cost

Gains

Losses

Fair Value

(In Thousands)

Debt securities available for sale:

U.S. Treasury and other U.S. government agencies

i 2,115,915

i 45,168

i 14,179

i 2,146,904

Agency mortgage-backed securities

i 834,640

i 32,103

i 1,095

i 865,648

Agency collateralized mortgage obligations

i 2,681,210

i 50,811

i 290

i 2,731,731

States and political subdivisions

i 617

i 19

i —

i 636

Total

i 5,632,382

i 128,101

i 15,564

i 5,744,919

Debt securities held to maturity:

U.S. Treasury and other U.S. government agencies

i 1,291,900

i 112,968

i —

i 1,404,868

Agency mortgage-backed securities

i 570,115

i 2,491

i —

i 572,606

Collateralized mortgage obligations:

Agency

i 8,144,522

i 147,176

i 27,234

i 8,264,464

Non-agency

i 29,186

i 5,972

i 209

i 34,949

Asset-backed securities and other

i 48,790

i 1,217

i 2,681

i 47,326

States and political subdivisions (1)

i 467,610

i 21,047

i 3,409

i 485,248

Total

i 10,552,123

i 290,871

i 33,533

i 10,809,461

(1)The Company recorded an allowance of $ i 2 million at December 31, 2020, related to state and political subdivisions, which is not included in the table above.

i The investments held within the states and political subdivision caption of debt securities held to maturity relate to private placement transactions underwritten as loans by the Company but that meet the definition of a security within ASC Topic 320, Investments – Debt Securities.

The following tables disclose the fair value and the gross unrealized losses of the Company’s available for sale debt securities that were in a loss position at March 31, 2021 and December 31, 2020, for which an allowance for credit losses has not been recorded. This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position.

March 31, 2021

Securities in a loss position for less than 12 months

Securities in a loss position for 12 months or longer

Total

Fair Value

Unrealized Losses

Fair Value

Unrealized Losses

Fair Value

Unrealized Losses

(In Thousands)

Debt securities available for sale:

U.S. Treasury and other U.S. government agencies

i 28,410

i 790

i 319,805

i 13,483

i 348,215

i 14,273

Agency mortgage-backed securities

i 32,699

i 1,286

i 34,710

i 818

i 67,409

i 2,104

Agency collateralized mortgage obligations

i 416,524

i 501

i 102,578

i 130

i 519,102

i 631

Total

i 477,633

i 2,577

i 457,093

i 14,431

i 934,726

i 17,008

U.S. Treasury and other U.S. government agencies

Agency collateralized mortgage obligations

As indicated in the previous tables, at March 31, 2021 and December 31, 2020, the Company held debt securities in unrealized loss positions. The Company has not recognized the unrealized losses into income for its securities because they are all backed by the U.S. government or government agencies and management does not intend to sell and it is likely that management will not be required to sell these securities before their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The fair value is expected to recover as the securities approach maturity.

The following table presents the activity in the allowance for debt securities held to maturity losses.


	Three Months Ended March 31,
	2021		2020
	(In Thousands)
Allowance for debt securities held to maturity losses:
Balance at beginning of period	$	i 2,178	$	i —
Impact of adopting ASC 326	—		i 1,847
Beginning balance, after adoption of ASC 326	i 2,178		i 1,847
(Credit) provision for credit losses	( i 209)		i 45
Securities charged off	i —		i —
Recoveries	i —		i —
Balance at end of period	$	i 1,969	$	i 1,892

The Company regularly evaluates each held to maturity debt security for credit losses on a quarterly basis. The Company has not recorded a provision for credit loss related to its agency securities because they are all backed by the U.S. government or government agencies and have been deemed to have zero expected credit loss as of March 31, 2021 and December 31, 2020. These securities are evaluated quarterly to determine if they still qualify as a zero credit loss security. The Company has non-agency securities that have unrealized losses at March 31, 2021 and December 31, 2020. The Company considers such factors as the extent to which the fair value has been below cost and the financial condition of the issuer.

The Company monitors the credit quality of its HTM debt securities through credit ratings. The following tables present the amortized cost of HTM debt securities, aggregated by credit quality indicator.

March 31, 2021

Range of Ratings

AAA

AA+ / A -

BBB+ / B-

CCC+ / C

Total

(In Thousands)

Debt securities held to maturity:

U.S. Treasury and other U.S. government agencies

i 2,550,157

i —

i 2,550,157

Agency mortgage-backed securities

i 921,354

i —

i 921,354

Collateralized mortgage obligations:

Agency

i 8,353,460

i —

i 8,353,460

Non-agency

i 224

i 6,357

i 9,770

i 3,144

i 771

i 7,053

i 27,319

Asset-backed securities and other

i —

i 44,870

i 183

i 384

i —

i 45,437

States and political subdivisions (1)

i —

i 236,151

i 208,085

i —

i 444,236

i 11,825,195

i 287,378

i 218,038

i 3,528

i 771

i 7,053

i 12,341,963

(1)The Company recorded an allowance of $ i 2 million at March 31, 2021, related to state and political subdivisions, which is not included in the table above.

December 31, 2020

Range of Ratings

AAA

AA+ / A -

BBB+ / B-

CCC+ / C

Total

(In Thousands)

Debt securities held to maturity:

U.S. Treasury and other U.S. government agencies

i 1,291,900

i —

i 1,291,900

Agency mortgage-backed securities

i 570,115

i —

i 570,115

Collateralized mortgage obligations:

Agency

i 8,144,522

i —

i 8,144,522

Non-agency

i 278

i 6,840

i 10,517

i 5,462

i 2,533

i 3,556

i 29,186

Asset-backed securities and other

i —

i 48,127

i 200

i 463

i —

i 48,790

States and political subdivisions (1)

i —

i 246,210

i 221,400

i —

i 467,610

i 10,006,815

i 301,177

i 232,117

i 5,925

i 2,533

i 3,556

i 10,552,123

(1)The Company recorded an allowance of $ i 2 million at December 31, 2020, related to state and political subdivisions, which is not included in the table above.

The contractual maturities of the securities portfolios are presented in the following table.

March 31, 2021

Amortized Cost

Fair Value

(In Thousands)

Debt securities available for sale:

Maturing within one year

i 250,000

Maturing after one but within five years

i 1,394,623

i 1,430,793

Maturing after five but within ten years

i 4,755

i 4,828

Maturing after ten years

i 392,349

i 379,150

i 2,041,727

i 2,064,771

Agency mortgage-backed securities and agency collateralized mortgage obligations

i 3,277,606

i 3,343,316

Total

i 5,319,333

i 5,408,087

Debt securities held to maturity:

Maturing within one year

i 11,240

i 11,265

Maturing after one but within five years

i 1,392,538

i 1,486,375

Maturing after five but within ten years

i 1,546,716

i 1,537,655

Maturing after ten years

i 89,336

i 90,469

i 3,039,830

i 3,125,764

Agency mortgage-backed securities and agency and non-agency collateralized mortgage obligations

i 9,302,133

i 9,371,248

Total

i 12,341,963

i 12,497,012

The gross realized gains and losses recognized on sales of debt securities available for sale are shown in the table below.

Three Months Ended March 31,

2021

2020

(In Thousands)

Gross gains

i —

i 19,139

Gross losses

i —

Net realized gains

i —

i 19,139

(3) i Loans and Allowance for Loan Losses

The following table presents the composition of the loan portfolio.


	March 31, 2021		December 31, 2020
	(In Thousands)
Commercial loans:
Commercial, financial and agricultural	$	i 25,969,245	$	i 26,605,142
Real estate – construction	i 2,396,004		i 2,498,331
Commercial real estate – mortgage	i 13,412,272		i 13,565,314
Total commercial loans	i 41,777,521		i 42,668,787
Consumer loans:
Residential real estate – mortgage	i 12,823,641		i 13,327,774
Equity lines of credit	i 2,318,208		i 2,394,894
Equity loans	i 165,209		i 179,762
Credit card	i 812,242		i 881,702
Consumer direct	i 1,797,085		i 1,929,723
Consumer indirect	i 4,266,336		i 4,177,125
Total consumer loans	i 22,182,721		i 22,890,980

Total loans	$	i 63,960,242	$	i 65,559,767

Accrued interest receivable totaling $ i 213 million and $ i 224 million at March 31, 2021 and December 31, 2020, respectively, was reported in other assets on the Company's Unaudited Condensed Balance Sheets and is excluded from the related footnote disclosures.

Allowance for Loan Losses and Credit Quality

i The following table, which excludes loans held for sale, presents a summary of the activity in the allowance for loan losses. The portion of the allowance that has not been identified by the Company as related to specific loan categories has been allocated to the individual loan categories on a pro rata basis for purposes of the table below:

Commercial, Financial and Agricultural

Commercial Real Estate (1)

Residential Real Estate (2)

Consumer (3)

Total

(In Thousands)

Three months ended March 31, 2021

Allowance for loan losses:

Beginning balance

i 658,228

i 311,092

i 214,469

i 495,685

i 1,679,474

Provision (credit) for loan losses

( i 84,950)

( i 30,150)

( i 15,382)

i 10,549

( i 119,933)

Loans charged-off

( i 12,942)

( i 44)

( i 1,747)

( i 76,628)

( i 91,361)

Loan recoveries

i 11,735

i 177

i 1,093

i 17,724

i 30,729

Net (charge-offs) recoveries

( i 1,207)

i 133

( i 654)

( i 58,904)

( i 60,632)

Ending balance

i 572,071

i 281,075

i 198,433

i 447,330

i 1,498,909

Three Months Ended March 31, 2020

Allowance for loan losses:

Beginning balance, prior to adoption of ASC 326

i 408,197

i 118,633

i 99,089

i 295,074

i 920,993

Impact of adopting ASC 326

i 18,389

( i 35,034)

i 47,390

i 154,186

i 184,931

Beginning balance, after adoption of ASC 326

i 426,586

i 83,599

i 146,479

i 449,260

i 1,105,924

Provision for loan losses

i 140,413

i 24,548

i 7,032

i 184,953

i 356,946

Loan charge-offs

( i 24,207)

( i 87)

( i 1,999)

( i 115,866)

( i 142,159)

Loan recoveries

i 5,193

i 173

i 1,423

i 23,572

i 30,361

Net (charge-offs) recoveries

( i 19,014)

i 86

( i 576)

( i 92,294)

( i 111,798)

Ending balance

i 547,985

i 108,233

i 152,935

i 541,919

i 1,351,072

(1)Includes commercial real estate – mortgage and real estate – construction loans.

(2)Includes residential real estate – mortgage, equity lines of credit and equity loans.

(3)Includes credit card, consumer direct and consumer indirect loans.

For the three months ended March 31, 2021, the decrease in the allowance for loan losses was primarily driven by the recognition of the updated macroeconomic scenario, which showed substantial improvement in the outlook for the macroeconomy as well as net negative loan growth.

The following table presents information on nonaccrual loans, by loan class at March 31, 2021 and December 31, 2020.

March 31, 2021

December 31, 2020

Nonaccrual

Nonaccrual With No Recorded Allowance

Nonaccrual

Nonaccrual With No Recorded Allowance

Commercial, financial and agricultural

i 529,703

i 172,832

i 540,741

i 93,614

Real estate – construction

i 25,265

i —

i 25,316

i —

Commercial real estate – mortgage

i 418,935

i 88,910

i 442,137

i 77,629

Residential real estate – mortgage

i 235,441

i —

i 235,463

i —

Equity lines of credit

i 45,744

i —

i 42,606

i —

Equity loans

i 8,844

i —

i 10,167

i —

Credit card

i —

Consumer direct

i 13,098

i —

i 10,087

i —

Consumer indirect

i 23,852

i —

i 24,713

i —

Total loans

i 1,300,882

i 261,742

i 1,331,230

i 171,243

The Company monitors the credit quality of its commercial portfolio using an internal dual risk rating, which considers both the obligor and the facility. The obligor risk ratings are defined by ranges of default probabilities of the borrowers, through internally assigned letter grades (AAA through D2) and the facility risk ratings are defined by ranges of the loss given default. The combination of those two approaches results in the assessment of the likelihood of loss and it is mapped to the regulatory classifications. The Company assigns internal risk ratings at loan origination and at regular intervals subsequent to origination. Loan review intervals are dependent on the size and risk grade of the loan, and are generally conducted at least annually. Additional reviews are conducted when information affecting the loan’s risk grade becomes available. The general characteristics of the risk grades are as follows:

•The Company’s internally assigned letter grades “AAA” through “B-” correspond to the regulatory classification “Pass.” These loans do not have any identified potential or well-defined weaknesses and have a high likelihood of orderly repayment. Exceptions exist when either the facility is fully secured by a CD and held at the Company or the facility is secured by properly margined and controlled marketable securities.

•Internally assigned letter grades “CCC+” through “CCC” correspond to the regulatory classification “Special Mention.” Loans within this classification have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.

•Internally assigned letter grades “CCC-” through “D1” correspond to the regulatory classification “Substandard.” A loan classified as substandard is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the loan. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

•The internally assigned letter grade “D2” corresponds to the regulatory classification “Doubtful.” Loans classified as doubtful have all the weaknesses inherent in a loan classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable or improbable.

The Company considers payment history as the best indicator of credit quality for the consumer portfolio. Nonperforming loans in the tables below include loans classified as nonaccrual, loans 90 days or more past due and loans modified in a TDR 90 days or more past due.

The following tables, which exclude loans held for sale, illustrate the credit quality indicators associated with the Company’s loans, by loan class.

Commercial

March 31, 2021

Recorded Investment of Term Loans by Origination Year

2021

2020

2019

2018

2017

Prior

Recorded Investment of Revolving Loans

Recorded Investment of Revolving Loans Converted to Term Loans

Total

(In Thousands)

Commercial, financial and agricultural

Pass

i 1,050,720

i 5,353,169

i 2,656,762

i 1,832,641

i 2,817,125

i 3,598,179

i 6,359,264

i —

i 23,667,860

Special Mention

i 63,645

i 15,593

i 98,900

i 216,057

i 86,212

i 125,224

i 471,135

i —

i 1,076,766

Substandard

i 4,893

i 68,342

i 99,186

i 81,450

i 71,320

i 215,564

i 548,331

i —

i 1,089,086

Doubtful

i —

i 21,308

i 11,726

i 1,789

i 23,150

i 34,609

i 42,951

i —

i 135,533

Total commercial, financial and agricultural

i 1,119,258

i 5,458,412

i 2,866,574

i 2,131,937

i 2,997,807

i 3,973,576

i 7,421,681

i —

i 25,969,245

Real estate - construction

Pass

i 56,927

i 554,067

i 755,562

i 584,592

i 151,696

i 75,301

i 149,250

i —

i 2,327,395

Special Mention

i —

i 5,199

i 8,395

i 19,506

i 297

i —

i 33,397

Substandard

i —

i 6,218

i 6,121

i 726

i 18,020

i 4,127

i —

i 35,212

Doubtful

i —

Total real estate - construction

i 56,927

i 560,285

i 766,882

i 593,713

i 189,222

i 79,725

i 149,250

i —

i 2,396,004

Commercial real estate - mortgage

Pass

i 237,099

i 1,535,357

i 2,708,280

i 3,347,413

i 1,423,688

i 2,606,898

i 178,890

i —

i 12,037,625

Special Mention

i —

i 28,911

i 113,096

i 192,868

i 35,808

i 260,781

i 30,461

i —

i 661,925

Substandard

i —

i 58,450

i 105,425

i 114,971

i 103,119

i 312,068

i 12,949

i —

i 706,982

Doubtful

i —

i 1,836

i 3,904

i —

i 5,740

Total commercial real estate - mortgage

i 237,099

i 1,622,718

i 2,926,801

i 3,655,252

i 1,564,451

i 3,183,651

i 222,300

i —

i 13,412,272

Commercial

December 31, 2020

Recorded Investment of Term Loans by Origination Year

2020

2019

2018

2017

2016

Prior

Recorded Investment of Revolving Loans

Recorded Investment of Revolving Loans Converted to Term Loans

Total

(In Thousands)

Commercial, financial and agricultural

Pass

i 5,784,167

i 2,691,532

i 1,986,737

i 3,003,653

i 754,848

i 3,030,800

i 6,861,548

i —

i 24,113,285

Special Mention

i 78,988

i 166,896

i 193,552

i 107,194

i 26,025

i 102,208

i 685,822

i —

i 1,360,685

Substandard

i 38,516

i 66,725

i 69,752

i 96,059

i 82,947

i 179,285

i 499,317

i —

i 1,032,601

Doubtful

i 16,286

i 12,248

i 5,476

i 709

i 7,395

i 5,085

i 51,372

i —

i 98,571

Total commercial, financial and agricultural

i 5,917,957

i 2,937,401

i 2,255,517

i 3,207,615

i 871,215

i 3,317,378

i 8,098,059

i —

i 26,605,142

Real estate - construction

Pass

i 429,483

i 785,835

i 710,403

i 271,229

i 44,565

i 38,470

i 125,184

i —

i 2,405,169

Special Mention

i —

i 9,015

i 8,414

i —

i 24,059

i 301

i 18,223

i —

i 60,012

Substandard

i 3,973

i 6,210

i 551

i 18,152

i —

i 4,264

i —

i 33,150

Doubtful

i —

Total real estate - construction

i 433,456

i 801,060

i 719,368

i 289,381

i 68,624

i 43,035

i 143,407

i —

i 2,498,331

Commercial real estate - mortgage

Pass

i 1,571,217

i 2,796,409

i 3,430,264

i 1,371,053

i 777,906

i 2,113,980

i 222,864

i —

i 12,283,693

Special Mention

i 40,501

i 131,400

i 190,140

i 36,834

i 147,037

i 110,279

i 3,996

i —

i 660,187

Substandard

i 44,201

i 34,749

i 106,067

i 114,290

i 112,976

i 195,821

i 6,630

i —

i 614,734

Doubtful

i —

i 2,758

i 3,942

i —

i 6,700

Total commercial real estate - mortgage

i 1,655,919

i 2,962,558

i 3,726,471

i 1,522,177

i 1,040,677

i 2,424,022

i 233,490

i —

i 13,565,314

Consumer

March 31, 2021

Recorded Investment of Term Loans by Origination Year

2021

2020

2019

2018

2017

Prior

Recorded Investment of Revolving Loans

Recorded Investment of Revolving Loans Converted to Term Loans

Total

(In Thousands)

Residential real estate - mortgage

Performing

i 802,011

i 3,776,523

i 1,717,121

i 740,423

i 805,765

i 4,704,304

i —

i 12,546,147

Nonperforming

i —

i 5,313

i 24,607

i 22,101

i 23,232

i 202,241

i —

i 277,494

Total residential real estate - mortgage

i 802,011

i 3,781,836

i 1,741,728

i 762,524

i 828,997

i 4,906,545

i —

i 12,823,641

Equity lines of credit

Performing

i —

i 2,260,999

i 9,493

i 2,270,492

Nonperforming

i —

i 47,569

i 147

i 47,716

Total equity lines of credit

i —

i 2,308,568

i 9,640

i 2,318,208

Equity loans

Performing

i 5,681

i 10,588

i 9,130

i 7,946

i 3,545

i 119,168

i —

i 156,058

Nonperforming

i —

i 55

i 107

i 516

i 133

i 8,340

i —

i 9,151

Total equity loans

i 5,681

i 10,643

i 9,237

i 8,462

i 3,678

i 127,508

i —

i 165,209

Credit card

Performing

i —

i 789,395

i —

i 789,395

Nonperforming

i —

i 22,847

i —

i 22,847

Total credit card

i —

i 812,242

i —

i 812,242

Consumer direct

Performing

i 156,787

i 462,219

i 351,468

i 283,514

i 79,054

i 43,284

i 399,322

i —

i 1,775,648

Nonperforming

i —

i 4,694

i 4,131

i 6,495

i 1,912

i 757

i 3,448

i —

i 21,437

Total consumer direct

i 156,787

i 466,913

i 355,599

i 290,009

i 80,966

i 44,041

i 402,770

i —

i 1,797,085

Consumer indirect

Performing

i 568,797

i 1,667,436

i 979,931

i 640,659

i 259,239

i 121,830

i —

i 4,237,892

Nonperforming

i —

i 2,841

i 6,991

i 9,376

i 4,968

i 4,268

i —

i 28,444

Total consumer indirect

i 568,797

i 1,670,277

i 986,922

i 650,035

i 264,207

i 126,098

i —

i 4,266,336

Consumer

December 31, 2020

Recorded Investment of Term Loans by Origination Year

2020

2019

2018

2017

2016

Prior

Recorded Investment of Revolving Loans

Recorded Investment of Revolving Loans Converted to Term Loans

Total

(In Thousands)

Residential real estate - mortgage

Performing

i 3,881,274

i 2,013,356

i 883,919

i 956,310

i 1,109,560

i 4,201,849

i —

i 13,046,268

Nonperforming

i 4,468

i 21,702

i 21,424

i 21,167

i 24,964

i 187,781

i —

i 281,506

Total residential real estate - mortgage

i 3,885,742

i 2,035,058

i 905,343

i 977,477

i 1,134,524

i 4,389,630

i —

i 13,327,774

Equity lines of credit

Performing

i —

i 2,338,907

i 10,757

i 2,349,664

Nonperforming

i —

i 45,079

i 151

i 45,230

Total equity lines of credit

i —

i 2,383,986

i 10,908

i 2,394,894

Equity loans

Performing

i 11,894

i 10,684

i 8,624

i 3,960

i 3,242

i 130,600

i —

i 169,004

Nonperforming

i 789

i 375

i 484

i 134

i —

i 8,976

i —

i 10,758

Total equity loans

i 12,683

i 11,059

i 9,108

i 4,094

i 3,242

i 139,576

i —

i 179,762

Credit card

Performing

i —

i 859,749

i —

i 859,749

Nonperforming

i —

i 21,953

i —

i 21,953

Total credit card

i —

i 881,702

i —

i 881,702

Consumer direct

Performing

i 547,417

i 426,921

i 349,518

i 97,085

i 43,170

i 14,617

i 432,167

i —

i 1,910,895

Nonperforming

i 1,220

i 3,878

i 7,995

i 2,325

i 642

i 189

i 2,579

i —

i 18,828

Total consumer direct

i 548,637

i 430,799

i 357,513

i 99,410

i 43,812

i 14,806

i 434,746

i —

i 1,929,723

Consumer indirect

Performing

i 1,817,720

i 1,112,510

i 745,483

i 305,658

i 92,924

i 73,051

i —

i 4,147,346

Nonperforming

i 1,821

i 6,759

i 10,116

i 5,791

i 3,076

i 2,216

i —

i 29,779

Total consumer indirect

i 1,819,541

i 1,119,269

i 755,599

i 311,449

i 96,000

i 75,267

i —

i 4,177,125

The following tables present an aging analysis of the Company’s past due loans, excluding loans classified as held for sale.

March 31, 2021

30-59 Days Past Due

60-89 Days Past Due

90 Days or More Past Due

Nonaccrual

Accruing TDRs

Total Past Due, Nonaccrual or TDR

Not Past Due, Nonaccrual or TDR

Total

(In Thousands)

Commercial, financial and agricultural

i 17,433

i 19,078

i 12,609

i 529,703

i 77,466

i 656,289

i 25,312,956

i 25,969,245

Real estate – construction

i 2,538

i —

i 532

i 25,265

i 142

i 28,477

i 2,367,527

i 2,396,004

Commercial real estate – mortgage

i 703

i 253

i 7,790

i 418,935

i 26,746

i 454,427

i 12,957,845

i 13,412,272

Residential real estate – mortgage

i 40,315

i 19,696

i 41,590

i 235,441

i 53,568

i 390,610

i 12,433,031

i 12,823,641

Equity lines of credit

i 8,325

i 2,642

i 1,972

i 45,744

i —

i 58,683

i 2,259,525

i 2,318,208

Equity loans

i 665

i 223

i 134

i 8,844

i 19,326

i 29,192

i 136,017

i 165,209

Credit card

i 8,378

i 6,442

i 22,847

i —

i 37,667

i 774,575

i 812,242

Consumer direct

i 17,028

i 9,438

i 8,339

i 13,098

i 23,041

i 70,944

i 1,726,141

i 1,797,085

Consumer indirect

i 30,024

i 8,513

i 4,592

i 23,852

i —

i 66,981

i 4,199,355

i 4,266,336

Total loans

i 125,409

i 66,285

i 100,405

i 1,300,882

i 200,289

i 1,793,270

i 62,166,972

i 63,960,242

Commercial, financial and agricultural

Commercial real estate – mortgage

Residential real estate – mortgage

It is the Company’s policy to classify TDRs that are not accruing interest as nonaccrual loans. It is also the Company’s policy to classify TDR past due loans that are accruing interest as TDRs and not according to their past due status. The tables above reflect this policy.

In response to the COVID-19 pandemic, beginning in March 2020, the Company began providing financial hardship relief in the form of payment deferrals and forbearances to consumer and commercial customers across a wide array of lending products, as well as the suspension of vehicle repossessions and home foreclosures. The payment deferrals and forbearances generally cover periods of three to six months. In most cases as allowed under the CARES Act, these offers are not classified as TDRs and do not result in loans being placed on nonaccrual status. For loans that receive a payment deferral or forbearance under these hardship relief programs, the Company continues to accrue interest and recognize interest income during the period of the deferral. Depending on the terms of each program, all or a portion of this accrued interest may be paid directly by the borrower (either during the relief period, at the end of the relief period or at maturity of the loan). For certain programs, the maturity date of the

loan may also be extended by the number of payments deferred. Interest income will continue to be recognized at the original contractual interest rate unless that rate is concurrently modified upon entering the relief program (in which case, the modified rate would be used to recognize interest). At March 31, 2021, the Company had deferrals on approximately i three thousand loans with an amortized cost of $ i 279 million.

Modifications to borrowers' loan agreements are considered TDRs if a concession is granted for economic or legal reasons related to a borrower’s financial difficulties that otherwise would not be considered. Within each of the Company’s loan classes, TDRs typically involve modification of the loan interest rate to a below market rate or an extension or deferment of the loan. During the three months ended March 31, 2021, $ i 7.8 million of TDR modifications included an interest rate concession and $ i 325.1 million of TDR modifications resulted from modifications to the loan’s structure. During the three months ended March 31, 2020, $ i 5.2 million of TDR modifications included an interest rate concession and $ i 43.6 million of TDR modifications resulted from modifications to the loan’s structure.

The following table presents an analysis of the types of loans that were restructured and classified as TDRs, excluding loans classified as held for sale.

Three Months Ended March 31, 2021

Three Months Ended March 31, 2020

Number of Contracts

Post-Modification Outstanding Recorded Investment

Number of Contracts

Post-Modification Outstanding Recorded Investment

(Dollars in Thousands)

Commercial, financial and agricultural

i 10

i 109,107

i 10

i 41,238

Real estate – construction

i 1

i 18,056

i —

Commercial real estate – mortgage

i 10

i 196,993

i 2

i 1,740

Residential real estate – mortgage

i 21

i 6,542

i 8

i 844

Equity lines of credit

i 3

i 154

i 1

i 36

Equity loans

i 5

i 554

i 1

i 192

Credit card

i —

Consumer direct

i 37

i 1,527

i 89

i 4,762

Consumer indirect

i —

The impact to the allowance for loan losses related to modifications classified as TDRs was approximately $( i 3.3) million and $ i 5.3 million for the three months ended March 31, 2021 and 2020, respectively.

The Company considers TDRs aged 90 days or more past due, charged off or classified as nonaccrual subsequent to modification, where the loan was not classified as a nonperforming loan at the time of modification, as subsequently defaulted.

The following table provides a summary of initial subsequent defaults that occurred within one year of the restructure date. The tables exclude loans classified as held for sale as of period-end and includes loans no longer in default as of period-end.

Three Months Ended March 31, 2021

Three Months Ended March 31, 2020

Number of Contracts

Recorded Investment at Default

Number of Contracts

Recorded Investment at Default

(Dollars in Thousands)

Commercial, financial and agricultural

i —

Real estate – construction

i —

Commercial real estate – mortgage

i —

Residential real estate – mortgage

i 2

i 855

i 1

i 84

Equity lines of credit

i —

Equity loans

i 1

i 43

i —

Credit card

i —

Consumer direct

i —

i 4

i 217

Consumer indirect

i —

At March 31, 2021 and December 31, 2020, there were $ i 175.6 million and $ i 132.5 million, respectively, of commitments to lend additional funds to borrowers whose terms have been modified in a TDR.

Foreclosure Proceedings

OREO totaled $ i i 11 / million at both March 31, 2021 and December 31, 2020. OREO included $ i i 6 / million of foreclosed residential real estate properties at both March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, there were $ i 26 million and $ i 29 million, respectively, of loans secured by residential real estate properties for which formal foreclosure proceedings were in process.

(4) i Loan Sales and Servicing

Loans held for sale were $ i 296 million and $ i 237 million at March 31, 2021 and December 31, 2020, respectively, and were comprised entirely of residential real estate - mortgage loans.

There were i i no / loans transferred from held for investment to held for sale during the three months ended March 31, 2021 and 2020. Additionally, excluding loans originated for sale in the secondary market, there were i i no / loans or loans held for sale sold during the three months ended March 31, 2021 and 2020.

The following table summarizes the Company's sales of loans originated for sale in the secondary market.

Three Months Ended March 31,

2021

2020

(In Thousands)

Residential real estate loans originated for sale in the secondary market sold (1)

i 347,513

i 203,830

Net gains recognized on sales of residential real estate loans originated for sale in the secondary market (2)

i 18,347

i 8,775

Servicing fees recognized (2)

i 2,434

i 2,608

(1)The Company has retained servicing responsibilities for all loans sold that were originated for sale in the secondary market.

(2)Recorded as a component of mortgage banking income in the Company's Unaudited Condensed Consolidated Statements of Income.

The following table provides the recorded balance of loans sold with retained servicing and the related MSRs.


	March 31, 2021		December 31, 2020
	(In Thousands)
Recorded balance of residential real estate mortgage loans sold with retained servicing (1)	$	i 4,338,556	$	i 4,425,180
MSRs (2)	i 41,432		i 30,665

(1)These loans are not included in loans on the Company's Unaudited Condensed Consolidated Balance Sheets.

(2)Recorded under the fair value method and included in other assets on the Company's Unaudited Condensed Consolidated Balance Sheets.

The fair value of MSRs is significantly affected by mortgage interest rates available in the marketplace, which influence mortgage loan prepayment speeds. In general, during periods of declining rates, the fair value of MSRs declines due to increasing prepayments attributable to increased mortgage-refinance activity. During periods of rising interest rates, the fair value of MSRs generally increases due to reduced refinance activity. The Company maintains a non-qualifying hedging strategy to manage a portion of the risk associated with changes in the fair value of the MSR portfolio. This strategy includes the purchase of various trading securities. The interest income, mark-to-market adjustments and gain or loss from sale activities associated with these securities are expected to economically hedge a portion of the change in the fair value of the MSR portfolio.

The following table is an analysis of the activity in the Company’s MSRs.

Three Months Ended March 31,

2021

2020

(In Thousands)

Carrying value, at beginning of period

i 30,665

i 42,022

Additions

i 3,985

i 1,671

Increase (decrease) in fair value:

Due to changes in valuation inputs or assumptions

i 9,832

( i 10,140)

Due to other changes in fair value (1)

( i 3,050)

( i 2,321)

Carrying value, at end of period

i 41,432

i 31,232

(1)Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time.

See Note 8, Fair Value Measurements, for additional disclosures related to the assumptions and estimates used in determining fair value of MSRs.

At March 31, 2021 and December 31, 2020, the sensitivity of the current fair value of the residential MSRs to immediate 10% and 20% adverse changes in key economic assumptions are included in the following table:


	March 31, 2021			December 31, 2020
	(Dollars in Thousands)
Fair value of MSRs	$	i 41,432		$	i 30,665
Composition of residential loans serviced for others:
Fixed rate mortgage loans	i 98.7		%	i 98.5		%
Adjustable rate mortgage loans	i 1.3			i 1.5
Total	i 100.0		%	i 100.0		%
Weighted average life (in years)	i 4.4			i 3.6
Prepayment speed:	i 29.0		%	i 30.4		%
Effect on fair value of a 10% increase	$	( i 1,687)		$	( i 1,620)
Effect on fair value of a 20% increase	( i 3,797)			( i 3,585)
Weighted average option adjusted spread:	i 6.2		%	i 6.2		%
Effect on fair value of a 10% increase	$	( i 1,009)		$	( i 656)
Effect on fair value of a 20% increase	( i 1,974)			( i 1,285)

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of an adverse variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one assumption may result in changes to another, which may magnify or counteract the effect of the change.

(5) i Derivatives and Hedging

The Company is a party to derivative instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates and foreign currency exchange rates. i The Company has made an accounting policy decision not to offset derivative fair value amounts under master netting agreements. See Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, for additional information on the Company's accounting policies related to derivative instruments and hedging activities. For derivatives cleared through central clearing houses the variation margin payments made are legally characterized as settlements of the derivatives. As a result, these variation margin payments are netted against the fair value of the respective derivative contracts in the balance sheet and related disclosures and there is no fair value presented for

these contracts. i The following table reflects the notional amount and fair value of derivative instruments included on the Company’s Unaudited Condensed Consolidated Balance Sheets on a gross basis.

March 31, 2021

December 31, 2020

Fair Value

Notional Amount

Derivative Assets (1)

Derivative Liabilities (2)

Notional Amount

Derivative Assets (1)

Derivative Liabilities (2)

(In Thousands)

Derivatives designated as hedging instruments:

Fair value hedges:

Interest rate swaps related to long-term debt

i 3,496,086

i 9,656

i 375

i 3,496,086

i 11,635

i 748

Total fair value hedges

i 9,656

i 375

i 11,635

i 748

Cash flow hedges:

Interest rate contracts:

Swaps related to commercial loans

i 10,000,000

i —

i 10,000,000

i —

Swaps related to FHLB advances

i 120,000

i —

i 1,181

i 120,000

i —

i 2,108

Foreign currency contracts:

Forwards related to currency fluctuations

i 3,088

i —

i 64

i 4,102

i —

i 19

Total cash flow hedges

i —

i 1,245

i —

i 2,127

Total derivatives designated as hedging instruments

i 9,656

i 1,620

i 11,635

i 2,875

Free-standing derivatives not designated as hedging instruments:

Interest rate contracts:

Forward contracts related to held for sale mortgages

i 834,280

i 7,726

i 573

i 861,061

i 1,184

i 5,193

Interest rate lock commitments

i 421,906

i 8,091

i 151

i 520,481

i 17,897

i —

Equity contracts:

Purchased equity option related to equity-linked CDs

i 30,219

i 304

i —

i 40,253

i 574

i —

Written equity option related to equity-linked CDs

i 24,259

i —

i 244

i 32,507

i —

i 468

Foreign exchange contracts:

Forwards and swaps related to commercial loans

i 471,739

i 5,881

i 1,746

i 578,484

i 1,635

i 7,424

Spots related to commercial loans

i 79,755

i 24

i 34

i 47,564

i 124

i 38

Swap associated with sale of Visa, Inc. Class B shares

i 183,292

i —

i 6,408

i 189,352

i —

i 6,517

Futures contracts (3)

i —

i 200,000

i —

Trading account assets and liabilities:

Interest rate contracts for customers

i 37,158,642

i 422,427

i 123,551

i 38,305,700

i 616,566

i 128,831

Foreign exchange contracts for customers

i 1,664,768

i 37,221

i 35,193

i 1,448,123

i 36,741

i 34,598

Total trading account assets and liabilities

i 459,648

i 158,744

i 653,307

i 163,429

Total free-standing derivative instruments not designated as hedging instruments

i 481,674

i 167,900

i 674,721

i 183,069

(1)Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Company's Unaudited Condensed Consolidated Balance Sheets, are recorded in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets.

(2)Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets.

(3)Changes in fair value are cash settled daily; therefore, there is no ending balance at any given reporting period.

The Company uses derivative instruments to manage the risk of earnings fluctuations caused by interest rate volatility. For those financial instruments that qualify and are designated as a hedging relationship, either a fair value hedge or cash flow hedge, the effect of interest rate movements on the hedged assets or liabilities will generally be offset by change in fair value of the derivative instrument.

The Company enters into fair value hedging relationships using interest rate swaps to mitigate the Company’s exposure to losses in value as interest rates change. Derivative instruments that are used as part of the Company’s interest rate risk management strategy include interest rate swaps that relate to the pricing of specific balance sheet assets and liabilities.

Interest rate swaps are used to convert the Company’s fixed rate long-term debt to a variable rate. The critical terms of the interest rate swaps match the terms of the corresponding hedged items. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness.

The Company recognized i i no / gains or losses for the three months ended March 31, 2021 and 2020, related to hedged firm commitments no longer qualifying as a fair value hedge. At March 31, 2021, the fair value hedges had a weighted average expected remaining term of i 2.2 years.

The Company enters into cash flow hedging relationships using interest rate swaps and options, such as caps and floors, to mitigate exposure to the variability in future cash flows or other forecasted transactions associated with its floating rate assets and liabilities. The Company uses interest rate swaps and options to hedge the repricing characteristics of its floating rate commercial loans and FHLB advances. The Company also uses foreign currency forward contracts to hedge its exposure to fluctuations in foreign currency exchange rates due to a portion of money transfer expense being denominated in foreign currency. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. The initial assessment of expected hedge effectiveness is based on regression analysis. The ongoing periodic measures of hedge ineffectiveness are based on the expected change in cash flows of the hedged item caused by changes in the benchmark interest rate. There were i i no / gains or losses reclassified from other comprehensive income because of the discontinuance of cash flow hedges related to certain forecasted transactions that are probable of not occurring for the three months ended March 31, 2021 and 2020.

At March 31, 2021, cash flow hedges not terminated had a net fair value of $( i 1) million and a weighted average life of i 1.9 years. Net gains of $ i 175.8 million are expected to be reclassified to income over the next 12 months as net settlements occur. The maximum length of time over which the entity is hedging its exposure to the variability in future cash flows for forecasted transactions is i 2.9 years.

The following table presents the effect of hedging derivative instruments on the Company’s Unaudited Condensed Consolidated Statements of Income.

Interest Income

Interest Expense

Interest and fees on loans

Interest on FHLB and other borrowings

(In Thousands)

Three Months Ended March 31, 2021

Total amounts presented in the unaudited condensed consolidated statements of income

i 606,407

i 14,516

Gains (losses) on fair value hedging relationships:

Interest rate contracts:

Amounts related to interest settlements and amortization on derivatives

i —

i 13,188

Recognized on derivatives

i —

( i 33,159)

Recognized on hedged items

i —

i 32,074

Net income (expense) recognized on fair value hedges

i —

i 12,103

Gain (losses) on cash flow hedging relationships: (1)

Interest rate contracts:

Realized gains (losses) reclassified from AOCI into net income (2)

i 44,774

( i 914)

Net income (expense) recognized on cash flow hedges

i 44,774

( i 914)

Three Months Ended March 31, 2020

Total amounts presented in the unaudited condensed consolidated statements of income

i 715,476

i 21,176

Gains (losses) on fair value hedging relationships:

Interest rate contracts:

Amounts related to interest settlements and amortization on derivatives

i —

i 3,365

Recognized on derivatives

i —

i 105,944

Recognized on hedged items

i —

( i 99,171)

Net income (expense) recognized on fair value hedges

i —

i 10,138

Gain (losses) on cash flow hedging relationships: (1)

Interest rate contracts:

Realized losses reclassified from AOCI into net income (2)

i 5,459

( i 419)

Net income (expense) recognized on cash flow hedges

i 5,459

( i 419)

(1)See Note 9, Comprehensive Income, for gain or loss recognized for cash flow hedges in accumulated other comprehensive income.

The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities on the Company's Unaudited Condensed Consolidated Balance Sheets in fair value hedging relationships.

Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Liabilities

Carrying Amount of Hedged Liabilities

Hedged Items Currently Designated

Hedged Items No Longer Designated

(In Thousands)

March 31, 2021

FHLB and other borrowings

i 3,261,916

i 74,942

i 1,113

December 31, 2020

FHLB and other borrowings

i 3,260,644

i 107,023

i 1,168

Derivatives Not Designated As Hedges

Derivatives not designated as hedges include those that are entered into as either economic hedges to facilitate client needs or as part of the Company’s overall risk management strategy. Economic hedges are those that do not qualify to be treated as a fair value hedge, cash flow hedge or foreign currency hedge for accounting purposes, but are necessary to economically manage the risk exposure associated with the assets and liabilities of the Company. The Company holds a portfolio of futures, forwards and interest rate lock commitments as well as options related to its equity-linked CDs to mitigate its economic risk exposure. The Company also enters into a variety of interest rate contracts and foreign exchange contracts in its trading activities. See Note 13, Derivatives and Hedging, in the Notes to the December 31, 2020, Consolidated Financial Statements for a description of the Company's derivatives not designated as hedges.

The net gains and losses recorded in the Company's Unaudited Condensed Consolidated Statements of Income from free-standing derivative instruments not designated as hedging instruments are summarized in the following table.

Gain (Loss) for the

Condensed Consolidated

Three Months Ended March 31,

Statements of Income Caption

2021

2020

(In Thousands)

Futures contracts

Mortgage banking income

and corporate and correspondent investment sales

i 6

( i 793)

Interest rate contracts:

Interest rate lock commitments

Mortgage banking income

( i 9,957)

i 9,322

Option contracts related to mortgage servicing rights

Mortgage banking income

i —

i 1,528

Forward contracts related to residential mortgage loans held for sale

Mortgage banking income

i 11,162

( i 5,907)

Interest rate contracts for customers

Corporate and correspondent investment sales

i 7,395

i 4,137

Equity contracts:

Purchased equity option related to equity-linked CDs

Other expense

( i 270)

( i 1,888)

Written equity option related to equity-linked CDs

Other expense

i 224

i 1,624

Foreign currency contracts:

Forward and swap contracts related to commercial loans

Other income

i 7,095

i 25,981

Spot contracts related to commercial loans

Other income

( i 2,179)

i 771

Foreign currency exchange contracts for customers

Corporate and correspondent investment sales

i 6,082

i 4,701

Derivatives Credit and Market Risks

By using derivative instruments, the Company is exposed to credit and market risk. If the counterparty fails to perform, credit risk is equal to the extent of the Company’s fair value gain in a derivative. When the fair value of a derivative instrument contract is positive, this generally indicates that the counterparty owes the Company and, therefore, creates a credit risk for the Company. When the fair value of a derivative instrument contract is negative, the Company owes the counterparty and, therefore, it has no credit risk. The Company minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically. Credit losses are also mitigated through collateral agreements and other contract provisions with derivative counterparties.

Market risk is the adverse effect that a change in interest rates or implied volatility rates has on the value of a financial instrument. The Company manages the market risk associated with interest rate contracts by establishing and monitoring limits as to the types and degree of risk that may be undertaken.

The Company’s derivatives activities are monitored by its Asset/Liability Committee as part of its risk-management oversight. The Company’s Asset/Liability Committee is responsible for mandating various hedging strategies that are developed through its analysis of data from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the Company’s overall interest rate risk management and trading strategies.

Entering into interest rate swap agreements and options involves not only the risk of dealing with counterparties and their ability to meet the terms of the contracts but also interest rate risk associated with unmatched positions. At March 31, 2021, interest rate swap agreements and options classified as trading were substantially matched. The Company had credit risk of $ i 460 million related to derivative instruments in the trading account portfolio, which does not take into consideration master netting arrangements or the value of the collateral. There were i i no / credit losses associated with derivative instruments classified as trading for the three months ended March 31, 2021 and 2020. At March 31, 2021 and December 31, 2020, there were no material nonperforming derivative positions classified as trading.

The Company’s derivative positions designated as hedging instruments are primarily executed in the over-the-counter market. These positions at March 31, 2021, have credit risk of $ i 10 million, which does not take into consideration master netting arrangements or the value of the collateral.

There were i i no / credit losses associated with derivative instruments classified as nontrading for the three months ended March 31, 2021 and 2020. At March 31, 2021 and December 31, 2020, there were no nonperforming derivative positions classified as nontrading.

As of March 31, 2021 and December 31, 2020, the Company had recorded the right to reclaim cash collateral of $ i 163 million and $ i 199 million, respectively, within other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets. As of March 31, 2021 and December 31, 2020, the Company had recorded the obligation to return cash collateral of $ i 23 million and $ i 14 million, respectively, within deposits on the Company’s Unaudited Condensed Consolidated Balance Sheets.

Certain of the Company’s derivative instruments contain provisions that require the Company’s debt maintain a certain credit rating from each of the major credit rating agencies. If the Company’s debt were to fall below this rating, it would be in violation of these provisions, and the counterparties to the derivative instruments could demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on March 31, 2021, was $ i 50 million for which the Company has collateral requirements of $ i 48 million in the normal course of business. If the credit risk-related contingent features underlying these agreements had been triggered on March 31, 2021, the Company’s collateral requirements to its counterparties would increase by $ i 2 million. The aggregate fair value of all derivative instruments with credit risk-related contingent features that were in a liability position on December 31, 2020, was $ i 66 million for which the Company had collateral requirements of $ i 64 million in the normal course of business. If the credit risk-related contingent features underlying these agreements had been triggered on December 31, 2020, the Company’s collateral requirements to its counterparties would have increased by $ i 2 million.

Netting of Derivative Instruments

The Company is party to master netting arrangements with its financial institution counterparties for some of its derivative and hedging activities. The Company does not offset assets and liabilities under these master netting arrangements for financial statement presentation purposes. The master netting arrangements provide for single net settlement of all derivative instrument arrangements, as well as collateral, in the event of default with respect to, or termination of, any one contract with the respective counterparties. Cash collateral is usually posted by the counterparty with a net liability position in accordance with contract thresholds.

The following table represents the Company’s total gross derivative instrument assets and liabilities subject to an enforceable master netting arrangement. The derivative instruments the Company has with its customers are not subject to an enforceable master netting arrangement.

Gross Amounts Recognized

Gross Amounts Offset in the Condensed Consolidated Balance Sheets

Net Amount Presented in the Condensed Consolidated Balance Sheets

Financial Instruments Collateral Received/Pledged (1)

Cash Collateral Received/ Pledged (1)

Net Amount

(In Thousands)

March 31, 2021

Derivative financial assets:

Subject to a master netting arrangement

i 46,117

i —

i 46,117

i —

i 13,195

i 32,922

Not subject to a master netting arrangement

i 445,213

—

i 445,213

—

i 445,213

Total derivative financial assets

i 491,330

i —

i 491,330

i —

i 13,195

i 478,135

Derivative financial liabilities:

Subject to a master netting arrangement

i 112,079

i —

i 112,079

i —

i 112,079

i —

Not subject to a master netting arrangement

i 57,441

—

i 57,441

—

i 57,441

Total derivative financial liabilities

i 169,520

i —

i 169,520

i —

i 112,079

i 57,441

December 31, 2020

Derivative financial assets:

Subject to a master netting arrangement

i 38,554

i —

i 38,554

i —

i 3,771

i 34,783

Not subject to a master netting arrangement

i 647,802

—

i 647,802

—

i 647,802

Total derivative financial assets

i 686,356

i —

i 686,356

i —

i 3,771

i 682,585

Derivative financial liabilities:

Subject to a master netting arrangement

i 153,524

i —

i 153,524

i —

i 153,524

i —

Not subject to a master netting arrangement

i 32,420

—

i 32,420

—

i 32,420

Total derivative financial liabilities

i 185,944

i —

i 185,944

i —

i 153,524

i 32,420


i Texas		i 20-8948381
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

i 2200 Post Oak Blvd. i Houston, i Texas		i 77056
(Address of principal executive offices)		(Zip Code)
	( i 205) i 297-3000
(Registrant’s telephone number, including area code)
	Not Applicable
(Former name or former address, if changed since last report)



AFS			Available For Sale


ASC			Accounting Standards Codification
ASC 326			ASU 2016-13, Financial Instruments - Credit Losses
ASU			Accounting Standards Update
Basel III			Global regulatory framework developed by the Basel Committee on Banking Supervision

Bank			BBVA USA
BBVA			Banco Bilbao Vizcaya Argentaria, S.A.

BBVA Group			BBVA and its consolidated subsidiaries

BOLI			Bank Owned Life Insurance
BSI			BBVA Securities Inc.




Cash Flow Hedge			A hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability

CD			Certificate of Deposit and/or time deposits

CET1			Common Equity Tier 1
CET1 Risk-Based Capital Ratio			Ratio of Common Equity Tier 1 capital to risk-weighted assets
CFPB			Consumer Financial Protection Bureau

Company			BBVA USA Bancshares, Inc. and its subsidiaries



CRA			Community Reinvestment Act





ERM			Enterprise Risk Management
EVE			Economic Value of Equity
Exchange Act			Securities and Exchange Act of 1934, as amended
Fair Value Hedge			A hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment
FASB			Financial Accounting Standards Board


FDIC			Federal Deposit Insurance Corporation

Federal Reserve Board			Board of Governors of the Federal Reserve System
FHC			Financial holding company
FHLB			Federal Home Loan Bank

FICO			Fair Isaac Corporation


Fitch			Fitch Ratings
FNMA			Federal National Mortgage Association


HTM			Held To Maturity

IHC			Top-tier U.S. intermediate holding company





Large FBO			Foreign Banking Organization with $100 billion or more in global total consolidated assets
LCR			Liquidity Coverage Ratio
Leverage Ratio			Ratio of Tier 1 capital to quarterly average on-balance sheet assets





Moody's			Moody's Investor Services, Inc.
MRA			Master Repurchase Agreement
MSR			Mortgage Servicing Rights






OREO			Other Real Estate Owned

OIS			Overnight Index Swap
Parent			BBVA USA Bancshares, Inc.
PNC			PNC Financial Services Group, Inc.
PPP			Paycheck Protection Program


Potential Problem Loans			Commercial loans rated substandard or below, which do not meet the definition of nonaccrual, TDR, or 90 days past due and still accruing







SBA			Small Business Administration
SBIC			Small Business Investment Company
SEC			Securities and Exchange Commission


Series A Preferred Stock			Floating Non-Cumulative Perpetual Preferred Stock, Series A
SOFR			Secured Overnight Financing Rate
S&P			Standard and Poor's Rating Services
Tailoring Rules			Rules adopted by the Federal Reserve Board on October 10, 2019 that adjust the thresholds at which certain enhanced prudential standards apply to bank holding companies and rules adopted jointly by the Federal Reserve Board, OCC and FDIC that adjust the thresholds at which certain capital and liquidity requirements apply to bank holding companies.

TBA			To be announced
TDR			Troubled Debt Restructuring
Tier 1 Risk-Based Capital Ratio			Ratio of Tier 1 capital to risk-weighted assets
Total Risk-Based Capital Ratio			Ratio of Total capital (the sum of Tier 1 capital and Tier 2 capital) to risk-weighted assets

U.S.			United States of America
U.S. Treasury			United States Department of the Treasury

U.S. GAAP			Accounting principles generally accepted in the U.S.


	Three Months Ended March 31,
	2021		2020
	(In Thousands)
Operating Activities:
Net income (loss)	$	i 385,461	$	( i 2,237,285)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	i 59,032		i 104,267
Goodwill impairment	i —		i 2,185,000


Accretion of discount, loan fees and purchase market adjustments, net	( i 12,868)		( i 8,070)


(Credit) provision for credit losses	( i 120,142)		i 356,991

Net change in trading account assets	i 201,262		( i 535,154)
Net change in trading account liabilities	( i 4,685)		i 124,326

Originations and purchases of mortgage loans held for sale	( i 406,497)		( i 209,524)
Sale of mortgage loans held for sale	i 365,860		i 212,605
Deferred tax expense (benefit)	i 58,622		( i 66,187)
Investment securities gains, net	i —		( i 19,139)


Net loss (gain) on sale of premises and equipment	i 1,726		( i 483)

Gain on sale of mortgage loans held for sale	( i 18,347)		( i 8,775)
Net loss on sale of other real estate and other assets	i 94		i 625

Increase in other assets	( i 867,468)		( i 7,625)
Increase (decrease) in other liabilities	i 729		i 111,425
Net cash (used in) provided by operating activities	( i 357,221)		i 2,997
Investing Activities:
Proceeds from sales of debt securities available for sale	i —		i 607,655
Proceeds from prepayments, maturities and calls of debt securities available for sale	i 1,116,757		i 1,137,698
Purchases of debt securities available for sale	( i 806,301)		( i 769,621)

Proceeds from prepayments, maturities and calls of debt securities held to maturity	i 713,534		i 204,481
Purchases of debt securities held to maturity	( i 2,512,520)		( i 1,298,774)
Proceeds from sales of equity securities	i —		i 16,479
Purchases of equity securities	( i 11,312)		( i 883)


Net change in loan portfolio	i 1,550,024		( i 3,702,303)


Purchases of premises and equipment	( i 18,075)		( i 25,811)
Proceeds from sales of premises and equipment	i 20		i 1,377




Proceeds from settlement of BOLI policies	i 3,490		i 442

Proceeds from sales of other real estate owned	i 2,166		i 5,301
Net cash provided by (used in) investing activities	i 37,783		( i 3,823,959)
Financing Activities:
Net increase in total deposits	i 112,852		i 2,251,788
Net increase in federal funds purchased and securities sold under agreements to repurchase	i 781,858		i 236,756

Proceeds from FHLB and other borrowings	i —		i 1,000
Repayment of FHLB and other borrowings	( i 61)		( i 1,057)

Capital contribution	i 10,274		i 7






Preferred dividends paid	( i 3,143)		( i 4,155)
Net cash provided by financing activities	i 901,780		i 2,484,339
Net increase (decrease) in cash, cash equivalents and restricted cash	i 582,342		( i 1,336,623)
Cash, cash equivalents and restricted cash at beginning of year	i 14,945,395		i 7,156,689
Cash, cash equivalents and restricted cash at end of period	$	i 15,527,737	$	i 5,820,066


	March 31, 2021		December 31, 2020
	(In Thousands)
Commitments to extend credit	$	i 28,216,551	$	i 28,251,150
Standby and commercial letters of credit	i 836,442		i 853,450

BBVA USA Bancshares, Inc. – ‘10-Q’ for 3/31/21

On: Tuesday, 5/4/21, at 11:02am ET · For: 3/31/21 · Accession #: 1409775-21-27 · File #: 0-55106

Previous ‘10-Q’: ‘10-Q’ on 11/3/20 for 9/30/20 · Latest ‘10-Q’: This Filing · 2 References:

Quarterly Report — Form 10-Q
Filing Table of Contents

‘10-Q’ — Quarterly Report
Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

2 Previous Filings that this Filing References


i ☑			Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


i ☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Class						Outstanding as of April 26, 2021
Common Stock (par value $0.01 per share)						i 222,963,891 shares


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Three Months Ended March 31,	Interest Rate Contracts, net		Other Assets - MSR		Other Assets - SBIC
	(In Thousands)
Balance, December 31, 2019	$	i 3,088	$	i 42,022	$	i 119,475
Transfers into Level 3	—		—		—
Transfers out of Level 3	—		—		—
Total gains or losses (realized/unrealized):
Included in earnings (1)	i 9,322		( i 12,461)		i 27,658
Included in other comprehensive income	—		—		—
Purchases, issuances, sales and settlements:
Purchases	—		—		i 9,267
Issuances	—		i 1,671		—
Sales	—		—		—
Settlements	—		—		—
Balance, March 31, 2020	$	i 12,410	$	i 31,232	$	i 156,400
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2020	$	i 9,322	$	( i 12,461)	$	i 27,658


Balance, December 31, 2020	$	i 17,897	$	i 30,665	$	i 162,578
Transfers into Level 3	—		—		—
Transfers out of Level 3	—		—		—
Total gains or losses (realized/unrealized):
Included in earnings (1)	( i 9,957)		i 6,782		i 21,376
Included in other comprehensive income	—		—		—
Purchases, issuances, sales and settlements:
Purchases	—		—		14,246
Issuances	—		i 3,985		—
Sales	—		—		—
Settlements	—		—		—
Balance, March 31, 2021	$	i 7,940	$	i 41,432	$	i 198,200
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2021	$	( i 9,957)	$	i 6,782	$	i 21,376


	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
	Average Balance		Income/Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/Rate
	(Dollars in Thousands)
Assets:
Interest earning assets:


Loans (1) (2) (3)	$	65,153,535	$	616,137	3.84	%	$	64,875,095	$	726,532	4.50	%


Debt securities – AFS	5,232,378		24,437		1.89		6,669,560		(1,492)		(0.09)
Debt securities – HTM (tax exempt) (3)	447,685		3,428		3.11		541,954		4,690		3.48
Debt securities – HTM (taxable)	10,962,813		60,351		2.23		6,650,211		37,390		2.26
Total debt securities - HTM	11,410,498		63,779		2.27		7,192,165		42,080		2.35
Trading account securities (3)	116,989		1,021		3.54		167,070		1,122		2.70
Securities purchased under agreements to resell (4)	1,369,539		448		0.13		1,424,296		22,629		6.39
Other (5)	13,554,792		4,721		0.14		6,144,692		19,546		1.28
Total earning assets	96,837,731		710,543		2.98		86,472,878		810,417		3.77
Noninterest earning assets:
Cash and due from banks	1,064,938						537,961
Allowance for credit losses	(1,666,293)						(1,064,750)
Net unrealized gain on investment securities available for sale	103,693						31,630
Other noninterest earning assets	8,800,132						10,378,394
Total assets	$	105,140,201					$	96,356,113
Liabilities:
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 agreements to repurchase (4)	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 interest margin					2.83	%					2.80	%
Taxable equivalent adjustment			10,449						12,034
Net interest income			$	664,268					$	589,455


	March 31, 2021		December 31, 2020
Asset Quality Ratios:

Nonperforming loans and loans held for sale as a percentage of loans and loans held for sale (1)	2.18	%	2.21	%

Nonperforming assets as a percentage of total loans and loans held for sale, foreclosed real estate, and other repossessed assets (2)	2.21		2.23

Allowance for loan losses as a percentage of loans	2.34		2.56

Allowance for loan losses as a percentage of nonperforming loans (3)	106.92		115.56


	March 31, 2021								December 31, 2020
Industry	Recorded Investment		Nonaccrual		Accruing TDRs		Accruing Greater Than 90 Days Past Due		Recorded Investment		Nonaccrual		Accruing TDRs		Accruing Greater Than 90 Days Past Due
	(In Thousands)
Autos, Components and Durable Goods	$	1,795,143	$	16,935	$	21,601	$	9	$	1,856,157	$	34,560	$	16,464	$	3,233
Basic Materials	555,314		928		—		4		496,824		903		—		4
Capital Goods & Industrial Services	2,398,554		7,565		419		—		2,215,646		4,643		451		—
Construction & Construction Materials	828,132		24,163		—		—		706,978		30,837		—		—
Consumer	570,380		37,905		—		5,502		646,965		25,627		—		—
Healthcare	3,243,235		33,994		277		—		3,064,991		7,966		285		—
Energy	2,056,417		240,256		54,716		—		2,388,611		244,001		—		—
Financial Services	900,434		31,747		—		1,555		958,893		44,824		—		5,345
General Corporates	1,776,004		17,873		—		2,407		2,214,504		24,315		—		24,591
Institutions	3,471,469		12,209		—		—		3,442,650		12,755		—		—
Leisure and Consumer Services	3,633,209		101,735		278		3,132		3,709,817		105,688		296		—
Real Estate	1,344,520		—		—		—		1,525,687		—		—		—
Retail	542,176		3,281		175		—		475,655		2,521		190		—
Telecoms, Technology & Media	1,407,459		1,027		—		—		1,454,105		2,045		—		—
Transportation	972,915		85		—		—		983,699		56		—		2,299
Utilities	473,884		—		—		—		463,960		—		—		—
Total Commercial, Financial and Agricultural	$	25,969,245	$	529,703	$	77,466	$	12,609	$	26,605,142	$	540,741	$	17,686	$	35,472


	March 31, 2021								December 31, 2020
State	Recorded Investment		Nonaccrual		Accruing TDRs		Accruing Greater Than 90 Days Past Due		Recorded Investment		Nonaccrual		Accruing TDRs		Accruing Greater Than 90 Days Past Due
	(In Thousands)
Alabama	$	420,397	$	18,568	$	1	$	—	$	416,431	$	19,215	$	11	$	192
Arizona	1,023,228		74,009		—		692		1,030,026		77,739		—		—
California	1,808,443		53,052		—		1,657		1,958,178		52,730		—		28
Colorado	746,986		9,327		—		—		751,921		9,579		—		—
Florida	1,186,018		6,745		—		926		1,189,742		6,972		—		—
New Mexico	95,890		2,974		—		—		98,356		3,104		—		580
Texas	3,756,210		103,126		881		4,515		3,783,877		101,907		899		304
Other	4,375,100		151,134		25,864		—		4,336,783		170,891		—		—
	$	13,412,272	$	418,935	$	26,746	$	7,790	$	13,565,314	$	442,137	$	910	$	1,104


	March 31, 2021								December 31, 2020
FICO Score	Recorded Investment		Nonaccrual		Accruing TDRs		Accruing Greater Than 90 Days Past Due		Recorded Investment		Nonaccrual		Accruing TDRs		Accruing Greater Than 90 Days Past Due
	(In Thousands)
Below 621	$	617,786	$	144,756	$	17,273	$	24,097	$	661,152	$	140,306	$	18,409	$	24,774
621 – 680	900,052		30,597		10,199		8,992		994,304		34,633		11,063		10,195
681 – 720	1,516,738		18,471		6,648		5,796		1,575,523		18,564		7,701		5,591
Above 720	9,293,160		21,135		18,745		2,705		9,582,346		22,940		15,499		2,364
Unknown	495,905		20,482		703		—		514,449		19,020		708		2,837
	$	12,823,641	$	235,441	$	53,568	$	41,590	$	13,327,774	$	235,463	$	53,380	$	45,761


	March 31, 2021				December 31, 2020
	Balance		% of Total		Balance		% of Total
	(Dollars in Thousands)
Noninterest-bearing demand deposits	$	29,543,118	34.4	%	$	27,791,421	32.4	%
Interest-bearing demand deposits	16,150,315		18.8		15,052,663		17.5
Savings and money market	36,509,543		42.4		38,329,268		44.6
Time deposits	3,767,978		4.4		4,685,029		5.5
Total deposits	$	85,970,954	100.0	%	$	85,858,381	100.0	%


	Estimated % Change in Net Interest Income
	March 31, 2021
Rate Change
+ 200 basis points	6.74	%
+ 100 basis points	3.50

- 25 basis points	(1.59)


	Estimated % Change in Economic Value of Equity
	March 31, 2021
Rate Change
+ 300 basis points	(9.03)	%
+ 200 basis points	(5.41)
+ 100 basis points	(1.93)

- 25 basis points	0.09


Exhibit Number			Description of Documents


3.1			Second Amended and Restated Certificate of Formation of the Company, reflecting name change to BBVA USA Bancshares, Inc., (incorporated herein by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K (file no. 000-55106), filed on June 10, 2019).
3.2			Bylaws of BBVA USA Bancshares, Inc. (incorporated herein by reference to Exhibit 3.2 of the Company’s Registration Statement on Form 10 filed with the Commission on November 22, 2013, File No. 0-55106).

31.1			Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certification by the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2			Certification by the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.1			Interactive Data File.


Date: May 4, 2021	BBVA USA Bancshares, Inc.
	By:	/s/ *Kirk P. Pressley*
		Name:	Kirk P. Pressley
		Title:	Senior Executive Vice President, Chief Financial Officer and Duly Authorized Officer

This ‘10-Q’ Filing	Date	Other Filings

	3/16/23
	12/31/22
	12/31/21
	6/30/21
	5/31/21
Filed on:	5/4/21	IRANNOTICE
	4/26/21
For Period end:	3/31/21	13F-HR
	3/30/21
	3/11/21
	12/31/20	10-K, 13F-HR
	12/15/20
	12/14/20
	11/15/20
	11/2/20
	3/31/20	10-Q, 13F-HR
	3/12/20
	1/1/20
	12/31/19	10-K, 13F-HR
	10/10/19
	6/10/19	8-K
	6/27/18
	3/16/18
	3/16/17
	11/22/13	10-12G
	3/16/12
		List all Filings

BBVA USA Bancshares, Inc. – ‘10-Q’ for 3/31/21

On: Tuesday, 5/4/21, at 11:02am ET · For: 3/31/21 · Accession #: 1409775-21-27 · File #: 0-55106

Previous ‘10-Q’: ‘10-Q’ on 11/3/20 for 9/30/20 · Latest ‘10-Q’: This Filing · 2 References: To: BBVA USA Bancshares, Inc. – ‘8-K’ on / for 6/10/19 To: BBVA USA Bancshares, Inc. – ‘10-12G’ on 11/22/13

Quarterly Report — Form 10-QFiling Table of Contents

‘10-Q’ — Quarterly ReportDocument Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

2 Previous Filings that this Filing References

Previous ‘10-Q’: ‘10-Q’ on 11/3/20 for 9/30/20 · Latest ‘10-Q’: This Filing · 2 References:

Quarterly Report — Form 10-Q
Filing Table of Contents

‘10-Q’ — Quarterly Report
Document Table of Contents