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BBVA Compass reports lower nonperforming assets, loan loss provision

BBVA Compass Bancshares Inc. on Feb. 1 reported fourth-quarter net income of approximately $89.0 million, compared to $91.2 million for the fourth quarter of 2015.

Full-year 2016 net income was approximately $369.5 million, compared to $505.1 million in 2015.

The net interest margin for the period was 2.78%, compared to 2.73% for the previous period and 2.56% for the year-ago period, driven by the company's focus on disciplined spread management and targeted loan growth.

Nonperforming assets for the quarter were $1.01 billion, or 1.68% as a percentage of total loans, compared to $1.18 billion, or 1.96%, in the prior period and $506.2 million, or 0.82%, a year ago.

Net charge-offs in the period were $61.4 million, compared to $46.1 million for the linked quarter and $35.8 million in the same quarter a year ago. The quarter's provision for loan losses was $37.6 million, compared to a provision of $65.1 million in the previous period and $76.3 million in the year-ago period.

BBVA Compass Bancshares is a unit of Banco Bilbao Vizcaya Argentaria SA.