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Compass Bancshares Inc.'s second-quarter earnings missed Wall Street estimates as deteriorating credit quality and shrinking margins cut into its profitability.
The $34.9 billion asset Birmingham, Ala., company's profits slipped 3.4% from the first quarter and 5.3% from a year earlier, to $109.3 million, or 82 cents a share, which missed the average analyst estimate by 12 cents, according to Thomson Financial.
Banco Bilbao Vizcaya Argentaria SA of Madrid expects to close its deal to buy Compass for $9.6 billion this quarter.
Net interest income fell slightly from the first quarter and 3.3% from a year earlier, to $278.1 million. The loan-loss provision nearly doubled from the first quarter, to $38.3 million.
The loan portfolio rose 8% from the first quarter and 5% from a year earlier, to $25.5 billion. Deposits fell 6% from the first quarter but rose 4% from a year earlier, to $23.7 billion.
