U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: January 31, 1999 Commission File No. 0-6032
COMPASS BANCSHARES, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 63-0593897
------------------------ ------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
15 South 20th Street
Birmingham, Alabama 35233
----------------------------------------
(Address of principal executive offices)
(205) 933-3000
-------------------------------
(Registrant's telephone number)
<PAGE>
ITEM 5. OTHER EVENTS
On December 15, 1998, Compass Bancshares, Inc. (the "Company") acquired
Arizona Bank, pursuant to a Restated and Amended Agreement and Plan of Merger
dated October 22, 1998. Such acquisition was not an acquisition of a
significant amount of assets which would be reportable under Item 2 of Form
8-K. Rather, the Company is voluntarily reporting herein certain financial
results covering at least thirty days of post-acquisition combined operations
in accordance with Commission Accounting Series Releases 130 and 135, which
detail certain disclosure requirements for announcing thirty days of combined
operating results following pooling-of-interests accounting transactions.
In the opinion of management, all adjustments necessary to present fairly
the results of operations for the interim period have been made. All such
adjustments are of a normal recurring nature. The results of operations are
not necessarily indicative of the results of operations for the full year or
any other interim periods.
The following table sets forth certain information relating to financial
results of the Company and its subsidiaries on a consolidated basis for the
period January 1, 1999, through January 31, 1999:
<TABLE>
<CAPTION>
COMPASS BANCSHARES, INC.
CONDENSED STATEMENT OF OPERATIONS
(In Thousands Except Per Share Data)
(Unaudited)
Month Ended Year Ended
January 31, 1999 December 31, 1998
---------------- -----------------
<S> <C> <C>
EARNINGS SUMMARY
Net interest income $ 51,143 $ 579,387
Provision for loan losses 2,185 38,445
----------- ----------
Net interest income after provision 48,958 540,942
Noninterest income 17,801 222,500
Noninterest expense 39,271 491,017
----------- ----------
Pretax income 27,488 272,425
Income tax expense 9,517 91,545
----------- ----------
Net income $ 17,971 $ 180,880
=========== ==========
Basic earnings per share $ 0.24 $ 2.40
Diluted earnings per share 0.24 2.35
Basic weighted average shares
outstanding 75,417 74,197
Diluted weighted average shares
outstanding 76,136 75,830
</TABLE>
<PAGE>
COMPASS BANCSHARES, INC. AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
March 26, 1999 /s/ GARRETT R. HEGEL
- -------------- ---------------------------
Date By Garrett R. Hegel, as its
Chief Financial Officer
