Compass Bancshares Reports Record Third Quarter EPS of $0.75.

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Compass Bancshares Reports Record Third Quarter EPS of $0.75.

BIRMINGHAM, Ala. -- Compass Bancshares, Inc. (Nasdaq: CBSS):

--Quarterly earnings reach all-time high of $93.6 million

--Solid loan growth continues; managed loans up 10% from year ago

--Transaction accounts up 7%, led by a 15% increase in noninterest bearing deposits

--Credit quality metrics show continued improvement; NPA ratio declines to 0.40%

--Net charge-offs decline for third consecutive quarter; NCO ratio decreases to 0.44%

Compass Bancshares, Inc. (Nasdaq: CBSS) today reported record earnings per share of $0.75 for the third quarter of 2004, a 10 percent increase from $0.68 in the prior year. For the same time period, earnings increased eight percent to $93.6 million compared to $86.6 million earned during the third quarter of 2003. Return on average assets and return on average shareholders' equity for the third quarter of 2004 were 1.34 percent and 19.06 percent, respectively.

Earnings per share for the first nine months of 2004 increased nine percent to $2.17 from $2.00 in the first nine months of 2003. For the first nine months of 2004, earnings increased to $271.6 million compared to $255.7 million for the same period last year. Return on average assets and return on average shareholders' equity for the first nine months of 2004 were 1.32 percent and 18.82 percent, respectively.

D. Paul Jones, Jr., Compass chairman and chief executive officer, stated, "We are pleased to report ...

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