BBVA Compass reported net income of $196 million for the fourth quarter of 2018, a 276% increase from the $52 million earned during the fourth quarter of 2017.
Included in fourth quarter 2017 results is income tax expense of approximately $121 million related to the revaluation of net deferred tax assets at the lower statutory tax rate mandated by the Tax Cuts and Jobs Act (non-cash charge). Excluding the impact of this item, the year-over-year increase in net income for the fourth quarter of 2018 compared to adjusted net income1 of $173 million for the fourth quarter of 2017 was 13%.
Net income for the full-year 2018 totaled $763 million, an increase of 66% from the $461 million earned during the full-year of 2017. Excluding the impact of the non-cash charge, the year-over-year increase in net income for the full-year of 2018 compared to adjusted net income1 of $582 million for the full-year of 2017 was 31%.
“In 2018, BBVA Compass delivered record performance in many key financial metrics including new loan originations, total revenue, operating income and net income,” said Javier Rodríguez Soler, incoming president and CEO of BBVA Compass. “Equally important, this performance was accomplished while making great strides in our digital transformation efforts designed to drive new industry-leading product offerings, increase our digital sales capabilities and improve the customer experience. As we enter 2019 against a backdrop of economic uncertainty, we are confident that our vision and the culture we have instilled in our team members that empowers them to move our transformation forward will serve us well during various business cycles.”
Other 2018 highlights included:
“The overall health of our loan portfolio remains strong,” noted Rodríguez Soler. “And we are steadfast in our commitment to maintaining sound underwriting standards and reserve levels that adequately reflect the make-up of our loan portfolio, as well as economic conditions.”
BBVA Compass operates 644 branches, including 331 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 18 in New Mexico and ranks among the top 25 largest U.S. commercial banks based on deposit market share.
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