CIT Group reported a Q4/17 net loss of $98 million compared to a net loss of $1.1 billion for the year-ago quarter. Loss from continuing operations in Q4/17 was $93 million compared to a loss of $426 million in the year-ago quarter. Results reflect solid operating performance offset by $222 million (after-tax) goodwill impairment and other noteworthy items.

Net income for the full year was $458 million compared to a loss of $848 million a year earlier. Income from continuing operations for the full year was $250 million compared to a loss of $183 million in the prior year. Income from continuing operations for the full year, excluding noteworthy items was $504 million compared to $384 million, as lower operating expenses, higher other non-interest income and a decline in the provision for credit losses was partially offset by a decline in net finance revenue.

Average loans and leases, which comprise the vast majority of earning assets, was $29.3 billion, a 2% increase compared to the prior quarter, driven by growth in business capital and in commercial finance, which had a strong quarter for originations, partially offset by continued elevated prepayments.

New lending and leasing volume increased to $2.9 billion from $2.0 billion in the prior quarter, mainly driven by increases in commercial finance and business capital, although all divisions had increases. Compared to the year-ago quarter, new lending and leasing volume increased, primarily driven by growth in commercial finance.

Factoring volume of $7.7 billion was up 7% from the prior quarter and up 13% compared to the year-ago quarter, driven primarily by increased volume in the technology industry.

Rail average loans and leases of $7.5 billion included $1.1 billion in assets held for sale related to NACCO. Gross yields in rail declined 19 basis points from the prior quarter, as renewal lease rates continued to re-price lower on average across the portfolio.

CIT noted that it sold or had definitive agreements to sell more than $12 billion in loans and leases, including Commercial Air, Financial Freedom, including its reverse mortgage portfolio and NACCO.

“We achieved a number of milestones in 2017 and entered this year as a simpler and stronger company that is positioned for growth,” said Ellen R. Alemany, chairwoman and CEO. “We addressed non-core assets and legacy issues, reduced operating expenses, strengthened our funding profile, and expanded our business footprint in key markets. We also continued to build the consumer deposit franchise with the direct bank, adding 31,000 customers and 76,000 accounts this year. Core results in the fourth quarter were strong. We grew commercial loans and leases and posted the highest origination volume in over eight quarters. This was offset by a number of noteworthy items. Looking to 2018, we are positioned to advance our strategic plan, further build on our strengths in the middle market, small business and consumer deposits, and deliver value for shareholders.”