Banco Bilbao Vizcaya Argentaria SA said Wednesday that provision expenses in its U.S. banking operations rose significantly in the third quarter after it reassessed collateral values on real estate in Florida.

The Madrid company said net income for its U.S. operations, which it inherited largely from its purchase of Compass Bancshares Inc. in Birmingham, Ala., declined 77.7% from the second quarter and 73.1% from the end of last year, to $28.9 million.

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