Operator: Good morning. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fifth Third Bank Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After speakers' remarks, there will be a question-and-answer session. Thank you.
I would now like to turn the call over to Mr. Richardson. Sir, you may begin your conference.
Jeff Richardson - Director IR: Thanks Rebecca. Good morning, today we'll be talking with you about our second quarter 2012 results. This call may contain certain forward-looking statements about Fifth Third pertaining to our financial condition, results of operations, plans and objectives.
These statements involve certain risks and uncertainties. There are a number of factors that could cause results to differ materially from historical performance in these statements. We've identified some of these factors in our forward-looking cautionary statement at the end of our earnings release and in other materials, and we encourage you to review them. Fifth Third undertakes no obligation and would not expect to update any such forward-looking statements after the date of this call.
I'm joined on the call by several people; Kevin Kabat, our President and CEO; Chief Financial Officer, Dan Poston; Chief Credit Officer, Bruce Lee; Treasurer, Tayfun Tuzun; and Jim Eglseder of Investor Relations. During the question-and-answer period, please provide your name and that of your firm to the operator.
With that, I'll turn the call over to Kevin Kabat. Kevin?
Kevin T. Kabat - President and CEO: Thanks, Jeff. Fifth Third reported strong second quarter results that followed a very strong first quarter as well. Net income to common shareholders was $376 million and earnings per diluted common share were $0.40, up 14% from a year ago. As outlined in the release, EPS results included $0.04 of benefit from gains on the warrant we hold in Vantiv, as well as the effect of seasonally higher income tax expense which reduced quarterly earnings by about $0.02, so earnings strength was also very evident underneath the headline result.
Second quarter return on assets was 1.3%, the return on tangible common equity was 14%. Despite a sluggish economic environment, core trends in our operations remain favorable as evidenced by solid loan growth, continued revenue strength, particularly in mortgage banking, and our ability to manage expenses during the quarter. In addition to mortgage, other revenue growth drivers included card and processing revenue, up 9% on higher transaction volumes and corporate banking revenue was up 5% during the quarter as lending volumes and associated business production remained healthy.
We continue to generate solid loan growth, particularly in C&I loans which were up 4% sequentially on an average basis. Average portfolio loans were up 6% from a year ago, driven by a 17% increase in both C&I and residential mortgage loans. Expenses were down 4% reflecting both continued careful expense management and the benefit of a couple of unusual items. As a result, PPNR results were again very strong in north of 2% of assets despite the current interest rate headwinds for the industry. Credit trends also continue to improve, quarterly charge-offs of $181 million were down 18% sequentially and 40% from year ago, the lowest level we've seen since the end of 2007.