Operator: Good morning. Welcome to CIT's Fourth Quarter 2012 Earnings Conference Call. My name is Mike, and I'll be your operator today.
At this time all participants are in a listen-only mode. There will be a question-and-answer session later in the call. As a reminder, this conference call is being recorded. I would now like to turn the call over to Ken Brause, Director of Investor Relations. Please proceed, sir.
Kenneth (Ken) A. Brause - EVP and Director of IR: Thank you, Mike, and good morning. Welcome to CIT's fourth quarter 2012 earnings conference call. Our call today is hosted by John Thain, our Chairman and CEO; and Scott Parker, our CFO. After their prepared remarks we will have a question-and-answer session.
As a courtesy to others on the call, we ask that you limit yourself to one question and a follow-up and then return to the call queue if you have additional questions. We will do our best to answer as many questions as possible in the time we have this morning. Elements of this call are forward-looking in nature and may involve risks, uncertainties and contingencies that may cause actual results to differ materially from those anticipated. Any forward-looking statements relate only to the time and date of this call. We disclaim any duty to update these statements based on new information, future events or otherwise.
For information about risk factors relating to the business, please refer to our 2011 Form 10-K that was filed with the SEC last February. Any references to non-GAAP financial measures are meant to provide meaningful insight and are reconciled with GAAP in the slides that will be referenced in today's call. Please visit the Investor Relations section of our website at www.cit.com.
I'll now turn the call over to John Thain.
John A. Thain - Chairman and CEO: Thank you, Ken. Good morning everyone and thank you all for being on the call this morning. We had strong fourth quarter results, we are in $252 million pre-tax, $207 million after-tax or $1.03 a share. We originated over $3 billion of funded volume in the quarter. Our commercial assets grew and our total assets grew quarter-over-quarter a little bit.
The credit quality in our portfolio has been stable with charge-offs and provisioning at cyclical lows and our core expenses were essentially flat to third quarter, headcount, we brought our headcount down in the fourth quarter and Scott will talk more about our expense management program.
All four of our commercial businesses were solidly profitable. Our Corporate Finance business generated funded volume of $1.5 billion. This was the seventh consecutive quarter, where our Corporate Finance business generated over $1 billion of new commitments.
In the fourth quarter, just to give you an idea of the volume of transactions, we were involved in 105 different transactions. Our Commercial Real Estate business and our Equipment Finance business, both grew nicely. Then as you saw, we completed – we've signed a portfolio purchase at the end of the year, which fit nicely into our business, it was $1.3 billion of commitments just under $800 million of funded volume.