Operator: Good morning, my name is Jackie, and I will be your conference operator today. At this time, I'd like to welcome everyone to the M&T Bank's Second Quarter 2013 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.
I would now like to turn the call over to Don MacLeod, Director of Investor Relations. Please go ahead.
Donald J. MacLeod - Administrative Vice President and Assistant Secretary: Thank you, Jackie, and good morning. This is Don MacLeod. I'd like to thank everyone for participating in M&T's second quarter 2013 earnings conference call, both by telephone, and through the webcast. If you've not read the earnings release we issued this morning, you may access it along with the financial tables and schedules from our website, www.mtb.com, and by clicking on the Investor Relations link.
Also before we start, I'd like to mention that comments made during this call might contain forward-looking statements relating to the banking industry and to M&T Bank Corporation. M&T encourages participants to refer to our SEC filings, including those found on Forms 8-K, 10-K, and 10-Q for a complete discussion of forward-looking statements.
Now, I'd like to introduce our Chief Financial Officer, Rene Jones.
Rene F. Jones - Executive Vice President and Chief Financial Officer: Thank you, Don, and good morning, everyone. Thank you for joining us on the call today. As I noted in the press release our earnings quality remained strong in the recent quarter including higher net interest income, comparatively strong mortgage banking revenues and above average credit quality. We took advantage of favorable market conditions by executing prudent balance sheet actions that enhanced our liquidity, capital, and long term return profile while continuing to serve the needs of our communities in a relatively competitive landscape and an evolving regulatory environment.
Let's review the detail of the quarter's results after which Don and I will be happy to take your questions. Turning to the specific numbers; diluted GAAP earnings per share per common share were $2.55 in the second quarter of 2013, up 29% from $1.98 in this year's first quarter and, up 49% for $1.71 in last year's second quarter. Net income for the recent quarter was $348 million, up from $274 million in the prior quarter. Net income was $233 million in the second quarter of 2012.
During the quarter we took advantage of some – of the stronger risk appetite from investors in the current low interest rate environment by selling over $1 billion of private label mortgage-backed securities previously held in our available-for-sale investment portfolio. The after-tax loss on the sale amounted to $28 million or $0.22 per common share. This transaction resulted in higher liquidity and capital and removed the risk-sensitive assets which had been generating substantially of our other than temporary impairment charges from our balance sheet and assist us in preparation for entering the 2014 CCAR process.
Also during the quarter, we sold our holdings of Visa and MasterCard common stock which we had received through the restructuring of those companies back before the financial crisis. The after-tax gain amounted to $62 million or $0.48 per common share.