Operator: Welcome to today's program. At this time, all participants are in listen-only mode. We'll take questions in turn during our Q&A session. Please note, today's call is being recorded.
It's now my pleasure to turn the program over to Lee McEntire. Please begin, sir.
Lee McEntire - IR: Good morning to those on the phone joining us by webcast. Before Brian Moynihan and Bruce Thompson begin their comments, let me remind you that this presentation available at bankofamerica.com does contain some forward-looking statements regarding both our financial condition and financial results and that these statements involve certain risks that may cause actual results in the future to be different from our current expectations. Please see our press release and SEC documents for further information.
With that, let me turn it over to our CEO, Brian Moynihan.
Brian T. Moynihan - CEO: Thank you, Lee. Good morning, everyone. And just to start off, let me remind you where our focus is and has been for some time; on capital generation, on managing our risk, on continuing to reduce our cost, and on addressing the legacy issues so that we can drive our growth strategy by simply doing more with our customers and clients.
This quarter shows very clearly how the focus is paying off as we earned $4 billion. We built our Company over the last several quarters to maintain stability. We'll continue to make progress to withstand the volatility that we saw in part at the end of this quarter while delivering for our customers and shareholders, and that came through. Even as more (used to manage) decreased, we saw a 40% increase of new share production over last year, and an increase over the last quarter. Even as interest rates grows, we were able to add to our capital ratios. And keep in mind, with our $1 trillion deposit book, rising rates will continue to increase the value of those over time.
We have leading capabilities in the areas where our customers want us to be. We do more business with them. We're gaining momentum across every customer group we serve. And while we're doing that, our balance sheet continues to strengthen, our capital ratios again moved higher, and just as importantly, we've begun the process of returning capital to our shareholders.
Our credit quality continued to improve. Expenses are down by $1 billion from the year ago. LAS expenses or Legacy Asset Servicing expenses, excluding our litigation are down by nearly $800 million on the quarterly basis from the peak only a couple of quarters ago and are ahead of our projections.
Our loans and our deposits continue to grow. All the businesses produced solid stable revenues in the focused areas where we are growing, they grew their revenues and we are seeing growing activity levels across all our customer and client groups.
So, as we look forward we're closely filing recent regulatory proposals around capital and leverage just as you are. Obviously, we have already taken significant steps in our Company to build our current strong levels of capital and liquidity and we maintain a comfort level here and Bruce will take you through the numbers later. The good news in all this is that we are seeing in our businesses is reflected in improving economy. Economy continues to improve across all areas. That benefits our Company across multiple fronts.