Operator: Good day, and welcome to the Bank of America Third Quarter Earnings Announcement. Currently, all lines are in a listen-only mode. Later, there will be an opportunity to ask questions during the question-and-answer session. Please be advised, today's program may be recorded.
It is now my pleasure to turn the program over to Lee McEntire. You may begin.
Lee McEntire - IR: Good morning to those on the phone and joining us by webcast. Before Brian Moynihan and Bruce Thompson begin their comments, let me remind you that this presentation which is 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.
So, with that, let me turn it over to our CEO, Brian Moynihan.
Brian T. Moynihan - CEO: Thanks Lee. Good morning, everyone. I'll cover a few points and then I'll turn it over to Bruce to go through the details of the quarter as we've done in other quarters.
Consistent with prior quarters, our Company continued to show progress on the areas we've been focused upon; capital generation, managing risk, achieving cost savings, addressing legacy issues, and driving our core growth strategies in our core lines of business.
On the capital front this quarter, we generated $3 billion plus of Basel 1 Tier 1 Common Capital. Our Basel 3 ratio has now approached 10% on a fully phased-in basis. That capital and liquidity and the balance sheet optimization has been going on for the last several quarters; holds us in good shape with regards to the regulatory suggested or proposed requirements that we see on the horizon.
The strength in capital is allowing us to return capital to shareholders. In the past six months, we've repurchased 140 million shares equaling about $2 billion of our $5 billion authorization.
Turning to the revenue side, we experienced relative stability this quarter. But of course, we felt the impacts of the industry-wide headwinds on a slower refi business and Mortgage and slowdown in the capital markets from a typical summer slowdown as well as the investor concerns of a political and monitory uncertainty.
On expenses, this quarter we incurred additional litigation costs. Outside of that, we continue to make progress on our expense initiatives, remaining on track to deliver the cost savings that we told you about two years ago in New BAC, and also reducing the cost in our legacy assets in servicing area.
In the credit area, we continue to see asset quality improve and our net loss rates are at levels not seen since 2005. As the macro environment slowly improve, we experienced the 20% drop in net charge-offs and declining delinquencies from the second quarter. Our 248,000 teammates have been fully engaged with our customer clients to drive activity. We're pleased to see another quarter of solid loan growth in our commercial businesses, while we continue to see the consumer lending activity stabilize, and our card balances a modest growth elsewhere, which has offset the run-off in our non-core portfolios.