Operator: Good day, everyone, and welcome to today's program. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. Please note this call may be recorded. I'll be standing by if you should need any assistance.
It is now my pleasure to turn the conference over to Lee McEntire.
Lee McEntire - IR: Good morning everybody on the phone as well as the webcast. Thanks for joining us this morning. Before I turn the call over to Brian and Bruce, let me just remind you we may make forward-looking statements today and further information on those please refer to the website and our SEC filings about our forward-looking statements information. So without further ado let me turn it over to Brian our CEO.
Brian T. Moynihan - CEO: Thanks Lee. Good morning, to all of you and thank you for joining us to review our fourth quarter results.
As we talked over last several quarters, we've been on a journey of simplifying our company and we talked to you about some consistent areas of focus. Capital generation, reducing our cost, managing the risk down, addressing legacy issues and driving business growth overall.
Each quarter you've seen the progress our team mates have made and the momentum is becoming more evident. On the first page Slide 2 of the deck, you can see the annual comparisons that will show you the progress over last couple of years.
First we've improved the balance sheet our Tier 1 common capital has grown 16% this year, liquidity and time to required funding have further strengthened. The strength in capital and liquidity allowed us to begin returning capital through share buybacks to shareholders in 2013. Another area of our early focus has been rightsizing our expense base. We have been meeting the goals of our cost programs each year.
While we make progress on those each quarter, there is still significant progress when you look across last couple of years. After reporting expenses, excluding goodwill impairment of $77 billion in 2011, we brought that dominant number down to $69 billion in 2013. As we've been clear with you we expect additional cost savings in 2014 as we continue to execute on both our New BAC at our Legacy Assets and Servicing initiatives.
We've also focused on addressing our legacy Mortgage issues, and though we still have work to do, we have made progress. On our credit cost and our provision cost, we've seen tremendous results as net loss rates in our portfolios are at levels not seen in nearly a decade. As a result of all this work, earnings have improved significantly but we still have not approached true earnings potential at Bank of America.
So as we as move to Slide 2, let's talk about recent results in the business and on a business-by-business basis. We've been delivering solid growth and activity in relationships across all the groups of our customers and clients we serve. Let me highlight a few of those for you.
Deposit levels continue to reach records each quarter. While this growth has been occurring in balances, the rate paid has been declining to what we believe is low against our peers at 8 basis points in our consumer business, our operating costs, which we focus on heavily, although our deposit business has declined to just 200 basis points now.