Our adjusted consolidated efficiency ratio was 72% for the second quarter of 2012, or 63%, when excluding credit-related expenses from noninterest expense. The efficiency ratio for our Banking and Wealth Management segment was 54% for the second quarter of 2012, or 44%, when excluding credit-related expenses from noninterest expense.
During the first half of 2012, we added 147 residential lending professionals as a part of our retail lending expansion. As a result, the loan production volume from our retail offices increased by $217 million, or 244%, in the second quarter to $306 million, up from $89 million in the first quarter of 2012.
Income Tax Expense
Our effective tax rate for the second quarter of 2012 was 36%, compared to 38% for the second quarter of 2011.Segment Analysis
- Banking and Wealth Management adjusted pre-tax income was $60.6 million, including other credit-related expenses, foreclosure and OREO expenses of $14.0 million.
- Mortgage Banking adjusted pre-tax income was $27.7 million, including other credit-related expenses, foreclosure and OREO expenses of $6.8 million.
- Corporate Services had an adjusted pre-tax loss of $29.9 million.
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