During this conference call, statements may be made that are not historical facts, such as those regarding Citizens’ future financial and operating results, plans, objectives, expectations and intentions. Such forward-looking statements are subject to risks and uncertainties, which include but are not limited to, those discussed in Citizens’ annual and quarterly reports filed with the SEC.
Forward-looking statements are not guarantees of future performance and actual results could differ materially. These forward-looking statements reflect management’s judgment as of today, and we expressly disclaim any obligation to update or revise information contained in these statements in the future.
Now I'll turn the call over to our President and Chief Executive Officer, Cathy Nash. Cathy?
Cathleen H. NashThank you, Kristine. We are very pleased to report another quarter of strong results that reflect our continued success in executing on key strategic initiatives. We achieved another important milestone this quarter with the reversal of the valuation against our deferred tax asset or DTA. We were able to restore the DTA due to the strong financial condition of our bank and expectations that we will be able to fully utilize the asset in the future.Net income attributable to common shareholders for the second quarter was $297 million or $7.35 per share, which includes the $277 million tax benefit from restoring the DTA. Excluding that tax benefit, we reported continued solid results with net income of $20 million or $0.50 per share for the quarter and pretax pre-provisioned profit of $32 million.Our continued improvements in credit quality metrics led to reduced credit cost again this quarter with provision expense dropping by 37% compared to last quarter. Net interest margin expanded 4 basis points compared to last quarter, reflecting our success in executing our strategic balance sheet initiative. And Lisa will talk more about that in just a moment.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV