Turning to Slide 5. Today's discussion, including the Q&A period, may contain forward-looking statements. Such statements are based on information and assumptions available at this time and are subject to changes and risks and uncertainties, which may cause actual results to differ materially. Huntington assumes no obligation to update such statements. For a complete discussion of risks and uncertainties, please refer to this slide and materials filed with the SEC including our most recent Form 10-K, 10-Q and 8-K filings.Now turning to today's presentation. As noted on Slide 6, participating today are Steve Steinour, Chairman, President, Chief Executive Officer; Don Kimble, Senior Executive Vice President and Chief Financial Officer; and Dan Neumeyer, Senior Executive Vice President and Chief Credit Officer; also present is Todd Beekman, Senior Vice President and Assistant Director of Investor Relations. Let's get started by turning to Slide 7. Steve? Stephen Steinour Welcome, everyone. I'll begin with a review of the fourth quarter performance highlights. And after my overview, Don will follow with his usual overview of our financial performance. Dan will provide an update on credit, and I'll then return with a discussion of our 2011 expectations and key messages to our investors. Before getting into details, I want to make a couple of comments to provide some overall perspective. Fourth quarter results capped a good year, a year full of progress in repositioning the company for better long-term growth and improved shareholder returns as we enter 2011. The repositioning has come in two stages. First, in 2009, a year we aggressively addressed our credit issues. Both what was in the portfolio as well as strengthening the current culture in overall risk management of the bank. We said at the end of 2009 that we believed our credit problems had peaked and 2010 results demonstrated that was true.
Today, our credit quality is returning to normal faster than we envisioned even a year ago with the timeframe shortening significantly. Second was 2010, this was a year we addressed and put behind our capital issues, particularly our lower relative level of common equity. Our capital today is stronger than it's ever been and strong on a relative basis as well.Throughout these two years, we've also developed and implemented a strategic plan designed to grow overall revenues. Our fourth quarter results reflected continued revenue growth over the last eight consecutive quarters. We've repositioned the bank. Huntington's future is bright, and I believe you will see that coming through in our fourth quarter performance. So let's begin with a more detailed discussion starting on Page 8. We reported net income of $122.9 million or $0.05 a share on a dollar basis. This represented a 22% improvement from the third quarter, as Don will detail, the current quarter's EPS were negatively impacted by a onetime $0.07 per share deemed dividend as a result of repayment of TARP capital in December. The performance drivers were lower provision expense and higher net interest income, trends, we believe, will continue. Our pretax pre-provision income was $260 million, down just over $5 million or 2% from the third quarter. We noted at the end of the third quarter that we expected pretax pre-provision income to be flattish with the third quarter's $265 million, so the fourth quarter's performance in this respect was less than we expected. This reflected more pressure than expected on net interest margin and softness in non-interest income on the revenue side and a bit more growth in non-interest expense. Read the rest of this transcript for free on seekingalpha.com