I'd now like to turn the call over to John Thain.John A. Thain Thank you, Ken. Good morning, everyone, and thank you for being on the call. Despite a difficult economic environment and volatility in the marketplace, CIT had a good third quarter. Our volume was up sequentially across all of our business segments. We originated $2.3 billion of new loan commitments, of which $1.9 billion was funded. Our credit metrics improved. Our charge-offs, nonaccruals and inflows into nonaccrual all were down. We continue to make progress on restructuring our debt. We repaid $3 billion of the first-lien term loan. We put in place a new $2 billion revolver with a much lower cost. And we redeemed all of the 2014 maturity Series A debt although a piece of that was done in October. But with the reduction of that 2014 debt, most of the restrictive covenants were released. And we also took advantage of the disruptive market and repurchased about $0.75 billion of our Series A debt in the market at a discount. As you all know, we launched CIT's Internet bank that went off very successfully. It's only been 5 days, but it's been raising deposits. And we originated 80% of our U.S. volume in CIT Bank. Those of you who would like to make a deposit, please go to bankoncit.com. We're very happy to take your money. Our operating expenses were in line for the quarter. And if you go across our businesses, Corporate Finance, we originated $1.2 billion of new commitments in the quarter to over 65 borrowers. So we are, in fact, lending to small and middle-market companies. Our Vendor business, which is also mostly just small and middle-market companies, funded over $600 million in new volume. Our Trade Finance business, which is our factoring business for very small companies, our factoring volume was up in the quarter. And in the Transportation side, our commercial aircraft, 100% of our planes were leased and all of our new deliveries in the next 12 months are leased. On the rail side, our utilization of railcars was 97%. But if you excluded centerbeams, which are the cars that are used for hauling lumber, the utilization rate was over 99%.
So if you look at our businesses -- and our business is, obviously, just a snapshot but it's a mix of businesses on the commercial side, if you look at our businesses, we do not see a double-dip recession in the U.S. We see slow growth in the U.S. but still positive. And then in our businesses outside the U.S., particularly Asia and Latin America, we see faster growth.We do -- we are continuing to make progress completing the written agreement items. We're continuing to work to complete the vast majority of them by the end of the year, and our -- we're happy with the progress that we made in the quarter. With that, I'll turn it over to Scott. Scott T. Parker Thank you, John, and good morning, everyone. We reported a net loss of $16 million or $0.08 per share on pretax income of $14 million. Pretax income included $169 million of costs associated with our lability restructuring actions. Excluding these costs and the net FSA accretion benefits, pretax earnings were $89 million, up from $70 million in the second quarter on the same basis, with the improvement driven by lower funding and credit costs. First, I'd like to make sure everyone understands how the costs related to the debt actions impacted that the P&L. We added a table in the last page of the press release in the non-GAAP disclosures that I'd like to walk you through. It starts with reported pretax income. Read the rest of this transcript for free on seekingalpha.com