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With that, I'll turn the call over to Jack.John P. Barnes Thank you, Peter, and good afternoon, everyone. We appreciate you joining us today. On Slide 2, we provide an overview of our second quarter results. For the quarter, operating earnings were $67.2 million or $0.20 per share, up from $60.6 million or $0.18 per share in the first quarter. Net income after -- net income for the quarter, including non-operating items, was $64.8 million or $0.19 per share. The net interest margin declined to 3.97% compared to the 4.01% in the first quarter. The decline in the margin is the result of lower loan yields and higher levels of securities purchased earlier in the quarter in anticipation of our receipt of the proceeds for the Citizens branch transaction late in the quarter. This is partially offset by cost recovery income related to negotiated settlements and payoffs in the acquired loan portfolio. Loan growth, including runoff in the acquired portfolios, amounted to 2.3% on an annualized basis, which was entirely funded by deposit growth. Originated loan growth was strong and amounted to 11.2% on an annualized basis. Noninterest income increased $3.3 million compared to the first quarter, reaching $75.7 million. This increase was primarily due to growth in cash management fees, operating lease income, prepayment fees and gain on sale of acquired loans. The efficiency ratio improved to 61.5% from 63.2% in the first quarter. This is a result of improved operating leverage from higher revenues and lower expenses. Capital ratios remained strong with the tangible equity ratio at 11.5% for the second quarter. We continue to make progress deploying our capital through balance sheet growth and share repurchase activity. On Slide 3, we discussed several recent initiatives. Most importantly, we continue to expand our presence in key growth markets such as the New York metro area. We recently completed the acquisition of 57 Citizens branches in the greater New York metro area and rebranded all of the acquired branches over the weekend of June 22. 53 of the branches are in Stop & Shop supermarkets and 4 are traditional branches.
Through these branches, we will be reaching approximately 900,000 weekly visitors to Stop & Shop stores, which will significantly strengthen our brand awareness in the country's largest MSA. We now serve customers in approximately 100 branches in the New York metro area. As is the case throughout our footprint, we strive to bank the market. As we continue to build our deposit footprint in the New York metro area, we are simultaneously adding asset generation capabilities.First, as we have said about our Stop & Shop branches in Connecticut, we generate a substantial portion of our residential mortgage and home equity originations through these in-store branches. We also see significant commercial activity in these branches. In time, we expect the recently acquired branches will also become significant asset generators. In addition, we have expanded our C&I and asset-based lending efforts in New York metro area, adding 5 seasoned in-market C&I lenders on Long Island and 2 ABL professionals. Recently, we also added 3 senior New York commercial real estate professionals. These individuals have spent their careers focused on New York commercial real estate relationships and are well known to both the market and our management team. Further, within the last week, we added a senior private banking professional, who will lead our private banking business, including expansion in the New York metro and Boston. Second, over the last few quarters, we have built upon the depth of our cash management talent, and we are now starting to see the benefit of their efforts. In addition, we've been working to deepen our brokerage penetration throughout the footprint. Read the rest of this transcript for free on seekingalpha.com