In the second quarter, we reported earnings per share of $1.28.
We released $350 million in loan loss reserves this quarter supported by our outlook on the economy and continued improvement in credit quality metrics, the pace of which has been better than expected.
Net revenue totaled $5.8 billion in the second quarter.
Our book value per share totaled $31.74 at June 30, which was 4% higher than March 31.
During the quarter, we returned 79% of our earnings to shareholders in the forms of dividends and share buybacks.
Following the results of the Federal Reserve's stress tests in late June, we announced that management will recommend that our Board of Directors approve a 9.5% increase in our common dividend in the third quarter payable in October.
Slide 4 provides key metrics, including a return on tangible common equity of 20.9%.
Strong demand for our instalment loans drove other retail loan growth, while C&I loans increased 0.9%, supported by strong growth in asset-backed lending, partly offset by continued pay down activity and other C&I categories.
Average credit card loan balances were stable compared with the first quarter as the payment rates remained high at 38%, reflecting a significant level of consumer liquidity.
However, period end balances increased 4.5% on a linked quarter basis as we saw some pickup in activity toward the end of the quarter.
Average deposits increased 0.7% compared with the first quarter and grew by 6.4% compared with a year ago, reflecting the significant level of liquidity in the financial system.
In the second quarter, our non-interest bearing deposits grew 5.9% linked quarter, while time deposits declined by 8.1%.
Time deposits now account for 6% of total deposits compared with 11% a year ago.
Our net charge-off ratio totaled 0.25% in the second quarter compared with 0.31% in the first quarter.
The ratio of non-performing assets to loans and other real estate was 0.36% at the end of the second quarter compared with 0.41% at the end of the first quarter.
We released reserves of $350 million this quarter, reflective of better-than-expected credit trends and a continued constructive outlook on the economy.
Our allowance for credit losses as of June 30 totaled $6.6 billion or 2.23% of loans.
In the second quarter of 2021, we earned $1.28 per diluted share.
These results include the reserve release of $350 million.
Net interest income on a fully taxable equivalent basis of $3.2 billion increased 2.4% compared with the first quarter, primarily driven by higher yields and volumes in our investment securities portfolio and favorable earning asset and funding mix shifts, partly offset by lower loan yields.
Our net interest margin increased 3 basis points to 2.53%.
On a linked quarter basis, non-interest income increased 10%, driven by higher business and consumer spending activity, reflecting broad-based reopenings of local economies.
Linked quarter mortgage revenue growth of 15.7% was primarily driven by the favorable linked quarter impact of a change in fair value of mortgage servicing rights, net of hedging activities.
In the second quarter, total payments revenues increased 39.5% versus a year ago and was higher by 16.4% compared with the first quarter.
Credit and debit card revenue increased 39.4% on a year-over-year basis, driven by stronger credit card sales volumes and higher prepaid card processing activities related to government stimulus programs.
Our common equity Tier 1 capital ratio at June 30 was 9.9% compared with our target CET1 ratio of 8.5%.
Given an improving economic conditions in the second quarter, we bought back $886 million of common stock as part of our previously announced $3.0 billion repurchase program.
For the full year of 2021, we expect -- we currently expect our taxable equivalent tax rate to be approximately 22%.

Summary:
In the second quarter, we reported earnings per share of $1.28.
We released $350 million in loan loss reserves this quarter supported by our outlook on the economy and continued improvement in credit quality metrics, the pace of which has been better than expected.
Our net charge-off ratio totaled 0.25% in the second quarter compared with 0.31% in the first quarter.
We released reserves of $350 million this quarter, reflective of better-than-expected credit trends and a continued constructive outlook on the economy.
In the second quarter of 2021, we earned $1.28 per diluted share.
These results include the reserve release of $350 million.
Our common equity Tier 1 capital ratio at June 30 was 9.9% compared with our target CET1 ratio of 8.5%.