We delivered another strong quarter with earnings per share of $0.72.
This is an increase of 18% from the first quarter and up significantly from the year-ago period.
We generated record second-quarter revenue, driven by an 8% year-over-year increase in noninterest income.
Additionally, our consumer business generated over 4 billion in loan originations for the quarter.
Mortgage originations reached another all-time high and we expect to exceed last year's record level of 8.3 billion for the full year.
Since the launch of our National Digital Bank, Laurel Road for doctors, we have added over 2,500 new doctors and dentists.
Our investment banking business generated fees of 217 million, a record second-quarter level and the second-highest quarterly level in our history.
This quarter, we raised $21 billion for our clients, of which we retained approximately 20% on our balance sheet.
Year to date, we have increased our senior bankers by 5% and in our targeted growth areas.
This has resulted in a 21% increase in client pitches on a year-to-date basis.
We also consolidated 54 branches this quarter with an additional 14 planned for next quarter.
Our common equity Tier 1 ratio ended the quarter at 9.9%, which is above our targeted range of 9 to 9.5%.
Combining our share repurchases and dividends paid this quarter, we have returned capital representing $0.50 a share for an annualized return of capital of approximately 11% at our current valuation.
Earlier this month, our board of directors approved a new share repurchase authorization of up to 1.5 billion beginning in the third quarter of this year and continuing through the third quarter of 2022.
The board will also evaluate an increase to our common stock dividend in the fourth quarter of 2021.
As Chris said, it was a strong quarter with net income from continuing operations of $0.72 per common share, up 18% from the prior quarter, and four times from the year-ago period.
Our reported return on tangible common equity for the quarter was 22.3%.
Adjusting for the reserve release, ROTCE was 16% within our targeted range of 16 to 19%.
Total average loans were $101 billion, down 7% from the second quarter of last year.
C&I loans were down $9 billion, reflecting decreased utilization levels.
Consumer loans were up 9%, benefiting from continued growth from Laurel Road and, as Chris mentioned, record performance from our consumer mortgage business.
Combined, we had over $4 billion of originations this quarter between our residential mortgage and Laurel Road production.
Consumer loans grew 2%, again related to the continued strength from our consumer mortgage and Laurel Road.
PPP average balances were $7.5 billion for the quarter, up from $7 billion in the first quarter.
The PPP balances ended the quarter at $5.7 billion, reflecting $2.8 billion of forgiveness, and $900 million of new production.
Average deposits totaled $144 billion for the second quarter of 2021, up $16 billion or 13% compared to the year-ago period, and up 5% from the prior quarter.
We continue to have a strong, stable core deposit base with consumer deposits accounting for over 60% of our total deposit mix.
Taxable equivalent net interest income was 1.023 billion for the second quarter of 2021, compared to 1.025 billion a year ago, and 1.012 billion from the prior quarter.
Our net interest margin was 2.52% for the second quarter, compared to 2.76% from the same period last year and 2.61% for the prior quarter.
Compared to the prior quarter, net interest income increased $11 million and the margin declined nine basis points.
For the quarter, PPP loan fees, including the impact of forgiveness, totaled $50 million, up $2 million from the prior quarter.
We are maintaining around $20 billion in excess cash.
Cumulatively, excess liquidity has negatively impacted our net interest margin by about 35 basis points with seven basis points of incremental impact for the second quarter.
Noninterest income was $750 million for the second quarter of 2021, compared to 692 million for the year-ago period and 738 million in the first quarter.
Compared to the year-ago period, noninterest income increased 8%.
We had a record second quarter for investment banking and debt placement fees, which reached $217 million driven by a broad base across the platform, including strong M&A fees.
Commercial mortgage servicing fees increased $32 million.
Cards and payments income also increased $22 million related to broad-based growth across product categories, including debit, credit, and merchant products.
Compared to the first quarter, noninterest income increased by $12 million.
Total noninterest expense for the quarter was $1.076 billion, compared to 1.013 billion last year and 1.071 billion in the prior quarter.
We also grew senior relationship bankers by 5% year to date in our targeted focus areas, including renewables team that we added in May.
Employee benefit costs also increased $16 million as healthcare-related costs were low in the second quarter of last year.
Marketing costs were up $5 million, primarily related to the launch of the Laurel Road for doctors.
For the second quarter, net charge-offs were $22 million or nine basis points of average loans.
Our provision for credit losses was a net benefit of $222 million.
Nonperforming loans were $694 million this quarter or 69 basis points of period-end loans, a decline of $34 million from the prior quarter.
We ended the second quarter with a common equity Tier 1 ratio of 9.9%, which places us above our targeted range of 9 to 9.5%.
We repurchased $300 million of common shares during the quarter, and our board of directors authorized a second-quarter dividend of $0.185 per common share.
As Chris mentioned, combined, this return of capital represents $0.50 a share this quarter an annualized return of 11% of our current valuation.
Earlier this month, the board of directors approved a new share repurchase authorization of up to $1.5 billion beginning in the third quarter of this year and continue through the third quarter of 2022.
We have reduced our net charge-off guidance once again, which is now expected to be in the 20 to 30-basis-point range for the year.
And our guidance for the GAAP tax rate has increased to 20% for the full year, reflecting the higher expected earnings for this year.

Summary:
We delivered another strong quarter with earnings per share of $0.72.
Earlier this month, our board of directors approved a new share repurchase authorization of up to 1.5 billion beginning in the third quarter of this year and continuing through the third quarter of 2022.
The board will also evaluate an increase to our common stock dividend in the fourth quarter of 2021.
As Chris said, it was a strong quarter with net income from continuing operations of $0.72 per common share, up 18% from the prior quarter, and four times from the year-ago period.
For the second quarter, net charge-offs were $22 million or nine basis points of average loans.
Our provision for credit losses was a net benefit of $222 million.
Earlier this month, the board of directors approved a new share repurchase authorization of up to $1.5 billion beginning in the third quarter of this year and continue through the third quarter of 2022.