In the first quarter of 2013, adjusting items increased net income by $7 million after-tax, comprised of a $79 million after-tax net benefit of credit-related items in respect of the acquired M&I performing loan portfolio (including $210 million in net interest income, net of an $82 million provision for credit losses and related income taxes of $49 million); costs of $92 million ($57 million after tax) for the integration of M&I; a $31 million ($22 million after tax) charge for amortization of acquisition-related intangible assets on all acquisitions; and the benefit from run-off structured credit activities of $7 million before and after tax. Amortization of acquisition-related intangible assets was charged to the operating groups as follows: P&C Canada $3 million before and after tax; P&C U.S. $20 million ($13 million after tax); and Private Client Group $8 million ($6 million after tax).
In the second quarter of 2012, adjusting items increased reported net income by $46 million after tax, comprised of a $55 million after-tax net benefit of credit-related items in respect of the M&I purchased performing loan portfolio (including $152 million in net interest income, net of a $62 million provision for credit losses and related income taxes of $35 million); a decrease in the collective allowance for credit losses of $18 million ($12 million after tax); costs of $74 million ($47 million after tax) for the integration of M&I; a $33 million ($24 million after tax) charge for amortization of acquisition-related intangible assets on all acquisitions; a benefit of $76 million ($73 million after tax) from the results of run-off structured credit activities; and a restructuring charge of $31 million ($23 million after tax). Amortization of acquisition-related intangible assets was charged to the operating groups as follows: P&C Canada $3 million before and after tax; P&C U.S. $23 million ($15 million after tax); and Private Client Group $7 million ($6 million after tax).
Our complete Second Quarter 2013 Report to Shareholders, including our unaudited interim consolidated financial statements for the period ended April 30, 2013, is available online at www.bmo.com/investorrelations and at www.sedar.com.
INVESTOR AND MEDIA PRESENTATION
Investor Presentation Materials
Interested parties are invited to visit our website at www.bmo.com/investorrelations to review our 2012 Annual Report, this quarterly news release, presentation materials and a supplementary financial information package online.
Quarterly Conference Call and Webcast Presentations
Interested parties are also invited to listen to our quarterly conference call on Wednesday, May 29, 2013, at 2:00 p.m. (EDT). At that time, senior BMO executives will comment on results for the quarter and respond to questions from the investor community. The call may be accessed by telephone at 416-695-9753 (from within Toronto) or 1-888-789-0089 (toll-free outside Toronto). A replay of the conference call can be accessed until Monday, August 26, 2013, by calling 905-694-9451 (from within Toronto) or 1-800-408-3053 (toll-free outside Toronto) and entering passcode 1254867.
A live webcast of the call can be accessed on our website at www.bmo.com/investorrelations. A replay can also be accessed on the site.
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