look with over create value for the you to to shareholders. our I coming years forward working
underscore discuss I I As of will introduced. financial the themes our two results, Jon
the pandemic. we to financial solid and quarter second, the our in strong the prior First, performance position demonstrated
the Jon please me. repeat few a will of with I reviewed, so stats just bear
cash solid So, the of first turning the balance sheet. quarter, our financial with and liquid at securities position, XX% end to of comprised our
very in sheet secured our the uncertain where financing then $XXX long-term at and addition, been execution times. the the in of million on-balance $X these $X loans funding quarter year In discussing increase, to of billion and activities we marginal and build increased an ABS the build cost that complete well billion us costs. driving These liquidity positions at volatile liquidity sale facility the very last of and had for favorable the was a provided
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the is discussed. Also the for I already just note, just that of in the Jon important planned vast QX for it return XXXX capital to mentioned, is majority as accounted ratios
harm will we know, color to I would our take massive increase that we that capital regularly tests As stress shows it CECL stress the little you capital more on when position. reserve. discuss a in testing provide a and run reserves capital
billion QX. of compared first the last in quarter, increase X% in $X.X year’s loans originated private to originations student We an
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sell a loan Education Loans, did Private is be up in delinquency sale, of to credit X X.X% quarter performance, greater this in any the we market than loans Turning as increase norm. delinquent were and XX to Half XX-plus repayment, QX. X.X% days attributed typical from in first delinquent of rate days not loans the were our can – that
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close to increased Tuesday’s of of XX.X%. business, As forbearance had our rate
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lower in we exercises So scenarios, it is saw loans what but annual somewhat financial Fed private highest quality increase than a stress crisis. our ’XX, default the in the the during XX% is higher adverse student testing using experienced what than severely CCAR ’XX
then previous today’s than the risk more risk are era. better Jon of student to loans adverse Losses Today’s rigorously circumstances than mentioned, comparison. perform low as at the peaked this back expect Therefore, smart in even lowest for X.X% loans options portfolio loans. our historical underwritten we
and The guidelines elected option provide to over to five-year Regulators loss phase in offered reserve most like regulatory in our banks we a the totaled education of COVID-XX, period At have loan reserve CECL that portfolio. to or X% the banks impacted as option was by a way $X.X capital $X.X quarter adopt capital private loan billion. relief industry. end, our billion
cash to of in As to loan portfolio our we And on our use defaults a reminder, discounted life fact, up flow of reserves. methodology determine reserve XX%. covers our a
the words under our while worth least provision, capital several couple earlier, could capitalized. current there on were in we I million believe additional $X.X an testing balance CECL, stress for loan on noting. A $XX are and CECL of losses reserves well things provision remain mentioned we that at absorb sheet billion the
this already reserved First, $X.X in of were the billion quarter’s loan provision. for under commitments as and/or CECL, originations not
reduced Second, $XXX our loan the loan allowance million. loss sale by
benefit Third, offset the by mostly a as the provision increase in $XXX this this of in million result to significant a pandemic. a deterioration account economic is outlook for
million $XXX have covered of also approved, the provision. remainder plus not the been disbursed but are the loans of in quarter nearly disbursements the Fourth, that in
we Finally, our that cash methodology, analysts. a that a flow has again, thrown off few use we discounted and think of
on has can immense you see, absorbing sheet point as time. this capital the in balance bank at loss So, the
repurchase million little only shares. the But and entered transaction of in first, impactful reduce in for the like and down because a would XX more quarter average happened the shares million counterparty a give we transaction and on this to disclosed, previously to share $XXX an count share quarters. Jon subsequent late the we’ll shares, quarter, be plan, how I repurchase was lower with works. As detail accelerated discussed,
under which to to of of a million shares. already price the open the placement initial Now, shares to repurchased purchase is by market notional price a program, XX.X delivered our The the cover construct made determined price was of accelerated delivered allocate counterparties to repurchase shares share the simply us. percentage is purchases this the
stock million the and percentage each. company. of purchased lower have we only XX a and shares approximately many our to program. they If under at buy was price, will the share at remain roughly this could shares million a level, To-date, purchase one of can is as $X XX price higher in total we This benefit back as the
the while additional As value. may ASR evaluate for shareholder But is creating falters share once deteriorating market are Jon cause portfolio and mentioned, conditions we repurchase a performance, will we economy still the the completed.
program repurchase was share and billion released. $X by Our the loans capital the of gain that generated sale of from sale funded the
The gain as is as well on sale write-down deferred the acquisition after reported statement of in the costs. income transaction costs
We to and the are prior these COVID-XX. uncertainty volatility sales have of very fortunate completed to
will remain receive will be stress to as a to However, the assumptions we that used buyers strong return confident reasonable. the assets proven be price the
also as well increased borrowers year OpEx, ago increased the workforce. transition Finally, operating were quarter with a the XX% in in business and in associated million transition costs as increased X%. increase portfolio first XX% Operating loan turning our core incremental CEO expenses quarter, the average driven from to and expenses $XXX growth student customers compared to quarter $XXX prior $XXX as remote with year and quarter. was ago delinquent completely the by million million The impacts
done monumental levels This interruption service was our compromise significant customer our swiftly efficiencies. that or and a without to undertaking or was service to
current offset the to opportunities as year progresses. the for expenses economic our of review negative environment continuously the will We impacts
is the started, where execution I strong effects business strategy robust position I produced performance and would results of saying the that the by and end our prior to our is financial of pandemic. like to
positioned this customers process. the are current and well future weather storm of in We to the and needs serve
turn to I’ll it back now over Jon.
