good Ashley, for joining Matt, of Thank everyone. second and thank results. quarter us Sallie you, you morning, for Mae's a discussion
our booked loss we loss liquidity from our share our was of losses for in GAAP with quarter, by a per of entirely $X.XX some allowance earnings the share. a increase During substantial $X.XX driven core portfolio. almost per and impact loan This
significant factors be would results, us to in that like our economic a to environment While challenging, our and several continues I is confidence business. give highlight on the impact having
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Our forbearance borrowers are transitioning into at from back beginning the pandemic granted the the of repayment.
to Our natural program ASR course. continues run preset its and
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enrollment seeing predict are are in the flows this volumes of XX.X% point, a is closely. it with difficult season real monitoring both How We versus application much this down longer to at of peak year-over-year. our effects we is result decline in the but
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customers of forward. business needs However, given forward the to balance and strength we their our going look commitment to serve of competing to the sheet,
trends. Next, some we are balance positive sheet seeing
the $XX million down and Third-party consolidations year previous from lower were ago quarter, $XXX the $XXX million million. This quarter. than was
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credit. the response stated to the customers our pandemic quarter, they our were we issued In that second who in navigate pandemic the forbearance to borrowers priority. remains Helping top Turning disaster impacted. to
$XXX scheduled of quarter in of was is QX, During in mid-teens their trend the this peaked positive. on significant. to reserves. forbearance that, loans Steve additional in payments We loss COVID-related booked in the will pleased to transitioning am the Allowance outstanding. report loans making build borrowers back discuss detail. more million I an
determined expected portfolio. defaults reserves all cover build to in are that We our future
Our loan loss than XX% of loss of reserve represents a life portfolio. of our loan more
Moody's scenarios more in uncertainty of establishing the we reserve. the this Given over-weighted stress environment,
scenarios, sure Relative not this, conservative economic Given to of the we you conservative fully I'm see questions, have losses. believe are one asking or of many future provision we enough. two today, been overly we we either for
is learning current detail broad on scenarios are important outside provide billion capacity, however, remaining pandemic absorption capitalized. this reserving a the by Even policy, we driven build, such science modeling. well while of that impact the of with our methodology. being a in $X.X our further it are and controlled. have we to loss can of that second still is Steve scope as this note that, are economic neither There shutdown future large will combination economic be which However, independently of
worth promised million on this we at of have a look $XX to our of we identified expense to quarter enhance took call At first for April, identify rest As earnings point, hard savings the in year. opportunities expenses the performance.
XXXX significant process of efficiencies. is next weeks, create a remain like return budgeting has liquidity given looking further been There We conversation stress the with great program. for Fed. recent to of results capitalized will capital The few the and and in return reserves. opportunities well a the We begin directives I'd the topic, deal for capital test from to cover next intention around with
We common dividends. continue preferred our pay to and
repurchase capital place. remains Our funded, our ratios in fully program reflected accelerated share $XXX and is in million
satisfy the Our counterparty repurchase terms of the to continues ASR. shares to
our has of XX% current XX% As We year. of been already the it the utilized. count program. reduced for million price this outstanding to the will $XXX At XXXX the counterparty the July take remainder share of XX, stock complete
price conditions, shares of stock shares repurchase year. we outstanding had program the XX XX% million the company ASR and current or total will the at of of the Given beginning trends XX% market the –
me Let now to into to go deeper turn Steve it our over Steve? results.
