Thank you, morning, good and Ellen, everyone.
per excluding noteworthy a cents we million items. loss per $X.XX $X.XX share, $XX and million share, loss GAAP of diluted or or reported As common mentioned, a net $XX of
quarter, but sectors business see interest the this have activity and June, Our rates continued began results where in we pandemic global reflect we capabilities. slowed in environment. the of many as the ongoing activity part the earlier current strong pickup to Overall low we manage through to in quarter
the in or were profitability implementation generate added forecasted XXXX. in fourth the or Assuming reflecting return environment. macro performance quarter, quarters COVID-XX we credit modest there to is substantial current significant no proactive earnings third environment to of and any appropriately positive our both of and reserves, of expect portfolio, the in Last expected we change CECL our and
a retail was million single provision in the of unique result elevated bolster of factoring to as reserves a circumstances quarters charge related store quarter, remained incurred loss lower to a and this continued The it related industry. closures. economic the customer While the was we $XX considerably in shutdown than and the to credit directly bankruptcy prior precipitous factoring
that we based industry, to the anticipate to Overall, which moderate another of we loss expect provision to in charges the factoring environment, reserved continue magnitude for fluid. quarter, our single forecasted subject remain not do additional obviously next customer our view in While of we business. conditions have macro on retail the
significantly finance our net by rates, rate LIBOR, market Our reduced yields. floating margin and revenue this lower which were primarily quarter loan impacted
XX by we channel, some XX rate pressure to interest primarily points approximately deposit we bank throughout strong higher actions in quarter, million cash, X% our basis earned it some tender our Fed. about online expense our due utilized margin of end. of excess Savings margin cash costs to the reducing at which this excess million a below for In to lowering addition, repurchasing gain at $X by $XXX reduced XX discount We We unsecured where by quarter have estimate basis annually. particularly million notes, basis as by of recognizing points Builder a offset our points $XX took the only to we at our levels and lowered our growth, deposit
retail rates benefits as basis LIBOR improvement we to has XX of third relatively point margin XX we believe to costs impacted and factoring a noninterest Assuming due quarters fourth over Other by remain commissions, deposit will the liquidity. to the store see our the excess constant, volumes was lower bottom reduced and closures. lower income course the and we quarter continue declined of as be realized this considerably
asset lower also We had gains on sales.
As we suspended.
XXXX volumes and Some of of activities. the in we approximately Factoring of retailers as been management our replenish at have July inventory. XX% half levels running improved portfolio first
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seeing resume also existing renewed in conditions portfolio, of legacy to if and transaction our are to would a We continue opportunities mortgage consumer pools selling complete loans expect prevail. to
for to to efficiency. look our opportunities We operating improve continue
the expect of quarter, Bank related we cost costs, as to costs of reduction months. other already we related $XX million XX while the over Omaha million employee initiatives that took integration This terminations. and merger charge restructuring XX $XX the contract realize to million part and to a of was to $XX next primarily planned Mutual
excluding intangible realizing businesses billion, some This Omaha Mutual of our to $XX asset schedule. our items million are we two bank of year bring cost as amortization the to We our of reduction ahead integration synergies target, includes of operating noteworthy full XXXX by $X.XXX we expense as the XXXX of acceleration approximately lowering savings are cost together. and related
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margin lower loan rates by basis in around primarily and declined margin the As rapidly About impacting finance rates XX% commercial verticals. interest mix XXX finance both downturn, LIBOR a by in a declined. Average net have floors. of of new sharp improvement loan by yields driven rate points this decline were And basis originations XX LIBOR many we rate higher have I revenue cash. mentioned, approximately floating getting to and on most commercial as XX the of XXX of points floors our quarter, since in points our our spreads in floating loans and seeing been industry market basis
negatively impacted by cash the our mentioned, basis margin higher points. I As mix of with XX rates lower coupled also
basis fleet of XX as American runoff. fleet deploy in the by car utilization oversupplied rates, as increased cars be liquidity economic Lower CDs we driven our of storage activity. higher expect term costs off-lease slowdown continues quarter. We rail reduced The as reverse storage the now some points North cost renewal general in the excess with rail to and well margin and industry this in XX% for to by
pricing and fleet our many in reduction the saw and types car While diverse economy, a representative new of leases. broader utilization is on
quarter, rail repricing loadings Our and quarter, XX% reflecting down up at cars, cars approximately least still have XXXX partial weighed recent weeks some that factories the grain although COVID-XX space to In this show to and indicators average below past the late basis XX% covered used activity renewal. particular, box from repriced starting E&P above quarter. are and XXX resumed conditions trough for on weeks heavily well sand plastic the over hoppers lease from production while recovery bars declined market this the current rail the cars certain rates. points improved pellet of renew as in continued mix Macro in And came renewables to in levels, real many levels. at few have utilization COVID-XX
commodity drift As prices and pricing expect improve. higher, to the economy starts we recover to and utilization rail
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the mid into higher load more in cars, We fleet high utilization capacity rail demand XX% low to We expect space, the up quarters our end while to weigh of with used advantages, cars few on expected push and cars back the area recovery. the fracking, improve over believe XX% to by are for to area next continue diverse XXXX. our competitive sand the particularly E&P are resulting in young
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growth reached billion in and existing driven grew average lower HOA while channel cost deposit lower billion, commercial by was by costs. also XX by $X.X commercial deposit and points. ever HOA and about basis We both level The at further highest clients, declined to contributing its new about deposits deposits cost commercial $X
channels pace in As projections making HOA are with we realize to and we expanding Ellen are on channel. the progress remain pleased these indicated, the growth
CDs expect XX full quarters the over basis rate a realized lower commercial recent by deposit XX the of of as reductions the reduction HOA margin repricing, third of the indicated downward the points fourth course earlier, maturing will to growth and I we continued are along impact improve As cost channels. with and in
of liquidity while in X% more Average needs. we deposit by by draws for loans leases balancing look which leases increased rates division. this at provides defensive grew detail opportunities quarter, our and the on loans includes addition, business finance In end in continue to opportunities factoring commercial revolver invoices maturity reduce period of as factoring March, end impact lower where volume non average Slide XX last in level repaid. of sectors a are environment of quarter were and repayment the balances declined defensive outpaced we and the key to new volume current of prepayments. seeing the of new revolver will draws End --
we industry continue close equipment our workplace expertise. class leasing, leadership, reflecting as strong have strong in were the deals asset opportunities lending for While environment, current clients down and -- certain as are where origination and and well verticals to seeing we industry volumes
business and power opportunities and and by was key markets activity renewables media for driven technology, and in New capital verticals, commercial fees. included derivative finance such which telecom, as
environment indicated, lower pipelines to mentioned, we good based lending. reflecting just also and finance. increased in healthcare are the activity opportunities we down, As continue I the Overall Ellen finance than within see year, but business seeing current with last the slow in assets in equipment commercial are along areas capital
We other market. wider and improvements, spreads lenders In the market LIBOR are ticket exited seeing have paused structural business finance equipment is or floors also equipment new capital, including on as small share taking originations.
cautiously optimistic quarter earlier the seen volume capital activity a We third in for XXXX to industries. origination June remain customers. origination increase COVID-XX providing more focused applications, with in also pandemic, select In the business where which in demand back certain partner areas. Overall, higher business impacted we quarter we seeing small less in pulling pickup from as weeks financing to are while programs industries in in risk taking provide technology approach increased several the considerably are slowed past increased have to lending solutions, We had levels. manufacturers this in their a June by
work As provide qualifying our mentioned, we to Ellen economic upon payment COVID-XX. continue by deferrals by impacted events for the to customers customers with brought
of the the about with a granted As we to relief had requests carrying $XXX quarter, of consumer million. customers end value of X,XXX approximately
about consistent and $XXX requests early are customers. estate and contracts the our real are XXX business. deferrals is ticket but staying XXX the business capital, XX,XXX smaller close equipment our and as over our with $XXX granted another business in contracts administration expectations in finance, in approximately relief representing first transactions of finance with far for commercial also $X.X relatively still well over some We been It commercial just expiring, small across billion as as million so days we have trends million
As calling an middle financial a over example, calls ends. have requests expect to their deferral outbound them about not the be campaign the to we making in comprehensive of but customer X,XXX book, large deferrals continue our wave quarter, XX quarter, conducted yet, our the small and with second business forecasts. in touch market third to period as we borrowers In loan months begin deferral as a refining experienced solutions XX
activity of retail to million of X specific of and a reflecting the leases charge we our and customers on flat therefore bankruptcy and from precipitated originations retailers had million. loans prior not We three Apart this mentioned, we the our one some current single exposure credit have next bankruptcy. related of voluntary headwinds result are quarters on reducing increased the factoring and which had actively The onset of million a the end were was play closely the customer $XX monitoring and that Overall, trouble relatively loans we this were our risk on to COVID-XX. opportunities $XXX to provision. bankruptcy about prior The to facing a period factoring crisis, Slide trends did support impact strong to previously continue Net of charge-offs and significantly have been already XX sector to for, think to been our activity $XX direct X.XX% adjusted lower and be focus net $XX presentation. quarter, million highlights this retail shutdown, Slide a that unanticipated quarter as our additional charge-offs reserved provision. XX balances, and strengths. I second quarter provided on information which or will and average of
prior had were one the our did there the with exposures to this While of a or previously not those just the of we I number to exception quarter bankruptcy. we names to have exposure low exited reduced mentioned, retail or bankruptcies levels
industry monitoring and the We we expect and pressure contact the with developments customers closely and remain sector in our continued this in in are constant clients.
sector retail billion down Our by store outpaced is volume, driven have billion, $X.X by of considerably brought collections COVID-XX current factoring last new exposure in closures the factoring pandemic. $X.X quarter, from at as the the end on approximately
of $XXX terms In only April. June, extended the at addition, had from $XXX million down in end million receivables of
largest Our non-investment to exposure. million next exposures XX,XXX online of with retailers. retailers top million well-known that, of The being $XXX top are XX a approximately approximately A between well largest rated XX which very $XX million single is factored customers, which exposures to discount over five just The box remaining as the little grade comprise investment include are XX% customer accounts. across AA comprising retail total traditional under base as big are diversified the exposure grade. five $XX After and
July inventory so as I to As look restock far has depleted levels. been surprisingly retailers activity strong mentioned,
on we evaluated million credit and respect basis sheet of $XX $XXX evaluated risk monthly on price on quarter factoring closures That approval result a reserves, balance reserves seeing traffic and With remains said, robust strength to which a the implement and weekly this individually and framework place customer our and million exposures We’ve accounts increased review retailers. established a mitigation a sector we furniture where COVID-XX, for store and/or volume exposures. enhancements. increased to could our second monitoring appropriate We in and concern. discount continue are in collectively actions with also reduced by of wave to in reserves
provision the a scenario we to This provider baseline a that quarter. assumed the in March credit in more had determine well-known utilized industry used recovery that V-shaped than recession longer we our baseline quarter, first from the June the and scenarios
in include as and to other We that uncertainty as to segments, such model also ticket assumptions portfolio risk additional loans. or at qualitative to macro uncertainty, changes sensitivity factoring small as for industries and commercial gas specific factors well overlay apply oil
As for coverage basis X.X% and total XX loans to increased XX loans. a commercial points result, on points approximately basis our ratio to banking X.X%
provision significant next Nonaccrual continue finance increased driven real no the quarter, the moderate in estate to expect quarter. to in loans by Assuming change commercial finance. significantly outlook, and in we the primarily loans
place Ellen indicated, specific finance, put commercial review, rail, to in As delinquencies. identified industry indicators most we higher monitoring watch and of performed by have and have trends we loan heightened conducted In carefully real prioritized loan risk estate stress exposures, finance vulnerable and analyses a accounts. our
We vulnerable basis. revolver a requests monitoring borrowers on and borrower relief daily are for advances
our adjusted also reflect environment. have to the current We underwriting
are a individually finance request in path the transaction to ensure modification underwriting, has real to and and finance rail We for recovery. estate each borrower commercial
We the have areas acute most underwriting of our and in restricted distressed risk. suspended decisioning industries in auto
while continuing staying disciplined our evaluate opportunities and most efficiently. structures, utilize that We capital our to pricing in are
XX appendix information at for We be the of have more environment. our our updated slides portions to liquidity impacted Slide on the current by additional end. in position quarter expected highlights portfolio our
liquidity Our bank and robust both company. at bank holding the remains the
bank for at loan XXXX [ph]. for coupon March our is liquidity. we with of Omaha substantially borrowing next million increasing of sources and $XXX we unsecured bank, contingent of a our our Mutual same increased at not it's just and the home with the assets bank holding of acquired federal the X.XXX% amount At Bank, the capacity until of the X.XX issued During debt available company, at the quarter, maturity
Tier in end federal the Turning cash loans, The strong ratio XX%, XX levels, lower well the X risk and PPP conservation remain to decline and points to this ratio risk advanced quarter of including loans buffer. our Slide reserves driven weightings shift in at zero. common in of capital in excess the mix including XX, equity weighted which by the the and assets, the basis growth quarter have was period of minimum a
of expect improves, recover weighted increase to lower deployment starts liquidity to economy risk the activity business the assets loans. and we level of As a from excess and PPP
positive earnings the expect of capital. deployment also We offset will
quarters, to Ellen. lower forecasted weighted the Over mix turn will expect -- assets. XX% to it X.X% with remain levels at back over macro two risk next we the environment, on range, X common And the current equity to assuming of in our that, depending I the
