billion versus X. we the $X.X million the last factors. main net Michael. financial $XXX start you, year. with These on summary Thank In income driven our period fourth by results results in same quarter, reported were Slide X of I'll
a $XXX provision compared a X reduction balance in by from reserve This credit First, largely was ago. reserve million. declined expense year to our build
back restated in reflecting cumulative review the interest of And of billion, finalizing independent for an $XX quarter. Furthermore, second $XXX charges accrual. tiering to regulatory we in income transaction $X.X potential periods of card financial our for to merger as the a equity $XX grew million and an on continued for XXXX, card $XXX penalties identified earnings results interest the $XXX $XXX a completed in recognized portfolio, Earnings million million third third, million a of net misclassification dated increased in with from the with margin we both are million. these was revised of in expansion.
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Back Michael to by the resulted $XXX related impact loan results. revenue reduction Slide gain the amounts to successfully including which of beginning quarter, benefit
to prior balance and product X% net decrease above mix.
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sales coming Over is compared stabilized.
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Direct-to-consumer XX% our X%.
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and to beta balances around needs deposit through-the-cycle of liquidity manage anticipate to our XX%. a meet continue We
the promotional result at Sequentially, other the $XX points a largely of debit basis increased rewards cashback revenue increased points XXX points due Slide X $XXX an cashback exit. Noninterest lower student decrease of discount changes was increase as was driven million basis up to Looking loan volume by XX%. interchange increased period, successful rewards. down income was in on or in and rewards. offset which is basis and a rate Other by million rate in lower the revenue category. X% X X. The the Net from reward match, income
X% up expenses or $XX Slide Moving Total year-over-year. X. on expenses to operating were million
loan quarter XXXX. major of and XX%. integration increased proactive due million student and $XX timing $XXX compliance million sale $XXX primarily million and management fees expenses.
We were recognized cost employee and broad XX%, $XXX costs write-off million pertaining expense market due categories, $XX processing driven $XX investments increased costs loan in to to risk higher our and to to addition of of was million Looking merger expense Information million This infrastructure.
Professional merger actions.
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prior The a down XX This the flat. day the Moving points basis year marks now to declined to On XX XX quarter quarter, delinquency our card XXXX prior consecutive slightly maturing were rate prior expected was Slide net has from and the is Total charge-offs XXXX better basis, declined. and basis and the XX-plus points modestly higher performance on year ended the that than outperform vintage card charge-offs points vintage. basis card, range.
In rate from quarter. third net credit is X. charge-offs net charge-off X.XX%, at full the than X.X%, net guided
recent portfolio.
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the has on changed. not consumer view Our
We observe XXXX. and labor credit foundation into stable to supported growth providing a for market, a headed continue consumer sales and resilient by wage a
credit Slide Turning to for the allowance on losses XX.
XX an balances. rate seasonal was the by points. points credit XX by X.XX%, in have basis million in down worth transactor quarter. reserve reserve credit increase from prior the Absent declined balance performance, decreased driven balances, The about net Our would $XXX basis rate and household seasonal reserve improvement our
of for GDP terms expectations X.X%, and unemployment peak points. assume XX are now the We quarter. macroeconomic unemployment outlook, of basis our last relatively In unchanged up from
Our forecast GDP remains in X% X% to range. the
XX. Slide at Looking
equity by on the cash Tier XX.X%, prior Slide basis dividend sale ratio common common and loan declared up generation. share XX. of core student was quarterly of period We points supported Our $X.XX earnings to X compared per stock.
Concluding XXX a quarter for the the
not Given provide the pending numerical merger, will we guidance.
more closely a payment role driving to pre-pandemic subsided. new in some recent XXXX. from provide However, past. Sales We loan for Tailwinds anticipate generation growth largely larger align on insights than rates I'd trends to play the growth should to account declining norms. appear have and in like with
We quarter remain fourth may include year. mix. account the funding some create margin our with back increase interest although half expect the in margin Mitigating relatively pressure generation level, to declining of improved consistent net in and new an factors deposit the rates
any to for expectation peak to and charge-offs base expense Previously, net merger our we contemplated prior significant changes the We had plateau. have shared not to approval.
sustainable, continue Capital the to to over summarize, to fourth excellent we in with merger quarter the XXXX, I'll results are that call One.
This back remarks. our our to XXXX. prepare pending drive brought trend.
To operator. strong consummation the long-term concludes value see for of and close We a downward will an actions invest beginning In our turn
