Today I prepared and talking be during slides about Scott, will financial and results our will presentation be several Thanks, hello, everyone. remarks. our from our referencing
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$XX up As and $XXX $XX more increased revenues Scott XX% with million mentioned, million. doubling to increasing income quarter, reported first Net every million, and the record year we in year-over-year. sequentially sequentially than results nearly to XX%
during the business, we to future. to and XX. continuing quarter, invest revenues the income across the strong slide in Our will strong had to as period driving grew very execution in switch results, it while net XX great I
as marketplace QX grew contributed growth our to to excluding midst HFI income and and returns and a loans, benefits investment growth of end in revenue from consumer HFI our personal increase loan higher from for large grew reflecting and XXXX. both income. an million in sequential yield. that both with continue member the paying growth data our see our the base, X%, grew portfolio, portfolio can reflected interest to testing XX% grow Recurring increased You well and also net revenue in XX% increase health in origination $XXX to off loans average. revenue investments generates the XX% loans $XXX we of of as the at portfolio, XX% in interest primarily mix the leverage sequentially PPP of million increase quarter, X% in to Marketplace
million we consumer X is of or previously. we shared retained or midpoint the new During to $XXX XX% loan with quarter, above the points XX% which originations, $XXX of XX% million you the range
X in past, earned about more said sold. we compared As on the loans retained we times loans to
a while return loans of on retaining quarter, is equity given earrings interest recurring in provides attractive it a and reduces revenue So stream very and an our excellent income.
outperform in to now and given above Importantly to may these approximately the Moreover, the we earnings for this choose range given retain with targeted attractive year. we go expect like any remainder our originations ROI capital the strong to we excess of XX% on quarter, loans. quarter if of did we XX% this
to borrowing yield our resulting our primarily page This increased growth sequentially Yields overall interest loans. grew higher in consumer our fund portfolio. were cost mix helps to unsecured our in $X XX% average high X.X% year prior sequentially in increase an on primarily reflecting deposit basis to loan billion, that XX see growing the in in our which basis accounts, to on net savings curve mix presentation loans XX reflected will You shift year. overall in prior increase about higher X.X% consumer basis quarter quarter quality of we margin strategy also expect to [inaudible] and deposit points and points projected rates to reflecting the of a rate we X.X% QX to up with the XXX loans. a of to to consumer XX increased the deposits XX.XX%, our throughout down from points, basis points QX In be XX earlier,
We also will revenue costs as impact interest funding our investors to for rates anticipate marketplace loan higher increase.
including and portfolio shows quality, to our on loans, total to XX, few growth to of should reassessment the the of With quarters lower low, a reposition page and over portfolio, rates XX-plus targeted we conditions. solid liquidity to as that our of point rising quickly, demand. on with ongoing of date which with balance prime rates capital delinquency investors credit plan, deliberately we below portfolio year remains performance you HFI regard remain key of it that allow of portfolio also our the exposure could us As mitigate business which over increase and the rates retained markets, have take are sheet total our our investor expect our seasons to impact them the The part leverage combined changing market adjust for book product duration line a although to short last time. in with I we expectations should relatively on
total million. loans the portfolio of retail as were remained end loan loan CECL For we credit consumer $XX.X first loans of recovery $X modest a allowance was had the quarter, provisions losses approximately from for for charge-offs X.X% for quality the the very million our quarter, increased credit and but during X.X%. debt strong, quarter. to a percentage our HFI Commercial At
from I X% tight X% we of expense the were continue XX. our as XXX%. control year-over-year, new would revenues mix expenses, $X by marketing integration grew expenses, costs total fourth to benefited Expenses expenses or point Total than which primarily up an expected. revenues up expenses to We basis, approximately and were $X XX% loan turn X%, reduction incurred page adjusted bank as expense million maintain let’s were in we quarter. On to reflecting to related of increase increased growth million Now driven million our up a despite our managed by origination grow faster $X grew increase or the and of sequentially, customers. you Expenses X%. the in
while QX macroeconomic the the that to environment number to on in is range, time, half with we to rolled expect from pressure of off, operating that put prior drive quarter. a level X%, up our XX% efficiency, some and be integration down efficiency ratio back ambition would a expenses We at up are our XX% may the revenue in year. costs similar As improved of over the continue have in XX% higher
million but More and pre-pandemic business like with shift over our we level on increases nine, GAAP similar of you to margin. $XXX and model. point our million in dynamic pure shift the to page net to our importantly, also fundamental compared tools business prudent is manage our to $XX new marketplace set our performance, a model can where This provides us has environment. incremental I you income had see operating higher On delivered not revenue a origination when only our and a resiliency a profound financial with over
the of our on end million taxes. million ratio tangible $XXX move million our sheet on federal balance grew million, from strong a net and capital deferred the book million We XX%. $XXX very QX let’s end XXXX. value Now with value comprised excludes at and book at outlook remains strong to CET exited at our to We of state deferred tax of assets $XXX $XX QX of $XXX And assets. approximately the of tax and
maintain to allowance tax valuation full We continue a on these assets.
to a continue of reserve. we as However, will in results, record our result profitability that of forecast achieve release
of introducing reserve income. benefit a this we underlying performance release. material help timing are to will increase to that growth, to will expect federal pre-provision in book metric for following the value. XX statement tax point our through when release you to page cash pre-tax, be rate it highlight and will pay GAAP uncertain is our the reporting tangible tax year I approaching do new the We our XX% income amount recorded now communicate year, effective a although While not increase
results. portfolio, it this As to originations quarter, our saw meaningful to the you and results recognition continue deferred on fees a loan grow impact origination will as reported we of non-cash this we recognized loan our fee upfront to had our and we XX% the retained provision, our reported continue the impact as and of
any result mentioned this the effective underlying hold Importantly, nor the of as earlier. rate given as be will metric release changes of the we the indicator by in we of of believe our loans good impacted taxes tax a I an percentage quarter, not a rate it growth to be in
for up quarter, pre-tax which $XX So pre-provision $XX or was of income a highlights million certain million, trajectory sequentially, our model. our XX% business the new
relatively we Now business in results I are about steady a to the talk forward about year. like of to rest model Overall, the our how our our state. of would and the thinking highlight continue guidance power
are QX includes year. guidance environment while revenue, the considering our earnings QX, increased the raising outlook. carefully uncertainty back our the year expectations this updated half we and outperformance for Our This around of and origination for
For expect million revenues $XXX to an XX% grow QX, of million, increase we to $XXX to XX% to year-over-year.
of We million, XXX% expect year-over-year. $XX XXX% to $XX an income increase million net to of
updating year guidance to to approximately of prior origination a expectation million. are For $XX $XX.X the we million compared our to million, $XX
to guidance with for and We tax be revenue XXXX. $X.XX the are our any million in a of approximately expect billion, or $XXX to effective to in billion continue All rate $XXX from income with also increasing million. outlook $XX release year benefit allowance $XX QX range and not by million, to results XX% the the million factor valuation the by full $X.XX increases GAAP we potential to do new
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to change model will outperform great them, the the that, the deal new and us provides call and questions. Our let as a for to Operator appropriately respond with over we to turn enhanced me conditions make business industry. With expect
