Chip. Thanks
come on we balance run credit liquidity, cautionary believe the quality. To strengthen times his we back unfolded, conservative steps capital took to some in sheet. a And thanking seem as of further. even follow up always we've to comments and always quarter stress to But fundamentals that
the increased As quarter. almost sheet $X balance of that billion Chip XX% by mentioned, liquidity over our on
$XX end about little incremental an million loans show at saw the also the of quarter. to up a We of here capital X(a) more
stands our by And this government. Our loan $X.X portfolio nearly guaranteed a times the capital risk nice almost of healthy have at XX%. to it's half or worth billion like also
we this. might small to You March, repurchase better we other position side share to authorized when have program in of seen get the ourselves the
don't so settles have repurchased until any anticipate world we We shares the doing and down. not
Our principle, tell We well small, with you plan And the I’ll soundness get stress that to rough. things dividend Chip detail. share comes talked to in able first. and is we've we unless believe credit $X.XX crisis. more decisioning. credit can prudent customers been always their a of our just the prudence help maintain are follow about of how safety time cover really quality, the when guiding navigate reasonably But a really that only bank we see your you in and in
in As touch our the we with in storm. a been bank, of squarely few pandemic find small business ourselves the months in XXX% the the borrowing of we’ve started, the customers. X,XXX over time last eye From
over it. and of mentioned quarter payroll able all of Chip, are a processed for we to deferrals we As secure them who needed for loans them
this as of which proud also we of jobs. into nearly their and as serve. over we to of funded is billion loans. those existing customers, customers we secured we XX% morning of and for Once mentioned, and in that have Chip our the loan $X as verticals as hand docs over them we our X,XXX XXX,XXX out community a SBA report Chip industry Chip mentioned We're originated reached nearly mentioned loans payroll authorizations And XXX%
in to admittedly turn though going the you When results the there's numbers. quarter a lot of on the
strong. revenue. started franchise efficiently The were to recurring was continuing and year operating we lending off deposit the Our franchise extremely build
Secondary markets an were at loan all-time with high. and our pipeline loans robust for X(a)
All ago. of that feels like a lifetime
see pipeline some facing business slowed country seemingly in, dramatically. overnight. and in were activity put selected most the renewable new spread and areas Small across hold. challenges the to activity been And businesses our while energy virus As has revenue agriculture set continue the of nationwide primarily significant on like we the deal lockdown
on XXX% the payroll to turned loans. deferrals portfolio, After our mobilized these we protection attention our we of
close as the was the the standards industry CECL our quarter. And impacted also QX, the implementation loss of item new obvious starting loan most July we provision have adopt elected would to faced that X. we as and Now on this the was luck it, books
a of with reclassified largely for in deteriorating $XX note all-in-all fair add talk increased with those loans. implementing loss result environment. value we for noise. to our a macro balance sheet conjunction the of in But at portion of the bit about by CECL loan a value geography A I'll million shift our of we a for the fair about a requirements in bit disclosure into total that accounted loans accordance that adjustment of allowance reserve minute Also as
assets the assets sheet. end saw much balance the months across done to also risk over impacts. in Despite our significant the pretty of the all some sell those we've the of we volatility XX into work markets first past off quarter under Given mark-to-market reduce
servicing much Secondary market fair after impacted changes revaluation loans four our indicators markets into or Interest declined end loans as of decreased we the revenues, other fair by as rate board. on and the well gain value. dropped points for These carry of quarter. the as market as precipitously as the SBA the our across value hedges, sale
look If end the we the you into continued and and invest X technology grow at balance as mentioned quarter-over-quarter. up year-over-year continue metrics initiatives. nicely though, the year franchise revenues next the with we were the year as many quarter, our quarter. over of Page that lending our on first on although and are generation track discussed same largely our to All continue for expenses we Fundamentally past highlights to of hired during recurring trends the Chip you in the sheet the
the X. outline to adjustments core income helpful quarter, be to take our in it we a pieces moving try at the on might thought closer and various the we look statement the which Given from between. Overall pretty going bank laid there out awful the of QX was lot Page an bank But were consistent core on in on power QX. earnings earnings
on more a So little detail that.
$XX million that been million have the related The loans. previously provision line included in adjustment expenses on the value which million $XX.X and addition would was the $X in comprises is total credit fair to provision that
swing on I that The for credit. loans of related points dropped million fair value mentioned as a lending drove accounted our to rates half and interest losses USDA XXX The the in hedges on value as over the under quarter. basis million fair $X mark was $XX loan was
FinTech SBA prepayment on fees the down Our portfolio, continue and pretty with mark in asset little interest it’s significant entire now. losses And the to in paying our and right the solid a principal quarter. were fourth six servicing higher a servicing months actually of a than lastly, despite slowdown asset
quarter bunch statement the on to there the all pretty a that earnings in headwinds all solid mapped relates power of a So income was as it of franchise. are
crisis. was in stats into won’t it's and is I really back credit the go portfolio covered them than heading Chip healthy the so mentioning more I again obviously forward the worth the stat. our quarter, important do this through that But think
I And SBA a USDA Chip As that sheet making billion unguaranteed. $X on $XXX mean million CARES by payments place. we loan of of all and a loans and the SBA of guaranteed interest the deferrals reminder, the loans mentioned those both as the took on $X.X $X.X and our portfolio that over total of of guaranteed months and government including balance loans processed of billion Act of or be SBA principal our the before will on six top billion
that securing combine with loans our a help customers believe You and our payroll few storm. will them unique have for that that borrowers weather aspects we the better
also contracting, chicken some current point energy, self-storage on areas do the certainly much exposure higher have hotels, have are some centers while we the farms, protocols we like our some diversity impacted less government like also as daycare that loan have out events. and renewable portfolio. the they areas by I’ll fitness impacted of centers, to and of And
of thoughts these our terms honestly with actually effect impacted. government too forward entire go face, to actively but our intervention customers are mitigate depth credit our it’s that and we to impacts it’s the portfolio, most on those predict the In challenges that engaged will early have of
to very to customers, close reached out We XXX% them. are having our staying of
trying will their monitoring we fixed liquidity options return around relief rent manage of normalcy. semblance franchise helping We expenses, to to are through can real and to time, revenues and when best as some ascertain their working
a SBA large support at portfolio. breathing our have disposal loans The to in payroll from room of initial capital our and tools portion critical provided deferrals, the P&I
we As liquidity need capital to we provide to we're our we to working customers through them it have progress, capital a need that confident help this.
impact the we the significant. impact day macroeconomic the RMA $X.X on books digits. on the event throughout calibrate one prior to to as a sustained be indicated million being CECL one our quarter loan scenario like double use banks, in ended allowance. As and day reserve scenarios to we loss most CECL. we changes macro in in other forecasted were calls, the unemployment material did escalates to the model the in settled we expect not loss closed although decrease The the of to up year evaluated pandemic our high which lifetime ends contemplates which that And We
to two cost into we separate our and On held earlier loan our Page you loss loss XX, reserve the historical us that at can reserve basically loan of see those held requiring impacts reclassification loans to value at mentioned loans portfolio into and those the buckets. existing those loan fair reallocate our
as this increase really you As an a see, the million which credit for about generate previously quarter balance just in classified million $XX in credit can sheet $X.X million of and the value geography. All loans. in component $X.X modeling it additional allowances allowance, in comprised reserves the in our is all, fair
these you over those simplistic unguaranteed two look at a right about protection far X% loans. across reserves we on $XX can really $X about of Page total And basis, look or If categories. a have you of on that the you little a of billion of see million the loans XX, on if
the Given our shape the uncertainty and we're our remain as ultimate outcome it energy any timing relates to of and of recovery, customers. all conservative to going spend forecasting supporting and
events the weeks digital and of of our deposit funding side, the offerings. remained efficient the ways, importance over a lot in reinforced have six last platform really On the banking
have to recently as opportunity some gain and has here the Fed's some though overall rational deposit downward quickly the think actions. and the repriced future. we Given quite in We've not given markets, ground the seen however, portfolio funding for pretty pricing near remain liquidity in stress downward paramount us imagined might as our
operating those blended - gap you If the product that great near cost still versus a compressed overhead. zero is find launching mentioned pretty remain our two ourselves the a now. the and really though, have actually account on we rate environment, fully excited at that costs of loaded between look really accounts saving we in base that up building We interest it's and with minimal checking Chip the source and funding about
as basis terms our our repricing. portfolio QX was quarter. XX% reprice our XXX - points with first and recurring a time In at loan pretty will of net interest the action the came end of was in the action revenue us Fed at and growth of our stable in margin of timing we lot for tail terms here of bad margin, said at solid Fed it a were of QX just CD beginning the That
in margin of hit our the a back-half deposit expect the recover take as the we year So in QX, to but to reprice.
significant have facility from funding the liquid of great of PPP anticipation perspective, the sheet, of those of mentioned in in also the in a NIM also Chip introduction funds but ourselves program warehoused near-term. the We will XX point extremely and loans which find basis liquidity we compress cost with XXX% as at risk Fed balance is
the earlier side, hired and a the up incredibly to over is dedicated silver year rolled and expense The sleeves. that XXX PPP weeks. the businesses XXX lending deployment. processed repositioned end last working into across fortunate have been the have of people technology as teammates talented, collectively incredibly program country. business year banner the I mentioned who clock to small in We two around small helping into throughout I found X,XXX lining we new their loans On roles we anticipating ourselves of
help than we work this. it through funds we're in keep jobs preserve we in as the committing getting For made to of all to them XXXX to of contacts out speak into more that's more small And four back times going loans weeks. businesses hands and two
thing capital which and expenses perspective. plan our we looks high comp triangulate note as line you of don't compensation change that. us capital result almost team and our to expense million helps from stock-based One a our of expense $X a quarter to So is largely
solid small rock service is of in may a model little path bit. while We're our confident more profitability to to long-term the sustain ever team Our than back businesses. pushed be
we the couple to Aside of platform future to expenses as we gen a and had initiatives technology business from and build we of continue for small our salaries the be benefits, million believe what dollars to increased banking. next related
It by technology related to our reinforced only recent banking thesis like has really events. feels and been
hurricanes, with for of remotely you some over really become our six working has people ordinary last XXX and the weeks us missed in beat. technology know pretty course distributing a haven't experience Given cloud-based we and
ways In with some common even and PPP teams, Zoom our mission. rallying Generating loans around that technology better flexible collaborate architecture you can these argue of scale requires we great platforms. a and entire and company
of up of first which a our we the the in funded the the our We loans built forgiveness we on With efficiency will our increase program platform dramatically quickly. we partners and loans stood believe platform lending on day booked help to Finxact process. purpose PPP
the our to great be the businesses PPP positive. got loans We believe customers banking In the that there, experience, model. for. day. small service marriage the coupled digital funded may prospective our with great directly there and one technology importance spoke was out of every we winning We wins extraordinarily we existing feedback and fully great from automated solutions X,XXX the of some truly offerings is of people single the robust customer And while our
platforms sight ever for turned PPP of our and our business our believe fully initiatives, attention as namely initiatives on strongly Apiture account. and pause the our but we model hadn’t re-platforming as bank a like We we to the lost company program. technology our them launching as digital mentioned next-gen small we bit in FinXact Chip still checking broader As entire
bank pivot payroll on year, for still and program in can model redeploy checking this near-term deployment launching track we've CDs the we loan We're our the Apiture savings proven FinXact and behind. and on people a close account of in the on In fly. that quickly
new looks to what excited these energized products, slower near-term. in our deposit launch be the new is and lending environment opportunity to look a team focus we to the in on As
services. than others. Oak to $XXX of to and Live Apiture, appreciates continue million Meanwhile, for perform of companies within make our deliver banking well. next financial Canapi the roughly is Payrailz generation to now on digital and need platforms more ventures sitting investments industry ever banking powder dry technology portfolio FinXact, the
So all you how do up? wrap this
a to a balance the And forward our Clearly, the previous remain we have our the Do firmly quarters. to we the we even takes with little scale Sustainable goal we this back needle a bit. need didn't in the go environment. still sheet more it sustainable quarter. revenues, activity get returns, goalpost if long-term slowing profitability there. we customers us that move help obviously side slide and on new lending the shifted our priorities business But to longer existing normalized and believe require additional on same shown
capital of SBA any opportunity critical always But provide if businesses on this. the help from this see and the expect of protection to the help past crisis. is from the Away impact of them the have businesses to payroll been recovery. working to loans we future, great small recover small of components capital predictor well-positioned program provide believe And recapitalize to side we economic of we're other
long-term remains Our business best become bank. nation's the unchanged small mission to
this helping business nation across our Our obsession small crisis. through and lies the current mission with
the As their offering all focusing a them people customers and in on loan and turn loans. of of our of focus safety well-being and are payroll safety our advice, company, the heavily we on our energy dedicating people deferrals,
our to this help across still the businesses our are payroll loans provide be businesses. and just underway. They been by They to mission is industry small communities and will small inspired customers our quickly continue administer business American dream. and We've customers. existing within the critical the beyond are country. truly tenacity funds by expanded That our our owners both We attention to in local small to verticals, of
Roll questions. the
