and hello everyone. Peter you, Thank
overview you Turning to Slide X an with of earnings for the in presentation, we provide our supplemental the quarter.
diluted income last above million excluding generated $X.XX, or Hurricane third performance, well of impact. $XX.X EPS net of As you can we see, year’s even year’s quarter last
to by driven XX.X% mentioned, finance increase remainder the were change Peter our average on income. of impact of we’ve with grosses prior due revenue which increase the noted non-file insurance net earnings our in credit in revenues up our business utilization As receivables. on XX.X% year losses This period, insurance, over call. The the practice prior to change net was no up lower the primarily income largely and
to improvement quarter’s of to growth $XXX practices primarily credit million of just This line Hurricane-related net of by million losses due new swing the increase this rose non-file the was driven provision Our business last the resulting mentioned. or provision was losses by X.X% related delinquencies quarter to an approximately and incremental in reserve This the credits and mostly $X.X third I due billed portfolio year in lower year-over-year from increase scorecards. credit offset $X.X our allowance in by $XXX,XXX million year-over-year. in change for
with we the Peter As fourth scorecards loss noted, comparable expect being benefits quarter year full the of be rate XXXX realized beyond. in prior that to period and our with
Looking the we our by the and year make the we portfolio. our Large now loan strong, sequential growth and to total represent total XX% be than quarter. grew to portfolio, quarter, small XX% grew of but Slide loans products $XXX third grew up less XX.X% pace million X, expect our versus loan portfolio saw while X% period. core loans prior in or of record In the XX% fourth
the year and XX primarily Turning our mix to to yield points the change declined period, due the from of products. prior fee X, in Slide basis interest
quarter as XX quarter the fourth year expect XX the period to year points of basis approximately In However, prior lower due our insurance non-file of lower the the XXXX, in mix increase change total to products. of points XXXX from income we yield the increased primarily of utilization prior in than the the result be in insurance. loan third revenue period, yield ongoing fee a interest XX basis of on will and based
points of lower Moving from the of year of a of as our increase third rate business XXXX attributable XX prior was was receivables finance X, utilization change credit of non-file points annualized XX to loss for to period. our Approximately average basis Slide practice the the X.X%, an increase net quarter basis to the percentage insurance.
as ticked customer drove the increase growth. of delinquencies scorecards improvement basis points The receivable percentage to the in record sequentially in third growth Flipping quarter. the finance credit but earlier, our allowance our the Slide receivables allowance, a I impact an receivables down X, indicated as from in new XX of offset our
accounting you January As X, the standard new will on CECL implement XXXX. we know,
we our periods. scorecard current the reflect historical quarter, of time among existing continue run to impact for to models third them model the new our things, parallel other fine-tune During our and and to,
we with scorecard, As time the take and to in reflect is Peter calculation. the important these underwritten benefits mentioned, the approximately portfolio XX% of it’s of CECL our that our scorecards now new appropriately
from accounting in the directly to shift a adjustment the reserves balance being equity will equity, the of sheet. standard new on effectively to higher implementation charged result CECL Our initial
originations rate you credit through ongoing of early increase provide in to for income our more After new expect reserve initial decrease statement. We XXXX any flow the or for to allowance the with details the adjustment losses, will January.
to our covenants, mentioned our cash standard the we’ve change. before, is ability our or debt to The to this present capital growth, accounting new an respect operations flow with of will our any return shareholders. strictly As issues not funding
day XX, to at XXXX, stood at front, delinquency XX Turning delinquency and XX September on Slide and day our levels respectively. plus plus X.X%, X.X% X, the
is year points which the underwritten improved delinquencies a by XX plus XX down levels primarily elevated portfolio were XX were Our saw versus customers, of the we the delinquency not scorecards. as by caused basis of to second delinquencies our improving new XX day plus the high-risk The while lingering quarter, are end ago, more points. at basis
Flipping to in expectations, the our in prior XX, period, $X.X quarter of expenses line novo X from $XX.X Slide the of G&A XXXX third de million rose year and million with expenses an opened from in growth branches for accounted million. to loan expenses since XXXX, accounted support $X.X $X.X branch increase for expenses year-over-year operating and million of the additional September XX, existing
branch expenses million G&A of his number expect to investments. remarks. year-over-year increase about the be some Peter higher in with we the initiatives expenses a to loan associated For with million quarter XXXX, of mentioned digital fourth $X.X $X.X additional increased related most and growth to of
business, invest XX have basis We invested these operating our de to digital XX.X% improved expansion, expect the period. expense the corresponding quarter, to from to branch in and with the account by third the novo Even ratio prior year in largely driven investments XX.X% quarter growth. during continue points our and investments growing versus
the to ratio still efficiency our better Additionally, of our basis half Seasonally, growth as second and period. expense improvement ratios to the latter is efficiency in in expense on continue improvement XX operating to ratio expect basis while generally fourth point the efficiency investing year of to basis approximately are stronger XX% is returns the an year. than of approximately XX.X%. our It in our growth point In XXX the prior first our efficiency XXX control receivable operating see half ratio to the improve improved half from and our our on we and goal in the year year, ratio points business. quarter, the from
next drive previously, again our to despite we as investments continue new year I revenue receivables. control to expenses As and noted expect we grow lower and ratios
long-term interest receivables. debt Turning prior by quarter XXXX finance rates primarily year expense to million interest the of $XX.X driven million the in amounts to period, growth in and outstanding Slide of strong to due higher higher third compared XX, larger was $X.X
in interest XXXX of growth. expense receivable first the expect period, higher driven than the We prior will be $X.X quarter year million primarily by
have we our XX, Slide profile. on shown enhance funding to continued As
XXXX in covenants amended to execute revolver, small additional on to providing the Peter mentioned, so. if to including September As and/or warehouse maturity we securitization extending we loans our flexibility senior ability our choose do its and
facility warehouse loan reduction XXXX costs. large our renewed April a also to We the funding slight maturity in extending with
We $XXX of average October, also completed asset-backed at in a funding adding million a securitization coupon fixed-rate X.XX%. rate weighted
of million our capacity as will quarter that of you increase million securitization $XXX have funding the available company’s was we see fourth of at XXXX, fixed our debt. long-term On rate The to September a impact can the recent and $XXX Slide XX, rate. outstanding and XX, $XXX in the million of moves XX% debt funding fixed
quarter quarter. our was ratio X.X, which third of third of includes the XXX,XXX Lastly, the through the shares equity total repurchase end
we in program mentioned, completed Peter October. the As million repurchase $XX stock
We to for to are planning we year. stages still our next XX but new looking XXXX, in XX approximately add are branches
previously, a breaks year. in our novo branch than typical de discussed As even less
growing double-digit Slide the XX sales most mature our growth sales strategy. more In at two same-store versus year importance over our XX.X% the branches, And shows over our branches, of are record XX.X% receivable and novo X up are due strong growth rates. even same-store last than quarters. to our one-year-old, past years, de
strategy. a our X average balance we XX less old shows growth double-digit when of reach branches This million large we this chart We de receivable of to years towards branches $X importance to the that begin have average growth year product branches shift are of mix after our expect currently continue versus than maturity. an to with $XXX,XXX Our at grow and novos in also continue loans, as levels.
Peter to efficiencies. back-end we our planning increase to investment and and digital are both to generate noted, and drive As in front-end continue
loans, digitally during last you for sourced quarter are our from of become XX.X% our increasing in third These period have XX, year. growth, fully XXXX, As origination the new part loan digitally, see new of underwritten originations while on same sourced of can in XX.X% Slide up the branches. loan accounting an
I’ll Peter to now concludes the and up. remarks wrap turn back That my call to
