Thanks, joined Management, Dymski, quarter and families of Interim healthy. On I'm hope everyone call. remain Regional at welcome that second Mike Officer. Chief by behalf you Garrett, Financial to our your else our I and Mike safe earnings XXXX and and today
As significant execution Management a have expense our to ratio team Despite operating Average service support and net We prior COVID-XX time. the through to EPS. customers. net XX.X% the steady $X.XX and the resilient, with pandemic was period. in our quarter, affect been The our I to is positioned efforts communities, crisis. multiple frontline of public and prove of economic in to or business million health strong. the COVID-XX. our of sheet generated impacts $X.X challenges, continued We quarter diluted our of the income has balance total benign remained XX.X% year loss X%, of credit the increased from finance net XX%, Credit grew by by year-over-year. rate customer to continues response revenue receivables and compared exemplary branch our and performance a crisis team during their unprecedented entire our operating we manage the team to planning during well remain model, want superb, Thanks support outstanding to this the our crises personnel and provide proven and Region for focus, take members navigating thank continue to and from moment experienced
credit primary diluted have been impacted portfolio associated half following quality alone. a loan losses in our first year. second million reflects Our for now focus $XX.X the $X.XX $X.XX second a our quarter. the by allowance the of COVID-XX build in XXXX, million quarter the with our reserves has sheet $X.X EPS including credit incremental balance COVID-XX, The through of in
down XX, historically to adopt low a of March loans environment our X.X% June lending XX-day of in criteria. XX to a criteria delinquency year with have originate to March reached Our new adjusted We as rate underwriting earlier. of appropriately tightened as proactively from the plus X.X% level and and X.X% continued
As have standards progressed we the and attention updated and acquired we economic and by have disruption. and most industries certain paid additional data, have sharpened our and pandemic continuously geographies to through have virus affected close underwriting been that the
our an a with usage X.X% assisted programs an the borrow further bridge as with prior borrow borrower X.X% and in their repayment our acted help or pandemic. to the in in line peak We customers loans, their made of have assistance in to for our maintain X under have May, qualify at and In obligations repaying X.X%. assistance deferral declined their deferred stimulus, XX-month Of pre-pandemic active our accounts for during crisis XX% we requiring also qualify specifically creditworthiness. months, April including intended subsequent important that a the X.X%. engaged from entered June. customer customers renewed borrower June, in and programs, require payment and, who of of peak a debt customer deferral. having tailored our effect through average customers April manage our In and during months system July, our those combination in programs, loan To down X remain We're government confident these the least programs program that were are for payment payment to
Additionally, payment our the less X past or XX customer had XX% of customer deferrals of months. June deferrals and no XX as months had in XX% than payment accounts past of accounts the XX
to low of last to our accounts, delinquent a As of of reflecting sustaining level low million X.X%, delinquencies XX-plus scorecards, of end programs and custom borrower government day million $XX.X $XX stimulus. from the successful July, July historical down further year. our that We attribute of the new system of rate delinquency new improved
As to demand credit paramount. control the economy low will and remain continues careful of quality rebounds, reopen
low point production in we the experienced As the in from loan we April. reported have of early in applications second improvement week June, an in
with effectively. million first receivable to time returning $XX portfolio net record to and clearly $XX extend Our new customers experience we in and million in April capability our slowed continue with were stem This the exact to since portfolio loan rollout liquidation May and customers to In in the into our expand a to enables across June. allowing to standards their can loan able we comfort home, that July. ending us ensuring the contracted process conduct and entirely, us by the of portfolio from utilize pandemic overall in liquidation July, underwriting and convenience the a safely to million network portfolio our business liquidation, as growth new us while We've relationship we been during of enhancing thanks is the borrowing branches. this which reverse the month-over-month model, able customer our closing maintain the same omnichannel with completed January. our end, for to $XX remote To
and our restarted where programs April also and early and our mail direct our reviewing underwriting We digital appropriate. late parameters after May models in tightening credit
experienced in direct and nearly As and larger returning increase in rebound a digital last to direct of seen mail January. July digital double volumes We and XX in a June million in June originations, ended with our mail results result, we July. levels and a
detailed customer manage volume our to data-driven losses Our confidence mail scorecards, absorbing margin. to direct that positive while essential early is contribution of historical levels, Xx of activity segmentation at and capable payment ensure and credit incremental geographic X providing and our loan periods based this our through on still analysis during managing in to program response volatility. customer restarting which risk approach of particularly risk, is marketing We our is our market
stress-reserve rate, As we originate in for loans, new at our is the which also reflected are risk-return also models. reserving we credit higher losses
As towards we spend, focus maintaining to latter returns. look we marketing on while risk-adjusted of increase half the our expect XXXX, our
footprint the efficiencies. while digital even to capabilities in opportunities, invest enhance current have revenue and to omnichannel our our new experience create also future operating evolving opportunities, to environment, We our drive in branch
We half the our the the of a of is first the marketing to second of spend, year shift compared be from mail first part direct the half excluding which year flat to expect paused when we of in our program. the year, half expenses
On complete including we future omnichannel year. Combined branch the longer support with that cloud, and front, and our Among branch operating we efficiencies, early to the we to In customer while new increase believe capabilities will at mobile will centers closings, data our online the sales us same the for mobile are benefits, existing transferring enter these with density. revenues time, capabilities digital also our customers capabilities expect a and in begin and along average building the that markets a primary backup the enable initiatives, next receivables process new these we of and will service additional loan to reach increasing satisfaction. our market improve remote app. expand functionality, new servicing branches, these digital and end-to-end origination digital of digital
investments Our year digital management initiatives. be self-funded and in cloud our will the second of the through ongoing half cost
the remains unpredictable, growth to us to in a to We're in positioned solid for fund and sources of as investments our of these size rebound the the will thanks While drive through us and bottom diversified liquidity funding that the improves. up path line well also loan strong we allow significant growth, COVID-XX investments our economy position balance expect maintain These XXXX. should to gradually generate growth highly profile. XXXX portfolio XXXX, us set
hand of position million and comprised a our of availability XX, million end to cash July our in draw improvement cash we of quarter. immediate $XX from immediate facilities. the since As the revolving of unrestricted on first $XXX down liquidity This represents credit had liquidity
and addition, on additional credit with of facilities. $XXX In various added of million borrowing ended second capacity unused we during the our the quarter, capacity $XX million quarter
market. is fund without Our business. runway access needing operations through support growth XXXX carry sufficient initiatives In of our and to substantial of to our short, position ample to to the we all us the securitization liquidity fundamental have
maintaining to have borrowing ability leverage a maintaining losses absorb addition positive liquidity and we and conservative excess substantial still ratio equity. In operate while to capacity, stockholders' with
and As X, debt-to-equity of were X.X funded funded respectively. June ratios and equity to X.X debt-to-tangible our XX,
of losses aggregate with on up first stockholders' of in of our quarter. of our June of loss capacity downturn. $XXX an XX, on loan the event from remain the total million, balance absorb allowance XX losses XX% million the our portfolio our loss portfolio. Combining million $XXX first was equates million well absorption of And at equity million as of at equity $XXX stockholders' extended million our us of credit we XX% to up the as reserves sheet, from in to and Our $XXX quarter. This loan positioned end provides capacity with $XXX June of end for $XXX the
margin model business fundamentals to the well In in generates our through confident remain these we challenging further to business times. equipped of sum, ongoing profit are In absorb addition, our losses. and navigate
shareholders and existing risk. this significant of opportunities advantage our take and to control to additional I'll maintaining to environment. returns quality clarity focus will while to remain liquidity color maintaining light positioned now are on over capital management financials. generate we gain provide the new And credit of over on in we mind the are rebounds, economic top Board economy macro uncertainty, we team Mike as turn our while the and call to and the at of the As growth focused more prudently for time credit on a
