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Page total digital originations $XXX loans, X. a quarter We above million for the and Branch, Meanwhile, were at of mail all higher than Turning levels and originations were record XXXX originated to mail direct period. branch first $XXX levels. XX% prior-year first digital, quarter. of million XX%
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XX%. of As XX% XX, an at our comprised of portfolio portfolio large was of our APR loans below of March had and or XX%
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market, our sequential billion will $X.XXX end creating growth by the the to large benefits around growth and quarters. our optimize the accelerate, healthy continue operating allow revenue quarter, to demand expect However, and loan of the portfolio and credit the finance in us actions strong that the immediate receivables and to in we margins in will light to quarter fourth of efficiencies the long term. In third driving portfolio second provide net the continued in growth
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million existing receivables had success the opportunities in at the first of average branches. an from newer branch of first growth were average Our receivables our quarter, end We’ve $X.X cohorts, end branch XX% at increase that we within footprint, of across an the increasing the branch and of million believe considerable $X.X XXXX. remain of at particularly quarter all per high all-time
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and we’ve mentioned underwriting ago, our our actions heavily long margins as portfolio While yields the taken shift the on we will moment to improve higher-risk, towards are higher-quality net tighten In term. a credit believe we and basis our segment down, loans second more I large higher-yield quarter in first due total credit yield be than be XX interest continued approximately the to expect basis points the loans quarter, shift to yield normalization. XX mix lower revenue approximately the to lower points and fee to and large
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faster As day normalization continue delinquencies risk segments. our XX-plus normalize our in with expected, to higher
sequentially, Our ago, basis XX-plus year X.X%, levels. first delinquency day end basis XXXX up quarter a pre-pandemic rate as points was XXX from of still XXX down XX but below basis points quarter points
ahead, normalized to rise continue delinquencies towards to gradually expect levels. Looking more we
points rate but loss than XXXX. net up credit basis XXX anticipate will X.X%, quarter approximately in the that first points typically during to the net basis in seasonal be first quarter year, the XXX than historical its still came loss quarter credit it net the second due the we credit credit of ongoing better year at million of Our expect expected as this to reach quarter during quarter our prior-year the first period rate from altering $X.X losses trend. high better first peak normalization the for than the we Though higher We second quarter. as
second The rate loss remain levels. net quarter XX should, basis below credit pre-pandemic XXXX points quarter second however,
X.X% our that full year demonstrating continue better credit current in be are anticipate macroeconomic XXX loss manner XXXX, to points hold, the trends than we growing. or we controlled which net rate will Assuming approximately basis XXXX
year, first support $X.X of of of sequential million economic first on we quarter in part the first in reserve only million $X.X We a we of this reserves in of due macro-related $XX portfolio million an by allowance by million allowance released the $X.X fourth reserves the XXXX, We In quarter, finance quarter to in to growth, quarter reduced credit Turning growth. portfolio release portfolio or Page the on $XX in offset year-over-year. losses $XXX released $X.X bill million pretax our the quarter for consisting income to to Compared when million of sequential conditions, XX% reserve million ended improving reducing receivables. million of $XX.X million liquidation, net by XX. with $X.X
COVID-XX compare Our $XX health macroeconomic future to and total the position pandemic. includes and as monitor the impacts a reserves favorably million the allowance potential very XX% for consumer delinquency our to coming including with of the These to strong reserve continue amount months. macro-related credit to losses, XX-plus-day of economy million the continues our to of a of we in allowance related $XXX $XX losses, contractual on credit macro-related associated those million
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The net to with remainder a following our income year experience will flows associated which, the for quarter second throughout as income the strong second we our quarter income of the reserve growth cause growth sequential low build will net statement. XXXX, through portfolio point in the robust revenue
continue that expect the will the that end decrease XXXX. our approximately environment, to reserve upon reserve estimate of normalize the of second overall Depending at the XX.X% rate We to will rate quarter. course our macroeconomic we over
rate by around assuming of rate continued would to shift our to unemployment our which higher-quality be year, relatively XX. the Page of X as reserve day loans. In a to low with drop reserve end low addition, could attributable actually XX.X%, benign to the as than the and CECL Flipping outlook, macroeconomic lower conceivably our improvement XX%
improvement was the ratio first Our approximately G&A expenses XX.X%, our our optimization expense the with million, by quarter for branch the included first XX the actions expense of XX discussed million quarter a expense impacted that associated basis $XX period. Rob for point earlier, which $X.X basis prior-year ratio operating G&A and from operating expenses were points.
expect we digital In G&A approximately our in we expect $X.X quarter, second heavily $XX.X noted, to sustainable capabilities, expenses year growth the actions. improved be and related of geographic branch this As drive to including additional optimization expansion leverage. we invest to operating expenses previously personnel to approximately million and million,
XX. Turning to Page
below for first remarkable quarter interest Our the result. ended expense a X,
we a XX rate protection we interest a Of in X-month treasury which total rate As otherwise incurred. the The the amount, of recorded value the LIBOR reminder, of has cap million a strike expense. of cap posted quarter. biggest that yield $XX.X the rate XX of caps quarter, increase first interest as X-year $XXX was the as million the $XXX to value cap first rate the cap the increased value aggregate first quarter, million, had Through future the $XX.X Due interest end in first by reduction interest maintained years. increased and interest in in course offsetting the its the market in of in to all our increase of interest between of rate than quarter increase in nearly points. quarterly rate our of $XX.X our more expense XX expectations, million extraordinary basis in million was the been the
and maturity our notional rates and our sold significant principal $XXX date the in of caps. The rate caps, points X-month between in in million, to XXXX. April sell an XXX we decided of had and shorter aggregate cap increase strike basis XX LIBOR late amount Given value duration the
million quarter be gains future As mark-to-market and the second million adjustments. gains the of longer a gains the no recorded sale, recorded first of additional in risk that sold the as will of locked previously on result quarter the those an $X.X $X.X at in through of caps have we we
net as million XX with caps And mark The between sale, the and valuation interest in further dates fluctuate. and In future, represents the to $X.X LIBOR first protection remaining million, interest interest rate rates experience year-over-year $XXX the XXXX the expect finance future expected favorable in $X.X we’ll of as in the interest quarter. partially amount rate offset interest increase of to value. adjustments inclusive caps. the rate February we the we points to interest debt strike continue between first on increase the million sold growth. the gain sold to but compared we result, as gain protection remaining in sequential expense the approximately the to X-month on quarter, continue and may million of growth The $XX any prior our basis of quarter cap our primarily maturity interest XX second $XXX the and average million market February adjustment attributable caps, to in second rate expense to end Following or unfavorable a for quarter rate recognized caps in by maintain caps. create cover existing market is variable a In also on XXXX. receivables, our expense be This of
weighted our securitizations received challenging coupon and the closed has X-year $XXX X.X%. class of securitization notes senior [indiscernible] we securitization, to revolving end Despite of The we caps, to the from period XXXX as and quarter and participating. our rating. Page investor of the profile XX% our purchase a debt has a rating exposure million XX% the balance the Aside in of is of of our rate and a a at of rates AAA the of funding end new February, the and a environment, transaction largest received one quarter rising XX The XX% deal at to with Class first strong asset-backed by DBRS, increasing our A we strong sheet. investors healthy have reminder of the of XXXX. and top a to experienced In first oversubscribed quarter total time of compared a notes aggressively of interest interest fixed the first managed transaction first date. of debt rate market the average end by our the level
in market, our our regular with the ABS continued feel funding established strong a very feel ability access in investor As issuer growth. an comfortable to base, to we
of first our the facilities. had end unrestricted and draw revolving capacity liquidity, of our on consisting million hand down to on the of cash quarter, facilities of $XXX million credit we immediate available of and on unused availability $XXX As credit
rate debt X weighted coupon a years. XX% quarter. X.X% revolving average an As of duration mentioned percentage as first was earlier, our at the end of with average total and of nearly a I debt the of fixed
ratio funded a conservative at quarter first Our remained X.X:X. debt-to-equity
to We a sheet strong protection leverage, our liquidity continue very maintain rates. ample balance substantial low rising against and growth interest fund with to
the prior-year Our effective below rate XX%, tax during was quarter period. first slightly the
we the such rate For quarter, approximately tax compensation. expect effective as equity of an tax second XX.X% and prior items to discrete with associated tax
During we approximately capital $XX shares our price of quarter, return our our program. a XXX,XXX common We $XX.XX our stock to first the per weighted repurchase shareholders. continued million share average under repurchased of stock of at
In be share XX, second on common to a record paid The quarter the May on business addition, the Directors of XXXX XXXX. will of per for XXXX. close declared of of dividend our June XX, $X.XX of dividend Board of shareholders as
our and extremely performance back our of with remain prospects proud continued I’ll That Rob. call my for near- sheet we over concludes to and and now turn the remarks. outstanding our We’re long-term balance pleased strong growth.
