with Thanks, those the thoughts this like are to Doug, everyone. my also and those pandemic. work appreciation express who for front-lines good affected. of continue I'd to on My morning,
the how I'd associated business from and the to COVID-XX items are of of considering first the managing the some rest and run focus on discussion First, my key impacts. quarter performance like financial the through we then
to quarter on move financial XXXX Let's first performance. our
$X.XX share. an We of diluted basis, $XX in diluted net or per On share. $X.XX are we million, C&I adjusted per income, or million in are $XX
is in context million end, quarter, As on the adequacy. is business later. net overall of which with in XX. views talk the adjusted Slide about in To of Doug the you capital of our We capital loan I'll an about that income, our capital C&I of generated first mentioned, the changes we little reserve. loss this we adjusted way excluding this the see generation business walk more will $XXX a think believe that to consistent using appropriate run capital
quarter the risk-adjusted originations first impact implemented in action for These second virtually combined our the our quick for led an market We the box prioritize our Originations loans the to demand of of began approximately given $XXX million significant to billion, the credit with uncertainty. last for half with flat the the quarter on to in lower returns, current reductions underwriting March took We COVID-XX March, quarter. year. of to as actions early first country. weeks $X.X impact
down quarter, first $X.X million the Our for XX% quarter higher XXXX. sequentially, of but or $XXX than still ending were the net receivables $XX.X billion billion,
Given and be our tightened about obligations. access volume seek stay-at-home credit and orders, significantly near-term to their Consumers feel levels. than box demand ability year's from lower to we typically lower confident their situation credit last they when repay financial to origination expect borrower
weeks first are X XX% XX% lower of For originations of XXXX. April the April, approximately than running to
$X.X last APRs. from to compared in Interest primarily quarter. generally income last first XX origination year, receivables was was XX% reflecting strength billion quarter, up points continued last quarter, year's Yield the year's higher than first first in basis higher reflecting average
potential credit we reflect expect towards and our programs, waive of will of as lending a our box lower-yielding borrower delinquency primarily to secured tightening; including late the yields, combination in which assistance the following: result April. originations shift forward, a fees decision in our higher see March impacts of and impact Moving lower late-stage to the
average of quarter for higher Interest levels million, about up outstanding. the $XXX was debt X%, expense reflecting
this as to expense balance conditions. levels a inexpensive draws our view interest be a and given carrying result cash We we the are carrying cash as expect sheet. on relatively prudent We short-term and insurance of policy currently in uncertain higher conduit today's our excess
levels, will evaluate continue to debt markets, factors. cash We other into consideration of taking our among the stability
losses mark-to-market Insurance due $XXX down compared XX% was due million million to year's year, the higher revenue in revenues quarter, quarter, last investment primarily first income lower from other to higher in versus $X in production equity to loan periods. quarter. first about were the last prior Total generally
to Similar Approximately products, is claims. case in life of unemployment our by product. their our customers by increased of claims to and Insurance noncash for the our events. portfolio first our financial in or the on a covered XX% This reserve keep commitments IUI Involuntary late track, IUI reflected increase quarter product, IUI, benefits policyholder note, insurance compared associated other with also rise million even of the $XX helps unforeseen the March XXXX. You'll
During recession, XX% loans likely to insurance to the 'XX/'XX XX% with less charge-off. were about
on Let's move to credit.
quarter quarter rate point the for since XX charge-off lowest from of and the first a Springleaf net basis year was ratio merger last improvement and X.XX%, Our the loss OneMain.
at high and a be even business performing to through level as Our very resilient evolve. our positioned conditions was macroeconomic quarter, the portfolio first we've
box of Our members us have the portfolio allows dynamically reallocate is our our tightening hybrid proactively last to members over collections X,XXX for XX% team branch we secured. the added if flexibility credit year, to We've with team and dedicated which model, to needed. collections, been
you see were the our X throughout on expectations most As tracking presentation, Page with of will first rates in our earnings line of quarter. delinquency
stimulus of We've COVID-XX government positive Borrower the reflected seen end signs developed. results the payment March delinquency, the programs our April impact Our Assistance customers. began month as of have and our some impact softening in towards our disruption to as
uncertainties While outlook during net we the earnings impact related trends given various quarter we withdrawing the charge-off our to provided call. of have COVID-XX, the improved, fourth are
Let's we ahead. credit and a about thinking our pause that performance minute uncertainty here to through are talk for lies the to how manage about ability
are segment to manage positioned market, of business in through is uniquely this We this and experts environment. our the
help is while stress, through business. of our model periods designed protecting profitability of also specifically Our the to customers our
capacity absorption statement. loss significant have we our First, in income
that Call have are our such on more before to factor from not risk-adjusted losses, impacting Xx XXXX generate the optimize would than levels returns underwrite losses receivables to that capital. a returns, by our increase of we we
of package be support meaningful our monthly stimulus we cash flows. they will Second, a government enhanced as borrowers source believe their benefits to manage unemployment the and
obligations be our Third, future between own a benefit effective management cash in will balance should we mismatch coverage receive. they an to And the to portfolio, for expect expect benefits mitigating unemployment and fourth, our charge-offs. financial the IUI Assistance the customers, timing provide resource as delinquency their Borrower our they may and tools
and robust Assistance temporary modifications These tools Borrower include Our and reaging. deferments, are free tools for been years. loan part of permanent both loan have and our business payment partial and
us dramatically customer make provide enrolled to uniquely positioned is a is tailor them. their Assistance desire have borrower a and individual ensure that thus the best uniquely very History when of outcomes model indicator we majority meet Our to We who our borrowers, elected vast think of each this important The partial of have for the in obligations to far with engage best Borrower solution financial are borrowers' we to to improved their circumstance. ability. assistance tells each payment.
on Let's now move to operating expense.
about increase in First than This quarter operating expenses last quarter. were that past. $XXX million and first reflected investments the higher in discussed experience technology, X% acquisition we've primarily or customer year's customer
For the X.X%, basis period the from quarter, was points ratio comparable expense operating XX down last year. our
tend over credit seeing we're box, costs incur Given to and of these customer with in to currently vary and lower expect what lower we acquisition demand our tightened expense marketing customer near-term terms production. as the
in the investments defer creation other value we discretionary impact minimal certain interim, on anticipate business We business' tighten will prospects. and long-term evaluate and continue our the to where also expenses over
of absolute expense the be with ratios reductions we expect currently down XXXX, levels to ending consistent to operating expense As we XXXX. flat result from contemplating, a with are XXXX
let's that, sheet. move on to balance With our
this January by our million. in adjustment reserve CECL quarter the $XXX reserves we $X.X Following loss X of increased billion, loan first
reserving the number for expected a conditions our forecasts future leverage requires modeling CECL know, correlate trends you macroeconomic expectations include indicators within and period. to own of unemployment models future macroeconomic forecast third-party of internal a use and loss to with loss. regression As We our
a ultimately reserve followed assumptions XXXX. unemployment over assume quarter at by and that a during into set improvement gradual of of XXXX X%, first utilized peak Our a
to the of assumptions baseline similar end are the at March. Moody's these forecast As a reference point,
as impact and also estimate coverage We of tools. the Borrower government and stimulus Assistance as an incorporated of well portfolios our IUI
in first reflect $X.X Our receivables, loan now quarter. the of of shape many of the that C&I unemployment that XX.X% up books. the XX% particular, numerous and note important approximately still have quarter loss to revisions was our reserve is our start Since macroeconomic at publications of reserves closed curve. available to or that time, been is there us the at It forecasts information uncertainties remain, the billion from we and time
certainly more months, our quarterly will allowance adjust over learn evolves, the coming and we economic the We as will outlook accordingly.
a us well-positioned been our have feel say balance years lies uncertainty and We've that for are maintain sheet capital been As past you the the heard to before, conservative few has over rebuilding balance and with ahead. priority our strong liquidity runway. long sheet we
was At March about capital our to was includes adjusted losses. of modestly, equity a quarter, capital capital after-tax reflecting Xx X debt target portion our adequacy X.Xx, the and tangible capital, reserves returned the to we billion, adjusted a XX, to comfortably announced ratio our largest special February. a which, net range From reminder, $X.X within adjusted adjusted was Xx after-tax the which dividend our and in shareholders up perspective, in as
and available our At $X through is our quarter to under maturities numerous markets. end, cover we cash, scenarios most no Lastly, and liquidity. enough billion access capital importantly, the of which to had XXXX operations we stress let's perhaps discuss believe upcoming with maintain
specific billion which unencumbered our had and of conduit undrawn triggers the generally out conduit terms difficulty] similar We ABS to and capacity, could conservatively and also that significantly runway, roughly $X.X the [technical $X.X performance billion needed, if assets extend vary, are set. structures. of but The
need more raise inside testing, current we and currently triggers. confident We to And levels than are stress recession unemployment forecast our the our to much would severe concerns. performance are well that through be
name to a We exchanges, at structured few. and disposal which programs, protect tools our our to have overcollateralization, exclusions numerous collateral include
ability market strong to of closing, to our conditions the economic generate We COVID-XX. manage in business evolving In our we navigate returns. confident remain
and of sheets one of built strengths optimize to strongest business performance, utilizing are non-bank consumer the model the lending space. we've in the We our balance
Doug. I'll that, back call over With turn the to
