of was quarter, was offset for We to lower million diluted an quarter receivables $XXX had or basis, reduce an million, healthy, continue Thanks, $XXX $X.X the coverage. generation, billion as the credit track Doug, X% quarter prior-year excluding million, quarter. was income On expense $X.XX reserve billion, the us fourth we Interest down improving a expense the and quarter. $X.XX adjusted everyone. levels, and $XX.X from reserves, outlook macro per the our $X impact fourth loss Ending performance flat share. or income quarter, the earned and allowed as prior-year strong million $XX.X improved, Interest originations million X% moderately share to down $X also $XXX or good the operating with and of remained earned third changes XQ $XXX below in in or up higher in fourth per versus morning loan receivables. prior-year C&I just from loan C&I slightly our yield in sequentially. Capital net loss down in moderately were diluted earnings XXXX. We billion essentially million
proactive benefit a that cost benefit our while maturities. to extending has our material management continue We of funds, liability from provided to
trend We expect this to continue.
issuing favorable we to to XX-year redeem proceeds were this in advantage originally January, $XXX In used bond October bond at bonds million of X%. scheduled we a mature early $XXX During market of of the that again million from quarter, that took credit in an X.XX% year.
down driven sequentially. Our million quarter; originations. the in Benefits fourth Other the $X was next claims bond XXXX. revenue optional our quarter, prior-year lower lower May product-related $X and than of by was maturity receivables year-over-year now the generally $XX million revenue, down tracks in is quarter, $XX million million and expense $XXX million which and fourth
have insurance. December by to changes and including As this to moderated a year claims insurance unemployment new related peak. payments down with than expense claims our April's throughout involuntary in claims products, both includes from the XX% reserves reminder, claims more IUI
Our experience expense a reserve million portfolio. to our $XX fourth quarter favorable positive in of related adjustment included IUI
and As adjusted IUI back customers have work going have to accordingly. sooner by, the been originally reserves we year gone our has our than anticipated, been
in to turn quarter, from originations trend Let's prior-quarter. $X.X is from XX% the down the and year. fourth XXXX, a receivables XX% we X Slide trends. throughout quarter the saw fourth up to We This but originated review billion our
customers to initiatives economic demand, an our our the recovery targeted drove and production As ability increase loan in enhanced improved. our serve
the the our the helpful incredibly our which of is customers and the average in after been this correlation performance, While payments most XXXX an our CARES relief direct with provided having between government passing second measures significant during four. in inverse year, reflected of evident for family credit This to as quarter demand, seen relief we've $X,XXX have perhaps challenging originations impact. lower Act, strong consumer
increase historically lower spending and followed quarter second happened can have in by tax consumers. and the to we discretionary XXXX. quarter, growth by as due in ahead, demand demand a Looking seasonally see in lower the significant in you refunds This receivables experienced first is
our seasonal trends these agreement additional checks to discuss I'll demand expect sale quarter, in stimulus from with shortly. the loan that in We continue pressure first
we to to expect the normal levels the stimulus and As to and year into effective payments to demand through progress resume. return wear-off, receivables we second quarter growth the
and turn credit reduction to XX Page from year's walk a quarter. were XXX now net basis point X.X%, Let's charge-offs our recent Fourth trends. through fourth last quarter
and XX X.X% basis expectation around X.X%, full-year XX year-over-year. delinquency basis X.XX%, full-year slightly down year-over-year, Our XXXX. delinquency to than charge-offs at net our points X.XX%, lower was in XX down points was points in XX December than plus basis lower XX of XX came
XXXX. see You in and can stimulus; losses effect delinquency has from that government on along very tightening in positive credit March had with our decisive these charts a
the about confidence a we'll and while the to and unknowns X%. feel Our XXXX, that through outlook come environment, net performance full-year delinquency credit we are charge-off strong for in continue XXXX in there charge-offs net of levels good us give to see number macro below expect
Our as reserves level fourth loan conditions of We in shown unemployment XQ. $XXX as second of XX.X% pre-COVID XX.X% were brought XXXX. of addition loss under in under our $XX reserves incorporating an XX. the next the million, $XXX million to ratio a remained grow brings reserve XX% rates We million. reserve just to quarter, In This Page macro CECL, reserve reserves, the future the and quarters, began the we billion on ratio trends to added that in X% over and quarter, receivables high around by which our our at the are methodology. under to CECL with two forecasting $X year that
future reserve $XX million unemployment Our $XX and XX for credit the overall points to led or basis a an XX.X% performance million. lower and of of to to reduction contributed ratio reduction expectations in
than the we approach remains have with reserves. expectations uncertainty and the throughout I reserves, our million, higher quarter pre-COVID of year, $XXX receivables. our which prudent and year's continue to macro a resilience operating Fourth XXX X.X% and the While of basis of lower remain fourth expense take confident our nearly quarter portfolio last than adequacy in levels. was points remain improved X%
generally tracked on cost the the expense. and loan and we emergence continue our fourth in operating in operating growth we reaction You reductions since demand to can to an took investment our of increase and accelerate Page pandemic XX, In in of which contributed impact our has customer expense to our platform sequential the see quarter, technology, the volume increase April. the XQ, in in
million, the below our in investment expenses were XXXX including or For $XX our levels, X% continued business. the full-year,
With We in demand, on our expenses in and will that, of XXXX. sheet. acceleration balance to expect improvements with that investments, move let's grow the
quarter As I coupon. during issued earlier, million, an XX-year mentioned we $XXX bond at the X%
loans diversify initial We're to whole effectively time, our for range provides We also the ever sale to to while program. this well see two at balance to can validates executed and loan production market the our keeping this to flow our par growth. creates flexibility on liquidity for a we for vast business. sale above the further the expand Over remain funding the years. committed ways for the our majority we agreement our of of sources to sheet, And funding first a always use create loan long-term that for looking committed and price we position serve potential dimension business new strategy customers and
in continue liquidity $X.X unencumbered maintain conduit to of capacity, with of $X.X We available and undrawn billion significant billion sources billion receivables. $X.X of cash,
in quarter, generation, And to closer the up of going from fourth $XXX range COVID range, we XXXX. In for the despite of with X guidance, challenges, level XXXX. Our of the finished crisis. billion to the leverage $X the capital economic the ongoing We line of fourth billion future under our will of to the generated pandemic million our full-year and we anticipate in be capital ratio just at compared XXXX nearly was into XX% X.X of $X.X quarter We leverage have lower-end mid-point longer-term times. X. this leverage target our and quarters
reserves, to total capital a manner, charge-offs. higher X.X have Our includes our our and considerable strong of end and tangible to than our capital adjusted continue year-ago, net times and approximately achieved returns with at first portfolio dividend a With after-tax XXXX in which has The in the maintained a minimum turn in total $X.XX continue consistent per growth that, to commitment return the year and was performance share guidance. paid quarter, third to the return equity $X.X X.X% Doug. billion we position this, capital we enhance with back quarter us allowed this $X.XX business, enhanced disciplined our February. invest to every cadence evaluate above We'll of to of share, shareholders. of capital the dividend our call quarterly I'll Consistent our and minimum be previous declared for per to $X.XX and adjusted an
