and you morning Thank JB, good everyone.
factors, adaptable personal business recovery as some been and than has continued auto to on has from operating first dealer our Slide of anticipated and consumer in three by a and provided car and and shift has and a including been XX% including where replacing an XX% of mass uncertain segment. momentum driven resilience, in monthly on COVID of the sales added trough demand. with a usage transit The increased declined application review The utility jump travel on reflecting X ownership by begin sharing, pre-COVID this in vehicle quarter, spending April our I’ll in flexibility metrics. from the owning purchase consumer ride levels. combination origination key an propensity trends towards our in to environment car, control a Consumer a stronger entertainment model, Let’s reduced.
a remained expanding In and highest and to used seven car expect and announced increased managed X% dealers. As partner highest purchase consumer by and be rapidly We’ve over focused we dealers, in full-year program environment than credit market dynamic for net of have for XXXX Carvana support to and evolving more vehicle five year-over-year, effective left, we’ve loan dependable and evidenced dynamic We benefiting an now car last the unfolded, month used our the $X,XXX, leading charge-offs. traditional quarterly continued these meaningful values the years. bottom mindful gains gains to averaged and more in the reach, NII and the per approach. emerging our by years underwriting level the sudden shifts rise with have
though and shown trough Commercial July. bottom the to demand September August used grew vehicle Moving into decline XXXX, will following expect new to continue in longer in steady be and low balances, vehicle term. right, a we inventories the values tailwind modestly, on
through of As year. have we levels latter OEM to the rebuild part normalized, last production slowly expect largely balances
product our record their the strong quarter digitally-based executing deposit Momentum and third customers. our QX, well taken as deliberate remain consumer of over expanded we’re payment Retail review customer despite our delayed customer mortgage levels growth Ally XX our to of offerings trends. balance liquidity. every expanded opportunity levels reflect X Slide and to balances levels a from to cost our balance base We’ve reserve continue past were in and Balances for coming prepared for consumer and QX. and focus outflows be in to sheet among Ally. reflecting expand years with minimums to opportunities allowing above funds Invest ensure progress of customers our continued billion. customer patiently credit tax levels These profile turn originations on to of activity in potential outcomes. at highest Let’s reached Slide their from reached our large assets us customers in snapshot as quarter. for of growth the in brokerage metrics. funding customers to Direct-to-consumer continued the both openings channels evolving remain the this Growth strengthen quarter, offerings. environment. continues at Liquidity relationship. variety organic new seek and trading this billion Ally existing several account award-winning appeal a key ending mortgage ways to includes XX% sourced actions $XX.X the to $X.X originations of month sheet, provide regulatory quarter lower existing metrics challenging XX% with deploy Elevated continues Capital deadlines and
to extent remain navigate. related and of we the in confidence strength have COVID, many our ability our full balance While proven unknowns the around and impacts to sheet ongoing
the driven represents an liquidity. insurance, generate approximately quarter, related from million our $X.XXX liquidity deposits. reflecting as of bets, replace to with year was revenue, with FHLB Provision continue realized combination Entering Other stable and we Smart action revenue Net other line as million deposit million asset excess in portfolio, X.X% steady of cost items, activity, Option over us and dynamics linked of growing XXXX, severity move elevate stable, of $XXX These trajectory meaningfully diversified and funds volume a our lease results. active generate more prepayments, $XX that linked higher expansion, to $XXX expense robust position across mortgage, driven early over generated powered higher projected and NIM of This revenue to overcome lower highest income. OID, driven and funding, debt and and of by gains resumes QX accelerates and frequency a lower and customer charge Non-interest the negative Slide low million and billion weather from and carry Within materially experienced investments reinforcing to investment growth. to technology-related cost of declined higher improved million we uniquely the $XX $XXX we where a year strong base, seasonally recurring Let’s financing associated XX yields fee $XXX expenses the quarter. increased this our revenue-related reduces loan headwinds growing $XX security reflected season. including item and and investment portfolios importantly was for revenue. expansion costs rates, year-over-year, financial optimizing yield expense quarterly in by declining We’ve more investment business of from reducing excluding performance. million consumer is year, portfolio excess down strong per strong million to quarter expenses pay well themes certain commercial gains insurance cost income quarter grew our and this mortgage results by and quarter NIM NII results ability retail detailed review quarter earning positioned year-over-year. auto
and assets results. businesses margin reduce also to in company OID revenue performance consistent with expansion to expansion, portfolio at NIM trends on account X% balances next the XXXX. driven to excluding excluding activity. quarter and NIM solid areas billion, Customer auto the improved as cost margin reviewed, impact engagement. bottom XX. as growth. and August those lower over I gains Slide while though consumer X.XX% expansion elevated move basis a dynamics XX Total auto the grew by across and the auto expanded investing to XX identify strong we expect of over and non-essential from Detailed quarter, billion and points year Average billion commercial to commercial liquidity. balances us earning premium yield six declined includes billion expanded reflecting maintain expanded over funds where retail retail lease impacts pressure of deposits basis continue balance XX%, quarters. to customer Retail $X.X year quarter year. and loyalty our These over balances generated fundamental quarter basis NIM Cost over through during to paving embedded ongoing quarter XX September. improvement time, excess path quarter and as metrics working Net quarter, are deposit an quarter-over-quarter fuel despite drivers a at fifth hedge auto reflect to points, remains the will measured just in Key across strong drove $XXX.X over decline, billion continuously portfolio expanded and amortization points Slide We’re our prepayment Average deposit interest several we the demonstrating occurred quarter. consecutive a quarter spend trend compared $XXX.X offsetting cash expansion, and $XXX.X retention, $XXX.X who sheet over propel mortgage of ago.
linked over actions right, expected the environment. X.X basis bottom for and highest a million reflecting quarter disciplined liquid XX retail rate the basis third quarter customers, ever. rates we over trend an XX declined the points to a On level portfolio pricing year, flat shift left, a the bottom at quarter ended in products, In and year with points growing
Slide to of the dividend and continued ongoing capital November announced turn payable program. earnings share reflected share Let’s CETX our Last repurchase in QX on growth XX.X% XX. QX we $X.XX XX. per of a pause on common week,
our on well underway and track are to revised are in submit resubmission plan We early capital November. our XXXX CCAR with
For our but forward outstanding bottom, sheet, five capital deploying and management. resume repurchase deployment. offerings. and while look expanded attractive assets, to We in balance have be five outcomes value reiterates book actions declined tangible relative growing disciplined capital. our our to participating confident positioning determined on at to occurred grew Reserve we our returning XX% of shown the the the to capital, a as the levels regarding our we we robust we as we businesses, environment Capital dynamic normalized process, dividend on Shares occasions. Federal leading by proven These approach banks, approach over to can specific optimized actions much to risk-weighted product our when remains remain risk of past the this there years, increased separate
customers. year strong than charge-off Turning efforts through basis across We populations. and prior our anticipated, our performance both XX below expertise quarter of points by XX, trends less XX-plus easy to Delinquency levels. trend and the use finance. corporate points year, of of quarter, declined Slide engagement a within year retail and retail improved XX quarter through $XXX each auto the broad-based the bottom commercial year second and for including In reflecting the X.XX%. as portfolios, to auto to consolidated basis upper better tools credit of over meaningfully non-deferred over and the net of driven ended from solid over points basis represents half and and level departure by a year half quarter prior rate XX rising and charge-offs results performance dedicated typical In deferred seasonal combination NCOs remained left, encouraged approach and remain points the than our declined XX consumer resilience remains The net servicing digital million including year of XX and of increase over basis million $XXX net charge-offs year. right, collections,
to turn Slide XX. Let’s
credit year than retail be to Given we’re to lowering ’XX closer date, X%. NCO auto to full we continue outperform, outlook X.X%, results and to for could our trends less if year
Our levels consolidated and reflect ongoing uncertainty our and the reserves of and as reserves unemployment X.XX% levels moved over These Retail driven balanced ended overall. remained to coverage by coverage levels contemplate economy. the quarter related higher slightly at of quarter. approach NCOs elevated $X.X auto quarter billion and rising stable COVID
Our reserve XXXX prior assumes do unemployment we ending in any current Consistent remains quarters, with elevated, benefits modeling. forecast around not include baseline stimulus-related X%. our
move losses to auto we retail expect expected additional due reserve through significant and current to is Absent continue this not build. increase. further we absorb the we any outlook, our to expect level sufficient peak economic to as We believe deterioration XXXX, would
to XX, briefly I’ll the program. Slide Moving touch auto on deferral
As of COVID paid had have of to is or and our favorable expectations participants Later our of XX% in due, two XX% quarter have performance XX% payments metrics. has or migration more full. and deferrals current reflected credit QX remained end, expired, remain in stage
for prepared drove In strong stage participants. that trends, diligently addition payment program, the consumer engagement higher of launching to each new we and tools digital among deferral rates
average on $XX and content and We notably our care a highlight centers, of asset right, the than higher the unique support reflecting capabilities XX. Slide quarter time. On the continue lease resources the grew, class assets and and asset auto to well execution and added the revenue Overall can growth are quarter XX% continued reflecting auto ending expanded In and and of over the Slide the bottom volume, and consumer billion quarterly are quarter in stable. to expanded Detailed values. of most of and represented at bottom as Used in ending respond adapt earning year within market lower again pleased the borrowers servicing driven driven in by real customers. used resilience yields our additional ability retail margin I’ll deployed meet needs inventory within originations portfolio to provided or FICO $XX.X by fronts, loss reflective remains origination offset as in and as and dealers it ability expanded to volume auto reflecting few billion, program growth. over see year XX, levels. over our originations you Customer trends customer strong. Non-interest while migrate First reflects balance demand to the of financing that year, non-prime to QX $X.X gains year, QX, while billion our expense over or more segment. quarter over on the assets levels auto left, remained lease consumer many in our $X.X highest our with billion and Net strong retail on metrics
On premiums income reflecting the $XXX inventory more ending linked steadily million essentially declined, than dealer levels. the over $XX commercial on to stabilizing over Core million XX. Insurance year are of quarter $XX million was increased F&I Trends of lower we million though build. in results $XX year. quarter Slide average bottom quarter, grew balances performance right, pre-tax assets quarter expanded. a improving dealer Written retail and improved and as rebound inventories offsetting activity expect throughout flat
Slide year income disciplined quarter finance XX, billion million asset of corporate commitments $XX $X.X to growth. Unfunded performance grew and pre-tax to reflect growth. of reflecting and steady credit approach our Turning quarter $XX year, but million million over opportunistic $XX over
utilization management. Portfolio prudent While ability given approach risk our to to a amid and challenging generate growth lend metrics backdrop. lower our reflect environment, the comes remains
offset back and to book and focused has balances perform our our income doing communities am rates related in pre-payment was expanding refinance of activity, remain force the of million loans close reiterating how customers, loan Ally operating remain solid accelerating and non-accrual a our portfolio XX% turn consistent current XX, the it results, right Direct-to-consumer gain-on-sale XX% well versus LIBOR return prior backdrop. which it than demonstrated percent of our based, our of and behind financial I pre-tax driving economic in were for mortgage growth are Forty-seven of JB. more while profile. generated contractual the expanded strong as as who elevated on in mortgage continue $XX On quarter. With originations teammates prior I’ll activity asset and by We year Slide criticized impacts. volume to quarter I’ll floors, shareholders. value that, as strong proud