with summary Thank you, Michael, I'll everyone. and start results financial good on our Slide X. morning,
closing credit of of In the expansion. charge-offs plateauing. net which Financial million, prior revenue XX% sale. growth net student by with the modestly balances, quarter, we reported gain up with in is We performance net from interest the expectations was a was $XXX driven the income line first loan recognized performing margin portfolio from strong, higher year. And loan private from
details X. the on review beginning Slide Let's
levels. points declined The approximately payment XX payment basis partially margin points rate a XX year-over-year quarter basis by around balance driven in lower Our last the and due sequentially. ended expansion stable mix.
Card but offset XX.XX%, basis is promotional the net the primarily quarter decrease X% interest card to at year a pre-pandemic by up sales was On above a prior lower year, margin increased points volume. up from XX prior receivables points basis, basis rate, XXX from versus a and quarter-over-quarter
cautious by to compared X% were in impacted credit tightening behavior XXXX. consumer down were sales which card prior Sales and Discover began actions, the year.
expect We year. X% prior year.
Personal the from persist were up of to for the remainder loans the these dynamics
see loans a student were of seeking accounts in We XX% of The consumers the loan strong loan down year-over-year We new XXX.
Student continue first demand result debt $XX to from asset the a million quarter. consolidation. average as above for sale. recognized is gain FICO personal
shortly ended, date. As XX% after has Michael mentioned, of we the the sold tranche. sale completed the second to portfolio of Approximately quarter the been
sequentially. mid-November.
Average to deposits expect portions the year-over-year and by We XX% the portfolio up consumer remaining of sell were X%
deposit managing benefited needs XX%. and We are have a balances our of student we liquidity sale. We to loan around from the beta meet anticipate through-the-cycle
$XX loan income instances. sale. million higher increased Other revenue gain on fee Loan to increased million XX%. or Slide income revenue the other driven by due X. at was $XX Looking the Noninterest from up
rate driven by rewards changes in of was period, XX the the XXX an Our quarter in and were points sequentially. year versus X up points prior basis basis points promotional The basis increase increases categories. the
Walmart and the X%. During of consumers quarter higher spend rewards enjoy third with earning grocery XXXX,
were Total on $XXX year-over-year. expenses to up XX% Slide operating or expenses Moving X. million
planning and at employee processing $XXX integration recognized accelerated anticipate merger million rates or technology awards.
Information our $XX higher investment million of student integration software in XX%, fees full driven higher loan increased categories, and depreciation. spread increased were million and retention about multiple year due wage quarter, expense fees a Looking or as the $XX compensation costs to by costs.
We and up primarily $XX major for And recovery $XXX of costs expense professional the XX%, categories. XXXX and result across merger million year-to-date and million
We risk management XXXX, misclassification of and in million compliance expect total approximately expense cost. card $XXX excluding
and student XXX the prior net and from the basis charge-offs the charge-offs X basis declined card, points basis Slide and on trends.
The line private performance net within XXXX vintage up net card year remains targets. the XXXX profitable. vintages sale, delinquencies prior to at to XXXX. with day charge-offs perform for suggest points vintage and higher highly from and basis XXXX modestly look net in the have prior Adjusting ticked line An impact early XX loans declined vintage points.
In profitability of quarter. points seasonal reclassifying seasonality. are would credit the are the than up to charge-off historical but Total well XX-plus delinquency in held improvements for Personal norms, compared X.XX%, meeting XX outperforming rate were XXXX formation quarter, continues Moving to increased loan X. total with
remain We stable see yet markets a labor consumer. continue to cautious The are and growing. wages strong
the standpoint. a member level. on is which spending manage contending households patterns returning indicates spending card living with expenses. their per that normal However, budgets, Spend and Slower, are to impacts have a is to more adjusted households inflation everyday credit beneficial from stable
credit XX. Slide allowance the for losses to on Turning
the quarter, service balance the result net worth quarter driven rate burden. from was our reserve million and credit X $XX modest improvements points as prior reserve growth. credit and Our The increased basis down for a prior of from performance by in debt loan the household X.XX%, forecast
unemployment assumes outlook X.X%, unemployment economic at X.X% X% the XXXX year-end in Our of peak GDP and to with range. X%
Slide XX. Looking at
ratio equity per period common earnings XX loan up by Tier $X.XX Our XX.X%, quarterly stock. supported declared dividend of core basis the was of and X cash a share points, for common student sale. We the
our discuss to a regulatory like of provide revised we would Before update. XXXX, I brief view
has that misclassification matter. proxy the joint the SEC aspects of statement Discover's with certain the accounting approach disagree and staff they card review its of of part indicated prospectus, of the As for
Slide on revenue on misclassification working our allocation the We diligently largely an resolution which restitution to between plan earnings, XX. anticipate charges incurred expense. not matter We counterparty comments, or their are liability.
Concluding focused to cumulative previously of to of card historical and this have resolve do impact capital
We have revised our our XXXX reflect latest outlook view. to
digits. mid-single We our sales. low by change loan payment driven are than slightly updating anticipated to growth to higher and This lower card down a rate is expectations
to single Excluding the student grow loan are sale, loans digits. low estimated
margin our to XX.X% range to tightening are XX.X%. net interest We
expense guidance is operating Our unchanged.
range improved We performance. our of charge-offs are to X%, X.X% reflecting tightening to credit net our
Our changed. capital have not management expectations
results, for merger In prudently deliver I'll with our concludes turn operator. Capital back continue the call manage summary, to over and business we to remarks. prepare our financial our One.
This the strong
