Yeah. In the quarter, sales were down just 1% on a year-over-year basis. Or are you going to sort of hold tight given the uncertainty. Sales were down just 3% through the first half of July. The Zacks Consensus Estimate was of adjusted earnings … Thanks. And finally, capital and liquidity both remained strong. And now, it's my pleasure to turn the call over to Roger. First, I just wanted to clarify, did I hear correctly, you said you have modeled the second round of stimulus in your modeling for credit. As we considered the level of allowances needed, we modeled several different scenarios. We have continued to fund our quarterly dividend at $0.44 per share. But what I can point you to is retail, in my prepared comments in terms of the growth we've seen there. At this time, I would like to welcome everyone to the Second Quarter 2020 Discover Financial Services Earnings Conference Call. So then, finally. I'd say maybe one of the big differences versus the neobanks is perhaps a different focus around profitability. Discover Financial Services: Earnings Beat Does Not Offset Challenges. Thanks, Bill. Under CECL, as you know, right, that is reserves for the life of loan for the loans we have on our balance sheet. So, we're prepared for the worst, but I feel like we're in a better position. A conference call to discuss the firm's results, outlook and … But overall, as I look at where we are today and based on our underwriting and where a card loan comes into payment priorities, I feel like we're very, very well positioned versus where the Company was coming into the Great Recession. We clearly benefited from the actions we took in the first half of this year to protect employees, manage credit risk and control costs, while preserving momentum on long-term investments. Delinquency levels coming into the recession -- this recession versus the Great Recession, are lower. And as of July 13, over 70% of card loans were no longer enrolled. We didn't actually quantify that, but as we were making determinations on economic scenarios, and frankly, the overall quantum of reserves and reserve coverage, it was one -- it was a point that helped us get to where we arrived. Cumulative Growth of a $10,000 Investment in Stock Advisor, Discover Financial Services (DFS) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $DFS, Why Discover Financial Services Stock Rose 12.5% in October, 7 U.S. Banks That Will Need to Hold More Regulatory Capital. So I'll talk about the credit outlook and then handle the mortgage question on the back end. In summary, solid results in the third quarter, the portfolio remains stable with improvements in overall delinquency levels, reserves were flat, except for those pertaining to student loans where the balance and commitment levels increased. In the quarter, we had $1.3 billion to the allowance, primarily due to further deterioration in the macroeconomic outlook. Discover Financial Services (DFS) reports earnings on 1/20/2021. Employee compensation was up $32 million or 7%, driven by staffing increases, mainly in technology, as well as higher average salaries and benefit costs. And good morning, everybody. I'd like to turn the floor back over to Craig Streem for any additional or closing remarks. Discover Financial Services: The Worst Is Yet to Come, Copyright, Trademark and Patent Information. Quick question, I guess, on the average balance sheet. Market data powered by FactSet and Web Financial Group. Yeah. We moved aggressively to reduce our deposit rates. Grocery, retail and home improvement were very strong. Okay. And we're very disciplined and, to a lesser extent, involved in M&A. Thanks. In terms of the rewards program, our program is well suited to this environment. Just any thoughts on when you guys feel you would have a more clarity in terms of the economy in order to reinstate that buyback program? In the -- with such low funding on the ABS, why not maintain that or expand it? While I am pleased with our execution in the second quarter, we remain in a very challenging environment with considerable uncertainty as our country continues to struggle to stop the spread of COVID-19 and the impact on our economy remains very significant. Your next question comes from the line of Moshe Orenbuch with Credit Suisse. So, you folks don't have the TDR disclosures, but they'll come out in the Q when it's published. [Operator Instructions] Thank you. I'm just wondering if we could dig into the account growth aspect of that equation just to understand how account growth has been going. Shares are up 32.9% since reporting last quarter. Sorry, I can't be more specific on that. It has come down recently. And you're seeing some little bit more resiliency on the asset yields. Our next question comes from the line of Kevin Barker of Piper Sandler. But as you step back from it, the overall size of the portfolio versus the customers who have elected to go into Skip-a-Pay program, relatively small, right? Thanks. Look, we're entering what's historically the most important part of the year in terms of spending in consumer behavior. Forgetting to keep a buffer. Discover Financial Services (DFS) Q1 2020 Earnings Call Transcript DFS earnings call for the period ending March 31, 2020. Have a good day. Our liquidity portfolio remained strong with $27 billion liquid assets, it has increased over $7 billion from March 31. Yeah. The trend continued through the first half of October with sales up 7%. Can you discuss how that's been performing. The results beat Wall Street expectations. Our discussion today contains certain forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Yeah, thanks. We quickly implemented changes to credit policy at the onset of the pandemic, including tightening criteria for new accounts and line increases and additional income verification. And so, further reserve increases would mean that we had further deterioration in the economic environment or would be based on the growth of the balance sheet as we look ahead. So just -- one thing on the receivables growth. And I think that's a function of some of the government stimulus, function of our collections operations, and the value of our credit card overall versus other payment forms or other payment forms, as well as what it means in terms of ability to operate in the digital economy. And how if at all those expectations and your reserve levels are impacted by your expectations for benefits from different forms of government stimulus and different forms of lender forbearance across your customers' different financial obligations? I think over the long-term, what you've seen is really an acceleration of some trends that were already there. But I think as you look at our portfolio, I'm very pleased with the performance across all products. Turning to loan growth on slide five. Good morning. So we'll, we'll continue to kind a test that.
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