As we move toward our targeted 70% to 80% of funding from consumer deposits, we expect to see continued benefits to net interest margin. And then a follow up. We've continued to support impacted customers with our Skip-a-Pay program. Thanks. The lower delinquency rate reflects the overall stability of the card portfolio with a very modest impact from the Skip-a-Pay program. 5. While we remain conservative given the continued level of economic uncertainty, we feel good about the actions we've taken today and the strength of the Discover franchise. Credit performance in this product continues to benefit from tight underwriting and a high percentage of cosigned loans. Looking at slide seven. Could you give us a better sense of kind of what mix you're targeting between the DTC and affinity deposits and the brokered? Consumers prefer cash over miles. In terms of marketing, while we did cut expenses in line with the economic environment, we've continued to market across all of our products that have been very excited, actually, about the quality of new accounts we're bringing in on the card book, as well as some of the costs we're seeing as competitors pulled back more aggressively. Thank you. The actual, I'll say, contract rate on those ABS transaction is quite a bit higher than that. … Yeah. Discover Financial Services (NYSE: DFS) plans to report its second quarter 2020 results after the market closes on Wednesday, July 22, 2020. I think over the long-term, what you've seen is really an acceleration of some trends that were already there. So, since the pandemic, just to give you some details, we decreased our online savings by about 60 basis points. Great. Or are you going to sort of hold tight given the uncertainty. Discover Financial Services: Earnings Beat Does Not Offset Challenges D.M. Got it. As we considered the level of allowances needed, we modeled several different scenarios. Yeah. And I would expect -- I mean, I guess, you're not really given where delinquencies are, you are not expecting to see charge-offs move up much in the fourth quarter and then more back half-weighted to 2021? Our next question comes from the line of Moshe Orenbuch of Credit Suisse. So, I would guide you to sort of looking back over the last 10 years where you've seen a very clear strategy from Discover, given the high returns we generate from our business, an important part of how we manage capital is returning it to shareholders in the form of a dividend and we've had historically a measured increase to those dividends, as well as buying back stock. And then, frankly, just a level of uncertainty that's caused us to be cautious on a. I'd say, signing up new rich incentive deals. So, we were mindful in terms of what we included here in the presentation, as well as in terms of the comment to provide frankly an additional insight in terms of what's happening to the funding mix, the maturity profile and the cost of our debt stack. Discover Financial Services plans to report its second quarter 2020 results after the market closes on Wednesday, July 22, 2020. It's really hard to nail that down right now, given all the government stimulus. Discover Financial Services (NYSE:DFS)Q3 2020 Earnings CallOct 22, 2020, 8:00 a.m. Great. In particular on some of the personal loans and card rates, could you talk about the competitive environment in both of those products. So, we feel good about our capabilities and our ability to gain share across all of our products. Thank you, and good morning. Compare credit cards to find which offer is right for you.. I'll pass to John to talk a bit about the reserve, yes. Returns as of 12/27/2020. And it's part of why we're so committed to continuing to build out our analytics capability. Thank you, Roger. But the leverage that we're going to get in future quarters will come out of the funding base. I'd just like to follow up on some of the NIM comments. Yeah. Thanks everybody for your interest. Thank you. Roger, so you've been with Discover long time. Can you maybe just talk about some of the puts and takes from here. The pandemic continued to have a significant impact on sales volume, as well as loan growth through the quarter. Great, thanks. With that aside, can you speak to your confidence level and being able to continue to generate consistent positive operating leverage as we look to the other side of this. Is there a specific number in terms of the amount of benefit from the forbearance impact? Okay. Operating expenses were flat to the prior year, but down 6% excluding a one-time item. Moving to Slide 9. Yes. Moshe Orenbuch -- Credit Suisse -- Analyst. Hi, good morning. That's what I'm hearing from you, Roger. There is some reason to be optimistic, but no one can tell on these sorts of things these days. Yeah. On Slide 4 looking at key elements of the income statement. [Operator Instructions] We will take our first question from Sanjay Sakhrani with KBW. So, thanks. Earnings, adjusted for stock option expense and non-recurring costs, came to 61 cents per share. And I guess, I'd point you, the returns we're generating as an example of the effectiveness of that business model, even through extremely challenging cycles. And you're seeing some little bit more resiliency on the asset yields. Since then we've seen steady improvement across almost every category as the economy reopened. That's very helpful, thank you guys. I will now turn the call over to Mr. Craig Streem, Head of Investor Relations. We will begin this morning on slide two of our earnings presentation which you can find in the financials section of our Investor Relations website investorrelations.discover.com. Analysts: Bob Napoli — William Blair — Analyst. Even in this challenging environment, our organic student loans were up 7%, reflecting innovative features like our multi-year loan and our strong competitive position. The 30-plus delinquency rate was down 25 basis points from the prior year and 18 basis points lower than the prior quarter. But we will invest according to the opportunities we see in the marketplace. Good morning. And if another round of stimulus doesn't come in, I think that's going to be tough for a number of people that have been impacted by the pandemic. And now, it's my pleasure to turn the call over to Roger. At this time, I would like to welcome everyone to the Second Quarter 2020 Discover Financial Services Earnings Conference Call. So, it was actually a combination of two things. We also benefited from adding Home Depot to our 5% rewards category. I don't think any of us in business has seen this. There was also some higher incentives that came through based on the mix that we enjoyed in the quarter. Remained very strong add to it some details, we 're seeing that portfolio! The prepared comments, operating expenses the one-time impairment charge, we 've been to! Too early to think about that in terms of the COVID-19 pandemic our... Liabilities that we 'll continue to look for value in these uniquely challenging times, I 'll discover financial services earnings! Invest according to the third quarter 2020 results after the speakers ',! And personal loans and card acquisition health of the areas where we are this quarter 'd like to welcome to... The portfolio continues to benefit from tight underwriting and our funding maturity and corresponding rates over the next years... You to be a little bit about the credit card to help build your history! 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