Synchrony Credit Card Master Note Trust - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - March 23, 2015

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8-K - FORM 8-K - Synchrony Credit Card Master Note Trustv404913_8k.htm
EX-4.1 - EXHIBIT 4.1 - Synchrony Credit Card Master Note Trustv404913_ex4-1.htm

 

Exhibit 99.1

 

The following tables summarize the trust portfolio by various criteria as of February 27, 2015 for each of the retailers included in the trust portfolio, except for the “Composition by FICO® Score” table, which reflects receivables balances as of February 27, 2015, and the composition of accounts by FICO® score as most recently refreshed.

 

Please note that numbers and percentages presented in the tables in this section may not sum to the totals presented due to rounding.

 

For purposes of the tables in this section:

 

•Total Receivables Outstanding is the sum of principal receivables and finance charge receivables (which includes fee receivables) included in the trust portfolio in the period indicated.

 

•Accounts is the number of accounts included in the trust portfolio as of the date or in the period indicated.

 

Composition by Retailer

 

Retailer  Total Receivables
Outstanding		   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
JCPenney   $3,312,207,463    20.4%   6,714,229    28.5%
Lowe’s    2,807,470,125    17.3%   2,457,294    10.4%
Wal-Mart (1)    2,230,299,605    13.7%   1,976,989    8.4%
Sam’s Club Dual Card    1,857,715,197    11.4%   1,581,001    6.7%
Sam’s Club(1)    1,768,855,532    10.9%   2,617,919    11.1%
Gap Family Dual Card(2)    1,556,849,326    9.6%   1,775,415    7.5%
Belk    887,785,524    5.5%   1,963,070    8.3%
Gap(3)    578,449,610    3.6%   1,988,703    8.4%
Chevron    376,103,591    2.3%   1,706,611    7.2%
JCPenney Dual Card    166,251,840    1.0%   115,496    0.5%
Other    721,411,136    4.4%   644,029    2.7%
Total   $16,263,398,950    100.0%   23,540,756    100.0%
(1)Sam’s Club and Wal-Mart are affiliated retailers. Sam’s Club cards may also be used at Wal-Mart locations, and Wal-Mart cards may be used at Sam’s Club locations if the cardholder belongs to the club. Figures shown here are based on which retailer is identified on the card, not where the purchase was made.

 

(2)Figures presented for Gap Family Dual Card include Old Navy Dual Card, Gap Dual Card and Banana Republic Dual Card, which are affiliated retailers. Each of these retailers’ cards may be used at the locations of the other two.

 

(3)Figures presented for Gap include Old Navy, Gap and Banana Republic, which are affiliated retailers. Each of these retailers’ cards may be used at the locations of the other two.

 

 
 

 

Composition by Account Balance Range

 

Account Balance Range  Total Receivables
Outstanding		   Percentage of
Total Receivables
Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Credit Balance   $(20,797,097)   -0.1%   403,125    1.7%
No Balance    -    0.0%(1)   9,689,175    41.2%
$0.01-$500.00    1,091,181,041    6.7%   6,594,937    28.0%
$500.01-$1,000.00    1,418,111,961    8.7%   1,943,287    8.3%
$1,000.01-$2,000.00    3,085,868,314    19.0%   2,126,116    9.0%
$2,000.01-$3,000.00    2,816,702,600    17.3%   1,150,185    4.9%
$3,000.01-$4,000.00    2,232,142,290    13.7%   645,118    2.7%
$4,000.01-$5,000.00    1,910,870,523    11.7%   425,634    1.8%
$5,000.01-$6,000.00    1,399,363,624    8.6%   255,995    1.1%
$6,000.01-$7,000.00    881,333,707    5.4%   136,402    0.6%
$7,000.01-$8,000.00    599,893,109    3.7%   80,550    0.3%
$8,000.01-$9,000.00    382,590,920    2.4%   45,221    0.2%
$9,000.01-$10,000.00    272,303,797    1.7%   28,777    0.1%
$10,000.01-$15,000.00    164,821,385    1.0%   14,689    0.1%
$15,000.01-$20,000.00    19,184,018    0.1%   1,152    0.0%(1)
$20,000.01 or  more    9,828,758    0.1%   393    0.0%(1)
Total   $16,263,398,950    100.0%   23,540,756    100.0%

 

 
(1)Greater than 0.00% but less than 0.01%.

 

Composition by Credit Limit Range

 

Credit Limit Range  Total Receivables
Outstanding		   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
$0.01-$500.00   $164,027,959    1.0%   1,796,762    7.6%
$500.01-$1,000.00    475,438,682    2.9%   1,933,024    8.2%
$1,000.01-$2,000.00    1,642,311,092    10.1%   5,802,577    24.6%
$2,000.01-$3,000.00    2,105,542,175    12.9%   4,319,214    18.3%
$3,000.01-$4,000.00    1,906,139,018    11.7%   2,506,142    10.6%
$4,000.01-$5,000.00    2,244,139,800    13.8%   2,115,351    9.0%
$5,000.01-$6,000.00    2,048,633,320    12.6%   1,417,313    6.0%
$6,000.01-$7,000.00    1,336,892,733    8.2%   912,097    3.9%
$7,000.01-$8,000.00    1,435,276,774    8.8%   960,997    4.1%
$8,000.01-$9,000.00    883,508,890    5.4%   488,094    2.1%
$9,000.01-$10,000.00    

1,561,447,844

    9.6%   1,054,521    4.5%
$10,000.01 or more    460,040,661    2.8%   234,664    1.0%
Total   $

16,263,398,950

    100.0%   23,540,756    100.0%

 

 

Composition by Account Age Range

 

Account Age Range  Total Receivables
Outstanding		   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Up to 6 Months   $-    0.0%   -    0.0%
6 Months to 12 Months    -    0.0%   -    0.0%
Over 12 Months to 24 Months    -    0.0%   -    0.0%
Over 24 Months to 36 Months    781,245,230    4.8%   1,244,929    5.3%
Over 36 Months to 48 Months    1,223,433,781    7.5%   1,734,753    7.4%
Over 48 Months to 60 Months    1,345,597,828    8.3%   1,776,792    7.5%
Over 60 Months to 72 Months    1,284,145,752    7.9%   1,716,426    7.3%
Over 72 Months to 84 Months    1,468,248,446    9.0%   1,728,697    7.3%
Over 84 Months to 96 Months    1,534,713,405    9.4%   1,850,065    7.9%
Over 96 Months to 108 Months    1,147,579,239    7.1%   1,479,820    6.3%
Over 108 Months to 120 Months    1,373,350,418    8.4%   1,567,300    6.7%
Over 120 Months    6,105,084,850    37.5%   10,441,974    44.4%
Total   $16,263,398,950    100.0%   23,540,756    100.0%

  

 
 

Except for the applicable states listed below, no state accounted for more than 5% of the number of accounts or 5% of the total receivables balances, as applicable, as of February 27, 2015 for each of the retailers included in the trust portfolio.

 

Composition by Billing Address

 

State  Total Receivables
Outstanding		   Percentage of
Total Receivables
Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Texas   $1,583,211,192    9.7%   2,117,130    9.0%
California    1,323,026,563    8.1%   2,347,009    10.0%
Florida    1,062,451,315    6.5%   1,538,971    6.5%
North Carolina    865,774,732    5.3%   1,205,766    5.1%
New York    776,602,742    4.8%   1,202,638    5.1%
Other    10,652,332,405    65.5%   15,129,242    64.3%
Total   $16,263,398,950    100.0%   23,540,756    100.0%

 

 

Composition by Delinquency Status

 

Delinquency Status  Total Receivables
Outstanding		   Percentage of
Total Receivables
Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Current, Credit and Zero Balance   $15,104,999,546    92.9%   22,791,391    96.8%
1-29 Days    583,342,997    3.6%   449,495    1.9%
30-59 Days    163,925,684    1.0%   101,627    0.4%
60-89 Days    119,121,372    0.7%   61,988    0.3%
90-119 Days    102,253,112    0.6%   49,386    0.2%
120-149 Days    96,351,506    0.6%   44,651    0.2%
150 or More Days    93,404,733    0.6%   42,218    0.2%
Total   $16,263,398,950    100.0%   23,540,756    100.0%

 

 

The following table reflects receivables as of February 27, 2015, and the composition of accounts by FICO® score as most recently refreshed:

 

Composition by FICO® Score

 

FICO® Credit Score Range(1)  Total
Receivables
Outstanding		   Percentage of
Total Receivables
Outstanding		 
Less than or equal to 599   $1,250,892,411    7.7%
600 to 659    3,234,044,771    19.9%
660 to 719    6,571,153,208    40.4%
720 and above    5,135,638,498    31.6%
No Score    71,670,062    0.4%
Total   $16,263,398,950    100.0%

 

 
(1)FICO® is a federally registered trademark of Fair, Isaac & Company.

 

 

 
 

 

Receivables Delinquency Experience
(Dollars in Thousands)

 

   As of February 21,   As of December 21, 
   2015   2014   2013 
   Receivables   Percentage of Receivables Outstanding   Receivables   Percentage of Receivables Outstanding   Receivables   Percentage of Receivables Outstanding 
Receivables Outstanding   $16,407,767        $17,429,750        $19,408,263      
Receivables Delinquent:                              
30-59 Days    164,535    1.00%   171,159    0.98%   223,805    1.15%
60-89 Days    122,140    0.74%   132,705    0.76%   171,322    0.88%
90-119 Days    103,278    0.63%   113,169    0.65%   140,698    0.72%
120-149 Days    98,391    0.60%   101,881    0.58%   119,678    0.62%
150-179 Days    90,142    0.55%   84,550    0.49%   99,588    0.51%
180 or More Days    0    0.00%   0    0.00%   0    0.00%
Total   $578,486    3.53%  $603,464    3.46%  $755,091    3.89%

 

 

   As of December 21, 
   2012   2011   2010 
   Receivables   Percentage of Receivables Outstanding   Receivables   Percentage of Receivables Outstanding   Receivables   Percentage of Receivables Outstanding 
Receivables Outstanding   $20,374,821        $19,636,126        $18,165,466      
Receivables Delinquent:                              
30-59 Days    240,178    1.18%   230,328    1.17%   239,331    1.32%
60-89 Days    175,120    0.86%   171,955    0.88%   182,981    1.01%
90-119 Days    142,810    0.70%   141,543    0.72%   156,931    0.86%
120-149 Days    116,342    0.57%   117,589    0.60%   141,554    0.78%
150-179 Days    101,894    0.50%   95,273    0.49%   110,458    0.61%
180 or More Days    0    0.00%   15    0.00%   4    0.00%
Total   $776,342    3.81%  $756,702    3.85%  $831,259    4.58%

 

 
 

 

Account Delinquency Experience

 

   As of February 21,   As of December 21, 
   2015   2014   2013 
   Accounts   Percentage of
Total Accounts Outstanding		   Accounts   Percentage of
Total Accounts Outstanding		   Accounts   Percentage of
Total Accounts Outstanding		 
Accounts Outstanding    23,542,420         24,153,279         30,218,856      
Accounts Delinquent:                              
30-59 Days    101,339    0.43%   101,615    0.42%   150,856    0.50%
60-89 Days    63,594    0.27%   69,724    0.29%   104,695    0.35%
90-119 Days    50,013    0.21%   56,060    0.23%   81,893    0.27%
120-149 Days    45,816    0.19%   49,598    0.21%   68,371    0.23%
150-179 Days    40,806    0.17%   40,063    0.17%   55,793    0.18%
180 or More Days    0    0.00%   0    0.00%   0    0.00%
Total    301,568    1.28%   317,060    1.31%   461,608    1.53%
                               

 

   As of December 21, 
   2012   2011   2010 
   Accounts   Percentage of
Total Accounts Outstanding		   Accounts   Percentage of
Total Accounts Outstanding		   Accounts   Percentage of
Total Accounts Outstanding		 
Accounts Outstanding    36,683,421         38,362,612         36,768,070      
Accounts Delinquent:                              
30-59 Days    201,009    0.55%   176,207    0.46%   185,246    0.50%
60-89 Days    126,736    0.35%   117,955    0.31%   124,760    0.34%
90-119 Days    97,742    0.27%   93,716    0.24%   103,634    0.28%
120-149 Days    74,700    0.20%   76,267    0.20%   90,730    0.25%
150-179 Days    63,945    0.17%   62,484    0.16%   70,391    0.19%
180 or More Days    0    0.00%   6    0.00%   4    0.00%
Total    564,132    1.54%   526,635    1.37%   574,765    1.56%
                               

 

 
 

 

Loss Experience
(Dollars in Thousands)

 

   Two Months Ended
February 21,		   Securitization Reporting Year 
   2015   2014   2013   2012   2011   2010 
Average Principal Receivables Outstanding   $16,473,427   $17,146,343   $18,127,172   $17,676,845   $17,155,868   $17,547,629 
Gross Principal Charge-Offs   $187,639   $1,167,467   $1,189,535   $1,221,977   $1,350,808   $1,764,794 
Gross Principal Charge-Offs as a Percentage of Average Principal Receivables Outstanding (Annualized)    6.83%   6.81%   6.56%   6.91%   7.87%   10.06%
Less:  Recoveries   $28,326   $201,236   $214,757   $190,602   $170,904   $147,598 
Net Principal Charge-Offs   $159,313   $966,231   $974,778   $1,031,374   $1,179,904   $1,617,195 
Net Principal Charge-Offs as a Percentage of Average Principal Receivables Outstanding (Annualized)    5.80%   5.64%   5.38%   5.83%   6.88%   9.22%
Gross Charge-Off Accounts    118,970    814,591    975,186    1,034,536    1,131,247    1,506,814 
Average Accounts Outstanding    24,004,337    27,556,108    33,456,581    36,425,576    37,840,154    40,654,019 
Gross Charge-Offs as a Percentage of Average Accounts Outstanding (Annualized)    2.97%   2.96%   2.91%   2.84%   2.99%   3.71%

 

 

Revenue Experience
(Dollars in Thousands)

 

   Two Months Ended
February 21,		   Securitization Reporting Year 
   2015   2014   2013   2012   2011   2010 
Average Principal Receivables Outstanding   $16,473,427   $17,146,343   $18,127,172   $17,676,845   $17,155,868   $17,547,629 
Collected Finance Charges and Fees   $713,353   $4,537,206   $4,771,273   $4,392,709   $3,972,184   $4,275,252 
Collected Finance Charges and Fees as a Percentage of Average Principal Receivables Outstanding (Annualized)    25.98%   26.46%   26.32%   24.85%   23.15%   24.36%

 

 

Collateral for the Notes

 

The following information regarding the trust portfolio is as of February 21, 2015:

 

•total transferred receivables: $16,407,767,219

 

•principal receivables: $15,687,192,876

 

•finance charge receivables: $720,574,343

 

•total number of accounts designated to the trust portfolio: 23,542,420

 

As of February 28, 2015:

 

•The accounts designated for the trust portfolio had an average total receivable balance of approximately $691 and an average credit limit of approximately $3,414.

 

•For accounts designated for the trust portfolio, the percentage of the aggregate total receivable balance to the aggregate total credit limit was 20.2%.

 

•The average age of the accounts designated for the trust portfolio was approximately 127 months.