RFS HOLDING LLC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - March 23, 2016

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Exhibit 99.1

 

The following tables summarize the trust portfolio by various criteria as of February 29, 2016 for each of the retailers included in the trust portfolio, except for the “Composition by FICO® Credit Score Range” table, which reflects receivables balances as of February 29, 2016, and the composition of accounts by FICO® credit 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  $2,998,292,242    20.5%   5,659,411    27.9%
Lowe’s   2,629,930,049    18.0%   2,176,969    10.7%
Wal-Mart (1)   1,799,353,514    12.3%   1,516,453    7.5%
Sam’s Club Dual Card   1,723,211,733    11.8%   1,429,823    7.0%
Sam’s Club(1)   1,508,361,288    10.3%   2,197,292    10.8%
Gap Family Dual Card(2)   1,439,683,594    9.8%   1,551,707    7.6%
Belk   855,575,083    5.9%   1,750,627    8.6%
Gap(3)   526,815,150    3.6%   1,662,439    8.2%
Chevron   299,461,058    2.0%   1,683,006    8.3%
JCPenney Dual Card   140,866,481    1.0%   99,196    0.5%
Other   694,859,048    4.8%   557,127    2.7%
Total  $14,616,409,238    100.0%   20,284,050    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  $(17,977,553)   -0.1%   365,082    1.8%
No Balance   -    0.0%   8,301,972    40.9%
$0.01-$500.00   926,351,984    6.3%   5,775,555    28.5%
$500.01-$1,000.00   1,136,714,341    7.8%   1,559,965    7.7%
$1,000.01-$2,000.00   2,525,771,584    17.3%   1,737,105    8.6%
$2,000.01-$3,000.00   2,422,267,276    16.6%   986,806    4.9%
$3,000.01-$4,000.00   2,034,152,374    13.9%   587,340    2.9%
$4,000.01-$5,000.00   1,823,884,923    12.5%   405,913    2.0%
$5,000.01-$6,000.00   1,363,397,403    9.3%   249,239    1.2%
$6,000.01-$7,000.00   881,362,240    6.0%   136,362    0.7%
$7,000.01-$8,000.00   618,141,286    4.2%   82,942    0.4%
$8,000.01-$9,000.00   406,451,618    2.8%   48,062    0.2%
$9,000.01-$10,000.00   287,241,511    2.0%   30,348    0.1%
$10,000.01-$15,000.00   174,716,138    1.2%   15,585    0.1%
$15,000.01-$20,000.00   21,469,579    0.1%   1,287    0.0%
$20,000.01 or  more   12,464,535    0.1%   487    0.0%
Total  $14,616,409,238    100.0%   20,284,050    100.0%

 

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  $116,604,941    0.8%   1,427,988    7.0%
$500.01-$1,000.00   322,283,196    2.2%   1,430,273    7.1%
$1,000.01-$2,000.00   1,212,882,856    8.3%   4,771,752    23.5%
$2,000.01-$3,000.00   1,678,018,531    11.5%   3,635,182    17.9%
$3,000.01-$4,000.00   1,609,481,245    11.0%   2,167,893    10.7%
$4,000.01-$5,000.00   2,035,102,767    13.9%   1,912,432    9.4%
$5,000.01-$6,000.00   1,927,253,623    13.2%   1,364,833    6.7%
$6,000.01-$7,000.00   1,289,817,566    8.8%   863,594    4.3%
$7,000.01-$8,000.00   1,361,034,409    9.3%   905,329    4.5%
$8,000.01-$9,000.00   894,632,405    6.1%   481,942    2.4%
$9,000.01-$10,000.00   1,625,767,949    11.1%   1,045,610    5.2%
$10,000.01 or more   543,529,751    3.7%   277,222    1.4%
Total  $14,616,409,238    100.0%   20,284,050    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   -    0.0%   -    0.0%
Over 36 Months to 48 Months   716,926,647    4.9%   991,200    4.9%
Over 48 Months to 60 Months   1,110,454,052    7.6%   1,416,629    7.0%
Over 60 Months to 72 Months   1,211,583,973    8.3%   1,482,191    7.3%
Over 72 Months to 84 Months   1,153,405,776    7.9%   1,442,831    7.1%
Over 84 Months to 96 Months   1,328,828,975    9.1%   1,470,580    7.2%
Over 96 Months to 108 Months   1,392,725,548    9.5%   1,590,557    7.8%
Over 108 Months to 120 Months   1,032,834,717    7.1%   1,269,936    6.3%
Over 120 Months   6,669,649,550    45.6%   10,620,126    52.4%
Total  $14,616,409,238    100.0%   20,284,050    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 29, 2016 for each of the retailers included in the trust portfolio.

 

Composition by Billing Address

 

Billing Address  Total Receivables
Outstanding		   Percentage of 
Total Receivables
Outstanding		   Number
of Accounts		   Percentage 
of Number 
of Accounts		 
Texas  $1,421,322,616    9.7%   1,845,907    9.1%
California   1,152,569,930    7.9%   2,048,590    10.1%
Florida   945,458,274    6.5%   1,323,904    6.5%
North Carolina   795,413,078    5.4%   1,060,941    5.2%
New York   698,407,854    4.8%   1,016,059    5.0%
Other   9,603,237,486    65.7%   12,988,649    64.0%
Total  $14,616,409,238    100.0%   20,284,050    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  $13,685,006,050    93.6%   19,728,053    97.3%
1 – 29 Days   462,086,170    3.2%   332,112    1.6%
30 – 59 Days   135,879,941    0.9%   78,435    0.4%
60 – 89 Days   96,670,059    0.7%   46,760    0.2%
90 – 119 Days   84,038,991    0.6%   36,883    0.2%
120 – 149 Days   80,678,813    0.6%   33,100    0.2%
150 or More Days   72,049,214    0.5%   28,707    0.1%
Total  $14,616,409,238    100.0%   20,284,050    100.0%

 

The following table reflects receivables as of February 29, 2016, and the composition of accounts by FICO® credit score as most recently refreshed:

 

Composition by FICO® Credit Score Range

 

FICO® Credit Score Range(1)  Total Receivables
Outstanding		  

Percentage of
Total Receivables

Outstanding

 
Less than or equal to 599  $974,534,602    6.7%
600 to 659   2,767,372,880    18.9%
660 to 719   5,891,894,360    40.3%
720 and above   4,919,630,358    33.7%
No Score   62,977,039    0.4%
Total  $14,616,409,238    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, 
   2016   2015   2014 
   Receivables   Percentage of
Receivables
Outstanding		   Receivables   Percentage of
Receivables
Outstanding		   Receivables   Percentage of
Receivables
Outstanding		 
Receivables Outstanding  $14,723,322        $15,648,427        $17,429,750      
Receivables Delinquent:                              
30-59 Days   137,844    0.94%   143,808    0.92%   171,159    0.98%
60-89 Days   98,413    0.67%   109,908    0.70%   132,705    0.76%
90-119 Days   86,279    0.59%   93,661    0.60%   113,169    0.65%
120-149 Days   81,914    0.56%   81,320    0.52%   101,881    0.58%
150-179 Days   73,932    0.50%   66,519    0.43%   84,550    0.49%
180 or More Days   0    0.00%   0    0.00%   0    0.00%
Total  $478,383    3.25%  $495,247    3.16%  $603,464    3.46%

 

   As of December 21, 
   2013   2012   2011 
   Receivables   Percentage of
Receivables
Outstanding		   Receivables   Percentage of
Receivables
Outstanding		   Receivables   Percentage of
Receivables
Outstanding		 
Receivables Outstanding  $19,408,263        $20,374,821        $19,636,126      
Receivables Delinquent:                              
30-59 Days   223,805    1.15%   240,178    1.18%   230,328    1.17%
60-89 Days   171,322    0.88%   175,120    0.86%   171,955    0.88%
90-119 Days   140,698    0.72%   142,810    0.70%   141,543    0.72%
120-149 Days   119,678    0.62%   116,342    0.57%   117,589    0.60%
150-179 Days   99,588    0.51%   101,894    0.50%   95,273    0.49%
180 or More Days   0    0.00%   0    0.00%   15    0.00%
Total  $755,091    3.89%  $776,342    3.81%  $756,702    3.85%

 

 

 

  

Account Delinquency Experience

 

   As of February 21,   As of December 21, 
   2016   2015   2014 
   Accounts   Percentage of
Total
Accounts
Outstanding		   Accounts   Percentage of
Total
Accounts
Outstanding		   Accounts   Percentage of
Total
Accounts
Outstanding		 
Accounts Outstanding   20,286,255         20,807,310         24,153,279      
Accounts Delinquent:                              
30-59 Days   79,229    0.39%   80,589    0.39%   101,615    0.42%
60-89 Days   47,976    0.24%   52,139    0.25%   69,724    0.29%
90-119 Days   37,894    0.19%   41,121    0.20%   56,060    0.23%
120-149 Days   33,811    0.17%   34,869    0.17%   49,598    0.21%
150-179 Days   29,468    0.15%   27,729    0.13%   40,063    0.17%
180 or More Days   0    0.00%   0    0.00%   0    0.00%
Total   228,378    1.13%   236,447    1.14%   317,060    1.31%

 

   As of December 21, 
   2013   2012   2011 
   Accounts   Percentage of
Total
Accounts
Outstanding		   Accounts   Percentage of
Total
Accounts
Outstanding		   Accounts   Percentage of
Total
Accounts
Outstanding		 
Accounts Outstanding   30,218,856         36,683,421         38,362,612      
Accounts Delinquent:                              
30-59 Days   150,856    0.50%   201,009    0.55%   176,207    0.46%
60-89 Days   104,695    0.35%   126,736    0.35%   117,955    0.31%
90-119 Days   81,893    0.27%   97,742    0.27%   93,716    0.24%
120-149 Days   68,371    0.23%   74,700    0.20%   76,267    0.20%
150-179 Days   55,793    0.18%   63,945    0.17%   62,484    0.16%
180 or More Days   0    0.00%   0    0.00%   6    0.00%
Total   461,608    1.53%   564,132    1.54%   526,635    1.37%

 

 

 

  

Loss Experience
(Dollars in Thousands)

 

   Two Months
Ended
February 21,		   Securitization Reporting Year 
   2016   2015   2014   2013   2012   2011 
Average Principal Receivables Outstanding  $14,883,494   $15,390,762   $17,146,343   $18,127,172   $17,676,845   $17,155,868 
Gross Principal Charge-Offs  $160,363   $990,365   $1,167,467   $1,189,535   $1,221,977   $1,350,808 
Gross Principal Charge-Offs as a Percentage of Average Principal Receivables Outstanding (Annualized)   6.46%   6.43%   6.81%   6.56%   6.91%   7.87%
Less:  Recoveries  $27,099   $142,697   $201,236   $214,757   $190,602   $170,904 
Net Principal Charge-Offs  $133,264   $847,668   $966,231   $974,778   $1,031,374   $1,179,904 
Net Principal Charge-Offs as a Percentage of Average Principal Receivables Outstanding (Annualized)   5.37%   5.51%   5.64%   5.38%   5.83%   6.88%
Gross Charge-Off Accounts   89,113    591,893    814,591    975,186    1,034,536    1,131,247 
Average Accounts Outstanding   20,682,958    22,583,440    27,556,108    33,456,581    36,425,576    37,840,154 
Gross Charge-Offs as a Percentage of Average Accounts Outstanding (Annualized)   2.59%   2.62%   2.96%   2.91%   2.84%   2.99%

 

Revenue Experience
(Dollars in Thousands)

 

   Two Months
Ended
February 21,		   Securitization Reporting Year 
   2016   2015   2014   2013   2012   2011 
Average Principal Receivables Outstanding  $14,883,494   $15,390,762   $17,146,343   $18,127,172   $17,676,845   $17,155,868 
Collected Finance Charges and Fees  $630,354   $3,970,900   $4,537,206   $4,771,273   $4,392,709   $3,972,184 
Collected Finance Charges and Fees as a Percentage of Average Principal Receivables Outstanding (Annualized)   25.41%   25.80%   26.46%   26.32%   24.85%   23.15%

 

Collateral for the Notes

 

The following information regarding the trust portfolio is as of February 21, 2016:

 

•total transferred receivables: $14,723,322,473
•principal receivables: $14,186,028,001
•finance charge receivables: $537,294,471
•total number of accounts designated to the trust portfolio: 20,286,255

 

As of February 29, 2016:

 

•The accounts designated for the trust portfolio had an average total receivable balance of approximately $721 and an average credit limit of approximately $3,628.
•For accounts designated for the trust portfolio, the percentage of the aggregate total receivable balance to the aggregate total credit limit was 20.3%.
•The average age of the accounts designated for the trust portfolio was approximately 138 months.