0001393612-18-000054.txt : 20181114 0001393612-18-000054.hdr.sgml : 20181114 20181114170620 ACCESSION NUMBER: 0001393612-18-000054 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20181114 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20181114 DATE AS OF CHANGE: 20181114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Discover Financial Services CENTRAL INDEX KEY: 0001393612 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 362517428 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33378 FILM NUMBER: 181184983 BUSINESS ADDRESS: STREET 1: 2500 LAKE COOK ROAD CITY: RIVERWOODS STATE: IL ZIP: 60015 BUSINESS PHONE: 224-405-0900 MAIL ADDRESS: STREET 1: 2500 LAKE COOK ROAD CITY: RIVERWOODS STATE: IL ZIP: 60015 8-K 1 monthlycreditcardstats10-3.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form 8-K
 
 
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 14, 2018
 
DISCOVER FINANCIAL SERVICES
(Exact name of registrant as specified in its charter)
 
Commission File Number: 001-33378
 
Delaware
 
36-2517428
(State or other jurisdiction
of incorporation)
 
(IRS Employer
Identification No.)
2500 Lake Cook Road, Riverwoods, Illinois 60015
(Address of principal executive offices, including zip code)
(224) 405-0900
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
o
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act







Item 7.01 Regulation FD Disclosure.

Discover Financial Services hereby furnishes the information in Exhibit 99.1 hereto, Monthly Credit Card Charge-off and Delinquency Statistics as of and for each of the twenty-four months ended October 31, 2018.

_______________________


The information contained in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” or purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly stated by specific reference in such filing.

_______________________



Item 9.01 Financial Statements and Exhibits.


(d) Exhibits  
 
 
 
Exhibit No.
 
Description
99.1
 
Monthly Credit Card Charge-off and Delinquency Statistics as of and for each of the twenty-four months ended October 31, 2018.







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
 
DISCOVER FINANCIAL SERVICES
 
 
 
 
Dated: November 14, 2018
 
 
 
By:
 
/s/ D. Christopher Greene
 
 
 
 
 
 
Name: D. Christopher Greene
 
 
 
 
 
 
Title: Vice President, Deputy General Counsel
and Assistant Secretary





Exhibit Index
 
Exhibit
Number
 
Description
 
 
 
 
Monthly Credit Card Charge-off and Delinquency Statistics as of and for each of the twenty-four months ended October 31, 2018.
 
 
 


 EX-99.1 2 exhibit99110-31x18.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1

Discover Financial Services
Monthly Credit Card Charge-off and Delinquency Statistics
As of and for each of the twenty-four months ended
(dollars in billions)



 
 
Oct 31, 2018
Sep 30, 2018
Aug 31, 2018
Jul 31, 2018
Jun 30, 2018
May 31, 2018
Apr 30, 2018
Mar 31, 2018
Feb 28, 2018
Jan 31, 2018
Dec 31, 2017
Nov 30, 2017
Ending Loans
 
$
69.9

$
69.3

$
69.2

$
68.6

$
67.8

$
67.4

$
66.4

$
65.6

$
65.7

$
66.6

$
67.3

$
65.7

Average Loans
 
$
69.3

$
69.2

$
68.7

$
68.0

$
67.4

$
66.5

$
65.9

$
65.3

$
66.0

$
66.7

$
66.5

$
64.3

Net Principal Charge-off Rate(1)
 
3.03
%
3.17
%
3.14
%
3.13
%
3.40
%
3.40
%
3.22
%
3.33
%
3.57
%
3.09
%
3.06
%
3.08
%
Delinquency Rate (30 or more days)(2)
 
2.40
%
2.32
%
2.23
%
2.19
%
2.16
%
2.17
%
2.26
%
2.33
%
2.38
%
2.37
%
2.28
%
2.26
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Oct 31, 2017
Sep 30, 2017
Aug 31, 2017
Jul 31, 2017
Jun 30, 2017
May 31, 2017
Apr 30, 2017
Mar 31, 2017
Feb 28, 2017
Jan 31, 2017
Dec 31, 2016
Nov 30, 2016
Ending Loans
 
$
64.0

$
63.5

$
63.3

$
62.5

$
61.8

$
61.4

$
60.5

$
59.8

$
59.9

$
60.7

$
61.5

$
59.8

Average Loans
 
$
63.5

$
63.3

$
62.7

$
62.0

$
61.4

$
60.6

$
60.1

$
59.5

$
60.0

$
60.9

$
60.7

$
58.6

Net Principal Charge-off Rate(1)
 
2.96
%
2.80
%
2.78
%
2.81
%
2.86
%
2.95
%
3.01
%
2.81
%
3.11
%
2.64
%
2.55
%
2.52
%
Delinquency Rate (30 or more days)(2)
 
2.23
%
2.14
%
2.08
%
2.05
%
2.00
%
1.98
%
2.00
%
2.06
%
2.10
%
2.10
%
2.04
%
2.01
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) Represents net principal charge-off dollars (annualized) divided by average loans for the reporting period
(2) Represents loans delinquent 30 or more days divided by ending loans

  
The statistics presented above provide information regarding Discover Financial Services' total credit card portfolio. The data presented differs from the data reported by the Discover Card Master Trust I and, through the collateral certificate, the Discover Card Execution Note Trust (collectively, the “Trusts”), Discover Funding LLC and Discover Bank in their monthly Form 10-D reports filed with the Securities and Exchange Commission which reflects only credit card loans that have been securitized through the Trusts. The credit card loans that have been securitized through the Trusts do not possess identical characteristics with those of the total portfolio of Discover credit card loans, which reflects the aggregate of securitized and non-securitized credit card loans. Thus, the reported credit performance of the Trusts may, on a month-to-month basis, be better or worse than the credit performance of the total credit card portfolio. Reported differences may arise as a result of, among other things, differences in the mix and vintage of loans between the Trusts and the total portfolio, the use of beginning of month principal receivables balances to calculate charge-off statistics in the Trusts compared to the use of average loan balances over the reporting period used in the total portfolio statistics, and the calculation of the Trusts' net charge-off rate annualized on a 30/360 day count basis, as compared to an actual/actual day count basis for the total portfolio.