EX-99.1 3 exhibit_99-1.htm EXHIBIT 99.1

Exhibit 99.1

For purposes of the tables below, “Number of Accounts” refers to all accounts in the trust portfolio, including any accounts that are inactive accounts and zero-balance accounts, which in some cases may be closed accounts that have not yet been removed from the originator’s computer system and from the trust portfolio. Because the future composition of the trust portfolio will change over time, these tables are not indicative of the composition of the trust portfolio at any subsequent time.

The table immediately below sets forth the number of fixed and floating rate credit cards and the associated principal amounts contained in the trust portfolio as of May 31, 2019.

Distribution of Trust Portfolio
by Fixed/Floating APR
(Dollars in Thousands; Accounts in Thousands)

   
Number of
Accounts
    
Percentage of Total
Number of Accounts
    
Principal
Receivables
    
Percentage of
Total Principal
Receivables
  
Total Fixed 
    
408
      
0.67
%
  
$
110,793
      
1.50
%
Total Variable(1) 
    
60,185
      
99.33
%
  
$
7,280,721
      
98.50
%
Total(2) 
    
60,593
      
100.00
%
  
$
7,391,513
      
100.00
%
________________________________
(1)   In the majority of instances, the annual variable rate is currently prime plus 21.74%.
(2)   Amounts and percentages may not add up to the total due to rounding.

Our variable rate credit cards represent APRs indexed to a benchmark rate plus various spread levels. Variable rate credit cards are not subject to a maximum rate.

Composition by Retailer Type
Trust Portfolio

 
Retailer Type
  
Percentage of Total
Principal Receivables
Soft goods 
  
56.63%
Furniture 
  
20.71%
Jewelry 
  
14.43%
Department Store 
  
7.66%
Other 
  
0.58%
Total(1) 
  
100.00%
________________________________
 (1)    Percentages may not add up to the total due to rounding.

The table immediately below sets forth the companies, including each of their respective affiliates, that have credit card programs, or groups of credit card programs, that account for more than 7.5% of principal receivables balances in the trust portfolio as of May 31, 2019.  Except for the three companies listed below, no other company’s credit card program, or group of credit card programs, accounts for more than 7.5% of the principal receivables in the trust portfolio as of May 31, 2019.


Composition by Retailer Group of
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)

Retailer Group(1)
  
Number of Accounts
    
Percentage
of Total Number of Accounts
    
Principal Receivables
    
Percentage of Total Principal Receivables
  
L Brands, Inc. Retail Group 
    
13,419
      
22.15
%
  
$
1,595,735
      
21.59
%
Signet Retail Group 
    
2,659
      
4.39
%
  
$
952,509
      
12.89
%
Ascena Retail Group Inc. 
    
7,189
      
11.86
%
  
$
719,884
      
9.74
%
Retailer Groups less than 7.5% 
    
37,326
      
61.60
%
  
$
4,123,386
      
55.79
%
Total(2) 
    
60,593
      
100.00
%
  
$
7,391,513
      
100.00
%
________________________________
(1)    Includes each individual retailer in the trust commonly owned by the retailer group.
(2)    Amounts and percentages may not add up to the total due to rounding.

Composition by Individual Retailer of
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)

 
Retailer
  
Number of Accounts
    
Percentage
of Total Number of Accounts
    
Principal Receivables
    
Percentage of Total Principal Receivables
  
Victoria's Secret PL 
    
13,385
      
22.09
%
  
$
1,592,341
      
21.54
%
Kay Jewelers PL 
    
1,935
      
3.19
%
  
$
646,217
      
8.74
%
Wayfair PL 
    
1,617
      
2.67
%
  
$
580,663
      
7.86
%
Lane Bryant PL 
    
2,662
      
4.39
%
  
$
375,577
      
5.08
%
Express PL 
    
2,696
      
4.45
%
  
$
315,798
      
4.27
%
Pottery Barn PL 
    
1,112
      
1.83
%
  
$
288,534
      
3.90
%
Jared PL 
    
617
      
1.02
%
  
$
285,087
      
3.86
%
New York & Company PL 
    
2,740
      
4.52
%
  
$
284,143
      
3.84
%
Ann Taylor PL 
    
3,709
      
6.12
%
  
$
242,816
      
3.29
%
Torrid PL 
    
1,060
      
1.75
%
  
$
215,388
      
2.91
%
Other Retailers(1) 
    
29,061
      
47.96
%
  
$
2,564,951
      
34.70
%
Total(2) 
    
60,593
      
100.00
%
  
$
7,391,513
      
100.00
%
________________________________
(1)    Retailers individually representing a lesser percentage of principal receivables balances in the trust portfolio as of May 31, 2019.
(2)    Amounts and percentages may not add up to the total due to rounding.

Composition by Account Balance
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)

Account Balance Range
    
Number of Accounts
    
Percentage
of Total Number of Accounts
    
Principal Receivables
    
Percentage of Total Principal Receivables
  
Credit Balance
     
310
      
0.51
%
  
$
(13,762
)
    
(0.19
)%
No Balance
     
46,923
      
77.44
%
    
-
      
-
  
$0.01 - $50.00
      
1,623
      
2.68
%
  
$
46,244
      
0.63
%
$50.01 - $100.00
      
1,760
      
2.90
%
  
$
131,448
      
1.78
%
$100.01 - $150.00
      
1,303
      
2.15
%
  
$
161,671
      
2.19
%
$150.01 - $250.00
      
1,902
      
3.14
%
  
$
375,288
      
5.08
%
$250.01 - $350.00
      
1,139
      
1.88
%
  
$
337,930
      
4.57
%
$350.01 - $500.00
      
1,207
      
1.99
%
  
$
509,993
      
6.90
%
$500.01 - $1,000.00
      
2,330
      
3.85
%
  
$
1,679,089
      
22.72
%
$1,000.01 - $1,500.00
      
1,005
      
1.66
%
  
$
1,222,065
      
16.53
%
$1,500.01 or more
     
1,091
      
1.80
%
  
$
2,941,548
      
39.80
%
Total(1)
     
60,593
      
100.00
%
  
$
7,391,513
      
100.00
%
________________________________
(1)    Amounts and percentages may not add up to the total due to rounding.



Composition by Credit Limit
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)

Credit Limit Range
    
Number of Accounts
    
Percentage
of Total Number of Accounts
    
Principal Receivables
    
Percentage of Total Principal Receivables
  
No Credit Limit
     
1,847
      
3.05
%
  
$
17,476
      
0.24
%
$0.01 - $100.00
      
749
      
1.24
%
  
$
11,654
      
0.16
%
$100.01 - $250.00
      
4,717
      
7.78
%
  
$
167,519
      
2.27
%
$250.01 - $350.00
      
1,902
      
3.14
%
  
$
99,605
      
1.35
%
$350.01 - $500.00
      
3,787
      
6.25
%
  
$
225,742
      
3.05
%
$500.01 - $750.00
      
8,337
      
13.76
%
  
$
409,445
      
5.54
%
$750.01 - $1,000.00
      
13,131
      
21.67
%
  
$
568,966
      
7.70
%
$1,000.01 - $1,250.00
      
3,413
      
5.63
%
  
$
505,388
      
6.84
%
$1,250.01 - $1,500.00
      
4,768
      
7.87
%
  
$
573,051
      
7.75
%
$1,500.01 - $2,000.00
      
5,100
      
8.42
%
  
$
1,022,341
      
13.83
%
$2,000.01 - $2,500.00
      
1,821
      
3.00
%
  
$
651,429
      
8.81
%
$2,500.01 or more
     
11,022
      
18.19
%
  
$
3,138,898
      
42.47
%
Total(1)
     
60,593
      
100.00
%
  
$
7,391,513
      
100.00
%
________________________________
(1)
Amounts and percentages may not add up to the total due to rounding.

Composition by Account Age
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)

 
Account Age Range
  
Number of Accounts
    
Percentage
of Total Number of Accounts
    
Principal Receivables
    
Percentage of Total Principal Receivables
  
Not More than 12 Months 
    
7,185
      
11.86
%
  
$
1,467,856
      
19.86
%
Over 12 Months to 24 Months 
    
6,616
      
10.92
%
  
$
957,969
      
12.96
%
Over 24 Months to 36 Months 
    
6,536
      
10.79
%
  
$
866,363
      
11.72
%
Over 36 Months to 48 Months 
    
7,216
      
11.91
%
  
$
789,143
      
10.68
%
Over 48 Months to 60 Months 
    
5,975
      
9.86
%
  
$
664,500
      
8.99
%
Over 60 Months 
    
27,065
      
44.67
%
  
$
2,645,682
      
35.79
%
Total(1) 
    
60,593
      
100.00
%
  
$
7,391,513
      
100.00
%
________________________________
(1)
Amounts and percentages may not add up to the total due to rounding.

Cardholders whose accounts are designated for the trust portfolio had billing addresses in all 50 states, the District of Columbia and other U.S. territories, except for approximately 0.25% of the principal receivables balance for the trust for which cardholders had billing addresses located outside of the United States, the District of Columbia or other U.S. territories.  Except for the five states listed below, no state accounted for more than 5% of the number of accounts or 5% of the total principal receivables balances as of May 31, 2019.


Composition by Billing Address
Trust Portfolio

 
State
  
Percentage of
Total Number of Accounts
  
Percentage of
Total Principal
Receivables
Texas 
  
8.45%
  
11.12%
California 
  
9.07%
  
10.42%
Florida 
  
7.48%
  
7.62%
New York 
  
7.54%
  
6.98%
Illinois 
  
4.62%
  
5.22%

The bank uses credit bureau scoring and a proprietary scoring model developed for the bank as tools in the underwriting process and for making credit decisions.  The bank uses credit bureau scoring and a proprietary scoring model also for purposes of monitoring obligor credit quality.  The bank’s proprietary scoring model is based on historical data and requires the bank to make various assumptions about future performance.  As a result, the bank’s proprietary model is not intended, and should not be relied upon, to forecast actual future performance.

Information regarding customer performance is factored into these proprietary scoring models to determine the probability of an account becoming 91 or more days past due or becoming charged off at any time within the next 12 months. Obligor credit quality is monitored at least monthly during the life of an account. The information in the table below is based on the most recent information available for each account in the trust portfolio. Because the future composition of the trust portfolio will change over time, obligor credit quality as shown in the table below is not indicative of obligor credit quality for the trust portfolio at any subsequent time. In addition, the bank’s assessment of obligor credit quality may change over time depending on the conduct of the cardholder and changes in the proprietary scoring models used by the bank.

Composition by Obligor Credit Quality
Trust Portfolio
(Dollars in Thousands)

Probability of an Account Becoming 91 or More
Days Past Due or Becoming Charged-off
(within the next 12 months)
    
Principal
Receivables
    
Percentage of
Total Principal
Receivables
  
No Score 
    
$
69,974
       0.95
%
27.1% and higher 
    
$
691,084
       9.35
%
17.1% – 27.0%

 
$
499,695
       6.76
%
12.6% – 17.0%

 
$
494,467
       6.69
%
3.7% – 12.5%
 
$
3,118,482
       42.19
%
1.9% – 3.6%
 
$
1,280,159
       17.32
%
Lower than 1.9% 
    
$
1,237,652
       16.74
%
Total(1) 
    
$
7,391,513
      
100.00
%
________________________________
(1)  Amounts and percentages may not add up to the total due to rounding.