EX-99.1 3 exhibit_99-1.htm EXHIBIT 99.1

Exhibit 99.1



The following information regarding the trust portfolio is as of August 31, 2019.

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.

Composition by Retailer Type
Trust Portfolio

 
Retailer Type
  
Percentage of Total
Principal Receivables
Soft goods 
  
56.15%
Furniture 
  
21.52%
Jewelry 
  
14.02%
Department Store 
  
7.68%
Other 
  
0.64%
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 August 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 August 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 
    
13,763
      
22.26
%
  
$
1,589,242
      
21.74
%
Signet Retail Group 
    
2,740
      
4.43
%
  
$
924,466
      
12.65
%
Ascena Retail Group Inc. 
    
7,261
      
11.74
%
  
$
697,437
      
9.54
%
Retailer Groups less than 7.5% 
    
38,064
      
61.56
%
  
$
4,097,826
      
56.07
%
Total(2) 
   
61,828
      
100.00
%
  
$
7,308,971
      
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 
    
13,730
      
22.21
%
  
$
1,587,134
      
21.71
%
Wayfair PL 
    
1,777
      
2.87
%
  
$
631,112
      
8.63
%
Kay Jewelers PL 
    
1,996
      
3.23
%
  
$
625,724
      
8.56
%
Lane Bryant PL 
    
2,713
      
4.39
%
  
$
372,164
      
5.09
%
Express PL 
    
2,768
      
4.48
%
  
$
309,963
      
4.24
%
Pottery Barn PL 
    
1,145
      
1.85
%
  
$
288,923
      
3.95
%
Jared PL 
    
637
      
1.03
%
  
$
279,955
      
3.83
%
New York & Company PL 
    
2,789
      
4.51
%
  
$
273,620
      
3.74
%
Ann Taylor PL 
    
3,717
      
6.01
%
  
$
228,477
      
3.13
%
Torrid 
    
1,119
      
1.81
%
  
$
227,977
      
3.12
%
Other Retailers(1) 
    
29,437
      
47.61
%
  
$
2,483,922
      
33.98
%
Total(2) 
   
61,828
      
100.00
%
  
$
7,308,971
      
100.00
%
________________________________
(1)  Retailers individually representing a lesser percentage of principal receivables balances in the trust portfolio as of August 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
     
306
      
0.49
%
  
$
(13,468
)
    
(0.18
%)
No Balance
     
48,422
      
78.32
%
  
$
-
      
-
  
$0.01 - $50.00
      
1,665
      
2.69
%
  
$
47,189
      
0.65
%
$50.01 - $100.00
      
1,712
      
2.77
%
  
$
127,609
      
1.75
%
$100.01 - $150.00
      
1,252
      
2.03
%
  
$
155,337
      
2.13
%
$150.01 - $250.00
      
1,824
      
2.95
%
  
$
359,876
      
4.92
%
$250.01 - $350.00
      
1,103
      
1.78
%
  
$
327,328
      
4.48
%
$350.01 - $500.00
      
1,168
      
1.89
%
  
$
493,356
      
6.75
%
$500.01 - $1,000.00
      
2,276
      
3.68
%
  
$
1,642,788
      
22.48
%
$1,000.01 - $1,500.00

     
1,004
      
1.62
%
  
$
1,222,124
      
16.72
%
$1,500.01 or more
     
1,096
      
1.77
%
  
$
2,946,833
      
40.32
%
Total(1)
     
61,828
      
100.00
%
  
$
7,308,971
      
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
     
1,855
      
3.00
%
  
$
15,617
      
0.21
%
$0.01 - $100.00
      
778
      
1.26
%
  
$
12,221
      
0.17
%
$100.01 - $250.00
      
4,738
      
7.66
%
  
$
159,214
      
2.18
%
$250.01 - $350.00
      
1,929
      
3.12
%
  
$
98,162
      
1.34
%
$350.01 - $500.00
      
3,852
      
6.23
%
  
$
218,506
      
2.99
%
$500.01 - $750.00
      
8,537
      
13.81
%
  
$
399,227
      
5.46
%
$750.01 - $1,000.00
      
13,467
      
21.78
%
  
$
547,227
      
7.49
%
$1,000.01 - $1,250.00
      
3,473
      
5.62
%
  
$
484,177
      
6.62
%
$1,250.01 - $1,500.00
      
4,795
      
7.76
%
  
$
546,072
      
7.47
%
$1,500.01 - $2,000.00
      
5,153
      
8.33
%
  
$
980,701
      
13.42
%
$2,000.01 - $2,500.00
      
1,895
      
3.06
%
  
$
674,265
      
9.23
%
$2,500.01 or more
     
11,356
      
18.37
%
  
$
3,173,583
      
43.42
%
Total(1)
     
61,828
      
100.00
%
  
$
7,308,971
      
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 
    
6,941
      
11.23
%
  
$
1,440,667
      
19.71
%
Over 12 Months to 24 Months 
    
6,541
      
10.58
%
  
$
940,312
      
12.87
%
Over 24 Months to 36 Months 
    
6,515
      
10.54
%
  
$
852,280
      
11.66
%
Over 36 Months to 48 Months 
    
7,096
      
11.48
%
  
$
783,684
      
10.72
%
Over 48 Months to 60 Months 
    
6,412
      
10.37
%
  
$
654,839
      
8.96
%
Over 60 Months 
    
28,323
      
45.81
%
  
$
2,637,189
      
36.08
%
Total(1) 
    
61,828
      
100.00
%
  
$
7,308,971
      
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 August 31, 2019.


Composition by Billing Address
Trust Portfolio

 
State
  
Percentage of
Total Number
of Accounts
  
Percentage of
Total Principal
Receivables
Texas 
  
8.46%
  
11.24%
California 
  
9.09%
  
10.41%
Florida 
  
7.50%
  
7.57%
New York 
  
7.53%
  
7.01%
Illinois 
  
4.61%
  
5.27%

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
   
$
61,606
      
0.84
%
27.1% and higher
   
$
741,381
      
10.14
%
17.1% – 27.0%

$
492,798


6.74
%
12.6% – 17.0%
    
$
488,961
      
6.69
%
3.7% – 12.5%
    
$
3,140,596
      
42.97
%
1.9% – 3.6%
    
$
1,234,815
      
16.89
%
Lower than 1.9%%
   
$
1,148,815
      
15.72
%
Total(1)
   
$
7,308,971
      
100.00
%
________________________________
(1) Amounts and percentages may not add up to the total due to rounding.