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 16, 2015
DISCOVER FINANCIAL SERVICES
(Exact name of registrant as specified in its charter)
Commission File Number: 001-33378
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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:
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o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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 twelve months ended October 31, 2015.
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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” for 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.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No. | | Description |
99.1 | | Monthly Credit Card Charge-off and Delinquency Statistics as of and for each of the twelve months ended October 31, 2015. |
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.
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| | | | DISCOVER FINANCIAL SERVICES |
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Dated: November 16, 2015 | | | | By: | | /s/ D. Christopher Greene |
| | | | | | Name: D. Christopher Greene |
| | | | | | Title: Vice President, Deputy General Counsel and Assistant Secretary |
Exhibit Index
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Exhibit Number | | Description |
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99.1 | | Monthly Credit Card Charge-off and Delinquency Statistics as of and for each of the twelve months ended October 31, 2015. |
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Exhibit 99.1
Discover Financial Services
Monthly Credit Card Charge-off and Delinquency Statistics
As of and for each of the twelve months ended
(dollars in billions)
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| | Oct 31, 2015 | Sep 30, 2015 | Aug 31, 2015 | Jul 31, 2015 | Jun 30, 2015 | May 31, 2015 | Apr 30, 2015 | Mar 31, 2015 | Feb 28, 2015 | Jan 31, 2015 | Dec 31, 2014 | Nov 30, 2014 |
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Ending Loans (1) | |
| $55.7 |
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| $55.7 |
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| $56.0 |
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| $55.2 |
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| $54.9 |
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| $54.5 |
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| $53.9 |
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| $53.5 |
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| $53.7 |
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| $54.9 |
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| $56.1 |
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| $54.6 |
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Average Loans (1) | |
| $55.3 |
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| $55.6 |
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| $55.5 |
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| $54.8 |
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| $54.5 |
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| $53.9 |
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| $53.6 |
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| $53.0 |
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| $53.9 |
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| $55.2 |
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| $55.4 |
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| $53.8 |
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Net Principal Charge-off Rate (2) | | 2.1 | % | 2.2 | % | 2.0 | % | 1.9 | % | 2.2 | % | 2.3 | % | 2.3 | % | 2.3 | % | 2.7 | % | 2.3 | % | 2.2 | % | 2.4 | % |
Delinquency rate (over 30 days) (3) | | 1.7 | % | 1.7 | % | 1.6 | % | 1.6 | % | 1.6 | % | 1.6 | % | 1.6 | % | 1.6 | % | 1.7 | % | 1.8 | % | 1.7 | % | 1.8 | % |
(1) Saturday card activity processing is deferred to the next day, which impacts the card receivable balance when the month ends on a Saturday
(2) Represents net principal charge-off dollars (annualized on an actual/actual day basis) divided by average loans for the reporting period
(3) Represents loans delinquent over 30 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”) 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.