(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Emerging growth company |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. |
Number | Description | |||||||
99.1 | Monthly Charge-off and Delinquency Statistics as of and for each of the thirteen months ended April 30, 2022 | |||||||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL |
SYNCHRONY FINANCIAL | ||||||||||||||||||||
Date: May 16, 2022 | By: | /s/ Jonathan Mothner | ||||||||||||||||||
Name: | Jonathan Mothner | |||||||||||||||||||
Title: | Executive Vice President, General Counsel and Secretary |
Number | Description | |||||||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL |
SYNCHRONY FINANCIAL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MONTHLY CHARGE-OFF AND DELINQUENCY STATISTICS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AS OF AND FOR EACH OF THE THIRTEEN MONTHS ENDED | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited, $ in billions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides monthly charge-off and delinquency statistics as of and for each of the thirteen months ended April 30, 2022. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The year over year increase in the over-30 day loan delinquencies as a percentage of period-end loan receivables (the “30+ delinquency rate”) at April 30, 2022 includes the effects of the reclassification of loan receivables related to the Gap Inc. and BP portfolios to loan receivables held for sale. Excluding the Gap and BP programs, the 30+ delinquency rate at April 30, 2022 was up approximately 10 basis points versus prior year. The year over year decrease in net charge-offs for the month ended April 30, 2022 reflects the prior improvements in customer payment behavior. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apr 30, 2022 | Mar 31, 2022 | Feb 28, 2022 | Jan 31, 2022 | Dec 31, 2021 | Nov 30, 2021 | Oct 31, 2021 | Sep 30, 2021 | Aug 31, 2021 | Jul 31, 2021 | Jun 30, 2021 | May 31, 2021 | Apr 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-end loan receivables | $ | 79.7 | $ | 78.9 | $ | 78.5 | $ | 79.3 | $ | 80.7 | $ | 79.6 | $ | 77.3 | $ | 76.4 | $ | 75.8 | $ | 78.8 | $ | 78.4 | $ | 77.7 | $ | 76.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loan receivables held for sale | $ | 4.0 | $ | 4.0 | $ | 3.9 | $ | 4.1 | $ | 4.4 | $ | 3.8 | $ | 3.5 | $ | 3.5 | $ | 3.6 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average loan receivables, including held for sale | $ | 82.9 | $ | 82.0 | $ | 82.6 | $ | 83.6 | $ | 84.3 | $ | 81.2 | $ | 79.8 | $ | 79.3 | $ | 78.6 | $ | 78.3 | $ | 77.6 | $ | 76.6 | $ | 76.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
30+ days past due as a % of period-end loan receivables | 2.7 | % | 2.8 | % | 2.9 | % | 2.8 | % | 2.6 | % | 2.6 | % | 2.5 | % | 2.4 | % | 2.3 | % | 2.1 | % | 2.1 | % | 2.2 | % | 2.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (annualized) as a % of average loan receivables, including held for sale(1) | 2.7 | % | 2.9 | % | 2.8 | % | 2.5 | % | 2.6 | % | 2.4 | % | 2.1 | % | 1.9 | % | 2.5 | % | 2.2 | % | 3.2 | % | 3.7 | % | 3.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Recovery adjustment(2) | (0.1) | % | 0.2 | % | — | % | (0.2) | % | (0.2) | % | 0.1 | % | 0.1 | % | — | % | (0.1) | % | — | % | 0.1 | % | — | % | (0.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net charge-offs as a % of average loan receivables, including held for sale(3) | 2.6 | % | 3.1 | % | 2.8 | % | 2.3 | % | 2.4 | % | 2.5 | % | 2.2 | % | 1.9 | % | 2.4 | % | 2.2 | % | 3.3 | % | 3.7 | % | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Charge-offs are executed on charge-off cycle dates which occur on various days during each calendar month. The number of different charge-off cycle dates in each month varies based on such factors as the calendar and the timing of billing cycles. As a result, the amount of charged-off loan receivables can vary between monthly periods with no corresponding change in the performance of the portfolio. The following table sets forth the number of different charge-off cycle dates for our consumer credit card loan receivables, which represent approximately 95% of total period end loan receivables at April 30, 2022, for the calendar months indicated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 28 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
February | 28 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March | 29 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
April | 27 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
May | 28 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June | 29 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July | 25 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August | 30 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September | 28 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October | 28 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November | 28 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December | 28 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Represents adjustment to allocate recoveries, including debt sales, evenly across the three calendar months of each respective quarterly reporting period. The adjustments for periods other than for the last month of each calendar quarter incorporate estimated recoveries for the applicable full quarterly reporting period. Such estimates are subject to change within each applicable quarter and may differ from actual quarterly results. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Adjusted net charge-offs represent a non-GAAP financial measure. Adjusted net charge-offs as a % of average loan receivables, including held for sale, represent the Company's net charge-off rate for each month including the 'recovery adjustment' defined above. We believe the presentation of this measure is useful to investors as it represents a monthly measure which is more indicative of both our quarterly and annual net charge-off rates. |
YKI4/:!EV= 49CBJ[&A8(8Y*J"Q2E8JN(LN22T4^;3^%U<$* MATEYFOB?"_TT'95+ISEQ M<+T?_V794R[=;!_XPXL?-.>/'9*LFH\3H4?(:-7#(XF3M5X\*/%]7(>%7@&S M/K)6RA^NFMZ"8[%<;)IF*7NZ:'IW([YWR_'\:2HDS+W6&+X7>]$E; $,QSBZ ME-*8#!,OBD.2 CH!8%@51$.0\=HXFW?G1X-(HB!* E[M V4W-F$)"3RXMF'^ M]*ZCP/+:C%GS A M/1O!&;KYM\^%E$W34K9?I<-__.,?GU(_#=AA,O,$#HZH8NU3*?_M4RD?V8GH M[/ 3]2]1DLX"]KE _604D%EY& T9S.]/R[PAB_.//J5LF'V$YS:09.R[^?33 MM,6\SP6?**8$[5VF::J"79DXDJDK#H8?92))YE_5)2@KF IH2$(^-?/+M2' M-SN"U<0D: PIF_Z7S0K(IS TE;_/G&IT^55J779D:TP'M KUJ1;_7YAU2W1FENSCG0R^2K;06<>S9O5CMAM]WV[ M;?OVH"9VSANX J% MV*Q#OVI#MN8]U1Z<2?;<59OU;FC5CT-[T+BD]6/?J9]IW79P85=[BA76Q&[X M/;#K9[-NNR=;'-9ZJV^%W4%WX$Z;U=ZBSW>82QUVVZ.@>7XBPN^S3KL5=L_/ M -XO0;/J3CJ#LTFW7IMU0SNTYS6E>6Q,O[9KJ74J\K]S@%.R*G_)1'$,1?,$ M4\6NH-% C#AH!E["G ^13"Q,*A"'Q'$[&.I4^E:\>ZS5.N "^GG)\?!Z2W M/]V?G>YLP^F:AN;I5#<$![9?4#P%3E?%LD"Q)(,48IZ*2>'0(T'";AULZ3HI MQ\QC,0/AD6Q@0)Q%EY-,*,'1HXQEEU-@.Y\+B1^. BY"LM_Z,<>,=5Y3G"84 M1BA='R*?_FK.!0A)-(ZS;YFD*R^P+4>-QV#;8=\6RV<]3OWY5PJ3 M34>![_JIQ4('IJ ^/,T5P87^43Y-80]XGZ. )$G3.TTC]Z(R]9/"X;+)412& MT3![D(_SJ;1Q^-76K:!X$X>I8THESY, BXFABX1PM[789[" MQK"D\BWC$S&C[^-82]=976E-NRJ!#I8K8MEI_\RH^ L7UOLLE+?0'PI]Q@V? MLJ2/TH\3GZ;],A;%_RMD[0X_)2,"3-^)2] [_YP/ /$G[,R-F#L[.LD7XL.O;F2O%P;EOB"SNQ& MNU9%I^U*NW9Z?35KZWA=&$]K1V>M1KM1.T45NXIJ?Q[]4;'K-734M*S&Z6FC M:;\XX-*] #\G2=\?]M)H>("JQ:,B&-*J8BZ!W08 _=W@QT<-UL6VJ+-LG1!Y2;W:YHLTZ7)TCT_F=A21[3;%[C3_A+:U;,) MF"-2MWTR[_#Q!QW9/N=F10?,C^\*_>-+T)6"2V 'V82ONY@7D(7?,CNGEEL_!90[RV'X:5JF\(L ]GC:Y]T$2F;" MC)%88,-?2WA.F]7&7[*GJTQ6J> 021$4U_ $T_0,035-S72Q[(DJ*1Q:9(:P M=I#%K'9/B&Y&,G[P*/)0BXVB.-U1(#\LH00$#'R6I(A=\F!BG '-KMC1SB@? M3]BOMA^R!-EL@EI12(9W@;E7D9Y=15)WTOK:Y.W9/(JY/9$E*:\MLO+ 8HOU M_(0'=E,;GOQ:D@C,N,;D+Z9[*A6I+&BBB 4%,U-P=*P+Q,34)+HN.Y@6#D\[ M]M$?K:;=0<<-NV(?-2I?7U\BW=3=[V#VM2EQT^SD.
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end