Cabela's 2007 Annual Report Download - page 69

Download and view the complete annual report

Please find page 69 of the 2007 Cabela's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 106

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106

63
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
Credit card loans consisted of the following for the years ended:
2007 2006
Credit card loans held for sale (including transferor’s interest of $166,700 and
$122,824) ..................................................... $ 178,258 $ 136,072
Credit card loans receivable, net of allowances of $1,197 and $699 ........... 13,635 16,611
Total ......................................................... $ 191,893 $ 152,683
Composition of credit card loans at year end:
Loans serviced ................................................. $ 2,058,235 $ 1,674,064
Loans securitized and sold to outside investors ........................ (1,850,000) (1,514,000)
Securitized loans with securities owned by WFB which are classified as
retained interests............................................. (12,650) (4,922)
195,585 155,142
Less adjustments to market value and allowance for loan losses .......... (3,692) (2,459)
Total (including transferor’s interest of $166,700 and $122,824) ............. $ 191,893 $ 152,683
Transferor’s interest restricted for repayment of secured borrowing at year
end .......................................................... $ 133,333 $ —
Delinquent loans in the managed credit card loan portfolio at year end:
30-89 days .................................................... 14,319 9,589
90 days or more and still accruing .................................. 5,835 3,095
Total net charge-offs on the managed credit card loans
portfolio for the year ended ....................................... 33,898 25,199
Annual average credit card loans:
Managed credit card loans ........................................ 1,690,543 1,357,671
Securitized credit card loans including transferor’s interest .............. 1,656,078 1,325,149
Total net charge-offs as a percentage of annual average
managed credit card loans ........................................ 2.01% 1.86%
Retained Interests:
Retained interests in securitized loans consisted of the following at the years ended:
2007 2006
Cash reserve account ......................................................... $11,965 $ 9,638
Interest-only strips ........................................................... 27,162 24,473
Class B securities ............................................................ 12,650 4,922
$51,777 $39,033