Cabela's 2008 Annual Report Download - page 82

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77
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
The table below presents quantitative information about delinquencies, net charge-offs and components of
managed credit card loans, including securitized loans:
2008 2007
Credit card loans held for sale (including transferor’s interest of $143,411
and $166,700) $ 157,301 $178,258
Credit card loans receivable, net of allowances of $1,507 and $1,197 9,925 13,635
Total $167,226 $191,893
Composition of credit card loans at year end:
Loans serviced $ 2,347,223 $2,058,235
Loans securitized and sold to outside investors (2,142,688)(1,850,000)
Securitized loans with securities owned by WFB which are classified as
asset-backed securities in retained interests on securitized loans (31,584 ) (12,650 )
172,951 195,585
Less adjustments to market value and allowance for loan losses (5,725 ) (3,692 )
Total (including transferor’s interest of $143,411 and $166,700) $ 167,226 $191,893
Transferor’s interest restricted for repayment of secured borrowing at year end $ - $ 133,333
Delinquent loans including finance charges and fees at year end:
Managed credit card loans:
30-89 days 28,712 14,319
90 days or more and still accruing 11,145 5,835
Securitized credit card loans including transferor’s interest:
30-89 days 28,148 13,850
90 days or more and still accruing 10,761 5,628
Total net charge-offs including finance charges and fees for the year ended:
Managed credit card loans 61,448 33,898
Securitized credit card loans including transferor’s interest 60,033 32,557
Annual average credit card loans including finance charges and fees:
Managed credit card loans 2,085,481 1,690,543
Securitized credit card loans including transferor’s interest 2,051,295 1,656,078
Total net charge-offs as a percentage of annual average loans:
Managed credit card loans 2.95%2.01%
Securitized credit card loans including transferor’s interest 2.93%1.97%