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Advanta b zu myNews hinzufügen Was ist das?
Advanta Corp. (NASDAQ:ADVNB; ADVNA) today reported a third quarter 2008 net loss of $17.6 million dollars or $0.43 per diluted share for Class A and Class B shares combined. The loss per share includes $0.33 per share of balance sheet charges and reserve build related to recent credit trends and wider market credit spreads. The Company also had a non-recurring $0.18 per share rewards charge, and extra costs during the ramp-up period of its offshoring initiative which is expected to reap substantial on-going cost benefits in the future. Partially offsetting these items was a $0.07 per share gain related to the sale of the remaining portion of the Company’s MasterCard shares.
Other noteworthy items for the quarter include:
"This economy has dealt small business owners a tough hand,” said Dennis Alter, Chairman and CEO. "Not only are consumers spending less money with them, but their options for funding business inventories and obligations have shrunk. Although this has flowed through to us in the form of rising credit losses, our balance sheet is strong and we continue to manage through this uncertain economy.”
Conference Call Details
Advanta management will hold a conference call with analysts and institutional investors today, October 30, at 9:00 a.m. Eastern Time, to review the third quarter results for 2008. The call can be accessed by dialing 877-718-5095 and referring to confirmation code 2541931. At the same time, the call will be webcast via a Vcall link on Advanta’s website or at www.investorcalendar.com. Those interested in listening to the webcast should go to the website at least ten minutes before the call to register and download any necessary software. Beginning at about 11:00 this morning, a replay of the call will be available on the Internet at the same sites as the original webcast. The conference call may include a discussion of non-GAAP financial measures, which are reconciled to the most directly comparable GAAP financial measures in the Company’s press releases or the statistical supplements also available on the Company’s website.
About Advanta
Advanta is one of the nation’s largest credit card issuers (through Advanta Bank Corp.) in the small business market today. Advanta’s exclusive focus on this market as well as its size, experience, and commitment to developing meaningful product offerings and a high level of service tailored to the needs of small businesses differentiates the company from other issuers. Founded in 1951, Advanta has long been an innovator in developing and introducing many of the marketing techniques that are common in the financial services industry today. Learn more about Advanta at www.advanta.com.
This Press Release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ from those projected. The most significant of these risks and uncertainties are: (1) the impact of litigation, including judgments, settlements and actual or anticipated insurance recoveries for costs or judgments, as well as the impact of indemnification or other obligations for losses associated with litigation due to the Company’s status as a member of Visa USA; (2) the impact of the Emergency Economic Stabilization Act or other related legislative and regulatory developments, including heightened regulatory scrutiny, practices, requirements or expectations; (3) difficulties achieving expected operating cost reductions due to, among other things, operational delays associated with new systems and processes, changes in personnel, changes in timing for our plans for implementation of our outsourcing initiatives and changes in the estimated timing for completion of a reduction in workforce; and (4) the effect of legal and regulatory developments relating to the legality of certain business methods, practices and policies of credit card issuers, including restrictions and limitations imposed by banking laws, regulators and examinations. Additional risks that may affect the Company’s future performance are detailed in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
In addition to the GAAP results provided throughout this document, the Company has provided managed receivable data and other non-GAAP financial measurements. Management believes that the non-GAAP financial measures used to manage the business may provide users additional useful information. The tables attached to this press release include a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures and a description of why the non-GAAP financial measures are useful to investors.
| ADVANTA | ||||||||||||
| SEGMENT INCOME STATEMENT - QUARTER | ||||||||||||
| (in thousands) | ||||||||||||
| Three Months Ended | ||||||||||||
| September 30, 2008 | ||||||||||||
| Advanta | ||||||||||||
| Business | ||||||||||||
| Cards | Other (A) | Total | ||||||||||
| Interest income | $ | 40,362 | $ | 10,647 | $ | 51,009 | ||||||
| Interest expense | 18,301 | 10,440 | 28,741 | |||||||||
| Net interest income | 22,061 | 207 | 22,268 | |||||||||
| Provision for credit losses | 29,001 | (7 | ) | 28,994 | ||||||||
| Net interest income (loss) after provision for credit losses | (6,940 | ) | 214 | (6,726 | ) | |||||||
| Noninterest revenues: | ||||||||||||
| Interchange income | 67,822 | 0 | 67,822 | |||||||||
| Securitization income (loss) | (8,673 | ) | 0 | (8,673 | ) | |||||||
| Servicing revenues | 24,483 | 0 | 24,483 | |||||||||
| Business credit card rewards | (38,297 | ) | 0 | (38,297 | ) | |||||||
| Other revenues, net | 7,737 | (36 | ) | 7,701 | ||||||||
| Total noninterest revenues | 53,072 | (36 | ) | 53,036 | ||||||||
| Operating expenses | 80,160 | 140 | 80,300 | |||||||||
| Income (loss) before income taxes | (34,028 | ) | 38 | (33,990 | ) | |||||||
| Income tax benefit | (7,983 | ) | (8,386 | ) | (16,369 | ) | ||||||
| Net income (loss) | $ | (26,045 | ) | $ | 8,424 | $ | (17,621 | ) | ||||
| Three Months Ended | ||||||||||||
| September 30, 2007 | ||||||||||||
| Advanta | ||||||||||||
| Business | ||||||||||||
| Cards | Other (A) | Total | ||||||||||
| Interest income | $ | 39,106 | $ | 10,854 | $ | 49,960 | ||||||
| Interest expense | 13,484 | 12,122 | 25,606 | |||||||||
| Net interest income | 25,622 | (1,268 | ) | 24,354 | ||||||||
| Provision for credit losses | 14,724 | 0 | 14,724 | |||||||||
| Net interest income (loss) after provision for credit losses | 10,898 | (1,268 | ) | 9,630 | ||||||||
| Noninterest revenues: | ||||||||||||
| Interchange income | 62,771 | 0 | 62,771 | |||||||||
| Securitization income | 22,388 | 0 | 22,388 | |||||||||
| Servicing revenues | 24,218 | 0 | 24,218 | |||||||||
| Business credit card rewards | (23,525 | ) | 0 | (23,525 | ) | |||||||
| Other revenues, net | 7,243 | 1,330 | 8,573 | |||||||||
| Total noninterest revenues | 93,095 | 1,330 | 94,425 | |||||||||
| Operating expenses | 68,011 | 4,314 | 72,325 | |||||||||
| Income (loss) before income taxes | 35,982 | (4,252 | ) | 31,730 | ||||||||
| Income tax expense (benefit) | 13,889 | (1,641 | ) | 12,248 | ||||||||
| Net income (loss) | $ | 22,093 | $ | (2,611 | ) | $ | 19,482 | |||||
| (A) | Other includes investment and other activities not attributable to the Advanta Business Cards segment. In addition, operating expenses in the three months ended September 30, 2007 include $4.2 million of expense related to a litigation settlement between Visa Inc. and American Express. |
| ADVANTA | |||||||||||||||||||||
| EARNINGS AND COMMON STOCK DATA | |||||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||||
| Three Months Ended | Percent Change From | ||||||||||||||||||||
| Sept. 30, | June 30, | Sept. 30, | Prior | Prior | |||||||||||||||||
| 2008 | 2008 | 2007 | Quarter | Year | |||||||||||||||||
| Basic net income (loss) per common share: | |||||||||||||||||||||
| Class A | $ | (0.47 | ) | $ | 0.06 | $ | 0.44 | N/M | N/M | ||||||||||||
| Class B | (0.41 | ) | 0.12 | 0.49 | N/M | N/M | |||||||||||||||
| Combined (A) | (0.43 | ) | 0.10 | 0.47 | N/M | N/M | |||||||||||||||
| Diluted net income (loss) per common share: | |||||||||||||||||||||
| Class A | $ | (0.47 | ) | $ | 0.06 | $ | 0.43 | N/M | N/M | ||||||||||||
| Class B | (0.41 | ) | 0.11 | 0.45 | N/M | N/M | |||||||||||||||
| Combined (A) | (0.43 | ) | 0.10 | 0.44 | N/M | N/M | |||||||||||||||
| Return on average common equity (annualized) | (12.03 | ) | % | 2.68 | % | 13.09 | % | N/M | N/M | ||||||||||||
| Weighted average common shares used to compute: | |||||||||||||||||||||
| Basic earnings (loss) per common share | |||||||||||||||||||||
| Class A | 13,393 | 13,380 | 13,343 | 0.1 | % | 0.4 | % | ||||||||||||||
| Class B | 27,217 | 27,142 | 27,800 | 0.3 | (2.1 | ) | |||||||||||||||
| Total | 40,610 | 40,522 | 41,143 | 0.2 | (1.3 | ) | |||||||||||||||
| Diluted earnings (loss) per common share | |||||||||||||||||||||
| Class A | 13,393 | 13,380 | 13,343 | 0.1 | % | 0.4 | % | ||||||||||||||
| Class B | 27,217 | 28,629 | 30,762 | (4.9 | ) | (11.5 | ) | ||||||||||||||
| Total | 40,610 | 42,009 | 44,105 | (3.3 | ) | (7.9 | ) | ||||||||||||||
| Ending shares outstanding: | |||||||||||||||||||||
| Class A | 14,410 | 14,410 | 14,410 | 0.0 | % | 0.0 | % | ||||||||||||||
| Class B | 31,144 | 31,236 | 28,296 | (0.3 | ) | 10.1 | |||||||||||||||
| Total | 45,554 | 45,646 | 42,706 | (0.2 | ) | 6.7 | |||||||||||||||
| Stock price: | |||||||||||||||||||||
| Class A | |||||||||||||||||||||
| High | $ | 7.80 | $ | 9.36 | $ | 30.65 | (16.7 | ) | % | (74.6 | ) | % | |||||||||
| Low | 4.00 | 5.43 | 20.46 | (26.3 | ) | (80.4 | ) | ||||||||||||||
| Closing | 4.93 | 5.49 | 24.31 | (10.2 | ) | (79.7 | ) | ||||||||||||||
| Class B | |||||||||||||||||||||
| High | $ | 10.24 | $ | 10.63 | $ | 33.74 | (3.7 | ) | % | (69.7 | ) | % | |||||||||
| Low | 6.01 | 6.25 | 23.32 | (3.8 | ) | (74.2 | ) | ||||||||||||||
| Closing | 8.23 | 6.29 | 27.42 | 30.8 | (70.0 | ) | |||||||||||||||
| Cash dividends declared: | |||||||||||||||||||||
| Class A | $ | 0.1771 | $ | 0.1771 | $ | 0.1771 | 0.0 | % | 0.0 | % | |||||||||||
| Class B | 0.2125 | 0.2125 | 0.2125 | 0.0 | 0.0 | ||||||||||||||||
| Book value per common share | $ | 13.79 | $ | 14.48 | $ | 14.37 | (4.8 | ) | % | (4.0 | ) | % | |||||||||
| (A) | Combined represents income (loss) allocable to common stockholders divided by the combined total of Class A and Class B weighted average common shares outstanding. | |
| N/M - Not Meaningful | ||
| ADVANTA | ||||||||
| BALANCE SHEET | ||||||||
| (in thousands) | ||||||||
| As of | ||||||||
| Sept. 30, | Dec. 31, | |||||||
| 2008 | 2007 | |||||||
|
ASSETS |
||||||||
| Cash | $ | 216,115 | $ | 90,228 | ||||
| Federal funds sold | 945,178 | 872,587 | ||||||
| Interest-bearing deposits | 74,551 | 0 | ||||||
| Investments available for sale | 595,209 | 223,500 | ||||||
| Receivables, net | 650,628 | 990,668 | ||||||
| Accounts receivable from securitizations | 417,112 | 349,581 | ||||||
| Premises and equipment, net | 18,018 | 16,893 | ||||||
| Other assets | 257,928 | 220,915 | ||||||
| Total assets | $ | 3,174,739 | $ | 2,764,372 | ||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
| Deposits | $ | 1,992,900 | $ | 1,651,737 | ||||
| Debt | 221,742 | 220,848 | ||||||
| Other borrowings | 25,000 | 25,000 | ||||||
| Subordinated debt payable to preferred securities trust | 103,093 | 103,093 | ||||||
| Other liabilities | 264,780 | 177,913 | ||||||
| Total liabilities | 2,607,515 | 2,178,591 | ||||||
| Stockholders' equity | 567,224 | 585,781 | ||||||
| Total liabilities and stockholders' equity | $ | 3,174,739 | $ | 2,764,372 | ||||
| Ratio of equity to owned assets | 17.87 | % | 21.19 | % | ||||
|
Ratio of equity and subordinated debt payable to preferred securities trust to owned assets |
21.11 | % | 24.92 | % | ||||
| Ratio of equity to managed assets (A) | 7.39 | % | 7.38 | % | ||||
|
Ratio of equity and subordinated debt payable to preferred securities trust to managed assets (A) |
8.74 | % | 8.68 | % | ||||
| Ratio of equity to owned business credit card receivables | 78.06 | % | 56.78 | % | ||||
|
Ratio of equity and subordinated debt payable to preferred securities trust to owned business credit card receivables |
92.25 | % | 66.78 | % | ||||
| Ratio of equity to managed business credit card receivables (A) | 10.15 | % | 9.23 | % | ||||
|
Ratio of equity and subordinated debt payable to preferred securities trust to managed business credit card receivables (A) |
11.99 | % | 10.85 | % | ||||
|
MANAGED ASSETS (A) |
||||||||
| Total on-balance sheet assets (GAAP) | $ | 3,174,739 | $ | 2,764,372 | ||||
| Off-balance sheet securitized receivables (B) | 4,496,146 | 5,173,404 | ||||||
| Managed assets | $ | 7,670,885 | $ | 7,937,776 | ||||
| (A) | Managed asset and managed receivable statistics are non-GAAP financial measures. Management believes that managed assets and managed receivables and the related ratios provide useful supplemental information because our on-balance sheet assets include retained interests in securitizations that serve as credit enhancement to the noteholders' interests in the securitized receivables. | |
| (B) | Includes off-balance sheet business credit card receivables. Excludes our ownership interest in the noteholder principal balance of securitizations that are held on-balance sheet. |
| ADVANTA | ||||||||||||||||||
| ADVANTA BUSINESS CARDS STATISTICS | ||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||
|
Three Months Ended |
Percent Change From | |||||||||||||||||
| Sept. 30, | June 30, | Sept. 30, | Prior | Prior | ||||||||||||||
| 2008 | 2008 | 2007 | Quarter | Year | ||||||||||||||
| New account originations | 18,581 | 26,269 | 74,195 | (29.3 | )% | (75.0 | )% | |||||||||||
| Average number of active accounts (A) | 897,138 | 939,700 | 930,102 | (4.5 | ) | (3.5 | ) | |||||||||||
| Ending number of accounts | 1,206,580 | 1,305,288 | 1,294,273 | (7.6 | ) | (6.8 | ) | |||||||||||
| Customer transaction volume: | ||||||||||||||||||
| Merchandise sales | $ | 2,940,685 | $ | 3,055,484 | $ | 2,896,421 | (3.8 | ) | 1.5 | |||||||||
| Balance transfers | 97,304 | 121,752 | 387,455 | (20.1 | ) | (74.9 | ) | |||||||||||
| Cash usage | 249,489 | 294,475 | 323,031 | (15.3 | ) | (22.8 | ) | |||||||||||
| Total customer transaction volume | 3,287,478 | 3,471,711 | 3,606,907 | (5.3 | ) | (8.9 | ) | |||||||||||
|
Securitization volume increase (decrease) excluding replenishment sales |
$ | (369,902 | ) | $ | (83,687 | ) | $ | 115,000 | 342.0 | N/M | ||||||||
| Average receivables: | ||||||||||||||||||
| Owned | $ | 858,331 | $ | 1,164,748 | $ | 1,215,485 | (26.3 | ) | (29.4 | ) | ||||||||
| Securitized | 5,030,299 | 5,063,349 | 4,889,381 | (0.7 | ) | 2.9 | ||||||||||||
| Managed (B) | 5,888,630 | 6,228,097 | 6,104,866 | (5.5 | ) | (3.5 | ) | |||||||||||
| Ending receivables: | ||||||||||||||||||
| Owned | $ | 726,652 | $ | 850,925 | $ | 1,233,233 | (14.6 | ) | (41.1 | ) | ||||||||
| Securitized | 4,863,634 | 5,225,773 | 4,980,737 | (6.9 | ) | (2.4 | ) | |||||||||||
| Managed (B) | 5,590,286 | 6,076,698 | 6,213,970 | (8.0 | ) | (10.0 | ) | |||||||||||
| Operating expense ratio (C) | 5.45 | % | 5.24 | % | 4.46 | % | 4.0 | 22.2 | ||||||||||
|
CREDIT QUALITY - OWNED |
||||||||||||||||||
| Receivables 30 days or more delinquent | $ | 51,661 | $ | 49,894 | $ | 35,276 | ||||||||||||
| Receivables 90 days or more delinquent | 24,531 | 25,001 | 15,693 | |||||||||||||||
| As a percentage of receivables: | ||||||||||||||||||
| Receivables 30 days or more delinquent | 7.11 | % | 5.86 | % | 2.86 | % | 21.3 | % | 148.6 | % | ||||||||
| Receivables 90 days or more delinquent | 3.38 | 2.94 | 1.27 | 15.0 | 166.1 | |||||||||||||
| Net principal charge-offs: | ||||||||||||||||||
| Amount | $ | 22,839 | $ | 25,819 | $ | 10,708 | ||||||||||||
|
As a percentage of average receivables (annualized) |
10.64 | % | 8.87 | % | 3.52 | % | 20.0 | 202.3 | ||||||||||
|
CREDIT QUALITY - SECURITIZED |
||||||||||||||||||
| Receivables 30 days or more delinquent | $ | 314,740 | $ | 294,432 | $ | 160,375 | ||||||||||||
| Receivables 90 days or more delinquent | 148,182 | 145,715 | 71,951 | |||||||||||||||
| As a percentage of receivables: | ||||||||||||||||||
| Receivables 30 days or more delinquent | 6.47 | % | 5.63 | % | 3.22 | % | 14.9 | % | 100.9 | % | ||||||||
| Receivables 90 days or more delinquent | 3.05 | 2.79 | 1.44 | 9.3 | 111.8 | |||||||||||||
| Net principal charge-offs: | ||||||||||||||||||
| Amount | $ | 124,303 | $ | 104,638 | $ | 48,404 | ||||||||||||
|
As a percentage of average receivables (annualized) |
9.88 | % | 8.27 | % | 3.96 | % | 19.5 | 149.5 | ||||||||||
|
CREDIT QUALITY - MANAGED (B) |
||||||||||||||||||
| Receivables 30 days or more delinquent | $ | 366,401 | $ | 344,326 | $ | 195,651 | ||||||||||||
| Receivables 90 days or more delinquent | 172,713 | 170,716 | 87,644 | |||||||||||||||
| As a percentage of receivables: | ||||||||||||||||||
| Receivables 30 days or more delinquent | 6.55 | % | 5.67 | % | 3.15 | % | 15.5 | % | 107.9 | % | ||||||||
| Receivables 90 days or more delinquent | 3.09 | 2.81 | 1.41 | 10.0 | 119.1 | |||||||||||||
| Net principal charge-offs: | ||||||||||||||||||
| Amount | $ | 147,142 | $ | 130,457 | $ | 59,112 | ||||||||||||
|
As a percentage of average receivables (annualized) |
10.00 | % | 8.38 | % | 3.87 | % | 19.3 | 158.4 | ||||||||||
|
|
||||||||||||||||||
| (A) | Active accounts are defined as accounts with a balance at month-end. Active account statistics do not include charged-off accounts. The statistics reported above are the average number of active accounts for the periods presented. | |
| (B) | Managed statistics are non-GAAP financial measures and represent the sum of owned (GAAP) business credit card statistics and securitized business credit card statistics. We believe that performance on a managed basis provides useful supplemental information to investors because we retain interests in the securitized receivables and, therefore, we have a financial interest in and exposure to the performance of the securitized receivables. | |
| (C) | Operating expense ratio is annualized and calculated as a percentage of average owned and securitized receivables. | |
| N/M - Not Meaningful | ||
| ADVANTA | |||||||||||||||
| RECONCILIATION OF MANAGED FINANCIAL MEASURES AND RATIOS | |||||||||||||||
| (in thousands) | |||||||||||||||
|
In addition to evaluating the financial performance of the Advanta Business Cards segment under U.S. generally accepted accounting principles (GAAP), we evaluate Advanta Business Cards' performance on a managed basis. Our managed business credit card receivable portfolio is comprised of both owned and securitized business credit card receivables. We believe that performance on a managed basis provides useful supplemental information to investors because we retain interests in the securitized receivables and, therefore, we have a financial interest in and exposure to the performance of the securitized receivables. Revenue and credit data on the managed portfolio provides additional information useful in understanding the performance of the retained interests in securitizations. Risk-adjusted revenues represent net interest income and noninterest revenues, less provision for credit losses. Management uses risk-adjusted revenues as a basis for monitoring the risk-based return on the portfolio and components of our portfolio. Generally, based on risk-based pricing strategies, customers with higher credit losses should have higher revenues. We believe the measure is useful to investors as a measure of our ability to appropriately price for the risk of the portfolio by demonstrating the relationship between revenues and credit losses in one concise measure. |
|||||||||||||||
|
|
Three Months Ended |
||||||||||||||
|
|
September 30, 2008 |
||||||||||||||
| Advanta | Advanta | ||||||||||||||
| Business Cards | Securitization | Business Cards | |||||||||||||
| GAAP | Adjustments | Managed | |||||||||||||
| Net interest income | $ | 22,061 | $ | 146,720 | $ | 168,781 | |||||||||
| Average business credit card interest-earning assets | 1,070,570 | 4,818,060 | 5,888,630 | ||||||||||||
| Ratio (annualized) | 8.24 | % | 11.46 | % | |||||||||||
| Provision for credit losses | $ | 29,001 | $ | 143,856 | (A) | $ | 172,857 | ||||||||
| Average business credit card interest-earning assets | 1,070,570 | 4,818,060 | 5,888,630 | ||||||||||||
| Ratio (annualized) | 10.84 | % | 11.74 | % | |||||||||||
| Noninterest revenues | $ | 53,072 | $ | (2,864 | ) | $ | 50,208 | ||||||||
| Average business credit card interest-earning assets | 1,070,570 | 4,818,060 | 5,888,630 | ||||||||||||
| Ratio (annualized) | 19.83 | % | 3.41 | % | |||||||||||
| Risk-adjusted revenues (B) | $ | 46,132 | $ | 0 | $ | 46,132 | |||||||||
| Average business credit card interest-earning assets | 1,070,570 | 4,818,060 | 5,888,630 | ||||||||||||
| Ratio (annualized) | 17.24 | % | 3.13 | % | |||||||||||
| Net loss | $ | (26,045 | ) | $ | 0 | $ | (26,045 | ) | |||||||
| Average business credit card interest-earning assets | 1,070,570 | 4,818,060 | 5,888,630 | ||||||||||||
| Ratio (annualized) | (9.73 | ) | % | (1.77 | ) | % | |||||||||
|
|
Three Months Ended |
||||||||||||||
|
|
September 30, 2007 |
||||||||||||||
| Advanta | Advanta | ||||||||||||||
| Business Cards | Securitization | Business Cards | |||||||||||||
| GAAP | Adjustments | Managed | |||||||||||||
| Net interest income | $ | 25,622 | $ | 82,362 | $ | 107,984 | |||||||||
| Average business credit card interest-earning assets | 1,441,890 | 4,662,976 | 6,104,866 | ||||||||||||
| Ratio (annualized) | 7.11 | % | 7.08 | % | |||||||||||
| Provision for credit losses | $ | 14,724 | $ | 48,404 | (A) | $ | 63,128 | ||||||||
| Average business credit card interest-earning assets | 1,441,890 | 4,662,976 | 6,104,866 | ||||||||||||
| Ratio (annualized) | 4.08 | % | 4.14 | % | |||||||||||
| Noninterest revenues | $ | 93,095 | $ | (33,958 | ) | $ | 59,137 | ||||||||
| Average business credit card interest-earning assets | 1,441,890 | 4,662,976 | 6,104,866 | ||||||||||||
| Ratio (annualized) | 25.83 | % | 3.87 | % | |||||||||||
| Risk-adjusted revenues (B) | $ | 103,993 | $ | 0 | $ | 103,993 | |||||||||
| Average business credit card interest-earning assets | 1,441,890 | 4,662,976 | 6,104,866 | ||||||||||||
| Ratio (annualized) | 28.85 | % | 6.81 | % | |||||||||||
| Net income | $ | 22,093 | $ | 0 | $ | 22,093 | |||||||||
| Average business credit card interest-earning assets | 1,441,890 | 4,662,976 | 6,104,866 | ||||||||||||
| Ratio (annualized) | 6.13 | % | 1.45 | % | |||||||||||
|
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(A) |
Includes the amount by which credit losses would have been higher had the securitized receivables remained as owned and the provision for credit losses on securitized receivables been equal to actual reported charge-offs. In addition, provision for credit losses includes an unfavorable valuation adjustment to retained interests in securitizations of $19.6 million for the three months ended September 30, 2008. |
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(B) |
Risk-adjusted revenues represent net interest income and noninterest revenues, less provision for credit losses. |
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| 17.11.06 | Update Advanta Corp. (B): Neutral | Goldman Sachs | |
| 27.04.06 | Update Advanta Corp. (B): Market Perform | Friedman, Billings Ramsey & Co | |
| 07.04.05 | Update Advanta Corp. (B): Strong Buy | JMP Securities | |
| 26.01.05 | Update Advanta Corp. (B): Market Perform | Friedman, Billings Ramsey & Co |
| 07.04.05 | Update Advanta Corp. (B): Strong Buy | JMP Securities |
| 17.11.06 | Update Advanta Corp. (B): Neutral | Goldman Sachs | |
| 27.04.06 | Update Advanta Corp. (B): Market Perform | Friedman, Billings Ramsey & Co | |
| 26.01.05 | Update Advanta Corp. (B): Market Perform | Friedman, Billings Ramsey & Co |
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