Despite the overall downturn in the sub-prime market, SD-based First Premier Bank continues to churn-out a solid performance. During the first quarter the issuer reported it added more than 100,000 cards to its portfolio. Outstandings rose 10% to $760,897,788, compared to 1Q/06. First quarter volume was up 8% to $319,939,641. First Premier’s account based increased from 4,003,282 in the fourth quarter to 4,142,265 for 1Q/07. According to FitchRatings, charge-offs for sub-prime portfolios decreased to 8.73% in March from 9.53% in February. The monthly payment rate decreased 69 bps to 9.89% from 10.58% in February. However, gross yield for sub-prime portfolios decreased 239 bps to 24.15% in March from 26.54% in February.
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FIRST PREMIER ACCOUNT HISTORICAL
1Q/06: 3,755,000
2Q/06: 3,849,000
3Q/06: 3,958,000
4Q/06: 4,003,000
1Q/07: 4,112,000
Source: CardData (www.carddata.com)
