Cabela's 2012 Annual Report Download - page 97

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87
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
The following table presents the components of the consolidated assets and liabilities of the Trust at the
years ended:
2012 2011
Consolidated assets:
Restricted credit card loans, net of allowance of $65,090 and $72,870 $ 3,458,043 $ 3,069,281
Restricted cash 17,292 18,296
Total $ 3,475,335 $ 3,087,577
Consolidated liabilities:
Secured variable funding obligations $ 325,000 $ 460,000
Secured long-term obligations 1,827,500 1,402,500
Interest due to third party investors 1,424 1,563
Total $ 2,153,924 $ 1,864,063
5. CREDIT CARD LOANS AND ALLOWANCE FOR LOAN LOSSES
The Financial Services segment grants individual credit card loans to its customers and is diversified in its
lending with borrowers throughout the United States.
The following table reflects the composition of the credit card loans at the years ended:
2012 2011
Restricted credit card loans of the Trust (restricted for repayment of secured
borrowings of the Trust) $ 3,523,133 $ 3,142,151
Unrestricted credit card loans 34,356 25,362
Total credit card loans 3,557,489 3,167,513
Allowance for loan losses and deferred credit card origination costs (60,017) (73,350)
Credit card loans, net $ 3,497,472 $ 3,094,163
Allowance for Loan Losses:
The following table reflects the activity in the allowance for loan losses by credit card segment for the
years ended:
2012 2011
Credit Card
Loans
Restructured
Credit Card
Loans
Tota l
Credit Card
Loans
Credit Card
Loans
Restructured
Credit Card
Loans
Tota l
Credit Card
Loans
Balance, beginning of year $ 44,350 $ 29,000 $ 73,350 $ 52,000 $ 38,900 $ 90,900
Provision for loan losses 40,963 1,797 42,760 35,777 3,510 39,287
Charge-offs (56,122) (12,712) (68,834) (56,616) (18,983) (75,599)
Recoveries 13,409 4,915 18,324 13,189 5,573 18,762
Net charge-offs (42,713) (7,797) (50,510) (43,427) (13,410) (56,837)
Balance, end of year $ 42,600 $ 23,000 $ 65,600 $ 44,350 $ 29,000 $ 73,350