Discover 2015 Annual Report Download - page 128

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-112-
Geographical Distribution of Loans
The Company originates credit card loans throughout the United States. The geographic distribution of the
Company's credit card loan receivables was as follows (dollars in millions):
December 31,
2015 2014
$ % $ %
California .................................................................................................. $ 4,947 8.5% $ 4,776 8.5%
Texas ......................................................................................................... 4,781 8.3 4,557 8.1
New York .................................................................................................. 4,061 7.0 3,929 7.0
Florida ....................................................................................................... 3,463 6.0 3,287 5.9
Illinois ........................................................................................................ 3,170 5.5 3,114 5.5
Pennsylvania .............................................................................................. 3,071 5.3 2,989 5.3
Ohio ......................................................................................................... 2,511 4.3 2,449 4.4
New Jersey ................................................................................................ 2,163 3.7 2,113 3.8
Georgia ..................................................................................................... 1,687 2.9 1,630 2.9
Michigan ................................................................................................... 1,661 2.9 1,634 2.9
Other States ............................................................................................... 26,381 45.6 25,650 45.7
Total credit card loans ............................................................................. $ 57,896 100.0% $ 56,128 100.0%
The Company originates personal loans, student loans and other loans, and has PCI loans throughout the United
States. The table below does not include mortgage loans held for sale. The geographic distribution of personal, student,
other and PCI loan receivables was as follows (dollars in millions):
December 31,
2015 2014
$ % $ %
New York .................................................................................................. $ 1,743 12.0% $ 1,738 12.7%
California .................................................................................................. 1,312 9.1 1,267 9.2
Pennsylvania .............................................................................................. 1,059 7.3 1,004 7.3
Illinois ........................................................................................................ 865 6.0 794 5.8
Texas ......................................................................................................... 804 5.5 742 5.4
New Jersey ................................................................................................ 737 5.1 687 5.0
Ohio ......................................................................................................... 584 4.0 540 3.9
Florida ....................................................................................................... 578 4.0 538 3.9
Massachusetts ............................................................................................ 559 3.9 550 4.0
Michigan ................................................................................................... 524 3.6 512 3.7
Other States ............................................................................................... 5,724 39.5 5,347 39.1
Total other loans (including PCI loans) ....................................................... $ 14,489 100.0% $ 13,719 100.0%
6. Credit Card and Student Loan Securitization Activities
Credit Card Securitization Activities
The Company accesses the term asset securitization market through DCMT and DCENT, which are trusts into
which credit card loan receivables are transferred (or, in the case of DCENT, into which beneficial interests in DCMT
are transferred) and from which DCENT issues notes to investors.
The DCENT debt structure consists of four classes of securities (DiscoverSeries Class A, B, C and D notes), with
the most senior class generally receiving a triple-A rating. In order to issue senior, higher rated classes of notes, it is