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CPS Announces Third Quarter 2012 Earnings

Stocks in this article: CPSS

During the third quarter of 2012, CPS purchased $143.1 million of new contracts compared to $137.9 million during the second quarter of 2012 and $81.2 million during the third quarter of 2011. The Company's managed receivables totaled $844.9 million as of September 30, 2012, an increase from $806.1 million as of June 30, 2012 and $827.8 million as of September 30, 2011, as follows ($ in millions):

Originating Entity September 30, 2012 June 30, 2012 September 30, 2011
CPS $748.8 $681.5 $572.5
Fireside Bank 80.3 104.0 210.9
TFC 0.4 0.6 3.1
As Third Party Servicer 15.4 20.0 41.3
Total $844.9 $806.1 $827.8

Annualized net charge-offs for the third quarter of 2012 were 3.35% of the average owned portfolio as compared to 4.13% for the third quarter of 2011. Delinquencies greater than 30 days (including repossession inventory) were 4.64% of the total owned portfolio as of September 30, 2012, as compared to 6.54% as of September 30, 2011.

As previously reported, during September CPS closed its third term securitization transaction of 2012 and the sixth transaction in the last 18 months. In the senior subordinate structure, a special purpose subsidiary sold five tranches of asset-backed notes totaling $147.0 million. The notes are secured by automobile receivables purchased by CPS and have a weighted average effective coupon of approximately 2.45%. The transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance. The final enhancement level requires accelerated payment of principal on the notes to reach overcollateralization of 11.00% of the then-outstanding receivable pool balance.

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