SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
DATE OF REPORT (Date of earliest event reported): September 9, 1997
FIRST NBC CREDIT CARD MASTER TRUST
(Issuer of the Certificates)
FIRST NATIONAL BANK OF COMMERCE
(Exact name of registrant as specified in its charter)
UNITED STATES 333-24023 72-0269760
(State or other (Commission File Number) (IRS Employer
jurisdiction of incorporation) Identification Number)
210 BARONNE ST., NEW ORLEANS, LOUISIANA 70112
(Address of principal executive offices - Zip Code)
Registrant's telephone number, including area code: (504)623-1371
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 7. Financial Statements and Exhibits.
----------------------------------
(c) Exhibits
Exhibit
No. Document Description
------------ ---------------------------------------------------
20.1 Monthly Servicer's Certificate, Series 1997-1
20.2 Monthly Holders' Statement, Series 1997-1
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.
FIRST NATIONAL BANK OF COMMERCE
(Registrant)
By: /s/ Thomas L. Callicutt, Jr.
-------------------------------
Thomas L. Callicutt,Jr.
Executive Vice President,
Controller and
Principal Accounting Officer
of First Commerce Corporation
Dated: September 19, 1997
<PAGE>
INDEX TO EXHIBITS
Exhibit Sequential
No. Document Description Page No.
- --------- -------------------------------------------------- ------------
20.1 Monthly Servicer's Certificate, Series 1997-1 5
20.2 Monthly Holders' Statement, Series 1997-1 10
<PAGE>
Exhibit 20.1
MONTHLY SERVICER'S CERTIFICATE
First National Bank of Commerce
New Orleans, Louisiana
First NBC Credit Card Master Trust
Series 1997-1
For the 9/9/97 Determination Date
For the 1st Monthly Period
The undersigned, a duly authorized representative of First National Bank
of Commerce, as Servicer, pursuant to the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of August 1, 1997 by and between
First National Bank of Commerce and The First National Bank of Chicago, as
Trustee, does hereby certify as follows:
1 Capitalized terms used in this Certificate have their respective meanings
as set forth in the Pooling and Servicing Agreement; provided, that the
"preceding Monthly Period" shall mean the Monthly Period immediately
preceding the calendar month in which this Certificate is delivered. This
Certificate is delivered pursuant to subsection 3.4(b) of the Pooling and
Servicing Agreement. References herein to certain sections and subsections
are references to the respective sections and subsections of the Pooling
and Servicing Agreement, as amended by the applicable Series Supplement.
2 First National Bank of Commerce is Servicer under the Pooling and Servicing
Agreement.
3 The undersigned is a Servicing Officer.
4 The date of this Certificate is September 9, 1997, which is a Determination
Date under the Pooling and Servicing Agreement.
5 The aggregate amount of Collections processed during the preceding Monthly
Period [equal to 5(a) plus 5(b)] was $125,305,670.
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of
Finance Charge Receivables") was $13,683,444.
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") was $111,622,226.
6 The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was $829,776,023.
7 Included is an authentic copy of the statements required to be delivered
by the Servicer on the date of this Certificate to the Paying Agent
pursuant to Article V.
8 To the knowledge of the undersigned, there are no liens on any Receivables
in the Trust except as described below:
None.
9 The amount, if any, by which the sum of the balance of the Excess Funding
Account and the Aggregate Principal Receivables exceeds the Minimum
Aggregate Principal Receivables required to be maintained pursuant to the
Pooling and Servicing Agreement, is equal to $529,776,023.
10 The amount, if any, of the withdrawal of the Specified Deposit from the
Finance Charge Account required to be made by the Trustee pursuant to
subsection 4.3(a) of the Pooling and Servicing Agreement on the related
Transfer Date is $0.
<PAGE>
Monthly Servicer's Certificate
Page 2 (all amounts in dollars except percentages)
11 Monthly Period Trust Activity
(a) Trust Activity Total Trust
============================================ ===============
Beginning Aggregate Principal Receivables 814,953,320
Beginning Excess Funding Account Balance -
Beginning Total Principal Balance 814,953,320
Collections of Finance Charge Receivables 13,683,444
Discount Percentage -
Discount Option Receivables Collections -
Net Recoveries -
Total Collections of Finance Charge Receivables 13,683,444
Total Collections of Principal Receivables 111,622,226
Net Default Amount 2,863,867
Minimum Aggregate Principal Receivables Balance 300,000,000
Ending Aggregate Principal Receivables 829,776,023
Ending Excess Funding Account Balance -
Ending Total Principal Balance 829,776,023
<TABLE>
<CAPTION>
(b) Series Allocations Series 1997-1 All Series
============================================ ============================
<S> <C> <C>
Group Number 1
Investor Interest 300,000,000 300,000,000
Adjusted Investor Interest 300,000,000 300,000,000
Principal Funding Account Balance - -
Minimum Transferor Interest 58,084,322 58,084,322
</TABLE>
<TABLE>
<CAPTION>
(c) Group I Allocations Series 1997-1 Total Group I
=============================================== ============================
<S> <C> <C>
Investor Finance Charge Collections 5,037,138 5,037,138
Investor Monthly Interest 1,956,932 1,956,932
Investor Monthly Fees (Servicing Fee) 383,333 383,333
Investor Default Amounts 1,054,245 1,054,245
Investor Additional Amounts - -
Total 3,394,510 3,394,510
Reallocated Investor Finance Charge Collections 5,037,138 5,037,138
Available Excess 1,642,628 1,642,628
</TABLE>
<TABLE>
<CAPTION>
12 Series 1997-1 Certificates
Series 1997-1 Total Investor Transferor's
(a) Investor/Transferor Allocations Allocations Interest Interest
=============================================================================================
<C> <C> <C> <C>
Beginning Investor/Transferor Amounts 814,953,320 300,000,000 514,953,320
Beginning Adjusted Investor Interest 814,953,320 300,000,000 514,953,320
Floating Investor Percentage 100.00000% 36.81192% 63.18808%
Fixed Investor Percentage - - -
Collections of Finance Chg. Receivables 13,683,444 5,037,138 8,646,306
Collections of Principal Receivables 111,622,226 41,090,289 70,531,937
Net Default Amount 2,863,867 1,054,245 1,809,622
Ending Investor/Transferor Amount 829,776,023 300,000,000 529,776,023
</TABLE>
<PAGE>
Monthly Servicer's Certificate
Page 3 (all amounts in dollars except percentages)
<TABLE>
<CAPTION>
Collateral
(b) Monthly Period Funding Requirements Class A Class B Interest Total
=================================================================================================
<S> <C> <C> <C> <C>
Principal Funding Account - - - -
Principal Funding Investment Proceeds - - - -
Withdrawal from Reserve Account - - - -
Available Reserve Account Amount - - - -
Required Reserve Account Amount - - - -
Coupon August 7 - September 14 6.15000% 6.35000% 6.22891% 6.16913%
Floating Investor Percentage 31.84231% 2.57683% 2.39278% 36.81192%
Fixed Investor Percentage - - - -
Investor Monthly Interest 1,684,588 140,758 131,586 1,956,932
Overdue Monthly Interest - - - -
Additional Interest - - - -
Total Interest Due 1,684,588 140,758 131,586 1,956,932
Investor Default Amounts 911,921 73,797 68,527 1,054,245
Investor Monthly Fees 331,583 26,833 24,917 383,333
Investor Additional Amounts - - - -
Total Due 2,928,092 241,388 225,030 3,394,510
</TABLE>
<TABLE>
<CAPTION>
(c) Certificates - Balances and Collateral
Distributions Class A Class B Interest Total
=================================================================================================
<S> <C> <C> <C> <C>
Beginning Investor Interest 259,500,000 21,000,000 19,500,000 300,000,000
Monthly Principal-Prin.
Funding Account - - - -
Principal Payments - - - -
Interest Payments 1,684,588 140,758 131,586 1,956,932
Total Payments 1,684,588 140,758 131,586 1,956,932
Ending Investor Interest 259,500,000 21,000,000 19,500,000 300,000,000
</TABLE>
(d) Information regarding Payments in respect of the Class A Certificates
(per $1,000 original certificate principal amount)
1. Total Payment 6.491670
2. Amount of Payment in respect of
Class A Monthly Interest 6.491670
3. Amount of Payment in respect of
Class A Overdue Monthly Interest -
4. Amount of Payment in respect of
Class A Additional Interest -
5. Amount of Payment in respect of Class A Principal -
(e) Class A Investor Charge-Offs/Reimbursement of
Class A Investor Charge-Offs
1. Total amount of Class A Investor Charge-Offs -
2. Amount of Class A Investor Charge-Offs
per $1,000 original certificate principal amount -
3. Total amount reimbursed in respect of
Class A Investor Charge-Offs -
4. Amount reimbursed in respect of Class A Investor
Charge-Offs per $1,000 original principal amount -
5. The amount, if any, by which the outstanding
Principal Balance of the Class A Certificates exceeds
the Class A Adjusted Investor Interest after giving
effect to all transactions on such Distribution Date -
(f) Information regarding Payments in respect of the Class B Certificates
(per $1,000 original certificate principal amount)
1. Total Payment 6.702760
2. Amount of Payment in respect of
Class B Monthly Interest 6.702760
3. Amount of Payment in respect of
Class B Overdue Monthly Interest -
4. Amount of Payment in respect of
Class B Additional Interest -
5. Amount of Payment in respect of Class B Principal -
<PAGE>
Monthly Servicer's Certificate
Page 4 (all amounts in dollars except percentages)
(g) Amount of reductions in Class B Investor Interest
pursuant to clauses (c), (d) and (e) of the definition
of Class B Investor Interest
1. Amount of reductions in Class B Investor Interest -
2. Amount of reductions in Class B Investor Interest
per $1,000 original certificate principal amount -
3. Total amount reimbursed in respect of reductions
of Class B Investor Interest -
4. Amount reimbursed in respect of reductions of
Class B Investor Interest per $1,000 original certificate
principal amount -
5. The amount, if any, by which the outstanding
Principal Balance of the Class B Certificates exceeds
the Class B Investor Interest after giving effect
to all transactions on such Distribution Date -
(h) Information regarding Distribution in respect of
the Collateral Interest
1. Total distribution 6.748000
2. Amount of distribution in respect of
Collateral Monthly Interest 6.748000
3. Amount of distribution in respect of
Collateral Overdue Interest -
4. Amount of distribution in respect of
Collateral Monthly Principal -
(i) Amount of reductions in Collateral Interest
pursuant to clauses (c), (d) and (e) of the definition of
Collateral Interest
1. Amount of reductions in Collateral Interest -
2. Total amount reimbursed in respect of
reductions of Collateral Interest -
(j) Application of Reallocated Investor Finance
Charge Collections
1. Class A Available Funds 4,357,124
a. Class A Monthly Interest 1,684,588
b. Class A Overdue Monthly Interest -
c. Class A Additional Interest -
d. Class A Servicing Fee 331,583
e. Class A Investor Default Amount 911,921
f. Excess Spread 1,429,032
2. Class B Available Funds 352,600
a. Class B Monthly Interest 140,758
b. Class B Overdue Monthly Interest -
c. Class B Additional Interest -
d. Class B Servicing Fee 26,833
e. Excess Spread 185,009
3. Collateral Holder Available Funds 327,414
a. Excess Spread 327,414
4. Total Excess Spread 1,941,455
<PAGE>
Monthly Servicer's Certificate
Page 5 (all amounts in dollars except percentages)
(k) Application of Excess Spread and Excess Finance Charge
Collections Allocated to Series 1997-1
1. Beginning Excess Spread 1,941,455
2. Excess Finance Charge Collections -
3. Applied to fund Class A Required Amount -
4. Unreimbursed Class A Investor Charge-Offs -
5. Applied to fund Class B Required Amount 73,797
6. Reductions of Class B Investor Interest
treated as Available Principal Collections -
7. Applied to Collateral Monthly Interest
and unpaid Collateral Monthly Interest 131,586
8. Applied to Collateral Interest Servicing Fee
and any overdue Collateral Interest
Servicing Fee 24,917
9. Collateral Investor Default Amount treated as
Available Principal Collections 68,527
10. Reductions of Collateral Interest treated as
Available Principal Collections -
11. Deposit to Reserve Account (if required) -
12. Applied to other amounts owed to Collateral
Interest Holder -
13. Balance to constitute Excess Finance Charge Collections
for other series 1,642,628
13 Trust Performance
(a) Delinquencies
1. 31-59 days 13,924,034
2. 60-89 days 9,292,710
3. 90 days and over 13,504,929
4. Total 30+ days delinquent 36,721,673
(b) Base Rate
a. Current Monthly Period 8.16900%
b. Prior Monthly Period -
c. Second Prior Monthly Period -
(c) Three Month Average Base Rate 8.16900%
(d) Portfolio Yield (gross portfolio yield less net defaults)
a. Current Monthly Period 15.93157%
b. Prior Monthly Period -
c. Second Prior Monthly Period -
(e) Three Month Average Portfolio Yield 15.93157%
(f) Excess Spread Percentage 7.76257%
(g) Three Month Average Excess Spread Percentage 7.76257%
(h) Monthly Payment Rate (total collections/beginning
aggregate principal receivables) 15.37581%
(i) Portfolio Adjusted Yield 7.26257%
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 9th day of September, 1997.
First National Bank of Commerce, as Servicer
By: /s/ Anne M. Lacourrege
------------------------------------
Name: Anne M. Lacourrege
Title: Vice President
<PAGE>
Exhibit 20.2
MONTHLY HOLDERS' STATEMENT
First National Bank of Commerce
New Orleans, Louisiana
- -------------------------------------------------------------------------------
First NBC Credit Card Master Trust
Series 1997-1
September 9,1997
- -------------------------------------------------------------------------------
Under the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of August 1, 1997 by and between First National Bank
of Commerce, as Seller and Servicer ("FNBC"), and The First National Bank
of Chicago, as Trustee, (the "Trustee"), as amended and supplemented by the
Series 1997-1 Supplement dated as of August 1, 1997 by and between FNBC and
the Trustee, FNBC, as Servicer, is required to prepare certain information for
each Distribution Date regarding current distributions to Certificateholders
and the performance of the First NBC Credit Card Master Trust (the "Trust")
during the previous period. The information which is required to be prepared
with respect to the distribution on the September 15, 1997 Distribution Date,
and with respect to the performance of the Trust during the month of 8/1/97 to
8/31/97 is set forth below. Certain of the information is presented on the
basis of an original principal amount of $1,000 per Series 1997-1 Certificate
(a "Certificate"). Certain other information is presented based on the
aggregate amounts for the Trust as a whole. Capitalized terms used in this
Monthly Statement have their respective meanings set forth in the Pooling and
Servicing Agreement and the Supplement.
A Series 1997-1 Certificates
1 Information regarding Payments in respect of the Class A Certificates
(per $1,000 original certificate principal amount)
a Total Payment 6.491670
b Amount of Payment in respect of Class A Monthly Interest 6.491670
c Amount of Payment in respect of Class A Overdue Monthly
Interest -
d Amount of Payment in respect of Class A Additional
Interest -
e Amount of Payment in respect of Class A Principal -
2 Class A Investor Charge-Offs/Reimbursement of Class A Investor
Charge-Offs
a Total amount of Class A Investor Charge-Offs -
b Amount of Class A Investor Charge-Offs per $1,000 original
certificate principal amount -
c Total amount reimbursed in respect of Class A Investor
Charge-Offs -
d Amount reimbursed in respect of Class A Investor Charge-Offs
per $1,000 original principal amount -
e The amount, if any, by which the outstanding Principal
Balance of the Class A Certificates exceeds the Class A
Adjusted Investor Interest after giving effect to all
transactions on such Distribution Date -
3 Information regarding Payments in respect of the Class B
Certificates (per $1,000 original certificate principal amount)
a Total Payment 6.702760
b Amount of Payment in respect of Class B Monthly Interest 6.702760
c Amount of Payment in respect of Class B Overdue Monthly
Interest -
d Amount of Payment in respect of Class B Additional Interest -
e Amount of Payment in respect of Class B Principal -
4 Amount of reductions in Class B Investor Interest pursuant to
clauses (c), (d) and (e) of the definition of Class B Investor
Interest
a Amount of reductions in Class B Investor Interest -
b Amount of reductions in Class B Investor Interest per
$1,000 original certificate principal amount -
c Total amount reimbursed in respect of reductions of Class B
Investor Interest -
d Amount reimbursed in respect of reductions of Class B Investor
Interest per $1,000 original certificate principal amount -
e The amount, if any, by which the outstanding Principal Balance
of the Class B Certificates exceeds the Class B Investor
Interest after giving effect to all transactions on such
Distribution Date -
<PAGE>
Monthly Holders' Statement
Page 2 (all amounts in dollars except percentages)
5 Information regarding Distribution in respect of the Collateral
Interest
a Total distribution 6.748000
b Amount of distribution in respect of Collateral Monthly
Interest 6.748000
c Amount of distribution in respect of Collateral Overdue
Interest -
d Amount of distribution in respect of Collateral Monthly
Principal -
6 Amount of reductions in Collateral Interest pursuant to
clauses (c), (d) and (e) of the definition of Collateral Interest
a Amount of reductions in Collateral Interest -
b Total amount reimbursed in respect of reductions of
Collateral Interest with respect to the current Distribution
Date -
B Trust Performance
1 Delinquencies
a 31-59 days 13,924,034
b 60-89 days 9,292,710
c 90 days and over 13,504,929
d Total 30+ days delinquent 36,721,673
2 Base Rate
a Current Monthly Period 8.16900%
b Prior Monthly Period -
c Second Prior Monthly Period -
3 Three Month Average Base Rate 8.16900%
4 Portfolio Yield (gross portfolio yield less net defaults)
a Current Monthly Period 15.93157%
b Prior Monthly Period -
c Second Prior Monthly Period -
5 Three Month Average Portfolio Yield 15.93157%
6 Excess Spread Percentage 7.76257%
7 Three Month Average Excess Spread Percentage 7.76257%
8 Monthly Payment Rate (total collections/beginning aggregate
principal receivables) 15.37581%
9 Portfolio Adjusted Yield 7.26257%
First National Bank of Commerce, Servicer
By: /s/ Anne M. Lacourrege
Name: Anne M. Lacourrege
Title: Vice President
