UNITED STATES
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): January 9, 1998
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 (IRS Employer
jurisdiction of Number) Identification
incorporation) 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)
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
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.
First Commerce Corporation
Executive Vice President, Controller and
Principal Accounting Officer
Dated: January 15, 1998
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
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 1/9/98 Determination Date
For the 5th 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 January 9, 1998, 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 $122,884,856.
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthtly Period (the "Collections of
Finance Charge Receivables") was $14,597,019.
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") was $108,287,837.
6 The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was $850,256,615.
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 $550,256,615.
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.
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 829,340,999
Beginning Excess Funding Account Balance -
Beginning Total Principal Balance 829,340,999
Collections of Finance Charge Receivables 14,597,019
Discount Percentage -
Discount Option Receivables Collections -
Net Recoveries -
Total Collections of Finance Charge
Receivables 14,597,019
Total Collections of Principal Receivables 108,287,837
Net Default Amount 4,279,693
Minimum Aggregate Principal Receivables Balance 300,000,000
Ending Aggregate Principal Receivables 850,256,615
Ending Excess Funding Account Balance -
Ending Total Principal Balance 850,256,615
(b) Series Allocations Series 1997-1 All Series
============================================ ===========================
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 59,517,963 59,517,963
(c) Group I Allocations Series 1997-1 Total Group I
============================================ ===========================
Investor Finance Charge Collections 5,280,222 5,280,222
Investor Monthly Interest 1,551,560 1,551,560
Investor Monthly Fees (Servicing Fee) 500,000 500,000
Investor Default Amounts 1,548,105 1,548,105
Investor Additional Amounts - -
Total 3,599,665 3,599,665
Reallocated Investor Finance Charge Collections 5,280,222 5,280,222
Available Excess 1,680,557 1,680,557
<TABLE>
<CAPTION>
12 Series 1997-1 Certificates
Series 1997-1 Total Investor Transferor's
(a) Investor/Transferor Allocations Allocations Interest Interest
========================================================================================
<S> <C> <C> <C>
Beginning Investor/Transferor Amounts 829,340,999 300,000,000 529,340,999
Beginning Adjusted Investor Interest 829,340,999 300,000,000 529,340,999
Floating Investor Percentage 100.00000% 36.17329% 63.82671%
Fixed Investor Percentage - - -
Collections of Finance Chg. Receivables 14,597,019 5,280,222 9,316,797
Collections of Principal Receivables 108,287,837 39,171,273 69,116,564
Net Default Amount 4,279,693 1,548,105 2,731,588
Ending Investor/Transferor Amounts 850,256,615 300,000,000 550,256,615
</TABLE>
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 December15 - January 14 6.15000% 6.35000% 6.58047% 6.19198%
Floating Investor Percentage 31.28990% 2.53213% 2.35126% 36.17329%
Fixed Investor Percentage - - - -
Investor Monthly Interest 1,329,938 111,125 110,497 1,551,560
Overdue Monthly Interest - - - -
Additional Interest - - - -
Total Interest Due 1,329,938 111,125 110,497 1,551,560
Investor Default Amounts 1,339,112 108,368 100,625 1,548,105
Investor Monthly Fees 432,500 35,000 32,500 500,000
Investor Additional Amounts - - - -
Total Due 3,101,550 254,493 243,622 3,599,665
</TABLE>
<TABLE>
<CAPTION>
(c) Certificates - Balances Collateral
and 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 1,329,938 111,125 110,497 1,551,560
Total Payments 1,329,938 111,125 110,497 1,551,560
Ending Investor Interest 259,500,000 21,000,000 19,500,000 300,000,000
</TABLE>
<TABLE>
<CAPTION>
(d) Information regarding Payments in respect of the Class A Certificates
(per $1,000 original certificate principal amount) <C>
<S>
1. Total Payment 5.125000
2. Amount of Payment in respect of Class A Monthly Interest 5.125000
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 5.291670
2. Amount of Payment in respect of Class B Monthly Interest 5.291670
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 -
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 5.666510
2. Amount of distribution in respect of Collateral Monthly Interest 5.666510
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 4,567,393
a. Class A Monthly Interest 1,329,938
b. Class A Overdue Monthly Interest -
c. Class A Additional Interest -
d. Class A Servicing Fee 432,500
e. Class A Investor Default Amount 1,339,112
f. Excess Spread 1,465,843
2. Class B Available Funds 369,615
a. Class B Monthly Interest 111,125
b. Class B Overdue Monthly Interest -
c. Class B Additional Interest -
d. Class B Servicing Fee 35,000
e. Excess Spread 223,490
3. Collateral Holder Available Funds 343,214
a. Excess Spread 343,214
4. Total Excess Spread 2,032,547
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 2,032,547
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 108,368
6. Reductions of Class B Investor Interest treated as Available
Principal Collections -
7. Applied to Collateral Monthly Interest and unpaid Collateral
Monthly Interest 110,497
8. Applied to Collateral Interest Servicing Fee and any overdue
Collateral Interest Servicing Fee 32,500
9. Collateral Investor Default Amount treated as Available
Principal Collections 100,625
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 1,680,557
13 Trust Performance
(a) Delinquencies
1. 31-59 days 15,125,048
2. 60-89 days 10,233,853
3. 90 days and over 15,910,988
4. Total 30+ days delinquent 41,269,889
(b) Base Rate
a. Current Monthly Period 8.192%
b. Prior Monthly Period 8.173%
c. Second Prior Monthly Period 8.169%
(c) Three Month Average Base Rate 8.178%
(d) Portfolio Yield (gross portfolio yield less net defaults)
a. Current Monthly Period 14.92847%
b. Prior Monthly Period 13.46170%
c. Second Prior Monthly Period 14.09164%
(e) Three Month Average Portfolio Yield 14.16060%
(f) Excess Spread Percentage
a. Current Monthly Period 6.73647%
b. Prior Monthly Period 5.28870%
c. Second Prior Monthly Period 5.92264%
(g) Three Month Average Excess Spread Percentage 5.98260%
(h) Monthly Payment Rate (total collections/beginning aggregate principal
receivables) 14.81717%
(i) Portfolio Adjusted Yield 6.23647%
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 9th day of January, 1998.
First National Bank of Commerce, as Servicer
By: /s/ Anne M. Lacourrege
---------------------------------
Name: Anne M. Lacourrege
Title: Vice President
Exhibit 20.2
MONTHLY HOLDERS' STATEMENT
First National Bank of Commerce
New Orleans, Louisiana
===============================================================================
First NBC Credit Card Master Trust
Series 1997-1
January 9,1998
===============================================================================
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 January 15,1998 Distribution Date, and with respect
to the performance of the Trust during the month of 12/1/97 to 12/31/97 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.
<TABLE>
<CAPTION>
A Series 1997-1 Certificates
<S> <C>
1 Information regarding Payments in respect of the Class A Certificates
(per $1,000 original certificate principal amount)
a Total Payment 5.125000
b Amount of Payment in respect of Class A Monthly Interest 5.125000
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 5.291670
b Amount of Payment in respect of Class B Monthly Interest 5.291670
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 -
Monthly Holders' Statement
Page 2 (all amounts in dollars except percentages)
5 Information regarding Distribution in respect of the Collateral
Interest
a Total distribution 5.666510
b Amount of distribution in respect of Collateral Monthly Interest 5.666510
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 -
B Trust Performance
1 Delinquencies
a 31-59 days 15,125,048
b 60-89 days 10,233,853
c 90 days and over 15,910,988
d Total 30+ days delinquent 41,269,889
2 Base Rate
a Current Monthly Period 8.192%
b Prior Monthly Period 8.173%
c Second Prior Monthly Period 8.169%
3 Three Month Average Base Rate 8.178%
4 Portfolio Yield (gross portfolio yield less net defaults)
a Current Monthly Period 14.92847%
b Prior Monthly Period 13.46170%
c Second Prior Monthly Period 14.09164%
5 Three Month Average Portfolio Yield 14.16060%
6 Excess Spread Percentage
a Current Monthly Period 6.73647%
b Prior Monthly Period 5.28870%
c Second Prior Monthly Period 5.92264%
7 Three Month Average Excess Spread Percentage 5.98260%
8 Monthly Payment Rate (total collections/beginning aggregate
principal receivables) 14.81717%
9 Portfolio Adjusted Yield 6.23647%
First National Bank of Commerce, Servicer
By: /s/ Anne M. Lacourrege
------------------------------------
Name: Anne M. Lacourrege
Title: Vice President
</TABLE>
