<PAGE>
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) AUGUST 11, 1998
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FIRST NBC CREDIT CARD MASTER TRUST
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(Issuer of the Certificates)
FIRST NATIONAL BANK OF COMMERCE
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(Exact name of registrant as specified in its charter)
LOUISIANA 333-24023 72-0269760
- ----------------------------- ------------------------ ----------------------
(State or other jurisidiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
210 BARONNE STREET, NEW ORLEANS, LOUISIANA 70112
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(Address of principal executive offices) (Zip Code)
504/623-1371
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Registrant's telephone number, including area code
N/A
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(Former name, former address and former fiscal year, 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 thereunto duly authorized.
FIRST NATIONAL BANK OF COMMERCE
Registrant
By: /s/ Thomas L. Callicutt, Jr.
------------------------------------------------
Thomas L. Callicutt, Jr.
Louisiana Banc One Corporation
Executive Vice President, Controller and
Principal Accounting Officer
Date: August 26, 1998
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<PAGE>
INDEX TO EXHIBITS
EXHIBIT NO. DOCUMENT DESCRIPTION SEQUENTIAL 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 AUGUST 11, 1998 DETERMINATION DATE
FOR THE 12TH 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 August 11,1998, 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 $121,043,534.
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period the Collections of
Finance Charge Receivables $12,672,280.
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period the Collections of
Principal Receivables was $108,371,254.
6 The aggregate amount of Receivables as of the end of the last day of
the preceding Monthly Period was $821,643,359.
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
$521,643,359.
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 $0.00
<PAGE>
Monthly Servicer's Certificate
Page 2 (all amounts in dollars except percentages)
11 Monthly Period Trust Activity
<TABLE>
<CAPTION>
(a) Trust Activity Total Trust
============================================== ====================
<S> <C>
Beginning Aggregate Principal Receivables 821,654,143
Beginning Excess Funding Account Balance -
Beginning Total Principal Balance 821,654,143
Collections of Finance Charge Receivables 12,672,280
Discount Percentage -
Discount Option Receivables Collections -
Net Recoveries -
Total Collections of Finance Charge Receivables 12,672,280
Total Collections of Principal Receivables 108,371,254
Net Default Amount 3,478,438
Minimum Aggregate Principal Receivables Balance 300,000,000
Ending Aggregate Principal Receivables 821,643,359
Ending Excess Funding Account Balance -
Ending Total Principal Balance 821,643,359
</TABLE>
<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 57,515,035 57,515,035
</TABLE>
<TABLE>
<CAPTION>
(c) Group I Allocations Series 1997-1 Total Group I
============================================== ========================================
<S> <C> <C>
Investor Finance Charge Collections 4,626,866 4,626,866
Investor Monthly Interest 1,546,116 1,546,116
Investor Monthly Fees (Servicing Fee) 500,000 500,000
Investor Default Amounts 1,270,037 1,270,037
Investor Additional Amounts - -
Total 3,316,153 3,316,153
Reallocated Investor Finance Charge Collections 4,626,866 4,626,866
Available Excess 1,310,713 1,310,713
</TABLE>
12 Series 1997-1 Certificates
<TABLE>
<CAPTION>
Series 1997-1 Total Investor Transferor's
(a) Investor/Transferor Allocations Allocations Interest Interest
=========================================================================================================
<S> <C> <C> <C>
Beginning Investor/Transferor Amounts 821,654,143 300,000,000 521,654,143
Beginning Adjusted Investor Interest 821,654,143 300,000,000 521,654,143
Floating Investor Percentage 100.00000% 36.51171% 63.48829%
Fixed Investor Percentage - - -
Collections of Finance Chg. Receivables 12,672,280 4,626,866 8,045,414
Collections of Principal Receivables 108,371,254 39,568,201 68,803,053
Net Default Amount 3,478,438 1,270,037 2,208,401
Ending Investor/Transferor Amounts 821,643,359 300,000,000 521,643,359
</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 6.15000% 6.35000% 6.25625% 6.17091%
Floating Investor Percentage 31.58263% 2.55582% 2.37326% 36.51171%
Fixed Investor Percentage - - - -
Investor Monthly Interest 1,329,938 111,125 105,053 1,546,116
Overdue Monthly Interest - - - -
Additional Interest - - - -
Total Interest Due 1,329,938 111,125 105,053 1,546,116
Investor Default Amounts 1,098,582 88,903 82,552 1,270,037
Investor Monthly Fees 432,500 35,000 32,500 500,000
Investor Additional Amounts - - - -
Total Due 2,861,020 235,028 220,105 3,316,153
</TABLE>
<TABLE>
<CAPTION>
Collateral
(c) Certificates - Balances 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 1,329,938 111,125 105,053 1,546,116
Total Payments 1,329,938 111,125 105,053 1,546,116
Ending Investor Interest 259,500,000 21,000,000 19,500,000 300,000,000
(d) Information regarding Payments in respect of the Class A Certificates
(per $1,000 original certificate principal amount)
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 -
</TABLE>
<PAGE>
Monthly Servicer's Certificate
Page 4 (all amounts in dollars except percentages)
<TABLE>
<S> <C>
(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 5.387330
2. Amount of distribution in respect of Collateral Monthly Interest 5.387330
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 4,002,239
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 1,098,582
f. Excess Spread 1,141,219
2. Class B Available Funds 323,881
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 177,756
3. Collateral Holder Available Funds 300,746
a. Excess Spread 300,746
4. Total Excess Spread 1,619,721
</TABLE>
<PAGE>
Monthly Servicer's Certificate
Page 5 (all amounts in dollars except percentages)
<TABLE>
<S> <C>
(k) Application of Excess Spread and Excess Finance Charge Collections Allocated to Series 1997-1
1. Beginning Excess Spread 1,619,721
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 88,903
6. Reductions of Class B Investor Interest treated as Available Principal Collections -
7. Applied to Collateral Monthly Interest and unpaid Collateral Monthly Interest 105,053
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 82,552
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 1,310,713
13 Trust Performance
(a) Delinquencies
1. 31-59 days 12,773,254
2. 60-89 days 8,694,906
3. 90 days and over 12,060,244
4. Total 30+ days delinquent 33,528,404
(b) Base Rate
a. Current Monthly Period 8.171%
b. Prior Monthly Period 8.171%
c. Second Prior Monthly Period 8.171%
(c) Three Month Average Base Rate 8.171%
(d) Portfolio Yield (gross portfolio yield less net defaults)
a. Current Monthly Period 13.42732%
b. Prior Monthly Period 15.48536%
c. Second Prior Monthly Period 13.88875%
(e) Three Month Average Portfolio Yield 14.26714%
(f) Excess Spread Percentage
a. Current Monthly Period 5.25641%
b. Prior Monthly Period 7.31445%
c. Second Prior Monthly Period 5.71775%
(g) Three Month Average Excess Spread Percentage 6.09620%
(h) Monthly Payment Rate (total collections/beginning aggregate principal receivables) 14.73169%
(i) Portfolio Adjusted Yield 4.75641%
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this day of .
First National Bank of Commerce, as Servicer
By: /s/ Jane B. Truett
--------------------------------------------
Name: Jane B. Truett
Title: Vice President and Controller
<PAGE>
EXHIBIT 20.2
MONTHLY HOLDERS' STATEMENT
FIRST NATIONAL BANK OF COMMERCE
NEW ORLEANS, LOUISIANA
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FIRST NBC CREDIT CARD MASTER TRUST
SERIES 1997-1
AUGUST 11,1998
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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 August 15,1998 Distribution Date, and with respect to
the performance of the Trust during the month of 7/1/98 to 7/31/98 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 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 -
<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 5.387330
b Amount of distribution in respect of Collateral
Monthly Interest 5.387330
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 12,773,254
b 60-89 days 8,694,906
c 90 days and over 12,060,244
d Total 30+ days delinquent 33,528,404
2 Base Rate
a Current Monthly Period 8.171%
b Prior Monthly Period 8.171%
c Second Prior Monthly Period 8.171%
3 Three Month Average Base Rate 8.171%
4 Portfolio Yield (gross portfolio yield less net defaults)
a Current Monthly Period 13.42732%
b Prior Monthly Period 15.48536%
c Second Prior Monthly Period 13.88875%
5 Three Month Average Portfolio Yield 14.26714%
6 Excess Spread Percentage
a Current Monthly Period 5.25641%
b Prior Monthly Period 7.31445%
c Second Prior Monthly Period 5.71775%
7 Three Month Average Excess Spread Percentage 6.09620%
8 Monthly Payment Rate (total collections/beginning aggregate
principal receivables) 14.73169%
9 Portfolio Adjusted Yield 4.75641%
First National Bank of Commerce, Servicer
By: /s/ Jane B. Truett
----------------------
Name: Jane B. Truett
Title: Vice President and Controller
