Bread Financial Holdings, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Bread Financial Holdings, Inc. filed its Q1 2024 10-Q report on May 2, 2024.</b>

AI Summary

BREAD FINANCIAL HOLDINGS, INC. (BFH-PA) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Filing is a 10-Q for the period ending March 31, 2024. Company name is Bread Financial Holdings, Inc. Incorporated in Delaware. Primary SIC code is 6141 (Personal Credit Institutions). Filed as of May 2, 2024.

Why It Matters

For investors and stakeholders tracking BREAD FINANCIAL HOLDINGS, INC., this filing contains several important signals. This filing provides a quarterly update on the company's financial performance and position. Investors and analysts can use this report to assess the company's health and make informed decisions.

Risk Assessment

Risk Level: medium — BREAD FINANCIAL HOLDINGS, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate significant new risks or positive developments beyond normal business operations.

Analyst Insight

Monitor future filings for trends in credit card and loan receivables, past-due amounts, and overall financial performance.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-02 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-03-31 — Prior Year Quarter End Date (Comparison period end date)

Key Players & Entities

• BREAD FINANCIAL HOLDINGS, INC. (company) — Filer name
• 0001101215 (company) — Central Index Key
• 6141 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 311429215 (company) — IRS Number
• 3095 LOYALTY CIRCLE (company) — Business Address Street 1
• COLUMBUS (company) — Business Address City
• OH (company) — Business Address State

FAQ

Industry Context

Bread Financial Holdings, Inc. operates in the personal credit institutions sector, primarily focused on credit card and loan receivables.

Regulatory Implications

As a financial institution, Bread Financial is subject to various regulations from bodies like the SEC and Federal Reserve.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze trends in loan portfolio performance, including delinquency rates.
3. Compare Q1 2024 results against prior periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported as of this date.
• 2024-05-02: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, providing a snapshot of the company's financial status at that time.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share BFH New York Stock Exchange
• $6.0 billion — od in the prior year. Credit sales of $6.0 billion were down 18% year-over-year and Averag
• $18.5 billion — Average credit card and other loans of $18.5 billion decreased 4%, both driven primarily by
• $18.2 billion — f-period credit card and other loans of $18.2 billion was essentially flat when compared with
• $233 m — of 2023. Non-interest income decreased $233 million, primarily driven by the $230 mil
• $230 million — d $233 million, primarily driven by the $230 million gain on the sale of the BJ's portfolio,
• $1.0 b — non-interest income for the quarter was $1.0 billion, down 23% versus the first quarte
• $73 million — the first quarter of 2023, driven by a $73 million reserve release in the current period c
• $235 million — e in the current period compared with a $235 million reserve release in the prior year perio
• $394 million — were offset by net principal losses of $394 million and $342 million for the three months e
• $342 million — et principal losses of $394 million and $342 million for the three months ended March 31, 20
• $482 million — tions. Total non-interest expenses of $482 million decreased 12% from the first quarter of
• $100 million — ities and reducing parent-level debt by $100 million. Additionally, we improved our capital
• $7.0 billion — retail) deposits grew to approximately $7.0 billion which comprised 36% of our average fund
• $37 m — tes which increased interest expense by $37 million, as well as higher average balanc

Filing Documents

• bfh-20240331.htm (10-Q) — 1397KB
• bfh-03312024xexx311.htm (EX-31.1) — 11KB
• bfh-03312024xexx312.htm (EX-31.2) — 11KB
• bfh-03312024xexx321.htm (EX-32.1) — 5KB
• bfh-03312024xexx322.htm (EX-32.2) — 5KB
• bfh-20240331_g1.jpg (GRAPHIC) — 14KB
• 0001101215-24-000101.txt (&nbsp;) — 7106KB
• bfh-20240331.xsd (EX-101.SCH) — 53KB
• bfh-20240331_cal.xml (EX-101.CAL) — 80KB
• bfh-20240331_def.xml (EX-101.DEF) — 183KB
• bfh-20240331_lab.xml (EX-101.LAB) — 603KB
• bfh-20240331_pre.xml (EX-101.PRE) — 413KB
• bfh-20240331_htm.xml (XML) — 1056KB

: FINANCIAL INFORMATION

Part I: FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 23 Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 24 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 25 Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 26 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 27

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 28 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) 1 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4.

Controls and Procedures

Controls and Procedures 49

: OTHER INFORMATION

Part II: OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 54

SIGNATURES

SIGNATURES 56 Table of Contents PART 1: FINANCIAL INFORMATION

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A). The following discussion and analysis of our results of operations and financial condition should be read in conjunction with the unaudited Consolidated Financial Statements and related notes thereto presented in this quarterly report and the audited Consolidated Financial Statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the SEC) on February 20, 2024 (the 2023 Form 10-K). Some of the information contained in this discussion and analysis constitutes forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those discussed in these forward-looking statements. See "Cautionary Note Regarding Forward-Looking Statements" included elsewhere in this report. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and those identified in our other filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our 2023 Form 10-K and this Quarterly Report on Form 10-Q. OVERVIEW We are a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions. We create opportunities for our customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility and exceptional customer experiences. Driven by a digital-first approach, data insights and white-label technology, we deliver growth for our partners through a comprehensive product suite, including private label and co-brand credit cards and buy now, pay later (BNPL) products such as installment loans and our "split-pay" offerings. We also offer direct-to-consumer solutions that give customers more access, choice and f

View Full Filing

View this 10-Q filing on SEC EDGAR