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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
February 15, 2024
Date of Report
(Date of earliest event reported) 
 

SYNCHRONY FINANCIAL
(Exact name of registrant as specified in its charter) 
 
Delaware   001-36560   51-0483352
(State or other jurisdiction
of incorporation)		   (Commission
File Number)		   (I.R.S. Employer
Identification No.)
 
777 Long Ridge Road  
Stamford, Connecticut 06902
(Address of principal executive offices)   (Zip Code)
(203) 585-2400
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Act:


Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, par value $0.001 per share SYF New York Stock Exchange
Depositary Shares Each Representing a 1/40th Interest in a Share of 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A SYFPrA New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨



Item 7.01 Regulation FD Disclosure.

The Company hereby furnishes the information in Exhibit 99.1 hereto, Monthly Charge-Off and Delinquency Statistics as of and for each of the thirteen months ended January 31, 2024.
The Company intends to continue to furnish these statistics on a monthly basis, noting that for the last month of each calendar quarter, the statistics will be furnished contemporaneously with the Company’s announcement of its financial results for such quarter.
The information contained in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly stated by specific reference in such filing.
 
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are being furnished as part of this report: 

Number    Description
  
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL


SIGNATURES
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.

SYNCHRONY FINANCIAL
Date: February 15, 2024
By:
/s/ Jonathan Mothner
Name:
Jonathan Mothner
Title:
Executive Vice President, Chief Risk and Legal Officer


EX-99.1 2 creditstatsfinancialtables.htm EX-99.1 Document
Exhibit 99.1
SYNCHRONY FINANCIAL
MONTHLY CHARGE-OFF AND DELINQUENCY STATISTICS
AS OF AND FOR EACH OF THE THIRTEEN MONTHS ENDED
(unaudited, $ in billions)
The following table provides monthly charge-off and delinquency statistics as of and for each of the thirteen months ended January 31, 2024.
The year over year increase in the over-30 day loan delinquencies as a percentage of period-end loan receivables (the “30+ delinquency rate”) at January 31, 2024 and the year over year increase in net charge-offs for the month ended January 31, 2024 reflect the continued impact of moderation in customer payment rates. The increase in net charge-offs as compared to the month ended December 31, 2023 also includes the impact of seasonal trends.
Jan 31,
2024		 Dec 31,
2023		 Nov 30,
2023		 Oct 31,
2023		 Sep 30,
2023		 Aug 31,
2023		 Jul 31,
2023		 Jun 30,
2023		 May 31,
2023		 Apr 30,
2023		 Mar 31,
2023		 Feb 28,
2023		 Jan 31,
2023
Period-end loan receivables $ 101.3  $ 103.0  $ 101.2  $ 98.9  $ 97.9  $ 97.3  $ 96.3  $ 94.8  $ 93.9  $ 92.1  $ 91.1  $ 90.7  $ 91.5 
Average loan receivables, including held for sale $ 101.4  $ 102.0  $ 99.1  $ 97.9  $ 97.3  $ 96.2  $ 95.2  $ 93.9  $ 92.3  $ 91.3  $ 90.3  $ 90.8  $ 91.3 
30+ days past due as a % of period-end loan receivables 4.9  % 4.7  % 4.7  % 4.6  % 4.4  % 4.1  % 4.0  % 3.8  % 3.8  % 3.7  % 3.8  % 3.9  % 3.8  %
Net charge-offs (annualized) as a % of average loan receivables, including held for sale(1)
 5.8  % 5.7  % 5.6  % 5.4  % 4.5  % 4.6  % 4.7  % 4.7  % 5.0  % 4.6  % 4.5  % 4.7  % 4.2  %
Recovery adjustment(2)
 0.2  % (0.1) % —  % 0.2  % (0.1) % 0.1  % —  % —  % (0.1) % 0.1  % —  % —  % 0.1  %
Adjusted net charge-offs as a % of average loan receivables, including held for sale(3)
 6.0  % 5.6  % 5.6  % 5.6  % 4.4  % 4.7  % 4.7  % 4.7  % 4.9  % 4.7  % 4.5  % 4.7  % 4.3  %
(1) Charge-offs are executed on charge-off cycle dates which occur on various days during each calendar month. The number of different charge-off cycle dates in each month varies based on such factors as the calendar and the timing of billing cycles. As a result, the amount of charged-off loan receivables can vary between monthly periods with no corresponding change in the performance of the portfolio. The following table sets forth the number of different charge-off cycle dates for our consumer credit card loan receivables, which represent approximately 94% of total period end loan receivables at January 31, 2024, for the calendar months indicated.
2023 2024
January 30 29
February 28 27
March 28 28
April 28 28
May 29 28
June 27 28
July 28 29
August 28 25
September 26 30
October 30 28
November 28 26
December 28 30
(2) Represents adjustment to allocate recoveries, including debt sales, evenly across the three calendar months of each respective quarterly reporting period. The adjustments for periods other than for the last month of each calendar quarter incorporate estimated recoveries for the applicable full quarterly reporting period. Such estimates are subject to change within each applicable quarter and may differ from actual quarterly results.
(3) Adjusted net charge-offs represent a non-GAAP financial measure. Adjusted net charge-offs as a % of average loan receivables, including held for sale, represent the Company's net charge-off rate for each month including the 'recovery adjustment' defined above. We believe the presentation of this measure is useful to investors as it represents a monthly measure which is more indicative of both our quarterly and annual net charge-off rates.
1