Note how it has shot up in the past 2 quarters from 0.17%. Yes, WB is part of the jump, but we are 2 quarters in and they have jumped from 0.60% last quarter up to 1.05%.
They are stacking up late stage delinquencies and there will soon be a hit in the Charge Off number.
Another thing to note is that their Non-Accrual Rate is 1.19% v. 2.03% for the rest of the industry. They have much higher delinquencies and much lower NA rates? That means they either think they are going to save these 4 months or more past due accounts or that they a more focused in the short term on increasing net interest income regardless of risk."