-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G6OPAWScVY+r4YSeiFptApUIhNdAONXcUV5mz8kJ7ANovWE43uyheNRArwpm7ZIA BwFXSx+Rp1NzLyxSbZPHpA== 0000870517-01-500029.txt : 20010713 0000870517-01-500029.hdr.sgml : 20010713 ACCESSION NUMBER: 0000870517-01-500029 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010712 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010712 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MBNA CORP CENTRAL INDEX KEY: 0000870517 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 521713008 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-10683 FILM NUMBER: 1680130 BUSINESS ADDRESS: STREET 1: 1100 N KING ST STREET 2: C/O MBNA AMERICA BANK NA CITY: WILMINGTON STATE: DE ZIP: 19884 BUSINESS PHONE: 8003626255 MAIL ADDRESS: STREET 1: 1100 NORTH KING STREET CITY: WILMINGTON STATE: DE ZIP: 19884 8-K 1 press601.txt 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) July 12, 2001 ------------------------- MBNA Corporation -------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Maryland 1-10683 52-1713008 -------------------------------------------------------------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) Wilmington, Delaware 19884-0141 -------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (800) 362-6255 ----------------------- -------------------------------------------------------------------------- (Former name or former address, if changed since last report.) Item 5. Other Events MBNA Corporation released earnings for the second quarter of 2001 on July 12, 2001, as filed in exhibit 99 under Item 7. Item 7. Financial Statements and Exhibits Exhibits Exhibit 99: Additional Exhibits Exhibit 99 MBNA CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (dollars in thousands, except per share amounts) For the Three Months For the Six Months Ended June 30, Ended June 30, 2001 2000 2001 2000 - ------------------------------------------------------------------------------ (unaudited) INCOME STATEMENT DATA FOR THE PERIOD(a): Net interest income........ $ 335,080 $ 285,982 $ 621,657 $ 586,258 Provision for possible credit losses............. 260,157 89,301 412,150 189,147 Other operating income..... 1,582,699 1,175,702 3,037,752 2,269,533 Other operating expense.... 1,048,443 911,339 2,139,594 1,826,649 Net income............... 380,128 285,386 691,183 519,957 - ------------------------------------------------------------------------------ PER COMMON SHARE DATA FOR THE PERIOD: Earnings(b)................ $ .44 $ .35 $ .80 $ .64 Earnings-assuming dilution(b)............... .43 .34 .78 .62 Dividends.................. .09 .08 .18 .16 Book value................. 7.95 5.29 - ------------------------------------------------------------------------------ RATIOS: Return on average total assets.................... 3.88% 3.63% 3.58% 3.33% Return on average stockholders' equity...... 22.33 26.36 20.76 24.44 Average receivables to average deposits.......... 81.36 87.29 79.17 88.93 Stockholders' equity to total assets.............. 17.29 13.88 Loan Receivables: Delinquency(c)........... 3.89 3.77 Net credit losses........ 2.97 2.07 2.91 2.18 Managed Loans: Delinquency.............. 4.57 4.44 Net credit losses........ 4.82 3.95 4.59 4.01 Net interest margin(d)... 8.33 7.12 8.02 7.11 - ------------------------------------------------------------------------------ MBNA CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (dollars in thousands, except per share amounts) For the Three Months For the Six Months Ended June 30, Ended June 30, 2001 2000 2001 2000 - ------------------------------------------------------------------------------ (unaudited) MANAGED LOAN DATA: At Period End: Loans held for securitization.......... $ 7,108,967 $ 7,426,197 Loan portfolio........... 13,434,128 9,695,285 Securitized loans........ 69,873,921 59,211,174 ----------- ----------- Total managed loans.... $90,417,016 $76,332,656 =========== =========== Average for the Period: Loans held for securitization.......... $ 6,365,115 $ 7,631,360 $ 6,599,866 $ 8,553,426 Loan portfolio........... 13,629,563 9,597,259 12,775,040 8,770,465 Securitized loans........ 69,271,510 56,832,969 69,254,389 55,708,941 ----------- ----------- ----------- ----------- Total managed loans.... $89,266,188 $74,061,588 $88,629,295 $73,032,832 =========== =========== =========== =========== For the Period: Sales and cash advance volume.................. $35,326,093 $31,098,301 $67,124,328 $59,359,147 - ------------------------------------------------------------------------------ MANAGED INCOME STATEMENT DATA FOR THE PERIOD(e): Net interest income........ $ 1,981,634 $ 1,390,508 $ 3,769,411 $ 2,746,843 Provision for possible credit losses............. 1,187,697 731,508 2,163,841 1,463,311 Other operating income..... 863,685 713,383 1,641,689 1,383,112 Other operating expense.... 1,048,443 911,339 2,139,594 1,826,649 Net income............... 380,128 285,386 691,183 519,957 - ------------------------------------------------------------------------------ MBNA CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (dollars in thousands, except per share amounts) For the Three Months For the Six Months Ended June 30, Ended June 30, 2001 2000 2001 2000 - ------------------------------------------------------------------------------ (unaudited) BALANCE SHEET DATA AT PERIOD END(a): Investment securities and other interest-earning assets.................... $ 7,086,471 $ 5,471,111 Loans held for securitization............ 7,108,967 7,426,197 Credit card loans.......... 7,391,078 6,791,080 Other consumer loans....... 6,043,050 2,904,205 ----------- ----------- Total loans.............. 13,434,128 9,695,285 Reserve for possible credit losses............. (528,158) (375,300) ----------- ----------- Net loans................ 12,905,970 9,319,985 Total assets............... 40,415,549 32,137,558 Total deposits............. 24,768,957 20,439,846 Stockholders' equity....... 6,989,715 4,459,772 - ------------------------------------------------------------------------------ MBNA CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (dollars in thousands, except per share amounts) For the Three Months For the Six Months Ended June 30, Ended June 30, 2001 2000 2001 2000 - ------------------------------------------------------------------------------ (unaudited) AVERAGE BALANCE SHEET DATA(a): Investment securities and other interest-earning assets.................... $ 6,937,629 $ 5,156,674 $ 6,890,496 $ 5,304,152 Loans held for securitization............ 6,365,115 7,631,360 6,599,866 8,553,426 Credit card loans.......... 8,224,458 6,849,599 7,985,620 6,278,580 Other consumer loans....... 5,405,105 2,747,660 4,789,420 2,491,885 ----------- ----------- ----------- ----------- Total loans.............. 13,629,563 9,597,259 12,775,040 8,770,465 Reserve for possible credit losses............. (453,336) (369,405) (421,755) (362,702) ----------- ----------- ----------- ----------- Net loans................ 13,176,227 9,227,854 12,353,285 8,407,763 Total assets............... 39,246,635 31,634,728 38,948,670 31,415,482 Total deposits............. 24,576,519 19,736,843 24,473,707 19,480,022 Stockholders' equity....... 6,829,061 4,354,457 6,713,837 4,277,803 - ------------------------------------------------------------------------------ Weighted average common shares outstanding (000)..................... 851,853 801,821 851,847 801,835 Weighted average common shares outstanding and common stock equivalents (000)..................... 877,749 826,308 878,073 825,376 - ------------------------------------------------------------------------------ NOTES: (a) For purposes of comparability, certain prior year amounts have been reclassified. (b) Earnings per common share is computed using net income applicable to common stock and weighted average common shares outstanding, whereas earnings per common share-assuming dilution includes the potential dilutive effect of common stock equivalents. MBNA Corporation's common stock equivalents are solely related to employee stock options. MBNA Corporation has no other common stock equivalents. (c) Loan delinquency does not include loans held for securitization or securitized loans. (d) Managed net interest margin is presented on a fully taxable equivalent basis. (e) MBNA Corporation's managed income statement data reflects the Corporation'sresults on a managed basis. The managed income statement data reclassifies securitization income into interest income, interchange income, credit card and other fees, insurance income, interest paid to investors, credit losses, and other trust expenses. 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. MBNA CORPORATION Date: July 12, 2001 By: /s/ M. Scot Kaufman ------------------------------- M. Scot Kaufman Senior Executive Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----