-----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, Bmut15v5FhL9hUSVbGmGsRdoLiC/wQksoH2hO8iXp7o5JRgRvXtf0+WmJGS8KwVV obgrnLrA6tAzLRJQwf3tVw== 0000870517-02-000028.txt : 20020712 0000870517-02-000028.hdr.sgml : 20020711 20020711155520 ACCESSION NUMBER: 0000870517-02-000028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020711 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020711 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: 1934 Act SEC FILE NUMBER: 001-10683 FILM NUMBER: 02701113 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 july11pr.txt JULY 11, 2002 PRESS RELEASE 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 11, 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 2002 on July 11, 2002, 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, 2002 2001 2002 2001 - ------------------------------------------------------------------------------ (unaudited) INCOME STATEMENT DATA FOR THE PERIOD(a): Net interest income........ $ 504,817 $ 404,693 $ 1,018,093 $ 759,827 Provision for possible credit losses............. 274,932 322,216 634,325 541,056 Other operating income..... 1,633,629 1,575,145 3,229,895 3,028,488 Other operating expense.... 1,141,365 1,048,443 2,308,060 2,139,594 Net income............... 457,842 380,128 827,752 691,183 - ------------------------------------------------------------------------------ PER COMMON SHARE DATA FOR THE PERIOD(e): Earnings(b)................ $ .53 $ .44 $ .96 $ .80 Earnings-assuming dilution(b)............... .52 .43 .94 .78 Dividends.................. .10 .09 .20 .18 Book value................. 9.42 7.95 - ------------------------------------------------------------------------------ RATIOS: Return on average total assets.................... 3.97% 3.88% 3.64% 3.58% Return on average stockholders' equity...... 22.89 22.33 21.20 20.76 Average receivables to average deposits.......... 89.63 81.36 88.75 79.17 Stockholders' equity to total assets.............. 17.44 17.29 Loan Receivables: Delinquency(c)........... 3.94 3.89 Net credit losses(a)..... 4.53 4.24 4.64 4.15 Managed Loans: Delinquency.............. 4.80 4.57 Net credit losses........ 5.09 4.82 5.04 4.59 Net interest margin(d)... 8.73 8.33 8.79 8.02 - ------------------------------------------------------------------------------ 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, 2002 2001 2002 2001 - ------------------------------------------------------------------------------ (unaudited) MANAGED LOAN DATA: At Period End: Loans held for securitization.......... $ 7,424,562 $ 7,108,967 Loan portfolio........... 16,957,018 13,434,128 Securitized loans........ 75,583,540 69,873,921 ----------- ----------- Total managed loans.... $99,965,120 $90,417,016 =========== =========== Average for the Period: Loans held for securitization.......... $ 7,786,210 $ 6,365,115 $ 8,469,495 $ 6,599,866 Loan portfolio........... 16,508,963 13,629,563 15,645,992 12,775,040 Securitized loans........ 73,778,180 69,271,510 73,073,904 69,254,389 ----------- ----------- ----------- ----------- Total managed loans.... $98,073,353 $89,266,188 $97,189,391 $88,629,295 =========== =========== =========== =========== For the Period: Sales and cash advance volume.................. $39,249,084 $35,326,093 $74,414,690 $67,124,328 - ------------------------------------------------------------------------------ MANAGED INCOME STATEMENT DATA FOR THE PERIOD(a): Net interest income........ $ 2,303,210 $ 1,981,634 $ 4,578,283 $ 3,769,411 Provision for possible credit losses............. 1,246,944 1,186,305 2,525,852 2,172,868 Other operating income..... 807,248 862,293 1,561,232 1,650,716 Other operating expense.... 1,141,365 1,048,443 2,308,060 2,139,594 Net income............... 457,842 380,128 827,752 691,183 - ------------------------------------------------------------------------------ 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, 2002 2001 2002 2001 - ------------------------------------------------------------------------------ (unaudited) BALANCE SHEET DATA AT PERIOD END(a): Investment securities and money market instruments.. $ 7,872,868 $ 6,260,409 Loans held for securitization............ 7,424,562 7,108,967 Credit card loans.......... 9,224,617 7,391,078 Other consumer loans....... 7,732,401 6,043,050 ----------- ----------- Total loans.............. 16,957,018 13,434,128 Reserve for possible credit losses............. (960,113) (678,190) ----------- ----------- Net loans................ 15,996,905 12,755,938 Total assets............... 47,232,469 40,415,549 Total deposits............. 27,022,868 24,768,957 Stockholders' equity....... 8,239,167 6,989,715 - ------------------------------------------------------------------------------ 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, 2002 2001 2002 2001 - ------------------------------------------------------------------------------ (unaudited) AVERAGE BALANCE SHEET DATA(a): Investment securities and money market instruments.. $ 7,710,245 $ 6,174,213 $ 7,894,727 $ 6,147,733 Loans held for securitization............ 7,786,210 6,365,115 8,469,495 6,599,866 Credit card loans.......... 9,495,523 8,224,458 8,830,014 7,985,620 Other consumer loans....... 7,013,440 5,405,105 6,815,978 4,789,420 ----------- ----------- ----------- ----------- Total loans.............. 16,508,963 13,629,563 15,645,992 12,775,040 Reserve for possible credit losses............. (932,356) (606,302) (905,729) (568,758) ----------- ----------- ----------- ----------- Net loans................ 15,576,607 13,023,261 14,740,263 12,206,282 Total assets............... 46,210,761 39,246,635 45,806,592 38,948,670 Total deposits............. 27,106,000 24,576,519 27,171,803 24,473,707 Stockholders' equity....... 8,024,375 6,829,061 7,874,706 6,713,837 - ------------------------------------------------------------------------------ Weighted average common shares outstanding (000) (e)................. 851,802 851,853 851,899 851,847 Weighted average common shares outstanding and common stock equivalents (000) (e)................. 870,192 877,749 872,110 878,073 - ------------------------------------------------------------------------------ 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 and director stock options. MBNA Corporation has no ther 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 announced a three-for-two stock split of its common stock on June 6, 2002. This will be effected in the form of a dividend to be issued on July 15, 2002 to stockholders of record as of the close of business on July 1, 2002. Per common share data and weighted average common shares outstanding and common stock equivalents as presented elsewhere in this press release have not been adjusted for the stock split. The adjusted amounts are presented in the table below. For the Three Months For the Six Months Ended June 30, Ended June 30, 2002 2001 2002 2001 - ------------------------------------------------------------------------------- Earnings................... $ .36 $ .29 $ .64 $ .54 Earnings-assuming dilution.................. .35 .29 .63 .52 Dividends.................. .07 .06 .13 .12 Book value................. 6.28 5.30 Weighted average common shares oustanding (000)... 1,277,703 1,277,780 1,277,848 1,277,770 Weighted average common shares outstanding and common stock equivalents (000)..................... 1,305,288 1,316,623 1,308,165 1,317,110 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 11, 2001 By: /s/ M. Scot Kaufman ------------------------------- M. Scot Kaufman Senior Executive Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----