-----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, VDYZyBHERxmvxSI4JuDERrK1jlOyezZBFHefaw0dN45fwGDTYmufq3XVXmUNM8DF V9Zsgjv7nFiOt6rljJwThQ== 0000870517-99-000006.txt : 19990108 0000870517-99-000006.hdr.sgml : 19990108 ACCESSION NUMBER: 0000870517-99-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990107 ITEM INFORMATION: FILED AS OF DATE: 19990107 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: 99502367 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 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) January 7, 1999 ------------------------- 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 -------------------------------------------------------------------------- (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 issued the financial highlights for the fourth quarter of 1998 on January 7, 1999, as filed in exhibit 99 under Item 7. Item 7. Financial Statements and Exhibits Exhibits Exhibit 99: Additional Exhibits 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: January 7, 1999 By: /s/ M. Scot Kaufman --------------------------- M. Scot Kaufman Executive Vice President and Chief Financial Officer EX-99 2 Exhibit 99 MBNA CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (dollars in thousands, except per share amounts) For the Three Months For the Twelve Months Ended December 31, Ended December 31, 1998 1997 1998 1997 - ------------------------------------------------------------------------------ (unaudited) INCOME STATEMENT DATA FOR THE PERIOD: Net interest income....... $ 201,454 $ 153,418 $ 742,339 $ 692,390 Provision for possible credit losses............ 64,330 53,869 310,039 260,040 Other operating income.... 933,052 783,386 3,228,969 2,812,879 Other operating expense... 685,218 574,400 2,407,204 2,223,121 Net income.............. 238,289 188,299 776,266 622,500 - ------------------------------------------------------------------------------ PER COMMON SHARE DATA FOR THE PERIOD(a): Earnings.................. $ .31 $ .25 $ 1.01 $ .80 Earnings-assuming dilution................. .30 .23 .97 .76 Dividends................. .06 .05 .24 .21 Book value................ 2.90 2.34 - ------------------------------------------------------------------------------ RATIOS: Return on average total assets................... 3.78% 3.63% 3.38% 3.25% Return on average stockholders' equity..... 41.27 40.28 36.91 35.56 Average receivables to average deposits......... 82.55 79.01 86.04 88.82 Stockholders' equity to total assets............. 9.27 9.25 Loan Portfolio: Delinquency(b).......... 3.86 3.93 Net credit losses....... 2.02 2.10 2.39 2.14 Managed Loans(c): Delinquency............. 4.62 4.59 Net credit losses....... 4.21 4.07 4.31 3.97 Net interest margin(d).. 7.48 7.57 7.47 7.50 - ------------------------------------------------------------------------------ MBNA CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (dollars in thousands, except per share amounts) For the Three Months For the Twelve Months Ended December 31, Ended December 31, 1998 1997 1998 1997 - ------------------------------------------------------------------------------ (unaudited) MANAGED LOAN DATA(c): At Period End: Loans held for securitization......... $ 1,692,268 $ 2,900,198 Loan portfolio.......... 11,776,099 8,261,876 Securitized loans....... 46,172,739 38,217,786 ----------- ----------- Total managed loans... $59,641,106 $49,379,860 =========== =========== Average: Loans held for securitization......... $ 1,885,598 $ 1,724,831 $ 2,577,482 $ 2,875,212 Loan portfolio.......... 10,626,859 8,394,363 9,352,807 7,563,301 Securitized loans....... 44,823,529 37,109,708 40,970,936 32,746,963 ----------- ----------- ----------- ----------- Total managed loans... $57,335,986 $47,228,902 $52,901,225 $43,185,476 =========== =========== =========== =========== For the Period: Sales and cash advance volume................. $23,277,615 $18,976,327 $82,968,874 $66,399,425 - ------------------------------------------------------------------------------ BALANCE SHEET DATA AT PERIOD END: Investment securities and money market instruments. $ 5,440,939 $ 4,594,709 Loans held for securitization........... 1,692,268 2,900,198 Credit card loans......... 8,975,051 5,830,221 Other consumer loans...... 2,801,048 2,431,655 ----------- ----------- Total loans............. 11,776,099 8,261,876 Reserve for possible credit losses............ (216,911) (162,476) ----------- ----------- Net loans............... 11,559,188 8,099,400 Total assets.............. 25,806,260 21,305,513 Total deposits............ 15,407,040 12,913,213 Stockholders' equity...... 2,391,035 1,970,050 - ------------------------------------------------------------------------------ MBNA CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (dollars in thousands, except per share amounts) For the Three Months For the Twelve Months Ended December 31, Ended December 31, 1998 1997 1998 1997 - ------------------------------------------------------------------------------ (unaudited) AVERAGE BALANCE SHEET DATA: Investment securities and money market instruments. $ 5,687,714 $ 4,410,633 $ 4,905,943 $ 3,851,867 Loans held for securitization........... 1,885,598 1,724,831 2,577,482 2,875,212 Credit card loans......... 7,942,468 6,170,042 6,820,538 5,456,349 Other consumer loans...... 2,684,391 2,224,321 2,532,269 2,106,952 ----------- ----------- ----------- ----------- Total loans............. 10,626,859 8,394,363 9,352,807 7,563,301 Reserve for possible credit losses........... (215,651) (163,006) (192,024) (143,277) ----------- ----------- ----------- ----------- Net loans............... 10,411,208 8,231,357 9,160,783 7,420,024 Total assets.............. 25,023,557 20,590,620 22,982,349 19,125,282 Total deposits............ 15,156,638 12,807,280 13,866,645 11,752,887 Stockholders' equity...... 2,290,476 1,854,753 2,103,043 1,750,459 - ------------------------------------------------------------------------------ Weighted average common shares outstanding (000)(a)................. 751,937 751,864 751,856 751,837 Weighted average common shares outstanding and common stock equivalents (000)(a)................. 787,406 791,363 789,421 789,801 - ------------------------------------------------------------------------------ NOTES: (a) Per common share data and weighted average common shares outstanding and common stock equivalents have been restated to reflect the three-for-two split of the Corporation's Common Stock, effected in the form of a dividend, issued October 1, 1998, to stockholders of record as of September 15, 1998. 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 in accordance with Statement of Financial Accounting Standards No. 128, "Earnings per Share". The Corporation's common stock equivalents are solely related to employee stock options. The Corporation has no other common stock equivalents. (b) Loan portfolio delinquency does not include loans held for securitization or securitized loans. (c) Managed loans include the Corporation's loans held for securitization, loan portfolio, and securitized loans. (d) Managed net interest margin is presented on a fully taxable equivalent basis. -----END PRIVACY-ENHANCED MESSAGE-----