-----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, LrHWUPxkMHa1QRBmWhmeybG1xMl2D99Kihn7wyCJAjUQiJxN13wfd5do2sr7Zcqj uQIuvx4EGDsVNCz2nqN5VQ== 0000870517-99-000025.txt : 19990414 0000870517-99-000025.hdr.sgml : 19990414 ACCESSION NUMBER: 0000870517-99-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990413 ITEM INFORMATION: FILED AS OF DATE: 19990413 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: 99592729 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) April 13, 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 released earnings for the first quarter of 1999 on April 13, 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: April 13, 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 Ended March 31, 1999 1998 - ------------------------------------------------------------------------------- (unaudited) INCOME STATEMENT DATA FOR THE PERIOD: Net interest income................................ $ 226,781 $ 175,573 Provision for possible credit losses............... 84,464 88,598 Other operating income............................. 903,730 699,510 Other operating expense............................ 745,573 545,135 Net income....................................... 185,993 149,396 - ------------------------------------------------------------------------------- PER COMMON SHARE DATA FOR THE PERIOD(a): Earnings........................................... $ .23 $ .19 Earnings-assuming dilution......................... .22 .18 Dividends.......................................... .07 .06 Book value......................................... 4.27 2.38 - ------------------------------------------------------------------------------- RATIOS: Return on average total assets..................... 2.81% 2.81% Return on average stockholders' equity............. 21.69 31.19 Average receivables to average deposits............ 83.99 87.22 Stockholders' equity to total assets............... 13.21 9.17 Loan Portfolio: Delinquency(b)................................... 3.90 3.49 Net credit losses................................ 2.42 2.57 Managed Loans(c): Delinquency...................................... 4.65 4.66 Net credit losses................................ 4.36 4.19 Net interest margin(d)........................... 7.60 7.37 - ------------------------------------------------------------------------------- MBNA CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (dollars in thousands, except per share amounts) For the Three Months Ended March 31, 1999 1998 - ------------------------------------------------------------------------------- (unaudited) MANAGED LOAN DATA(c): At Period End: Loans held for securitization.................... $ 5,422,954 $ 2,608,773 Loan portfolio................................... 10,258,602 8,465,051 Securitized loans................................ 46,462,404 39,117,821 ------------ ------------ Total managed loans............................ $ 62,143,960 $ 50,191,645 ============ ============ Average: Loans held for securitization.................... $ 2,128,460 $ 3,069,935 Loan portfolio................................... 11,170,774 8,430,283 Securitized loans................................ 45,777,689 38,191,753 ------------ ------------ Total managed loans............................ $ 59,076,923 $ 49,691,971 ============ ============ For the Period: Sales and cash advance volume.................... $ 21,630,626 $ 17,973,231 - ------------------------------------------------------------------------------- BALANCE SHEET DATA AT PERIOD END: Investment securities and money market instruments. $ 4,323,313 $ 4,962,553 Loans held for securitization...................... 5,422,954 2,608,773 Credit card loans.................................. 8,002,288 6,086,130 Other consumer loans............................... 2,256,314 2,378,921 ------------ ------------ Total loans...................................... 10,258,602 8,465,051 Reserve for possible credit losses................. (303,717) (178,297) ------------ ------------ Net loans........................................ 9,954,885 8,286,754 Total assets....................................... 27,521,688 21,860,752 Total deposits..................................... 16,321,213 12,988,109 Stockholders' equity............................... 3,635,082 2,005,237 - ------------------------------------------------------------------------------- MBNA CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (dollars in thousands, except per share amounts) For the Three Months Ended March 31, 1999 1998 - ------------------------------------------------------------------------------- (unaudited) AVERAGE BALANCE SHEET DATA: Investment securities and money market instruments. $ 6,671,866 $ 4,410,639 Loans held for securitization...................... 2,128,460 3,069,935 Credit card loans.................................. 8,626,984 6,051,111 Other consumer loans............................... 2,543,790 2,379,172 ------------- ----------- Total loans...................................... 11,170,774 8,430,283 Reserve for possible credit losses................. (226,592) (168,646) ------------ ----------- Net loans........................................ 10,944,182 8,261,637 Total assets....................................... 26,819,180 21,591,244 Total deposits..................................... 15,834,223 13,184,579 Stockholders' equity............................... 3,477,043 1,942,667 - ------------------------------------------------------------------------------- Weighted average common shares outstanding(000)(a). 798,538 751,871 Weighted average common shares outstanding and common stock equivalents(000)(a).................. 834,887 792,247 - ------------------------------------------------------------------------------- NOTES: (a) Per common share data and weighted average common shares outstanding and common stock equivalents reflects 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-----