-----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, PKWQlrMegACgV8QAfveuDLqyn4tMkvNleq7eOtdzzw7M9IL0EmKBZMtRXgeCtH5v LO9ARPqWbUX7QUhgyGyJ9A== 0000870517-99-000043.txt : 19990714 0000870517-99-000043.hdr.sgml : 19990714 ACCESSION NUMBER: 0000870517-99-000043 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990713 ITEM INFORMATION: FILED AS OF DATE: 19990713 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: 99663633 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) July 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 second quarter of 1999 on July 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: July 13, 1999 By: /s/ Vernon H. Wright ----------------------------------- Vernon H. Wright Executive Vice President and Chief Corporate Finance 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 Six Months Ended June 30, Ended June 30, 1999 1998 1999 1998 - ------------------------------------------------------------------------------ (unaudited) INCOME STATEMENT DATA FOR THE PERIOD: Net interest income....... $ 267,061 $ 166,883 $ 493,842 $ 342,456 Provision for possible credit losses............ 129,756 78,542 214,220 167,140 Other operating income.... 1,028,532 765,196 1,932,262 1,464,706 Other operating expense... 798,823 575,688 1,544,396 1,120,823 Net income.............. 227,182 171,988 413,175 321,384 - ------------------------------------------------------------------------------ PER COMMON SHARE DATA FOR THE PERIOD(a): Earnings.................. $ .28 $ .22 $ .51 $ .42 Earnings-assuming dilution................. .27 .21 .49 .40 Dividends................. .07 .06 .14 .12 Book value................ 4.44 2.52 - ------------------------------------------------------------------------------ RATIOS: Return on average total assets................... 3.28% 3.16% 3.05% 2.99% Return on average stockholders' equity..... 24.68 34.25 23.24 32.76 Average receivables to average deposits......... 93.86 83.90 89.06 85.56 Stockholders' equity to total assets............. 13.48 9.20 Loan Portfolio: Delinquency(b).......... 4.17 3.36 Net credit losses....... 2.75 2.61 2.60 2.59 Managed Loans(c): Delinquency............. 4.64 4.60 Net credit losses....... 4.41 4.42 4.39 4.30 Net interest margin(d).. 7.70 7.45 7.65 7.41 - ------------------------------------------------------------------------------ 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, 1999 1998 1999 1998 - ------------------------------------------------------------------------------ (unaudited) MANAGED LOAN DATA(c): At Period End: Loans held for securitization......... $ 5,410,118 $ 3,392,797 Loan portfolio.......... 9,931,874 9,322,087 Securitized loans....... 49,182,696 40,032,895 ----------- ----------- Total managed loans... $64,524,688 $52,747,779 =========== =========== Average: Loans held for securitization......... $ 5,276,424 $ 2,597,279 $ 3,711,138 $ 2,832,301 Loan portfolio.......... 10,284,580 8,402,221 10,725,229 8,416,175 Securitized loans....... 47,493,415 39,415,940 46,640,292 38,807,228 ----------- ----------- ----------- ----------- Total managed loans... $63,054,419 $50,415,440 $61,076,659 $50,055,704 =========== =========== =========== =========== For the Period: Sales and cash advance volume................. $25,929,706 $19,764,469 $47,560,332 $37,737,700 - ------------------------------------------------------------------------------ BALANCE SHEET DATA AT PERIOD END: Investment securities and money market instruments. $ 4,996,397 $ 4,218,656 Loans held for securitization........... 5,410,118 3,392,797 Credit card loans......... 7,879,505 6,530,081 Other consumer loans...... 2,052,369 2,792,006 ----------- ----------- Total loans............. 9,931,874 9,322,087 Reserve for possible credit losses............ (326,897) (194,685) ----------- ----------- Net loans............... 9,604,977 9,127,402 Total assets.............. 27,995,770 22,902,130 Total deposits............ 16,377,482 13,322,061 Stockholders' equity...... 3,773,430 2,107,629 - ------------------------------------------------------------------------------ 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, 1999 1998 1999 1998 - ------------------------------------------------------------------------------ (unaudited) AVERAGE BALANCE SHEET DATA: Investment securities and money market instruments. $ 4,739,828 $ 4,979,915 $ 5,700,510 $ 4,696,850 Loans held for securitization........... 5,276,424 2,597,279 3,711,138 2,832,301 Credit card loans......... 8,269,829 6,168,473 8,447,420 6,110,117 Other consumer loans...... 2,014,751 2,233,748 2,277,809 2,306,058 ----------- ----------- ----------- ----------- Total loans............. 10,284,580 8,402,221 10,725,229 8,416,175 Reserve for possible credit losses........... (314,618) (185,275) (270,848) (177,007) ----------- ----------- ----------- ----------- Net loans............... 9,969,962 8,216,946 10,454,381 8,239,168 Total assets.............. 27,814,846 21,796,141 27,319,764 21,694,259 Total deposits............ 16,579,726 13,109,669 16,209,034 13,146,917 Stockholders' equity...... 3,692,566 2,013,931 3,585,400 1,978,496 - ------------------------------------------------------------------------------ Weighted average common shares outstanding (000)(a)................. 801,803 751,808 800,180 751,839 Weighted average common shares outstanding and common stock equivalents (000)(a)................. 838,771 790,417 836,840 791,327 - ------------------------------------------------------------------------------ NOTES: (a) Per common share data and weighted average common shares outstanding and common stock equivalents 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-----