UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A-1
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
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or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 1-10683
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MBNA Corporation
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(Exact name of registrant as specified in its charter)
Maryland 52-1713008
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Wilmington, DE 19884-0141
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(Address of principal executive offices) (Zip Code)
(800) 362-6255
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(Registrant's telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Name of each exchange on
Title of each class which registered
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Common Stock, $.01 par value New York Stock Exchange
6 7/8% Senior Notes due October 1, 1999 New York Stock Exchange
7 1/2% Cumulative Preferred Stock, Series A New York Stock Exchange
Adjustable Rate Cumulative Preferred Stock,
Series B New York Stock Exchange
MBNA Capital A 8.278% Capital Securities,
Series A, guaranteed by MBNA Corporation
to the extent described therein New York Stock Exchange
<PAGE>
MBNA Capital B Floating Rate Capital
Securities, Series B, guaranteed by MBNA
Corporation to the extent described therein New York Stock Exchange
MBNA Capital C 8.25% Trust Originated Preferred
Securities, Series C, guaranteed by MBNA
Corporation to the extent described therein New York Stock Exchange
Securities Registered Pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes x No
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The registrant amends its Annual Report on Form 10-K for the fiscal year
ended December 31, 1997, to file Exhibits 27.1 and 27.2, in accordance with
Regulation S-K Item 601(c)(2)(iii).
<PAGE>
PART IV
ITEM 14: EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) INDEX TO FINANCIAL STATEMENTS:
3. Exhibits:
Exhibit 27.1 Financial Data Schedule (restated for the
periods ended March 31, 1997, June 30, 1997,
and September 30, 1997 to reflect the
adoption of Financial Accounting Standards
No. 128, "Earnings per Share")
Exhibit 27.2 Financial Data Schedule (restated for the
periods ended March 31, 1996, June 30, 1996,
September 30, 1996, and December 31, 1996 to
reflect the adoption of Financial Accounting
Standards No. 128, "Earnings per Share")
<PAGE>
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 hereunto duly authorized.
MBNA CORPORATION
Date: March 27, 1998 By: /s/ M. Scot Kaufman
------------------------
M. Scot Kaufman
Executive Vice President
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MBNA
CORPORATION'S FORM 10-Q'S FOR THE QUARTERLY PERIODS ENDED MARCH 31, 1997,
JUNE 30, 1997, AND SEPTEMBER 30, 1997, AND ARE QUALIFIED IN THEIR ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-END> MAR-31-1997 JUN-30-1997 SEP-30-1997
<CASH> 384,228 379,360 307,728
<INT-BEARING-DEPOSITS> 1,119,030 1,342,163 728,577
<FED-FUNDS-SOLD> 295,000 415,000 475,000
<TRADING-ASSETS> 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 1,838,814 2,128,508 2,346,792
<INVESTMENTS-CARRYING> 593,665 475,482 460,378
<INVESTMENTS-MARKET> 583,524 468,354 455,457
<LOANS> 9,963,276<F1> 10,426,314<F1> 9,985,741<F1>
<ALLOWANCE> 127,828 151,719 160,898
<TOTAL-ASSETS> 18,107,831 19,471,017 20,261,409
<DEPOSITS> 10,908,647 11,916,978 12,487,397
<SHORT-TERM> 547,007 358,230 29,146
<LIABILITIES-OTHER> 697,598 753,424 867,009
<LONG-TERM> 4,258,604 4,686,610 5,011,349
0 0 0
95 86 86
<COMMON> 5,012<F2> 5,012<F2> 5,012
<OTHER-SE> 1,690,868<F2> 1,750,677<F2> 1,861,410
<TOTAL-LIABILITIES-AND-EQUITY> 18,107,831 19,471,017 20,261,409
<INTEREST-LOAN> 359,173<F1> 741,880<F1> 1,123,552<F1>
<INTEREST-INVEST> 32,422 67,673 105,780
<INTEREST-OTHER> 13,693 31,003 48,448
<INTEREST-TOTAL> 405,288 840,556 1,277,780
<INTEREST-DEPOSIT> 148,846 316,836 500,177
<INTEREST-EXPENSE> 224,509 475,033 738,808
<INTEREST-INCOME-NET> 180,779 365,523 538,972
<LOAN-LOSSES> 58,405 145,768 206,171
<SECURITIES-GAINS> 0 0 0
<EXPENSE-OTHER> 559,791 1,125,179 1,648,721
<INCOME-PRETAX> 205,203 432,030 713,573
<INCOME-PRE-EXTRAORDINARY> 205,203 432,030 713,573
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 123,942 262,375 434,201
<EPS-PRIMARY> .23<F3> .50<F3> .83<F3>
<EPS-DILUTED> .22<F3> .48<F3> .80<F3>
<YIELD-ACTUAL> 12.09<F4> 12.04<F4> 12.04<F4>
<LOANS-NON> 0 0 0
<LOANS-PAST> 93,262<F5> 90,486<F5> 109,730<F5>
<LOANS-TROUBLED> 0 0 0
<LOANS-PROBLEM> 0 0 0
<ALLOWANCE-OPEN> 118,427 118,427 118,427
<CHARGE-OFFS> 85,590 177,624 265,722
<RECOVERIES> 34,760 60,252 95,039
<ALLOWANCE-CLOSE> 127,828 151,719 160,898
<ALLOWANCE-DOMESTIC> 0 0 0
<ALLOWANCE-FOREIGN> 0 0 0
<ALLOWANCE-UNALLOCATED> 0 0 0
<FN>
<F1>Includes Loans Held for Securitization.
<F2>Common stock and other stockholders' equity 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, 1997, to stockholders of record
as of September 15, 1997.
<F3>The Corporation adopted Statement of Financial Accounting Standards No. 128,
"Earnings per Share" (Statement No. 128), effective for financial statements
issued for periods ending after December 15, 1997. In accordance with
Statement No. 128, 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. For comparative purposes,
earnings per common share and earnings per common share-assuming dilution
have been restated to reflect the adoption of Statement No. 128 and all of
MBNA Corporation's stock splits.
<F4>On a fully taxable equivalent basis.
<F5>Excludes Loans Held for Securitization.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MBNA
CORPORATION'S FORM 10-Q'S FOR THE QUARTERLY PERIODS ENDED MARCH 31, 1996,
JUNE 30, 1996, AND SEPTEMBER 30, 1996, AND SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM MBNA CORPORATION'S FORM 10-K FOR THE YEAR ENDED DECEMBER 31,
1996 AND ARE QUALIFIED IN THEIR ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS YEAR
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996 DEC-31-1996 DEC-31-1996
<PERIOD-END> MAR-31-1996 JUN-30-1996 SEP-30-1996 DEC-31-1996
<CASH> 365,575 296,909 367,613 225,063
<INT-BEARING-DEPOSITS> 534,210 557,569 517,298 621,614
<FED-FUNDS-SOLD> 325,000 35,000 240,000 255,000
<TRADING-ASSETS> 0 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 1,163,822 1,295,870 1,333,873 1,719,730
<INVESTMENTS-CARRYING> 1,050,046 909,122 875,581 598,320
<INVESTMENTS-MARKET> 1,045,623 901,134 868,018 592,208
<LOANS> 7,667,595<F1> 8,168,432<F1> 9,125,049<F1> 10,129,052<F1>
<ALLOWANCE> 106,904 110,406 117,788 118,427
<TOTAL-ASSETS> 13,529,533 13,954,375 15,562,235 17,035,342
<DEPOSITS> 8,983,381 9,207,263 9,649,548 10,151,686
<SHORT-TERM> 7,856 108,780 408,260 693,387
<LIABILITIES-OTHER> 463,384 514,100 516,895 535,603
<LONG-TERM> 2,764,551 2,754,901 3,382,469 3,950,358
0 0 0 0
60 60 120 120
<COMMON> 5,012<F2> 5,012<F2> 5,012<F2> 5,012<F2>
<OTHER-SE> 1,305,289<F2> 1,364,259<F2> 1,599,931<F2> 1,699,176<F2>
<TOTAL-LIABILITIES-AND-EQUITY> 13,529,533 13,954,375 15,562,235 17,035,342
<INTEREST-LOAN> 284,273<F1> 564,804<F1> 876,172<F1> 1,217,425<F1>
<INTEREST-INVEST> 30,383 61,440 92,765 126,379
<INTEREST-OTHER> 7,647 17,873 27,000 39,463
<INTEREST-TOTAL> 322,303 644,117 995,937 1,383,267
<INTEREST-DEPOSIT> 122,921 248,299 381,257 527,885
<INTEREST-EXPENSE> 171,108 342,792 533,707 742,790
<INTEREST-INCOME-NET> 151,195 301,325 462,230 640,477
<LOAN-LOSSES> 49,488 98,600 133,873 178,224
<SECURITIES-GAINS> 0 0 0 0
<EXPENSE-OTHER> 346,532 720,552 1,104,090 1,572,551
<INCOME-PRETAX> 98,392 269,451 483,893 731,294
<INCOME-PRE-EXTRAORDINARY> 98,392 269,451 483,893 731,294
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 92,222<F3> 195,542<F3> 325,065<F3> 474,495<F3>
<EPS-PRIMARY> .18<F4> .38<F4> .63<F4> .92<F4>
<EPS-DILUTED> .17<F4> .37<F4> .61<F4> .89<F4>
<YIELD-ACTUAL> 11.99<F5> 11.90<F5> 11.85<F5> 11.91<F5>
<LOANS-NON> 0 0 0 0
<LOANS-PAST> 70,630<F6> 71,195<F6> 74,153<F6> 107,679<F6>
<LOANS-TROUBLED> 0 0 0 0
<LOANS-PROBLEM> 0 0 0 0
<ALLOWANCE-OPEN> 104,886 104,886 104,886 104,886
<CHARGE-OFFS> 59,108 121,446 189,865 254,417
<RECOVERIES> 11,710 28,330 61,525 81,693
<ALLOWANCE-CLOSE> 106,904 110,406 117,788 118,427
<ALLOWANCE-DOMESTIC> 0 0 0 0
<ALLOWANCE-FOREIGN> 0 0 0 0
<ALLOWANCE-UNALLOCATED> 0 0 0 0
<FN>
<F1>Includes Loans Held for Securitization.
<F2>Common stock and other stockholders' equity have been restated to
reflect all of MBNA Corporation's stock splits.
<F3>Net income includes a $32.8 million tax benefit related to deductions for
the amortization of Customer-based intangible assets acquired in connection
with the 1991 initial public offering of the Corporation's Common Stock, and
a charge of $32.8 million net of tax ($54.3 million pretax) related to the
launch of the MBNA Platinum Plus MasterCard and Visa program. These items were
recognized by the Corporation during the three months ended March 31, 1996.
<F4>The Corporation adopted Statement of Financial Accounting Standards No. 128,
"Earnings per Share" (Statement No. 128), effective for financial statements
issued for periods ending after December 15, 1997. In accordance with
Statement No. 128, earnings per common share is computed using net income
applicable to common stock and weighted average shares outstanding, whereas
earnings per common share-assuming dilution includes the potential dilutive
effect of common stock equivalents. For comparative purposes, earnings per
common share and earnings per common share-assuming dilution have been
restated to reflect the adoption of Statement No. 128 and all of MBNA
Corporation's stock splits.
<F5>On a fully taxable equivalent basis.
<F6>Excludes Loans Held for Securitization.
</FN>
</TABLE>
