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 10, 2000
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MBNA Corporation
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(Exact name of registrant as specified in its charter)
Maryland 1-10683 52-1713008
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
Wilmington, Delaware 19884
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (800) 362-6255
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(Former name or former address, if changed since last report.)
Item 5. Other Events
MBNA Corporation released earnings for the fourth quarter of 1999 on
January 10, 2000, 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 10, 2000 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Executive Vice President
and Chief Financial Officer
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,
1999 1998 1999 1998
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(unaudited)
INCOME STATEMENT DATA FOR THE PERIOD:
Net interest income....... $ 230,902 $ 201,454 $ 933,765 $ 742,339
Provision for possible
credit losses............ 89,674 64,330 408,914 310,039
Other operating income.... 1,157,252 933,052 4,207,821 3,228,969
Other operating expense... 781,899 685,218 3,077,708 2,407,204
Net income.............. 319,764 238,289 1,024,423 776,266
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PER COMMON SHARE DATA FOR THE PERIOD:
Earnings(a)............... $ .39 $ .31 $ 1.26 $ 1.01
Earnings-assuming
dilution(a).............. .38 .30 1.21 .97
Dividends................. .07 .06 .28 .24
Book value................ 4.97 2.90
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RATIOS:
Return on average total
assets................... 4.26% 3.78% 3.62% 3.38%
Return on average
stockholders' equity..... 31.20 41.27 27.18 36.91
Average receivables to
average deposits......... 81.05 82.55 85.33 86.04
Stockholders' equity to
total assets............. 13.61 9.27
Loan Portfolio:
Delinquency(b).......... 3.82 3.86
Net credit losses....... 2.36 2.02 2.63 2.39
Managed Loans(c):
Delinquency............. 4.45 4.62
Net credit losses....... 4.21 4.21 4.33 4.31
Net interest margin(d).. 7.10 7.48 7.42 7.47
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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,
1999 1998 1999 1998
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(unaudited)
MANAGED LOAN DATA(c):
At Period End:
Loans held for
securitization......... $ 9,692,616 $ 1,692,268
Loan portfolio.......... 7,971,093 11,776,099
Securitized loans....... 54,591,804 46,172,739
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Total managed loans... $72,255,513 $59,641,106
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Average For the Period:
Loans held for
securitization......... $ 4,528,953 $ 1,885,598 $ 4,071,394 $ 2,577,482
Loan portfolio.......... 10,195,061 10,626,859 10,351,101 9,352,807
Securitized loans....... 53,933,842 44,823,529 49,706,760 40,970,936
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Total managed loans... $68,657,856 $57,335,986 $ 64,129,255 $52,901,225
=========== =========== ============ ===========
For the Period:
Sales and cash advance
volume................. $30,500,937 $23,277,615 $105,806,935 $82,968,874
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BALANCE SHEET DATA AT PERIOD END:
Investment securities and
money market instruments. $ 4,572,052 $ 5,440,939
Loans held for
securitization........... 9,692,616 1,692,268
Credit card loans......... 6,060,564 8,975,051
Other consumer loans...... 1,910,529 2,801,048
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Total loans............. 7,971,093 11,776,099
Reserve for possible
credit losses............ (355,959) (216,911)
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Net loans............... 7,615,134 11,559,188
Total assets.............. 30,859,132 25,806,260
Total deposits............ 18,714,753 15,407,040
Stockholders' equity...... 4,199,443 2,391,035
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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,
1999 1998 1999 1998
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(unaudited)
AVERAGE BALANCE SHEET DATA:
Investment securities and
money market instruments. $ 6,326,968 $ 5,687,714 $ 5,797,141 $ 4,905,943
Loans held for
securitization........... 4,528,953 1,885,598 4,071,394 2,577,482
Credit card loans......... 7,799,115 7,942,468 8,184,713 6,820,538
Other consumer loans...... 2,395,946 2,684,391 2,166,388 2,532,269
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Total loans............. 10,195,061 10,626,859 10,351,101 9,352,807
Reserve for possible
credit losses............ (328,501) (215,651) (299,754) (192,024)
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Net loans............... 9,866,560 10,411,208 10,051,347 9,160,783
Total assets.............. 29,790,025 25,023,557 28,310,222 22,982,349
Total deposits............ 18,167,389 15,156,638 16,901,334 13,866,645
Stockholders' equity...... 4,066,011 2,290,476 3,769,539 2,103,043
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Weighted average common
shares outstanding
(000).................... 801,804 751,937 801,020 751,856
Weighted average common
shares outstanding and
common stock equivalents
(000).................... 836,038 787,406 837,083 789,421
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NOTES:
(a)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. Without incremental liquidity in preparation for Y2K issues,
net interest margin would have been 7.40% for the fourth quarter of 1999.
