World Financial Network Bank in Wilmington, Delaware (DE)

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World Financial Network Bank
GeneralFDIC Certificate #: 27499
Status: Active
Federal Reserve ID: 1391778
Date Established: May 01, 1989
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 1 (Domestic: 1, Interstate: No)
FDIC's unique #: 40232
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Credit Card Institutions: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Credit-Card Specialization
Date of Deposit Insurance: May 01, 1989
Last Structure Change Effective Date: August 01, 2011
Last Structure Change Process Date: August 15, 2011
Last Data Update: August 15, 2011
Data Source Date: April 05, 2012
LocationAddress: One Righter Parkway, Wilmington, DE 19803
County: New Castle
Quarterly Banking Profile Region: New York
FDIC Geographic Region: New York
FDIC Supervisory Region: New York
FDIC Field Office: Claymont
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Northeast
Metropolitan Statistical Area (MSA): Wilmington-Newark, DE-MD (#9160)
Consolidated Metropolitan Statistical Area (CMSA): Philadelphia-Wilmington-Atlantic City, PA-NJ-DE-MD (#77)
Combined Statistical Area (CSA): Philadelphia-Camden-Vineland, PA-NJ-DE-MD (#428)
Core Based Statistical Area (CBSA): Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (#37980)
CBSA Metro Statistical Area: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (#37980)
Core Based Statistical Division: Wilmington, DE-MD-NJ (#48864)
History of ChangesName Change
Change in Chartering Agent
Change in Supervisory Agency
Financial SummaryTotal assets: $5,104.4 mil
Equity capital: $784.4 mil
Deposits held in domestic offices: $1,025.7 mil
Return on assets (ROA): 6.02% ($307.3 mil)
Quarterly return on assets: 4.34% ($221.5 mil)
Return on Equity (ROE): 40.81% ($320.0 mil)
Quarterly return on equity: 28.40% ($222.7 mil)
Net income: $298.1 mil
Quarterly Net income: $55.4 mil
Pretax return on assets: 9.50% ($484,915.5 mil)
Quarterly Pretax return on assets: 6.36% ($324,638.2 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)102
Total assets$5,104,374
Cash and due from depository institutions$82,798
Interest-bearing balances$57,056
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$4,584,706
Loan loss allowance $400,421
Trading account assets$0
Bank premises and fixed assets$87
Other real estate owned$0
Goodwill and other intangibles$60,141
All other assets$337,569
Life insurance assets$5,104,374
Total liabilities and capital$4,320,015
Total liabilities$1,025,738
Total deposits$1,003,700
Interest-bearing deposits$1,025,738
Deposits held in domestic offices$100
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$3,031,315
Other borrowed funds $0
Subordinated debt $262,962
All other liabilities $784,359
Total equity capital$784,359
Total bank equity capital$784,359
Perpetual preferred stock$0
Common stock$17,500
Undivided profits $609,495
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $136,392
Earning assets $0
Long-term assets (5+ years) $40,520
Average Assets, year-to-date $4,680,835
Average Assets, quarterly $17,574
Volatile liabilities $4,953,362
Insider loans $5,103,808
FHLB advances $4,992,465
Loans and leases held for sale $5,149,438
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $742,025
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $28,144,779
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $1,270,332
Total interest expense $131,835
Net interest income $1,138,497
Provision for loan and lease losses $250,271
Total noninterest income $57,819
Fiduciary activities $0
Service charges on deposit accounts $0
Trading account gains & fees $0
Additional noninterest income $57,819
Total noninterest expense $475,392
Salaries and employee benefits $12,420
Premises and equipment expense $507
Additional noninterest expense $462,465
Pre-tax net operating income $470,653
Securities gains (losses) $30
Applicable income taxes $172,569
Income before extraordinary items $298,114
Extraordinary gains - net $0
Net income attributable to bank $298,114
Net charge-offs $0
Cash dividends $298,114
Sale, conversion, retirement of capital stock, net $303,235
Net operating income $150,000
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets29.29%
Cost of funding earning assets 3.04%
Net interest margin 26.25%
Noninterest income to earning assets 1.33%
Noninterest expense to earning assets 10.96%
Net operating income to assets 6.02%
Return on assets (ROA) 6.02%
Pretax return on assets 9.50%
Return on equity (ROE) 40.81%
Retained earnings to average equity (YTD only) 20.28%
Net charge-offs to loans 6.62%
Credit loss provision to net charge-offs 82.53%
Efficiency ratio2.38%
Assets per employee$38,458
Cash dividends to net income (YTD only)50.04%
Condition Ratios (%)
Loss allowance to loans 50.32%
Loss allowance to noncurrent loans 8.03%
Noncurrent assets plus other real estate owned to assets 293.58%
Noncurrent loans to loans 2.67%
Net loans and leases to deposits2.74%
Net loans and leases to core deposits 446.97%
Equity capital to assets 20803.64%
Core capital (leverage) ratio 15.37%
Tier 1 risk-based capital ratio 14.41%
Total risk-based capital ratio 14.86%
Average assets$16
Average earning assets$4,953,362
Average equity $730,510
Average loans $4,337,287
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Bank Assets Sold and Securitized (December 31, 2009)
(Dollar figures in thousands)
Principal balance with servicing or other recourse retained
1-4 family residential loans $0
Home equity lines$0
Credit cards receivables$4,282,441
Auto loans$0
Other consumer loans$0
Commercial and industrial loans$0
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1 Delaware Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
040232World Financial Network BankOne Righter Parkway, Wilmington, DE 19803May 01, 1989Full Service Brick and Mortar
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