Capital One 1996 Annual Report Download - page 56

Download and view the complete annual report

Please find page 56 of the 1996 Capital One annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 59

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59

Year Ended Period from Inception
December 31 (November 22, 1994)
Statements of Cash Flows 1996 1995 to December 31, 1994
Operating Activities:
Net income $ 155,267 $ 126,511 $ 11,073
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries (38,665) (115,444) (11,029)
Amortization of deferred compensation 62 4,020 3,715
Increase (decrease) in other assets 2,017 (3,161) (720)
Increase (decrease) in other liabilities 6,380 (1,054) 1,054
Net cash provided by operating activities 125,061 10,872 4,093
Investing Activities:
Increase in investment in subsidiaries (119,502) (2,470) (92,124)
Increase in loans to subsidiaries (105,000)
Net cash used for investing activities (224,502) (2,470) (92,124)
Financing Activities:
Issuance of senior notes 125,000
Proceeds from issuance of common stock 3,109 1,257 101,915
Proceeds from exercise of stock options 186 132
Dividends paid (20,573) (15,883)
Net cash provided by (used for) financing activities 107,722 (14,494) 101,915
Increase (decrease) in cash and cash equivalents 8,281 (6,092) 13,884
Cash and cash equivalents at beginning of period 7,792 13,884
Cash and cash equivalents at end of period $16,073 $ 7,792 $ 13,884
Year Ended Period from Inception
December 31 (November 22, 1994)
Statements of Income 1996 1995 to December 31, 1994
Interest from
temporary
investments $ 2,296 $ 560 $ 79
Interest expense 3,013
Dividends from
subsidiaries 117,400 11,000
Non-interest
expense 571 456 7
Income before income
taxes and equity in
undistributed earnings
of subsidiaries 116,112 11,104 72
Income taxes (490) 37 28
116,602 11,067 44
Equity in
undistributed
earnings of
subsidiaries 38,665 115,444 11,029
Net income $155,267 $126,511 $11,073
Note O
Capital One Financial Corporation
(Parent Company Only) Condensed
Financial Information
December 31
Balance Sheets 1996 1995
Assets
Cash and cash equivalents $ 16,073 $ 7,792
Investment in subsidiaries 748,365 587,518
Loans to subsidiaries 105,000
Other 2,333 3,881
Total assets $871,771 $599,191
Liabilities
Senior notes $125,000
Other 6,380
Total liabilities 131,380
Stockholders’ Equity 740,391 $599,191
Total liabilities and stockholders’
equity $871,771 $599,191
54 Capital One
Notes to Consolidated Financial Statements (continued)
(dollars in thousands, except per share data)