Capital One 2003 Annual Report Download - page 80

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CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31 (In Thousands, Except Per Share Data) 2003 2002 2001
Interest Income:
Consumer loans, including past-due fees $3,932,295 $3,792,461 $2,729,519
Securities available for sale 192,594 184,407 138,188
Other 242,765 203,898 53,442
Total interest income 4,367,654 4,180,766 2,921,149
Interest Expense:
Deposits 891,650 811,889 640,470
Senior notes 448,646 422,529 357,495
Other borrowings 242,269 227,236 173,042
Total interest expense 1,582,565 1,461,654 1,171,007
Net interest income 2,785,089 2,719,112 1,750,142
Provision for loan losses 1,517,497 2,149,328 1,120,457
Net interest income after provision for loan losses 1,267,592 569,784 629,685
Non-Interest Income:
Servicing and securitizations 3,211,662 2,805,501 2,441,144
Service charges and other customer-related fees 1,630,185 1,937,735 1,536,338
Interchange 376,785 447,747 379,797
Other 197,292 275,853 106,483
Total non-interest income 5,415,924 5,466,836 4,463,762
Non-Interest Expense:
Salaries and associate benefits 1,570,415 1,557,887 1,392,072
Marketing 1,118,422 1,070,624 1,082,979
Communications and data processing 448,110 406,071 327,743
Supplies and equipment 344,049 357,953 310,310
Occupancy 185,179 205,531 136,974
Other 1,190,548 987,515 807,949
Total non-interest expense 4,856,723 4,585,581 4,058,027
Income before income taxes and cumulative effect of accounting change 1,826,793 1,451,039 1,035,420
Income taxes 675,914 551,395 393,455
Income before cumulative effect of accounting change 1,150,879 899,644 641,965
Cumulative effect of accounting change, net of taxes of $8,832 15,037 ——
Net income $1,135,842 $ 899,644 $ 641,965
Basic earnings per share before cumulative effect of accounting change $5.12$ 4.09 $ 3.06
Basic earnings per share after cumulative effect of accounting change $5.05$ 4.09 $ 3.06
Diluted earnings per share before cumulative effect of accounting change $4.92$ 3.93 $ 2.91
Diluted earnings per share after cumulative effect of accounting change $4.85$ 3.93 $ 2.91
Dividends paid per share $0.11$ 0.11 $ 0.11
See Notes to Consolidated Financial Statements.
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