Capital One 2008 Annual Report Download - page 133

115
FHLB Advances
The Company utilizes FHLB advances which are secured by the Companys investment in FHLB stock and by a blanket floating lien
on portions of the Companys residential mortgage loan portfolio. FHLB advances outstanding were $4.9 billion and $6.8 billion at
December 31, 2008 and 2007, respectively and include fixed and variable rate advances. FHLB stock totaled $267.5 million and
$424.6 million at December 31, 2008 and 2007, respectively and is included in Other assets.
Other Short-Term Borrowings
Revolving Credit Facility
In June 2004, the Company terminated its Domestic Revolving and Multicurrency Credit Facilities and replaced them with a new
revolving credit facility (Credit Facility) providing for an aggregate of $750.0 million in unsecured borrowings from various lending
institutions to be used for general corporate purposes. On April 30, 2007, the Credit Facility was terminated.
Collateralized Revolving Credit Facilities
In March 2002, the Company entered into a revolving warehouse credit facility collateralized by a security interest in certain auto loan
assets (the Capital One Auto Loan Facility I). As of December 31, 2008, the Capital One Auto Loan Facility I had the capacity to
issue up to $1.05 billion in secured notes. The Capital One Auto Loan Facility I has multiple participants each with separate renewal
dates. The facility does not have a final maturity date. Instead, each participant may elect to renew the commitment for another set
period of time. Interest on the facility is based on commercial paper rates. The outstanding borrowings of the Capital One Auto Loan
Facility I was paid down in full in January 2008.
In March 2005, the Company entered into a second revolving warehouse credit facility collateralized by a security interest in certain
auto loan assets (the Capital One Auto Loan Facility II). As of December 31, 2008, the Capital One Auto Loan Facility II had the
capacity to issue up to $0.5 billion in secured notes. The facility does not have a final maturity date. Instead, the participant may elect
to renew the commitment for another set period of time. Interest on the facility is based on commercial paper rates. The outstanding
borrowings of the Capital One Auto Loan Facility II was paid down in full in January 2008.
Interest-bearing time deposits, senior and subordinated notes and other borrowings as of December 31, 2008, mature as follows:
Interest-
Bearing
Time
Deposits(1)
Senior and
Subordinated
Notes
Other
Borrowings
Total
2009 .................................................................................................... $ 16,285,419 $ 1,447,245 $ 4,995,418 $ 22,728,082
2010 .................................................................................................... 14,495,385 687,80
0
8,064,202 23,247,387
2011 .................................................................................................... 5,014,780 938,711 467 5,953,958
2012 .................................................................................................... 1,895,750 663,448 292 2,559,490
2013 .................................................................................................... 6,819,147 820,18
7
8,616 7,647,950
Thereafter............................................................................................ 2,615,201 3,751,45
2
1,800,653 8,167,306
Total.................................................................................................... $ 47,125,682 $ 8,308,843 $ 14,869,648 $ 70,304,173
(1) Includes only those interest bearing deposits which have a contractual maturity date.
Note 9
Stock Plans
The Company has two active stock-based compensation plans, one employee plan and one non-employee director plan. Under the
plans, the Company reserves common shares for issuance in various forms including incentive stock options, nonstatutory stock
options, stock appreciation rights, restricted stock awards, restricted stock units, and performance share units.