Capital One 2009 Annual Report Download - page 112

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CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31 (In Thousands, Except Per Share Data)
2009 2008
2007
Interest Income:
Loans held for investment, including past-due fees ....................................................... $ 8,757,066 $ 9,460,378 $ 9,500,128
Investment Securities ..................................................................................................... 1,610,210 1,224,012 950,972
Other .............................................................................................................................. 297,309 427,609 627,056
Total interest income ..................................................................................................... 10,664,585 11,111,999 11,078,156
Interest Expense:
Deposits ......................................................................................................................... 2,093,019 2,512,040 2,906,351
Senior and subordinated notes ....................................................................................... 260,282 444,854 577,128
Other borrowings ........................................................................................................... 614,169 1,006,390 1,064,832
Total interest expense .................................................................................................... 2,967,470 3,963,284 4,548,311
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et interest income ........................................................................................................ 7,697,115 7,148,715 6,529,845
Provision for loan and lease losses ................................................................................ 4,230,111 5,101,040 2,636,502
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et interest income after provision for loan and lease losses ........................................ 3,467,004 2,047,675 3,893,343
Non-Interest Income:
Servicing and securitizations ......................................................................................... 2,279,826 3,384,468 4,840,677
Service charges and other customer-related fees ........................................................... 1,997,013 2,232,363 2,057,854
Mortgage servicing and other ........................................................................................ 14,729 105,038 166,776
Interchange .................................................................................................................... 501,798 562,117 500,484
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et impairment losses recognized in earnings(1) ........................................................... (31,951) (10,916) —
Other .............................................................................................................................. 524,737 470,901 488,432
Total non-interest income .............................................................................................. 5,286,152 6,743,971 8,054,223
Non-Interest Expense:
Salaries and associate benefits ....................................................................................... 2,477,655 2,335,737 2,592,534
Marketing ...................................................................................................................... 588,338 1,118,208 1,347,836
Communications and data processing ............................................................................ 740,543 755,989 758,820
Supplies and equipment ................................................................................................. 499,582 519,687 531,238
Occupancy ..................................................................................................................... 450,871 377,192 322,510
Restructuring expense .................................................................................................... 119,395 134,464 138,237
Goodwill impairment ..................................................................................................... — 810,876 —
Other .............................................................................................................................. 2,540,670 2,157,874 2,386,835
Total non-interest expense ............................................................................................. 7,417,054 8,210,027 8,078,010
Income from continuing operations before income taxes .............................................. 1,336,102 581,619 3,869,556
Income tax provision ..................................................................................................... 349,485 497,102 1,277,837
Income from continuing operations, net of tax .............................................................. 986,617 84,517 2,591,719
Loss from discontinued operations, net of tax ............................................................... (102,836) (130,515) (1,021,387)
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et income (loss) ........................................................................................................... $ 883,781 $ (45,998) $ 1,570,332
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et income (loss) available to common shareholders.................................................... $ 319,873 $ (78,721) $ 1,570,332
Basic earnings per common share
Income from continuing operations ............................................................................... $ 0.99 $ 0.14 $ 6.64
Loss from discontinued operations ................................................................................ (0.24) (0.35) (2.62)
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et income (loss) ........................................................................................................... $ 0.75 $ (0.21) $ 4.02
Diluted earnings per common share
Income from continuing operations ............................................................................... $ 0.98 $ 0.14 $ 6.55
Loss from discontinued operations ................................................................................ (0.24) (0.35) (2.58)
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et income (loss) ........................................................................................................... $ 0.74 $ (0.21) $ 3.97
Dividends paid per common share ................................................................................. $ 0.53 $ 1.50 $ 0.11
(1) For the year ended December 31, 2009, 2008 and 2007, the Company recorded other-than-temporary impairment losses of $32.0
million, $10.9 million, and zero, respectively. Additional unrealized losses of $181.3 million and zero, respectively, on these
securities was recognized in other comprehensive income as a component of stockholders’ equity at December 31, 2009 and
2008.
See Notes to Consolidated Financial Statements.