Capital One 2010 Annual Report Download - page 109

89
CAPITAL ONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
(Dollars in millions, except per share data) 2010 2009 2008
Interest income:
Loans held for investment, including past-due fees ..............................
.
$ 13,934 $ 8,757 $ 9,460
Investment securities .........................................................
.
1,342 1,610 1,224
Other .......................................................................
.
77 297 428
Total interest income .......................................................
.
15,353 10,664 11,112
Interest expense:
Deposits ....................................................................
.
1,465 2,093 2,512
Securitized debt obligations ...................................................
.
809 282 550
Senior and subordinated notes .................................................
.
276 260 445
Other borrowings ............................................................
.
346 332 456
Total interest expense ......................................................
.
2,896 2,967 3,963
Net interest income ........................................................
.
12,457 7,697 7,149
Provision for loan and lease losses .............................................
.
3,907 4,230 5,101
Net interest income after provision for loan and lease losses ...................
.
8,550 3,467 2,048
Non-interest income:
Servicing and securitizations ..................................................
.
7 2,280 3,385
Service charges and other customer-related fees ................................
.
2,073 1,997 2,232
Interchange fees .............................................................
.
1,340 502 562
Total other-than-temporary losses .............................................
.
(128) (287) (11)
Less: Non-credit component of other-than-temporary losses recorded in AOCI ....
.
63 255 0
N
et othe
r
-than-temporary impairment losses recognized in earnings ..............
.
(65) (32) (11)
Other .......................................................................
.
359 539 576
Total non-interest income ...................................................
.
3,714 5,286 6,744
Non-interest expense:
Salaries and associate benefits .................................................
.
2,594 2,478 2,336
Marketing ...................................................................
.
958 588 1,118
Communications and data processing ..........................................
.
693 740 756
Supplies and equipment ......................................................
.
520 500 520
Occupancy ..................................................................
.
486 451 377
Restructuring expense(1) ......................................................
.
0 119 134
Other .......................................................................
.
2,683 2,541 2,969
Total non-interest expense ..................................................
.
7,934 7,417 8,210
Income from continuing operations before income taxes .........................
.
4,330 1,336 582
Income tax provision .........................................................
.
1,280 349 497
Income from continuing operations, net of tax ................................
.
3,050 987 85
Loss from discontinued operations, net of tax ...................................
.
(307) (103) (131)
Net income ................................................................
.
2,743 884 (46)
Preferred stock dividends .....................................................
.
0 (564) (33)
N
et income (loss) available to common stockholders ............................
.
$ 2,743 $ 320 $ (79)
Basic earnings per common share:
Income from continuing operations ............................................
.
$ 6.74 $ 0.99 $ 0.14
Loss from discontinued operations .............................................
.
(0.67) (0.24) (0.35)
Net income (loss) per basic common share ...................................
.
$ 6.07 $ 0.75 $ (0.21)
Diluted earnings per common share:
Income from continuing operations ............................................
.
$ 6.68 $ 0.98 $ 0.14
Loss from discontinued operations .............................................
.
(0.67) (0.24) (0.35)
Net income (loss) per diluted common share .................................
.
$ 6.01 $ 0.74 $ (0.21)
Dividends paid per common share .............................................
.
$ 0.20 $ 0.53 $ 1.50
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(1) In 2009, we completed the restructuring of operations that was initiated in 2007 to reduce expenses and improve our competitive cost position.
See Notes to Consolidated Financial Statements.