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CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Reconciliation of Non-GAAP Average Balances, Net Interest Income and Net Interest Margin
3
Year Ended December 31,
2010 2009
(Dollars in millions)(unaudited)
Average
Balance
Interes
t
Income/
Ex
p
ense
Yield/
Rate
Average
Balance
Interes
t
Income/
Ex
p
ense
Yield/
Rate
Reported basis
Interest-earning assets:
Loans held for investment
$168,015
$15,276
9.09%
$136,697
$10,367
7.58%
Other
7,726 77
1.00 8,613
297 3.45
Total interest-earning assets
$175,741
$15,353
8.74%
$145,31
0
$10,664
7.34%
Interest-bearin
g
liabilities:
Securitization liabilit
y
$ 34,185
$ 809
2.37%
$ 5,516
$ 282
5.11%
Total interest-bearin
g
liabilities
$154,363
$ 2,896
1.88%
$126,60
0
$ 2,967
2.34%
Net interest income/spread
$12,457
6.86%
$ 7,697
5.00%
Interest income to average interest-earning assets
8.74%
7.34%
Interest ex
p
ense to avera
g
e interest-earnin
g
assets
1.65%
2.04%
Net interest margin
7.09%
5.30%
Non-GAAP securitization reconciliation adjustments
Interest-earning assets:
Loans held for investment
$ 96
$ 8
0.00%
$ 43,727
$ 5,678
1.31%
Other
(22)
0
(0.01)
(3,061)
(229)
(2.23)
Total interest-earning assets
$ 74
$ 8
0.00%
$ 40,666
$ 5,449
1.32%
Interest-bearing liabilities:
Securitization liability
$ 79 $ 4
0.00% $ 41,10
0
$ 1,057 (2.24)%
Net interest income/spread
$ 4
0.00%
$ 4,392
1.26%
Interest income to average interest-earning assets
0.00%
1.32%
Interest expense to average interest-earning assets
0.00%
0.12%
Net interest mar
g
in
0.00%
1.10%
Year Ended December 31,
2010 2009
(Dollars in millions)(unaudited)
Average
Balance
Interest
Income/
Expense
Yield/
Rate
Average
Balance
Interest
Income/
Expense
Yield/
Rate
Non-GAAP managed basis
Interest-earning assets:
Loans held for investment
$168,111
$15,284
9.09%
$180,424
$16,045
8.89%
Other
7,704
77
0.99
5,552
68
1.22
Total interest-earning assets
$175,815
$15,361
8.74% $185,976
$16,113
8.66%
Interest-bearing liabilities:
Securitization liabilit
y
$ 34,264
$ 813
2.37% $ 46,616
$ 1,339
2.87%
Total interest-bearin
g
liabilities
$154,443
$ 2,900
1.88% $167,70
0
$ 4,024
2.40%
Net interest income/spread
$12,461
6.86%
$12,089
6.26%
Interest income to avera
g
e interest-earnin
g
assets
8.74%
8.66%
Interest expense to average interest-earning assets
1.65%
2.16%
Net interest margin
7.09%
6.50%