Capital One 2012 Annual Report Download - page 151

CAPITAL ONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
(Dollars in millions, except per share data) 2012 2011 2010
Interest income:
Loans held for investment .................................................... $17,537 $13,774 $13,934
Investment securities ........................................................ 1,329 1,137 1,342
Other .................................................................... 98 76 77
Total interest income ........................................................ 18,964 14,987 15,353
Interest expense:
Deposits .................................................................. 1,403 1,187 1,465
Securitized debt obligations ................................................... 271 422 809
Senior and subordinated notes ................................................. 345 300 276
Other borrowings ........................................................... 356 337 346
Total interest expense ....................................................... 2,375 2,246 2,896
Net interest income ......................................................... 16,589 12,741 12,457
Provision for credit losses .................................................... 4,415 2,360 3,907
Net interest income after provision for credit losses ................................ 12,174 10,381 8,550
Non-interest income:
Service charges and other customer-related fees ................................... 2,106 1,979 2,073
Interchange fees, net ........................................................ 1,647 1,318 1,340
Total other-than-temporary impairment losses .................................... (38) (131) (128)
Less: Portion of other-than-temporary losses recorded in AOCI ...................... (14) 110 63
Net other-than-temporary impairment losses recognized in earnings ................... (52) (21) (65)
Bargain purchase gain ....................................................... 594 00
Other .................................................................... 512 262 366
Total non-interest income .................................................... 4,807 3,538 3,714
Non-interest expense:
Salaries and associate benefits ................................................. 3,876 3,023 2,594
Occupancy and equipment .................................................... 1,327 1,025 1,001
Marketing ................................................................. 1,364 1,337 958
Professional services ........................................................ 1,270 1,198 919
Communications and data processing ........................................... 778 681 693
Amortization of intangibles ................................................... 609 222 220
Merger-related ............................................................ 336 45 81
Other .................................................................... 2,386 1,801 1,468
Total non-interest expense .................................................... 11,946 9,332 7,934
Income from continuing operations before income taxes ............................ 5,035 4,587 4,330
Income tax provision ........................................................ 1,301 1,334 1,280
Income from continuing operations, net of tax .................................... 3,734 3,253 3,050
Loss from discontinued operations, net of tax ..................................... (217) (106) (307)
Net income ................................................................ 3,517 3,147 2,743
Dividends and undistributed earnings allocated to participating securities .............. (15) (26) 0
Preferred stock dividends .................................................... (15) 00
Net income available to common stockholders .................................... $ 3,487 $ 3,121 $ 2,743
Basic earnings per common share:
Income from continuing operations ............................................. $ 6.60 $ 7.08 $ 6.74
Loss from discontinued operations ............................................. (0.39) (0.23) (0.67)
Net income per basic common share ............................................ $ 6.21 $ 6.85 $ 6.07
Diluted earnings per common share:
Income from continuing operations ............................................. $ 6.54 $ 7.03 $ 6.68
Loss from discontinued operations ............................................. (0.38) (0.23) (0.67)
Net income per diluted common share .......................................... $ 6.16 $ 6.80 $ 6.01
Dividends paid per common share ............................................. $ 0.20 $ 0.20 $ 0.20
See Notes to Consolidated Financial Statements.
132